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•The
VOL. 127.
SATURDAY, OCTOBER 13 1928
financial Thronicle
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WILLIAM B. DANA COMPANY, Publishers,
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Published every Saturday morning by WILLIAM B. DANA COMPANY.
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The Financial Situation.
The event of chief note this week has been the
offering by the U. S. Treasury of a new issue of
Treasury certificates of indebtedness and the high
rate of interest the Secretary af the Treasury deemed
it incumbent to fix in order to insure the success
of the offering. The rate proved even higher than
that named by the Treasury in its September program of financing. In September the Secretary of
the Treasury fixed the rate at 4 % on a nine/
1
2
months' issue of certificates, this being the highest
rate contained in any offering of Treasury certificates since March, 1923. The Secretary offered $525,000,000 "or thereabouts" and, after receiving subscriptions aggregating $1,020,034,400, he made allotments to a total of $549,615,900.
In this week's offering Mr. Mellon raised the rate
to 434% on an offering of certificates running for
/
eleven months to a total of $300,000,000 "or thereabouts." No certificates bearing so high a rate as
434% have been put out by the Government since
/
1921. The rate contrasts sharply with the much
more favorable rates at which the Government was
able to do its borrowing in the recent past. In June
two short term offerings of Treasury certificates
of indebtedness were made, one of the series running
for six months bearing interest at 4% per annum
and the other with a maturity of nine months carrying 378%. In March the rate of interest was only
/
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314% on a nine months' issue of certificates for
$200,000,000 and 3%70 on an issue running for a
year for $360,000,000. In December, 1927, the
Treasury offered $250,000,000 of certificates running
for a year at 314% interest and in November, 1927,
/
it offered $400,000,000 of seven months' certificates
at 318%.
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NO. 3303.
Thus in the short space of less than a year a
striking transformation has occurred. The change
reflects simply the change in money market conditions, these conditions being now unfavorable for all
classes of borrowing, whereas previously they were
entirely favorable, and Mr. Mellon is to be praised
for having met the situation in a courageous manner.
Of course the new issue of certificates were heavily
over-subscribed and it was manifestly the Secretary's
duty to make sure in advance of a favorable outcome. A rate too low, with the loan only partially
subscribed, might have been attended with serious
consequences in the present delicate situation as
regards bank credit and money market conditions.
The Secretary had previously made it plain that the
Treasury was asking for no favors and would be
governed entirely by the state of the money market.
It will be recalled that during August a proposal
came to the Federal Reserve Board from one of the
Clearing House Associations "recommending preferential discount rates by Federal Reserve Banks on
collateral notes secured by Government obligations,
the discount rate in each case to be the same as that
borne by The security." One of the reasons urged by
the Clearing House referred to, in support of the proposal of a preferential rate, was the "forthcoming
financing by the Treasury Department." This allusion, however, to Treasury financing did not make
the slightest appeal to the Secretary who had been
delegated to speak on behalf of the Federal Reserve
Board. Mr. Mellon replied with some spirit, saying:"Under normal peace-time conditions the Treasury should and does pay the ordinary market rates
for money, the same as any other borrowers. Moreover, the credit of the United States Government is
so good that there is no occasion whatsoever for attempting by artificial means to place United States
Government securities in a favored position as compared with commerce, industry and agriculture."
While the fact that the Government is now obliged
to pay 4 % and 434% on its borrowings, as against
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only 318% a short time ago, is clearly ascribable to
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the tightness of the money market, the matter of this
stringency itself in its relation to Government financing is deserving of the closest consideration.
The new certificates are being put out to provide
the means for taking up the unpaid remainder of the
Third Liberty Loan 4145 which matured Sept. 15,
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but a considerable amount of which has not yet
been presented for payment. It is a serious thing
when the Government takes up a loan bearing only
41 4% interest and is obliged to issue obligations in
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place of it bearing a much higher rate, where previously for many years refunding has been possible at
a considerably lower rate. The tension in the money
market, it is admitted by all, has grown directly out
of the diversion of bank credit into speculative chan-
1986
FINANCIAL CHRONICLE
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nels. Brokers' loans running in excess of 5 billion dollars are the evidence of this. This gigantic
speculation in turn is the result of the unwise policy
pursued by the Federal Reserve Banks during the
summer and autumn of last year in reducing their
rediscount rates to 3 %, thereby expelling gold
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from the country in huge volume, and the further
action of the Banks in making huge purchases of
U. S. Government obligations. When it was found
that even this extremely low rate would not tempt
the member banks to borrow, since they had no use
for the funds, the Resrve Banks engaged in purchasing U. S. Government securities to the aggregate of
several hundred million dollars, with the effect of
forcing a corresponding amount of Reserve credit
into use.
This unneeded supply of Reserve credit found its
way into speculative channels and has been the basis
of the gigantic speculation on the Stock Exchange
which has been steadily growing and has now got entirely beyond control. With the beginning of the
new year, the Reserve Banks sought to withdraw the
extra supply of Reserve credit which they had forced
into use, by selling the vast mass of Government securities which they had acquired in pursuit of their
mistaken policy, but they merely succeeded in demoralizing the Government bond market. The sales
proved of no avail as a means for checking the speculation, or for curtailing the supplies of Reserve
credit, since the member banks who purchased the
Government securities disposed of by the Reserve
Banks, simply took these same Government securities back to the Reserve Banks and borrowed upon
them. Besides this, the member banks now engaged
in independent borrowing. The process went on in
this fashion week after week, with the result that
more and more funds and more and more Reserve
credit, and likewise more and more bank credit, kept
feeding the channels of speculation. The marking
up of the Federal Reserve re-discount rates, first
from 31 2% to 4% and then to 41 2% and finally to
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5% likewise proved of no avail.
The time has arrived for reckoning the costs. We
have lost a huge amount of gold; the Government
bond market has been demoralized, and so has the
market for bonds generally; mercantile borrowers
as well as financial borrowers are obliged to pay
greatly increased rates for the accommodation they
need, and now the U. S. Government instead of being able to refund its obligations at lower rates, is
obliged to refund them at higher rates. In the summer of last year when Federal Reserve rediscount
/
rates were cut to 31 2% we were told how beneficial
this would be as an aid to Treasury financing, the
Government then being engaged in retiring the Second Liberty Loan, and this was mentioned as one
of the things for which the Reserve authorities deserved credit. But now that the Government is
obliged to pay steadily rising rates of interest as a
consequence of last year's action of the Reserve
banks, the latter disclaim responsibility and seek to
wash their hands of all connection with what has
happened.
Governor Young of the Federal Reserve Board
contents himself by saying:"If unsound credit practices have developed, these practices will in time correct themselves, and if some of the over indulgent
get 'burnt' during the period of correction, they will
have to shoulder the blame themselves and not attempt to shift it to someone else"—meaning that the
[VoL. 127.
blame must not be shifted to the Federal Reserve
where, as we have shown, it actually belongs. Apparently to clinch the argument Mr. Young added
in his address last week before the American Bankers' Association that "it is impossible for a Reserve
Bank to earmark the credit it releases." These
statements might pass unnoticed except that it happens that the American Bankers' Association itself
in its convention gave the weight of its great authority to them by passing a series of resolutions in
which the assembled bankers said much the same
thing and used much the same language. Note for
instance the following declaration which certainly
bears the flavor of Mr. Young's remarks: "We
therefore look upon the present situation as
one which will undoubtedly correct itself as
time goes on, until the banking system of the country again has a proper control over the surplus funds
of the country." This is an easy way of disposing of
the matter, but is it not about time that the subject be probed deeper and be given consideration
commensurate with its importance?
The foregoing remarks seem especially pertinent
in view of the fact that the growth in brokers' loans
has not been checked, but on the contrary, according
to the weekly return of the Federal Reserve Board
issued after the close of business on Thursday, still
continues. The return referred to indicates a further expansion in these loans during the week ending Wednesday Oct. 10 of $19,905,000. While the
new increase is more moderate than the increases
immediately preceding, it is the seventh week of such
increases, making it strikingly apparent that borrowing of that kind still keeps spreading and extending. It is scarcely needful to say that with the
new addition of this week, a new high record in all
time in the grand aggregate of such borrowing is established. For Oct. 10 the total of these loans to
brokers and dealers (secured by stocks and bonds)
by the 45 reporting member banks in New York City,
is up to $4,589,883,000, which compares with $3,394,290,000 on Oct. 12 last year, showing an increase
for the 12 months of $1,195,593,000. During the past
week the loans made by these reporting banks for
their own account diminished, after last week's increase, falling from $929,901,000 Oct. 3 to $866,919,000 Oct. 10. On the other hand, the loans for account of out-of-town banks and the loans "for account of others" have resumed their upward course,
the loans for the out-of-town banks rising from $1,682,057,000 to $1,715,086,000, and the loans for account of others—the bootlegger's loans—from $1,958,020,000 to $2,007,878,000. It will be noticed that
the latter have again gone above the two billion dollar mark, and at $2,007,878,000 are at a new high
peak. At the corresponding date a year ago the
amount of such loans was only $967,541,000. The
portion of the grand total of the entire body of these
brokers' loans which is made up of time loans, as
distinguished from the call or demand loans, has further diminished during the week, evidencing the disinclination of the banks to make loans for long dates.
The amount is now down to $636,957,000. As recently as July 18 the time loan portion of these brokers' loans still exceeded one billion dollars.
Notwithstanding the further growth in brokers'
loans, borrowing by the member banks at the Federal Reserve institutions is slightly lower this week,
the discount holdings Oct. 10 being reported at
OCT. 13 1928.]
FINANCIAL CHRONICLE
$993,402,000 against $1,025,918,000 Oct. 3. Oh Oct.
12 a year ago however, these discount holdings were
only $430,249,000. Of the week's decrease in the
discount holdings, roughly $16,000,000 occurred at
the Federal Reserve Bank of New York. To offset
the decrease in the direct borrowing by the member banks, the Federal Reserve Banks have further
enlarged their holdings of acceptances purchased in
the open market. During the week, these acceptance
holdings of the twelve Reserve institutions rose from
$309,976,000 to $331,768,000. On Aug. 22 these aeceptance holdings were only $183,600,000, showing
an increase for the seven weeks of $148,168,000. The
holdings of U. S. Government securities are somewhat lower the present week, having declined from
$230,604,000 Oct.3 to $226,712,000 Oct. 10, but at the
latter figure compare with only $206,413,000 Aug.
15. Altogether, the change in total bill and security
holdings during the week has been comparatively
small, the amount having fallen from $1,571,078,000
Oct. 3 to $1,556,464,000 Oct. 10; twelve months ago,
on Oct. 12,1927, the amount was only $1,215,559,000.
The amount of Federal Reserve notes in circulation
increased during the week from $1,703,630,000 to
$1,725,212,000. Gold reserves also increased, rising
from $2,616,635,000 Oct. 3 to $2,624,725,000.
1987
mentioned further below) include, among others,
Air Reduction, Allied Chemical & Dye, Am. Smelting & Refining, Am. Zinc, Lead & Smelting, Barnsdall Corp., Briggs Mfg., By-Products Coke, Cushman's Sons, Fed. Min. & Smelting, Gillette Safety
Razor, Goodyear Tire & Rubber, Internat. Harvester, Internat. Nickel, Keith-Albee-Orpheum, Kelsey
Hayes Wheel, Lee Rubber & Tire, Mallinson (H. R.)
& Co., Marlin-Rockwell, McKeesport Tin Plate,
Montgomery Ward & Co., Nat. Cash Register, Nat.
Dept. Stores, Orpheum Circuit, Otis Steel, Paramount Famous Lasky, Purity Bakeries, Real Silk
Hosiery, Royal Dutch Co. (N. Y. shares), Shell
Transport & Trading, Tide Water Oil,UniversalPipe
& Radiator, U. S. Steel and Victor Talking Machine.
More than in other recent weeks the high-priced
specialties have been the feature of the market.
Montgomery Ward & Co. closed on Thursday at 282
against 257 on Friday of last week; Radio Corp. of
America closed at 21414 against 204; Warner Bros.
/
Pictures at 10978 against 10738; Paramount Fa/
/
mous Lasky at 149/ against 147%; Stewart War78
ner at 10618 against 1031 Allied Chemical & Dye
/
/s;
at 227 against 203; Sears-Roebuck at 15434 against
/
147%; Union Carbide & Carbon at 1843 against
4
183; American Tel. & Tel. at 178% against 177/
78;
General Electric at 165 against 16134; American
/
The stock market was quite demoralized the early Can at 108 against 108; International Harvester
at
part of the week, notwithstanding the tension in the 3113 against 289%; International Nickel at
4
146
money market relaxed somewhat—the call loan rate against 139 , and Consolidated
/
1
4
Gas at 77 against
on the Stock Exchange ruling throughout at 6 %, 7658
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2
/
.
and on Thursday dropped to 6%—but developed
The motor stocks were among the weakest fearenewed strength and even buoyancy the latter part tures early in the week, but developed
renewed
of the week. On Saturday and Monday and also a strength in the general upward
movement the latgood part of Tuesday liquidation proceeded on an ter part of the week. General
Motors reached a
enormous scale and the market had a decidedly new high peak for the year at 219%
on Oct. 10 and
weak appearance, prices moving rapidly towards closed on Thursday at 216% against
214% on Frilower levels, the declines being often quite large, day of last week. The following
also made new high
though with the customary exceptions to the rule records for the year: ChandlerCleveland Motors,
in the case of speculative favorites subject to clique Chrysler Corp., Dodge Bros.
Class "A," Hupp Motor
manipulation which continued to be whirled up. Car and Studebaker Corp. Chrysler
closed on ThursBut in the last hour on Tuesday, when it appeared day at 132 against 139; Studebak
er closed at 82% as if the market would go completely to pieces, a pro- against 8314; Packard at 94% against
/
96; Nash
nounced rally occurred with the result that most of at 92% against 943 ; Hudson at 91 against 901%,
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4
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1
4
the early losses were recovered. On Wednesday the and Hupp at 78% against 7718
/. The rubber stocks
rally assumed the dimensions of a boom and prices again showed strength. U.
S. Rubber closed at
moved upward by leaps and bounds as it were. The 423 against 41% and the preferred
4
at 7214 against
/
market in its upward course swept everything before 70 ; Goodyear Tire & Rubber
/
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4
at 92% against 71,
it and displayed a degree of buoyancy which revived and B. F. Goodrich
at 87% against 84. Among the
confidence all around. On Thursday the upward oil stocks Atlantic Refining
established a new high
movement was carried still further. Friday, being for the year, as already
noted, and closed on ThursColumbus Day and a holiday, the market was not day at 1847s against
/
180 the close the previous Friopen to reflect the impression which the further ex- day; Mariam.' Oil closed
at 39% against 37%, and
pansion shown in brokers' loans in the statement of Standard Oil of N. J. at
45% against 45%.
the Federal Reserve Board issued after the close of
In the steel group U. S. Steel led in point of acbusiness on Thursday, had made.
tivity, and, while under pressure the early part of
The volume of trading continued large, though be- the week, participated in
the rise the latter part
ing somewhat lower than in other recent weeks. On and established new
a
high record for the year. It
the Stock Exchange the sales aggregated 2,430,760 closed on Thursday at 163
against 159% the previshares at The half-day session on Saturday; 3,915,770 ous Friday; Bethlehem Steel
closed at 69% against
shares on Monday; 3,727,735 shares on Tuesday; 6938; Republic Iron & Steel
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at 84 against 81%; In4,279,470 shares on Wednesday, and 3,968,900 shares land Steel at 69% against 70, and Ludlum
Steel at
on Thursday. On the Curb Market the sales were 75% against 79. The
copper stocks were again
616,100 shares on Saturday; 1,082,900 shares on strong and Anaconda closed on Thursday
at 82%
Monday; 840,900 shares on Tuesday; 1,123,000 against 813 the previous Friday; Kennecot
/
4
t Copshares on Wednesday, and 989,200 shares on Thurs- per at 103 against
99/s; Cerro de Pasco at 96 against
day. Under the renewed advance the latter part of 96%; Greene-Cananea at 125%
against 124; Caluthe week, many new high records for the year were met & Hecla at 32% against
313 Chile Copper at
4;
established all through the list. The stocks thus dis- 5118 against 50%, and Granby
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Copper at 65 against
tinguished (aside from the motor stocks separately 653/4.
1988
FINANCIAL CHRONICLE
The railroad list was inert. New York Central
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closed on Thursday at 171 against 17014 the pre/
Friday; Baltimore & Ohio at 11114 against
vious
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1101 2;Canadian Pacific at 21414 against 215; Atchi/
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son at 19014 against 192%; Great Northern at 9934
/
against 99¼; Northern Pacific at 99% against 9978;
Wabash at 78 against 78; Union Pacific at 199
1
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against 198; Southern Pacific at 1204 against
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& St. Louis at 12214
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1201 8; New York, Chicago
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12278; Missouri-Pacific at 70 against 70; St.
against
Louis-San Francisco at 114 against 114; St. Louis
Southwestern at 113 against 116; Milwaukee-St.
2
Paul pref. at 50Y against 50%; Rock Island at 125
,
/
against 1271 8 and Missouri-Kansas-Texas at 40Y2
against 39.
[VoL. 127.
393,776,000 bushels. The previous record crop for
white potatoes was 453,396,000 bushels harvested in
1922. A crop that is industrially important is tobacco and for this product a yield of 1,353,258,000
pounds is now expected for 1928. In 1927 production was placed at 1,211,301,000 pounds, while the
average yield for the past five years has been
1,337,561,000 pounds.
In the aggregate the total acreage for all crops
in the United States for 1928, is placed by the Department of Agriculture at 2 per cent, in excess of
1927, while the total yield this year is placed at
about five per cent. larger than in the preceding year.
• A cotton crop this year of 13,993,000 bales is the
the Department of Agricul- latest estimate of the Department of Agriculture,
The October report of
ture on the grain and other crops, issued at Wash- according to its October report issued on Monday of
ington on Tuesday of this week, confirms previous this week, a reduction from the estimate made in
indications of bounteous harvests all around the the September report issued a month ago of 446,000
present year, though a further slight reduction in bales. The greater part of the decline was, as exthe estimate of the corn crop is shown. The condi- pected, in the Atlantic Coast States, where the heavy
tion of corn, as of Oct. 1, is placed at 77.7 per cent. and continuous rains were known to have caused
of normal, a decline for the month of a fraction of large losses from boll weevil and boll rot. Temperaone point, and the indicated yield is reduced tures below the average in the northern portions of
27,000,000 bushels from the earlier estimate, now the belt also interfered with the average development
being placed at 2,903,272,000 bushels. This com- of the bolls, while in parts of Oklahoma continued
pares, however, with 2,773,708,000 bushels, harvested drought reduced the size of bolls and outturn of lint.
last year and a smaller total for the preceding year. On the other hand favorable weather in Mississippi
At the production indicated by the above estimate and Louisiana resulted in a slight improvement in
for this year, the corn crop of 1928 will exceed the the crop in those States.
The condition of the cotton crop as a whole was
crop raised in each year back to 1923. Spring wheat
gain in September and the out- placed by Agricultural Department at 54.4 per cent.
made a further small
look for this year's crop based on the Oct. 1 condition of normal, which compares with 60.3 per cent. on
is for a total yield of 325,266,000 bushels. These Sept. 1 this year, a decline for the month of 5.9
figures compare with the estimate of 322,473,000 points. On October 1, 1927, the average condition
bushels made a month earlier. All wheat, including of the crop harvested in that year was 54.2 per cent.
Winter wheat, now promises a production of of normal, which was practically the same as this
903,865,000 bushels, which compares with the final year. The loss during September 1927, however,
estimate of yield for the crop harvested in 1927 of was only 1.9 points, quite a small reduction for that
872,595,000 bushels; in fact, the indicated output critical period of the cotton crop's progress. During
of wheat for this year exceeds the crop of each year September 1926 and 1925, the two years of bumper
yields, there was actually a small improvement in
back to 1919.
It is further satisfactory to note that the wheat condition. In both of those years, however, there
this year is slightly higher in quality than it was a was quite a rush on the part of the Department of
year ago, and above the ten-year average condition. Agriculture, not only in September, but later on up
That is true also of some other cereal crops, includ- to the time of issuing the final estimate in December,
ing oats. In the latter, a slight reduction appears in the purpose of which was to make up for the dethe October estimate of yield for this year as com- ficiency in the reports issued earlier in the growing
pared with that issued a month ago, this year's crop season. In those years Congress had imposed on the
now being placed at 1,452,966,000 bushels. The final Department the duty of making semi-monthly estiestimate for 1927 was only 1,184,146,000 bushels, mates, but that folly was soon abandoned.
The October estimate for this year of 13,993,000
which was much lower than for any year back to
1921. The outlook for barley is now for a crop of bales, compares with the October 1927 estimate of
350,593,000 bushels, which is much the largest ever 12,678,000 bales, and the actual harvest for that
raised. It compares with only 264,392,000 bushels year's crop of 12,977,500. Going back to 1926 the
harvested last year and a five-year average produc- October estimate for that year was 16,627,000 bales,
tion of 192,020,000 bushels. For rye the yield this while the actual harvest for that year was 17,977,400
year is indicated at 43,300,000 bushels, a heavy loss bales. In the preceding year, 1925, the jump from
from the crop of 58,800,000 bushels harvested last the October report to the final estimate for that year
year, and 663,800,000 bushels, the latter the average was very heavy, being 1,350,000 bales, which was
practically the same as it was in 1926. With the
crop for the preceding five years.
One of the important features of the crop estimate exception of the two years last mentioned, the latest
for 1928 is the record production indicated for white indicated yield of cotton for 1928 is in excess of any
potatoes. An aggregate of 463,722,000 bushels is year back to 1914. The Department now bases its
now expected from that crop, which is considerably estimate of production for this year on an average of
higher than has previously been harvested for this 149.1 pounds of lint cotton per acre. A month ago
essential product. The production of white pota- the production per acre was placed by the Departtoes last year was 406,964,000 bushels, while the ment at 153.9 pounds. The final estimate for the
average yield covering the past five years has been crop of 1927 provided for a harvest of 154.5 pounds
OCT. 13 1928.]
FINANCIAL CHRONICLE
of lint per acre, and in 1926, 182.6 pounds, the latter
the highest since 1914.
All of the cotton States show some reduction in
condition for the month. In Texas it was slight,
however, from 61 on Sept. 1 to 58 on Oct. 1, 1928,
for that State. For Oklahoma and Arkansas, the
falling off in condition during September was somewhat greater; also, for Mississippi, Alabama,
Georgia, the Carolinas, Missouri and Tennessee.
For Mississippi and Louisiana the latest estimate
of yield for this year is somewhat higher than it was
a month earlier, but all the other leading cotton
States show a decline from the Sept. 1 estimate.
For Texas the latest estimate of yield at 5,050,000
basis, is 50,000 bales less than a month earlier; in
1927 the yield for Texas was 4,352,000 bales, Oklahoma shows an estimated drop for the month of
96,000 bales to 1,210,000 bales, the latter the Oct. 1
report; last year the yield for Oklahoma was
1,036,600 bales. The decreases in the estimates during September for Alabama and Georgia were 40,000
bales each; South Carolina 70,000 bales and North
Carolina 45,000 bales, yet for each of these States,
except Alabama, the estimated production this year
compares favorably with last year and for the Carolinas it exceeds that of 1927. Ginnings to October 1
this year continue considerably below those of the
past three years. Total ginnings to Oct. 1 this year
were 4,961,032 bales, against 5,944,739 bales during
the corresponding period last year. Texas alone
reports a considerable amount ginned to date, practically 50 per cent. of the total ginnings from the
entire cotton belt up to date. In the other States
the movement is very backward.
The record of insolvencies in the United States
for the month of September printed in the Chronicle
last week, noted the further moderate increase in
the number of defaults in that month as compared
with September 1927, as had previously been the
case in most of the earlier months of this year, and
also slightly larger liabilities last month than a year
ago. With the completion of the statement for September, the report by States for the third quarter
of this year, compiled from the records of R. G. Dun
& Co., is made available. There were in all 5,210
strictly commercial failures in the United States
during the past three months, with liabilities of
8121,745,149. These figures compare with 5,037
similar defaults during the third quarter of 1927,
owing a total of $115,132,052. The increase both in
number and indebtedness this year was not large.
Of this year's insolvencies 1,397 were manufacturing concerns with liabilities of $44,536,741; 3,481
trading defaults for $45,562,547, and 322 failures in
the class embracing agents and brokers, for which
the indebtedness was $31,645,861. For the third
quarter of 1927 manufacturing defaults numbered
1,275 for $47,012,499 of liabilities; trading failures
3,444, owing $43,586,192, and agents and brokers
:;1S involving $24,533,361. There is a small increase
this year in the number of defaults for each of these
three classes, but as to the amounts involved the
division including agents and brokers is the only
one showing a material change, the total of liabilities
for that class for the third quarter of this year being
considerably higher than a year ago. Some large
failures in this division during the past three months,
among them brokerage and investment concerns in
Ohio, Illinois, Michigan, Missouri, and also in New
1989
York City accounts for a considerable part of the
heavy total this year,—in fact these five States contributed over 80 per cent in this division to the total
for the country at large.
Analysis of the quarterly report by geographical
sections shows that defaults were somewhat more
numerous this year in the three middle Atlantic
States, especially in New Jersey and Pennsylvania;
in the five Central Eastern States; the Central
Southern Section and on the Pacific Coast. Small
reductions appear in the number of failures for the
New England division; the South Atlantic States
and the West. The liabilities in the East and in
the West for the past three months slightly exceeded
the amount reported a year ago, but they are very
much larger this year in some of the Central Eastern
States than a year ago, chiefly due to the heavy
brokerage failures this year, to which reference has
been made.
On the other hand a decrease is noted for the
South, especially the South Atlantic States, in
which section some heavy defaults occurred last year,
especially in Florida and in West Virginia; also,
on the Pacific Coast, liabilities for failures in California being very large a year ago. Massachusetts
makes a good showing this year as to the number
of insolvencies, although some large manufacturing
failures added to the indebtedness reported for that
State. Slight increases appear in the number of
defaults for four of the other five New England
States—at exception being Vermont, which shows
a reduction. In the South, improvement is noted
this year, in Virginia and West Virginia, Georgia,
Florida, Alabama and Louisiana. Insolvencies were
somewhat more numerous this year in the other
Southern States, but in most of them changes were
not especially important. Reference has already
been made to the Central and to the Western States.
On the Pacific Coast, Washington alone reports a
decrease in the number of defaults this year.
Bank defaults during the third quarter of this
year were practically the same as to number and
liabilities, as in the corresponding period of 1927.
The report this year shows 55 banking failures for
the past three months owing $20,809,985, and a year
ago, the number was the same for $20,857,350 of
indebtedness. As in recent years nine-tenths of the
banking defaults were in the South and West; there
was one in Rhode Island and two small private
banks suspended in New York City. In the South,
Florida and Texas supply more than one-half the
number and the amount of liabilities; there were
also one or two each in Kentucky, Mississippi,
Georgia and the Carolinas, Illinois, Indiana, Nebraska and Minnesota reported two-thirds of the
number of banking defaults in the West but practically all of them were small country banks. For
the nine months of this year 247 banking suspensions
have occurred in the United States, with liabilities
of $86,564,545; these figures compare with 313
similar defaults involving $112,907,296 of indebtedness, for the corresponding period of 1927.
Stock exchanges in European centers were again
highly irregular this week, with fairly wide upward
and downward movements alternating in the successive sessions. Cables from New York were closely watched for indications of a change in the similarly irregular trend here, and for possible changes
in the money and credit position. The London Stock
1990
FINANCIAL CHRONICLE
Exchange opened the new week under very active
conditions with advances in prices in numerous instances, but in the later trading Monday things
quieted down and much irregularity developed. The
movements in gilt-edged securities were of limited
extent. Oil shares were subdued in the opening session, while the rubber issues were firmer than for
some days previously, notwithstanding the approaching official end of the Stevenson Rubber restriction
plan. The greatest liveliness was shown in the industrial shares and a big volume of business developed, which was continued in later dealings. Home
rails were more prominent in Tuesday's session, both
senior and junior stocks recovering further from the
recent low levels. The most spectacular performers, however, were some of the international shares,
with gramophones the undoubted leaders. With the
added stimulus of the upsweep at New York Wednesday aiding them, international favorites were
again the center of excited trading Wednesday and
Thursday at London.
The Paris Bourse opened the week with a tendency
toward weakness, but a later recovery of rentes and
a strengthening of the market in cash exchanges led
to some improvement, giving Monday's close a somewhat better appearance than was expected. The end
of the session was influenced by favorable reports
from London and New York. Trading became dull
and spiritless in Tuesday's session, most stocks remaining heavy throughout the session and closing
with fractional losses. Dealings dropped off still
further thereafter, with trades limited almost entirely to cash transactions. There was not enough business done to cause wide fluctuations, but the Bourse
continued to give evidences of fundamental resistance whenever prices started to drop. The Berlin
Boerse continued the erratic tendency of the previous week, with the whole market dropping Monday
under the influence of a quick fall in the loan for
the amortization of post-war bonds. Sales by Dutch
banks and by speculators were held accountable for
the drop. The downward movement continued
throughout the opening session, only to be reversed
sharply after a weak opening Tuesday. As trading
progressed on the second day of the week, buying
strength gained headway and speculators were compelled to seek covering, with the result that the
original losses were largely recovered. This movement was again succeeded by a period of weakness
Wednesday, which carried almost the entire list to
lower levels. Slight improvement occurred toward
the close.
The problem of naval disarmament continued to
occupy the chancelleries of the important naval powers in Europe the past week, while officials of the
League of Nations also evinced continued anxiety regarding this delicate matter. The Italian Government replied, Monday, to Great Britain and France,
which jointly submitted the now famous "compromise agreement" on naval disarmament to the Rome
Government as well as to Washington and Tokio in
the first days of August. The United States, in an
identic note of Sept. 28 to France and Great Britain, flatly rejected the accord as a basis for the
disarmament discussions at the sessions of the Preparatory Disarmament Commission of the League of
ations. The Italian reply, of which only a summary has been made public, was viewed in Rome as
supporting, at least in part, the position of the
[VOL. 127.
United States. It proposed however, a more sweeping discussion of all disarmament. The Italian reply, a Rome dispatch to the Associated Press said,
declares for a global limitation of tonnage instead
of limitation by categories. Part of the American
objection to the Franco-British agreement had been
that certain classes were practically unlimited. The
United States at the same time expressed willingness to meet certain national defense needs and suggested transference of tonnage from one class to another. By global limitation Italy believes that each
State would have the right to use its established tonnage in the construction of naval types which she
feels best answer its necessities. The tendency to
increase the number of naval categories, says the
note, jeopardizes attempts to reach an accord and
adds to the disadvantages of limitation.
"Only by global tonnage limitation," it continues, (
"is a less powerfully armed country permitted to
adopt certain compensation for the superiority of
others. This consideration gains value for Italy in
view of her special necessities for national defense
because of natural conditions. These conditions are
that Suez, Gibraltar and the Dardanelles are Italy's
only communication with the rest of the world, and
the enormous development of her coast, near which
are situated her centres of greatest importance."
The note also examines technical points raised by
the Washington Treaty and later discussions of the
problem.
The Italian reply was considered in Paris to be
even more seriously antagonistic to the AngloFrench compromise agreement than the United
States rejoinder. "In the summary of the note which
was issued by Rome this afternoon, the Fascist Government advances the claim to have a total tonnage
equal to that of any other Government," a Paris dispatch of Monday to the New York "Times" reported.
"Such a claim will never be accepted here," it was
added. "At Washington, France did accept the same
ratio as Italy for capital ships, but has always insisted that the ratio must not apply to other units.
Her reasons are apparent. She has the second largest colonial empire in the world and her shores are
washed by both the Atlantic and Mediterranean.
Italy has all her possessions in the Mediterranean.
Equality of fleets would mean that while in case of
war the French fleet would have to be divided between the Atlantic and Mediterranean, the Italian
fleet would be at full strength in the latter sea. Italy,
too, has no far-away colonies and possessions and no
long trade routes to defend. This argument will
have the support of any Government and any naval
administration which France may ever have, and
the Italian pretension to equality is certainly of a
kind which is far from helping on the cause of armaments limitation."
After some further uncertainty regarding the advisability of publishing the accord in the near future, the British Government reached the conclusion Wednesday that no use would be served by
maintaining further secrecy. A communication was
issued by the Foreign Office Wednesday evening as
follows:"The reply of the Italian Government to the
Anglo-French proposals for limitation of naval armaments having reached London, the observations of
all the powers to which the proposals were communicated have now been received. There is, therefore,
no longer any reason why the relevant documents
should not be made public. They are accordingly be-
OCT. 13 1928.]
FINANCIAL CHRONICLE
ing collected for that purpose and will be published
as soon as they can be printed and the consent, where
required, of other Governments has been obtained."
The communication was the outcome of a Cabinet
meeting. It is understood, a London dispatch to the
New York "Times" said, that the documents to be
included in a White Paper "will not only set forth
the course of the negotiations between Britain and
France during the summer, but explain by reference
to antecedent events the reasons that led to the negotiations and the determination of the British attitude on particular points." The series will conclude
with a general review of the questions at issue, it
was added.
Meanwhile Senator Raoul Dandurand of Canada,
one of the most prominent of the peace advocates
of the League of Nations, stated in Paris, Monday,
that useful results from the activities of the League
of Nations' Preparatory Disarmament Commission
cannot be hoped for unless Great Britain and the
United States agree on a formula for making an appreciable reduction in naval armaments."Both have
signed the Kellogg treaty by which they forever renounce war between themselves," Senator Dandurand said. "We cannot understand why an agreement should not be reached between the two great
English-speaking peoples, allowing that their fleets,
instead of being opposed in naval competition should
be conjoined in the sole desire of assuring the peace
of the world." Statesmen at Geneva were "looking
with anxious eyes to London and Washington," said
Senator Dandurand, who with the approval of Premier Mackenzie King explained the disarmament situation at Geneva. Stating that the Kellogg antiwar pact did not provide a method of finally solving
grievances and differences between nations, he said
the Preparatory Disarmament Commission had
drafted a convention to bind nations to settle their
disputes by conciliation and arbitration. This convention will be presented to signatories of the Kellogg treaty as well as other nations, in the hope that
if generally signed it will bring about a
sense of security, which League statesmen realize is indissolubly bound to the question of disarmament.
The danger of internal strife in Austria was well
illustrated last Sunday, when two opposing factions, one representing the Socialists and the other
the "Heimwehr," or anti-Socialists, staged huge parades in Wiener Neustadt, a suburb of the capital.
More than 35,000 Socialists were represented in the
demonstration, while about 18,000 of their opponents
marched in the counter demonstration. The two parades were obviously directed at each other and the
authorities took earnest measures to prevent any
contact between them. Approximately 10,000 soldiers were concentrated in the Viennese suburb by
the Government, and although the marchers were
only 200 yards apart at one point, difficulties were
avoided.
Premier Benito Mussolini made a reply, Wednesday, to the many criticisms of the Italian press recently launched by expatriate Italians in France and
by others. These criticisms have generally been to
the effect that there is no longer such a thing as
freedom of the press in Italy, since all newspapers
and journals were constrained to join in the chorus
of praise for Fascism under penalty of instant sup-
1991
pression if any adverse remarks were attempted.
Nowhere is the press so free as in Italy, the Premier
told a gathering of Fascist newspaper editors in the
Palazzo Chigi, the seat of the Foreign Ministry.
"The old accusations that Fascist tyranny suffocates
the freedom of the press no longer receive any credit," he remarked. "The Italian press is the freeest
in the whole world. Elsewhere the press is at the
orders of plutocratic groups, parties or individuals;
elsewhere the press is reduced to buying and selling
sensational news whose reiterated reading causes in
the public a kind of stupefied saturation with symptoms of debility, inanition and imbecility; elsewhere
newspapers are grouped in the hands of a very few
individuals who consider journalism as an industry,
like iron or leather. Italian journalism is free because it serves only one cause and one regime. It is
free because within the limits allowed by law it can
exercise and does exercise the functions of control
and criticism and propulsion." It is true, continued
the Premier, that the key to all Fascist writings is
identical, but this key comes not from the Government but from the Fascist journalists themselves.
"They know how to serve the Fascist regime," he
said. "They do not await orders day by day. They
have these orders in their consciences."
Further progress toward the settlement of the dispute between Chile and Peru over the Tacna-Arica
territory has been made since these two Governments resumed diplomatic relations recently at the
urging of Secretary of State of the United States,
Prank B. Kellogg. It was announced in Washington, Wednesday, that the Boundary Commission
which has been considering this matter for more
than three years would suspend activities for the
next four months. "In view of the resumption of
diplomatic relations between Chile and Peru," a
State Department announcement said, "and the
hopeful prospect that these two countries may now
be able to settle this long-standing dispute, which,
if settled, will make unnecessary further work of the
Boundary Commission, the two Governments have
agreed to the suggestion of the Secretary of State to
suspend the work of the Boundary Commission for
a period of four months,in order to give time to permit negotiations between the Governments for a settlement. Both Governments have accepted such proposal. In this action the two Governments have taken a broad-minded and liberal view of the matter and
have shown their earnest desire to come to a settlement."
In Washington, the situation was viewed as sufficiently promising to make it appear that further
efforts of the Boundary Commission probably will
be unnecessary, a dispatch to the New York "Times"
said. "In this light," the report added, "the suspension order of to-day was regarded as removing
the last vestige of the arbitral award handed down
by President Coolidge on March 4 1925, a project
which virtually collapsed when the Plebiscitary
Commission, provided for in the award, withdraw
from Arica without being able to carry out its work.
Suspension of the Boundary Commission's activities is regarded by the Chilean and Peruvian Embassies here as a pledge that the controversy will
be settled in that time, since both Governments are
reported to be opposed to any resumption of the commission's activities."
1992
General Chiang Kai-shek, commander-in-chief of
the Nanking military forces in the Nationalist revolution, was named President of the Chinese Nationalist Government at Nanking, Tuesday, and inaugurated on the following day. The selection was made
by the Central Executive Committee of the Kuomintang, whose forty-four members have been the chief
governing force of the Nationalist Administration.
The new President of the new Government first
gained prominence in February 1923 when he was
appointed chief of staff to Sun Yat-sen, the venerable leader of the Nationalist movement. In July
1926 he was made commander-in-chief of the Northern expedition of the Kuomintang, which then had
its headquarters in the Southern city of Canton.
"From all recent accounts of what has been going
on at Nanking," a New York "Times" report said,
"Chiang's selection has been due to two causes: His
eloquence in impressing his fellow members with
patriotism, moderation, and the spirit of conciliation, and the reputation he achieved in battle. He
is also well regarded abroad for these and other reasons."
Reports from the interior Chinese Province
of Kansu, meantime, indicate dubious happenings
among the population of Mohammedans and Confucianists there. Religious warfare has broken out between these factions, it is asserted, chiefly because
of an uprising of the Mohammedans, and in consequence more than 200,000 persons are said to have
been slain. The reports are meagre and are contained mainly in letters from missionaries in the
province.
No changes have been reported this week in discount rates by any of the central banks of Europe.
Rates continue at 7% in Germany; 63/2% in Austria;
5% in Italy and Norway; 5% in Denmark and
Madrid; 432% in London, Holland and Sweden;
4% in Belgium, and 332% in France and Switzerland. In London open market discounts are now
1
/@4 3-16%
/
41 3@t4 3-16% for short bills, against 4.
on Friday of last week, and 4 5-16% for three months
,@4 3-16%. Money on call in
bills, against 434
on Thursday was 43%. At Paris open
London
market discounts remain at 331% and in Switzerland
at
3%%.
[vol.. 127.
FINANCIAL CHRONICLE
RANK OF ENGLAND'S COMPARATIVE STATEMENT.
1924.
1925.
1926.
1927.
1928.
Oct. 15.
Oct. 14.
Oct. 13.
Oct. 12.
Oct. 10.
Circulation
1)134,194,000 136,272,175 139,344,180
Public deposits
13,934.000 21,829,856 19,607,296
Other deposits
97,752,000 101,505,437 103,963,569
Goyernm't securities 43,110.000 52,929,619 35,810,307
Other securities_ _ _ 45,183,000 53,560,179 70,858,938
Reserve notes & coin 53,056,000 34.484,805 34,579,746
Coin and bullion__ a167,501,083 151.006,980 154,173,926
Proportion of reserve
27.96%
27.98%
47.52%
to liabilities
5%
%
%
Bank rate
143,133,835
8,455,108
103,412,929
28,821,587
68,228,519
32,459,426
155,843,261
123,450,130
12,056,065
115,878,163
42,233,443
78.571,411
24,784,013
128,484,143
29%
4%
193%
4%
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.
In its regular weekly statement of October 6, the
Bank of France reports a decrease in note circulation
of 47,000,000 francs, reducing the total to 62,607,259, 145 francs. Note circulation last week amounted
to 62,654,259,145 francs, which was the highest ever
recorded by the bank, and the week before 61,013,259, 145 francs. On the other hand creditor current
accounts rose 104,000,000 francs while current
accounts and deposits dropped 145,000,000 francs.
Due to a gain of 46,404,673 francs during the week,
gold holdings now amount to 30,668,942,716 francs.
Credit balances abroad rose 597,079,060 francs,
bills bought abroad 18,000,000 francs and advances
against securities 148,000,000 francs while French
commercial bills discounted decreased 666,000,000
francs. A comparison of the various amounts of the
bank's return for the past three weeks is shown below.
BANK OF FRANCE'S
Changes
for Week.
Francs.
Gold holdings__ __Inc. 46,404,673
Credit 04ls. abed_Inc. 597,079,060
French comml bills
Dec.666,000,000
discounted
Bills bought abed_Inc. 18,000,000
Adv.agst.securs Inc. 148,000,000
Note circulation_ _Dec. 47,000,000
Cred. curr. accts Inc. 104,000.000
Cum.accts.& dep_Dec. 145,000,000
COMPARATIVE STATEMENT.
Status as of
Oct.6 1928. Sept 29 1928. Sept. 22 1928.
Francs.
Francs.
Francs.
30,668,942,716 30,662,538,043 30.568,249,942
13.288.990,367 12,691,911,307 12,984,954,644
3,633,820,533
18,468,910,440
2,165,376,082
62,607,259,145
16.232,397.231
4,654,111,713
4.299,820,533 2.442,820,533
18,450,910,440 18,451,910,440
2,017,376,082 2,021,376,082
62,654,259,145 61,013,259,145
16,128,397,231 16,218,397,231
4,799,111,713 5,396,111,713
In its statement for the first week of October, the
Bank of Germany reports a decrease in note circulation of 228,062,000 marks, reducing the total to
4,592,090,000 marks. Note circulation for the corresponding week last year stood at 4,004,053,000
marks and for the year before, 3,139,329,000 marks.
On the other hand other daily maturing obligation
increased 8,234,000 marks and other liabilities
17,015,000 marks. On the other side of the account
gold and bullion rose 60,169,000 marks, while reserve
in foreign currency fell 27,461,000 marks, bills of
exchange and cheeks decreased 230,258,000 marks,
silver and other coin, 3,641,000 marks, notes on
other German banks, 7,037,000 marks; advances,
42,358,000 marks and other assets, 6,034,000 marks.
Deposits abroad and investments remained unchanged. Below we furnish a comparison of the
various items of the Bank's return for the past three
For the fourth week in succession, the Bank of
England, in its latest statement, reports a loss in
gold, the total loss for the last four weeks amounting
to no less than £9,000,000. This week the loss
amounted to £725,495, but as notes in circulation
contracted £813,000, there was an addition to the
reserve of gold and notes in the banking department
of £87,000. The ratio of reserve to liabilities shows
a slight change, increasing from 47.10% to 47.50%.
At this time last year the ratio was 27.90% and two years:
years ago, in 1926, 27.98%. Public deposits rose
REICHSBANK'S COMPARATIVE STATEMENT.
Changes for
but "other" deposits fell off £4,695,000.
£3,929,000
Oct. 6 1928, Oct. 7 1927. Oct. 7 1926,
Week.
Reichsmarks. Reichsmarks. Reichsmarks
Retchsmarks.
Loans on Government securities decreased £6,000,000 Assets—
Inc. 60,169,000 2,457,140,000 1,851,869,000 1,616,308,000
Gold and bullion
66,543,000 182,904,000
and loans on other securities gained £4,516,000. Gold Of which depos.abed_
85,626.000
Unchanged
27,461,000 151,894,000 155,885,000 510,972,000
Res'yeln for'n
holdings total £167,501,083 in comparison with Billsof exch.&curecy Dec.230.258.000 2,359,257,000 2,603,225,000 1,377,800,000
checks Dec.
£151,006,980 last year and £154,173,926 two years Silver & other coin__ _Dec. 3,641,000 75,776,000 60.441,000 110,933,000
13,156,000
14.994,000
437,000
7,037,000
Notes on
ago (1926). Note circulation aggregates £134,- Advancesoth.Ger.bks_Dec. 42,358,000 59.196,000 64.124,000 11,125,000
Dec.
91,331,000
92,186,000
93,819,000
Unchanged
194,000 in comparison with £136,272,175 last year. Investments
Dec. 6,034,000 548,711,000 536,054,000 611,698,000
discount remains un- Other assets
The Bank's minimum rate of
Liabilities—
4,592,090,000 4,004,053,000 3,139,329,000
Notes in
Below we furnish comparisons Oth.dallycirculation__Dec. 238,062,000 511,260,000 610,815,000 635,702,000
changed at
matur.oblig.Inc. 8,234,000
Inc. 17,015,000 269,693,000 398,629,000 208,419,000
of the various items of the Bank of England return Other liabilities
for five years:
1
OCT. 13 1928.]
FINANCIAL CHRONICLE
Rates for money developed a downward tendency
on the New York market, at least in the case of call
loans. A marked increase was noted in the supply
and this development was accepted by optimistic
observers as a sign of a definite easing in the credit
situation. It was also considered possible that the
period of greatest autumn demand is passing and that
a definite relaxation may be expected. An undeviating rate of 63/2% for call loans was noted on the Stock
Exchange from Monday to Thursday morning.
Large offerings and light demand then brought
about a decline to 6%, the carry-over until Monday
being arranged at this figure. In the outside market
the 6% figure was quoted in the three earlier days
as well. That there is little expecatation of a material decline from the present money rates was
indicated by the Treasury offering of 11-month cerficates of indebtedness announced Sunday. The
interest rate on these certificates as already noted
4
was fixed at 43 %, the highest figure paid by the
government since the period of deflation in 1921.
Brokers' loans against stock and bond collateral as
reported by the Federal Reserve Bank for the 45
New York reporting member banks showed a further
increase of $19,905,000 for the week ended Wednesday night. The total is thus carried to a new high
record. A gold engagement of $3,000,000 for shipment from London to New York was announced
Tuesday, carrying the total of this movement to
$13,000,000.
Dealing in detail with the rates from day to day
on the call loan rate was • uniformly 63/2% on
Monday, Tuesday and Wednesday, this including the
charge for renewals. On Thursday with the renewal
rate still 63/2%, the rate on new loans dropped in the
afternoon to 6%. Time loan rates are still firm and
the quotation for the 30, 60 and 90-day periods
remains at 73'j%, while the figure for four, five and
six-month maturities continues at 7%. Commercial
paper rates have been quite firm the present week.
Names of choice character maturing in four to six
months are still quoted at 5@,5%, but with no
more transactions being recorded at 53.1%. For
names less well known the quotation is 59@6%.
The rate for New England mill paper is 53 %.
4
The posted rates of the American Acceptance
Council for prime bankers' acceptances eligible for
purchase by the Federal Reserve banks have not
been changed during the week and remain at 4%%
bid and 4% asked for bills running 30 days and also
for bills running 60 and 90 days, 43 % bid and 45 %
4
4
asked for 120 days, and 5% bid and 478 asked for
%
150 and 180 days. The posted rate of the Acceptance
Council for call loans against acceptances again remained at 532% throughout the whole week. Open
market rates for acceptances have also continued unchanged as follows:
SPOT DELIVERY.
—180 Days— —150 Days-- —120 Days—
Bid.
Asked. BM.
Asked. Bid.
Asked.
4%
6
*Prime eligible bUls
4%
4%
4%
—ElDoss— —60DONS-- —30 Days
81.3
Asked. Bid.
Asked. Bid.
A eked.
4%
4%
4%
Prime eligible bills
4%
4%
4%
FOR DELIVERY WITHIN THIRTY DAYS.
a
Eligible member banks
Eligible non-member banks
4
bid
bld
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:
1993
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASS
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
At Louis
Minneapolis
Kansas City
Dallas
Flan Francisco
Rah n Effect
,
on Oct. 11.
Date
Established.
Previous
Rate.
5
5
5
5
5
5
5
5
414
44
44
44
July 19 1928
July 13 1928
July 26 1928
Aug. I 1928
July 13 1928
July 14 1928
July 11 1928
July 19 1928
Apr. 25 1328
June 7 1928
May 7 1928
June 2 11:128
44
44
4J4
44
44
44
4%
41.4
4
4
4
4
The course of sterling exchange has been opposite
in trend to that displayed during the past several
weeks, and has been active and firmer, moving up
to levels which quite preclude the possibility of any
large gold movement from London to New York.
The range this week has been from 4.843/i to
4.84 15-16 for bankers' sight, compared with
4.84 13-32 to 4.845 last week. The range for cable
%
transfers has been from 4.847 to 4.853L, compared
4
with 4.84 25-32 to 4.85 a week ago. The underlying causes of the present firmness are an increase
in money rates in London and a decline in money
rates at New York. Each day this week witnessed
an advance in the sterling rate. Almost invariably
the advances were recorded abroad before markets
opened here. As the result of over-night cables there
was a splurge of buying each morning by banks and
dealers and some repurchases by earlier sellers to
sustain the early rises, thus adding fractional firmness toward the close of each day's market. Sterling
has been in a position during the past few weeks
where any moderate increase in demand could cause
a sharp upward movement in the rate, as New York
and other markets have been bearish for several
months and foreign institutions have kept their
London balances as low as possible. The firmer
money rates in London, in conjunction with the
easier trend of rates here, is expected to cause an
increase in American balances in London and will,
of course, retard to a great extent the flow of European funds to this side which has been a feature in
sterling exchange for several weeks past. The
London three-month bill rate is now 5 5-16%.
Until recently it has been pegged at 43.
i% and
would have been lower had not the Bank of England
used its influence with the London discount houses
to maintain the rate. While the rise in 90
-day
bills is not extensive, nevertheless sterling is extremely sensitive to narrow movements in the
British money market. One exchange authority,
for instance, has stated that should the London
bill rate move up another 1-16 to 4%%,the prospects
of a gold movement would be definitely ended unless
rates moved higher in New York. Current quotations compare with the high reached this year of
4.88 7-16 for cable transfers, and with the low
touched a few days ago of 4.84 25-32. Even should
the rate for any reason move fractionally higher yet,
the quotations must still continue to indicate seasonal
pressure, which under all normal conditions should
last until toward February. The present rally is
regarded in some quarters as temporary. An opposite
view, however, is just as firmly held by others both
here and in London. The nearer approach of the
90
-day bill rate in London to the Bank of England's rediscount rate is taken in London to indicate
that there will be no necessity for increasing the
Bank of England rate. The lower sterling rates
which have been prevailing for a few weeks past
until now have resulted in gold withdrawals from
1994
FINANCIAL CHRONICLE
London for New York of approximately $13,000,000,
including amounts now on the water, while owing
to the relatively higher rates for German marks with
respect to sterling German interests have been able
to withdraw approximately $30,000,000 in gold
from London, the greater part of which was taken
during September.
This week the Bank of England shows total gold
holdings of £167,501,083, compared with L168,226,578 a week earlier, a loss of £725,495 for the
week. On Saturday last the Bank of England released £500,000 in sovereigns for account of South
Africa. On Monday the Bank sold £9,000 in gold
bars and exported £5,000 in sovereigns to Holland.
On Wednesday the Bank sold £34,000 in gold bars.
On Wednesday .also the $2,500,000 gold recently
purchased in London by Goldman, Sachs & Co.
arrived in New York on the White Star liner Olympic. On Wednesday it was also announced that of
the £770,000 available gold in the London open
market £600,000 was taken for New York. This
was, of course, the $3,000,000 purchased by the
Rothschilds for Kuhn, Loeb & Co. An unknown
buyer took £100,000, and the balance of £70,000 went
for the India trade. It was stated that a drop in
the open market price of gold in London was responsible for the Kuhn, Loeb & Co. purchase. On
Thursday the Bank of England sold £19,000 in gold
bars. At the Port of New York the gold movement
-Oct. 11 inclusive, as reported
for the week Oct. 4
by the Federal Reserve Bank of New York, consisted
of imports of $78,000 from Latin America and exports of $131,000, $79,000 going to Mexico and $52,000 to Germany. Canadian exchange has been
firmer and more steady, ruling at par throughout
the week. Montreal funds should as a seasonal
matter be at a premium and the present return to
par is attributed largely to the lower money rates
against collateral loans in New York.
Referring to day-to-day rates, sterling on Saturday last was firmer than usual for a half-day session.
2
Bankers' sight was 4.843/@4.84 9-16; cable trans. On Monday the market was active.
fers, 4.84 8
The range was 4.84 9-16@4.84% for bankers' sight
and 4.84 15-16@4.85 for cable transfers. On Tuesday there was renewed firmness in an active market.
The range was 4.84%@4.849' for bankers' sight and
4.85 1-16@4.85% for cable transfers. On Wednesday sterling continued active, moving higher. Bank%
ers' sight was 4.84%@4.84%; cable transfers, 4.85.1
@4.8534. On Thursday firmness continued. The
range was 4.84%@4.85 15-16 for bankers' sight and
4.851 8@4.85% for cable transfers. On Friday there
/
was no market in New York, owing to the Columbus
Day holiday. Closing quotations on Thursday were
4.84% for demand and 4.853/i for cable transfers.
Commercial sight bills finished at 4.84 8;60-day bills
at 4.809; 90-day bills at 4.79; documents for payment (60 days) at 4.803, and seven-day grain bills
at 4.84. Cotton and grain for payment closed at
4.84%.
The Continental exchanges have been dull for the
most part. The special feature this week is the decline in German marks. The lower mark quotation
does not result from any lack of demand for mark
exchange either here or in London, but has been
brought about chiefly through Reichsbank manipulation. This feature of mark exchange was discussed
here last week. The Reichsbank brought about a
[VOL. 127.
reduction in the sterling-mark rate to comply with
the known wishes of the Bank of England to the effect
that the gold export movement from London to Berlin
should be brought to a halt. Even German purchases
of gold in the open market were viewed askance.
The German purchases have caused a great deal of
criticism in the London market. In an interview with
the press on Wednesday, Charles E. Mitchell, President of the National City Bank, said: "Germany will
continue to borrow abroad in one form or another,
though probably...to a less extent than in the past.
Some loans are in prospect now, though there are no
startling transactions pending. The French attitude
toward Germany is constantly improving. France is
finding it to her advantage to make closer trade, industrial and financial relations with Germany. The
French money market was artificially dammed until
the return to the gold standard, but already French
money is going to Germany. This week the Federal
Reserve Bank of New York reports another shipment
of $52,000 gold to Germany, making the ninth successive shipment of practically the same amount in
as many weeks.
French francs continue under pressure and are
prevented from declining much owing to the Bank
of France operations aimed especially at preventing
a flow of gold from France to Germany. French
interests continue to lend heavily in Germany.
Large amounts of French capital have also been
Italian
coming to New York in recent weeks.
lire, as during the past few weeks, have been ruling
firmer than most of the Continental exchanges and
have been in demand. Money continues fairly
easy in the Italian centres. There is a steady demand
for lire, due to immigrant remittances and American
funds are finding employment in Italian securities.
The London check rate on Paris closed at 124.24
on Thursday of this week, against 124.07 on Friday
of last week. In New York sight bills on the French
centre finished at 3.90%, against 3.905 a week ago;
%
cable transfers at 3.905 , against 3.90%, and com%
mercial sight bills at 3.90%,against 3.903 . Antwerp
%
belgas finished at 13.8934 for checks and at 13.90
%
for cable transfers, as against 13.89 and 13.893
on Friday of last week. Final quotations for Berlin
marks were 23.79 for checks and 23.80 for cable
transfers, in comparison with 23.803/ and 23.813/i
a week earlier. Italian lire closed at 5.233 for
bankers' sight bills and at 5.23% for cable transfers,
4
as against 5.235 and 5.237 . Austrian schillings
%
%
have not changed from 141 . Exchange on Czechoslovakia finished at 2.9615, against 2.9615; on
2
Bucharest at 0.603/, against 0.60%, on Poland
at 11.17, against 11.25, and on Finland at 2.52,
against 2.52. Greek exchange closed at 1.29 for
checks and at 1.293/2 for cable transfers, against
1.29 and 1.293.
The exchanges on the countries neutral during the
war have been dull. Holland guilders have not so
far reflected the firmer sterling quotations. Besides
the seasonal pressure on the guilder, funds have been
moving out of Amsterdam, chiefly to London and
Berlin, to take advantage of higher returns. The
Scandinavian exchanges have been firm though extremely dull in the New York market. Spanish
pesetas continue to fluctuate, and at 16.17 for cable
transfers, the rate prevailing at one time yesterday,
have been at the lowest price since January 1927.
The Spanish unit made a sharp spurt immediately
OCT. 13 1928.]
FINANCIAL CHRONICLE
1995
following the formation of an official consortium to the immedi
ate removal of the gold embargo. Yen
control the exchange and to prevent speculative exchange in
New York made no response to these
moves, but since its organization a few weeks ago resolutions,
and the opinion here is that no attention
pesetas have declined persistently. Reports of politi- will be paid
to the recommendations of the business
cal disturbances have caused selling on a few occa- committees.
It is stated in some quarters that the
sions, but not enough to account for the full extent removal of the
gold export embargo would mean an
of the decline. The business world is without suf- immediate
drain of gold until the exchange should
ficient official information on economic and business rise to parity,
unless the recommendations of the
trends to give any guide as to what the peseta might business commit
tees involve a revaluation of yen to
do. Foreign capital and business enterprises are around the present
exchange levels. The latter sugdiscouraged in numerous ways in Spain. This atti- gestion has
never received any important consideratude is not helpful to the exchange.
tion in Japan. It is said in some quarters that a
Bankers'sight on Amsterdam finished on Thursday return to parity
would entail an economic deflation
at 40.07, against 40.073/ on Friday of last week; which would
do much harm to the already difficult
cable transfers at 40.09, against 40.0932 and com- trade positio
/,
n of the country. The trend of yen exmercial sight bills at 40.04, against 40.05. Swiss change has
been on the whole downward during much
francs closed at 19.239 for bankers' sight bills and the greater
part of this year. Closing quotations for
at 19.2432 for cable transfers, in comparison with yen checks
/
Thursday were 45.83@46, against 45.61@
19.24 and 19.24% a week earlier. Copenhagen 45% on Friday
of last week; Hong Kong closed at
checks finished at 26.663/i and cable transfers at 50.20@
50 7-16, against 50.05@503; Shanghai at
26.68, against 26.65 and 26.66. Checks on Sweden 64%@6
4%, against 643/s@643; Manila at 494,
3
closed at 26.733/b and cable transfers at 26.75, against against
494;Singapore at 56%@57,against 56 11-16
3
26.74 and 26.75, while checks on Norway finished at @,57; Bomba
y at 36%, against 36/s, and Calcutta
5
26.653/2 and cable transfers at 26.67, against 26.643 at 36%,against 36%.
4
and 26.65%. Spanish pesetas closed at 16.193/i for
checks and at 16.20% for cable transfers, which comPursuant to the requirements of Section 522 of the
pares with 16.263/ and 16.2732 a week earlier.
/
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
The South American exchanges have been dull.
Argentine paper pesos have been inclined to weak- buying rate for cable transfers in the different counness, while the other Latin American units have tries of the world. We give below a record for the
week just past:
been steady. It will be recalled that during the week FOREIGN
EXCHANGE RATES CERTIFIED BY FEDERAL
RESERVE
ended Sept. 29 an announcement from Buenos
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
OCT. 6 TO OCT. 12 1928, INCLUSIVE.
Aires stated that $12,500,000 in gold was comingfrom
Argentina to New York to repay a short-terra loan
Noon Buying Rate for Cable Thirteen to New York;
Country and Monetary
Value in United States Money.
of like amount made to the Argentine Government
Unit.
Oct. 6.
Oct. 8.
Oct. 9. Oct. 10. Oct. 11. Oct. 12.
by J. Pierpont Morgan & Co., which expired on
EUROPE$
$
$
$
3
$
Austrla,sch
Sept. 26. Dispatches this week state that this Belgium. illing
140715 .140722 .140712 .140710 .140697
belga
.138908 .138928 .138948 .138941 .138955
Bulgaria. ley
gold is not to be shipped. No information has been Czechoslov
.007190 .007209 .007218 .007204 .007172
akia, kron. .029626 .029627 .029628 .029629 .029624
Denmark, krone
forthcoming as to why this action has been taken. England. pound Her- 266533 .266557 .266585 .256614 .266696
sterling
.848355 4.849279 4.850448 4.851711 4.851711
Peruvian exchange is at all times comparatively Finland. markka
.025163 .025162 .025167 .025167 .025161
France.franc
.039072
.039063
inactive in New York but interest attaches to it Germany. reichsmark. .238087 .039061 .237853 .039057 .039054
.237985
.237973 .237976
Greece. drachma'
.012930 .012929 .012938 .012936 .012926
this week, especially as information given out by Holland, guilder
.400892 .400942 .400954 .400928 .400902
Hungary, Pengo
.174297 .174255 .174267 .174291 .174284
a reliable source states that it is likely that within Italy, lira
.052397 .052399 .052360 .052369 .052368
Norway, krone
.266519 .266527 .266547 .266583 .266633
the next few week a New York banking group will Poland, zloty
.112065 .112015 .112072 .112020 .112015
.044870 .044950 .045041 .045050 .045015
place the second series of the Peruvian National Portugal, escudo
Rumania,lea
.006090 .006090 .006085 .006081 .006078
Spain, peseta
162702 .162340 .161850 .162040 .161829
Loan, which was authorized in 1927 for the purpose Sweden,krona
.267454 .267440 .267471 .267485 .267480
Switzerland, fraae
.192443 .192461 .192464 .192435 .192441
of refunding the entire external secured debt of Yugoslavia, dinar
.017596 .017590 .017596 .017589 .017595
ASIAPeru, for financing important public works and for China
Chefoo tael
.658750 .656666 .659375 .659375 .658750
currency stabilization. Argentine paper pesos closed Hankow tael
.647083 .656250 .658125 .658125 .657083 HOLIShanghai tael
.641607 .642678 .645178 .644464 .643392
DAY
on Thursday at 42.08 for checks, as compared with Tientsin tool
.674583 .672500 .675208 .674583 .674583
Hong Kong dollar
.499464 .499464
Mexican dollar_ _ _ _
42 1-16 on Friday of last week, and at 42.13 for Tientsin or Pelyan .465000 .466750 .501339 .500821 .500571
.468000 .467250 .467750
dollar
465000 .467083 .467500 .468333 .467916
cable transfers, against 421 8 Brazilian milreis fin- Yuan dollar
/
.
.461666 .463750 .464166 .465000 .464583
.364221 .364240 .364196 .364259 .364412
ished at 11.96 for checks and at 11.99 for cable India.rupee
Japan, yen
.457188 .457630 .456897 .457208 458327
transfers, against 11.94 and 11.97. Chilean exchange Bingapore(S.8.)dollar. .562916 .563333 .563333 .563333 .563750
NORTH AMER.Canada. dollar
.999947 .999965 .999926 .999956 .999956
closed at 12.10 for checks and at 12.15 for cable Cuba. Peso
.999250 .999281 .999281 .999312 .999281
Mexico. peso
.475000 .471666 .475333 .475166 .474833
transfers, against 12.10 and 12.15, and Peru at Newfoundland,dollar. .997500 .997593 .997406 .997562 .997562
SOUTH
:
3.99 for checks and at 4.00 for cable transfers, Argentina, AMER - .955665 .955715 .955544 .955369 .956596
peso (gold)
Brasil. mike's
.119386 .119440 .119410 .119450 .119463
against 3.99 and 4.00.
Chile, peso
.121075 .120791 .120892 .120869 .120902
Uruguay. peso
Colombia. Peso
The Far Eastern exchanges have been more active,
the silver units exceptionally so. Silver has been
ruling fractionally higher and this fact of course
affects the Chinese quqtations. Continued improvement in the political situation in China, especially
in the ports, is an important factor inducing a steady
absorption of silver. Japanese yen have been on the
whole comparatively steady. On Tuesday cables
stated that the Tokio Clearing House and business
organizations in Osaka passed resolutions favoring
1.017802 1.077727 1.017852 1.018976 1.017992
975600 .975600 .975600 .975600 .975600
Owing to a marked disinclination on the part of
two or three leading institutions among the New
York Clearing House banks to keep up compiling
the figures for us, we find ourselves obliged to discontinue the publication of the table we have been
giving for so many years showing the shipments and
receipts of currency to and from the interior.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec.6 1920,it is also no longer
1996
FINANCIAL CHRONICLE
[VOL. 127.
guarding principle in a way to obtain a general tariff
before submitting the desirability of a tariff to the
people for their vote. There will be no taxes on food
. . . The Government is ready to facilitate the
procedure if individual industries prove the necessity
AT CLEARING HOUSE.
of their being protected." In other words, there
would be no general protective tariff, but protection
Aggregate
, Friday, I
Saturday, Monday, Tuesday, Wednesd'y, Thursday
for Week.
Oct. 12.
Oct. 11.
10.
Oct.
Oct. 9.
Oct. 8.
Oct. 6.
would be accorded to such industries as should prove,
$
tribunal provided by the
er.517,000.010 to the satisfaction of the
0 Holiday
114,000.000 95.000.000 99,000.000 103,000.000 107,000,00
is needed.
mass of checks which come act, that protection
Note.—The foregoing heavy credits reflect the huge country in the operation of
of the
to the New York Reserve bank from all parts
large credit balances,
In view of Mr. Baldwin's recent rejection of a
Reserve System's par collection scheme. These s with the Clearing
the Federal
operation
however, reflect only a part of the Reserve Bank's York City are represented in petition, supported by a large number of members
in New
House institutions, as only the items payable
on institutions located outside of
the daily balances. The large volume of checksthese balances, as such checks do
Parliament, for the extension of the Safeguarding
at
New York are not accounted for in arriving deposited with the Federal Reserve of
not pass through the Clearing House but are Clearing House banks.
Act to the iron and steel industries, it was not to be
Bank for collection for the account of the local
expected that a statement which appeared to stradamount of bul- dle the question would be satisfactory to the conThe following table indicates the
ference. The strength, of the protectionist sentilion in the principal European banks:
ment was shown in the adoption of a resolution
Oct. 13 1927.
Oct. 11 1928,
regretting "the slow progress made" in applying the
Baas of
Total.
Silver.
Gold.
Total. I
Silver. I
Gold.
act, and declaring that the "earliest possible steps
g
£
I
£
I
£
£
£
151,006,980
ard additional industries,
167,501.083151.006,980
England. 167,501.083
59 should be taken to safegu
245,351.542 147,260,559 13,680.000 160,940,5 0
d
France a.... 245,351,542
994,6C0 90.255.90
0
c994,600 119,570,300 89.261.30
ally iron and steel." The statement of the
Germany k 118,575,700
103,956,000 27,149,000131,105,000 especi
.
Spain ___ 104,355,000 27,999.000132,3 4,000 46.878.000 3.864.000 50.742.000
0
64.093.00
54.093,000
er was promptly interpreted by the Chairman
Italy
32,179.000 2,273,000 34,452,000 Premi
Netherr d 36.243,000 1,886,000 38,129,000 19.270.000 1.181,000 20.451,000
1.250.000 24,315,000
Conservative Party organization, J. C. C.
Nat. Belg_ 23,061.000
0 18,856,000 2,586.000 21,442,000 of the
SwItzerl'd 18,719,000 2,013,000 20.732,000 12,843,000
12,843,000
13,223.00
that the iron and
0
5weden__ 13.223.00
10,807.000 Davidson, as "a definite pledge"
691
590,000 10,250.000 10.116,000
Denmark _ 9,660,' Si
I 8.180.000
8.163,000 8.180,000
Norway _ 8.163. s
ry would be favored, while Sir Philip
steel indust
925639.806.839 52.418.600692,225,439
,
Total week 797 949,32 34.732.600833.681,482639,169,821 52.462,600691,632,421 Cunliffe-Lister, President of the Board of Trade
796.220,882 34,763.600830,984,
Prey. week
In the new form
holdings of the Bank of France as reported
ed in a speech at Norwich on Sept. 28 that
declar
a These are the gold
of Germany are exclusive of gold held
of statement. b Gold holdings of the Bank Is £4,281,300. c As of Oct. 7 1924.
"safeguarding to-day is welcomed by the people of
abroad, the amount of which the present year
only a trifling sum.
d Silver is now reported at
this country as a consistent part of our general plan
because it is justified by results. The thing is
Problems of Empire—The Coming General
proved. Its employment has benefited every single
Election in Great Britain.
ry where it was tried . . . In no single
Unless something unexpected happens, the general indust
have prices gone up; in many they have been
election in Great Britain will not be held until next case
ed . . . Common sense and common agreespring, but the political campaign has already been reduc
ment alike dictate that we should continue this
launched, and from now on the various parties will
policy."
be busy commending their several programs to the
For the relief of unemployment Mr. Baldwin was
polls. A
voters and preparing for the test at the
be- able to offer, in addition to the extension of the
special interest attaches to the coming election
con- safeguarding policy, only a hope that progress
cause of the addition to the electorate of a large
, and would soon be made with the scheme of Empire
tingent of women voters recently enfranchised
been settlement and the transfer of miners to other incompetition for the "flapper" vote, as it has
keen. dustries. It had already been realized, before the
popularly called, promises to be particularly
the conference met, that the ambitious project, anIf history repeats itself, as it seems likely to do,
on nounced shortly before the adjournment of Parliaapproaching session of Parliament, which opens
by ment on August 3, for sending some thousands of
November 6, will be distinguished quite as much
to British miners to Canada to work during the harvest
the efforts of the Liberal and Labor Opposition
, season, had afforded no special relief. Ships were
weaken the position of the Baldwin Government
well not available, it was discovered, for the transportaalready sharply under fire for its domestic as
com- tion of more than a small part of the number whom
as for its foreign policy, as it will by anything
the Government planned to aid, the miners as a
monly spoken of as constructive legislation.
class were ill adapted to farm work, and the return
As far as the .Conservatives are concerned, the
- of several hundred who were dissatisfied was accomoutstanding party issues at the moment are protec
in a panied by the spread of reports of unfair and even
tion and unemployment. Continued depression
steel, harsh treatment by Canadian farmers and officials.
number of basic industries, especially iron and
competition, Unemployment in Great Britain is clearly, as Predue, it is alleged, primarily to foreign
tionist mier Baldwin admitted,"the national problem," and
has had the effect of strengthening the protec
.
at the party the approach of winter is recognized as making the
wing of the Conservative party, and
a quarter of jobless still
a deter- situation of the million and
conference at Great Yarmouth, on Sept. 27,
commit the party to a more acute.
mined effort was made to
The Labor Party Conference which met at Birin his speech
protectionist policy. Premier Baldwin;
ence, thought it mingham on Oct. 1, in addition to approving a fiftyat the opening session of the confer
r to windward page platform, comprising some sixty-five planks,
expedient, apparently, to cast an ancho
ic party made public several weeks before, listened to a rewhile seeming to stand stoutly for the histor
uarding markable speech by Philip Snowden, Chancellor of
policy of free trade. Referring to the Safeg
be the Exchequer in the former Labor Government, on
of Industries Act, under which tariff duties may
ries in- the financial policy of the party, and a drastic attack
imposed for the benefit of particular indust
er upon the foreign policy of the Baldwin Government
juriously affected by foreign competition, Premi
by J. Ramsay MacDonald. Mr. Snowden, who has
Baldwin declared his desire to "make it clear that
described as "a radical economist whose feet
the Government does not intend to use the safe- been
possible to show the effect of Government operations in the Clearing House institutions. The Fedthe
eral Reserve Bank of New York was creditor at
as follows:
Clearing House each day
DAILY CREDIT BALANCES OF NEW YORE FEDERAL RESERVE BANK
OCT. 13 1928.]
FINANCIAL CHRONICLE
1997
are firmly grounded on fact," expressed the hope declares, "is willing a priori to accept as the limit
that the party would not adopt the proposal which of her armament any figure, even the lowest, proan extremist member had submitted to it "of estab- vided this is not exceeded by any Continental Eurolishing socialism in our time by the simple expedient pean country." When it comes to the method of
of collecting all the wealth of the country and dis- limitation, however, Italy desires a limitation of
tributing it equitably among the whole population. total tonnage rather than a limitation by classes of
No Chancellor of the Exchequer would be fit to hold vessels, each country disposing of its total tonnage
his job who did not frame all his financial policy in such manner as it sees fit. "Only by global tonwith the idea of conserving, increasing and utilizing nage limitation is a less powerfully armed country
the national resources." The "main principles of permitted to adopt certain compensation for the
Labor taxation," he is reported to have said in sub- superiority of others." The immediate practical
stance, would be "relief for productive industry, significance of this contention is that Italy, if armarelief from the burdens on the shoulders of the ment limitation is adopted, will insist upon having
poorer part of the population, and the raising of as large a global tonnage as France, a demand which
national revenue mainly from the realized profit of France, if the French press is an accurate reflection
large incomes from accumulated wealth and sources of French official opinion, will never concede.
which were socially created." "It is only the rich
It would be idle, of course, at this early date, to
idler, not the honest trader," he declared,"who need forecast even a possible outcome of the British eleclook forward with dread to the election of a Labor tion. The Baldwin Government has a long list of
Government in Britain." Far-reaching changes in the legislative achievements to its credit, and the solidbanking system were also forecast, however, includ- arity of the Conservative party has more than once
ing the formation of a public corporation to control enabled it to emerge successfully from a hard electhe Bank of England, although political control of toral battle. It is doubtful if the Labor party, even
the latter institution was expressly disavowed.
with the advantage of such moderately radical
On the issue of protection the Labor Party con- financial leadership as Mr. Snowden may be expected
ference appeared to be divided, Mr. MacDonald and to give it, can wrest control of the House of Commons
some of the other leaders being staunch free traders from the Conservatives without the aid of the Libwhile others showed a sympathetic leaning toward erals, and a Labor-Liberal coalition does not appear
the safeguarding policy. The rejection of any affili- to be greatly favored as yet by either of those parties.
ation with the Communists will probably strengthen The Council of the National Liberal Federation,
the party, notwithstanding the numerical loss which which met at Great Yarmouth yesterday, has before
it entails of an active Labor element with strong it a resolution declaring that the party "refuses to
Communist proclivities. The outspoken and almost link its fortune by any pact or agreement with
any
violent attack which Mr. MacDonald launched other party." The financial resources of the
against the foreign policy of the Baldwin Govern- Labor party, too, are reported to have
been
ment, however, suggests that foreign rather than much diminished. The demand for protection,
domestic issues may hold the place of prominence even the irregular and qualified protection of
in the Parliamentary campaign. Mr. MacDonald the Safeguarding of Industries Act, if it
attacked the recent secret treaty with France on the should become predominant in the Conservative
ground of its secrecy, its studied indefiniteness with program, would be likely to draw a following from
resultant powers for mischief, its effect in retarding the Labor party ranks, especially if Ramsay Macprogress toward disarmament, and its restoration Donald, who is still the outstanding figure in
the
of the Anglo-French entente. The manifesto of the party, maintains unshaken his advocacy of free
party on foreign affairs, as summarized in a dis- trade. The weakness of the Baldwin Government
patch to the New York "Times," calls for "immediate is in its foreign policy, which has shown neither
unconditional withdrawal of all foreign troops from strength nor far-sightedness in dealing
with Eurothe Rhineland; a drastic reduction of British mili- pean complications, and on the question of disarmatary expenditure; leadership by Great Britain in ment has proved a bar to progress. The
Opposition
pushing the work of the Preparatory Conference on will be able to make out a strong
case if it presses
Disarmament; abandonment of any Anglo-French the campaign mainly on
this ground.
agreement; signature by Great Britain of the general
act of arbitration, conciliation and judicial settlement which was adopted by the last Assembly of the
Experts-in Government.
League of Nations, and abandonment of any reservaAt the Community Church, Thirty-fourth Street
tions to the signature of the Kellogg treaty."
and Park Avenue, Harry Elmer Barnes, historian
It has been evident from the first that the secret and professor
at Smith College, delivered an address
treaty with France was highly unpopular in Eng- on government
in general and the coming election
land, and even the newspapers which ordinarily in particular, which
to say the least of it is rather
support the Government have been either silent or startling in some of
its pronouncements. Professor
lukewarm in its defense. The virtual reconstitution Barnes believes
that "political democracy has been
of the entente which the treaty is generally believed proved entirely inadequate for
the dynamic, highly
to have accomplished has also brought to mind the industrialized society of the present time.
A betpolitical situation in the years immediately preced- ter plan must be worked out." He
does not think
ing the World War,when secret displamacy was busy Fascism or Bolshevism are likely to prove the
solupreparing for a war which the Serbian incident tion. He makes the following suggestion:
"Probbrought to an outbreak in 1914. The reply of Italy, ably the most desirable immediate
reforms are a
made public on Monday, to the Franco-British note weighted suffrage based upon the results of
intelliregarding naval disarmament, shows how far the gence tests given to the whole
.
population, the resecret treaty is from accomplishing a settlement of quirement of scientific and professional
training for
the disarmament controversy. "Italy," the reply all candidates for office, and the introduction
of a
1998
FINANCIAL CHRONICLE
[Vol,. 127.
What, pray, is the harmony in this talk about
combination of proportional and vocational represeemingly, little faith in any horse thieves and mail boxes and that halcyon time
sentation." He has,
sort of equality in our democracy. He says: "If when Statesmen were so much wiser than those of
there is any established fadt in psychology and bi- to-day? The "Founders," as popularly termed, were
ology to-day, it is the inequality of men. Differen- not technicians and experts in details—they were
tial psychology has proved there is no such thing as concerned with principles, and laid the foundation
even approximate equality among men, and the ma- in these, conscious and confident that such princijority range from stupidity to imbecility. . . . ples, if followed, would prove sufficient to stand
Thomas Jefferson was not a true democrat, for his against all complexities of the future, and all probbeliefs were those of an aristocrat. He had no idea lems of modern politics. They did not envision a
that all men were equal, that they were all as capa- Government that would take charge of the business
of individuals,for they did not intend that our govble as Thomas Jefferson."
con- ernment should ever do so. It is because we want to
The New York "Times" report of his address
tinues:"Pointing out that the technical and complex govern most that we do so. It is because we refuse
questions of to-day demand experts, Professor to let business work out its own laws that we call
Barnes declared that the problems of contemporary upon government to come to the relief of class, secGovernment are too intricate to be approached by tion and industry. It is because we refuse to follow
the politician or the statesman and that they are in the steps of these early constructive thinkers that
even beyond the control of the individual scientist or we are proposing all kinds of reforms, tests, expertexpert." Then continues the following quotation ness, in the place of simplicity and sobriety and infrom the address: "Yet in this period when we need dependence on the part of government in to-day.
experts in government as never before, what is the Who wants State ownership and control of railroads
situation? Every realistic, rational student of but the theorist in government? What business has
American history knows that the best men in public government with international finance, which left
office to-day cannot be compared in capacity and free will take care of itself through the natural
ability with the leaders of 100 years ago, or the great course of international banking? Who wants "Diffigures of an earlier period—John Adams, Monroe, ferential Psychology" to control the voting power of
Hamilton. . . . In place of the questions of the United States save some schoolman fresh from
hanging horse thieves and putting in post office the laboratory of the mind and farthest from the
boxes, to-day we have the problems of State owner- common sense that is going to make a selection in
ship and control of railroads, world peace, interna- this very election? Who is crying over "public utiltional finance, and public utility ownership. . . . ities" save the very politicians who know least about
The increasing complexity of these problems has them? And "world peace"? Does it take a psycompelled the old laissez-faire theory of government chologically tested expert to show us the way when
to give way before the vast increase of social issues. deep in the heart and mind of every people there
Government interference is becoming increasingly is the longing and hope for peace—peace that will
necessary, and it is no longer true that the govern- not prepare for war?
Well, we are not always engaged in elections. In
ment which governs least governs best."
the fanfare of trumpets we may sometimes become
Passing the evident contradictions disclosed by
these brief extracts, as reported, may we ask where confused and take the government for our all in all.
the experts in the projected new forms of govern- But we are doing very well on the whole. If there
ment are to come from? Theorists are not experi- is any latent Fascism or Bolshevism in the United
enced in government—in this marvellous expert gov- States we have not heard it or encountered it even
ernment that is to be. They only think so; they do among the majority of the stupid ones. And what
not know. Revolutions are like hurricanes; they are these errant theories but projections out of the
often change their course. Evolution, a scientific minds of would-be experts? What will the new form
mode, if it is anything, proceeds from the lower to that is to replace our decadent democracy, as some
the higher—but when the higher life becomes fixed see it, be but the dream of a self-constituted band of
in the form of government, what is going to save the experts. Why not let some of these awful "complexialleged majority of men "that range from stupidity ties" resolve themselves without the magic touch of
to imbecility" from becoming abject slaves? As to the new democracy? They have come and gone in
Thomas Jefferson and "equality," it is hardly worth the past like the mists of the morning. They are
while to say that the original meaning of this term ever changing with the rapidity of the kaleidoscopic
was equality before the law and equality of right to pictures our enterprise is writing on the walls of
participate in a government formed upon the con- time. "Laissez-faire." Let them alone—and compesent of the governed. It is mere sophistry to con- tition will wipe them out as it does the feared motend anything else—and educational qualifications nopolies. The whole scheme of government control
arrived at by psychological tests is wholly a mod- is denunciation of these wise men of the past. Why
ern proposal, and if it ever comes the scientific ex- cringe and cry out to the "consent of the governed"
perts out of the schools of biology will not only ban- to block its own consent, to destroy its own liberty,
ish the term "common people" from our thought, to chain the very individual freedom intended to be
will not only rivet chains upon the (according to protected. The anomaly of democracy is public owntheir estimate) inexpert and the unworthy, but will ership. Take it away from the hands of government
establish an intellectual autocracy more fatal to and return the government to its original purpose.
freedom than the dungeons of the Inquisition. And For once government, the creature of the people, the
again, if these things are beyond the ability of even servant of the sovereign individual voter who alone
the "expert," what are we to do unless we establish consents, becomes the master, the people no longer
a College of Experts to administer the new and bet- rule themselves but submit to an oligarchy of
ter governiment that ought to be? And when may we power they have foolishly given away and cannot get back. Better a common sense people
hope that the experts will agree?
OCT. 13 1928.]
FINANCIAL CHRONICLE
1999
supreme in themselves than a tyrannical gov- ness" as the groundwork
of the protection of our inernment wise in itself!
dividualism in the fabric of rule we ourselves protect. In the growth and advancement of a free people there will never come a time when vital issues are
Advantages and Disadvantages of National
not at stake. And the main issue will always be
Elections.
With the campaign running its somewhat farcical one of fundamental purposes. At this time, in this
course we may dwell a time on the advantages and election of 1928, we are called by the encroachments
disadvantages of our quadrennial elections. It is of governmental rule upon business liberty to renew
in keeping with our representative-democratic form our faith in a government that knows no industry,
of government that at regular intervals the people no class, and no party. No party has a lien on a
give "consent" to policies and principles placed in democracy. No class has an undivided interest in
vogue by current administrations. Too long a rule its principles. No section has a mortgage on its soby one party without a review by the constituted called power to benefit. No industry, no "labor"
electors would establish a practical autocracy. There no "capital" has a special claim on its protection.
is nothing sacred about a four-year term for the Our government stands four-square to all the people.
President. And a six-year term has often been ad- And our elections emphasize these truths and afvocated. But the terms established for President, ford the means of their affirmation. What we call
Senators, and Representatives, with alternate elec- minor and incidental policies will always be under
tions for Senators in the States, and two-year terms review, but they should be seen for what they are.
for members of the House, as the body nearest the
If these things be true, the present campaign may
people, are on the whole wisely conceived and preser- teach us the folly of long involved platforms, evasvative of popular government. Otherwise, in the de- ive, non-essential, "full of sound and fury, signifyvotion to personal pursuits, citizens might forget ing nothing." Politicians often say that they do not
(as so many do even now) that we have a govern- make the issues, the people make them. This is only
ment to maintain. A national election brings this part true. The people, too much, turn the antecemanifest duty of the qualified voter strongly
to dent conventions over to the officeholders and the
mind. And it is for this reason that the parties politicians. In their primaries they vote for men—
should bring to the fore great principles affecti
ng only partially acquainted with their views. And the
the structure, policy and purpose of the government great national party conventions write in the planks
at every general election. To decide these elections for the subsequently chosen candidates to stand
on the qualities of men alone, or on issues of social upon. Once in a while a candidate "bolts" his own
or economic phases of the times, or upon triflin platform, in part, but not often. And out of the
g
matters trumped up by politicians, is to degrad
e a issues thus preferred the voter is compelled to
democracy.
choose. It is not an altogether admirable system.
With only half the voters voting, and a large
But as so often the case in other matters belonging
proportion of this half indifferent to the profou
nd du- to the people, the blame lies in those who do ,not
ties of an elector to place the government
and the advocate important and leading principles before
people above partisan, sectional and class conside
-day upon two
r- these conventions meet. We look to
ations, we have much to reform in our general
elec- so-called leading issues which resolve into "wet or
tions. And yet to repeat our previous remark
these dry" and "farm relief." The first is emotional, cuts
elections, however they may turn on party
pro- across party lines, and as presented promises "ennouncements, or the character of candidates,
or upon forcement," and is not understood by the voters to
minor and unimportant issues, are not only
funda- embody a constitutional principle. The latter is a
mental but salutary, educative and indisp
ensable. mere delusion, preying upon an unfortunate condiFor three or four months, penetratively or
idly, cur- tion of agriculture, and means nothing—save that it
sorily or carefully, we are all forced to
become stu- draws government into business.
dents of political economy, students of
But there is a reverse side to the picture. General
our own
method of rule, and of the relation of the
elections directed and controlled by politicians and
people to
their scheme of government and to each
other as parties take away from the people, to a large extent,
those who create and sustain it. In
fact, so in- their direct interest in the government as a whole.
durated are we in the "consent of the
governed" They induce a high degree of partisanship and class
that we cannot conceive of very greatly length
ening appeal. In these matters they divide the people
the intervals between elections. If we do not
learn rather than unite them. The object of the parties is
of principles it is the fault of the parties
. If we too often to "win," when the sole object should be to
do not learn of policies it is our own fault.
And if enunciate great principles that the people may
we do not subordinate partisan zeal to the
general choose. The spectacle we have to-day of campaigngood; if we do not look upon candidates as
symbols ing in one section upon one "issue" and in another
as well as characters; if we do not consider
our du- upon a wholly different and unrelated one, "farm
ties as citizens, before what may seem to aid
us in relief" in the Middle West, "prohibition" in the
business and give to us a so-called prosperity;
we South, and "labor and the tariff" in the East, does
do not rise to the high dignity of a serious,
devoted not unify thb people, nor emphasize the spread of
and intelligent voter.
liberty under law in our wide domain. Incidentally,
It is for these reasons we should welcome our
they do make a tool of our national rule, and lead the
elections. They are great opportunities. They take
us people to supplicate for the exercise of a power that
out of the rut of individual striving into the
realm does not exist. Government by consent can have
of patriotic endeavor for the public good.
They dem- no favors to bestow. Sovereigns in their own right
onstrate our essential equality as participants in
our should not ask privileges of servants. State or naown rule. They keep alive the spirit of our
original tion, thus, by these political contests, is distorted by
Constitutional compact. They teach us anew the the parties. Laws are asked for
or denounced that
meaning of "life, liberty and the pursuit of happi- have no place under the
Constitution. And so-called
2000
FINANCIAL CHRONICLE
[Vol,. 127.
a peculiarly inflammable ground, has now become
"issues" grovel at the foot of a throne that is the
ny
an international concern. With increasing acrimo
opposite type to a democracy. In these things our
or eight years. It
it has continued through seven
elections do not properly elevate us.
l adjustment,
powers of govern- has disrupted every attempt at arbitra
Interest centered in supposed
fundamental settlements made
has come to involve
ment distract the voters and tend to alter or tear
treaties, and is now for
very nature and purpose of in earlier reconstructive
down, insidiously, the
of
the third time before the Council of the League
our national government. Elections in this way by
settle it.
Nations which has proved unable to
false prophets and partisan excitements move us in
Three important volumes of different origin have
"farm
the wrong direction. For instance, asking for
come to us presenting the case as it stands to-day.
relief" for a section, the Middle West in this in"La Reforme Agraire Roumaine," published by "Les
stance, is tantamount to saying that it is in the
Editions Internationales," in Paris, containing the
pewer of government to grant such relief when the
case and the discussion over it in French, German
mere physical facts surrounding the production of
and English as presented before the Council of the
corn and wheat deny it. Telling the laboring man
League: "The Hungarian Roumanian Land Disthat machinery and mass-production have brought
pute," by Francis Deak, from the Columbia Uniabout higher wages and lower costs of living for
versity "Press," giving the Hungarian side of the
three years, and in the fourth year, an election year,
controversy in full documentary detail, and "Rom
telling him that "the high protective tariff" alone is
mania, Ten Years After," published by the "Beacon
the cause of his "full dinner pail" is bewildering
Press" of Boston, presenting the situation as set
if not inconsistent. Our elections should clarify, not
forth in the report of the American Committee on
confuse. They should expound, not expunge. They
the Rights of Religious Minorities as male by their
should explain, not enlarge. And they are far more
Commission sent out in 1927. To-day, when, dne to
than contests over men or battles over the "control
the distribution of territory made by the Allies,
of the government for four years." Let the best man
Roumania has an area equal to Austria, Hungary,
win is all right as far as it goes—but the party that
and Greece combined, and is fourth among the nastakes all on a man, is not a safe trustee for the
tions of the world in per capita wealth, exceeded
welfare of the people.
only by Switzerland, New Zealand and the United
Further, our elections themselves, by the fanfare
States; and is richly prospering in every direction,
of the political trumpets, defeat the earnest study of
Americans may be expected to sympathize with
principles. They stir the people, by their forced
Hungary, bereft on every side, now claiming her
methods, to emotionalism. "Well, which do you
rights. It seems but the other day, though it was
think will win, Al Smith or Hoover?" The question
75 years years ago, that Kossuth with a price upon
is asked a million times. What difference does it
his head came to us with the story of the crushing
make, when the chief duty is to "execute the laws"?
of his people in their struggle for independence
On the other hand, interest is diminished in the elecunder the merciless cruelty of Austria and Russia.
tion of Senators and Representatives who will make
Hungary has ever since had a special place in
the laws. Candidates for President, it is true, come
America's heart. Her case is now involved in the
to be symbols of proposed party management and as
greater issue of which we can only give the briefest
such must be voted for, but winning for the mere
outline. The complete statement will be found in
sake of winning is nothing. There are incidental
the books we have mentioned.
distractions connected with our campaigns which
At Versailles it seemed wise to the Allies to transmight be cited, but it is sufficient to say that "the
fer various large strips of territory from one nation
great game of politics" should never draw the voter
to another to secure new boundaries. In this Hunfrom thought of his own duty as citizen to himself
gary suffered greatly, not only in loss of territory,
and his business. If all spent as much time in elecbut also in the person and property of her people in
tions as the party workers do, it would amount to
the transferred regions. Controversy almost immea considerable economic loss. We may calm ourdiately arose with Roumania' which became acute
selves with the thought that having studied for guidwhen the Soviet government came into power in
ance and cast our ballot according to our convic- Budapest and the Roumanians took advantage of
tions, "win or lose," there will be another election the situation to occupy Hungarian territory east of
four years from now!
the Danube. The Council of the Allies ordered the
Roumanians to withdraw, but they failed to obey
ian-Roumanian Controversy and and the Hungarians protested to the Peace ConferThe Hungar
ence.
World Peace.
The treaties of Trianon and St. Germain followed
his new position in the
Mr. Hughes'entrance upon
, and the right of the Hungarians
Permanent Court of International Justice has imme- among the Powers
peoples among the transferred nationals
diate significance; a question of grave importance and other
to opt as to the future citizenship,
is likely to come at once before the Court, and Mr. was given
case of transfer to retain their immovable
Hughes' appointment in succession to Dr. John and in
the State where they had residence beBassett Moore is in recognition of the fact that the property in
fore exercising the right of choice. Meanwhile
Court itself owes its existence in large part to an
disregarding the declaration of the PreAmerican, namely Elihu Root. The ground of the Roumania,
Treaty of Trianon that it was as a
appointment of Mr. Hughes and his assured influ- amble of the
for the territorial acquisition accorded
ence are to be seen in his profound knowledge of consideration
obligations were laid upon her, perinternational law and his practical experience in her that these
sistently repudiated them. She had also pushed
international affairs.
of occupation until it embraced
The controversy between Hungary and Roumania forward her first line
all of Transylvania, and had published a decree exover the rights of Hungarian optants in ceded terble property of aliens regardritory, in itself a relatively small matter significant propriating all immova
less of their origin or the exercise of any right of
at first only because the Balkans have always been
OCT. 13 19281
FINANCIAL CHRONICLE
option. _toe ,treaty of Trianon came into force July
26, 1921 and almost immediately Roumania enacted
her Agrarian Law restricting the right and terms
of transfer of property owned by absentees and expropriating it under certain conditions.
In August 1922 Hungary appealed to the Conference of Ambassadors, which declined to intervene,
while Roumania also refused to modify her law.
Thereupon Hungary appealed to the League of Nations, and the case was brought before the Council.
There Roumania concluded that her Agrarian reform had begun as early as 1913 and that Hungary
was asking special and unreasonable exemption.
The Council after consideration proposed reference
to the Permanent Court of International Justice,
which Hungary accepted and Roumania rejected on
the ground that it was a Constitutional question
with her and could not be submitted to a third party
for arbitration. The request of the Council that
Roumania suspend action under the obnoxious law
until the Council have further time for consideration
being declined by Roumania the Council asked a
further conference between the parties at a meeting
in Brussels. There also no agreement could be
reached and the Council again took up the situation.
The debate before the Council was long, ending with
the adoption of a resolution expressing the hope that
both Governments would give proof of good will,
and closing the first stage of the controversy. The
case had not been submitted to the Court because
the necessary agreement of both parties to that step
was not reached. While an advisory opinion might
have been sought, the Council was not agreed to seek
that. The only result was a prolonged and inconclusive technical legal discussion.
The next step was the resort by individual Hungarian land owners to a mixed arbitral tribunal.
The Roumanian Government challenged the authority of this Tribunal, and When this body on the basis
of the earlier decision of the Permanent Court asserted its right, saying that according to the treaty of
Trianon its decisions were conclusive and final,
Roumania withdrew her judge from the arbitration;
an action which may have serious results in the
future development of international arbitration.
The dispute consequently was brought before the
League the second time, and entered upon a new
phase by Roumania's appeal to the Council against
the right of the Mixed Tribunal to pass upon her
Agrarian law. A committee headed by Sir Austen
Chamberlain was appointed on this question, and
its report justifying the appeal to the Arbitral
Tribunal was adopted, though the power of the
Council itself to deal with the jurisdiction of international courts was thus opened to serious and pro-
2001
longed debate, which extended to the British Parliament.
When further overtures between Hungary and
Roumania failed of result the Council presented a
modification of the Mixed Tribunal Which though at
once accepted by Hungary was rejected last March
by the Roumanian representative, but on the request
of the Council was referred to both Governments
in hopes of friendly agreement.
When the question came before the Council again
in June the President of the Council declared that
the incident was closed so far as the Council was
concerned and that the League washed its hands of
the whole matter. While this was a personal opinion
it defines the position of the Council and is widely
recognized as a shock to the whole question of arbiI-ration. Indeed, a case has already arisen in which
the Turkish Government in discussion with the
Roumanian Government over some local question has
followed the Roumanian example and withdrawn its
representative.
The whole matter is still before the Council which
is confronted with two vital questions bearing upon
the administration of international justice. These
are: Can the Council interfere with such judicial
tdministration ; and, if so, what will be the effect
von the development of international arbitration?
It remains to be seen how the League will deal
with the question. Meanwhile, as will be found in
the volumes before us, it is under strong discussion
qmong the chief authorities, English, German, Italian, Austrian, and American, as well as Roumanian
and Hungarian,and also that it has been discussed in
the sessions of the International Law Association
at Vienna and at Lausanne. The discussion in the
recent sitting of the House of Lords was especially
serious. Not only the standing of the League of
Nations but the confidence and peace especially of
the smaller nations is felt to be largely involved.
With all, in fact, whether great or small, shifting
of boundaries as a result of the war has created
change of nationality to the transferred inhabitants
which involves such divergence of interests that the
hoped for unity of the nations is sure to be disturbed, if not defeated by acrimonious controversy,
with wide reaching consequences. Help from outside and a general understanding of the situation
bear directly upon its solution if harmony and peace
for all are to be secured. To attain this result
Europe at large is to be regarded as striving to set
its house effectively in order and that in a spirit
of marked friendliness, and America cannot fail to
be concerned. Roumania's persistent obstruction to
every effort to settle the original controversy has
come seriously to threaten the peace of Europe.
Gross and Net Earnings of United States Railroads
for the Month of August
Comparisons of railroad earnings are now improving, and our compilation to-day for the month of
August shows an increase, compared with the year
preceding, in both gross and net revenues, the same
as was the case in the comparisons for the month of
July, though the increase in the gross this time is
hardly more than nominal. The improvement follows in part because comparison is with poor or
indifferent results a year ago, that is with diminished
totals at that time, but also in part because of im-
provement in underlying conditions. The remark
as to improvement must in any event be taken as a
general one and as applying to the roads collectively.
Certain groups of roads and certain sections of the
country have not shared in the improvement at all
and have continued to suffer decreases in earnings.
though as a rule in more moderate degree than in previous months, reflecting in their case also improved
results, if not actual improvement, in that the comparisons are less unfavorable than previously.
2002
FINANCIAL CHRONICLE
Altogether the August exhibit must be deemed an
encouraging one in showing for the roads as a whole
somewhat better results as to both gross and net
earnings, especially in view of the continued losses
recorded by the groups of roads referred to as forming exceptions to the rule. For September, when
the figures become available, the exhibit will doubtless be still better, with more pronounced gains in
gross and net alike, speaking of the railroad system
of the country in its entirety, than was the case in
either August or July, the only two recent months
that have been distinguished for increases in both
gross and net earnings. Summing up the results
for August in •a nutshell, gross earnings for the
month the present year stand at $556,908,120 in
comparison with $556,743,013 in August 1927, showing that the increase has been really inconsequential,
while the net earnings (before the deduction of
taxes) stand at $173,922,684 against $164,087,125,
the gain in the net following from reduced expenses,
the ratio of expenses to gross revenues having fallen
from 70.53% in August last year to 68.77% in
August the present year, as will be seen from the
following tabular exhibit:
Month of AugustMiles of road (184 roads)
Gross earnings
Operating expenses
Ratio of expenses to earnings
Net earnings
1927.
1928.
239,205
240,724
$556.908.120 8558,743,013
382,985,436 392,655,888
70.53%
68.77%
Inc.(+) or Dec•(-).
+1,519 0.63%
+8165,107 0.03%
-9,670,452 2.46%
-1.76%
$173,922,684 $164,087,125
+59.835,5.59 5.99%
A year ago in August the railroads made a poor
showing and in explaining the reason for this at the
time we referred to the slowing down of trade as
the principal factor in the diminution in earnings.
The present year the slowing down, or seasonal recession, was much less of a feature than in 1927 and
in certain important branches of activity, more particularly in the steel trade and the automobile industry, there was virtually no recession at all, the
1928 output in both cases running far in excess of
that for the same month of 1927, though some other
industries were not at all favored in the same way,
this statement applying especially to the cotton
goods division of the textile trades. As to the other
unfavorable factors affecting traffic and revenues
adversely, business depression still continued in the
South the present year and the situation in the coal
trade, which in 1927 was marked by a strike at the
unionized bituminous mines throughout the country
and by depression in the anthracite trade, was little
changed for the better in August the present year,
notwithstanding that the coal strike was no longer
a feature in 1928.
Southern roads in particular have continued to
fare badly and their record is one of losses in 1928
piled on top of losses in 1927, though in some cases
reductions in expenses have served to convert the
further losses in gross into gains in net earnings.
The Atlantic Coast Line reports $581,344 loss in
gross and $36,643 loss in net, following $1,124,985
loss in gross and $391,249 loss in pet in August last
year. The Florida East Coast has $279,085 decrease
in gross, with $29,824 increase in net, on top of
$734,201 decrease in gross and $532,655 decrease in
net in the month last year. The Seaboard Air Line
has added $333,634 decrease in gross and $140,083
decrease in net to its loss of $635,600 in gross and
$309,246 in net in August last year. The Central
of Georgia, which fell behind a year ago $352,296 in
gross and $57,767 in net, has suffered a further decrease of $284,407 in gross and $209,674 in net the
[Vox.. 127.
present year. The Louisville & Nashville benefitted
in 1927 from the large movement of coal from the
non-union mines and then was able to show $393,295
gain in gross and $140,109 gain in net, forming a
conspicuous exception to the general falling off in
earnings on Southern, roads at that time, but the
present year has suffered a very conspicuous contraction in its revenues, being obliged to report a decrease of $1,479,010 in gross and $872,405 decrease
in net. The Southern Railway has done a great
deal better than the other large railroad systems in
that part of the country, and shows $91,989 increase
in gross, but $394,911 decrease in net, after $779,235
loss in gross and $60,471 loss in net in August 1927.
This is the result for the Southern Railway proper.
Including the various controlled roads, which make
up the Southern Railway System, the showing is
$144,846 increase in gross, with $335,516 decrease in
net, the present year, after $1,242,601 shrinkage in
gross and $294,331 shrinkage in net in August last
year.
The coal roads had to contend with an entire lack
of recovery in the coal trade after the shrinkage in
bituminous coal output a year ago at the time of the
strike in the soft coal regions. What the effect of
this has been will appear when we say that bituminous coal production, in August 1928 reached only
41,108,000 tons against 41,705,000 tons in August
1927 and 45,957,000 tons in August 1926. The distribution, however, of this soft coal production
among the different sections of the country was
widely different from that of a year ago. The roads
and the States which then had their output heavily
reduced by reason of the strike, have the present year
regained a portion of their last year's loss, while
on the other hand the non-union coal-producing
States, which then profited by the strike in the
unionized coal-mining regions, the present year lost
the advantages which they then enjoyed. Accordingly the results on the soft coal roads are somewhat
irregular, at least in the more important producing
States. As illustrations, the coal mined in Illinois
in August the present year was 3,710,000 tons,
against only 720,000 tons in August 1927, and in
Ohio it was 1,398,000 tons, against 613,000 tons. In
Indiana and Pennsylvania there was little change
between this year and last year, the Pennsylvania
soft coal product having been 10,220,000 tons in 1928
against 10,37t000 tons in 1927 and the Indiana
product 1,152,000 tons, against 1,315,000 tons. On
the other hand in West Virginia and Kentucky,
where mining is done with non-union labor, a very
pronounced falling off occurred the present year.
In Kentucky the product was only 5,656,000 tons,
against 7,258,000 tons in 1927, and in West Virginia
12,375,000 tons, against 14,431,000 tons. The shrinkage in West Virginia explains the big losses on the
roads serving the Pocahontas region, the Chesapeake
& Ohio reporting $1,350,712 decrease in gross and
$706,018 decrease in net; the Norfolk & Western
$817,199 decrease in gross and $503,653 in net, and
the Virginian $374,779 decrease in gross and
$226,444 in net.
The anthracite carriers also continued to fare
badly, and for the same reason, namely a big reduction in the quantity of anthracite mined. Only
6,883,000 tons of Pennsylvania anthracite were
produced in August 1928, against 7,694,000 tons in
1927 and 8,171,000 tons in 1926. It is not surprising in these circumstances that virtually all the
OCT. 13 1928.]
FINANCIAL CHRONICLE
2003
roads which move a considerable quantity of anthra- paratively light, namely $67,753 decrease
in gross
cite are obliged to report larger or smaller decreases. with $92,452 increase in net. In the followin
g we
The Lackawanna has suffered 590,414 decrease in show all changes for the separate roads
for amounts
gross and $365,918 decrease in net; the Delaware & in excess of $100,000, whether increases
or decreases.
Hudson has $311,777 decrease in gross, with $7,258 and in both gross and net:
increase in net; the Reading reports $593,705 de- PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE
MONTH
OF AUGUST 1928.
crease in gross and $396,043 in net; the Lehigh
Increase.
Decrease.
Atch Top
Fe
Valley $488,070 decrease in gross with $125,929 in- Chic Milw& 9P (3)___ $1,543,279 Reading
$593.705
St & Pac__ _ 1,207,320 Del Lack & Western_
590,414
Chicago Burl & Quincy_- 1.171.785 Atlantic Coast Line _ _ _
crease in net, and the Erie (which carries a consid- Union Pacific (4)
581.344
1,159,137 Lehigh Valley
488.070
Pacific
1.136.059 NYNH& Hartford—
erable quantity of anthracite, but also has a large Texas & Pacific
431,146
Missouri
1,027,186 New York Central
a397.069
Isl & Pac
bituminous tonnage) $305,985 decrease in gross with Chic RockPacific (2)_ 858.694 Baltimore & Ohio
395,001
Northern
769,709 Virginian
374,779
Great Northern
720.105 Seaboard Air Line
$104,604 increase in net.
333,634
Wabash
619,523 Delaware & Hudson......311,777
Bessemer & Lake Erie_ _ 455,002 Central
As far as the big east-and-west trunk lines are Chicago & North Western 452,607 Florida of Georgia
284,407
East Coast
279.085
Mo-Kan-Texas Lines__ _
440.599
& Or of Texas_
concerned, these also have had to contend with the Wheeling & Lake Erie_ _- 378.994 K C Mex Maryland
276.821
Western
258.710
Duluth Missabe & Nor__
369.172
248.008
lack of recovery in the coal trade after last year's Detroit Toledo & Ironton 315,390 Clev Cin Chic & St L
Michigan Central
208.295
Chicago & Alton
Chic Ind &
strike, although on the other hand in Illinois and Chic St P Minn & Om_ _ _ 212.684 Evansv Ind & Terre H__ 196,821
209,952
187.050
Nasky Chatt &
& St Louis_ _ _
Ohio, as we have already seen, the coal output the Pere MarquetteSt Louis_ 200,966 Lou RendRio Cr West__ 140,296
174.397 Denver &
134.807
Chicago & Ill Midland
155,082 New York
present year ran considerably in excess of the small Det Grand Hay & Milw_ 150,088 Chicago & Chicago & St L 134,472
Eastern M__
133,536
Indiana Harbor Belt_ _
137,013 New Orl Tex & Mex (3)128.100
production a year ago at the time of the strike. The Pittsburgh & West Vs
121,893 Western Pacific
120.384
Pittsburgh & Lake Erieroads or systems affected derived some advantages Grand Trunk Western-- 108,518 West Jersey & Seashore.. 119.507
115,457
$14,095,154 Long Island
114.831
from the change. Nevertheless systems, like the Total (34 roads)
MinnStP&SSM
108.696
Decrease. Mobile & Ohio
107.686
Pennsylvania and the New York Central, report Louisville & Nashv
$1,479,010 Maine Central
107.649
Chesapeake &
1,350.712 Central of New Jersey_
103.699
losses the present year in gross at least, following Illinois CentralOhio
1,173,595 Clinchfield
103.347
Pennsylvania
868,650
decreases in August last year. The Pennsylvania, Norfolk & Western
Total (39 roads)
817,199
$13,797,769
a These figures merely cover the operations of the New York
however, has managed to convert its loss in gross itself. Including the various auxiliary and controlled roads. like theCentral
Michigan Central, the "Big Four," &c., the result is a decrease of $920,276.
into a gain in net through reduced expenses, the
Note.—The Southern Railway proper shows an increase of $91,989. InGreat Southern, the Cincinnati New
same as in previous months. For all the lines di- cluding the AlabamaSouthern & Florida, the New OrleansOrleans & Texas
Pacific, the Georgia
& Northeastern
and the Northern Alabama, the whole going to form the Southern Railway
rectly operated East and West of Pittsburgh, the System, the result is an increase of $144,846.
Pennsylvania R. R. reports $868,650 decrease in PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF AUGUST 1928.
gross with $827,408 increase in net. The Baltimor
Increase.
Increase.
e Atch Top
Fe
Roch
& Ohio shows $395,001 decrease in gross, with Chic Milw& SP &(3)_ _ _ _ $1,667,594 BuffaloValley& Pitts— -- $132,059
St
Pac_— 1,650.259 Lehigh
125,929
K0Mex & Or of Texas__ 1.474,405 Pitts & West Virginia__ _
$727,752 increase in net. The New York Central K 0 Mexico & Orient__ _ 898.916 Chicago & Eastern Ill_ _ - 100.982
100.801
Pennsylvania
827,408 Great Northern
100.443
falls $397,069 behind in gross and $663,997
Baltimore & Ohio
727.752
behind Chic R I & Pac (2)
677.749
Total (45 roads)
$16,031,860
in net. This is for the Central proper. Includin Union Pacific (4)
627.849
g Northern Pacific
592.088
Decrease.
the various auxiliary and controlled roads, the
Chicago Burl & Quincy_ _
518,724 Louisville & Nashville__ _ $872,405
re- Chicago & North Western 465,999 Chesapeake & Ohio
706.018
sult for the New York Central Lines is $920,276
& Lake
436,930 New York Central
a663,997
loss BessemerPacific Erie-- 433,874 Illinois Central
Missouri
609.054
in gross and $570,424 loss in net.
Duluth Missabe & Nor_ _
431,290 Norfolk & Western
503,653
Erie (3)
373.756 Southern Railway
b394,911
The roads with distinctly favorable results
Texas & Pacific
371.812 Reading
386.043
and Wheeling & Lake Erie_ _ - 340.049 Del Lack & Western_ _ 365.918
with gains large enough to overcome the
Wabash
321.975 Southern Pacific (2)---270,556
losses in Yazoo & Miss Valley- 317.949 Virginian
226.444
Detroit Toledo & Ironton
earnings on the different groups of roads
285.332 Mimi StP & S SM
213,530
enumer- Colorado & Southern (2) 260.231 Long Island
211.777
Nashv Chat & St Louis—
ated in the foregoing are those serving the
230,427 Central of Georgia
209.674
Western Chicago & Alton
216,310 Chicago Ind & Loulsv__ _
152.439
Indiana Harbor Belt__ _ _
half of the country. Among these latter,
200,030 Central Vermont
144.137
the roads NYNH& Hartford_ _ 195.692 Seaboard Air Line
140.083
Pere Marquette
173.100 St Louis Southwest (2)—
and systems traversing the Spring wheat
139,517
West Jersey &
172,878
districts ChicSt P MinnSeashore.. 154.752 Evansv Ind & Terre H__ 134.698
& Om_ _
Western Pacific
of the Northwest stand foremost, as in
129,019
Valley
145,168 Denver & Rio Grande__ _
previous Hocking & Ill Midland_
110.789
Chicago
140.958
months, two successive bounteous Spring
"r Hay dr Milw _ _
Total (22 roads)
140,390
$6,584,662
wheat
harvests in that part of the country having
ela verat
vy
z
t i tn
T
o Newr
o
wrought itsalfThegnclu ea merely us o i reraaior of ttrhlleri roads, aentain
I e fidi
e
a complete change in economic
the
Four," &c..3
;
conditions in that Michigan Central,esate "Big2 Southernhe result is a decreasenoe$570,424.
bbnis is the •i3i iLrar o
a
f
o
e
Railway
.u agcir.
era, Ile easdp ce
l
territory. The Milwaukee & St. Paul
Alabama
reports a gain the Georgia Southern & Florida. the New Orleans & Northeastern and the
over a year ago of no less than $1,207,32
Alabama, the f
hiagoato form the Southern Railway System,
0 in gross rho er tat
elsuit
of
and of $1,650,259 in net. The Great
Northern has
It has already been indicated further above that
added $720,105 to gross and $100,443
to net; the this year's improvement in earnings, speaking again
Northern Pacific $769,709 to gross and
$592,088 to of the roads collectively, follows a falling off in the
net; the Chicago North Western $452,607
to gross same month last year in both gross and net. In the
and $465,999 to net. As we proceed
further south gross the decrease then was $22,686,735, or 3.92%,
in the Western half of the country, the
returns still and in the net $15,697,472, or 8.73%. On the other
continue favorable and the improvement
in not a hand, it should not be forgotten that last year's
few instances extends down into the
Southwest, a shrinkage in earnings succeeded considerably imlarger Winter wheat production and a larger
cotton proved results in the same month of 1926 and, for
production, along with the oil development in
the that matter, improved results also in the year preSouthwest, being the stimulating influences.
The ceding and indeed in all other recent years excepting
Burlington & Quincy reports $1,171,785 increase
in only 1924. In August 1926 our tabulations showed
gross and $518,724 increase in net; the Union
Pacific $23,857,842 gain in gross and $12,989,753 gain in net.
$1,159,137 increase in gross and $627,849 in net;
the And these gains in 1926 followed still larger gains
Rock Island $858,694 in gross and $677,749 in
net; in August of the year preceding. In August 1925
the Atchison $1,543,279 in gross and $1,667,59
4 in our compilations recorded $47,021,764 gain in gross,
net; the Missouri Pacific $1,027,186 in gross
and or 9.26%, and no less than $31,821,455 gain in net,
$433,874 in net; the Missouri-Kansas-Texas $440,599 or
23.62%. On the other hand, the improvement in
in gross and $86,175 in net; and the Texas &
Pacific 1926 and 1925 followed a heavy decrease in August
$1,136,059 in gross and $371,812 in net. In the case 1924,
at least in the gross, and to that extent the
of the St. Louis-San Francisco the changes are com- gains
in these two years constituted a recovery.
•
-
Ts
2004
FINANCIAL CHRONICLE
merely of what had been previously lost. However,
in both the gross and the net the combined gain of
1925 and 1926 far exceeded the falling off suffered
in 1924. In truth, in the case of the net the shrinkage in 1924 was very small, economies in operations
and savings in expenses having acted as an offset
to the heavy reduction in gross revenues, and this
small loss in net then was made good many times
over by the big increase in 1925, entirely apart from
the further increase in the net earnings in 1926. In
brief, gross earnings in 1924 fell off $55,952,018 and
net earnings only $2,148,281, and this was followed
by $47,021,764 gain in gross and $31,821,455 gain in
net in 1925, and $23,857,842 gain in gross and
$12,989,753 gain in net in August 1926. In both
gross and net, therefore, the 1926 results were the
best on record for the month of August.
The setback in 1924 was due to the great slump in
business experienced in the summer of that year
pending the outcome of the Presidential election, a
slump which, of course, was reflected in diminished
traffic and railroad earnings. The shrinkage in
traffic and in revenues was naturally of striking
proportions in contrast with the year preceding
(1923), which had been marked by an extraordinarily heavy traffic and exceptionally good results.
The year 1923 was a period of very great trade activity and many of the trunk lines in the manufacturing districts of the country then recorded the largest
traffic and gross revenues in their entire history.
As a result, the August 1923 compilations were noted
for the magnitude of the gains disclosed in gross and
net alike—the addition to the gross earnings then
having been no less than $90,181,967, or 19.06%,
and the addition to the net $49,897,384, or 57.59%.
The magnitude of the improvement then followed in
part because comparison was with extremely bad
results in the year preceding-1922. In its general
results August 1922 was one of the worst months of
that year. Business revival had then already made
considerable headway, but adverse influences of
large size were retarding recovery and in some respects operated to cause a setback. Both the coal
miners' strike and that of the railroad shopmen
reached a climax in that month. The coal strike
had been in progress since the previous April 1 and
in that long interval no anthracite whatever had
been mined, while the soft coal output had been confined entirely to the non-union mines; this latter,
though by no means inconsiderable, amounting, indeed, to 3,000,000 to 4,000,000 tons a week, fell far
short of current needs. The result was a scarcity
of fuel supplies to the extent of interfering seriously
with mercantile and manufacturing operations in
many different parts of the country.
The shopmen's strike on the railroads came in at
that time to accentuate the trouble, the consequence
being that even the non-union coal could not all be
sent to market. It was then that President Harding
made his memorable address to Congress. Fortunately, when things were at their worst a turn came
for the better. A truce was patched up between the
miners and the operators under which work was
resumed on the basis of the old wage scale. The
settlement in the case of the anthracite miners did
not come until after the close of August, but the settlement with the soft coal miners was reached about
the middle of the month, though even here full resumption did not occur until about the last week of
the month. All this naturally proved costly to the
[VoL. 127.
roads. In addition,the roads,in the matter of gross
revenues, also suffered by reason of the horizontal
reduction of 10% in freight rates made by the InterState Commerce Commission effective July 1 1922.
Altogether, therefore, conditions in August 1922 for
the rail carriers were highly unfavorable throughout the month. On the other hand, the fact should
not be overlooked that in August 1921 (with which
comparison was then being made) there had been a
reduction in expenses of prodigious magnitude—so
much so that though gross earnings then suffered a
shrinkage of $50,119,218, due to business depression,
net recorded an improvement of no less than $248,237,870, expenditures having been reduced in this
single month $298,357,088. This improvement in the
net then did not, it should be understood, mean an
absolute addition of that amount to the net, but represented to a very great extent the wiping out of very
heavy deficits suffered by these rail carriers in 1920.
In August 1920 the roads had fallen $125,167,103
short of meeting their bare operating expenses, not
including taxes, while in August 1921 there were net
earnings above the expenses of $123,070,767. In no
small measure the prodigious reduction in expenses
in 1921 followed from the huge augmentation in expenses the year before. In August 1920 expenditures had run up in amount of $319,579,099—this on
a gain of $83,071,497 in the gross, leaving net diminished, therefore, in amount of $236,507,602. The
truth is, the statement for August 1920 was one of
the worst on record, due to the peculiar circumstances existing at the time. The roads had been
returned to private control on the previous March 1,
but for a period of six months thereafter (or until
the end of August) Congress had provided that the
carriers should receive the same amount of net income as they had been receiving as rental during
the period of Government control—except in cases
where a carrier preferred to take, instead, its own
net earnings, which very few elected to do. Expenses
were running very heavy at the time and were
further increased by the wage award announced by
the Railroad Labor Board the previous month, and
which was made retroactive back to May 1. This
wage increase was estimated to add at least
$50,000,000 a month to the payroll of the railroads,
apart from the retroactive feature. While the retroactive feature had been in great part taken care of
in the June and July returns, nevertheless some of
it also was carried forward into the August returns.
In 1921, on the other hand, the railroads got the
benefit of the wage reduction which went into effect
July 1 of that year, and which on a normal volume
of traffic—the traffic in 1921, of course, was away
below the normal—was estimated to work a reduction in expenses of about $33,333,000 a month.
Even prior to 1920 net results had been steadily
growing smaller. For instance, in August 1919, our
compilations showed a loss in both gross and net—
$32,636,656 in the former and $31,315,528 in the
latter. In 1918, while the showing was not unsatisfactory under the increase in rates then made by the
Director-General of Railroads as a war measure, the
situation nevertheless was that an addition of $135,759,795 in the gross brought with it an addition of
no more than $24,312,758 to the net. Going back yet
a year further we find that in 1917 a gain of $39,771,575 in the gross was accompanied by a decrease
of $4,668,838 in the net. In the following we show
the comparisons back to 1906:
OCT. 13 1928.]
FINANCIAL CHRONICLE
Year
Given.
Parkersburg. W. Va., and a line thence to the southwestern corner of Maryland
and by the Potomac River to its mouth.
Net Earnings.
Gross Earnings.
Year.
(+) or
(-).
Inc.
Year
Preceding. Dec.
Year
Given.
2005
Year
Inc.( I- or
-)
Preceding. Dec.
(-).
August.
$
1906 ___ 137,589,560 122,898,468 +14,691,092 48,074.9111 42,719.76 +5,355,143
+779,119
1907 ___ 144,913,337 128,178.064 +16,735,273 45.629,1041 44.849,98
1908 ___ 206.755,864 241,122,442 34,366,578 75.028,707k 84,251,09 -9,222.389
.319,5 +15.065,001
1909. - 236.559,877 206,877,014 +29.682,86 90,384,539
89,517,075 90,176.937 -659.863
1910 _ 254.005.972235.726,0 + . ,
--595.069
1911 ___ 243,816,494 245.784,289 -1.967,695 86,224,971 86,820,04
1912 ___ 276.927,416 251,067,032 +25.860.384 99,143,971 87.718,50 +11.425.466
255.493.023 +4.342.006 83.143,024 92,249,19 -9,106,170
1913 ___ 259.835.029
+471.544
11 326.412 87,772,38 87,300,84
. ,
, .
1914 ___
1915 ___ 279,891.224 274,618.381 +5,272.843 99.713,187 89,673.609 +10.039.578
1916 ___ 333,460.457 278,787,021 +54.673,436 125,837,849 99,464.634 +36,373,215
1917 ___ 373.326.711 333,555,136 +39,771,575 121,230,736 125,899,546 -4,868,810
1918 ___ 498.269.382 362.509.5 + 135759795 142,427.118 118,114,36 +24.312,758
1919 ___ 469,868.678502.505,33 -32.636,656 112,245,680 143,561.208-31,315.528
1920 ___ 554.785,471 471.714.375 +83,071,497 *123942810 112.564,791 236.507,601
50.119,218 123,07,0767 *125167103 +248237 770
1921 ___ 504.599,664 554.718,88
31,911,054 86.566.59 123,353,66 -36,787,070
1922 __ 472,242,561504,154,06
___563.292.105473.110.138 +90,181,967 136.519,553 86.622,16 +49.897.384
1923
1924 ___ 507,408,011 563.358,02 -55,952.018 134.669.714 138.817,99 -2,148,181
1925 __.554,559,318 507,537.554 +47.021.764166.558,666 134,737,211 +31,821,455
426 26 +12.989.753
1926 ___ 577.791,746 553 933,904 +23,857,842 179,416,017 166. .
1927 ___ .556.406.662579.093.397-22.686,735 164,013,942 179,711,41 -15,697.472
+165.107 173,922,684164,087,12 +9.835,559
. .
1928 ___ 558,908.
1
• Deficit.
-In 1906 the number of roads Included for the month of August was 91; In
Note.
1907, 86; in 1908 the returns were based on 231.220 miles; in 1909 on 247,544 miles;
In 1910 on 238,493 miles; in 1911 on 230.536 miles; in 1912 on 239,230 miles; In 1913
on 219,492 miles; In 1914 on 240,831 miles; in 1915 on 247,809 miles; In 1916 on
245,516 miles;In 1917 on 247,009 miles;in 1918 on 230,743 miles; in 1919 on 233.422
miles; in 1920 on 199,957 miles; in 1921 on 233,815 miles; in 1922 on 235,294 miles:
In 1923 on 235,357 miles; in 1924 on 235.172 miles; in 1925 on 238,750 miles; in 1926
on 236,759 miles; In 1927 on 238,672 miles; in 1928 on 240.724 miles
When the roads are arranged in groups, or
geographical divisions, according to their location,
the results are in full accord with what has already
been said. In the Eastern district and also in the
Southern district, decreases in gross earnings appear in all the different regions. On the other hand,
all the different regions in the Western district show
enlarged gross earnings. In the net in the same
way improvement appears in each of the three regions into which the Western district is divided.
In the Southern district bah regions record diminished net the same as in the case of the gross, but
in the Eastern district the New England region is
the only one showing a falling off in net and that
only very slight, while the Great Lakes region and
the Central Eastern region register increases in net
as the result of reductions in expenses. Our summary by groups is as follows. As previously explained, we group the roads to conform with the
classification of the Inter-State Commerce Commission. The boundaries of the different groups and
regions are indicated in the footnote to the table.
SOUTHERN DISTRICT.
Pocahrmlas Region.
-This region comprises the section north of the southern
boundary of Virginia. east of Kentucky and the Ohio River north to Parkersburg,
W.Va., and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to Its mouth.
Southern Region.
-This region comprises the section WS of the Mississippi Rive
and south of the Ohio River to a point near Kenova W.*N., and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
WESTERN DISTRICT.
Northwestern Region.
-This region comprises the section adjoining Canada Wing
west of the Great Lakes region, north of a line from Chicago to Omaha and thence
to Portland and by the Columbia River to the Pacific.
Central Western Region.
-This region comprises the section south of the Northwestern region, west of a line from Chicago to Peoria and thence to St. Louis, and
north of a line from St. Louis to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific.
-This region comprises the section lying between the Mkt
Southwestern Region.
sIssippl River south 01St. Louis and a line from St. Louis to Kansas City and thence
to El Paso and by the MO Grande to the Gulf of Mexico.
Western roads had the advantage of a much larger
grain traffic than in the same month last year. With
the single exception of rye the increases extended
in greater or lesser degree to all the different cereals.
Thus for the four weeks ending Aug. 27 the receipts of wheat at the Western primary markets
were 79,586,000 bushels, against 73,835,000 bushels
in the corresponding four weeks of 1927; the receipts of corn 20,475,000 bushels, against 13,975,000
bushels; the receipts of oats 24,076,000 bushels,
against 19,823,000 bushels; of barley, 15,766,000,
against 7,676,000, and of rye 1,312,000 bushels, as
compared with 2,446,000 bushels. For the five items
combined the receipts for the four weeks of 1928
aggregated 141,215,000 bushels, against 117,755,000
bushels in the same period of 1927 and 103,812,000
bushels in 1926. The details of the Western grain
movement in our usual form are set out in the table
we now present:
WESTERN FLOUR AND GRAIN RECEIPTS.
4 Weeks
ended
Flour
Wheat,
Corn,
Oats,
Barley,
Rye,
Aug. 27.
(Bush.)
(Bbls.)
(Bush.)
(Bush.)
(Bush.)
(Bush.)
Chicago
1928 ___ 948,000 10,799,000 8,431,000 9,870,000 4,462.000
153,000
1927 ___ 883,000 16,194,000 4,677,000 6,492,000 2,821,000
265,000
Milwaukee
1928 ___ 244,000 1,672,000
427.000 1,230,000 2,894,000
36,000
1927 ___ 249,000 2,193,000
611,000
1,986.000
844,000
38,000
St. Louis
1928 ___ 492,000 11,211,000 2,403,000 3,520,000
280.000
126,000
1927 __ _ 418,000 6,664.000 1,315,000 1,868,000
81.000
71,000
Toledo
1.993,000
59,000 1,055,000
1928 68.000
3,000
99,000 1,133,000
1927 4,146,000
11,000
12,000
SUMMARY BY DISTRICTS AND REGIONS.
Detroit
-Cross Earnings
District and Region.
234,000
104,000
1928 _
80.000
8.000
1928.
1927.
Inc. (-I-) or Dec.
Month of August
572,000
74,000
136,000
1927 3,000
25,000
$
Eastern District$
$
%
Peoria
region (10 roads)____ 23,053,793 23,614,195
-560,402 2.38
New England
1928 ___ 229,000
635,000 1,262,000 1,024,000
288,000
4,000
101.015.321 102,189,907 -1,174.586
1.15
Great Lakes region (34 roads)
1927
195,000
213,000 1,880,000 1,180,000
153,000
5,000
Central Eastern region (31 roads)_.124,976,861 126.724,139 -1.747,278 1.37
Duluth
249,045,975 252,528,241
16,000
3,176,000
33,000 3,595,000
Tctal(75 rcads)
1928 229,000
3.482.266
1.38
4,011,000
9,000
1927 _
1,000 1,437,000 1,168,000
Southern District
62,928,332 67,186.584 -4,258,232 6.34 Minneapolis
Southern region (31 roads)
22.504,276 25,116,599 -2.612,323 10.40
441,000
8,456.000
1,939,000 4,002,000
Pocahonttus region (4 roads)
1928 740,000
8,718,000
585,000 3.746.000 2,211,000
1927 -807,000
85,432,608 92.303,183 *8.870,555 7.44 Kansas City
Total (35 roads)
Western District
20,033,000 2,387,000
1928 434,000
Northwestern region (18 roads)_ ___ 72,640,812 69,003,375
+3.637,437 5.27
1927 _
16,725,000
940,000
423,000
+5.170,242 5.45 Omaha and Indianapolis
Central Western region (23 roads). 99,975,219 94.804.977
Southwestern region (33 roads)____ 49,813.506 48,103,257
+1,710,249 3.55
1928
15.123,000 3,723,000 4.656.000
1927 ___
10,389.000 2,619,000 2,250,000
29,000
222,429,537 211.911.609 +10,517,928 4.96
Total(74 roads)
MOUT City
738,000
401,000
320,000
3.000
1928 177,000
all districts (184 roads)
556,908.120 556,743,013
Total
+165.107 0.03
1927 372,000
171,000
464,000
115,000
District and Region.
Na Earning
Joseph
1928.
1927. Ing.(+) or Dec.(-). St.
Month of August--Mileage--2,498,000
734,000
115.000
1928 $
3
$
Eastern /Astrid- 1928. 1927,
%
130,000
26,000
1927
1,652,000
946,000
New England region_ 7.315 7,375 6,586,844 8,643,522
-56,678 0.86
Great Lakes region_ 24,872 24,955 29,058,610 28,449.688
+608.922 2.14 Wichita
87,000
reg'n 27.171 27,118 38.849,329 36,537,188 +2,312.141 6.33
1928
3,018,000
20,000
1.000
Central Eastern
49.000
14,000
1927 --1,986,000
59,358 59,448 74,494,783 71,830,398 +2.864,385 4.00
Total
Total All
Southern District
1928 ___ 1,913,000 79,586,000 20.475,000 24,076,000 15.766,000 1,312,000
Southern region..... 40,182 39,820 14,782.229 16.542,461 -1,760.232 10.64
1927
1,745,000 73,835,000 13,975,000 19,823,000 7.676,000 2,446,000
5,632 5,618 8,450,267 9,942.889 -1,492.622 15.01
Pocahontas region
(-).
45,814
Total
Western District
Northwestern region 48,829
Central Western reg'n 51,687
Southwestern region- 35 036
.
Total
45,438 23,232.496 26,485,350 -3,252,854 12.29
48,242 23,859.489 20,728.262 +3,131,227 15.10
51,482 35,059.370 31,566,297 +3,493,073 11.06
34,595 17,278,546 13,676.818 +3,599,728 2.63
135,552 134,319 76,195,405 65,971,377 +10,224.028 15.50
Total all dIstrIcts_240,724 239.205 173,922,684 164,087,125
+9,835,559 6.99
-We have changed our grouting of the roads to conform to the classiNOTE.
fication of the Inter-State Commerce Commission, and the following indicates the
confines of the different groups and regions:
EASTERN DISTRICT.
New England Region -This region comprises the New England States.
Greed Lakes Regirra.-Tnis region comprises the section on the Canadian bondary
between New England and the westerly shore of Lake Michigan to Chicago, and
north of a line from Chicago via Pittsburgh to New York.
-This region comprises the section south of the Great
Central Eastern Region.
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River. and north of the Ohio River to
On the other hand, during August there was a
decided falling off in the Western live stock movement as compared with the corresponding period of
1927, the receipts at Chicago having comprised only
15,878 carloads, as against 22,140 carloads in August
1927; at Omaha only 6,425 carloads, against 8,144
carloads, and at Kansas City but 9,408 cars, against
11,033.
Coming now to the cotton traffic in the South, the
movement of the staple-never very large in August
as it is in that month the new crop season begins
was on a greatly diminished scale the present year
as compared with August 1927, the crop being late.
Gross shipments overland were 18,470 bales in
August 1928, against 34,365 bales in August 1927;
390,182 bales in 1926; 439,618 bales in 1925, and
226,959 bales in August 1924. In the following table
we give the details of the cotton receipts at the
Southern outports for the last three years:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN AUGUST AND FROM
JAN. 1 TO AUG. 31 1928, 1927 AND 1926.
August.
Since Jan. 1.
Ports.
1928.
Galveston
Texas City. So
New Orleans
Corpus Christi
Mobile
Pensacola, drc
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Lake Charles
Total
[VOL. 127.
FINANCIAL CHRONICLE
2006
1927.
1926.
1928.
62.807
118.856
23.358
25,887
547
72,299
213.859
39.057
32.385
9,868
127.310
157,291
51,474
478,149 1,016.686 1.115,705
574,758 1,234,001 1.077.474
600.407 1.013.212 723.309
45.053
32,385
82,534 124,423
53,872
2,882
4.697
1,658
183.014 501.230 256,004
413
89.864 248.516 154,880
52,097
54,577
88.155
60.850 144.794 166,676
2,313
2,851
60,412
3,225
423
34,146
2,445
166
878
550
11,671
903
2.937
10,411
608
5,294
239.345
443,391
1927.
1926.
390,182 2.173,177 4.406.284 3,605,127
Public Utility Earnings in August.
Gross earnings of public utility enterprises in August, exclusive of telephone and telegraph companies, as reported
to the Department of Commerce by 95 companies or systems
operating gas, electric light, heat, power, traction and water
services and comprising practically all of the important
organizations in the United States, were $174,000,000 as
compared with $173,000,000 in July and $162,647,420 in
August 1927. Gross earnings consist, in general, of gross
operating revenues, while net earnings in general represent
the gross, less operating expenses and taxes, or the nearest
comparable figures. In some cases the figures for earlier
years do not cover exactly the same subsidiaries, owing to
acquisitions, consolidations, &c., but these differences are
not believed to be great in the aggregate. This summary
presents gross and net public utility earnings by months
from January 1925, the figures for the latest months being
subject to revision.
Gross Earnings—
January
February
March
April
May
dune
July
August
PUBLIC UTILITY EARNINGS.
1927.
1928.
1925.
1926.
$
$
191.702,022 196,573.107
163,500.133 177.473,781
151,639,283 165,658,704 177.612,648 187.383.131
179,564,670 187,726,994
151,583.666 167,642.439
147,841.101 166,927,022 176.467.300 181,143,683
145,571.954 159,135,618 171.255,699 .180,255,407
142.448.670 157,744.715 167,975,072 .178,834,969
141,063.557 153.245,315 161.638,462 173,000.000
142.422,405 153,188,101 162.647,420 174,000,000
Total(8 months)
1,186,070,769 1,301.015.695 1,388.863,293 1,458,917,889
September
October
November
December
Total (year)
Net Earnings—
January
February
March
April
May
June
July
August
Total(8 months)
September
October
November
December
Total(year)
146.666,696
158,770,250
163.128.279
172,488,624
159.519,246
10,733,069
176,000.649
188.146,705
169,413.885
177.734.493
182,077.497
194,985.134
1,827,124,618 1,995,415,364 2.113,074,302
58,671,777
54.102.576
52,475,643
51,016,359
48,972,398
47.777.644
44,309.630
44,770,778
66,974,941
61,555,164
60,696,920
59,471,359
54.993.907
55,699,751
49.238,806
49.844,522
73,746,891
66.907.757
65,412.739
64,907,729
61,194,779
59,167,096
53,980,280
53.551,164
79.013,279
74,296.576
72,811.146
68,971.324
*67.732.911
*67,632.705
61.000.000
60,000,000
402,096,805
458,475.370
498.868,436
551,457,941
49,139.669
55,057.277
60.511,807
65.414,632
56,930,481
60.878,181
65.844,729
73,023,848
61,897,207
65,259,727
70,214.468
78,937.417
632,220,190
715,152,609
775,177,254
*Revised.
The New Capital Flotations During the Month ofSeptember
and from Jan. 1 to Sept. 30
The record of new financing for the month of September 986,883; in February they were $865,905,021; in January
will be a surprise to most persons in that it shows a much $758,830,479. In December, also, the amount exceeded a full
larger aggregate of new issues brought out than had been billion dollars, the exact figure being $1,040,351,927. In
November the new issues footed up $771,882,778, but in Octogenerally supposed. The month of August, it will be reber, as in December, the new financing exceeded a billion
called, showed the smallest monthly total of new issues comdollars, the precise amount having been $1,033,974,377, and
ing upon the market for about five years—that is, since
this having been the first time In any month up to that date
July 1923. The diminutive character of that month's financ- in which the billion-dollar mark
had been reached.
ing was due entirely to the strained condition of the money
September is usually a month of rather moderate offerings
market, which made the time highly unpropitious for the and at $538,254,361 for September, 1928, the new financing
floating of new capital issues of any kind. In September measures up to the average for that month in recent years.
the tension in the money market was not relieved in the It falls substantially below the new offerings In Septemslightest degree, but rather became still more pronounced, ber last year, which reached $628,101,764, but is well up to
and yet the volume of new securities offered was just about or above the totals for the same months in the years immedouble the very small total for August..
diately preceding. Thus in September 1926 the total was
Our tabulation, as always, includes the stock, bond and $542,151,091; in September 1925 it was $495,978,068; in
note issues by corporations and by States and municipalities, September 1924 $579,460,245; in September 1923 no more
foreign and domestic, and also farm loan emissions. The than $255,297,235; in September 1922 $569,822,056, and in
grand total of the offering of securities under these various September 1921 $307,093,857. As compared with September,
heads during September reached an aggregate in excess of 1927, when, as we have seen, the total of the new offerhalf a billion dollars, being $538,254,361. This is obviously ings was larger by $90,000,000 than for the month of the
no inconsiderable total, though as compared with the full present year, the falling off is mainly In the awards of
billion dollar totals which distinguished the early months State and municipal securities; these reached only $64,of the year it looks rather moderate. It compares, how- 570,326 the present year, against $117,571,822 in September
ever, with only $266,787,920, the total of the new flotations last year. Besides this, no Canadian municipal securities
in August, which, as already stated, was the smallest amount were sold in the United States in the month the present
of new financing done in any month of any year since year, as against $24,087,000 in the month last year. The
July 1923, and with $442,682,282, the aggregate for July. money stringency interfered seriously with the placing of
As against these diminutive amounts for August and July, municipal securities on the market. Not a few municipalithe grand total of the offering of new securities during ties failed to dispose of their offerings, either because no
June ran above a billion dollars, the exact amount being bids at all were received, or because those which were
$1,035,270,033. In May the total of new financing also ex- submitted were considered unsatisfactory. Many municiceeded a billion dollars, the precise amount being $1,019,639,- palities also withdraw contemplated offerings altogether
995. In April the new offerings aggregated $1,051,935,042, for the time being in view of the adverse state of the
money
this having been the largest amount ever recorded for any and investment markets. Corporate offerings,
domestic
month of any year. In March the new Issues totaled $058,- and foreign, constituted the bulk of the whole
financing
Om 13 1928.]
for the month, as they always do, and in September the present year were $428,184,035, as against $451,363,942 in September last year.
During the month of September, new issues in behalf of
industrials at $225,945,115 show a substantial increase over
the total of only $87,923,353 reported for August. Public
utility financing likewise increased during September the
months showing a total of $202,238,920 as against $97,776,325 in August. There were no railroad offerings during
September whereas in August two issues, aggregating $13,726,000 were marketed.
Total corporate offerings in September were, as already
stated, $428,184,035, and of this amount long-term issues
comprised $249,345,950, only $6,791,400 were short-term,
while ;172,046,685 consisted of stock issues. The portion
/
1
2
devoted to refunding was $37,026,050 or about 8 %. In
August the refunding portion was $18,709,418, or slightly
over 9%; in July the amount was $38,945,202, or about 12%;
in June $217,025,800, or over 26%; in May $174,477,240,
or a little less than 23%; in April no less than $349,116,372,
or somewhat over 41%. In March the amount was $361,242,750, or almost 49% of the total. This amount established
March as the largest on record in this respect. In February the refunding portion was $201,348,948, or over 32%
of the total, while in January the amount was $165,028,100, or not quite 29% of the total. In September 1927 the
refunding portion was $78,778,550, or over 17% of the total.
The only large refunding operation during September of
this year comprised two bond issues by the Graybar Bldg.Eastern Offices, Inc. (N. Y.), aggregating $12,000,000, the
proceeds from which were used to pay $10,000,000 bonds
bearing a higher interest rate.
The total of $37,026,050 raised for refunding in September comprised $22,745,500 new long-term to refund existing
long-term, $600,000 new long-term to refund existing shortterm, $312,000 new long-term to replace existing stock, $12,760,550 new stock to retire existing long-term obligations
and $608,000 new stock to replace existing stock.
Foreign corporate issues sold here in the month of September aggregated $62,632,500 as against only $500,000 in
August. The offerings during September were as follows:
Canadian,$7,500,000 Gatineau Pr. Co. deb. 6s B 1941, offered
at 101, to yield 5.88%. Other foreign issues: $20,000,000
Rhine-Westphalia Electric Pr. Corp. cons. mtge. 6s 1953,
issued at 94, yielding 6.49%; 500,000 Kreuger & Toll Co.
(Sweden) American certificates representing participating
debentures priced at $28.14 per certificate, involving $14,070,000; $10,000,000 Finland Residential Mortgage Bank
1st mtge. coll. es 1961, sold at 942 to yield 6.40%; 125,000
/
1
,
shares Banes Commerciale Italiana American shares offered at $722 per share and $2,000,000 Foreign Light &
/
1
Power Co. $6 cum. 1st pref. shares, offered at $100 per
share, with 1 share of common stock accompanying each
share of preferred.
Among the domestic corporate issues during September
the largest was $22,500,000 Rochester Central Pr. Corp. deb.
5s A 1953, priced at 90, to yield 5.77%. There was also an
offering, in behalf of this same company, of $8,000,000 6%
cum. pref. stock at 07, to yield 6.18%. Other important flotations by public utilities comprised: $20,000,000 North
American Edison Co. deb. 52 B 1963, issued at par; $15,/
1s
000,000 Alabama Pr. Co. 1st & ref. mtge 5s 1968, sold at 991
/
2
,
to yield 503%; $15,000,000 Georgia Pr. Co. 1st & ref. mtge.
5s 1967, offered at 98, to yield about 5.12%; 149,551 shares
of Commonwealth Pr. Corp. common stock offered at $70
per share, involving $10,468,570; $10,000,000 Illinois Pr. &
Light Corp. 1st & ref. mtge. 5s C 1956, placed at 96, to yield
5%%; $10,000,000 Central States Electric Corp. $6 cony.
pref. stock optional dividend series, offered at $98 per share;
$7,200,000 Green Mountain Pr. Corp. 1st mtge. 5s 1948, sold
at 962 yielding 5.27% and $6,300,000 Memphis Natural Gas
/
1
,
Co. 1st mtge. 6s 1943, brought out at 992 yielding 6.05%.
/
1
,
Domestic industrial issues of relatively large size corn
prised: 193,855 shares of Gold Dust Corp. common stock
offered at $80 per share, involving $15,508,400; 153,444
shares of Fox Film Corp. class A common stock offered at
$85 per share; $11,000,000 Wardman Real Estate Properties, Inc., 1st & ref. mtge. 6 8 1931-38-48, issued at par;
/
1
2
$10,500,000 The Graybar Bldg.
-Eastern Offices, Inc.. 1st
mtge. leasehold 5s A 1946, priced at 92 , yielding 5.67%
/
1
2
and $9,695,350 McKesson & Robbins, Inc., preference stock
series A 7% convertible (par $50) offered at $51 per share,
to yield about 6.86%.
2007
FINANCIAL CHRONICLE
There were no railroad issues during September, as already stated.
Three foreign Government loans aggregating $43,500,000
were floated in this country during September while in the
month previous there were no offerings of this nature. The
September issues were as follows: $23,000,000 Republic of
/
1
,
Bolivia ext. secured 7s 1969, priced at 972 to yield about
7.19%; $16,000,000 Republic of Chile ext. loan Os 1961,
priced at 94, yielding 6.44% and $4,500,000 Dept. of Cauca
Valley (Colombia) ext. secured 7s 1948, sold at 96, to
yield 7.38%.
Farm loan financing during September was confined to
an offering of $2,000,000 Land Bank of the State of New
York 42 due annually to 1938, priced at par.
/
1
s
Offerings of various securities during the month, which
did not represent new financing by the companies themselves, and which, therefore, are not included in our totals,
embraced the following: 40,000 shares Federal Mogul Corp.
(Det.) common stock, offered at $20 per share; 24,000
shares Federal Screw Works (Det.) capital stock, offered
at $25 per share; $2,500,000 Wm. Filene's Sons Co. (Mass.)
6 % cum. pref. stock, offered at $1042 per share and
/
1
2
/
1
100,000 shares of common stock of the same company, priced
at $38 per share; 30,000 shares W. T. Grant Co. (Del.)
capital stock offered at $112 per share; $3,000,000 International Rya. of Central America 5% cum. participating
pref. stock, offered at $80 per share, and 74,880 shares of
Reliance Manufacturing Co. common stock, offered at $38
per share.
The following is a complete summary of the new financing—corporate, State and city, foreign government, as well
as farm loan issues—for September and for the nine months
ending with September. It should be noted that in the case
of the corporate offerings we subdivide the figures so as to
show the long-term and the short-term issues separately, and
we also separate common stock from preferred stock, and
likewise show by themselves the Canadian corporate issues,
as well as the other foreign corporate flotations.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
1928.
MONTH OF SEPTEMBER—
Corporate—
Domestic—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate
Foreign Government
Farm Loan Issues
War Finance Corporation
Municipal
Canadian
United States Possessions
Grand total
9 MONTHS ENDED SEPT.30-Corporate—
Domestic—
Long-term bonds and notes
short-term
Preferred stocks
Common stocks
Canadian—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
United States Possessions
Grand total
New Capital.
Refunding.
Total.
s
5
$
174,118.450
8,791.400
56,462,879
91,152.756
23.657.500
188,000
13.180,550
197,775.950
6,791.400
56,650,879
104,333,306
7,500.000
7,500,000
44.070.000
44.070,000
2,000.000
9.082,500
2,000,000
9.062,500
391.157,985
43.500.000
2.000.000
37.026,050
428.184.035
43.500.000
2.000,000
82,603,228
1,967.100
84,570,328
499,261,211
38,993,150
538,254,381
1.531,753,950
158,124,800
661,130,146
849,735,558
960.276,900 2.492,030.850
38,373.800 196,498.600
236,990.300 898.120.446
186,363,380 1,036.098,938
88,980,000
68.792.000
157.772,000
19,000.000
8,613,400
26.000,000
45,000,000
8,613.400
394.851,500
10.000.000
14,030,000
39.344,250
46,118.500
440.970.000
10,000.000
14.030,000
39,344.250
3,775,563,604 1.562,914.880 5,338.478,484
482,831.587 100.538,413 583,370.000
40,100,000
40.100,000
965,014,624
30,640,000
6,161,600
26,146,126
991.160.750
30.640,000
6.161.500
5.300,311.315 1.059,509.419 6.999.910 734
In the elaborate and comprehensive tables on the succeeding pages we compare the foregoing figures for 1928
with the corresponding figures for the four years preceding,
thus affording a five-year comparison. We also furnish a
detailed analysis for the five years of the corporate offering, showing separately the amounts for all the different
classes of corporations.
Following the full-page tables we give complete details
of the new capital flotations during September, including
every issue of any kind brought out during that month.
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF SEPTEMBER FOR FIVE YEARS.
1926.
1928.
1927.
MONTH OF SEPTEMBER.
New Capital. Refunding.
Total. _
Total.
Total.
New Capital. Refunding.
New Capital. Refunding.
Long Term Bonds and Notes—
$
s
$
s
$
s
$
$
s
Railroads
61.706,000
61,706.000
9.879,000
19,493.000
9,614,000
Public utilities
143,504,500
7,670.500 151,175.000 102,275,000
28.511.000
26,722.000
1.789.000
44,922.000 147,197.000
Iron, steel, coal, copper, &c
4,950.000
3.300,000
225.000
175,000
400,000
1,500,000
1,650.000
1,500,000
Equipment manufacturers
13.000,000
13.000.000
Motors and accessories
1,250,000
_—_____
1,250,000
Other industrial & manufacturing
51,858,000
60.750,000
5,560,000
55,190,000
7,797.800
2
3.758.000
44.060.200
2 162.000
.
2
5.92
0.000
Oil
Land, buildings, &c
12,900,000
43.162.500
42,606,000
39.215,950
42.300.000
306.000
250,000
52,115.950
42.912.500
Rubber
10,000.000
10,000,000
Shipping
18,000.000
5,050,000
12,950,000
Miscellaneous
36,525,000
12.705,000
19,035.000
22,865,000
10,510.000
33.375.000
23,820.000
700,000
19.735.000
Total
225,688,450
266.048.000
23,657.500 —249.345,950 —
234,476,700 —73.358.800 307.835.500 224.338,000 —41,710.000 —
Short Term Bonds and Notes—
Railroads
Public utilities
1.671.900
7.375,000
5.703,100
_
2,250,000
525,000
2.250,000
525.000
Iron,steel, coal, copper, &c
175.000
175.000
Equipment manufacturers
Motors and accessories
1,650,000
1.650.000
3,000,000
3.000,000
Other industrial and manufacturing
350.000
350.000
700,000
1,825.000
700,000
1,325,000
500.000
Oil
Land, buildings, &c
1,100.000
3.130,500
191,400
191.400
1.100.000
3,130.500
Rubber
Shipping
Miscellaneous
1,650.000
150,000
650.000
650,000 28.502,000 2,000.000 30.502,000
1,500.000
Total
2,500,000 —33,952,000
31,452.000 —
6,791,400 —
6,791,400
14.330.500
1.821.900 —
12.508,600
Stocks—
Railroads
Public utilities
10,044.231
48,813,920
1.542,300
50.076,700
2,375,000
52,451,700
8.501.931
2.510,550
46.303,370
Iron, steel, coal. copper, &c
3.850,000
3,850.000
Equipment manufacturers
Motors and accessories
1.940,000
1.062,000
1.940.000
620.000
1,682,000
Other industrial and manufacturing
28,272,582
26.225,742
28,272.582
3.238.000
66,531,965
63,293,965
25.680.992
544,750
Oil
Land, buildings, &c
2,800,000
2.800,000
5,210,000
1,339.000
5,210.666
1.339.000
Rubber
Shipping
Miscellaneous
1,420.000
400,000
1.020,000
7,000,000
42,808,800
29.560.000
29.560.00o
49,808,800
Total
48,326,813
158,678,135
2.919.750 109,576.442 —
1,942,300
46,384,513
1.
13.368,550 —-72.046,685 —
106,656,692
Total—
Railroads
61.706,000
19.493,000
61,706.000
9.879.000
9.614.000
Public utilities
192,057,870
45.930.231
5.003,200
10.181,050 202,238,920 152.876.700
47.297.000 200.173.700
40.927.031
Iron, steel, coal, copper, &c
8.975.000
3.300.000
5.675.000
175.000
1.500.000
225,000
400,000
1.500,000
Equipment manufacturers
13.000.000
13,000.000
Sdotors and accessories
3.590,000
4,062,000
3.590,0004.682,000
620.000
1,250,000
1,250.000
3ther industrial and manufacturing
89.372,582
5,400,000
87,751,965
5.56- 0.000
8,842,550
71,066.192
79.908.742
83.812.582
93,151,965
311
And, buildings, &c
306,000
48.536.500
44,617,350
250.000
45.601,500
48,230,500
12,900.000
57,517,350
45.351.500
tubber
10,000,000
10.000,000
;hipping
18,000,000
5,050,000
12,950.606
discellaneous
39.595.000
62,493,800f
26.340,000
12,510.000
13,255,000
7,700.000
80,927,000
93,437,000
70,193,800,
Total corporate securities
391.157.985
37,026.050 428.184,035! Th72.585.392
328.705,313
78.778.550 451.363.942 283.231.113 —45,474,200 —
New Capital.
1925.
Refunding.
s
s
11,684.000
67,550.000
1.500,000
1.496,000
Total.
s
New Capital.
s
1924.
Refunding.
s
Total.
s
11,684,000
67.550,000
1.500,000
1,496,000
124,960.000
31.904,500
13,700.000
3,653.000
17,913,500
128.613,000
49,818,000
13.700,000
3,875.000
1.378.700
39.567.500
___ _ --3,621,300
250.000
3,875.000
5,000,000
39,817,500
500.000
3,150.000
25,937.800
218.535.700 —
3,650.000
244,473,500
13,407,000
10,024.100
51,583,400
2,878,000
7,975,900
225,000
16.285.000
18,000.000
51.808,400
45,550,000
202,794,500
—
11,078,900
45,550,000
213,873,400
15,700,000
15700oo0
2,200,000
3,704.000
--------2.200,000
5,325,000
1.621 ISO
75.000
2.400,000
3.105,000
2.600,000
6,850.000
785,000
2,600,000
6,850.000
785,000
75,000
400.000
3,105,000
2.000,000
900,000
20.180.000
2.000,000
900.000
22.180.000
16,139.000
1,621,000
17.760.000
2.400,000
2,000.000
47,831,232
24.825,000
11.500.000
36,325,00
2,500,000
21,206,100
1,299.600
4,529.760
2,837,500
1.299,60(
4,529,76(
2,837.50(
47.000
1,200,000
1,200.06i
.
1.050.000
74.634.332
4,000,000
U.691.860
13,684,000
131,081,232
1.500,000
1.496,000
2,500.000
37,566,100
3.778.000
20.400.000
9,975,900
54,960,400
225,000
127,160,000
60,433.500
13.700.000
1,299,600
4,529.760
9,312.500
8,228.700
41,552,500
3.653.000
31,034.500
-------3,621.300
250.000
130.813,001
91.468.001
13,700.001
1,299.601
4.529,761
9.312,501
11.850.001
41.802401
7.150.000
47.500,000
273,366,560
310,687,732 —
500,000
39.058,800
7.650,001
312,425.361
2.000,000
45,431.232
. 2.500,000
20,306,100
900,000
47,000
1,050.000
—71,334.332 —3.300,000
13.684.000
128.681.232
1,500,000
1.496.000
2.500.000
33,788.100
10,424.100
54,735.400
2,400.000
47,500,000
294.308.832 Th.378,900
—
11,500.000
4,000,001
50,191,861
armixollno aVIDiNIVNI3
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF SEPTEMBER FOR FIVE YEARS.
.
1924.
MONTH OF SEPTEMBER.
1925.
1928.
1926.
1927.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
Total.
New Capital. Refunding.
New Capital. Refunding.
Corporate—
s
s
s
Domestic—
s
$
s
s
s
s
s
a
s
s
s 8,800 256,702,500
.800 188,47
Long-term bonds and notes
93725,
138$,400
53162,
.700
,
, ,
900 1843,500
174,118,450
.000
54819,
6031,
,000
657.500 197,775.950 184,943.700
8163,
,000
71,75
15,560000
1621000
13939,000
Short term
20 580000
2 000 000
18.580.00
14,330500
6791.400
182100
12508600
4.952,000
6,791,400
4,452,000
500,000
43.025.000
11,500,000
31.525.000
Preferred stocks
44,567,000
900.000
22.839.844
43.667,000
400,000
56,462,879
22.439.844
49,569,150
52,368.900
188.000
56,650,879
2,799,750
7,166,860
7,166.860
Common stocks
2,400,000
30,067,332
27,667,332
1,542.300
25,486,969
91,152,756
13,180,550 104,333.306
23,944.669
57,207,542
120,000
57,087,542
Canadian—
26,000,000
26,000,000
Long-term bonds and notes_
43,500.000
7,500,000
5,050,000
38,450,000
49,133,000
7,500,000
1,600,000
47,533,000
Short term
1,600,000
1,600,000
Preferred stocks
Common stocks
Other Foreign—
30,000.000
30,000,000
Long-term bonds and notes_
29.735,000
27,000,000
29,735.000
5,000.000
22.000,000
44,070,000
44,070,000
2,000,000
2,000,000
2,200,000
Short term
2,200,000
2,000,000
29,000,000
27,000,000
Preferred stocks
2.000,000
2.000,000
Common stocks
9.062,500
9,062,500
39,058,800 312,425,360
Total corporate
16,378.900 310.687,732 273.366.560
45,474,200 328.705.313 294,308,832
391,157.985
37,026,050 428.184,035 372.585.392
78,778.550 451.363,942 283.231,113
42.000,000
Foreign Government
14.940.555
27,059,445
61.800,000
8.000,000
53.800.000
43,500,000
74.900.000
43,500.000
3.000.000
21.281,000
10,000,000
31,281.000
71.900.000
10,000,000
Farm Loan issues
10,000,000
4,700,000
4,700,000
2,000,000
1,750,000
2,000,000
1.750,000
3,700,000
3,700.000
War Finance Corporation
3,756,216 124,336,68
Municipal
3,706,339 115,290.336 120,580.466
111.583.997
62,603,226
1,046.035 136,795.778
1.967,100
64.570,326 113.893,522
3.678,300 117,571.822 135.749,743
90,698,201
Canadian
3,500,000
90,698.203
3.500,000
24,087,000,
24,087,000
United States Possessions
98,000
98,000
69,874,461 579,460.241
Grand total
28.085,239 495.978.068 509,585.784
499,261,211
38,993.150 538.254,361 535
628,101,764, 492,630.856
49.520.235 542.151,091 467,892,829
-T644.914
92.456,850
1924.
Refunding.
Total.
312.146,177 1,719.604.100
29,891,000 239.713,000
26,900.223 225.675,550
5,500,000 416,687,939
8,000,000
61,875.000
29.150,000
10,000.000
86,680,000
24,200,000
392.437,400 2.803,585.589
177,059,445 421.005,000
154,400,000
13,629,304 1.138,425,601
16.650,000 146,904,765
6,035,000
599,776,149 4.670 355 955
1924.
Refunding.
S
140391.900
123.266.077
20,148,000
Total
S
663301.700
648.943.500
110.460,000
5.960.000
12.775,000
8.315.000
18,699,900 117,903,900
19,210,000
7,899,300
1,040.000 203.890.000
400,000
3,800,000
81,315,000
1.886,000
322.146.177 1,868.159.100
19,000.000
15.041.000
650,000
3,200,000
37.891,000
22,855.223
200.000
9,345,000
32,400,223
75.250.000
103,783,000
2.325,000
1,000,0011
9.000,000
8,360,000
60,350.000
3.710,000
29,285.000
293,063,000
26.823,737
428.707312
15.484,160
1,962.100
7,956,760
73,523.100
55390,968
8,343,357
1.600.000
22.571.695
642,363,489
159,891.900 765,575.437
161.162.300 1,181,434.112
20.798.000 128.269,160
8,922,100
-- ______
29,731.760
-8,515.000
31,244,900 199.787.000
7,899.300 134,950,968
1,040,000 215.943.357
2.000,000
3.800.000
___ _____
1,886,000 133.171.695
392.437.400 2.803.585.589
P87,61 CT 'IDO
FINANCING FOR THE NINE MONTHS ENDED SEPT. 30 FOR FIVE YEARS.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL
1925.
1926.
1927.
1928.
9 MONTHS ENDED SEPT. 30 •
Total.
New Capital.
New Capital. Refunding.
Total.
Total.
New Capital. Refunding.
New Capital. Refunding. I
Total.
New Capital. Refunding.
Corporate$
Domestic
3.183.230.500 1,846.836.330 410251,170 2.257.187.500 1.699212.875 335,741.925 2,035,554.800 1,407.457.923
1.017.159.810
ti, Long-term bonds and notes_ 1,531.753.950 960.276,900 2.492.030.850 2,166,070.690
79.580,000 235,188,750 209,822.000
36,864.900 236.550.195 155.608.750
41.925.200 202375,500 199.685,295
38,373,800 196.498.600 160.750.300
158.124.800
Short term
31.593.500 467,308,085 198,775.327
10,627.500 403,355,116 435.714.585
392,727,616
661.130.146 236,990.300 898.120.446 540.293.725 120.406.100 660.699.825 480,729.583
Preferred stocks
48,276,910 378,749,231 411,187,939
12,569.875 493.299,458 330.472,321
68.946.100, 562.463,879
849.735.558 186,363.380 1,036,098.938 493.517,779
Common stocks
Canadian
64,545,000
10,050,000
54.495.000
61,875,000
32,508,000 166.850.000
21.600,0001 183.586.000 134.342.000
68,792,000 157.772.000 161,986.000
88.980,000
Long-term bonds and notes_
19.600.000
21,150,000
22,100,000
2.500.000
1,250.000
1.250300
2,000.000
2,000,000
Short term
1.000.000
4,000.000
3.600.0W
2.600.000
4,000,000
1.000,000
1.000.0u0
45,000.000
26.000.000
19.000.000
Preferred stocks
990.000
2,600,000
2,600,000
990.000
8.613.400
8.613.400
Common stocks
Other Foreign
76,680,000
190,635,000
15,815,000 277.289.000 190.635.000
18.787,000 253,575,000 261.474,000
46.118.500 440.970.000 234.788.000
Long-term bonds and notes_ 394,851,500
46.000300
24,200,000
46,000.000
25.000,000
6.000.000
19,000,000
46,000,000
2.000,000
44.000.000
10.000.000
10.000,000
Short term
23.000,000
23.000,000
25,240.000
25.240,000
14.030.000
14.030.000
Preferred stocks
2,925,000
2.925, 00
33.520.040
3.419.300
30,100.740
5,3..625
5.355.625
39.344.250
39,344,250
Common stocks
3.924,531.309 2,959.263.531 512.942,335 3,472.205,866 2,411,148,189
9
3.775.563.604 1.562.914380 5.338,478.484 3.80 .76 .119 1.290,824.210 5,1on. 86,329 3.396.375.564 528,155.745 324.392.000 364.631.000 103,000,000 467.631300 243.945,555
Total corporate
17.873.000
39.500.000 548.155.800 306.519.000
482,831.587 100,538.413 583,370.000 508.655.800
Foreign Government
14.527,900 125,325.000 154.400.000
40,200.000 126,575.000 110.797.100
86.375,000
92.800.0001 147,350.000
54.550.000
40.100.000
40,100300
Farm Loan istues
War Finance Corporation
39,900,626 1,095,486,400 1.124.796,297
15,780,882 1,046.221,618 1.055,585.774
26.723,100 1.178.508.094 1.030,440.736
26,146,126 991,160.750 1.151.784.994
965.014.624
Municipal
38.658.000
94,522,000 133.180,000 130.254.765
99.792.000
46,000.000
53.792.000
91.566.000
28,969.000
62.597.000
30,640.001
30,640.000
Canadian
6,035.000
4,175,000
4.175.000
8,288.000
8,288.000
5.443,000
I
5.443.000
8.161.500
6,161,500
United States Possessions
.9131.478,816,310 7,071,6u9,223 4,881,790,300 648.009,627 5,529,799.927 4,533,110,405 764.892.861 5.298,003.266 4.070.579,806
,89;
.
5 00,311.315 1,689,599,419 6.989.910.731
Grand total
FOR THE NINE MONTHS ENDED SEPTEMBER 30 FOR FIVE YEARS.
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES
1925.
1926.
1927.
1928.
New Capital.
New Capital. Refunding.
Total.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
9 MONTHS ENDED SEPT. 30 New Capital. Refunding.
S
$
S
$
$
$
$
S
$
$
Long Term Bonds and Note
38,055,000 306.662.000 306317,500 110.719.000 417,&36,500 522309.800
649319.000 270.607.000
115388,500 206,691,500 322.580300 320361.490 329,557.510 1.261,026,500 800,701.330 245,597,170 1,046,298.500 649.794.400 137.402,100 787,196.500 525,677.423
Railroads
538,859.800 1,244.195.800 812.057.600 448,868.900
705,336.000
90,312,000
38,996.000
4,346,000
34.650.000
Public utilities
35.184,000 152.915,000
95,925.000 117.731.000
16.160.000
79.765.000
61,969,300 147,352.000
85,382,700
5,960.000
9,296,000
9,296,000
19.799.000
Iron, steel, coal, copper, &c
13,000,000
6.799,000
11,155.000
-- ______
11.155.000
5,816.000
5.816.000
4.460.000
350,000
76,500,000
76.150,000
66,000.000
Equipment manufacturers
66.000,000
51,550,000
130,000
51.420.000
5.800,000
780.000
5.020.000
99,204,000
36.613,700 198,870,500
76,306.000 300,183,000 162.256,800
Motors and accessories
404,411.000 223.877,000
79.080.800
325.334.200
11,310.700
91.900,000
21.475,900
70,424,100
62.450.000
Other industrial & manufacturing.... 241.623.700 107.192.300 348,816.000 211.859.400
7.935,000
54.515.000
54,540.600 266,400,000
59.500.000
31,747.000
27.753,000
19,643,000 481,261,300 202,850.000
011
19,653,000 482.269,000 461,618.300
30,621,000 433,910.500 462.616.000
84,620,000 519.488.050 403.289.500
434,868.050
400.000
34,500,000
1.750300
34.500.000
Land, buildings, &c
1,750,000
70,000.000
60,000,000
10,000.000
1.300,000
1,300.000
3,800.000
7.575,000
4,315,225
Rubber
3.259,775
24,900.000
5.050.000
19,850,000
4,285,000
419.000
3,866.000
79.429.000
10.927,000 147,103,000
Shipping
19,286.000 235,100.000 136,176.000
38.169.000 371,805,500 215,814,000
43.327.500 435,925.000 333,636,500
392,597,500
Miscellaneous
458,066,170 2,698,326.500 1,944.942,875 345,791,925 2,290,734,800 1,546,012,923
2,015.585.450 1,075,187,400 3.090.772.850 2.562,844,690 1.057.546.810 3,620,391,500 2,240.260,330
Total
Bonds and Note
56.250,000
24,900,000
24,500.000
400.000
Short Term
22,500.000
16.000,000
6.500.000
17,650.000
650.000
17.000300
29,500,000
17,000.000
12300,000
88.742.000
26,980,000 133,300,000
106.320,000
78.150,000
Railroads
13.396.900
64,753,100
68,910.000
22,309.200
46,600.800
93.422.000
6.000.000
87.422300
1,675,000
22,765,000
2,500,000
20.265,000
Public utilities
6,175,000
6,175.000
2,300.000
2,300,000
400.000
400.000
1,000,000
1,150,000
1,150,000
Iron. steel, coal, copper, dm
1,200.000
1,200.000
9,000,000
15.060,000
Equipment manufacturers
200,000
14,860,000
4.400.000
4.400,000
4,950.000
750.000
4,200,000
5,160.000
7393,710
17,693,750
49.500,000
Motors and accessories
5,750,000
43,750,000
16,025,000
4,950.000
11.075300
7,292.000
2.488.100
4,803,900
60.350.000
69,200,000
52,200,000
17.000,000
Other industrial and manufacturing
20.000300
7,034,000
12,966.000
50.200.000
12,350.000
37,850.000
17,200.000
10,694.200
6,505,800
3,710,000
Oil
21.555,000
21,555,000
19.387.000
19,387.000
30.178,500
1.666,000
28.512,500
25.909,600
1,441.500
24,468.100
Land, buildings, &c
32,250,000
32.250.000
Rubber
5300,000
5,000.000
500.000
500.000
125.000
125.000
29.285.000
Shipping
7.725.000
22.278.100
7.725,000
484.000
21,794.195
59,687,000
2,000300
57,687.000
26.825.000
26.825.000
Miscellaneous
82,080,000 303,288,750 255.172,000
221,208,750
42,864.900 265,800.19t
43,925,200 250,675300 222,935,295
38.373,800 205,498.600 206.750,300
167.124.800
Total
Stocks
26,823.737
---- _
2,000,000
2.000.000
10.240.000
10.240.000
84.036.700 172.205.187
88,168,487
52.597.650 139.954.700 192.552.350
Railroads
23.062,500 391,336,747 405,852.389
368,274.247
9,256.600 403,707,41=
394.450.813
46.869.500 576.904,48e
530.034.986
576.054.633 153,828.598 729.883.231
15.484,160
Public utilities
12,890,000
40.525,000
12,890.000
40.525,000
6,019.250
6,019.250
81.579.861
17,200.000
64.379,861
Iron. steel, coal, copper, &cc
1.962.100
5,628,500
5,628,500
1.920.000
1,920.000
Equipment manufacturers
7.756.760
1,110.000 102,769.000
101.659.000
43.160.650
43.160,650
31.918.790
31.918.790
38.387.102
28.908.702
9.478.400
Motors and accessories
64,178,100
17,328,000 164.196.951
146.868.951
12.122.575 161.502.79'
32.703.450 202,280.527 149.380.224
169.577.077
68.891,040 416,800.038
347.908.998
Other industrial and manufacturin
55,390.968
77.681.698
40,504.910
37.176,788
2.800300 105.087.140
102.287.140
16.812.500
1.964,300
14.828.200
25.626.180
25,626,180
011
8.343.357
120.000
23.829.750
23.709.750
37.306.480
37,306.480
29.917.500
100.000
29.817.500
61.101,783
1.346.000
59.755.783
Land. buildings, &c
1.600,000
800,000
1.550.000
750.000
1.464.537
1,464.537
2.701.675
2.701.675
12.930.375
1.042.400
11.887.975
Rubber
6,245.120
6,245.120
8.325.855
8.325.855
Shipping
22,571.695
95.683.050
2.145.000
93.538.050
3.045,500 151.782.09r
148.736.595
23.678.250 190.759.414
167.081.164
38.182,240 473,100.259
434.918,019
Miscellaneous
85,070,410 878.182,316 609.963,266
27.224,675 960,404.61' 793.111,900
1.592.853,354 449.353,6802.042,207.034 1.040.167.129 189,352.200 1.229,519.329 933.179.939
Total
Total
52,055.000 339.402,000 333317,500 111.119,000 444,436,500 605.683,537
839.774.187 287,347.000
180.986,150 363,646.200 544,632,350 425.529.977 414,244.210 1,906340386 1,259.905.243 268.250.670 1,528.155,91: 1.124.388,647 187.444,6001.311,853.247 1.020,271,812
Railroads
1,368.812,633 698.688.398 2.067.501.031 1.388.793.386 518.047.600 104,244.250
Public utilities
74,651.000 107.471.160
6.846,000
67.805,000
35.184.000 199,615.000
164.431.000
16.160.000
88.08'4250
79,169.300 229.331.861
150.162.561
8,922,100
Iron,steel, coal, copper. Stc
10.446.000
10,446.000
25.427,500
13.000.000
12.427.500
12.355.000
12.355.000
7.736.000
7.736.000
21,216,760
Equipment manufacturers
1,460,000 179,269.000
200.000 124,220.650 177.809,000
87.868.790 124.020.650
130.000
87.738.790
49.137.102
30.438.702
18,898.400
Motors and accessories
168,542,100
53.941.700 380.761,201
326,819.501
94.178.575 511.185.79P
116,734.250 622,720,527 417,007.224
Other Industrial and manufacturing 594.336,598 178,571,440 772308,038 505.988.277
124,600,888 114,180,810 238,781,698 127,051,668
17,769,000 187,537,140
169,768.140
68,854.900 333,412,500
42,441.200 102,326,180 264.557.600
59,884,980
Oil
19.763,000 526,646.050 214,903,357
19,653.000 538.962.480 506.883.050
32.387.000 494,006,500 519,309.480
87,407.500 606.499.433 461.619.500
519,091.933
Land, buildings. 3tc
2,000.000
36,050.000
800.000
35,464.537
35,250.000
35.464.537
72,701.675
60.000 000
12.701.675
14.230.375
1.042.400
13,187.975
3,800.000
Rubber
18.820,120
4.315.225
5.050.000
14,504.895
25.400,000
20,350.000
419.000
4.410.000
3.991.000
8,325.855
8.325.855
Shipping
13.072.000 250,511,050 131.285.695
22.815,500 409.160390 237.439,050
63,847.250 622.251,914 386.344.790
81.509.740 935,850.259 558.404.664
854,340.519
Miscellaneous
3.396.375.564 528,155.745 3,924331.309 1.959.263.531 512.942.335 3.472.205.866 2.411.148.180
3.775 563 604 1.562.614.RM 5.338.478.484 3.809.762.l191.290.824.210 5,100.586.329
Total corporate securities
2010
FINANCIAL CHRONICLE
[VOL. 127.
DETAILS OF NEW CAPITAL FLOTATIONS DURING SEPTEMBER 1928.
LONG TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Anssnent.
Purpose of Issue.
Price
Public Utilities
15,000,000 Additions,Improvements,&c
9935
,
1.600,000 Refunding, acq., other corp. purp._
9534
1.000.000 Refunding, addns.,lmpts., &c_
2,500.000 Additions, other Corp. PurP
94
9934
_
1,250,000 Additions & extensions
2.000.000 Acquisitions, other eon). PurP -
101
-
7.500,000 Acquisitions, enlargemls. &c
15.000,000 Additions, improvements. &c
7,200,000 Refunding, acquisitions, addns„&c
10,000,000 General corporate purposes
6,300.000 Acquisitions, construction, &c
20,000,000
1,425.000
2,500.000
1,300.000
96
101
98
0634
96
99.55
Pay unfunded debt, other corp.pur. 100
Acquisitions, other corp. purl)
9734
General corporate purposes
9934
Acquisitions, extensions, Arc
9335
20.000.000 Addns. acquisitions,0th. corP.PurP
22,500,000 Acq. all corn.stks. of operating cos_
1,800.000 Acquisitions
94
90
99
3,500.000 Acq.corn.stk.Dak.Cent.TelCo„&c.
98
5.000,000 Acq.or retire sec. of oper'g cos., &c
9955
3,000,000 Aoq.or retire sec, of oper'g oos., &c
800.000 Acquisitions, additions, &c
093.4
100
151,175,000
To Yield
A bold.
Company and Issue, and by Whom Offered.
%
5.03 Alabama Pr. Co. 1st & Ref. M. Is, 1968. Offered by Harris, Forbes & Co.; Bonbright & Co., Inc.
and Coffin & Burr, Inc.
5.85 American States Public Service Co. 1st Lien 534s "A," 1948. Offered by Peabody, Smith & Co..
Inc., and Davis, Longstaff & Co.
5.50 Arizona Edison Co. 1st M. Is, 1948. Offered by G. L. Ohrstrom dr Co. and Coffin & Burr. Inc.
5.03 Carolina Pr. SC Lt. Co. lot dc Ref. M. 5e, 19.56. Offered by W. C. Langley & Co.: Bonbright & Co..
Inc. and Old Colony Corp.
4.93 Central Maine Pr. Co. 1st & Gen. M. Is "D," 1955. Offered by Harris, Forbes & Go. and Coffin de
Burr. Inc.
5.80 Central States Pr. & Lt. Corp. 1st M. & 1st Lien 514s, 1953. Offered by Chase Securities Corp.;
Pynchon dr Co.: West & Co.; Peabody, HoughtelIng & Co.; Federal Securities Corp. and W. S.
Hammons & Co.
5.88 Gatineau Pr.Co. Deb.6s"B," 1941. Offered by Chase Securities Corp.; Bankers Tr.Co.:Harris, Forbes
& Co.: Lee, Higginson & Co.; Blair & Co.. Inc.; Union Tr. Co. of Pittsburgh; Continental Nat'l
Co.; Halsey, Stuart dr Co., Inc. and Redmond & Co.
5.12 Georgia Pr. Co. 1st & Ref. M.58, 1967. Offered by Drexel & Co.; Bonbright & Co., Intl. and Harris,
Forbes & Co.
5.27 Green Mountain P.Corp. 1st IS. Is. 1948. Offered by G. L. Ohrstrozn & Co., Ins.; Brown Bros.
& Co.; Coffin & Burr, Inc.; Graham. Parsons & Co. and Old Colony (ore.
5.25 Illinois Pr. St Lt. Corp. 1st At Pef. IS. Is, 1956. Offered by Harris. Forbes dr Co.; Halsey, Stuart
& Co., Inc.; Field, Glore & Co.; E. II. Rollins & Sons and Spencer Trask & Co.
6.05 Memphis Natural Gas Co. 1st M. 68, 1943. Offered by P. W. Chapman & Co., Inc.; Peabody.
Smith & Co., Inc.: Rogers Caldwell & Co., Inc.; Peabody, Houghteling & Co.; Reilly, Brock &
Co.; C. T. Williams & Co.; Carman, Snider & Co., Inc. and Commerce Securities Co.
5.50 North American Edison Co. Deb. 55is "B," 1963. Offered by Dillon, Read & Co.
5.68 Ohio Cities Water Corp. 1st Coll. Tr. 534ii "A," 1953. Offered by P. W. Chapman dr Co.. Inc.
6.03 Pennsylvania Gas & Elect'ic Corp.(Del.) Deb. fis "A," 1976. Offered by A. C. Allyn & Co., me.
4.92 Public Service Co. of New Hampshire 1st & Ref. 43-45 "B," 1957. Offered by Tucker, Anthony &
Co.; Old Colony Corp. and Hill . Joiner & Co.. Inc.
6.49 Rhine-Westphalia Electric Pr. Corp. Cons. IS. 6s, 1953. Offered by the Nat'l City Co.
5.77 Rochester Central Pr. Corp Deb. Is "A," 1953. Offered by Manufacturers Tr. Co„ N. Y.; W. C.
Langley dr Co. and Bonbright & Co., Inc.
6.08 Southwestern States Telephone Co. 1st M. 65, 1948. Offered by Central Tr. Co. of Illinois:
Pearsons Taft Co. and Federal Securities Corp.
5.20 Tri-State Telephone & Telegraph Co. 1st IS. 58 "B," 1942. Offered by Spencer Trask & Co.;
Bankers Tr. Co.; Merchants Tr. Co., St. Paul, and Wells-Dickey Co.
6.04 Utilities Service Co lot Lien 6s "A," 1953. Offered by S. VV. Straus At Co., Inc. and Love, Macomber & Co.
6.55 Utilities Service Co. Cony. Deb. 6545 "A." 1938. Offered by Vought & Co., Inc.: Glidden, Morris
& Co. and Chas. D. Robbins & Co.
6.00 Western power, Light & Telephone Co. 1st Lien Coll. 6s "A." 1948. Offered by A. B.
Leach &
Co., Inc. and Porter Fox & Co., Inc.
Iron, Steel. Coal, Copper. &c
400.000 Refunding, working capital, Ac
100
6.00 Central West Coal Co. 1st IS. 6s, 1931-43. Offered by Northern Bond & Mortgage Co.; Green
Bay, Wis. and Win. L. Ross & Co., Inc., Chicago.
Other Indusrial & Manufac'g
500,000 Retire current debt, wkg.
100
6.00 American Gas Machine Co. Deb. 65, 1938. Offered by Wells-Dickey Co. and First Minneapolis
Tr. Co., Minn.
6.00 Cherry Burrell Corp.(Cedar Rapids, Ia.) Deb. 65, 1938. Offered by Continental Nat'l Co.
6.00 J. R. Clark Co.(Minneapolis) Deb. 6s, 1929-38. Offered by Kalman & Co. and Merchants Tr. Co.;
St. Paul.
.5.93 Kendall Company Deb. 53,s "A,' 1948. Offered by the Nat'l City Co. and First Nat'l
,
Corn Of
Boston.
Kreuger & Toll Co.(Sweden) American Ctfs. Pepresenting Participating Debentures. Offered by
Lee. Higginson & Co.. Guaranty Co. of N Y the Nat'l f ity (o.; Brown Bros. & Co.; Dillon,
Rea.. & Co.: Clark, Dodge & Co. and Union Tr. Co. of Pittsburgh.
6-8.07 Petoskey 'Mich ) Portland Cement Co 6s, 1929-38. Offered by Continental Nat'l Co.
6.50 Southern Brighton Mill' let Guaranteed 655s. 1940. Offered ty Trust Co. of Georgia. Atlanta, Os.
8.05 Univer-al Sewer Pipe Corp. 1st M. 68, 1938. Offerd by /.enton, Daia & Boyle, Detroit, and
Nichols. Terry di Co., Inc.. Chicago.
2,000,000 Aeq. predecessor cos., oth.corp.pur 100
250.000 General corporate purposes
100
6.500,000 Ref., ac. Bauer & Black, wkg.cap _
95
14,070.000 Acq. Hungarian Mtge. Bk. bonds _ 28.14
1.500.000 Refunding.retire notes payable,drc_
500,000 Additions to property & equipm't _
600.000 Aoq. predecessor Co., oth.corp.pur
100-9934
100
99%
25.920,000
Land. Builidings.&c.3.600,000 Refunding, other corp. purposes
100
6.00 Barium Towers & Properties (Detroit) lot M. dr Coll. Tr.(is, 1932-43. Offered by Federal Bond &
Mortgage Co., Detroit.
6.00 Chateau Chaumont Corp.(Los Angeles) lot (closed) 65. 1948. offered by Humphreys. Smart &
Co. and California Securities Co.
90,000 Real estate mortgages
100
6.50 The Cheyenne Arms Apartments (Tulsa, Okla.) 1st IS. 634s, 1930-35. Offered by the (1;:arantee
Title & Tr. Co., Wichita, Kan.
1,200,000 Finance construction of theatre _ _
100
6.00 Circle Theatre (Mercantile & Theatre Properties, Inc.) Phila. 1st IS. Fee tis, 1936. Offered by
S. W. Straus & Co.. Inc.
650,600 Finance construction of bldg
5.47-6.00 Clark-Howard Business Block (Chicago) 1st IS. 6s. 1930-10. Offered by Greenebaum sons
Securities Corp.
400,000 Finance construction of hotel
100
6.00 Irvin Cobb Hotel (Peducah. Ky.) 1st (closed) 6s, 1929-38. Offered by Louisville Nat'l Bk. & Tr.
Co. and Block, Fetter & Trost
300,000 Real estate mortgage
100
5.00 Congregation of St. Joseph's Roman Catholic Church (Baton Rouge). La.) let IS. 58, 1930-49.
Offered by Hibernia Securities Co. and Canal Commercial Tr. & Svgs. Bk.
1.000,000 Provide funds for loan purposes
100
5.50 Continental Mortgage Co. of North Carolina 53-4a E," 1933-38. Offered by Smith, Hull & Co.;
Inc., Minneapolis.
100,000 Real estate mortgage
5.75-6.00 Far Hills Apt. Bldg.(Dayton,0.) 1st M.6s, 1930-38. Offered by Straus Bros. Invesm't Co., Chic
.500,000 Provide funds for loan purposes
6.00 Fidelity Home Investment Co. lot M. Coll. 6s, 1933-40. Offered by Smith, Hull & Co., Inc.,
100
Minneapolis.
1.000,000 Provide funds for loan purposesPrice on applicat'n First Mortgage Co. of America 1st Coll. Mtge. 555s "A," 1938. Offered by company.
10.500,000 Refunding
5.67 The Graybar Bldg.
-Eastern Offices, Inc. 1st IS. LOW Is "A," 1946. Offered by lIalsey. Sturare
0234
& Co.. Inc.; Harris, Forbes & Co. and Graham, Parsons & Co.
1.500,600 Refunding, other corp. purP
Price on applicat'n. The Graybar Bldg.
-Eastern Offices, Inc Serial 9-1. Ishld..545 •'B," 1928-34. Offered by Halsey.
Stewart & Co., Inc. and Graham. Parvons and Co.
180,000 Real estate mortgage
Price on aPplicat'n. Lewis H. Haskins 1st M.65, 1930-38. Offered by Fidelity Tr. Co., Detroit.
550,000 Refuuditg, acquire stk. control _
5.50-6.00 Herring Hotel Co.. Inc. (Amarillo, Tex.) lot M. Os, 1929-38. Offered by Stifel, Nicolaus & Co.,
_St. Louis.
50,000 General purposes
5.00 His Lordship The Roman Catholic Bishop of Galveston Direct Obligation 5s, 1929-43. Offered
100
by Bitting & Co.. St. Louis.
1,000.000 Provide funds for loan purposes99
6.10 Home Mtge. Co.(Durham, N. C.) 1st IS. Coll. Tr. 6s, 1943. Offered by S. W. Straus & Co., me.
1,000 000 Provide funds for loan purposee_
Price on applicat'n. Home Mtge Co.'Durham, N.C.) 1st M.Coll. Tr. 534s"H." 1943. Offered gy Nat'l Res. Corp., N.Y.
500,000 Provide funds for loan purposes-__
5.75 Home Mtge Co.(Durham,N.C.)1st NI.Coll.Tr 5'4s .1," 1931-43. Offered by Res. Sec. Corp.. N.Y.
180,000 Additions to property
4.25 Indiana State Normal School Women's Residence Hall Annex hat H. 5s, 1032-45. Offered by
the Peoples State Bk., Indianapolis.
120,000 Constr. equip. new parish house_ Price on aPPlicat'n .The Iroquois Ave. Christ Evangelical Luthern Church 'Detroit) 1st M.
Is, 1930-43. Offered by
Lafayette-South Side Bk. & Tr. Co., St. Louis
600.000 Retireexisting liens, other corp.pur 9054
6.05 Jagel & Bellis Realty Corp. lot M. 68. 1948. Offered by L. S. Carter & Co., Inc. and Century
Tr. Co., Baltimore.
750,000 Real estate mortgage
100
5.50 Labor Nat'l Bank Bldg. (Jersey City. N..1.) Guaranteed .534m Prudence-Ctfs., 1929-38. Offered
s
by Prudence Co., Inc.. N. Y.
2,365,250 Real estate mortgage
100
.5.50 Lawyers Mortgage Co (N. Y.) 53i% Guaranteed lot Mtge. Ctfs. 1932-34. Offered by Lawyers
Mortgage Co., New York.
1,000,000 Provide funds for loan purposes
5.00 Lawyers Mortgage Investment Corp. of Boston 10-Yr. Insured 1st Mtge 5% Ctfs. A-1, due 1938.
- 100
Offered y Curtis A Sanger. Boston.
103.500 Finance lease of property
Price on applica'n Leasehold Investment Co. Coll. Tr. 5t413 11, 1929-43. Offered by Merchants Tr. Co., St Paul.
500.000 Provide funds for loan purposes._. 100
5.50 Lincoln Mortgage & Title Guaranty Co. 1st M. Coll. 5 Sis, 1938. Offered by Harris. Fnrbes & Co.
260,000 Improvements to Property
5.50 Magnin Bldg . Hollywood. Calif.) 1st M. 55-5s, 1938. Offered by Stra,sburg & Co and Dean,
100
Witter & Co.. San Francisco.
475,000 Finance construction of building
Price on aPplica'n Majestic Bldg. 'Interstate Amusement CO.). San Antonio, Texas, 1st M. Leasehold 8s, 1930-39.
Offered by the Wheeler Kelly Pagny Tr. Co., Wichita.
185,000 Finance construction of building
5.50 Masonic Home Association (Fort Smith. Ark.) 1st IS, 536s, 1930-43. Offered by Stix & Co.,
100
St. Louis.
167.200 Provide funds for loan purposes
6.00 Mortgage Corp. of Virginia 1st M. Coll. Tr. 6s, Series 4, due 1929-38. Offered by Scott & String100
fellow, Richmond, Va,
1,000.000 Provide funds for loan purposes
5.50 Mortgage Guarantee Co. of America (Atlanta, Ga.) lot M. Coll. Tr. 5558 A F, 1938. Offered by
100
company
770,000 Real estate mortgage
6.50(The) New Amsterdam (Wash., D. C.) 1st & Ref. M.(3)5s, 1932-43. Offered by F. II. Smith Co.,
100
Washington, D. C.
120.000 Real estate mortgage
5.50-6.00'The) Norshore (Chicago) lot IS, 6s, 1930-35. Offered by Chicago Trust Co.
230.000 Real estate mortgage
6.00 Park Castles Apts.(Kansas City) 1st M .6s, 1931-40. Offered by Fidelity Bond & Mtge.Co..St.Loula
100
350,000 Finance lease of property
5.30-6.00 St. Louis A. & P. itidg. lot H.6s, 1929-38. Offered by Greenebaum Sons Securities Corp.
1,250.000 Construction; other corp. purposes 100
6.50 Santa Barbara (Calif.) Biltmore Corp. lot (closed) NI 6 its, 1945. Offered by IS. H. Lewis & Co.,
.
San Francisco.
90.000 Improvements to property
6.00 Ellas Spell (Gordon Hotel). Lafayette. La.. 1st M. (is. 1930-38. Offered by Union Title Guar100
antee Co., Inc., and Canal Ilank & Trust Co., New Orleans.
3,000.000 Fund bank loans; other corp purl).
5.50-8.35(H.0.) Stone & Co.(Chicago) Deb. 6s, 1920-39. Offered by It. 0. Stone dr Co., Chicago.
1,000.000 Provide funds for loan purposes.8.50 United States Bond & Mtge. Corp.(N.Y.) Coll. Tr.6 M.1942. Offered by S, W.Straus ar Co-Inc.
iiio
300.000 Real estate mortgage
6.25 Victory Ice & Ice Cream Co. (Chicago) let M. 636s. 1938. Offered by American Bond & More,.
100
gage Co., Inc.
11.00(.000 Retire mg debt of acquired prop,dre 100
8.50 Wardman Real Estate Properties, Inc., let & Ref. 8 gs. 1931-38-48. Offered by IIalsey, Stuart
& Co., Inc., Hambleton & Co., A. B. Leach & Co., Inc., Rogers. Caldwell & Co., Inc., and
02.1 I 5.n sel
Wm. R. Compton Co.
180,000 Finance construction of apt
100
OCT. 13 1928.]
Purpose of Issue.
Amount.
Price.
Miscellaneous
10,000.000 Provide funds for loan purposes__
To Yield
About.
Company and Issue, and by Whom Offered.
8.40 Finland Residential Mortgage Book 1st M. Coll. 65, 1901. Offered by the National City Co.;
Lee, Higginson & Co., Guaranty Co. of N. Y., Brown Bros. & Co., New York Trust Co. and
Continental National Co.
8.50 Fox New England Theatres. Inc., Cony. Deb. 6145, 1943. Offered by Halsey. Stuart k Co.,
and A. B. Leach & Co., Inc.
Glendale Lumber Co.(Oregon) 1st
6s, 1936. Offered by Baker, Fentress & Co.
Horder's, Inc. (Chicago), 6s, 1929-38. Offered by Chicago Trust Co.
6.00 (J. D.) Lacey & Co. Coll. Tr. Os, 1936. Offered by Old National Co., Grand Rapids, Mich.
6145 C. 1930-38. Offered by Geo. H. Burr di
6.50 Mississippi Valley Utilities Corp. 1st (closed)
Co., Inc., and Oliver J. Anderson & Co.
5.70 Salt River Valley Water Users' Assn. Stewart Mountain Power Project 514(1, 1931-58. Offered by
First Securities Co., Los Angeles. Anglo-London-Paris Co., Harris Tr. & Savings Bauk, Rutter
& Co. and the Valley Bank, Phoenix, ArD.
9414
4,000,000 Acquire theatre prop.; wkg. capital 100
135,000
300,000
900,000
300.000
2011
FINANCIAL CHRONICLE
General corporate Purposes
100-9915
New construction
r - 100
Refunding; other corp. DUrposc.s__ _ 100
100
Acquisitions; betterments, &c
M.
6:66
M.
4,100,000 Construction; electrification, &c
19,735,000
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Purpose of Issue.
Amount.
Price.
Public Utilities
350,000 Retire underlying secure.; acquLs'ns
1,100,000 Acquisitions, extensions. &c
800,000 Acquisitions; working capital, &c
To Yield
About.
99.34
98)4
9854
Company and Issue, and by Whom Offered.
5.50 American States Public Service Co. I-Yr. 5s, Apr. 20 1929. Offered by Davis, Longstaff &
Chicago.
6.60 Commonwealth Telephone Co. (Del). Coll. 5% Notes, Sept. 1 1929. Offered by Hayden, Van
Atter & Schimberg, Chicago.
6.56 Southwestern States Telephone Co. Cony. 6s, Sept. 11931. Offered by Federal Securities Corp.
and Pearsons-Taft Co., Chicago.
2,250,000
Motors and Accessories
3,000,000 Working capital
6.00 Graham-Paige Motors Corp. Deb. 65, A, Aug. 1 1933. Offered by First National Co. of Detroit,
Detroit & Security Tr. Co. and Guardian Detroit Co., Inc.
100
Other Industrial & mfg.
200,000 Additional capital
500,000 Capital expends.; oth. corp. purps_
100b
5-6.14 Electrical Products Corp.(Seattle, Wash.) Secured Gs, 1929-32. Offered by Baillargeon, Winslow
& Co., Ferris & liardgrove and Peoples Bank & Trust Co., Seattle.
6.00 Keystone Wood Chemical & Lumbet Corp. 3-Yr. 6% Notes, May 1 1931. Offered by O'Brian!
Potter & Stafford, Buffalo.
700,000
Land, Buildings, &c.
191,400 Provide funds for loan purposes__ _
100
Miscellaneous
400.000 Acquisitions; other Corp. purposes_
250,000 Acquire additional Mime
6.00 Mortgage Corp. of Virginia lot M. Coll. Tr. 60. Series 5, due 1929-33.
fellow, Richmond, Va.
100
100
5.50 Lauerman Bros. Co. Deb. 514s, 1930-33. Offered by First Wisconsin Co., Milwaukee.
6.00 Motor Transit Corp. 3-Yr. Cony. 6s, May 1 1931. Offered by Lane, Piper & Jaffrey, Inc.
Offered by Scott & String
650,000
STOCKS.
Par Value or
No. of Shs.
Purpose of Issue.
Public Utilities
•10,000 shs General corporate purposes
*60.000 shs Acquisitions; other corp. purposes_
a Amount
Price
To Yield
Invoked. per Share. About.
950,000
5,970.000
10,000,000 Acquisitions: other corp. purposes.. 10,000,000
*149,551shs Additions and extensions
2,000.000 ACQ. & finance el. It. & power cos_ _
10,408,570
95
9914
98
70
2,000,000 100c
General corporate purposes
Expansion; other corp. purposes__ Retirement of bonds
Acquisitions
ACQ. all cons. stks. of oper. cos_ _
720,000
5.682,300
2,510,550
940,000
8,000,000
96
50
35
94
97
*15,000 shs ACQ. securities of subsidiaries. &c _
1,372,500
913-4
.7,500 sits
•113,616shs
*71,730 Os
•10,000 sits
8,000,000
200,000 Acquisitions, additions, &c
Motors and Accessories
250,000 Retire bonds. other corp. purposes_
*74,000 shs Working capital, other corp. purp_
*35,000 sits Retire pref. stk.; extensions, &c_
Other Industrial & Mfg.
400,000 Acquire constituent cos
*30,000 shs
*99,750 shs
*40,000 sh
*20.000 sh
*58,14910h
.675,0005li
*6,000 sit
•100,000sh
•193,855sh
*65,000 sh
*40,000 sh.
9,695,35
*10,000
*20,000
*50,000
*40,000
sh
sh
sh
all
*20,000 sh
1
Acquire all outstanding stock of
Monitor Securities Corp
Acq.AutomaticELWasher COJEIC_
ACQ. stk. of F. F. Ingram Co
,xeansion of mfg.facil.; wkg. cap_
,
Expansion of facilities, &c
Expansion of business
200,000 100
48,813,920
250,000
592,000
840.000
Liquidated notes payable
400.000
135,000 Improvements to property
1,250,000 Acquire and operate Properties_
3,000.000 Acquisition of property
275.000 Finance lease of property
200,000 Provide funds for loan purposes....
*2,000 she Provide funds tor loan purposes....
Miscellaneous
5,000,000 Provide funds for invest. purposes_
4,239,375
1,280.000
1,540.000
5.814,933
9.450,000
150,000
210.000
2,050.000
1,625.000
1,000,000
560,000
66,531,965
6.37 Anchor Cap Cost'. (Del.) 563.4 Div. Cony. Pref. Offered by Stone dr Webster &
Blodget, Inc.. and Lehman Bros.
Anchor Can Corp. (Del.) Common Stock. Offered by Stone & Webster & Blodget.
Inc., and Lehman Bros.
32
_ Automatic Washer Co.(Del.) Cons'. Preference Stock. Offered by Folds, Buck & Cog
77
Bristol-Myers Co. Common. Offered privately by J. & W. keligman & Co.
100
Curtiss Aeroplane & Motor Co.. Inc., Common. Offered by company to stockholders.
14(approx.) --- - Curtiss Flying Service. Inc., Capital Stock. Offered by Jas. C. Willson & Co. and
National Aviation Corp.
25
Federal Screw Works (Detroit) Capital Stock. Offered by Samuel Ungerleider &
Detroit.
23
Glidden Co. (Cleveland) Common. Offered by company to stockholders.
80
Gold Dust Corp. Common. Offered by company to stockholders; underwritten.
55
International Combustion Engineering Corp. Common. Sold to F. .1. Lewis.
4214
97
51
6.18 Kendall Company $6 Cum. & Partic. Pref. "A." Offered by The National City Co.
8.86 McKesson 8c Robbins, Inc., Preference Series A 7% Cony. Offered by Goldman;
Sachs & Co., Bond & Goodwin, Inc., The Bridgeport Trust Co. and The R. F.
Griggs Co.
21
Polymet Mfg. Corp. Common. Offered by C. L. Schmidt & Co., Inc., Chicago.
10214
6.83 Taggart Corp. $7 Cum. Pref. Offered by F. L. Carlisle & Co., Inc.
3214
Taggart Corp. Common. Offered by F. L. Carlisle & Co., Inc.
25
Triplex Safety Glass Co. of Notth America, Inc., Common. Offered by company
to stockholuers.
1 sh. pref. 1 For Ward & Dickinson. Inc.. 62 Cum. Pref. Offered by O'Brian, Potter & Stafford, Inc.;
and Liberty Bond & Share Corp., Buffalo.
$28
114 sh. com.
Ward & Dickinson, Inc., Common. Offered by O'Brian, Potter & Stafford, Inc.;
and Liberty Bond & Share Corp., Buffalo.
6.00 Anderson (Ind.) Theatre Realty Co. 6% 1st Pref. Offered by The Meyer-Kiser
Bank, Indianapolis.
6.00 The Avalon Co. 6% Prof. Offered by The Peoples State Bank, Indianapolis.
6.00 Merchants Nationzl Re .Ity Corp. (Del.) 6% Cum. Pref. "B." Offered by Banks.
Huntley A: Co.. Merchants National Co., Blyth. itter & Co.. Hunter, Dalin d.c
Co.. Bond & Goodwin & Tucker, Inc., Wm.R.Stoats Co. and M. II. Lewis & Co.
3,000,000 100
7.00 Repetto Land Trust (Los Angeles) Land Trust Ctfs. Offered by 0. Nicholas Gabriel.
LosAngeles.
275,000 500
(Max H.) Bieber Bldg. Site Land Trust COL Offered by Will J. Thompson Co. and
First Citizens Corp.
250,000 11 sh. pref. f For United Bond & Flortgage Corp. (R. I.) 7% Cum. Pref. Offered by National
Baal:
of Commerce, Providence, It, I.
1 sh. coin. 15125 United Bond & Mortgage Corp.(It. I.) Common. Offered by National Bank of Commerce. Providence, It. I.
5.210,000
135.000 100
1,250090 100
6,500,000
sh. Pref. f For Ame•ican Alliance Investing Corp. 0% Cum. 1st Pref. Offered by
Insuranshwas
Corp., Schocilkopf, Hutton & Pomeroy, Inc., and Colston, Heald & Trail.
American Alliance Investing Corp. Class A Common. Offered by MaurAllan:to
Corp., Schoellkopf. Hutton & Pomeroy, Inc.. and Colston, Heald & Trail.
7214
Banco Commerciale Italians American Shares. Offered by Field, Clore dr Co.,
man Bros.. Hallgarten At Co.. E. H. Rollins & Sons, Bancomit Corp. and LabJ. A.
Slsto dr Co.
40
City Ice & Fuel Co. (Cleveland) Common. Offered by company to
stockholders;
underwritten.
32
Employers Reinsurance Corp (Mo.) Capital Stock. Offered by Hitt, Farwell &
Co.;
Vq.-,..,, It, AC,
'
New Ynrt rwri qtnrn Prna
J 1 sh. "A" ISOS
Provide funds for invest. purposes_
125,000 sh
Acquired from abroad
9,062.500
*50,000 eh
Acquisitions
2,000,000
Additional capital
2.911.978
6.81 Acme Glass Co. 714% Cum. Partic. Class A Stock. Offered by Walker & Willis, N.Y.
300,000 100
•100,000sh
766,31
11
3,060,000 102
*10,000 shs Liquidate notes payable
Land, Buildings, &c.
300,000 Finance construe. of threatre
John W. Brown mfg. Co. Capital Stock. Offered by company to stockholders.
Jordan Motor Car Co. Common. Offered by company to stockholders; underwritten.
NVisconsin Parts Co. Common. Offered by Lane, Roloson & Co., Inc., and Brokaw & Co.
10(par)
8
24
1,632,C00
Retirement of bonds
2,300,000
Acq. control of Amer. Linseed Co_ 15.508,400
Acq.cap.stk.of F.J.Lewis Mfg. Co_
3,575.000
Refunding; acquire Bauer & Black;
working capital
3.880.000
Acquire constituent companies..._
9.889,257
Expansion; working capital
New construction; working capital_
New construction; working capital.
Expansion of mfg. facilities
Company and Issues, and by Whom Offered.
%
6.30 American States Public Service Co. $6 Cum. Pref. Offered by Gillet & Co., Balto.
6.03 'The) American Superpower Corp.(of Del.) 1st Pref. $6 Series. Offered by Bonbright
& Co.. Ire.
6.12 Central States Electric Corp. $6 Cony. Pref., Optional Dividend Series. Offered by
Dillon, Read & Co., Stone & Webster and Blodget, Inc., E. II. Rollins & Sons,
Dominick & Dominick and Shields dr Co., Inc.
___ Commonwealth Power Corp. Common. Offered by company to stockholders; underwritten.
6.00 Foreign Light & Power Co. $6 Cum. 1st Prof. shares. Offered by J. G. White & Co.;
Inc., and J. Henry Schroder Banking Corp.
6.25 Gulf Power Co.(Me.) $6 Cum. Pref. Offered by Bonbright & Co., Inc.
___ Pacific Lighting Corp. common. Offered by company to stockholders; underwritten.
___ Penn-Ohio I dlson Co. Common. Offered by company to stockholders; underwritten.
,
6.38 Peoples Light & Power Corp. 26 Cum. Pref. Offered by CL.Olustrom & Co., Inc.
6.18 Rochester Central Power Corp 6% Cum. Pref. Offered by Manufacturers Tr. Co.;
N. y., W. C. Langley & Co. and I3onbright & Co.. Inc.
.6.55 United Public Utilities Co. (N. J.) $6 Dividend Series Pref. Offered by Thompson,
Ross & Co. and Hale, Waters & Co.
7.00 Western Power, Light & Telephone Co. 7% Cum. Pref. Offered by A. B. Leach
Co., Inc., and Porter, Fox & Co..IIM.
Par or No.
of Shares.
$
1.000.0001
• Approx.)
*153.444shs
550,000
• 250,000
[VOL. 127.
FINANCIAL CHRONICLE
2012
To Yield
(a) Amount Price
Involved. per Share. About.
Purpose of Issue.
Miscellaneous (Concluded).
Corporate purposes
13,042,700
1,705,000
1,137,500
1.000,000 Expansion of business
*20,000 sits Provide funds for invest. purposes_
*20,000 shs Provide funds for invest. purposes_
1,000,000 Additional capital
*21,000 she Working capital
1.000,000 Retire liabilities of constituent cos_
500,000 New Capital
*20.000 abs Acquire constituent companies_
*40.000 fibs Provide funds for invest. purposes_
*26.697 she Provide funds for invest. purposes_
300.000 Additional capital
•1.500 shs Additional capital
6.22 Wm. Filene's Sons Co. (Mass.) 634% Cum. Pref. Offered by Lehman Bros. and
Lee, Higginson & Co.
Fox Film Coin. Class A Common. Offered by company to stockholders; underwritten.
Franklin Surety Co. Capital Stock. Offered by company.
Globe Insurance Co.of America (Pittsburgh) Capital Stock. Offered by W. Wallace
Lyon & Co., New York.
Greenebaum Sons Investment Co. (Chicago) Capital Ftock. Offered by company
3,000,000 300
to stockholders.
1,200,000 fl eh. Prof. 1 For Inter-Continent Capital Corp. $3 Cum. 1st Pref. Offered by Stanley & Bissell, Inc.
1 sh. "A" I $60 Inter-Continent Capital Corp. Class A Common. Offered by Stanley & Bissell, Inc.
International Bank (Washington, D. C.) Capital Stock. Offered by Donavan,
1.600,000 160
Voelker & Co. and C. B. Love & Co., Baltimore.
Investment Stock & Bond Corp. Common. Placed privately.
5
105,000
1,000,000 100
7 Liberty Dairy Products Corp. 7% Cum. Cony. 1st Pref. Offered by Moore, Leonard
7:66
& Lynch, Martin & Co., Hill, Wright & Frew and J. H. Holmes & Co.
Metropolis Fire Insurance Co. Capital Stock. Offered by company.
1.650,000 1834
-1,700.000 11 sh. pref. For Nehi Corp. (Columbus, Ga.) 1st $534 Cum. Pref. Offered by Schluter & Co., Inc.,
and Oliver J. Anderson & Co.
)1 eh. com.1 $85 Nehi Corp. (Columbus, Ga.) Common Stock. Offered by Schluter & Co., Inc., and
Oliver J. Anderson & Co.
Southern Bond & Share Corp.(Del.) Class A Common. Offered by E. E. MacCrone
1,200,000 30d
& Co., Detroit, and Jemison & Co., Inc.
United Corp. of Seattle Participating Prof. Offered by Drumheller, Ehrilchman &
694,122 26
White, Seattle.
300,000 J2 she. pref.' For Yellow Cab Co.(Baltimore) 7% Cum.Prior pref. Offered by Gillet & Co.. Baltimore.
11 sh. corn.J$200 Yellow Cab Co. (Baltimore) Common Stock. Offered by Gillet & Co., Baltimore.
1,000,000 10434
Refunding; retire bk. loans, &C
Expansion; working capital
Additional capital
*20,000 stu3 Acquire constituent companies
Company and Issue, and by Whom Offered.
85
31
4534
49,808,800
FARM LOAN ISSUES.
Amount.
Issue and Purpose.
2,000,000 Land Bank of the State of New York. 434s,
due ann. to 1938. (Prov. fds. for loan purp.)_
Price.
100
To Yield
About.
Offered by.
4.50 Land Bank of the State of New York.
FOREIGN GOVERNMENT LOANS
Amount.
Issue and Purpose.
23,000,000 Rep. of Bolivia Ext. Sec. 78 1969. 'Retire
existing debt; pay off secured indebt. to Nat.
Banks of the Repub. and part of unsecured
indebt. to such banks; reduce floating debt;
provide for invest. In railroads, highway construction, &c
4,500.000 Dept. of Cauca Valley (Colombia) Ext. Sec.
75 1948. fProceeds for pub. works & highway
construction)
16,000,000 Republic of Chile Ext. Loan 6s 1961. (Construction of railways. irrigation works, port
works, sewerage & water works, &c.; redemp.
of $7,000,000 bank loans &.C500,000 note iss.
Price.
To Yield
About.
Offered by.
9734
7.19 Dillon, Read & Co., Chemical National Co., Inc.; E. H. Rollins & Sons; Bancitaly Corp.;
Edw. B. Smith & Co., and Dominion Securities Corp., Ltd.
96
7.38 Baker, Kellogg & Co., Inc. and Field, Clore & Co.
94
6.44 The National City Co.
43,500,000
* Shares of no par value.
a Preferred stocks of a stated Par value are taken at par, while preferred stocks of no par value and all classes of common stocks are complied at their offering prices.
Bonus of 5 shares of common stock given with each $1,000 note.
c Each share of preferred accompanieo by I share of common stock.
d Each share of class A common accompanied by 34 share of class B common.
structure of the country. Governor Young
told the
Bringing Forth a Mouse—The American Bankers that the Federal Reserve System had no responsibility bankers
for that
Association on Brokers' Loans.
structure—it could not "earmark" the credit it granted.
This leaves it "up to" the banks to do the "earmarking," or
Large bodies traditionally move slowly and it was not un- in other words, to know what use is being made of the loans
reasonable that the American Bankers Association should they make. If they cannot or will not do this, it is very hard
take a good deal of time in reaching a conclusion about the to see why corporations should be expected to do it. As a
credit situation in this market. There was a great deal of matter of fact, the banks must do it, and equally as a matter
discussion and argument, but after all this labor of mountains of fact, the Federal Reserve System will have to co-operate
only a mouse is brought forth. The Bankers Association with them. It cannot escape its legitimate functions as a
recommends that "in some reasonable manner" there be a central bank on the mere ipse dixit of Governor Young or
limitation to the so-called "bootleg loans" which are treated anyone else. As for relaxing the slight restraints that have
by many bankers as having caused the whole inflation of been imposed upon banks which want to let their reserve
credit from which the community is now suffering. It was balances run down below required levels, the Board's only
not even possible for the Association to decide who ought to reply should be to make these restraints more genuine and
more severe than they have been.
take the desired action.
It is an unfortunate fact that the organized bankers of the
The only concrete thing that is recommended is that
bankers should endeavor to curtail the action of corporations country have never been very fruitful of suggestions in an
which are lending heavily in the market and are getting the emergency, or very ready to furnish assistance or leadership.
funds for such loans by drawing them out of the banks. The Association upholds the Federal Reserve Act, which it
While the bankers optimistically assert that "the present now so highly praises, and did its utmost to attain the defeat
situation will correct itself" as time goes on, they furnish no of the measure. It took no remedial measures against the
warrant whatever for thinking any such thing. They do, coming on of the panic in 1920. At the present moment the
however, recommend to others that the latter should not country is in a very difficult and delicate position, and the
take the same easy-going view of it that they do, but that bankers apparently are not willing to face the fact or agree
corporations and other large depositors should co-operate upon an effective course of action. Neither is the Treasury
with the bankers. In other words, they want the business Department, which parrotlike continues to give out statecommunity to bear the brunt of a situation which they ments that everything is just as it should be. Yet the bankthemselves brought into existence, and they want them to ers know that there is a bad state of things, as is shown by
do it while leaving the banks perfectly free to go on lending the fact that they discuss the situation with so much anxiety.
These conditions are not the random observations of outas much as they choose, for they wholly eschew any recommendation for Governmental interference. On the con- siders with no banking responsibility. They are very fully
trary, they ask the Reserve Board to give them greater lati- and on the whole frankly discussed by one of our principal
tude, by returning to the same old rule as formerly, wherein financial institutions in this city in its current monthly cira weekly adjustment of reserves instead of a more frequent cular. They have been equally frankly surveyed by conadjustment, was permitted. They desire, in other words, servative out-of-town banks, whose views on the subject
to be allowed to make loans as freely as they choose, provided have been from time to time summarized in these columns.
The community is fully on notice as to what is occurring,
that once a week they set their houses in order.
Let it be frankly stated that there is no reason whatever and, of course, the Federal Reserve Board and Federal Rewhy the business corporations should alter their present prac- serve System know all about it. It will be quite out of the
tice of lending in the call market, unless the lead is taken question to establish an alibi when the time of trial comes,
and effectually taken by the banks themselves. It is the and the futilities which have been uttered at Philadelphia
business of the banks to maintain and safeguard the credit show plainly that a good many people realize the fact.
[Editorial from the New York "Journal of Commerce" Oct. 6 1928.1
OCT. 13 1928.]
Indications of Business Activity
STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Oct. 12 1928.
Trade has been somewhat retarded still by the unseasonably warm weather. To-day, for instance, the Indian
summer is rather pronounced here. That has been the case
in other parts of the country. On the 10th inst. it was
82 degrees in Chicago, Cincinnati and Milwaukee, 90 at
Omaha, 88 at Kansas City, 76 at Cleveland. Early in the
week here it was up to 75 degrees. To-day it was 74.
Plainly this has hurt the retail trade here and in many parts
of the country. The reports from the wholesale and jobbing trades are hopeful enough. Those from some of the
big industries are noticeably cheerful. But retail business
will not increase much until we have seasonable temperatures. Evidently they are on the way or something more
than seasonable. For on Thursday there was snow reported
in Canada and the American Northwest. A widespread high
•barometer was spreading over Canada and Northwestern
United States, with the liklihood, as it was said in a Government special forecast, of the lowest temperatures thus
far recorded this autumn. The effect was to brace up the
grain markets and cause something of a frost scare in cotton with a rise of $1.50 to $2 a bale here and a noticeably
stronger market in Liverpool. It was feared that killing
frosts might come earlier than usual, too, in the southwestern portion of the cotton belt. As regards the grain section,
dry, cold weather would be greatly preferred to wet conditions or snows. What the corn belt wants is dry, cool
weather to cure the crop. That it is the kind it has been
having of late and this also had a tendency to cause lower
prices for corn. Wet weather or snows would be unfavorable.
The Government report on the 9th inst. showed some
slight decrease in the corn crop, but not enough to have any
marked effect. Nor was there any material change in the
wheat crop estimate. The total of both spring and winter
Is put at 904,000,000 bushels against 871,700,000 last year.
The spring wheat crop is stated at 325,000,000 bushels as
against 319,307,00 last year. The corn crop is stated at
2,903,000,000 bushels against 2,773,700,000 last year. Grain
markets have of late until to-day had a downward tendency with the visible supply of wheat in this country
up to 116,600,000 bushels the largest on record. There has
been no large export demand for wheat, but one thing is
worth noting. The export basis is more favorable to American wheat than for many months past. In such circumstances there is more or less export business daily in durum
No. 2 hard winter and spring wheat. In other words, Manitoba wheat is no longer being taken exclusively by Europe.
Moreover, there has been some export demand for corn with
bids at the Gulf 10c. over Dec. There has been also some
foreign inquiry for rye and possibly also for oats, though
no important export business has been done in these cereals.
Iron and steel prices tend to become firmer and it is
gratifying to notice that steel orders of one big company
increased during September nearly 75,000 tons. All the indications are believed to be favorable for the expansion
of the steel and iron output as a reflection of rising trade.
Textiles are looking up. That is one of the noticeable signs
of the times. The 25-week strike at New Bedford ended
late last week and on the 8th inst. out of 27,000 former
strikers the New Bedford mills re-engaged 11,500, although
they were not expected to take back so many at once after
so prolonged an idleness in which more or less trade must
have at least temporarily drifted elsewhere. All but one
of its 26 mills are operating to-day. It is a hopeful circumstance surely. To-day the Fall River mills granted an in%
1
/
crease in wages to the cotton workers there of 52 to
equalize matters with the New Bedford scale, where the
hands resumed work at a wage cut of 5% instead of the
original 10% reduction proposed by the mills. The records
show that there was a noteworthy business in cotton goods
during Sept. The official figures make it plain that the
sales of standard cloths are running even further beyond
the production than in August and moreover the unfilled
orders held by the mills are steadily increasing. That is
to say, the September sales of standard cloths were at
2013
FINANCIAL CHRONICLE
11
ratio of 152.6% to production or an increase of 40% over
August; shipments were at a ratio of 109.6% to produc2
1
/
tion, or 2%% more than in August; stocks decreased 5 %
in September as against 4% in August; unfilled orders increased in September 37%, a rise of over 30% as compared
with August; Manchester mills report a better state of
trade. A rumor was spread at one time during the week
that some of the cotton mills in the United States 'Would
close for a week in October but it seems to have no folin- 4
dation. With trade steadily expanding, it may be doubted
that any such course will be necessary. The tendency is
toward better margin of profits in American, British and
German mills.
Some livestock prices were lower; those for cattle are
unchanged. The supply of livestock has increased recently
under the spur of an active demand. With regard to another farm product, grain crops, they are stated as only
3% smaller than the war peak. Raw sugar has latterly
been firmer with larger buying. Refined sugar declined,
It is true, as trade was disappointing. In the raw sugar
trade the offerings of Java sugar tend to clog any upward
tendency trend of prices. Coffee futures have been rather
firmer though lower on Thursday and taking the week as
a whole, they declined with cost of freight offers showing
somewhat of a downward tendency. Not unnaturally this
Is taken as an indication that Brazil is somewhat more anxious to sell. Carloadings in the last week of September
showed the largest weekly gain of the year, and also showed
an increase over the same week two years ago. The
Increase for five weeks in September was close to 2%, although there is a decrease compared with 1926 of 2%.
The gain in September this year seems to reflect larger
shipments of grain and coal.
The stock market showed the effects of realizing in spite
4
3
/
of money as low as 6 %—in fact, on Thursday, call loans
were obtainable at times at 6%, owing to an increased supply. Mid-month settlements and the shifting about of Government funds incidental to the taking up of the new Treasury issue which was oversubscribed are interesting factors in connection with the money market. United States
Steel common went to a new high. That the trading in
the general list was still on a remarkably large scale may
be gathered from the fact that Thursday's transactions even
on the eve of a holiday were close to 4,000,000 shares and
on Wednesday were over 4,200,000 shares. The rise in
Ti. S. Steel gave a fillip to the whole list. Utility stocks
were in demand, such as power and light stocks. Advances
in some cases were 4 to 10 points. Bonds were in moderate
demand and inclined to be rather stronger. Foreign exchange was quiet with sterling firm.
New Bedford, Mass., reported that the rush of operatives back to work following the official ending of the textile strike there, far exceeded the ability of the mills to
give employment, but rough estimates indicated that approximately 11,500 out of 27,000 operatives who had originally struck had found work. Some plants have substantial orders. Others are temporarily running out the warps
at present in the looms awaiting new business. In New
Bedford all the 26 cotton manufacturing corporations are
now in operation except the Sharp. Charlotte, N. C., reported that business in cotton goods continued to improve
and that very substantial sales have been made of print
cloths, wide sheetings, tire fabrics and other heavy goods.
The sales of fine goods have also increased. At Durham,
N. C., a moderate increase continues in the hosiery mill
business and in one or two instances it has been rather
marked. All of the local mills there are reported to be
operating, some of them running double shifts and the
mills are apparently more active than they have been in
several years. At Spartanburg, S. C., the Proximity Cotton Mills and the White Oak cotton mill of Greensboro,
N. C., have again resumed full-time operations after having been shut down from Thursday nights each week and
-hour instead of the usual 55
-hour a week
running on a 40
schedule since last spring. Paris cabled that the Tourcoing,
France, general strike order for cotton mill workers was
obeyed by about 4,000 operatives out of a total of 41,124
textile workers. Mill workers in other districts are grad-
2014
FINANCIAL CHRONICLE
tinily drifting back to the mills, notably in the Armentieres
and Houplines districts.
Once more the rapid increase in chain store sales throughout the country was proved by the September turnover of
twenty-three leading organizations, which report a gain
of 23.2% in aggregate sales over September last year.
The same chain systems made a gain of 16.4% in the first
nine months of the current year over the same period last
year. The combined sales of the twenty-three chain stores
referred to aggregated $93,967,506 in September against
$76,233,665 in September last year, an increase of $17,733,641. For the nine months of the present year to Sept. 30
they had aggregate sales of $738,605,554, compared with
t$'632,970,005 in corresponding period of 1927, a gain of
$105,634,619.
[VOL. 127.
Miscellaneous freight loading for the week totaled 480,498, an increase
of 39.274 cars above the corresponding week last year and 35,810 cars
above the same week '119-6.
Coal loading totaled 206,294 cars, an increase of 12.565 cars above the
same week in 1927 but 14,188 cars below the same period two years ago.
Grain and grain products loading amounted to 63,335 cars, an increase
of 8,325 cars above the same week last year and 15,088 cars above the same
week in 1926. In the Western districts alone grain and grain products
loading totaled 49.281 cars, an increase of 8.425 cars above the same week
In 1297.
Livestock loading amounted to 36,669 cars, an increase of 1,235 cars
over the same week last year but 1,467 cars below the same week in 1926.
In the Western districts alone livestock loading totaled 28,634 cars, an
increase of 1,304 cars compared with the same week in 1927.
Loading of merchandise less than carload lot freight totaled 270.188 cars,
a decrease of 789 cars below the same week in 1927 and 2,235 cars below
the corresponding week two years ago.
Forest products loading amounted to 66,833 cars. 908 cars below the
same week last year and 4,573 cars under the same week in 1926.
Ore loading totaled 62.109 cars, 9,230 cars above the same week in 1927
but 9,550 cars below the corresponding week in 1926.
Coke loading amounted to 10,749 cars, 933 cars above the same week in
1927 but 1,666 cars below the corresponding week in 1926.
All districts reported increases in the total loading of all commodities
compared with the same week last year except the Pocahontas and Southern
which showed decreases. All districts except the Eastern Allegheny and
Southern reported increases compared with the same period two years ago.
Loading of revenue freight in 1928 compared with the two previous
years follows:
1926.
1928.
1927.
Four weeks in January
3,686.696
3,756,660
3,447,723
Four weeks in February
3,677,332
3.589,694
3,801,918
Five weeks in March
4,805,700
4,752,031
4,982.547
Four weeks in April
3.862,703
3.875,589
3.738.295
Four weeks in May
4,145,820
4.108,472
4,006.058
Five weeks in June
4,923.304
5.154.981
4.995.854
Four weeks in July
4,148,118
3,942.931
3.913.761
Four weeks in August
4,230.809
4,388,118
4.249,846
Five weeks in September
5.586,284
5.703,161
5.488,107
Secretary of Commerce Whiting Finds Business on
Higher Level than Year Ago.
According to Secretary of Commerce William F. Whiting,
business activity in September, as indicated by data covering the industrial situation during the month, was on a
higher level than a year ago. Secretary Whiting in a statement issued Oct. 8 said that "business and industry in
September whose favorable position the Department has
indicated from time to time, were generally more active than
in the corresponding month of 1927, according to latest
figures for tae month which confirm the Department's previous assertions of stability." He added that "the dollar
volume of trade as reflected by data covering check payTotal
ments in the principal cities, excluding New York, was almost
38.217,129
39,572,629
39.172.754
9% larger than a year ago, reaching a total of more than
$23,000,000,000." The United States Daily gvies as follows Midwest Shippers Look for Increased Activity in Last
the further observations of Secretary Whiting:
Quarter of Present Year as Compared With Same
"Pig iron output in September," continued Mr. Whiting, "reduced to a
Period in 1927.
daily basis, averaged 102,077 tons, being higher than in either the previous
The volume of business activity in Midwest territory in
month or September of last year. Expanding demands from railroads.
automobile manufacturers, and structural steel fabricators are strengthen- the last three months of this year will be approximately
ing the position of steel manufacturers. Steel plants during September
7% greater than in the same months a year ago. This is
were 23% more active than a year ago, affording striking evidence of the
current industrial expansion. During the past month steel manufacturers the summary of the detailed forecasts made at Springfield,
operated at almost 85% of the monthly estimated capacity of 5,000,000 EL, Oct. 10 at the 17th regular meeting of
the Midwest
tons. Consumption of tin by manufacturers amounted to 6,900 tons and
was 13% greater than in September 1927,and 18% larger than in Sept. 1926. Shippers' Advisory Board. Comparing the probable rail
shipments in October, November and December, 1928,
Gain in Building.
with the actual figures in the last quarter of 1927, the largest
"The total value of new building contracts awarded in 37 States, aggre- increase,
amounting to over 100%, is expected in the movegating 1588,000.000, was 12% greater than in the same period of last
year, indicating a continued confidence in the business structure of the ment of fresh fruits. The anticipated movement of fresh
nation and forecasting generally active conditions in the building and fruits in the next three months will require eight thousand
materials Industries for the remaining months of the year. Despite this freight
cars, as compared with less than 3,800 required in
large activity in the building industry, prices for building materials were
generally lower than a year ago, with building costs maintaining a remark- the corresponding period a year ago. The Board's further
able stability.
conclusions are indicated as follows:
"Employment in Detroit factories, indicating in a large measure conditions in the automobile industry, was about 50% greater than at this time
year ago. Shipments of automobiles by manufacturers, estimated at
460,000 units, although somewhat smaller than the record shipments of
the previous month, were almost 50% greater than in September 1927
-cent chain stores and mail"Retail trade, as reported by leading 10
order houses, was also more active than in September of last year.
"Car loadings of freight were runn!ng slightly above the level of a year
ago, loadings during the week ended Sept. 22 amounting to 1,143,214 cars
and being larger than in and previous week of 1928. The forecast of the
regional advisory boards of the American Railway Association indicates
that freight-car loadings covering principal commodities will aggregate
9,279,000 cars in the last quarter of 1928. an estimated increase of 5%
over the same period of 1927
The wholesale price index in September, said the Secretary was about
4% higher than a year ago. Prices for iron and steel and cotton averaged
higher than in the previous months but were still below their respective
levels of last year. Prices for copper were higher than in either the preceding month or September 1927.
"Stock prices," declared Secretary Whiting, "averaged higher than in
either the previous months or the same period of last year, while bond
prices, though showing some recovery from August, were lower than a
year ago. Interest rates both for time and call funds, averaged considerable higher than in September of last year. Loans and discounts of Federal
Reserve member banks showed a 6% expansion over a year ago Dividend
and interest payments scheduled for distribution to investors during October
total $587,000,000 and are larger than in any October on record."
Questioned on the paper industry, Mr. Whiting remarked that it was
"rather quiet, and is always the last commodity to feel any advance and
the first to go down."
a
Loading of Railroad Revenue Freight Larger than in
Either 1927 or 1926.
Loading of revenue freight for the week ended on Sept. 29
totaled 1,196,768 cars, the Car Service Division of the
American Railway Association announced on Oct. 9. This
was an increase of 53,554 ears over the preceding week this
year, increases being reported in the loading of all commodities except livestock and ore which showed small reductions. The total for the week of Sept. 29 was also an increase of 69,865 cars above the same week in 1927 and an
increase of 16,719 ears above the corresponding week two
years ago. Details follow:
Potato shipments will show the next largest increase, the anticipated
movement being 80% in excess of the last three menthe last year. Accompanying this increase in these farm products, there Is an Increase of around
11% predicted for agricultural implements.
Increases of 10% are forecast for the shipments of cement, clay, gravel,
sand and stone, iron and steel, and petroleum and petroleum products.
Grain follows close behind, with an expected increase of 9 % over the
closing quarter of 1927.
Coal and coke and lumber and forest products will both show an increase
of between 7 and 8%, while a 5% growth is expected in the movement of
flour, meal and other mill products, castings, machinery and boilers, and
lime and plaster. Other commodities whose shipments are expected to
Increase, though by leas than 5%, are brick and clay products, paper,
printed matter and books, chemicals and explosives, and canned goods.
Shipments of salt and of sugar. syrup, glucose and molasses will be
approximately the same as a year ago.
Decreases in activity were anticipated in six lines. First, the movement
of hay, straw and alfalfa is expected to decline about one-fifth. Shipments of fresh vegetables, other than potatoes, will drop 15% below the
last three months of 1927, while similar reductions of about 8% are forecast
for livestock and poultry and dairy products. The movement of ores
and concentrates will be about 5% off, and shipments of fertilizers will
show a slight decline.
Chain Store Sales in September Show Large Increase.
Sales for 27 chain store companies for the month of September amounted to $120,568,209, an increase of $23,756,600,or 24.6%,over the corresponding period in 1927,according to statistics compiled by Merrill, Lynch & Co. of this
city. The Kroger Grocery & Baking Co. again led al
others in point of dollar gain with an increase of $5,482,816,
or 37.6%, over September 1927. Neisner Bros., Inc.,
National Tea Co., Inc., F.& W. Grand 5-10-25 Cent Stores,
Inc., W. T. Grant Co., Davega, Inc., and Safeway Stores,
Ino., led all others in point of percentage gain with increases
of 95.8%, 59.8%, 43.6%, 43.4%, 43.4% and 41.1%, respectively.
Sales for the nine months ending Sept. 30 1928 for the
same number of stores amounted to $937,682,536, an increase of $147,764,547, or 18.7%, over the same period last
year when sales totaled $789,917,989. A comparative table
follows:
OCT. 13 1928.]
FINANCIAL CHRONICLE
2015
-Month of September- -First Nine Months
During the year ended June 30 1927. more than 95,000 human beings lost
Inc. their lives in accidents occurring in the factories, and on the streets and
1927.
Inc.
1928.
1927.
1928.
highways of this country. In New York State factories alone almost 99.000
P'. W. Woolworth__ 22,636,568 20.743,845 9.1 190,316,767 179,086,392 6.3 people were injured so severely that they received money compensation
Kroger Groc. & Barg 20,071,897 14,589,081 37.6 146,132,807 120,229,083 21.6 1,042 of those 99.000 died as a result of their injuries These accidents,
J. C. Penney
16,476,853 13,727,351 20.0 112,842,130 95.929,529 17.6 most of which I venture were preventable, cost New York State in excess
S. S. Kresge
11,914,263 10,421,615 14.3 96,559,482 86,626,837 11.4 of $100,000,000 Charging deaths and permanent disabilities with a loss
Safeway Stores
9,604,235 6.806,012 41.1 75,154,507 54,684,097 37.4 of 1.000 weeks each, injured employees were absent from work a total of
National Tea
7,229,469 4,523,701 59.8 62,723,888 40,721,915 54.0 more than 2,000,000 weeks.
S. H.Kress
5.010,508 4.555.633 10.0 41,740,551 36.536,636 14.2
Here is a condition, the relief of which demands the interest and effort
W.T. Grant
4,707,752 3,282,078 43.4 33,725.875 26,478.609 27.4 of every human being, whether he sits in the president's office or works at
3.021,530 11.6 26,958,4:
25.910,489 4.0 a bench.
3,343,688
McCrory Stores
1,588,861 33.6 ,
5,82g 698 12,412,063 27.5
2,127.651
Melville Shoe
Here is a situation in which there can be no major controversy. The
1,508,859 37.1 l',117,547 12,181,791 40.7 conservation of life and limb Is of prime importance to both employer and
2,069,151
Sanitary Grocery
1,727,687 1,316,720 3'.2 13,165,929 11,900,154 10.6 employees, for death and disability cause loss to them both.
0.11. Kinney
1,718,292 1,229,076 39.8 12.321,917 9,062,292 35.7
3.3. Newberry
The solution can be found only in their combined effort; for divided
1,443,390 1.005,008 43.6 10.297,785 8,252,219 24.8
F. & W. Grand
1,226,800 1.007,140 21.8 10,545,957 8,962,278 17.6 they can accomplish but little.
David Ponder
938,382 26.9 8.295,031 6,958,222 19.2
1,190,493
McLellan Stores
The object of all intelligent industrial management Mr.
1,160,189
920,616 26.0 8.984,572 6,409,395 40.1
American Dept
976,863 14.2 8,242,297 7,712,425 7.3
Metropolitan Chain
1,116,456
770,629 35.6 1,480,446 6,429,909 16.3 Booth said is to develop conditions whereby all labor has
1,045,505
G. C. Murphy
952 427
686,5'2 .187 8,016,504 5,768,139 39.0
Peonies Drug
933,542
h T.,,780 95.8
6,200,884 4,067.982 52.4 the proper attitude towards its job. This, he declared to be
Neisner Bros
R26,474
818,033 0.3 8,368,635 8,213,849 1.8
Lane Bryant
Loft, Inc
607,870 x8.5 5,138,257 5,562,983 x7.6 the responsibility of employers. Competition, he continued,
511.057
Isaac Silver & Bro_ _
430,385 18.8 4,110,543 3,524,193 16.6
677,718
331,519 13.9 2,691,187 2,392,008 12.5 has made it necessary for all industry to conduct a war against
Worth, Inc
320,893
257,608 43.4 2,525,351 2,104,591 19.9
Davega, Inc
274,653
269,872 1.7 2,133,554 1.799,909 18.5 waste if it is to compete successfully. All manufacturers,
Kinnear Stores
he explained, have about the same methods and processes at
their hands in meeting this competition and, therefore, the
thing which has become of compelling importance for each
Canadian Lank of Commerce Finds Outlook for Trade
industrial concern, if it is to maintain its position in its field,
More Promising than Year Ago.
is the human equation. Some of the important points made
"Comparatively favorable business conditions prevail by Mr. Booth follow:
in most sections of the country and the present outlook for
The most outstanding characteristic of labor conditions in industry
fall and winter trade is even more promising than it was a to-day is a sympathetic attitude displayed by management in every well
ordered enterprise.
year ago," says the Canadian Bank of Commerce in its
The fact is that the philosophy among the more enlightened labor loaders
"Monthly Commercial Letter" for October. The bank in is distinctly changing in character. That to which we have previously
says:
part also
preferred, based upon the subordination of the individual to the group and
Totals
_120,568,209 96,811,609 24.6 937,682,536 789,917,989 18.7
x Decrease.
•
The agricultural season has generally been successful as far as production
is concerned, and from every point of view mixed farming is in a sounder
position than at this time last year. As regards the western grain-growing
provinces, the number of orders for agricultural implements cancelled at
this period usually indicates inversely the purchasing power of the farmers.
If this had been seriously affected by the lower level of grain prices there
would have been an almost general refusal by the farmers to take delivery
of equipment ordered on the condition that their circumstances would
warrant acceptance. It is significant, however, that the cancellations so
far are not disproportionate to the total orders taken during the season.
A rational policy continues in the lumber industry, for production is
now closely adjusted to consumption, particularly in the Pacific Coast
region of the United States, where operations were formerly on such a vast
scale that the American market, the outlet for a large part of the lumber
sawn in British Columbia, was almost comtantly glutted. The demand
fell off slightly during August but has since been greater, and the higher
prices established some months ago have been maintained. Exploration
and development work in the mining fields will shortly be curtailed owing
to winter weather, but because of the larger ore-bodies now accessible,
improved milling facilities and better world markets, actual mining operations will be more extensive than in any previous season. While fishing
has sometimes been conducted under more favorable conditions the results
this year are, on the whole satisfactory, and there are better prospects for
those engaged in the industry than in 1297. The building program for the
entire country is the greatest ever recorded.
Industrial Operations.
Manufacturing as a whole continues at a higher level than ever before.
although some industries are still operating under difficulties which are
largely the result of an over-expansion that has taken place in these lines
both in Canada and abroad. The steel, pulp and paper, coarse cotton,
woolen and leather footwear industries fall into the latter category, although improvement has been noticeable in some lines during the past year.
Marked activity, however, is to be recorded in those branches of manufacture which produce building materials, farm implements, automobiles,
foodstuffs, rubber goods, house furnishings and the most popular lines of
wearing apparel. For the most part, therefore, the mills and factories will
be fully occupied for some months, unless the purchasing power of the
western farmers is curtailed by further damage to the crops now being
harvested, or by another sharp decline in the price of wheat.
Willis H. Booth Declares Consideration of Human
Factor Great Problems in American Industry.
The great problem in American industry to-day is that of
human relations. The development of conditions in industry, whereby the individual, working in reasonable
happiness and contentment, may contribute to his task the
maximum of inventive ingenuity, must be the first obligation of the employer, if industry is to continue to expand.
This was the keynote sounded by Willis H. Booth, President
of the Merchants' Association and Vice-President of the
Guaranty Trust Co. of New York, at the opening session on
Oct. 1 in the Hotel Pennsylvania of the 17th Annual Safety
Congress of the National Safety Council. Mr. Booth's
subject was "the Humanics of Industry."
High wages and the protection of the human factor, Mr.
Booth said, combined with the development of mechanical
power and mass production, would operate to the greatest
benefit of both employee and employer. To a recognition
by both employee and employer that increased production
and lower costs afford greater business and higher wages,
he attributed "a more prosperous condition than has ever
existed anywhere within recorded history." Turning to the
problem of industrial accidents the Merchants' Association's
President said:
the minimum production of each employee in an imaginary protection of
the others, has been replaced by a more enlightened philosophy based upon
maximum production at low unit cost as a basis for high wages and more
consuming power. This has changed the entire attitude of American
business and is largely responsible for our present prosperous era.
Management is not now concerned with the cost of labor as much as with
the cost of the unit of product. Labor realizes that increased production
and lower costs affords greater business and higher wages. This philosophy
now accepted by both management and labor has led both up to a more
prosperous condition than has ever existed in industry anywhere within
recorded history.
In this greater reservoir of inventive intelligence found at a more average
high plane in American labor than elsewhere, lies the continued prosperity
of American industry.
Unquestionably labor will continue to expect its fair share in the profits
of industry and there will probably always be difference of opinion on
this point but each situation in its turn must be considered upon a basis
of honest, sincere and straightforward co-operation. Entirely aside from
welfare work, which is an outstanding consideration in modern business,
every industry to-day is giving consideration to the question of wages and
hours, to bonus system, to profit sharing and stock ownership
It is rather significance to observe that many of our industries which
have been the most profitable are those which have taken the most advanced position in the consideration of the human factor.
The one outstanding fact is that our new standards of living have developed not only new capacities but new appreciation. This may not of
itself make our so-called labor problem easier; in fact it may temporarily
make it harder but it will ultimately introduce two factors which should
have a distinctly stabilizing influence in our economic order:
(1) It should raise the level of education.
(2) It should increase the per capita average of wealth, and these two
factors should have a distinctly healthful influence in shaping the course
of a democracy whose Government derives its authority from the consent
of the governed. Possession of property is the best antidote for destructive
socialism.
We have learned many lessons in the past twenty-five years of industrial
development, but perhaps none more important than the twofold lesson,
first by the employer, that high wams and protection of the human factor.
and second by the employee, that the development of mechanical power
and mass production may combine to the greatest benefit of all concerned.
Paternalism towards employees is just as much out of place as communized
ownership. Each party in this new relation should stand squarely on his
own feet, jealously protecting his own interests, but realizing full how far
that interest is one with his business partners. Ill advised charity is as
much to be deplored as socialistic seizure of the other fellow's property.
The United States, as the world's new industrial lender, is basing its
leadership on the co-operation of labor. England has been slow to make
her readjustment to the new order and is seeing her former position occupied
by others who see the wisdom of this new policy of reciprocal effort and
understanding.
This new guiding thought is not formulated in pursuit of Utopian ideals.
It is productive of the most practical results. First, it adds greatly to the
productive capacity of the individual;second,it greatly increases mechanical
efficient and output; third, it increases the buying power of the consumer
and raises the general standard of living; fourth, it greatly reduces labor
turnover, the bane of all industry in its wastes and annoyances.
C. B. HazIewoodBefore Philadelphia Chamber of Commerce Says Business Must Pay Greater Attention
to Profits.
Voicing the opinion that business in the future must pay
greater attention to the element of profits, Craig B. Hazlewood urged a return to the practical realities of business in
an address delivered on Oct. 3 before a meeting of the
Philadelphia Chamber of Commerce. Mr. Hazlewood, who is
Vice-President of the Union Trust Co., Chicago, is the newly
elected President of the American Bankers' Association.
"It is natural," said Mr. Hazlewood,"that in the remarkable
2016
FINANCIAL CHRONICLE
development of business in this country the emphasis everywhere seems to be upon size and volume. No wonder we
expect every month and every year to excel the last. For the
opportunities as well as the problems of business have
broadened enormously—and in the main we have measured
up to the challenge." He went on to say:
In closing, Mr. EIazlewood laid down four principles concerning profits, as follows:
We have succeeded to some extent in replacing the severe ups and downs
of an exciting business cycle with a business structure which is better able
to adjust itself to changing conditions. Still, however, there are an unnecessarily large number of businesses which are not soundly nor profitably
managed,some estimates placing the number of concerns operating without
a profit each year at more than one out of three.
We must realize, that consolidation in itself, cannot solve the riddle of
profitable operation. We must remember that mere size or volume of
sales is not the ultimate aim of business. We must recognize that the business
captain who dreams great dreams of business expansion, commendable
as they are, must in the final analysis justify that expansion by a commensurate increase in profits. We too frequently take it for granted that every
increase in volume by merger or otherwise, adds to the intrinsic value of a
business. But after all, mere size alone does not rank as an all-important
factor in business.
Our vision has too frequently become clouded and we have forgotten that
the primary and fundamental objective of all business is profits.
Of late years we have learned many startling things about profits but we
have earned nothing more remarkable than that the primary reason for
success or failure to-day is not economic conditions—not environment—not
location—nor any other factor—but management.
The richness of this country has been such that only the indolent, the
stupid, and the criminal could fail. And after each success, we have expressed satisfaction over our good management when in reality most of
our successes should have been accredited to Divine Providence and good
fortune.
We have too frequently succeeded out of the richness of our environment,
and then we have congratulated ourselves upon our good management. But
if there is any lesson to be learned from the studies and surveys which have
been made of business in this country, it is the imperative necessity for
better management.
Good management has made enormous strides within the past few years.
But even yet, in my opinion, we have not really begun to know the meaning
of good management.
We must recognize that we are past the pioneer period, and that we are
in a new era in which the success of business is in direct proportion to the
ability of its management. We must consciously, vigorously, develop and
apply the science of management in our own fields.
I have known business men to say,"My business is different from any
other business." They forget that there are basic principles of management
that have been developed through years or practical experience, and that
apply to every kind of business, regardless of whether it is large or small,
whether it is located in Philadelphia or Chicago.
In analyzing our own businesses,then,let us apply the typically American
approach to this problem of good management and adequate profits. By
that I mean, let us have a new deal instead of playing out the old hand.
Let us emphasize not so much the idea that our business is different, as
the truth that all businesses are common in their fundamental operations
and objectives. Let us forget that things have to be done a certain way,
and examine our businesses with an open mind.
To speak for a moment from my own experience in bank management,
let me recall to you that the banks of this country emerged from the war
period with problems which seemed insurmountable. But to-day, in many
banks, particularly in our larger cities, we find the spirit of scientific management at the controls. Standards are being set up to govern liquidity,
quick reserves, interest rates and banking costs. Long and broad experience
is being concentrated into definite policies upon points where management
has been uncertain. This progress in management, evidenced by banks
throughout the country, is, in fact, a revelation to anyone who delves into
the facts.
I might specify many cases where intelligent bank management has
accomplished notable results. One bank in two years increased its operating
profits 27%, in spite of an increase in gross income of only 2%. Another
increased profits 75%, although gross income expanded only 17%. In this
characteristic fashion, capable management has squeezed more dollars of
net profits from substantially the same business... .
In the fields of simplification and standardization, we have made wonderful progress. Not very long ago we had over 6,000 varieties of single bit
axes on the market—enough to stock a fair sized museum housing one of
each kind. A hardware jobber or retailer who carried only a half dozen of
each item would have had an inventory of 36,000 axes alone. We have
reduced the kinds of washing machines manufactured from 446 to 18:
automobile tire sizes and types from 287 to 32; paving brick from 66 to 5;
steel windows from approximately 42,000 to 2,000; range boilers from 130
to 13; and common brick from 44 to 1.
What is the significance of all this? It means a reduction in capital tied
up in manufacturing equipment and inventories. Its effects run throughout
an amazing ramification of economies. But no less important,it counteracts
the increasing complexity of business and clarifies the difficult problem of
management itself. Instead of buying, inventorying and selling hundreds of
varieties,we merely run an endless flow of one simple commodity through a
plant—and so, regardless of tremendous volume, we have a comparatively
simple business. To simplify work means also to multiply the factory
worker's productiveness. For the jobber and retailer it means more cornplae lines, increased business with less space, lower interest,less insuran
taxes, labor costs, &c.
I firmly believe that we are now in the morning hours of a new er
business management—an era in which we shall have control b
who overlook no essential of the problem, market analysis, the elimination
of unprofitable units and wasteful practices, closer budgetary control,
efficient and economical operation,lower costs, a larger gross with increases
net profits, and faster turnover.
[VoL. 127.
Continued Increase in Factory Employment in New
York State.
Fall production was well under way in the factories of
New York State in September, Industrial Commissioner
James A.Hamilton announced on Oct. 11. This was brought
out by the results compiled of the monthly survey of employment for September in a list of factories representative
of all the industries of the State. The index number of
employment, based on the number of workers in the same
firms in June 1914, stood at 93 in September, 2% above the
August figure and the highest point reached this year. The
index number for New York City alone was between 74 and
75% of June 1914, a gain of over 3% from August. The
larger increase in the City than in the whole State was due
mainly to the greater expansion of the various clothing
industries in New York City, and their more important
position in the industrial situation there, according to
Commissioner Hamilton, who goes on to say:
Clothing Industries Active.
All the clothing industries reported good increases in number of workers
from August to September, so the total gain for this group was larger than
usual for this month. The men's clothing firms in New York City this
season have been slower than the up-State firms in recovering from the
spring end-of
-season slump Consequently they were still taking on workers
from August to September, while the up-State firms had passed their
period of greatest activity and were cutting forces. All the women's apparel
industries were expanding, and somewhat more in New York City than
elsewhere in the State. The gains in the men's furnishings establishments,
on the other hand were larger up-State, and were most important in the
shirt and collar factories. The fur shops more than replaced their July-toAugust losses, although the gains were concentrated in a few shops and did
not indicate any general movement.
Irregular Changes in Metals.
A net gain from August to September of 1% in the number of metal
workers employed in the State was the result of expansion in only half of the
industries in this group. The machinery and electrical apparatus factories
were the most important factor in this gain for they reported a large spurt
In activity after a slow climb through the summer. The brass, copper.
aluminum and pig iron mills and automobile and automobile parts factories
continued to take on workers; their forces were well above those of this
month last year. In the pig iron mills activity was nearly as high as in the
spring of 1297, and the brass, copper and aluminum mills and automobile
and automobile parts factories were employing more people than at any
time since the spring of 1296. The railroad equipment factories reported
general increases in employment which replaced the August losses in this
industry in spite of the small declines in the railroad repair shops. In
New York City the jewelry firms continued expansion for the Christmas
trade, and there were small increases in the structural iron and heating
apparatus plants. Up-State these industries shared in the decline that was
reported for all the metal industries not mentioned above.
Printing and Food Industries Show Strength.
The printing establishments reported additions to employment during the
month, as is usual at this time of year. The increases from August to
September this year are considerably less than for the same month during
the past few years, for there has been practidally no mid-summer reduction
this year. The number of employees in the printing shops has varied only
2% from its highest to lowest points this year, though the drop in July
and August is frequently over 5% of the spring figures. There was a strong
upward movement among the food products manufacturers, especially
in confectionery and canning plants. The increases in both of these industries were large, even for this time of year when they are usually most
active; they were employing more people in September than in any month
since the fall of 1296. The flour mills were adding to forces at the same
rate as a year ago, but on a lower level.
Movements in New York City Differ From Up-State.
The seasonal drop in employment in the lime, cement and plaster factories was larger in New York City than up-State and brought employment in the whole stone, clay and glass group below the August level.
The glass factories up-State reported a large addition to forces that made
their employment as high as in September two years ago, well above last
year. Some shoe manufacturers up-State were busier in September while the
New York City plants did not hold their August gains. The small leather
goods factories in New York city, on the other hand, continued to expand.
but reductions in forces were reported in many up-State plants. General
decreases throughout the State were reported in the paint and color factories; increases in most of the oil products plants nearly offset the retirement of one firm from that industry. Activity in the New York Cily firms
of this group on the whole gained during the month, while the up-State firms
reduced working forces. The silk, cotton and woolen mills in the State
did not hold the large August gains, though in New York City the firms
reported general additions to number of workers. The knitting mills,
howe
creased activity more up-State, but they were still operating
wit
11 forces compared to even one year ago.
regularity in Business Conditions in St. Louis
Federal Reserve District.
Considerable irregularity marked the course of trade in
the St. Louis Federal Reserve District in the thirty day
covered in the "Monthly Review" of the Federal Reserve
Bank of St. Louis issued under date of Sept. 29. The Bank
noting
In closing, Mr. Hazlewood laid down four principles inThis was this adds: various lines and different localities.
true of both the
Relatively
concerning profits as follows:
a more favorable showing was made by production than distribution of
First and foremost.—The success of a business, assuming service, is commodities, and merchandising results in goods for ordinary consumption
were less favorable than in those of the heavier and more permanent sort.
measured by profits, and profits alone.
Second.—To earn profits in this changing era demands a new degree of While purchasing power of the public continues at the high levels of recent
months, there is a disposition to proceed with caution and conservativeness
management genius.
Third.—This new management requires an open mind and freedom from on the part of both merchants and ultimate consumers. In a majority of
lines investigated. August sales fell below those of the corresponding month
tradition, and knows no obstacles.
Fourth.—The good manager does not stand alone, but secures co-oper- last year, but on the other hand, August totals were for the most part
ation from within his organization and expert counsel from without.
larger than those of July this year. The latter fact, however, was due in a
OCT. 13 1928.]
number of important instances to purely seasonal influences, and in no
case was the increase in the monthly comparison greater than the average
of the past several seasons. In the immediate past some improvement has
developed in trade, due to more seasonable weather, and sentiment in the
business community relative to late fall and winter trade is in the main
optimistic.
Industrial reports dealing with August activities reflect less than the
usual curtailment. This is true particularly of iron and steel, building
materials, packing and chemicals. While the record of August building
permits and construction contracts let showed sharp declines from the
preceding month, actual building activities continued on a large scale, and
work in progress is sufficient to maintain a similar, or only slightly reduced
rate, until cold weather interferes with outdoor operations. Distribution
of automobiles in the district recorded a notable gain over a year ago.
Debits to checking accounts in August were 3.2% less than in July, but
5.4% greater than the August 1927, total. Savings accounts in August
gained 0.2% and 6.1%, respectively, over a month and a year earlier.
Department store sales in the chief cities of the district in August were
9.1% less than for thesame month last year. Sales during August by wholesalers of dry goods, clothing, groceries, shoes, stoves, men's hats, and
furniture fell below those of the corresponding period in 1927. Liabilities
involved in commercial failures in the district in August were 113.5%
larger than in July, and 519.5% in excess of the August 1927, total.
The trend of employment was in the direction of improvement over the
preceding thirty days, Nem'conditions as a whole somewhat more favorable
than during the corresponding period last year. In the building trades
skilled artisans were generally well employed, and unskilled labor was in
good demand,especially in highway and municipal improvement work,and
on farms. A number of the major industries added to their working forces,
among them automobile assembling plants, packing houses, quarries and
cement plants. Railroads also augmented their forces, and there were the
usual seasonal gains in flour mills, canning establishments, tobacco warehouses, &c. A surplus of clerical help exists in the principal cities. Crops
as a whole in the district underwent moderate improvement from July to
August. with specific gains in yields indicated in corn, tobacco, cotton and
some minor productions. As an offset to this favorable development.
however,cereal prices continued at the low levels reached in July and early
August, and cotton declined to a new low price for the year.
Conditions in the bituminous coal trade continue complex and difficult,
but the past few weeks have developed rather general improvement. This
has been due to greater industrial stability, reduced stocks in the hands of
all classes of consumers, and the influence exerted by nearer approach to
cold weather. As compared with the preceding thirty days, prices averaged
slightly higher, being affected by the customary September 1 advance on
domestic grades. Taken as a whole, production in the district gained in
fully the seasonal amount, and in the Indiana and Illinois fields, there was
a moderate increase in the number of miners working, and a good gain in
working time of those previously engaged. Mine operators and distributors.
however, reported a general disposition on the part of consumers to take
only what was needed for immediate use, and to postpone contracting on a
large scale for fall and winter supplies. This attitude was attributed
largely to uncertainty as to wage scales in the union territory, buyers
hoping for lower prices as a result of a new agreement. Producers, however, were for the most part unwilling to make any price concessions. As
a consequence of hand-to-mouth buying during many weeks, reserves of
industrial consumers are low,and in many urban centers. notably St. Louis.
domestic deliveries at the middle of September were substantially smaller
than at the same time last year.
Gain in Wholesale and Retail Trade in Atlanta Federal
Reserve District-Increased Production by Cotton
Mills.
Summarizing sonditions in its district, the Sept. 30
Monthly Review of the Federal Reserve Board of Atlanta,
says:
Increases were shown in August over July in the volume of trade by both
retail and wholesale firms in the sixth district reporting to the Federal
Reserve Bank, commercial failures declined, and production by reporting
cotton mills increased, but declines were shown in bank deposits, debits to
individual amounts, and in building statistici.
August sales by reporting department stores were 12% greater than in
July, and, due to increases at Atlanta and Nashville, averaged 1.3%
greater than in August last year. Sales by wholesale firms increased
nearly 20% in August over July. but continued at a level somewhat below
that of a year ago. Commercial failures were smaller by 34% in liabilities,
than in July, and less than half the total for August 1927. Savings deposits
of 85 reporting banks were 2.5% greater than a year ago. Debits to individual accounts declined in comparison with July, and were less than for
August last year. Both demand and time deposits of all member banks
In the district declined in August. and demand deposits were less than a
year ago but time deposits were greater. Building permits at reporting
cities were less than for July of this year or August 1927. The production
of cotton cloth and yarn by reporting mills in this district increased over
July, and were slightly greater than for August last year. Production
of both coal and pig iron in Alabama is at a lower level than at the same
time last year, but coal output in Tennessee shows an increase over August
last year. The Sept. 1 estimates by the United States Department of
Agriculture indicates decreases in the sixth district, compared with 1927
In the crops of cotton. corn, wheat, oats, hay, sweet potatoes and peanuts,
but increases in tobacco and white potatoes, and fruits.
Conditions in the retail trade are indicated as follows:
Retail Trade.
Retail trade in the sixth district exhibited a seasonal increase in August
over July, and was greater than in August last year, and stocks of merchandise also increased over July, but were somewhat smaller than a year
ago. Sales during August by 45 representative department stores located
throughout the district increased 12% over July, and averaged 1.3%
greater than in August 1927. due to increases reported at Atlanta and
Nashville. For the first eight months of 1928, sales in the district have
averaged 2.8% greater than in the corresponding period of last year. Stocks
on hand at the end of August were 1.7% larger than a month earlier. but
were 1.4% smaller than a year ago. Accounts receivable at the end of
August were 3.8% greater than for July, and 15.9% greater than a year ago.
Collections during August declined 10.9% compared with those in July,
but were 2.6% greater than in August 1927. The ratio of collections
during August to accounts receivable and due at the beginning of the
month for 32 firms was 30.5%; for July this ratio was 31.6%. and for
August last year, 34.2%. For August, the ratio of collections against
regular accounts outstanding, for 32 firms. was 32.5%. and the ratio of
collections against installment accounts for 9 firms was 16.0%.
2017
FINANCIAL CHRONICLE
Wholesale Trade.
The distribution of merchandise at wholesale in the sixth district exhibited
a seasonal increase in August compared with preceding months, but continued in somewhat smaller volume than in the corresponding month last
year. August sales were greater than in July in all of the eight reporting
lines of wholesale trade, and increases are shown for each reporting city
from which three or more reports in a line of trade were received. Compared with August 1927, sales during August this year show increases in
electrical supplies, stationery and groceries. The combined index number
of wholesale trade in the district for August is higher than for any month
since last November. Trade conditions in August were, however, affected
by bad weather and its adverse effect on crop co 3ditions in some sections.
Comparison of reported figures are shown in the tables which follow.
CONDITION OF RETAIL TRADE DURING AUGUST 1928 AT 45 DEPART-SIXTH FEDERAL RESERVE DISTRICT.
MENT STORES
Comparison of
Net Sales.
Comparison of
Stocks.
Rate ofStock Turnover.
Jan. 1 to
./1* ... 11 Ave. 31 Aug. 31
,
August
Jan. 1 to
Aug. 31.
Aug.1928 1928 with 19281with 1928 with
With
,y Samee Aug. 31 July 31
,
1927. 1927. 1928 1927 1928.
Aug.1927 ''Period5 4%1927.
in11927.
+18.9
Atlanta (5)
Birmingham (5). -2.3
Chattanooga (6) -9.4
Nashville (4)_ _ _
+1.8
New Orleans(5). -2.9
Other cities(20)- -7.9
TliatrIrt (<1 c1
4-1 !I
+15/
+6.2
-3.7
+7.2
-2.8
-3.7
+6.7
-10.2
-2.6
+7.2
-2.8
-2.9
+3.8
-8.3
+6.6
+2.8
+0.8
-1-7.6
.32
.25
.17
.29
.16
.20
.30
.18
.15
.25
.14
.15
2.34
1.73
1.56
1.98
1.65
1.05
4-9 a
-1 1
4-1 7
99
10
1 52
2.15
1.63
1.48
1.92
1.36
1.52
1 an
Note.
-The rate of stock turnover is the ratio of sales during given period to
average stocks on hand.
Business Conditions in Richmond Federal Reserve
District.
In its account of business conditions in its District, the
Federal Reserve Bank of Richmond has the following to say
in its Sept. 30 Monthly Review:
Business in the Fifth [Richmond] Reserve District in August and early
September showed a seasonal increase over July, but was in less volume
than during the corresponding period of 1927. Increased rediscounts at
the Federal Reserve Bank and an increase in the circulation of Federal
Reserve notes during the past month, together with a larger volume of
department store sales and increased wholesale business over sales in July.
Indicate that fall trade opened up normally. Employment conditions
appear to have improved somewhat in recent weeks, and coal production
was only a little below the tonnage mined in August last year.
On the other hand, textile mills continue unable to sell their output and
are forced to curtail operations considerably to prevent an accumulation of
goods in their warehouses. Official crop estimates as of Sept. 1 are unfavorable when considered in connection with prices now prevailing for
farm products. Should the District's cotton crop exceed last year's yield,
this year's prices are between $20 and $25 a bale lower than a year ago.
and money returns from the 1928 crop will be much lower than the returns
from the 1927 crop. This year's tobacco crop is forecast to be somewhat
smaller than the 1927 crop, the quality of the weed is lower, and present
prices are below those of last fall. Other crops have been more or less
seriously damaged by storms, floods and excessive rains, and the out
turns are highly problematical. Retail trade in August was below the
volume of trade in August 1927, and'wholesale trade was also in smaller
volume last month than during the same month a year ago. Building
permits issued in August in leading cities and contracts actually awarded
for construction and engineering projects in the Fifth District were in lesser
amounts than in August 1927. Finally, debits to individual accounts in
the banks in leading trade centers were lower during the four weeks ended
Sept. 12 than during the corresponding period last year.
Regarding wholesale and retail trade, the Bank says:
Wholesale trade in August in the Fifth District was in larger volume
than in July in all lines reported upon, a seasonal development, but August
sales this year were smaller in every line except groceries than sales in
August 1927. Total sales this year were also less in all lines except groceries than total sales in the first eight months of 1927.
Stocks on the shelves decreased during August in all of the four lines for
which figures are available except groceries, and at the end of the month
were in smaller amount than a year ago in dry goods, and shoes, while
grocery and hardware stocks were slightly larger than a year earlier
Collections in August were better than in August 1927 in dry goods
and drugs, but grocery, shoe, hardware and furniture collections last
month were slower than those in the same month last year.
Retail trade in the Fifth Reserve District in August showed a seasonal
Increase over the volume of business in July of this year, but dropped 3.4%
behind the business done in August 1927, according to confidential reports
received from thirty leading department stores. Total sales this year were
two-tenths of 1% less than total sales during the first eight months of
last year. August 1928 sales averaged 15.3% above average August sales
during the three years 1923-1925, inclusive, partly due to store expansion
in two or three cities.
Stocks on hand in the thirty reporting stores at the end of August showed
a seasonal increase of 2% over stocks on July 31 this year. but were sixtenths of I% less than stocks on hand at the end of August a year ago.
The percentage of sales in August to average stocks carried during that
month was 22.4%, and the percentage of total sales since Jan. 1 1928, to
average stocks carried during each of the eight elapsed months was 198.5%.
indicating an annual turnover of 2.647 times. The rate of turnover during
the first eight months of 1927 was 2.636 times
Collections during August in the thirty reporting department stores
averaged 24.5% of receivables outstanding on Aug. 1 this year, compared
with 24.2% of outstanding receivables collected in August 1927. Baltimore, Richmond and Washington stores showed slightly higher percentages
this year than last, but the group of other cities stores reported slower
collections last month than in August a year ago.
Business Conditions in Dallas Federal Reserve District
-Improved Wholesale and Retail Trade-Banking
Conditions Affected by Abnormal Credit Situation
in East.
The Dallas Federal Reserve Bank, in its Oct. 1 Business
Review states that "while banking conditions in the South-
2018
FINANCIAL CHRONICLE
west continue generally sound, it must be borne in mind
that the credit situation is being seriously affected by the
abnormal conditions in the Eastern money and stock market.
The bank goes on to say:
A substantial amount of the district's funds is being employed in the
call market in New York and there is a marked trend toward the centralization of financing by large Southwestern corporations in this district.
Many of these concerns which ordinarily obtain their working funds in
the East. either directly directly from New York banks or through borrowing in the open market, are now turning to their local banks for funds
due to the high level of interest rates prevailing in the North and East.
This situation has created a strong demand for funds at the Federal Reserve
Bank of Dallas whose loans to member banks reached a seasonal peak
of $32,746.613 on Aug. 24. as against $16,079,113 In 1927. Since the
cotton crop has begun to move in volume, however, these loans are showing a substantial reduction.
The August volume of merchandise distribution in both wholesale and
retail channels reflected a substantial improvement. The sales of department stores In larger cities were 11% larger than a month earlier and were
slightly larger than a year ago. Distribution at wholesale showed a large
seasonal increase as cmipared to the previous month and was substantially
larger than In the corresponding month last year. While conservatism
is still the ruling policy of merchants, there is an undertone of confidenco
in the soundness of business and evidence is accumulating that the volume
of trade will be well sustained during the fall. Debits to individual accounts
were 3% larger than a month earlier and exceeded those of a year ago by 8%.
The past month witnessed a substantial Improvement In the business
mortality rate in the Eleventh District. Both the number of failures
and the amount of indebtedness involved reflected a sharp decline from
the previous month and were smaller than a year ago.
While the lack of moisture has caused a considerable deterioration of
ranges in some portions of the district, the physical condition of both ranges
and livestock In the major grazing areas has been steadily improving and
the outlook for fall and winter pasture is good. Trading on the ranges
has been active and the scarcity of cattle is sustaining prices at a high level.
The volume of building operations, as reflected by the valuations of
permits Issued at principal cities, showed a gain of 41% over the previous
month, but was 13% less than a year ago. The production, shipments.
and new orders for lumber exceeded those of the previous month and were
substantially larger than last year. The production and shipments of
cement also showed a large gain over a year ago.
[VoL. 127.
Employment and Payrolls
The employment and payroll reports of 710 manufacturing and miscellaneous plants In Oklahoma showed increases of 5.8 and 10.5% respectively
for August over July, 1928. All industries showed increases in number
employed with the exception of metals and machinery, and all Industries
showed increases in payrolls, with the exception of food products, and
textile and cleaning. The U. S. Bureau of Labor Statistics released showed
an increase of 1.5% in employment and an increase of 3.2% in payrolls, In
August compared with July.
The highest Increase in payrolls was in the lead and zinc industry while
the largest increase in number employed was in the wood working industry.
The oil industry. with 189 firms reporting showed an increase of 5.5% over
July. While several cottonseed oil mill plants are still closed, an increase
is shown in both employment and total payrolls over last month. Oil
refining industry has not shown much change for the month in employment
but total payrolls showed an increase of a little more than 13%. Water,
light and power employment showed an increase of 4% and total payrolls
11.6%•
Lumber Sales Continue To Gain.
The lumber movement during the week ended Sept. 29
continued at the high level recorded for the greater portion
of the year, with sales of 860 leading mills amounting to
412,320,000 feet as compared with 405,729,000 feet for 882
mills the week before. Reports to the National Lumber
Manufacturers Association give production as 400,956,000
feet and shipments as 408,755,000 feet. In the softwood
group orders were substantially ahead of last week, while
in the hardwood branch production showed a slight gain.
Both shipments and orders of hardwoods were less. The production of 229 West Coast Lumbermen's Association mills
was 197,901,939 feet, a gain of more than 10,000,000 feet
over the weekly average production this year, but 33,000,001
feet behind the three-year average weekly operating capacity. In the Southern Pine Association, 149 mills (1903'
With regard to textile milling operations in its district, units) reported production as 68,533,817 feet, which was
12,238,313 feet under the three-year average.
the bank states:
Operations of textile mills in the Eleventh District in August were somewhat greater than in July. but were below a year ago. There were 3,022
bales of raw cotton consumed, as compared to 2,130 bales in the previous
month and 3,441 bales in August last year. Production of cloth was 54%
larger than in July, but 1.8% below the output in the corresponding month
of 1927. The volume of orders on hand on Aug. 31 was not as large as
a month earlier or a year ago, but stocks showed an increase over both
periods. Prices on most classes of cotton goods reflected a downward
trend in sympathy with the movement of raw cotton prices. Due to the
uncertainty surrounding the raw cotton market, there has been a tendency
for buyers to withhold forward orders until the outcome of the current
crop becomes more definite.
TEXTILE MILLING STATISTICS.
August
August
1928.
1927.
Number bales consumed
3.022
3,441
Nuraber spindles active
81,564
83,564
Number pounds cloth produced
1,478,275
1,503,196
Unfilled Orders Increase.
The unfilled orders of 335 Southern Pine and West Coast mills at the end
of last week amounted to 888,781,390 feet. as against 870.888,923 feet for
334 mills the previous week. The 149 identical Southern Pine mills in
the group showed unfilled orders of 277.278,400 feet last week. 88 against
277.852.960 feet for the week before. For the 186 West Coast mills the
unfilled orders were 611,502,990 feet, as against 593.035,963 feet for 185
mills a week earlier.
Altogether the 538 reporting softwood mills had shipments 101%, and
orders 102% of actual production. For the Southern Pine mills these
percentages were respectively 122 and 121; and for the West Coast mills
93 and 102.
Of the reporting mills, the 489 with an established normal production
for the week of 381,507,000 feet, gave actual production 89%, shipments
July
90% and orders 91% thereof.
1928.
2,130
The following table compares the lumber movement, as reflected by the
81,564 reporting mills of eight softwood and
two hardwood regional association,
958,403
for the weeks indicated:
Conditions in Pacific Southwest as Reviewed by Los
Angeles First National Trust & Savings Bank.
A well maintained volume of business and an active harvesting of crops has characterized the commercial situation
in the Pacific Southwest territory during September. General trade and industry has exhibited a definitely firmer .,one
during recent weeks. While the actual position of many
indices has not changed greatly the sentiment of business
interests has become more confident. This is the introductory paragraph of the Monthly Summary Conditions
in the Pacific Southwest territory compiled by the Research
Department of the Los Angeles-First National Trust &
Savings Bank and the First Securities Co., and released for
publication Oct. 5. The summary continues in part:
Production and distribution of goods is reflecting the stimulus of the customary fall Increase in operations. Check transactions have shown a
greater than usual gain over August and have been materially ahead of
As was the case with these indices last spring, however,allowance should be made for the renewed high level of stock exchange
last year at this time.
activity.
Trading at retail has expanded in the metropolitan area and many
country districts report a good increase during the month. Wholesale
trading has improved seasonally in several lines. The autobile market
has recovered sharply, with August sales of new cars in Southern California
the largest for any month since November 1925.
Industrial operations have been featured by the large output of oil well
supply and automobile tire plants,sustained activity in motion pictures and
petroleum refining, the termination of the fruit canning season, and continued slackness in meat packing and furniture manufacturing. Building
construction and oil production remained remarkably steady. Real estate
activity has tended to decline.
The demand for credit, as disclosed by loans and discounts of reporting
banks, has been strong. Commercial deposits have mounted to high
svels, while savings deposits have eased off. Business morality was
larger than in August, but the volume of the past two months has been distinctly beow the levels of the previous year.
Employment Conditions in Oklahoma.
From the Sept. 20 number of the Oklahoma Business
Bulletin, published by the Bureau of Business Research,
School of Business, University of Oklahoma, we take the
following:
Past Went,
Preceding Week 1928.
(Sensed).
Softwood. Hardwood. Softwood. Hardwood.
Mills (or units")
538
397
848
334
Production
346,575.000 54,381,000 349,146,000 53,898,000
Shipments
349,521,000 59,234,000 356,297,000 61,099,000
Orders (new business)
353.871,000 58.649.000 344.028,000 61,701.000
•A unit is 35,000 feet of daily production capacity.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 186 identical mills reporting for the week ended Sept. 29
amounted to 180,918.226 feet, shipments 164,499,551 and production 176,742,402. Unfilled orders totaled 611,502,990 feet.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 149
mills reporting, shipments were 22.12% above production and orders
were 21.28% above production and 0.69% below shipments. New business taken during the week amounted to 83,119,680 feet (previous
week
86.928,800);shipments 83,694,240 (previous week,87,269,280); and production 68,533,817 feet (previous week 73.777,735). The normal production
(three-year average) of these mills is 80,772,130 feet. Of the 146 mills
reporting running time, 67 operated full time, 8 overtime. Nine mills
were shut down, and the rest operated from one to six days.
The Western Pine Manufacturers Association of Portland, Ore, reports
production from 35 mills as 37,885,000 feet, as compared with a normal
production for the week of 35,672,000. Thirty-three mills the week earlier
reported production as 36,457,000 feet. There were notable Increases in
shipments and new business last week.
The California White and Sugar Pine Manufacturers Association of
San Francisco, reports production from 20 mills as 30,039,000 feet (54%
of the total cut of the California pine region) as compared with a normal
figure for the week of 30,201,000, and for the week before 32,891,000.
Shipments were substantiallylarger last week,with a fair gain in new business.
The California Redwood Association of San Francisco reports production
from 15 mills as 7.636.000 feet. compared with a normal figure of 9,456,000
feet. Fourteen mills the week before reported production as 6.116,000 feet.
Shipments were slightly larger last week, and new business slightly lower.
The North Carolina Pine Association of Norfolk, Va., report production
from 75 mills as 7,503,000 feet feet, against a normal production
for the
week of 15,990,000. Seventy-four mills the previous week reported production as 5,641,000 feet. Shipments showed more than a 50% increase
last week, and new business a slight gain.
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
reports production from nine mills as 12,870,000 feet, as compared with
a
normal figure for the week of 12,952.000. Right mills the preceding week
reported production as 13,689,000 feet. Shipments showed a nominal
Increase, and new business a nominal decrease.
The Northern Hemlock and Hardwood Manufacturers Association
of
Oshkosh, Wis. (in its softwood production) reports production from 49
OCT. 13 1928.]
FINANCIAL CHRONICLE
mills as 5.366.000 feet, as compared with a normal production for the
week of 22,416,000 feet. Forty-eight mills the week earlier reported productionas 5,646,000 feet. There was a marked increase in shipments last
week, and a small gain in new business.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis., reports production from 75 units as 6,997.000 feet, as
compared with a normal figure for the week of 15,752,000 feet, and for the
week before 6.545,000 feet. Shipments showed a noticeable increase last
week and new business a slight decrease.
The Hardwood Manufacturers Institute of Memphis, Tenn., reports
production from 322 units as 47.384.000 feet. as against a normal production for the week of 58,000,000 feet. Three hundred and thirty-four units
the week before reported production as 47,153.000 feet. Shipments and
new business showed some decreases last week.
Lumber Consumption in Industry on Uptrend—
August Retail Lumber Sales Advance.
Retail lumber sales showed some advance during August
according to the "National Lumber Survey" for Oct. 1,
published by the National Lumber Manufacturers Association. Trade and industrial conditions are reported as
favorable and note is made of the "uptrend" apparent in the
consumption of wood by the wood using industries. Increased interest on the part of furniture manufacturers is
noted. The "Survey" further states:
Wood consuming industry demand is on the uptrend with the automobile
industry still a heavy buyer, furniture interests coming into the market
more actively in some centers and flooring prices generally stronger. Box
demand is steady. Container demand for the coming citrus fruit harvest
and the grape and vetegable output in California, all unusually large,
is taxing the capacity of western box plants.
Softwood lumber production is reported as heavier than in July in all
producing regions ,responding to increased demand from consuming center.;
especially from the Central States. Hardwood lumber production, as far
as reported, also increased by 9.6% over production the previous month.
Unsold stocks at the mill Sept. 1 for the associations reporting to date were
5.6% lighter than on Aug. 1, comparison being based on average mill
figures.
Price trends for softwoods judged by a dozen representative items, continued upwards, nearly all items showing an increase. A slight decrease
in the hardwood price index is noted.
Based on comparisons with July of this year and August of 1927 the
following general conditions are reported by the Survey for August of this
year: Industrial and trade conditions, improvement over both months:
financial conditions, less satisfactory; legislative and governmental conditions,same as July and less satisfactory than last year;labor and employment, less satisfactory to the manufacturer than in July but about the
same as last year; transportation service, the same for both months, and
wood-consuming industry activity, more favorable than for July or August
last year.
As regards transportation service carloadings of all commodities have
been exceeding a million cars a week with, however, considerable car supplus, though temporary shortage was reported in a few Southern lumber
points in early September.
Retail sales during August as reported by 800 yards, are indicated as
10.5% greater than in July and 5.9% greater than for August 1927. Farm
purchasing power and building costs are shown as slightly higher than at
the same period last year. A falling off in building permits, contracts
awarded and the lumber export trade are indicated for August as compared
with both July and August a year ago, the two months compared with
having been unusually high building months.
Production costa,softwood prices and car loadings of lumber and timbers
are reported as increased over July, but less than a year ago. Cargo ship-ments, hard wood prices, operating time in sawmills and lumber stocks on
hand were lower than for July this year or for August of last year. Stocks
on hand at mills are shown as 7.3% lower than a year ago.
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 192 mills show that for the week ended Sept. 29
orders were 4.88% over production while shipments were
6.66% below output. The Association's statement follows:
WEEKLY REPORT OF PRODUCTION, ORDERS AND SHIPMENTS.
192 Mills report for week ending Sept. 29 1928.
(All mills reporting production, orders and
shipments.)
Production.
Orders.
Shipments.
182,291,887 feet
191,194,116 feet
170.155,787 feet
4.88% over production
100%
6.66% under production
COMPARISON OF ACTUAL PRODUCTION AND WEEKLY OPERATING
CAPACITY (229 IDENTICAL MILLS).
(All mills reporting production for 1927 and 1928 to date.)
Average Weekly
Actual Production
Average Weekly
x Weekly
Production 39 Weeks
Week Ending
Production
Operating
Ending Sept.291928.
Sept. 29 1928.
During 1927.
Capacity.
186,982,286 feet
197,901,939 feet
189,713,046 feet
230,651,043 feet
x Weekly operating capacity is based on average hourly production reported
for the years 1925, 1928, 1927 and 4 months of 1928 and the normal number of
operating hours per week.
2019
100 IDENTICAL MILLS.
(All mills whose reports of production, orders and shipments are complete for
1927 and 1928 to date.)
Average 30
Week
Average 39
Ending
Wanks Ending Weeks Ending
Sept. 29 1928. Sept. 29 1928. Oct. 1 1927.4
Production (feet)
107,247,131
96.220,538
96,230,538
Orders (feet)
102.623.390
111,796,963
102,623,390
Shipments (feet)
98.519.930
103,504,641
98,519,930
DOMESTIC CARGO DISTRIBUTION WEEK ENDING SEPT. 29 1928,
(113 Mills.)
Washington Orders on Hand
Unfilled Orders
cre Oregon
Begin'g Week
Orders
CancelWeek Ending
Ship(94 Aft/Is)— Sept. 29 '28. Received,
lotions.
ments.
Sept. 29'28.
California
81,313,121 21,009,968
75,000
18,996,054 83,252,035
Atlantic Coast
105,253,967 32.145,602 638.770 26.747,651 110,013.148
Miscellaneous
4.411,740
47,771
136.771
None
4,322,740
Tot. Wash.& Ore_ _190,978,828 53,203,341
Brit. Columbia (19 Mills)—
California
1,600,000
650,000
Atlantic Coast
12,543,627 2.815,000
Miscellaneous
None
None
Tot. Brit. Columbia 14,143.627
3,465,000
Tot, domestic cargo205,122.455 56,668,341
713,770 45.880,476
197.587,923
None
75,000
None
None
3.089,353
None
2,250.000
12,194,274
l'‘ one
75,000
3.089,353
14,444,274
788.770 48,969.829 212,032,197
The Outlook for the Crops on the 1st of October—
Report of the Department of Agriculture.
The Crop Reporting Board of the United States Department of Agriculture made public on Oct. 9 its forecasts
and estimates of grain crops of the United States as of
Oct. 1, based on reports and data furnished by crop oorrespondents, field statisticians and co-operating State
Boards (or Departments) of Agriculture. This report
shows that the production of all wheat is now placed at
904,000,000 bushels, which compares with the Department's
estimate of 901,072,000 bushels a month ago and a harvest
of 872,595,000 bushels a year ago.
The probable production of corn is placed at 2,903,000,000
bushels, which is somewhat less than the Department's estimate of 2,930,586,000 bushels a month earlier. The production of corn in 1927 was 2,773,708,000 bushels, and the fiveyear average is 2,775,634,000 bushels. Below is the report:
There have been relatively few important changes since last month
in the United States crop situation. Excessive rain has hurt all growing
crops in the South Atlantic States and frost has hurt some late fields of
corn, buckwheat, flax, potatoes, and tomatoes along the northern border.
with more or less local damage down to nearly the southern limits of the
Ohio and Missouri Valleys. The generally dry weather in the Central
States and Southwest, while unfavorable for certain crops, has facilitated
the harvest of late hay and grain crops, helped to mature the cern, and
to check the spread of the potato blight. In general, the reports on yields
of crops that have been harvested and reports on prospective yields of the
crops now being harvested confirm earlier yield indications. Considering
all crops and all States, yields are still expected to be about 3% above
the average yields during the last ten years. As the total acreage harvested
of all crops this season will probably be above that harvested last year by
about 8,000.000 acres or 2%, the total production of all crops combined
seems likely to exceed production last year by around 5%.
Corn.
A corn crop of 2,903,000,000 bushels was indicated by the October
condition of 77.7%. This is a decrease from the indication of Sept. 1 of
slightly less than 1%. This reduction was about evenly divided between
the corn belt States and the Southern States with Eastern and Far Western
States showing practically no change from a month ago. Corn crop prospects continued to decrease in South Dakota as a result of continued
drought; and in the South Atlantic Coast States because of wind and
storm damage
The October indication for corn is about 5% above the 1927 crop of
2,774,000,000 bushels. About 74% of the 1928 crop is concentrated in
the 12 North Central States as compared with 69% last year. This year's
production is about 36% above last year in the corn belt States east of
the Mississippi where production was unusually low a year ago, and only
slightly above last year in the western corn belt. A larger crop is indicated in the North Atlantic States. A decrease of 18% is shown for the
South Atlantic States, and about 15% for the South Central States.
Wheat.
The production of all wheat is estimated at 903,865,000 bushels, an
increase of not quite 3.000.000 bushels over the forecast of Sept. 1. The
production in 1927 was estimated at 872,595,000 bushels. Durum wheat
is now estimated at 84,885,000 bushels, practically the same as the September forecast. Yields are running somewhat higher than expected in
Minnesota and South Dakota, and lower in North Dakota. Spring
wheat, other than durum, is estimated at 240,381,000 bushels, compared
with 237,607,000 bushels forecast in September and 243,152,000 bushels
harvested in 1927.
Oats.
The production of oats is forecast at 1,452,966,000 bushels, which is
practically the same as the forecast of a month ago, but 268,820,000 bushels
higher than the production of 1927. Reductions from the September
forecast are shown in the North Atlantic States, but -these reductions are
offset by increases in the rest of the country. The quality is 89.1%,
comparing with a ten-year average qualityof 86.4%•
WEEKLY COMPARISON FOR 186 IDENTICAL MILLS-1928.
Yields of barley appear to have averaged fully up to expectations and
(All mills whose reports of production, orders and shipments are complete for
the crop is estimated at 350,953.000 bushels, or about 4,566.000 bushels
the last 4 weeks.)
above the forecast of a month ago. The acreage has been increased rapidly
Sept. 29.
Sept. 22.
Week Ending—
Sept. 15.
Sept. 8.
178,742,402 172,687,332 159,937,118 125,934,302 from year to year. The present forecast is 86,201,000 bushels above the
Production (feet)
180,918,226 169,422,610 203,565,233 138,011,344 crop of last year, which was the largest harvested to that
Orders (feet)
time, due mainly
71,488,880 70.023,479 76,369,327 65,269,042
Rail(feet)
54,393,767 49,435,362 59,085,259 31,931,786 to the substantial increase in acreage. The quality of the barley crop is
Domestic cargo (feet)
42,197,710 39,501,594 50,424,659 27,569,145 below the usual average in the eastern corn belt but about up to the usual
Export (feet)
12,837,869 10,462,175
Local (feet)
17.685,988
13,241,368 standard elsewhere.
164.499,551 175,484,013 169,078,531 152,388,743
Shipments (feet)
Buckwheat.
79,906,186 74,475,144 77,674.398 63,443,902
Rail (feet)
Prospects for buckwheat have been reduced in both New York
51,488,522 56,490,325 45,690,070 48,775,589
Domestic cargo (feet)
and
23,266.974 34,056.369 28,028.075 26,927,884 Pennsylvania ass result ofdry weather and frost. The crop is now
Export (feet)
estimated
12.837,869
10,462,175
Local (feet)
17,685,988 13,241,368 at 14.804,000 bushels. This is 700,000 bushels below the
forecast of last
611,502,990 598,925,690 603,389,464 575,575,461
Unfilled orders (feet)
177,136,185 187,467,562 201,015,303 201,506,296 month, more than 1,000,000 bushels below production last year, And yet
Rail (feet)
213,036,063 221,091,688 210,574,297 200,450,532 more than 1,000,000 bushels above the average production during the preDomestic cargo (feet)
221,330,742 190,366,540 191,799.864 173,618,633 vious five years.
Export (feet)
Pears.
-The pear crop, estimated at 23,304,000 bushels, is also the
largest on record except that of 1296. A number of important States
report only fair crops,the large production being due to the largely increased
acreage on the Pacific Coast.
Grapes.
-The grape crop, estimated at 2,605,000 tons Is above production
in any year prior to 1927 and is about equal to what last year's crop would
have been if all the California crop had been harvested. None of the
States report yields per acre to be particularly heavy, the large production
being due to the large acreage recently brought into bearing in California.
The present California estimates include 455.000 tons of table grapes.
459,000 tons of juice grapes, and 1,386,000 tons green weight of raisin
varieties.
Other California crops include 185.000 tons of prunes, 13,500 tons of
almonds, and 33,000 tons of walnuts.
Citrus Fruits.
-Reports from Florida indicate prospects for commercial
shipments of 11,000,000 boxes of oranges, compared with 7,100.000 shipped
last year and grapefruit 7,000,000 boxes compared with 6,500.000 boxes
shinned last year. Reports from Texas indicate prospects for 40,000 bones
of oranges and 650.000 boxes of grapefruit. This year's California citrus
crops have not yet been estimated in boxes, but orange growers there report
they expect 94% of a full crop compared with 68 reported at this time last
year and lemon growers report 87% compared with 67 reported a yearago.
The statistical details for the different crops are set out
in the following:
contusion.
Acreage, 1925.
Croy.
Per Ct.
of
1927.
Corn
Winter wheat
Durum wheat,4 States_
Other spring wheat,U.S.
All wheat
Oats
Barley
Rye
Buckwheat
Flaxseed
Rice, 5 States
Grain sorghums b
Sorg° for sirup
Sugar cane (La.)
Sugar beets
Potatoes, white
Sweet potatoes
Tobacco
Broomcorn b
Hops b
Beans, dry edible b
Soy beans
Cowpeas
Velvet beans
Peanuts
Hay, all tame
Pasture
Acres.
Oct. 1 Sept. 1 Oct. 1
Oct. 1
1928.
1928.
10-yr.Av. 1927.
Per Cent. Per Cent. Per Cent. Per Cent.
.77.7
103.6 102,380,000 77.2
78.4
73.6
95.2 a36,125,000_116.6
6.147,000
___
___
--81.8
___
100.2 15,478.000
_
82.1
___
98.5 57,750,000
___
--___
99.9 41,974,000
81:i
- -- -___
129.5 12,243,000
- -84.4
95.8 a3,535,000
76.2
102.1
83:8
840,000 82.2
81.4
75.0
97.4
77.4
2,831,000 72.0
84.4
964,000 84.1
81.9
82.6
95.6
83.0
84.0
76.6
102.6
78.1
6,905,000 77.0
71.3
99.0
72.4
382.000 77.6
-__
180,000 69.3
78.0
171.4
77.0
76.0
a629,000 86.3
85.5
85.8
87.2
85.7
79.7
109.2
83.0
75.3
3,842,000 75.5
73.0
77.2
856,000 76.3
77.2
91.9
76.9
72.6
117.3
74.5
1,850,100 78.8
___
260,000
109.7
78.3
--_
25,600
_____
164.1
88.7
___
107.2
67.5
1,735,000
84.1
- 79:13
2.309.000 c79.9
82.1
101.6
75.3
74.8
2,410.000 71.6
71.9
97.8
c70.4
75.6
76.2
76.2
77.6
1,185,000 74.2
73.1
105.1
76.0
81.7
95.6
77T7
AS a
80.1
79:7
_ __ 58.631.000Total Production in
Yield per Acre.
Indicated
Indicated
Harvested.
by
by
Condition
Condition 10-yr.
5-yr.
Oct.)
Oct. 1
Aver. 1927.
Aver. 1927.
1928.d
1928.d 1917-26
1922-26
Harvested.
Croy.
2,903
28.1
28.4
bush. 2,766 2,774
27.7
Corn
14.6
553
e16.0
e579
14.9
556
Winter wheat
76
el3.8
e85
14.4
12.0
62
Durum wheat. 4 States "
el5.5
243
e240
15.7
f12.3
190
Other spr. wheat, U.S. "
873
e15.7
.904
14.9
14.0
807
All wheat
.34.6
e1,453
28.2
1,352 1.184
31.8
Oats
e28.6
e351
28.0
264
192
24.4
Barley
el2.2
15.9
58.8
043.3
13.5
63.8
Rye
17.6
19.5
16.0
14.8
18.7
13.7
Buckwheat
7.9
9.1
26.6
7.1
22.5
20.1
Flaxseed
.•
40.3
44.0
44.3
36.3
38.2
38.8
Rice, 5 States
18.1
20.4
"
138
115
125 c20.4
Grain corghums b_
10.7
10.8
7.75
9.9
6.76
tons c7.36
Sugar beets
120.7
407
104.9 115.7
464
bush. 394
Potatoes, white
91.7
93.9
94.0 100.9
78.5
81.1
Sweet potatoes
732
768
785
1,353
lbs. 1,338 1.211
Tobacco
eh338
h312 h334
eg44.0
tons 855.9 g39.6
Broomcorn b
.1,243
29.8
1,185 1,211
e31.8
lbs. 27.1
Hops b
e9.2
e15.9
10.4
16.9
11.0
Beans, dry edible b__ _bush. 16.3
693
715
699
821
807
lbs. 671
Peanuts
el.58
1.74
1.50
e92.7
tons 91.0 106.5
Hay, all tame
b Principal producing States. c Short time average. d India For harvest.
cated yield and production ncrease or decrease with changing conditions during
the season. e Preliminary estimate. f All spring wheat. g Thousands of tons.
h Pounds per acre.
VIP
R.
Total Production in Millions.
Harvested.
5•Year
Average 1927.
1922-28.
Alfalfa seed
1:11
Clover seed
___
Timothy seed__ _
Apples:
Total crop, btis 199
Com'l crop,bbl 33.7
Peaches:
Total crop,bus. 54.3
Pears:
Total crop,bus. 20.7
Grapes, tons.... d2.09
b38.8
Pecans. lbs
0.84
1.74
___
Condition.
Oct. 1
Oct. 1
10-Yr. 1921.
Average.
Sept. 1
1920.
Oct. 1
1928.
P.C. P.C.
,
...
..66.0
78.9
73:1
--.
89.4
-----
P.C.
61.0
67.8
80.2
P.C.
63.3
71.1
80.3
60.1
62.5
59.3
61.8
123
25.9
178
33.5
57.8
660.3
41.1
44.5
45.5
67.9
c62.l
c49.4
71.2
c72.6
18.1
d2.46
22.1
23.3
d2.61
---
67.1
77.3
b50.2
54.7
77.8
39.2
68.5
83.3
55.7
71.2
80.5
55.7
c69.4
c84.3
77.3
c81.6
c80.0
c77.7
c79.7
c79.2
c15.9be
72.3
01.6
..
06.8
83.4
c69.9b
,.fl '7
i
Almonds, California
Avocadoes, Ficrida
Figs, California
Grapefruit, Florida
Grapes, California-Wine grapes
Raisin grapes
Table grapes
All grapes
Lemons. California
'
Lima beans
Limes, Florida
Olives, California
Oranges, California-Navels
Valenclas, Sze
All oranges
Orangea. Florida
Satsuma oranges, Florida
Tangerines. Florida
Prunes (dry). California
snons,ors Osliftsrnie
c71.0
55.0
034.0
71.0
c86.0
c84.0
c81.0
c84.0
c86.0
c82.0
60.0
c67.0
c93.0
c93.0
c93.0
80.0
64.0
79.0
c74.0
c117 n
66bbai,e,66;=1,66666;o6O6
Crop.
Ilion caged by
Cond'n
Oct. 1
1928.0
qqqqqqqqC4C.'qqCiRPR9qC
005.004...0O3-.t.....C.0000000C40119Cly
i.r...otoectsgioc—..anoveiptoccolic
GI C., 40 C.
4. WU
LIU
GI
Flax.
The three leadiag flax States report disappointing yields and the forecast
has been reduced to 22.472,000 bushels which Is about 1,000,000 bushels
below prospects a month ago and about 4,000,000 bushels below production
last year.
Rice.
rr Rice production is forecast at 38,833,000 bushels compared with a revised
estimate of 44.339.000 bushels for 1927. Harvesting and threshing are
well under way, and yields are considerably below the exceptional yields of
1927.
Grain Sorghums.
The production of grain sorghum is forecast at 124,956.000 bushels,
which is 12,652,000 bushels less than the crop of 1927. This estimate
ncludes the equivalent grain production on the acreage to be cut for forage.
Tobacco.
The production of tobacco is forecast at 1.353,258,000 pounds. a decline
of 18,524,000 pounds from the forecast a month ago. The production in
1927 was 1,211.301.000 pounds.
The greatest decline during September is noted in Virginia and North
Carolina. where storms caused much damage, especially to flue-cured
tobacco.
New England tobacco yields and quality have been reduced by the wet
season. The Pennsylvania crop has been damaged by rust and wildfire.
Preliminary yield reports from Kentucky and Tennessee indicate a
larger production in those States than was forecast in September, in spite
of frost damage to late crops in the western third of Kentucky.
Potatoes.
Fr With digging in progress in all late potato States, preliminary reports on
largely confirm earlier forecasts of a yield about 120 bushels.
expected yields
The total crop is estimated at 463,722,000 bushels. Although some fields
are still green, the yield will now depend largely on the extent to which
growers gather the seconds and culls. If the price continues low an undetermined quantity of the potatoes included in the present forecast will be left
in the fields. This year's acreage is large and yields are fairly
heavy in most of the important States, the chief exceptions being Maine
ad some of the western States, where yields are rather light. Production
Is particularly heavy this year in some of the Corn Belt States and these
States will be less dependent than usual on shipped-In-supplies.
Sweet Potatoes.
Yields are running below expectations both in the Atlantic Coast States
where rains have been excessive and in the Southwest, where some of the
Important producing sections have suffered from drought. The yield is
now expected to average slightly under 92 bushels per acre, and the crop is
estimated at 78,512.000. This is 3,106.000 bushels less than the forecast
of a month ago and 15,416.000 below the large crop of last year.
I3oomcorn.
Boomcorn production is forecast at 44,000 tons of brush, compared with
45,900 tons forecast a month ago, and 39,628 tons produced a year ago.
Hops.
The production of hops is forecast at 31,810,000 pounds slightly below
the figure of a month ago, hut 2,000,000 pounds above the crop of 1927.
Dry Edible Beans.
A prospective production of 15.896,000 bushels is indicated by reports on
probable yield, compared with 15,809,000 bushels indicated by condition
reports on September 1. Increases are noted in practically all States except
California, where the prospect for all beans combined is unchanged, and in
Colorado, where drought has'overly cut the crop.
Hay.
Farmers of the United States as a whole will harvest about average crops
of hay this year. The tame hay crop is estimated at 93.000.000 tons
compared to a five-year average of 91,000.000. and a record production in
1927 of 106.500,000 tons. The North Atlantic, Southern and Western
States have above average production, while the North Central States are
below average.
Quality of tame hay is about 3% below average. All of the North
Atlantic, North Central and South Atlantic States report hay to be of
poorer quality than usual. In some of these States the low quality is due
to wet weather at harvest time but there has also been widespread complaint
of the meadows being weedy, as a result of the severe winter followed by an
unfavorable spring.
While no estimate has been made of the acreage of wild hay cut, yields
per acre equal to the ten-year average were reported last month.
Yield of clover hay is reported at 1.56 tons per acre, which is 8% above
-year average, but 10% below last year's yield. Alfalfa hay yields
the 10
-year
are estimated at 2.61 tons per acre, which is about equal to the 10
average. Production of alfalfa hay is given at 28.531,000 tons, as compared
with a five-year average production of 26,645.000 tons.
Hay Seeds.
Red and alsike clover seed is reported at 71.1%, which is 3% below
average. Acreage to be cut is generally reported to be very short, due to
winter killing and thinning of clover stands. In Winconsin, one of the
principal producing States, a special survey on October 1 indicated that
acreage to be cut will be only about 35% of last year. Alfalfa seed condition Is also reported at the very low figure of 63.3%. For Utah, the principal producing State, condition is only 41%. The crop in that State has
suffered from dry weather, insects and early frosts. Timothy seed condition is reported at 80.3%, as compared with 89.4% last year.
Pasture.
Pasture conditions declined during September 5.6 points with 77.7%
reported for October 1. Usually the condition increases about I% during
September. The greatest decline and lowest condition were found In the
Mississippi Valley and particularly In the Pacific Coast States where little
rainfall has occurred since August. The best pasture conditions are found
along the Atlantic Coast States. The greatest improvement since last
year was 11.3%, in the South Atlantic States.
Fruits.
-The apple crop Is developing about as expected. though
Apples.
Prospects have declined slightly in the Northeast and have improved a
little In Washington. The high quality of this year's crop in Virginia
and Maryland is also causing shipments from these States to exceed earlier
expectations.
There is about an average supply of apples in the country as a whole,
and the crop Is evenly distributed. The total crop is estimated at 177,560.000 bushels, more than 1,000,000 bushels below the expectations of a month
ago. 69.000.000 bushels below the big crop of 1926. and 54.000.000 bushels
above the short crop of 1927. It is estimated that about 100,000,000
bushels of this year's crop will be marketed for consumption as fresh fruit.
-The peach crop, which is now estimated at 67,875.000 bushels
Peaches.
was the largest on record In this country except for the crop of nearly
70.000.000 bushels in 1296. The quality of peaches this season was. however, below the usual average throughout the South and on the Pacific
Coast, and was only fair elsewhere.
[VOL. 127.
FINANCIAL CHRONICLE
za...asag.aaaapea....4r1
2020
OCT. 13 1928.1
OATS.
Quattly.
Quality.
Crop.
10-Yr.
Awe. 1927.
1918-27
Crop.
1928.
P.C.
P. C.
88.5
89.3
87.7
88.4
88.7
89.6
90.9
89.4
10-Yr.
Avge. 1927.
1918-27
1928.
P.C.
80.3
90.3
92.2
90.5
80.2
P.C.
89.1
88.9
88.6
86.7
78.6
Oats
Barley
Rye
Hay. all tame._
Peaches
P.C.
86.4
87.2
89.8
89.4
84.1
Harvested.
10-Yr.
Avge.
1917 1927. 1928. 5-Yr. Ay. 1927.
1926.
1922-26.
a Indicated production increases or decreases with changing conditions during
the season. b Short time average. c Per cent of a full crop. d Estimate of total
production for fresh fruit. Juice, and rsigns. e Yield per acre In bushels. f All
spring wheat.
CROP REPORTING BOARD.
W.F. Callander, Chairman.
Approved:
J. A. Becker, S. A. Jones,
R. W. Dunlap.
Acting Secretary.
Paul L. Koenig,
C.F. Stifle.
E. A. Logan.
Frank Parker.
The State figures for Oct. 1 1928 issued on Oct. 10 are
as follows:
Yield per Acre.
Production.
Quaitty.
Harvested.
15-yr.
Aver. 1927.
1917-26
Bush. Bush.
State.
Durum W heat
Minnesota. 15.1
No.Dakota 11.6
So. Dakota 13.2
Montana__
11.1
4 States.
12.0
13.2
14.0
16.5
20.0
16.0
14.4
10.9
18.0
2,884
44,225
13,077
1,515
3.538
55.916
18,401
300
4,896
66.715
13,004
270
a85
a91
a90
a86
14.4
13.8
61,702
76,155
84,885
a90.2
89.6
20.0
15.0
19.0
15.0
18.0
14.0
18.0
18.0
21.5
14.5
17.3
13.0
13.2
10.3
18.5
12.0
18.5
28.5
19.5
18.0
15.4
32.0
26.0
15.4
17.0
130
54
199
al71
139
70
1,700
103
1,089
23,403
549
112
59.962
14,813
2.778
86
36,197
14,592
2.307
4,526
635
2.780
361
18,378
4.595
72
20
222
136
88
128
3,888
114
1,426
14,542
636
120
69.054
27,902
2,958
44
65,612
20,100
3.449
5,994
420
2,790
364
19,660
3.382
80
15
209
105
144
140
5.670
89
85
87
80
84
77
1,290
18.473
640
156
74,158
20,528
3,330
480
63,085
20,064
4,095
7,488
554
3,328
364
12,104
3,791
92
92
88
a87
86
85
83
83
80
a82
83
81
886
a89
83
82
1190
93
92
89
243.152
240,381
Other Spy ing Wh eat
Maine _
18.0
21.9
Vermont _ _
19.5
20.0
18.5
New York. 17.6
Penns
816.2
17.0
Ohio
17.5
al9.3
Indiana
15.4
16.0
Illinois_
18.7
18.0
Michigan
14.8
19.0
Wisconsin
17.5
19.8
Minnesota_
13.9
10.5
Iowa
14.5
15.5
Missouri _ _
12.0
13.2
No.Dakota
11.8
9.6
So. Dakota 10.5
14.0
Nebraska
17.1
12.0
4.4
8.2
Montana_ _
11.3
20.6
Idaho
23.6
30.0
Wyoming _
18.2
20.0
Colorado
17.1
18.0
NewMexico 16.9
14.0
Utah
25.5
31.0
Nevada _ _ _ 25.4
26.0
Washington 13.8
20.0
Oregon._ _
14.9
20.5
U.S. total_ b12.3
-it.
10
Aver.
1928. 5-yr. Av.
1918- 1928.
1927.
1928.
1922-1926
(prelim.) 1927.
Bush. 1.000 Bu. 1,000 Bu. 1,000 Bu. Per Ct. Per Ct.
15.5
15.7
Winter It' heat
U. S. total_
14.9
14.6
All Whoa
U. S. total_
14.9
14.0
a Short time average.
189.660
oo
88
oo
so
88
so
92
92
88
91
86
91
89
87
87
91
96
92
86
92
94
93
88
85
92
97
91
92
b86.1
556,016
553,288
578,599
89.8
88.7
15.7
807.378
872.595
903.865
88.8
89.4
b All spring wheat.
CORN:
State.
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New York
New Jersey
Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
Delaware
Maryland
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Kentucky
Tennessee
Alabama
Mississippi
Arkansas
Louisiana
Oklahoma
Texas
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Washington
Oregon
California
United States
Production.
Harve.sted.
10-Yr.
Aver. 1928. 5-Yr.Aver.
19181922-1926.
1927.
84
84
86
93
84
92
87
80
89
84
88
87
84
79
85 . 74
85
78
83
78
80
79
77
85
so
77
83
87
81
83
ss
93
76
84
79
77
65
79
74
63
82
59
71
84
73
83
82
74
85
81
69
so
72
58
56
76
77
82
66
80
64
77
59
74
56
70
66
70
67
68
78
64
72
71
70
70
86
88
77
81
65
71
70
74
74
85
83
87
91
92
84
85
83
86
85
87
77.2
1227.
Indicated by Condign. t
Sept. 1
1928.
Oct. 1
1928.
1,000 Bus. 1,000 Bus 1.000 But 1,000 Bus•
.595
518
553
585
854
615
698
658
3.749
3,276
4,019
3,918
2,225
1,888
1.880
1,990
414
380
361
374
2.767
2,090
2.339
2,250
24.846
22,542
23,741
22,614
8.954
7,160
6.771
6,939
61.570
50,165
54.107
54,027
/44,997
109.720
136.506
138,256
172.722
132,458
173.022
173.022
332,457
254,070
377.510
369,014
56,922
38,995
48,990
49.063
82,636
68,250
86,912
85.858
141.324
127.246
147,796
149.476
427.324
386.986
493,611
493.611
180.211
172,637
196,227
201.678
24.203
23,975
24.740
24,365
103.891
134,995
94,792
107.276
204,442
291,446
195.202
197.672
104.466
176,910
181.373
181.353
4,927
4,725
3,738
3.949
22,845
22,660
19,929
18,990
44,560
47.967
45,362
43,778
17,685
15,109
15.252
16,196
49,697
53,626
41,764
45,396
24,791
25.449
21.440
18.928
48.914
54.502
36,861
40.770
9.123
7,449
6.938
7,632
89.042
75.010
70.226
73,570
72,899
70,656
59,445
58,531
42,956
47.456
33,252
35,151
38,599
34,140
25.581
23,978
35,586
36.575
33,346
36,075
21,970
20,318
20,836
21.457
45,975
84.190
72,119
72,735
80,433
119,347
101,462
101,780
6,625
7,168
4,720
5,179
2,594
3,116
2,051
1,870
3,362
3,696
3,456
3,388
20,584
22.816
24,482
23,875
3,673
2,490
3,482
3,482
995
1,408
942
1,036
.543
494
403
403
37
50
48
49
2.104
1.591
1,663
1,663
2,219
2,916
2.622
2,547
3,334
2,464
2,455
2,426
77.7 2.775,634 2,773.708 2,930,586 2,903,272
a Irdlcated production increases or decreases with changing conditions during
(be season.
Bush.
37.6
37.6
36.0
35.0
31.7
31.2
33.2
30.8
33.8
37.0
32.5
35.4
32.9
39.7
35.4
37.5
25.8
23.1
30.6
28.7
24.6
28.3
31.0
22.5
25.0
19.2
22.0
19.0
14.6
22.3
21.6
18.6
18.7
22.6
22.7
24.8
26.7
24.5
39.8
32.2
29.0
24.4
33.1
38.4
35.3
42.4
30.4
30.6
U.S. total _ _ 31.8
10-Yr.
1928. Avge.
(Preen.) 1918 19281927.
Bush.
37.0
39.0
39.0
35.0
32.0
32.0
35.0
36.0
36.0
32.0
25.0
25.5
33.5
38.5
26.8
32.0
17.0
21.5
29.3
28.6
23.5
29.0
33.5
21.5
24.2
21.0
23.0
21.0
11.0
19.0
17.0
17.5
19.0
20.0
17.5
19.0
21.0
40.0
47.0
38.0
29.0
22.0
36.0
42.0
40.0
50.0
34.0
28.5
Bush. Thousand Bush.(00 0 omitted) P.C.
4,824 92
4,773
5,036
36.0
539
451 93
429
41.0
34.0
3,237
3,033
2,890 92
280
315
37.0
298 89
28.0
57
56 88
64
416 87
26.0
480
377
33.3
33,966 88
35,0130
33,909
1,691
30.0
1,380 84
1,764
37.195
32.0
34,144 88
39,600
63,177
37.0
91,390 87
60.800
54,211
37.0
93.684 84
48,700
139,400 192,204 171,338 83
37.5
52,430
35.8
59,643 87
54,170
104.042
43.5
93,247 108,532 87
164,978 116,580 155,765 86
37.3
222,517 192,032 230,440 82
40.0
37,582
28.0
49.756 81
27,710
45,.: : 59,954 82
64,128
31.0
75,433
27.0
58.914 87
72,664
33.0
69,813
66,478
78,936 87
29.2
34,257
32,477
4 354 33
0.
116
30.0
135
120 86
1,719
31.5
1,732 86
1,708
3,999
4,020
25.5
4,514 87
4,755
28.0
5,908 88
5,421
21.6
5,517
4,126 87
5,733
10.327
9,031
23.0
7,751 86
20.0
9,282
8,024
5,300 84
121
281
17.4
191 80
5,198
28.0
7,826 86
4,085
4,781
21.5
3,655 85
3,043
3.341
17.6
1,426 82
1,768
20.0
912
1,674
NO 83
22.0
4,092 82
4,140
5,364
612
24.5
882
931 82
26.0
26,026 83
21,128
29,548
25.5
42,063
44,772
35,751 82
17,966
36.0
19,944 87
23,840
6,529
47.0
6.439 93
6,721
4,560
4.630
34.0
4.284 93
5,481
5,623
31.0
6,200 90
660
1,068
780 89
20.0
471
612
525 92
35.0
2,310 93
2,142
42.0
2,640
76 93
80
77
38.0
8,368 88
9,150
9,530
47.0
11.736 90
10,540
8,884
36.0
4,190
4,478
4.968 89
34.5
28.2
34.6 1,351.723 1,184,146 1,452,966
90.9
ss
16.0
Coodnion
October 1.
Maine
New Hampshire.
Vermont
Massachusetts
Rhode Island...
Connecticut_
New York
New Jersey
Pennsylvania...
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa_
Missouri
North Dakota.._
South Dakota
Nebraska
Kansas
Delaware
Maryland
Virginia
West Virginia
North Carolina_
South Carolina
Georgia
Florida
Kentucky
Tennessee
Alabama
Mississippi
Arkansas
Louisiana
Oklahoma
Texas
Montana
Idaho
Wyoming
Colorado
New Mexico.....
Arizona
Utah
Nevada
Washington _ _ _ _
Oregon
California
Quality.
Production.
Yield per Acre.
State.
P.C.
Wheat
Winter
89.8
Durum,4 States 690.2
Otker spr., U.S. (86.1
All
88.8
2021
FINANCIAL CHRONICLE
96.4
P.C.
88
87'
84
75
73
88
Ur
to
86
86
92.
89
87
90
91
89
87
92
EP
93
80.
86.
87
85,
88'
85
81
81
88
88
79
77
78
75
77
26
84
93
95
94
90.
85
92
98
94
92
95'
94
89.1
BARLEY.
Yield per Acre.
Stale10-Yr.
Avge. 1927. 1928.
Maine
Vermont
New York
New Jersey.- _
Pennsylvania_
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minneapolis. _ _
Iowa
Missouri
North Dakota_
South Dakota
Nebraska
Kansas
Maryland
Virginia
North Carolina
Kentucky
Tennessee
Oklahoma.... _
Texas
Montana
Idaho
Wyoming
Colorado
New Mexico._ _
Arizona
Utah
Nevada
Washington
Oregon
California
Bush. Bush.
27.5 27.0
28.9 29.0
27.2 29.0
37.0
-__
25.3 28.0
27.9 27.0
25.0 23.8
31.2 29.5
24.7 28.5
31.2 34.5
26.2 30.0
29.3 31.4
26.0 23.0
18.5 25.5
22.9 30.0
23.8 30.8
17.4 12.6
31.4 30.5
27.0 26.0
___ 24.0
27.1 27.0
22.0 19.0
21.4 16.5
22.9 16.0
20.2 33.0
33.9 44.0
30.6 36.0
22.2 22.0
21.9 18.0
33.8 35.0
34.5 47.0
33.9 -45.0
30.7 42.0
28.6 35.0
27.4 27.5
United States 24.4
28.0
Quality.
Production.
Harvested. Subject to
Revision in Dec.
Average
1922-26.
1927.
October
1928, Pre- 10-Yr.
liminary Avge. 1928.
Estimate.
Bush. 1,000 Bus hels (000 Omitted.)
128
108
32.0
101
174
26.0
210
156
4,590
28.0
6,048
5,452
•30
32.0
74
64
588
28.0
347
924
4,185
2.417
27.6
8,335
24.0
598
1.344
833
7,408
29.5
20,060
13,364
3,504
5,301
30.0
8,1
14,985
37.0
26,825
21,390
30.0
48,800
28.601
59,130
5,305 114,258
34.0
26,996
161
22.0
156
242
29,153
25.5
51,740
42,406
22.2
18,653
32.670
31.4
32.0
14,170
7,577
6,097
11,116
27.5
5,695
145
31.0
274
277
310
29.0
355
638
484
23.0
nso
480
506
26.0
173
162
78
16.8
582
798
672
22.0
2.914
1,304
1,034
21.0
3,087
3,120
2,856
30.0
2.782
6,435
5,970
43.0
4.020
5.676
5,977
33.0
927
2,124
2,838
23.5
6.693
10,032
14,476
19.0
145
144
190
39.0
852
624
700
46.0
699
1,410
1,564
38.0
241
405
418
35.5
2,502
2,438
2.343
35.0
2,427
3,185
4,130
30.5
29,841
27,335
33.032
%
92
94
90
___
90
90
85
88
88
8886
89
86
82:
86.
le
80
90
91
___
89
88
86
85
89
92
93
90
88
93
93
93
88
91
88
%
99
84
88
93
SE
84
92,
80•
89'
91
88:
87 86 .
9(1.
89
,
28.6
87.2
88.9
192,920
264,392
350.593
g
87
90
99
87
85
90
85
98
94
93
88
84
94
94
94
90
98
,
99
Short time average
Foreign Crop Prospects.
The latest available information pertaining to cereal crops
in foreign countries, as reported by the Foreign Service of
the Bureau of Agricultural Economics to the United States
Department of Agriculture at Washington, and given out
Oct. 9, is as follows:
Wheat.
The 1928 wheat production in 30 foreign countries is reported at 2.331,067,000 bushels against 2,123,595.000 bushels in 1927 or an increase of
9.8%,
according to reports received by the Foreign Service of the Bureau
A'4
cultural Economics. The United States crop is 903,865.000 bushels. The
threshing of the Canadian crop, estimated at 550,482,000 bushels, is progressing rapidly and Is nearing completion. Wheat marketed in Manitoba
mostly number two and three northern, although there is a fair
proportion
of number one. Some grade reduction is expected in Saskatchewan as
a
result of frost damage. The official report on the quality of the crop
will be
Issued October 10.
The wheat Crop in 21 European countries is reported at
1,573,530,000
bushels against 1,234,882.000 bushels in 1927. The quality of
the croft k •
considered to be better than that of last year's poor quality
crop but 1,
official reports have been received.
2022
0 Fall plowing is being carried on in Canada. and in many districts is well
advanced, but the soil is too dry for effective work. Northwestern Russia
and central and northern Europe have had good rains but elsewhere in
/Europe, particularly France, there have been complaints of drought which
is delaying fall work, but general rains were reported during the week ended
October 4.
The first estimate of wheat acreage in Argentine is 20,757.000 acres,
which is slightly greater than the early forecast. It is more than a million
acres greater than last year and the largest on record. Early trade estimates are predicting a crop close to 200.000,000 bushels in Australia.
Weather conditions have been generally favorable in both Argentina and
Australia, although rains are needed in some sections of the eastern part of
the latter country.
Rye.
The production of rye in 19 European countries is reported at 814,808,000
bushels against 750,972,000 bushels in 1927. Although the present crop
Is above the crops of both 1926 and 1927 it is over 60,000,000 bushels
below the crop of 1925. Production in Canada is estimated at 16,879,000
bushels, an increase of nearly 13% over 1927.
Barley
The production of barley in 29 foreign countries reported to date is estimated to be 1.010,074,000 bushels compared with 887,357,000 bushles
last year. an increase of 13.8%. In Canada the crop is 144,875,000 bushels
against 96,938,000 bushels last year, while in the 21 European countries
so far reported the production has increased from 609.915,000 bushels in
1927 to 668.464,000 bushels in 1928. The 4 North African countries show
a production of 90,438,000 bushels compared with 72,874,000 last year,
and the production of the 3 Asiatic countries is 106,297,000 bushels against
107,630.000 bushels last year.
Oats.
The reports from 25 foreign countries now reported show a production of
2,085,338.000 bushels compared with 2,020,585.000 bushels last year, an
increase of 3.2%. The Canadian crop is 474,242,000 bushels against 439,713,000 last year, while in the 20 European countries so far reported the
production is 1,594,830,000 bushels compared with 1,566,855,000 bushels.
last year. The 3 North African countries report 16,225,000 bushels, or 16%
more than last year's crop.
Corn.
The production of corn reported in 6 foreign countries to date this year
amounts to 226,481.000 bushels compared with 244,224,000 bushels last
year, a decrease of 7.3%. The 5 European countries so far reported show a
decrease of 8% from the 1927 production, while the Canadian crop is
somewhat larger. The Rumanian crop is officially forecast to be nearly
as large as last year, but growing conditions have been poor during the
summer and various trade organizations believe the forecast is too high.
For Bulgaria the forecast was made before the beginning of the poor weather
and Is expected to be revised downward.
-PRODUCTION, AVERAGE 1909-1913, ANNUAL 1925-1928.
GRAINS
Crop and Countries
Reported in 1928(a).
[vor,. 127.
FINANCIAL CHRONICLE
Average,
1909-1913
1925.
1926.
1927.
1928.
1VheatUnited States
Canada
1,000 bu. 1.000 au. 1,000 bu. 1,000 bu. 1,000 bu.
831.040
872,595
676,429
903,865
690,108
407,138
440,025 550.482
395,475
197,119
North America (3)
Europe (21)
Africa (4)
Asia (3)
898,708 1,081,117 1,248,509 1,324,510 1,454,347
1,327,730 1,361,389 1,175.832 1,234.882 1,373,530
52,930
68,905
61,428
64.415
58,885
363,598
375,370
371.047
331,308
383,827
Transactions in Grain Futures during September on
• Chicago Board of Trade and Other Markets.
Revised figures showing the volume of trading in grain
futures on the Board of Trade of the City of Chicago, by
days, during the month of September, together with monthly
totals for all "contract markets," as reported by the Grain
Futures Administration of the United States Department of
Agriculture, were made public Oct. 5 by L. A. Fitz, Grain
Exchange Supervisor at Chicago. For the month of September 1928 the total transactions at all markets reached 1,314,733,000 bushels, compared with 1,946,019,000 bushels in the
same month last year. On the Chicago Board of Trade the
transactions in September this year amounted to 1,062,209,000 bushels, against 1,620,183,000 bushels in September last
year. Below we give the details for September-the figures
representing sales only, there being an equal volume of
purchases.
VOLUME OF TRADING.
Expressed in Thousands of Bushels, I. e., 000 Omitted.
Date-September 1928.
1
2 Sunday
3 Holiday
4
5
6
7
8
9 Sunday
10
11
12
13
14
15
16 Sunday
17
18
19
20
21
22
23 Sunday
24
25
26
27
28
29
30 Sunday
Dhicago Board of Trade
Dhicago Open Board_ _ _
Alinneapolis C. of C.
Kansas City Bd. of Tr_
3uluth Board of Trade_
It. Louis Mer. Ex
Milwaukee C. of C.
Seattle Mer. Exch
.os Angeles Or. Exch.
Ian Francisco C.of C.
Wheat.
Corn.
Oats.
Rye. Barley. Flax.
Total.
6,572
2,072
690
--------23,719
26,616 10,605
19,366 7,827
19,425 7,052
15,751 12,047
29,030 11,636
2,199
2.021
2,880
3,484
1,965
1,069
1,262
1,047
1.187
956
--------40,489
--------30,476
--------30,404
--------32,469
--------43,587
36,446
23,786
20,572
23,702
19,653
16,552
10,438
26,444
11,797
23,323
13,113
14,595
2,124
1,530
1,219
4.405
1,052
1,911
1,942
1,116
1.251
1,770
1.057
956
--------50,950
--------52,876
--------34,839
--------53,200
--------34,875
--------34,014
17,853
12,092
27.572
16,052
60,032
53,836
13,770
14,217
10,038
9,915
18,357
20,574
1,332
950
1,357
2,073
2,528
1,972
1.768 --------34,723
28,821
1,582 ___-__
1.772 --------40,739
2,018 --------30,058
84,323
3,411 --__ ---2,718 --------79,100
29.352
36,612
28,059
35,282
18,198
28,077
19,984
8,908
17,668
19,530
15,726
21,758
1,905
1,836
1,279
1,559
2,200
2,988
1,581
1,567
1,962
3.047
1,923
1,551
14,385
42,822
____ _--------48,923
--------48,958
--------59,418
--------38,047
--------54,374
628.301 345,894 48.841 39,173 --------1,062,209
270
17 --------31,875
23,576 8,013
---- 5,416 4.482 10,207 3,300 101,369
77.964
----------------48,247
33,094 15,153
63,848
--------8,524 1,723 2,111
*51,490
----------------1,826
478
a1,348
337 --------4,764
573
1.698 2,156
590
4
4
Total above countr's(31) 2,669,150 2,882,458 2,840,869 2,996,190 3,223,600
Est. North. Hernia. total
818.061371,694 55,100 52,533 11,934 5,411 1.314.733
Total all markets
excl. Russia and China_ 2,759,000 3,026,000 2,998,000 3,136,000
Est, world total, excl. Rus'otal all mkts. year ago 922.678 835,538 104,330 65,630 7.194 10.649 1,946,019
3,041,000 3,389,000 3,421,000 3,539,000
'ntal Chicago year aro_ 699.249 787.448 89,585 43.901 --------1,620.183
sia and China
Rye
43,274
40,795
58,811
46.456
38,093
* Durum wheat with the exception of 91 wheat. a Hard wheat with the exception
United States-------12,179
14,951
16,879 of 95 red wheat.
9.158
2,094
' •
Canada
•
73,762
60,153 "OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF TRADE
52,974
55,614
38,187
North America (2)' i
750.972
876,272 697,873
814,808
911,129
Europe (19)
FOR SEPTEMBER 1928 (BUSHELS).
824,734 874.961 (Short side of contracts only there being an equal volume open on the long side.)
931.886 750,847
Total above countr's(21) 949,316
Est. North. Bemis, total,
87,0000
excl. Russia and China_ 1,023,000 1,000,000 807,000
Total.
Oats.
Rye.
Corn.
Wheat.
September 1928
Est. world total, excl. Rus887.000
812,000
1,025,000 1,007,000
sia and China
a8,759
227,647
;9,549
79,110
a110.229
1
Barley
33,032
27,335
32,400
2 Sunday
32,550
37,690
California
3 Holiday
United States other than
9.091
29,660
228,958
79.184
111,023
317,561
237,057
152,505
4
181.313
147,122
California
29.032
9,527
229.358
78,993
111,806
96,938
144,875
99,987
a
87,118
45,275
Canada
9,413
78,444
a28,077
227.296
111,362
6
29,077
9,677
78,930
228,890
111,206
284,892
361,330
495,468
7
300,981
230,087
North America (2)
29,159
78.356
9,706
231,236
114,015
5
606,712 609,740 609,915 668,464
627,754
Europe (21)
9 Sunday
excl.
Est. European total,
29,162
233,172
9,995
78.526
115,490
681,000
690,000
10
.701.000 689,000
Russia
9,905
234,708
80,6l*
29,450
114,737
90,438 11
57.257
72,874
94,859
95,600
Africa (4)
235,659
80,189
29.836
10,060
115,674
106,297 12
107,630
127.305
_128,547. 133,071
Asia (3)
235,453
79,128
10,139
116,560
29,626
Total North. Hernia. (30). 1,081,988 1,135,623 1,079.194 1.151,749 1,356,101 13
235.430
9,970
116,822
79,043
29,595
14
Est. North. Hemis. total,
235,080
29,935
10,000
116,152
78.993
15
excl. Russia and China_ 1,407,000 1,456,000 1,402,000 1,465,000
PM
16 Sunday
Est, world total, excl. Rus236,772
10,190
78,620
30,079
117.883
17
1,425,000 1,492,000 1,437,000 1,498.000
sia and China
235,823
10,445
*30,410
118,209
76,759
18
Oats
*237,531
10,722
•119,980
76,620
30.209
1,143,407 1,487,550 1,246.848 1,184,146 1,452,966 19
United States
234.271
11,170
30.032
75,302
117,767
474,242 20
383,416
439,713
402,296
351.690
Danada
232.408
11.448
29.906
115,584
75.470
21
229.048
11,267
29.980
113,034
74,767
1,623,859 1,927,208 22
1,495,097 1,889,846 1,630.264
North America (2)
1,635.185 1,492,841 1.613.972 1,566,855 1.594,830 23 Sunday
Europe (20)
227.328
11,161
30,114
74.442
111,608
24
Est. European total, excl.
228,566
11,273
29,961
112,492
74,840
25
1,931,000 1,792.000 1,921,000 1,848,000
Russia
230.286
11.748
29.396
76,810
112,332
16,225 26
13,965
11,455
19,509
17,631
Africa (3)
229,303
*11,952
29.661
111,814
75.876
41 27
52
52
62
30
:.ebanon Republic
11,552
227,066
29.331
74.899
111.284
Natal North. Heroic (26)- 3,147,943 3,402,258 3,255,743 3,204,731 3,539,167 28
a218,045
11,167
28,254
668,112
110,512
29
Cut. North Hernia., total
Sunday
3,515,000
30
excl. Russia and China_ 3,474,000 3,729,000 3,592,000
Cut. world total excluding
Average
3,581,000 3,848,000 3,696,000 3,608,000
Russia and China
231.222
10,431
29,562
77.168
114,061
.
September 1928 _.
Corn
196.405
10,645
35.944
69.773
80.043
2,712,364 2,916,981 2,692.217 2,773.708 2,903.272 September 1927- _ _
hilted States
220,256
9.005
26.765
79.207
111,279
5,732 August 1928
4.262
7,813
10,564
17,297
/mad&
202.618
10,381
23.824
78,156
90,257
July 1928
209.871
10,240
23.901
83,174
92,547
North America (2)
2,729,661 2,927,525 2,700,030 2,777,970 2,909,004 June 1928
225.137
7.763
30.890
82,361
104.123
220,749 May 1928- -- .--239,962
353,934
289.755
gurope (6)
288,810
8.551
240,251
34,559
91,532
105.609
April 1928
rat. European total excl
8.355
229,156
33.671
98.849
88,281
492.000
March 1928
662,000
623,000
Russia
581,000
9,580
231,613
37,221
98.133
86,679
rotal North. Hernia.(7)_ .. 3.018,471 3,217,280 3,053,964 3,017,932 3,129,753 February 1928
9.882
211,272
86.132
83.525
January 1928
81,733
tat. North. Hernis. total
9.746
195.260
34.430
75,150
75,934
December 1927excl. Russia
3,681,000 3,903,000 3,737,000 3.639,000
10,768
214.711
35,026
77.134
91,783
November 1927-_
1st. world total excluding
10,038
205.141
36.353
88.879
00 071
lIntnhwr 1027
4,423,000 4,312,000
Russia
4,126,000 4,522.000
a Figures in parenthesis ndicate the number of countries included?
• high. a Low.
OCT. 13 1928.]
FINANCIAL CHRONICLE
Tendency in Northwest to Hold Back Grain from
Market—Observations by Northwestern National
Bank of Minneapolis.
Surveying conditions in its section the Northwestern
National Bank of Minneapolis in a recent issue of its periodical Review said:
Bankers at country points in Minnesota, North Dakota, South Dakota
and Montana, who annually talk things over with their farmer friends in
the marketing and liquidating period that follows threshing time, report
a greater general tendency than for a number of years to hold back grain.
Particularly is this true of wheat. The early annual marketing time in any
season the first 60
-day period after harvesting starts, rarely affords any
definite guidance to our indication of the rate at which grain will continue
to come to market In the months that follow. Whether the general tendency
from the viewpoint of the year as a whole may be to turn the crop into
money quickly, or more slowly, the first inrush after harvest th?gins, always
is heavy, duo in some degree to general liquidating necessity. This Year,
in fact, one railroad reported new high record country station loadings
of grain on three successive days. A later period following the passing
of the more immediate and urgent need for cash usually finds the marketing
affected more by the desire of the farmer to sell or not to sell, whether
his grain is In fit condition to be stored without deteriorating, with action
then determined by the ruling price, and the financial ability of the farmer
to hold his crop off the market if he elects to do so.
Two inferences may be drawn from the reports that so many have declared
their intention not to sell at this time. The first Is that there will be some
later retardation or slowing down in the liquidating process so far as it is
affected by the turning of grain into cash: the second, that there must
have been a decided improvement In general farm conditions as compared
with several years back, and there must be a general condition of stability
and financial responsibility, If a considerable number of farmers having
grain for sale, in the normal selling and debt-paying period, are able to keep
It off the market.
2023
after a conference with the employers. Resumption of operations will be
slow and tedious, the manufacturers said, but all mills except the Sharp
Manufacturing Co., which is in process of refinancing and cannot open, will
set about the task of getting back to work the first thing Monday morning.
A formal statement issued by the association after the meeting, attended
by the full membership, said:
"The mills associated with the New Bedford Cotton Manufacturers'
Association will open Monday, Oct. 8. Owing to the long shut
-down the
mills will not be able to use a hill complement of employees at once. Operations will be increased as rapidly as conditions will allow."
Clashes Marked Strike in July.
The New Bedford strike, which involved 27,000 workers whose estimated
weekly wage loss was $600,000, started when twenty-seven mills attempted
to put into effect a 10% wage reduction. At the time the manufacturer.
declared that the wage cut was the same which had been put into effect
almost generally in New England during the first of this year. They said
that mills in other sections of New England, known generally as coarse
goods mills, but which were actually making finer grades of goods and
were therefore New Bedford competitors, had an advantage in being able
to operate fifty-four hours a week, while New Bedford along with other
Massachusetts mills was restricted to forty-eight hours a week.
Mayor Charles E. Ashley of New Bedford, who was appealed to at the
time by civic associations to act as mediator, requested the Manufacturers'
Association to postpone for a week the date of putting its new schedule
into effect. The manufacturers agreed on conditon that the textile unions
would postpone taking a strike vote, but the Textile Council declared that
the taking of a vote could not be postponed, although it offered to have
the votes sealed and not counted, while efforts were made to effect some
sort of mediation. This proposal was not acceptable to the manufacturers.
Early in July, the Massachusetts Board of Conciliation and Arbitration
called a conference with a view to adjusting differences between manufacturers and strikers, and soon after the mill officials requested the strikers
to return to work and accept the wage reduction, but the workers only
reiterated their determination not to accept any reduction in wages. When
the mills were re-opened only twenty workers returned to their jobs.
Up to this time there had been only a few minor disorders. But hostile
demonstrations commenced, and when police tried to prevent strikers from
parading, they persisted in defiance of the police. Late in July there was
Production and Sales of Standard Cotton Cloths
a serious riot in which State militia had to be called upon and 225 pickets
During September.
were arrested. Several of those arrested were sentenced to six months'
The Association of Cotton Textile Merchants of New York imprisonment.
Thereafter the State Board made
settle the strike,
made public on Oct.8 its statistical report on the production and its offer to conduct a thorough a new endeavor toaccepted by both
investigation was
and sale of standard cotton cloths during September. The sides. The strikers presented figures to show the mills were flourishing
while the manufacturers insisted that many of the mills were on the verge
report covers a period of four weeks. Sales during the month of liquidation.
amounted to 387,151,000 yards. This was equivalent to
When the Board finished its investigation and recommended a 5% reduo152.6% of production, which was 253,688,000 yards. Aver- tion in wages, the manufacturers accepted this proposal without waiting
official
age weekly production for the month was 63,422,000 yards for labor to make known itswhich reaction. On Oct. 1 the textile workers rejected the wage cut,
was then proposed without the thirtyas compared with an average weekly production of 60,- day notice provision that is declared to have swung the settlement vote.
494,000 yards during the five weeks of August,and 72,275,000
About 20% of the workers who had been out since last
yards average weekly production during the first six months April were put to work with the re-opening of the mills on
of the year. Shipments amounted to 278,110,000 yards or Oct.8, according to Associated Press accounts which said:
109.6% of production. Stocks on hand at the end of the
Many who applied for positions were told, after their names were taken,
month were 417,245,000 yards, or 5.5% less than at the that they would be sent for as soon as machinery could be started, which
was expected to be soon.
beginning of the month. Unfilled orders on September
Apparently all of the United Textile Workers' members reported at the
30th amounted to 398,005,000 yards, an increase of 37.7% mills ready for work. Two or three thousand Textile Mill Committees'
as compared with unfilled orders on September 1st. These members who opposed the 5% compromise offer accepted by the unions
affiliated with the
statistics on the manufacture and sale of standard cotton but found the policeUnited Textile Workers gathered at the mill gates,
out in force, and attempts to interfere with workers
goods are compiled from data supplied by 23 groups report- were quickly checked.
The following United Press advices Oct. 11 were reported
ing through the Association of Cotton Textile Merchants of
New York and the Cotton Textile Institute, Inc. The in the "Sun" of that date:
The
statistics cover upwards of 300 classifications or construc- textile last obstacle in the path of peace which came to this strike-stricken
city last Saturday appeared to have been removed
tions of standard cotton cloths and represent a large part so-called radical textile mills committee, which continued to-day. The
to carry on
after a great majority of the 27.000 operatives had accepted the 5% wage
of the total production of these fabrics in the United States.
cut compromise, called off its strike last night.
Textile Strike at New Bedford (Mass.) Ended—Mills
Re-opened with 6% Wage Cut.
5% Increase in Wages of Fall River (Mass.) Textile
The New Bedford, Mass., textile mills re-opened on Oct.
Workers.
8,following the action of seven unions in the New Bedford
From the "Sun" we take the following United Press adTextile CounAl in voting on Oct.6 to end the 25
-week strike vices from Fall River, Mass., Oct. 11:
by accepting the compromise 5% wage cut (instead of
More than 18,000 Fall River textile operatives will receive wage increases
the 10% reduction which brought about the strike) and of 5%%,effective on next Monday. the Cotton Manufacturers' Association
stipulation of a 30
-day notice to operatives when any change announced to-day.
The announcement came after a conference between representatives of
in the wage scale is proposed. On Oct. 1, the proposal to American Federation of Textile Workers and the operators of more thanthe
20
end the strike on the basis of a 5% wage cut was rejected by mills.
The
noted in these columns Oct. 6, page. 1886. now asFall River operatives will receive approximately the same wages
the unions, as
the New Bedford mill workers who recently won back half of a
New Bedford advices Oct. 4, to the Providence "Journal" 10% wage cut as the result of a 25-week strike. The workers here have been
receiving only 90% of their original wages. a 10% cut having been put into
stated:
The Textile Council, more conservative of the two bodies directing the
city-wide mill strike here, to-night broke a five-hour deadlock and voted
unanimously to recommend that the seven unions which it represents
accept the manufacturers' compromise offer of a 5% wage reduction and
end the strike, which Is now in its 25th week.
The workers have been idle since last April's walkout,following inauguration by the manufacturers of a 10% wage cut.
Last week the manufacturers offered to slice this reduction in half, and
invited the workers to return to their jobs at only 5% less than they had
been earning last April. The Textile Council submitted the proposal to
the unions without any recommendation whatever. Three unions voted to
accept it, but four rejected It.
-night's action by the Textile Council was based on two consideraTo
tions. The first was the agitation, since the rejection of the manufacturers'
proposition, for a new vote, based on the assertion that many who voted
did not fully understand the matter and were in favor of returning to their
jobs and restoring themselves to earning capacity under the compromise
scheme.
On Oct. 6 Associated Press accounts from New Bedford
announced as follows the move for resumption:
Twenty-five of the twenty-six cotton mills that have been closed by a
strike since April 16 will open Monday morning at the usual hour. Andrew
Raeborn. Secretary of the Manufacturers' Association, announced tonight
effect, and their pay will now be increased by 5Yi% of the 90% wages. The
5% restoration made in New Bedford was on a 100% wage basis.
Shortly after the New Bedford strike in last April, the strike spread to
this city but comparatively few workers went out and the labor difficulties
lasted only a short time in Fall River.
Strike in Paterson, N. J. Silk Mills.
Workers in Paterson, N. J. silk mills stopped work on
October 10, in accordance mith the strike vote referred to in
our issue of September 6, page 1887. Regarding the strike
we quote the following Paterson advices Oct. 10 to the
Newark "News:"
More than 1,200 silk workers left their looms In 67 broadsilk shops here
to-day after efforts of United States Department of Labor mediators to
avert a strike failed.
The strikers, mostly plainloom weavers, are demanding an eight
-hour
day, an average Increase of 10% in wage scale, and recognition of their
union. the Associated Silk Workers. The loom owners refused to the last
to deal with the strikers collectively.
The last silk strike here was in 1924.
2024
FINANCIAL CHRONICLE
[VOL. 127.
Owners Would Arbitrate.
President Coolidge Urged to Support Appropriation of
A statement issued by the manufacturers following a meeting yesterday
$5,000,000 for Agricultural Research—American
afternoon set at rest all hopes of averting the strike.
Farm Bureau Federation's Plan.
The manufacturers, whose statement was addressed to John A. Moffit and
Charles Bendheim, representatives of the United States Department of
President Coolidge is reported to have assured a group
Labor, declared they are willing to arbitrate with their individual shops
on the demands for a new price list that would mean a higher wage, an representing various farm organizations on Oct. 8 that he
eight-hour day and forty-four-hour week, and recognition of the A. S. W. favored an adequate appropriation for agricultural research.
They refused to meet the employees on any other gounds, and asserted they
are in favor of an eight-hour day, but that in many cases the employees Those to whom he made this declaration requested an appropriation of $5,000,000 for that purpose. The foregoing adthemselves wanted longer hours.
The jacquard weavers, who were asked to conduct a sympathy strike, vices are contained in a Washington dispatch Oct. 8 to the
will remain at work, having refused to join the walkout.
The aim of the strike is to attain the same demands that were made in "Times," from which we also take the following:
Chester Gray, Washington representative of the American Farm Fedthe 1924 strike. Since that layoff, the old conditions have crept back into
eration, acted as spokesman and presented the argument in favor of such
the industry, the union alleges.
an appropriation, saying that among the examples of beneficial results from
research which already were contributing considerably toward "the billion
dollar goal" were the development of new uses for cotton and its by-products
and the saving of the sugar cane industry in Louisiana and in other areas
Representative Rankin Appeals to President Coondge of the South through the breeding of Mosaic resistant varieties of cane.
to Protect Cotton Growers from Crop Reporting
He also cited the greater utilization of the corn crop, progress in solving
the cause of contagious abortion in cattle, better nutrition of live stock,
Board's Estimates.
development of a method of inoculating seeds of leguminous crops, wider
Five days before the issuance of monthly cotton report application of commercial fertilizers, ascertainment of the adaptability of
by the United States Department of Agriculture, Represent- foreign seeds to various sections of the United States and establishment of
ative John E. Rankin. of Mississippi appealed on Oct. forestry projects.
"Many other items of research could be specified which bear upon the
4 to President Coolidge to protect cotton growers from financial aspect which research has to agriculture," Mr. Gray told the
the "misconduct" of the Department of Agriculture, which, President. "There is also a humanitarian and social side of research when
applied
No
he said, is contributing to the depression of the cotton market is more to farm problems.not indoubt from many points of view this aspect
valuable, though
dollars and cents."
through its Crop Reporting Board. This was made known
in Associated Press advices from Tupelo, Miss., Oct. 4, H. R. Tolley Appointed Assistant Chief, Bureau of
published in the New Orleans "Times-Democrat," which,
Agricultural Economics.
in giving Mr. Rankin's message to the President, said:
The promotion of Howard R. Tolley to the post of AssistHe also urged Southern Senators and Congressmen to wire their protests
without delay, telling them that while the crop condition was shown to have ant Chief in charge of research of the Bureau of Agricultural
deteriorated "more than 10%" from Aug. 1 to Sept. 1,the Crop Reporting Economics, United States Department of Agriculture, has
Board at Washington increased the estimate of the number of bales to be been
announced by Nils A. Olsen, Chief of the bureau. Mr.
produced by 148.000.
Tolley has been connected with the Department of .AgriculDeterioaticyn Serious.
Mr. Rankin, who was one of the House members to serve on the cotton ture for 13 years; he has been in charge of the Division of
investigating committee at the last Congress, said deterioration during Farm Management and Costs in
the bureau of Agricnitural
September was greater than during August, and predicted a crop at least
Economics since 1926, and is regarded as an authority on
-million bales under the last estimate.
a half
In his appeal to President Coolidge, wired to-day, Mr Rankin said: problems connected with the organization and management
"We have failed to get relief by protesting to the Boards involved. I of farms, cropping systems,
the place of livestock in the
appealed to the Secretary of Agriculture and received an offensive reply.
Instead of removing those responsible for the great loss to cotton farmers agriculture of different regions, the use of improved machinlast year, he promoted some of them to positions which they were either ery, and the adjustment of agricultural production to
unqualified to fiii or unworthy to hold.
market demands. Mr. Tolley is a graduate of the University
"The present Crop Reporting Board is contributing to the depression of
the cotton market by its inflated estimates of the cotton crop, which, ac- of Indiana where he received the degree of A. B. in 1910.
cording to its own report, is not borne out by the crop conditions.
In 1912, Mr. Tolley entered the employ of the Coast and
"On the 8th of September their report showed that the crop had deteriorated to such an extent that the conditions had fallen from 67.9% to 60.3%. Geodetic Survey as a computer, and entered the office of
which would have justified a reduction in the estimate of more than 1,400,- Farm Management,United States Department of Agriculture
000 bales. But instead of making allowance for this deterioration in their in 1915. He was promoted to scientific assistant the following
report, they increased their estimate 148,000 bales, which drove the market
down and cost the farmers who have sold their cotton up to the present year, agricultural engineer in 1920, and senior agricultural
time millions of dollars.
economist in 1926. He is the author of many Department
"If the Crop Reporting Board would make allowance in its report, to be publications dealing with farm
management practices, farm
given next Monday,for the deterioration of the crop and abandoned acreage
which their report will show and the abnormal falling off in the ginners' machinery, and agricultural economics and is editor of the
report, the price of cotton, responding to the law of supply and demand, Journal of Farm Economics, the official publication of the
would rapidly advance.
Farm Economics Association. Mr. Tolley has been active in
"As a member of the Congress from a cotton-growing district, I am
appealing to you, sir, to demand of the Crop Reporting Board in the De- recent years in the preparation of outlook reports by the
partment of Agriculture, that they base their estimate upon the present Bureau of Agricultural Economics, which reports deal with
condition of the crop as reflected in their reports of deterioration and the
the present situation and prospects for agriculture as a guide
ginners'report, and cease contributing to the financial distress of the cotton
to farmers in adjusting production to market demands.
farmers by giving out inflated estimates not justified by the facts."
In his new capacity, he will direct and co-ordinate the
research activities of the bureau.
Co-operative Citrus Association Formed—Florida Growers Organize for Control and Marketing of Their
Coffee Loss in Porto Rico Following Hurricane.
Product.
In a review of the agricultural problems confronting
Citrus growers of Florida have completed the organization Porto Rico following the recent hurricane, a message from
of a co-operative association for control and marketing of San Juan Oct. 7 to the "Times" said:
At the beginning of the fourth week following the hurricane, Porto Rico
their product. Formation of such an association has long
for the
been advocated to enable Florida growers to compete suc- is without the complete reconstruction program necessary a effortrecovery
of Its agriculture. The citrus fruit growers, however, in
to meet
cessfully with other growers, notably in California, accord- their own needs, have formed a credit corporation with $200,000 capital,
designed to provide $2,000,000 Credit if needed, and sugar needs are being to the "Wall Street Journal" of Oct. 10, which adds:
Commenting on the organization and what it means for Florida, Peter
0. Knight, President of Tampa Electric Co. and prominent in other Florida
businesses, said: "This is the most worth while thing that has ever been
done for Florida.
"In view of legislation that has been passed by both the State and Federal
Governments for the purpose of aiding agricultural products. I have always
been amazed that the citrus growers of Florida have not taken advantage
of such legislation. The citrus growers of California have been able to
compete in the Eastern. markets with the citrus growers of Florida simply
because the citrus growers of California had a business way. Florida has
every natural advantage over California as a citrus growing State.
"California is from two to eight days from the markets; Florida is from a
few hours to two days from 80,000,000 of people. Florida has more suitable rainfall, can raise more and better oranges to the acre than California,
while California cannot produce grapefruit as a commercial proposition at
all.
"The association is owned, controlled, and its affairs will be directed by
the growers. And they will be able to market their fruit through any marketing agency they see fit, provided such marketing agency has a contract
with the growers' association so as to represent it in the selling of the fruit
as its agent.
"I regard the intrinsic value of citrus groves to-day as easily twice what
I was three months ago. The beneficial effects, of course, of the completion of this organization, except in a psychological way, will not be demonMated fully until some time in March or April next year."
lieved to be provided for temporarily.
The situation on the other hand is less hopeful for the individual tobacco and coffee planters, with the problem of the latter causing the greatest concern.
The large tobacco planters, particularly the corporations, have well
under way the new seed beds necessary for the coming crop, which should
be in the ground by the end of December. The coffee men, who estimate that they can recover from the storm in four or five years, with
proper financial aid, so far are unfinanced. A Federal appropriation
for them seems the likeliest course. This would be in addition to new
agricultural credits.
The coffee loss is conservatively estimated at $30,000.000, including
the period till the plantations can be restored. It is considered that these
should be on a better productive basis then than ever before. Their
restoration, however, involves for the present a major problem, and indications are that an adequate plan to solve it probably will be the last
to be formulated, due to the complexity of the question.
The Red Cross, after almost three full weeks of emergency relief, believes that even the most remote of the needy in the mountains have been
reached and are included in the total of 580,090 who are being rationed.
As an additional 100,000 are caring for themselves, the grand total approximates Governor Towner's estimate after the storm that 700,000 were in
need of assistance.
Beginning to-morrow the Red Cross rationing policy will be established
on a ucilc-ler-iced
OCT. 13 19281
FINANCIAL CHRONICLE
2025
Coffee Price Crisis Menaces Sao Paulo—Overproduction Growth of Fur Manufacturing in U. S.—Review by
Bank of America, N. A.-60% of Workers in IndusImperils the Brazilian State's Scheme for Statry employed in New York State.
bilization.
Half a billion dollars represents the retail value of the furs
Under the above head the "Times" of Oct. 7 in special
in the hands of the industry in this country each year, accordcorrespondence from Sao Paulo (Brazil) Sept.8 said in part:
The most remarkable phase of current life in Brazil is the phenomenal ing to a review prepared by the Bank of America, N. A.,
economic growth of Sao Paulo State, of special interest to Americans because which shows that the Mississippi Valley is the greatest fur'
the foundation for its prosperity has been contributed to a large degree
by coffee thinkers of the United States. Moreover, an analysis of present producing area in the world and accounts for most of the
business conditions is very timely because certain factors have appeared $65,000,000 or $70,000,000 fur catch of the United States
which may undermine the high level of coffee prices established and con- This figure compared with Russian furs valued at about
trolled so successfully by the Sao Paulo Coffee Institute since its organization
$35,000,000 which enter commercial channels and an export
in December. 1924. . .
Production Becomes Enormous.
of furs from Canada valued at about $20,000,000. "If to
already dangerously large. The harvest picked
The Brazilian crop is
the value of the domestic output of the United States is
known in trading circles as the 1927-28 crop, was the largest the
in 1927.
nation has every produced, totaling 29,451.684 bags, according to the in- added about $125,000,000 for furs imported, less exports of
stitute's figures. Fortunately for Brazil, the crop harvested in 1928 about $25,000,000, the result, approximately $150,000,000,
was small, thereby cutting down the amount of stored coffee.
represents roughly the value of these raw furs to the proOfficial figures, moreover, do not substantiate the assertion that world
consumption of Brazilian coffee is keeping up with Brazilian production. ducer," the review points out. "Allowing for price appreIt is difficult to ascertain the basic increase in Brazilian production, duo ciation throughout the various stages of distribution, and for
to varying conditions of weather from blossom time up to harvest. But
in manufacturing, it is safe to estimate that
it is worthy of note that the jumbo crop harvested in 1927 was so large that the value added
there were 13,109,077 bags still unsold on June 30, when picking began on the retail value of the furs in the hands of the industry each
the new crop. That quantity is nearly equal to the average exports for one year is not far from half a billion dollars.
year.
The study contains statistical matter showing the sources
Moreover, Sao Paulo's defense of coffee prices has been profitable to
other producing countries, especially Centlal America. and production of fur supply throughout the world and values of imports of
outside of Brazil will undoubtedly increase very rapidly.
the various classes of pelts. It says:
Aid from British Bankers.
The retention of huge stocks of coffee naturally entails large loans of
money to farmers, and it will be at this point that distress will be most
dramatic If the market should break through excessive storage. Loans
.
to farmers against their unsold'coffee amount to an enormous sum at the
present time. The concensus of opinion at Sao Paulo in September was
the outstanding loans by banks and commission merchants totaled more
than 5100.000,000, a large part consisting of loans made by the Banco do
Estado de Sao Paulo (Sao Paulo State Bank), which is obtaining a great
deal of money from London for financing the scheme to make Americans
pay high prices for coffee.
Banks are not taking very big risks, as they loan only up to a third or a half
of the market price of the coffee, and charges from 10 to 12% or more.
The State Bank protects itself by compelling farmers to promise to liquidate the loan at till) exchange rate existing at the time the loan is contracted. This provisoin protects the State in case coffee quotations drop.
as bankers predict that an immediate consequence would be a fall in the
exchange value of the Brazilian milreis.
There can never be any intelligent and just criticism of the theory of
coffee defense, as it is based on the simple plan of loaning money to farmers
so that they are no longer forced to dump their crops on the market, as
soon as the harvest begins, in such quantities that prices tumble and the
profits go to middlemen. The crop is now released on a daily quota throughout the year to uphold and stabilize prices, while the overflow of a big crop
is carried to the following year—or later—for release after a short crop.
But the plan has reacted on the State Government somewhat like the
effect produced on Mladin when he began using the Wonderful Lamp.
It is so easy to push up prices a trifle by issuing an order to reduce daily
sales at Santos. Up goes the price—and the profits. The institute's
power has also been fortified by the adherence of the eight adjoining
coffee-growing States, which have agreed to join Sao Paulo in the control
of sales. Further strength is secured by the provision that the State
Treasurer automatically becomes President of the institute.
Producers Reticent on Profits.
Coffee men in Sao Paulo do not care to discuss the subject of profits.
They make abstract statements about the matter and evasively talk about
the increased cost of labor.
An American in Sao Paulo suggested that the writer should avoid the
topic of excessive profits. In his opinion, business relations between the two
countries would remain more satisfactory if there is no attempt made by
Americans to break the stabilization plan. He believes that the holding of
prices at the present level will soon lead to over-production, and then
prices will be lowered without arousing the enmity which might continue for
many years if the consumers were directly responsible for the drop. In
other words, they will soon cut their own throats. He declared that there
are Sao Paulo business men of influence in coffee circles who believe that
prices should be lowered now, and his assertion was confirmed by Dr.
Plinio Barreto, editor-in-chief of "the Estado de Sao Paulo," one of the
leading newspapers.
Dr. Paulo R. Pestana, Director of the Department of Industry and
Commerce, told the writer that the value of the Sao Paulo coffee farms has
approximately doubled since the initiation of the control scheme by the
institute in 1924, but he remarked that this has been partly due to fluctuations in the volt* of the national currency. In a 1927 bulletin Dr. Pestana
stated that in 1900-01 the number of producing trees totaled 525.625,000
and that in 1925-26 they numbered 966,142,590. He wrote then that
"to measure such rapid progress, by the statistics on production which I
have presented, is certain to be agreeable to all people of Sao Paulo, proud
of such victories. The statistics, however, do not present themselves to
UB without shadows. On the horizon are surging dark clouds, messengers of
approaching peril."
The growth of fur manufacturing in the United States has been very
rapid in the last few years. A broader demand for furs and a marked
improvement in technical knowledge in dressing and dyeing have both
contributed to this development. Statistics showing the size of the industry, compiled by the United States Bureau of the Census, are believed by
authorities in the trade to understate the case, but they furnish the only
measure available. They show that between 1914 and 1925 the number
of establishments engaged in the manufacture of fur goods, exclusive of
fur-felt hats. increased from 1,322 to 2.000. while the average number of
wage-earners employed in the year advanced from about 9,000 to nearly
17,000, and the total of wages and salaries paid from 59,118.000 to $35.954,000. The fur manufacturing industry is very largely concentrated in
New York City. In 1925, aoout 60% of all workers reported in the industry were employed in New York State, and more than $30,000,000 was
expended here in that year in wages and salaries.
Petroleum and Its Products—Crude Output at Peak
Level for Year.
Domestic crude output continued on the increase, the
daily average production of 2,524,000 barrels for the week
ending Oct.6 constituting a new high record for the year thus
far. Most of the increase was in Oklahoma and West
Texas, reflecting the breaking-down of the curtailment
program in the former State. Operators in Oklahoma
have been working under an agreement to limit daily output
of all pools in the State to 700,000 barrels. Production for
the week ending Oct. 6 averaged 745,000 barrels. Efforts
to secure a modification of the agreement, increasing the
daily allotment to 750,000 barrels, are being made, but the
attempt has created considerable feeling among operators,
and for a time threatened the entire conservation program in
Oklahoma. In view of the readjustments in posted prices
for crude oil this year, Oklahoma crude, which averages
high gravity, is virtually a premium oil, and the desire of
operators to produce as heavily as possible is therefore
readily understandable. Seminole production has been
hovering between 320,000 and 325,000 barrels daily during
the week, with the St. Louis pool producing about 115,000
to 120,000 barrels daily.
Operators in the Oregon Basin pool, Wyoming, were
making efforts to achieve co-operation in a program for a curtailment of drilling operations, and pro-rating of runs, but
nothing definite was accomplished in this direction. The
pool is now running 4,500 barrels a day, being the largest
shipper in Wyoming,aside from Salt Creek. Small refineries
in Montana and Canada take considerable of this quantity.
Leading factors in the field are Continental Oil Company,
Ohio Oil, and Producers' and Refiners' Corporation, all of
which are endeavoring to limit production owing to preSao Paulo Acts to Save Timber—Forest Service Created vailing low prices. Some contracts are reported to have
Assure Wood Fuel Supply.
to
been made down to 53 cents a barrel. Prices in the Salt
A cablegram under date of Oct. 3 from Sao Paul, Brazil, Creek field range from 88e. to $1.76 a barrel, as to gravity.
to the "Times" stated:
In a test run to gauge semi-monthly potential production
The State of Sao Paulo, fearing the loss of its timber supply, has created
to promote planting, to prevent fires, to combat insect of the Yates pool in Pecos County, Texas, Transcontinental
a forest service
plagues, to encourage the teaching of tree culture and to prevent the and Mid-Kansas Oil Company's No. 5 D well flowed at the
cutting down of trees except where necessary. Landowners must get per- rate of 146,358 barrels a day. This surpasses the flow of
mission before cutting.
Standard Oil Company of CaliThe regulations are drastic but necessary, for firewood prices have 125,000 barrels daily of
been rising steadily in recent years. Some railway companies have planted fornia's well Yates No. 15, which previously held the record
eucalyptus trees to assure future supplies of firewood, but though several for the field.
large areas have already been planted, destruction is going on rapidly.
There were no changes in crude oil prices in any of the
The State of Rio Grande do Sul has also planted a number of areas on
account of the lack of firewood.
principal domestic producing fields the past week. With
Firewood is widely used because of the lack of a good coal supply. Braproduction in the Midcontinent area gaining and refiners
zilian coal has a high ash content and is expensive in Sao Paulo owing to
planning to reduce their throughput, owing to seasonal
the high cost of transportation from the mines.
2026
FINANCIAL CHRONICLE
slackening in gasoline consumption, it was believed that the
likelihood of an advance on high gravity Midcontinent oil
before the end of the year was rather remote. There was
still a possibility, however, that the market might be put up
to bolster the inventory showing of some of the producers.
Prices are:
Pennsylvania
$3.35 Bradford
$3.35 Illinois
$1.55
Corning
1.80 Lima
1.60 Wyoming. 37 deg_ 1.41
Cabe!
1.45 Indiana
1.37 Plymouth
1.28
Wortham. 40 deg_ 1.56 Princeton
1.5.5t Wooster
1.67
Rock Creek
1.331 Canadian
2.00, Gulf Coastal "A" 1.20
Smackover,24 deg. .90 Corsicana, heavy_ 1.00 Panhandle,44 deg_ 1.36
Buckeye
3.00 Eureka
3.151
Oklahoma, Kansas and Texas
40
-40.9
$1.56 Elk Basin
$1.49
32-32.9
1.16 Big Muddy
1.33
44 and above
1.76 Lance Creek
1.48
Louisiana and ArkansasBellevue
1.25
32-32.9
1.16 Markham.
1.00
35-35.9
1.31 Somerset
1.75
Spindietop, 35 deg, and up......- 1.37
REFINERY PRODUCTS
GASOLINE QUOTED LOWER
-MOTOR
IN EAST.
Leading refiners reduced their gasoline prices in the New
York market the past week. The reduction amounted to
Me.a gallon and brought the market down to 11Mo. a gallon
for U. S. Motor at Bayonne refineries, and 123,4c. a gallon
delivered to the nearby trade in tankcar lots. The market
was also in easy position at other Eastern refinery points.
Prices were well held in the Mid-Continent, with better
buying reported. Kerosene was strong, with export prices
Xc. higher. Gas and fuel oils remained in steady position.
Furnace oil sales were heavy, with refiners in the Eastern
area carrying a heavy volume of contract business. Sales of
furnace oil this season are the heaviest on record. A chronological summary of the week's developments in refinery
products follows:
Oct. 6.-Standard Oil Co. of New Jersey advanced export kerosene in
cases 3Cc. a gallon to 17.65c. for standard white and 18.90c. for water white.
-Pennsylvania refiners reduced neutral lubricating oils hc.
Oct. 6.
per gallon
-Standard 011 Co. of New Jersey reduces U. S. Motor gasoline
Oct 8.
31c. a gallon to 11 Mc., tankcar lots, at Bayonne refineries
-Pennsylvania refiners reduced gasoline prices Xc. per gallon
Oct. 9.
on all grades.
Oct. 9.-U. S. Motor gasoline at Chicago declined Xc. to 93Cc. to 93Cc.
per gallon.
Oct. 10.-U. S. Motor gasoline at Chicago reduced 3Cc. to 9fic. to
93(c. a gallon.
-Pennsylvania refiners reduced paraffin wax prices Mc. per
Oct. 11.
pound.
[VoL. 127.
The daily average production east of California for the latest
week was 1,901,300 barrels, as compared with 1,884,300
barrels the previous week, an increase of 17,000 barrels.
The following are estimates of daily average gross production
(in barrels) by districts for the periods stated:
Weeks EndedOklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
California
DAILY AVERAGE PRODUCTION.
Oct. 6 '28. Sept. 29 '28. Sept. 22 '28. Oct. 8 '27.
731,750
807,000
745,000
735,100
104.800
99,550
98,350
99,000
60,900
90,650
66,900
64,800
83,000
89.350
89,250
88.550
54,950
64,050
54.900
55.100
211,150
353.850
341.600
348.250
21,600
29,900
22,250
22,250
25,800
27,550
25,500
25,900
38,050
51,850
38.900
38,850
100.200
84,250
84,350
85,100
107,150
125,250
107,700
108,250
21,200
21,450
14,300
25,250
113.000
112,000
112,500
112,000
61,350
49,050
62,950
62.150
10.700
13.750
9,550
10,600
7,300
6,550
6,700
7,100
2,350
2.600
1,950
2,050
622.700
625,500
631,500
633.000
Total
2,524,000 2,509,800 2,508.850 2.526,800
The estimated daily average gross production of the Mid-Continent
field
including Oklahoma, Kansas, Panhandle, North, West Central, West,
East Central and Southwest Texas, North
Louisiana and Arkansas, for the
week ended Oct. 6 1928 was 1,578,250 barrels, as compared
with 1,556,200
barrels for the preceding week, an increase of 22,050 barrels. The MidContinent production, excluding Smackover, Arkansas heavy
oil. was
1,522,850 barrels, as compared with 1,500.600 barrels, an increase of 22,250
barrels.
The production figures of certain pools in the various districts for the
current week, compared with the previous week, follow (figures in barrels
of 42 gallons):
-Week EndedOklahomaOct. 6. Sept. 29. Hayorth LouistanaN nes ille
,
Tonkawa
12,050 12,050
Burbank
27,550 27,900 Urania
Bristow Slick
20,800 20,800
ArkansasCromwell
8.700 8,750 Smackover,
Seminole
44,150 42,950 Smackover,light
heavy
Bowlegs
52,050 47,800
&aright
11,550 11,600
Little River
Coastal Texas
134.900 131,300
Earlsboro
82,850 81,350 West Columbia
St. Louis
117,050 116,100 Pierce Junction
Allen Dome
22,750 22,750
Panhandle Texas
SHpulinldletop
Hutchinson County
31,750 32,500
Carson County
6,500 6,500
nt
o
Gray County
24,800 23,300 Vie ral undsianaWheeler County
950
750 East Hackberry
Sweet Lake
North TexasWIlbarger
32,250 31.800 Sulphur Dome
Archer County
19,500 19,650
West Central Texas
cart li"ningCreek
Shackelford County.... 10.850 10,960
MontanaBrown County
11,600 11,750 Sunburst
West Texas
Reagan County
18.200 18,050
California
Howard County
24,500 20,700 Santa Fe Springs
Pecos County
78.500 68.000 Long Beach
Crane & Upton Counties 55,800 57,050 Huntington Beach
Winkler County
165,500 166,600 Torrance
East Central Texas
Dominguez
Corsicana Powell
10.300 10,400 Roseerans
Nigger Creek
mg way-s
id
850 Inle wooclunset
800
Southwest Texas
Luling
13.460 13,600 Ventura Ave
Laredo District
8,500 8,650 Seal Beach
-7Veek EndedOct. 6. Sept.29.
5,800
5,800
6,600 6,650
7,300
7,300
55,400 55,600
12,200 12.000
7,400
11,150
7,450
11,300
38 100
12 00
2 00
3 :3
18 550
4,200
2,500
2,650
3,500
4,200
2,550
3,600
4,300
39,650 41,650
8,300 8,300
No changes have been made in t,ankwagon or service
station prices for gasoline or kerosene. Refiners reported a
36,000 35,500
better demand for gasoline, improved weather conditions in
192,000 192,000
52,000 52,500
the East having stimulated consumption considerably. In
16,500 17,000
addition, jobbers bought in a large way in anticipation of a
10,700 11,000
5,500 5,500
good volume of business over the Columbus Day holiday.
28,500 29,000
The Sinclair Refining Company has introduced a new
74,000 74,000
marketing plan into New York, featuring three grades of
54,000 55,000
25,500 20,000
motor gasoline, standard U. S. Motor, and two grades of
premium fuel. Most of the other companies are marketing
two grades, the standard quality and a premium grade Crude Petroleum Production in August Higher-Stocks
Increase.
generally prices at 3e a gallon over the market on regular
U.S. Motor gasoline. Prices are:
According to reports received by the Bureau of Mines,
Gasoline(V. S. Motor).
Department of Commerce, from companies which operate
New York
.1134 Jacksonville
.1134 Tampa
11
Chelsea
0914 New Orleans
1234 *Oklahoma
1034 gathering or lead lines, the production of crude petroleum
Tiverton
.1234 Providence.(dellv.). .1334 Houston
.1034 in the United States during August 1928 amounted to
Boston (delivered)__ .1334 Chicago
0934 California
.0934
Carteret
1134 North Texas
1134 Marcus Hook
0934 77,829,000 barrels. This represents a daily average of
Baltimore
.12
1154 Philadelphia
2,511,000 barrels, an increase over July of 78,000 barrels
Al% Norfolk
Portsmouth
.1134
-The above prices are f.o.b. refineries, tank car ots, unless otherwise noted.
Note.
per day. The major portion of this material increase reDelivered prices are genera ly lc. a gallon above the refinery quotation.
*A number of the large refiners were still Quoting 934 to 93Cc.
sulted from increased output in Oklahoma or, more specifiGasoline kService Station).
cally, from flush production in the Little River (Seminole)
Richmond
20
New York
25
Charlotte
24
San Francisco
20
Boston
.21
and St. Louis pools of that State. The total daily initial
24
Charleston
Wheeling
.24
Baltimore
Chicago
24
17
production of the August completions in West Texas estab.21
Parkersburg
Norfolk
.21
New Orleans
1934
Note -The above prices are retail prices at service Ilt8110011 and include State lished a new record of over 1,000,000
barrels, but these wells
taxes in States where a tax Is imposed.
were practically all pinched in and the production of the disKerosene.
09 I Chicago
.0634 !Philadelphia (deity.) .0934 trict was unchanged from July. The daily average output
New York
New York (dellv.)__ .10 1P6Iladelphla
.0834 I Oklahoma
06
Note.
-The above prices are f.o.b. refineries, tank car lots, unless otherwise noted. in California in August was 10,000 barrels below that for
Delivered prices are generally le. a gallon above the refinery quotation.
July, due largely to a decline in activity at Long Beach and
Bunker Fuel 011
to a centering of attention toward reaching the newly disNew Orleans
1.05
1.05 'Norfolk
New York
.96
.90 'California
1.05 'Charleston
Baltimore
covered deep sand at Santa Fe Springs.
.86
Nogg.
-The above prices are f.o.b. refineries: a charge of 5o. a barrel is made for
Stocks of crude petroleum in the Mid-Continent area
oarging alongside.
Gas and Diesel Oil.
increased in August, due to the rise in output at Seminole.
05%1Diesel oil, New York
Gas oil, New York
2 tio
However, this was more than counterbalanced by withNote.
-The above pikes are f.o.b. refineries.
Esport Quotations.
drawals in other areas, with the result that a decrease of
.1765
Gasoline. Navy,5
ravaark• Cs.- .28901Kerosene, e w., New York. es_
1134 I W.w., New York, cs
Bulk
1890 600,000 barrels was recorded in total crude stocks east of
California. Stocks of light crude in California increased
Tank Wagon Prices.
Gasoline. New York
18 I Kerosene. w. w.. New York
16
slightly but stocks of heavy crude and fuel oil declined over
600,000 barrels. Total stocks of all oils decreased 2,458,000
Crude Oil Output in United States Higher.
barrels in August, the largest decline in these stocks since
The American Petroleum Institute estimates that the September 1926. The Bureau further states:
The feature of the month from the standpoint of important producing
daily average gross crude oil production in the United States
for the week ended Oct. 6 1928 was 2,524,000 barrels as areas was the increased output of the Little River (Seminole) and St.
Louts. Pottawatomie County. Okla.. pools. The rise in output of the forcompared with 2,509,800 barrels for the preceding week, mer was due to the opening up on Aug. 15 of a number of wells which had
an increase of 14,200 barrels. Compared with the output been shut-in by agreement. This new production raised the output of the
greater Seminole field
of 2,526,800 barrels per day for the week ended Oct. 8 1927, tion in the St. Louis to well above the 300,000 mark. The flush producfield was due to the discovery of a number oflarge wells
the current figure shows a decrease of 2,800 barrels daily. which were not covered by a shut-down agreement. The output of West
Texas was practically unchanged from July..A total of 118 producers
was completed in West Texas in August, which had the unprecedented daily
initial production of over 1,000.000 barrels. Nearly all of this new production was pinched in immediately. Production in the Panhandle and at
Seal Beach recorded slight decreases in August.
Stocks of crude petroleum in the Seminole district increased from 17,389,000 barrels on Aug. 1 to 17,696,000 barrels at the end of the month.
This increase accumulated coincidently with the new flush production at
Little River.
PRODUCTION (BARRELS OF 42 U.S. GALLONS).
Seminole
St. Louis-Pearson.
Panhandle
West Texas
Lone Beach
10,018,000
2,566,000
1,939,000
11,329,000
5.918.000
323,000
83,000
63,000
365,000
191.000
STOCKS AT SEMINOLE
Daily Avg
Total.
Daily Avg
8,121,000
1,134,000
1,974,000
11,314,000
6.078.000
262,000
37,000
64,000
365,000
196.000
DaUy Avg
Total.
14,596,000
BARRELS OF 42 U. S. GALLONS).
August 1927.
371,000
17.018,000
473,000
10,651.000
17.696,000
Total stocks
July 1928.
17,389,000
11,124,000
RECORD OF WELLS AUGUST 1928.
Average
Total
/Mita/
Completion.
Initial
Production. Production.
(IW.)
Gas. Dry.
Oil.
(bble.)
Drilling
Aug. 31
243
40
2
Seminole
2
1,700
67,500
__
24
128
-Pearson s
4
1,600
St. Louis
38,800
112
200
Panhand e
28
7
10
5,300
339
1
118
30
West Texas
8,700
1,022,000
lAn
con
17 nrin
A
22
T.nnir liafteh
x Represents wells in Pottawa omle County as reporteu by '011 & Gas Journal."
Runs to stills of crude petroleum again attained record
figures in August 1928, when the daily average throughput
was 2,632,000 barrels, says the Bureau. This represents
an increase over August 1927 of 343,000 barrels, or 15%.
Gasoline production also reached a new high level in August, when the daily average output was 1,098,000 barrels,
or 22% above that of August 1927. The daily average domestic demand continued to rise and in August amounted to
1,069,000 barrels, or 11% above the corresponding period
in 1927. Exports of gasoline fell off but stocks were reduced
over 3,000,000 barrels, and on Aug. 31 amounted to 27,197,000 barrels. At the current rate of total demand, these
stocks represent the low figure of 22 for days' supply, as
compared with 25 days' supply on hand a month ago and
31 days' supply on hand a year ago, adds the Bureau, continuing:
New SupplyRimestle production:
Crude petroleum:
Light
Heavy
July
1928.
Daily As
Total.
August Jan.
-Aug Jan.
-Aug
1928.
1927.
1927. a
70.090
7,739
67,665
7,781
69,345
9,443
526,071
62.472
521,295
76.947
77,829
3,421
233
75,426
3,409
228
78,788
3,214
214
588,543
27,162
1,840
598,242
25,167
1,718
Total
Dally average
Excess of daily average domestic
production over dom. demand
Imports:
Crude
Refined
81,483
2,628
79.063
2,550
82,216
2,652
617,545
2,531
625,127
2,573
99
150
242
282
7,878
781
6,261
774
52,025
8,897
37,079
9,528
Total new supply, all oils
Daily average
Change in stocks all olla
88.631
2,859
b2.458
87.722
2,830
b1,111
89,251
2,879
1,409
678.267
2,780
23,005
671.734
2,764
52,565
91,089
2,938
88,833
2.866
87.842
2,834
655,262
2,686
619.169
2,648
1,883
10,816
78.390
2,529
1,669
12,769
74,395
2,400
1,382
11,758
74,702
2,410
12,232
94.160
548,870
2,249
10.010
84,094
525,065
2,161
Stocks end of Month)
Crude:
East of California: d
Light
Heavy
California:
Light
Heavy e
317,438
51,215
318,004
51,239
18.310
95,057
18.215
95.663
23.262
93.353
18.310
95,057
23,262
93,353
Total crude
Natural gasoline at plants
Refined products
482,020
414
127,160
483,121
477
128,454
450,028
846
122,827
482,020
414
127.160
450,028
846
122,827
Grand total stocks, all oils
Days' suppiy
609,594
207
612,052
214
573,701
202
609,594
227
573,701
225
Demand
Total demand
Daily average
Exports: c
Crude
Refined
Domestic demand
Daily average
a Final figures. Includes approximately 2,750.000 barrels consumed On leases
grc., not included In 1928 preliminary figures. b Including A asks.
STOCKS OF CRUDE PETROLEUM HELD IN UNITED STATES(BARRELS)
.
Aug 31
1928.
At refineries (and in coastwise transit thereto)
Reported by location of storage:
-Domestic
East coast
Foreign
Appalachian
Indiana. Illinois, &a
Oklahoma. Kansas, &c
Texas-Inland
-Domestic
Gulf coast
Foreign
Ariumas and Inland Louisiana
-Domestic
Louisiana Gulf Coast
Foreign
Rocky Mountain
July 31
1928.
Aug. 31
1927.a
8.991,000
4,946.000
2,258,000
2,891,000
5,208.000
1,926,000
7,814,000
54,000
882,000
4,690,000
1,049,000
1,545,000
8.698,000
5,203,000
2.186.000
3,053,000
5,688,000
1,863.000
8,152,000
150,000
840,000
4,462.000
1,194,000
1,440,000
9,401,000
3,029.000
1.783,000'
2,746,000
4,400,000
1,463,000
6.758,000
203,000448,000
5.126,000
1,288,000
1,385,000
42,254,0001 42,929,000 38,030,000
Total east of California
Elsewhere than at refineriesDomeetlo-Reported by field of origin:
-N. Y., Pa.. W. Va., Gross 6.055,000 6,235,000 7,216,000
Appalachian
5,752,000 5,942,000 6,946,000
Net
eastern and central Ohio
Grose 1,166.000 1,263,000 1,302,000
Kentucky
1,176,000
1,041,000 1,139,000
Net
Gross 1,528,000 1,513,000 1,106,000
Llma-Indiana
946,000
1,348.000 1,333,000
Net
Grose 12,570,000 12,551,000 12,676,000
Illinois-S. W.Indiana
11,909.000 12,049,000 12,184,000
Net
-Oklahoma, Kansas, Orme 248,130,000 247,483,000 213,200,000
Mid-Continent
Net 235,623,000 235,083,000 201,313,000
central, north and west Texas
Gross 29,247,000 29,698,000 29,929,000
Northern Louisiana and Arkansas
26,134.000 26,502.000 27,199,000
Net
Gross 18,298.000 17,689,000 18,424,000
Gulf coast
17,807,000 17,235,000 17,945,000
Net
Gross 26,738,000 26,990,000 27,478,000
Rocky Mountain
26.700,000 26,949,000 27,415,000
Net
317,438
51,215
286,803
46,610
Bunker oil included above in
4,116
4,564
domestic demand
4,470
34,045
32,647
Final figures. b Decrease c Includes shipments to non-contiguous territories. d Exclusive of producers stocks. e Includes fuel oil. f Grand total stocks
divided by dally average total demand.
Total pipe-line and tank-farmiGross 343,732,000 343,427,000 311,331,000
1Net 326,314.000 326,232,000 295,124,000
stocks east of California
23,000
62,000
40.000
42.000
39,000
220,000.
85,000
:ocean crude petroleum on Atlantic coast.
Foreigncrude petroleum on Gulf coast
82.000
259,000
Total refinery, pipe-line, and tank-farm
stocks of domestic and foreign crude
368,653,000 369,243.000 333,413.000
Petroleum east of California
Classification by &aptly (Approzimate)East of California:
317,438,000 318.004,000 286.803.000'
Light crude (24 deg. and above)
51,215,000 51.239,000 46,610,000
Heavy crude (below 24 deg.)
18,310,000 18.215,000 23,262,000,
-Light
California
,
95.057,000 95,663,000 93.353.000
Heavy (Including fuel)
a Final figures.
IMPORTS AND EXPORTS OF CRUDE PETROLEUM (BARRELS).
(From Bureau of Foreign and Domestic Commerce.)
August 1928.
286,803
46,610
JanuaryAugust
1927.a
Classification by
.
GravUy(ayyroz
70,090,0002,26l.00067,665,000 2,182.700 526.071,,, $ 521,295,000
Light crude
2A0400. 62.472.I II 76.947.000
0.110 Ann 7 7A1 nnn
7'MI non
.
,
TT..... ny ...
412
6.141
1,007
Total crude
Natural gasoline
Benzol
JanuaryAugust
1928.
U. S. total--77,829,0002,510,6 1 I 75,428,0002,433,1 588,543,000598,242,000
Male
2,754,000 88,8, 2,809,000 90.60 21,877,0001 28,014,000
Arkansas
154,962,000
19,445,000 627,30, 19.754,000 637,200 152,160,
California
8,000 1,86 1,0001 1.957,000
247,000
7,7''
240.000
Colorado
17,800 4,376,000 4,767,000
551,000
18,500
572.000
Illinois
558.000
680,000
2,800
88,000
3,100
95,000
Indiana
467,000
617,000
2,600
81,000
2,800
87,000
Southwestern.._
91,000
63,000
200
7,000
300
8,000
Northeastern_
3,180,000 102,500 3,267,000 105,400 26,696,000 27,790,000
Kansas
653,000 21,100 4,867,000 4,403,000
21.300
660,000
Kentucky
1,993,000 64,300 1,993,000 64,300 14.736,''' 15,345,000
Louisiana
25,000 4,409,00, 3,338,000
774,000
25,000
776,000
Gulf Coast.-39,300 10,327,000 12,007,000
39,300 1,219,000
State_ 1,217,000
Rest of
297,000
326,000
1,800
56,000
1,500
46,000
Michigan
9.400 2,664,000 3,527.000
293.000
10.900
338,000
Montana
926,000
605,000
2.900
89,000
2,700
84.000
New Mexico
1,482,000
6,500 1.626,00
202,000
7,20,
223,000
New York
19,900 4,882,000 5,167,000
616,000
19,700
611,000
Ohio
15,000 3,720,000 3.989,000
464,000
15,311
Central & East. 474,000
4,900 1,102,000 1,178.000
152,000
4,40'
Northwestern. 137,000
21,420.000 691,1 i 1 19,142,000 617,500 158,010,000 182,398,000
Oklahoma
Osage County. 1,561,000 50,400 1,599,000 51,600 13.921,00, 16,454,000
Rest of State._ 19,859,000 640,60, 17,543,000 565,900144,089,0 I 165,944,000
827,000 26,700 6,533.000 6.342.000
Pennsylvania.... 860.000 27,7''
39,000
37,000
200
6,000
9,000
300
Tennessee
739,000 22,509,000 726,100168,528,000 141,528,000
22,909,000
Texas
3,286,000 106,000 3,311,000 106,800 25,757,000 32,122,000
Gulf Coast
Rest of State._ 19,623,000 633,000 19,198,000 619,300142,771.00' 109,406,000
15,600 3,858,000 4,062,000
485,000
15,900
493,000
West Virginia. _ _
1,897,000 61,200 1,839,000 59.300 14,281,000 14,673,000
Wyoming
38,600 9,650,000 10.120,000
38,601 1,196,000
1,198,000
Salt Creek....
20.700 4,631,000 4,553,000
643,000
699,000
22,600
Rest of State
The indicated domestic demand for kerosene was higher in August but
stocks again increased due to a greater increase in output. Slight increases
were recorded in the production and consumption of lubricants. Stocks
of fuel oil continued to rise but the Increase was less than for July. The
production of wax was higher but a heavy domestic demand resulted in a
further lowering of stocks.
The refinery data of this report were compiled from schedules of 334 refineries with an aggregate daily crude oil capacity of 3.186,000 barrels.
These refineries operated during August at 83% of their recorded capacity
as compared with 334 refineries operating at 82% of their recorded capacity
in July.
ANALYSIS OF SUPPLY AND DEMAND OF A LL OILS.
Including wax, coke and asphalt in thousands of barrels of 42 U. S. gallons.)
August
1928.
Daily As.
Field
87,700 2,637,000 85.100 20,641,000 20,317,000
2,719,000
Appalachian
5,100 1,165,1, , 1,269.000
159,000
4,7,•
141,000
Lima-Indiana ....
297,000
326.'''
1,800
56,000
1,5''
46,000
Michigan
20,400 4,993,000 5,234,000
632,000
21,30,
659,000
111.-S. W. Ind
Mid-Continent ..48,194,000 1,554,60045,635,000 1,472,100359,681,000 359,615,000
,
4,062,000 131,000 4,085,000 131,800 30.166,, , 35,460,000
Gulf Coast
79,600 19,411.001 b21,088.000
82,500 2,468,000
Rocky Mountal, 2.559,000
627,300 19,754,000 637,200 152,160,00,154,962,000
19,445,000
California
99,000
154,000
91.000
438,000
17,258,000
July 1928.
August 1928.
Total.
471,000
3,072,000
4,777,000
2.821.000
August 1928.
Producers' stocks
Tank farm stocks
PRODUCTION OF CRUDE PETROLEUM BY FIELDS AND STATES WITH
CLASSIFICATION BY GRAVITY (BARRELS OF 42 U. S. GALLONS).
August 1927.
July 1928.
August 1928.
Total.
2027
FINANCIAL CHRONICLE
OCT. 13 1928.]
Total.
Daily
Avge.
July 1928.
Total.
Daily
Avge.
August
Jan.
1928.
August
Jan.
1927.n
Imports
1,366,000 44,100 1,496,000 48,200 11,208,000 19,091,000
From Mexico
3,600,000 116,100 4,808,000 155,100 30,357,000 11,282,000
From Venezuela
807,000 26,000 1,271,000 41,000 8,442,000 4,599,000
Colombia
From
From other countries. 368.000 11,900 303,000 9,800 2,018,000 2,107,000
6,141,000 198,100 7,878,000 254,100 52,025,000 37,079,000
TotalImports
Exports
:Domestic crude oil:
1 723,000 55,600 1,377,000 44.400 9.899,000 8,317,000
To Canada
To other countries_ 180,000 5.100 292,000 9,400 21E26,000 1,693,000
1,000
Foreign crude oil.
1.883.000 60,700 1,669.000 53,800 12.226.000 10.010.000
TntAl Amorts
s No crude shipments to territorlea during AugtUlt. a Final Sgutsa.
2028
FINANCIAL CHRONICLE
[vor. 127.
INDICATED DELIVERIES OF CRUDE PETROLEUM, EXCLUSIVE OF
CALIFORNIA GRADES. TO DOMESTIC CONSUMERS (BARRELS).
and enforced by a ruling of the State Corporation Commission. In Texas different methods of pro-rationing of new
• ..
fields has been tried out with the co-operation of the State
Domestic PetroAugust 192S,
July 1928.
lawn by Fields
Jan. Aug. Jan.
-Aug.
Railroad Commission. Mr. Garfias points out that the total
Total. Daily Av. Todd. Daily Av.
or Origin
1928.
1927.2
amount of gasoline used in the United States and exported
Appalachian__ 3.007.000
97.000 2,707.000
87.300 21.182.000 19.989,000
130,000
Lima-Indiana__
4,200
93,000
3,000
951,000
988,000 from this country in 1928 will be close to 36,000.000 barrels
Michigan
46.000
1,500
56.000
1,800
326,000
293.000
799,000
III. & S W Ind
25,800
783,000
25,300 5,254,000 4.819.000 over 1,500,000,000 gallons. Obviously, he says, an increasMid -Continent 0,022,000 1,549,10047,318,000 1,526,400 344.763,000 304,100,000
. . 3,490,000 112,600 3,878,011 125.100 30,281.000 37,747,000 ingly large supply must be available to meet the rapidly exGulf
Rocky Mount'n 2,808,000
Coast90,500 2.557,111
82.500 19,949.000 21,831,000 pending consumption.
..
Deliveries &
Other important happenings in 1928 were the increased.
exports_ _ _ 58,302,000 1.880,700 57,392,000 1.851,400 422,706,000 389,767,000
Deliveries... 56,788,000 1,831,900 56,218,000 1,813,500 414,305,000 383,261,000 yield in Venezuela, Russia, and Colombia, and the decline
For. petroleum 6,138,000 198,000 7,938,000 256,100 52,023,000 37,429,000
in Mexican production. This year Venezuela has displaced
Deliveriee o
Pussia as the second largest producer. It is likely to hold
domestic te
for petrol 62.926.000 2.029.900 64.156.000 2.089.600 466.328.000 420.690.000 this position for years to come. The Venezuelan production
for 1928 is estimated at 105,000,000 barrels, an increase of
a Final Figures.
40,000,000 over the preceding year. The output would have
NUMBER OF PRODUCING OIL WELLS COMPLETED.x
August 1928.
July 1928.
been considerably higher, it is stated, had not over-supply in
Jan.
-Aug. 1928.
Jan.
-Aug. 1927.a
1,247
1.096
7.870
10,450
x:For States east of California from "Oil & Gas Journal"; for California, from the this country made it advisable for Venezuelan operators to
American Petroleum Institute. a Final figures.
curtail production.
SHIPMENTS OF CALIFORNIA OIL THROUGH PANAMA CANAL TO
The Mexican production in 1928 is estimated at 47,000,000
EASTERN PORTS IN UNITED STATES (BARRELS).
barrels, which is only about half that of 1926. This condiAug. 1928.
July 1928.
Jan.
-Aug.'28. Jan.-Auy.'27.a tion has been brought about by the gradual decline in production in old fields and the lack of development in new
Crude olL
162,000
242.000
2,053,000
7,280,000
Refined Products
fields. If the present trend continues, Persia will outrank
Gasoline
1,700.000
1.745,000
10,734,000
7,771.000
Asphalt
3,000
1,000
Mexico in 1929 as the fourth largest producing country.
18,000
8.000
Gas oll
165,000
362,000
1,609,000
2,492,000
Considerable progress has been made, however, in the settle/Nei oil
2,000
2,000
713,000
5,440,000
Lubricants
5,000
232.000
1,000
214,000
ment of matters relating to Mexican oil production, and the
Tons
133,000
183,000
95,000
expected peaceful solution of the complicated political situa!.. Tntal rptinnil nrnrra 1 ARA nnn
2 211i1 ma
13 490 000
15 02511(91
tion brought anout by the assassination of President Obregon
a Final figures.
HELD BY THE REFINING COMPANIES IN THE UNITED STATES bids fair to speed development.
STOCKS
AUGUST 31 1928.
The Garfias report states that conditions in 1928, as in
1927, again show that for several years to come the stability
Gas & Fuel
Kerosene.
Gasoline.
Oils.
Lubricants. of the petroleum industry hinges primarily on an intelligent
(Barrels.)
8,773,000
1,417,000
4,300,000
2,585.900 and effective control of American production. The United
East coast
317,000
742 000
1,111,000
Appalachian
1,196,000 States is now and should
remain for years to come the
3,441,000
1,279,000
3,483,000
742,000
Indiana, Illinois, &c
6,581,000
557,000
1,855 000
Oklahoma. Kansas, &c
449,000 dominant factor.
1,626,000 13,124.000
4,820 000
1,612,000
Texas'
A conference of American producers is now planned at
1,453,000
1,006,000
5,322,000
Louisiana and Arkansas
114,000
233,000
1,197.000
1,409.000
119,000 which
Rocky Mountain
measures to restrict production will, it is expected,
2.040,000
9,794,000
894,000
CalUornia
MI
be adopted. It is also believed that assurances will like8,922,000 139,761,000
27,197,000
7,711,000
L_Total
wise be received from foreign oil executives that their com30,392,000
8,470,000 x37,410,000
Total July 31 1928
7,667,000
4,217,000
1,541,000 10,391,000
1,532,000 panies will co-operate to a program to restrict outputs not
Texas Gulf Coast
.....,..a...,.. non' reamt
912.000
1.429.000
4.495.000
113.000
only in America but in Venezuela and Mexico as well. A
Other Finish edUnfinished world survey of present petroleum conditions, Mr Garfias
Coke. Asphalt. Produds.
Was.
Oils.
states in closing his report, shows that the industry profiting
Tons.
Tons.
Us.
Bbls.
Bbls.
by past experiences and costly mistakes, now appears to be
28,976,000 28,400 98,200
95,000
7,741,000
East coast
4,200
11,919,000
Appalachian
800
63.000
1,306.000 on the road to sound economic stability. The following
15,393,000 68,700 34,000
254,000
Indiana, Illinois, &c
4,082,000
3,019,000 52.700
3,100
88,000
Oklahoma. Kansas, &c__ _
2,392,000 table shows the world's production for 1926, 1927 and 1928.
7,100
3,826.000 125,600
13,000 10,992,000
Texas
The figures for the first two years were furnished by the
5947,000 63,700 25.000
65.000
2,140,000
Louisiana and Arkansas
8,400
10,056,000 60,800
59,000
1,127,000 U.S. Bureau of Mines, while the 1928 figures are the author's
Rocky Mountain
48,900
220,000 y9,316.000
California
estimates.
ItTotal
79.136,000 402,100 225,500
857.000
39,096,000
84,476,000 384,900 251,400
1,200,000
39,647,000
WORLD'S PETROLEUM PRODUCTION.
1926.
1927.
770.874.000
901,129.000
7.000
3,706,000 111,300
5,000
9,809,000 venezuela
37,226,000
64,400,000
Texas Gulf Coast
.. 5 047 tmn 03
.1011 24.900
85.1100
1.780.000 Russia
64,311,000
72,400.000
Mexico
90,421,000
64,121.000
Persia
x East of California. y Includes 921,000 barrels tops In storage.
35,842.000
36.800.000
Roumania
23,314.000
26,100.000
Dutch East Indies
21,242,000
21,400.000
Colombia
14,600.000
6,444,000
rcdicts Only Slight Gain in World's Oil Production Peru
9,800.000
10,762,000
for 1928.
Argentina
8,700.000
7,952.000
India
8.200.000
8,728,000
• The world's oil production in 1928 will show an increase Trinidad
5.200.000
5,278,000
Poland
5,844,000
5,800.000
of only about 29,825,000 barrels, or about 2.3%, over 1927, Sarawak
4,942,000
5,000 000
1,900.000
1.700.000
according to Valentin R. Garfias, Manager of the Foreign Japan
Egypt
1,188,000
1,270.000
653,000
700.000
Oil Department of Henry L. Doherty & Co., in his annual Germany
Ecuador
214,000
450,000
survey of petroleum production of the world. Mr. Garfias Canada
364,000
500.000
478,000
525.000
estimates the 1928 oil production of the world at 1,279,- Prance
Sakhalin
181.000
200,000
Czechoslovakia
150,000
, 140.000
220,000 barrels, a daily average close to 3,500,000 barrels. Others
81.000
260.000
Tat IJuly 31 1928
He indicates that, as in previous years, the fields, of the
American continent will produce close to 85% of the total
output. The most important development in 1928, in his
4
opinion, has been this country's Partially successful attempts
at normalization, or conservation, of production. In the
face of an available supply almost double the actual output
of the fields, production in the United States has remained
practically stationary during this year.
Mr. Garfias estimates this country's production for the
year at 890,000,000 barrels, or 69.6% of the world's output.
This is very nearly the same as in 1927, when there was
registered a gain of 15% over 1926. The uniformity in
production was due primarily to curtailment of production
from wells already drilled, it being estimated that the available or shut-in production at the end of the year was close
to 500,000 barrels per day, which is equal to the combined
production of Venezuela and Russia, the second and third
ranking countries.
Conservation was affected in Oklahoma by restriction of
drilling as agreed upon by the majority of the producers
V.
CountryUnited States
1928.
890,000.000
105.000,000
80.000,000
47.000.000
37.100,000
28,000.000
21,500.000
20,000,000
10,500,000
8.800,000
8,000,000
6,200,000
5,600,000
5.200,000
1,700.000
1,300.000
720.000
700.000
600,000
540.000
220,000
140.000
200,000
1,098,389,000 1,249.395.000 1,279,220,000
Copper and Other Nonferrous Metal Prices Steady
Despite Quiet Trade.
The exceptional demand for lead and copper which has
dominated the metal markets in recent weeks has subsided,
and business placed in the past week was considerably
less than average in volume, "Engineering and Mining
Journal" reports. Prices, however, are unchanged, and
producers of the major metals are well fortified for a period
of inactivity by recent extensive sales. The account goes on
to say:
Sales of copper during the week were little more than 50% of normal.
On most of the larger orders, November and early December delivery were
designated. Demand for automobile production has been a factor in sales.
Inquiry for January metal was reported, but in only one instance was
delivery that far in advance agreed upon. Export business has been in
normal volume. In the domestic market copper hold at 154 cents a pound,
delivered in the East, with export metal quoted at 15;i cents, c. I, f. basis.
After four weeks of better than average business, the lead market has
been
perceptibly quieter. Consumption of lead by cable manufacturers is large.
and much of the business in the current week has been for their account.
FINANCIAL CHRONICLE
OCT. 13 1928.]
2029
Despite this discouraging phase of the situation,thefigures
show that Bolivia is apparently moving into second place in
world-production of tin. If production figures for the remainder of 1928continue at the rate for the first seven months,
Bolivia will export more than 40,000 tons of tin during the
Tax by Chile on American Copper Mines Upheld by year, as compared with 33,858 tons last year. Recent
rises in the price of tin in London and New York indicate a
Finance Minister.
copper minipg inti3rests in Chile covered by the more favorable state, so that it is unlikely that production
American
Chile Exploration Co. and the Braden Copper Co. have will fall off abnormally. The figures follow:
long tons
the first seven months
Production
been subjected to a long analysis by the Minister of Finance with a value for517.648.449. Productionof 1928 over 25,000 months of
for the first seven
of
the petition sent to the Government by 1927 was over 20.000 long tons with a value of $19.817.517. With the
in a note in reply to
,
the American firms in May,according to a cablegram, Oct.3, single exception of February, every month this year showed a tonnage
corresponding month last year. With the single exception
from Santiago, Chile, to the "Times." The cablegram also increase over theproduct of every month brought less than the amount
of March, the
contained the following advices:
brought by the corresponding month's product in 1927. Tonnage figures
Battery makers have also been in the market. New York prices continue at
the contract level of 6.50 cents a pound. In the Middle West the market is
quoted at 6.325 cents for early deliveries.
Zinc experienced one of the slowest sales periods of the year, with the
price unchanged. Tin has shared the quietness of the other metals.
The petition referred to the income tax laws affecting the interests of
big American companies operating the Potrerillos, Chuquicamata and El
Teniente copper deposits and endeavored to demonstrate that the heavy
taxes gave no facilities to the companies, seriously hampered development
and curtailed legitimate profits.
The Minister of Finance's note, published to-day, takes up all points
n the American claims, holding that the increase in the price of the shares
of the companies affected during the last few years shows that earnings
have been perfectly satisfactory.
It goes on to explain that exportation of all profits made by foreign
enterprises in Chilean copper deposits, with the exception of salaries and
other like expenses, makes it necessary for the local Government to enforce
taxes on incomes that give the country indirect and scanty participation
in the enormous profits sent to the United States.
The note adds that nothing has occurred in the Course of the months
that have elapsed since establishment of the tax in 1927 to affect unfavorably the copper industry and that there is no especial reason why a reduction
of taxes should now be contemplated.
The note also reproduces an article published n a local paper referring
to the big consolidation of copper interests in the United States in November, 1926, whereby Americans interests. it was asserted, Including J. P.
Morgan and the Guggenheims, managed to control the world market, and
declares that the American petition is undoubtedly based on the policy
adopted and enforced by the trust established in the United States and
that for this reason the Chilean Government has a perfect right to enforce
taxes it considers appropriate on earnings derived by these enterprises in
Chile.
are in terms of fine tins. The actual tonnage of ore concestratewas,of
course, much larger. Because of this situation, President Ilernando Siles
issued on April 23, 1928. a proclamation providing that as long as the
price of tin remained below 280 pounds sterling, the tarriffs on mining
necessities should be reduced fifty per cent. Those items, such as detonators, explosives, lumber, paraffin and mineral wax, and naptha for
tractors, etc., come in large part from the United States. since the
United States is also the chief user of tin, it has the good fortune to profit
In a double sense by the emergency confronting the Bolivian miners.
Steel Ingot Production in September Shows Decline
Compared With Previous Month.
The American Iron & Steel Institute in its usual monthly
report for September places the production of steel at
3,926,932 tons by companies which made 94.68% of the
open hearth and Bessemer steel in 1927. On that basis the
calculated steel ingot output for September is 4,147,583
tons with 25 working days as compared with last months
make Of 4,178,481 tons with 27 working days and comparing
with only 3,268,881 tons for September 1927 with 26 working
days. The approximate daily output of all companies was
165,903 tons in September 154,759 tons in August and
Production of Slab Zinc in September Shows Decline-- 152,463 tons in July. On September las, year the production per da was only 125,726 tons. Below we give the
Stocks Increase.
According to the American Zinc Institute,Inc., production comparative figures of production since January 1927:
during the month of September amounted to 49,361 short MONTHLY PRODUCTION OF STEEL INGOTS, JAN. 1927 TO DEC. 1927
(GROSS TONS).
tons of slab zinc, compared with 52,157 tons in the preceding
the open-hearth
1928 by
month and 47,735 tons in September 1927. Shipments last Reported for 1927 andBessemer companies which made 94.68% o
Steel ingot production in 1927.
and
44,103 tons went
month totaled 45,862 short tons, of which
Approx. Per
Calculated
Monthly
to domestic consumers and 1,759 tons were exported. In
csnJ
daily
monthly No.,
output
Bessemer. companies output 041 alp. eta post cal specOpenthe month of August 1928 there were shipped a total of Months
Oaf00.11
coo.
companies. days.
reporting.
hearth.
1027.
49,961 tons and in September last year 48,045 tons Stocks
79.21
January__
of slab zinc at Sept. 30 amounted to 47,915 short tons, an February_ 3.042.133 545,596 3.587,729 3.789,374 26 145,764 86.31
158,835
565,226 3,608,718 3,812,046 24
3.043.492
91.28
31 1928 and March ___ 3.702,660 590,709 4,293.369 4,535,272 27 167.973 8626
increase of 3,499 tons as compared with Aug.
158,744
565,440 3.907,190 4,127,335 26
April ____ 3,341,750
155,663 84.59
557,785 3,831,378 4,044%251 26
13,638 tons more than at Sept. 30 1927. The "Institute" May
3,273,593
134,446 73.06
486,053 3,309,160 3,495,609 26
2,823.107
June
has also released the following figures:
128,165 69.65
436,883 3,033,232 3,204,135 25
2,596,349
July
129,576 79.41
505,596 3,311.943 3,498,549 27
Metal sold, not yet delivered, at the end of September 1298 totaled August_ 2,806,347
125,726 68.32
471,548 3.094,525 3,268,881 26
19,092 tons; total retort capacity at Sept. 30 amounted to 116,136 tons: September 2,622,977
the number of idle retorts available within 60 days, 48.567; the average
144.974 78.78
27.252,408 4,724,836 31,977,244 33.778,952 233
9 mos127,550 69.31
number of retorts operating during September, 65,312; the number of October.,.. 2.643,562
495.845 3.139,407 3,316,292 26
120.270 65.36
481,599 2,960,226 3,127,015 26
retorts operating at the end of the month, 21.965. The monthly statistics November 2.478.627
122,134 6627
448,154 3,006,109 3,175,484 26
2,557,955
December
are as follows.
139,543 75.83
PRODUCTION, SHIPMENTS AND STOCKS AT END OF PERIOD
_ 34,932,552 6,150,434 41,082,986 43,397,743 311
Total
(FIGURES IN SHORT TONS).
Stocks at
Total
Pro1928.
Dotnestic
153.513 81.43
498,746 3.778.993 3,991,332 26
Shipments. End. of M. January_ _ 3,280.247
duction.
Shipments.
Exports.
Month of161,812 85.84
47,915 February_ 3,308,728
521.366 3,830,094 4.045,304 25
49.361
45,862
-September
44,1031,759
928
166,945 88.36
44,416 March _ 3,700,411
567,309 4,267,720 4,507,520 27
49,951
52.157
47,050
2,901
August
172.103 91.29
42.210 April
564,039 4.073,676 4,302,573 25
50.890
3,509,637
49,510
53.148
3,638
July
155.674 82.58
44.468 May
581,949 3,979,580 4,203,190 27
50,825
51,582
49,780
1,802
3.397.631
June
143,960 78.37
45,225 June
3,543,838 3.742.964 26
52.956
53,422
527,351
49,818
3,016,487
3,138
May
152.463 80.88
44,759 July
53,493
50,263
533,550 3,608,797 3,811.573 25
46,517
3,746
3.075.247
April
154,739 82.89
41,529 August_
55,881
51,856
5r,642
569.436 3,956,186 4.178,481 27
3,786
March
3,386,750
165,903 88.01
41,290 September 3,381,917
50,042
46,754
4,134
50,888
545,015 3,926,932 4,147,583 25
February
42,163
52,414
45,771
5.231
51.002
January
158.800 84.08
34,985,816 6.930,520 233
. 30.057.055 4.908.761
9 mos.__
431,159
30,135
461,294
1 otal9 mos. 1928-468.485
x The figures of "per cent of operat'on" are based on the annual capacity as of
40,751
52,347
46,483
4,433
50,916
-December
1927
39,320 Dec. 311927,0(88.627.910 gross tons for Bessemer and open-hearth steel ingots
49,217
44,374
1,746
46.120
November
36,223
46,602
50,185
1,637
48,239
October
34.277
47,735
44.038
4,007
48,045
September
34.587
49,012
49.739
4.009
53,748
August
Orders of United States
39,329 Further Increase in Unfilled
47.627
43.359
4.803
56,162
jely
43,858
43,122
49,718
4,784
47,907
Steel Corporation.
June
45,560
42,046
51,296
4.898
50,458
May
44.821
41,208
51.626
1,876
46,897
April
The United States Steep Corp. in its usual monthly
48,107
56,546
5.098
36,279
53,205
March
43,555
4.760
32,938 statement issued Wednesday (Oct. 10) placed the unfilled
51,341
48.315
February
45.884
29,912
2,989
56,898
48.873
January
as of Sept.
TOtal in 1927
613.548
549.644
45.040
594.684
Bolivian Tin Production Higher but Profits Decrease.
Tin production in Bolivia for the first seven months of
1928 is more than 4,000 tons above production in the same
period of 1927, according to figures made public by the
Bolivian Consulate General last Saturday. In spite of
thisrisein figures of production the cash value of the product
has decreased more than $2,000,000, the figures of the consulate show. A government subsidy to miners in the form
of slashed tariffs on mining necessities has been made necessary by this drop in tin prices. Only by means of this
governmental aid were the small producers of tin enabled
to keep on producing at a profit, Consul General Emeterio
Cano de la Vega explained.
tonnage on books of the subsidiary corporations
30 1928 at 3,698,268 tons, an increase of 74,325 tons over the
previous month. Orders on hand at close of Sept. 30.1927,
stood at 3,148,113 tons, and at 3,593,509 tons the corresponding date in 1926. A comparison of the amounts back to
1923 is shown below. Figures for earlier dates may be
obtained from our issue of Apr. 17 1926, page 2126:
UNFILLED ORDERS OF SUBSIDIARIES OF U. S. STEEL CORPORATION'
1924
1925
1923.
1928.
1927.
End of Month 1928.
4,275.947 3.800,177 4,882,739 5.037,323 4,798.429 6,910,776
January
4.398.189 3,507,119 4,816.822 5.284.774 4.912.901 7,283,989
February
4.335.208 3.553,140 4,379.935 4.863.564 4.782.807 7.403.332
March
3,872.133 8.456.132 3.867.976 4,446,368 4,208.447 7,288,309
April
3,416.822 3,050.941 3,649,250 4,049,800 8.628.089 6,981,851
May
3,837.009 3,053,246 3,478,642 3,710,458
6.3.262,508386.261
Jane
3,570,927 3,142,014 3.602,522 3.539.467 3.187.072 6.010.763
July
3.624.043 3.196,037 3,542,335 3,512.803 3.289,577 5.414.663
August
+sr tem her __ 3,698,368 3.148.113 3.593.509 3,717.297 8,473.780 5,035.750
.
3.341,040 3,683,661 4,109,183 8.523.270 4.672.825
October
3.454.444 3,807.447 6.581,780 11.031.969 4268,684
•
3.972.874 3.960.969 5.035,364 11,816,676 4.445,339
.
Deatanher.--
2030
FINANCIAL CHRONICLE
[VoL. 127.
Steel Output Continues to Rise-Shipments at High
Level-Prices Unchanged.
With steel production rising to what promises to be a new
peak, demand shows unexpected buoyancy and the price
structure, from primary materials to finished products,
continues to strengthen, states the "Iron Age" of Oct. 11
in its weekly summary of the iron and steel situation. The
"Age" continues:
Pig iron shipments continue at a high rate, and show a tendency to exceed
the September average, reflecting the increased output and larger melt.
.
Shipments in the Chicago district in September totaled 300,000 tons.
Substantial sales are being made for first quarter, at an average of 25 cents
over present figures. A central Ohio steel works closed in the past week
for around 2.500 tons of basic with a merchant stack at 316.50, valley,
and
for an equivalent tonnage at 317, valley, with another producer. This is
believed to have removed the last of the $16.50 basic from the market, and
$17 now is the more representative price.
Coke production in the Connellsville district has been expanded by the
lighting of 1,200 ovens, and the market is firmer. Gray iron foundries in
In steel output per day September reached the highest average
since the eastern New York now are
operating at 85%.the best rate in years.
record-breaking rate of April. In total production the month fell
less than
Steel ingot production set a new high record for the month of September.
1% behind August, which had two more working days.
Mill operations with 4,147,583 tons. The
daily average was 165,903 tons, an increase of
.are still expanding, now averaging 90% if not higher, and in
view of the 11,144 tons over the August
average of 154,759. August had two more
large volume of business on mill books, October is expected to be the
high working days than September,
which gave August a total of 4,178,481
month of the year in both output and shipments. That total
production tons. Despite the fact September
this year had one less working day than
for 1928 will establish a new record now seems assured,since the
last quarter the same month last year.
output this year was 878.702 tons larger. For the
:need only exceed the relatively poor performance of the same period
in 1927 first 9 months this year total Ingot
production was 36.930,520 tons,3,151,568
by 1% to effect that result.
The continued flow of new business in finished steel is impressive, follow- tons ahead of the comparable period of 1927. Production this year in the
ing last month's heavy specifying against expiring contracts. October same period has averaged 84.08% of capacity. against 78.78% last year.
Sales of bars and other finished steel products in the past week in the
-orders for bars, sheets, shapes and plates, though in most districts
at a Middle West were heavier than
those of any prior week this year. Sales,
lessened rate, are being freely placed at the advanced prices ruling in
this specifications and shipments
of all finished steel products during the first
-quarter. At Chicago sales were particularly heavy, equaling those of any
nine months this year are about 20% ahead of the comparable period of
-week this year, not excluding periods when bookings were swelled by
large 1927. Capacity operations
are reported by bar mills, and deliveries are
purchases of rails and track supplies.
Meanwhile pressure for deliveries has increased in proportion to the ex- deferred three to six weeks. Farm implement and tractor manufacturers
have figured as larger buyers.
pansion in mill backlogs. In bars and sheets producers are from three to
While consumption of automotive sheets is on a rising scale,
five weeks behind in shipments. A rise in sheet output to 95% of capacity
and some
makers are already figuring on tonnage for new models, unusual vitality of
reflects the efforts of mills to satisfy their customers.
tha sheet market appears due to sustained demand from a diverse line of
The outlook for a sustained rate of steel consumption is reassuring, notwithstanding the large volume of steel now being taken by the trade. The users. Specifications tend to increase in volume. The leading interest is
automobile industry is not producing at so rapid a pace as in September, but operating its sheet departments practically full.
Western structural shape mills increased their operating rate points
output for the quarter will probably exceed that for the fourth quarter of
5
1927 and other recent years. That no slump is in early prospect is indicated to 80% in the past week, largely under the influence of railroad requirements. Shape awards and inquiries for railroad bridges
by continued efforts of motor car companies to place contracts for sheets
and car equipment
at Chicago call for 50,000 tons of shapes, in addition
and strip steel for the first quarter of 1929.
to a heavy tonnage of
The farm implement industry, which is completing additions to its plant plates. Featuring shape awards in the week are 3.400 tons for a Y. M.C. A.
building in New York, 2,000 tons for a Memphis office building,
capacity, is expanding, rather than contractin, its production.
and 1,800
tons for an exhibition building in St. Louis. Bids are being
taken on 6,700
Building work taking structural steel shows no signs of entaing a period
tons for a section of the Bronx subway, while at
of reaction. New projects calling for nearly a2.000 tons of fabricated steel
Buffalo the new municipal
building project has become an early prospect for
were added to the list of pending inquiries during the week. Awards totaled
8.000 tons. A larger
volume of oil tank work is appearing in the plate
market, especially from the
33.000 tons.
Pacific coast.
Tin plate production, at 75 to 80% of capacity, reflects a seasonal decline
Railroad business shows further expansion. A trunk line has placed
In business, and jobbing demand for wire products is disappointing, but
46,000 tons of rails, 30% going to western mills. The Pennsylvania's
offsetting tonnage will come from the railroads.
Inquiries for 2,300 freight cars have been issued, and orders have been maximum fourth quarter requirements now up for consideration have been
placed for 1.500 cars to be built In railroad shops. An Eastern trunk line increased by around 70,000 tons to a total of 272.000 tons. Preliminary
has closed for 46,000 tons of rails and 14,000 tons of accessories, and the estimates of total car awards in September indicate 1.406, more than double
Chesapeake & Ohio has bought 15,000 tons of track supplies to supplement those of August. New inquiries call for 3,800 freight cars for various lines,
Its rail purchase of two weeks ago. The Pennsylvania will open bide Oct. while the Louisville & Nashville may place 2,000. Lehigh Valley has decided
to scrap 4,700 wooden freight cars in line with the American
Railway
15 on 160.000 tons of rails with an option on 70% more.
The strength of the price situation is emphasized by the rising trend of association's policy to restrict the use of such cars.
While scrap continues scarce and a few further advances have been made
primary materials. Heavy steel scrap has advanced another 50c. a ton at
Pittsburgh and St. Louis, while prices at Chicago and Cincinnati have gone In some grades the changes are slower and less impressive. Heavy melting
up 75c. and $1 a ton, respectively. A leading independent steel company steel reached its highest accepted consumer price at Chicago since 1926 with
the sale of 15,000 tons in the past week at $14, gross, on tracks in the
may resort to duple:dng to reduce its scrap requirements.
Increasing foundry melt and the expanding raw material needs of steel Chicago district.
The "Iron Trade Review's" composite of 14 leading iron and steel procompanies have put pig iron sellers in a strong position. Malleable and
Bessemer pig iron in the Valleys have gone up 25c. a ton, and another ad- ducts is up 12 cents this week to $335,42.
vance at Chicago is looked for.
Ingot production of the United States Steel Corporation
Billets,slabs and sheet bars are now commanding $33 per ton,Pittsburgh has
increased about 3% during the past week and is now at
or Youngstown, an advance of El over the price that ruled on most third
89%, compared with around 86% a week ago and 85% two
quarter contracts.
To simplify and stabilize quotations on hot-rolled strip steel, which now weeks ago, says the "Wall Street
Journal" of Oct. 9, which
takes three base prices, makers have announced a new card of extras for adds:
width and gage. One base price will apply on all sizes from 1% In. to 24 in.,
Leading independents also have expanded activities, but to a smaller
extras ranging from Sc. per 100 lb. upward. The new prices are 2c., Pitts- extent. They
are estimated to be doing approximately 86%, contrasted
burgh, and 2.10c.. Chicago, but in view of the fact that nearly all buyers with around
85% in the two preceding weeke.
are covered for the remainder of the year at 1.90c., Pittsburgh.the effectiveAverage for the industry is now placed at a fraction above 87%,against
ness of the change will date from Jan. 1. Wide strips will take considerably slightly
better than 85% a week ago and about 85% two weeks
ego.
lower net prices under the new extras.
Operations still show a substantial increase over the rates at this time
The "Iron Age" composite prices remain unchanged, that for pig iron at last year, the Steel Corp.
being up 21%,independents 23% and the average
$17.84 a ton and that for finished steel at 2.362c. a lb., as the following about 22%. In the second
week of October, 1927, the Steel Corp. was at
table shows:
about 68%, independents at 63% and the average was placed at a shade
Finished Steel,
Pig Iron.
above65%.
Oct 9 1928. 2.362e. a pound.
Oct. 9 1928, 517.84 a gross toe.
One week ago
2.3620. One week ago
$17.84
The "Wall Street Journal" of Oct. 10 in a Youngstown
One month ago
2.348e. One month ago
17.46
One year ago
2 331e. One year ago
18.09 dispatch also stated:
10-year pre-war average
1.6890. 10-year pre-war average
15.72
Full finished sheet producers are aiming toward a 4.25 cents a pound
Based on steel bars, beams,tank plates,
Based on average of basic iron at Valley
wire, rails, black pipe and black sheets, furnace and foundry Irons at Chicago, price for first quarter of 1929, comparing with 4 cents in the current quarsheds products constituting 87% of the Philadelphia. Buffalo, Valley and Bir- ter. This advance will depend upon whether the automobile trade deunited States output of finished steel.
mingham.
mends are sustained. There are no signs of a let-up now, aside from in//Joh.
Low.
Mph.
Low.
1928_.2.364c. Feb. 14 2.314e. Jan, 3 1928-817.84 Oct. 2 817.04 July 24 ventory-taking irregularities, usual at this time of year. Offsetting this,
1927..2.453c. Jan. 4 2.293e. Oct. 25 1927_ 19.71 Jan. 4 17.54 Nov. 1 the Ford Motor Co. is enlarging requirements for flat steels, particularly
1926.2.453c. Jan. 5 2.403c. May 18 1926_ 21.54 Jan. 5 19.46 July 13 strips and sheets. The valley steel trade expects Ford to be on an 8,500
1925..2.560c Jan. 6 2.396e. Aug. 18 1925_ 22.50 Jan. 13 18.96 July 7 a day production basis by the end of the year, compared with
5.500 cars at
1924_.2.783'o Jan. 15 2.4600 Oct. 14 1924... 22.88 Feb. 26 19.21 Nov. 3
1923-2.8240. Apr. 24 2.4460 Jan. 2 1923_ 30.86 Mar. 20 20.77 Nov. 20 present.
The Warren plant of the Republic Iron & Steel Co. is producing large
October has started out with a remarkable display of price strip steel tonnages for Ford and Chevrolet.
strength and vigorous consuming demand in iron and steel
Steel producers in the Youngstown area are watching prospective demends to
markets, according to the "Iron Trade Review" of Cleveland, expected be developed by airplane manufacture. These requirements are
at first to run
in its Oct. 11 summary of the iron and steel markets. The and tubular structures.to the lighter steels, but also to embrace bars,shapes
rush of specifications for various light and heavy finished
The "American Metal Market" in its weekly review is
steel products in the last half of September gave mills heavy quoted as follows:
backlogs and further extended delivery periods. Despite
Steel production in September, as officially reported,ran 3% to 4% above
the advance of $2 on some finished steel products for fourth the highest estimates made on current trade information.
Wire products in
quarter, the first week of October brought in more new busi- exception of nails. general have been unusually active, with the conspicuous
Fence distribution Is expected to run well above last
ness,at higher figures, than any other week this year. Many year. The usual spring dating has been arranged. Demand for standard
orders held in abeyance pending a clearer definition of the pipe has Just begun to taper off a little, while casing, drill pipe, &c., are
expected
present demand
price movement, were quickly released, and definite delivery chiefly in to show their and in California.through the year, drilling being
the southwest
periods demanded. As a result there is less uncertainty
Finished steel prices are firm all along the line.
to-day than in weeks about the market, since contracting
has become more general. The price gap between so-called Bituminous Coal, Anthracite and Coke
Production
preferred customers and regular buyers is closing. Mills
Higher.
alAd furnace operations show further moderate expansion for
According to the United States Bureau of Mines, productile week,continues the "Review," which we further quote:
tion of bituminous coal during the week ended Sept. 29
2031
FINANCIAL CHRONICLE
OCT. 13 1928.]
Production of Anthracite (Na Tons).
Estimated United Slates
1927
1928
totaled 11,059,000 net tons as compared with 10,059,000
Cal. Year
Cal. Year
tons during the
to Dales
Week.
tons in the preceding week and 10,059,000
to Date.
Week.
Week Ended
57,110,000
1.613,000
1.414,000 51,148,000
15
week ended Oct. 1 1927. Output of anthracite during the Sept. 22 b
58.629,000
1,519,000
52,645,000
1,497,000
Sept.
1,641,000 60,270,000
54,496,000
1.851,000
week ended Sept. 29 1928 is estimated at 1,851,000 net tons Sept. 29 c
in
as against 1,641,000 tons in the corresponding period last
production first week in January to equalize number of days
a Minus one day's
year and 1,497,000 tons in the week ended Sept. 22 1928. the two yeats. b Revised. c Subject to revision.
Production of beehive coke in the United States during the
of Coal and Beeweek ended Sept. 29 last amounted to about 80,000 net tons, Preliminary Estimates of Production
hive Coke for the Month of September 1928.
compared with the preceding week,
an increase of 4,000 as
The following preliminary estimates for the month of
but 21,000 net tons less than produced in the week ended
September, as given in the United States Bureau of Mines
1927. The Bureau of Mines report is as follows:
Oct. 1
report, are subject to slight revisions, which will be issued
BITUMINOUS COAL.
In the weekly coal report about the 15th of this month.
production of soft coal during the week ended Sept. 29,includThe total
net tons. All current estimates will later be adjusted to agree with
ing lignite and coal coked at the mines, is estimated at 11,059,000
made
that production has passed the the results of the complete canvass of production
This is the first time since March 1927
Sept. at the end of the calendar year. The figures as now re11-million ton mark. Compared with the output in the week ended
22 there is an increase of 1,038.000 tons, or 10.4%.
ported show that 40,865,000 net tons of bituminous coal
Production of Bituminous Coal(Na Tons) (Incl. Coal Coked). were produced in September 1928, decrease of 243,000 net
Estimated United Stales
1927
1928
tons as compared with the previous month and 898,000 net
Cal. Year
Cal. Year
to Date.a
Week.
to Date.
Week.
tons less than the figure for the month of August 1927.
10,197,000 331,897,000 9,648,000 372,942,000
Sept. 15
under review
1,705,000 Anthracite production during the month
1,608,000
1,517,000
1,700,000
Daily average
10.021.000 341,918,000 9.870,000 382,812,000 showed decrease of 2,314,000 net tons as compared with the
Sept. 22 b
1,704,000
1,645,000
1,521,000
1,670.000
Daily average
preceding month and was 561,000 net tons under the total
11.059.000 352,977.000 10,059,000 392,871,000
Sept. 29 c
as
1.703,000 for the month of August 1927. The statistical tables
1,677.000
1,529,000
1,843,000
Daily average
given by the Bureau of Mines are appended:
in January to equalize number of days
a Minus one day's production first week
In the two years. b Revised since last report. c Subject to revision.
The total production of bituminous coal during the present calendar year
to Sept. 29 (approximately 231 working days) amounts to 352.977,000 net
tons. Figures for corresponding periods in other recent years are given
published
Weekly statistics on the subjects covered bythis statement are
is distributed
the weekly Coal Report of the Bureau of Mines, which
herewith are a refree upon application. The monthly figures Issued
others who
comAlation for the use of business statisticians, editors, and
in
below:
344,820,000 net tons
392,871,000 net tons11924
1927
428,004,000 net tons
402,376,000 net tons11923
1926
280.556.000 net tons
363,068,000 net tons11922
1925
As already indicated by the revised figures above, the total preduction
of soft coal for the country as a whole during the week ended Sept. 22
amounted to 10,021,000 net tons, a decrease of 176,000 tons from the out-
desire monthly data.
are subject to
The preliminary estimates for the latest month shown
Report about the
slight revisions, which will be issued in the Weekly Coal
adjusted to agree
fifteenth instant. All current estimates will later be
made at the end of
with the results of the complete canvass of production
the calendar year.
Washington. Main
To communicate by telephone call F. G. Trron,
10309, Branch 34.
Total for
Month
(Net Tons).
put in the preceding week.
The following table apportions the tonnage by States:
Estimated Weekly Production of Coal by States (Net Tons).
Sept. 1923
Week Ended
Sept.2228. Sept.15'28. Sept.24'27. Sept.25'28. Avers
State406,000
404,000
356,000
309,000
306,000
Alabama
31.000
30,000
54.000
50,000
53,000
Arkansas
214,000
228,000
270,000
208,000
214,000
Colorado
223.000 1,293,000 1,587.000
925,000
988,000
Illinois
550.000
449,000
309,000
289,000
297,000
Indiana
117,000
90,000
15,000
58,000
62,000
Iowa
95,000
89,000
48.000
32,000
41,000
Kansas
713,000
962,000
993,000 1,043.000 1,082,000
Kentucky: Eastern
'248,000
341,000
513,000
318,000
322,000
Western
40.000
65,000
62.000
61,000
57,000
Maryland
27,000
13,000
19.000
11,000
11,000
Michigan
73,000
59.000
51,000
73.000
80,000
Missouri
68,000
67,000
76.000
91.000
81.000
Montana
56.000
55,000
61,000
57,000
57,000
New Mexico
27.000
27.000
26,000
22,000
26,000
North Dakota
S61,000
558.000
162,000
369,000
350,000
Ohio
65,000
58,000
66.000
65,000
66,000
Oklahoma
2,500.000 2,535,000 2.468,000 3,062,000 3,585,000
Pennsylvania
119,000
108,000
98,000
109,000
113,000
Tennessee
26.000
28,000
23,000
22,090
21-000
Texas
103,000
86,000
120,000
103,000
111,000
Utah
245,000
279,000
265,000
245,000
250.000
Virginia
58.000
54,000
49,000
40,000
60,000
Washington
2.229,000 1,512,000
West Virginia: Southern b 1,992,000 2,166,000 2,340,000
819,000
833,000
816,000
820,000
970,000
Northern
165,000
140,000
149,000
164,000
153,000
Wyoming
4.000
1,000
4,000
1,000
6,000
Other States
Total bituminous coal..10,021,000 10,197,000 9,870,000 11,611,000 11,814,000
714.000
1,497,000 1,414.000 1.519,000 2.045.000
Pennsylvania anthracite
Total all coal
11.518,000 11,611,000 11,389,000 13.656,000 12,528,000
a Average rate maintained during the entire mcnth. b Includes operations on
the N.& W.: C. & O. Virginian; K.& M.. and Charleston division of the B.& 0.
c Rest of State, including Panhandle.
BEEHIVE COKE.
The total production of beehive coke for the country as a whole during
the week ended Sept. 29 is estimated at 80.000 net tons. Compared with
the output for the preceding week, this shows an increase of 4,000 tons,
or 5.3%. Production during the week in 1927 corresponding with that of
Sept. 29 amounted to 101,000 tons.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1927
1928
lx
to
,Sept. 29 Sept. 22
Oct. 1
Date.a
1928.6
1927.
1928.
Date.
57.000 53,000 69,000 2,219,000 4,478,000
Pennsylvania and Ohio
608.000
11,000
11,000
15,000
453,000
West Virginia
197,000
1,000
1.000
5.000
121,000
Ala., Ky., Tenn. and Georgia_
254,000
5,000
5,000
5.000
186,000
Virginia
7.000
281,000
6,000
6,000
166,000
Colorado, Utah Ar Washington
United Stater total
Daily average
80,000
13,300
76,000 101.000 3,145.000 5,818,000
25,000
16,800
12.700
13,500
a Minus one day's production first week in January to equalize number of days
In the two years. b Subject to revision.
ANTIIRACITE
The total production of anthracite during the week ended Sept. 29 Ls
estimated at 1.851.000 net tons, the highest figure recorded for any week
since the end of May. Compared with the output in the preceding week,
there is an increase of 354.000 tons, or 23.6%. Production during the week
1n1927 corresponding with that of Sept. 29 amounted to 1,641,000 tons.
Number of
Working
Days.
September 1928 (prelintinary) a
24.4
40.865.000
Bituminous coal
24
6,035,000
Anthracite
25
309,000
Beehive coke
August 1928 (revised)
27
41,108,000
Bituminous coal
27
6,883,000
Anthracite
27
290,000
Beehive coke
September 1927 (final figures)
25.4
41,763,000
Bituminous coal
25
6,596,000
Anthracite
26
470.000
Beehive coke
Weekly
a Slight revisions of these estimates will be issued in the
about the middle of the month.
Average per
Working Day
(Net Tons).
1,675.000
251.000
12,360
1,523,000
255,000
10,740
1,644,000
264,000
18.080
Coal Report
Failure of Negotiations for New Wage Scale in Indiana Coal Fields.
Terre Haute Associated Press advices Oct. 11 stated: in a
coal fields ended
Negotiations for a new wage scale in the Indiana
has been in session
disagreement here to-day. The subcommittee which
inability to reach an agreefor four weeks announced that it would report
ment.
Standard Oil Third Quarter Dividends Break All
$50,077,439
Aggregate
Records-Distributions
Against $47,728,440 in Same Quarter a Year Ago.
The Standard Oil group of companies will pay out a
total of $50,077,439 in the form of cash dividends in the
third quarter of this year, according to records compiled
by Carl H. Pforzheimer & Co., specialists in these securities.
Declarations have already been made by all of the companies which pay substantial amounts with the exception
of Prairie Pipe Line Company and this disbursement is estimated at the usual rate of $3.50 a share. The disbursements exceed those for the third quarter of 1927 by $2,349,000 due to the fact that the Northern Pipe Line Company
paid $2,000,000 and Cumberland Pipe Line Company $450,000
as special payments in the course of reducing their capitalizations and par values. Distributions in the second quarter of this year include a number of semi-annual dividend
payments as well as special dividends by the National Transit Company and Southern Pipe Line also made in the process of recapitaliration.
Dividend payments for the first 9 months of this year totaled $156,699,315 as against $157,893,468 paid in the first
three quarters of 1927 and exceed the amount of dividends
paid by this group of companies in the entire year of
1925.
The record of quarterly cash disbursements for the past
few years follows:
1928
1927
1926
1925
1924
1923
lst Quarter. 2nd Quarter 3rd Quarter. 4th Quarter. Full Year.
248 927 670 557.694.206 250 077 439
55,873,413 54,291,615 47,728,490 355,724,472 9213,617,940
40,580,317 50,618,451 46,427,278 62,685,548 200.327,594
34,355,618 41,905,728 35,190,584 42,104,169 153,506,099
34,975,867 40,699,592 34,712,810 40,000,286 150,388,555
37,545,805 138,423,295
2032
FINANCIAL CHRONICLE
[VOL. 127.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Oct. 10, made public by the Federal Reserve Board and w lich deals with the results for the 12
Reserve banks combined, shows decreases for the week of
$32,500,000 in holdings of discounted bills and of $3,900,000
in United States securities and an increase of $21,800,000
in bills bought in open market. Member bank reserve deposits declined $36,400,000 and Government deposits
329,400,000, while Federal Reserve note circulation increased
$21,600,000 and cash reserves $1,500,000. Total bills and
securities were $14,600,000 below the amount held on Oct. 3.
After noting these facts, the Federal Reserve Board proceeds
as follows:
The principal changes In holdings of discounted bills were decreases
$16,000,000 at the Federal Reserve Bank of New York, $13,600,00 of
0 at
Chicago, $12.200,000 at St. Louis and $7,000,000 at Atlanta and
increases
of $10,100.000 at Boston and $7,600,000 at Cleveland.
holdings of bills nought in open market increased $21,800,00 The System's
0, while holdings
of Treasury notes declined $4,100,000 and holdings of
United
and certificates of indebtedness showed nonelnal Increases. States bonds
Federal Reserve note circulation increased 01,600.00
0,
Reserve banks except Atlanta and San Francisco reportingall of the Federal
of Federal Reserve note circulation than the week before.a larger volume
The principal
Increases were $6.100.000 at the Federal Reserve Bank of Cleveland.
$3.700.000 at Philadelpaia, $3,306.000 at Richmond and $2.000,000 at
New York.
Loans to brokers and dealers (secured
by stocks and bonds):
Oct. 10 1928.
Oct. 3 1925.
For own account
866,919,000
929,901,000
For account of out-of-town banks_ 1.715,086,000 1,682,057,000
For account of others
2 007,878,000 1,958,020,000
Total
4,589,883,000 4,569.978.000
On demand
3,952,926,000 3,917,490.000
On time
636.957.000
652,488.000
Loans and investments, total
Oct. 12 1927.
1,093.153.000
1.333,596,000
967,541,000
3,394,290.000
2,804,998,000
789,292.000
Chicago
-43 Banks.
2,047,152,000 2,055,158,000 1,973,439,000
Loans and discounts, total
1,592.363,000 1,591,981,000 1.525,236,000
Secured by U. S. Govt. obligations
Secured by stocks and bonds
All other loans and discounts
Irvestments. total
11,648,000
787,928,000
792,787.000
454,789,000
15,019,000
789,359,000
787,603.000
463,177,000
14,967.000
823,067,000
687,202.000
448,203,000
U.S. Government securities
199,851,000
Other bonds,stocks and securities.— 254,938,000 202,297,000 188,953,000
260,880,000 259,250,000
Reserve with F. R., Bank
178,109,000 178,586,000 185,714,000
Cash In vault
17,659,000
16,370,000
18,910,000
Net demand deposits
1,282,109,000 1,288,713,000 1,308,707,000
Time deposits
684.992.000 680,183,000 620,937,000
Government deposits
4,248,000
6,563.000
21,672,000
Due from banks
153,441,000 164,149,000 152,826,000
Due to banks
362,327,000
379,225,000 383,367,000
Borrowings from F. R. Bank, total
40,317,000
47,409,000
4,226,000
Secured by 0. S. Govt. obligations.— 36,517,000
43,117,000
2,689,000
All other
3,800,000
4,292,000
1,537,000
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be Complete Returns of the
Member Banks of the Federal
found on subsequent pages—namely, pages 2058 and 2059.
Reserve System for the Preceding Week.
A summary of changes in the principal assets and liabilities
As explained above, the statements for the New York and
of the Reserve banks during the week and the year ending Chicago member
banks are now given out on Thursdays,
Oct. 10 is as follows:
simultaneously with the figures for the Reserve banks themIncrease 1+) 07 Decrease (—)
selves, and covering the same week, instead of being held
During
Week.
Year.
Total reserves
+31,500,000 —$351,000,000 until the following Monday, before which time the statistics
Gold reserves
+8.100,000 —346,800.000 covering the entire
body of reporting member banks, now
Total bills and securities
—14,600,000 +340,900,000 634, cannot
Bills discounted, total
be got ready.
—32,500,000 +T63,200.000
Secured by U. S. Got. obligations
—6,700.000 +416,600,000
In the following will be found the comments of the Federal
Other bills discounted
—25,800,000 +146.600,000
Reserve Board respecting the returns of the entire body
Bills bought In open market
+21,800,000
+57,400,000
of
U. S. Govt. securities, total
—3,900,000 —283,400,000 reporting member banks of the Federal Reserve System for
Bonds
+100,000 —205.500.000 the week ended with the
Treasury notes
close of business Oct. 3:
— 4,100,000 —46.800.000
Certificates of Indebtednes
The Federal
s
Federal Reserve notes In circulation
Total deposits
Members' reserve deposits
Government deposits
+100.000
+21,600.000
—68,200.000
—36.400.000
—29,100,000
—31.100,000
—8,600.000
—59,200,000
—11,100,000
—9,600,000
Returns of Member Banks for New York and Chicago
Federal Reserve Districts--Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also began to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time tne statistics covering the entire body of reporting member banks—now 634—
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 satement, of course, also includes the brokers'
loans of reporting member banks, which this week show an
increase of $19,905,000, the grand aggregate of these loans
on Oct. 10 being $4,589,883,000. This establishes a new
peak for such loans, the previous record baying been 34,%9,978,000, reported last week.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN
NEW YORK CITY.
45 Banks.
Oct. 10 1928. Oct. 3 1928. Oct. 12 1927.
Loans and Investments—total
7 195,791.000 7.258,636,000 6,759,267,000
Loans and discounts—total
5 320,636,000 5.370,405,000 4,985,408,000
Secured by U. S. Govt. obligations_ 35,174.000
42,476,000
42,408,000
Secured by stocks and bonds
2 440,487,000 2,504,831,000 2,309,331,000
All other loans and discounts
2,844,975,000 2,823,098.000 2,633,669.000
Investments—total
1,875,155,000 1,888,231,000 1,773,859,000
U. S. Government securities
1 069,472,000 1,068.946,000
883.736,000
Other bonds, stocks and securities__ 805,683,000
819,285,000
890,123,000
Reserve balances with F. R.. Bank__ _ 697,417,000
719,408.000
694.140,000
Cash in vault
61,981,000
52,280,000
59,853,000
Net demand deposits
5 104,573,000 5,122.717.000 5,203.021,000
Time deposits
1192.830,000 1,183,792,000 1,018,620,000
Government deposits
26,511,000
17,392,000
123,521,000
Due from banks
97,880,000
88,274,000
118,372.000
Due to banks
•
1,116,224,000 1,184.827.000 1,168.034,000
Borrowings from F. R.Bank—total_ 236,319.000
.
255,989,000
70.732.000
Secured by U.S. Govt. obligations_ 145,845,000
155.120,000
20,100.000
All other
90.474,000
100,869,000
50,632.000
Reserve Board's condition statement of 634 reporting member
banks in leading cities as of Oct. 3 shows an increase for
the week of $143.000,000 in loans and discounts, largely offset by a reduction
of $101,000.000
In investments. increases of $202.000,000 in net demand
deposits and of
822,000,000 In borrowings from Federal Reserve banks,
and declines of
$27,000.000 in time deposits and of 866,000,000 In Governmen
t deposits.
Loans on stocks and bonds, including United States
Government obligations, were $58,000.000 above the Sept. 26 total at all reporting
banks, an
increase of $60,000,000 reported by member banks in the
New York district being partly offset by declines in most of the other districts.
"All
other" loans and discounts increased $23,000.000 at reporting
banks in
the Cleveland district, $18,000,000 each in the Chicago and Boston districts, $17,000,000 in the New York district and $85,000,000 at all reporting banks.
Holdings of United States Government securities declined in nearly
all
districts, the principal decreases being $16,000,000 and 17,000,000. respectively, in the Boston and Dallas districts. All reporting banks show
a reduction of $40,000.000. Holdings of other bonds, stocks and securities
declined $47,000.000 in the New York district. $6,000,000 In the
Cleveland
district and $61,000.000 at all reporting banks.
Increases in net demand deposits were reported by member banks
in al
districts, the principal increases by districts being: New York,
688,000,006:
Boston, 333.000.000; Chicago and Philadelphia, $16,000,000 each:
Cleve
land. $12,000.000, and Minneapolis, Kansas City and San
Francisco.
$9,000,000 each. Time deposits declined 312,000.000 in
the New York
district. $8,000.000 In the San Francisco district and
$27,000,000 at all reporting banks. Member banks in all districts participate
d in the decline
of $66,000,000 In Government deposits.
The principal changes in borrowings from Federal Reserve
banks for the
week were increases of $23,000.000 and 613,000,000,
respectively, in the
New York and San Francisco districts, and a reduction of
$6.000,000 in the
Richmond district.
A summary of the principal assets and liabilities of 634
reporting' member
banks, together with changes during the week and
the year ending Oct. 3.
.
1928. follows
Increase (+) or Decrease (—)
During
Week.
Year.
$
$
+42,540,000 +1,100.684.000
Loans and investments, total
Oct. 3 1928,
i
22,353,058,000
Loans and discounts, total
15,951,642,000 +143.181,000
Secured by U.S. Govt. obligations 121.890,000
Secured by stocks and bonds
6.668,649,000
All other loans and discounts
9,161,103.000
Investments. total
6,401,416,000
U.S. Government securities
2,992,849,000
Other bonds. stocks and securities- 3,408,567,000
Reserve with F. R. banks
1,715,860,000
Caen in vault
249,793,000
Net demand deposits
13,225,954,000
Time deposits
6.905,116,000
Government deposits
98,683,000
Due from banks
1,204,182,000
Due to tanks
3,407,091,000
Borrowings from F. R. banks, total_ 801,013,000
Secured by U. S. Govt. obligations
All other
•Sept. 26 figures revised.
509,561,000
291,462,000
+801.197,000
+4,301,000
+53.715,000
+85,165,000
—100.641,000
—1,251,000
+412,225,000
+399,223,000
+299,467,000
—39.730,000
—60,911.000
+23,378,000
+604,000
+202,313,000*
—28,948,000*
—66,496,000
+62.214,000*
+214.837.000*
+22.096,000
+379,854.000
—80,387.000
+3,335,000
—14,528,000
—215.884,000
+491,170,000
—237,704,000
—89,550,000
—182,620,000
+481,106,000
—1,190,000
+23,286.000
+319.603.000
+161,503.000
FINANCIAL CHRONICLE
OCT. 13 19281
Summary of Conditions in World's Markets According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases for
publication Oct. 13 the following summary of market conditions abroad, based on advices by cable and radio:
2033
factory. Although the merchant marine is fairly active, the present low
freight rates tend to keep down financial returns. Fishing,especially whaling, continues to improve. Industrial employment for men showed a gain
while employment for women was lower leaving the number of unemployed
unchanged at 25,000 for August. The establishment of several large, new
banks Is having a beneficial effect on the financial situation. The money
market was steady during•the early part of September and stock quotations show practically no change.
PHILIPPINE ISLANDS.
A recurrence of the longshoremen's strike at Cebu is paralyzing oceancrop condi- going and into island shipping. Drastic steps are being taken by the
Business throughout the week ending Oct. 5 was normal and
Governor General to remedy and control the situation. The past week
were good. September failures showed total liabilities of 8,800,000 saw no change in the copra situation, with trading slack and continued
tions
an increase of 3,200,000 pesos over the previous month. The heavy arrivals. Resecado (dried copra) is now quoted f.o.b. Manila,
inner Pesos,
1 for the Southern 11.75 pesos per picul of 139 pounds, with the Hondagua and Cebu price
reduced railway rates will become effective on Oct.
11.50 pesos. The abaca market for better grades is firming on account of
Railway, and on Oct. 8 for the Central Argentine Railway.
short supplies but continues weak for low grades, of which arrivals are
AUSTRALIA.
heavy. Export trade, however, is dull in all grades. Prices are nominal
except at 22 pesos per picul for grade F; I, 21; J118, 17; Juk. 14.50, and L. 12.50.
The strike of waterside workers in Australia shows no improvement
PORTO RICO.
in Sydney, which is practically the only major port of the Commonwealth
that is working normally at this time. The situation is interfering seriously
Business and collections in many lines appear to be about as good as
the interior,
with the normal conduct both of overseas and of domestic business Opera- before the storm in San Juan and the larger coastal towns. In
paralyzed, sales being largely of necessities
tions are being curtailed in local manufacturing plants, and one large however, trade is still generally
with the ability
and in small quantities. It is reported that some debtors
automobile body factory has suspended operations entirely.
a d intention to settle their accounts are delaying payments awaiting
BRITISH INDIA
developments. However, there is increasing evidence that many interior
efforts to
A reported partial failure of the wheat crop in the Punjab and the United merchants intend to rehabilitate their business and are making
Wholesale dealers report that collections from
Provinces, due to heavy floods in those regions, is expected to reduce the settle their indebtedness.
are much better than expected. Also,
interior merchants are poor, but
yield 20% or 2,000,000 tons below normal, it is believed locally. This that many delinquent accounts from which neither payment nor promises
shortage may result in an embargo on exports and necessitate importation were forthcoming prior to the storm are now coming forward with definite
of considerable Australian wheat. Burma's rice exports during the past promises and, in some cases, partial settlements. Reports from the banks
maturing ones
five months have declined considerably because of competition of Indo- indicate that incoming drafts are now being accepted and
less delay than before the storm. This is especially
Chinese and Malay rice in the Japanese and European markets. Early paid with somewhat
true of San Juan and the coastal districts, but is likewise applicable to the
settlement of the Bombay mill strike is expected.
island as a whole. On Oct. 5, the Fruit Growers Association formed an
CANADA.
intermediate credit association with a capital of 9200,000, to operate with
the next crop.
in
Trade has been well maintained during early October with seasonal fac- the direction and aid of the Federal Land Bank financing
with flour sales particularly heavy.
tors as the strongest influence. Harvesting the bumper grain crop drew The foodstuffs trade is fairly active,
were buying on a hand to mouth basis were
upon the labor market and caused a slight recession of industrial activity, Many of the bakeries which
rebuilt as yet. Consequently,
although September was much better than any corresponding month since destroyed by the storm and have not been
establishments are increasing their orders for flour
1920, with increases in manufacturing, logging, mining, communications the larger and stronger
the increased demands for their products.
and transportation, but heavy seasonal losses occurred in construction, in order to replace losses and meet
were $15.835,000 as compared with
and trade was somewhat quieter. Wheat threshing is about 80% com- San Juan bank clearings in September
New automobile registrations
pleted and coarse grains about 70% in Saskatchewan, according to the 920,504.000 in the same month of last year.
or 61 less than in September 1927. Customs
Provincial Department of Agriculture. More than half the crop, it was in the month were 176,
-million bushel wheat receipts were $131,000 as against $176.000 for the corresponding month
said, will fall within the contract grades. A 55
crop is now estimated locally for Manitoba. where less fall rye than usual of last year.
is being sown.
UNITED KINGDOM.
DENMARK.
The amalgamation of five important colliery companies in the LanThe general economic situation showed a decided improvement during cashire coal mining district has been announced. The combination, which
September. Crop returns exceeded expectation and are estimated to be is to be known as the Manchester Collieries, Ltd., represents capital of
slightly above normal. Prices on butter, bacon and eggs continued to about £5,000,000 and embraces property having an annual coal output of
improve slowly and with the high agricultural production Danish farmers nearly 5,000,000 tons. This is the fourth British colliery merger of first
are more optimistic than they have been for several years past. Industry importance effected since the 1926 mining stoppage. A smaller merger,
and commerce maintained a slow and steady improvement. Shipping combining two important inland coal-marketing companies, is also anwas fairly active and the shipyards well occupied. Increased activity in nounced and other merger negotiations are under way. The small improvebuilding, outdoor work, and smaller trades brought a decrease in unem- ment is being maintained in coal-marketi g conditions, although the export
ployment to 35,000 at the end of August. The money market roma red contract season is opening quietly. The Labor Party, at its annual confersteady during August and showed only minor changes. Prices were s; adY ence, has reaffirmed its policy of nationalization of mines. The audit of
the wholesale index was 155 for August,a drop of 1 point during the m4nth. the Scottish coal industry for July and August shows a trading loss of .C264,000, but the average loss per ton was only 8.9d. for August as against
EGYPT.
Announcement has been made of an important petroleum
Foreign trade data for August show little change from the corresponding is. 7d.for July.
whereby the Burmah Oil Co. acquires 800,000 (eventually
month of 1927, but the results for the first eight months of 1928 cottinue share deal,
ordinary shares in the Shell Transport Co. The purpose of this
more favorable than for the same period of last year. Imports ii August 1.000,000)
is to effect closer co-operation between the Royal Dutch Shell
totaled £E3.897,600 and exports £E3,390,800, as against LE 918,700 development
and the Anglo-Persian oil groups. It is reported that British heavy-steel
and LE3,462,100 respectively, for the same month of 1927. (tE equals
makers have agreed to co-operate in foreign trade with a view to avoiding
approximately 954
unnecessary competition among themselves; also it is reported in the English
FINLAND.
press that Sheffield steel makers have combined for export. Co-operation
Generally increased activity due to seasonal influences characterized in granting credits to oversea buyers, especially in the dominions, is menconditions in Finland during September. The money market remained tioned in the latter connection, but details are not yet available in either
very tight, clouding the general economic situation. The stringency is case. London wool auctions closed on Oct.5 with trade slack and irregular.
chiefly the result of exceptionally lively building operations of the adverse
PERU.
trade balance. During the latter part of September a block of the 6%
gold bonds of the 910,000.000 issue for the Finland Residential Mortgage
Slightly higher cotton quotations have had a stimulating effect on cotton
the New York market. The bonds are priced at trading and have reacted favorably upon merchandise turnover, with the
Bank was offered on
94% and interest. yielding 6.40%. The industries remained very active result that a better feeling now 4zists in commercial circles than has been
during the month and the export branches enjoyed a large seasonal increase the case for 80//113 months. Bank clearings for September amounted to
in shipments. The timber market remained slow while the pulp and Paper 923,444,000.
markets were practically unchanged. Sawmill operators voted to reduce
offerings for the next year in order to maintain present prices. The labor
market was satisfactory during the month despite the fact that the steveStock of Money in the Country.
dores' strike remains unsettled. Harvesting activities have increased the
demand for workers, and the number of unemployed is practically nil.
The Treasury Department at Washington has issued the
living showed a further advance during August. Foreign
The cost of
trade continued very active during August with the volume of both imports customary monthly statement showing the stock of money
and exports above that for July.
after
ARGENTINA.
GREECE.
Gross returns from revenues pledged to the International Financial
Commission for 1927 show a large increase over the previous year. Returns
In 1927 were 3.891.670,000 drachmas ($51,370.000) as compared with
2,997,933,000 drachmas ($37,774.000) in the previous year. The rise in
drachma exchange from an average of $0.0132 in 1927 to $0.0126 in 1926,
contributed to rise in the larger dollar value last year. The increased
returns during 1927 were principally from customs and tobacco and alcohol
taxes.
JAPAN.
Trading in all lines of business is dull and featureless. The rice market
reason of an official forecast of a large crop.
Is reported demoralized by
Growing sentiment Is apparent for the removal of the gold embargo, but
any immediate action is improbable.
MEXICO.
Business continued to show a slightly more favorable trend during the
week ended October 6. In spite of the rainy season registrations of automobiles in the Federal District during August showed an increase of 530
cars over the previous month. Mexican gold currency continues weak,
with silver at a discount of approximately 3%%.
NORWAY.
The general improvement In Norwegian industry, agriculture and commerce was maintained during September while shipping remained unsatis-
deductin the country and the amount in circulation
ing the moneys held in the United States Treasury and by
Federal Reserve banks and agents. It is important to note
that beginning with the statement of Deo. 31 1927 several
very important changes have been made. They are as follows: (1) The statement is dated for the end of the month
instead of for the first of the month;(2) gold held by Federal
Reserve banks under earmark for foreign account is now
excluded, and gold held abroad for Federal Reserve banks is
now included; (3) minor coin (nickels and cents) has been
added. On this basis the figures this time are for Aug. 31
1928. They show that the money in circulation at that date
(including, of course, what is held in bank vaults of member
banks of the Federal Reserve System) was $4,802,819,937,
as against $4,700,535,405 July 31 1928 and $4,853,772,595
Aug.31 1927, and comparing with $5,760,953,653 on Oct.31
1920. Just before the outbreak of the World War, that is
on June 30 1914, the total was only 53,458,059,755. The
following is the statement:
2034
FINANCIAL CHRONICLE
[VoL. 127.
CIRCULATION STATEMENT OF UNITED STATES MONEY
-AUGUST 31 1928.
MONEY HELD IN THE TREASURY.
KIND OF
MONEY.
Tota
A moun .
Total.
Amt. Held in Res've against
Trust against United Slates
Gold & Slicer
Notes
Certificates (.1 (and Treasury
Treaty Notes
Notes
of 1890).
011890).
MONEY OUTSIDE OF THE TREASURY
Held for
Federal
Reserve
Banks
and
Agents.
All
Other
Money.
Total.
Held by
Federal
Reserve
Banks
and
Agents.f
Population
of
Continental
United
Per
States
Capita. (Estimated.)
In Circula ion.
Amount.
Gold coin an
3
$
$
bullion
54,122,891,932 3,188,033,575 1,468,735,739
Gold certifs.-._ 01,468,735,739)
Stand.silv.dols.
539.961,701
480,762,619 473,658,129
Silver certifs.- _ e(472,358,529)
Treasury notes
of 1890
C(1,299,600)
Subsid'y silver_
299.727,476
2,822,309
Minor coin__ _
117.027,951
2.617,386
U. S. notes...346,681,016
3,217,488
F. R. notes._
2,028,094.480
1,036,385
F.R.bk. notes_
4,049.608
92,140
Nat. bank notes
698,817,984
18,542,930
$
$
156,039,088 1,392,274,210
Total Aug.31'2
Comparative
totals:
July 31 192
gAug. 31 1927
gOct. 31 192
°Mar. 31 1917
gJune 30 1914
Jan. 1 187
8,157,252,148 d3,697,124,832 1,942,393,868
156,039.088 1,392.274,210 6206,417,666 6,402,521,184 1.599,701,247
4,802.819,937
40.50 118,601,000
8,142,809,667 d3,695,215,821 1,970,421,449
8,631,474,220 d4,189,264.992 2,099,254.008
8,479,620,824 42,436,864.530 718,674.378
5,396,596,677 d2,952,020,313 2,681,691,072
3,796,456,764 d1,845,575,888 ,507,178.879
1 007 ogs 452 /1219 470 402
21 009 tun
156.039.088 1,357,540,510
155,420,721 1,755,862,636
152,979,026 1,212,360,791
152,979.026
150,000.000
inn nnn non
39.67 118,483,000
41.42 117,180,000
53.01 107,491,000
40.23 103,716,000
34.92 99,027,000
In no AS 9/1 non
Gold and Silver Imported into and Exported from the
United States by Countries in August.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made public
its monthly report, showing the imports and exports of gold
and silver into and from the United States during the month
of August 1928. The gold export s were only $1,698,289.
The imports were but $2,445,073, of which $938,363 came
from Canada. Of the exports of the metal, $436,001 went
to Mexico, and $416,677 went to Hongkong.
Countries,
Total
Exports.
$
$
561.300,215 373,558,142
486,951,180 081,784,559
12,957,943
46,241,139
81,311.376 391,047,153
3
3.15
8.28
.39
3.30
1,299.600
16,243,695 280,661,472
2,474.036 111,936.529
42.900.857 300,562,671
364,808,986 1,662,249,109
9,510
3947,958
30.743,449 649,531,605
.01
2.37
.94
2.53
14.02
.03
5.48
211,214,774 6,418,015,295 1,717,479,890 4.700,53.5.405
178,727,627 6,541.463,236 1,687,690,641 4,853,772,595
352,850,336 6,761,430,672 1,063.216,060 5,698.214,612
117,350,216 5,126,267,436 953,321,522 4.172,945,914
188,397,009 3,458,059,755
3.458,059,755
on R17709 R1A OAR 791
01a oan on,
g Figures revised to conform to changes effective Dec.
31 1927.
Note.
-Gold certificates are secured dollar
for their redemption; silver certificates are for dollar by gold held in the Treasury
secured dollar for dollar by standard
silver dollars held In the Treasury for their redemption;
United States notes are
secured by a gold reserve of 3156,039,088 held in the
may also be used for the redemption of Treasury Treasury. This reserve fund
are also
secured, dollar for dollar, by standard silver dollars. notes of 1890, which Federal
Reserve notes are obligations of the United States held in the Treasury.
and a first lien on all the assets
of the issuing Federal Reserve bank. Federal Reserve
the
deposit with Federal Reserve agents of a like amount notes are secured bysuch
and
discounted or purchased paper as is eligible under the of gold or of gold Reserve
terms of the Federal
Act. Federal Reserve banks must maintain a gold
reserve of at least 40%,including the gold redemption fund which must be deposited
with the United States Treasurer, against Federal Reserve notes in actual
circulation. Lawful money has been
deposited with the Treasurer of the United States for
retirement of all outstanding
Federal Reserve bank notes. National bank notes are
States
bonds except where lawful money has been deposited secured by United
United States for their retirement. A 5% fund Is also with the Treasurer of the
maintained in lawful money
with the Treasurer of the United States for the
redemption of national bank notes
secured by Government bonds.
by the State Department at Washington. The attitude of
the United States toward the Agreement was made known
in reply to notes received by this country on Aug. 3 from
the two foreign powers. In its reply the United States says:
The Government of the United States has
earnestly and consistently
advocated real reduction and limitation of naval armament. It has given
us its best efforts toward finding acceptable methods of attaining this most
desirable end. It would be happy to continue such efforts, but it can not
consent to proposals which would leave the door wide open to unlimited
building of certain types of ships of a highly efficient combatant value and
would impose restrictions only on types peculiarly suitable to American
needs.
The note further says:
Silver,
The Government of the United States remains willing to use its best
efforts to obtain a basis of further naval limitation satisfactory to all the
Refined Bullion.
Total (Inc. Coln)
Total
naval rowers,including those not represented at the Three Power Conference
Imports. Exports. Imports. Exports. Imports. in Geneva, and
is willing to take into consideration in any conference the
- - - - special
needs of France, Italy or any other naval power for the particular
Dollars. Ounces. Ounces. Dollars. Dollars.
13,605
7.387 class of vessels deemed by them most suitable for their defense. This
200 452,024
265,867
could be accomplished by permitting any of the powers to vary the percent75.000
582 age of tonnage in classes within the
total tonnage: a certain percentage to
810
2.613
938,363
96,252
174,789 911,930 be agreed upon.
Dollars.
France
Germany
265.901
Sweden
United Kingdom
Canada
56,634
Costa Rica
16,064
267
157
Guatemala
22.750
Honduras
14,638
221,564
134.869
Nicaragua
23.978
4.062
6,669
Salvador
205
875
525
Panama
848
Mexico
436,001 351,821
3,741,870
58,990 3.840,222
Trinidad and Tobago
1,120
Other Brit. W.Indies _
505
100
Cuba
10.644
11
Netherland W. Indies
6,720
103
Haiti
5,510
Argentina
12,870
7,815
Brazil
28,300
Chile
208,461
280,706
Colombia
137,477
20,075
364
12,070
229
Ecuador
118,387
185,298
3,526
Peru
159,996
4,172
1.187.647
Venezuela
96,083
British India
2,474,410
1,462,710
British Malaya
125.000
China
307,756
11158,729
6,608,362
Java and Madura..
99,875
62,146
37,832
Hongkong
416,677
Japan
775,041
62,020
469,025
Philippine Islands_ _ - 117,109
1.424
New Zealand
16,797
30
17
Belgian Congo
11,567
47,031
British South Africa_
930
6,795
Mozambique
2,240
20,105
_
-- Total
Text of U. S. Note to Great Britain and France-British
Agreement for Naval Limitation-Objects to Restrictions on Cruisers Suitable to United States
Needs.
Objection to the basis reached between Great Britain and
France on Naval limitation is voiced by the United States
in identic notes delivered to the Foreign offices in London
and Paris, on Sept. 28 on which date they were made public
$
934,858,357
1,468,735,739
7,104,490
59,199,082
472,358,529
1,299,600
2,822,309 296,905,167
2,617,386 114,410,565
3,217.481, 343,463,528
1.036,385 2,027,058.095
92,140
3,957,468
18.542.930 680,275,054
a Includes United States paper currency in c rculation in foreign countries and
the amount held by the Cuban agencies of the Federal Reserve Bank of Atlanta.
9 Does notinclude gold bullion or foreign coin o her than that held by the Treasury.
Federal Reserve banks, and Federal Reserve agents. Gold held by Federal Reserve
banks under ear-mark for foreign account is excluded, and gold held abroad for
Federal Reserve banks is included.
e These amounts are not included in the total since the money held in trust against
gold and silver certificates and Treasury notes of 1890 is included under gold coin
and bullion and standard silver dollars, respectively.
d The amount of money held in trust against gold and silver certificates and
Treasury notes of 1890 should be deducted from this total before combining it with
total money outside of the Treasury to arrive at the stock of money in the United
States.
e This total includes 918,916,614 of notes in process of redemption, 9158,992,308
of gold deposited for redemption of Federal Reserve notes, $8,385,548 deposited for
redemption of national bank notes, $2,430 deposited for retirement of additional
circulation (Act of may 30 1908). and $7,610,363 deposited as a reserve against
Postal savings deposits.
!Includes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
Gold.
$
170,984,538
The full text of the note follows:
The Government of the United States has received from his Majesty's
Government a communication summarizing the understanding reached
between the British and French Governments as to a basis of naval limitation, which agreement, it is stated, will be submitted to the next meeting of
the Preparatory Commission for the Disarmament Conference.
The Government of the United States is willing to submit certain suggestions as to the basis of naval limitations as summarized in the British note.
From the Communication of the British Government it appears that:
The limitations which the Disarmament Conference will have to determine will deal with four classes of men-of-war.
(1) Capital ships. i.e., ships of over 10,000 tons or with guns ofmore
than eight-inch calibre.
(2) Aircraft-carriers of over 10,000 tons.
(3) Surface vessels of or below 10.000 tons, armed with guns of more
than six-inch and up to eight-inch calibre.
(4) Ocean-going submarines over 600 tons.
As the Washington Treaty regulates the first two classes, that is, capital
skips and aircraft-carriers, the Preparatory Commission will have to consider only the last two categories, so far as the signatories of that treaty
are concerned.
From the foregoing summary of the agreement it appears that the only
classes of naval vessels which it is proposed to limit under the Franco.
British draft agreement are cruisers of or below 10,000 tons, armed with
guns of more than six-inch and up to eight-inch calibre, and submarines of
over 600 tons.
Position to United Slates.
The position of the Government of the United States has been and
now is that any limitation of naval armament to be effective should apply
to all classes of combatant vessels. The Franco-British agreement provides no limitation whatsoever on six-inch gun cruisers, or destroyers,
or
submarines of 600 tons or less. It could not be claimed that the types
of
vessels thus left without limitation are not highly efficient fighting ships.
No One would deny that modern cruisers armed with six-inch guns, or
destroyers similarly armed, have a very high offensive value,
especially
to any nation possessing well-distributed bases in various parts of the world.
In fact, such cruisers constitute the largest number of fighting ships
now
°dating In the world.
OCT. 13 1928.]
FINANCIAL CHRONICLE
The limitation of only such surface vessels as are restricted in Class 3
of the draft agreement, that is, cruisers of or below 10,000 tons, armed
with guns of more than 6
-Inch and up to 8
-inch calibre, would be the imposition of restrictions only on types peculiarly suited to the needs of the
United States cannot accept as a distinct class surface combatant vessels
of or below 10,000 tons, armed with guns of more than 6
-inch and up to 8
inch calibre. It is further clearly apparent that limitation of this type only
would add enormously to the comparative offensive power of a nation
possessing a large merchant tonnage on which preparation may be made in
times of peace for mounting 6
-inch guns.
At the Three-Power Conference in Geneva in 1927 the British delegation
proposed that cruisers be thus divided into two classes: Those carrying
8
-inch guns and those carrying guns of 6
-inches or less in calibre. They
proposed further that 8
-inch guns be limited to a small number or to a
small total tonnage limitation and that the smaller class of cruisers carrying
6
-inch guns of less be permitted a much larger total tonnage, or, what
amounts to the same thing, to a very large number of cruisers of this class.
The limitation proposed by the British delegation on this smaller class
of cruisers was so high that the American delegation considered it, in effect,
no limitation at all. This same proposal is now presented in a new and
even more objectionable form, which still limits large cruisers which are
suitable to American needs, but frankly places no limitation whatever
on cruisers carrying guns of six inches or less in calibre. This proposal
is obviously incompatible with the American position at the three-power
conference. It is even more unacceptable than the proposal put forward
by the British delegation at the conference, not only becaule it puts the
United States at a decided disadvantage but also because it discards altogether the principle of limitation as applied to important combatant types
of vessels.
Much of what has been said above as to vessels in Class 3 of the FrancoBritish agreement applies with equal or greater force to Class 4.
The
American Government cannot accept as a distinct class of submarines those
of over 600 tons, leaving unlimited all submarines of 600 tons or under.
Six-hundred-ton submarines are formidable combatant vessesl. They carry
the same torpedoes as carried by larger submarines and of equal destructive forces within the radius of their operation. They can also be armed
with guns of five-inch calibre. The United States would gladly in conjunction with all the nations of the world, abolish the submarine altogether.
If, however,submarines must be continued as instruments of naval warfare
it is the belief of the American Government that they should be limited
to a reasonable tonnage or number.
If there is to be further limitation upon the construction of war vessels
so that competition in this regard between nations may be stopped, it is
the belief of the United States that it should include all classes of combatant vessels—submarines as well as surface vessels.
2035
representatives would be sympathetically considered by the United States.
It expects on the part of others, however similar consideration for its own
needs. Unfortunately the Franco-Britisb agreement appears to fulfill none
of the conditions which, to the American Government seem vital. It.
leaves unlimited a very large class of effective fighting ships, and this very
fact would inevitably lead to a recrudescence of naval competition disastrous
to national economy.
French Government Orders Expulsion of H. J. T.
Horan, Paris Correspondent of Hearst Newspapers,
for Publication of Confidential Note on AngloFrench Naval Agreement—Attitude of United
States.
It was stated in a Washington dispatch Oct. 9 to the
"Herald-Tribune" that the State Department had instructed
the American Embassy in Paris to look thoroughly into the
questioning by the French police and secret service agents
of Harold J. T. Horan, Paris correspondent of the Universal
Service, a news agency owned by William Randolph Hearst..
The dispatch went on to state:
President Coolidge is also cognizant of the case.
According to dispatches here, an order of expulsion from France has been
invoked against the newspaper man after his detention for seven hours at
the Paris prefecture. The case is an outgrowth of the correspondent'.
dispatch to the Hearst newspapers of the text of a secret communication
made to its embassies abroad by the French Foreign Office regarding the
Anglo-French naval agreement.
President Coolidge told inquirers to-day that he had no off,cial information as to whether the French Government had acted against the correspondent on entirely domestic grounds, in which case this Government
would not be warranted in interfering. However, the President made it
plain that the Government desires to protect the legal rights of its citizens
wherever and whenever these may have been infringed.
A Paris account to the "Herald-Tribune" Oct. 8
right) regarding the questioning of the Hearst correspondent,
said in part:
According to Horan, at the end of the questioning he had his choice of
signing a promise to leave the country before Thursday or being formally
taken into custody on a charge of having had a confidential state document
in his possession. He signed the promise to depart.
While Horan was at the Prefecture of Police representatives of the
American Embassy here went to the Foreign Ministry in his behalf. According to authoritative reports, this action was taken on advice from the
State Department at Washington that William Randolph Hearst had
assumed personal responsibility for the publication of the document and
had informed Secretary of State Kellogg in Washington that Horan had
cabled it as a news dispatch only upon Mr. Hearst's orders. /
Horan said that during the questioning this afternoon he had made no
attempt to deny having had the document, which he said had been given
to him by Mr. Hearst in the Hotel Crillon during the publisher's recent
visit in Paris.
These disclosures, added to the attitude of an official of the Foreign
Ministry, who denied that Horan had been "arrested" or ordered dePorted,
made it appear that despite the document signed by the correspondent,
his departure from France under compulsion is not yet certain.
Horan left his office for luncheon this noon. A traffic officer soon
stopped his automobile in answer to a police whistle, and another car.
escorted by five cycle policemen drew alongside. An agent of the Surete
Generale stepped from the second car and instructed Horan to drive to
the Prefecture.
There, Horan said, he told the questioners that the document, a note
-British negotiations and including salient
detailing progress of the Franco
points of the agreement for a united front on disputed phases of naval
limitation, had been given to him by Mr. Hearst, telephoned to London,
and from there cabled to New York. The note had been written by
Philippe Bertholet, Permanent Secretary of the French Foreign Office, for
the information of French Ambassadors in countries interested in the
negotiations.
Horan said that his request to call a lawyer or other representatives of
the Heart organization was refused. After having been left alone for
some little time the agent reappeared and informed Horan that his explanation was unsatisfactory. He was shown a written agreement to leave
France before Thursday and was told, according to his explanation, that
he could take the alternative of signing it or "going to Sante Prison" and
being brought into court on a charge of having had in his possession the
Bertholet document.
Restrictions on Types Suitable to American Needs.
The Government of the United States has earnestly and consistently
advocated real reduction and limitation of naval armament. It has given
Its best efforts toward finding acceptable methods of attaining this most
desirable end. It would be happy to continue such efforts, but it cannot
consent to proposals which would leave the door wide open to unlimited
building of certain types of ships of a highly efficient combatant value
and would impose restrictions only on types peculiarly suitable to American
needs.
The American Government seeks no special advantage on these, but
clearly cannot permit itself to be placed in a position of manifest disadvantage. The American Government feels, furthermore, that the terms
of the Franco-British draft agreement, in leaving unlimited so large a tonnage and so many types of vessels would actually tend to defeat the primary
objective of any disarmament conference for the reduction or the limitation
of armament in that it would not eliminate competition in naval armament
and would not effect economy. For all these reasons the Government of
the United States feels that no useful purpose would be served by accepting
as a basis of discussion the Franco-British proposal.
The American Government has no objection to any agreement between
France and Great Britain which those countries think will be to their advantage and in the interest of limitation of armament, but naturally cannot
consent that such an agreement should be applied to the United States.
In order to make quite clear that, in declining to adopt the FrancoBritish agreement as a basis for discussion of naval limitation, it seems
appropriate briefly to review the attitude of the United States regarding
the methods of limitation in order to show that the American Government
has consistently favored a drastic proportional amitation. The success of
the Washington conference is known to all. It strictly limited all combatant ships and aircraft carriers of over 10.000 tons. In order to bring
about such limitation the American Government made great sacrifices in the
curtailment of plans of building and in the actual destruction of ships
already built. At the first session of the preparatory conference, the Amercan Government submitted proposals which were consistently adhered to
at subsequent meetings:
1. That the total tonnage allowed in each class of combatant vessel be
prescribed.
2. That the maximum tonnage of a unit and the maximum calibre of
According to a cablegram Oct. 10 from Paris to-the
gun allowed for each class be prescribed.
3. That,so long as the total tonnage allowed to each class is not exceeded "Times," Mr. Horan was notified by French Government
the actual number of units may be left to the discretion of each power officials on Oct. 10 that he would be permitted to prolong
concerned.
his sojourn in Paris until the termination of the present
Within this general plan the American proposal at the Geneva conference
was, for the United States and the British Empire, a total tonnage limita- Secret Service inquiry into the manner in which the private
tion in the cruiser class of from 250,000 to 300.000 tons and for Japan from memorandum to French Ambassadors abroad containing
150.000 to 180,000; for the destroyer class, for the United States and the particulars of the Anglo-French naval accord came into his
British Empire, from 200,000 to 250,000. and for Japan from 120.000 to
150,000 tons; for the submarine class, for the United States and the British possession. The memorandum, it is added, was published
Empire 90,000 to 90,000 tons, and for Japan 36,000 to 54.000 tons. It under Mr. Horan's name on Sept. 20 in the Hearst newswas further stated by the American delegation that, if any power represented
papers in America. From this cablegram we also quote
felt justified in proposing still lower tonnage levels for auxilliary craft, the
the following:
American Government would welcome such proposal.
The decision to permit Mr. Horan to remain in France unth further
The purpose of these proposals was that there might be no competition
between the three powers in the building of naval armament, that their notice followed energetic action taken yesterday by the Anglo-Amerirespective navies should be maintained at the lowest level compatible can Press Association, representing all the American and British newswith national security and should not be of the size and character to warrant papers which have correspondents in France, and the American Embassy.
the suspicion of aggressive intent, and,finally, that a wise economy dictates Norman Armour, Charge d'Affaires, in the absence of Ambassador Herrick,
made representations at the Foreign Office on behalf of Mr. Horan. parthat further naval construction be kept to a minimum.
The Government of the United States remains willing to use its best ticular emphasis being placed upon the manner in which he was taken
naval limitation satisfactory to all the into custody and then refused permission to consult a lawyer or communiefforts to obtain a basis of further
naval powers, including those not represented at the three-power conference cate with the embassy or his friends.
in Geneva, and is willing to take into consideration in any conference the
This phase of the incident especially aroused the American and British
special needs of France, Italy or any other naval power for the particular journalists, who late yesterday forwarded telegrams to Premier Poincare
suitable for their defense. This and Foreign Minister Briand requesting them to hold up the expulsion
class of vessels deemed by them most
could be accomplished by permitting any of the powers to vary the percent- order until the newspaper men could wait upon them with a full statement
age of tonnage in classes within the total tonnage; a certain percentage to be could wait upon them with a full statement of the facts.
Premier Poincare in response to the telegram arranged for an interview
agreed upon. If there was an increase in one class of vessels it should badeducted from the tonnage to be used In other classes. A proposal along between Philippe Bertholet, permanent chief at the Foreign Office, and
these lines made by France and discussed by the American and French William Bird, President of the Anglo-American Press Association, The in-
2036
FINANCIAL CHRONICLE
[VOL. 127.
terview took place this morning,and after disclosing the decision permitting
Mr. Hogan to remain in Paris "until completion of the current Investigation" M. Bertheiot told Mr. Bird he could assure members of the AngloAmerican Press Association that there would be no further resort to the
sensational methods pursued in the Rue de la Paix arrest. In future if the
secret service or police officials desired to question American or British
newspaper men they would receive a polite call from the agents or else be
courtesouly summoned.
This promise is very pleasing to the correspondents, who protested
especially against the methods adopted in apprehending Mr. Horan and
procuring his signature to an agreement to leave the country.
President Machado Says Platt Amendment Giving
U. S. Right to Intervene in Cuba Has Outlived
Usefulness—President Coolidge Not Inclined to
Discuss Subject.
President Coolidge had no comment to make on Oct. 9
on the suggestion of President Machado of Cuba that the
Platt Amendment, giving the United States the right to
intervene in Cuba under certain conditions, should be reThe following regarding the developments in the matter pealed,says a Washington dispatch to the New York "Times"
on Oct. 9 were contained in a Paris cablegram Oct. 9 (copy- in which it was also stated:
right) to the "Herald-Tribune":
President Coolidge let it be known that he had great confidence in Presi-
Despite further intervention by Norman Armour, Counsellor of the dent Machado's views on questions of government, but that he did not
of the American Foreign Office to-day and the petition presented by the think it helpful to discuss the subject.
Senor Machado made the suggestion yesterday while addressing the
Anglo-American Press Association asking postponement of action, it
appears certain that Harold J. r. Horan. Hearst newspaper correspondent reunion of Spanish-American War veterans at Havana.
branded as "undesirable" because of his connection with the publication
President Machado's remarks were given as follows in
of the Foreign Office confidential letter on the Anglo-French naval accord,
Associated Press advices from Havana on Oct. 8 published
will be compelled to leave France by Thursday.
An extraordinary session of the executive committee of the press asso- in the "Evening Post":
ciation was called to-day and telegrams were sent to Foreign Minister
Declaring that Cuba has outlived the usefulness of the Platt amendment
Briand and Premier Poincare, the former at Cocherel and the latter at placed in the Cuban Constitution
almost 30 years ago through an act of
Sampigny. requesting that Horan's banishment be suspended until the the United States Congress, President
Gerardo Machadoy Morales intiassociation could present additional facts in his behalf.
mated that Cuba would welcome its repeal in an address before the United
Spanish War Veterans Convention, which opened here to-day.
While saying clearly that Cuba enjoys entire sovereignty, the President
French Officials Annoyed.
asserted that Cuban national evolution has made the Platt amendment
At the French Foreign Office, however, it is regarded that such action is morally non-existent, but
that the United States, "due to its own traentirely outside the case. The officials betray annoyance over the interven- ditions, ought to be, perhaps, the one
obliged to repeal it in order to have
tion of the journalists, and even more so against William Randolph Hearst, the moral greatness sought in
the joint resolution of Congress and allow
who asked Secretary Kellogg's aid for his employee in Paris.
all the authority of their illustrious statesmen to shine without the least
They say that the government, instead of treating Horan harshly, is shadow."
being very lenient. The officials declare that the offense is so grave that
"Cuba is to-day one of the countries that most freely exercise sovereignty,
he might be jaded instead of only "invited" to leave the country. He in spite of interpretations
that are made regarding the Platt amendment,
might well be prosecuted, they say, unger the law of 1886, which provides accusing the United States of an
imperialism that, if it existed, would be
jail penalties for revealing secret documents relative to national defense.
negation of the principles contained in its Declaration of Independence."
he said.
Later he declared that morally the Platt amendment does not exist, "as
Hearst Cordially Received.
it has been repealed in fact by the patriotism and virtue of the Cubans."
As for the American publisher, the French officials comment bitterly that
That Cuba considered the veterans' encampment in Havana an event of
Mr. Hearst, only four days before the publication of the secret document, extraordinary significance was
evinced by its President in his words, which
which he admits he obtained himself, sought an appointment with Philippe expressed the thanks of the Cuban
nation to the men who fought for its
Bertholet, Permanent Secretary of the French Foreign Office, and was cor- independence.
dially received by the French official, whose letter later was published.
In printing the above the "Post" observed:
It is understood that the State Department has cabled to Mr. Armour to
make every effort to obtain leniency for the correspondent. Mr. Armour
The Platt amendment which was accepted by Cuba on June 12 1901 as
conferred to
-day with M.Corbin. director of political affairs, at the Foreign part of her constitution, bound Cuba not to incur debts which her current
Office.
revenues will not bear to continue the sanitary administration undertaken
By making a statement to the French press relative to what he regarded as by the American military Government at the time of
intervention to lease
the unfairness of treatment he received. Horan has but increased the certain naval stations to the United States and finally,
establishing the
wrath of officials against him. With genuine indignation against Mr. right of the United States to intervene
if necessary in the affairs of the
Hearst added to this it seems certain that Horan will be obliged to leave Island, for the protection of Cuban independence
and the maintenance
France by to-morrow night, despite the American Embassy's and all other of a Government adequate for the protection
of life, property and inefforts to cancel the Foreign Office "Invitation."
dividual liberty.
It was stated in Associated Press advices from Paris on
Oot. 11 that Horan had been expelled from membership Com-nittee of Tokio Clearing House Recommends
Removal of Japanese Embargo on Gold.
in the Anglo-American Press Association Oct. 11 by a
On Oct. 8 Associated Press advices from Tokio said:
committee which investigated the case. These accounts
Immediate removal of the embargo on gold, which has been in force since
said:
1917, was favored by a resolution passed to-day
The reason given by the committee for exepelling him from the press
association was that he was "on various counts guilty of unprofessional
conduct."
Horan left Paris by automobile last night for Belgium by way of England.
Brussels dispatches said that he had arrived there to-day and called at the
American Embassy.
Horan explained in a telephone conversation from Belgium with a friend
in Paris that he left France before midnight Wednesday because he had
Wen informed originally that he must depart by Thursday. He added
that he had no difficulty in crossing the frontier, although word had been
sent out by the Prefecture of Police to all frontier posts "to advise him
that an investigation was being continued in Paris and that his presence
was urgently desired there."
Prefecture officials explained that they desired to confront Horan, as
French practice requires with persons who are alleged to have been concerned In giving him the document in question.
A Foreign Office official to-day explained to a committee from the Press
Association the Government's position in requesting Horan to leave and,
in consequence of this, that the association will probably drop the matter.
From the "Herald Tribune" of Oct.9 we take the following relative to a statement by Mr. Hearst:
William Randolph Hearst told the Associated Press last night according
to an announcement by that organization, that he did "not see why the
French government should make such a rediculous fuss" over publication of
the Anglo-French naval pact unless there was something in the "agreement
which they are ashamed of and do not want the people of the United States
to know."
Mr. Hearst's statement was made in answer to a request for his comment
on the questioning in Paris of Harold Horan. Hearst correspondent.
"I do not see why the French government should make such ridiculous
fuss over the publication of this secret agreement with Great Britain," Mr.
Hearst said, "unless there is something in the agreement which they are
ashamed of and do not want the people of the United States to know.
"I think the people of the United States are already fully aware of the
attitude of France toward this country and the disposition of France to make
any combination it can in opposition to the welfare and prosperity of this
country.
"In fact I think the publication of this document in the Hearst papers
tended to clear the atmosphere and to relieve France of a suspicion in the
miads of the American people that the contents of the documents were worse
than they actually are.
"The American people are opposed to secret diplomacy. They realize
that secret diplomacy was largely responsible for the recent great war and
they feel that It will be responsible, if persisted in, for another great war.
"I think it might be wise for France to realize that if her machinations and
her secret diplomacy should involve the world in another great war, as they
are very likely to do, she need not again count on the assistance of the
United States to came her from disaster."
by the Clearing House's
Economic Investigation Committee. The committee represents the most
powerful banking interests of the empire and it was believed that the resolution would influence the Government to take action.
The Chambers of Commerce of Tokio and Osaka recently passed similar
resolutions.
From the "Times" of Oct. 8 we take the following:
The recommendation for the removal of the Japanese embargo against
the export of gold is a step in the program for the restoration of the gold
standard in Japan. which got under way in 1925 and was interrupted last
year by a banking crisis in Tokio. The embargo was proclaimed in 1917
as a war measure.
In September 1925, the embargo was modified and it was announced
that exports of gold would be allowed under a special permit system. An
export movement of gold was started at that time with a shipment of
$2,000.000 of the metal to the United States, and further shipments were
made in a program of building up large foreign reserves.
In the Spring of 1927, however, it became necessary to declare a threeweek banking moratorium in Japan and the country's financial system
was readjusted. Since then a gradual improvement has taken place in
the Japanese situation.
Australian Conversion Loan of £20,000,000 Oversubscribed.
Regarding the subscriptions to the recent Australian
Conversion Loan the weekly circular letter of Aug. 24,
(just to hand) issued by J. B. Were & Son of Melbourne says:
The Commonwealth Conversion Loan definitely closed on Wednesday.
August 22, namely, 24 days before the actual maturity date of the old loan.
The total amount applied for was £21,780,000.
New money subscribed amounted to £8,956,000 and conversions aggregated £12,826,000.
There were about 16,000 cash applications and 18,000 individual
conversions.
The fact that the seven years'currency gave a yield of £5-10-3% as against
£5-8-1% for the fourteen years' currency induced the majority to apply
for the shorter term, the amount subscribed for the seven year period
having been no less than £18,067,000.
This is the most striking of the Commonwealth's local loan successes.
and the achievement will not only have favourable influences within the
Commonwealth, but also outside of it. It affords splendid proof of the
resources and financial stability of Australia, and the London financial
press has already favourably commented upon the result.
In some quarters it had been anticipated that the loan would have closed
earlier than on Wednesday, and the question was raised whether the
Government acted strictly in accordance with its announcement that the
loan would close immediately the total was subscribed.
OCT. 13 1928.]
FINANCIAL CHRONICLE
Criticism of this nature was apparently anticipated. Dr Page's official
statement was: "In fairness to the holders of the maturing securities, and
particularly to those in distant centres, the Treasurer had left that the
proper course to adopt was to give three days' notice of closing. This
had been done when the total reached .C19,000,000.
"Afterwards several large and unexpected cash subscriptions had been
lodged and there had been a general rush of applications, with the result
that the loan was over-subscribed.
"The whole sum could, however, be profitably employed by the Treasury
for loan redemption purposes."
2037
oldest German universities as well as of a college of technology.
Redemption of Bonds of Bank Fuer Industriewerte,
A. G. Berlin.
The foreign department of Robert C. Mayer & Co., Inc.,
announces that the 5% bonds 1920-1923, series I-VIII of
the Bank Fuer Industriewerte A. G., Berlin (B. I. A.) haveThe "Wall Street Journal" of Oct. 6 in referring to the been called for redemption and that they are prepared to
over subscription of the loan (the issue price was £98 108.) redeem them at once, paying in full the amounts specified
said:
in the law together with interest at the legal rate from Jan. 1
• The Australian banks underwrote this loan on a commission of 234%.
On this occasion their underwriting fees are clear profit. On the $180.000,000 1925 to June 30 1926.
conversion loan floated in 1927 they were left with $62,000,000 undersubscribed,and a large proportion of this is still in their hands.
In all recent loans the Australian public has preferred the shorter period of
maturity when an option has been given; and in this case more than 80%
of the applicants chose the seven years' period rather than the 14 years'
optional period.
Outstanding amount ofthe loan maturing September 15 was $105,050,000
audit was originally intended that $5,000,000 should be redeemed from the
national debt sinking fund,the balance being paid from proceeds of the loan.
It now will be possible to use the loan receipts for the whole amount due
without recourse to the sinking fund. A surplus of $3.850,000 will be
applied to other loan redemption.
Conversion of War Loans.
No previous Commonwealth loan has been closed so far ahead of the
fixed. The $335,000,000 conversion war loan floated in
date originally
1925—the largest hitherto issued by the Commonwealth—was successfully
filled a week before the maturity of the old bonds, and in the same year a
loan of $27,000,000 was closed a week before maturity date because the full
amount originally announced was not required. Apart from these two cases
extended time has been given for loans.
During the past five years the Commonwealth has successfully dealt
with the conversion of $1,140,000,000 war loans originally raised in entirety
in Australia; conversion operations were conducted in the Commonwealth,
no portion of the amount being raised overseas. Renewal of this large
amount may justifiably be regarded as evidence of the ability of the Australian public to discharge their obligations and their confidence in the
soundness of the investment in Commonwealth Government bonds.
There will be a short respite during the ensuing two years, as the only
Commonwealth loan requiring conversion before 1930 is $14,030,000 6s
maturing in May 1929. It will probably not be necessary to make a public
issue in respect of this loan; redemptions are expected to be made from
sinking fund.
In the following two years the responsibilities of the Commonwealth
treasury will, however, be considerable. In March 1930 a $53,295,000
6% loan raised for Commonwealth and State purposes matures, and in
December of the same year a $309,590,000 6% war loan must be redeemed.
The treasurer will thus have to meet obligations in 1930 amounting to
$362,885,000, the largest sum hitherto required for conversion in any one
year.
In 1931 the Commonwealth must convert a 53-i% war loan of$130,000,000
and other loans totaling $16,835.000, all maturing in December. Several
years elapse before any of the Commonwealth loans raised in London or
New York mature.
Large Commitments of Slates.
The States also have large conversion commitments. In the current
year the total approximates $100,000,000, of which Victoria is responsible
for $64,250,000,largely a $50,000,000 5% loan. All the State loans maturing in 1928 were raised in Australia.
In 1929 the States will have to convert a much larger amount—$139.500,000 in Australia and $64,500,000 in London. Victoria is again responsible for the largest amount-390,000,000. Queensland is responsible
for most of the London commitments.
State obligations for conversion in 1930 will be even greater than in the
two previous years—$200,000,000 in Australia and $19,000.000 in London.
New South Wales has the largest proportion—$77,250,000, all in Australia.
Successful organization of these large conversion operations in the next
three years will require careful financing, and no doubt the Australian Loan
Council is giving consideration to the problem.
As result of such a large cash subscription to the recent loan, holders
of the maturing issue who declined to convert will be paid off. This will
place a large sum on the investment market and should ease the financial
situation generally. The Australian banks have large funds available, and
they will no doubt seek to augment these by disposing of their holdings
in the last loan. They have hitherto attempted to obtain the issue price
of 983, but as the bonds cast the banks only 96,1 a wide margin is left at
current market levels.
There has been some interest in financial circles at the large accumulation
of Australian funds in London. According to the last weekly return the
Commonwealth Bank had $105,500,000 on call in London, increase ef
$17.500,000 in two weeks. No doubt the figures were affected by the
accumulation of the proceeds of recent Commonwealth London and New
York loans, and they will be further increased by the liquidation of wool
bills, now that the wool selling season has commenced.
Proposed Loan for City of Breslau, Germany.
According to cable advices received by the New York and
Hanseatic Corp., 37 Wall St., the City of Breslau, third
largest in Prussia, Germany, is about to issue a 15,000,000
Reichmarks, 8% internal loan, which is to be offered to the
public by a syndicate of leading German banks at 9332.
Latest statement of the finances of the city, which has a
population of over 600,000, shows assets consisting of
electric, water and gas works, street railways, &c. of $138,085,000, and funded debt of $13,500,000. Annual income
from public utilities is reported as over $3,000,000 and from
taxes as in excess of $9,000,000. Breslau, capital of the
Province of Lower Silesia, situated on the River Oder was
founded in the 10th century and is the center of many important industries as well as a prominent market place for
Germany's eastern trade. It is also the seat of one of the
Bonds of City of Greater Prague Drawn for Redemption.
Kuhn, Loeb & Co., as fiscal agents, announce that
$112,000 principal amount of dollar bonds of City of Greater
Prague 732% mortgage loan bonds of 1922, due May 1
1952, has been drawn by lot for redemption at par and
accrued interest on November 1, next. Drawn bonds should
be presented on the redemption date with all unmatured
coupons at the office of Kuhn, Loeb & Co., 52 William St.,
New York, where they will be paid out of sinking fund
moneys. Interest on drawn bonds will cease from the
redemption date. The notice, issued to holders points out
that on Oct. 5 last, 819,000 principal amount of bonds of
this issue drawn for redemption on Nov. 1 1927, were still
unredeemed and that interest on these bonds ceased as of
that date.
Floating of Second Series of Peruvian Loan Looked For.
It is likely that within the next few weeks a New York
banking group will place the second series of the Peruvian
National Loan which was authorized in 1927 for the purpose
of refunding the entire external secured debt of the Peruvian
Republic, for financing important public works and for
currency stabilization. Last Dec. J. & W. Seligman & Co.
and the National City Co. sold $50,000,000 of the first series
of the Peruvian National Loan.
Paraguay to Seek Loans in U. S. to Aid Development.—
Argentine Debt Cancelled.
Advices (Associated Press) Oct. 9,in the "Herald-Tribune"
stated:
Accord between Paraguay and Argentina over cancellation of a war
debt on which nothing has been paid in 65 years, and which now amounts.
with interest, to around $4,000,000, has awakened hopes In Paraguay of
obtaining loans in New York or In London for the development et natural
resources.
The 10,000,000,000-peso loan was a considerable burden upon the Paraguayans, as the population of slightly more than 1,000.000 was financially
unable to pay it. Previously Paraguay found difficulty in obtaining a loan
because Argentina had a prior claim for the war debt.
Chile Adopts Plan to Finance Industry.—Credit
Institute to Advance Loans and Provide Other
Aid.
Chile's new Industrial Credit Institute, under the auspices
of the Government and under the supervision of the Superintendent of Banking, is to finance manufacturing and industrial enterprises in that country, the Commercial Attache
at Santiago, Ralph H. Ackerman, has informed the Departmeat of Commerce in advices made public Oct. 8. The report
is given as follows in the "United States Daily" from which
the foregoing is taken:
The Industrial Credit Institute is to have a capital of 20.000.000 pesos
subscribed from deposits or reserves of the National Savings Institutions,
obligatory insurance funds, public employes' and newspapermen's retirementfunds,railway employees'retirement funds and such other Institutions.
as the President may determine.
The Credit Institute is to lend money to Chilean industrial enterprises for
periods offrom one to five years. It will also facilitate credits or guarantees.
issue bonds for industries, guarantee issues of bonds made by national
companies or consolidate issues of bonds of different industrial enterprises,
and serve as an intermediary In discounting drafts within the country or
those drawn on foreign countries and guarantee their payment.
It is to make payments of interest and amortization of bonds or obligations
issued for industrial enterprises and to receive, in deposit or in storage,
machinery, tools and other equipment which may be offered as guarantee.
Ten per cent of the capital and reserves of the Industrial Credit Institute
must be invested in loans, not exceeding 5,000 pesos, to be made to small
concerns with a capital not exceeding 30,000 pesos; and loans to other
enterprises may not exceed,singly or jointly, 250,000 pesos for each debtor.
unless special authorization is granted by the directors. Loans may not
exceed 500,000 pesos under any circumstances.
Various types of guarantees may be offered by borrowers in securing
financial aid from the Institute. The note of the borrower will be accepted
for loans up to 5,000 pesos for not more than a year. Loans up to 50.000
pesos will be made on a note carrying an additional endorsement of a responsible individual, providing the borrower complies immediately with the
object for which the loan is sought.
For these loans or those for a larger sum,a mortgage may be executed not
exceeding 50% of the commercial value of the real estate and 50% of the
value of machinery or other equipment or raw materials. (The peso equals
12 cents.)
2038
FINANCIAL CHRONICLE
Margin Rates Sharply Advanced by Many Brokers—
Return to Conditions Before June Break.
It was stated in the "Journal of Commerce" of Oct. 6
that a number of brokerage houses have issued letters to
their clients raising margin requirements during the past
week, a survey made in the Wall Street district shows.
With regard to the action the paper quoted says:
In many cases the houses involved have raised their general requirements
to the highest point in their history.
When the rise in stocks came to a halt last June,and trading became dull,
many houses relaxed their requirements and returned to the normal level
of 20 to 30% of the value of the stocks purchased. Several firms did maintain the higher level fixed during the previous advancing market, but the
number that maintained the emergency higher margins fixed earlier in the
year was relatively small during the very narrow trading in July.
With the resumption in record-breaking activity in the stock market
during the past six weeks, brokerage houses have again felt the need for
special protection. A letter sent out to clients by one of the largest members of the New York Stock Exchange contained the following statement:
"It is generally recognized that conditions influencing security market
movements are such at the present time that a higher degree of protection
on accounts is necessary. Many banks are requiring larger margins on
collateral loans as well as decreasing materially the figures at which they
accept stocks, and many Stock Exchange houses are stiffening their margin
requirements as they properly should for the better protection of their
silents and themselves.
"Therefore, our requirements will be as follows:
"Securities selling below $10, cash only; from $10 to $20, 50%: $20 to
$30, 10 points; above $30. 30% of the purchase price.
"On the following issues, exceptions to our general rule, requirements
wail further notice will be as indicated:
"Forty per cent—General Motors, Byers Co., Collins & Aikman, Texas
'Gulf Sulphur, International Match preferred, Gold Dust.
"Fifty per cent—American Linseed, Baldwin Locomotive, Case Threshing Machine, Curtiss Aero, duPont Co.. Houston Oil Co., Vanadium Corporation, Wright Ater°, Brunswick Terminal, Warner Bros. *A & B, Fox
Film. Pathe 'A,' Greene Cananea, Radio Corporation of America.
"No margin accounts will be opened on an initial deposit of less than
$1,000. New accounts require a deposit of cash or securities equal to requirements at the time at which the accounts are opened."
The stricter policy adopted by brokers reflects in the main the caution
43f the banks in making security loans. The banks as a rule do not vary the
amount they will loan on securities offered them by brokers, but isstead
they reduce the accepted value of stocks when they think prices are too
high. Thus many banks are accepting General Motors at a value of 150.
despite the quotation of 215, around which recent trading has been carried
on. The broker, on the other hand, accepts the stock at its full market
value, but increases the percentage of his market requirements.
Questionnaire of New York Stock Exchanre Calls for
Statement of Members' Position in Common
Class A Stock of Dodge Bros.
Regarding a questionnaire issued Oct. 10 by the New York
Stock Exchange the "Post" of Oct. 11 said:
(VOL. 127.
Not only did the volume of trading reach the unprecedented
figure of over 30,000,000 shares for the year, or more than
four times that of 1927, but this was accompanied by a
record-breaking increase in new listings, an expansion in
trading area through the extension of the ticker service into
Los Angeles,Sacramento, Stockton and San Jose, an increase
of more than 130% in the value of Exchange memberships
and the acquisition of the old U. S. Sub-Treasury Building
as its future home. Finally, the way was opened for the
operation of a strictly listed Exchange through the establishment of the San Francisco Curb Exchange to take over
the unlisted department of the older organization, and the
elimination of some former confusion in the local security
market situation through an agreement with the old Bush
Street (Mining) Exchange whereby the latter henceforth con
fines itself solely to mining issues. The volume of trading
rose from 11,332,159 shares of a total value of $422,507,882
(exclusive of bonds) in 1927 to a total in 1928 of more than
30,000,000 shares of a market value of over $2,000,000,000.
Regarding an economic survey conducted by the statistical
department of the Exchange into such fundamental factors
underlying the economic position of the area served as growth
of population, increase in wealth, measured in terms of per
capita and total income,increase of bank deposits, expansion
of general business and industrial development, particularly
in reference to their trends, President Schwartz says:
From a study of these data it is apparent that the growth in our volume,
although more rapid than that of any of the other data presented, nevertheless correlates rather closely with the fundamental factors which underly
our economic position.
Bank deposits on the Pacific Coast have experienced an increase as outstanding as the growth and volume of San Francisco trading. The increase
in number of large industrial firms in Northern California is quite in line
with the growth in trading, and while this growth in volume up to the present has increased at a more rapid rate than our population, the retains of
the survey indicate that during the next 20 years the rate of increase of
share volume will more closely parallel the curve of population.
A mathematical projection of the trends, so ascertained, indicates that
the population of the Pacific Coast may be expected to double within the
next 20 years, while in the same period the expected increase in the population of the United States is only 25%. In other words, Pacific Coast
population is growing four times as fast as that of the United States as a
whole.
The year just closed is the eleventh successive one in which the San Francisco Stock Exchange achieved new records. both in volume of transactions
and in market value of securities dealt in; the year also saw the Exchange
more strongly entrenched as the foremost market place outside of New York.
A sharp rise in class A shares of Dodge Bros. brought forth an investigation by the New York Stock Exchange to-day into an interesting situation.
Referring to the year's trading, President Schwartz says:
The Dodge common, selling above 40, may be exchanged for Chrysler
The persistent increase in the prices of securities during the year 1927
common in the ratio of five shares for one under the terms of the Chrysler has continued unabated through the year 1928 with the exception of two
merger offer.
major corrective movements, and at this writing the situation is unaltered.
On that basis five shares of Dodge would have a market value above$200. The contradictory situation of a slowing up of general business at the same
compared with about $135 for Chrysler. This disparity apparently en- time that prices were rising has been corrected, and we find a distinct imcouraged selling of Dodge in anticipation of "covering" through the pur- provement in general business which will undoubtedly be a price factor for
chase of Chrysler netting a handsome profit. As the Dodge stock gradually the immediate future at least. The much discussed money rate situation
Is being transferred into Chrysler, the floating supply of the former be- explains only in part the prices and volume movements over the past year.
comes scarcer and reports were current to-day that a technical "corner" Large volume and high prices seem to persist even though the money rate
was in prospect.
has mounted to a point not equalled entice 1920. The Pacific Coast situaThe Stock Exchange sent out a questionnaire asking that information tion, however, has been different in that local brokers' loans are on a time
be submitted by New York member firms at noon to
-day and by out-of- loan basis, and the high "call" rate has not had a material effect upon the
town member firma by noon Oct. 15 relative to their long and short positions Western situation except, of course, that there has been a sympathetic
in Dodge Bros."A"stock, as of the close of business yesterday.
rise in the lower rates of time money. The increase, however, has been
At last report 145.255 shares of Dodge "A" remained unexchanged, nominal in comparison with the increase in the Eastern call money rate.
about 7%% of the original issue. The preferred stock, which was exNew listings for the year surpassed in number the listings
changed on a share for share basis for Chrysler common has been called
for redemption at 105.so that no further exchanges are being made in this of any previous year, both from the standpoint of new issues
class.
and additions to issues previously listed. Additions to the
The following is the letter issued by the Stock Exchange list represented an added market value of securities listed on
calling for the information:
the Exchange of $529,349,587. The total market value of
NEW YORK STOCK EXCHANGE.
all securities, inclusive of bonds (par value) now amounts to
Oct. 10 1928.
$6,625,936,654. Based on the last previous sale of each,
Gentlemen:
The Committee on Business Conduct directs me to request that New the price of memberships on the Exchange, including a memYork firms place in It. hands by noon, Thursday, Oct. 11 1928, and out-of- bership in the Curb Exchange, is now $185,000. This comtown firms by the same time on Monday, Oct. 15 1928. a statement giving pares with a high price of
0,000 for membership in 1927.
the long and short position in their offices in Dodge Bros., Inc. common
Preliminary arrangements have been made with the Western
elms A stock at the close of business to-night.
Please send this information to the Committee on Business Conduct, Union Telegraph Co. for the installation of a San Francisco
Room 609.
Stock Exchange ticker service in the Northwest to include
Respectfully,
the cities of Portland, Seattle, Tacoma and possibly VanASHBEL GREEN,Secretary.
couver, B. C.
New York Stock Exchange "Rules for Delivery of
National Park Bank on Advances on Stock Exchange
Securities."
Collateral by "Outside Lenders."
The New York Stock Exchange has published for general
In the circular of the National Park Bank of New York,
pamphlet "Rules for Delivery of Securities."
distribution a
The material contained in this pamphlet is made up of the issued under date of Oct. 3, we find the following under the
Rules for Delivery adopted by the Committee on Securities, caption "Outside Lenders."
"Outside Lenders"
and extracts from the constitution and rules of the Governing
Whatever the actual sum may be, the fact is that the phenomenal specuCommittee dealing especially with questions of the delivery lative
largely supported by the exceptionally
movement of Wall
of securities. The revised Rules for Delivery will be effective heavy aggregate advancesStreet is who are beyond the supervision of
by lenders
the Federal Reserve authorities, the Clearing House Associations, the
Oct. 15 1928.
Operations of San Francisco Stock Exchange in Year
Ended Sept. 30 1928 at Record Volume.
That the year ended Sept. 30 1928 marked an epoch for
the San Francisco Stock Exchange is disclosed by President
Sidney L. Schwartz in his annual report made public Oct. 1.
National or State banking supervising officials, or any other public body.
Such loans are perfectly mature!, and in a 7 or 8% market they naturally
become temptingly productive for the lenders. The banks have been glad
to act as the intermediaries as the practice is an old one and has been growing from year to year. But such loans have come to constitute a new and
exceptionally powerful force in American banking—new in the sense that
nothing like such huge advances by non-banking lenders were ever outstanding before upon stock exchange collateral—which must be reckoned
OCT. 13 1928.]
FINANCIAL CHRONICLE
with as an influence of first-rate importance in the money market. The
corporation funds thus loaned were never accumulated with the idea of
lending to borrowers upon stock exchange collateral, but chiefly for the
purpose of financing general trade operations and business undertakings.
In the natural order of things such funds must be withdrawn or greatly
reduced in time, and the question arises, when this contraction takes
place what will the banks do? Can they conveniently assume the burden
entailed by the taking over of such loans, or must the borrowers themselves liquidate or greatly reduce their outstanding indebtedness through
the forced selling of the codateral back of the loans? The Federal Reserve
statement for September 22 last reported loans by outside lenders of $1,211,104,000, as against, $210,141,000 thus outstanding at the same date last
year. Inasmuch as this class of loans has increased $1,000,000,000 within
the year, It is apparent that the financil interest of outside lenders in the
Wall Street loan market has more than doubled within the last twelve
months. Whether this account will be further enlarged or the movement
checked will depend, of course, upon general market conditions. One
banking authority a few days ago was quoted as saying in Germany that
there were fully $150.000,000 of unsold foreign bonds in the American
market. Another expert indicated that there wer fully as many, or perhaps a larger unsold volume of domestic bonds, which would not be unnatural at all in view of the enormous aggregate financing of the past
year or so.
when the demand for funds from the West and from industry eases. However, a lower call rate in New York might tempt cash to cross the border for
the stable 6% rate here and given considerable rellef.
Meanwhile, trading on the local market is centred mainly in the better
class of industrials, with considerable investment buying evident. It is
probable more buying outright of stocks is now taking place than at any
previous time in the last three years.
Investment buying has been stimulated by the flow of cash into the
hands of the investing public through a record amount of bond redemptions
in Canada this year. Refunding by Canadian corporations this year
totab3 nearly $118,000,000. Much money has been received here also
through refunding operations outside of the Dominion. In addition,
the Dominion Government is retiring this fall, with cash, approximately
$55,000.000 of its obligations. Some refunding will be carried out also
by the Provincial Governments. Refunding by private concerns and
retirement of preferred stocks swells the total still further.
Walter E. Frew of Corn Exchange Bank Against Legislation to Curb Loans—Thinks Interference Would
Be Ill Timed.
Any attempt to cure by legislation, such as amendments
to the Federal Reserve act, alleged domination of the call
loan market by corporate or other lenders are likely to be
ill advised and ineffectual, in the opinion of Walter E.
Frew, President of the Corn Exchange Bank. We quote
from the "Sun" of Oct. 9, which further indicates as follows
Mr. Frew's views:
The situation to-day, where brokers' loans are at the greatest peak in
the history of the country, shows no expansion in loans on call or on time
on -7.ollateral for account of New York city member banks, but rather a
decrease as compared with a year ago, and the proportion of money so
loaned by New York banks is now only a shade over 20% of the total,
whereas a year ago New York banks supplied more than 34h % of all such
funds.
Corporation and other funds have flowed into brokers' loans heavily
because that avenue offered the best returns for the money and because
opportunities have not been presented commercially or in an investment
sense for the employment of the surplus of such lenders.
"How are you going to stop an individual or a corporation from lending
money where the most profit is to be obtained, unless you forbid lending
of surplus funds altogether?" asked Mr. Frew.
The situation will correct itself through economic influences and there
seems no point in interfering with the ordinary course of things, Mr. Frew
added.
In regard to the recommendation of the American Bankers Association
as embodied in the resolution passed at the Philadelphia convention, that
weekly adjustments of reserves at the Federal Reserve Bank should be restored, as compared with the present twice weekly settlements, Mr. Frew
believes that the present system is working well and sees no advantage in
restoring the old basis.
Most of the important bank officers in this city agree with Mr. Frew that
it is unwise to attempt to control brokers' loans by legislation and that the
situation should be left to cure itself. To that extent they do not favor the
suggestion conveyed by Louis T McFadden. House Banking and Currency
Committee chairman, in his address to the convention of the American
Bankers Association, namely, that it might become desirable to bring
under control of the Federal Reserve system the business of making loans
to brokers.
Gold Reserve of Credit System of Country 6.50%
According to National City Bank of New York.
The country's present gold reserves are the subject of
review in the monthly organ issued Oct. 1 by the National
City Bank of New York dealing with present business
conditions. It is brought out in the comment that the
consolidated gold reserve of the credit system of this country
is but 6.50%. The bank states that "it is true that the
consolidated reserve against direct reserve bank liabilities
at this writing is 65%, and that to the extent that the reserve banks are able to get possession of the outstanding
billion of gold certificates they will have command of the gold
reserve behind them. It is important to consider, however,
that this 65% represents only the ratio of the gold holdings
of the Reserve banks to their own note and deposit liabilities,
and that this is practicaly the ony reserve for all the bank
deposits of the United States, and for the greater part of the
paper currency in circulation." We quote as follows what
the bank has to say:
Corporation Loans Large in Canada—Brokers Relying
on Private Lenders as Curtailment Continues in
Call Money Market.
From the Montreal bureau, the "Wall Street Journal" of
Oct. 9 reports the following:
With continued curtailment of call loans by banks, Canadian brokerage
and investment houses have come to rely much more on cash obtained
from corporations and individuals than ordinarily. This development,
however, has not sufficiently augmented the cash supply here to enable
brokers to lower the present high margin requirements, so that speculative
trading on stock exchanges in the Dominion is still at a low ebb.
Canvass of representative Montreal brokerage and investment houses
indicates that perhaps 30 to 40% of cash available for speculation on the
local exchanges is now from individuals and corporations, either loaned
direct or through the trust companies. An exact estimate, however, is
difficult, as in no case do the loan accounts of the brokers agree. Naturally.
some firms have better credit standing than others; such firms get more
money from banks.
For instance, one of the largest houses in Montreal receives 45% of
its call money from local banks, 15% from United States banks. 35%
from trust companies and insurance companies and 5%.from individuals
and corporations. Another important brokerage firm reports 75% of
its loanable cash obtained from banks and trust companies, 15% from
United States banks and 10% from individuals and corporations.
Showing how much more money proportionately smaller houses get—
from individuals and corporations, ono broker estimates 15% of the call
money on the Street at present is from banks, 15% from United States
banks, 35% from trust companies and insurance companies and 35%
from individuals and corporations. Another broker estimates 50% from
banks. 35% from incitvudals, 10% from trust companies and corporations
and 5% from United States banks. Still another firm says 40% from
the banks, 50% from trust companies and 10% from individuals and
corporations
Amount loaned on call here by insurance companies Is proportionately
not very great. The money loaned by trust companies comes mostly
from corporations and individuals. According to the General Manager
of one of the leading Canadian trust companies, most of the cash this
company is DOW loaning to brokers is corporation money.
Many of the bigger traders are awaiting for heavier call loans from the
banks to stimulate market activity before resuming trading. How long
they will have to wait is difficult to forecast, as the present disposition
n local banking circles is against encouraging excessive speculation, even
2039
It cannot be too strongly emphasized that the strength of the Reserve
System is in ample reserves. So long as any surplus reserve exists above
the required minimum,somebody will be ready to argue that it ought to be
in use, but stability and security are assured by the surplus. It is the
cushion which takes up the shock of emergencies and maintains confidence.
When the minimum is reached, drastic measures are in order which inevitably excite uneasiness and alarm.
World conditions at any time may make demands upon our banking
reserves. The gold movement of the past year has taken more than 20%
of the actual gold holdings of the Reserve System and approximately onethird of their surplus holdings. The gold reserve percentage has dropped
since Sept. 28 1927 from 73 to 65. We have seen that the drop from 52% in
June 1919, to 42% in May 1920, created critical conditions, but no heed
was paid to warnings uttered between those dates. When inflation is
under way the legal minimum is always too high for most people.
If it shall develop, as seems not improbable, that other countries, n
greater need of additional credit resources than the United States, will
absorb the greater part of new gold production for some years to come.
the surplus reserves which we now have will be gradually needed as the
legal basis of our own expanding volume of commercial credits, even though
no further export movement of importance should occur.
Our Present Gold Reserves.
Any suggestion that it is the part of prudence to conserve the reserves of
the banking system is sure to be met with a chorus of exclamations to the
effect that they are unnecessarily high. Is not the consolidated reserve
65%,and is there not a billion of gold certificates in circulation which may
be added to the present sum in the Reserve vaults.
It is true that the consolidated reserve against direct Reserve bank liabilities at this writing is 65%,and that to the extent that the Reserve banks
are able to get possession of the outstanding billion of gold certificates
they will have command of the gold reserve behind them. It is important to
consider, however, that this 65% represents only the ratio of the gold
holdings of the Reserve banks to their own note and deposit liabilities, and
that this is practically the only reserve for all the bank deposits of the
United States, and for the greater part of the paper currency in circulation.
Prior to the establishment of the Reserve systems,all banks were required
to keep specified reserves of cash in their own vaults; 25% in the Central
Reserve Cities, New York, Chicago and St. Louis, 1255% in other Reserve
cities and 6% in country banks; now only the Reserve banks are required to
do so, because they have assumed the responsibility of supplying cash to
the member banks of the system to whatever extent required. The State
hank systems which require cash reserves are satisfied that such holdings
shall be in currency. The holdings of the Treasury and the Reserve banks
are practically the only reserves of gold.
The following table gives the figures for the gold holdings of the Treasury
and Reserve banks, and the amount of bank deposits and of all forms of
bank and Government currency in circulation, as of June 30 1928. The
annual report of the Comptroller of the Currency, which includes figures
not only for the National banks, but for all State and reporting private
banks, is not yet available, but official figures for all member banks of the
Federal Reserve System are available, and by comparison with the Comptroller's figures for all banks last year afford a satisfactory basis for an
approximate estimate of this year's totals:
CURRENCY AND BANKING SYSTEMS OF U. S. AS OF JULY 1 1928.
Total gold coin and bullion in U.S. Treas. and Fed. Reserve banks._ _S3,732,000,000
All kinds of credit curr. In circulation (outside Treas. & Pee. banks)_ _ 4,420,000.000
Individual bank deposits.:
All commercial banks oper. under National & State
$43,042.000.000
Charters
128.000.000
Reporting private banks
10,009,000,000
Stock & Mutual Savings banks
Dfxiuct till money same date
553.779,000.000
847,000.000
Net deposit liabilities
52,932.000,000
Total currency and deposit liabilities
57,352,600,000
Ratio of gold reserve to liabilities
6.50%
* Bank deposits in other banks not Included. Private banks are not regnired to
publish conaltion statements, but many of them do and these figures are inclItcledin
official reports.
2040
FINANCIAL CHRONICLE
The figures for the gold reserves include the gold held in the Treasury for
the gold certificates in circulation. This gold cannot be considered as all
available as general reserve, for manifestly it would be impossible for the
Reserve banks to gather up all of the certificates in circulation. Some of
these have been destroyed and considerable amounts are held in private
hoards and by banks outside of the Reserve System, but in this calculation
the gold is given its full reserve value as though every certificate was held
by the Reserve banks. The gold held against United States notes also is
included.
The consolidated gold reserve of the credit system of this country as
shown is 6.50% instead of 65%. We do not say that this is an alarmingly
small reserve. It is not, for it is inconceivable that any considerable percentage of all the currency and bank deposits in the United States would be
presented for payment. Nevertheless, the reserve is 6.5% and not 65%.
It is impossible to make an exact comparison between the banking situation of the United States and that of any other country, as precisely
corresponding figures are not to be had, but an approximate comparison
with the British situation is afforded by the following table.
The figures for British bank deposits are taken from the London Economist.of May 12 1928. and although they do not include all banks in Great
Britain. Scotland and Northern Ireland it is probable that the omissions do
not materially affect the calculation. If included they would increase
deposits, probably without increasing gold reserves, and thus tend to lower
the reserve percentage. Figures are not available for several large private
banks, but on the other hand the deposits of reporting private banks in the
United States as given in the above table evidently are incomplete.
Discount companies in London receive deposits, but the figures for three
companies as given in the "Economist" combine the borrowings, deposits
and undivided profits, hence we have omitted them. The total under this
heading for the three companies is £93,854,000. Again, the deposits if
included would tend to lower the reserve ratio.
On the other hand, bank balances with the Bank of England, and offsetting credits between the banks, swell the deposits, and elimination of
these duplications would raise the reserve ratio. The form of bank reports
in this country enable us to make this elimination in the first table.
Cash in hand consists of Bank of England notes or Treasury currency
notes, which are included in the currency liabilities, and cash at Bank of
England is a deposit there.
With these explanations this table is given:
CURRENCY AND RANKING SYSTEMS OF GREAT BRITAIN AS OF DEC.
31 1927.
Net gold reserves in Bank of England az Currency Note Dept.of Treas. £185,855,000
Jio4nt stock banks, deposits and notes
Scottish banks deposits and notes
Northern Irish banks,deposits and notes
Private bank deposits
Trustee savings bank deposits
Total deposits
Deduct cash in hand and at Bank of England
51,893,000,000
263,000,000
53,000,000
30,400,000
81,400,000
£2,320,800,000
[Vol,. 127.
High Money Rates Regarded as Temporary.
Speaking of his impressions of Europe, he stated he found conditions
progressively good, compared with previous visits.
"The test period for the various stabilization plans is definitely passed,"
he said, "but European industry is still in process of readjustment to the
newly stabilized currencies. Europe is watching conditions in the United
States as never before
"There is more interest in our money market and in our stock and bond
markets than in any previous period. Every one is looking to the United
States, feeling that his markets must be affected by developments here."
Mr. Mitchell stated much European money has undoubtedly been attracted to New York by high collateral loan rates, but he doubted if it
made up a very large percentage of the total brokers' loans.
He stated European financiers would make no estimate as to the amount
of gold which might flow here from abroad. but said they felt that if present
spread between money rates here and abroad is maintained for a long
time, gold must flow. However. Europe feels that the United States high
money rates are temporary and that any gold flow resulting from them
will later be returned to Europe.
Mr. Mitchell stated Germany appears to be more discouraged over the
reparation situation than a year ago.
"Germany can be likened to a man running as fast as he can but within
knowing the whereabouts of his goal," he said. "The country is working
to satisfy the reparations demands, but it seems to me to be poor international sportsmanship not to fix the final total to be paid.
Expects Continued German Borrowing.
"Germany will continue to borrow abroad in one form or another, though
probably to a less extent than in the past. Some loans are in prospect now,
though there are no startling transactions pending.
"The French attitude toward Germany is constantly improving. Prance
is finding it to her advantage to make closer trade, industrial and financial
relations with Germany. The French money market was artificially
dammed until the return to the gold standard, but already French money
Is going to Germany, and the time appears to be nearing when Paris will
again become an important international investment market.
"Progress in Europe is not uniform. Each country has its own problezns and each is handling them in its own fashion. The level of stabilization has had much to do with conditions in various countries. Belgium,
which stabilized in currency at a low value, underwent practically no period
of depression, and its industry and foreign trade are prosperous. Italy
stabilized at a high value, and its industries found it much more difficult
to adjust themselves to the new unit. However. Italy appears to be in
much better shape than a year ago. The worst is over and the trend now is
definitely upward."
George E. Roberts of National City Bank of New York
Looks for Continuance of "Tight Money"—Views
1,945,800.000
Currency notes outstanding, less Bank of England notes in currency
of Other Bankers on Money Market.
resee
ry
244,000,000
Bank of England deposits and notes outstanding
George E. Roberts, Vice-President of the National City
277,000,000
Total
£2.468.800,000 Bank of New York,in an expression of opinion on the money
Ratio of gold reserve to liabilities
7.53%
market in a recent issue of the "United States Banker,"
The Federal Reserve statement of Sept. 26 1928, shows an aggregate stated that "what may be called
tight money,comparatively,
gold reserve of 65.1% against the currency and deposits of the 12 Reserve
banks,and the Bank of England statement of that date shows a gold reserve is here, and I think it will continue as long as the Stock
of 51.3% against the notes and deposits of that institution. While the two Exchange continues to absorb so large a share of the country's
tables given above are not completely comparable it seems to be safe to available funds," Mr.
Roberts further said:
conclude from them that the aggregate reserves of this country at best are
375,000,000
Net liabilities of above banks
High interest rates on the Stock Exchange naturally attracts money to
New York from all parts of the country, and of course affect the rates which
all business must pay. The effect on business is as yet of no consequence,
but if maintained indefinitely there will be a depressing effect.
Importance of Effective Reserve Control.
Already the flotation of new securities has been checked, which means
The Federal Reserve system Is a highly geared mechanism surmounting that new
enterprises are being held up. There is natural hesitation to issue
the country's system of independent local banks, designed to unify them long-term
securities at rates notably highr than what were prevailing a
into an effective system, and to supplement their services in a manner few
months ago, and the hope that rates may decline tends to postpone
which will give a degree of credit stability which never was had before.
financing.
The final increment of credit which they supply is of magnified influence
The "Herald Tribune" quoting in a Washington dispatch
in the credit situation and should be handled with great disc.etion. An
undue expansion of it would disturb the financial equilibrium between this Sept. 23 the
and other countries and cause gold to leave the country. An expansion Banker," statement of Mr. Roberts in the "United States
said:
which would not be followed by a natural contraction would thus mean a
The question of whethei the high figure reached by brokers' loans is danpermanent loss of reserve resources and consequent weakening of the
gerously abnormal, as has been charged, is a question of the criterion by
system, as illustrated in 1919-20.
Although the reserve percentage of 6.5 against all currency and bank which they are judged, according to Mr. Roberts.
'Compared with estimates of the country's wealth, or even with estideposits is low as reserve percentages have been reckoned in the peat, the
magnitude of the actual reserve is an ample guaranty of security if the mates of the total value of listed stocks, which seems to be the criterions
commonly used, perhaps not; but compared with the total amount of bank
yalume of bank credit is kept effectively in hand.
credit now available for all business purposes, I think current rates of interest show the volume of brokers' loans to be too high.
"The amount
Return from Abroad of Charles E. Mitchell of National the country's of bank credit must be kept within reasonable relations to
gold reserve, and
Federal Reserve
City Bank—Sees No Cause for Alarm in Credit system are now lower than those the gold reserves of the In relation
of the Bank of England.
to the
total amount of bank credit outstanding in the two countries.
Situation.
"The Federal Reserve authorities are simply following the provisions and
Returning from abroad on Oct. 9 on the steamer Olympic, spirit of the Reserve Act and the principles of
central bank management
Charles E. Mitchell, President of the National City Bank of recognized everywhere."
somewhat smaller in proportion to total bank and currency liabilities than
those of Great Britain.
New York, is reported as not sharing, apparently, the perturbation over the present credit situation expressed by
many bankers at the convention of the American Bankers
Association at Philadelphia last week. Mr.Mitchell's views,
indicated in a talk with newspapermen on Oct. 10, are announced as follows in the "Wall Street Journal":
He held out little hope for any immediate change in prevailing money
rate levels, but stated he did not expect them to continue for a "long time."
Discussing brokers' loans, Mr. Mitchell stated he was not alarmed
over their continued increase, but felt the situation would find a solution
of its own problem before it reached the danger stage. Mr. Mitchell
said he saw no harm in advancing stock prices as long as they do not cause
credit inflation. The margin of savings in this country available for
investment is huge, and the question Is one of proper balance between that
margin and the enhancement in value and amount of securities.
"There is an abundance of credit available, and with its natural absorption by the legitimate progress of business, we should still look ahead with
eonfidence." Mr. Mitchell stated. "I see no cause for alarm as long
as the Federal Reserve System continues to guard against inflation. Business looks extremely favorable for this time of year. We are enjoying
enormous prosperity in America and I am convinced that nothing can
impede the progress we are making."
Willis H. Booth, Vice-President of the Guaranty Trust
Co. of New York, asserted in another article in the "United
States Banker" that the easy money period has definitely
passed, while S. Stern, Vice-President of the Seaboard National Bank of New York, said he expected money rates for
commercial needs to be maintained at about the present
levels for the rest of the year. The New York "Times,"
from which we quote, also said:
W. H. Wood, President of the American Trust Co., Charlotte, N. C.,
in another article for the same magazine, defended the policy of the Federal
Reserve banks in raising discount rates.
Mr. Booth said that several factors combine to indicate that the period
of easy money has definitely Passed •
"One is the exportation of gold during the past year," he said, "with a
very small likelihood that central banks abroad will permit any large
return flow to this country in the near future if it can be avoided. The second is the probability of an increased demand for funds for commercial
purposes in coming months. The third is the policy of the Federal Reserve banks, which Is apparently based on the belief that further expansion
in the use of credit for speculative purposes should be prevented if possible
through the withholding of reserve credit from the money market."
OCT. 13 1928.]
FINANCIAL CHRONICLE
Limits to "Tight" Period Forecast.
Mr. Booth estimated that the duration of the tight money
period will
depend on two "mutually related" conditions, the course
of security prices
and the future Federal Reserve policy.
"It is likely." he added, "that a strong movement toward
liquidation
In security markets would be followed by a much more liberal
credit policy
on the part of the Federal Reserve banks, and that these
two developments
would combine to produce a marked easing of money rates."
"In the long run." Mr. Booth declared, "high security
prices must
be based on favorable business prospects, while these prospect
s in turn
depend on an adequate supply of credit. Hence, in a
contest between
business enterprise and speculative interests for the bank
credit available.
the former must eventually win."
Mr. Booth said funds lent to carry installment buying constitut
ed an important factor in the present situation.
Repatriation of Funds Seen.
Mr. Stern said that, according to all appearances, seasonal
demands
for funds would remain large, with bumper harvests in the
United States
and Canada and the financing of the cotton crop putting a heavy
strain on
bank resources.
"A period of increased industrial activity in certain lines,"
he added.
"Is also prognosticated for the next few months."
Mr. Stern said if foreign exchange rates may be taken
as possible indicators of what is likely to happen respecting future
capital movements
between the United States and foreign countries, "it would
seem that capital
previously loaned abroad for short terms will continue
to be partially repatriated, and also, except in the improbable event
of a substantial rise
in interest rates abroad, that deposits will be attracted
from certain foreign
centres at the higher rates current here."
Governor Strong of New York Federal Reserve Bank
Continues to Improve Following Operation.
Benjamin Strong, Governor of the Federal Reserve Bank
of New York, who underwent an operation on Oct. 6 at the
New York Hopsital has since been making progress according to the announcements made at the Federal Reserv
e
Bank, the latest, on Oct. 11 (Oct. 12 was a holiday) indicating that Mr. Strong was doing nicely. In our
issue
of a week ago (page 1898) we noted that Governor Strong
had been taken to the hospital for observation and
treatment because of intestinal disturbances. As to the operation we quote as follows from the "Times" of Oct. 7:
Mr. Strong,
who is 55 years old, was taken to the hospital for
observation Thursday night. Consulting physicians were
called on Friday and
it was decided to perform an operation. He went
on the operating table
at 10:30 o'clock yesterday morning and at noon
the operation was over
and word of its successful conclusion was brought
to the group of friends
and members of the family waiting outside.
Bulletin Tells of Operation.
A bulletin telling of the operation and Mr. Strong's
condition, issued at
the Federal Reserve Bank, 33 Liberty St., at
1:30 o'clock yesterday afternoon read:
2041
Mr. Ellis further said that it might tend to offend
officers of the Federa
Reserve system and cause criticism on the part
of the enemies of that system, to say nothing of a possible effect upon
the stock market. He objected to any publicity whatever and offered
the motion to table the resolution which was adopted.
Mr. Hagenbarth declared the action taken on
the resolution to be "reprehensible" and said he was under the Impressi
on that the rules governing
the conference entitled only national councilors
to vote and that others.
had voted on the question.
Mr. Ellis took exception to the word "reprehe
nsible," as also did Tyson
S. Dines, President of the Denver Chamber
of Commerce, who was in the
chair.
Mr. Hagenbarth explained that he did not apply
the word directly and
intentionally to the conduct of those not entitled
to vote, but that the
action taken might appear represensible in its results.
Further resolutions before the meeting were indicat
ed
as follows in the "Times" account:
State Legislatures were urged "to have interstat
e rather than intrastate service in mind" when drafting legislation
regulating air transportation,and unfiromity of aeronautical legislation was declared
to be necessary.
Another resolution recommended "that the Board
of Directors authorize
the transportation and communication departme
nt to make such studies
and recommendations looking toward policy action
by the chamber as will
tend toward the adoption of adequate enabling acts
by State Legislatures
to facilitate the establishment and proper maintena
nce of municipal airports and the adoption of uniform airport operating rules."
Resolution Is Again Defeated.
Chairman Dines considered that the question raised
by the resolution was
of such importance that he disregarded the result
of the motion to table
and called for a vote on the resolution, but it was
again defeated.
Other resolutions that aroused no adverse comment
and received favorable
action, recommended uniform State motor vehicle
legislation, the adoption
of a model municipal traffic ordinance, standard
ized traffic signs, signals
and pavement markings in harmony with the model
traffic and a unflorm
vehicle code.
New York Federal Reserve Bank on Retire
ment of
Third Liberty Loan—Amount Outstanding $196176,350.
The various steps taken by the Treasury Department
in
bringing about the retirement of the Third Liberty
Loan
bonds are reviewed in the Monthly Business Conditi
ons Report issued Oct. 1 by the Federal Reserve Bank
of New
York. Of the original issue of $4,176,000,000, the
amount
outstanding on Sept. 27 was $196,176,350. We
quote herewith the Bank's comment:
When the Third Liberty Loan was originall
y issued in May 1918, $4.176.000,000 of these bonds were sold throughout the
country. In the Period
between 1918 and the end of 1927, $2,028,0
00,000, or nearly one-half of
these bonds were retired by the Treasury,
chiefly through the operation
of the cumulative sinking fund, purchases from
surplus money in the
Treasury, purchases with the proceeds of cash
debt payments by fore**
governments, and retirement of bonds received
Governor Strong was operated upon this morning
as payments from foreign
for an abscess due to
diverticulitis. The operation was done for toe
most part under local governments. As a result, only $2,148,000,000 of the Third Liberty Loan
anaesthetic. Mr. Strong came through the operatio
bonds remained at the beginning of 1928 to
be retired by the date of macondition afterward. The operation was performen well and was in good
d by Dr. Eugene H. turity, Sept. 15.
Pool.
The first step toward the refunding of this
remaining half of the issue
At8o'clock last night Mr.Strong was"doing as well as
could be expected" was an exchange offering on Jan. 16 of a new
according to W. Randolph Burgess, Assistant
issue of 336% Treasury
,
Federal Reserve Agent, notes maturing in 1932, but callable in 1930;
more than one-fourth of the
who added that his condition was "serious but hopeful.
"
Liberty bonds then outstanding were exchanged
for these notes. In July
Besides Dr. Pool, Dr. James Alexander Miller, Mr.
Strong's personal an additional $108,000,000 were exchanged for 3%
% Treasury bonds of
physician, and his brother, Dr. Archibold Strong,
were in the operating 1940-43, and, on the maturity date Sept. 15,
$103,000,000 were exchanged
room. In a room outside members of his family and close
personal friends for 4 % Treasury certificates of indebtedness due
on June 15 1929.
awaited word of the outcome of the operation. In this
group was Mr. Throughout the entire period, the Treasury also
purchased Third Liberty
Burgess, Pierre Jay, former Chairman of the Federal Reserve
Board in bonds for the sinking fund, and with surplus and other moneys.
New York and now a member of the Transfer Committee
As a
under the Dawes consequence of operations preceding maturity, when
Sept. 15, arrived, the
reparation plan.
had to provide for the redemption of only
Diveritcultis. mentioned in the official bulletin, describe
about $955,000,000,
is
d in medical or considerably less than one-half of the amount
outstanding at the bedictionaries as an inflammation of a diverticulum, which
is a sac formed ginning of the year, and less than one-fourth of
the original issue.
on any hollow organ such as the intestine.
On the first day of redemption. Sept. 15.
nearly 50% of these remaining
bonds were redeemed, whereas on Nov. 15 1927,
the day the Second Liberty
Loan was called for retirement, a little over
40% of the outstanding bonds
/ Resolution on Federal Reserve Discount Rate
''
of that issue were redeemed. Subseque
nt redemptions of Third's fell off
De- ore rapidly than did
redemptions of Second's during the correspo
feated at Meeting of U. S. Chamber of Comme
nding
rce
od;so that, at the end of the first thirteen
calendar days of the
—Had Suggested Curb on Excessive Specul
ation. tion period, approximately 80% of the bonds had been redeemed,redempor practically the same proportion as in the case of
A resolution dealing with rediscount rate advanc
the
es by close of business Sept. 27 a little over $196.000Second's. This left at the
Federal Reserve banks and their effect upon
.000
redeemed. While the larger part of the remainin of Third's still to be
business,
g bonds will no doubt
offered by Frank J. Hagenbarth, President cot the
be presented within the
Idaho probably remain outstand next few months, a considerable number will
Growers Association, was overwhelmingly tabled
ing for some time, despite the statements
Wool
widely
by the circulated by the Treasury that interest on the bonds
ceased on Sept. 15.
Directors and Counselors of the United States Chambe
r of At the end of August this year, 95.5 months after the Second Liberty Loan
bonds were called
Comrr erce at Hot Springs, Ark., at the closing session
on issue outstanding. for redemption, there were still $25,000.000 of that
Oct. 9 of the chamber's annual mid-year conference.
The principal operations leading to the
Teleretirement of the Third Liberty
graphic advices from Hot Springs to the "Times" state:
Loan are summarized below:
The resolution caused a spirited debate in which the right of the
directors 0:iginally issued May 9 1918
$4,175,650,050
to vote on the counter motion was challenged.
Retired prior to Dec. 31 1927
2.027.996,909
The resolution set forth that "the successive advances of
rediscount rates
Balance outstanding
of Federal Reserve banks during a period of active trading in
$2,147,653,150
securities Exchanged during January 1928 for 3%% Treasury
and high market rates for money emphasizes the importance
notes,
series 0, 1930-32
of an administrative policy that accords due consideration to the effect
607,399,650
upon the
Balance
legitimate, continuing demands of business of measures that
may be useful Exchangedoatstanding
during July for 3%% Treasury bonds of 1940-43$1,540.253,500
repressing if not designed to curb excessive speculation."
in
107.521,550.
It suggested that the Federal Reserve Committee of the Chamber
Balance
be Purchase outstanding
requested to "consider this aspect of rediscount advances as it
d by Treasury for sinking fund, and from surplus$1,432,731,950
appears in
money in Treasary, Jan. 1 to Sept. 14 1928
our commercial and financial life, especially where it may be
477,344.100
accompanied
by harmful diversions from commercial channels of the money
Balance outstanding Sept. 14
supply
that commerce and industry have the established right to expect from Exchanged on and after Sept. 15 for 4H
% Treasury certifi- 4955,387.850
cates of indebtedness, series TJ, 1929
American banking at equitable rates."
102,821,300
Redeemed Sept. 15 to 27 from sinking fund
Considers Effects of Resolution.
202,975,000.
Redeemed Sept. 15 to 27 from tax receipts
453,415.200
Robert R. Ellis of Memphis, Vice-President of the Southern
Balance outstand'g on Sept 27 (on which int.
has ceased)- $196,176
Division, declared that if the resolution was adopted it would be Central
,350
generally
With the redemption of these bonds, three of
misunderstood by the public as a pronouncement from the
the great war loans
organization been retired—the Victory Loan issued in
have
as a whole, whereas the resolution merely was for the attention
1919, the Second issued in
of the and the Third Issued in 1918. Part of
this retirement has been 1917,
Board of Directors.
accomplished by the application of revenue, both
from Internal sources
and.
2042
FINANCIAL CHRONICLE
consummated through
from foreign debt payments, and the rest has been
Liberty bonds and other
refunding operations. To the extent that these
there has been a reduction
obligations have been redeemed out of income,
at the end of September
in the National debt. The estimated roma debt
one billion dollars. or 6%
is about 317.400,000.000. an amount more than
the National debt since
smaller than a year ago. The total reduction in
ed to over $9.000,000,000
the high point was reached in 1919 has now amount
or a little more than one-third.
[VOL. 127.
15 1928. This issue,
payments on the public debt become payable on Oct.
for the Treasury's requiretogether with cash now on hand, will provide
ments up to Dec. 15 1928.
ch
In addition to the extracts from the "Times" dispat
ngton Oct. 7, we also quote therefrom the folfrom Washi
lowing:
ed to offer two refunding
of
4
Offering of $300,000,000 43 % Treasury Certificates
g
Indebtedness—Part of Issue to Retire Outstandin
Loan Bonds—Books Closed—Issue
Third Liberty
Oversubscribed.
At the unusually high rate Of 44%,Secretary of the Treasof
ury Mellon on Oct. 8 invited subscriptions to an issue
of indebtedness to the amount of $300,Treasury certificates
The forth000,000 or thereabouts, maturing in 11 months.
29,
g offering was referred to in these columns Sept.
comin
aper account to the effect that Govpage 1753, and a newsp
issue would
ernment bond experts were of the opinion that the
45% or 44%
at least 43i% interest, and possibly
have to bear
was quoted in our Sept. 29 item.
11 that
It was announced by Secretary Mellon on Oct.
$838,000,000 had been received to the
total subscription of
about
$300,000,000 offering and that allotments will total
. The following allotments have been made
$308,000,000
cates.
by the Treasury on subscriptions for the new certifi
The fact that the Treasury has been compell
paid by the Third Liberty
issues at an interest rate higher than the 414%
on to the long period
Loan which is being retired, has served to direct attenti
extended. Some Governover which the present credit conditions have
situation to become easier
ment officials, it is understood, had expected the
before this time.
High Interest in the Past.
money on an Issue
The last time the Treasury paid as high as 4 % for
, when there were
of short-term certificates of indebtedness was in 1921-22
% and 514% placed befroe the public.
%,
three issues, paying
caught in the rapid
s
At that time money was in strong demand by interest
until stocks of
deflation of values and needing credit to carry them along
on shelves at high prices could be liquicommodities which had been piled
dated.
Government securdties
After these three issues the interest on short-term
There was a period of
eased gradually to 43 %.and in 1922-23 to 331%.
y certificates paid
tight money in 1923-24 during which one issue of Treasur
year a 3% level was
41i% and others 4 and 44%, but in the following
reached. and one issue was sold as low as 2y,%.
when 6% was
The peak rate for certificates was in the 1920-21 period,
paid by the Government on this form of security.
allotted in full.
Subscriptions in amounts not exceeding $1,000
with not less than $1,000
Subscriptions $1,000 to $10,000 alloted 80%
to any one subscription.
not lees than $8.000 on any
Amounts $10,000 to $50,030 allotted 70%,
-one subscription.
with not less than $35,000 to
Amounts $50.000 to $500,000 alloted 50%,
one subscription.
any
allotted 30%, with not less than
Amounts $500,000 to $1.000,000 will be
$250,000 on any one subscription.
with not less than $300,000 on
Amounts over $1,000,000 allotted 20%
one subscription.
any
L%
Announcement of the offering of 4Y Treasury certificates of indebtedness was followed, it was noted in the
r
"Times" of Oct. 9, by a lowering of the bid prices on simila
issues of the Government outstanding, which wiped out the
difference in the price basis between the forthcoming securi
ties and those now in the hands of the public. The paper
quoted added:
of the
veness
To a certain extent this readjustment lessened the attracti
it would be heavnew issue, but there was little doubt in banking circles that
banks because
ily oversubscribed. The offering found favor with the large
d that more than
of the Government deposits it affords, as it is not expecte
from the banks
wn
$150,000.000 of the proceeds of the sale will be withdra
by the Treasury between now and Dec. 1.
The now 43/4% certificates will be dated and bear interest
from Oct. 15 1928 and will become due Sept. 15 1929. They
Oct. 9 that the will be in the form of bearer certificates in denominations of
The Treasury Department announced on
certifiat the close $500, $1,000, $5,000, $10,000 and $100,000. Thepayable
subscription books for the offering were closed
cates will have two interest coupons attached,
15 1929. The Treasury Departof business Oct. 9.
11 in Mar. 15 1929 and Sept. ng the new certificates follows:
Associated Press advices from Washington Oct.
ment's official circular offeri
reporting the subscription said:
UNITED STATES OF AMERICA
rate fixed lately on GovernThough this [4;1 %1 is the highest interest
said that the heavy oversubscription
ment short-term Issue. Mr. Mellon
Banks are the chief
could not be taken as a gauge of the money market.
fixed in the light of the fact that
subscribers as usual, and the rate was
selling on the market
are now
some of the Government short-term issues
given by the new issue.
to yield a slightly higher return than that
Oct. 7
Following Secretary Mellon's announcement on
was noted in
4
of the new $300,000,000 issue at 43 %, it
that this is
Washington advices Oct. 7 to the "Times"
period of deflation following
the first time since the
close of the
speculative activities that came with the
a high rate has been paid by the
World War that such
account also
Government on a similar security. This
d
the $525,000,000 of Treasury certificates offere
observes that
months, and on which the interest
Sept. 7, running for nine
since the era
rate was 43%, was put out at the highest rate
1923-24. A raising of the interest rate on
of tight money in
ed, says the disthe latest issue was pretty generally accept
the high
as indicating that the Treasury felt that
patch,
in the open market were likely to
money rates now quoted
, caused in part
continue some time and that the credit strain
large sums in speculative activities on the Stock
by the use of
It was
Exchanges, was more severe than a month ago.
rmore stated:
furthe
officials came to a decision on the
y
It is understood that the Treasur
to
a Government security of the character
rate by figuring the value of
under the
market, and then shading the interest rate
be sold in the open
to be about 4.90%.
figure reached, which was said
given in these colDetails of the September offering were
of Sept. 22 (page
Sept. 8 (page 1339), and in our issue
umns
the subscriptions and allotments we indi1605), in noting
Liberty Loan 43% bonds
cated that $103,153,900 Third
cates.
exchanged for the 43'2% Treasury certifi
had been
4
ncing the new 43 % certificates
Secretary Mellon in annou
Third Liberty Loan bonds
states that about $150,000,000
nding, and that about $150,000,000 in interest
are still outsta
es payable Oct. 15. The
payments on the public debt becom
will prosays, together with the cash on hand,
new issue, he
requirements up to Dec. 15. Secrevide for the Treasury
Oct. 7 follows:
tary Mellon's announcement of
interfor subscription,at par and accrued
The Treasury is to-day offering
% Treasbanks an issue of 11 months 4%
est, through the Federal Reserve
-1929, dated and bearing interTS
ury certificates of indebtedness of Series
The amount of the
g Sept. 15 1929.
est from Oct. 15 1928 and maturin
outs.
offering is $300,000,000 or thereab
Federal Reserve banks. Bearer
Applications will be received at the
of $500. $1,000, $5,000, $10,000
certificates will ho issued in denominations two interest coupons attached,
and 3100.000. The certificates will have
payable March 15 and Sept. 15 1929.
bonds which became payable
About $150,000,000 of Third Liberty Loan
about $150,000,000 in interest
on Sept. 15 1928 are still outstanding. Also
4,4% Treasury Certificates of Indebtedness
-1929
SERIES TS
Due Sept. 15 1929.
Dated and bearing interest from Oct. 15 1928.
ty of the Act approved
The Secretary of the Treasury, under the authori
ption, at par and accrued
Sept. 24 1927, as amended, offers for subscri
Treasury certificates of inInterest, through the Federal Reserve banks,
-1929, dated and bearing interest from Oct. 15 1928.
debtedness of Series TS
% per annum,payable
of
payable Sept. 15 1929. with interest at the rate 43
on a semi-annual basis.
Federal Reserve banks.
Applications will be received at the
of $500.$1,000.$5,000,
Bearer certificates will be issued in denominations
The certificates will have two interest coupons
$10,000 and $100,000.
15 1929.
attached, payable March 15 1929 and Sept.
, both as to principal and
The certificates of said series shall be exempt
n now or hereafter imposed by the United States.
interest, from all taxatio
the United States, or by any local
any State, or any of the possessions of
nce taxes, and (b) graduated
taxing authority, except (a) estate or inherita
as surtaxes, and excess-profits
additional income taxes, commonly known
r imposed by the United States,
and war-profits taxes, now or hereafte
als, partnerships, associations, or
upon the income or profits of individu
of bonds and certificates authorcorporations. The interest on an amount
and amendments thereto, the
ized by said Act approved Sept. 24 1917.
aggregate $$,000 owned by any
principal of which does not exceed in the
corporation, shall be exempt from
individual, partnership, association, or
above.
the taxes provided for in clause (b)
d at par during such time and
The certificates of this series will be accepte
be prescribed or approved by
under such rules and regulations as shall
t of income and profits taxes
the Secretary of the Treasury, in paymen
The certificates of this series
payable at the maturity of the certificates.
, but will not bear the
will be acceptable to secure deposits of public moneys
circulation privilege.
allot less than the
The right is reserved to reject any subscription and to
tions at any time
amount of certificates applied for and to close the subscrip
also reserves the right to
without notice. The Secretary of the Treasury
s, and to make
make allotment in full upon applications for smaller amount
for larger amounts, and
reduced allotments upon, or to reject, applications
a graduated scale; and
to make classified allotments and allotments upon
nt notices will be sent
his action in these respects will be final. Allotme
the allotment will be publicly
out promptly upon allotment and the basis of
announced.
ates allotted must be made
Payment at par and accrued interest for certific
nt. After allotment and upon
on or before Oct. 15 1928.or on later allotme
interim receipts pending delivpayment, Federal Reserve banks may issue
d depositary will be permitted
ery of the definitive certificates. Any qualifie
allotted to it for itself and its
to make payment by credit for certificates
shall be qualified in excess of excustomers up to any amount for which it
Federal Reserve bank of its district.
isting deposits, when so notified by the
Reserve banks are authorAs fiscal agents of the United States, Federal
and to make allotments on the
ized and requested to receive subscriptions
the Secretary of the Treasury to
basis and up to the amounts indicated by
ve districts.
the Federal Reserve banks of the respecti MELLON,
A. W.
Secretary of the Treasury.
TREASURY DEPARTMENT
Office of the Secretary.
Oct. 8 1928.
(Public Debt).
Department Circular No. 410
To the Investor,
the United States will handle your
Almost any banking institution in
make subscription direct to the Federal
subscription for you, or you may
OCT. 13 1928.]
FINANCIAL CHRONICLE
Reserve
-Bank of your district. Your special attention is invited to the
terms of subscription and allotment as stated above. If you desire to purchase, at the market price, certificates of the above issue after the subscriptions close, or certificates of any outstanding issue, you should apply
to your own bank, or. if it can not obtain them for you, to the Federal Reserve Bank of your district, which will then endeavor to fill your order in
the market.
Federal Trade Commissioner's Inquiry into Public
Utilities.—Oregon Publisher Says Group Gave
$84,820 a Year to Aid Nation-Wide News Service.
The hearings recently resumed by the Federal Trade
Commission in furtherance of its inquiry into public utilities
brought out information on Oct. 10 by B. M. Hofer of
Portland, Ore., to the effect that his publishing company,
E. Hofer & Sons, had received $84,820 a year for four years
from a group of public utility companies for furnishing a free
news service to between 13,000 and 14,000 small daily and
weekly newspapers throughout the country. The "Times"
is authority for thid, a dispatch to it from Washington, Oct.
10, continuing as follows:
His testimony,
(Mr.Hofer's) given during resumption of the Commission's
investigation of the alleged propaganda activities of public utilities, was to
the effect that the editorial policy of his news service has been that of
opposition to Government participation in business or municipal ownership
of utilities plans.
The news service, under the name of "The Industrial News Bureau,"
Mr. Hofer said, has been operating for about 15 years. but its activities
were confined to a few Western States until after a conference in New York
with a group of prominent public utilities officials, when he obtained the
support necessary to put the service on a national basis. This conference,
he said, was held in the apartment of the late C. A. Coffin, former Chairman of the Board of the General Electric Co.,in the Spring of 1923.
Others present, according to Mr. Hofer, included P. H. Gadsden, VicePresident of the United Gas Improvement Co. of Philadelphia; S. Z.
Mitchell, President of the Electric Bond & Share Co.; C. E. Groesbeck and
E. K. Hall, vice-Presidents of the last named company, and W. E. Breed.
also associated with the Electric Bond & Share Co.
Mr. Hofer identified 8 statement showing the annual contributions received from various utilities toward the support of his news service. The
New York companies and the amounts they are represented as contributing
are as follows:
New York Companies lie Listed.
Adirondack Power & Light Co., Schenectady, $732; Associated Gas &
Electric Co., New York, $1,200; Buffalo General Electric Co., $950; Commonwealth Power Corp.. New York. $3,600; General Gas & Electric Co.,
New York. $792; Long Island Lighting Co., New York, $360; Niagara
Falls Power Co., Niagara Falls, $765.30; New York Edison Co., $5,000
(this includes contributions in amounts not specified from the Consolidated
Gas Co. and the United Electric Light & Power Co.); North American Co.,
New York, $6.500; Penn-Ohio Edison Co., New York,31.000; Rochester
Gas & Electric Corp.. $950; Rockland Electric Co., Nyack. $38.04; Rockland Light & Power Co., Nyack. $209.52; Brooklyn Edison Co.,$1,000.
Gas and electric companies in New Jersey which Mr. Hofer listed, and
their contributions. were:
Atlantic City Electric Co., $313.56, and the Public Service Corp. of
New Jersey, Newark, $7.500.
In addition to the $84.000 a year received from utility companies, Mr.
Hofer testified, his company also receives an equal amount from other industrial corporations, which he described as being among the largest in
his section of the country. Judge R.E. Healy, Chief Counsel for the Commission in this investigation, did not press the witness for the names of
the other industrial corporations.
Besides sending out the releases under the title of the "Industrial News
Bureau." Mr. Hofer testified, his company also publishes a monthly magazine called "The Manufacturer," which has the same editorial policies as
the News Bureau and which has been widely distributed among the smaller
dailies and the country weeklies.
Get Reviews of Business.
In addition, the papers in each State are furnished with weekly industrial reviews dealing with business conditions in their respective States.
A quotation from a circular identified by Mr. Hofer as having been
issued by his company in its solicitation of subscriptions illustrates the
scope of distribution attained:
"During each of the last four years," the circular reads, "we have sent
out 832 editorial articles, or a total of 3.328 editorials was sent to 14,000
papers in forty-eight States during the four-year period.
"In addition to this, the papers of each State were sent
an industrial
review of that State each week, which meant 2,496 original reviews per
annum, or 9.984 weekly industrial reviews for the forty-eight States for
the four-year period.
"Our statistical department has kept an accurate check on the manner
in which our articles have been reproduced throughout the country. This
check shows an average of 1,935.792 inches per annum,or a total of 7,743.168 inches for the four-year period. Reduced to pages of 120 inches each
this would total more than 64.526 solid newspaper pages."
The Commission will continue its investigation with a other
hearing
tomorrow. Witnesses under subpoena to appear at that time are Berkeley
Snow of Portland. Ore.. Secretary of the Northwest Electric Light & Power
Association; W. R. Putnam of Boise, Idaho, Treasurer of the Idaho Committee on the Relation of Electricity to Agriculture; H.L. Walther of Portland, manager of the Oregon Public Utility Information Bureau, and Mrs.
Claire K. Tripp of Seattle, director of the Washington Industries Education Bureau.
2043
companies, have been sent out. The companies have been
requested to return the reports to the commission by Nov. 1.
The report form contains 78 separate schedules, but only the
large holding company groups will be required to fill out all
schedules. Certain schedules apply only to holding companies, others only to electric and gas operating companies,
some only to construction companies. The interim report
also contains a report on returns to the first questionnaire
sent out last spring. Transmitted with the interim report
is a descriptive list of exhibits not heretofore included and
completing the list of exhibits introduced up to and including
the last hearing prior to the Rummer recess. The report,
bearing date Sept. 15, follows:
SIXTH INTERIM REPORT OF THE ELECTRIC POWER AND
GAS UTILITIES INQUIRY.
To the Senate of the United States:
Pursuant to the direction of the Senate in Senate Resolution 83, 70th
Congress, 1st Session (approved Feb. 15 1928) regarding the investigation
of certain electric power and gas utility companies, that this Commission
"report to the Senate within each thirty days after the passage of the
resolution and finally on the completion of the investigation" upon the
matters specified in the resolution, and that it transmit therewith the
stenographic report of the evidence taken, this sixth interim report Is
respectfully submitted. (No interim report was submitted in August).
No hearings have been held since July 6th (reported in the fifth Interim
report).
There are transmitted herewith a description list of Exhibits 28 to 78
and 101 to 115 incl., (not separately listed in transmittal of report of
March 15 1928) and Exhibits 1286. and 2018 to 3670,incl. This transmittal
completes the list of all exhibits introduced up to and including the hearing
of July 6 1928.
Hearings under the publicity portions of the resolution will be resumed on
Sept. 18th.
Since the beginning of the Inquiry the Commission has received reports
from privately owned gas and electric companies as shown in the following
tabular statement:
Individual reports
3,664
Reported by parent company
284
Sold
313
Out of business
479
Produce for own use only
261
Not public utilities
1,012
Returned by Post Office unclaimed
234
Total
6
.247
The information called for in this questionnaire includes data covering
production, purchases, sales, inter-State business, inter-company relationships, plant capacity, &c., which afford bases for measuring the importance
of inter-State business in electric energy and gas, the relative importance of
holding company groups, and furnish the Commission with an accurate and
up-to-date list of companies engaged in inter-State business and affiliated
with inter-State holding company groups.
On June 20 1928, the Commission sent its comprehensive report form.
entitled "General Report of Electric and Gas Utilities, Holding and Service
Companies for such Utilities, and Affiliated Companies," to the government printing office. It was expected that this report form would be
.
available for distribution soon after July 15th. but due to delay in printing
the first printed copies were not received until Sept. 10 1928. By Sept. 12,
1,000 copies of the report had been received from the government printing
office, and sent out to electric and gas companies.
The data called for in this report form include the facts in so far as they
can be secured through schedules upon the following* (1) the growth of
capital assets and capital liabilities, of holding company and management
groups including their public utility and non-public utility subsidiaries.
and of independent operating companies doing an inter-State business,
(2) the methods of issuing, the price realized, and the commissions, bonuses
and fees received or paid, by such companies, with respect to the various
issues of securities made by them; (3) the inter-company relationships
among holding companies, managing or service companies, and financial,
engineering, construction and electric and gee operating companies;
(4)
the services furnished to electric and gas public utility companies by holding, management and service companies, the expenses and earnings of such
companies, together with the fees, commissions or bonuses charged by
them or their subsidiary or affiliated companies: and (5) political
campaign
contributions and the expenditure of funds to be used to influence or control
public opinion with respect to municipal or public ownership of electric
power enterprises.
The report form contains 78 separate schedules, but only the large holding company groups will be required to fill out all schedules. Certain
schedules apply only to holding companies, others only to electric and gas
operating companies,some only to construction companies.
Companies have been requested to return the reports to the Commission
by Nov. 1 1928.
Since the last interim report accountants from the Commission's staff
have been examining the books of account of some ofthe principal holding
company groups and making an analysis of service charges,and the issuance
of securities.
There is transmitted herewith a copy of the Commission's financial and
statistical report form entitled "General Report of Electric and Gas Utilities.
Holding and Service Companies for such Utilities. and Affiliated
Companies."
By order of the Commission.
ABRA_M F. MYERS, Ading Chairman.
We take occasion to give here the first report issued by the
Commission covering the first month of its inquiry into the
The resolution under which the Federal Trade Com- public utilities; this report was made public on March 15 as
mission's inquiry is being conducted, was given in our issue follows:
Washington, March 15, 1928.
To the Senate of the United States:
of Feb. 18, page 967.
Federal Trade Commission's Interim Report on Public
Utilities Investigation—Companies Called Upon to
Furnish Comprehensive Data by Nov. 1,
The Federal Trade Commission on Sept. 17 sent to the
Senate its sixth interim report on the public utilities investigation showing that 1,000 report forms calling for comprehensive data on electric and gas utilities, and holding and service
Pursuant to the direction of the Senate in Senate Resolution 83, 70th
Congress, let Session (approved Feb. 16 1928), regarding the investigatioa
of certain electric power and gas utility companies, that this
Commission
"report to the Senate within each thirty days after the passage
of the
resolution and finally on the completion of the investigation" upon
the
matters specified in the resolution, and that it transmit
therewith the
sesnlutia nhic
rteo ogrop, n
evidence taken, this
tak 28i.
loen
e
interimpa drtthe
lon
rLpo
is
respectfully submitted. the
e Feb
n
Immediately upon notification of the passage of the above
mentioned
rep
eo
Commission
following resolution, the terms of which were published
forthwith:
•
2044
FINANCIAL CHRONICLE
"Whereas, The Senate of the United States has by a resolution agreed
Session) directed the
to en Feb. 15 1928 (S. Res. 83, 70th Congress, 1st certain practices and
Federal Trade Commission to make an inquiry into
conditions relating to specified classes of public utility corporations and
corporations connected therewith; now, therefore, be it
"Resolved. That an inquiry shall be undertaken immediately by the
Commission in strict and full compliance with the terms of the said resolution and that in the prosecution of said inquiry the Commission shall rely
at the
on and employ the powers conferred on it to make investigations
powers conferred
direction of either House of Congress, and any and all or otherwise, and
upon it by law to conduct inquiries on its own initiative
any other powers legally available to it, whether contained in its organic
act or elsewhere, which may conduce to a diligent and complete performance
of the ends and purposes set forth in said resolution."
After study and consideration of the nature of the inquiry and the varied
character of its subject matter, the Commission by resolutions dated Feb.
24 and 29, 1928, approved of a plan of inquiry dividing work into two
parts, (1) gener,.1 investigation and (2) public hearings. The former is
necessary for the effective development of testimony at the hearings and
involves among other things the extensive examination of books of account and of files of correspondence, &c. The commission, therefore, designated Commissioner McCulloch to preside at the public hearings, designated the Chief Counsel to conduct such public hearings and directed the
Chief Counsel and the Chief Economist to co-operate in the conduct of
this investigation.
Meantime the Commission had sub-poenaed certain officers and representatives of the National Electric Light Association, and of the American Gas Association and the Associations themselves, directing them to
appear before it on March 8 1928, and to bring with them all records
and papers pertinent to the subject matter of the Senate Resolution. The
said officials immediately advised the Commission that they desired to
furnish any Information they had. Representatives of the Commission
immediately visited the New York offices of the National Electric Light
Association, of the American Gas Association and also of the "Joint Committee" of the public utility associations, and either took such papers for
study as seemed requisite or indicated the papers, documents or other
information which should be produced at the hearing set for March 8.
to
A general public notice of this hearing was given and a special notice
the Senate Committee on Inter-State Commerce.
date,
Accordingly, a public hearing was held on the above mentioned
s of
at the offices of the Commission in Washington, and representative the
by
these associations were examined on various matters as indicated
material. The
transcript of record, which included extensive documentary
interim report
stenographic record of the oral testimony accompanies this
A list of the exin accordance with the directions of the resolution.
is athibits in the record with descriptive statement of their character
tached to the transcript of the record.
Senate individually
The Commission also addressed the members of the
furnish any
and the Inter-State Commerce Committee, requesting them to
pertinent information in their possession.
thousand electric
A general questionnaire is being issued to the several
Commission
power and gas utility operating companies in order to aid the
commerce and to
in determining which of them are engaged in inter-State
Commission in measuring the importance
furnish data which will aid the
for in the
of holding company control and other related matters called
Senate Resolution.
The Commission is also digesting the extensive information furnished
before the
.in the proceedings of the Senate, and the recent hearings
the
Inter-State Commerce Committee of the Senate on this resolution and
hearings before.the special Committee of the Senate on Senatorial Elecextentions, together with that furnished by individual Senators; also the
8,
sive documentary material put in evidence in the hearing on March
and other data received and obtained by the Commission. This digest is
immediately available; second,
necessary in order, first, to utilize evidence
for
to afford indications of lines of inquiry for obtaining additional facts
the record.
A large part of the preliminary work will necessarily consist in the
under
examination of accounts and records relating to the companies
investigation and in interviewing persons conversant with their affairs.
as fast
It is contemplated that further public hearings will be held
the
as adequate preparation can be made for them. In considering
requestion of the value or detriment to the public of certain conditions
ferred to in the resolution the Commission expects to obtain the counsel
and evidence of competent persons in various walks of life.
The Commission realizes that this is a very large and important undertaking and, being desirous of handling it in an adequate manner and of
completing it as as early a date as is practicable, is planning to take up
with the Director General of the Budget the question of a supplementary
appropriation for the next fiscal year. But whether such facilities for
the more efficient handling of this inquiry are afforded by the Congress
or not, the Commission plans to push it with the greatest possible diligence.
By order of the Commission.
WILLIAM E HUMPHREY, Chairman.
In stating that about 10,000 questionnaires had been
sent out by the Commission to electric and gas public utility companies, the "United States Daily" gave the text of
the questionnaire in the following, which we quote from its
issue of March 16:
things, showing the
The questionnaire calls for data, among other
in 1927; quantity purquantity of electric energy and gas produced
in States
chased, sold, used and lost; the amount sold for distribution
foreign countries,
in which the company is located, ia other States and in
State in which the company
and the quantity produced in 1927 within the
countries.
is located, in other States and in foreign
earnings of individual
Information also is requested as to the gross
the net income before
companies for 1927, net earnings from operations and
amount of stock, bonds, and
the payment ef Federal income taxes; the
their par value and total book
other long time obligations, showing
well as their other longvalue of the individual companies in 1927; as
time obligations, surplus and surplus reserves.
The questionnaire follows in full text:
I. Give State of incorporation.
IL Give date incorporated.
III. Report for the year 1927 for your electric and gas business, the
quantity produced, purchased, sold, used and lost.
IV. Report for the year 1927 the quantities of electric energy and gas
counsold for distribution in your State; in other States; in foreign
tries.
V. Report for the year 1927 the quantities of electric energy and gas
purchased produced within your State; in other States in foreign noun.
triee.
(VOL. 127.
VI. List the names and addresses of companies from which you have
purchased electric energy or gas since January 1, 1927.
VII. List your electric power and gas plants giving the location and
capacity of each as of March 1 1928.
VIII. List the names and addresses of electric and gas companies with
which your electric transmission lines and gas pipe lines have been interconnected since January 1 1927.
IX. List the States in which your company operates electric transmission or gas pipe lines.
X. Report the gross earnings of your company for 1927 as follows:
Gross earnings from the sale of electric energy; from the sale of gas;
from all other sources.
XI. Report for the year 1927: Net earnings from operations; net corporate income before payment of Federal income taxes.
XII. Report as of December 81 1927 the number of shares, par value
per share, total book value of common stock, preferred stack, bonds,
other long time obligations, surplus and surplus reserves.
XIII. Report the persons or companies that owned regular voting stocks
of your company in amounts of 1% or more of the total, as of record
on March 1 1928, or on the nearest prior date within three months thereof,
for which you have lists already prepared, stating in each case the
name and address of the person or company owning said stocks and the
number of shares held of each kind.
XIV. If any of the stockholders in above list hold as trustee, or for the
beneficial interest of any other person or company, give the name and
address of such person or company having such beneficial interest.
XV. List below the companies in which your company held stock on
December 81 1927, giving also the addresses and the number and description of shares held in each.
XVI. Report as of March 1 1928 the names and addresses of each
of your directors, and of your chief officers specifying their offices.
XVII. Give the names and addresses of all companies that have
performed management, engineering, financing, construction, purchasing
or other services for your company since January 1 1927, specifying the
general character of the services performed and whether under general
or special contract.
It The adoption of the resolution calling for the inquiry was
noted in our issue of Feb. 18, page 967.
Bankers and Brokers Division of Council of Federation
for Support of Jewish Philanthropic Socities.
Albert J. Erdmann, Samuel Sachs, Moses Newborg,
Arthur Lehman and Samuel Ungerleider have been selected
to lead the Bankers and Brokers division of the Business
Men's Council of the Federation for the Support of Jewish
Philanthropic Socities of New York City which on Sunday,
October 21st, will launch its 1928 campaign for $5,300,000
to meet the budgetary requirements of its 91 constituent
institutiors. The quota for this division has been set 'at
$1,000,000. Under the direction of U.ese men, workers of
the Bankers and Brokers division who have pledged their
support to the Federation's money-raising efforts in behalf
of its affiliated socities will meet their fellow-workers of the
142 industrial and professional divisions constituting the
Business Men's Council at a meeting to launch the campaign
at the Hotel Commodore on October 21st. Dudley D.
Sieber, Chairman of the Business Men's Council, the organization responsible for the money-raising activities of the
Federation, has issued an appeal to the workers of the
various industries and professions urging their unstinted
co-operation in the coming campaign.
Annual Convention of Investment Bankers' Association of America at Atlantic City October 14-19.
The members of the Investment Bankers' Association of
America will come together in annual convention at Atlantic
City, the coming week, to discuss the many problems to
which they direct their attention. The convention will be
brought under way on Sunday,October 14,with two meetings
of the Board of Governors, and a meeting of the Transportrtion Committee. On Monday, October 15, there will be,
meetings of the various committees, including those on
Business Conduct,Business Problems, Constitution, Government and Farm Loans, Investment Trust, Foreign, Industrial, Legislation, Taxation, and Puolications.
The address of the President of the Association Henry R.
Hayes, of Stone & Webster, and Blodget, Inc., appears on
the program of Tuesday, October 16, on which date also,
as well as on Wednesday, Thursday and Friday. Many
important committee reports will be presented. The convention headquarters will be located in the Ambassador
Hotel.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
New York Stook Exchange memberships reached a new
high record this week when the membership of Clarence G.
Friend was reported posted for transfer to Thomas S.
Meehan, the consideration being stated as $450,000. This
is the highest price ever paid and $25,000 over the last
preceeding sale.
New York Curb Market memberships recently transferred,
prices for which have already been published, were as fal-
OCT. 13 1928.]
FINANCIAL CHRONICLE
lows: That of Richard P. Harriss to Edward J. Shean for
$97,500; that of John E. Fryer to William A. Titus, Jr., for
$98,000, and that of Frank G. Lawrence to Alexander M.
Main for $100,000. This last mentioned is the highest price
on record.
The Chicago Stock Exchange membership of Allan E.
House was reported posted for transfer to Victor H. Vanex
for $40,000, the same as the last preceding sale. Since the
above, it is stated, another membership has been sold for
$42,500.
Arrangements are reported to have been made for the
transfer of a Philadelphia Stock Exchange membership for
$18,000, a new high record. Last preceding sale was for
$17,000.
2045
The merger is to be effected through an exchange of stock,
five shares of the stock of the Seventh National Bank being
exchanged for three shores of stock of the Municipal Bank
& Trust Company. In addition a payment of $25 in cash is
to be made for each share of stock of the Seventh National
Bank, the cash to be held as a guarantee fund for the liquidation of the assets of the Seventh National Bank. Meetings
of stockholders of the respective banks will be held shortly
to ratify the terms of the merger. At their meeting, stockholders of the Municipal Bank and Trust Company will
also be called upon to ratify a proposal to increase the
capital stock of that institution from $1,000,000 to $5,000,000
to take care of the exchange of stock. Simon H. Kugel will
be Chairman of the Board of the combined institution and
Samuel Barnett will be President. Harry H. Revman,
President of the Seventh National Bank, will become executive Vice-President of the combined institution and Julius
Blauner will be one of the Senior Vice-Presidents. The
merger plan contemplates no change in the personnel of the
Seventh National Bank. The Municipal Bank & Trust
Company was organized as the Municipal Bank in September
1919 with a capital of $200,000 and to-day reports capital
and surplus in excess of $10,000,000 with deposits of more
Sale of two treasury memberships on the Los Angeles
Curb Exchange is reported for $17,000 each, a new high
record price. It represents a gain of $5,000 over the last
preceding sale. The purchasers are reported to be Nichols
Millbank, Jr. and A. R. Thompson. The number of active
members in the Los Angeles Curb Exchange is reported at
82, of which 72 are members of the Los Angeles Stock Exthan $45,000,000. The Seventh National Bank also was
change.
Total resources of the Chase National Bank of the City
of New York established a new high record for the bank of
$1,156,340,254 as of Oct. 3, according to the statement of
condition published in response to the call of the Comptroller of the Currency. This represents a gain of $52,598,193 over the previous record of $1,103,742,051 reported
as of June 30 1928. A year ago on the corresponding call,
which was as of Oct. 10, the bank reported total resources
of $1,004,088,104. The current statement is the first issued
by the bank since the $40,000,000 of new capital paid in
as of July 2, of which total $30,000,000 was paid into the
bank's capital and surplus and $10,000,000 was added to
the capital funds of the Chase Securities Corp. As a result
of the addition of this new capital the bank now has $60,000,000 of capital and $60,000,000 surplus. Undivided
profits as of Oct. 3 totaled $18,807,343 against $17,472,702
on June 30 1928 and $15,811,628 reported on Oct. 10 1927.
Aggregate deposits of the bank also showed a large gain
compared with the previous statement, the total being a
little short of the $900,000,000
-mark. Total deposits on
Oct. 3 totaled $892,388,858, representing an increase of
$48,644,192 compared with the total of $843,744,666 reported on June 30 1928.
One of the most modern safe deposit vaults in New YorK
City was formally opened on Oct. 8 by the Chase Safe
Deposit Company in the new Chase National Bank Building.
The vault, which is located on floor B and is approached
through the 60 Cedar Street entrance of the Chase Building,
surmounts the main vault of the balik, which is two additional stories in depth, the entire system of vaults it is
stated being the largest in the country outside the Federal
Reserve Banks. The safe deposit section has a capacity of
5,000 boxes ranging in rentals from $7.50 a year for the
smallest to $2,500 for private vaults large enough to hold
the securities of corporations, firms, estates and trusts.
Guarding the vault is a massive steel door four feet thick,
-weighing, with its frame, 38% tons, and yet so delicately
balanced that it can be moved by the touch of a finger
Additional protection is provided by the elaborate safety
devices which are used in the entire vault system. Adjoiu
ing the vault are a series of conference rooms and coupobooths, ensuring the strictest privacy for the individual
handling of securities and valuable documents. Throughout the entire safe deposit section, the architectural features
of the bank building are carried out, with the decorative
scheme enhanced by marble and walnut paneling.
-4---
Plans for the consolidation of the Municipal Bank & Trust
Company and the Seventh National Bank of New York,
creating an institution with aggregate resources in excess of
$76,000,000 and with twenty offices in Greater New York,
were formally approved on Oct. 8 by the boards of directors
of the two institutions. After the merger becomes effective,
the capital, surplus and undivided profits of the Municipal
Bank and Trust Company, the name of which will be perpetuated by the combined institutions, will be in excess of
$12,000,000 and deposits will be more than $60,000,000.
organized in 1919, as a State bank, and also with a capital
of $200,000. Later the institution became a National bank
and latest reports show capital and surplus of $2,000,000
(of which $1,500,000 represents capital) with deposits in
excess of $12,000,000. The Municipal Bank and Trust Company first entered Manhattan last August after having
established 16 branches in Brooklyn. The proposed consolidation will give it four offices in Manhattan, the office
at present is located at 70 Wall Street, and three branches,
located at 28th street and Seventh Avenue, 44th Street and
Eighth Avenue, and Lexington Avenue and 116th Street.
The Central National Bank of the City of New York has
leased the premises located at the northwest corner of Queens
Boulevard and Gosman Ave. in the Sunnyside section of
Queens for a long term from the Waldross Equity Corp.
After suitable alterations have been made the quarters will
be opened as the Sunnyside branch of the Central National
Bank about Jan. 1. It is proposed to install modern types
of safe deposit vaults. In addition to its main office at
Broadway and Fortieth St., New York City, the Central
National Bank now operates two branches in the Bronx and
one in Yorkville. Total resources of the bank are now
$18,000,000.
The Interstate Trust Company, which is now operating
seven banktng offices throughout Greater New York, opened
this week a new banking office at 59th Street and Lexington
Avenue. The opening of this office will replace the old
59th Street branch. The Interstate Trust Company, although
less than two years in business, reports total resources of
more than $50,000,000 and capital, surplus and undivided
profits of over $7,000,000. George S. Silzer, former Governor
of New Jersey, is President of the institution.
The Excelsior Savings Bank of New York announces the
election by the trustees of Frederick G. Hobbs as First VicePresident. Mr. Hobbs is President of Slawson & Hobbs,
real estate, and has been a trustee of the Excelsior Savings
Bank since June 1923 and a member of its Finance Committee since September 1923. Mr. Hobbs is also a director of
the Bank of the United States and has been very active in
real estate organizations, being Chairman of the Appraisal
Committee of the Real Estate Board of New York, of which
he was Vice-President last year.
John B. Clark was elected a director of the Hanover
National Bank of this city on Oct. 9 to succeed his father,
the late J. William Clark.
Chelsea Exchange Bank of New York reports total deposits of $22,011,554 at the close of business Sept. 28, the
highest in the history of the bank, according to Edward 8.
Rothchild, President. This total compares with $21,220,961
for the corresponding period last year, an increase of $790,593. Resources, also the highest in history of the institution, total $25,918,698 compared with $23,966,720 for the
corresponding period last year, a gain of $1,951,978. Undivided profits totaled $626,287 compared with $652,213
2046
FINANCIAL CHRONICLE
a year ago. During the year $80,000 was added to surplus
out of profits.
With regard to the affairs of the insolvent private bank
of L. Scotto & Sons at 238 Columbia St., Brooklyn, N. Y.
(the recent closing of which on Sept. 29 by Frank H.
Warder, State Superintendent of Banks, was referred to
in the "Chronicle" of Oct. 6, page 1900) the New York
"Times" of Oct. 8 stated thatt Joseph Maieli, fiance of the
daughter of Raphael Scotto, head of the banking firm, was
held in $25,000 bail the previous day (Oct. 7) by Magistrate
Rudieh in the Fifth Ave. Court for alleged forgery. According to Acting Assistant District Attorney Louis Goldstein, who has been investigating the affairs of the bank
since it was closed, Maieli was used, it was said, by Scotto
to forge withdrawal slips, which resulted in a shortage of
between $300,000 and $400,000. Scotto, it was said, has
disappeared and detectives have been unable to find him.
On Oct. 7 radiograms were sent to ships at sea in the hope
that the captains might find him on board and have him
placed under arrest. In its issue of the next day (Oct. 9)
the "Times" reported Mr. Goldstein as saying the previous
day (Oct. 8) that he would ask the Grand Jury to indict
Scotto and his employee, Joseph Maieli. who was arrested
on the night of Oct. 6 charged wtih forgery. The evidence
against Scotto, Mr. Goldstein said, involves charges of
forgery,falsification of the bank's records, grand larceny,and
the making of a false statement concerning the bank's
financial condition to officials of the State Department of
Banking. Continuing, this issue of the paper mentioned
said:
[voL. 127.
$24.051,397. Deposits aggregated $230,536,584, of which the Manhattan
bank had $212,138,780 and the Brooklyn institution $18,397,804.
Organized In May 1852, as the Williamsburgh City Bank. the First
National Bank received its Federal charter and name on March 21 1865.
It closed its doors on Oct. 25 1907 during the panic, and reopened Feb. 10
1908, after having met all its obligations. Its activities were confined to
the Williamsburgh section until Aug. 2 1926, when its Borough Hall office
at 26 Court Street WU opened. . . .
Provisions for Officers.
Mr. Irish will become Executive Vice-President of the Bank of the Manhattan Company, in charge of Brooklyn territory, and the other officers
of the First National will continue in their present capacities. Mr. Irish
will also become Chairman of the Brooklyn advisory board.
The proposed basis of exchange of shares was considered favorable to
First National stockholders on the basis of respective market values. It
provides for the exchange of four new shares of Bank of the Manhattan
Company for five shares of First National.
The last sale of Bank of the Manhattan Company shares on the Stock
Exchange was at $875, but deduction of the value of rights, which the new
stock will not include, indicates a value of about $800 a share, equivalent
to $640 a share for First National stock. The latter stock was quoted at
$520 bid, $540 asked, Friday, the bid being raised to $570 yesterday without bringing out offerings.
A charter was issued to the Bryn Mawr-Nepperhan National Bank of Yonkers, N. Y., by the Comptroller of the
Currency on September 15. The institution will have a
capital of $100,000 and surplus of $60,000. Its stock in
shares of $100 has been oversubscribed at $169 per share.
The opening of the bank is scheduled for Nov. 17. The
officers are Dr. Romeo Roberto, President; Walter S. McClure, Vice-President, and Louis D. Rossire, Cashier.
The result of the election will not affect business, in the
opinion of Chester D. Pugsley, Vice-President of the Westchester County National Bank at Peekskill, N.Y. He says:
In a forecast of business conditions for 1928 I made last December in the
Mr. Goldstein and the bank examiners, after examining the bank's books "Commercial & Financial Chronicle" I stated: "The outlook for the new
and records yesterday, found, they said, that Scotto's method was to take year shows no overproduction and business should improve as purchasing
the depositors' funds and then to falsify the records so as to make his power is not diminished by lack of employment."
The outlook is the same for next year as the situation is the same. A
peculations appear as withdrawals by the depositors. They said Scotto
new factor this year is the election, but the result will not affect business,
made away with about $300.000.
Although the assets and liabilities of the bank have not yet been de Irrespective of whether Hoover or Smith is the next President.
termined, it was said that the liabilities probably would amount to about
$900.000. exclusive of the amount taken away by Scotto, and the assets
Effective Sept. 29 the National Bank of Rochester, N. Y.,
about $400.000. The liabilities consist for the most part of funds owned
by the bank's 1,200 depositors, many of whom had placed their life savings was placed in voluntary liquidation. This institution, which
in the bank.
was capitalized at $1,200,000 as of Sept. 29 was consolidated
Scotto disappeared last Tuesday, according to Mr. Goldstein. The
in the
bank was ordered closed on Sept. 29 after the examiners found irregularities with the Union Trust Co. of Rochester, as noted
In the books. Maim', who was arraigned before Magistrate Rudich on "Chronicle" of Oct. 6, page 1901. The liquidating bank
-day.
Sunday and held in $25,000 ball, probably will be rearraigned to
to establish two branches.
The Organization Committee of the Commercial National
Bank & Trust Co., which is being organized in this city,
is occupying temporary quarters at 43 Exchange Place.
The committee expects to open permanent quarters at
56 Wall St. after the first of the year. The institution will
have a capital of $7,000,000 and a surplus of $7,000,000.
The plans also provide for the formation of a securities
company. An item regarding the bank appeared in these
columns Aug. 11, page 779.
had been granted permission
The enlarged Union Trust Co. is capitalized at $4,000,000,
with surplus of $4,500,000 and has total resources of
$70,000,000.
•-The Uncas National Bank and the Merchants' National
Bank, both of Norwich, Conn., and both capitalized at
$100,000, were consolidated on Oct. 1 under the title of
the Uncas-Merchants' National Bank of Norwich, with
capital of $200,000. Reference to the proposal to merge
these institutions was made in our issue of Sept.8, page 1344.
The pioneering of a number of banks throughout the country, including the First National Bank of Jersey City, in
reducing the par value of their stocks, is reflected in the
market position of First National's stock. Three months
ago this bank split its $1,000,000 of $100 shares into 40,000
shares of $25 par, in order to meet the demand for stock by
the bank's customers and investors of moderate means. At
that time the $100 stock was selling at$290 to $300. Recent
quotations for the new stock have been around $125 per
for
Plans for the merger of the First National Bank of Brook- share, which is equivalent to $500 per share for the old stook.
lyn with the Bank of the Manhattan Co. in Manhattan are One of the factors in the advance in stock is the increased
under way, the Brooklyn "Eagle" of Oct. 7 indicating this demand for the stock, following the announcement that the
as follows:
First National was negotiating for the acquisition of the
William S. Irish, President of the First National Bank of Brooklyn, Lincoln Trust Co. of Jersey City, giving the First National
to ratify an
announced that a meeting of stockholders, called for Oct. 15.
Increase in the bank's capital, had been postponed and that a later meeting resources of more than $30,000,000 and five offices in the
would be held to vote on a proposition made by the Bank of the Manhattan chief business centers of Jersey City. The merger plan has
Co. for a merger through exchange of stock.
been approved by the directors of both banks and will soon
Baker Confirms Report.
submitted to the stockholders for ratification. Resources
confirmed Mr. be
John Stephen Baker, President of the latter bank, later
the First National's board of directors of the First National were $22,357,284, as reported on June
Irish's statement, which asserted that
is vir- 30 and those of the Lincoln Trust Co. were $9,037,985 on
had recommended acceptance. This means that the consolidation
tually certain, lacking only the formal approval of stockholders.
the same date. The proposed merger was referred to in
The development was all the more surprising because the First National
Bank directors within the last few weeks had voted approval of plans to these columns Sept. 29, page 1758.
The Prudential Bank, located in West 42d St., one of
New York's newest banking institutions—having opened
for business about two months ago—in its recent statement
of condition to the State Banking Department, shows
capital, surplus and profits of $175,000, deposits of $167,600
and resources totaling $343,000. Early in 1929 the bank
will occupy its permanent quarters in the Film Center Bldg.
form an affiliated securities company, to be known as the First National
Investing Co., Inc., with a capital of $500,000. as well as the projected
capital increase, which was interpreted as the beginning of an e.cpansion
program.
Difficuily in Merger.
The "rights" to subscribe to the new issue as a result of the capital increase have been widely bought and sold on a "when issued" basis by bank
stock traders, who are now faced with the problem of delivering rights
which are not iikely to be issued.
On June 30 combined resources of the two banks totaled $297.737,878.
and are now estimated at approximately $300,000,000. Of this total the
Bank of the Manhattan Co. provided $273,686,481 and the First National
The officers of the New Jersey National Bank & Trust Co.
of Newark, N. J. (resulting from the amalgamation of the
Broad and Market National Bank & Trust Co. and the
Guardian Trust Co.) were elected on Oct. 4, as follows, according to the Newark "News": Chairman of the Board,
Clarence G. Appleton; President, John J. Stamler; VicePresidents, Timothy F. Foyle, John C. Albey, William B.
Harding and Louis J. Burgesser; Asst. Vice-President, Parker
Om 13 1928.]
FINANCIAL CHRONICLE
W. Silzer; Cashier, Fred J. Kugelman; Asst. Cashiers, Clifford A. Rothfuss, Henry Dolob and Byron Ober; Trust Officer, Ralph S. McDonald; Asst. Trust Officers, George E.
Williams and William F. Flood. The New Jersey National
Bank & Trust Co. began business on Sept. 28. References
to the consolidation of the two institutions which resulted in
the creation of the new bank, appeared in our issues of
Sept. 15, page 1479 and Sept. 29, page 1758.
The new Bank of Philadelphia & Trust Co., Philadelphia,
formed by the union of the Broad Street National Bank,
National Bank of North Philadelphia, Queene Lane National
Bank and Oak Lane Trust Co. was formally opened for
business on Oct. 8, according to the Philadelphia "Ledger"
of Oct. 9. Congratulations on the success of the merger were
expressed in a profusion of flowers, by personal calls from
customers of the institution and other bankers and by
telegraphic messages. At the close of the day the resources
of the new bank exceeded $25,000,000 and deposits totaled
more than $18,000,000. The combined capital, surplus and
undivided profits exceed $5,000,000. In addition to checking,
commercial and savings business, there are facilities for
handling title insurance, first mortgages, investments and
trusts, it is said. A women's department has been organized
and is in charge of Margaret A. Parke, one of the VicePresidents of the institution. Ten offices will be operated
located as follows: At Broad and Diamond Sts., Broad St.
at Germantown Ave., Broad St. at 67th Ave., Germantown
Ave. and Queene Lane, 22nd and Venango Sts., 2529-31
West Lehigh Ave., 6601 Rising Sun Ave., Oxford Pike and
Loney St., Rising Sun and Cheltenham Ayes. and Wissahickon and Chelten Ayes. Dr. Charles E. Beury, President
of Temple University, is Chairman of the Board of Directors
of the enlarged bank, while Leon A. Lewis is President.
Other officers, as listed in the "Ledger" of Oct. 9, are as
follows: Thomas W. Bull, Vice-President and Treasurer;
Miles B. Munn, Vice-President and Secretary; J. Ralph
Tricebock, Vice-President and Trust Officer, Margaret A.
Parke, Vice-President; Laron W. Leonard, Robert M.
Flood, J. Warren Vautier and Willard G. Moyer, Assistant
Vice-Presidents; Steward B. Boerner, Assistant Vice-President and Assistant Treasurer; William F. Sutton, Jr.,
Assistant Treasurer and Assistant Secretary; William F.
Mitchell, Walter J. Steinman, Jr., and John S. Canedy,
Assistant Treasurers; Earl J. Sattler, Joseph M.Leonard and
Rayson E. Roche, Assistant Secretaries; John H. Hibbert,
Title Officer, and Frank C. Bittner and Charles F. Keller,
Assistant Title Officers.
2047
sold on the Cincinnati Stock Exchange at $550 a share, the
"Enquirer" furthermore stated.
A small Ohio bank, the Mount Victory Bank at Mount
Victory, Hardin County, with capital of $30,000 and assets
of approximately $380,000, was closed on Sept. 28 by E. H.
Blair, State Superintendent of Banks, according to an Associated Press dispatch from Columbus, Ohio, on that date,
printed in the Cleveland "Plain Dealer" of Sept. 29. The
action followed a visit to the institution by Mr. Blair and
Charles Saffin, attorney for the Bank Department, to look
into the bank's condition, it was said. Losses and "frozen"
assets were assigned as the reason for the closing.
Advices from Princeton, Ind.,on Oct.5 to the Indianapolis
"News"stated that the First National Bank of Fort Branch,
Ind., had been closed on Oct. 4, following a verdict for
$25,000 against the institution by a Posey County circuit
court jury. J. C. Elkins, a bank examiner of the St. Louis
district, took charge of the institution, it was said. The
closed bank was capitalized at $25,000 with surplus and undivided profits of $9,000. Walter S.Hoffman was President.
The dispatch went on to say:
It was said at the bank that the closing was to protect depositors, and
that they would receive their money in full.
The verdict against the bank was in favor of Charles Clem and other
Gibson county farmers, former stockholders of the defunct Synthetic
Rubber Products Co., a company formed eight years ago to manufacture
rubber from cactus plants.
The plaintiffs charged that money deposited by them in the bank as a
trust fund was checked out fraudulently by George Heuring, Tremors of
the Rubber company, with knowledge of Widis Stiegel. then President of
the bank. The money checked out was used to build a cactus rubber factory in Southern California. The factory was not operated.
The Central Trust Co. of Illinois, Chicago, has appointed
Central
George B. Cortelyou, Jr. as its Eastern representative.
Mr. Cortelyou opened his Eastern office in the new Chase
National Bank Building, 20 Pine Street, New York, on Oet.
11. A direct wire connects it with the bank in Chicago.
Although Mr.Cortelyou haslived in Chicago for many years,
he is well known in Eastern banking circles. He is a son of
George B. Cortelyou, former Secretary of the Treasury and
now President of the Consolidated Gas Co. of New York.
John Donovan, advertising manager of the Detroit and
Security Trust Co., Detroit, has resigned to accept a similar
position with the Central Union Trust Co., New York City,
it is announced. Mr. Donovan has been connected with the
Detroit and Security Trust Co. for the past three years.
Before that time, he was director of the evening school of
In its issue of Oct.4 the Philadelphia "Ledger" stated that Journalism at the University of Detroit and had charge of
an agreement was signed the previous day for the sale of the the school's newspaper, magazine, and year book. He was
West End Trust Building at the southwest corner of Broad graduated from the University of Michigan in 1921.
St. and South Penn Square, Philadelphia, by the Real
Estate-Land Title & Trust Co., to an undisclosed purchaser
We learn from the Chicago "Journal of Commerce" of
for use of the proposed Plaza Trust Co. The price paid was
announced, it was said, at $2,250,000. The building occupies Oct. 3 that the Foremans and their associates have acquired
a lot 60 by 60 feet. Extensive alterations will be made to the an interest in the Northwestern Trust & Savings Bank of
property, following which the first floor, mezzanine and Chicago, and will be represented by Alfred K. Foreman, a
second floor will be occupied by the new Plaza Trust Co. Vice-President of the Foreman banks (the Foreman National
Reference was made to the new bank, which is to have com- Bank and the Foreman Trust & Savings Bank), who will be
bined capital and surplus of $5,000,000, in our issue of made a director of the Northwestern Trust & Savings Bank
at the next annual meeting. At the same time, Frank E.
Oct. 6, page 1901.
Lackowski, President of the Second Northwestern State
Advices from Washington, D. C., to the New York Bank, and newphew of the late John F. Smulski, founder of
"Journal of Commerce" on Oct. 3 stated that a proposal the Northwestern Trust & Savings Bank, was elected Chairto consolidate the Riggs National Bank of Washington and man of the Board of the Northwestern Trust & Savings Bank,
the Farmers' & Mechanics' National Bank (Georgetown) of succeeding Walter J. Raymer, who resigned to accept the
that city will be submitted for the approval of the respective Chairmanship of the executive committee. There will be
stockholders of the institutions on Nov. 2, according to a no changes in the personnel or policy of the bank. Continuresolution voted that day (Oct. 3) by the directors of the ing, the paper mentioned, said:
The relationship between the two banks will be more closely cemented
two banks. The institutions, the dispatch said, would be
by Mr. Lackowski becoming a director of
Mr.
merged under the name of the Riggs National Bank with Lackowski states that with the Foreman banksthe Foreman banks. addiconnection providing
capitalization of $8,000,000 and all the branches of both tional facilities, the usefulness of the Northwestern Trust and Savings Bank
to its depositors and the community in general should be greatly increased
banks would be continued.
Stockholdersof the Pearl-Market Bank & Trust Co. of
of
Cincinnati will be asked shortly to vote on a proposal to
increase the institution's capital from $500,000 to $600,000,
recommended by the directors on Oct. 3, according to the
Cincinnati "Enquirer" of the following day. The 1,000
shares now stock, par value $100 a share, will be offered to
present stockholders at the price of $400 a share in the proportion of one share of new stock for every five shares of old
stock held, payment on the new shares to be made before the
first of the ensuing year. The bank's outstanding stock last
Attractive new banking quarters were formally opened
on the evening of Sept. 27 by the Raleigh branch of the
Wachovia Bank & Trust Co., the head office of which is in
Winston-Salem, N. C. The new banking home, which is
complete and up-to-date in every way, is located in the old
Tucker Building, now the Wachovia Building, occupying
what is said to be "the best known corner in North Cara
llna." Remodeling of the structure has been going on for
the past several months. Colonel F. H. Fries of WinstonSalem, the bank's President, was present at the opening as
2048
FINANCIAL CIIRONICLE
well as the officers of the Wachovia's other four branches.
Officers of the bank in Raleigh are: Gilbert T. Stephenson,
Vice-President and Assistant Trust Officer, who has been
with the Raleigh branch since it was opened in 1922; N. S.
Calhoun, Vice-President in charge of the banking department
who has been with the bank since 1926; T. F. McGuire, Jr.,
Cashier, and W. W. Moore, Assistant Cashier and Assistant
Secretary.
[VOL. 127.
negotiations, it was said. Because of the proposed change in name and
the fact that Glannini interests had obtained control of the Bank of America
N. A., in New York, earlier in the year, it was reported the new consolidation would become affiliated with the New York institution, giving Bank
of America, N. A., entrance into Pacific Coast territory in a large way.
This development in the proposed merger lacked confirmation in New York,
however. .
Headquarters of the merged bank wftl be in Los Angeles.
A private bank was opened in Dublin, Ga., on Sept. 25
by Mills B. Lane, Chairman of the Board of the Citizens &
Southern National Bank of Savannah; William Murphy and
Gordeon L. Groover, President and Vice-President, respectively, of the same institution, and H. Lane Young,
a director of the bank's holding company, the Citizens &
Southern Co., pending application for a charter for a new
institution to be known as the Dublin Bank & Trust Co.,
according to the Savannah "News" of Sept. 26. The opening of the private bank was to meet the emergency caused
by the failure First National Bank of Dublin on Sept. 24,
which left the town without a bank. The paper referred to
said in part:
The San Francisco "Chronicle" of Sept. 30 stated that in
view of the widespread discussion over the announcement
on the morning of Sept. 28 by the Bank of Italy and the
Bancitaly Corporation that stockholders of those institutions
would participate in a distribution January 1 of a large
block of Bank of America (New York) stock, the following
statement was issued on the afternoon of Sept. 29 from the
offices of the Bancitaly Corporation:
"Some confusion has arisen in the public mind with respect to the
distribution of the Bank of America stock, announcement of which was
made Friday.
"Only Rank of Italy and Bancitaly Corporation stockholders are affected
by the gift. Bank of America stockholders do not participate, except as
they may also own shares in the institutions concerned, in which case the
distribution will give them one share (or fraction of a share of the Bank
of America) for each unit of forty shares, or less, of Bank of Italy and
Bancitaly Corporation owned.
"An illustration that has been used, referring to the stockholder who
Mr. Groover, Vice-Pres., of the Citizens and Southern National Bank,
at the time the stock
returned yesterday morning from Dublin. He and Victor B. Jenkins. also had purchased five shares of the Bank of America
now receive three
a Vice-Pres., had gone to Dublin the day before and that night met in was offered in California last spring, and who would
Many have interconference with about fifty leading business men of Dublin at the Fred additional shares, has given rise to misunderstanding.
were participating
Roberts Hotel. The plan for op ming the private bank was heartily ap- preted this to mean that Bank of America stockholders
anyone who
proved and they were given the most cordial welcome to Dublin and assur- in the present distribution. The facts are, however, that
of
ances ofsupport. Mr. Groover told those attending the conference that the purchased five shares of Bank of America stock under the provisions
the earlier plan, must have owned 120 shares of Bank of Italy and Bancitaly
personal resources of those organizing the bank were behind it.
The bank opened yesterday morning, Mr. Groover said, in the building Corporation stock at that time, and would now be entitled to receive three
of the old Southern Exchange Bank. Mr. Jenkins remained in Dublin to additional Bank of America shares on the basis of the distribution of
take charge of the opening of the bank. A. C. Kline, Jr., Assist. Cashier one to forty.
"The stockholder who did have 120 shares of Bank of Italy and Bancitaly
of the C. and S. National Bank, and Compton H. Usina, also an employe
of the bank,left the night before last for Dublin and were there at 8 o'clock Corporation, and who has retained the holding intact, will have received
yesterday morning to assist Mr. Jenkins. How long they will stay there a total of eight shares of Bank of America (the five shares originally
purchased, plus the three to be distributed) when the plan now announced
and what additions may be made to the staff is not yet determined.
The private bank received its first deposit Monday night. It was from has been carried through."
Chapter, United Daughters of the Confederacy. Numerous
the Dublin
Distribution of the stock referred to was indicated in our
accounts were opened yesterday morning. The first day was a huhu'
one and many assurances of co-operation were received from business issue of Sept. 29, page 1,760.
Interests of Dublin and that section.
Expressions of approval were heard on every side at the action taken
We are advised by the Los Angeles-First National Trust
by Mr. Lane, Mr. Murphey, Mr. Groover and Mr. Young to meet the
emergency created in Dublin by the failure of First National Bank of & Savings Bank, Los Angeles, under date of Sept. 25, of the
Dublin. Savannah bankers expressed their appreciation of the prompt
following changes made recently in the personnel of the
and effective action.
Application for a charter for the Dublin Bank and Trust Company. institution:
with capital stock of $100.000. was drawn and signed yesterday and forDr. John Willis Baer elected as Chairman; Dr. W. B. Munro as Vicewarded to the State superintendents of banks. As soon as the application Chairman, and Reese H. Taylor as a member of the Executive Board of the
which requires a period of 30 days advertisement, the new Pasadena Branch.
is approved,
bank will be opened. The private bank will operate until that time.
G. L. Armstrong elected as a member of the Executive Board, Fillmore
The Citizens and Southern Holding Co. will own the Dublin Bank and Branch.
Trust Co.,when it is chartered.
E. L. Think elected as Assistant Cashier. Head Office.
W. Johnson as Assistant Vice-Pres., Sixth & Spring Office.
In its issue of the previous day (Sept. 25) the "News" T. L. Jones as Manager, Fairview Heights Branch, Inglewood.
C.
& Southern
stated that President Murphy of the Citizens
As Assist. Managers: R.E.Mote.Seventh & Central Branch, Los Angeles,
National Bank, made it clear that they were not taking and P. M. Casady and H. Haviland, Branches Department. announced:
The following transfers of Assistant Managers were also
over the First National Bank of Dublin, the private bank T. W.Johnson,from Western & Santa Monica to Pershing Square Branch;
being started merely to meet the emergency caused by the J. F. Fanning from Branches Department to Seventh & Witmer; I. E.
L. A.
& Witmer to
failure of the First National Bank. Reference to the closing Wallace from SeventhDepartment toWestern and Santa Monica, and
Melrose & Heliotrope.
issue Lloyd from Branches
of the First National Bank of Dublin was made in our
of Sept. 29, page 1760.
Advioes to the "Wall Street News" from San Francisco
on Oct. 10 stated that the stockholders and directors of the
United Security Bank & Trust Co. of San Francisco (a(Hanaini institution) at meetings held successively on Oct. 9
authorized the issuance of 176,000 shares of capital stock of
the bank. The dispatch went on to say:
When issued. 100,000 shares will be allocated to stockholders at the
each
price of $150 per share on the basis of one share of the new issue to
four shares held. The record date is to be announced later.
The additional issue will bring total outstanding stock to 500,000 shares
of stock
of $25 par value. Issuance of a corresponding number of shares
was also approved by the French-American Corp.. which is owned share
of the United Security.
for share by stockholders
controls
United Security is now operating 54 direct branches and also
through the French-American Corp. 50 additional branches.
That terms are understood to have been reached for the
merger of the United Security Bank & Trust Co. of San
Francisco (a Giannini institution) and the Merchants National Trust & Savings Bank of Los Angeles into a new institution, probably to be called the Bank of America, was
reported in a dispatch from San Francisco on Thursday
Oot. 11 to the "Wall Street Journal," which continuing said:
Stockholders of the National Bank of Commerce, Los
Angeles, at a meetirg held Friday morning, Oct. 5, approved
the plans for reorganizing the capital structure of the institution, according to an announcement made by Erie M.
Leaf,President. At this meeting the stockholders authorized
the reduction of the capital stock of the bank from $500,000 to
$250,000,and immediately thereafter authorized the issuance
of new stock in the amount of $250,000. The new stock
consists of 10,000 shares at $25, per share par value to be
sold to present stockholders at $32.50 per share. The
amount of the reduction plus the premium were added to
the undivided profits of the bank. Present stockholders,
Mr. Leaf stated, have already subscribed for the full amount
of the new stock to be issued.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Price movements on the New York Stock Exchange were
somewhat reactionary during the early part of the week,
but steadied on Wednesday and thereafter prices forged
ahead to higher levels. Motor stocks attracted considerable speculative attention, though industrial shares and
into an institution with
Merger will bring together about 140 branches
demand, particularly in the latter
of Merchants National, specialties were also in
$325.000,000 resources. E. J. Nolan, President
Leon Boqueraz. President part of the week. Call money continued in good supply
is expected to be President of the new bank and
Other important bank- at 63.% until Thursday when it dropped to 6%.
of United Security, to be Chairman of the board.
ing units are expected to be taken in later. Headquarters of the merged On Friday the New York Stock Exchange was closed
bank will be located in Los Angeles.
Bank & Trust in celebration of Columbus Day. The market was parBancitaly Corp. owns a large interest in United Security
Co.and has been instrumental in conducting the merger negotiations.
ticularly active during the two-hour session on Saturday,
In the same regard the New York "Evening Post" of heavy buying, especially in the automobile stocks, carrying
Thursday Oct. 11 printed in part the following:
many issues to new high records, though many of the adThe Bancitaly Corporation holds a large interest in the United Security
were lost before the close of the day. Chrysler was
Beak & Trust Co. and has been instrumental in conducting the merger vances
OCT. 13 1928.]
FINANCIAL CHRONICLE
again prominent and lifted its top to 14034, but dropped net gain of 1 Y.•
points. General Electric fell into line with afi
below 139 with a fractional loss. Hupp gained about four advance of
-the highest level in several
234 points to 163
points to a new high at 81 and Hudson bounded upward weeks. Motor stocks
failed to join in the general improveabout five points to 83. Studebaker reached its best in ment, especially Hudson
Motors which was heavily sold
years at 8534, but closed somewhat lower. New high records and dropped below
90. Chrysler also was lower, but Genwere registered by Pressed Steel Car common and preferred, eral Motors sold up to
218% at its high for the day. RailUniversal Pipe, General Ice Cream and McKeesport Tin road stocks were complet
ely neglected. Sears-Roebuck
Plate. On the other hand, selling pressure was effective made a further gain of
four points; International Harvester
against such stocks as Montgomery Ward, St. Louis-South- improved about nine points and there was brisk
a
advance
western, Lehigh Valley and Pittsburg & West Virginia, all in Timken Roller Bearing. The final
tone was good.
of which receded from two to four points. American Zinc
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
was another strong feature and sold up to 52, making a
DAILY, WEEKLY AND YEARLY.
gain of 434 points. United States Steel common was also
Stocks,
Railroad,
Slate,
Untied
under pressure and slipped back to 1588•
Week Ended Oct. 12.
Number of
Municipal &
Stales
Shares.
Bonds.
Foreign Bonds.
Bonds.
Stock prices worked higher in the early trading on Mon
day, but profit taking carried the list downward later in Saturday
2,430,760
25,104,000
81,198,000
2406,009
Monday
3,915,770
7,043,000
1.888,000
238,500
the day. One of the most conspicuous features of the session Tuesday
3.727,735
8,879,000
2.186,000
871,600
Wednesday
4,279,470
7.207.000
1.794,500
463,600
was the sensational advance of Allied Chemical & Dye Thursday
7,045,000
3,968,900
1.256.000
56,000
Friday
HOLI DAY
which bounded forward about 11 points and closed at
21434.
Montgomery Ward was also strong and moved against the Toeal
18,322,635 335.278,000
88,322.500
51,735.500
trend, closing with a net gain of four points. American
Sales at
Week Ended Oct. 12.
Jan. 1 to Oct. 12.
Smelting followed with a similar gain. General Motors
New York Stock
Exchange.
1928.
1927.
1928.
1927.
lagged behind and closed at 211 with a loss of two points.
Copper issues were fairly strong, Calumet & Arizona moving Stocks-No.of shares_ 18,322,635 9.235,091 627,643,804 435,877,167
Bonds.
up about three points, followed by Anaconda which crossed Government bonds.-- 81,735,500 $3,031,000 5150.128.750 2237,959,800
foreign bonds
8,322,500 18,464,000
603.254,136
656,272,608
84 with a net gain'of two points. American Smelting & State and& misc. bonds 35,278,000 30,138,100 1,840,218,176 1.706.997,900
Railroad
Refining moved into new high ground for the current move- Total bonds
345.336,000 551,633.100 82.593,591.061 52.601.230,300
ment. Allied Chemical & Dye again moved up with
the
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
leaders and scored a net gain of 13 points. Other
stocks
BALTIMORE EXCHANGES.
reaching new top levels included Gillette Safety Razor
and
Victor Talking Machine. Montgomery Ward also
Boston.
Phiiadelphfa.
Baliimere.
was
Week Ended
active and surged forward about eight points. On Tuesday
Oct. 12 1928.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Wes.
the market was unsettled in the early trading but regaine Saturday
.36,318
512,000 a21,431
d Monday
52,000
3,414
253,200
most of its losses in the vigorous upturn in the late
*54,041
13,100 a31,378
21,000
3,898
61,600
after- Tuesday
*54,640
70,450 a44,071
24,500
b3,896
61.000
noon. Allied Chemical & Dye continued its remarka
Wednesday
*59,205
24,700 a55,642
22,100
13,978
82,300
ble Thursday
25,305
7,000 a30,375
b3,690
7,000
37,100
upward swing with a gain of seven points to 22134.
HOLI DAY
HOLI DAY
HOLI DAY
Ameri- Friday
can Smelting maintained its advance and closed with
Total
a five229,509 2127,250 $182,897
876.100
18.876 $295,200
point gain at 258 and Victor Talking Machine reached
new Pre, week revised 348.728 8106.000 196.711 5133.100 17.502 8162.300
high ground above 126. Rubber stocks were in
strong de- a In addition sales of rights were: Saturday 520:
Monday, 445 Tuesday.
mand and moved briskly forward under the
guidance of 184: Wednesday, 609; Thursday, 8,000.
0 In addition sales ot rights were: Tuesday,200; Wednesday,300;Thursday, 191.
Goodyear Tire & Rubber which advanced seven points
• In addition sale of rights were: Saturday. 1,315; Monday, 1,055; Tuesday.
Chrysler eased off to below 132 in the early trading, to 79. 1,260; Wednesday, 3.388.
though
it improved to 135 at the close. General Motors
moved up
to 215% with a gain of 434 points; Hudson improve
COURSE OF BANK CLEARINGS.
d nearly
four points to 95, and Studebaker and Graham
Bank clearings the present week will show a moderate
-Paige closed
with substantial gains.
increase compared with a year ago. Preliminary figures
On Wednesday the market continued its forward
compiled by us, based upon telegraphic advices from the
movement and nearly all of the more active industri
al favorites chief cities of the country, indicate that for the week ending
moved briskly upward to higher levels.
Montgomery to-day (Saturday, Oct. 13) bank exchanges for all the cities
Ward lifted its top to a new record in all time
as it advanced of the United States from which it is possible to obtain
12 points to 274. Radio Corp. made a
10-point gain to weekly returns will be 4.2% larger than ifor the correspond2145%. Allied Chemical & Dye made a further
advance of ing week last year. The total stands at $10,222,126,150,
seven points and sold up to 230 at its high for the
day, but against $9,813,470,555 for the same week in 1927. At this
closed at 2283 . Motor stocks moved up
4
to the front under centre there is a gain for the five days ending Friday of
the leadership of General Motors, which
ran up to a new 7.0%. Our comparative summary for the week follows:
peak at 2193/s, but dipped to 21634 in the
final hour and
Ckarings-Returns by Telegraph.
closed with a net gain of about a point.
Per
Chrysler lagged
Week Ended Oct. 13.
1928.
1927.
Cent.
behind and closed at 13334, about two points
off from its New York
24,604,000,000 54.304.000,000
+7.0
previous close. Railroad shares improve
Chicago
473,362,005
532,340,761 -11.1
d, particularly Philadelphia
358,000.000
New York Central which gained about three
381.000,000
-6.0
Boston
289,000,000
337,000,000 -14.2
Kansas City Southern moved up two points points to 17234. Kansas City
109,328,559
122,512,031 -10.8
to 60; St. Louis- St. Louis
102,100,000
123,500.000 -17.3
Southwestern improved two points to 1133
212,884.000
170,855,000 +24.6
4and Rock Island San Francisco
Los Angeles
146,063,000
was in strong demand at improving prices.
136,073,000
+7.3
Pittsburgh
117,695.804
Railroa
123,057,201
-4.4
ment stocks were unusually active, especial d equip- Detroit
136,227,513
138.819,393 -1.9
ly General Cleveland
88,605,231
100,070,663 -11.5
Railway Signal which advanced three points
68,676,902
81.853,042 -16.1
to 1123j. Baltimore
New Orleans
45,520,939
62,441,051 -27.1
Case Threshing Machine and International
Harvester also
Thirteen cities,5days
$6.751,463,953 26,613,522,142
attracted considerable speculative attention and
+2.1
1,266,974,505
closed at Other cities, 5 days
1,171,610,215
+8.1
higher levels. American Smelting & Refining
was in
Total all
28.018.438,458 87,785,132,357
+3.0
demand and reached the highest price in its history strong All cities, cities,5 days
1 day
2,203,687,692
2,028,338.198
+8.6
at 261.
United States Steel common was strongly
,
T...•1 alt n11.16,8 fno. roaalr
110 202 108 180 IA Rig ern AAA
supported and
4-4.2
sold up to 160, but slipped back to 158% in the
final hour.
Complete and exact details for the week covered by the
Other strong stocks included such issues as
Westing
Electric pref. which gained 3% points to 10334, house foregoing will appear in our issue of next week. We cannot
Bros. ''A" stock which moved briskly forward six Warner furnish them to-day inasmuch as the week ends to-day
points to (Saturday), and the Saturday figures will not be available
112%,followed by the common which improved
334 points until noon to-day. Accordingly, in the above the last day
to 1103. International Nickel moved up 714
points to of the week has in all cases had to be estimated.
1444, followed by Goodyear Tire & Rubber which
made a
In the elaborate detailed statement, however, which we
further advance of 48% points to 824. The
outstanding present further billow, we are able to give final and complete
feature of the trading on Thursday was the
strength of results for the week previous-the week ended Oct. 6. For
United States Steel common which broke through
its
top and established a new high record in all time above old that week there is an increase of 17%, the 1928 aggregate
162. of clearings for the whole country being $13,958,663,38
Montgomery Ward also was conspicuous for its
9,
spectacular against $11,927,046,753 in the same week of 1927.
upward rush of eight points to a new high at 2803I.
Outside
/ Radio of this city the increase is only 7.4%. The
bank exchanges
Corp. bettered its record when it sold up to
21834 at its at this centre record a gain of 23.4%. We group
the
high for the day, though it dipped to 21534 and closed
with a now according to the Federal Reserve districts in cities
which
they are located and from this it appears that in the New
York Reserve District (including this city) there is an
improvement of 23.3% and in the Philadelphia Reserve
District of 8.3% but in the Boston Reserve District there is
a loss of 6%. In the Cleveland Reserve District the totals
are larger by 13%, in the Richmond Reserve District by
3.3%, and in the Atlanta Reserve District by 11.1%. The
Chicago Reserve District has a gain of 16.7%, but the
St. Louis Reserve District shows a decrease of 0.3%,and the
Minneapolis Reserve District of 0.2%. In the Kansas City
Reserve District clearings have increased 14%,in the Dallas
Reserve District 12.4%, and in the San Francisco Reserve
District 10.4%.
In the following we furnish a summary by Federal Reserve
flistricts:
BANK CLEARINGS.
Federal Reserve Diets.
lit Boston _ ... _12 cities
2nd New York_11 '
3rd PhiladelPhialll ..
lith Cleveland__ 8 "
5th Richmond.6 "
5th Atianta____13 "
7th Chicago_ _20 "
8th St. Louis_ 8 "
ath Minneapolis 7 "
10th Kansas City12 ''
5 '•
11th Dallas
12th San Fran-17 ''
Inc.or
Dec.
1927.
1928.
Week End. Oct. 6 1928.
Week Ending Oct. 6.
Clearings at
cne
cnc .1.1/
1926.
247,878
1,691,081
156,325,383
7,746,867
2,985.078
2,746,371
17,580,000
3,179,300
5,527,752
42,488,105
2,827,366
12,515,663
7,202,000
1,716.282
1,812,998
683,270,969
1,347,968
4,792,685
2,960,970
2,836,436
972,082.027
961,801,152
Eighth Faders I Reserve Dis trict-St Lo uis5,495,546 + 1.1
5,558.312
-Evansville.
Ind.
Mo.-St. Louis.. 157,100,000 158,800.000 -1.1
39,795,317 -3.1
38.565,800
463.444 -12.6
405,122
Owensboro _ _
31,665.000 +1.0
31,967,058
Tenn.
-Memphis
16,708,765 +10.1
18,399,865
-Little Rock
Ark.
408,797 -2.7
397.575
Ill.-Jacksonville
1,585,131 +13.1
1,792.043
Quincy
5.527,669
150,400,000
33,150,438
338,654
30,869,987
18,116,665
456,779
1,618,944
5,634,309
149,300,000
31,314,702
414.265
38,955,221
20,712,430
427,353
1,689,056
-0.3
240,479,136
248,447,336
Ninth Federal Reserve Dis trict-Minn eapoils
13,117,025
15,508,200 -15.4
-Duluth..
Minn.
M inneapolis_ -- 118,792.020 120,095,059 -1.1
33.667,979 +8.7
36,606.127
St. Paul
2,343,589 +3.0
2,413,122
No. Dak.-Fargo
1,865,875 +3.6
1,932,115
-Aberdeen
S. D.
1,378,103 +1.8
1,402.390
Mont -Billings.
4,407.000
4.626,000
Helena
9,679,437
88,952,775
32,845,280
2,183,849
1,610,062
,
3,593,011
14.098,257
104,015.535
34,182,501
2,213,577
1,879,188
1,057.452
4,013,062
-0.2
1925.
c cn nec elm
_I_ c 1
nell ben A A n
Total(8 cities).
We now add ot r detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ending Oct. 6.
Clearings at
1928.
1927.
Inc. or
Dec.
1926.
$
1925.
$
%
$
$
First Federal Reserve Dist rict.- Bosto n-1,284.450 +3.4
1,328,864
Maine-Bangor
6,005.342 +1.6
6,099.355
Portland
-Boston- 581,000,000 619,000,000 -6.0
Mass.
2,214,536 -37.2
1,390,160
Fall River _
1,380,803 -9.4
1,251,207
Lowell
1,149,012 -7.2
1,066,822
New Bedford..
6,812,957 +8.2
7,374,305
Springfield _
4,206,395 +5.0
4,544,586
Worcester
22,838,240 -20.0
18,294,851
-Hartford
Conn.
11.047,494 -11.2
9,812,028
New Haven
14,643,600 + 16.1
16,996,000
R.I.-Providenc
898,331
855,657 +1.4
-Manche'
N. H.
1.104,936
4,110,311
562,000,000
2,071,013
1,147,926
1,180,281
6,051.475
4,101,287
15,801,266
8,771,304
17,982.600
875,138
1,097.341
3.592,241
472,000,000
2,501,425
1,229,128
1,660,394
6,572,674
3,991,421
16,287.081
7,852,048
14,321,900
915,158
-6.0
625,197,537
532,020,831
Total(12 cities)
650.056,509
691,468.486
Second Feder al Reserve District -New
5,887,236
8,197,601
-Albany._
N. Y.
1,629,987
1,582,750
Bingham ton _ _
62,277,608
66.707.352
Buffalo
1,105,369
361,496
Elmira
1.912,369
1,462,572
Jamestown_ __
8,842,567,441 7,163,004,082
New York _
18,473.188
20,996.456
P ochester
7,954,871
9,392,619
Syracuse
6.484.146
6.869,913
Cenn.-Stamlord
1,092,312
4,100,000
N. J.-Montclalc
49,823.957
55,025,503
Northern N. J_
York. 8,704,344
5,744,325
+39.2
1,323.600
1,332,300
-2.9
65,891,161
52,973,468
+7.1
952,490
1.146,226
-67.3
1,260,065
1,788,992
-23.5
+23.4 5,716,263,109 53,84.290,213
13,673,865
+13.7
15,181,305
6.970,759
+18.1
6,874,851
5,141,470
5,156,925
+5.9
659.312
815,771
+0.7
34,215,131
41,866,495
+10.4
Total(11 cities) 9,024,163,702 7,319.645,125 +23.3 5,849,143.767 5,719,082,410
Third Federal Reserve Dist rict.-Philad elphia 1,805,053
1,727,631 -8.0
1,588,862
-Altoona ___
Pa.
5,185,695
4,627,076 +21.0
5,598,936
Bethlehem _ _ _
1,853,061
2,032,883 -14.1
1,146,049
Chester
2,608,391
3,278,728 -8.0
3,016.948
Lancaster
638,000,000 584,000,000 +9.2 578.000.000
Philadelphia
4,538,146
4,835,924 -2.7
4,964,262
Reading
7,416,722
8.658.821 -10.2
Scranton
1.776.363
4,882,029
4,781,405 -7.7
4,413,953
Wilkes-Barre_ _
+8.0
2,111,899
2,232,556
2,411,768
York
6,729.743
7,396,029 -18.9
-Trenton_
5.997.171
N.J.
1,730,285
4.382,789
1.687,041
3,105,357
579,000,000
4,298,618
6,905,796
2,676,166
1,811,927
6,350.872
+8.3
615.130,742
611,949,031
Fourth Feder al Reserve D istrict-Clew eland
6,810.000 +12.4
7.653,000
Ohlo-Akron_
4,262.849 +4.7
-1,464,935
Car ton
76,333.119 +3.9
79.311,525
Cincinnati _ _ _
155,081,338 144,468,725 +7.3
Cleveland
21,432,900 -2.8
20.824,400
Columbus
2,125,108 +10.4
2,345.550
Mansfield
5,414,608 +35.5
7,339,228
Youngstown...
Pa.-Plitaburgh- 220,783,005 179.545,900 +23.0
6,674,000
4,211,418
77,820,116
132,820,860
18,445.400
2,432,394
6,035.481
185.322,390
6,810.000
4,726,820
7:1,079,433
117.425,782
16,534.300
2.529,829
5.980,321
168,120,501
440,393,239 +13.0
433,762,059
395,206,986
Reserve Dist 'let-Richm ond1,450,932 -0.6
1,442,374
6,494,343 -15.9
5,464,862
50,180.000 +4.4
52,382,000
2,912.865 +2.9
.3,000.000
121,136,857 122,001.743 -0.7
29,857,657 +21.9
36.382,243
1,509,403
9,730,458
68.570.000
3,391,082
110,4981,975
28.925,192
1,8013,290
10.059,619
60,090,000
3,958,364
122,057,339
26.403.160
224,374,772
Total(10 cities)
Total(8 cities)Fifth Fede-al
W.Va.-Hunt'g'n
_
Pichmond __
S.C.-Charlesion
Md.-Baltimore_
D.C.-Washing'n
675,574,312
497,802,981
623,569.053
+3.3
222,623.110
Sixth Federal Reserve Dist act- Atlant a8,563,469 +2.5
8,779,325
Tenn.-Chatrga.
*3,500,000 -5.6
*3,200.000
Knoxville
26.316.465 -3.4
25,431,876
Nashville
62,780,721 -9.4
56.889.940
Ga.-Atlanta.3,889,090 -20.1
3,108,535
Augusta
3,552,077 -7.5
3,285,695
Macon
16,456,426 -9.3
14,932,671
Fla.-Jack'nville
3,599,000 -35.2
2,331,000
Miami
33,222,567 -15.1
28,206.437
Ala. Birrning'm
2,205.617 +23.1
2,711,767
Mobile
2,529.000 --5.9
2,381.000
Miss.
-Jackson._
664,450 -13.6
573,925
Vicksburg
73.403,364 -15.4
62,068,824
La.-NewOrleans
10,438.472
3.526,220
22,432,662
58,262,815
3,011,877
2,702,528
20.270,029
5,269.581
28,308,750
2,226,951
2,100.000
565,886
74,500.579
8,356.889
2,267,730
23,664,541
89.807.707
2,366,034
2,398,383
30,772.579
26,147,281
28,817,018
2,234,465
2,048,000
598,052
72,021,759
240.682.246 -11.1
233.616.350
292,500.438
Total(6 cities).
Total(13 cities)
219.808,366
213.093.995
212,900,540
1925.
324,992
1,281,000
190,111,775
8,319,517
2,61.5,534
3,036,827
24,151,000
3,392,632
5,637,071
47.491,408
3,218,331
12,661,348
7,609,116
1,624,410
1,581.600
646,605,075
1.255.867
5,078.162
3,318,494
2,764.864
10,045,052,454
129 cities 13,958,663,369 11,927,046,753 +17.0 10,252.212,
Total
5,116,095,928 4,764.042,671 +7.4 4,535,949,849 4,460,762,241
Outside N. Y.City....
C41 [go opaf
1926.
Seventh Feder al Reserve D istric t-Chl cog°
275,123 -1.7
270,450
-Adrian_ _
Mich.
1,097,578 +17.5
1,289,521
Ann Arbor_ _
225,123,014 168,846.961 +33.3
Detroit
8,218,935 +9.7
9,017,586
Grand Rapids,
2,948,773 +18.5
3,492,989
Lansing
3,409,518 +15.5
3,937.604
-Ft. Wayne
Ind.
24,880,000 +42.1
35.355,000
Indianapolis_ _ _
3,687,000 +8.2
3.988,450
South Bend_ _
6,255,565 -18.2
5,119,592
Terre Haute
48,619,609 -2.0
47,662,053
Wis.-Milwaukee
+0.4
3,595,566
3,610,151
Iowa-Ced. Bap.
12,829,034 -3.1
12,426,796
Des Moines...
7,837,105 +11.6
8,742,627
Sioux City.
1.657,440 +14.5
1,897,095
Waterloo
1,834,891 +14.7
2,104,299
-Bloomington
Ill.
827,094,174 725,070,893 +14.1
Chicago
1,257,514 +17.2
1,474,055
Decatur
4,825,201 +35.0
6,515,805
Peoria
+6.3
3,621,499
3,818.660
Rockford
2.661,491 +13.5
3,019,805
Springfield....
s
s
$
%
II
532,020,831
625,197,537
691,468,486 -6.0
650,056,509
9,024,163,702 7,319,645,125 +23.3 5.949,143,767 5,719,082,410
611.949,031
615,130,742
623,569.053 +8.3
675,514,312
395,206,986
433,762,059
440,393,239 +13.0
497,802,981
224,374,772
222,623,110
212,900,540 +3.3
219,808,366
292,500.438
213,616,350
+11.1
240,682,246
213,903,995
961,801,152
972,082,027
1,033,427,696+16.7
1,205,989,726
248,447,336
210,479,136
254,922,000 -0.3
254,185,775
161,459.572
139,912,226
179,266,806 -0.2
178.888,799
247,617,414
246,840,006
242,466,516 +14.0
276,510.051
101,998,630
98,240,999
94,841,175 +12.4
106,168,817
548,563,882
575,184,9E9
593,474,872 +10.4
655,180,306
91A...A
Inc. or
Dec.
1927.
1928.
Total(20 cities) 1.205,989,726 1,033,427,696 +16.7
SUMMARY OF
.....
et
[Vou 127.
FINANCIAL CHRONICLE
2050
254,922,000
254,185,775
139,912,226
161,459.572
Tenth Federal Reserve Dis trict-Kens as City 419,135
484,698 +12.1
543,526
Neb.-Fremont..
775,031
466.571 -37.7
757,375
Hastings
5,443,235
5,586,217 +1.5
5,668,033
Lincoln
43,331,750
44.579.308 +11.1
49,546,332
Omaha
4,989,138
4.839,809 -5.4
4,578,048
Kans.-Topeka _
9,378,850
8,832,765 +13.0
9,978,703
W!Oita
138,692,901 +14.5 142,299,429
158,841,521
MO.-Kans. City
7.150,524
6.564,443 +17.0
7,679,699
St. Joseph,...
30,402,177
21,457.484 +20.7
35,541.045
Okla.
-Okla City
1,284,215
1,502,265 -2.1
1,470,380
Colo.
-Col. SPIls•
a
a
a
a
Denver
1,426,522
1,450.055 -2.1
1,905.414
Pueblo
494.568
685,301
5.099,995
42.887.236
4,556.775
7,107,000
142,285,079
7,857,039
33,877,980
1,342,779
a
1,363,662
Total(7 cities) _
178,888,799
179,265,805
242.466.518 +14.0
246,840,006
247,647,414
Eleventh Fede rat Reserve District-D allas
2,152,218
-I-4.5
2,251.214
Texas-Austin...
61,201,423 +15.5
70.662,168
Dallas
18,043,550 +2.6
16,462,996
Fort Worth...
8,647,000 +11.0
9,594,000
Galveston
6.796.984 +13.1
7.1388,439
La.
-Shreveport
2,483,742
58,635,021
15,918,612
14,375,000
6,828,624
2,214,759
62,405,614
17,230,220
13,403,800
6,744.237
94,841,175 +12.4
98,240,999
101,998,630
Total(12 cities)
Total(5 cities).
270,510,081
106,658,817
Twelfth Feder al Reserve D Istrict-Sar
49,923,252
52,987.639
Wash.
-Seattle15,296,000
15.771,000
Spokane
1,758,508
2,249.793
Yakima
42,394,416
42,938,008
Ore -Portland..
20,182,801
22,113,567
Utah-8. L. City
6,294,154
5,759,067
Cal.
-Fresno
7,179,626
8,298.663
Long Beach _ _
Los Angeles _ -- 212,877,000 176,434,000
23,337,805
22,136,705
Oakland
7,728.952
6,814.752
Pasadena
8.342,829
8,945,757
Sacramento -.6,099,220
5,350,6600
San Diego....
218.720,0u
San Francisco. 238,620,755
3,726.394
4,521.926
San Jose
1,747,254
2,014,625
Santa Barbara.
2,140,921
2,178,329
Santa Monica _
2,917,300
2,820,500
Stockton
.Franc isco
46,219,102
+6.1
13,657,000
+3.1
2,071,430
+27.0
42,711,668
+ 1.3
20,433,680
+10.0
7,242,466
-8.5
7,356,432
+15.6
+20.7 186,684,000
20.164,976
-5.1
6,905,079
-11.8
9,828.742
+7.2
5,965,09
+ 14.0
+8.2 194.409,000
4,227.336
+21.4
1,425,425
+ 17.0
2.500,367
+1.7
3,383.200
-3.3
43,565,019
13,524,000
2,219,611
44,607,875
19,656,178
5,980,453
6.562,111
174,889,000
21,092,899
5,738,263
9,952.542
5,447,516
184,499,000
3.537.506
1,624,756
1.052,923
3.714,200
Total(17 cities) 655,180.306 593,474.872 +10.4 575.184,999 548,563,882
Grand total 129)
13958663,369 11927046,753 +17.0 10252212,958 10045052.454
cities)
+7.4 4,535,949,849 1.460.762,241
Outside New York 0,116,095,928 4,764,042,671
Week Ended October 4.
Clearings al
1927,
1928.
Inc. Or
Dec.
•
1928.
1925.
$
$
$
$
Canada
%
168,300,742 177,211,755 -5.0 137,854,277 107,306,677
Montreal
152,790,382 173,315,733 -11.8 112,660,440 110,123,215
Toronto
87,968,786
77,460,770
64,523,198 +49.5
96,464,584
Winnipeg
16,172,718
18,615,792
21,596,227
18,686,848 +15.6
Vancouver
8,625,124
7,502,241
8.572,174 +6.2
9,107,776
Ottawa
6,426,641
6,491,505
7,453.592 +3.4
7,708,441
Quebec
3,390,495
4.137.299
4,178,225
3,702,250 + 12.9
Halifax
5,439,278
6,608,415
7,444,605 -0.3
7,420,786
Hamilton
6.508,947
6.363,567
8,606,181 -17.4
1,718.270
Calgary
2,734,250
2,664,837
4.8.6
2,729,757
2,965,470
St. John
2,203,392
2,405,937
2,792,041 +231.1
7,849,383
Victoria
3,351,948
3,531,166
3,852,559 +14.4
4,408,556
London
5.372,982
6,627.773
6,847,808 +15.4
7.902,824
Edmonton
7,863,157
8,383.385
6,751,875 +27.7
8,621,360
Regina
924,566
749,030
848,691 +23.2
1,045,762
Brandon
571.715
573.150
718,814 +37.9
990.908
Lethbridge
2.502,174
2,496,758
+22.5
2,742,230
3,358,884
Saskatoon
1,642,734
1,761,417
1.845,636 -17.2
1,528.946
Moose Jaw
1.617,319
1,561,227
1,634.285 +1.0
1,651,390
Brantford
1.199,946
1,134,529
1,164,625 +15.3
1,342,521
Fort William
. .
726,722
1,031,437
959,525 +33.4
1,280,036
New Westminster
398,324
395,911
505,080 +4.6
528,466
Medicine Hat _ _ _
935,786
1.182,406
1,120,064 -7.0
1.041,922
Peterborough....
817,452
1,069,791
1,077,233 -0.0
1,066,949
Sherbrooke
1,322,111
1,373,979
1,453,549 +3.8
1,509,441
Kitchener
3,307,759
4,635,978
4,536,061 +42.2
6,449.884
Windsor
349,145
460,637
507,952 +32.4
672,727
Prince Albert_ --946,612
922,369
933,130 +9.1
1,018,233
Moncton
1.072,474
1,017,992
1.210,401 -1.6
1,158,263
Kingston
674.659
739.910 +11.6
825,484
Chatham
716.869
816,281 +20.1
1,016,027
Sarnia
•Manager refuses to report weekly clearings.
OCT. 13 1928.]
FINANCIAL CHRONICLE
2051
THE CURB MARKET.
ImportsExports
£131,363 Netherlands
£57,800
Curb securities, for the most part, moved irregularly France
Belgium
93,948 China
256,500
Netherlands
12.100 British India
lower in the first two days of trading this week, but on United States of
300.327
America._ 61,146 Other countries
23,256
Wednesday a rally, accompanied by heavy trading, carried Mexico
95.090
Palestine
49,475
prices forward, many new high records being established. Other countries
1,240
Amer. Rolling Mill, corn. lost about four points to 98, sold
Total
£444.362
Total
£637.883
back to 102 and closed to-day at 101. Apponang Co.,
INDIAN CURRENCY RETURNS.
(In tacs of rupees.)
corn, was conspicuous for an advance from 473 to 65%,
%
Sept. 22. Sept. 15. Sept. 7.
Notes in circulation
18373
18246
18327
the close to-day being at 603.. Auburn Automobile was off Silver coin and bullion in India
10614
10568
10487
Silver coin and bullion
from 116% to 109, recovered to 1125 and finished to-day Gold coin and bullion inout of India
%
India
2976
2976
2976
Gold coin and bullion out of India
at 112. E. W. Bliss & Co., corn. advanced from 34% to Securities (Indian
Government
4237
4237
4237
45%. Bohn Aluminum & Brass improved from 725 to Securities (British Government)
)
546
546
546
The
%
747 and rested finally at 74. Checker Cab Mfg., corn. ounces stock in Shanghai on the 22nd inst. Consisted of about 54.300,000
in sycee. 90,100.000 dollars and 9,320 silver bars, as compared with
sold up from 74 to 81. Neisner Bros., corn. rose from about 52,400,000 ounces in sycee, 90,300,000 dollars and 7,000 silver bars
on the 15th Inst.
%
1063 to 1233 and ends the week at 122. Peoples Drug
-Bar Silver, Per Oz. Std.Bar
,Gold
Quotations during the week.- Cash.
Stores advanced from 693 to 81, the final transaction to-day
2 Mos.
Per Os. Fine.
%
Sept. 20
26%d.
26%el
.
84s. 11 %
being at 79%. Phelps Dodge & Co. improved from 175
21
26 5-16d.
26 7-164.
84s. 1134d.
22
to 198,the close to-day being at 195. Royal Baking Powder,
26 7-164.
26%cl.
84s. 11%d.
24
267-16
269-164.
84s. 1134d.
corn. sold up from 259 to 358 and at 335 finally. Sparks
25
265-164.
26 7-16d.
845. 113.d.
2626
845. 11.35d.
Virithington Co. moved up from 144% to 157%, reacted to Average
26.333d.
26.4474.
84s. 11.56.
The silver quotations to
155 and closed to-day at 1553. Utilities show few changes
-day for cash and two months' delivery are each
;id. above those fixed a week ago.
of moment. Electric Bond & Share Securities fell from
115% to 111, recovered to 1163 and closed to-day at 115%.
%
ENGLISH FINANCIAL MARKETS
-PER CABLE.
Sierra Pacific Elec., corn. sold up from 52% to 62% and
reacted finally to 59%. Oils were quiet with slight changes. asThe daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
A complete record of Curb Market transactions for the
Sal.,
Mon.,
Tues.,
Wed..
Thurs.,
week will be found on page 2077.
Oct. 6.
Oct. 8.
Oct. 9.
Oct. 10.
Oct. 11.
Oct. 12.
DAILY TRANSACTIONS AT THE NEW YORK
CURB MARKET.
Week Ended
Oct. 12.
Saturday
Monday
Tuesday
Wednesday
Thursday
Firday
*STOCKS(No. Shares).
Indus. &
Miscell.
438,800
744,010
584,660
876,800
825,160
Oils.
110,400
188,350
190,940
125,800
107,760
Total.*
66,900 616.100
150,540 1,082,900
101,300 840.900
120,400 1,123.000
56,280 989.200
HOLI DAY
BONDS(Par Value).
Portion
Domestic. Government.
$697.000
1,445.000
1.784,000
1.505,000
1,821.000
$474,000
483,000
The price of silver in New York on the same days has been:
490,000
431,000 Silver In N.Y., per oz. lets.):
302.000
Foreign
5834
5834
HOLIDAY
58%
5834
5834
Total
3,469.430 723.250 405,420 4.652.100 87.252,000 82.180.000
v In addition r ghts were sold as follows:
Saturday, 31.000; Monday, 60,900'
Tuesday, 135,100; Wednesday, 76,300: Thursday.
97,200
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
September 26 1928:
GOLD.
The Bank of England gold reserve against
notes amounted to £173,437.370 on the 19th inst. (as compared with
£173,907,475 on the previous
Wednesday), and represents an increase of
419,531,055 since April 29 1925
-when an effective gold standard
was resumed.
The small amount of gold available in the open
market this week
-about
£40,000
-was absorbed by the requirements of the Trade.
The following movements of gold to and from the Bank
of_England
.have
aen announced, showing a net efflux of £2,943,000
during the week under
review:
Sept. 20. Sept. 21. Sept. 22. Sept. 24. Sept.
25. Sept. 26.
Nil
Received
hil
Nil
Nil
Nil
Withdrawn_.... £711,000 E47,000 £201,000 £250,000
31,000 £1,279.000 £924,000
The receipt on the 24th inst. was in sovereigns from
South Africa. The
destinations of the £140,000 sovereigns withdrawn
were: Set aside account
Switzerland £100,000, Roland £40,000. All
other withdrawals were in
bar gold, the bulk of which was for Germany.
The following were the United Kingdom
imports and exports of gold
registered from mid-day on the 17th inst. to mid-da
y on the 24th inst.:
Imports-EXPOTI3British South Africa
£1,213,705 Sweden
£500,848
Other countries
1.736 Germany
1.003.846
Italy
130,326
Austria
39,650
British India
71,072
Straits Settlements
16,862
Netherlands
22,200
Franco
14,379
Switzerland
41,060
Java
19,600
United States of America_
500,200
Other countries
13,108
Total
£1,215,441
Total
12,373,151
The following figures (in lam of rupees) relate to
India's foreign trade
during August last:
Imports of merchandise on private account
2041
Exports, including re-exports, of merchandise on private
aunt
2693
Net imports of gold
83
Net imports of silver
131
et imports of currency notes
1
otal visible balance of trade-in favour of India
447
et balance on remittance offunds-against India
26
SILVER.
The market has been quiet and the fluctuations
in the-price have been
in sympathy with the movements of quotations from
lSdia and Cflins7
During the first part of the week prices made some
recovery oiving re
inquiry from both India and China, but orders were mostly
limited as to
price and proved inoperative at the advancing prices.
After reaching
26 7-164. and 26 9-164. for cash and two months' delivery
respectively on
the 24th instant, a duller feeling was manifest, and subsequent
falls of
d. and 1-16d. in both quotations reflected the apathy
of buyers.
American operators have taken little interest in the
market.
The following were the United Kingdom imports and
exports of silver
registered from mid-day on the 17th instant, to mid-day
on the 24th inst.:
t
Silver, per oz_d 26S1
26 15-16 27
26 15-16 26 13-16
Gold,perfine oz 845.1114d. 848.1134d. 84s.11d. 846.113.id. 845.11Sid.
Consols.2Si% _ __ _ _
559-16
555i
5534
55Si
-- -British, 5% ___ ___.
103
103
103
10334
-- - British, 434% - -- -99
99
99
993.
French Rentes
(in Paris)-fr- -- -65.80
66.00
65.60
65.40
French War L'n
(In Parts).tr_ ____
92.80
92.95
92.85
92.95
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
Sept. 29 1928 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury as of Sept. 29 1928.
CURRENT ASSETS AND LIABILITIES.
GOLD.
Assets
Gold coln
Gold bullion
695,657,535.35 Gold ctfa. outstanding..1.422,737.309.00
2,491,838,554.99 Gold fund, F. R. Board
(Act of Dec. 23 1913,
as amended June 21
1917)
1 449.064,509.77
Gold reserve*
156,039,088.03
Gold In general fund.... 159.655,183.54
Total
3,187.496.090.34
Total
3 187,496,090.34
•V ote.-lieserve agalns4$346.681.016 of U. S. notes and $1,297,700 of Treasury
notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver dollars
in Sue Treasury.
SILVER DOLLARS.
Assets
LiattlittesSliver dollars
480,522,095.00 Silver ctfs. outstanding_ 475,254,594.00
Treas. notes of 1890 outstanding
1,297,700.00
Silver dola.In gen.fund_
3,969,801.00
Total
480,522,095.00
Total
480,522,095.00
GENERAL FUND.
Assess
5
Liabilities$
Gold (see above)
139,655,183 54 Treasurer's checks outSilver dollars(see above)
3.069,801.00
standing
18,243.614.77
United States notes._ _ _
3,592,749 00 Deposits of Government
Ceders! Reserve notes...
986,205.00
officers:
FedRes, bank notes,.
120,560.00
Post Office Dept
2,658,606.87
Nationalbank notes__ _
19,030,084.00
Board of trustees,PosSubsidiary silver coin._ _
3,797.297.63
tal Savings system:
Minor coin..
2,276,246.35
5% reserve, lawful
Silver bullion
6,169,080.97
7,560,388.92
money
unclaselfied-Collec'ns,
Other deposits
109,471.81
'to
3.986.154.57
Postmasters, clerks of
Depositsin F.R.banks_ 31,368,009.31
courts, disbursing
Deposits in special de46.975.814.44
officers, &c
positaries Beet of sales
Deposits for:
of ctfs. of Indebtedness 198,649,000.00
Redemption of F. R.
Deposits In foreign denotes (5% fund.
positaries:
gold)
152.259,180.51
To credit of Treasurer
Redemption of nat'l
United States
116.813.12
bank notes(5% fd ,
To credit of other
lawful money)
24,387,736.16
Government officers
475,675.64
Retirement of addl
Deposits in nat'l banks:
circulating notes
To credit of Treasurer
Act May 30 1908._
2,430.00
United States
7,722,354.60 Uncollected Items, exTo credit of other
changes, dre
443.553.21
Govt. officers
19,600,029.58
Deposits In Philippine
252.640.796.69
Treasury:
Net balance
209,858.208.29
To credit of Treasurer
United States
983,760.67
Total
462.499,004.98
Total
462,499,004.98
a Includes receipts from miscellaneous sources credited direct to appropriation
s.
Note.
-The amount to the credit of disbursing officers and agencies to-day was
$387,773,482.57. Book credits for which obligations of foreign Governments are
held by the United States amount to $33,236,629.05.
Under the Acts of July 14 1890 and Dec. 23 1913, deposits of lawful money for
the retirement of outstanding national bank and Federal Reserve bank notes are
pall Into the Treasury as miscellaneous receipts, and these obligations are
under the Acta mentioned, a part of the public debt. The amount of such made.
obligations to-day was $41,735.924.50.
5450.235 in Federal Reserve notes and 818,973,284 In national bank
notes
the Treasury in process of redemption and are charges against the deposits are in
for the
respective 5% redemption funds.
Government Receipts and Expenditures.
Through the courtesy of the Secretary of the Treasury we
details of
are enabled to place before our readers to-day the
and disbursements for September 1928
Government receipts
1927-28
and 1927 and the three months of the fiscal years
and 1928-29.
Months
-Month ofSeptember1927.
1928.
Receipts.
$
Ordinary50.410,124 54.409.817
Customs
Internal revenue:
442,984,651 446,004.860
Income tax
46,377,898 52.389,079
Memel!. Internal revenue
Miscellaneous receipts:
Proceeds Government-owned
securities
Foreign obligations:
Principal
Interest
3,469,194
250,939
Railroad securities
494,811
195,784
All others
Trust fund receipts (reaPpro4,772,873
3,889.525
misted for investment)
769.080
876,680
Proceeds sale of surplus prop.
2.266.868
2.068,158
Panama Canal tolls, &c
from miscellaneous
Receipts
sources credited direct to
539.731
437,197
appropriations
9,906,952 25,075.229
Other miscellaneous
557,397,908 590,191,547
Total ordinary
Excess of ordinary receipts
over total expendit's chargeable agst. ordinary receipts_ 74,797,961 3 2.749,748
Excess of total expenditures
chargeable agst. ordinary
recta, over ordinary recta-
Three
1928.
147.798.288
518,870.976
163,653,864
10.019,360
1.210,743
309.531
53,425
10,028,970
33,568,585
734,273
14,274.468
.359,858
6.323,089
15,909,968
1.890,741
6,684,984
2,641,636
39,682,085
257.048,047 267,441,699
Total ordinary
966,343,614
184,062.659
510.857.453
86.739.852
485,623,436
107,737,869
4.827 683
40.519.079
20.000.000
1,966.549
4,971,908
38,398.808
13.000.000
2,219,834
5494.282
5293.110
6,145.136
5162.523
52,507
19,852,109
151,483
5593.226
7,860.622
939.303
51,040.355
50,009
14.001.206
15,614,729
187.984
192.519
85.278
222,701
140,101
72,538
704.477,440
675,369,760
365.325,800
10,500
74,810,650
100
21.000
.225,551,900 20.000,100
365.336,300
74,831,750
Total expenditures chargeable
1.069.813.740
against ordinary receipts__482,599,947 287,441.799
750,201,510
In July are Included.
Receipts and expenditures for June reaching the Treasury
the fiscal year 1929 todate
a The figures for the month include $64,482.08 and for of matured series, and for
$196,503.26. accrued alscount on war-savings certificates
8102,471.48 and $359,560.03,
the corresponding periods last year the figures Include
respectively.
b Excess of credits (deduct).
1928 of 819.950.000 for the
c The amount of the appropriations available July 1
for the Foreign Service
Civil Service retirement and disability fund and $213.000
notes maturing
fund were invested In special issues of 4% Treasury for Investments
retirement
already established
June 30 1933. in accordance with the procedure
Variations In working cash
for account of the adjusted service certificate fund. above.
balance account for any difference In amounts charged
Preliminary Debt Statement of the United States
Sept. 29 1928.
preliminary statement of the public debt of the
The
United States Sept. 29 1928, as made upon the basis of the
daily Treasury statement, is as follows:
First Liberty Loan of 1932-47
Fourth Liberty Loan of 1933-38
Treasury
Treasury
Treasury
Treasury
Treasury
bonds of 1947-52
bonds of 1944-54
bonds of 1946-56
bonds of 194347
bonds of 1940-43
Tow bonds
Treasury Notes
Series A-1930-32. maturing Mar. 15 1932
Series 13-1930-32, maturing Sept. 15 1932
Series C-1930-32. maturing Des. 15 1932
Adjusted Service
Series A-1930
Melee A-1931
Sales B 1931
Series A-1932
Series A-1933
Civil Service
Series 1931
Sesies 1932
Series 1933
-Scrim 1933
FOrelign Service
Debt Bearing NoInterestUnited States notes
Less gold reserve
$599,724,050.00
48,954.180.00
25.947.400.00
49,800,000.00
28.894,500.00
15,875,580.00
1,739,324.200.00
130.111,895.90
316.917.527,685.90
52,005,650.26
22,222,750.00
181,045.100.00
22,100.00
2,054,600.00
1.419.500.00
363,600.00
2,747.600.00
211.880.900.26
3346,681,016 00
156,039,088.03
S190,641.927.97
Deposits for retirement of national bank and
Federal Reserve bank notes
Old demand notes and fractional currency
Thrift and Treasury savings stamps, unclassified sales. dre
41,785,924 50
2.045,485.77
3.518,864 46
237,942,202.70
17,367.350.788.86
Total gross debt
216,142.104
Public debt retirem'ts chargeable agst. ordinary reets.:
225,551,900 20,000.000
Sinking fund
100
Received for estate taxes
Forfeitures, gifts. &c
BeadsCenacia of 1930
Panama's of 1916-36
Panama's of 1918-38
Panama's of 1961
Conversion bonds
Postal savings bonds
312.498.866.15
23,385,501.45
94,227,528.30
Total Interest-bearing debt
Matured Debt on Which Interest Has Ceased
Old debt maturea-issued prior to Apr. 1 1917_
Second Liberty Loan bonds of 1927-42
Third Liberty Loan bonds of 1928
3ti % Victory notes of 1922-23
434% Victory notes of 1922-23
Treasury notes
Certificates of indebtedness
Treasury savings certificates
1,366,009
55,708,224
885,751,081
$245.561.000.00
196.5114.500.00
175.522.000 00
360.947.000.00
211.784,000.00
548.915.700.00
Treasury Sayings Certificates (a)
Series 1923. Issue of Sept. 30 1922
Series 1923. Issue of Dee. 1 1923
Series 1924. Issue of Dec. 1 1923
1927.
$
157,873,595
510,280,496
149,851,527
Treasury Certificates
Series TD 1928, maturing Dec. 15 1928
Series TD2-192S, maturing Dec. 15 1928
Series TD3 1928, maturing Dec. 15 1928
Series TM-1929, maturing Mar. 161929
42-1929. maturing Mar. 15 1929
Series T5
Series TJ-1929, maturing June 15 1929
Expenditures.
Ordinary
(Checks and warrants paid, &c.)
162,540,303 159,194,663
General expenditures
64,840,542 86,000,867
Interest on public debt_a
Refund of receipts:
1,503,927
1,503,915
Customs
7,796,156
11,988,862
Internal revenue
10,000,000 5,000,000
Postal deficiency
717.294
632,373
Panama Canal
Operations in special accts.:
114,213
5484,059
Railroads
5343,961
5139,396
War Finance Corporation
2.603,253 2,405.091
Shipping Board
83.101
514.707
Allen property funds
314,411
51311,163
Adjustea service ett.fund___
5110,135
5171,320
Civil-service retirement fundInvestment of trust funds:
4,711.422
3,864,237
Govt. Life Insurance
District of Columbir Teach107
ers' Retirement
56,805
55,081
Foreign Service Retirements
61,455
25,181
General Railroad Contingent
Total
[VOL. 127.
FINANCIAL CHRONICLE
2052
a Net redemption value of certificates outstanding.
COMPARATIVE PUBLIC DEBT STATEMENT.
IOn the basis of daily Treasury statements.]
Aug. 31 1919
When War Debt Sept. 30 1927. Aug. 31 1928.
Was at Its Peak. A Year Ago. Last Month. Sep . 30 1928.
3
$
26,596,701,648 18,477,419,684 17,647,990,660 17,367,350,788
Gross debt
209,858.208
190,148,218
490,544,016
Net bal.In gen.fund. 1,118,109,534
Gross debt less net
80
bal.in gen.fund.25.478,592,113 17,986,875,668 17,457.842.441 17,157,492,5
Treasury Money Holdings.
The following compilation, made up from the daily Government statements, shows the money holdings of the Treasury at the beginning of business on the first of July, August,
September and October 1928.
Holdings in U. S. Treasury July 1 1928
Aug. 11928. Sept. 1 1928. Oct. 1 1928.
s
Net gold coin and bullion_
Net silver coin and bullion
Net United States notes__
Net national bank notes. _
Net Federal Reserve notes
Net Fedi Res. bank notes
Net subsidiary silver
Minor coin. &c
$
313,920,118
15,105,541
3,021,104
/9.526,096
1.576,535
101.210
2.802,145
16,196,244
$
330,130,615
12.725.164
2,927,601
22,093,921
1,076,462
150,110
2,742,050
6,388.867
$
326,408,336
14,653,596
3,217.488
18,542.931
1,054,735
92.140
2,806,320
4,320.031
315,694,271
10.138,882
3.592,749
19,030,084
986,205
120,560
3,797,297
6.262,401
Total cash in Treasury.
Less gold reserve fund_ ...
372.248.993
156,039,088
378,234,790
156.039.088
371.095.577
156,039.088
359,622,449
156,039,088
Cash balance In Treas'y
Dep.in spee'l depositories,
acct. Treasury bonds.
Treasury notes and certificates of indebtedn'ss
Dep. In Fed'l Res. banks_
Dep. In national banks:
To credit Treas. U. S._
To credit disb. officers_
Cash in Philippine Islands
Deposits in foreign dentsDep. In Fed'I Land banks
216,209,905
222,195,702 .215,056.489 *203,583,361
Net cash In Treasury
_ ...
and In banks_
Deduct current liablfities_
AvailAhla nsuah hAlAnAA
245,754,000
23.959,959
96,727,000
28,331.644
165,012,000
34.054,394
198,649,000
31,368,009
7,043,957
19,902,070
760,834
526,122
7,128,950
19.101.288
897,436
469,845
7,634.700
17,862.670
837.930
510.497
7,722,355
19,600,030
983,761
592,489
514.156,847
248.629,866
374.851,865
258,101.580
440,968.679
250,820,461
462,499,005
252,640,797
263526 OM
110 7311 951
100 145 215
900 555 OAQ
•Includes Oct. 1 $6,169,080.97 silver bullion and 52 276,246.35 minor coin, &c..
not Included In statement "Stock of Money."
gontraercial andMisceilanconsBews
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
3769,195,690.00
$1,939.154,150.00
6,284.041.600.00
8,223.195.750.00
8758,984.300 00
1,036.834.500 00
489.087,100.00
493,037.750.00
359,042,950.00
3,136,986,600.00
812,129,378,040.00
APPLICATIONS TO ORGANIZE RECEIVED WITH TITLES
REQUESTED.
Capital.
3200,000
-The Commercial National Bank of Newark, N. J
Oct. 2
Correspondent, Joseph MoroLa, 271 Clifton Ave., Newark, N. J.
25,000
-The Milbank National Bank, Milbank, S. D
Oct. 2
Correspondent, John filming, Brookings, S.D.
25,000
-The Farmers National Bank of Moline. Kan
Oct. 5
Correspondent, Frank Webb, Moline, Kan.
200,000
-First National Bank Pawtucket. R. I
Oct. 5
R.I.
Correspondent,John Bradbury, Box 361,Providence,
CHARTERS ISSUED.
Oct. 1-The First National Bank of Primrose, Neb
Neb.
Conversion of the Primrose State Bank, Primrose,
President, Joseph Davis. Cashier, W.E. Wicks.
Conn
-The Sharon National Bank, Sharon,
Oct. 4
V. A.
President, Horace M. Dunbar. Cashier, George
81,215,153,200.00
615.095.700.00
607.399.650.00
27,000.000.00
63.500,000.00
70,000,000.00
123,400,000.00
123.400,000.00
31,200.000.00
14.400,000.00
37,800.000.00
365,000.00
2.918.713,550.00
25,000
25,000
Kirby.
100,000
Y
-The First National Bank of Bolivar, N.
Oct. 6
E. Case.
President, George H. Stohr, Cashier. Floyd
CHANGE OF TITLE.
Conn., to the
Oct. 1-'rho City Nationa Bank of Bridgerrt.
"City National Bank & Trust Co. o Bridgeport
OCT. 13 1928.1
FINANCIAL CHRONICLE
VOLUNTARY LIQUIDATIONS.
Oct. 1-The National Bank of Rochester, N. Y
1.200,000
Effective Sept. 29 1928. Liq. Agent, Samuel R. Parry,
222 Mill St.. Rochester, N. Y. Absorbed by Union Trust
Co. of Rochester, N. Y. The liquidating bank had been
granted permission to establish two branches.
Oct. 2
-The Franklin National Bank of Newark. Ohio
Effective Oct. 1 1928. Liq. Agent, Warren T. Suter, 250,000 t
Ohio. Succeeded by Union Trust Co. of Newark. Ohio.
Oct. 2
-The First National Bank of Auburn, Pa.
Effective Oct. 1 1928. Liq. Agent, Bank of Auburn, 25,000
Auburn, Pa. Succeeded by Bank of Auburn. Auburn.
2053
By Barnes & Lofland, Philadelphia:
Irredeemable ground rent. $42 a
Shares. Stocks.
$ Per shore.
year. chargeable halt yearly. pay4 2-3 First Nat.Bk.,Clinton. N.5-155%
able A .& O. 1,every year forever,
4 First Camden (N. J.) National
free of taxes, on brick dwelling
Bank de Trust Co
441
No. 507 Diamond St. $208 to
8 First Camden (N. J.) National
be paid at the time of sale__ _5725 lot
Bank & Trust Co
443
Shares. Stocks.
per Sh. 25 First National Bank & Trust Co.
Founder's membership in the Penn
(Woodbury. N. J.)
180
Athletic Club of Phila
$1,000 lot 50 Springfield National Bank (Del8 Bank of Phila. St Trust Co
aware County)
455%
150
2 Mitten M.& M. Bk.& Tr. Co_125
3 Bk. of Nor. Amer. & Trust Co
6 Fern Rock Trust Co., par $50-10534 200 F. J. Ryan & Co.. pref., par449%
3 Allegheny Title & Tr. Co.. pat 550 60
$50
$100 lot
Oct. 2
-The American National Bank of Bradenton. Fla
5 Provident Trust Co
Effective Sept. 29 1928. Liq. Agent, C. C. Rathbun. 100,000' 1 Continental-Equitable Title 839% 4 Phila. Bourse, cont.. par 850.... 32
33 Bobrow Brothers. 7% pref
de
75
Bradenton, Fla.
Trust Co., par $50
330 80 Belong Hook & Eye Co
10
10 Columbia Ave. Trust Co
465
15 Courier Post Co., pref
CONSOLIDATION.
100
9 Integrity Trust Co.. par $50- _ _67154 10 Ins. Co. of Phila.. par 510
Oct. 1-The Uncas National Bank of Norwich, Conn
2854
100,000 1 Burlington County Trust Co..
Membership in the Rolling Green
The Merchants National Bank of Norwich, Conn
100,000
Moorestown, N. J
Golf Club
360
Consolidated to-day under the Act of Nov.7 1918.
$750 lot
under
15 Broadway-Merchants Trust Co..
5 Castle Kid Co., pref
the charter of the Uncas National Bank of Norwich. No.
1
Camden. N. J
375
100 Castle Kid Co.,common
1187, and under the title the "Uncoil
1
-Merchants National
5 Manheim Trust Co., par $50
65
25 Hunt. & Broad Top Mtn. RR.
Bank of Norwich," with capital stock of $200,000.
3 Chestnut Hill Title & Trust Co..
& Coal. pref
2
par $50
112
1 Tacony Palmyra Ferry Co
1534
162 Tradesmen° Commercial Co..
50 Quaker Products Co., corn.
Auction Sales.
-Among other securities, thc following,
par $5
(with $250 profit sliming ctf.) 12
$10 lot
'
10 Fidelity
n
not actually dealt in at the Stock Exchange, were sold at auction Claim for 130 shs. Metropolita$10 lot 2 Fidelity Phila. Trust Co
89634
Commercial Co , par $5
Philadelphia Trust Co--796
in New York, Boston, Philadelphia and Buffalo on Wednes- Claim for 200 shs. Enterprise ComBonds.
Per Cent.
mercial Co., par 5.5
$10101 $2.000 Electric & Peoples Traction
day of this week:
2 Philadelphia National Bank____72254
Co., 4% stock trust, registered
57
15 Penn National Bank
773
$1.000 Peoples Pass. Ry.,4% stock
By Adrian H. Muller & Sons, New York:
2 Textile National Bank
420
Trust. 1943. registered
6134
9 Tradesmens Nat. Bk. & Tr. Co 550
29,000 Lehigh Valley RR.Co.cons.
Shares. Stocks.
$persh. Shares. Stocks.
$ Per sh. 10 Hunterdon County Nat. Bank,
2,027 Arizona Copper Belt Mining
454s. perpetual annuity, reg_ - _100%
260 Piedmont & Nor.Ry
(Flemington. N.J.), par $20
56
88
Co., par $1
$15,000 Aronimink Park Resting
165 lot 350 Amer. Dan Bottle Seal Corp.,
30 Clinton(N.J.) Nat.Bk., par $25 8534
Co.. 1st M. fis. Dec. 1 1937.... 85
24 King's Foreign Crosstie Corp $10 lot
common, no par; 35 Amer. Dan
125 Frank E. Morse Co
$30 lot
Bottle Seal Corp., pref
By A. J. Wright & Co., Buffalo:
52 lot
110 Omnibus de la Havana,2d pre1,600 Electric Ferries, Inc., comShares. Stocks.
ferred
$ per Sh. Shares. Stocks.
$1,000 lot
mon v. t. e.. no par
$ Per SA.
1254 Hefter Qualitol. Inc., par
.50 Atlantic Book & Art Corp. corn.;
1,000 Argonaut Cop.. par $1
5.000 Pharmacist Gold Min. Co.; 2
214c
320
50 AU.Book & Art Corp. pref..516 lot
50e. lot_ 50 Western States Oil & Land Co.,
3,000 Empire Lee Mining Co..
500 Area Mines. par $1
100 Union Discount Co.,Inc., pref.;
19e.
par $1
par Sc.: 2,500 Stewart Silver Lead
50
40 Big Ledge, par $5
50 Union Dig. Co., Inc.,com-$47 lot
Sc.
Co., assess, paid, par 25c.: 7,500
4,199 Spur Life Chemical Corp.,
Travis Gulch Min. Co., par lc.:
par $50
$5lot
15,250 reorganized Pioneer Mines
4,595 N. Y.Alaska Gold Dredging,
Co., all assess, paid, par 10c_$50 lot
DIVIDENDS.
no par
$325 lot
By R. L. Day & Co., Boston.
Shares. stoats.
$ Per sh. Shares. Stocks.
$ per sh.
41 Atlantic National Bank
310
575 Conveyor Trucks Inc.(N.Y.)$17 lot
60 First National Bank
450-451 4 New England Pow. Assn..
pref--- 9734
63 Merchants National Bank
43554 10 American Stay Co., Prof
$10 lot
3 Webster & Atlas National Bank_ _20054 15 Saco Lowell Shops, coin
554
8 Webster & Atlas National Bank.-203
7 Saco Lowell Shops, 2d pref
9
25 Second National Bank
431
100 Lockwood, Greene & Co., pref.;
28 Second National Bank
431%
15 common B
50 American Trust Co
474-476% 3 units Commercial Finance Corp $2 lot
40%
75 Waltham Nat. Bank, par $75...16334 2 Public Service Co..
N. H.. pref..
.5 Ludlow Mtg. Associates
198
$6 dividend series
100111
5Pepperell Mfg.Co
100 6 units First Peoples Trust
52-52%
20 Otis Co
41
50 Ash Removals Patent Corp.
53 Border City Mtg. Co
:9
(Del.), par $50
$10101
43 Great Falls Mfg. Co
5% 90 New Bedford Gas at Edison
3 Stafford Mills
4%
Light Co., par 525
9934
100 Arlington Mills
3554 112 Fall River Gas Works, par $25. 57
20 Hamilton Woolen Co
2434 12 Dennison Mfg. Co., prof
105%
23 Bates Mfg.Co
140% 125 Collateral Loan Co
167
36 Naahua Mfg. Co..com
41
50 New England Fire Ins. Co,
8 Merrimack mtg.co•.com
140%
Par $10
4734
25 Boston Mtg. Co., pref
15% 248 Narragansett
100 Connecticut Mills, corn. A._.. SOc. 300 Washington Brewing Co____S35 lot
Central Trust, pf.$40 lot
39 Merrimack Mfg. Co.. coin
140 5 Cleveland Elec. Ilium. Co.. com.425
27 Merrimack Mfg. Co.. prof
75 57 New Eng. Pow. Assn.. pref
9734
82 York Mfg. Co
20
7 units First Peoples Trust
52
12 Naumkeag Steam Cotton Co_ _132% 19 special units
First Peoples Trust. 3
70 Nashua Mfg. Co., corn
42
1 Boston Storage Warehouse Co_ 120
6 Cripple Creek Central Ry.Co.,pf. 22 9 Quincy Market
Cold Storage St
44 Nantasket Beach Steamboat Co.46 flat
Warehouse, pref
70
10 Merrimac Chemical Co., par $50 8934 10 New England
Power Co.. prof-114%
1 Fiberiold Corp.. pref
10654
500 Granite County Power Co., par
$1; 2 Internat. Abrasive Corp.,
Bonds.
Per
corn.; 5 let pref.; 48 Middlebury
5150 Saco Lowell Shops 7s, Jan.Cent.
Marble Co.. corn.. par $25: 2.500
15 1932
Mololoa Mining Co., par $1; 20
$1.200 Middlebury Marble Co. 7s, 78
Potter Stores Co.. el.A; 27 el. B.;
Sept. 1936 coupon; Sept. 1923
8,000 Royal Basin Mining Co.,
and sub. on
$4 lot
par $1; 10 A. L. Bayles de Sons
Promissory note for $5,000 of John
Co.. corn.. par $25; 10 pref., par
F. Linton to the order of Alfred,
$50; 11 The Troy Foundry Co..
0. Hoyt, dated at N. Y. Dec. 7
Inc., pref., par $1: 110 temp.
1926. due 6 mos.; int. 6%; envol. tr., par $50: 10 The Troy
dorsed and protested for nonFoundry de Machine Co., Inc.,
payment. Promissory note for
pref.; 5 common, par $25; 750
$5.000 of John F. Linton to the
Goldstone Consol. Mining Co.,
order of Zlfred 0. Hoyt, dated
par $1; 2.000 El Favor Mining
N. Y. Dec. 7 1926, due one year;
Co., par $1; 20 Frank E. Davis
int. 6%; endorsed to become
Fisheries. Ltd.. 8% cum. nonpayable on demand if first above
voting prof par 61: 10 Boston
named note is unpaid date of
Maritime Corp.; 2 Automotive
maturity; endorsed and protested
Royalties Corp., Inc.. par 120-358 lot
for non-payment
$5 lot
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:
Per
When
Books Closed
Name of Company.
Cent. Payable.
Days Inclusive.
Railroads (Steam).
Bangor & Aroostook, corn. (quar.)
87c. Jan. 1 Holders of roe. Nov.30
Prexerred (quar.)
1% Jan. 1 Holders of rec. Nov.30
Cincinnati Sandusky & Cleveland. prof. *
$1.50 Nov. 1 *Holders of rec. Oct. 23
Public Utilities.
Amer. Commonwealths Power Corp.
let pref. series A (guar.)
$1.75 Nov.
Holders of rec. Oct. 13
let pref. $64 div. series.(
$1.63 Nov.
guar.)
Holders of rec. Oct. 13
2d pre/ series A 'quar.)
$1.75 Nov.
Holders of roe. Oct. 13
American Light & Traction, corn.(qu.). 2
Nov.
Oct. 19 to Oct. 29
Common (extra)
2
Nov.
Oct. 19 to Oct.
Preferred (guar.)
134 Nov.
Oct. 19 to Oct. 29
29
Associated Gas & Elec.. $6 Pf.(quar.).. 141.50 Dec.
Holders of rec. Oct. 31
8634 preferred (quar.)
51.625 Dec.
Holders of rec. Oct. 31
Associated Telep. Utilities, 37 prof.((W.) $1.75 Dec. 1 Holders
of roe. Nov.30
$8 preferred (guar.)
$1.50 Dec. 1 Holders of rec. Nov.30
Broad River Power, pref.(quar.)
1% Nov.
Holders of tee. Oct. 15
Electric Investors, Inc., $6 pre/.(quar.)_ $1.50 Nov.
Holders
Empire Gas & Fuel,8% pref.(monthly)'66 2-3c Nov. *Holders of rec. Oct. 13
of
• 58140 Nov. *Holders of rec. Oct. 15
7% preferred (monthly
rec.
15
6% preferred (monthly)
*50e. Nov. *Holders of rec. Oct. 15
Oct.
654% preferred (monthly)
•54 1.50 Nov. *Holders of rec. Oct. 15
Grand Rapids RR..7% pref.(quar.).
134 Nov.
Holders of rec. Oct. 15
Interstate Rye..common
'17)4c Nov. *Holders of rec. Oct. 20
Italian Superpower, pref. (guar.)
$1.50 Nov.
Holders of rec. Oct. 15
Laurentide Power. Leo.(guar.)
$1.25 Oct. 1 Holders of rec. Oct. 10
Mexican Light & Power, 7% nref
354 Nov.
Holders of rec. Oct. 22
4% preferred (par $5)
10c. Nov.
Holders of rec. Oct. 22
Municipal Service Co., pref.(guar.)._
154 Nov.
Holders of rec.
15
Pacific Lighting, COM.(attar.)
*75c. Nov. 1 *Holders of rec. Oct. 31
Oct.
$5 preferred (quar.)
*51.25 Nov. 1 *Holders of roe. Oct. 31
Power & Light Securities Trust
Shares of beneficial Interest
50c. Nov.
Holders of rec. Oct. 15
National Elec. Power cont., A (guar.).45e. Nov.
Holders of tee. Oct. 20
North American Edison, pref.'quar.).. 41,40 Dee.
Holders of roe. Nov.15a
Pub.Serv.of Norills.,com.,5100 par(qu.) *2
Nov. *Holders of roe. Oct. 13
Common (no par)
*32
Nov. *Holders of rec. Oct. 13
8% Preferred '(mar.)
*134 Nov. *Holders of rec. Oct. 13
7% Preferred (ouar.)
*1% Nov. *Holders of rec. Oct. 13
Rhode Island Pub. Serv.. class A (quar)•111
Nov.
Holders of rec. Oct. 15
By Wise, Hobbs & Arnold, Boston:
Preferred (guar.)
50e Nov.
Oct. 16 to Oct. 17
Shares. Stocks.
Shawinigan Water & Power
$ Per Sh. Shares. Stocks.
Holders of rec. Oct. 12
$perSh. Standard Power St Light. tin stock).. dO
9 Worcester Co. National Bank
25 Johnson Educator Biscuit
pref. (guar.)._ $1.75 Nov. 1 Holders of rec. Oct. 16
Co..
(Worcester). par $50
Swiss American Electric, $6 preferred
168
class B
•$3 Nov. 1 *Holders of rec. Oct. 26
3 First National Bank
450-450% 25 Joint Stock Land Bank (Kansas 134 Tampa Electric Co., com.(quar.)
•50e. Nov. 15
10 United States Trust Co
Tennessee Elec. Power,5% 1st pfd (qu.) 154 Jan. 2 *Holders of rec. Oct. 25
414%
City)
Holders of rec. Dec. 15
1
75 York Mfg. Co
Six per cent first preferred (guar.).
200 Stollwerck Chocolate Co..
20
- 134 Jan, 2 Holders of rec. Dec. 15
26
20 Pepperell Mfg. Co
Seven per cent first pref.(guar.)
prof. certif. of deposit
100
1% Jan. 2 Holders of rec. Dec. 15
214
150 U.S. Worsted Corp., 1st pref--354
126 Beacon Participations,
7.2% first preferred (quar.)
$1.80 Jan. 2 Holders
Inc.,
25 Fairhaven Mills. common (unSix per cent first preferred (monthly). 50e Nov. 1 Holders of rec. Dec. 16
class A pref
18%-20
deposited)
$1.50 lot 6special units First Peoples
Six per cent first preferred (monthly). 500 Dec. 1 Holders of rec. Oct. 15
Trust__ 354
5 Sharp Mfg. Co., pref
1% 9 units First Peoples Trust
Six per cent first preferred (monthly). 50c Jan 2'29 Holders of roe. Nov. 15
of rec. Dec. 15
52
5 Contoocook Mills Corp., pref.- __ 82
29 Dedham dz Hyde Park
7.2% first preferred (monthly)
600 Nov. 1 Holders of rec. Oct. 15
Gas &
14
10 Dwight Mfg. Co
7.2% tiro' preferred (monthly)
Electric Co., V. t. e..
600 Dec. 1 Holders of rec. Nov. 15
15 Sara-Lowell Shops. 1st prof..._ 23
10 North Boston Ltg. par $25... 34
7.2% first preferred (monthly)
80o. Jun2'29 Holders of rec. Dee. 15
Properties,
10 'West Point Mfg. Co
132
United Gas Impt.(extra)
common v. t.
*50c.
101
10 Eastern Mil. ASSOC. cony.
47
5 Wamsutta Mills
stock_
40 2 Carr Fastener Co.. prey, par 525_ 14
1 Nashua Mfg. Co.. corn
Fire Insurance.
95
2 L. S. Starrett Co.. common
23
30 Hamilton Woolen Co
Amer.Equit. Assurance of N. Y., corn
3734c. Nov. 1 Holders
262
100 Lewis A. Crossett Co..
Knickerbocker Ins. of N. Y., cam. (q11.) 3734c. Nov. 1 Holders of rec. Oct. 20
32 Naumkeag Steam Cotton Co...133
pref.._ 1
of
Mfg. Co.. prof
1 01-1% 100 Quincy Market Cold
122 Sharp
New York Fire Insurace. coin. (guar.). 30c. Nov. 1 Holders of rec. Oct. 20
rec. Oct. 20
Storage gr
Warehouse Co.. common
9 Saco-Lowell Shops. lst pref.- 23%
40-4054
16 Groton & Knight Co..common__
131 U. S. Worsted Corp.. corn.:
Miscellaneous.
1134
$28 lot 3 13-100 State Tehatre Co.,
37 Mg Prof
pref._ 90
Adams Millie Corp., corn.(qu.)(No. 1). 500. Nov. 1 Holders
20% 6 Plymouth Cordage Co.. ex-cliv__10
1 York Mfg. Co
of rec. Oct. 18
0
Preferred (quar.)
20 Saco-Lowell Shops. let pref.__ 23% 20 American Mfg Co., pref
134 Nov. 1 Holders
60
Amer. Alliance Investing, 1st pf.(No. 1) *51.50 Nov. 1 *Holders of roe. Oct. 18
15 Craton & Knight Co., pref
23
5 Saco-Lowell Shops, 1st pref
72
American European Securities. Pf. (nu.) 81.50 Nov. 15 Holders of tee. Oct. 15
85 Saco-Lowell Shops. 26 pref.-- 834 11 Boston Storage Co., COM
100
American Founders Corp., corn. (guar.) 1234e. Nov. 1 Holders of rec. Oct. 31
101 , 8 units First Peoples Trust
4 Northern RR. of N. II
of res. Oct. 15
Common (1-40th share common stock) (f) Nor. 1 Holt
20 Western Massachusetts Cos--- _ 66 '4 special units First Peoples Trust_ 52
erg of rec.
3%
United Elastic Corp
7% let preferred ((mar.)
4354-44 5 Ludlow Mfg. Associates
10
8734c. Nov. 1 Holders of rec. Oct. 15
197%
6% let preferred (guar.)
15 Malden Electric Co.. par $25...1O2
16 Malden & Melrose Gas Light
750. Nov. 1 Holders of rec. Oct. 15
6% 2d pref. (ouar.)
Co., par $25
17 units First Peoples Trust
47
3734c. Nov. 1 Holders of rec. Oct. 15
52
150 Surbrug Chocolate Co., corn.23 lot 170 Old Colony Trust Associates_5834-80 American Sales Book. pref.(Guar.)
*134 Nov. 1 *Holders of rec. Oct. 15
Oct. 15
Archer-Daniels
-Midland Co., corn.(qu ) 750 Nov. 1 Holders of
10 Boston Ground Rent Trust__ -.114
17 Brockton Gas Light Co., v.1. C..
rec. Oct. 20
Preferred (guar.)
46
15 Massachusetts Utilities Assoc..
par $25
134 Nov.
Atlantic At Pacific Int. Corp., pref.(qu.) 750. Nov. I Holders of rec. Oct. 20
61
10 Merrimac Hat Corp., corn
5% prof.. Par $50
1 Holders of rec. Oct.
46 ex-d1v.
16a
1
2054
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
.20c .Nov. 1 *Holders of rec. Oct. 20
Automotive Fan Co., corn. (guar.)
•10c .Nov. 22 *Holders of rec. Oct. 20
Common (extra)
Barnhart Bros. 4: Spindler
154 Nov. 1 Holders of rec. Oct. 20
1st and 2d preferred (guar.)
75c Nos. 1 *Holders of rec. Oct. 20
Bessemer Limest. & Cement, cl. A (qu.) •
•25c Jan 219 *Holoers of rec. Dec. 8
Bucyrus-Erie Co., common (guar.)
6234c Jan 2'29 *Holders of rec. Dec. 8
•
Convertible preferred (guar.)
50c. Nov. 15 Holders of rec. Oct. 31
Butler Brothers (guar.)
16
Canadian Dredge dr Dock, Ltd., pf. mu.) 134 Nov. 1 Holders of rec. Oct. 20
75c. Nov. 1 *Holders of rec. Oct.
.
Castle (A. M.)& Co.(guar.)
30c. Nov. 1 Holders of rec. Oct. 15
Christie, Brown dr Co.(guar.)
*Holders of rec. Nov. 5
se50c
Coca-Cola Bottling Sec. 'In stock)
15e. Oct. 25 Holders of rec. Oct. 8
Connecticut Cash Credit, corn.(quar.)
15c. Oct. 25 Holders of rec. Oct. 8
Preferred (guar.)
15c. Oct. 25 Holders of rec. Oct. 8
Preferred (extra)
Oct. 15
Consol. Bond & Share Corp., pref.(au.) 154 Nov. 15 Holders of rec. Oct. 15
.20c. Oct. 25 *Holders of rec.
Consolidated Royalty 011 (quar.)
*20c. Nov. 1 *Holders of rec. Oct. 20
(The), common (monthly)
Fair
*20c. Dec. 1 *Holders of rec. Nov. 20
Common (monthly)
*20e. Jan. 1 *Holders of rec. Dec. 20
Common (monthly)
520c. Feb119 *Holders ol rec. Jan.2029
(monthly)
Common
*154 Nov. 1 *Holders of rec. Oct. 20
Preferred (guar.)
*134 Feb 1'29 *Holders of rec. Jan. 20'29
Preferred (ouar.)
50e. Nov. 1 Holders of me. Oct. 15
General Stockyards, corn. (guar.)
31.50 Nov. 1 Holders of rec. Oct. 15
$6 preferred guar.)
*$1.25 Dec. 1 *Holders of rec. Nov. 1
Safety Razor (guar.)
Gillette
Dec. I *Holders of rec. Nov. 1
*5
Stock dividend
*/200 Oct. 8
Gleaner Combine Harvester, corn
25c. Oct. 31 Holders of rec. Oct. 20
(guar.)
Hall(W. F.) Printing
*25c Nov. 24 *Holders of rec. Nov. 5
Hazeltine Corp.(guar.)
IN Nov. 1 Oct. 20 to Nov. 1
Higbee Co., 1st pref. (quar.)
_ _ 56234c Nov. 1 *Holders of rec. Oct. 15
Internet Printing Ink, cora.(guar.)
•134 Nov. 1 *Holders of rec. Oct. 15
Preferred (guar.)
'
62340 Dec. I *Holders of rec. Nov. 16
Jaeger Machine (guar.)
ICIM-er Peabody Acceptance Corp.
2% Nov. 1 Holders of rec. Oct. 15
Clam A preferred
Nov. 1 Holders of rec. Oct. 15
3
6% preferred B
Nov. 1 Holders of rec. Oct. 15
3
Second preferred (No. 1)
*15e Nov. 1 *Holders of rec. Oct. 20
I.oew's Boston Theatres(guar.)
*62gc Oct. 31 *Holders of rec. Oct. 15
Manhattaa Rubber Mfg.(guar.)
*50c. Oct. 31 *Holders of rec. Oct. 15
Extra
N Nov. 1 Holders of rec. Oct. 15
(guar.)
Maytag Co., pref.
$1.50 Nov. 1 Holders of rec. Oct. 15
First preferred (guar.)
*25c Nov. I *Hclders of rec. Oct.20
Melville Shoe, corn. (quar.)(No. 1)._
Oct. 20
First and second pref.(guar.)(No. 1) 411.50 Nov. 1 *Holders of rec. Nov. 15
'
Mid-Continent Petroleum, pref. (quar.). 134 Dec. 1 *Holders of rec. Oct. 31
Dec 1 Holders of rec.
33
Mining (quar.)
Mohawk
154 Nov. 1 fielders of rec. Oct. 27
Monroe Stores, Inc., pref.(guar.)
50e. Nov. 1 Holders of rec. Oct. 19
Motor Products Corp., corn
$1.25 Nev. 1 Holders of rec. Oct. 19
Preferred (ouar.)
Oct. 15
Mulrheads Cafeterias, Ltd.. corn.(qu.)- *20c. Nov. 1 *Holders of rec. Oct. 15
515c. Nov. 1 *Holders of rec.
Preferred (guar.)
Nov. 1 *Holders of rec. Oct. 20
*II
Nash Motors Co. 'guar.)
*50c. Nov. 1 *Holders of rec. Oct. 20
Extra
•100. Oct. 25 *Holders of rec. Oct. 15
National Grocer Co
•750 Nov. 1 *Holders of rec. Oct. 22
National Recording Pomp (quar.)
.75c Nov. 1 *Holders of rec. Oct. 15
National Tile, corn. (guar.)
of rec. Nov. 1
Nestle-Le Muir Co., cl. A (m.)(No. 1).. *50c. Nov. 15 *Holders of rec. Oct. 15
Nov. 1
New Jersey Bond & Mtge., pref.(quar,). 154 Oct. 25 Holders of rec. Oct. 8
Holders
150.
Cash Credit Corp.,com.(qu.)
New Jersey
15c. Oct. 25 Holders of rec. Oct. 8
Preferreu (guar.)
15e. Oct. 25 Holders of rec. Oct. 8
Preferred (extra)
pfd.(acct. accum. div.)_ *51.50 Nov. 1 *Holders of rec. Oct. 15
New Fiver Co..
'134 Dec. 1 *Holders or rec. Nov. 15
Newberry (J. J.) Co., pref. (guar.)
Oct. 15 *Holders of rec. Oct. 5
*2
Newport Co.. prior corn. (ouar.)
Oct. 15 *Holders of rec. Oct. 5
*1
Prior corn, (acct. mown. div.)
$1.50 Nov. 1 Holders or rec. Oct. 15
New River Co., pref. (guar.)
11
N.Y.& Foreign Inv. Corp.(qu.)(No. 1) 1.6234 Oct. 15 Holders of rec. Oct. 17
25e. Oct. 27 Holders of rec. Oct.
N.Y.& Honduras Rosario Mining (qu.)250. Oct. 27 Holders of rec. Oct. 17
Extra
50c. Nov. 1 Holders of rec. Oct. 20
New York Merchandise, corn. (guar.)
154 Nov. 1 Holders of rec. Oct. 20
Preferred (quar.)
Nov. 20 *Holders of rec. Oct. 31
North American Invest.'rm.).(No. 1)-- 41
15c. Dec. 1 Hollers of rec. Nov. 10
North Central Texas 011 'guar.)
*50e. Nov. 1 *Holders of rec. Oct. 15
Northwest Engineering (quar.)
*25e. Nov. 1 *Holders of rec. Oct. 13
Pacific Coast Biscuit, corn.(mum)
873.4c Nov 1 *Holders or rec. Oct. 13
•
Preferred 'guar.)
6234c. Oct. 15 Holders of rec. Oct. 5
Packer Corp.(guar.)
15e. Oct. 25 Holders of me. Oct. 8
Penna. Cosh Credit Corp., corn.(au.)_
15c. Oct. 25 Holders ot me. Oct. 8
Preferred (nuar.)
15c. Oct. 25 Holders of me. Oct. 8
(extra)
Preferred
*20e. Oct. 25 *Holders of rec. Oct. 10
Pickwick Corp., corn. mum.)
Pitney Bowes Postage Meter
15c. Nov. 1 Holders of rec. Oct. 24
Common (guar.)(No. 1)
*e10 Dec. 1 *Holders of rec. Nov. 15
Pittsburgh Plate Glass (stock div.)
Nov. 1 Oct. 16 to Nov. I
Hill Apartments. Inc., pref_ _ 3
Prospect
Nov. 15 •Holaers of rec. Oct. 24
511
Pullman, Inc. 'guar.)
50e. Nov. 1 Holders of rec. Oct. 20
Reed (C. A.) Co.. class A (guar.)
•134 Nov. 1 *Holders of rec. Sept.30
Robin J. 4, W.). preferred (guar.)
Oct. 15 Holders of rec. Oct. 10
Royalty Corp.of Awe.. part. pf.(mthly) 1
g Oct. 15 Holders of rec. Oct. 10
,
participating preferre * (..ctra)
60c. Oct. 20 Holders of rec. Oct. 10
Rubber Service Laboratories (quar.)-51.50 Nov. 1 Holders of rec. Oct. 15
Savannah Sugar, corn. (guar.)
154 Nov. 1 Holders of rec. Oct. 15
Preferred (quar.)
550. Nov. 1 Holders of rec. Oct. 15
Selby Shoe, corn.(guar.)
134 Nov. 1 Holders of rec. Oct. 15
Preferred (Guar.)
'114 Feb119 *Holders of ree. Jan. 1529
Preferred (ouar.)
*isat ay 1 '29 *Holders of rec. Apr. 1529
Preferred (gum.)
Nov. 15 *Holders or rec. Nov. 1
Sinclair Consol. 011 Corp., pref. (guar.). *$2
-Dividend omit tedSouthern Stores, class A
rec. Oct. 16
Holders
Spiegel, May. Stern Co., Inc.. corn.(qu.) 75c. Nov. 1 *Holders of rec. Oct. 16
of
*134 Nov. 1
% Preferred (guar.)
Nov. 15 Holders of rec. Oct. 27
Standard Investing Corp., pref.(guar.). 1.3734 Nov. 1 *Holders of rec. Oct. 19
*IN
Stover Mfg..5: Engine. prof.(guar.)...- *75c Nov. 1 *Holders of rec. Oct. 19
Super Maid Corp.. corn. ((uar.)
Nov. 15 *Holders of rec. Oct. 26
Tobacco Products Corp., class A 'guar.) *$1.75 Nov. 10 •Holners of rec. Oct. 18
*50o.
Union Oil of Calif. (guar.)
75c. Nov. 1 Holders of rec. Oct. 15
U. B. de British Internat. Co., pref.(qu.) .
25e. Nov. 1 *Holders of rec. Oct. 15
United Corp.. partic. prof. (qu.)(No. 1) 5
.15e. Nov. 1 *Holders of rec. Oct. 15
Participating preferred (extra)
*lc. Dec. 10
U. S. Petroleum (guar.)
•30c. Nov. 1 *Holders of rec. Oct. 21
Utah Radio Prod.(quar.)(No. 1)
5,154 Nov. 1
Vancouver West Drug 634% prof
*$1.50 Dec. 1 *Holders of rec. Nov. 15
Elec. Corp., corn. (guar.)
Wagner
*50e. Oct. 10 *Holders of rec. Sept.30
Warner 'Chas.) Co., corn.(quar.)
*25c. Oct. 10 *Holders of rec. Sept. 30
Common (extra)
•154 Oct. 25 *Holders of rec. Sept.30
preferred (guar.)
lot and 2d
50c Oct. 30 Holders of roe. Sept. 30
Web Holding Corp., class A & B (guar.) *$1.25 Dec. 1 *Holders of rec. Nov. 10
Woolworth (F. W.) Co., corn,(guar.)- '
6234c Nov. 1 Holders of rec. Oct. 20
Zenith Radio (guar.)
Below we give the dividends announced in previous weeks
anand not yet paid. This list does not include dividends
being given in the preceding table.
nounced this week, these
Name of Company.
When
Per
Cent. Payable.
Railroads (Steam).
Dec. 1
Ateh., Topeka & Santa Fe. corn. guar.) 234 Dec. I
134
Baltimore & Ohio, corn. (guar.)
Dec. 1
I
Preferred (quar.)
33 Jan 1'29
Chesapeake dc Ohio pref. series A
Oct. 20
Cleve. CM.Chic. & St. L., corn.(guar.) 2
134 Oct. 20
Preferred (guar.)
FebV29
3
Pubs RR., preferred
Delaware Lackawanna &West. Mari - $1.50 Oct. 20
[VOL. 127.
FINANCIAL CHRONICLE
Books Closed
Days Inclusive.
Holders of rec. Oct. 2f10
Holders of rec. Oct. 200
Holders of rec. Oct. 200
Holders of rec. Dec. 80
Holders of rec. Sept. 28a
Holders of rec. Sept. 28a
Holders of rec. Jan 15'29
Holders of rec. Oct. 6a
Name of Company.
Railroads (Steam)(Concluded).
Georgia RR.dr Banking (guar.)
Kansas City Southern, Pref.(guar.)
Mahoning Coal RR., corn. (quar.)____
Midland Valley, common
New York Central RR.(guar.)
Norfolk & Western, ad). prof. (gum.).Northern Pacific (guar.)
Prior preferred & preferred (quar.)--Pittsburgh & West Va.(guar.)
Reading Co.. common (guar.)
St. Louis-San Franc 5% pf.(qu.)(No. 1)
6% preferred ((Var.)
Southern Hy.. corn.(guar.)
Preferred (guar.)
Wabash. pref. (guar.)
West Jersey & Seashore (guar.)
When
Per
Cons. Payable
Books Closed
Days Inclusive.
254 Oct. 15 *Holders of rec. Oct. 1
•
Oct. 15 Holders of rec. Sept. 29a
1
$12.50 Nov. 1 Holders of rec. Oct. 15a
$1.25 Oct. 15 Holders of rec. Sept.29a
Nov. I Holders of rec. Sept. 250
2
Nov.19 Holders of rec. Oct. 31.0
I
134 Nov. I Holders of rec. Oct. be
134 Nov. 1 Holders of me. Oct. 50
134 Oct. 31 Oct. 18 to Oct. 24
Nov. 8 Holders of rec. Oct. 10a
81
134 Nov. 1 Holders of rec. Oct. 8a
134 Feb.129 Hold. Of roe. Jan. 7 '29a
Nov. 1 Holders of rec. Oct. la
2
134 Oct. 15 Holders of rec. Sept.24a
134 Nov.24 Holders of rec. Oct. 25a
$1.25 Oct. 15 Holders of roe. Oct. la
Public Utilities.
$1.25 Nov. 1 Holders of rec. Oct. 15
Alabama Power $5 Pret. (guar.)
Oct. 15 *Holders of rec. Sept. 15
Amer. Dist. Teleg. of N. J., corn.(qu.)_ *1
.154 Oct. 15 *Holders of rec. Sept. 15
4
Preferred (guar.)
Amer.& Foreign Power, 2 pref. A qu.) $1.75 Oct. 22 Holders of rec. Oct. 9a
4
$21.50 Nov.v. 1 Holders of rec. Oct. 10
Amer. Gas dt Electric pref. (Qum.)
Holders of roe. Sept.20a
Oct
Amer. Telep. & Teleg.(guar)
Amer. Water Works & Elea., corn. qu.) 25c. Nov. 15 Holders of roe. Nov. la
Associated Gas 4: Elec., class A (guar.). 150c. Nov. 1 Holders of rec. Sept. 29
•1% Nov. 1 *Holders of rec. Oct. 10
Bangor Hydro-Elec. Co.corn.(guar.)
Oct. 15 Holders of rec. Sept.22
2
Bell Telep. of Canada (guar.)
of Pa.,634% pref.(guar.)... 134 Oct. 15 Holders of roe. Sept.20
Bell Telep.
40e. Oct. 15 *Holders of rm. Oct. 3
•
Bridgeport Hydraulic guar.)
50c. Oct. 15 Holders of rec. Sept.30
British Columbia Power,CIA (No.1)__ 51 Oct. 15 Holders of rec. Oct. la
Bklyn-Manhattan Transit, corn.
$1.50 Oct. 15 Holders of rec. Oct. la
Preferred series A (Qum.)
$1.50 Jan15'29 Holders of rec. Dee. 81.
Preferred series A (guar.)
$1.50 ApI5'29 Holders of roe. Apr. 1'29a
Preferred series A (guar.)
$1.25 Nov. I *Holders of rec. Oct. 15
Buff., Niagara & East.Pow. 1st pf.(qu.)
Power, corn. (guar.). 154 Oct. 15 Holders of rec. Sept.30
California-Oregon
154 Oct. 15 Holders of roe. Sept.30
7% pref.(guar.)
134 Oct. 15 Holders of rec. Sept.30
6% prof.(guar.)
*50c. Nov. 1 *Holders of roe. Sept. 29
Cent. Hod.Gas& Elec.corn. v.t
-•81.5 Oct. 15 'Holders of roe. Sept.30
Central Ill. Pub. Serv., pref.(guar.).
154 Nov. 1 Hol.ers of rec. Oct. 15
Central Power & Light, 7% prof.(qu.)
Six per cent preferred (guar.)
13.4 Nov. 1 Holders of rec. Oct. 15
715c, Oct. 15 Holders of rec. Sept. 29
Central & S. W. Utilitiee. corn.(guar.)
Ches. & Pot. Tel. of Bait., pref. (qu.).... 154 Oct. 15 Holders of rec. Sept.29
Oct. 15 *Holders of rec. Oct. S
11
Chester & Philadelphia Ry.(quar.)__. 4
*65c. Nov. 1 *Holders of roe. Oct. 16
Chicago Rapid Transit (monthly)
65c. Dec. 1 *Holders of rec. Nov.20
•
Prior prof. series A (monthly)
•600. Nov. 1 *Holders of rec. Oct. 16
Prior pref. series B (monthly)
*We. Doe. 1 *Holders of rec. Nov. 20
Prior pref. series B (monthly)
Cities Service Power & Lt.$6 pf.(mthly) *50c. Oct. 15 *Holders of rec. Oct. I
58 1-30 Oct. 15 *Holders of rec. Oct. I
$7 preferred (monthly)
51
134
Columbia Gas & Elec., corn.(quar.).. 51.25 Nov. 15 Holders of rec. Oct. 20
Nov.
Holders of rec. Oct. 20
Six per cent prof., series A (guar.).
2
•
Nov. 1 *Holders of rec. Oct. 15
Commonwealth Edison (guar.)
750. Nov. 1 Holders of rec Oct. hg
Commonwealth Power, corn. (quar.)_
134 Nov. 1 Holders of rec. Oct. ha
Six per cent Prof.(guar.)
*600. Oct. 15 *Holders of rec. Oct. 2
Concord Electric, corn. (guar.)
•134 Oct. 15 *Holders of rec. Oct. 2
Preferred (guar.)
$1.25 Nov. 1 Holders of rec. Sept. 29s
Consol. Gas(N. Y.) pref.(guar.)
2
Oct. 15 Holders of rec. Sept. 200
Detroit Edison Co.(quar.)
134 Oct. 15 Holders of rec. Sept.29a
Duquesne Light, lot pref.(guar.)
East Bay Water, pref. A dc B (quar.)
•134 Oct 15 *Holders of rec. Sept.30
3
Nov. 1 Holders of rec. Oct. 10
Edison Elec. Ill. of Boston (ouar.)
134 Nov. 1 Holders of roe. Oct. 13
Electric Bond & Share, pref. (quar.)250. Oct. 15 Holders of roe. Sept.17
Elec. Bond & Share Secur.(guar.)
Electric Power & Light Corp..corn.(qu.) 250. Nov. 1 Holders of rec. Oct. 13a
3734c. Nov. 1 Holders of rec. Oct. 13
Allotment certificates, fully paid
5e. Nov. 1 Holders of rec. Oct. 13
Allotment certificates, 40% paid
154 Oct. 15 Holders of rec. Oct. la
El Paso Elec. Co., pref. A (guar.)
Engineers Public Serv., com.(gu.)(No.1) 25e. Jan 219 Holders of rec. Nov. 29a
$1.25 Jan 2'29 Holders of rec. Nov. 29a
$5 preferred (quar.)
Oct. 15 *Holders of rec. Oct. 2
Exeter & Hampton Elec., corn.(quiz.).. *2
Foreign Power Securities.6% pref.(qu.) lg Nov. 15 Holders of rec. Oct. 31
Ft. Worth Power dc Light. prof.(guar.). 154 Nov. 1 Holders of roe. Oct. 15
81.50 Nov. 1 Holders of rec. Oct. 9
General Pub. Serv. Corp.,$6 pf.(qu.)
51.3734 Nov. 1 Holders of rec. Oct. 9
$5.50 preferred (quar.)
31.75 Nov. 1 Holders of rec. Oct. 9
Convertible preferred (guar.)
144 Oct. 15 Holders of roe. Oot. 1
Great Western Power. prof. (quar.)'
Hartford Electric Light (guar.)
6234c Nov. 1 *Holders of rec. Oct. 20
•1235c Nov. 1 *Holders of rec. Oct. 20
Extra
Havana Electric & Utilities, 1st pf.(qu.) 81.50 Nov. 15 Holders of rec. Oct. 20
$1.25 Nov. 15 Holders of rec. Oct. 20
Cumulative preference (guar.)
Illinois Northern Utilities. 6% Pf.(qu.)_ 4,134 Nov. 1 *Holders of rec. Oct. 15
international Telep & Teleg. (quar.)--- 134 Oct. 15 Holders of rec. Sept.21a
8734c. Oct. 15 Holders of rec. Oct. la
Internat. Utilities, cl. A (guar.)
$1.75 Nov. 1 Holders of roe. Oct. 18a
$7 Preferred (quar.)
134 Oct. 15 Holders of rec. Sept. 20a
Kentucky Securities, pref. (Qum.)
$1
Nov. 1 Holders of roe. Oct. 16
Long Island Lighting, com.(qu.)
•lg Nov. 15 *Holders of rec. Oct. 3
Los Angeles Gas & Elec., pref.(guar.)
$1.25 Nov. 1 Holders of rec. Oct. 15
Massachusetts Gas Cos., corn.(quar.)
Massachusetts Ltg. Cos.,6% pref.(qu.) '134 Oct. 15 *Holders of rec. Sept. 25
*2
Oct. 15 *Holders of rec. Sept. 25
8% preferred (quar.)
*$1.75 Nov.15 *Holders of rec. Oct. 31
Middle West Utilities, corn. (quar.)-234 Oct. 15 Holders of roe. Sept.29
7% preferred (guar.)
86 preferred (gum.)
$1.50 Oct. 15 Holders of rec. Sept.29
Milwaukee Elec. Hy.& Light pt.(qu.)- 134 Oct. 31 Holders of reo. Oct. 204
Missouri Goa & El.Serv.. pr.lien (qu.)- - $1.75 Oct. 15 Holders of rec. Sept.29
-Sioux City Bdge. pf.(qu.) $1.75 Oct. 15 Holders of rec. Sept. 30
Missouri Inv.
Montreal L., H.& Pr. Consol.,com.(qu) 601. Oct. 31 Holders of rec. Sept. 30
2
Oct. 15 Holders of rm. Sept.29
Montreal Telegraph (guar.)
Montreal Tramways (guar.)
234 Oct. 15 Holders of rec. Oct. 5
154 Oct. 20 Holders of roe. Sept.30
Mountain States Power, Prof.(guar.)
1
Oct. 15 *Holders of ree. Sept.29
Mountain States Tel. & Teleg.(quar.)-- 5
National Elec. Power, class A (guar.)_ _ *450. Nov. 1 *Holders of rec. Oct. 20
25e. Oct. 15 Holders of rec. Sept.30
National Fuel Gas(guar.)
National Power & Light, pref. (guar.)._ $1.50 Nov. 1 Holders of roe. Oct. 13
134 Nov. 1 Holders of rec. Sept.30
Nevada-Calif. Elec. prof. (guar.)
New England Power Assn, corn. (qu.)
. Oct. 15 Holders of rm. Sept.29
New England Pub. Serv.,$7 ord.(qu.). 81.15 Oct. 15 Holders of rec. Sept.30
$6 preferred (guar.)
511.50 Oct. 15 *Holders of rec. Sept.30
Adjustment, pref.(guar.)
•$1.66 Oct. 15 *Holders of rm. Sept.30
New York Telephone, pref.(quiz.)
lg Oct. 15 Holders of rec. Sept.20
North American Edison, pref.(guar.).
- $1.50 Doe. 1 Holders of rec. Nov. 15er
Northern Ind. Pub. Serv.7% pl.(qu.). 154 Oct. 15 Holders of rec. Sept.29
134 Oct. 15 Holders of rec. Sept.29
6% prof.(guar.)
534% preferred (guar.)
134 Oct. 15 Iloiders of rec. Sept.29
Nov. I Holders of rec. Sept.30
Northern States Pziwer,corn. A (quar.).,. 2
134 Oct. 20 Ilolders of rm. Sept.30
7% prof.(guar.)
8% Pref.(guar.)
134 Oct. 20 Holders of rec. Sept.30
Northwest. Bell Telep., Pref. (quar.) -- 134 Oct. 15 Holders of rec. Sept. 200
Ohio Edison Co.,6% Pref.(guar.)
134 Doe. 1 Holders of rec. Nov. 15
5.6% preferred (guar.)
1.65 Dec. 1 Holders of rec. Nov. 15
1% Doe. 1 Holders of rec. Nov. 15
7% Pref. (guar.)
5% preferred (guar.)
134 Dec. 1 Holders of roe. Nov. 15
513o. Nov. 1 Holders of rec. Oct. 15
6% preferred (monthly)
6% preferred (monthly)
500, Dec. 1 Holders of rec. Nov. 15
6.6% preferred (monthly)
55e. Nov. 1 Holders of roe. Oct. 15
550. Doe. 1 Holders of rec. Nov. 15
6.6% Preferred (monthly)
500. Oot. 15 Holders of rec. Sept.29a
Pacific Gas & Elec.. corn. (guar.)
*134 Oct. 15 *Holders of rec. Sept.30
Pacific Lighting, 7% prof.(guar.)
134 Oct. 15 Holders of rec. Sept. 290
Pacific Telep. & Teleg.. prof. (quar.).
Penn-Ohio Edison Co.„ common (quar.). 250. Nov. 1 Holders of rec. Oct. 15
Extra stock div. (one-fifUeth share)-- (e) Nov. 1 Holders of rec. Oct. 16
81. Oct. 15 Holders of roe. Sept.29
$8 Preferred (guar.)
134 Dec. 1 Holders of rec. Nov.20
7% prior pref.(guar.)
18c. Nov. 2 Holders of rec. Oct. 15
Penn-Ohio Securities Corp.(guar.)
(qu ) $1.50 Nov. I Holders of rm. Oct. 20
Pennsylvania-0Mo P.& L.. $6 IN.
134 Nov. 1 Holders of rec. Oct. 20
7% preferred (quar.)
60o. Nov. 1 Holders of rec. Oct. 20
7.2% preferred (month/7)
55c, Nov. 1 Holders of roe. Oct. 20
5.6% preferred (monthly)
OCT. 13 1928.]
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed
Days Inaustve.
2055
Per
When
Name of Company.
Books Closed
Name of Company.
Cells. Payable.
Days lulu:foe.
Public Utilities (Concluded).
Miscellaneous (Continued).
Peoples Gas Light & Coke (quar.)
2
Oct. 17 Holders of rec. Oct. 30 Barnhart Bros. & Spindler
Philadelphia Co.. corn. (quar.)
81
Oct. 31 Holders of rec. Oct. la
1st & 2d preferred (quar.)
Common (extra)
•141 Nov. I *Holders of rec. Oct. 20
75c Oct. 31 (folders of rec. Oct. la Beacon 011, pref. (quar.)
6% preferred
2 I 87% Nov. 15 Holders of reo. Nov. 1
$1.50 Nov. 1 Holders of rec. Oct. la Bigelow-Hartford Carpet,
(qu) $1.50 Nov. 1 Holders of rec. Oct. 13
Phila. Rapid Transit, corn.(quar.)
Oct. 31 Holders of rec. Oct. 15a Blaw-Knox Co., common corn.& pf.
$1
(quar.)
75e. Nov.
Preferred
81.75 Nov. I Holders of rec. Oct. la
Bloch Brothers Tobacco. corn. (Guar.). 3744e Nov. I Holders of rec. Oct. 20
Phila. & Western Ry., pref. (quar.)_
15 Nov. 10 to Nov. 14
62440 Oct. 15 Holders of rec. Sept. 290
Preferred (quar.)
Power Corp. of Canada 6';
14 Dec. 31 Dec. 26 to Dee. 30
75e :let. lb Holders of rec. Sept. 29
3• - Bloomingdale Bros., pref. (quar.)
Public.Serv. Corp.of N.J.6% pf.(uthly) 50e Oct. 31 Holders
I
Nov. 1 Holders of rec. Oct. 20.
of rec. Oct. 50 Bon Ami Co., class A (qual.)
Puget Sound Power & Light. pref. (au.) 1% Oct. 15 Holders
el
Oct. 30 Holders of rec. Oct. lba
of rec. Sept.20a Borden Co.(guar.)
Prior preference (quar.)
$1.50 Dec. 1 Holders of rec. Nov. 15
1M Oct. 15 Holders of rec. Soot.20a
Borne Scrymser Co
Quebec Power (guar.)
$1
Oct. 15 Sept. 22 to Oct. 13
50c. Oct. 16 Holders of rec. Sept. 30
Extra
Railway & Light Securities, corn (qu.)
50c Oct. 15 Sept. 22 to Oct. 13
50c. Nov. I Holders of rec. Oct
la Boston woven Hose & Rub..com.(ext.) SI
Preferred equiv.)
Dec. 15 Holders of rec. Dec. l
1Si Nov. I Holders of rec. Oct. la Brading Breweries (quar.)
Ban Diego Consol Gas & Elec., Pt.(qu.) 1M Oct. 15 Holders
50c. Oct. 15 Holders of rec. Sept.29
of rec. Sept. 30
Bristol-Myers Co (onar.)
Sedalia Water, pref. (quar.)
$1
Dec. 31 Holders of rec Dec. 21
1M Oct. 15 Holders of rec. Oct. I
Brockway Motor Truck. corn. (guar.)._
Sierra Pacific Elec. Co., corn.(guar.).- 75c Nov. I Holders of rec. Oct. 154
50c Nov. , Holders ot rec. Oct. 11
Brompton Pulp & Paper (qual.)
Common (extra)
50c. Oct. 15 Holders of ree. Sept. 30
10c. Nov. I Holders of rec. Oct. 11
Brown Shoe. pref. (quar.)
Preferred (quar.)
1% Nov. 1 Holders of rec. Oct. 20a
1
Nov. I Iloiders of rec. Oct. 11
Brunswick-Balke-Co
Southern Calif. Edison, corn. (quar.)
75c. Nov. 15 Holders of rec. Nov. 5
50c. Nov. 15 Holders of rec. Oct. 20a Bullard Machine llender, corn. (qu.).
Tool(
extra)
Original preferred (quar.)
.50e. Oct. 15 *Holders of roe. Sept. 29
2
Oct. 15 Holders of rec. Sept. 20a Burroughs Adding Mach.
(special)
54% pref. series C (guar.)
SI
Oct. 31 Holders of rec. Oct. 160
I% Oct. If. Holders of rec. Sept. 20
Bush Terminal. corn.(qual.)
Southern Calif. Gas,6% pf.(quar.)..' 3744c Oct. If "Holders
•50c. Nov. 1 'Holders of rec. Oct.
of rec. Sept. 30
Cora.(payable in corn,stock
Series A pref. (quar.)
11% Nov. I Holders of rec. Oct. 5.
• 3744c Oct. 15 'Holders of rec. Sept. 30
Debenture stock (quar.)
Southern Canada Power, corn.(qu.)__ el
I% Oct. 15 Holders of rec. Sept.28a
Nov. 15 Holders of rec. Oct. 31
Byers(A. M.) Co., pref.(quar.)
Preferred (ouar.)
1% Nov. I Holders of rec. Oct. lba
1% Oct. 15 Holders of rec. Sept. 20
Canada Dry Ginger Ale (quar.)
Sour hero counue+ oaa.6% pref (qu.)..
$I
Oct. 15 Holders of rec. Aug. 31
1)4 Oct. 15 "Holders of rec. Oct. I
Extra
Southern N. E. Telephone (quar.)
50c. Oct. 15 Holders of rec. Oct. la
"2
Oct. 15 "Holders of rec. Sept. 29
Canada Dredge & Dock. corn.(No. 1)_
South Pittsburgh Water, pref. (guar.)...
50e Nov. 1 Holders of rec. Oct. 16
141 Oct. 15 Holders of rec. Oct. 2
Common (extra)
Southeastern Power & Light, corn. (qu.)
25c. Nov.
25c. Oct. 2( Holders of rec. Sept. 29
Canada Foundry & Fore.. corn. A (qu.). "37 Sic Oct. 1 Holders of rec. Oct. 16
No'west Gas Utli.. pref. (qu.)
15 'Holders of rec. Oct. 1
1.62)4 Nov.
Holders of rec. Oct. 20
Canadian Brewing (guar.)
Preferred (guar.)
50c. Oct. 18 Holders of rec. Sept. 29
1.624 Febr• Hold,of rec. Jan. 20'29
Canadian Bronze, corn. (guar.)
Preferred (guar.)
$1
Nov. I Holders of rec. Oct. 18
1.624 M'y1'2, Hold.of rec. Apr.20'29
Preferred (guar.)
Standard Gas & Elec., corn. (quar.)____ 8714c Oct.
1)4 Nov. 1 Holders of rec. Oct. 18
25 Holders of ree. Sept. 30
Canadian Fairbanks Morse. pref. (qu.).
7% prior pref. (quar.)
1)4 Oct. 15 Holders of roe. Sept.29
141 Oct. 2.! Holders of rec. Sept.30
Preferred (acct. accum. dividends)... 43
United Gas Imprbvement (attar.)
Oct. 15 Holders of rec. Sept. 29
$1
Oct. If Holders of rec. Sept lbe Canadian Industrie
s, Ltd.. pref.(qual.)
United Lt. & Pr., corn. A &13,old (qu.)
81.75 Oct. 15 Holders of rec. Sept. 29
*60e. Nov. If "Holders of rec. Oct. 15
Canadian Industrial Alcohol
New common, A & B (quar.)
•12c. Nov. lf "Holders of rec. Oct. 15
Common and class B stock (quar.) _
Utility Shares Corp.. con)
38c Oct. 15 Holders of rec. Sept.29
30c. Nov. I Holders of rec. Oct. 15a Canfield 011
Western Power Corp.. 7% pret (quar.)
I% Oct. If Holders of re% Oct. la
Common (quar.)
Western Union Telegraph (quar.)
2
Dec. 31 Holders of rec. Dec. 20
2
Oct. 15 Holders of rec. Sept. 25a
Preferred (quar.)
West Penn Elec. Co., 7% pref. (qu.)
1)4 Dec. 31 Holders of rec. Dec. 20
1% Nov. 15 Holders of rec. Oct. 20a Capital Securities
, corn.(qual.)
Six per cent pref. (quar.)
15e Oct. 15 Holders of rec. Oct. 1
145
West Penn Power Co.. 7% pref. (guar.) 141 Nov. 15 Holders of rec. Oct. 20a Central Investors Corp., cl. A (guar.).-- '37)4r Jan 2'29 *Holders of rec.
Nov. 1 Holders of rec. Oct. 5a Century
May Is
6% preferred (guar.)
I% Nov. 1 Holders of rec. Oct. 5: Cerro de Ribbon Mills, pref. (quar.)---- 145 Dec. 1 Holders of rec. Nov. 20a
Pasco Copper (qual.)
Wisconsin Power & Light.6% pf.(No.
$1.25 Nov. 1 Holders of rec. Oct. 1 la
1) •144 Oct. 15'Holders of rec. Sept. 30
Chatterton & Son
York Railways, corn. (qual.)
20c. Oct. 15 Holders of rec. Oct. 5
75c Oct. 16 Holders of rec. Oct. 6a Chelsea Exch. Corp..
A & B (qu.)
Preferred (guar.)
25e. Nov. 15 Holders of rec. Nov. I
6244c Oct. 31 Holders of rec. Oct. 20a
Class A dr B (quar.)
25c. FbIS'26 Hold. of rec. Feb. 1 '29
Class A & I/ (quar.)
Banks.
200 ‘IyIS'29 Hold. of rec. May I '29
Chicago Pneumatic Tool (quar.)
Corn Exchange (quar.)
1)4 Get. 28 Holders of rec. Oct. 15.
5
Nov. 1 Holders of ree. Oct. 31
Chic. Warn. de Franklin Coal, pf. (qu.) _ $1.50 Nov. 1 Holders
First National, Brooklyn (quar.)
of rec. Oct. lba
2% Oct. 31 Holders of rec. Sept. 21
Chicago Yellow Cab Co.(monthly).- 25c Nov. I Holders of rec. Oct. 19a
Monthly
Fire Insurance.
25e Dec. I Holders of roe. Nov. 20a
Chickasha Cotton 011 (quar.)
Niagara Fire (quar.)
75c Jan 1'2 Holders of rec. Dec. 10a
Oct. 15 Holders of rec. Oct. 5
$1
Quarterly
North 'fiver (quar.)
75c AprI'20 Holders of ree.Mar 0'29a
•G
Dec. 15 *Holders of rec. Dec. 9
Quarterly
75e Jul 1'2 Holders of rec.June10'29a
Chrysler Corp., pref. (guar.)
Miscellaneous.
2
Ian 229 Holders of rec. Dec. 17a
Cities Service. common (monthly)
Abitibi Power dr Paper, corn. (quar.) _
44 Nov. 1 Holders of rec. Oct. 15
Oct. 20 Holders of rec. Oct. 100
$1
Common (payable In corn. stock)
Six per cent pref. (qual.)
yi Nov.
Holders of rec. Oct. 15
1% Oct. 20 Holders of rec. Oct. 10a
Preferred and pref. BB (mthly.)
Abraham & Straus, Inc., pref. (quar.)__
44 Nov.
Holders of rec. Oct. 15
141 Nov. 1 Holders of rec. Oct. 15a
Preferred B (monthly)
Air Reduction Co.(guar.)
50 Nov.
Holders of roe Oct. 15
50c. Oct. 15 Holders of rec. Sept.29: City Stoees Co..
Extra
class A
87 Sic Nov.
Holders of rec. Oct. 15a
$1 Oct. 15 Holders of rec. Sept.29a Cluett. Peabody & Co.,(quar.)
Alliance Realty ((Plan)
corn, (quar.)___ $1.25 Nov.
Holders of rec. Oct. 20
62%c. Oct. 18 Holders of rec. Oct. 10a Cohn-Hall
-Marx. corn.(quar.)
Allied Chem. & Dye, corn. (quar.)
62[4c. Ta. 221 Holders of rec. Dec. 15
$1.50 Nov. 1 Holders of rec. Oct. 1 1 a
Common (quar.)
Allis-Chalmers Mfg., corn. (quar.)
6214r. Ap.1'29 Holders of rec. Mar. 15a
Common
Alpha Portland Cement, corn. (quar.).... $1.75 Nov. 15 Holders of rec. Oct. 24a
62%c. Jul 1'29 Holders of rec. June lb
75c. Oct. 15 Holders of rec. Sept.25a Columbian (quar.)
Aluminum Manufactures. corn. (quer.).
Carbon (qual.)
Si
Nov. 1 Holders of rec. Oct. 18a
50o. Dec. 3 Holders of rec. Dec. if.
Commercial Solvents Corp.(guar.)
Preferred (quar.)
1% Senn SO Holders of rec. Sept lba
Stock dividend
Preferred (quar.)
2
Nov. I Holders of rec. Oct. 15a
1% Dec. 3 Holders of rec. Dec. lba Consolidated Cigar Corp..
Amerada Corporation (guar.)
prior pf.(q11.) 1.62% Nov. 1 Holders of
50e. Oct. 31 'folders of rec. Oct. I5a Continent
rec. Oct. 16a
Amer. Art Works,corn. dr PI.(quar.) --al Can, corn,(quar.)
$1.25 Nov. 15
1)4 Oct. 15 Holders of reo. Sept.30
Common (payable in common stock)_ s100 Nov.22 Holders of rec. Nov. 5a
American Can. corn. (quar.)
Holders of rec. Nov. 50
50c. Nov. 1
Holders of rec. Oct. 310 Continental Motors Corp. (quar.)
Amer. Chain, corn. (quar.)
20c, Oct. 30 Holders of rec. Oct. 15a
•75c. Oct. I 'Holders of rec. Oct. 12
Continental Securities Corp.(quar.)
Amer.Chatillon Corp.. Pf.(qu.)
'Si
Oct. 15
Nov.
*Holders of roe. Oct. 20
Amer. Chicle, corn.(pay in corn. stk.) _ 0
Coon (W.B.) Co., new corn.(qu.)(No.1) *70c. Nov. I "Holders of rec. Oct. 1
.9100
*Holders of rec. Oct. 22
Amer. Cigar, corn. (quar.)
Corn Product Refining, corn.(guar.) _ _
50c. Oct. 20 Holders of rec. Oct. 5a
2
Nov. 1 Holders of rec. Oct. 15
American Coal(quar.)
Preferred (quar.)
1% Oct. 15 Holders of rec. Oct. 5a
$I Nov. 1 Oct. 12 to Nov. 1
Coty, Inc., new stock (quar.)
Amer. Commercial Alcohol. pref. (qu.)- $1.75
*50c. Dec. 31 *Holders of rec. Dec. 17
Nov. 1 Holders of rec. Oct. 10
American Glue, pref. (quar.)
Stock dividend (subject to stockholde re'
.2 Nov. 1 "Holders of rec. Oct. 20
American Hardware Corp.
meeting Nov. 2)
300
dNov 20 Holders of ree.dNov.10a
Credit Alliance Corp., corn.& cl. A (q11.)
Quarterly
75c. Oct. 15 Holders of rec. Oct. 3
$1
Jan1'29 Holders of reo.
Common and class A (extra)
American Home Products (monthly)_ _ _
51.25 Oct. 15 Holders of rec. Oct. 3
25e, Nov. 1 Holders of rec. Dec. 150
Oct. 13a Crosby Radio (stock dividend)
American Ice, com.(quar.)
e4
Dec. 31
50c. Oct. 25 Holders of rec.
Preferred (quar.)
25c, Jan 1'29 Holders of rec. Dec. 200
1% Oct. 25 Holders of rec. Oct. 5a Crosley Radio Corp.(guar.)
Oct. ba
Amer. Linseed. pref.(quar.)
1% Jan2'29 Holders of roe. Dec. 21e Crown Zelierbach Corp., common.(qu)
Amer. Machine & Fdy., corn. (guar.)-- $1
(No. 1)
•25c. Oct. 15 "Holders
Nov. I 'folders of rec.
Preferred (for months July & August)• 83 1-3c Oct. 15 'Holders of rec. Sept. 29
Preferred (quar.)
1% Nov. 1 Holders of rec. Oct. 18a
of rec. Sept. 29
Oct. 18a Cruclble Steel, corn.(guar.)
American Manufacturing, coin.(quar.)
141 Oct. 31 Holders of rec. Oct. 15a
1
Dec. 31 Holders of rec. Dec. 15a
Crum & Forster Insur. Share Corp. el. B e*5
Preferred (quar.)
5)4 Dec. 31 Holders of roe.
Nov. 5 *Holders of roe. Oct. 25
Dec. lba Cudahy Packing, common (guar.)
Amer. Rolling Mill, corn. (quar.)
1
Oct. 15 Holders of rec. Oct. ba
550c Oct. 15 'Holders of rec.
Sept. 30
6% preferred
Old preferred (quar.)
3
1)4 Oct. 15 'Holders of
Nov. 1 Holders of rec.
rec. Sept.
7% preferred
Amer. Shipbuilding. corn. (quar.)
3% Nov. 1 Holders of rec. Oct. 20
2
Nov. 1 Holders of rec. Oct. 30
Oct.
15a Curtis Publishing,corn.(mthly.)
Preferred (quer.)
*50c. Nov. 2 'Holders of rec. Oct. 20
1% Nov. I Holders of
20
rec. Oct. 15
Common (extra)
Amer. Smelting & Refining. corn. (q11.)- $2
*50e. Nov. 2 *Holders of rec.
Nov. 1 Holders of
Preferred (quar.)
53744c Nov. I 'Holders of rec. Oct. 20
1% Dec. 1 Holders of rec. Oct. ha Dairy Dale, Inc., class A (quar.)
Oct. 15
rec. Nov. 2a
Class B (quar.)
Amer.Steel Foundries. corn.(quar.).__
•1841c Nov. 1 *Holders of rec. Oct.
75c Oct. 15 Holders of
IS
rec.
Amer.Sumatra Tob., corn.(qu.)(No. 1)
25c, Oct. 15 Holders of rec. Sent.2
75c Oct. 15 Holders of rec. Oct. la Darby Petroleum (quar.)
0
Oct.
Davega. Inc. (qual.)
Stock div.(sub). to stkhold. meeting)- /3
25e Nov. 1 Holders of rec. Oct. 15
Nov. 15 Holders of rec. Nov. la
Extra
Amer. Type Founders, corn. (flu.)
2
250 Nov. 1 Holders of rec. Oct. lb
Oct. 55 Holders of rec. Oct. la
Davis Industries, class A (guar.)
Preferred (quar.)
ba
1% Oct. 15 Holders
•3131c Janl '29 *Holders of rec Dec.
Amer. Vitrified Products, corn. (quar.)
Class B (quar.)
50c Oct. lf Holders of rec. Oct. ba
'3itic Jan 1'29 'Holders of rec. Dec. 20
20
Preferred (Qual.)
Detroit Motorbus (quar.)
•141 Nov. I *Holders of rec. Oct. 5
520c Oct. 15 'Holders of rec. Sept. 29
of rec. Oct. 20
American NVholesale Corp.. Pref. (quar.) 1% Jan
Distillers Corp.. Seagram% Ltd
25c. Oct. 15 Holders of Fee. Sept. 30
229 Called for red.
Anaconda Copper Mining (quar.)
$I
Nov. ID Holders of rec.Jan. 2 '29 Diversified Investments, Inc.(K. C.)
Oct. 133
Class A
Andes Copper Mining (special)
•75c Dec. 17 "Holders of
Si
Oct. 15 Holders of rec. Oct. 2
Angle Steel Tool (quar.)
Class C
200 Oct 15 Holders of rec. Nov. 15
51
Oct. 15 Holders of rec. Oct. 2
Angus Company, corn.(No. 1)
First preferred (qual.)
15c Nov 1 Holders of rec. Oct. 5
1% Oct. 15 Holders of rec. Oct.
rec. Oct. 20
2
Dome Mines. Ltd.(quar.)
Preferred (quar.)
$1
25e. Oct. 20 Holders of rec. Sept.29a
Nov. 1 Holders of
Artloom Corp., corn. Mara
Dominion Engineering Wks. (quer.). _
75c Jan 1'29 Holders of rec. Oct. 20
75c. Oct. 13 Holders of rec. Sept. 29
Preferred (quar.)
1% Dec. I Holders of rec. Dec. 2le Dominion Textile, pref. (quar.)
141 Oct. 15 Holders of rec. Sept.
rec. Nov. Ifla
29
Asbestos Corp., Ltd., pref. (qual.)
Dunhill International (quar.)
51
Oct. 15
Oct. 15 Holders of rec. Oct. la
Quarterly
Assoc. Apparel Indus., Corn. (mthly.)-- 33 1-3 Nov. 1 *Holders of rec. Sept. 29
•
Si
Jan15'29 Holders of roe. Dee. 31a
"Holders of rec. Oct. 19
• 33 1-3 Dec.
Common (monthly)
Quarterly
Si
ApI5'29 Hold, of rec. Apr. 1 '29a
I 'Holders of
Dupont (E. I.) de Nem & Co.
Common (monthly)
• 33 1-3 Jan 229 *Holders of rec. Nov. 20
Debenture stock (qual.)
Associated Dry Goods,common (quar.)_
62c. Nov. 1 Holders of rec. Dec. 21
144 Oct. 25 Holders of rec.
let preferred (quar.)
1% Dec. 1 Holders of rec. Oct. 130 Eastern Bankers Corp.. preferred (qual.) 1% Nov. 1 Holders of rec. Oct. 10
Sept. 30
2d preferred (quar.)
Preferred (qual.)
141, Dec. 1 Holders of rec. Nov. 10a
131 Febl'29 Holders of rec. Dec. 31
Atl. Gulf & W.1.8.5. Lines pref. (qu.).
The. Dec. 31 Holders of rec. Nov. 10a Eaton Axle Sr Spring, corn.(qual.)
50c. Nov. 1 Holders of rec. Oct. 15a
rec. Dec. 110 Economy Grocery Stores (qual.)
Atlantic Refining, pref. (quar.)
1% Nov. 1 Holders of
250. Oct. 15 Holders of rec. Oct. 1
rec. Oct. 16a Electric Hose & Rubber
•$1
Atlas Plywood (qual.)
(quar.)
Oct. 15 'Holders of
'134 Oct. 15 'Holders of rec. Oct. 8
Atlas Powder, pref. (quar.)
Extra
144 Nov. I Holders of rec. Oct. 1
'1)4 Oct. 15 'Holders of rec. Oct.
rec. Oct. 19a Elgin National Watch (quar.)
Babcock & Wilcox Co.(guar.)
1% Jan 1'29 Holders of
56244c Nov. 1 'Holders of rec. Oct. 8
rec. Dee. 20a Emsco Derrick & Equip.
15
Quarterly
1)4 Apr1'29 Hold, of rec. Mar.
2
Oct. 25 Holders of rec. Oct. 10
20'2ea Eureka Pipe Line (qual.)(quan)
Balaban & Katz, corn. (monthly)
*50c. Nov. 1 'Holders of rec.
$1
Nov. 1 Holders cf rec. Oct. 15
Eureka Vacuum Cleaner (quar.)
Common (monthly)
•50c. Dec. 1 *Hloders of rec. Oct. 20
$1
Nov. 1 Holders of rec. Oct. 20a
Exchange Buffet Corp.(qual.)
Common (monthly)
3744c. Oct. 31 Holders of rec. Oct.
•500. Jan. 1 *Holders of rec. Nov. 20
Fajardo Sugar, corn. (quar.)
Preferred (quar.)
*141 Jan 129 *Holders of rec. Dec. 20
.$2.50 Nov. I *Holders o: rec. Oct. I5a
20
Dec. 20
Fanny Farmer Candy Shops, corn. (qtr.)
Bamberger (L.) & Co.
25e. Jan 1'29
Fashion Park, Inc.. corn.(quar-)
Preferred (qual.)
1% Dec. 1
50e. Nov. 30 Holders of rec. Nov. 304
Bancroft(Joseph)& Sons Co. pt.(qu.)-- 141 Oct. 31 Holders of roe. Nov. 10a Federal Terra Cotta (quar.)
*2
Oct. 15 'Holders of rec. Oct. 5
Holders of rec. Oct. 16
Fenton Un. Clean. & Dyeing. corn.(qu.)
Bankers Capital Corp., corn
Oct. 15 'Holders of rec. Oct. 10
$4 Jan. 15 Holders of rec.
Common & preferred (extra)
Common (extra)
•I
$17 Jan. 15 Holders of rec. Dec. 31
Oct. 15 *Holders of rec.
Dee.
Preferred (quar.)
Preferred (quar.)
5141 Oct. 15 'Holders of rec. Oct. 10
Oct. 15 Holders of rec. Oct. 31
$2
1
Preferred (qual.)
Finance Co.ot Am.,Balt., el. A de B (qu.)
15e. Oct. 15 Holders of rec. Oct. 10
Jan1.519 Holden' of rec.
$2
7% preferred (quar.)
Barnsdall Corp.(class A & B)
43Mc. Oct. 15 Holders of rec. Oct. 5
50c Oct. 31 Holders of rec. Dec. 31
Oct.
Bayuk Cigars, corn.(No. 1)
50e. Oct. 15 Holders of rec. Oct. -Oa Firestone Tire & Rubber, corn.(guar-)-- 22
Oct. 20 Holders of roe. (let. 5
10
First preferred (quar.)
6% preferred (quar.)
1% Oct. 15 Holders of rec. Sept.29a
13-4
Sept.29a First Federal Foreign Invest. Trust(qua $1.75 Oct. 15 Holders of rec. Oct. 1
Cony. second preferred (quar.)
1% Oct. 15 Holders of rec.
Nov. 15 Holders of reo.
Sept.29a First Trust Bank,Inc.(qu.)
Second preferred (qual.)
1244c. Dec. 1 Holders of rec. Noy. 1
2
Oct. 15 Holders of rec.
Oct. 31
Sept.29a
Extra
514o. Dec. 1 Holders of
ree. Oct. 31
Name of Company.
[VOL. 127.
FINANCIAL CHRONICLE
2056
When
Per
Cent. Payabk.
Books Closed
Days Inclusive.
Name of Company.
When
Per
Cent. Payable
Boob Closed
Days Inclusive.
Miscellaneous (Concluded).
Si Oct. 15 Holders of rec. Sept. 30
Miscellaneous (Continued).
Moloney Electric common A (quar.)
Holders of rec. Dec. 15a
25e. Jan1'2
Oct. 15 Holders of rec. Oct. 10
Formica Insulation (quar.)
Motion Picture Capital Corp.(quar.)- - 2
of rec. Dec. 15a
Holders
10c. Jan1'2
"50c. Nov. I "Holders of rec. Oct. 19
Extra
Corp.. com.(qu.)
Motor Products
18
corn.(in corn.stock)___ _ sf50 Nov. 'Holders of rec. Sept. 290
*$1.25 Nov. 1 'Holders to rec. Oct. 19
Fostoria Glass,
Preferred (quar.)
Holders of rec. Sept.
51 Oct. 1
Fox Film Corp.,com. A & B (quer.)
Motor Wheel Corp
'50c. Oct. 2 'holders of rec. Oct. 10
f25 Oct. 15 Holders of rec. Sept.10a
Franklin(H.H.) Mfg..com
Corn. (payable in corn. stock)
Nov. 'Holders of rec. Oct. 20
'2c. Oct. 15 "Holders of rec. Sept.29
Preferred (quar.)
Holders of rec. Oct. 150 Mountain & Gulf Oil Corp.(quar.)
51 Nov.
Nov. 1 Holders of rec. Oct. lba
2
Freeport Texas Co (quar.)
g, pref.(quar.)_
Holders of rec. Oct. lba Mullins Manufacturin
25c. Nov.
25c. Dec. 1 Holders of rec. Nov.21
Extra
Holders of rec. Oct. 160 Murphy (G. C.) Co.(guar.)
Nov.
81
50c. Nov. 1 Holders of rec. Oct. 150
General Cigar, Inc., corn. (quar.)
of rec. Nov. 220 National American Co.. Inc.(quar.)-Holders
1% Dec.
*50e. Jan I'29 *Holders of rec. Sept. 15
Preferred (quar.)
Oct. 2 Holders of rec. Sept. 2I6 National Bankitaly Co.(extra.)
1
51.50 Oct. 15 Holders of rec. Sept.286
General Electric, common (quar.)
15c. Oct. 2 Holders of rec. Sept. 210 National Biscuit, corn. (quar.)
50e. Nov. 15 Holders of rec. Oct. 31a
Special stock (Qum.)
Extra
lba
Holders of rec. Oct.
75e. Nov.
Nov. 1 Holders of rec. Oct. 119
2
General Mills. Inc., corn.(No. 1)
Holders of rec. Oct. 8a National Carbon, pref. (quar.)
1Si Nov.
75e Oct. 15 Holders of rec. Sept.29a
General Motors. 6% pref.(qua?.)
Holders of rec. Oct. 8a Nat'l Cash Register, class A (quar.)
1% Nov.
'51.50 Nov. 15 *Holders of rec. Nov. 1
7% preferred (quar.)
National Casket, common
Holders of rec. Oct. 80
114 Nov.
Jan 229 'Holders of rec. Dec. 5
6% debenture stock (quar.)
Holders of rec. Oct. ba Nat. Dairy Products. corn.(in com.stk.) "11
50e. Oct. I
General Outdoor Advertising, corn.(qu.)
154 Nov. 1 Holders of rec. Oct. lba
Holders of rec. Oct. 8a Nat. Dept. Stores, 1st pref. (quar.)_ _ •I.Si Dec. 1 "Holders of rec. Nov. 15
750. Oct. I
General Refractories (guar.)
Second preferred (qua?.)
Holders of rec. Oct. 5
rec. Oct. 19a
- 40c. Oct. I
Georgian, Inc., prof. class A (guar.).
National Lead, pref., class B (quar.)--. 13.4 Nov. 1 Holders of rec. Sept.30
75c. Oct. 3 Holders of rec. Oct. 15
Oct. 15 'Holders of
Gilchrist Co. (quar.)
Holders of rec. Oct. 15a Nat'l Oil Products 87 pf (quar.)(No. 1) *$1.75 Nov. 1 Holders of rec. Oct. 15
4
/
11 Nov.
Gimbel Bros., Inc. pref.(quar.)
154
National Tea, pref. (quar.)
Oct. 21 to Oct. 31
25e. Nov.
Oct. 17
of
Gladding. McBean & Co.. monthly
Nauheim Pharmacies, Inc.. pref.(quar.) 6234e. Nov. 1 Holders of rec. Oct. la
Nov. 21 to Nov. 30
He. Dec.
rec.
Monthly
25c. Oct. 15 Holders
Nedick's. Inc
•134 Oct. 1 'Holders of rec. Sept. 19
ke Co., pref.(qua?.)
15 Holders of rec. Oct. 5
Globe-Wernic
Holders of rec. Oct. 170 Neve Drug Stores, Inc., conv.A (quar.) .0 70c. Oct. 1 *Holders of rec. Oct. 15
51.25 Nov.
Gold Dust Corp.(quar.)
134 Nov.
Holders of rec. Oct. 190 Newberry (J. J.) Realty. pref. (quar.)
Gossard (H. W.) Co.. corn. (monthly) .33 I-3c Nov.
*1234c Oct. 15 *Holders of rec. Sept.29
Holders of rec. Nov. 200 New Bradford 011 (quar.)
33 I-3c Dec.
134 Oct. 15 Holders of rec. Oct. 1
Common (monthly)
Newhall Buildings Trust. pref.(quar.)
Holders of ree. Dec. 20
Jan1'2
33 1-3c
Common (monthly)
Oct. 15 Holders of rec. Sept.28
$1
Holders of ree. Oct. 110 Newmont Mining Corp.(guar.)
Nov.
Nov. 10 "Holders of rec. Oct. 20
Gotham Silk Hosiery. pref. (quar.)..
*2
Holders of rec. Oct. lla New Jersey Zinc (quar.)
Nov.
Granby Consol. Mln.& Smelt.(qBL)- 75c. Nov. I Holders of roe. Oct. 46
of rec. Oct. 136 New York Air Brake(qua?.)
Holders
,
Grand(F.& W.)5 t0-25eStor, com.(qu.) 25c. Oct. 2 Holders of rec. Oct. 134 N. Y. Hamburg Corp.(No. 1)
•51.25 Oct. 29 *Holders of rec. Oct. 15
1.41 Nov.
Preferred (quar.)
*51.50 Sept. 29 "Holders of rec. Sept. 12
N. Y. Realty & !mot_ pref. (quar.)
Holders of ree. Sept. 15
5100 Oct. 1
Group No. 1 011
'13.4 Dec. 31 "Holders of rec. Dec. 21
Niles-Bement-Pond Co. pref. (qu.)
Holders of rec. Nov. 20a
50c. Dec.
50c. Dec. 15 Holders of rec. May 24
Gruen Watch, common (guar.)
Nichols copper. common
50c. Mar1'2 Holders of rec.Feb.19'29a
Common (quar.)
7340. Oct. 20 Holders of rec. Sept.29
Nipissing Mines Co.(quar.)
Holders of ree Oct. 20a
1
,
15 Nov.
•40c. Nov. 1 *Holders of rec. Oct. 15
Preferred (guar.)
Noma Electric Corp. (quar.)
134 FebP2 Hold. of rec. Jan. 19200 North Lily Mining Co
"20c. Oct. 20 'Holders to rec. Oct. 10
Preferred (qua?.)
Holders of rec. Oct. 15
134 Nov.
51.25 Oct. 15 Holders of rec. Sept. 28
Hamilton Bridge, Pref.(quar.)
Ohio Brass class B (quar.)
134 Oct. 2 Holders of rec. Oct. 10a
Harblson-Walker Refrac., pref. (quar.)_
134 Oct. 15 Holders of rec. Sept. 28
(quar.)
Preferred
Holders of rec. Nov. 1
75e, Oct. 15 Holders of rec. Oct. 56
Hartford Times, Inc., panic. pref. (qu.) 75c Nov. 1 *Holders of rec. Nov. 15
011 Shares, Inc., pref. (qua?,)
*52 Nov. 3
1,4 Nov. I Holders of rec. Oct. I 1 a
Hart Schaffner, Marx,Inc.(qua?.)
011 Well Supply. prof. (qtrar.)
Oct. 25
*Holders of rec.
•25c Nov.
A (quar.)___ _ *50e. Nov. 1 *Holders of rec. Oct. 17
Hawaiian Comm'i& Sugar(extra)
Oliver Union Filters. class
35c Oct. 2 Holders-of rec. Oct. 19
Nov. 15 Holders of rec. Oct. 280
51
Hibbard. Spencer Bartlett 4; Co.(mtbly)
Oppenhelm, Collins de Co.(qua?.)
35c Nov. 3 Holders of reo. Nov. 23
51.50 Oct. 15 Holders of rec. Sept.29a
Monthly
Otis Elevator,corn.(guar.)
35e Dec. 2 Holders of reo. Dec. 21
13.4 Oct. 15 Holders of rec. Sept.29a
Monthly
Preferred (qua?,)
Holders of rec. Sept. 29
1.S4 Oct. 1
Holders of rec. Oct. 20a
Nov.
51
HIllerest Collieries Ltd.,cam.(quar.)- - Outlet Company, corn. (qua?.)
Holders of rec. Sept.29
Oct. 1
Holders of rec. Oct. 20a
134 Nov.
Preferred (quar.)
First preferred (qua?.)
Holders of rec. Oct. 15
Nov.
Holders of rec. Oct. 20
Holly Sugar Corp.. pref. (quar.)
134 Nov.
Second preferred (qua?.)
2 *Holders to rec. Sept.28
"500. Oct.
reo Oct. 20
Home Service Co., 2nd pref.(quar.)
200 Pacific Finance Corp., el. A & B pf.(qu.) •50c. Nov. 'Holders of rec. Oct. 20
50e Oct. 2 Holders of rec. Oct.
'4034c Nov. "Holders of
Mining (monthly)
Homestake
Class C 634% pref.(quar.)
"51.88 Nov. 'Holders of rec. Oct. 20
*43% Nov. 'Holders of rec. Oct. 20
Hood Rubber. 734% Pref.(quar.)
Class D 7% pref.(quar.)
of rec. Oct. 20
Nov. 'Holders
•
"51.75 Nov. *Holders of rec. Oct. 13
Seven per cent preferred (quar.)
Pacific Steamship, pref. (quar.)
*Holders of rec. Oct. 11
'3734c Nov.
Oct. 1
Holders of rec. Sept. 28
Si
Horn & Harden of N. Y.(qua?.)
Packard Electric Co. (quar.)
*25c Nov. "Hdders of rec. Oct. 11
50c. Oct. lr Holders of rec. Sept. 28
Extra
Extra
of rec. Sept.29a
Holders
Oct. 1
$1
25c. Oct. 31 Holders of rec. Oct. 15a
Howe Sound Co.(quar.)
Co.(monthly)
Packard Motor Car
•50c Oct. 1 *Holders of rec. Oct. 1
250, Nov. 30 Holders of roe. Nov. 15a
Humberstone Shoe. Ltd.. com.(quar.)
Monthly
*50c Oct. 1 'Holders of rec. Oct. 1
750. Oct. 14 Hoarier@ of ree. Sept.29a
Extra
Holders of rec. Oct. 15a Park & Tiltord (guar.)
500 Nov.
el
Oct. 14 Holders of reo. Sept. 290
Motor Car Corp.. corn. (quar.)
Hupp
Stock dividend (quar.)
Holders of rec. Oct. 15
f234 Nov.
75e. Ja 1429 Holders of rec. Dec. 296
Corn.(payable in corn.stock)
Quarterly
rec. Sept. 29
'40c. Oct. 1 *Holders of
Jo 14'29 Holders of rec. Dee. 29a
el
Illinois Brick (quar.)
(quar.)
Stock dividend
'40c. Oct. 1 *Holder. of ree. Sept.29
75c. Ap14'29 Hold. of rec. Mar.29'29a
Incorporated Investors(quar.)
Quarterly
3734c Oct. 3 lIolders of rec. Oct. 150
A p14'29 Hold. of rec.Mar. 29'296
el
Independent 011 & Gas(quar.)
Stock dividend (quar.)
Holders of rec. Oct. 26
Nov. 1
El
. •50e. Oct. 15 'Holders of rec. Oct. 1
Indiana Pipe Llne (quar.)
cony. pt.(qv)
Park Austin & Lipscomb.
Holders of rec. Oct. 26
Nov. I
55
Nov. 15 Holders of rec. Nov. 5
SI
Special
Penmans, Ltd., common (quar.)
Holders of rec. Oct. 6
Industrial Bankers of Amer., corn. (au.) 706. Oct. 1
134 Nov. 1 Holders of rec. Oct. 22
Preferred (quar.)
Holders of rec. Oct. 6
51.75 Oct. 1
51.25 Oct. 15 Holders of rec. Sept.29a
Preferred (guar.)
Pennsylvania Salt Mfg.(qua?.)
Holders of rec. Oct. 19
373ic. Oct. 31 Holders of rec. Oct. 206
Industrial Finance Corp., pref. (qua?.). dlSi Nov.
Perfection Stove (monthly)
Oct. 4
of rec.
3794c. Nov. 30 Holders of rec. Nov. 206
Internat. Accept. Bank, corn. (quar.)- - 51.50 Oct. 1 Holders of rec. Oct. 18
Monthly
Holders
Nov.
51
37Sio. Dee. 31 Holders of rec. Dec. 2(la
International Cigar Machinery (quar.)
Monthly
"25c. Jan 1'2.
134 Nov. 1 Holders of ree. Oct. 20a
Int. Cont. Invest. Corp.coin.(qu.)
Phillips-Jones Corp., pref.(qua?.)
"206. Apr1'2.
Common (quar)
States, A (quar.) ."373.4c Nov. 1 *Holders of rec. Oct. 20
nicely Wiggly West
*25c. Jly 12
'75c. Oct. 12 *Holders of rec. Sept.28
Common (quar.)
(quar.)
Ivo. Sept.25a Pittsburgh Screw dr Bolt
Holders of
134 Dec. 1 Holders of rec. Nov. 100
International Harvester com. (quer.)- - 51.50 Oct. 1
Holders of rec. Sept. 250 Pittsburgh Steel Co.. pref. (qua?.)
75c. Nov. 1 Holders of rec. Oct. I5a
Internat. Match,com.& Panic. Pt.(qu.) 80c. Oct. 1
(qua?.)
Holders of rec. Oct. 10a Postum Co., Inc., tom.
134 Nov.
334 Oct. 31 Holders of rec. Sept.29
International Nickel, pref.(qua?.)
la Prairie Pipe Line (quar.)
60c. Nov. 1 Holders of rec. Nov.
Oct. 10
Oct. 15 Sept 23 to
International Paper, com.(quar.)
8% prof.(qu.).. 2
Holders of rec. Sept.200 Procter & Gamble Co.,
Oct. 1
501. Oct. 15 Holders of rec. Sept.296
_
(qmar.)
Seven per cent. pref.(quar.)
Holders of rec. Sept.200 Pro-phy-lac-tic Brush. corn.
rec. Oct. 20
134 Oct. 1
Six per cent pref. (qua?.)
Co.. Inc.. pref,series 011926.. 33.4 Nov. 1 Holders of rec. Dec. 310
Holders of rec. Oct. 150 Prudence
114 J an 15'29 Holders of
International Printing Ink, corn.(qu.)._ 62Sic Nov.
PrudenceCo., Inc., pref,(quar.)
*51.60 Nov. 'Holders of rec Oct. 15
*50c Oct. 15 *Holders of rec. Oct. 1
Preferred (quar.)
(qua?.)
Holders of rec. Oct. 150 Q. R.S. Co.com.
50c. Nov.
*51 Oct. 15 *Holders of roe. Oct. 1
International Shoe. pref. (monthly)-(quar.)
50c. Dec. 1 Holders of rec. Nov. 150 Quaker Oats. corn.
•114 Nov.30 •Holders of rec. Nov. 1
Preferred (monthly)
Preferred (qua?.)
Oct. 15 Holders of rec. Oct. ba
51
Dec. 1 'Holders of rec. Nov. 21
"3
Interstate Iron & Steel, corn.(quar.)
preferred
Pn15'29 Holders of rec. Jan.5'290 Quissett Mills.
51
254 Oct. 15 Holders of rec. Oct. 5
Common (quar.)
Realty Associates, corn
Oct. 15 Holders of rec. Oct. 5
(No. 1) 134 Nov. 1 Holders of rec. Oct. 15
3
Halo Petroleum Corp. pref.(qu.)
Second preferred
15
Oct. 16 Holders of rec. Oct. 20
51
Jewel Tea, coin. (quar.)
Goods, common (quar.)... 37Si c Nov. I Holders or rec. Oct. 31
75c. Oct. 15 Holders of rec. Oct. la Rice-Stly Dry (quar.)
'52 Nov. 15 "Holders of rec. Oct.
Johns-Mansville Co., corn. (qua?.)
Richardson Co.
Nov. 1
e50
'Si Nov. 15 'Holders of reo. Oct. 31
Kalamazoo Stove (Stock dividend)
Extra
Oct. 100
of rec.
50c Nov. 15 Holders of rec. Oct. 20a
Kaufmann Dept.Stores, Inc., corn.(qu.) 373.4c. Nov. 1 Holders of rec. Sept.30
Richfield 011 (quar.)
*4334c Nov. 1 •Ilolders of rec. Oct. 5
'6214c Oct. 15 "Holders
Kawneer Co.(qua?.)
Preferred (qua?.)
of rec Oct. 5
•I234c Jan 1'29 'Holders of rec. Dec. 20
%eyrie° Co. (extra)
Riverside Forge dc Mach., corn. (qu.).. *60c Oct. 15 'Holders of reo Oct. 5
•400 Oct. 15 *Holders
'1234c Apr 1'29 'Holders of rec. Mar. 20
Common (extra)
Extra
'1234e July1'29 *Holders of rec. June 20
50e. Dec. 20 Dec. 9 to Dee. 20
Common (extra)
Oct. 154 St. Joseph Lead (guar.)
Dec. 20
Nov. 1 Holders of rec.
25e. Dec. 20 Dee. 9 to
Kayser (Julius) & Co., com.(quar.)...._..
Extra
Nov. 1 Holders of rec. Oct. 220
11.4 Oct. 15 Holders of tee Sept. 22
Kelsey-Hayes Wheel, pref. (quar.)
St Lawrence Paper Mills. pref.(guar.)._
'75e. Oct. 15 'Holders of rec. Oct. 5
75e Nov. 1 Holders of roe. Oct. 15a
Keystone Steel & Wire, corn. (guar.)
Salt Creek Producers Assn.(quar.)
I
• Si Nov. 15 'Holders of rec. Nov. 1
•134 Oct. 15 'Holders of rec. Oct. 5
Preferred (qua?.)
Savage Arms, 2nd pref. (quar.)
87340. Nov. 1 Holders of rec. Oct. 185
873.4c Dec. 1 Holders of rec. Nov. 15a
Keystone Watch Case. pref. (qua?.)
Schulte Retail Stores. corn. ((Plan)
134 Dee. 10 Homers of rec. Nov. 30
uSi Dec. 1 Holders of rec. Nov. 15
Kirby Lumber. cranmon Muer.)
Common (payable in corn. stock)
*60c. Oct. 15 *Holders of rec. Oct. 5
u)4 Mar '29
Knott Corporation (quar.)
Common (payable in corn. Kock)
25c. Nov. 1 Holders of rec. Oct. 160
134 dNov. 1 Holders of rec. Oct. 17
Kress (S. II.) & Co., com.(quar.)
Paper, pref. series A (qua?.)
50e. Nov. 1 Holders of rec. Oct. lba Scott
Coin.(payable in special pref. stock)_
134 dNov. 1 Holders of rec. Oct. 17
series B (guar.)
Preferred,
•150. Nov. 1 *Holders of ree. Oct. 16
75e. Oct. 16 Holders of rec. Sept. 29
Special preferred (quar.)
Scullin Steel, prof.(quar.)
31 Holders of reo. Oct. 20
50c. Oct.
30c. Oct. 20 Holders of rec. Sept.290
Lakey Foundry & Machine (quar.)__
Seagrove Corp. (quar.)
10e. Oct. 31 Holders of rec. Oct. 20
& Co. (guar.)
6234c Nov. 1 Holders of rec. Oct. 150
Roebuck
Extra
750. Nov. 1 Holders of reo. Oct. lba Sears,
Nov. 1 Holder, of rec. Oct Ilia
Landay Bros., class A (quar.)
Quarterly (payable In stock)
rec. Dec. 220
75c. Dec. 31 Holders of
et Febl'29 Tisid. of rec. Jan.15'29a
Landers, Frary & Clark (quar.)
Quarterly (Payable in stOck)
Nov. 1 Holders of rec. Oct. 13
pref. (qua?.)
el Myl'29 Hold, of rec. Apr,i3'290
Lane Bryant, Inc..
Quarterly (payable In Mock)
134 Nov.30 Holders of rec. Nov. 200 Securities Management Corp.. el. A (qu) 114 Oct. 15 Holders of rec. Oct, la
Lanston Monotype Machine (quar.)__
75e. Oct. 15 Holders of rec. Oct. 5
25o. Oct. 15 Holders of rec. Oct. la
Realty Corp., pref. (au.)
(No. 1)
Letcourt
Class B & C (qua?.)
Nov. 1 Holders of rec. Oct. 130
50e. Nov. 1 Holders of rec. Oct. 15
Lehigh Portland Cement. corn. (quar.)„ 62Sic Oct. 27 *Holders of rec. Sept.28
Seeman Brothers. Inc.,corn.(quar.)__
"50e.
50e. 3-15-29 Hold're of rec. Mar.1'29a
Lion Oil Refining(qua?.)
Common (extra)
Nov. 1 Holders of rec. Oct. 206
51
134 Oct. 15 Holders of rec. Sept. 30
prof. (qiI.)
Liquid Carbonic Corp. (quar.)
25e. Nov. 1 Holders of rec. Oct. 200 Segal Lock & Hardware,
•50c. Nov. 1 Holders of rec. Oct. 16
Extra
40e Nov 1 Holders of rec. Oct. 18a Seton Leather, corn.(quar.)
14 Oct. 25 Holden, of rec. Sept.30
Biscuit. com.(qua?.)
Loose-Wiles
Nov. 1 Holders of reo. Oct. 176 Shaffer 011 & Rehr.. Prof.(quar.)
2
75e. Nov. 1 Holders of rec. Oct. 20
Lord & Taylor, 2nd pref. (qua?.)
Shepard Stores, Inc.. el. A (quar.)
Nov. 15 *Holders of rec. Nov. 1
750. Febl 29 Hold of rec. Jan.20 29
Louisiana Oil Refining, pref. (quar.)___' 51.625 Oct. 15 Holders of rec. Sept. 306
Class A (qua?.)
650
Forbes. com.(au.).- - 75e. May129 Hold of rec. Apr.20 29
MacAndrews &
Class A (quar.)
134 Oct. 15 Holders of rec. Sept. 306
Oct. IS Holder, of reo. Sept.29
Preferred (quar.)
rec. Oct. 26a Spalding(A.0.)& Bros., corn.(qu.).... 51.25 Oct. 15 Holders of tee. Sept. 29
Nov. 15 Holders of
Si
(R. H.)& Co.. Inc., new stk.(qu.) 50c Oct. 15 Holders of rec. Oct. 5a
Macy
Common (extra)
500
corn..
Madison Square Garden (qua?.)
750 Oct. 15 Holders of rec. Oct. la Standard Commercial Tobacco, stk.) 10
Nov. 1 Holders of rec. Oct. 19a
Magma Copper Co. (quar.)
class B (payable in class B corn.
25e. Oct. 15 Holders of rec. Sept. 29
Magnin (1.) & Co., corn. (quar.)
Jan 2'29 Holders of rec. Dec. 200 Standard Royalties Wewoka Corp.
Oct. 15 Holders of rec. Sept.29
1
Mallinson (H. R.) & Co.. Inc.. pt.(qu.) 62 Si c Oct. 15 Holders of rec. Sept. 296
Preferred (monthly)
134 Nov. 1 Holders of rec. Oct.
Mandel Brothers. Inc. (quar.)
Steel Corp. of Canada, com.& pfd.(qu.)15c. Oct. 15 Holders of rec. Oct. 8
•750. Dec. 22 flilders of rec. Dec. 10
Manufactured Rubber, pref.(quar.)__..
Atroock (S.) & Co. (quar.)
Oct. 18 Holders of rec. Oct. 3
Oct. 15 Sent. 30 to Oct. 12
Si
Maple Leaf Milling. Pref. (guar.)
75c. Nov. 1 Holders of rec. Oct. 200 Sullivan Machinery (quar.)
51.50 Oct. 15 Holders of ree. Oct. 5
McCall Corp.(quar.)
Superheater Co.(quar.)
Oct. 15 Holders of rec. Sept. 25
134
150. Nov. 1 Oct 18 to Oct. 31
McColl-Frontenac Oil. pref. (quar.)
134 Nov. 1 Holders of ree. Oct. 200 Tech-Hughes Gold Mines, Ltd
20e. Nov. 1 Holders of rec. Oct. 15a
McCrory Stores Corp., pref.(quar.)
Telautograph Corp., corn. (quar.)
Oct. 15 'Holders of rec. Oct. I
•51
100. Oct. 15 Holders ot rec. Sept. 15
(quar.)
Mead Pulp & Paper. com.
Teton Oil & Land
4
/ Oct. 15 *Holders of rec. Sept. 29
30e, Nov. 1 Holders of rec. Oct. 23a
Merchants dc Mfrs. See.. pr. pref. (qu.). •11 Jan 2'29 Holders of rec. Dec. 17
Thompson (John R.) Co.(monthly)....
51
300. Dec. 1 51,Iders of rec. Nov. 23a
Merck Corp.. preferred (guar.)
Monthly
10c. Nov. 1 Holders of rec. Oct. 20
1)4 Nov. 15 Holders of rec. Oct. 136
Metropolitan Royalty Corp.(No. 1)_ _ _
Oct. 20 Holders of rec Sept 290 Tide Water Oil, pref. (qua?.) (quar.)
53
52 Oct. 15 Holders of rec. Sept. 286
Mexican Petroleum, com. (quar.)
Corp., corn.
Oct. 20 Holders of rec.Sept.29a Tobacco Products
2
7340 Oct. 20 Sept. 30 to Oct. 7
Preferred (quer.)
1
3114c. Oct. 15 Holders of rec. Oct. la Tonopah Mining pref. (quar.)
134 Oct. 15 Holders of rec. Oct. 2
Meyer-Blanks Co.(quar.)
Tooke Bros. Ltd..
Nov.
•300. Oct. 15 "Holden) of reo. Oct. 5
31340. Nov. 15 Holders of rec.
Miami Copper Co.(guar.)
Truscon Steel, coin.(quar.)
Nov. 15 Holders of rec. Nov. 3
Oct. 15 Hol(lenr, of rec. Sept. 30
1
(qu)
Minneap -Honeywell Regulator. pf.
common (quar.)
opot. 30
25e. Oct. 15 Holders of rec. Oct. 10 Tuckett Tobacco,
1¼ Oct
Morris (Philip) & Co.. Ltd., Inc.(qu.)
Preferred (quar.)
25e Jo n 1520 Hold of rer Jan 2 '29a
Quarterly
'134
134
$1
134
134
134
134
134
134
134
134
134
OCT. 13 1928.]
FINANCL4L CHRONICLE
Per
When
Cent. Payable.
Name of Company.
Books Closed
Days Inclusive.
Miscellaaeou. (Concluded).
Tung Sol Lamp Works, corn. (quar.)--- *2(le Nov. 1 *Holders of rec. Oct. 20
Common (extra)
50c Nov. 1 Holders of rec. Oct. 20
Class A (guar.)
*45c Nov. 1 *Holders of rec. Oct. 20
Class A (extra)
*50e Nov. 1 *Holders of rec. Oct. 20
Union Guarantee Mtge., corn. (quar.)_ $1.50 Jan 2'29 Holders of rec. Dec. 15
Cora. (extra)
$1 Jan2'29 Holders of rec. Dec. 15
Union Mortgage.cont.(guar.)
$2 Jan2'29 Holders of rec. Dec. 15
Common (extra)
*2
Jan 2'29 Holders of rec. Dec. 15
6% preferred(guar.)
114 Jan2'29 Holders of rec. Dec. 15
Union Storage (guar.)
824c Nov. 10 Holders of rec. Nov. 1
United Biscuit. prof.(guar.)
lit Nov. 1 Holders of rec. Oct. 180
United Cigar Stores of Amer.. Of.(guar.) 114 Nov. 1 Holders of rec. Oct. 15a
United Milli Crate, class A (quar.)
*50c. Dec. 1 *Holders of rec. Nov. 15
United Paperboard, pref.(guar.)
$1.50 Oct. 15 Holders of rec. Oct. la
Preferred (guar.)
$1.50 Jan6'29 Hold, of rec. Jan. 2 '290
Preferred (guar.)
$1.50 Ap1529 Hold, of rec. Apr. 1 '290
United Piece Dye Works.64% pf.(qi.)_
19 Jan2'29 Holders of rec Dec. 28a
United Profit-Sharing, Prof
5
Oct. 31 Holders of rec. Sept. 290
United Verde Extension Mining (qu.)__
50c. Nov. 1 Holders of rec. Oct. 5a
U.S. Bond & Share, common (extra),. *32.50 Dec. 1 *Holders of rec. Nov. 15
Participating preferred (extra)
*50o. Dec. 1 *Holders of rec. Nov. 15
U.S. Cast Iron Pipe di Fdy., corn.(g11.)
Dee. 15 Holders of rec. Dec. la
Preferred (Quer.)
191 Dee. 15 Holders of
Dec. la
•u..4 Oct. 15 *Holders of roe.
U.S. Finishing, corn.(guar.)
rec. Oct. 5
U.S.& Foreign Sec. Corp.
First and second pref.(guar.)
$1.50 Nov. 1 Holders of rec. Oct. 11
U. B. Industrial Alcohol, corn. (guar.).- $1.25 Nov. 1 Holders of rec. Oct. 15
Preferred (quar.)
lid Oct. 15 Holders of rec. Sept.29a
U.S. Print. & Llth. 2d pref. (quar.)_ _
114 Jan1'29 Dec. 22 to
Dec. 31
U. S. Radiator, corn. (guar.)
50c. Oct. 1 Holders of rec. Oct. 1
Preferred (guar.)
191 Oct. I Holders of rec. Oct.
U. S. Rayon, pref. (guar.)
*31.75 Oct. 1 *Holders of rec. Sept. 30
U.S. Smelting. Refs. & Min., com.(gu.) 8740 Oct. 1 Holders of rec. Oct. 5a
Preferred (quar.)
874c Oct. 1 Holders of rec. Oct 5a
Universal Leaf Tobacco, corn. (quar.)
75e. Nov. 1 Holders of rec. Oct. 19a
Universal Pipe & Radiator. pref.(qu.)_. $1.75 Nov
Heldere of rec. Oct. 15a
Upson Co.. class A &B (guar.)
*40c. Oct. 1 *Holders of rec. Oct. I
Class A Sc B (extra)
510c. Oct. 1 *Holders of rec. Oct. 1
vapor Car Heating, pref. (guar.)
191 Dec. 1 Holders of rec. Dec. la
Vick Chemical (guar.)
$1
Nov.
Holders of rec. Oct. 160
Victor Talking Machine, cont. (guar.)._ $1.
Nov. 1 Holders of rec. Oct. la
Old preferred (guar.)
19( Oct. 15 Holders of rec. Oct. 1
Prior preference (guar.)
$1.75 Nov. 1 Holders of rec. Oct. la
$5 cony. pref. (quar.)
$1.50 Nov. 1 Holders of rec. Oct. la
(V.) Vivaudou, Inc.. pref.(guar.)
14 Nov. 1 Holders of rec. Oct. 150
Vorclone Corp., pref.(quar.)
•70c Nov. 15 *Holders of rec. Nov.
Vulcan Detinning, pref. & pref. A (qu.) 191 Oct. 20 Holders of rec. Oct. 9a
Prof. (acct, accumulated dividends)._
hl Oct. 20 Holders of rec. Oct. 9a
Wacker Drive Bldg.. prof.(Guar.)
'81.50 Oct. 15 *Holders of roe. Sept. 29
Weber & Hellbroner, Inc., pref. (guar.). 191 Nov. 1 Holders of rec. Oct. 15
Western Grocers. Ltd.. Prof.(guar.)_
14 Oct. 15 Holders of rec. Sept. 300
Westinghouse Air Brake (guar.)
50c Oct. 31 Holders of
Sept.
Wertinghouse Elec.& Mfg. corn (guar ) $1 Oct. 31 Holders of rec. Sent. 29a
ree.
280
Preferred (guar.)
$1
Oct. 15 Holders of rec. Sept. 284
White Eagle Oil & Ref. (guar.)
50c. Oct. 20 Holders of rec. Sept. 28a
White Sewing Machine, pref. (guar.)._ *31 Nov. 1 *Holders
of rec. Oct. 19
WIllys Overland Co.. common fquar.).
30e. Nov. 1 Holders of
Wire Wheel Corp.of Amer., pref.(guar.) 31.75 Jan 1'29 Holders of rec. Oct. 22a
rec. Dec. 20
Woodworth, Inc., coon. (guar.)
874e Oct. 15 Holders of rec. Oct. 1
Wrigley (Wm.) Jr. Co., corn.(mthly.)
2.50 Nov. 1 Holders of rec. Oct. 20
Common (monthly)
28e. Dec. 1 Holders of rec. Nov.
Yellow & Checker Cab,corn. A (mthly.). 6 2-3e Nov. 1 Oct. 26 to Oct. 20
31
Common class A (monthly)
6 2-3c Dec. 1 Nov.26 to Nov. 30
• From unofficial sources. t The New York Stock Exchange has ruled that
will not be quoted ex-dividend on this date and sot until further notice. stook
I
New York Curb Market Association has ruled that stock will not be quotedThe
exdividend on this date and not until further notice.
a Tlansfer books not closed for this dividend. d Correction. e Payable
in stock.
I Sal6ble in common stock. g Payable in scrip. h On account of accumulated
dividends. J Payable in preferred stock.
1 Associated Oas & Electric dividends payable in cash or in class A stock as
follows! On class A stock at rate of 211% of one share of class A
stock for each
share held.
o Payable In common stock but subject to stockholders meeting
Oct. 15.
s Payable In common stock but subject to stockholders' meeting Oct.
16.
National Dairy Products declared four per cent, on common stock
cont, stock in quarterly installments of one percent. each beginning payable In
Jan. 2, 1229.
u Schulte Retail Stores declared 2% in stock, payable 4% quarterly.
2057
The Now York "Time" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending Oct. 5:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR WEEK ENDED FRIDAY, OCT. 5 1928.
NATIONAL AND STATE BANKS
-Average Figures.
Loans.
OtherCash Res. tat), DeP.Other
Including N. 1. and Banksand
Gross
Gold. Bk.Notes. Elsewhere. 7'rustCos. Deposits.
Manhattan8
$
$
$
s
$
Bank of U.S
151,524,100 15,800 2,146,000 18.126.8001,171,700 145,908,000
Bronx National
20,314,000 5,300 755.000 1.021,000
21,193,000
Bryant Park Bank
1,990,500 93,700 131,700
278,700
2,192,000
Chelsea Exch. Bk. 22,528,000
___ - 1,674,000
648,000
22,000,000
Grace National__ 17,600,808 5.000
70,576 1,384,720 1,675,890 15,223,284
Harriman Nat'l__ 36.663,000 20,000 785,000 4,230,000 1,234,000 39,956,000
Port Morris
4,257,600 40,000 111,700
221.600
3,620,000
Public National__ 112,826,000 21.000 2,023,000 6,849,000 3,653,000 107,463,000
Brooklyn
First National_ __ _ 19,645,000 31,200 435,600 2,115,600 265,200 18,207,900
Mechanics
.55,220,000 265,000 1,686,000 8,805,000
53,208,200
Nassau National_ 21,403,000 90,000 329,000 1,678,000 355,000 19,907,000
Peoples Nat onal_
8,571,900 5,000 149,000
602,900
75,400 8,553,500
+,,,,i,,,-ii xrati.,..ii
.1 rwo grin
53 OM
525.000
251(00 2.275.300
TRUST COMPANIES
-Average Figures.
Loans.
ManhattanAmerican
Bronx County
Central Union
Empire
Bank of Europe & Tr
Federation
Fulton
Manufacturers
United States
Brooklyn
Brooklyn
Kings County
Municipal
Bayonne, N. J.
Mechanics
Cash.
Res. Dep., Dep. Other
N. Y. and Banks and
Gross
Elsewhere. Trust Co.. Deposits.
$
5
$
$
$
51,026,300
820,400 11,018,100
30.700 54,153.500
16,936,163
874.789
125,055
16,223,182
23,018,995
645,511 1,838,071
23,335,994
262,607,000 *31,203.000 4,903,000 3,376,000 272,545,000
77.875,100 *4,954,800 4,656,100 3,726,200 76,635.500
17,249,336
208.218 1,252,048
253,204 17,485,096
15,979.700 *2,202.900
373,400
16,309,800
293,998,000 2,812,000 44,184,000 1,737,000 281,030,000
80,787.599 4,433,333 8,268.523
68,945,167
65,470,200
20,230,092
49,244,200
10.989.732
1,651,200 12,420,000
1,723,302 2,452,045
1,550,500 3,715,700
242.239
832.192
72,262,600
24,207,361
32,200 45,888,406
293.980
9.551,776
*Includes amount with Federal Reserve Bank as follows: Central Union, $34,524,000; Empire,$3,245,000; Fulton, $2,091,700.
Boston Clearing House Weekly Returns.
-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
•
BOSTON CLEARING HOUSE MEMBERS.
0(2.10
1928.
Changesfrom
Previous Week
Oct. 3
1928.
Seyt.. 26
1928.
$
$
$
$
Capital
84.150,000 Unchanged
84,150,000
84,150,900
Barnhill and profits
108,501.000
+53,000 108.448.000 108.448,600
Loans.insole & investls. 1.105,125,000
+640,000 1,104.485,000 1,104,384,000
Individual deposits
876,874,000 -18,768,000 695,642,000 668,384,000
Due to banks
147,834.000 +1,566,000 146,268.000 138,947,000
Time deposits
278,113,000 -4,705,000 282.818,000 285,079,000
United States deposits__
8,475,000 -5,203,000
13.678.000
19.382.000
Exchanges for Clg. House
28,387,000 -12,725,000
41,112,000
28,174,000
Due from other banks_ __
84,093,000 -6,881,000
90,974,000
84,038,000
Pes've in legai depoiutles
83,172,000
-240,000
83,412,000
81,677,000
Cash in bank
9,846,000
+92,000
9,754,000
9,779,000
RIM VP pserna In F_ R.Bk_
.
000.000
+200_000
1101.000
224.005
8
is
P.
Totals
8§8§§8888§88888§88§88888§888
500.000
Clearing Non-Member.
Mechanics Tr. Co., Bayonne_
6,592,000
b558,848,000
26,122,000
15,023,000
119,585,000
35,071,000
c333,100,000
57,119,000
37,551,000
d 459,430,000
38,986,000
17.536,000
139,295,000
el 12,205,090
f311,999,000
27,944,000
3,293,000
0.-..; CO
60,000.000
500,000
1,000,000
9,000,000
5,000,000
25,000,000
5,C00,000
10,000,000
40,000.000
4,000,000
3,000,000
10,000,000
10,000,000
30,000,000
1,400,000
Chase National Bank
Fifth Avenue Dank
Garfield National Bank
Seaboard National Bank
State Bank & Trust Co
Bankers Trust Co
U. S. Mortgage & Trust Co
TRH) Guarantee di Trust Co
Guaranty Trust Co
Fidelity Trust Co
Lawyers Trust Co
New York Trust Co
Farmers Loan & Trust Co--Equitable Trust Co
Colonial Bank
000100000000000000
1100010000l 00,,0400
.
. *tW..00.000G 0
, 0001CW0...00010;1 04010400106...V
,7
.00.,
i,4
4.-itI,N0 -.N.N00.0
,
0400
P.
,
.-.
NNN
Weekly Return of New York City Clearing House.
Beginning with Mar. 31, the New YOrk City Clearing House
Association discontinued giving out all statements previously
issued and now makes only the barest kind of a report. The
Philadelphia Banks.
-The Philadelphia Clearing House
new return shows nothing but the deposits, along with
return for the week ending Oct. 6, with comparative figures
the capital and surplus. We give it below in full:
for the two weeks preceding, is given below. Reserve
STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING
HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY OCT.
requirements for members of the Federal Reserve System
6 1928.
are 10% on demand deposits and 3% on time deposits, all
• Surplus .1 Net Demand
Time
to be kept with the Federal Reserve Bank. "Cash in vaults'
Clearing House
'Cal/Ital.
Undivided
Deposits
DeIVASS
Members.
Profits.
Average.
is not a part of legal reserve. For trust companies not
Average.
$
members of the Federal Reserve System the reserve required
3
$
6,000,000
Bank of N. Y.& Trust Co.__
59,371,000
9,704,000 is 10% on demand deposits and
Bank of the Manhattan Co.__ 12,500,000
includes "Reserve with
143,516,000
31,376,000
Bank of America Nat. Assoc__ 25.000,000
144,690,000
50.314,000 legal depositaries" and "Cash in vaults."
National City Bank
90.000,000
a809,714,000 169,700,000
Chemical National Bank
6,000.000
Beginning with the return for the week ended May 14, the
129,505,000
7,556,000
National Bank of Commerce_ 25,000,000
305,768.000
51,001,000 Philadelphia
Chat.Phenix Nat.Bk.dar.Co 13,500,000
Clearing House Association discontinued showing
155,659,000
43,554.000
Hanover National Bank
5,000,000
124,794,000
2,884,000 the reserves and whether reserves held are above
11.000.000
Corn Exchange Bank
or below require171,095,000
31,796,000
1C,00C,000
National Park Bank
128,967,000
8,844,000 ments. This will account for the queries at the end of the
10,000,000
First National Bank
225,031,000
11.947,000
Amer. Exchange Irving Tr.Co 40,000,000
360,472.000
46,86200 table.
1,000,000
Continental Bank
4R0 400.000782.987.200 5 05R 2R4 nnn
600,000
64,162.000
789,000
258,000
8,845 000
60,417'1.00
59,270.000
5,251'0(0
2,873'000
76,003'000
5,159'000
2,444 000
.
31,566 000
.
21,082'000
41,158 000
.
7,283:000
5,894,000
mnn neus
Includes deposits in foreign branches: (a) $275,898,000; (b)
$14,610,000; (c)
$57,200,000;(d)$91,131,000:(e) $1,920,000;(f) $106,618,000.
*As per official reports: National, June 30 1928: State, June 30
1928; Trust Co's
June 30 1928,
12,0
Two Ciphers (00)
omitted.
Week Engird Oct. 6 1928.
Members of
Trutt
F.R.. System Companies.
Capital
57,225.0
Surplus and profits174,030,0
Loans. discts. & invest. 1,041.275,0
Each, for Clear. House
42.441,0
Due from beaks
101.507,0
Bank deposits
136,896,0
Individual deposits-. 602,159,0
Time deposits
208,741.0
Total deposits
947,796,0
Res. with legal depots.
Res. with F. R. Bank_
67,688,0
Cash In vault•
9,493,0
Total res. & cash held
77,181.0
Reserverequired
Excess reserve and cash
In vault
1928.
Total.
Sept. 29
1928.
Sept. 22
1928.
9,500,0
66,725.0
66,590,0
66.590,0
18,293,0 192,323,0 192,367,0 192,367,0
105,090,0 1,146,365.0 1,148.829,0 1,151,869,0
993,0
43,434,0
42,616,0
39.319,6
617,0 102,124.0
96,850.0
92,973,0
3,427,0 140,323.0 135,816,0 138,039,0
49,733,0 651.892,0 648,974,0 646.692,0
27,746,0 236,487,0 235,652.0 236,183,0
80,905,0 1,028,701,0 1,020,442,0 1,020,914,0
9,130,0
9,130,0
9,236.0
8.751,0
67,688,0
67,306,0
67,180,0
2,778,0
12,271,0
12,049,0
11,966,0
11,908,0
89,089,0
88.591,0
87.897,0
•Cash in vault not counted as reserve for Federal Reserve
members.
[VoL. 127.
FINANCIAL CHRONICLE
2058
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Oct. 11 and showing the condition
for
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the resultsweekthe system
last year.
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding Reserve Agents'
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Comptroller and
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between thethe returns for the
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon
latest week appears on page 2032, being the first item in our department of "Current Events and Discussions."
OCT. 11 1928.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS
Oct. 10 1928. Oct. 3 1928. Sept. 281928. Sept. 191928. Sept. 12 1928. Sept. 5 1928 Aug.29 1928. Aug. 22 1928. Oct. 12 1927.
$
$
3
$
i
$
R
$
11
RESOURCES.
1,198,568,000 1,178,312.000 1.214.889.000 1,167,332.000 1,143,470.000 1,082.429,000 1,093.837.000 1,107,113,000 1,604,948,000
Gold with Federal Reserve agents
47,954,000
66,020,000
65.243.000
66,351,000
68,645,000
71,730.000
65,503,000
69,947,000
69,439,000
Treas.
Gold redemption fund with U.S.
1.159,080,000 1.173,133.000 1,632,902,000
Gold held exclusively agst. F. R.notes 1.268,007,000 1.248,259.000 1,280,392,000 1,239,062,000 1.212.115,000 1,148,780,000 724,889,000 715.244,000 661,099,000
Gold settlement fund with F.R.Board.. 682,992,000 688.054.000 666,714,000 720,346,000 678,301,000 751,338.000 734,840,000 725,611.000 657,497,000
Gold and gold certificates held by banks_ 673,726,000 680,322.000 685,896.000 666,482,000 738,530,000 709,031,000
Total gold reserves
Reserves other than gold
Total reserves
Non-reserve cash
Bills discounted:
Secured by U.S. Govt. obligations
Other bills discounted
2,624,725.000 2,616,635,000 2.633.002.0002.625.890,000 2,628,946,000 2.609,149,000 2.618.809.000 2.613,988.000 2.971,498,000
128,213,000 134,766,000 138,082.000 142,366,000 141,999,000 138.148,000 146,085,000 147,414.000 132,396,000
2,752,938,000 2,751.401.000 2.771,084.000 2,768,256,000 2.770.945.000 2,747,297.000 2,764,894,000 2.761.402.000 3,103,894,000
50,328,000
57.582,000
58.241,000
52,296.000
59,878.000
59,044,000
56,174.000
53,801,000
50,266,000
609.355.000
384,047,000
616,087.000
409.831.000
610,143.000
400,623,000
671,977.000
421,856,000
656,035,000
413,211.000
652,032,000
428,085,000
604,316,000
434.457,000
584,184.000
453,262,000
192,753,000
237,496,000
Total bills discounted
Bills bought In open market
U. B. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
903,402,000 1,025.918,000 1,010,766.000 1,093,833,000 1,069,246,000 1,080,117.000 1.038,773,000 1,037,446.000 430,249,000
00
331,768,000 309,976,000 263,419,000 237,189.000 211,160,000 186.796,000 184,299,000 183,600,000 274,361, 0
54.599.000 258,780,000
54.764,000
53,362,000
53.883,000
53,005.000
53.377,000
53,149,000
53,271,000
85,651,000 133,114,000
88.251.000
87,886,000
87.028,000
87,976,000
89,222.000
90,363.000
86,281,000
66.660.000 118,235,
000
65,949.000
65,476,000
80,096,000
83,746,000
86.433,000
87.092,000
87,160.000
Total U. S. Government securities
Other securities (see note)
226.712,000
4,580,000
230,604.000
4,580,000
229,032.000
4,580,000
224,727,000 221,344.000
2,020.000
4.580,000
206,385.000
990.000
208.964.000
990,000
206,910,000
990,000
510,129,000
820,000
1,433,026,000 428,946,000 1,215,559,000
Total bills and securities (see note)......_ 1,556,462,000 1,571.078.000 1,507,797.000 1,560.329.000 1.503,770.000 1,474.288.000
Gold held abroad
563,000
574,000
574.000
571.000
572,000
573.000
574,000
573.000
574,000
Due from foreign banks (sae note)
716.985,000 780.249,000 680.765 000 818,337.000 771.589,000 681,687,000 615.468.000 636.859,000 775,265.000
Uncollected items
60.134,000
60,132,000
60,255,000
59,774,000
60,305.000
60,314.000
60.320,000
60.318.000
60,368,000
Bank premises
13,522,000
8,813.000
8,981,000
9,190,000
8.913.000
8,457,000
8,841,000
8,909.000
9.135.000
All other resources
5,146,728,0005,226,430,000 5,094,554,000 1,275.310,000 5,176,249,000 5,025,275.000 4.941,248,000 4,954.310,000 5,218,905,000
Total resources
LIABILITIES.
1,725,212,000 1,703,620,000 1,681,581,000 1,679,521,000 1,688,267,000 1,701,035,000 1.650,996,000 1,641,967,000 1,733,329.000
F. R. notes in actual circulation
Deposits:
2,313,195.000 2.349,553.000 2,315.812.000 3,300,534.000 2,348,676,000 2,273,343,000 2.268,682.000 2.280.560.000 2,324.338,000
-reserve account
Member banks
12,806.000
27.324.000
8,946,000
17.331.000
9.617.000
45,379,000
12.699,000
32,569.000
3,194,000
Government
5,369,000
9.140,000
9.799.000
6,347,000
5,952,000
7,459.000
7,337.001
5.942.000
5.266.000
Foreign banks (ass note)
62,454,000
18,699,000
16.941,000
18.877,000
23,875,000
45,580.000
30,302,001
25.926,000
24.101,000
deposits
Other
2,345.756,000 2,413.990,000 2,366.150.000 2,458.952.000 2.388.120,000 2,305.577.000 2.324.682.000 2.325,630,000 2.404,967,000
Total deposits
666.067,000 700.191.000 638,620.000 730,605.000 694,925.000 615.257.000 562.768,000 584.711,000 704,844,000
Deferred availability Items
145.588,000 142,658.000 145,618,000 145.376,000 144,986,000 144.924.000 144,860,000 144.854.000 131.171,000
Capital paid in
233,319,000 233,319,000 233,319,000 233.319.000 233.319.000 233,319.000 233.319,000 233,319.000 228,775,000
Surplus
15,319,000
24,623,000
23,829.000
25.163.000
26.632.000
27.537.000
29,266.000
29,642,000
30,786,000
All other liabilities_
5.146.7g8,000 5,226,430,000 5,094,554,000 5.275,310,000 5,176.249,000 5,025.275.000 4,941,248,000 4,954,310,000 5,218,905,000
Total liabilities
Ratio of gold reserves to deposits and
71.8%
65.9%
65.9%
65.1%
64.5%
63.5%
63.6%
65.1%
64.5%
F. R. note liabilities combined
Ratio of total reserves to deposits and
75.0%
69.6%
69.5%
68.6%
68.0%
66.9%
68.5%
66.8%
67.6%
F. It. note liabilities combined
Contingent liability on bills purchased
277.265 279,049,000 277,897,000 289,353.000 201,956,000
267.635 272,886,000 274,054,000
268,863,000
for foreign correspondents
---e.
_
$
$
$
$
5
$
$
$
$
Dtstribtutott by Malurtfl4475.725.000 130,006.000
80.174.000
90.527.000
97.147,000
93,229,000
97,048.000
121,609.000
1-15 days bills bought In open market. 114.237.000
860,385,000 887,007,000 863.522,000 924,738.000 899,027.000 899,187.000 854,984.000 850,533.000 361,063.000
1-15 days bills discounted
45,000
3,280.000
2,535,000
2,115,000
16,375,000
2,308,000
4,330.000
5,380,000
4,275,000
1-15 days U. S. certif. of Indebtedness_
1-15 days municipal warrants
63,966.000
36.924.000
36.280,000
29.577,000
36,551,000
34,741,000
35,433.000
30.889,000
30,579,000
18-30 days Mils bought in open market.
53.014.000
0
57,718,000
19.158. 00
48.386,000
54.108,000
57,735,000
44,257,000
39,193.000
35,/88.000
18-30 days bills discounted
16-30 days U. S. certif. of Indebtedness_
20.000
warrants
18-30 days municipal
56.081.000
41.387.000
41,153,000
37.230.000
40,304.000
39,862,000
43,168,000
57.777.000
73,625.000
81-80 days bills bought In open market.
28,740,000
86,953,000
83,138,000
78.090,000
69,054,000
65,552,000
57,729,000
55,401,000
54,1/4,000
81-80 days bills discounted
31-80 days U. 8. certif of indebtedness_
81-80 days municipal warrants
21,263,000
22.794.000
20.965.000
22,660,000
31.622.000
63,551.000
81.424.000
94,304,000
81-90 days bills bought In open market _ 107,588,000
17,835.000
41,200.000
37,542,000
36.717.000
38,781.000
37.258,000
37,780.000
34,308.000
31,357.000
81-90 days bills discounted
745,000
45,324,000
40,583,000
37.759,000
32,805,000
61-90 days U. S. certif. of indebtedness..
30,000
30,000
81-90 days municipal warrants
3,045,000
6.770.000
5,727,000
6.802,000
5,536,000
5,800.000
6,344.000
5.397,000
5,738,000
Over 90 days bills bought in open market
10.374.000
3,453,000
10.115.000
8,427,000
8,276.000
8,550.000
7,478,000
9.732,000
11,608,000
Over 90 days bills discounted
63,414,000
63,361,000
63.380,000 118,190,000
62,976,000
36,114,000
41,250,000
43.953.000
50.080,000
Over 90 days certif. of indebtedness30.000
30,000
30,000
Over 90 days municipal warrants
2,848,579,000 2.850,462.000 2.811,418,000 2,800,498,000 2.807.420.000 2,901.096,000
F. R. notes received from Comptroller__ 2,872,292,000 2,864,043,000 2.859.232,000 766,025,000 776,996,000 766,585.000 778.870.000 780,020,000 795,225,000
772,041,000 773,720,000 774,385,000
F.It. noted held by F. It. Agent
2.044.833.000 2,021,628.000 2.027,400,000 2.105,871.000
2,100,251,000 2.090,323,000 2,084.847,000 2,082.554,000 2,073,466,000
Issued to Federal Reserve Banks
How Secured
346,568.000 344,067,000 344,067,000 341,567.000 341,321,000 341,321,000 338.820,000 348,620.000 406,332,000
By gold and gold certificates
92,994,000
91,016.000
89.541.000 103,992,000
94,621.000
88,586,000
91,105.000
98,510,000
92,755.000
Gold redemption fund
759,241.000 735.735,000 779.717,000 737,179,000 711,133,000 648,114,000 660,396.000 668.952,0001,094.624,000
Gold fund-Federal Reserve Board
1,270,038 000 1,291,675.000 1.214,971,000 1,277,362,000 1,236.448,000 1,226,168.000 1,183.121.000 1,189.770,000 674,592,000
By eligible Darer
-....... ....._
AAA nos nnn 9 270 015 Ann 9 9n2 anc nein 9 0.1:1 nme nnn 1 .n. .......
..
.
.
.
•
• •
•.
order to show separately the amount of balances he d abroad and amounts due to
NoTn.-tieguttang with tile stateseent of Oct. 2 1825. Iwo new Items were added in
up of Federal Intermediate Credit bank debentures, was changed to
foreign correspondents. In addition, the caption "All other earning assets," preciously made latter term was adopted as a more
accurate description of the total of She
securities." The
"Other securities." and the caption "Total earning assets" to "Total bills and
and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which. It wasstated,are the only items included therein.
discount acceptances
EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS OCT. 10 1928
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF
Two ciphers (00) omitted.
Federal Reserve Bank of
Total.
HOMO.
'Few York.
Phila.
Cleveland. Richmond Atlanta. Chiccgo. 81. L01441. Afinneay. Kan.City. Dallas. San From)
3
$
RESOURCES.
Gold with Federal Reserve Agents 1.198.568.0 122,216,0
69.439,0 8,689,0
Gold red'n fund with U.S.Trans.
i
$
8
$
S
$
$
$
$
$
$
174,932,0 79,669,0 152,601,0 31,369,0 64,770,0 254,136,0 29,468,0 45,533.0 48,531,0 25,263,0 170,080,0
15,115,0 9,491,0 4,430,0 2.505,0 4,634.0 5,601,0 5.701,0 3,686.0 3,928,0 2,283,0 3,376,0
Gold held excl. agst. F.R.note 1,268.007.0 130,905.0
682,992,0 52.231.0
Gold settle't fund with F.R.Boar
673,726,0 33,618,0
Gold and gold certificates
190,047.0 89.160.0 157.031,0 33.874.0 69,404,0 259,737,0 35,169,0 49,219,0 52,459,0 27,546,0 173.456,0
162.531.0 28,642.0 69,451,0 28.154.0 11.245.0 177.061.0 27.466.0 25,603.0 34,148,0 25.547.0 40,913,0
435,501.0 28,651.0 45,751,0 7.567,0 4.000,0 59,331,0 9,388,0 5,031.0 6,734,0 7,281,0 30,873.0
2,624,725,0 216,754,0
128,213,0 13,925,0
788.079.0 146.453,0 272.233,0 69,595,0 84,649,0 496,129,0 72.023.0 79.853,0 93.341,0 60,374,0 245.242,0
21.055,0 7.188,0 11,233,0 7.868,0 13,559,0 17,052,0 15,200,0 2,087,0 5,167,0 5,069,0 8,810,0
2,752.938.0 230,679,0
Total reserves
50.266,0 5,407,0
Non-reserve cash
Man discounted:
See. by U. S. Govt. obligations 609.355,0 26,453,0
384,047,0 30,680,0
Other bills discounted
809,134,0 153.641,0 283.466,0 77.463.0 98,208,0 513,181,0 87.223.0 81,940,0 98,508.0 65,443.0 254,052,0
894.0 1,829.0 1,940,0 3,185,0
15,403,0 1,218,0 2.575.0 3.335,0 3,569,0 7,801,0 3,110,0
44,087,0 18,451,0 23,940,0 81,130.0 21,777,0 9,115,0 8,520,0 14,687.0 61,229,0
222,920,0 86,146.0
115.084,0 20,223,0 31,615,0 29.186,0 53,606.0 28,324,0 23,463,0 5.954,0 16,604,0 8,160,0 21,148,0
Total gold reserves
Reserve other than gold
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury Dotes
Certificates of indebtedness
993,402.0 57,133,0
331,768.0 29,821,0
53,271,0
86.281,0
87.160,0
702,0
1,271,0
4,556,0
Total U.B. Gov't securities
oos o10 n
a coon
338,004.0 106,369,0 76.602,0 47,637,0 77,546.0 100,454.0 45,240,0 15.069,0 25.124,0 22.847,0 72.377,0
100,510,0 17.277.0 30,489,0 15,961,0 17,667.0 23.271,0 1,238.0 14,429,0 19,965.0 18,583,0 42,557,0
40,0
970.0 19,927.0 7.125.0 4.519.0 7.755,0 8,563.0
548,0 1,153.0
585,0
1,384.0
3,069.0 10.340,0 3,703,0 2,022.0 3,203,0 11.061,0
441.0 3,020.0
12,431.0 8,589,0 26.531,0
9,256,0 3.004,0 2.279,0 5.076,0 4.070.0 5.071,0
32,381,0 11,461.0 6.266.0 1.574,0 2.160.0
2 155 n et i‘n el 29 959 n on 4500 In 501 0 14.5530 15 RA9 n IR loon
AA 1050 9n rraq 0 22 215 0
OCT. 13 1928.]
FINANCIAL CHRONICLE
RESOURCES (Concitule4)Two Ciphers (00) omitted.
Boston.
Total.
$
4,580,0
OtHerseenritles
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other resources
New York.
$
Phila.
$
1,050,0
1,556.462,0 93,483,0
574,0
37.0
716,985,0 65,351,0
60,368,0 3,824,0
9.135,0
157,0
$
30,0
2059
Cleveland. Richmond Atlanta. Chicago. St. Louis. blittneap. Kan.Cita. Dallas. Silt1 Frail.
$
$
$
T
$
500.0
$
$
3,000.0
$
$
485,760.0 144,311,0 140,436.0 66,766,0 101,963.0 164,977,0 66,947.0 40,499,0 59,942.0 60,272,0 131.106,0
218,0
47,0
25,0
52,0
21.0
69,0
17,0
14.0
21,0
35,0
18.0
184,722,0 55,651,0 63,685,0 58,532,0 24,523,0 88,713,0 35.842,0 19,583,0 47.601,0 30,786,0 41,996.0
16,675,0 1,751.0 6,806,0 3,538,0 2,852,0 8,720,0 3,930,0 2,202,0 4,308,0 1,934.0 3,828.0
1,126,0
227,0 1,300.0
467,0 1,761,0
1,114,0
626.0
558,0
408,0
846,0
515,0
5,146,728,0 398,938,0 1,513,038,0 356,846.0 498,320,0 210,126,0 232,897.0 784,575.0 197,618.0 145.978,0 212,614,0 160,950,0 434,828,0
Totalresources
LIABILITIES.
A. R. notes In actual circulation_ 1,725,212,0 152,599,0 342,420,0 131,714,0 206,452,0 66,809,0 128,227.0 296,028,0 59,058,0 61,848,0 63,723,0 45,841.0 170,493,0
Deposits:
Member bank-reserve &set__ 2,313,195,0 151,899,0 878,495,0 134,056.0 188,557,0 67,314,0 63,877,0 348,673.0 82,927,0 54,176,0 90.198,0 69,384.0 183,639,0
Government...3.194,0
105.0
970,0
114,0
122,0
85,0
104,0
521,0
391,0
61,0
537,0
67.0
117.0
5,266,0
494,0
538,0
Foreign bank
626.0
336.0
685,0
915,0
277,0
283,0
237.0
178.0
467,0
230.0
24,101.0
378,0
7,218,0
Other depoalts
566,0
446,0 1,527,0
423,0 3,140,0 1,074,0
841,0 1,884,0
104,0 6,500.0
Total deposits
Deferred availability Items
Capital paid in
Surplus
Allother liabilities
2,345,756.0 152.876,0
666,067.0 63,748,0
145.588,0 10,057,0
233,319,0 17,893,0
30,786,0 1.765,0
887,221,0
161.678,0
49,128,0
63,007,0
9.584,0
135.242,0 190,854,0 68,338.0 65,098,0 352,832,0 84,345.0 55,586,0 92,386.0 70,255.0 190.723,0
51,426,0 59,669,0 55,008,0 22,433.0 79.834,0 36,975,0 17,223,0 42.224,0 31.231,0 44.618,0
14,578,0 14,310,0 6.102,0 5,230,0 18,362.0 5,399.0 3.014,0 4,200,0 4,312.0 10,896.0
21,662,0 24,021,0 12,324,0 9,996.0 32,778,0 10.397,0 7.039,0 9,046,0 8,527,0 16,629.0
2,224,0 3,014,0 1,545,0 1.913,0 4,741,0 1,444,0 1,268,0
1,035,0
784,0 1,469,0
Totalllablilties
5,146,728,0 398,938,0 1,513,038,0 356,846,0 498,320.0 210,126,0 232,897.0 784,575,0 197,618,0 145,978,0 212.614,0 160,950,0 434,828,0
Memoranda.
Reserve ratio(per cent)
67.6
75.5
65.8
71.3
57.6
57.3
79.1
50.8
63.1
69.8
60.8
56.4
10.3
Contingent liability on bills purchased for foreign correspond'ts 268,863,0 19,913,0
78,226,0 25,224,0 27,613,0 13.541,0 11,152,0 36,906,0 11,417,0 7,169,0 9,558,0 9,293,0 18.851.0
F. R. notes on hand (notes reed
from F. R. Agent less notes In
alronlatInn
275 039.0 27_254.0 109.347.0 25 755 n 96 411 n 15.939.0 30.552.0 45.547.0 13.465.0 6.452.0 8365.0 7.891.0
57.731.0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS OCTOBER 10 1938.
Federal Reserve Agent al-
Total.
Barton.
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Afinneap. Kan.City. Dallas. Sashes.
Two ciphers (001 omitted
$
$
F.R.notes reo'd from Comptroller 2,872,292,0 243,663.0
F.R.notes held by F.R. Agent__ 772,041,0 63,810,0
$
s
$
$
$
$
$
$
$
5
$
707,607,0 193.669,0 265.093,0 102,907,0 221,359,0 458.245,0 89,493,0 85,599,0 102.668.0 75,365.0 326,624,0
255,840.0 36,200.0 32,230.0 20,159,0 62,250,0 116,670,0 16,970,0 17,299,0 30,580,0 21.633,0 98,400,0
F. R. notes issued to FR.Bank_ 2,100,251,0 179,853,0
Collateral held as security for
F. R. notes Issued to F. R. Bk.
Gold and gold certificates__ 346.568,0 35.300,0
Gold redemption fund
92,755,0 13,916,0
Gold fund-F.R. Board
759,245,0 73,000,0
Eligible paper _
1,270.638.0 86,934,0
451,767,0 157,469,0 232,863,0 82,748,0 159,109,0 341,575,0 72,523.0 68,300.0 72,088.0 53,732,0 228.224,0
.a.....1 nnilat.roll
153,408,0
16,524,0 8,692.0
5.000,0 70,977,0
419,156.0 103,676,0
9 400 9011 n Ong lcn n
50,000,0 6.690,0 27,100,0
7,600,0 14,167,0
17,303.0 35.000,0
12.601,0 5.679,0 7,670,0 1,136,0 1,868,0 3.366,0 3,671.0 4,460,0 13.172.0
90,000,0 19,000,0 30.000,0253.000.0 20,000,0 28,000.0 44,860.0 3,500.0 121,908,0
103,096,0 56,396,0 95.162,0 132,548,0 46,381,0 27,284,0 44.982.0 41.339,0 113,684.0
004 nee n 159 140 n 305 0010 57 7000 100 599 0200 ARA n 70 5490 79 517 0 02 512 0 RA 602 A 2R2 7R4 0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the 634 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 2032 immediately following which
we also give the figures of New York and Chicago reporting member banks for a week later.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL
RESERVE DISTRICT AS AT CLOSE OF
BUSINESS OCT. 3 1928 (In thousands of dollars).
'Mena Reserei Maria-
Total.
Loans and Investments
-total
Loans and dleciounta-total
Boston. New York
Phila.
Cleceland. Richmond Atlanta. Chicago. St. Louis. Mitineap. Kaa.Cfm. Deltas, 1San Fran.
$
$
$
$
$
22,353,058 1,521,144 8.475,239 1,260.248 2,201,727
_ 15,951,642 1,079,237 6,162,153
$
5
$
$
$
$
$
$
677,687
639.90) 3,303,673
728,463
382.010
678.275
475,1932.009.498
859,554 1,477,914
521,176
503.835 2.435,660
523,264
249,357
438,153
351,681 1.349,658
13,003
44,336
384,681 2,910.684
681.5533,207,133
8.771
473,578
377.205
12,818
648,166
816.930
2,621
182,773
335,782
2,892
21,202
137,981 1,060,891
362,962 1,353,167
3,297
215.945
304.022
2,495
74,337
172,525
3,203
118,730
316,220
2,363
85,754
263,564
4,889
375.129
969.640
6,401,416
441,907 2,313.086
400.694
723,813
156,511
136.066
868.013
205,199
132.653
240.122
123.512
659.840
U. S. Government securities__ _ 2,992.849
Other bonds, stocks and securities 3,408.567
168,420 1.161,784
273,487 1,151.302
120,131
280,563
330,695
393,118
71,792
84,719
63.929
72,137
366,871
501,142
76,036
129,163
73.422
59.231
117,419
122.703
81,700
41,812
360,650
299.190
81,421
14,117
131,870
29,600
39,740
14.789
38,234
10.223
256.046
40,273
46,172
7,318
26.315
5,886
57.867
11,151
33.804
8,863
120,102
21,472
Secured by U.S. Gov't obliga'ns
121,890
Secured by stocks and bonds.___ 6.668.649
All other loans and 121$55115tA____ 9,161,103
Investments
-total
Reserve with F. R. Bank
Cash I n vault
Net demand deposits
Time deposits
Government depoalta
Due trom banks
Due to banks
1,715.860
249.793
103.296
19,514
780.993
66,587
13.225,954
6.905.116
98,583
935.274 5,695.273
480,366 1,719,331
9.971
28,346
728,584 1,063,479
305.329 962,187
4,814
8,077
363,915
246.352
2.503
309,437 1,868,450
237,163 1,263.237
7,001
9,868
386,974
241,088
3,422
227,700
130.726
1,010
509,556
179 052
1,905
304.178 833.134
130.750 1.009,532
6,217
15,440
1,204,182
3,407,091
50.585 138,374
154,623 1.249.700
67,335
191,691
99,947
253.471
55.868
108,336
81,481
104,763
250,747
530,179
52,626
133.814
55,953
102,019
133,439
235,132
67,396
125,056
150,431
218,307
Borrowings from F. 11. Bank-total
801,013
29,691
306,583
75,960
56,119
21,877
53,484
102,308
39,326
10,099
14.327
21.023
70.216
Secured by U. S. Gov't obliga'ne_
All other
509.561
291,452
15,095
14,596
202,537
104,046
59,044
16,916
31,554
24,565
8,015
13,862
15.754
37,730
80,457
21,851
17,773
21,553
-.980
4,119
7,785
6,542
13,880
7.143
634
36
77
49
70
64
31
92
29
24
64
44
51,687
_18.529
toil
54
Plumber of reporting banks
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 Oct.
3 1928
in comparison with the previous week and the corresponding date last year:
Resources
Gold with Federal Reserve Agent
Gold redemp.fund with U.S.Treasury.
Ga. 10 1928. Oct. 3 1928, Oct. 12 1927.
5
8
$
174,932,000 175.040.000 281,214,000
15,115.000
10,500,000
15,087,000
Gold held exclusively met F. Is. notes_
Gold settlement fund with F.11 Board__
Gold and gold certificates held by bank-.
190.047,000
162,531,000
435.501,000
191,540,000
148,841,000
435,723,000
296,301,000
241,310,000
409,323,000
Total gold reserves
Reserves other than gold
788.079,000
21.055.000
776.104,000
22.672,000
946.934.000
24,237,000
Tota,reserves
Non-reserve cash
Bills discounted
Secured by U.S. Govt. obligations_
Other bids discounted
809.134.000
15,403,000
798.776,000
16,097,000
971,171,000
15.872,000
222,920,000
115,084.000
230,767,0013
123,231,000
36.614.000
83,143,000
Total bills discounted
Bills bought In open market
U.S. Government securities
Bonds
Treasury notes
Certificates of Indebtedness
338.004,000
100,510,000
353,998,000
99,902.000
119,787,000
111,125,000
1,384,000
12,431,000
32,381,000
3,425,000
11,873,000
36,413.000
44,117,000
34,402,000
26,697,000
Total U.S.Government securities_ --Other securities (See Note)
46.196,000
1.050,000
51,711.000
1,050.000
105,216,000
Total bills and securities (See Note)_ __
485,760.000
506,661.000
336,128,000
Resources (Concluded)Gold he,d abroad
Due from foreign banks(See Nett)
Uncollected items
Bank premises
All other resources
Total resources
Oct. 10 1928. Oct. 3 1928. Oct. 12 1927.
$
$
3
218.000
184,722,000
113,675.000
1,126,000
218,000
217,268,000
16,675,000
1.107.000
212,000
186,343.000
16,276,000
4.429.000
1,513.038,000 1,556,802,000 1.530.431,010
Liabilities
Fed', Reserve notes In actual circulation_
Deposits-Member bank, reserve sect__
Government
Foreign bank (See Note)
Other deposits
342,420.000
878.495.000
970.000
538.000
7,218.000
339,506,000 365,052,000
902,802,000 879,142,000
10.117,000
1.223.000
1.215.00,D
1.680.000
7.992,000
15.847,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other habliitles
887.221.000
161,678.000
49,128,000
63.007,000
9.584,000
922.126.000
173.495,000
49.343.000
63.007,000
9.325,000
Total liabilities
Ratio of total reserves to deposit and
Fed', R ...'ve note dm:Mitts,combined_
Contingent liability on bills purchased
for foreign correspondents
897.892,000
162.562.000
39,697.009
61,614.000
3,614,000
1,513,038.000 1,556.802.000 1 53
. 0.431.000
65.8%
78.226.000
63.3%
76,999,000
76.9%
57.721,000
-Beginning with the statement of Oct. 7,
NOTE.
1926. two new items were added in order
to show separately the amount
so foreign comesPondents. In addition, the caption, All other earIng assets," previously made up of Federal Intermediate of balances held abroad and am,•unts due
Credit Bank debentures, was changed
Other securities." and the caption, "Total earning assets" to "Total bills and securities." 1.he latter term was
to
accurate description of the total et
the discount.. acsePtances and securities acquired undet the provision of Sections 13 and 1406 the Federal Reserve adopted as aItmore elated. are Me
Act. which, was
only Items Included
therein.
[VOL. 127.
FINANCIAL CHRONICLE
2060
New York City Banks and Trust Companies.
(AU prices dollars per share.)
Oankers' 05azeitt,
Wall Street, Thursday Night, Oct. 11 1928.
Railroad and Miscellaneous Stocks.—The reivew of the
Stock Market is given this week on page 2048.
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 Oct. 11.
Sales
far
1Veek.
Range Since Jan. 1.
Range for Week.
Lowest.
!
Lowest.
Highest.
Par. Shares II per share. ' $ per share.
Highest.
Per share.$ per share.
Railroads—
3,46a 75
Buff Roch & Pitts_ _ _1
200f.10034
1
Preferred
WO! 36
Buff & Susquehanna-10
1401 4034
100
Preferred
201 89
100
Car Cl & Ohio
10100
Certifs stamped...100
100265
&
C C C St Louis__ 100
• 3661 834
Havana Elec Ry
51(r 6834
100
Preferred
30360
100
Hocking Valley
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
6 100
9 103
10 36
si 48
9, 89
9 100
9265
6 9
6; 70
10362%
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
11 60
1 94
1 3234
10 38
9 89
9 98
9 265
9 7
9 64
10 340
Feb 100
M 10534
July 43
Sep 5634
Oct 96
Sept 10734
Oc 315
175i
A
78%
M
July 440
Oct
May
Jan
Apr
Jan
Mar
Apr
June
Sept
May
IliCen RR sec stk ctf.100
50
Morris & Essex
New Oni Tex & Mex_ 100
Pacific Coast 2d pf _ _100
100
1st preferred
_100
Pitts Ft W & Chic pf.
Vicks Shr & Pac pref_100
Wheel & Eric pref_1 0
Oct
Oct
Oct
Oct
Oct
Oct
Out
Oct
6, 80
111 86
10,140
R 28
111 40
6,153
8100%
80 70
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
6 75
11 82%
10 125
9 20%
11 40
6 153
8 100%
8 70
July 82%
Aug 89
Ap 148%
Aug 39
Aug 70
Oc 167
0 10834
A
89%
June
June
May
May
Jan
Apr
Mar
Apr
Indus. & Miscell.
300 71
Am La Fr Sc Foam pf _100
6011034
Am Mach & F pf(7)ex-iv
20 141
Am Radiator pref __ _100
4 110
Am Wholesale pref_ _100
21110034
Assoc Dr Gds 2d pf_ _ 100
100
97%
1
Barker Bros pref
18011134
Bucyrus-Erie pref(7) 100
2 110%
Cent Alloy Steel pre' 1
2 99
Crn-Willametteqdt pf.•
9 110
•
Cushman's Sons Pf (8).
31,
6%
Curtiss Acro rights
9 92
Eisenlohr Bros pref __ISO
14010934
Mee Auto-Lite pref _ _100
6 12134
El Pr & Lt pf ctfs40% pd
80 8
Fairbanks Co pref ..25
62,5
234
Fox Film A rights
1 109%
_100
Franklin Simon pref.
Oct 11 71%
Oct 011034
Oct 6141
Oct 10 110
Oct 1110734
Oct 10 97%
Oct 6113%
Oct 11 110%
Oct 6 99
110
Oct
Oct 9 8%
Oct 11 94
Oct 6 110
Oct 912134
8
Oct 1
Oct 9 334
Oct 9 10934
Oct
Oct
Oct
Oct
Oct
Let
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
9 56
6 110%
6 141
10 104
9 10634
10 9534
8 110%
11 107
6 9634
8 110
iii 6%
104 88%
61110834
91112034
104 8
114 2%
94 55
Jan 74
Oct 116
Oct 152
Ap 1104
Oct 119%
Ser. 101%
M 117
Jan 111%
Jan 101%
Sept nesse
Oct 1034
Jan 100%
Sept 110
Jan 12934
Sept 13%
4
Oc
July 10934
Mar
Jan
Apr
July
Jan
June
Apr
May
Mar
mar
Sept
Feb
July
Apr
Apr
Oct
Oct
3 102
100
nen Cable pref
Gen Gas& El pf A (8) • 5 121
5111734
100
Gen Cigar pref
234
Gen Am Tank Car righ 32,
39,
834
Gold Dust rights
2
Gotham Silk Hosiery rts. 19,2
2 109%
Grand Stores pref__ _100
15,000 2%
Grant(W '1) rights
40 95
Guantanamo Sug pf _ 100
50 106
Gulf States St 1st pf _100
5 28S•
Ilackensack Water pf _2
30 102
Hamilton Watch pf _1
19 57
Harb-Walk Ref new_l
12,400
Hoe(R) & Co rights
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
8 103
9 121%
1111734
11 4%
9 11%
9 3
1111234
6 234
6 95
8 108
10 28%
11 102
11 5734
X
8
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
102
11 121
11 114%
6 3%
10 8%
6 2
10 107
11 2%
6 90
8 104
10 25%
11 99
55
6
g
Oct 105
Oct 144
Sept 130
4%
Oc
Sep 11%
3%
Oc
Jun 112%
Oct 3%
July,107
Jan 110
July 3834
Aug 104
Oct 5734
Sent 1
Sept
Apr
Mar
Oct
Oct
Oct
Oct
Oct
Jan
Apr
June
Apr
Oct
Sept
1 165
Indian Refs peel new.100
1,3 13434
Industrial Rayon
10012034
Ingersoll-Rand pref— 1 II
1 131
Ill
Internet Silver
8 121
100
Preferred
3 12334
100
Jewel Tea pref
%
17,1:
Co rights
Jordan
3134
1,1
Kaufm'n Dept St_912.
66 I 39
Kreuger Ai Toll
7 low.
Laclede Gas pref._ _1
1 2534
1
Manati Sugar
• 1,7
64
Melville Shoe Co
17 142
Nat Lead pref A__....1
1 11934
100
Preferred B
1011634
National Supply pt._1
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
9 165
1113534
1112034
8 131
10 121
6 124
11
34
9 3234
11 4
034
11 102
8 2534
8 67
8 142
911934
11634
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
9 165
1113434
10 116
81126
101121
6 120
%
6
6 30%
11 39
8 100
8 2534
964
8 139
9 115
6 114
Oc 165
Oct 13534
Jan 122
Jun 196
Sept 131
Jan 125
%
Oct
Sept 34
Oct 4034
Jan 12434
Oc 41
Oct 70
Jan 14734
July 136
Sept 119
Oct
Oct
Apr
Jan
Jan
May
Sept
Oct
Oct
Jan
Jan
Sept
May
Jan
Jan
Pacific Lighting rights__ 4,600 234
ill
310 25
Pacific Mills
3011834
Pac Tel & Tel pref__ _100
Para't Fan Lasky new 12461: 47%
14 103
100
Penlk & Ford pref
Penn& Coal & Coke_ _ 501 900 9
od
Peoples Gas & Coke rts 7,600 734
40 90
Phillips Jones pref- —1
1004 100 90
Pitts Steel pref
Put ger El & Gas pf_1004 400 108
9: e 71
Reis(R)& Co 1st pf_l
50
Rhine-West El Pow w 1_ 3.4
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
10 2.24
11 28
911834
9 51
8 105
934
9 9
90
90
9108
8 7234
ii 5134
2)4
Oct 1
25
Oct
114
Oct
Oct 1 47%
103
Oct
8
Oct
Oct
73'
85
Oct
Oct
82%
107
Oct
61%
Oct
Oct 1 50
Oct 234
Oct 3434
Oct 12534
Oct 5134
Oct 116
Aug 1434
Oct 9
Apl 99
Sept 96
Aug 11034
Feb 78
Oct 53
Sept
Mar
May
Oct
Mar
Jan
Oct
May
Feb
Apr
May
Oct
Aug 123
Oct 126g
Jan 109%
Sep 23
Oct4 67%
56as1128
Mar
May
Apr
Aug
Oct
Apr
80 79
10 8434
10140
101R 28
40' 40
20 153
1010034
200 70
Sloss-Sheff St & Ir pl_100
Stand San Mig pref 1
1
Sun Oil pref
Tobacco Prod dly Cis C_
Und Elec Coal
Underw Ell Fisher /4_100
U S Cast Iron Pipe &
Foundry pf cUs___100
•
U S Tobacco
1
Preferred
Univ Leaf Tob peel i
Warren Bros 1st pref—
11: 106
2 118
10 104
200 2234
900 67
111 125
Oct
Oct
Oct
Oct
Oct
Oct
10 106
1 120
9106
9 2234
11 6734
6 125
Oct
Oct
Oct
Oct
Oct
Oct
1 105
1 113
11 100
9 2034
11 67
6 119
30 124
40 86
11 135
5 120
3 52
Oct
Oct
Oct
Oct
Oct
10 124
9 8734
6 135
6 120
8 52
Oct
Oct
Oct
Oct
Oct
Jun 128
le 124
1 86 Jun 105
6 12734 Jam 139
Oct 125
6 120
Jan 61
8 50
June
Apr
June
Sept
Apr
Bank. Trust & Unsurance Co. Stocks.
Bank of Commerce to
Bank of Manhattaa_100
Equit Tr Coot N Y 100
National Park Bank_100
10630
1 1855
40 452
10699
Oct
Oct
Oct
Oct
10630
9875
9464
9699
Oct
Oct
Oct
Oct
10 550
6 560
6 410
9:642
Feb 770
Feb 940
Jan 599
Jan 980
June
May
May
May
•No par value. a Shillings. y—Ex-Rights
New York City Realty and Surety Companies.
Bid
72
260
420
340
191
Alliance Win
Amer Surety.
Bond & MG.
Lawyers Mtge
Rights - --Lawyers Title
*Guarantee 375
(AU prices dollars per share.)
Bid
Ask
Bid
170 Realty Aasoc's
160
(Bklyn)oom 315
let pref.... 96
527 533
26 pref._. ea
7412 761
400 410 Westchester
Title & Tr. 650
Ask
85 Mtge Bond__
270 N Y Title &
440
Mortgage..
Rights -346
2011U S Casualty.
383
Banks—N.Y. Bid
174
America
Amer Union*. 235
Bronx Bank*. 650
Bryant Park* 275
202
Central
225
Century
577
Chase
Chath Phenix
Nat Bk &Tr 570
Chelsea Exch. 300
Chemical_ _ _ 915
Colonial'.... 1200
Commerce... 647
Continental*. 550
Corn Exch... 728
Fifth Avenue_ 2200
First
4250
Garfield
400
Grace
1270
Hanover
1000
Harriman
275
Liberty
855
Manhattan*
Rights
75
National City 830
685
Park
Penn Exch.._ 175
Port Morris
670
Ask
178
245
700
325
207
250
581
Banks—N.Y. Bid
198
Public
785
283
Seventh
170
Seward
750
State*
298
Trade*
250
Yorkville_
Yorktown'... 210
580
315
Brooklyn.
930 First
Globe Exch••
652 Mechanics'_
625 Municipal•- 738 Nassau
2300 People's
4300 Prospect
560
Trust Cos
New York.
1299
1050 Am Ex in, Tr
285 Banta Coaele
870
Banana Tr.
77 Bank of N 1
834
& Trust Co
695 Bankers True
185 Bronx Co Tr_
725
580
290
364
458
450
950
155
432
'Tr. Cos.-N.Y. Bid Ask
Central Union 1665 1680
600 656
County
440 450
Empire
Equitable Tr_ 453 460
Farm L & Tr_ 765 775
Fidelity Trust 375 395
570 590
Fulton
644 648
uaranty_
Int'l Germanic 215 222
Interstate....280 288
623 Lawyers Trust
320 Manufactur
New $25 par 225 230
365
485 Murray Hill__ 28.5 295
465'Mutual(Westchester)—__ 350 400
_
170 N Y Trwst— 753 766
Times Square 205 210
Title Gu & Tr 883 810
U S Mtge &'I'r 525 550
3275 225
436 United Ste
Westcheet'rTrllOOO 1100
Ask
204
800
293
175
760
315
290
240
440
750
948
415
Brooklyn.
760 Brooklyn.... 1250 11350
955 Kings Co__ 600 12700
270 290
440 Midwood.
*State banks. I New stock. s Ex-divi tend. r Hz-stock dlv. y Ex-rights.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Dec. 16 1928...
Dec. 15 1928___
Mar. 15 1929.—
Mar.15 1929._
June 15 1929...
Silt.
Rate.
334%
4%
3,6%
4
37 %
434%
Asked.
99,131
992231
9911.,
99181,
0921
0
9923ii
992711
99"si
992Oia
9927ii
Maturity.
Sept.16
Mar. 15
D o 15
Sept. 15
1930-32
1930-32
1930-32
1929
Int.
Rats.
Bid.
334%
3.24%
34%
434%
5973s: 9917st
99":1 9917si
::
992
99tin
Nu, 100tn
Asked.
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 Oct. 6. Oct. 8. Oct. 9. Oct. 10 Oct. 11. Oct. 12.
First Liberty Loan
High
334% bonds of 1923-47-- Low_
(First 8)4)
Close
Total sales In $1,000 untts.
Converted 4% bonds ofIHlik
1932-41 (First
Close
Total sake in 61.000
.
units_Converted 434% bondxrlsh
of 1932-47 (First 434s) Low.
Close
Total miss in 81.000 units._
Second converted 434% High
bonds of 1932-47 (First Low,
Second 434s)
Total USW iii 81.000 unite__
Fourth Liberty Loan
IHIgh
434% bonds of 1933-38__ Low.
(Fourth 434.)
(Close
Total sales la 81.000 units__
(High
Treasury
434s, 1947-62
Low.
Close
Total sales in 31.000 units. .
{High
45, 1944-1984
Low.
close
Total sales lis $1.000 units_-.
(High
Sais. 1946-1956
Low.
°
9822
98"41
98"si
7
----
9812•3
98"at
98"s:
1
---_
____
1016
:2
101233
,
101 as
46
110223
1101%
110"n
1
____
____
____
-_-____
____
8ii,;
i(High9--
LowGlace
Total sales Is $1.000 units_ _
1 11111-h
•3%II, 1940-1943
Low_
(Close
Total sales In $LOW units
.
Note.—The
bonds.
1:
981
98"::
98"as
98213
98"ss
1
081,
5
17
.---_-
----.__
- -.
---1012
-° 101
101101',,190as
100n°
1003233 101
101233 101
1
100"; 101'st 1003,
101'at 101
13
1
24
1
28
--._
-----------___
---...__---____
,
101 32
101
101'n
102
_.-__----__ 105";
1051233
9
105 4
40
____
__—
Total sales in 81,000 units.
8)4s. 1943-1947
98"ss
33
982,
981an
113
___
::::
____
94"st
____
98211ii
10...
8
- at
9,
,
98 si
987:1
::
987
987ii
987ss
14
-------,
101 s: 101',, 1012s:
1003133 IOU° 101
,
1011ss 101 ss 101"st
30 HOLI
93
503
---- llOwn DAY
110n°
-..- 110"n
110"n
--- 110"n
110"n
3
---- 105"ts
,
105 at
---- 105"n
,
105 s:
:s
---- 1057,
,
105 ::
2
---_
102":: .--1021In
37
:f
981,
9875:1
98i1ii
,
98 st
98
981,,
------- - --
9-8lin
981131
‘
981 11
2
_....
_ _..
---
•
above table includes only sales of coupon
Transactions in registered bonds were:
5 4th 434s
1001in to 100ilis
Foreign Exchange.—
To-day's (Thursday's) actual rates for sterling exchange were 4.84%6
4.84 15-16 for checks and 4.8534 P4.85H for cables. Commercial on
banks sight. 4.8534; sixty days, 4.803'@4.80 15-16: ninety days, 4.790
4.79 3 32, and documents for payment, 4.80 7-16©4.80X. Cotton for
payment, 4.84 and grain for payment, 4.84.
To-day's (Thursday's) actual rates for Paris bankers'francs were 3.90 5-16
(Z°3.9034 for short. Amsterdam bankers' guilders weer 40.0634(8)40.0834
for short.
Exchange at Paris on London, 124.24 francs: week's range, 124.24
francs high, and 124.09 francs low. The range for foreign ashcans° for
the week follows:
Cables.
Checks.
Sterling, Actual—
4.854
4.8434
High for the week
4.8434
4.8434
Low for the week
Paris Bankers' Francs—
3.90 15-16
3.9034
High for the week
3.90%
3.903'
Low for the week
Amsterdam Bankers' Guilders—
40.10
40.09
High for the week
40.083'
40.06
Low for the week
Germany Bankers' Marks—
23.8134
23.81
High for the week
23.7834
23.7634
Low for the week
.
Ask
325
99
96
The Curb Market.—The review of the Curb Market is
given this week on page 2051.
A complete record of Curb Market transactions for the
week will be found on page 2077.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Seven Pages-Page One
For sales during the week of stocks not recorded here, see preceding page
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Oct. 6.
Monday,
Oct. 8.
Tuesday,
Oct. 9.
Wednesday, Thursday,
Oct. 10.
Oct. 11.
Friday,
Oct. 12.
$ per share $ per share $ per share $ per share
per share $ per share
19218 19218 19012 193
190 191
191 192
19014 19114
104 104 *104 10512 104 104
104' 104
104 104
15912 15912 159 16184 161 162
15812 15812 159 160
4
11018 111
11018 1107 1098 III
8
11111 112
111 112
7858 7912 *788 791 *7914 793
8
4
4 784 794 79
79
68
69
69
89
68
68
69
693 *68
4
684
*11114 112 *11114 112 •11114 114
11114 11114 11114 1114
*69
72
*70
73 •
70
73
*70
72
*70
72
71
70
718
70
8 707 73 8 717 7314
71
70
8
3
8
8912 8912 8912 8912 *
8712 8914 89 89
*89
893
4
4238 424 41
4212 39
4118 40
42
4012 417
8
215 2173 215 21712 212 21414 214 21378 214 2157
3
8
1804 18014 18012 18112 18014 18014 181 182
181 18112
1118 1118 107 1113 10 8 103
8
8
107 11
8
103 108
8
4
168 166
8
8 184 17
1612 161
163 17
4
163 1683
8
*39
41
*40
42
*40
42 .41
43
*40
43
*
59
62
*57
61
*57
60
6014 6014 *58
6014
1312 1312 134 138
8
14
4 12 4 1314 13
138 14
8
32118 33
32
333
3 318 32
8
324 333
4 33
333
4
34
343
4 3318 343
3 33 8 34
8
343 354 343 3534
8
4
498 5118 493 5084 49% 504 504 517
8
4
8 50
5183
8318 8312 8312 844 82
84
84
85
8418 85
•
138 13912 *138 139 *138 1391 138 138 *137 1381,
127111 1243 1253 12614 12711 125 127
12838 12734 125
8
4
•1073 10884 10813 1081 1038 1033
4
4'108 109 •I08 109
4
*1004 101
1004 1003 1008 1003 *10012 101 1008 1003
8
4
4
4
4
*107 1183 •107 1183 •107 1183 107 107 •105 115
8
8
8
*733 75
4
748 75
4
74
743 *748 78
4
4
744 75
•72
7212 •72
721
7212 7213 *7218 7212 7212 7212
78
78
7612 79
7512 78 I 7513 76
76
76
191 1913 18914 1903 1854 18913 18812 18914 187 18712
4
13012 130121 131 131
130 130121 131 131
131 131
*52
54
5118 5184 52
52
51
51
5114 51
*4
412 *384 41
*33
4 4
*38
4 4
*33
4 4
*
eh 7
84 67
*8
88
4 *812 63
4 *812 63
4
5612 584 55 4 57
3
55
5614 5812 5784 563 57
Stock
8
583 567
8
8 56
57
56
5612 58
5512 563 563
4
4
*54
66
*5012 58
*5314 553 Exchange
*5314 5612 *5314 56
4
993 998 *998 100
4
4
4
9918 99 4 9912 101
8
993 100
4
98
98
9784 98
9714 974 9712 9712 9712 98
Closed
25
258
8 254 251
2414 254, 2413 247
8 237 2412
8
*
48
4912 48
481
47
4712 474 474 4814 4814 Columbus
•
99 100
•9911 100
*991t 100
3
9912 100 1 *9912 100
541, 55
544 547
5318 5488' 5314 573
8
4 544 577
Day
*83
85
81
831
81
81 1 *8114 86
*8112 85
13818 1384 13714 138
1373 1374 13713 13712 138 138
3
Holiday.
'
135 128 •135 145
136 136 *135 138 *135 138
4512 464 47
4713 464 474 4712 508
51
4 49
*4613 4713 *484 48
4612 4612 4514 4514 464 461
81
81
81
52
81
81
807 81
8
*8012 811
59
59
573 594 56
8
5811 59
60
63
60
*
67
68
67
67
68
6
74 6713 *67
674 68
98
981
9814 99
*98
98
9812 9812 98 100
140 1401 140 14012 140 140 *14014 141
141 141
92
.89
•89
92
*87
92
92
92
*88
92
494 501
50
53
514 52
51
548
8 5312 551
*414 5
0 3
48 5
*414 5
4
44 *4
5
4444 47
4414 4414 418 441 *4112 43
*4413 47
4
238 2
24 21
24 23
8
8
23
8 23
*212 23
*40
*42
47
47
4214 43
1040
47
4284 44
*70
*70
82 •
80
*70
70
80
80
*70
80
6484 64 64
*84
•
62
648
4 62
82
*64
65
3714 3838 3914 41
374 381
8
4 373 388
403 41
8
1034 1031 10312 1033 10312 10334 103 4 1038 10314 1034
8
4
89 8 704 693 713
8
70 I 7014 7114 70
69
4
713
8
117 1171 1183 1201 1173 119
119 1201 120 121
8
4
*314 332 *314
34 31
34 31
332 *314 33
8
1684 170 1 17112 173
1704 172
17014 172
17112 17314
12112 1221 12112 1221 122 122 ' 12114 122 4 12114 12214
8
107 107
10712 10712 108 108
10714 1071 *10714 108
261 269
275 275
280 280 *285 300
265 265
6218 627
623 633
3
8 624 624 6212 633
4 6234 6378
11233 113
•113 11314 1123 113
11212 11314 *113 11314
4
2612 2612 2613 264 254 2618 2614 263
8 2612 283
4
*91g 1012 •94 1038 *918 1012
10
10
918 91
40
41
40
*39
3913 394 *37
41
*3912 40
179 179
177 178
180 180
17812 180 4,180lz 181
*
847 85
82
3
85
*8412 86 .84
*84
85
86
99
8 993 1001
997
8 9912 994 9834 9834 9913 1007
8
9778 9778 9712 ovz 97
9712 9718 974
*9714 98
•20
•
22
28
26
*20
*22
28
26
*20
28
7
8 637 84
637 64
8
63 s 84
63 4 837
1
8
638 84
4
34
*28
31
*28
*28
•
30
33 •
30
33
34
12812 12881 1294 129'1 130 1301
•128 130 •12812 131
*96
981
98
978 973
*9712 981
9712 9112 98
4
4
*92
94
94
94
*92
94
92
94
*92
94
*
4
157 1581 156 15614 1554 1583 15714 1611 2157 157
1014 1021 10078 101 1 100 4 10118 110212 103
1014 1023
8
4
4
4
*
414 421 O413 4212 *4134 4212 *4184 421 *413 4212
4812 4812 4714 4812 *4712 481 *4712 48
*478 58
8
*61
66
*61
68
86
66
69
•60
*61
*61
8
11431 11434 114 1144 11414 11413 11312 11412 114 1147
9513 9513
97
29513 9512 9512 9512 9414 951
97
3
112 115
7 1125 11484 11012 11314 1127 11414 113 11412
8
901 •
89
9012
9013 .
*88
891
89
898 90 •89
4
183 183
8
8
188 187
8
184 194' 1812 19
188 197
4
2212 2212
223 223
8
238 2363 2212 2212 *2212 23
3
1193 121
4
1207 121
8
4
12018 121 1 1198 12014 120 121
8
1423 1431 144 14414. 1438 14414 143 1441 14312 1437
8
4
4
.988 991
4
3 9918 9914 9912 998
4 987 987
8
8
8 987 987
13112 134
136 136
135 13512 135 135
135 135
179 179
177 180
175 1764 173 174
172 173
38
38
•33
347 34 8 3534 38
8
7
36
347 35
3
34
334 33 4 *3212 334 3313 3
8
412 *3384 3512 34
98
•
100 *____ 101
100 100
98
8
198
198 19812 1964 197113 19718 1994 19812 1997
82 4 828
8
4 83 83
8318 8318 834 8314 8318 8312
79
77
78
784 78
76
78
75
763
4 78
95
*93
95
*93
95
*93
*93
96
*93
95
94 29014 9014
*90
94
•90
94
•90
94
*90
437
8
42
424 42
4313 4112 427
8 4212 4414 43
*41
45
*42
46
*40
45
*41
434 •41
45
308 31
8
.
30
3212 *30
313 32
8
32 I 31
31
54% 5414 5513
*55
5512 55
55
548 543
4
4 54
Sales
for
the
Week.
Lowest
Railroads.
Par
Shares
6,200 Atcb Topeka dr Santa Fe. 100
100
600 Preferred
3,440 Atlantic Coast Line RR._..100
100
20,900 Baltimore & Ohio
100
800 Preferred
50
1,000 Bangor dr Aroostook
100
20 Preferred
100
Boston dr Maine
12,100 Bklyn-klanh Tran v t o_No par
No par
300 Preferred v t e
4,900 Brunswick Term & Ry Sec_100
100
18,400 Canadian Pacific
100
2,000 Chesapeake & Ohio
100
1,800 Chicago & Alton
100
1,200 Preferred
....100
Chic & East Illinois RE
Ion
300 Preferred
8,900 Chicago Great Western_ -.100
100
14,800 Preferred
7,500 Chicago Milw St Paul de. Pae_ _
22,700 Preferred new
6,000 Chicago dr North Western 100
100
100 Preferred
9.800 Chicago Rock Is! dr P121112_100
100
200 7% preferred
100
700 6% preferred
100
200 Colorado dr Southern
100
220 First preferred
100
39 Second preferred
100
3,100 Consol RR of Cuba pref
100
5,000 Delaware & Hudson
1,300 Delaware Lack & Western-100
1,800 Deny dr Rio Or West pref..100
Duluth So Shore & All.___100
100
200 Preferred
100
20,700 Erie
100
3,100 First preferred
Second preferred
100
3,800 Great Northern preferred--100
100
4.500 Prof certificates
33,100 Iron Ore Properties_ _No pa
1,100 Gulf Mobile dr Northern .. 100
Preferred
100
100
10,100 Hudson & Manhattan
100
950 Preferred
100
900 Minas Central
100
100 Preferred
5,400 Interboro Rapid Tran VI0.100
400 Int Rye of Cent Amerlea 100
100
260 Preferred
100
11,500 Kansas City Southern_
100
4001 Preferred
50
2,000 Lehigh Valley
100
1,100 Louisville & Nashville
20 Manhattan Elevated guar-100
100
19,000; Modified guaranty
1,100 Market Street Rallway____100
100
8001 Prior preferred
1,100 Minneapolis de St Loula--.100
900 Minn St Paul dr El 13 Marie-100
100
100
601 Leased lines
No par
38,200 Mo-Kan-Tex RI1
100
3,8001 Preferred
100
25.800 Missouri Pacific
100
12,0001 Preferred
700,Nat RI'of Mexico 2d pref.100
100
21,000 New York Central. .
100
2.200 NY Chic dr St Louts Co
Molest
PER MARI
Resod for Preview
Year 1927.
Latest
HIOwl
$ por share
18218 Mar 2
1024 Jan 5
1574 Oct 5
10334June 19
78 Aug 6
81 June 42
110 July 7
58 Feb 18
53 8 Jan 17
8
82 Jan 4
144 Jan 5
19512June 19
17512June 19
53 Jan 30
8
74 Feb 20
37 Feb 28
58 Aug 15
918 Feb 8
2012 Feb 20
2214 Mar 5
37 Mar 2
78 June 19
137 Sept 5
$ per share $ nor she,.$ per open
19718 Apr 27 1615 Jan 200 Ant
4
10812 Apr 9
99 2 Jan 106 4 Dee
3
1
1911:May 7 1741 Apr 20612 Aoli
s
1197 Apr 12 10612 Jan 126
8
Oet
85 Apr 4
73 Jan 83 June
14
8414 Jan 11
44
Jan 103 Mal
14
4May 31 10118 Jan 122 Just
1168
83 May 10
4May 3
773
63 Aug liP, "jig".
953
•May 3
781. Oct 88 Jan
4778Sept 4
5
I Oct 19 4 Dee
2234May 8
20514 Jan 6 Lila; Jan
"bit
188
4MaY 2
Mr Jan
10113 June
28 3May 2
8
7 Jan
12
lb% July
4814May 10
3012 Jan 51 July
7638May 4
43
Jan 84 s 00
7
1838May 2
812 Jan 234 MID
3818 Sept 26
444 JUDI
4012 Apr 26
Jan
19 4 Dec
5
5612Sept 4
871. Dee
9414May 1
/8:4 -inn 97 Sent
14
150 May 2 12614 Jan 150
Oa
106 Feb 18 12918 Oct 1
6812 Jan 110 July
10614 Feb 9 11112May 31 102 4 Jan 11134 Dee
1
100 Feb 24 105 May 31
9514 Jan 104 No,
64
105 Aug 15 126 May 3
Jan 1378 Jul)
4
67 July 3 85 Apr 10
Jars 78 Dee
70
72 Sept 15 85 May 9
Jan 78
Oct
68
69 Apr 12 8758June 1
65 Aug 77 May
16314 Feb 10 226 Apr 26 17118 Jan V.80 June
129 Feb 20 150 Apr 9 180 8 Oct 178 Mal
1
504 Feb 20 65e4 Apr 28
914 Jan 67 4J une
1
3 Aug 3
8
Vs Dee
6 4 Jan
23, Apr
438June 19
1114 Dee
912May 2
4 Ma
4884June 19 684 Jan 4
8913 Jan 694 Sept
50 June 18 834 Jan 7
528 Jan 6614 Aug
8
4914June 20 02 Jan 6
49
Jan 6412 Mgt
79 3 Jan 103 8 Sept
3
1
9
313 Feb 6 109 May 14
9118 Feb 7 1058
4May 15
8518 Mar 101 Sent
1914June 12 2512 Oct 8
18 July 28 4 Beni
8
43 Aug 6 611
8May 10
254 Jan 76 8 July
8
99 Aug 16 109 May 1 105
Jan 1124 Apr
51 Jan 8 7312 Apr 24
404 Jan 65 s May
7
81 Oct 3 9312 Apr 26
75
Jan 204 May
1314 Jan 11 1488
/
1
4May 9 1214 Jan 13912 Oct
13018 Jan 13 147 May 15 12078 Jan 140
Oct
29 Jan 5 82 May 3
304 Aug 5214 Feb
3612Mar 16 51 June 18
23 Apr
4212 Oct
69 8 Jan 8 82 May 2
1
62 Api
7414 Oct
43 June 13 6512Sept 27
611 Jan
4
7011 July
6612 Aug 10 77 Apr 20
12
09 3 Jar 73 Hee
7
844 Feb 20 116 Apr 26
8812 Oct 1874 June
13912July 21 16912May 10 121114 Jan 1594 001
75 Jan 9 96 May 4
7814 Dec 90 Feb
40 Jan 10 64 May 3
418 Dec 50 Feb
4
A Oct 10
7
12May 15
4,Nov
5
6 8 June
1
413 Oct 10 54e4May 4
4
415. Feb
59 4 Aug
5
114May 23
612May 2
118 Jan
4 8 Feb
1
60 June 21 62 4 Jan 6
5
Jan 564 Dec
27
75 Feb 7 878
4May 16
50 Apt 3812 Dec
61125ept 28 711 Jan
5814 Mar
71 Nov
8012June 13 44 Aug 81
514 Jan
5612 June
10112June 12 109 Feb $
9151 Jae 10912 Dec
4
371s Jac 62
417 Feb 7 7614Sept 17
4
Ate
108 Feb 20 124 8 Aug 31
8
904 Jar 118 Nov
52
2 Feb 17
512 Apr 26
Ds Aug
34 Oct
1
156 Feb 16 19112May 10 187
14 Jai 1714 0.8
12114 Oct 10 146 May 11 0110 June 2404 May
100 10412 Aug 24 110 Jan 9 102 Mar 110 Dee
400 Preferred
ao 168 Jan 8 505 Apr 26 167 Dec 185 Apt
160 N Y dr Harlem
100 5488June 19 683
12,200 N Y N II & Hartford
2May 2
14
4112 Jan 63 Dee
112 Sept 1
117 May 8 110 8 Oct 1164 Nov
1,300 Preferred
1
8
2,900 N Y Ontario & Weetern--.100 24 Feb 20 89 May 2
2214 Jan 4141 Sept
No par
514 Jan 24 13 May 3
200 N Y Railways pre!
4 8 Dec 15 4 Jan
8
5
Southern
100 32 June 12 4912 Jan 11
500 Norfolk
8718 Jan 6412 June
100 175 June 1
1,400 Norfolk & Western
197 May 9 156
Jan 202 Nov
100 7912 Apr 2
90 June 12
200 Preferred
88 June 90 July
100 923 Feb
6,100 Northern Pacific
8
10512May 15
78
Jan 10214 Dee
100 9082 Feb 20 1015
1,600 Certificates
86 Jul, 997 Dee
4May 16
8
100 1912May 14 3418May 25
Pacific Coast
161 Feb 318 Dee
4
4
50 611
14,100 Pennsylvania
8June 19 7212 Apr 27
Was Jan 68
Oel
100 25 Mar 12 37 May 1
Peoria dr Eastern
20
Jan 4.634 July
600 Pere Marquette
100 12418 Feb 9 146 Apr 11 11412 Jan 1604 may
500 Prior preferred
100 97 June 9 10114 Mar 28
93 Jan 9914 Dec
3 Mar 30
100 Preferred
100 94 Aug 2 100,
89 4 Jan 9712 Dee
8
5,400 Pittsburgh & West Va-.....100 1214 Feb 20 163 Oct 9 12212 Jan 174 May
4,100 Reading
50 9414 Feb 7 119 8May 10
94
Jan 123 4 June
5
5
50 92 July 16 46 Apr 9
First preferred
404 Jan 4.812 Dee
300 Second preferred
50 44 Jan 26 597
•May 1
481 Jan 50 Feb
4
100 50 Feb 21 7214May 18
Rutland RR pret
68
Jan 09 May
3,500 St Louis-San Francisco
100 109 Feb 7 122 Mar 23 100 4 Jan 117 4 June
1
1
2,400 1st met paid
100 9458 Oct 10 101 May 21
11.100 St Louis Southwestern._ - _100 6712 Feb 8 119 Sept 22
WC" Jan 93 June
100 89 July 14 95 Jan 3
400 Preferred
767 Jan 9454 Dec
8
5,700 Seaboard Air Line
3Mar 3 3012 Jan 3
100 118
284 Mar 4114 Feb
1,900 Preferred
100 17 Aug 4 38 Jan 3
8212 Apr 45118 July
6,900 Southern Pacific Co
100 11788 Feb 7 13114May 9 10614 Jan 1261 Dee
8
9,400 Southern Railway
Jan 149 Dee
100 1894 Feb 8 165 May 7 119
94 Mar 10118 Dee
1,200 Preferred
100 9658Sept 25 10214 Jan 17
370 Mobile de Ohio certifs.. 100 100 Jan 13 15912 Jan 20
80 Jul) 115 Dec
1,800 Texas & Pacific
537 Jan 10378 Nov
8
100 9912 Jan 3 194 A ug 29
1,700 Third Avenue
388 Aug
4
91
100 284 Jan 10 4618May 3
Feb
68 May 8
45 Nov 65 Feb
900 Twin City Rapid Tranalt 100 3214Sept
14
99
Apr 106 May
10 Preferred
100 100 Oct 10 107 Feb 10
4May 9 15911 Jan 197 4 Dee
11,400 Union Pacific
1
100 18612 Feb 6 3043
77 Mar 85 4 Dee
1,300 Preferred
14
1
100 gm, Oct 3 87 Jan 20
‘012 Jan 81 Joie
3,900 Wabash
100 51 Feb 18 9614May 11
76
Jan 101 June
Preferred A
100 8813 Feb 7 102 May 18
100 Preferred B
65
Jan 98 Jur
100 87 Feb 4 9912May 18
1342 Jan 1171 Jul e
7,400 Western Maryland
100 31e4 Feb 8 54e4May 10
4
23 la
aMay 10
Second preferred
100 10112 Feb g 541
4
87 Airs
900 Western Pacific
251 Apr 42 Juns
14
8
100 28 Feb 7 8711 Jan 13
12
55 Apr 76 Feb
800 Preferred
100 5213 Aug 15 6212 Jan 6
.
1
•BM and asked prime: no eala on this day. • Ex-dividend. a Er-dividend and ez-rtgate
PER SHARE
Range Since Jas. 1
Os basis of 100
-share tots
STOCKS
NEW YORK STOCK
EXCHANGE
PR. flame
"Ex-di, of
Pl. the share, of
Chesapeake Corp. stook
2062
New YON( Stock Record-Continued-Page 2
For sales during the week of stocks not recorded here, see second page preceding
Friday,
Oct. 12.
Sales
for
the
!Week.
per share
Shares
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Oct. 6.
Monday,
Oct. 8.
Tuesday,
Oct. 9.
Wednesday, Thursday,
Oct. 10.
Oct. 11.
$ per share $ per share I $ per share $ per share $ per share
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sines Jan. 1.
-share iota
Os bans of 100
PER SHARE
Ranee for Prestos,
Year 1927
Lowest
Highest
Lowest
per share
per share
per share $ per 'ban
High'st
Industrial & Miscellaneous.
No par
4,700 Abitibi Pow dr Pap
51's 513
a 5114 52 1 514 5112 25014 5114 50: 5112
/
1
4
18
1,400 Preferred
100
89 4 89
3
/ 8914 8914 8914 9014 x89
1
4
89
8812 884
/
1
100 Abraham & Straus____No par
*102 106 *102 105
1067 1061 *102 108 *10212 108
8
/
4
10 Preferred
100
•112 11412 *112 11412 *11214 113 *11214 114
11214 11214
200 Adams Express
100
*325 335 *327 335 *310 331
325 325 *325 335
8,700,Advance Rumely
100
5414 553
2 533 563
4
4
5312 54
54
563
4 52
53
2.8001 Preferred
62
100
60
603
3 60
61
6812 584 593 6112 60
/
1
4
10,700,Ahumada Lead
1
33 3
3
/
1
4
314 312
314 3
/
1
4
318 33
8
314 314
36,200 Air Reduction, Inc
No par
78
78
773 797
3
3 77
/ 83
1
4
83
8614 83
/ 847
1
4
8
12 700'A1ax Rubber Inc
No par
9
/ 10
1
4
9
/ 10
1
4
913 93
9
/ 10
1
4
93 10
4
4
12,800 Alaska Juneau Gold Min__ 10
4
/ 43
1
4
4
414
4
418
4
414
4
45
8
4
6,600 Albany Pert Wrap Pap_No par
4
4 2412 247
8 24
/ 27
1
4
27
271
/
4
247 24
3
/ 243 243
1
4
100,200 Allied Chemical & Dye_No par
203 20514 204 21712 21212 223 225 2343 x22512 231
4
5001 Preferred
•12212 1227 12214 12214 *1213 123
8
100
4
12212 123 "1223 12312
4
2,200 Allis-Chalmers Mfg
13434 1343 *13212 133
100
4
/ 13212 13212 "13212 1331/4 13414 137
1
4
1,100 Amalgamated Leather-No Par
1018 1018
4
912 9
94 97
2
9
/ 912 "93 10
1
4
/
1
4
400 Preferred
7117 71 1 *70
8
95
7012 7018 "72
75
*7312 77
16,700 Amerada Corp
No par
*3112 3214 3112 324 3114 3312 32
/
1
33
3212 3318
3,300 Amer Agricultural Chem__100
1858 185
8 1814 185
8 1752 1812 175 183
8
8 184 184
/
1
/
1
5,400 Preferred
6683 6313 66
100
61
67
67
6512 6614
4
3,100 Amer Bank Note
10
•121 124 "121 124 I 120 120
120 1213 119 121
4
30 Preferred
50
*51
61
*6012 61
6112 61
61
81
*6012 61
1,500 American Beet Sugar__No par
21
21
2012 2012 1118
20
1812 1812 20 20
600 Preferred
100
*55
59
*55
59 2 59
7
594 593 593 *58
4
4
59 4
3
42,300 Amer Bosch Magneto__ o par
3312 38
3714 39
/ 35
1
4
37
3512 3812 3552 363
4
3,200 Am Brake Shoe dc F____No par
4172 42
/ 4112 42
1
4
/ 4112 4112 4114 4114 4114 4212
1
4
100 Preferred
100
*1201 123 *12112 123 *122 12234'
/
4
0122 12284 1223 1223
4
4
7.600 Amer Brown Boverl El_NO Par
13
13 8 13
3
4
13 I 127 13
s
1278 134 123 13
200 Preferred
100
51)12 5112 50' 5012 *5112 524
/
1
4
52
514 511 *51
2
173,300 American Can
25
111714 10812 1074 1093 1063 1085 107 10914 108 109
4
4
8
/
1
4
/
1
4
100 Preferred
100
' 141 *140 141 "140 141
144
140 140 *140 141
2,100 American Car & Fdy__No par
93
943 94 4 94
4
3
95 I 94
94
9312 9412 93
25 Preferred
100
*11514 11812 *11514 11812 11812 11812 "116 11812 *116 11814
800 American Chain pref
.100
*94
96
9412 95 I *94
95
9412 9452 93 9312
6,400 American Chicle
No par
8112 8112 43
344 3312 8418 8412 874 85
/
1
863
4
10 Prior preferred
No par
*110 11112 110 110 ,*110 11113'110 114 *110 114
17,500 Amer Druggists 8yndicate...10
1134 127
8
111 113
/
4
4
4 114 1113' 1114 111 111 113
/
4
/
4
1,700 Amer Encaustic Tiling_No par
72
72
72
70
70 I 70
70
63
70
7312
1,300 American Express
100
"215 223 "210 223
215 217
21812 223 *218 223
16,200 Amer de Font Power_ __No par
44
444 44
14
4414 42
/ 4414 434 4414 4 4 454
1
4
700 Preferred
No par
/
1
4
*197 107
107 107 •107 10712 107 107
/ 107 107
1
4
1,400 2d preferred
No par
96
96
/ 96
1
4
96
9432 9612 *95
9612 95
96
700 American Hide & Leather_100
8
814 914
97
8 9 3 "85 10
7
9
*9
912
1,400 Preferred
100
8
36
38
*3814 4012 375 39
44
4012 39
39
1,400 Amer Home Products_ _No par
*744 75
74
/ *7414 75
1
4
74
75 75
75
75
No par
13,900 American Ice
411 411 401 41
/
4
/
4
2
3914 4012 3914 4114 4014 4112
g518 gs
100 Preferred
100
9512 9512
*9513 06 •
*9512 96
*9513 97
57,000 Amer Internal Corp.._No par
84
8
4
1117 110
/ 107 108
1
4
/ 1073 11184 109 1107 10912 11153
1
4
7
714
7,000 Amer La France dr Foamite.10
7
712
7
7
/
1
4
74
74
714
7
300 American Linseed
100
115 115
8
116 1165 "112 116 *113 116 •113 116
/
1
4
100
900 Preferred
13134 137
/
4
/
1
"129 131 *127 1314 •129 13184 1301 131
3,900 American Locomotive_No par
4
9514 9514 943 9514
943 96
2
/ 4612 964 95
1
4
/
1
96
200 Preferred
100
4
4
4
Stock
4
*115 117 *115 11612 "1153 11612 1153 1153 1153 1153
/
1
4
84
4
1,000 Amer Machine di Fdy __No par
152 152
150 150
153 153
150 1553 150 150
4
3,500 Amer Metal Co Ltd-No Par
493 Exchange
2 49
4
'49
/ 60
1
4
43 4 497
3
s 49
5014 4912 497
100 Preferred (6%)
100
*111 113
112 112 •110 112 •110 112 '110 112
300 American Piano
No Ear
Closed
*14
•14
*14
18
16
16
16
•15
1412 15
250 Preferred
100
53
53 '52
52
52
53
"53
68
5314 '52
4
813 815
4
4 8014 815
8 7952 8012 7914 8012 793 8014 Columbus 13,900 Am Power & Light__ _No par
500 Preferred
No par
10253 103
1025 103
8
*1925 103 *10212 105 *10213 103
8
25
3,800 American Radiator
Day
151 154
/
4
1504 153
1504 1521 15012 15214 15014 152
500 Amer Railway Exprees--100
120 12014 120 120
124 120
120 120
120 120
5,200 American Republics___Ne Par
8
*744 71
683 71
4
68
6918 685 70
/ 6753 69
1
4
/ Holiday
1
4
9,600 American Safety Rasor-NO Par
71
3
69
70
6714 69
69
70
79
6912 723
No par
31
1,600 Amer Seating v t o
3014 30
/ 30
1
4
3018 293 30
4
*30
2912 295
8
418 418 *413 43g
900 Amer Ship & Comm._ _No par
4
/ 432
1
4
418 412
41 414
/
4
510 American 8hipbuilding____100
BO
814 80
81
8114 8114 8212 90
'80
82
116,100 Am,Smelting & Refinhag__100
251 25914 25914 268 226314 2667
245 2483 251 254
/
1
4
4
3
700 Preferred
160
13518 13513 135 135 *135 13512 1363 1363 136 136
4
4
400 American Snuff
100
165 16513
16314 16314 16312 165
"165 167 *163 165
Preferred
100
*105 110 "105 110 "10534 110 '105 110 •I05 110
3,500 Amer Steel Foundries No par
55
/ 56
1
4
567
3 55
553
8 55
56
567 587
2
8 55
90 Preferred
100
111 112
•1I1 1124"111 1125 *111 112
/
1
111 1114
4
12,700 Amer Sugar Refining
100
7013 71
70
/ 737
1
4
8 7353 753
4
8 7153 733
7012 71
100
600 Preferred
105 105 8 10612 10683 "106 107
•106 107
106 107
52
5
3,600 Am Sum Tob
No par
/
4
62
82
6114 62
6114 611 6112 611 6118 611
/
4
/
4
200 Amer Telegraph dr Cable_ A00
21
2152 211 *2013 211 *204 2112 21
/
4
24
/
4
.
20
100
13,200 Amer Telep & Teleg
177 4 17814 177 1774 17634 17734 17712 178
3
1775 1783
8
/
1
8
800 American Tobacco com____50
16013 16013 •161 163 *16013 162
•162 164
160 162
50
2,500 Common class B
16114 16214 16112 162
163*4 163$1 161 16212 '160 163
100
700 Preferred
116 116
116 116 *11814 1163 11614 1163
116 116
4
4
900 American Type Founders 100
11812 119 *11612 11812 117 11712 117 117
1173 1173
4
4
10 Preferred
100
8
8
• / 10913 "1073 10912 •1073 10912 1073 1073 10712 110
197
1
4
2
8
No par
3,500 Am Wat Wks & El
5914
5812 58
59 I 58
59
587 5913 59
8
58
1001 lat preferred
99
99
*9814 100
*9812 997 *9812 99
*9814 100
8
/
1
4
100
3,100 American Woolen
/
4
1813 1813 184 187
/
1
g
18
8
184 1712 171 1778 183
/
1
100
4,500j Preferred
*411 4112 41
/
4
413,! 40
4078 4018 41
4118 4134
2,200 Am Writing Paper ette_No pa.
1614 1614 514
1534. •14
1534 1534 1652 16
1612
3,000 Preferred certiffrate_100
4812 50
4814 4814 4834 4914 4812 51
50
503
4
56,800 Amer Zinc, Lead dr Smelt ..25
49
501 5334 49
5278 4838 5018 4938 51
51
25
7,500 Preferred
98
96
9714 97
973
4 98 1033
9712 973
4 9813
4
214,000 Anaconda Copper Mining...50
8214 8412 8112 8414 8234 8412 28214 8314
8112 82
25,500 Archer, Danl.% MidI'd_No par
89
88
89
/ 88
1
4
80
80
864 87
*79
8912
I Preferred
100
•11312 115 *114 115 i•11312 115 "11312 115 *11312 115
400 Armour & Co (Del) pref
100
4
933
41 93 3 9338 9218 923 *9214 923
3
4
933 *93
4
*93
53,900 Armour of Illinois class A .25
8 183 195
4
1818 175 1814 17513 187
8
1814 18
1814
8
8
25
36,900, Class B
914 93
8
/ 9
1
4
9
912
84 9
914
9
2,000' Preferred
100
.1 8412 843
4
/ 85
1
4
8412 8478 8438 843
8514 8514 84
10,000 Arnold Constable Corp_No pa,
38
4012 4014 415
3734 38
8
37 3 3774 3712 38
7
200 Artloorn Corp
No par
*31
33 '31
33
*31
33
31
/ 327
1
4
8 31
32
I Preferred
100
4
4
4
•10334 111 "1043 111 *1043 111 *1033 111 *10312 111
11,600 Assoe Dry Goods
No pa,
47
/ 473 4912 x4753 483
1
4
4
8
461 464 4713 4814 47
/
4
/
1
210 Associated Oil
25
50
49
/ 491
1
4
/
4
48 '48
49
48
49
48
49
3,100 Atl 0 & W 11313Line...No par
5078
4652 467
3 47
464 4753 4612 47
/
1
*4612 48
2,000 Preferred
100
544 55
/
1
55
8 547 547
3
535 547
8
3 54
55
55
37,000 Atlantic Refining
100
4
18012 1814 181 18312 1783 18213 181 18414 18418 18614
140 Preferred
1163 1175 *11612 118
4
8
100
1163 117
4
11612 11612 117 117
300 Atlas Powder
No par
82
8112 8134
82
8014 804 *81
*80
*8112 82
70 Preferred
100
105 106 *106 10612'106 10612
•104 108 '104 106
300 Atlas Tack
12
8 12
NO par
117 117
8
*1178 12
*117g 12
12
12
1,600 Austin,Nichols&Co___ _No par
7
/ 712
1
4
8
712 713 *7
.7
74
3
*734 8
500 Preferred non-votIng____100
/
1
4! 34
343
4 324 3252 *3212 35
343 *3212 343
4
'32
600 Austrian Credit Anstalt
60
60
61
*59
60
60
60
60
"61) 62
600 Auto.sales Corp
8
No par
/
1
1012 1012 1012 1012 107
/
1
1012 1012 104 104 "10
1,900 Preferred
3114 32
5(4
/ 31
1
4
4
4
4 30
3214 313 3232 313 313
32
1,000 Autostr Saf Razor "A"_No par
44
44
44
44
*4334 44
44
44
4518 44
Baldwin Locomotive Wks..100
"250 275 *250 274 *250 275 *250 265 *250 265
190 Preferred
117 117
100
11634 117
1163 11734 *117 118
4
"117 118
150,13amberger (L) & Co pref_.100
10812 109
109 109
109 109 ..10812 109
'108 109
1,100 Barker Brothers
31
3114 31
No par
31141 31
3112 31
31
3112 31
1,200 Barnett Leather
28
26
No par
/
1
2512 284 *2518 26
26
26
"26
27
496,600IBarnsdall Corp class A
8
25
/
1
393 41
4
3914 4112 3914 404 23814 4014 3612 377
700 Class B
38
'37
25
41
39 1 *40
4012 x41
40 40
39
100 Ilayuk Cigars, Inc
*9918 100
99
No par
99
"98 104 '98 104
*98 104
901 First preferred
100
108 106 *105 106 "105 106
•106 10612 108 106
145,300 Beacon Oil
8
No par
4
18
/
1
183
4 184 2014 194 2012 193 2014 197 2014
1,500 Beech Nut Packing
20
76
8 76
7512 76
*75
77
7514 7614 7512 755
1,200 Belding Hem'way Co__No par
4
/
1
4
*1312 14
13 8 135
5
8 1312 1312 1313 134 133 133
900 Belgian Nat Rys part pref.__
/ "83
1
4
/
1
"823 8312 83
4
83
82
/ 8312 834 83
1
4
1
•Sla and asked pleas: no sales on thla day. z Ex-dividend. a En-rights.
I
47 July 30
8752 Aug 11
90 June 19
11012Mar 8
195 Jan 4
1112 Feb 8
3414 Jan 17
23 Jan 17
4
59 June 19
7
12June 12
1 Jan 5
23 Mar 16
146 Feb 18
12012June 28
11512 Feb 18
94 Oct 8
89 Mar 2
2714 Feb 20
1552 Feb20
553* Feb 20
743 Jan 17
4
8014 Sept 13
143
4July 13
36 Feb 17
15 Feb 18
14
397
2July 17
1223 Oct 11
4
1052 Apr 27
4
04 Apr 27
7012 Jan 18
1363 Jan 10
4
9814 July 31
110 Aug 1
/
1
4
93 Oct II
69 Jan 121
107 Jan 6
11 Feb 18
53 Jan 4
189 Jan 10
22 2 Feb 28
5
I044June 25
81 Feb 24
814 Oct 9
36 Oct 9
59 Feb 18
28 Jan 10
90 Jan 7
71 Jan 5
514 Jan 12
563 Jan 13
2
8612 Jan 13
87 June 21
114 June 2s
12912.1une 19
39 Mar 13
109 Aug 8
123
4July 19
50I July12
621a Jan 11
102 July 26
13012 Jan 18
1131 A an 4
0 Jug
:
1
5114 Feb 7
56 Jan 1
2912 July 1
85 Apr
62-102
/
1
4Ju1y 31
4
1133 Aug 29 - 4 IS-- iiiii Nov
8111- 3ai.
11412June 18 109 Aug 11314 Feb
378 Apr 67 124
Jan 210 Nov
7 Oct 15 4 Feb
52
65 Sept 25
1
2212 On 451 Nov
693
4Sept 25
4
24 June
53 Mar 20
4
812 Sept
8614 Oct 10
713 June Ws;111;
144 Jan 24
614 Sept 7
1 June
24 Feb
3114 Jan 28
18 Apr 32 awl
Jan 1691 SIM
2343 Oct 10 131
4
4
1274May 4 120 Mar 124 Aug
/
1
88
Jan 1183 Dee
4
14112Sept 4
1634 Apr 19
114 Nov 2414 Feb
90 Apr 19
68 Deo 108 Feb
3834 Mar 31
271 Apr 37 4 Feb
s
1
84 Apr 2112 Ds,
2314May 24
7612 Aug 21
284 Apr 723 Dee
4
159 May 9
41
Jan 98 N.,
65 4 Jan 3
7
5614 Jan 65 Feld
2412 Aug 28
154 Ost 23 4 Mar
/
1
3
611Sept 13
/
4
85 Dec 6014 Jan
41 June 4
13
Jan 26 4 OM
1
4912 Jan 27
3512 May 66 July
128 June 12 11714 Feb 128 Mat
2614May 21
5 Ang 3914 Jan
/
1
4
657
2May 21
40 Aug 98 Feb
1123
434 Mar 77 D•O
4Sept 18
/
1
4
Jan 14134 flee
147 Apr 80 126
11112 Jan 3
95 July 111 Dee
13712 Mar 31 12434 Oct 1341 June
4
105 June 4
9812 Dec 108 SON
Jan 7414 Noy
92 Sept 11
36
114 May 21
90
Jan 110 Dee
184 Apr 10
94 Apr 154 Nell
80 4Sept 18
3
Ws Aug 574 Nov
236 Sept 1 127
Jan 183 Nov
49 Sept 5
13 Feb 81 Dee
/
1
4
110 May 24
861 Feb 1094 Dee
2
100 Sept 7
1554 Feb 1 -I 12 45
1 Fo
4
7;
N lig --/ -0 y
673 Feb 1
2
4.8 Mar 66 .1
813
3113 Jan 71 Nov
4
4MaY 31
4638 Aug 6
284 001 82 Aug
9914May 9
Si
Jai 9614 May
125 May 17
87 Mar
723 Deo
2
77
4May 7
6 June
10
Jae
135 Sept 4
2012 Apr
7212 Nff
137 Oct 11
4654 Mar 92 Nov
/
1
4
115 Jan 81
9914 Oct 116 May
134 Mar 24 1194 Feb 127 July
180 Mar 26i 7214 Jan 1884 Dee
533
2Sept 24
3612 Not 49 4 Dee
11
11712MaY 14
26 Feb 7 2672 Dee 7E1;inii
90 Jan 3
84 Nov 11014 Mar
95 May 14
64 Jan 73 4 ON
3
10714May 28
16112Sept 5 1101- -iii iiii, Sept
2
1384 Feb 21, 874 API 11614 Nov
85 Apr 12
3514 Jan 82 Dee
14
8
747 Se
8Sept20
42 July 847 Noy
45 May 14
38
/ Oct 81 July
1
4
81gMay 28
214 Oct
6 4 Jan
8
119 Jan 6
80
Jan 133 4 Nov
3
268 Oct 10 1321 Jet 18814 Dee
4
142 Apr 20 11914 Mar 133 Dee
17412 Apr 13 119
/ Jan 146 4 Nov
1
4
3
120 June 5
9412 Jill 106 2 00,
,
411 Apt 724 Deg
/
4
703 Jan 11
2
120 Feb 29 1104 July 115 Jan
654 Nor 95 4 May
81 Sept 8
3
11012May 31 104 Nos 11612 May
7358Sept 7 . 4113 Jet 6834 ON
24
Apr
32 Jan 17
86 4 Aug
3
211 May 17 14914 Jas 1854 001
176 Jan 8 120
Jan 189 Nov
177 Jan A 1194 Jan 186 Nov
126 Apr 20 11012 Jan 120 Dee
1261 Jan 3 11972 Nov 146 Feb
/
4
115 Mar 31 10714 Feb 119 Sept
704May 4
46 Aug
724 Beal
99
/ Oct 10312 Dee
1
4
106 Apr 13
243 Feb 14
4
1612 June 883 Jan
2
6214 Feb 14
467 June 8614 Jav
4
1912 Feb 9
9 May 2414 5305
/
1
4
52 Sept 17
253 Apr 5714 Aug
4
5314 Oct 6
5 4 Sept 104 Feb
3
1033 Oct 11
4
85
Oct 514 Feb
86 Sept 25
4114 June 6014 Deg
97 May 9
‘18 Mar 63 Dec
11514 Mar 16 106
Jan 11314 Dee
9712June 7
79
Oct 9614 Feb
2312Sept 8
8 14 May 15 4 Jan
7
1314May 11
6 Dec
914 Jan
9112June 6
60
Apr 864 Jan
514 Apr 2
21
Apr 5514 Nov
4084 Dee 5434 Jan
443 Mar 30
4
114 Mar 19 10912 Nov 1144 Nov
5314 Sept 8
3914 Feb 835 Nov
*
88
2Sept 7
Oct 504 Feb
533
30 2 Mar 4314 Nov
1
597
4May 21
29 4 Mar 4158 Nov
1
58 Sept 7
/
1
4
19458Sept 24 104
Dee 13134 Aug
11814 Jan 3 1154 Feb 119 AUC
564 Mar 70 JUDO
101 Mar 23
98
11012May 31
Jan 107 July
1732June 6
74 June 13 Ape
/
1
4
44 Mar 104 Jan
914May 14
234 Dec 61
3%, Jan 21
Jan
724 Dec 803 Nov
75 May 9
4
44 Mar 11 Dee
1714May 25
4
28 May 424 Dee
371 51ay 25
ill Nov
MN Nov
5212May 1
285 Mar 31 14312 Jan 61: 4_ ...7
.Se
3
Jan 12514 July
1244 Aor 11 116
4
1111 Jan 5 1064 Mar 1107 Dee
/
4
2
80 Sept 2
169 Feb 2
1313 Jan
4
141 Jan
102 Jan
501rJune 1
109 June 1
55 Feb 1
100 Feb 1
4714 Feb 2
20 Oct
172 July 2
152 June 1
152 June 1
1153
4Sept 1
1097 Aug 1
2
10714 Oct I
52 June 11
98 Oct 5
14 July 27
39 Aug 31
1012June 20
34 June 12
Pe Jan 10
40 Jan 16
54 Jan 18
5514 Feb 10
1123 Feb 20
4
863 Jan 3
2
1114 Jan 16
6 Jan 10
14
1371 Jan 12
,
35I July23
29 July 20
107 July 25
41114June 13
3712 Feb 18
8714 Feb 18
38 Feb 27
954 Feb 9
11414Sept 10
63 Jan 3
102 July 24
414 Jae 5
OS hI11 3
26 July 13
60 July 18
64 Jan 18
25 Aug 31
484 Jan 10
235 June 11
1164 Aug 23
/
1
10752Sept 4
Aug
:ue
eb 1
20 52 F 0 u 18
3 3211 j ut 4
223611
4
l
2 June Ii 4112
g
Oct 10
lone
/
1
4
98 June 20 140 Mar 1
104 June 111 1104 Mar 28
1214 Mar 18 2012 Oct 9
70 2July 13 834 Feb 9
3
13 July 28 22 Jan 12
484301 27 9212May 14
821
Id- "ii i
201/4
2
1114
4914
101
14
5014
1512
- 9 pe:
51 yi
25
8
Oct
3214 Feb
OM
Jan 109 Dee
Jan 110 Aug
Oct 184 June
Apr 7614 Nov
July 2714 Jae
New York Stock Record-Continued-Page 3
2063
For sales during the week of stocks not recorded here, see third page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Oct. 6.
Monday,
Oct. 8.
Tuesday,
Oct. 9.
Wednesday, Thursday,
Oct. 10.
Oct. 11.
Friday.
Oct. 12.
$ Per share $ per share $ Per share $ per share $ Per share $ per share
82 8514 86
9014 8718 923* 9213 943, 9278 945
68
6914 67 68% 664 678 677 70
6884 704
118 118
11812 11812 118 1183, 1181 11814 11814 11812
/
4
*40 4012 *40
404
40
40
4044 4112 43 4413
*110 111
110 110 *110 1114*110 111 *110 111
•10818 110
10684 10814 1074 1074 10712 10912 110 11012
75 7514 7414 7414 74
7418 7414 75
74
741
8
912 98
912 972
8% 9
9
9
912 912
6018 6012
8034 8112 8038 603
4 60 601/ *594 64
160 161
160 16011 16013 16014 160 162
160 163
1014 1014 *103, 101/ *108 12 5103, 12
8
*103, 12
684 693, 574 601* 5712 5914 5912 6114 5918 61
412 41/
4 4 414
1
54 513
484 41
43, 484
4
•618 7
Nils 7
/
1
4
3
7
*6
7
612 6%
8812 887 67 687
8
8 674 684 6813 69
/ 693, 7318
1
4
•132 13314 1333, 1354 *1344 137
137 138
139 1391/
270 270 .261 269 *261 268 *255 269 *261 268
*160 168 *160 166 *155 165
1631/ 164
163 1651/
50% 5114 5012 51% 50
60 •491s 51
*5014 5011
5444 55% 541 57
/
4
5412 5614 5618 5 /
598
9 4 58
357
3414
34
/ 363, 3414 358 3414 357
1
4
343, 357
4214 4418 43% 45% 4418 4514 444 4414 443 453
*112 11784 *112 118
11784 1171 *11484 118
4
118 118
354 354 344 35
.3434 344 33412 36
*3412 35
104 104 104 104 *10313_ *10314 104
103 4 10384
1
17214 1724 174 174
171 17i *171 173 •172 173
594 5911 59 598
4 5812 5984 5913 6012 591k 59%
108 10812 *1084 10811 107 10812 10814 10812.10812 109
11312 1131 113 113
/
1
4
113 113 11414 1144 1147 11472
104 10
/ 1012 101
1
4
4 1014 10% 10
1012 1014 103,
712 7 8
7
74 74
73, 8
712 714
712 8
47 4814 4714 4872 453, 4714 4544 4872 46
4614
134 1364 12818 134
124 13212 13014 133 1307 1343
4
*11214
_ *11214
_ •11214
_ *11284 _ __ 11312 1134
*7512 --76
76 -- 81114 79 --81
8114 94
8714 914
754 751s 75 754 754 7578 753 76
7612 764
*33 36 •32
/ 35 1 *325k 35 *3258 33
1
4
*3214 35
33, 3 4
33, 33,
1
34 3' 33, 314
/
1
4
313 38
11112 11112 111 11412 110 113 111 113
111 113
3112 3288 32
3278 32
3214 3212 333
321/ 33
7612 77
7634 78 1 76
771 751 757
/
4
/
4
75% 77%
4712 4712 4718 474 484 4712 4812 4878 4814 464
/
1
•355 360 355 355 3548 359 355 365 365 37412
*121 125
123 125 *123 125 124 125
12518 1251*
40 414 3914 4118 3918 40
/ 404 4014 397 414
1
4
/
1
16
1678 1618 17
1418 16
15
151/ 1512 157
8
84 8 85
5
85 85
85 85
85
85 *8512 86
964 9714 96
99
954 983, 9612 977 x9514 965
*
/
4
411 4312 401 4112 3972 4012 39% 4012 371 39%
/
4
/
4
•86 964 •86
9611 *86
964 *86
95 .86
95
*73 74 •73 74 *73 73% 7384 738 *73
73%
12es 1278 1214 1378 13
14
144 1514 143, 1514
23 24
23 24
23 253, 243, 26
244 258
6518 654 6518 651* 65 6514 658 664 651/ 6614
•13012 13118 12812 13012 12813 13012 *128 132
130 130
Stock
331/ 3312 *3312 34
33312 34
331/ 331/ 3318 334
5112 5114 503 5178 50
53
52
5372 52
5212 Exchange
504 5014 4912 bOts 49 493
4 48
49
474 48%
5178 50% 517
303 517
4
8 .51
5115 5214 50% 514 Closed/
1
*75 106
*70 106
*70 106
*70 110 *70 108
13412 1401 13512 1393 13112 13612 133% 13612 13012 1331 Columbus
/
4
/
4
*52% 54
*534 54
*524 54
521/ 5218 *521/ 55
•8714 871/ 874 8712 871 98
4
98 10212 994 1003
/
1
*
Day
713* 72
7114 71% 7114 72
718 72
723, 80
11912 11912 *11418 119 *11458 119 *11418 118 •11458 118
Holiday.
16618 1661 165% 1668 1654 16678 16618 1661 166 166
/
4
4
67/2 69
6612 675* 6414 66
6614 6712 66
6814
*96
974 *964 9712 97
98
*9814 9818 *98
9812
6512 6734 661 6814 6512 67
/
4
6614 68
68% 69
9912 10012 98 10012 98
99
9712 9812 9812 973
12284 12472 123 12512 122% 12412 12314 125% 12512 129 4
11
•10718 10712 1074 1074 1074 108 10758 107% 10714 107%
393 42
434 4718 46
413, 45
4812 451 474
•2414 25
244 2414 2414 244 2414 253
25
25
25 25
25% 2512 253 2518 2518 251 25
,
/
4
251
9118 9178 91
958
9213 94
me 073
4
9718 99
129 13074 130 13314 131 1354 131 13484 130 1317
*
*104 109 *104 109 *1031 108 *10314 109 *10334 109
*9612 97
97 97
97 97
967 967
97 97
2212 2332 2272 2612 26
268s 2612 261 24
/
4
2544
209 209% 204 211
20214 206 2084 2121g 210 212
817 8278 814 821g 80
s
811* 8114 8338 x82
82'2
73 73
711 71
/
4
7112 7112 *71
72
7414 7512
2512 26
2518 2512 251* 2614 2512 2642
2512 28
6912 6918 69 69
681a 681
69 69
70
*
713
118 114 3118 114 *112 114
*118 14 3112 114
9112 9012 91
9112 9112 91
907 93
2
9212 9312
*98
99 *9912 104
•9812 104
*98
99 *98
99
25 2514 2478 2512 2511 251
25
2578 254 2512
7612 77
7514 7678 753, 7612 7612 784 7612 7772
985 987
9814 99
8 98% 09
987 99
987s 994
33, 312
33
34 34
3% 3
/
1
4
312
34 34
22
2214 2212 23
23
/ 24
1
4
234 24
235* 24
ills 111 1112 1172 1112 12
/
4
1112 12
114 1218
3514 3512 36
383
3684 384 37
373 391/
3814
84 61
618 7
64 67
s
7
614 7
8188 8113 8114 8212 82 821 8144 8214 82
/
4
83
11712 1173 11612 1194 11618 1173, 1164 11734 11614 11712
•125 126 *125 126 *125 126 •125 126 *125 126
79
7912 37812 7914 79
80 80
7918 79
794
1514 16
154 10
k
1512 16
157 161/ 16
1678
814 827s 82
817 8278 82 83
827
2 8212 gg
s
142 142
14014 14112 140. 140
140 1404 14012 141
285 290 282 289 277 280 280 285 2794 28112
/
1
7772 77 78
77
7712 7812 78
7713 77
7912
115 115 *114 115 *114 115
*115 118
115 115
21
22
21% 211 21
20 21
14
.
/
4
201 21
/
4
21
478 47
,
8 *418 44 *44 4 11 *418 478
412 418
*18
17
1614 1614 16
*1618 17
161/ 145 1518
•174 1718 *17
1718 1612 17
1718 *17
*
163, 167
97
*9612 97
96
9612 96 96 *96
954 96
*612 7
•612 7
*611 7
/ •64 74 *64 7
1
4
6714 8838 873
6812 6914 68
664 67
4 8878 68
12312 129
13414 13514 12714 135
13212 138
135% 137
•195 210 *196 205 205 206 208 21014 215 225
135 135
110 110 •135 137
•I35 139 *135 139
604 61
61
614 62'z 6018 62
61
604 6112
543, 551
ssIs 6011 601/ 63
*53 541
55 593
14
5912 6174 6014 6144 6012 617
588 6018 59 62
3912 391
391s 3918 3912
3912 3912 39
3912 391
2
•124 12478 3124 124s 12418 12478 12472 1247 12472 12478
4
213 2141 *212 214 21112 21112 .21114 2143 211/4 21114
5314 527 53
51
52
53 *51
52
5118 511
•112 113 112 112 *112 113 *112 114% •112 1147
8
161 161
160 161
160 16014 1594 160 159 1611
274 28lz 29 30
34
3912 334 4014
294 31
*105 107 *105 107 *105 107 •105% 106 *1054 106
8
818
8
814 814
814
8
84 8'I
814
111 112
11012 111
11012 111
11012 111
1094 111
67
6412 70
72
574 *574 58
/
1
/
1
57 60
741
4
STOCKS
NEW YORK STOCK
EXCHANGE
Safes
for
the
Week.
Shares Indus.&Stilwell.(Con.) Par
No par
59,400 Best & Co
206,600 Bethlehem Steel Corp
100
1,700 Beth Steel Corp pf (7%)-100
1,900 Bloomingdale Bros__No par
30 Preferred
100
1,640 Blumenthal & Co pref
100
1,800 Bon Arai clam A
No par
1,600 Booth Fisheries
No par
900 1st preferred
100
4,100 Borden Co
50
100 Botany Cone Mills class A_50
431,100 Briggs Manufacturing..No par
1,100 British Empire Steel
100
100 2d preferred
-100
53,800 Brockway Mot Tr
No par
800 Preferred 7%
100
100 Brooklyn Edison Inc
100
1,200 Bklyn Union Gas
No par
1,500 Brown Shoe Inc
No par
56.300 Brunsw-Balke-Collant_No par
8.700 Bucyrus-Erle Co
10
13,600 Preferred
10
200 Burns Bros new clAcomNo par
700 New class B com__No par
40 Preferred
100
400 Burroughs Add Maeh....No par
3,800 Bush Termlnal
No par
170 Debenture
100
180 Bush Term Bldgs pref
100
3.200 Butte & Superior Mining_ _ _10
8.600 Butte Copper & Zinc
5
5,500 Butterick Co
100
20,800,Byers & Co(A M)
No Par
101 Preferred
100
13,500113y-Products Coke
No par
4,000,Callfornia Packing
No par
'California Petroleum
25
8,100 Callahan Zinc-Lead
10
11,300 Calumet & Arizona MMIng_10
25
26,600 Calumet & Hoch
7,600 Canada Dry Ginger Ale-N•par
2,100 Cannon Mills
No par
4,400 Case Thresh Machine
100
100
1.1001 Preferred
21,400 Central Alloy Steel._ _No par
5.900 Century Ribbon Milli...No par
1101 Preferred
100
24 600I Cerro de Pasco Copper_No par
'
33,400 Certain-Teed Producte_No par
7% preferred
100
100 Certo Corp
No par
55,700 Chandler Cleveland MotNopar
72,300 Preferred
No par
4,000•Chesapeake Corp
No par
900'ChIcago Pneumatic Tool..100
50 Chicago Yellow Cat, __No par
11,400 Chickasha Cotton 011
10
6,400 Childs Co
No par
25
32,300 Chile Copper
IChrlstie-Brown tern WAN° par
No par
1039600 Chrysler Cory
200'Llty Stores class A
No par
No per
17.8001 Clam B
3,700 Cluett Peabody & Co No par
40l Preferred
100
No par
2,6001Coca Cola Co
15,700!Col1ins & Alkman
No par
6001 Preferred non-voting----100
13,700,Colorado Fuel & Iron
100
4,300'Columblan Carbon v t allo par
No par
27,500 Colunt Gas & Mee
1,7001 Preferred
100
178,000 Commercial Credit--No par
25
290 Preferred
25
130 Preferred B
1,390 lat preferred (64%)-- -100
15,100 Comm Invest Trust.. _No par
7% preferred
100
)
MO
1
4
500 Preferred (6/
100
6,600 Warrants
9.900 Commercial Solvents. _No par
9.700 Commonwealth Power_N6 par
1,300 Conde Nast Publics__.No par
25,700 Congoleum-Nairn Inc_No par
No par
2.400 Conerew Cigar
800 Conley Tin Foil stpd__No pa.
7,300,Consolidated Cigar---No Par
100
1 Preferred (6)
4,500 Cense' Film Ind pref__No par
51,400 Consolidated Gas(NY) No par
6,5001 Preferred
No par
No par
8.000 Consolidated Textile
4,600,Container Corp A vot__No par
No par
5,7001 Class B voting
21,700 Continental Baking el ANo par
29,2001 Class B
No par
2,8001 Preferred
100
17.300 Continental Can Ine-No par
I Preferred_
100
2,300,Continental Ins
10
45,400 Continental Motors___No par
19,500 Corn Products RellnIng
25
1901 Preferred
100
8,400 Cott Inc
No par
,
3,700,Crucible Steel of America--100
2001 Preferred
100
5,400 Cuba Co
No par
1,200 Cuba Cane Sugar
No par
4,0001 Preferred
100
1.700 Cuban-American Sugar_
10
5001 Preferred
100
:Cuban Dom'can Sus__ _Nopar
9,900 Cudahy Packing
50
29,900 Curtiss Aer & Mot Co--No par
1,300 Cushman's Sons
No par
70 Preferred (7)
100
3,400 Cutler-Hammer Mfg
10
11,100 Cuyamel Fruit
No par
34,800 DSVI13011 Chemical
No par
1,100 Debenham Securities
5s
1101Deere & Co pref
100
500 Detroit Edison
100
2,300 Devoe & Raynolde A.
-NO par
100
10 1st preferred
550 Diamond Match
100
20,2001Dodge Bros Claes A__No par
Preferred
No Par
9,900 Dome Mines, Ltd
No par
8,500 Drug Inc
No par
42,000runhill International-No Par
1
• BM and asked prices; no sale, on this day. z Es-dividend. a Ex-righte. b Ex-warrants. s Shillings.
PER SHARE
Rano Since Jan. 1.
on basis of 100-sharolots
Lowest
Highest
PER SHARI
Railer for Preteens
Year 1927
Lowest
Highes1
3 per sky. $ per Mare a per share a per Oen
491 Aug 691 NOV
534 Jan 19 9418 Oct 10
4
1
4314 Jan 664 160911
aune 19 703, Oct 5
517
1161June 29 125 Apr 13 10414 Jan 120 Del
/
4
84 June 1337ii Nov
3342July 23 4744Sept 15
1094 Jan 11 11114July 3 1094 Jan 114 Nov
44 Jan 95 Dee
87 June 27 11012 Oct 11
53 Jan 6918 Des
/
1
4
1
6514 Jan 3 78 4 Jan 27
412 Sept
81* Am
514 Jan 4 1018Sept 22
86 Sept 5714 May
4114 Mar 14 644 Oct 4
152 June 19 187 Jan 11 16712 Dec 169 Dee
18 May 3012 8434
81 Aug 23 23 Jan 4
4
214 Feb 4 6114 Oct 10
1921 Sept 364 Feb
914May 25
14 Jan 10
/
1
4 Apr
3 Dee
1 Apr
2 Jan 5 12 Feb 1
14
Vs Dec
451/June 1 731/ Oct 11
110 June 21 13912 Oct 11
3
- - Feb 225 206 4 Jan 10 270 Sept 29 I681 8
Dee
139 June 13 17414Sept 21
8918 AM 167 Dee
11
451sJune 11 554 Apr 6
304 Feb 5014 Des
2712 Feb 20 62 4Sept20
4
113 a JuljJ 38% Jan
7
244 Feb 18 • 507sJune 2
333, Feb 17 5458May 14___ __ _ _ _
934 Feb 17 12512June 2 851s Jnnei 125/4 Jan
1614 Marj 344 Jan
157 Mar 8 433,June 4
8
90 June 190 Jan
971 Feb 21 1104
4June 11
/
1
4Sept 29 290 Mar, 145 Dee
139 Jan 14 176
50 June 20 67% Apr 13
2914 Janl 69 Nov
10478 Aug 16 115 May 21
9114 JanI 11178 Dee
111 Aug 1 1191:June 15 1033, FsbI 120 AM
84 Aug 6 1684May 21
Ns Noyl 113, Jan
418 Jan 19 10 May 28
3 4 Mar
1
5% May
40 July 13 671/May 15
44 OctI elk Feb
904 Jan 16 1401s Oct 1
42 Jan 10214 Dee
108% Apr 18 11418 Aug 11 10514 May 112% Dec
65 Mar 1 94 Oct 10
66 JanI 924 Jims
68.2June 18 82a Sept 17
6014 Apr 79 Dee
2514 Mar 16 36 Sept 6 _ _ _ _ _ _ --5 Apr 80
/
1
4
114 Mar 8
Ise Jai
--1 Sept
14 /
89 Feb18 120 Jan 3
/
1
4
OlI2Junel 12312 Dec
2018 Jan 10 353 Sept 18
1414 July 2414 Des
5472 Jan 5 8518Mas 8
36 Jan (104 Alet
46 Sept 5 50 Sept 14 --------I____ ____
247 Jan21 376 Oct 1 132 Jan 283 Oct
/
1
4
123 Oct 8 1351/Mar 30 111 Feb 129 Dee
284 Mar 27 441/Sept 17
24 Apr 83 Ape
11 Aug 14 171., Apr 4
1012 Jan 16 4 Agg
1
70 Jan 885* Dee
77 Aug 24 92 May 15
581 Jan 3 10414Sept 24
58 June 72% Dar
/
4
11 6412 Apr 28
42 Jan 641* May
374 Oct
9284 Sept 19 100 May 21
71 May 3 7911 Aug 23 -. 65 Dee - 7 A;g
78 1
51 Feb 29 1514 Oct 10
4 Nov 16 Mar
/
1
4
14 Mar 13 2678Sept 26
13 June 2614 NW
6284July 13 8178 Jan 6
644 June 86% OM
/
1
111 Aug 15 14114 Jan 30 12018 Jan 1374 66A,
29 Aug 1 43 Jan 14
/
1
4
88 July 67 OM
4514June 12 5612 Oct 1
87 Apr IS 571Sept 10 /
4
434 idler 164 ini
371, Mar 5 5512Sept 18
33 June 441B Dee
/
1
4
79 June 20 131 Jan 28
34% Jan 9074 Dee
5414 Jan 16 14012 Oct 6
mos Jan 6311 Dec
5114 Jan 19 5414June 11
4684 Mar 54 Dec
62 Jan 5 102 June 8
611s Apr 6412 Des
69 Aug 13 1093. Apr 51 51 June 8411 OM
11818 Mar 21 1244 Mar 19 11114 Jan 12514 Nov
127 Feb 20 17714May 15 e9618 Apr 1994 Ape
50 June 25 1114 Jan 3 86 Aug 11318 Dee
9014July 6 109 Jan 8 10212 Sept 1091, Doe
52133u0e 25 841k Jan 31
4214 Jim 9614 July
79 June 12 10414 Sept 25
6678 Jan 10114 Nov
8912 Mar 15 133
/
1
4Sept 20
8274 Feb 98 4May
1
106 June 19 11018 Jan 3
994 Jan 1104 Dee
21 Feb 20 4812 Oct 10
14 June 244 Dee
23 Feb 8 27 May 8
17 June 24% Sept
23 Feb 7 2784May 11
187 June 25 Dee
8
85 June 12 99 Oct 10 69 July 89% Dec
/
1
4
4118 May 62 Dee
555* Mar 1 135 Oct 9
99 Jan 27 109 May 11
944 Sept 102 Dee
9242June 111 9812 Aug 20
861, July 9814 Dee
618 Aug 30 2612 Oct 9
_ - --- - 1377
4.1uue Is 2218
45
4Sept 18 1- - Nov 208 SeD1
6214 Jan 11 8872Sept 30
4802 May 781 Oszi
4
48 Jan 14 798 Oct 3 89 Aug 53 Dee
21 June 12 3112 Apr 17
1714 Jan 29 Dee
14
67 Feb 18 8172 Jan 8
67 Mar 884 Dee
344May 14
s Jan
s
14 Jan 10
14 Feb
724 Jan go ou tune 4
741 Oct 864 J107
4
9614June 28 104 Sept 13
23 July 16 2912Sept 10
y74 Aug 28 17014May 7 911 Mar 1254 Dec
9714 Aug 31 105 Mar 28
93 Mar 103 Dec
214 Aug 16
512 Mar 28
34 Mar
ra JUDI
217s Mar 30 36 Apr 30
1072 Mar 16 191 Apr 30
/
4
261, Apr 10 53% Jan 13 834 -Ain. 147i Jai
3 Apr 10
/
1
4
712Sept 24
4 May 104 Jan
73 Apr 10 9618 Jar 20
72 Apr 9714 Nov
8014 Jan 10 12878Sept 4
583, Apr 867 Dee
6
123 Jan 5 128 Mar 26 120 Jan 126 Juno
75 Feb 15 9478May 15
7412 Dec 9314 Dec
87 Nov We Jam
10 Mar 13 20 Sept 18
6418 Jan 3 8918Sept 14
464 Jan 68 NO1
/
1
1384 Jan 16 1463* Apr 10 128 Jan 1424 Doi
123 Jan 3 29.3 Oct 5
56 Jan 123 Dec
6914July 8 93 Feb 7
76400* 964 Mai
112
14Sept 14 121 May 11 103 Jan 115 Sept
2011 Oct 5 28
/
1
4May 8
1812 Aug 364 Jan
418July 31
712May 12
47a Oat 103* Jaz
141 Oct 11 321 Jan 19
4
8
2818 Nov 60% Jan
161 Aug 13 2414May 25
/
4
111% NOT 281s Jai
951/ Oct 11 108 Feb 1
9712 Nov 107 Aug
612Sept 25 13 Jan 4
1012 Nov 18 Jaz
434 Apr 58 4 Sop?
55 Jan 3 7814 Aug 21
1
5318 Feb 17 19214May 16
654 Nov 694 Dec
14414 Jan 18 225 Oct 11 103 Apr 152 0e1
114 Jan 11 141 Sept 20 107 Apr 135 Dee
52 June 20 6312Sept 4
49 July 27 63 Oct 11 30 Air Ws Oct
3414 Feb 18 664 Sept 24
2614 Apr 4812 Dee
39 Oct 10 4914 Apr 27
11512 Feb 1 12614May 15 1 18 Jan 1254 Nol
4
16618 Jan 11 220 Sept 17 1334 Jan 1704 Dee
40 Jan 3 61 Apr 16
3612 Aug 4271 DM
108 Jan 9 120 May 16 101 . Jan 1144 De,
13414 Jan 18 165 Aug 25 115 Feb 1474 Sept
12 June 11 403* Oct 11
1814 Oct 274 Jaz
63lame 19 111 Sept 22
561 Oct 85 Fed
:
8 June 13 134 Jan 6
7 June 144 Do.
80 Mar 15 118 Aug 31
_
___ _ _
__
6311 .
730 9 76 944 29 -419 r
4Mti 6ii Oa
New York Stock Recora-continued-Page 4
2064
For sales during the week of stocks not recorded here. see fourth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Oct. 6.
Monday,
Oct. 8.
Tuesday,
Oct. 9.
Wednesday, Thursday,
Oct. 10.
Oct. 11.
Friday,
Oct. 12.
$ per share S per share 3 per share $ per share 5 per share $ per share
*9913 100
*9913 100
100 100
100 100 *100 101
17712 179 *17712 179
17714 17712 17714 178
1773 178
4
•_-__ 125 *124 125
124 125 *12413 125
12412 12412
8
5614 5812 573 583
58
593
4 585 59
4
4 5812 603
8
3957 396
8
393 396
390 395 397 40112 400 40212
*118 11818 *118 1184 118 118 x11712 118
11712 11712
55
563
8 55
59
55
58
5712 593
4 54
57
357 37
8
*3612 363
4 3553 36
3612 37
363 363
3
8
109 1094 109 1093 1087 109
4
8
109 1093 10912 10914
4
11112 1134 108 1123 1083 1113 110 11212 1094 11138
4
4
8
1212
127 133
8
11
8 1212 1312 1212 127
8
8 1212 127
373 38
8
373 38
8
363 3713 3653 373
8
3 3713 377
8
*1074 10712 19712 10712 10713 10713 10718 10712 1057 10718
8
8714 8814 8713 88% 863 8714 863 877
3
8
3 863 884
8
*618 65
8
618 618 *6 4 83
,
*614 688 *618 7
8
*7
73
4 *7
712
612 7
*612 7
*418 6
78
78
78
78
7712 7712 764 77
77 12 773
8
*124
____ *124 124
122 124 *122 124 *122 124
8
4712
47 4814 4614 4718 4614 4712 463 4814 47
9878 9958 9812 9812 98
9812 98
99
9712 99
31
31
3038 31
3012 31
3012 3012 3012 303
4
6734 693
8 67
70
6734 6912 67
697
8 66
68
*2312 2438 *2312 244 *2312 243 *2312 2438 *2312 2438
8
*4134 42
4014 413
41
41
*4034 41
4 4018 4014
*110 115 *110 115
110 110 *110 115
110 110
54
54
54
4
53 4 533 *533 5114 *533 5414 54
3
4
4
*98 10312 *98 10312 *98 10312 *98 103
*98 103
*150 160 *151 160
151 151
156 156
156 16018
*10012 10112 *10012 10112 *10012 10112 *10012 10112 *10012 10112
24
257
8 2212 24 4 2214 23 8 2212 431 4 22
23
3
3
8612 8612 861 8612
8412 8612 8438 8412 8412 8412
*13
14
1258 13
8
8
*1252 1412 125 125 *1212 144
487 4912 49 ' 4912 4834 4934 4812 497
8
8 4812 49
1112 12
1112 1178
1138 12
1112 117
8 1112 113 .
4
61
61
62 62
62 62
62
62
*61
6212
*59
63
62 62
*60
613
4 60
60
C13 613
4
4
834 8412 823 837
4
8 82
8314 8214 847
8 825 8312
2
•52
5212 51
51
*50
51
51
51
513 513
4
4
*9814 99
*9814 99
*9814 997 *9814 987 *9814 987
8
8
3
*3814 41
38
38 4 3612 3713 *3612 38
,
3652 365
8
95
96
9512 967
8
8 95
957
8 953 10212 10113 1034
554 5512 535 56
8
4 547 5512
534 5512 5518 553
8
107 109
10714 109
103 108
10712 10812 1064 1073
3
*2214 2234 22
2378
2212 2178 227
4
8 213 2238 22
11
114 10
1028 1018 1012 1014 1012 1012 1012
12
8814 867
4 8318 8514 84
85
8 85
863
4 8414 853
•10913 111
110 110 *110 112 *110 112
1103 1103
8
8
7212 7412 73
7311 704 734
75
7114 724 71
*113 116
11312 11312 *113 118
11314 11314 113 113
175
*____ 139 *____ 139 *____ 136
3134 32
3112 317
4 3118 314 3134 324
8 3114 313
73
72
727
8 7212 7212 713 72
8
7312 7212 73
614 6134 61
814 6112 6212 6112 6218 6112 6212
16312 18612
161 16212 15914 1624 1574 15912 160 163
11
1118 11
1118
11
11
Stock
1114 11
114 *11
5'3
53
53
53
53
53
527 524 514 53
8
90
9214 897 9234 895 937
8
8
8 934 9512 963 10312 Exchange
8
213 2147 211 2143 20852 21512 2157 2193 21414 2184
8
4
8
8
1243 1244 21245 1245 12412 12434 1243 125
4
8
8
4
1243 1243 Closed
4
4
5212 524 *51
523 *51
4
52
*51
5212 513 513
4
4
36
367
8 36
3614 *3614 3612 3612 3612 353 36, Columbus
4
4
109 1113 108 11214 10712 1103 10912 11212 110 1123
8
4
8
Day
60
613
8 6018 8112 587 5912 603 643
2
4
4 6514 677
8
12014 12178 121 1233 11914 1223 119 121
8
4
1194 12338
48
46
447 45
8
453 46
4
46
4712 464 4712 Holiday.
*9314 94
9373 937
8 94
94
*94
05
95
95
27
2714 263 2714 2614 263
4 27
287
8 2712 284
4
•104 10414 104 10418 •10212 104
104 104 *10212 104
10012 1013
8 983 1007
4
8 9712 997 1004 1027 10112 103
8
8
834 84 4 84
3
863, 85
867
8 864 89
8614 877
11018 11014 *110 11018 1104 11014 *110 111 *110 111
714 7212 7218 73
7058 79
8018 843
4 8418 921
994 994 99
995
8 9912 100
4
10012 1003 10014 1001
7634 7634 77
77
761
7614 77
7514 7613 76
751
77
77
7614 75
*763 79
4
7512 77
75
*106 114 *106 114 1'108 114 *106 114 .106 114
•___ 106 •____ 106
106 *____ 106 *
106
*712 83
8
*712 814 *712 814
712 712
8
8
56
574 554 574 5318 553
4 5412 5614 5418 5612
517 517
2
8 504 5118: 49
50
50
513
8 4912 4912
66
65 8 6412 6612 65
1
665
8 6514 663
3 643 653
4
4
*77
79
785 797
8
8 783 79
8
7912 86
86
884
354 3578 357 3812 345 354 3518 357
8
8
8 3512 377
8
554 55 8 554 553
7
4 5514 567
8 544 557
8 547 573
8
8
11318 11312 113 113 *112 113
112 11212 114 114
7714 79
78
81 • 7512 80
784 81
81
844
*108 10912 •108 10912 *108 10914 *108 10914 *108 109
3112 314 3112 314 3114 313
4 3112 3112
4 3114 313
1134 11312 *11312 114 1 11312 113 4 114 114
3
1143 1144
4
12418 12512 12358 1283 12258 12814 12512 1277 12514 127
8•
8
54
5
512 512
512 512
3
512 558.
*
54 5 4
68
6912
6714 674! 66
67
67
67
88
68
244 24 8 2458 2434 2412 2412 2412 2412 .2412 25
5
85
84
82
84121 82
83
83
83
833
4 84
*24
26 1 25
25
*25
26
2518 267
8
•2412 26
195k 193 2214 21
2252
8
1958 203
e 19
20 207
4
4
•115 117 *115 1163 11614 11614 1163 117 *115 117
4
53
5212 56
3
52
4
53 4 534 533 53 4 5212 53
3
78
4
4 7734 78
774 7812 78
77
775
8 773 773
4
•10253 103 *10212 1023 1024 103 *10212 104 *10212 104
18
1814 1912 1814 1812 1714 184 17
1934
1718
25
25
25
2512 2518 2518 25
*2518 26
*25
7614
75
7412 7412 7412 *7414 75
•74
7412 .74
7814 7914
7818 79
784 784 7834 80
78
80
14014 1425,
13912 142
1364 13612 13712 1447 139 142
8
64
654 634 654 6414 6512 6313 654
65
64
933 974 8814 94
4
95
9012 9514 917 95
93
8 784 803
4 774 794
8112 7614 797
784 81
78
8
8 29
8 285 295
2953
297
8 2912 295
2912 297
8 2912
27
2512 264
2713 26
25
2412 27
2514 26
98
*95
98
*95
*95 100
*985 100
4
.98 100
8
8
8
4 315 343
304 334 3112 334 315 323
2962 30
31
2912 29
303
4 29
307
8 29
274 2818 28
*150 170 *170
•170
____ •170
*190
94
96
8
8
967 987 *957 97
8
*93
97
*93
98
3
3
693
4 677 693
67
694 6918 8812 69 1 8613 68
3
8 263 271s
8
263 27
4
27
277
8 267 274 2713 277
7
94 94
94 9 8
8
9 3 10
7
97
8 94
952 95
8
143
4
1414 135 144 *14
13
14
144 147
8 14
78
ns 777 7612 7612' 75 764 76 76 *7612 143
8
14112
4
139 140
140 1413 13812 13912 140 145
8 7018 715*
683 705
4
68
674 6814 68
684 67
8
7012 695 7114 6812 70
66
68
68
7012 68
106 106
•105 109 *105 109 ,•103 10818 *10518 108
4
289 2894 288 289 1 28614 28614 288 30212 3064 3113
14012 141 *14012 141
•141 141.14 1403 140 4 141 141
3
4
4
8
107 1081s 10812 10712 1054 10612 1065 1073 107 10814
53
8 54 *5
53
3
5
54
5
54
5
5
383
4 3812 394
384 3912 3714 384 37
374 38
14478 149
1394 14012 137 141
8
13458 13878 1383 145
120 120
*116 120 *116 120 *116 120 *11612 120
•spi and sated ortoes: no sales on tbls day.
• Ex-di:Weed
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER EH ARE
Range Since Jas. 1.
Oa baste of 100
-share tote
Lowers
Higbee
$ per share
Shares 'Indus.& MIscel.(Con.) Par 5 oar share
8
100 Duquesne Light 1s1 pref._ _100 993 Oct 3 11612Mar
1,4001Eastman Kodak Co.......No par 183 Feb 20 1941* July 30
410, Preferred
100 12312 Aug 31 134 Apr 3
19,6001Eaton Axle & Spring_ __No par 26 Jan 11 6312Sept 25
7,800 E 1 du Pont de Nein_ _No par 310 Jan 10 40512June 4
100 114 July 18 1211.May •
400 6% non-vot deb
25 1218 Jan 3 593 Oct 10
4
38,300 Elsenlohr & Bros
4,300,Eitingon Schild
4June 1
No par 3314 Aug 29 403
2,3001 Preferred 635%
100 10138 Aug 15 11434June 1
75,400 Electric Autollte
No par 60 June 25 116 Sept 26
18,7001Electrle Boat
No pa,
8June 6
514, Aug 15
173
25.300 Electric Pow & Lt
No par 283 Jan 10 4512May 14
4
No par 1057 Oct 11 1104 Mar 8
8
9001Preferred
12,200,Elec Storage Battery... _No par 69 Feb 20 9178Sept 27
100 Elk Horn Coal Corp__ No par
6 June 19
9 Jan I
54 Feb 21
600 Emerson-Brant Class A.No par
1512June 4
1,100 Endicott-Johnson Corp___ _50 7514June 12 85 Apr 17
100 12114 Jan 27 127 May 18
I Preferred
59,200 Engineers Public Sery_No par 33 Feb 18 493 Oct 1
4
No par 97 Aug 14 10212 Oct 1
2,900 Preferred
5,100 Equitable Office Bldg No par 30 8 Oct 8 3334July 3
3
23,300 Eureka Vacuum Clean_No par 5912 Aug 11 79 Jan 3
Exchange Buffet Corp_No par
193
4July 17 2412Sept 15
1,200,Fairbanks Morse
'Jo par 324 Jan t i4 Apr 10
30, Preferred
100 104 Jan 1, 1143
4May 14
15 42 Jan 10 563
1,800 Federal Light & Trac
4May 2
Preferred
No par 98 Jan 6 109 Apr 19
.
800 Federal Mining & Smelt g_100 120 Apr 17 16018 Oct 11
Preferred
100 9114 Jan 3 10212Sept 18
1658 Aug 1
38,100 Federal Motor Truck__No par
25:8May 11
1,400 Fidel Phen Fire Ins N Y____10 7514June 12 9412May 8
No par
114 Jan 9 1514May 18
60 Fifth Ave Bus
No par 28 AI- 4 5178 Oct 1
11,600 First Nat'l Stores
No par
87 Aug 13
8
16.100 Fisk Rubber
173 Jan 4
4
.100 553 Oct 2 9112 Jan 10
4
1,000 1st preferred stamped..
100 54 Oct 2 974 Jan 5
500 1st preferred cony
W par 65 June 19 88 Sept 26
56,700 Fleischman Co
No par 50 Sept 18 55 Sept 13
300 Florsheim Shoe cl A
100 99 Sept 14 993
Preferred 6%
4Sept 26
No par 3612 Oct 9 5534May 16
1,300 Foundation Co
No par 72 June 12 11938Sept 10 1
62,200 Fox Film Class A
No par 53 8 Oct 8 10914 Jan 11 I
5
50,100 Freeport Texas Co
'Jo par 10318 Mar 17 1097 Apr 23
8
900 Fuller Co prior pref
No par
15 Mar 23 2812 Jan 5
6,500 Gabriel Snubber A
No par
714June 12
1634 Feb 2
4,600 Gardner Motor
26,200 Gen Amer Tank Car_ No par 6078 Feb 20 91 Sept 19
100 10914Jtme 23 11134May 15
600 Preferred
100 68 June 12 9478 Apr 30
16,800 General Asphalt
100 11018June 12 14112 Apr 30
Preferred
400
.General Baking pref__.No par 134 Jan 28 150 June 8
No par 21 Feb 4 3512 Apr 28
5,200 General Cable
No par 58 Feb 9 807 Mar 20
8
3,900, Class A
No par 5912June 12 715, Feb 2
5,000 General Cigar, Inc
No par 124 Feb 27 17412 Apr 16
51,900'General Electric
12 June 7
6,700 General Electric special _ _10 11 Sept 26
1,000 General Gas & Elec A_ _No par 354 Jan 18 604 Aug 2
137,900 Gen Ice Cream Corp_ _No par 741s July11 10312 Oct 11
25 130 Jan 10 2195 Oct 10
8
752,100,General Motors Corp
100 12312 Jan 28 12712 Apr 12
1,1001 7% preferred
500 Gsn Outdoor Adv A__.No par 49 Aug 15 5873 Jan 3
.No par 2912 Aug 1
521 Jan 7
2,3001 Trust certificates...
8
No par 8414June 29 123 Jan 3
/
1
4
45,700,Gen Ry Signal
35,700'General Refractories__.No par 4512June 13 82 Jan 3
8
113,400,Gillette Safety Razor_.No par 9713June 19 1233 Oct 8
No par 3418 Mar 6 597
8June 14
5,900 Gimbel Bros
100 87 Mar
101 June 15
3001 Preferred
3
IVo par 20 8 Jan 27 30 Aug 29
19,400 Glidden Co
100 95 Jan
105 Sept 12
1701 Prior preferred
8
84,400 Gold Dust Corp v t o__ _No par 71 Jan 16 1107 Sept 5
No par 6812June 1
994 Jan 4
87,700.Goodrich Co(B F)
100 1094 Feb 1
1153
8May 1
4001 Preferred
9212 Oct 11
177,100 Goodyear T dr Rub___ _No par 4518June 2
No par 924 Mar 1
1004 Oct 01
3.600J let preferred
934 Apr 14
4,400 Gotham Silk Hoslery-No par 75 June 1
No par 75 June 19 03 Apr 14
1,300 New
100 112 Aug
130 Apr 12
Preferred New
Preferred ex-warrants_ _100 106 Sept 22 112 May 7
No par
7 June 23 124 Feb 2
200 Gould Coupler A
161 Feb 1
4
6114 Sept 26
77,200 Graham-Paige Motore_No par
No par 2612June 1
56 Sept 26
3,700 Certificates
394 Feb Is 6912Sept 25
14,400 Granby Cons M Sm & Pr.110
100 6514June 2
88 4 Oct 11
3
94,800 Grand Stores
4July
No par 263
4018Sept 12
8,800 Grand Union Co
No par 4613 Aug 1
6012Sept 12
6,800 Preferred
No par 112 Oct 10 12512Sept 13
2,600 Grant (W. T.)
4Sept 2
843 Oct 11
8
50.900,Grasselli Chem Co___ _No par 613
100 109 Sept 17 110 Sept 13
I Preferred 6%
6,100 Great Western Sugar...NopaT 31 Jan 26 38 Jan 7
100 1124 Feb 20 120 Jan 8
210 Preferred_
2June 1
16413 Jan 4
37,500 Greene Cananea Copper. 100 893
5 Oct 1
Ps Jan 4
1,800 Guantanamo Sugar_.._No par
100 51 Jan
8Sept 12
737
1,500 Gulf States Steel
30 Jan 31
25 23 Jan
150 Hackensack Water
.
1,290 Hanna 1st prat class A_ _ _100 59 May 25 85 Oct 11
275 Feb 3
8
800 Hartman Corp class A_No par 2312 Aug
No par
165 Aug
8
257 Jan 27
3
14,7001 Class B
4June I. i11112 Feb 20
300 Helme (0 WI...25 1033
6,100 Hershey Chocolate--No par 3034 Jan 31 64 Apt 26
No par 7014 Feb
82 Apr 16
2,6001 Preferred
100 10014 Aug 1
105 Apr 14
3001 Prior preferred
154 Sept 25 307 Jan 20
No par
1
2,600 Hoe(R)& Co
8
1,000 Hollander & Son (A)._ _No par 25 Aug 25 367 Apr 13
100 67 Jan 4 7614 Oct 11
600 Homestake Mining
No par 8418 Feb 21 83 Sept 27
4,700 Househ Prod.Inc
11,200 Houston 011 of Tex tern ctfs100 119 June 19 181 Apr 9
No par 401 Feb 18 7012Sept 25
8
17,500 Howe Sound
No par 75 Jan 16 9978 Mat 5
699,900 Hudson Motor Car
.
230,40011Iupp Motor Car Corp_ __10 29 Jan 16 8112 Oct 8
8,400,Independent 011 &139,8_No par 211 Feb 20 324Sept 24
/
4
No par 21 Oct 3 70 Apr 27
4,800 Indian Motocycle
1 Preferred
100 94 Sept 21 116 AP: 12
69,900 Indian Refining
10
9 Feb 18 3918 July 9
15,500 Certificates
10
84 Jan 16 3714 July 9
Preferred
100 101 Jan 4 250 Aug 27
400 Ingersoll Rand
No par 90 Feb 18 1033 Oct 1
4
5,600 Inland Steel
No pa
48 Mar 3 74 Sept 18
12,900 Inspiration Cons Copper..
.20 18 Feb 25 3112Sept,25
gig July 2 2141 Jan 4
,
2,500 Intercont'l Rubber
Ne pa
3,800 Internet Agricul
No par
13 Feb 24 2078May 17
400 Prior preferred
100 48 8 Mar 28 83138ePt 10
1
9,400 Int Business Machines_No pa 114 Jan 18 1471 Feb 3
6
14,800 International Cement__No pa
56 Jan 3 7412MaY 18
143,800 Inter Comb Eng Corp_No pa
4514 Feb 20 741g Sept 25
100 Preferred
103 Mar 21 110 Sept 25
10
13,000 International Harvester.._100 2243 Feb 18 3113 Oct 11
4
4
1,300 Preferred
100 13614 Mar 1 147 May 1
27,900 International Match pref. 35 9316 Jan 3 1217
8Mai 14
370 lot Mercantile Martne
73
8May 9
3
/
1
4Mar 26
100
8
79,000 Preferred
100 344June 12 441 Jan 17
299,900 International Nickel (The)
.25 73% Feb24 149 Oct 11
100 Preferred 6%
100 11012 Jan 5 124 Aug 20
0 E11-1111111.
PER 811445
Range for Privies.
Year 1927
Lowest
MONO
per /bre
1144 Mar
1264 Jan
1191 Jan
,
2114 Oct
Jan
168
1054 Web
10 Nov
/
1
4
_
pee AIM
117 1 110T
1
my Sept
1814 Ott
29114 41 lis
11437 Oct
3
118 Des
161 Feb
,
_
1;3'
Mar
,
161 Jan 324 Dee
J813 109 Nov
96
6314 May 7912 Jim
1
7 Dec 15 8 MAY
Oct 13 Apt
8
/ Jan 8114 Deo
1
4
84
1161 Jan 125 SOP.
8
4
211 Jan 89% Om
_
3
50 Aug 777 Nov
151 Jan 23 Dee
,
484 Ma,
3014 Nov
107 Dec 114 Mt r
67 May
374 Jan
914 Feb 100 Aug
60 Feb 187 June
,
97 Ma
754 Jan
30
/ Jan
1
4
17 Dec
141, May
10 Nov
Vet
30
1914 May
apt
20
144 Oct
JIM 100 Sep,
81
9411 July 102 SW
714 Der
4813 Fet
_--- ---jib; -epi
- - NJ,. a
gdts DV!
50 June
344 Jan 10612 Dec
"H" Dec
64
46
106118
65
10714
1184
5* Aug
1512 Dec
Jan
1s
Jan 64 Dec
Mar 1124 Wept
Aug 0614 Mar
Aug 1444 May
Oct
Apr 160
-.
15ei
561, -13- ;
e1
s
Jon 767 Dec
54
/
1
4
81
Jan 148 Sept
11 June 114 Jan
34
Apr 174 Het
113'. AUg
1184 Mar
541 Apr.
•
87
Jan
821 Jan
,
Jan
88
95 4 Nov
1
3512 Dee
91 Nov
144 may
86 Aug
62 Ma:
421 Jan
4
Jan
95
48 8 Aug
1
924 Nov
574 Jan
Jan
58
Jan
104
4
141
1251.
- -i
60
Dee
59 Nov
/
1
4
587 1
6 101
15314 Sept
Dec
81
1094 Oct
59 Sept
1084 July
23 Mal
101 runs
781 Dec
4
964 Dec
11113 Dec
6918 Dec
987 Dee
8
85 Dec
13
854 Dec
122 Sept
Oct
46 Ma)
------- ------
1164
2914
7
it6
22
Feb
Jan
Oot
Oct
Aug
5e Jan
2211 Oct
1812 Dee
7114 Jan
347 Dee
8
7014 Dec
9952 Dec
Jan
22
3114 June
Jan
60
4314 Jan
801 Jan
,
841 July
4
484 Jan
Oct
16
171 May
8
13 Ma
Jan
92
712 M87
714 June
Oat
99
8714 Nov
Feb
61
124 June
11 Noy
618 Ap
33 Ma
6318 Jan
4514 Jac
wt. 00
101 Oct
1351. Jan
1264
/
1
62
31
321t
384
1035
8
Jan
Ma
Oe
Oct
Jan
Ma
;ft'
depI
Sept
1514 Dee
114 May
64 Feb
27 July
721 Des
8
2714 Map
29
/ At/
1
4
125
Oa
404 Dee
754 Dee
103 Dec
617 July
a
40
/ Oct
1
4
75
Oct
701 Noy
8
178
Ost
48118 Dee
911s Atli
8614 Dee
82 4 Feb
1
47 Dec
1021 Dee
4
121, Sept
12 Sept
112 Ma
961s As
1321 Dee
s
254 Jan
25 Noy
1618 Dee
684 May
119.14 Dee
65 8 May
1
66 Mar
1054 Des
2554 Dee
189 Dec
9513 Dee
81 may
4
65 1 May
1
8911 Dee
110 Dec
New York Stock Record-Continued-Page 5
2065
For sales during the week of stocks not recorded here, see fifth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Oct. 6.
Monday,
Oct. 8.
Tuesday, 1 Wednesday,1 Thursday,
Oct. 9.
0(2. 10.
OA. 11.
Friday,
Oct. 12.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHAM
Ramos Mass Jan. 1.
-Matelots
On basis of100
Loom.
Bisben
PER SHARE
Reese!., Preplan
Year 1931 _
.
.
Lowest
BOUM
Per share $ per share $ per share
Per share $ per share I $ per share Shares Indus. & Mimi.(Con.) Par Spit stars
$ per skate
Per share
70
70
6918 70
6818 694 69 6918 69
704
/
1
6,200 International Paper___No par 68 June 19 86112May 14 al1912 May
70
70
6914 70
8812 6812 683 69
4
6813 7034
No par 66 Sept 13 7212July 23
5.200 Certificates
*9734 985 *9814 99
4
9813 9813 054 0511 *9538 9812
100 9T78Sept 28 108 Jan 14 - - Jan
300 Preferred (7)
9112
984 9818 98
/
1
99 *98 99
98 *98
98 98
700 Preferred certificates
100 9714 Sept 22 103 July 13
50
50
47 4 4978
3
48
54812 50
49
/ 50 5012 '
1
4
/
1
4
2.000 lot Printing Ink Corp__No par 47 Oct 8 54 Sept 13
5732 5742 *5712 59
*5713 58
5713 58 *574 58
150 International Salt
100 49, Mar 28 683 Jan 12 63 SePt
,
2
176 176
17814 17614 17358 176 1764 178
7.4001Internat Telco & Teleg__ _100 13913 Feb 29 197112June 2 1224 Jan
176 17912
/
1
4
*25
28
25 25 *25 26 *25
26 *25
26
200Intertype Corp
/
1
4
No par 23 Sept 10 3812 Jan 20
1912 Jan
5012 5013 50 50
50 50
50 50
1,700U8land Creek Coal
50 50
6812 Mar
1 4712 Aug 7 81 May 14
136 1373 138 140
4
135 138
136 13954 137 1383
No par 77', Mar 1 142 Oct 2
6,500 Jewel Tea, Inc
4
681s Jan
15414 15534 15112 1555 148 15112 15038 15212 150 15212
4
No pa
43,400 Johns-Manville
9614June 19 15914 Sept28
12058 121
12112 12158 12012 1214 120 12012
12012 122
360 Jones & Laugh Steel.pref_ _100 11912July 2 1.244May 7 iff Feb
/
1
/
1
4
*33
38
*34
38
*33
38 *33
1Jones Bros Tea, Inc.._No par 2553 Mar 31 40% Jan 10
38 *33
38
10% Jan
*83
9
83
91
858 9
858 9
No pa
6,300 Jordan Motor Car
818 Aug 10 1518May 31
811 9
/
4
125 July
8
*108 11112 *108 11133 4108 11158'108 11133 *108 11138
IKan City P&L let pr B No pa 108 Aug 2 114 Apr 26
714 7153 7012 7154 7018 703
/
1
4,500 Kayser (J) Co v t o__ __No pa
4 69
/ 7012 7053 714
1
4
/
1
6258 Ian 5 764 Mar 30
49
Apr
3014 34
53 3118 333
4 32
3 3014 313
34
206,600 KeithJAlbee-Orpheum _No pa
3214 3312
1512May 7 3458 Oct 6
93 103
953 1004 93 95
4
98 1003
16,200 Preferred 7%
100 7512May 7 103 Oct 6
4 98 10012
2353 244 2418 25
23
/ 243
1
4
91 Jan
4 245 2512 24
24
s
39.000 Kelly-Springfield Tire
/
1
4
25 15 Feb17 27% SAD 3
8134 8134 79
8112 76- 80 *79 84
81
8212
1,800 8% preferred
100 5514 Feb 17 8612 Oct 1
35 Feb
81 82
82 82
78
8134 78
1,100 6% preferred
78
80 80
100 58 Feb 17 87 Oct 1
44 Jan
4914 503
8 50
5238 49
5034 5014 5218 494 5138
46,600 Kelsey Hayes Wheel___No pa
2212 Jan 10 5233 Oct 8
19 Oct
*108 10912 *108 1094 108 10912 108 110 *10812 109
200 Preferred
100 106 Mar 8 1101 Jan 5 103 July
/
4
1113 1134 1112 1178 1112 1134 1112 133
8 1314 14
No par
35,100.Kelvinator Corp
734July 24 22 Apr 13
/
1
4
997 1003
8
8 994 1004 9812 101
10012 10113 1003 1033
68,5011Kennecott Copper
No par 804 Feb 20 10312SePt 26
4
8
52 534 52
5338 50
5178 5034 55
6,200 Kinney Co
5414 564
No Par 37% Aug 15 563 Oct 11
/
1
dell4 June
4
95 95
95
9514 9312 9518 95 95
340 Preferred
95
9538
100 8718 Mar 22 100 %pr II
58 June
73
74
72
/
1
7334 704 7212 72
7334 723 7412
30.800 Koister Radio Corp....--No pa
5114 Aug 15 7714 Sept 28
4
6234 63
/ 63 64
1
4
Kraft Cheese
6212 6312 6234 633
12,800
62 8312
25 5312 Mar 31
78 May 17 if/ June
8
7714 777
4 7714 783
4 77
18,700 Kresge (SS) Co
783
4 775 7812 785 8053
8
10 60/ Feb 24 8212Sept 13
,1
4
4572 Jan
8
11218 1121 11218 1121011218 115 *11218 115 *11218 115
/
4
20 Preferred
100 11014June 14 118 Apr 27 11012 Feb
*20
21
*20
21
2014 2014 204 2178 204 207
900 Kresge Dept Stores..._NoPa
/
1
134 Jan 18 2714 Feb 29
/
1
8
10 June
*74
75 *__ __ 75 *63 75 *65
Preferred
100 513 Feb
75 *65
99
75 Aug 31
4
Ncl
*110 113
11014 11014 110 110
110 113 511014 113
1,600,Kress Co
No pa
87 Feb 20 11912Sept 24
59 Jan
112 11413 114 116
/
1
4
/
1
4
114 118
65,000,Kroger Grocery & 13kg_No pa
73 Mar 27 12353Sept 17
/
1
4
11812 1193 118 120
4
*33
35 *3214 3414 3212 324 3314 3314 33
1,200!Lago Oil di Transport_ _No pa
2758 Feb 20 4918 Apr 17
33
1313 13312 13012 13312 129 131
4
13118 133
No pa
58,200;Lambert Co
794 Jan 10 1347 Oct 5 ▪
8
130 13214
66 JAM
2258 2314 2338 24
2234 2412 2458 2614 2433 2512
52,700 Lee Rubber & Ttre_ __ _No pa
1714 Jan 3 2614 Oct 10
7 Jan
*4618 4812 *46
49
*48
400 Lehigh Porltand Cement__ _50 4234June 25 54 Mar 29
49
4613 4612 24612 464
/
1
10934 1093 *10812 110
4
109 110
100 10812 Oct 1 11058May 28
2301 Preferred 7%
10812 10812 10812 10812
62 62
6112 63
12,700'Lehn & Fink
60 6134 61
No par 88 Jan 17 64 Oct 1
63
/
1
4
6158 62
W Api
s; /
1
4
3418 3418 3334 34
33 33
2,400 Life Savers
33 33
No par 28's Aug 15 373
8Sept 25
33
20 4 Seta
36
1
91
9112 90 9114 884 8812 88
1,100 Liggett & Myers Tobacco__25 8318June 22 12212 Jan 3 •8712 Feb
8812 *88 92
88
894 90
/
1
8934 8614 88 *8714 894 8858 8(4
25 8014June 19 1231 Jan 3 nate Feb
8,500 Series B
*134 138 '
5134 138
13412 13412.134 138 *134 138
100 134 Aug 2 147 Apr 11 12484 Jan
100 Preferred
*44
45 *44 46
44
No par 38 July 27 6578May 14
7.300 Lima Loo Works
44
49 Oct
40
4212 42
4212
761 77
/
4
4
767 774 7513 77
8
/
1
No par 634 Feb 20 8412Sept 26
4,800 Liquid Carbonic
751 76
/
4
7612 77
/
1
4
45 4 Sept
5
5814 58
/ 5812 595
1
4
8 5813 59
No par 4918June 19 77 May II
25,100 Loeves Incorporated
5858 6134 6112 6238
4187 Jan
8
10118 10118 10112 10112 10112 102
No par 99 Mar 15 110 Apr 30
1.200 Preferred
/
1
4
/
1
4
10134 102 102 103
1014 1034 104 1058 10
/
1
1014 10
47,500 Loft Incorporated
5 4 Feb 9 194 Aug 27
3
104 1078 113
/
1
/
1
NO Par
5 Oct
4
*32
3234 32
32
4
.31
32
No par 28 Jan 3 3544 Feb 3
31
31
200 Long Bell Lumber A
*31
3512 Dec
323
4
7512 7654 7313 747
8 7112 73
724 75
14,400 Loose-Wiles Biscuit
25 4414.1une 19 883 Sept 12 am" July
73 7712
4
120 120 *120 122 *120 122 *120 122 *120 122
10 1st preferred
100 11712 Aug 17 125 MAY 9 118 Jan
28
28514 27
2818 27
2712 2738 2778 2713 2812
12,100 Lorillard
25 23%June 12 46 8 AM* 19
2312 May
7
9014 9014 *90
93
9012 9013 *9012 93 *91
180 Preferred
93
100 904 Oct 6 114 Mar 18 107 June
Stock
1478 15
14
/ 153
1
4
3 1538 1538 1478 154 1434 15
7,500 Louisiana 011
/
1
9% Feb 21
No vo
1954 Apr 30
10 ON
*
89 8912 8912 8912 90
90
60 Preferred
*8912 90 *89
90 Exchange
100 78 July 24 98 Apr 30
851 Der
4
3812 37
3614 37
3614 36
3,200 Louisville 0 & El A...No pa
37
28 Feb 7 41 May 16
/ 36
1
4
3678 37
23% Jar
77
/ 80
1
4
764 79
/
1
724 7612 75
No pa
77
- 17,100 Ludlum Steel
2518 Jan 11 8312 Oct 3
74
763 Closed
4
20 Oct
*454 464 *455 4612 *46
8
47
46
100 MacAndrews & Forbes_No pa
46
44 Aug 28 V% Apr 14
*4534 46
43 Nos
*122 128 *122 128 *122 128 *122 128 *122 128 Columbus
Mackay Companies
100 10812 Mar 2 134 Mar 20 103 lone
*82 8212 8218 8212 82 82
*82
84 *82
400 Preferred
84
100 6814 Jan 13 84 Mar 19
67 Any
95 9712 944 97
/
1
9458 9614 9433 9654 9478 9612
49,800 Mack Trucks, Inc
83 Apr 17 10778 Jan $
No pa
Day
8814 Jan
14018 141
13812 14012 13914 1403 14018 142
4
141 143
No pa p134 Aug 28 382 Aug 27 124 Jan
4,100 Macy Co
*223 23
4
2112 2213 2112 213
4 2112 2334 2318 2412 Holiday. 12,300 Madison So Garden.
..No pa
2113 Oct 8 84 May 7
2012 Aug
58
584 5818 5938 584 5938 583 59
6.100 Magma Copper
No pa
4
43% Feb 27 64h Sept 25
5712 583
8
2912 Feb
25 2513 2512 2638 2534 26
25
/ 2812 29 4 31
1
4
97,100 Mallinson (Ii R) dr Co_No pa
16 Jan 20 31 Oct 11
3
1112 Apr
10778 108
108 109
109 110
109 109 *109 -- - 90 Preferred
100 87 Jan 30 110 Oct 9
18
86% July
*33
3513 *34
355 *3212 34 * _ _ 2912 34
8
No pa
3,200 Mandel Bros
32 June 25 4012 Jan 22
38
39, Der
.
3013 3118 3112 3213 33
3414 34
3434 3353 3358
8,300 Manh Rice Supply- - No pa
2812Sept 13 66118June 6
43 Ocr
*37
38
37
37
3638 3678 3634 37
1,800 Manhattan Shirt
2
3814 37
312 Feb 18 43 May 14
4
24 Jar
/
1
4
18
18
18
18
1712 1712 1714 1712 17
1,800 Maracaibo 011 Expl---No par 1211 Feb 20 2512 Apr 28
12 Oct
1714
37
/ 38
1
4
375 384 3713 3778 3734 40
8
/
1
3918 40
No par 33 Feb 17 4412 Apr 17
32,400 Marland Oil
31 June
66
663
4 8512 657
4 6413 65
6434 644 8414 683
No par 4514 Mar 6 684 Oct 11
4,000 Marlin-Rockwell
27 Jan
/
1
4
22 22
2012 21
204 2113 2113 2134 2138 2212
1,800 Martln-Parry Corp__ No par 124 Mar 12 2558June 4
1512 Dee
141 1414 14118 143 140 141
14034 14212 14218 1443
4.800 Mathieson Alkali Workallo Par 11714June 19 14812Sept 12
8
82 Jan
*123 125
123 123 *12312 124
12313 12312 *124 125
100 115 Jan 12 130 Apr 27 108 Jai
301 Preferred
8118 813
4 8013 8212 807 83
8
81
83
/ 8214 84
1
4
23 75 July 17 8738Sept 10
12,900 May Dept Stores
06% June
2458 25
2434 25
245 2514 25
8
2514 2434 253
No par 1712 Aug 14 2114 Sept 21
18.100 Maytag Co
3
4678 464 4612 47
/
1
454 4713 47
No per 4018 Aug 14 52 May 24
4734 47
5.000i Preferred
4712
92 92
*9113 9212 •9112 92
9112 9113 9112 92
No par 9014 Aug 17 101 May 24
400 Prior preferred
_
72
727
8 71
714 7018 7012 72
7274 7213 7212
No par 58 Feb 3 75 Sept 24
1,700 McCall Corp
•99 100
99 100
0912 9912 9914 9912 99
99
300 McCrory Stores class A No par 77 Feb 13 105 Aug 25
55 Mw
1013 1013 101 1013 10158 10159 102 102
4
4
4
104 104
No par 8018 Mar 14 112 July 20
1,000; Class B
&PI Mat
114 115 *11214 115 '
5113 115 *11214 115 *113 115
100 109 Feb 8 117 July 19
2001 Preferred
07 Mat
20
20
193 20
4
1912 1913 1934 1934 1914 193
6.000 McIntyre Porcupine Mines_ _5 1914 Sept 11 284 Mar 18
4
2412 Max
7212 75
72
/ 753
1
4
4 70
74
73
74
71
111.400 McKeesport Tin Plate_No par 6212June 13 75 Oct 8
7314
/
1
4
3618 38
383 3812 3612 3712 3714 3813 3818 384
4
No par 25'4 July17 41 Sept 18
58,500 Mengel Co(The)
/
1
2513 2512 2512 2512 2512 2512 2512 2512 *2513 253
600I Metro-Goldwyn Pictures pf_27 245 Aug 30 2718May 29
3
4
204 Jae
3013 3114 3168 3414 3214 333
4 333 3414 3358 343
8
8
161,900 Mexican Seaboard 011 No par
4% Jan 19 39 May 14
3 Aug
23 23
2234 2318 2278 23
2234 23
2258 23
5,100 Miami Copper
5 17 Jan
/
1
4
25 Sept 25
134 June
35 8 361 3513 36
5
/
4
35
36
3512 3614 351 354
/
4
50.000 Mid-Cont Petrol
No par 251 Feb 20 3712Sept 5
/
4
/
1
97 Apt
512 5 4
2
512 54
54 534
512 534
512 558
16.0001Middle States 011 Corp----10
2% Jan 8
1% Jan
738May 10
4
4
44 44
334 4
334 4
5378 4
2,700 Certificates
112 Jan 3
10
118 Jan
578May 10
*235 240 235 239 23014 233 23114 23114 235 235
2,100 Midland Steel Prod preL-100 193 June 19 290 Jan
106 Apt
2313 2312 2334 2333 2234 23
221 2213 2212 2212
Rubber
1.0001Miller
No par 1812 Aug 13 27 Jan 3
17 Nov
/
1
4
402s 41
41
4112 4012 41
4012 4012 4012 404
3,200 Mohawk Carpet Mills.
.No par 391 Aug 14 4338 Sept 14
/
4
4150 166 *150 186 •150 186 *150 . 166 •150 166
!Montana Power
/
4
100 1021 Jan 10 175 May 3
gui Jan
2533 2563 254 263 25612 264 264 27512 272 282
4
4
153,300 Monts Ward dr Co III Corp_10 117 Jan 19 282 Oct 11
608, Feb
678 7
63
4 718
614 653
6
/ 6
1
4
/
1
4
612 7
8.500 Moon Motors
512 Feb 6 1112May 11
No par
6 June
3
/ 314
1
4
31s 314
318 31e
318 31
/
4
34 3 8
,
6,500 Mother Lode Coalition-No Par
288 Aug 10
th
418May 14
103 103 *1013 11
4
4
11
11
1012 1012 10
1014
1,200 Motion Picture
No par
Mar 29 11 May 9
314 Sept
18
1838 •18
20
1812 1812 19
19
/ 20 20
1
4
900 Moto Meter A .
No par 13 Mar 22 2454 Sept 20
17 Nor
186 1894 18814 19434 187 191
/
1
190 195
190 1944
/
1
17,600 Motor Products Corp_ _No par 94 July 7 196 Sept 15
484 4912 48 494 47
/
1
/ 4834 4814 4834 4834 4934
1
4
11,700 Motor Wheel
No par 2612 Jan 12 5053Sept 8
2041, Ian
87 8878 86
8712 8612 87
88
9514 91
93
/
1
4
17,900 Mullins Mfg Co
No par 6014June 19 9514 Oct 10
10 Jan
109 10914 109 109 *1094 110
110 110
110 110
130 Preferred
100 10454 Jan 17 110% Jan 9 80 Jan
4914 4914 *4812 49
*4813 49 *48
49
49
52
6,200 Munsingwear Inc
No par 46114 Mar 5 8212May 18
36 4 May
6
10112 105
10312 10612 101 105 10113 10478 10112 10412
51,600 Murray Body
No par 2112 Feb 1 112 Oct 3
184 Oct
93 95
/ 9118 95
1
4
90 4 031e 9258 941e 913g 94
3
72.100 Nash Motors Co
No par 804 Feb 20 101% Jan 3
6014 Apr
2012 207
e 203 2118 2012 2114 2114 2134 213 211
4
8
/
4
42,900 National Acme stamped...
.10
74 Jan 4 21% Oct 1
5 Feb
124 125
12334 12434 12138 12313 12412 125
12414 126
7,600 Nat Bellas Hess
No par 41 Jan 3 128% Oct 1
$14 Sept
10814 10814 *107 108
108 108
107 107
108 108
900 Preferred
100 9014 Jan 8 111 May 7
851 Sept
4
.167 16812 188 16938 166 169
169 169
169 171
3,100 National Biscuit
35 15912July 12 182 Jan 27
94% Jan
14214 143 *14214 143 41424 143 *1421 143 114214 143
/
4
Preferred
100 13712 Feb 29 150 Apr 11 180 Jan
94
9678 933e 96
8 9514 971 9412 9678
/ 9358 957
1
4
/
4
177.600 Nat Cash Register A WI No par 474 Jan 18 9714 Oct 10
8978 Jan
11218 11318 11034 11314 10838 11034 11078 113
/ 11234 11478
1
4
70,700 Nat Dairy Products_ __No par 8412 Jan 5 119 4 Oct 4
594 May
3
26
28
29
2714 28
2838 27
29% 28
2812
31,700 Nat Department Stores No par 2172 Jan 6 2h14 Oct 8
204 June
/ 95
1
4
*9412 95
94 941- *9378 95 *93
*3.33 94
4
300 1st preferred
100 91 Jan 10 102 May 2
8918 July
403 407
8
/
4
4014 41.18 411 42
8 4078 41
/ 414 427
1
4
8
11,600 Nat Distill Prod Ws---No Par 2914June 12 584 Jan 9
17 Feb
*
64 66
*63 66
65
65
64 8412 65 65
500 Preferred temp etta__No par 5114June 13 71% Jan 9
43 Mar
4214 434 4218 4278 4118 4218 413 4234 415 4212
8
4
10,100 Nat Enam & Stamping
100 234 Mar 28 4638Sept 17
1918 ant
•120 124
11913 120
12013 121
120 12012'120 121
1,300 National Lead
.100 115 July 11 136 Jan 31 095 May
/
1
4014 404 40
393
/
1
4 3912 4012
4012 384 394 39
/
1
85.900 National Pr & Lt
No par 218e JAI) 16 434Sept 28
1914 June
*1614 1712 17
/
1
17
1714 1814 184 2214 23
244
/
1
23,100 National Ftadiator
No par 14 July 25 4.082 Jan 9
36% No,
*45
50
*45
50
4
46
4612 453 50
4812 5012
1.600 Preferred
96 Nov
No Par 45 Oct 4 984 Jan 17
109 109
109 110
107 107
107 10814 107 107
2,000 National Supply
50 8414June 12 11214 Oct 4
76 May
2914 292 29014 292
/
1
/ 288 293 295 297 29312 300
1
4
610 National Surety
100 28712June 13 370 May 15 a218 July
*273 280
27412 2744 274 275 *271 274 272 274
800 National Tea Co
No par 160 Jan 17 289 Sept 11 108 Apt
27
2712 2634 2758 2612 2714 265 2714 264 267
8
8
44,300 Nevada Conceal Copper_No par 17% Jan 18 5012 Feb 16
13% June
414 4212 4113 42
/
1
411 42
/
4
414 42
/
1
42
42
3,000 N Y Air 13rake
No par 40 June 19 5014 Feb 10
3914 oe
• Bid and sated prim: no males on this day. s E.-dlylrfend. a Ex-rights
her OW(
8112 No
112% Dee
II" lie;
15/174 Sept
504 Jane
67 800
86 Dee
128 Oct
3411 Des
22 Jan
12
-664
Des
331 ito,
109 sot
9714 Sept
27 lab
110 Des
lu's Dee
48 Jaa
93 Des
IlIls Pet.
774 Sept
118 July
18 Dec
80 Ian
1054 Sept
17 Nov
.
4
554 Oct
1812 Des
Wei
3414 Dee
128 Sept
128 Oct
140 Opp
76% Apy
7811 Des
4
6104 Mae
73, Jan
43 May
6714 Dee
1221 Nov
67% JalY
1184 Jan
12 Ann
97 Feb
8012 Des
1181 May
4
584 Dee
134 Aug
74 Arm
1184 Mar
/
1
12312 Nov
28% Oat
53 Dee
/
1
4
204 Dee
/
1
95 Dee
49% Aug
182 Aug
3584 Dee
22% Jan
68h Jan
357 Nov
5
24114 Feb
111214 Des
120 Des
90% Nov
90" 6ei
96 4 Des
6
11611 5ep1
284 00
1
---____
2614 Feb
914 Feb
20% Dee
105 Feb
3% Jun2
314 June
315 Dee
36% Apr
lO9'
12318
1212
1.112
10%
3844
Oat
Dee
Jan
Jan
Mir
Apr
4is
7
791 DS
4
1104 Dee
63 Nay
33 Pall
10171 Dss
7s 00
1
4815 Dee
97 Apr
187 Dee
122 Dee
5114 Dee
687 Aug
8
37111 Mat
904 Jam
60
Oat
89% June
Mos Jane
102114 May
763 Sept
4
3912 Nov
98 Des
977 Dee
8
873 Des
180 Dee
204 Dec
60 June
New York Stock Record-Continued-Page
2066
,e
For gales during the week of stocks 22, recorded here, see sixth page preceding
-PER SHARE. NOT PER CENT.
17 HIGH AND LOW SALE PRICES
Saturday,
00.6.
Monday,
00. 8.
Tuesday,
00. 9.
Brednesday, Thursday,
Oct. 11.
00. 10.
Friday,
Oct. 12.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share Shares Indus. & MIscel. (Con.) Par
100
New York Dock
Preferred
100
180 N Y Steam pref(6)__No par
200 1st preferred (7)- _ - _No par
10
14,900 North American Co
50
900 Preferred
6011 No Amer Edison pret__No par
50
250 Northwestern Telegraph
6.000 Norwalk Tire & Rubber....10
1Nunnally Co (Thel____No par
.25
1,800 011 Well Supply
100
120 Preferred
No par
700 Omnibus Corp
100
100 Preferred A
31,100 Oppenhelm Collins & CoNo par
1
20 Orpheum Circuit, Inc
100
3701 Preferred
50
• 1,600 Otis Elevator
100
' Preferred
No par
94,90010tis Steel
100
2,400 Prior preferred
No Par
300 Outlet Co
25
4,000 Owens Bottle
25
2,700 Pacific C4as dc Elec
No par
2,800 Pacific Ltg Corp
No pa
24,500 Pacific 011
100
300 Pacific Telep & Teleg.
10
118,800 Packard Motor Car
50
6.200 Pan-Amer Petr & Trans
50
30,4001 Class B
3.400 Pan-Ain West Petrol 13_No pa
4,500 Panhandle Prod & ret__No Par
100
1001 Preferred
12,600 Paramount Farn Lasky_No pa
No pa
87,800 Park & Tliford
1
12,500 Park Utah C M
No pa
53,400 Pathe Exchange
No par
4,500 Class A
15.100 Patin, Mines & Enterpr.___20
50
25,200 Peerless Motor Car
No par
20,700 Penick & Ford
No par
3,300 Penn-D1xleCement
per share $ per share
per share $ per share
$ per share
52
*48
52
51
*48
*48
52
*50
52
*50
89
89
*84
89
*84
*84
89
*84
00
*84
4
9912 10012 9912 1003 *9914 1004 100 10014
99
99
8
11112 1117
*11014 1107 11012 11012 111 11112 111 111
8
7134 7315 7212 73
8 7112 72
7218 727
8 7112 723
54
8
533 533
2 5314 5314 5314 5314 533 5338 54
8
101 10112
101 101
101 101
•100 1003 •10018 101
4
49
49
50
*49
50
*49
49
49
*4812 49
512 534
54 54
3
5 3 54
8
53/3 67
3
3
5 4 57
.818 812 .
813 812 *81s 812 *818 812 *84 812
8
263 2718
27
27
8 2612 27
3
2612 2612 267 267
4
983 983
4
•10012 101
10038 10112 10078 10078 101 101
11
11
11
1112 11
11
8 1138 1138 .11
113
*94
95
9614
95
95
*94
96
*94
96
*94
824
834 81
8 7412 8012 82
•7214 7212 724 733
*76_
34
35
3 4141
917 0
90 - 2
89
88
89
88
220 220
217 219
217 218
21814 220
*21812 221
*121 125 .121 125 *121 125 *121 125 *121 125
2812 297
8 2912 3214 3112 3214 3134 34
2812 29
9512 98
3
954 9614 9614 100
*9512 98
*9514 98
*9114 93
92
92
93
91
95
.91
91
*90
4
813
4 80
4 7912 7958 80 803
7918 793
80 80
5014
4912 494 50
,
49 8 50
8
8
4
733 7614 783 793
78121 *7412 7814 7412 741
45
11
114
14
114
114
118
4
13
114
114
.150 157 ,.150 15072 150 1501 150 15012 •15012 151
5
933 957
8 9312 9514
9513 9614; 931s 954 9318 95
4612
4538 46
46
451
46121 46
*48
4612 45
8
475 483
4
4738 49
4812 491e1 475 4878 4714 48
1738 171
1712 1712 1712 1752
1714 1714! 1714 1714
,
12 8 1334 1312 14
1358 1358, 1314 1358 1212 131
80
*75
79
79
81
•75
81
81 1 *75
*75
s
1497 151
8
1447 151
14618 14612' 14518 14618 14312 145
777 7838 80
4
4
8214 844 863 893
8212 8114 821
4
1018 104 1014 102
104 104 1014 1012 1018 107
4 64
63
64 64
64 7
612
6
612 67
s
8
233 2612 264 267
8
2612 2712 253 27
254 27
3478
3412 34
34
3312 34
3512 3312 35
35
1912 2178
22
19
1512 213
1114 1712 1712 1718
384 404
3714 40
8
4
373 39
4
363 3814 367 377
4
1514 1514 1512 15124 153
1513 154 1514 154 16
8512
*83
84
*83
95
9514 *83
98 .83
.83
186 18712
185 186
18112 186
18812 18812 •183 188
16412 16412
*160 168 .160 168 *160 168 *160 168
4812
4812 *48
4812 .48
481 *48
4812 *48
.48
53
53
4
4
*523 53
,
5214 5214 5212 52 8 *523 53
,
s
8 30 8 3118 304 313
3112 30 s 317
304 313
5
8
307
1812 1714 181 t
8 18
187
18
191
4 18
,
181 183
4178 4114 414 414 413
4
4114 4238 4112 4238 41
24
•22
24
*22
23
*22
22 .2214 23
22
*9712 98
*9712 98
*9712 98
.9712 93
.9712 98
2.512
2512 25
25
26
26
4 2534 261
253
25
65
*61
66
3
66
6514 65 4 *65
66
66
68
Stock
3 14
3
318 314
33
31g
,
318 34
312 3 4
4212 42
4
423
42
4
413 44
4314 461
49
48
54 54
4
8 53 Exchange
53
4
314 53
5
4 6
53
2
6 4 54
4312 4414 4312 44
4
423 44
444 4418 4418 443
Closed116 116 *116 117 •116 117
10110 117 .116 117
4812 4738 48
8 4712 481
, 48
4812 493
4818 49
8612 Columbus
2
8614 863 .8638 861 *864 8812 864 864 86
*2814 29
*2814 20
•28
•28
30
30
30
*28
Day
*6312 65
3
633 66
6614 661 *631s 65
.6614 70
63
*61
63
63 .61
*61
63
*61
2
633 634
Holiday.
*2412 25
8
243a 2418 2614 2512 283 .2412 25
.24
8
10234 10234 1023 10278 1025 102118
4
103 103
10212 103
.
8
4
,
6838 6753 683
2 671g 6734 67 8 7112 693 717
68
2518 267
243
2634 28
4
8 23
,
3218 3312 271 33
8114 78
8012
81
8312 86
9212 8714 931
88
2318 2318
231* 24
23 23
3
231* 23
2358 24
45
*43
*43
45 *4212 45
45
45
45
46
3
62 4 623
.4
4
4
*823 6412 *623 6
4 41 *6234 63 .623 63
66
3
65 4 6412 664 65
64
8 6412 651
3
65 8 657
3
10512 10512 105 10512 10412 10512 .10518 105 4
•10512 107
12414 12414 12414 12414 124 124
.12414 126 .12414 126
8
•144 1444 •144 1447 144 144 *143 14412 *143 14314
774 7838
79
2 78
7912 804 784 8018 7812 797
4
223
2218 19
,
2312 2214 2318 2212 22 12 22
.23
8 2512 2534 2514 254
,
25 8 257
5
268 28
2558 26
11212 115 *112 11212 11218 11212
11212 115
11212 113
4
8
2
123 1237 12378 1263 1274 1293 129 136
123 123
157 16014 16014 16514
155 155
'
3 150 156 •150 155
214 21812
8
19812 2037 206 215
2033 20612 200 206
8
5514 56
*5514 56
56
*55
•554 6614 554 56
4378 4214 433
4
39
4
393 41
4014 41
3912 40
9412
9412 *04
9412 *93
9412 9418 9-1Is *94
*93
1012 11
118 1118 1118
8 11
8
1011 107
nog 11
2512 2612
4 254 2612 2512 26
.4
4
243 263
,o
8 89
8
.893 897
897
s
.8938 9034 .8938 90
91
91
944 9738
*9312 97
95
95
93
8812 8812 89
8
3212 3312 3218 327
3314 334 3212 3373 3218 33
4 801.4 8312 8318 8513
793
77
4
80
814 783 SO
8
•108 110 •1087 110 .10814 110 *10814 1104 .10814 1101s
Ws
11
111 1
,
1114 11
1112 1118 11 8 11
1112
140 14021 14014 14053
14018 14012 140 14012 140 140
50
4812 50
,
49 8 474 4914 49
494 494 48
185 185 •185 190
186 18612 •181 190
*186 190
6012 603
8
4
60 6014 603 61
60
,
5912 59 4 60
4
4414 433 4414 4414 4512
443 4512 44
4
44
4512
4
384 38
8 3734 383
387
39s 384 384 38
38
55
5712
5612 56
5712 5612 58
5212 5314 54
,
8
12012 121 •11912 12012 1184 1187 11918 1193
122 122
4
4
1314 1314 •123 1314 .123 1312 .1234 1312
1314 134
3
1444 149 4 150 155
146 1474 14312 147
8
1463 1484
514
4 512
43
414
34 418
4
34 33
34 34
12778 1303
8
4
12214 12214 122 1223 12112 12212 123 129
__
_- 5414 5414 •5414
8
*537
*,5312 _ _ _ _ *53 8
5
,
4
,
28 8 2758 1814 273 2812 2814 28 4
8 28
2818 283
4 6214 6312
6118 633
3
63 4 62 62
*6212 64 .63
8 704 7378
723
4 85
643
3
,
6314 64 2 6414 65 8 64
22
22
8
4
4 213 2214 213 22
4
22 2214 213 213
28
294
8
8
8 2814 2914 275 2812 277 29
2734 283
10712 108
10734 108 *10712 108
108 108
•10712 108
4
3518 3512 3512 353
8
343 35
36
35
3514 354
120 120
11914 11914.118 122
11117 121 *11914 121
8
123 124
,
12 8 1238
13
13
13
13
1234 1314
3514 3514 354 3578
37
*35
37
*35
37
*35
4018 41
8
4014 4012 403 41
4018 4012 4012 41
8
497
,
4814 4812 4818 48 8 4814 4912 49
4814 4812
33
33
33
,
3314 321s 3218 32 4
33
33
*32
4
4
1418 133 134 1312 133
14
1338 14
134 1314
115 116 *115 11712 *115 11712'116 11712 •118 11712
3714 3814
8 37
4 371s 38
383
3812 3914 3,512 397
1112 1112
11
1114 •I114 1112 11
11
12
•11
82
*80
82
*80
82
*80
85
8212 8212 .82
42
a 8912 40118 394 404 40
5
39 14 407
8 397g 407
804
8012 78
8 77
787
3
797
2 75 4
76
7812 78
8
293
29
294 '294 30
293 30
8
287 3012 29
*
6912 70
8
6912 697
, 683 694 6812 6912 6918 70
6614 6614
6614 6614 6614 8614 6612 6612
56
64
111 11114
4
110% 1101 112 11212 1093 11014 11118 112
4
10112 103
10118 10118 *10118 103
•101 10312 *10118 103
100
1 Preferred
1,400 People's G L & C (Ch1c)_ _100
100 Philadelphia Co (Pittsb)_ _ _50
50
5% preferred
50
600 8% preferred
11,700 PhIla & Read C & I_ _ _No Par
Philip Morris & Co.. Ltd _10
19,700
No pa
23,700 Phillips Petroleum
5
100 Phoenix Hosiery
100
Preferred
.No pa
13,400 Pierce-Arrow Class A.
100
500 Preferred
25
16,900 Pierce 011 Corporation
100
10.100 Preferred
No par
12,600 Pierce Petrorm
7,700 Pillsbury Flour Mills_ _No par
_100
Preferred
100
100
3,000 Pittsburgh Coal of Pa
100
1.100 Preferred
100
Pitts Terminal Coal
100
140 Preferred
100 Porto Rican-Am Tob el A.100
No par
Class B
1,700
900 Postal Tel & Cable pref-__100
No par
141,500 Postum Co, Inc
No par
368,800 Pressed Steel Car
100
20,1001 Preferred
2,7013,Produrers & Refiners Corp_50
50
301 Preferred
20 Pro-phy-lac-tie Brush__No par
34,600 Pub Ser Corp of 11 J____No par
100
1,5001 6% preferred
100
3001 7% preferred
100
1001 8% preferred
No par
25,600 Pullman Inc
5()
3,400 Punta Alegre Sugar
25
30,200 Pure 011 (The)
100
3701 8% preferred
33,900 Purity Bakeries
900 Preferred
249,100 Rsullo Corp of Amer.._No par
50
000 Preferred
10
29,200 Real Silk Hosiery
100
10 Preferred
No par
2,200 Reis (Robt) & Co
No par
51,200 Remington-Rand
100
3001 First preferred
100
Second preferred
8001
10
89,000 Reo Motor Car
54,100 Republic Iron & Steel_ _ _ _100
100
1 Preferred
No par
9,600 Reynolds Spring
4,600 Reynolds (RJ) Tob class 1L25
43,500 Richfield Oil of California_ _25
mo Rood.% Insurance Co _____ _25
5.700 Royal Dutch Co(NY shares)
I()
6,300 St Joseph Lead
3,500 Savage Arms Corp_ _ _ .No par
84,700 Schulte Retail Stores___No Par
100
330' Preferred
No par
200 Scagrave Corp
Nopor
170.600 Sears, Roebuck & Co
No Par
56,400 Seneca Copper
No par
10,200 Shattuck (F G)
200 Shell Transport & Trading_£2
No par
24.400 Shell Union 011
2.700 Shubert Theatre Corp_No par
No par
105,900 Simmons Co
10
4,500 Simms Petroleum
'
126.600.Sinelair Cons Oil Corp_No par
100
7001 Preferred
25
10,300 Skelly 011 Co
200 Sloss-Sheffleld Steel & Iron 100
No par
.81nider Packing
700
No par
2001 Preferred
No par
8,400 So Porto Rico Slug
25
6.200 Southern Calif Edison
2.000 Southern Dairies Cl A._No par
No par
6.000, Claes B
40 Spalding Bros 1st prof_ _ _ _100
5,200 Spang Chalfant&Co IncNo par
250 Spear & Co
No par
401 Preferred
100
No par
22,200 :Weer Mfg Co
47,500 Spiegel-May-Stern Co_ _Ne par
3,600 Stand Comm Tobacco_No par
6,700 Standard Gas & El Co_No par
50
7001 Preferred
100
1,700 Standard Milling
10 Preferred
100
-rights, 11 Ex-dIvldend and ex-rights.
• Bld'and asked pricer: no Isles on this day. g Ex-dividend. a Hz
PER SHARE
Range Since Jan. 1.
Oa bests of 100-AAAAA i0g8
Highest
Lowest
Dar share
47 Aug 14
85 Sept 21
9812 Oct 5
102 Jan 30
8
583 Jan 5
51 Sept 11
4
993 Oct 2
49 Sept 14
24 Mar 15
738 Aug 31
2014June 13
97 June 14
8
97 Aug 23
90 Jan 11
4
673 Aug 17
18 May 9
75 May 9
14718 Feb 20
11914 Jan 24
1012 Jan 18
8212 Jan 10
81 June 19
744 Jan 3
434 Feb 28
4
733 Oct 10
1 Sept 14
145 June 12
5614 Feb 18
3814 Feb 20
373 Feb 20
4
1512July 23
1112 Feb 11
70 Feb 21
11114 Jan 16
34 Mar 10
9 Aug 15
2 Feb 8
812 Feb 9
4
237 Jan 3
1418 Sept 13
8
223 Jan 7
14', July 18
75 Sept 13
1614 Jan 6
145 Mar 24
4512 Mar 15
514 Oct 2
2738June 13
15 Mar 1
3514 Feb 20
22 Oct 4
96
Jan 0
23 Sept 28
6134 Oct 5
12 Mar 3
1614 Feb 20
312 Feb 16
4
323 Feb 18
108 Jan 5
3618June ;2
81 May 1
26 Feb 10
8
633 Oct 10
S33 July 25
2314 Aug 15
1004 Aug 28
8July 17
613
18 June 13
70 Aug 29
16 Feb 17
41 Feb 20
4
623 Oct 11
4112 Jan 9
8
1033 Jan 6
118 Jan 21
134 Jan 7
8
777 Oct 11
19 Oct 11
19 Feb 1
108 Mar 15
75 June 15
105 July 12
854 Feb 20
5412 Jan 4
2
247 Jan 17
8012 July 12
512 Feb 23
2318 Jan 20
8812Sept 19
8812 Oct 4
2212 Jan 21
4918June 19
102 June 25
814 Feb 18
128 Apr 24
2312 Feb 17
145 June 13
8
441 Jan 20
37 Mar 18
37 Aug 10
,
4978 Feb 1r
1187
8June 28
10 Feb 18
8218 Jan 18
2 Jan 18
5012 Feb 17
12
32 Jan 24
2314 Feb 8
543
4June 19
553
4June 19
134 Feb 20
PER SIIARIN
gauge for Preelow
Fear 11127
Lowest
Mellen
per stare
per store $ per skirt
Jau 653 Nov
34
2
6414 Jan 4
7218 Feb 934 Noy
05 Jan 4
9312 Feb 10212 003
10512May 16
Jan 11412 Oot
115 Apr 19 105
1154 Jan 6412 Oet
7912Sept 4
Jan 85 Aug
50
5538MaY 16
914 Jan 105
OM
8
1057 Feb 7
55 Sept
4
671 Jan
55 May 15
14 Jape
53 Feb
2
712Sept 4
Jae
118
84 Dee
13 May 14
4
311 Jan 387 Dee
2
41 Jan 11
11012 Jan 11 10234 Mar 110 June
11 Mar 1712 June
1514May 10
Jan 9912 May
81
8June 12
993
584 Feb 823 Dee
8
884 Jan 7
Abe
2
237 Dee 35
35 Oct 12
4
102 Jan 5 1023 Nov 1084 Jung
4
22912 Oct 1 2103 Feb 1553 Oat
Feb 12414 Aug
4July 19 108
1263
1212 June
714 Feb
34 Oct 11
6112 Feb 91 Nov
100 Oct 11
4
523 Jan 99 Dee
9918Sept 4
73 Dec 854 Dec
9572 Apr 18
Feb 50 Dee
31
5334May 4
8538June 29
172 Jan
1 May
214 Apr 27
160 May 17 124 Mar 162 Dee
4
333 Apr 62 Dec
9812 Oct 4
s
4012 Dec 657 Jon
94345ept 25
8
4014 Dec 661 Jan
544 Apr 30
2
184 Oct 377 Jan
8
283 Apr 28
7
18 1 Jan
8 Apr
4May 14
213
54 Sept 83 Nov
10614May 15
92 July 1154 Dec
151 Oct 10
e
Jan 461 Oet
20
4
893 Oct 11
1012 Dee
Jan
6
1412 Jan 1
4
33 Dec 12 June
918May 10
1812 Dec 4314 June
34 Aug 8
2
1812 Aug 277 Feb
42 Apr 30
Jan
Apr 32
20
2574 Mar 18
8
194 Sept 277 May
4012 Oct 5
214 Dec 3938 Jan
31 May 2
91 Sept 100 May
964 Apr 25
4
Jan 1681 Nov
20114Sept 26 128
8514 Jan 1534 Des
4May 4
1743
Jan 51 Doe
40
49 Aug 18
5312 Sept
Jan
50
57 Mar 29
8
371 June 471 Mat
4
4
393 Jan 3
2512May 28
18 Sant 4113 Jan
3614 Oct 6014 Feb
45 Sept 25
2
354 Dee 527 Aug
38 May 8
Jan 1073 July
4
10314 Feb 14 103
17
8Sept21---273
____
71 Sept
l Mar
118 June
514 Apr 27
134 Mar 24 June
50 Oct 5
512 June
212 Mar
8
115 API 27
8
3712 Aug
307 Nov
4914Sept 12
Oct
125 Sept 12 104 Aug 109
324 Mar 7412 June
55 July 8
8
705 Mar 98 Sept
8812July 9
3012 Apr 55 June
3678 Mar 20
Apr 8412 Dec
74
82 Mar 13
65 Aug 9112 Jan
4
797 Jan 6
s
15 Aug 527 Deg
351251ny 18
106 Sept 20
;
21
1- 1 ii;;
,2
64S
-5
13612May 31
36 Feb 78it Dee
3012 Oct 5
7612 Feb 9212 May
9312 Oct 8
4
163 Jan 337 Mar
2
8June 6
283
3672 Jan 50 Feb
494June 6
55 Feb 71 Sept
91 Feb 17
4672 Sept
Jan
32
8
713 Sept 25
9812 Feb 105 Nov
115 May 4
12912May 31 1084 Jon 12014 Nov
Jan 135q Noy
180 May 4 125
4
734 Aug 843 Ilea
94 May 15
4
Oct 467 Jan
27
3472 Jan 3
Out 3318 Ma,
25
2712 Jan 5
8
119 June 6 1113 Jan 11512 Dee
136 Oct 11
16514 Oct 11
4118 Apr 101 Nov
22612Sept 5
Ape
49 May 67
60 May 16
2012 Nov
491 Mat
7
43 8 Oct 10
80 June 99 Dee
95 Aug 3
9 June
8
53 July
13 May 15
2012 Nov 4714 Doe
3612May 31
8712 Nov 1024 Apt
118 June 2
Oct 110
100 Jan 24
90
Apr
3514 Oct 3
2512 Del 267 Dee
2
2
914 Sept 14
Oct 757 Mar
53
112 Feb 6
984 Jan 106 May
147
8June 4
4 Feb
13 Dec
16118 Jin 3
1/818 Feb 162 Dee
53 May 15
'2538 Dec 283 Dee
8
Jan 194
233 May 4
74
Oct
5412 Feb
61 Oct 10
4414 July
493 Sept 19
38 May 437 Mar
2
4912 Aug
31-47
- - -Jan -57 - Sept
6712 A pr 14
129 Apt 11 11614 Jan 123 Aug
2
151 Dee
4
83 Sept
1712June 18
Jan 9112 Dee
157 Sept 7
51
314 Jao
1 June
512 ()et 11
2
563 Jan 10112 Oct
13538 Aug 31
2
8
413 Oct 477 Feb
5414 Oct 10
4
244 Oct 311 Feb
31 Apt 30
4
55 Aug 717 Nov
72 Sept 10
3312 Jan 6414 Dec
7
73 8 Oct 11
8
1414 July 263 Dee
26 Mar 30
8
173 Feb 20 3212Sept 25
10212 Jan 4 10912 Apr 26
4
25 Fch 15 363 Se pt 27
102 June 23 134 Feb (1
1238 Jan 6 20 Apr 30
34 Sept 27 80 Jan 11
8May 24
3212 Feb 18 491
544May 4
4311 Jan 5
3
244 Jan 25 60 2May 21
9 Jan 23 30 Apr 23
109 Jan 7 120 Apr 3
26 July 21 424 Sept 19
8Sept 11 20 Feb 29
103
8
79 Feb 25 923 Feb 29
2312 Jan 12 4412Sept 20
4
6512 Sept 24 803 Oct 11
7
28 June 22 37 8 Se pt 13
2
577 Jan 12 7512Sept 17
16
n 3 77 Apr
0
6
105 Jan 5 12112NY 20
10012 Jan 3 112 Apr 23
Oct 2238 Jan
15
Jan 1044 Dec
97
244 June 3738 Feb
11014 Nov 13414 Apr
1132 June
1644 July
44 Nov
5214 July
2
337 Aug 4232 May
3118 Jan to
Dec
Sal yap
15 May
Jan
1
6 4 Oct 20
Jau 1121t Nov
103
14
8 May
73 Feb
2012 Jan
13
Dee
88_ Dee
s
287 May
54 -irin 8114 June
, 6612 Nov
571s Jar
7014 Jan 1041 Des
2
84 Jan 103 Dee
New York Stock Record--Continued--Page 7
2067
For sales during the week of stocks nut recorded here, see seventh page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Oct. 6.
Monday,
oa.8.
Tuesdall,
Oct. 9.
Wednesday, Thursday,
Oct. 10.
Oct. 11.
Per share
per share $ per share $ per share $ per share
6014 6012 6014 608 593 60 4 59% 61
4
3
603 61%
4
4514 45% 453 45% 454 453* 4514 453
4 453s 4534
3474 3514 343 3514 35
25
358
35%
3514 35
4
*44 48 *44 4% •414 5
4% 5
414 47
20% 2034 20
2014 1812 20
*1812 1912 *1812 1912
38
3814 3814 3834 377 383 381/ 3812 38
3812
s
55
55 4 5314 5514 5312 55
3
55 12 57
5512 574
1024 1033 102 10334 101 10212 1014 106
4
106 10812
54 54
54
60
54
60 604
54 18 8012 59
8414 853
4 8212 85a4 82
83 2 82% 84% 824 833
4
,
124 4 1243 *124 4 125 *1243 125 *1243 125 *1243 125
3
4
4
4
3
4
41
4
4
3% 4
4
414
4
54
54
5412 55
5412 5414 55
4
573
4 563 58
74 8
3
74 8
3
74 78
712 8
73
4 8
3314 334 33
337
4 32% 3312 3112 3312 33
33
21% 223
, 19% 20
2012 215
20
4 211* 22
20%
*4 4 4%
3
*43
4 4 4 *412 47
43
412 412
7
4 43
4
*124 13
*1212 13
1212 1212 1212 14
*13
1312
•1812 19
*1812 19
*1812 19
19
19
19
19
5 1614 153 16
15 11 15% 153* 1612 15
3
4
1534 1614
663 6714 6634 675* 6634 673
4
4 663 6814 673 685
4
4
8
68% 6914 6812 7034 69
7034 6914 7014 6918 69%
1584 16% 1512 164 1514 153
4 154 155± 1514 157
4
2434 2534 23 4 247
3
23 4 2374 2314 237
3
4 2314 23%
241
*24
25 25
2412 25
25
2412
2514 24
*4514 471 845
4712 *45
4712 *45
*45
47
47
4112 421
4118 42
/ 42
1
4
4312 4214 43
4212 4314
•10514
_ *10514 110 *10514 110
10514 10514 106 106
63
di', 63
697
6714 69
66
67
66
66
224 23
2134 2234 213 22
2194 23
8
213 22
4
8812 *88
8814 884 *88
883
4 88
88
*88
88%
34
34
347 *34
354 3412 36
343
4 35
35
931
94
94
933 933
93
9334 9334 *91
9314
7 1315± 13412 135 13 4 18612 14212
135 13614 13412 135
63
100 1001 100 10134 1024 104
1023 104
4
1024 103%
•116 1171 116 116
1167 1167 •11112 116
4
116 116
23 23
247 2474 243 2474 *23
•23
25
4
2312
24
23
*2312 243 •23
*23
23
2312
4
267
4 23
73
4 84
73
4 8
74 8
3
73
4 8
7 4 7%
3
51
•50
5012 5114 504 51
514 50
51
51
404 41
4014 4012 3934 4014 40
4012 4014 4114
7112 727
73
7112 7312 72
4 71
73
72
73%
373 373
4
41
4 37% 38% 3834 40
42
43 2 *39
,
7
4
182% 183 4 182 184% 178 2 183
183 1803 1823 1843
,
4
4
44912 50
49
494 50
4912 504 5112 51
52%
•109 111 •109 112 •109 112 *109 112
110 110
4914 4914 494 4934 4812 4812 *48
49
4814 481
•11612 129 *11612 129 *11814 129 81234 124
12314 12314
264 2612 2674 29% 3114 3234, 3112 325* 27
32%
•____ 106 8100 106
106 106 *102 106 *_ ___ 106
13434 1343 1343 134% 13434 13434 1343 1353 134% 1351
4
4
4
•1812 20 •1812 19%
1812 1812 *1814 20
*1812 20
77
77
78
78
764 77
77
78
7812 817
*95
96
96 96
95
95
9514 954 *9512 96
33 4 357
7
4 294 35
26
2814 25% 2712 2212 251
.94 1044 *94 10412 *94 100
*92 104
*92 1041
*250 270 *250 270 *250 270 *250 270 .
250 270
•122 124 *122 124 *122 124
12334 1233 *122 127
4
*151 15 4 15
4
3
1514 1514 1534 15
1512 1514 1514
•76
78
076
78
78
78
76
77
*77
80
4 5112 513
51% 513
4 493 515± 50% 51% 514 5274
4
12614 127 s 128 1273* 12414 127
7
127 128% 1274 128 4
3
118% 118% 119% 1194 *119 120
11912 11912 11914 1191
354 36% 343 36
4
3212 3414 343 35% 3614 39
4
57
584 5514 57
55
56
5612 577
4 573 594
4
1110514 107
10534 10534 10534 105 4 1053 1053 10514 106
3
4
4
81
80
804 8034 8014 81
8012 811s 81
8112
4234 41% 434 40% 4212 4214 4312 4214 4312
41
70% 714 694 711/4 70
707
7114 71% 714 7214
523
4 51
5214 50% 5112 51'i 52
51
513 5178
4
1
53
53
8
53
5334 535 53 *52
533
4 53% 54
15814 159% 15714 15912 1564 1594 1588 160% 159% 1634
1414 14118 14114 1414 1414 14114 14114 1414 1413 141%
4
397k 40
4012 4114 404 41
40
41
4014 41
81
77% 7912 7612 7834 7814 798
79
8234
79
•27 28 2812 29 2812 2811 *29 2912 29% 31
3
70
73
75 75
6812 69
76
76% 7612 763
7212 721
7212 7234 7212 73
72
721
7312 74
11934 12612 125 1283 1254 1281
1163 11773 117% 122
s
4
•107 1071 107 1074 *106 107 *106 107
106 107
1314 14
14
1414 13% 14
138 1313 1312 137
49
503
4 50
50% 51
514 511
5012 5014 511
95 95
*95
9512 951 *95 951
954 95
95
1414 141
1414 163
1414 1412 1414 141
4 17
183
*77
84
85
*77
*77
*82
85
31
28% 29
30 4 *29
3
30
30% 29
2814 30
91
*80
491
94
*80
00
*86
90
*80
90
4
*24
/ 261 •243 2612 *2412 2612. 2614 2614 243 243
1
4
4
2314 227 235* 23
2314 23% 23
2334 23
231
2014 21
2014 2114 2014 203* 2014 2312 2212 23%
87
88
*87
88
87
88
873 873
4
4
4 873 88
18
18% 19
18
18% 19
1812 185
, 1812 18%
08712 891 •873 89
4
894 891 *873 89
4
*873 89
4
4
1064 1081 1064 1073 106 108
1094 111
107% 111%
10614 1081 10634 1081± 1093 11312 110 11374
4
410614 108
3912 415* 4012 4112 40
421
39
3814 39
4074
14312 145
4
146 155
1543 1543 141 150
154 156
254 26% 23
5 25
237 2412 2312 27%
4
254 261
6814 69
884 6934 69 4 697
3
68% 687
68
6812
*99 102
*99 100
*99 102 *99 102
*99 100
151 15234 152 15212 150 1513
14914 152
150 151
4
46
45
44% 44% 43% 4414 44
453
4 44% 453
4
1034 10612 104% 10612
102% 1033 10012 103
8
10214 103
9914 103
1004 1034 102 10312
•I01 1051 •101 1051
2414 2478 2312 24
2414 25% 2384 25
*247 25
4
*331 34
3312 3312
3312 331 *331 34
3312 331
*104 107 •104 107 *105 107 *105 107 •105 107
4
11034 1103 1103 112 *11012 11112 •11012 11112
4
*110% 112
9934 100% ggla 100
994 100%
9912 9912 99 99
4
114% 1143 11312 1143 113% 1138* 1144 11612
4
115 115
•10612 110
10612 10612 10912 10912 10612 106% *10612 109
57% 58
59
8
58
597
59
8 59
58
59
68
3014 3014 3014 304 30
/
4
30 301 8012 31
3012
28 12 29
27% 273
283 2914
4
4 27% 28
26 4 27
7
38
373 38% 373 38
3814 37% 3833
38
4
39
4
414 3014 41
/
1
4 41
•39
40
3912 413
*394 40
3914 40% 394 4012 38% 3834
4014 41% 4012 42
5412 *54
54t2 .54
541
*54
*52
541 *52
55
2814 29% 2812 29%
4 2714 28
4
27% 28% 273 283
*9712 99
98
984984 9814 9814 *9712 gg
98
1114 1114
1174 11% 11%
11
1114 111
114 111
4
4
243 25% 253 2612 26% 277
26% 26% 25% 27
4
663 67
4
66
6514 65 4 654 66
66
66
66
3
4
188 1897 1874 19014 1864 189% 18912 194% 1944 1967
4
4 3612 39
374 373
37
374 371
37
373
37
534 5314
56
54
584 •51
/
1
*51
56% *51
•51
44
4314 434 44
*4314 44
*4318 44
*4314 44
1664 168 15614 165 15614 183 16312 167 16314 1671
7412 76
72
4
714 7114 *7134 74
7212 733 74
654 66
88
67
88
67
66
66
*66
68
/ 3814 364 374 37
1
4
3814 37% 3814
37 4 38
5
/ 37
1
4
/
1
923 94%
4
: 9218 924 924 93
7
924 92 8 024 921
Friday,
Oct. 12.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares Indus.& Miscel.(Con.) Per
30,100 Standard 011 of Cal_ __ _No par
39,800 Standard Oil of New Jersey_25
45,800 Standard Oil of New York_ _25
1.100 Stand Plate Glass Co_.No par
100
340 Preferred
3,600 Stand San Mfg Co____No par
24,500 Stanley Co of Amer_ _ __No par
51.900 Stewart-Warn Sp Corp_No par
5,600 Strinabern Carburetor_No par
279,500 StudeterCorp(The)____ No par
100
101 Preferred
No par
3,700 Submarine Boat
No par
6,600 Sun Oil
37,700 Superior 011
No par
3,800 Superior Steel
100
50
10.300 Sweets Co of America
No par
200 Symington
No par
1,700 Class A
200 Telautograph Corp
No Par
15,800'Tenn Corp & C
No par
2,5
55,900 Texas Corporation
30;
100 Texas Gulf Sulphur.... No pg.?
30.800,Texas Pacific Coal & Oil__ 10
1
35,200 Texas Pao Land Trust
No par
1.300 Thatcher Mfg
No par
Preferred
No par
17,400 The Fair.
100
20, Preferred 7%
4,000 Thompson (J RI Co
25
.
43,900 Tidewater Assoc 011_ _No par
100
300 Preferred
100
6.700 Tide Water 011
1.400 Preferred
100
68.200 Timken Roller Bearing.No Oar
100
11.600 Tobacco Products Corp
100
400 Class A
600 " Div certifs A
400 Div certifs B
29.500'TranscT I 011 tern Mt.__ No par
2,300 Transue & Williams St'l No par
.No Par
8,800 Trlco Products Corp..
19,500 Under,Eillott Fisher Co.No par
4,100 Union Bag & Paper Corp_ _100
51.000 Union Carbide & Carb_No par
25
22,500 Union 011 California
100
100 Union Tank Car
No par
800 United Biscuit
100' Preferred
100
274,000 United Cigar Stores
10
100
100 Preferred
No par
3,200 United Fruit
100
200 United Paperboard
7,400 Universal Leaf Tobacco NO Par
30 Universal Pictures lot pfd-100
Stock
359,800 Univereal Pipe & Rad__No par
100
I Preferred
Exchange
US Cast Iron Pipe & Fdy_100
100. Preferred
100
Closed
No par
1,800 U S Otstrib Corp
100
300' Preferred
Columbus
4,300 US Hoff Macb Corp___No par
18,100 U S Industrial Alcohol----100
100
Day
400' Preferred
No par
21.200 U S Leather
Holiday
13,200 Class A
No par
100
700 Prior preferred
ari
No par
4,500 U S Realty & Impt
100
62.900 United States Rubber
100
2,800 Ist preferred
8,290 US Smelting, Ref & Min___50
50
400 Preferred
547,500 United States Steel Corp
2,400 Preferred
100
11,300 Utilities Pow & Lt A__No par
No par
21,900 Vanadium Corp
No par
2,500 Van Raalte
100
9,270
1st preferred
No par
4,300 Vick Chemical
.No Oar
304,500 Victor Talk Machine..
100
600 7% prior preferred
No par
4,000 Virg-Caro Chem
3,100 6% preferred
100
100
500 7% preferred
No par
42,100 Vivaudou(V)
100
Preferred
100
270 Vulcan Detinning
100
Il 10 Preferred
'
100
30 Class A
gar
No pa
5,900 Waldorf System
No par
25,200 Walworth Co
240 Ward Baking Class A--NO Pa
No par
5,100 Class B
No pa
100 Preferred (100)
35,000 Warner Bros Pictures_ No par
10
39,800 Class A
No pa
52,400 Warner Quinlan
No pa
4,500 Warren Bros
24,400 Warren Fdry & Pipe. No par
No pa
1,800 Weber & Hellbr,
Preferred
100
7,500 Western Union Telegram _.100
12.700 Wstoghse Mr Brake..
_ _No par
45.300 Westinghouse Elea & Mfg--50
510 let preferred
5
3,100 Weirton Eke Instruml.NO Pa
1,100 Class A
No pa
West Penn Eleecl A.__ No pa
110 Preferred
100
320 Preferred (8)
100
369 West Penn Power pref_---100
150 87 preferred
100
600I West Dairy Prod el A_ _No par
4,700 Class B
No par
11,200 White Eagle Oil& Refg_No par
8.300
:White Motor
No par
3,100 White Rock MM Sp elf
50
21,100 White.Sewing Machine.No par
Preferred
No par
175,800 Whys
-Overland (The)
5
3001 Preferred
100
3,900 Wilson & Co Inc,
No pa
7,700 Class A
No per
1,1400 Preferred
100
19,000 Woolworth (F W)Co
25
4,200'Worthington P & M
100
100 Preferred A
100
200 Preferred B
100
25,300 Wright Aeronautical__.No PO
1.500 Wrheley(Wm Jr)
No pa
900 Yale & Towne
25
32.000 Yellow Truck & Comb Cl 8_10
3,000 Youngstown Sheet & T.No par
1
$ per share
•1222 and asked prime: DO sales on this day. s Ex-dtviclend.
Sales
for
She
Week.
m
Ex rights. • No oar value
P811 SHAER
Range Sines Jan. L
Os basis of 100-skarslott
Lowest
Efittleet
PER SHARI
Aimee for Protless
Year 1927
Lowest
MOWN
per share
8 Pff Mars $ per share $ ter share
63 Feb 20 6378 Apr 30
50 8 Apr 60 4 Jan
7
7
37 Feb 18 49 Apr 30
/
1
4
3518 Apr 41 Feb
/
1
4
28 Feb 17 4112 Apr 30
/
1
4
29 June 1344 Jan
/
1
4
24 Jan 3
77, Feb 23 2 Mar 61 June
8
10 Jan 18 40 Feb 23
10 Mar 15 June
/
1
4
34 June 11 4214MaF 16 --364 Aug 21 693
/
1
45ept 12
7714 Feb 18 1097 Sept 12
4
541. Mar WI; Nov
44 Jan 3 74114June 4
264 June 80 Se97
57 Jan 10 8554 Oct 8
49 June 834 Sept
12112 Feb 25 127 June 19 118 Feb 1254 Nov
3 Feb 14
64 Mar 21
24 Feb
81 May
4
3112 Jan 9 5912Sept 5
80 Mar 54 1 Jan
7
24 Feb 17
912May 16
38 Dec
1
64 Feb
18 Jan 18 357 Oct 4
4
18 008 28 MAY
114 Feb 8 231:Sept 10
/
1
7 Apr 16 Dee
4 Aug 20
7 May 8
24 Sept
6 Jan
10 Aug 20 19 8 Apr 27
5
6 Oct 15 4 NM
7
154 Jan 28 22
/
1
4May 17
114 Mar 17 4 Nov
1
1012 Jan 18 1712Sept 28
84 June 1111 Jan
4
50 Feb 17 72 Sept 14
/
1
4
65 Apr 68 Jan
6218June 12 80 8 Jan 4
5
49
Jan 8194 Sept
124 Mar 1
174 Apr 30
12 Apr 18 8 June
7
20 June 13 30 4 Apr 27
5
1512 Jan 40 June
22 Jan 5 3912May 8
1612 Aug 234 Sept
47 Apr 13 53 8June 1
5
43 Aug 504 Nov
34 Jan 8 44 Sept 12
244 Jan 36 Aug
1044 Jan 26 .11112July 31 105 Aug 1114 Sept
/
1
/
1
564June 13 7134June 4
47
Jan 6594 Deo
14 Feb 20 26 Sept 7
/
1
4
16 Oct 194 JUDO
/
1
4
813* Mar 15 9012Sept 11
85
Oet 90 4 Jute
5
19 1 Mar 7 38 Oct 8
5
19 July 294 Jan
8654July 26 9412May 4
85 Nov 901s Sept
11258 Mar 3 14518Sept 25
78 Jan 14212 Aug
93 Aug 6 11818 Apr 16
9254 Oct 117 8 Dee
5
1097 Aug 7 128 Feb 14 108 Apr 123 8 Dec
8
7
19 Aug 2 253 Jan 17
4
19 Aug 2 24 June 19
_
38g Apr
63
4June 13 104 Jan Cl
10g. Nov
45 4 Jan 3 594 Feb 7
10 May 50 Dos
5
325
8June 1 4478Sept 19
63 June 13 755
/May 16 1/1 Jan 70 Dec
3612 Feb 20 49$4 Feb 1
3812 Jan 734 Mull
994 Jan 16412 Nov
13618 Feb18 194 Sept 28
4254 Feb 11 57 Apr 16
3934 June 664 Jan
94
Jan 12712 Dec
110 Oct 3 12814May 8
3918 Dec 401 Doe
4
3412 Apr 30 51 Sept 24
112 Mar 22 12314 Oct 11
14
fig; Dec WI; July
Aug 4 84 Feb 10
/
1
4
105 Aug 28 1144 Apr 5 104 July 109 Jure
/
1
4May 7 1184 Jai 160 IMPS
13112June 12 146
1718 Aug 2 277 AM 19
1612 Mar 2334 Sept
8
6034June 13 854 Apr 6
804 Nov 744 Dee
9318May 7 100 Feb24
/
1
4
416 4 Dec 103 Apr
3
8
155
2418 Sept 37 Mait
sJune 12 357 Oct 6
1a
81
/ MID 96 Doe
1
4
8Sept 1 103 Sept 17
877
1904 Feb 27 300 Apr 9 1904 Aug 246 KAY
115 Mar 10 137 Mar 19 112 Mar 125 Nov
1312June 22 2014 Jan 4
161 May 22 4 JU17
4
3
76 Oct 10 903 Jan 16
4
81 May 964 Hein
481sJune 18 5834 Jan 23
44
Oct 63 s May
7
10214June 19 1313* Oct 1
69 Max 11112 Dee
118 8Sept 28 12214May 28 1074 Apr 121 Dee
5
22 Jan 18 61 May 7
14 July 2512 Not
52 Jan 5 72 Apr 25
5612 Doff
37a4 J
10414June 23 10912May 14
89 July 10812 NOV
Si'.. Feb 4 93 8May 4
5
64 Apr 69 s Des
7
27 June 27 634 Jan 4
374 Jane 674 Feb
55 July 2 109 Jan 13
85 4 June 1111 AIM
5
/
1
4
/
4
3912 Feb 20 55 Sept 19
33 2 Jan 48 s Dee
5
7
51 Jan 26 5514May 2
46 2 Jan 64 Dee
5
1325
8June 25 18314 Oct 11 11158 Jan 16012 BOPS
1384 Jan 5 147 Apr 26 129 Jan 1414 Dec
/
1
4
284 Feb 20 45
27
Jan 34 May
/
1
4May 81
87
60 Jan 18 98 Mar 15
Jan 8718 Dec
7% Jan 7 31 Oct 11
6 4 Sept 145 Feb
5
8
4374 Jan 6 763 Oct 10
4
621a Dee 04 Feb
8
58 Jan 17 787 Aug 30
48 Jan 63 8 June
5
4
523* Jan 3 1283 Oct 10
32 July 54 8 Dec
5
1014 Jan 6 11112 Mar 213
/ Oct 10212 Dee
1
4
96
12 June 12 164 Feb 10
/
1
Ts May 154 &Pi
4415 Jan 15 5512July 25
281s Apr 4854 Dee
881 Jan 16 97 Apr 27
:
73 June 91 Nov
114June 20 25 2 Jan 4, 20 Dec 891 JUDO
/
1
/
1
4
7
4
78 June 22 100 Jan 281 95 Dec 11S', June
224.Iune 13 43 Jan 11
1812 Jan 80 Aug
/
1
4
74 June 21 99 Sept 41 90 Jan 126 AIM
1912June 29 38 Jan 11
16 Jan 59 4 Ant
7
1912 Jan 8 27 Apr 9
184 Dec 25 Feb
144 Aug 8 267
$Sept 20
17 Dee
244 Are
894 Apr 118
/ OM
1
4
8612 Oct 1 123 Feb 2
15isJuIy27 21,2 Jan 18
1712 June 33 Feb
11
/
1
4
8512Sept 26 9714 Jan 19
84 Apt 1001 Nov
4
807 Aug 23 13914Sept 11
4
-114; Dec 414 Jan
22 Jae 5 139148ept 11
26 Feb 17 423
4Sept 6
24 June 8412 Dee
140 June 20 19212 April
55
Jan 180 Nov
13 June 12 32 Oct 3
/
1
4
18
Oct 27 June
5914June 12 71 Aug 30
6514 Dec 754 Aug
9912.1une 19 103 Jan 8 1011 Nov 103 8 Aug
/
4
5
13912July 11 1774 Jan 8 16412 Jan 178 Dec
/
4
4218June 4 571 Jan 27
40
Oct504 Sept
5
8813 Jan 5 113 4Sept 17
675 Jan 944 Dec
8
/
1
2
95 4 Jan 5 1114Sept 17
82 Mar 1037 Dea
5
121 Jan 6 2e12June 7
11 Sepe 185 Feb
:
s
/
1
4
30 Jan 3 4012May 22, 30 July 34 ape
/
1
4
103 June 22 112 Apr 9i 9778 Jan 111 Aug
100 June 13 11514 Apr 91 102 Jan 112 Sept
9812July 21 1044 Apr 10 101 Dec 1014 Dee
/
1
11312 Oct 9 118 June 27j 111
Jan 118 May
103 June 28 113 Jan 5 1001s Jan 111 Dse
8312 Jan 8 78 Apr 11
534 Dec 57 NO,
244 Dec 28 8 Nov
/
1
20 Jan 5 49 Apr 12
/
1
4
7
2058 Feb 21
20 Dec 27 Feb
12
291*Sept 17
304 Feb 21 43114J,5te 1
8014 Nov
88 Fee
/
1
4
Jan 4112 Sept
34% Jan 19 4453May 11
28
3314June 13 45 Mar 7
214 Mar 534 Aug
51 Aug 21 551:June 6
66 Feb 39
/
1
4
Jan
IN Jan 16 30:Sept 28
5
1318 Oct 247 Mai
4
92 Jan 3 10112May 25
87 June 96 Aug
/
1
4
11 Oct 10 16 Feb 14
10 May
1712 Feb
22 Jan 3 35 May 15
16 May 827 Feb
/
1
4
,
/
1
4
6518 Oct 0 77 Feb 11
58 Apr 84 Feb
1754 Feb 20 2044 Aug 27 117
/
1
/ Jan 19818 Dee
1
4
204 3110 46 June
28 Jan 5 44 Aug 3
44 Dec 811 June
6614 Jan 19 81 Aug 3
,
41 Jan 4 52 Aug 3
37
Oct 544 June
69 Feb 27 245 May 16
244 Apr 944 Dro
/
1
68 July 26 84 Aug 31
607 Jan 72 Dee
2
/
1
4
65 Aug 3 8412 Apr 25
704 Jan 844 Aug
5
275 Feb 28 42 8Sept 18
8
25
Jan Si) Aug
7
6311June 19 106 s Jan 26
80
12 Oct 1004 Dee
2068
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan.1 1909 the Hickories meshod of auogitsp bonds was changed and mice* are now "and ititerest"—except for income and defaulted bOtsdS
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 12.
e,
Price
Thursday,
Oct.
Week's
Range at
Last Sale
Moa
Fliga No.
ass Low
Sta
U. S. Government.
First Liberty Loan
981532 Sale Mon 981431 143
J D
334% of 1932-1947
9815220ct'28 ---3D
Cony 4% of 1932-47
67
• D 1.06W22 §fe- 100022101.32
Cony 434% of 1932-47
101 Sept'28 ---D
2d cony 434% of 1932-47
Fourth Liberty Loan
Sale 100.12210142 781
A 0 101
434% of 1933-1938
022 Sale 1101522110242 73
1947-1952 A 0 110
Treasury 43.40
1944-1954 J O10532 Sale 104522 105,822 52
Treasury 48
2s 37
1946-1956 121 S 103.42 104 1022421020
Treasury 35'15
1943-1947 I D 98142 Sale 981522 98
022 14
Treasury 3
98288 131
D 9842 98822 98
Treasury 3Ms June 15 1940_1943
State and City Securities
N Y C 334% Corp et__ Nov 1954 MN
334% Corporate st__May 1954 MN
1936 MN
48 registered
1956 MN
45 registered
1957 MN
4% Corporate stock
1957 MN
434% Corporate stock
1957 MN
434% Corporate utock
1958 MN
4% Corporate stock
1959 MN
4% Corporate stock
MS
43(8 Corporate Stock __
452e Corporate Stock_ __ _1964 MS
1966 AO
&Xs Corporate stock
1972 * 0
43(8 Corporate stock
1971 J O
4345 Corporate stock
1963 MS
430 Corporate stock
1965 3D
4348 Corporate stock
43.4ii Corporate stock_July 1967 J 3
8812 93 4 8814 Sept'28
,
8812 _ _ _ _ 86 Sept'28
993 Mar'28
4
9912 June'28
8
9- 12 - 7- 977 Oct'28
7
668
1033 -- 10614 June'28
4
1045 Oct'28
8
1033
4
9812 July'28
_
9712 9812 9712 Oct'28
974993 10018 100 Sept'28
4
10014 102 10234 June'28
10014 ---- 103 June'28
10012 Aug'28
102 109 1081e June'28
4
4 1043
1043 1083 1043
4
8
1043 1103 107 June'28
4
8
102 Aug'28
1043
4
New York State Canal 4s_ _ A960
Mar 1962 MS
de Highway
994 Aug'28
10312 June'28
Foreign Govt. & Municipals.
Bavaria (Free State) 634e_ _1945 F A
Belgium 25-yr ext 5 f 734s 8_1945 3D
20-yr a f 88
1941 FA
1949 M
25
-year external 634s
1955 J J
External a f 65
External 30
-years f 7s___ _1955 31)
Stabilization loan 7s
1956 MN
Bergen (Norway) s(88
1945 MN
1949 AO
15
-year sinking fund 6s
Berlin (Germany) 8 f 6348_1950 * 0
Bogota (City) ext'l a 1_88_ _ _1945 AO
Bolivia(Republic of) esti 88_1947 MN
1958 J
git'l sec 7s
Bordeaux (City of) 15-yr 68_1934 MN
9812 Sale 9612
1157 Sale 1153
8
4
110 Sale 109
/
1
4
10514 106 1053
4
10014 Sale 100
1084 Sale 10812
/
1
1054 Sale 1053
/
1
8
112 1123 112
4
100 10012 100
9918 Sale 1 99
105 Sale 11043
4
10514 Sale '105
9714 Sale 97
10014 Sale 100
Brazil(U S of) external 88_1941• D
Externals 1 6346 of 1926-1957 * 0
1957 AO
Extl a f 634s of 1927
1952 3D
78 (Central Railway)
7348(coffee occur) £ (flat) _1952 A0
Bremen (State of) extl 78_1935 MS
1957 M
Brisbane(City) s 56
Budapest(City) esti a f 65_1962
D
Buenos Aires (CRY) 6349-1955 J J
Esti sf 68 ser C-2
1960 A 0
Esti f 6s tier C-3
1960 A 0
Buenos Aires (Prov) anti 63.1961 pg g
Bulgaria (Kingdom) f 7s_ _1967
39
109
1084 Sale 108
/
1
9614 Sale 96
963
8 75
964 Sale 9618
963 108
4
10014 33
100 Sale 100
1033 108 10714 Oct'28
4
100
10112 102 1013
4 102
4!
911 Sale 9214
/
4
9214
844 271
/
1
844 Sale 8319
/
1
9
101 Sale 1003
4 101,
4
Oct'28
99
9912 100
20
99
99
994 983
4
9334 Sale 93
933
4 311
904 Sale 9012
9012 13)
Caldas Dept of(Colombia)734s' 3 J
46
Canada (Dominion of) 58_1931 A 0
1929F A
10
-year 5346
1952 MN
be
1936 P A
434a
19.54 ▪ J
Carlsbad (City) s f 85
Cauca Val (Dept) Colom 734846 AO
Central Agile Bank (Germany)
Farm Loans I 75 Sept 15 1950 MS
Farm Loan a f 68.July 15 1960 J J
Farm Loan a f 6a_Oct 15 1900 A0
Farm Loan itis aer A_Apr 153)1 A0
Chile (Republic of)
-year external a f 7a___ _1942 MN
20
External sinking fund 65_1960 * 0
1961 P A
External a f 65
1961 .1 3
Ry ref esti f 13s
1961 54 S
Esti s f 6s int ctfs
Chile Mtge Bk 634e June 30 1957 3D
B I 61 of 1926__June 30 1961 3D
/
45
Apr 30 1961 AO
Guar 8 f 68
Chinese (Hukuang Ry) 5s__1951 J23
9 4
Christiania (Oslo) 30-Yr. f 6 '5 M
11
/ 100
1
4
993 Sale 99
4
1013 Sale 101
4
1013
4
10014 Sale 100
1004
/
1
10414 Sale 103
/ 10414
1
4
9812 Sale 9812
983
4
10512 10712 10512 Oct'28
4
101
100 4 Sale 993
3
993 Sale
2
87 Sale
/
1
4
8712 Sale
9112 Sale
99
87
/
1
4
8712
90 4
3
1013 Sale 10112
4
94 Sale 93 4
,
9314 Sale 93
4
933 Sale 9318
9418 Sale 93
98 Sale 9612
8
9912 Sale 987
9112 Sale 913
4
3312
3312 34
1003 101 100
8
/
1
4
•B 974 97
/ 973
1
4
4
Cologne (City)Germany 83451950
4
Colombia (Republic) 68-1961 J J 9118 Sale 903
External a f 68 oi 1928_ __ _1961 * 0 91 Sale 91
8
Colombia Mtg Bank of 53421_1947 * 0 897 Sale 8914
/
1
4
8
Sinking fund 78 of 1926.-1946 MN 927 Sale 92
934 Sale 94
/
1
Sinking fund Ts of 1927_ __1947 P A
1952,ID 9612 Sale 96
Copenhagen (City) 58
1953 MN 88 Sale 8812
/
1
4
25-yr g Lie
4
Cordoba (City) esti I f 7a._ _1957 P A 963 974 97
97
External a 1 7a Nov 15 1937 MN 964 97
Cordoba (Prov) Argentina 781942 33 10018 Sale 10018
/
1
4
Costa Rica (Repub) esti 78_1951 MN 99 Sale 9512
,N1 the basis of SS to tile z Sterling
99
/
1
4
88
88
92
53
17
40
20
81
42
55
8
1
30
11
50
83
28
241
301
57
401
20
_
55
28
19
43
43
19
102
130
94
9312 35
9412 57
9412 55
98
36
993
4 19
93
30
34
8
101
2
973
4
9112
913
4
89
/
1
4
9312
9412
2
89
9712
97
1004
95 4
3
Lore
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 12.
8
65
64
12
7
3
18
51
3
5
1
9
/
1
884 95
881 9114
/
4
90
/
1
4
89
8
944 1003
941e 99
983
4
94
9438 96
933 997
4
s
93
/ 9812
1
4
93 4 9612
,
99 10012
Price
Thursday,
Oct. 11.
41.
High
Cuba (Repub) 58 of 1904.„1944 M S
External 5s of 1914 ser A__1949 F A
981.22101022
External loan 4345 ser C__1949 F A
99 101022
Sinking fund 5 t4s__Jan 15 1953 J J
10015221031tas
-Col) is '46 J
101 1021122 Cundinamarca (Dept
1959 MN
Extl s f 634s
Czechoslovakia(Rep of)88_1951 A 0
10042 104
Sinking fund 8s ser B
1952 A 0
10902211642
1841.22111,211 Danish Cons Municip 8.4 A_ _1946 F A
Series B s f 88
1946 F A
102.22 108022
-year exti Ils_ _ _1942 3 J
98122 103022 Denmark 20
98 100022 Deutsche Bk Am part ctf 68_1932 M 5
Dominican Rep Oust Ad 5340 '42 M
1st ser 534s of 1926
1940 A 0
2(1 series sink fund 535.3__ _1940 A 0
Dresden (City) external 7s 1945 M N
8814 9312 Dutch East Indies esti 6s_ _ _1947 J I
40-year external 6s
1962 M
9312
86
1953183 8
/
1
4
30
-year external 534s
993 100
3
30-year external 534s-1953 M N
9812 10004
4
97 1013
/
1
4
1061 1083 El Salvador (Repub) 8s_
/
4
1948 3 J
4
/ Finland (Republic) extl 68_1'345 M
1
4
10418 108
9812 1013
External oink fund 7s
1950 M g
4
0712 1013
External sI 6348
1955 M 5
4
Esti sink fund 510
1958 F A
/
1
4
4
993 102
102 1054 Finnish Mun Loan 6345 A..1954 A 0
/
1
4
External 6348 series 13._ 1954 A 0
3
103 105 8
French Republic ext 732s....1041 J
10012 105
11,84 1093
External is of 1924
1949 J
4
4
5 10434 1093 German Republic ext'l 78_ _1949 A 0
1054 M N
3
107 109 4 Gras (Municipality) 8s
102 11018 Gt Brit& Irel,(UK of) 514s_1937 F
10
-year 2011V 5145
1929 F A
4% fund loan Lop 1960.01990 M N
9912 10514
5% War Loan £ opt. 192901947 3 1)
1034 10312
Greater Prague(City) 734s--1952 M N
Greek Governments 1sec 78_1964 591 N
Sinking fund sec 6s_
ANS F A
2
8912
Agri° Mtge Bank sf68
1947 It A 89
90 8912
1
90
Elf 65 A
Apr 15 1948 A 0 90 Sale 90
89
/ 39
1
4
Akershus (Dept) esti 5s_ _ _ _1968 MN 8912 Sale 89
9614
9
953 Sale 9512
4
Antioquia (Dept) Col 78 A...1945 J
4
Externals f 79 ser 13
1945J 3 9512 Sale 9512
963
4
5
External s 1 7s series C_._1945 .J 3 9512 Sale 95
.1
96 2
,
9
1945
Externals f 78 ser 13
9552
9552 Sale 9518
3
94
1957 A 0 933 Sale 933
4
4
External s f 78 1st ser
Oct'28
1957 A 0 94
Esti sec s f 7s 2d eer
943 94
4
943
4 15
1957 A 0 9334 Sale 933
Esti sec a f 7s 3d ser
4
Argentine Govt Pub Who 68_1960 A 0 9934 Sale 9912 10018 36
Argentine Nation (Govt of)—
44
100
Sink fund 68 of June 1925 1950 .1 D 9912 Sale 9914
1959 A 0 9912 Sale 9912
Esti a 1 6s of Oct 1925
994 38
/
1
1957 M S 10014 Sale 993
/
1
4 1004 41
Sink fund 68 series A
External 68 series B_ _Dec 1958 .1 D 100 Sale 9914
993
4 23
1960 M N 99 4 Sale 9912
997
8 26
3
Exti t 138 of May 1926
9934 53
External s f 618 (State Ry).1960 M S 993 Sale 9938
4
Esti 6s Sanitary Works_ _A961 F A
997
8 39
993 Sale 9914
4
Ext 6s pub wks(May '27).1961 181 N 99 4 Sale 9914
993
4 31
3
31
Public Works esti 530_1962 F A 9512 Sale 9514
96
3
Argentine Treasury 50 i
1945 M S 9114 913 9114
9112
Australia 30-yr 55 --July 15 1955
9614 100
J 96 Sale 953
4
External 522 of 1927..Sept 1957 M S 96 Sale 957
963
8 40
8
Esti g 4342 of 1928
1956 MN 8814 Sale 8814
88
/ 117
1
4
Austrian (Govt) 8 t 78
1943 J D 102 Sale 10212 103 4 22
/
1
4
,
9712
116
11018
10514
10014
1083
4
106
112
100
99 12
105 8
,
10518
9714
10013
Range
Since
feel.
Haiti (Republic) s 165
1952 A 0
Hamburg (State) 65
1946 A 0
Heidelberg(Germany)ext 734850 3 3
Hungarian Mimic Loan 73481045• J
External s f 7s____Sept 1 1946 J J
Hungarian Land M Inst 7348 '61 MN
Hungary (Kingd of) s f 7348_1944 FA
Irish Free State extls. s f. 5s_1960 MN
Italy (Kingdom of) ext'l 75. _1951 J O
Italian Cred Consortium 78 A1937
B
1947 M
Extl sec s 1 75 ser B
Italian Public Utility ext 78_1052• j
_1931 • j
Japanese Govt £ loan 48
1964 P A
30
-year s 1 6350
1947 P A
Leipzig (Germany)s f 7s
Lower Austria (Prov) 714s 1950 J O
-year 68_1934 MN
Lyons (City of) 15
.05
9
Mak
Ask Low
Bid
1013
2
1011 Sale 10138
/
4
/
1
4
100 103 10214 Oct'28
100
100 Sale 100
/ 1027
1
4
8
8
1027 10312 102
99
/
1
4
993
4
4
993 100
9012
90 Sale 90
1084 Sale 1083
/
1
4 109
4 109
1083 10914 1083
4
4 111
11012 111 1103
11012 111 11012 111
Sale 1041z 105
10412
9814
98 Sale 98
9914
9814 100
9814
9612
8
95
/ 995 9612
1
4
Oct'28
96
____ 97
10118
10118 Sale 10118
1033 Sale 1033
4
4 104
4 104
1033 105 1033
4
10314
10314 10312 103
1033
4
103 Sale 10314
100 4
3
100 8
5
10114
10118
3
100 4
101
10118 Marseilles(City of) 15 yr 60_1934 MN
Mexican Irrigat Asstng 4346_1943
101
9714 Mexico(U S) esti 55 of 1899 £'45 QJ
1945
Assenting 58 of 1899
937
8
Assenting 58 large
99
Assenting 45 01 1904
99
Assenting 48 of 1910 large
925
8
Assenting 40 01 1910 small__ _ _
8
1043
Tress Gs of'13 assent(large)'33 33
Small
994
96
Milan (City. Italy) ext'l OM '52 AO
114 116
4
109 1113 Montevideo (City of) 78_ _1952 3D
1034 10914
/
1
984 10112 Netherlands(is(flat prices)_ _1972 MS
1954 * 0
-year external 65
30
10512 109
10414 10814 New So Wales (State) ext 5s 1957 P A
Apr 1958 * 0
External a f 5s
8
112 1137
1943 FA
-year exti 60
Norway 20
98 102
/
1
4
1944 P A
-year external 65
20
97 100
1952 A0
-year external Os
2
30
10314 1087
1965 3D
40
-year s f 5145
10312 108
932 9812
4
External s f 58_ ___Mar 15 1963 MS
Municipal Bank esti Of 55_1957 J O
99 10112
Nuremberg (City) esti 613_ _ _1952 P A
3
107 113 4 Oslo (City) 30- years f 68___1955 MN
1046 FA
Sinking fund 53411
9912
92
99 3
,
95
Panama (Rep) esti 5145.-1953 3D
97 103
1961 3D
Esti sees f 6345
8
103 1085
1004 1034
/
1
Esti 8 f 58 set A __May 15 1963 MN
B
9078 957 Pernambuco (State of) ext. 7e '47
4
8212 89
/ Peru (Republic of)
1
4
100 10214
Extl 51 sec 7358 (of I926)_1956 M 5
1959 M S
Esti 5 f sec 78
/
1
4
96 101
1960• D
Nat Loan esti s f 65
933
4
96
1940 A 0
Poland (Rep of) gold 65
97
93
Stabilization loan s f 78_1947 A 0
8914 93
/
1
4
1950 J 3
Ext sink fund g 8s
Porto Alegre (City of) 8e-- —1961 J 0
98 102
196(1 J 3
Extl guar sink fd 734a_
100 10212
/
1
4
99 10214
Queensland (State) esti sf7,1941 A0
103 109
/
1
4
1947 P A
25
-year external 68
8
98 1017
4
105 1093 Rio Grande do Sul esti 8188_1946 * 0
Esti s f is 011926
1966 MN
9814 103
1946 A0
Rio de Janeiro 25-yr a f tis
1953 FA
Est] a f 634s
9814 10114
1952 AO
863 93 4 Rome (City) esti 634s
4
3
8612 933 Rotterdam (City) esti (36_1964 MN
4
Saarbruecken (City) 6s
1953 J J
88
/ 96
1
4
Sao Paulo (City) a f 8s....Nlar 1952 MN
10053 109
Esti f 634s of 1927
1957 MN
8
914 973 San Paulo (State) esti at 88_1936 33
External sees f 8s
1950 33
9112 97
Externals f is Water L'n..19.56 MS
9318 97
9412
Esti s f fis$ int rcts
93
1968 J J
4
963 994 Santa Fe(Prov. Arg.Rep.)781942 MS
4
96 101
/
1
4
Seine. Dept of(France) esti is'42 33
95
Serbs. Croats & Slovenes 85 62 MN
91
8
2518 345 Soissons (City of) esti 63_1936 MN
4
Styria (Prov) esti 75
993 102
1946 P A
Sweden 20
1939• D
-year 6s
/ External loan 5348
1
4
9614 99
1954 MN
/ Swiss Confed'n 20-yr s f 8s 1940 33
1
4
883 95
4
90 s 9512 Switzerland Govt eat 5145_1946 * 0
3
863 93 4 Tokyo City 55 loan of 1912...1952 MS
4
3
9218 98
Esti at 5348 guar
1961 * 0
98
92
Tolima (Dept of) esti 7s_ _ _1947 M N
95 101
/
1
4
873 8 8 Trondhjem (City) 1st 5345_ _1957 M N
4 97
Upper Austria (Prov) 7s_ __ _1945 J 13
95 101
Externals f 634s_ June 15 1957 J D
95 100
97 10112 Uruguay (Republic) esti 88.1946 F A
1960 M N
9412 99 4
,
External s 1 65
Venetian Prov Mtg Bank 78_1952 A 0
Vienna (City of) mai Li 68_ _1952 M N
Yokohama (City) esti 68_ _ _ _1961 J
99
99
99
8
987
99
985
8
99
99
9412
9118
9 2
5,
9512
863
4
102
Week's
Range or
Last Sale.
2
8
5
6
22
34
12
5
2
49
54
6
3
21
5
2
7
25
110 111 11012 11012
9712
9712 Sale 9712
1003
4 13
10012 Sale 100
0912 28
9912 Sale 99
911 24
/
4
90 Sale 90
3
97
97 Sale 97
1
97
97 Sale 97
11412 75
114 Sale 114
8 92
10818 Sale 10778 1087
138
107 Sale 10614 107
8
103
102 Sale 102
10412 44
104 Sale 104
11818 Sale 11818 11814 18
31
86
85 Sale 86
_
9712 99
983 Oct'28
4
3
/
1
10612 1064 10612 1064
/
1
23
97
97
98
9612
87
/ 38
1
4
8718 Bale I 87
Resit
MOM
Jan 1.
Low
H1111
99 105
/
1
4
51
1
7 8 000
10015 103
934 100
108
99
112
9 12
2
10
414 11214
2
2
110 1117
103 1061i
97
7
1)5
100 s
997
100
/
1
4
100 102 8
94
'2 99
4
103 105 8
3
103 10512
107142 114l42
00: 1044 e
137 4 8
11 4 0
9518 10011
113l8 11118096192;
9999 7709
80512 111
:1114
1617 1 9
104 1104
110
4
1035 1061
s
02
r8612 90
29712 991
8
9
9
3
2
, 4 110
184 2: 1 (1
9($
9
6 °
10014 16
10014 Sale 100
973
4 39
97 Sale 9658
193742:
: :
10405714
993
( ,
5:
71s
6 :8 1119714161a4
104 Sale 110312 104
, 19712
9512 02
4
98
983 983 Oct'28
41
4
11
95
95 Sale 9
9812
1
9818 100
9812
7
10112
10112 Sale 101
9512 15
95 Sale 0.6
9614 10012
4
9712 141
961 Sale 963
/
4
2
9712
963 Sale 97,
4
4
1
9518
95 9514 9518
0
9512 32
9114 18114
9
/
1
9512 Sale 954
92 Sale 92
9214 13
965 02
: 1
10112 44 1001 105 +
101 Sale 101
99 1014
10012 10
100 100 100
/
1
4
40
100
97
98
98
2
1511
399 130414
9 10i'
9
10012 Sale 9934 10013 35
10018 Sale
311 33
/
4
364 37
36 Sale
093
4 10018
3212
324
/
1
493 Jan'28
4
Oct'28
40
3812 Sept'28
24
2312 2614 2312
261 Oct'28
/
4
24
2412
-io" 161; 40 Oct'28
3712 Oct'28
017
8
913 Sale 9112
4
10212 Sale 10212 10212
104 10512 10412
1003 Sale 100
4
933 Sale 933
4
4
9334 Sale 9312
103 Sale 103
10414 Sale 10314
/
1
4
/
1
4
102 Sale 102
1003 Sale 10012
4
97 Sale 9678
90
9012 9012
91 Sale 91
10012 10114 10012
9958 Sale 99,
2
1043
4
1007
8
9412
9414
1033
8
10314
10234
1003
4
97
9112
91
10114
100
10118 102 10112 10112
/
1
4
Oct'28
1023 103 103
4
9512 Sale 05
953
4
9414
9414 Sale 9414
4
1063 Sale
1023 Sale
8
90 Sale
/
1
4
8
845 Sale
884 Sale
/
1
995 Sale
8
10612 107
101 Sale
10534
1021
/
4
90
84
8812
9912
10578
101
55
10
3
53
47
1
3
74
6
20
11
14
64
35
16
7
6
15
3
24
2
1063
4 41
10314 17
903 279
4
51
85
55
89
100
130
4
107
1011 43
/
4
1144
/
1
114 Sale 114
1041z
104 Sale 104
107
10614 10612 106
99
/
1
4
99 Sale 9812
10712
107 10712 107
953 Sale 95
4
953
4
92
/
1
4
9214 Sale 9214
4
1023 104 1023
4
4 1023
9014 9112 9212 Oct'28
11612
11612 Sale 11618
9714
9714 Sale 9678
10612
10612 Sale 106
/
1
10612 Sale 10612 1054
101 Sale 10012 101
95
95 Sale 9412
983
4
9712 Sale 97
1041
104 Sale 104
981
98 Sale 98
99
/
1
4
9914 Sale 9914
92
/
1
4
8
9914 995 9214
1031
10318 Sale 102
10352
10312 Sale 1031s
1111
11012 Sale 110
103.8
103 10318 103
795
8
Sale 79
79
91
8
/
1
904 Sale 905
031
9612 9312
95
Oct'28
9612 97
95
97
/
1
4
87
9714 sale 9714
87
Sale
/
1
e 10812 1084
lz
18714
06
974
/
1
9714 Sale 97
9112
884
/
1
98
90 8 Sa1e 983
883 9112 8 12
954
/
1
9512 Sale 954
99
49
33%
30
2214
25
2212
3712
3618
9112
102
43
43 4
98
43
12
11418
Ws
31
4678
464
0103
106
10412 109
100 103)s
V3
96
93
96
10112 10314
101 10414
19%12 101142
0 2 ,2
9
94
9012
894
9934
99
98
93
12
9341
,
103
103
10112 10414
102 1041
4
93
97
93
/ 984
1
4
10312
100
894
8012
88
9812
10412
10012
1071
4
1067
$
94
87
91 2
3
1017
3
109
10432
7
11112 115 2
104 1054
10614 10814
9712 10012
106 11014
1s
9312 9714
9114 9612
1021 106
4
9012 94
.
1
11214 120
96ty 1001
4
14
24 106 108
1s
1
13 106 109 4
4
7 100 1041
9412 95
27
4
22
9414 1001
14
1
29 103 106 4
9634 101 2
,
11
9
98 102
97
9
92
24 102 108
15 10212 1051
2
20 1091 113111
4
2
33 1017 105
12
9
764 84
30
871$ 95
9
14
33
9
46
60
1
1
3
1
6
56
2
33
25
9314 V1
4
941 9912
4
903 9914
4
36
90 2
,
10714 11012
9614 100
9012 9113
8714 89
94 100
New York Bond Record
BONDS
N Y. STOCK EXCHANGE.
Week Ended Oct. 12.
P313.8
t4 Thursday.
t
Oct. 11.
BIN
Week's
Range at
Last Sale,
Ask Low
.11
1±1'
Ratios
Littwo
Jan. 1.
MO No. Low
2069
Continued - Pape 2
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Oct. 12.
Price
Thursday,
Oct. 11.
Week's
Range or
Last Sate.
1/ ,
1 1Q
Rasps
Mace
Jas. 1.
High Chic NIllw & St I' (Conauded)
Rid
Ask Low
11(05 No. Low
SW
Gen & ref ser A 4545__Jan 2014 A 0
7314 Mar'28
724 744
Debentures 4As
1932 J D
75 Mar'28
7018 75
Debentures 45
1925 J D
71% Feb'28
71
7334
25-year debentures 45_ 1934 J .2
7214 Feb'28
7012 73 8
7
Chic ItIllw St P & Pac 53
1975 F A
94 Sale 9312
94 "ioo
9214 9813
Cony ad) 58
Jan 1 2000 A 0 74% Sale 7 14
78122 693
71
9
7 38 s a le
9
938
4
8
617 79%
Chic & N'west gen g 334s....1987 M 1%
16
754 88
Registered
7434 Sept'28
7434 84%
General 48
1987 MN 903 Sale 90
4
903
4 25
89
98
Registered
94 Apr'28
Q F
94
94
Stpd 45 non-p Fed in tax '87 M N "Obis 92
90
Oct'28
89
16 4
13
Gen 4 HEIstpd Fed Inc tax_1987 M N 104 10514 105
Oct'28
102 113
Gen 5s stpd Fed Inc tax_ _ _1987 MN 10828 109 109 Sept'28
_ 1043 117
4
Registered
M N
113 Mar'28
113 113
Sinking fund 63
1879-1929 A 0 111514
10014 Sept'28
10014 102%
Registered
A 0
10014 Oct'28
10014 1011
4
Sinking fund 58
1879-1929 A 0 994 ____ 9918 Oct'28
99 1014
Registered
A 0
100 May'28
100 1004
Sinking fund deb 58
1933 MN 10112
10118 Sept'28
997 103 8
8
1
Registered
hi N
%
1001e 1021
1014 0 28
11 1
1
8
-year secured g 78
10
1930 J D 102546;1- - 1
e
6 1023 1064
4
15
-year secured g 6;45- _ _1936 1A S 11014 1107 11014
8
1 10812 11414
11014
May 2037 j D 10614 1064 10614 Oct'28
let ref g 5s
10438 114
1st& ref 45511
May 2037 3 D 9634 9712 974
954 1041s
9713 26
Chic R I & P Railway gen 48 1988 .1 .1 9013 Sale 9012
9012
7
864 90
Registered
.1 .1 9428 9412 88
Oct'28
88
9218
Refunding gold 45
1934 A 0 9413 Sale 9334
9413 69
934 964
Registered
A 0
93 Sept'28
93
954
Secured 045 serlesA
1952 M S 1714 gale 9312
94
41
91
97 4
3
Ch St I,& NO Mem Div 45_1951 j 1:1 8612 92
923 May'28
4
92
924
Gold 5s
June 15 1951 J D 10512 ____ 106
8 Mb% 10812
106
Registered
J D
jan 2
8413 Apr:21
10518 107
June 15 19511 D
Gold 34s
Balt& Ohio lst g 49____July 1948 A 0 93 Sale
9212
9312 61
91
Ch St L & P let cons g 53.-1932 A 0 10114 ___ 1014 Oct'28
98
9914 16i3
Registered
3.
July 1948 Q J
91
Oct'28
8918 2t3
Registered
4
A 0
_
1015s June'28
20
10158 1015
-year cony 44s
8
1933 111 S 988 Sale 983
8
9612 101
99
61
Chic St PM &0 cons6s__1930 J D ioois 166410m, 10012 10
98 1083
Registered
3
1W S
_
98 June'28
98 10018
Cons 68 reduced to 34s-1930 1 D 9612 ____ 9612 June'28
_
Refund 6: gen 53 series A..1995 j 0 10214 Sale 102
961 98
:
1023
4 57 100 105
Debenture 58
19301W Ill 9914 Sale 994
9914 12
974 100
Registered
13
J D
101 Sept'28
101 101
Stamped
1 bl S 9818.... 9812
5
9812
9812 100
let gold 58
July 1948 A 0 10412 Sale 1043
10412 23 103 110
Chic T H & So East 1st 58_1960 3 0 9834 99
9812
2
9812
9c38 108%
Ref & gen 68 series C
10953 D 10912 Sale 10912 11018 18 10611 112
Dec 1 1960 M S 92
Inc MI 55
937 931.
1
9312
9118 98 a
PLE&W Va Sys ref 43..1941 MN 9312 Sale 93
7
9312 24
91
9712 Chic IMSta'n let gu 4345 A-1963I3 J 10078 Sale 1001; 1007
9738 10312
8 54
Southw Div let 5s
1950 I 1 104 Sale 10212
1963 3 J 1043 106 1043
1st 55 series B
4
4 1043
1 103 107
4
Tol& CM Div let ref 45 A_1959 3 J 85 Sale 844 1033s 28 10118 10718
843
4
821 9118
Guaranteed g 5s
:
1944 3 0 102 1037 102
5
8
102
1 1013 105
4
Ref & gen 58 series D
20001W
102 Sale 102
101
1963 3 J 116 11612 116
lot guar 6 Hsseries C
116
1 114 1191
4
Bangor & Aroostook 1st 58..1943 J I 100 ___ 10212 Sept'28 42 100 1054
_ _ 10212 10438 Chic & West Ind gen g 6s__p1032 Q M
105 10212 Sept'28
1017 105%
8
Con ref 48
1951 j
845e Sale 85
85 1
8333 9334
Consol 50
1952 3 J 873 Sale 8733
3
-year 45
4
844 98
884 19
Battle Crk & Stur 1st gu 3s 1989 J
1s
62 ____ 6812 Feb'28 - 6812 72
1962 M 5 10314 Sale 10314
1st ref 545 ser A
1031z 24 1023 1057
Beech Creek let gu g 43.-1936 3 J 96
8
1
____ 95 Sept'28
95
Choc Okla dr Gulf cons 5s
98
1952 M N 104%___ 10433 00.'28
1043 107%
8
Registered
J J
95 Aug'28
94
97
Cin H & D 211 gold 434s
951 Oct'28
1937 J .1 96 foo
954 100
2d guar g 58
19363 J
97
Jan'28 _ _
C 1 St L & C lst g 4s.Aug 2 1936Q F 963 ____ 9618 Oct'28
97
97
9618 98%
Beech Crk Ext 1st g 34s___ _1951 A 0
... 82 Aug'28 _82 8218
Aug 2 1936 Q F
Registered
9714 Feb'28
97
14 971
4
Belvidere Del cons gu 3tis_1943 J J 88
_
. Cln Leb & Nor 1st con gu 4.3 1942 M N 89 1413 8812 Oct'28
Big Sandy 1st 43 guar
87
93 4
1
1944 J D 91
--- li
92
Bolivia lty 1st bs
1927 J J
Clearfield & Matt 1st gu 58..1943 1
100 ____ 100 July'28
Boston & N Y Air Line let 45 1955 F A -Era
100 100
7 - - - Cleve Cln Ch & St L gen 48_1993
- 78 88
9
D 91
92
Bruns & West 1st gu g 48_1938 J .1 9412 ii" 8012"
Oct'28
884 97
11
9412 0ct91£3
8 22
'.__
5
9412 974
1931
-year deb 413s
20
j 983 1003- 983 Oct'28
Buff Roch & Pitts gen g 58_1937 bi s 10012 96
4
4
973 1003
3
____ 1003a Oct'28 _- 100 106%
General 5s Series B
1993 3D 112___ 112 Aug'28
Consol04s
1083 116
4
1957 MN 9434 Sale 934
9612, 61
Dele 9814
Ref dr lmpt 6s series A.__ _1929 I .1 10014 10012 10018
Bur IC It & Nor let & coil 58 1934 A 0 __-_ 102
10014 10 100 103
102
Oct'28
102 1 312
1941
Ref & inapt 6s scr C
0
1051
__ 105
Oct'28
10314 10833
Ref dr impt 5s ser D
1963 33 1033 1033- 1034
Canada Sou cons gu fts A._ -1962 A 0 105%
8- 4
3
10314 17
9813 101512
3 105 1107
1073 10712 107%
4
Cairo Div let gold 45
1939 3.3 9412
8
Canadian Nat 4I4s_Sept 15 1954 M
95
Oct'28
95
96 4
3
9714 97.14 97,
9714 37
4
967 10214
8
Cin W & M Div let g 45_1991 33 8612 - 14 9613 Oct'28
5
-year gold 4148._Feb 15 1930 F A
91
854 9311
994 9914 9918
9914 23
9758 101
St L Div 1st coll tr g g 4s..1990 MN 8713 90
30-year gold 4%5
8713 Oct'28
864 908
1957 3 J 9712 Sale 9713
973
4 14
967
81021s
Spr Se Col Div 1st g 45_._1940 MS 94
Canadian North deb e f 73..1940 j D 11218
9818 9634 Mar'28
96
9713
Sale 11218 11238 16 11014 117
W W Val Div 1st g 4s
1940
25
90
-year s f deb 648- _
__ 90
Oct'28
_ .1946 J J 11612 Sale 11612 117
90
9612
4 11518 123
Ref & impt 4143 ser E
1977
10-yr gold 4le e_ _ __Feb 15 1935 F A
987 Sale 9834
8
47
987
9511 100%
97% Sale
977
8
6
9678 10314 CCC&Igenconsg 6s
1934
Canadian Pm Ry 4% deb stock__ j j 88 Sale 97%
'3 101 10812 106 Sept'28
106 10811
8718
88
72
85% 92
Clev Lor & W con let g 55.._ _1933 A0 10018 104 10018 Sept'28
Coltr 44s
1946 M
10018 1043
4
4
96 10114 Cleve & Mahon Val g Is.... 1938 33 100 ____ 10118 Mar'28
98%
7
Carb & Shaw let gold 48_ _ _1932 111 S 97% 983 9812
10118 10118
94
98
9814 Apr'28
9814 9814 Cl & Mar let gu g 4
1935 MN
Caro Cent 1st cons g 4s
963 ____ 100 Nov'27
4
1949 3 j 81
83
81%
817
8
1
80
9038 Cleve & P gen gu 448 serB_1942 A0 9814
t4s.Caro Clinch &0 1st 30-yr 58.19383 D 1003
1013 Mar'28
4
10133 10114
4 Sale 1003
4 101
5 100 10512
Series A 44s
1942 33 9814 10112 100 July'28
1st & con g 6s ser A.Dec 15 52 j
_107% Sale 1073
100 100
8
109
3 107 109 4
Series C 3SO
1948 bi N 9012 ____ 9014 Apr'28
3
Cart & Ad 1st gu g 44
1981
904 90
8914 91
13
90%
90%
1
907 95
8
Series D 3149
1930 FA 894 ____ 8933 Apr'28
Cent Branch U P 1st g 4s_ _1948 3 D 82
895 894
8
8612
Oct'28
_
79
Cleve Sher Line 1st go 45511-1961 *0 10018 Sale 10018
90
Central of Ga let g 53_Nov 1945 F A 10512 ____ 83
10013
2
99 10612
10612 Oct'28
_ _ 105 1084 Cleve Union Term let 548- _ 1972 AO 10814 10914 10812 10812
Consol gold 63
194.5 MN 102% Sale 102% 102%
1 10314 1101:
3 100 10714
Registered
Registered
AO
107
107
1 107 107
hi N
1003
4
4
1st s f 58 ser B
1973 AU lo- 8 Sale 10418
10
-year secured Sc.June 1929 J D 10018 100% 100% Aug'28 _--- 1003 1044
,
111
10433 25 1003 107 4
8
3
Oct'28
100 10214
lat f guar 4Hsser C
1977 AO 994 100 100
Ref & gen 654e series B_ _ _1959 A 0 1054 105% 106
Oct'28
99 100 s
7
Oct'28
106 108%
Ref & gen bs series C
1959 A 0 104 104% 104
104
1 10212 105
Coal River Ry 1st gu 48
1945 3D 91
Chatt Div pur money g 48.1951 J D 8814 9334 9312
____ 92
92
7
91
934
June'28
9312 95% Colorado & South 1st g 43__ _1929 FA 9933 Sale 993
Mao & Nor Div let g 51. _ A946
9912 18
981 10018
J 101 106 102
:
102 109
Refunding & exten 4SO__ _1935 MN 953 Sale 9534
Mid Ga & Atl div pur m 581947 3 J 102 105 10318 Oct'28
4
953
4
3
9518 100
Apr'28
10313 10318 Col & If V 1st ext g 48
1948 A0 90%___ 93 June'28 _
Mobile Div let g 58
1946 .1
105 108 105
927 967,
s
Oct'2
103 1067 Col & Tol 1st ext 45
8
1955 FA 90 3 95
Cent New Eng let gu 4s
91 Aug'28
1961
_
91 954
J 8312 8512 8318
1
834 88% Conn & Passum Rlv 1st 4s 1943 AO 88 ____
8318
Central Ohio reorg let 434s.1930 M S 981 993 9918
90 May'28
k
90 90
Sept'28
98 10034 Consol Ry deb 45
1930 PA
Cent RR & Bkg of Ga cull 55 1937 MI N 1014 Sale 10112
_ 9518 June'28 _ _
9518 964
1011
1 1004 10212
Non-cony 48
1954 j
Central of NJ gen gold 58-1987
9534-- -8 7312 Oct'28
734 753
11314 Sale 11314
724 8218
11314
5 1084 11912
Non-cony deb 4s____Jda 1955 33 7312 7812 7312 Oct'28 _ _ _ _
Registered
1987(3 J
72
10814 Oct'28
8612
10714 1184
Non-cony deb 4s____Adr0 1955 AO 7312 74
General 48
1987 J J ____ 937 94 Aug'28
8112 June'28
80
814
94
99
Non-cony debenture 4s
1956
Cent Pac let ref gu g 48
J 7318 75
1949 F A 917 Sale 9118
7318 Oct'28
8
73
854
917
8 21
893 964 Cuba Nor Ry 1st 5145
4
1942 3D 9414 9433 9414
Registered
V A
947
5
94
88 Sept'28
981
4
88
94
Cuba RR 1st 50
-year 58 g_ _ _1952 33 9618 Bale 954
Mtge guar gold 343
-Aug 19293 D 99 Sale 99
9614
7
9618 10018
99
13
99
9914
1st ref 73455er A
Through Short L let gu 45_1954 A 0 92 Sale 92
1936
D 109 Sale 109
109
5 1054 110
92
20
9118 9514
1st lien & ref 6s ser B
Guaranteed g 58
1936 ID 97
1960 F A 10214 Sale 102
Oct'28
9714 97
9612 10114
10212 51 1004 1054
Day & Mich lot cons 448_1931 1 .1 9714
Charleston & Savo% let 7s._1936 j J 11318
98
7
1193
8
974 100
:
1
_sio iii_s_ Del & Hudson 181 & ref 4,8_ 1943 PA N 934 Sale 98
. 8
Ches dr Ohio fund & imp1 55_1929 3 J 100 10014 100 Aug'28
9314 23
Bale 9212
9014 983
100
4
1
30
let consol gold 55
1935 A 0 _ 10118 102
-year cony Is
19391W N 10312 106 1033
Oct'28
_ 100 1033
8 1033
8
4
2 10212 10733
Registered
-year 5.143
15
1937 MN 10433 105 104
19391W N
104
2 103 107
10.3 July'28
103 106
-year secured 7s
General gold 4sie
10
19303 D 10212 Sale 10212 10314
19921W
9814 Bale 983
3 10212 107
4
99
13
973 105
3
D RR dr Bldge 1st go g 48_ _ _1936 F A 93
Registered
M
9614 Aug'28
964 9514
9634 10214 Den & R G 1st cons g 48....1936; J
20
-year cony 44s
1930 F A
9812 Sale 9812
91 Sale 9014
91% 20
994 59
8714 94
9818 1014
Consol gold 453s
Craig Valley 1M 5s__May I '403 J 10018 ____ 100
J 9310 9412
94% 11
923 984
4
Sept'28 _
100 10238 Den & R G West gen 5s_Aug 1955 MN 894 Sale 93
Potts Creek Branch let 48.19463 1
894
924 40
904 Sept'28
07
87
90
9312
Ref & impt 55 ser B Apr 1978 M N 924 Sale 915
R & A Div 1st con 4s_ _1989 J
88
91% 8814 Oct'28
9214 37
913 9212
4
88
953 Des M & Ft D let gu 48
4
2d consol gold 48
1935 1 3 31
19893 J --_ 93
35
31
9233
31
2
271 36
4
914 92 4
Temporary ctfs of deposit____
3
Warm Springs V let g 58_1941 IN S 100 ____ 100 July'28
_ 28
323 29 Sept'28
s
Sept'28
26
324
100 1024 Des Plaines Val let gen 4143_1947 51
Megan Corp cony be May15 19471W N
_5 ____ _ - _ - 10214 Feb'28 _
9914 Sale 983
4
1024 1021
9914, 118
4
9 4 1004 Det & Mac let lien g 48
6
Ode & Alton RR ref g 3s___1949 A 0 704 71
1995 J D ____ 80
80
Aug'28
7012 Oct'28
_
76
82
69 4 74
3
Gold 4s
Ott dep stpd Oct 1928 Int
1995 J D 75
__
7012 _ _ __I 72
7912 7514 July'28
70
80
Oct'28 -69
731 Detroit River Tunnel 448._1961 IM N 993 104
:
Railway first lien 341.-1950 3 J 6018 62
4
99%
6018
99%
3
974 103
6018
2
58 8 723 Dul Missabe & Nor gen 55._1941 J J
7
4
Certificates of deposit
.. 10312 Aug'28
_ 60 Sale 60
10384 60
10311 103
18
16
59
7112 Dul & Iron Range 1st 5s....1937 A 0 100 101- 10012
011ie Burl & Q-111 Div *141,19493 J 863 877 864
8
10012
8
8612
4
1
9914 10813
854 914
Registered
Registered
A 0
10018 May'28
3 J
89 8 Feb'28 _
3
10018 102 s
7
8938 9014 Dul Sou Shore & Atl g 5s _ _ _1937 J 3
Mbeols Division 45
19493 J 933 9612 9614
86
4
8313 Oct'28
8312
glls 90
9638
5
9238 9834 East Ry Minn Nor Div 1st 48'48 A 0 ____
General 44
957 July'28
196811
11
933 Bale 933
8
932
-8
18
95
90
88
9834 East T Va & Ga Div g 5s____1930 1 1 10018 Registered
M S
, 9314 Sept'28
1004 99 Aug'28
_
99 1044
9314 9338
Cons 1st gold 58
let& rs1443ser13
1956 M N 1053 Sale 10314
4
1977 F A 984 99 1 983
1053
4
4
2 10314 11012
99
28
96 4 10278 Elgin Joliet dr East let
3
let & ref 58 series A
1971 F A 105 Sale 105
__
994 1064
105
1 1044 11014 El Paso & SW let 58 g 50_1941111 N 10018 10478 10014 Aug'28
cago & East Ill 1st 6s_-_-1934 A 0 105% ___ 1034
1965 A 0 ____ 110 106 Aug'28
106 109 4
3
10314 1074
O& E III Ry (seta rot con 58_1951 MN 85's Sale 85 Sept'28
86
25
834 93
Erie 1st consol gold 7s ext 1930 M 2 10278 Sale 10212 1027
• le& Erie let gold be
19821W N 1047 1107 106
8
8
5 1024 1064
8
Oct'28
16
6
0318 1r2 4
1212
1st cons g 48 prior
cago Great West let 48..1959 M I 6814 Sale 673
1996 3 .1 8512 8614 8514
85%
6
83
14 91
4
6812 63
o Ind dr Loulev-Ref 68._1947 .1 1 11612 118 114
1996 J J
86
Jan'28
86
86
Oct'28
11514 11814
lst consolr e lien g 4s___ _1996 J J -ioit4 6; - 8034
Registe g
Refunding gold 58
1;
81% 54
1947 I 1 10038 ---_ l051 July'28 _
774 86 4
3
1051 106Registered
Refunding 48 Series C____1947 I J 8918 92
1996.3 .1 --- -8 76
Oct'28
883 July'28..
8
76
87 4
1
8838 8838
Penn coil trust gold 45
lit & gen baser A
1951 F A 160 1021 101
101
1966 M N 1003 101 1014
4
10011 104
10118 20 100 10714
50
-year cony 48 swim A
lit & gen 68 ger B___May 1966 J J 109 1094 109
1953 A 0 8438 Sale 823
4
84% 33
80 8 8913
3
109
1 1083 1114
4
Ind & Sou 50
1953 A 0 844 Sale 823
-year 48_ -1956 1
4
15
8414
9214 ---1 9214 Oct'28
8018 89
:
1
91
964
Gee rie v
co B4s aeries D
L & East let 448_, 1969 J D
1953 A 0 83
83
3 86 Aug'28
994
9934 June'28
86 8818
99 4 10212
3
Ref &impt 5s
M & St P gen g 48 A_May1989
Sale 943
4
9514 154
3
8614 8712 86 8 Oct'28
93
59 4
3
8
513 9312
Erie &Jersey Islet 6e...1955 M N 11014
Registered
167 J J 9
6
9
le 1103
8 1103
8
, 8228 July'28
5 1101 115
%
G
823 913
3
e
Genessoe River 1st el 58..1957J J 11012 1111 11014
Gen g 343 ger B____May 1989 J
11014
783
5
8
5 110 116
-7612 77 I 7618
764 814 Erie & Pitts gu g 34e ser B.1940
Gen 44s series C_May 19893 J
3 1 8614 - 102 Feb'28
964 9712 9614
102 103
97
33
95 10414
Series C 8.48
Registered
1940 3 J 8614 _
91 June'28
100
90 4 94
3
Oen 4 1381.1.1P/111% _ 545y Ms 1 I -lin*, sale 963 May'28 -- 100 10013 Est RR extl a f is
1954 M N 103 Sale 03
1033
8 32 1004 104
5
963 110
4
8
927 971,
11 Des Feb. •035 Mays V Div Dais
Railroad
AaGtSou1stconsA5s.._..,1943J D
lst cone 4s ser B
19433 D
Ala Mid let guar gold 5_. 1928 M N
Alb & Suss let guar 34s
1946 A 0
Alias & West 1st g gu 45-.1998 A 0
Alleg Va I gen guar g 4.13
19421W
Ann Arbor let g 48_ _ _July 1995 Q J
Atch Top & S Fe
-Gen g 46_1995 A 0
Registered
A 0
Adjustment gold 45--July 1995 No,
Registered
Nov
Stamped
July 1995 is N
Registered
MN
Cony gold 48 of 1909
1955 J D
Cony 48 of 1905
19553 D
Convg4sissueoil9l0
19603 D
Rocky Mtn Div 1st 48._ _1965 3 J
-Con Short L 1st 4s_1958
Trans
J
Cal-Aria let & ref 44s A 196221 S
Alj Know & Nor 1st g be__ _1946 J 0
AU & Cheri A L let 44s A 1944 J J
1M 30
-year 56 series B.._.1044 3 J
Atlantic City let cons 48.._ _1951 J J
Atl Coast Line let cons 45 July '52 M 8
Registered
M S
General unified 44s
19643 D
L & N con gold 4s___Oct 1952 MN
Atl & Day lst g 48
19483 J
2d 48
19483 J
Atl & Yad 1st g guar 43
1949 A 0
Auatin & N W lst gu g 58
194I J
98 105 10512 June'28
Oct'28 _
938 9412 94
995 100 100 Sept'28 --- 8
8514 Sale 84
9
85 4
,
89 ____ 90 Aug'28
9312 95
90 Sept'28 :-_-_-_
7612 7812 7612
1
7612
927 Sale 925g
8
93
66
9112 Sale 9112
9112
4
8838 Sale 883
8
2
883
8
9112 Sale 913 June'28 ---4
883 884 88
883
4 17
8414 Sept'28 _
884 Sale 883
1
4
883
4
89 Sale 89
5
90
8878 Sale 8812
7
887
8
91
92
93
Oct'28 ---9114 9312 92
Oct'28 ---100 10012 10012 1001
2
10318 ____ 105 Sept'28
9814 ____ 9814
9814
9
103 Sale 103
7
103
87
90
9313 June'28
95 Sale 9412
9518
9
93 Aug'28 _
9814 Sale 9814
7
9814
9018 9112 9012
9012
3
74
75
744
1
7412
66
67
66
Oct'28 ---86
87
86
Oct'28 994 10012 99 Sept'28
10512 I083
4
9212 96
100 1003
8
84
911
:
89
913
8
923 09
4
54 8412
9112 99
90
961
5
87% 9658
91
9134
874 94
8414 8414
88
94
8914 04
8812 88%
9014 8414
8614 96
92 1043
4
105 10718
967 1003
3
.
102 10714
91
94
91
983
4
93
973
3
96 104
8814 923
4
7414 85
654 7612
854 9231.
97 10214
2070
1
BONDS
11, Y. STOCK EXCHANGE. V
Week Ended Oct. 12.
New York Bond Record-Continued--Page 3
'rice
Thursday,
Oct. 11.
Week's
Range or
Last Sale.
iz
Rasp
Dino
Jas. 1.
BONDS
N. Y STOCK EXCHANGE
Week Ended Oct. 12.
ft
Price
Thursday,
Oct. 11,
W6634
Rance or
Lot Sale.
13
Rows
Man
Jas, 1.
By
455 Co.
$11/5 No. tow
HINI
High
Low
10012 100
99 1024 Louisville& Nashville &L._ _1937 MN 10212 103 10212 1024
1
9344 99 4
954
Unified gold 4s
1940• .1 9512 Sale 95
1
98 103 4
100 10211
8
9612 10112
Collateral trust gold 5.5„ _1931 MN 10014 10112 10112 Aug'28
8
2 10212 1054
8
8
-year sec 713.__May 15 1930 MN 1027 Sale 1027
1027
10
914
83
48
1044 1104
4
let refund 514a seriesA 2003 * 0 1063 109 10612 Oct'28
394 52
15
8
6 1007 109
1st & ref 5s series B
2003 * 0 10414 105 10412 105
1
9812 99 4
974 1043
4
10012 10
3
let & ref 414s aeries C.__ _2003 * 0 99 100 4 100
5
.
17 1044 108
100 1034
3
' 100 1013 100 Aug'28
8
N 0& M lst gold 63
1930
104 1071t
100 1024
Oct'28
2d gold (is
.
9914 1021
1930 JJ 100 10112 100
5
92 8 964
8
8
Paducah & Mem Div 4[3_1946 P A 923 9314 925 Oct'28
99 101468114 71
St Louis Div 2d gold 38_1980 MS
6
97 100.
2
100 102 8
7
100 Sept'28
Mob & Monte let g 4143_1945 M
88 1014
3
8
867 944
88% 13
South Ry joint Monon 48 _1952 3, 887 Sale 884
8
8
967 1008.
1
9212 Oct'28
Atl Knoxv & CM Div 4[3._1955 MN 9212 94
4 98%
90
7418 79
98 100 4
Oct'28
3
98
Louisv Cin & Lox Div g 4148'31 MN 98 100
4
953 101
9914 1034
9914 ____ 9912 Sept'28
1934 J
6 111 117 Mahon Coal RR let 58
8
697 79 4
3
Oct'28
7512 75
.
8 105 10911 Manila RR (South Lines)48.1939 MN 74
7518 82 4
3
Oct'28
80
lat ext 4s
.
991
82
75
1959 MN
98
3
9912 1014
2
9912
Manitoba 13 W Colonisa'n 5s 1934 ID 9912 Sale 9912
11212 Sale 11212 1123
4 81 111 118
-1936 3
Great No- gen 73 series A.
88
88
88 July'28
11412 1144 Man GBANW let 314,3_1941 33 84
90
J
11412 Apr'28
_
Registered
M
9013 1024
4
/
101
951
J
col- 9734 9734 5 10618 1021 Mich Cent Det & Bay City 55.'31 QM 9934 1013 100 4 Sept'28
litt 4. ref 4 Xs aeries A---11181
8
14
100 1017
11514
Registered
4 1003 Apr'28
6
1952• J 10812 Sale 1083
8 10812
General 612. seriee B
4
3
97 8 971
9758 Jan'28
Mich Air Line 4s
_
1940 J J 9114
2 103 109
1973• J 1043 105 10412 10412
8
Geners1 56 series C
9218 9218
J J
9218 July'28
Registered
9612 10114
32
99
1976 J
4
983 Sale 9812
412s ser.ea D
General
774 894
1
1st gold 310
8512 Oct'28
8
8
1952 MN 853
957 1014
1977 .1
4
983 Sale 98
4 11
983
General 41.0 series E
9812 100
20
863
-year debenture 4e
1929 * 0 9914 9912 9914
5
9914
85
Feb
Oct'28
85
Green Bay & Wert deb ctfs A.
924 9934
1940 * 0 9214 933 9212 Aug'28
4
9 2214 2914 51Id of N J let ext 56
Pet
2612 Sale 2612
2612
Debenture,etfe B
4
9844 100 4
,
4
998
4
554 957 hillw L S & West Imp g 58_1929 FA 9912 10014 993
8
1940 MN
___ 957 Mar'28
Greenbrier Ry let gu 42;
98
994
10038 107' Mil & Nor let ext 410(1880)1934• D 9414 9812 98 May'28
Oct'28
93Gulf Mob & Nor lit 5523_1950 * 0 104 105 104
9412 994
9412
Cons ext 434s (1884). 1934 • D 9312 9614 9412
99 104
1
1950 * 0 1018 103 10112 Oct'28
8
lift M 56 series C
9514 974
1947 MS 92
9514 May'28
93
10711 1084 Mil Spar & NW let go 4s
J 1081
_ 10812 Sept'28
Gulf & I let ref & ter g 5s_31952
90
90
90 Apr'28
4
973 107 - Milw & State Line 1st 3349_1941 J J
4
4
4- 3
Hooking Val let eons g 4123_199e J J 10012 100 - 10012 10012
81
42
627 50
Oct'28
10212 104
10212 May'28
1999 3 1
! Minn & St Louts let cons 58.1934 MN 48
Reghrtered
97ig 1011
57
40
Temp ctfs of deposit...1934 MN 474 50 474 Sept'28
4
/
1937 MN 9712 9814 9814 Oct'28
Housatonic Ry eons g 5s
let & refunding gold 45.-1949 MB 15 Sale 1412
3
23 .4
14
15 I
4
983 1044
7
10212
1937 J J 10214 104 10214
& T C 1st g 56 int guar
9
Ref & ext 50-yr 5s ser A _ _1962 Q
1112 21
,
15
Oct'28
15
16
102 1031
102 May'28
Waco & N W city let 88...1930 MN
Certificates of deposit
98 10214
Houston Belt & Term let 56.1937 J J 102 ____ 102 Sept'28
924
87
4
873
8812 23
7
10014 100 8 M St P & S 8 M con g 43 Int guts 3 1 8812 89
10012 Aug'28
Hoaaton E & W Tex let g 66_1933 MN 10014
934 1004
1st cons 513
8
98181
9018 1024
5
1938 1 .1 977 9818 984
1
10014
1933 MN 10014 192 10014
let guar 5a red
98 101
1st cons Ss go as to Int_
1
9911!
1938 .1 1 994 Sale 9912
97513 10311
33
FA
4
99 Sale 983
9914
Bud & Manhat let 53 ser A_1957
8
997 103
14
-year coll trust 6148
102 I 31
10
1931 MS 10138 Sale 10114
,
8614 951
4
3
89 4 52
Adjustment income 56 Feb 1957 A0 8914 Sale 883
14
101 10134 101 Sept'28 _- 100 103
let & ref 6s aeries A
1946 J
9113 98
918
9114 9914
1
4
913
-year 514a
25
1949 ▪ S 9112 92
4
5
14
92
1951 13 9314 9512 9114
Illinois Central let gold 412
984 0624
let Chicago Term s f 4a
1941 MN 9312 ____ 9518 July'28
95
95
95 May'28
3
'
Registered
98 100
1
99
4
803 904 MINIssiPP Central let 5s__1949 3 1 99 ____ 99
1951 • J 8714 Sale 80 4
3
8714 11
let gold 3143
8
92 4
85
4
8
88
3
3
85 4 85 4 Mo Kan & Tex let gold 4s_ _.1990 ID 873 Sale 873
17
4
853 July'28
J J
_
Res:Were('
99 10434
8 24
1013
8612 8812 Mo-K T RR pr lien 5a ser A_1962 J J 10114 10112 10014
86
Extended let got: 3123_1951 * 0 84 - - 8612 June'28
3
' 854 855 85
9212
85
855
40
19312
76
8
6
8
-year 4s series B
74
M
74 Sept'28
1951
7614
74
let gold 36 Mains
8
9015 994
4
9312 20
Prior lien 434s ser D
1978 3' 923 9338 924
4
883 9614
8
9112
Collateral trust gold 46.-1952 * 0 9114 Sale 9114
8 31 10118 1094
1045
Cum adjust 5s 8er A Jan 1967 * 0 10418 Sale 104
9018 9812
1955 MN 9212 Sale 924
9312 57
let refunding le
4
1
/
98 l03 3
7
4 14
1013
1965 FA 10012 Sale 100
8318 9018 Mo Pat let & ref 5s ser A
8318 Sept'28
85
82
1952 .1
Purchased linee 31211
•S 7818 Sale 7712
7614 83
14
8 55
787
1975
85
General 4s
86
3 .1
85 Apr'28
Registered
4
9914 Sale 9918
let & ref 5s ser F
994 150 98 102 4
1977 111
881r 04
3
4
894
Collateral trust gold 46-1953 MN 8914 Sale 888
Ku, 9014 Mo Vac 3d 78 ext at 4% July 1938 MN
4
913 974
4
913 95
4
913 Oct'28
MN
_ 9014 May'28
Registered
103 103
103 Aug'28
103 1104 Mob & Bir prior lien g 5s_ _ _1945 I I
4 1955 MN 1571. 1014 10712 Oct'28
Refunding 58
• 3
8
998 100
100 Apr'28
Small
2 10812 114111014 Sale 11014
-year secured 614311--1936
11014
15
1 88
88
4 82
843 9 1
1st m gold 4s
Oct'28
1945
4
98 1023
A 10014 Sale 1013
Aug 1 1966
10012 34
4
/
-year 41s
40
4
1
/
92
82
88 8712 Oct'28
1945 3 1 86
Small
8612 97
0 8818
864 July'28
1950
Cairo Bridge gold 48
4
923 98
8
927 9512 9214 Oct'28
784 8212 Mobile dr Ohio gen gold 48 1938 M
7818 June'28
8
747 76
Litchfield Div le gold 36.1951
14
99 100 4 99
1
14 Oct'28
91
Montgomery Div let g 53_1947 P A
9954 1054
80
8
--- 807 Sept'28
3
80
Lonny: Div & Term g 310 1953
8
924 99 4
4
5
9414
1977 MS 933 94 4 9414
,
754 'bli
Ret & impt 4128
A
47438 76
1961
76 Sept'28
Omaha Div let g. Id 38_
9718
95 I 88
88
Oct'28
Mob & Mar let go gold 43__ _1991 MS 88
90
72
5
76
4
1
/ 76
76
St Louie Div & Tenn X 36 1951
76
106 11278
Oct'28
1937 1 1 106 111 .106
4
1
/ Mont C let gu 68
3
86 4 89
8
857 July'28
8012 87
1951
Gold 31321
4
4
1043 104 4
8
let guar gold 5s
1937 3 1 101 104 '1041 Jan'28
Oct'27
88
Springfield Div let g 3126_1961
Oct'28
4
791 83
9 .14 Morris & Essex let gu 3)46.._2000 3D 8012 8112 82
8918 - 4
2
A 891g 8918
93 894
Weetern Lines 181 g 48.- _1951
92
A
el)
92 Apr'28
Registered
8
4
981
41
90
Nash Chart & St L 48 Ser A.1978 FA 9118 913 9I5 Oct'28
II) Central & Chic St L & N 0
101 1044
1937 P A 101 10412 101 Sept'28
1
/
4 1014 10814 N Fla & S Ist gu g 58
10418 10438 10418 10418
Joint let ref 5.1 series A__1963
18
I 18 July'28
18
Nat Ry of Mex pr lien 4 138_1957 3 1
96 101
4
9714 Sale 9714
9714
1963
lst & rot 4128 see C
33 1734 _
4
3
183 July'28
4
183 18 4
_
July 1914 coupon on
1418 Sale 144
21
12
9
1514
Assent cash war rct No 4 on
9218 9218
Ind Bloom & Wet let ext 46.1940 A 0 8614 ____ 9218 July'28
_ 8712 Aug'25
1977 A- 0 1912
Guar 70
97
-year s f 48
91
1960 3 J
91 Sept'28.....
91
lad III& Iowa Ist g 48
19
14 -- - 17
Oct'28
s 21"
"iiT Assent cash war rct No 5 on
92
88
8812 88 July'28 _87
Ind & Louisville let gu 43-1956
1
3812 July'27
Nat RR Mex pr 1 4%e Oct 1926
100 106
Ind Union Ry gen 5s ies A 1965 / J 10012 ---- 100 June'28
21
Oct'28
1412 234
2018
_
10112 10412
Assent cash war rot No 4 on
19653 3 10012 ___ 10112 Oct'28 -Gen & ref Se aeries B
- 0 131222 Apr'28
_
1051 A- let conga] 46
10512 Sale 105
10512 14 104 10318
1st& Gil Nor let Seer A_1952 3
1238
178
1012 1-- 12
8 -Ws III,.
9914
Assent cash war rct No 4 on
55
8834 111
8814 Sale 88
AdJustment 66 eer A July 1952
86 864 Nov'27
1954 MN 83
7712 7712 Naugatuck RR let g 48
7712 Feb'28 Stamped
9818 Oct'28
2
98 1.0- 4
4
9412 1017 New England RR Cone 513_1945 .1 1 984 105
19563 1 963 9712 9712 Oct'28 4
.lst 68 series B
J 88 4 885 88
Oct'28
8
873
93
8
88
957 102
1945
Consol guar 48
1 9612 9812 987 Oct'28 1956 1
8
let g 53 eeries C
Oct'28
88
88 100
81[8 9212 N J June RR guar let 4s_ _1988 P A
8534 13
4
Int Rye Cent Amer let 58-1972 N N 85 Sale 843
96
4
J
9618
964
95 103
4
94 4 994 NO&NE let ref & imp 41-isA'52
2
96 I
1941 MN 96 Sale 96
let coil tr 6% note6
2
J 8912 90 90
90
8812 954
1953
New Orleans Term let 48
91 100
18
98
1947 F A 974 Sale 9714
latiien&refSi49
9914
1
9914
9512 102
62
N 0 Texas & Mex n-c Inc 53_1935 £ 0 9818 100
38
1
40
Iowa Central let gold 5.--.1938II D 40 Sale 40
4
993
4
1
/
98 101
6
1954 * 0 99 4 Sale 99
let 5s series B
s
377 49
42 Sept'28 ---40
39
I
Certificates of depoirt
100 105
_
1956 ▪ A 10212 103 10218 Oct'28
let 58 series C
104 19
4
1112
1234 1112
11
Refunding gold 43
8
96
1951 P A 9512 Sale 9512
93 100 1
881s 96,
1st 4148 series D
7
s
8912 Oct'28 ____
Jsmes Frank & Clear let 43 1959 J D 8912 91
4 104
2 102 106
1954 * 0 104 Sale 1033
1st 536s series A
103 May'27 3
19383 1 99 8
EaA&GRIst gugfa
4
_
4
963 100
884 9618 N&CBdgegenguar43.-4e...1945J J 964 __ 963 Oct'28
1990 A 0 8714 90 86 Sept'28 --__
Kan& M Istgug4e
8
4
981
9854
9812 101
5
N Y El & Si It let con g 5s_ _ _1935 A 0 985 foo
7 10538 109
108
N '1 Cent RRconvdeb6e..l935M N 108 10834 108
4
1
/
9218 97
9312
1
K0Ft S & Ii Ry ref g 48. 1936 A 0 9312 Sale 9312
N N
107 Apr'28
107 107
Registered
4' 9848 1934
9912
KO&MR&B 1st gu 58_1929 A 0 9912 Sale 9912
1998 F A 9012 Sale 9012
4 11
903
Consol 48 series A
1
89 4 971s
7212 794
7512
9
Sou let gold 36.1950 A 0 75 Sale 75
Kansas City
4
100
9812 10412
31
Ref & impt 414aserles A_ _2013 A 0 993 Sale 9818
3
Apr 1950 3 .1 997 Sale 99 4 100 . III 97 10314
8
Ref & tmpt 6e
32 104I2 110 4
Ref & Impt 5s series C. 2013 A 0 10612 Sale 10612 107
3
1
8812 95 4
8 20
903
8
90 Sale 897
Kansas City Term let 48......_1960 J
A 0
10614 June'28
10814 10614
Registered
:
961
91
91 Sept 28 -91
9314
Kentucky Central gold 46.__1987,3
9612
90
4
933 90 Sept'28 Kentucky & Ind Term 410.1961.3 3 88
8118 10
8
8
797 87 3
4
1
/ NY Cent & Bud Riv hi 334e '97 .1 1 81 Sale 81
9018 96
1961 11 I 9014 9312 9212 Sept'28
Stamped
3
1997 .1 .1 80 8 84
Registered
8
773
4
/
8
773
2
771 8518
1
98,
97
97 101
1961 J J
97
Oct'28 _
Plain
4
953 Sale 95
1034 MN
Debenture gold 45
96
8
9312 9914
37
993 105...
101
1937• J 101 10112 101
8
Lake Erie & West let g 543
MN
Registered
0718 Apr'28
974 981.
8
8
997 l047
100 Sale 997
1941 J
8 100
7
2d gold 53
-year debenture 48
1942 J J 9134 93
93
93
1
4
8
911 99
797 871
: 30
8114
1
Lake Shr & Mich S g 3148-1997 3D 814 Sale 8114
8
795 Sale 795
Lake Shore coil gold 348.1998 P A
4 15
803
8
8112 88
7714 8618
1997 • D 81
8112 June'28
_
Registered
A
' 7718 7014 773 Oct'28
1998
Registered
8
7618 8212
97 100
1931 M
9814 Sale 98
76
-year gold 43
26
4
1
/
Mich Cent coil gold 3148_1998 P A
87
81 Sale 81
1
81
78
994 99
Apr'28
PA h
Registered
Registered
1998 A
___ 77 July'28
765
4
1
/
83
77
10434 10438 104-4 3 103 10712
Loh Val Harbor Term gu 53.1954• A
8
993 1024 N Y Chic. & St L Ist g 48
1937 * 0 9634 97
4
9212 981
8
07
9612
88
991 Oct'28 _ -8
0
Lob Val N V let gu g 4133-194 I 1 991 __
Registered
9514 984
1937 * 0
0812 Feb'28
96
4
863 934
88 Sale 88
88 14 24
Lehigh Val (Pa) eons g 46-2003 MN
-year debenture 4a
25
91
9512 10014
0818 --la
1931 ME' 98
89
89 June'28 _
MN
Registered
963 102
4
102
40 10012 10314
2d 63 series A BC
4
1
/
1931 MN 102 Sale 10114
I
8
993
2003 MN 9938 Sale 993
8
General cone 41.413
8 107
Refunding 548 genes A...1974 * 0 10678 Sale 1065
7
25 We 107 4
95 10012
95 June'28
MN
Registered
13 119434 107/4
10714
8
Refunding 531s series 13_1976 J J 10714 Sale 1067
N V Connect let gu 418s A..1953 FA 100 1__3 2 984 Oct'28
9512 10214
9612 0 _1_
41 30 104i,
1053
8
Lehigh Val RR gen 55 serles-2003 MN 1055 Bale 105
1004 10714
104 Aug'28
4
11•012 1051
let guar 5a series B
1953 F
Oct'28 Lob V Term Ry 1st gu g 68-1941 A0 101 10312 101
4
1037 103, NY & Erie let ext gold 4e
,
9212 921a
4
1947 ME' 913 ---_ 9212 Apr'28
_ 1037 Feb'28
8
* 0
Registered
994 June'28 _
9912 10014
3d ext gold 4185
924
87
1933 MI' 974 100
Oct'28
90
91
let guar gold 48_ _1945 MS 90
Lob & N Y
Oct'28
100 100 4
3
4th ext gold 50
8
1930 * 0 99 101) 100
Oct 28 ____ 105 1153
Len & East let 50-yr 59 gu. 1965 * 0 106 110 106
94 100
8
955 9712 9,513
I
8
954
:
961 N Y & Greenw L gu g 58_1946 MN
88
88 Aug'28
Little Miami gen 48 Ser A..1962 MN 8814 92
8618 hlar'28
8514 8712
10612 1094 N V & Harlem gold 33,4e....2000
1935 * 0 10318 10612 10612 July'28
Long Dock consol g (is
7858 ____ 8518 Apr'28 _
861s 8512
MN
i 100 10312
Registered
10018
1004
Long 18Id Ist con gold 58July 1931 Q J 10014
80 July'27
9412 994 NY Lack & W 1t& ref go 551973 MN 10012
4 993
963 - 4 9712 Aug'28
let consol gold 48____July 1931
Oet 7
04
100 Fob:22 8
9914 109
N 1034
964
92
First & ref go 414s con....1973
95
1938
D 92
General gold 4s
92 10012 NYLE&Wist7aext
1930 MS
96
5
96
1932• Cs 96
Gold 48
_7- 00 O1.:28
,
100 10134
1004: 1:00 2 19014 N0 27
874 9338 NY & Jersey let Se
1932 P A .
2
8818
8
4
1
/ 933 8818
1949 MS 87
Unified gold 48
4
973 1004 N le&NE Bost Term 4s.„1930 * 0
4
973
1
4
973
4
1934 3D 973 100
Debenture gold 58
821, 94)
Oct'28 -97 101 11 NYNH &
n-e deb 45_1047 MS 8012 874 83
4
983
7
99
1937 MN ____ 99
-year p m deb 53
30
7658 Sale 7412
13
7611
4
1
/
94
Non-cony debenture 314s. 1947
2
731 8814
90
90
904 18
9018 9114
Guar Sh B let con gu 13[3 Oct '32 M
74
11
74
75
7018 8114
9934 102
Non-cony debenture 3 146 1954 A ( 74
4
6
4
993
4
993 Sale 993
32
Nor Sh B let con gu 5s_Oct . Q
1
8
817
1 8114 82 8I4
7812 8812
Non-cony debenture 4s...1955
Oct'28
8714 941z
B 8914 9412 89
Lou &Jeff Bdge Co gd g 4e-1945
8114
3
79
8114 Sale 8114
8812
Non-conv debenture 4a__. 1956 M
723
4
8
727 75
7012 80
s 11
727
1956 .1 .1
Cony debenture 3 kis
4 11212 36 11114 11812
1048• J 112 112121113
Cony debenture Se
108 Aug'28
1 .1
9812 116
Registered
1554 Sale 103
8 17 193 106 2
1033
Collateral trust as
7
7512
8
A N
II% M 0 7412 Sale 7412
724 82
4
1
/
Debenture 45
141 23
80
9434
fel
1st & ref 43,4e set of 1927..1967 J D 8912 Sale 8914
I 89
.
Oct 281 ..
90
4
1
/
93
Harlem It &Pt Chea let 401054 M N 894
litob
4.3
Bid
100 Sept'28
Ifs Cent &Perin let ext g 56_1930• 31
98
1943• J 98
98
99
Is& eoneol gold 64
Oct'28
97
Florida East Coen let 4133_1959• D
86
1974 M
4
8614 Sale 843
lst & ref 5s series A
4012
4212 40
Fonda Johns & Cloy let 4481952 MN 40
3
99 4 Apr'28
Fort St U D Co lag 448_1941• J
• D 10511
107
107
Ft W & Den C 1st g
Frees Elk & Mo Val let 63_1933 * 0 ---- 10614 10412 Aug'28
1931 MN 1003
4
1003 Oct'28
4
GH &SAM& P let 5a
1931 .1
4
1003 Oct'28
8 _
983
2d extens Edi guar
97
1933 AO 9614 9712 97
Galv Hone & Hand lit 5e
9114
90
Os & Ala Ry let eons Si Oct 1945 J J 9114 92
99
8
8
Gs Caro & Nor let gu g 54-1929 3, 977 993 99
1946 * 0 7418 7814 7418 Aug'28
Georgia Midland let Ss
9534 Sept'28
9618 97
Or HA I oil let gu g 410-1941 J
8
Grand Trunk of Can deb 68.1940 * 0 11212 Sale 11212 1127
8
1067
1936 MS 10614 Sale 106
-years f 68
15
98
98
Gnus Pohit Tern ist 58_1947 J
1
9934 983.
gide-
b Das Nab. 1.
New York
BONDS
11 Y STOCK EXCHANGE
Week Ended Oct. 12.
t3
t
Prim
Thursday,
Oct. 11.
Week's
Range or
Last Sale.
4,9 Loco
BUJ
N Y 0& W ref let g 48_J00e 1992 MS 7612 Sale 76
Reg $5,000 only June 1992 M S
7612
General 48
70
70
1955 3D 68
NW Providence & Boston 4s 1912 *0 877
87%
8
Registered
*0
893
4
N Y & Putnam let eon gu 48 1953 A
8918 Sale 8918
NY Stred & West let ref 58_1937 I
86% 8812 8318
2d gold 4 tie
4
1937 PA 7612 7714 773
General gold 5e
695 71
8
8
1940 F
695
Terminal 1st gold 5e
1943 MN 9912 101
9912
N Y W-chee & 11 1st ser I 4 tie '46 J J 8518 Sale 8518
Nord Ry ext'l f 8101
1950 AO 103 Sale 1023
4
Norfolk South let & re/ A 58.1961 PA 9012 Sale 9012
Norfolk & South let gold 58_1941 MN 98%
10134
Bond Record—Continued—Page 4
Range
Slam
302. 1,
BONDS,
N. Y. STOCK EXCHANGE,
Week Ended Oct. 12.
t3
zt
2071
MOS
Thursday,
On. 11.
Week's
Range or
Last Sale,
FIWO No. Low
Hick
Met
Ask Low
Ebb No.
5
7612
723 804 St L-San Fran pr lien 45 A.__1950 J J 88 Sale 87%
4
8814 95
Apr'28
Con M 4tie series A
76% 78
1978 M
8914 Sale 883
4
89, 206
4
Oct'28
Prior lien Is aeries B
68
80 4
3
1950 3
10118 Sale 10018
10118 28
Oct'28
St LOUIS & San Fr Ry gen 65_1931 J J 99% 10212 10212 Aug'28
873 95
8
Jan'28
General gold 58
893 893
4
.
1931 J J 10018 Sale 100
18018 12
2
8918
HA St L Peor & N W 1st gu 5s
88
J 101% 103 10112 10112
1948
1
Oct'28
8014 9212 St Louis Sou 1st gu g 4s
1931 MS
9714 97% Apr'28
St L S W 1st g 4s bond ctfs __1989 M N 8614 Sale
Oct'28
77
83,
3
86%
86 4
,
7
70
24 g 4s Inc bond ctfs_Nov 1989
68
804
82
85
8414 Oct'28
Aug'28
Consol gold 4s
9912 102
1932 JD 963 Sale 9514
,
8
96% 20
1st terminal de unifying 58_1952
8614 15
3 98% 9938 99
8312 93
17
100
10314 44 100 50314 St Paul A K C Sh List 45.28_1941 PA 94 Sale 93%
10
94
5
St Paul & Duluth 1st 58
90%
90
97
A 99 1003 99 June'28
1931
4
Oct'28
let consol gold 4s
9812 103
1968 JD 903
_ _ _ 9313 Sept'28
St Paul E Gr Trunk lot 4St81_1947 J
95 4100
971 June'28
Norfolk & West gen gold 681931 MN 1023 10312 103
4
5 1013 10512
103
4
PA 104
Improvement de ext 68..._1934
_
1047 Aug'28
3
St Paul Minn & Man con 48 .1933 3 .1 95
104% 107
9712 963 Oct'28 - 4
*0 103 fos 103 July'28
New River 1st gold 621
1st consol g 6s
1933 J
103 40O3
4
1033 Sale 1033
4
1
4
10338
N & W Ity 1st cons g 42 __1996 AO 93 Sale 9212
94
73
Registered
8978 983
J J 103 106 10634 Mar'28
,
Registered
1996 AO 90
963 9012 Sept'28
4
6ereduced to gold 4tie ___1933 J J 100
9012 9614
_
94
Oct'28
Div'l let lien & gen g 48.,,.1944 J J 03 Sale 93
4
93
Registered
9214 964
J 96% 9812 9912 Jan28
10-yr cony Gs
1929 MS
175 July'28
Mont ext 1st gold 48
175 1901
1937 3D 93% Sale 933
8
93%
Pocah C & C Joint 4s
1941 Jo 92%
92 Oct'28
9114 e71.
Pacific ext guar 45 (sterling)'40 3' 9012 91
5
90%
9012
North Cent gen & ref Se A__ _1974 MS 1077
8_ 108 Aug'28
St Paul Utt Dep 1st & ref 58-1972 33 10718 Sale 10512 10718
107% 108
Gen & ref 4;is ser A stpd__1974 M
16 - 10034 Oct'28
312
1943
'3 907 9112 9112 Oct'28
9818 101% S A & Ar Paw 1st gu g 45_
8
North Ohio 1st guar g 58 __1945 AO 953 9612 9514 Sept'28
4
Santa Fe Pres & Then 1st 58.1942 MS 100 102 100
95 103
Oct'28
North Pacific prior lien 48.
..1997
J 91% Sale 91
914 40
1934 AO 104
89
97 Say Fla & West lat g 68
,104
Oct'28
Registered
1997 41
4
88% 903 89
Oct'28
1st gold 5s
1934 A0 99,
88
97
1071 May'28
4
Gen lien ry & Id gt 38_Jan 2047
F 6614 Sale 653
8
6614 14
6212 721 Scioto VANE let Cu g 45_1989 MN 92% - 1 95 Sept'28
92 4
Registered
Jan 2047
F 633 6514 633 Oct'28
8
4
63 4 697 Seaboard Air Line 1st g 45___1950 AO 7434 82
3
,
6
7412
76
Ref & Mint 41.4s aeries A....2047 J
9912 10012 9912
6
9912
Gold 45 statnped
1950 AO 7313 743 74
97 105
22
4
75
Rel & In, st Os series B.__ _2047 J
112 11238 11218
1123
8 31 111 11714
AfJustment 50
Oct 1949 FA 4414 Sale 43
4414 181
Ref &!mot 58 aeries
10412 11212 1043 Oct'28
_ _ .2047 .1
8
Refunding 414
1959 A0 63 Sale 62
103% 1091:
39
64
Ref & Mutt Se series 1)... _2047 3
1043 1057 10438
8
8
5 43238 109.
10412
1st & cons 68 series A _ _ _ _1945 MS 8014 Sale 7918
3
81, 2.54
8
Nor Pac Term Co let g 68.. _ _1933
J 10984.. 1093 June'28
4
Registered
MS
107 1104
85 Mar'28
Nor Ry of Calif guar g Is...
.1938 AO 102 10514 107 June'28
Atl & Illrm 30-yr 1st g 4s-d1933 M
105 107
87% Sale 87%
2
87%
Seaboard All Fla lot gu Os A-1938 FA 77% Sale 7312
77% 154
North Wisconsin 181 68
J 9 9 10214 99 Sept'28
1930
14
Series B
99 1024
1935 PA
7812 Sale 7434
32
79
Og & L Chum let go g 48_ -.1948 J J 8212 8512 82
4
83
7818 8814 Seaboard & Roan 1st Se extd1931 J J 98 100
98 Sept'28
Ohio Connecting Ry let 45..1943 M S 933
9538 Nov'27
4
So Car & Ga 1st ext 554s.. 1929 MN
99 100
995 Oct'28
8
Ohio River RR lot g 58
1936 Jo
104
Apr'28
1936 FA 101 10214 10018 Aug'28
10354 104 8&N Ala cons gu g Ss
General gold Ss
1937 *0 995 101 10112 June'28
8
_ 10112 1044
Gen cons guar 50-yr 5s. _ _ _ 1963 A0 104 10812 1 144, May'28
Oregon RR & Nav con g 414_ _1946
D 9214 Sale 02
9214 11
9114 96
Ore Short Line let cons g 58_1946 J
10514 106 10514
10514
1 102 1103 So Pac coil 48 (Cent Pac coll)k'49 3D 9012 Sale 9012
,
2
90 8
,
Gear etpd eons 5s
1946 J
1053 106 1053
4
4 106
2 10512 1113
Registered
Jo 853 893 88 Mar'28
8
8
Guar refunding 4s
1929 J
9812 Sale 9812
987
78
20
-year cone 48
June 1929 MS 99 Sale 98%
98 100
9918 93
Oregon-Wash 1st & ref 4a.__1961 J J 8978 Sale 8912
90
65
let 434e (Oregon lines) A_1977 M
861s 9412
4
9912 1007 10013 10012
8
Pacific Coast Co tel g
_ _1946
D 7418 Sale 7418
741g
2
-year cony 58
1934 3D 10114 Sale 10114
20
7324 884
1
10114
Pao RR of Nlo let ext g 48__ -1938 F
93
9318 Sept'28
Gold 43'48
1968 MS 9718 Sale 97
9154 954
97 18 20
24 extended gold Ss
1938 J
9934 106 10012 Oct'28
- 12
San Frau Terml 1st 48 ......1950 *0 903 91
10012 102%
5
8
91
91
Paducah & Ills lets f 4148_ _ .1955 I 3 99
9912 1002 Oct'28
Registered
*0
90
90 July'28
100% 101"
Parla-Lyona-Med RR esti 68_1958 PA 9918 Sale 99
99 12 54
96 100% So Pac of Cal lot con gu g 53_1937 61 N 1027 1043 10634 June'28
8
8
Sinking fund external 78..1958 MS 1023 103 10314
4
1033
4 31 10112 1051 So Pac Coast 1st gu g 4s_ ...1937
:
9512 98
9513 Oct'28
Paris-Orleans RR e 7e
1954 MS 95
9512 10234 Oct'28
1955
101 10412 So Pac RR 1st ref 48
99
9234 Sale 9213
93
External sinking fund 5126 1968 MS 953 Sale 953
4
4
9614 35
Registered
93
904
4
96 Apr'28
Paullsta Ry let & rote f 75___1942 MS 1023
1023
4 ---- 10234
4
1 10114 10411 Southern Ity 1st cons g Is.._1994
11012 fir " 11014
i
110% 20
Registered
10514 - - - 11518 Apr'28
Pennsylvania /Means g 48..1943 MN ,
0514 973 July'28
Devel & gen 45 series A _ _ _1956 A 0 8814 Sale- 88
974 991
88 3
4 30
Consol gold 48
1948 MN
Oct'28
93
Registered
93 100
A 0
• 8714 Sept'28
sterl stud dollar_ May I 1948 MN
45
9318
9318
5
Develop & gen 68
93,
4
92% 99
1956 A 0 115% 116 11514
115% 15
Consolidated e 14 tie
1960 PA 10218 sale 10218 10238 20 100 107
Develop & gen 6 tia
1956 A 0 121 12214 12113 12173
2
General 4 tie series A
4 100% 50
1965 3D 100 Sale 993
hlem Dlv 1st g 58
97% 1047
1996 3 3 106
4
____ 10512 Oct'28
General .steerbel B
1968 Jo 108% 111 10818 10812
St Louis Div lot g 4s
5 1043 116
.
1951
'3 9015
2
9018
9018
10
-year secured 7e
1930 *0 103 Sale 10212 10314 64 10212 105
, East Tenn reorg lien g 58_ _1938 MS -_
5101
161
10518Aug'28
15
-year secured 61.4e
1936 F
11014 Sale 11014
11012 37 10874 1183
Mob & Ohlo coil tr 48
1938 MS oit2 sale 91%
4
9112
Registered
PA
_
112
Apr'28
112 112
40
-year secured gold 58_ _1964 MN iSi gale 1023
104
4
60 101% 1057 Spokane Internal 1st g Is.,. _1955 3
83
85
Oct'28
85
Pa Co gu 3tie coil tr A reg...1937 MS 88
_ 88
Oct'28
Staten Island Ry 1st 4Si s _ _ _1943
I)
877 93
8
85 Nov'27
Guar 31.4e coil trust ser 1.1_1941 PA
875 8 90
87% Oct'28
Sunbury & Lewiston 1st 43_1936 Ji
8718 f/2
95 Apr'28
Guar 3ti a trust Mrs C_ _ _ _1942 JO
90 Apr'28
8914 904 Superior Short Line 1st 58._e1930
99% Apr'28
Guar 31.4strust etre D._ _ _1944
O 87
,
8812 July'28
8813 90. Term Assn of St L Ist g 4.tia_1939 A0 SSit 16 4 9834
3
6
99
Guar 15 -year gold 45___1931 *0 9732 -25
4 98
9734
1st cons gold Ss
9814 11
1944 PA 1023 -- 103
96% 100
4
Oct'28
Guar 48 set E trust etre_ _ _1952 MN
905 9412 9012
8
5
Gen refund s f g 48
9012
1953
90
95t
8818 Sale 8818
8812 10
Pa Ohio & 1)et let & ref 4 ti4A'77 *0 9712 Sale 0714
9712
Texarkana 3: Ft IS lstSb4sA 1950 PA 1023 Sale 10238 103% 12
5
9514 102
8
Peoria & Eastern let eons 4s. 1940 *0 867 Sale 8678
8
Tex & N 0(tom gold 5a
4
87
1943 3
833 92
4
____ 100 100
Oct'28
Income 48
April 1990 Apt
37% 38
3738
Texas & Pac 1st gold 5s
37% 15
2000 Jo 10912 11212 1093
873 50%
8
8 1093
Peoria & Pekin Un let 5 Sid_ _1974 PA 105 __
4 10
103 Sept'28
24 Inc58(Mar.28cpon)Dec 2000 Mar
10214 1081,
100 Aug'27
Pere NIarouette let ser A 56_1956 J
10412 Sale 104
10412
3 10012 MI,
Gen Se ref 5s series B
1977 *0
Sale 101% 10218
let 4s serha3B
1956 J
92%
_ 9218
La Div B L 1st g 58
9218
1
1931 J J 1003 Sale 100%
8812 961
4
15
101
Tex Pac-Mo Pac 'rer 5tie_ _1964 Id S 10714 10814 10712 Oct'28
Phila Bait & Wash let g 48_1943 MN
94
94
Tol & Ohio Cent lot gu 55_1935 3 3 100 Sale 100
94 100
2
100
General 58 series B
1974 PA 10618
10534 1053
4
1 10414 114
Western Div Ist g 5e
1935 *0 9812 103 100 Aug'28
Phillippine Ry lot 30-yr 51481937 .1 .1 4012 4134 41
42
2
General gold 5s
1935 30 99 100
40
4212
993 Sept'28
Pine Creek registered let 65_1932 to 10212 10514 104 June'28
Toledo l'eoria & West 1st 4s_1917 3 .1 _19 15 Nov'27
104 106
PCC&St Lgu434aA
1940 AO 10018 10012 10018
2
Tol St L SI W 50-yr g 4s
100,8
9974 102
1950 *0 90i8
_ 9012 Oct'28
Series B 4 ti a guar
1942 *0 100
Oct'28
100
99 102% Tol W V &Ogu 4 tie A
1931 3 .1 9812 981 98% July'28
Series C 4 4i11 guar
1942 Id N 99 100 100
Oct'28
1st guar 4 tit, series B
1933
99% 1021
.
J 973 _- 97%
4
3
97%
Series D 48 guar
1945 MN
98
97 Aug'28
let guar 48 series C
1942
99
97
S 9414
101
Oct'28
Series E 3 tt a guar gold ___I949 PA
9714 Sept'28
974 Tor Liam & Buff ist g 45___ _1946 3D 863 92 933 Sept'28
07
4
4
Series F 4s guar gold
1953
D
97 Aug'28
97
97
Series 048 guar
1957 MN
96 July'28
911
9713 Ulster & Del 1st cons g 58. _ _1928
D 60
63
60
60
Series II con guar 48.....1960 PA
95 ---_ 9718 July'28
Certificates of depo8it ______
97
9714
__ 62
63 July'28
Series Icons guar 4 tie_ _1963 F A 98
__ 101
Oct'28
let refunding g 48
.1952 101 1051
:
A34% 361 3614
36,
Series J coils guar 4 Si
4
M N 9814 10112 10112 10112 15
Union Pacific 1st RR & Mgt 48'47 3 11 9412 Sale 9418
98 105
943
4 21
Genera, M Se series A....1970 J r) 9912 10112 10734
3 10414 1141
Registered
1073
4
:
02% 95
92% Oct'28
Pegistered
J
1073 108 1133 Jan'28
8
8
1st lieu & ref 48
June 2008
1133 1134
8
9013 911 90
Gen mtge guar 58 series 11.1975
91 18 10
10738 10812 1073
8 107 2
2 1043 1151
Gold 4 tie
,
8
.
1967 Si 98 Sale 98
PogIstored
9818
AO
11313 Jan'28 _
let lien & ref 5s
11312 1131:
June 2008 M
1083 10873 10814
8
3
1083
8
40
-year g 48
1968 Jo 8813 Sale 88%
eitts hick & Y Is; gu 6s---1932 33 105
88% 70
105 Sept'28
U NJ RR & an gen 4s
(
105 105
1944 M
92
97
94 July'28
24 guar tis
1934 3 J 1002 106 10338 June'28
Utah & Nor let ext 48
10318 407
1933 3 3 93
'3712 983 Nov'27
Pitts Sit Sr I. E bit g 58
4
1940 14 0 10038
_ 10014 Oct'28
Vandalla on8g 48 series A._1955 PA
100% Its
943 -- 95% Aug'28
4
let consul gold Is
1943 3
101
10014 Aug'28
11 8114 Wel,
Cons of 48 series B
1957 MN 943
4
_ 94,2 Oct'28
Pitts Va A Char let 49
1043 hi N 9018
90% Sept'28
9018 9018 Vera Cruz & P assent 4)'4s _1934 _—
1712 18
Pitte Y & Ash 1st 4e ser A___1946
1812 Oct'28
D 93%
95 June'28
Virginia Mfd 58 series F
94%
1931 M
i
97%
let gen 58 series B
10014 June'28
1962 IF 14 103
108 June'28
General So
108 10812
1936 MN 10012 10114 101
1
let gen 58 scrim C
101
1974
D
_
Va & Southw'n
gu 58_ _ _ _2003
J
99
_ 98% Oct'28
Providence Secur deb 45_ _ _1957 MN
7312
inTs ciCaS
let cons 50
71
-year 58
8O1
1958 *0 so
02
90
Providence Term let 48._ _1956 M
92
83% 92
84
Oct'28
84
9114 Virginian lty 181 58 series A.1962 MN 1053 Sale 10514
3
Reading Co Jersey Ceti coil 48 51 A0 92
10618 18
93 4 92%
,
8
92%
Wabash RR 1st gold 58
913 97
4
1939 MN 1013 103,8 10134
4
8
Registered
1027
8
*0 8978 99
943 June'28
4
,
2d gold So
943 951
4
1945 PA 10014 10114 100 Sept'28
Gen & ref 4'4s series A__ _ 1997 J J 89 Sale 983
4
99
21
Ref & gen a 5yis ser A
98 1044
1975 M
1
Plch & Meek 1st g 45
1033 10313 10312
4
1948 Id N
79% May'28
Debenture l868 registered _1939 .1 3 15112
7918 8214
88% May'27
Richm Term Ry let g u 512
i952 .1
.1 9912 102 10412 June'82
let lien 50- yr g term 48
10414 104:
1954 J
1
83% 18 8 89 June'28
.7Rio Grande J1111C let gu 58. _1939 J
104 10012 June'28
Det & Chi ext bit g 58_ _ _ _194 I J J 10112
10014 10112
1053 July'28
Rio Grande Sou let gold 45. _1940
4
5 May'28
Des Moines Div 1st g 4s 1939 J J 89 - - 3- 923 Apr'28
418 5
91 4
8
Guar 48 (Jan 1922 eouponi 4)) 1 J
712 Apr'28
Omaha Div let g 3 tie_ _ _1941 *0 833 87
5
7,8
8338 Aug'28
Rio Grande Went lit gold 45.1939 J
-664 Sale 9038
9038
1
Tol & Chic Div g 4s
97'
951
1941 MS 903 933 931 Sept'28
:
8
4
let con & coil trust 48 A. _1949 *0 8414 Sale 84
8414 22
8314 904, Wabash Ry ref 6, gen 55 B._1976 A() 9934 Sale 9914
9
RI Ark & Louie let 4 tie_
993
4
1934 M
95 Sale 94%
95
28
Ref & gen 4 its Ser C
91
1974 I' A 9014 90% 9014
9918
903
Rut Canada let gu g 4e
8 31
1949 J
7918 8012 79% Aug'28
79% 8474
Rutland let eon g 4 tie
9334 94 July'28
1941
J '30
93
96% Warren 1st ref gu g 3 tie _ _ _ _2000 PA
83 Mar'28
Wash Cent lot gold 45
1944 QM
__ 90
9058 Mar'28
8t Joe 6, Grand lel let g 48..1947 3 J 8718
86 Sept'28
Wash Term let gu 33,8
86
92
1945 PA
85
88
86
Oct'28
Lawr & Adir let g 58
1996 1
St
100
100 Aug'28
1st 40-year guar 45
100 100%
1945 PA
9212 Oct'28
211 gold 68
1996 AO 10512
106 Aug'28
105 108
W Mill W & N W 1st gu Ss ipso PA 89%99 100
9914 Aug'28
1931
St L & Cairo guar g 48
.1
9712 9812 9712
9712
4
96
1952 A 0 8013 Sale 7934
98% West Maryland let g 4s
803
4 20
St L 1r hIt & gen con g 58_ _1931 *0 100% Sale 9934
10014 20
Is; & ref 5%8 series A
9814 10214
.1 9818 Sale 98%
1977
9834 28
Stamped guar 58
1931 *0
1013 Dec'27
4
west N V & Pa 18t g Ss
19:1: 3
101 13 102 101
2
10112
Unified & ref gold 48
1920
987 Sale 9812
8
98% 59
(ten gold 4s
98 16152
194, A (
91
92
2
91 18
91
Riv & 0 Div 1st it 43
1933 MN
94
9412 9412
9412
4
94
973 Western l's,' let ser A 58._ _ _1941 MS 98% Sale 983
4
31
4
99
St L M Bridge Ter gu g te _1930 *0 10014 10012 10014 Oct'28
Registered
MS
9 , 1013
8s
4
88 Sept'28
We,4 -01ore let 41: guar
236 J J 87
88
87
18
88
Registered
2361 3 3 83% 8612 87
2
87
-.
8 Due May, oDue June
8 Due August.
Lasso
"ASS
High
Low
8512 93
8788 97 2
4
9878 10432
100 105
9914 1031
2
10112 111
97% 976
4
79
9238
82
87%
9418 99
957 10312
8
9118 98
59
99
9018 9014
9718 973
8
95% 984
10312 11112
1063 1063
4
4
94 1011
4
9012 9912
6314 9812
88% 94%
111412109e
3
875a 94 4
100 104
10014 109
10712 10712
0212 98
74% 8512
72
83 4
7
40
8212
57
7218
98%
73
78% 85
87
95
68
947
4
69
94 2
,
98 100 2
,
99 10172
100 105
11412 116
6778 96
8
88
9812 100
967 104
8
100 103
14
9614 100%
88% 86
893 90
4
105 108
9512 97 8
3
91
9815
96
06
108 11912
110 115%
853 93
4
8714 8714
11312 121
11744 127
1(14 11318
87 94
78
10414 10512
9112 1)61,
81
90
95
9972
983
4
101%
87
101%
100
10712
9612
997
8
102%
107
94
10712
10312
115
1001- 1 14;
5 - -1
6
9912 101%
105 10914
100 10314
9814 103
99 4 10142
3
89 4
,
98%
07%
101
935
3
100%
10312
101
94 4
3
5612
62
32
93%
9112
89,8
95%
108
8518
9318
78
63
116
99
9712
9882
1011
4
1153
4
89
9913
9514 93
9413 11913
1714 23%
10014 10112
100 103%
9814 1071
4
90 103%
104 1098
7
10134 106%
9814 10412
111214 1075,
-86i8
10412
913
$
83 *
1
89
9734
883
8
139
105%
9318
883
4
9512
105
8414
83
903
s
8318
8874
98%
7812
9612
/00
84%
97%
9718
8411
834
83
90%
91
98
101
87%
10312
104
94%
101
97%
93%
93
New York Bond Record-Continued-Page 5
2072
BONDS
911. Y. 131TOCX FXCHANGE
Week Ended Oct. 12.
lb
Price
Thursday,
Oct. 11.
Week's
Range or
Last Sal..
Range
Since
Jan. 1.
vz
Hid, We
All Low
BM
Wheeling & Lake Erie100 Sept'28
1930 FA
Ext'n & kept gold 55
91% Oct'28
Refunding 4%5 series A_ 1968 MS
98 Aug'28
1966 MS 97 102
Refunding Is series B
3
4
4
883
s
1949 MS 883 907 88 4
RR 1st consul 45
Oct'28
8914 717 71
2
1942
Wlik & East ist gu g be
4
1938 3D 10014 104 1033 May'28
Will & SF 1st gold be
91% 92 June'28
Winston-Salem SB let 4e._ _1960 Ji
8212
8312 8212
WM Cent 50-yr let gen 4e_ _ _1949 33 82
9214
4
Sup & Dul div & term 1st 45'36 MN 9118 923 9118
J
8
923 Mar'28
Wor dr Con East 1st 455s___ _1943
Low
High
100 1004
914 10214
98 102
8812 94
6712 79%
103% 104%
93
92
4
813 92 ,
1
1s
93
88
92
92%
INDUSTRIALS
46ame Express coil tr g 4a__ _1943 MS
API: Rubber let I5-yr s f 83_1936 Jo
Alaska Gold M deb 68 A_ _ _ _1925
1926 MS
Cony deb Os series B
Allia-Chalmers Mfg deb 58-1937 MN
Alpine-Montan Steel Ifft 7s_ _1955 M
Am Aerie Chern let refsf794a 41 FA
Amer Beet Sug cony deb 68_1935 FA
American Chain deb s f Bs_ - _1933 AO
Am Cot Oil debenture 68.-1931 MN
1942 AO
Am Cynamid deb be
1953
Amer Ice s f deb 55
1939 * 0
Am Mach & Fdy e f64
American Natural Gas Corp
Deb 6948 (with pureb warn '42 AO
Am Elm & R 1st 30-yr 5s ser A 47 * 0
Amer Sugar Ref lb-yr Se..-1937 33
88
88 Sale 88
107 Sale 108% 107
7% July'28
4 7
33
312 7
6 July'28
8
995
99% Sale 994
9512
9512 Sale 9458
1044 105 10412 105
93
92 Sale 92
10013.
10012 Sale 100
984 Sale 9834 100
94
94 Sale 9314
95
94
104 10414 151- Ojai
8
9
96
87
100 109 4
3
3% 10
3% 10
98 102%
.
967
93
104 10611
93
79
100 104.
1
9812 1024
97
92
33
12
9
4
30
14
27
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 12.
t
t
Price
Thursday,
Oct. 11,
Range or
Lass Sals
33.,1
Rased
Since
Jas, 1.
HIM
HIM Are. Low
AO Low
Ma
100 10214
9978 100 Oct'28
Copenhagen Telep ext65-.1950 A 0 99
qorn.Prod Refg 1st 25-yr aIls'34 M N 10114 102 10112 Sept'28 --- 100 10278
15
98% 10015
4 100
993
100 Sale
Crown Cork & Seal s f 65_ __1947
12
Crown-Willamette Pa pf3s _ _ _1951 J J 103 Sale 1024 1034 23 10114 103
67
93
6812 20
Cuba Cane Sugar cony 75...1930J J , 67 Sale 67
7012 51
8814 97
Cony deben stamped 8%.1930 3 3 7018 Sale 69
9 10312 108
Cuban Am Sugar 1st coil 85_1931 M 8 10312 Sale 10312 10412
9714 10112
9812 25
Cuban Dom Sug 1st 7555-1944 M N 973 Sale 9734
997s 10412
2
8
Cumb T & T 1st & gen 55___1937 J J 10212 Sale 10222 1025
3
9812 101
Cuyamel Fruit lst s 6s A ___1940 A 0 10018 10012 9912 100
76 Dec'27
Denver Cons Tramw lst 5.3..1933 A 0
9884 113
.1
4
983
4
4
Den Gas& E L 1st & ref s f g 533'51 M N 983 Sale 983
99 193
9912 12
1951 MN 9914 Sale 9914
Stamped as to Pa tax
2
6012 75
7012
7012
72
70
Dery Corp(D G) lat f 7.3. _1942 M
3 10014 103%
4
Detroit Edison let coll tr 58.19333 3 1013 Sale l01I4 1014
3
10234 10314 12 102 106 4
8
1023
1st & ref be series A_July 1940 M
1949 A 0 10314 Sale 1031 Oct'28 --- 10114 106%
Gen & ref bs series A
31 108 109%
108
let & ref 65 series B__July 1940 M 8 108 Sale 106
3
1033* Oct'28...- 1017 107
Gen & ref 5sser B
1955 3 D 104
14
2 10212 107
8 104%
Series C
1962 F A 10414 104% 1047
2
1
974
95
96
9612 96
96
Det United 1st eons g 430_ _1932 J
3
86 4 164
Dodge Bros deb 6s
1940 MN 105 Sale 10212 10914 3876
2
807 8812
8612 Oct'28 ---Dold (Jacob)Pack let6s
1942 MN 10512 106
85 101
97 Aug'28 -88
85
Dominion Iron &Steel bs_ -A939 M
9912
90
7
9812
9812 Sale 983*
1942 J
Donner Steel let ref 78
7
71 1032s 108 2
Duke-Price Pow 1st
ser A '86 1119 N 104% Bale 10412 105
98 104
3
Duquesne Light let 4He A-1967 A 0 101 Sale 100 8 10114 45
i0i- 106
79 105%
80 Sale 79
88% 66
East Cuba Sug 15-yr s f g 730'37 M
3
93 4 99
I
' 9512 9612 95 Aug'28
14 9912 Ed El III Bkn let con g 4s _ _1939
97
I1418 117%
4
4
1995• J 1083 1163 11434 July'2 8
100 1013 Ed Eleo III 1st cons g 5s
4
93% 99%
21
S 954 Sale 9534
96
Elec Pow Corp(Germany)6 4850
10212 106
99
2
91
91
Elk Horn Coal 1st & ref 648.1931 JO 91 Sale 91
91
5
74
8
747
7418 777 74
Deb 7% notes (with warr'ts'31
9812 100
9918 79
Am Telep & Teleg coUtr 45-.1929 J 3 9918 Sale 984
99 10212
2
100
3
92 4 10013 Equit Gas Light 1st con 55 .1932 MS 100 _ _ 100
Oct'28 97
1936 M 8 9612 97
413
Convertible
3
6
96 103 4
4
Oct'28
4
993 10212 Federal Light & Tr 1st 55.., _1942 MS 9718 Sale 103% 1033
1933M 8 9978 _
93
9 4
-year cony 4Hs
20
7
95 10112
973
4
let lIens f 55 stamped _ __ _1942 MS 9718 98 97
4 51 103% 106
s 0414 10412 1043
3
3 i?,
1946 3 D 1045 1
-year coati* 5/1
30
2 100 106%
1st lien 68 stamped
1942 MS 10334 104 10334 104
15
104% 104
8
1047 105 10533 Feb'28
Registered
5
97 105
98
98 Sale 97
-year deb 88ser B
1954
4
1043 Sale 10458 105 I 102 10318 109 30
35-yr a f deb bs
9
95 101%
8
1013
1939 3D 1014 Sale 10114
Federated Metals sf78
4
8 64 1043 110
8
1943 M N 1073 Sale 10714 1077
-year a f 5%s
20
584 1001 128
4
128
Fiat deb 75(with warr)
1946I, 12614 Bale 117
8
10412' 23 1017 106
A 0 10412 Sale 103
1940
Am Type Found deb Os
98
91
9334 Sale 92
3
93 4 317
Without stock punch warrants. _
9738 10111
4! 11
993
Am Wat Wks & El col tr bs_ _1934 A 0 9912 9952 99
3 110 120
8
1941 MS 1125 114 112% 113
,
1975 M N 10514 Sale 10412 105%1 13 10211 1093 Flak Rubber 1st f 85
Deb g 63 ser A
8912 104%
104% Aug'28
78
1
. Ft Smith Lt & Tr ist g 5s_ ..1936 MS 10212
93
83
90
1947' J 8912 Sale 8912
Am Writ Pap 1st g 68
106 Sale 10614
10614 11 104% 11013
105121 165 103 low, Framed.,Ind & Deb 20-yr 7348'42
Anaconda Cop Min let 8s_ -.1953 V A 10518 Sale 105
104 110/5
Oct'28
.
1 10414 1051 Francisco Sugar lst 8 f 7)42..1942 MN 104 10411 104
10414 104141
Registered
14212 802 11014 14412 French Nat Mail 88 Linea 75 1949 J O 10212 Sale 102% 10212 17 101 103%
1938 F A 14014 Sale 13818
-year cony deb 711
15
105 10712
Gas & El of Berg Co C0123 g 581949 3D 102 104 105 July'28
137 137
137 Sept'28
Registered
7 105 117
5
1073
1939 AD 106% 10714 107
4 Gen Asphalt cony(is
4 8416
.i
Andes Cop Min cony deb 70 .1943 3 - 160': Elite 16012 1693 222 120 1593 Gen Electric deb g 355s
12 96
94
9412 Oct'28
1942 P A 9412
92 10514
95
Anglo-Chilean s f deb 75..., _1945 M N 944 Sale 92
4 103% 12 102 10512
964 Gen Elec(Germany)78 Jan 15'45 33 103 10378 1033
85
1
AntMa(Comp Asuc) 7548- _1939. 3 8412 Sale 8712 Oct'28
2
117 1261
Oct'28
El f deb 64s with warr.....1940• D 11712 120 118
1 10112 104
Ark dc Mem Bridge Is Ter 56 1984 M El 10212 Sale 10212 10212 61
2
97 1013
9712 11
98% 97,
Without weretsattacied '40 3D 97
9312
SO% 94%
1939 3 D 9212 Sale 9212
Armour & Co lst 41431
2
953
8
92
93
1948 MN 92 Sale 92
20-years!deb 6s
118
4
87% 94
_1943 3 J 9312 Sale 924
Armour & Co of Del 5;ie _ _
13 101 103,
1
s
1027
Associated 0116% gold 110tell 1935 M II 10278 Sale 1027
F A 10212 Sale 10212 10318 207 10114 1004
Gen Mot Accept deb Els
10814 107
19473 D 103 10312 107 July'28
Atlanta Gas L 1st 5e
18
3
9614 10212
945 JAF A
9 0 F 0A 101 Sale 10012 101
Gen'Petrol 1st s f 59
121a 15
16 July'28
8
Atlantic Fruit 79 ctts dep- - -1934 3 0 125 20
2 102 10812
10212 Sale 10213 10212
Gen Refr lst s ft3s ser A
15
16
15 July'28
1 0 125
8
Stamped °Us of deposit
9814 Sale 98
98 103
1
Good Hope Steel & I sec 7.1 -1
3
98 4 24
1937
1073 Sale 10738 1077s 54 1001 10812
*
5
2
19 2
3
72 4 8212 Goodrich(B F) Co 1st 6%8-1947
7712 48
Atl Gulf& W I SS L col tr 53_1959 JJ 7712 Sale 7658
233
92
89% 96
4
8
977 103k Goodyear Tire & Rub 1st 65 1957 M N 92 Sale 9112
8
1937 33 1015 Bale 101% 1014
Atlantic Refg deb 55
16
Sale
7
99 8 103
10612 10817 Gotham Silk Hosiery deb Os -1936 7 D
Oct'28
58.. _ _1940 MN 10612 107 107
Beldw Loco Works 1st
82%
89
Oct'28
7
991
9911197
1 10012 1083 Gould Coupler 1st 8 16s
4
101
101 Sale 101
Baragua (Comp Az) 7555-1937
14
8
99
99
97 1011
GI Cons El Power(Japan)78_ 1944 F A 80 Sale 9812
213
9912 126
12512 Bale 12112 126
Hamadan Corp Os with warr_1940
9612 Sale 9514
92% 98
9612 94
Ist&gensf6 s
498
7
89 g 97
97
97 Sale 93%
Deb 65 (withm it warrant) _1940
104% 106 4
7
Oct'28
F
M
:
940 MN 105 10614 105
95 'I
9414 Great Falls Power 1st 8 f 5s
907a
9414 153
3
94 Sale 93 4
Satavian Pete gen deb 4556_1942
12
9614 101
98
3
3
. Gulf States Steel deb 5tie_ -1942 J D 974 Sale 974
99
90
90
9012 92 90
19:36
Belding-Hemingway 68
3
m l
88 92 2
874 88 Sept'28
22 104 109 3 Hackensack Water 1st 45_ -1952 3 s 3
106 Sale 105% 106
Bell Telep of Pa 58 series B. _1948
9512 9512
1930
Hartford St Ry 1st 45
9 106 113
4
4
1083 Sale 10834 1083
1960 A
let dr ref 55 series C
84
'2
09
98
81
Havana Elec consol g 5s_ _ _ _1952 F A 9544 13aIff
24
9373 98
94%
4
943 Sale 93%
65551951
Berlin City Elec Co deb
7112 70 Mar'2870 70
70
4
783
Deb 51.45 series of 1926 _ _ _1951 M S
5
97,
93
8
4 31
943
Berlin Elec El Jg Undg 645 .1956 AO 945 Sale 9412
5
4
991
90
9314
11
.
99% 1043 Hoe(R)& CO 1st 6 Sis ser A _1934 A 0 91% 9212 9213
Beth Steel 1st dr ref 55 guar A '42 MN 10112 Sale 10112 102
5 10074 104%
Holland-Amer Line 6s (ffar) -1947 M N 10312 Sale 103% 10312
99 108
3 1 10114 Sale 10038 10114 22
1936
30-yr p m & imp s f bs
8
95
86
89 * 114
10412 96 10212 105% Hudson Coal 1st 5 f 5s ser A.1962 J D 88 Sale 88
-year 68 series A..1948 FA 10412 Sale 104
eons 30
10018 109
Oct'28
1940 MN 104 107 104
Hudson Co Gas 1st g bs _
54
9912 105
Cons 30 year 555s ser B_ _ _1953 P A 10212 Sale 10212 103
1e
Humble Oil & Refining 5548-1932 3 3 10114 10112 10118 10114 65 10014 103
6
9614 99
98
1950 MS 9814 Sale 98
Bing & Bing deb 6 tis
65
1937 A 0 994 Sale 99
98 IOU,
100
Deb gold 6a
3
834
65
6812
1934 * 0 6512 Sale 65
Botany Cons Mills 6548
7 10314 105%
4
1043
3
1/ Illinois Bell Telephone 5s_ ..1956 1 D 10414 Sale 10414
99 105
103
10118 105 103
1934 M
Bowman-BUt Hotels 7s
2
mmA NNO 98
4
983 9778
96 101%
98
Illinois Steel deb 4%a
81
3
74
68
rway & 7th Av lst con 58. _1943 Jo 74 Bale 7313
•0 10012 Sale 10012 10112 10
A
98% 10212
9012 9512 Reeder Steel Corp a I 70
4
Brooklyn City RR let Se__ 1941 Ji 91% 913 92 Oct'28
9
90
88 101%
8914 Sale 89
4
3
9
194
3 101 10671 Indiana Limestone isle f U.:19 1
4
10412 1043 10412 10412
1949
Bklyn Edison Inc gen Is A
9712 9912 98
Oct'28
1
97 4 10012
• J
2
1053 1058, Ind Nat Gas & Oil 58
8
1053 Mar'28
Registered
6 10213 1068.3
10314 Sale 10334 10314
3 10012 1048, Indiana Steel 1st 5s
101%
1930• 7 101 Sale 101
General Os series B
102 Sept'28 --- 101 104
5
32 J J
Ingersoll-Rand 1st bs Deo 31 19 5 ki N
9312
22
93
1978 A 0 923 Bale 9234
4
9814 100 4 Inland Steel let 4)4s
3
9914 162
1968 3' 9914 Sale 99
Bklyn-Man R T set368
100 102
14
Oct'28
Inspiration Con Copper6As 1931 M El 10114 10112 101
2
72
64
7112
8
fiklyn Qu Co dr Sub con gtd 58 '41 MN 6312 687 705
90
Oct'28
80
7114 82 82
1941 .1
let 5s stamped
7412 8614
8014 77
Interboro Rap Tran 1st 59-1966 3 3 80 Sale 7914
8814 Nov'27
Tr 1st cony g 42_2002 I J
Brooklyn It
702 8612
808* 185
8
J J 803 Sale 7914
Stamped
J
_ 13812 Nov'28
3-yr 7% secured notes_ _ _1921
_ 76 4 83
2
83 Apr'29 _
Registered
I313 92%
4 'We fai
9314
1950 P A
Bklyn Un El ist g 4-5e
8334 27
90
70
4
2A O
2 Ms 833 Sale 7012
10
-year Os
.
9234 991
1
3
3
92 4
1950 FA 92 4 Sale 9234
Stamped guar 4-55
55
100
.
981 10314
100 Sale 9914
10-year cony 7% notes.. 1932
111
104
Bklyn Un Gas ist eons g 68-1945 MN 10512 107 10512 10512
3
91
90 100
9314 91
116 1193. Int Agric Corp 1st 20-yr 58 ..1932 M N 91
8
1
' let lien & ref 68 series A. _1947 MN 11678 --- 11678 1167
83
86
77
8314 83
Stamped extended to 1942 _ _. M N 83
13 250 329
310
1936 ii 30612 Sale 305
Cony deb 5 Sis
40
97
902 10052
1948 M N 9618 Sale 98%
lot Cement cony deb 55
934 102
_
944 ____ 9412 June'28
Buff& Susq Iron ist s I be_ _ _1932
9652 10012
2 84
983
9814 Sale 9734
9412 Internet Match deb 55
4
88
89
89
1952 * 0 883
2
1st 4e
Bush Terminal
18 10212 low,
103
942 A N
Inter Mercan Marine s f 65_ 1941 lk4 O 103 Sale 103
954 103
8
9912
99 10014 99
1955 J
Consol5s
9812 17
9912 98
671s lops
5
1947 m 3
International Paper be ser A.19 5 3 8 98
0014 108
8
8 1013
4
4
Bush Term Bldgs be gu tax-ex '60 * 0 1013 Sale 1015
64 Kw. 106
102 Sale 10112 102
14
Refer Baser A
:
100 1031
MN 100
- 10114 Sept'28
-Prod Coke let 5555 A. _1945
By
96
47
9212 9818
Int Telep ds Teleg deb g 4Sie 1952 1 3 96 Sale 9512
1031s 105
- ;
C510 & E Corp unif & ref 55_1937 MN 1033* 1047 103% Oct'28
4 10211 1054
10414
96% 1023 Kansas City Pow & Lt bs_ -1952 61 9 10312 105 104
8
1013
4 21
Petroleum cony deb s f 581939 FA 101 Sale 101
Cal
10014 1054
19573 3 10014 101 10014 Aug'28
1st gold 4 8series B
.
44
95 1041
4 103
1938 MN 103 Sale 1023
5 10418 100
Cony deb f 5%s
El 10512 Sale 1044 10512
12
971
15
97 101% Kansas Gas & Electric 13e.-1952 M
Camaguey Sue 1st f g 7s_ _ _1942 AO 971 Sale 97
5 10514 122
11238 Sale 11238 115
.
12 10012 1031 Kayser (Julius) & Co deb 5444'47 &I 9 9512 Bale 94
4
_1941 * 0 1013 10214 101% 102
L 1st & gen 68Canada
8 10
955
1946M 8
88 101
Keith(B F)Corp 1st 6s
1
104 4 10512
__ 10412 105 Oct'28
26 10614 10912
Sale
Cent Dist Tel let 30-yr 56,._1943 J O
4 109
12 Kelly-Springf Tire 8% notes_1931 MN 109 Sale 1083
9713 99
Cent Foundry 1st s f 6s May 1931 A 9358 9613 9712 July'28
9312 14
934
9312 99
Keyston Telep Co 1st 55_ _ _ -1935 3 J 9312
103
1 10214 107%
Kings County El & P g 5.1- -1937 A 0 103 104 103
4 120 126
4
1941 MN 12412 Sale 124% 1243
1 123 135
Central Steel lst g s f 8a
A A
F O 1263 Sale 1263* 1264
s
Purchase money
89% 97
93
.50
A-1948 M S 9213 Sale 92
Certain-teed Prod 554*
8112 90 81% Oct'28
80% 91%
659
Kings County Elev 1st g 45_ .1194992
100
7
4
983 105
99 Sale 99
Ceepedes Sugar Co let s 1794,'39 M
81
3
804 Sale 80%
8013 90%
Stamped guar 45
6118 69
Chic City & Conn Rys 5sJan 1927 A 0 8412 67 64 Sept'28
8
3
100 107%
49
54
19
s
100 1045 Kings County Lighting bs---19 7 A 1047 106 104% Oct'28 101% ---- 10114 Oct'28
J
Oct'28
Ch L & Coke 1st gu g 5e--1937
116 118 116
11434 120
First & ref 855s
8212 21
3
3
78 4 88
1927 F A 83 Sale 80 4
Chicago Rye 1st be
Oct'28 -- 108 1081
4
'
1938 j 3
23% 97% Kinney(OR)& Co 714 %notes 54 .1 12 10514 106 105
96
54
19473 I 95% Sale 9538
6 10212 105 2
Chile Copper Co deb 58
104
7
Kresge Found'n coil tr 08--1936 J D 104 Sale 103
8714 90
90 Apr'28
Clearfield Bit Coal 1st 4.....1940J 3
5 10014 1054
1
Steel lat be A.-1950 m 8 10212 Sale 10212 10212
101
5 98 10214 Lackawanna
1943 F A 101 Sale 101
Colo F &I Co gen e f 55
9814
94
94
6
95 94
5
10114
Col Indus let & coU Se go..-1934 F A 94
101
99 10412
9814 101% Lae Gas L of St L ref&ext 56_1934 A 0 101 10112 10373 10412 23
3
3
1952 M N 100 8 Sale 10014 100 4 64
Columbia & E deb 6e
10234 106
Coll Se ref 548 series C..1953 F A 104 Sale
99%
94% 100%
8
987 99%
let gold 55._ .1932 3 1 98
Columbus Gas
9912 101%
Lehigh C & Nav sf 4 Sis A_ _1954 J .1 99% 99% 10014 Oct'28 -93
2 91% 100
93
9312
5
101
Columbus Ry P & L 1st 4Sis 1957 .1 J 93
3
97 1021
8
4
3
Oct'28
3
77 ,, 88 4 Lehigh Valley Coal 1st g 58_ _1933 J 3 1003 100 4 10034 Oct'28
90 87
87
_ _ 100 101
Commercial Cable let g 48-2397 Q
100
.1 7
Registered
9312 101%
9812 17
_1934 SI N 9812 Sale 9312
Commercial Credit 168_
97 Aug'28
97
97
1st 40-yr gu int red to 4%_1933 J 1 9212 97
97
9812
1
9812
92
1935 3 1 9312 94
% notes
Col tr f
101 102
- 101 Sept'28
1934 F A 101
1st & ref sf 5s
4 42
973
9512 98
10012 Aug'28 Comm'l Invest Tr deb 88_ _ _1948 M S 98 Sale 97
99% 10412
1944 F A
lst &ref s f ba
5 104 10612
10412
Computing-Tab-Rec it 651-1941 3 J 10414 10514 104
s
4
963 10114
1954 F A ____ 977 9912 Aug'28 -1st dz ref s f 58
9913
1
98% 103
9918 99%
Conn Ry &L Ist&refg434s.-1951 3 J
971 954 Sept'28
94 100%
94
lst & ref 5 f 5s
96% 102
3
4
963
8
19513 3 -965 9812 98%
Stamped guar 4)4s
96 Sept'28
9934
94
1st & ref s f 55
Consolidated Hydre-Eles Works
374 May'28
35
3714
96 10012 Lex Ave .13 P F 1st ifil g 58- - - 111999649734 M AAS
Oct'28
FF
98
9712 98
of Upper Wuertemberg 78_1958 J J
1 120 12.7
1204 12012
83% Liggett ds Myers Tobacco 731_1944 A 0 12014
76
7812 25
D 775 Sale 77%
8
Cons Coal of Md 1st & ref 58_1950 j
8
997 1055
8
102 Sale 10112 10212
8
55
104% 107
3
105 4 47
Consul Gas(NY)deb 548._1945 F A 106 Bale 105
13014
1 1114 142
5
941
100 10314 Liquid Carbonic Corp 6s- 19 1F A 130 138 13014
Oct'28
101
Consumers Gas of Chic gu be 1936 J D
111
4 /7
7 102 1051a Loew's Inc deb #33. with warn _1941 A 0 1004 Sale 10912 11112 29 1083 113 2
2 10312
2
Consumers Powerlst bs- --1952 MN 1033 104 1033
sale 100
10012 60
99 102/2
Without stock put warrants_ A 0
7
98% 102 8
10014
1946 J D 100 Sale 100
Container Corp 1st Os
7 109 11812
1944 A 0 110 1101 11012 11012
4
89% 9812 Lorillard(P)Co 73
9014
9014 Sale 89%
15-yr deb Is with warr....1943
8
9214 22
81
4
981
1951 V A 875 Bale 874
8
973
79
98% 97% Oct'28
Cont Pap & Bag Mills 654e.1944 F A 97
9218 92
9212
5
9713
10373 3 92
Deb
90
58 545
4
983 Sale 9812
5
10112 Sale 100 8
4
10412 Sale 1033
127
99
4
1013 111
10412 38
5
4
:12
If
fifsi
9
New York Bond Record-Concluded--Page 6
Y.R
BONDS
STOCK EXCHANGE
Week Ended Oct. 12.
.•••
Price
Thursday,
Oct. 11.
Week's
Range or
Lass Sale.
a.
a1.
3
Moe
Ask Low
SW
10312
Louisville Gas & El (Ky) 59_1952 M N 10314 Sale 10314
97% 9612
Louisville Ry let COD/3 5s_.....1930 J J 95
963
4
Lower Austrian Hydro El Pow1944 F A 88
8818
8812 8818
lstsf
993
4
4
993
4
McCrory Stores Corp deb 5%9'41 3 D 893 100
Maned Sugar 1st 6 f 7%s__ _1942 A 0 105 Sale 10312 105
5
69
Manhat Ry (N Y) cons g 45_1990 A 0 6814 Sale 673
6312 Sept'28
D 6312 65
20133
2d 45
8
Manila Elec Ry & Lt a f 58_ _1953 M S 96% Sale 967
967
8
Marlon Steam Shove R Os_ _1947 A 0 99 100 10012 Oct'28
Mfrs Tr Co ctfa of panic In
8
4
Al Namm & Son 1st 68_ _1943 J D 1033 Sale 10312 1033
99
Market St Ry 78 aer A April 1940 Q J 99 Sale 9818
1957 A 0 9714 9712 963
4
97
Meridional El 1st 75
Metr Ed 1st & ref 59 9er C_ _1953 J J 1031 Sale 10318 10318
8012 Sept'28
7712 79
Metr West Side El (Chic) 46_1938 F A
9712 9612
9612
Mlag Mill Mach 7s with war_1956 .1 D 96
J D 92
92
93
92
Without warrants
S 10514 Sale 105
10514
Mid-Cont Petrol let 6045_4_1940 M
MidvaleSteet&Oconvsf 55 1936 all S 9912 Sale 9912 100
99
billw El Ry & Lt ref & ext 43.(8'31 J J 99 Sale 99
General & ref be series A_ _1951 J D 10212 ----10212 10212
1961 .1 D 10112 Sale 101
10112
let & ref as series B
1943 J J 1023 Sale 1023
4
Montana Power let bs A
4 10312
1962 J D 10012 Sale 10014
101
Deb 56 series A
Montecatini Min & Agric1937 J J 111 Sale 11018
Deb 79 with warrants.
11112
J J 95 Sale 9414
Without warrants
963
4
Montreal Tram 151 & ref 594_1941 J J 9912 102
9918
9912
Gen & ref 9 f 5s aeries A___1955 A 0
983 Sept'28
8
1955 A 0
Series B
985 Sept'28
Morris & Co 1st s f 4lis_ _1939 J J 8728 Sale 8728
8712
Mortgage
-Bond Co User 2_ _1966 A 0 82
8212 Jan'28
92
1932 J 3 9712 984 98
10
-25-year 59 series 3
98
D 10112 Sale 10118
19343
Murray Body 1st 6%9
10212
Mutual Fuel Gas 1st gu g 55_1947 M N 10018 102 10412 Aug'28
Mut Un Tel gtd 68 ext at 5% 1941 M N
1043 July'28
4
Namm (A I) & Son-See Mfrs Tr
Nassau Elec guar gold 45.....1951 J J 5812 Sale 58
59
Nat Dairy Prod deb 5%9_1948 F A 9812 Sale 98
983
4
Nat Enam & Stamps 1st 55.1929 J D 101
____ 101
Oct'28
755 Sale 73%
1947 F A
Nat Radiator deb 659
755
Nat Starch 20
-year deb 59_1930 J J
- 100 10014 Aug'28
National Tube 18t s f 5s.._ _1952 N N 155 105 10212 Sept'28
Newark Consol Gas cons 55.19483 D 10228 105 103 Aug'28
New England Tel & Tel Es A 1952 J D 10612 Sale 10618
10612
1st g 4%s series B
1961 MN 1003 10114 1003
8
4 10128
New On Pub Serv 1st ba 41_1952 A 0 9614 9613 9618
9612
First & ref 56 aeries B
19553 D 9612 Sale 96
9612
NY Dock 50
-year 1st g 48..1951 F A 8412 Sale 8418
8412
Serial 5% notes
1938 A 0 89
00
90
90
NY Edison 1st & ref 6%s A.1941 A 0 11514 Sale 11434 11514
1st lien & ref be series B_ _1944 A 0 104 Sale 104
104
N Y Gas El Lt H 34 Pr g 594_1948 J D 10612 Sale 10612 10612
Registered
110 Apr'28
Purchase money gold 48_1949 F A
94
9412 9412
9413
NY LE& W CA RR 5148_1942 61 N 10014 -___ 10228 Oct'27
NYLE&WDock&Impbs1943 J
10018 ____ 100 Aug'28
N Y & Q El L & P 1st g 55_1930 F A 100 __ 100
Oct'28
N Y Rys let It E & ref 45_ _ _1942 1 3
623 Apr'28
4
Certificated of deposit
58 June'28
30
-year ad1 Inc 58....._Jan 1942 A 0
3
15
4 Mar'28
Certificates of deposit
3
9
4 Mar'28
N Y Rys Corp Inc 13s_ __Jan 1965 Am'
Prior lien 65 series A
'3
1965
N Y & }Rehm Gas 1st 65 A_ _1951 MN
N Y State Rya let cons 435_1962 MN
1st cons 639 series B
1962 MN
NY Steam let 25-yr 68 ser A 1947 MN
NY Telep 1st & gen s f 4%6_1939 MN
30
-year deben f 65_ _Feb 1949 FA
20
-year refunding gold 68_1941 AO
N Y Trap Rock 1st 6s
1946 3D
Niagara Falls Power 1st 55._1932 33
Ref 6c can 6s
Jan 1932 AO
Niag Lock & 0 Pr 1st bs A__1955 AO
Norddeutsche Lloyd (Bremen)
20 yrs ffis
1947 M N
Nor Amer Cern deb 6345 A._1940 MS
No Am Edison deb bs ser A_1957 M El
Nor Ohio Trac & Light 6s
1947 rol 8
Nor States Pow 25-yr bs A_ _1941 A 0
let 34 ref 5-yr 66 aerie(' B 1941 A 0
3
North W T 1st fd a 434s gtd.1934
Norweg Hydro-El Nit 5346_1957 M N
Ohio Public Service 7345 A 1946 A 0
let & ref 7s series B
1947 F A
Ohio River Edison let 6s-4_1948 J J
PA
Old Ben Coal 1st 69
Ontario Power N F let 5s
19 3 F A
94
4
4
N
Ontario Transmission 1st 56_1945
Oriental Devel guar 66
11.53 M S
Oslo Gas & 10 Wks ext1 58_ _1963 MS
Otis Steel let M (19 set A__ _1941
S
Pacific Gas & El gen & ref bs 1942 J J
Pao Pow & Lt 1st & ref 20-yr 68'30 F A
Pacific Tel & Tel 1st 59
1937 .1 J
Ref mtge ba series A
1952 M N
Pan-Amer P & T cony s f 68_1934 M N
lot lien cony 10-yr 79
1930 IP A
Pan-Am Pet Co(of Cal)cony 69'40 J D
Paramount-13'way 1st 534s1951 .1 .1
Paramount-Fam's-Lasky 69_1947 J D
Park-Lox list leasehold 6345_1953
J
Pat & Passaic G 3.4 El cons 58 1949 NI El
Pathe Exch deb 75 with wart 1937
N
Penn-Dixie Cement 68 A
1941 MS
Peon Gas & C let cons g 6s..1943 A 0
Refunding gold 55
1947 M S
51 S
Registered
Philadelphia Co sec 56 set A.1907 J D
Phlla Elec Co let 434s
1967 M N
J
Phila & Reading C & I ref 59_1973
Phillips Petrol deb 5%5
1939 J D
Pierce-Arrow Mot Car deb 891943 la1 8
Pierce 011 deb sf 89__Deo 15 1931 J D
Pillsbury Fl Mills 20-yr 613_1943 A 0
Pirelli Co(Italy) coca 711,_ _1952 M N
Pocab Con Collieries 1st ,f581967 J J
Port Arthur Can & Dk 65 A_1953 F A
1st M 6s series 13
1053 F A
N
Portland Elec Pow 1st 69 B..1947
Portland Gen Elec let 59._ 1935 .1 3
Portland Ity 1st & ref Es_ _ _1930 M 14
Portland Ry L & P 1st ref 6641942 F A
let lien & ref 69 series B
1947 M N
let lien & ref 7349 series A_1946 M N
Porto Rican Am 'Fob cony 69 1942 J J
Postal Teleg & Cable coil 58_1953 J J
j
Pressed Steel Cur cony g 59_ _1033
Prod & Ref St 86 (with war)
.1931 J D
Without warrants attached... J D
PubServ Corp NJ deb 4348_1948 F A
Pub Serv El & Gas 1st & ref be '65 J D
1st & ref 4349
1967 J D
Punta Alegre Sugar deb 75_1937 J J
Ranee
Binge
Jas. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 12,
11
2073
Pries
Thursday,
Oct. 11.
Week's
Range Or
LasI Sale.
NC Low
High
844
Ask Low
High No.
25 100% 1063 Pure 011sf 535% notes----1937 P A
3
9938 Sale 99 8
3
9913 64
2
95
98% Purity Bakeries a I deb 59_ _1948 J J 93 4 Sale 9314
3
93% 13
Remington Arms 65
1937 MN 99 Sale 98
7
99
1
8714 911 Rem Rand deb 5345 with war '47 MN 944 Sale 93%
:
94% 81
985 1025 Repub I & S 10-30-yr 558 f_.1940 * 0 10012 102 1003
3
8
,
8 1004 10
Ref & gen 514e series A_ _ _1953 3.8 10214 Sale 10114
38 101% 1093,
10214 36
6712 771/ Reinelbe Union 7s with war_1946• J 104 Sale 10312 103% 10
50
Without stk porch war...1946 33 97 Sale 9612
60
7114
9
97
96 103' Rhine-Main-Danube 76 A._ _1950 MS 1027 10314 10212 102% 17
5
8
Rhine-Westphalia Elec Pow 75'50 MN 100 4 Sale 1003
99 102
3
4
10118 15
Direct mtge Os
1952 MN 90 Salo 8912
29
90
11 10312 100
Cons m 6s of 1028
19.1 FA 9
9411
9412 39
414 Sale 94l
39
97 100% Rime Steel let 5 75
1955 FA 9214 933 95
6
9512
4
9614 100a Rochester Gas & El 78 ser B.1940 MS 10914 Sale 10914
31
109 4
3
3
2 10014 105
Gen mtge 534s series C 1948 M
105%
_ 10512 Oct'28
M S 100 8 10,
Gen mtge 4569 series D_ _.1077
78
843
5
10
Roch & Pitts C&Ipm 59_1946 MN
9612 103
90 June'28
7
8912 9812 St Jos Ry Lt & Pr 1st 59
1937 MN
9412 95
95
95
17 10412 1061
.
84
9834 102
3 St Joseph Stk Yds let 4359_1930 J J
__
1
98%
983
2
4
St L Rock Mt & P58 stmpd_1955 j
9712 1005
77
98%- - 7714
783
4
2
7812
1 10212 WM St Paul City Cable cons bs_ _1937 33 91
92
91
92
2
10
9914 1033 San Antonio Pub Serv let 69_1952 33
106 107
Oct'28
17 1003 1061 Saxon Pub Wks(Germany) 76 '45 FA 100 Sale 9912 100
8
17
Gen ref guar 6%s
35
1951 MN
99 105
94% Sale 94
95
27
Schulco Co guar 634s
1946 J J 102 103 102
10214 14
Guar 9111%s series 13
bl 100% 120
1946 AO 10014 10178 102
9
10214
N
8
9412 10111 Sharon Steel Hoop 5 f 5%8_1948
97% Sale 97
97% 25
..1952 MN
6
9814 1021. Shell Pipe LInes f deb 5s_.
9514 Sale 94%
953
4 25
98 1017 Shell Union Oil a f deb 594._1947 MN
98 Sale 9714
.
38
98
98% 1001 Shlnyetau El Pow 151 63-56_1952 J O 8914 9012 92
,
92
11
85% 880. Shubert Theatre 89_June 15 1942 3D 8914 Sale 89
3
90
16
Siemens & Halske s 1 75
1935 J J 102 Sale 101
824 82
102
9
1951 MS 10434 105 106
Deb S f 634s
96% 91-4
10614 20
S f 6%s allot ctfa 50% pd _ _'51 MS 1043 Sale 104% 10514 65
20
4
90% 102%
Sierra & San Fran Power 58_1949 FA 101 Sale 101
103 li,
7
1017
8
4
9714 9912 9112
10214 104% Silesia Elec Corps f 6 As___ _1946 FA
9112
3
Silesian-Am Exp coil tr 75.4_1941 P A 975 Sale 97
8
97% 22
Simms Petrol6% notes
1929 MN 100 Sale 100
50
8
85
10018 25
95% 993 Sinclair Cons Oil 15
-year 78_1937 MS 102 Sale 10178 10218 47
4
180
1st Hen coll 68 series D..._1930 VI
99 Sale 99
101 10412
9918 83
14
1938 ID 99% Sale 993
1st lien 634s aeries D
73% 101
4 10014 48
100 10014 Sinclair Crude Oil 534s set A.1938"3 97% Sale 9714
97% 70
1942 * 0 94 Sale 93%
102 10518 Sinclair Pipe LInes t 55
9414 12
1939 MS 93% Sale 93%
Skelly 011 deb 5348
102 108
93% 35
4
19 10518 1114 Smith (A 0) Corp 1st 6345_1933 MN 1013 Sale 1013
4 10212 26
47
_
South Porto Rico Sugar 7s._1941 Jo 104% 10814 10814 Sept'28
9912 106
j
8
10314 Sale 10314
6
95 100- South Bell Tel & Tel let sf581941
1033
4
.1 10312 Sale 10312 1033
953 1011 Southern Colo Power 65 A._1947
4
34
2
4
12
S'west Bell Tel 1st & ref 58_1954 FA 104 Sale 104
10414 19
84
90
21
Spring Vol Water let g 59_ _1943 MN 100
100 Aug'28
88
94
12 113 119
11
Standard Milling 1st 55
1930 MN 100 166 4 100 4 100 4
33
3
▪ B 1023 1037 10318
5 103 106
4
4
let & ref .5348
1945
8
10314
11 105% 1115, Stand 01101 NJ deb 55 Dec 15 '46 FA 1023 Sale 1023
4
4 102% 1141
Stand 011 of N Y deb 4 qs._1951 JO 9614 Sale 96
110 110
9612 137
8
13
99
92% 983 Stevens Hotel let Os series A.1945 3.8 99 Sale 984
4
Sugar Estates (Oriente) 75..1942 MS 9812 Sale 9714
7
9812
FA 100 1031 100
1929
Oct'28
100" 1081 Superior 011 let s f 79
D 10618 1063 10614
9872 1017 Syracuse Lighting 1st g 59_1951
10614 15
,
_ 10213 Oct'28
6254 62s, Tenn Coal Iron & RR gen 58_1951 J J 10212
Tenn Cop & Chem deb 6s.._1941 * 0 110 fii 110
58
60
114
28
Tennessee Elec Pow 1st 69_1947 3D 1063 Sale 106
4
1063
4 38
212 4
Third Ave 1st ref 4s
1960 33 68 Sale 67%
212 4
68
6
AdJ Inc 55 tax-ex N Y Jan 1960 £ 0 683 Sale 654
4
69
138
27 Sale 25
2712 25
1937 33 68
1358 32 Third Ave Ry 1st g 55
681 9614
9614
M
87
8912 863
75.18 941, Toho Elec Pow let 75
1
4
86%
1955
8612 97
983
4
9918
5
10518 10612 10512 10512
1 104 109
6% gold notes...._July 15 1929 j
99% Sale 99
9918 40
44 Sale 447
4512 47
Tokyo Elec Light Co, Ltd
44% 60
51
5012 50
21
57
1953 3D 914 Sale 903
1st Os dollar series
55
9114 184
74%
4
10814 Sale 10728
10814 10 105 10914 Toledo Tr L & P
% notes 1930 J J 101 Sale 10018
101
12
10014 Sale 10014
4
1003
4 35
9914 10312 Trenton G & El 1st g 59...A949 MS 102 107 1043 June'28
11012 Sale 11012 111
9 10934 111, 'Trumbull Steel 1st 5 f 65_4_1940 MN 102 Sale 102
10214 52
107 Sale 10613 107
Twenty-third St Ry ref 59_1962 3.8
48 106 109
617 60
Oct'28
100% Sale 987
8
100
36
987 10312 Tyrol Hydro-Elec Pow 7348_1955 MN
99% 997 99 8 100
3
8
10
101 101% 10112 10312
5 10018 1043
4
10312
10514
1945 MS 9812 Sale 9812
1 102% 10614 IJJ1gawa El Pow s f 78
10514
99
12
10312 Oct'28
99
953 Mar'28
4
101 1045 Undergr'd of London 4%8.4.1933 ii 94
_
4
10012 1021 10012 Oct'28
Union Elec Lt & Pr(Mo)59_1932 Si
_
93 Sale 93
N 100% 101 101
9312 27
Ref & ext 59
1933
92
94
101
3
70 Sale 69
35
70
10212
69
2
Un E L&P(111)1st g 5345 ser A_'54 J j 10212 Sale 101%
93
100 Sale 993
1945 * 0
4
10014 51
89
90 Sept'28
99 103, Union Elev Ry (Chic) 59
7
10112 Sale 101
10112
1931 J j 11 7
4 100 1071 Union 011 let liens 158
2
10112 10112
,
10118 Sale 10118
10213 14
30-yr 68 series A_ _ _ _May 1942 P A 10914 110 109
3 Oct'28
99% 104
10514 Sale 105
1 104 107
10514
8
1st lien sf55 series C_Feb 1935 AO 983 98% 98% Oct'28
99
__
Oct'28
United Biscuit of Am deb 64_1942 MN
974 100
98% 9912 99
99% 12
92 Sale 913
4
92
9
903 94% United Drug rcta 25-yr 59_ _ _1953 MS 9718 Sale 97
98
185
8
11312 11412 11314
11312
2 113 11634 United Rya St L let g 49._ 1934 J J 97% 9714 84
84
21
11518 116 11518
1937 MN 973 Sale 974
2 115 11E
11514
4
United SS Co 15-yr 65
973
4 16
107 Sale 1053
21 10412 16E
4
107
Un Steel Works Corp 6%s A_1951 3D 9714 973 90
907
8 41
4
95 Sale 95
3D 9012 Sale 9012
99% 10
95
With stock pur warrants
8
87
95%
1005 Sale 10028
8
Series C without warrants 3D 89
92
10112
907
8
7 100% 1061
907
5
s
101 1013 1003
4
With stock per warrants 3D 9012 90% 98% Oct'28
4 100 4
3
8 100 8 104114
3
99% Sale 9914
99 8 34
United Steel Wks of Burbach
96% 105
9214
93
Esch-Dudelange 5 1 754_4_1951 *0 104% Sale 1043
7
90% 93%
4 105
10
16152
10034
10113 56
97% 10112 135 Rubber 1st & ref 55ser A 1947 33 88% Sale 8814
89
57
102 Sale 102
10212 25 10018 105%
10-yr
% secured notes_1930 FA 10114 Sale 101
1011
37
100 10012 10014
Steel Corp(Coupon Apr 1963 MN 10714 Sale 10718
9912 1015 U S
10014
1073 100
5
10212 Sale 10212 103
2 10212 105
f 10-60-yr5s1Re,gLs_Apr 1963 MN
10613 Oct'28
104 10414 104
104
4 102 108
Universal Pipe & Had deb 68 1936 3D -5514 - 1 923
61 8
4
93
3
9
10212 Sale 10212 10314 69 10238 10514 Utah Lt &'Frac let & ref 55..1944 AO 96 Sale 9512
96
16
10412 Sale 10412 1047
1944 FA 10014 Sale 995
8 1034 1051 Utah Power & Lt 1st 59
8 1001
52
943 Sale 9414
4
943
4 47
91% 9814 Utica Elec LAP 18t If g 59_1950 3
104% 107 105
Oct'28
10118 Sale 10028
1013
Utica Gas & Elec ref & ext 56 1957 J J 1053 Sale 1053
8 17
98% 104
4
4 1053
4
4
9912 Sale 997
8 10014 39
98 1023 Utilities Power & Light 5349_1947 ID 94 Salel 9312
94
4
21
973 Sale 9712
4
J
973
4
4
884 10214 Vertientes Sugar 1st ref 78_1942
99 Sale 98%
99
27
10228 105 104
Oct'28
1953 3, 48
102 107% Victor Fuel 1st s f 59
51
5114 Oct'28
79 Sale 76
7914 51
50
811, Va Iron Coal & Coke 1st g 581949 M
82
85
82 Sept'28
95 Sale 94
95
14
Vs Ry & Pow let & ref 59_..1934 33 10012 Sale 1003
9312 102
4 100 4
3
114
11412 Oct'28 _
11334 1163 Walworth deb 8345 (with war)'35 AO 92
.
93 93
Oct'28
10428 Sale 10412 1043
4 13 102 10816
1st sink fund 65 series A_ 1945 AO 87Is Sale 85%
8718
6
--------104 Apr'28
__
Warner Sugar Refin let 75_1941 Jo 106 10612 106
104 104
106
1
9812 Sale 9812
99
141
' 87% 9114 9114
3
97 101% Warner Sugar Corp let 75_ 1939
9114 15
10018 Sale 10018
10028 44
_ 104
Oct'28
9712 1011, Wash Water Powers f 5s_ _ _1939 J J 102
937 Sale 94
8
9412 10
,
91% 1027 Westches Ltg g 5s stmpd gtd 1950 3D 105%1061 10528 Oct'28
93 Sale 923
4
9318 116
9114 943 West Penn Power ear A 5s.1946 MS 1017 10212 102
4
102
10
10618 10712 10614
10614
1
1st 59 series E
1963 M
1035 10334 103%
8
9012 108
1035
8
7
104% 10612 10418 Oct'28 _ 1041s 106%
let 534s series F
1953 AO 105
0
105
10512
2
10412 Sale 10414
10413
5 10312 106
1st sec ba series G
1956• D 10218 103 10234
,
1027
8
7
1063 Sale 110
4
_
Oct'28
West Va C & C lat 69
9914 113
50 Sale 50
1950 J
50
5
9312 95
9312
9313
2
9312 9612 Western Electric deb 5s._..1944 * 0 10312 Sale 102% 10314 25
1033 Sale 1033
4
4 104
1 1033 106 4 Western Union coil tr cur 59.1938 33 1013 Sale 1013
4
8
3
8
102
5
1034 105 1033 Oct'28
4
Fund & real eat g 434s
10334 100
973 9812 98
4
1950
Oct'28
10014 10012 100
1007
5 100 106%
15
-year 834s1936 P A 110 Sale 110
11014 42
100 --- 100
_
Oct'28
25
-year gold 58
99 1031
1951 3D 103 Sale 10214
103
5
,
973 9812 973
4
4
9734
1
973 903 Westlfse E & M 20-yr g 554_1946 M
4
103% Sale 10318
4
103% 26
987 9912 987
8
99
7
98 1013 Westphalia Un El Pow 68_ _.1953 33 80 Sale 86
4
87
26
10018 Sale 100
100%
1 100 1047 Wheeling Steel Corp let 53481948 3, 1003 Sale 1003
4
4
4
10114 16
4
107 1073 107
107
1 106% 108
White Eagle Oil & Ref deb 534537
9512 Sale 0512
9612 13
MS 0812 Sale 9712
With stock porch warrants_
9512 105
9812 32
933 Sale 0312
4
94% 66
93
125 Sale 123
95% White Sew Mach 65 (with war)'30
125
6
9712 Sale 97
116 2016
90 116
Without warrants
99 100
99
100
15
1103 Sale 1104 Sept'28
4
_ 11034 115
' 35% 3612 37
3
Wickwire Spen St'l let 73_ __1935
37
3
4 111
1103 111 1103
4
5 1104 11218 Wickwire Sp St'l Co 7s.Jan 1935 MN 325 Sale 32
8
33
31
14612 Sale 14312 1473 163 116 156% Willys-Overland sf 634e....1933 MS 10212 103 10212 103
4
2
10412 Sale 1035
10412 15 102 105% Wilson & Co let 25-yr s f 694_1941 * 0 101 Sale 101
1013
4 11
10012 Sale 100
1003
4 24
10718
09 100% Winchester Repeat Arms73Ss 41 *0 107 10718 107
6
98 Sale 98
9813 25
9714 107
Youngstown Sheet & Tube 581978
10012 Sale 100
10114 57
Ras •
Mee
Jas. I.
Low
High
9712 10112
9214 95
97 101
92
97%
99% 10512
10012 105
10318 1134
9612 102
10012 104
10012 102 4
8
8912 94
9412
94
9412 98
10714 114
104 10818
-6E1
9.5
984
96
99
76
797
4
91
981a
106 1091a
99 1031a
95
98
10012 1051s
100 105
9512 98
93% 961s
94% 10014
91% 9614
88
94 2
7
99 104
10412 112
10438 1078
4
9818 105
9118 96
96 102
9814 10813
100 104
14
9714 99%
9514 102
13
94% 994
4
93
97 4
1
917 95 s
2
3
101 10313
106 1101
4
10212 10612
102 1071
4
10214 107%
9912 10212
9912 10112
10214 10412
10212 104
9314 9818
9712 1021
8
97 10114
100 110
105 110
10114 106%
10112 117
105 10814
73
66
5534 727
2
9512 10113
98 1007g
98 100
90
9214
99 101%
104 4 1074
3
101 1031
i
58% 6818
987 10158
8
98 103
9518 9534
100 103
100 103
101 10414
8912 94%
99% 102
108 112%
9712 102
99 1621s
95 1004
81
8511
95 101
90
9612
89% 974
90
96
897 987
8
8
10214 105
83% 9613
100 105%
106 109%
10512 10812
8914 90
94% 1004
98 4 103 3
3
3
105 108%
1044 112
9312 94
97 101
55
48
82
9172
9913 102
961
4
82
6613
80
10511 1077
2
8413 95
10212 105
105 10912
101 105
102 108
10114 10612
10114 105
50
60
101% 105
100 10512
963 103
2
1a
1083 112 2
4
7
10114 10514
1013 105
4
86
9113
993 10432
2
9313 100
122 13112
98 4 104
,
28
39
25
3612
10113 10332
1(10 10512
106 10812
9914 10114
[VOL. 127.
FINANCIAL CHRONICLE
2074
Outside Stock Exchanges.
Stocks-
sates
TAUT.
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
• 14
Almar Stores
American Stores
* 7734
Bell Tel Coot Pa pref__100
58
Blauners All ctf
9
Bornot Inc
* 2334
Budd (E G) Mfg Co
54
Preferred
Camden Fire Insurance_
Commonwealth Casualty_
Cramp Ship & Eng____100
Curtis Publishing Co corn *
Electric Storage Battery100
10 _4734
Fire Association
Horn&Hardart(NY) corn •
Insurance Co of N A__ __10 74
Keystone Telephone____50
50
Preferred
Keystone Watch Case pf..• 50
734
Lake Superior Corp__100
50
Lehigh Coal di Nay
10 2634
Lit Brothers
Mfrs Casualty Insurance_
6834
34
Mark (Louts) Shoes Inc__*
North East Power Co____•
50
North Penn RR
Penn Cent L & P pref._._*
Pennsylvania RR
50
Pennsylvania Salt Mfg__50
Phila Co (Pitts) 6% pfd.50
Phila Dairy Prod pref
9034
Phila Elec of Pa
25 72
25 3534
Phila Elec Pow rcts
Phila Rapid Transit
50
7% preferred
50
so
Phila Traction
Phila. dc Western Ry_ _50
_50
Preferred
10 2634
Reliance Insurance
Shreve El Dorado Pipe L 25 364
* 49
Scott Paper Co
100
Preferred
634% preferred B
Stanley Cool America_ •
Tacony-Palmyra Bridge_ •
Tono-Belmont Devel_ _ _1
1
Tonopah Mining
Union Traction
50 3834
50 144%
United Gas Improve
United Lt & Pr "A" cons.*
U El Dairy Prod class A_ *
Victory Insurance Co_ _10 25%
Victor Talking Mach corn •
Warwick Iron & Steel___10
West Jersey dr Seash RR 50 4134
Rights
ED Budd
1434 3,300
362
7831
11634
400
58
300
9
100
2334 3,700
517
54%
314 2,700
2934 4,000
339
300
190
25
8834 1,300
4731
1,000
5735
100
1,400
7434
10
3%
100
14
100
42
84 1,400
138
700
27
20,975
14,000
72
1,500
334
294 1,300
66
874
100
1,900
6334 64
96
200
9734
50
53
53
143
904 9434
100
72
72
3534 3531 3,300
300
5534 55%
350
50
50
500
5534 563-s
100
931 935
600
32
3334
500
2835
26
354 3634 4,900
80
49
49
6
ule 110
5
1004 100%
900
53% 564
60
3535
34
200
filo
ors
3% 31h, 1,000
900
3834 3834
140 146
53.400
400
2434 244
60
523.4 5234
700
25
2534
5,100
1174 128%
4
300
%
4134 43
800
13
77
115%
58
9
214
5234
3034
2534
335
190
8634
47
57%
7234
3%
14
42
734
1374
244
61
335
2834
8734
4
BondsAdv Bag & Paper ils w I '62
Elec & Peoples tr ctis 4s '45
Lehigh C & N cons 430'54
Peoples Pass tr ctfs 4s_1943
Philadelphia Electric (Pa)
1st lien & ref 5s........1960
1966
1st 5s
1st lien & ref 530_1947
let lien & ref 530_1953
Phila Elec Pow Co 530 '72
Read Co Jer Cent coll 48'51
Strawbridge & Cloth 55 '48
Unit Rys & El 'Bait) 4s '49
4
6034
99
57%
9934
6034
4
25,139
9934 84,000
58
4,000
994
1,000
18.000
61
7,000
1,800
5.000
1,000
losg losg 19,000
9234 924 92% 5,000
wog 1004 8.000
11,000
76
75
10434
104
106%
106%
1044
105
106%
1064
Range Since Jan. 1.
Low.
1134
64
114%
574
834
17
41
2734
2535
131
175
6934
464
52
68
3
12
42
3
10534
2234
47
3
2034
8734
78
6134
92
5134
90
6534
22
5034
50
55
8%
32
25
18
40%
100
100
3034
2634
35
335
3634
11434
15
3734
25
52
4
3334
June
Jan
July
Oct
June
Aug
Aug
Jan
Oct
Feb
Feb
Jan
July
Feb
Aug
Jan
Jan
Oct
Jan
Feb
Jan
Sept
July
Mar
Oct
July
July
Jan
Oct
Mar
Jan
Jan
May
Apr
Aug
Sept
Oct
June
Mar
May
July
July
May
Aug
Sept
Oct
Sept
Jan
Feb
Jan
July
June
Jan
Jan
4 Oct
99
55
994
59
1024
104
1054
106
104
9234
99%
6434
High.
20
8434
118
60
14
294
73
4931
294
14
190
9134
85
64
10434
7
21
52
94
154
294
62%
2234
304
9134
82
72
10934
5634
96
74%
35%
61
52
64
15
3635
3734
37
604
1133
9
101
6834
42
2
5
48
149%
27%
62%
34
128%
14
43
Feb
Sept
Mar
May
Feb
Sept
Mar
May
Oct
Jan
Jan
Sept
Apr
Mar
May
Jan
Jan
Feb
Sept
June
June
Aug
Jan
May
Apr
May
Apr
Jan
May
Sept
May
Oct
Apr
Apr
May
May
Feb
Jan
Sept
May
May
Sept
Sept
Sent
Jan
July
May
May
July
May
Jan
Oct
Apr
Sept
1
Oct
Sept 1004 Feb
May
June 66
June 101% May
Aug 66% Apr
Aug
July
Sept
Mar
Aug
Oct
June
Jan
106
109
117%
1074
108
92%
1014
80
Mar
Jan
Mar
Jan
May
Oct
June
Feb
•No par value.
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange, Oct. 6 to Oct. 11, both inclusive
(Friday, Oct. 12, being Columbus Day and a holiday on the
Exchange), compiled from official sales lists:
3731 3834
8234
82
153 153
163 16434
10
10
4234 4234
31% 33
27
27
400 400
208 208
114 11534
3934 4834
24% 25
2535 26
9234 98
85
83
110 110%
107 107
102 10235
2034 2234
3
3
3334
32
292 294
114 1134
17
1734
934 954
60
603.4
lie
lie
25
25
2034 21
1834 18%
162 163
2634 274
10034 10234
102 103
230 230
4531
45
254 25%
14
14
8134 8134
7234 734
854 854
01 tt QR
870
455
5
36
150
210
2,320
95
4
10
52
2,110
342
534
866
683
102
10
98
456
50
3,413
48
215
11
230
69
4
1,000
712
170
258
250
789
37
42
4
210
16
100
13
309
5
20
Low.
35%
80
146
15835
9
33
24
2534
320
208
113
2134
23
23
8631
6734
10935
107
100
2034
3
2439
260
1035
1634
934
6
0
2c
2435
1934
1734
150
18
100
95
230
44
25
12
8035
7034
84
65
July
July
Mar
Mar
May
Mar
Jan
Apr
Apr
Oct
Apr
Mar
Jan
Feb
Sept
June
Jan
Oct
June
Oct
Sept
Mar
June
July
Jan
Mar
Aug
Jan
Mar
Aug
Aug
Aug
Apr
June
July
Oct
Aug
Jan
Sept
Sept
Aug
Aug
Tan.
High.
A
° VA
=SA= AAAA
A
A'
;444>..4t00044
.
,
1040t .47;4>or"-pg 4r.>44,
4,
,
=14t7 4
2,
i444AtggAgPAgggAna4ggt47..e'gg.%ItggArg4
°
• 3734
Arundel Corporation
Baltimore Brick, pref_ _100 82
Baltimore Comml Bank100 153
50
Baltimore Trust Co
100
Baltimore Tube
. 4235
Benesch (1) & Sons corn__
* 33
Black & Decker corn
25
Preferred
*
Canton Coy t
50
Century Trust
Uses & Po Tel of Bait pf100 114
• 46
Commercial Credit
25 244
Preferred
25 26
Preferred B
634% 1st preferred_100 96
Consol Gas, EL & Power_* 84
6% preferred eer D__100
53.4% pref w I ser E__100
5% preferred ser A_ _100
Consolidation Coal____100 2234
•
Dellon Tire & Rubber_
• 3231
Eastern Rolling Mill
50 292
Fidelity & Deposit
Finance Co of America A_*
Finance Service corn A_10 17
934
10
Preferred
60
First Nat Bank W I
lc 11c
Lorraine Pete Co
25 25
Mfrs Finance corny t
25 2031
1st preferred
25 184
2d preferred
Maryland Casualty Co 25 162
* 274
Maryland Mtge corn
103
Prior pref
103
Preferred
Maryland Trust
100 230
Merch & Miners Transp_-•
Monon W Penn P S pref_21
Mt Ver-Wdb MUls v t_ _100
Preferred
100 8134
New Amsterdam CasCo_10 73
Northern Central Ry_ 50
shz..,,. w..- 1. 0.sm.t.
a
ag
Range Since Jan. 1.
XOWONN4WOONCONNNOW.N.NW.W00.00.w4a..Nowv,
JOW .
qt0.40OWN,
1000,
001400NWWCW0004
,
..WW,
IMWOMOO.W.W.
4=
=
Stocks-
Sales
Thur.
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High Shares.
asses
Thur.
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par.
Low. High Shares.
Tin Porto Rican Sugar corn*
Preferred
United Rya & Electrie_50 13
U S Fidelity & Guar_ _ _50 470
West Md Dairy Inc pr pf50
Western National Ba0k_20 40
RightsUSF&Gwi
93
404 41
44
46
13
13%
470 475
54
54
40
40
93
94
Range Since Jan. 1,
Low.
Efloh.
May
150 374 Sept 70
May
149 44
bent 72
July 2034 Jan
210 12
204 3484 June 4964 Sept
10 52% Jan 5534 Jan
May
27 3934 Aug 43
1,748
934 Oct
Bonds
Baltimore City Bonds:
4s Sewer Loan
Aug
1961
9931 9931 81,000 98
4s Dock Improvem't '61 99
600 9831 Aug
99
99
4s Conduit
Oct
1962 99
99
99% 5.500 99
4s Burnt District_ _.1960 99
500 98 June
99
99
4s Public Park Impt 1955
Oct
100 98
98
98
4s Paving Loan_ _ _ _1951 99
1,100 9734 Oct
9734 99
334s New Sewer_ __ _1980
1,600 90 June
90
90
334s consolidated___1930
2,600 9934 May
100 100
Black & Decker 630_1937 12534 122 127
17,000 1064 Jan
Century Pky 6s
June
1956 86
1.000 86
86
86
Consol Gas gen 43
0_1954
99% 994 1,000 9834 Sept
Consol GEL & P 430 1935 9834 9834 9835 2.000 9834 Sept
Diusville Traction 5s
45
45
1,000 4431 Sept
Fair & Clarks Trae 58.1938
1,000 9134 Sept
9134 9135
Houston Oil 54% notes'38
Aug
4,000 100
102%
Lord Bait Hotel 6348..1945
Oct
99
9934 2,000 99
Maryland Electric Rylst & ref 634s sec A.1957
Aug
88
8834 6,500 87
Norfolk St Rys 5s
100 1024 Oct
10234 10234
North Ave Market 68_1940 102
July
98
98
2,000 97
Poulson(CW)&Sons630'41
8934 8935 4.000 894 Oct
Silica Gel 630
1932
Mar
1.000 101
1014 10134
Titusv Iron Wks 1st 78.'29
10034 1004
1,000 10014 Aug
Un Porto Rican Sugar634% notes
1937Sept
9634 9634 10.000 05
United Ry & E let 48_1949 6734 66
Aug
6734 22,000 66
Income 4s
Aug
1949
4531 45%
7,000 43
Funding 5s
Aug
1936 6731 6734 70
7,200 67
6% notes
1930
Sept
9331 93% 4,000 89
1st 6s
Aug
1949 8634 86
86.34
0,000 85
Wash Balt & Annap Sti 1941 80
Sept
80
8031 2.700 80
West Md Dairy 6s____1946
1044 10434
7.000 10434 Oct
*No par value.
964 Sept
1034
103%
1034
10234
1024
103
93
101
127
86
10334
10334
45
99
105W
10134
Feb
Feb
Feb
Feb
Jan
Jan
Jan
July
Oct
June
Apr
Apr
Oct
Feb
Sept102%
Mar
9934
105
101
94
10636
101
Jan
May
June
Apr
May
Mar
10634
75
55
844
9931
98
90
107%
May
Jan
Jan
Jan
Jan
Jan
Jan
May
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, Oct. 6 to Oct. 11, both inclusive (Friday, Oct. 12, being Columbus Day and a holiday
on the Exchange), compiled from official sales lists:
Stocks-
- - • Week's Range for
/ait
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Amer Vitrified Prod pL100 8834
Am Wind GI Mach corn 100
Preferred
100
Arkansas Gas Corp com_.
334
Preferred
10
734
Armstrong Cork Co
•
Bank of Pittsburgh
50 190
Blaw-Knox Co
25 120
Carnegie Metals Co
10 2234
Cent Ohio St Prod corn,...
• 22
Consolidated Ice pref. _50
10
Devonian 011
Diamond Nat'l Bank_ _100
First National Bank_ _100
Follansbee Bros pref._ _100 96
Harbison-Walk Ref new _°
Lone Star Gas
25 5734
May Drug Stores Corp___• 2534
•
McKinney Mfg corn
Nat Fireproofing corn __SO
50
Preferred
Pittsburgh Plate Glass.100 281
Pitts Screw & Bolt Corp..* 5434
Stand Plate Glass pr pf.
_100
Stand Sanitary Mfg com 25 3834
100
Preferred
Suburban Electric Devel- 1974
Union Steel Casting pf_100
United Engine & Fdy corn • 44
Westinghouse Air Brake_*
West Penn Rye pref. _100
Witherow Steel corn
*
100
Preferred
Range Since Jan. 1.
Low.
884 8834
15 84
30
30
100 16
50
50
20 33
334 334 20,820
234
735 731 4,961
634
5834 59
140 54
190 190
40 180
119 123
998 91
204 2234 10,615 164
22%
400 1934
22
26
400 23
27
7
734
225
634
545 545
5 501
400 400
50 345
96
96
20 95
5634 564
224 55
5734 58
1,950 484
25
2534
545 20
12
13
740 12
734 734
140
634
2034 21
120 17
281 287
385 210
25 4834
5434 5435
30
30
50 25
3834 38%
710 33
128 128
26 124
18% 20
805 17
1034 10331
12 10334
44
4431
90 42%
444 4434
25 43
100 10034
60 100
20
50 13
20
73
73
60 68
Feb
Feb
Aug
May
May
Aug
Jan
Jan
Jan
May
June
Aug
July
Feb
Aug
Oct
Apr
Jan
Oct
Feb
Aug
Jan
Feb
Aug
Mar
Jan
Aug
Oct
Jan
Jan
Oct
Jan
Jan
High.
8834
41
55
4
734
67
249
125
2734
2434
30
10
545
405
99
564
60
27
1334
10
24
290
5931
40
424
130
20
10534
61
56%
103%
27
74
Oct
Sept
Sept
May
June
Mar
Jan
Sept
Mar
Sept
Jan
Jan
Sept
Sept
Aug
Oct
Sept
Mar
July
Mar
Mar
Sept
Mar
Sept
Mar
Jan
Oct
May
Jan
Jan
June
Mar
Mar
•No par value.
Cleveland Stock Exchange.
-Record of transactions at
Cleveland Stock Exchange, Oct. 6 to Oct. 11,both inclusive,
(Friday, Oct. 12, being Columbus Day and a holiday on the
Exchange), compiled from official sales lists:
Owes
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
.1 /Mr.
Stocks-
Aetna Rubber corn
•
Air-Way Lice Appl pref100
Akron Rubber Reel corn..
Allen Industries COM
•
Preferred
*
Amer Multigraph corn_ •
Bond Stores -A"
iti
Buckeye Incubator com_ •
Bulkley Building pret..100
Byers Machine "A"
*
Canfield 011 corn
100
Central Alloy Steel corn..'
Preferred
100
City Ice & Fuel
•
Clark, Fred G corn
10
Cleve Build Sup & Br com•
Cleve-Cliffs Iron corn
•
Cleve Elec III 6% Pref__100
Cleve Railway com_ _ _100
.
Cleve Securities P L pf_10
Cleve Trust
100
Cleve UP Stocky'ds com__•
Cleve Wore Mills com_100
Dow Chemical corn
•
Elec Control & Mfg min..*
Falls Rubber corn
•
Federal Knitt Mills cons_ •
Firestone T & It corn_ _.I0
100
6 Preferred
100
7% Preferred
........_......, ._ - ____
2734 23
104
104
22
14
13%
3431
3334
3635 35
1
29
11134
53%
5
28
10434
234
380
23
110
10834
2734
10434
22
14
3434
3635
1
11
11
654 6534
29
29
184 164
40% 4034
III 11131
53
54
5
5
28
28
144 144
11134 1114
104 10434
231 234
375 380
23
23
1734 18
165 165
60
60
834 8%
37% 37%
174 174
110 110
108 1084
gst, 575.5
.ce to
. 70NW
NN.404 NO,
,
NW.q10...40*ONQWW.CW
0,10CC.C.W0,000.MON4,04..00000WOON000
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Oct. 6 to Oct. 11, both
inclusive (Friday, Oct. 12, being Columbus Day and a
holiday on the Exchange), compiled from official sales list:
Range Since Jan. 1.
Low,
18
10134
17
1034
30
26%
g
94
6534
10
112
2834
10931
3634
234
27
104
110
102
1534
359
23
17
11231
5434
44
32
168
109
10754
fig
July
Jan
Apr
July
July
Jan
Aug
Sept
Oct
Sept
May
Mar
Jan
Feb
Feb
Aug
Jan
June
May
July
Jan
Oct
Oct
Jan
Jan
Feb
Jan
Jan
Jan
Sept
J55*
High.
274
10534
29
1734
37
36%
3
494
704
90
180
44%
112
60
84
31
14734
115
109
334
400
274
30
175
66
13
3934
232
112
11134
5754
Oct
Mar
Jan
May
Feb
Sept
Ain
Jan
Feb
Jan
Sept
Sept
Mar
Sept
Aug
Feb
Sept
May
Mar
Apr
Mar
Apr
Mar
May
May
Aug
May
Jan
Mar
Jan
(let
OCT. 13 1928.]
FINANCIAL CHRONICLE
Melee
_
-Eciit. Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price, Low, High. Shares.
Range Since Jan. 1.
Low.
High.
Glidden prior pref
100 104
Godman Shoe corn
* 58
Goodyear Tire dr Rub com• 9034
Grasselli Chemical corn_ •
Preferred
100
Great Lakes Tow com__100
Preferred
100
Halle Bros pre
100 102
Harbeuer corn
• 1734
Harris-Seybold-Potter corn*
India Tire & Rubber corn • 43
Preferred
100 98
Jaeger Machine corn
•
Jordan Motor pref__ _100
Kaynee corn
10
Kelley Isl Lime dr Tr com • 53
Metropol Pay Brick,com_* 45
MillerWholesaleDrug,com•
Miller Rubber. pref____100 8035
Mohawk Rubber, corn_ *
Murray Ohio Mfg. com_ •
Myers Pump,coin
• 37
National Acme, com____10 2134
National Refining, com_25
National Tile, corn
• 3434
Nestle-LeMur. corn
• 2834
1900 Washer, corn
•
Nor Ohio P & L.6% pf_100
104 104
58
5834
8334 9034
80
80
10835 10835
95
95
110 110
102 102
1734 1734
18
18
4335
41
98
96
3735 3735
25
29
30
30
53
5334
45
4534
2654 26%
8035 8134
202 210
23
23
37
3834
21
2134
3634 3635
3354 3454
2735 2834
23
2334
97
97
150 96
Jan 10435
450 57
Aug 69
500 70
Jan 9034
100 47
July 8134
125 1054 Feb 111
18 88
Feb 95
15 108
Jett 110
55 100
Aug 10434
200 1234 Apr 1734
20 10 June 24
820 18
Feb 58
20 95
Sept 97
25 2754 Mar 40
180 18
Aug 50
100 29
Aug 4334
169 4934 Apr 5534
400 3135 Jan 49
35 24
July 28
110 70
May 98
61 2945 Jan 224
75 1334 June 25
1,225 33
Feb 4334
360
735 Jan 2134
149 3435 Aug 39
900 2634 June 3534
4,845 2734 Sept 2834
90 2434 Aug 3034
25 93
Jan 100
Oct
July
Oct
Oct
Apr
July
Mar
Feb
Oct
Jan
Sept
June
Sept
Mar
May
Jan
May
July
Jan
Sept
Sept
Apr
Oct
Jar
Jar
Oct
Tel
Fet
Ohio Bell Teleph, pref_100
Ohio Brass "B"
• 88
Ohio Seamless Tube.com.• 7235
Packard Electric, com_ •
Packer Corp. corn
• 34
Paragon Refining, com
* 1914
Preferred
•
Reliance Mfg, corn
• 3735
Richman Bros, con)
• 342
Scher-Hirst, class "A"_ •
Selberling Rubber. corn_ • 51
Preferred
iiio me
Selby Shore, corn
• 38
Sherwin-Williams, com...25 8835
Preferred
100 108
Stand Textile Prod. A P1100 67
B preferred
100
Stearns Motor, corn
•
535
Steel & Tubes. Inc, com_25 188
Thompson Products, corn * 3234
Union Metal Mfg, com.. • 45
Union Mortgage. let p1190
Union Trust
100
Van Dorn Iron Wks. com_•
White Motor Secur. p1,100
Wood Chemical Prod, corn*
Vnumx R Ar T oral
inn AA 44
•No par value.
113 113
8634 88
66
73
86
8834
34
34
19
1934
43
4335
3734 374.5
347 346
23
23
4834 51
105 106
3734 38
8834 90
10734 108
58
67
33
3334
5
554
180 188
3235 33
4435 4535
3
3
290 295
4
4
101 101
25
25
0014 0051
40
335
2.495
264
160
1,867
232
1,215
571
50
1,480
31
362
290
175
176
156
900
1,265
120
780
73
218
50
14
20
'inn
Api
Mat
Oct
Au;
Ma
Sett
Oc
Sett
Sep
Ma]
Sett
Mal
Ap
Sep
Ma
Ap
Ma;
Ap
Sep
Ma
Au
Ja
Ma
Ma
Ma
Ma
109
87
38
47
3234
93,4
4135
3734
256
22
3334
10234
3734
6534
106
5034
2634
3
53
22
4234
3
285
4
101
2435
flail
June 11434
Aug 10035
Mar 73
Jan 90
Feb 4034
Jan 20
Sept4334
Oct3834
Feb 353
Aug 29
Feb 5234
Aug10734
Oct 47
Feb 95
May 10934
Aug 71
Sept 35
Mar
8
Jan 191
Feb 44
Jan 49
July 30
Jan 305
Aug
735
Sept 105
Sept 2
734
Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange, Oct. 6 to Oct. 11, both inclusive (Friday, Oct. 12, being Columbus Day and a holiday
on the Exchange), compiled from official sales lists:
Stocks-
Thur.
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares
-Fox "A"
Ahrens
*
Amer Laund Mach,com_25
Amer Products, pref
•
Amer Rolling Mill, com_25
Am Seeding Mach, pfd _100
Amer Thermoa Bottle "A".
preferred
50
Baldwin, new pre'
100
Buckeye Incubator, pfd100
Carey (Philip) coin- _100
Preferred
100
Central Brass"A"
•
Cent Ware dr Refrig "A" 20
Central Trust
100
Champ Coated Pap com100
Champ Fibre. pre
100
Churngold Corp
•
CM Car Co
50
CNO&TP.pfd
100
Cin Gas dr Elec, pref_100
CN dr C Lt & Trac,com100
Preferred
100
an Street Ry
5()
Cin & Sub Tel
50
Cha Union Stock Yards_100
City Ice & Fuel
•
Coca Cola"A"
•
Cooper Corp, new pfd - _100
Crosby Radio "A"
•
Crown Overall, pref_ _100
Dow Drug, corn
100
Eagle-Picher Lead, com_20
•
Early & Daniel. corn
Preferred
100
Egry Register "A"
•
Formica Insulation
*
French Bros-Bauer pref 100
Gibson Art corn
•
Omen Watch corn
•
Preferred
100
Hatfield-Campbell pref 100
Hobart Mfg
•
Internal Printing Ink__ _•
Preferred...
100
Johnston Paint pret_ _100
Kahn participating
40
Julian Kokenge
•
Rode Elec & Mfg "A"..„5
Little Miami guar
50
Lunkenbeirncr
•
McLaren Cons"A"
•
Mead Pulp
•
Special preferred._ _100
Meteor Motor
•
Nash (A)
100
Nat'l Recording Pump__ _•
Ohio Bell Tele') pref__ _100
Paragon Refining com _ _25
Preferred
100
Procter dr Gamble com__20
6% Preferred
100
Pure Oil 6% pre
100
Putman Candy pref- - -100
Queen City Pet pref _ _ -100
Papid Electrotype
•
Richardson corn
100
Rollman pre
100
Sycamore-Hammond_
•
United Milk Crate "A".._•
U B Playing Card..
10
T1 R Print A. T nhn nr.? inn
21
93
25
85
2034
11
43
10834
4734
222
120
2235
235
255
100
100
2234
29
8034
97
9734
80
4535
5334
3534
3634
3034
90
25
102
34
Sept
Oct
July
Aug
July
Feb
Jan
Mar
Sept
Jan
Aug
June
June
Jan
Feb
June
Jan
July
July
Aug
Feb
Oct
Jan
Aug
Aug
Apr
Mar
Oct
Feb
:ian
May
1834 20
78
78
107 107
29
29
2334 24
100 100
4834 4834
47
47
116 11635
9835 9835
6834 69
48
5035
99 10034
90
90
37
3735
33
3834
18
15
104 104
28
2834
1634 1634
70
69
105 105
33
31
13535 13834
36
36
112 113
1835 1935
42
42
280 285
11134
111
10035 101
90
90
100 100
7234 73
210 210
10054 10054
2734 2734
3235 3554
110 112
inn
Ina u
5,824
5
25
10
228
10
148
58
76
36
162
567
666
1
64
3,163
1,594
1
115
32
183
107
382
71
20
86
539
30
441
15
162
2
1
137
3
1
10
1.590
665
in,
1534
56
107
29
2034
88
43
46
11434
97
44
3
034
97
8934
35
2934
15
10234
2535
1634
65
101
26
100
28
10934
934
403(
249
9654
9634
90
100
3435
172
99
25
28
10935
act lz
May 9334
Mar 9335
Oct110
Oct32
Mar 26
July 100
Jan 5034
July 5634
Feb 11635
Oct109
Jan 75
Aug5334
Aug10054
Sept 102
Oct 4335
Sept 3635
Oct 5535
Oct 11034
Feb 2954
Feb 2035
Mar 82
Sept 112
Jan 45
Apr 146
Aug 48
June 115
Apr 20
Sept 44
Jan 300
Jan 113
Jan 101
Oct 99
Apr 10154
Feb 7535
Jan 220
May 103
Oct 2754
July 3534
Aug 132
v.), inn
106
3434
9934
80
5235
11434
3755
35
57
4134
24
4834
47
11635
6834
4935
10035
36
15
28
33
13534
36
1834
42
28034
11135
10034
90
7234
210
3534
112
innu
High.
80
485
140
419
25
1,065
5
21
1,056
21
100
249
75
4
30
15
130
7,459
10
319
20
88
240
333
113
178
175
50
1,690
30
305
20
47
110
1034
107
Low.
2144 2145
9334 9834
27
27
9835 102
25
25
1935 20
47
47
110 110
10
1035
232 232
121
121
23
23
234 245
260 260
106 106
10835 10834
4034 4
034
3235 36
113 113
9934 9934
10135 10134
80
8
034
52
52/
4
11435 11534
3635 3754
5335 5354
35
35
90
91
5535 58
10634 107
40
4134
9434
27
100
1934
Range Since Jan. 1.
233
, Jan
,
114 June
2934 Apr
120 June
25
Feb
2134 Sept
4934 Feb
110
Jan
49
Jan
275
Apr
126
Apr
2734 Feb
4
Jan
269 June
119
July
10934 July
46
Sept
38
Oct
121
May
10034 MRY
109
June
121
May
55
Jan
128
May
50
Apr
61
Sept
38
May
10534 Apr
59
Sept
107
Oct
4434 Aug
May
May
May
July
Feb
July
May
Set
Oct
Fet
Sept
Sept
Oct
Fet
May
Oct
Jar
Api
Mai
May
Jar
Jar
May
Jun
Ap
Ap
Seri
hop
Ma
Jul
Oc
Ma
Jar
Sep
Sep'
Ap
Oc
pc
Jar
2075
Thur.
Sates
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par Price, Low, High. Shares.
U 8 Shoe corn
Preferred
Whitaker Paper corn
Preferred
Wurlitzer 7% pref
•No par value.
•
100
•
100
100
73,4
67
6135
107
11634
73,4
67
6135
107
117
Range Since Jan, 1.
Low.
High.
SX Feb
110
934
5 45
Mar 7234
50 52
July 6134
5 10234 Jan 10834
100 10954 Mar 117
Apr
JU1Y
Oct
Mar
Oct
St. Louis Stock Exchange.
-Record of transactions at
St. Louis Stock Exchange, Oct. 6 to Oct. 11, both inclusive
(Friday, Oct. 12, being Columbus Day and a holiday on
the Exchange), compiled from official sales lists:
Stocks-
Thur.
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par, Price, Low. High. Shares.
Bank Stocks
Boatmen's Nat Bank100___ _____
Nat Bank of Comm.100-- _ _____
180 180
167 16735
100
141
Trust Co Stocks
Mercantile Trust
100 546
545
Miscellaneous Stocks
Bentley Chain Stores, com•
Preferred
• 46
Boyd-Welsh Shoe
• 40
Bruce(E L). corn
*
Preferred
100 101
Burkart Mfg, corn
•
Preferred
•
Champ Shoe Mach, p1.100 99
Chicago Ry Equip, com _25
Coca Cola Bottling Sec
-1 60
Consol Lead & Zinc "A"_• 1135
Elder Mfg "A"
100
Ely dr Walker DO,com.25 29
Fulton Iron Works, pf _100 81
Granite 131-Metallic
10 45c
Hussmann Refr. com_
•
Huttig S & D, corn
• 20
Preferred
100 94
Hydraulic Pr Brick, pf_100
Internet Shoe. corn
• 7535
Preferred
100 111
Johansen Shoe
•
Johnson-S & S Shoe
•
McQuay-Norris
Mahoney-Ryan Aircraft__A
1934
Moloney Elec A
• 5534
Mo. Portland Cement__25 ______
Marathon Shoe com____25 60
Nat Candy corn
•
2d pref
100
Pedigo-Weber Shoe
• 38
Pickrel Walnut
•
Rire43tix Dry Goods corn _• 19
let preferred
100
Scruggs
-V-B D G com25
2d preferred
100 80
Scullin Steel pre
• 3435
Securities Ply pref
100 105
Sheffield Steel corn
• 65
Skouras Bros A
• 47
SOU ACid & Sulphur corn_ _•
S'western Bell Tel pre_100 11834
Stir Baer & Fuller com___• 38
St Louis Car pref
100
St Louis Pub Serv com___• 25
Preferred A
• 8234
Wagner Electric com
• 12035
Wagner Electric pref___100
2535 2734
46
46
40
40
45
45
101
101
10
11
20
20
99
99
6
6
60
62
1135 1154
75
75
29
29
81
81
45c
45c
27
27
20
20
94
94
7835 79
7535 7654
111 111
3635 3634
5974 60
51
51
1834 2134
5535 5545
4234 4334
58
60
19
1934
10034 10035
38
38
243,4 2535
19
1934
10835 10834
20
20
80
80
3435 3434
105 105
65
65
47
46
443, 4435
11834 11935
37
3835
101 101
25
25
8235 83
117 12434
105 106
Street Ky. Bonds
City dr Suburban P S 5e '34
East St I.& Sub Co 58_1932
United Railways 4s-__1934
9134 9194 57.000
95
95
1,000
84
84
6,000
95
84
Miscellaneous Bonds
Houston Oil 5345
1938 102
Moloney Electric+ 5355 1943
Nat Bearing Metals 6s.1947
St Louis Car lls
1935
Scruggs
serial
-V-B 7s
Scullin Steel 6e
1941
•No par value.
102
9735
103
10134
99
10034
550
Range Since Jan, 1.
Low.
168
157
52 533
400
320
100
50
6
4
10
75
14
553
125
30
325
33
100
10
300
5
100
1,676
108
50
120
50
520
657
272
1,150
161
2
75
230
650
40
100
37
160
8
87
70
10
272
1,930
25
432
100
1,352
70
High.
Sept 1929.4 June
Apr 236
May
July 570
Jan
21
Sept 2834 Oct
4534 Sept 48
Sept
383 Jan 45
4
May
45
Oct 52
May
98
Jan 101
Oct
10
Oct 1745 Jan
19
Mar 2435 Apt
99
Oct 107
Max
6
Oct 12
Mat
21
Mar 6334 Sept
11
Mar 179,4 May
72
Jan 90
May
28
Sept 33
Jan
59
Jan 85
Sept
308 Mar 45e
Oct
27
Oct 41
Mar
20
Oct 27
Feb
94
Oct 99
May
7434 Apr 87
May
62
Jan 87
Apt
Aug
10936 July 113
34
Sept 45 May
Apr 70
48
May
23
Jan 59
May
Aug
1834 Oct26
55
Aug 5634 Sept
38
Mar 52
May
58
Oct6034 Oct
18
Aug 2334 Jar
100
Oct106
Feb
35 June 45
May
21
July 243.4 Oct
19
Oct 2334 Ms
108
Sept 117
Apt
16
Apr 22
Aug
80
Sept
Oct 86
31
Jan 46
Air
105
Oct 109
May
33
Jan 87
Sep
37
Apr 54
Sep.
3935 june 4734 Jar
Aug 121
117
Ma
27
Mar 3835 Oc
100
Jan 103
July
20
Jan 3234 Jun,
7834 Apr 89 Juni
37
Feb 126
Sep
9634 Jan 107 Juni
sox
94
84
103
6,400 102
9735 4.000 9734
10334 3,000 999.4
10154
1,000 10034
99
1.000 9834
10034 13.54%) 9834
Aug
Jan
Oct
Oct
Oct
Jan
Jan
Oct
Jan
93
Ap
9535 Am
8534 dal
105
9735
104
102
10035
101
Ben
Oc
Aui
Sep
Me
Ma:
San Francisco Stock Exchange.
-Record of transactions at San Francisco Stock Exchange, Oct. 6 to Oct. 11,
both inclusive (Friday, Oct. 12, being Columbus Day and
a holiday on the Exchange), compiled from official sales lists:
Stocks-
Thur.
Sales
Last Week's Range for
Sale
of Prices.
iVeek.
Par. Price. Low. High. Shares
American Co
Anglo & Lond P Nat Bank_
Armour & Co A com
Atlas I M Diesel En A
Bancitaly Corp
Bank of Italy N T dr S A
Byron Jackson Pump
Calambe Sugar corn_ _ _ 820
California Copper
Calif Cotton 511 Ili, corn_ _
California Ink
Calif Ore Power pref
Calif Packing Corp
Caterpillar Tractor
Coast Co Gas & El 1st pref
Clorox Chemical
Range Since Jan. 1.
Low,
High,
7635
8134
10034
41
148 15234
150 130
246 A 248
145 225
18
18
200 1235
7434 7634 4,059 31
123 12534 13.347 100
19134 193
4,351 125
9835 103
12.667 3134
30
30
505 30
634 634
910
2
93
95
75 75
60
6334 5,195 30
111 11135
15 10854
75
7635
1.798 6934
8035 8234 16.709 53
10034 10034
405 98
4035 4234 2,265 3034
July
Mar
Jan
Jan
June
June
Apr
Aug
Mar
Jan
Jan
Jan
June
Jan
June
June
220
295
2334
8734
22034
31134
10854
33
83,4
14335
6334
11235
8134
8445
102
4434
June
May
Sept
Aug
May
May
Sept
Sept
Apr
Mar
Oct
Mar
Sept
Sept
Jan
Sept
Dairydale A
273,4
B
25
Crown Zell pref
7774
Vot trust ars _
24
East Bay Water A pref_
B preferred
Emporium Corp
Fageol Motors corn
Preferred
Fireman's Fund Ins
13
Foster dr Kleser com
56
Galland laundry
6234
Golden State Milk
Great Western Power pref_ 10535
10154
Ser A 6% pref
Hawaiian Corn dr Sug Ltd_
Hale Bros Stores
5735
Hawaiian Pineapple
3634
Home Fire dr Marine Ina
39
Honolulu C0118011
2335
Bunt Broe Pack A com
11%
Hutchinson Sug Plantat'n_
.... --- -___
KAU
2654 2734 2.200 23
2535 4,220 1735
23
7774 7835
783 7735
24
2454 11,131 24
9634 97
100 8434
101
101
200 90
29
28
95 28
4.50 4.60 1,460
2
634 7
200
5
11335 11335
110 110
13
1334 2,040 12
5435 5735
560 5434
6034 6334 14.964 33
105 10534
145 10335
101 10234
50 9835
50
200 46
5034
25
140 2435
253,4
5754 5735
95 41
3654 3834
220 3654
39
38
1,300 35
2334 2334
240 22
11% 1135
200 1134
A2
USA 11 1128 59
Jan 3254
June 3135
Sept 82
Oct 2945
July 99
Sept 11034
June 3434
Jan
734
Jan
8
Feb 127
June 19
Oct 6434
June 6474
June 10674
Jan 10334
June 5335
Sept31
Jan 61
Oct 4934
Feb 43
June 289.4
May
1554
Trm
89
June
May
Sept
Sept
Apr
Mar
Jan
May
,
Mar
Jan
Jan
Aug
Oct
Max
Apr
Jan
Jan
Sept
Jan
May
tip
Ma
5..
7435
12435
19134
9935
635
__
_
63%
__-
2076
FINANCIAL CHRONICLE
Sales
Thur.
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
sales
Thur.
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
[VOL. 127.
Range Since Jan. 1.
Low.
High.
Feb 4435 Sept
350 39
41
40
Illinois Brick Co
25 41
64,154 30 June
74% 7135 76
Roister Radio
Jan 5935 Sept
4,050 26
54% 56
Inland Wi & Cable com_10 55
Aug
1.597 32
34% 36
Langendorf Baking Unit A 35
330 30% Sept 3235 Sept
32
31
Internet Pow Co, Ltd come 31
July
960 18
31
30
13
1,460 6535 Jan 13734 Sept
Kalamazoo Stove com___• 13435 133 136
5 10534 Jan
106 106
La Gas & Elec pref
1534 Sept
735 Aug
1234 1435 10,450
Kellogg Switchbd com 10 1334
Oct
370 18
19
18
IS
Leighton A
40 5034 Feb 5435 June
62
52
Kentucky Util Jr cum pf_50
July
325 13
15
14
14
B
Sept
28,850 4335 June 70
70
64
Keystone St & Wi corn._ _• 66
Oct
340 48
49
4835 48
Leslie Salt
Mar
50 9731 Oct 114
Preferred
100 9735 9734 974
535 6% 195,185 30c June
6%
Magnavox Co
5635 Sept
July
100 52
5635 5835
Kimberly Clark Corp.cont•
Jan
2,610 22
26% 2831
Magnin (I) corn
431 July
Mar
3
10
3
3
La Salle Ext Univ. com_10
Jan
245 105
11131
111
111
Nor Anaer Inv com
June
1,150 14
1831 Aug
1635 18
Leath & Co corn
• 17
Jan
75 99
101
10034 101
Preferred 6%
1.400 503-6 Oct 53 June
Cumulative preferred_ .* 5134 5035 62
2.185 36 June
4234 4234 43
North American Oil
13
,
May
834 AP
Libby McNeill & Libby _10 1134 1034 1234 9,81.0
85 2634 Aug
2731
27
Occidental Insurance
5
Oct
Jan
2
2,100
5
3
Linosay Light, corn
5
10
Aug
5234 5335 1,295 39
Oliver A
Lion 011 Ref Co cam
• 3835 3834 4034 37.900 2435 June 4034 Oct
2,216 3835 Aug
5235 5235 5334
B
1,565 3034 June 41 4 Oct
Loudon Packing Co
• 3535 3535 41
50
5035 3,476 4375 Mar
5034
Pacific Gas & Elec com _ _ _ _
100 3934 Sept 4435 Apr
40
40
McCord Rad Mfg "A"
*
935 2634 June
2734
2734 27
1st Preferred
May
50 2335 Jan 60
McQuay-Norris Mfg
• 4835 4835 4835
7934 36,104 7234 Feb
Pacific Lighting Corp corn_ 7834 74
Oct
Oct 40
3735 3935 2,100 35
38
Mapes Consol Mfg, com__
175 10034 Jan
10035 102
102
Preferred 6%
3335 3734 12,000 3335 Oct 3735 Oct
35
Mark Bros, preferred
2.35 Sept
2.35 2.90 46,298
2.75
Rights
1034 Jar, 2234 Apr
1,985
14
Meadow Mfg Co corn_ _ .
.• 1234 12
July
150 145
150 150
Tel & Tel corn
Pacific
Mar
50 4435 Jan 55
4834 4835
50
Preferred
20 11335 Jan
120 120
Preferred
May
300 1534 Jan 25
1935
17
Mer & Mfrs Sec pr pref _ _25 19
3,598 79 June
85
83
Paraffine Co's Inc corn.__ 85
Sept
125 100 June 108
*
106 106
Metro Ind Co ctfs
5,135 2134 June
37%
3335 33
Piggly Wiggly West Sts A_
May
2,265 123% Jan 169
151% 155
Middle West Utilities. ___• 152
420 1434 Apr
15
15
15
Pig'n Whistle pref
582 11635 Jan 125 34 May
Preferred
100 11935 11934 120
Sept
20 105
109 109
Raphael Weill
510 9335 Jar' 10031 May
96% 77
$6 cum preferred
• 97
49
4834 5034 18,162 23% Feb
Richfield Oil
May
Mar 108
173 99
101% 10234
$6 cum prior lien
•
740 22% June
2435 243.4 242.4
X
-W
260 12234 June 13031 May
124 124%
Prior lien preferred__100 124
Feb
671 31
3135 32
32
Roos Bros corn
Midland UM
100 9735 July
9834 9834
Preferred
Oct 9935 June
178 90
90
92
6% prior lien
100 91
5 113% Jan
S J Lt & Power prior pref.._ 11334 113% 11335
May
185 9831 Aug 107
7% prior lien pref
100 9935 9974 100
936 20 June
B F Schlesinger A corn.._.... 23% 2234 24
Sept
20 9834 July 107
99
7% preferred "A"__.100
99%
July
135 90
94
95
94
Preferred
5231 Sept
750 5034 A ug
Miller & Hart Inc cony pf.• 50% 5034 5134
Feb
2,755 24
28% 27% 28%
Union 011 corn
Shell
45
Mar
it e1
900 30
3834 40
Mittman Honeywell Reg.• 38%
830 6034 Mar
7235
Sperry Flour Co corn
7234 70
May
May 112
250 Ski
Preferred
100 10435 10435 10435
95 99% Jan
100% 102
102
Preferred
Sept
1,050 3134 Jo,. 56
49
50
• 49
Modlne Mfg corn
Oct
80 89
89
90
Spring Valley Water
Sept
Sept 223
St5 160
• 21435 200 217%
Mohawk Rubber
Oct
360 21
2135 2231
Tidewater 011com
May
350 244 Apr 36
28
28%
Monighan Mitt Corp A _ _.•
160 88% Oct
8835 89
Preferred
Oct
80
4. ,•• Jae
1,450
80
Monsanto Chem Works_* 7935 77
51% 5,500 4134 Feb
51% 49
Union Oil Associates
850 5734 Oct 8734 Apr
Morgan Lithograph com_• 57% 5754 65
11,716 4234 Feb
5135 4935 52
Union 011 of California_ _ _ _
Nachman Spring0iled corns 48
4034 5134 10,900 2834 July 5131 Oct
734 Mar
725
14%
12
Union Sugar com
May
950 2734 Jan 42
34
Nat Flee Power A part__ _• 3334 33
Feb
5 295
290 290
Wells Fargo 13k & Un Tr_ _ _
6
May
335 435 3,600
4
334 no
National Leather cow ___10
530
534 Mar
6%
6
West Amer Finance pref_
5734 May
42% 437-4
• 43
1,800 3735 Jan
Nat Standard corn
4835 June
350
4934 5035
50
Yellow & Checker Cab_ _ ._
3335 Apr
Sept
22
11,750 19
Neve Drug Stores, corn.... 21% 20
6.500 28 Jun. 4434 May
3554
Nobblitt-Sparks
-Record of transactions at North American Ind com_• 4035 49 42
Chicago Stock Exchange.
5231 5.250 3231 Jai
Car com_• 6131
54 June
bit
5034 Oct
43
50% 3,200 20
Chicago Stock Exchange, Oct. 6 to Oct. 11, both inclusive Northwest Eng Co corn • 49
Feb
65 9935 Sept 105
West Util
12, being Columbus Day and a holiday on the North preferred pr In pf100 101 100 101
(Friday, Oct.
50 9774 Oct 10535 May
7%
9735 9734
100
Oct
31% Aug 87
• 84
compiled from official sales lists:
8,200
77
87
Oak & Prod class A
Exchange),
Oct
• 82% 7735 87
17,300 3135 Aug 87
Class 13
, Sales
Thur.
Oct 98 June
96
50 96
96
Omnibus, pref "A"
_100
Range Since Jan. 1.
,
Last Week's Range' fo , 1
Sept
36
July
34
3535 1.750 26
'intuit, Mfg Co corn
•
Wee
ofPrices.
Sale
3935 403.5
1,100 3935 Oct 4015 Oct
Peoples Lt & Pow "A".._ _ 4
034
Low.
High.
Par. Price. Low. High. Shares
StocksSept
40
4235 1,850 3135 July 44
Perfect Circle (The) Co..' 42
Oct
30,750 5435 Jan 194
Pines Winterfront A com_5 18335 148 194
Jan 120
Sent
400 83
25 10234 10234 10234
Steel Co _
Acme
Oct 2824 Apr Pub Serv of Nor III
600 18
19
18
Adams Royalty Co, corn.* 18
Aug
• 184% 182% 185
648 15931 Jan 191
Common
All-Amer Mohawk "A". _5 3434 2435 35% 30,850 1334 Aug 35% Oct
Aug
100 184% 184 184%
160 13934 Jan 191
Common
Oct
3435 3934 2,800 2335 Feb 40
Arnertcan Colortype. corn • 38
Aug
Aug 125
65 103
6% preferred
100
11534 11534
Oct 2674 Apr
17
GOO
17
1834
Amer Natural Gas Corp_ _* 18
Oct
4,300 3835 Jan 152
129 152
June Q-R-S Music Co com____• 152
172 9735 Mar 104
Amer Pub Serv pref____100 102% 101% 10235
Apr
Apr 327
225 262
310 315
Quaker Oats Co,corn_
•
Am Pub UM
Apr
Jan 128
101 111
100 12034 12034 12034
Preferred
July
Sept 101
30 92
100
9234 9234
Part preferred
Aug 6335 Oct
48
• 62
Raytheon Mfg Co
6334 26,330 41
Sept 11734 Jan
590 80
8735
Amer Shipbuilding_ _ _.100 8735 80
aosi Oct
Apr
700 26
3934 4035
Jan
, Beal Silk Has Mills, corn 10
4
1374 Mai
1134 12% 9,675
Amer States Sec Corp A _ -• 12%
47.35 Oct
Rosa Gear & Tool corn_..• 4434 40
4735 7.750 30 June
6% May
35 Jan
3,400
5
4
5
Warrants
41
May
Aug
1.000 29
33
35
195 6634 Jan 9134 June Sangamo Electric Co_ _ _ _• 34
8435 8534
Armour & Co. pref__ _100
001
1,050 4835 Mar 95
9235 95
•
Sept Sheffield Steel corn
June 49
4535 4835 8.8.50 28
• 47
Art Metal Wks Inc pref..
8.500 2435 July 119 Sept
110 119
3,300 5135 Sept 5531 Oct Sonatron Tube Co cora___• 112
5234 54
Assoc A ppar Ind Inc com_• 53
Cie t 1134 Oct
9
9
1135 26,200
Rights
9
Oct
Jan 48
478 38
48
48
4634
Assoc Investment Co_ _ _ _.
Aug 2634 Sept
725 23
2535 26
June 6734 Oct So Colo Pow El A com__25
6735 16,100 27
63
Atlas Stores Corp com___* 65
Oct 10434 Mar
98
10 98
98
Sept 14134 Mar So'w G & El 7% pref. 100
23,60C 78
10835 118
Auburn Auto Co com......* 113
Apr
Aug 96
90
Southwest Lt & Pow pref.*
20 89
90
Automatic Washer Co
Oct
Aug 79
300 50
7535 79
Sept SPlegel May Stern corn_ •
Oct 36
3534 5,100 32
Convertible preferred _ -* 3334 32
June
Aug 107
635% preferred
100 95
95
95
Sept
750 83
Oct 37
1,150 34
35
34
34
Backstay Welt Co com___*
Standard Dredge cony pl_• 3735 3334 3834 10.650 3034 Apr 5434 May
Balaban & Katz v t a__ _25 10335 9835 10435 12,250 5954 Jan 10434 Oct
831 May 1615 Oct
Oct 2534 Sept Studebaker Mall Or com _ 5 1534 12% 1635 18,950
• 2435 2335 2435 1.200 23
Baldwin Rubber A
Oct Super Maid Corp corn _ - _ _• 7735 7635 8135 15,200 45 June 8135 Oct
Feb 48
4434 6.400 24
41
Bastian-Bleseing Co com.• 43
Sept
July 27
300 22
24
2435
June 32
Apt Sutherland Paper Co comb0
Baxter Laundries Inc A ..• 2931 2835 3135 22,050 21
May
100 131
485 12474 Jan 136
13034 131
7635 1,150 64 June 7735 Sept Swift & Co
Beatrice Creamery com _ 50 7635 75
Jan 3435 Feb
t3witt International
30
3134 3.650 26
15
Bendtx Corn
Feb 2235 June
150 13
1935 20
*
Oct Tenn Prod Corp. com_
Oct 120
50,850 95
5 11234 107 120
Class B new
Thompson (J R) COM .25 66
6335 6935 2,450 5834 June 70 June
Borg-Warner Corp corn 10 12735 10434 13135 171,100 70 June 13135 Oct 12th
June 3135 May
St Store (The) pfd a * 2734 2635 2735 1,800 25
Aug
500 10134 Aug 104
102 102%
100
Preferred 7%
May
7
234 Aug
Stock pur warrants
50
4
4
700 16% Jan 2634 Sept
Brach & Sons(E J) corn_ _• 2534 2434 2535
19,550 23 June 3935 May
Sept Unit Corp of Am met_ _• 3335 30% 39
Jan 30
150 15
10
2734 2735
Bunte Bros com
Oct United Lt & Power
Apr 30
41,530 20
20 2835 24% 30
Butler Brothers
Jan 10235 Apr
42 95
Class"A" preferred
9835 99
Cant pb Wyant& Can Fdy• 71% 69% 7535 32,150 35 June 7534 Oct Un Repro Corp part pf
5,200 3735 Sept 5534 Sept
43
A.
42
44
Oct
9,850 42% Feb 75
7035 75
Castle & Co(AM)eom _ _10 72
Sept
Sept49
Universal Products Co.,_ _* 44
43
4535 2,500 39
Feb 69 May
100 49
60
60
• 60
Celotez Co corn
Aug 100 June
US Gypsum
2,050 55
56% 60
20 59
100 9434 June 10434 May
101 101
Central Gas & El 7% pfd..*
Sept
69
(Rah Radio Products com• 62
60
6534 18,
800 21
Aug
266 9331 Aug 10034 Apr
• 9735 9735 93
Central III Pub Serv pref..
Aug 5134 Oct
Vorclone Corp part pref_.• 49% 4635 5134 26,950 40
Central Ind Pow
Oct
835 Mar 27
Wahl Co corn
23,800
27
• 21335 21
May
40 9334 Sept101
95
95
Certificates of deposit_
Walgreen Co
50 1535 Apr 2235 Aug
2134 2134
Central Pub Ser (Del)_ *
Oct
Jan 31
5
Corn stock porch warr_• 31
2,900
29
31
425 2035 Jan 37
3335 37
• 37
Class A
Oct Ward (M)& Co
Oct
Oct97
625 97
97
97
Central States UM 37 pfd_• 97
Mar 130 June
150 121
Class A
* 12535 125 12534
Ma,
Jan 98
200 76
81
82
Central S W Util com-__ ..* 81
Oct
Mar 165
Waukesha Motor corn
225 68
• 165
154 165
May
Aug 112
145 100
• 104
10334 10434
Prior Ileo pref
Sept
Wayne Pump, corn
150 32 June 52
•
4235
39
• 0034 99
99%
308 99
Oct1054
.4 Jar
Preierred
Oct52 June
Convertible pref
300 45
• 45
45
46
Aug 4434 Oct
550 41
corn
• 4235 4235 43
Chain Belt Co
Oct3834 Oct
Feb Wilcox-Rich cony pf A._• 3735 3635 38% 7,800 35
2
June
1
400
135 135
1%
Chic City & Con Ity pt sh.•
Class B
• 3435 3335 3735 3.550 3135 Oct3735 Oct
425 1134 Aug 22% Jan
18
1835
• 18
Preferred
Oct
13
635 Jan
890
Williams 01I-0-Matic com•
1134 1235
Chic No Sh & Mil
Oct
9,900 4234 Sept59
Winton Engine con pref....• 59
5035 59
Apr
166 9334 July MO
98
97
100 97
Prior lien pref
Oct
Aug 45
Wisconsin Parts corn
5,800 27
43
• 41)35 40
65 100% Sept102% Jan
low, 101
Rap Trans pr pf A 100
Chic
Aug
500 6835 July 82
71
71
Apr Wrigley(Wm,Jr) Co.com*
Sept102
390 95
Chic Towel Co cony pref... 9735 9635 9735
Apr2434 Oct
Yates
-Amer Mach part pf• 23% 2135 24% 13,100 12
July
600 45 June 50
51
5335
Cluckasha Cotton 011_ _10
Jan
1,000 2935 Sep 43
Yellow Cab Co Inc (Chic)• 3335 32% 3335
Jan
Aug 39
12,950 27
33
• 3274 29
Club Alum Uten Co
Oct
32,600 3535 Feb 200
Zenith Radio Corp com__* 190
13535 200
May
3,250 5635 July 66
63
Coleman Lamp & St corn.• 6235 60
Oct
1,694 165
Jan 198
19334 198
Commonwealth Edison_100 198
Bonds
735 Aug1434 Oct
450
13% 1434
Consul Ant Mdse corn..*
85 $18,000 8235 Selat 8835 Jan
84
1927 85
Feb 2935 Sept Chic City Ry 5s
50 22
• 2535 2534 2535
Conso Film pref
Jan
July 68
1,000 58
61
61
Sept Chic fly Is ser "A" 1927
734 Jen 17
common_ _5 1334 13% 1435 2,790
Consumers Co
Jan
10.000 39 June 47
44
5s series "It"
44
1927
400
631 635
635
334 Feb1034 Apr
Warrants
Aug 8735 Jan
79
1,000
84
84
Certificates of deposit_
Sept
Mar 50
794 45
25 47% 4734 48%
Crane Co common
5.000 100 June 100 June
100 100
1943 100
Sept Chic Stadium 6s
99 119
120
Jan 122
120
100
Preferred
July
Oct 100
3735 3935 1,650 3735 Oct 3934 Oct Guard Title Mtge 5%s 1938 9635 9635 9635 3,000 9634
39
Curtis Mfg Co
89% 89% 5,000 8935 Sept 9535 Mat
14% 1534 5,275 1234 Aug
1734 June Northwestern Elev 5s_1941
Davis Indus Inc "A"____• 15
May
Jan 107
3,000 100
101 101
Willough Tow Bldg 68_1943
174 July
35 Aug
135 2,200
135
134
Warrants
May
185 35 June 59
48
46
Dayton Rubb Mfg A corn • 46
•No par yak-.
50 25
Feb 34
May
2834 2835
Decker (Alf) & Cohn Inc..*
-Record of transactions at
Sept
6,650 1335 Jan 28
26
29
Boston Stock Exchange.
El Household UM Corp_10 28
Oct the .
2% Jan 32
45,984
2434 32
}Nee Research Lab Inc_ _ ..• 29
Boston Stock Exchange, Oct. 6 to Oct. 11, both in50 9835 Sept 105
May
9974 99%
Empire G&F Co 7% pf-100
holiday
July clusive (Friday, Oct. 12, being Columbus Day and a
268 95% Sept 99
9635
100 9635 96
6% preferred
50 10834 Feb 11335 May on the
111 111
100
8% preferred
Exchange), compiled from official sales lists:
May
26
2734 1,250 1834 Jan 30
Foote Bros0& M Co-__ _5
Salm
Oct
5,550 4734 Jan 95
05
Thur
Galesburg Coulter-Disc_• 9234 88
Range Since Jan, 1.
6
5
73.5 Apr
235 Feb
200
6
6
Last Week's Range for
Gen Box Corp corn
Week.
ofPrices.
68
Sale
6634 6814 1,830 6635 Oct 6834 Oct
Gleaner Harvester
Low.
High.
3
Jan 3134 Oct
StocksSugar, Ine, cl B• 30% 2834 3134 24,150
Par. Price. Low, High Shares.
Godchaux
475 245
Jan 345
251 265
May
Great Lakes D & D........100 251
Oct
5,042 54
Mar 400
Railroad
375 400
Grigsby-Grunow Co com_.
252 1763-4 Sept 19434 May
178 178
Oct 11834 Oct Beaton & Albany
• 118% 102 11834 40,050 102
100
Common (new)
Mar
99
134 28335 Sept
100 8331 83% 84
-Carter Co cony pf • 36% 3335 3935 34,569 2935 June 3935 Oct Boston Elevated
Hart
Feb 107% Apr
8 100
100% 100%
Apr
Jan 181
250 134
100
161
16435
Preferred
Schaffer & Marx _ _100 162
Hart
July 12031 Jan
138 110
113
112
1st preferred
100 112
Oct
Feb 41
72,050 12
32
46
• 43
Bonney Motor Co_.
.Al" trots Jan
145 102
,
TO
1021 4 102 103
4 FP. SO
may
1,250 421
25 preferred
• 4931 4834 50
Preferred
77
39
3234
112%
2435
1631
50
6%
2834
112
103
45
28
5634
55%
5374
29%
9635
106%
2.90
159
125
10934
38%
1734
109
52
2534
3734
10334
11935
2731
99
29%
85
10435
120
23%
90
5735
5734
16
37534
8
5834
Sent
July
Sept
May
July
Sent
Sept
Oct
Oct
Aug
May
Sept
Aug
Sept
Sept
Sept
Apr
May
Feb
Sept
May
Apr
Apr
Oct
May
Oct
May
Sept
Mar
Apr
May
Mar
May
May
Apr
Mar
May
Sept
Sept
Apr
Apr
Apr
May
Feb
Mar
Sales
Thur.
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Bost & Maine com Mist 100
Ser A 1st pref unstpd _ 100
Prior pre stamned -100
Ser A lot phi stpd ___100
Ser C 1st pref stpd_ _100
Ser D 1st pref stpd_ _100
Negotiable rects 70% MI
Boston & Providence__ 100
Chic Jet Ry & US Y_100
100
Preferred
East Mass St Ry Co- _100
100
Preferred B
100
Adjustment
100
Maine Central
100
Preferred
N Y N 41 & Hartford_ _ _100
Norwich & Wore pref__100
100
Old Colony__
80
Pennsylvania RR
Providence & Wore__ __100
100
Vermont & Mass
2077
FINANCIAL CHRONICLE
OCT. 13 1928.]
7014
80
10735
154
178
10711
52
634
6335
132
6435
183
7035
70
87
87
1084 10935
80
78
107 10715
154 154
104 104
176 179
1524 15215
107 107%
30
29
53
52
74
73
6235 634
8355 8315
6234 634
13331 13311
132 13315
6334 644
182 183
11331 11351
791
145
68
215
35
175
20
35
15
375
70
295
60
379
20
379
12
86
922
50
25
Range Since Jan. 1.
Low.
55
80
107
6915
98
135
104
173
151
107
29
63
50
59
814
544
132
13134
62
180
113
Jan
Jan
Aug
Jan
Jan
Jan
Oct
July
Jan
Sept
Jan
Aug
July
Feb
Aug
June
Jan
July
June
Aug
Oct
I
High.
83
98
115
87
131
180
10915
182
1524
11334
43
8035
654
7234
87
6894
140
141
7234
191
121
Apr
May
May
Mar
Apr
May
Apr
Jan
June
June
Apr
Apr
Apr
Sept
Apr
May
June
Apr
Apr
AM
Apr
Miscellaneous10
215 May
415 June
3
3
Amer Pneumatic Service 25
150 15
June 2434 Feb
50
154 1515
Preferred
Apr
Aug 51
55 47
4715 4735
50
1st preferred
May
101, 17815 17635 17815 1,366 17134 July 210
Amer Tel & Tel
Apr 2534 Apr
1834 1915 1,705 18
• 1815
Amoskeag Mfg Co
9115 2.210 874 Sept 993.4 May
Bigelow-Hartf Carpet__ _ • 9155 88
Mar
15 5100
Oct 110
Preferred
100 100 x100 100
21 9335 July 9815 May
94
95
Brown & Co
Jan 13435 Apr
110 111
71 81
Continental Securities Corp
6 82
Aug 854 Juno
83
83
Preferred
Crown, Cork & Seal Co LW
1635 July
875 14% Aug
17
16
17
Common stock
Aug
8
255 Jan
225
10
5
East Boston land
.534
115 Jan
234 Jan
25
24 231
Eastern Manufacturing...5
May
2,965 86
Feb 118
9815 101
Eastern SS Lines Ina _ _..2O 100
Apr
Sept 51
4715 47%
478 45
•
Preferred
Apr
May 108
15 101
103 103
100
1st preferred
425 114 Jan 184 Sept
16
164
Economy Grocery Stores.
•
May
Feb 305
378 252
100 272 x272 275
Edison Elm Ilium
May
Feb 43
36
15 31
Galveston Hotta Elec_100
3634
Sept ssii Apr
74
45 74
Preferred
100
74
•
114 13
630 10 June 1315 Jan
General Alloy Co
May
General Pub Her Corn......5
70 1655 Jan 30
2434 2434
19
10 184 June 2235 Apr
German Invest Corp
19
995 284 Sept 3514 Jan
Gilchrist Co
• 33
3235 35
June 1234 Oct
1194 12311 4,546 98
Gillette Safety Razor Co.• 121
Sept
July 46
85 39
Greif Coop'ge Corp cl A ---------43
4315
z1635 1634
30 1534 July 204 Jan
Georgian(The)I nc el A pf 20
Sept
100 433-4 Sept46
44
44
Hathaways Bakeries cl A__ ______
Aug 4334 Jan
27
2854
689 25
Hood Rubber
• 27
May
244 25
205 2434 Sept 32
Insurance Sec
10 25
May
Mar
9
100
8
Intermit Button Hole
84 9
8%
Sept
International Com__ ____ ______ 65% 6934
180 4534 Feb 74
Jan 2334 May
Italian Superpower Corp_ _ ______
100
7
1215 1234
Apr 954 Jan
Kidder,Peab ANTI) A pf100 94
175 94
94
94
120
711 Jan
1134 Sept
Libby McNeill & Libby_ lb
1015 11
11
Sept
15
Loew's Theatres
1,915
711 Jan
11
114
25 11%
May
Feb 155
Massachusetts Gas Co_100 125
1,06(3 109
12(34 125
May
Preferred
170 77 June 88
100 7715 774 7734
Jan
Apr 112
Mergenthaler Linotype 100 WO
374 99
100 101
May
6
34 Jan
National Leather
115
10
331
3% 334
Aug
Apr42
Nat Mfrs & Stores Corp._• 3935 3934 40
830 30
Nelson Corp(Herm) tr etf5
264
680 2434 Aug3415 May
25
Jan 4355 Aug
New Eng! Equity Corp.....
130 25
37
39
Jan
Jan 100
Preferred
40 93
98
98
100 98
.48 Aug
.10 Apr
New England 011 Co
20
500
20
New Eng Pub Serv
July 10915 Feb
•
30 100
10014 10014
Aug11135 May
Prior preferred
*
10 103
10434 104%
May
New Eng Tel & Tel.--105 14135 140 14234
Mar 152
290 z137
Nor Texas Electric_ .100
2115 Mar
Jan
1434 1434
25 15
Pacific Mills
Aug 404 Jan
100 2515 2535 2635
550 25
Jan
Plant (Thos G) 1st pf_ _100 18
July 23
1635 18
65 12
Reece Button Hole
Mar 174 Sept
10 1634 1614 1634
15 15
Ross Stores(Thet Inc_ _ _ _* 21
Apr 36% June
20
22;51,260 10
n
n
,.
Thur.
Sales
Last Week's Range for
ofPrices.
Week.
Sale
Stocks (Concluded) Par. Price. Low. High.
Star Sec Corp pf allot etre_
Swedish Am Inv pf tr ct1100
100
Swift & Co
Torrington Co
•
Tower Mfg
Traveller Shoe Co
5
Union Twist Drill
•
United Elec Coal
United Shoe Mach Corp _25
25
Preferred
US Brit Inv $3 pf allot ctf _
US & Foreign Sec 1st pref._
Venezuela Holding Corp__
*
Waldorf System Inc
Waltham Watch c113 coin *
100
Prior preferred
20
Walworth Co
50
Warren Bros
Westfield Mfg. Co. cap 8th
Mining
Arcadian Cons Mln Co_ _25
5
Arizona Commercial
10
Bingham Mlnes
Calumet & Recut
25
25
Cliff Mining Co
25
Copper Range Co
East Butte Copper Min _ 10
Franklin Mining Co_
25
Hancock Consolidated...25
1
Hardy Coal Co
25
Helvetia
Island Creek Coal
1
Preferred
25
Isle Royal Copper
25
Kennenan Copper
25
La Salle Copper Co
25
Lake Copper Corp
31
314
31
19,
201
198
1304 1294 132
70
6834 72
335
311
3
194 194
1915 18% 20
64
6731
67
70
694 71
314
31
7735 7634 78
95% x9351 95%
9
10
10
23
2334
654 6.534
102
101
101
23
2315
23
141
155
155
4415 44
45
431
324
21
3
24
311
.60
21
5
Mason Valley Mines
25
Mass Consolidated
.30
Mayflower & Old Colony 21..
25 524
Mohawk
New Cornelia Copper -.5 3211
New Dominion Copper_ _ _ _ ......
New River Co pref
5
Nipissing Mines
5
15
North Butte
231
25
Ojibway Mining
25 1435
Old Dominion Co
•
P.C.Pocahontas Co
25 42
Quincy
Rights
St Mary's Mineral Land.25 324
Superior & Boston
5
3%
Utah Apex Mining
151
Utah Metal & Tunnel _.._ 1
25
Winona
Bonds
Amoskeag Mfg 6s._ _ _ 1948
Chic Jet Ry & U S Y bs '40
East Mass Street RR
1948
4345 series A
1948
5s series B
Gatineau Power 5s _ _ _1956
1936
Hood Rubber 7s
Mass Gas Co 415s_ _1931
1929
Mass Gas 4 340
1932
NE Tel & Tel 5s
P Pooch Co deb 7s .1935
Rhine Ruhr Wat Ser Os '53
san Fr Bay Toll B 63-45 '57
1944
Swift & Co 50
Util Service Co 634s 1938
Western Tel & Tel 5s_1932
88
114 131
435 515
464 4715
31% 33
17
17
2034 214
3
335
55
.55
235 235
235 351
.60 .60
50
49
105 105
214
20
4
435
14 135
131
114
135
.40
.30
474
3251
.12
5555
235
5
2
14
12
37
314
3035
.35
3%
115
.15
Low.
High.
Jan
1,322 31
$,822 12334 June
292 12434 Jan
543 65
Sept
Mar
520 .90
Aug
100 17
Apr
800 11
2,940 4034 Apr
1,210 6334 Jan
310 2934 Mar
390 714 July
25 x9331 Oct
Jan
385
8
345 1915 Jan
Jan
6 60
58 101
Sept
140 144 Aug
June
360 x141
480 4335 Sept
37
201
13534
72
5
2635
21
6934
77
32
9615
101
36
274
90
10635
2534
19234
45
May
Oct
June
Oct
Aug
Apr
Oct
Sept
May
June
May
Feb
May
Apr
Mar
Mar
Sept
Apr
Sept
24 June
2,295
1
Aug
Jan
351 Mar
6
970
Jan
Oct 56
555 41
793 204 Jan 354 Sept
July 20
Sept
20 12
1.905 1435 Mar 2335 Sent
334 May
131 Feb
1.846
50
.40 Aug
131 Sept
.30 Mar
240
431 July
12
Jan
830
23.4 July
131 Apr
.50 Aug
80
Aug 60
280 47
May
8 1034 June 10635 Am
1,065 z1135 Feb 2451 May
7
May
415
111 Mar
291 June
435 .75 Feb
3 May
1
Feb
80
50
14
10
.40
.60 1,255
2,895
53
225
3234
100
.12
20
5555
4
100
27
54 11,585
300
211
815
15
1214
230
2.263
44
3,999
43.1
4,862
34
315
.35
505
4
1,8(0
111
13
.15
24
.83
14
65
3414
.30
63
534
635
3
1951
1734
48
5
3431
.75
554
134
.35
Sept
May
May
Apt
Sepl
May
Api
Jar
Sept
May
Aug
May
July
Sept
Oct
May
Jar
Fet
May
Oct9511
July 10315
Jai
Jai
Sept 79
Sept88
Oct9935
Oct103%
Aug 10034
Oct 99
Aug 1034
Jan 115
Oct 93
Oct 100
June 103
Aug 100
July 103
API
AU
Oe
Jai
Jai
Oc
Fel
Mal
Fel
Ma
Jai
Oe
Jai
135 June
.20 Mar
.45 Oct
Sept
42
2534 Feb
.10 Mar
52
Sept
24 Oct
.90 Jan
.60 Feb
Mar
9
1134 Aug
124 Apr
331 Sept
214 Mar
.15 Mar
314 Aug
1
Feb
.10 Feb
88 826,000 87
87
5,000 101
10131 10111
65%
72
0711
99
9855
9834
10055
10915
90
90
92
10134
9934 99%
100
74
9934
Range Since Jan, 1.
3,000 644
66
5.300 724
75
9915 12,000 9734
4,000 99
99
9,000 9734
99
2,000 9834
99
1004 1,000 100
10915 23,000 106
1,000 90
90
100
9,000 92
101% 8,000 101
2,000 994
9931
10034 3,C00 100
• No par value. z Ex-dividend
New York Curb Market-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Market for the
week beginning on Saturday last (Oct. 6) and ending the present Thursday (Oct. 11) (Friday, Oct. 12, being Columbus
Day and a holiday on the Exchange). It is compiled entirely from the daily reports of the Curb Market itself, and is
intended to include every security, whether stock or bonds, in which any dealings occurred during the week covered:
Week Ended Oct. 12.
Stocks-
Thur.
Sates
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Indus. & Miscellaneous.
•
koetol Products Inc A
Acoustic Products corn _ _ _*
•
Adams Millie Corp
•
hero Supply Mfg cl A_
Class B.
•
Agfa Ansco Corp
Ala Grt Sou RR ord_ _ _50
Preferred
50
Allies & Fisher Inc com_ _.*
•
Allied Pack corn
100
Prior preferred
Senior preferred
100
Allison Drug Store el A •
•
Class B.
•
Aluminum I.td
Alpha Port! Cement corn.
•
Aluminum Co, corn__ •
Preferred
100
Amer Arch Co
100
Amer Bakeries, el "A"...*
Am Brown BoyerlElecCorp
Foundersshares
•
Amer Chain corn
•
Amer Colony pe common _*
Am Cyan coin el B
20
100
Preferred
Amer Dept Stores Corp.'
,
American Hawaiian SE3. _10
Amer Laundry Mach corn •
1815
304
3631
158
32
134
1655
5
535
123
135
10711
5135
50
3451
34
9814
20
194
Low.
High.
25
254
300 22
Aug 314 Feb
1715 1834 34,800 1715 Oct 1934 Sept
28% 3134 3,500 24
July 3134 Oct
36
May
37
Jan 75
500 14
3611 3651
100
831 Jan 60
Map
600 37
Oct 424 Sept
3834
37
15131 153
15 15114 Oct 184% May
158 158
3, 155
Apr
Oct 185
3,00u 26
29% 35
Jan
Slay
34
135 2% 15,809 760 Aug
Oct
6
15
1934
1,80
0
634 Mar 24
Oct
44 634
900 25e Aug 17
Oct
10% 11
200
8
Aug 21% Jan
300
535 5%
355 Aug
1534 Jan
122% 123
800 80
Sept
June 134
454 4535
600 36
Feb 483-4 Juni
135 138
1,500 120
Jan 1974 May
10734 10731
300 1054 Jan 1104 May
49
1,900 46
5134
June 70
Jan
100 49
50
50
May
Jan 59
735
3451
37
3315
9815
1915
1931
9235
62
Amer Mfg Co pref
100
1515
Amer Rayon Products__ _• 1731
98
Amer Roiling M111. com_25 101
20
20
Am Solvents & Chem, vie
33
Cone panic preferred....• 33
335
334
Amer Thread pref
5
Anchor Cap Corp com__.• 4315 4234
*
102
$6.50 cony pref
Anchor Post Fence coin _ _• 3635 33
Anglo-Chile Nitrate Corm.
2935 274
apponaug Co corn
• 6015 4731
984
100
634% cum pref
5934
Arm atrong Cork common..
Range since Jan. 1.
735
100
44 Feb
3C0 33
3535
Sent
600 2335 Feb
39
344 2,700 Vir 31 July
984
100 95
Jan
204 3,800
1315 Jan
2034 1.1(0 1535 Jan
225 92
93
Aug
'
62
50 60. Aug
1815 5,700 13
Mar
8.300 824 June
102
2031 2,800 1135 Jan
4,600 2534 Mar
34
500
Vt. Jan
,
335
4315 3,100 4234 Oct
200 102
102
Oct
3635 3,300 123.4 June
314 5.600 2634 Feb
Aug
65% 30,900 30
900 9835 Oct
9915
5934
100 52
Aug
14
45
40
5355
103
244
2435
108
May
Jan
Sept
may
June
June
Sept
Jan
80
Jan
24
June
114
Jan
2831 May
41% May
3",, May
46
Sept
104
Sept
3614 Oct
51
June
6534 Oct
101
July
66
May
Sales
Thur.
Last Week's Range for
Week.
of Prices.
Sale
•
Stocks (Continued) Par Price Low. High. Shares.
100
46
46
Art Metal Wks cony pf __*
Associated Dy.& Print._• 3315 3151 33% 9,300
135 8,300
135
115
Atlantic Fruit & Sugar_ •
.
, 8134 8115 84% 2.700
itiamPlywoad ._ ___._ __I
39
100
39
Atlas Portland Cement_ ..• 39
109 11615 3,100
Auburn Automobile corn _• 112
400
32
Axton-Fisher Tob corn A 10 314 31
75
Babcock .Sr Willcox Co_100
120 120
12
1334 2,000
Bahia Corp common... • 1335
700
1655
14y,
Preferred
25
36,800
Balaban & Katz cow vte 25 10354 100 104
B•nettaly Corporation-25 125
12335 12535 4,800
700
•
414 45
Bastian Blessing Co
Baumann (Lud)& Co
50
Preferred
9735 9735
100
300
30%
29
Baxter Laund el A com _ _25
100
225 225
Bendix Corp class B. -10
500
115 121%
New
1,700
1534 1735
Benson & Hedges corn___* 174
700
274
Preferred
* 274 26
8735 884 1.025
Bigelow Hartford Carpet.*
Bliss(E W)Co coin
• 4535 3434 4515 23,200
Blumenthal (S)& Co corn.• 6235 4935 6335 6,9(0
724 7435 2,200
Bohn Aluminum & Braes.
• 74
400
Bridgeport mach com_...*
24 235
24
2331 2,400
Brill Corp,cl"A"
• 2234 18
931 i0'/600
•
Class 11
1,80C
26
25
Brill° Mfg corn
• 26
100
2634 2635
Class A
*
Bristol-Myers Co cern_ ..• 8331 8115 84% 2,500
3235 3235 1,200
Brit-Am Tob ord bear_il
British Celanese
3,600
Amer deposit receipts-. 1214 1255 13
Broadway Dept Stores
125
99 100
1st prof with warr_ _100
300
30
29
Brown (J W) Mfg Co__ _10 30
1,900
Budd (E (I) Mfg corn _ _ ...* 2315 2254 2435
1,500
8955 9534
•
Bullard Mach Tool
300
2551 31
Bunte Bros
10 31
2935 7.600
Butler Bros
20 2834 24
154 15%
100
Duna Clark Inc com_ _•
Camp. Wyant & Cannon
• 71
694 7434 11.400
Foundry
Carralien Milk Prodeom25 5531 5334 55% 1,600
Range Since Jan. 1.
Low.
2915
2634
60c
x6336
38
8035
2114
11715
6
955
60
s9931
28
July
Sept
Sept
Jan
Feb
Sept
Sept
Mar
Feb
Feb
Der
June
Mar
High.
474
3334
135
9315
4735
143
5134
128
1735
1934
104
223
48%
9735 Oct 102
120
15
24
874
164
26
3334
211
18
935
14
204
65
2554
June 225
Aug
Oct
Oct
Mar
Mar
Jan
Jan
Oct
Oct
Jan
July
May
Jan
1234 Sept
24
3131
95
4534
634
87
531
344,
1734
31%
3431
86
324
Sept
Oct
Oct
May
Apr
Max
Apr
May
Sept
June
Oct
Apr
Oct
June
Oct
Mar
Jan
Jan
Oct
Oct
June
Jan
Jan
May
Mar
Jan
Oct
Oct
33341 May
99
1015
15
43
21
2054
1414
Oct 112
Jan
Mar 30
Oct
June 34
Jam
Jan 99
Sept
Feb 31
Oct
Apr 2934 Oct
May 2034 Mai
38
30
June
Jan
744 Ocl
66
May
2078
FINANCIAL CHRONICLE
Thur.
Sales
Last Week's Range for
Sale
ofPrices.
1Veot.
Stocks (Combated) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Carreras Ltd
Amer dep rats class A.._ _ ------ 86% 86%
200 84 June 101
Apr
Amer dep receipts class B
1054 10%
400 10% July 13
Apr
Casein Co of Am
100
16531 165%
20 156
Mar
Jan 226
Caterpillar Tractor
• 8174 81% 82
200 53
Jan 85% Aug
Cavan-Dobbs. Inc. oom •
3351 3631
900 3151 Apr 4332 June
651% pref with corn stk
our warr
100
106% 10631
200 106 Apr 112% June
Celanese Corp of Am corn • 6434 55
66% 3,100 5331 Aug 103
May
First preferred
100
122 125
800 115
Aug 18574 Jan
New preferred
100 101
99 10132
300 98% Oct 102% Oct
Celluloid Co corn
•
92
96
600 80
July 122
Feb
Celotex Co corn
•
58
58
100 49
Feb 69% Apr
Central Aguirre Bug
_50
13634 138
60 116% Feb 164
June
Centrifugal Pipe Corp ---•
954
9
951 1,100
851 June 1234 Jan
Charts Corp
• 3754 37
3851
1,300 2751 July 38% Oct
Checker Cab Mfg com . 81
81
74
90,800 20% Mar 81
Oct
Childs Co pref
100 106
106 10731
50 9
494 Jan 10951 Sept
Cities Service,common..20 71
70% 72
21,600 54
Jan 7251 Oct
Preferred
100
10051 100%
800 9451 Jan 103%May
Preferred B
10
951
200
934 9%
874 Jan
9% Apr
City Ice & Fuel (Cleve)- •
5334 54
200 36% Jan 60% Sept
Citys Bank Ltd. Budapest..
55%
55
600 55
Sept 55% Sept
Clark Lighter cony A__
19
18% 19
500 17
Aug 37
Apr
Club Aluminum
32% 30
32%
400 27% Aug 38% Jan
Cohen-Hell-Marx Co._ _ _• 53% 50
5351
500 2352 Jan 60
Sept
Colgate Palmolive Peet
Ex-stock dividend
8934 87
8951
Sept 92
600 85
Oct
Colombian Syndicate
131
151 134 2,800
1% Mar
251 May
Columbia Graphoph Ltd
Am dep rets for ord elk__
104 110
44,000 3431 Jan 110
Oct
New
1 -4951 56% 225,100 49% Oct 56
Oct
Consol Automatic
Merchandising v t c----• 1451
13% 15% 14,000
7% Aug log Oct
$3.50 preferred
• 4434 4451 4551
1,500 43% Sept 48
Aug
Consol Cigar warr
9
551 July
934
300
10
Aug
Como'Dairy Products_ __• 4731 46
4734 10,500 21
Jan 5034 June
Consol Film Indus. corn..,.
14% 1451 14%
1,100 12% Sept 19% Feb
Consol Laundries
• 20% 20
2152 27,700 14
July 2134 Oct
Cone Ret Stores Inc. corn.
• 3031 29
32
5,300 26% Aug 36
May
Consumers Co
20
14
14
100
951 June 16% Apr
Copeland Products me
Class A with warr
• 1651 1534 1634
711 Jan 2054 May
500
Courtaulds Ltd Amer dep
recta for ord etk reg.£1
20% 21% 2,900 20
Oct 24% May
Crocker & Wheeler corn 100 135
105% 13851
785 23
Sept
Jan 150
Crosse & Blackwell
Pref with warrants....-• 5134 51
51%
600 51
Oct 52% July
Crowley Milner & Co corn • 54% 5051 5411 2,500 34% Jan 55 June
Cones Press corn
10 56
5451 58
7,000 40
Feb 58% Oct
Curtis Aeropl Rap Corn --• 25
2351 25
500 19% Aug 44
May
Curtiss Flying Sem Ine__• 18% 17% 1951 25,600 14% Oct 19% Sept
,
Curtis Pub Co corn
195% 188% 19551
350 17151 June 19551 Oct
$7 eurnui preferred*
115% 115%
100 115 June 119% Feb
Davega. Inc
• 40
4051 39,700 30
34
Ma
51
Jan
Davenport Hosiery Co__
15
15
Ma
100 10
19
July
Deere & Co,common_ -100 466
451 466
450 220% Jan 500
Sept
De Forest Radio. v t o---• 1874
14% 18% 109,500
1% Jan 18% Oct
Detroit Creamery
10
44
44
Ma
100 34
Oct
44
Dixon (Jos) Crucible...100 560
155 160
60 155
Oct 196
Apr
Deemer Die-Casting
• 44
3954 44
9,700 15% Feb 46% Sept
Dominion Bridge
• 9151 90
9131
150 6851 Feb 95
May
Dominion Stores Ltd- •
140 142%
1,400 10451 Jan 144% Oct
Dubilier Condenser Corp_'
4% 5% 14,500
551
2% Apr
5)4 MAY
Dunlop Rubber, Ltd
Amer Dep rots
6% 6%
200
5% Oct
851 Apr
Duplan Silk Corp. com__• 22
20% 22
1.000 20
Aug 2854 June
Dupont motors
•
431 5
5
900 500
Jan
751 Sept
Durant Motors. Ina_
1731
1751 19% 67,100
931 Mar 1051 Oct
Duz CoIncel A vt c
•
551
551 631
500
451 Apr
9% May
Eastern Rolling Mill
32
32
34
1,300 22
Feb 34
Oct
Elec Shovel Coal prior pt.* 54
51% 55
1,200 43
July 55
Oct
Evans Auto Loading Cl B
Ex 100% stock dividend 48
44
48% 8,700 44
Oct 49% Sept
Fairchilds Aviation class A* 26
2951 13,900 26
26
Oct 29% Oct
Fandango Corp corn
*
4
331 431 2,000
3 Jun
Apr
10
Fan Farmer Candy Shop_•
30
30
100 28
Aug 4452 Jan
Faneteel Products Ino___• 1651
15
16% 3,100 12
Feb 35
Jan
Fashion Park Inc corn _ •
34
34
100 34
Oct 41% Jan
Feddens Mfg, Inc, cl
47
4634 49
4,500 2751 Feb 5034 May
Filene's(Wm)Sons Co__ _e 60% 6051 6651 12,500 52% Sep
66% Oct
6%% cum pref
100 106% 106% 10755 2,000 106
Sep 10751 Sept
Firestone T & R. corn _ _10 172 x166 172
100 166
Mar 238
Jan
Follansbee Bros Co corn..
46% 45% 48
1,900 45% Oct 48
Oct
Ford Motor Co of Can_100 685
565 585
180 510
Jan 698
May
Forhan Co,Cl A
• 31% 31% 32% 1,000 23
Jan 34
Aug
Foundation Co
Foreign shares class A.._•
10% 11%
9
Aug 20% May
800
Fox Theatres class A corn-• 2934 2651 30% 86,900 17% Max 3331 Sept
Franklin (H H) Mfg corn."
2851 30
700 1335 Ma
3034 Sept
Preferred
100 97
97
97
May 9751 Sept
175 85
Freed-Else man Radio__ _•
4%
451 5% 7,800
7
151 Feb
May
French Line_ _ _ _800 Francs
Amer she rep corn B stk. 5234 5251 5234
July 7154 Mar
200 42
Freshman (Chas) Co
• 1274 10% 12% 33,800
5% Fe
1554 Sept
Fulton Sylphon
39
41
400 27% Ma
4431 Feb
Galesburg Coulter-Disc
84
84
94
350 z4731 Jan 94
Oct
General Alloys Co
• 13%
12% 13% 2,600 10% Au
1352 Jan
General Amer Investore__• 70
67% 71% 12,100 5634 Fe
May
77
General Baking corn -___•
9% 10% 80,500
954
652 Apr 17
May
Preferred
• 78
77
8151 28.300 7251 Oct 86
May
Gen'l Bronze Corp corn.._• 4334 41
4351 9,600 35% Jan 533( May
General Cable warrants... 13% 13% 13%
500
8
July
Apr
16
Gen Elea Co of Gt Britain
American Deposit rats_ _ -----9% 9%
400
811 May 10% Aug
•
Genl Fireproofing corn
103 103
100 99
June 109
Apr
Gen'l Laundry Mach corn • 28% 28
28% 2,200 20
Jan 33 June
General Mills Inc. corn.. _• 72% 69% 74
10,400 6451 Sept 74
Oct
COSpring & Bump corn_'
7% 751
755
700
1254 Mar
551 Aug
• 149
Glen Alden Coal
149 150% 2,000 14852 Aug 169
Jan
Gebel (Adolf) Inc corn new 4031 36% 4152 28,800 31
Sept 4151 Oct
Goldberg Stores
27
3451 19,210 23% Sept 3451 Oct
27
Golden State Milk Prod_25 6152 60% 6451
700 4451 Aug 65
Oct
Electrical Co8
•
Gold Seal
8%
832 1,200
6
June 17
Jan
•
Gorham Mfg corn
60% 60%
100 4951 Felt 62
Apr
Preferred
100
117 119
100 112
Feb 134
Mar
Gotham Kultbac Mach...* 15% 14% 17% 6,800 14% Oct 20
Sept
Oramaphone Co Ltd Amer
El
dep rcts ordi shs
7351
73
200 55 June 73% Oct
Granite City Steel corn..
2851 27
2855 3,80
27
Oct 28% Oct
Gt Atl & Pac Tea 1st p1100
115% 117
6 115% Oct 120
Apr
Greenfield Tap & Die__ -•
11% 12
1,200
854 June
12% Jan
Greif(L)& Bros pref X 100
98% 9935
75 9751 Feb 106
Msr
Habirshaw Cable & Wire.* 26
26
26
26
20
Oct 26
Oct
Hall(CM)Lamp Co. _ -• 2251 22% 22% 5,900
9% Jan 27
Sept
Hall(W
Printing. _10 3151 30% 31% 18,900 22 June 3351 Oct
Happiness Candy St el A."
551 5% 24,700
552 Oct
5%
954 Apr
Hart-Parr Co COM
42% 42% 5251 17,800 3331 Aug 63 June
Hazeltine Corp
24
19
8,200
• 24
8% Feb 24
Oct
Henney Motor corn
3251 3251
•
100 1251 Apr 33
Oct
Hercules Powder corn...100 245
1
192
Jan 245
245 245
May
Heyden Chemical
• 1631 15
4% Feb
50
16%
1651 Oct
Hires(Chas E) cI A CoM_.• 2554 2451 25%
700 21% Mar 26% Aug
Holland Furnace Co
5,300 88
June 47
• 4652 45% 47
June
Horn (A C)Co corn
• 3834 35
July 38% Oct
3851 7.100 14
7% 1st pref
50 46% 44
1,100 44
Oct 49
4651
July
Horn & Hardert corn_ ___• 58
5274 Ma
50
58
57
May
64
Huyler's of Del corn
•
Mar 2051 Jan
600 15
17% 18
7% preferred
100..
9952 99%
100 99
Aug 10231 Jan
prod oom • 71
Hygrade Food
80,400 2551 Jan 71
69
71
Oct
Thur.
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
[vol.. 127.
Range Since Jan. 1.
Low.
Hi gh.
Imp Tob of Gt Br & 1re.£1
2951 29%
700 24% Feb 29% Oct
Imperial Tob of Canada.
.5
931
9% 951
300
8% Mar 1132 June
Industrial Rayon new. •
126% 131
10,000 78% July 143 Sept
Incur Co of North Amer-10 7352 7351 75
1,800 67% Aug 10431 May
Internat Cigar Machy_-• 2551 25% 2551
600 88
Aug 105
Sept
Internet Products corn. •
1351 1331
1,000 1131 June 15% Sept
$6 cum pref
100 82
84
82
900 7552 June 88
Sept
Internat Projection Corp.'
75.1
200
651 Sept 14
7% 7%
May
Internet Safety Razor 13-• 3731 3751 38% 6,200 25
July 42% Sept
International Shoe com •
7634
75
Feb 87
700 69
Apr
Interstate Dept Stores corn' 5731
5031 5951 7,400 37
Feb 59% Oct
7% cum pf with warr 100 12451 11411 12451
1,400 10851 Feb 124% Oct
Joske Bros com v t
• 3774 3651 38
May 43
500 36
Jan
Kemsley Milbourn & Co__• 2236 1951 23
2.900 1451 July 23
Oct
CtIs of deposit
2236
1952 23% 29,700 1952 Oct 2351 Oct
Keystone AircraftCorp corn 3051 2351 3114 12.800 20
Sept 3434 Sept
Kimberly-Clark Corp.com• 5454 5451 5634 10,700 62
July 5634 Oct
Kinnear Stores Co corn •
29%
29
500 2651 June 38% Mar
Knott Corp.corn
•
3351 36%
500 33
July 44% Mar
Kobacker Stores corn_
•
4354 43%
100 40
July 44% Aug
Krueger & Toll Co, Am ctfs
3751 41
10,900 34
Sept 41
Oct
Lackawanna Securities_ _ _• 4751 47
48% 2,200 45
June 5531 Jan
Lake Superior Corp_ _lei
7% 851
400
3% Jan
Sept
10
Lakey Foundry & Mach_' 3434 3351 35
16,500 27
June
July 38
Land Co of Florida
•
11
12
500 10% Aug 25% Feb
Landover Hold el A stpd_l
2
2
100
1% Apr 1956 Jan
Lane Bryant Inc corn...." 6151 5451 63
4,600 38% June 63
Oct
Larrowe Milling
•
26
26
100 25
May
Mar 29
Lefeourt Realty corn____• 4051 38
40% 5,300 2532 Aug 4231 Sept
Preferred
• 41
41
41
300 36 June 4334 Sept
Lehigh Coa l& Nav _ _50
13631
Lehigh Val Coal ctfe new... 2931 2951 13751 2,600 10531 Mar 154% June
3134 3,100 2751 Mar 39
Jan
Lehigh Valley Coal Sales 60
5151 52
125 50
Mar 6654 Jan
Libby McNeil & Libby.10 12
10% 12
700
Jan
9
1351 May
Libby Owens Sheet Glass 25 151
14151 152
Mar 1583.4 Oct
990 199
Lit Brothers Corp
10 27
2451 27% 5,600 23% Mar 2931 June
Magnin (1) & Co corn.....' 29
2654 29
300 23
Feb 29
Oct
Manning Bowman & Co A'
1951 10%
100 1731 Sept 2031 Feb
Mar Steam Shov. new corn" 5594 54
57% 3,000 3851 July 60% Oct
Marmon Motor Car com-• 6334 60% 65
30,600 38% Feb 65
Oct
Massey-Harris Ltd corn..
• 4651 46% 4931 4,100 39
Mar 4954 Oct
Mavis Bottling Coot Am..' 1254 1251 14
8,800 11
Sept 22
May
May Drug Stores Corn..." 2531 24% 26
4,300 20
Aug 26% May
McCord Rod dr Mfg v t c_•
22
22
200 1851 Apr 26
Aug
McKesson & Robbins come 4451 44% 4631
5.400 41% Sept 4651 Oct
Preference series A ...50 5451 5451 56
5,400 5351 Oct 56
Oct
Mead Johnson & Co corn • 65
65
65%
400 5334 Feb 72
MAY
Mercantile Stores Co. 100
11554 115%
100 97
May
Jan 152
Mesabi Iron
•
251
2% 351 6,800
454 June
154 Mar
Metropol Chain Stores._ • 64
63
6431 2,700 54
Jan 6534 Sent
Metro 5 & 500. Stores cl 14•
351 351
100
7
Mar
354 Sep
Preferred
100 65
65
65
100 44
June
Jan 81
Michigan Steel Corp
58
58
100 50% Sept 58
Sept
Midvale Co
•
3951 4034
500 39
Jan 4834 Apr
Miller (I) & Sons corn......'
42
4311
700 4251 Oct 43% Oet
Minneapolis-Honeywell
a
Regulator corn
3851 3951
300 30
May
Feb 46
Montecatini Min & Agri
Warrants
374
3
3%
300
2
July
451 May
Murphy(G C)corn
• 75
7331 7652 1,300 62% Jan 81
May
Nat Baking common
•
5
5
100
4
Aug 10% Jan
National Casket Co corn_ •
109% 109%
100 95
Sep 10931 Oct
7% preferred
111 111
50 111
Oct 111
Oct
Nat Food Products
-Class A with warr
• 32
31
33
800 2251 July 33
Oct
Class B
• 1254
12
13% 5,100
6
Jan 15
May
Nat Leather
10
4
3% 4
900
351 Jan
5% May
Nat Mtn & Stores
• 3951 3951 39%
500 31
4134 Aug
At)
Nat Rubber Mach'y
• 4451 4051 46
17,900 23
July 46
Oct
Nat Sugar Refg
100 150
144 150
525 119
Feb 155
Sent
Nat rheatre Supply corn..'
934
051 951
900
6
Jan 19% May
Nat Trade Journal, Inc_ •
32% 32%
300 30
Sep
35% May
Nauheim Pharmacies corn• 18%
1851 19
400 1851 Oct 2851 May
Convertible pref
* 2954 2931 3051
300 29% Oct 3751 May
Nebel (Oscar) Co corn_ •
2451 2452
600 18
Apr 2634 Sept
Nehl Corp allot ctfs
9051 85
92
4,000 85
92
Sep
Oct
NeLsner Bros corn
• 122
10674 12311 2,700 73
Apr 12351 Oct
Preferred
100 16455 143 170
350 11051 Jan 170
Oct
Nelson (Herman) Corp.... _5
26
27
600 20 Jun
3451 May
Neve Drug Stores cora___• 21
20% 21
8(0 18
Sep
May
34
Convertible A
• 35
35
3551
500 33
Sep
4354 May
New Mel & Ariz Land
831
8
1
9
2,100 7151 Jun
1131 Aug
Newton Steel corn
•
85
88
910 6234 Au
90
Sent
N Y Hamburg Corp. _50
4851 49%
600 48% Oct 5611 May
N Y Merchandise Co_
31
•
31
100 28 Jun
35
Jan
Nichols& Shepard Co_ _ _77 8554 8454 87
9,200 30% Jan 87
Oct
Stock purch warrants___ ------ 65
07
1.800 161( Fe
67
Oct
Filed Bement
-Pond corn.' 81
7551 8111 5,4(0 28
Jan 90
May
Noma Electric Corp cam • 2651 25
2751 10,200 2051 Jun
2751 Oct
North American Cement."
9
9
100
6
Jan
13
Feb
lorthweet Engineering__' 51
4351 5154 16,300 2954 Feb 5151 Oct
Novadel-Agne corn
• 3451 33
3432
400 325( Oct 3431 Sept
7% cum. pref
100
90
02
40
90
Oct 02
Oct
Oakes Prod,cony pf A _ •
83
87
400 55
Sept 87
Oct
Cony pre(el B
• 8534 80
86
600 53% Sept 86
Oct
Ohio Brass el B
8531 8534
75 8551 Oct 10034
Ontario Mfg Co
35
35%
500 31% Aug 35% Mar
Oct
Ovington Bros partic DM.*
751 8%
200
7
Mar
9% June
Parke Davis Co
48
48
100 38
July 51
Sept
Fender (D) Grocery cl A."
52
55
800 38
Jan 5551 Sept
r
Class 13
50
50
300 3351 Jan 53
May
Penney (J C)Cool A of 100
102 102
270 10134 Aug 10551 May
Peoples Drug Store, Inc_ • 79% 6951 81
5,500 4454 Mar 81
Oct
Pepperell Mfg
150 10051 10052 10151
33
July 106
83
Feb
Perfect Circle Co
•
3651 4131
800 34% Aug 44% Sept
Phelps Dodge Corp__ -100 195
175 198
800 117
Feb 198
Oct
Philippe(Louis)Inc Acorn' 45
30% 45
1.90
Sept 45
24
Oct
Phil Morris Con Inc com_•
5
451 6
5,20
4
July
Mar
10
Class A
25
051
9% 951
600
9 June 14
Jan
Plot (Albert). Barth & Co
Prof class A (Pardo A pf)• 19
19
19
1,400 19
Aug 2234 Jan
Pie Bakeries of Amer cl A ..•
22
22
22
Oct 3451 June
10
• 33% 31% 3331
Pierce Governor Co
18% Feb 3634 may
1.10
Piggly Wiggly Corp corn..' 4751 45% 4751 16,10
23% Mar 4854 Oct
Plggly Wiggly Western
States Co class A
• 3474 34
38%
700 19 June 39
Oat
Pines Winterfront cl A__5 196
6851 Jan 196
164 196
40
Oct
Pitney Bowes Postage
Meter Co
• 1131 10
7 June 11% Oet
11% 4,80
MUM Plate Glass
100 281
Feb 300
22 210
280 288
Sept
Potrero Sugar corn
•
451 Oct 1451 Jan
100
5
5
Pratt de Lambert Co
July 6451 Oct
4,150 50
6334 6154 64
Procter & Gamble com
Feb 300
12 247
28051 283
May
Propper Silk Hosiery Inc.
•
33 June 3751 Oct
1,50
3651 3654
Pyrene Mfg
651 Ma
951 Jan
10
700
7 7%
774
Rainbow LuminousProdA• 2451 2251 25
1,700 20
Aug 35
May
Raybestos Co corn
4,600 47% Aug 64% Sept
25 59
5431 59
Realty Associates corn_ *
270 27051 Jan 350
300 325
May
Repetti. Inc
5 91c
600 50e. Feb
111 Apr
90c 99c
Republic Mot Trk vte.._ •
151 Jul
900
3
2
255
Jan
Reynolds Metals, corn _ _
2252 1.700 1951 Sep
23
Oct
2234 21
Preferred
6,750 60
60
85
• 65
Sep
65
Oct
Richman Bros Co
•
Jun 358
100 265
340 346
Sept
Richmond Radiator corn-. -----300 15
Oct 2751 Jan
16
15
7% cum cony pref
1,200 32% Oct 40% June
•
3255 36%
Riverside Forge & Mach...' 32
3452 2,100 2352 May 35
32
Sept
Rolls-Royce of Am pt._100 50
400 38
44
Apr 70
50
May
Ross Gear & Tool,com _ _• 46
1,300 3051 June 4754 Oct
4731
46
Ross Stores Inc
2131
700 1834 Sep
• 2154 20
Sept
28
Royal Baking Prod corn100 335
2,025 205
259 358
Aug 358
Oct
105 10751
150 103
Preferred
100
Oct 111% June
OCT. 13 1928.]
FINANCIAL CHRONICLE
Sales
Thur.
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par. Price. Law. High. Shares.
Ruberold Co
100
Befe-T-Eltat Co common.
.•
Safety Car lit dr Lt--100
Safeway Stores corn
•
Old fifth warr
2d series warrants
•
St Regis Paper Co
Sanitary Grocery Inc__ •
Schiff Co corn
7% cum cony pref_100
Schulte Real Estate Co.-•
Sehulte-United 50 to 81 St.'
Pref part paid
100
Schuster-Johnson
Candy class A
Scoville Mfg
25
Seeman Bros common
.•
Selberling Rub, corn
•
Selfridge Provincial Stores
El
Ltd ordinary
Serval Inc(new co) vi
Preferred v t e
100
•
Beton Leather corn
Sharon Steel Hoop
50
Shaeffer(W A) Pen --- -•
Silica Gel Corp,com•t
Silver (Isaac) & Bro
•
Singer Mfg
100
Singer Mfg Ltd
El
•
Smith (A 0 Corp
South Coast Co corn
•
Southern Asbestos
•
Sou Grocery Ste corn
Cony class A
•
Southern Ice & Util comB•
Southwestern Stores corn.'
Preferred series A
Spalding (A (1) & Bro corn'
Span & Gen Corp. Ltd__ £1
Bparks-W IthIngton Co_ _.•
Spencer Kellog & Sons new
Spiegel May Stern Co
63.4% preferred
100
Standard Dredg cony 1)1_'
Standard Inv Corp $541p1•
Stand Mot Constr
100
Stetson J 13) coin
•
Stinnes (Hugo) Corp_
•
(Rix, Baer & Fuller
Stromberg-Carl Tel Mfg_'
Btuta Motor Car
•
Sullivan Machinery
•
Swedish-Amer Invest pf100
Swift & Co
180
Swift International
15
Byrae Wash Mach B corn..•
Range Since Jan. 1.
Low.
103 105
400 814
105
504( 4741 5344 32,600 1841
25 135
155 155
270 310
695 700
695
1,500 30
6944
67
67
20 180
400 400
2,400 50
8241 88
84
420 215
40044 408
2,200 26
4634 4541 47
75 1104
19244 19534
193
4635 4444 47% 114,100 17
200 17
224 2234 22%
93
100 79%
93
93
High.
Jan
Mar
Jan
Jan
June
June
Jan
Jan
Jan
Jan
Jan
June
June
125
57
170
735
7441
430
90
43835
47
19541
47%
26
100%
May
June
Mar
Sept
Sept
Sept
May
Sept
Oct
Oct
Oct
Sept
Feb
24
Oct
48
Feb
83
Jan
3344 Feb
2441
5644
66
524
Oct
Oct
Sept
Sept
445
16)4
47%
3231
264
60%
29
64
530
9
200
29%
40%
36
4531
26%
2341
28%
288
11
15741
40
May
May
Sept
Apr
Apr
Oct
July
May
Aug
Oct
Sept
Oct
May
May
Sept
June
Oct
July
Oct
Oct
2,200 84
100 34
100 100
300 600
25 95
844
500
100 3335
100 2434
4,00C
144
50 50
4,550 125
3C0 125
6,700 2544
1,200 114
Aug 100
July 533.4
Feb107
Jan
4
June 125
Apr 19
Aug 374
Oct 35
Mar 28
Mar 56
July 20241
Jan 137
Jan 3414
July 2554
May
May
Sept
Apr
Apr
May
Oct
Jan
Sept
Oct
Oct
May
Feb
Mar
Teltz (Leonhard) war
556
535 556
5 286
Tennessee Cent Ry• t •
38
39
200 38
Tennessee Prod Corp corn' 2234
1841 22% 1.600 14
Thompson Prod Inc cl A •
33
33
210 30
Tim ken-Detrolt Azle_ _ _10 2634 24% 26% 29,800 11%
Tishman Realty & Constr • 46
46
47
1.500 33
Tobacco Prod Exports. _•
344
341
341 2,200
3
Todd Shipyards Corp- •
5434 59% 3.800 41%
Toddy Corp class A
•
26
2634
800 21%
ClassB vtc
12% 1244
500 10%
Transcont. Air Tram_ _• 224 22
24
18,300 2031
Trans
-Lux Pict Screen
Class A common
•
44 444 6,600
454
23£
Triplex Safety Glass Ltd
Amer dep rcts & shs_ _El 55
54
55
600 48
Truecon Steel corn
10 5441 53
54%
700 3344
Tubb* Artificial Silk ol B.' 540
525 540
1,310 450
Tung-Sol Lamp Wks corn.• 1441
1434 034 3.400 1031
Class A
• 25
24% 2541
1,900 1944
()nit Biscuit Cool B
•
25% 26%
1,800 1331
Class A
• 66
66
66
200 5474
United Carbon v t c
• 30
28
304 2,200 19
United El Coal Cos v t a.. •
64
6741 1,000 2634
United Milk Prod.com• 2044 2031 21
2,200 17
7% cum pref
100 78
76
78
175 76
United Profit Share corn'
941 944 6,400
841
12
Preferred
100
12
300 1134
United Shoe Mach corn _ _25 7054 7045 70%
100 6334
U S Asbestos
5774 52% 57% 7,900 2734
US Dalry Prod class A_.• 52
52
534
400 2834
US Foil class B new
• 3945 384 39% 4,200 2944
U Is di Foreign See com . 32
28% 32% 8.910 2041
$6 first pref
9545 9545 96%
1,600 94
CT El Freight
• 7454 7441 76
3,600 7044
US Gypsum Co corn__ -_20 5744 5741 59%
550 534
U S Radiator corn
4441 45%
•
600 3845
S Stores Corp cl B
*
2
24
200
2
Universal Insurance
79
79
100 75
Universal Pictures
• 23
2234 23
600 ," 1334
Universal Prod
44% 44% 4441
100 23
Van Camp Packing pref _50 25
17% 25
1,300
741
Jan 650
Oct 4044
Mar 23%
June 4441
Feb 26%
Jan 4741
June
441
Apr 6031
Sept 27%
Sept 1331
May 35
May
Aug
June
May
Oct
Sept
Feb
May
Oct
Oct
May
Aug 66% June
Jan 54% Oct
Feb 62845 Apr
Feb 1534 Oct
Feb 2535 Oct
Feb 33
Sept
May 70% Aug
July 3044 Oct
Feb 6941 Sept
Aug 42% June
July 91
June
Au
1234 Feb
Jan
1241 Apr
Jan 774 May
July 574 Oct
July 62% May
Aug 42
Sept
Ma
32% Oct
Jun 100% Feb
Fe
84% Jan
Aug 100 June
Au
48
Jan
331 Feb
Sept
Aug 824 July
Aug 28
Sept
Aug 46% Sept
Mar 27
July
Waits dr Bond class A__ •
2641 2641
500
Class II
• 20
20
2041 1.500
• 5434 53
Walgreen Co corn
5431 2,400
Warrants
31
29
3141 2,000
Watson Ono Warren) Co.'
631
644 645 3,300
Wayne Pump
• 35
35
42 34 7,500
Wesson Oil & SD corn vs c• 844 84
87
4.100
Western Auto Supply el A.
5741 58
300
Warrants
114 1141
400
Wheatsworth, Inc, corn..' 5934 58
60
2,100
Winter (Ben)) Inc com
1134 1244 3,700
• 1241
Wire Wheel Corp corn new_
28% 2634 29% 17.400
Woodworth lino corn
• 36% 364 3734 2,400
Worth Inc cony el A
• 154 15
15%
1,200
Yellow Taxi of N Y
19
•
20
8(.0
Young(LA)Sp 4C WI COM• 51% 5144 53%
1,600
Zenith Radio
16434 203
203
1,400
Zonite Products Corp coin*
333.4 35
1.100
2434
15
3744
1635
5
32
67
51
434
3454
114
2031
2644
1434
1241
3141
65
323£
Jan 29
Mar 21
June 56)1
Apr 3134
Sept 20
June 52%
Feb 87
July 66%
1731
Sept
Jan 60
June 18
Mar 36)i
Jan 3931
Sept 234
Mar 22
Mar 554
Apr 203
July 48%
Apr
Oct
Sept
Sept
Jan
Sept
Oct
Apr
Apr
Oct
Apt
June
June
Mar
May
Oct
Oct
Apr
Rights
Budd (E G) Mfg
Detroit Edison
Elec Bond & ShareSecurities
Flat
Hart Parr Co
Keystone Aircraft
Loew's Inc
Penn-Ohio Edison
United Elec Sem bond its_
White Sewing Mach deb rte
63
1,100
16
2,400
8% 197,300
931 130,400
300
11
4% 19.900
22
1,400
950 23,400
100
1%
900
11%
50
15%
74
23.4
8
1%
1134
860
880
8%
Oct
Oct
Oct
Apr
Oct
Oct
Feb
Oct
Octr
Aug
63
1731
11
7
11
5
25%
14
241
1241
Oct
Sept
Sept
Sept
Oct
Sept
Sept
Sept
Sept
Jac
25
112 112
234 2544 7,100
17141 174
5,000
600
105 10644
975
202 207
184 4,500
17
1,900
7644 80
24,200
11% 13
14
13
1.4(
4% 5% 8,200
11044
844
117%
104
170
17
75
731
7%
1%
Aug
Feb
Jan
Aug
Jan
Oct
July
Mar
Mar
Apr
11831
25%
18
6%
111
249
22
87
14
18%
6%
May
Oct
Sept
May
May
May
May
may
may
May
24
5641
63
51
I1)k
304
47
60%
6
1874
3934
34
17
275
6%
15534
3934
24
544
6141
49
24%
5634
63
51
44 434
200
4
10% 12% 15,300
43(
33
100 23
33
304 314 1,110 2644
25
100 1941
25
4635 4744 2,200 30
2241 2341
1,200 17
5341 61
2,600 39
490 500
50 428
6
6
541
200
187% 189%
390 104
2641 2834 1.400 20
37
3934 6,700 2341
34
400 25
35
34
3441
1,000- 31%
17
17
600 13
20% 20%
25 18
25
25
200 25
259 288
510 8125
6
644 8,500
2%
1444 15745 15.500 80
344 40
7,000 31%
95
38
95
9541
38
38
107 107
2
2
105
105 105
941 10
3741 3744
2441 2434
23
23
244
56
56
20274 191 20234
13034 130 131
3034 30
314(
1744 1944
50
15%
831
844
21%
91c
14
Public UtIlltie•-Amer Dist Tel 7% pf _100
.
Amer ot Foreign Pow warr_
25%
Amer Gas & Elea corn _ .• 173
Preferred
• 105
Amer Lt Trite nom.._100 207
Amer Nat Gas corn v t c • 1731
Amer Pow & Lt A met(t)
Amer States Sea coin cl A * 13
Corn class B
• 14
Warrants
5
200
300
2,100
600
50
13%
741
6%
8
134
20
80c
1%
11
May
Jan
Feb
Sept
May
Sept
Feb
Jan
Jan
Jan
May
May
Jan
June
Ma
Feb
Jun
Jun
Jan
Feb
Jan
Sep
May
7
May
may
Apr
2079
Thur.
Baia
Last Week's Range for
Public UtIllttes (Cond.) Sale
ofPrices.
Week.
Ear Pries Low. High. Shares.
Amer Superpower Corp A• 4044 3944 414
Class B common
• 4254 4034 42%
First preferred
99
9944
Arizona Power com
-100
16
1645
Aiwa Gas*Elee el A__• 504 50
5041
BellTelof Pa641% PLAN 115
115 115
Brazilian Tr L & P new ord
5844 5841
Brooklyn City RR
100
7
7
741
Buff Meg Os East Pr oom_• 4734 4734 49
Class A
• 4234 423£ 4234
Preferrce.;.;
25 2634 2834 2634
Central Put, lerv CIA.....' 36
3334 36
Cent r.tates Elec corn- • 115
115 115
113 113
7% pref
Cities Sera Pr & LS $a pr-•
98
9834
100
7% cum pref
10744 10734
Columbus El & Pr com___• 65
65
65
com•with Edison Co _100 x197% 19134 x19741
Com'wealth Pr Corp pref.
1004 10134
Cons G E L & T Balt com.• 8341 8341 84
Cont'l G & E 7% pr 1)1_100 10534 10534 10535
100 1394 1394 139%
Duke Power Co
22
East StatesPow B corn_ •
23
108 10834
Eleo Bond & Ern prat _100
Elee Bond es Sb Secur___.• 11534 111 118%
634 6936
Klee Invest without war__• 69
103 10341
Lice Power & Lt 2nd Pf A*
Option warrants
19
1841 1934
Empire Gas & E 8% pf _100 11144 110% 1114
Empire Gas &E 7% pf _100
9934 9944
Empire Pow Corp part Mk*
3341 3374
Federal Water Serv cl A__• 3974 383.4 3934
,
General Pub Sem oom__-• 2534 254 2541
• 444 4444 45
Internet Utll class A
• 1434
1444 1434
Class B
101 101
•
Partic preferred
344
Warrants
34 34
10
13
Italian Super Power
Warrants
53.4 534
424 425
Long laid Lighting corn_ •
100
7% preferred
10944 1094
7
634 734
Marconi Wire T of Can_l
Marconi Wireless Tel Lend.
1834 1874 1834
Class B
151 155
•
Middle West UM coin_
100 122
121 122
7% preferred
9641 97
* 97
$8 °urn pref
126 126
100
Prior lien
Mohawk & Hud Pow corn • 4234 4234 45
108 108
• 108
let preferred
107 107
• 107
2i1 preferred
134 1434
Warrants
• 274 2644 2741
Municipal Service
10734 10734
•
Nat Pow dr Light prof_
Nat Pub Serv cow claw A• 2434 2434 2434
Common class B
2754 27
2754
N Y Telep 64% prat _100 113% 113 113%
841
844 841
Nor Amer UM Sec corn. __•
9541 9541
*
1st preferred
Northeast Power corn.....' 2834 2831 294
97
97
Nor Ontario L & P p1....100
Nor States P Corp com_100 13444 1334 13534
11044 11041
Ohio Pub Serv let pf _100
Pacific G & E 1st pref__25 274 2734 2734
• 44% 4344 4444
Penn-Ohio Ed corn
103 10441
7% prior prof
100
9434 95
•
S6 preferred
2041 2041 2141
Option warrants
• 144 14
1444
Penn Ohio Scour
83
•
83
Penn Water dr Power_
74
Power Corp of Can corn...'
74
10134 106
Puget Sound P & L com 100 105
9941
100 9844 98
6% preferred
Sierra Pacific El com 100 5934 5234 6234
9341 9341 9341
Preferred
29
29
South Calif Edis A pt_.25
25 26% 26% 264
Preferred
7731 7744
Southern Cities Util p1.100
2645
25 264 26
Sou Colo Power A
Southeast Pow & LS com_• 5134 513.4 5234
52
50
• 50
Common v t c
1071.4 10774
•
87 pre(
89
•
89
Partic pref
Waffle to pur com Mk__ -- ___ - 1734 1734
474
Standard Pow & Lt corn.25 474 47
10444 10441
Preferred
•
99% 9944
Swiss Amer Elec pref
* 643-4 62
65
Tampa Electric C
114 114
Texas Pow & Lt 7% pf-100
Toledo Edison 6% pref____ __ __ __ 105% 106
397-4 43
Union Nat Gas of Can....' 40
2
2
United Elec Serv warrants
60 144% 13974 14634
United Gas Impt
United Lt *Pow corn A__• 2441 2374 2431
98 100
• 100
Preferred class A
• 2834 2834 30
Oil Pow & Lt °lees B
1534 16
Mil Shares Corp corn__ •
ioo
Former Standard 011
Subsidiaries.
19
Anglo-Amer Oil (vot sly) El
Non-voting shares._ _fl
Borne Seryrnser Co____100
Buckeye Pipe Line
50
Chesbrough Mfg
25
Continental011y t o__ _ _10 17
Galena Signal 011
741
100
100
Preferred old
80
Old pref. etc. of dep
Preferred new
100 83
New pref Ctfs of dep____ __ __ __
EIUMble 0114c Refining_ _25 8034
100 216
Illinois Pipe Line
Imperial 011 (Canada)._ • 804
Indiana Pipe Line
50
fIstional Transit____12.50 2441
New York Transit
100 6474
Warrants
Ohio 011
25
Penn-Meg Fuel
25 4641
Prairie Oil& Ofte
101.1 185
Prairie Pipe Line
25 66
South Penn 011
So'west Pa Pipe Lines_100
Standard 011(Indiana)_ _25 7834
Standard 011 (Kansas)__25 2041
Standard Oil (Kehtucky)25 136
25
Standard 011 (Neb)
Standard Oli(0)corn _ _.26 9131
100
Preferred
7934
vacuum Oil new
25
Oilier Oil Stocks.
1
Allen 011 Co
•mer Contr 011 Fields_ _ __I
Steer Maracaibo Co
5
10
Argo 011Corp
Atlantic Lobos Oil corn_._•
Preferred
•
Barnedall Corp elk purch
.myrantsa (doh TlahtFC - -
72c
434
34
1434
18% 19
184 1844
48
48
6744 673.4
140 14035
1634 1744
741
7
7841 83
80
80
8044 83
80
80
SO
807.4
210 219
7734 8141
9134
88
2441 2444
6341 65
664 6641
60% 614
41
44
4644 4744
184 1864
63
68
8434 85
764 7731
2031 2054
131% 13634
44
4444
91
9241
11851 11834
7941 8041
9.800
2,800
500
50
7,700
10
100
2,700
2,200
1,000
500
3,600
200
110
500
100
100
810
3,700
700
50
25
700
1.600
32.300
14,200
100
2,300
700
100
300
4.700
2,200
1,2(0
3,800
100
100
2,500
2,000
50
40
31,900
Range Since Jan. 1.
Low.
High.
334
3434
98
15
84634
114
5441
8
3074
81
26
1934
30
30434
9541
1054
65
167
100
6734
1043-4
130
1134
1074
76
404
102
1331
110 4
3
994
30
2734
1654
42
334
97
1
10
534
176
109
3
Aug 66
Aug 51134
June 10534
July 2341
Feb 5234
Apr 119
July 6141
941
Jan
Jan 49%
Jan 4574
Jan 27
Jan 36
Jan 115
Jan 1214
Jan 102
Jan 109
Sept 7974
Jan z19744
July 10474
Jan 9234
Aug
June 14841
Jan 2641
July 11174
Jan 13941
Jan 7941
Jan 106
Jan 2434
Feb 11314
Oct 105
Feb 394
Jan 42%
Jan 29
Aug 62
Feb 1944
Jan 105
June
4
Oct 1834
Sept
8
Jan 430
July 11234
Feb
834
Ass
API
May
Jan
May
Mar
Sept
May
Sept
Sept
May
Oct
Sept
May
May
Apr
May
Oct
Jan
May
an
May
May
Apo
Sept
May
Apr
May
Apr
May
May
May
May
May
Ma,
May
Sept
June
Jule
Oct
Feb
Mal
17,600 154
700 123
100 11741
150 94
100 123
13,800 2934
25 10641
25 1024
400
6
8.900 134
50 10831
800 22
500 244
250 111%
100
7
200 92
10,700 1934
10 97
4.200 e123
10 109
500 2341
5,900 3244
190 103
60 92
800 11
300 13
100 68
100 71
22,600 8434
160 92
11.600 29
10 02
100 28
800 2644
25 75
200 23
5,600 4154
2,400 4034
1,300 106
100 84
1.500 1234
400 2954
100 103
100 964
1,800 59
10 99
20 100
3,200 2834
600
174
45,300 11154
41.000 1354
1.5410 9444
2,700 1834
300 11
July 201'
Jan 168
Jan 16034
Jan 101
July 12834
Jan 53
Sept 110
July 10841
1954
Jan
Jan 294
Oct 111
Jan 2934
Jan 3234
June 1154
Jan 1134
Jan 964
JEW 31
Aug 9941
Jan 152
Jan 114
June 30
Jan 50
Oct 109
Feb100
Jan 2.54
Feb25
Jan 90
Aug 96
Jan 10734
Jan 10554
Jan 6274
Jan 97
June 30
Sept 30
Jan 92
July 2634
Feb 81
Feb 5774
July 11144
Jan 92
Feb 2434
Jan 584
Aug 10754
June 10354
Sept 71
Aug 115
Aug 106
Jan 45
July
3
Jan 150
Jan 2774
Jan 10334
Jan 3274
Feb 1831
Sept
may
Set
'
,
May
Pet
May
Jac
Sep'
May
Oct
Fet
May
May
Mai
Seel
Sep'
May
AP
MaY
Mal
API
Sep
Jai
Mal
May
Mel
May
Ma:
Oc
Ap
Oc
900
200
50
300
200
10,000
400
. 20
10
120
10
13.500
500
12,900
700
6,300
300
100
1,100
1,600
5.800
1,250
33,400
100
14.300
1,200
5,400
400
650
21)
9,30
350 50c
3,000
68c 74c 15,100
43.4 474 1,500
244 231
100
341 434 3.700
834 9
300
1394 1631 160.200
June
17
1641 June
48
July
58
Jan
11741 Jan
16
Feb
434 Jan
35
Jan
80
Oct
Jan
27
Oct
80
594 Feb
17641 Jan
564 Feb
7431 Feb
1954 June
3841 Jan
64
Oct
58 34 Feb
28
June
46
Sept
172
Aug
3654 Jan
Jan
70
'/031 Feb
15
Jan
1223£ Feb
3931 Feb
71
Mar
Jan
100
72 June
4e
65c
334
241
134
331
May
Sept
Feb
May
Jan
Feb
314 July
ma:
Ap
Ap
Ma:
Oc
An
Jun
Ma:
Ma
Me
Ma:
Ap
Ma
Ma
Fe
Oc
Ma
Ma
Ma
Set
Ma
Ma
Ma
2234
2044
5641
76
161
23
13
8954
80
86
80
844
245
82
913.4
324
65
6645
6854
84
56
223
68
104
8354
2734
140
4541
95
125
8734
Fe
Fe
Fe
At
Al
Ja
Jun
Jul
01
Jul
01
At
Ma
Sel
Or
Ma
01
01
Ma
Ms
Ai
MI
01
Al
Al
Al
Bey
At
01
Ma
Ma
50c
134
634
445
5
954
0,
Jo
Ms
Se]
Ai
Ai
1634 0
Thur.
Sales
Last Week's Range for
Week.
Other Oil Stocks
Sale
ofPrices
(Concluded)
Par
Low. High Shares.
Range Siste Jan. 1.
Low.
High.
14
13%
13
600 12.4 Sept 23% Jan
Carib Syndicate new corn_
Consol Royality Oil Co_f
64 644
600
8)4 May
6% July
12% 16,700 1014 Jan 1744 May
Creole Syndicate
• 124 12
1%
114
114
34 June
500 760 Sept
Crown Cent Petrol Corp...*
Darby Petrol Corp
• 27% 264 2934 37,200
8% Jan 304 May
1
1.11
1
Jan
2 May
Derby OH & Ref corn....'
300
13
744 Feb 154 Aug
Preferred
13
100
123 12441 4,200 101% Feb 148% May
Gulf 011 Corp of Penna.. 25 123
• 164 18
17
6,200 1144 Feb 22% Apt
Houston Gun Gas
1%
Intercontinental Petrol_10
1% 24 30,100
1
June
2% Mar
Feb 4534 may
International Petroleum _ _• 38
374 38% 27.000 35
234 10,300
1% July
Kirby Petroleum
2%
2
3 May
544 Mar
944 may
Leonard 011 Develoom1_25
511
511 5% 2,300
Feb 41
Oct
Lion Oil Refg
38% 38
39% 34,200 20
Lone Star Gas Corp
25
57
57% 2,160 4844 Apr 59% Sept
710
I% 31,600 54e Sept
Magdalena syndicate_ _1 840
1% Apr
Margay 011
344 3415
100 344 Oct 4814 Jan
1
151
151
14 Jan
Marland 011 of Mex
100
44 Mar
Mexico Oil Corp.
10 38c
30c 40c 48,500 20o July 740 May
Mountain A. Gulf OM _1 840
83c 84c
3,300 76e June
1% Mar
Mountain Prod Corp...10 224 224 22% 3.000 214 Sept 28% Jae
• 27
Nat Fuel Gas new
27
27% 2,000 24% Mar 304 Apr
5
434
442 Sept
554 Jan
New Bradford 011
414 44
200
54 Apr
344 3%
New Engl Fuel Oil
500
24 Sept
• 11% 114 114
North Cent Tex 011
200 10% Jan
1334 May
244
24 214 1,300
21( Aug
6
Jan
Pendem 011 Corporation..
Pentepec Oil of Venesuele• 12% 1214 13% 20,200
814 Feb 1544 July
Pennock 011Corp
54 554
200
534 Feb
734 Apr
Aug
94
414 Feb 13
Reiter Foster 011 Corp..•
841 954 3,600
260. Jan
Royal Can 011 Synd
* 120
10c 12c
4,000
70. Aug
944 Apr
Ryan Como)Petrol
•
6
54 6
900
4% Jan
7
Jan
Salt Creek Cons 011
10
541
1,700
5% Jan
Jan
Salt Creek Producer...1(, 2134 264 26% 2.800 2334 Sept 35
3% Apr
144
154
Feb
Savoy Oil Corp
5
7,000
1
Met
4% May
Tenon Oil & Land
351,1
3
354 411 181,000
17
Feb 2234 May
Tidal Osage Oil v t stock.'
900 13
17'4
Non-voting stock.. _ _ _• 1844 164 1644
700 13% Feb 2134 Apr
Transeont 0117% pref_ 100 78
July 93% Jan
75
78
400 75
7
44 Sept
Venezuela Petroleum .....6
84 Sept
7
7% 53,000
Am
1,300 15% Sept 25
Wilcox (H Fl OIl & Gee_ •
1714 18
Woodley Petroleum Corp._
5%
300
334 Apr
514 514
83,4 Apr
854 Inlay
"Y"011 & Gas Co
25
434 5
1,200
2% Feb
Minima Stocks.
Andes Copper Mining...._* 37% 37
38%
70
80
Arizona Globe Copper
70
-1
Bunker Hill & Sull
10
11815 11951
22
Carnegie Metals
10 214 20
Central American Mines.
614
64 644
3% 414
Chief Congo] Mining
1
315
Comstock Tun & Dege..10c 550
50c 550
.6 1114 114 1134
Coml. Copper Mines.
1
190 19c
Cortez Silver Mines
750 80c
Cresson Consol 0 M & M1 79c
Sc
50
1
40
Divide Extension
850 850
Dolores Esperanza Corp. 2
10
34 34
East Butte
3%
34 4
Engineer Gold Min Ltd.5
74
Evans Wallower Lead corn'
7
744
1
8c
70 140
Falcon Lead Mines
Golden Centre Mine.. _5 10% 1011 11%
Goldfield Florence
1 13c
90 13c
Hecla Mining
250 15
1414 15
Hollinger Cons Old Mime 5
7% 7%
Bud Bay Min & Smelt__ • 184 184 194
4
Iron Cap Copper
i0
314 5
144
Mason Valley Mines
144 2
Mining Corp of Canada..6
334 34
New Cornelia Copper.-_5 324 324 33
00 226
New Jersey Zinc
225 226
N Y Bond Rosario
10
16
16
Newmoni. ,v4 -g Corp_ _10 170
1654 170
Niplasing Mines.
244
6
Noranda Mines, Ltd
454 494
• 46
Ohio Copper
1 75e
75c 81.0
Parmac Porcupine M Ltd_1 21c
200 230
Plymouth Lead Mines___1
Sc
Sc
Sc
Portland Gold Mining _1
220 220
Premier Gold Min
1
Vis 334
234
Roan Antelope C Min Ltd. 264 26
274
St Anthony Gold Min
65c
620 750
40
San TOY Minfilg
1
40
be
Shattuck Dann Mining...' 18% 18
1934
344
So Amer Gold & Plat
1
344 3%
8%
Teck Hughes.
1
7% 844
Tonopah Extension
70
1
60
70
Tonopah Mining Co
1
344 341
United Eastern Mines_ I 81c
81c 99c
United Verde Extension50c 17% 164 184
134
Unity Gold Mines
1
1% 134
Utah Apex. ..
341 4
Wenden Copper Mining
114
1
14
West End Extension Min_ _
30
30
Wright
-Hargreaves Mines*
24 24
Yukon Gold Co
5
620 650
Bonder
Abitibi P & P 58 A
1955
Abraham & Straus 58.1943
With sit purchase wan.
Adriatic Electric M. 1952
Alabama Power 4345..1967
1916
lst & ref 5s
Allied Pk, let col tr 88_1939
1939
Deb 6s
Aluminum Co I f deb 6.62
Aluminum Ltd 58. _ _1948
Amer Aggregates 61_ ..1943
Amer Corn ml Alcohol 64143
With warrants
Amer 0 & El deb 5s .2028
American Power & Light
6s, without warrnts 2016
Amer Radiator deb 434547
Amer. Roll Mill. deb 56'48
1936
Amer Seating 65..
Amer Solv & Chem 88_1936
Anaconda Cop Min 65_1929
Appalachian El Pr 58.1956
Arkansas Pr & Lt 50 1956
Arnold Print Works 8s 1941
&WO Dye & Press Os _1938
Associated G & E 5341 1977
Cony deb. 414s_.._1948
Assoc'd Sim Hard 644e '33
1949
Atlantic Fruit 85
Atlas Plywood 54e.._ _1943
Bates Valve Bag 6s_ _ _1942
With stock porch war?. _
Beacon 01165. with warr'36
Beig Can Paper 6s_ _.1943
Bell Tel of Canada de-1955
Berlin City Elea As.._1958
8.
44% notes
1929
Boston Con Gas 55_ ..1947
Boston & Maine RR 5.1967
(35
1933
Burmeister & Wain Co of
Copenhagen 15-yr 65 '40
Canada Cement 5148_1947
Canadian Net Rye 75_1935
VOL.i:
FINANCIAL CHRONICLE
2080
8944
894 90
Oct
42,200 37
Jan
30
14,500
300 121
June
5,400 17
Jan
1,400 60r, Jan
800
3
Aug
9,200 200 May
9,300
Jan
5
Jan
1,000 18c
Oct
5,200 75c
9,000
30 Mar
100 30e Mar
600
114 Jan
2
1,100
Jan
4.100
64 Sept
5
22,600
July
11,200
234 Jan
12,000
Jan
Its
2,400 1342 Apr
5,900
644 Oct
25,200 163.4 June
12,100
2% Sept
1,900
Ms Apr
100
314 Apr
2,400 25% Pal.
1,180 1804 Jan
100 12% Sept
7,800 122
Jan
2,300
244 Oct
57,600 1714 Mar
4,200
03c Scut
8,200 15c
Jan
1,600
Jan
50
1,200 22c
Oct
500
214 Jan
1,500 244 Sept
34,600 400 Mar
2,01,0
Jan
3c
18,300
Jan
6
1,500
244 Jan
12,300
741 Oct
5,000
Sc Sept
500
2% Jan
1,700 46o
Jan
17,300 13 June
2,000 350 Feb
800
3% Aug
17,500 880 Sent
1,200
20
Jan
300
211 Oct
300 50c Feb
143,000
8944 Oct
37% Oct
100 June
Jan
160
2871 Septit t)r
4% Feb
Oct
55o
May
US
1 jw
2
3 4 M ay
80
2
334
744
84
180
13%
25c
Sept
Ale
Oct
Jan
July
Jan
Sept
May
Jan
18
1834 Jan
y
211
8
May
2 Sept
53.4 Jan
3434' Sept
Sept
243
174 Apr
18544 June
534 Jan
July
64
Pis Jae
380 May
80 Aug
Jan
250
281 j
3 1 Oct
760 Sept
May
24N l‘'y
60 Ml
444 Sept
110 June
4 Jan8
534 July
284 June
11.4 Ja
Aug
2
g Jan
Fe'
2
Jan
n
50
634 Jan
99c Mar
94% July
1054 10514 106% 274,000 10534 Oct 10634 Oct
9734 97
974 63,000 944 Jan 101
Men
9414 9444 54,000 93
Sept 10044 Mar
101
99% 101
17,000 9944 Oct 103% Jan
63% 60
634 241,000 35
Jan 88
Oct
Oct
64
6034 64 262,000 30
Aug 68
101% 10134 102% 36,000 100
July 103% Apr
9811 97% 984 55,000 9534 Aug 100% July
107% 104 108% 139,000 9714 June 10834 Ma,
112% 1114 113
56,000
96% 96
9844 230,000
Sept
98
July 115
93% Aug 101% Apr
10744 10734 10734 197,000 105
98
98
6,000 97
97% 66%
30,000 95%
944 944 97% 19,000 94
944
106
106 107
11,000 99
100% 100 1004 21,000 100
984 9741 98% 114,000 97
96% 96
964 20,000 95
9734 974 97% 7,000 95
98% 98
98% 97,00
94%
101
100 101% 80,000 9944
102% 101% 103 497,000 97
874 8714 8855 3,000 8434
19
19% 24,000 15%
105% 106% 51,000 104
June
Aug
Aug
Sent
June
Aug
June
June
July
Sept
July
Aug
Jan
Apr
Aug
1°22%
110
101%
101
1 134
10234
109
Jan
July
Sept
July
Aug
Jan
July
Aug
Aug
118
11042
10241
10154
9554
101
10434
10014
10434
108 1094
105 110%
984 9814 98%
102% 102% 10314
93
92
93
9941 9944
102
102 102
98
9744 9841
10234 102
59,000 99
118,000 99
2,000 98
36.000 102
152,000 89%
2,000 98%
2,000 101
138,000 95%
1,000 102
10
10m Men
0
Apr
99% Jan
1061.4 Ale
jar
Oaany
MU
May
Ar
y
idm Uli
118
0 I Aa
21 M p
I
May
Oct
Mar
May
June
Feb
Apr
May
Jan
Jan
94% June 100
964 964 3.00
1024 1024 2,00 100 June 10234 Mar
June 11444 Jan
10914 1104 12,009 10R
Bonds (Concluded)Carolina Pr & Lt 58.. _1956
Cent AU States Semi' Corp
64% notes with war '33
Cent States Elec be_ _1948
Cent States P & Lt 534e '53
Chic Pneum Tool 5140 1942
Chic Rye 55 cite dep__1927
Childs Co deb be
1943
Citic Gas & Flee 45_1968
Cities Service be
1966
Be
1966
Cities Service Gas 634s 1942
Cities Serv Gas Pipe L 6843
Cities Serv P & L 630 1952
Cleve Eleo III 55
1934
Cleve Term Bldg 6s__1941
Colon 011 deb Os
1938
Commers und Privet
Bank 514e
1937
Commonw Edison 414s '57
Coneol GI H L & P Bait
So. series A....
1949
Consol Publishers 6348 1936
Consol Textile 8s
1941
1988
Cont'l0& El 5s
Continental 011 5lie 1937
Cosg-Meehan Coal 6145'54
Cuba Co 6% notes_ _ _1929
Cuban Telep 74s_ _ .1941
Cudahy Pack deb 646 '37
1946
Se .
Deny & Salt Lake Ry (Is '60
Detroit City Gas As B 1950
6e, aeries A....... _1447
Detroit lot Bdge 6 448.1952
25
-year s I deb 7s_ _1952
Dixie Gulf Gas 64411-1937
with warrantsElec Pow (Germ'y)614s '53
Emplre Oil & Refg 5145 '42
Evil. Mtge .6 Int 7,1 r
Fairb'ke Morse & Co 5s '42
Fed wet Service tie 1957
Finland Residential Mtge
1961
Bank 6.4
Firestone Cot Mills 58_1948
Firestone FAR Cal Se 1942
First Bohemian Glass Wks
181 78 with stk pur war'57
Flak Rubber 5 Pls....1931
Florida Power & Lt 56_1954
1930
Galena -Sig 011 70
Gatineau Power 5s..„1956
1941
Se
Gelsenkirchen MM 85.1934
Gaol Amer Invest 5s._1952
With warrants
without warrants
Gen Laundry Mach 640'37
General Rayon (Is ser A '48
leneral Vending Cornets with wan' Aug 15 1937
Georgia & Florida 65._1946
,Leorgia Power ref 60..1967
New
Goodyear Tire & Rub 5s'28
Goody T & R (Call 548'31
Grand Tr nk Ry 61.4. 1936
Guant'amo & W Ry 65 1958
1937
Gulf 011of Pa 5s
Sinking fund deb 53_1947
Gulf States ULU 5s. _ _1956
Hamburg Elec Co 78.1935
Hamburg El & Ind 5 445'38
Hanover Cred 1nst 5s_1931
Hood Rubber 78
1936
5148
Oct 15 '36
Houston Gulf Gas 0341943
Os
1943
Iii Pow & Lt 534q
1957
Map Oil& Gas deb 60 1939
Ind'polle P & L 56 ear A '57
Int Pow Scour 7e ser E 1957
Internet Securities 50.1947
Interstate Nat Gas 66_1935
With warrants
Without warrants
Interstate Power be._ _1957
Debentures 8e _ ._ .1952
Invest Co of Am 58 A.1947
Lowe
-Nebraska L & P 55'57
learco Hydro-Elec 7s..19.52
[Baena Fraschini 71_1942
With warrants
Without warrants
Italian Superpower 6s 1963
Without warrants .
Kansas Gas & Elec 6s_2022
Helvinator Co 68
1936
Without warrants
Kemsley, Milbourne & Co
Ltdsfdeb6sSept 1 1942
1948
Kendall Co 5 445
,
Koppers GA C deb 50_1947
Lehigh Pow Secur 130.. 2026
Leonard Tlets Inc 7 440 '46
Without warrants.
-Abby, SON & Libby 5e '42
.ombard Niel) Co 70..1952
With warrants
Without warrants
Lone Star Gas Corp 5e 1942
Long Island Ltg Os. .1945
La Power & Light 511..1957
Makultoort Power 5 340.1951
Mass Gas Con 5445.. _1946
McCord Rad & Mfg fie 1943
Met Edison 41.45
1968
Midwest Gas 7s
1936
Mo Pac RR 1st Se- -1978
Montgomery Ward 50.1948
Montreal L It & P 53_1951
Morris & Co 7 148 _1930
,
Narragansett Elec 51. A '57
Nat Distillers Prod 634832
Net Pow & Lt 65 A....2026
,
Nat Pub Seri 50
1978
Nat Rub Mach'y 68..1943
Nebraska Power Os. _2022
Nevada Con 55
1941
New Eng 0& El Assn 5e '47
nrYP&L Corp IN 4 Me '67
Niagara Falls Pow Os 1950
Nichols.1 Shepard Co 68'37
Without warrants......
Cippr,nElecpowSl4s.i953
North Amer Edison 534s'63
North Ind Pub Serv 58 1966
Nor States Pow 63 % 1933
1933
Cony 615s
Thur.
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week
Range Since Jan. I.
Low.
10014 1014 36,000 100
914
81
89
944
1034
934
9914
974
97
8754
984 9814
914
91
954 96
100 101
81
79
8941 90
8944,
89
9354 95
1034 104%
93% 9334
99
9915
97
97%
10354 104
97
97
9934 100
10,000 9431
28,000 8954
23,000 oag
9,000 97
3,000 78
8,000 87%
55,000 8534
72,000 9042
7,000 103
37,000 93%
54,000 98
78,000 91344
10,000 103%
1,000 97
93,000 99
87% 87% 31,000
9914 2,000
99
106
1054 10611
99% 9954 9941
894 89%
91%
914 91
95
95
95
91
91
97% 9744 97%
11244 11241
99% 100
100
10034 10034 1004
8814 8831 884
101 10144
1063.4 10614 10734
98% 98% 99
92
93
89%
93
92
9044
784
99%
Oct 9942
Aug 99%
Aug 9554
Oct 97%
Aug 9734
June 108%
Jan
May
Mel
Mar
Jan
May
94% Sept
Aug
90
92% Aug
4,000 88
16,000 90
98,000 91
6,000 87
171,000 98%
65,000 100
56,000 90
155
155 155
88
874 88
10514 105% 106%
97
964/ 97
10,000 137
14,000 8644
77,000 100
36,000 94
85
70
98
98
10014
1004
1084 1074
87
87
1004 1004
100% 1004
98%
86
9555
88
95
913%
10031
10334
99%
95
90
9511
96
98
94%
9911
8915
82
7144
87
74
9814
9834
100%
10014
109
87
100%
10044
9894
36,000 84
6,000 70
74,000 98
19,000 98
5,000 99
1,000 100
38,000 108%
4,000 87
17,000 994
42,000 994
33,000 9714
97
89
Aug
Aug
Oct
Feb
Aug
June
Oct
9434 Sept
27% Mar
9842 Jan
103
0842
n9934
101%
101
10442
97
Jan
Feb
Apr
Aug
Jan
Apr
Mar
Jan 16142 Jan
Apr
Oct 95
Jan 114
June
Aug 100% June
July 9842
Oct 08;4
Sept 103
Oct 9842
May 10042
Apr /101
June 112
Oct 97%
Aug 1024
Aug 1024
Aug 102
Oct
Jan
Mel
Oct
Jan
Jan
Jen
Jan
Mar
Jan
May
Feb
Aug
Sept
Jan
Jan
May
May
May
Apr
Mar
May
MAY
99
87
93
9841
85
93
95%
95
9634
97%
94%
89%
Aug
Oct
Aug
Aug
June
Aug
Oct
July
Jan
June
July
Aug
103
9344
9644
10334
98
9934
99%
10142
106
102
101%
99%
1,000 123
4,000 10144
24,000 94%
15,000 98
44,000 96
20.000 9344
8.000 91
Apr
Jan
Sept
Oct
Feb
AUs
July
130 'Slay
104% July
99% Apr
102% Mar
109
Apr
101
Mar
9744 May
100 100
2,000
87
40,000
88
954 954 4,000
99 100
3,000
4,000
88
88
944 95
68,000
95% 9611 60,000
100 10014 5,000
102% 103% 117,001
994 99% 42,000
95
9734 13.000
89% 9011 58,000
124 124
103 10334
9542 96
96
9644
98
9811
9444 n95%
92
934
May
Apr
Jan
July
Jan
Apr
Apr
May
May
Met
Apr
Apr
July
Jan
July
8734 Aug 944 Jan
96% July 102% Apr
88
89%
9114 9214
9214
91
10044 100%
97
97
97%
101% 10041 1014
90%
904 90
98
98
9911
974
99
102%
87
96%
92%
98%
104%
98
10354
102
106%
100
100
Feb
May
Jan
Mar
Jail
Feb
Mar
Aug
May
Mar
May
Max
Feb
Mar
Jan
944 9414 5,000
95
17,000
93
9411 9411 2,000
87
Aug
Aug
Sept
June
Aug
Aug
Aug
Apr
Jan
Oct
Aug
Aug
Oct
June
Sept
June n10844
Oct 102
Sept 96
Aug 9744
Aug 09
Sept 954
Aug 9814
July 11244
Jan 101
July 102%
Jan . OR%
Aug 104%
June 108%
June 104%
Aug 101
9,000
8914 91
2,000
95
95
9234 9234 22,000
9014 9151 47,000
2,000
96
96
96
10314 102% 104 170,000
88
9234
92%
High.
Sept 105% Mar
26.000 104
1,000 974
3,000 89
59,000 894
5,000 944
7.000 91
2,000 954
6,000 10914
39,000 9714
16,000 9944
8.000 80
15,000 994
32.000 106
51,000 974
15,000 89%
894
95
9214
93
94%
127.
99% 29,000
22,000
90
94
July 105
May
82% Aug 9444 May
81% 8234 115,000 5134 Oct 8034 June
1,000 1014/ July 107
105 105
May
6644 73
41,000
8342 June
86
Apr
4,000 159
211 220
Jan 220
220
Oct
954 43,000 95
95
95
Sept 95% Sept
98% 129,000 97
97% 97
Oct n10114 May
1044 1044 10441 142,000 103% May 109% May
102 1024 27,000 102
Oct 105% May
93% 04% 5,000 9244 Sent 97
Apr
100
9511
1014
104%
97
99
105%
10014
100%
9914
1004
105
178
93
100
101
94
100%
101
1124
96
0344
9644
103
94
um%
10234
954
984
9634
994
99%
993,4
98
9844
98
104
85
106 44
108
984
864
9134
105
Feb
Aug
Aue
Sept
Aug
June
Aug
Aug
July
Mar
Oct
Aug
Aug
Jan
Aug
July
Aug
Oct
July
Aug
Jan
June
July
Aug
107
99
100
105%
100
um 44
105
101
102%
105%
99%
1023.4
103%
10141
10244
103%
1044
9451
182
11311
9911
101
9741
106%
May
Mar
Jan
Apr
Mar
Apr
Jan
Feb
Mar
Aug
Oct
Jan
Feb
June
Mar
yea
Mar
Apr
Oct
May
Felt
Mar
Mar
June
7,600 9444
57,000 92
308.000 100
18,000 99
42,000 101
1,000 119
Feb
June
Sept
Aug
June
Jan
101I
9714
10154
104
105%
148
Apr
Apr
Sept
Mar
Jan
Apr
99% 10044 2.5,000
95
95% 6,000
9844 98% 10,000
17,400
103 104
9444 954 2,000
101% 10134 36,000
104 10414 24,000
97
9744 10,000
42,000
98% 99
1054 1054 2,000
994 9911 27,000
1014 10111 2,000
1004 10031 3,000
loog 100% 6,000
994 99% 22,000
100 10054 5,000
105 105% 39,000
85
85% 38,000
182 182 218.000
1,000
108 108
99
1,000
99
9541 9541 3,000
9241 9344 104,000
22,000
105% 106
101
94
100%
101
log
130
101
9442
10142
1014
102%
130
Bonds (Concluded)-
Thur.
Last Week's Range Sales
for
ofPrices.
Sale
Price. Low. High. Week.
Oillo Power 59 ser B..1952
1956
645 series D
Ohio River Edison 5s 1951
Osgood Co6s with war 1938
Oswego Falls Co 68...1941
Pao Oae & El 1st 6%5_1957
1948
Pacific Invest 59
1936
Park & TlIford 68
Penn-Oblo Edison 65 1950
Without warrants
Penn Pow & Lt 59 aerB '52
1960
Petit Elec 58
1953
5545
Phila Eire Pow 15344 1972
Phila. Suburban Counties
G&E 1st & ref 448.1957
1948
Pittsburg Steel So
Potrero Sugar 7e Nov 15'47
1956
Potomac Edison 55
Procter & Gamble 4451947
0& E 545'52
Qileensboro
I'
2081
FINANCIAL CHRONICLE
OCT. 13 1928.]
Rem Arms 54% notes '30
Richfield 011554% notes'31
1941
es
Rochester Cent Pow 581953
St Louts Coke & Oao 69 47
Ban Ant Pub Fier 511_1958
1955
Sande Fails 5s
1975
Schulte R E(le
With warrants
Without warrants
Scripps(E W)550. _1943
Servel Inc (new col 55.1949
Shawinigan W & P 414s '67
Shawsheen Mills 78. .1931
Slose-Shefneld S & I 65 '29
Purch money Gs__ _1929
3.
Snider Pack 6, notes. 1932
Southeast P & I, 69 ._2025
Without warrants
Southern Ashostoe 65_1937
Sou Calif Mum° 51._ _1951
Refunding nage 58.1952
1944
Gen & ref 5s
Sou Cant rho al _1937
Southern Dairies 65 1930
Foreign Government
and Municipalities
(Concluded)
Range Since Jan. 1.
High.
Low.
May
Apr
June
June
June
June
July
June
Aug
July
Mar
Oct
10315
073.4
10215
102
39,000 99% June
10134 101 102
Aue
10144 1004 101% 8,000 100
Oct
2,000 102
102 102
10544 10534 2,000 1044 July
105 105 100.000 10344 Aug
10515
17,000 97% July
994 100
100
5,000 100 June
102 102
75% 5,000 75 June
75
47,000 97% June
9815 98% 99
9844 9854 3,040 95% Aug
Aug
10154 1014 10154 4,000 101
104114
104
10454
1074
107
May
Jan
Mar
Mar
Jan
10234
10354
9834
1023.4
10094
107
Mar
Sept
Jan
Mar
Mar
Apr
97
9711 9,000 954
07
33.000 99%
1023.4 10214 103
135 13534 2,000 98
5,000 90
90
90
94
21,000 92
94
92
16.000 944
9654 96% 97
10034 11.054 10154 7,000 100
Jan
Aug
Feb
Sept
Oct
Aug
Aug
994
103
155
91
96%
100%
104
Apr
Sept
June
Sept
May
Mar
Apr
50,000 9534
8815
36,00
92
5,00
1314
19,00
39.000 113 5*
1,00
95
10.0(.0 999(
2,000 100
36,(00 94
Jan
Mar
Sep
Feb
Aug
Oct
July
June
Sep
119
95
100
764
9814
10144
10244
102%
135
Oct
Sept
Apr
May
Mar
95
105
100
100
10015
924
95%
Jun
Jan
July
July
Aug
Sept
Oct
1094
18215
104%
10454
10454
5514
994
Mai
Oct
Ain
AP,
Apr
Jan
Jan
96% 3.000 95
106
14.000 i0244
984 8.000 9634
,
101
41,000 99 8
July
Atur
Oct
Sept
18.000 99
6,000 914
6,000 99
27.000 100
7,000 98%
32,000 9544
22,060 06
4,000 90
11554 114 119
934 92% 9354
9454 955(
67%
6534 64
9534 9554 053.4
95
95
95
102
101 102
101% 101%
96
95% 9734
104
162
10034
101
102
93
Southwest G & E 58..1957 9634
S'weat Pow & 1.1 68..2022 106
Staley (A E) Mfg 65. 1942 98
Bland Pow & Lt 68 _1957 10054
Stinnes(Hugo) Corp
75 Oct 1 '86 without wary 90
90
75 1946 without warr'ts
1937
Stutz Motor 749
Bun Maid Rattan 630_1942 76%
1939
Sun Oil 5156
Swift & CO 58 Oct 15 1932 10016
Texas Power & Lt fle 1950
Tyrol Hydro Elea 7s__1952
1936
Ulen & Co. 6548
Unite.. El Nero (tines) 7856
With warrants
Without warrants
United Industrial654s 1941
United It & Rys 6)45.1952
1952
69 aeries
United 011 Prod 58.. _1931
United Rye Havana 74836
United Steel Wks 6 .s 1947
With warrants
175 Rubber 6)4 %note91030
Serial 6)4% notes 1932
Serial 6.4% notes 1935
Serial 64% notes-1938
Serial 634% notes_1939
Serial 654% notes_ _1940
S Preelt & Ref 6tic 1925
Utilities Serv 64s---1938
994
103/4 104%
155% 1624
100% 101
10016 10154
1(194 102
92/4 93
97% 9734
96%
10534
9744
100%
124,000
158,000
22.000
15.000
5.000
21,000
1,00(
89
90
90
9034
1054 10514
77
76
100% 101
1004 1004
13,000 87
11,000 88
1,000 93
26,000 76
16.000 100
53.000 99%
994 09% 35,000
1,000
93
93
99
5,000
99
10134 Apr
105
May
10215 Mar
Apr
Jan
Jan
Apr
Mar
97% July 103
89% Aug 9534 Apr
97% Feb 100 May
May
Apr
Jan
Jai
Jar
Apr
Feb
91
9,000 89
90
93
964 964 1,00
96
96
1,00
92
9534 95% 2,00
9034
9514 95/4 95% 7,00
901t
9544 055.4 9544 11,00
9015
91
954 95% 96
3,00
103
1024 103
11,00 100
99% 100
5,000 99%
June
July
July
July
July
July
July
May
Oct
96
1024
103
103
103
10354
104%
105
100
Frit
Jan
Feb
Fen
Jan
Jan
Feb
Pe.
Oct
724 75
13,000 644
Van Camp Pack 8s...1941
23,000 9844
Va Mee & Pow 5s A _1955 99% 99% 100
Co fle 1942 108% 1084 114% 319,000 1)8
Warner-Quinlan
92
92% 3.000 88
Webster Mills 6148.--1933
57 10014 100 100% 57.000 99
Western Power 5)45 19
WestvacoChlorine5 481937 1023i 10254 102% 1,000 100
89
8954 31,000 .1(1
Wheeling rIto•et 44s. 1933
Wisconsin Cent By 55 1930 9735 9634 974 17,000 95
Aug
Aug
Feb
Aug
June
Aug
Ang
Jun
82
10214
118
99%
Ills
107
933(
9934
July
Mar
Sept
Apr
kts,
May
,
Ma
Aug
Foreign Government
and Municipalities.
apical Mtge Bk Rep of Col
99
20-yr 7s . ..Jan 15 194a 08% 98
98
984
20-yr 7s Jan 15____1947
9734 98
Baden it:lomat*. fe 1951 98
Bank of Prussia Landown9515 98
ers' Assn 6% notes.1930
Bolivia (Repub of) 75.1969 9754 9715 9734
Buenos Alrea(Pr0v)7 148 '47 102% 102 10234
100 10034
..... 1952 100
75._ ..
Cauca Valley (Dept) Col97
97
eat s f 78.. _1948
ombia,
Cent Hs 01 Uerman State*
86
85
86
Prov flanks fis
88
88
1952
Secs f 6s A
1958 8715 8754 8815
6348
13,000
3,000
3,000
Jan 9744 Apr
Sept 9854 Sept
Feb 10544 May
Jan 1024 June
2,000
954 Sept
97
16,000
2,000
55,000
85
Oct
88
Oct
8714 Oct
9254 Ma.
93
Jan
974 June
99% 46,000
98
;WM 99
Cons Munk/6
95
9,000
94
1953 94
58 new
Bd
Danzig P & Waterway
1952 854 854 854 2,000
EMI s f 6lis
Denm'k (IiIngd'rn) 5548'56 994 99% 1004 39,000
1962 89% 8934 89% 171,000
1948.
894 904 8,000
1967
Estonia (Rep) 7e
9434 22.000
48.1953 943.4 93
Frankfort (City) 6
German Cons Munk! 75 '47 9854 9814 9815 23,000
_1947 8834 8814 8814 109,000
6e
Indus Mtg Bk of Finland
100 100% 7.000
1st mtge coil f 78. _1944
21,000
Medellin (Colombia) is '51 9715 9734 98
1954 935' 9354 93% 9,000
63.48
(Prov) Argentina
Mendoza
96% 974 58,000
1951 97
734s
Minas Geraes(State) Brasil
9544 32,000
1958 95% 95
Ext 6148
13,000
Montevideo (City) 69_1959 954 954 96% 21,000
9444
93
Mtge Bank of Bogota 7847
8,000
93
93
New
984 32,000
98
Mtge Bank of Chile go 1981 98
2,000
96
95
Mtg Bk of Denmark 58 '72
86% 26,000
Mtge Bk of Jugoslav 75 '87 85% 85
1972 104% 104% 104% 5,000
Netherlands 68
8,000
924 93
Parana(State or)Braa 78'58 93
55,000
Prussia(Free State)6148'61 9544 9554 96
Esti 68(of'27) Oct 15'62 89% 89% 90% 77,000
Rio Grande do Sul (State)
11,000
97
97
Brasil 78(of '27)- 1967 97
1948 94% 94% 94% 27,000
fle
Danish
97% Jan 1024 Apt
Jan 1014 Apr
97
964 June WI June
34,000 94%
16,000 9754
21,000 10034
25,000 98
Sept
97
92
May 102
Apr
Sept 99% Apr
8515
9915
87(4
89%
93
Aug n90
Feb
July 1111C, }et, Jtu
June 064 Ms.
Aug 95
Apr
Oct
Aug (8)10011May
Aug
9414 May
98
8754
High.
Russian
Sept 084 May
Aug 9744 Mat
Feb 11054 Sent
is/
July 98
July 102%
Aug 10114 Jan
111% 1124 3,000 1014 Jan 125
Oct 100
9234 92% 944 11,000 92
9054 90% 9054 17,000 90% Oct 994
93
92% 934 47,000 9114 Sept 9934
2,00 1004 June 10814
102
1014 102
Aug 90
60
7714 73
77% 7.00
July 1134
1.00 110
110 110
Range Since Jan. 1.
Low.
Government
Mar
13
2.000 12% June 18
13
1919
634s
Mar
12% 13% 17,000 12% Oct 18
1919
645 ego
1921 12% 12% 124 20,000 124 Sept 17% Mar
554s
124 1244 14,000 12% Oct 113.4 Mar
1921
5 4s certificates
9834 98% 1,000 95 June 10234 Apr
1935
Saarhmecken 78
Saar Basin Con Counties
1935 1004 1004 101% 8,000 9954 Sept 102% May
7s
Santa Fe (City), Argentine
95% 9574 8,000 934 Jan 9915 May
Repub in, eye 7s__ _1945
Oct 10114
98
983.4 3,000 98
Santiago (Chile) 75 .1949
984 9834 5,000 9734 July 1014 Mar
Saxon State Mtg Ins 75.'45
Oct 984 Apr
95% 964 35,000 94
1946
6348
Serbs Croats & Slovenes
Feti
Aug 92
(King)evil see 78 ear B'62 8534 8434 85% 105,000 82
Oct 8931 June
88 200,000 86
1958 86
86
Silesia (Prov) 7.3
Aug
Switzerland Govt MO 1929 10044 10034 100% 25,000 190 June n103
15,000 854 July 9014 May
1058 86
87
86
Warsaw (City) 7s
•No par value. I Correction. m Listed on the Stock Exchange this week, where
additional transactions will be found. n Sold under the rule. 0 Sold for cash.
Ex-dividend. V Ex•Option sales. I Ex-rights and bonus. to When Issued.
rights. s Ex-stock dividend.
Option sales made as follows: a Middle West PRI. prior lien stk. Mar. 5 at 12
•A.G.Spalding & Bro..corn.. Jan. 14 at 120:g Associated Gas & Elec.. Jan. 14 at 47
h Sierra Pacific Electric Co.. Jan. Oat 92: skit. State Power. Jan. 13. 1014.
(1) Palmolive Pet.. Feb. 28 at 85.
"Under the rule" sales were made as follows:
b Belgian National Railway, preference Jan. 20 at 174; Eltingon Schild Co.
85, Jan. 13 at 983.4: 1 Goodyear Tire & Rubber of Calif. 54s, Jan. 4 at 10134.
117.8. Rubber 64% notes 1940 at 108; r J. J. Newberry. pref. Jan. 25 at 1074;
Standard Publishing class A Jan. 25 at 4; u$1.000 United 011 Prod. 88 1931,
Feb. 2 at $81. Potrero 5t1R. 75. 1967. Feb. 17 at 98: to American Meter Co. Feb.29
at 126. (3) Ohio River Edison 58. 1951, Feb. 27 at 103. (4) Nat. Pub. Sur. war..
Apr. 24 at 3(41315. (6) Mtg. Bk. of Bogota 75, 1947. Apr. 20 at 98-Inland Steel
4155 May 4. at $5,000 at 983.4. (8) Cities Service pref.. May 23 at 10834.
(1‘)Trumbull Steel.
(9) German Con. Mines 75. 1947: May 23, $LOW at 10154.
pref., July 19. 100 at 1223.4. lilt Midwest Gag 7s. 1936, July 23, 54.000 at 1071.1;
13) 1.000 Pittsburgh Steel Be 1948 Aug.24 at 1034.
100% Apr
112
May
1014
10454
100 100%
93
93
93
100 100
100 100
100
9934 99% 99%
9734 974 97%
984
9834 97
99
99
Friday
Week's Rang e Sales
Last
ofPrices.
Sale
Price. Low. High. Week.
9914 July 10234 Fat
9254 Jan 101
Apt
934 July 9434 Sept
96)4 Jan 10094 Apt
93
9314
9134
9114
98
95
RI
10414
92%
95
8311
Aug 9754 Apr
Jan 9894 Aor
Feb 97 Sept
June 9514 Apr
June 99
Ma
Oct 99H Apr
Ales on
Sept 108% Feb
Aug 964 Ma'
June 98)t Ma,
Aug n94 3.4 Mey
98
94
Jan 10014 Apr
Sept 0434 Sep
CURRENT NOTICES.
-A new investment securities house known as Bell, Sean & Rosenthal
Sta., Los
with offices in the Hellman Building at Seventh and Spring
by H. A. Bell,
Angeles. has been formed. This announcement was made
-First
Los Angeles
Who at the same time resigned as a Vice-President of the
new comNational Trust & Savings Bank. Mr. Bell will be President of the
the business of Albert
pany, which as a nucleus for its operations takes over
Rosenthal,
Searl & Son. Sidney A. Sear) will be Vice-President and Sol
Sidney.
Secretary. Albert Searl retired nearly three years ago and his son,
of Direcsucceeded him. The father will remain as a member of the Board
Los Angeles
tors of the new company. Sol Rosenthal recently came to
financial
from San Francisco where for years he has been active in the
field. Bell, Searl & Rosenthal will maintain direct wires to the New York
on the
and San Francisco exchanges, and in addition to the membership
Curb.
Los Angeles Stock Exchange have a membership on the Los Angeles
financial district of Los
"Herb" Bell. as he is familiarly known in the
of having remained with two financial instituAngeles, has the distinction
tions during his entire business career. A native of Chicago, he entered
when he
the services of the Fort Dearborn National Bank of Chicago
finished schooling. After two years with this bank, he came to Los Angeles
National Bank. Ile has been
-First
and affiliated with the Los Angeles
work.
with this banking house continuously for 18 years. In his bank
Bell has specialized in the loan and investment securities departments.
Mr.
V. Mac-Blair & Company, Inc., announce the election of William
Boston
donald and Frederick J. Bradlee, Jr. as Vice Presidents. The
manageoffice and New England activities of the firm will be under their
for fourteen
ment. Mr. Macdonald, who was with E. H, Rollins & Sons
Blair &
years, resigned January 1st this year and became affiliated with
Bradlee, Jr., after graduating from Harvard
Company, Inc. Frederick J.
to Blair & Comwas with the National Shawmut Bank from which he came
pany, Inc.. with whom he has been associated for several years.
-After serving for more than five years as Executive Secretary and
Assistant to the President of the San Francisco Stock Exchange, Julian
of LeibC. Whitman has resigned to become a general partner in the firm
Keyston St Co. Mr. Whitman came to the Exchange from the State
his knowledge and
Board of Control in March, 1923, and as a result of
experience, he is being retained by the Exchange as a member of its various
committees.
-Chase Securities Corp„the_affiliate of the Chase National_Bank of
H.
New York, is expected to open a Boston office shortly in charge of
.
Homer Hildebrand, Assistant Vice-President._ Pending the availability.
office it
Of its permanent quarters, Mr. Hildebrand will have a temporary
Room 331, Stone and Webster Building, 49 Federal St.
elec-Detwiler & Co., Incorporated of New York City announces the
Taller, of the
tion of L. Suffern Taller to its Board of Directors. Mr
James R. Sheldon
firm of Taller & Co., investment bankers, is a director of
Co.
& Co., Inc., and was formerly vice-president of the Fairbanks
Exchange,
-J. R. Schmeltzer & Co., members of the New York Stock
as a general
New York City, announce the retirement of Harry E. Peterson
ill health,
partner in tho firm. Mr. Peterson is leaving the firm due to
according to the announcement.
-Jones (Edward 1).) St Co., Boatmen's Bank Bldg., St. Louis have prethe progress
pared a circular on the Monsanto Chemical Co. describing
out the investmade by this company in the last few years and pointing
ment possibilities of its stock.
graphically
-Hewitt, Brand & Grumet have prepared a chart showing
Insurance Stocks as comthe high points and present prices of Bank and
on the New York
pared with the recent highs of industrials and rails listed
Stock Exchange.
been admitted
-Jay T. McCoy, formerly with Geo. H. Burr & Co.,has
banking firm of F. A. Brewer
to partnership in the Chicago investment
headquarters at the New York office of
& Co. Mr. Mc Coy will make his
Brewer & Co.
removal of their executive
-L. F. Dommerich & Co., announce the
and general offices to 271 Madison Avenue, between 59th and 40th Sta..
Ashland 8653.
New York City. Telephone
-Charles H. King has become associated with the sales organization
of R. M. Schmidt & Co. of New York.
2082
FINANCIAL CHRONICLE
[VOL. 127.
Quotations of Sundry Securities
All bond prices era "end interest" except where marked "r.
Public Utilities
Railroad Equipments
Bid Ask
PDX. Bid Ass
Par. Bfd Ask
Bird Grocery Stores com__t *35
37
American Gas & Electric...1 *172 173
Amer Founders Corp corn -- 62 65
Atlantic Coast Line as
5.25 5.00
7% cum pref(with war)100 110
Rights
6% preferred
106
12
Equipmeet6 Ns
5.00 4.75 Bohack (H C)Inc com
-t *63
Amer Light & Tree com_100 52311 2 20612 Baltimore &
66
4412 4712
6% Pereferred
Ohio 65
5.25 5.00
7% 1st preferred
100 104 108
Preferred
7% preferred
4912 5212
100 115 118
Equipment 434s & 58....... 5.00 4.70 Butler(James) corn
•
Amer Pow & Light
14
Astor Financial claw A
47
50
BuffRoch & Pitts equip 68_ 5.25 5.00
Preferred
100
Deb 682016
60
Class B
Ivi&S 10712 1075e Canadian Pacific 434s & Os_ 5.10 4.75 Consol
11
14
Ret Sts, 8% of with
Amer Public URI corn...,.100 50 65
Atl & Pee Intl Corp
70
7234
Central RR of N J 65
5.25 5.00
warrants
100 106
Bankers Financial Truet
7% Prior preferred____100 98 101
96 03
Chesapeake & Ohio fis
5.25 5.00 Diamond Shoe, corn
Partic preferred
36
38
Bankers Investm't Am corn_
100 95 100
10
12
Equipment6 Ne
5.15 4.85
Preferred
Appalachian El Pr pf
104
Debenture shares
100 108 109
914 10
Equipment Ss
5.00 4.75 Fan Farmer Candy Sh prof t *29 107
Associated Gas & Eleo com.t 16
32 Bankstocke Corp of Md A....
18
Chicago & North West 61
- 5.30 5.00 Fed Bak Shops,corn
*7
•56
Original preferred
10
ClassB
58
Equipment6 Ns
5.10 4.80
Pref 7% with warr ....100 96 100
$5 pretared-Preferred
94 96
Chic R I de Pas 4141 & 46-- 5.00
Feltman & Curme Shoe
id preferred
Units
r*98 100
Equipment fls
5.30 TOO
Stores A corn
NiN preferred
*10
20
British Type Investors A..... 443 453
t *101 103
4
4
Colorado & Southern 6I...... 8.40 5.00
7% preferred
100 75 85
87 preferred
Continental Securities Corp. 111 115
t *104 107
DelawareA Hudson 1355.25 5.00 Gt Atl & Pao Tea vol corn..? *330 340
Deb 5s 1968
Preferred
A & 0 903 9112 Erie 434s
82 85
4
5.20 4.90
Preferred
100 116 118
Deb 5s_
58 1942 with warrant
2875 9712 99
107
Equipment65
5.35 5.00 Grant(W T) Co corn
t *112 114
East. ULU. Ass°. cone
Without warrants
105
t *4012 41
Great Northern 66
5.25 5.00 Grant
(W T)RIty 7% pf 100 10312
Cone. stock_
Crum & Forster Ineurant *1312 14
Equipments.
5.00 4.75 Howorth-Snyder Co. A_
18 If"
Com'with Pr Corp pref-100 10114 1024 Hocking Valley
shares corn
92
97
Se
5.00 4.75 Kaufm Dep Ste, corn-100
Mee Bond & Share pref.
Preferred
-100 107 109
12
100 103
Equipment61
5.25 5.00
7% preferred
100
General Pub Seri com---t *25
Diversified Trustee ithe
,
2612 Illinois Central 4341 & fie
213 2215
8
- 5.00 4.75 Kinnear Stores cora
.28
87 preferred
3
3012
Shares B
•126 132
183 194
s
Equipment65
5.20 5.00
8% preferred
100 116 120
$6 first preferred
Eastern Bankers Corp corn. 2712
*99 101
Equipment 71 & 6345__... 5.00 4.80 Knox Hat,corn
*230 250
Gent Public UM
Units
100 94
96
149 153
Kanawha& Michigan 6a
5.30 5.00
27 cum pref
*106 111
MlseissippIRIIv Pow pre1.100 10612 108
Finan A Indust Ser corn...... 114 116
Kansas City Southern
5.25
CIA panic pref
*65
First mtge iSs 1951_J&J 10112 10212 Louisville & Nashville 5341. 5.25 5.00
70
Preferred
109 111
6I_...
5.00 Kobacker Stores corn
t *44
Deb 56 1947
45
M&N 9612 0712
Warrants
115
Equipment63411
5.00 4.80
Cum pref 7%
100 102 105
National Pow & Light pref t 10714 10812 Michigan Central 58
First Fed Foreign Inv Trust 98 102
& 811
- 5.10 4.75 Lane Bryant Inc corn
t •58 60
North States Pow com_100 134 13512 Minn St P&135M443
Fixed Trust Shares
18 8 1924
7
41 & 5s 5.30 5.00
7% cum pref
100 115 120
7% Preferred
General American Investors
100 10812 10912
Equipment 634s & 71.
-- 5.50 5.00 Leonard Fitzpatrick &
Nor Texas Lies Co com_100 14
deb 55 with warrants..... 13912
16
Missouri Pacific Os & 6341.._ 5.25 4.95
Muller Stores corn
*28
Preferred
31
General Trustee common
100 45 50
25
30
Mobiledc Ohio 58
5.00 4.80
Preferred 8%
100 100 120
Ohio Pub Sere, 7% pref _100 11012 11112 New York Central
Old units
80
434s & SI 5.00 4.75 Lord & Taylor
100 320 350
6% pref
New units
102 103
71 YE"
Equipment 6s
5.25 5.00
First preferred 6% _ -100 98 103
Pacific Gas & El lot pref _ _25 *2612 2712
6% bonds
120
Equipment 75
5.00 4.80
Second prof,8%
100 110 120
PugetSound Pow& Lt8%p t *98
Greenway Corp corn
99
20
23"
Norfolk. & Western 4341_.. 4.95 4.75 McLellan Stores corn
t *55 59
5% preferred
Preferred (w w)
*89 92
50 55
NorthernPacific 7s
5.00 4.80
6% preferred
100 100 105
let & ref 6348 1949_ _J&D 101 102
Guardian Investment
1912
Pacific Fruit Express 7s
5.00 4.85 Melville Shoe Corp corn -_t *66
South Cal Edison 8% pi _25 *55 60
87
26 II"
Penneylvania RR eq
4.90 4.75
1st pref 8% with warr-100 103 105 Incorporate
Stand 0& E 7% pr pf__100 109 111 }Utah & Lake Erie 6.6s
d Investors
11512 7712
5.05 4.80
Warrants
•
Tenn Elea Power let prof 7% 10612 108
Insuranshares ser A 1927_ - 25 Reading Co 43.4s & fe
4.95 4.75 Mercantile Stores
*115 130
6% preferred
Series C 1927
100 99 100
25
St Louis & San Francisco 56_ 5.30 5.00
Preferred
100 105 120
Toledo Edison 6% pf
Series F 1927
103 105
27
Seaboard Air Line 5142 &
2811
5.75 5.25 Metropolitan Chain Stores..? *63 64
Series H 1927
100 109 111
%
22 23
7 Prat
Southern Pacific Co 434....... 4.95 4.75
12
New preferred
100 110 114
Western Pow Corp pref 100 101 105
Series B 1929
21
22
Equipment78
5.00 4.80 Metropol 5to 50 Ste corn A t *4
lot See Corp of Am corn A.. 5
Southern Ry 434s & 56
814 614
5.10 4.90
*3
Common B
Common B
34
37
Equipment Os
5.30 5.00
Preferred
100 58 65
Short Term Securities
634% preferred
97 101
Toledo & Ohio Central Os_ _
5.30 5.00 Miller (I) A Sons com.---t *4112 43
6% Preferred
89 93
Union Pacific 75
5.00 4.75
Preferred 6/4%
Allis Chal Mfg, 54 May '37_ 9914 9934
-100 97 101
Invest Co of Am corn
42 46
Murphy (Gi C)Co corn--t *70
75
Alum Co of Amer,58 May'52 102 10214
7% preferred
99 104
8% cum pref
100 104 108
Amer Red,deb 4;Ss, May'47 98 9812
Series A units
Standard Oil Stocks
153
Nat Family Stores Inc---t *27
28 Investments Trust of N Y
Am Roll Mill deb 58, Jan '48 963 97
4
1053
Par
Cum pref $2 with warr.25 *2812 31
Am Thread Os, Dee 1928--- 1004 10012 ithglo-Amer 011 vot stock..
Massachusetts Investors-. 927 95 8
3
Ei *185 19
8
Nat Shirt Shops, corn
t *22
25
Anglo-Am 011 430, July '29 983 99 2
Mohawk Invest Corp
,
4
100 102
Non-voting stock
El *1832 1912
Preferred8%
100 86
95
Mutual Investment Trust_
Ana'da Cop Min 68, Jan '29 100 100 8 Atlantic Refining
3
11
12
100 18414 185
Nat Tea 612% pret
100 104 106
let cons egi___Feb. 1953 1051s 105 8
New England Invest Truet, 1012 1112
3
Preferred
100 11612 11712 Nedlck's Inc corn
*2312 25
Batavian Pete 4345--..1942 935 94
Old Colony Invest Tr corn
8
31
27
Neisner Bros Inc corn
Bell Tel of Can 58 A _Mar '55 10252 103
t *116 122
% bonds
Borne Scrymser Co
92
25 *4612 51
Preferred 7%
100 160 168 Second Internet See Corp_
Beth Stl5% notes June 15'29 991 100
49
Buckeye Pipe Line Co.......50 *67
52
6912 Newberry (J J) Co corn._„x *130 140
Sec 5% notes_June 15 '30 99
Cony 13 when if & as is... 26
993
4
29
Preferred 7%
100 106 111
Sec 5% notes_June 15 '31 983 9912 Cheeebrough Mfg Cons-25
4
6% Preferred
43 46
•139 141
N Y Merchandise corn- -t *31
33
Sec 5% notes_June 15 '32 984 99% Continental Oil vie
Shawmut Bk Inv Trust__
38 48
1714
10 *17
First pref7%
100 102 105
Com'l Invest Tr 5s.May '29 973 983 Cumberland Pipe
4
434s
4
1942 90 93
8.5
Line--100 65
Penney (J C) Co cora-100 295 305
5% notes
5s 1952
May 1930 97 98
95 98
Eureka Pipe Line Co...... 100 70
72
8% cum Cl A pref
100 101 103
Cud Pkg,deb 5345_Oct 1937 993 993 Galena Signal 01Icom___1
6s
s
1952 200
4
00
7
8
Peoples Drug Stores corn_t *76
Cunard SS Line 4348 Dec'29 9812 9912
78 Stand Int Secs Corp units__ 38
Preferred old
100 83 85
% cum pref
100 115
Ed El Ill Bost 4e, Nov 2 '28 99% 10014
Standard Investing Corp.... 36
Preferred new
39
100 83 85
sq4 if
534% preferred w w
4.54% notes
Nov 1930 98% 99% Humble Oil& ReftnIng___25 *804 80 4 Piggly-Wiggly Corp
102 106
3
Preferred8%
100 101 104
Empire Gas A Fuel 5e
5% bonds w w
12912
Illinois Pipe Line
100 215 218
Piggly Wert States A
t *34
35 Swedish Amer Investing pf 194 198
June 1929-30 9612 99
Imperial 011
81
*SO
Rogers Peet Co COM
-100 130 140
Fisk Rub 534s„....Tan 1931 91% 9212 Indiana Pipe Line
U
Shares class A
1212
Co--50 *91
4
913
Class A 1
124 1324
International Petroleum.- t *38
3814 Safeway Ste of wont war6% 96 98
Gen Mot Ac Corp Si Mar'29 99% 100
Class B
4314 4414
National Transit Co-12.50 *244 243 Sanitary Grocery Co corn.. t *400
4
405
5% serial notes_Mar '30 983 99% New York Transit Co_-100
Chuts C 1
4
23 8 ---5
63 65
614% preferred
100 120 135
Class C 2
5% serial notes.. Mar '31 9812 9914 Northern Pipe Line CO-100 60 63
2512
Schiff Co com
*45
47
Class C 3
5% serial notes.. _Mar '32 973 9812 Ohio 011
4
213 227
4
25 *60 4 61
3
Cum cony pref 7%-100 184 19812
Class D
5% serial notes_ _Mar '33 97 973 Penn Mew Fuel CO
18
4
28 44112 425 Silver (Isaac) di Bros corn.? *59 4 61
4
3
U S & Brit Internet units
5% serial notes_ _ Mar '34 97
98
771 8112
Prairie Oil & Gas
25 *4612 463
4
7% cum cony pref......100 111 115
U S & Foreign Sec corn
5% aerial notes-Mar '35 96% 973 Prairie Pipe Line
313 3312
4
4
100 184 186
Southern Groc Stores A_ .t *34
36
Preferred
5% serial notes...mar '36 9612 9712 Solar RellnIng
9312 95
100 170 180
Southern Stores() units
95
Water Bends.
Goodr(BF)Co 53 Jan 15'29 9912 100
Southern Pipe Line Co-50 *15
16
Spaid (A 0)& Bros. corn 100 260 280
Arta° Wet 1st 54'56 A.A&O 94 98
Goodyr T & R fe_Dec 15'28 9912 100
South Penn 011
6612 US Stores corn class A----t *4
25 *66
7
Blrm WW lst 5346A.'54.A&O 100 103
Gulf Oil Corp of Pa deb 5e
Southwest Pa Pipe Linee.100 78
84
Com class B
*2
3
let M 5s 1954 ow 11 __JAB 98
Dec 1937 10014 10012 Standard Oil (California)--t *603 61
4
let preferred 7%
100 45 49
City W(Cbatt)5/01'54AJAD 100 Xi"
Deb 5s
Feb 1947 10014 1005s Standard Oil (Indiana)
25 *7612 76 4 Walgreen Co corn
3
*52
55
let M 56 1954
Koppers Gas & Coke deb 58
&kb 95
Standard 011 (Kansas)..-25 *2014 2024
8% cum pref
10 107 110
City of New Castle Water
June 1947 974 9814 Standard Oil (Kentucky)_25 *13514 136
West Auto Supply corn A t *5712 59
Mag Pet 4 Ns_Feb 15'29-35 97 100
5s Dee 2 1941
JAI) I
94
Standard Oil(Nob)
25 *435 4412
8
% preferred
100 102 105
Clinton WW let 5e'39.F&A 04
Mar 011 55._ __June 15 1929 993 10012 Standard 011 of New
4
*4512 453
4
Com'w'th Wat let 5 3.4sA'47 99 fcii"
Serial5% notes June 1530 973 9812 Standard OH of New Jer 25
4
York.25 *35
3514
Rubber Stocks
Connellev W 5sOct2'39A&01 95
Serial 5% notes June 1531 9514 9614 Standard Oil (Ohio)
25 *904 9112
(Cleveland Quotationt)
E St & Int Wat 56'42.J&J 93
Serial 5% notes June 15'32 94
95
95
Preferred
100 1173 118
4
Aetna Rubber common_ ......t *27
28
let M es 1942
Mass Gas Cos,534a Jan 1946 1033 10414 Swan & Finch
J&J 100 102
4
20
25 •18
Preferred
100
Huntington let 68 '54.111AS 100
Pacific Mills 5Ns-Feb '31 95 97
Preferred
Falls Rubber oorn
84
fa
3
Peoples Gas L & Coke 434s
1954 95
Union Tank Car Co
100 109 111
Preferred
.25
*18
20
Mid States WW 6.'36 MAN 100
Dee 1929 & 1930 98 100
Vacuum 011 (New)
25 *7958 8012 Faultless Rubber
•30
32
Monm Con W linfri'MAJAD 90
Proct & °arab.4/0July '47 973 99
4
93
Firestone Tire & Rub oom.10 •170 173
Mourn Val Wt 5)4i'50_ J&I 98
Sloes Shef SU A Ir 6s Aug '29 10012 101
8% preferred
100 108 11012 Muncie WW Ife 009'39 A01 94 10012
Swift A Co 5% notes
Super Stacks
7% preferred
100
10812 St Joseph Water 56 1941A&O
Oct 15 1932 100 100 s
3
97
General Tire A Rub oom__25 •185 250 ithenango ValWat 56'56A&0 95
Tidew Pow let Se....Aug '29 9814 9914 Caracas Sugar
93
3
60
Preferred
100 98 100 So Pitts Wat let 56 1980 J&J 97
Iln NJ RR A Can 4e Sept'29 984 9912 Cent Aguirre Sugar corn....20 *138 140
Goody'r T & R of Can 01.100 10514
let M 56 1955
1:1 S Sm A Ref 5Xe_Nov'35 1023 103
FAA 97
4
Fajardo Sugar
100 *124 126
India Tire A Rubber
4211 4312 Ter H W W 66 '49 A _JAD 100
Wise Cent fo
97
Jan '30 96
Federal Sugar Ref aim_ _100 20
.
25
Mason Tire & Rubber cow.t
1st M fn 1958 ser B_F&D 95 fa
50c
Preferred
96
100 35
40
Preferred
100•
Wichita Wet let e4'49_6149 100
8
Godchaux Sugars,Inc
103
30
t *27
Miller Rubber preferred_100 8012 80 4
1st M 55 1956 ser B F&A
3
Teeeeee Stocks Par
95
Preferred
97
100 83 87
Mohawk Rubber
100 190 220
Indus. & Mlecell
Holly Sugar Corp
43
*41
Preferred
100 85
92
American Hardware
25 *68
American Cigar corn,.
.,.100 135 142
Preferred
70
100 90 93
Selberling Tire & Rubber_
•5012 503 Babcock & Wilms
4
100 119 123
Preferred
100 109
National Sugar RetinIng..100 147 150
Preferred
100 106
Riles(E W)Co
British-Amer Tobaa ord__61 *3112 3212 New Niquero Sugar
t .33214 14512
100 40 45
Preferred
60 556
3212 Savannah Sugar oom
Bearer
El *32
61
*125 130
Investment Trust Stocks
Childs Company pref _100 105 110
Imperial Tob of0 B & Irei'd *28
2912
Preferred
100 115 118
and Bonds
Par
Hercules Powder
Int Cigar Machinery new100 100 103
100 238 248
Sugar Estates Oriente 02
.100 30
35
Allied Internet investors.. t *108 112
Preferred
100 122 125
Johnson Tin Foil & Met_100 60
70
Vigilantes Sugar Pi
65
Allied Capital Corp
100 60
67
73
Internal Sliver 2% pref _100 120 125
Union Tobacco Co com__
2112 23
Amer Bond dr Share com_10 2412 27
Phelps Dodge Corp
100 192 197
Class A
74
79
Chain Store Stocks
Amer Brit dr Coat corn
20
25
Royal Baking Pow eorn_100 330 350
Young (J S) Co corn..100 110 116
Par.
75% paid
82
Preferred
100 105 107
Preferred
Am Dep St let pf 7% _ _100 *98 103
100 104
6% preferred
9212 94
Singer Manufacturing...100 480 500
Berland Stores units
109 113
Amer Finan Hold corn A_
264 2811 Singer Mfg Ltd
CI *51
612
•Per share. t No par value. S BIWA. d Purchaser also pays accrued dividend
n Nominal. a Ex-dividend. w Ex-rights. r Canadian quotation
• Sale price.
CURRENT
NOTICES.
-Albert Williams of the Investment banking firm of Howe, Snow &
Co. has been elected a director of Alliance Investment Corporation.
-Hale,Waters & Co.of 50 Broadway,announce that Eugene L. Maxwell
is now associated with them in their retail sales department.
-Charles D. Robbins & Co, of this city, announce the appointme
nt of
Maurice Gallaher as Manager of their Bond Department.
-II. Cassel & Co., members of the New York Stock Exchange,
have prepared a circular on National Acme Co.
-Orton, Kent & Co.,60 Broad St. New York, have prepared
for distribution a circular entitled "Building and Estate Through the
Medium of
Common Stocks."
Theodore Ivimey, formerly of Moody's Investors Service,
has become
associated with F. J. Lisman & Co. members New York
Stock Exchange
in their stististical department.
Farr & Company are distributing their current weekly
circular containing a review of Cuba Company.
-Foster Milliken, Jr. has become associated with
Ralph B. Leonard
& Co.of this city.
gailiroad intalignut.
butsinunt anti
-In the ta ble which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the first week
of October. The table covers three roads and shows 23.86%
increase over the same week last year.
$376,802
6,100,000
385,656
_
Increase.
1927.
1928.
First Week of October.
Buffalo Rochester & Pittsburgh_
Canadian Pacific
Western Maryland
Decrease.
$366,219
$10,583
4,773,000 1,327,000
400,985
$15,329
$6.862.458 $5,540,204 81,337,583
1,322,254
Total (3 roads)
Net increase (23.86%)
$15,329
In the table which follows we also complete our summary
of the earnings for the fourth week of September.
1927.
1928.
Fourth Week of September.
Increase.
Decrease.
$7,464,532 $5,954.254 $1,510,278
8,518,224 7,365,254 1,152,970
115,817
142,605
5,985
5,480
505
489,530
514,508
$26,788
816,594,088 813,982,101 52,663,753
2811007
851,766
Previously reported (2 roads)
Canadian National
Duluth South Shore & Atlantic
Mineral Range
Western Maryland
Total (6 roads)
WatInrraaap (10 600
5.1
24,978
,
..w. .. 1
.-,.......c,.....e.,............ .
'
'
0
0000,...0,0'4 o..*.amo•ww.o>w40w0t...o,000
,
,
....1,5Vol00l0".10
0ol000000' -l0ca.I.,-.0. ,
4 4004*
00000.-0000w4.,40010.1 000000.-0- 1
'000000l.:10,-.1:A4-I0004lal.b. 011
.. 100w0'ot03
0000.40400000-.4100o04.03.-0'..co030
000.-00e0'01100mo...0w0..0,0000000000-4bat.2
In the following table we show the weekly earnings for
a number of weeks past:
Current
Year.
Week.
86 week Feb. (13 roads)
4th week Feb. (12 roads)
let week Mar.(11 roads)
2d week Mar.(11 roads)
3d week Mar.(11 roads)
4th week Mar.(12 roads)
let week Apr. (12 roads)
2d week Apr. (12 roads)
3d week Apr. (11 roads)
4th week Apr. (12 roads)
let week May (12 roads)
2d week May (12 roads)
3d week May (12 roads)
4th week May (12 roads)
let week June (12 roads)
2d week June (12 roads)
3d week June (11 roads)
4th week June (11 roads)
let week July (12 roads)
2d week July (12 roads)
ad week July (12 roads)
4th week July (12 roads)
let week Aug (12 roans)
2d week Aug (12 roads)
3d week Aug. (12 roads)
4th week Aug.(12 roads)
1st week Sept.(12 roads)
26 week Sept.(12 roads)
3d week Sept.(11 roads)
4th week Sept. 6 roads)
(
1st week Oct. ( 3 roads)
Previous
Year.
Increase or
Decrease.
$
10,882,826
13.665,718
9,305.258
9,523,366
13.836,568
20.134.884
15,283,350
13,508,682
8,996,523
18,058,908
14.118,344
13,656,727
13,506,067
14,264,043
13,394.869
13.551.11
13,541,99
18,288.33
13,318.13
13.648.97
14,078,52
19,038.58
13,605,10
14.211,65
14,278,48
21,421.180
14,510,064
14,614,560
14,445,792
13,982,101
5,540.204
%
s
-1,294 0.02
+1,909,434 13.97
-156,341 1.69
-251,773 2.65
-267,552 1.90
+882,541 4.38
+368,068 2.41
-252.950 1.87
+12.534 0.14
-662,411 3.11
-469,133 3.33
+535,054 3.92
+952,046 7.04
+742.987 5.21
+278.542 2.0E
+678,341 5.01
+596.966 3.61
+962.147 5.21
+808.584 6.01
+717,797 5.21
+532,436 3.7E
+1.686.586 8.89
+1,361,816 10.0(
+981.589 6.91
+1.223,405 8.51
+1.186.629 5.59
+304,567 2.01
+1,238,046 8.2(
+2,223,567 15.41
+2,611,987 18.6(
+1.322,254 23.8(
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.
mows.
1927.
s
Increase or
Decrease.
1926.
s
Net Earnings.
1927.
1926.
Increase or
Decrease,
s
s
$
$
I
August 556,406.662579,093,3971-22.686.735 164,013.942 179,711.414 15.697.472
Septem'r 564,043,987590,102.1431-28,058,156 179,434,277 193.233.706-13.799.429
October 582,542.179605.982,4451-23.440,266 180.919.048 194,283,539-13,364,491
Novem'r 502.994,051 561.153.956j-68.159.905 125,957,014 158,501,561-32,544,547
Decem 'r 466,526.003525.820.7081-50.294,705 90.351,147 118.520.165-28,169.018
1928.1928.
1927.
January 458.520.897 486,722,646-30,161.749 93.990,640 99,549,436 -5.558.796
February 455,681,258 468,532.117-12.850,859 108.120,729 107,579,051
+541.678
March..504.233.099 530.643.758-26.410.859131.840.275 135,874,542 -4.034.267
Apr11...473,428.231 497,865.380-24,437.149 110,907,453 113.818.315 -2.910,862
May .._. 509,746,395518,569.718 -8.823.323128.780,393 127.940,076
+840,317
June __. 501.576.771 516,448.211-14,871,440 127,284.367 129,111,754 -1,827,387
512.145,231508.811,7861 +3,333.445137.412,487125.700,631 + 11,711,856
Note.
-Percentage of Increase or decrease in net for above months has been
-Aug.. 8.73% dec.; Sept.. 7.14% dec.: Oct., 3.87% dec.; Nov., 20.53% dec.;
1927
Dec., 23.76% dec. 1928-Jan., 5.58% dec.: Feb.. 0.60% Inc.: March, 2.96% dec.;
April, 2.56% dec.; May, 0.66% Inc.; June, 1.41% dec.; July. 9.32% Inc.
In the month of Aug.the length of road covered was 238,672 miles in 1927, against
237,824 miles In 1926; In Sept., 238.814 miles. against 237,854 miles in 1926; In
Oct., 238,828 miles, against 238.041 miles In 1926; in Nov.. 238,711 miles, against
238,142 miles In 1926: in Dee. 238.852 miles, against 237.711 miles in 1296; In
Jan.. 239.476 miles, against 238,608 miles In 1927: in Feb.. 239,584 miles, against
238,73) miles It; 1927; in March, 239,649 miles. against 238,729 miles In 1927; In
April, 239,852 miles, against 238.904 miles in 1927: In May, 240,120 miles, against
239,079 miles In 1927; In June. 240,302 miles, against 239.066 miles in 1927; In
July, 240,433 miles, against 238.906 miles In 1927.
Gross
Revenue.
Companies.
Eighth & Ninth Ayes
June '28
'27
6 mos ended June 30 '28
'27
Interbcro R T
Elevated Division
June '28
'27
6 mos ended June 30 '28
'27
Subway Division
June '28
'27
6 mos ended June 30 '28
'27
Jamaica Central
June '28
'27
Manhattan & Queens June '28
'27
6 mos ended June 30 '28
'27
Man Bridge 3c Line
June '28
'27
6 mos ended June 30 '28
'27
June '28
Nassau Electric
'27
6 mos ended June 30 '28
'27
June '28
N Y & Harlem
'27
6 mos ended June 30 '28
'27
June '28
N Y & Queens
'27
6 mos ended June 30 '28
'27
June '28
New York Rys
'27
6 mos ended June 30 '28
'27
June '28
N Y Rapid Transit
'27
6 mos ended June 30 '28
'27
88,757
110,474
470.394
685,970
2083
*Net
Revenue.
Fixed
Charges.
9,421
-96
17.846
-46,085
1,587.722
369,604
1,613.114
425,744
9.460.343
2,064.560
9,613.650
2,425.092
3,990,821
1.821,627
3,792,629
1,739,244
25,112,599 11,760.305
18.152.519
7.474,268
55,882
9,042
53,423
7,779
41,002
-6,557
40,067
8,473
239,546
20,820
231,688
33,953
19.330
1,744
20,349
2,306
108,347
4,828
114,264
7,303
531.939
81,666
523.624 -127,244
3,030,418
388,578
2,997,047
-13.067
86.771
84,062
91,824
105.719
550,825
568,133
580,046
618.467
72,776
10,939
66,279
6.451
428.542
83,065
420.318
65,859
578,210
100,584
600.970
103,599
3,255,918
465,625
3,407,183
528,936
2.943,083
1,042,201
2,865,471
1,151,758
17,537.512
5,807,728
16,157,075
6,054.654
-2,912
June '28
4,703
Ocean Electric
'27
-5,481
4,556
30,831
-14,502
6 mos ended June 3(1.'28
'27
20,620
-29.684
89,811
Second Ave (Roe)
June '28
7,667
'27
89,558
10,208
6 mos ended June 30 '28
532,547
38,789
'27
521.156
47,398
South Brooklyn
June '28
36,717
98,126
108,969
'27
44,503
6 mos ended June 30 '28
533,050
156,545
'27
576,659
153,520
Steinway Rys
June '28
68,414
-8,937
67,396
11,606
'27
6 mos ended June 30 '28
415,038
25.428
409.826
42,320
'27
Third Ave Ry System June '28 1,341,735
267,300
'27 2,207,712
517,211
6 mos ended June 30 '28 7.805,936
1,364,441
'27 8.561.293
1,689,580
13,103
8,401
55,389
54.052
Net Corp.
Income.
-3,681
-8.497
-37,541
-97.019
697.741 -328,137
698,765 -273,021
4,187,014 -2,122,453
4,181,094
1,765,001
719,702
1,101,925
642,874
1,096,370
5.144,529
6.615,745
3.268.511
4,205,759
997
8,045
6,220
1,559
-16.564
10.007
-1,323
9,795
-38,409
59.230
58,312
24,369
413
1,330
1,933
373
2,479
2,346
5,066
2,235
-18,103
99,770
113,864 -241,108
600.062 -213,484
591,555 -604,631
58,491
25.570
50,904
54,815
347.806
240,326
291,128
328,337
23,232
-12,293
23,625
-17,175
-57,612
140,678
141,428
-75,568
178,094
-77,509
-90,281
193,881
242,825 -577,207
609.431
-80.483
518,715
523,485
653,930
497,828
3,112,652
2,695,082
3,007,934
3,046.711
-2,912
-5,481
507
15.009
-30,991
506
17,679
17,680
106,076
95,913
18,624
24,321
108,348
136,902
9,883
10.867
32.192
32,088
240,192
558,928
1,374,514
1,681,441
-10,012
-7,472
-67,286
-48,505
18,092
20,182
47,924
16,619
-18,821
739
-24,639
10.233
27,108
-41,716
-764,073
8,139
Alabama Power Co.
Month of 12 mos. end.
August '28. Aug.31 '28.
Gross earnings from operations
Operating expenses, incl. taxes and maintenance
1,367,621
491,586
16,986.507
6,997.217
Net earnings from Operations
Other income
876,035
85,951
9,989.290
1,147.226
Total income
Interest on funded debt
961,986
11.136.516
3.331.983
Balance
Other deductions
7,804.533
632,217
Balance
Dividends on preferred stock
7,172,316
1.810,690
Balance for reserves. retirements, &c
5,361,626
Blackstone Valley Gas 4:r Electric Co.
Gross earnings
Operation
Maintenance
Taxes
(And Subsidiary Companies)
-Month of August-- 12 Mos. Ended Aug. 31
1928.
1927.
1928.
1927.
$
$
$
5,846,628
437,403
1.915
6.010.134
3,160,520
253,244
230,514
3,076,164
292,005
220,727
28,807
15,876
375,422
32,389
30.734
381,944
2,260,019
35,598
2,089,958
8,419
Net income
Deductions
2,295,618
105,500
2,098,377
105,500
Electric Railway and Other Public Utility Net
Earnings.-Tho following table gives the returns of
ELECIMIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
Balance
Interest and amortization
2,190,118
556,996
1,992,877
509,410
1,633,122
1,483,467
New York City Street Railways.
Gross*Net
Revenue.
Revenue.
Companies.
$
$
982,354
175,619
'28
June
Brooklyn City
975.921
117,920
'27
880,454
6 mos ended June 30 '28 5,881,110
778,203
'27 5.872,632
1.560
7.694
June '28
Brooklyn Heights
8,448
1,560
'27
9,357
46,643
6 mos ended June 30 '28
9,405
49,331
'27
32,547
241,236
Brooklyn & Queens
June '28
24,813
231,711
'27
187,033
6 mos ended June 30 '28 1,456.041
130,617
'27 1.403,272
54.350
252.768
Coney Is! & Bklyn
June '28
73.647
256.976
'27
280,962
6 mos ended June 30 '28 1,391,801
251,186
'27 1,421,148
3,372
13.952
Coney Isl & Gravesend June '28
-4,013
14.174
'27
58,612
-1,097
6 mos ended June 30 '28
-15,899
58.259
'27
-Month of August- 12 Mos. Ended Aug. 31
1927.
1927.
1928.
1928.
$
6,326,660
6,075,376
744,925
Gross revenue
720,276
2,363.172
2,129,766
215,841
Net operating revenue_ _
198,150
2,309.846
1,051,585
Gross income
195,960
237.167
1,491,876
1.262,254
121,449
Net earnings
98,358
546,377
648,005
Net income*
49.409
42,409
Fixed
Charges.
Net Corp.
Income,
3
41,381
13
34,238
44,838
73,082
209,873
630,577
282.023
406,237
58,009
-50,315
58,009
-49,561
348.054 -301.611
348:00 9 - 285 : 5
5 83 9
8
29 0 3
465
58,425
352,705
371,346
30.925
32.745
183,261
194.898
13,829
13,727
82.525
83.079
-33,611
165,681
-243.4 6
2 0
0,52
5
40,901
97,699
- 0.69
3 . 56
14 8
4
-17.741
-93.621
18,981
Net operating revenue
Income from other sources
145,692
154,059
Balance
Eastern Massachusetts Street Ity.
*After depreciation, charges, &c.
Fall River Gas Works Co.
- 12 Mos. Ended Aug. 31
-Month of August
1927.
1928.
1927.
1928.
Gross earnings
Operation
Maintenance
Taxes
73,241
40.970
5.552
11,936
77,241
44,048
7,131
15.977
1,039,780
561.088
78,641
160.634
1,039,561
546,101
82,198
137.080
Net operating revenue
Interest charges
14,782
10,083
239,415
17.993
274,180
15.064
221,421
259,116
Balance
2084
[VOL. 127.
FINANCIAL CHRONICLE
Federal Light & Traction Co'.
Pawtucket Gas Co. of New Jersey
-Month of August- 12 Mos. Ended Aug. 31
1928.
1927.
1928.
1927.
$
$
$
$
Gross earnings
608,009
533.602 7.586,997 6,894,482
Oper.adm.exp.& taxes..
372,170
354,693 4,593,169 4,185,360
Total income
Interest and discount_ _ _
Preferred stock diva.:
Cent. Ark. P.S. Corp.
Springfield G.& E.Co
235,839
91.175
Balance after charges_
144,664
2,993.828
1.043,746
104,776
64.807
1.778.207
101,897
2,709,122
872.877
104,770
67.105
178,909
77,012
1,666.662
Honolulu Rapid Transit Co.
-Month of August-- 8 Mos. Ended
1928.
1927.
1928.
$
$
$
91.991
85,711
716,656
52.700
53.452
420.791
Gross revenue
Operating expenses
Net revenue
Other income
Aug. 31
1927.
$
670,498
404,043
(And Subsidiary Companies)
-Month of August- 12 Mos. Ended Aug. 31
1927.
1928.
1928.
1927.
$
$
$
$
110,054
106,024
1,435.249
1,342,581
53.836
49.165
661,144
680.349
4,545
9,878
103.043
66,117
6,904
7,387
87,403
78,087
Gross earnings
Operation
Maintenance
Taxes
Net operating revenue
Interest charges (public)
39,592
583.658
56,387
518,028
56,377
Balance
Interest charges (B. V. G.& E. Co.)
527.270
188,273
461.650
146,037
. Balance
338,997
315,613
44,767
South Carolina Power Co.
Month of 12 mos. end.
Aug. 1928. Aug.31 '28.
39,290
Taxes
Interest
Depreciation
Replacements
295,975
8.200
266.454
10,366
Gross earnings from operations
Operating expenses, including taxes and maint
39,290
32,258
304,175
276,821
13,127
550
4,686
2,000
Total rev,from oper_ _
32,258
10,263
550
3,883
2,000
94.837
4.400
37.491
16,000
82.179
4.400
31,071
16,000
139.903
67.540
1,942,073
1.096.984
Net earnings from operations
Other income
72,363
1,539
845,089
44,871
Total income
Interest on funded debt
73,902
889,960
283,833
Total deductions
23.094
16,697
158.365
133.651
Balance
Other deductions
606,127
60.971
Balance
16.196
15.561
145.810
143,170
Balance
Dividends on 6% cumulative preferred stocic
545,156
91.142
Idaho Power Co.
Month of August
- 12 Mos. Ended Aug. 31
1928.
1927.
1927.
1928.
Gross earns. from oper_ _
Oper. exp. & taxes
321,602
130.361
296,732
125,293
3,451.486
1,644.555
2,982,115
1.392,575
Net earns, from oper_
Other income
191,241
5.172
171.439
7,353
1,806,931
72,559
1,589,540
114.842
Total income
Interact on bonds
Other int. & deductions_
196,413
54.167
5,888
178,792
54,167
5,730
1,879.490
650,000
70,554
1,704,35
617.668
70,657
Balance
136,358
Dividends on preferred stock
118,895
1,158,936
298.979
1,016.057
261,126
859,957
751,931
Balance
Illinois Power & Light Corp.
(And Subsidiaries)
Month of Attuusl- 12 Mos. Ended Aug. 31
1928.
1927.
1928.
1927.
Gross earns,from oper__
Oper. exp. & maint
Taxes
2,832,520
1,527,667
120,947
2,384,134 33,413,137 31.569.339
1.471,862 17,899.773 17,857,762
99.131
1.375.009
1,246.170
Total expenses & taxes 1,648,615
Earnings from operation 1,183,904
Less rentals
54.901
Add other income
37,991
1,571.043 19,274.783 19.103.932
813.090 14,138,354 12.465,406
618.807
6.007
54,34i
510,616
Total net earnings-- 1.166.994
819,098
Less prior charges of Iowa Power & Light Co. and
the Kansas Power & Light Co
14,030,163
1.197,739
924,939
Total earnings available for bond interest
12 months int. on Illinois Power & Light Corp.
mortgage debt
12,832,424
11,594,812
5,153,511
5,046,536
12,519.751
International Railways of Central America.
-Month of August- 8 Mos. Ended Aug. 31
1927.
1928.
1927.
1928.
$
3
$
$
58,543 5,837,260
5,105.277
611.018
3,214,535
402,850
397,809
3,449.553
Gross revenues
Oper. exp. 3t taxes
Income applicable to
fixed charges
208,168
180,734
2,387,707
Gross earnings
Operation
Maintenance
Taxes
Net operating revenue
Interest and amortization
Mos. Ended
1928.
$
253,747
114,105
24,554
13,522
Aug. 31
1927.
$
268,627
125.820
25,743
17.211
7.614
Balance
101,565
29.413
99,852
30,681
72,152
7,755
Tampa Electric Co.
Net operating revenue
Income from other sources
Balance
Gross earns.from oper
Oper. expenses & taxes_ _
Net earns, from oper_
Other income
509,367
7,031
520,100
39,301
7,121,040
97.887
6,752.401
247.817
Total income
Interest on bonds
Other int. & deductions_
516,398
226.162
13,765
559.401
227.639
12,585
7.218.927
2.726.685
163,870
7,000,218
2,521,221
195.867
Balance
276,471
Dividends on preferred stock
319,177
4,328,372
554,243
4,283.130
554.243
3.774.129
3,728,887
Savannah Electric & Power Co.
Gross earnings
Operation
Maintenance
Taxes
Month of August- 12 Mos. Ended Aug. 31
1928.
1927.
1928.
1927.
$
$
$
$
177,244
178,256
2,238.068
2,245.720
76,400
74.806
924,080
1,046,377
15.567
10,936
146,588
151,425
14,284
14,868 • 187,358
158.814
Net operating revenue
Interest and amortization
Balance
77.216
71,420
1,463,873
Net earns, from oper_
Other income
459.616
36.232
424,288
34,808
5,536.370
428,619
5,569,802
520,612
Total income
Interest on bonds
Other hit. & deductions_
495,848
161,654
14,262
459,096
168,529
14,216
5,964,989
1,988.520
172,234
6,090,414
1,989,293
179,252
276.351
3,804.235
1.601.538
3.921,869
1.493,788
2,202,697
2,428,081
Balance
319,932 .
Dividends on preferred stock
Balance
Virginia Electric & Power Co.
Gross earnings
Operation
Maintenance
Taxes
(And Subsidiary Companies)
-Month of August- 12 Mos. Ended Aug. 31
1928.
1927.
1928.
1927.
$
$
$
1,288.178
1.1,067 15,942,051 15,225,550
6,392,214
533.783
533.127 6,286,757
1,529.179
128,686
1,504.098
139,889
1,183.108
115,129
1,446.836
100,202
Net oper. revenue..--Income from other sources
Balance
Interest and amortization
Balance
6,121,048
6,121,048
1.527,085
4,880.017
444,846
6,704,358
16,199
6,720.558
1,840,540
510,579
4,593,963
Western Union.
-Month of July-1928.
1927.
Gross revenue
Operating income
11,201,663
1,142,315
10,618,241
1,077.136
7 Mos. Ended July 31
1928.
1927.
77,070,452 75,263,986
8,471,206
8,455.050
FINANCIAL REPORTS.
Month of July--12Mos.End. July 311928.
1927.
1928.
1927.
$
$
$
$
1,399,738
1,408.075 18,585,988 18,103,932
890,371
887.975 11,464.948 11.351.531
Balance
1.518,998
55,125
Utah Power & I,ight Co.
(Including the Western Colorado Power Co.)
-Month of August- 12 Mos. Ended Aug. 31
1928.
1927.
1927.
1928.
$
$
$
Gross earns,from oper_908,921
815,472 10,859,939 10.628.780
Oper. exps. and taxes_
5,058,978
449.305
5,323.569
441,184
Los Angeles Gas & Electric Co.
New Orleans Public Service, Inc.
1,518,998
1,469,122
98,745
1,508.254
17.977
1,526.231
57.109
79,524
Balance
Interest and amortization
69,171
Month of August- 12 Mos. Ended Aug. 31
1928.
1927.
1928.
1927.
$
$
Gross earnings
1.315,314
1,210.425 21,633,205 20,848,820
Net operating earnings
621,949
519.797
9.587,096
9,720,514
Net income
183,718
04.398
4,569,317
4,440,045
454,014
(And Subsidiary Companies)
-Month of August- 12 Mos. Ended Aug. 31
1927.
1928.
1928.
1927.
$
$
$
Gross earnings
4,824,131
4.616.494
349.659
366,977
Operation
2.139,017
157.212
1,964.962
163.721
Maintenance
383,079
39.527
349.502
27.566
Retirement accruals_
445,884
45.496
533.020
48,669
Taxes
337,150
330.753
27,899
28,273
1,890,742
Key West Electric Co.
Month of August- 12
1928.
1927.
$
$
19,466
19,533
8,934
9,551
1,501
1,841
1,274
525
Balance for reserve, retirements and dividends
980.040
453,535
879.102
408,453
526,504
470,649
Financial Reports.
-An index to annual reports of steam
railroads, public utility and miscellaneous companies which
have been published during the prectding month will be given
on the first Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Oct. 6. The next will appear in that of Nov. 3.
Dominion Steel Corporation Limited.
(Annual Report-Year Ended Dec. 31 1927.)
Pres. C. B. McNaught Aug. 24 wrote in part:
The results confirm the forecast which was made at the previous annual
meeting in November last when you were informed of the conditions which
had prevailed during the greater part of the year. The business of the
Dominion Coal Co. was well maintained, but with earnings somewhat
less than in the previous year.
The operation of the Dominion Iron & Steel Co.. Ltd., by the National
Trust Co.. Ltd., receiver and manager, showed satisfactory improvement.
Moderate profits were made by the smaller units and the current financial position of the corporation as a whole was improved.
Towards the end of the year it appeared that the corporation might
become seriously embarrassed through a possible attempt to enforce its
guaranty of the obligations of the Dominion Iron & Steel Co., Ltd., to
the holders of the currency bonds of that company.
FINANCIAL CHRONICLE
OCT. 13 1928.]
shares
The British Empire Steel Corp., as the holder of all the commonshares,
of this company and of a considerable proportion of its [preference enforce
arrangement by which action to
considered it advisable to effect an
these guaranties might be postponed, in respect to which fuller information is given in the report of that corporation. liquidator of the company
The proceedings for the appointment of a
have been discontinued.
In respect to the operations of the current year, while it is too early to
make an accurate forecast of the final results, directors feel that it is only
at this
fair to shareholders that they should intimate increasetime that these are
in operating costs
likely to be adversely affected by a material
for materials prowithout any compensating advance in prices obtainable basic
factor in the
applicable to coal which Is the
duced. This is especially
operations of the companies in which corporation is most largely interested.
*CONSOLIDATED INCOME STATEMENT YEARS END.DEC 31.
1926.
1927.
Combined profits from operations after deducting
admin. exp., but before charging
mfg.,selling and
sinking funds, depree. and hat, on funded debt__ $4,358,114 $3,833,274
xProvision for sinking funds. deprec. & depletion
1,089,625
1,038.917
of minerals
1,159,659
1,227,647
Interest on bonds and debentures
75,526
75,826
of discount on bonds written off
Proportion
$2,015,723 $1.508,464
Net profit for year
3,610,938 12.012,115
Surplus at Dec. 31
Adjustment of Wabana ore sales (applicable to
90,359
prior years)
$5,626,661 $13,610,938
Balance surplus Dec. 31
x Does not include any provision for depreciation of plants and properties of the Dominion Iron & Steel Co., Ltd., or Nova Scotia Steel & Coal
Co., Ltd.
•Includes Dominion Iron & Steel Co., Ltd., operated since July 2 1926
by National Trust Co., Ltd., receiver and manager.
CONSOLIDATED BALANCE SHEET DEC. 31.
[With which are incorporated the assets and liabilities of Dominion Iron
St Steel Co., Ltd., whose affairs are presently being managed by National
Trust Ce., Ltd.]
1927.
1926.
1926.
1927.
5
AssetsCost of proplies 280,220.190 80,685,933 6% pret.stock - 7,000,000 7,000,000
Dominion Coal
Brit. Emp. Si.
Cu. pret
3,000,000 3,000,000
Corp. stocks_ b8,896,404 6,896,404
Domin. Iron &
Cash in hands of
Steel Co. pref. 5,000.000 5,000,000
28,219
71,951
trustees
Common stuck_ 43,000,000 43.000.000
Bonds purchased
176,962 Dom.Coal Co.55 4.355.500 4,576.000
176,962
tor sink.fund_
8,385,534 Dom.Iron & St.
Inventories. - 8.791,644
Co. 1st 5s_ ___ 5,159,000 5,159,000
Trade sects &
do cons. 5s- 7.035.253 7,035.253
bills reo., less
do curr. tier_ .4,639.000 4,639,000
4,927.042 5.807,453
reserves
848,841 Cumberland Ry.
728,481
Other acc'ts reo _
Coal 5s_ _ .2,604,000 2,646,000
324,252
811,741
Investments_ _ _
Dominion Steel
Cash in bank &
361,000
675.000
Corp. bonds-1,314,412 1,093,632
hand
on
Def. payment on
Deferred charges
194.144
228,750
properties_ _ _
to operations_ 1,326.727 1,206,223
932.599
Bank loans
Adv. see, by re300,000 2,244.300
ceiver's ctfs_ Acets pay, and
accr.liaoillties 1,600,470 2,134.997
Wages pay. and
210.277
212,748
accrued
Bond int, due
1.440,222
827,680
and accrued
Bal. pay.to co.'s
within British
407,667
154.241
Emp.Steel Co
2,768,315 2,439,990
Reserves
General reserves 10,000,000
5.626,661 13,610,938
Surplus
2085
of
by the California company, which property now consists of an aggregate of
part
734 miles of line, including 170 miles of double track constituting a funded
the transcontinental main line of the Atchison system. The total
indebtedness of the California company aggregates $38.169.820. including
this issue, equivalent to about $52,000 per mile of line covered by the mortgage.
The mortgage constitutes a first lien on an aggregate of 300 miles of line.
The lien on 193 miles is subject only to the lien of the mortgage securing
$4,940,000. principal amount, of 1st mtge, gold bonds of Santa Fe Prescott
& Phoenix Ry., and the lien on 241 miles is subject only to the lien of the
mortgage securing $4,127,500. principal amount, of 1st consolidated mtge.
gold bonds of Southern Pacific RR. The lien on two branch lines is subject to the liens of mortgages securing $227,000 aggregate principal amount
of bonds.
-The following is a condensed statement of the income account
Earnings.
of the Atchison System as set forth in the annual reports for the years ended
Dec. 31. The fixed charges include interest on the adjustment mortgage
bonds.
1927.
1926.
1925.
1924.
$
Total operating revs-- -235,410.952 236.942,529 259.040.316 255.617.825
53.937,149 59.375.815 72,265.677 61.047.961
Gross income
11,785.343 13,217.881 11,634.182 11.293.842
Fixed charges
5.41
6.21
4.49
4.58
Times earned
42.151,806 46.157.934 60,631,495 49.754.119
income
Net
-The Atchison Topeka & Santa Fe Ry. and its affiliated compaSystem.
nies, all of the capital stock of which is owned by the Atchison, own and
operate a railway system aggregating about 12,350 miles of line. extending
from Chicago to Los Angeles. San Francisco and San Diego, Calif., and
Galveston. Texas, and including an extensive network of branches.
-The 1st & ref. mtge. bonds, series A 4ji%, now outstanding,
Listing.
are listed on the New York Stock Exchange,and application will be made to
list this additional issue.
-These bonds will be issued and sold to reimburse the Atchison
Purpose.
for advances made to the California company for extensions, additions.
betterments, &c.• made to the 'properties of the latter company from Jan. 1
1912 to Dec. 31 1927.-V. 127, p. 1386. 1249.
-Construction of Line.
Atlantic & Northwestern RR.
The 1. S. C. Commission on-Sept. 28 issued a certificate authorizing
the company to construct a line of railroad in Charleston and Berkeley
Counties, S. C. extending from Mount Pleasant, Charleston County,
north-eastward about 32 miles to McClellanvIlle. In the same county.
thence northwestward about 18 miles to Jamestown in Berkeley County,
where it will connect with the lines of the Seaboard Air Line Railway.
Permission to retain the excess earnings from such new construction was also
granted by the commission.
The report of the Commission says in part:
The cost of constructing the railroad, according to the detailed engineering estimate, will be $560,383, and the cost of the equipment 8104,500.
In this equipment is included $80,000 for stations and loading platforms,
telephone lines, section foreman houses, section labor houses, pumping
stations, and tanks shops, and coal shute. The equipment proper. conIs to cost
sisting of 2 locomotives, cars and coaches, motor cars and tools. 6664,883,
$24,500. The total cost of the railroad and equipment will thus be
plus the following items:
Cost of financing, including attorney's fees for examination of
titles and rights of way and passing on all documents and papers.... $95,900
Expenditure to date, including $50.000 expended by the original corporation, as above noted, and all moneys spent for engineering, attorney's
work. Stanland's salary and expenses and the expenses of the group, as
above specified, and including an agreed amount to be paid to Blount for
146,000
supervising the construction of the railroad
Contractor's normal profit for construction of railroad (10% of
56,038
$560.383)
$961.921
Total cost
The applicant proposes to issue $500,000 of 6% bonds and $500.000 of
capitalstock. It has been agreed that Mr.Blount. tne president, will take
the bonds at 80% of the principal amount and will bear the cost offinancing
estimated, as above noted, at $95,000. The proceeds of the bonds will
thus pay $495,000 of the cost of the railroad as above stated. The $500.000
of stock, which will be taken by the group of stockholders at par, will
provide the balance oftheexpenses,$466,921, and leave $33.079 for working
capital. The stockholders group will provide $275,000 of the expenses,
for which they will be reimbursed when the railroad is completed by the
receive $275.000 of stock
104,764,556 105,453.452 proceeds of the township bonds. They will also $225.000 of stock for the
104,764.556 105,453.452
Total
Total
for the money so provided and they will receive
a After reserve for depreciation of $24,751,502.
expenses heretofore incurred and the additional funds which they will
b 7% 2nd preference stock. $7.391,425: common stock. $3,144,600.
furnish for the construction of the road aggregating that amount as herein-V. 125, p. 525.
•Guaranteed by Dominion Steel Corp.
before stated. This will Include $50.000 for Stanland's services and
expenses above specified. The $50,000 of stock of the McClellanville &
Santee RR. promised to Stanland, will be canceled. No application for
authority to issue securities has been filed with us. Nothing contained
in this report or in the certificate to be issued herein shall be construed
to authorize the issue of any securities or as an approval of the financial
plan submitted.
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
-Class I railroads on Sept. 23 had 146,800 surplus
Surplus Freight Cars.
freight cars in good repair and immediately available for service, the Car
Service Division of the American Railway Association announced. This
was a decrease of 26,024 cars compared with Sept. 15, at which time there
were 173,724 cars. Surplus coal cars on Sept. 23 totaled 39.399, a decrease
of 7,006 within approximately a week, while surplus box cars totaled 75.315,
a decrease of 16.607 for the same period. Reports also showed 14.425 surplus stock cars, a decrease of 1,416 cars under the number reported on
Sept. 15. while surplus refrigerator cars totaled 8.716, a decrease of 1,872
for the same period.
-Class I railroads on Sept. 15 had 149.125
Freight Cars in Need of Repairs.
freight cars in need of repair. or 6.6% of the number on line, according to
reports just filed by the carriers with the Car Service Division of the American Railway Association. This was a decrease of 127 cars below the number reported on Sept. 1. at which time there were 149.252 or 6.6%. Freight
cars in need of heavy repairs on Sept. 15 totaled 110,443, or 4.9% an increase of 1.433 compared with Sept. 1, while freight cars in need of light repairs totaled 38.682. or 1.7%,a decrease of 1.560 compared with Sept. 1.
-Locomotives in need of repair on the
Locomotives in Need of Repairs.
Class I railroads of this country on Sept. 15 totaled 8,313, or 14% of the
number on line, according to reports filed by the carriers with the Car Service Division of the American Railway Association. This was an increase
of 359 locomotives compared with the number in need of repair on Sept. 1.
at which time there were 7.954 or 13.4%m the smallest number in need of
repair on any one day on record. Locolves in need of classified repairs
on Sept. 15 totaled 4,681,or 7.9%,an increase of 195 compared with Sept. 1.
while 3,632, or 6.1%, were in need of running repairs, an increase of 164
compared with Sept. 1. Class I railroads on Sept. 15 had 6,118 serviceable
locomotives in storage, compared with 6,504 on Sept. 1.
Matters Cove*ed in Chronicle" of Oct. 6.-si Survey by John Nickerson &
Co. of periods marking peak of railroad common stock: outlook for traffic
.earnings. p. 1896. b Freight car requirements for fourth quarter of year;
President Coolidge appoints
over 9.000.000 cars needed, p. 1898. c to
investigate wage dispute on
emergency board under Railway Labor Act
1899.
Western roads, p.
-The
Atchison Topeka & Santa Fe Ry.-Bonds Sold.
National City Co., Guaranty Co. of New York, Bankers
Trust Co., Lee, Higginson & Co., Harris, Forbes & Co.
and Brown Brothers & Co. offered on Oct. 8 $14,691,000
California Arizona Lines 1st & ref. mtge. bonds, series A,
4%%, at 100 and int. The issue was oversubscribed the
clay of offering. The bonds are dated Mar. 1 1912 and are
clue Mar. 1 1962. The issuance has been approved by the
Inter-State Commerce Commission.
Data from Letter of W. B. Storey, President of the Company.
-These bonds are direct obligations of the Atchison Topeka &
Security.
Santa Fe Ry. The California-Arizona Lines 1st & ref. mtge., under which
those bonds will be issued, has been executed by both Atchison Topeka &
Santa Pe Ity. and California Arizona & Santa Fe Ry.: all of the outstanding
capital stock of the latter company is owned by the Atchison. The mortgage constitutes a direct lien on all property now owned or hereafter acquired
Buffalo Rochester & Pittsburgh Ry.-Van Sweringen
Brothers Acquire Control from Iselin-Roosevelt Group-Offer
-The Van Sweringen brothers of
to Minority Stockholders.
Cleveland Oct. 9 announced that they had acquired control
of the company by the purchase of the Iselin-Roosevelt
holdings in the company comprising about 67% of the total
stock. The statement issued by the Van Sweringens read
as follows:
We have purchased the Iselin-Roosevelt holdings in the Buffalo, Rochester & Pittsburgh Railway Co.,comprising about 67% of the common stock.
We have also willingly agreed to thesellers'stipulation that we offer th esame
net price of 100 per share to all minority stockholders.
We have in mind that this step may facilitate the Eastern groupings in an
effort to reach an agreement which will be fair to all of the roads concerned
and in the general public interest.
W. T. Noonan continues as president of the road which will be operated
as in the past in the interest of the territory served.
A. Iselin & Co., bankers for the railroad, addressed the
following notice to all preferred and common stockholders
of the railroad Oct. 10:
Notice is hereby given to all minority preferred and common stockholders of Buffalo, Rochester & Pittsburgh Ry. that an offer has been
made by the Messrs. 0. P. and M. J. Van Sweringen to purchase at $100.
per share for the preferred stock and $100. per share for the common stock
all the preferred and common shares which may be deposited with us
before 3p. m. on Dec. 10 1928
Stockholders desiring to avail themselves of this offer must deliver their
certificates to us at our office, 36 Wall Street, New York City, before 31:1•
on Dec. 10 1928, duly endorsed in blank and in proper shape for transfer
and with the necessary State and Federal stock transfer tax stamps attached.
, The undersigned and associates, who have for many years held a majority
Interest in the Railway company, have agreed to sell to the Messrs. Van
Sweringen their own majority holdings of preferred and common stock
aggregating about 67% of the total outstanding stock of the railroad, at
the same net price which is now offered to the minority holders.
In agreeing to sell their majority holdings we and our associates stipulated
for an offer of the same net price to the minority, to which the Messrs.
Van Sweringen agreed. The gross price to be received by the majority
holders is $102.50 per share of preferred and $102.50 per share of common,
but the net price lathe same as that offered to the minority,since in arranging the transaction the majority interests have incurred expenses in the
shape of compensation to representatives and for legal and other items
aggregating approximately the amount to be realized from the differential
of $2.50 per share.
Neither the undersigned nor any other majority stockholder will receive
any compensation for their own services In connection with this transaction,
except any such customary commissions as they may be required to receive
under the rules of the New York Stock Exchange.
Holders of minority stock wishing to accept this offer will deliver their
certificates to the undersigned [A. Iselin & Co.] at 36 Wall Street. New
York City, endorsed in blank and in proper shape for transfer with the
necessary State and Federal stock transfer stamps attached before 3 p. in
on Dec. 10 1928 at which time this offer expires. [Signed A. Iselin & Co.]
-V.126, p. 3749.
2086
FINANCIAL CHRONICLE
[VOL. 127.
Est RR. Co. of France (Compagnie des Chemin s de
Fer de l'Est).-Bonds Called.
-
Co., Inc. of public utility interests in Chile and
the Whitehall Electric Investments, Ltd., of Mexico now controlled by
London. The aggregate
annual gross revenue of the companies to be acquired
The company has called for redemption Nov. 1 $130,000
is approximately
7,0 external 815.000.000.
7
sinking fund bonds, due 1954, at par and int. Payment
The principal properties in Chile include the electric power
will be made at
the office of Dillon, Read & Co.,fiscal agent, N.Y. City.
-V. 126,P.2472. street railway systems in Santiago and Valparaiso, while theand light and
properties in
Mexico include the electric power and,light systems
Long Island RR.
-Acquisition and Operation.
Puebla and Orizaba. Street railway properties in in Vera Cruz. Tampico,
Vera Cruz and Puebla
The I.
-S. C. Commission on Sept. 28 issued a certificate authorizing the are also owned and a wholesale
power and light business is done in Cordoab.
company to acquire and operate a line of railroad
now operated by the Mexico.
Degnon Terminal RR. Corp. and owned by that
Of the total annual gross revenue of all the properties
corporation and the Degto be acquired
non Realty & Terminal Improvement Co., comprising
of approximately $15,000,000, about 70% is 'derived
from the electric
railroad track located wholly in Queens County, N. Y. about 2.29 miles of power and light business.
Approximately 70% of the total annual gross
The report of the Commission says in
revenue is derived from the properties in Chile and 30% from
Part:
the properties
The railroad in question consists ofa short main track
adjacent to Meadow in Mexico.
and Nelson Avenues and between Thompson and
The acquisition by the American & Foreign Power Co.,
Hunters Point Avenues
Inc., of these
in Long Island City, connecting at Pierson Street with
the so-called Mon- properties in Chile and Mexico will not only add materially to the total
tauk freight cut-off of the Long Island, together with
gross business of its subsidiaries, but will further
increase the geographical
ward to Hunters Point Avenue and with necessary spurs extending south- diversity of the operating
companies. The American
connections extending
into and over the properties of several industries served
Inc., now controls companies operating in Cuba, & Foreign Power Co.,
by the railroad.
Panama. Guatemala.
The price to be paid for such railroad and property
Brazil, Colombia, Ecuador and Venezuela. It
is $75,000 in cash, the
property to be sold and conveyed free from
investment in electric properties in Argentine,also has a very substantial
Costa Rica, Italy, Spain,
seems to indicate that the price is reasonable,encumbrances. The record France, Germany, Japan and
although the annual report
British Columbia.
of the Terminal company for 1927 gives its investment in
Including the gross earnings of
ment as $50,019.59. The applicant desires to take over road and equip- to be acquired and certain otherthe properties in Chile and Mexico about
tracks and appurtenant properties sought to be acquired and operate the largely paid for, the total gross properties in process of acquisition and
as spur, siding,
earnings of all
delivery and (or) industrial tracks in the
directly controlled by the American & Foreign companies directly or inPower Co., Inc. for the
now served by the Terminal company. continued service of the industries latest 12 months reported are in
Commissioner Eastman, dissenting, said: "in my opinion
from minority interests owned.excess of $53,000.000, not including income
we are without
jurisdiction under paragraph 18 of Section 1 to grant this applicatio
The Electric Bond & Share Co. owns a
n."- stock, 2d
large majority of the common
V'. 127, P. 1672.
pref. stock and option warrants of the American
& Foreign
Power Co., Inc.
-V. 127, p. 1944. 1943.
Pennsylvania RR.
-Asks Rail Bids.
American Gas & Electric Co.-Definitives Ready.
The Pennsylvania RR. system has asked bids for 260,000 tons of steel
The Guaranty Trust Co.of New York is now
rails for dehvery in 1929. Announcement was
prepared to deliver definitive
authorized the purchase of this quantity, andmade that the directors had gold debentures,5% series due 2028,In exchange for
that tenders are being requested from the various steel companies. With the exception of the debentures. (See offering in V. 126, p. 2145.)-V.outstanding temporary
126. p. 3751.
quantity authorized for purchase during the
American Light 8c Traction
300,000 ens, the 1929 figures are the largest incurrent year. amounting to
-2% Extra Dividend.
the
The directors have declared an extra Co.
The new rails for delivery in 1929 will be utiliz< cl company's history. the
dividend of 2% in addition to the
in carrying
regular quarterly dividend
comprehensive program of renewals and track betterments, forward
particularly quarterly dividend of 136%of 2% on the common stock and the regular
the substitution of heavier rail, weighing 130 pounds
on the preferred stock, all payable Nov.
1 to
to
main running tracks. There will also be included thethe yard, in the holders of record Oct. 18. On June 30 1927 the company paid a
continuance of
additional double-tracking work and new track constructio at various dividend on the common stock, while on May 1 1926 and May 250% stock
1927 extra
n
cash dividends of 2% were paid.
points.
-V. 127, p. 1523.
Since 1919. the Pennsylvania RR. system has authorized the purchase
American Natural Gas Corp.
of 1,905,500 tons of steel rail.
-Common Stock Offered.
-V. 127,p. 950, 818.
-
Seaboard Air Line Ry.-Bonds.-
William R.Jones, Inc., New York,are offering
($18419) 25,000 shares common stock. This at the market
stock
purchased from individuals and does not represent has been
any new
financing.
The I.
-S. C. Commission on Oct. 2 authorized the company to issue (1)
refunding mortgage gold bonds in an aggregate amount which, when taken
at their fair market value at the time of pledge, will not exceed 81.096,465
,
to be pledged under its 1st & consolidated mortgage; and (2) not
CapitalizationAuthorized
Outstanding
$1,173,800 of 1st & consolidated mortgage gold bonds, series exceeding Common stock (no par)
A. to be Cumulativ
2,000,000 shs.
651.300 shs.
pledged and repledged from time to time as collateral security for shorte prefered stock (no par)
.
49.980 shs.
term notes.
-V.127, P. 1522, 1251.
63i% gold debentures due Oct. 1 1942, 250,000 shs
$12,424,000 Common stock
listed New York Curb Exchange and Chicago Stock
Exchange.
Transfer Agents: First Trust & Savings Bank. Chicago.
Southern Ry.-Directors Re-elected-No. of Stockholders.
Four directors were reelected at the 35th annual meeting of the stock- Trust Co.. New York: Registrars: Northern Trust Co..and New York
Chicago, and
holders held Oct. 9 and at a meeting of the board of directors, held im- Central Union Trust
New York.
History.-Incorp. in Del. Oct. 11 1927. and acquired
Co.'
mediately after the meeting of the stockholders, President Fairfax Harrison
over 99% of the
outstanding common stock of Oklahoma Natural Gas
and other officers were reelected. The directors chosen to
Corp.
selves for a 3 year term were Guy Cary and Walter S. Case succeed them- the company owns the entire capital stock of Chanute Gas Co. In addition
of New York,
Corporation, and its subsidiaries, constitute one of
Henry W. Miller of Washington and R. S. Reynolds of Louisville. In
systems in the United States. Its field of activity the largest natural gas
opening the meeting of the stockholders, President Harrison presented
embraces the States of
figures showing a wider distribution of the stock of the company, especially Oklahoma, Kansas and Texas.
The company and subsidiaries serve a population of about
In the territory served by it than ever before. There are now 18,280 holders
600.000 of 50
communities. Pipe lines are located in a territory of about
of Southern stock with an average holding of 104 shares as compared
1.400,000
woieale3utie r uskog kmu
17.188 holders with an average of 110 shares each a year ago. In thewith population. Oklahoma properties serve at retail ee0rnamz tndTusa
Sapulpa
last
at
3 years the number of stockholders has increased 30%. The number of
ity.
Shawnee and other communities; also large industrial consumers,
women stockholders has grown by 50% in the last 3 years. There
are now Mid-Continent Petroleum Corp.,
including
8.358 women who own stock in the Southern Ry., their total
holding being Power Co., Producers & Refiners Oklahoma Gas & Electric Co., Oklahoma
376.987 shares.
-V. 127. P. 1387.
and The Texas Co. The Ramses
properties serve Erie at retail, and Corp.. Chanute
Iola and
companies as Ash Grove Lime & Portland Cement at wholesale; also such
Toledo Terminal RR.
Co.,
-Bonds.
Lehigh Portland Cement Co., and Peerless Oil & Refining Edgar Zinc Co.,
The I.
-S. C. Commission on Sept. 28 modified its order of Aug.
Co. The Texas
17 1928
to permit the sale of bonds at competitive bidding, without offering them properties serve San Angelo and other towns at retail, and a subsidiary of
American Public Service Co.has contracted to take a minimum
at public sale. The supplemental report of the commission
of50,000.000
cubic feet per month. Gas sales 1927 were over 44 billion
says:
By our order entered herein on Aug. 17 1928, the
cubic feet.
Property.
-Includes gas leaseholds on over
orized to issue $259,000 of 1st mtge. 434% gold bonds. company was authThe order provided contracts for over 113,000 additional acres,and 126,000 acres, gas purchase
that the bonds be sold at public sale to the highest bidder, at not less
than sion and distribution lines and 22 compressor over 3,400 miles of transmis95% of par and accrued interest.
stations. A gasoline plant
with
"It now appears that the applicant desires to offer the bonds for sale from a daily capacity of 4,500 gallons is also owned. Gas is obtained
over 1,200 producing wells. It was estimated in 1928
through competitive bidding but not at public sale. Our order will
that gas
be are sufficient to meet requirements for at least 20 years, and that reserves
modified to permit sale in this manner.
the daily
-N'. 127, p. 1252.
open flow gas capacity is over 3 billion cubic feet. In addition
the company
has a call on about 100,000 acres of gas reserves owned
Western Pacific RR.
-New Director.
Co. in Amarillo field, Texas. The company and its by Phillips Petroleum
subsidiaries have over
Arthur W.Loasby has been elected a director,succeeding Lyman Rhodes. 2,000 employees.
-V.127. p. 681.
Income
-For year ended Dec. 31 1927.
reported to be about $13,000,000. After consolidated gross revenues were
interest charges, dividends, etc.,
the net available for common stock before amortizati
West Jersey & Seashore RR.
-New Director.
on was reported as
Arthur C. Dorrance has been elected a director, succeeding John T. Dor- $1,308.009. Profits this year are said to be running at about the
same rate.
Officers.
-T. R. Weymouth, Pres; M.
rance.-V. 126, p. 2468.
Meagher, Vice-Pres.; W. F. Stanley, Sec.,• E. Simon& G. V. Pach, T. F.
G. V.
Jr., Asst. Sec. & Asst. Treas.: C. A. O'DonovanPach, Trees.: J. P. Shaw,
, J. J.
McGuirk. Asst. Sec.; W. F. Stanley, Asst. Treas.-V. Wentworth. R. P.
127, p. 1387, 258.
PUBLIC UTILITIES
Matters Covered in Chronicle" of Oct. 6.
-Production of
United States in Aug. increased about 12% over same electric power in
month in 1927.
p. 1878.
Associated Gas & Electric Co.
-Consolidation of New
York State Properties.
-
The New York P. S. Commission has sanctioned
the transfer of the franchises and properties of the Harlem Valley
New York Electric & Gas Co., Inc. An Electric Corp. to the Eastern
authoritative statement says:
It has taken many years to bring together
Alabama Water Service Co.
under centralized management
the properties embraced in the three
-Earnings.
Years End. Aug. 31.the Harlem Valley group and the groups known as the Plattsburgh group,
1928
1927
old Eastern New
Operating revenues
$735,486
$884,281 Commission, after a careful study of the reasons for theYork group. The
interconnec
Operation expense
266,210
232,647 consolidation of these 3 groups, has found that it is in the interesttion or
Maintenance
of the
35,590
34,032 communities served.
Taxes (excl. Federal income tax)
Twenty-two properties are involved in the
71,441
62,626
Valley Electric Corp. with the Eastern New 'present tie-up of the Harlem
York Electric & Gas Co.. Inc.
Net earnings from operation
$362,244
$354,976 (formerly Plattsburgh Gas & Electric Co.). The properties in the Harlem
Other income
Valley group include Harlem Valley Electric
1,038
353 &
Power Co., Carmel Electric Igght & Power Corp., Amenia Electric Light
Co., Chatham Electric Light,
Gross corporate income
$363,283
$355,329 Heat & Power Co., Katonah Lighting Co., Lebanon Valley Lighting Co.,
Ann'l int. req. on total funded debt
Morgan & Wyman Electric Light & Power Co.
193,000
Wynantskill Hydro-Electric
-V.127. P. 1944.
Co., George Juengst & Sons (Croton
Falls electric plant) and the New York
of the
American Commonwealths Power Corp. (8c Subs.). portionEastern Ridgefield Electric Co. of Connecticut.
The
New York Electric &
Plattsburg Gas & Electric Co., Chasm Gas Co. group embraces the former
12 Months Ended Aug. 311928
Power Co., Champlain Electric Co.,
1927
Boquet
Gross earnings-all sources
817,658,111 $5,342,148 Fenton Electric Power Co., Norman I. White electric plant at Ellenburg.
Operating expense. incl. maint. & gen. taxes
10,889,090
3,189,699 plant atW. Barber electric plant at Lewis. J. Lawrence Webster electric
Interest charges
-funded debt
Elizabethtown and Peck Bros. electric plant at Shushan. These
-sub. co.
3,262,088
806,085 latter
properties are known as the old Plattsburg group. In addition to
Balance
83.506,932 81,346,364 them, there is in the present consolidation what is known as the old Eastern
New 'York
Dividends-preferred stock-sub. companies__ _
1,289,512
443,988 Electric & Electric & Gas Co. group, which includes the former Granville
Interest charges-funded debt
Gas Co. Salem Light, Meat & Power Co., Halfmoon
-American ComLight.
Heat & Power Co. and the
monweaiths Power Corp
Dwaas Electric Co.
515,000
255.000
The old Eastern New York Electric & Gas Co. group centres
around
Mechanicville, in Washington, Saratoga, Rensselaer Counties, while the
Balance available for city. & reserves.
$1.702,421
$647,376 Harlem Valley
Annual div. charges-1st pref. stock-American
group extend from Rensselaer down to Katonah
ern part of 1Vestchester County to within 20 miles of the cityin the northCommonwealths Power Corp
534,996
line of New
87,500 York. The
Eastern New York properties were transferred to the old
Annual div. charges-2nd pref. stock-American
Plattsburg group about a year ago, at which time the name was changed
Commonwealths Power Corp
95,977
95,977 to Eastern New
York Electric & Gas Co., Inc.
In addition
Bal,avail,for res., Federal taxes & surp.
81.071,448
$463,899 the Associated to the present merger of these major semi-rural groups of
System in New York State, applications are now pending
-V. 127 p. 1673.
for the purchase by the Eastern New York Gas & Electric Co.,
Inc., of the
Northern Adirondack Power Co. and the Berlin Electric Light, Heat
American & Foreign Power Co., Inc.
-To Acquire Power Co.,
&
which then would be merged.
Public Utility Interests in Chile and Mexico.
-An official
The Northern Adirondack Power Co. will fill a gap between the
ciated System's Plattsburg group and the newly acquired properties Assostatement says:
around
Essex to the south. The Berlin company lying between the old Harlem
RS The Electric Bond & Share Co. announces that preliminary arrangemen
,
ts
have been effected for the acquisition by the American & Foreign Power t Valley and the Eastern New York groups will bring the two lines of these
groups closer together.
OCT. 13 1928.]
FINANCIAL CHRONICLE
2087
Construction of a transmission line between Amenia and Copake, now
under way or proposed, will result in a line through the Harlem Valley
from Katonah to Wynantskill, a distance of more than 100 miles. This
will leave only a gap of about 10 miles between Wynantskill in the Harlem
Valley group and the Eastern New York group.
In other words, this consolidation of groups will create what is virtually
an inter-connected system extending all the way from northern Westchester
County through to Granville in Washington County, and from Elizabethtown to the Canadian border, upon completion of present construction.
From Granville to Elizabethtown is less than 50 miles as compared with
an over-all extension of properties from southern extremities of nearly 300
miles in practically a straight line traversing Westchester,Putnam,Dutchess
Columbia, Rensselaer, Saratoga, Washington, Essex, Clinton and Franklin counties.
Electric customers of these various properties total around 24,000 and
gas customers 3,500. Numerous industrial communities and many rich
farming areas are included in the lines of these properties.
Data from Letter of H. C. Orton, V.-Pres. of the Corporation.
Business and Properties.
-Corporation is a Delaware corporation. Owns
all of the outstanding common stock of Central States Power & Light Corp.
and Central States Production Corp. Central States Power & Light Corp.
furnishes electric light and power, and (or) other public utility services to
97 cities and communities located in the States of Iowa, Kentucky. Louisiana, Minnesota. Mississippi, Oklahoma and Texas. Through subsidiaries,
controlled through ownership of more than 99% of all outstanding stocks, it
also serves 92 communities in the States of Alabama, Arkansas, Michigan,
Missouri, North Dakota, Oklahoma and in New Brunswick, Canada. The
total population of the territories served by the system is approximately
331,000 and the customers total more than 49,000. The combined annual
electric output is about 26,000000 k.w.h., the electric properties including
nine steam electric generating stations, 11 hydro-electric generating
stations, and 1.397 miles of electric transmission lines. Central States
Production Corp. owns productive natural gas leases in Oklahoma as well
as a gasoline manufacturing plant.
As a result of recent financing Central States Power & Light Corp.
Offer to Holders of Bonds of Affiliated Cos.
Holders of the following bonds of the Associated System may deposit acquired directly and through a subsidiary a comprehensive system for the
production, transportation and sale of natural gas at wholesale and retail to
them with the Chase National Bank, Pine and Nassau Sts., N. Y. City,
In exchange for class A stock, $5 dividend pref. and common stock, or may growing communities in the eastern and northeastern part of Oklahoma.
apply them in payment on subscription to 10
-year 534% investment certifi- $imilarly Central States Production Corp. acquired additional gas leases in
cates, as shown upon the following bases for each $1,000 of bonds deposited: Oklahoma. Total sales of gas from these properties for the 12 months ended
on Mar. 31 1928. approximated 10,133.000.000 cubic feet.
Val. of Bds. in
Capitalization.Authorized. Outstanding.
Pay.for Invest.
-year 5% secured gold bonds.due1938$3,500,000
Bonds to Be Deposited, and Ctfs. at Sub- Option A -Option - 10
B
40.000 shs. 24.000 shs.
When Duescrtption Price. Class A. $5 Pref. Common. $7 dividend preferred stock (no par)
$7 dividend 2d preferred stock (no par)
4,000 shs. 4,000 shs.
Assoc. Gas&EI.Co. 534s, 197731,050
21
11
1
Common stock (no par) value
30.000 shs. 30,000 shs.
Citizens L., II. & P.Co.5s, 19341,050
21
11
1
a Issuance of additional bonds restricted by provisions of indenture.
Depew & Lancaster L., P. &
The subsidiaries have outstanding with the public $10,500,000 of 1st
Cond. Co. 5s, 1954
1,050
21
11
1
mortgage and 1st lien gold bonds, 5i(% series, due 1953. and 60,000 shares
DuBois El. & Trac. Co.5s, 1932 1,050
21
1
11
of$7 dividend pref. stock of Central States Power & Light Corp.
Erie Lighting Co. 5s, 1967
1,050
21
1
11
Earnmos.-The following statement of consolidated earnings of the
Granville El.& Gas Co.5s. 1933 1,050
21
I
11
corporation and its subsidiaries for the year ended Mar. 31 1928 has been
Ilopkinsville Water Co.5s, 1931 1,050
21
I
11
prepared by F. W. Lafrentz & Co., certified public accountants, based upon
Indiana Gas TJtil. Co.5s, 1946-1,050
21
1
11
their audits of the properties recently acquired, and, in respect of the
Jefferson Electric Co.Ss. 1933-1,050
21
1
11
property theretofore owned or controlled, upon audits of Haskins & Sells,
Kentucky P.S.Co. 5s,'41(called)1,025
21
11
I
certified public accountants. Thulin & Co., public accountants and comLake Shore Gas Co. 534s, 1950-1,050
21
I
11
pany records:
Lock Haven Gas & Coke Co.6s,
Gross earnings
1944
$4,029,925
1,050
11
21
1
Oper., exps.. maint., renewals & replacements* & taxes (other
Long Isl. Water Corp. 5Ms,'55_1,050
21
11
1
than Federal and State income taxes)
Manila Electric Co. 5s, 1946_ _ -1,050
2.453.586
21
I
11
Manila Elec. RR. & Lighting
Net earnings (before interest, &c.i
Corp. 5s, 1953
1,576,339
1,050
21
11
1
Annual requirements for interest and dividends on outstanding
Manila Sub. Rys. Co. 5s, 1946_1,050
21
11
1
N. Y. State Gas & Elec. Corp.:
bonds and pref.stock of Central States Power & Light Corp_
997.500
5348. 1962
1,075
21.5
11
1
Balance
6s, 1952
$578,839
1,100
22
115
.
1
Annual int. requirements on $3,500,000 10
Penn Public Service Corp.:
-year 6% secured gold
bonds, due 1938
5s, 1954
210.000
1,050
21
11
1
68, 1947
1,100
22
11.5
1
Balance before Federal & State income taxes, dividends, &c__ _ $368,839
Plattsburg G. dr E. Co. 5s, 1939-1.050
21
11
1
Annual div. require. on 24,000 shares $7 dividend pref. stock_ - _
Portsmouth(0.) Gas Co.63,'29_1,010
168,000
20
10.5
1
* Deductions herein for maintenance, renewals and replacements equal
Richmond Lt. & RR.Co.4s,'52 910
18.5
10
1
13% of gross operating revenues in accordance with subsidiary mortgage
Ridgefield Electric Co. 55,1932.1,000
20
10.5
1
indenture.
Spring Brook Water Co. (New
The corporation has the benefit of the management of Utilities Power &
York) 5s, 1930
1,010
10.5
20
1
Light Corp., through that corporation's control of its common stock.
Union Gas & Elec. Co. Is, 1935_1,050
21
11
1
Utilities Power & Light Corp. has had an extensive and successful exWarren Lt. & Pr. Co. 5s. 1931_.1,020
11
21
1
Int. and divs. will be adjusted so as to be continuous but not overlapping. perience in the management of public utility properties.
-V. 126, p. 409,
The 10
-year 534% investment certificates will be available in denomina- 3115.
tions of $1,000 in coupon and registered form and $100 certificates in regisChester Water Service Co.
-Earnings.
tered form only. The company will purchase or sell odd amounts of investYears End. End, Aug. 31.ment certificates or stock at the market if desired.
1928
1927
All bonds to be exchanged under these offers must be received promptly. Operating revenues
$516,516
$508,009
The new securities will be mailed as soon after Nov. 15 1928 as they can Operating expense
137,391
157.479
Maintenance
be gotten ready.
31,576
23.984
Taxes (excl. federal income tax)
17.616
17.841
Associated Preferred Dividends Payable in Cash or Stock.
The directors have declared the following quarterly dividends payable
Net earnings from operation
$329,933
$308,706
Dec. 1, to holders of record Oct. 31:
Other income
7,365
11.725
$6 Dividend Series Preferred Stock.-$1.50 per share in cash or 3.19 100ths
of a share of class A stock for each share of preferred stock held.
Gross corporate income
$337,298
$320,431
$6.50 Dividend Series Preferred Stock.
135,000
-31.6234 per share in cash or Ann'l Int. req. on total funded debt
3.46-100ths of a share of class A stock for each share of preferred stock -V. 127, p. 1389.
held.
This is equivalent to permitting holders of the preferred stocks to apply
Commonwealth Power Corp.
-Subscriptions.
their cash dividend to the purchase of class A stock at the price of approxiIt is announced that more than 99% of the 149,551 shares of common
mately $47 per share as compared with the present market price of about stock recently offered to the common stockholders has been subscribed for.
$50 per share. The stock dividend Is equivalent to approximately $6.40 This financing brought into the treasury of the corporation upwards of
per share per annum for the $6 dividend series and $6.93 per share per $10.000.000 which will be used for its corporate purposes including the
anninn for the $6.50 dividend series preferred stock-V. 127. p. 1945.
purchase of additional common stocks of subsidiary companies, thereby
providing in part, funds required for the cost of additions and extensions
California Oregon Power Co.
-Earnings.
to their plants and distribution systems. (See V. 127, p. 1389).-V. 127.
12 Mos Ended Aug. 311927
1928
p. 1805.
Gross earnings
$3,144,929 $2.808.941
Net earnings
1,992,568
1.708,161
Compania Hispano-Americana de Electricida, S. A.
Other income
18.993
6,362 ("Chade").-Transfer Agent.
Total income
The Guaranty Trust Co. of New York has been appointed transfer
$2,011,561 $1.714,523
-V. 127. p. 1523.
agent of "American shares, representing deposited "E" shares, par value
100 pesetas. See offering in V. 127, p. 1945.
Central States Electric Corp.-Pref. Stock Offered.
Dillon, Read & Co. have placed privately an additional issue
of $1,000,000 cony. pref. stock, optional dividend series.
(See original offerings and description in V. 127, p. 1388.)
Capitalization as at Aug. 31 1928.
[Adjusted to include the subsequent issue of $11,000,000 convertible
preferred stock, optional dividend series.]
Authorized.
Outstanding
Debentures
$50,000,000 a$19.655.000
7% 1st pref. stock,cum.(par $100 a share)_.._
7,543.300
7,543,300
Serial pref. stock, cumul.(par $100 a share)
6% series
1 b75.000.000
110.237.000
Optional dividend series.convertible
111,000.000
Common stock (no par value)
12,500.000 shs. 1,117,640 shs.
a 5% convertible debentures, series due 1948 (convertible on or before
pref. stock, 6% series, at the rate of 10 shares for each
Jan. 1 1938, into
$1.000 debenture. b $19.655,000 of preferred stock,6% series, is reserved
for the conversion of the above 5% convertible debentures. c 93.221 shares
of common stock are reserved for conversion of preferred stock of this series,
and 137,500 shares of common stock (representing the present maximum
stock dividend requirement on preferred stock of this series now outstanding.
for a period of 20 years) are reserved for dividends payable in common stock
on preferred stock of this series.
Further details regarding the stock and the company
are given in V. 127; p. 1388.-V. 127, p. 1523.
Central States Utilities Corp.-Pref. Stock Offered.Pynchon & Co., New York are offering at $97 per share and
div. to yield 7.21%,24,000 shares $7 dividend pref.(a.& d.)
stock.
As provided in the present Federal income tax law, dividends are exempt
from normal Federal income tax. Dividends are not subject to Federal
income tax when received by a domestic corporation. Transfer agents,
office of the corporation, Chicago, and American Exchange-Irving Trust
Co., New York. Registrars, Continental Bank & Trust Co., Chicago. and
Chase National Bank, New York.
The $7 dividend preferred stock Is preferred as to both assets and cumul.
dividends over any other class of stock. The $7 dividend preferred stock is
entitled to receive out of the assets of the corporation available for dividends,
cumulative dividends at the rate of, but not exceeding $7 per share per
annum, payable Q.
-J, before any dividends shall be paid or sat aside for
any other class of stock. Upon liquidation or dissolution, the $7 dividend
preferred stock is entitled to receive an amount equal to $100 per share,
together with all dividends accrued or in arrears thereon, plus, in case such
liquidation or dissolution be voluntary, a premium of $10 per share. The
$7 dividend preferred stock is subject to redemption as a whole, or in part
pro rata or by lot, upon 30 days' prior notice, at $110 per share, plus all
dividends accrued or in arrears thereon. Shares are fully paid and nonassessable.
Connecticut Light & Power Co.
-Bonds Called.
-
The company has called for redemption Nov. 1 at 110 and int. certain
outstanding 1st and ref. mtge. 7% s. f. gold bonds, series A, dated May 1
1921, aggregating $114,000. Payment will be made at the Bankers Trust
-V.127, p.259.
Co., trustee, 16 Wall St., N.Y. City.
Consolidated Gas Utilities Co.
-Debentures Offered.
G. E. Barrett & Co., Inc., Bauer, Pogue, Pond &
Battles & Co. and Hale, Waters & Co. are offering at 99 and
$4,500,0006 %convertible gold debentures,series A.
Dated June 1 1928: due June 11943. Denom.$1,000 and $500 c*. Int.
payable J. & D. at Bank of the Manhattan Co., trustee. New York. without deduction for normal Federal income tax, not exceeding 2% per annum.
Red. as a whole at any time, or in part on any int, date, on 30 days' notice
at 105 and int., if red, on or before June 1 1933, and at 10234 and int.,
If red. thereafter. Company agrees to refund upon timely and appropriate
application, as provided in the indenture, personal property and security
taxes of any State or of the District of Columbia, not exceeding in any
year 6 mills for each $1 of principal amount or income taxes of any State
or such District in any year 6% of the income derived from the debentures.
Conversion.
-Debentures are convertible into Class A stock at $36 per
share at any time up to and including the tenth day prior to the date
designated for redemption.
Stock Purchase Warrants.
-Each $1,000 debenture ($500 denomination
in proportion) carries a non-detachable warrant, entitling the holder to
purchase voting trust certificates for five shares of the class B stock at
$10 per share up to and incl. June 1 1931: or thereafter prior to June 1 1933
at $12.50 per share; or thereafter prior to June 1 1935 at $15 per share; or
thereafter prior to June 1 1938 at $20 per share. In the event that the
debentures are called the stock purchase privilege may be exercised prior
to June 1 or Dec. 1 next following the redemption date.
Data from Letter of Logan W. Cary, President of the Company.
Company.
-Owns or operates through its subsidiaries, a complete and
unified system for the production, transportation and sale of natural gas
at wholesale or retail in the principal population centers of western and
northern Oklahoma and south central Kansas, together with a complete
system supplying an extensive territory in southeastern Kansas. More
than 30,000 consumers are now supplied from these systems. Total sales
for the calendar year 1927 exceeded 16,700,000,000 Cu. ft.
-inch high
The present financing provides for the construction of 14
pressure pipe line from the Wheeler County extension of the Amarillo gas
field to Enid. Okla. A large part of this line has already been completed
and it is expected that it will be in operation and gas delivered to Enid about
Nov. 1 1928. The completion of this line will make the reserves controlled
by the company in the largest known gas field in the world available to the
rich industrial markets served in northern Oklahoma and southern Kansas.
The constituent systems are the properties of the former Midwest ,Gas
Co., Blackwell Pipe Line Co., Oklahoma Northern Utilities Co. and Oklahoma Northern Gas Co., and the properties of Larutan Gas Corp., controlled through common stock ownership. The physical properties are
modern in design and practically all of recent construction.
2088 •
FINANCIAL CHRONICLE
The physical properties, including the Amarillo-Enid line and the lines
of Larutan Gas Corp. comprise approximately 1,000 miles of transmission
lines, 374 miles of distributing lines, and compressor stations aggregating
6,250 h.p. together with metering stations, gas wells and all appurtenances
thereto, forming one of the important natural gas properties in the MidContinent field. The combined systems, upon completion of the AmarilloEnid line, have been valued by Ralph E. Davis, Engineer, at a figure in
excess of 919,000,000.
Territory and Markets.
-The territory served includes 51 towns and communities embracing a total population of approximately 400,000. The
commercial centers of Enid, Cushing, Blackwell and Lawton, Okla., and
Wichita, Hutchinson and Chanute, Kan., together with the county seats of
the western and northern tier of counties in Oklahoma comprise a rich
agricultural territory diversified in products. The sections of the State
in which Cushing, Blackwell and Enid are situated have, in addition to
their agricultural resources, important oil producing and refining industries.
The markets served by the consolidated systems are favorably diversified,
affording a rich industrial load constant in Its demand. The present
domestic load can be favorable increased under unified management.
Completion of the line to Enid should add about 4.200 consumers in the
intervening territory during the first year of operation, with a total increase
to approximately 40,000 consumers during the calendar year 1930.
-The gas reserves controlled by the company, comprisings
Gas Reserves.
approximately 84.000 acres, include large leaseholdings and valuable gas
purchase contracts in the Wheeler County extension of the Amarillo field.
In the three important Oklahoma gas fields, Chickasha, Sayre and the
Deer Creek-Black
-well area, and an extensive shale gas area in southeastern
Kansas.
Ralph E. Davis, Engineer, estimates that at the expected rate of withdrawal these gas reserves and the supply obtainable through the AmarilloEnid line wIll meet the company's requirements well beyond the life of its
funded debt. The unified administration of the various reserves and contracts, when withdrawals are balanced through operation of the Amarillo
Enid line, should permit of modern economy in gas utilization.
Outstanding.
CapitalizationAuthorized.
1.st M.& coll.6% gold bds.,ser. A,due 1943
$8,000,000
a
4,500,000
65‘% cony, gold dabs., ser. A (this issue)__
Class A stock (no par value)
130,000 shs.
b60010 shs.
Class B stock (no par value)
529.400 shs.
c800.000 shs.
a Issuance of additional bonds and debentures limited under the provision
of the respective indentures. b Including 139,000 shares reserved for conversion privilege of debentures. c Including 22,500 shares reserved for
debenture warrants and 15,000 shares for warrants of former companies'
bonds.
Bonds of Larutan Gas Corp. and subsidiary company (closed issues)
outstanding with public, as of Aug. 311928. $2,762,000.
Earnings.
-The gross and net earnings for 1927 given below are as
compiled by Barrow, Wade, Guthrie & Co., auditors and consulting
accountants, from auditors' reports (showing net earnings of $1,482,288)
adjusted by Ralph E. Davis, engineer, giving effect to elimination of nonrecurring charges and adjustments of gas purchase costs as a result of the
consolidation (before eliminating certain offsetting inter-company items in
gross earnings and operating expenses) and the construction of the AmarilloEnid line. Ralph
Davis, engineer, has estimated the earnings for the
first year of full operation (which it is expected will be the calendar year
1929). as given below:
Est. for 1st
Year Oper.
1927.
Gross earnings, all sources
$4,048.513 $5,622.698
3,038.905
Oper. exp., maint. and local taxes
2.237.577
[VOL. 127.
Consolidated Capitalization.
-The consolidated capitalization outstanding with the public of Engineers Public Service Co. and its now owned
subsidiaries, as of Aug. 311928, adjusted to reflect this financing follows:
Authorized.
SubsidiariesOutstanding.
Bonds and coupon notes
961.750,700
Preferred stocks
30,713,200
Common stocks
7.967 she.
Engineers Public Service Co.
Preferred stock: $5 div. convertible series_ -1 700.000 shs. (320,000 shs.
$5.50 curnulative div.series (this issue).-1
1a130,000 shs
Common stock (without par value)
3,000.000 shs. b900,669 shs.
a In addition there are to be reserved 101,415 shares of this same series
of preferred stock in connection with the offer made to stockholders of
Puget Sound Power & Light Co.
b In addition 1.216,953 shares of common stock are or will be reserved
in connection with the offer made to stockholders of Puget Sound Power &
Light Co.: for conversion of $5 dividend convertible preferred stock; for the
exercise of warrants attached to $5.50 cumulative dividend preferred stock;
and for exercise of outstanding common stock option warrants.
Earnings.
-The following is a consolidated income statement of Engineers Public Service Co. and its now owned subsidiaries for the 12 months
ended Aug. 31 1928 compared with the previous 12 months period:
12 Momths End. Aug. 311928.
1927.
Gross earnings
$30,700,381 $28,780,339
Oper. exp., maint.& taxes (incl. Fed.taxes)
18,276,169 17.724,667
Net earnings
812,424.212 $11,055,672
Ded, for int., amort., subs. pref. div. & amts. for
res. & div. applicable to minority holdings
5,775,409 4.971.476
Bal. applic. to res. & to Engineers Pub. Serv. Co_ $6,648,803 $6,084,196
Dividend requirements on preferred stocks:
$5 dividend convertible series
$1.600,000
$5.50 cumulative dividend series (this issue)
715,000
These earnings do not reflect the income to be derived from the funds
to be received through the sale of this preferred stock. No adjustment
has been made to show additional earnings to be secured through the proposed acquisition of control of Puget Sound Power & Light Cm. or the additional dividend requirements on the preferred stock to be issued in connection therewith.
The above balance applicable to reserves and to Engineers Public Service
Co. for the 12 months ended Aug. 31 1928 was in excess of 2.87 times the
total annual dividend requirements on the preferred stocks of the company.
including this issue. After deducting these dividend requirements from
said balance there remains more than 14.1% of the annual Q.1 083 earnings.
.
Management.
-The operating subsidiary companies of Engineers Public
Service Co., subject to the direction and control of their respective boards
of directors, are operated under the supervision of Stone & Webster. Inc.
Listing -Company has agreed to make appliestion to list these shares
on the New York Stock Exchange.
-V. 127. p. 1946.
Gary & Southern Traction Co.
-Sale.
-p. 75.
Gatineau Power Co.
-Bonds Offered.-Publio offering
of an additional 87,900,000 1st mtge. gold bonds 5% Series
due 1956 was made Oct. 9 by a banking group composed of
Chase Securities Corp., Bankers Trust Co., Harris, Forbes
& Co., Lee Higginson & Co., Blair & Co., Inc., The Union
Trust Co. of Pittsburgh, Continental National Co., Halsey,
Stuart & Co. Inc. and Redmond & Co. The bonds were
priced at 97q and int. to yield over 5.18%.
See Midland Utilities Co. below.
-V. 116.
Net earnings
91,810,936 $2,583,793
Balance after prior interest requirements and other
fixed charges(as constituted after present financing) but before Federal taxes. amorti,ation
charges and reserves for depreciation and depletion of subsidiary companies)
1,662.140
Data from Letter of A. R. Graustein, President of the Company.
1,087,436
Maximum annual interest requirement 6 % conCompany -One of the principal power units in the International Paper
vertible gold debentures, series A
292.500 Co. system and one of the largest hydro-electric producers on the North
292.500
The valuations and earnings statements give effect to the ownership by American continent, is now finishing, within cost
the company of all of the stock of Larutan Gas Corp. funds considered construction of three hydro-electric developments and time est.mates. the
of an installed capacity
sufficient for the future purchase of the minority stock interest of approxi- of 419,500 hp., all situated on the Gatineau River within 35 miles of the
mately 7% at present outstanding with the public having been provided City of Ottawa and within econmic transmission distance of the largest
from this financing. There are also outstanding warrants for purchase of markets for power in the Dominion of Canada. Initial deliveries of this
an additional 15.000 shares of stock of Larutan Ging; Corp.
power to the Hydro-Electric Power Commission of Ontario. the Company's
The balance of $1,087.436 for 1927, as above, is equivalent to more largest customer, began Oct. 1 1928. Other pewers held by the company
than 31i times the maximum annual interest requirement on the 6.1i% and located on the Ottawa River and its tributaries bring its total capacity,
the now operating or nearing completion, up to 544300 hp., of which
convertible gold debentures, series A. The estimated earnings for
463.300
first year of full operation indicate a balance of more than 5% times such hp. is already in operation. The power plants comprising its system are
maximum annual interest requirement.
so designed that this capacity of 544,300 hp may be increased to 697.000
Sinking Fund.
-The series A debentures are entitled to the benefit of a hp. whenever conditions in the power market justify, merely by
sinking fund, in an amount equal to a percentage of earnings as defined additional equipment at relatively small expense. The total installing
potential
in the indenture, payable monthly in cash or in series A debentures taken capacity of the Company including its undeveloped power Is in excess of
at par commencing Jan. 11929. All cash payments will be applid to the 1,000,000 hp. All of these powers are owned in fee or held under long
purchase and cancellation of outstanding series A debentures tendered to term government leases.
the trustee at or below the redemption price or for calling for redemption
-Proceeds of this offering of $7,900.000 5% bonds and of
Purpose.
series A debentures selected by lot from all debentures outstanding at the $1,100.000 5% bonds and 87.500.0006% debentures, recently sold by the
redemption price. The sinking fund payments are estimated to be uffi- company, will reimburse the company for expenditures made or to be
cient to retire all series A debentures by maturity.
made in connection with the recent acquisition of the Bryson and Chaudiere
Purpose.
-Proceeds from the sale of these debentures, 98 000.000 1st plants on the Ottawa River including the enlargement of the Bryson plant
mtge. and coll. 6% gold bonds. series A and 130,000 shares of class A stock, now under way, and for other capital expenditures.
were used for the retirement of all of the outstanding funded debt and other
Power Contracts.
-Contracts for the sale of all the primary power presently
obliliations of the constituent companies (except $2,762.000 bonds of to be generated at the plants have already been executed with the Hydro
Larutan Gas Corp. and subsidiary compay). for the purchase of common Electric Power Commission of Ontario. City of Ottawa. Canadian Interstock of Larutan Gas Corp. for the construction of the Amarillo-Enid pipo- national Paper Co.. Canada Cement Co. Ltd, E. B. Eddy Co. Ottawa
line and for other corporate purposes.
-V. 127. p.1102. 821.
Electric Co. and Gatineau Electric Light Co., Ltd. The trust deed conprovisions
and defining the
Eastern New York Electric & Gas Co., Inc.-Aeguisi'n. tains be made in limitingof these contracts.condit ons under which changes
may
certain
See Associated Gas & Electric Co. above.
-V. 126, p. 2474.
Earnings.
-Net earnings available for interest and reserves under contracts now signed, it is estimated, will be in excess of $6.600,000 for the
Eastern Utilities Associates.
-Earnings.
12 months beginning Oct.
The company reports for the 12 months ended Aug. 31 1928 a net in- requirements on the entire 1, 1931, or over 23. times the annual interest
$52,292,500
come of $2,287,816 after expenses, taxes, interest and amortization, etc., outstanding, including this offering. 1st Mtge. gold bonds to be presently
For the 12 months beginning Oct. 1
-V. 127, p. 545.
but after depreciation.
1928, on which date deliveries of power to the Hydro-Electric Power
it is estimated
- Commission of Ontario commenced,annual interest that such net earnings
Engineers Public Service Co.-Pref. Stock Offered.
will be in excess of 1.7 times these
requirements. In the
Stone & Webster and Blodget, Inc., Chase Securities Corp., following years increased power deliveries called for by the power contracts
will
increasing earnings up
Blair & Co., Inc., and Brown Brothers & Co. are offering Oct.result in constantly earnings will further to the 12 months beginning
1 1931, and these
increase thereafter as power
130,000 shares 85.50 cumul. dividend pref. stock (with war- utilized for steam is delivered for power purposes.
rants for purchase of common stock) at 899.50 per share onSecurity -Bonds are secured by a direct first mortgage and hypothec
all water powers developed and operating or in process of development
flat, to yield 5.52%.
now owned by the company, except four small powers with a total installed
vs. Preferred both as to assets and cumulative dividends. Dividends paya- capacity of less than 6,000 hp. The substantial equity behind the first
-J. Preferred over the common stock and entitled in liquidation to mortgage bonds, upon completion of the present financing, will be repreble Q.
$100 per share and diva, plus, in the event such liquidation be voluntary, sented by $19,631,000 debentures. 925.000,000 of preferred stock and
a premium of $10 per share. Red. all or part at any time on 30 days' notice 500,000 shares of common stock. The trust deed contains provisions perat $110 per share and diva. Non-voting except to elect a minority of the mitting certain modifications by the bondholders 88 therein provided.
board of directors in the event and during continuance of certain dividend
Sinking Fund.
-The trust deed provides for a minimum annual sinking
defaults, all as provided in charter. Dividends exempt from normal Fed- fund, payable in cash or bonds, which commenced Dec. 1 1927, equal to
eral income tax under present law.
% of the greatest aggregate principal amount of First Mortgage Gold
delivered with each share of 95.50 cumu- Bonds at any time outstanding.
Warrants.
-A warrant will be
-V. 127, p. 1806.
lative dividend preferred stock which will entitle holder at any time between
Nov. 1 1929 and Nov. 1 1938 to purchase one share of common stock of the
Harlem Valley Electric Corp.
-Transfer of Properties.
company (as constituted when purchased) at $68 per share. Warrants
See Associated Gas & Electric Co. above.
-V. 126, p. 2790.
transferable only with the preferred stock until Nov. 1 1929, except in case
stock.
or prior redemption of the preferred
-Earnings.
Illinois Water Service Co.
The Chase National Bank, New York, and Stone & Webster, Inc., BosYear End. Aug.31.
ton, transfer agents. Hanover National Bank, New York, and National Operating revenues $56,979
$518,677
Shawmut Bank. Boston. registrars.
Operating expense
237.139
237,198
Data from Letter of C. W. Kellogg, President of the Company.
28,164
Maintenance
32,426
-Organized in Delaware june 23 1925 for the purpose, among Taxes excl. Federal income tax
Company.
42,448
42,543
acquiring and operating public utility properties. Its present
.others, of
stock of Virginia Electric &
holdings include over 99% of the common
Net earnings from operation
$249.228
9206,510
Power Co., all of the common stock of the Key West Electric Co., over 97% Other income
1,738
2.150
the comof the common stock of Eastern Texas Electric Co., over 94% ofof Savanof the common stock
mon stock of El Paso Electric Co., over 99%common stock of
Gross corporate income
$250,966
$208,660
Baton Rouge Annil int. req. on total funded debt
Power Co., over 99% of the
nah Electric &
125.000
Electric Co.. and over 96% of the common stock of Ponce Electric Co.
-V. 127. p. 1947.
8,1ePurpose.-Proceeds of these 130.000 shares of $5.50 cumulative dividend
acquire at $25 per share 300,000 shares junior
preferred stock will be used to
Interborough Rapid Transit Co.
-New Director.
preferred stock ($1.50 dividend) of Puget Sound Power & Light Co. in
Patrick J. Connolly. President ofthe Brotherhood of I. It. T.Employees
.connection with an offer that has been made for the acquisition of control of
to reduce notes payable, Assn., has been elected a director to represent the employees. He will
that company by Engineers Public Service Co.,
-V.127. P. 1253.
continue as motorman.
.and for other corporate purposes.
OCT. 13 1928.]
2089
FINANCIAL CHRONICLE
-Preferred Stock Offered.
Long Island Lighting Co.
W. C. Langley & Co., New York, are offering an additional
issue of $1,000,000 6% cum. pref. stock (par $100) at
$103 and div.
Issuance.
-Authorized by the New York P. S. Commission.
Data from Letter of E. L. Phillips President of the Company.
'
Company.
-Supplies either directly or indirectly substantially the entire
electric light and power and gas service on Long Island up to the New
York City Line, and in addition, the Rockaway District of the Borough
of Queens. Company, through its subsidiary Kings County Lighting
Co., furnishes gas to a large and rapidly growing section in the Borough
of Brooklyn. The combined population in the territory served is in excess
of 800,000.
-Proceeds will be used by the company for additions, extensions
Purpose.
and improvements to the properties of the company.
Consolidated Earnings 12 Months Ended July 31.
1927.
1928.
$14,315,451 $16,329.144
Gross income
8,712,756
Operating expenses, maintenance and taxes
9,435,518
New York Telephone Co.
-Tenders.
--The Farmers' Loan & Trust Co.. trustee, 22 William St., N. Y. City
will until noon on Nov. 1 receive bids for the sale to it of 1st ,Sc gen. mtge.
s. f. bonds, to an amount sufficient to exhaust $750,000 at a price not exceeding par and int.-V. 127, p. 1253.
Niagara Share Corp.
-Stock Increase-Acquisition.
The stockholders will vote Oct. 16,(a) on increasing the number of shares
from 800,000 to 1,150,000, the additional 350.000 shares to be of common
stock without par value, and on authorizing the corporation from time to
time to issue the shares of its capital stock without par value, whether
common or preferred, for such consideration as may be fixed from time to
time by the board, and (b) on approving a proposed re-organization of this
corporation by its acquisition of all the assets of the Schoellkopf Securities
Corp. at the market value thereof, or in the absence of a market at their
fair appraised value, upon a definite date to be fixed, and the payment
therefor (1) in part by the assumption by the Niagara Share Corp. of the
debts and liabilities of Schoellkopf Securities Corp. as shown by its indicant
accounts upon such date, and (2) in respect of the balance by issuing shares
of the increased common stock without par value of the Niagara Share
Corp. at a value per share to be determined by subtracting the debts and
liquidation value of the outstanding preferred stock of the Niagara Share
its
$5,602,695 $6,893,626 Corp. from the market value oflike assets, or in the absence of a market
Net income
date, and
their fair appraised value at the
Interest charges and other deductions
3,528,561 the numner of the then outstanding shares of itsdividing such remainder by
common stock.
divs. on Long Island Lighting Co.
Balance before reserves and
preferred stock
3,365,065
Secretary Frederick L. Lovelace, Oct. 5 said in part:
Annual div. requirements on Long Island Lighting Co. pref.
In further explanation of the plan of reorganization it may be stated that
stock (including this issue)
957.782
The balance, as shown above, for the 12 months ended July 31 1928, is the assets of the Schoellkopf Securities Corp. are substantially all stocks
equal to over 3Y5 times the annual div. requirements on all Long Island and bonds largely of a character similar to the securities owned by this
corporation, most of them having a market value, their present value being
Lighting Co. pref. stock outstanding and incl. this issue.
Capitalization (as of July 31 1928 and incl. this issue) Outstanding with Public. approximately $4,800,000. The number of shares of common stock of this
First refunding mortgage gold bonds
$10,256,000 corporation necessary to be issued for such assets under the plan, based
First mortgage 5% sinking fund gold bonds, due Mar. 1 1936.. 4.756,700 upon the present value of owned securities, will be approximately 260,000.
3,867.000 The debts of the Schoelikopf Securities Corp. to be assumed will not exceed
6% secured gold bonds, due July 1 1945
% gold debentures, series A,due Apr. 1 1952
1,500.000 $600,000, of which $475.000 lathe face amount of bonds of the Schoellkopf
Cumulative pref. stock (including this issue)
*14,734.300 Securities Corp. maturing Nov. 1 1946. This corporation will be indemnified
Common stock (no par value)
300,000 shs. against any liabilities of the Schoellkopt Securities Corp. in excess of those
indicated and the increased shares of common stock not used in the proposed
*$7,361,900 6% and $7.372,400 7% preferred stock.
re-organization will be available for the general purposes of this corporation.
Stock Split-Up.
The proposed re-organization and the addition of the assets of the
The stockholders voted Oct. 10 to split up the common stock on a 10 for 1 Schoellkopf Securities Corp. will enlarge the capital assets of this corporation
basis and to issue 10 new no par shares in exchange for each present no par and correspondingly strengthen and increase its capacity to carry on the
share outstanding.
holding and investment business for which it is organized.
-V.126, p.868.
The stockholders also voted to increase the authorized common stock
from 1,000.000 shares to 3,000,000 shares. At present 300.000 shares are
-New Electric Output Records.
North American Co.
outstanding.
The output of the company's subsidiaries for the third quarter was 1,572,The outstanding capitalization of the company upon completion of this 800.000 k.w.h., an increase of 16.5% over the same period of 1927. Total
following the sale of $2,000,000 of new 6% cumul. pref. stock
split-up and
output for the three quarters of this year was 4.405,000.000 k.w.h., an inwill consist of about 3,000,000 shares of new no par common stock. $7.372,- crerAse of 14.5% over the first three quarters of 1927.
-V. 127, P. 1947.
400 of 7% pref. stock and $7.836,400 of 6% pref. stock.
"These increases in the use of electricity are a close gauge of prosperity,"
says President Frank L. Dame, "because they represent the ener y sold
Louisville Gas & Electric Co. (Del.).-Earnings.by the same companies during 1928 and 1927 to more than 1,000,000 cus12Mos. Ended Aug. 311928.
1927.
Gross earnings
$9,518,525 $8,690.360 tomers, including widely, diversified industries in California, Missouri.
District of Columbia.'
Net earnings
4,921,987
4,464,701 Illinois. Iowa, Ohio, Wisconsin, Michigan and the are shown as follows:
Consistent gains by the North American System
Other income
256,149
154.774
Increase.
1928.
1927.
(In kilowatt hours.)
1,189,800,000
12.2%
1,334,500,000
Total income
$5,178,136 $4,619,475 First quarter
1,305,300,000
14.7%
1.497.700.000
Second quarter
-v. 127. p. 1525.
1,350.600,000
16.5%
1.572,800,000
Third quarter
Marion (Ohio) Water Co.
-Bonds Called.
-
All of the outstanding 1st mtge. 6% gold bonds dated Dec. 1 1923 have
been called for redemption Dec. 1 at 106 and int. Payment will be made
at the Union Trust Co., trustee, Cleveland, Ohio.
-V.92, p. 960.
Market Street Railway Co.-Earnings.-
12Mo5. Ended Aug. 31Gross earnings
Net earnings
Other income
1928.
1927.
$9,854,150 $9,848,589
1,497,140
1,722,697
20,053
31,643
Total income
-v. 127. p. 1525.
$1,517,193 $1,754,340
Michigan Bell Telephone Co.
-Acquisition.
-
-S. C. Conunision on Sept. 28 approved the acquisition by the
The I.
company of certain properties of the Milford Home Telephone Co.
The Milford Company owns and operates an exchange at Milford, with
certain rural lines in and near the villages of Commerce and New Hudson
all in Oakland County,Mich. These rural lines serve 32 subscriber stations.
By a contract made April 24 1928, the Bell Company proposes to purchase
these rural lines for $2,350.-V. 127, P. 1526.
Midland Utilities Co.
-Acquires Gary & So. Trac. Co.
-
The purchase of the Gary & Southern Traction Co. by the Midland
Utilities Co. was announced this week.
At the same time announcement was made that an extensive rehabilitation program will be launched at once and approximately $120,000 will be
invested in new cars, improvements in the roadbed and improved electric
facilities, including a new electric sub-station and additional power connections.
The Midland Utilities Co. also controls the Northern Indiana Public
Service Co., Gary Railways Co. Chicago South Shore & South Bend RR.
and other public utilities located chiefly in northern Indiana and western
Ohio.
Charles W.Chase, President of the Gary Rye., under whose direction the
Gary & Southern Traction Co. will be operated, said that the interurban
railroad will be run as a separate property, but that it will have the benefit
• of the services of the management of the Gary Rya., as well as representatives of the Midland Utilities Co.
Two new modern steel interurban cars have been ordered. While they
are being built, however, the Gary & Southern Traction Co. has made arrangements to lease interurban cars from the Gary Rys. Co. in order that
service may be improved in the immediate future. Running time of 45
minutes between Crown Point and Gary is proposed.
-V. 127. P. 1103.
Mountain States Power Co.-Earnings.12Mo5. Ended Aug. 31Gross earnings
Net earnings
Other income
1928.
1927.
$2,862,317 $2,703,089
1,083,091
1.060,454
99,934
180,953
Total income
$1,183,025 $1,241,407
-Tacoma and Puget Sound divisions sold Dec. 31 1927. Net
Note.
earnings of Tacoma and Puget Sound divisions for the full year ended
Aug. 31 1927 and for four months ended Dec. 31 1927 are included in other
-V. 127, p. 1807.
income.
Mountain States Telephone & Tel. Co.-Aquisition.
-S. C. Commission on Sept. 28 approved the acquisition on
The I.
the company of the properties of the Salina Telephone Co.
The Salina Company owns and operates an exchange at Salina, Sevier
County, Utah, with rural stations at Aurora and Redmond,and as of July
1 1928, served 133 subscriber stations. It also operates, under lease from
the United States Forest Service, approximately 100 miles of iron grounded
toll line extending from Salina to Loa, to which are connected 4 toll stations. This toll is not included in the transaction now under consideration.
No exchange is maintained by the Bell Company at Salina, but its toll
n
with the exchange of the Salina Company.
lines connectO August 1
1928. the Bell Company contracted to purchase the properties of the
Salina Company, free from all liens and encumbrances for 57.300.-V.
127. P. 409.
New York Water Service Corp.-Earninis.Years End. Aug.
1927.
31-.$2,109,259
$2,349,872
Operating revenues
702,677
Operation expense
721,743
82,590
Maintenance
93,862
203,355
Taxes (excl. Federal income tax)
196,951
Net earnings from operation
Other income
$1.361.251 $1,096,703
10,342
18,527
Gross corporate income
Annual int, req. on total funded debt
-V. 127. p. 1390.
$1.371.592 $1,115,230
594,200
Total
4,405,000,000
3,845,700.000
14.5%
The record week's output so far this year was 124,480,000 k.w.h., for the
week ended Aug. 30, and the record four weeks' output was 491,710.000
-V. 127. p. 1807.
k.w.h., for the four weeks ended the same date.
Northern California Gas Co.
-To Be Formed to Construct
220 Mile Natural Gas Pipe Line to Supply San Francisco Bay
Region-Project to Be Financed by Pacific Gas & Electric Co.,
Southern California Gas Corp. and Pacific Lighting Corp.
As a result of many months' work in an effort to conserve natural gas
produced in the oil fields of the State and put same to useful purposes,
and in order to co-operate with the Governor 13 Conservation Committee, a
plan has been presented to the Railroad Commission of the State of allfornis, which has been tentatively agreed upon between the large gas
interests of the State, the consummation of which plan will mean the
delivery of large volumes of natural gas to San Francisco, Oakland and
other bay cities: also the cities along the route of said pipe line. including
San Jose, Fresno, Visalia, Hanford, Tulare and Portakville.
The general plan contemplates the organization of the Northern California Gas Co., in which the Pacific Gas & Electric Co., the Southern
California Gas Corp. and the Pacific Lighting Corp. will own the stock.
-inch pipe line from Kern County
This company contemplates building a 20
to San Jose, a distance of 220 miles.
The Pacific Gas Ss Electric Co. is making contracts for the purchase of
gas from the Southern California Gas Co. and from interests identified
with the Southern California Gas Corp.and the Pacific Lighting Corp.,which
gas is produced in Ventura and Kern County fields and delivered into the
south end of the pipe line owned by the Northern California Gas Co., and
they have also made a provision contract for the delivery of gas by the
Mitham Exploration Co. operating in the Buttonwillow gas fields.
The Southern California Gas Corp. and the Pacific Lighting Corp.interests
will build a pipe line from Ventura to Kern County, to cost approximately
$2,300,000 in order to deliver gas to this Northern California Gas Co.
pipe line.
The cost of the Northern California Co. pipe line together with lines to be
laid by the Pacific Gas & Electric Co.from San Jose north to San Francisco
and Oakland, and of other equipment to be installed by the Pacific Gas dr
Electric Co., plus the cost of the proposed line from Ventura to Kern
County will be approximately $15,0013,000 and the capacity of such equipment for delivering gas to San Jose will be approximately 60,000,000 cubic
feet of gas per day.
Northern Indiana Public Service Co.
-Sales.
Sales of gas in the first 8 months of this year totaled 3,465.801.567 cubic
feet, compared with 3,083,584,703 in the first 8 months of 1927, an increase
of 12.38%.
Sales of electrical energy during the first 8 months of this year total
163,832,611 k.w.h., compared with 150,033,646 k.w.h. sold during the
first 8 months of 1927. an increase of 9.15%. Sales of electricity in August
reached even greater volume, the increase being 13.59% over the same
month last year.
-V. 127, p. 1104.
Northern States Power Co.-Earnings.12Mos. Ended Aug. 31Gross earnings
Net earnings
Other income
1927.
1928.
$30,922,116 $29,229,572
15.619.894 15,027,721
84,182
352,749
Total income
$15,972,643 $15,111.903
-Includes all properties now in the system for full periods.
-V.
Note.
127, p. 1807.
Ohio Water Service Co.
-Earnings.
Years End. Aug. 31Operating revenues
Operation expense
Maintenance
Taxes (excl. Federal income tax)
1928.
$482,570
137,966
31,867
47,039
1927.
$487,006
137,908
20,736
44,387
Net earnings from operation
Other income
$265,698
23.908
$283,974
22,559
Gross corporate income
Annual int. required on total funded debt
-V. 127, p. 1390.
$289,607
150,000
'$306,534
Oregon Electric Ry.-Abandonment of Branch Line.
The I. S. C. Commission on Sept. 28 issued a certificate permitting the
company to abandon a branch line of railroad extending from West Woodburn easterly to Woodburn, 2.3 miles, all in Marion County, Ore.
-V.
118,9.311.
2090
FINANCIAL CHRONICLE
Oklahoma Gas & Electric Co.-Earnings.12Mos. Ended Aug. 31Gross earnings
Net earnings
Other income
1927.
1928.
$11,107,349 $8.601,150
4,066,409
5.161,503
937,512
575,751
Total income
$5,737,254 $5,003921
Note.
-Gas properties sold Nov. 30 1927. Gas department net earnings
for the full year ended Aug. 31 1927, and for 3 months ended Nov. 30
1927, are included in other income.
-V. 127, P. 1807.
Oregon-Washington Water Service Co.
-Earnings.
-
Years Ended Aug.31Operating revenues
Operating expense
Maintenance
Taxes (excl. Federal income tax)
1928
$564,805
207,856
28,120
66,597
1927
6540,173
187,324
31,027
59,185
Net earnings from operation
Other income
$262,231
2,778
$262,637
2.810
$265,009
134,830
$265,447
Gross corporate income
Annual interest required on total funded debt- 127. p. 1947.
V.
[Vol,. 127.
to 39,548 retail and wholesale customers. The properties serve a population of approximately 305.000.
Properties -The properties include a combined installed electric generating capacity of 20,324 KVA, of which 8,194 KVA are hydro, with 821
miles of electric lines; a daily gas production capacity of 1,635.000 cubic
feet, with 98 miles of distributing mains; a daily water pumping and gravity
flow Capacity of 42,371,141 gallons, with 295 miles of water distribution
system; a daily ice production capacity of 484 tons: and 390 miles of telephone lines. The properties also include a profitable cold storage business,
and two motor ships.
Approximately 50 1 of the gross earnings of the corporation and its
subsidiaries will be erived from electric properties, 12% from water
properties, 7% from artificial gas properties, 5% from telephone properties,
15% from ice and cold storage properties, and 11% from other miscellaneous
Sources.
Consolidated earnings of the properties for the year ended June 30 1928-.
Gross revenue from all sources
$2.589,653
Operating expenses, maintenance 8z taxes
1,457,007
Net income
Interest on bonds and notes
•
Balance available for dividends, amortization and Federal taxes
Dividend requirements on $3,629,000 7% cumulative preferred
now outstanding
$1,132,646
534,973
$597,674
254,030
Balance
$343,644
Based on the above figures, income was 2.33 times dividend requirements
on all preferred stock now outstanding.
Capitalization outstanding as of June 30 1928. (giving effect to presen
financing).
Total Income
628,580,776 $27,417,867 1st Mtge 20
-year 5345' gold bonds, due March 1, 1948
$4,643,500
- 127. p. 1676.
V.
1st Mtge Col. 20
-year
% cony, gold bonds, due Oct. 1 1948._ 1,750,000
10
-year 6% secured convertible gold bonds, due March 1 1938
1,793,500
Philadelphia Electric Co.
-Bonds Called.
Funded debt of subsidiary company
1,037,000
The company has called for redemption Nov. 1 next $44.700 1st lien & 7% cumulative preferred stock ($100 par)(auth.
$15,000,000)- 3,629,000
ref. mtge. gold bonds, 534% series, due 1953, at 107 and int. Payment Class A common, no par value (auth. 200,000 shs.)
46,600 shs.
will be made at the Girard Trust Co.. trustee, Phila.. Pa.
-V. 126 p. 2476. Class B common, no par value (auth. 500,000 shs.)
500.000 shs.
Monthly
of
Pittsburgh Suburban Water Service Co.
-Earnings.
- and at the dividends at the rate on7% per annum on the preferred shares.
rate of $2 per annum
the Class A Shares, are being paid.
Years Ended Aug. 311928
1927
Valuation.
-The
value
Operating revenues
$293,882 approximately $196bookshare. of the preferred stock now outstanding is
$306,112
per
Operation expense
126.266
110,532
Purpose.
of preferred and
Maintenance
18,432 with funds-Proceeds from the sale financing, will Class A stocks, together
28,388
received from the senior
Taxes (excl. Federal income tax)
5,075 of properties now under contract of purchase, be used in the acquisition
4,730
and for other corporate
purposes.
Net earnings from operation
$144.109
$162.462
Management
-The Corporation is controlled by
Other income
3,419 ment of the W. B. Foshay Co., Minneapolis -v.and is under the manage706
127, p. 1676, 953.
Gross corporate income
$147,528
$163.167
San Diego Cons. Gas & Electric Co.
-Earnings.
-Annual interest required on total funded debt
90,800
12 Months Ended Aug. 31.1927
1928
- 127. P. 1391.
V.
Gross earnings
86,681.984 56.421,746
Net earnings
2,951,670
3,153,480
Public Service Co. of New Hampshire.
-Bonds Offered. Other income
5,276
2,966
Philadelphia Company.
-Earnings.
-
12 Months Ended Aug. 31Gross earnings
Net earnings
Other income
1927
1928
$61,299,198 $61,636,486
27,044,641 26,284.121
1,133,746
1.536.135
Tucker, Anthony & Co.; Old Colony Corp., and Hill,
Joiner & Co. are offering at 93% and int. to yield about
4.92%, $1,300,000 1st & ref. mtge. 44% gold bonds.
series B, dated Oct. 1 1927; due Oct. 1 1957.
These bonds will be a legal investment for savings banks in Mass., New
Hampshire and Maine.
Data from Letter of Walter S. Wyman, President of the Company.
Company.
-Is the largest public utility company in the State of New
Hampshire. It serves with electric light and power the thickly populated
manufacturing district along the Merrimack River, including the cities of
Manchester and Nashua, the two largest cities in the State, as well as
Laconia, Milford, Keene, Conway, Colebrook, Franklin, Tilton and several
surrounding towns. The cities of Nashua. Keene and Laconia are also
served with gas. It also operates, through subsidiaries, the street railway
system of Manchester and an interurban line to Nashua. The total population served by the company is estimated at over 196,000, or more than
44% of the population of the State.
Physical property of the company Includes 20 hydro-electric stations of
.
30,706 k.w. capacity and two steam and one Diesel engine station of 20,550
k.w. capacity, all of modern construction, together with an extensive transmission and distribution system. Included in this hydro-electric capacity
is a generating station on the Pemigewassett River formerly owned by
Utilities Power Co.
During the year ending June 30 1928 about 93% of the total k.w.h. output was hydro-generated. Company also owns valuable water rights available for future developments.
Capitalization Outstanding upon Completion ofPresent FinancialProgram.
Underlying divisional (closed) mortgage bonds
*$4,974,000
3,650.000
1st & ref. mtge. 5% bonds, series A
% bonds, series B (including this issue)
3,100,000
1st & ref. mtge.
Preferred stock $6 cumulative (no par)
53,147 shs.
Preferred stock $5 cumulative (no par)
8,600 shs.
Common stock (no par)
120.000 shs.
* Not including 6540,500 bonds held in sinking fund and $100,500 refunded by 1st & ref. mtge. bonds.
-Bonds are secured by a direct first mortgage on all the comSecurity.
pany's physical property in Laconia, Milford. Keene, Conway, Colebrook,
Tilton, Franklin, Bristol and several surrounding towns. The book value
of the property on which these bonds are a first mortgage amounts to
88.851.502. They are further secured by a direct mortgage lien on all the
physical property of the company subject to $4,974,000 underlying divisional (closed) mortgage bonds outstanding. The total book value of the
property on which these bonds are secured by a direct lien is $20,609,158.
The total amount of bonds outstanding including this issue is thus less than
58% of the book value of the property securing them.
Earnings of Combined Properties (Giving Effect to Present Financing) Year
Ending July 31 1928.
$4,006,652
Gross
Operating expenses, including maintenance and all taxes
1,886.601
Net earnings
Annual interest requirements
$2,120,051
586.970
Total Income
-V. 127, p. 1527.
Scranton Spring Brook Water Service Co.
-Earnings.
(Including Scranton Gas and Water Divisions.]
Years End. Aug. 311927.
1928.
..
Operating revenues
$4.195,459 84,140,691
gperation expense
1,161,958
1,139,049
aintenance
379,267
381,923
Taxes (excl. Federal income tax)
118,597
113,447
Net earnings from operation
Other income
$2,561,040 $2,480,868
26,216
13,397
Gross corporate income
Annual int. required on total funded debt
-V. 127, p. 1948.
$2.574.437 52.507,084
1,620,000
Shawinigan Water & Power Co.
-10% Stock Dividend.
The directors have declared a 10% stock dividend on the capital stock.
no par value, payable to holders of record Oct. 12. This provides for the
issuance of approximately 160,000 additional shares of stock
Pres. J. E. Aldred, Oct. 9, says: "For some years past this company
has made important investments in the shares and securities of various
subsidiary and other companies. These shares and securities have increased in value. The directors feel that part of those equities may properly be capitalized and a distribution made to shareholders in the form
of a stack bonus."
These shares will be issued as fully paid, and certificates for complete
shares will be delivered as soon as reasonably possible after Oct. 12 1928.
Fractional ri4ht3 will be represanted by warrants to be mailed to all shareholders on or after the same date. Each warrant will cover 1-10th of a
share, and such warrants, when surrendered with nine similar warrants,
will entitle the owner to a definitive certificate for one full share. All warrants must be surrendered on or before Dec. 1 1928. at the Royal Trust Co..
Montreal, or at the Bank of Montreal, 47 Threadneedle St., London.
England, as agent for the Royal Trust Co. All warrants not surrendered on
or prior to Dec. 1 1928 will be null and void. All certificates Issued by the
company for complete shares, and all shares represented by certificates
issued aMinst the surrender of warrants, will rank for any dividend that
may be declared for the quarter ending Dec. 311928.
This brio rs the stock outstanding as at Oct. 12 1928 to 1,839,200 shares.
V. 127. p. 683.
Societa Industrie Elettro-Telefoniche of Turin.
Capital Increased Through Sale of Shares in Italy.
J. A. Sisk) Sc Co.who participated in the original syndicate that offered
to the public in Rai 1,000.000 shares of 100 lire par value capital of the
above company at 132.50 lire per share, have been advised of the sale of the
shares and the increase in capital from 200.000,000 lire to 300.000,000 lire.
The S. I. E. T. is a holding company, performing industrial, commercial
and financial operations in connection with its important participations
amounting to approximately 65% of the entire telephone system of Italy.
and serves a population of 19,550,000. It comprises in its territory the
greatest industrial zone of Italy. The dividend for last year was 95' On
the par value of the shares and its is estimated that the same dividend
will be distributed for 1928. The company is the only large holding
company in the telephone field in Italy. The company also has holdings
in the Italian Superpower Corp. of New York.
The Banco Commerciale Italians of Milan headed the syndicate on the
recent offering in Italy. The syndicate, which was to have existed until
March 31 1929 has been closed on account of the success of the offering.
$1,533,081
Balance for reserves, surplus and dividends
For the past three calendar years net earnings have averaged 3.05 times
the interest requirements on all funded debt now outstanding. Of the net
earnings for the year ending June 30 1928. 85% were derived from the sale
of electricity, 13% from the sale of gas and from miscellaneous sources, and
25' from street railway operations.
-Proceeds will be used to reimburse the company for purchase
Purpose.
of property of Franklin Light & Power Co. Tilton Electric Light & Power
'
Co., and Utilities Power Co.,for extensions to plant and equipment already
Southern Colorado
completed, and for other corporate purposes.
-Controlled by the New England Public Service Co.
Management.
12Mo5. End. Aug. 31Gross earnings
p. 1104.
V. 127.
Net earnings
-Stock Sold.
Public Utilities Consolidated Corp.
Other income
A syndicate consisting of Holman, Watson & Rapp, Biddle
& Henry, Philadelphia, Yeager, Young & Pierson, Inc.,
New York and Chicago, and George, Haines & Halsey New
York, have sold an issue of 10,000 shares of 7% cumulative
preferred stock at par ($100) per share flat (with warrants.)
53,156.446 $2,958,946
Total income
-V. 127, p. 1528.
Power Co.-Earning8.1928.
1927.
$2,273,394 $2,392,069
1,020,286
1,046,334
8,059
18,166
$1,028,345 $1,064,500
Standard Gas & Electric Co.-Earnings.12Mo5. End. Aug. 31Gross earnings
Net earnings
Other income
1928.
1927.
$145.172.763 $139.413,489
65,323.590 61,278,793
Issuance of all securities of this corporation has been authorized by
3.038,695
2,682,420
Arizona Corporation Commission.
Warrants.-Preferred stock certificates will be accompanied by purchase
Total income
$68,362,285 $63,961,213
warrants evidencing the right of the holder to subscribe to Class A stock -V. 127. p. 1808.
at the rate of two shares of Class A stock for each share of preferred stock
at $25 per share to and including Dec. 31. 1929; at $27.50 to Dec. 31 1931;
Swiss-American Electric Co.(of Zurich),Switzerland.
at $30 to Dec. 311934; and $35 to Dec. 311040.
Data from Letter of R. J. Andrus, President of the Corporation. -Initial Dividend-Definitive Certificates Ready Oct. 15.
An initial semi-annual dividend of 53 per share per annum has been
-Corporation and Its subsidiaries will, upon com- declared
Business ct Territory.
pletion of present financing, own and operate public utility properties now of record on the $6 cumulative preferred stock, payable Nov. 1 to holders
Oct. 26.
serving 192 communities in 12 States, two Canadian Provinces, Honduras,
Definitive certificates in registered form for the $6 cum. pref. stock (with
Nicaragua, and Alaska. The properties now supply, without competition,
electric light and power, manufactured gas, ice, telephone or water service common stock purchase warrants attached) will be ready for delivery in
OCT. 13 1928.]
FINANCIAL CHRONICLE
exchange for outstanding interim receipts on and after Oct. 15 at the Central Union Trust Co. of New York. The first semi-annual dividend on the
pref. stock is payable Nov. 1 to holders of record Oct. 26. See offering in
V. 126, p. 2314.
-Earnings.
Union Water Service Co.
Years End. Aug.
1927.
31-. $372,026
$401.634
Operating revenues
111.199
97,515
Operation expense
16.328
18,343
Maintenance
46.939
44,127
Taxes (excl. Federal income tax)
Net earnings from operation
Ot eilncosne
$227,168
57.134
$212,041
56,009
$284,302
lir Gross corporate income
$268,049
Annual int. required on total funded debt
146,520
-V.127. p. 1677.
Note.
-Includes only properties owned at present time.
-Bonds Called.
Utah Light & Traction Co.
.The company has called for redemption Jan. 1 1929 all of the outstanding
.5% prior lien gold bonds of the Utah Light & Power Co. at par and int.
Payment will be made at the Central Union Trust Co., trustee, 80 Broadway. N. Y. City.
-V. 124, p. 3774.
-Sale.
Utilities Power Co., Meredith, N. H.
-V. 127, p. 1528.
See Puede Service Co. of N. H.above.
Wallingford Gas Light Co.
-Bonds Called.
All of the outstancuns 1st ref. mtge.5% 20
-year goba bonds dated May 1
1923, due May 11943. have been called for redemption Nov. 1 at 110 and
int. Payment will be made at the National Tradesmen's Bank & Trust Co.,
trustee, New Haven, Conn.
West Virginia Water Service Co.
-Earnings.
Years End. Aug. 311928.
1927.
Operating revenues
$785.444
$733,745
Operation expense
300,598
306,609
Maintenance
50,799
53.409
Taxes (excl. Federal income tax)
78,902
79.273
O
Net
' earnings from operation
Other income
$337,144
3,405
$294,453
2,144
Gross corporate income
Annual int. required on total funded debt
-V.127, p. 1949.
$340.549
169.000
$296,598
Wisconsin Public Service Corp.-Earnings.12Mo5. Ended Aug. 311928.
1927.
Gross earnings
$4,860.523 $4,613,781
Net earnings
2,010,379
1,924,364
Other income
10.805
9,156
Total income
-V. 127. p. 1949.
$2,021,184 $1,933,520
Wisconsin Valley Electric Co.-Earnings.12Mos Ended Aug. 311928.
1927.
Gross earnings
51.663,098 51,593,659
Net earnings
722.343
800.687
Other income
20,313
8.880
Total income
-V. 127, p. 1529.
$742,656
$809, C
INDUSTRIAL AND MISCELLANEOUS
Refined Sugar Prices.
-The following companies each have advanced refined sugar 5 points to 5.25c. for prompt snipment: American, Arbuckle,
Federal, National and Pennsylvania.
b. De Forest Cuts Tube Prices.
-De Forest Radio Co. has reduced prices
on audlon tunes ranging from 25c. to $1.50.
Wall Street Journal' Oct. 6.
le Radio Board Wins Reallocation Suit.
-The right of the Federal Radio
Commission to regulate the wave length and power of broadcasting stations
under the Ilcdio Act of 1927 was upheld Oct. 9 by Federal Judge James H.
Wilkerson at Chicago. N. Y. Times" Oct. 10. p. 60.
p. New Bedford Unions End Textile Strike.
-The seven unions in the New
Bedford Textile Council Oct. 6 voted to end the strike which has been in
effect at New Bedford, Mass., for 25 weeks, accepting a proposition for a
5% reduction in wages instead of 10% originally promulgated by tha Manufacturers' Association, coupled with an assurance that when any change in
the wage schedule is proposed in the future, 30 days' notice will be given to
the operatives. N.'Y. Tunes" Oct. 7, p. 15.
New Unions Recognized -Westchester building trade groups make agreement vrith employees. N.Y. Times" Oct. 11, p. 45.
Local Strike Halts Express Shipments.-Robt. Balfour, General Manager
of the American Railway Express Co., Oct. 10 declared a general embargo,
affecting the entire United States, on all shipments to N. Y. City, as a result of the sudden strike Oct. 9-10 of 3,600 drivers and freight handlers
employed by the company. "Sun" Oct. 11, p. 1.
-Employees in 130 mills quit and
i" 3,500 Silk Workers Strike in Paterson.
picket lines form in front of other plants. N. Y."Times" Oct. 11, p. 56.
-49 leading companies announce
Ii Ratis Are Reduced on Theft Insurance.
cuts on burglary, robbery and holdup prtoection. N. Y."Times" Oct. 11,
p. 33.
r, Matters Covered in "Chronicle" of Oct. 6.-(a) Annual convention of American Bankers Association, p. 1865. (b) Life insurance companies lead all
industries in growth of assets, according to Clinton Gilbert, p. 1879.
(c) Compromise plan to effect adjustment of New Bedford Textile strike
rejected by unions, p. 1886. (d) Iowa coal mine wage agreement, p. 1891.
(e) Arizona copper mines wage raise; operators In Bisbee district voluntarily increase pay by 10%, effective Oct. 1, p. 1891. (f) Effect of mine
wage raise: labor makes up nearly 50% of copper production cost, depending on method used, p. 1891. (g) Chain store financing aggregating over
$85,000.000 sets new record in first nine months, p. 1896. (h) Brokers'
loans on N.Y. Stock Exchange at 55.513,639,885reach high record, p.1897.
(I) Brokerage firm of Taylor & Wichelman, Inc., Davenport, Ia., in bankruptcy. p. 1891. (j) Yearly figures of N. Y. Clearing House July 3 transactions largest on record, p. 1897.
Abitibi Power & Paper Co., Ltd.
-Bonds Called.
All of the outstanding 8% consol. mtge.s. f. gold bonds,series "A",have
been called for redemption Nov. 1 at 107X and int. Payment will be made
at the Montreal Trust Co., at Montreal or Toronto. Canada or at the First
National Bank, Chicago. Ill., or at the Chase National Bank, N. Y. City.
Any bondholders who so desire may surrender their bonds and coupons
before Nov. 1 at any of the places above mentioned, and upon surrender
shall be entitled to be paid 107X and int. to date of surrender.
-V. 127,
p. 1677.
2091
-Paine,Web-Stock Offered.
Aero Underwriters Corp.
ber & Co., New York; Fuller, Richter, Aldrich & Co.,
Hartford; J. A. Site & Co., New York, and Mackubin,
Goodrich & Co., Baltimore, are offering at $35 per share
115,000 shares capital stock (no par value).
Capitalization.
-Authorized capital: 250,000 shares (no par) issued
131,666 shares.
Transfer agents, New York Trust Co., New York and National Rockland
Bank of Boston. Registrars, Bank of America, New York and State Street
Trust Co., Boston.
Data from Letter of Horatio Barber, President of the Company.
Company.
-Has been organized in New York as a holding and management corporation to finance, own, manage and operate concerns engaged in
aviation insurance and allied operations. It owns all of the capital stock
(except directors' shares) of Aero Insurance Co., Aero Indemnity Co. and
Aero Engineering & Advisory Service Inc. It has also acquired a substan-the leading American undertial stock interest in Barber & Baldwin, Inc.
writing agency in this field.
Aero Insurance Co. organized under the insurance law of the State of
New York, has a capital of $500,000 and a paid-in surplus of an equal
amount.
Aero Indemnity Co. organized under the insurance law of the State of
New York, has a capital of 51,000.000 and a paid-in surplus of an equal
amount.
Authority to do business has been granted by the Superintendent of
Insurance of the State of New York to both of these companies. Their insurance business will be transacted through the underwriting agency of
Barber & Baldwin, Inc., and they will issue policies covering fire, accidental
damage, theft, tornado, property damage, public liability. ps*sseger
liability, damage to ground property, cargo liability, airport and airmeet
liability, personal accident and compensation insurance.
Aero Engineering & Advisory Service, Inc. will render a technical advisory
service to Aero Underwriters Corp. and its subsidiaries, as well as to other
insurance companies, reinsurance groups, banks and finance corporations,
air transport companies and others engaged in various branches of aeronautics.
Barber & Baldwin, Inc. was established by Mr. Horatio Barber in 1922,
and was the first underwriting agency in the United States specialising in
aviation insurance. Because of the technical and practical knowledge of
aircraft operation, design and construction and the underwriting experience
accumulated by this organization, the business has shown a very satisfactory and steadily increasing growth. Barber & Baldwin. Inc. will
continue to act as underwriting agents for various insurance companies
and reinsurance groups.
Directors, Horatio Barber, F.R.Ae.S.; M.I.Ae.E. (President), J. V.
Forrestal (Dillon. Read & Co.) Charles E.. McManus (Pm.. Crown cork
& Seal Co., Inc.), Thomas B. Boss (Pres. American Reserve Insurance Co.),
A. L. Gates (Vice-Pres. New York Trust Co.), Henry Moir (Pres. United
States Insurance Co.). Hartwell Cabell (Cabell, Ignatius & Lown). Prof.
Alexander Klemin (Daniel Guggenheim School of Aeronautics of New York
University) Major-General Mason M. Patrick (Recently retired Chief
-U. S. Army), Colonel Benjamin F. Castle (Treas.
of Air Service Corps
National Aeronautic Association). L. Brooks Leavitt (Paine, Webber &
Co.), Walter W. Colpitts (Coverdale & Colpitts). Major George L. Lloyd
(Vice-Pres. Barber & Baldwin, Inc.), Frederick B. Rentathler (Pres. Pratt
& Whitney Aircraft Co.).
-Stock Offered.
-Way Electric Appliance Corp.
Air
Keane, Iiigbie & Co., Inc., Detroit, are offering at $37.50
a share, 160,000 shares common stook. The stock has been
purchased from individuals.
Dividends exempt from present normal Federal income tax. Exempt
from present Ohio personal property tax. Transfer Agents, Chase National
Bank, New York; Home Bank & Trust Co., Toledo, Ohio, Registrars,
Bank of the Manhattan Co., New York: Ohio Savings Bank & Trust Co.,
Toledo, Ohio.
Authorized. Outstanding.
CapitalizationFirst preferred stock 7% cumulative ($100 par).. 53.000,000 $2,000,000
10,000
10.000
*Second preferred stock 4% ($10 par)
500,000 abs. 400,000 she.
Common stock (no par)
* In order to insure continuity of management, the corporation will
authorize and sell to the present management, at par, 1,0110 shares $10 par
value, 4% second preferred stock. This stock will carry the privilege of
electing a full minority of the board of directors, and the purchasers will
agree not to dispose of it except to the corporation for redemption. This
stock may be called for redemption at any time at par by vote of 75% of
the common stock.
Data from Letter of Pratt E. Tracy, President of the Corporation.
-Corporation located at Toledo, Ohio. was organized
History & Business.
in Delaware in July 1920. Company manufactures an electric household
cleaning device performing the usual functions of a vacuum cleaner as well
as a number of other services, under the name of Air-Way sanitary system.
The product embodies seven exclusive features of particular merit, fully
protected by the Replogle patents which are controlled by the company.
The Air-Way sanitary system is marketed through branches in the
metropolitan centers, selling direct to the home on a unique sales plan
whereby a complete and thorough demonstration accompanies every sale.
The result is an ever increasing number of satisfied customers who are
constantly recommending the Air-Way system to their friends. The
growth of the company nas followed conservative lines, with increases in
sales and production following upon the opening of branches in new territories and the more intensive development of territories served by old
branches through the establishment of sun-branches.
-The popular acceptance of this improved method
Sales and Earnings.
of house sanitation and the success of the present sales policy are demonstrated by the sales and earnings figures. Sales for 1926 showed an increase of 112% over 1925: sales for 1927 an increase of 116% over 1926.
Sales of the corporation, and its net income after deducting Federal income
taxes computed at the present rate,. as certified by Konopak. Hurst and
Dalton in respect to the years 1926 and 1927 and as shown by the books
of the company in respect to the eight months ended August 31 1928, were
as follows:
Earned per
Avail.for Corn. Share on
Net Income Stock After 400,000 She.
Sales.
After Taxes. Pref. Divs, Corn. Stock.
Year50.66
$2,773,009
$295,532
5264.189
1926
2.02
6,007,728
816,537
807,308
1927
839,543
794,490
1928 (8 months)- - - 5,844,850
1,500,000
-5.1a
1,414,013
1928 (estimated)._ 10,000,000
Prospects.
-Based upon the present position of the company in the industry, the proposed increase in points of distribution, and definite plans for
the future,including the advertising policy referred to, it is estimated by the
president that net earnings after taxes for 1929 should amount to $2,250,000.
Assets.
-The balance sheet as of Aug. 31 1928, after giving effect as of
that data to present financing, shows net tangible assets of $3.966,097,
with current assets in excess of five times current liabilities, and net current
assets of $3,129,337. The company carries its own installment paper for
which ample reserve for uncollected items is made.
The company's plants are thoroughly modern in construction and equipment and have been well maintained. The company owns two plants
adjacent to those now in operation, which have an available capacity
sufficient to more than triple present production and which should prove
sufficient to provide for the company's expected expansion for a number
-V. 127, p. 1809.
of years.
-John Burnham
Allied Products Corp. Stock Offered.
-
-Rights.
--Abraham & Straus, Inc.
stockholuers of record Oct. 15 will be given the right to subThe
before Nov. 5 for $5,150,000 15-year 5 X % gold debentures
scribe on or
(with stock purchase warrants) at 101 and int. on the basis of $1,000 of debentures for each 30 shares of common stock held. Subscriptions are
payable at the Central Union Trust Co., 80 Broadway, N. Y. City. The
entire issue has been underwritten by Lehman Bros. See also V. 127. p.
& Co., Chicago are offering 50,000 shares Class A conver1949.
tible common stock (without par value) at $50 per share.
-Initial Common Dividend.
Adams
-Millis Corp.
of $3.50 per share per annum, payable
Entitled to cumulative
The directors have declared an initial quarterly dividend of 50 cents per quarterly beginning Jan. 1 dividend
1929. Red. at any time at $55 per share and
share on the common stock (no par value) and the regular quarterly dividend divs and in the event of liquidation entitled to $55 per share and diva
of 1 1% on the iporef. stocks, payable Nov. 1 to holders of record Oct. 18. Convertible share for share into the common stock . Dividends exempt
(See offering in V. 126 p. 2648.)-V. 127, P. 954.
from present normal Federal income tax. Transfer Agent: Continental
National Bank & Trust Co., Chicago; Registrar: First Trust & Savings
-Earnings.
Alaska Juneau Gold Mining Co.
Bank, Chicago.
Authorized
Quay. End. Quar. End, 9 Mos.End.
CapitalizationIssued
Sept. 3028. June 30'28. Sept.30'28. Class A Cony. common stock (no par)__
• Period50,000 shs.
50,000 shs.
Gross earnings
125,000 abs.
$841,000 $2,473.500 Common stock (no par)
75,000 abs.
$758,500
Net income
170,850
302,600
*50,000 shares of eommon stock reserved for the conversion of the Class A
781,400
-V. 127. p. 1677.
convertible common stock.
1
2092
FINANCIAL CHRONICLE
Data from Letter of R.0. Cunningham, President of the Company.
History-Corporation has been organized in Illinois to acquire the entire
business of the Indiana Lamp Corp.. Victor-Peninsular Co., and Richard
Bros. Die Works. These companies started in business in 1910, 1917 and
1915, respiktively.
Corporation manufactures all types of lamps for automobiles, including
head lights, side lights and tail lignts, at Connersville, ind. where it is also
the exclusive producer of the Ilco-Ryan-Lite. Special dies, interchangeable
dies and punches, cap screws, shackle bolts, etc., are manufactured at
Detroit and Hillsdale, Mich. Approximately 80% of the company's products are taken by the automobile industry, and it numbers among its
customers practically every manufacturer of motor cars and trucks.
Assets.
-With only nominal value given to patents, the pro forma balance
sheet of the corporation, as of March 31, 1928, adjusted to give effect to the
present financing shows: Total net assets of 84,240,000, net current assets
of $1,200,000 book value of Class A convertible common stock of over
884 per share.
Convertibility:
-Class A stock is convertible share for share into the
common stock at any time, at the option of the holder.
Sales & Earnings.
-The net sales and net profits, after deducting all
expenses. including Federal taxes at present rates, but without absorbing
any of the expenses of engineering and development have been as follows:
Cal. YearsNet Sales Net Profits
1925
84,108,442
$335,449
1926
4,676.845
418,058
1927
5,025.401
531,182
1928(3 months ended March 31)
224,981
1.630.290
Six months' figures, without audit, show sales of 83,400,000 and profits
of over 8450,000.
The annual average of such profits for the 3 years ended Dec. 31 1927,
were at the rate of over $8.50 per share of Class A stock. For the year
ended Dec. 31 1927, were over $10 per share and are estimated at over
815 per share for the year 1928.
The estimated earnings for the year 1928 indicate that over $8 per share
will be earned on the common stock after deducting Class A dividends.
and over 86 per share on the total of 8125,000 shares of both Class A and
Common stock to be outstanding.
Listing.-ApplicatIon will be made to list this stock on The Chicago
Stock Exchange.
[VOL. 127.
& Co. have sold a block of common stock (without par
value) at $37 per share. These shares are entitled to the
special dividend of 75 cents per share, payable Dec. 17,
to holders of record Nov. 15 1928.
Transfer Agents: National City Bank of New York and New Jersey
Corporations' Agency, Jersey City, N. J. Registrars: Guaranty Trust
Co. of New York, and New Jersey Title Guarantee & Trust Co., Jersey
City. N. J.
CapitalizationAuthorized
a Outstanding
Convertible 7% Deb. due Jan. 1 1943.-340,000.000 shs. $39,890.000
Common Stock (without par value)
3,600,000 sits. 1,762.219
a Outstanding Dec. 31 1927. The Convertible 7% debentures areshs.
convertible into common stock at the rate of44 shares for each 81,000. principal
amount, of debentures. Complete conversion of the debentures would
require the issuance of 1,755,160 shares of common stock in addition to the
1,762,219 shares outstanding at Dec. 31, 1927.
Properties.
-The company is controlled by the Anaconda Copper Mining
Co.. hrough the ownership of the majority of its stock to be outstanding
on ihe basis of complete conversion of the debentures. The Andes Copper
Mining Co. owns a large deposit of porphyritic copper ore located in the
Province of Atacama. about 92 miles east of the seacoast and 200 miles
south of Chuquicamata, where the operations of the Chile Copper Co. are
conducted.
The reserves of proven ore blocked out, including only that with a copper
content of 1% or more, are estimated at 137,400,000-tons averaging 1.51%
copper content, consisting of 48.400.000 tons of oxide ore and 89,000.000
tons of sulphide ore. On the basis of the anticipated output of 190,548,000
pounds of copper per annum upon completion of the construction [program,
these reserves, without including a large tonnage of proven ore of less than
1% copper content and without including undeveloped deposits known
to exist in the property, assure an operating life for many years as one of
the low cost producers.
Earnings.
-The full development program is rapidly nearing
when it is estimated copper can be delivered from the mines ofcompletion
the
Copper Mining Co. to New England points at an average cost of Andes
cents per pound before depreciation, depletion, interest and taxes. 6.672
The
results obtained from the sulphide plant which started in operation in 1927
and the oxide plant which started in 1928 indicate fthat the estimates
Allison Drug Stores Corp.
-Defers Dividend.
quoted above as to potential output and cost of production should be fully
The directors have voted to defer the quarterly dividend of 35 cents per realized. Upon the foregoing basis, the estimated income before interest,
share due Oct. 15 on the cum. class A cony. stock. This rate had been depletion. depreciation and taxes, on an annual production of 190,548,000
pounds of copper. at a 15 cent per pound market price, would be $15.868,837
paid regularly since Jan. 15 1928.-V. 127, p. 1529.
and ranges from an income of $12,057,877 at an average market price of
Alloy Steel Spring & Axle Co.
13 cents per pound to $21.585.277 at an 18 cent per pound market price.
-Listed.
Special Dividend.
-A special dividend of 75 cents per share has been
The Detroit Stock Exchange approved for listing 37,500 units no par
value, consisting of 1 share Class 'A" stock and 3-5 share of Class "B" declared, payable on Dec. 17 1928, to holders of record Nov. 15. This
dividend has been declared from earnings which have accumulated since
stock. Compare also V. 127, p. 108.
the commencement of operations.
Aluminum Cleaner Corp.
-Transfer Agent
-Registrar.
- Listed.-Application will be made to list the common stock on the New
-V127, p. 1950
The Equitable Trust Co. of New York has been appointed transfer agent York Stock Exchange.
and the Guaranty Trust Co. of New York as registrar of 100.000 shares of
Apponaug Co.
-Annual Report.
capital stock, no par value.
Earnings for Fiscal Year Ended June 30 1928.
Altofer Brothers Co., Peoria, Ill.
-Extra Dividend.
Gross profit, $894.902; gen., adm. & selling exp., $204,971; net
The directors have declared an extra dividend of 75 cents per share in
operating
089.931
addition to the regular quarterly dividend of 25 cents per share on the Other incomeincome
41,691
stock, both payable Oct. 15 to holders of record Oct. 5.-V. 112,
common
P. 374.
Total income
$731,622
Other charges, $1,629; provision for Federal tax, $91.623
93,252
American Alliance Investing Corp.
-Initial Dividend.
The directors have declared a dividend of $1.50 per share upon the 1st
Net profit
$638,389
pref. stock, payable Nov. 1 to holders of its allotment certificates of record Prof. dividends, $10,500; common dividends, $90,000
100,500
Oct. 151928. See also V. 127, p. 1678.
Added to surplus
$537,869
American Commercial Alcohol Corp.
-Dividend No. 2. Surplus July 1 1927
1,813,758
The directors have declared the regular quarterly dividend of 1ff % on
the pref. stock, payable Nov. 1 to holders of record Oct. 10. An initial
Total surplus
$2,351,626
divieenci of 41.8b 2-3, or at the rate of 7% Per annum, N,as paid on Aug. 1 Premium on redemption of 2,000 shares of preferred stock
20,000
last (see also V. 126, p. 2793).-V. 127. p. 1950.
Provision for contingencies
15,000
Miscellaneous surplus adjustment
1,264
American Department Stores Corp.
-Recapitalization.
Surplus June 30 1928
The stockholders will vote Oct. 26 on increasing the authorized 1st
$2,315,362
--Capitalization of $1,500,000 of the surplus, in accord with
pref. stock from 81.000,000 to 810,000,000. the authorized 2nd pref. from Less
a vote of the stockholders July 5 1928, through the issue of
83,000,000 to $5,000,000 and the authorized common stock from 225,000
stock dividends of the following:
no par shares to 700,000 shares.
12,000 shares of 614% cum, pref. stock (par $100)
Two additional store acquisitions were made public, namely Metzler
$1,200,000
60,000 shares of common stock (no par)
Wright Co., which operates two stores in Sheffield and Warren,Pa. These
300,000
acquisitions are in addition to completed negotiations for five new stores.
Adjusted surplus June 30 1928
-Metzler Co., of Uniontown and Brownsville, Pa.; Caldwell
namely Wright
$815,362
Store. Inc., of Washington, Pa.; J. M. Hartley Sons Co. of Fairmont,
Condensed Balance Sheet June 30 1928.
W. Va., and Hartley-Rownd Company of Clarksburg, W. Va.
After giving effect to recapitalization in accordance with a vote of the
Payment for the stores will be made partly in cash and partly in stock. stockholders July 5 1928. by capitalizing $1,500,000 of surplus through the
In this connection the corporation's bankers have contracted to purchase issue as stock dividends of 12,000 shares of 614% cum. pref. stock (par
81.000,000 of 1st preferred and $1,500.000 debentures of a subsidiary to be $100) and 60,000 shares of common stock of no par value.)
organized, and new stock will be issued in acquiring the additional proper
Assets.
ties. The proposed debentures will be convertible into stock on the basic Cash (Incl. certificates of deAccounts payable
626,019
rate of $25 a share, On the basis of the capitalization of the proposed
posit and accrued Interest)_ $676,615 Accrued accounts
58,553
subsidiary company, approximately $160,000 will accrue to the American Accounts receivable
246,498 Reserve for Federal income
Department Stores Corp., after all charges and depreciation. Upon Inventories
145,414 taxes
91,623
the financing there will be outstanding $2,328,700 1st pref; U. S. oblig. & accrued int
completion of
200,729 Reserve for contingencies
15,000
$834,600 2nd pref. and 253,338 shares of common stock.
Land, bides., mach. & equip_x1.635,762 634% cum. pref. stock
1,200,000
The 1st preferred stock will be convertible into common stock at the rate Copper rollers
1157,608 Common stock
y900,000
of four shares of common for one share of preferred. The common stock- Deferred charges
43,972 Surplus
815,362
holders will be permitted to subscribe to the new stock on attractive terms,
it is stated.
Total
$3,106,598
Total
$3,106,598
Total sales of the enlarged chain, which with the latest two acquisitions
x After allowance for depreciation of $1,014,003. r Represented by
consists of 17 stores, will be brought up to approximately 817,250,000 per
-V. 127, p. 1530.
annum, the two Metzler-Wright stores providing 81,000,008 of this per 90,000 shares of no par value.
-V. 127. p. 1950.
annum total.
Arnold Brothers, Ltd.
-Earnings.
-Condensed Income Statement for 14 Months Ended March 311928
American Eagle Aircraft Corp.
-New Directors.
Net profit after stores & head office exp.
Barney Oldfield and Charles Carroll O'Toole have been elected directors. Bond
interest
V. 127, p. 1810.
Inventory reserves & adjust., special res. repairs, res. for bad$ 7756:816831
American Equitable Assurance Co.
--New Directors.
- debts & Quebec tax
187,002
James Reevis aa, Dr. Maurice B. Heady, both of New York, have been
Net loss (exclusive of depreciation)
-V. 127, p. 1678.
elected directors.
$186,704
Dividend paid on preferred stock
17,586
-Stock Dividend Declared on
American Founders Corp.
Balance at debit carried forward
$204,291
Common Shares.
-V.126 p. 1510.
The directors have declared a quarterly cash dividend of 1214c. per share
and a stock dividend of 1-140 of a share on the common stock and the
Arnold Constable Corp.-Earning8.,
regular dividend of 8742c. per share on the 7% 1st pref., 75c. per share on
6 Months End. July 31
1928.
1927.
the 6% 1st pref. and 3714c. per share on the 6% 2nd pref.stock, all payable
$5,753,720 $5,606,239
Nov. 1 to holders of record Oct. 15. The common distribution Is equivalent Net income after charges,Federal taxes,&c
111,821
82.689
share in stock on the old American Shares
to 25c per share in cash and 1-70th of a
capital stock outstanding (no par)
337;406
221 103
Founders Trust shares which were exchanged for corporation stock on the Earnings per share
$0.25
0.50
of the latter for each common share of the Trust. On the latter -V. 127, p.
basis of 2
684.
issue, a quarterly cash dividend of 25c. per share and a stock dividend of
of a share were paid on Aug. 1. These amounts were also paid
1-140th
Atlantic Mortgage Co., Durham, N. C.
-Stock Offered.
on Feb. 1 and May 1. last. From Aug. 1 1924 to Nov. 1 1927, incl.,
quarterly stock distributions of 1-70th of a share (with no acsh dividends) -Bankers Securities Corp., Durham, N. C. are offering
the common stock.
were made on
3,500 units (consisting of 1 share 7% cumul. preferred stook
The Seaboard National Bank of the City of New York has been appointed
agent to exchange scrip of the American Founders Trust for shares and and 1 share common stock) at $100 per unit.
Corp. See V. 127, p. 1950.
scrip of the American Founders
Preferred stock $100 par value and preferred as to assets and dividends.
-F.
-Acquires Michi- Common stock no par. Dividends on preferred payable Q. Red. all or
American Smelting 8c Refining Co.
in part on any div. date at the optlon of the company upon 30 days' notice
gan Copper Co.
at $110 and dill. Tax exempt in North Carolina and free from present
has exercised its option to purchase the class B stock of normal Federal income tax.
The company
Business.
the Michigan Copper & Brass Co., thereby acquiring the latter company.
-Company is confined to the purchase of first mortgage loans
The required 90n of the stock has been deposited subject to deposit agree- on residential and income producing properties in cities and towns only
ment. The directors of the Michigan Copper & Brass Co. are Charles in the State of North Carolina. No construction loans are made and no
S. Mott, Alfred P. Sloan Jr., Walter P. Chrysler, George H. Allen (Pres.), second liens of any kind are taken. Against loans purchased long term
1 . It. Brownell, William 11. Pierce (Chairman). Roger N. Strauss, J. C. collateral bonds are issued which have a ready market in the investment
0
Emlson (Vice-Pros.) and Samuel L. Fuller. Other officers of the company centers of the country. These bonds are sold through leading Investment
are: J. A. Doucett, Vice-President; Charles S. Cook, Treasurer; George A. bankers of the East. All mortgage loans purchased by the company are
Brockington, Secretary, and William W. Cotter, Assistant Secretary. See guaranteed by the Maryland Casualty Co. of Baltimore, Md.
On May 12 1928,allot the capital of old company[Realty Bond Securities
V. 127. p. 1950, 1942.
Co.] was
of
-The National $400,000 acquired by a group thebankers at a gross price of approximately
-Stock Sold.
Andes Copper Mining Co.
company is in the hands of the Home
and the control of
City Co., Chas. D. Barney & Co. and Brown Brothers Mortgage Co. At the same time the corporate name was changed and
OCT. 13 1928.]
FINANCIAL CHRONICLE
the preferred and common stocks given rights. The office of the company
was moved to Durham, N. C.
The cash paid into the company by the bankers gives it a very strong
current position and leaves it with assets absolutely liquid and clean.
Volume of Business and Earnings: The business of the company is at
present running about $250,000 per month.
Earnings are in excess of more than four times annual dividend requirements on the total outstanding issue of preferred stock.
Balance Sheet, August 31 1928Liabilities
Assets
$44,896 Accounts Payable
$8,641
Cash in Banks
26,399 Accrued Interest on Bonds__
32,446
Accounts receivable
163,858 Reserve for delinquencies.___
12,333
Notes & mortgages
155,000 Bonds outstanding (5)4%)_ _ 2,610,000
Stock & bonds
38.755 7% preferred stock
350,000
Accrued Int. receivable
256,733 Cora. (13,500 shares no par).
142.847
Cash with trustee
2,353,267
Mortgages with trustee
100,960
Unamort. discount & surety_
16,399
Total (each side)
$3,156,266
Contracts & etc
-V. 127, p. 109.
-Div. NO. 2.
Atlantic & Pacific International Corp.
The directors have declared the second quarterly dividend of 75 cents per
share on the preferred stock, payable to holders of record Oct. 16. An
-V. 127,
initial quarterly dividend of like amount was paid on Aug. 1 last.
P. 1951.
2093
locomotives are of a modified 6100 type. The purchase is part of the program of equipment orders which was announced by Sir Henry W.Thornton.
-V. 126, P• 1666.
President of the road, some weeks ago.
Canadian Woollens, Ltd.
-Exchange of Shares.
See Dominion Woollens & Worsteds, Ltd. below.
-V. 126, p. 3761.
-In a report
-Reports Progress.
Carib Syndicate, Ltd.
to the stockholders, President A. H. Bunker Oct. 1 says
in substance:
Atlas Plywood Corp.
-Operations.
This corporation, which has in operation double the number of assembling
plants it had a year ago, is meeting with unprecedented demand for its
products from the new territories opened up and from the new industries
which have adopted Atlas Plywood packing methods, according to President Ralph M. Buck. The Passaic, N. J., assembling plant is running on
a full 24-hour-day schedule. The same conditions prevail at the Grand
Rapids, Mich., plant because of demand in that territory from manufacturers who have recently adopted Speedpack, the furniture and refrigerator
crate developed by the Atlas corporation. The business of the corporation
is showing gratifying expansion in all territories.
-V. 127, p. 1810.
Aviation Corp. of the Americas.
-Extends Service.
International air pa3senrer service between Miami and Nassau, Bahama
Islands, and the second air link between the United States and British
Dominions, was put into operation this week as an extension of the international air mail and passenger system of the Aviation Corp. of the Americas,
by the Pan-American Airways, Inc. its operating company.
According to the preliminary schedule, to be in effect until th a regular
tourist season gets under way, service will be maintained with round trips
two days each week. Pan-American amphibian airliners will traverse the
210 miles of ocean in about two hours flying time, in contrast with approximately 16 hours now required by steamer. See also V. 127, p. 1951.
Backstay Welt Co., Union City, Ind.
-Stock Offered.
Fletcher American Co:, Indianapolis Minton, Lampert &
Co. and Ralph A. Bard & Co., Chicago are offering (at
market) 30,000 shares common stock (no par value). This
offering does not represent new financing in behalf of the
company.
-The corporation's holdings, entirelylocated in Venezuela
Stock Holdings.
and Colombia, are as follows: (a) 257 of all the outstanding stock of the
Colon Oil Corp. (Del.): (b) 25% of all the capital stock of the Colombian
Petroleum Co. (Del.): (c) 59% of all the capital stock of the Equatorial
Oil Co. (Del.); and (d) 509" interest in leasehold of 45,000 acres at Honda,
Colombia. Since March 1927, there have been important developments in
Venezuela and Colombia with respect to the company's interests in those
countries.
Colon Oil Corp.
-Geological and topographical surveys of the entire
Colon Concession, held by the Colon Corp., have Peen carried out, and
detailed working maps of many promising areas are now available, thus
making it possible to proceed rapidly with a production drilling program.
Three new camps have been built on the Tarra Anticline and equipped
with warehouses: a 67,500 barrel storage tank, oil gathering and water pipe
lines, and machine shops have been installed. Two new narrow gauge
railroads from the Tarra River unloading ports to the camps were constructed, and a motor highway from one end of the Tarra field to the other
has recently been completed. New automotive units have been added to
both the land and water transportation systems.
Under the terms of a new agreement, the Royal Dutch-Shell Group and
Carib assigned to a new holding company, the Colon Oil Corp., all of their
stock in the Colon Development Co., Ltd., and all rights and claims which
either party might possess in the Colon Development Co. and in the Colon
Concession itself. The effect of this transfer was to give the Colon Oil
Corp. 100% control of the Colon Development Co. which latter company
'
was in turn freed of all indeotedness or liabilities of any kind, and retained
as assets the concession, and improvements and development on which
$12,000,000 have been expended. Carib and Royal Dutch-Shell received
stock of the Colon Oil Corp. as consideration for their assignments.
On July 1,1928 the Colon OilCorp.took over control ofthe Colon Develop-year convertible 6%
ment Co., Ltd., and sold an issue of $h),000,000 10
debentures to a group of bankers headed by Lee, Higgins= & Co..and Hayden, Stone & Co.,in order to provide funds for future deroopment.(V. 126.
p. 4086). The total authorized capital stock consists of 2,750,000 shares
without par value, which 1,650,000 shares have been issued to the Royal
Dutch-Shell Group, 550,000 shares to Carib, and the remaining 550,001
unissued shares are being held for conversion of the debentures.
The Colon Oil Corp. has entered into a contract with the Batavian
Petroleum Co., a wholly owned Royal Dutch-Shell subsidiary, whereby the
latter company undertakes to supervise and manage the corporation's
properties, subject at all times to the control of the directors of the Colon
corporation. The Batavian company,which has charge of the Royal Dutch
Shell operations in Venezuela, has been a large factor in profitable operations
there.
A definite program of development for the next two years has already
been approved by the Colon directors. With the funds new in hand it
is planned to construct at once a pipe line of 20,000 bbls. daily capacity
from the Terra field to Lake Maracaibo, a distance of about 100 miles,
and it is hoped that this project will be completed within 18 months.
The construction of a railroad from the Zulia River to the Terra Anticline has been authorized and should be completed within approximately
one year.
Five rigs will be maintained in continuous operation on the Terra Anticline, resulting it is anticipated, in the completion of 40 more wells in the
next 2 years.
-On Jan. 2 1926, Henry L. Doherty & Co. entered
Bares Concession.
-which company has
into a contract with the South American Gulf Oil Co.
-under which
charge of all the Colombian operations of the Gulf Oil Corp.
the latter was granted an option to purchase its 759' interest in the Colombian Petroleum Co. This option was subsequently exercised. On Feb.
3, 1926, the Colombian Government declared the concession forfeited and
declared it cancelled anew by decree in Aug. 1928.
Carib and the South American Gulf Oil Co. are now taking all possible
steps to secure from the Colombian Government a reconsideration of its
position regarding the Barco Concession. The cancellation of the concession constitutes the expropriation of property rights of American citizens
without compensation, and the company looks forward to its ultimate
restriction.
.-The 29,000 acre tract of the Equatorial Oil Co.,
Emtatorial Oil Company
of
on the north bank of the Sogamoso River, comes within the scope of the
the
new petroleum laws. Under the present regulations and in view wise or
exorbitant royalties to be paid to the Government, it would not be
properties at this time.
practicable to attempt to develop the
-The 45.000 acre property at Honda on both sides of
Honda Leasehold.
the Magdalena River, not far below Bogota, is also adversely affected by
-V. 126, p. 1204.
the new legislation.
This stock is exempt from the Indiana personal property tax. Dividends
are exempt from normal Federal Income Tax. Listed on the Chicago
Stock Exchange, Transfer Agent: First Trust & Savings Bank, Chicago;
Registrar: The Bank of America, Chicago.
CapitalizationOutstanding
Authorized
4% cumulative preferred stock
$117,000
$200.000
Common Stock (no par value)
100,000 she.
76,000 shs.
The 4% cumulative preferred stock to be issued will be entirely held by
the stockholders of the old company and will be subject to redemption as a
whole or in part on any dividend payment date at part and accrued dividends
and becomes due and payable on the first day of Oct., 1948.
Data from Letter of Pres. Robert C. Schemmel, Sept. 26.
Company.-Incorp. in Indiana in 1928. Is the outgrowth of a partnership formed In 1899 to manufacture a backatay machine invented by Pres.
Schemmel. This partnership was succeeded in 1910 by the Backstay
Machine & Leather Co., which in 1917 developed the "Hidem" welt. The
growth of the company to its present size has been accomplished almost
entirely throughout the reinvestment of earnings.
Originally products were used chiefly in the carriage trade. But during
the succeeding years, due to the evolution of transportation, these products
have been gradually replaced by products used primarily in the automobile
industry. Company's products now consist chiefly of welts, gimps,
moulding and bindings used principally on automobiles for trimming,
weather stripping and the elimination a noise and friction. The annual
output of welts alone is 100,000 miles. An elastic knitted bow covering is
manufactured, which is used to cover wooden bows forming the top frame
of open cars, and gasket material is made for refrigerator doors and other
related products.
The property of the company consists of its main plant at Union City,
Ind., and two branches, the Jansen Manufacturing Co.. of Detroit Mich.,
and the Union Welt Co. of Chicago, Ill., and two wholly owned subsidiaries,
one of which will be the Backstay Welt Co., Ltd. of Windsor, Can. which
company will take care of the Canadian and export business.
The company, with its branches and subsidiaries, now supplies approximately 60% of the demands of the automobile industry for this type of
product.
Earnings.
-The net income of the company and its subsidiaries for the
3 years and 6 months ending June 30, 1928. after all charges including
depreciation, dividends on the preferred stock, and Federal income tax,
available for common stock dividends, is as follows:
Earnings
Net Profits Per Share of
.
after Taxes Common
Stock
1925
$120.296
$1.58
1926
197,931
2.60
1927
226,221
2.98
1928 (six months ended June 30)
199,816
2.63
Disidends.-It is the intention of the directors to declare an initial
quarterly cash dividend on the common stock of 50c per share payable
Jan. 1 1929.
Directors.
-Robert C.Schemmel,Stewart H. Clark, Glenn Barr,Clarence
L. Hill, Paul S. Ragan, Ralph A. Bard,and John P. Collett.
Pro Forma Consolidated Balance Sheet
-Aug. 31 1928.
Liabilities
Assets$219,785 Accounts payable
Cash
$219,885
Receivables less reserve- - 327,069 Accrued expenses
27,569
Inventories
330,780 Res. for Fed. income taxes
52,555
103,679
cumul. pref. stock__ _
Other assets
117.000
Prepaid expenses
5,164 Corn. stock, 76,000 shs.
(no par)
158.917
Fixed assets (cost)
380,000
Patents and patent rights27,468 Surplus at date of organlzation
Good-will
1
375,853
Total
Total
$1,172,863
$1.172.863
-V. 127, p. 1810.
-Organized to Operate Modern Air
Central Airport, Inc.
Terminal-Markets 55,000 Shares Common Stock.
Only formal offering of a new issue of 55,000 shares of no par common
stock of the company is being made by J. A. Sisto & Co., the stock having
been marketed at $10 per share.
The company has been organized for the purpose of operating a modern
air terminal and holding or leasing certain properties, consisting a approximately 145 acres which the company has contracted to acquire by
outright purchase subject to existing mortgages and approximately 47
additional acres now held under long term lease. These properties are
located in Camden, N. J., on the Bridge Boulevard, where it divides into
the roads to Atlantic City and New York City and are only eight minutes
distant by automobile from the center of Camden and 15 minutes from the
center of Philadelphia.
The proceeds of this issue will be used in part for the purchase of properties, for conditioning of the field and erection of hangars, etc. and in part
'
for working capital and other corporate purposes. The airport is expected
to be in full operation by the spring of 1929.
The officers of the company are as follows: C. Townsend Ludington.
Chairman of the Board, (2nd V.-Pres. National Air Transport. Inc.);
Nicholas S. Ludington, (Pres. J. A. Sisto & Co.;) R. Sanford Saltus, Jr.,
Vice-Pres. (V.-Pres. Ludington-Philadelphia Flying Service, Inc.;) Robert
P. Hewitt. 2nd V.-Pres.; C. C.Savage, Jr. Sec.; W.C. Roberts, Treasurer.
The Board of directors includes C. M. Keys (of C. M. Keys & Co.):
President Curtiss Aeroplane & Motor Co., Inc.); Charles L. Lawrence,
(President Wright Aeronautical Corp.); Edgar N. Gott, (Pres. Keystone
Aircraft Corp.)* Henry B. DuPont, (Director Bellanca Aircraft Corp.);
Wright S. Ludington, (Director Ludington-Philadelpida Flying Service);
John J. Mitchell, (Treas. National Air Transport, Inc.); Harold Ir. Pitcairn, (Pres. Pitcairn Aviation, Inc.); J. Brooks B. Parker (of Parker &
Co., aviation insurance); J. A. Sisto (of J. A. Sisto & Co.); Stevens Hockscher (of Duane, Morris and Heckscher, Attorneys),and Eric de Spoelbereh.
-To Increase CapChecker Cab Manufacturing Corp.
italization-Acquiring Two Companies in East.
A meeting of the stockholders has been called for Oct. 22 to authorize an
increase in the common stock from 250,000 shares to 500.000 shares, no
par value. It is proposed to offer tha present stockholders one additional
share for each two shares now held, at an attractive price. The offering to
the stockholders of the 125,000 shares has been underwritten by J. A. Sisto
-Sales.
-Berland Shoe Stores, Inc.
& Co.
1928-9 Mos.-1927.
-Month-1927.
Period End.Sept. 30- 1028
It is announced that the corporation has virtually concluded arrangements
$160.916 $1,821,366 $1,366,058
Sales
1243.958
for the acquisition of two companies which have heretofore been engaged
-V. 127. p. 1679, 825.
metropolitan district.
in the sale and financing of Checker Cans in the during the year 1928.
have shown large earnings
-New Officer.
- Both of these companiesannounces that the corporation will place its new
Brown & Williamson Tobacco Corp.
management also
The
George Gary has been elected a Vice-President and director.
-V. 124, six-cylinder model cab on the market in the early part of November.
p. 2595.
V. 127, p. 1811.
-Initial Dividend.
Burns & Co., Ltd., Calgary, Alta.
-
The initial dividend on the 6% preferred stock was paid on Oct. 1, it is
announced. See also V. 126, p. 3595.
-Receives Orders.
Canadian Locomotive Co., Ltd.
Orders have been placed by the Canadian National Rys. with the above
or 5 Mountain Type locomotives for Canadian passenger service. Tnese
-Offering UnderCity Ice & Fuel Co., Cleveland.
written.
with the recent
offering to stockSecretary J. M. Bluim. in connection
holders of 50.000 additional shares of common stock. says:
with the policy of this company to expand, during the
In accordance
past year we have either erected or acquired, in addition to the Polar Wave
2094
FINANCIAL CHRONICLE
[VOL. 127.
Ice & Fuel Co. of St. Louis. ice plants with a daily capacity of 1,250 tons vile and MllIvale, two of which are located in Hammonton and Nutley,
and have erected a cold storage plant in Cleveland. We also intend the N.J. and one station situated in Brooklyn, N. Y. All of the above stations
erection of additional plants during the ensuing winter season to care for are exceptionally well located, in the center of the Communities in which
our rapidly growing requirements.
the mail is collected and
A syndicate has been formed to either buy or sell fractional warrants Post Office Department distributed, each site having been selected by the
as especially well adapted for the most efficient
on the basis of 80c. for each 1-19th of a warrant.
distribution of the government mails.
This entire offering of 50,000 common shares has been underwritten Post Office Department as especially well adapted for the
most efficien
by a syndicate without any cost whatever to the company. See V. 127.
Buildings.
-Each station has been erected in accordance with plans and
P. 1680.
specifications prepared and approved by the department in each instance
and all of the different properties have been occupied by the Post Office
Chile Copper Co.
-Semi
-Annual Report.
Department for some time, with
the Richmond Hill
The financial outcome of the Chile Copper Co. and Chile Exploration (Brooklyn) Station, which has justthe exception ofand is now occupied
been completed
Co.. combined, based on copper sales, shows for the 6 months as follows:
by the POst Office Department.
Six Mos. End. June 30- 1928
1927
1926
1925
Security.
-These bonds will be secured by a direct first mortgage on the
$
land and buildings above described, owned in fee simple, together with all
$
Total pounds sold
126,672.677 127.329,717 108.083.227 94,260.618 equipment and fixtures. The properties have been independently apprised
Totalgross receipts
18,513,144 16,986,089 15,422,316 13,658.068 at $427,600 by F. J. Bacheider & Co., Chicago. Adequate fire, tornado,
Exp., incl. depr., amort.
public liability, rent and boiler insurance will be ceded and made payable
disc., accrued Fed, tax
to the trustee for the benefit of the bondholders.
and accrued bond int_ 9,844,879 11.395.975 9,261,459 8.055,421
Earnings.
-All of the above buildings are under lease to the United
States Government for post office purposes for various periods extending,
Surplus
28,668,265 $5,590,114 36.160,857 $5,602,647 in each case,
The total annual
For the 6 months ended June 30 1927 there were treated 4,089,645 tons received frombeyond the maturity of these bonds. of which amount rentals
the Government amount to 236,470
$26,812
of ore averaging 1.584% copper.
will be applied to interest and the retirement of bonds.
The output for the 6 months was 112,981,695 pounds. or a monthly
Sinking Fund.
-Mortgage provides for semi-annual interest and sinking
average of 18.830.283 pounds.
fund payments beginning Nov. 11928. The operation of the sinking
The two companies has available at Aug. 31. 1928, 34.354.900 cash and through purchase of bonds in the open market or by redemption, fund
as procall loans, as against $5,632,300 on May 30 1928.-V. 127, p. 552.
vided for,is calculated to reduce this issue to less than $185,000 by maturity.
The present appraised value of the ground alone is $180,000.
Childs Co., New York.
-Sales.
1928-Sept.
-1927.
Decrease.[ 1928-9 Mos.-I927.
Decrease.
Consolidated Retail Stores, Inc.(Del.).
-Sales.
22,190.619 $2,436,718
$246,0991$19,586,325 $21,663,190 $2,076,865
1928-Sept.
-1927. Increased 1928-9 Mos.-1927. increase.
-V. 127. P. 1531.
$1,776,141 31.195,016
3581,125132.778,955 $9,939,684 $2,839,271
-V. 127. p. 1257.
Club Aluminum Utensil Co.
-Acquires
Monarch Aluminumware Co.
-
Half Interest in
Copeland Products, Inc.
-Listed.
-
The Detroit Stock Exchange has approved for listing 101.922 shares
President William A. Burnette announced that the company has acquired
a half interest in the Monarch Aluminumware Co. of Cleveland. Ohio. Class A (no par) 91,474 shares Class B (no par) and 139,158 voting trust
certificates.
This purchase has been made to.assure the Club Aluminum Co.of an inCapitalizationOutstanding.
Authorized
creased and dependable source of supply for its wares, which have met a
Class
101.922 shs.
250.000 shs.
steady, increasing demand since the inception of the organization in 1921, Class A (no par)
B (no par) Incl. 139.158 voting
it is stated.
trust certificates
230,632 shs.
500,000 shs.
The Monarch company is expected to show earnings for the present year
Transfer agent: Guardian Trust Co., Detroit, and Corn Exchange Bank,
in excess of 3100.000 on business already contracted for. It is supplying
aluminum castings at present to several large manufacturers, including the New York. Registrar: Detroit & Security Trust Co., Detroit, and American Exchange. Irving Trust Co., New York.
Fisher Body Corp. and the Chevrolet Motor Corp.
-V. 127, p. 1952.
Class A, no par stock, after payment of $2.50 per share annual dividend
share equally with Class B,
Colonial Mortgage Investment, Baltimore.
-Bonds shallabove $2.50 per share in any no par value stock in any amounts over
and
such year, share for share.
Offered.
The corporation was organized Dec. 31 1921, at Detroit, Mich., under
The New York office of the company announces the offering at 100 and the name Electricold Corp. On April 14 1923, a certificate of amendment
int. of a new issue of $1,000,000 one-year 6% collateral trust gold bonds, was filed, changing the name to Copeland Products, Inc.. of Michigan.
series "A." First National Bank of Baltimore. trustee. The bonds are the
Balance Sheet as at Jut!,311928.
direct obligation of the company, and the collateral security for the issue
Assets
Liabilities
carries, either directly or on the underlying real estate first mortgage, the Fixed assets
$1,084,517
2315,669 Capital stock (no Par)
several guarantees of the National Surety Co., United States Fidelity & Cash on hand & on deposit
136,443 Accounts payable
189,781
Guaranty Co.and Maryland Casualty Co. The bonds will be dated as of the Accounts rec. lees allowance
249,185 Payroll
12,068
first of the month in which they are issued.
Inventories
155,209 Accrued commissions, &c._
1,877
Other assets
580,794 Land contract payable
69.239
Colony Club Corp.
-Bonds Offered.
-Livingstone, Crouse Deterred charges
37,899 Reserve for contingencies
137,716
& Co. and Union Trust Co., Detroit, are offering $400,000
634% 1st mtge. leasehold sinking fund gold bonds at 100
and interest.
Dated Oct. 1 1928; due Oct. 1 1943. Interest payable A. & 0. at the
Union Trust Co., Detroit, trustee, without deduction for Federal income
tax not to exceed 2%. Denom. $1.000, $500 and $100 c*. Red.all or
part upon 30 days'notice on any int. date at 102 and Int.
Corporation.
-Owns the leasehold estate in land and modern 7
-story
club house of standard fireproof construction located at the northeast
corner of Park Avenue and Montcahn Street, Detroit. The building, now
under construction, will be of colonial type of architecture with early
American furnishings and will contain a large lounge. Private dining rooms,
a ball room, living quarters for permanent transient
guests and a gymnasium.
Security.
-Bonds are specifically secured by a direct pledge and a lien
upon the corporation's interest in the leasehold estate which expires Oct.
I 2021. Lucian S. Moore, Jr., of Wormer and Moore, has appraised the
leasehold estate in land and building upon completion at $747,300.
Earnings.
-The premises have been leased to the Colony Club of Detroit
for a period of 15 years terminating Oct. 1 1943. for an annual rental sufficient to meet semi-annual sinking fund payments as well as ground rental,
taxes, insurance and all other charges accruing under the terms of the
lease.
Sinking Fund.
-Indenture provides for a sinking fund payable monthly
sufficient in amount to retire 88% of this issue prior to maturity. These
funds are to be used by the trustee either for purchase of bonds of this issue
in the open market at a price not to exceed the redemption price or for
calling bonds by lot at the redemption price.
Columbian Carbon Co.
-Rights.
-
The holders of voting trust certificates for capital stock of record Oct. 18
will be given the right to subscribe on or before Nov. 22 for one share of
additional stock (no par value) at $70 a share for each 10 shares held.
The purpose of the Issue is to provide funds for expansion in production,
transportation and marketing of natural gas and its products.
-V. 127, P.
957.
Consolidated Automatic Merchandising Corp.
-Contract.
The Louts K. Liggett Drug Co. has just signed a contract with the above
corporation covering the installation of talking automatic merchandising
machines to sell cigarettes and cigars in all stores of the Liggett chain, according to an announcement. The Liggett company owns about 450 drug
stores from coast to coast, and it is estimated that this contract will mean
the installation of about 2,500 "Robots."
At the present time. the Liggett company has in operation 508 sanitary
postage machines, 444 Peerless weighing scales , and 815 Hoff vending
machines, controlled by the Cameo company. The Installation of the
talking automatic merchandising machines will actually mean the establishment of an automatic corner or division in each Liggett store, in accordance with the general spread of automatic means in merchandising.
The Cameo comnany has negotiations with other large chain companies
-V. 127.p. 1531.
under way.
Consolidated Mining & Smelting Co. of Canada, Ltd.
-Production.Period End. Sept 30Lead (tons)
Zinc (tons)
Copper (tons)
Gold (ounces)
Silver (ounces)
-V. 127. P. 687.
1928-3 Mos.-1927. 1928- 9 Mos.-1927.
35,663
35,447
122,332
109.169
19,863
17,579
46,242
61,459
2,964
1,991
7,179
7.023
6,192
7.797
19.491
21,776
1.845,898 5,516.399
1.895,219
5.282,952
Consolidated Post Office Stations (Amero Construction Co.).
-Bonds Offered.
-Love, Bryan & Co., St. Louis
are offering at 100 and int. $300,000 1st mtge. 04% gold
bonds.
Dated May 1 1928: due May 1 1937. Principal and int. (M. & N.)
payable at the office of the Franklin-American Trust Co.,St. Louis, trustee.
Denom. $1,000 and $500. Red. as a whole or through the operation of the
sinking fund upon 30 days'notice to and incl. May 11932 at 102 and int.
and thereafter to and incl. Nov. 1 1936 at 101 and in
Interest payable
without deduction for normal Federal income tax not in excess of 2%.
Company also agrees to pay certain state taxes assessed by the states of
Iowa, Virginia. Penn., Kentucky and Maryland and the District of Columbia up to 6 mills.
Location.
-The properties securing these bonds embrace 10 separate
post office stations,seven of which are located in the State of Pennsylvania
a 'follows: Arsenal, Craton, Coraopolis, Conshocken, Bloomfield. Brook-
Total
-v.127. p. 687.
$1,475,199
Total
$1,475,199
Cosmopolitan Fire Insurance Co.
-Stock Offered.
Parker Robinson & Co., Inc. New York are offering 60,000
shares capital stock at $28.50 per share.
'
Transfer Agent: Farmers' Man at Trust Co., New York; Registrar:
Bank of United States. New York.
Company.
-Has been chartered In New York to write general fire and
allied lines of insurance. It is the intention of the company to specialize
in classes of preferred risks which have, over a period of years, shown a
very low ratio. The connections of the directors and officers of the company
and the facilities of its agencies should make immediately available to the
company a substantial volume of such business, thereby affording to the
company an immediate premium income and eliminating the heavy expense
and long delay usually experienced by new insurance companies in securing
business. Company is under the supervision of the Insurance Department
of the State of New York and will also be subject to supervision in other
States of the United States and provinces of Canada in which it expects to
operate.
Capital Stock and Surplus.
-Cash heretofore received by the company.
and set up as capital stock and surplus, is as follows:
Capital stock, 100.000 shares $10 par)
$1,000,000
Surplus (paid in)
1.500.000
Such cash, after costs of organization and certain incidental expenses in
with the offering, will be available for the business of the comconnection
pany. Company will incur no other promotion charges.
-The board of directors of the company is presently to consist of:
Directors
Robert Adamson. (V.-Pres., Bank of United States), New York: E. F.
Albee, (Pres. Keith-Albee-Orpheum Corp.); R. H. Arnold. (Pros.. Federal
Home Mortgage Co.); James A. Blainey,(Insurance.); Richard A. Corroon.
(Corroon & Reynolds, Inc.)', Louis P. Christenson, (V.
-Pros., Manufacturers Trust Co.); Chas. H. Consolvo, (Pres. Consolvo Hotels Co.,) Baltimore, Md.; J. Linfield Damon, (V.-Pres. & Secy.. United Hotels Co. of
America.): Carling L. Dinkier, (Pres., Dinkier Hotels Co.) Atlanta, Ga.
Charles Doherty, (V.-Pres. & Treasr., United Hotels Co. of America);
Frank A. Dudley, (Pres.. United Hotels Co. of America); Julian M.
Gerard, (Pres., International Germanic Trust Co.).
A. F. Hancock,(Pres., Hancock Co., Inc.); V. R. Halsey,(C. D. Halsey
& Co., Members, New York Stock Exchange.); William F. S. Hart,(Con'.
Counsel, F. F.Proctor Theatrical Circuit.); James Leo Kauffman (Marshall
& Kauffman,Attorneys); William S. Kies (Pres. W.S. Kies St Co.,bankers):
Henry L. Lang (Pres. Henry L. Lang Co.), Philadelphia, Pa.: D. R. Lane,
(Pres., Miller Hotels Co.), Davenport.Ia.; Trenholm II. Marshall(Marshall
& Kauffman,Attorneys):John McGuirk (Director. Stanley Co.of America);
Robert R. Meyer (Pres. Meyer Hotels Co.); Birmingham, Ala.; T. (I.
Nee (Pros. Acme Wire Co.), New Haven, Conn.; Clarence K. Pistoll
Deans & Co., Inc.). Buffalo, N. Y.
Frederick F. Proctor, (F. F. Proctor Theatrical Circuit.); Frank G.
Reichle, (Donovan dr Reichle, Attorneys), Buffalo, N. Y.; Frederick S.
Robinson, (Parker, Robinson & Co., Inc.); G. Foster Smith, (Pres.
The Nassau National Bank,) Brooklyn, N. Y.; Francis E. Storer,(Hambleton & Co., Inc.,): F. Harold Van Orman, (Pres. McCurdy Hotels Co.),
Evansville, Ind.; J. Henry Walters, (V.
-Pros.. Keith-Albee-Orpheum
Corp,); Joseph W. Ward, (Pres. Pennsylvania Surety Corp.), Pittsburgh,
Pa.: Eugene T. Warner, (Insurance.); Burton F. White, (Pres., Brooklyn
Heights Hotel Corp.); Henry W. Wilson, (V.-Pres., Hancock Co., Inc.):
John Zanft. (V.
-Pros. & Genl. Mgr., Wm. Fox Circuit of Theatres).
Officers and directors of the company and others have subscribed and
paid for 40.000 shares of the 100,000 shares authorized capital stock and
the remaining shares, which have also been subscribed and paid for, are
offered subject to prior sale.
Coty, Inc.
-To Increase Capitalization, etc.
-
The stockholders will vote Nov. 2 on increasing the authorized capital
stock, no par value, from 459,300 shares to 2,500,000 shares. See details
in V. 127, p. 1953.
Curtis Manufacturing Co.
-Bankers Buy Into Company.
Eastman, Dillon & Co. are negotiating with the large stockholders of the
company, pioneers in the pneumatic machinery field to acquire one-third
of the 200,000 shares of the company's capital stock now outstanding. If
negotiations are consummated the public will be allowed to participate In a
company which has been privately owned for 75 years.
Substantial amount of stock is now held by the Steedman family of St.
Louis which expects to retain a major portion. Upon completion of
negotiations, application will be made to list the stock on the Chicago
exchange
The company, established in 1854, is engaged principally in the manufacture and sale of pneumatic machinery for a great variety of commercial
uses. Distribution is maintained by the company's own sales representatives through selected wholesalers and distributors both here and abroad.
OCT. 13 1928.]
FINANCIAL CHRONICLE
2095
Combined annual capacity will be approximately 13.500,000 loaves
of 1% lb. weight, capable of extension at low cost as required. All plants
will be provided with adequate horse-drawn and motor equipment for
suburban and rural deliveries, a large part of which has been purchased
within the last year. In all cities served the company's business now
represents a substantial part of the bakery business being done.
Combined sales during 1927 amounted to 6,482.768 loaves. Sales
Davidson Co., Des Moines, Ia.-Notes Offered.
-First for the current year are estimated at approximately 9,000,000 loaves
continuous operation
rust & Savings Bank, Chicago; Iowa National Bank, Des and for the fiscal year 1929-from the 12,000,000 loaves. of all plants
being acquired-at approximately
oines; Stern Brothers, Kansas City, Mo., and the Minne- now
-The balance sheet of the company, after giving effect
Value of Assets.
transaction as
sota Loan & Trust Co., Minneapolis, are offering $1,200,000 to thisgood-will, &c. at Aug. 31 1928, shows plants, properties and equip-and including cash to be invested in fixed assets
ment.
6% serial gold notes at 100 and interest.
at $780,000, and net current assets (working capital) at that date of
Dated Sept. 15, 1928: due $120,000 annually Sept. 15, 1929 to Sept. 15 5113,012,giving a combined total offixed and net current assets of$893,012.
1938, incl. Principal and Mt. payable at First Trust & Savings Bank, as against $575,000 1st pref. stock now being issued,
-Based upon an investigation by George A. Touche & Co.
Chicago, trustee. Denom $1,000c*. Red. at the option of the company
Earnings.
s a whole, or in part, upon 60 days' notice at 102% and int. the last of the business and accounts of MacKey's Bread, Ltd., for the two years
maturities to be first redeemed if called in part. Interest payable without and six months ended June 30 1928 and after giving effect to increased
deduction for normal Federal income tax not in excess of 2%. Authorized earnings anticipated from improvements and extensions, it is estimated
and outstanding $1,200.000.
that combined net earnings of all plants now being acquired and conPreferred Stock Offered.-Prescott, Wright, Snider Co., structed, after deduction of operating and maintenance expenses, local
taxes, depreciation and Dominion income tax, and available for preferred
Kansas City, Mo., are offering at 102 and div., to yield dividends for the first fiscal year of operation, will be approximately
-over 1 2-3 times
$65,000. as against annual 1st pref. dividends of $37,375
6.86%, $400,000 7% cum. pref. stock.
1st pref. dividend requirements.
-J. Red., all or part, at 110 and divs., on any
Dividends payable Q.
Directors will include: George A. MacKey, Pres., C. W. Band, B. R.
div. date on 60 days' notice. Divs, exempt from the normal Federal Decary, and A. R. Macdonald.
Income tax. Transfer agent, First Trust & Savings Bank, Chicago.
Data from Letter of Pres. J. Davidson, Des Moines, Ia. Sept. 25.
-Consolidation.
Dominion Woollens & Worsteds, Ltd.
Company -Operates retail furniture and home furnishing institutions in
The shareholders of the Canadian Woollens, Ltd., on Sept. 28, formally
Des Moines, Ia., Kansas City, Mo., Minneapolis, Minn.. and Waterloo,
ratified rroposals approved by the directors for an amalgamation with
Ia. The various stores handle furniture, domestic and oriental rugs,
Ont.,
the exchange
aperies, radios and complete decorative accessories for the home; also the R. Forbes Co. of Hespeler,knownandthe Dominion of their shares for
Woollens & Worbe
as
omplete furnishings for offices, hotels, clubs and public institutions. The those of a new company toexchange provide that the Canadian Woollens
steds, Ltd. Terms of the
business was established in 1885.
and one share for
of the new
Earnings.
-Net earnings for the five year period ended Dec. 31 1927, Is to receive one share of preferrednow held, and thatcommon of common
holders
company for each preferred share
before Federal income taxes, have been as follows:
-V.126.p. 4088
receive new common stock on a share-for-share basis.
1923
$574,20011926
$489,611 will
1924
439,069 1927
-Bonds OfferedEdgewater Beach Hotel Co., Chicago.
410,444
1925
469,361
Net earnings for this period averaged $476.537 or 6.62 times the maximum -The Foreman Trust & Savings Bank and A. G. Becker
annual interest requirements of this issue amounting to $72,000.
& Co. are offering $1,200,000 53.% debenture bonds a
Purpose.
-Proceeds of this issue and of an issue of $400,000 preferred
stock, have been used for the acquisition of the assets of Boutell Bros. Inc., prices to yield from 5M% to 6% according to maturity.
Minneapolis, Minn.,and retirement of all mortgage indebtedness. Business
Dated Sept. 15 1928: due serially Sept. 15 1929 to 1938 incl. Principal
of Boutell Brothers was founded in 1883 and has grown to be one of the and int.(M.ds S.) payable at Foreman Trust 3c Savings Bank,trustee. De
largest furniture, and-home furnishing institutions, in the Northwest.
nom. $1,000 and $500c*. Red, all or part on any int, date on 60 days'
CapitalizationAuthorized, Outstanding, notice, at 10i)% at any time before Sept. 15 1931: at 101% at any time
67 serial gold notes
between Sept. 16 1931, and Sept. 15 1935; at 100%% at any time between
case
70 cum. pref. stock ((par $100)
1,500.000
400,000 Sept. 16 1935, and Sept. 15 1937, and at 100% thereafter; in each time with
one.
any
5 cum. corn. cl. A stock (par $100)
1,200,000
1,200,000 Interest. If less than the whole of said bonds is redeemed at in the inverse
Common B stock (par $100)
bonds to be redeemed shall be the last maturing bonds
2,200,000
1,700,000 the
Common stock class "C"(par $100)
order of their numbering. Interest payable without deduction for normal
none
100,000
Federal income tax not in excess of 2%.
Pro forma balance sheet July 14, 1928.
Data from Letter of John T. Connery, President of the Company.
LtabdUiesCash In banks and on hand... $277,056 Notes payable
Hotel-The Edgewater Beach Hotel is one of the best known and most
$588,214
Receivables
2,920,541 Accounts & accruals
584,432 popular hotels in Chicago and the Middle West. The land owned in fee
Inventories
1,488,875 Deterred Federal taxes
61,000 has a frontage of 1.207 feet on Sheridan Road,extending north from Berwyn
Deterred charges
91.117 6% serial gold notes
1,200,000 Ave. and east to Lake Michigan.
Other assets
The hotel structures, which are an outstanding landmark in Chicago's
158,247
Net Worth:
Land, buildings & equipment_ 788.808 7% cumul. pref. stock
400,000 sky line, occupy somewhat less than one-half of the area owned, leaving
and Lake
5% cumul. com.class A
1,200,000 for further development 644 additional feet of Sheridan Roadcontain 18
Corn, class B
1,700,000 Michigan frontage. Besides the hotel proper, the buildings
retail shops and a 200 car garage for the exclusive use of guests, both of
Total
$5,733,645
Total
35,733,645 which contribute substantially to the company's revenues.
The Prudential Insurance Co. of America has made a closed first mortThis
property valued on June 30 1928, at
De Forest Crosley Radio Co., Ltd.
-Stock Offered.
- gage secured by l on independent appraisals made early$10,937.350. allowin
valuation is based
R. A. Daly & Co., Ltd., Toronto, are offering 10,000 shares ance for additions made since the time of the appraisals and1925 with
after deducting
subsequent depreciation, as certified by independent auditors. The
common stock (no par value) at $25 per share.
property, subjected to the first mortgage. includes 1,032 feet of land frontCapitalizationAuthorized. Outstanding. ing Sheridan Road and Lake Michigan, and all the buildings, furnishings
Common shares (no par value)
50,000 shs. 33,000 shs. and equipment located thereon. In addition, the hotel company owns
Application will be made in due course to list these shares on the Toronto
certain unencumbered property consisting of 175 feet of Sheridan Road
Stock Exchange.
and Lake Michigan frontage adjacent to and immediately north of the
Data from Letter of Major J. E. Hahan.
1,032 feet of land securing the first mortgage loan. This unencumbered
Company.-Incorp. in 1928 under the laws of the Dominion of Canada to property is carried on the company's books at a cost of $488.067. In
acquire all of the shares of the DeForest Radio Corp.. Ltd., which company the aggregate, therefore, the Edgewater Beach Hotel Co. owns total propowns all the shares of its subsidiary, DeForest Crosley, Ltd., and which erty valued at $11,425,417. or 2.43 times the total combined principal
has been in successful operation since 1923. The business of the companies amount of the losed first mortgage loan and this closed issue of bonds.
has grown rapidly and, at the present time, the DeForest Radio Corp.,
-In the last three years ended June 30 1928, duirng which period
Income.
Ltd., is one of the largest producers of radios and radio equipment in both the main building and the annex have been in full operation, net
Canada. Its products are well and favorably known and are distributed earnings after all operating charges and taxes, other than Federal income
through 1,500 authorized dealers and 15 authorized wholesalers, with 19 taxes, but before depreciation, applicable to interest on funded debt, have
warehouses located at strategic points from coast to coast. Important averaged $689,097 per annum or 2.75 times the combined maximum interest
contracts have been established with many of the leading radio manufactur- charges on the present first mortgage loan and these bonds; in each of the
ing and research companies in the United States, including the Amrad Corp. three years such net earnings were more than 2.50 times the maximum comof Boston, the Crosley Corp. of Cincinnati, and the Hazeltine Neutrodyne bined interest charges on the present closed mortgage loan and these bonds.
Laboratories. The companies also have secured the right to manufacture Current operations indicate that the earnings of this Year will exceed those
their products under license from the holders of important basic patents of last year.
connected with the industry, which places them in a commanding position
-Proceeds from the sale of these $1,200.000 debentures, toPurpose.
among the leaders in the manufacture of radio equipment.
gether with the $3,500,000 first mortgage made by the Prudential Insurance
Assets.
-Net tangible assets of the company and its subsidiaries, after Co. of America, have been used to retire the balance of the company's
completion of the present financing as shown by the balance sheet as at $5,000,000 6% serial bonds, issued in 1925. As a result of this financing,
June 30 1928, amounted to $260,825.
the company has materially reduced its annual interest requirements.
Earnings.
-The net earnings of the companies, after depreciation and V. 127, p. 1681.
Income taxes for the year ended July 31 1927, amounted to $64,809: for the
-Howe, Snow
Sweeper Co.-Pref. Stock Offered.
Elgin
11 months ended June 30 1928, amounted to $118,824, while earnings for
the month of July 1928, (as computed by the officers of the company) & Co., Inc., Chicago, recently offered 12,000 shares prior
amounted to not less than $22,000 making earnings of 390,824 for the year
ended July 31 1928, or at the rate of $2.75 per share on the common stock preference participating stock cumulative and convertible
to be now outstanding.
(no par value) at $30 per share to yield 6 2-3%.
It is estimated by the management,on the basis of the company's budget.
Redeemable in whole or in part at $50 per share plus div. upon 30 daYs'
that a conservative minimum of net earnings for the current year will be
in Illinois, and dividends
which is at the rate of $4 per share on the common stock to be notice. Exempt from personal property taxes tax.
$135,000.
exempt from the present normal Federal income
now outstanding.
The prior preference participating stock is entitled (1) to cumulative
-J.;
Doehler Die Casting Co.
quarterly dividends at the rate of $2 per share per annum payable Q.
-Buys Equipment.
The company has purchased from the Metal Mold Castings Co., Buffalo, (2) in any calendar year, after dividends have been declared on the outN. Y., its permanent mold casting equipment, dies, molds and other standing common stock to a total aggregate amount equal to the total
relative equipment which will be added to the Doehler permanent mold aggregate amount of the yearly cumulative dividends on the largest aggreoutstanding,
department. The Metal Mold Castings Co. will discontinue its business.
- gate amount of prior preference participating stock theretofore class in any
to participate equally as a class with the common stock as a
V. 127. P. 68S.
further dividends (other than the regular quarterly cumulative dividends
Dominion Bakeries Ltd. Toronto.-Pref. Stock Offered. on the prior preference participating stock and the cumulative dividend
and
Royal Securities Corp., Ltd., Montreal recently offered preferred stockuntil (or) stock dividends) which may be declared during
the holders of the prior preference participating stock
any
cumul. redeemable 1st preferred stock at shallsuch year
$575,000 63
have received, or there shall have been set aside from the surplus
and (or) net profits of the corporation a sum sufficient for the payment to
100 and div. to yield 6%% (carrying a bonus of 3,i share
them of $2 per share for such year: (3) to payment in case of liquidation
'
of no par value common stock).
or dissolution up to $50 per share, plus accrued but unpaid dividends,
dividends and entitled to a fixed cumulative before any payment or distribution shall be made to the holders of the
Preferred as to capital and
dividend at the rate of 6 % per annum, cumul. from Sept. 1 1928, and cumulative dividend preferred stock or of the common stock; (4) to the
payable _Q.-M., at any branch of the Imperial Bank of Canada, in Canada option of converting such stock share for share into common stock of the
(except Yukon Territory). Red. all or part, at 105 and div. on 60 days' corporation at any time on or before July 1 1933 (unless redeemed by the
notice, and at the same price in the event of liquidation or voluntary corporation prior thereto); (5) to full voting rights share for share with the
winding-up. Non-voting, except as to matters affecting the rights of the common stock and the cumulative dividend preferred stock.
holders and except after four quarterly dividends shall be in arrears and
Transfer Agent. Central Trust Co., Chicago; Registrar, Continental
while any arrears remain unpaid. Transfer Agent: Royal Trust Co. National Bank & Trust Co.
Registrar: Montreal Trust Co.
Data from Letter of D. M. Todd, President of the Company.
Authorized.
CapitalizationOutstanding,
Company.-Incorp. in 1922 in Illinois. At the time of incorporation,
$2,000,000
634% Cumul.red. 1st pref. stock
$575,000 the company took over the business of the Elgin Street Sweeper Co. which
250,000
63 %Cony. red. 2nd pref. stock
210,000 had been
1922) as a partnership by
up
100,000 shs.
Common shares (no par)
25,000 shs. the same operatedwhoto that time (from 1914 to and management of the
parties
are now in active control
Data from Letter of George A. MacKay,President of the Company. company. On Sept. 18 1928 the present corporation, Elgin Sweeper Co.,
Company.
-Has been incorporated under the laws of the Dominion was incorp. in Illinois. The present corporation will acquired the entire
of Canada to own and operate modern bread and cake-baking plants in business, properties and assets of the Elgin Street Sweeper Co.
Outstanding.
Authorized.
central and eastern Canada, and is now acquiring the business formerly
Capitalization12.000 shs.
50,000 shs.
operated by Mel{ey's Bread. Ltd., in eastern and western Ontario, to- Prior pref. participating stock (no par)
20.000 shs.
20,000 shs.
gether with three additional independent plants. It is the intention of Cumulative div. pref. stock (no par)
30,000 shs.
80,000 she.
the comany to extend its operaticns as further opportunities offer. Com- , Common stock (no par)
pany will be controlled through ownership of a majority of its 2d pref. I
-The business of the company consists of manuBusiness Property.
and common stocks by Maine Leaf Milling Co.. Ltd.. one of the leading facturing and selling motor driven machines for cleaning paved streets
flour milling companies of Canada.
and city catch basins. The Elgin sweeper is a leader in its line and the
The plants comprise a complete manufacturing unit including an electric
ower generating station, extensive gray iron and brass foundries,a machine
o ttttetory op tool•mn structml shclutch disc
dpia orarn sh ibe u thgs con i
.
i
1
approximately 2 1dgI7TV!
10
4
of
oor space situated on 20% acres of land owned in fee and locate on the
St. Louis Terminal Railroad which affords superior transportation facilities.
,
6%
•
2096
FINANCIAL CHRONICLE
sales for this equipment are increasing rapidly with the advance in the
building of paved streets. More than ono-third of all cities in the United
States having a population of 10,000 or over, have purchased Elgin sweepers
and repeat orders from these cities have been running from 50 to 60% of
the total annual sales. The servicing and maintenance of these machines is
producing a very large business in supplies and repairs which adds materially to the profits of the company. The company manufactures more
than 60% of all the street sweepers in the United States, and does business
also in foreign countries, including Germany, Australia. Canada and
Mexico.
The plant is located in Elgin, Ill., and is well covered by fire, tornado,
steam boiler and other insurance.
Net Sales & Net Income.
-Net sales (after deductions for returned goods
and allowances) and net income (after depreciation, amortization of patents
and Federal taxes) of the company, based upon the audits made by Haskins and Sells, C. P. A., are as follows:
5 Mos.End. Year End. Year End.
May 31 '28. Dec. 31 '27. Dec. 31 '28.
Net sales
$870,060
$463,910
$863,841
Net income
58,099
6.l15
94,648
.Average annual net income for 29 months ending May 31 1928, as above
shown, is $90,563 which is 3.7 times annual cumulative dividend requirements on prior preference participating stock.
Purpose.
-To provide additional working capital and for other corporate
Purposes.
Electric Auto-Lite Corp.-Acguisition.-
President C. 0. Miniger states the company has purchased a substantial
interest in the Eclipse Machine Co. of Elmira, N. Y., which makes the
Bendbc drive mechanism. The Eclipse company's products go into the
majority of cars and trucks on the market. Mr. Miniger states, and be and
other officials of Electric Auto-Lite Co. felt it was to the interest of the
company to protect its source of supply on the important unit used In
Auto-Lite starting equipment.
-V. 127, p. 1108.
Evans-Wallower Lead Co.
-To Increase Capital-Rights.
The directors have called a special meeting of stockholders for Oct. 17
to authorize a capital increase of $1,250,000 through the issuance of additional preferred stock.
The raising of additional funds, which will be used to finance the construction of the company's new electrolytic zinc plant, will be accomplished through the offering to common stockholders of stock units, comprising one share of preferred and 4 shares of common, on the basis of
each 36 shares of common stock now held. The units will be priced at
$102. of which $100 represents the par value of preferred stock and $2
represents a price of 50 cents per share for the 4 snares of common stock.
a charge necessary te render this stock full-paid under Delaware laws.
The stockholders will be given the privilege of purchasing these units
in 4 partial payments, in which event delivery will be made as of April 2
1929 after payment of the last installment. Stockholders who elect to pay
the full purchase price on the first payment date will obtain their stock
as of Nov. 15 1928.
The company announces that construction work is well under way on its
new electrolytic zinc plant at East St. Louis, which will operate under the
new Tainton process. This plant will have an initial capacity of 50 tons
per day of the Tainton process zinc, rated at 99.99% pure, and will be
designed to carry out a schedule of expanding production for the next
7 years.
-V. 127. D• 1533.
Fairchild Aviation Corp.
-Shares Placed Privately.
-
Negotiations for purchase of a block of the company's stock were concluded this week by a banking group who placed the shares privately. The
shares have been admitted to trading on the New York Curb.
The corporation is a holding company engaged in developing, financing
and operating various subsidiary companies in all fields of the aviation industry. Among the company's subsidiaries are: Fairchild Airplane Manufacturing Corp., Fairchild Aerial Surveys, Inc., Fairchild Flying Corp.,
Fairchild Aerial Camera Corp., Fairchild Caminez Engine Corp. and Fairchild Aviation, Ltd. Affiliated companies include Cia Mexicana de Avis
don and International Aerial Engineering Co.
To Capitalize.
Corporation has called a special meeting of stockholders for Oct. 15 to
vote on the plan to increase the authorized stock to 580,000 shares, consisting of 500,000 shares of Class A stock and 60,000 shares of Class 13
stock. It is also proposed to change the present 150,000 shares of Class A
stock into 300,000 shares of new Class A stock and change the 30,000 shares
of Class B stock now issued into 60,000 shares of new class B stock. Stockholders are also asked to authorize or ratify the sale of 85,000 shares of new
Class A stock of the first series at such price as may be fixed by the board
of directors, and to authorize the issuance and sale of the remainder of the
new Class A stock proposed to be authorized.
-V. 127, p. 1954.
Federal Screw Works.
-Listed.
--
The Detroit Stock Exchange has approved for listing 105,000 shares
(no par) common stock. See also V. 127, p. 1682.
Federated Business Publications, Inc.
The first year of ownership of "Novelty News" by Federated Business
Publications, Inc., has been completed with the publication of the October
1928 issue. The advertising published during this year, as compared with
that published for the year previous,shows a gain under Federated management of 191 pages.
-V.127. p. 1955.
First National Pictures, Inc.
-Comparative Bal. Sheet.
June 30,28 Dec. 3127
Assets$
$
aLand bidg.,equip.
&c
2.321,816 2,132,969
Invest. other cos_
1,253,415
Fireinsur.fund_
7,815
Marketable sec _
205,141
Invest. foreign sub 1,414,860 1,067,574
l'ur. money notes
. 72,000
96.000
Inventories
8,108,168 6,336,874
Prod,in prog.,arc_ 1,524,517 2,515,456
Adv.to producers_ 2,278,786 2,713,415
Cash surrender val.
24,672
tnsur. pot
Accts.,&c.,recelv
741,678
668,816
Cash
1,223,233
949,510
Deferred charges_ 423,177
395,321
June 3028. Dec.31'27.
8% 1st pref.stk __ 2,274,000
7% 2nd pref.stk. b1,133,981
Common stock _ __c1,993,949
1st mtge. bonds__ 760,000
Pur,money notes _
96,000
Notes payable_
2,650,000
Mtge.bond due lyr 105,000
Accts. pay.& accr.
Ilab
619,718
Fed.& State tax _ 220,625
Adv.payments_ _ _ 318,050
Other current dab_ 143,788
Rec.from cos ____ 362,622
Reserves
144,197
Retire. 2d pref.
"A" stock
50,000
Surplus
7,188.115
Income.
-The annual gross income from this property has been conservatively estimated by Ernest Barbour at $135.000 from which $67,500 has
been deducted to cover operating expenses, vacancies, taxes. etc., leaving
an annual estimated net income of $67,500
-more than 234 times the greatest annual interest charge on the bonds.
Flintkote Co.
-Becomes Affiliated With the Royal Dutch
Shell Group Companies-Proposed Stock Split-Up-Retires
Preferred Stock.
Details of the proposed partnership between the Royal Dutch Shell
Group and the Flintkote Co. of Boston, Mass., were announced recently
by Chester E. Rohr, President of the Flintkote Co. Mr. Rehr has just
returned from London, where he concluded negotiations with officials of the
Royal Dutch Shell Group, subject to approval of Flintkote stockholders
and counsel and to certain corporate formalities to be taken in the early
Fall. It is expected that the new arrangements will become effective about
the first of the year.
Mr. Rehr said: "The association of Flintkote and the Royal Dutch
Shell Group is a partnership in the strictest sense of the word. By it Flintkote, while retaining its own identity, management and policies, becomes an
important member of this international group.
"The Royal Dutch Shell interests will pout into Flintkote between $8,000,000 and $9,000,000 of additional capital. Other moves already well under
way will bring the immediate capital of Flintkote to the neighborhood
of $19,000,000, more than double its capital prior to negotiations with the
Royal Dutch Shell
The partnership will be effected by the purchase
by the Royal Dutch Shell Group ofcommon stock of Flintkote. An existing
Group.
Issue of $2,500.000 7% cumul. cony, preferred stock will be retired and,
when the partnership arrangements shall have been completed, the company will be left with no bonded debt, and ample cash resources represented
,
by only common stock."
Mr. Rehr said that the new capital would be used generally for the
Purpose of expanding the already firmly established roofing and asphalt
emulsion business in American and also in foreign fields.
"In this connection," he said, "Flintkote, Ltd., a wholly-owned subsidiary,is now being incorporated in London for the purpose of handling the
development of the company's business in foreign fields.
"The partnership with the Royal Dutch Shell Group holds great promise
for Flintkote. The joining of patents by tho two companies will turn over to
us, for exclusive exploitation throughout the world, valuable patents now
held by the Royal Dutch Shell Group. Flintkote will thus extend its leadership in its field to a further point than it could have hoped to attain, un
aided, in many years.
'Fllntkote already holds important patents in this country and abroad
on asphalt shingles and prepared roofings and has developed, after years of
research, a method of asphalt emulsion, thereby extending the use of this
product into many new and varied fields. Its patents and operations in
asphalt emulsion cover very broad industrial uses. The operations of the
Flintkote Co. and its licenses are constantly increasing in this field and
cover such applications as the manufacture of waterproof paper, automobile
panel boards, insulating material for boilers, buildings, refrigerators and
pipe lines, asphalt paints, road materials, moisture-proof cartons and
'
shipping containers.'
Chairman Reginald W. Bird, Oct. 4, in a letter to the
holders of convertible preferred stock, said in part:
The investment by the Royal Dutch Shell group between of $8,000,000
and $9,000,000 (they paying book value per share which, after adjustments
and conversion, is estimated to be approximately $59 or $60 per share)
insures a substantial increase in capital which will facilitate the expansion
program, the company has been following so successfully for a number of
years.
There will be no change in the Flintkote management except the strengthening of the present board of directors by the addiition of representatives
of the Royal Dutcn Shell group. In fact, retention of Flintkote's aggrosive management was a prime factor in interesting the Royal Dutch Shell
group in the proposed partnership arrangement.
After this issue of preferred stock shall have been converted or redeemed.
the company will be left without any funded debt or preference stock, and
with augmented resources represented only by common stock.
At the present time the directors are considering the advisability of a
split-up in stock, prior to making application for its listing on the Exchange.
On Sept. 14 there was issued a notice of redemption of the preferred stock
as of Oct. 15 1928 at 110 and div. At the same time attention was called
to the privilege of conversion up to Oct. 15 (the redemption date) of the
preferred into common stock of the company,in the ratio of 1-3 shares of 1
common for each share of preferred, with adjustment of dividend. Up
to the present time, practically all of the preferred stock which has been
presented, has been for conversion into common, and any preferred shareholder desiring to convert his stock into common should do so prior to
Oct. 15, as the conversion privilege ceases on all preferred stock on that
date. (See also V. 127, p. 1682.)
The Flintkote Co. has acquired the Beckman-Dawson Roofing Co., a
long-established business which nas grown rapidly in the last few years.
This is the first step in the Flintkote company's program of expansion in
the fields of asphalt roofing, emulsion and allied asphalt products. About
two years ago the Flintkote Co. acquired the roofing businesses of the
Richardson Co. and the Chatfield Mfg. Co.
The Beekman-Dawson company within the past 2 years has taken over
the Peck Asphalt Shingle Co. of Detroit, Mich., and the Lockport Paper Co.
of Lockport, N. Y., giving it three roofing plants and a felt mill. There
will be no change in the conduct of the Beckman-Dawson business. Representatives of the Flintkote group will bo added to the Beckman-Dawson
board of directors.
-V. 127, p. 1682.
•
Follansbee Brothers Co.
2,350,000
-Transfer Agent.
1,246,581
The National Bank of Commerce in New York has been appointed New
2,065,595 York transfer agent for the common and preferred stocks. See also V.
100,000 127. p. 1955.
108,000
2,460,000
400 Madison Avenue Building (400 Madison Avenue
865,000
683.983
220,099
763,520
286,666
361,512
332,815
d137,500
6,433,897
Total
18,060,045 18,415,188
Total
18,060,045 18,415,168
a After depreciation . b Represented by 8,380 shares class A and 2,959
class B preferred stock. c Represented by 72,894 no-par shares. d Includes retirement first preferred stock.
-V. 127. p. 1812.
5110 Kenwood Apartments, Chicago.
-Bonds Offered.
-Straus Brothers Investment Co., Chicago are offering
$430,000 1st mtge. 6% serial gold bonds at prices to yield
from 5.80% to 6% according to maturity.
Dated Aug. 10 1928; due serially 1931-1938. Int. payable J.
-J. at the
office of Straus Brothers Investment Co. Red. all or part, in inverse
numerical order, on any int. date, at 102 and int. upon 3 weeks' published
notice to bondholders. Normal Federal income tax up to 2% refunded
by the mortgagor. Herman 8. Straus, an officer of Straus Brothers In
vestment Co., trustee.
Securily.-Funds derived from the sale of this bond issue, together with
the mortgagor's investment, will be used to finance the erection of the building described herein. These bonds are secured by a first mortgage on the
land-owned in fee simple
-on the building to be erected thereon and will
be further secured by a chattel mortgage on the furnishings, when installed.
The property has a frontage of 66.5 feet on Kenwood Avenue with a
depth of 178.9 feet.
The 5110 Kenwood Apartments will be a 10
-story high-grade, fireproof
apartment building of reinforced concrete construction.
These bonds are the direct obligation of the 5110 Kenwood Building
Corp. In addition, payment of principal and interest is unconditionally
and personally guaranteed by Thomas D. Randall a responsible business
man who comes well recommended.
[VOL. 127.
Corp.), New York City.
-Bonds Offered.
-An issue of
$1,900,000 1st mtge. leasehold 6% sinking fund gold bonds
is being offered at 97 and int. to yield over 6.26% by G. L.
Ohrstrom & Co., Inc., Graham Parsons & Co. and Janney
& Co.
Dated Sept. 1 1928; due Sept. 1 1918. Principal and int. (M. & S.)
payable at American Exchange Irving Trust Co., New York, trustee.
Denom. $1,000 and $500 c*. Red. all or part, on any int. date, unon 30
days notice, to and including Sept. 1 1931 at 105: thereafter, to and including Sept. 1 1937 at 103; thereafter to and incl. Sept. 1 1943 at 102: thereafter, to and incl. Sept. 1 1917, at 101: and thereafter at 100: in each case
with accrued interest. Interest payable without deduction for normal
Federal income tax not in excess of 2'1. per annum. Refund of certain
state taxes to resident holders upon written application within 60 days
after payment, all as will be provided in the mortgage.
Location.
-The 400 Madison Avenue Building will occupy the block
front on the west side of Madison Avenue extending between 47th and 48th
Streets. This site is in the midst of the highly developed business and
banking district known as the Grand Central Zone. The Grand Central
Terminal is two blocks to the south of the property.
Building.
-The 400 Madison Avenue Building will be a high-grade 20story office and banking building of modern fireproof steel construction.
The exteror will be of Gothic masonry rising from a granite base. The
facade, occupying the block front, will combine the imposing solidity of
the American skyscraper with the grace of the French Gothic, making the
building one of the finest structures in this district.
An outstanding architectural feature of the 400 Madison Avenue Building
is tha elimination of all columns from the office snare, leaving each floor
entirely unobstructed thromrhout thus adding anpreclably to the rental
value of the space in the building. In addition, due to its exceptional width
on Madison Ave. of over 188 feet and a comparatively short depth of approximately 45 feet, the building will have exceptional light penetration
as well as the further advantage of light and air from three streets.
The main entrance located in the canter of the buildinr on Madison Avenue will be of marble and bronze with ornamental ceiling. Two marble
stairways leading from the ground floor entrance to the first floor, which
has been designed for the use of a bank,will give unusual height to the main
hallway. Elevator service will be provided by high-speed passenger elevators of the most modern type.
OCT. 13 1928.]
FINANCIAL CHRONICLE
2097
-The
-5% Stock Dividend.
Gillette Safety Razor Co.
H. Craig Severance, Inc., architects and engineers, have prepared the
plans and specifications and the building will be erected under their super- directors have declared a 5% stock dividend in addition to
vision. George A. Fuller Co. will construct the building
cash dividend of $1.25 a share on the
mortgage on two
Seeurity.-This Issue will be secured by a direct firstland and building the regular quarterly
leasehold estates of 400 Madison Avenue Corp. in theblock front of over 2,000,000 shares of no par value capital stock, both payable
to be erected thereon. This land extends for an entire on
47th and 48th Dec. 1 to holders of record Nov. 1.
200 teat on Madison Avenue, and approximately 45 feet
The
A special meeting of stockholders has been called for Oct.
Streets, comprising a total area of approximately 8,987 square feet. have
in the land and in the building, upon completion,
leasehold estates
capitalization from 2,000,000
F. Noyes Co., Inc., and Thoens 31 to authorize an increase in
been independently appraised by Charles
the 5% stock
& Flaunlacher, Inc., both of N. Y. City, as having a value of not less than to 3,000,000 shares, no par value, from which
$3,011,000. thereby making this issue less than a 64% loan.
leases during the life dividend will be paid.
The average rental under the terms of the ground
1928-9 Mos.-1927.
Period End. Sept.30- 1928-3 Mos.-1927.
of these bonds will not exceed $106.200. Until Feb. 1 1934 the total annual
will
ground rent is only $70,000. Completion of the building to be erected Im- Net income after depre$3,173,852 $11.172,775 $10.030,431
$3,597,324
ciation, taxes,
ba guaranteed by George A. Fuller Co. and United States Realty &
the trustee. Earns, per share on 2,provement Co. Title insurnace will be carried, payable to carried.
000,000 shs. of no par
Adequate fire, rental value and liability insurance will also be area of at
$5.02
$5.59
$1.59
$1.80
capital stock outst'g-The completed building will have a net rentable
Earnings.
progress,
The company's business, it is announced, is showing steady
least 125,000 square feet. Charles F. Noyes Co., Inc., and Thoens &
from foreign trade being particularly gratifying.
Mannlecher, Inc., both of New York City, have estimated the income
and shipment
Company has orders for 6.000,000 razors booked for sale
the building upon completion. The lower of these two estimates is as
to foreign markets after Dec. 1 1929.-V. 127, p. 267.
follows:
$573,371
Gross rental
-Stock Sold.
Gleaner Combine Harvester Corp.
Ground rent taxes, other than Federal income tax, and operating
expenses,including maintenance, insurance and allowance for
George H. Burr & Co. have sold at $60 per share 24,000
296,899
vacancies
shares common stock (no par value). Authorized. Outstanding.
$276.472
CapitalizationBalance
100,000 shs. 96,000 shs.
114,000 Common stock (no par)
Maximum annual interest charges on this issue
Registrar,
-Mortgage will provide for a quarterly sinking fund.payTransfer agent. Harris Trust & Savings Bank, Chicago.
Sinking Fund.
able to the trustee in cash and (or) bonds of this issu a at par. beginning Continental National Bank & Trust Co., Chicago.
and continuing to the maturity of this issue.
H. Hale, President of the Corporation.
Dec. 11929.
Data from Letter of S.
-Corporation is a Delaware corporation. Was
history and Business.
Fourth Avenue and 21st St. Bldg. (265 Fourth Ave. organized in November 1926. taking over a company with a similar name,
principally develop-Protective Committee, &c.
which had been in business for approximately two years.
Corp.).
(The Gleaner-Baldwin
ing and perfecting the Gleaner-Baldwin combine.
A protective committee consisting of Charles C. Hood, Chairman combine, as its name implies, cuts and threshes grain in one operation,
(Charles C. Hood & Co.). James T. Monahan (Vice-Pres., Chatham effecting an immense saving in harvesting.) These machines are widely
foreign
Phenix National Bank & Trust Co.). John E. Hoffman (Sec., American
entire United States and a considerable Canadian and
in
& Foreign Insurance Co.) has been formed to protect the certificates sold over the
already been felt. The number of combines of all makes now
representing shares or parts of 20-year 6% sinking fund mortgage and gold demand has a small fraction of the ultimate requirements. The company
use is only
bond of the 265 Fourth Ave. Corp., due Sept. 11945. The committeeIn a
production in 1927, and during that year manufactured and
started real
letter dated Sept. 24,says in part:
y 1.550 combines. In the first eight months of 1928 the
"There has been a default In the payment of the interest and sinking fund sold approximatel
manufactured and sold approximately 3,000 combines. In addue Aug. 20 1928 (Interest warrants payable Sept. 1 1928), on the first company manufacturing combines, the company also manufactures a feed
dition to
mortgage of the 265 Fourth Ave. Corp.. dated Sept. 1 1925."
with uniform success. The feed mill is manufactured
-Chatham Phenix National Bank & Trust Co., 149 Broad- mill, which Is meeting
Depositary.
period of the year when the company's plant is the least
way, New York. Milton E. Cornelius, Sec., 160 Broadway, New York, and sold during the
active, due to the seasonal nature of the combine business. in January 1927.
and Elmer W. Maher, Counsel, 46 Cedar St., N. Y. City.
-Company started actual operations
Sales and Earnings.
The committee in a further notice October 4, says:
company having been doing only experimental and develop"The committee is advised that a receiver of the property 265 Fourth its predecessorthe approximate two years of its existence. Sales and earnings
the Manufacturers ment work for
Ave. has been appointed in the action brought by
certified public accountants for the respective periods
Trust Co. 6n Sept. 21 1928, to foreclose the first mortgage securing the as prepared by follows:
aNet
certificates. The committee wishes to point out that the strength of its covered, were as
Earnings.
position lies chiefly in the amount of the certificates deposited with it, and
Sales.
398.572
it therefore cannot too strongly recommend the immediate deposit by all
$1,218.356
- 7 months period ended July 31 1927
532,240
2,817.987
certificate holders who have not already deposited their certificates.
Year ended July 31 1928
631,111
Y. 121. ..14('t.
2.734,293
7 months period ended July 31 1928
a After depreciation and taxes.
-The Natseason for combines
(George A.) Fuller Co.-Pref. Stock Sold.
During the latter part of 1927, the manufacturing
a period of several
ional City Co. offered Oct. 9 at $100 a share, 36,500 shares being over, the company's plants were practically idle for during its inactive
months. The company is now manufacturing a feed mill
cumulative and participating preference stock (no par period in the combine department and has already received orders for its
value). The offering does not represent new financing by entire production for this season. In addition it has received inquiries and
500 additional combines to be shipped this year,
the company, since the shares have been purchased by The orders for approximatelyestimates that its net profit for the year 1928. after
as a result of this, it
its
National City Co. from the United States Realty & Im- and
depreciation and taxes, will exceed $800.000,or more than $8 per share on
provement Co. which continues to own the entire common common stock now outstanding.
and has given such good
has been so favorably received
The
stock, other than directors' qualifying shares of the George service combine
that advance orders and inquiries received from dealers and others,
approximately
Indicate that the company will be called upon to manufacture
A. Fuller Co. This issue has been oversubscribed.
to take care of next season's requirements.
Transfer agent: National City Bank of New York; registrar. Corporation 6,000 combines -The balance sheet as of July 31 1928, giving effect to this
Sheet
Balance
Trust Co. Preferred as to regular dividends at the rate of $6 a share Per financing, shows total current assets of $2.204.687 as against total current
-J., subject to the prior
annum, cumulative from Oct. 11928. payable Q.
accrued liabilities of 3608.074. a ratio of better than 3).j-for-1, leaving
rights of the cumulative and participating prior preferred stock. F.ntitled and working capital of $1,596,613. Cash alone is approximately two times
also (as a class) to participating dividends (not exceeding $3 p share aer net liabilities.
total
annum), payable annually, equivalent to 3 4% of the residuary net profits
-Proceeds will be used partly for plant expansion, which it is
Purpose.
(as defined) of each fiscal year subsequent to the fiscal year ended April estimated will cost not to exceed $150,000, and for additional working
30 1928, determined after certain deductions, including regular dividends capital.
($6 a share) and sinking funds ($3 a share) on the prior preferred stock and
-The management has announced its intention of placing the
Dividends.
on the preference stock. Dividends exempt from the present normal Federal common stock on an annual dividend basis of$4 per share, payable quarterly.
income tax.
beginning Jan. 11929.
Redeemable, in whole or in part, at the option of the company, on any
-The plant, located at Independence, Mo., conPlant and Equipment.
div. date, upon 30 days' prior notice, at $115 a share, if red, on or before sists chiefly of two buildings; one 100 by 400 feet, the other 100 by 527 feet.
April 1 1932; at $110 a share thereafter and on or before April 1 1936: Both buildings are practically new and are ofsteel and concrete construction.
date in every respect
and at $105 a share thereafter; and in part only, through the opration of
The machinery and equipment is modern and up to
the sinking fund, on Jan 1 in any year, upon 30 days' prior notice, at $105 and is carried on the books of the company at a conservative figure.
a share: in each case plus accumulated unpaid regular dividends, particihas been made to list this common stock on the
-Application
Listing.
pating dividends earned in prior fiscal years and unpaid, and a participating Chicago Stock Exchange.
dividend for the current year, based unon a rate of $3 a share tier annum
-Co-registrar.
adjusted for each month elapsed from the close of the preceding fiscal year.
Globe Insurance Co. of America.
Outstanding.
Authorized.
strar for the capital
CapitalizationThe Bankers Trust Co. has been appointed co-regi
George A. Fuller Co. of Can., Ltd., 6%
above company. See also V. 127, p. 1683.
stock of the
cumulative guaranteed and participat7,500 shs.
7,500 shs.
ing Preferred stock ($100 par)x
-Orders.
Gotham Knitbac Machine Corp.
Cumulative and participating preferred
Gotham Silk Hosiery
The corporation, newly formed subsidiary of the of contracts signed for
60,000 shs.
45,000 shs.
stock no par value)
earlier this week that the total
Co. Inc.. announced
Cumulative & participating preference
in the first two
60,000 shs.
36,500 shs. the new Knitbac machine for repairing silk stocking runs mark. This is
'
-this issuey
stock (no par value)
30.000 shs.
30.000 shs. weeks of demonstration had already reached the $480,000 been received
Common stock (no par value)
In addition, inquiries have
x Guaranteed by George A. Fuller Company as to 6% cumulative divi- In excess of earlier expectations.
dends, and in any liquidation, the payment of $100 a share, plus accrued from practically every city in the country. of a quarterly rental charge
The machines will be leased on the basis over a stated amount. In
preferred dividends at the rate of 6% per annum.
y Upon amendment of certificate of incorporation of George A. Fuller with an extra royalty charge for all repairs
includes training
for presently authorized and outstanding cumulative addition, the licensee pays the cost of installation which
Co. and exchange
-V. 127, p. 1683.
the necessary operator.
preference stock.
-Is one of the foremost companies engaged in the construction
Company.
-Rights, &c.
Granite City Steel Co.
of buildings, including banks, hotels, office buildings, apartment houses,
in the authorized
The common stockholders have approved an increase to provide for the
clubhouses, school buildings, court houses, industrial plants, powerhouses,
shares,
During the past 25 years it has carried out contruction work aggre- no par common shares to 250,000, from 155,918
etc.
stock outstanding to 32.000.000,from $4,000,000.
reduction of7% preferred
gaating over one billion dollars in cost.
the right to subscribe
-The net earnings of the company, applicable to dividends and Common stockholders of record Oct. 18 are offered
Earnings.
77,956 additional shares of common
and additional compsensation to the officers and staff for the eight fiscal on or before Nov. 7 at $25 per share for
for every two held.
years ended April 30 1928, have averaged $1,814.158 per annum or more stock in the ratio of one new share
shares of preferred from
The directors have arranged to purchase 20.000
than 3.7 times the combined annual regular dividend requirements ($6 a
and div. or $4 per share less than the callable
share) on the prior preferred stock and the Preference stock to be presently Hayden, Stone & Co. at 101 of other preferred stockholders to sell their
out stalling. For the fiscal year ended April 30 1928. such net earnings price, subject to the right
the same terms, up to the amount to be
amounted to $2.010,888 or more than 4.1 times such annual regular divI shares to the company underbe made to list the common on the New York
purchased. Applications will
deed requirements.
-V. 127, p. 1814.
Based on the earnings of the company and on the canitalization to be Stock Exchange, it is said.
outstanding, the preference stock would have been entitled, in addition
-Stock Split-Up.
Grigsby-Grunow Co., Chicago.increase in the capital stock
ner
to regular dividends of $6 a share 83c.annum, to particinating dividends
in 1921; 61c. in 1922: 51c, In 1923:
The stockholders on Oct. 5 approved an
to
in the following amounts per share:
shares of no par value. The directors voted be
in 1927, and $1.22 in 1928.
in 1926;$2.46
from 100.000 to 500,000
stock will
37c. in 1924;81c. in 1925;$1.48made to list this preference stock on
the New split the present stock 4 for 1. It is intimated that the new
-Application will be
Listing.
p. 3763.
on a 32 annual dividend basis. corporation earned more than $20
placed
-V. 126.
York Stock Exchange.
President B. J. Grigsby said that the
ended Sept. 30 1928, and
-Deposits Urged.
a share in the first four months of the fiscal year
Galena-Signal Oil Co. (Pa.).
650,000. "The company has more than $20.that profits for Sept. were 8
declared
The re-organization committee has assets to operative that part of the 000,000 of unfilled orders, said Mr. Grigsby, "we are employing about
the Texas Co., the retiredealers throughout
plan pertaining to the sale or certain
people. have 55 distributors and more than 8,000 the balance of the
ment of the funded debt and the transfer of the remaining properties and 6.000
our product. Outlook for
consideration the fact that
corporation. The committee states that over 80% of the the United States handling
into
business to a new
Year is exceptionally good when you take
outstanding preferred stock and over 78% of the common stock have been during the month of September alone we earned approximately $8 per share
deposited.
states that it will be difficult and perhaps on the stock then outstanding."
-V. 127, p. 960.
annually.
However, the committee
The present stock is paying $3.20 a share
impossible to carry out the feature of the plan which provides for the dis-Organized.
Co., Inc.
of cash and common stock of the new corporation unless at least
tribution
Ground Gripper Shoe company manufacturing corrective footparticipate in the plan.
90% of all outstanding stock of the companystock deposited the
The organization of the largestin the acquisition by the Ground Gripper
committee
man effort to get 90% of both classes of
the country is announced
urges all stockholders to deposit their stock, stating that if they were un- wear in
Inc. of the Ground Gripper Stores, Inc., a retail chain through
the Kehler Shoe Co., Inc.,
successful in this it will be necessary for the company to retain in its treasury Shoe Co.,
which Ground Gripper shoes are distributed:
representing the
the common stock of the new corporation,cash which would assets of the distributors of Dr. Kehler Shoes: and the Powers Realty Trust, a real
otherwise be
at Roxbury, Mass.
company not sold to the Texas Co. and the
company which owns a modern shoe factory
estate
distributed to stockholders. See also V. 127. p. 1955.
2098
FINANCIAL CHRONICLE
For.. 127.
The new company and its associated interests will
comprise, upon completion of the acquisition, a chain of 103 Ground Gripper
and Kohler stores
located in principal cities throughout the United
States. Forty-three of
these will be company-owned and the remaining 60
clusive franchise. In addition, 1.000 dealers will will operate under exhandle the shoes manufactured by the new company.
Financing relative to the consolidation will be undertake
n in this market
soon by McKinley & Co.,and will take the form of
an offering of cumulative
preferred and common stock.
CapitalizationAuthorized.
Outstanding.
Participating preference stock ($50Par)
400.000 shs.
140,000 shs.
Common stock,class A.no par value
580,000 shs.
Nil.
Common stocg,class B,no par value
*386,152 she.
* Not including 30,248 shares in treasury. 520,000 shs.
Data from Letter of L. C. Harbison, President of the
Company.
Business.
-Corporation with predeecessors is oldest and one of largest
Companies in United States engaged in small loan field,
carrying on business which has been uniformly successful since
Hart-Parr Co.
50 years ago. Small loans are an essential factor estabilshment more than
-Rights
-Recapitalizatio in financial and economic
The common stockholders of record Oct. 13 will n.
be given the right to structure of country, serving need of small borrowers. It is estimated
subscribe for new preferred and common stocks on
the basis of 3-10ths of a that over 80% of the families of the United States are without means for
share of new preferred and 8-111ths of a share of new
bank credit. This corporation, in cooperation with Russell
common stock for each tion
Sage Foundaold common share held at $54 for a unit. The
and other social ageacies and legislative bodies, has been
a leader in
The price is on the basis of $100 a share for therights will expire Oct. 27. development of remedial legislation for
protection of
preferred and $30 a share Corporatio
for the common stock.
n with wholly owned subsidiary has 68 officessmall borrowers.
in 11 States, InThis announcement was made on Oct. 5
cluding most of important Industrie' States.
holders of an increase in the authorized following the approval by stock- of over $13,000,000 represent approximately Present outstanding loans
no par value common stock to
114,000 accounts, averaging
500,000 shares from 200,000 shares and the creation of
50,000 shares of about $114 per loan, and are confined exclusively to States which have
$6.50 cony. pref. stock. There will be issued 33,000 shares
of prefarred and enacted legislation of type known as "Uniform Small Loan Law."
88,000 shares of common stock under the stock purchase rights.
Uniform Small Loan Law.
-Laws
Earnings of the company for the year ending Oct.
have succeeded notably in objectsof this type, now enacted by 25 States.
of protecting small borrower and of
31, with the last two making
months estimated, will show about $5.40 a share earned
available adequate capital for small loans. They generally provide
on
common stock, to be outstanding after giving effect 108,000 shares of that loans may be made in amounts of $300
to the change in under strict
or less by licensed lenders
capitalization, according to President M. W. Ellis.
State supervision; interest shall not be payable in advance or
The proceeds of the sale of additional stock will b
compounded, must be computed
of 1st mtge. 6% bonds and outstanding issues of eused to retire $1,000,000 without additional charges, and on unpaid balances for actual days elapsed
may not exceed a fixed rate designed to
77- 1st pref. and panic. cover high
class "A" proffered stock.
overhead cost of making cash loans in small amounts.
Application will be made to list the common stock on the Chicago Stock
Purpose of Issue.
-Corporation has decided to make voluntary reduction
of nearly one-third below interest rate
Ezehange.-V. 127, p. 1956.
loans to small borrowers. As result of permitted by most of the laws upon
this public benefit, corporation will
attract desirable loans in large and growing
Haytian Corp. of America.
amount which it can handle
-Annual Report.
without proportionate Increase in cost
Years Ended June 30-- 1928.
1927.
financing will be added to working capitalof operation. Proceeds of this
1926.
1925.
to meet this demand.
Gross earnings
$2 238 897 $1 844 642 $1,503,295 81,252,288
Earnings.
-Net earnings after all taxes, year ended
Operating expenses
Dec. 31
1,571,235
1,359,646
1,221,128
1,005,380 $2.247,998, or 5.35 times cumulative fixed dividend requireme 1927, were
Minority int., Wharf Co.
per
nts
5,099
4,224
1,568
1.308 share on 140,000 shares of this participating preference stock. of$3last
Income note int., &c_.._ _
For
263,615
219.912
213,113
190.508 five years such net earnings averaged 3.44 times
zDepreen reserve, &c
71,338
60,686
53,290
50,508 times this requirement, although 10 years ago and for last 10 years 2.49
average invai,ted capital
was only about one-quarter of that in 1927.
Net income
$327,608
For six months to June 30 1928, such
$200,174
$4,584
$14,195
Shares of corn,stock outnet earnings were at
of $16.29 per share or 5.43 times this requirement. Comparedannual rate
standing (no par)__.._
with initial
90,941
85,368
85,368
80.000 $3 per share dividend on each class of stock, th s was
Earns.per sh.on com.stk
$3.59
$2.34
$0.17
$0.06 $4 33 per share on combined participating preference at annual rate of
z Following the policy of the company adopted by reason
and
of the conces- now to be outstanding, or nearly 1 Si times amount roqu common stocks
sions, no depreciation reserves have been provided for
red to pay div the railroad or the dends on both classes of stock at initial rate.
electric light company.
While surplus earnings in
excess of initial dividend rates will be
reduced temporarily by decrease in
interest charged, careful survey indicates
Balance Sheet June 30.
income from proceeds of this financing, that future earnings, including
1928.
1927.
1928.
will substantially exceed those
1927.
aoeve shown for 1928, which should
Assets
Liabilitiesresult in increasing value for both
$
$
participation and conversion privileges.
Property & equip.,
Capital stock and
Assets.
-Net assets, based on balance sheet of
less depreciationy7,236,424 6.974.784
surplus
x7,471,726 7.184,881 give effect to
June 30 1928, adjusted
French. & comes_ 1,141,423 1,141,423 Income notes
present financing were $17.249,467. or $123.21 per share to
of
2,996,531 2,631,974 participating preference
Claim against Haiti
stock, representing $246% of par value. CorAccounts payable- 116,878
57.656 poration's assets are
Government._ _ _ 1,027,389 1,027,389 Accrued interest
unusually liquid, Ions
1,517
monthly installments In an average of about outstanding being repaid in
Cash
75,300
47,662 Bills payable
seven months. During last
319,406
616,682 five years losses from bad
Mdse. held for sale 708,110
debts in each year have been less than M of 1%
Minority interest:
of loans made.
Mtge.lot,received
20.902
Wharf Co
57,132
58,264
320,313 1,000,362 Income note Int.__ 344,857
327.195
Household Products, Inc.
Accts.receivable_ _ 244,992
-To Increase Capitalization.
173,960 Helders of syndiThe stockholders will vote
Mtges. receivable_
54,924
54.924
cate partic. ctfs_
2,775
2,775 stock of no par value from Oct. 26 on increasing the authorized capital
Cost of cane fields
251.458
575.000 shares (all outstanding) to 1,000,000
214,620 Reserve for Rayshares.
-V. 127 p. 1956.
Other assets
5.704
tlan taxes
17,700
11,000
Advance against
Other reserve
34,793
6.800
Hudson Motor Car Co.
future crops. _ _ _ z70.308
z80,401
-Listed on Amsterdam Stock
•
prepaid expenses
91,710
84,083
Exchange.
Bonddiscount_ _ _ _
79,933
45,015
Samuel Ungerleider & Co. have received a cable
Organization exps.
30,568
30,568
istratiekantoor, their correspondents in Amsterda from Broekmans Adminm, Holland, advising them
that the shares of the company have been introduced
Total
11,364,449 10,896,094
to the Dutch market
Total
11,364,449 10,896,094 by listing on the Amsterdam Stock Exchange.
The
x Represented by 90.941 no par shares issued or to be issued.
in in the form of transferable certificates of deposit. shares will be traded
Issued by the Brookdeducting $852.320 reserve for depreciation. z After deducting y After mans banking house.
-V. 127. p. 691.
$18,089
for reserve.
-V. 126, p. 4090.
(R.) Hoe & Co., Inc.
-New Orders Closed.
The corporation announces the closing of
orders for its Suparspeed and new design a number of important new
Superprod
presses. Undelivered orders at the American plants uction newspaper
months normal business and for the British subsidiary represent nearly six
over a year's n-irmal
business. Much of this business has been stimulated
by interest in the
trade in the new Superproduction Press, which gives a
larger net production
yet occupies only 65% of the floor space required by former
models.
Orders now announced include a new plant of 12 16
-page units for the
Philadelphia Record, five additional 16
-page units
the Louisville
Courier-Journal, six for tha Boston Globe and three for for Montreal
the
Star,
That R. Hoe & Co.is one of the most international of American
businesses
as well as one of the oldest is indicated by contracts recently
closed.
with the Sydney (Australia) Bulletin for a magazine press, with El Comercio
of Lima, Peru,for four 16
-page combination black and color
El Excelsior of Havana, Cuba, for a complete now plant units and with
intending eight
-page black units, a color press and a photogravure press. The British
16
subsidiary reports two large orders, 25 115-page units for the London
Telegraph and 24 for the London Daily Mail.
The company has just completed an installation
lishes a record for quick delivery. On June 25 which it believes estabthe New York "Sun"
placed an emergency order for eight additional
44th St. plant, which has just gone into action. 16-page units for its new
The
and ready for operation ahead of time on Sept. 26, justpresses were erected
one day over three
months from signing the contract to switching on the power.
On Nov. 1 the company takes title to its new plant in the
where substantial manufacturing economies are expected. Bronx, N. Y..
To assist in
financing this program stockholders have been offered
year 7% notes and 16,000 additional shares of class A $800.000 new sixstock. Rights to
this subscription expired Oct. 10. See V. 127. P. 1397, 1259.
Hygrade Lamp Co., Salem, Mass.
-Stocks Sold.
Hale Waters & Co., New York have sold 15,500 shares
$6.50 convertible preferred stock (no par value) at $99 per
share and div. and 17,000 shares common stock (no par
value) at $39 per share.
Dividends exempt from present Mass. Income
vertible preferred Stock is preferred as to dividends Tax. The $6.50 Conand in any
of assets other than by dividends from surplus or net profits distribution
of $100 per share plus div.; Dividends payable quarterly, to the extent
as declared.
cumulative from Oct. 1 1928. Red. all or part,
30 days' notice. at $110 per share plus divds. on any div. date, upon
Transfer Agent: State
Street Trust Company. Boston; Registrar: 0. Colony Trust
Company.
Boston.
Conrertible.-Each share of $6.50 convertible preferred
convertible at any time before the date of redemption at thestock will be
option of the
holder into two shares of common stock.
Capitalization
Authorized
Outstanding.
$6.50 cony. pref. stock (no par value,)
$18,300 shs.
$18,300 shs.
Common stock (no par value)
*154.300
117,684 shs.
*36,600 shares reserved for conversion of Preferred shs.
Stock.
Data from Letter of Frank A. Poor, Treas. of the
Company.
Company.-Incorp. in Massachusetts In 1917 to
succeed
business originally established by Frank A. Poor in 1901. to the lamp
Company is
licensed to make and sell incandescent electric lamps
General Electric Co. The license agreement with under patents of the
the General Electric
Co., expires on Dec. 11, 1934.
From a very modest beginning the
consistently. In 1917, the company business has grown rapidly and
output approximated 3,100,000
lamps a year. In 1922, this amount was
over
present time exceeds 11,000,000. This growth 5,600,000, and at the
has been caused by the
consistent increase in the use of incandescent
Hope Engineering Co.
-Sells Manufacturing Business.
lamps and also by the ad- vantageous acquisition, at variouus
This company (formerly the Hope Engineering & Supply Co.) announces
times, beginning in 1917, of
the sale of the manufacturing end of its business located at Mt. Vernon. companies, which has been financed entirely out of the company'sfive other
earnings.
In August 1928 the company acquired the
Ohio, to the C. & G. Cooper Co., well-known engine builders
assets and license rights of
city. The Cooper company will continue the manufacture and of the same the Vosburgh Miniature Lamp Co., manufacturers of electric automobile
distribution
of the Hope Gas Engines and compressors in addition to its present lines. bulbs, which should add 5,000,000 lamps a year to the company's business
By this transaction the Hope Engineering Co. will further develop its and increase the company's annual output to over 16,000.000 lamps.
Company is now the third largest manufactu
engineering construction business so as to give a greater service
rer of large lamps and
and oil industry, with which it has been prominently identified to the gas fourth largest manufacturer of automobile lamps in the United States. the
for many
In addition, through a wholly-owned subsidiary
years. The transaction will also enable the Cooper company to provide
, the Neptrom Corp..
the company manufactures radio tubes.
for the gas and oil industry a greater line of equipment.
Although this subsidiary's
No change in the management or organization of the Hope Engineeri/40/ business is at the present time in an early development stage, it is expected
ng that it will grow and
Co. will be made.
add to the company's income in future years.
Distribution of Product.
-Company owns a modern and efficient plant
at Salem,
where all of its lamps are manufactured. Sales offices
Hope Engineering & Supply Co.
are locatedMass.,
-Changes Name.
in Salem and in Chicago, from which the company's products
See Hope Engineering Co., above.
are distributed to approximately 200 jobbers
-V. 127. p. 267. 831.
and
the United States,as well as being sold directly to 5,000 dealers throughout
many large consumers.
Earnings.
Household Finance Corp.-Pref. Stock Offered.
-The combined gross profits from sales, after deducting
-Lee, royalties, and net income
Higginson & Co. are offering at $49 per share 140,000 shares and Vosburgh Miniature available for dividends of Ilygrade Lamp Co.
Lamp Co., after adjustments, were as follows:
participating preference stock (par $50).
1928
Calendar YearsPreferred as to cumulative dividends at rate of $3 per share per annum, Gross
1926.
1925.
1927.
(7 Mos.)
profit from sales
$833,807 81,028,594 $1,106,890 $566,806
payable Q.
-J. Preferred as to assets up to $75 per share in event of volun- Net
income
tary, or $55 per share in event of involuntary dissolution. Participating
538,486
423 453
589,894
280.112
i.56
at least equally with common stock in cash dividends after common has Times div, requlet on pref.4.53
4.96
4.04
$2.59
received $3 per share in any year. until participating preference stoca has Bal. avail, per sit. for com
$3.56
$4.00
$1.79
Net income for the three years and seven months,
received maximum aggregate dividend of $5 per share per annum. Proaveraged $511.241 per annum, equal to over 4.29 timesas shown above.
vision is made for protection of participation and conversion rights in
annual dividend.
of common stock dividend on common stock. Callable at $75 per event requirements on 18,300 shares of $6.50 cony. pref. stock to be outstanding
share
plus accumulated preferred dividends, as a whole or in amounts of not less After deducting annual pref. dividend requirements, the average for this
period available for dividends on the 117,684 shares of common
than $500,000 on any dividend payment date, upon 30 days' notice. If
stock to be
called, right of conversion may nevertheless be exercised up to and including outstanding amounted to $3.33 per share.
Balance Sheet.
-The balance sheet as at July 31 1928 as adjusted, shows
tenth day before redemption date.
current assets of $1,218,132,as compared with current liabilities
Convertible into common stock, class A. at a rate of
of $457,295,
stock, class A. for the following amounts in par value 1 share common a ratio of over 2.6 to 1.
of participating
Purpose.
-This offering, with the exception of 500 shares of the cony.
Preference stock respectively: on or nefore July 1 1931, $75; thereafter
pref. stock, represents stock purchased from individuals and
on or before July 1 1933, $87.50; thereafter on or before July
not new
1 1937,$100. financing of the company.
OCT. 13 1928.]
2099
FINANCIAL CHRONICLE
part of an additional 700,000 shares of common stock without par value.
-The management will continue in the hands of Frank A. and whereby a portion of the offering will be underwritten. Subject.
Management.
of
Poor. Edward J. Poor, and Walter E. Poor. More than a majority be therefore, to necessary approval of stockholders, the board has authorized
be presently outstanding will
the common stock of the company to
the offering to the holders of its COMII1011 stock of record Oct. 17 1928 for
owned by these men and their families.
pro rata subscription of 700.000 shares of common stock without par value
Listing.-ApplicatIon will be made to list the common stock on the at $21 per share. Notice will be given later of the date of expiration of
Boston Stock Exchange.
the subscription rights and of the date when and the place where subscrip-New Director. tions will be payable. On the common stock will beof shares of common
Imperial Tobacco Co. of Canada Ltd. elected a director. stock now outstanding holders ofbasis of the number entitled to subscribe,
Lieut.-Col. Henri Des Rosters, D.S.O., as been
under the offering, for the additional common stock at the rate of approxi-V. 127. p. 1110.
mately two shares of additional common stock without par value for each
share of common stock hold of record Oct. 17. The company has made
-Dividends.
International Printing Ink Corp.
consideratkion to the underwriters for the underwriting
the regular quarterly dividend of I % on arrangements for a700,000 shares to be included in the offering and the
The directors have declared
100,000 of toe
the preferred stock and a regular quarterly dividend of 6214c. per share of
underwriters of the option to purchase such portion of the
granting to the
on the common stock, both payable Nov. 1 to holders of record Oct. 15. 700,000 shares (other than the 100.000 shares underwritten) as shall not be
on the pref. stock and one of 41 2-3 cents
An initial dividend of 13.
by the holders of its common stock.
-months' period) on the common stock were paid subscribed and paid for
per share (covering a 2
No change in either class of pref. stock will be made.
on Aug. 1 last.
-V. 127, p. 1815.
Due in a large degree to the crop in the price of crude rubber, the comsuffered a substantial
-Offer to pany, in common with most other rubber companies,this year the company
International Products Corp. (& Subs.).
loss during the first 6 months of 1928. Since July of
-Annual Report.
-Semi
Pref. Stockholders
has been operating profitably.
A special meeting of the shareholders has been called for Oct. 13 1928
The stockholders on Sept. 29 (a) increased the authorized common stock
from 376,700 shares, without par value, to 550.000 shares, without par for the purpose of amending the certificate of incorporation so as to change
(b)approved a plan for the purchase of 22,286 shares (approximately the common stock (par $25) to common stock without par value, and to
value;
30%) of the outstanding preferred stock by issuing therefor 7 shares of increase the number of authorized shares of common stock from 400,000
common stock for each share of preferred stock.
shares to 1,200.000 shares. See also V. 127, p. 1956.
The pref. stockholders of record Sept. 29. have until Oct. 27,the privilege
-Initial Dividend.
Kidder Peabody Acceptance Corp.
of exchanging their shares on the above basis by depositing same with the
The directors have declared an initial semi-annual dividend of 3% on
Chatham-Phenix National Bank & Trust Co., 149 Broadway, N. Y. City.
rearrangement of capital structure is completed there will then be the 2nd pref. stock. payable Nov. 1 to holders of record Oct. 15.-V. 114.
If this
outstanding 50,000 shares of preferred, par $100 per share, and 532,116 p. 2247.
shares of common, without par value.
Directors.
Knickerbocker Insurance Co. of N. Y
Earnings for the year 1927 were equivalent to $10.34 per share on the
Dr. Maurice B. Keady, II. M. Jacoby, George D. Vail, H. L. Rodgers,
preferred, and for the six months of 1928 $8.38 per share, equal to a yearly
A. Henry of San Francisco, Cal..
rate of $16.76 per share. For the same period, after the 6% preferred divi- W.It. Thrall, all of New York, and Carl418.
-V. 127, p.
dends, the common stock showed 84 cents per share for the year 1927, and have been elected directors.
for the six months of 1928 $1.03 per share equal to a yearly rate of $2.06
-Sales.
(S. H.) Kress & Co.
per share.
Increase.
1928-9 Mos.-1927.
Increase.
--1927.
1928-Sept.
1927
1928
Earns.for 6 months ended June 30$454,875 I $41,746,551 $36,536,636 $5.209.915
$4.555,633
$5.010,508
$762,167
$481,745 -V. 127, p. 1957.
Profit from operations
102.097
100,563
Depreciation & depletion
Net profit
Interest earned earned
$661,603
27,607
$379,648
22,568
Total income
Reserve for federal income tax
$689,210
83,298
$402.216
54,299
-Annual Report.
Lake of the Woods Milling Co.
1925.
1926.
Years Ended Aug. 31- 1928.
$689,588
x Profits
Depreciation
105,000
Preferred dividends_ __ 400.267
Common dividends
25.000
y Retiring allowance_ _ _
4,996
Int. on pay on new stock
75,000
property_ _ _
Written off
1927.
$634,378
75,000
105,000
420.000
$271,792
105,000
420.000
$193,486
115,000
105,000
420,000
$347.917
$605.912
Comparative Consolidated Balance Sheet.
'28 Dec. 31,'27
June 30,
LiabilitiesJune 30,'28 Dec. 31,'27
Assets$34,378 def$253.208 def$446,514
$79,325
Balance
1,379,541
Med as.sets___. $7,311,066 $7,351,185 6% pref. stock__ $7,228,600 57,228,600 Previous surplus
933.027
679,819
714,197
579,318
682,622 Common stock._ c3,807,895 3,807,895
Cash
99,038
168,190
$933,027
709,191 Accounts paybl_
759,092
$679,819
Accounts receiv.
$714,197
$793,522
surplus
Total
Inventories.-- 3,074,709 2,456,658 Div. on pfd. stk
z35,000
216,858 Shs. coin. stk. outstand.
216,858
ceclared
z35,000
Subscrip to cap.
z35,000
148,000
(no par)
57.959
Fed. Income tax
$4.77
stk. & Int.
$13.27
$3.24
Earns, per sh.
608,890 Res.for Fed.Ina
a605,518
and providing for doubtful
thereon
x After deducting all expenses of operation
119,341
83,298
tax
Invest. In Col.
tax. y Provision for employees' retiring allowance.
36,581 accounts and income
75,268
1,609,542 1,604,775 Res. for contIng.
Prods. Co._
z Par $100.
for depl. of
31,364 Res.
25,409
Def. digs., etc...
Balance Sheet August 31.
70,357
59,307
forests
1927.
1928.
1927.
1928.
Capital surplus_ 1,260,804 1,264,831
5
Assets
612,232
Earned Surplus_ b 989,424
Common stock__ _y5,245,145 3,500,000
Real estate, bldgs.
1,500.000
& machinery_ _ _x6,448,300 6,430,655 Preferred 7% stock 1,500,000
513,964,655 513,444,683
Total
513,964,655 513.444,683 Total
Dom'n Flour Mills
trade
a The subscription account amounting to $605,518 was liquidated in Goodwill,&c
1,400,000 1,400,000
let 5s
250,000
250,000
marks,
1,655,000 2,133,990
August, 1928.
Bank loans
914,000
b Earned surplus is subject to preferred stock dividends accumulated Investments
88,178 Acct's payable and
145 822
Cash
812,913
of $6 per share not yet declared.
accrued charges_ 697.912
Accounts receivie. 2,122,917 2,229,519
50,000
-V. 127, p. 1956.
c 376,114 shares (no par value).
75.000
3,237,087 2,987,643 Empl. retlr. allow.
Inventories
2,000.000 2,000,000
Reserve account
Auto trucks,stable.
-Bonds Called.
Jeddo-Highland Coal Co.
714,197
Surplus account- - 793,521
&c., equipment,
The company has called for redemption Nov. 1 $68,000 1st mtge. (lease125.105
furniture, dce.__ 148,451
hold) 6% bonds. due Nov. 11941. at 105 and int. Payment will be made
at the Markle Banking & Trust Co., trustee, Hazelton, Pa., or at the
Total..... _13,266,579 12.111.101
13,266,579 12,111,101
Total
-V. 126 p. 2658.
office of J. P. Morgan & Co.. 23 Wall St., N.Y. City.
-Indirect liabilities on customers' paper under discount, $876,987
Note.
Co., Chicago.
- for 1928 and $654.391 for 1927. machinery, $8,249,137; less depreciation
-Bonds Offered.
Jersey Ice Cream
buildings and
x
-V. 126. p. 881
Lloyd E. Work & Co., Chicago are offering $275,000 1st and Real estate,
renewals, $1,800,836. y 148.000 shares (no par).
Net income
4
,
mtge. 63 % sinking fund gold bonds at par and int.
Dated Aug. 1 1928; due Aug. 1 1938. Red. all or part upon 60 days'
notice on any int. date at 105 and int. until Aug. 1 1929; thereafter at Si of
Denom.
1% less each year until Aug. 11934,and thereafter at 102 and in
$1,000, $500 and $100 c*. Principal and int.(F. & A.) payable at Chicago
Trust Co.. Chicago, trustee, without deduction for normal Federal income
tax not to exceed 2%.
Data from Letter of George C. Shepard, President of the Company.
History.-Beginetng in 1908. the business has had a steady, consistent
growth and under the name "Jersey" the company's products have become
Increasingly well known for quality until the borrower is one of the large
Chicago manufacturers and dealers in dairy food products. In addition
to the ice cream business, a plant for the manufacture of artificial ice is
successfully operated. In both divisions of the business the company has
become firmly established.
-A closed first mortgage on all permanent assets now owned by
Security.
the company, specifically including its thoroughly equipped modern plant
with a daily freezing capacity of 3.000 gallons of ice cream, hardening rooms
having a capacity of 15,000 gallons, and ice manufacturing plant of 150 tons
daily capacity, with storage facilities for 1,800 tons.
-Net sound depreciated value of real estate, buildings and equipAssets.
ment covered by this first mortgage as at Aug. 3 1928 is $485.350, with a
replacement value very much in incess of this amount.
-Net earnings for the three years ended Dec. 31 1927. after
Earnings.
depreciation, available for Federal taxes and interest, were $174,800, an
annual average of $58,267, or over 3Si times maximum annual interest
charges on these bonds. For the calendar year 1927 such net earnings were
$66,181, and from Jan. 1 to Aug. 3 1928 $54,610. More efficient managemeld,and economics already effected, should serve to substantially increase
these earnings.
-Company covenants to deposit with the trustee during
Sinking Fund.
every three months, ending Jan. 31, April 30, July 31 and Oct. 31, onefourth of annual interest requirements and in addition a sum equivalent to
one-fourth of the following amounts for the years ending July 31: 1929.
$5,000; 1930, $5,000; 1931. $10,000; 1932, $10,000; 1933, $12,500; 1934,
$25,000: 1935, $30,000; 1936, $35,000; 1937. 545,000; 1938. $97.500. The
company will also pay Into sinking fund one-fourth of the net earnings of
the company between $60.000 and $100,000 in any fiscal year and one-half
of all net earnings in excess of $100.000 in any year.
-Rights, &c.-Pres. Samue
Kelly-Springfield Tire Co.
Woolner, Sept. 29, says:
The company has at present issued and outstanding $4.500.000 of 1:1-year
must
8% sinking fund gold notes, of which $500.000sinkingbe redeemed at 110
fund and $500.000
on Nov. 15 1928 through the operation of the
must be likewise redeemed each 6 months thereafter until May 15 1931,
becomes due and payabie. In addition.
when the balance of $2,000,000
the company has a large amount of current indebtedness for borrowed
money which is extremely nurdensome and materially retards its growth
and progress. Owing to the losses which the company has sustained (many
of which are considered of a non-recurring nature), the company has been
unable to refund its gold notes and liquidate its bank Indebtedness. As a
result of those losses and the semi-annual payment of $550,000 to its gold
noteholders, the company's working capital has been materially depleted.
The board therefore deems it essential that additional permanent capital
bo immediately secured.
Under these circumstances the directors have approved a plan (which
Involves the change of the $25 par value common stock to common stock
without par value and increase of the authorized amount of common stock)
whereby each present holder of common stock will receive one share of new
common stock without par value in lieu of each share of his present common
stock of $25 par value and be given the right to subscribe to his pro rata
-Bankers
-Stock Offered.
La Lasine International, Inc.
Service Corp., New York, is offering, subject to prior sale,
200,000 shares (no par) common stock at $6.50 per share.
Agents,
Capital 1,250.000 shares (no par). Registrar and Transfer
United States Corp. Co.
August 20.
Data from Letter of President Wm. D. Young, Dated
InterCompang.-Ilas acquired the business in France and Italy and the
formerly possessed by them in the famous French formula
national rights
chemist, Laval. During
La Lasine Antiseptic, discovered by the French
epidemic La Lasine
the World War and the period of devastating influenza civil, military and
won the recognition and praise of prominent medical,
ecclesiastical authorities of the Old World.
stock
United Cigar Stores Co. of America has acquired a substantialof this
affairs
Interest in La Lasino International, Inc., and will share In the
.
h
soa ond, e bzatll of directors.
t
y
aigs.
ozt n, wah representation co ract erweendire
o
cop
Stores Co.
United
subsidiaries.
of America and La Lasine International, Inc., United and its
Whelan Drug Co.,and others that it now has or hereafter acquires,
including
-year period. These
will promote the sale of La Lasino products for a 10
products will be featured in special sales combinations with other articles.
counter, store poster and window displays, and
given publicity through
sales
their sale will be otherwise promoted, all of which assures maximum there
-year period. Under these arrangements
co-operation during this 10
Lasino products, carried over
will also be co-operative advertising of La
or its subthe name of the Whelan Drug Co., United Cigar Stores Co. where their
sidiaries, appearing in local newspapers published in the cities
stores are located.
and merchSince Oct. 11927, La Lasine Antiseptic has been advertised of the New
check
andised throughout the six New England States. A than 3,000 outlets
England drug trade recently made disclosed that more
stock La Lasino.
Whelan
In addition to the direct connections of the corporation with the
Co.,
Drug Store chain, and the many agents of the United Cigar Stores
as a standard item in their warehouse, where
Liggetts now carry La Lasine
States.
It is available for distribution through all their stores in the United chain.
Arrangements have also been made with Pennsylvania Drug Co. in the
operating in New York City, and the Owl Drug Co. chain operating and
Pacific Coast States, to co-operate with us intensively in advertising
further
merchandising La Lasino. Arrangements are pending looking te
contracts with various other large drug store chains.
Stores Inc..
have been with Schulte-United Sc. to $1 the products.
Arrangements
whereby this chain also will stock, advertise and display
$1 Stores the corporation has
In addition to the Schulte-United 5c. to outlets through numerous other
contracts in the making for merchandising
the United States.
5 and 10 cent stores and similar chains throughout of obtaining additional
-The present financing is for the purpose advertising and merPurpose.
expansion of the
working capital for the continued
the rapid
chandising of the products of the corporation in keeping with
development of its business.
(Director, United Cigar Stores Co. of
-Albert C. Alien
Directors.
Griffiths (Gen. Mgr.,
America); D. J. Cotter (Sec. & Treas.); H. G.
Pelham (Member, execuPennsylvania Drug Co.) New York: Thomas W. Shepard (Pres., Shepard
John
tive committee, Gillette Safety Razor Co.); Cigar Stores Co.) New York;
Stores) Boston: A. Steal (Comet., UnitedWilliam D. Young (President)
Edward G. Young (Vice-President); and
Boston.
-Sales.
Lane Bryant, Inc., New York.
1928-9 Mos.-1927
Increase.)
-1927.
1928-Sept.
$8,213,849
$2,4411$8,368,635
$818,033
$820,474
-V. 127, P. 1538.
Increase.
$154,786
2100
FINANCIAL CHRONICLE
Lehigh Valley Coal Co.
-Time Extended.
-
The committee has extended the time limit for the deposit
certificates
of interest in the capital stock of the Lehigh Valley Coal Co.of of shares
and
of stock of Lehigh Valley Coal Sales Co. under the plan and agreement
dated July 28 to Nov. 30 1928.
Since the broadest possible participation in the plan is desired, the committee requests in order to expedite the consummation of the plan that all
certificates of interest and all stock not yet deposited be forewardd immediately to any of the following depositaries: J.P. Morgan & Co., N. Y. City;
Girard Trust Co., Philadelphia; Miners Bank of 'Wilkes-Barre, WilkesBarre.
-V. 127, p. 1538.
Lehigh Valley Coal Sales Co.
-Time Extended.
-
See Lehigh Valley Coal Co. above.
-V. 127, p. 1539.
(Louis K.) Liggett Co.
-Acquisition.
-
[VOL. 127.
Mohawk Mining Co.
-Larger Dividend.
-
A dividend of $3 per share has been declared on the capital stock. payable
Dec. 1 to holders of record Oct. 31. From March 1928 to Sept. 1928 incl.,
quarterly dividends of $1 per share were paid. This makes a total for 1928
of $6 per share as against a total of $5 per share paid in 1927 and 1926.V. 126, p. 1674.
Morewood Gardens (Inc.)., Pittsburgh, Pa.
-Bonds
Offered.
--Wells, Deane & Singer, Inc., Pittsburgh and
Graham, Parsons & Co., Philadelphia, recently offered at
100 and int. $1,200,000 1st mtge. 6% sinking fund gold
bonds of C. Benton Cooper. Guaranteed as to principal
and interest by Morewood Gardens, Inc.
According to a dispatch from Chicago, this company is
Dated Oct. 1 1928;due Oct.
the purchase of the MacLean Drug Co.operating a chain negotiating for office of Pennsylvania Co. for11948. Int. payable A.& 0.at the principal
of drug stores
on Lives
in Chicago. This transaction is expected to be closed shortly, according trustee. Denom. 81,000 and Insurances Red. all & Granting Annuities,
or part, on 30 days'
to H. E. White, President of the MacLean Drug Co. The transaction notice at 103 and hit, if red, on $500 e*.
or before Oct. 11933;'
at 102
will be for cash, but the amount involved was not disclosed. The MacLean after but on or before Oct. 11938; at 101 and int. thereafter and int. thereon or before
company operates 15 stores and has 2 others in process of being opened.
Oct. 1 1943, and at 100 and int, thereafter until maturity.but
The Ligget company recently acquired the 5 stores
The Morewood Gardens. Inc., to which the property has been conveyed,
the Portes Drug
Co. in Chicago, and earlier in the year purchased the ofstores of Buck
guarantees that the interest coupons on the bonds secured by the mortgage
7
&
Raynor,marking the Ligget company's entry into Chicago.
-V.126. p.3938. will be paid when and as they severally mature, without deduction of the
4 mills Pennsylvania tax, it agreeing to pay the same and also the payment
Loft Inc.
-Sales.
of the 2% normal Federal income tax.
1928-Sept.
-1927.
Decrease. t 1928-9 Mos.-1927. Decrease.
Property.-Morewood Gardens, Inc., owns in fee the property situated
$556,048
$607,870
$51.822185,138,257
$5,562.983 5424,726 at 1060 Morewood Ave., Pittsburgh, known as the Morewood Garden
-V. 127, p. 1686.
Apartments. The frontage on Morewood Ave. is 300 feet with an unusual
depth of 240 feet, having an area of approximately 65,000 square feet.
Massachusetts Investors Trust.
-To Split Up Shares.
- The building was completed in
The trustees propose to change the par value of the present shares from apartments, having a total of 343May 1928 and contains 59 housekeeping
rooms. It is of
$50 to no par value and will give the holders ofrecord Oct. 20.two new shares concrete, strictly fireproof construction, containingbrick, stone, steel and
over 1,600,000 cubic
of no par value stock for each share of 50 par value owned.
feet,
-V. 126. P• and and was designed by Victor C. Farrar and Marks & Kann, Pittsburgh,
3133.
erected by W. T. Grange
Co.. Pittsburgh.
tion with the building there is Construction the tenants with In conjunca garage for
a storage caMayflower-Old Colony Copper Co.
pacity of 75 cars.
-Assessment.
An assessment of 50 cents per share has been levied
Security.
-This issue of bonds will be secured,
stock of
the company payable Oct. 23 by stockholders of on the capital22 1928 by a closed 1st mtge. on the land and buildings in the opinion of counsel,
record Oct.
owned in fee as described
This assessment is payable at the office of the American Trust Co., transfer above. The properties have been
agent, 50 State St., Boston, Mass. This is the first assessment since Samuel W. Black Co., Pittsburgh independently appraised as follows:
$1,802,500
May 10 1927 and makes $17 per share paid in on the outstanding 200,000 John A. Sharp, Pittsburgh
shares of capital stock, par 825.-V. 126, p. 3607.
The principal amount of the 1st mtge- therefore, represents 1,828,000
less than
66 2-3% of the lower of the above appraisals.
The Potter Title & Trust
Co., Pittsburgh, and the Title Guaranty
Mead Pulp & Paper Co., Dayton, 0.
Co., Pittsburgh, have jointly
-Rights.
insured this mortgage as a first lien on a fee simple
The common stockholders of record Oct. 10 have been
title in the amount of
to
subscribe on or before Oct. 25 to additional common stock given rights of $1.200,000, each being liable for the full amount of the policy. The morton the basis
gage also provides for the assignment to
one share for each two shares held at 869 per share.
trustee of fire and
-V. 126. p. 3768.
priate insurance policies for the benefit thethe bondholders. other approof
Earnings.
-The property was completed in
Melville Shoe Corp.--New Common Stock Placed on a $1
,
for occupancy in that month. In spite of the May 1928 and became ready
Annual Dividend basis.
are normally the poorest renting season, the fact that the summer months
building
The directors have declared initial quarterly dividends of 25c. a share on pied on a long term lease basis. The average length is already 97% occuof the present signed
Teases is approximately 23.4 years. The
the new common stock (no par value) and of 114% each on the 1st
many who
and 2d pref. stocks, all payable Nov. 1 to holders of record Oct. 20. pref. are prominent in the business and sociallist of tenants includes in keeping
life of the city and is
(See with the character
also V. 127. p. 833, 693 and 270.1
of the district.
Samuel W. Black Co. has made the following estimate of earnings, based
Sales for Month and Nine Months Ended Sept. 30.
upon signed leases now in effect with an allowance
1928
-Sept.
-I927.
Increased 1928-9 Mos.-1927.
Increase. greater amount than now exists), an income from of 5% for vacancies (a
82,127,651 81.588,861
8538,7901815.825,698 812,412,063 $3,413,635 per annum and taxes, maintenance and operating garage rentals of $18,000
costs.
- 127, p. 1817.
V.
Gross income
$222,250
Taxes
20,000
Merchants Fire Assurance Co.
Maintenance, administration and labor
-Capital Increase.
34.300
A special meeting of the stockholders will be held Oct. 19
Net income available for interest charges
increase in capitalization from 52.000,00 to 53,000,000. the to consider an
increase to be
$167,950
In the form of 8750,000 additional common stock and $250,000 additional Maximum interest on first mortgage bonds
72,000
The above estimate of net earnings are over 2 1-3 times the maximum
bo
preferred stock and ad to be distributed to the common
rata as a stock dividend following a split-up of the presentshareholders pro annual interest charges.
common shares.
The par value of the common stock will be reduced from 825. to $10
Morgan Lithograph Co.
If the proposal is approved 2!6 shares of the new common stock ofa share.
-New Treasurer.
,
the par
George Morgan succeeds Vernon Chainley in the capacity of Treasurer.
value of $10 each sill be issued in exchange for each share of
825 common stock and each holder of a share of the par valuetha par value Mr. Chainley retains his position as Secretary -V. 127. p. 1957.
810 common
stock will be entitled to
share of tha new common
Moth Aircraft Corp.
of a share of the new preferred stock. Scrip certificates stock and 1-60th
-New Airplane Company Formed
will ha issued for
fractional shares. With the new set-up capital will be $3.000.000. assets to Manufacture Famous
English "Moth."
above $13,000,000. contingent reserves 8750,000 to 81,000.000 and surplus
Incorporation of the Moth Aircraft Corp. in Delaware was announced
84.500.000.-V. 123, p. 2911.
Oct. 10 by Minton M. Warren, who will be President. Mr. Warren
stated
that the new company had obtained an exclusive contract
for the
Metropolitan Chain Stores Inc.
facture and sale in the United States of the famous "D. H. Moth"manu-Sales.
plane
of the De Havilland Aircraft Co., Ltd.. of England. The
1928-.Sept.
-1927.
Increased 1928-9 Mos.-1927.
Increase. pany
American com$1.116,456 3970,862
is
8139,594158,282,297 87,712,425
8569,872 plane, 100% owned and managed by Americans. Its product, the Moth
- 127, p. 1817.
V.
is a two-seater light airplane described as "the beat light airplane
in the world." The De Haviliand "Gipsy" engine, with svhien
the
pany's planes will be equipped. Is an 85-100 horsepower air-cooled, in comMichigan Copper & Brass Co.
-Control.
line,
four-cylinder motor of simple construction. At cruising speeds of 90
See American Smelting & Refining Co. above.
to
-V.127. p. 1957.
95 miles per hour it consumes gasoline at the rate of 20 miles per
gallon,
while its high speed is well over 110 miles per hour, its initial climb
Michigan Steel Corp.
over
-Bonds Called.
-Listing.
-800 feet per minute and its oil consumption very low.
All of the outstanding 1st mtge. 15
-year 6 % a.
The
called for redemption Nov. 1 at 1021i and int. f. gold bonds have been shares Moth Aircraft Corp. will have an authorized capitalization of 100,000
at the Union Trust Co.. trustee, Detroit. Mich. Payment will be made 30,000 participating cumulative voting $2.50 "A" stock (no par), of which
shares will
The Detroit Stock Exchange has approved for listing 220,000 shares class "13" common presently be issued, and 100,000 shares of (no par))
stem. of which 65,000 shares
presently be
(no par) common stock. Compare V. 127. p. 694.
Financing of the enterprise has been underwritten willJ. A. Ritchie issued.
by
&
Inc_ and Pratt & Co., who, it is understood, will soon make a puoile Co.,
offerMid-Continent Laundries, Inc., Chicago.
-Stock Of- ing of units comprising cumulative "A" and class "B" common stock at
around $24 per share of cumulative "A."
fered.
-A. B. Leach & Co., Inc.; Minton, Lambert & Co.,
and Paul H. Davis & Co. are offering 100,000 shares participating class A stock at $43 per share.
Dividends payable Q.
-J. Red. all or part on
share up to Jan. 11933: at $55 up to Jan. 1 193560 days' notice, at $50 per
and at $60 thereafter plus
in each case accrued cumulative dividends. Fully paid and non-assessable.
Preferred as to dividends up to $2.40 per share per annum over the common
stock. The issues participates in additionat cash dividend disbursements
up to a total of $5 per share per annum, as hereafter
Dividends
exempt from present normal Federal income tax. provided.agent: First
Transfer
Trust and Savings Bank, Chicago; Registrar: The Bank of
America,
Chicago.
Date from Letter by C. F. Noftzger, President of the Company.
Comp:inv.-11as been organized in Delaware to acquire the business and
assets of 18 laundries and dry cleaning concerns in Chicago.
Sioux
City, Council Bluffs, Waterloo, Oskaloosa, and Ames, Is.; and III., entire
the
capital stock of Excelsior Laundry & Dry Cleaning Co., Clinton, Ia.
All the properties to be acquired have shown a successful record of
sperations and have an established patronage, comprising a total of more
than 100.000 customers.
The plants to be acquired are modern and the equipment representative
of the latest developments in the laundry and cleaning industry. The
physical properties have been examined and appraised by The American
Appraisal Co., who reported that they are well maintained and in good
operating condition.
CapitalizationAuthorized.
Outstanding.
Participating Class A stock (no par)
200.000 shs.
100,000 siss.
Common stock.(no par)
100.000 shs.
100,000 shs.
-Combined net sales of the properties, after allowances. etc,,
Earnings.
and combined net earnings after depreciation and Federal income taxess
arrived at before certain non-recurring charges as stated below, are as
follows:
Net Sales, Net Earning.
After Alas
Mullins Mfg. Corp.
-To Increase Stock.
-
The ;slew York Stock Exchange has received notice from
of a proposed increase in the authorized common stock the corporation
(no par value)
from 100,000 shares to 150,000 shares and the creation
of 30,000 shares of
$7 cumul. cony, preferred stock.
-V. 127. p. 1687.
Murray Corp. of America.
-Rights.
-
A special meeting of the stockholders has been called
on increasing the authorized capital stock (no par value for Nov. 15 to vote
from 300,000 shares)
to 900,000 shares. It is proposed to issue 269,300
at $15 a share in the ratio of one new share for eachshares of additional stock
share
Chairman Harold 0. Barker, said: "The proceeds held.
from the sale of this
additional stock to shareholders will be used
funded debt,leaving $538,666 shares of stock to retire about $4,000,000 of
as the sole outstanding Capital
liability. Subject to the approval of the stockholders
, we
rights to subscribe to stockholders of record November propose to offer
16. Rights will
expire on Dec. 20. After retirement of the outstanding
bonds, the company
will have between $7,500,000 and $8,000,000
net working capital. .4
"The company has practically completed ofexpansion
an
program which
will increase body making capacity
day. All divilsions at the present from 425 bodies to about 900 bodies a
time are operating at capacity."
-V.
127. p. 1957.
Nash Motors Co.
-Extra Dividend of
Cents.
50
The directors have declared an extra dividend of
the regular quarterly dividend of $1 per share on the50 cants per share and
outstanding
shares of common stock, no par value, both payable November 2,730,000
1 to holders
of record October 20. Like amounts were paid in each
of
five quarters. In February and May 1927 the companythe preceding
paid regular
quarterly dividends of 81 per share with no extras.
Consolidated Earn;ngs for Period Ending Aug. 31.
1928-3 Mos.-1927,
1928-9 Mos.-1927.
Net income after taxes.
depreciation, &c
56,666,853 $6,298,525 812,039,704 $15,790.259
Earns. per share on 2.lowances, Indicated.
730,000 shs. of no par
Etc.
commonstock$4.41
1925
.44
$2.31
en mgr
82,028.038
8238.919
,.
$5.78
M. H. Pettit, V _Pre 3, 0. $2
1926
commenting on the report, said
2,439,775
311,589 that the management
1927
feels that earnings are satisfactory and in line with
2,654,386
382,660 expectations,
1928 (6 mons.)
being above the corresponding period of last year, especially
1,387,400
222,258 in the light of the
fact that the quarter was penalized by abnormal expense;
Earnings, arrived at on the basis indicated, for the calendar year
1927,
were equivalent to $3.82 per share on this issue of Class A stock, and for Incident to getting into production the new "400 series of cars in all of
the company's three plants.
the first six months of 1928, were at an equivalent annual rate of 84.44
per
"Especially gratifying," Mr. Pettit nays. Is the fact that in the
share.
quarter
sold 52,695
Listing.
-Company has agreed to make application to listing the Class A the companyin excess of the new '4C0 series)of ears, which is more than
10.000 units
of the corresponding quarter of 1927 and exceeds
Stock on the Chicago Stock Exchange.
by
223I% the highest unit output record in any previous quarter in
,
the coin-
FINANCIAL CHRONICLE
OCT. 13 19281
2101
all the
The Nehl Corp. recently organized to acquire in the
increased over the same of common stock.
Cola Co., specializes
pany's history. Foreign sales in the quarter havebest quarter in the com- capital stock of Nehi. Inc., and the Cherotrade mark name of "Neill."
ure of a soft drink sold under the
period of 1927 and were higher than the previous
manufact
for
n of one other brand, whims has been on the market ed
pany's history.
franchis
in the hands of the com- With the exceptio
"Stocks of new and reconditioned Nash carscontinues very strong and 40 years, more bottles of this drink were sold last year through
any other nationally advertised brand.
are in splendid shape: demand
pany's dealers
would create an excellent bottlers than ion also makes a cola drink called "Chero." Net sales of
promises to fulfill expectations that the new models
The corporat
in 1912 to more
As evidence of the continued
situation for the fourth quarter of the year. sales were the largest in Nash the corporation have shown an increase of from $150.000
made
cars, September
00 In 1927. Other products of minor importance are
popularity of the new Nash
units the best previous Sep- than $3,000,0 on's plants, and at toe present time officials are engaged in
6.170
history, when 20,575 cars exceeded by sales will be more than 10,000 cars In the corporati
a new
ons are that October
an analysis of the soft drink field with a view of placing
making
tember. Indicati
-V. 127, p. 1687. 1818.
-V. 127, P. 1957.
product on the market.
in excess of last October."
-Financing Expected Shortly.
Corp.
National Bankservice
ing a merger of 19 companies
Formation of the above company represent thrift development service
and
supplying a highly specialized advertising throughout the United States,
institutions
to over 8.000 bangs and financial
for the corporation will be handled
has been announced. New financing & Co., which expects to offer within
Colvin
by a banking group headed by capital stock at a price in the neighborhood
a few days 35,000 shares of its
of $75 a share.
new corporation include all forms
The principal services supplied by the and complete accessories for the
clubs
of Christmas, vacation and travel the banks. Total deposits of the thrift
of thrift departments by
operation
$500.000.000.
accounts supplied by the corporation exceed
s for the past three years
Average earnings of the combined companie
the new corporation's outstandequivalent to $8.34 annually onare estimated at an annual rate
have been
this year
ing capital stock, and earnings the new corporation expect to inaugurate
of $9.00 per share. Directors of
a share.
dividends on the stock at the annual rate of $5
.
OfferedNational Bearing Metals Corp.-Pref. Stock H. Walker
G.
A. Harriman & Co., Inc., New York and of 7% cumul.
W.
& Co., St. Louis recently offered a block
nt
pref. stock at 993' and div. The offering does not represe
new financing.
as
-Initial Dividend.
Le Mur Co.
(The) Nestleof 50 cents per
The directors have declared an initial quarterly dividend15 to holders of
payable Nov.
share on the $2 cumul. div. class "A" stock,127, p. 832, 693.)
also LeMur Co. in V.
record Nov. 1. (See
giving effect to the
Net earnings for the 8 months ended Aug. 31, after
except Federal
consolidation Aug. 15. totaled $442.685 after all charges
-V. 127. p. 1687.
taxes.
-Decision.
New England Oil Refining Co.
Wiltsee, who sought
Federal Judge Mack has dispensed decision on Ernest that Wiltsee would
to have the company pay claims of $176.000 and said
sought
stock in satisfaction of his claims. Originally Wiltsee
have to take
New England
payment from New England Oil Corp., the predecessor of the
Oil Refining Co.
taken stock in payIt was brought out that all creditors but Wiltsee have
knew of no contracment for their claims. Judge Mack declared that he special treatment.
obligation which would entitle Wiltsee to receive
tors'
V. 127, p. 1818.
ville, Wis.-Back Dividend.
Newport Co., Carroll
of unpaid regular diviA dividend of 1% on account of accumulations
have been declared on the
dends and the regular quarterly. dividend of 2% of record Oct. 5. Like
payable Oct. 15 to holders
prior common stock
16 last.
amounts were also paid on this issue on April 16 and July
-F. Preferred
Q.
Fully paid and non-assessable. Dividends payable
Voting Trust Expires Oct. 26 1928.
case of voluntary liquidation and
between owners of coin.
to assets up to $115 per share and div. ininvoluntary liquidation. Red. all
The voting trust agreement dated Oct. 26 1925,
Herbert
case of
up to $100 per share and div. in days notice, at 115 and divs. Dividends stock of this company and Edwin Grub', Armin A. Schlesinger and
e.
part, on any div. date, upon 30 Federal income tax. Transfer agent: H.Springford. voting trustees, and the Continental Trust Co.of Baltimor
or
esent normal
1928. it is announced. On said
exempt from the
Md., depositary, will terminate on Oct. 26 ce with the provisions of the
New York.
Co.; registrar: American Trust Co., d.
New York Trust C
voting trustees will in accordan
Out
date the
Authorize
r of outstanding trust
Capitalizationagreement and in exchange for and upon surrende stock of the Newport
-year 6% sinldng fund gold
1st mtge. 20
certificates, makes delivery of certificates of common respectively, at the
*$1.941,000
$2,500,000
bonds, due May 1 1947
amounts called for by the trust certificates
Co. In the
-V.127 p. 421.
-year 6% debenture bonds, due June 1
6
500.000
office of the Continental Trust Co.
500,000
1933
3,461.000
5,000,000
Cumulative 7% preferred stock
60,000 abs.
-Preferred Dividend of $1.50.61, due Aug. 1
100,000 slag.
New River Co.
Common stock (no par value)
(No.
fund: $59.000.
The directors have declared a preferred1 dividend
* Originally issued: $2.000,000; retired through sinking Corporation.
Nov. to holders of record Oct. 15.
Data from Letter of John B. Strauch, Pres, of the
1921) of $1.50 per share, payablemade on May 1 last none since. Last
.
-Corporation was organized in New York in May, 1927, as the A distribution of like amount was
Business.
-V. 126. 13•
of accumulations.
g More-Jones Brass &
successor to several predecessor companies, includin York. Subsequently year $3 per share was also paid on account
St. Louis, and Bronze Metal Co., New of Eureka Brass Co., 2325.
Metal Co.,
and properties
the corporation acquired the business
-Initial Div.
and sale of bronze and
New York & Foreign Investing Corp.
St. Louis. Business consists in the manufacture for railroad cars, trolley
y dividend of $1.624 per
bearings
The directors have declared an initial quarterlholders of record Oct. 11.
brass castings for locomotives, car journal electric railway lines, brass and
Oct. 15 to
share on the preferred stock, payable
wheels, axle and armature bearings for
and lumber mills. as -V. 127. p. 964.
bronze castings for rolling mills, machinery builders
copper, tin,
well as babbitt metal, solder and bar lead. Pig lead, ingot
-Extra Div.
in.
spelter, aluminum, antimony, nickel, etc. are also dealt current assets of
N. Y. & Honduras Rosario Mining Co. 2',i % and an extra
quarterly dividend of
-Balance sheet, as of July 31 1928, shows
Financial.
The directors have declared a stock, payable Oct. 27 to holders of record
$3,121,678 against current liabilities of $517,343.interest on the present dividend of 2"i" 7, on the capital
-Net earnings after depreciation,
dividend of like amount was paid in each of the preEarnings.
corresponding combined October 17. An extra 127, p. 272.
funded debt, and Federal taxes, together with on but excluding earnings vious 15 quarters.
-V.
earnings of the properties prior to their acquisiti as follows:
-Capital Stock.
of Eureka Brass Co. recently acquired, have been
New York Title & Mortgage Co.
1925.
1926.
1927.
x1928.
proposal to increase the authThe stockholders on Oct. 10 anproved the
$430,998 $368,803 $411,149 $451,236
Net earns. (as above)
to $20,000,000 by the issuance of
orized capital stock from $15,030,000
stockholders
x 8 months ended Aug. 31.
par $100. These new shares will be offered to
of
Earnings for the first 8 months of 1928 were at the annual rateon $646,497 50,000 shares, 10 at $300 a share in the ratio of one share for each 3 shares
the out- of record Oct.
2-3 times the annual dividend requirement of $242,270
15. See also V. 127. P•
or 2
held. Payment to be made not later than Nov.
-V. 126, p. 2660.
standing preferred stock.
1688.
-September Sales.
National Family Stores, Inc.
1928.
$149.916
Month of SeptemberSales
-V.127, p. 834,695.
1927.
$125,401
Increase.
$24,515
-Resumes Common Dividend.
Co.
-First
-Bonds Offered.
Nordberg Manufacturing Co.
mtge.
Wisconsin Co., Milwaukee are offering 51 000 000 1st
int.
6% serial gold bonds, Series of 1928 at 100 and
Int. payable(M.& S.)
11933-43.
Dated Sept. 11928; due serially Sept.ee, trustee, without deduction for
Milwauk
at First Wisconsin Trust Co.,to 2%. Denom. $500 in 1943 maturity and
normal Federal income tax up all or part on any int. date on 30 days
$1.000 in ail maturities. Red.
of 3 of 1% for each year or part
notice at 100 and int. plus a premium and maturity. Company further
between the redemption date
-Par Value Changed.
Co.
National Surety
of the stock thereof the right to call all outstanding bonds on Sept. 1 1941, or on any
value
reserves
The stockholders on Oct. 10 voted to reduce the par
from each share now int. date thereafter at 100 and int. Authorized issue, $1,500.000.
from $100 to $50 by the issuance of 2 shares of stock
51 to 63.
Pres. of the Company.
held. It was also voted to increase the directorate from
Data from Letter of Robert E. Friend,
the annual stockholders
,one of the largest
The stockholders also voted to change the date ofto the last Tuesday in
-Organized in Wisconsin in 1890. Companyworld as one of the
Company.
Tuesday
the
and directors meetings from the third
third Tuesday to the heavy machinery builders, is recognized throughoutDiesel engines, uniflow
January and the monthly directors meetings from the
large mine hoists,
leaders in the manufacture of engines, air and gas compressors, special
last Tuesday of each month. See also V. 127, p. 1818.
steam engines, large rolling mill
t.
machinery, and smaller lines of standard equipmenthe company has manu-Sales National Tea Co., Chicago.1928-9.
Increase.
In addition to its own lines, for many years, Symons Bros. Co. under
Mos.-1927.
d
Increase
-1927.
1928-Sept.
915 $22,001,973 facuted crushers for crushing rock and ore, for the
$40,721,
with drawings, patterns, tools,
37,229.469 $4,523,701 $2,705,768 1$62,723,888
Symons patents. These patents, together and
in progress, and the
-V. 127. P. 1540.
jigs, fixtures, inventory of finished partsBros. work now being acquired
Co. are
and good-will of Symonds
business
-Bonds Offered.-Mack- crusherNordberg Manufacturing Co.
Union Mortgage Co.
National
by the
used for the acwill
-Proceeds from the sale of this issue Co., be retire bank loans
Purpose.
ubin, Goodrich & Co., Baltimore, are offering $3,000,000
to
quisition of the crusher business of Symons Bros.
bonds. Dated Oct. 1 1928; due $500,000 Oct. 1 and notes payable, for additional working capital, and for other corporate
53% gold
1931; $1,000,000 Oct. 1 1933 and $1,500,000 Oct. 1 1938. purposes. including additions and improvementsnto the plant. , and are
-These bonds are a direct obligatio of the company
-year bonds, price 99 to
Security.
the land upon
Bonds are prices as follows: 3
mortgage on the plant of the company andmanufacturing
y and
-year bonds, price 98% to yield 5.80%; 10- secured by a first
;5
yield 5.875%
which it Is located. The lands, buildings, machiner . was valued by the
equipment of the company, covered by this mortgage $3.767.735.
3
year bonds, price 98K to yield 5.75%. Co.,Baltimore
American Appraisal Co. under date of July 31 1928. at deducting adequate
Maryland Trust
Principal and int. payable at the or Continental National Bank (trustee)
.-The net earnings of the company, after
Earnings
& Trust
New York,
and Federal and Wisconsin
Bankers Trust, Co.,
and $500, reg. charges for depreciation and before interestended June 30 1928, were as
$1,000
CO., Chicago. Interest payable A.-0. Denom.
state income taxes. for the two fiscal years
int, date all or part at 101 and int. upon 30 days' notice. to follows:
Red. on any
$181,589
-Each of the following surety companies guarantees as
Guarantee.
or the first mortgages securing 1927
principal and interest, a portion of the bonds these guarantees equals 100% 1928
e4Ci
collateral. The total of
were more than thM
1ponds, deposited as
8
8uch net earnings for the year ended June 30 1927.
& Guaranty Co., Baltimore National
times the
of this issue: United States Fidelity Casualty Co., Baltimore Fidelity & times, and for the year ended June 30 1928, were more than 10
New York; Maryland
of bonds.
Surety Co.,
annual interest requirements on this issue
e.
Symons crusher business.
Deposit Co. of Maryland, Baltimor this bond issue the direct obligations
The above figures do not include the earnings of earnings from Symons
-Company unites under
Business.
(but not a complete audit) of
companies secured by first mortgages on improved A careful reviewwas made by Arthur Andersen & Co. This review shows
of approved mortgage These companies operate in 317 cities and towns crusher business
alone for each of the years
fee simple real estate.
from Symons crusher businesssubstantially in excess of the
Georgia,
located in the following states: Alabama, Arkansas, Florida, a, South that earnings
ended Dec. 311926, and Dec. 31 1927, werebonds, and that such earnings
pi, North Carolina, Ohio, Oklahom
Kansas, Kentucky, Mississip
annual interest requirements on this issue of
Virginia.
Carolina, Tennessee, Texas and West the bonds of the approved mortgage for the 6 months ended June 30 1928 were more than three times such
Mortgaaes.-The mortgages securing insured against loss as to principal interest requirements.
are
Authorized. Outstanding.
companies, or the bonds themselves, companies mentioned above. These
Capitalization.311:000000:000000
$1,500.000
issue)
and interest by one of the four surety
1.060000;000000
or first mortgage bonds mature on or before the 1st mortgage bonds (this
guaranteed first mortgages
rred
% preferred stock
approx.500.000
issue
maturing of this issue.
ly on owner occupied residential property, 6% preferred stock, 2nd
42,747 abs.
50.000 abs.
The first mortgages are principal of income producing business properties. Common stock (no par)
together with a certain proportion bonds of the approved mortgage coms Called.
1, 1928, the outstanding $17,349,500 are deposited as collateral
-Bond
As of July
North American Car Corp.
on as of Oct. 1 1928, all of
panies totaled $29,500,000, of which
for
Baltimore, trustee, to secure an equal par
The company recently calledtrustredempti
with the Maryland Trust Co.,
6% serial bonds, due April 1 1929
car
bonds. The
Union Mortgage Co., first mortgagebonds of the ap- the outstanding collateralPayment was made at the Central That Co. of
amount of National
s on 7,186 pieces to 1931. at 101 and int.
secured by
proved mortgage companies are
The average loan is for approxi- III., Chicago.
-V. 127, p. 1958.
of property appraised at $63,628,731. appraised value.
the
mately $4,156 and for only 46.9% of the Chicago Stock Exchange -V.
-Initial
North American Investment Corp.(of Calif.).
Listed -These bonds are listed on
126, p. 1052.
Common Dividend of $1. an initial dividend of $1 per share on the
The directors have declared
Common Stock.
-Schluter & Co. to Offer be done in this market next common stock (par $100) payable Nov. 20 to holders of record Oct. 31.
Nehi Corp.
will
Additional financing for the corporation form of an offering of an issue -V. 127, p. 421.
the
week by Schluter Co., Inc., and will take
National Grocer
common stock, par
The directors have declared a dividend of 1% on thedividend of 2% was
A
$10, payable Oct. 25 to holders of record Oct. 15.
-V. 122. P• 1037.
paid on this issue on March 1 1926; none since.
2102
FINANCIAL CHRONICLE
North American Investors Corp.
-Extra Dividend.
The directors recently declared an extra
dividend of
to the regular quarterly dividend of 25c. per share50c persharejn addition
on the common stock
(no par value),payable Oct. 1 to holders ofrecord
Sept. 14.-V. 126, p. 1052.
Oilstocks, Ltd.
-Reports Growth.
[VOL. 127.
ance of four new $25 par value shares in
exchange for each $100 per share
held.
The directors have declared
to holders of record Novembera 10% stock dividsnd. payable December 1
15.-V. 127, p. 696.
Plymouth Cordage Co.
-Annual Report.
Assets as of Sept. 22 are given
Earnings Year Ended July 31 1928.
ment. Included in the statementat $3.996,274. according to an announce-.
as compared with 812.245 for theis the surplus account shown as 8116,274. Net sales
814,807,625
same item on Aug. 6, the last previous Operating profit
statement published. Securities owned by
330.727
the company are carried at Charges, including interest
the cost price of 53.946.157, while their
65,753
market value was given at $4.- Invent. adjustments (incl. use of 8329,102 invent. reserve)
247.812.-V. 127. p. 964.
7.597
Net profit
Otis Steel Co.
-Billings Up for September.
$257,377
Dividends paid
Billings for September established
486,461
nounced. The total was $3,261,73 a new high monthly record, it Is anDeficit after dividends
$3,222,968 in March 1928 and with8. compared with a previous record of
8229,084
83.219,332 in August. In September
1927 billings were 81.693.143.
Balance Sheet July 31.
The company has just completed
1928.
1927.
1928.
1927.
Assets
normalizing furnace in the country. and placed in operation the largest
$
LiabilitiesThe equipment is used for a special Real estate, &c.
$
$
heat treatment of auto body sheets and
Capital stock.-the new furnace will permit an imlees depreciation 6,606,396 6,800,364 Employees special 8,000.000 8,000,000
portant increase in production of this class of
material.
-V.127.P. 1688.
Mdse. & supplies- 6.231,968
807.467 stock
108,280
108,170
Cash
Packard Motor Car Co.
1,297 674 1,416,212 Accounts payable_ 147,793
-Shipments.
241,618
Notes & accts. rec. 1,629,903
9 Mos.Ended Sept. 30159.693 Notes & accept's
1928.
1927.
Increase. Exp. paid in adv._ 154.749
Shipments of cars
91,000
payable
563,897 1,285,931
37,033 units 24,124 units 12,909units Marketable seems
-V.127,p.1688.
91,000 Insurance fund _ .
12.759
8,897
Stk.of Cordage DisDeprec'n reserve-329,102
tributors, Ltd.._
Pacific Oil Co.-Cotnparative Balance Sheet.50,000
Int. & taxes accr'd
74,016
218,639
Stk.of sub.owning
Surplus
Assets7.635,783 7,864,887
July 31 '28. Dec. 31 '27. Liabilities-& operating Sisal
Juty 31'28. Dee.31'27
Int.in prop.&leases
Capital stock_ _a$1,750,000 $1,750.000
Plant's in Cuba. 190.750
190,750
owned jointly
Deferred liabilities
Adv.to sub. corp.. 262,717
206,441
619,244
with Assoc. Oil
Accts. pay. to Stan.
Treas. stk.(empl.)
1,475
3,490
Co.. at cost, toOil of Calif
130,432
329,344 Loans to employees 116,895
Total(each side)16,542,528 18,057,224
gether with office
Accounts payable_ 232,055
188.421 -V. 125. p 2158.
furniture & net..
Accrued taxes.
82,780
less dePrec
$294,371 $291,990 Res. for possible
(The) Potter Co.
-Stock Sold.
-C. L. Schmidt & Co.,
Miscell. invest'ts_
19.100
34,500
Fed. taxes, &c__ 4.296,471 4,340,110 Inc., Chicago, announce
Accts. rec'd from
the sale at $27.50 per share of
Surplus
915,989 1,258,077
Assoc. Oil Co.
20,000 shares (no par) common stock.
4,027,582
Other accts. and
Capitalizationnotes receivable
Authroized Outstanding
14,764
43,695
Common stock (no par value)
Exch.oll rec.at cost
60,000 she.
50.388 shs.
Transfer Agent: Continental National Bank & Trust
(957,665 bbis.)_
889.850
Co., Chicago;
Registrar: Foreman Trust & Savings Bank, Chicago.
Cash in bank
6,866,087 3,258;873
Deferred expenses
Data from Letter of Earl F. Potter, Pres. of The
192
1,486
Company.
Business.
-Company manufactures a complete line of by-pass
Total
27.194,515 23,547,976
Total
27,194,515 $8,547,976 filter condenser blocks and interference eliminator condensercondensers,
s for radio
a Authorized and issued, 3,500,000 shares of
and
no par value of 50 cents per and industrial uses. Sales in the industrial field have been growing steadily
share.
-V. 126, p. 571.
company expect continued expansion in this
end of the business.
Some of the more common uses are, viz.: A-B-0
Pan-American Petroleum 8c Transport Co.-Vice-Pres. amplifiers, loud speaker tone control, automatic supply units, resistance
ignition, circuit breakers,
train control, thermostats, telephone and
Resigns.
Instruments and power-factor correction.telegraph, electrical measuring
Frederic Ewing has resigned as vice president and a
The offices and plant are
director.
-V. 126. situated at North Chicago, Ill.
p. 3445.
Earnings.
-The business has earned a
Inception. Net sales and net earnings as net profit in each year since its
Pantepec Oil Co. of Venezuela.
reported
three years ending April 30, 1928, after all charges by the auditors for the
James Richardson (of James Richardson -New Directors.
including provision for
& Sons, Ltd., of Canada). for Federal Income Taxes, have been
Arthur J. Morris (Pres. of the Morris Plan Co.),
as follows:
and
Year Ending April30(of Bertles, Rawls & Donaldson) have been elected William M. Berties
1926.
1927
directors.
-V. 127. Net sales
1928.
P. 1959.
8299.075
8680.294 81,001,353
Net earnings
74,427
127,252
188,146
Paraffine Companies.-Acguisition.Earnings per share
1.48
2.53
3.73
Pres. K. S. Shains aid announces that the
Present indications are that the current year will be
company has acquired the
Plant Rubber & Asbestos Co. of Calif., which
the most profitable in
the history of the Company.
owns 45% of the capital
stock of the Southern Asbestos & Magnesia
Assets.
-The balance sheet
of the Paraffine Cos. will be issued in exchangeCorp. of Los Angeles. Stock 8382.093. Net assets amountas of Aug. 31 1928, shows total assets of
for
to 8295,872, equal to $5.87 per share outThe Plant Rubber & Asbestos Co. is a leading the California company.
manufacturer of high and standing. Goodwill and patents are carried at $1. Current assets amount
low pressure steam, oil, water and air packing
to $218,628 and current liabilities amount to
of
886,221. Working capital
are also manufacturers of magnesia pipe covering, every description. They is ample for,present
and prospective needs.
plastic fire brick, hose and
belting. The company has applied
Dividend.
-It
asbestos pipe for use in gee furnaces infor patents covering use a vitrified of dividends at is the intention of the directors to authorize the payment
place of metal pipes.
the rate of 81.75 per share per annum payable quarterly
-V.127, p. 964
.
Jan. April, July and Oct.
Paragon Refining Co.-Pref. Div.
Listed.
-Recapitalization.
-- Chicago -Company has agreed to make application to list this stock on the
A current report believed by the "Chronic
Stock Exchange,
The directors recently declared an initialle" to be based on fact says:
share, on the new no par value pref. stock, dividend of 81% cents per
Prairie Pipe Line Co.
-Shipments of Crude Oil.
payable Oct. 1 to holders of
record Sept. 15.
(In barrels.)1928
1927
1926
1925
The stockholders on June 12 last approved
5,394.759 4,850,792 4387.390 4,411,289
a plan which provided for January
the reorganization of the capital structure
February
5.006.573
4.736,228 4.071,405 4.322,446
out the deficit of approximately $3,788.98 of the company so as to wipe March
5.253.096
5,494.688 4.588.038 4.923.928
8.
Issuance of no par value pref. stock, carrying a The plan provides for the April
4,901,433 5,484,826 4.332.971
83
4,415,855
deemable at $55 Per share, on the basis of 3 new annual dividend and re- May
5.480,557
5,641,514 4,342.259 4,719.835
shares for each share of June
8100 par value 7% pref. stock, with dividend
5,294,564
5,505,551
4,215,416 4,716.114
accumulations of $49 a share, July
of which 13.753 shares were outstanding. For
5,701,370 5.788,134 4,234,294 4.822,61
stock, of which 320.000 shares were outstanid the 225 par value common August
6,021,445 5,786,822 4.005.484 4.318.492
6
stock was issued in exchange on a share for ng, new no par value common September
5.794.602
5.321,179 3.906.978 3,688,343
share basis. A voting trust
agreement to run for a period of 5 years was also
Note.
-These figures do not include shipments through the lines
approved by the common Pure Oil Pipe Line
stockholders.
-V. 126, p. 3312.
Co. of Texas, a subsidlary.-V. 127, p. 1400. of the
(D.) Ponder Grocery Co.
-Sales.
-
Pressed Steel Car Co.-Pref. Stock Converti
ble.
The company has notified the New York Stock Exchange
that its
Increase.' 1928-9 Mos.-1927.
Increase. cumul. pref. stock is now convertible into common stock on the basis of 7%
one
8219.6511$10.545,957 $8,962,278 81,583,679 share of pref. for each three shares of common at any time
at
the New York Trust Co. Bonds of 1933 are also exchangeablethe office of
at any time
on the basis of one $1,000 bond for each 30 shares ofcommon
Pennsylvania-Dixie Cement Corp.
and two shares
of pref. or for 36 shares of common stock.
-Earni
The company reports for the eight months ended Aug. ngs.
Previously these exchanges could only be made on the dividend
31, net income of
$808.018 after depreciation,interest and Federal
or interest
dates
.-V.127. p• 561.
taxes.
-V.127. p. 1116.
1928
-Sept.
--1927.
81,226.800 81.007,149
- 127. p. 1510.
V.
(J. C.) Penney Co., Inc.
-Sales.
-
Printing Center Building, (Lloyd
& Ceder, Inc.)
1928
-Sent
.-1927.
Increase.' 1928-9 Mos.-1927.
-Notes Offered.
Increase. Los Angeles, Calif.
$16,476,853 813,727,351 82,749,50218112,842,130
-Mississippi Valley
895,929,530816,912,600 Trust Co., St. Louis are
At Sept. 30 a total of 1,006 stores was in operation
offering $475.000 1st mtge. serial
as compared with 884
stores a year ago.
6% real estate gold notes at prices to yield from 5%
Comparative Sales of 851 Stores.
to
6% according to maturity.
Month of September1928.
1927.
Increase.
Sales
Dated Feb. 11928; due semi-annually Feb. 1 1929-194
814,715,976 813.496,699 31,219,277
3, incl. Princip a
-V. 127, p. 1540.
and int. payable F. & A. at the office of the Mississip
pi Valley Trust Co.'
At option
Peoples Drug Stores Inc., Washington,D.C.-Sale8.- St. Louis.102 and int.;of borrower notes are redeemable on or before Feb
11938,at
thereafter at 10134 and int. Denom.
$500 and 81,000
192S-Sept.-1927
Increase.' 1928-9 Mos.-1927
Increase. John R. Longmire and Orville Grove, trustees.
8952,427
2688,542
Security.
8265,885188,016,504 $5,768,139 82,248.365
-Secured by a first mortgage deed of trust
- 127. p. 1400.
V.
together with the improvements thereon, fronting on a plot of ground,
101 feet on Maple
Avenue by a depth of 140 feet near Pico Street,
Los Angeles.
(Louis) Philippe, Inc.
-Div. Disbursing Agent.
The building, a 12
-story structure known
The Bankers Trust Co. has been appointed dividend disbursin
is of steel and concrete construction, faced as the Printing Center Building,
g agent is fireproof
with brick and terra cotta. It
for the capital stock.
-V. 127, p. 422, 1540.
, has steel casement windows,
freight elevators and modern equipment two high-speed elevators, large
throughout.
Phillips Petroleum Co.
-New Gasoline Plants.
The property securing this issue has been
One new plant authorized and under construction, together with
Earnings.
-Based upon leases now signed appraised at $804,120.
and those pending, Lloyd &
ized additions to already existing gasoline plants, should increase author- Cagier, Inc., estimate net earnings
after maintenance, taxes, and insurance,
the corapany's daily natural gasoline production to approximately 675 000 gallons available for interest on these bonds
by Dec. 31, according to President Frank Phillips. The additional well- times the maximum annual interest at 887,000. This is more than three
charges on this issue of bonds.
pressure units, designed to handle large volumes of gas formerly
Professional Building (Medical Arts Investment Co.
because of low gasoline content, which are being added to three wasted
plants in the Texas Panhandle are expected to add at least 25.000existing of Dallas), Waco, Tex.
gallons
-Bonds Offered.
-An issue of $325,per day to regular production, while the new plant under construction
the Crane-Upton County Pool has a capacity of 50.000,000 cubic feet in 000 1st mtge. leasehold bonds is being offered by The
of Wheeler
gas daily, and will produce approximately 75,000 gallons of gasoline every
Kelly Hagny Trust Co., Wichita, Kan., at prices
24 hours, Mr. Phillips said. See also V. 127, p. 1263.
to yield 63%.
Dated Aug. 1 1928: due Aug. 1 1930-38. Denom.
Piggly Wiggly Western States Co.
-Sales.
$1,000.$500 and 8100.
Amortization of prin., 817,000 the
1928-Sept.
-1927.
Increase.
1928-9 Mos.-1927.
Increase. 21.000 each year thereafter until second year and a sum which increase.
the balance of the
81.337,094
81.089.503 8247.591 1811,221,479 89.789,876 81.431,603 Principal
and int. payable(F.& A.) at office of Wheeler loan becomes due.
Note.
-Includes 19 Cleveland stores.
Kelly
-V. 127, p. 1688. 1540.
Co., Wichita, Kan., trustee. Callable upon any hat, date Hagny Trust
notice to the trustee and the payment of par plus int. and a after 60 days'
Pitney-Bowes Postage Meter Co.
-Initial Dividend.
premium of
Security.
-Bonds are secured by a closed let mtge. upon a modern1%.
The directors have declared an initial quarterly dividend of 15
10
share on the common stock, no par value, payable Nov. 1 to cents per story building nearing completion at the corner of Franklin Ave. and Fifth
holders of St. in the City of Waco, together with leasehold interest
record Oct. 24.-V. 126, P. 883.
in a site 165x205 ft.
upon which the building stands. The leasehold is valued
at 8300.000 and
the building being erected is to cost, when completed, in excess
Pittsburgh Plate Glass Co.
-Stock Split-up.
Life insurance to the amount of $100,000 upon the life of C. of $500,000.
The stockholders on Oct. 9 increased the authorized capital
L. Shaw. Pres.
stock from of the Medical Arts Investment Co., has been
850.000.000 (par 8100) to 865.000.000 (par 825), and approved
assigned to the trustee as
the issu- additional security.
OCT. 13 1928.]
FINANCIAL CHRONICLE
-Acquires Tip Top Baking Co.
Purity Bakers Corp.
The corporation has completed arrangements for acquiring control of all
the outstanding stock of the Thic Top Baking Co., Louisville. Ky., according to President M.L. Molan. Payment will be in cash and no new financing
-V.127. p. 1818
will be involved, it is stated.
-Report.
(Hal) Roach Studios, Inc.
28 Weeks EndedPicture earnings
Other income
Interest and dividends received,&c
July 28'28. Jan. 28'28.
$813.794
$938,878
4,863
7.408
46,177
6.783
Net profit
Dividends
$950.524
785,031
6,587
44.919
30.000
11,338
$867.379
576,077
22,410
37.022
135.000
13.077
$72,647
39.167
583,793
36.790
$33,490
Total income
Picture costs, &c
Other deductions
Other expenses
Provision for Paths Picture investment
Provision for Federal taxes
$47,003
Balance
Comparative Balance Sheet.
July 28'28. Jan.28'28.1 Ltaenttlea- July 28'28. Jan.28'28
Assets
784.125
$46.764 Pardo. pref. stk__ 773.544
$55,654
Cash
20.547 Common stock__ 1,200,000 1,200,000
Accounts receivable 27,596
51.658
46.964
Accounts payable_
Cash in hands of
11,667 Notes Payable-- - 150.000
150.000
11.667
trustee
618 Proper. of picture
4,000
Notes receivable....
63
63
prof. due motto.
Accrued int, on
13.695
764 Accrued Interest__
13,605
753
bonds and notes
11,391
13.108 Other accrued liab.
12,743
Materials & sueelGold notes
400,000
400,000
Picture Inv.(Pattie
104,983
115,461
626,346 Reserves
884,125
release)
259.204
292.188
Surplus
Picture Inventories
831.286
(M.G.M.release) 719.537
192,819
Pictures in progress 140,819
130,283
203,947
Other assets
134,449
Hal E.Roach Stud. 128,340
727.890
752,934
Capital assets_
135,187 Total(each side)$2,996,520 $2,970,428
Deferred charges- 153,111
-V. 126, p. 883.
-Bonds
Rochester (N. Y.) Mercantile Properties, Inc.
-Steele & Stone Co., Inc., Rochester, N. Y., are
Offered.
offering at 100 and interest, $325,000 1st (closed) mtge.
20-year 6% sinking fund gold bonds, series "B."
2103
proportion of the earnings applicable to the minority interest in the Ruddy
Koester Co., Ltd.. for the fiscal years 1925, 1926 and 1927, available for
debenture interest, depreciation, Federal taxes, &c.. were as follows:
1925. $167,569; 1926, 5201.814: 1927, 5250.477.
Average operating profits on the above basis available for debenture
interest, depreciation. Federal taxes. &c., for the past three fiscal years
were $206,621, as against annual interest charges upon the 6%% 1st mtge.
& coll, trust debentures of $48,750, equivalent to 4.23 times debenture
interest.
-The trust deed provides for an annual sinking fund for the
Sinking Fund.
redemption of the first mortgage bonds of the sum of $15,000. plus interest
on bonds redeemed, commencing July 11929. This sinking fund to be used
for the purchase of bonds in the open market,and failing such purchase,for
-V. 126, p.
redemption of bonds at redemption prices then prevailing.
3773.
-New Directors.
Safe-T-Stat Co.
William F. Kenny and Harold Richards (president of the State Bank),
-V. 127. p. 1690.
ave been elected directors.
-To Split Common Shares.
Safeway Stores, Inc.
The common stockholders will vote Oct. 15 on increasing the common
stock from 150,000 shares of no par value to 1,500,060 shares without par
value, each outstanding share of common stock to be exchanged into 5 new
shares. At June 30 1928, there were outstanding 69,479 shares of common
-for-1 split-up becoming effective this amount will be
stock. Upon such 5
Increased to 347,395 shares. There were also outstanding as of the same
date warrants for the purchase of 9,800 shares of common stock and 2nd
series warrants for the purchase of 7.805 shares. On a split-up basis, total
amount of new common stock reserved for warrants would be 88.025 shares.
The above figures do not give effect to stock to be issued in connection
with the acquisition of additional properties for which negotiations are
pending.
-for-1 split-up of the common stock, the holder of each warrant
After such 5
and 2nd series warrant will be entitled to purchase five shares of the cont.
stock as constituted after such split-up for each share of the common stock
as now constituted called for on the face of his warrant, without any increase in the total purchase price. The warrants (1. e.. the warrants of the
1st series issued) which were originally issued accompanying the 7%
preferred were on the basis of a warrant for one share of common stock with
each five shares of 7% pref. stock. These warrants at present entitle their
holders to purchase shares of the common stock as now constituted at the
rate of $400 a share in 1928. at $450 a share in 1929 and at $500 in 1930.
The 2nd series warrants at present entitle their holders to purchase shares
of the common stock as now constituted at the rate of $400 a share until
Dec.31 1930.
Sales for Month and Nine Months Ended Sept. 30.
Increase.
Increase.' 1928-9 Mos.-1927.
-1927-Sept.
1928
$6.806,012 $2,798,2231$75,154,507 554.684,097 20,470,410
$9.604.235
-Nr. 127. p. 1819.
-Bowls
Dated Apr. 1 1928; due Apr. 1 1948. Int. payable (A. & 0.) at the
St. Louis (Mo.) Chain Store Properties, Inc.
Union Trust Co., Rochester, N. Y., trustee, without deduction for normal
-Robert Garrett & Sons and Mercantile Trust &
.
Federal income tax up to 2%. Denom. $1,000 and 8500c5 Callable by Offered.
lot for sinking fund on any interest date on 30 days' notice at 104 and int. Deposit Co., Baltimore, are offering at par and interest,
to Oct. 1 1932: 103 and int. to Oct. 1 1936; 102 and int. to Oct. 1 1940; $865,000 1st (closed) mtge.6% sinking fund gold bonds(with
101 and int. to Oct. 1 1944; and thereafter at 100 and int. Red. all or
part on any bat, date after Mar. 31 1929 on 30 days' notice at the same stock purchase warrants) at 100 and interest.
call prices as above.
Dated Oct. 11928; due Oct. 1 1943. Corporation agrees to refund, on
Data from Letter of F. C. J. Deininger, Pres. of the Company.
timely and proper application, in whatever State held and in the District
(or, in lieu thereof, all State income
Business.
-Company was organized on Feb. 4 1926, for the purpose of of Columbia, personal property taxesalso to pay interest without deduction
acquiring and developing real estate in the central district of Rochester taxes) up to Si of 1% Per annum,and to 2%. Authorized and to be outnormal Federal income tax up
and owns two pieces of real estate, one at 39 Stone St. and the other at of the
. Red. all or part at 103
$1,000 and $500c5
27 Stinson St. Company erected a six-story, modern type, Ramp garage standing $854,000. Denom. 30 days' notice, during the first five years; at
on its Stone St. property in 1926. This garage, known as the "Central and int. on any int. date, on years; at 101 and int, during next four years,
102 and int. during second five
Unit" has been in successful operation since Dec. 1 1926.
The corporation is now building on its Stinson St. property a second and thereafter at 100 and int. Int. payable (A. & 0.) Mercantile Trust
unit, known as the "East Unit." This garage will be five stories in height & Deposit Co. of Baltimore, corporate trustee.
-3'. W. Woolworth Co. (Pennsylvania corporation), through
Rentals.
and will represent the most modern type of building for the parking and
States, has
servicing of automobiles. Its construction is of reinforced concrete, fire- which the New York corporation operates all its stores in 19 maturity
extending beyond the
proof with brick and stone trimming. The capacity of the "East Unit" leased and occupies, on long term leasesproperties (excepting one building
will be 400 cars. A contract has been let to the Turner Construction Co. of these bonds,a part of each of these nine portion of which said company
now nearing completion, for a substantial
of New York to erect this building and progress is already well under way.
-Bonds will be a direct obligation of the company and secured has executed a similar lease) at fixed rentals which average, during the term
Security.
by a closed first mortgage on its Stinson St. property (East Unit) and five- of this loan, $45.482 per annum, and which, together with existing leases
of other portions of certain of the properties by the Great Atlantic St Pacific
story building to be erected thereon.
The land and building has been appraised, as of its completion by Jas. J. Tea Co., and the Walgreen Co. at approximately $13.700, make gross
of the Appraisal Committee for the Real annual rentals from these nationally-known corporations alone which
Carmichael, General Chairman
Estate Board of Rochester, Inc., at $531.370. Directors and others inter- average $59.182, which is sufficient to pay interest charges on total debt
ested in the company have paid in by cash subscriptions to common stock and to effect, through the 'provisions of the sinking fund, a substantial
amortization of principal before maturity.
in excess of 8400,000
These rental payments rank as a direct operating charge of the several
-Rochester Mercantile Properties, Inc., will lease the "East
Lease.
Unit" (Stinson St. property) to the Rochester Auto-Inns, Inc. at an an- corporations preceding all dividends on their capital stocks, whose combined
nual net rental which will exceed the maximum annual interest charges net assets amount to more than $82.000,000.
From other responsible lessees the gross rentals, partly estimated,amount
and sinking fund requirements on this issue of series B bonds. This lease
to $38,170 annually, after allowing for vacancies, making gross average
will extend for a period beyond the maturity of the bond issue.
The Rochester Auto-Inns. Inc. has a similar contract with the Rochester annual rentals from all sources under existing leases of $97.352, and net
Mercantile Properties, Inc. under which it has operated the "Central aggregate income of $78,000 after taxes and all expenses incident to the
operation, maintenance and upkeep of the properties.
Unit" on Stone St. since its completion.
-The properties upon which these bonds are a first lien comProperties.
Capitalization Outstanding Upon Completion of Present Financing.
prise nine separate parcels of land, owned in fee simple, in metropolitan
let (closed) mtge.sinking fund gold bonds "Central Unit" 65i%
St. Louis. Mo.,and the improvements thereon which comprise the familiar
$364.000 type of Woolworth Stores, each occupied in part by F. W. Woolworth Co.
due May 11946
6%,due Apr. 1 1948(this issue)
325,000 (Pa.). The buildings. including one now nearing completion, are of sub"East Unit" series B,
410,000
Capital stock (Par $100)
and their locations on important streets in widely
these bonds will provide for a stantial construction
-The mortgage securing
Sinking Fund.
neighborhoods have been selected with particular regard to adsinking fund payable semi-annually to the trustee beginning Mar. 1 1930 separatedserving the present, as well as future, demands by the public for
and continuing during the life of this issue. The operation of this semi- equately
popular and economical lines of chain store products. They are occuannual sinking fund will reduce the principal amount of these bonds out- the in part by other responsible tenants than F. W. Woolworth Co., inpied
standing to $135,000 by maturity-or an amount equal to about half the cluding the Great Atlantic & Pacific Tea Co. and the Walgreen Co.
-V. 122, p. 3223.
alone.
original cost of land
-The mortgage securing these bonds is a first lien on all of the
Security.
land of the corporation, owned in fee simple, and improvements thereon,
-Earnings.
Ross Gear & Tool Co.
will be asrentals from
of the company, as reported by President Edward A. Ross, subject only to the existing leases, the total bondholders,which
Earnings
the corporation,
of the
the trustee for the
for the first nine months of this j'ear, after allowing for Federal taxes at signed to being authorized to benefit the rentals as agent for the trustee so
collect
the current rate, amounted to $637,631. This is equal to $4.25 per share however, semi-annual payments for interest and sinking fund are promptly
on the 150.000 shares of stock outstanding, and is at the annual rate of long as the due. The land and improvements have been independently
$5.57 per share. These earnings compare with earnings for the first nine paid whenat a value substantially in excess of the amount of this issue of
months of 1927 of $334.730. or an increase of better than 90%.-V. 127, appraised
bonds.
p. 1819.
-Indenture provides for semi-annual payments to the
Sinking Fund.
• (E. L.) Ruddy Co., Ltd., Toronto.
-Debentures Offered.- trustee at the rate of $72,000 per annum for interest and sinking fund to
begin Mar. 15 1929. The immediate operation of this fund, through pur-year sinking fund 1st (closed) chase of bonds in the open market or by redemption by lot is calculated to
An issue of $750,000 634% 20
mtge.& coll. trust debentures is being offered at 100 and int. retire a total of $550,000 of bonds at or before maturity (including $49.500
purchase warrants),
proceeds
,
by Harley,Milner& Co. and R.A.Daly & Co.,Ltd.,Toronto. $315,000from assumed exercise of stockconsiderably less thanleaving only
the present
of bonds then outstanding, or
Dated July 1 1928; due July 1 1948. Principal and int. payable at the apnraised value of the land alone.
Bank of Montreal, Halifax, St. John, Montreal, Toronto, Hamilton,
-Each of $1,000 and $500 bonds will carry a
Stock Purchase Warrants.
London, Winnipeg and Vancouver. Denom. $1,000 and $500c*. Red. all warrant (non-detachable except by the trustee in the event of its exercise)
or part on 30 days notice at 105 up to and incl. July 1 1929, and thereafter entitling the holder to purchase 10 shares and five shares, respectively, of
at Si of 1% less for each year, in each case with accrued interest. Trustee, the company's capital stock at $5 per share during the life of the bond to
imperial Trust Co. of Canada.
which it is attached, but on or before Oct. 1 1933. Funds received from
Legal Investment for insurance companies under the Insurance Act, 1927. exercise of stock purchase warrants will be added to the sinking fund for
Canada.
the further retirement of bonds.
Authorized. Outstanding.
Ca italizationThe amortization of funded debt should result in an increase in book
5.000
6,)i % 1st mtge.& coll, trust debs
$750,W
equity for the 20,000 shares of capital stock of the corporation from $14.70
gmems.gie- ritosmal$
1,000,UUU
Preferred shares
750,000 per share in 1933 to $34.25 per share in 1943 •
55,000 shs. 40,000 shs.
Common shares (no par value)
-Sales.
-Business of company and its predecessors, has been in gp Sanitary Grocery Co., Inc., Washington, D. C.
Company.
Increase.
Increase.I 1928-9 Mos.-1927.
-1927,
1928-Sept.
successful operation for more than half a century. With its subsidiaries it
$560,2921517,137.547 $12,181,791 $4,955,756
advertising plants in Halifax, St. John. Kingston, Belle- 52.069.151 51.508,859
operates outdoor
ville, Peterborough. Toronto, Hamilton, Fort William, Port Arthur.. -V. 127. p. 1819.
Winnipeg, Regina, Saskatoon, Edmonton, Vancouver, North Vancouver
Salmon Falls Mfg. Co.-Liquidation-Bal. Sheet.
New Westminster and Victoria, in addition to a large number of smaller
The Boston "News Bureau" says: "The company, in process of liquidaplaces. The business covers all forms of advertising placed out of doors,and
includes commercial signs of every description; painted advertising bulletins, tion, has filed with the Massachusetts Commissioner of Corporations its
poster advertising panels and electric signs of all kinds. Company, either balance sheet as of June 30 1928, which shows dividends paid in liquidation
directly or through its subsidiaries, owns thoroughly modern buildings as of that date totalled $525.057. On the 13,463 shares of capital stock
situated on centrally located properties in Toronto, Winnipeg and Van- this is equal to $39 a share.
"In the fall of 1926 company began closing down its mills and ran out
couver. Fully equipped outdoor advertising organizations are maintained
Inventories
turned
at strategic points from coast to coast. The advertising structures owned of merchandise stocks early in 1927. all other real were personalinto cash.
and
property,
by the company, and its subsidiaries, are of the most modern and approved In July, 1927. plant, water power and
except quick assets, were sold to the New England Public Service Co., an
types.
earnings of the company and subsidiaries, after Insult subsidiary, for $500.000. This was equivalent to $37.13 a share
Earnings.
-Combined
eliminating certain non-recurring charges in respect to the Lindsay-Walker of comnunon stock. Management at that time estimated final liquidation
Co., Ltd., and the Lindsay-Higham Co.. Ltd.. and after deducting their value would be slightly over $40 a share."
2104
FINANCIAL CHRONICLE
[VOL. 127.
Comparative Balance Sheet
AssetsJuno 30 '28. Jule 2'27. LiaMlittes- June 30'28. July 2 '27.
Real estate. mach.
$1,062,568 Capital stock
$1,346,300 $1,346,300
Merchandise
13,308 Accounts payable_
2,159
Accts. receivable
12,860 Reserve for taxes.
23.983
Cash
320,603
77,731 Divs.In liquid. .def525,057
Prepaid insurance_
8,801
Investments
4,908
76,408
Special deposits in
banks
40.000
Naushon Co. stock
550
6,432
Profit and loss
755,182
114,334
Total(each side) $821,243 $1,372,442
-V. 125. p. 1723
additional investments; thus to a certain extent compounding
the company's earning power.
Earnings are derived from: (1) Dividends or interest from
securities
owned. (2) The exercise of subscription rights for
additional shares at
less than market prices and profits accruing from securities
sold
it seems desirable to take advantage of market opportunities if and when
in securities
held. (3) Reinvestment ofsurplus or accumulated profits.
Investment Trust Features.
-Investments can be made
the
only upon a majority vote of the board of directors or by the company
of
executive
investment committee. Not more than 20% of the capital and
surplus shall
be invested in the securities of any one line of
of the capital and surplus in the securities ofindustry, nor more than 10%
any one concern. In no case
will the company own actual control ofany of the companies
whose securities
it owns.
Schiff Co., Columbus, Ohio.
Depository.
-Sales.
-The directors or executive investment committee
Period End. Sept. 30- 1928
promptly deposit, after purchase, all securities owned in the National will
-Month-1927.
1928-9 Mos.-1927.
Park
Sales
$504.624
$352,707 $3,535,374 $2,520,675 Bank of New York, New York City. A full list of all investments owned by
-V. 127, P. 1541, 967.
the company will be furnished each shareholder requesting
same as soon as
possible after each annual meeting.
Schoellkopf Securities Corp.
Management.
-New Control.
-The officers and directors of shares in the South, Inc.,
are almost
See Niagara Share Corp. under "Public Utilities" above.
-V. 124. P. well & Co. entirely composed of the officers and senior executives of Cald-V. 127. p. 1820.
385.
Scruggs-Vandervoort-Barney Dry Goods Co.
-Directors.
11. J. Goerke, Paul J. Nugent, L. B. Keiffer and Robert Bagnell have
been elected directors, succeeding J. D. Francis, W. H. Bixby, Robert
Johnston and W. F. Carter, resigned.
-V. 122, p. 1927.
Second
Agent.
-
International
Securities
Corp.
-Transfer
The Guaranty Trust Co. of New York has been appointed transfer agent
for 600,000 shares of class B common stock.
-V.126. p. 1678.
Seneca Plan Corp.
-Organized as a Holding and Management Corporation.
The organization of the above corporation as a general holding
agement corporation was announced this week by officials of and manthe
organization. The organizers are a group of prominent business men new
and
bankers including: George T. Webb (former Vice-President, Empire Trust
Co.)„President; Arlington W.Porter (former executive of the E. I. DuPont
de Nemours Co., and recently sales manager of the United States Shares
Corp) Vice-Pros.; Eugene L. Garey (senior member of
& (Jarey), Sec.; and Walter Tallmadge Arndt (who served Garey, Crowley
as a member of
Attorney-General Ottinger's advisory committee in his investigation of
investment trusts last year), Treas.
Directors include: D. R. McLain (Director of the Chrysler Corp.):
Conrad H. Liebenfrost (Investment banker, President
Evans & Co.); Harry F. Brewer (banker and Vim-President of Liebenfrost,
and Director of
Mariners I'arbor National Bank), and E. S. Barclay (President, First
National Bank), Cranbury, B. J.
In addition to the usual activities of a holding corporation, the new corporation has devised a new method which enables small investors to invest
In oil royalties in much the same manner as they invest in investment trusts,
according to the announcement. The royalties will be deposited with a
trustee under the terms of an indenture and trust certificate issued thereon.
The net income is paid to the certificate holders until they have received
back 100% of their investment with interest. Thereafter they continue to
participate in all profits of the trust. Royalties underlying properties
operated by the Standard Oil Co., its subsidiaries, and other major corapanim, constitute the basic securities of the trust certificates.
Sheffield Steel Corp.
-Balance Sheet Aug.31 1928.
[Reflecting the issue of 50.000 shares of common stock, as a stock
dividend, the sale of 28.000 additional shares of common stock for cash,
and the
retirement of $1,370,000 series A refunding 6%% bonds.]
Assets-Liabilities
Prop., plant & equipment__ _2E5,103,877 Preferred stock
$2,500,000
Funds for permanent addiCommon stock (178,000 she.,
tions, &c
2,395,000
no par)
3,889,109
Inventory
684,048 Earned surplus
745,678
Customers' accounts receivalet mtge.gold bonds
2,000,000
ble, less reserves
914,343 Acc'ts pay. In respect of perDue by employees
manent additions
372
232,897
U. S. Liberty bonds
466,234 Trade accounts payable
163,050
Int.accrued on investments_ _
32,036 Accrued salaries and wages_ _
72,880
Cash
277,663 Accrued int. on bonds
7.421
Unarnort. bond discount, preAcer'd taxes,insurance, &c
33,469
paid insurance, taxes. &c__
138,244 Pref diva. accrued
29,167
Common stock div. payable
Oct. 1
50,000
Res. for Fed. & State taxes_ _
165,319
Operating reserves
122,829
Total
$10,011.818
Total
$10,011,818
a After deducting depreciation of $1,524,066. Compare also V. 127,
P. 1960, 1820.
Sikorsky Aviation Corp.
-Stock Sold.
-In connection
with the recapitalization of the corporation, which introduces
considerable new capital into the organization, announcement was made Oct. 8 that the 100,000 shares of the capital
stock underwritten by G. M-P. Murphy & Co., James C.
Willson & Co. and National Aviation Corp. have been placed
privately at $12.50 per share. Application will be made to
list the shares of the company on the New York Curb Market
and the Chicago Stock Exchange.
CapitalizationAuthorized. Outstanding.
Capital stock (no par)
a500,000 she. 200,000
a 50,000 shares are under option at $10 per share for three years toabs.
the
Total capital and surplus of $403,421 is reported by Separate Units, Inc., organizers of the corporation and their associates.
in its first published report, as of Sept. 30. according to the Treasurer.
Transfer agent, the National
Seymour L. Cromwell, Jr. William H. Williams, Pres., points out that Bankers Trust Co., New York. Park Bank of New York. Registrar,
while the report covers nine months, incorporation was
Data from Letter of Pres. A. C. Dickinson, Oct. 6.
Separate Units, Inc., began as a closed investment trust as of June 12.
and was made
Company.-Incorp. in Delaware. Is to acquire the business and
available to limited public participation only after the proved effectiveness
stantially all the assets of Sikorsky Manufacturing Corp.. which forsubof the management methods.
the
past five years has been engaged exclusively in aeronautical engineering,
Net income available for dividends for the active operating
totals
$32.198 and dividends already paid aggregate $13,431. Theperiod,of the research and special design work, directed especially towards the developvalue
ment and use of metal construction for all types of aircraft. Over $1,000,securities in the trust's porfollo as of the report date was $446,401 and
the 000 has been expended on this development work
capital stock outstanding $384,500.
alone.
This work has resulted in the new Sikorsky Amphibion S-38, the first one
Service Station Equipment Co., Ltd.
was completed in July 1928.
-Consolidation.
- of which multiple production methods This plane can be constructed under
Negotiations have been concluded with the Bennett Pump Corp. of modern
without sacrifice of design or performance, in uniform quality at a minimumcost.
Muskegon, Mich., (largest pump manufacturers of
Igor Sikorsky, whose genius as a designer and constructor of large airin the United States), by which the Service Station lubricating equipment
Equipment Co., Ltd., craft for the past 20 years,
will purchase all of the outstanding 78,317 no par value common shares
has been internationally recognized, is in charge
at $30 per share, and will arrange to retire on Nov. 1, the $300.000 of out- of all creative engineering. Mr. Sikorsky's activities in aviation date back
standing $10 par value pref.stock at $10.50 per share,and accrued dividend. to 1908, when he built and flew his first airplane. At the outbreak of the
Payment for the common stock will be in cash, or the Bennett shareholders war he was the most important factor in aviation in Russia. and designed
and built many planes for his country's use, and he is. so far as is known,
can accept one-half cash, and the balance in class "A"shares of the
company, which for the purpose of this conversion are to be valuedService the first man to have installed more than one engine in an airplane. After
at $43 the Russian Revolution he designed aircraft
per share.
for the French Government
The Service company will manufacture in Canada the products of the and for the United States Army Air Corps up until 1923.
The Sikorsky Amphibion is a twin-motored all-metal plane capable of
Bennett Corp. and the Bennett company will manufacture in the United
carrying a crew of two, eight or ten passengers, mall, baggage and express.
States the gasoline pumps developed in Canada by the Service company.
Thomas B. Bennett, President, and S. H. Frensdorf, Vice-President of and sells, completely equipped, for about 355,000. The plane can take off
the Bennett Pumps Corp. will become directors of the Service company. from and land on either land or water, even though fully loaded, and will
Early this year the Service company purchased all of the outstanding fly with full load o I either motor. It is generally considered that the perstock of Canadian John Wood Mfg. Co., manufacturers of gasoline storage formance of this plane exceeds that of any plane of its size and power in
tanks. etc., and all of the outstanding stock of the Service Station Equip- existence either in Europe or in America.
Owing to its performance and safety features, such as utilizing either land
ment Co., Bryan, 0.. manufacturers of air compressors, air stations, car
or water and ability to fly with one motor, this type has growing commercial
washers and other garage equipment.
The parent company are the largest manufacturers of gasoline pumps importance. The first series of 10 planes of this type wore sold, without a
in Canada, and by the acquisition of the Bennett Pumps Corp. they will regular sales organization, within eight weeks after the publication of the
become one of the largest manufacturers of Service Station Equipment in official performance data. Such sales were not only to private individuals,
the world. The different plants will be operated as separate units but it but also to the Government, and to air line operators such as Western Air
Express, Inc., and Pan-American Airways, Inc.
is the intention to consolidate the various sales organizations and executiv
Sikorsky Aviation Corp. is to enter into a contract with Curtiss Flying
personnel.
-V. 125. p. 3213.
Service, Inc., whereby that company will act as its sales organizatiln for
Shares In The South, Inc.
-Stock Sold.
-Rogers Cald- the products of Sikorsky Aviation Corp. in the United States. A similar
into with Curtiss Export Corp. for the products of
well & Co., Inc., New York and Caldwell & Co., Nashville, contract is to be entered in other countries.
Tenn., announce the sale of 50,000 shares (no par value) Sikorsky Aviation Corp.
The corporation is to acquire a lease, upon favorable terms, of a modern
factory capable of greater production,located at College Point, Long Island.
common stock, at $40 per share.
and designed and built especially for the manufacture of largo aircraft. •
Capitalization.
-Authorized, 250,000 shares; issued, 50,000 shares. The rear of the factory faces directly on Flushing Bay
National Park Bank of New York, transfer agent & registrar. To be listed the year around, serving as a landing field at the plant.with open salt water
on New Orleans Stock Exchange.
The present factory force numbers about 200
Company.
-Recently organized in Delaware. Invests and re-invests Its whom have been employed for over three years,persons, over one-half of
and
resources in the securities of various types of Southern corporations, in- been stockholders in a small way. This has resulted in most of whom have
cluding the shares or bonds of railroad and public utility corporations, and in a highly dependable organization, most essentiala high factory morale
in this industry.
insurance companies, banks and trust companies and various industrial
Operations -The present production schedule is at the rate of approxi.
concerns.
mately one plane per week, and it is planned to expand operations so as to
The company is conducted along the general lines of an investment meet a schedule of production of two planes per week by
March 1929.
trust, affording individuals an opportunity to participate under experienced The Sikorsky type of metal construction makes it
supervision in diversified Southern investments which might not other- modern labor saving machinery for much hand laborpossible to substitute
heretofore used.
wise be available to them as individuals.
Accurate records of cost in aircraft designing and manufacturing during
-The investments of the company will consist of well-diversified the past five years form the basis of costs which may be expected
Assets.
with
and carefully selected list of stocks and bonds of established Southern modern multiple production system. A careful analysis of the actual a
rebusiness enterprises. Among such securities will be included stocks or bonds duction in manufacturing costs has been made. Assuming during
,the year
of the following concerns:
1929 a production and sale of only fifty planes, against a proposed producDinkier Hotels Co. Inc.
Southern Ry.
tion schedule of between 90 and 100 planes, net earnings may be estimated
Louisville & Nashville RR.
Atlantic Coast Line
at over $500,000.
Illinois Central RR.
Alabama Power Co.
Balance Sheet as at Sept. 22 1928.
Southern Bell Telephone & Tel. Co. Carolina Power & Light Co.
[Giving effect to incorporation of Sikorsky Aviation Corp. and its acquisiSoutheastern Pow. & Lt. Co.
Electric Power & Light Co.
tion of certain assets and assumption of certain liabilities of Sikorsky
Andrew Jackson Hotel, Nashville Manufacturing
Merch. & Mfrs. Terminal,Inc.
Corp. for 100,000 shares of capital stock and the sale of
Missouri State Life Instil.. Co.
Birmingham.
100,000 shares of capital stock at $10 per share.]
Volunteer State Life Insur. Co.
Inter-Southern Life Insur. Co.
Assets
Liabilities
Amer. Nat. Bank, Nashville.
Southern Surety Co.
Cash in banks and on hand_ _ _$1,004,218 Accounts payable
Fourth & First Nat. Bk.of Wyllie. Canal Bank & Trust Co.
$33,749
Deposits & accounts receivable
5,826 Note payable
Standard Oil Co. of Ky.
Holston Un. Nat. Bk. Knoxville
15,226
Inventories
330,547 Customers' deposits
Coco
-Cola Co.
Sloss-Sheffield Steel St Iron Co.
53,488
Machinery,fixtures. &e
23,434 Capital stock, 200,000 shares. 1,000,000
Atlanta Laundries, Inc.
Allied Chemical Co.
Deferred assets
1.5,367 Capital Surplus
Southern Dairies, Inc.
Wesson Oil & Snowdrift Co.
276,038
1
Dividends and Earnings.
-Company will pursue a conservative policy as Drawings, patterns & devel-to dividends, it being the judgment of the management that the best
Total
Total
$1,379,392
interest of stockholders can be served by such a policy. Therefore, for the
$1,379,392
present no dividends will be paid on the common stock. In the meantime
Directors.
-W. A. Barry (V.
-Pros. & Production Mgr.), James Bruce
income from investments already made will be used for the purchase of
. Cheever Cowdin, A. C. Dickinson (pros.), Victor Drury, 0. A. Glaze:
Separate Units, Inc., New York.
-Report.--
OCT. 13 1928.]
FINANCIAL CHRONICLE
brook, Jr., Henry G. HotchkLgs. Chas. A. Jones, H.0. King,E.0. McDonnell. John J. Mitchell Jr.John Newell Jr., Joseph E. Otis Jr., Earle Hay
ldsynolda, Igor Sikorsky,'Andrew It. Smith, R. C. Stanley, II. E. Talbott
Jr., V. A. Tompkins, James C. Willson.
210&
-New Director.
Sweets Co. of America, Inc.
B. Stanley Clarke, Vice-President, has been elected a director,succeeding
-V. 127. p. 562.
W. A. Greer.
-Sales.
(John R.) Thompson Co., Chicago.
--Tenders.
Increase.
Increased 1928-9 Mos.-1927.
-Sept.
-1927.
(A.0.) Smith Corp., Milwaukee.
1928
City,
$177.190
$24,392 1$10,854,851 $10.877.681
The American Exchange Irving-Trust Co., 60 Broadway. N. Y. to an $1,185,489 $1.161,097
the sale to it of preferred stock
will until Oct. 22 receive bids for
and -V. 127, p. 1541.
amount sufficient to exhaust $1,500,950 at a price not succeeding 110
-Stock Listed.
Torrington Co.
dividends -V. 126. p. 2491.
There have been substituted on the Boston Stock Exchange for the
-Stock Offered. 280,000 shares (par $25), 280.000 shares (no par value) and added thereto
Smith Incubator Manufacturing Corp.
280,000 additional shares, making 560.000 shares of the capital stock now
-Inge & Co. and W. E. Hutton & Co. are offering 20,000 on the list.
shares of cony. pref. stock at par ($50) and 30,000 shares
These changes and additions are the result of the action of the stockholders taken at meetings held at Portland, Me., on Sept. 11 and Sept. 14,
of no par common stock at $31 per share.
the company was decrease from
National at the first meeting the capital stock ofof pref. stock of the par value of
Transfer scents, equitable Trust Co. of New York and First
611,000,000, consisting of 40,000 shares
Bank of Cinc'nnati. Registrars, Chemical National Bank, New York, and $25 per share and 400.000 shares of common stock of the par value of $2.5
Cincinnati. The cony. pref. stock is preferred
Fifth Third Union Trust Co.,
per share, to 37,000.000, consisting of 280,000 shares of common stock of
over the common stock as to assets and quarterly dividends, cumulative the par value of $25 per share, the reduction taking place by retiring the
or part,
from Oct. 15 1928 at the annual rate of $3.50 per share. Red., allEntitled 40,000 shares of pref. stock which had been heretofore issued and replus diva.
by lot at any time on at least 30 days' notice at $57.50
acquired by the company, and by retiring the 120.000 shares of common
In voluntary liquidation to 857.50 a share plus div. before any distribution stock of S25 par value per share which had never been issued. At the
may be made on account of the common stock.
same meeting it was further voted to change the par value of these 280,000
Convertible at the option of the holder at any time up to and including shares to 812.50 per share and to issue 560.000 shares of such new par
the redemption date into common stock of the company on a share for value stock in place of that then outstanding.
share basis.
At the meeting held on Sept. 14 1928 it was voted to change the par
Outstanding.
Authorised.
Capitalization20,000 shs. value of these 560,000 shares to the same number of shares without par
20,000 shs.
Convertible preferred stock ($50 Par)
-V. 127, p. 1541, 1670. 1691.
100,000 shs. value.
*120,000 shs.
Common stock (no par)
• 20,000 shares reserved for conversion of cony. pref. stock.
Traveler Shoe Co.-Sales.of Dr. S. B. Smith, President of the Corporation.
Data from Letter
Increase.
Increase. I 1928-9 Mos.-1927.
1928-Sep1.-1927.
aistory.--Corporation has been organized in Ohio to acquire the assets
8144,343
$67,149 $3,229,900 831085.557
$322.750
8389,899
and busines of Smith Incubator Co. (a proprietorship), and the entire ___V. 126, p. 2983.
Smith Incubator Co., an Ohio corporation,
outstanding capital stock of the
engaged respectively in the manufacture and sale of "Smith 52,000"
-Default, &c.
265 Fourth Ave. Corp.
chicken incubators. The business is the successful result of a quarter of
-V. 127. p.1961.
See Fourth Avenue 21st Street Building above.
a century of persistent effort by Pres. Dr. S. B. Smith to evolve a practical
machine for the artificial hatching of eggs on a large production basis, upon
-Earnings.
Union Oil Co. of California.
patent was granted in 1918. Previous to this time
which the original
1928-9 Mos.-1927.
Period End. Sept. 30- 1928-3 Mos.-1927.
commercial hatcheries had been operated with batteries of small capacity
816,350,000
$5,600,000 $16,100
$5,450,000
units, occupying groat space and requiring extreme care and considerable xGross profit
7.550.'''
7.850,000
2.700,000
2.700,000
deple.,
labor in operation, but the advent of the "Smith 47,000" completely Deprecia'n,
changed the accepted standards of quantity baby chick production and
,
$2,750,000 62,900,000 88,550.000 58.500,000
Net income
to the hacthing industry a degree of efficiency and economy
made possible
3,788,618
3,791.924
3,788.018
(par $25) 3,791.924
Shs.cap.stk.out.
of operation not possible on a limited production basis.
$2.24
$2.24
$0.77
$0.71
In 1922 a manufacturing and a distributing or<mnization were formed Earnings per share
x After Federal tax, interest. &c.
and the Smith incubator, with a capacity of 47,000 eggs, later increased
Current assets DA of Sept. 30 1928 were approximately 557.000,000, a
to 52,000, was put on the market. The business met with immediate decrease of8770from Dec.31 1927, while current liabilities were $11.000.000
and has enjoyed a sound and substantial growth, both in volume
success
indebtedness was reduced 51.467.000
in the an increase of $1,350,000. Bonded purchase obligations increased S1.542,and earning power, and is to-day one of the acknowledged leaders
Sept. 30. but
Industry. Smith Incubator Manlufacturng Corp. owns certain patents In the 9 months endedpurchase of Pan-American Western Petroleum Co.
to
it receives substantial royalties from Its only licensee, the 000, due lar.vely from Richfisld Oil Co. Total indebtedness increased
from which
storase facilities
Buckeye Incbuator CO.
Company owns and occupies a new and thoroughly modern Plant at 31,425,000 during the period. 25.700.000 barrels,an increase of 2,900.000
Oil in storazeBept. 30.totaled
ground space of approximately 60,000 square
Cleveland. Ohio, covering
barrels over Dec. 31 1927.-V. 127, P. 276.
feet with private railway
-The net earnings of tho acquired properties, adjusted to
Earnings.
-New Officers.Union Tobacco Co.
give effect to chances incident to formation of the new company, the
)). A. Schulte has been elected President and W.T. Posey, Chairman of
elimination of certain non-recurring charges amounting to $850 in 1927
-V. 126. p. 3612.
and to Federal taxes at the present rate of 12%, the company.
and $91,957 in 1928,
-Annual Report.
are as follows:
United Electric Coal Companies.
1928.
1927.
1926.
1925.
12 Mos. End. Apr. 30 1921.
1925.
1926.
1927.
1928.
Year Ended July 31$181,210 $185,562 $403.493 $1,284.007 $430.852
Net earnings
before
21.54 Profit from oper.,
64.20
9.27
20.17
9.06
Per share cony. prof...,.
$963.903
royalties,depr.& dopl. $1,593,843 $1.349.712 81,102,988
3.60
12.14
3.33
1.15
1.11
Per share common
33,000
* This was an exceptional year due to the large demand for baby chicks Profitfrom sale of secur_
and the low price of eggs for 'hatching.
$963,903
$1,593,843 $1,349,712 $1,135,988
Gross profit
-The balance sheet as of April 30 1928. adjusted to give
Balance Sheet.
276,159 •
306,409
347,188
416.697
effect to proposed financing, shows net tanirible assets of $2,356.239, Royalties, depl. & depr_
129.116
215.168
261,035
286,813
equal to more than $117 per share on the 20,000 shares of convertible Interest on mtge. bonds_
40,651
70,629
142,473
162.147
Fed.taxes & other deduc.
preferred stock of ;50 par value outstanding.
-Corporation will inaugurate dividends on the common
Dividends.
$517,978
8545,781
$599,015
$728,187
Net income
$2.20 per share, per year, payable quarterly beginning
stock at rate of
-Credit balanoe Aug. 1 1927, $2,389,359: net
Profit and Loss Account.
Jan. 15 1929.
ear, $728,187: income items prior to current year. $209;
for
-Defers Class A Income
Stores Corp., Miami, Fla.
$3.117.755. Deduct Reduction of amount credited prior to
the'
Southern
total surplus,
this year for appreciation of coal lands, $17,538: loss on property retired.
Dividend.
$7,173. Dividends: 7% general pref. stock, $35,978: dive. on 8% 1st pref.
recently voted to defer the quarterly dividend of 50 cent stock, $39,581: common diva., $315,000; Profit and loss surplus July 31
The directors
share due Oct. 1 on the $2 cumul. class A partic. 'dock, no par value. 1928, $2,702,484.
Comparative Balance Sheet July 31.
arterly distributions of 50 cents per share were paid from April 1 1927 to
July 2 1928. incl., on the class A stock.
1927.
1928.
1927.
1928.
The regular quarterly dividend of IX% was declared, payable Oct. 1.Liabilities6
8
$
$
AssetsV. 126, p. 1211.
1st preferred 8%
Coal prop., land,
485.000
cumulative
1.005,000
bldgs ,egpt.,&c.,
Suburban Casualty Insurance Co., White Plains, less depr.& depl.y9,012,998 8,397,817 Gen. preferred 7%
305,600
255,600
cumulative_ _ _ _
-The Chase National Bank, New Subscribers to 8%
-Stock Offered.
N. Y.
stock
1st
York; First National Bank, Yonkers, N. Y.; the Peoples Cash pref. stock_ 294,906 249.000 Preferred
249,000
211.029 subscriptions_
Common stock__ 1,230,913 z670,918
National Bank & Trust Co., White Plains, N. Y. and Investments (Elee•
4.766.500 5,188,500
58.077 Bonded debt,
58,077
the Suburban Casualty Insurance Co. White Plains, N. Y., Coal Co.)
615,286
186.494 Current Ilabilitlee_ 363,679
3.588
are offering the unsold portion of 30,01)0 shares capital stook Special cash depos. 867,141 933.558 Res.for taxes, coaOther assets
112,594
ting. & royalties 187,674
Com.stk.In treas.,
at $30 per share.
480,126
187.166
70,000 Long term debts _
30,000
res. for empeees
Present offering is 15,000 shares at $30 per share-$10 to capital $20
2,702,484 2,389,359
390,402 Surplus
&c.... 432,305
to surplus. Terms are 25% with subscription. Balance to be paid on Der. charges.
or about Nov 1 1928. The board of directors, insurance agents and
Total
10,699,017 10,496.377
10,699,017 10,496.377
Total
others have subscribed and reserved 15,000 shares or half of the entire
x Represented by 120,000 shares of no par value. y The appraised value
Issue.
at Dec. 1 1926 and the cost of the properties purchased
The company is Incorporated under the insurance laws of the State of of these properties
subsequent to that date aggregate somewhat in excess of $12,000,000.New York and will operate under their direct supervision.
No underwriting, promotion or legal fees were paid or incurred in connec- V. 127, p. 837.
tion with incorporation. No commissions or compensation will be paid
-Approximate Earnings.United Fruit Co.
for the sale of stock. All expense charges have been defrayed by the board
1928-9 Mos.-1927.
Period End. Sept. 30- 1928-3 Mos.-1927,
of directors. This offering is made by the company for its own account
Net earnings before taxes $6,600,000 65.500,000 $17,700,000 816.600.000
and the entire proceeds will be paid into the company's treasury.
starts out under very favorable conditions. It will operate Earnings per share on
The company
68.66
$7.08
$2.24
$2.64
2.500.000 shs.(no par)
In the suburban communities, which have always been a very profitable
field for insurance companies. Its affairs will be managed by trained -V.127, 1/• 1691.
experienced in writing all forms of casualty insurance.
Insurance executives,
-Earnings.-..
United Hotels Co.
The surplus will be Invested in readily marketable income bearing securi1927.
1928.
8 Months Ended Aug. 31ties, and with the profits accruing from writing of risks, company should,
318.421,248 $18.193,071
Gross revenues
In a short while, be in a position to inaugurate regular dividends.
921.633
937,215
Net earnings
Capitalization upon Completion of this Offering.
8300.000 -V. 124. p. 2766.
Authorized capital 30,060 shares (810 Par)
600,000
Authorized surplus
United Merchants & Manufacturers, Inc.(of Del.).
F
1
0
90
Total ___________________________
13
---- "
Eitistee.
First 14t:tionaf liatii of Yonkers.
Directors -Leslie R. Palmer, Irvington. N. Y.: John F. Lambden. New
Rochelle, N. Y.; Reuben P. Brewer, William P. Herlyn, Mamaroneck,
N. Y.; A. Elliott Bates. Bronxville, N. Y.; Clarence C. Merritt. Larchmont, N. Y.: Howard R. Washburn, Chappaqua. . Y.; Alfred F. Barbarest, Mt. Vernon, N. Y.; Paul V. Codetti, Pelham. N. Y.: Walter W.
Westall, White Plains. N. Y.; Samuel Swinburne, New Rischelle, N. Y.;
Franklin Montrogs, Peekskill, N. Y.: Herbert C. Gerlach, Ossining. N. Y.;
John W. Ryan, Port Chester. N. Y.; Herbert 13. Shenk, Scarsdale, N. Y.;
Charles J. Cambell. Pleasantville, N. Y.; William H. Oliver, Ossining,
N.Y.; Hector W', Thomas, Croton-on-Hudson, N.Y.: Charles J. F. Decker,
Croton Falls, N. Y.; Edward P. Barrett, Katonah. N. Y.; Albert C. Robinson Jr., Larchmont, N. Y.•. Frederick P. Close, Tuckahoe, N. Y.: Edward
L. McManus Jr., Bronxville. N. Y.
-Acquisition.
Superior Oil Corp.
The company has purchased approximately 90% of the stock of the
approximately $4,000.000, according to a Houston. Tex.,
Moody Corp. for
dispatch. Through the acquisition of this stock the Superior corporation
gains control of additional producing properties in Texas, New Mexico,
Colorado, Arkansas and Louisiana, aggregating about 80,000 acres of oil
land. The Moody corporation's production totals about 10.000 bbls. daily
with 5,000 bbis. daily additional potentlatsbut-in. The Superior Oil Corp.
also acquires the 10,000-gal, natural gasoline plant in Eastland County,
-V. 127, p. 1821, 698.
Tex., through the deal.
-Kidder, Peabody & Co. are offering $5,000,Stock Offered.
000 6% cumul. pref. stock (par $100) and 50,000 shares
common stock (no par), in units of one share of preferred
and one share of common for $107.50 per unit. The other
250,000 shares of common of the (300,000 presently to be
issued) have been purchased from the corporation for $2,500,000 by interests identified with the management.
Dividends payable Q.J. Callable at $110 per share and div. on 30 days'
notice. Company agrees to reimburse the holders of the preferred stock
upon application within 60 days after payment for the Mass. income tax
on the dividends not exceeding 6% of such dividends per annum. Mass.
tax refunded.
Data from Letter of Pres. Homer Loring, Boston, Oct. 9.
United Merchants & Manufacturers. Inc..-Fias acquired a substantial
Interest in profitable established New York textile selling houses which
sold during the last year over 125,000.000 yards of cotton cloth, silk and
rayon having a total value of over $22,000,000.
These selling houses, or "converters" as they are known in the trade,
buy unfinished, or "gray" cloth from the mills and nave it styled. bleached,
dyed or printed Recording to the needs of their customers who include
manufacturers, mail order houses, wholesalers, chain stores and retail
stores. The converters anticipate the requirements of their customers
any buy their goods wherever purchases can be made to the best advantage.
2106
FINANCIAL CHRONICLE
[VOL. 127.
Well
-managed converting houses have been able to show satisfactory
profits, even during recent years.
Van Sweringen Co.
-Bonds Offered.
-Offering is being
It is proposed to purchase, either in the North or South,a limited
number made of a new issue of $5,700,000 1st mtge. & coll, trust
offinishing plants to bleach,dye and print,and a few selected
ing in products being sold in large quantities by the selling mills specializ- sinking fund 6% gold bonds at 100 and int. made by a bankhouses. These
finishing plants and mills in conjunction with the selling houses
will be in a ing group comprising Pearsons-Taft Co. and including the
position to handle every step from the purchase of the
raw materials to the Union Trust Co.
finished merchandise.
of Cleveland, Tillotson & Wolcott Co., and
The large volume of sales of the selling houses insures continuous full- the Atlantic-Merrill
Oldham Corp. of Boston.
time operation of the finishing plants and such mills as may be
The Van Sweringen Co. was founded and is chiefly owned
The mills included in the organization will not be compelled acquired.
to seek a M. J. Van Sweringen and was organized for the purpose by 0. P. and
market for their goods and the selling houses will be assured
of creating the
of quality, Shaker Heights real estate development of tne metropolitan
service and low costs.
section of
Cleveland.
I am confident that upon the consummation of the above plan
the
Proceeds from the sale of the
earnings will be more than twice the dividend requirements on the
be used for the
corpora- outstanding obligations bearingbonds willrate of interest,purpose of retiring
tion's preferred stock even if the present textile depression is
a higher
provide funds for
Improvement in the general textile situation should place the prolonged. a group of new buildings in Shaker Square and other corporate purposes.
Corporation Through sinking fund operations it is calculated that
in a position to make substantial profits.
the entire issue will
be liquidated oy Oct. 1 1938. The bonds will no secured by
CapitalizationAuthorized
appraised valuation of more than $12,000,000.-V. 126, p.land having an
Outstanding
6% cum. pref. stock (par $100)
593.
$15,000,000
$5,000.000
•Common stock (no par) v. t. c
Waco(Texas) Hilton Hotel Co.
750,000 shs.
300,000 she.
-Notes
Offered.
-Federal
Commerce Trust Co., St. Louis, is offering at 100 and int.
United States Asbestos Co.
-Earnings.
Months
$465,000 1st mtge. real estate serial 6% gold notes.
1928.
1927.
Sales
$1,800,871 $1,503,763
Dated May 15 1928: due serially May 15 and
Net profit after all charges, incl. taxes & deprec_
273.323
159.177 000. Principal and int. (M & N) payable at Nov. 15 Authorized $465,After allowing for preferred stock dividends of $19,798 actually paid Co.,
Federal Commerce Trust
trustee, St. Louis, Mo. Demom. $100, $500 and $1.000c*. Callable
during the 6 months of 1928. net income is equivalent to $2.53 a share on on any
int. date prior to maturity
the 100,000 shares of common stock now outstanding.
the
notice to trustee and upon paymentat option of and maker upon 60 days
of principal
As of July 10 1928, the company retired 11,313 shares
int., plus a premium
cumulative
participating preferred stock (par value $50). and issued of 7% place 5,000 of 2%. No portion of Federal income tax paid.
in its
Security.-Isiotes are secured by a closed first mortgage on the
shares of 7% cumulative preferred stock (par $100). After giving effect
new
to this recapitalization, the corporation balance sheet as at July 1 1928 Hilton Hotel and the land which it occupies, in Waco. Texas, and are the
showed assets of $1,901,932. Total current assets amounted to $1.409.882 obligations of the Waco Hilton Hotel Co. of Waco, Texas, a corporation
having a capital stock of $100,000.
-compared with current liabilities of $287,267. The company shows a surplus
Property.
-The property covered by this mortgage consists of a tract
on hand of $514,665.-V. 127, p.276.
of land on the corner of a street intersection,
fronting 100
Avenue by a depth of 165 feet along Fourth Street, togetherfeet on Austin
U.S. Bobbin 8c Shuttle Co.
with Improve-Defers Preferred Dividend
- ments recently completed thereon. The improvements consist of new
Changes Par of Common Shares.
Hilton Hotel, a modern 12 story fireproof building, containing
184 rooms.
all with bath. The building is well constructed
The directors recently decided to defer the quarterly dividend of
of reinforced concrete
131% and brick with terra cotta
on the 7% cumul. pref. stock usually due Oct. 1. The last distribution
trim.
at
Income.
-The hotel was formally opened on July 3 1928.The Income
this rate was made on July 2 last.
The stockholders on Sept. 28 approved a change in the par value of the from the hotel rooms (based on 80% occupancy), stores, coffee shop and
other concessions, is estimated at $180.000, the
common stock from $100 to $50 per share.
operating expenses at
The purpose of this change was explained in a letter to the stockholders, $92,780. Therefore, the net amount applicable to the payment of the
interest and the serial maturities of the loan is over
signed by President Luther C. Baldwin, as follows:
3 times the interest
The directors have recently found it advisable to dispose of some of its charge.
Sinking Fund -Mortgage provides that on the 15th
real estate that was no longer used, thereby effecting an annual saving of
beginning May 15, 1930, the company will deposit, day of each month,
about $12.000.
as a sinking fund,
"The sale resulted in a considerable loss over book value after deprecia- one-sixth of the semi-annual principal and interest payment requirements,
o that funds will be on hand for the payment of these items
tion and as this loss had to bo charged to the surplus account, it more than
when due.
eliminates that item.
Wagner Electric Corp.
"The company is in a sound financial condition, has no outstanding
-Common Stock Placed on a
obligations except for current bills, and is in a position to pay dividends $6 Annual Dividend Basis.
out of the large accumulation of cash, Government securities and other
The directors have declared a quarterly dividend of $1.50
Investments of a readily marketable nature.
per share on
"The directors, however, deem it unwise to do so until the balance the common stock, no par value, payable Dec. 1 to holders of record Nov.
sheet has been adjusted to more truly reflect its condition. The surplus 15. The last dividend on the common stock was an initial payment of
account must be increased. Inasmuch.as the holders of the common stock $2.50 per share made on April 15 tof his year.
-V.126, p.4102.
own all of the equity of the company, the change makes no difference in
Wardman Realty & Construction Co.
their status and is mainly a bookkeeping operation. The holders of the
-Transfer
The Central Union Trust Co. of New York has been appointed Agent
preferred stock are not at all affected by the change, but until the reduction
transfer
In par value is consummated, it seems to the directors, unwise to pay agent for 25,000 shares of class"A" voting trust stock
The American Exchange Irving Trust Co. has been appointed
the dividends due Oct. 1. unless the surplus account is first adjusted."
trustee
- for $2,500,000 63
,
6% gold debentures.
V. 117. p. 2662.
End. July 1-
United States Cast Iron Pipe 8c Foundry Co.-Recapitalization.
-
(Charles) Warner Co.
-25
-Cent Extra Dividend.
-
The directors have declared an extra dividend of
cents a share
common stock and the regular quarterly dividend 25 50 cents a on the
of
common and 131% on the 1st and 2d pref. stocks. The common share on
A special meeting of stockholders has been called for Oct. 22
dividends
for the
purpose of authorizing a change in the charter so that the authorized are payable Oct. 10 and the preferred dividends on Oct. 25 all to holders
capitalization of the company shall be 600.000 shares of new 1st pref.stock, of record Sept. 30. Like amounts were declared three months ago.
On Aug. 10 1927 the company paid an extra dividend of
180.000 shares of 2d pref. stock, both without par value, and 600.000
50 cents a share
shares on the common stock.
-V. 126, p. 4102.
of $20 par common stock.
The stockholders will also be asked to vote approval of
Warner-Quinlan Co.
-To Retire Debentures.
of the entire 120.000 pref. shares outstanding as of Oct. 31 the retirement
1928 at
AU of the outstanding 15
-year 6% cony,
share and accrued dividends estimated to be $5.83 1-3 a share: or $100 a
to give for payment Nov. 14 next at 105 and int.gold debentures have been called
the holder the option to accept for each share of present
at the Equitable Trust Co.,
of new 1st pref. and 1 ),<:, shares of new 2d pref. plus the preferred 5 shares Broad St., N. Y. City. The right of the holders of these debentures 11
to
dividend of $1.75 convert the same into common stock shall
per share declared.
continue, however, for a period
of 30 days after Nov. 14.
The common stock of $100 par value as of Oct. 31 will be split
into 5
Holders may surrender debentures prior to redemption date at the
shares of $20 par value each and the final dividend of $2.50 on the old stock
office
payable Dec. 15 will be distributed on the new stock at the rate of 50c. a sh. of Hayden, Stone dc Co., 25 Broad St., N. Y. City, and receive 105 and int.
-V. 127. P. 1267.
Time for deposit of the stock has been extended up to the close of business to date of such surrender.
on Oct. 20.
Warren Brothers Co.
-Earnings.
-A committee, consisting of N. F. Brady, W. T. C. Carpenter and
8 Months Ended Aug. 31Gordon, on Oct. 2, determined that sufficient deposits of shares haveF. S.
1928.
1927.
received to warrant their proceeding under the plan and agreement. been Net income after charges, taxes & pref. diva
$1,126.521
$932,296
Accordingly, the committee have duly declared the plan to be operative and Earns. per sh. on 156.825 shs. corn. stk. (no par).._
$6.61
$5.37
A comparison (exclusive of Cuba) of the contracts carried
'have filed notice to that effect with the depositary.
-V.127,P. 1961.
work secured and area laid by the company and its licensees over, new
for the 8
months to Aug. 31 is given below:
United States Fidelity & Guaranty Co.
-Rights.
(/n Square Yards.)
1928.
1927.
1926.
The stockholders of record Oct. 151928 will be given the right to sub- Yardage carried over from prey. year
4.147.581
6,048,593 4.955.548
scribe for 50.000 additional shares (par $50) at $100 per share.
Yardage awarded during yr.to Aug.31 5.979,295 8,181.556
9,133,980
The stockholders on Oct. 8 increased the authorized capital from $10,000,000 to $25.000,000 and decreased the par value of the shares of stock Under contract Aug. 31
10,126.876 14,230.149 14,089.528
from $50 to $10. the increase in the authorized capital and the decrease in Area laid to
5.019,930
Aug. 31
7,219,179 6,074.851
the par value of the shares not to take effect, however, until after the aforesaid 50.000 unissued shares-of capital stock of the par value of $50 have Area to do Aug. 31
5,106,946
7,010,970 8.014.677
been subscribed for.
-V. 127. p. 1691.
Cuban Central Highway Contract.
Yardage carried over from previous year
United States Freight Co.
5,574,600
-Volume Increased.
Yardage awarded during year to Aug. 31 1928
The company reports that during September it handled more than 283,280,000
000,000 pounds of freight, an increase of more than 44% as compared with Under contract Aug. 31 1928
5,854.64
the volume of freight handled in the same month a year ago.
-V. 127. Area laid to Aug. 31 1928
1,027,486
p. 969.
Area to do Aug. 31 1928
4,827.114
United States Steel Corp.
-V. 126. p. 2003.
-Unfilled Orders.
See under "Indications of Business Activity" on a preceding page.
V. 127, p. 1542.
Wayne Pump Co.
-Acquires Boyle-Dayton Co.
The company has acquired the Boyle-Dayton Co. of Los Angeles, it is
Universal Products Co.
announced. The latter company is said to be the largest
-Comparative Balance Sheet.manufacturer of
gasoline pumps west
AssetsAug r31 '28 April 3028
LiabaUtesAug. 31 '28 April 30'28 Francisco, Oakland of the Rocky Mountains, and has branches in San
and San Diego, Cal., Portland, Ore., Seattle, Wash.,
Cash
$80,929 $110,904 Accounts payable_ $164.550 $161,899 and Phoenix.
Accounts rec
294,267
247,032 Accrued liabilities_
52,252 manufacturers Ariz., while The Wayne Pump Co. is one of the largest
40,820
in the world of self
-measuring gasoline pumps, kerosene
Book inventories
498.039
318,008 Notes pay., bank_ 185,000
80,000 dispensing pumps,tanks
and air compressors for garages and filling stations.
Life ins. policies
24,427
25,848 Res. for Fed. taxes
31,805 It is estimated that
48,703
Property account.. 758,015
803,681 Corn. stk.(no par) 1580,000
580,000 pumps manufactured it manufactures more than 30% of all the gasoline
in this country.
Deferred charges
22,628
12,748 Special sur. arising
The Boyle-Dayton line will continue to be manufacture
from donation of
d in the Los
Angeles plant. In addition, part of the manufacturi
ng and all of the
cap.stk
36,942
38,942 assembling of Wayne
pumps for distribution on the Coast will be done at
Purchase of land
59,000
this plant resulting in a substantial reduction in cost and
Miscellaneous__ _ more prompt
1,500
service to customers.
Total(each sIde)$1,678,308 $1,317,997 Earned surplus_ _ _ 581,789
415,298
The name of the Boyle-Dayton Co. will be changed to the Wayne-Dayton
x Represented by 80,000 no par shares.
Co. The management will remain intact, with the exception of the
Net earnings of the company for the first 8 months of this year, after ment of F. E. Dayton, president, who will be succeeded by his son,retireF. L.
all charges and taxes. were $338,461.-V. 127. IP• 837.
Dayton, who has been the active head of the business for the past five years.
See also V. 127, p. 1962.
Utah Radio Products Co.
-Initial Dividend.
-
The directors have declared an initial quarterly dividend of 30 cents pe
share on the common stock, no par value, payable Nov. 1 to holders
record Oct. 21. See also offering in V. 127. p. 1119.
Vancouver(B. C.) Western Drug Co., Ltd.
-Initial Div.
The directors have declared an initial quarterly dividend of 1%% on
the 6 % cumulative sinking fund pref. stock, payable Nov. 1. See also
offering in V. 127, p. 1822.
Pr Venezuelan Petroleum Co.
-New Directors.
Mason
Day, Vico-President of the Sinclair Exploration Co.,
W. Loft, Proaident of Loft Inc., have been elected Directors. and George
-V. 127, ri•
1267.
Wilson & Co., Inc.
-Tenders.
-
The Guaranty Trust Co., trustee, 140 Broadway, N. Y. City, will until
Oct. 17 receive bids for the sale to it of 1st mtge.6% 25
-years.f. gold bonds.
due April 1 1941, series "A," to an amount sufficient to exhaust $105,747
at a price not exceeding 1073.i and int.-V. 126, p. 2329.
Winton Engine Co.
-Listed.
-
The Detroit Stock Exchange has approved for Laing 30,000 shares,
(no par value) convertible preference stock. See also V. 127, r. 970.
Yellow Cab Co., Baltimore, Md.-Listed.-
The Baltimore Stock Exchange has authorized the listing of
7% cumulative prior preferred stock (par $100)and 30,000 shares $350,000
common
stock (no par value). See offering in V. 127, p. 1822.
OCT. 13 1928.]
2107
FINANCIAL CHRONICLE
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-ETC.
-WOOL
-DRY GOODS
PETROLEUM-RUBBER-HIDES-METALS
COMMERCIAL EPITOME
Mho introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter, in a department headed ''INDICATIONS OF
BUSINESS ACTIVITY.")
Santos coffee prices closed as follows:
I Mar
Spot unofficial _ _ _
21.93®21.98 May
Dec
21.300 nom I July
!Sept
20.88©
2O.6(%
20.25 ® nom
-Prompt Cuban raws were firmer but quiet at
SUGAR.
2 5-32 to 2 3-16e. e. & f. and 3.96c. delivered. Refiners'
stocks are supposed to be much depleted. Canada was
Thursday Night, Oct. 11 1928.
On the 10th inst. refiners bought 91,000 bags
COFFEE on the spot was in moderate demand with prices inquiring. October shipment at 2 3-16e. c. & f. Refined
Santos 4s, 233 to 24c.; of Cuba for
4
firmer. Rio 7s, 17% to 173 c.;
was in fair to good demand for a time at 5.35 to 5.40c.
Victoria 7-8s, 173/40. Mild quotations were as follows: Later on lower prices prevailed. Refined fell later to 5.20
Fair to good Cucuta,233( to 24e.; washed,26 to 27c.; Colom- to 5.25e. in most cases. One refinery announced that effecbian, Ocana, 22 to 22%c.- Bucaramanga, natural, 243 to tive on Thursday morning the price would be 5.25e. for
25%(3.• washed, 27 to 273.40.; Honda, Tolima, Giradot and prompt and thirty-day contracts, no guarantees. Its list
4
Medellin, 283 to 283 c.; Manizales, 27 to 273ic.; Mexican price is 5.40c.
washed, 263 to 283'c.; Ankola, 34 to 38c.; Mandheling,
With raw sugars at 3.96c. duty paid, and refined at
363 to 39c.; genuine Java, 34 to 35e.; Rolausta washed,
less 2% the refining margin, it was remarked, had
203(c.; natural Mocha, 27 to 27%c.• Harrar, 25% to 26c. 5.20e.
narrowed down to 114 points which is far from a satis4
'
On the 9th inst. spot quotations were Rio 7s, 173 to 173/c.; factory one for the refiners. On the 8th inst. 5,000 tons,
Santos 45, 233 to 24c.• Victoria 7-8s, 17X to 17%c. Some port ex-store sold at 3.93c.; and 2 3-16c. c.&f. was paid later
of the cost-and-freight Offers from Santos on the 9th inst. were or a cargo of prompt Cuba and 3.96e. for 2,200 tons ex-store,
the lowest on the crop to date. There was a larger supply
sellers allowing li _hterage charges;2,300 tons of store sugar
of Rios at irregular prices. Santos Bourbon 2-3s were of- the at 3.96c., a clear improvement. On the 9th inst. 25,000
fered at 25.15c.• 3s at 22.80 to 23.80e.; 3-4s at 22.55 to sold Cuban raw sugars also sold for prompt shipment to an
4
22.30 to 23.15c.• 4-5s at 22 to 223 e.; 5s at bags
233(c.; 3-5s at '
at 2.05c. f.o.b. Cuba, or slightly over 2 5-32e.
22 to 22%c.- 5-6s at 21.10 to 2i.100.; 6s at 21X to 21.85e. operator York, bought it is supposed for resale to Europe.
odd. New
6-7s at 20.26 to 21.30e.• 7s at 20.80c.
Also 1,500 tons of Cubas out of store sold at 3.93c. delivered.
"[Cost and freight offers from Santos on the 10th inst. Futures on the 9th inst. ended unchanged to 2 points lower
were in good supply at irregular prices. Rio was somewhat with the transactions only about 11.300 tons. The trade
cheaper. For prompt shipment, the tenders early included bought December supposedly as a hedge. On the 9th inst.
Santos Bourbon 2-3s at 24.60c., 3s at 23.45c., 3-4s at 2250.,
Porto Rico due next week also sold at 3.93c.
to 22.950., 3-5s at 22.35 to 22.95c., 4-5s at 22 to 22%e. 4,100 tons
delivered and this was bid on the 10th inst. with moderate
5s at 21.40 to 223(c., 5-6s at 21.10 to 22e., 6s at 21.10 tO offerings of Cuba at 2 3-160. c.&f.
21.85c., 6-7s at 20.10 to 21%c. 7-8s at 193 to 20.15e.;
Receipts at Cuban ports for the week were 54,162 tons,
4
part Bourbon 2-3s at 233 to 254c., 3-4s at 22%c., 3-5s at
in the same week last year; exports, 65,324
223( to 22,70c., 4-5s at 22.30e., 6s at 213.0.; Peaberry against 40,267
102,503 last year;stock (consumption deducted)
4s at 22.35 to 22.65c., 4-5s at 22.10 to 22.15c., 5s at 21.90c., tons,against against 609,716 last year. Of the exports,
tons,
5-6s at 21.80c.; Rio 7s at 17c., 7-8s at 16.400.; Victoria 618,011went to Atlantic ports, 5,078 to New Orleans, 3,598
7-8s at 16.40 to 16.45c. Victoria 7-8s for November ship- 27,713
-Nov.shipment to interior of United States, 10 to South America, 3,555 to
ment were offered at 16.40e. and 6-7s for Oct.
25,370 to Europe. Havana cabled that sugar
at 17.40e. There is a large increase in the deliveries of Canada and Santa Clara Province district which have been
mild eoffee without,it is said,a corresponding gain in Brazil. mills in the
years will resume operations next season,
This, some think, may indicate that prices of Brazil coffee idle for several
Agriculture Department states. One large mill,
are affecting their consumption. To the world's visible the CubanAntonio, has been leased to a New York company
supply must be added, it is said, at least 14,000,000 bags the Maria work is under way. Another mill which stopped
in the interior of Brazil as reported on Aug. 31, making a and repair in 1926, during the moratorium and financial
total in the visible of 19,374,000 bags. When the figures operations
operated by a group of sugar cane growers.
will
of Sept. 30 are added, this total will be greater. As to the crisis, millsbe the district will also resume, as sugar restricin
increased arrivals of mild coffees, the indications are that Other
lifted by Presidential decree.
owing to existing prices, efforts are being made to increase tions will be
"Javan sugar producers continue to flood Europe with
the production in many countries where coffee can be raised.
remarked one observer who added:"Every ton is
Rio cabled on the 9th inst. that coffee stocks in Rio their sugar"
much of Cuba's market for the next few
regulating warehouses on Sept. 30th were 826,000 bags, taking away that just received cable advices to the effect
We have
against 986,000 bags in August, and 1,180,000 bags in June. months.
English refiners have now bought sufficient sugar to
This, the advices said, is considered ample proof that the that care of their requirements for the next five months and
present crop is very small as farm supplies are insufficient take continues to sell it is going to be a serious question as
to cover market withdrawals from regulators. Reverting if Java Cuba will sell her sugar during the early part of
to 1927 some remark that it begins to look as though Brazil to where
Similar situations have appeared in former years and
has been waiting for a repetition of last year when buyers, 1929.have all been met, and we believe that this most undue to estimates of a crop of 15,000,000 bags of Santos, held they
one will be taken care of in an orderly manner.
off too long and then all came at once in a rush to buy and welcome down to a point where consumption must grow in
is
forced prices up 6 cents in about six weeks. But some con- Sugar country in the world, both civilized and uncivilized,
tend that inasmuch as buyers throughout the world have been every is to increased consumption resulting from the low
keeping supplying their needs as required no repetition of this and it
Cuban sugar producers must look for protection."
may be expected this year. One comment on the situation price that United States Atlantic ports for the week were
was that both markets are disappointingly dull at a time Receipts at against 53,705 in the previous week, 56,080 last
when Exchange business is usually at its healiest. Of course, 53,669 tons
two years ago; meltings 67,000 tons, against
the reason is obvious. Restricted commodities are not year, and 60,980
in previous week, 51,000 last year and 61,000 two
generally attractive to the speculative element, while the 65,000ago; importers' stocks 230,030 against 247,397 n
trade cannot hedge satisfactorily at the difference ruling years
last year and 161,987 two years ago.
between spot and future quotations. There are several previous week, 133,843 against 95,728 in previous week'
99,764,
inquiries, however, from speculative sources and their trend refiners' stocks and 53,993 two years ago; total stocks 329,;
would indicate that when they do come into the market 54,701 last year
in previous week,188,544last year,
again, it will be on the short side. Rain continued to fall in 794 tons against 343,125
"The continuance
coffee growing districts, which should allay any fears of and 215,980 two years ago. One view was:
the
taken with low stocks, leads to the
drought conditions. Perhaps, when the fall demand has been of heavy meltings,of the maintenance of present levels with
better taken care of, there will be an increase in the volume general expectation
occasional improvement. So long as Java sales continue
of daily business.
material advance, in the absence
Futures on the 9th inst. were dull and Rio declined 6 to they are likely to check any
constructive factor. Cuban holders are in a
11 points with the cables 100 to 300 reis lower. The sales of any newobtain higher prices, regardless of Java, but so
to
here were only about 8,500 bags. Santos dropped 2 to 12 position seem too discouraged to demand them and we U3
points with sales of about 22,000 basg. May Santos was far they
confidence for the desired imp v
said to have been sold for Boston account. On Thursday await the returning of
prices closed 6 points lower to 2 points higher on Rio and ment."
in
London cabled: "Java reports the Syndicate has
5 to 14 points lower on Santos with sales of 19,000 bags of
tons of whites for Novemberformer and 17,000 of the latter. Final prices show an the past few days sold 30,000
the
72,000 tons browns for Octoberadvance for the week of 4 points on December Rio but a de- December shipment and
shipment at prices unchanged from
on other months of 3 to 11 points; Santos is 7 to 14 November-Decemberpaid. Also Java says the market looks
cline
those last previously
points lower than a week ago.
better with more inquiry and a firmer tone." It is believed
Rio coffee prices closed as follows:
here that the quantity above mentioned includes 50,000 tons
I July
i5.02@ nom
15.82@
Spot unofficial 1U( 'Mar
sold on Monday, already noted. Some comment on the fact
15.42 ® nom Sept
14.71@
16.39®16.40 May
Dec
2108
FINANCIAL CHRONICLE
[Vol- 127.
that the market had absorbed the heavy hedge selling of
RUBBER declined
Javas and think it begins to look as if the pressure from that with London off % to 20 to 40 points here on the 8th .nst.
3-16d.
quarter is about at an end. Java has already sold some there last week of 1,937 tons.despite a decrease in the stock
New York ended on the 8th
400,000 tons of its 500,000 tons excess production and may inst. with December 18.50
18.600.;
be less anxious to make further important sales at current 18.40 to 18.50c.; May 18.60 to 18.70o.; Jan. 18.40e.; March
to
July 18.70 to 18.80e.
low prices. The total melt, according to the Sugar Institute, BB contracts, Oct. 18c.; Nov.
-Dec.,
-Feb.,
Inc., of 15 United States refiners up to and including the March, April, May, June, July, Aug. 17.80e.; Jan.
week ended Sept. 29 was 7,830,712,263 lbs. against 8,767,- spot 18.10c. London rubber stocks on and Sept., 17.70e.;
,the lath inst. were
371,984 lbs. for the same period last year. The Department ; 29,525 tons, against 31,462 in the
rreviGus utek, 31,477
of Agriculture put the domestic beet sugar crop as of Oct. 1 a month ago, 70,167 a year ago
at 879,000 short tons against their Sept. 1 estimate of 830,000 In London on the 8th inst. spotand 37,226 two yeras ago.
and Oct. ended at 8%d.;
short tons. On Thursday prices closed unchanged to 1 point Nov. 8 13-16d.• Dec. 8%d.; Singapore
ended with Oct.
lower with sales of 23,650 tons. Final prices are 1 to 2 8 13-16d.; Jan.
-March 8 11-16d.; April-June 8 11-16d. Lonpoints lower than a week ago. Sugar prices closed asfollows: don at 2.38 p. m. on the 10th inst.
was 1-16d. higher' spotGt unofficial 2 5-32 iMar
e
2.120
I July
2.2S
_
Oct. 8 13-16d.; Nov. 8%d.; Dec. 8 15-16d.; Jan.
May
2 0744
..06
-March
2.21416
Sept
2.3602.37 9
11-16d. Singapore on the 10th inst. closed dull at net
Jan
unchanged prices. No. 3 amber crepe spot 83gd. or 1-16d.
LARD was steady late last week with prime Western
12.90 to 13e. in tierces c. a. f. New York; refined Continent, net higher.
American consular officers at Singapore,Penang,Colombo,
133c.; South America, 149'Ic.; Brazil, 1534e. Futures on
%
/
the 8th inst. declined 10 to 15 points with hogs lower and Batavia, Surabya, Medan, London aid Liverpool, who vise
commission houses buying. Offerings of nearby deliveries invoices on all rubber shipped tb the United States from
were readily taken by cash interests but generally the demand Malaya, Ceylon and the Netherland East Indies, and pracfrom this quarter was not very heavy. Hogs fell 25c. on tically all from the United Kingdom, report by cable the
receipts of 170,100 against 84,000 last year. Deliveries on following amounts of rubber invoiced during the week ended
October were about 100,000 lbs. on the 8th. On Thursday Oct. 6 1928, as compared to amounts invoiced during the
futures closed 7 to 12 points higher with hogs firmer and three preceding weeks: Oct. 6, 8,798 long tons; Sept. 29,
grain higher. Shorts covered. Cash demand was mod- 8,913 long tons;Sept. 22,8,659 and Sept. 15,8,724 long tons.
erate. Hogs were 15e. higher with the top $10.25. Western London cabled: "Advices from Singapore state that the
hog receipts were 76,000, against 69,000 a year ago. Chi- Legislative Council on Monday passed all stages of the
cago expects 15,000 to-morrow. Final prices however show government bill repealing restriction. Scheme from Nov. 1.
In connection with fears of congestion and lack og transpora decline for the week of 20 to 30 points.
tation facilities at the end of October, the Acting Secretary
Closing prices were as follows:
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. said that until the end of the restriction period the government could not take action which would be contrary to the
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
October
12.25
12.10
11.95
11.95
12.05
spirit of restriction policy. The Acting Secretary does not
December
12.40
12.27
12.02
12.05
12.12
anticipate any exceptional congestion on Nov. 1."
January
12.70
12.60
12.35
12.30
12.42
On the 9th inst. trading was up 546 lots or 1,365 tons in
PORK quiet; mess, $33.50; family, $36; fatJack, $28 to
$31. Ribs, Chicago, cash, 14.25c., basis of 50 to 60 lbs. contrast with 755 tons on the previous day and prices were
average. Beef steady; mess, $24; packet, $25 to $26; family, at one time 10 points higher a rise which was partly lost
$28 to $30; extra India mess, $40 to $42; No. 1 canned corned later. September's consumption in the United States was
beef, $3.10; No. 2, 6 lbs., South America, $16.75; pickled expected to reach 38,000 to 39,003 tons. Outside prices in
tongues, $75 to $80 per lb. Cut meats lower; pickled hams, some cases gave way % to %e. London was down 1-16d.
10 to 20 lbs. 22%c.; bellies, pickled, 6 to 12 lbs.,19%c.; New York ended with Mar. 18.5p to 18.60o., May, 18.70c.;
bellies clear dry salted, boxed, 18 to 20 lbs., 169c.; 14 to 16 July, 18.80c.; Sept., 18.80e. B.d. contracts: Oct., 180.;
-Feb.,.Mar., April;May,June,
lbs. 173c. Butter, lower grades to high scoring, 42 to Nov. and Dec. 17.80c.; Jan.
'
48%e. Cheese, flats, 263. to 283'c. Eggs, medium to July, Aug. and Sept., 17.70e. Outside prices here: Smoked
sheets, spot, Oct. and Nov.
-Dee. 18% to 184 Aprilextras, 29 to 470.
0.;
June, %
OILS.
-Linseed early in the week was slightly more active clean 18 to 18%e.; spot, first latex crepe, 19% to 193.c.;
thin brown crepe, 183 to 1834o.; speer, 17% to
and firmer owing to higher prices for flaxseed. Raw oil, 183/ge.;
earlots coopePage basis, 10.4c.; single barrels, 11.2c. Later No. rolled, 173/i to 173c.; No. 2 amber, 183/i to 18%e.;
/
crushers were said to be quoting 10.4c. but it was intimated river3, 183/i to 184sc.; No. 4, 173/s to 183e.; Paras, Upfine spot, 19%e.• coarse, 133c.; Aore fine spot, 203c.;
that 10.2e. would have been accepted on a firm bid for car
Brazil, washed, dried fine, 26c.; Cauoho Ball Upper, 13c.
'
lots cooperage basis. In single barrels 11c, was quoted.
London was quiet awaiting the Sept. report from American
The decline in flaxseed had a weakening effect. Cocoanut, and
consumption and stocks. Final prices there on that
Manila coast tanks, 7/c.; spot, N. Y. tanks, 8%c.; corn,
etude, bbls., 103c.; tanks f.o.b. mill, 8%c.; Olive, Den., day were unchanged; Spot and Oct., 8%(1.; Nov.,8 13-16d.;
-Mar., 9d. On Thursday _prices closed 10
$1.35 to $1.50; China wood, N. Y. drums, carlots spot, Dec., 8%.:1.; Jan.
to 30 points higher with sales of 420 lots. Dec. here ended
153c.; Pacific Coast tanks, Nov.
-Dec., 14e.; Soya bean,
ttnks, coast, 9%c.; bbls., N. Y., 123.c. Edible corn, 100 at 18.90e.• Mar. at 18.70c. and May at 18.90e. Final
prices
the week show no change on May, but are 10
bbl. lots, 12e.; olive, 2.15 to 2.30. Lard, prime, 163.c.; points for' on
higher
Dec. and March.
extra strained, winter, N. Y., 14c.• Cod, Newfoundland,
HIDES.
-River Plate frigorifico have been weak in re66 to 67e. Turpentine 52% to 57%e. Rosin,$9.25 to $11.45.
'
Cottonseed oil sales to-day including switches 10,100 bbls. sponse to lower American markets. City packer have been
dull and also a bit weak at 23c. for native steers, 21o. for
P. Crude S. E., 83c. bid. Prices closed as follows:
Spot
Dec
10.00
10.10
Mar
10.35010.36 butts and 20 to 2054c. for Colorades. Comtnon dry were
Oct
10.001)
10.13 Jan
10.15
April
10.35010.45 slow of sale and tending downward. Cuentas, 35c.• OrineNow
Feb
10.10
10.14110.39May
10.481010.49 cos, 3432e.; Maracaibo and Central
America, 333:ie.; La
PETROLEUM.
-Bulk gasoline was in better demand Guayra and Savanillas, 33c.; Santa Marta, 34c.• New York
at one time and there was more interest shown by export City ealfskins, 5-7s, 2.45c.; 7-9s, 2.90c.; 9-12s, '
3.80c.
buyers. French buyers were said to be inquiring in the Gulf
OCEAN FREIGHTS.
-A moderate business was done
markets. They wanted two large cargoes of United States
Motor and 64-66 gravity 375 e.p. gasoline for Nov.shipment. late last week and judging from increased export business in
European stocks are down to a low ebb, owing to the heavy wheat the prospective demand for grain tonnage may innear future.
summer consumption, and present prices are now said to be crease in the included grain, 33,000
CHARTERS
qrs. Montreal first
to
more in line with their ideas. Gulf refiners quoted 93/sc. Genoa, Leghorn, Naples. 17l4c. and 18c.• 30,000 qrs. same half Nov. to
Nov. 1-12
Antwerp or Rotterdam
to 9%c. for U. S. Motor, and 11%e. for 64-66 gravity 375 to Melbourne, Oct.. '14)4c.; lumber, Humboldt Ray and Grays Harbor
12; wheat. Vancouver
U. IC. or (1sont"'wmt, Nov.
e.p. Cased _gasoline was in fair demand for export. Local 1-30, 28s.(id.; coal.'Hampton Roads Oct. to to Santos, f4.2.4 Hampton
-No':.
Roads to Rio. Oct., $3.60. Tankers-Mmpt Philadelphia (clean) to
offerings of U. S. Motor were freely made at 113.e. in tank Providence,
11c.; gas oil, Nov.,to
-Continent. Nortn Atlantic 12s. 6d.,
ears at refineries and 123c. in tank cars delivered to nearby Gulf 158.; lubricating and clean. U. K. Houston to north of Hatteras,
prompt.
-Continent. 23s.; same. Oct., 24s.
trade. The warmer weather has stimulated the jobbing 30c.; clean California Oct.-Nov. to U. K.
Oil cake, Irish
pay about $7.50 for small Juno. Gulf, Oct.
demand. Fuel oils continue to improve. Stocks are large, Time-Prompt ports,Indies round. $2; trip across, $1.25: delivery loading.
West
Antwerp,
although they are not as burdensome as they were recently. round trip South America, 4s.; delivery Vancouver. re-delivery U. K.
-ConNov..
Bunker Oil grade C was quoted at $1.05 at local refineries tinent. Nov..111.45. Nitrate. Chile to Continent. Nov. 26s.: grain. 33,000
qrs. Montreal to Antwerp-Rotterdam, 14Mc.,
1-15; 25,000 qrs.
Montreal to Constantinople. 21c., Oct. 27
and $1.10 f. a. s. New York harbor.
-Nov. 5; 26,000 qrs. Montreal
5.2 onzo clit , 2 lOi l74
sn
Oct.0ct. 10-25; 35,000 qrs. St. John, N. B.. D
' According to the "Oil, Paint and Drug Reporter" lower toAzto etitherra.ean d.,Dec.
e.• lumber,Puget Sound-Sydney, Oct.. $11.50;
barv . aden t
prices for gasoline at refineries during the week ended Oct. 6 NoleyloWingworth to U. K.
-Continent. 30s. one port, 31s. 3d. two Ports
showed United States Motor gasoline averaging 10.41 cents
a gallon, against 10.66 in the previous week and 7.56c. last
TOBACCO has been steady with some Eusinels in Porto
year. At service stations prices were unchanged, averaging Rico tobacco stimulated to a certain extent by the damage
20i67e. in the 10 principal markets against 18.65 last year. supposed to have been done by the recent storm. Packers
Crude oil at the wells was also unchanged, averaging in are hopeful of a better trade in the near future. It is nothing
10 principal producing fields $1.59 a barrel against $1.34 last to boast of now. Wisconsin, binders 25 to 30c.; Northern
year. Domestic crude production from Jan. 1 to Oct. 6 40 to 45e.; Southern, 35 to 40c.; New York State, seconds,
was estimated at 667,711,000 bbls. against 686,567,000 bbls. 35 to 40c.; Ohio, Gebbardt binder, 22 to 240.; Little Dutch,
in the same period last year. The Standard Company of 21 to 22c.• Zimmer Spanish, 30c.; Havana, first remedies,
New Jersey advanced kerosene for export in cases %e. a 90 to 95c.; Second Remedios, 70 to 75e.
'
gallon to 17.65e. for refined oil in cases and 18.90c. for
COAL met with a fair demand. New England is also
water white.
[Tables of PricAs usually appearing dere will be found on an earlier page in buying Welsh anthracite and German avoids as well as Soviet
our department of"Business Indication's," in an article entitled "Petroleum coal of which a cargo of 6,000 tons arrived frp:n the DOD
and Its Products."1
Basin. Moreover, it also seems that large contracts for
&
http://fraser.stlouisfed.org/
I.
Federal Reserve Bank of St. Louis
OCT. 13 1928.]
FINANCIAL CHRONICLE
2109
over a con- are being noticeably depleted. Some producers in the BufWelsh coal have been made for future delivery Southern falo district are in arrears.
siderable period said to be for 1,000,000 tons. sales and
large
WOOL has been steadier in response to rather firmer
shippers, in spite of all this, have made some in small lots.
Melforeign markets. Trade has increased somewhat. Boston
n have done a rather better trade
in additio
firmer.
small steam sizes of American anthracite could not bourne auctions are reported active and for 64s territory
Prices on
n Roads
the market
be advanced, but others were firm. At Hampto account. wired: "Few buyers are in Utah and Nevada type conse
wools. Original bag lots of the
there was a good business for offshore and coastwi
g 64s are being offered at $1
Anthracite company f.o.b. mines, Grate, $8.25; stove, $9.10; sisting of bulk French combinare wools similar to lines that
rice, $1.75 to $2.25; egg, $8.75; nut, $8.75; buck- to $1.03 scoured basis. These
pea, $4.50;
scoured basis. quoto $1.75; bituminous,
wheat, $2.75 to $3.25; barley, $1.25 d, $2.35 to $2.60; high recently were bringing $1.03 to $1.05, vania fine delaine,
tations there included Ohio & Pennsyl
net tons at mines, navy standar
f.o.b.
blood,
volatile, 46 to 4704 % blood, 50 to 51; % blood, 54 to 55c.;
volatile steam, $1.50 to $1.70; high grade medium
55e.; Territory clean basis, fine staple $1.10 to $1.12; fine
$2.20.
$2.10 to
medium, French combing,$1 to $1.05; fine medium clothing,
15
COPPER was quiet with prices unchanged at Valley. 95c. to $1; % blood, staple, $1.08 to $1.10; % blood, $1 to
icut
months,
c. i. f. Europe, and 15%c. delivered to Connect mostly for $1.05; % blood, 95 to $1; Texas clean basis, fine 12to $1.07.
tons daily
basis, A super, $1.02
Export sales -...veraged about 1,000 Lake district are large. $1.08 to $1.10; pulled, secured '
Domestic mohair, original Texas, 65 to 70c. Australian clean
Nov. shipment. Shipments from the
Calumet & Heels shipped about 12,000,000 lbs. in Sept., bond, 64-70s, combing super, 95 to 98c.; 64-70s clothing,
The demand
ever 8,000,000 having been shipped by water. on the 8th 85 to 880.; New Zealand clean, bond, 58-60s, 83 to 85c.;
from the Middle West was better. In London spot, and 56-58s, 80 to 82c.; Montevideo grease bond, 58-60s,,50 to
for
inst. standard fell 3s. 9d. to £64 12s. 6d.
51c.; I (56s), 49 to 50c.; Buenos Aires grease bond III (46£65 for futures; sales 350 tons futures; electrolytic un- 48s), 38 to 39c.- IV (40-44s), 35 to 36e. Cape, clean, bond,
'
changed at £71 5s. for spot and £71 15s. for futures. Later best combings, 93 to 950.; average longs, 85 to 90e.
f.
trade was light with pries firm for export at 152c. c. i.In
SILK closed 3 to 5 points lower with sales of 115 bales.
d to the Connecticut Valley.
Europe, and 15%e. delivere
Oct. closed at 5.03 to 5.05c.; Dec. and Jan. at 5.03 to 5.06c.
London on the 10th inst. it was unchanged for spot at £64
6d.; sales 100 tons spot and 150
13s. 9d. with futures £65 2s.
futures; electrolytic remained at £71 5s. spot, and £71 15s.
COTTON
futures.
Friday Night, Oct. 12 1928.
TIN was tending downward. Trade was light. On the
THE MOVEMENT OF THE CROP,as indicated by our
more than 100 tons said. January and February
8th inst. not
telegrams from the South to-night, is given below. For the
4
'
/
sold at 48%c. and spot at 4858 to 483 c. Most of the buy- week ending this evening the total receipts have reached
immediate delivery or for next year. Returns for 521,t37 bales, against 532,796 bales last week and 417,631
ing is for
y
as
the pack of canned peas in 1928 was officiall stated
bales the previous week, making the total receipts sine() the
17,943,436 eases. This is the largest of any year except 1st of August 1928, 2,514,177 bales, against 2,752,655 bales
over 19,003,000 cases were turned out. Last
1924, when
for the same period of 1927, showing a decrease since Aug. 1
year the production was 12,936,017 cases. In London on 1928 of 238,478 bales.
spot standard advanced 2s. 6d. to £218 15s.;
the 8th inst.
Wed. Thurs. Fri. I Total.
futures fell 12s. 6d. to £216 15s.; sales, 50 tons spot and 400
Mon. Tues.
Sat.
Receipts atfutures; spot Straits advanced 7s. 6d. to £219 5s.; Eastern
22,532 27,266 55,688 26.535 16,161 22,101 170.273
8.000 8,000
c.i.f. London dropped £2 12s. 6d. to £221 on sales of 150 tons. Galveston
City
prices have advanced %c. but trade was quiet. Texas
28,019 46,758 38,436 21,060 28.527 25.342 188,142
Houston
Of late
3.671 16.899
---___
____
sold at 48e. and spot at 48%c. November Corpus Christi -- 7.371 13.662 9,721 2.679 10.549 8,000 60,913
Decoreber
7,682 14,477
New Orleans_ _
4
at 483 to 483.e. January and later, 483/i to Gulfport
was quoted
1.742 1,562 2,980 1,134 1.614 1,518 19,650
Mobile
to 48%e. London on the 10th inst. advanced £2 for stand- Pensacola
ard, to £220 15s.; futures rose £1 5s. to £217 15s.; sales, 50 Jacksonville
5.014 6,069 5,580 2,609 3.729 2,686 25.687
tons spot and 55+3 futures. Spot straights up £2 to £221 5s. Savannah
Brunswick
840 5.800 3,641 2,124 3,385 2/3,211
4,421
n
LEAD was in good demand, especially for Oct. and Nov. Charlestown
Georgeto
1.525 1,550 1,574 1.973 1,866 1.060 9,648
delivery. Prices were firm at 6.324c. East St. Louis, and Wilmington
____ 11.614
1.098 1.549 2.840 1,937 4.195
6.50e. New York. In London on the 8th inst. prices were Norfolk
unchanged at £22 for spot and £21 15s. for futures; sales New York
50 tons spot and 200 futures. Of late the demand has been Boston e
Baltimor
._
only moderate with the business mostly in the central west,
and prices generally unchanged. The 23 point premium rrw,w1,, thin arprilr 71 799 00 951 192 510 50 vgn 1e2 919 75•752 521 WInow applies only to Dec. Oct. and Nov. sell at 6323o.
London on the 10th inst. declined Is. 3d. to £22 Is. 3d. for
The following table shows the week's total receipts, the
spot and £21 16s. 3d. for futures; sales 150 tons spot and total since Aug. 1 1928 and stocks to-night, oompared with
last year:
550 futures.
Stocl...
1927.
was steady at 6.25c. East St. Louis. The Septem1928.
ZINC
Receipts to
ber statistics are to be announced shortly, but are not
This Since Aug This Since Aug
12.
Oct.
1927.
1928.
Week. 1 1928. Week. 11927.
expected to have any effect on the price, as little change in
figures is looked for. .Surplus stocks are expected to show a Galveston
839,429 103.964 624.589 512,078 463.087
170,273
18.212
25,463
20.073
decline and rotors it is believed will be fewer. In London Texas City
36.549 8,908
8.000
188.142 941,341 120.402 1.018.898 612,534 645,085
on the eighth inst. spot fell 2s. 6d. to £23 17s. 6d.; futures Houston- - - - 13,457 134.141
16,899 200,809
off Is. 3d. to £24 3s. 9d.;sales 150 tons spot and 350 futures. Corpus (3hristi
____
550
Port Arthur. tkc
60.913 249.943 57,197 337.309 176.538 329.793
Later prices showed no change. Though the surplus stocks New Orleans
in September 3,500 tons the September statistics Gulfport
68.423
increased
213.'1.
43,424 18,562 102.476
10.550
Mobile
2.251
were regarded as in the main bullish rather than otherwise. Pensacola
585
613
Louis 6.25c. London on the 10th inst. was un- Jacksonville
East St.
63.802 108.007
25,687 112.024 27,934 303,906
d at £24 spot, though futures fell Is. 3d. to £24 5s.; Savannahk
change
Brunswic
55,991
46,097
17,600
46,992 13,134
20,211
Charleston
sales 150 tons spot and 750 futures.
29 17.787
Lake Charles
16.341
29.860
18,355 7.945
9,548
.
-Cleveland reports a better business in finished Wilmin4ton
43.296
STEEL.
22,985
39.764
21,069 16,148
11,614
Norfolk
92
steel on the basis of the recent rise of $2 for the fourth quarter N'port News, &c. ____
10,619 219.982
3,472
532 1,162
week of 1928. Waiting orders were executed in New York
5.075
than in any
2.509
1,529
275
1,064
Boston
981
871
16,739
2,004 2,551
both light and heavy steel. They say the mills in some cases Baltimore
7.365
4,439
55
s. Western structural mills are operating Philadelphia
have good backlog
759 555 1 591 R97 1 075 L51
591 R27 9 515 177 501 520)
Tn+nla
it is stated, at 80%, an increase of 5%. Bars sold more
freely in the Central West. Specifications increased. Sheet
be made with other years,
to
In order that comparison may
mills are working in some cases close andcapacity. Buying
seasons:
tractors has been we given below the totals at leading ports for six
by makers of agricultural implements
actual purchases and demands are note1923.
1924.
largo. At Chicago
1925.
1926.
1927.
1928.
Receipts atworthy from railroads for ears and bridge material. New
Memphis have been buying for building. Galveiton__ 170.273 103,964 184,630 136.321 180.764 127.710
54,721
York, St. Louis and
74.4091 107.409
Houston $___ - 188,142 120,402 174.260
41.137
78.655
Unfilled orders of the U. S. Steel Corp. increased during New Orleans- 60,913 57.197 114,437 90,51
1.417
5.230
10.666
24,956
18,562
on the books Sept. 30th, 3,693,368 Mobile
10.550
Sept., 741325 tons; total
15,653
36.850
58,676
2/.934
44.5Sl
25,687
_
49
tons, against 3,148,113 a year ago. Some are predicting that Savannahk _ _ _
Brunswic
9.520
8.154
13,307
25.163
13.134
20,211
Charleston. _ Oct. will mark the peak of the year.
8.716
4,614
5,617
5.863
7.945
9,548
Wilmin.ton _.
26,460
7,629
45,373
18,998
PIG IRON has been quiet here in the East but Western NorfolgN.,&c_ 11.614 16.148
1.830
12.146
3.252
11,828
26.353
24,899
points report a pretty good business. As a rule, however, N'port
__ _
All others_
consumers in this country are said to have provided for their
The sales are mostly in ear Total this wk_ 521.837 391.639 618.810 423.813 441.485 287.213
needs for the rest of the year.
2 755 /41512.207.911 2 nen 27.2
loads. The premium asked by some makers for shipment cus,.... tw7 1 9 61,1 177 2 752 1155 3.451.715
figures nclude movement of
after January 1st has checked such business. Sales have
* Beginning with the season of 1926, Houston
by Houston as an interior town. The distinction
recently been made of British low.phosphorus iron and small cotton previously reported been abandoned.
between port and town has
sales have also been made of Indian and Dutch iron for deThe exports for the week ending this evening reach a total
livery over the remainder of 1928. It is said that large shipbales, of which 40,673 were to Groat Britain,
ments are being made against contracts and/furnace stocks of 145,993
2110
FINANCIAL CHRONICLE
20,265 to France, 32,026 to Germany, 5,045 to Italy,
37,365
to Japan and China and 10,619 to other destinations.
In
the corresponding week last year total exports
were 202,046
bales. For the season to date aggregate
exports have been
1,336,507 bales, against 1,467,925 bales in
the
of the previous season. Below are the exports same period
for the week:
[VoL. 127.
a long chance of 16,000,000 bales. In other words
the more
hopeful found that the estimate was anywhere from
1,000,000 to 2,000,000 bales smaller than was at one
time suggested. A number of private reports had put the
estimate
at about 400,000 to 500,000 bales higher than the
Government figures. Under the circumstances a quick advance
Exported to
of
Week Ended
$4 to $4.50 was not surprising. The spot markets
Oct. 12 1928.
Great
advanced
GerJapan&
Exports from
- Britain. France. many. Italy. Russia
some 40 points. During the week the spot demand has
China. Other. Total.
been
Galveston
on the whole very good. Certainly the actual daily
9,527 5.457 3,919
15,599 6,182 40,684
sales
Houston
17,116 11,764 10,290
have run well ahead of the totals on the corresponding
8,625 1,325 49,120
Corpus Christi
5,114
days
3,671
16,899 last year. Memphi reports
New Orleans__ -- 6.009 3,044 5,435 2,679
s
an excellent demand for long
890 2,366
4,200 1;ioo 18,309
Mobile
3,742
400 1,100 5,242 staples, that is from 1% to 1 5/16 inch. The Texas basis
Savannah
1,500
1,500 has of late been stronger, especial
Charleston
5,200
ly at Houston. The week_ 5,200
Wilmington _
_
2,200
2,200 ly report though favorable in many respects had some bad
Norfolk
2:6157
7
2,007 features. There seems to
New York
be little prospect of a top crop
350
212
582
Los Angeles
900
---1:656
1.900 in the Southwest and other parts of the belt.. Moreover, the
San Francisco
____
2,370
2,370 Association of Cotton Textile Merchan
ts report on cloth
Total
40,673 20,265 32,026 5,045
37,365 10.619 145,993 statistics for September 1928 was as follows: Production
253,688,000 yards; average weekly production in September,
Total 1927
21,045 30.418 66,877 10,058
175 56,593 16,880 202,046
Total 1926
61.884 19,696 91.665 23,029
46,690 18,677 261,641 63,422,000 yards against 60,494,000 during August; sales
387,151,000 yards or 152.6% of production against 112.7
From
Exported to
in August; shipments 278,110,000 or 109.6% of product
ion
Oct. 12 1928. Great
Geragainst 107.1 in August; unfilled orders September 30 398,Japan&
Exportsfrom- Britain. France. many. I Italy.
Russia, China. Other. Total.
005,000 yards or 37.7% increase against 6.1 in August;
Galveston____
32.498 40,638 115,042 25,354 14,798 98,256
stocks on hand Sept. 30 417,245,000 yards or 5.5% decrease
Houston__
65,605 58,437 103.826 38,654 29,458 81,573 61,771 388,357
34,785 412,338 against 4.6 in August.
Texas City__
200
5,064
____
__
700
100
6,064
Corpus Christi 25,067 28,435 70,966 21,657
On the other hand, there is no bullish enthusiasm. That
4,9 4 54,582 25,598 231,209
0
Port Arthur__
550
550 was chilled by the action of the
Lake Charles_
market following the re493
___
493
New Orleans
25.688 1,1556
14,636 12,096 68,i:15 10,iiii 9,55i 149,912 ception of the Government report on the 8th
inst. Nearly
Mobile
2,707
____
9,798
600
____
400 1,500 15,005 50% of the rise that day
Savannah____
18,984
was lost before the close. The net
____
31,437 --------2,000
701
53,022
Charleston....2,225
31
11.908------- 1,787
15,951 advance, in other words, was not over 40 points and the
Wilmington__
2,200 3,500 ------------5,700 tone
Norfolk
even after such a report was barely steady at the close.
8,321
____
1,913 ------------830 11,064
Newport News
92
92 Spot markets rose only 40 points instead of double that
New York
11.074 1,419
14,171 1,419
____ 3,459 2,53
34.079 amount. On the advance the trade buying ceased. Hedge
Los Angeles
1,175
____
1,705 --------3,048
11 1
6,028 selling
San Fran,...
increased. Many of the longs became discouraged
4,370
____
4,370
Seattle
2,273
____
2,273 at the slipping tendency of prices and sold out. The next
Total
193.316138,700 383.159 103,280117,600261,436
139,016 1,336,507 day and the day following there was further liquidation of
considerable long lines, supposedly for both Wall Street
Total 1927_ -- 175,174189,860 585,165 81,272
Total 1926_ 387,866193,101 553,053134,661 101,301 211,121 144,032 1,467,925 and the West, as well as
117,873 177.508 146,34 1,710,305
for local account. Some of the
Note.
Wall Street element are supposed to have taken the short
-Exports to Canada.
-It has never been our practice to include
in the
above table reports of cotton eh pments to Canada.
the reason being that virtually side. The South kept selling. The Southwest sold
all the cotton destined to the Dominion
to some
returns concerning the same from week comes overland and it is Impossible to get extent. So did Liverpool. Meanwhile
to week,
the weather was favdistricts on the Canadian border are always very while reports from the customs
slow in coming to hand. In view orable for picking and marketing. The weekly
however,of the numerous inquiries we are
report was
that for the month of August the exports receiving regarding the matter, we will say considered in the main favorable. The receipts
are increasbeen 8.035 bales. In the correspondingto the Dominion the present season have ing.
month of the preceding season the exports
There is uneasiness in some quarters as to the poswere 8.218 bales.
sible effects of increased hedge selling. When the eastern
In addition to above exports, our telegrams
to-night also belt crop begins to move in earnest it is feared that there
give us the following amounts of cotton on
shipboard, not will be hedge selling on a scale that will require an excleared, at the ports named:
cellent trade demand or an active bull speculation, to handle
it or there will be a noteworthy decline in prices.
On Shipboard Not Cleared for
The weekly government report stated that the week was
generally warm, with fair, sunshiny weather prevailing
Great
GerOther CoastLeaving
Oct. 12 at
- Britain. France. many. Foreign wise.
over most sections of the belt. In the Atlantic States the
Total.
Stock.
Galveston
10.009 10,200 10,000 34,000 5,500 69,700 442.378 warmth and sunshine were favorable. Cotton opened rapNew Orleans_ _
1.414 4.811 12.104 10.093 1,185 29,607
146,931 idly and picking and ginning advanced well, though there
Savannah
7.000
300 7,300
56.502 was still some retardation in previously wet
Charleston_ _
sections by
73
73
46,024 reason
Mobile
6.800
of moist lint and seed pods. In Georgia the crop
3:86o
100 10,100
16.809
Norfolk
22,985 has been practically made, but is opening rather slowly
Other ports*„ Low 2.000 3,000 6,000
in
12,000 661,418
the north, with staple short and poor in many sections.
Total 1928.. 18,914 17,011 32,104 53,593
Total 1927._ 30,343 13,612 36.120 75,099 7.158 128,780 1,393,047 There were reports of slow opening also in parts of north9,312
Total 1926_ 60,008 33,748 44,035 86.499 15,941 164,486 1,809,072 ern Alabama, with some further deterior
ation, but picking
1240.2311.638.586
* Estimated.
made fair progress in most districts and was about complete in some southern localities. In the States borderSpeculation in cotton for future delivery has
been brisk ing on the Mississippi River conditions favored rapid
openat times, but at irregular fluctuations, ending
higher partly ing, and also the harvesting of the crop, except for considon a frost scare. On the 8th inst. came the long expecte
erable rains in places, principally in Arkansas. In Oklad
Government report. It estimated the crop
at 13,993,000 homa warmth and persistent dryness made a continuation
of unfavorable conditions in the West, but the bulk of
bales. This was a surprise and caused an advance
of some cotton is open and being picked
rapidly. In Texas progress
80 to 95 points, though only about half of it was
held at the was poor in the northwest, with premature
opening, but
close. None the less, the report was something
of a sen- the crop is mostly made elsewhere, with top crop condisation. Many had had an idea that the estimat
tions poor; the weather was favorable for picking which
e would not
be changed much from that of the previous month
when is well advanced, except in the northwest.
To-day prices advanced 30 to 40 points on fear of
It was 14,439,000 bales. An estimate of 13,993,000
frost
bales over the holiday
or the week-end. It caused
compares with 12,678,000 bales on Oct. 8 last year, 12,955,0
00 almost all day. Liverpool and the Continent heavy covering,
bought. Offeractually picked last year and 17,911,000 in 1926. The yield
ings fell off. The market looked a little oversold or
at
per acre is given as 149.1 pounds against 154.5 the final any rate sold out. Spot
markets were higher with a steady
last year and 156.3 as the ten-year average. The condition demand, partly from Japan. The cables were
higher than
was stated as 54.4% against 60.3 a month ago, 50.4 on Oct. due. Continental and Bombay buying had its effect in
8 last year and 53.5 as the ten-year average. The ginning Liverpool; also fears of a cold wave, and some calling by
up to Oct. 1 proved to have been larger than expected. The the mills. Manchester, moreover, reported trade improving
among home
estimates from private sources had been 4,700,000 to 4,800,- said that the buyers and a fair demand from India. It is
Far East is competing with Manchester in the
000 bales. The Census Bureau stated it at 4,961,032 bales fine goods trade and will therefore want
more American
against 2,498,252 up to Sept. 16 this year, 5,944,739 up to cotton. Exports to Japan from America are running ahead
of those of last year at this time. Egyptian on Alexandrian
Oct. 1 last year and 5,643,139 in 1926. Shorts covered heavily. The long interest had been reduced. Large spot in- was 15 to 40 points higher and in Liverpool 30 to 40 American points higher. The closing was very steady
terests bought on a considerable scale.
some slight recession from the top. Final prices here at
show a
The decrease in the estimate compared with the previous rise for the week of 40
to 45 points. Spot cotton ended
average guess of 14,057,000 bales was only 64,000 bales. at 19.55c. for middling, a rise for the week of 45
points.
But some had been looking for 14,500,000. There was one
The following averages of the differences between
grades,
estimate for twelve States only of 14,700,000. Some weeks as figured from the Oct. 10 quotations of the ten market
s
designated by the Secretary of Agriculture, areTthe
back there was quite general talk of the possibility of
differences from middling established for deliveries in
15,000,000 bales. There were even enthusiasts who spoke of
the New
York market on Oct. 18:
.83 on middling
White
.62 on middling
White
.41 on middling
White
.26 on middling
White
Basis
White
.78 off middling
White
1.58 off middling
White
2.34 off middling
White
3.16 off middling
White
.41 on middling
Extra white
.26 on middling
Extra white
Even on middling
Extra white
.78 off middling
Extra white
1.58 off middling
Extra white
.23 on middling
Spotted
.03 off middling
Spotted
.72 off middling
Spotted
'.39 off middling
Spotted
2.13 off middling
Spotted
.11 off middling
ellow tinged
.47 off middling
Yellow tinged
.83 off middling
Yellow tinged
1.36 off middling
Yellow tinged
1.98 off middling
Yellow tinged
2.75 off middling
Yellow tinged
.86 off middling
Light yellow stained_
Light yellow stained_ 1.35 off middling
yellow stained__ 1.95 off middling
Light
1.13 off middling
Yellow stained
1.92 off middling
Yellow stained
2.55 off middling
Yellow stained
.58 off middling
Gray
.92 off middling
Gray
1.27 off middling
Gray
1.58 off middling
Blue stained
2.20 off middling
Blue stained
2.97 off middling
Blue stained
Middling fair
Strict good middling
Good middling
Strict middling
Middling
Strict low middling
Low middling
*Strict good ordinary
*Good ordinary
Good middling
Strict middling
Middling
Strict low middling
Low middling
Good middling
Strict middling
Middling
*Strict low middling
*Low middling
Strict good middling
Good middling
Strict middling
*Middling
*Strict low middling
*Low middling
Good middling
*Strict middling
*Middling
Good middling
*Strict middling
*Middling
Good middling
Strict middling
*Middling
*Good middling
*Strict middling
*Middling
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Sat.
19.05
Mon. Tues. Wed. Thurs. Fri.
19.45 19.25 19.25 19.55 Hol.
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Oct. 12 for each of the past 32 years have been as follows:
11.00c.
9.75c.
14.75c
13.65c
9.10c
11.75c
11.40c
10.25c
23.00c. 1912
0
1928 __._ 519.55c. 199
33.90c. 1911
20.90c. 1919
1927
32.60c. 1910
13.45c. 1918
1926
27.65c. 1909
21.65c. 1917
1925
17.55c. 1908
21.45c. 1916
1924
12.50c. 1907
1923 ____*29.00c• 1915
21.80c. 1914 ---------c. 1906
1922
13.70c. 1905
1913
19.80c.
1921
*On Oct. 11.
10.55c•
960c
8.85c•
8.44c•
10.69c•
7.25c.
5.38c.
6.447..
1904
1903
1902
1901
1900
1899
1898
1897
Saturday__ _ Quiet, 5 pts. dec... Barely
Monday_ _ _ Quiet, 40 pts. adv.. _ Barely
Tuesday_ - _ Quiet. 20 pts. dec.. Barely
Wednesday. Quiet, unchanged _ _ Steady
Thursday. _ Steady, 30 pts. adv. Barely
Holiday
Friday
Spot.
Steady_
Steady_
Steady_
Steady.
1.100
1.000
700
3.400
60.508
Total week.
Since Aug. 1
300
1,200
1.000
1,000
Friday,
Oct. 12.
Range of future prices at New York for week ending
Oct. 12 1928 and since trading began on each option:
Range Since Beginning of Option.
Range for Week.
Oct. 8 19.50 Oct. 8 17.31
17.25
Oct. 8 19.41 Oct. 8 16.98
Oct. 8 19.36 Oct. 8 17.00
18.68
Oct. 8 19.24 Oct. 8 17.20
18.58
Oct. 8 19.11 Oct. 8 17.22
18.00
17.12
Oct. 8 19.00 Oct.
Sept. 19 1928 22.87
Jan. 28 1928 22.46
June 12 1928 22.70
Feb. 2 1928 22.45
Aug. 21 1928 18.70
Sept. 19 1928 22.36
Aug. 18 1928 22.06
Sept. 19 1928 22.30
Aug. 13 1928 19.07
Sept. 19 1928 19.97
June 29 1928
June 30 1928
June 29 1928
June 29 1928
Aug. 21 1928
June 29 1928
July 9 1928
June 29 1928
Aug. 17 1928
Aug. 9 1928
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
97,000
58.000
4,000
29,000
8,000
1.000
5,000
639.000
241,000
202.000
3,424,363 4,734,055 4,198,719 3,455,894
272,000
336.000 398,000 293,000
13,000
4.000
10,000
11.000
69,000
43,000
50,000
53.000
112,000
61.000
74.000
75,000
113,000
132,000
108,000 109.000
244,000
169.000
703 000 344,000 212,000
317,000
287,000 299,000
Continental imports for past week have been 152,000 bales.
The above figures for 1928 show an increase from last
week of 517,858 bales, a loss of 997,692 from 1927, a
decrease of 400,354 bales from 1926, and a gain of 475,469
bales from 1925.
is,
AT THE INTERIOR TOWNS the movement-thatfor
the receipts for the week and since Aug. 1, the shipments the
the week and the stocks to-night, and the same items for
corresponding periods of the previous year,is set out in detail
below:
Movement to Oct. 12 1928.
Towns.
18.40-18.54 18.75-18.8
Range- 18.30-18.40 18.18,19.00 18.53-18.94 1850 -112AR 1R
113
Closing is sn - RR - 5:1-114 54
Oct. 1928__ 18.55
Nov. 1928
Dec. 1928._ 18.51
Jan. 1929._ 18.44
Feb. 1929
Mar. 1929.. 18.40
April 1929_
May 1929__ 18.26
June 1929_
July 1929._ 18.16
128,000
85,000
3,000
18,000
7,000
the port stocks; in previous year.
a Houston stocks are now included in
they formed part of the interior stocks.
* Estimated.
Oct.
Range__ 18.81-18.88 18.55-19.50 18.97-19.39 18.91-19.03 19.18,19.35
19.30Closing_ 18.81-18.82 19.16-19.19 19.01-19.02 19.02Arm
Range._
19.8918.91
19.21 19.10- Closing 18.71 Dec.
Range__ 18.72-18.82 18.51-19.41 18.92-19.33 18.80-18.98 19.12-19.30
Closing _ 18.72-18.73 19.11-19.13 18.92-18.95 18.90-18.92 19.22-19.26
Jan.Range- _ 18.85,18.74 18.44-19.36 18.86-19.26 18.70-18.93 19.10-19.25
Closing. 18.65-18.67 19.05-19.06 18.86-18.88 18.86-18.88 19.19-19.23
Feb.
Range.19.14 --18.7918.98-18.79Closing_ 18.59Mar.
18.53-18.63 18.40-19.24 18.73-19.15 18.57-18.80 18.98,19.13 HOLIRange.
DAY.
Closing _ 18.53-18.56 18.92-18.94 18.73-18.75 18.72-18.74 19.10-19.13
Apr.
Range_
19.0518.6818.6918.86Closing 18.48May
Range. 18.43-18.52 18.26-19.1 18.64-19.06 18.5048.72 18.87-19.02
Closing 18.43,18.44 18.80-18.8 18.64-18.65 18.65-18.66 19.00-19.02
June
Range.
18.57-18.9418.6818.74Closing 18.36-
Option for
364,000
164.000
7,000
89,000
15.000
3,950,363 5,948.055 5,350.719 4.474,894
Total visible supply
11.54d.
7.354.
11.54d.
Middling uplands, Liverpool_ __ _ 10.95d.
21.65c.
13.60c.
20.950.
19.5".c.
New York
Middling uplands.
26.401.
16.754.
20.254.
Egypt, good Sakel, Liverpool.... 19.400
24.004.
13.504.
13.004.
Peruvian. rough good. Liverpool_ 13.2'k!.
10.604.
6.754.
10.40d.
950.
9.
Broach, fine, Liverpool
11.004.
7.304.
10.90d.
10.25d.
Tinnevelly, good, Liverpool
400 3,800
6.100 66,608
Tuesday, Wednesday, Thursday,
4
/
G12.9.
Oct. 11.
Oct. 10.
27,000
439,000
1,526,000 1,214,000 1,152.000 1,019,000
3,424,363 4,734,055 4,198,719 3,455,894
Total East India, Sic
Total American
FUTURES. The highest, lowest and closing prices at
New York for the past week have been as follows:
Monday,
Oct. 8.
51,000
829,000
473,000
Total American
East Indian, Brazil, &C.Liverpool stock
London stock
Manchester
Continental stock
Indian afloat for Europe
Egypt, Brazil, Sic., afloat
Stock in Alexandria, Egypt
Stock in Bombay. India
600
100
78.000
4,950,363 5,948,055 5.350,719 4.474,894
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
119.000
380,000
bales_ 223,000 629,000
Liver ool stock
67,000,23,000
23.000
Manchester stock
159.000
404,000 586.000 191,000
Continental stock
546,000 609.000 712,000 772,000
American afloat for Europe
a1,521,82701,973,558a1.888,817 1.115.529
U.S. port stocks
(1706,536 0869,297 a975,402 1,267,365
U.S. interior stocks
10,500
200
U. S. exports to-day
Contect Total.
600
1925.
412,000
1,004,000 1,682,000 1.070,000 641,000
Total European stocks
61.000
74.000
75.000
112,000
India cotton afloat for Europe
American cotton afloat for Europe 546,000 609.000 712,000 772,000
132,000
109,000
108.000
Egypt,Brazil.&c.,afloatforEurope 113,000
169,000
244.000 344,000 212.000
Stock in Alexandria, Egypt
703,000 287,000 299,000 317,000
Stock in Bombay. India
al,521,827a1.973,558a1,888.817 1,115,529
Stock in U. S. ports
Stock in U. S. interior towns.... a706,536 a869,297 0975,402 1,267,365
10.500
200
U. S. exports to-day
SALES.
Futures
Market
Closed.
1926.
778,000
233,000
142,000
10,000
71,000
17,000
Total Continental stocks
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot Market
Closed.
1927.
965,000
531,000 1,043,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
The official quotations for middling upland cotton in the
New York market each day for the past week has been:
Oct. 6 Is Oct. 12Middling upland
bales_
1928.
495,000
36,000
Oct. 12Stock at Liverpool
Stock at London
Stock at Manchester
*Not deliverable on future contracts.
Saturday,
Oct. 8.
2111
FINANCIAL CHRONICLE
OCT. 13 1928.]
Ship- Stocks
meats. Oct.
12.
Season. Week.
Receipts.
Week.
Ala.,Birming'm 3,330
1,500
Eufaula
Montgomery. 3,783
4,447
Selma
Ark.,Blytheville 3,289
Forest City.. 1,789
3.208
Helena
3,972
Hope
1,194
Jonesboro
7,384
Rock
Little
1,828
Newport _
19,587
Pine Bluff.
15
Walnut Ridge
43
Ga., Albany
2,22
Athens
2,25
Atlanta
14,83
Augusta
500
Columbus...
4,852
Macon
85
Rome
La., Shreveport 11,778
Miss.,Clarksdale 13,633
Columbus __t 3,049
Greenwood.. 20,080
4,359
Meridian
2,070
Natchez
Vicksburg... 1,997
3,777
Yazoo City
Mo., St. Louis_ 6,465
166
N.C.,Greenslrro
Raleigh
Oklahoma
15 towns.... 67,899
S.C., Greenville 7,332
Tenn.Memphis 51.143
Texas, Abilene_ 2,997
4.047
Austin
2.265
Brenham
9,790
Dallas
3,071
Paris
141
Robstown
1,384
San Antonio_
Texarkana... 3,841
12,553
Waco
Movement to Oct. 14 1927.
Receipts.
Season:
Week. Season.
6.923 2,110 3,366 11,395
567
500 3,833
5.463
19,241 1,792 15,783 4,469
20,774 1,978 17,417 3,065
3,874
16,603 2,579 10,73
3,501
554 5,16
4,794
3,362
13,347 1,019 12,97
3,382
25,231 3,974 11,86
64
500
3,093 1,431
5,674
32,550 4,882 16.84
3,731
7,604 1,098 2,51
47,550 7,328 18,98 10,102
30
1,026
119
154
244
316 1,88
1,820
5,374
3,186 1,000 2,82
8.009 1,363 11,420 6,533
68,916 6,429 36,769 21,428
250 2,087 3,748
3,459
19,479 3,236 7,372 2,994
450 4,995 4,726
561
58,458 6,626 43,278 6,127
59,431 3,776 59,708 11,155
8,963 1,18. 7,097 3,079
69,8811 5,430 76,697 16.763
17,775 2,310 8,321 2,999
9,085' 1,425 15,432 2,327
1,583
626 7,42
8,119,
724 18,802 2,177
17,960
27,2861 6,383 1,855 7.934
109 1,026 1,028
449
674
32,453
13,652
53,585
43,673
10,794
0,234
12,826
20,927
3,229
34,38
12,42
27,152
2,24
4.4
23,50
31,22
139,89
11,38
36,99
13,86
49,961
72,62
18,68
66,79
27,593
21.68
7,824
9,114
37,264
6,663
1,389
Week.
Stocks
Oct.
14
8,491 14,425
282 10,545
4,681 41,331
4,567 33,632
1,481 11,574
733 8,365
1,626 13.221
3.272 6,705
200 2,283
5.573 21,594
2,278 5,206
6,814 22,268
255 1,597
227
1,4651 17,283
2,476 22,432
5,3251110,273
5,008
1,
2,7881 9,581
1.300t 8,550
5,2881 35,800
64,017
4,3
2,300 10,133
9,432158,910
3,242 15,755
1.206i 18.151
736 5,511
2551 8,096
135
7,933
1,47 20,867
53 1,532
185,704 51,594 60,245 39,159 112,449 25.965 39.794
51.9001 9,643 27,388
30,482 3,642 10,982 10,713
217,282 38.572 129,444 63,510 245,519 42,434 138,178
17,111 3,496 1,059
438 2,796
3,076
535 3,291
13,854
28,208 2,837 5,272 1,042
747 10,508
14,561
616
19,631 2,054 14,580
25,643 4,000 9,467
38,140 10,446 16.299 5,000
30,820 4,117 5,509
38,016 5,167 5,411 4,696;
521 29.5001 1.556 3,515
248 2,190
13.838
874 3,739
965'
24,996 1,561 3.493
3,713 9,132
25,270,59
2
25.630 2,784 13,223 5,739
46,307 4,019 10,486
69,365 12,072 17,768 4,575
192.708 869,297
Total, 56 towns 314.247 l,261.250205.055706.536294.384 1.491,090
in Oklahoma.
x Discontinued. • Includes the combined totals of 15 towns
The above totals show that the interior stocks have
increased during the week 103,591 bales, and are to-night
162,761 bales less than at the same period last year. The
receipts at all the towns have been 19,863 bales more than
the same week last year.
2112
FINANCIAL CHRONICLE
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:
-----1928-----Since
1Verk. Amt. I.
6,383
27,945
402
1,856
106
235
966
3.324
5,119
41,925
10,570
65,105
Oct. 12ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, Sze
-----1927
Since
Week. Aug. 1.
7,933
38,866
7,220
26,854
137
181
880
6,051
6.097
55.376
5.400
55,806
[VOL. 127.
COTTON GINNING REPORT.
-The Bureau of the
Census on Oct. 8 issued the following report showing the
!lumber of bales of cotton ginned in each of the cotton-growing States the present season up to Oct. 1, in comparison
with corresponding figures for the two preceding seasons. It
appears that up to Oct. 1 1928 only 4,961,032 bales of cotton
were ginned, against 5,944,739 bales for the corresponding
period a year ago, and 5,643,139 bales two years ago.
NUMBER OF BALES OF COTTON GINNED FROM THE
GROWTH
OF 1928 PRIOR TO OCT. 1 1928. AND COMPARATIVE
TISTICS TO THE CORRESPONDING DATE IN 1927 AND STA1926.
Running Bales (Counting Round as half Bales
and Excluding Linters).
Total gross overland
23,545 140,390
Stale27.667 183.134
1928.
1927.
Deduct Shipments
1926.
Alabama
335,754
783.209
Overland. to N. Y., Boston, ire
569,060
3.600
3,988
21.790 Arizona
27,158
16.91024.311
Between interior towns
385
3,859
416
4,191 Arkansas
.
362,211
281.880
Inland,8m.,from South
436,383
18,238 113,756
19.212 122.522 California
19,232
6,684
19,138
Florida
11.251
14.135
Total to be deducted
18,903
18,623 121.015
23.616 148,503 Georgia
308.889
744.264
602,983
Louisiana
370.727
342.135
360,700
Leaving total net overland *
4,922
19.375
4,051
34.631 Mississippi
561.692
707,557
671.071
Missouri
13,575
6.354
*Including movement by rail to Canada.
36.814
New Mexico
6,129
10 628
4,208
The foregoing shows the week's net overland movement North Carolina
60.342
177.589
240.329
Oklahoma
268.127
155.727
178.324
this year has been 4.922 bales, against 4,051 bales for South Carolina
120,954
333.853
358.975
the week last year, and that for the season to date the Tennessee
64,757
62.849
74,224
2,429.043
aggregate net overland exhibits a decrease from a year ago Texas
2,300.530
2,044,363
Virginia
966
199
2.180
of115,256 bales.
All other
225
246
1.168
1928
1927
In Sight and Spismass'
United States
*4,961,032*5,643,139
Since
*5,944.739
Since
Takings.
Am. 1 .
Week
Week.
Aug. 1.
Receipts at ports to Oct. 12
*Includes 88.761 bales of the crop of 1928 ginned prior
521.837 2,514.177 391,639 2,752,655
to Aug. 1, which
Net overland to Oct. 12
was counted
4,922
19,375
4.051
34.631 and 47.770 in the supply for the season of 1927-28, compared with 162.283
Southern consumption to Oct. 12_120,000 1.120.000
bales of the crops of 1927 and 1926.
100.000 1,151.000
The statistics in this report include 180,323 round
oales for 1928. 163,687
Total marketed
646.759 3,653,552 495,600 3,938.286 for 1927 and 162.671 for 1926.
Interior stocks in excess
The statistics
103.591
392.041 126,449
496.345 checked against for 1928 in this report are subject to correction when
Excess of Southern mill takings
the individual returns of the ginners being transmitted
by mail. The corrected statistics of the quantity
over consumption to Oct. 1_ _ - -----*198,241
of cotton ginned this
*224,707 season prior
to Sept. 16 are 2,503.747 bales.
Came into sight during week-750,350
CONSUMPTION. STOCKS, IMPORTS AND EXPORTS
622.139
-UNITED
Total in sight Oct. 12
3,847.352
4.209.924
STATES.
Cotton consumed during the month of August 1928 amounted
to 528,729
North. sphan's's takings to Oct. 12 22,499
206,230
33.237
225,393 bales. Cotton on hand in consuming establishments on Aug. 31 was
782.068 bales and in public storage and at compresses 1.188.861 bales.
*Decrease. s To Sept. 1.
The number of active consuming cotton spindles
for the month was 28.243.508. The total imports for the month of August 1928 were 25,258
Movement into sight in previous years:
bales and the exports of domestic cotton, including linters,
were 259,489
Week
Bales. 1 Since Aug. 1bales.
Bales.
1226-0et. 13
860,683 1926
WORLD STATISTICS.
4.015,891
-Oct. 14
1925
694,132 1925
The estimated world's production of commercial cotton, exclusive
5.183,770
-of
-Oct. 15
1924
648,137 1924
3,795,278 linters, grown in 1927, as compiled from various sources. Is 23 204.000
bales, counting American in running bales and foreign bales
of 478 pounds
QUOTATIONS FOR MIDDLING COTTON AT lint, while the consumption of cotton (exclusive of linters in the United
OTHER MARKETS.
-Below are the closing quotations States) for the year ending July 31 1927 was approximately 25,869,000
bales.
number
for middling cotton at Southern and other principal cotton Is aboutThe total000. of spinning cotton spindles, both active and idle.
165 000
markets for each day of the week:
Week Ended
Oct. 12.
Closing Quotations for Middling Cotton onSaferdaY. Monday. Tuesday. Wed`day. Thursd'i
Galveston
18.50
New Orleans__ _ 18.24
18.15
!Savannah
28.23
Noreen;
18.25
Baltimore
18.80
Augusta
18.13
Memphis
17.70
Houston
18.35
tittle Rock_ _ _ _ 17.72
Dallas..... 17 70
18.90
18.65
19.50
18.53
18.83
19.05
18.50
18.10
18.76
18.12
18.10
18.75
18.45
18.30
18.36
18.44
0.95
18.31
17.90
18.55
17.95
17.05
18.75
18.45
18.30
18.36
18.50
10.00
18.31
17.90
17.55
17.95
17.90
Friday.
'o.te
15.77
18.60
18.69
113.81
10.20
19.69
Pi 10
18.95
18.22
18.25
HOLIDAY
NEW ORLEANS CONTRACT MARKET.
-The closing
quotatioas for leading contracts in the New Orleans cotton
market for the past week have been as follows:
so:tacitly,
Oct 6.
Monday.
Oct. R.
Tuesday, Wednesday,
Oct a
Oct. 10.
Thursday,
Oct. 11.
Friday,
Oct. 12.
/weber__ 18.08-18.09 18.48-18.50 18.2918.29 Bid 18.82 Bid
govember.
Deeembw_ 18.14-18.1e 19.83-18.55 18.38-18.37 18.35-18.37 18.87-18.59
humary _ _ 18.11-18.12 18.83-18.5318.3418.32-19.33 18.87-18.88
February _
Much__ 18.02-18.44-18.45 18.2518.2218.58 --Orli
HOLIDAY
17.90 -18.31Aft"'
18.16-18.17 18.15-18.18 18.48-18.49
rune
fury
17.80-17.82 18.22-18.25 19.05 Bid 18.0818.39Tow
'pot
Furey
Steady
Steady
quiet
Steady
GEORGIA COTTON' REPORT.
-The Georgia Co-operative Crop Reporting Service of the U. S. Department of
Agriculture, at Atlanta, Ga., issued on Oct. 8 its cotton
crop report for the State of Georgia as follows:
Indicated prexhiatien of the eottoo eeor. in Georgia, based on proseNts
Oct. 1. -as 'oared as 1.060.000 bales (500 lbs. gross weight) in the official
cotter' eeoort issend to-day through the Onorgla Co-operative Crop Re°"tin Sereice. Final orodortion in 1927 was 1,100 000 standard bales: 1926,
1.49 OM hales: 1925, 1,163,000 bales: 1924, 1.004.000 bales, and in 1923.
8
588,000 holes.
The indicated °intim') is 40.000 bales less than the amount shown in the
Sept. 1 renort, the decline in mooned condition during the month being
8 points-50% of normal compared with 587 one month ago-as aeeinst
an average 10
-year deeme for the ported of slightly under 5 points, Based
upon the condition of 50%. the indicated yield should approximate 133 lbs.
lint cotton nee aere, as emooared with the 1927 yie'd of 154 lbs.: 1926. 180:
1925. 155 lbs.; 1624, 157 lbs.: 1923, 82 lbs., and for the 10-year average,
1917-1928. 142 lbs.
Several unfavorable factors affecting the crop were responsible for the
deterioration in orosnects from one month ago. Excessively wet weather
prevailed over the State dering the first week in September and was respoosibie Ow some boll rot in many sections. During the middle of the
month heavy storm damage was reported in southeastern and east central
areas, althnugh much of the injury was to quality of grade rather than
quantity ef yield. In numerous localities of northern Genrzia comnlainte
were received of rust killing the elants and storming development of green
bolls that hitherto stood a good chance of reaching maturity. Weather
durine latter September was favorable for harvesting operations, The
crOD,es a -"hole, is fully two weeks later than last season and the Percentage
of production rororted by crop correspondents as picked and ginned was
much lower than on the same date in 1927.
°innings Prier to Oct. 1 were 308.889 running bales, compared with
744.264 to that date lost year, and 802,988 bales to Oct. 1 1926.
The final °Tatum of the crop will depend upon whether the various inMien's affecting the crop during the remainder of the season are more or
,
cis favorable than usual.
AGRICULTURAL DEPARTMENT REPORT ON COT
TON ACREAGE AND CONDITION.
-The Agricultural
Department at Washington on Monday of this week (Oct.8)
issued its report on cotton acreage and condition as of Oct. 1.
It places the area in cultivation at 44,916,000 acres, the
condition at 54.4%, and the probable yield of lint cotton at
13,993,000 500
-pound bales. Actual production in 1927 was
12,955,000 bales and in 1926, 17,977,000. None of the figures take any account of linters. The report is as follows:
COTTON REPORT AS OF OCT. 1 1928.
A United States cotton crop of 13,993.000 bales (500-11rs. gross weight)
in 1929 is indicated by the Oct. 1 reported condition of
54.4% of
and other data available to the Crop Reporting Board of the Unitednormal
States
Department of Agriculture. This report is based upon
correspondents, field statisticians, and co-operating Statedata from crop
Boards (or departments) of Agriculture and Agricultural Colleges.
Upon the 44.916,000 acres for harvest in 1928 (preliminary
the crop of 13,993,000 bales indicated by the Oct. 1 condition estimate),
data would approximate a yield of 149.1 pounds of lint cotton and other
per acre.
The final out
-turn of the cron will depend upon whether the various
influences affecting the crop during the remainder of the season are more
or less favorable than usual.
Production in 1927 was 12.955,000 bales; in 1926. 17,977,000 bales; in
1925, 16,104,090 bales; in 1924, 13.628,000 bales; and in 1923, 10,140.000
bales.
Condition on Oct. 1 in 1927 was 54.2% of normal: in 1926.
: in
1925. 56.6%. and the ten-year average on Oct. 1 1917-1926a was 5375%.
The yield per acre in 1927 was 154.5 lbs.; in 1926. 182.6 lbs., and
average for the ten years 1917-1926. 156.3 lbs.
1928 Acreage. Oct. 1 Condition. Yield per Acre.1
Production.
(Manful)
Totat
'28b
500-1.1). Gross.
aban10
10-i
1 Indt- Weight Bales.
donFor
Year
Y
Year
gate!
Stale. mend Harvest A verAver
1928 Crop
after
(Preage. 1927 1928. age 1927. Con- I
6V
Indicated
Juiul liminary).19171917
]
did= 1927
lIlt
(Pre'28.a
1926.
1 Oct. Crou.c Condition
Lim.)
! I.
Oct. 1.
Acres.
%
Lb,. Lbs.I Lbs.
Bales.
Bales.
Vs
2.0
82,000 88 64 70 241 230 282
31,
48,000
1.7 1,839,000 82 87 59 288 238 240
851,000 925,000
S. C
3.5 2.487,000 52 44 49 191 148 F158
730.000 820,000
Ga
4.0 3,798,000 49 54
50 142 154 1133
1,100.000 1,060,000
Fla
5.8
94,000 54 87 50 102 128 I 92
17.000
18.000
Me
8.0
387.000 87 50 57 248 188 204
319
155
,
157,000
Tenn.._ _ 4.5 1,082.000 59 58 88 178 178 1170
385.000
Ala
3.0 3.387.000 55 80 50 140 180 1132
10
1,191:0
548 '
930,000
Miss
2.5 3,888.000 57 58 54 174 194 1171
1,355,111 1,32.0000
La
3.0 1,829,000 53 54 so 188 170 1152
580,000
Texas._
4.0 17,831.000 51
55 58 134 129 I137 4,352,11: 5,050,000
Okla
6.5 4,830,000 64 44 47 151 138 1125
1,037.000 1.210,000
Ark
4.0 3,468,000 68 54 83 188 157 1158
1,000.0
1,130,000
N. Mex_ _ 5.0
108.000 80d 88 84 273 d 362 341
70,
77.000
Ariz
1.0
198,000 88d 87 80 280 315 314
91,
130,000
Calif_ _
1.0
221,000 83d 91
85 272 340 318
91,
147,000
Other
8.9
27,000 ---- 89 89 197d MO 159
.
7
9.000
U. S
3.8 44,916,000 53. 54.2 54.4158.3154.5149.112,955.0 13,993.000
Lower
t
Calif.e_ ---180,000
83 ____ 104 288 '
45,1it
89,000
a Previous to 1924 interpolated from Sept. 25 and Oct. 25 condition.
b
left for harvest. c Allowances made for cross State ginnIngs. d Less On area
than a
ten-year average. e Not included in California figures nor in United States
total.
Approved:
R. W. Dunlap,
Acting Secretary.
CROP REPORTING BOARD,
W. F. Callender, Chairman,
J. A. Becker.
S. A. Jonas,
D. A. McCandliss. V. 0, Childs.
Frank Parker,
E. A. Logan,
CONSOLIDATED COTTON REPORT.
-The Bureau of
the Census and the Agricultural Department made public
2113
FINANCIAL CHRONICLE
Oar. 13 1928.]
Saturday (Oct. 6) their consolidated cotton report, which
is as follows:
normal:
Ginnings to Oct. 1, 4,981,032 running bales; condition, 54.4% of
indicated total production, 13,993,000 bales, 500-1b. gross; indicated
Yield of lint cotton. 149.1 lbs. per acre for harvest.
Bureau of the Census -Census report shows 4,961,032 running bales
(counting round as half bales) ginned from the crop of 1928 prior to Oct. 1,
compared with 5,944,739 for 1927 and 5,643.139 for 1926.
-An estimated condition of 54.4% of normal
Department of Agriculture.
on Oct. 1 and an indicated United States production of 13.993,000 bales
the
.(500 lbs. gross weight) are shown by the Crop Reporting Board of
United States Department of Agriculture.
The October condition of 59% for the State represents a decline of 10c,.
since Sept. 1. While the damage has been serious since that time, it is very
probable that most of the damage was already under way as a result of weevil
punctures prior to the September winds and rains. This is evident from actual boll counts made by our field men and by the farmers themselves.
Heavy weevil damage occurred in the Central and Southern Coastal counties
and in the lower Piedmont section.
Farmers should bear in mind that the 925,000 bales is the crop indicated
by conditions existing on Oct. 1. The final outturn of the crop will depend
on whether the various'influences affecting the crop during the remainder
of the season are more or less favorable than usual. Farmers' reports
Indicate that about 9% of the crop had been picked by Oct. 1.
Excessive shedding has been general, but possibly not more so than last
year, though there is admittedly very little top bolls left to depend on.
Farmers' report last year indicate a heavier weevil infestation on Oct. 1
than is the case this October. Ginning is much later at this date than for
the past two seasons.
COMMENTS CONCERNING COTTON REPORT.
The United States Department of Agriculture in giving out
-Reports to
WEATHER REPORTS BY TELEGRAPH.
its cotton report on Oct. 8, also added the following comments:
us by telegraph this evening indicate that the weather during
The 1928 cotton crop of the United States is forecast as of Oct. 1, by the
week has been favorable for cotton in all parts of the
Crop Reporting Board of the United States Department of Agriculture. at the
Is based
13,993,000 bales of 500 pounds gross weight. The forecastprobable upon cotton belt. Temperatures have been higher and rainfall
reported
yield
analysis and interpretation of reported condition, October 1. considered in
has been light and scattered. Cotton has opened rapidly
per acre, reported percentage of the crop ginned to
date,
connection with actual ginnings to that bolls reported expected county
safe on October
and picking and ginning have made good advance. In some
total ginnings, and reported numbers of during the month of1.
September
Reported condition of the crop declined
sections the crop has been practically made.
from 80.3% to 54.4% of normal. The forecast as of October 1 is 446,000
reduction is less than the
bales below the forecast of September 1. Thisin condition for the reason
-Weather conditions have been favorable for pickTexas.
the decline of 5.9 points
reduction indicated by
that in the September forecast the Board's interpretation of condition made ing in this State. Crop is mostly made in many plaoes.
allowance for damage from boll weevil unanticipated by reporters at that
time.
Top crop conditions are considered to be poor.
The reduction of 446,000 bales in the forecast, therefore, represents
approximately the reduction due to unfavorable climatic developments of
-Fine weather has prevailed during the week
Mobile, Ala.
and continuous rains
the month. In the South Atlantic States excessive
caused heavy losses from boll weevil and boll rot. In the northern portions and cotton picking has made, good progress. The bulk of
temperatures prevented average development of
of the belt, below average
bolls. In parts of Oklahoma continued drought has reduced the size of the crop has been gathered.
bolls and outturn of lint. On the other hand, a slight improvement has
resulted in Mississippi and Louisiana due to favorable weather for maturing
the crop.
-A report of
FOREIGN COTTON CROP PROSPECTS.
the latest available information received up to Oct. 8 as to
cotton production in foreign countries has been compiled
by the Foreign Service of the Bureau of Agricultural Economics as follows:
Weather conditions in India were not favorable during cotton planting
time owing to deficient or ill-distributed rainfall, but since that time conditions have been generally favorable, according to all reports received.
the crops which are in
In Bombay recent rains have been excellent for received by the United
good condition, according to cabled information 29. In Punjab there
States Weather Bureau for the ,week ended Sept.
was little precipitation but some flood damage was reported in parts.
Irrigated crops were reported to be In good condition and unirrigated
below average. Madras crop conditions are fair. Picking has begun in
Punjab and the United Provinces. for the current season is estimated at
Production of cotton in Egypt
1,430,000 bales of 478 pounds net, compared with 1,252,000 bales for
last season, according to a cable received from the International Institute
is estimated at
of Agriculture at Rome. Production of Sakellaridin other varieties 489,000
9-11,000
hales, compared with 522,000 bales last season and
bales, compared with 720,000 bales last season.
COTTON AREA AND PRODUCTION IN COUNTRIES REPORTING FOR
1928-29, WITH COMPARISONS.
Item and Country.
AreaUnited States
India_a
Egypt
Russia
Chosen
Bulgaria
Total above countries_ _
Est, world total excl. China
Production b
United States
Egypt
7anilanYlks
Total above countries
....... _..J.• 4...6.1 ....1 nm....
Average
1909-10
to
1913-14.
1926-27.
1927-28.
1928-29.
Acres.
Acres.
Acres.
Acres.
34,152,000 47,087,000 40,138,000 44,916,000
11,471,000 14,739,000 15,156,000 15,196,000
1,743,000 1,854 000 1,574.000 1,805,000
1,569,000 1.731,000 1,984,000 2,250,000
505.000
502,000
529.000
146.000
13,000
7,000
15,000
2,000
P. C.
1928-29
fa of
1927-28
P. C.
111.9
100.3
114.7
113.4
100.6
115.4
49,093.000 65.947.000 59,367,000 64.687,000
62,600,000 50,900,000 73.800.000
Bales,
Bales.
Bales.
Bales.
13,033,000 17,977.000 12,955,000 13,993,000
1,453,000 1,586,000 1,252,000 1,430,000
20,000
20,000
14,000
8.000
P. C.
108.0
114.2
142.9
14.494,000 19,583,000 14,221.000 15,443,000
non 25 OM non 92 ann nnn
so 0110
Official sources an,.. International Institute of Agriculture except as otherwise
stated. a First estimate which Includes only area planted up to Aug. 1. b ln
bales of 478 pounds net.
Compiled by the Foreign Service of the Bureau of Agricultural Economics
from the latest available information received up to Oct. 8 as to cotton
production in foreign countries.
Rain. Rainfall,
1 day 0.32 in.
dry
3 days 0.40 in.
dry
1 day 0.10 In.
1 day 0.10 in.
dry
dry
dry
dry
1 day 0.74 in.
2 days 0.36 in.
2 days 0.36 in.
3 days 0.43 in.
2 days 2.58 in.
dry
1 day 0.01 in.
dry
dry
dry
1 day 1.25 in.
dry
dry
1 day 0.54 in.
dry
dry
1 day 0.10 in.
dry
2 days 0.19 in.
4 days 0.77 in.
dry
dry
dry
dry
2 days 0.17 in.
dry
dry
2 days 0.17 in.
3 days 0.75 in.
1 day 0.03 in.
dry
1 day 0.38 in.
dry
1 day 0.58 in.
dry
1 day 0.88 ha.
1 day 0.11 in.
I day 0.48 in.
2 days 1.15 in.
in.
3 days
dry
Galveston, Texas
Abilene
Brenham
Brownsville
Corpus Christi
Dallas
Del Rio
Henriette
Kerrville
Lampasas
Longview
Luling
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
Ardnore, Okla
Altus
Muskogee
Oklahoma City
Brinkley, Ark
Eldorado
Little Rock
Pine Bluff
Alexandria, La
Amite
New Orleans
Shreveport
Columbus. Miss
Greenwood
Vicksburg
Mobile, Ala
Decatur
Montgomery
Selma
Gainesville, Fla
Madison
Savannah, Ga
Athens
Augusta
Columbus
Charleston,S.C
Greenwood
Columbia
Conway
Charlotte, N. C
Newbern
Weldon
Memphis, Tenn
Thermometer
high 88 low 75 mean 82
high 92 low 66 mean 79
high 96 1 w 58 mean 77
high 90 low 72 mean Si
high 86 low 74 mean 80
high 92 low 66 mean 79
high 58 low 68 mean 78
high 98 low 60 mean 79
high 90 low 58 mean 73
high 92 low 62 mean 77
high 92 low 66 mean 79
high 92 low 66 mean 79
high 92 low 60 mean 76
high 94 low 64 mean 79
high 90 low 64 mean 77
high 92 low 70 mean 81
hign 92 low 62 mean 77
high 96 low 64 mean 80
high 96 low 64 mean 80
high 99 low 50 mean 75
high 94 low 63 mean 79
high 94 low 63 mean 79
high 93 low 52 mean 73
high 92 low 60 mean 76
high 90 low 62 mean 76
high 100 low 58 mean 79
high 95 low 64 mean 80
high 91 low 62 mean 77
high __ low __ mean 81
high 92 low 67 mean 79'
high 98 Dyer 55 mean 77
high 96 low 52 mean 74
high 89 low 66 mean 78
high 90 low 69 mean 80
high 86 low 57 mean 72
high 89 low 65 mean 77
high 97 low 61 mean 79
high 90 low 66 mean 75
high 92 low 65 mean 79
high 85 low fiS mean 76
high 92 low 56 mean 74
high 88 low 63 mean 76
high 91 low 62 mean 77
high 86 low 66 mean 76
high 87 low 55 mean 71
high 86 low 62 mean 74
high 90 low 58 mean 74
high 87 low 56 mean 71
high 87 low 55 mean 71
high 85 low 48 mean 66
high 88 low 59 mean 74
The following statement we have also reeeived by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
Oct. 121928. Oct. 141.987.
Above zero of guage_
Above zero of gauge_
Above aero of gauge_
Above zero of gauge_
Above zero of gauge..
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Feet.
2.2
9.7
7.5
4.1
14.2
Feet.
5.4
19.5
7.9
14.2
26.7
-The United States
OKLAHOMA COTTON REPORT.
Department of Agriculture at Oklahoma City, Okla., issued
-The folRECEIPTS FROM THE PLANTATIONS.
its cotton report for the State of North Carolina on Oct. 8,
as of Oct. 1. The following is the report: 1928 is Indicated by the lowing table indicates the actual movement each week trona
cotton crop of 1.210.000 bales in
An Oklahoma
the plantations. Tie figures do not include overland reOctober 1 condition of 47 pw cent of normal, and other data. The producare simply a elitein
tion last year was 1.037.000 bales;in 1928; 1,773.000 bales; 1925; 1.691,000 ceipts nor Southern consumption; they
bales.
bales and In 1924, 1,511.000
ment of the weekly movement from the plantations of that
compares with last
The condition of 4'7 of October 1 1928 condition of 47 onyear's condition
October 1 Indi- part of the crop which finally reaches the market through
of 54. A
of 44 and the ten-year average
pounds per acre. The yield per acre in 1927
cates an average yield of 125 pounds: in 1925, 155 pounds; in 1924, 137 the putports.
was 138 pounds, In 1926, 181
pounds: and the ten-year average 151 pounds.
While the month was very favorable for picking and ginning, it has been
have continued
very unfavorable for growth of bolls.ofDrought conditions
haa been general. Drought
ahechling
over the entire State, and serious in thebolls
Western part of the State than in
have been more
conditions
prospects are much poorer In the West than
the Eastern part. In general,
the Eastern portion of the State.
were last year, but are much better in
Weekj
Ende
Receipts at Ports.
1928.
1927.
1926.
Stocks at Interior Towns. !Receiptsfrom Pleniatte
1926. 1928. 1927. I 1916.
1927.
1928.
July
nil 2.407
13._ 27.4191 34,6231 36,882 386,332 412,498 917,992 6.0251 10.043, 4.081
nll
20.... 19.931 30.270 37,161 356,443 392.271 884.912
nil 17.823 19.663
27-. 18,7711 35.602 85.222 328.470 374.492 819.353
Aug.
802.330 376,345 542,251 2,253 47,129 22,217
3. 28,393C 45,276 53,3
4,999 67,486 53,631
10.._ 21.074 84,022 73,869 286 255 359.809 622.013 6.370 98,13 77,615
266.345 349,011 511,748
17.. 26.280108.930 87,8
50.719 131.45 97,800
in 1928 forecasted
24_ . 58,671 143,950113,19 258.393 336,511 496,117 116,872 248.15 179,901
North Carolina cotton crop of 925,000 indicates an average yield by
A
and
of
normal ana
31-- 129694 248.0491187,891 246,571 336,614 488,127
the reported condition of 59°4 of
acres to he harvested in the State.
Sept.
240 pounds flint) from the 1.839.000
222.173 261.473 208.801 251,324 371,441 490.340227.926 296.3001211.014
conditions since September 1st have resulted in the wettest
Weather
370.12 373,672
Carolina. This is also true for the
14_. 242,040 319.945 330,497 275,133 421.61 533.485 205,849
September on record In eastern North
508.164
with wet conditions, have
21_ _ 336,659 334,837 410,23 348,050 524,594 631,415 409.582 437.813
a'whole. Peavy winds,combined is much complaint from meant
State as
farmers
crop. There
406,030567,704 1.012,624 647,605 744,323643,853529,041680.612
28._ 417.651
heavy damage to the cotton ground bolls rotting and heavy deterioration.
out,
of the lint being battered field men from this Department, covering 1500 Oct. 532,796 421,802622,656 602,94 742,848 869,793661,488 517,045748.126
5A close examination by belt, has revealed less actual rot and weather
11__ 521.837391,6396i8,8101 706.536 869.2971 975,402625,428 518,088124,419
miles through the cotton reported. It is very evident that much of the
than was generally
damage
really resulted from original weevil
so-called rot and weather damage has less than 1 per of the cultivated
The above statement shows: (1) That the total receipts
punctures. Flooded conditions covered
State. The percent of cotton land included was, therefore, from the plantations since Aug. 1 1928 are 2,913,086 bates;
land area of the
relatively small.
-The United
NORTH CAROLINA COTTON REPORT.
States Department of Agriculture at Raleigh, N. C., issued
its cotton report for the State of North Carolina as of Oct.
1. Below is the report:
Is
2114
FINANCIAL CHRONICLE
in 1927 were 3,249,000 bales, and in 1926 were 3,660,048
bales. (2) That although the receipts at the outports the
past week were 521,837 bales, the actual movement from
plantations was 625,428 bales, stocks at interior towns
having increased 103,591 bales during the week. Last year
receipts from the plantations for the week were 518,088
bales and for 1926 they were 724,419 bales.
WORLD SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period.
Fora. 127.
SHIPPING NEWS.
-Shipments in detail:
Bales.
GALVESTON-To Liverpool
-Oct. 3
-Westward Ho, 2.985....
Oct.
6-Antillian, 5.854
8,719
To Manchester-Oct. 3
-Westward Ho, 200...
.Oct. 6-Antillian,508
708
To Havre-Oct. 2-Edgemoor, 5,107
5,107
To Dunkirk-Oct. 2-Edgemoor, 350
350
To Ghent
-Oct. 2-Edgemoor, 800
800
To Rotterdam-Oct. 2-Edgemoor, 2,232
2,232
To Bremen-Oct.5
-Rio Panuco. 3,919
3,919
To Oporto-Oct. 5-Lafcomo, 2,650
2,650
To Passages-Oct. 5-Larcomo, 100
100
To Japan-Oct.5-Kituku Maru.9,874
9.874
To Copenhagen-Oct. 9-01af,400
400
To Kobe-Oct. 9
-Liberator, 2,225
2,225
To Yokohama-Oct.9
-Liberator, 300
300
To Shanghai
-Oct. 9
-Liberator, 3.200
3,200
NEW ORLEANS
-To Gothenburg-Oct.4
-Topeka, 150
150
To Japan-Oct. 10-Fernlane, 4,200
4,200
To Oslo-Oct. 4
Cotton Takings,
-Topeka. 50
1928.
1927.
50
To Liverpool-Oct.5
Week and Season.
-Matador,5,538
5,538
To San Felipe-Oct. 5-Abangarez,50
Week.
Season.
Week.
Season.
50
To Manchester-Oct.5-Matador,471
471
Visible supply Oct. 5
To Barcelona-Oct.9-Prusa 100
4,432,505
5,654.999
100
Visible supply Aug. 1
To Havre-Oct. 6
-De la Salle, 1,419---Oct. 10
4,175,480
-Caroline,
4,961,754
American in sight to Oct. 12-- 750,350 3,847,352 622,139 4,209,924
1,195
2,614
Bombay receipts to Oct. 11---To Venice--Oct. 9-Labette,450
7,000
58,000
153,000
9,000
450
Other India ship'ts to Oct. 11-To Bremen-Oct. 4-Riol,890
14.000
128,500
97,000
14,000
890
Alexandria receipts to Oct. 10-To Warburg
-Oct. 10
-Pennsylvania, 150
74,000
295,860
243,200
70,000
150
Other supply to Oct. 10 *b.....To Vera Cruz
-Oct. 4
-Baja California, 500__ _Oct. 11-Sina25,000
190,000
176.000
24,000
loa, 600
1,100
Total supply
To Genoa-Oct.9
--Chester Valley, 1,916
5,402,855 8,711,032 6,394,138 9,925,038
1.916
Deduct
To Laguayra-Oct.6
-Christian Krogh. 200
200
Visible supply Oct. 12
To Bordeaux-Oct. 10
4,950,363 4,950,363 5,948,055 5.948,055
-Caroline.430
430
SAN PEDRO-To Liverpool-Oct.
2-NictheroV, 418--Oct. 6
Total takings to Oct. 12_a
452,492 3.760,669 446,083 3,976,983
Birmingham City,382
800
Of which American
To Japan-Oct.2
347.492 2,664,469 333,083 2,865,623
-Korea
1.000
Of which atha.•
Ina nun I AGA onn 112 nnn 1111.350
To Manchester-Oct.6 Maru,1,000
-Pacific Enterprise, 100
100
CORPUS CHRISTI
-To Genoa-Oct.9
a This total embraces since Aug.
2,679
-West Hobomac,2,679
estimated
To Liverpool
-Oct. 10-Crip le Creek, 4.514
Southern mills, 1,120,000 bales in 1 the total 1,151,000 consumption by
4,614
1928 and
bales in 1927
To Manchester-Oct. 10--C pole Creek,
takings not being available-and the
500
500
amounts taken by Northern
To Bremen-Oct.10--Waban.5.435
and foreign spinners, 2,640,669 balesaggregateand 2,825,983 bales
5,435
in 1928,
in 1927.
To China-Oct.11-Fernbank,258
of which 1,520,669 bales and 1,714,623 bales American.
8
To Japan-Oct. 11-Fornbank, 3,413
b Estimated.
3,413
HOUSTON-To Liverpool-Oct, 4-Antillian
.Oct. 9, 7,608..
INDIA COTTON MOVEMENT FROM ALL PORTS.
Abercos, 8,944
To Manchester-Oct. 4-Antillian, 214 .Oct. 9-Abercos, 16,652
350
564
1928.
1927.
1926.
To Bremen-Oct. 6-Schoenfels, 10.024._ _Oct. 10-Seydlitz,
October 11.
266
10,290
Receipts atSince
Since
Since
To Japan-Oct.6
-Liberator, 1,125_ _ _Oct. 8
-Havana Maru,
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
5,600
6,725
To China-Oct. 6
-Liberator, 400_ _ _Oct. 8
Bombay
-Havana Meru,
imon
ha 11110 9.000 103000 12000 149.000
1,900
To krejle-Oct. 8
-Olaf. 400
400
For the Week.
To Havre-Oct. 11
Since August I.
-De la Salle, 11,764
11.764
Exports
To Gothenberg-Oct. 10
-Topeka, 375
375
fromGreat Conti- Jowl&
Great
To Copenhagen-Oct. 10
Cann- Japan
-Topeka, 200
200
Britain. nent. China. Total. Britain.
To Warburg-Oct. 10
tura.
Total.
China.
-Topeka,350
350
NEW YORK-To Gothenburg-Oct. 5-Gripsholm,200
200
Bombay
To Stockholm-Oct.5-0densholm,12
1928
12
1,000 15,
25.000 41,00
7,000 117,000 251,000 375.000
To Bremen-Oct. 9-President Roosevelt, 150_ _ _Oct. 111927
4,000 5,000 11,000
11,009 64,000 135,
210,000
Muenchen,200
1926
350
2.000 2,00
4,000
1,0001 63,000 134,000 198,000 SAVANNAH
Other India-To Japan Oct.8
-Silver Maple.70C
700
To China-Oct. -Sliver Maple,800
1928
1.000 13,000
14,0
800
13,000, 84,000
97,000
1927
5.000 9.000
-To Barcelona-Oct.5-Prussa, 100
14,
17,500 111,000
100
128,500 MOBILE
1928
To Japan-Oct.8
4,000
4,00
-Steel Ranger, 400
7,0001 88,000
400
95,000
To Bremen-Oct. 5
-Hastings, 3.742
3,742
Total all
To Rotterdam-Oct. 8
-Braddock, 300
300
1 1928
2,000 28,000 25,000 55,000 20.0001 201.000 251,000 472,000
To Antwerp-Oct. 8
-Braddock, 700
700
L 1927
7,000 13,00
5,000 25,000 28,5001
135,000 338.500 CHARLESTON-To Bremen-Oct.8-Berwindmoor,5.200
5,200
F 1926
6.000 2,000 8.000
8,0001 151,0
134.00 293.000 WILMINGTON-To Bremen-Oct.9-Lekhaven
2.200
,2,200
According to the foregoing, Bombay appears to show a NORFOLK-To Liverpool-Oct. 10-Cold Harbor, 754_ _ -Oct. 11
-Manchester Corporation,403
1,157
decrease compared with last year in the week's receipts of
To Manchester-Oct. 10
-Cold Harbor, 850
2,000 bales. Exportsform all Indian ports record an increase SAN FRANCISCO-To Japan-Oct. 6-Bordeaux Maru, 300... 850
Oct. 10
-Korea Mart!. 2,000
of 30,000 bales during the week, and since Aug. 1 show an
2,300
To China-Oct. 10
-Korea Maru, 70
70
Increase of 133,500 bales.
145.953
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
LIVERPOOL.
-By cable from Liverpool we have the folnow receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and lowing statement of the week's sales, stocks, &c.,at that port:
Sept. 21. Sept. 28.
Oct. 5. Oct. 12.
shipments for the past week and for the corresponding week Sales of the week
37,000
39,000
41,000
37,000
Of which American
of the previous two years.
21,000
21,000
22,000
19,000
Alexandria, Egypt,
Oct. 10.
1928.
1927.
1926.
Receipts (cantors)
-
This week
Since Aug. 1
370,000
1.215.181
350.000
1,374.581
This Since
Week. Aug. 1.
Export (bales)
-
To Liverpool
To Manchester, &c
To Continent and India_
To America
250.000
888,346
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
6.000
5,000
16,000
3,000
Actual exports
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
1,000
51,000
577,000
307.000
25.000
6,000
130,000
52.000
1.000
48,000
562,000
289.000
28.000
11,000
136,000
63,000
1.000
1,000
52.000
69,000
534,000 .495,000
265,000 223,000
27,000
31,000
12,000
11,000
182.000 213,000
98,000 126.000
The tone of the Liverpool market for spots and futures,
each day of the past week and the daily closing prices of
spot cotton have been as follows:
18,194 4.750 20,123
30,100
30.389 3,000 24,929 3;866 27.169
68,668 11.750 67,280 5,750 44,604
Spot.
Saturday. Monde*.
20,844
Tuesday. Wednesday. Thursday.
300 17,328 2.750 11,533
'Total exports'
30,000 138.095 19,800 129.660 12,000 113,406 Market,A fair
12:15 I
Quiet
Good
business
Good
Good
Note.
-A cantar is 99 lbs. Egyptian ha es weigh about 750 lbs
P.M.
inquiry.
Inquiry.
doing.
Inquiry.
This statement shows that the receipts for the week ending Oct. 10 were Mid.UpIds
10.584.
10.544.
10.60d.
10.83d.
10.73d
370.000 cantars and the foreign shipments 30.000 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both yarns and cloths is firm. Demand for both yarn and
cloth is improving. We give prices to-day below and leave
those for previous weeks of this and last year for comparison:
1928.
323 COD
Twist.
July
-
32s Cop
Twist.
Lags, Common Afiddrg
to Finest.
Uprds
d.
12.14
11.81
11.73
d.
d. s. d.
a. d.
15340617 13 1 @)13 4
1534©173i 13 4 013 6
15)1017% 13 0 ©13 6
©14 0
©14 0
014 0
©13 4
10.80
10.32
10.71
10.44
1534@1734 13 2 ©13 4
@l3 2
17 ©19 13 5
163601734 13 5
1634(818 14 0
18 ©19 13 6
18 ©19
17611019
1734(819
173401934
Sales
4,000
8,000
7,000
7,000
7,000
8,000
Futures.
Quiet
Quiet, un- Steady
Steady
Steady
Steady
Market, {8 to 11 pts. hanged to 1 to 3 pts. 12 to 15 p 7 to 1004s.8 to 10 pts.
opened
decline. 4 pls. decl. decline.
decline, advance. advance.
Market, I
Quiet
Barely sty Qt but sty Quiet but Quiet butClosed sty
4
4106 pts. 23 to 24 pts 3 pts. adv. st'y 19 t....teady 13to 14 to 15pts.
P.M.
decline,
advance. to 2 pt. dec. 22 vas. dec.16 pts. adv. advance.
Prices of futures at Liverpool for each day are given below:
Sat.
d.
9.65
9.91
10.05
©13 7
©13 7
©14 2
©14 0
9.47
10.40
10.60
11.15
12.34
©13 1
©13 0
©13 1
©13 1
10.62
9.84
9.99
10.72
13 6 @i4 0
13 6 ©14 0
13 3 (4)13 5
13 4 (§113 6
12.67
11.83
11.20
11.57
013 1
013 3
10.64 17 ©19 132 @136
10.95 16340104 13 2 ©13 6
11.72
11.54
Oct. 6
to
Oct. 12.
Mon.
Tues.
Wed.
Thurs.
Fri.
12.15112.3012.15 4.0012.1, 4.0012.15 4.1112.1. 4.00 12.l5 4.00
p. m. p. m p.m. p.m.p.m. p. m.P. m• IL m• p.m. p.m.P. m•0. In.
d.
d.
October
9.92
November --------9.80
December --------9.78
January...... __ __ 9.74
February
9.73
March
9.73
April
9.71
May
9.71
June
9.68
July
9.67
August
9.50
September
9.52
October ----------9.43
COWC,INC,- -.00t--00,
,
-.N
.00C.C.C-1 -1 .t.,
--CO.n.0,1
,
, 4
COCACOCAO,C,OC,CAC5C+0303
s. d.
©15 0
©14 4
©14 3
Good
Inquiry.
10.95(1.
I
d.
d. s. d.
17 ©106 14 6
1631018h 14 2
27_ _ _ 16%0018 14 1
Aug.
16 ©1734 13 6
10._ 16 ©1734 13 6
104©17 13 6
24 _ _
15340517 13 2
15340617 13 0
Sept.
153665104 12 7
14..._ 14%016 12 6
21_ _ _ 1434(816 12 7
28_ _ _ 14% 016 12 7
Oct.
15 ©1634 12 7
---- 153101634 13 1
1927.
inn. Common Middrg
to Finest.
Upl'ds
Friday.
d.
d.
d.
d.
10.1510.1: 10.1810.. 1
10.0410.0,10.05 9.86
10.0110.0310.03 9.8
9.9810. 10.00 9.81
9.97 9.98 9.98 9.79
9.97 9.98 9.9 9.79
9.95 9.9 9.95 9.77
9.05 9.05 9.95 9.77
9.92 9.91 9.92 9.74
9.91 9.90 9.91 9.73
9.82 9.81 9.82 9.64
9.75 9.73 9.74 9.56
9.66 9.63 9.64 9.47
d.
d.
d.
d.
9.9710.0810.1 ---- 10.29
9.84 9.9410.01 ____ 10.15
9.81 9.92 9.99 --_ 10.13
9.78 9.89 9.96 _--- 10.10
9.76 9.86 9.93 ____ 10.07
9.76 9.86 9.93 ____ 10.07
9.74 9.83 9.91 ....-- 10.04
9.74 9.8 9.90 ____ 10.04
9.70 9.79 9.86 __ 10.01
9.69 9.7 9.84 ____ 9.99
9.61 9.6 9.75 -_-- 9.90
9.53 9.61 9.68, -_ 9.82
9.4. 9.51 9.59 ____ 9.73
FINANCIAL CHRONICLE
OCT. 13.1928.]
BREADSTUFFS
Friday Night, Oct. 12 1928.
Flour has been quieter than it would have been if relatively low bids had been accepted. Recent higher prices
for wheat at one time seemed to preclude the easing of
prices to suit buyers. Buyers in turn remarked upon the
later unsettled state of wheat markets and therefore refused to purchase on more than a moderate scale lest the
grain should take another downward turn and leave them
2115
On Thursday prices ended % to %c. higher with Winni4
peg up 1 to 11 e. Early prices were somewhat lower. Liverpool rallied from the lowest, but ended % to %d. lower.
Buenos Aires advanced %c. at the close here. Export sales
were 500,000 to 700,000 bushels, mostly Manitoba to the
Orient. Italy cancelled 160,000 bushels of Manitoba. Argentine exports for the week were estimated at 2,205,000
bushels. Black Sea shipped only 40,000. India chartered
10,000 tons of Argentine wheat. New South Wales reported
beneficial rains. Canadian country marketings on Wednesday were 4,431,000 bushels against 1,711,000 on the same
day last year. Low grade Manitobas were offered more
freely in Liverpool and also Duluth spring. A short rice
crop in China this year explains a noticeable increase in
the demand for wheat flour from Puget Sound points according to cables. It was too dry for new wheat in Kansas, except over a small area. The Southwest needs rain.
Final prices show a decline for the week of 23 to 3c.
In a rather unenviable position. Exporters, too, so far as
appearances went, bought only moderately.
Wheat declined for a time owing to favorable weather and
liquidation with little export demand, but later in the
week became stronger on reports of a cold wave and snow
with dry weather in the southwest where rains are wanted.
Prices have latterly declined under a pressure of liquidation
at home and abroad with the Canadian visible supply increasing over 35,000,000 bushels for the week against some
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
15,000,000 for the same week last year and the United
167
16651 165% 1634 164
report having no stimulating effect. No. 2 red
States Government
PRICES OF WHEAT FUTURES IN CHICAGO.
The export business has for the most part been moderate. DAILY CLOSING
Sat. Mon. Tues. Wed. Thurs. Frt.
119% 119 11831 111 116%
It is true there has been some seaboard buying for Europe December
124 1234 122% 120 121%
of hard winter, durum and spring, but it has not been March
126% 1254 125% 123 1244
May
enough to act as a market factor. Prominent members of DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Aat. Mon. Tues. Wed. Thurs. Fri.
the Western professional world are understood to have
123 123% 12131 118% 119%
October
become aggressive sellers of late of both wheat and corn. December
121
121% 11951 117% 118% ---126% 1264 125% 123% 124% ---The weather in the main has been favorable. No attention May
was paid to reports of a snowstorm at Calgary, Canada.
Indian corn declined for a time with the export demand disOn the 8th inst. prices declined % to lc., with an increase appointing and weather favorable for curing the crop, but
in the visible supply of over 6,500,000 bushels, rains in the grew stronger later on threatening weather. At one time the
Central belt and Southwest, and rather heavy liquidation. tone was firmer, with prices rising. Corn was a popular
At one time prices were higher, owing to the strength of purchase. The cash demand was good. There were reWinnipeg, Liverpool and Buenos Aires, and a good export ports of more or less export business. The foreign cables
demand. Sales for export were estimated at 700,000 bush- were rising. Shorts covered. Some prominent interests at
els. There was some buying of wheat against sales of the West were said to be buying. Later on there was a
corn, supposedly in undoing spreads. World shipments for reaction. Professionals sold. The Government report had
3
the week were 16,376,000 bushels against 14,889,000 in the no effect. On the 8th inst. prices declined % to 1Wic.
previous week and 16,953,000 last year. North American Support was lacking and commission houses sold. There
shipments were 13,354,000 bushels against 11,437,000 a week was also considerable liquidation. The weather has been
ago. Stocks on passage were 42,272,000 bushels, or a de- ideal for curing the new crop and the belief is widespread
crease for the week of 1,250,000 bushels. Interior receipts that this might mean an unusually early movement of the
were very large, being 4,534,000 bushels. The United States crop. Early prices were firmer. The visible supply in the
visible supply increased 6,530,000 bushels to 116,577,000 United States decreased last week 1,380,000 bushels against
a decrease last year of 2,294,000 bushels. The total is now
bushels against 80,938,000 bushels last year.
On the 9th inst. prices declined % to %c. net at Chicago, only 5,411,000 bushels, against 21,393,000 bushels last year.
On the 9th inst. prices fell % to lc. followed by a rally
while Winnipeg fell 1% to 2%c. There was a good deal of
selling in expectation of a favorable crop report by the which left the net decline only Xc. For export sales were
Government after the close on that day. Besides, Winni- reported of 100,000 bushels in contrast with reports of
peg's receipts were large and the Northwestern Grain Deal- European reselling on two days earlier in the week at lower
ers' estimate of the crop of th three Canadian provinces prices. The weather however, was highly favorable for
was 558,000,000 bushels, an increase of 34,000,000 bushels, curing the corn. Cash demand continued excellent. The
instead of an expected decrease. Liverpool, it is true, closed government crop estimate was 60,000,000 bushels under the
28,000,000 less than the
only 4 to %d. higher. It was due to come 1Y
4d. up. The average private estimate and
The government report
relative steadiness of Liverpool was attributed to buying September total of the government.
insupposedly for American account, very steady Canadian put the condition on the 9th inst. at 77.7%, and the
2,903,000,000 bushels or 28,000,000 less
offers, offsetting large Australian selling and easier River dicated yield at
estimate. Last year's final crop was
Plate offers. But Winnipeg itself had to face the increase than the Sept. 1st
bushels.
the Canadian visible of 8,700,000 bushels. That brought 2,786,000,000 prices ended Mc. higher after being
In
3
% to
On Thursday
It up to 41,473,000 bushels. The Winnipeg country marketone time. The technical position was better.
ings on the 8th inst. were 4,532,000 bushels, against 1,736,- le. lower at were more friendly to corn. Export sales
Professionals
000 last year. There were reports to the effect that about
100,000 bushels. Wet weather or snow in the belt,
500,000 bushels were being moved from Duluth to Chicago. were contended, would be unfavorable. Cold dry weather
it is
There were some hedging sales by the Northwest. Receipts
would be beneficial for the new crop. In general export
were large. As to the low grade of some of the Canadian
bids were too low. Argentine exports for the week were
wheat, it was remarked that a proportion of it is of good estimated at 6,880,000 bushels; Black Sea shipped nothing.
milling quality and apparently is more desirable at the Kansas reported husking and cribbing has been finished
heavy discounts than the better grades. Export demand at
in the southern central counties of that State. Receipts
the seaboard was reported to be small; only 250,000 bushels were moderate. Cash demand, however, fell off. White
were taken on the 9th inst. by exporters including durum corn was lc. higher but others lc. lower. The forecast
hard winter and Manitoba.
was for unsettled and colder weather with scattered snow
The Government crop report, issued after the close on in the Southwest. That really caused the rally from the
the 9th inst., estimated the spring wheat yield, including low of the day coupled with some export business. Final
durum wheat, at 325,000,000 bushels, and all wheat at 904,- prices show a decline for the week of 23.c.
000,000 bushels, as contrasted with a total of 314,000,000
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
bushels of spring wheat on Oct. 1 1927 and a final pro124% 122% 121% 120% 120% -yellow
duction last year of 319,000,000 bushels. Some samples No. 2
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
of Alberta wheat received on the 9th inst., according to
83
814 80
82
8051 ---Western press dispatches, said to represent •about 10% December
8251 824 __-ss% 8431 84
March
of the total crop of that province and Saskatchewan, showed May
864 85
8551 --874 87
that it was unfit for anything except feed, and while the
Oats declined partly in sympathy with other grain. On
crop as a large one from a milling the 8th inst. prices closed % to lc. lower in sympathy with
trade still regard the
standpoint, the yield is not likely to be much over 500,000,- other grain. The cash demand however was good. The
000 bushels. The Northwest Grain Dealers' Association United States visible supply decreased last week 28,000
estimated the production in three Provinces at 558,459,600 bushels as against an increase last year of 943,000 bushels.
bushels. The yields per acre are based on actual threshing The total is now 15,043,000 bushels against 25,874,000 last
completed. Reports indicate that the frosts which occurred year. The Northwest Grain Dealers Association estimated
during the latter part of August did heavy damage to grade the yield in three provinces at 318,711,800 bushels. Frosts
In Saskatchewan and Alberta while the yields per acre in the latter part of August did considerable damage to
have in certain districts been affected less, more particu- grade in Saskatchewan and Alberta. About 66% has been
larly in Alberta. Reports also indicate that approximately threshed.
83% has been threshed. Stocks in elevators at Port WilOn the 9th inst. a decline occurred of 3/2 to %c.in response
liam now total 21,698,000 bushels against only 11,933,000 to the early weakness in other grain. The country movement
a year ago. Receipts last week were 19,573,000 bushels was larger as a prelude to the largo corn movement later.
Actual receipts at Chicago were small. The cash demand
against 10,065,000 the same week last year.
The Spanish Government has imposed an import duty was brisk and futures ended only Y8 to Ytc. net lower.
on all foreign wheat of seven pesetas gold per quintal which On Thursday prices closed with little change from those
is equal to 37c. a bushel. This makes three duty increases of the day before. Prices fluctuated within narrow limits.
Demand was fair. The strength of other grain and some
in Europe this fall, viz.: Italy, Poland and Spain.
2116
FINANCIAL CHRONICLE
[VOL. 127.
evening up before the holiday had a bracing influence.
The destination of these exports for the week and sins()
Cash demand was quiet. IndiePtions of unsettled and
colder weather caused some buying. The open interest at July 1, 1928 is as below:
Chicago last night was 28,664,000 bushels. Final prices are
Flour.
Wheat.
Corn.
Ys to 1 Mc.lower than a week ago.
Exportsfor Week
DAILY CLOSING PRICES OF OATS IN NEW YORK.
and Since
Week
Since
Since
Week
Week
Since
Sat. Mon. Tues. Wed, Thurs. Fri.
54% 64
543
54
64 ---PRICES OF OATS FUTURES IN CHICAGO.
Sat. Man. Tues. Wed. Thurs. Fri.
December
44
43% 433
42
42'i
March
7
45g 45
44% 444 443
May
46% 46
453
453I
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
October
59
58( 573
56
56
December
54
53
53
5i4 52%
May
57
56% 563
54
55% ---No. 2 white
DAILY CLOSING
July 110-
Oct. 0.
1928.
July 1
1928.
Oct. 6
1928.
July 1
1928.
Oct. 6
1928.
July 1
1928.
Barrels. Barrels.
Bushels.
Bushels.
Bushels. Bushels.
United Kingdom_ 61,530 1,008,495 2,469,957 24,918,105
' 709,326
Continent
209,034 1,663,983 5,570.352 74,183,598
26,000
So.& Cent. Amer_
1,000
118,000
69,000
10,000
85,000
West Indies
12,000
20,000
123,000
11,000
358,000
Other countries__ _ 7,255
881,945
222,903
2,250
Total 1928
Total 1027
290,819 3.136.381 8,050,309 99.872.648
2811 402 255.6 225 7 515 140 80 244.079
11,000 1.180,576
26.000
371.500
Rye took its tone largely from wheat, declining in the
The visible supply of grain, comprising the stocks in
forepart of the week and rallying later. On the 8th inst. granary at principal points of accumulation at lake and
it declined jto lc. with wheat lower. ?ome export inquiry seaboard ports Saturday, Oct. 6, were as follows:
4
was reported and this, with the early strength of Winnipeg,
GRAIN STOCKS.
caused an advance at first. The visible supply in the
Wheat,
Rye,
Corn,
Barley,
Oats,
United States increased 312,000 bushels last week, against
United Statesbush,
bush.
bush,
bush,
bush.
an increase last year of 72,000. The total is now 3,164,000 New York
340.000
23,000
223,000
112,000
214,000
Boston
36,000
bushels, against 2,886,000 last year. OP the 9th inst. Philadelphia
697.000
9,000
42,000
191,000
5,000
prices declined 1% to 1 3/Ic. in answer to a decline in wheat Baltimore
2,909,000
26,000
2,000
239,000
171,000
Newport News
5.000
21,000
early of Y to 1 9/sc. The domestic cash trade is good, but New Orleans
i
1,071,000
37,000
78,000
566,000
112.000
no export business of real importance was reported.
Galveston
2,396,000
439,000
8,000
Fort Worth
5,094,000
145,000
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
16,000
48,000
230,000
Buffalo
4,277,000
415,000 2,123.000
583.000 1,029.000
Sat.
1073f
109
11014
December
March
May
Mon. Tues. Wed. Thurs, Fri.
106% 105
103% 103%
-10814 107% 105
105
---109% 108% 107
10731
Closing quotations were as follows:
GRAIN
Wheat. New YorkOats. Nee. YorkNo. 2 red. f.o.b.._
No. 2 white_
1.64
No.2 hard winter.f.o.b.._ 1.32
No. 3 white
Corn, New YorkRye. New York
No.2 yellow
1.2014
No. 2 r.o.b_
No.3 yellow
1.1914 Barley. New York
Malting
Spring pat.nts
FLOUR
.
-
Soft winter straights _.
f
Hard winter rraights_.
Hard winter pitenra..
Hard winter Clara.. _
Fancy Minn. patents__
City mills__
ret86 75
t,
6 25
6 25g. 6 75
5 704 6.25
6 254 6 75
5 2544 6.75
7 95(ib 8.20
8.104 8.80
54
53
1 1614
86%
Rye flour. atenta
- -$6 70$7 00
Semolina o 2, pound.
Oats goods new
2 75a 2 80
Corn flour.
2 75(4 280
Barley good.
Coarse
........36,
1
Fancy pearl Nos 1,2.
3 and 4
6 5004 7 00
All the statements below regarding the movements 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 ended last Saturday and since
Aug. 1 for each of the last three years.
Receipts atChicago
Mlnneapolls_
Duluth
Milwaukee__
Toledo
Detroit
Indianapolis_
St. Louis_ _ _ _
Peoria
Kansas City_
Omaha
St. Joseph_
Wichita
Sioux City
Flour. I
1928
Corn.
Oats.
I
Barley.
Rye.
bOls.196193. bush.60 lbs.bush. 56 lbs.lbush. 321bs. bush.48!hs. bush.56I3s.
280.000
693,000 1,089,000
636,000 561.000
128,000
7,709,111
27,000
707.000 1,093,000 436,000
8,196,1''
193,000 1,926,000 664,000
74,000
130,000
87,011
150,000 466,000
27.000
234,001
15,1 o s
132,l I I
13.000
33,000
15,000
16,111
24,000
7,000
123,000
288,000
286,000
16,000
142,000 1,294,000
401,000
536,000
169,000
9,000
68,000
69,111
361,060
88,111
127,00
1,8(.9.i II
225,000
166,
1,086,111
245,000
154.
302,111
80,000
52,000
411,001
13,000
10,000
87,011
9,111
107,000
178,000
Tot. wk.
Same week '27
Same week '2.
Since Aug. 1
1928
.---
Wheal.
561,000 22,176,000
512,000 21,196,111
498,000 8,708.000
2,953,t o o
1,935,000
3,136.111
3,343,111 4,346,000 1,287,000
3.454,000 2,755.000 2,126,000
2,823,000 1,388,000 601.000
New York_ _ _
Philadelphia-Baltimore.- -Newport N
Norfolk
New Orleans
Galveston_
Montreal_ __ Boston
afloat
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
1,342,000
84,000
168,000
2,412,000
28,000
3,000
30,000
283,000
199,000
4,000
24,000
23,000
24.000
11,025,000 3,710.000 3,303,000
123.000 1,070,000
265,000
54,000
919.000
24,000
287,000
507,000
29,000
20,383,000
738,000 1,640.000 2,592.000
17,305,000
22,000 3,519,000
889,000
347.000
708,000
25,000
28,000
117,000
4.668,000
72,000
284,000
6,000
166,000
20,939,000
205,000
77,000
32,000
35,000
5,980,000
2,000
2,544.000
12,000
13.000
20,000
719,000
866.000
144,000 1,869,000
9,505.000
121,000
145,000
539.000
60,000
682,000
300,000
15,000
140,000
Total Oct. 6 1928_116,577.000 5,411.000 15,043.000 3,064,000 8.246,000
Total Sept. 29 1928_ __110,047.000 6.791,000 15.071,000 2,752.000 8,625.000
Total Oct. 8 1928_ 80.936.000 21,393,000 25,874.000 2,886.000 4,064,000
Note.
-Bonded grain not included above: Oats-New York, 125.000 bushels
Philadelphia, 3,000; Baltimore, 7,000: Buffalo. 172,006; total, 307,000 bushels
against nil bushels In 1927. Barley-New York, 20,000; Philadelphia. 6,000
Baltimore, 76.000; Buffalo, 559.000; Buffalo afloat,. 423,000; Duluth, 144,000
Canal, 603,000; total, 1,841,000 bushels, against 448,000 bushels in 1927. 1VheatNew York, 222,000 bushels; Boston. 56,000; Philadelphia. 188,000; Baltimore.
222.000: Buffalo. 6,346.000; Buffalo afloat, 966,000: Duluth, 199,000: on Lakes.
i ,810 7.0; Canal, 2,434,000; total, 12,449,000 bushels, against 4,683,000 bushels
ln 212 0,
Canadian
Montreal
1,686,000
Ft. William & Pt. Arthur21,698,000
_
Other Canadian
5,660,000
410,000
62,000
313,000
557,000 1,456,000 3,708.000
144,000
141,000
658,000
Total Oct. 6 1928___ 29,024,000
1,111,000
Total Sept. 29 1928_ _ _ 22,654.000
1,054,000
Total Oct. 8 1927___ 13,779,000
979,000
Summary
American
116,577,000 5,411,000 15.043,000
Canadian
29,024,000
1,111,000
1,659,000 4,767,000
1,206,000 3,603,000
2,525,000 1,797,000
3,064,000 8,246.000
1,659,000 4,767,000
Total Oct. 6 1928_ __145,601,000 5,411,000 16,154,000 4,723,000 13,013,000
Total Sept. 29 1928-132,701.000 6,791,000 16,125,000 3,958,000 11.631,000
Total Oct. 8 1927- 94,715,000 21,393,000 26,853,000 5,411,000 5,861,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ended Friday, Oct. 5, and since July 1, 1928 and 1927,
are shown in the following:
Wheal.
4,986,000188,135.000 46,748,000 46.517.00045,647.000 8,708.000
5,058:000 131.524.000 30.116.000 42,563,00013,359,00014,227.000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Oct. 6,follow:
Ilseelpis at-
afloat
Toledo
Detroit
Chicago
Flour.
Wheat.
Corn
Barrels.
386.s.
50.
24.11
Bushels.
1I
1,571,I .I
6
64
Bushels.
24,
2
,
is.
Oats.
219.
153,000i
70,1118,938,
37
67,
57.
165.
1,929,000
15,000
108,
Total week '28 537,00e 13.018,000
/knee Jan. 128 18,472,000'181,363,000 63,343,
Rye.
Bushels.
Bushels. Bushels.
324,
358011
92,000
16,000
23,00
17,000 274.00
1,000
70,000
15,000
15,
1,
60,
Barley.
764.000
637.000 2,584.1,5
887.000
27,768,000 32.568,000 14,514,000
526,001 6,296,000
Week 1927_ __
90,11 I
477 000 2,868,000 1,980,000
Since Jan 1'27 16 692.000 210.563.000 7,892,155 19,401,000 5,257,000 7,058,000
• Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Oct. 6 1928, are shown in the annexed
statement:
Reports fromNew York
Boston
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
Galveston
Montreal_
LIouston
Wheat.
64,000
170,1100
700,000
5,018,000
Total week 1928.. 8,050,309
Same weak 11127
7 ata 140
Corn.
Flour.
Oats.
Rye.
Barley.
Barrels. Bushels. Bushels. Bushels.
105,819 260,391
34,897 118,015
3,000
17,000 103,000
3,000
175,000
1,000
15.000
1,000
70,000
21,000
11,000
7,060
149,000
27,000
524,000
128,000 314,000 375.000 1,020,000
1,000
30,000
Bushels. Bushels.
1,138,309
60,000
11,000
OR nnn
290,819
250 402
666,391 428,897 2,119,015
273 0(W12 RRA 785 1.450.848
Exports.
1928.
Corn.
1927.
Since
July 1.
I
1927.
Sines I
July I.
Since
Jule 1.
1928.
Week
Oct. 6.
Bushels.
Bushels.
Bushels.
Bushels. I Bushels. I Mabel
North Amer_ 13,354,
153,972.000 125,216,1
120 000 5,737,000 1,085,000
Black Sea___
312,0
800.000' 3,312,000
68,000 1,709,000 5,951,000
Argentina_ . 1,494,00 28,025.000 22,270,lss 5,039,000 105,911,000118,34
0.000
Australia
256,11112,432,000 17,400.s •
India
1,040,000 7,552,5,
0121. counte
980
13,136,000 6,584,
756,000 12,732,000 8,483,000
Total _
8,3711,000 207,405.000182,334,000 5,983,000 123,089,000 120,839,000
WEATHER BULLETIN FOR THE WEEK ENDED
OCT. 9
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the influence of the weather for the week ended Oct. 9 follows:
At the beginning of the week low pressure and much warmer weather
prevailed in the Rocky Mountain region, with the center of the
ance over Wyoming on the morning of the 3d. This depressiondisturbmoved
eastward to the upper Mississippi Valley and thence northeastward,
attended by general rains on the 4
-6th over Central and Northern States
east of the Great Plains. Otherwise, precipitation during the
week was
of a local character, as a rule, with much sunshine in most districts. Higher
temperatures prevailed in the central valleys the first part of the week:
the latter part brought considerably cooler weather to tho interior and
the more eaitorn States, but with a return to warmer in central northern
districts by the 8th and in the East at the close of the week.
The table on pare 3 shows that tomporatures for the week were above
normal in practically all parts of the country, which was in marked contrast to the two preceding weeks over the eastern half. Reports from
trst-order stations show weekly mean temperatures near normal along
the Atlantic and Pacific coasts, but in practically all sections from the
Appalachian to the Rocky Mountains the plus departures from normal
ran tett generally from 4 dot, to as much as 12 deg. Freezing weather was
confined to the interior of the Northeastern States, a few localities in the
Southwest. and to a rather limited area in the more northweitern States.
Along tha Gulf coast tha lowest temperatures for the week were around 70
dez
•es
The table shows also that precipitation was gensrally scanty over the
western half of the country, except in the Pacific alorthwest where moderato to some rather heavy falls were received. Over the eastern half
was rather irregularly distributed and mostly light, although generous It
to
moderate amounts occurred In considerable portions of the Ohio and central Mississippi Valleys. In the Middle and North Atlantic States .and
most Gulf districts but little rain occurrz.d.
•
OeT.
13 1928.)
FINANCIAL CHRONICLE
2117
THE DRY GOODS TRADE
were retarized uy ury soil, the
Except where plowing and fall seeding
for seasonal farm operatlAs,
weather of the week was mostly favorable
generally. The prevailing warmth
and good progress was reported quite
New York, Friday Night, Oct. 12 1928.
were especially helpful in drying out the corn crop,
and much sunshine
and for fall plowing and stedfor harvesting operations, picking cotton, t. There were no damaging
s are now in a fairly steady position with
Textile market
ing wherever the soil moisture was sufficien late crops—mostly minor—
e, but it still resome
frosts, but additional reports of harm to received from some of the North- a stronger and broader demand in evidenc
a level
by frosts of the two preceding weeks were
mains to be seen whether factors can hold prices on
ern States.
of price stabilizawhere moisture is generally sufficient,
Throughout the Atlantic area, e, while many heretofore dry localities conducive to general profit. This problem
on woolens and
conditions were especially favorabl
rains. Considerable areas of the tion, while it has an important bearing
in the interior valleys received useful Ohio and parts of Indiana and
rly
the cotton goods division, at
central valleys, however, particula Lake region and Central-Northern linens, is chiefly applicable to
the
on a
Kentucky, are still too dry. In
the present time, where many lines have yet to be put tion
e.
States conditions were generally favorabl
Including nearly all sections from
figures issued by the Associa
Over the western half of the country,Pacific Northwest, continued dry- paying basis. However,
of the
the central Plains westward, except the retarding plowing, seeding, and of Cotton Textile Merchants during the early part
range,
ness is unfavorably affecting the some places, hindering the harvest of
conditions in the trade that may
ion of fall grains, and, in in much of the Plains area, especially week, show such improved
germinat
root crops. Rain is urgently neededand Oklahoma where severe drought well lead to more reasonable prices. The chief obstruc
latin the western portions of Kansas
tions to such a revision are stocks on hand. While the is
obtains.
central and eastern portions of the winter
lower at the end of September, there
SMALL GRAINS.—In the
generous showers of the week were very bene- ter were some 5%
wheat oelt the moderate to for seeding and for germination of grain already by no means a dearth of goods. Business in the woolen marning the soil
ficial in conditio
retardation in parts of the Ohio Valley
bright. The
sown, though there is still some ent. Additional moisture is also needed kets is active and prospects are regarded as
area where the rains were insuffici Valley, while throughout the western extraordinarily varied styles and colors of new worsted ofMississippi
in parts of the upper Plains the drought continued. In Nebraska rain
are occasioning buyers some confusion in the abPortions of the Great
the western two-thirds of Kanwas Eeedin^ has ferings
Is much needed, while in d and much wheat has not sprouted. There sence of definite style trends. With regard to silks, It is
suspende
been practically
in western Oklahoma, anti rain is needed
ly influenced by the
was also further delay in Beading the Atlantic coast area conditions con- thought that they will not be adverse
effect of eliminatin much of northern Texas. In
in the Pacific Northwest the outlook has been Paterson strike, which should have the
tinued favorable, while
has
rains of the week. Grain sorghums
materially improved by the generous
a substantial portion of the over-production that es
southern Great Plains, while the threshing of ing
are nearly all safe in the west Gulf districts. There were some further kept prices down. Business in the rayon markets continu
In
rico made good advance flax by former frosts in the northern Plains area.
y is foreseen in the immereports of damage to lateof the week over the main producing sections was satisfactory, and further activit
CORN.—The weather which made generally excellent conditions for diate future as a result of the reopening of the New Bedwarm, dry, and sunny, Valley the crop was drying rapidly, with some
mills.
drying corn. In the Ohio
In Iowa the warm, sunny e eather dried ford
cribbing in southern Indiana. begun in many counties; new corn is being
has
DOMESTIC COTTON GOODS.—Domestic cotton goods
corn rapidly and cribbing
hogging was active, with good results in dry fields. markets have been subjected to several influences during
and
fed to livestock made and being cribbed in Missouri. while in the Great
The crop is all
cribbing begun in Kansas. In the South
and It is difficult to estimate possible reactions at
Plains it was drying rapidly, withthe Mississippi River, while the late crop the week,
most important of these, the Ascorn was mostly mature west of
s in the East, while this period. However, the
sections. Cutting continue
varied widely in eastern was mostly cut and drying rapidly: some reports sociation of Cotton Textile Merchants' report for the past
Lakes corn
in the Great
r freezes continue from North Dakota.
ize the efficiency of the curtailof injury by the late Septembe
fair, sunshiny weather month appears to emphas
ed
COTTON.—The week was generally warm, with In the Atlantic States
sections of the cotton belt.
ment policy as a stabilizing medium. That the improv prevailing over most
cotton opened rapidly and pickwarmth and sunshine were favorable;there was still some retardation statistical position of the markets is mainly due to restrict
the
advanced well, though
ing and ginning sections by reason of moist lint and seed nods. In Georgia ed output, is shown in a comparison of the September figin previously wet practically made, but is opening rather slowly in the
those of earlier months. It is seen that the excrop has been
the
in many sections. There were reports ures with
north, with staple short and poor northern Alabama, with some further cess of 9.6% of shipments over production for September
of
in parts
of slow opening also
conin most districts and was
deterioration, but pickim, ',ado fair prtnress
is consequent upon a monthly output which has been
some southern localities.
about complete inbordering on the Mississippi River conditions favored siderably less than the average. Moreover, stocks on hand
In the States
and It has been demonharvesting of the crop, except for considerrapid openim„ and also the ly in Arkansas. In Oklahoma warmth and have not been materially reduced
able rains in places, principal
very recently that a quiet spell in trading may easily
ble conditions in the
t dryness made a continuation of unfavora rapidly. In Texas strated
persisten
is open and being picked
forced offerings at impractical concessions. And
west, but the bulk of cotton
premature opening, but the lead to
progress was poor in the northwest, with conditions poor, the weather therein lies the danger. Only when factors are unencummostly made elsewhere, with top-crop
crop is
with the attendant necessity of
picking, which is well advanced, except in the nwthwas faverable for Southwestern States the weather was generallyfavorable bered by heavy stocks,
ent
west. In the far
keeping them in motion, can they hope to have suffici
for cotton.
to enable them to hold prices at
control over the market
ng
The Weather Bureau also furnishes the followi resume generally profitable levels; a proposition to which force is
of the
conditions in the different States:
of the
lent by the advance in raw cotton following issuance
light:
Viroinia.-111chmend: Temperatures moderate: rainfall seeding favor- Government crop forecast. Meanwhile, those concerned are
wheat
work and curing fall crops. Plowing and
able for farm
view of the future. With only fair
good progress. Favorable for apple picking.
and picking cotton made h: Mostly dry and warm: favorable for field taking an optimistic
and manufacturing channels,
North Carolina.—Raleig
maturing, and harvesting cotton, corn, peanuts, stocks in both distributing
work and for growing,
be made shortly
cotton fair to good;
potatoes, and other crops. Progress of and ginning. Apples crop there is a rumor abroad that an effort will
sweet
half
in picking
opening rapidly and good progress
to put those staple lines which have been selling at a less
gathered.
le temperatures, abundant sun- than reasonable figure on a more profitable basis. It is
South Carolina.—Columbia: Seasonab
e for late crop development.
shine, and general absence of rain favorabl on soggy and flooded low- hoped that this may be accomplished without interrupting
ng slowly, except
Late corn and truck recoveri
-inch 64 x 60's construc28
t
Coastal Plain; general crop situation in Piedmon much better the flow of business. Print cloths
lands of
e. Cotton opening rapidly, with picking and ginning fair tion are quoted at 6%c., and 27-inch 64 x 60's at 6%c.
than elsewherpicking retarded oy moist lint and seed pods.
progrms, but
with temperatures mostly above Gray goods in the 39-inch 68 x 72's construction are quoted
Georota.—Atlanta: Sunny weather,
harvesting crops, which progressed very rapidly.
normal, favorable for in north. Cotton all made and no top crop; open- at 93c., and 80 x 80's at 10%c.
Soil still dry and hard
slowly in extreme north; practically all gathered
WOOLEN GOODS.—The favorable situation in the wooling rapidly, except rather
cs for
in central; staple short and poor in many sections.
in south and much drying nicely.
en and worsted markets is being maintained. Statisti
and
Late corn good
in a better
favorable for farm acFlorida.—Jacksonville: Warm and mostly fair; and plowing and plant- the previous week show that the markets are
ent. Wet soil drying out
a number of years past, and
tivity and crop developm
replanting necessary due to previous wet weather. position than at any time for
ing more general: some
times have
general
Alabama.—Montgoxnery: Averaged warm; rain quitebut farmfirst part, there is an expressed confidence that the better
work rethereafter. Vegetation helped,
albut widely scattered corn considerably spotted; harvesting progressing come to stay. Since an unexpectedly good "clean-up" has
tarded. Progress of Picking cotton retarded by rain, but picking anti
ready taken place in fall goods, the slight slackening of
and central.
in south
progress in south and central where practically
ginning made mostly fair crop opening rather slowly in more northern activity following the very marked demand inspired by the
finished in some localities;
ted in many lo- first cool spell of weather, was to be expected, and does
where picking progressing slowly; crop deteriora
portion
outlook. Encourcalities of north.
y warm throughout, with showers not materially affect a generally bright
Mtssissippi.—Vicksburg: Generall
way,
with
dry thereafter. Cotton opening rapidly,fair in excellent aging movements in spring lines are already under
first half, but
extreme
Progress of late corn
progress in picking and ginning.
notwithstanding considerable uncertainty on the part of buynorth; elsewhere poor.
ating style trends. It is refor harvesting crops. ProgLouisiana—New Orleans: Mostly favorable, even in north; condition of ers in the matter of anticip
well advanced
ress in picking cotton good and warmth favorable. Corn mostly mature, ported from representative sources that a growing volume
fair to good and
by
plants still
gathered. Rice harvest and threshing made good of orders for spring goods is filling in the gaps left
but much yet to be
satisfactory development: field work in cane
a subsiding fall demand. Stocks are short and fabrics are
progress. Cane continues
shape.
region in good
a variety of attractive colors and stylings, and
scattered rain in northern
Texas.—Houston: Week very warm, with condition of pastures and offered in
a healthy expanin south. Progress and
half, but mostly dry south. out spotted In north, depending on recent conditions seems generally conducive to
minor crops good In and seeding winter truck made excellent progiess sion.
Rice threshing
rains.
and seeding of winter grains delayed by lack of TiolsFOREIGN DRY GOODS.—In spite of the increased acin south, but plowing Progress of cotton poor in northwest where opening
ture in much of north.
e, with general condition averag- tivity of the last few weeks in linens for the holiday trade,
ely; crop mostly made elsewher
prematur
poor; weather favorable for picking and
ing fair and top-crop condition
factors are of the opinion that buyers have not laid in a
advanced, except In northwest.
ginning and this work wellCity: Clear skies and unseasonably warm; sufficient supply to cover the public demand that has still
a.—Oklahoma
Oklahom
east, but none In west where severe drought
develop. It is noted that many lines are recovering a
moderate to heavy rains in
and continued dryness further damaged yield and to
continues. Warmthwest; oulk of crop open and picking and ginning pro- popularity that has been diverted into other channels and
quality of cotton in
condition badly spotted. Corn and grain
will he necessary during
grossing rapidly in all sections; matured and harvesting. Wheat planting it is estimated that heavy buying
crops
sorghums generally good;
delayed in west account drought.
the next few weeks if the reviving public favor is to be
further
resumed in east, butRock: Progress of cotton good, except in south and
Arkansas.—Little
coped with adequately. Household linens are moving fairly
heavy damage occurred due to rains in many places;
east where light to picked and ginned rapidly: nearly all open in hills, well, especially damask dining sets, while there is also a
cotton being
to heavy rains very
open
developing on lo*lands. Light
nced call for full color hemstitched goods. Towelbut late bolls still
and for plowing and seeding, but more pronou
favorable for all growing crops
ings and sheetings are doing moderately well. There has
In west and central.
needed
temperatures and occasional
t in goods for the coming
Tennessee.—Nashv Me: Above-normal and condition of late corn. Con- been some growth in the interes
progress
showers resulted in very good and opening rapidly: bottom much slower. spring season, but business in that direction is not as yet
fair on uplands
dition of cotton
on of ground for seeding oats and winter fully under way. Burlaps continue relatively quiet, conRains caused general preparati sections.
in some
wheat, although backward
north; south and east still too sumers being well covered for the remainder of the month.
lle: Good showers in sowing well advanced; wanxth
Kersluckw.—Loulsvi
quoted at 7.00c. and heavies at from
seeding wheat;
locally. Plowing and which is fairly good, but more moisture needed Light weights are
dry
10.20c. to 10.25e.
favorable for germination,
nearly completed and crop drying rapidly.
in places. Corn cutting
2118
FINANCIAL CHRONICLE
Statement of the Ownership, Management, &c., required by
the Act of Congress
of Aug. 24 1912, of Commercial dr Financial Chronicle, published
weekly
at New York, N. Y., for Oct. 1 1928.
State of New York, County of New York, ss.: Before me, a
notary public, in
and for the State and County aforesaid, •Iersonally
appeared Jacob Seibert, who
having been duly sworn according to law, deposed and rays
that he is the editor of
the Commercial & Financial Chronicle and that the
following is, to the best of his
knowledge and belief, a true statement of the ownership,
management, gre.. of the
aforesaid publication for the date ehown in the above caption,
of August 24 1912, embodied in Section 411, Postal Laws and required by the Act
Regulations, printed
on the reverse of this form, to wit:
(1) That the names and addresses of the publisher, editor, managing
editor
and business managers are:
Publisher, William B. Dana Company, 138 Front St., New
York.
Editor. Jacob Seibert. 138 Front St., New York.
Managing Editor, Jacob Seibert, 138 Front St.. New
Business Manager, William D. Riggs, 138 Front St.,York.
New
(2) That the owner is (If owned by a corporation, its name York.
and address must be
stated, and also immediately thereunder the names and
owning or holding 1% or more of the total amount of addresses of stockholders
corporation, the names and addresses of the individual stock. If not owned by
owners must be given. If
owned by a firm, company, or other unincorporated
concern,
as well as those of each Individual member, must be given): its name and address,
Owner, William B. Dana Company. 138 Front St., New York.
Stockholders: Jacob Seibert, 138 Front St., New York.
(3) That the known bondholders, mortgagees and
or holding 1% or more of the total amount of bonds,other security holders Owning
mortgages or other securities
are: (If there are none, so state.) None.
(4) That the two paragraphs next above, giving the names
of the
holders and security holders, if any, contain not only the list of owners, stocksecurity holders as they appear upon the books of the company, stockholders and
but
where the stockholder or security holder appears upon the books of also, in cases
the company
as trustee or in any other fiduciary relation, the name of the
for whom such trustee is acting, is given; also that the said person or corporation
two
statements embracing afflant's full knowledge and belief as toparagraphs contain
the circumstances
and conditions under which stockholders and security holders who do
upon the books of the company as trustees, hold stock and securities in not appear
a capacity
other than that of a bona flde owner; and this affiant has no reason
to believe that
any other person, association or corporation has any interest,
the said stock, bonds or other securities than as so stated by direct or indirect, in
him.
(Signed) Jacob Seibert, Editor. Sworn to and subscribed
day of September 1928. Thomas A.Creegan, Notary Public, before me this 29th
York County Clerk's No. 39. New York County Register Kings County. New
No. 9024. (My commission expires Mar. 30 1929.)
ffitate anti Tity prpartment
NEWS ITEMS
California, State of.—Northern Association Opposes
Bond Amendment.—Although the California Development
Association upheld the principle of safety that underlies
the proposed $10,000,000 State bond issue for the elimination of grade crossings, scheduled to appear on the ballot
in November as Amendment Eighteen, the directors have
voted to oppose its passage. The reasons they give for their
opposition are: Because of the increasing State-wide protest
against the rising tide of taxation, and because the present
gasoline tax has not been proved insufficient to provide the
funds necessary for grade crossing abolition.
Dallas, Texas.—Motion Brought to Have Bond Suit Judgment Set Aside.—W.S.Bramlett, plaintiff in the suit brought
early in the year to void the $23,900,000 Ulrickson bond
program that was voted by the taxpayers last December,
has presented a motion to the Appellate Court to set aside
the decree handed down by the Fifth Court of Civic Appeals
on June 19 (V. 126, p. 4115), when the Court declined to
grant a temporary injunction restraining the city from selling
a portion of the bonds. The following report on the action
appeared in the Dallas "News" of Oct. 4:
[Vol,. 127.
Continental Divide, the court ruled, the commission had the
power to
issue such obligations. In his decision Judge Smith denied
the petition
of the Denver Land Company for an injunction restraining
the commission
from levying special taxes against the tunnel district
to meet service charges
on these bonds.
The court gave the petitioners five days in which to
specific errors, and sixty days in which to enter a bill of file citations of
exceptions. The
decision, it was indicated will be carried as speedily as
possible to the
Supreme Court.
According to the advices received here yesterday from Denver, owing to
the fact that both sides in the case had admitted so many
facts,
question before the court was reduced to this: Should the cost of the final
the tunnel
be paid for by bonds over a period of years or paid for
outright by special
tax assessments, under court order or otherwise.
No Protest Before Issue
The plaintiffs in the course of the trial, say Denver advices,
tacitly admitted that with the tunnel already constructed the builders could
justifiably seek a Federal court order for an assessment covering
work. Judge Smith's decision covered the history of the the cost of the
financing of the
tunnel in detail, taking up each bond issue separately and reciting
when and
why it was issued. Preceding each issue,
out,
protested to the board at the hearings whichhe pointed duly no taxpayers
had been
advertised for
each of the three supplementary issues.
"When the proceeds of the bond issue of July 1
000 issue) were exhausted." said the court, "the1923,(the original $7.720,
tunnel
finished. Had the board abandoned its task at that pointwas less than half
effort and the immense sum of money already expended all of the previous
would
total loss. Even a few months' delay would have been well have been a
nigh fatal."
Interpreting the tunnel legislative act of
tion 6 of that act "imposes upon the board1922. the court ruled that secunqualified obligation to construct the tunnel," while subsequent sections
8,
means to discharge the duty." It is toe court's 10 and 11 "provide the
conferred by the act was properly exercised opinion that "every power
It holds,"clothes the board with such a power by the board. The act."
propriate and plainly adapted to that end as carries with it all means apconstitution." Regarding payment for the which are not prohibited by the
bonds, the court ruled:
No Limit on Securities
"Certainly the district has built and paid for this
tunnel with the money of
other people, and it is not denied by any
counsel in this case that the bondholders could, by appropriate action,compel
of the bonds by means of which the money an assessment for the payment
expended by the district in the
construction of this tunnel was raised."
The court held further that "there
ance of additional securities (beyond is no limitation in the act upon the issuthe original $7,720,000). It could not
be assumed that the Legislature would make
it
struct the tunnel (section 6); clothe it with all the duty of the board to conthe powers necessary for the
performance of that duty (section
power to raise money sufficient in8); and then deprive the board of the
amount to cover the cost of the improvements.
"It is not being disputed that the cost of the
sessment. The only real question remaining istunnel must be paid by aswhether this shall be paid
for in cash or whether the taxpayers shall
have
over a number of years. There being nothing the benefit of spreading it
in
tunnel act to prevent the board from doing whatour constitution nor in the
it did,it would seem that
this action should be sustained."
New Jersey, State of.—Legislature Adjourns after Passing
Election Bills.—Both houses of the Legislature adjourned
on Oct. 9 until Nov. 19 after passing three amendments to
the State election law over the veto of Governor Moore.
A list of the measures enacted is outlined in the Newark
"News" of Oct. 9, as follows:
The measures disapproved by
to-day are: Senate 305, allowing the Governor last night and made law
the
and Hudson counties to strike namessuperintendents of elections in Essex
from the registry lists;
increasing the police powers of the superintendents, and HouseSenate 306,
471,
Party members of county boards of election control of the members giving
of their
Party on district election boards.
Five bills, including one re-establishing the ellsor jury system,
were
signed by the Governor. The others provide for
county condemnation
commissions, authorizing superintendents of elections in Essex and Hudson
counties to seal ballot boxes after votes are counted and canvassed, correcting errors in the 1928 Traffic Act to assure the punishment of
drunken
drivers.
Pennsylvania, State of
Constitutional Amendments.—The following shows proposed amendments to the
constitution to be submitted to the voters for their approval
or rejection at the general election on Nov. 6:
Motion of W. S. Bramlett to set aside a judgment of the Fifth Court of
Civil Appeals, previously entered, affirming a lower Court order dismissing
NO 2.
the suit by which Bramlett sought to have the $23.900,000 city bond issue
A joint resolution proposing an amendment to Art. 9 of the Constitution
and related charter amendments declared invalid, will be formally suomitted
of the Commonwealth of Pennsylvania, by adding thereto Sec. 18.
to the Appellate Court Friday.
Sec. 1. Be it resolved by the Senate and House of
Bramlett claimed that he turned over a judgment or decree agreed to by General Assembly met. That the following amendment Representatives in
to
both parties to counsel acting for his opponent in the suit, but that another of Pennsylvaaia be, and the same is horeby, proposed, the Constitution
in accordance with
decree, more onerous upon his cause and more far-reaching in its legal effect, eighteenth article thereof:—
was entered. Bramlett's suit was directed against the City of Dallas et al.
That article 9 of the Constitution of the Commonwealth
Judge Kenneth Force of the Fourteenth District Court sustained a general Is hereby amended by adding thereto the following section: of Pennsylvania
demurrer some time ago and Bramlett gave notice of appeal.
Sec. 18. Provided, That the General Assembly, irrespective of any debt,
Claim also is made by Bramiett that two Justices of the higher Court
may authorize the State to issue bonds to the
disqualified in this case because they are property taxpayers here. are the erection and equipment at the Pennsylvaniaamount of $8,000,000, for
He
State College of buildings
attached to his motion a copy of what purported to be a true copy of the necessary for the uses and purposes of the institution
as defined in its charter.
decree which both sides agreed to.
A true copy of Joint Resolution No. 2.
CHARLES JOHNSON, Secretary of the Commonwealth.
Mississippi, State of.—Gas Tax Suit Won by State.—The
NO.3.
suit brought by the State against the Pan-American Petroproposing an amendment to Art. 9 of the Constitution
leum Co. to make the defendant pay over $450,000 in taxes A joint resolution
the Commonwealth of Pennsylvania, by adding thereto Sec. 16. of
Sec. 1. Bo it
collected on gasoline sales was decided in favor of the plaintiff Commonwealt resolved by the Senate and House of Representatives of the
h
That the followby Circuit Judge Wiley H. Potter on October 1. The ing amendment of Pennsylvania in General Assembly met,and the same is
to the Constitution of Pennsylvania be,
New Orleans "Times-Picayune" of Oct. 3 had the following hereby proposed, in accordance with the eighteenth article thereof:—
That Art. 9 be amended by adding thereto the following section:
report of the decision:
Sec. 16. In addition to the purposes stated in Art. 9, Sec. 4
The state won a suit involving $450,000 in gasoline taxes when Circuit Constitution, the State may be authorized by law to issue bonds,of this
to
Judge Wiley H. Potter decided that gasoline on hand April 26 1928, date amount of $25,000,000 for the purpose of acquiring land in the State the
for
of the change in the state law, was taxable under the new regulations forest purposes.
A true copy of Joint Resolution No, 3,
effective that day for the first time.
In deciding for the plaintiffs in the case brought by Attorney-General
CHARLES JOHNSON, Secretary of the Commonwealth.
Rush Knox for the state, against the Pan-American Petroleum Company,
No. 4.
the court ruled that the full amount was due the state on all gasoline on
hand the date the new order took effect. Previously the gasoline was not A joint resolution proposing an amendment to Art. 9 of the Constitution
of the Commonwealth of Pennsylvania, by adding thereto Sec. 17.
taxed until sold in this state, but under the new law the duty was assessed
Sec. 1. Be it resolved by the Seante and House of Representatives of
when the commodity is brought into the state. The company had not
sold the gasoline April 26, and had already brought it into the state, and the Commonwealth of Pennsylvania in General Assembly met, That the
hoped to prove, therefore, a technical point and escape taxation on the following amendment to the Constitution of Pennsylvania be, and the same
Is hereby proposed,in accordance with the eighteenth article thereof:
stock on hand.
That Art. 9 be amended by adding thereto the following section:
The company had posted 8350,000 before the suit so as to escape further
Sec. 17. In addition to the purposes stated in Art. 9, Sec. 4 of this Condamages which would have been superimposed.
stitution, the State may be authorized by law to issue bonds, to the amount
Moffat Tunnel District, Colo.—Court Sanctions District of 85,000.000,for the purpose of acquiring and erecting buildings and equipthe
the
Bonds.—Judge Robert G. Smith in the District Court of pingtruesame forJointuse of the Pennsylvania National Guard.
A
copy of
Resolution No, 4.
CHARLES JOHNSON, Secretary of the Commonwealth.
Denver handed down a decision in which the court holds
No. 5.
that the District was acting entirely within its jurisdiction
in issuing the supplementary bonds of 1925, 1926 and 1927. An Act proposing an amendment to Sec. 1, Art. 9 of the Constitution of
the Commonwealth of Pennsylvania.
The court dismissed the petition brought by the Denver
Sec. 1. Be it resolved by the Senate and House of Representatives of
the Commonwealth of
Land Co. for an injunction that would restrain the Tunnel following amendment Pennsylvania in General Assembly met, That the
to
Commission from levying special taxes against the District vania be,and the same isthe Constitution of the Commonwealth of Pennsylhereby proposed,in accordance with the provisions
to meet bond service charges. The following article on the of the eighteenth article thereof:
That Sec. 1 of Art. 9 is hereby amended to read as follows:
subject is taken from the 'Herald Tribune" of Oct. 9:
All taxes shall be uniform, upon the same class of subjects, within the
The Moffat Tunnel Commission was acting within its rights in issuing territorial limits of the authority levying the tax, and shall be levied and
$8,750,000 supplementary bonds for the completion of the Moffat Tunnel collected under general laws: but, in the case of inheritance taxes, exempIn 1925. 1926 and 1927, according to a decision handed down by Judge tions as to subjects of taxation or as to amount may be granted by general
Robert G. Smith in the District Court at Denver. Col. In view of the laws:and the General Assembly may,by general laws,exempt from taxation
act that the law made it mandatory to complete the tunnel through the Public property used for public purposes, actual places of religious worship,
Ocr. 13 1928.]
FINANCIAL CHRONICLE
2119
places of burial not used or held for private or corporate profit, and institu- Pennsylvania until the expiration of said period of one year after the completion of said work.
tions of purely punlic charity.
A true copy of Joint Resolution No. 11.
A true copy of Joint Resolution No. 5.
CHARLES JOHNSON, Secretary of the Commonwealth.
CHARLES JOHNSON, Secretary of the Commonwealth.
No. 12.
No. 7.
A joint resolution proposing an amendment to Art. 9 of the Constitution A joint resolution proposing an amendment to Art. 9 of the Constitution
of the Commonwealth of Pennsylvania by adding thereto Sec. 1 B.
Pennsylvania by adding thereto an additional
of the Commonwealth of
Sec. 1. Be it resolved by the Senate and House of Representatives of the
section.
Sec. 1. Be it resolved by the Senate and House of Representatives of Commonwealth of Pennsylvania in General Assembly met, That the followthe Commonwealth of Pennsylvania in General Assembly met, That the ing amendment to the Constitution of the Commonwealth of Pennsylvania
following amendment to the Constitution of Pennsylvania be and the same be and the same is hereby proposed in accordance with the eighteenth
article thereof:
Is hereby proposed in accordance with the eighteenth article thereof:
That article nine of the Constitution of Pennsylvania is hereby amended
That Art. 9 of the Constitution of the Commonwealth of Pennsylvania
by adding thereto Sec. 1B, which reads as follows:
beamended by adding thereto the following new section:
Sec. 1B. Taxation laws may grant exemptions or rebates to residents,
Sec. 16. The General Assembly may authorize the City of Pittsburgh
to levy special assessments against both abutting and non-abutting property, or estates of residents, of other States which grant similar exemptions
peculiarly benefited, for the payment of any public improvement what- or rebates to residents, or estates of residents, of Pennsylvania.
A true copy of Joint Resolution No. 12.
soever: to lay out and build as additional public improvements, for the
CHARLES JOHNSON, Secretary of the Commonwealth.
payment of which properties peculiarly benefited shall be liable to special
rapid transit railway systems, drainage and sewerage systems,
assessments,
No. 14.
flood protective works, wharves, piers and quays, highway tunnels and A joint resolution proposing an amendment to Art. 15, of the Constitution
bridges, and underground and overhead streets supplementing original
of the Commonwealth of Pennsylvania, by adding thereto a new
levy general and special taxes and special assessstreets or street systems; to
section to be known as Sec. 4 thereof:
ments therefor either before or after the laying out and construction thereof;
Sec. 1. Be it resolved by the Senate and House of Representatives of
and to provide that all special taxes and special assessments so levied, the Commonwealth of Pennsylvania in General Assembly met, That the
levied or in installments over a period
whether payable presently when so
following amendment to Vie Constitution of Pennsylvania be and the
of years shall be credits or offsets to indebtedness incurred for such pur- is hereby proposed in accordance with the eighteenth article thereof: same
poses in calculating the debt ofsuch city; to provide for the use and operation
Sec. 4. The General Assembly is hereby authorized to provide for the
of any rapid transit system by private corporations organized for that consolidation of the county, poor districts cities, boroughs and townships
purpose. No law passed in pursuance hereto shall authorize the construc- of the County of Allegheny, and the offices thereof, into a consolidated
transit railway system, flood protective works, wharves.
tion of any rapid
city and county, with the constitutional and legal capacity of a municipal
piers or quays, highway tunnels or underground or overhead streets, unless corporation, to be known as the City of Pittsburgh, and to provide for a
at a public election held therefor a majority of the electors voting thereon charter for its Government. The said charter shall be submitted to the
•
shall consent thereto.
electors of said county, at a special election to be provided for therein.
A true copy of Joint Resolution No. 7.
If the majority of the electors voting thereon, in the county as a whole,
CHARLES JOHNSON, Secretary of the Commonwealth.
and at least two-thirds of all the electors voting thereon in each of a majority
No. 8.
ofthe cities, boroughs and townships thereof, vote in the affirmative,the Act
the whole
If rejected, the said charter may be
A joint resolution proposing an amendment to the Constitution of Penn- shall take effect for electors incounty. new or
original,
modified form, at any subresubmitted to the
sylvania.
Be it resolved, That the following amendment to the Constitution of sequent election until adopted.
It shall be cpmpetent, subject to the police power of the State, for the
Commonwealth of Pennsylvania be and the same is hereby proposed
the
Legislature to provide in said charter:
In accordance with the eighteenth article thereof:
1. For the exercise, by the consolidated city, of all the powers and duties
That Art. 9 of the Constitution of the Commonwealth of Pennsylvania
vested in the county of Allegheny, and the poor districts thereof, and such
be amended by adding thereto the following section sixteen:
Sec. 16. The debt of any city of the second class shall never exceed ten other powers appropriate to a municipality as may be specified therein, exper centum upon the assessed value of the taxable property therein, nor cept such powers as are specifically reserved by this section to the municipal
shall any such city of the second class incur any new debt or increase its in- divisions herein provided for.
debtedness to an amount exceeding two per centum upon such assessed
2. For the election, by the people of the consolidated city, of a board of
valuation of property without the consent of the electors thereof, at a public commissioners, the number to be fixed by the charter, in lieu of present
county commissioners, in which board shall be vested all the powers of the
election, in such manner as shall be provided by law.
consolidated city and county, except as otherwise provided in the charter.
A true copy of Joint Resolution No. 8.
CHARLES JOHNSON, Secretary of the Commonwealth.
3. For the organization of a Government for the consolidated city and
county, and for the election or appointment of the constitutional and other
No. 9.
necessary officers thereof, and for their powers and duties.
A joint resolution proposing an amendment to Art. 9, Sec. 4 of the Consti4. For the organization of all courts, other than those of record, in the
tution of the Commonwealth of Pennsylvania, authorizing the State consolidated city, and for the procedure thereof, and for the appointment
to issue bonds to the amount of $150,000,000 for the improvement of of judges and officers thereof, which courts shall exercise the jurisdiction,
the highways of the Commonwealth.
powers and duties of the magistrates, aldermen and Justices of the peace,
Sec. 1. Be it resolved by the Senate and House of Representatives of the and such other powers as may be conferred by law.
Commonwealth of Pennsylvania in General Assembly met, That the follow5. For the transfer to the consolidated city of the property and indebteding amendment to the Constitution of Pennsylvania be and the same is ness of the county of Allegheny, and the poor districts thereof, and of
hereby proposed in accordance with the eighteenth article thereof:
such property and indebtedness of the cities, boroughs and townships
That Sec.4 of Art. 9 is hereby amended to read as follows:
thereof as relate to the powers and duties of said consolidated city, and to
Sec. 4. No debt shall be created by or on behalf of the State except to provide for an equitable adjustment and payment of such indebtedness,
supply casual deficiencies ofrevenues,repel invasions,suppress insurrection, and for this purpose, any taxation therein shall be uniform taxation within
defend the State in war, or to pay existing debt; and the debt created to the meaning and intent of other provisions of the Constitution.
supply deficiencies in revenue shall never exceed in the aggregate, at any
6. For the assessment of property for taxation, the levying and collection
one time, $1,000,000: Provided, however, That the General Assembly, of taxes, and the payment of the cost of any public improvement, in whole
Irrespective of any debt, may authorize the State to issue bonds to the or in part, by special assessment upon abutting and non-abutting property
amount of $150,000,000 for the purpose of improving and rebuilding the materially benefitted thereby, and, for this purpose, real estate so charged
highways of the Commonwealth.
shall be classified as urban. suburban and rural, and assessments made in
A true copy of Joint Resolution No. 9.
accordance with such classifications.
CHARLES JOHNSON, Secretary of the Commonwealth.
7. For the creation, by the board of commissioners, of districts for the
purpose of regulating the location, height area, bulk and use of buildings
No. 10.
premises.
A joint resolution proposing an amendment to Art. 9 of the Constitution and For the creation, by the board of commissioners, of special districts
8.
of the Commonwealth of Pennsylvania by adding thereto a section.
for the purpose of acquiring, constructing, maintaining, operating or conSec. 1. Belt resolved by the Senate and House of Representatives of the
for, any public property, work, improvement, utility or service,
Commonwealth of Pennsylvania in General Assembly met, That the follow- tracting the exclusive benefit of any one municipal division, and for the
for
ing amendment to the Constitution of Pennsylvania be and the same is not
payment of the costs and maintenance of such property, work, improvehereby proposed in accordance with the eighteenth article thereof:
ment, utility or service, there may be special taxes levied throughout such
That Art. 9 be amended by adding thereto the following section:
districts respectively, separate and apart from the general city tax:
Sec. 19. In addition to the purposes stated in Art. 9, Sec. 4, of this special
Provided, however, That it Is the intent of this section that substantial
Constitution, the State may be authorized to issue bonds to the amount powers be reserved to the cities, boroughs and townships situated in AlleacquU.ition of lands and buildings and the construcof $50,000,000 for the
County. To this end the charter shad provide for the continued
tion and improvement of State-owned buildings and the equipment thereof gheny
of the said cities, boroughs and townships, as municipal divisions
for the care and maintenance of penal offenders, delinquents, mental existence
of the consolidated city, under their present names and forms of Governdefectives, epileptics, and persons mentally diseased.
subject to the laws provided for Government of municipalities of
ment,
A true copy of Joint Resolution No. 10.
their respective forms and classes, except as provided in the charter, and
CHARLES JOHNSON, Secretary of the Commonwealth.
with their present boundaries, provided that the city of Pittsburgh may be
No. 11.
designated by a term other than city and may be divided into two or more
more municipal divisions of the
resolution proposing an amendment to Art. 9, Sec. 8 of the Consti- municipal divisions, and that any two or a
A joint
consolidated city may, with the consent of majority of the electors voting
tution of the Commonwealth of Pennsylvania.
at any
Sec. 1. Be it enacted by the Senate and House of Representatives of the thereon in each of such divisionsdivision. general or special election, be
Commonwealth of Pennsylvania in General Assembly met, and it is hereby united to form a single municipal
The said municipal divisions shall have and continue to possess the folenacted by the authority of the same, That the following amendment to the
Constitution of the Commonwealth of Pennsylvania be and the same is lowing powers:
1. The constitutional and legal capacity of municipal corporations, except
accordance with the eighteenth article thereof:
hereby proposed in
That Art. 9, Sec.8 of the Constitution of Pennsylvania is hereby amended as limited in the charter. collect
taxes and to incur indebtedness,subject to
2. The power to lay and
as follows:
to read
Sec. 8. The debt of any city, borough, township,school district, or other the limitations which are or may be imposed by law upon cities, boroughs
municipality or incorporated district, except as provided herein and in or townships of corresponding classification, for the purpose of carrying
Sec. 15 of this article, shall never exceed 7 per centum upon the assessed out any lawful power of said divisions.
3. The power to acquire, own, construct, maintain, operate or contract
value of the taxable property therein, and the debt of any county except
as provided in Sec. 15 of this article shall never exceed 10 per centum upon for all kinds of public property, works, improvements, utilities or services,
the taxable realty therein; but the debt of the City of which shall be within the municipal division, and principally for the use and
the assessed value of
Philadelphia may be increased in such amount that the total city debt benefit of the inhabitants thereof, provided this power shall not be taken to
of said city shall not exceed 14 per centum upon the assessed value of the Include the construction and maintenance of through-traffic streets and
taxable realty therein; nor shall any such county municipality, or district bridges, tunnels, subways and appurtenances thereof, nor main or trunk
Incur any new debt or increase its indebtedness to an amount exceeding lines for sewer, power and water service, running through more than one
division,
2 per centum upon such assessed valuation of taxable property in the case of municipalpower to and designated as such by the board of commissioners.
maintain a local police force, and local fire department,
4. The
other municipalities or districts, without the consent of the electors thereof
public election in such manner as shall be provided by law; but the with the necessary buildings, appurtenances and equipment therefor, which
at a
city of Philadelphia may incur any debt or increase its indebtedness to an may be supplemental to the police force and fire department of the consoliamount not exceeding 3 per centum of the valuation of taxable realty in said dated city.
5. The power to establish a limitation of indebtedness for the consolicity without the consent of the electors. In ascertaining the borrowing
capacity of the City of Philadelphia at any time, there shall be deducted dated city and the municipal divisions thereof, provided that the total of the
from such debt so much of the debt of said city as shall have been incurred Indebtedness of the consolidated city and the municipal divisions thereof
or is about to be incurred and the proceeds thereof expended or about shall not,in the aggregate,exceed the limits ofthe total indebtedness allowed
to be expended upon any public improvement, or in the construction, pur- by the Constitution to the county and to the separate municipalities.
6. All other powers not specifically granted by the charter to the conchase, or condemnation of any public utility or part thereof or facility therefor to the extent that such public improvement or public utility or part solidated city: Provided, however, That a municipal division may surrenthereof whether separately or in connection with any public improvement der, by majority vote of the electors voting thereon at any general or special
or public utility or part thereof, may yield or may reasonably be expected to election,any of its powers to the consolidated city, subject to the acceptance
yield revenue in excess of operating expenses for or towards the payment of thereof by the board of commissioners.
The said charter may be amended by the Legislature, subject to ratificathe interest and sinking-fund charges thereon. The method of determining such amount so to be deducted shall be prescribed by the General tion by a majority of the electors•of the consolidated city voting thereon
at any general or special election: Provided, That no amendment reducing
Assembly.
In incurring indebtedness for any purpose the City of Philadelphia the powers of municipal divisions shall be effective unless ratified by a
may issue its obligations maturing not later than 50 years from the date majority of the electors voting thereon in each of a majority of said divisions.
A true copy of Joint Resolution No. 14.
thereof with provision for a sinking fund sufficient to retire said obligations
CHARLES JOHNSON. Secretary of the Commonwealth.
at maturity. The payment to such sinking-fund to be in equal or graded,
annual, or other periodical installments. Where any indebtedness shall
St. Louis, Mo. Airport Bonds Submitted to Supreme
have been incurred by said City of Philadelphia for the purpose
be or shall
of the construction or improvements of public works or utilities of any Court.
-After the Circuit Court of both the St. Louis and
character from which income or revenue is to be derived by said city, or for
the reclamation of land to be used in the construction of wharves or docks Kansas City had refused restraining orders to prevent the
owned or to be owned by said city, such obligations may be in an amount issuance of $2,000,000 in airport bonds of St. Louis that were
sufficient to provide for and may include the amount of the interest and approved by the voters on Aug. 11-V. 127, p.
857
-and
sinking-fund charges accruing and which may accrue thereon throughout
the period of construction and until the expiration of one year after the $1,000,000 in Kansas City airport bonds voted on Aug. 7for which said indebtedness shall have been incurred, V. 127, p. 989
completion of the work
-the taxpayers filed appeals to the Supreme
and said city shall not be required to levy a tax to pay said interest and
sinking-fund charges as required by Sec. 10, Art. 9 of the Constitution of Court to test the validity,of the. issues: The St. Louis
2120
FINANCIAL CHRONICLE
"Globe-Democrat" of Oct. 4 had the following to say on the
subject:
There was argued and submitted in the Supreme Court in bane today. under an advancement of the two cases, the St. Louis airport bond
issue of $2,000,000 and the Kansas City airport bond issue of $1.000.000.
Points In controversy in the two cases are identical and the two cases
were argued and submitted as one case, and will be disposed of by the
court when a ruling is made as one case.
City Counselor J. T. Muench of St. Louis and City Counselor John T.
Barker of Kansas City made the argument for the two municipalities,
while W. T. Logan represented Thomas N. Dysart and other St. Louis
taxpayers, and W.C. Lucas represented H. Robert Ennis and
City taxpayers questioning validity of the two bond Issues. other Kansas
In each case the circuit courts had refused restraining orders to prevent the bonds being Issued, and the taxpayers in each
filed appeals.
In a way, the suits aro friendly, as all concerned desire casevalidity of the
the
Issues tested in the highest court of the State.
Benjaminin 11. Charles and Carl Trauernicht, bond lawyers and authorities on bond issues, appeared as of counsel in the St. Louis case.
Counselor Muench, in his argument, recited the steps leading up to the
special election in St. Louis. held on August 7, at which the airport bond
Issue was adopted by a large majority, and reviewed the objections questioning validity of the issue.
Public Purpose
He declared that the objection that the establishment of an airport
I. not a .ublic purpose is not tenable for the reason development of aviation
has made it a public purpose and brought from the experimental stage
into a prominent position in the commercial, economic and social life
of tne world.
The law long since, he said, has come to recognize that things that
contribute to the comfort, advancement, education, recreation, happiness
or welfare of citizens, as well as those occasioned by absolute necessity, are
included in the term "public purpose."
He contended that an airport is a public purpose and that the City of
St. Louis under its charter has undoubted power to vote bonds for its
establishment.
Simply because the word "airport" does not appear in the St. Louis
charter Is no ground for saying that such a purpose is not included within
the meaning of the charter.
On the contention that the failure in St. Louis to have an intermediate
registration before the special election. Muench argued that such failure
could be said to be nothing more than an irregularity, which cannot have
the effect of disenfranchising the 267.125 voters who were qualified to
vote and the 141.424 voters who actually voted in the bond election.
"In the absence of fraud," he said. and in the presence of such a full
and free expression of the public will, the court will not interfere to render
the election void."
Both bond issues were assailed as to validity on the ground that under
the charter of neither city could bonds for such a purpose be legally voted
and Issued.
Because of the special importance to both cities and the necessity for
prompt action in determining the questions raised, the court advanced
the eases and made the special setting for to-day.
A decision Is expected within a few weeks from the court.
[VOL. 127.
BARTON AND BYHALIA ROAD DISTRICT (P.O. Holly Springs),
Marshall County, Miss.
-BOND OFFERING.
-Sealed bids will be received until 10 a, m. on Oct. 24 by J. T. Wade. Chancery Clerk, for the
purchase of an issue of $100,000 5, 53f or 5A % road bonds. Denom.
5500. Dated Oct. 1 1928. Due $44,000 from 1929 to 1953 incl. Prin.
and int. (A & 0.) payable in the city designated by purchaser. A $5,000
certified check must accompany the bid.
BENTON COUNTY (P. 0. Fowler), Ind.
-BOND OFFERING.
Sealed bids will be received until 2 p. m. Oct. 20 by Flmer E. Shonkvriler,
County Treasurer, for the purchase of an issue of 17.200 43.i% road bonds
maturing semi-annually from 1930 to 1939 incisive. .
BIRMINGHAM, Oakland County, Mich.
-BOND SALE.
-The two
Issues of bonds agereeating $407,704.42 offered on Oct. 1-V. 127. p. 1834
were awarded as follews:
$304,900.00 special assessment street improvement bonds to the First
National Co., Detroit, as 53fs at a premium of $136. equal
to 10004, a basis of about 5.23%. Due Oct. 1 as follows:
$57.100. 1929: 558.700, 1930; $67.700. 1931; 356,700, 1932,
and $64.700. 1933.
102,804.42 street improvement bonds awarded jointly to the Bank of
Detroit and the Griswold-First State Co. as 43s at a premium
of $257, equal to 100.25, a basis of about 4.71%. Due Oct. 1
1ow
2
as 9 8s: $18,804.42. 1929, and 521.000, 1930 to 1933 incl.
Dated Oct.
BLACKJACO SCHOOL DISTRICT (P. 0. Tyler), Smith County,
Tex.
-BOND SALE.
-A 510,000 issue of school building bonds has been
purchased recently.
BLOOMFIELD TOWNSHIP (P.O. Birmingham), Oakland County,
Mich.
-BOND SALE.
-The $660,000 special general amassment bonds
offered on Oct. 8-V. 127. p. 1977
-were awarded at public auction to the
Bank of Detroit, Detroit. as 4Sis, at a premium of $50. equal to a price of
100.08. The bonds are dated Nov. 1 1928 and mature seriaily on Nov. 1
from 1929 to 1932 incl.
BOSSIER PARISH CONSOLIDATED SCHOOL DISTRICT NO.
2(P.0. Benton) La.-BONT)SALE.
-The 845.000 issue of coupon school
bonds offered for sale on Oct. 4-V. 127, p. 1555
-was awarded to Kauffman, Smith & Co. of St. Louis as
% bonds, for a permium of $750,
equal to 101.66. a basis of about 5.04%. Dated Oct. 1 1928. Due from
1929 to 1948 incl. There were no other bidders.
BRADFORD COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 6
(P. 0. Starke), Fla.
-BOND OFFERING.
-Sealed bids will be received
until noon on Oct. 23 by H. B. Wiggins. Secretary of the Board of Public
Instruction, for the purchase of a $20,000 issue of 5A % school bonds.
Denom. $1.000. Dated Aug. 1 1928. Due $1.000 from Auz. 1 1931 to
1950. incl. Prin. and semi-ann. int. payable at the Hanover National
Bank In N. Y. City. A recognized bond attroney will furni.h the legal
approval. No bid for less than 973 % will be considered. A 1500 certified
check must accompany the bid.
BRENTWOOD (P. 0. Pittsburgh), Allegheny Crunty, Pa.-BOND SALE.
-The $150,000 4.if% coapon borouzh bonds offered on
Oct.4-V.127. p. 1834-were awarded to S. M.Vockol & Co. of Pittsburgh
at a premium of 15.749.50. equal to 103.83, a basis of about 4.19%. The
bonds are dated July 1 1928 and mature on July 1 as follows: 55.000, 1931
and 1932, 1934. 1936, 1937. 1939 to 1950 incl.: $10000. 1951: 35.000, 1952
and 1953; 510.000, 1954; $5,000, 1955,and 510,000, 1956 to 1958 incl.
AKRON CITY SCHOOL DISTRICT (P. 0. Akron), Ohio.
-BOND
SALE.
-The $,660.000 issue of 4Si% school bonds offered on Oct. 8-V.
BRIGHTON SEWER DISTRICT NO. 1 (P. 0. Rochester), Monroe
-were awarded to Ames, Emerich & Co. of Chicago, at a County, N. Y.
127, p. 1834
-BOND SALE.
-The National Bank of Rochester was
premium of 54,342, equal to 100.657, a basis of about 4.42%. The bonds awarded on Oct. 4 an issue of $44.000 sewer bonds bearinst interest at the
are dated Oct. 1 1928 and mature 533.000. Oct. 1.from 1929 to 1948 incl.
rate of 5% at 100.254, a basis of about 4.98%. The bonds are dated Aug. 1
as follows: 32.000, 1933 to 1948 Incl., and 53.000, 1949 to 1952 incl.
ALBUQUERQUE, Bernalillo County, N. M.
-BOND SALE.
-A
$32,000 issue of 6% paving district bonds has been purchased by the HanCALIFORNIA, State of (P. 0. Sacramento).
-BONDS OFFERED
chett Bond Co. of Chicago. Dated May 1 1928 and due on May 1 as FOR INVESTMENT.
-The 54,000.000 issue ot 43 % veterans' welfare
follows: $3,000 from 1930 to 1937 and $4,000 in 1938 and 1939. Prin.
bonds that was awarded on Oct. 4 to a syndicate headed by the First
and Int.(M. & N.) payable at the office of the City Treasurer,
National Bank of New York at a price of 100.325, a basis of about 4.22%
-V. 127, p. 1978
-is now being offered for subscription by the purchasers
AMANDA, Fairfield County, Ohio.
-BOND OFFERING.
-M. A. at prices to yield 4.10%. The advertising circular claims they are legal
Johnsen, Village Clerk, will receive sealed bids util 12 in. Oct. 26, for Investment for sayings banks and trust funds in New York, Massachusetts
the purchaei of an issue of 517.000 special amassment street Improvement and Connecticut.
bonds to bear int. at the rate of 67. Dated Oct. 1 1928. Due serially
BOND SALE.
-The $500.000 issue of 4% San Francisco harbor improveon Oct. 1 from 1930 to 1939 incl. Prin. and int. payable at the Farmers & ment
-V. 127, p. 1705
Merchants Bank Co, Amanda. A certified,check for 5% of the blonds bid was bonds that was offered for sale on the same day
awarded to the State of California at par. Due on July 2 1989 and
for, payable to the order of the above-mentioned official, is required.
optional by lot after 1954. There were no other bidders.
AMBRIDGE SCHOOL DISTRICT, B
-BOND
CALLAHAN COUNTY (P. 0. Baird), Texas.
County, Pa.
-BOND OFFERING.
SALE.
-The $200,000 coupon school bonds offered on Oct. 8-V. 127, Sealed bids will be received until 10 a. m.on Oct. 22 by S. E. Settle, County
p. 1977
-were awarded to the Mellon National Bank of Pittsburgh. as Clerk, for the purchase of an issue of 5125.000 5% court house bonds.
4,1a, at a premium of $454, equal to 100.227. a basis of about 4.22%. Denom. $1.000. Dated Aug. 15 1928. Due on Apr. 10 as follows: $1,000.
The bonds are dated Aug. 1 1928 and mature $10.000 on Aug. 1 from 1929 1930 to 1936; $2.000. 1937 to 1946; $3.000, 1947 to 1953: 34.000. 1954 to
to 1948 incl. The following bids were also submitted:
1958; 55.000. 1959 to 1963; 36,000. 1964 to 1966, and 57.000 in 1967 and
BidderPrem. 1968. Prin, and semi-ann. Int. payable at the Hanover National Bank In
Int. Rate.
J. H. Holmes & Co
4)j%$315 N. Y. City. Chapman & Cutler of Chicago will furnish the hazel approval.
W. H. Newbold's Sons & Co
361 A $6,250 certified check, payable to tW. C. White. County Judge, is re4 hi
M. M.
Freeman & Co
2,380 quired.
4A
Prescott. Lyon & Co
3,640
4A
-BONDS VOTED.
CARTER COUNTY (P. 0. Ardmore), Okla.
-At
A. B. Leach & Co
2,600 the special election ti..1d on Oct. 2-V. 127, p. 1555
4j
,%
-the voters approved
E. H. Bodine & Sons
2.224 the issuance of 3500.000 In road bonds by a large majority. The State is
4
Ambridge Savings & Trust Co
50 pledged to add 31,000,000 in road aid funds.
431
AMARILLO, Potter County, Tex.
CARTHAGE SCHOOL DISTRICT (P.O. Carthage), Panoia County
-FINANCIAL STATEMENT.
The .following detailed statement is furnished in connection with the Tex.-PURCBASER.-The $45.000 issue of school building and equipoffering on Oct. 16-V. 127. p 1704
-was awarded to H. C.
-of the $100,000 issue of 431 431 or ment bonds that was reported sold-V. 127, p. 714
% semi-annual airport and landing field bonds.
Burt & Co. of Houston.
Actual value of property for year 1928
$79,134,666.00
CASS COUNTY (P. 0. Logansport) Ind.
-BOND SALE.
--The
Assessed valuation for taxation for year 1928
59.351.000.00 396.000 coupon 4 Si% bonds offered on Sept. 29-V. 127, p. 1555
--were
Tax rate for year 1928
1.35 awarded to the Fletcher American Co. of Indianapolis, at a premium of
Approximate value of city-owned property
4,325,000.00 $290.00, equal to 100.30. a basis of about 4.20%. The bonds consisting of
Total bonded debt, not including this issue
4.766.649.32 $65.000 Michigan, $20,000 bridge and 811.000 State Highway mature as
Water works bonds,included above
2,050.000.00 follows: 15.000. Jan. and July 1 1930 to 1938 incl., and $1,000, January;
Street improvement warrants outstanding
47,695.77 also 55.000. July 1 1939.
Registered warrants outstanding
51.755.61
CASTLE SHANNON SCHOOL DISTRICT, Allegheny County, Pa.
Funding warrants outstanding
148,000.00
-An $80,000 bond issue will be submitted for the
Cash on hand in sinking fund (Sept. 15 1928)
457.770.58 -BOND ELECTION.
voters,approval or rejection on Nov.6,according to D.J. Greiner, President
ANDERSON COUNTY SCHOOL DISTRICT NO.8(P.O. Palestine), Board of Education.
-BOND SALE.
Tex.
-A $25,000 issue of school bonds has been purchased
CATHLAMET, Wahkiakum County, Wash.
-BOND SALE.
-A
by an unknown investor.
52,600 issue of 6% water system oonds has been purchased by S. H. Olsen
of Cathlamet at a price of 93.00. a basis of about 7.35%. Due $200 from
ASHLAND,Jackson County, Ore.
-BOND OFFERING.
-Sealed bids 1929 to 1941 incl.
will be received until 8 p. m.on Oct. 23 by Gertrude Bled°, City Recorder,
for the purchase of an issue of 5125,000 coupon water bonds. Int. rate is
C ATSKILL (P. 0. Catskill), Greene County, N. Y.
-BOND OFFERto be named by bidder. Denom. $1,000. Dated Jan. 1 1928 and due on /NO.
-Sealed bids will be received by Clarence P. Travis, Town SuperJan. 1 as follows: 39.000, 1953: $22,000. 1954 and 1955: $23.000, 1956 and visor, until 3 p. m..Oct. 20, for the purchase of an Issue of $20,000 5% con$49,000 in 1947. Teal, Winfree, McColloch & Shuler of Portiand will crete paving bonds. Dated Oct. 11028. Denoms. 51,000. Due $1,000,
furnish legal approval. A 31.000 certified check must accompany the bid. Oct. 1 1929 to 1948 incl. A certified check pbyable to the order of the
above-mentioned official for 51,000 is required. Legality to no approved
ASHLAND COUNTY (P. 0. Ashland) Ohio.
-BOND OFFERING.- by Clay, Dhlon & Vandewater of Now Yore cur.
Zella Swartz, Clerk, Board of County Commissioners received sealed bids
CEDAR COUNTY (P. 0. Tipton), Iowa.
-BOND OFFERING.-Blds
the purchase of an isstie of $35,000 55 bridge Conuntil 12 m. Oct. 12, for
0
struction bonds. To be dated not later than Sept. 11928, Due Oct. 1, as will be received until 2 p. m.on Oct. 16 by J. M. Blazok, County Treasurer.
follows: $3,000, 1929, and $4,000, 1930 to 1937 incl. Principal and int. for the purchase ofan Issue of $100.000 county road bonds. Denom.31,000.
payable at the office of the County Treasurer. A certified cheek payable Dated Oct. 11928. Due 510.000 from May 11032 to 1941 incl. Optional
on and after Oct. 1 1929. Prin. and int.(M.& N.) payaole at the County
to the order of the Treasurer.for 2% of the bonds bid for is required.
Treasurer's office. County will furnish the approving opinion of Chapman
ATASCOSA COUNTY ROAD DISTRICT NO. 3-A (P. 0. Jourdan- & Cutler of Chicago. A certified check for 3% of the bonds is required.
-A $75.000 issue of 53 % road
-BONDS REGISTERED.
ton), Texas.
bids . . (P l
wi 08 . v
CHELAN COUNTY SCHOOL DISTRICT NO 11 be reco . Wanat.
bonds was registered on Oct. 2 by the State Comptroller, Dated Apr, 1 chee), Wash.
-Sealed
-BOND OFFERING.
1928. Due from 1930 to 1958. Incl.
Treasurer until 10 a. m. on Oct. 20, for the purchase of a $21.000
AUBURNDALE, Polk County, Fla.
-ADDITIONAL DETAILS.
- Issue of 6% seml-annual high school addition bonds.
The $100,000 issue of refunding bonds that was jointly purchased at a price . CIMARRON, Gray County, Kan.
-BOND SALE.
-A $30.000 lame of
of 95 by Dupont. Ball & Co. of Jacksonville and A. T. Bell & Co. and
% sewer improvement bonds has been purchased by the
-V. 127. p. 1142
W. L. Slayton & Co., both of Toledo
-bears interest at Title & Trust Co. of Wichita. Denom. $1,000. Dated Aug. 1Guarantee
1928 and
6%,giving a basis of about 6.50%. Due from 1929 to 1953.
due on Aug. 1 as follows: 31,000, 1929 to 1938. and $2,000 from 1939 to
1948, all inclusive.
-BOND SALE.
Arapahoe County, Colo.
AURORA,
-A 512.000 elm°
of 6% coupon water bonds has been purchased by the Frank C. Evans Co.
CINCINNATI, Hamilton County, Ohio.
-BOND ISSUES TO BE
-The following bond issues aggtegating
of Denver. Denom. $500. Dated June 1 1928. Due on June 1 1936 PASSED ON IN NOVEMBER.
and optional at any time. Prin, and int. (J. & D.) payable in New York. 53.150,000 will be submitted to the electors on Nov.6 for their approval or
rejection according to S. A. Butterfield, Chief Deputy.
LefealitY approved by Pershing, Nye. Tallmadge & Bosworth of Denver.
BOND PROPOSALS AND NEGOTIATIONS.
OCT. 131928.]
FINANCIAL CHRONICLE
2121
-was not sold as no olds were submitted for the bonds.
V. 127, p. 1835
Due from 1930 to 1932.
-The $200.DODGE COUNTY (P. 0. Juneau), Wis.-BOND SALE.
000 issue of 434% coupon highway bonds offered for sale on Oct.9(V. 127,
premium of
0. 1835) was awarded to A. B. Leach & Co. of Chicago for a 1928. Due
$6,400. equal to 103.20, a basis of about 4.26%. Dated May 1
bidders and their bids were as follows:
on May 1 1947. The other
Premium.
Bidder$6.380.00
-A. L. Hill. Joiner & Co., Inc
-BOND OFFERING.
CLAREMONT, Sullivan County, N. H.
5.993.00
First Wisconsin Co., Milwaukee
Chairman Board of Selectmen, will receive sealed bids until 10 a.m. Second Ward Securities, Milwaukee
Fitch,
5,060.00
issue of 843,000 4% coupon permanent
Oct. 18, for the purchase of an
5,144.00
& Co., Chicago
Due Oct. 1 as Halsey. Stuart
paving bonds. Dated Oct. 1 1928. Denom. $1,000. incl., and $1,000, Old National Banc, Beaver Dam
5,480.00
1933. incl.: 82.000, 1934 to 1946,
follows: 83.000, 1929 to
4,065.00
& Co.,,Chicago
1947 and 1948. Principal and interest payable at the Old Colony Trust John Nuveen
-The
Co., Boston. Legality to be approved by Ropes, Gray, Boyden & Perkins
-NOTE SALE.
DURHAM COUNTY (P. 0. Durham), N. C.
of Boston.
360,000 issue of school notes offered for sale on Oct. 9-V. 127, p. 1978
First National Bank of Durham at a rate of 6%, plus
-0. 0. was awarded to the
-BOND OFFERING.
CLAY COUNTY (P. 0. Brazil), Ind.
Due on
Treasurer, will receive sealed bids until 10 a. m. Oct. 30, a premium of $6.60 equal to 100.011, a basis of about 5.92%..
Cochran, County
for the purchase of an issue of 85,900 coupoa road bonds to bear interest at Pao. 15 1929.
the rate of 4X %. Dated Oct. 2 1928. Due as follows: $158 May and
-The following
-BOND SALE.
EAST AURORA, Erie County, N. Y.
incl.
8198 Nov. 15 1930; and $198 May and November 15 1931 to 1939
issues of coupon or registered bonds aggregating $90,000 offered on Oct.8to Harris, Forbes & Co. of New York as
-were awarded
-The $10,350 V. 127, p. 1836
-BOND SALE.
CLAY COUNTY (P. 0. Brazil), Ind.
a basis of about 4.34%.
road bonds bearing interest at the rate of 4X% offered on Oct. 2-V. 127, 4.405, at a premium of $377, equal to 100.418. 1 as follows: 83.000, 1929:
Oct.
-were awarded to the Citizens National Bank of Brazil at a premium $75,000 Municipal Building bonds. Due
p. 1705
and $4,000. 1930 to 1937 incl.
$42, equal to a price of 100.405. The bonds mature serially in from
of
15,000 land purchase bonds. Due $1,000, Oct. 1 1929 to 1943 incl.
1 to 15 years.
-BOND
-ISSUES TO BE PASSED
EAST CLEVELAND CITY SCHOOL DISTRICT, Ohio.
CLEVELAND, Cuyahoga County, Ohio.
-The voters on Nov. 6, will be asked to approve a bond
-The following bond issues according to the Cleveland ELECTION.
ON IN NOVEMBER.
the November Issue of $580,000 to pay the cost of acquiring the property and erecting
"Plain Dealer" of Oct. 3, will be submitted to the voters at
thereon a new school building. Then "if issued" will run for a period not to
election for their ratification or rejection:
exceed 20 years.
$300,000 electric light equipment bonds. Maximum maturity 10 Years.
years.
2,500,000 fire-proof stadium building bonds. Maximum maturity 23 years.
-The $290,765 street
-BOND SALE.
EAST GRAND RAPIDS, Mich.
road and highway improvement bonds. Maximum mat. 25
2,000,000
improvement and sewer construction bonds offered on Oct. 8-V. 127, p.
750,000 sewer construction bonds. Maximum maturity 25 years.
-bearing interest at the rate of 434%, were awarded to the Bank of
2,000,000 city's portion sewer and street improvement bonds. Maximum 1979
price
Detroit. Detroit, at a premium of $90. equal to aincl. of 100.03. The
maturity 13 years.
bonds mature annually on Oct. 1 from 1929 to 1937
2,500,000 hospital construction bonds. Maximum maturity 22 years.
81.000,000 city's portion street widening bonds. Maximum maturity 25
years.
1,000,0,0 viaduct bonds. Maximum maturity 25 years.
500.000 parks and piaygrounds bonds. Maximum maturity 20 years.
300,000 hospital oonds. Maximum maturity 20 years.
250,000 sanitary and storm sewer contsruction bonds. Maximum
matunty 25 years.
100,000 parks and boulevard bonds. Maximum maturity 30 years.
.
-The two issues zt
COCHRAN,Bleckley County, Ga.-BOND SALE.
on
434% coupon or registered bonds, aggregating $25,000. offered forsale
-were jointly awarded to J. H. Hilsman & Co.,
Oct. 2-V. 127, P. 1835
Inc., and the Citizens & Southern Co. both of Atlanta. The issues are
divided as follows: $18,000 city hall, and $7.000 school improvement bonds.
Due $1.000 from Nov. 1 1929 to 1953 incl. Optional after Nov. 1 1933.
-Sealed
-NOTE OFFERING.
COLUMBUS, Franklin County Ohio.
bids will be received by Howard S. Wilkins,City Clerk, until 7 p.m.(Eastern
for the purchase of an issue of 8215,000 promissory
standard time) Oct. 15,
notes on an interest basis. Dated Nov. 1 1928. Denoms. $5,000. ofDue
the
May 1 1930. Prin. and int, payable at the office of the agency
City of Columbus in New York. A certified check payaole to the order
of the City Treasurer for 1% of the notes bid for is required.
-Sealed
-BOND OFFERING.
CONCORD, Cabarrus County, N. C.
bids will be received until 10.30 a. m. on Oct. 25, by B. E. Harris, City
for the purchase of three issues of coupon bonds aggregating $85,000
Clerk,
89,000
as follows: $.60,000 sewer bonds; 816,000 street bonds andmultiplecemetery
bonds. Interest rate is not to exceed 6%, stated in a Oct. 1 asof X of
follows:
Dated Oct. 1 1928 and due on
. Denom. $1,000.
°
$3,000, 1931 to 1941 and $4,000, 1942 to 1954, all inclusive. Principal
and interest (A. & 0.) payable in gold at the Chase National Bank in
New York City. Storey, Thorndike, Palmer & Dodge of Boston will
furnish legal approval. A 81.700 certified check, payable to the City
Treasurer, must accompany the bid.
COVINGTON TOWNSHIP SCHOOL DISTRICT (p.0. Covington),
%
-The issue of $18,000
-BONDS NOT SOLD.
Tioga County, Pa.
-was not sold, accorWng
school bonds offered on Sept. 21-V. 127. p. 1416 are dated
Nov. 1 1928
to the Secretary Board of Education. The bonds
and mature $1,000 on Nov. 1 1931 to 1948 inclusive.
-BOND SALE.
CRANE TOWNSHIP, Paulding County, Ohio.
127,
The $1,784 6% road improvement bonds offered on Oct. 5-V. par p.
and
-were awarded to the Farmers Banking Co. of Paulding, at
1706
accrued interest. The bonds are dated Sept. 15 1928 and mature on Sept.
15, as follows: 8284, 1929, and $250, 1930 to 1935 incl.
CROSBY, Divide County?, N. Dak.-CERTIFICATES OFFERED,
on
Sealed bids were received by 0. Woolfrey, City Auditor, until 10 a. m..
Oct. 10 for the purchase of a $2,000 issue of certificates of indebtedness
CUMBERLAND,Allegany County, Md.-BOND AND NOTE OFFER-Sealed bids will be received by Frank Billmeyer, Commissioner of
/NO.
Revenue and Finance, until 9.30 a. m. Oct. 18, for the purchase of the
following coupon bonds and notes aggregating $150,000: 1 1934 to
1948,
$75,000 434% flood prevention bonds. Due $5,000, Oct.
Inclusive.
75,000 5% flood prevention notes. Due $15,000. Oct. 1 1929 to 1933. incl.
Dated Oct. 1 1928. Denom. $1,000. A certified check for 234% of
the bid is required.
-BOND SALE.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
The following issues of 434% coupon bonds aggregating $312.381 offered
to Braun, Bosworth & Co. of
--were awarded
on Oct. 6-V. 127 p. 1835
Toledo, at a premium of $208, equal to 100.06. a basis of about 4.489'
.
$126,756 Detroit Road bonds. Due on Oct. 1 as follows: $13,756 in 1929:
$14,000, 1930 to 1936 and $15,000 in 1937.
116,230 West Lake Road bonds. Due on Oct. 1 as follows: $14,230,
1929; 814,000, 1930 to 1934 and $16,000. 1935 and 1936.
69,395 Cleveland-Lorain Road roads bonds. Due on Oct. 1 as follows:
$6,395 in 1929: 87,000, 1930 and $8,000, 1931 to 1937 inc.
Dated Sept. 11928.
-Louis Simon, Clerk Board of County CommisBOND OFFERING.
sioners, will receive sealed bids until 11 a. m. (Eastern standard time)
Oct. 31 for the purchase of an issue of $25,489 434% special assessment
coupon road bonds. Dated Oct. 1 1928. Due Oct. 1 as follows: $2,289,
1929: $2,000, 1930: and $3,000, 1931 to 1937 incl. Prin. and int. payable
A
at the office of the County Treasurer. thecertified check payable to the
bonds offered is required.
order of the County Treasurer for 1% of
DAWSON SPRINGS, Hopkins County, Ky.-BOND ELECTION._.
approval
On Oct. 20 the voters will be called upon to pass of a new on a proposed
school building.
bond issue of $20,000 to be used for the construction
little opposition is expected.
It is said that very
-Sealed
DENISON, Crawford County, lowa.-BONDS OFFERED.
bids were received until 7 p. m. on Oct. 12 by the City Clerk for the purchase of a $20,000 issue of 434% coupon water system bonds. Denom.
$1,000. Dated Oct. 1 1928. Prin. and int. (M. & N.) payable locally.
A reputable bond attorney will furnish legal opinion.
-The Hanchett
-BOND SALE.
DES PLAINES, Cook County, III.
Bond Co. of Chicago has purchased an issue of $40,000 improvement bonds
bearing interest at the rate of 6%. Denom. $1,000 and $500. Due Dec.
and
31 as follows: 88.000, 1930; $1,000, 1931: $6,000, 1933 and 1934; $5,000,
interest paya1935 and 1936; 82,000, 1937 and $7,000 1938. Principal
ble at the City Treasury. Legality approved by Holland M. Cassidy of
Chicago.
-$2.000.000 BONDS TO BE SOLD.
DETROIT, Wayne County, Mich.
-According to the Detroit "Free Press" of Oct. 5, a resolution was adopted
issuance of 82,000,000 bonds authorized
by the Board of Supervisors, for the
by the voters about a year ago. The proceeds to be expended for the construction of an airport and all appurtenances thereto. When issued the
$1,000
obligations will be coupon in form, denoms. of8%. redeemable within 20
years and bear interest at a rate not to exceed
-A
DEWEY COUNTY (P. 0. Timber Lake), S. Dak.-BOND SALE.
$22,000 issue of 5% funding bonds has been purchased by the Hanchett
Bond Co. of Chicago. Denom. $1,000. Dated May 1 1928 and due on
May 1 as follows: $7,000, 1941. and $15,000 in 1942. Prin. and int.
(M.& N.) payable at the First National Bank of Minneapolis.
-BONDS NOT SOLD.
DIMOND TOWNSHIP (P.O. Bowbells), N. D.
-The $2.000 issue of 6% semi-annual township bonds offered on Oct. I-.
-BOND OFFERING.
EAST HAVEN, New Haven County, Conn.
bids until 11 a. in.
Robert H. Gerrish, First Selectman, will receive sealedcoupon school con0
of $224,000 4 X 7
Oct. 22 for the purchase of an issue
$7,000,
struction bonds. Dated Nov. 1 1928. Denom. $1.000. Duethe First
at
in
Nov. 1 1930 to 1961 incl. Principal and interest payable gold
order of
National Bank, New Haven. A certified check, payable to theWatrous,
the Town Treasurer for $2,500.Is required. Legality approved by
Hewett, Sheldon & Gumbart of New Haven.
-The $22,000 bale
EDGERTON, Rock County, Wis.-BOND SALE.
on Oct. 1-V.
of 5% coupon street improvement bonds offered for sale for a premium
-was awarded to Hill, Joiner & Co. of Chicago Oct. 11928.
127, p. 1836
4.42%. Dated
of $1,012, equal to 104.963, a basis of about is a list of the other bidders
Due from Oct. 1 1929 to 1948. The following
and their bids:
Premium.
Bidder$915.20
Federal Securities Co.of Milwaukee
750.00
Second Ward Securities Co.of Milwaukee
748.00
Ames,Emerich & Co. of Chicago
663.00
Minneapolis
Wells-Dickey Co.of
660.00
Thompson. Kent & Grace of Chicago
450.00
E. W.Lewis & Co.of Chicago
446.70
Bank of Jefferson. Jefferson. Wis
312.00
White-Phillips Co.of Davenport
-The $75,000
-BOND SALE.
EL CAMPO, Wharton County, Tex.
y offered
Issue of 5% semi-annual street improvement bonds unsuceasfull par by
since been purchased at
-has
for sale Aug. 6-V. 127. p. 987
Mauritz_Bros. of Ganado.
County,
ELK CITY SCHOOL DISTRICT (P.O. Elk City), Beckham T. Bftll.
-Sealed bids will be received by J.
-BOND OFFERING.
Okla.
p. m.on Oct. 15, for the purchase
Clerk of the Board of Education, until 2 bonds. Int. rate is not to exceed
of a $94,000 issue of semi-annual school
is required.
5%. A certified check for 2% of the bonds
D OFFERING.
-Sealed
ELK POINT, Union County, S. Dak.-BON M. R. Hendrix, City
Oct. 30 by
bids will be received until 8 p. m. on issue of coupon water tank bonda.
for the purchase of a $13,000
Auditor,
Due in 1948 and optional
Int. rate is not to exceed 6%. Denom. $500.
A certified check for
after 1933. Prin. and int. is payable in Chicago.
5% is required.
-BOND OFFERINO.-David N.
ELMIRA, Chemung County, N. Y.
Oct. 15 for the purHeller, Mayor, will receive sealed bids until 7:30 p. m. registered disposal
coupon or
of an issue of 8150.000 4X , 434 or 434% 81.000. Due July 1 as folchase
July 1 1928. Denom.
plant bonds. Dated
$5,000, 1937 to 1939 incl.;
lows: $5,000. 1931 to 1934 incl.: $10,000. 1935; Principal and interest pay310,000, 1940 to 1949 incl., and $5,000, 1950.
Chamberlain. A certified check, payable in gold at the office of the City the bonds offered,is required. Legality
able to the order of the city for 2% of
New York...
approved by Hawkins, Delafield & Longfellow of
Tex,
ROAD DISTRICT NO.16(P.O.Ennis), Ellis County,
ENNIS
-At the special election held on Oct. 4-V. 127. p. 1706of
BONDS VOTED.
of $1,125,000 in bonds by a count
the voters authorized the issuanceblock of$636.000 is to take up outstandA
81.707 "for" to 517 "against."
county highways.
ing bonds and $489,000 is for new bonds to pave
19 (P. 0. Flint),
FLINT TOWNSHIP SCHOOL DISTRICT NO.list of the other bids
-The following is a
-BIDS.
Genesee County, Mich.
issue of 5% coupon school bonds
submitted on Sept. 24 for the 840.000
103.812, a basis
awarded to the Detroit & Security Trust Co. of Detroit at
of about 4.66%-V. 127. p. 1836:
Rate Bid.
Bidder103.80
Morris, Slather & Co
103.38
Burnpus & Co
102.98
Bank of Detroit
-Bids
-BOND OFFERING.
MADISON, Lee County, Iowa.
FORT
p. m.on Oct. 15 for
will be received by L. F. Albers, City Clerk, until 7:30
Int. rate is to
the purchase otan 88.000 issue of tax anticipation bonds.incl. The legal
Due $2,000 from 1933 to 1936
be named by tile bidder.
by purchaser. Both
and preparation expenses on the bonds to be borne
sealed and open bids will be received for the above sale.
-BOND OFFERING.
FRANKFORT, Herkimer County, N. Y.
bids until 2 p. m.
Webster C. Rich, Village Treasurer, will receive saeled t bonds. Dated
5%
Oct. 17 for the purchase of 325.000Due street improvemen $4,000, 1929:
Oct. 1 as follows:
Oct. 1 1928. Denom. $1,000.
1933. Principal and interest
80.000, 1930 to 1932 inclusive, and $6,000, Frankfort. A certified check
payable at the Citizens First National Bang,
required.
for 5% of the bonds offered is
-At
-BOND ELECTION.
GLENDALE, Los Angeles County, Calif.
the voters will be called upon to
the general election to be held on Nov. 6 in bonds for the installation of a
judgment on the issuance of $200,000
pass
fire alarm system.
-John A.
-BOND OFFERING.
GLEN RIDGE, Essex County, N. J. bids until 8 p. m. Oct. 22 for
Brown, Borough Clerk, will receive sealed coupon or registered improveof an issue of 8125,000434%
the purchase
July 1 1928. Due on July 1 as
ment bonds. Denems. $1,000. Dated
1941 to 1950, incl. Prin.
follows: $5,000. 1930 to 1940, incl.; and $7.000, Trust Co., Glen Ridge.
gold at the Glen Ridge
and interest payable in
the Borough for 2% of the bonds
of
A certified check, payable to the orderto be awarded than will produce a
more bonds
bid for is required. No$125,000. Legality to be approved by Hawkins.
premium of $1.000 over
These are the bonds scheduled for
Delafleld & Longfellow, New York. a circular Informing us of the postsale on Oct. 6-V. 127, p. 1836. In states that the terms of the offerponement, the above-mentioned official sale remain the same.
of
ing as set forth in the previous notice
2122
FINANCIAL CHRONICLE
FINANCIAL STATEMENT.
1. Indebtedness.
Gross debt:
Bonds (outstanding)
$524,500.00
Floating debt (incl. temporary bds. outst'd'g) 293,733.28
Deductions:
Water debt
Sinking funds, other than for water bonds
1921, beginning 11 years from date of issue. A $1.000 certified cheek.
payaole to the District, must accompany the bid.
$818,233.28
$233,442.61
16,433.96
239,876.57
Net debt
Bonds to be Issued
Improvement bonds, Borough of Glen Ridge__ $125,000.00
Floating debt to be funded by such bonds____ 124,489.85
[VOL. 127.
$578,356.71
510.15
Net debt, incl. bonds to be issued
$578,866.86
11. Assessed Valuations.
Real property including improvements 1928
$17,358,700.00
Personal property 1928
1,388,296.00
Real property 1927
16,494.396.00
Real property 1926
15,153,396.00
Real property 1925
12,983,956.00
3. Population.
Census of 1920
6,200
4,620
Estimated 1928
4. Tax Rate.
Fiscal year 1928
$35.80 per 1,000
GLEN COVE, Nassau County, N. Y.
-BOND OFFERING-Edward
N. Donaldson, City Clerk, will receive sealed bids until 4 p. m. Oct. 22 for
the purchase of an issue a 1100.000 436% coupon or registered Parkway
• culvert bonds. Dated Oct. 1 1928. Denom. $1,000. Due $5,000 Oct. 1
1929 to 1948 incl. Principal and interets payable in gold at the Glen Cove
Trust Co., Glen Cove, or at the Chase National Bank, New York. A certified check payable to the order of the city for 2% of the bonds offered is
required. Legality to be approved by Hawkins, Delafield & Longfellow
of New York City.
INDEPENDENCE TOWNSHIP (P.0. Avella), Washington County,
Pa.
-BOND SALE,
-The $30,000 436% coupon road bonds offered on
Oct. 4-V. 127, p. 1707
-were awarded to the Mellon National Bank of
Pittsburgh, at a premium of $291, equal to 100.97 a basis of about 4.36%.
The bonds are dated Oct. 1 1928 and mature $5.000 on Oct. 1 in 1932, 1934
and 1936; and from 1940 to 1942 incl. Other bids were as follows:
BidderPremium.
Prescott,Lyon & Co
$115.00
J.H.Holmes & Co
181.00
A.B.Leach & Co
180.00
M.M.Freeman & Co
170.70
IRONTON, Lawrence County, Ohlo.-BOND SALE.
-The $38,000
5% bonds offered on Oct. 4-V. 127. P. 1707
-were awarded to Ryan,
Sutherland & Co. of Toledo, at a premium of 8570. equal to 101.50, a basis
of about 4.74%. The bonds are dated Sept. 1 1928 and mature as follows:
$1,500, March and Sept. 1 1930 and 1931; and 32,000, March and Sept. 1
1932 to 1939 incl.
JACKSON, Butts County, Ga.-BOND SALE.
-A $13,000 issue of
536% paving bonds has recently been jointly purchased by J. H. Hilsman
& Co., Inc., and the Citizens & Southern Co., both of Atlanta. Denom.
81,000. Dated Jan. 1 1927 and due on Jan. 1 as follows: $2,000, 1952 and
1953 and $3,000, 1954 to 1956, inclusive. Interest payable on Jan. 1.
JAMESTOWN, Newport County, R. I.
-The $70.000
-BOND SALE.
issue of 436% Beavertail Road bonds offered on Oct. 6-V. 127, p. 1837
were awarded to Frederick S. Peck of Providence, at 101.12, a basis of
about 4.37%. The bonds are dated Oct. 1 1928 and mature on Oct. 1 as
follows: $3,000, 1929 to 1938, incl.; and $4,000, 1939 to 1948, incl. The
following bid.s were also submitted:
BidderRate Bid.
Harris, Forbes & Co
100.46
National City Co
100.43
GOSHEN COUNTY SCHOCL DISTRICT NO.8 (P. 0. La Grange),
JASPER COUNTY (P. 0. Rensselaer), Ind.
-BOND OFFERING.Wyo.-PRICE PAID.
-The $40.000 issue of 4( coupon school building Homer A. Lambert,County Treasurer, will receive sealed bids until 1 P. na•
%
bonds that was awarded on Sept. 7 to the State of Wyoming
-V. 127, P. Oct. 30 for the purchase of the following bond issues, bearing int. at the
-was purchased for a premium of $1,480. equal to 103.70, a basis of rate of 6%:
1556
about 4.47%. Dated July 1 1928. Due in 20 years.
814,534.77 Marion E. Bice et al. ditch bonds. Due June 1 as follows:
$1,034.77. 1929, and $1,500. 1930 to 1938 incl.
GREENRIVER, Emery County, Utah.
-ADDITIONAL INFORIA4,603.48 Caroline Callahan et al, ditch bonds. Due June 1 as follows:
TION.-The $43.000 issue of water and sewer system bonds that was re8463.48, 1929. and $460, 1930 to 1938 incl.
cently purchased-V. 127, p. 1706
-was awarded to the Ashton-Jenkins
6,012.10 William H. Platt et al. ditch bonds. Due June 1 as follows:
Insurance Co. of Salt Lake City. 436% coupon bonds in denoms. o
8612.10, 1929, and $600, 1930 to 1938 inel.
$1,000. Dated Oct. 1 1928. Due in 1946 and optional at any time
Three issues dated Nov. 1 1928.
Payable on Feb. and Aug. 1.
-The
JASPER COUNTY (P. 0. Rensselaer), Ind.
-BOND SALE.
GROSSE POINTE PARK (P.O. Grosse Point), Wayne Count
-BOND SALE.
Mich.
-The $795,000 sewer bonds offered on Oct. 5, Fletcher American Co. of Indianapolis was awarded on Oct. 5, an issue of
Detroit. 817,000 coupon road improvement bonds bearing interest at the rate of
-were awarded to the American State Bank of
V. 127, p. 1706
at par, taking $700.000 bonds as 43is and 395.000 bonds as 436s. The 431% at a premium of $51.65, equal to 100.30. The following is a list of
other bids submitted:
bonds are dated Sept. 1 1928 and mature Sept. 1 1958.
Premium.
BidderThe following is a list of the bids submitted for the issue:
$38.00
Prem. City Securities Corp
BidderInt. Rate.
J. F. Wild Investment Co
44.00
Griswold-First State Co.: Union Trust Co. and Watling.
6.50
$6.217 Meyer-Kiser Bank
Lchen & Hayes,jointly
er
43
Detroit & Security Trust Co.; Guardian Detroit Co.;
5,100
JOHNSON COUNTY (P. 0. Franklin), Ind.
First National Co.and Bank of Detroit,jointly
-BOND OFFERING.
4 %
C.
oids until 10 a. m.
HAMILTON COUNTY (P. 0. Noblesville), Ind.
-BOND OFFERING. John 16, McClain, County Treasurer, will receive sealedroad bonds to bear
Oct.
for the purchase of an issue of $13,000 coupon
-0. M. Applegate, County Auditor, will receive sealed bids until 10 a.m. Interest at the rate of 436%. The bonds are dated Oct. 16 1928 are in
Oct. 30, for the purchase of an issue of $3,000 4;4% coupon bridge bonds. denom. of $650 and mature $650 on May and Nov. 15 from 1930 to 1939
Dated Sept. 1 1928. Denom. $300. Due 8300 May and Nov. 15 1930 incl.
to 1934, incl. A certified check for 3% of the bonds offered is required.
KEMMERER PAVING DISTRICT NO.2(P. 0. Kemmerer), Lincoln
HAMILTON! COUNTY (P. 0. Cincinnati), Ohio.
-$2,000.000
-A $40.000 issue of 6% paving bonds was
BONDS TO BE VOTED ON.
-At the election held on Nov. 6, the voters County, Wyo.-BOND SALE.
will be asked to approve or reject a proposal calling for the issuance of recently awarded at par to two local banks.
12.000.000 bonds. The proceeds of the issue will be expended for the purKENLY, Johnston County, N. C.
-BOND OFFERING-Sealed bids
pose of enlarging the existing tuberculosis hospital. Should the proposal will
be received oy Paul D. Grady, attorney for the Board of Town Compoll a favorable vote the bonds will be issued for a period not to exceed
missioners, until noon on Nov. 1 for the purchase of a $6,000 issue of imyears.
25
The bonds are now being offered for investment, priced to yield accord- provement bonds. Int. rate to be named by the bidder. Due as follows
1938, incl,
ing to maturity as shown below. According to the news item, the city has $500 on Nov. 1 1932 and 1933 and $1,000 from Nov. 1 1934 torequired.
an assessed valuation of $97,315,260 and a total bonded debt, including A certified cneck for 2% par of the bid, payable to the Town,is
the present issue, of $1,109,139.
KOSCIUSKO, Attala County, Miss.
-A 865,000 issue
-BOND SALE.
aturityYield Basis. of 43.1% water bonds has been purchased by the Hibernia Securities Co.
1929
4.50%
of New Orleans at a price of 100.653,a basis of about 4.695%. Due in 1948.
4.40
1930-1931
4.35
1932
KOSCIUSKO COUNTY (P. 0. Warsaw), Ind.
-BOND OFFERING.
4.30
1933
Leonard H. Huffer, County Treasurer, will receive sealed bids until 2 P. no.
4.25%
1934-1952
October 22. for the purchase of an issue of 818,400 Wayne Township
-BOND coupon road bonds bearing interest at the rate of 431%. Dated December
HARRISON (P. 0. Harrison), Westchester County, N. Y.
OFFERING-Benjamin I. Taylor, Town Supervisor, will receive sealed 15 1928 Denom. $920 Due 8920 on May and November 15,from 1930 to
bids until 10.30 a. m. Oct. 20. for the purchase of the following bonds, 1939 inclusive.
not to exceed 5%, aggregating $78,000:
-BOND OFFERING-Sealed bids
County,Kan.
LA
$63,000 coupon or registered sower bonds. Due Nov. 1 as follows: $2,000, will beCROSSE, Rusha. m. on Oct. 15 by Jesse 0. Moser. City Clerk,for
received
1929 to 1957, incl.; and 85.000, 1958. A certified check, payable the purchase a until 9
a $15,000 issue of 431% public building bonds. Denom.
to the order of the Town for 81.200, is required.
Oct. 1 1928. Due 81,500 from 1929 to 1938, incl. hit.
15,000 coupon bridge bonds. Due $3,000, Nov. 1 1930 to 1934, incl. A 8500. Dated
and delivery of
certified check, payable to order of the Town for $500, is required. Payable semi-annually. All expenses of proceedingson bond ordinance,
bonds must be borne by purchaser,except publication fee
Dated Nov. 1 1928. Principal and interest payable in gold at the First
purchase
interest. The sale will be subject
National Bank, Harrison. Legality to be approved by Clay, Dillon & and City to have accrued Commission, and the City reserves to right to
the
by the State School Fund
Vandewater of New York City.
reject any or all bids, or waive any irregularity if the City will be benefited
- thereby. A certified check for 2% of the bid is required.
-BOND OFFERING.
HARRISON COUNTY (P. 0. Corydon), Ind.
Sealed bids addressed to C. E. Turley. County Treasurer, will be received
LAKE COUNTY (P. 0. Painesville), Ohio.
-BOND OFFERING.10 a. m. Nov. 16, for the purchase of an issue of $9,800 coupon road bonds Sealed bids
will be received by the Clerk Board of County Commissioners.
to bear interest at the rate of 436%. The bonds are dated Oct. 16 1928.
until 11 (Eastern standard time) Oct. 25 for the purchase of an issue of
Denom.$490. Due $490 on May and Nov. 15 from 1930 to 1939 incl.
$76,624 5% improvement bonds. Due semi-annually on April and Oct. 1
- 1929 to 1948 incl. Prin. and int. payable at the office of the County
-BOND OFFERING.
HARTFORD CITY, Blackford County, Ind.
Walter Markin, Clerk-Treasurer, will receive sealed bids until 7:30 P. m. Treasurer. Each bid must be accompanied by a certified check payable
Oct. 19, for the purchase of 810,000 5% bonds. Dated Sept. 15 1928. to the order of the County Commissioners, for $1,000 is required.
Denom. $500. Due $1,000 Dec. 15 from 1930 to 1939 Incl. Prin. and
LAKE COUNTY (P. 0. Crown Point), Ind.
-BOND OFFERING.
int, payable at the office of the above-mentioned official. A certified
H. K. Groves, County Treasurer, will receive sealed bids until 10 a. m.
check, payable to the order of the City, for $50 is required.
issues of 5% bonds aggregating
-Sealed October 15,for the purchase of the
Okla.
-BOND OFFERING.
HASKELL, Muskogee County,
$356,000:
bids will be received by W. H. James, Town Clerk, until noon (opening at
road
15 1928
8 p. m.) on Oct. 15, for the purchase of a $10.000 issue of motor fire truck $252,000 and bonds. Dated September inclusive.Due $12,600, on May
Sept.
November 15 1929 to 1938
apparatus and equipment bonds. Denom. 8500. Due $1,000 from
92,000 road bonds. Dated September 15 1928 Due $4,600, on May
1931 to 1940, incl. Interest rate is to be named by bi4Rier. A certified
11
and November 15 1929 to 1938 inclusive.
check for 2% of the bid, payable to the Town Treasurer, is required.
12,000 road bonds. Dated August 15 1928 Due $600 May and November
-NOTE SALE
HENDERSON COUNTY (P.O. Hendersonville), N. C.
15 1929 to 1938 inclusive.
Legality approved by Matson, Carter, Ross & McCord of Indianapolis.
-The $240,000 issue of 6% revenue anticipation notes offered for sale on
-was awarded to Bray Bros. of Greensboro at
Sept. 22-V. 127, p. 1557
LANSING TOWNSHIP SCHOOL DISTRICT NO. 2 (P. O.Lansing,
Par. Dated Sept. 1 1928. Due on Mar. 1 1930.
Mich.
-BOND SALE.
-The $32,000 school bonds offered on Oct. 1-V.
HIGGINS INDEPENDENT SCHOOL DISTRICT (P. 0. Higgins), 127, p. 1837
to the Detroit & Security
-A $40.000 issue of Trust Co. as-were awarded at public auction to 102.06, a basis of about
-BONDS REGISTERED.
Lipscomb County, Tex.
4Us, at a premium of $660, equal
5% serial school bonds was registred on Oct. 3 by G. N. Holton, State 4.49%. Due on Oct. 1 as follows: $1,500, 1939 to 1936, incl.; $2,000,
•
Comptroller.
w93iedso-tted
l eB t l943
r duerbmi ,
7
and $3,000, 1944 and 1945. The following other bids
-BOND OFFERING.
HIGHLAND PARK, Middlesex County, N. J.
until 8 p.
Rate Bid. Int. Rate.
J. Ford Flagg, Borough Clerk, will receive sealed bids registered m. Oct. 22
5% bonds Rumpus & Co
102.03
4
for the purchase of the following issues of coupon or
101.78
494 0
Grand Rapids Savings Bank
aggregating $80,000:
101.27
43
4
improvement bonds. Due Nov. 1 as follows: $1,000, Bank of Detroit
$45,000 general
100.38
454
Stranahan, Harris & Oatis
1929 to 1940 incl.; and $1,500, 1941 to 1962 incl.
100.84
it 0
street improvement bonds. Due Nov. 1 as follows: $2,000, 1929 Ryan, Sutherland & Co
35,000
to 1938 incl.; and $3,000, 1939 to 1943 incl.
LAVACA COUNTY ROAD DISTRICT NO. 3 (P. 0. Hallettsville)
1928. Prin. and int. payable at the Borough Collector's Tex.
Dated Nov. 1
-G. N. Helton. State Comptroller, re-BONDS REGISTERED.
office. A certified check payable to the order of the Collector for 2% of the gistered on Oct. 3, a $23,000 issue of5% serial road bonds.
than will produce
bonds )id for is required. No more bonds to be awardedLegality to be ap-The Hanchett‘Bond
amount of each issue.
-BOND SALE.
a premium of $1,000 over the
LEMONT, Cook County, III.
proved by Caldwell & Raymond, New York City.
Co. of Chicago, recently purchased an issue of $85,000 paving improveat the rate of 6%. Dated June 1 1928.
ILIFF DRAINAGE DISTRICT (P. 0. Sterling), Logan County, ment bonds bearing interest Dec. 31 as follows: $12,000, 1930: $11,009,
Colo.
-BOND OFFERING.-Sealed bids will be received until 10 a. m. on Denom. $1,000 and $500. Due 1937. Principal and interest payabloat
$7,000.
Nov. 5 by R. G. Cheairs, President of the Board of Directors, for the pur- 1931 to 1936, incl.: and Treasurer. Legality approved by Chapman. &
chase of a $12,000 issue cote% coupon semi-annual drainage bonds. Dcnom. the office of the City
Sec. 2182 of Comp. Laws of Colo. Cutler of Chicago.
$500. Bonds to mature according to
OCT. 13 1928.]
FINANCIAL CHRONICLE
2123
Standard Time) Oct. 15,for the purchase of the following described bonds:
LINTON SPECIAL SCHOOL DISTRICT NO. 26 (P. 0. Linton), $1.873,000 not to exceed 6% Oakland and Wayne Counties Road Assess-Sealed bids
Emmons County, N. Dak.-CERTIFICATES OFFERED.
ment District No. 474 bonds. The bonds mature serially on
Oct. 12, by Alice Stewart, District Clerk,
were received until 2 p. m. on
May 1, from 1930 to 1938 incl. Obligations of Southfield and
for the purchase of a $2,000 issue of certificates of indebtedness. Dated
Farmington Twps., Oakland County. the Counties of Oakland
Oct. 12 1928. Due on April 12 1929.
and Wayne and an assessment district.
-BOND
County, N. Y.
37,000 not to exceed 6% Midland and Saginaw Counties Road AssessLIVINGSTON (P. 0. Livingston) Columbia
ment District No. 469. Due May 1, as follows: 54.000, 1930 to
Oct. 8-V. 127,
SALE.
-The $7,500 6% registered town bonds offered onof Hudson, at a
1937 incl., and $5,000, 1938. Obligations of Ingersoll Township
-were awarded to the Farmers National Bank $1,300. April 8.
p. 1980
in Midland County, Richland Twp, in Saginaw County, the
price of par. The bonds are dated Oct. 8 1928, and mature
Counties of Midland and Saginaw and an assessment District.
from 1929 to 1933 inclusive.
A certified check payable to the order of the above-mentioned official
- for 1% of the bonds bid for is required.
-BOND OFFERING.
LONG BEACH, Los Angeles County, Calif.
Sealed bids will be received by J. Oliver Brisson, City Clerk, until 9 a. m.
-A $7,500 issue of
park and playMONETT, Barry County, Mo.-BOND SALE.
on Oct. 23, for the purchase of a $300,000 issue of publicto
recently by the Mississippi
purpose bonds
ground bonds. Denom. $1.000. Interest rate is not 1929exceed 5%. school Trust Co. of St.has been purchased
Louis.
to 1932 and Valley
1928 and due on June 1 as follows: $70,000,
Dated June 1
(J. & D.) is payable at the
320,000 in 1933. Principal and interest National Bank in New York office
MONROEVILLE VILLAGE SCHOOL DISTRICT, Huron County,
City.
of the City Treasurer or at the Hanover
-William C.Horn, Clerk. Board of Education,
& Wadsworth of Los Angeles and Thomson. Wood & Obio.-BOND ELECTION. will be placed on the ballots at the election to
Bordwell, Mathews
A certified check states that a $146,000 bond
Hoffman of New York City will furnish legal approval.
be held on Nov. 6. The maximum number of years during which such
for 3% of the bid is required.
to run is 24 years.
-The $489,- bonds are
-BOND SALE.
COUNTY (P. 0. Elyria), Ohio.
LORAIN
-BOND OFMONTGOMERY COUNTY (P.O. Crawfordsville), Ind.
of outstanding cer000 bonds issued to provide funds for the redemption offered on Oct. 8- FERING.
-Clyde Rogers, County Treasurer, will receive sealed bids until
tificates of indebtedness sold for improvement bonds
coupon
-were awarded to Otis & Co. of Cleveland, as 4%s, at a 10 a. m. Oct. 16 for the purchase of the following issues of 4%
V. 127, p. 1707
$13,560:
bonds,
premium of $3,721. equal to 100.76, a basis of about 4.409,. Due semi- $10,500aggregating
May and Nov. 15 1930 to 1939 incl.
road bonds. Due $525 on
annually as follows: $12,000. Apr. and Oct. 15 1929; $12,000, April and
3.000 road bonds. Due $150 May and Nov. 15 193010 1939 incl.
13,000. Oct. 15 1930; $12,000, .April and Oct. 15 1931: $12,000, April and
The bonds are dated Nov. 15 1928.
13,000, Oct. 15 1932: $12,000, April and Oct. 15 1933: $12,000, April and
April
13,000, Oct. 15 1934: $12,000, April and Oct. 15 1935; $12,000, April and
MONTAGUE COUNTY ROAD DISTRICT No. 12(P.O. Montague),
and
13,000. Oct. 15 1936; $12,000, April and Oct. 15 1937; $12.000,
-It is reported that a $750,000 issue of road bonds
-BOND SALE.
Tex.
I
113,000. Oct. 15 1938: $12,000, April and Oct. 15 1939;12,000, April and has recently been sold.
$13.000, Oct. 15 1940; $12,000, April and Oct. 15 1941; 12,000, April and
-The $350,000
Winnebago County, Wis.-BOND SALE.
April and
NEENAH,
$13,000. Oct. 15 1942; $12,000, April and Oct. 15 1943: 12,000,
for sale on Oct. 5-V. 127.
coupon
$13,000, Oct. 15 1944; $12,000, April and Oct. 15 1945: 12,000. April and Issue of 4 %awarded high school bonds offered
to the Second Ward Securities Co.of Milwaukee for a
-was
April and Oct. 15 1947 and 1948.
1838
p.
$13,000, Oct. 15 1946; also $12,000,
of $5,627, equal to 101,607. a basis of about 4.33%. Dated July
-The premium Due from Jan. 1 1932 to 1946. The other bidders and their bids
-BOND SALE.
LOS ANGELES, Los Angeles County, Calif.
11928.
$300,000 issue of Santa Clara Valley drainage refunding bonds that was were as follows:
-was purchased on Oct. 9 by the
Premium.
recently authorized-V. 127. p. 1838
Bidder$4.869.00
National City Co. of New York as 4)% bonds, for a premium of $8,155, First Trust & Savings Bank of Chicago
4,704.35
equal to 101.631. a basis of about 4.55%. Due on Oct. 1 as follows: E.H.Rollins & Sons
4,435.00
$26,000 from 1929 to 1946 and $16,000 in 1947 and 1948.
Wm.R.Compton Co
4,283.00
L IN- Harris Trust & Savings Bank
-ADDITIONA
LOUISIANA, State of (P. 0. Baton Rouge).
4,036.90
-The $500,000 issue of pension fund bonds that was awarded Guaranty Co.of New York
FORMATION.
4,025.00
,.
group headed by the Hibernia Securities Co • Inc., Federal Securities Corp
on Sept. 15 at par to a
3.196.55
of New York
of New Orleans (V. 127,p. 1707), bears interest at 5%. Couioon bonds in National City Bank
SCHOOL DISTRICT, Bedford County,Pa.
denom. of $1,000, with full registration privilage. Due on Dec. 31 1933.
NEW CUMBERLAND
National City Bank in New BOND OFFERING.
Prin. and int. (Dec. 31) payable in gold at the
-Sealed bids will be received by the Secretary Board
York or at the offica of the State Treasurer. Legality to be approved by of School Directors. until 12 m. Oct. 15, for the purpose of an issue of
1928.
Thomson, Wood & Hoffman of New York City.
$105,000 4% series "A" coupon school bonds. Dated July 1
-A $66,000 issue Denems. $1,000. Due July 1 as follows: $5,000. 1934 to 1952, incl., and
-BOND SALE.
LUVERNE, Crenshaw County, Ala.
certified check, payable to the order of the District
of 6% paving bonds has been purchased by the Hanchett Bond Co. o $10,000, 1953. Aof the bonds offered, is required. These are the bonds
Chicago. Denom.$1,000. Dated July 1 1928 and due on July 1 as follows: Treasurer,for 2%
6-V. 127. p. 1284.
$6,000, 1929 to 1932 and $7,000 from 1933 to 1938, all inclusive. Principal offered unsuccessfully on Sept.
-A $40,000 issue
-BOND SALE.
and interest (J. & J.) payable at the City Treasurer's office.
NEWDALE, Fremont County, Ida.
by the Frank
-A $36,000 issue of of 5%% refunding water bonds has recently been purchased Sept. 1 1928.
LYONS, Toombs County, Ga.-BOND SALE.
been jointly pur- C. Evans Co. of Denver. Denems. $100 and $500. Dated
5% sewer, water works and street bonds has recently
incl. Prin. and int.(M.& S. 1) Payable at
1930 to 1948
chased by J. H. HiLsman & Co., Inc. and the Citizens & Southern Co., Due from Sept. 1New York.
both of Atlanta. Denom. $1,000. Dated Jan. 1 1929. Due on Jan. l Rountze Bros.in
Financial Statement.
as follows. 51,000, 1930 to 1958 incl. and $7,000 in 1959. Prin. and inc.
$170.000.00
(Jan. 1) payable at the Hanover National Bank in New York City.
Real valuation(estimated)
89,496.00
-The Assessed valuation for taxation year 1927
McDONALD COUNTY (P. 0. Pineville), Mo.-BOND SALE.
40.000.00
bonded debt(all for water)
$25,000 issue of 5% semi-annual county farm bonds offered for sale on Total
Nothing
-was awarded to Nichols Bros. of Southwest City Net bonded debt
Oct. 8.-V. 127 p, 1980
340
Present population (officially estimated)
to 100.42.
for a premium of $105, equal
Newdale was Incorporated as a municipality in 1916. Area in corporate
-Two issues of limits, 165 acres.
-BOND SALE.
MACON, Noxubee County, Miss.
bonds aggregating $22,000.have been purchased by the Bank of Commerce
-BONDS OFFERED BY
& Trust Co. of Memphis. The issues are divided as follows: $18.000 water
NEW MEXICO, State of (P. 0. Santa Fe). bonds that was awarded
works bonds and $4,000 sewer bonds.
-The $500,000 issue of 6% highway
BANKERS.
Denver syndicate at a price of 100.527, a basis of about
-A on Sept. 25 to a
-TEMPORARY LOAN.
MALDEN, Middlesex County, Mass.
-is now being offered for Imblic subscription at
$600,000 temporary loan maturing on Apr.5 1929 was awarded on Oct.5 to 5.88%-V. 127. v. 1338
reAccording
prices to yield 4.75%. Due on Oct. 1 1933.commission, to newspaper
the Old Colony Corp. of Boston, on a discount basis of 5.035%.
and the validity
ports, the bonds are issued by the highway
-The Manu- of the act under which they are issued has been upheld, it is stated, by the
-PURCHASER.
MALVERNE, Nassau County, N. Y.
facturers & Traders-Peoples Trust Co. of Buffalo purchased the $60,000 Supreme Court of the State of New Mexico. The bonds are payable with
coupon or registered street improvement bonds sold on Oct. 3, not Graham, principal and interest from a gasoline tax, which cannot be reduced while
Parsons & Co. of New York, as reported in V. 127, p. 1980. The bank paid there are any of these debentures outstanding. These debentures, which
100.11 for 4.40s, a cost basis to the city of about 4.39%. Dated Sept. 1 the law provides are an irrevocable contract between the State and the
and
1928. Due $3,000, Sept. 1 1929 to 1948 inclusive.
security holder, are issued to provide for the development of highways,
int. requirements.
- are supported by income of about two and one-half times
MAMARONECK (P.0. Mamaroneck), Westchester County, N. Y.
-The First
-BOND SALE.
-Frederick M. Sherman, Town Clerk, will receiv
BOND OFFERING.
NEWTON, Middlesex County, Mass.
sealed bids until 2 p. m. Oct. 19 for the purchase of an issue of $200.000 National Corporation of Boston, was awarded on October 8, an issue
4%% coupon highway improvement bonds. Dated Oct. 11928. Denom. of 2.420.000 4% coupon or registered School. Fire Alarm Headquarters
0
$1,000. Due $10,000. Oct. 1 1929 to 1948 incl. Principal and interest and Fire Loan bonds at 100.66 a basis of about 3.927. Dated October 1
payable in gold at the Trust Co. of Larchmont or at the Bankers Trust 1928 Denom. $1,000 Due $21,000, October 1, 1929 to 1948 inclusive.
York. A certified check. payaole to the order of the town for Legality to be approved by Ropes, Gray. Boyden & Perkins of Boston.
Co. New
$1000, is required. Legality to be approved by Clay, Dillon & Vande- The following bids were also submitted:
Rate Bid
water of New -York City.
Bidder100.57
MANATEE COUNTY SPECIAL SCHOOL DISTRICT NO. 17(P.O. Estabrook & Co. (Plus $10.00)
100.54
67 R. L. Day & Co
-The $25,000 issue of
-BONDS NOT SOLD.
Bradentown), Fla.
100.52
1 Harris, Forbes & Co
semi-annual school bonds offered for sale on Sept. 25-V. 127. p. 1558100.43
Eldredge & Co
has not as yet been sold.
100.32
& Webster and Blodget, Inc
Sanger and Stone
-A 515.000 issue Curtis &
100.27
MANDAN, Morton County, N. Dak.-BOND SALE.
Kidder, Peabody & Co
100.18
of 5;(% city hall construction bonds has been purchased by C. B. Little Newton Trust Co
100.11
of Bismarck at a price of 100.20.
F. S. Moseley & Co
-BOND SALE.
OFFERING.
(P. 0. Indianapolis) Ind.
-BOND
MARION COUNTY
NEWTON COUNTY (P. 0. Kentland), Ind.
-were Sealed bids will be received by John J. Sell. County Treasurer, until 2 p. m.
The $150.000 4% bonds offered on Oct. 3-V. 127. p. 1558
awarded to the Harris Trust & Savings Bank of Chicago, at a premium of Nov. 15 for the purchase of an issue of $1.910 road bonds to bear Interest
$2,556, equal to 101.70, a basis of about 4.25%. The bonds are due 510.000, at the rate of6%.maturing semi-annually from 1930 to 1939 inclusive.
on Sept. 1. from 1929 to 1943 incl., and are issued for track elevation
-An issue
-BOND SALE.
NILES (P. 0. Chicago), Cook County. III.
purposes.
6% paving improvement bonds was purchased by the Hanchett
-ADDITIONAL DETAILS.- of $16,000of Chicago. Dated July 5 1928. Denom. $500. Due Dac. 31
MARLOW, Stephens County, Okla.
Bond Co.
The $13,800 issue of sewer bonds that was purchased by R. J. Edwards, as follows: $2,000. 1930 and 1931: 32.500. 1933 to 1936 inclusive. and
-are 5% bonds and they are due $2,000, 1937. Principal and interest payable at the office of the Village
-V. 127, p. 1980
Inc., of Oulahoma City
from 1931 to 1953.
Treasurer.
MASON AID RURAL SCHOOL DISTRICT, Lawrence County,
NOME INDEPENDENT SCHOOL DISTRICT (P.O. Nome), Jeffer-At the regular election to be held on Nov.6
-BOND ELECTION.
Ohio.
-A $12,000 issue of school bonds bas
-BOND SALE.
County, Tex.
the voters will be required to pass on a proposition providing for the issuance son
recently been purchased by an unknown investor.
of 530,000 bonds,the proceeds to be expended for school building and equipNORTH HEMPSTEAD (P. 0. Manhasset), Nassau County, N. Y.
ment purposes. Maximum maturity 14 years.
-C. E. Schmidt, Town Clerk, will receive sealed bids
-BOND SALE.
-The BOND OFFERING. 15 for the purchase of an issue of $240,000 not to
MEDINA COUNTY (P. 0. Medina), Ohio.
until 2.30 p. m. Oct.
1928.
$54,300 5% road improvement bonds offered on Oct. 3-V. 127, p. 1708
exceed 57 coupon or registered water works bonds. Dated Oct. 1
were awaroied to the Herrick Co. of Cleveland at a premium of $1,170, Denoms. $1.000. Due $15,000, Oct. 1 1933 to 1948, incl. Principal and
equal to 102.15, a basis of about 4.64%. Dated Oct. 1. 1928. Due Oct. 1 Interest payable in gold at the First National Bank, Manhasset or at the
as follows: $5,300, 1929; $5,000, 1930 to 1934 incl., and $6,000, 1935 to National Park Bank. New York. A certified check, payable to the order
Clay, Dillon
1938 incl.
of the Town for $5,000. is required. Legality approved by
-BOND OFFERING.
- & Vandewater of New York City.
MERCER COUNTY (P. 0. Celina) Ohio.
7
Sealed bids will be received by Louis H. Sacher, Clerk, Board of County
NORTH HEMPSTEAD UNION FREE SCHOOL DISTRICT NO.or
-The $640,000 coupon
-BOND SALE.
Commissioners, until 1 p. m., Oct. 19,for the purchase of an issue of $5.000 (P. 0. Great Neck), N. Y.
-were awarded
road improvement bonds to bear interest at the rate of 5%. Due $500 registered school bonds offered on Oct. 8-V. 127, p. 1838
Mar. and Sept. 1 1929 to 1933 incl. Principal and Interest payable at the to a syndicate composed of Phelps Fenn & Co., Remick, Hodges & Co.
office of the County Treasurer. A certified check payable to the order of and Stone Sc Webster and Blodget. Inc.. as 45s at 102.57, a basis of about
from Juno 1
the Board for $100.b0 Is required.
4.32%. The bonds are dated June 1 1928 and mature $40,000.
-BOND SALE.
-The 38,582 6% 1943 to 1958 incl. Issue is being offered to the public for investment
MIAMI COUNTY (P. 0. Peru), Ind.
-were awarded to the Inland. priced to yield 4.20%. Assessed valuation for 1928 is reported at 345,2-V.127, p. 1708
ditch bonds offered on Oct.
5
,
debt $2,076,800, or about 43 % of the assessed
Investment Co. of Indianapolis at a premium of $38.50, equal to 100.44, a 031.309 and the net bonded
basis of about 5.90%. The bonds are dated Oct. 1 1928 and mature value.
inclusive.
SCHOOL DISTRICT, Cuyahoga
$858.20 Dec. 1 1929 to 1938
NORTH OLMSTEAD VILLAGE
-A 3295,000 bond issue will be
-BOND ELECTION.
-BOND OFFERING.
- County, Ohio.
MICHIGAN CITY, La Porte County, Ind.
at the election to be held on Nov.6, according to C. J.
Sealed bids will be received by W.H. Billings, Director, until 12 m. Oct. 18 placed on the ballotsof Education. Maximum maturity 23 years.
$27.000 coupon bridge bonds to bear interest Oetzel, Clerk,Board
for the purchase of an issue of
-The Norway Na-BOND SALE.
at the rate of 43%. The bonds are in denoms, of $1,000 and mature
NORWAY, Oxford County, Me.
serially. A certified check for $250 is required.
tional Bank was awarded on Oct. 6 an issue of $60.000 high school bonds,
-Prank F. Rogers, State bearing interest at the rate of 4H% at a price of 100.199. The Augusta
-BOND OFFERING.
(State of).
MICHIGAN
offered 99.60 for the issue.
Highway Commissioner, will receive sealed bids until 12:30 p. m. (Central Savings Bank of Augusta
I
2124
FINANCIAL CHRONICLE
[Vor„. 127.
OCEAN CITY,Cape May County, N.J.-PURCIIASERS.-The
-The successful syndicate
National Bank of Ocean City submitted the successful bid on Oct.First is BONDS OFFERED FOR INVESTMENT.
now offering
1 of
100.10 for the $335,000 paving bonds awarded as 6s as agent for a syndicate According to the the bonds for investment priced to yield 4.125%
offering circular the bonds are a legal investment for
composed of B. J. Van Ingen & Co. and H. L. Allen & Co., both of New savings
York, also M. M. Freeman & Co. of Philadelphia. The bonds are dated States. banks and trust funds in New York, Pennsylvania and other
Legality of the issue to be approved by Townsend, Elliott &
Oct. 1 1928 and mature on Oct. 1 as follows: $20,000, 1929 to 1944 incl.; Munson of
Philadelphia.
and $15,000, 1945.
Financial Statement of School District (Officially Reported).
OCEANSIDE, San Diego County, Calif.
-ADDITIONAL DETAILS. Assessed valuation of real property, 1928
33,325.5811,643
-The $110,000 issue of water system bonds that was recently sold-V. Total bonded debt,including this issue
64,511,000
127, p. 1839
-bears interest at 5%. Dated Sept. 1 1928. Due from Sinking funds
15,886,583
1938 to 1960 incl. Awarded for a premium of $500, equal to 100.481, a Net bonded debt
48,624,417
basis of about 4.95%.
Population, 1920 U. S. Census, 1,823,779. Population, 1928 estimate,
2.000,000.
OKALOOSA COUNTY SCHOOL DISTRICT NO. 5 (P. 0. CrestThe School District is limited by law to a debt not exceeding 2% pf the
view), Fla.
-BOND SALE.
-A $13,120 issue of 6% school bonds has been assessed value of real property, and this limit cannot be increased except
purchased by the Hanchett Bond Co. of Chicago. Dated July 1 1927. by Act of the Legislature of the Commonwealth of Pennsylvania.
Principal and interest (J. & J.) payable at the National Bank of ComPIERCE COUNTY SCHOOL DISTRICT NO. 92 (P. 0. Tacoma),
merce in New York.
Wash.
-MA TURITY.-The $17,000 issue of semi-annual coupon school
°KEENE, Blaine County, Okla.
-BOND SALE.
-The $47,000 1.931.10 building bonds awarded to the State as 4)4% bonds at par-V. 127, p.
of sanitary sewer construction bonds offered for sale on July 12-V. 127, I147
-is dated Oct. 1 1928 and due as follows: $800. 1930; $900, 1931 to
-has been awarded to R. J. Edwards, Inc.. of Oklahoma City.
P. 140
1933: $1,000, 1934 and 1935; $1,100, 1936 and 1937; $1.200. 1938 and
OLUSTEE SPECIAL TAX SCHOOL DISTRICT NO. 5 (P. 0.Mac 1939: $1,300. 1940 and 1941; $1,400, 1942 and 1943 and $1,500 in 1944.
Clenny), Baker County, Fla.
PITT COUNTY DRAINAGE DISTRICT NO. 1 (P. 0. Greenville),
-BOND SALE.
-The $15,000 issue of
school bonds that was offered for sale on June 4-V. 126, p._ 3491-has N. C.
-BOND SALE.
-The $62,414 issue of 6% semi-annual drainage
been awarded to local investors at a price of 96.00. Dated May 1
1928. bonds that was unsuccessfully offered for sale on Aug. 1-V. 127, p. 448
Due $1,000 from May 1 1931 to 1945 incl.
has been awarded at par to the Farmers Bank of Greenville.
ONONDAGA COUNTY (P. 0. Syracuse), N. Y.
PITTSFIELD, Berkshire County, Mass.
-BOND SALE.
-BOND
The $250,000 4%% coupon County Home Building bonds offered - F. M. Platt, City Treasurer, will receive sealed bids until 12OFFERING.
m. Oct. 17 for
Oct. 8-V. 127. p. 1981-were awarded to the First Trust & Deposit Co.on the purchase of the following issues of
of
434% coupon bonds aggrregating
Syracuse at 100.661. a basis of about 4.17%. The bonds are dated Dec. 1 $80,000:
1928 and mature on Dec. 1 as follows: $22,000, 1929; and $12,000, 1930 $60.000 sewer and drainage bonds. Due $6.000. Oct.
1929 to 1938 incl.
to 1948 incl. The following is a list of the other bids submitted:
20.000 water extensions bonds. Due $4,000, Oct. 1515
1929 to 1933 incl.
Dated Oct.
BidderRate Bid. First National 15 1928. Denoms. $1,000. Prin. and int. payable at the
Bnak, Boston. Legality to be approved by Ropes, Gray,
Manufacturers & Traders; Peoples Trust Co
100.27
George B. Gibbons & Co
100.20 Boyden & Perkins of Boston.
Dewey,Bacon & Co
Financial Statement, Oct. 8 1928.
100.17
Bancitaly Corp
100.15 Net valuation for year 1927
$57,579,565.00
Debt limit
OXFORD VILLAGE SCHOOL DISTRICT, Butler County, Ohio.
1,401,515.20
- Total gross debt,
BOND ELECTION.
2,079,400.00
-The voters on Nov. 6, will pass on a bond issue of Exempted debt: including these issues
$125,000 according to E. E. Williams, Clerk Board of Education. ProWater bonds
$705,000.00
ceeds of the issue to be used for school buildings and improvements. MaxSewer bonds
imum maturity 24 years.
113,000.00
Paving bonds
125,000.00
PACIFIC COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 113
School bonds
121,000.00
(P. 0. South Bend), Wash.
Playground bonds
-BOND SALE.
-The three issues of
4,000.00 $1,068,000.00
bonds, aggregating $21,000, offered for sale on Sept. 28-V. 127. p. coupon
1839
were awarded to the State of Washington as 4%% bonds, at par. The
Net debt
$1,011,400.00
Issues are described as follows: $15,000 refunding bonds, $3,500 school Borrowing capacity
$390.115.20
building bonds and $2,500 gymnasium bonds. Due in from two to five
PLYMOUTH VILLAGE SCHOOL DISTRICT (Richland and Huron
years and optional after two years. The only other bidder was the First Counties,
Ohio).
-BOND ELECTION-At the general eledtion to
Natinnal Bank of Raymond.
on Nov. 6, the electors will be asked to approve a bond issue of be held
$75,000.
PANA, Christian County, Ill.
-BOND SALE.
-The Hanchett Bond the proceeds of which will be used to pay the cost of erecting a now fireCo. of Chicago, was recently awarded an issue of $30,000 water works proof school building. Maximum maturity 25 years.
bonds bearing interest at the rate of 4% %. Dated June 1 1928. Denoms.
PORTSMOUTH, Scioto County, Ohio.
-BOND ELECTION.
$1,000. Due $3,000, June 1 1930 to 1939 incl. Prin. and int. payable An issue
of $80,000 equipment bonds will be submitted to the electors on
at the office of the City Treasurer. Legality approved by Holland M
Nov. 6 for their ratification or rejection according to Talmadge Edwards,
Cassidy of Chicago.
City Auditor. The bonds if issued to run for a period not exceeding 20 years.
PATERSON, Passaic County, N. J.
-BOND SALE.
-The two issues
PUEBLO, Pueblo County, Colo.
-BOND CALL-We are informed
of 4)4% coupon or registered bonds offered on Oct. 10-V. 127, IL 1839
were awarded to a syndicate composed of Lehman Bros. and Kountre by John M. Jackson, Commissioner of Finance and Supplies, that the
Bros., both of New York and C. C. Collings of Philadelphia, as follows: following bonds have been called for payment, interest to cease on Oct. 31:
$545.000 general improvement bonds ($556.000 offered) paying $556,402.80 Mesa No.2 Paving District, Nos.61 and 62
$2,000
equal to 102.09, a basis of about 4.33%. Due on Oct. 1 as Lake Ave. Paving !strict, No.57
1,000
follows: $15,000, 1930 to 1950. inclusive; $20,000, 1951 to 1961, Mesa No. 1 Paving District, Nos.63 to 67
5,000
East Evans Paving District, No.47
inclusive, and 810.000, 1962.
1,000
East 8th St. Paving District, Nos.39 to 41
390.000 school bonds ($399,000 offered) paying $299.012.70, equal to
3,000
102.31, a basis of about 4.34' . Due Oct. 1 as follows: $10.000, North Side Paving District, Nos.215 to 218
4,000
1930 to 1963, inclusive; $15,000, 1964 to 1966, inclusive, and E. A briendo Paving District, Nos.47 to 49
3,000
Michigan Paving District, No.25
$5.000, 1967.
1,000
Fountain Paving District, Nos.63 and 64
Dated Oct. 1 1928.
2,000
Bay State Paving District, No.31
1,000
PAYNE COUNTY SCHOOL DISTRICT NO. 67 (P. 0. Cushing), Bruner Park Paving District, Nos.23 to 26
4,000
Okla.
-BOND SAL.
-A $30,000 issue of 4%% school building bonds has Elm St. Paving District, No. 14
1,000
been purchased by the contractors.
West St. Paving District, No.12
1,000
Berkeley Ave.Paving District, Nos. 1 to 3
PEABODY, Essex County, • Mass.
3,000
-BOND SALE.
-The following
issues of coupon 4)4% bonds aggregating $25,000 offered on Oct. 10-V.
PULASKI COUNTY (P. 0. Winamac), Ind.
-BOND
127. P. 1981-were awarded to R. L. Day & Co. of Boston, at 102.349. a L. E. Campbell, County Treasurer, will receive sealed bidsOFFERING.
until 10 a.
basis of about 4.11%:
Nov. 1, for the purchase of an issue of $14.000 4)4% Orin Severna, etm.
al
$15,000 sewer bonds. Due $1,000, Oct. 1 1929 to 1943 Incl.
Salm Township road improvement bonds. Dated Oct. 15 1928. Denoms.
10,000 water bonds. Due $1,000, Oct. 1 1929 to 1938 incl.
$700. Due semi-annually on May and Nov. 15.
Dated Oct. 11928. The following is a list of the other bidders:
PUTNAM COUNTY (P. 0. Ottawa), Ohio.
-BOND OFFERING.
BidderRate Bid. Sealed bids will be received by A. B. Bruskotter,
Clerk Board of County
Estabrook & Co
102.32
Commissioners, until 12 M.Oct. 13,for the purchase of an issue of $6,707.64
Harris Forbes & Co
102.23
5% Palmer Township road
Old Colony Corp
102.078 Aug. 1 1928 and mature on improvement bonds. The bonds are dated
Nov. 1 as follows: $707.64, 1930: and $750,
PENN TOWNSHIP, Pa.
-BOND SALE.
-The $22,000 5% township 1931 to 1938 incl. Prin. and hit, payable at the office of the County
bonds offered on Oct.9-V. 127, p. 1709
-were awarded to the Safe Deposit Treasurer. A certified check payable to the order of the Treasurer, for
& Trust Co. of Greensburg, at a premium of $343.75, equal to 101.562, a $200 must accompany bid.
basis of about 4.47%. Dated Nov. 1 1928. Due Nov. 1 as follows:
REESVILLE RURAL SCHOOL DISTRICT, Clinton County, Ohio.
$4,000. 1929 to 1931. Inclusive; and $5,000, 1932 and 1933.
BOND ELECTION.
-Evert Bernard, Clerk Board of Education, states
PERQUIMANS COUNTY (P. 0. Hertford), N. C.
that a bond issue of $50.000 will be submitted to the electors on Nov.6 for
-BOND SALE.
The two Issues of
% bonds,aggregating $40,000, that were unsuccessfully their approval or rejection. The bonds It issued will run for a period not
offered on Apr. 9-V. 126, p. 2042
-have been awarded to
lianchett exceeding 25 years.
Bond Co. of Chicago. The issues are described as follows: the
RICHLAND SCHOOL DISTRICT(P.O. Bakersfield), Kern County,
$25,000 school funding bonds. Due on Apr. 1 as follows: $1.000 from
Calif.
-BOND SALE.
-The $25,000 issue of 5% coupon school bonds
1930 to 1932, and $2,000, 1933 to 1943, all incl.
-was awarded to R. H. Moulton
15.000 road and bridge funding bonds. Due on Apr. 1 as follows: $1,000. offered for sale on July 23-V. 127 p. 448
& Co. of San Francisco for a premium of $266, equal to 101.064. a basis of
1930 to 1942, incl., and $2,000, in 1943.
Denom. $1,000. Dated Apr. 1 1928. Prin. and int. (A. & 0.) payable about 4.82%. Due as follows: 83,000, 1932 to 1937 and $4,000 in 1938.
in gold in New York City.
ROME, Oneida County, N. Y.
-BOND SALE.
-The following issues
of coupon or registered bonds, aggregating $160,000. offered on Oct. 10
PERRYSBURG, Wood County, Ohio.
-BOND OFFERING.
-Sealed
bids will be received by Carl F. Wellstead, Village Clerk, until 12 m. Oct. 27 (V. 127, p. 1839) were awarded to Stone & Webster and Blodget, Inc., of
for the purchase of $15.186.10 special assessment improvement 5% bonds. NveNV York. as 434s, at 100.17, a basis of about 4.23%:
Dated Nov. 1 1928. Due Sept. 1 as follows: $1,186.10, 1930; $1,000, 1931 $140,000 refunding water bonds. Due 510,000 Oct. 1 1932 to 1945 incl.
20,000 Fish Creek water bonds. Due $1,000 Oct. 1 1929 to 1933 incl.
and 1932; and $2,000. 1933 to 1938 incl. Prin. and in
paable at the
An official tabulation of the bids submitted follows:
office of the Perrysburg Banking Co. A certified check payable to the
Bidder
order of the Village Treasurer, for 2% of the bonds offered is required.
Int. Rate.
Price Bid.
Stone & Webster and Blodget,Inc
$160,272.00
434
PHILADELPHIA SCHOOL DISTRICT, Pa.
Manufacturers& Traders,Peoples Trust Co
-$5,000,000 BONDS
160,238.72
434
A WARDED.
-The $5,000,000 issue of 434 % gold bonds offered on Oct. 5 Sherwood & Mrrrifield
4%
160,112.00
-V. 127. p. 1559
-was awarded to a syndicate composed of the Bankers Harris, Forbes & Co
4t%160,078.40
Trust Co., Estabrook & Co., Stone & Webster and Blodget, Inc., E. H. Bancitaly Corporation
4.30 Ye
160,369.60
Rollins & Sons. Detroit Co., Phelps, Fenn & Co., Hannahs,
& Lees Pulleyn & Co
4.307
160,224.00
and Arthur Sinclair, Wallace & Co., at 100.559, a basis of about 4.21%
F. L. Putnam & Co
4.30
160,216.00
The bonds are dated Oct. 15 1928 and mature $250,000. Apr. 15 1939 to Farmers National Bank & Trust Co
4.30
160,104.00
1958 inclusive. Other bidders were as follows:
Batchelder, Wack & Co
4.30%
160,064.00
BidderRate Bid. H.L. Allen Co
4.3O7
160,052.80
Lehman Bros.. syndicate, all or none
100.417 Rome Trust Co
4.40Y
160,529.60
First National Bank,(New York) syndicate, all or none
Kisgell, Kinnicutt & Co
100.17
4.40%
160,158.00
All or any part
100.07
RULO, Richardson County, Neb.-BOND SALE.
National City Co.. syndicate, all or none
-A $26,000 issue
100.339 of refunding
Bancitaly Corp., syndicate, all or none
bonds has been purchased at par by the State of Nebraska.
100.449
Philadelphia National Bank, syndicate, all or any part
ST. LANDRY PARISH SCHOOL DISTRICT NO.1(P.O. Opelousas,
100.00
All of the members of the competing syndicates are given herewith:
La.
-BOND SALE.
school bonds
Lehman Bros., syndicate included Equitable Trust Co. of N. Y. and on Oct. 1-V. 127.-The $40,000 issue ofto Charles F. offered for sale
-was awarded
p. 1559
BoagnI of OpeSecurities Corp. and associates.
Chase
lousas as 534% bonds, for a premium of $203. equal to 100.5075, a basis of
Bancitaly Corp.syndicate included George B. Gibbons & Co. Inc.; Roose- about 5.14%. Dated
Oct. 1 1928. Due from 1929 to 1938 incl.
velt & Son; Dewey, Bacon & Co.; Curtis & Sanger and Edward Lowber
SALEM, Marion County, Ore.
Stokes & Co.
-BOND OFFERING.
-Sealed bids will
Philadelphia National Bank syndicate included Corn Exchange /National be received until 7:30 p. m. on Oct. 15 by Mark Poulsen, City Recorder,
Bank & Trust Co.; Bank of North America & Trust Co.; Pennsylvania Co. for the purchase of a $48,429.51 issue of 6% Improvement bonds. Prin.
and int. (A. & 0.) payable at the office of the City Treasurer. A certified
for Insurances; Central National Bank and Market Street National Bank
National City Co. syndicate included Harris. Forbes & Co.; Janney & check for 2% of the bid, payable to the city, is required.
Co.; Graham, Parsons & Co.; W. H. Newbold's Sons & Co.; R. N. Schmidt
SANTA BARBARA,Santa Barbara County, Calif.
-BOND SALE.
& Co.; It. H. Moulton & Co. and L. F. Rothschild & Co.
The
sale on Oct.
The First National Bank of New York syndicate included White. Weld was $140,000 issue of fire bonds offered for Francisco 4-V.127. p. 1982
awarded
as
% bonds, for a
& Co.; Old Colony Corp.; Eldredge & Co.; First National Bank of Pittsburgh premium of to the Detroit Co. of San
$1,126, equal to 100.80, a basis of about 4.60%. Dated
and Yarnall & Co.
July 11928. Due $14.000 from July 11920 to 1938 incl.
Bids were submitted also by Matthias J. Brady,Philadelphia,for $30,000
at 100.25, and Mrs. Frank Darragh, Miliville, N. J., for $500 at par.
SA1RATOGA TOWNSHIP (P. 0. Morris), Grundy County,
Both of these bids were for bonds of the maturity Apr. 15 1939.
BOND SALE.
-The Hanchett Bond Co. of Chicago has purchased an issue
OCT. 13 1928.]
FINANCIAL CHRONICLE
2125
% road bonds. Dated June 15 1928. Due Aug. 1 as fol- Webster and Blodget. Inc. and Phelps, Fenn & Co., both of New York,also
of $51,000
lows: $4,000, H933; $5,000, 1934 and 1935; $6,000, 1936 and 1937; $7,000, Ray A.Smith & Co-of Toledo, at a premium of $108.00, equal to 100.009, a
1938 and 1939; $8,000, 1940, and $3,000, 1941. Principal and interest net interest cost of about 4.294%:
payable at the First National Bank, Chicago. Legality approved by 5500.000 grade crossing bonds as 414s. Dated Sept. 1 1928. Due Sept. 1
Holland M. Cassidy of Chicago.
as follows: $16,000, 1930 to 1939 incl.; and $17,000, 1940 to
1959 incl.
SAYREVILLE SCHOGL DISTRICT, Middlesex County, N. .11.
- 175,000 water works bonds as 4s.
Dated Sept. 1 1928. Due $7,000.
-The 531,000 5% coupon or registered school bonds offered
BOND SALE.
Sept. 1 1930 to 1954 incl.
on Oct. 9 (V. 127, p. 1710) were awarded to the First National Bank of
100,000 public hall bonds as 4s. Dated Oct. 1 1928. Due 84,000. Oct. 1
South River at a premium of 5158.33, equal to 100.51, a basis of about
1930 to 1954 incl.
4.93%. The bonds are dated Oct. 1 1928 and mature on Oct. 1 as follows:
80,000 bridge bonds as 4s. Dated Sept. 11928. Due Sept. 1,asfollows:
52,000. 1929 to 1938 incl., and $1,000, 1939 to 1949 incl.
56.000. 1930 to 1934 incl.; and $5,000. 1935 to 1944 incl.
90,000 fire station bonds as 48. Dated Sept. 1 1928. Due $6,000.
-BOND OFFERING.
SAYVILLE,Ohio.
-Ralph Schwam,Village Clerk,
Sept. 1 1930 to 1944 incl.
will receive sealed bids until Oct. 13 for the purchase of the following issues
50.000 motor fire apparatus bonds as 434s. Dated Sept. 1 1928. Due
of 514% special assessment bonds aggregating $18,260:
$5,000 Sept. 1 1930 to 1939 incl.
$14.700 Milton Street improvement bonds. Due Oct. 1 as follows: $1,500,
45,000 bridge repair bonds as 414g. Dated Sept. 1 1928. Due $9,000.
1930 to 1937 incl., and $2.700. 1938.
Sept. 1 1930 to 1934 incl.
3,560 Main Street improvement bonds. Due Oct. 1 as follows: $400,
25,000 park boulevard bonds as 434g. Dated Sept. 11928. Due Sept. 1,
1930 to 1937 incl., and $360, 1938.
as follows: 53,000, 1930 to 1934 incl.; and 52,000, 1935 to 1939 incl.
Dated Aug. 1 1928. Principal and interest payable at the office of the
25,000 street name sten bonds as 414s. Dated Sept. 1 1928. Due
Village Treasurer. A certified check, payable to the order of the above$5,000 Sept. 1 1930 to 1934, inclusive.
mentioned official for 2% of the bonds offered, is required.
TOLEDO,Lucas County,Ohio.
-ABOUT $2,000,000 BONDS SCHEDSCOTTSBLUFF SCHOOL DISTRICT (P. 0. Scottsbluff), Neb.- ULED FOR REDS MPTION.-According to the Toledo "Blade" of Oct. 2,
-A $62,000 issue of 4.41% school building bonds has been the city on Nov. 1 will redeem 5845.387 bonds and on Feb. 1. $1,083,61BOND SALE.
purchased by the First Trust Co. of Lincoln at a price of 100.403.
bonds. The issues bear interest at the rate of 6% and are known as def16
ciency bonds.
SENECA FALLS, Seneca County, N. Y.-LOND SALE.
-The
$23,000 paving bonds offered on Oct.8-V. 127, p. 1982
-were awarded to
TOPEKA, Shawnee County, Kan.
-BOND SALE.
-We are now inthe Seneca County Trust Co. of Seneca Falls, as 4.70s at 100.109, a basis of formed that the 549,986.45 issue of 434% internal improvement bonds that
about 4.66%. The bonds are dated Oct. 1 1928 and mature on Oct. 1 as was unsuccessfully offered for sale on Sept. 18 (V. 127. p. 1710) has since
follows: $3,000, 1929 to 1935 incl.; and $2,000. 1936. The following were been awarded over the counter to local investors at par. Dated July 15
also submitted:
1928. Due from July 15 1929 to 1938 incl.
BidderInt. Rate. Rate Bid.
George B. Gibbons & Co
TOPEKA SCHOOL DISTRICT (P. 0. Topeka), Shawnee County,
5.00%
100.17
Batchelder. Wack & Co
-BOND ELECTION.
-At the regular election on Nov. 6 the voters
4.75%
100.14 Kan.
Seneca Falls Savings Bank
4.70%
100.00 will pass upon a proposal to issue $1,100,000 in bonds for the erection of a
new senior high school building.
SHAKER HEIGHTS VILLAGE SCHOOL DISTRICT, Ohio.
-J. W. Main, Clerk Board of Education, has anBOND ELECTION.
TROY, Lincoln County, Mo.-PRICE PAID.
-The $35,000 issue of
nounced that at the November elections a $1,250,000 bond issue the funds 434% school building bonds that was recently awarded to the Commerce
from which will be expended for school construction and equipment pur- Trust Co. of Kansas City
-V. 127 p. 1982
-was sold at par. Due from
poses will be placed on the ballots. The bonds when issued are to run Aug. 1. 1931 to 1948.
over a maximum period of 20 years.
TRUMBULL COUNTY (P.O. Warren), Ohio.
-BOND OFFERING.
SHELBY COUNTY (P. 0. Memphis), Tenn.
-BOND OFFERING.
- David H. Thomas, Clerk Board
Commissioners, will receive
Sealed bids will be received until noon on Oct. 15 by E. E. Jeter, Chairman sealed bids until Oct. 16, for the of Countyof an issue of
purchase
$73,100 4.41%
of the County Court, for the purchase of a $250,000 issue of 414% semi- road bonds. Dated Oct. 1 1928. Due as follows: $3,100, April, and
annual institution, second series. bonds. Denom. $1,000. Dated Sept. 1 $4.000, Oct. 1 1929; 54,000. April and Oct. 1 1930 to 1935, incl.; and
1928 and due on Sept. 1 as follows: $10.000, 1938, and $15,000. 1939 to $3,000. April and Oct. 1 1936 to 1938, incl. Principal and interest pay1954 incl. Thomson, Wood & Hoffman of New York City will furnish the able at the office
A certified check, payable to
legal approval. A $1,000 certified check, drawn to the Chairman of the the order of the of the County Treasurer. required. These bonds were
Treasurer for $1,000, is
County Court, must accompany the bid.
scheduled to have been sold on Oct. 1.
-The 592,600 4 X% road bonds offered on Oct.8-V. 127.
BOND SALE.
SHERBURNE COUNTY (P. 0. Elk River), Minn.
-BOND SALE:
The $24,000 issue of registered drainage ditch bonds offered for sale on p. 1983-were awarded to the Channer Securities Corp. of Chicago, at a
Oct. 4-V. 127, p. 1710
-was awarded to the Northwestern Trust Co. of premium of $851, equal to 100.919. a basis of about 4.53%. The bonds
v_
St. Paul as 4X7 bonds, for a premium of $66, equal to 100.275. a basis of are dated Oct. 1 1928 and mature as follows: $5,600 April and $5.000
about 4.22%. Denoms. $1,000 and $2,000. Dated Sept. 1 1928. Due Oct. 11929: 55,000. April and Oct. 1 1930 to 1934 incl.; and $4,000, April
and Oct. 1 1935 to 1938 inclusive.
from 1931 to 1945 incl. Int. payable on Mar. and Sept. 1.
SHOSHONE COUNTY SCHOOL DISTRICT NO.30(P.O. Kellogg),
Idaho.
-BOND SALE.
-A $40,000 issue of school building bonds has recently been purchased at par by the State of Idaho.
SLAB FORK SCHOOL DISTRICT (P.O. Beckley), Raleigh County,
W. Va.-BOND SALE.
-An issue of $140,000 VI school bonds has been
purchased at par by the State Sinking Fund Commission.
SOMERVILLE, Burleson County, Tex.
-WARRANT SALE.
-A
535.000 issue of sewer installation warrants has been purchased by E. L.
Dalton of Dallas at a price of 107.142.
SPENCERVILLE, Allen County, Ohio.
-BOND ELECTION.
-A
$50,000 bond issue will be submitted to the electors on November 6 for their
approval or rejection according to Robert M. Sunderland, Village Clerk.
Maximum maturity 25 years.
TRUMBULL COUNTY (P. 0. Warren), Ohio.
-The
-BOND SALE.
-were awarded to
$9,100 bridge bonds offered on Oct. 1-V. 127, p. 1840
the Herrick Co. of Cleveland, as 5s. at a premium of $10.50, equal to
100.115. a basis of about 4.96%. The bonds are dated Oct. 1 1928 and
mature as follows: $100. April. and $1,000, Oct. 1 1929; and $1,000, April,
and Oct. 1 1930 to 1933, inclusive.
TULSA, Tulsa County, Okla.
-The
-FINANCIAL STATEMENT.
following detailed statement is furnished In connection with the offering
on Oct. 15-V. 127, p. 1982
-of the $1,750,000 issue of series 1928 school
bonds:
Financial Statement.
Assessed valuation: Real estate
$111,027,455
Personal property
6.521,740
Public Service Corp
28,694,949
Total assessed valuation for taxation
$146.244,144
SPUR INDEPENDENT SCHOOL DISTRICT (P. 0. Spur), Dickens
(Osage County)
538.140
-BOND SALE.
County, Tex.
-The State of Texas has purchased at par a
$45,000 issue of school building bonds.
8146.782,284
bonded indebtedness,including this issue
$7,262,150.00
STAMFORD SCHOOL DISTRICT (P. 0. Stamford) Jones County, Total
Sinking fund
1.260.714.78
Tex.
-BOND SALE.
-The $65,000 issue of 5% school bonds offered for
sale on Oct. 2-V. 127, p. 1840
-was awarded to the Roger H. Evans Co.
Net bonded indebtedness
86.001,435.22
of Dallas, for a premium of $1,209, equal to 101.86, a basis of about 4.85%. Population 1920 census
72,075
Dated Aug. 11928. Due $1,000 from 1929 to 1943, and $2,000 from 1944 Estimated now
175,000
to 1968, all incl.
Bonds to be retired 1928-29:
Sept. 1 1909
8125.000.00
STAMFORD, Fairfield County, Conn.
-TEMPORARY LOAN.
Aug. 1 1909
9,000.00
The Old Colony Corp.of Boston was recently awarded a $600,000 temporary
Mar. 5 1917
25,000.00
loan on a 4.87% discount basis. The loan matures on June 14 1929. The
May 15 1919
50,000.00
following is a 11.4 of the other bids submitted:
Apr. 1 1920
50M00.00
BidderDiscount Basis.
May 20 1922
15,000.00
Guaranty Trust Co. (plus $10)
Apr. 1 1924
80.000.00
First Stamford National Bank (plus $3)
513 7
55.13%
90
7
;
Nov. 1 1908
7,000.00
S. N. Bond & Co
Total
$361,000.00
STOKES COUNTY (P. 0. Danbury), N. C.
-NOTES OFFERED.
Sealed bids were received until Oct. 12 by .1. Fulton, Chairman of the Board
TYRONE SCHOOL DISTRICT, Blair County, Pa.
-BOND OFFERof County Commissioners, for the purchase of a $68,000 issue of revenue ING.
-Sealed bids will be received by B. A. Miller, Secretary Board of
notes.
School Directors, until 12 M.(eastern standard time) October 26. for the
SUNFLOWER COUNTY SUPERVISORS ROAD DISTRICT NO. 1 purchase of an ISR1113 of $180,000 4 X% coupon school bonds. Dated May 5
-BOND SALE.
(P. 0. Indianola), Miss.
-A $60,000 issue of 5% district 1928. Denoms. $500. Due May 5 1958 optional after May 5 1938.
bonds has been purchased by the Union & Planters Bank & Trust Co. of
UNION TOWNSHIP SCHOOL DISTRICT (P. 0. Belleville), Pa.
Memphis at a price of 101.175.
-The Farmers National Bank and the Belleville National
BOND SALE.
Bank, both of Belleville, purchased on Sept. 1, an issue of $6,500 coupon
TACOMA, Pierce County, Wash.
-LIST OF BIDDERS.
-The follow- bonds bearing interest at the rate of 4%, at par.
ing is an official tabulation of the bids received on Oct. 1 for the $225,000 Sept. 1 1928, are in denoms. of $500 and mature inThe bonds are dated
bonds awarded to A. B. Leach & Co. of Chicago as 414s, at 101.92, a basis on Mar. and Sept. 1. These are the bonds mentioned 1950. Int. payable
in
-V.127. p. 1840.
about 4.32%.-V. 127, p. 1982:
of
VALPARAISO, POTTER COUNTY, Ind.
Bidder-BIDS
Rate Bid, Premium,
-The following is a
National Bank of Tacoma
list of the other bids submitted on September 28 for the $25,000 5% general
4.50%
53,627.00 purpose bonds awarded to
Thompson. Kent & Grace of Chicago. at 105.46.
C. W. McNear & Co
4.50%
3,622.50
0. F. Childs & Co
4.50%
2.948.00 a basis of about 4.40%-V. 127, p. 1983.
Bidder
Bond & Goodwin & Tucker et al
Premium
4.50%
2,767.50 Fletcher American Co
E. 11. Rollins & Sons
$763.00
4.50%
1,448.00 Cities Securities Corp
Drumheller, Ehrlichman & Co
505.00
4.50%
300.00 Valparaiso National Bank
Kauffman, Smith & Co
505.00
4.50%
257.00 State Bank of Valparaiso
Blyth, Witter & Co. et al
4.50%
101.00
247.50
George H. Burr, Conrad & Broom
4.50V
205.00
VERMILION COUNTY (P. 0. Newport), Ind.
-BOND SALE.
-The
State of Washington
4.40%
None.
$8,000 Helt Township coupon road bonds bearing interest at the rate of
434% offered on Oct. 1-V. 127. p. 1710
-were awarded to the Cities
TANNERSV1LLE, Greene County, N. Y.
-BOND SALE.
-The $20,000 5% coupon or registered paving bonds offered on Sept. 26-V. 127, Securities Corp. of Indianapolis, at a premium of $20. equal to 100.25, a
-were awarded to George B Gibbons & Co. of New York, at basis of about 4.44%. The bonds are dated Aug. 15 1928. Due $400 on
p. 1560
100.374. a basis of about 4.92%. The bonds are dated Sept. 1 1928 and May and Nov. 15 1929 to 1938. inclusive.
mature $2,000, Sept. 1 1929 to 1938, inclusive.
VOLUSIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 12
(P. 0. De Land), Fla.
-BOND SALE.
-The $25,000 issue of 514% semiTARRANT COUNTY(P.O.Fort Worth),Tex.
-BOND OFFERING
.- annual school bonds that was offered for sale on July 30-V. 127, p. 143
It is reported that sealed bids will be received until Dec. 1 by the County has been awarded to the Brown-Crummer Co. of Wichita.
Judge,for the purchass of $1.320,000 road and bridge bonds.
WAKE COUNTY (P.O. Raleigh), N. C.
OFFERED-Hunter
-NOTES
-BONDS REGISTERED._The Ellington,Clerk to the Board of County Commissioners, offered for sale
TEXAS, State of (P. 0. Austin).
following issues of bonds were registered by the State Comptroller during at noon on Oct. 10, an issue of $100,000 school purpose notes. Sealed
the week ended October 6:
bids or auction to be order of sale. Dated Oct. 11 1928. Due in six
Purpose.
Amt. Rate.
Place.
months.
Maturity.
54,000
Knox County Cons. Sch. Dist. No. 22
5
Serial
WALTHAM, Middlesex County, Mass.
-TEMPORARY LOAN.
Sc.h. Dist. No. 23
Knox County Cons.
Serial
The City Treasurer on October 9, awarded to the Union Market National
5,000
5
Hamilton County Cons. Sch. Dist. No.42
Serial
Bank of Watertown, on a 4.835% discount basis. a $200,000 temporary
1,200
5
Houston County Cons. Sc.h. Dist. No. 39
2-20 years loan maturing on January 31, 1929.
5%
Anderson County Cons. Sch. Dist. No. 7
1,600
10-20 years
1,000
534% Anderson County Cons.Sch. Dist. No.20
WARREN COUNTY (P.O. Glens Falls), N.Y.-BOND OFFERING.
10-20 years
Sealed bids will be received by Beecher W. Sprague, County Treasurer,
TOLEDO, Lucas County, Ohlo.-BOND SALE.
-The following issues until 11 a. in. October 16, for the purchase of an issue of
of coupon or registered bonds aggregating 51.090,000 offered on October Tuberculosis Hospital bonds,rate of interest not to exceed $149.000 coupon
434%
-,Nr. 127, p. 1982
-were awarded to a syndicate composed of Stone & stated in multiples of 1-10th or 34 of 1%. Dated October 1 and to be
1928. Due
FINANCIAL CHRONICLE
2126
October 1, as follows: 510.000. 1932 to 1945 inclusive: and $9,000. 1946.
Principal and interest payable in Glens Falls. A certified check for
$2,980 Is required. Legality to be approved by Clay, Dillon & Vandewater
of New York City. Bonds to be sold at public auction.
-BOND OFFERING.
WARREN COUNTY (P.O. Warrenton), N. C.
Sealed bids will be received by Joseph C.Powell, Clerk of the County Board,
for the purchase of a $50,000 issue of funding bonds.
until 2 p. m.on Nov.5
Int. rate is not to exceed 5%. Coupon bonds registerable as to principal.
Denom.$1,000. Dated Nov. 1 1928 and due on Nov. 1 as follows: $3,000.
1930 to 1939 and $5,000. 1940 to 1943, all incl. Prin. and int.(M. it A.)
payable in gold at the Hanover National Bank in New York City. Bruce
Craven of Trinity will furnish legal opinion. No bids for less than par.
The above clerk will furnish the required bidding forms. A certified check
for 2% par of the bid, payable to the Treasurer, is required.
-BOND
WARWARSING (P. 0. Ellenville), Ulster County, N. Y,,
-Sealed bids will be received until 12 m. Oct. 15 by T. 8.
OFFERING.
Fitzgerald, Town Clerk, for the purchase of an issue of $40,000 road and
bridge bonds to bear interest at the rate of 5%.
-BOND OFFERING.
WASHINGTON COUNTY (P.O. Salem), Ind.
C. H. Smedley, County Treasurer, will receive sealed bids until 1.30 P. m•
Oct. 18, for the purchase of an issue of $14,900 road bonds to bear interest
at the rate of 43i %. Dated Oct. 2 1928. Denoms.$745. Due $745 May
and Nov. 15 1930 to 1939 inclusive.
WASHINGTON SCHOOL DISTRICT (P. 0. Phoenix) Maricopa
-BOND DESCRIPTION.
-The $38,000 issue of 5% school
County, Ariz.
-V.
bonds purchased by the Anglo-London-Paris Co. of San Francisco
as follows: coupon bonds in denoms. of
127, p. 1710
-is further described
$1,000, $500 and $300. Dated Aug. 1 1928. Duo $3,800 from Aug. 1 1938
to 1947 incl. Int. is payable on Feb. and Aug. 1. Awarded on Sept. 10 for a
premium of $674. equal to 101.773. a basis of about 4.83%.
-BOND SALE.
WASHINGTON COUNTY (P. 0. Marietta), Ohio.
The $495,265.71 road improvement bonds maturing serially from 1929 to
-were awarded to the Herrick
1938 Mel, offered on Oct. 5-V. 127, p. 1983
4
3
Co. of Cleveland and Stranahan, Harris & Oatis of Toledo, as 4, s, at a
Premium of $4,442, equal to a price of 100.897.
WASHINGTON COUNTY SPECIAL TAX SCHOOL DISTRICT
NO. 1 (P. 0. Chipley), Fla.
-BONDS NOT SOLD-The $75,000 issue
of5% semi-annual school bonds that was offered for sale on July 30-V. 126,
p. 4123
-was not sold as all the bids were rejected. Dated June 1 1928.
Due $3,000 from June 1 1930 to 1954 inclusive.
-The $31,000
WAUKON, Allamakee County, lowa.-PRICE PAID.
Issue of 4%% funding bonds that was purchased by the Waukon State
-was awarded at par. Dated June 11928. Due
Bank
-V. 127, P. 1840
from May 1 1929 to 1933.
-BONDS NOT SOLD.
WELLS COUNTY (P. 0. Bluffton) Ind.
The issue of $26,000 4%% bridge improvement bonds offered on Oct. 4E. Sawyer, County
V. 127, p. 1561-has not been sold according to R.
Treasurer. The bonds mature serially in from 1 to 15 years.
-The
-BOND SALE.
WICHITA FALLS, Wichita County, Tex.
5250.000 issue of 4%% coupon funding indebtedness bonds offered for
sale on Oct. 8-V. 127, p. 1711-was awarded to Garrett & Co. of Dallas
and the Illinois Merchants Trust Co. of Chicago, jointly, at a price of 99, a
basis of about 4.59%. The printed bonds and the legal approval are to be
furnished by purchasers. Dated Nov. 1 1928. Due $10,000 from Jan. 15
1934 to 1958 incl.
-BOND
WILLOWICK (P. 0. Willoughby), Lake County, Ohio.
-William C. Dettman, Village Clerk, will receive sealed bids
OFFERING.
until 12 m. Oct. 27 for the purchase of an issue of $20,000 6% sidewalk
Improvement bonds. Dated Nov. 1 1928. Denom. $1,000. Due $2,000.
Oct. 1 1930 to 1939 incl. Principal and interest payable at the Cleveland
Trust Co.. Willoughby. A certified check for 3% of the bonds offered
Is required.
-BOND SALE.
WINNESHIEK COUNTY (P. 0. Decorah), Iowa.
The $150.000 issue of primary road bonds offered for saloon Oct.5-V.127.
-was awarded to the Carleton D. Bob Co. of Des Moines as 4
ro. 1983
bonds for an $885 premium, equal to 100.59. a basis of about 4.36%• Du.
from 1934 to 1943 and optional after 1933. The next highest bid was an
offer of 100.58 made by the White-Phillips Co. of Des Moines.
-ADDITIONAL INWOLF POINT, Roosevelt County, Mont.
FORMATION.
-The $51.000 issue of 53% coupon refunding bonds Pur
chased by Benwell dr Co. of Denver
-V. 127, p. 1841-was awarded to
them at par. Due on Sept. 1 as follows: $2,000. 1929 to 1933; $2,500.
1934 to 1941 and $3,000, 1942 to 1948, all incl. Int. payable in Mar. and
Sept.
-BOND ,SALE.
-A $14,500 issue of 6%
YALE, Payne County, Okla.
paving special assessment bonds has been purchased by the Hanchett Bond
Co. of Chicago. Dated Aug. 18 1928. Prin. and int. (A. & 0.) payable
at the office of the City Treasurer.
-Salomon
-NOTE AWARD.
YONKERS, Westchester County, N. Y.
Bros. & Hutzler of New York, were recently awarded an issue of $700,000
local improvement notes on an interest basis of 5.29%. The is13110 Is dated
Oct. 15 1928 and matures on Apr. 12 1929.
YOUNGSTOWN, Mahoning County, °Mo.-BOND OFFERING.
James E. Jones, Director of Finance, will receive sealed bids until 12 m.
(Eastern standard time) Oct. 17 for the purchase of the following issues
of 5% bonds aggregating $154,000:
$100,000 city's portion street improvement bonds. Due $10,000, Oct. 1
1929 to 1938 inclusive.
20,000 floocrbonds. Due 54,000. Oct. 1 1929 to 1943 inclusive.
20,000 street opening bonds. Due 54,000, Oct. 1 1929 to 1993 inclusive.
12,000 bridge repair bonds. Due 53.000, Oct. 1 1929 to 1932 inclusive.
2.000 street sign bonds. Due Oct. 1 1929.
Dated Feb. 1 1928. Denom. $1,000. Principal and interest payable
at the office of the Sinking Fund Trustees. A certified check, payable to
the order of the above-mentioned official for 2% of the bonds offered, is
required.
FINANCIAL
We Specialize in
City of Philadelphia
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/
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Private Wire to New York
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CANADA, its Provinces and Municipalities.
-Wood Gundy & Co.
-BOND SALE.
ALBERTA (Province of), Can.
In joint account with the Dominion Securities Corp. purchased privately
and are now offering for investment at 94.50 and interest yielding 4.85%.
$4,915,000 4%% bonds dated Oct. 1 1928 and maturing on Oct. 1 1958
and $1,400,000 4%% bonds dated July 16 1928 and due on July 16 1958.
Prin. and in payable in gold (U. S. coin) at the Bank of the Manhattan
Company, New York City or in Canadian gold coin at the Inmperial Bank
of Canada, Toronto. Montreal, Edmonton, Winnipeg, Calgary or Vancouver. or in pounds sterling at Lloyd's Bank, Ltd., England. The bonds
according to the offering circular are a legal investment for savings banks in
Connecticut, Maine, New Hampshire and Vermont. Legal opinion, E. G.
Long, Toronto.
-In the news
CANADA (Dominion of).
-OFFICIAL STATEMENT.
-we published
item section of the "Chronicle" of Oct. 6-V. 127. 13 1975
553;000.000 during Octoan item dealing with the proposed redemption of
ber. A statement to that effect issued by the Finance Department on
Oct. 3 and appearing in the Montreal "Gazette" of Oct. 4 is given in its
entirety below:
"On Oct. 15 553.000,000 of Dominion of Canada 5% bonds fall due.
As announced some time ago by Hon. J. A. Robb, the Department of
Finance has in hand. in the form of surplus revenues, sufficient to pay off
these bonds in full. There will, therefore, be no new securities issued in
their place.
"The maturing bonds were issued in 1923 in connection with refunding
operations of one of the Victory loans. The saving in interest to the
Dominion
annvally Treasury by the retirement of these bonds will be $2,650,000
"Principal of the bonds is payable, on surrender, at the Department M.
Finance, Ottawa, or the office of the Assistant Receiver-General at Charlottetown, Halifax, St. John, Montreal, Toronto, Winnipeg, Regina, Calgary and Victoria. Holders are requested to arrange for presentation of
their bonds on or before Oct. 15 at any of the above-mentioned offices. It
will facilitate prompt payment if bonds are surrendered in advance of the
maturity date.
"The Department of Finance directs attention to the fact that, with
respect to registered as well as bearer bonds, payment of the principal is
made only on surrender of the bonds themselves: also that interest ceases
on the maturity date, and if bonds are held thereafter claims for further
Interest cannot be entertained,"
-The Oct. 5 issue of
EAST YORK TOWNSHIP, Ont.-BOND SALE.
the "Monetary Times" of Toronto, published a report stated that McLeod.
Young, Weir & Co. in joint account with Bell Gouinlock & Co., have purchased an issue of $105,000 school debentures at a price of 97.
GRAND MERE, Que.-BIDS.-The following bids were also submitted on Oct. 1 for the $50,000 5% improvement bonds awarded to Rene
T. Lerclerc, Inc.of Montreal,at a price of99.61.-V. 127. p. 1983:
Rate Bid.
08.62
L. G. Beaubien & Co
98.62
Banque Canadienne Nationale
.0
72
98 97
La Societe Generale de Finance
98.03
Versailles-Vidricaire & Boulais, Ltd
Wood,Gundy & Co.,Ltd
-OFFICIALS
-PROPOSED BOND ISSUES
MANITOBA (Province of).
TO STUDY MARKET CONDITIONS.
-A dispatch from Winnipeg dated
Oct. 1, and published in the "Montreal Gazette" of Oct. 2,read as follows:
"Premier John Bracken, of Manitoba, accompanied by R. M. Pearson.
Deputy Provincial Treasurer, is on his way east to investigate money
market conditions with the object of making preliminary arrangements for
Manitoba bond issues being placed. The provincial Government has been
carrying nearly $2,000,000 in treasury bills for some time and requires a
large amount in the near future, as loans to the extent of about $3,000,000
mature Nov. 1. The question to be determined is whether to continue
using short-term money or sell debentures. The Premier and Mr. Pearson
will visit Toronto and Montreal, and, if necessary, New York."
-year serial bonds
-The 514,000 130
MESSINES, Que.-BOND SALE.
-were awarded to L. G. Beaubien &
offered on June 12-V. 126, n. 3638
Co. of Montreal, at 99.01. The bonds are dated Mar. 1 1928 and bear
interest at the rate of 43. %. Denom. $1,000.
-We are informed by Aime A.
ROUYN, Que.-BONDS NOT SOLD.
-year debentures
Lafertem, Secretary-Treasurer, that the issue of $40,000 90
to bear interest at the rate of 51 % scheduled for saloon Sept. 25-V. 127,
,
1P• 1711-remains unsold. One bid of 95 for bonds payable in 15 years and
to bear 5)1% interest has been taken under advisement.
-Wood, Gundy
SCARBOROUGH TOWNSHIP, Ont.-BOND SALE.
& Co. of Toronto have purchased an issue of $198,514 5-, 10-, 20- and 30localimprovement debentures bearing interest at the rate of
installment
5%,at a price of 98.35, according to a report published in the Oct. 5 issue
of the "Monetary Times" of Toronto.
-The $75,000 5% coupon
VICTORIAVILLE, Que.-BOND SALE.
Improvement bonds offered on Oct. 1-V. 127, p. 1841-were awarded to
Rene T. Lercler Inc. at 99.211. The bonds are dated Sept. 1 1928 and
mature serially in 40 years. The following is a list of the other bids submitted for the issue:
Rate Bid.
Bidder98.66
Credit-Anglo Francais, Ltd
98.26
Boulais
Versailles, Vidricalre &
Banque CanadIenne Nationale
8 62
9.7
82
in
Societe Generale de Finance Inc
-Wood, Gundy & Co. of Toronto,
WINDSOR, Ont.-BOND SALE.
purchased $230,000 water works debentures bearing 5% interest.
recently
$300,000 Windsor Hydro-Electric System debentures, and $75,000 fire
hall debentures. The first issue was awarded at 94 and the latter two
at 97.75.
-McLeod, Young, Weir
-U.700,000 BONDS SOLD.
WINNIPEG, Can.
& Co., in conjunction with Fry, Mills, Spence & Co. and Bell, Gouinlock
-year
& Co., all of Toronto, purchased on Oct. 5. $1,000,000 4%% 30
-year bonds,
-year bonds and $200,000 4%% 20
2% 10
bonds. $500,000 4 V
at a price of 93.60. a cost basis of about 4.97%. The bonds are issued for
hydro-electric, water and local improvement purposes.
FINANCIAL
WHITTLESEY.
McLEAN &Ca
MUNICIPAL BONDS
PENOBSCOT BLDG., DETROIT
MINING ENGINEERS
H. M. CHANCE & CO.
Mining Engineers and Geologists
:OAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel Building
[Vox,. 127.
PHILADELPHIA
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