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The.
ollrra31
financial
rentde
INCLUDING
Public Utility Compendium
Railway &Industrial Compendium
Railway Earnings Section
& Municipal Compendium
State
VOL. 125.
SATURDAY, OCTOBER 22 1927.
The T4ronicit
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The Financial Situation.
The week has been one of severe liquidation in the
stock market, but without disturbance of the bond
market and with money conditions continuing easy,
the call loan rate dropping to 3 %. The Dow-Jones
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industrial average, which reached a high in all time
on Monday, Oct. 3, at 199.78, and which was reduced arbitrarily by 6.82 points on Oct. 8 on account of the splitting of General Motors shares, declined heavily during the week, reaching 186.81 on
Monday, 187.32 in a rally on Tuesday, 184.48 on
Wednesday, 182.90 on Thursday and 181.75 on Friday.
There were a number of occurrences during the
week which ordinarily would have stopped a market
break. The President issued an optimistic statement on business conditions, saying that he was advised by the members of his Cabinet that certain conditions existed. What he said did not contain news
to those who had been following business and market developments, but being an optimistic statement
which would reach practically the entire public and
reflecting Mr. Coolidge's own sound judgment and
presumably also that of Secretaries Mellon and
Hoover, as well as the other members of the Cabinet,
it would ordinarily have had a beneficial effect upon
market sentiment, but did not on this occasion. The
decline in money rates was also without influence.
Furthermore, an expectation that brokers' loans
would show a substantial decline had no effect up to
the close on Thursday and the announcement of an
increase of over $39,000,000 late Thursday afternoon, coming as an unpleasant surprise, accentuated
the decline on Friday.
One of the principal elements entering into the
present market situation is a widespread fear of
Bank and Quotation Section
Bankers' Convention Section
NO. 3252.
dire consequences to follow the introduction of the
new Ford model, particularly to General Motors
Corporation and to other companies manufacturing
small cars. This has been one of the most talked of
subjects during the summer and fall. On the other
hand, as Colonel Ayers of the Cleveland Trust Co.
recently stated, the re-entering of the Ford business
into the market may be of great benefit to the general situation for the reason that at present American markets are deprived in large part of the buying power of Ford wages and American production
is deprived of the consuming market of the Ford industry. This in its multifarious ramifications from
one industry to another amounts to a very substantial total and quite likely its absence has been one
of the important elements in the falling off in car
loadings this year.
The week has again witnessed a very large total
of new bond issues, principally of large proportions.
Furthermore, these issues have been quickly absorbed and have not adversely affected the general
level of bond prices. It is, of course, probable that
all of the bonds of the large issues of last week and
this week have not yet been entirely distributed at
retail, even if they have all been taken frcun the
hands of the original underwriters. Notwithstanding this, there does not appear as yet to be any sign
of congestion in the bond market and certainly not
in connection with really high grade issues. Nevertheless, it is not to be expected that the pace of the
past two weeks will be maintained.
Among the more prominent issues of the week
have been the following: On Tuesday a large syndicated headed by the Bankers Trust Co. offered $47,000,000 Republic of Poland stabilization 7s, 1947,
at 92, yielding 7.86%; on Wednesday a syndicate
headed by Bonbright & Co., Inc., and Harris, Forbes
& Co., Inc., offered $66,000,000 New York Power &
Light Corporation first 4 s, 1967, at 96, yielding
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about 4.72%. This, like the Philadelphia Electric
issue of the week before, represents a high water
mark as to price and yield in respect to the quality
of bonds, the issue being a well-protected first mortgage issue, although not quite of the thoroughly seasoned type of the Philadelphia Electric. On Wednesday also a syndicate headed by Lee, Higginson & Co.
offered $40,000,000 Edison Electric Illuminating Co.
of Boston notes, of which $30,000,000 were threeyear 4 s, 1930, offered at 100, yielding 4 %, and
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$10,000,000 one-year 4s, 1928, offered at 993 yield4,
/
ing about 414%. These notes were quickly absorbed.
On Thursday a syndicate headed by Halsey, Stuart
& Co. offered $12,500,000 West Texas Utilities first
mortgage 5s, 1957, at 97 , yielding 5.15%, and on
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the same day a syndicate headed by the Chase Secu-
2184
THE CHRONICLE
rities Corporation offered $20,000,000 Commerz und
Privat Bank 51 2s, 1937, at 971 2 yielding about
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6
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4%. On Friday J.P. Morgan & Co. offered $9,871-,
000 Morris & Essex RR.3y due Dec. 1 2000, at 85,
2s,
yielding about 4.15%, and a syndicate headed by
Drexel & Oo., Bonbright & Co., Inc., and Harris,
Forbes & Co, offered $18,000,000 Georgia Power
:
Co. first and refunding 5s, due 1967, at 98, yielding
about 5.12%.
The story as to brokers' loans on the Stock Exchange is still the same. These loans keep on expanding and are constantly establishing new high
records. To have to repeat this remark week after
week, and month after month, is getting rather
tiresome, but the figures admit of no other statement. Last week the grand aggregate of these loans
did show a trifling decrease, but so small as to be,
as we said at the time, almost inconsequential, the
reduction being less than $1,000,000, and amounting,
in fact, to only $945,000—and this from the very
highest total on record, made the previous week
(Oct. 5). Even this very small reduction was a
relief, and very gratifying, too, since it marked a
change in the right direction. It was looked upon,
moreover, as a prelude to a much larger contraction
• the following week—that is, in the return to be
issued after the close of business on Thursday of this
week and covering the week ending Wednesday,
Oct. 19. But now that the figures for this later date
are at hand, it is found that instead of the expected
decrease, they show that these loans have mounted
still higher, and in the sum of nearly 40 million
dollars, the exact amount of the addition being $39,817,000.
There was every reason to believe that there would
be a substantial decrease in the aggregate the present week, inasmuch as the stock market has been
weak and declining all week and to all appearances
liquidation has been proceeding on an extensive
scale. With the single exception of last week the
total has been uninterruptedly rising for seven
weeks—and in no small amounts, either. That the
expansion should thus steadily proceed through all
stages of the stock market—through periods of declining as well as rising prices—and through all the
variations in the money market, is one of the most
inexplicable features of a very remarkable Situation.
With the further addition of nearly 40 million dollars, the total of these loans "to brokers and dealers
(secured by stocks and bonds)" by the 52 reporting
member banks in New York City is now up to the
unparalleled figure of $3,434,107,000. At the corresponding date a year ago (Oct. 20 1926) the amount
was only $2,655,118,000, showing an increase during
the twelve months in eXcess of three-quarters of a
billion dollars, the exact increase being $778,989,000.
Expansion is shown in each leading group of loans,
the amount of the loans made by these 52 reporting
member banks "for own account" being now $1,095,947,000, against $818,623,000 a year ago; the loans
"for account of out-of-town banks," $1,350,201,000,
against $1,109,454,000, and the loans "for account
of others," $987,959,000, against $727,041,000. As
was the case a year ago, and as has been the case all
along, the preponderating portion of the whole consists of loans subject to immediate call, which is
proof that the borrowing is mainly for speculative
account. The portion consisting of time loans is
only $783,082,000 this year and was no more than
[VoL. 125.
$714,659,000 in 1926, while on the other hand, the
demand loans aggregate $2,651,025,000, there having
been an increase to that figure from $1,940,459,000
on Oct. 20 last year.
As to this week's xetUrns of the Reserve banks
themselves, the changes this time are not very striking, any more tnan was the case last week. There
was a further small reduction in the direct borrowing of the member banks, as indicated by the fact
that the discount holdings of the twelve Reserve
banks combined Oct. 19 were $417,597,000, in comparison with $430,249,000 on Oct. 12. As partial
offset to this, however, the acceptance holdings have
risen from $274,361,000 Oct. 12 to $282,503,000 Oct.
19. Holdings of United States Government securities are slightly lower, being $500,393,000 Oct. 19,
against $510,129,000 a week ago, but comparing with
only $306,964,000 on Oct. 20 1926. The final result
is that total bill and security holdings (representing
the full amount of Reserve credit employed) stands
at $1,201,113,000 this week, against $1,215,559,000
a week ago. The deposits of the twelve banks, which
consist almost entirely of the reserves of the member banks, increased during the week from $2,404,967,000 to $2,429,098,000. This enabled the twelve
Reserve institutions to decrease the amount of Federal Reserve notes in actual circulation from $1,733,829,000 Oct. 12 to $1,716,785,000. At the same time
gold reserves increased from $2,971,498,000 to
$2,975,505,000. The ratio of total reserves (including reserves other than gold) to deposit and Federal
Reserve note liability combined is 75.1% this week,
against 75.0% last week.
For the Federal Reserve Bank of New York by
itself the changes during the week have been more
pronounced—that is, there has been a much larger
reduction in the Reserve credit employed, the contraction at this centre having been attended by increases in other parts of the Reserve System. The
discount holdings of the Federal Reserve Bank of
New York have fallen from $119,787,000 Oct. 12 -to
$96,873,000 Oct. 19; the bills bought in the open
market from $111,125,000 to $102,843,000 and the
holdings of United States Government securities
from $105,216,000 to $102,026,000. Total holdings
of bills and securities by the New York Reserve
Bank, in other words, are only $301,742,000 this
week, against $336,128,000 last week. But they compare with $205,574,000 on Oct. 20 1926.
The most noteworthy feature in last Saturday's
statement of the New York Clearing House banks
and trust companies was the wonderful traniformation in their reserve position. The return for the
previous Saturday had shown a deficiency below
legal requirements in amount of $10,425,530, and
this in turn followed a deficiency the preceding Saturday (Oct. 1) of $23,772,560. As against this impairment of reserves on the two previous Saturdays,
the statement for last Saturday showed excess reserves in the huge sum of $77,347,050. The improvement was brought about by the fact that the Clearing House institutions increased their reserve with
the Federal Reserve Bank $91,639,000, while enlarging their loans and discounts (which had been heavily reduced the previous week, following a big increase on Oct. 1) in amount of $8,846,000. They also
added $2,295,000 to their holdings of cash in own
vaults, though this does not count as reserve for
members of the Reserve institutions. As against the
OCT. 22 1927.]
THE CHRONICLE
big increase in the reserve kept with the Federal
Reserve Bank the expansion in deposits was relatively slight, being $28,996,000 in the net demand
deposits and $7,955,000 in time deposits. From this
juxtaposition of the different items the wiping out
of the previous week's deficiency and its replacement by a large surplus reserve, far in excess of
legal requirements, followed as a matter of course.
It only remains to add that the United States Government deposits held by the Clearing House institutions are being maintained at very high figures,
the total of these deposits (and which are not lumped
with the general deposits) having been last Saturday $111,714,000 and the previous Saturday $111,722,000.
2185
usually heavy. In value the increase in cotton exports for the nine months of this year was only 7%,
while The gain in the value of all exports for the nine
months of 1927 over 1926 was about 3%.
Gold exports last month were $24,439,000, much
the largest of any month in the past year, although
in September 1926 the amount was $23,081,000. Imports of gold for September this year amounted to
$12,970,000 and compare with $15,987,000 a year
ago. For the nine months of 1927, gold exports were
only $57,637,000, while gold imports amounted to
$192,957,000, an excess of imports of $135,320,000.
For the corresponding nine months of 1926, gold
exports were $99,629,000 and imports $170,851,000,
an excess of imports of $71,223,000. Silver exports
last month were $6,617,000, and imports $4,The foreign trade statement of the United States 992,000.
for the month of September makes quite a different
showing from that of the preceding month. MerA tariff accord between France and the United
chandise exports last month were larger than in any States appeared somewhat more distant the past
other month this year, while imports again show a week, with the exchange of notes between the State
falling off, and were less than for the earlier months Department and the Quai d'Orsay still in progress.
of the year with the exception only of February and Publication, early in October, of the French notes
July. Furthermore, the value of both exports and of Sept. 14 and 30 and the American note of Sept. 19
imports in September was again less than in the revealed fundamental differences in the tariff laws
corresponding month of 1926. Exports last month and customs of the two countries. Basically, tiie
amounted to $426,000,000 and imports to $341,000,- chief difficulty was seen to be one of systems, with
000, the excess of exports being $85,000,000. In Sep- France committed to bargaining tariffs and the
tember 1926 merchandise exports were valued at United States committed to the principle of gen$448,071,000, against imports of $343,202,000, the ex- eral equality, except in so far as the 50% provision
cess of exports being $104,869,000. In no preceding of the flexible clause of the Fordney-McCumber Act
month since December last year has the excess of would give some elasticity. The discussion, it will
exports been as high as it was in September and for be remembered, girew out of the application by
several months this year prior to September the ex- France on Sept. 6 of maximum duties against Amercess of exports was very much reduced.
ican products. This action, following close on the
For the nine months of the current year, the value heels of a commercial accord between France and
of merchandise exports from the United States was Germany, placed some American goods at a decided
$3,509,407,000 and imports $3,152,539,000, an excess disadvantage as against similar German products.
of exports amounting to $356,868,000; during the The State Department at Washington, in order to
same period of last year exports were $3,407,690,000 re:olve the difficulty, attempted first to hasten the
and imports $3,320,677,000, exports during that time conclusion of a Franco-American commercial accord,
exceeding imports by only $87,013,000. In the first negotiations having been in progress for some time.
half of 1926, merchandise imports were higher in This, however, proved ineffectual, and the exchange
value than exports in five months out of the six, but of notes followed, with both Governments obviously
this condition was changed after June, so that for desirous of finding a modus rivendi so that converthe nine months of the year there was an excess of sations between experts could be inaugurated.
exports, as shown above. For the nine months of
The notes exchanged subsequent to the French
this year exports were larger than during the same aide memoir of Sept. 30 have not been made public.
time in 1926 by $101,717,000, while imparts this year Nevertheless, it was made plain at Washington that
to date show a decline of $168,138,000 from those of the American rejoinder of Oct. 8 requested a recesa year ago.
sion of the French tariff rates to the levels in force
September was the third month in succession in before the Franco-German commercial accord was
which exports have shown a decline in comparison signed in August, or else to the still lower minimum
with the preceding year, and, as in August, a part rates now enjoyed by Germany. The United States
.
of the loss this year was due to the k malfer move- was said in turn to have expressed a willingness to
ment abroad of cotton. In considering this fact, have the Tariff Commission investigate production
however, it should not be overlooked that the higher costs in France in order to determine whether a
price for cotton in recent months this year has some- lowering of schedules against French goods might
what upset the calculation. The decline in the total be feasible under the flexible provision of the Fordof merchandise exports last month from a year ago ney-McCumber law. The note insisted, according to
was $22,000,000, or 4.6%, but the decline in the value a Washington special of Oct. 19 to the New York
of cotton exports was $7,294,000, a loss as to the "Times," upon the discontinuance by France of "the
latter of 9.5%. When quantities are considered, additional discrimination which became effective
however, a different story is told. Exports of cotton Sept. 6" as a condition of negotiating for a permain September this year were 631,041 bales, as against nent commercial treaty. To this France replied on
794,600 bales in September 1926, a reduction this Oct. 14 after the customary Friday Cabinet meeting.
year of 20.6%. For the nine months of this year It was decided at the meeting, dispatches said, to
cotton exports were 6,582,000 bales, an increase of offer as a temporary arrangement during the nego1,921,100 bales over 1926, or 41.2%. During the tiations, to revert to the status quo ante for imports
first four months of 1927 cotton exports were un- from America. This action, it was made plain,
2186
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THE CHRONICLE
would not amount to giving the United States mostfavored-nation treatment in principle, because there
would still remain a distinction between the rates
now enjoyed by Germany and the rates effective on
American goods prior to Sept. 6. But the difference, materially speaking, was said to be very small.
A Paris dispatch of Oct. 14 to the New York "Times"
mentioned, as a further point in the note which conveyed the Cabinet decision, that the French Government reiterated its stand of being willing to negotiate a commercial treaty with the United States
only on the basis of reciprocity. Moreover, the new
note stated plainly that France expects a modicum
of concessions by America in establishing the temporary regime.
Secretary of State Kellogg, after studying the latest French note, indicated to Washington press correspondents Monday that it had been found unsatisfactory because of conditions attached to the offer
of a temporary regime. Regarding the conditions, a
New York "Times" Washington special said: "It is
understood that the conditions laid down by France
in part refer to guarantees for lowering duties on
French goods and removing sanitary regulations
against French products, now under embargo, in return for a temporary lowering of duties on American
goods during the period of negotiations over the tariff and the pending new commercial treaty. The
United States, however, cannot make a flat guarantee on the two points prior to an examination of
French production costs and a study of American
laws governing sanitary regulations." It was also
asserted that officials were not clear as to just what
temporary rates were being offered by France. A
literal offer to return to the rates in effect prior to
Sept. 6 was not made and a thorough study was
indicated as necessary in order to determine just
what the duties would be under the French proposal. In any event a reply on the part of the
United States Government was said to be necessary.
This was taken to mean that whereas unofficial intimations of the contents of the note from Paris had
led to the hope that the controversy would now be on
its way to treatment by conversation and technical
studies, the diplomatic correspondence of the last
four weeks will have to be continued. The optimism
of the previous week was said, Monday, to be giving
way to doubts with indications developing of the possibility of a deadlock between the two countries. In
Paris also a much less optimistic view of the tariff
situation was manifested, following receipt of the
news from Washington of the unfavorable impression created by the latest French proposals. A significant intimation was, however, made in "official
quarters," according to a dispatch of Tuesday from
Edwin L. James, Paris correspondent of the New
York "Times." This was to the effect that the
French would probably accept very small concessions before beginning the negotiations. The majority of the Cabinet, it was added, "are determined,
as a matter of principle, to obtain some concessions
of some sort in return for those America is
asking."
The conclusion of a- Franco-German chemical entente was announced at Paris, Oct. 15, bringing
France into the trust agreement already existing between the British and German chemical producers.
Belgium is also to be included in the chemical combination which, it is expected, will have far-reach-
[voL. 125.
ing results. The trust,it is said, will follow the lines
of the steel entente recently established among the
chief European producers. The official reasons for
the conclusion of the chemical accord were given as
"greater economy, superior production and the interests of the consumer." The actual signing of the
agreement will not take place until late in October,
dispatches said, but the understanding is complete
and operations are expected to begin in November.
The entente, according to a Paris dispatch of last
Saturday to the New York "Times," follows many
months of arduous negotiations between the German
and French producers, but so quietly were these conducted that definite news of them was not hitherto
available. The new chemical trust operates in dyestuffs and synthetic and nitrogenous fertilizers. The
dyestuffs agreement, it was said, fixes the price and
establishes a limited German import quota into
France, although when the export campaign begins
to bear fruit it is believed the Germans will withdraw from France entirely. As in the case of the
steel trust, the members of the chemical trust have
established.an accord on the question of home markets and have agreed to pool all their available resources to gain the world trade. The world market
is divided under tentative plans laid for a unit sales
system, which consists of the establishment of sales
organizations at strategic points. Through this
method the new chemical trust expects greatly to reduce the cost of distribution. The total capital represented by the members of the trust is said to exceed $1,000,000,000. The Italian and Swiss producers are also expected to join the new organization, thus making the chemical trust the most pow
erful combination of its kind in the world. Paris
disatches of Oct. 15 and 18 to the New York "Times"
indicated that the new trust will attemt to compete
more effectively with the American chemical industry. M. Agache, one of the leaders of the French
chemical industry, confirmed the accord in an ad.
dress before the Chemical Congress, now in session
in Paris. "This new European political policy of
economic accords," he said, "will have a social effect
which cannot now be estimated. It will bring about
a necessary rationalization of industry, improve the
conditions of life in all the industries involved and,
far from increasing the cost of vital materials, will,
by more intelligent industrialization, bring about a
decrease in the price of nearly all products."
Much interest was manifested throughout the
Western World late last week in a statement on the
"Roman Question," or problem of the status of the
Holy See inside the Kingdom of Italy, made in the
"Osservatore Romano," official organ of the Vatican.
The loss of the Pope's temporal power has for more
than fifty years caused an estrangement between the
Church and the Italian State, and two editorials,
printed Oct. 13 and 14, made clear for the first time
the conditions on which a reconciliation is possible
from the Vatican point of view. These conditions
are, briefly, that the Pope's temporal power must be
restored by the Quirinal, and the Italian State must
cede to the Holy See enough territory to form a new
Papal State. A very modest State would suffice,
according to the Vatican organ, which added:"Only
Italy, which robbed the Holy See of its territory in
1870, can set matters right again now by ceding
enough territory for a new Papal State. If Italy
agree to this, the Vatican is willing to resume rela-
OCI't 22 1927.]
THE CHRONICLE
tions of amity without demanding guarantees by the
foreign Powers or international courts." The "Osservatore's" suggestion, according to Arnaldo C,ortesi, Rome correspondent of the New York "Times,"
caused a deep sensation in official circles in Italy.
The impression among Premier Mussolini's entourage was "that we are really on the eve of one of the
most sensational develoments in modern history."
The restoration of the Pope's temporal power, the
"Times" correspondent said, undoubtedly would encounter bitter opposition from many Italian patriots. Moreover,it "is likely to cause a certain amount
of misgiving even among Catholics. Many Catholics make no secret of their belief that if the Pope
again became a temporal ruler the Vatican would
lose ranch of its prestige and influence in the world."
Subsequent dispatches from Rome indicated that the
"Roman Question" continued to be the chief subject
of discussion in Italian circles early in the present
week. Commenting .on it last Sunday, the "Popolo
Romano," leading Fascist organ, said: "There is
no hurry; Fascist Italy is young and has many years
yet to live, while the Church, as a supernatural gift,
will never grow old. Time, which through its incessant action imposed the necessity of a solution, will
also decide the moment of that solution. Probably
the Roman question will solve itself automatically;
therefore there is no hurry." A further expression,
printed Thursday in the Fascist "Foglio d'Ordini,"
was regarded in Rome as ending the discussion for
the time being. It seems logical, this paper stated,
"that the question of real judicial independence of
the Holy See is not necessarily allied with conditions
of a territorial nature." Fascist Italy, it was intimated, will in time solve the Roman question without abdicating to anybody the fundamental rights
of the State in matters where Liberalism failed in
repeated attempts."
.1 distinct rift in the German Coalition Cabinet
of Chancellor Marx developed early this week over
the National School Bill and may possibly contribute to an early crisis in the Government. The school
bill is an attempt to regulate the positions of the
denominational and non-denominational schools in
Germany and seeks to obtain equal opportunity for
the development of both. The Reichsrat, or upper
Chamber of the German Parliament, rejected the
version of the bill presented by the Marx Cabinet by
a vote of 37 to 31 Oct. 14. This, under the German
Constitution, places the Government in a delicate
situation, as it must now submit its own original
measure which, according to a Berlin dispatch of
Oct. 14 to the New York "Herald Tribune," will be
even more difficult to carry through the Reichsrat
than the amended version presented. Moreover, the
Bavarian People's Party, an important member of
the Coalition Government, has threatened to withdraw its support unless radical changes in fiscal
legislation are made at once. These events formed
the prelude to a short extraordinary session ot: the
Reichstag, or popular body of the Parliament, called
for Oct. 18 to consider the school bill and a valary
measure. The rift in the Cabinet was widened
Wednesday, dispatches said, when the People's Party
announced that it would vote for the school bill only
with distinct reservations. The second measure, for
which the short session of the Reichstag was called,
likewise appeared to be in difficulties. A protest
against the proposed salary increases of civil service
2187
employees and public officials was said, in a Berlin
dispatch of Thursday to the New York "Times," to
have been made by S. Parker Gilbert, Jr., Agent
General of Reparations. Mr. Gilbert holds, it is
claimed, "that increased salaries can only be paid
from surpluses and must not be made a new burden
on the budget. For the first six months of the current fiscal year the surplus amounts to 240,000,000
marks, which is less than one-fifth of the amount
needed to meet the obligations of the Reich as stipulated in the salary bill. Under these circumstances
there is nothing left for the Reichstag but completely
to change the bill."
Premier Poincare of France made plain during
the week, both in public speeches and in discussions
with the Finance Committee of the Chamber of
Deputies, that he would continue unabated his long
struggle for fiscal reforms and a balanced budget.
The Finance Commission began preliminary work
on the budget some time ago in preparation for the
session of the Chamber of Deputies, which begins
Nov. 3. The Premier, speaking at Bar-le-Due Sunday, warned the Commission that there must be no
interference with his plans. "It has never been
more indispensable than now," he said, "to work in
order and mutual confidence for the completion of
the work of improving the monetary and financial
situation, which is not completed and which perhaps may be irreparably compromised by impru
dence and prodigality. If we do not wish to betray
the hope of those who died for France we must consecrate to this task all our power of mind and decision and our heart." M. Poincare appeared before
the Chamber Finance Commission in Paris Tuesday
and again urged the vigilant scrutiny of every measure. All important amendments were rejected by
the Premier, and it was predicted, according to a
Paris dispatch to the New York "Times," that the
objectionable amendments will be withdrawn in accordance with M. Poincare's demands. The announcement was made Wednesday by M. de Chapdelaine, Chairman of the Committee, that the Budget
bill had been approved with excess receipts provided
totaling 123,000,000 francs.
The tenth anniversary of the Russian Bolshevist
revolution was celebrated in Leningrad during the
present week by a six-day session of the Central
Executive Committee of the Soviet Congress. The
progress of the Soviet Union was reviewed in a
manifesto read by Alexis I. Rykoff, President of the
Council of People's Commissars. The shortening of
the working day to seven hours and the granting of
various privileges to peasants and workers were also
provided in the manifesto. The sessions, held in the
Tauride Palace which Catherine the Great built in
1793, were overshadowed by the presence in Leningrad of Leon Trotzky and Gregory Zinovieff, the
Opposition leaders who were recently expelled from
the Executive body of the Communist International.
They appeared at the session of the committee last
Sunday, causing wide speculation and many rumors
as to their purpose in attending. This, however, has
not yet been made plain. In Moscow, meantime, the
fight on the Opposition was continued with vigor.
The official "Pravda" announced Tuesday that M.
Vouyovitch, who with Trotzky led the criticism of
the Comintern policies last May, will be expelled
from the party for his refusal to leave Moscow when
2188
THE CHRONICLE
[VoL. 125.
ordered to do party • work in the provincial town of bassy and the British Minister in Mexico City made
Voronesh. • Trotzky, it'is said, may still rise to the "suitable representations."
issue in the party congress in December.
The recent threat to Peking, in the Chinese civil
The defeat administered by the Calles Govern- war, has been entirely removed, according to late
ment to the Mexican revolutionists who rose Oct. 3 dispatches from the old Manchu capital. The Shansi
has apparently been complete and final. General army of General Yen Hsi-shan, which attempted to
Arnulfo Gomez is now the only rebel leader k till at capture Peking early in October, was routed last
large, according to an announcement made Oct. 14 week by the forces of Marshal Chang Tso-lin, Manby General Jose Alvarez, Chief of the Presidential churian dictator and leader of the Ankouchun, or
Staff. General Gomez, the announcement said, has Alliance of Northern Military Governors. Neverbeen located, with only thirty-five of his followers theless, the Shansi troops continued to hold the imstill with him, in the Huatusco region of the State portant strategic centre of Kalgan, thereby threatof Vera Cruz. Defeat and capture or death in bat- ening the capital from the northwest. This prestle were declared to be the only alternatives for the sure was relieved Oct. 17, when Kalgan again fell
insurgent General who, until he took the field into the hands of the Ankouchun. The situation
against the Government, was one of the three candi- between the north and south was thus restored virdates for the Presidency of Mexico. A skirmish be- tually to what it was before the Shansi armies between the rebels and the small Federal garrison of gan .hostilities. Guerilla raiding parties are rethe town of Huatusco was reported last Sunday, the ported in the vicinity of Pekipg, but no organized
rebels again being defeated and driven off. The re- army of hostile troops is near. General Feng Yuvolt, it was said, was prompted partly by antagon- siang, crafty Governor of Honan Province, is credism to the re-election campaign of former President ited in dispatches with having instigated the move
Obregon. The Mexican Constitution formerly re- by (3eneral Yen Hsi-shan and is said to have bequired that Mexican Presidents hold office for one trayed him. The Northern troops are pushing their
term only, but the Constitution was amended at the advantage, according to an Associated Press disinstance of the Calles-Obregon faction so as to make patch of Oct. 17 from Peking, and have occupied
inconsecutive second terms possible. A further towns in Eastern Honan. Feng's troops are remea.F.ure has now been adopted by the Mexican Sen- ported in retreat westward, and it is believed in
ate extending the President's term of office from Peking that General Feng intends to withdraw to
four to six years. The bill will have to be passed by Shansi, still furtheiwest.
The situation in the Shanghai area, where most
the Chamber of Deputies and ratified by a majority
of the foreign business is transacted, remains comof the States before it becomes a law.
A closer integration of the Mexican Federation paratively quiet. A reduction in the number of
,was foreshadowed in a Mexico City dispatch of British troops in the Shanghai district has been in
Monday to the New. York "Times." The Governors progress for some weeks and was said, in dispatches
• of all the States and Territories, the dispatch said, of Oct. 15, to have been completed. The British dehave joined in a nation-wide campaign to improve fense force now consists of 6,000 men, as compared
the present depreKed economic situation. The Ex- with the peak force of 20,000 of last spring. The
ecutives expressed their willingness to join the British do not believe, a dispatch to the New York
Chambers of Commerce throughout the land in a "Times" said, that the possibility of trouble in
study of the vital problems of taxation and State Shanghai is ended, but it is felt that the remaining
expenditures. The Governors' idea, it was said, is forces will be sufficient, with the American, Japanto follow the example of the Federal Government, ese and French defenders, to preserve the integrity
which has effected such economies that the budget of the International Settlement: No change in the
expenditure for the current year has been reduced American forces has been indicated by Rear Admiral
.to only 208,000,000 pesos. Numerous employees will Mark L. Bristol, Commander of the American
be discharged, if the plan is carried through, and Asiatic Fleet.
expenses reduced in other directions. Commerce
Banditry, which has prevailed for several months
would thus be benefited generally and prices posin northern Nicaragua, has lately been increasing
sibly reduced to some extent.
Banditry remains very common in some parts of and has caused several sharp clashes with the native
Mexico, despite all efforts by the Federal Govern- constabulary aided by.American Marines. The banment to suppress it. Reports from border towns dits are ranging through the most mountainous part
and from the Mexican capital tell of many depreda- of Nicaragua, made almost inaccessible at this seations, particularly in the western part of the coun- son by the tropical rains. They are said to be under
try. One such occurrence, in the State of Nayarit, the leadership of the Liberal Generals Sandino and
bas, developed into another case of serious interna- Salgado, who refused to join .the Liberal surrender
tional importance through the robbery of the pay- when American naval forces halted the revolution
roll of the American owned Amajac mines at Ixtlan early last May. Retreating to jungle fastnesses with
and the kidnapping of the general manager of the a handful of followers, these two Generals proceeded
mines, W. E. Mitchell, a British subject. The out- to attack American owned mines in the vicinity and
rage occurred Oct. 14,and representations have since to terrorize the inhabitants. American naval air-been made to the Mexican Foreign Office by the planes have patrolled the territory continually in an
United States and Great Britain. The first an- effort to preserve peace. One such plane, piloted by
nouncement of the incident came from the American Lieut. E. A. Thomas and Sergeant Frank E. DowState Department Wednesday. American Consul dell, crashed in the Department of Nueva Segovia
.William P. Blocker at Mazatlan, the announcement two weeks ago and fears are expressed for their
said, had demanded that the military authorities safety, as they have not been located. A searching
grant adequate protection to the mines. The Em- party was immediately organized by the American
Ocr.221927.]
THE CHRONICLE
2189
Marines, but an organized attack by a party of 400
The statement of the Bank of France as of Oct. 19
bandits on Oct. 9 prevented the success of the expedi- revealed a decrease of 399,883,000 francs in note cirtion. The engagement, according to an Associated culation. The total of that item is now 55,004,098,Press dispatch of Oct. 18 from Managua, was a san- 310 francs, compared with 54,988,355,120 francs a
guine one, with sixty-seven bandits killed or ' year ago and 46,599,073,965 francs in 1925. The
wounded. Four members of the Guardia Nacional State 'repaid 250,000,000 francs to the Bank and in
also were killed, no casualties being reported among so doing reduced its indebtedness to 24,950,000,000
the American Marines. The bandit force was said francs. The total last year was 36,150,000,000 francs
to number 400, well armed and with plenty of am- and for this same time in 1925 30,350,000,000 francs. munition and dynamite. The searching party con- Gold holdings at home were reduced 1,000,000 francs,
sisted of only 40 Marines and constabulary and was while gold abroad available and abroad non-availforced to withdraw. A contingent of 600 constab- able remained unchanged. The aggregate sum fell
ulary is to be organized for the suppression of the to 5,544,833,327 francs, against 5,548,789,446 a year
bandits, the dispatch added. A further report from ago and 5,547,395,642 francs the previous year. Other
Managua yesterday said that the conditions in north- important items that showed changes were:"Divers,"
ern Nicaragua are rapidly growing from banditry or sundry, assets decreased 307,212,000 francs, trade
into a state of insurrection. A number of American advances 21,618,000 francs, Treasury deposits 42,mining engineers have been forced to leave that 374,000 francs, and general deposits 114,563,000
region after many years spent there, as a consider- francs. Silver increased 2,000 francs and bills disable portion of the Northern Departments is said to counted 72,831,000 francs. The Bank of France
have fallen into the hands of the "insurrectos." It is statement shown below gives a more complete comexpected that when the dry season comes in Decem- parison of the various items:
ber the Nicaraguan constabulary and the American
BANK OF FRANCE'S COMPARATIVE STATEMENT.
M arines will take the field to subdue the insurrection.
Changes
Status as of
Official discount rates at leading European centres have undergone no change during the week.
They remain at 7% in Germany and Italy; 6 % in
/
1
2
Austria; 5% in Paris, Belgium, Denmark and Madrid; 4 % in London, Holland and Norway;
/
1
2
in
Sweden and 3 % in Switzerland. In London open
/
1
2
market discounts yesterday were 41 % for short
4
bills, as against 45-16@4%% on Friday of last
week and 4 5-16% for long bills, the same as a week
ago. Money on call in London yesterday was 31 8%,
/
the same as on Priday of last week. At Paris the
open market discount rate has advanced from 178%
/
to 2%, but in Switzerland the rate has been marked
down from 338% to 3 5-16%.
/
An increase of £207,074 in gold bullion was reported by the Bank of England for the week ended
Oct. 19. Total gold holdings now stand at £151,214,054, against £154,095,823 at the same time last year
and £152,740,756 at the corresponding date in 1925.
The proportion of reserve to liabilities rose to
29.16%, from 27.97% last week and 25.93% two
weeks ago. As circulation decreased £734,000, the
reserve of gold and notes in the banking department
increased £941,000, raising the total of that item to
£35,425,000. Notes in circulation now aggregate
£135,538,000. In 1926 they were £138,712,000 and
in 1925 £142,540,595. In the depokt items, public
deposits increased £267,000 and 'other" deposits decreased £2,125,000; loans on Government securities
declined £5,380,000, but those on other securities
expanded £2,616,000. The official discount rate remains at 4 %. Below we furnish comparisons cf
/
1
2
the various items in the Bank of England return for
five years:
BANE OF ENGLAND'S COMPARATIVE STATEMENT.
1927.
1926.
1925.
1924.
1923.
Oct. 19.
Oct. 20.
Oct. 21.
Oct. 22.
Oct. 24.
z
Circulation
6135,538,000 138,712,000 142,540,595 122,905,630 123,110,835
27,096,000 20,202,300
Public deposits
9,618,418 14.757,735 13,956,896
99,381.000 105,343,753 109,182,246 112,497,350 105,640,722
Other deposits
Govemm't securities 47,550.000 35.325,435 32,378,644 42,468,443 41.313,506
56,176,000 72,771,941 74,111,101 77,116,347 71,872,045
Other securities_ _
Reserve notes St coin 35,425,000 35,133,518 29,950,161 25,332,115 24,312,729
Coln and bullion _ _2151,214,054 154,095,823 152.740,756 128,487,745 127,673,584
Proportion of reserve
4 Si%
to liabilities
5%
2551%
1974%
2034%
29.16%
Bank rate
27.99%
4%
4%
4%
Includes, beginning with April 29 1925. £27.000,000 gold coin and bullion
•
previously held as security for currency notes Issued and which VMS 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 Reemint of currency note Issue.
for Week.
Oct. 19 1927. Oct. 20 1926. Oct. 211925.
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
In France
Dec. 1.000,000 3,680,512,414 3,684,468,538 3,683.674,734
Abroad, available_
Unchanged
462,771,4781 1,864,320.907 1,864,320,907
Abroad, non-avail. Unchanged
1,401,549,425I
Total
Dec. 1,000,000
Silver
Inc.
2,000
Bills discounted__ _Inc. 72,831,000
Trade advances_ Dec. 21,618,000
Note circulation_ _Dec. 399,883,000
Treasury deposits_ Dec. 42,374,000
General deposits_ _Dee. 114.563,000
Advs. to State_...Dec. 250,000,000
Divers assets
Dec. 307,212,000
5,544,833,327 5,548,798.446
342,926,841
339,025,191
1,412,215,323 4.672.880.068
1,668,382,179 2,214,235,707
55,004,098,310 54,988,355,120
23,552,282
32,951,245
10.582,307.556 3,251,479,151
24,950,000,000 36,150,000,000
24,219,009,450 5,009,444,321
5.547,395,642
310,104.251
2,796,012.514
2,670,178,329
46,599,073,965
45,497,056
2,319,501.360
30,350.000,000
3,833,337,515
The statement of the Bank of Germany for the
week ended Oct. 15 showed a reduction of 211,421,000 marks in note circulation, accordingly total circulation is now 3,792,632,000 marks, against 2,971,739,000 marks in 1926 and 2,493,925,000 marks the
previous year. Other daily maturing obligations
increased 78,869,000 marks and "other" liabilities
$12,821,000 marks. On the asset side of the account
gold and bullion fell 242,000 marks, while deposits
abroad remained the same as last week. Reserve in
foreign currencies rose 5,831,000 marks, silver and
other coin 2,451,000 marks, notes on other banks
4,968,000 marks, advances 30,790,000 marks, and
other assets 7,655,000 marks. Bills of exchange and
checks declined 171,073,000 marks. The total
amount of gold held by the bank is 1,851,527,000
marks, comparing with 1,652,617,000 marks last year
and 1,204,514,000 marks in 1925. A comparison of
the various items in the German bank statement is
shown below for three years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes for
Week.
Oct. 151927. Oct. 151926. Oct. 161925.
Assets—
Reichsmarks.
Reichsmarks. Recishmarks. Reichsmark..
Gold and bullion
Dec.
242,000 1,851,627.000 1,652,617,000 1,204,514,000
Of which depos.abroad Unchanged
66,543,000 185,557,000 124,431,000
Res've in for'n curr_ _ _Inc.
5,831,000 161,716,000 446.133.000 306,414.000
Bills of exch. 82 chrks Dec. 171.073,000 2,432.152.000 1.293,308,000 1,483.169,000
Sliver and other Coin._Inc.
2.451.000
82.895.000 114,037,000
66.488.000
Notes on oth.Ger.bks_ Inc.
4,968,000
19,762.000
16,370.000
31,612,000
Advances
Inc. 30,790,000
94.914,000
34.954,000
28,885.000
Investments
Dec.
111,000
92,075,000
91.310.000 207,243.000
Other assets
Inc.
7,655,000 544,610,000 655,838.000 698.584,000
LiabilUies—
Notes in circulation. Dec. 211,421,000 3,792,832,000 2,971,739.000 2.493.925,000
Oth.dally matur.oblig.Ine. 78,869,000 889,684.000 737.765,000 785.759,000
Other liabilities
Inc. 12,821,000 411,450,000 235,188,000 438,830,000
The current ease in the New York money market
was accentuated the past week. Call loans were
fairly easy at the opening Monday, with the demand
small and virtually no calling of loans by the banks.
2190
THE CHRONICLE
An exceptionally large surplus reserve was shown
in last Saturday's Clearing House statement, and
this, of course, contributed to the ease in call money.
Tuesday's market was a repetition of that on Monday, with the exception that "outside" funds were
reported available at 33
470. On Wednesday, however, there was a rapid drop in the demand rate from
/0
1 ,
2
470 to 3 7 with a flood of money, estimated by
some observers at $40,000,000, available at the lower
figure. In the outside market call loans were re/ 0
0
ported at 3147 and subsequently at 37. The drop
in the rate for demand funds attracted a good deal
of attention, as it happened to coincide with a wave
/
1
2
of liquidation on the Stock Exchange. The 3 %
official rate was continued Thursday and Friday
with a good supply of funds available in the street
0
market at 37 on both days. Thursday's statement
of brokers' loans against stock and bond collateral,
as compiled by the Federal Reserve Board for the 52
New York reporting member banks again occasioned
considerable comment in the money market. The
tabulation showed an increase for the week of $39,817,000, despite the heavy liquidation on the Stock
Exchange. The total of such loans is again at a
new high record.
Dealing in detail with the rates from day to day,
the renewal rate for call loans on the Stock Ex/
change both on Monday and Tuesday was 41470, but
with some loans put through each day at 47. On
0
Wednesday the renewal rate was marked down to
/0
1 .
2
4%, with some business transacted at 3 7 On
Thursday and Friday all loans, including renewals,
were at 3 %. Rates for time loans also declined,
/
1
2
quotations yesterday being 3%@4%. for 30 days,
4 @4 % for 60 days and 4 @4%% for all other
/ /
1 1
2 4
/
1
4
periods from 90 days to six months. Commercial
paper rates for four to six months' names of choice
character remain at 47, though for the shorter
0
choice names the quotation is 334@4%. For names
/
less well known the quotation is now 4 7 For
/o
1 .
4
New England mill paper the range is 4@414%.
/
In the market for banks' and bankers' acceptances
the American Acceptance Council on Thursday reduced the rate for call loans against acceptances
from 3/ to 3 7 The Council made no change in
12
/o
1 .
4
the rates for acceptances. This left the posted rates
yesterday on prime bankers' acceptances eligible for
purchase by the Federal Reserve banks 3 % bid
/
1
2
/
and 3% asked for bills running 30 days; 314% bid
and 3 % asked for bills running 60 days;3%% bid
/
1
2
/
and 31470 asked for 90 days; 3 70 bid and 3%70
/
1
2
asked for 120 days, and 3%7 bid and 3/ 0 asked
0
127
for 150 and 180 days. In the open market quotations on Monday were lowered / for five and six
1 8%
months, to the basis of the Acceptance Council.
The open market schedule is as follows:
SPOT DELIVERY.
Prime eligible Mlle
lble bills
Prime
f
il
—180 Days— —150 Days— '6
-120 Days—
Asked. Bid.
Asked. Bid.
Bid.
Asked.
3%
335
3%
334
3%
351
—90 Days— —60 Days-- —30 Days—
Asked.
Asked. Bid.
BM.
Asked. Bid.
g
3%
334
3%
3%
3%
FOR DELIVERY WITHIN THIRTY DAYS.
ble member banks
le non-member banks
bid
bid
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
[VOL. 125.
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in Effect
on Oa. 21.
34
34
34
34
34
334
34
34
3%
34
34
3%
Date
Established.
Aug. 5
Aug. 5
Sept. 8
Aug. 6
Aug. 18
Aug. 13
Sept. 7
Aug. 4
Sept.13
July 29
Aug. 12
Sept.10
1927
1927
1927
1927
1927
1927
1927
1927
1927
1927
1927
1927
Previous
Rate.
4
4
4
4
4
4
4
4
4
4 try
4
4
Sterling exchange this week has again been in emend and showing firmness, although the rate was
inclined to be easier in the forepart of the week. On
Wednesday the rate went to a new high for the year,
surpassing the high point touched last week, which
was the peak since 1914. Cable transfers sold at
4.8734,. The range for the week was about 11-32@
%,bankers' sight ranging from 4.863/ to 4.86 8, and
cable transfers from 4.86 29-32 to 4.873.. The advance and firmness in sterling continues somewhat of
a surprise, because it comes at a season of the year
when the rate should normally be against London.
The various factors back of the unparalleled market
have been frequently discussed in these columns,
especially during the past three weeks, and there is
nothing new to report. The fact is simply that
sterling is in extraordinary demand in nearly all
quarters of the world, and there are not sufficient
commercial offerings or other influences to counteract
the same. As pointed out last week, when the
present firmness of sterling is considered, comparison
is, perhaps, made with the extraordinarily low figures
which prevailed six months or a year ago, when
domestic conditions in England were not nearly as
bright as they are now. It is, perhaps, a truer picture to see sterling now as just about right, whereas
the quotations of a while ago were abnormally low.
There is hardly a market in the world where
sterling is not at all times in request for the settlement of international commercial accounts. We
think of the United States as enjoying great prosperity, but the fact is that all the countries of the
world find thmselves in a much more prosperous
condition than a year ago, and this almost worldwide prosperity is reflected in a larger exchange of
international products and goods. Consequently,
there must of necessity be a greater demand for
exchange on London in all leading trade centres.
Such an improved condition of world business must
be considered an important factor contributing to the
firm exchange on London. The business and political
skies in England are not only clearer, but growing
still more clear, and under such circumstances,
with the banks and the Bank of England in a strong
position, optimistic opinions regarding the pound
appear to be entirely justified. For instance, British
Board of Trade returns for September show that
total exports were £10,000,000 more than last
year; British steel output is up; the decline in prices
has been temporarily arrested, with the result that
traders are encouraged; the general industrial situation shows a revival in many lines of activity, and
the British business world is much more statisfied
with the outlook than at any time in several years.
Business is finding it easier to make credit accomodations. A week ago bank advances in the case
of the ten London clearing banks reached a record
total of 035,000,000, a proof of reviving trade.
The high rates which have been ruling for the pound
during the last few weeks cause speculation as to
OCT. 22 1927.]
THE CHRONICLE
2191
the probability of London drawing gold from New effective Oct. 15 1923. Strangely enough, coincident
York. There is little prospect of such a gold tide, with this figure, a cable to Dow, Jones & Co. stated
as the concensus of well-posted banking opinion that the Reichsbank had decreased its purchasing
is that the rate would hame to go to about 4.88%, price of fine gold from 2,790 to 2,784 marks per kilo3
a full cent and one-half above the best price touched gram, with the purpose of discouraging gold imports.
this year, and this seems at this juncture hardly This decision is, of course, equivalent to reducing the
gold content of the mark. At a quotation of 23.91
a possibility.
The Bank of England increased its gold holdings for cable transfers, it might be reasonable to expect
007,074 this week, taking the largest share of the that Germany would soon be able to draw down gold
open-market gold. On Friday of last week the Bank from either London or New York, at pleasure. With
of England sold £7,000 gold bars to a designation not the reduction in the Reichsbank's purchasing price
stated, and exported £7,000 in sovereigns to Spain. of fine gold,.the rate would have to climb still higher.
On Saturday the Bank sold £10,000 in gold bars to Of course, this action could not have been taken witha designation not stated. On Monday the Bank out the knowledge and permission of the Reparations
sold £16,000 in bars and exported £5,000 in sovereigns Commission and of the Agent-General for Reparato Spain, £5,000 to Germany, and £6,000 to Holland. tions. In all, probability the appreciation of the
On Tuesday the Bank bought £244,000 in gold bars mark was anticipated by the central banking authoriin the .pen market. On Wednesday the Bank ex- ties of Great Britain and the United States, and such
ported £10,000 in sovereigns to Spain and £5,000 to a ruling provided for by mutual. agreement at some
India. At the Port of New York the gold movement of• the conferences held by the heads of the central
for the week ended Oct. 19, as reported by the Federal banks in the recent past. It follows as a matter of
Reserve Bank, consisted of exports of $1,000,000 to course that the Reichsbank could not have taken an
Argentina and imports of $78,000 from Latin America. independent attitude. as the Reich is indebted in
There was no Canadian movement of gold either to particular to American and British financial authorior from New York. Canadian exchange continues at ties for the restoration, at least, if not for the maina premium, which varied this week from 7-64 of 1% tenance of the mark on a gold basis. There was a
reaction on Thursday to 23.873/ for cable transfers
to i4of 1%.
Referring to day-to-day rates, sterling last Saturday at which point the most of the business for the day
was steady at 4.87 1-32@4.87 1-16 for cable transfers was done and in rather good volume. The Reichsin a dull half-session, only slightly changed from bank reported a decrease of 242,000 marks in gold
Friday's closing rate. The range was 4.86 9-16@ holdings in its last report, greatly offset by an in4.86 11-16 for bankers' sight, and 4.87 1-32@ crease of 5,831,000 marks in reserves in foreign cur4.87 1-16 for cable transfers. On Monday the mar- rency. As frequently stated, the firmness in the
ket was dull and sterling eased off. Demand ranged mark is due in large part to the funds pouring in from
from 4.863/ to 4.86%. Cable transfers were German foreign loans. London foreign exchange
2
4.86 15-16(4)4.87. On Tuesday dulness continued. circles are responsible for opinions to the effect that
The range was 4.86 17-32@4.86 11-16 for bankers' Germany's credit is declining in England and the
sight, and 4.86 29-32@4.87 3-32 for cable transfers. Continent on account of these foreign borrowings,
On Wednesday the market turned strong and sterling supplied chiefly by the American market. It is well
made a new high for the year. Cable transfers sold known that German industrial and financial interests
at 4.873(. The range was from 4.86 11-16 to are at loggerheads on this question, the banking
4.86 13-16 for bankers' sight, and from 4.873/i to authorities discouraging the loans, especially to States
4.873 for cable transfers. On Thursday the range and municipalities, while the industrial interests urge
was from 4.863 to 4.86% for bankers' sight, and their free expansion, without either opposition or
4
from 4.873/i to 4.873. for cable transfers. On Friday supervision by any authority of the State. It is
the range was 4.869@4.86% for bankers' sight, and quite possible that the withdrawal of credit to a
4.87 5-32@4.873 for cable transfers. Closing quo- greater or lesser extent by London and Continental
tations yesterday were 4.86% for demand and 4.873. bankers may be largely responsible for the firmer
for cable transfers. Commercial sight bills finished money rates in Berlin which are proving so attractive
at 4.86%, sixty-day bills at 4.823/, ninety-day bills to American funds. At all events, there is further
8
at 4.813/, documents for payment (sixty days) at talk of an increase in the rediscount rate of the
s
4.827 , and seven. day grain bills at 4.86 1-16. Reichsbank, which is now fixed at 7%. Such an
4
Cotton and grain for payment closed at 4.86%.
increase in the rate would almost certainly send
marks higher, but it seems highly improbable that the
In the Continental exchanges interest centred this Reichsbank would dare to face the business storm
week in the continued activity and conspicuous firm- which a higher rate would be sure to create.
ness in German marks. From an exchange point of
The Polish stabilization loan, which is of great
view considerable interest also has attached to the interest to foreign exchange traders, was discussed
currencies of Poland, Greece and Rumania. To the here last week. Details regarding the loan may be
first two, because of loans for the improvement and found on page 2212. Foreign exchange circles are
stabilization of the currencies, and to Rumania be- interested in the $45,000,000 Greek reconstruction
cause of the prospect of such a loan. The German loan which is pending. It is understood that probmark is on new high ground. On Saturday last in ably not more than $15,000,000 of the loan will be
dull trading the mark was quoted 23.87 for cable offered in the American market. The success of the
transfers. The par of the mark is 23.82. A moder- scheme for reconstruction depends on the stabilization
ate firmness around 23.88 for cable transfers fore- of the drachma. The par of the drachma is 19.30.
shadowed an important demand for the Berlin unit. It fell from an average of 3.25 in 1922 to about 1.33,
Early in Tuesday's trading the rate shot up to 23.91, where it has been anchored for some time. The
a record high since the reform of the German currency currency if stabilized cannotibe raised to a much
on lines laid down by the Dawes plan, which became higherifigure. French:exchange was firm throughout
2192
THE CHRONICLE
(VoL. 125.
the week, showing no new features. The Bank of 26.333/b during the week. The weakness of NorFrance has the exchange situation thoroughly in wegian reflects the retreat of speculative traders from
hand at the de facto stabilization point around the unit. Sometime ago there was active buying of
3.923@3.923/
2
.
Norwegian for a rise, but. following the statement
The Italian exchange situation is unchanged. This made by President Hegge,of the Norske Credit Bank,
week Luigi Podesta, American representative of the about a month ago, that there is no prospect of a
Italian National Institute of Exchange, called public return to gold in Norway until internal prices apattention to a speech made by Premier Mussolini at proach international levels, speculative holders of the
the opening of the Italian Wheat Exhibition at Rome currency have been unloading at every opportunity.
several clays ago, in which Premier Mussolini reiter- When President Hegge made this statement, Norated: "It is the firm determination of the national wegian ranged around 26.40@26.45. Speculative
Government to maintain the value of the lire, for a trading is, however, bound to return to the Norwelong period of time, between 88 and 90 to the pound gian currency, as the gold standard will very surely
sterling." Mr. Podesta said that the Government is be reintroduced even though delayed.
in a strong position to control the quotation of the
Bankers' sight on Amsterdam finished on Friday
lire, as has been recently demonstrated, when, under at 40.22, against 40.20 on Friday of last week; cable
the pressure of speculative movements, the lire rose transfers at 40.24, against 40.21, and commercial
in value. He pointed out:"From time to time there sight bills at 40.17, against 40.15. Swiss francs
have been numerous published reports concerning the closed at 19.283/ for bankers' sight bills and
19.29
revaluation of the lire, but the above-mentioned com- for cable transfers, in comparison with
19.283/b and
munication from Rome definitely indicates that the 19.29 a week earlier. Copenhagen checks finished at
Italian Government intends to maintain the value of 26.80 and cable transfers at 26.81, against 26.80
the lire for a long time at present levels, i. e., 89 to and 26.81. Checks on Sweden closed at 26.94 and
90 to the pound sterling, which is equivalent to about cable transfers at 26.95, against 26.92 and 26.93,
5.47@5.41 in U. S. currency."
while checks on Norway finishrKI at 26.33 and cable
The London check rate on Paris closed at 124.09 on transfers at 26.34, against 26.28 and 26.29. Spanish
Friday of this week, against 124.07 on Friday of last pesetas closed at 17.22 for checks and at 17.23 for
week. In New York sight bills on the French centre cable transfers, which compares with 17.16 and 17.17
finished at 3.92%, against 3.923 a week ago; cable a week earlier.
transfers at 3.92%, against 3.923/, and commercial
2
sight bills at 3.92%, against 3.91%. Antwerp belgas
The South American exchanges continue extremely
finished at 13.913/ for checks and at 13.923/ for quiet. Brazilian exchange showed a firmer tone,
2
cable transfers, as against 13.92 and 13.93 on Friday checks selling at 11.95 and cable transfers at 12.00,
of last week. Final quotations for Berlin marks though weakening somewhat at the close. The
were 23.87 for checks and 23.88 for cable transfers, rate doubtless was a reflection of the improved outin comparison with 23.853/2 and 23.863/ a week look resulting from the flotation of the stabilizatio
n
earlier. Italian lire closed at 5.463 for bankers' loan totalling $85,000,000, of which $41,500,000
was
sight bills and at 5.463 for cable transfers, as against for the American market, and £8,750,000 was
%
offered
5.46 and 5.463/2 last week. Austrian schillings have in Europe. The stabilization program was
discussed
not been changed from 143'. Exchange on Czecho- last week. Argentine sold off early in the
week but
slovakia finished at 2.963/, against 2.963/ on Bucha- partly recovered later. Argentina continues
8
;
8
to draw
rest at 0.623, against 0.62; on Poland at 11.20, gold from New York. About $27,000,000 has been
against 11.20, and on Finland at 2.52, against 2.52. exported from New York in the present
movement,
Greek exchange closed at 1.323 for checks and at begun about a month ago. Argentine paper
%
pesos
1.33 for cable transfers, against 1.32% and 1.33 a closed yesterday at 42.71 for checks, as
compared
week ago.
with 42.80 last week, and 42.76 for cable transfers,
against 42.85. Brazilian milreis finished at 11.99
In the exchanges of the countries neutral during for checks and at 12.00 for cable transfers,
against
the war, interest centres this week, as last, on the 11.96 and 11.97. Chilean exchange closed at 12.19
rise in Holland guilders. Last week, it will be re- for checks and at 12.20 for cable transfers, against
called, the guilder touched a high of 40.21 on Friday. 12.19 and 12.20, and Peru at 3.82 for checks
and
It should also be remembered that a week ago the 3.83 for cable transfers, against 3.89 and 3.90.
.
Bank of the Netherlands increased its rediscount rate,
from 33/2% to 43/2%. The market was taken by surThe Far Eastern exchanges were steady, in someprise this week when the Holland guilder moved up what greater demand and the Chinese
were slightly
to still higher ground, touching 40.24 yesterday for firmer this week. The firmness in the
silver excable transfers. Guilders sold throughout this week changes was due largely to the steady tone
of silver,
at from 40.20 to 40.24. Guilders are in good demand supplies of which, according to London
dispatches,
not only in the New York market but also in other were sluggish, except at advancing
rates. The
centres. Swiss francs are dull, with practically no greater part of the inquiry for silver came
from China,
change from recent weeks. The Scandinavian ex- where purchases were being made for covering
and
changes are quiet and firm. Swedish krona were re- for fresh business. Japanese yen were very
steady,
peatedly traded in yesterday at 26.95 for cable trans- although fractionally lower than a week ago.
The
fers, the high point reached a week ago, about 15 Japanese unit has been exceptionally free from bearpoints above gold parity. The possibility that Swe- ish influences in the past three weeks. Hardly any
den might draw gold from New York or London was reflection of the difficulties which have marked the
discussed here last week. It seems improbable that banking experience of Japan during the first half of
Sweden will take gold unless the krona goes to 27.00. this year appears in the profit and loss showing of
Norwegian krone fluctuated more than any of the the Yokohama Specie Bank for the six months ending
other neutrals, the price ranging from 26.253/ to June 30. The net profits for the half-year were
a
OCT.22 1,927.]
THE'CHRONICLE
2193
House Institutions,
York City
in
15,179,045 yen. This compares with 15,142,357 the daily balances. as only the items payable in Newinstitutions are represented of
The large volume of checks on
located outside
New York are not accounted for in arriving at these balances, as such ehecks do
yen made in the second half of 1926. The showing not pass through the Clearing House but are deposited with the Federal Reserve
appears to be fairly representative of all the larger Bank for collection for the account of the local Clearing House banks.
banks in Japan. Unless very untoward events of a
The following table indicates the amount of bulcatastrophic nature should occur, which may, of lion in the principal European banks:
course, not be reckoned with in advance, the JapanOctober 20 1927.
October 21 1926.
ese currency should continue steady. It is one of Banks of
Gold.
Silver. I
Total. I
Gold.
Silver. I
Total.
the last to offer any speculative possibilities, and its
£
,
g
I
f
1
f
1 i I 154 095.823
r
151.214.054
return to par is a likely exchange prospect. The England .._ 151.214,054 13,680,000 160,900,497 154.095.823 13.560.0001160.938.742
France a. 47,220,497
147.3787742
89,254,200
c994.600 74,349,600
c994,600 90,248,800 73.355,000
par of the yen is 49.85. Closing quotations for yen Germany b 104.039,000 26,876.000 130.915,000 102.262.000 26,486.000128.748,000
Spain _-- 46,900.000 3,729.000 50,629,000 45,470,000 4.153.000 49
.623.000
checks yesterday were 46.60@46%, against 46.55C) Italy
Netherrds 32.178,000 2,252,000 34.430.000 34.912,000 2,196,0001 37.108,000
Nat. Bela_
1.182.000
14.325.000
46% on Friday of last week; Hong Kong closed at Switzeri'd. 19.263,000 2,537,000 20,445,000 10,955,000 3.370,0001 20,563.000
18.057.000
20.594.000 17,490.000, 3.073.000i
493@49 3-16, against 49 1-16@49/; Shanghai at Sweden_ _ _ 12.840,000 691.000 12,840,000 12.572,000i 921,0001 12,572,000
Denmark
10,116,000
10,807,000 11,61.6.000:
12.537.000
8,180.000
1 8.180.000
8380,000 8,180.000'
62 3-16@62h, against 62@62/; Manila at 49 9-16, Norway
1
Total
639.261.751 51.941,600691.203.351
against 49 9-16; Singapore at 56 7-16@56 9-16, Prey. week 639.806,839 52,418.600692.225.439618.286,565 54.753,600673.040.165
week
616.664,486 55.085.600 671.750.086
a Gold h tidings of the Bank of France are exr naive of gold held abroad. amounting
against 569/s@56 9-16; Bombay at 36 9-16, against the present year to
L'75.572.836. b Gold holdings of the Bank of Germany are exclusive cf gold held abroad, the amount of which the present year Is .83.3.:7„180.
36 9-16, and Calcutta at 36 9-16, against 36 9-16.
c As of Oct. 7 1924.
Pursuant to the requirements of Section 522 of the
Government Approval of Foreign Loans
Tariff Act of 1922, the Federal Reserve Bank is now
President Coolidge's New Doctrine.
certifying daily to the Secretary of the Treasury the
The caustic interviews given out by Senator Glass
buying rate for cable transfers in the different countries of the world. We give below a record for the on Oct. 13 and on Monday last, in which he criticized
week just past:
the policy of the Department of State in approving
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
or disapproving proposed foreign loans and the reTO TREASURY UNDER TARIFF ACT OF 1922,
BANKS
OCT. 15 1927 TO OCT. 21 1927. INCLUSIVE.
markable defense of that policy offered by President
Coolidge, together with the recent action of the DeNoon Buying Rate for Cable Transfers to New York,
Value in United States Money.
Country and Monetary
partment regarding the Prussian loan and the
Unit.
0(1.15. Oct. 17. Oct. 18. Oct. 19. Oct. 20. 00. 21.
French refunding loan, have called public attention
EUROPE
$
$
sharply to a situation whose importance is by no
Austria.schilling
14075 I .14096
.14093
.14081
.14083
.14083
Belgium, belga
1393
.1393
.1393
.1392
.1392
.1392
means confined to the field of finance. The practice
ley
Bulgaria.
007209 .007270 .007268 .007209 .007227 .007220
Czechoslovakia. kron .029624 .029627 .029625 .029626 .029630 .029626
of which Senator Glass complains is not, to be furre,
Denmark. krone
2680
.2680
.2680
.2680
.2680
.2680
England. pound steroriginal with the present Administration. It began
sterling_
4 8701
4.8693
4.8693
4.8712
4.8717
4.8717
Floland. murkka
025192 .025183 .025183 .025180 .025187 .025188
when Pre.ident Harding, in 1921, summoned a numFrance. franc
0392
.0392
.0392
.0392
.0393
.0393
Germany. reichsmark. .2387
.2387
.2389
.2390
.2388
.2388
ber of prominent bankers to Washington, and inGreece. drachilla
.013270 .013262 .013265 .013278 .013286 .013287
guilder
4022
.4022
.4021
.4023
.4023
.4024
II it usury pengo
formed them that the Government wished to be ad1746
.1748
.1748
.1746
.1746
.1745
Italy. lira
0546
.0546
.0546
.0546
.0546
.0547
Norway, krone
.2 132
.2633
.2633
.2623
.2630
.2633
vised in advance of any negotiations which they pro.
Poland, ziot
1119
.1123
.1124
.1116
.1121
.1121
Portugal. escudo
.0495
0495
.0496
.0495
.0495
.0495
posed to undertake regarding the flotation or foreign
Romania. leo......
.006212 .006214 .006208 .006208 .006216 .006209
Spain, peseta
.1723
1725
.1716
.1708
.1717
.1724
loans in this country. It was given formal effect
Sweden. krona
.2694
2693
.2693
.2693
.2693
.2593
Switzerland. intim_
.1929
.1929
.1929
.1929
.1929
.1929
when, on March 3 1922, the then Secretary of State,
Yugoslavia. dinar
.017610 .017608 .017601 .017604 .017609 .017604
ASIACharles E. Hughes, issued a circular in which, after
ChinaChefoo tail
6435
.6442
.6452
.6488
.6500
.6460
pointing out that the Department "cannot, of course,
litutkow mei
.6269
.6325
.6183
.6310
.6321
.6290
Shanghai tied
6181
.6195
.6202
.6229
.6227
.6204
require American bankers to consult it," that it "will
Tientsin tuel
6481
.6496
.6510
.6542
.6554
.6515
Bong Kong dollar._ .4884
.4896
.4898
.4907
.4904
.4897
not pass on the merits of foreign loans as buErness
ltlexicatt dollar. _ .4474
.4500
.4475
.4470
.4483
.4493
Tientsin or Peiyang
propositions, nor assume any responsibility whatdollar
.4433
.4458
.4463
.4446
4448
.4450
Yuan dollar
.4400
44,5
.4429
.44.3
.4425
.4417
ever in connection with loan transactions," and that
.3642
.3644
.3644
India. rupee
3640
.3642
.3639
.4657
Japan. yen
.4657
4658
.4647
.4651
.4652
"offers for foreign loans should not, therefore, state
Blogapore(S.S.1dollar. .5606
.5602
.5606
.5606
.5602
.5604
NORTH A M Elt.
or imply that they are contingent upon an expresCanada, dollar
I 000960 1.000983 1.001048 1.001060 1.001186 1.001287
999344 .999492 .999531 .999144 .999469 .9994116
Cuba. peso
Mexico. peso
.476500 .476833 .477000 .477000 .477333 .476667
sion from the Department of State regarding them,
Newfotualland, dollar. .998406 .998406 .998719 .998500 .998750 .998688
SOUTH AMER.nor should any prospectus or contract refer to the
Antentina, peso (gold) .9721
1 .9717
.9718
.9718
.9720
.9721
.1195
.1195
Brazil. inPrels
.1193
.1195
1192
.1191
attitude of this Government?' nevertheless declared
.1218
.1218
Chile. peso
.1218
1218
.1220
.1221
1.0179
1.11166
1.0164
Urwtutty. peso
1.0167
1.0172
1.0173
that "the Department believes that in view of the
possible national interest involved, it should have
Owing to a marked disinclination on the part of two the opportunity of saying to the underwriters conor three leading institutions among the New York cerned, should it appear advisable to do so, that
Clearing House banks to keep up compiling the figures
there is or is not objection to any particular loan."
for us, we find ourselves obliged to discontinue the
publication of the table we have been giving for so What Secretary Kellogg has done, accordingly, and
many years showing the shipments and receipts of what Mr. Coolidge, in his statements given out on
currency to and from the interior.
Oct. 14, has not only upheld but vastly altered and
As the Sub-Treasury was taken over by the Federal enlarged in scope, has its foundation in a practice
Reserve Bank on Dec. 6 1920, it is also no longer which the Harding Administration initiated.
possible to show the effect of Government operations
The justification for the policy which Senator
on the Clearing House institutions. The Federal Glass has sharply condemned appears to have been
Reserve Bank of New York was creditor at the Clearfound in the contention that foreign loans, involving
ing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANE as they do the establishment of certain legal relaAT CLEARING HOUSE.
tions between American citizens and foreign citisai
.,„1" IA/mutely. Tuesdny.1Wrdnead'y. Thurxdizy. Friday.
Aggregate
zens or Governments, necessarily involve, actually
for Week.
Oct. 17.
Oct. 21.
Oct. 18.
Oct. 20.
Oct. 19.
Oct. 15.
or potentially, the American Government also, and
$
$
11
I
$
110.000 000 110 000.000 90.000 000 90.0 0 000 103 01)0.000 890.000.000 rr 501.00 000 hence may properly be subjected to inquiry by the
0.
Nole.-The foregoing heavy credits reflect the huge mass of cheeks which come Department of State before the loan contracts are
to the New York Reserve Bank from all parts of the country In the operation of
the Federal Reserve System's par collection scheme. Theme large credit balances. concluded. In the years immediately following the
however, reflect only a part of the Reserve Bank's operations with the Clearing
2194
THE CHRONICLE
[vor" 125.
World War, and particularly while the arrangement ers seek the opinion of the Department is that they
of the war debt settlements was in progress, there were virtually required to do so by President Hardwas a feeling at Washington that American loans ing when he summoned them to Washington in 1921,
abroad, certainly if they should be indiscriminately as they have been by the implications of the Hughes
made, might embarrass the Government in its war circular, since it was issued. Such consultation is
debt negotiations in case the beneficiaries of the in no proper sense "purely voluntary" on their part;
loans were Governments that had not yet arranged they must go to Washington or incur the displeasure
to pay their debts. When the question of disarma- of the Government. The statement, too, that the
ment began to take a prominent place in interna- Department never "approves" a proposed loan is
tional discussion, there was quietly added by the only a formal disclaimer. An announcement that the
Government the further objection that American ad- Department has no objection to a loan is, to all invances ought not to be used to aid in building up tents and purposes, an approval of the loan, and its
foreign military establishments. It was See_yt:Ly practical effect, as Senator Glass points out, is not
Hoover, we believe, who first emphasized the theory only to give to the loan, in the eyes of the public
that American foreign loans should be used only which is invited to invest in it, the virtual sanction
for "productive purposes," meaning thereby pur- of the Government, but also to facilitate its flotation
poses not connected with national defense or prep- at rates of interest much higher than those which
arations for war. Foreign loans, in other words, can usually be obtained for equally sound domestic
were held to involve the possibility of political com- loans whose approval by the Government is never
plications, however difficult it might be to trace any asked.
The statements attributed to Mr. Coolidge on Oct.
such possibility in the terms or circumstances of the
loan itself, and the Department of State has accord- 14, on the other hand, go very much further in the
ingly continued to assert a right of supervision ovr direction of Government autocracy than the Depart
loan transactions, to the extent of informing bank- ment of State has claimed a right to go. According
ers as to whether or not a proposed loan seemed open to Mr. Coolidge, not only is the flotation of foreign
to objection on grounds of what Secretary Hughes loans "one element of foreign relations," but he is
vaguely described as "the possible national interest." also represented as having come to the conclusion
Everyone, presumably, recognizes that war, and "that unless some such plan was followed Congress
to a lesser extent the disturbed political or economic might enact a drastic regulatory law, which in the
conditions that usually follow a war, create a tem- end might interfere with the making of any such
porary emergency where the strict letter of the law loans." Correspondents to whom these statements
must sometimes yield for the time being to necessi- were addressed were quick to recall the statement
ties imposed by new problems and unprecedente I made by Mr. Coolidge in this city on April 25 at the
situations. It is more than five and a half years, dinner of the United Press, when he declared that
however, since Secretary Hughes's circular mbody "our Government has certain rights over and cering the policy begun by the Harding Administration tain duties toward our citizens and their property
the previous year, was issued. In that interval the wherever they may be located. The person and
war debt settlements, with the exception of property of a citizen are a part of the general dothat with France, have been concluded and main of the nation, even when abroad."
ratified, a number of countries with depreIt is difficult to believe that Mr. Coolidge, upon
ciated currencies have returned to a gold reflection, will allow such statements to stand withbasis, the stabilization of the currencies of out explanation, or that he will seriously commit
Italy and France has been materially advanced himself to the support of the truly extraordinary
and the economic life of those countries greatly im- doctrines which they embody. it may well be quesproved, the reparations controversy has yielded to tioned whether there is a word or a phrase in the Conthe Dawes plan, and an immense recovery has taken stitution of the United States, or an allusion or implace in the hula try, commerce and social well-being plication in any decision of the Federal courts, which
of almost every nation in the world that was in- would sustain the contention that the supervision of
volved in the Great War. Whatever the conditions foreign loans made by private citizens is an element
that may have seemed to justify the policy of Gov- of the foreign relations power of the Federal Governmental concern about American foreign loans in ernment. In so far as such loans constitute foreign
1921, 1922, or since 1922, those conditions cannot in or domestic commerce, they are placed by the Confairness be said to obtain now. Why, then, should stitution under the exclusive jurisdiction of Conthe Government go on doing what there seems to be gress, while in so far as they are private business
no longer a need of doing, even conceding that five cransactions, 'which, of course, they are when
the
and a half years ago and more the need was as appar- Government itself is not the lender, they are not enent and strong as was then represented?
visaged by the Constitution at all. To maintain, as
The lines of defense which the Department of Mr. Coolidge is represented as maintaining, that
State and Mr. Coolidge have constructed do not Executive supervision is necessary in order to prestand rip very well under Senator Glass's attacks. vent Congress from legislating upon the subject,
is
It is quite beside the mark, for example, to contend, not only to set the Executive in opposition to Conas the Department was represented as contending gress at a point at which the constitutional authorin substance on Oct. 14, that the Department "never ity of Congress is clear, but suggests a further
approves a loan to a foreign Government," that "so mu urpation of Executive authority whose sole defar as the bankers are concerned, their asking the fense appears to be that Congress, if it chose to act
State Department about the advisability of negotiat- within its undoubted right, would probably act uning a loan is purely voluntary," and that ''there is wisely. It is indeed a novel constitutional doctrine
no obligation on their part to abide by the Depart- that the Executive may properly act in a financial
ment's view." This is not quite the whole story. matter of importance, notwithstanding the lack of
The main reason, if not the only. one,.why, the bankl constitutional warranty in order to discourage Con.:
OCT.22 1927.]
THE CHRONICLE
2195
Consider for a moment the story depicted in this,
pageant! The scene opening one hundred years ago4
shows the vast wilderness of our interior valley—
American Indians are yet largely in possession of
the territory. Father Marquette is seen blessing the
Mississippi, down which he traveled in a birch bark'
canoe, giving it the name of the River of the Concepcion and dreaming, for France, of a mighty new
empire for the Church and State; river transport
appears, the bateau of the first settlers; then roads
cut through the forests preparatory to that first
march by wagon over the Alleghanies when John'
Sevier led his emigrants into the "Southwest"; then
,
the canal boat that helped to develop eastern Amer.ica, together with the "tobacco roller" and the early
,
coaches, a form of vehicle that served from Washington to Henry Clay. But all these means of transport were slow, crude, insufficient. ThOugh •ever.
the star of empire was westward, the swelling vol1
ume of trade and the expanding energies of the peoplc demanded greater speed and larger :facilities)
In Baltimore it was discovered that the new Erie
Canal was taking trade away froth the city. Now,
as seen from the grand stand, the pageant; passing
before the spectator upon a specially constructed'
railroad track, unfolds the story of the Baltimore ti
Ohio Railroad starting for the far distant Ohio, and
typifying the spread of steam travel to to-day.
On floats we see: the meeting of citizens of Baltimore, in costume, to consider the bold project of the
road; the laying of the first stone; the army engineers surveying the route; the horse car in 1830
making the first daily trips from Mount Claire, Baltimore, to Ellicott's Mills, fourteen miles away; the
treadmill car and sail car, strange devices; and then
the "Tom Thumb," the first American-built locomotive, designed by Peter Cooper of New York, demonstrating the practicability of steam power. A prize
of $4,000 is offered for the most "effective steam
locomotive," it is won by Phineas Davis of York,
Pa. The model weighs "three and a half tons and
is capable of carrying a load of fifteen tons fifteen
miles an hour." Follow a series of replicas of locomotives 1832', '35, '37, the last the "William Gallo"The Fair of the Iron Horse."
way," first engine with a horizontal boiler used on
of Um most unique, instructive and success- the B. & 0., all mere caricatures of those in use toOne
ful of the many industrial exhibitions held in the day. Decade by decade the advance in motive power
United States closed its gates Oct. 15 with a record is shown by examples running before us on their
of over one million admissions—the Baltimore & own steam. In 1896 the times call for tremendous
Ohio Centenary Exhibition and Pageant, 1827-1927. speed and the famous "1310" and "2100" steam past:
If the full significance of this exposition could be England, mother of railways, contributes the
brought home to the entire population of the coun- "Rocket," the Stephenson engine of 1829, showni
try it would serve to renew the pride and admiration upon a float, and the "King George ," No. 6000, 1927,
of our citizenry in the more than two hundred and "capable of sustaining a speed of eighty miles aii
fifty thousand miles of railroads that serve the na- hour," loaned to the exhibition. Other locomotives;
tion—a pride that sometimes seems to wane a little early and late, appear in the loan collection; front
in the exuberance over new modes and forms of the New York Central, the Pennsylvania- Atlantic
,
transportation. And if there be any of the old preju- & Gulf, Western Maryland Canadian National and
dice against our magnificent system of inter-com- Canadian Pacific.
munication, the record as here shown in example
At Halethorpe, a short distance outside Baltimore',
and story of the conception, growth and success of on a tract of a thousand acres, a loop track six thoui
this the fir:t of our railroads must dispel it. Neces- sand feet long is constructed, providing a scen6
sarily limited in its appeal to the masses as a mere for the pageant. In this enclosure a brick and steel
"Fair," because confined to the single industry of Hall of Transportation is provided 502 feet long and
transportation, so great was the care expended upon auxiliary ,buildings including one 'devoted tq allied
the exhibition, so perfected the arrangements, and service. Outdoor exhibits include the first PullinaiL
so educative the display, that it proved a triumph- car and the most modern, a cOMbination ccMch,
ant success. And the Baltimore & Ohio Railroad agricultural demonstration train, a train-side matt&
thus honoring its own history has honored all our bus, an individual seat car, a refrigerator car, au
oil tank ear, a glass-lined milk car; worit
great railroad systems.
gress from acting in the same matter in a way that
the Executive might not like. It is certainly to be
hoped that Mr. Coolidge, who on several occasions
has come out strongly against Federal usurpation at
the expense of the States, may make it clear that
his remarkable statements on Oct. 14 do not imply
any support for Executive encroachment upon the
Federal legislative power.
It were better on all accounts if the supervision
which the Department of State exercises over foreign loans were abandoned. The information regarding political or economic conditions in foreign
countries which American bankers possess is, we
must suppose, quite as good as that accumulated by
the Department, and it is extremely unlikely that
any American banker or banking syndicate would
knowingly negotiate a foreign loan which would
embarrass the United States. It is better for the
bankers that they should shoulder full responsibility for their loans without calling the Government,
even indirectly to their aid. It is better, everywhere
and always, that business should be free, rather than
the Government should hold a hand over it and insist upon being consulted. It is better that the Government should keep itself as free as possible from
every kind of foreign entanglement, that it should
not stultify itself by as:erting a right of approval or
disapproval of loans and then ostentatiously wash
its hands of responsibility for what the bankers do,
and that it should not be.open to the allegation of
using its claim of authority, as in the case of the
French refunding loan, to approve a loan transaction as a means of winning favor in a negotiation of
another kind. We certainly ought not to have any
more of the my: terious backing and filling, objection to this and deference to that, which accompanied the recent proposal of a loan to the State of
Prussia. The exceptional circumstances which may
have justified the policy of the Department of State
half a dozen years ago have passed away, and with
their disappearance may well go the policy which
they inspired and which no "possible national interest" seems any longer to need.
2196
THE- CHRONICLE-
ears, labor-saving devices, and the development of
track construction, a modern freight train and the
"Capitol Limited." Over in the Allied Service Building are housed the displays of the Western Union,
American Telephone & Telegraph Co., American
Railway Expre,s, models of steamships, etc. In the
Hall of Transportation are thirty-one full-size models and originals "covering in brief the world history
of steam-driven engines," together with contrasts in
old and new lighting systems, contrasts in heating
systems and brakes and sleeping coaches. We enumerate these exhibits briefly, not for descriptive purposes, but to indicate the scope and purpose of the
enterprise. Complete as is the picture, its suggestive power opens a greater one—that of the interconnected railways of forty-eight States, their huge
terminals, their ocean-way connections, a vast service devoted to all the people.
There unfolds a vision of enterprise nowhere elie
equaled in all the world. The Alleghanies are
crossed, the Valley of the Mississippi leaps into
thriving life, the forbidding Rockies are conquered,
and ,the Pacific Ocean alone halts the masterly
march. On the transcontinental lines of to-day the
shuttle movement of goods and men links a people
into unity and prosperity. In the last half of the
previous century on into to-day these flying trains
tells the story of a conquest marked with hardship
and determination and illumined with courage and
sacrifice. Against fear and fault-finding, despite
prejudice and selfishness, encouraged by grants,
subsidies, huge capital investments, daring..coneepts.
and fruitful adventures, the pioneer railway builders, through the strenuous years of American growth,
consummate this universal link between producer and
consumer, and make possible the magic life of the
civilization we now enjoy. It is an epic story of
endeavor. It is a thrilling narrative of practical
success. Through hamlet, town and city speed the
countless trains bearing the products of millions ol
workers that all men may be equal according to theil
toil and thrift. Criss-crossing a continent, over
rivers, plains, valleys and mountains, at noonday
and dead of night, with small loss of life, transportation burgeons a people with plenty.
What infinite toil has gone into these roadbeds!
What magical constructive ability has gone int(
these interlacing systems! What infinite care oper
ates these swift-moving caravans of service and
comfort! For a couple of hundred dollars one can
cross the continent and return, loitering by the way
to contemplate the unrivaled scenic grandeur, and•
to view the panorama of farm, factory and mine.
Beyond all cavil, our railroads make us one in prospect and purpose. The farm would be barren, the
factory would be silent, the mine would be lost in
darkness without them. And the colossal service is
for each and every one who aspires and works, saves
and conserves. It is a service constant, impartial,
indispensable; worthy of the utmost good-will and a
guaranty of perpetual freedom. The ribbon of the
rails Is the roadway to economy and wealth. The
sound of the locomotive whistle is the call to unflagging enterprise. The thunder of the fast mail
is the diapason of progress. We owe the e slowly
Consolidating systems not binding laws but a eat•nral unfolding. We-should pay without murmuring
what the traffic demands. We should not tax too
heavily these burden bearers of all our own initiative and enterprise. We should remember wnat of
-
125.
our own endeavor has gone into their making. We
own them; they are our faithful servants; they are
our unified voices asking only for justice and fair
play. All this, and more, is suggested by this "Fair
of the Iron Horse," a happy conception and a splendid success!
The Country's Needs and the Political Issue.
As from time to time the American citizen is
called to vote he is usually slow to move. It is one
of the tasks he is content to "leave to George."
Whether the brutal exclamation "The people be
damned" be rightly attributed to a political "boss"
or to a railroad magnate, it has never aroused more
than a deprecatory smile. The country goes its way,
and however goes the election - the people believe
things will eventually turn out right. Political
managers may meet in secret conference to draw up
persuasive party platforms, and attractive candidates may be put before the voters, and in the controlling desire to win votes the great questions before the country are apt to be played with or
ignored.
These questions are known of all. They divide
into two classes, the domestic and the foreign. The
domestic are chiefly economic. Mass production,
organization, big business, corporate efficiency, however it may be considered, indicates the great change
in our economic world. It has created new conditions in every form of business and of industry, and
it projects into and contrbls the future. The single
project of a new Ford automobile, for example, to be
soon put upon the market in hundreds of thousands,
checks the manufacture and sale of all motor cars
Ind disturbs the centres of • finance. At the same
time the abundance of money and the question of its
distribution, its use, and its investment, extends to
all classes; this though not so well recognized is
profoundly affecting the common life.
Then there are the problems of our foreign relations on both coasts. Facing Europe, we are
brought into intimate connection with ideas and traditions which are in conflict with our own; and on
he Pacific we find ourselves in serious contact with
the -yellow races. The distinct significance of both
:elations appear with a moment's thought.
We seek foreign trade. England has for centuries
_lultivated that; it has definite lines, traditional
.nethods, established confidence, all the result of
ong experience and intimate knowledge. This canlot be readily uprooted or easily replaced by newcomers, however excellent their wares or however
,killed and persuasive their approach. London's
ong-established pm ition, for example, as the commercial centre for the world is due primarily
her
_!entral geographical position. She has made the
most of her advantages; she has built up incomparable business institutions, has established financial
credit, and has provided facilities for transport and
for exchange which cannot be improved. Germany
has patiently followed her example, and when of
late we sought commercial entrance into South
America we found Germany's commercial position
too well established in Brazil, Argentina and Chile
to be readily disturbed.
Our modes, and in many ways our manner and
our morals, are changing; we go to France for the
first, if not indeed for all.
A new age has come, with a new freedom of life
and thought and our young people are traveling far
OCT.22 1927.]
THE CHRONICLE
2197
When the two sides of the foreign problem in our
afield, all over Europe, even to India, for their suggestions and their warrant for discarding old teach- situation to-day are set together the difference beings and old restraints. Family life is profoundly tween them at once appears. The question as to the
shaken and in social relations emancipation extends Asiatics is almost, or altogether, what we think of
to "all knowable things and everything else." In them. That alone is somewhat pressing and imporart, literature, music, the same is true; intimate con- tant. What they shall think of us awaits the future.
tact with Europe only emphasizes our dependence. When we turn in the other direction and look toward
Throughout its extent from Italy and Greece to Europe the situation is reversed. While the EuroScandinavia and Russia it has furnished in these peans have long held certain more or less definite
our ideals and our teachings; and this is still true. opinions of us, we know that these have been subWe are proud to show our appreciation and are glad ject to frequent individual change due to passing
to acquire any new example, or to make even simple events. The war has given abundant evidence of
approach to similar attainment. We are proud to this. Lindbergh's visit seems to have done as much
to re-establish good-will toward us in France, which
have Sargent placed to-day among the immortals.
All of which reminds us that, big and powerful had been considerably disturbed, as Lafayette did
and self-sufficient as we are, we are still subject to a century before. Admiral Sims's arrival with his
many superior and subtle influences that are not little fleet in 1917 dissipated at a stroke Britain's
easily shaken off or outgrown. We are reminded captious feelings which had been barely dormant
to-day that: "We are warned by one recent histo- since the days of the Trent and the Geneva award.
rian, Henry Adams, that mere motion cannot ac- Kossuth's visit to America three-quarters of a cencount for direction or for the problems of vital en- tury ago created a feeling toward us in Hungarl
ergy; and by another, Oswald Spangler, that there which opened all doors to Mr. Jeremiah Smith when
is an organic logic, the logic of understanding and he was sent to them the other day by the League of
of things understood—a logic of direction as against Nations to revise their finances. The personal re-a logic of extension," (In Beard's "Rise of Ameri- gard of the Czar Nicholas for one or two American
can Civilization") and this means the necessity of gentlemen created an attitude of Russia toward
America which has hardly been disturbed by all her
taking due account of age-long foreign influence.
recent experiences.
Then, looking across the sea in another direction
But why multiply instances? Enough has .been
to the West, we face a different problem, that of the
of the Pa- said to show how many and how prevailing are the
yellow races. It is not simply an affair
cific Coast; it is a national question. Does our orig- nroblems that lie beneath the surface of our national
worth
inal declaration of the right of all to liberty and the life. Thoughtful men know them and they are
pursuit of happine-s hold good, and is our Consti- the attention of all.
For those who would see the situation in its detutional guaranty of just and equal standing before
book
the law exclusive of the Chinese and the Japanese as tailed significance we commend the new
exceptionally wellsuch? The one is the most numerous people, with "America Comes of Age," by that
the oldest civilization in the world; and the other informed and open-minded French professor of pothe most advanced and the most commanding in the •litical economy, Andre Siegfried (Harcourt, Brace
East. Doubtless they both have their own positions & Co.). He confirms the view we have taken, but
and their own tasks in the progress of humanity. with an amount of accurate and important detail
But they both have immediate and valuable relations surprising in any foreign observer.
He asks at the end: "Can the individual possibly
to us. The Chinese were early welcomed, and by
California, where they survive in the transformation of society which is pro1852 there were 25,000 in
proved very valuable. By 1890 they reached their duced by this concentration of energy on the one
maximum of 107,000, which under the pressure of re- supreme object of mass production? At the very
strictive legislation fell away to 62,000 in the coun- moment when America is enjoying such prosperity
try in 1920. They have ceased to be regarded as a as the world has never seen before, an impartial
danger and, though they cannot be assimilated they observer is forced to ask whether this abundance of
wealth will in the long run lead to a higher form of
are now in small numbers acceptable.
The Japanese in 1890 numbered only 2,039; but, civilization. The chief contrast with Europe is a
in the
as the Chinese were excluded, they took their place, fundamental difference between two epochs
They began as history of mankind. Is the individual a means or
until in 1920 there were 110,000.
coolies, but quickly advanced to better positions and an end? Europe, where industrial mass production
hostility arose. Since Japan's war with Russia her was initiated, hesitates, terrified by the logical constatus as a nation has so greatly changed that the sequences."
Meanwhile America "plays ball"—or attends to
problem concerning her people entered into a new
phase. In 1907 a "gentlemen's agreement" was ne- busines.s.
gotiated by which Japan would issue passports to its
nationals for the United States, but would not supA "Constructive Suggestion" Regarding the
ply them to manual workers or coolies. California
Federal Reserve.
has continued so opposed to all Asiatic immigration
[Editorial from New York "Journal of Commerce," Oct. 19 1927.1
that in 1924 a law to that effect was enacted. MeanThe "Journal of Commerce" has been asked by an erawhile the Japanese residents are rapidly adopting neat banker to furnish a "constructive suggestion" for the
American ways and speech, their many excellent settlement or adjustment of the difficulty or dIfereuce of
qualities are coming to be appreciated, the imme- view with respect to the relative powers of the Federal Rethe Reserve banks in establishing rates of
diate fear of the "yellow peril" has subsided, at least serve Board andrequest is made apropos of the discussion
discount. The
for the time, and the problem is largely united to and criticism of the various projects for settling the diffithe question of assimilation; their American-born culty that has emanated from various sources and is, in the
children become citizens, but are inevitably viewed opinion of this newspaper, an entirely proper request. The
;
following therefore, is duly submitted in response:
quite apart.
*1.98
THE CHRONICLE
[Vol,. 125.
1. The Federal Reserve Act was passed after lengthy
.
The Low Rate Fiasco—The World Money
debate and came as the culmination of the discussion of
Situation.
currency and banking lasting for many years. We must
[Editorial from New York "Journal of Commerce," Oct. 15 1927.]
assume, therefore, that it represents the will of the public,
Another of the European central banks has joined the
especially those portions of it which have escaped amend- procession
of those which are moving away from the low
ment in the course of the many changes of the past thirteen rate idea. This is
the Bank of the Netherlands, which has
years.
increased its charge from 3 to 4 %, the first alteration
/
1
4
/
1
4
; 2. The first duty of our administrators then is to observe since Oct. 2 1025.
The action follows close upon the decithe law because they have been set to enforce it and have sion of the Reichsbank to do likewise,
and is likely to be
taken an oath to do so. Such observance is their most con- followed
by a similar decision on the part of other banks,
structive function.
which take a similar view of the present discount rate situa3. The meaning of the law is as plain as the English lan- tion. Recent
visits made by bankers in Brussels have reguage can make it. It calls for the initiation of rates in the sulted
in impressing them with recognition of the vast supseveral Reserve banks and it gives the Board authority to plies
of money available at low terms, the low rates prereview and approve or disapprove them. This power, of veiling
there and the dangerous character of the stock marcourse, is to be exercised in such a way as to carry out the ket situation. There has
been hazardous speculation in seManifest and plainly stated intent of the law, which is to curities,
not only there, but in many other European counmake the Federal Reserve Board a central board of directors tries,
where rates have been cut too rapidly and kept too low.
for the entire system. The duty and fanction of the Board
A few years ago the strong effort which had been made
then is to leave the rate initiating power to the several Just
after the war to reduce prices and restore solvency all
banks and to use its power for the purpose of bringing about
around was causing many business enterprises, and particuharmonious action (not necessarily identical action) in the
larly many speculators, to feel the pinch of the new policy
several districts, without delay. That such is the case has
very severely. "International conferences" (mostly of the
been recognized by the Board in establishing a private tele- backstairs
type) among bankers followed and it was agreed
graphic system between the different banks, connecting them
that low rate medicine was the kind of narcotic that the
with itself.
world market needed in order to soothe its suffering. There
- 4. Experience shows that the Board can and for long followed
a steady campaign for the cutting of rates, which
periods of years has with success performed its functions in culminated
with that of the Bank of England—quite conthis way and that its lack of success of late years has come
sciously put into effect in order to bring about a better
from the presence of politically appointed and not very com"business situation," and the extravagantly low rates in the
Petent men who have mishandled the situation.
United States enforced in the effort to "help England."
5. The immediate step that is needed, therefore, in getConsequent upon these developments came the whirlwind of
ting back the proper administration of the law is not a
stock speculation which has reached cyclonic proportions
change.in the act or a gentlemen's agreement as to a bureau- in
this market and corresponding, although less violent,
cratie division of power bst is the entire freeing of the force in
Europe.
System from political influence and the assurance that only
Now there begins to come recognition of the hazardous
competent men of banking knowledge and experience shall results
of this easy money sedative to a financial world
serve on the Board.
whose nerves had, as a result of the war, been jangled, out
6. If, after a year or two of fair trial of the original pro- of tune and harsh.
The medicine has not done much good
visions of the Act by an efficient Board free entirely of po- and
it has done a great deal of incidental harm. The proper
litical interference, the system, in the opinion of that Board thing to
do is to reverse the low rate policy and get back to
and of qualified observers, fails to work satisfactorily the a basis
which recognizes the real facts of the present money
entire Act should be overhauled and amended by Congress.
and capital situation. So doing may give the markets a sePut this constructive suggestion in a sentence and it is
vere jolt, but not necessarily an injurious one. The sooner
this: Stop tinkering with and manipulating the Federal the
policy is definitely taken up and consistently followed,
Reserve Act and give it a fair trial; if it does not work, the
better off we shall be and the less suffering we shall
repeal it.
undergo.
Indications of Business Activity
STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Oct. 21 1927.
Cleneral "trade is still in unsatisfactory shape. Retail
trade has suffered the most here in the East, owing to
heavy rains. At the West it has been too warm for seasonale
There have been temperatures in the 80's
Which at this time of the year may be considered abnormal,
and eien- now they are in the 70's. Kansas City yesterday
was'82 degrees. Further to the Southwest there were
temperatures in the 90's, notably in Texas and Oklahoma.
Such weather is not stimulative of trade, either retail or
wholesale. 'Even on the Pacific Coast the temperatures have
been too high for this time of the year. As the case stands,
Wholesale business has been less affected by the abnormal
weather than retail trade. The first half of the present
week New York had remarkable rains, In fact the rainfall
in October thus far seems to have been the largest In nearly
fifteen years. Things that make the best showing are the
shoe trade and the business in rayon, jewelry, knitwear and
radio. Iron and steel have been dull and tending downward.
Not for nearly a dozen years has pig iron been as low as it
is now. And Buffalo is invading the eastern Pennsylvania
iron market. The output of the steel industry as a whole in
this country is around 64%, or 21% less than a year ago.
There has been a good business In copper. Car loadings
show a decrease as compared with the previous week and
also-with the same week last year. September exports fell
Qtr. nearly 5%. There has been a fair business in woolens
heavy..clothing. An increase in the output of soft coal
.
has followed.the settlement of the tattlers' strike. It is a
•
Equi.
significant sign of the times that the automobile industry
is quiet and that the sales of new cars show a
decrease.
There is less building. The lumber trade is therefore
slow.
The petroleum output shows a decrease in most
of the
larger fields. Detroit employment decreased only
600 as
compared with last week, but it is 29,500 smaller than
a year
ago, now being 195,300. Beef steers at Chicago
are at the
highest price in seven years, now being $17.35
for choice.
Unfinished cotton goods have been quiet.
Recently cool
weather in the Middle West helped the sale for
a time of
heavy weight woolen and worsted goods.
Raw silk was
quiet and lower here. Failures show an
increase as compared with last week and last year, and in fact
as compared
with most recent years.
Wheat has declined 8 cents, with a better
crop outlook in
Argentina and Australia, enormous marketings
by Canada
—6,100,000 bushels on Thursday—and an
unusually small
export trade for this time of the year.
European markets,
moreover, have been declining. The price
of the 11-pound
/
4
bread loaf has been reduced one cent in
Toledo. Export
sales of American flour to Europe, it is
gratifying to notice,
have leaped to 250,000 barrels this week and
further foreign
buying is said to be under way. Flour mills
at the Northwest and Southwest are doing a much larger
business. Corn
has declined rather sharply, though not so
much as wheat,
the drop being some 3 to 4 cents, owing to
better weather at
the West and an increased pressure of
country offerings.
It is said, however, that a little export
business has been
done with Europe and there are indications
that both Liverpool and the Continent are ready to buy
American corn,on
OCT. 221927.1
THE CHRONICLE
2199
Lowell. It made, it appeared later, $908,000 net, or $9.08 a
a fair scale at about this level of prices. In oats there applants in the Philadelphia disbusiness, also at a moderate share for the year. Textile
pears to have been some export
trict showed a gain in employment, total wages paid and
1
/
decline in prices. Rye has dropped some 22 to 3 cents on
work during September, as compared with Augmost deliveries, but here again there has been some export man-hours
ust, according to the mid-month report of the Federal Rebusiness, the sales of late being 300,000 bushels. Provisions
Bank of Philadelphia. Employment was up 6%, total
have declined. Coffee has advanced about % cent, owing serve
1%.
with wages paid increase .7%, and man-hours work gained
to a better demand from the home trade coincident
gains were well distributed throughout the texrising markets in Brazil. In spite of the prospect of large The slight
with woolen and worsted plants showing the
supplies, the Brazilian Defense Committee seems to be mak- tile group,
.
largest nincrease New Hampshire hosiery mills are doing
ing good, at least for the time being. What the sequel will
night work has had to be
quiet, awaiting defi- a large business. At Laconia
be is another matter. Sugar has been
started on fancy half hose. At Belmont the same is true.
nite news as to just what will be done about the restriction
mills are increasing their machinery. The
of grinding. The date for the beginning may be Jan. 15, Some hosiery
Leighton knitting machinery manufacturers are increasing
but that is not clear. The curious fact remains that Cuba
operatives. The Arrow Knitting Needle Co.
is to all appearances selling considerable sugar to England the number of
is operating at a high rate.
at a lower price than she charges the United States, alAll of the Greenville, S. C., textile plants will be operated
though this country grants Cuba a preferential duty. Cotboth night and day within the next few weeks. The F. W.
ton has declined roughly 1 to 1% cents, owing to better
Manufacturing Co. is going on a night schedule shortly
weather at the South and a d'sposition to increase the esti- Poe
It was announced. The inauguration of a night shift at the
mates of the crop to 13,000.000 bales and above, as against
will not only mean that all Greenville textile
the last Government estimate of 12,678,000. A Memphis Poe mills
both night and day, but a large
go as high as plants will be in operation
estimate is 13.760,000 bales, but very few
increase in the number of workers.
that. Meanwhile there has been very heavy liquidation.
The cost of living is advancing. Retail prices of food adThe long account was far larger than had been suspected.
vanced about 1% in September over August, while wholesale
Another weight on the market has been the pressure of
,
of various commodities rose 1.1 4% during the same
hedges, while, as usual in such cases, there has been more prices
period, the Department of Labor stated, according to reports
or less selling for the decline. Another matter was the disfrom Washington. But, retail food prices are nearly 3%
appointingly large into-sight total this week, whereas it had
below those in September last year, while wholesale prices
been hoped that the peak of the crop movement had been
4
are about 31 % lower.
passed. The exports are some 300,000 bales behind those
Berlin cabled that the spread of the soft coal strike in
up to this time last year, and spinners' takings are now
central Germany threatened to affect the textile industry
compartively small, in contrast with those of a year ago.
of Western Saxony if the Golpa Power Station is forced to
At the same time Manchester is dull and Worth Street quiet.
down. Many Gera, Kottbus and Forst factories, relyRubber has had an agitated week owing to an announce- close
ing solely upon electric power for their operation, are threatment from London that there would be no change in the
with stoppage unless the Golpa can continue to operate.
British plan of restricting exports. Prices dropped sharply ened
Berlin cabled later that industry is beginning to feel the
and then rallied, but they show a noteworthy decline for
strike. Various sugar refineries and. paper mills in the
the week. It looks as though rubber production was out- coal
Halle and Dessau districts have closed. Mine owners have
running consumption and that artificial measures to stave
feared a prolonged strike, involving loss of their new Scanoff the consequences were not effectual. Wool has been
dinavian markets to Great Britain.
steady, but rather quiet, with foreign markets firm. AluThere were heavy rains for three days in New York early
minum declined 1 cent. Coal has been quiet and tending
in the week, causing floods in outlying districts, the predownward. Coke has fallen.
c'pitation reaching some four inches. The rain stopped on
On the 17th inst. the stock market had one of the severest
Wednesday afternoon, but there was some rain on Thursdeclines of the present year, I. e. 1 to 8 points, with transday. It has been a wet, cool week. Frost has occurred in
actions of 2,000,000 shares. To-day there was a further departs of the South, that is 28 to 35 degrees. On the 19th insL
cline of 3 to 17 points as a natural sequel of an overbought
here it was 49 to 56; in Chicago it was 60 to 62; in Cleveland
market in which specialties played altogether too conspicu56; in Cincinnati 52 to 60; in Detroit 54 to 60; in Minneous a part and even cheap money could not save the situaapolis 68 to 74; in Texas 34 to 92. On the 20th inst. it was
tion. United States Steel, General Motors and even the
50 to 58 degrees here, 68 to 74 in Chicago; 62 to 72 in Cincinrailroad stocks shared in the sharp decline. The transacnati; 52 to 64 in Cleveland; 54 to 82 in Kansas City; 50 to
tions were 2,876,000 shares and the ticker was far behind
58 in Montreal; 42 to 54 in Winnipeg; 50 to 68 in St. Paul;
the trading all day. Money on call was 3 %. Rallying
2
1
/
50 to 60 in Philadelphia; 48 to 62 in Pittsburgh; 54 to 58 in
power was lacking. General business continued to be disPortland, Me.; 54 to 66 in Boston, and 64 to 74 in Milwauappointing, with the weather adverse to seasonable trade.
kee, the same as in Charleston, S. C. More than eight inches
The worst feature, however, is not the state of trade, for
of rain have fallen in New York thus far in October. In
that is bound to mend with seasonable weather, but the
October 1913 it was 10.58 inches and in 1903 11.55. The
extravagances of speculation which have not been justified last nineteen days of rainfall along the New Jersey coast
even by the enormous resources of the country's trade. The
has broken the October 1877 record of 7.65 inches, accordpricking of the bubble is a salutary corrective of such hectic
ing to M. M. Dow, meteorologist of the United States
trading and after the liquidation has been completed the
Weather Bureau at Fort Hancock. Heavy rains have afmarket will be in all the better position.
fected bays and estuaries, as well as flooding thousands of
Chicago wired that a survey by five large livestock and cellars. It was cloudy here to-day, with temperatures 54 to
agricultural newspapers showed that actual prosperity has 58; Chicago 48 to 74; Cincinnati 48 to 72.
penetrated the Middle West and that it is based upon conditions that promise long life. Trade in the larger depart- Wholesale Prices in September Higher than in August.
ment stores was said to be about on a par with the same
Wholesale prices of commodities in September averaged
time in 1926, which was an unusually active season. Cotton
higher than in August, according to information collected
manufacturers from all over the country assembled here in representative markets by the Bureau of LabJr StAthis week to attend the first annual meeting of the Cotton tistics of the U. S. Department of Labor. The Bureau's
Textile Institute at the Hotel Biltmore on Wednesday. revised index number, computed on prices in the year 1926
They will spend some time in visiting selling agents and asthe base,and including 550 commodities or price series,
customers. Their presence is expected to stimulate buying stands at 96.5 for September, complred with 95.2 for the
very noticeably. It has had a good effect without really month before, a rise of 1 1-3%. Compared with SepIncreasing business very noticeably.
tember1926,however,with anindex numberof99.7,a decrease
Fall River, Mass., wired that Mills Nos. 1 and 5 of the of3q% is shown. The Bureau, under date of Oct. 19, adds:
Durfee cotton mills, which have been closed for about seven
Farm products rose from a level of 102.2 in August to 105.9 in Sephay, cotton,
weeks will resume work next Monday. Boston wired that tember. due to advances in hogs, calves, beef steers, alfalfa barley, oats,
eggs, and lemons. Small price increases wore shown for
the annual statement of the Pepperell Manufacturing Co. and rye, while corn and wheat declined sharply.
Foodstuffs were generally higher than in August, this being particularly
for the year ended June 30 would be highly satisfactory.
of butter, cheese, and most meats. Hides and leather products
The company would appear to be in good shape from the true
advanced slightly. as did textiles and coal, while petroleum products
'fact that it is running all of its plants on full time except at were somewhat cheaper.
2200
THE CHRONICLE
Iron and steel products and non-ferrous metals averaged lower than
In August. I umber also was cheaper, while no change in
the general
price level was reported for brick and portland cement. Chemicals.
Including fertilizer materials and mixed fertilizers, were slightly
higher.
while cattle food and crude rubber in the group of miscellaneous
commodities were lower than in the month before.
Of the 550 commodities or price series for which comparable information
for August and September was collected, increases were shown in
171
instances and decreases in 134 instances. In 245 instances no change
in
price was reported.
Comparing prices in September with those of a year ago, as
measured
by changes in the index numbers, It is seen that farm products
and hides
and leather products were considerably higher while decreases are shown
for all other groups of commodities. These decreases range from
less
than 1% In the case of textiles and housefurnishing goods to 71i
% in
in the case of building materials and 17% In the case of fuel and lighting.
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND
SUBGROUPS OF COMMODITIES (1926=100.)
1927.
Groups and Sun-Oresys.
1926
September.
August.
Farm products
Grains
Livestock and poultry
Other farm products
Foods
Butter, cheese and milk
Meats
Other foods
Hides and leather products__
Hides and skins
Leather
Bcs ts and shoes
•
Other leather products
Textile products
Cotton goods
Silk and rayon
Woolen and worsted goods_ _ _
Other textile products
Fuel and lighting
Anthracite coal
Bituminous coal
Coke
Manufactured gas
Petroleum products
Metals and metal products
Iron and steel
Non-ferrous metals
Agricultural implements
Automobiles
Other metal products
Building materials
Lumber
Brick
Cement
Structural steel
Paint materials
Other building materials
Chemicals and drugs
Chemicals
Driers and pharmaceuticals_ _
Fertilizer materials
Fertilizers
Houseturnishing goods
Furniture
Furnishings
Miscellaneous
Cattle feed
Paper and pulp
Rubber
Automor Ile tires
Other miscellaneous
All commodities
99.3
95.3
103.7
,97.7
99.8
101.1
101.6
98.0
98.8
95.8
99.1
99.8
100.0
98.9
100.0
99.0
98.4
98.5
101.5
98.4
98.2
95.3
99.0
105.4
101.2
99.8
102.2
100 0
102.3
99.8
99.5
98.5
97.7
99.4
102.1
102.7
99.8
100.2
101.0
101.1
97 0
100.0
99.5
09.5
99.4
94.2
95.6
95.7
85.1
91.4
100.0
99.7
102.2
108.3
98.2
120.8
94.2
98.8
90.3
95.0
111.7
131.3
114.3
103.3
103.3
96.2
100.2
86.6
97.3
95.7
84.1
95.7
101.9
93.8
99.6
66.5
98.0
95.1
92.5
99.3
102.2
100.7
92.9
92.2
93.2
96.5
91.9
92.5
93.0
96.4
100.2
86.7
91.2
89.7
98.6
97.8
100.0
89.9
125.4
92.0
71.9
77.9
100.0
95.2
Purchasing
Power of the
September. 1926 nollar
in September
(Cents).
105.9
120.9
104.1
107.6
96.5
105.6
92.2
95.8
112.5
128.4
115.4
105.6
104.9
98.5
106.1
86.6
97.3
95.9
84.2
96.5
102.4
94.0
97.8
66.4
97.6
94.7
90.7
99.3
102.2
100.7
92.1
91.0
93.2
96.5
93.2
90.0
92.3
96.4
101.4
86.7
92.1
91.7
98.6
97.6
99.3
89.2
117.7
92.4
69.2
77.4
100.2
96.5
94.4
97.2
95.3
92.9
103.6
94.7
108.5
104.4
88.9
77.9
86.7
94.7
94.5
101.5
94.3
115.5
102.8
104.3
118.8
103.6
97.7
106.4
102.2
150 6
102.5
105 6
110 3
100.7
97.8
99.3
108.6
109.9
107.3
103.6
107.3
111.1
10R.3
103.7
98.6
115.3
108.6
109.1
101 4
102 5
100.7
112.1
95 0
108.2
144.5
129.2
99.8
103.6
Increase in Retail Food Prices in September as
Compared With August.
The retail food index issued by the Bureau of Labor
Statibties of the United States Department of Labor shows
for Sept. 15 1927, an increase of abaut 1% since Aug. 15
1927; a decrease of nearly 3% since Sept. 15 1926; and an
in-Tease of 50% since Sept. 15 1913. The index number
(191=3100) was 158.5 in Sept. 1926; 152.4 in August 1927;
and 154 in Sept. 1927. The Bureau's statement in the matter
issued Oct. 19 alsa says:
During the month from Aug. 15 1927. to Sept. 15 1927, 13 articles on
which monthly prices were secured increased as follows: Strictly fresh
eggs. 16%; pork chops. 8%; butter. 4%; canned red salmon and oranges,
3%; cheese, lard and cornmeal, 2%; plate beef and navy beans, 1%; and
sirloin steak, chuck roast, and vegetable lard substitute, less than fi.°tenths of 1%. Fifteen articles decreased. Oniens, 14%; cabbage,
7%;
potatoes. 6%; Prunes. 3%; flour, 2%; ham, lamb, oleomargarine, rice.
baked beans, canned tomatoes, granulated sugar, tea and bananas, 1%;
and coffee, less than fix e-tenths of 1%. The following 14 articles showed no
change in the month: Round steak, rib roast, bacon, hens, fresh milk.
evaporated milk, bread, rolled oats, cornflakes, wheat cereal, macaroni,
canned corn, canned peas, and raisins.
Clanges in Retail Prices of Food by Cities.
During the month from Aug. 15 1927, to Ser t. 15 1927, the average cost
of food increased in 46 of the 51 cities as follows: Newark. 4%; New York,
Rochester. and Washington, 3%; Boston, Bridge_ ort, Buffalo, Cleveland,
Detro;t, Fall River. Kansas City, Los Angeles, Louisville. Manchester.
New Haven, Norfolk. Philadeli hia, Pittsburgh, Portland, Ore.. and
Providence.2%;Atlanta,Baltimore, Charleston,S. C., Chicago, Columbus,
Dallas, Houston, Indianapolis. Jacksonville, Milwaukee. New Orleans,
Omaha, Richmond, St. Louis, Salt Lake City, San Francisco, Savannah,
and Scranton, 1%; and Birmingham, Cincinnati. Denver, Minnea oils,
Mobile. Portland, Me., Seattle, and Springfield, Ill., less than five-tenths
of 1%. In 5 cities there was a decrease: Butte Little Rock, and St. Paul,
1%; and Memphis and Peoria, less than five
-tenths of 1%.
For the year period Set. 15 1926, to Sept. 15 1927. 49 dties showed
decreases: Jacksonville, 8%; Kansas City, Minneapolis, Omaha, anti
St. Paul, 6%; Cincinnati, Indianapolis, and Savannah, 5%; Baltimore.
Birmingham, Charleston. S. C., Cleveland, Columbus, Houston, Little
Rock, Louisville, and Richmond, 4%; Atlanta. Buffalo, Butte. Denver.
Los Angeles, Memphis, Milwaukee, Mobile, Peoria, Philadelphia, Pitts-
[VOL. 125.
burgh. Rochester, St. Louis, Salt Lake City, Seattle. and
Washington. 3%;
Chicago, Detroit, New Haven. Norfolk. Portland Me., Providence,
San
Francisco, Scranton. and Springfield, Ill., 2%; Boston, Birdgeport. Dallas,
and New Orleans, 1%. and Manchester. New York. and Portland.
Ore.,
less than five-tenths of 1%. In Fall River and Newark there was
an
increase of less than five-tenths of 1%.
As compared with the average cost in the year 1913, food on Sept.
15
1927. was 65% higher in Chicago: 64% in Washington: 63% in Detroit;
60% in New York and Richmond;59% in Atlanta, Baltimore, Birmingham,
and Scranton;58% in Philadelphia and Providence:57% in Boston, Buffalo.
and St. Louis: 56% in Charleston, S. C., Milwaukee and Pittsburgh:
55%
'n Cincinnati. Fall River. and New Haven; 54% in Cleveland. Dallas,
Manchester, and New Orleans; 50% in Jacksonville, Louisville, Newark,
and San Francisco; 49% in Indianapolis: 47% in Minneapolis and Omaha;
46% in Kansas City and Memphis;45% in Little Rock;43% in Los Angeles
and Seattle; 40% in Portland. Ore.. 36% in Denver: and 32% in Salt Lake
City. Prices were not obtained in Bridgepert. Butte, Columbus. Houston.
Motile, Norfolk. Peoria, Portland, Me.. Rochester, St. Paul. Savannah.
and Springfield, Ill., in 1913, hence no comparison for the 14
-year period
can be given for these cities.
Col. Ayres of Cleveland Trust Co. Views Shutting
Down of Ford Plants as Attribute in Business
Recession-New Ford Model Expected to Revive
Trade.
Pointing out that "in terms of productive capacity the
Ford company comes close to being half of the automobile
industry of the entire world," Col. Leonard P. Ayres, VicePresident of the Cleveland Trust Co., in the Oct. 15 number
of the company's "Business Bulletin" comments on the part
which the shut down of the Ford plant has played in the
slackening of trade, and he makes the prediction that "when
the new Ford models get into something like full production
the industrial activity of the country will surely be largely
inereased. We quote herewith the comment:
The most important business development of the past month is one that
has not been reflected in the current statistics of industry or trade. It is
destined nevertheless to play a most influential part In shaping the course
of business activity during the coming months, and next year. It is the
completion of the design of the new Ford car.
In future years when the business history of 1927 is studied in retrospect,
it will probably be the verdict of careful students of such matters that the
general slowing down of business which has characterized the second and
third quarters of this year was caused in no small measure by the shutting
down of the great Ford plants. We are perhaps accustomed to thinking of
matters relating to that particular automobile company as being comparable
t, similar developments In the affairs of the other leading manufacturers
In the same field, and perhaps even as lacking something of the same general
Interest because the Ford shares are not dealt in on the stock exchanges.
Such an attitude is far from being justified. The fact 18 that in terms of
productive capacity the Ford company comes close to being half of the
automobile industry of the entire world. Its activities include the operation
of railroads and fleets of vessels, extensive mining of coal and iron ore,
lumbering, manufacturing of glass and textiles, and other varied industrial
undertakings on a great scale.
I ast May it was announced that when it had completed the manufacture
of 15 millions of its Model T machines the plants would be closed down, and
a new model developed. This was a step without precedent in the history
of the industry. Its effect was something like what might happen if the
united States Steel Corporation should suspend operations for six months,
although not so serious. A number of competitors reaped great profits, buS
general business was adversely affected.
The new models have now been completed, and some hundreds of
thousands of orders for them have already been placed, and are waiting to
be filled. Manufacturing industry throughout the Middle West will soon
feel the stimulus of this new business, while railroad traffic, and wholesale
and retail trade will be affected by it throughout the country.
For sime three months now the financial pages of the new:papers have
been carrying interviews and articles about the expected pickup of business
that was to come with the close of the summer season. It has been disappointingly slow In making its appearance. but when the new Ford models
get into something like full production the industrial activity of the country
will surely be largely increased.
In most other lines business continues to move forward on an even course.
Bank credit is in large supply at easy rates, and the prospects are that these
conditions will be maintained for a considerable time to come. Building
nstruction is still in large volume, and the 'respects are that it will
Continue so as long as interest rates remain low. The prospects for a large
11,11day trade are excellent.
Gains Reported in Sales of Ordinary Life Insurance
In United States.
Sales of ordinary life insurance in the United State. in
September amaunted to $606,760,000
-an increase of 2%
aver September 1926, according to the Life Insurance Sales
Research Bureau. The Middle Atlantic States lead with a
monthly gain of 8%. South Carolina leads all the States in
the country with its very high gain of 33%. An average
gain of 3% is recorded for the first nine months of this year.
During the twelve months ended Sept. 30 1927 sales
have
increased 4% over sales in the preceding twelve months. It
is noted that the decrease in sales in Texas this month
from
sales in September 1926 is due to the decrease of sales of one
company doing a substantial business in that State.
Increase in Sales of Ordinary Life Insurance in Canada.
During the month of September sales of ordinary life insurance in Canada gained 1% over September 1926. Actual
production amounted to over $35,000,000 this month,
according to figures just issued by the Life Insurance Sales
OCT.22 19271
THE CHRONICLE
Research Bureau. The report includes new paid-for ordinary
business produced by companies having in force 84% of the
total outstanding Canadian business. The Bureau's advices,
Oct. 18, also state:
High gains are recorded in several Provinces. Manitoba leads with its
monthly increase of 28% over last September. Alberta and Quebec show
gains of 13% and 6%, respectively. Slight losses In sales are registered
by some Provinces.
Excellent gains are recorded by the cities included in the report. Increases range from 1% in Montreal to 58% in Quebec.
Nine Month Period.
Sales of ordinary life insurance in Canada totaled $360.500,000 for the
nine months just ended. This is an increase of $20,694,000. or 6% over the
same period last year. Practically all Provinces share this gain—increases
ranging from 4% in British Columbia to 11% in Quebec and Prince Edward
Island.
Ottawa continues to lead city production with its gain of 48% for the
year to date. All cities report increases for this period.
For the twelve months ending Sept. 30 1927, sales in Canada have increased 8% over the preceding twelve months. With the exception of a
slight loss in Manitoba—all the Provinces share this gain.
Outlook for Manufacturing and Trade One of Sound,
Although Gradual, Recovery According to Union
Trust Co. of Cleveland.
According to the Union Trust Co. of Cleveland the outstanding characteristics of the current business situation are:
First, the agricultural recovery, both with respect to crops and to prices.
Second. the stimulation of retail trade.
Third, the tardiness of the industrial recovery.
Fourth. firmer commodity prices.
Fifth, the continuing ample supply of capital and credit at easy rates.
Summing up the situation, the trust company in forecasting "fair weather ahead," says:
To sum up: Large ft rm crops at good prices have laid the groundwork
for continuing good business. This is reflected somewhat immediately in
the retail trade but tardily among the industrials. Although our present
period of "easy money" greatly facilitates the conduct of business and is
an added assurance of "good times." it is bringing about a stock market
situation which Is susceptible to misinterpretation. The outlook for manufacturing and trade is one of a sound, though comparatively gradual,
recovery.
In its predictions for a gradual industrial recovery the
trust company, in its business magazine "Trade Winds,"
states:
General distribution has been at a high level all year and continues to
remain high. Inventories are low. With the stimulus which the revival
of farm purchasing power s even to retail trade, we may expect a heavier
public demand for merchandise to be reflected in increased industrial
production later in the Fail. it is a mistake, however, to assume that the
general lcv 4 of inanuf: cturing will be immediately raised as soon as the
farmer turns his arena into cash. A considerable period of time must
naturally elapse before th • doll, r received by the farmer finds its way to the
books of the manufacturer. The first money which the farmer receives
from crops must as a general thing be turn d back toward the liquidation
,
of the expenditures incidental to the raising of them. The farmer's margin
of profit is not so quickly avallt hie as many people seem to expect.
Bear in mind tint it was Just about a year ago that farm prices were so
Out of line with industrial prices. It was last Fall that the sale of ereps
at low prices was consuirm• ted. Yet the question of "farm relief" did not
come into the limelight until considerably later, and it was not until this
summer that the curtailment of the farmers' purchasing power wrs felt
in industry as a factor which aggravated the customary seasonal recession.
So now it seems probr hie that industry will not feel the effect of crop sales
immediately, but that farm dollars, as they filter through from the outlying d:stributors to the factories, will gradually give momentum to
industrial production.
Take for inst: nce the case of steel. For a number of weeks now the trade
has a nticipt d recovery which has failed to materialize. That satisfactory
agricultur, I production shou d sooner or later be reflex ted In the demand for
steel is Indeed true—but this process may be spread over a good many
months. With the exception of items such as automobiles and farm
machinery, the farmer buys steel only indirectly. The farmer's pocketbook
reaches the steel trade when heavy crop movements necessitate additions
to or replacements of rolling stock, and when high volume of merchandise
distribution stlmu atm the erection of buildings and factories and the
purchase of factory machinery. All this takes time.
To general manufacturing, therefore, the significance of the farm situation is not so much in the direction of an immediate recovery from the
summer dullness, as it is in the direction of assurance of a firm foundation
throughout the winter, with the probability of a gradual ascent toward
higher levels of production and distribution. From the psychological
standpoint the effect is of course excellent, instilling general con-if:1mm and
a quiet optimism into the minds of many who, during the late summer,
were inclined toward hesitation and uncertainty. But the net effect of
this year's farm returns in terms of industrial profits may not be realized
until 1928 or even later.
Anchored by an abundance of credit on attractive terms and a much improved agricultural situation, business Is in a position to withstand satisfactorily such negative influences as exist at the present time. Favorable
weather during the past month was of much help to late crops resulting
In additional income for many farmers on whom an early Fall would have
worked a hardship. Good progress, on the whole, was made by the corn
crop during the past six weeks. Although the cotton crop Is nearly a third
smaller than the record output of last season, the growers will receive more
for it in the aggregate. Canada, one of our best foreign customers, has
had exceptionally good crops this year. The soft coal strike has come to an
end. Rapid recovery is taking place in the area devastated by the Mississippi floods. Additional favorable elements are the relative steadiness in
commodity prices, low inventories, high real wages, comparatively few
labor disputes, and much confidence in the general situation on the part of
the public.
Business during the current year has proved its resiliency and adherent
soundness by the manner in which it has absorbed the shocks created by
the cold backward spring, the bituminous coal strike, the flood disaster
in the lower Mississippi Valley, and the unsettled conditions existing
abroad. Among other factors which come in for consideration in this
connection at the present time are the reduction in the output of the steel
industry, and in the volume of building construction; the aprroach of a
Presidential year: dullness in the vast oil industry resulting from continued
overproduction; further additions to the labor surplus in some cities; new
high records in loans to stock brokers; and new advances in stock proces
in the face of reports of smaller corporate earnings.
Operating schedules of Michigan industries,as a whole,during September
were at or close to normal. Overtime is reported in only a few lines. Reports of subnormal operations were relatively few in number. Returns
from the great majority of cities show manufacturing to be on an even keel
and the general outlook encouraging. Southwestern Michigan reports
industrial activity slightly betterthan a yearago. Detroit's non-automotive
industries have been making a good showing as have also a number of
its motor plants. Lumbering and mining in the Upper Peninsula are Improving, employment is picking up, and a much better tone has followed
In the wake of a record volume of tourist business. Employment is on the
increase in Jackson, Port Huron, Atlanta. Charlotte. Harrison, Ishpeming
Lapeer, Monroe, Muskegon and Wyandotte. A high plane of activity
prevails at Flint. Pontiac reports future prospects very bright. Figures
prepared by the Employers' Association of Detroit show a small decrease In
Industrial employment compared with a month ago. It is said that the
Ford Motor Co. will add close to 30.000 men to its payrolls during October.
Automotive output in September, according to early estimates, was between 10 and 12% lower than the production for August which amounted to
303,040 cars and trucks. October production probably will fall below
that for Sertember. Motor output usually tapers off during the fourth
quarter but this customary trend may be altered this year by the bringing
out of the new Ford car, which will put in its appearance, it is now said, the
latter part of this month or early in November. Production schedules will
start off with a few hundred units a day and will be increased as raoidly as
possible in order to supply dealers with sample cars during the month of
November. Estimated freight car requirements for all other makes for the
last quarter of 1927 exceed those for the corresponding period of a year ago
by 18%. Care is being taken against loading dealers with mere cars than
they can handle and production schedules are, accordingly, in keening with
the volume of sales. Used car stocks are growing larger and present an
increasingly difficult problem for the dealer. The total annual capacity
of the industry is now placed at 7,300,000 units.
Michigan Business Review by W. W. Putnam of Union
Trust Co., Detroit—Operating Schedules of Industries in September Close to Normal.
'While reporting operating schedules of Michigan industries
as a whole during September at or close to normal, Wayne
W. Putnam, Assistant Secretary, of the Union Trust Co.,
Detroit, states that "although showing a substantial volume,
business during September did not reach the porportions
indicated a month ago." In his Michigan business review
he also states in part:
Retail trade was checked by prolonged warm weather and manufacturing
activity was retarded, in part, by further delay of the Ford industries in
getting into production. Cooler weather is'needed to bring about a more
businesslike tone and to put trade in its Autumn stride. Broadly viewed.
is reasonably good and promises to remain so until
the economic situation least.
the end of the year at
2201
First National Bank In St. Louis Views Business Outlook for Remainder of Year as Encouraging.
The industrial seivice department of the First National
Bank in St. Louis finds the positive and negative factors
in the present business situation as seemingly fairly well
balanced. "While there has been a gradual decline in
many lines since early Spring" says the bank in a Business
and Financial Review, "and industrial profits for most
concerns will probably be slightly below those of last year,
the change has come about gradually, and has /II the whole
been of modest proportions." The fundamental industrial
situation is described by the Bank as sound "since it is free
from inventory inflation and most concerns are in a strong
financial position." The bank further says "the construction industry continues as a business mainstay and the value
of new construction contrasts let remains close to record
levels. The ease of bank credit should operate as a stimulus to business. The improvement in the agricultural outlook is an encouraging factor. In substance, there is no
definite indication, either for a sharp decline, nor a sustained advance in general business during the next three or
four months." In its analysis of business and financial
conditions the Bank also says in part:
The business outlook for the remainder of this year is, on the whole,
encouraging. Following the unseasonable spring weather, business was
hesitant with a slackening tendency in numerous lines. This appears to
have been due largely to the feeling on the part of many producers and
distributors, that the then Immediate situation offered little promise
of profitable results by further expanding operations. Numerous factors
were responsible for this feeling but it was primarily due to the unfortunate
combination of an unusually late, wet spring, which made the crop outlook discouraging, and the wide-spread devastation wrought throughout
the middle west and south by the flood. These factors dominated business opinion for some months and despite the easy money situation gave
little encouragement to the rank and file of business men. For several
months the situation was rather anomalous because of the unusual activity
in the financial markets, and, au the same time a hesitant tendency in
most lines of business. In the past six weeks, however, the adverse
Influences of the crop and flood situation have been detreasing In Importance
as crop ros; ects have steadily im: roved. Evidence is now accumulating
that August robably marked the turning point of business for the time
being. General business appears to be improving and while the degree of
inr rovement has been only moderate, it has been slightly better than the
expected normal seasonal increase. It should be recalled In this connection
that for business merely to hold its own, at the levels current for the past
year or more, would. of itself, be an achievement. Taking all factors
2202
THE CHRONICLE
(Von. 125.
Into consideration there seems to be little ground for either pessimism on
1927.
1926.
1925. '
the one hand or extreme optimism on the other. It appears, rather, that Five weeks in January
4,524.749
'4,428,256
4458.949
the general condition of industry, as measured by the standards of the past Four weeks in February
3.323.931
3 677.332
3,623,047
several years, will remain in somewhat of a neutral position for some time Four weeks in March
4,016.395
3,877,397
3.702,413
to come. The country has been accustomed, in recent years, to new,tend- Five weeks in April
4.890,749
4,791.006
4,710,903
• ards of industrial and financial activity and if we take into consideration Four weeks in May
4,096.742
4,145.820
3.869,306
the high level that the country has reached it is unreasonable to assume that Four weeks in June
3,974,160
4.089.340
3,065,872
, each year will necessarily set new and higher standards. We must, of Five weeks in July
4.935.397
5.213,759
4,945.091
course, always make aflowance for the fact that population is increasing Four weeks in August
4.249.359
4.388,118
4,321.427
r and that the demands of our population are expanding.
Four weeks in September
4.360.022
4,523.112
4,297.936
. Fundamentally our whole business and financial structure was remarkably Week ended October 1
1.126,390
1,180,049
1,113,233
strengthened as a result of the events of recent years. During and after Week ended October 8
1.100.552
1,174.928
1,106,036
the war the market for our goods was greatly expanded and we undoubtedly
secured much business which, under normal conditions of peace and comTotal
41.098.446 41,489,117- 40,112.263
petition with other nations, we could not have obtained for many years. We
have been able to handle ourselves remarkably well on both the financial and
Industrial sides. Notwithstanding the enormous gold supply that has come
Decline in Employment and Wages in Pennsylvania
into our possession no serious Inflation, either of prices or credit, has
During September-Increases in Delaware.
occurred. Indeed, despite our increased gold reserves the wholesale price
.
level has been tending downward for several years. This movement Is of
The report for September, just released by the Federal
course. sub1ect to variations from time to time but the downward trend
still appears to hold true despite the fact that there has been some strength- Reserve Bank of Philadelphia, covering the employment
ening of prices in recent weeks. The current advance can, however, be situation in Pennsylvania, showed a decrease from August
accounted for by the rise in the price of certain raw products such as cotton
of 0.1% in the number of men employed and a decline of
and corn and such commodities whose prices are determined largely by the
supply coming into the market from year to year. This condition of a large 2.2% in the total amount of wages paid. Part of this degold supply and easy credit situation, cheap money and a receding price crease, however, was attributable to
the observance of
level is somewhat of an anomaly. It has been a source of surprise and, to
some extent, a disappointment to some of our European friends since it Labor Day in the September pay-roll period, says the Bank,
commodity price inflation had occurred In ,he United States as normally which also states:
would have been expected under the circumstances, it would have been
In spite of this general decline, however, all of the groups of industries,
much easier for the Europeans to sell their products in our markets and to with the exception of metal manufactures and chemicals and allied prodrestore their industrial organizations more rapidly and thus place them in a
ts, showed slight increases over August. The industries reporting the
position to more quickly pay the debts they owe us. It is even a surprise greitest decreases were engines, machines and machine tools, iron and
to many of our own people that we have been able to control this delicate s eel forgings, structural iron works and shipbuilding.
And difficult situation without its resulting in any serious consequences.
Over half of the total number of firms also reported the number of emp1 wee hours worked, and these figures likewise showed a decline, 224%
from August.
John B. Glenn of Chatham Phenix National Bank &
Delaware industries increased 4% in employment and 2.6% in
Trust Co. Reports Encouraging Progress in Europe payments. Practically all of the industries shared in this inrcease. wag*
•
Of
-Some -Impediments Seen to National Recovery. with the 17 city areas for which figures were compiled, all showed decreases
the exception of Harrisburg. Wilkes-Tlarre, Williamsport and York.
John B. Glenn, Assistant Vice-President of the Chatham The change for Philadelphia was a decrease of 0.4% in the number of wage
Phenix National Bank & Trust Co., has returned to the earners and an advance of 1.1% for total wage payments.
United States following a European trip beginning last
March, during which he visited twenty-two countries, including Finland, Esthonia, Latvia, Lithuania, Poland,
Czechoslovakia, Jugoslavia, Norway, Sweden and Denmark. Commenting on conditions abroad Mr. Glenn says:
The compilations follow:
EMPLOYMENT AND WAGES IN PENNSYLVANIA
Compiled by the Federal Reserve Bank of Philadelphia and the Department of
Labor and Industry. Commonwealth of Pennsylvatila.,
No.of
Increase or Decrease
Plants
Sept. 1927 over Aug. 1927. '
ReEmployTotal
Aterage
Group and Industryporting.
men:.
If we compare the present European situation with that preceding 1913.
Wages.
Wages.
832
0.1%
I believe that scarcely any country is in as good a condition now as at that All industrial (47)
-2.2%
-2.2%
277
-0.5
-5.1
-4.6
time but by comparison with, say 1925. there has been, with few excep- Metal manufactures: and parts
Automobiles, bodies
19
+6.2
+2.2
-3.8
tions. encouraging progress. War losses in money, men and property,
Car construction and repair
18
-3.2
-5.1
-2.0
Electrical machinery and apparatus... 18
aryl particularly the poatbellum burden of debt.remain serious Impediments
+3.9
+0.1
-3.6
Engines, machines and machine tools
38
-3.1
to national recovery. Even the neutral nations, for the most part, owe
-10.4
-7.5
Foundries and machine shops
52
-1.2
-7.3
-6.2
many times more than in 1913. A further aggravating difficulty in Europe
Heating appliances and apparatus
15
+3.0
+0.3
-2.6
Is the almost universal establishment of tariff walls in the effort of each
Iron and steel blast furnaces
11
-1.8
-6.5
-4.8
Iron and steel footings
nation to develop Ica own industries and become self-sustaining. Hut,in
10
-1.0
-16.8
-16.0
Steel works and rolling mills
34
general, a somewhat detailed observation of more than twenty countries
+0.8
-3.1
-3.9
Structural iron works
17
-0.1
-14.8
-14.4
during nearly seven months leaves definitely the impression of, a gradual
Miscellaneous iron and steel products
- 25
-0.4
-6.7
-6.3
improvement and the likelihood of an increasing stability, as the
Shipbuilding
3 -16.8
'-10.8
handi+7.3
Ilardware
caps left by the war decrease.
8
-1.1
-1.1
+0.1
Nonferrous metals
9
+2.7
+0.5
-2.1
Textile products:
165
+0.6
+0.7
+0.1
Carpets and rugs
8
+0.6
-Ca
-0.2
Railroad Revenue Freight Loading Continues Below
lists,feltand
Clothing
32
-1.6
-0.2
-1.7
other
6
-1.5
-1.0
+0.5
Last Year.
Cotton goods
16
+1.0
+6.4
+7.5
Silk goods
41
Cars loaded with revenue freight for the week ended on
+0.4
-3.4
-3.0
oolens and worsteds
14
+4.2
+0.5
+4.8
Oct. 8 totaled 1,100,552, according to reports filed on Oct.
Knit goods and hosiery
37
+0.9
+4.2
+5.2
Dyeing and finishing teItIlei
11
-2.5
-6.9
-9.3
19 by the railroads with the Car Service Division of the Foods and tobacco:
105
+1.6
-1.5
+0.1
Bakeries
31
-2.4
+0.3
-2.1
American Railway Association. Compared with the preConfectionery and ice cream
23
+5.2
+1.4
+6.7
Slaughtering and meat packing
14
ceding week, this was a decrease of 25,838 cars, decreases
+1.8
+1.2
-0.5
Mars and tobacco
37 '+1.4
-3.3
-4.6under the week before being reported in the loading of grain Building materials*
66
+1.8
+1.5
-0.3
Brick, tile and terra cotta products
26
-0.8
-3.4
-2.6
and grain products, coal, coke, forest products, ore and
Cement
14
-2.0
-1.9
+0.1
Glass
23
+7.9
+8.5
+0.5
miscellaneous freight with increases in the loading of live
Pottery
3
+0.2
+2.9
+2.8
35
+4.7
stock and merchandise and less than carload lot freight. The Construction and contracting:
+8.4
+3.5
Buildings
19
-0.5
+2.0
+2.6
total for the week of Oct. 8 was a decrease of 74,376 cars
Street and highway
4
+18.2
+20.4
+6.9
General
12
-2.2
-1.6
+0.5
under the same week last year and 5,484 cars under the Chemicals and allied products:
33
-9.8
-1.0
+9.1
Chemicals and drugs
13
+3.0
+1.6
-tame week in 1925. Additional details follow:
-1.6
Explosives
3
-1.8
+5.3
+7.3
Miscellaneous freit ht loading for the week totaled 422,986 cars, a decrease
Paints and varnishes
9
-0.3
-7.9
-7.7
Petroleum refining
leum
C
of 16.746 cars under the corresponding week last year and 3,399 cars below
5 -18.2
-2.7
+10.03
the same week in 1925.
+0.3
+1.1
+0.8
151
+1.2
+1.3
+0.1
Loading of merchandise and less than carload lot freight totaled 271.439 Miscellaneous Industries: products
I.umber and planing mill
25
+1.2
+0.6
-0.6
cars, an increase of 475 care abos e the same week last year and 220 cars
Furniture
18
+3.8
+5.5
-1-1.6
I.eather tanning
above the corresponding week two years ago.
17
+2.8
+4.9
+2.0
Leather products
8
+2.6
Coal loading amounted to 190,929 cars. This was a decrease of 30,987
+3.8
+1.2
Boots and shoes
22
-0.6
-4.7
-4.1
cars under the same week last year but an increase of 6,280 cars compared
Paper and pulp products
19
-0.2
+0.5
+0.7
with the same reriod two years ago.
Printing and publishing
36
+2.3
+2.2
-0.1
Rubber tires and goods
Grain and grain troducts loading totaled 49,902 cars, an increase o.
3
-2.3
-5.8
-3.7
Novelties and Jewelry
3
-1.6
2,368 above the came week in 1926 and 6,599 cars above the same period in
-1.1
+0.5
1925. In the western districts alone, grain and grain products loading
EMPLOYMENT AND WAGES IN CITY AREAS
totaled 35,749 cars, an increase of 3,548 cars above the same week last Compiled by the Department of fitati.nics and Research of the Federal Reserve
Bank of Philadelphia.
year.
Na. of
Increase or Decrease.
Live stock loading amounted to 38.689 cars, a decrease of 2.082 cars
Mawr.
Seq. 1927 over Aug. 1927.
under the same week last year and 5,927 cars below the same week in 1925.
ReportEmployToga
Averred*
Areas
western districts alone, live stock loading totaled 30,904 cars, a
In the
tag.
meet.
Wages.
Wages.
Allentown-Bethlehem-Easton
76
decrease of 1.262 cars under the game week last year.
- .1%
-4.9%
2
-2.95
Altoona
15
-0.4
-1.3
-1.7
Forest products loading totaled 65,029 cars. 6,061 cars below the same Erie
14
-0.6
-0.3
+0.3
Harrisburg
week last year and 6.004 cars below the same week in 1925.
34
+ 1.3
+4.8
+3.3
Hazieton-Pottsville
20
-0.0
Ore loading totaled 52,123 cars, 17,508 cars below the same week in 1926 Johnstown
+0.2
+0.2
12
+5.1
-6.0
-10.5
but 117 cars above the corresponding week two years ago.
Lancaster
31
-2.2
-3.8
-1.6
Coke loading amounted to 9.455 cars, a decrease of 3,835 cars under the New Castle
9
6.7
-12.9
-0.6
Philadelphia
257
same week in 1926 and 3.370 cars below the same period in 1925.
+1.1
+1.6'
Pittsburgh
90
-0.0
-4.9
All districts re,•orted decreases in the total loading of all commodities Reading-Lebanon
-4.9
64
-04
-9.5
-9.1
compared with the corresponding period in 1926 but all except the Eastern.
34
-0.9
+1.7
+2.6
Southern and Southwestern districts reported increases compared with the Sunbury
24
-0A-10.6
-9.9
Wilkes-Barre
20
corresponding period in 1925.
+7.5
+ ma
+3.1 •
Williamsport
23
+5.7
+11.7
+5.7 ,
Loading of revenue freight this year compared with the two previous Wilmington
30
0.3
-0.4,
-0.1.•
years follows:
York
45
+3.8
+2.6
-1.2
OCT.22 1927.]
THE CHRONICLE
2203
EMPLOYMENT AND WAGES IN DELAWARE.
(Compiled by Federal Reserve Bank of Philadelphia.]
No. of
Increase or Decrease.
Plants
Sept. 1927 over Aug. 1927.
ReportEmployTotal
Average
Industrymen!.
Wages.
Ow.
Wage
-v.
All industries
+4.0%
29
+2.6%
-1.4%
Foundries and machinery products......_
4
+4.5
+3.8
+8.5
Other metal manufactures
-1.5
+2.1
-3.5
5
Food industries
-31.9
3
+169.6
+83.7
Chemicals, drugs and paints
3
+2.1
-2.8
+5.1
Leather tanned and products
3
+4.1
+0.6
+3.4
Printing and publishing
4
-1.0
-1.9
+0.9
Miscellaneous industries
+2.2
7
+2.8
+0.6
than a year ago, the small marketings of livestock, together with lower
prices for hogs and lambs make it appear certain that income from livestock marketings was smaller in September 1927 than in the Corresponding
month last year. Hog prices were $2.25 per hundred weight higher in
September than in August, but were lower than a year ago. Veal calves
and prime butcher steers sold at the highest prices in several years. Prices
of the feed grains were higher in September than a year ago, and stocker
and feeder steers are entering the winter feeding period at a higher price
than in any year since 1$20.
The effects of the rtc.nd volume of crop marketings during September
were shown in debits to individual accounts at representative cities, which
reached a new high total for the month of SetpcmSer. Aberdeen, Billings;
MAN-HOURS AND AVERAGE HOURLY WAGES IN PENNSYLVANIA.
Fargo. Jamestown, Minneapolis. Minot, and Winona all reported large
(Compiled by the Federal Reserve Bank of Philadelphia and the Department of September debits to individual accounts that in any previous Septemher.
Labor and Industry. Commonwealth of Pennsylvania.)
and the volume at Duluth was only slightly under the previous record
for the month.
Increase or Decrease
No. Sept. 1927 over Aug. 1927.
The majority of other indexes of business conditions which are available
of
Total
Average at the present time indicate decreases as compared with a year ago. Sept
Plants
Man
Hourly
Group and Industrytember shipments of flour and linseed products fr m Minneapolis an'd
Reporting.
Rates.
Hours.
All industries (42)
491
-2.4%
-0.3% freight car loadings of ore, forest products, coal and coke in the northMetal manufactures
western district were all smaller than in the corresponding month last
199
-4.2
-0.8
Automobiles, bodies and parts
15
+1.6
+0.8
year. and car loadings of merchandise and miscellaneous commodities
Car construction and repair
12
-2.2
-2.7
were only 1% larger than a year ago.
Electrical machinery and apparatus
+0.9
13
+0.8
Engines, machines and machine tools
Building permits were 17% larger in September than in the same month
29
-9.8
0.0
Foundries and machine shops
42
last year, but building contracts awarded were 40% smaller. The largei
+1.6
-9.7
Heating appliances and apparatus
7
+0.5
-2.6
valuation of building permits, as compared with last. year, was due to
Iron and steel blast furnaces
9
-6.1
+0.7
Increases outside of Minneapolis and St. Paul. Nine of the 13 smaller
Iron and steel forgings
6
-19.2
-6.7
Steel works and roiling mills
cities which have reported on September permits showed larger valuations
22
-1.1
-2.1
Structural Iron works
•
r
11
-14.0
+0.5
than in September a year ago.
Miscellaneous iron and steel products
17
-0.5
-6.6
Oct. 1 United States Department of Agriculture crop forecasts for
Shipbuilding
3
-4.1
-7.0
Hardware
corn reflected the favorable September weather in this district with an
6
+1.7
0.0
' Non-ferrous metals
7
increase of 15%, or 32.000.000 bushels over Sept. 1 forecasts for our heavy
-3.0
+3.8
Textile products
+0.2
+1.0
73
corn producing States. Minnesota and South Dakota. The increase
Carpets and rugs
+2.7
5
+5.8
for the whole United States was only 6%, or 147.000,000 bushels. If
Clothing
+3.9
11
-0.8
- Cotton goods
the Oct. 1 corn forecast are realized, the South Dakota 1927 crop will be
12
+3,0
-2.1
Bilk goods
22
-0.7
+0.9
larger than the Minnesota crop for the first time since 1917. Duruth
Woolens and worsteds
8
+3.0
+2.1
wheat estimates for our four States were reduced, but the reductions Imre
Knit goods and hosiery
10
- --5.0
,
+0.4'
more than offset by increases in bread spring wheat, with the result that
Dyeing and finishing textiles
5
-2.6
Foods and tobacco
all spring wheat increased more than 3,600.000 bushels.
43
+3.5
-0.8
Bakeries
Confectionery and ice cream
Slaughtering and meat packing
Cigars and tobacco
Building mateal4110
Brick, tile and terra cotta products
Cement
Glass
Construction and contracting
Buildings
Street and highway
General
Chemicals and allied products
Chemicals and drugs
Paints and varnishes
Petroleum Rainuing
Miscellaneous industries
Lumber and planing mill products
Furniture
Leather tanning
Leather products
Boots and shoes
Payer and pulp products
Printing and publishing
Rubber tires and goods
18
10
9
6
33
14
7
12
29
16
4
9
19
10
6
3
95
18
15
9
5
+0.5
+6.9
+1.5
-3.5
-2.0
+3.4
-6.3
+0.1
+10.1
+2.3
+28.6
-3.0
-7.8
+1.2
-10.1
-9.1
-0.3
-6.5
+6.2
+0.1
+3.5
-0.8
-2.5
+2.4
+2.7
+0.7
-0.6
0.0
+1.5
-1.5
-2.7
+8.2
+0.6
+4.5
+0.2
+0.3
+6.3
+0.4
-0.8
-0.9
+0.4
10
12
-4.7
+0.9
0.0
-0.3
+1.1
23
3
+3.0
+1.0
-4.5
Farm Hands in Excess of Demand-Average Wages.
Farm hands have been slightly in excess of the demand this
year, due largely to the lower volume of industrial employment, according to the Bureau of Agricultural Ecanomies,
United States Department of Agriculture. The supply for
the United States is reported at 2.3% larger than demand.
Farm wages are reported by the bureau at 75% higher than
the 1910-14 pre-war level, but farm wages are still well below
relative industrial wages. The index of farm wages on
Oct. 11927, is placed at about 85% of Oct., 1919, whereas
the index of the average weekly earnings of New York State
factory workers in August this year was about 119% of the
1919 level. Farm wages per month, with board, are reported at an average of $35.68 for the United States; wags
per month, without board, $49.77; wages per day, with
board, $1.96, and wages .per day, without board $2.53.
The highest pay per month, without board, is in the Far
Western States at $78.33. The highest per day, without
board, is $3.62 in the North Atlantic States.
Automobile Models and Prices.
••
The White Motor Co. has introduced a new express
truck of 1.j tons capacity, known as model 57. It his a
4
-cylinder motor and wheelbase of 141 inches. The chassis
sells for $2,725.
The Auburn Automobile Co. now has a complete line
.
priced as follows: 6-66 roadster $1,095; 6-66 cabriolet $1,295
6-66 sport sedan $1,195; 6-66 sedan $1,295; 8-77 roadster
$1,395; 8-77 cabriolet $1,595; 8-77 sport sedan $1,495; 8-77
sedan $1,695; 8-88 roadster $1,995; 8-88 cabriolet $2,095;
-passenger
S-88 sport sedan $2,095; 88-8 sedan $2,195; 8-88 7
sedan $2,595. Freight, tax and equipment extra.
Automobile Production Shows Heavy Reduction. :
September. production (factory sales) of motor vehicles in
the United States, as reported to the Department of Commerce by the National Automobile Chamber of Commerce,
was 257,577, of which 225,013 were passenger cars and 32,564
were trucks. In September last year the production was
396,357 ears. Except for August and Sept. 1927, the tabte
below is based on figures received from 153 manufacturers
in the United States for recent months, 53 making passenger
cars and 118 making trucks (18 making both passenger ears
and trucks). Figures for passenger cars include taxicabs an:d
those for trucks include ambulances,funeral cars,fire apparatus, street sweepers and busses. Canadian figures have beezi
supplied by the Dominion Bureau of Statistics.
AUTOMOBILE PRODUCTION
(Number of Machines)
Canada (a).
United States.
,
Passenger
Total.
Trucks.
Cars.
Total.
300,612
354,432
422,728
430.523
417.214
380.372
354,394
422,294
393.357
Passenger
(Jars.
Trucks.
1926.
Agricultural and Financial Conditions in Minneapolis
Federal Reserve District-Early Crop Movement
Brings Into September Volume of Business Generally Realized in October.
The preliminary summary of agricultural and financial
conditions issued by the Federal Reserve Bank of Minneapolis on Oct. 14 says:
The 1927crop is moving to market with extraordinary rapidity. More than
one-fourth of the cash crop production was marketed during August and
September: and freight car loadings of grain and grain products in the
north western district during the four weeks ending Sept. 24 made a new
high record for mtritetings during that portion of the crop year. This
early movement of the large 1927 crops has brought forward a considerable
volume of business into September which under ordinary circumstances
would fall in the month of October.
The cash value of wheat, rye, flax and potatoes marketed during September 1927 by farmers in this district was $95.000,000. This amount was
four times as large as the value of the marketings in August, nearly twice
as large as the value of marketings in September 1926, and constituted a
new high record for the month of September, according to our estimates
which extend back through 1923. Other farm income during September
did not compare favorably with farm income in September a year ago.
Although it is probable that the value of dairy products was slightly larger
January
February
March
April
May
June
July
August
September
272,922
319.763
381,116
383.907
373,140
339,570
317,006
380,282
350,923
27.690
34,669
41,612
46,616
44,074
40,802
37,388
42,012
42,434
15,479
18,838
22,374
21.502
24.934
21,751
15,208
*15,261
17.495
11,781
14,761
17,989
,17.929
.21,429
13.818
12.953
.12.778
13,624
3.698
4,077
4,385
3,573
3,505
2.933
2,255
*2,483
4,871
Total (9 months)- 3,475,926 3,118,629
357,297
172,842
141,082
31,780
39,577
31,446
26,070
14,670
9.828
7.752
10,595
6,774
6,052
4.075
3.054
1.700
4.54.390 *205,092 *164,483
*40,609
.
October
November
December
329,142
250,950
163,431
4,219,449 3.765,059
Total (year)
1927.
January
February
March
April
May
June
July.
August
September
289,565
219,504
137.361
•
•
234.231 106,100)
37,242
298.765 260,644
38,121
386.84. 341,676
45.165
397.780 353 223
44,557
395,674 352.428
43,246
313,584 273.718
39,886
263.23 , 233.384
,
29.8.55
6'304045 6.271943 b•32,102
6257,575 b225,013 632.564
Total (9 months). 2)151 7311 2 RIM 0IR
342.718
15,376
18.655
23.250
24,611
25,708
19,208
10,937
12.526
11,262
11,745
14.826
19,723
20,890
'21.991
16,470
4.719
10.129
8,681
3,631
3.829
3,527
3.721
3.717
2.738
2.268
2,387
. .2,581
161_533
133_104
2)1300
a Reported by Dominion Bureau of Statistics. b Totals for -"f t1olud Automoblie
,6
.
Chamber of Commerce members only. • Revised.
2201
THE CHRONICLE
Deliveries of Tires During August Exceed
Production.
Shipments of automobile casings—balloons, cords, fabrics,
solids and cushions—for August exceeded the total putput
for that month,according to statistiCs compiled by the Rubber
Association of America, Inc., from figures estimated to
represent 75% of the rubber and tire industry. Shipments
for that month amounted to 4,843,544 casings compared
with 4,362,044 casings produced. During the first eight
months of this year a total of 34,208,063 casings were
delivered, an increase of 3,880,535 casings, or 12.7%, over
the same period in 1926, while 34,805,856 casings were
produced, oompared with 31,629,007 casings for the first
eight months a year ago. The Association, in its bulletin
dated Oct. 14, gave the following figures:
Month of AVOW,—
Balloons
Corde
Total pneumatic eaatngs_x
Solid and mullion Urea
Total
Inner Tubes—
Low preasure
High preesnre
Total
First Rigla Months—
Balloons
Fabrics
Oords
Total pneumatic casinge_x
-Solid and cusbion tires
Total
Inner Talmo—
Low pressure
High preeaure
Totst
a Balloons. cords and fabrics.
1927
1927
1926
1926
Production Shipments Production Shipments
[vol.. 125.
reports received by the National Lumber Manufacturer:,
Association from approximately 500 of the larger commercial lumber mills of the country. The 333 comparably
reporting softwood mills showed no noteworthy change in
production and orders, but a considerable decrease in shipments, when compared with reports from 329 mills for the
week earlier. In comparison with reports for the same
period last year, production and shipments were about the
same, with a notable decrease in new business.
The 141 hardwood operations, when compared with reports
from 129 mills for the previous week, showed increases in
all three items. In comparison with the corresponding week
a year ago, when 125 units reported, there was an increase
in,
in production, a decrease in shipments and new business
was about the same, the
Association declares,
adding further data as follows:
Unfilled Orders.
The unfilled orders of 226 Southern Pine and West Coast mills at the
2,209,580 2,413,700 2,020,347 2,167.943 end of last week amounted to 554,542,653 feet, as against 561.045.942
2.059.868 2,250.576 2,246,111 2.581,574 feet for 226 mills the previous week. The 108 identical Southern Pine
4,313,758 4.795.171 4,404.286 5,057.846 mills in the group showed unfilled orders of 204.636.160 feet last week,
48.286
48.373
43,579
56,119 as against 205,312.000 feet for the week before. For the
118 West Coast
4,362,044 4,843,544 4,447,865 5,113.965 mills the unfilled orders were 349,906.493 feet, as against 355,733,942
feet for 118 mills a week earlier.
1,883.417 2,445.670 2.024.197 2,321,747
Altogether the 331 comparably reporting softwood mills had shipments
2,976,393 3,541.012 3,543,903 4,862.692
88%. and orders 85%. of actual production. For the Southern Pine
4,859,810 5,986,682 5,568,100 7,184,439 m018 these percentages were respectively 93 and 92. and for the West
Coast mills 80 and 79.
Of the reporting mills, the 192 mills of four associations, with an es19.120,485 17,846,960 15,201,598 13,806,346
521.803 910,020 1.951,594 1,813,936 tablished normal production for the week of 123.978.038 feet, gave actual
14.738.522 15,047.619 14,088.098 14,355,932 production 89%,shipments 85%. and orders 81%, thereof.
The following table compares the lumber movement, as reflected by
34.380.810 33.804,599 31,241,290 29,976.214
mills of seven softwood and two hardwood regional associa425.046
403.464
387.717
351.314 the reporting
tions, for the three weeks indicated:
34.805,856 34.208.063 31,629,007 30,327.528
Corresponding
Preceding Week
19.821,952 18,294.788 17.035.782 14,715,769
Week 1926.
Past Week.
1927 (Revised).
17,949,490 20,464,180 22.481,443 21,919.694
Softwood. Hardwood. Softwood. Hardwood. Softwood. Hardwood.
37.771.442 38.758.968 39.517.225 36.635.463
Rubber Export Restrictions to Remain Unchanged for Next Quarter.—Reported Change in
Production Assessing Plan.
From London Oct. 20 the New York "Journal of Commerce" reported the following advice:
No change will be made on Nov. 1 in the regulations which at present
British
govern the export of rubber frcm Malaya and Ceylon, according to a
confirmed statement from the Colonial Office.
Under the Stef enson restriction plan the standard production which
may be exported frem Malaya and Ceylon will remain at 60% for the
Quarter, which begins with the f.rst of next month. The Colonial Office
reserves the right to make any change on Feb. 1 1928, the first day of the
succeeding quarter, if it is considered that a charge is necessary. Notice
as far ahead as is practicable will be given, the statement continues.
Government territerles concerned will be asked to overhaul the mach:nery
of the restriction scheme with a view to increasing efficiency, and the
Government will be consulted as to whether any alterations are required
In the regulations now in force, the statement adds.
Under date of Oct. 18 the New York "Times" announced
the following Landon advices (copyright)):
A recovery to nearly 1 shilling 5 pence a pound occurred to-day in the
price of plantation rubber as a result of the tightening of the modus operand of the Stevenson restriction scheme.
A more stringent application of the scheme had been advocated by the
rubber producers for some months. It will be effected by a change in
the assessment of the standard of production.
• There is to be a new standard tapping system. Hitherto this has been
one daily cut on a quarter of the circumference of each rubber tree. Under
the modified tapping arran-ement, there is to be one cut on one-half of the
circumference of each tree every third day—a change which is equivalent to a
reduction of 16 2-3%
In practice, however, the aggregate assessment of the Malayan plantations may not be reduced to the full extent of this percentage, as rubber
not yet fully mature automatically Is entitled to an increased standard
at each annual reassessment.
The estimated standard of Malayan production for the current restriction year, which closes at the end of this month, for instance, is 340,000
tons. For the preceding year the corresponding figure was 301,000 tons.
which,in turn,compared with 280,000 tons for the year ending Oct. 31 1925.
Requisitions 17% of Cuban Sugar.
The "Wall Street Journal" of Oct. 20 announced the fol•
lowing from Havana:
141
341
333
125
329
128
Mills
Production_ 244,981,000 20,808,000 240,234,000 18,991,000 247,630.000 19,219,000
Shipments 215.864.000,19,656,000 224,501.000 22,280.000 239,523,000 18,567,000
207,834,000122.014,000 238,074,000 22,199,000 212.117,000 20,092,000
Orders
The mil s of the California White and Sugar Pine Association make
e•kly reports, but not being comparable, are not Incllded in the foregoing
tables. N neteen of these mills, representing 62% of the cut of the California pine region, gave their production for the week as 25.298.000. ship-2.000, and new business 20,899.000. Last week's report from
ments 23.8
15 mills, representing 55% mf the cut, was: Production, 22.449,000 feet:
shipments, 19.334.000, and new business. 19 241.000.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 118 mills reporting for the week ended Oct. 15 was 21%
below production, and shipments were 19% below production. Of all new
business taken during the week,44% was for future water delivery, amounting to 42,758.560 feet, of Which 30.747,626 feet was for domestic cargo
delivery, and 12.010,934 feet export. New business by rail amounted to
49,187.040 feet, or 51% of the week's new business. Forty per cent of the
week's shipments moved by water, amounting to 39.218,863 feet, of which
25,746,788 feet moved coastwise and intercoastal, and 13,472,075 feet export. Rail shipments totaled 55,905,838 feet, or 55% of the week's shipments,and local deliveries 5,287,734 feet. Unshipped domestic cargo orders
totaled 103.749,438 feet. foreign 125,731,478 feet, and rail trade 120,425.577
feet.
Southern Pine Reports.
The Southern Pine Association reports from Now Orleans that for 108
mills reporting, shipments were 6.59% below production and orders were
7.61% below production and 1.09% below shipments. New business taken
during the week amounted to 61,173,760 feet (previous week 47,104.000):
shipments. 61,849,600 feet (previous week, 56.360,960); and production,
86,211.827 feet (previous week, 61,6 8,015). The normal production of
these mills is 72,213,038 feet. Of the 106 mills reporting running time. 56
operated full time, 20 of the latter overtime. Three mills were shut down,
and the rest operated from one to sif days.
The Western Pine Manufacturers Association of Portland, Ore., with one
less mill reporting, shows slight decreases in all three factors.
The California Redwood Association of San Francisco. Calif.. reports
some decreases in production and shipments and new business considerably
less than that reported for the preceding week.
The North Carolina Pine Association of Norfolk. Va., with five more
wills reporting, shows a marked increase in production, a substantial increase in shipments and new business slightly below that reported for the
week earlier.
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
reports some decreases in production and shipments and a fair gain in new
business.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis. (in its softwood production) with two fewer mills reporting,
shows a notable decrease in production, shipments about the same and a
marked decrease in new business.
The Sugar Commission has issued an order for all sugar mills to re-ort
Immediately the amount of sugar they have on hand. in national territory,
,
Hardwood Reports.
whether sold or unsold. Its purpcse is to set aside 17% of the total to be
The Northern Hemlock and Hardwood Manufacturers Association of
placed at the disposition of the Sugar Export Corperation to cover the sale
Oshkosh. Wis., reported from fifteen mills (two fewer mills than reported
of 160.000 tons to England recently made.
President Machado has signed loot. 191 the decree placing new tariff the previous week), a noticeable decrease in production and shipments
"Gazette" they will be and a good gain in new business.
schedules into effect. After publication in official
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
put in force in about five days. New schedule has been studied for more
than a year, Congress having passed a law rutting rrwer into the Presi- from one hundred and twenty-sif mills (fifteen more mills than reported for
'dent's hands to derive a new schedule as slon as the Tariff Commission hzd the week before) material increases in production and shipments and a
agreed 011012 rates. It is understood sihedule incltdes increased rates on nominal increase In orders. The normal production of these units is
21,168.000 foot.
various articles imported from the United States.
- - -West Coast Lumbermen's Association Weekly Report.
Little Change in Week's Lumber Survey.
One hundred and eighteen mills reporting to the West
There was little change in the actvities of the lumber
industry for the week ended Oct. 15, when compared with Coast Lumbermen's Association for the week ended Oct. 8
reports for the preceding week, according to telegraphio manufactured 131,646,709 feet, sold 111,774,248 feet and
OCT.22 1927.]
THE CHRONICLE
2205
shipped 127,085,766 feet. New business was 19,872,461
feet less than production and shipments 4,560,943 feet less
than production.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS,
SHIPMENTS AND UNFILLED ORDERS.
Sept. 24.
Week EndedOct. 8.
Oct. 1.
Number of mills reporting
118
120
119
Production (feet)
131,646,709 125.593.635 124,448,239
New business (feet)
111774,248 118,097,732 112,571.065
Shipments (feet)
127.085.766 120,176,008 115,299,481
Unshipped Balances
Ball (feet)
131,346.493 126,483,478 131269.450
Domestic cargo (feet)---- 95,952,768 117,317.417 131.381913
128.434.681
125,855,358 112,560.375
Export (feet)
Total (feet)
355,733,942 369,656,253 375.211,738
First 40 Weeks of1927.
1926.
1925.
Average number of mills_
91
106
115
3 517,260,782 4,211,378,728 4,038,470,935
Production (feet)
New business (feet)
3,555,833,187 4,314,812,213 4,164,903,690
3 538,335,991 4,306917,303 4,198,346,379
Shipments (feet)
While more than the current output was moving into channels of consumption, the report shows that stocks of goods declined and unfilled orders
increased.
Stocks on hand at the beginning of the year amounted to 247%234.000
yards. Stocks on hand September 30 amounted to 201.920.000 yards. a
decrease of 18.3%.
Unfilled orders on Jan. I were 324,943,000 yards. On Sept. 80 unfilled
Sept. 17.
120 orders amounted to 479,368,000 yards, an increase of 47.5%
122,134.027
By the addition of upwards of 100 other kinds of standard cotton textile,
111.431497
111,981,744 since the beginning of the year the reports compiled by the Association now
Provide more comprehensive statistics of the industry than have been
130.012.621 available hitherto. This additional information has been made possible
126,772.778
118.459.416 through the co-operation of The Cotton-Textile Institute, Inc. which is
compiling reports from mills not previously reporting to the Association
375.244,815 and also from additional reports now furnished by members of the Associa1924.
tion. The consolidated report now includes more than 300 standard kind*
123 of cotton cloth and represents a large proportion-in some cases more than
3,747,228,8'8 90% of the production and sale of these cloths in the United States.
3.764,422,697
3,890,239,820
Census Report on Cotton Consumed in September.
Under date of Oct. 14 1927 the Census Bureau issued its
report showing cotton consumed, cotton on hand, active
cotton spindles and imports and exports of cotton for the
month of September, 1927 and 1926. Cotton consumed
amounted to $627,321 bales of lint and 78,260 bales of linters,
compared with 570,570 bales of lint and 74,806 bales of linters
in September 1926 and 633,434 bales of lint and 73,987 bales
of linters in August 1927. It will be seen that there is an
increase over September 1926 in the total lint and linters
combined of 60,205 bales, or 9.3%. The following is the
statement complete:
COTTON CONSUMED AND ON HAND IN SPINNING MILLS AND IN
OTHER ESTABLISHMENTS, AND ACTIVE COTTON SPINDLES.
(Linters not included.)
The statistics of cotton In this report are given In running bales, counting round as
half bales, except foreign cotton, which is in equivalent 500 pound bales.
Cotton Consumed
During (Bales)Locality.
Year
Septemher.
Cotton on Hand Sept. 30.
Cotton
Sp! tales
Two
In Consum- In Pu)lic
Acti 'e
Months
tap Estab- Storage & at
Du lag
.Ending
lishments
Compresses September
Sept. 30.
(Bales).
(Bales).
(Num ,er).
United Stateo....{ .927 *627,321 *1,260,755 *1,118,776
1926 570.570 1.070,823
936,441
*3,964,680
3,287.285
32,343,414
32.146,748
Cotton-growing
1927 462,213
926,411
732,313
3,672,929 17,725,348
t926 411,213
770,707
569,296
3,110,225 17,150,606
States
New England
1927 136,243
277,290
325,093
79,078 13,159,678
249,871
314,433
States
1926 133,155
103,475 13,537,904
61,370
1,458,428
Al other States 1 t927 28,865
57,054
212,673
1 1926 26,202
52.712
73,585
50.245
145 23C
"
* Includes l9,13.341 hg . 7..O., other for., and 1,30, itin-c4i. COudaluied; aZ,ZU •
21.896 other for. and 3.474 Am-Eg. in consuming est.; and 17,556 Kg., 7,211 other
for. and 3.042 Am-Kg. in public storage. Two-months consumption, 42,085 Ego
13,807 other for., and 2,589 Am-Kg.
Linters not Included above were 78,260 bales consumed during September In 1927
and 74,806 bales In 1926; 147.321 bales on hand In consuming establishments on
Sept. 30 1927. and 100,318 bales in 1926; and 38.914 bales in public storage and at
compresses in 1927 and 38,457 bales in 1926. Linters consumed during two months
coding Sept. 30 amounted to 152,247 bales in 1927 and 148.338 bales in 1926.
IMPORTS AND EXPORTS OF COTTON AND LINTERS.
Imports of Foreign Cotton (300
-Pound Bales).
September.
Country of
Pioduaion.
2 Mos. End. Sept. 30.
1927.
1926.
1927.
Total
28.346
10,007
56.387
23,276
Egypt
Peru
China
Mexico
British India
All other
18,312
3,502
1,353
54
4,635
490
2,334
1,314
104
5.067
1,100
88
34.764
8,285
2,850
54
9.840
504
11,398
2,183
292
5,420
3,915
89
1926.
Activity in Cotton Spinning Industry for September
1927.
The Department of Commerce announced on Oct. 20
that, according to preliminary figures compiled by the Bureau of the Census, 36,562,232 cotton spinning spindles were
in place in the United States on Sept. 30 1927, of which 32,343,454 were operated at some time during the month, compared with 32,239,246 for August, 32,324,426 for July,
32,756,862 for June, 32,905,256 for May, 32,886,984 for
April and 32,146,746 for September 1926. The aggregate
number of active spindle hours reported for the month was
8,761,346,598. During September the normal time of operation was 25 days (allowance being made for the observance
of Labor Day in some localities), compared with 27 for
August, 25 1-6 for July, 26 for June, 25X for May and
25 2-3 for April. Based on an activity of 8.78 hours per
day, the average number of spindles operated during September was 39,132,371, or at 107.0% capacity on a single shift
basis. This percentage compared with 103.5 for August,
99.1 for July, 109.3 for June, 108.9 for May, 105.6 for April
and 98.5 for September 1926. The average number of active
spindle hours per spindle in place for the month was 240.
The total number of cotton spinning spindles in place, the
number active, the number of active spindle hours and the
average spindle hours per spindle in place, by States, are
shown in the following statement:
4s41if
.
al i
Spinning Spindles
r
Active Spindle Hours for Sept.
In place
Sept. 30.
Active during
September.
Total,
Ass'. pee spindle
in rags.
United States
36.562,232
32,343.454
8.761,346.598
240
Cotton growing States_
New England States
All other States
18,228.592
16.680,864
1,652.776
17,725.348
13,159.678
1,458.428
5.796.140,201
2,645,704,965
319,501.432
318
159
193
Alabama
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
New Jersey
New York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States
1,541,022
1,167,016
2,983,832
1,118,316
10,363,298
175.492
1,419,866
378,660
870,800
6.205.924
2,467,560
5,408.722
588,292
270,496
713,398
889.538
1,496,336
1,057,358
2,906,120
930,436
7.933,634
153.432
1,096.788
363,008
728,306
6,037,612
2,024,558
5,327,066
569.654
242,204
687,934
789.008
446,198.850
217,087.457
911,293.099
168,591,060
1.574.983.571
52.875,908
232.524,759
62,502.164
173.084,486
2.013,676.242
437,524,175
1.883.933.513
168,956,580
79.474.736
160,180,809
186.453.189
290
186
305
142
152
301
164
165
199
324
177
348
287
294
225
212
Exports of Domestic Cotton and Linters
-Running Bales (See note for Mien).
September.
Country to Which
Exported.
2 Mos. End. Sept. 30.
1927.
1926.
1927.
1926.
Total
631,041
794.584
971,352
1,185.879
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
64,391
80,331
26,734
261,185
106,763
77,428
14.209
181,535
69.698
49,887
268.589
126,239
75.806
22,829
108,953
127,483
48,118
346,398
214.867
91.587
33,968
238,862
119,694
83,947
378.906
216,343
107.504
40,623
Note -Figures Include 10.754 bales of Buten) exported during Sept. in .927 - ncl
5,149 bales In 1926, and 29,145 bales for the 2 months ending Sept. 30 in 1927 and
11,340 bales in 1926. The distribution for Sept. 1927 follows: United Kingdom.
116; Netherlands, 291; France, 1,154; Germany, 7.804; Czechoslovakia. 162:
Italy, 225; Canada, 997; Mexico, 1; Swtizerland, 2: Panama, 2.
Crude Oil and Gasoline Prices Remain Practically
Unchanged.
Market prices for crude oil and gasolina remained undisturbed during the week just ended. In the Chioago wholesale market quotations on Oct. 21 stood as follows: United
States motor grade gasoline 6@6K kerosene 41-43 water
4c;
w..ite 06(0)4%c; fuel oil 24-26 gravity 85o.
Gross Crude Oil Stock Changes for the Month
of September.
Pipe line and tank farm gross domestio crude oil stooks
WORLD STATISTICS.
east Of the Rocky Mountains increased 5,235,000 barrels
The estimated world's production of commercial cotton exclusive of linters. grown
in 1926. as compiled from various sources, is 27.900.000 bales of 478 pounds of lint, in the month of September, according to returns compiled
consumption of Cotton (exclusive of linters in the United States) for the
while the
by the American Petroleum Institute fr.= reports made
year ending July 31 1926 was approximately 23,940,000 bales of 478 pounds of lint.
The total number of spinning cotton spindles, both active and idle, is about 164,000.- to it by representative companies. The net change shown
000.
by the reporting companies accounts for the increases and
decreases in general crude oil stocks, including crude oil in
Sales of Cotton in First Nine Months of Year.
That a large volume of cotton goods has been manufactured transit, but not producers' stocks at the wells.
and sold during the first three quarters of this year is indicated in a statistical report for this period just, compiled Changes in Stocks at Refineries East of California
for the Month of,September.
by the Association of Cotton Textile Merchants of New York,
The following is the American Petroleum Institute's
which says:
Sales of standard cotton cloth during the nine months ending Sept. 30. summary for the month of September of the increases and
amounted to 2,508,454.000 yards. This was 108.6% of production which decreases in stocks at refineries covering
approximately
was 2,308,715.000 yards. Shipments amounted to 2,354,029,000 yards,
87% the operating capacity east of California,
or led% Of production.
. •
_
2206
Barrels of 42 GallonsDomestic crude oil
Foreign crude oil
Gasoline
Kerosene_
Glts and fuel oils
Lubricating oil
Miscellaneous
THE CHRONICLE
Increase,
1 445,000
Decrease.
75,000
2,257.000
523.000
,
1,697,000
30,000
1,076,000
"Total
Deduct
3.142.000
(VoL. 125.
drab market of oil country and line
Not since April 1923, have there
been until now serious recessions from the'PIPe
schedules then established:
The price uncertainties in strip steel r ppehf
to have checked buying already curtailed by the relatively low current
demand from the automobile
trade. Concessions of as much as $.3 a ton, on
orders of no great size, are
reported from the 2.10c. price for wide hot-rolled
strip and 2.30c. for the
narrow strip.
3,961.000
3,142.000
The cuts in sheets developed In the last two
weeks.have not stimulated business. In the East further concessions
have been made to jobbers on
the black and galvanized products.
819.000
Sales in September of the independent sheet
makers, however, were 45%
ahead of July and 25% ahead of the average of
cr,pile Oil Output Reveals Another Large Decrease.
July and August. They exceeded both production and shipments for
September. by 17% fir'the
An estimated decrease of 32,450 barrels has occurred in one case and-12% In the other.
The
the daily crude oil output, according to advices received being heavy tonnage products are uniformly being well held, the exception
concessions of $2 on plates
from .the American Petroleum Institute, which estimates As a conspicuous consumer of on some large tank orders west of Chicago. .
bars, the farm machinery
makers, who
promise to take a heavy volume well into
that the daily average gross crude oil production in the
1928, have for the time being
displaced the automobile builders."
United States for the week ended Oct. 15 was 2,494,350
Rail orders Include 30.000 tons for the Union
barrels, as compared with 2,526,800 barrels for the preceding to the Pueblo mill and the rest to Chicago. ThePacific. 13.000 tons going
York Central's lines in Canada and the United 190.000 tons for the New
week. The daily average production east of Californiawas
States may be distributed
this week., The Illinois Steel Co.'s recent
bookings exceed 100.000 tons.
10365,150 barrels, as compared with 1,893,800 barrels, a
The Great Northern is planning to build 2.700
cars at Superior. Wis..decrease of 32,450 barrels.
he following are estimates of and the first boat load of 5,000 tons of steel for these has arrived at Duluth
daily average gross production by districts for the weeks from Buffalo.
Without the 56,000 tons awarded for the bridge
to be built across the
indicated:
Hudson River at New York, structural steel bookinga
of the week were
DAILY AVERAGE PRODUCTION.
22.000 tons, the lowest since August. New projects
Include 25.000 tons
(In Barrels)
Oct. 15 '27.
Oct. 8 '27.
Oct. 1 '27. Oct. 16 '28. far three office buildings and a hotel In Toronto
and 8.000 tons for a Chicago
Oklahoma
790.200
807,000
809.700
486,150 hospital.
Kansas
104,750
104,800
105,000
114,300
Panhandle Texas
Nine months sales this year. according to the Department
90.200
90.650
90.200
154.650
of Commerce.
North Texas
82,150
83.000
82,700
89.700 covered 2.048.000 tons of fabricatel steel, compared with 1.930.000
West Central Taiga
tons
62,400
64,050
65,350
55,250 for the same period of 1926.
West Texas
205,950
211.150
208,050
43,900
Pig iron prices continue to decline. Eastern Pennsylvania
East Central Texas
28.700
29.900
30,050
foundry iron
55.900
Southwest Texas
27,350
27,550
28.900
43.650 is 50c. lower, and foundry and malleable grades at Chicago have dropped
North Louisiana
51,600
51,850
52.350
57.000 $1 a ton. Western New York fro Is again invading the Philadelphia
Arkansas
"
101,050
100,200
100,550
149,900 district, where a sale of 2,000 tons was
Coastal Texas
trade at a concession of nearly
120,250
125,250
125,550
154.500 $1.50 a ton from
Coastal Louisiana
recent quotations by euffalo furnaces.
15,200
14,300
15,250
12,250
Eastern
113.000
Prices on silvery pig iron have been reduced $1..50 to $2
112.000
110,500
109,000
a ton depending
Wyoming
50.000
49.050
54.900
65,250 on the grade, while Bessemer ferrosileon has gone down $2.
Montana
Continued
13,750
13,750
13,800
20.800 weakness in spiegeleisen has
Colorado
been reflected in another recession of $1 a
6,400
6.700
6,850
7,900
New Mexico
2.200
2.600
1,950
5,750 ton to $30. furnace, fir 20% rraterial.
California
629.200
633.000
Heavy melting scrap has decliaed 50c. a ton at Pittsburgh.
635.300
608,300
Detroit and
Birmingham and 25c. a ton at Chicago. The
Total
2,494.350
suspension of shipments
2,526,800
2,536.950
2,234,150 against contracts Is
complicating a situation in which consumption Is
The estimated daily average gross production of the Mid-Continent field,
receding faster than scrap output. A Cleveland
null has e.tended an emincluding Oklahoma. Kansas. Panhandle, North, West Central, West Texas,
bargo on deliveries of steel-making scrap to blast
furnace material
East Central and Southwest Texas, North Louisiana and Arkansas, for the Chicago,
At
where there is a heavy flow of scrap from the
railroads, ills becomweek ended Oct. 15, was 1.544.350 barrels, as compared with 1.570,150 ing increasingly
difficult to find outlets for material. Yard
operations have
barrels for the preceding week, a decrease of 25.800 barrels. The Mid- been entirely
suspended by two Buffalo dealers, and others
are running
Continent production, excluding Smackover. Arkansas heavy oil, was at only half of
capacity.
1,466.800 barrels as compared with 1,492,050 barrels, a decrease of 25,250
Reduced export freight rates from Pittsburgh to Atlantic
seaboard are
barrels.
promised, in the order of $4.10 a ton against a present
rate of 25.10.
The production figures of certain pools in the various districts for the
Both of the "Iron Age" composite prices make new lows
this week, that
current week compared with the previous week follow (figures in barrels for pig iron declining
from $18.09 to $7.84 a ton and that for finished
steel
of 42 gallons):
from. 2.331c. to 2.307c. a lb. Not since 1916 has pig
Iron been so low.
tyclahontaOct. 15. Oct. 8.
Southwest TexasOct. 15. Oct. 8. The usual conflux/Ito price tables staid as follows:
Nqrth Braman
2,600 2,650 Luling
15.050 15,200
Sontli Braman
Finished Steel,
2,400 2.400 Laredo District
8,800 8.950
Mg Iron.
Topkawa
Oct. 18 1927. 2.307c. per Lb.
18.050 18,800
North LouisianaOct. 18 1927. $17.84 per (iron Ton.
Garber
One week ago
10,400 10,800 IlaynetwIlle
2.331e. One week age
7,150
7.100
$18.09
One month ago
35,000 35,050 Urania
Burbank
2.3160. One month ago
9,300 9,750
18 00
Bristow Slick
One year &Ku
24,900 24,900
at rkansas2.451e One year ago
19.71
Cromwell
10-year pre-war average
11,600 11,800 Smackover, light
1 6890.110-year pre-war average
10,000 9,600
16.72
Based on steel bars, beams, tank plates,
Wewoka
Smackover, heavy
Based on average
77.550 78,100
Seminole ________
plain wire. open-hearth rails, black pipe Valley furnace and of bade Iron at •-•
68.950 70,150
Coastal Texas
foundry Irons at
130,950 136,700 West Columbia
Bowlegs- -c
9,000 10,000 and black sheets, constituting 88% of Chicago. Philadelphia; 'Buffalo.
Vella
Searight
29.7
30.600 Blue Ridge
and Birmingham 3,750 4,000 the United States output.
Little River
Pierce Junction
4
39
.
3.
7 550
7,950 8,350
Earisborb
__172.400 178,600 Hull
16,000 16,950 1927_2.453c. Jan. 4: 2.307o. Oct. 18 1927_319.71 Jan. 4: $17.84 Oct. 18
Panhahdle Texas,
SpindlatoP.
49,200 52,950 1926_2.453c. Jan, 5; 2.4030. May 18 1920._ 21.54 Jan. 5; 19.40 July 18
Hutchlniou County...-. 66.300 69,100 Orange County
2.396e Aug. 18 14125._ 22:50 Jan
4,400 4,400 1925_2.660c. Jan.
1924_2.789e. Jan. 15; 2.4600. Oct. 14 1024.. 22.88Feb. 13: 18.4/6 July 7
Carson coiinty. ,
__
8.400 8,500
Wyoming
6,
1923__2.8240. Apr. 24: 2.446c. Jan. -2 1923... 30.86 Mar 20: 19.21 Nov. 8
14,100 11,550 Salt Creek
.32,600 31,300
20.77 Nov 20 •
Wheeler:,
1,350
1,500
MontanaWest central Tenn-An unusually good week in structure' steel has averted
Sunbugat
11,500 11.500
Drown County21,500 22,000
California
settling of finished steel demand to a still lower level.
Shackelford Counw ---_ 5.200 5,450 Santa Fe Springs
39,000 38.500 a
''
West Taps-- . •
Long Beach
91.500 92.500 asserts the "Iron Trede Review" of
Reagan tounty-_,----- 23,250 23,200 Huntington Beach
Cleveland this week.
.63,000 63,000
Feces County_
27,100 27,100 Torrance
20,500 20,500 The 61,800 tons placed with a Pittsburgh
fabricator for the .
Crane Jc Upten Co5nties:132,200 137.850 Dominguez
.
15,000 15,000
Wiakier
10,500 8,550 Roseerans
8,000 8.000 towers and floor of the Htidsoil River Bridge at New York
Fast Central Texas
,
Inglewood
33,000 33,00e sets'a new high record in
structure awards. Bridge-and
Corsicana Powell
14,000 14,700 Midway-Sunset
84,000 84.000
Nigger Creek
1,500
1.600 Ventura Avenue
56,200 57,500 structural work pending at Cleveland
totals 23,000 tons.
Seal Beach
62,000 88.000
Net decrease
Jr
I
Three bridges in the Mississippi Valley and .another
at
New York promise further tonnage, reports the "Iron'Trade
Variety of Steel Orders and Irregular Prices Indicate a Review" of Oct. 20 from which
we quote further as follows
',Turn in the Market-Prices Decline.
New business in other finished steel lines, in the
aggregate, has been
lighter the past week and operations In some branches
:Two develepnients of the week are taken to indicate that are nearer 50 than 60%. A sign
of the industry
that will grow more
a'turn in the steel market is imminent, declares the Oct. 20 quarter wears on is the passing of some recent rail hopeful as the last
orders to the Chicago
mills
"Iron Age" in its weekly resume of events in the iron and nage for rolling, with a consequent slight gain in ingot production. Tonusers
steel trade. One is a rather pronounced movement of mis- automotive of steel generally remain aloof from the market, and in the
industry the tendency is downward.
cellaneous ordering of all products, and the other is a heavy
Prices, especially of the lighter steel products, have
become more sensitive to slack demand and the market Is becoming
leaning toward weakness in prices, with a virtual confusion
increasingly difficult
to ascertain. To corral attrative business
producers frequently offer
in this respect in strip steel and pipe, the result more of sharp concessions, then return to the stated
levels. Irreprlaritles In sheets,
cbmpetition among makers than of the pressure from buyers. strip, pipe and wire products are more marked. Many
buyers are pressing
There are instances of specifications and new buying so for further reductions.
Pig iron
are becoming resigned to a
dragging market until
volume ahead of the corre- first quarter buying develops. Large
far this month being 10% in
melters in most districts
sponding period of September and in the case of companies small lots frequently instead of covering ahead. The recentare placing
reduction
of $1 Per ton at Chicago has
limited way. Discounting ex- selling measure. Carryoverproved more of a defensive than an aggressive
serving railroads only in a
iron from the third
quarter is retarding
pansion in automobile production in November or December, sales at Cleveland. Automotive foundries at Detroit are
inciting less
has been
it remains that a railroad car buying movement, not yet in iron. Silvery iron furnace reduced $1.50 to $2 per ton.
Distress beehive
coke has been sold at $2.75
the past week, with
evidence, is depended on to start an active revival,observes lots up to 25 cars at $2.85. Beehive
foundry coke Is weak and not in
demandto
a
otrd$3ers.75
the "Age," adding:
Meanwhile, operations remain substantially unchanged for the industry
ass whole, in the face of some advancing of ingot output in Chicago following releases on recent rail contracts. Several weeks of the giving of suppleMental and preferential discounts now give signs of some stabilization in
pipe prices, without the issuing of a new card, which tvould be retroactive
for 60 days. Buyers of standard merchant pipe have gained an average
of $2 a ton, while variable and greater concessions have ruled in the recently
taken by Pittsburgh makers from
Sheet
users other than car
builders and automotive interests have shown a
slight increase the past
week. Railroads have bought some galvanized
sheets for repair work.
Furniture sheets have followed autobody down to
4.15c. Pittsburgh.
Chicago mills have Cut black and galvanized $2 per
ton and blue annealed
$1, with backlogs not to e(coed a week. September
sales of Independent
sheetmakers totaled 258,427 tom a good gain over
the 177,647 tons of '
OCT. 221927.]
THE
criRoragr,g
August. but production declined from 266.645 tons in August to 220.619
tons In September. Last September orders reached 448.147 tons and
output 307.459 tons.
Makers of both hot and cold rolled strip claim to be back upon established
tevels, following excursions as low as 2.00c. Pittsburgh, on the former
and 2.95c. on the latter.
While soft steel bars have surrendered their market leadership at Chicago
they have regained it at Pittsburgh. where cold bar finishers are the best
-ton pipe line at Newark. N. .7.
buyers. Leading plate demand is a 3.000
The spurt In tankage demand at Chicago has flattened out. with 2.000
to 2.500 tons placed in the past week and as much still on inquiry.
Half of the 30.000 tons of rails placed by the Union Pacific RR. will
be rolled by Chicago mills. The Grand Trunk is inquiring for 10.000
tons. Western mills have begun roiling their share of the recent Chesapeake
& Ohio order. New England roads are expected in the market shortly
with their 1928 requirements. Railroad spikes are off 81 to 2.75c..
Pittsburgh.
A Cincinnati district steelmaker has placed with a foreign maker about
100 tons of ferromanganese for prompt shipment at $88, or $2 under what
bas been considered the market. Spiegeleisen also is weaker, now being
quotable at $31 to $32.
' Ford Motor Co. has released sheets to three makers and forgings to two.
The "Iron Trade Review" composite of 14 leading iron and steel products
is unchanged this week at $35.55.
World's Production of Copper for Month of
Shows Increase Over Last Year.
September
. According to figures compiled by the American Bureau
of Metal Statistics, the total world's production of copper
for the month • of September 1927 amounted to approximately 136,300 short tons, as compared with total output
in August last of about 138,000 short tons and in September
1926 of about 128,200 short tons.
Copper output for the first nine months of this year by
principal countries of the world, which furnished about 98%
of the world's total, amounted to 1,222,132 short tons, as
compared with 1,173,270 short tons in the corresponding
period of 1926, anlincrease of 48,862 short tons. The daily
raterof production, for these countries for the month of
September11927 was 4,433 short tons, as compared with
4,400 short tons-the same month last year and 4,174 short
tons in September 1925. The B areau's figures are as follows:
2207
the recent uneven price situation has been accentuated by an easing following the labor settlement in the Southwest while the I. W. W.uprising In
Colorado has slowed up the filling of a growing volume of orders.
Bituminous production during the week ended Oct. 15 registered a further
Increase, according to the estimate of the National Coal Association. The
figure was 10,575,000 net tons. Estimates of the U. S. Bureau of Mines
for the week ended Oct. 8 placed the total for that per:cd at 10.280,000 net
tons. Cumulative production to Oct. 15 approximated 415,889,000 tons,'
as compared with 434.689.000 tons for the corresponding period in 1926. '
Lake dumpings during the week ended at 7 a. m. Oct. 17 were 926.821
tons of cargo and 42.794 tons of vessel fuel. This brow ht the total dumplogs for the season to date to 29,069,358 tons, as compared with 24.281.110
tons a year ago. During the week ended last Saturday 28 cargoes of bitunii;
nous coal were discharged at the Head of the Lakes. Shipments from the
thcks are being dispatched promptly, so that there is not much misgiving
of congestion developing.
The anthracite trade shows scarcely any change in wholesale demand foe'
domestic sizes in New York, but there are renewed signs of life in Philadelphia market. The mines were able to operate on heavier schedule last
week and accumulations are being reduced. Stove is most active at Nest
York, with chestnut in the lead in the Quaker City. Egg and pea are
easy. Steam sizes are moving well.
•
There has been a further recession In the moyement of both furnace and
reflection of fuel conditions genl
heating coke in the Connellsville market, a
erally as well as of the iron and steel trade. Spot quotations are $2.65.
S1.75 for heating coke, $2.85@$3 for furnace and 14@i4.75 for -foundiY.
,
L mited contracting for fourth quarter blast rurnace4roke is at $3.15.
The anthracite industry has settled down to a -stage of
temperature expectancy. The thermometer has become
the barometer of the market remarks the "Coal and Coal
Trade Journal" on Oct. 20. One-half to three-quartei
time is the prevailing condition at most of the operations,
the "Journal" goes on to say, adding:
Prices are remarkably well maintained considering the vacillation in
demand. It has been a market of extremes so far this season, a rush period
followed by one of exceeding dullness. However: these extremes are disappearing and demand becoming more regular and normal as the season
advances and the out-of-doors. or Nature's thermostat, is set at a figure
that requires heat in homes, to be comfortable. There is some talk of a
less demand and consequently lower production compared with normal
years, but this seems unwarranted. A late report indicates that forty
to fifty per cent of the usual demand for domestic sizes has not been supplied.
The bituminous market has been like the intermittent puffs of wind that
precede the culmination of a great storm. Each puff or effort to create a
better or profitable market during the past few months failed through overproduction in the East. The climax of months of expectancy and hope for
a profitable market came with the settlement of the big or western end of
a'MONTIILY'COPPER PRODUCTION.
The settlement in Illinois, quickly followed by
(By principareountries of the world, which furnished about 98% of world's total.) the six months' strike.
others in Indiana, Iowa and the Southwest, left a market wake of disaster
m
at ."
ias
trade at large has not yet recovered. Railroads and large
from which the
Daily Rate.
Monthty.Production.
industries stopped buying after the settlement. The whole market became
1Weli
t I
1925, 1926. 1927.
1927.
1926.
P •-.1191811111111
1925.
like a slack-wire artist having exceeding difficulty in keeping and regaining
.
his balance. The adjustment is not yet accomplished
143,331 4.204 4,178 4.624
129,518
130,310
January
it would be foolish to say that the operators of Illinois and the West as a
132,870 4,392 4.516 4,745
136,455
122,975
February
whole, or even a majority, are happy over resuming work even temporarily
136.347 4,366 4.346 4.398
134,727
135,359
March
135.729 4,130 4,565 4,524
124,510
APrIl
136.938
under the Jacksonville scale. It is felt that the settlement was forced as a
139,114 4,072 4,402 4,488
May
126,236
136.468
matter of temporary expediency, by large consuming interests whose
134.243 4,189 4,137 4.475
June
124,100
1,25.685
holdings in Illinois mines are so large, rather than with any regard for the
132.186 4,030 4,016 4,377
July
124,483
124,926
135,015 3.955 4,147 4,315
permanent welfare of the operators, miners, the tradeat large or evenAugust
122,618
128,568
133.291 4,174 4,400 4,433
September
125,206
132,013
themselves. Simply a case of taking care of the present and letting Hut
4,459 4.406
October
138,234
136.600
•
future care for itself.
4,434 4,944
November
133.007
148,321
The trade is watching with interest for the,report ofthe Illinois committee
4.252 4,590
December
131,809
142,300
of Nov. 1. With.the disaffection existing
on loading-machine scale as
1,540,875 1,600,491 1,222,132 4,222 4,385 4,477
'Total I
there if no agreement should be reached, and ,with the peak of demand of
115,7.12
Monthly average_ ._
133.374
128,406
the West supplied In the meantime, it would not be surprising If there
'States, Mexico, Canada, Chile and was more trouble in Illinois.. Also with the concentration of activity by
a Table•includes production by the United
Peru. Japan, Australia, Europe (partly estimated) and 'Aelttian Congo.
the miners' officials in the East, it is felt that the strike is anything but set..
tled. Since the stampede In Illinois followed by similar conditions in InIncreaseeTonnage'and Mild Weather Retard Bitum- diana and Iowa, it has been the effort of the miners' officials to settle by
districts, but without so much promise of success as in Illinois. There
inoUs Coal Trade-Anthracite Market Dull.
•
,
may yet be a see-saw for several months,and it Is felt that it nisi take all or
The weakening tendency that appeared in spots following more than the total prodm-tion to
, .”18nd of an average winter:
08 ,
the settlement of the six months suspension of union operations in Illinois, Indiana and the Southwest has become fairly
general in; the bituminous coal markets throughout the
territory east of the Mississippi, observes the Oct. 20 "Coal
Age News" in its general,reView of conditions affeciin
Coal markets. The,.largely increased potential. supply of
tonnagellia,s had a softening effect on prices, with the edge
of consumer interest considerably dulled. Large consumers
of steam coal, having reserves well in excess of current requirements, are disposed to await developments, meantime
picking up occasional lots of distress tonnage. The prevaence of mild temperature has had a deterrent effect on deinand for domestic grades, continues the "News" which
we further ,quote as follows:
Further Increase Reported in Production of
Bituminous Coal-Anthracite Output Falls.
Bituminous coal production showed another gain during
the week of Oct. 8, reaching the level of 10,280,000 net tons,
or 221,060 tons more than in the preceding week, according
to v_e United States Bureau of Mines. In the same week
the production of anthracite declined 48,000 net tons.
Beehive coks production during the week of Oct.8 amounted
to 103,000 net tons, a gain of 7,900 net tons over that
during the week of Oct. 12. The statement•of the Bureau
of Mines follows:
BITUMINOUS COAL.
•
The total production of soft coal during the week ended Oct.8 is estimated
net tons, an increase of 221.000 tons, or 2.2%, over the
at 10,280.000
Price declines were especially marked In the Midwest. with a pronounced revised estimate for the preceding week.
drop in quotations on Indiana coals in the Chicago market, notably on
Estimated United States Production of Bituminous Coal (Net Tons), Thel. Coal Coked.
screenings. Western Kentucky offerings also are weaker in the Middle
1926----------1927.
West as well as in Louisville. The same holds true of eastern Kentucky
Cal.Yr.to Date.
West.
Cal. Yr.to Dots.
Week.
391,12.3,0u°
11,717.000
384,971,000
9,871,000
Sept. 24
coals in the latter market.
1,755,000
1,953,000
1,706.000
1,645,000
the last week. "Coal Daily average
Average spot le mis showed a further decline during
408,131,000
12,008,000
395,034,000
10,059,000
News" index of spot bituminous prices yesterday was 158 and the Oct. Lb
Age
1,762,000
2,001,000
1,705,000
1,677,000
Daily average_
corresponding weighted average price was $1.91. Compared with the Oct.8 c
420,414,000
12,363,000
405,314,000
10.280.000
1,769,000
2,061,000
1.705,000
1.713.000
figures for Oct. 12 this was a decline of 3 points and 4c. or a recession of 13 Daily average._
a Minus one day's production first week in January to equalise number of days in
points and 16c. since Sept. 28.
years. b Revised since last report. c Suble.:1 to revision.
situation in the Cincinnati market presented a somewhat striking the two
The
The total quantity of soft coal produced during the calends" year 1927
contrast to the spiritless tone prevailing in most other trading centres, a
(approximately 238 working days) amounts to 415.314.000 net
drop in temeerature and a decrease in visible supply of tonnage having a to Oct. 8
for corresponding periods in other recent ytas are given
moderately stabilizing effect. high-volatile coals profited most by this tons. Figures
steadying influence, smokeless continuing to hold its own,except for screen- below:
357.316.000 net tons
420,484,000 net tonal 1924
ings, which are weak. Production in the Pittsburgh district is absorbed 1926
439,799,,n0 net tons
376,896,000 net tons 1923
only with difficulty, and prices, already out of line with production costs, 1925
1922
293,638,0011 -A tkns
are relatively unchanged. Atlantic seaboard markets show only featureless
As already indicated by the figur-A above, the total production of soft
routine activity.
for the country as a whole dur ng the week ended Oct. 1 amounted to
Activity is maintained in good style at the Head of the Lakes and a re- coal
10.059,000 net tons as compared with 9.871.000 tons in the preceding week.
newed interest is being shown in anthracite. West of the Missouri River
2208
THE CHRONICLE
Thefollowing table apportions the tonnage by States and gives comparable
figures for other recent years:
Estimated Weekly Production of Soft Coal by Stales (Net Tons).
Total Production for Week Ended
-September
Oct. 1
Sept. 24
Oct. 2
Oct. 3
Average
1927.
1927.
1926.
1925.a
1923.b
Alabama
383.000
379,000
453.000
417.000 405,000
Ark., Kan.. Mo. & Okla_ 238,000
222.000
260.000
229.000
264.000
Colorado
280.000
271.000
256,000
218.000
214,000
Illinois
229,000
209,000 1,496,000 1,327.000 1,584.000
Indiana
327,000
319,000
475,000
389,000
549,000
Iowa
21,000
17,000
100.000
89.000
117,000
Kentucky—Eastern
1,145,000 1,058,000
940,000
966.000
712.000
Western
506.000
512,000
364,000
246.000
248,000
Maryland
66.000
67,000
71,000
59.000
40,000
Michigan
19,000
19.000
15,000
18,000
27.000
Montana
72.000
77,000
75,000
71,000
68.000
New Mexico
64.000
62,000
66,000
52.000 • 56,000
North Dakota
37.000
28,000
29,000
32,000
27,000
Ohio
166,000
159,000
612.000
599,000
860.000
Pennsylvania
2.510.000 2,458.000 3,056.000 2,832 000 3,580,000
Tennessee
97.000
98.000
113,000
121,000
119.000
Texas
23,000
23,000
29,000
23,000
26.000
Utah
105,000
102,000
103,000
121.000
103.000
Virginia
276,000
265.000
267,000
261,000
244,000
Washington
49.000
42,000
62,000
50,000
58,000
West Virginia—Southern c 2.305,000 2,347,000 2,170,000 1,860.000 1,510,000
Northern d
964.000
969.000
814,000
804,000 818,000
Wyoming
175,000
165,000
179,000
159.000
165,000
Others
2,000
3,000
3.000
4,000
4.000
10,05 000 9.871,190 12.004,000 10.947.000 11.798.000
Total
,
a Revised. b Weekly rate maintained during the entire month. c Includes
operath,ns on tha• N. as W
& 0.,
& M., o
& U.and Charleston
division of the B. & 0. d Rest of State, Including Panhandle.
ANTHRACITE.
The total production of anthracite during the week ended Oct. 8 is
estimated at 1.593,000 net tons. Compared with the output in the preced-
[Vor.,. 125.
log week,this shows a decrease of 48.000 tons, or 2.9%. The daily average,
however, was the same as that for the month of September-266,000 tons.
Estimated United Stales Production of Anthracite (Net Tons).
1927
1926
Week Ended—
Week.
Cat. Yr. to Date.
Week, Cal.Yr.to Date.a
Sept. 24
1,519,000
53,863.000
2,059,000
59,938,000
Oct. 1
1,641.000
60.504.000
2,052,000
61.990,000
Oct. 8_ b
1,593,000
62,097,000
2.069,000
64,059,000
a Minus one day's production first week in January to equalize number of daye
in the two years. b Subject to revision.
BEEHIVE COKE.
The output of beehive coke during the week of Oct. 8 amounted to
108.000 net tons, a gain of 7,000 net tons over the production during the
preceding week.
Estimated Production of Beehive Coke (Net Tons).
-Week Ended
1927
1928
Oct. 8
Oct. 1
Oct. 9
to
to
1927.11 1927.c 1926.
Date.
Date.a
Pennsylvania & Ohio
75,000 69.000 172,000 4,575,000 7.493.000
West Virginia
17.000 15.000 15,000
628,000
593,000
Ala., Ky., Tenn.& Oa
5.000
5,000
7,000
202.000
502,000
Virginia
5.000
5,000
6,000
261,000
278,000
Colorado & New Mexico
4,000
4,000
5,000
157,000
201,000
Washington & Utah
2,000
3.000
3,000
132.000
133.000
United States total
108,000 101,000 208.000 5,955,000 9,200,000
Daily average
18,000 17.000 35,000
25,000
38,000
a Minus one day's production first week in January to equalize number of days
In the two years. b Subject to revision. c Revised since last report.
The weekly estimate of bituminous coal production,
compiled by the National Coal Association,shows an increase
in tonnage for the week ended Oct. 15. The output for that
week, calculated from preliminary shipping totals, was
10,575,000 net tons.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Oct. 19, made public by the Federal Reserve Board,and which deals with the results for the twelve
Feieral Reserve banks combined, shows declines for the
week of $14,400,000 in bill and security holdings and of $17,003,000 in Federal Reserve note circulation, and increases of
$8,100,000 in cash reserves and of $59,400,000 in member
bank reserve deposits. Decreases of $12,700,000 in holdings of discounted bills and of $9,700,000 in Government
securities were partly offset by an increase of $8,100,000 in
holdings of acceptances purchased in the open market.
After noting these facts, the Federal.Reserve Board proceeds
as follows.
The Federal Reserve Bank of New York reports a decline for the week
of $22.900.000 in holdings of discounted bills. San Francisco a decline of
$17.500.000. Cleveland 511.300.000. Boston $6,300,000 and Minneapolis
$4.500.000. The other Reserve banks report larger holdings of discounted
bills, the principal increases being $16.100,000 at the Chicago bank. $9,500.000 at St. Louis. 59.200.000 at Kansas City and $4400000 at Richmond.
Total holdings of acceptances purchased in open market increased 58.100.
000 and of Treasury certificates $2,400.000, while holdings of Treasury
notes declined $8,400.000 and of United States bonds $3.700.000.
The principal cbanges In Federal Reserve note circulation for the week
Comprise declines of 56.700,000 reported by the Cleveland bank,$5,300,000
by Philadelphia and 33.200.000 by San Francisco.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be
found on subsequent pages—namely, pages 2235 and 2236.
A summary of changes in the principal assets and liabiliites
of the Reserve banks during the week and the year ending
Oct. 19 1927 is as follows:
Total reserve.;
Gold reserves
Total bills and securities
Bills discounted. total
Secured by U.8. Govt. obligations
Other bills discounted
Increases (+) or Decreases (—)
During
Week.
Year.
+38,100.000 +3157,200.000
+4.000.000
+149,600,000
—14.400,000
—12.700,000
+32,100.000
—44,700,000
+12,200.000
+169.000,000
—65.200,000
—103,800.000
Bills bought in open market
+8.100,000
—10,300,000
U. S. Govt. securities, total
Bonds
Treasury notes
Certificates of indebtedness
—9,700,000
—3.700,000
—8.400,000
+2,400.000
+193,400,000
+201,800,000
—11,400.000
+3.100,000
Federal Reserve notes in circulation
—17.000.000
—13,000.000
Total deposits
Members reserve deposits
Government deposits
+24,100,000
+59.400,000
—4,000.000
171.500,000
+170.200.000
—10,600,000
Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 last the Federal
Rese:ve 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 the statistics
covering the entire body of reporting member banks—now
660—cannot be got ready.
The following is the statement for the New York member
banks and that for the Chicago member banks thus issued
in advance of the full statement of the member banks, which
latter will not be available until the coming Mcsnday. The
New York statement, of course, also includes the brokers'
loans of the reporting banks, which this week reached another
high peak, the grand aggregate of these loans for Oct. 19
be.ng $3,434,107,000, against $3,394,290,000 for Oct. 12 and
$3,395,2.34,000 on Oct.5, this latter having been the previous
record figure.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN
CENTRAL
RESERVE CITIES.
New York,52 Banks.
Oct. 19 1927. 041.12 1927, Oct. 201920.
8
Loans and investments—total
6 785.020,000 6,759.267,000 6,151,031,009
Loans and discounts—total
4 990,142.000 4,985,408,000
4.450.983,000
Secured by U.S. Government oblig'ns. 38,302,000
42,408,000
41,779.090
Secured by stocks and bonds
2 270,302,000 2,257,329,000 1,901,252.000
All other loans and discounts
2,681,538,000 2.685.671,000 2,507,952,000
Investments—total
1,774.878,000 1,773.859,000 1,700,048.000
U.S. Government securities
887.496,000
Other bonds, stocks and securities_ _ _ 887,382,000
Reserve balances with Ir. R. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. H. Bank—total_
883,736.000 '869.182.000
890,123,000 830.866.000
751,463,000
56,861,000
694,140,000 664,958.000
59.853,000
62,914,000
5,285.922.000 5,203.021,000 4,979,163,000
1 011,317,000 1,018.620,000
92,339,000 123,521.000 827.376,000
43,248,000
106,501,000 118.372,000 112,449.000
1 224.125.000 1.168.034,000
1,070,447,000
46,651.000
70.732.000
44,807,000
Secured by U. S. Govt. obligations...
All other
25.160.000
21,501.000
20.100.000
50.632,000
24.750,000
20,057,000
Loans to brokers and dealers (secured by
stocks and bonds):
For own account
1 095.947,000 1.093,153.000
For account of out-of-town banks__ _1.350.201.000 1. 33.596,000 818.623.000
3
For account of others
987.959,000 967.541.000 1.109.454.000
727.041,000
Total
3434,107,000 3.394,290,000 2,655.118m0
On demand
On time
2,651.025.000 2.604.998.000 1.940,459.000
783.082.900 789,292,000 714,659,000
Chicago. 45 Banks.
Loans and investments--tota
,
1 876.722,000 1,870,296,0('D
1.775.471.000
Loans and discounts—total
1.474,562,000 1,469,318,000 1,405,102.000
Secured by U. S. Govt. obligations
14,991,000 14,631,000
12,939,000
Secured by stocks and bonds
790,951,000 776.767,000
All other loans and discounts
668,620,000 677,920,000 677,383,000
714,780,000
Investments—total
402,160.000 400.978,000 370,369.000
U. S. Government securities
178,835.000 177.721,000 164.978,000
Other bonds, stocks and securities
223,325,000 223,257.000 205,391,000
Reserve balances with F. R. Bank
192,182.000 185,714.000 167,045 000
Cash in vault
18.068.000
18,498.000
20,789.000
Net demand deposits
1 278,139,000 1.279.535.000
Time deposits
571.38.5.000 /63,195,000 1,215.990,000
518,319,000
Government deposits
16,194,000
21,672,000
10,677.000
Due from banks
154,405,000 146.082.000 153.376.000
Due to banks
371,357,000 381,244,000 349.836.000
Borrowings from F. R. Bank—total.— 12.859.000
4,226.000
12.213.000
Secured by U. S. Govt. obligations
All other
-
11,244.010
1,815.000
2,689,000
1.637.000
6.775.000
5,438,000
THE CHRONICLE
OCT.22 1927.1
2209
BELGIUM.
Although the usual autumn revival of business has been slow in developing in Belgium, all indications point to an increase in activity within a
short time. With the exception of the metallurgical industries and coal
As explained above, the statements for the New York and mining, which are dull, commercial and industrial circles report a great
Chicago member banks are now given out on Thursdays, volume of business inquiries and good prospects for the early future. Doand is seeking investment opportunimestic and foreign
simultaneously with the figures for the Reserve banks them- ties. The financial capital is plentiful extremely optimistic. As tax returns
tone in general is
and covering the same week, instead of being held are exceeding all expectations, it is likely that the budget may show a stirselves,
a
until the following Monday, before which time the statistics plus of 250,000,000 francs, and plans are being made for on reduction of
the Bourse,
year. The general optimism is reflected
taxes
covering the entire body of reporting member banks, now certain tradingnext high prices has been active all month. The final stages
at
where
got ready.
660, cannot be
of the new commercial treaty with France are now being discussed at Paris.
of
In the following will be found the comments of the Federal Foreign trade during Augtbt showed a further improvement. Exports of
metallurgical, textile and animal products during the first eight months
Reserve Board respecting the returns of the entire body af this year are much larger than those during the similar period of last year.
reporting member banks of the Federal Reserve System for Combinations of competing exporters are being urged by the Government,
but little progress along this line has been made as yet. It is reported,
the week ending with the close of business Oct. 11-12:
or more manufacturThe Federal Reserve Board's condition statement of660 reporting member however, that an export organization including twenty
with British India.
banks in leading cities as of Oct. 12 shows an increase of $11.000,000 in ers in various branches has been formed for trade direct
bus
Investments and of $19.000,000 in time deposits, and declines of 353,000,000 Railway car loadings and freight receipts are high, although motor
in the coal minin loans and discounts, $9,000,000 in net demand deposits and 333,000.000 competition is cutting into passenger traffic. Conditions
overproduction.
ing industry are becoming critical, with heavy stocks and
In borrowbigs from the Federal Reserve banks.
Loans on stocks and bonds, including United States Government obliga- The situation in the cement industry is satisfactory. It is reported that
lower than a week ago, the principal changes being the Belgian and German cement producers have agreed to share the Nethertions, were $93,000,000
$15,- lands market on a basis of 40 and 60%, rerpectively. Conditions in the
a decline of $97,000,000 in the New York district and an increase of
000,000 in the Chicago district. "All other" loans and discounts increased metallurgical industry continue bad, but an improvement is expected. The
the New York demand for plate glass, leather, textile products, automobiles and paper is
$40,000,000 during the week, increases of $17,000,000 in
district, $8,000,000 each in the Boston, Atlanta and San Francisco districts good and conditions in those industries are satisfactory. Crops are genby a de- erally lower than last year, exception being the sugar beet crop, which is
and of $5,000,000 in the Philadelphia district being offset in part
cline of $9,000,000 in the Chicago district.
noninal, and hops and tobacco, the yields of which are greater than those of
Holdings of United States securities and of other bonds,stocks and securi- last year.
during the week,
BRAZIL.
ties increased $7,000.000 and $4,000,000, respectively,
only slight changes being reported for any of the districts.
Business continues comewhat inactive in Brazil, but the tone is better.
Net demand deposits were 59,000,000 below the total reported on Oct. 5. Exchange has been steady and the coffee market firm. Foreign trade fir
the principal changes including reductions of $64,000,000 and $18.000,000 ores available show that exports for the first six months of this year
In the New York and Boston districts, respectively, and increases of $23,- amounted to 1,181,1)32 convict ($188.142,808), as compared with 1,426,795
000,090 in the Chicago district, $16400,000 in the Cleveland district and contos ($205,458,483), and imports amounted to 1,635,656 eontos ($194,$19,$10,000,000 in the San Francisco district. Time deposits increased
643,064), as compared with 1,332,808 cantos ($191,924,352) fcr the corre000,000 at reporting banks in the New York district and at all reporting sponding period of 1926. Values for 1926 are converted at $141 per canto.
banks.
while for 1927 a conversion value of $119 has been used. The foregoing
Borrowings from the Federal Reserve banks were $33,000.000 less than
district being statistics indicate a change from a favorable merchandise balance of 93,987
on Oct. 5, the larger reduction of $51,000,000 in the New York
cantos ($13,534,128), to an unfavorable balance of 54,634 cantos ($6,500,partly offset by increases of $11,000,000 and $13,000,000 in the Cleveland
256). The $17,315,672 decline in exports is traceable to a 30% drop in
and San Francisco districts, respectively.
although actual quantities shipped were somewhat greater,
A summary of the principal assets and liabilities of 660 reporting member eonee prices,
amounted to 6,463,616 bags in 1927, against 6,995,000 bags during
banks, together with changes during the week and the year ending Oct. 12 having
the first semester of 1926. Imports each month have been consistently
1927, follows:
Oct. 11-12
Incr.(+) or Dec.(—) During greater during the first six months of the year than in 1926. However,
Year.
Week.
1927.
an effort is being made to restrict purchases from abroad, and the Finance
$
$
revising the tariff, that
21,105,786,000 —42,035,000 +1,103,126.000 Committee of the Senate is at present engaged in
Loans and Investments, total
end being one of the major objectives in view. Hence, for the second semes-1-632,326,000 ter of the year, a favorable trade balance is anticipated, particularly in view
15,039,259,000 —52,933,000
Loans and discounts, total
greater towards the end
—11,152.000 of the fact that coffee exports are normally much
+3,079.000
Secured by U. S. Govt. obligations 125,896,000
will prove any
6,072,353,000 —95,543,000 +530,746,000 of the year. However, there is no indication that 1927
Secured by stocks and bonds
8,841,010,000 +39,531,000 +112,732,000 more favorable than the preceding year, which was one of considerable ecoAll other loans and discounts
Complete Return of the Member Banks of the Federal
Reserve System for the Preceding Week.
6,066,527,000
+10,898,000
+470,800,000
2,609,019,000
U. S. Govt. securities
Other bonds, stocks and securities_ 3,457,508,000
+7,398,000
+3,500,000
+128,784.000
+342,016,000
Investments, total
nomic strain.
CANADA.
Total imports in September were valued at $91,803,000, an increase of
7% over September of last year. Imports for the first half of the fiscal
+62.413,000 year ended Sept. SO were valued at $551,478,000, an increase of 8% over
Reserve balances with F. It. banks._ 1,704,678,000 —7847.000
—44,510,000 the same period in 1926. By commodity groups, animals and animal prod+4,306.000
268.215,000
Cash In vault
and vegetable products, other than foods,
—8,748,000 +263,625,000 ucts increased 20%; agricultural
13,409,572,000
Net demand &wattle
products,
6.374,855,000 +18,717,000 +633.147,000 16%; non-ferrous metals and their products, 14%; iron and its
Time deposits
+945,000 +100,415,000 13%; agricultural and vegetable products, mainly foods, 13%. All other
337,232,000
Government deposits
textile products, which
groups showed increases except fibres, textiles and
—2,839,000
1.282,300,000
Due from banks
decreased 2%. September exports amounted to $97,412,000, an increase of
3,443,807,000 —143,500.000
Due to banks
5.6'; over September 1926. Total experts for the six months ended Sept.
—216,641,000 30 amounted to 8562,823,000, a slight decrease from the previous correBorrowings from F. It. banks, total_ 286,452,000 —33,455,000
total. Compared with 1926, agricultural and vegetable products,
Secured by U.S. Govt. oblIgens._ 146,935,000 —43.023,000 —112,634,000 sponding
mainly food, decreased 10%; non-ferrous metals and their products, in+9,568,000 —104,007,00
139,517.000
All other
creased 6%; agricultural and vegetable products, other than foods, in.
erased 4%; animal and animal products, decreased 2%; fibres, textiles
Summary of Conditions in World's Market According and textile products, increased 2%; and wood products and paper, increased
frorn last week. Cotton comto Cablegrams and Other Reports to the Depart- 2%. General trade is practically unchanged and the leather trade is active.
panies and boot and shoe producers are busy,
ment of Commerce.
Cooler weather has stimulated the sale of heating appliances and other fall
The Department of Commerce at Washington releases for lines of hardware. Inclement weather has delayed harvesting operations in
the Prairie Provinces. The Manitoba and Saskatchewan wheat crop is
publication to-day (Oct. 22) the following summary of Con- officially indicated as below the ten-year average in quality but above the
by cable and other means average in quantity ; Alberta expects a record crop in both quality and
ditions abroad, based on advices
quantity. Total production in 1926 of electrical apparatus and supplies was
of communication:
valued at $69,767,000. This is an increase of 16% over 1925 and is the
ARGENTINA.
highest total on record. Production in the wire and wire goods industry
Business in general is quiet except for the automobile trade, which has in Canada during 1926 amounted to $17,247,000, an increase of 6% over
thown marked improvement, owing to the beginning of the summer season. the previous year. Car loadings for the week ended Oct. 1 were 82,431 (a
The weather is normal and the growing wheat and linseed crops are con. week ago 74,856 cars, a year ago 77,331 cars). The cumulative total to
oldered safe, even if it does not rain again until their harvest. Argentine date, 4.419,926 cars (1926 to date 2,312,518 cars). Grain shipments were
Government ge;)eral revenues for September amoanted to 61,000,900 paper responsible for the increase. The total traffic through the Welland Canal
pesos, an increase of 3,400,000 paper pesos over those of the corresponding from the opening of navigation to Sept. 30 was 5,209,000 tons, which is
month of the previous year. The Argentine navy has placed a contract in larger than for any entire season prior to the record one of 1925. August
Italy for three submarines. According to an Argentina Government esti- returns from the sea fisheries are 18% in quantity and 22% in value under
mate on.Oct. 11, there were available for export 878,000 metric tor, of returns for the corresponding month of last year.
wheat and 156,000 metric tons of linseed.
CHINA.
AUSTRALIA.
Plans are under way for a new 24,000,000 silver dollar loan for current
sales held at Sydney on Oct. 11 enjoyed good clearances and firm quarterly expenses of the Nanking Government. Under the plan, the loan is
Wool
prima. The result of recent elections in New South Wales is improving to be secured on the 2%% import surtax collections, beginning January
business confidencs in that State, according to reports. The Commonwealth 1930, after completion of payment on the 30,000,000 silver dollar loan of
budget surplus for 1926-27 is stated to be £2,635,597 and the Federal last summer. The interest on the new loan, of 8.4%, is to be secured on
Treasurer forecasts a 10% reduction in land and individual income taxes the current luxury surtax of 21%. The Nationalists have legalized opium
2
/
for the coming fiscal year. Budget estimates for 1927-28 place revenues traffic for a period of three years, effective in Kiangsu Province on Oct. 10,
£62,731,000, against estimated expenditures of £62,677,139.
at
and to be effective in other provinces at a later date. Revenue from 15,000,000 to 20,000,000 silver dollars is anticipated from this source. InAUSTRIA.
creasing labor disturbances are evidenced in the strike and demands by
The Austrian budget for 1928 (fiscal year is the calendar year) estimates
employees of two foreign cigarette factories in Shanghai, which have been
total revenues at 1,031,000,000 shillings and expenditures at 1,595,000,000 closed since Oct. 1.
shillings. There will be, in addition, an expenditure of 191,000,000 shillings
FRANCE.
of capital investment for railway electrification, improvements to road conAt a meeting of the Cabinet held Oct. 14, the date on which Parliament
and agricultural development. These capital investments are to
struction
has now will reconvene was fixed as Nov. 3. Debits and credits of the Paris Clearbe covered from the proceeds of the proposed foreign loan which
House during September totaled 41,186,000,000 francs. The average
been approved by the Finance Control Committee; the approval of the ing
clear, covering 25 business days, was 824,000,000 francs, the
reparations committee and the various relief creditor States is still, how. daily draft to
lowest since September 1923. Total tax returns under the general budget
every, pending.
2210
THE CHRONICLE
during the first nine months of this year were
29,293,000,000 francs, of
which 28,492,000,000 francs were from normal
and permanent sources. In
addition there were receipts of 4,551,000,000
francs which went to the
Autonomous Office for the amortization of the
public debt. Receipts from
all sources during the first nine months of
this year were greately superior
to those for the corresponding period of last year.
A drop in the returns
from indirect taxes and monopolies during Septembe
r is interpreted as reflecting a slackening in economic activity.
GERMANY.
September production and sales of coal were at
the August level despite
the sharp inland competition of British fuel;
this indicates that the expected diminution in the volume of industrial demand
has failed to materialize. Pig iron production was slightly under that
of August, and it is
expected that the September production of steel and rolling
mill products
will at least equal August, as a large volume
of orders is still on hand.
The Reichsbank's discount loan portfolio and note
circulation, at the end
of September, were at the highest level of the post-war
period. The action
of the Reichsbank, on Oct. 4, in raising its discount rate
from 6 to 7%
was intended primarily to relieve the growing strain on that
institution's
credit facilities. The sharp break in stock quotations, following
the announcement of the higher rate, reveals a fear on the part of
speculators of
renewed interference in the Stock Exchange activity by the
Reichshank.
The Government is giving careful consideration to the problem of
confining
foreign borrowing to essential productive undertakings.
[Vol.. 125.
SPAIN.
Statistics recently published by the Council of
National Economy indicate
that in the first quarter of 1927 imports amounted
to 543,660,000 pesetas,
as compared with 624,479,000 pesetas during the
similar period for 1926,
and exports were 527,044,000 pesetas, as compared
with 473,481,000 pesetas
during the first quarter of 1926. The unfavorab
le balance was accordingly
reduced from 150,998,000 pesetas during January-M
arels 1024 to 16,616,000
pesetas during the corresponding period this year.
SWEDEN.
Many of the important industries of Sweden
are confronted with the
problem of drawing up new wage agreements,
to replace those which are
now expiring. There are 210,000 workers
involved, about 80% of the
members of the Swedish Labor Union. The
most important industries
affected are the iron and metal, lumber and
clothing. At a meeting held
In Stockholm recently by the principal manufactu
rers of high-grade paper
in Sweden, Norway, Finland, Austria, Holland and
Belgium, unanimity was
reached with regard to the desirability of eliminati
ng the heretofore existing injurious competition between those countries
and a resolution was
adopted in favor of raising the export prices on
this grade of paper. While
no definite decisions were made at the conferenc
e, it may be inferred, however, that a certain amount of co-operation
between the manufacturers of
high-grade paper in seven European countries
was established thereby and
that, as a result of this co-operation, an
improvement Is the prices of highgrade paper may soon be expected.
GREECE.
UNITED KINGDOM.
Business conditions in general continue steady, with
greater activity
The recent flotations of Brazilian and South
noted in the automotive trade. Present local estimates
African loans in the British
indicate that the market were well received. The
London offering of the former was
tobacco crop will be slightly below last year, when
it was put at about £7,000,000 and this was subscribe
d five times over before the closing of
54,000,000 kilograms. The cost of living continues
to mount, reaching a the subscription list fifteen minutes
after opening. The South African
new high for the year.
£5,000,000 loan also was heavily over-subscribed
. Board of Trade returns
INDIA.
of British foreign commerce during September show
imports at £101,427,The Poojah holidays have passed without incident.
All markets are 000, an increase of £11,327,000 over August and the highest
quiet, with money easier. Soane (river) railway workshop
import valuas are experienc- tion since March. Exports of United Kingdom goods
in September aggreing labor unrest because of retrenchments.
gated £60,488,000, an increase of £1,078,000 over
the preceding month
and the largest monthly figure since May. Exports
ITALY.
have increased progressively since June. Re-exports in September
amounted to £8,054,000,
September imports amounted to 1,140,000,000 lire, and exports
to 1,168,- being £738,000 less than in August, and
continuing the progressive de000,000. The existence of even a small favorable balance
is considered very crease from the May figure of £12,351,000.
unusual. Budget appropriations have been officially reduced
The Olympia motor show
by 821,000,000 opened on Oct. 13 with a mord first day
Aire because of the appreciation of currency.
attendance. Closed cars predominate; four-wheel brakes and cellulose finish
are general. Many new
six-cylinder British models are being shown, but the
JAPAN.
small bore and highspeed motor features are retained. The general design
Japan's foreign trade for the first ten days of October
shows a tendency to
showed an export eater to foreign condition
s in order to attract export business. Steel bodies
excess of 19,000,000 yen. This is an improvement over
the export excess predominate. There
is, however, an increase in the number of models
of 13,300,000 yen for the same period last year. Bank
readjustment is showing fabric bodies, particular
ly in the lower-priced cars. Price levels
progressing satisfactorily, and when completed, it is expected
financial con- are generally lower than
they were a year ago. The excellent display of
ditions will be measurably improved. The Bank of Japan has
reduced loan American ears is attracting
much attention. The coal trade is not
rates on commercial bills to 5.47%. It is probable that additiona
exl munici- panding as anticipated and general
slackness continues. On Oct. 8 the
pal loans will be floated in the domestic market. Electrical
unequipment employment registers contained the
names of 1,076,000 persons, an increase
business is active.
of about 25,000 over the previous weekly report and
about 1,000 more than
MEXICO.
the total reported for Sept. 5. The recent increase is
probably
The general commercial situation which became snore depressed
than to increased unemployment among coal miners. A new British due largely
usual during the recent revolt has again returned to normal. However, single-engined
record for a
train was established on Oct. 13, when the
business remains at a low level, particularly in the disturbed areas,
Royal Scot Exsuch as press running between London and Carlisle, completed a
the States of Vera Cruz, Chiapas and Jalisco. Communications
non-stop journey
which were of 800 miles in 5 hours and 86 minutes.
also interrupted in a number of instances have again been resumed.
NETHERLANDS.
The spirit of confidence that haa been growing slowly in
the Netherlands
Is reflected in the autumn improvement in general business.
Industrial and
trading conditions are good for the most part, although complaint
s are still
heard against narrow margins of profit and difficulties encounter
ed in export trade. The establishment of a bargaining tariff is advocated
in some
quarters, but is meeting with strong opposition in ohter circles.
Further
improvement in Government finance is reflected in the 1928
budget and tax
reductions are probable. The money market
has continued firm under the
influence of heavy autumn requirements. A Government
issue of Treasury
bills and promissory notes totaling 50,000,000 florins
was heavily oversubscribed. The gradual recovery of various
branches of industry is reflected in the activity on the Stock Exchange
, which centred mainly in
domestic industrials. The capital issue market
also continues active, with
foreign borrowing extremely heavy. Commodity markets
have in general
been firm. Stocks of lumber are out of all proportio
n to the demand.
Leather sales are very active and the shoe industry
is working at full
capacity. The textile factories are also busy, but operations in
the engineering and shipbuilding plants are only relatively satisfactory.
Sales of
automotive products, iron and steel, hardware and general specialtie
s are
maintaining good levels.
PERU.
The Pan-American Sanitary Conference, which convened on Oct. 12, is
attracting considerable public interest. Leading automobile tire and tube
companies have reduced local prices 10%, the changing having gone into
effect on Oct. 8. Business conditions are normal and the general atmosphere is optimistic. Exchange on Oct. 14 stood at $3.86 to the Peruvian
pound, there having been no change since Sept. 9.
PHILIPPINE ISLANDS.
The Philippine copra market continues weak. Arrivals at Manila
are
plentiful and stock sufficient, although two oil mills are
operating only
Intermittently. The provincial equivalent of resecado (dried
copra) delivered at manila is now 12.25 pesos per picul of 139 pounds; at Hondugua
,
121 pesos, and Cebu, 12.50 pesos. Abaca trade is slightly easier
/
4
as a
result of continued heavy production. Selected grades are now quoted
at
36.50 pesos per picul for grade ; I, 32.50; JUS, 25.50; JUK, 20.25,
and
L, 18.75.
PORTO RICO.
Trade and economic conditions in Porto Rico remained stable during the
first half of October. About 15,000 tons of sugar remain to be shipped.
Recent tobacco sales have been limited to small orders, but it is reported
that more important sales are in prospect. With the movement of 126,000
boxes of grapefruit in the past two weeks several large growers have now
completed their shipments, and it is estimated that after next week's shipments have taken place 75% of the grapefruit then remaining will be of a
quality only suitable for canning. Orange exports increased from 19,000
boxes in the week ending Oct. 8 to 28,000 boxes in the past week. The
coffee crop now being harvested is estimated to be 40 to 50% less than
normal, but is of excellent quality. The average Porto Rican coffee crop
Is approximately 30,000,000 pounds. A few sales of coffee futures have
been made in Europe. For the best grade the first sales brought $0.32 per
pound, while more recent sales were made at $0.35 per pound.
American Prosperity Chief Topic Among
Europeans,
Says Col. Leonard P. Ayres Returning from
Abroad,
—Views on Market Here.
Officers of the Chatham Phoenix National Bank
and Trust
Co. held an informal reception on Oct. 17 for
Colonel Leonard
P. Ayres, Vice-President of the Clevaland
Trust Co., who,
upon landing at noon from the "Leviathan,"
was escorted
to the Main Offices of the Chatham Phoenix at
way. Colonel Ayres was returning to Americ 149 Broada
weeks in Europe in connection with the decenni after seven
al convention
of the American Legion. During his stay abroad
he visited
seven countries and participated in recepti
ons accorded the
ranking American delegates by the
five nations. "The question mostgovernrnental heads of
frequen
Europeans," said Colonel Ayres, "related tly asked by
b the causes of
American prosperity." He added:
The fortunate economic situation of our country
seems to me to rest upon
the fact that for the first time in history, a
has both an excess of working capital and an nation—the United States—
natural resources. I do not believe we could accumulation of unexploited
sustain the claim that
American "management" is markedly superior to
that found in Europe,
nor
even that our superior mechanical equipment
would account for a
substantial difference in national conditions. We have,
however, learned in
America the vital importance of "turn-over" in
all its ramifications, to
degree little appreciated overseas and in a
a
period of hand-to-mouth
chasing, such as now prevails, this is of primary
pursignificance.
With his return from abroad Col. Ayres
was reported as
stating that he had been out of touch
situation and consequently was not in a with the financial
a stock market trend. The "Wall Streetposition to forecast
News" from which
we quote, went on to say:
He did say, however, that he was surprised
that stock prices continued
at their high level.
"When I went away. I was bullish but
scared," said Colonel Ayres.
am about the same way now. It has
"I
surprised me that a
reaction of substantial volume has not taken place and
that the price trend still
upward."
seems
Discussing the stock market situation
further, Colonel Ayres said
there was a development in the situation,
that
that is rather
hanks are seeing a rush of investme
nt funds seeking new new, in that most
fields for Investment
He continued that this flow of additional funds
was of huge proportio
continuing at a steady rate of increase.
n and Is
Regarding the general business situation
Colonel Ayres said, he expects
the present rate of business activity to
continue for the balance
and that new high records
of the year
will be established in
the Christmas holiday
trade.
Colonel Ayres said that he had noticed
a very broad
improvement in
industrial and agricultural conditions in every
country in Europe he visited.
He said that the improvement was wide
-spread and was clearly
Indicated by
the big sales of department and other stores.
OCT.22 1927.1
THE CHRONICLE
2211
stabilize the currency at some easily maintainable level.
D. W. Morrow Leaves for Mexico.
The Bulletin adds:
Dwight W. Morrow, American Ambassador to Mexico,
The economic effects of the rapid appreciation of the lira which began in
left New York on Oct. 19 for Mexico City, according to an August of last year have been far-reaching and constitute the most important feature of the present situation in Italy. Wide-spread sentiment existed
announcement by the State Department at Washington.
raising of the lira to its pre-war or gold figure
Plan for Conversion of 6% Bonds of Underground
Electric Railway of London.
Speyer & Co. are advised that the. readjustment plan,
whereby holders of 6% Income Bonds of the Underground
Electric Railways Co. of London, Ltd., are to be given the
option to convert their bonds into fully paid .E1 ordinary
shares of the company, was ratified at a meeting of the shareholders of the company held on Oct. 6. This plan provides
that the bonds may be converted at any time prior to July
1 1930 at the rate of one fully paid ,E1 ordinary share for
every £1.1.0 face amount of bonds. Income bonds may be
deposited in New York either at the office of Speyer & Co.or
the New York Trust Co. for the exercise of the conversion
privilege.
in 1926 in favor of the gradual
and drastic measures were instituted by the Government to bring about a
steady increase. Included in these measures were the payment by the
Government on account to the Bank of Italy of 2.500.000,000 lire and the
assumption of an obligation to pay annually 500.000.000 lire until the entire
debt had been paid off. Legal limit of 7,000,000,000 lire on the circulation
of the Bank of Italy for account of trade was imposed and the bank given
orders to restrict credit to the legitimate needs of business, in connection
not only with discounts but also with the advances against short-term
treasury bills—a form of accommodation which had been freely extended
in the past.
The above measures were immediately effective in raising the value of the
lira but the credit stringency entailed and the high interest rates which resulted brought about considerable hardship to Italian business. Furthermore
the upward movement of the exchange reduced industrial activity, especially
curtailing exports. Unemployment which had been negligible again began
to assume importance.
Because of the increasing depression in business the Government decided
that the rise of the lira must be stopped—at least temporarily. The
Minister of Finance announced in the spring of this year that no further
attempt to enhance the exchange rate would be made before October.
The slowness of economic adjustment, however, which followed this announcement convinced the Government that even this postponement would
be insufficient for complete readjustment to the appreciation which had
already occurred. It therefore announced later that consideration of the
question of further revalorization would be postponed indefinitely.
Purchase by Speyer & Co. of Bonds of Berlin Elevated
and Underground Railways for Cancellation.
Speyer & Co., as Fiscal Agents, have purchased for cancellation through the Sinking Fund, $99,000 Bonds of the
Premier Mussolini Abolishes Holidays in Italy as
Berlin Electric Elevated and Underground Railways Co.
Measure of Economy—Speeches Also Barred.
Thirty-Year First Mortgage 63,% loan. This represents
In announcing that a decree has been issued in Italy
the second Sinking Fund instalment.
abolishing holidays, Associated Press advices from Rome on
Oct. 18 stated:
Bank of France Raises Collateral Advances.
Determined not to follow in the steps of imperial Rome with its many
the fact that advances on securities which the holidays, Premier Mussolini has proposed that speechmaking and public
Reference to
celebrations be abolished and the Council of Ministers has enacted his
Bank of France is authorized to accept as collateral have proposal into
a decree. The decree announces that the
is made so
been increased from 50 to 80% was made in these columns that the functioning of the Government and the work ofmovepeople shall
the
Oct. 15, page 2057. The office of the American Trade not be interrupted.
Not only will holidays be abolished but the Fascist State will celebrate
Commissioner at Paris reports as follows to the Department
two important events in its history on the Sundays that fall nearest, so that
of Commerce at Washington regarding the action:
the wheels of industry may continue to turn for six days a week.
The General Council of the Bank of France has raised from 50 to 80%
The Fascist march on Rome, which occurred Oct. 28 1922. will be ob-
of the market value the amount of the advances which it makes on securities served on Sunday. Oct. 30. The celebration of the signing of the armistice
deposited as collateral, with the exception of the shares of the railway com- between Italy and Austria, Nov. 4 1918, will be held on Sunday. Nov. 6.
panies, the proportion for which Is maintained at 50%.
When the armistice celebration closes, the holidays of the Italian people
The Bank of France is authorized to make advances on a certain number are ended until a new order is issued. The order of the Council of Ministers
of securities, notably French State securities, shares and bonds of the large read:
French railway lines, city of Paris bonds, Credit Fonder bonds, and on
"After Nov.6 and until a new order any ceremony, manifestation, celea
bonds of French cities, departments, colonies and protectorate countries.
bration, inauguration, anniversaries, great or small, centenaries, as well a
speeches of any kind, are prohibited because the Government and municipal
This increase from 50 to 80% of the market value for advances on these
make
authorities
we
various securities is significant, according to the French financial press. economies, must attend to their public duties: also because the must
population
especially of time, and must avoid overfeeding
which states that no better attitude could be adopted by the Bank of France with holidays.
even if legal stabilizaiton of the franc was an accomplished fact
November 1 Designated as "National Rice Day" in
Italy.
From Rome, Oct. 19, Associated Press advices were reCurrency.
ported as follows:
Nov. will be known hereafter throughout Italy as "national rice
Under the above head the New York "Times" of Oct. 18 Premier 1Mussolini said to-day. The Duce made the announcement day::
while
stated:
discussing plans for using rice as a daily food for Italians, with visiting
Belgian National Bank Purchases Gold Here—$3,000,000
Deal to Provide Additional Protection for Stabilized
The National Bank of Belgium has purchased $3,000,000 of gold in New tradesmen, to whom he explained it as part of his plan for doing away with
York, it was learned yesterday. While no announcement concerning the necessity of importing so much wheat. He believes that rice may be
the purchase was made at the Federal Reserve Bank, it is understood raised on large tracts of land now available.
that the gold was obtained as an added protection for Belgium under
the workings of the stabilization plan which went into effect a year ago.
Louis Franck, Governor of the Bank of Belgium. sailed for home on Three Nations Owe Canada $35,848,056—Greece, RuSaturday after visiting the United States. When here he conferred not
mania and Belgium Remain Debtors to Dominion.
only with officials of the Federal Reserve Bank, but also with other leading
According to the "United States Daily" of Oct. 17, the
financiers.
When Belgium stabilized her currency on a gold basis in October, 1926, present status of foreign debts owing to Canada, including
the Government obtained a $100,000,000 international loan, of which
and Belgian Debts,is given in a report
$50,000,000 was provided in this country, and in addition the Federal the Greek, Rumanian
Reserve Banks, in association with other central banks, entered into an just received by the Department of Commerce from the
arrangement to purchase prime commercial bills on request from the Bank acting commercial attache at Ottawa, Oliver B. North.
of Belgium up to a total of $10,000.000 The stabilization loan provided
that the national bank maintain a minimum reserve in gold and foreign The three nations named owe a total of $35,848,056. The
exchange of 40% of its note circulation and other demand liabilities. Of full text of the report follows:,
the prescribed amount, 30% must be in gold. The reserve now is much
The amount of the Greek debt outstanding at present is $7,300,000.
higher than the required amount.
This debt was originally $8,000,000, but it has been funded on a serial basis.
the last payment to be made on Dec. 31 1948. The initial payment was
$80.000, and the amounts due Increase on an average of $5,000 every six
Gold to Argentina—Shipments by Drefus & Co. and months. The final installment will be at the rate of $275,000.
l'he original Rumanian debt amounted to about $20,500.000. It has
Seaboard National Bank.
been funded and with interest added, aggregates $23,969,720. The 4%
The New York "Sun" of last night (Oct. 21) stated:
bonds due April 1 1968 are an obligation on the general credit of the country
More gold was shipped to Argentina to-day by two banking concerns, the and are additionally secured on the national revenues from export taxes.
amount consigned being S3,000.000. Of this, which was the result of ex- No part of the principal has been redeemed.
change dealings, the Seaborad National Bank provided $2,000,000. and
The amount owed Canada by Belgium totals E930,480. or $4,528,336, for
L. Dreyfus & Co. $1,000.000.
the sale of horses and equipment made at the end of the war. This debt
brings the total metal moved to Argentina on exchange dealings to Is not funded but is secured by Treasury notes and is due March 12 1929; it
This
about $9,000.000. In addition the proceeds of a large Argentine loan were bears interest at the rate of 5%.
taken to Buenos Aires partly in the form of gold.
Italy and France have paid off their loans.
The Federal Reserve Bank's weekly statement on gold movements
showed exports of $1,000,000, all of which went to Argentina, and imports
Application for Loan by Esthonia Forecast—Credit
of only $98,000.
Italian Business Affected by Higher Lira.
Efforts of the Italian Government to revalorize the lira
upwaal have been temporarily abandoned, according to a
trade bulletin issued Oct. 11 by the Commerce Department's
Division of Regional Information. For the present, the
bulletin states, the Government will bend its energies to
Desired to Finance Adoption of Metric System
by Industries.
Application for a loan by Esthonia is forecast in a statement issued by the Department of Commerce, Oct. 15,
telling of the preparations made by this Baltic country to
adopt the metric system. The "United States Daily," in
announcing this, gave the text of the statement as follov,s:
ig
2212
THE CHRONICLE
With the passage of a law providing for the introduction of the metr.c
system in Esthonia, and the issuance by the Esthonlan Government of a
regulation whereby the system will be introduced on Jan. 11929, the Cham
ber of Commerce is reported to have the intention of requesting a credit of
20 to 25 million marks be granted for the purpose of financing the country's
industries in making the necessary changes for the metric units, according
to a report from Consul C. B. Follmer, Tallinn.
Bourse to List Foreign Stocks and Bonds.
The Stockholm Stock and Bond Exchange has requested
the Bank Inspection Service to permit the listing of foreign
stocks and bonds, reported commercial attache T.0. Klath,
Stockholm, to the Department of Commerce. This is
learned from a Washington dispatch, Oct. 17, to the New
York "Journal of Commerce," which adds:
Stockholm
The Bank Inspection Service has stated that as the holdings of foreign
stocks and bonds within a country increase, it is quite essential that fluctuations in their value be followed equally as closely as those of domestic securities. However, the introduction of many foreign stocks and bonds on the
Stockholm Exchange would give rise to many complications and consequently it would seem advisable that only a limited number be listed,
especially of foreign bonds. Only those that have been given as security
on the foreign loans that have been floated in this country, either fully or
in part, by domestic financial institutions, should be listed at this time, it
was stated.
Offering In U. S. of $47,000,000 Stabilization Loan of
Republic of Poland—Issue Oversubscribed—Books
Closed—Offerings Abroad.
The offering was announced on Oct. 18 of $47,000,000
Republic of Poland Stabilization Loan, 1927 7% External
Sinking Fund Gold Bonds (American issue) by a nationwide syndicate headed by the Bankers Trust Co., Blair &
Co., Inc., the Chase Securities Corp. and the Guaranty Co.
of New York.
The agreement which was concluded last week for this
loan was noted in our issue of Oct. 15, page 2059. In
addition to the offering in this country simultaneous offering
of the English and European portions of the loan wa:s made
as follows:
[VoL. 125.
The Minister of Finance of the Republic of Poland in
advices to the syndicate gives as follows the details of the
stabilization plan.
Stabilization Plan.
The plan provides for the following measures of a monetary, budgetary
administrative character:
and
Monetary Policy.—The Zloty has been given a gold value of 30.1122 per
Zloty pursuant to the decree of Oct. 13 1927. corresponding to the exchange
rates which have prevailed without substantial variation for over a year.
All currency notes heretofore issued by the Republic will be retired, the
notes of the Bank of Poland becoming the only paper currency. These
bank notes will be payable in gold or gold exchange drafts, on the basis
of the new gold value. To ensure the ability of the bank to maintain such
payments:
Notes will be issued only in accordnace with new reserve requirements
providing for a minimum reserve, in gold or gold exchange, against both
note and deposit liabilities, of 40%: at least 30% being in actual gold.
Substantially the entire foreign exchange resulting from the present loan
will be put at the disposal of the Bank of Poland with the result that its
reserve ratio will then become one of the highest of any Bank of issue in
the world.
The capital of the bank will be increased so that its combined capital and
surplus will amount to over 200,000,000 Zloty.
In addition the Bank of Poland will have at its disposal the credits in its
favor from the Central Banks of Issue (noted elsewhere).
Budgetary Policy.—The budgetary equilibrium already attained will be
established on a firm basis. A total of 300 million Zloty of additional revenue
Is to be provided for the 1927-28 budget, and a substantial surplus for the
year 1928-29. A strict control of all departmental expenses will be exercised
by the Minister of Finance through a system of monthly budgets. The
entire floating debt of the Treasury will be redeemed and a working fund
for the Treasury of 75,000,000 Zloty will be created to enable the Government to meet any possible seasonal insufficiencies in its receipts. The
Government renounces long term borrowings for budgetary purposes.
American Adviser.—An American citizen will be elected a member of the
Board of the Bank of Poland for a period of three years. Ile will assist and
advise the Bank and the Government as to the carrying out of the various
measures provided for in the plan, and will be supplied with such information as he considers necessary to enable him to discharge his duties as
prescribed in the plan. The Adviser will prepare a quarterly report addressed to the Bank of Poland and promptly published by it, thus keeping
public opinion in Poland and abroad informed of the progress of the various
aspects of the plan.
Proceeds of the Loan.—The Zloty equivalent of the proceeds of the loan
will be credited to the Government by the Bank of Poland, the credit being
available only for the purposes of the plan, and only with the authorization
or counter-signature of the American Adviser. About 75% of the proceeds
of the loan will, directly or indirectly, be applied to stabilization purposes,
thus securing a better basis for the present currency without increasing the
amount of currency in circulation; the remaining 25% being available, in
further aid of stabilization, to provide credit facilities to State enterprises
and agricultural institutions, in accordance with a program to be worked
out between the Government, the Bank of Poland and the American
Adviser. These credits will be independently administered on behalf of
the Government by the Bank of Poland.
£2,000.000 principal amount in England by Lazard Brothers & Co.,
Ltd.
$6,000,000 principal amount in Switzerland by Societe de Banque Suisse
and Credit Suisse.
$4,000,000 principal amount in Holland by Lippman, Rosenthal & Co..
De Twentsche Bank and Hope & Co.
31,000,000 principal amount in Ieland by Bank Handlowy w Warszawie.
12.000,000 principal amount in Sweden by Stockholms Enskilda Bank
and Skandinaviska IC.reditaktiebolaget.
The same alvices state:
$2,000,000 principal amount in France by Banque de Paris & des Pays
Budgetary equilibrium has already been attained, with a substantial
Bas.
excess of receipts over disbursements. During the fiscal year ended March
The Bankers Trust Co. announced in behalf 3f the syndi- 31 1927 there was a budget surplus of about $17,500,000 (about ZI. 156,000.cate with which it was identified that subscription books had 000). The first five months of the current fiscal year shown budget surplus
of about $14,500,000 (about El. 130,000,000).
been closed the day of the offering, the issue having been
The debt of Poland both external and internal is small, the external debt,
oversubscribed. The bonds ware offered in this country at including this loan, amounting to the equivalent of about $15 per capita
equivalent of less than $2 per capita.
to
92 and accrued interest to yield aver 7.86% to maturity. and the internalthisthe aggregates the equivalent of about The external
loan,
debt, including
$138,700.000.
In indicating the purpose of the loan the offering cimular whereof the principal item is advances from the American, French, British.
Italian and other treasuries during the war and armistice periods aggregatstates:
The Stabilization Loan is designed to consolidate and perpetuate a ing the equivalent of about $253,500,000; liability under the Treaty of
condition of monetary stability and budgetary equilibrium which the Polish Saint Germain for a portion of the former Austro-Hungarian debt amounts
Government has already achieved by its own efforts. The Plan of Stabil- to the equivalent of about 336,600,000.
The non-political external debt of Poland consists of the equivalent of
ization represents a comprehensive monetary, budgetary and administrative
program for ensuring a stable gold currency which will constitute a solid about 3148,600.000. including this stabilization loan.
In addition to the foregoing items there are a number of items of debit
foundation for the development of the Nation's resources and facilitate
post-war treaties, which items are still in suspense
relations with external markets by enhancing the credit of Poland already and credit arising under
and in the main unliquidated. but it is calculated that, on net balance, the
established at home and abroad.
debt of Poland will not thereby be increased materially, if at all.
The bonds will be dated Oct. 15 1927, and will mature
The Polish Government has concluded favorable arrangements with qe
Oct. 15 1947. They will be redeemable in whole or in part American, British, Italian, Dutch, Norwegian, Swedish, Danish and Swiss
governments for the refunding of their respective treaty advances and
at the option of the Republic only (except for sinking fund) payments under such agreements are being regularly
made.
on Oct. 15 1937 or any interest date thereafter, on tkirty
Security of the Loan.
days published notice at 103. Regarding the sinking
The bonds constitute the direct obligations of the Republic which pledges
fund provisions it is announced:
its full faith and credit for due and prompt payment of principal, premium,
The Republic agrees to retire the entire Loan in semi-annual installments interest and sinking fund. As specific security the Government will assign
commencing at the annual rate of 4% for each of the first years and in- its gross customs revenues which will be paid into a special account of the
creasing such annual rate 3.6 of 1% for each succeeding four year period to a fiscal agents of the loan with the Bank of Poland. The Government is
maximum rate of 6% per annum. Such retirement is to be effected by entitled to draw thereon, in each month, only after a sum equal to 1-6 of
the tender of Bonds or by cash sinking fund payments applicable to the the current semi-annual service charge including sinking fund has first been
purchase of Bonds at or below the redemption price and accrued interest or, transferred to the fiscal agents.
If not so obtainable, to the redemption on Apr. 15 1928 and semi-annually
The customs revenues for the past three fiscal years ending March 31
thereafter upon thirty days' notice of Bonds called by lot at 103%. Benda 1927 have averaged in excess ef the equivalent of 310,000,000 per annum.
payable at maturity at 103%•
are
being over 5 times maximum annual service requirements of the loan. Durmonths of the fiscal year 1927-1928 customs receipts
ing the first
Coupons bonds will be registerable as to principal only in amounted to five equivalent of about $14,500.000,
the
being over 170% of
denominations of $1,000, $500 and $100 and the bonds will budget estimated.
letter have been converted into dollars at zloty 8.91 to the
Figures in this
be interchangeable except into $100 denominations. Prin.
dollar except for figures relating to periods prior to the de facto
and int.(Oct. 15 and Apr. 15) will be payable.t the principal which have been calculated at the average rate of exchange stabilization
of the zloty
office of Bankers Trust Co. or The Chase National Bank of prevailing each month. Conversions of other currencies are made at approxiNew York, Fiscal Agents foz the Loan, in United mately current rates.
the City of
States gold coin of the present standard of weight and fineness
without deduction for any taxes or imposts now or hereafter
levied by or within the Republic of Poland; also payable at
the opt!on of the holder in London in Pounds Sterling at
the rate of $4.8665 per Pound Sterling; in Zurich or Basle,
in Swiss Francs at the rate of 5.183 Swiss Francs per doliar;
or in Amsterdam, in Dutch Florins at the rate of 2.488
Flo:ins per dollat; or in Stockholm, in Swedish Kronor
at the rate 'f 3.731 Kronor per dollat.
Credits to the Bank of Poland which have been arranged
by the Central and Federal Reserve Banks are referred to
in another item in this issue. It is expected that temporary
bonds or interim receipts of the Chase National Bank of
the City of New York exchangeable for temporary or definitive bonds, will be available for delivery about Nov. 9.
Associated with the Bankers Trust Co.,in the offering were
Blair & Co., Inc.,Chase Securities Corp. and the Guaranty
Co. of New York, W. A. Harriman & Co., Marshall Field.
OCT.22 1927.]
THE CHRONICLE
Glore, Ward & Co., E. H. Rollins & Sons, Tucker,
& Co. and Paine, Webber & Co.
Anthony
2213
on demand in gold or gold
the Bank of Poland are made legally payable
present right to issue
exchange drafts. The Government renounces its
program of stabilization for
currency notes and has made provisions in the
notes now outstanding.
ent
the retirement of the 280,000,000 zloty Governm
call for a minimum reNew reserve requirements of the Bank of Poland
n and deposits combined of 40% in gold or gold
serve against circulatio
gold. Substantially the entire
exchange, of which three-fourths must be in
ve loan to Poland will be put
foreign exchange resulting from the prospecti
that its reserve ratio will then
at the disposal of the bank, with the result
become one of the largest of any bank of issue.
an
Polish Loan Oversubscribed in Poland and in Europe
Centres.
Warsaw (Poland) Associated Press advices Oct. 19 said
Poland's $1,000,000 share Of the recently floated loan to
the
Poland for stabilization of the currency has been overA further statement by the Legation bearing on
here. Advices from London,Stockholm, Amster- Government's program of stabilization was issued on Oct. 17:
subscribed
adoption of the program
The Polish Government announces to-day the
dam and Paris also report over-subscription of the shares
basis of the loan of $72,000,000 to
of stabilization, which constitutes the
allotted to those cities. The London portion of the Polish be offered in the United States and Europe. This program was formulated
international experts who have
loan (X2,000,000) was offered it is stated at 92.
by the Government in collaboration with
and economic
Poland's financial
devoted more than a year to the study of
situation.
and the Bank of Poland disEarly in 1927 the Government of Poland
States to consult with their
patched a financial mission to the United
of the program conferences
bankers. After formulating the main principles
of consultation and
on in Paris and Warsaw with the benefit
were carried
who had collaborated in other
discussion with a number of financial experts
e in their cperation.
stabilization plans and had practical experienc
stabilization of the currency.
The program in brief provides for the legal
ent of an American financial
a return to the gold standard, the appointm
Bank of Poland and an interas adviser to the Government and the
expert
national loan of $72,000,000.
loan over $8,000,000 will be
Of the proceeds of the 372,000,000 Polish
of Poland, 315,000,000 to replace
used to increase the capital of the Bank
on with Bank of Poland notes
one-half the outstanding Treasury circulati
g Treasury circulation into silver
Oesterrelchische National Bank, Austria, Reichsbank, Germany. Hungary.
and $10,000,000 to convert the remainin
the Treasury's floating debt
Banque Nationale de Belgique. Belgium. Magyar Nemzeti Bank,
coin. About 33,000,000 will be used to retire
The balance of the proceeds
Narodni Danka Ceskoslovenska, Czecho- Dance d Italia, Italy. Nethleriands.
and about 38,000.000 as a Treasury reserve.
Nederiandsche Bank,
s ovak a.
the country.
Sveriges Itiksbank, Sweden.
will be used in the economic development of
Natlonalbanken, Den.ark.
d.
s of the program provide
Banque Nationale Suisse. Switzerlan
Bank of England, England.
The budgetary and administrative provision
Federal Reserve Banks, United States.
surpluses, a system of monthly
Finland, Bank, Finland.
for a balanced budget with substantial
Banque de France. France.
of borrowing for budgetary
budgets, renunciation by the Government
against
The Federal Reserve Bank of New York gave out the purposes and the creation of a 75,000,000 zloty reserve as insurance
ng the participa- contingencies.
following announcement on Oct. 17 regardi
embody those measures which
The monetary features of the program
are most perfectly adapted
tion of the Reserve banks:
monetary experts throughout the world agree
is
The Federal Reserve Bank of New York in association with all other to ensure the maintenance of a suitable currency. The Bank of Poland
ents granted
Government renouncing its
Federal Reserve banks has participated in the credit arrangem
ed the only noteLssuing body, the
upon a gold basis,
Polski, the Polish bank of issue, in constitut
by various banks of issuo to the Bank
notes. Its notes are established
ion right to issue currency
notes only in accordance with rigid
furtherance of the plans which have been completed for the stabilizat
and provision is made for the issue of
of the Polish currency. Under the terms of these arrangements the Federal reserve requirements. Upon the inauguration of the program the Bank
reserve ratios of any central bank.
Reserve Bank of New York has agreed, if desired, to purchase from the Bank
of Poland vrill have one of the highest
available a credit arranged in its favor
Polski up to a total of five and quarter million dollars of prime commercial
In addition, the Bank of Poland has
:
bills.
in the following fourteen countries
by banks of issue or reserve banks
Finland, Denmark, England, France,
Journal" of Oct. 18 in referring to the Austria, Belgium, Czechoslovakia.nds, Sweden,Switzerland and the United
The "Wall Street
Germany,Hungary,Italy, Netherla
credit arrangement said:
States of America.
co-operation in the program of stabilizaTypical of the growing tendency toward co-operation among the main
The extent of the international
of good-will and of that
banks of issue in international matters is the extension of 35,250.000 credit
affords a striking demonstration both
tion already
inspired by the adoption of the plan.
to Poland by the Federal Reserve banks througli their readiness to purchase
confidence in Poland's future which is
prime commercial bills up to that amount. l'olish stabilization. it was said.
in the world which cannot but quickly
It assures to Poland a new position
international finanIs a vital matter in the rehabilitation of Europe both from a political and
itself in all aspects of the country's
of the largest European markets for and favorably reflect
economic viewpoint. Poland Is one
internal economy.
cial relations and
American cotton and one banker declared that American agriculture should
benefit greatly if Poland is able to maintain a stable currency.
the fourth Charles S. Dewey Named as American Financial
Return of Poland to the gold standard late last week marks
Poland.
major step in the economic restoration of Europe. The first was the
Adviser to Government and Bank of
putting into operation of the Dawes plan, thereby paving the way for future
announced on Oct. 15
action. Then came the granting of a credit to England of 3200,000.000
The Polish Legation at Washington
by
Treasury
by the New York Federal Reserve Bank and another of 3100.000,000
Charles S. Dewey, Assistant Secretary of the
s return to the gold standard in that
J. P. Morgan & Co. at the time of England'
accepted the position of Amerifiscal affaars, has
the spring of 1925. a credit which, as far as it is known, was never drawn in charge of
and the Bank of
upon and was allowed to lapse in the spring of 1926. Following the credit can adviser to the PolLh Government
was granted
to England, aid similar to that now being extended to Poland
time the Legation stated that the
Poland. At the same
a year ago to Belgium.
for a meetPresident of the Bank of Poland has issued a call
Poland's Second Attempt.
at which
on a gold basis, marks the ing of the shareholders of that institution Nov. 5
The present stabilization of Polish currency
second attempt Poland has made for an economic house-cleaning. Follow- Mr. Dewey will be elected to the directorate. The shareing the advice of financial experts a gold currency was issued and the Bank
act upon certain modifications of the statPolski founded as a central bank of issue in 1924. The zloty was issued as holders will also
3.193. A year later, however, utes of the Bank in accordance with the stabilization plan
the monetary unit with a gold value of
a series of unforeseen difficulties arose, chief of which was the failure of her adopted Oct. 13. These changes and the appointment of
crops and a tariff barrier erected against her by Germany in an economic
incidental to the new Palish stabilization
war. In order to save her gold, Poland was forced to suspend specie pay- Mr. Dewey are
United States arid
ion, being quoted as
ments and the zloty suffered the inevitable depreciat
loan, which was floated this week in the
low as 3.0940 in June 1926. An upward movement then set in and for
reference to which is made elsewhere in this issue
Europe,
the past year the zloty has fluctuated between 3.11 and 3.1150. The gold
nt Secretary of
of our paper. Mr. Dewey has been Assista
par as announced by presidential decree is now slightly under $.1122.
Credit to Bank of Poland Arranged by Federal Reserve
Banks and Central Banks of Issue.
In addition to the stabilization loan in behalf of the Republic of Poland floated this week in this country and Europe,
it was made known that credits to the Bank of Poland have
been arranged by banks of issue and reserve banks in fourteen
countries. According to advices under date of Oct. 13 from
the Minister of Finance of the Republic of Poland to the
syndicate floating the stabilization loan in this country, the
banks which have arranged these credits are:
Direct Loan Not Allowable.
The Federal Reserve banks are not permitted to make direct loans to
foreign countries and this,credit to Poland differs somewhat from the aid
being granted by the other banks of issue. Section 14 of the Federal
Reserve Act gives a Federal Reserve bank power to buy prime commercial
bills, both domestic and foreign. Under this provision, the Federal Reserve
now stands ready to aid the Bank Polski, not by a direct loan, but through
the purchase of prime commercial bills at any time within the agreed time
limit at the request of the Bank Polski.
Counting the entire Federal Reserve System as one unit, there are 14
banks of issue participating in present credits to enable Poland to carry out
the program.
of his appoint-.
the Treasury since July 1 1924. At the time
rthem
was Vice-President of the N,
ment to that post he
nt by Mr.
Trust Co., Chicago. The following stateme
by Poland
Dewey regarding the invitation extended to him
appeared in the "United States Daily" of Oct. 17:
from the Minister of Finance
I am to-day in receipt of a communication
Government of Poland,
of the Republic of Poland, advising me that the
, has invited me to
under a stabilization plan now in process of adoption
Polish Government The
accept the position of Financial Adviser to the
te of the Bank of
invitation also includes membership on the directora
Poland.
citizen to be
It is a rare privilege and a signal honor for an American
that the Government of
Poland Returns to Gold Standard—Program of tendered this position. I am deeply gratified t duty. I contemplate
Poland should have selected me for this importan
Stabilization—New Reserve Requirements.
opportunity to contribute,
accepting this invitation and I welcome the
joined the ranks of those countries which have to the best of my ability, to the success and prosperity of the Polish nation.
Poland has
definitely consummated and approved by
returned to the gold standard since the war through pro- When my appointment has beenhave been so advised, I shall, of course,
the Polish Government, and I
mulgation of a decree of the President of the Republic giving tender my resignation as Assistant Secretary of the Treasury.
leave the Treasury.
11 cents,
will be with great reluctance and real regret that I
the zloty the gold value equivalent to a little over
during which I have been connected with this
according to an announcement Oct. 16 by the Polish Lega- The three and a half years
personally, it having been
department have been of inestimable value to me
on
tion at Washington, which wentvalueto say: zloty has in fact both a privilege and an honor to be associated with so distinguished,
which the
and kindly a gentleman as Secretary Mellon.
This value is approximately the gold
is therefore judged to be best brilliant
maintained for about a year and a half, and
to maintain equilibletter from Secretary Mellon to Mr. Dewey concxatuA
the country and
adapted to meet the economic needs of
external price levels.
lating him an the honor conferred on him by Poland is taken
rium between internal and
ng the gold standard will be entrusted to the flank
The task of maintaini
follows from the same paper:
the exclusive right of note issue. The notes of as
of Poland, which Is given
2214
THE CHRONICLE
Dear Mr. Dewey,—I congratulate
you upon the invitation that has been
extended to you to become a directo
r of the Bank of Poland and to assume
the duties of adviser both to the
Polish Government and to the Bank of
Poland, as contemplated in the propos
ed plan of stabilization to be adopted
by the Polish Government. I regret,
a decision which means your leaving however,that you should have reached
the Treasury Department.
Your selection for this import
ant post is deserved recognition of the work
which you have performed in
this department. During your service of
more than three years as Assista
nt Secretary you have successfully handled
numerous and varied proble
ms which have demanded administrative and
financial ability of high degree.
In disposing of these problems you have
at all times manifested a
clear understanding of fiscal policies and have
demonstrated unusual talent.
In your contemplated new field
of endeavor you will have the best wishes
of your former associates in the
Treasury, who look with confidence to your
success in the accomplishment of
the task you are now undertaking.
[VOL. 125.
will be callable in whol or in part in multip
les of $4,000,000 on any interest date on 30 days' notice
at par. Interest
payable semi-annually on May 1 and Nov. 1
at the rate of
5%% per annum. Principal and interest will be payable
in
United States gold coin without deduction for
any taxes,
present or future, levied by German Government
al authorities. It is also stated that:
American participation certificates in the aggrega
te principal amount of
$20,000,000 are to be issued by The Chase Nation
al Bank of the City of
New York, Trustee, against the deposit with
it of the above notes of Commerz-und Privat-Bank Aktiengesellschaft
The certificates are to be in
coupon form, in denominations of $1,000,
registerable as to principal only.
Payments received by the Trustee on accoun
t of principal and interets
are to be payable in New York at the principal
office of The Chase National
Bank of the City of New York. Also
collectible in London in pounds
sterling; in Amsterdam in guilders; in Zurich
in Swiss francs; in each case
at the buying rate for sight exchange on
New York on the date of presentation for collection.
Owen D. Young Sees New Polish Loan and
Program
of Stabilization of Benefit to United State
s.
That the new Polish loan offered on Oct. 18 is
in line with
Messrs. Sobernheim and Harter, Manag
policies of financial reconstruction of great impor
ing Directors of
tance to the bank,
supply the following information regar
America was the opinion expressed by Owen
ding the
D. Young, institution:
Chairman of the board of the General Electric Co.,
on Oct.17.
"My interest in this loan," said Mr. Young
Commerz-und Privet-Bank.
, "is entirely
The Bank was
from the angle of its contribution to the progre
in
under
ss of financial Disconto-Bank in foundedrg, 1870 later the name of *he Commerz-und
Hambu
and
also established headqua
stabilization in Europe and resulting
benefit at home." Berlin. In 1920 the Bank consolidated with one of German rters in
y's oldest
Mr. Young further said:
commercial banks, the Mitteldeutsche
Privat-Bank, organiz
ed in 1856,
The importance of having Europe on a
gold basis, and of the stabilization which owned a network of brandies and agencies throughout Central Gerof European currencies, is only beginni
ng to be generally recognized in the many. It was in connection with this merger that the name of the Bank
United States. We have a large exporta
ble surplus of agricultural products was changed to the Commerz-und Privat-Bank Aktiengesellschaft.
and a surplus not so large but of growin
The Bank enjoys a high standing internationall
g importance of manufactured artiy as well as in Germany
cles, for which we are seeking market
s abroad. The difficulty of establish- and conducts a general domestic and foreign banking business.
ing reliable and permanent market
The Bank maintains offices in over 200 cities
s for our goods in countries where curs);th numerous branch offices
rencies are inflated or widely fluctua
ting has been vitally demonstrated and has over 200,000 accounts. Its employees number more than 7,500.
to many sections of our people during
the past ten years. No matter how
Capitalization.
accurately economists may explain to
the ultimate consumer that he is
The par amount of the bank's authorized and
actually paying no more for a pound
outstanding capital is $14,of cotton or a pound of beef or a bushel 285,000, which
includes an increase of $4,285,000 in 1927; with
of wheat when he buys them through
reserves of
the medium of a highly inflated cur- $8,500,000.
making a total of capital and reserve
rency, human nature does not react
s of about $23,000,000.
favorably to such a situation. The The market
value of its share capital in accordance
important fact from the standpo
int of the American farmer or manufac- on the
with current quotations
Berlin Stock Exchange is more than
turer is that their products do not move
$25,000,000.
into foreign countries on a satisThese $20,000
factory basis, either as to price or as
to volume, where currencies are not of the Commer .000 Ten-Year 5)4% Gold Bonds are the direct obligation
stabilized.
z-und Privat-Bank and will comprise,
upon Issuance, its
only funded debt (except $303,090
In view of these considerations, the Polish
of revalorized mortgages.)
stabilization loan Is an important one, and it is a happy circumstance
Dividends and Earnings.
that Charles S. Dewey has resigned
as Assistant Secretary of the Treasury
Dividends have been paid for each year
to act as adviser to Poland, as a
since the organization of ths
director of the Bank of Poland, and as supervi
sor of the carrying out of the Bank, with the exception of the readjustment year
terms of the agreement.
1923, and for the last
three years have been-at the rate of 8%,8%
and 11%.
During the past few years we have seen several
Profits as reported by the Bank. after
examples of constructive
the deduction of interest and taxes,
assistance along these lines, in which Americ
a has been fortunate in play- for the years 1924, 1925 and 1926 were $1.205.
525. $1.220,214, and $1,ing a part. Following the establishment
of the reparation plan in Ger- 916,592 respectively.
many, well-thought-out systems have been
These notes substantially replace funds,
put into effect in Belgium.
the interest charges on whicn
Austria and Hungary. In Hungary the
operation of the plan was under the have been accounted for in the foregoing figures
.
control of an American Commissioner-Gener
al, whose efforts proved of
great benefit. All three of these undertakings
Purpose of Issue.
were attended by far-reaching success, and in each case the interna
The proceeds of the notes will be used by the
tional loans which accompanied
Bank in its general banking
them have met with continuing favor in the
business, more particularly for the financing
markets of the world.
of exporting Industrial corAmerica, as a comparative newcomer in
porations.
the field of international finance,
may take a justifiable pride in the constru
ctive and public-spirited work
which has been done by such men as
H. Parker Gilbert in Germany, by John B.
Stetson American Minister to
Jeremiah Smith in Hungary and by Roland
Poland Says
W.Boyden, Thos. Nelson Perkins and Walter P. Cooke as members
Polish Loan is Natural Step in Econo
of the Reparations Commission.
mic DevelopThe program of stabilization adopted by
the Republic of Poland has had
ment of Poland.
the benefit of long and careful study.
In 1926 Professor Edwin A. Kemmerer of Princeton, with a commission
The following statement by John B.Stets
of experts, made an exhaustive study
on, Jr., American
of trade and financial conditions in Poland
and made recommendations Minister to Poland, issued on Oct. 14 to
many of which were adopted with benefic
the Polish press in
ial results. Poland has for some Warsaw was receiv
ed in this country by cablegram:
time been In a state of budgetary equilib
rium,and in view of this the present
In my opinion the negotiation of the loan
loan appears much in the light of new
concluded last evening between
capital made available to a going con- the Polish Govern
cern.
ment and the group of foreign banker
s among them the
Bankers Trust Co., Blair & Co., the Chase
Under the supervision of the Americ
Securities Corp. of New York,
an adviser, the loan would seem to and the Guaran
ty Trust Co., comes as a natural step
provide adequate funds for carryin
g out a sound and well co-ordinated development
he the economic
of Poland. This approachment between
financial policy. The plan provides that
Poland and American
the capital of the Bank of Poland financial market
s should open up a new range of econom
will be Increased, that the zloty will be
established on a gold basis, and that resultant
ic possibilities with
benefits to the commerce of both
currency will be issued only by the Bank of Poland
countries. The successful
on adequate gold re- termination of these negotia
tions affords another opportu
serves. This plan in conjunction with the
nity for appreciapresent balanced budgetary ng, the sound basis
upon which the economic future of
policy should give increased strength in the trade
Poland is founded.
activities of the nation,
both domestic and foreign.
This plan, carefully worked out as it has been, is part
Offering of 15,000 American Share
of a broad policy
of assistance to Europe which could not be accomplished
Certi
without American
Industrial Discount Co. of Amsterda ficates of
help, because of our predominant position as
a reservoir of gold and of
m Oversubcredit. We may take no little satisfaction in renderi
scribed.
ng this help. But beyond that, it must be evident to all who study the
matter that no people
F. J. Lisman & Co. and First Federal
benefit more from the success of these plans of
Foreign Investment
stabilization than do the
farmers, the manufacturers and the mercha
nts of our own country, and Trust have sold 15,000 American share certif
icates repreIndirectly our people as a whole.
senting 1,500,000
Offering of $20,000,000 Gold Notes of Commerzund
Privat-Bank of Germany.
An issue of $20,000,000 ten-year 5;(% gold notes
2
of the
Commerz-und Privat-Bank of Hamburg-Berlin,
was offered
on Oct. 20 by an American banking group headed by
the
Chase Securities Corporation, Blair & Co., Inc., and Halse
y,
Stuart & Co., Inc., and including Ladenburg, Thalmann
&
Co., the J. Henry Schroder Banking Corporation, the Shawmut Corporation of Boston, A. G. Becker & Co., the Marine
Trust Co. of Buffalo and the Anglo-London-Paris Co. of San
Francisco. A substantial portion of the issue was withdrawn for offering in Europe. The notes, represented by
American participation certificates to be issued by the
Chase National Bank of New York City, trustee, were offered at 94% and accrued interest, to yield 61 %. The notes
4
will be dated Nov. 1 1927 and will mature Nov. 1 1937. They
guilders common stock of the
Industrial
Discount Co. (Industrieele Disconto
Amsterdam, Holland. The price per Maatschappi) of
certificate was $48.50 (carrying coupons American share
at one-half the full
rate for 1927 and at the full rate for the
nine following years).
The shares against which these certif
icates will be issued
are shares of the company's common
stock of 1,000 guilders
($402) par value each, in bearer form,
fully paid and nonassessable. Each of the American share
certificates represents 1-10th of one such share and
is exchangeable (10
certificates for one such share) at the
principal office of the
Central Union Trust Co., New York,
trustee, in accordance
with the terms of the indenture under
which the shares are
to be deposited. Such exchange may
be made at any
time before Aug. 1 1937 on payment of
a fee of 200. pr
certificate and on and after Aug. 1
1937 free of all fees.
The certificates will be in bearer form carryi
ng coupons for
the proportionate part of dividends for the
10 years, 1927 to
1936, inclusive, on the shares to be deposi
ted, said dividends
OCT. 22 1927.3
THE CHRONICLE
to be payable when, as and if declared by the company and
received by F. J. Lisman & Co., fiscal agents. The holders
of certificates will share ratably in any stock dividend or
rights declared on the shares to be deposited, in accordance
with the terms of the indenture above mentioned.
The Industrial Discount Co. of Amsterdam was incorporated in 1923 under and subject to the regulations
prescribed by the laws of the Kingdom of the Netherlands.
It is chartered and authorized to conduct a general banking
business in all its phases, financing imports, exports and
domestic trade and discounting commercial paper. Since
its inception, the company has enjoyed the active financial
support of several of the foremost banking institutions in
Holland, Germany, Switzerland and other countries. The
well known Amsterdam banking house of H. Oyens & Sons
has been connected with the company and represented on
its board since the beginning.
In accordance with the policy of extending its operations
into profitable fields in Europe outside Holland, the company
has organized subsidiaries in Germany and Denmark. These
subsidiaries, established in 1925 and 1926, respectively, are
entirely owned and controlled by the Industrial Discount
Co., which operates them in accordance with its own conservative principles. The German company, the Industrielle Diskonto A. G., paid a dividend of 10% in 1925
and 1926, and has recently increased its capital to 2,000,000
reichsmarks. The Danish company, the Industrielt Diskonto Aktieselskab, which has not yet completed its first
financial year, is developing very successfully. The company is concluding arrangements for the establishment of
subsidiaries in England and France with offices in London
and Paris.
Further data in connection with this offering may befound
in our "Investment News Department" on page 2273.
2215
railways, port works, etc., are valued at $115,400,000 which is In excess
1926 was
of the total debt. The wealth of Denmark at the beginning of
national debt.
estimated at $5,305.000,000 or about 17 times the present
showed a
For the fiscal year ended March 31 1927, ordinary revenues
using this surplus.
surplus of $1,864,000 over ordinary expenditures. After
the year. including amortization
net expenditures for capital account for
will amount
of debt,construction works and revenue producing investments,
1927-28 shows
to approximately $770,500. The preliminary 1?udget for
about $1.a surplus of ordinary revenues over ordinary expenditures of
281,000.
at Dar
All conversions of Danish kroner into dollars have been made
re-established
of exchange, 26.8 cents per krone. The gold standard was
on Jan. 1 1927.
It is expected that trust receipts of Guaranty Trust Co. of
New York, issued against the deposit of temporary notes of
this issue, will be ready for delivery on Nov. 1.
Allotments of London and Amsterdam Portions of
Brazilian Loan.
Allotments of 20% have been made on the portion of the
$85,000,000 Brazilian loan which Mendelssohn & Co. placed
in the Amsterdam market, according to cable advices received from the Dutch bankers. On the London Offering
of £8,750,000 sterling, N. M. Rothschild & Sons announced
on Oct. 17 that alIctments would be only 10%. Reference
to the offering was made in our issue of Oct. 15, page 2062.
Funds Available for Payment of Nov. 15 Interest on City
of Sao Paulo Loan of 1927 and Redemption of Portion
of Bonds.
The New York office of the First National Corporation of
Boston announces the receipt of $225,000 from the 'Tr”asurer
of the City of Sao Paulo. These funds are to be applied t
the payment of interest due Nov. 15 and the balance to the
redemption at par value of bonds of the City of Sao Paulo
6%% external secured sinking f mid gold loan of 1927. Bonds
to be redeemed will be drawn by I 'n or about Oct. /5.
Offering of $3,000,000 Gold Notes of Danish Export
Credit Committee.
The Guaranty Co. of New York, Dillon, Read & Co., and
the International Acceptance Bank, Inc., offered on Oct. 20
$3,000,000 Danish Export Credit Committee guaranteed
4;4% gold notes, unconditionally guaranteed as to principal
and interest by endorsement by the Kingdom of Denmark.
The notes are due in various amounts at six months' intervals from Nov. 1 1928 to Nov. 1 1934 and were offered at
prices ranging from 100.25 to 95.38, to yield 414 to 5.30%,
according to maturity. The notes will be dated Nov. 1 1927.
They will be in coupon form in $5,000 denomination. It is
announced that the total dollar amount authorized is limited to a total principal amount equivalent to 20,000,000
kroner at the rate or rates of exchange existing at the time
of issuance thereof (equivalent at par of exchange to
$5,360,000). To be issued from time to time in installments
of not less than $500,000, each installment maturing in from
one to not exceeding seven years. The amount outstanding
(including this issue) is $4,100,000. Principal and interest
(May 1 and Nov. 1) will be payable in New York at the
office of Guaranty Trust Co. of New York in gold coin of the
United States of America of or equal to the standard of
weight and fineness existing on Nov. 1 1927, without deduction for or on account of any taxes, assessments or duties of
any character, now or hereafter levied or imposed by the
Danish National Government or by or within any political
subdivision or taxing authority thereof or within the territories of the Kingdom of Denmark. M. N. Slebsager, Minister of Commerce, says:
National Bank of Commerce in New York Appointed Fiscal
Agent for Province of Tucuman Bonds.
The National Bank of Commerce in New York has been
appointed fiscal agent for $2,122,500 Province of Tucuman
7% external sinking fund gold bonds of 1927.
Permanent Coupon Bonds of Republic of Panama
Issue Due Dec. 1 1926 Now Available.
s Permanent coupon bonds of the Republic of Panama 30
external secured sinking fund gold bonds, due
year 6%%
Dec. 1 1956, are now ready for delivery at the National City
Bank of New York, in exchange for the outstanding temporary bonds.
$15,000,000 of Greek Loan Expected to Be Offered in
American Market.
Oct. 20 the New York "Evening Post"
From London
reported the following:
Probably $15000000 of the $50,000,000 Greek reconstruction loan pending will be offered In the American market. Previously the Greek Government will seek to fund its war debt to America and will drop claims to the
balance of the amount which it has contended that the late President Wilson
group.
seemed to promise. Speyer & Co., with the support of a powerful
other
may Issue tl'e American part. J. P. Morgan & Co. and on or two
New York b 'uses are bidding.
Greek
Two or three American companies are competing for a $40.000.000
road constrv,..ion contract.
of the new loan for London.
Probably II ambros & Co. will take £7,000,000
It will be semred by surplus revenues under the control of the Internationla
Financial cemmission. Of the loan £3,000,000 will go to repaying State
outdebt to the National Bank. A like amount will go to repayment e
standing, udget arrears.
These notes are to be the direct obligation of the Danish Export Credit
Corunna (Spain) Plans Loan in UnitediStates.
Committee and each note is to be unconditionally guaranteed as to principal
Corunna (Spain) Associated Press advices Oct. 19 stated:
and interest by endorsement by the Kingdom of Denmark. The Mortgage
An American banking group's offer of a $5.000,000 loan for public imBank of the Kingdom of Denmark win control and supervise the issuance
provements has been accepted in principle, a statement of the municipality
ofthe notes.
the terms are fixed.
The Danish Expert Credit Committee was established by the Danish says. A definite contract will be signed as soon as
Government by Decree of the Minister of Commerce dated July 10, 1922,
to foster the export trade of Denmark. Pursuant to pargrapb 17 of the
of Inflation in 1927," by George Woodruff of
Finance Act passed by the Danish Parliament on March 31 1926. and "Story
National Bank of Republic, Chicago—Warning of
the Minister of Commerce of Aug. 26 1926 and of Sept. 7 1926.
Decrees of
this Committee is authorized to grant credits to responsible Danish exDanger.
porters and to Issue interest bearing notes to bearer, payable in United
A warning to "hold your horses" is contained in an address
States gold dollars and carying the unconditional guaranty of the Danish
-Chairman
Government. The Danish Export Credit Committee has authorized the delivered on Oct. 18 by George Woodruff, Vice
Mortgage Bank of the Kingdom of Denmark to issue these notes on its
of the National Bank of the Republic of Chicago, in which
behalf, the proceeds to be used to extend credit to Danish exporters or to
he makes the statement that "in 1927 we are undoubtedly
reimburse the Committee for credits so extended.
Under this arrangement the advances thus made to Danish exporters in a period of great inflation, but people will not recognize
exported goods,
are to be liquidated by payments by the buyers of the
this fact now any more than they would a year or so before
which payments will be collected on behalf of the Danish Government
the panic of 1907 and the deflation of 1920." Mr.Woodruff's
by the Privatbanken in Copenhagen.
r •
under the title, "The Elephants Are
Dynmark.
The debt of Denmark on March 31 1927, amounted to $301.300.000 of
consisting of
which $140,430,000 was foreign indebtedness. State assets,
warning, presented
Coming—The Story of Inflation in 1927," was delivered
before the convention of the Associated Business Papers,
2216
THE CHRONICLE
[VOL. 125.
at the Drake Hotel, Chicago. Mr. Woodruff, in his speech, that
time. Total new building increased, according
to figures compiled
well says that "our business men have been so busy watching by the National Bureau of Economic
Research, from $1,601,000,000 in
for inflation in commodity prices that they have failed to 1902 to 52.675,000,000 in 1907, and the larger part of the increase represee it [the inflation] as it has made its appearance in a dif- sented the gain in industrial plants.
Unfortunately for the business men of 1907.
we did not then enjoy the
ferent suit of clothes." Declaring that "the
good old advantages of an elastic currency system and any demand for an increased
inflationary background, is as always, strictly on the job," amount of currency led to the withdrawal of actual money from the reserves of the banks. In the fall of 1907 credit
Mr. Woodruff points to the huge increase in loans
had been
and as it was possible to go with the bank reserves available, expanded as far
and when these
investments between 1921 and 1927 "wholly represent
reserves were depleted to provide actual
money with which to move the
ed
by investment securities and real estate mortgages owned, crops the last straw was added to the camel's back and the bubble burst,
accompani
and by loans to customers, made for the purpose of carrying suspensioned by such demands for actual cash as to force the temporary
of specie payments.
stocks, bonds, and real estate obligations." In New York
The panic of 1907 was the culmination of an
inflated stock market and
an inflated plant situation, together with a wild
alone, he observes, "loans to Stock Exchange brokers have
scramble for actual cash.
increased from approximately $750,000,000 in 1921
The Deflation of 1920.
to
around $4,000,000,000 in the fall of 1927," and "loans on
The great deflation of 1920 is, of course,still fresh in
the minds of business
men of to-day, and it will be conceded that it and
real estate mortgage securities, reported by those banks
the panic at 1907 were
entirely different propositions. Of course, as
we should have expected,
alone that are members of the Federal Reserve System have unsound conditions had behind
them the old familiar background of plenti• increased from $460,000,000 in 1918 to $1,135,000,000
ful credit at low rates. Large gold imports, the
lowering of the legal rates
in
1921, and to around $3,000,000,000 in the early fall of 1927." of reserve required to be carried by the banks, and the new ability to create
reserves by rediscounting with
Mr. Woodruff likewise alludes to the soaring of stock prices expansion of credit, the loans the Federal Reserve banks, led to a huge
of all of the banks in the United States
and the increase in new buildings, and in stating that
having
0.000
"here and therisen from $15.323,00those in 1914 to $30.782.000,000 in 1920,
investments held by
banks having increased from
is inflation with a vengeance," says "the big
show will 000,000 in 1914 to $11,387.000,000 in 1920. This enormous $5,539.amount of
doubtless go right on until the credit supply gives out
new credit was used to finance the many activities
or
incidental to the conduct
of the war, and finally made possible the wildest kind of
until European competition calls a halt and then losses
competition bemay tween business men for the accumulation of
all sorts of
be suffered because of slumps in stocks and bonds
and street's commodity price index having risen from 8.76inventories. Bradin 1914 to 20.71
mortgages and real estate that may equal the losses that in 1920.
That the increased credit put out by the banks was
were suffered because of slumps in commodities in
1920." clusively to business men, may be further illustrated loaned almost exby a
We should not overlook the fact," he says, "that
should we reports of the national banks, which show that plain business perusal of the
paper in those
finally encounter European competition or other
conditions particular banks gained nearly four and a half billion dollars between 1914
and 1920, while such increase as took place in other loans and in investment
that would bring about an export of gold, the few
s
hundreds owned by the banks was confined almost entirely
to loans on Liberty bonds
of millions of credit might be called for that would
send the and Government securities bought outright.
banks to the Federal Reserve to rediscount, and an
While at•this particular time inflation took the form of a wild melee in
actual which every man
seemed
scarcity of credit might then be not far away,for
the danger commodities, there did notto wish to outdo his neighbor in accumulating
develop any outstandinginflation in stocks and
is not going to come from lack of available gold in the
Federal there could not be said to have been any unhealthy expansion in new conReserve, but from the fct that this gold can only be
struction, except in connection with industrial plants
that had been created
used
- for the purpose of turning out
munitions of war.
outside of the open market operations of the Federal
ReThe average price of fifty leading stocks reached a
high of 73.30 in the
serve Banks-through the rediscounting of notes by
the depression year of 1914, 94.13 in the recovery year of 1915 and only 94.07
in 1920. The total new building, as compiled by the
member banks." He further says:
National Bureau of
When the member banks turn to the Federal Reserve
for the purpose of
rediscounting notes, they will be surprised to learn how little
of their recent
increase in loans is really eligible for rediscount under
the law, and will
also be ariexed to know how non-liquid and unmarketab
le have become
a large part of the securities, other than Governmen
t obligations, that
they have purchased or loaned agiinst.
Mr. Woodruff observes that "politically we may hold
aloof, but financially we must be international in our viewpoints." "Would it not be safe," he says, "for us to induce
bank funds to flow to Europe by calling to the attention
of banks the dangerous nature of available loans on this side
of the water, rather than by a cheapening of credit here that
is supposed to prompt banks to find better rates abroad,
but that in large measure now turns banks toward even
slower loans in the quest for better rates at home
We
give the address in full herewith.
Economic Research, was 52,819,000,000 in 1914,
$2.880,000,000 in 1918
and 54.120.000,000 in 1920, the larger figures representing
needed construction delayed by the war.
It was quite apparent to many in 1919 that commodities had
gone far
too high, but just so long as credit is available inflationists
love to play
with fire, and the usual inflationary program was carried out,
for it WIAS
not until available credit was exhausted in 1920 that prosperity
collapsed.
The collapse of 1920 was a slump of inflated commodity prices,
and this
fact is so recent in men's minds that they forget that, while our
prosperity
booms have always ended with inflation, the elements
in the situation
that have become inflated have varied.
Inflation in 1927.
In 1927 we are undoubtedly in a period of great inflation,
but people will
not recognize this fact now any more than they would a year
or so before
the panic of 1907 and the deflation of 1920.. Our business men have
been
so busy watching for inflation in commodity prices that they
have failed
to see it as it has made its appearance in a different suit of clothes.
The good old inflationary background is, as always, strictly on the
job,
loans of all of the banks in the United States having risen
from $28,687.000,000 in 1921 to $36,040.000,000 in 1926; the investment securities
If the history of the past is any guide as to what
held
will happen in the
by these banks having increased from $11,379,000.000
future, we may be more than reasonably sure that
in 1921 to $15,inflation will be the 814,000,00
0 in 1926; and there having been an estimated further increase,
factor that will finally terminate our present prolonged
period of great based on incomplete reports,
of around 51,400,000,000 in loans and over
and widespread prosperity.
51.000,000,000 in investment securities, bteween June
It is true that for some time after our present prosperity
30 1926 and June 30
got under way, 1927.
it appeared that good times would continue only until competitio
n from
The gold supply has been the basis of our expanding
Europe developed to such a point as to force gradually increasing
credits, for the total
business stock of money gold in the United
States has increased approximat
depression upon us, and to bring about a radical readjustment of
ely
our continuing war time costs. While disturbing competition from Europe has 51.900.000.000 from the middle of 1920 to the middle of 1927.
Unlike the situation just before the collapse of 1920,
not yet developed, it should not, however, be relegated too far into
there has been no
the rise in the index of commodity prices,
the Bradstreet index standing
background in any consideration of our business future, because, if
at
the
adverse results of inflation do not first overtake us, it may yet become a 12.66 early in 1921 and at 12.38 on June 30 1927. These figures prove
factor of great importance in the slowing down of our present unprecedented conclusively that there is no present inflation in inventories, and this fact
iS further borne out by the reports of the banks, which
business boom.
indicate that money
Many careful observers have pointed out that each of our periods of has not been loaned to business men for the accumulation of commodities,
great prosperity has wound up with inflation and a slump. But these same as was the case in 1920. The plain business loans of all of the national
banks-the national banking system includes the
people usually hasten to say that our present business activity has
largest proportion of
not commercial banks-stood at
developed any inflation, and base their assertion upon the fact that
87361.000400 in 1921 and at $7,197,000
com- on June 30 1926. Furthermore,
.000
the statements issued by
modity prices have not risen and inventories have not increased. They
the reporting
do not seem to realize that they may be thinking too much about the infla- member banks of the Federal Reserve System, would indicate that when
tion that culminated in 1920. and may finally wake up to the old familiar the Comptroller of the Currency gives out the classified figures of the entire
national banking system for June 30 1927 there will
fact that it is hard to recognize inflation until it is too late.
be no appreciable increase in business loans between June 30 1926 and
June 30 1927.
As a matter of fact, the huge increase in loans and
The Panic of 1907.
investments between
1921 and 1927 is wholly represented by investment
securities and real
Let us consider some facts in connection with the panic of 1907, the first estate mortgages owned,
and by loans to customers
made for the purpose
that the present generation of active business men went through. Surely of carrying stocks, bonds and
real estate obligations.
this was not a crash of inflated commodity prices, for Bradstreet's commodIn New York alone loans to Stock Exchange
brokers have increased
ity price index of 8.13 in 1900 had only increased to 8.96 in 1907, despite from approximately $750,000,0
00 in 1921 to around $4,000.000
,000 in the
great activity of all those years. As a matter of fact, inflation had fall of 1927. Loans on real estate
the
mortgage securities, reported by those
chiefly appeared in securities prices and industrial plant construction, and banks alone that are members of
the Federal Reserve System, have inhad been made possible by the easy credit conditions that followed a great creased from $460,000,000 in 1918 to
51.135,000,000 in 1921 and to around
increase in the production of gold. The loans reported by all of the banks $3.000.000.
000 in the early fall of 1927.
in the United States rose from 55.657,000,000 in 1900 to $10,744,000,000
The average price of fifty leading stocks has
jumped from a low of 58.35
in 1907, and the investment securities owned by these banks gained from in 1921 to a high of 180 so far in 1927.
'Now building has increased, ac$2,398.000,000 in 1900 to 54,352,000,000 in 1907.
cording to the figures compiled by the National
Bureau of Economic ReThis great increase in the credit that was extended to borrowers made it search, from 52.827,000,000 in 1021 to
$7,172,000,000 In 1926, and current
possible for them to bid against each other for securities until they forced reports would indicate that the figures
for 1927 will be almost as high as
the average price of a selected list of the leading stocks of that day from a those for 1926.
low of 62.98 in 1900 to a high of 114.16 in 1907. Of course, it WBS quite
Here is inflation with a vengeance, and, notwithsta
nding temporary reapparent to many in 1906 that securities had gone too high, but so long as actionary spells, the big show will doubtless
go right on until the credit
credit was available inflation held the middle of the stage and warnings supply gives out or until European competition
calls a halt and then losses
Went unheeded.
may be suffered because of slumps in stocks and bonds and
mortgages and
Easy credit conditions also brought forth a great expansion in industrial real estate, that may equal the los.ses that were
suffered because of slumps
plants as the whole world was entering into intense industrial activity at in commodities in 1920.
OCT. 22 1927.1
THE CHRONICLE
2217
are better, with the exception
and will continue to be so" and that "crops
lifting of the
Florida as an Object Lesson.
Some of the other specifications caused puzzled
have in- of cotton."
cannot
railway net receipts "is
s. The statement that the decrease in
s men and economists who believe that we
eyebrow
To busines
rise, let us call attention to the not great" was contrasted with the latest monthly decrease of 11% from
Hatton and a reverse until commodity prices
nt that the railways "are doing
d there.
1926 and of54% from 1925, and the stateme
case of Florida and see what happene
brought refermade possible by the influx
amount of business as they did a year ago"
Here was a tremendous real estate inflation
increase about the same
loadings. That "exports are
the basis for a huge
to the 44% decrease in the freight car
of a golden stream from the North that became
ed comparison between
by all of the banks ence
as concern
ents owned
on the increase" was admitted, so far
in bank loans. The loans and the investm
3563,000,000 at the end of 1925. September and the Summer months, although attention was called to the
in Florida rose from $141,000,000 In 1921 to
enjoyed all of the thrills of the fact that the September exports decreased $22,000.000 from 1926. Some
Surely no one will deny that Florida
the business outlook as "better
that when the available
criticism was made that description of
greatest real estate inflation of recent times, and
for "binders" this mild
the uninformed to suppose
became so scarce that there were no more funds
it ever had been" might possibly induce
than
credit
g with it huge losses,
record of 1926. But generally the
inflation wound up with the inevitable slump, carryin
that the country was surpassing the
business paralysis and stagdone his best to prevent undue diswidespread insolvency and a general state of
comment was that the President had
occurred.
expanding hardly a man
such reaction as is known to have
nation. And all the time that this bubble was
and couragement over
that any inflation existed,
rce" (we
could be found in Florida who would admit
According to the New York "Journal of Comme
that the United
ing to note
as for the commodity price index, it is interest
s under date of Oct. 18)
d that the cost of living index quote from its Washington advice
States Bureau of Labor Statistics reporte
President and made
to 81.7 at the end of 1925.
in Jacksonville actually fell from 85.8 in 1921
a summary of what was related to the
happen, in a less acute
ts following the
If this could happen in Florida, why can it not
known to the White House corresponden
manner, in America as a wholes
g is substantially as follows: for up to Oct. 8
Cabinet meetin
Problems of the Future.
be going on well,
The construction program seems to
it is hardly to be
one-fourth of 1% below what they
While we may experience reactions from time to time,
some little the amounts of contracts let were only
up for
but not
expected that the great inflation of 1927 will crumple
been a falling off in the net receipts
inflation in securities and were a year ago: There has
s. There has been
time to come, because running true to form the
business being done by the railroad
the supply of credit becomes scarce, In the volume of
has been apparent
real estate will doubtless go on until
traffic, a condition which
in the Federal Reserve some diminution in passenger
ed to the increasing number of autoand the huge amount of unused potential credit
to secure gold cer- over the past several years and attribut effect business generally and, it
together with the gold that has been warehoused
not
banks,
e for a considerable mobiles in use. This situation does
shortag
to the belief that it is indicative
tificates should insure us against a serious credit
was represented, the President is inclined
number of months at least.
c conditions.
should we finally en- of better economi
who
off, due to the fact that the people
Nevertheless we should not overlook the fact that
The movement of coal has fallen
would bring about
anticipation of a strike are now using
counter European competition or other conditions that
might be called last year laid in large supplies in
of credit
demand will
an export of gold, the few hundreds of millions
until these stocks are depleted the
Reserve to rediscount and an their accumulations and
for that would send the banks to the Federal
than normal.
then be not far away, for the danger is not be less heavy
actual scarcity of credit might
Crops as Good as Last Year.
the Federal Reserve, but from
going to come from lack of available geld in
of the open market operavery considerable degree in Illinois.
the fact that this gold can only be used—outside
coal strike has been settled to a
The
rediscounting of notes
h
portion of Ohio. There is still some
tions of the Federal Reserve banks—throug the
of Indiana and a considerable
most
no settlement has been effected, but
by the member banks.
in Pennsylvania and Ohio where
Reserve for the purpose area
production of coal in the non-union mines
When the member banks turn to the Federal
of their there is some
learn how little
are fully as good as last year. Due to
of rediscounting notes, they will be surprised to
Crops, with the exception of cotton,
unt under the law, and
crop has increased materially during
recent increase in loans Is really eligible for redisco
favorable weather conditions, the corn
it is
unmarketable have become
price is not as high as anticipated
will also be grieved to know how non-liquid and
the past few weeks, and while the
hog
ment obligations, that they
are very high, and the sheep and
a large part of the securities, other than Govern
larger than last year. Prices of cattle
of cotton,
and
condition. The price of wheat is fair,
purchased cr loaned against.
in good
have
banks, and huge gold industry is
The pressure will be directed against the member
a year ago.
Reserve will be of small better than
ed to him to-day it is said that Presireserves locked up in the vaults of the Federal
On the basis of information present
not
the fact that the crop of cotton is
not possess the eligible paper that can alone
avail if the meniber banks do
dent Collidge is led to believe that
He considers
may not affect the industry as a whole.
be exchanged for the gold.
ional in as large as last year
efforts to combat
be internat
lax in their
Politically we may hold aloof, but financially we must
that the cotton farmers were rather
own interests than apparently
to him that in the past two seasons
our viewpoints. Europe we must help, more for our
boll weevil, since it has been related
trial if our banks were to seek the
of that and possibly because the
for theirs, and might it not push off our day of
not severe, and because
not as active In their
ative centres Infestations were
year was low, the farmers were
the liquid loans they cannot find at home,in those more conserv
keen. price of cotton last
ravages of this pest of cotton.
the demands for actual liquid business loans are
In Europe where
control the
in the near
to flow to Europe campaign to
in the production of automobiles
And would it not be safer for us to induce bank funds
A very considerable increase
available loans
Coolidge was informed to some
by calling to the attention of banks the dangersous nature of
expected. It is supposed that Mr.
credit here that future is
ture of the new models he
on this side of the water, rather than by a cheapening of
plans of Henry Ford In the manufac
that in large extent of the
is supposed to prompt banks to find better rates abroad, but
proposes to market.
for better
measure now turns banks toward even slower loans in the quest
Unemployment Decreasing.
ment, but
rates at home?
people have been out of employ
A considerable number of
e business that the mildecreasing. Here
Perhaps the time is here when we can convinc
Department indicate the number is
plants
great re- reports to the Labor
of activities in the Ford
lennium has not arrived and that we will some day have another
on again it is possible that the resumption
re-employment of men who had been
verse. Should we not try to make this period of great inflation an excepti
inflation and sales agencies is leading to the
to the hitherto unbroken rule, and prove to business men that
about laid off.
really does exist, before the day arrives when they will first learn
ly increased over last year. This
Mail order house sales have material
buying power, in part,
it to their sorrow?
the President as an indication of larger
they're on is taken by
The elephants appear to be a long ways down the road, but
better conditions in the agriculof the people. lie is said to feel that with
greatly
the march. Hold your horses.
buying power of the farmers will be
tural sections over last year, the
out the country.
a situation good for all business through
Im- Increased,ons in the textile industries show some improvement. They have
President Coolidge Finds Business Conditions
Conditi
not been good for two or three years.
proving Based on Cabinet Reports.
at, but it is not yet back to
The steel industry is picking up somewh
is
The presentation by President Coolidge of an optimistic the maximum of production. The replenishment of railroad equipment
on reports from secre- anticipated, which will bring more business to the steel industry. There
view of business conditions, based
pace with some of last year.
Exports and imports are keeping
taries of Commerce, Agriculture, Labor and the Treasury has been some decrease in the dollar value of imports attributed to lower
was one of the developments of the week which had an effect prices for crude rubber.
year
Coolidge that while at this time last
It was re- resented to President
on stock exchange trading. The President's views were made
but twenty-seven such strikes,
fifty labor strikes there are now
known early in the day on Oct. 18, and it was noted in the there were to him a more contented condition on the part of industry.
had the effect of indicating
New York "Times" of Oct. 19 that it
Cut
converting an aimless, colorless stock market into a lively U. S. Chamber of Commerce Calls for $400,000,000
Taxes.
account added:
in Federal
and buoyant a fair. The
l
Brief dispatches giving the President's views were printed on the financia
demand by the ChamA statement amplifying the recent
news tickers soon after noon.
States for a $400,000,000
ve attacks by
Up to that time the market had been subjected to aggressi
ber of Commerce of the United
Many of the
on Oct. 11 brought
speculative interests bent upon continuing Monday's decline.
Federal tax reduction by Congress, which
is
heavily. Sentiment in the stock market comactive issues were moving
ge the opinion that such a figure
fron. President Coolid
munity was distinctly bearish.
n, President of the
The selling
te.
The response to the President's utterances was immedia
high, was made by Lewis E. Pierso
under way, too
Baden, Ind.,
pressure was lifted and a determined buying movement got
on Oct. 16, at the meeting, at West
body of stocks that continued without in- Chamber
causing a brisk rally in the main
directors of the Chamber.
of the National Councillors and
terruption until the close at 3 o'clock.
declared the inGeneral Meters moved up from a low of 134 to a high of 1364. United
Mr. Pierson in his statement this week
67 to 724, Allied
States Steel from 142)4 to 145, Radio Corporation from
ation income tax in the face of
179 to 182, Collins crease cf 1% in the corpor
Chemical from 1524 to 1534 Brooklyn Edison from
surpluses as unjustified "under any
Aikman from 954 to 1004. du Pont from 3304 to 3354. Houston Oil mounting Governmental
tion for a
1664 to 171, Philadelphia Co. from 107 to 118, United States Cast circumstances except war." The recommenda
from
Iron Pipe from 2035i to 211. and Wabash from 694 to 72. Most of the 8400,000,000 cut in taxes through the repeal of Federal
gains were held until the close.
athe financial community estate and war excise taxes, and the reduction of the corpor
The President's statements had a tonic effect on
cf a
much of the pessimism that the recent reports ofreduced industrial tion tax from 133.% to 10% was contained in a report
dispelling
Wall Street brokerage houses made
and commercial activity had created.
made public Cctober 10.
by emphasizing in their afternoon special committee of the Chamber
the most of the President's remarks
of President Coolidge in the matter
in high places.
A reference to the views
circulars the confidence that exists
nt with the President's remarks
another item in this issue. At the West
In some quarters complete agreeme
engaged in industries will be found in
not evident, especially among industrial leaders
d out that the
was
s are considerably Baden meeting on Oct. 16 Mr. Pierson pointe
ed and in which earning
in which irregularity has develop
reached in a referendum among the
$400,000,000 figure was
below those of a year ago.
rce which
1,500 trade associations and Chambers of Comme
In its further comments the "Times" said:
The President on Business.
national organization and emphasized that the
comprise the
regarding the.condition of tre de met
were made with a full picture
Two of Mr. Coolidge's specifications
ous decision of individual groups
agreement in Wall Street—that "the country is really prosper
general
2218
THE CHRONICLE
of Federal revenue and budget facts before them.
The
Associated Press advices Oct. 16 from West Baden
, from
which the foregoing is quoted, added:
At Washington last May the National Convent
ion of the Chamber called
attention to Federal surpluses and said their
size indicated excessive tax
collections. This conclusion was presented
by a committee which recommended reduction of the corporation levy from
13%% to 10%. Repeal of
excise taxes and discontinuance of the Federal
inheritance tax.
This pruning of Federal revenue, the chambe
r estimated, would reduce income during the first full year of its operati
on by about $400,000,000.
President Coolidge, according to Mr. Pierson'
s interpretation of his
Jemarks at the conference of newspaper represen
tatives last week, took the
view that $400.000,000 would be a dangero
usly large reduction and would
handicap the Government if a slowing down
of business should also deplete
anticipated Federal revenue.
"A reduction of the corporation income tax
will strengthen the country
against competition which is increasing from abroad,
and thereby permit the
continuance of employment and prosperity," Mr.
Pierson replied in this
connection.
Taking the view that there would doubtless be
little difficulty in harmonizing the President's views with those of busines
s men generally, he
pointed out: "No institution in the country has
been a more consistent or
more courageous advocate of President Coolidge
's stand for economy in
Government expenditures than the National Chambe
r. The effort of the
Chamber has always been toward economy through
efficiency in Government."
An account from Washington Oct. 9 of the recom
mendations of the Chamber's Committee is taken as
follows from
the New York "Times":
Until the Chamber of Commerce committ
ee made known its stand the
only prominent proponents of a cut of
$400,000,000 or more had been
found among certain Democratic leaders
, indluding Senator Harrison of
Mississippi, a member of the Finance Commit
tee, and Representative
Garner of Texas, ranking Democrat on
the Ways and Means Committee
and their suggestions had been rebuffe
d as impractical by Senator Smoot,
Chairman of the Finance Committee, Chairm
an Green of the Ways and
Means Committee and Treasury officials.
Even the Progressive Republican
leaders have been satisfied to accept the
Administration idea that tax reduction must not exceed $300,000.000.
[VOL. 125.
individual rates and the larger personal
exemptions in 1927, the contrast
Will be still more marked.
Brake on Business Development.
"Quite apart from any discriminations against
corporations as compared
to taxes levied on other sources, there is a strong
argument for the reduction
of the corporation income taxes on the grounds
of business and industrial
development and the general welfare of the
country. The characteristic
American method of doing business is by
means of corporate organization.
In manufacturing of all kinds, finance,
transportation, communication, in
fact, in practically every kind of business
activity
which are doing not only the great bulk of business , it is the corporations
, but are also the pioneers
In developing new activities, increasing
efficiency and reducing costs to the
consumer. Any undue burdens placed on
the corporations, either by
taxation or otherwise, are obstructing the
development of one of the most
important instruments of economic progress which
have been developed.
"Probably no one thing does as much to simplify
the Federal tax situation
as a reduction in rates. Moderate rates which
reduce the hardship which
might otherwise ensue no longer make necessa
ry elaborate provisions for the
relief of a taxpayer who finds himself in
some unusual situation. Taxpayers and Government officials both approac
h the matter in a manner
most conducive to speedy agreement,
Simplification of the income tax is
generally regarded as one of the most
pressing of Federal tax reforms, and
there is no surer approach to the solution of this
difficult problem than by
the reduction of rates to a moderate level.
"While tax reductions are always accepta
ble to taxpayers, yet revenues
must be sufficient to support the Govern
ment on a reasonable basis.
During the fiscal year ended June 30
1927, the Federal Government not
only paid expenses, including the sinking fund
of over 5333.000.000 for the
retirement of the national debt, but there
was a huge surplus of over
8635,000,000. Analysis of the pertinent facts indicate
s that the reduction
of the corporate income tax to 10%, with the
repeal of the Federal estate
tax and the abolition of the war excise
taxes on particular businesses
(already advocated by the chamber) could
all be accomplished without
Interfering with the normal fiscal operations
of the Government.
"Making allowance for the normal expansion
of business, reflected in
increased earnings, which in turn would yield addition
al taxes, the reduction
and eliminations advocated would, it Is estimat
ed, result in an annual
decrease of revenues ranging from $350,00
0,000 to $400,000,000, of which
about half might be applicable to the fiscal
year 1928. In view bf these
data, there appears no doubt that the reducti
ons are well within practical
Past Underestimates Criticized.
The special committee of the Chamber
of Commerce in its report criticized the Treasury Department for underes
timating surpluses in years
gone by and strongly intimated that it believed
taxpayers had been denied
relief which should have been given and that
the business interests of the
country had been hampered.
The chiefrecommendations of the committee are
a reduction of the corporation income tax from 13% to 10% and repeal
of the Federal estate taxes
and the war excise, or nuisance, taxes. The
specific recommendations on
which the membership of the chamber will be
asked to vote, however, are
limited to the following:
1—That there be immediate reduction and repeals
in Federal taxes,
which, if made effective, are estimated to amount
to $400,000,000 in the
first full year after the changes are made.
2—That the rate of corporate income tax applica
ble to net income of
1927 should not exceed 10%.
3—That Conr ress should provide full opportunity
for the joint Congressional Tax Committee to perfect proposals for
revision of Federal tax
laws and their administration.
Estimates and Surpluses.
"Official estimates made June 30 1927, placed
the present year surplus
at $200703863. The official estimat
es, however, in the past have been
uniformly much less than the actual surplus
realized. Official estimates of
surpluses have been ultra-conservative. In
one
nearly four times the estimates, in other cases case the actual surplus was
double and in no instance
has the actual surplus been less than 50%
in excess of the estimates.
"None of the previous tax-reducing acts
was drastic enough to absorb
the unnecessary amount of money which the
Government was collecting.
Tax reduction now should proceed to a point
that will substantially absorb
any potential surplus.
"All surpluses that may occur should quite
properly be applied automatically to the reduction of debt, and moderat
e surpluses, which, due to
the difficulty of accurately estimating income
and expenditures, may be
expected, can thus be used to good purpose
. Surpluses, however, as large
as those realized in recent years necessarily mean
that more is being taken
from the taxpayer than is needed to meet the current
expenses of the Government and, while the peculiar uncertainties of the
recent past may be held to
have justified a wide margin of safety in estimat
es, no such justification
now exists.
Temptation to Extravagance.
"Any large unappropriated sums in the Treasur
y over and above the
amounts required to meet necessary expenditures
are a constant temptation for extravagant appropriations, while, on
the other hand, a very
potential restraining influence, either on the
Legislature or the Administration, Is the knowledge that there is no surpitui
and heavy expenditures
will mean either an increase in taxation or an
actual deficit to be covered by
the issuing of additional Government obligati
ons. A sound fiscal policy
demands that tax rates be so reduced that there
are no unnecessary amounts
collected by the Government, the taxpayers being
consistently allowed to
absorb potential surpluses.
"While the surpluses of the past have been,
according to law, applicable to the reduction of the national debt. good
not warrant surpluses designedly created for the budgetary practice does
purpose of reducing debt.
nor do fiscal conditions make it necessary.
The
retiring the funded obligations of the Govern present arrangement for
ment through the sinking
fund and other revenues specifically provided
for by statute is thoroughly
approved, and the tax reductions advocated in
this
construed as indicating that such statutory amount report are not to be
s
"In order to assure satisfactory tax reductions, should be reduced.
appropriations must be
kept within present limits and not allowed to
absorb potential surpluses.
As always happens when Government revenue
s are plentiful and surplus
es
constantly in sight, numerous schemes will
undoubtedly be advocated which
will require additional appropriations. For the
ordinary running expenses
of the Government there appears no reason
for any material increase
in
appropriations, and all other schemes which will
place a fiscal burden on the
Government or the taxpayers should be rigorously
examined and excluded
should their necessity or essential value not
be clearly apparent.
Text of the Report.
The report of the special committee follows:
"During the fiscal year ended June 30 1927,
the corporation income tax
yielded revenue In excess of $1,300,000,000,
or 32% of the total taxes,
including customs, collected by the Nationa
l Govern
from the onerous burden thin: placed on corporations, ment. Quite apart
reliance to such a large
eitent on one source oe ,ncome is a doubtfu
l fiscal policy, since any vicissitudes, such as a businese depression, which would
materially affect this one
source of revenue might seriously embarrass the
financial operations of the
Government.
"In addition to the amounts collected from
corporations by the Federal Government, State and local jurisdictions
also are levying heavy
toll on corporations. Recent statistics regardi
ng the taxes paid by the
corporations to State and local governm
ents are not available, but in
1924 these governments collected over $1,550,
000.000 from the corporations, making the total taxes,including Federal
levies,about $2,500,000,000.
In that year taxes paid by corporations were
equal approximately to
two-thirds of the amount paid out in cash dividen
ds. In addition to these
amounts the stockholders of corporations also paid
numerous other Federal
local and state taxes as individuals.
"A certain proportion of the taxes paid by the corpora
tions are shifted
to consumers, but the burden of taxation must be borne
in the first instance
by the corporations. The amount passed on to the
consumer tends to
Inflate prices and is directly reflected in the cost of living.
"Not only has there been general discrimination against
corporations
in that all other tax rates have been reduced or eliminated
since the war
period, but there is a particular discrimination against
corporations, as
compared with individuals and partnerships, even though
the latter may
be engaged in the same type of business and competing with
corporations.
"Corporation earnings paid out in dividends to stockho
lders are subject
to-day to double taxation. They are taxed in the hands
of the corporations
Congressional Tax /nyuiry.
at 13%% and taxed again in the hands of the stockho
lders according to
"The Joint Congressional Tax Committee is
their surtax liability.
required to make a report not later than December. 1927, but the
"The existing taxes on corporations impose an undue and
terms of the statute deterunfair burden mining its tenure are somewhat
ambiguous. A considerable
on the small stockholder. At the present time it is estimat
ed that the the committee's reasons will be
majority of those paying individual income taxes pay at the
ready for the consideration number of
minimum normal at the approaching session and
of Congress
technical improvements
rate of 1% %, yet these numerous taxpayers are assessed
should be incorat the rate of porated into law at the earliest
practicable date.
133i% on all income received from corporations in the form
of dividends,
It is certain, however, that more time and
there thus being a differential of 12% in such instances.
research will be
before a solution of some of the more
"The discrimination against the small stockholder also can
complex problems can benecessary
be illustrated and the Joint Committee should be given
reached,
the time and facilities
in another manner. In 1925. the latest year for which detailed
statistics bring its difficult work to a successful
needed to
are available, dividends received by individuals reporting incomes
conclusion. The committee,
of $10,000 fore, recommends that the tenure of the
thereJoint Congressional Tax
or less were, in round numbers, 5740,000.000, representing earning
Committee
s of be extended to such time as shall afford it
ample opportunity for thoroug
$846,000,000. on which $106,000,000 in corporation tax would be
h
paid. study of the Internal Revebue law and
its administration and to
The maximum tax which the individuals would have paid on these
report
same thereon to Congress."
dividends would not have exceeded $25,000,000. and, in fact,
due to
Members of the Chamber's Taxation
exemptions, the actual amount would have been considerably less.
Committee are James R. Mac
Coll, Chairman, of Pawtucket, R. I., Preside
nt of the Lorraine Manufac"In other words, more than 2,000,000 individuals of small or moderat
e turing Co.; Thomas S. Adams. Professor of
means, constituting a majority of those making Federal income returns
Political Economy at Yale;
in Arthur A. Ballantine of New York City, John
W. Blodgett, lumberman.
1925, through the medium of the corporation income tax paid more
than of Grand Rapids; Stuart W. Cramer of
Cramerton. N. 0., President
four times as much taxes on income received in the form
and
of corporation Treasurer of the Cramerton Mills; William
S. Elliott of Chicago, General
dividends than they would have paid had they paid only the
individual Counsel of the International Harvester Co.;
rates on these dividends. With the higher corporation
William F. Gepphart. Vice
rate, the lower President of the First National Bank of
St. Louis; Edward E. Gore,
ac-
OCT.22 1927.]
T1TE CHRONICLE
eountant. of Chicago; Robert P. Lamont of Chicago, President of America
Steel Foundries; Felix M. McWhirter of Indianapolis, President of the
Peoples State Bank; George 0. May, accountant. of New York City;
William S. Moorehead of Pittsburgh; Roy C. Osgood of Chicago, Vice
President of the First Trust and Savings Bank; H. H. Rice, Assistant to
the President of the General Motors Corporation: George Shriver, Senior
Vice President of the B. & O., and Carroll J. Waddell of Philadeffthis-
3400,000,000 Tax Cut Deemed Too Great by President
Coolidge—Treasury Estimates of Permissible Reduction Said to Be in Neighborhood of $250,000,000.
While President Coolidge was represented as indicating
on Oct. 11 that he considered as too high the $400,000,000
cut in Federal taxes called for by the special committee of the
United States Chamber of Commerce, he is not committed
to any stated amount of reduction, according to White
House representatives on Oct. 18. In its advices to the
effect that the President is not yet ready to set an estimate,
the Washington correspondent of the New York "Journal of
Commerce" on Oct. 18 said:
2219
payers exert their influence to effect economies and pave the way for tax
reduction.
Better to Turn to Economy.
In addition to counseling business organizations that it was his belief
not be as large as prospoed by the Chamber of
that the reduction could
Commerce,President Coolidge advised them to put an end to such activities
and turn their attention to influencing members of Congress to restrict
expenditures.
Those who are urging a heavy reduction, the President feels, should
remember that tax reductions in the past have been made as the result
of economy. Most of the proposals to come before Congress which would
cost the Government considerable sums have a great deal of merit, he felt,
but those who foster them must consider the expenditures the Government
will be called upon to make in a constructive way. The proposals for permanent improvements, the President believes must be met, but all cannot be
approved in the next session and only the necessary things can be handled if
there is to be tax reduction.
While heretofore the Administration has suggested that a tax reduction of about $3300.900,000 might be made, the President to-day declined
to go on record in that connection.
Heavy Obligations.
ConThe present obligations of the Government, increased by recent
progresses, the President finds, do not fit in with a heavy tax reduction
pensions
additional
gram. One increase made by the late Congress for
amounts to $68,the President pointed out,
It developed that discussions with White House visitors had led to the and adjusted compensations,
meet the in000,000 a year. The Government so far has been able to
thought that he ithe President] favored a $300,000,000 tax cut.
because of careful economies.
The President did not,desire to give any such indication, since he is creased demands
The President noted that proposals for large expenditures were facing
awaiting the presentation by the Treasury of a statement of anticipated
Congress—for flood control, increase of the navy and developrevenues and by the Budget Bureau of a report of probable expenditures. the next
the army
ment of the five-year aviation program. The appropriation for
surplus can be made.
From these figures an estimate of available
larger, he said, because of expenditures that must be made for
New would beand other permanent improvements.
According to a Washington dispatch Oct. 18 to the
barracks
going
There is no certainty, the President holds, that the surplus is
York "Times" when the battle over tax reduction starts
he
Administration to be large this year. Sometimes it runs higher than is estimated,
in the next Congress, the more conservative
reduction
indicated, due to increase in revenues because of prosperity. The
supporters will try to limit the cuts to $250,000,000,instead of the national debt has also reduced the expenditures of the Government.
of the $400,000,000 advocated by some Democratic leaders Next year the interest charges, the President pointed out, will be $70.year.
less than
and the Chamber of Commerce of the United States or the 000,000review of last situation was interpreted as reflecting the view the
the
This
or $350,000,000 suggested by Senator Smoot, President would take in his message to Congress.
$300,000,000
Republican Chairman of the Senate Finance Committee.
The dispatch also stated in part: •
There was a report that the figure of $250,000,000 had been mentioned
at to-day's Cabinet meeting and that the President had been told by
Secretary Mellon that such a reduction could safely be made without
endangering the surplus. No direct confirmation of this, however, could
be obtained, the advisers of the President contending that a formal forecast would not be justified until final estimates col ering revenues and
expenditures had been completed.
Senator Smoot expressed the hope to-day that the new revenue law
would be adopted and effective by March 1. Under his plan, reductions
would apply to income of corporations and individuals earned in the calendar
Year 1927 and taxpayers would face reduced levies when making their first
quarterly payments on March 15 next.
A Compromise Expected.
General opinion here is that a compromise will be reached on about
$300,000,000. This it is expected, will be represented by a reduction of
lJ.% in the corporation income tax, which would, in theory at least,
reduce the yield by al:out $150,000,000; a readjustment downward of
some of the middle surtax brackets and the modification or repeal of the
automobile and nuisance taxes. There are indications that advocates
of the repeal of Federal estate taxes will again meet with disappointment.
That President Coolidge has not decided in favor of $300,000,000 reduction, as was recently credited to him, was made known at the White Howe
Friday. Ile does not, it was stated, know the amount because no estimate of the probable income and expenditures for the fiscal year ending
June 30, 1929, has been furnished by the Treasury and Bureau of Budget.
,
Coolidge Awaiting Esliimit s.
When these estimates are made. the Administration expects to take a
decisive stand, it was declared. President Coolidge reiterated that taxes
could not safely be reduced by $400,000.000. as urged by the Chamber of
Commerce of the United States.
Treasury Department officials are td be counted in the chief group
fighting to keep the tax cuts down. They will have the backing of President Coolidge, who has implicit confidence in Secretaty Mellon and his
advisers.
No official figures have been given out by the Treasury, but the report
to-day was that Senator Smott's suggestion, made yesterday, that a reduction of from $330,000,000 to $350,000,000 probably could be made,
caused some critical comment. This is considered too high by the more
conservative,
The earlier attitude ofsome Treasury officials, however,that $200,000.000
is the limit of safety and that it might be wise to keep the figure down to
3150,000,000, has apparently been abandoned and new estimates raise
the maximum to which they are now prepared to agree to about $250,000.000.
This development has come with indications of a heavy surplus at the
close of the fiscal year 1928, on June 30. It has been estimated that the
surplus probably would almost equal the record one of $635,000,000 for the
year 1927, if the present tax rates are not changed.
In indicating that President Coolidge on Oct. 11 had
challenged the contentions of the U.S. Chamber of Commerce
that a $400,000,000 tax cut was possible, the "Times" reported him as holding that Fitch a reduction would result
in a budget deficit and that an appreciable reduction could
safely be made only by the practice of economy. The
dispatch to the "Times" Oct. 11 also had the following to
say in part:
Mr. Coolidge declined to indicate how great a reduction he thought
in:ght be made until he had received estimates from the Treasury and the
Budget Bureau. He noted that expenditures were mounting and would be
greater this year because of what he described as constructive programs
would not be
ahead. Ile felt also that there was a chance that the revenuei
so large this year, due to the fact that revenues last year were swelled by
in liquidating
unusually heavy payments of back taxes and by the railroads
debts to the Government.
He warned
The President, it was emphasized, Is for tax reduction.
this was not possible,
those urging a large reduction that in his opinion
that tax..autioned Congress to to wise in its expenditures and suggested
The fact that President Coolidge looked upon the reduction
of the National debt as of prior consideration as compared
with the matter of tax reduction was noted in our issue of
Oct. 18 (page 1916) in an account of his told with newspaper
correspondents on Oct. 4. In a special dispatch from Washington on Oct. 7 the New York "Herald-Tribune" stated:
believes, can go
Both tax reduction and debt retirement, the President
and he wants It conalong together. This has been the President's policy
by a careful
tinued. Moreover, he expects to accomplish both purposes
any new enterprises
scrutiny of all proposals to embark the government on
not necessary to constructible economy.
Legislative Program Proposed by United States Chamber of Commerce for Submission to Congress—
Downward Revision of Taxes and Flood Control
Among Demands.
The legislative program of American business to be laid
before the coming Congress was set forth in precise terms
on Oct. 17 by Lewis E. Pierson, President of the Chamber
of Commerce of the United States, at the opening general
meeting, at West Baden, Ind., of directors, national councillors and committeemen of the organization called to consider
its work for 1927-28. Nearly every major problem with
which Congress will have to deal found a place in he list;
and additions were to be considered before the meeting
closed. At the same time Mr. Pierson declared that business was shouldering the responsibility of its public obligations by undertaking the task of self-regulation and selfgovernment. Among the specific demands to be filed in
the name of business when Congress convenes in December
are:
remaining
Downward revision of the corporacion income tax, repeal of
war excise taxes and the Federal estate tax.
as a national
Consideration of flood control on the 'awer Mississippi
legislation
problem for the Federal Government to take over;flood control
funds to be
to be free of entanglement with other projects, flood control
appropriated as needed over a period of yea's
the
Rejection of the proposal to involve the Government further in
a
ownership and operation of the merchant mariae by the adoption of
program of Government shipbuilding and encouragement of private shipping
by trade route contracts.
Scientific adjustment of postal rates and abandonment of the policy
of saddling upon commercial mail users the cost of free and less-than-cost
policy services.
Removal of legislative obstacles in the way of voluntary railroad
consolidation.
Reorganization of Federal executive departments and bureaus in the
interest of economy and efficiency.
Rejection of the proposal to create a Federal Department of Education.
Return of alien property sequestered during war subject to the settlement of war claims of American citizens.
Rejection of the proposal to set Up a Government .:nntrolled monopolistic
workmen's compensation fund.
permanent
Repeal of legislative restrictions which stand in the way of a
parcel post convention with Cuba.
Ratification of the Turkish treaty.
Legislation simplifying ocean bills of lading.
These are only some of the national legislative problems
to which President Pierson referred in his presentation.
The National Chamber, he said, has also equipped itself
to support the Federal Reserve System by a thorough study
2220
THE CHRONICLE
[VOL. 125.
of the entire banking and currency system of the country.
He also touched upon immigration, power development, Gates W. McGarrah, of New York Federal Reserve
Bank, Returns from Europe.
commercial forestry, highway improvement, the distribution
It was announced yesterday (Oct. 21) that Gates
census as questions in which business has a direct interest.
W.
McGarrah, Chairman of the Board of the Federal Reserve
Referring to the agricultural problems, Mr. Pierson said:
Frankly recognizing agriculture sa intrinsically a part of the national Bank of New York,returned on
the Aquitania after attending
industrial fabric, the National Chamber would encourage wider and more
the meeting of the General Council ofIthe7Reichsbank.
;
effective aid to agriculture by business. This means teamwork between
the farmer and other business interests in their trade areas. The Chamber
approaches this project just as it has approached every other phase
of
the so-called national agricultural problem—locally and regionally. Through
Intimate study and contact, the Chamber has discovered what problems
are most acute in the various areas. And,in the light ofrecorded experience
in this field, advises to what degree these local and regional farm problems
may be solved by teamwork between the farmer and his natural associate,
the business-man. Thus the National Chamber is able to advise with
commercial organizations situated in agricultural areas, between farm and
business.
There was a time when commercial organizations made but spasmodic
efforts to strengthen their trade-area agriculture, but to-day the agricultural department, bureau or committee is an important cog in the great
majority of these bodies in rural or suburban sections.
More than 60% of the member commercial organizations reporting to the
National Chamber have set up special machinery of these types to cooperate on local and regional agricultural matters. Seventy-five per cent
of the organizations reporting have at some time carried on some type
of agricultural activity, although not all of them have set up any special
machinery for such work. The number of commercial organizations
having special committees, bureaus or departments is growing constantly.
Mr. Pierson also made plain the purpose of business, as
represented by the National Chamber to study State and
local Government budgets, with a view to developing information useful in efforts to curb extravagance. The
National Chamber will exert its influence to aid local chambers to bring about simplification of tax procedure and an
,orderly program of public expenditure on the part of State
Governments, the repeal of State laws levying special taxes
upon insurance policyholders as a means of raising general
revenue, and to obtain State laws for the certificatioo of
automobile titles and the gathering of vital statistics.
Finally as evidence that business has entered earnestly
upon the task of setting its own house in order President
Pierson pointed to the progress made in the setting up of
standards of trade practice and the elimination of wastes
in distribution due to unethical and uneconomic practices.
The tax reductions recommended by the Chamber are
referred to at length in another item in this issue.
Merchants Association Urges Repeal of Federal Estate
Tax and Reduction and Repeal of Other Taxes.
Repeal of the Federal Estate Tax and reduction or repeal
of other Federal taxes which especially affect business, is
requested by The Merchants'Association in a letter addressed
to the President, the Secretary of the Treasury,the Ways and
Means Committee of the House of Representatives, the Finance Committee of the Senate and the Joint Congressional
Tax Committee. This letter, which was proposed by The
Association's Committee on Taxation and Public Revenue,
of which George C. Pratt, general attorney of the Western
Electric Co., Inc., is Chairman, was approved by the Directors of the Association on Oct. 13 as follows:
The Merchants Association of New York, from its present information,
believes that the condition of the national treasury is such as to warrant a
further reduction of Federal taxation during the next session of the Congress.
The Association believes that the objectives of such a reduction should be:
1. A corporation income tat of not more than 10%
2. Lowering of the tax rates upon income within the brackets from $28,000
to $60,000.
3. Repeal of the Federal Estate Tax.
4. Repeal of the remaining War Excise Taxes.
The corporation income tax should be reduced not only to lessen the handicap which it places upon the successful corporation in competition with
other forms of business organization, but also because this tax has not been
reduced as rapidly as other taxes in recent years and is still so high as unduly
to burden industry.
In the latest revisions of the income tax law while the rates on incomes
in the higher brackets were very substantially reduced, and the exemptions
upon smaller incomes have been carried as far as is compatible with sound
economic principles and good public policy, the rates on incomes in the
brs cicets between $28,000 and $60.000 have been reduced but slightly.
Thn rates upon those intermediate sized incomes, should, therefore, be
bro light into line now.
The war created emergency need for revenue which has passed away
sufficiently to make desirable the repeal of the remaining Federal estate
tax and the relinquisment of that source of revenue to the states.
The occasion for war excise taxes has likewise passed away. This form
of taxation produces inequities, Imposes handicaps and causes public
irritation to a greater extent than almost any other and at the same time is
relatively neither a prolific nor economical source of revenue. The taxes
of this type left in force by the latest revision should now be repealed both
for the relief to be afforded and for the Simplification of the system to be
obtained.
The Association realizes, however, that upon the conclusion of studies
now being made of certain pressing Federal problems,such as the Mississippi
Valley flood control, concrete proposals may be entertained for expenditures
which would reduce the prospective treasury surplus so far as to make unwise
reductions to the extent suggested above. If that situation should arise.
the Association urges strongly that reduction in the corporation in come tax
should be given precedence over the other suggestions to the fullest extent
that the state of the treasury will warrant.
No Foreign Advisor for Reserve Board—Rumors Rising
from British Appointment of W. W. Stewart Denied—Might Influence Policies.
From its Washington bureau theT,"WalliStreet Journal"
on Oct. 17 reported the following:
Announcement of the appointment of W. W. Stewart,
Vice-President
of Case, Pomeroy & Co., New York, as economic advisor to the Bank
of
England, has given rise to persistent reports a British financier
was to be
selected to work with either the Federal Reserve Board in Washington
or
the New York Federal Reserve Board. It may be said authoritatively
that no such reciprocal arrangement is contemplated by the Federal
Reserve system.
Governor Roy A. Young, of the Federal Reserve Board, has stated
officially that he knew of no such arrangement so far as the Federal Reserve
Board is concerned. Governor Strong, of the Federal Reserve Bank of
New York, has given the Reserve Board to understand no such action is
contemplated by the New York bank.
Source of Rumor.
Nevertheless, reports of a reciprocal arrangement for financial advisors
in the London and New York banks have gained wide circulation. Mr.
Stewart, until about a year ago was director of research for the Federal
Reserve Board. His employment by the Bank of England as an economic
aid coupled with the well-known co-operation existing between the London
Bank and the Federal Reserve Bank of New York, apparently gave rise
to the belief there was more in the Stewart appointment than appeared on
the surface.
It is recognized that Mr. Stewart can be of great value in London as an
interrretor of conditions and trends in the money market of the United
States. But so far as the Federal Reserve Bank of New York is concerned
the belief here is that th4 officials of that institution are entirely capable
of correctly interpreting the situation in the British money market at any
time, so that the advice of any British expert imported for that purpose
would be unneecasary.
Might Influence Policies.
Aside from the practical features of the situation, it is safe to assume
that neither the Federal Reserve Board nor the New York Federal Reserve
Dank would care to import a British advisor. Mr. Stewart in London will
deal with facts, not policies, but it would be almost impossible were a British
financier to be associated with the Federal Reserve system, to prevent the
impression being gained that he would influence Federal Reserve policies.
It may easily be imagined what would take place in Congress should the
Federal Reserve system import a British advisor. With the Chicago
discount rate case already available as ammunition for the attacks on the
Federal Reserve system which feature every session of Congress, there
would be no limits to the height of oratory were it possible for Congressional
enemies of the Federal Reserve system to tweak the board's beard and twist
the lion's tail at the same time.
An item regarding the reported appointment of Mr.
Stewart as American adviser to the Bank"of England appeared in our issue of Oct. 8 page 1909. Copyright advices
to the New York "Times" from London have since carried
the following information:
It is said that J. P. Morgan strongly recommended Mr. Stewart for the
post. His appointment is regarded here as a further step in co-operation
between the Bank of England and the Federal Reserve Bank. He will
rrobably work in conjunction with Sir Otto Niemeyer, former Controller
of Finance of the British Treasury, who was appointed to the Bank of
England a few months ago.
Reports fromlLondon Oct. 10 to the effect that Sir Basil
Blackett had been offered the appointment as English adviser to the Federal Reserve Bank of New York brought
denials here of that report.
Forthcoming Treasury Financing.
•
Indications of a forthcoming Treasury offering are furnished in a notice addressed Oct. 19 by the Federal Reserve
Bank of New York to the banking institutions in the district
with regard to the filing of subscriptions. The Washington
bureau of the "Wall Street Journal," commenting on the
proposed financing (we quote from that parer Oct. 18) said:
Treasury is preparing for
new financing Nov. 15. An offering of about
$500,000,000 is expected. Announcement of the November
financing
program probably will be made Nov. 7.
Financing by the Treasury in November is unusual
but is necessitated
by the maturity on call of the remaining outstanding bonds
of the Second
Liberty Loan, which were not exchanged for refunding
issues offered
in the past year. As a consequence of the November financing
it is virtually
assured that the usual Dec. 15 financing will be omitted
this year. '
Secretary Mellon has indicated that certificates of indebtedness
will
be issued as part of the November program. It is possible,
however.
there may be a combined offering of certificates and Treasury
notes.
The Treasury Is committed to an offering of certificates only
on Nov. 15.
Second Libertys Exchanged Slowly.
Amount of the November offering is complicated by
uncertainty as to
the probahie volume of Second Liberty bonds outstanding
March 15
1928, whet:.the Treasury will finance again. Successful refunding operations by the 'ireasury hat e brought down to $850.000.000 the total of
Second Llbertys c•utstanding at present. But widespread distribution
of this loan. reflected in slow exchanges for refunding issues, gives the
Treasury a d ficult rrublem in estimating the probable amount
of Second
Libertys wh,c h will be presented for redemption Nov. 15, the maturity date.
Treasury is in excellent position to clean up the Second Liberty Loan.
Althoug $335,000,000 of Treasury notes mature Dec. 15. the income tax
OCT. 22 1927.]
THE CHRONICLE
receipts due on that date will aggregate about $440,000,000. This will
take care of December maturities, and also leave a margin of revenues for
current expenses. Treasury has not as yet expended more than $20.000.000 of the $354,000,000 of the sinking fund available for the current
the
• fiscal year. If about 3100.000,000 of the sinking fund is reserved for
retirement of Third Liberty Bonds later in the year, there will be some
$200,000,000 available out of this fund to retire maturing Second Liberty
bonds. Balance in the general fund of the Treasury at present is about
$470,000,000.
Possible $500,000.000 Issue.
November financing must provide for Second Liberty bond maturities
presented for redemption. about $150.000,000 of interest on the publlc
debt, and current expenses of the Government until March 15, when
there will be further financing. Assuming that about half of the outstanding Second Liberty bonds will be preseted on Nov. 15 it would seem
that the new financing would be around $500,000,000.
Although the November offering will be issued on an unusual date for
Government borrowing, the maturity of the new issues will coincide with
the quarterly income tax periods as is customary. This will make the
November issue carry a maturity date of one month longer than would
be required were the issue to be made in December as customary. Thus,
this
instead of six months or nine months certificates, they would, in
instance, have to be seven or ten months.
be of more
The November rate on the new Government securities will
than ordinary interest. Last previous offering of Treasury certificates
last
was at 3),‘%. Treasury rate is never finally determined until the
as
minute before offering is announced, in order that it may be attuned
2221
bearing an interest rate of 4% will be placed on the market
next week, says the New York "Times" of Oct. 19, which
went on to say:
This will be the first Land Bank financing effected since an issue of $100,issues
000.000 of 43(% bonds was offered last April. Most of the previous
,
carried an interest rate of 43i% or higher.
The new issue will amount to about $30,000,000 and will be publicly off-red by the syndicate that has handled previous Land bank issues, headed
by Alex. Brown & Sons of Baltimore and including Harris. Forbes & Co.,
Brown Brothers & Co., Lee, Higginson & Co., the National City Company
was
and the Guaranty Company. The $100,000,000 issue of last spring
was
largely a refunding transaction, as almost 393.000,000 of the proceeds
interest coupons. The
used to redeem outstanding bonds bearing 4M%
will
price of the new issue has not been announced, but it is understood it
be sold at a slight discount.
Smaller Dollar Bills Will Be Ready in Year.
The Washington correspondent of the New York "Journal
of Commerce" on Oct. 19 stated:
1928.
New smaller size dollar bills will be put into circulation by October,
having been seit was definitely learned at the Treasury to-day, the date
shortly
lected by Assistant Secretary Charles H. Dewey. who will resign
to become financial adviser and director of the Bank of Poland.
bills in
These new bills will constitute more than half of all the paper
circulation, there being about 445.000.000 dollar bills and only about 415.is of $10.000,000 of all other sizes, up to and including the largest, which
closely as possible to market conditions.
In view of existing conditions in the money market new Government 000 denomination.
low
Mr. Dewey predicted that the larger denominations in Federal paper
rate should indicate whether Treasury anticipates a continuance of
all at once. He explained that the situamoney levels or whether there is any evidence of a hardening observed money then will be changed in size
for the
tion in regard to the national bank notes is different, however, and
from Washington.
present will not be definitely determined.
The following is the notice issued by the Reserve Bank:
Banks to
FEDERAL RESERVE BANK.OF NEW YORK.
Secretary Mellon Authorizes Federal Reserve
1
44%
(Circular No. 815. Oct. 19 1927.1
Purchase from Holders Second Liberty Loan
of Filing
New Treasury Issue—Preliminary Notice of Offering and Methods
Bonds at 100 3-32 During Week Ended Oct. 22.
Subscriptions.
The following statement was issued on Oct. 14 by SecreTo all Memb.r Banks, State Banks, Trsut Companies and
Savings Banks in the Second Federal Reserve District,
tary of the Treasury Mellon:
the United
Second LibFrom advices received from the Treasury Department of
Secretary Mellon, in again calling attention to the fact that
institutions in this
1927 and will
States, this bank is enabled to transmit to banking
erty Loan bonds have been called for redemption on Nov. 15
that for the convenience
district the following information:
cease to bear interest after that date, announced
to purchase, at the
1. That a Treasury offering may be expected shortly.
of holders he has authorized the Federal Reserve banks
2. That the subscription books may be closed by the Treasury without option of holders, Second Liberty Loan 41.4% bonds at 100 3-32 and acpurchases will be
advance notice, and therefore,
crued interest to date of such optional purchase. Such
3. That each subscribing bank upon receipt of information as to the made for account Of the sinking fund. This offer will remain open during
terms of the Treasury offering (either in the press, through the mails or by the week beginning Monday, Oct. 17, and ending Saturday. Oct. 22. and
telegram) should promptly file with the Federal Reserve Bank any sub- will terminate on the latter date without further notice. Second Liberty
scriptions for itself and Its customers. This is important, as no guarantee Loan 4% bonds are not included in this offer to purchase.
and
can be given as to the period the subscription books may remain open,
may
subscribing banks, even before receipt of official subscription blanks,
g
Reserve
Notice of Federal Reserve Bank of New York Regardin
file their subscriptions by telegram or by mail with the Federal
Second Liberty Loan
Bank. Any subscriptions so filed by telegram or mail in advance of receipt
Arrangements for Handling
by subscribing bank of subscription blanks furnished for the particular
Bonds for Redemption.
Issue should be confirmed immediately by mail, and on the blank provided.
when such blank shall have been received.
The following circular has been issued by the Federal Reboth
4. That if the terms of the offering when announced provide for
companies in
be tendered serve Bank of New York to banks and trust
cash subscriptions and subscriptions for which payment may
bank should prepare its subscriptions the New York Federal Reserve District:
in other securities, the subscribing
in such manner as to indicate the method by which it proposes to make
FEDERAL RESERVE BANK OF NEW YORK
payment and the respective par amounts of securities, if any,to be tendered
Fiscal Agent of the United States.
in payment.
'Circular No.813—October 15 1927.1
Classification of Subscriptions. !cc.
Bank Customers' Subscriptions.—With regard to issues, subscriptions to To all Banks, Trust Companies and Others Concerned in the
which the Treasury determines for the purpose of allotment shall be conSecond Federal Reserve District,
of the
sidered as on a cash basis irrespective of whether or not payment is to be
On Nov. 15 1927. as previously announced by the Secretary
of
made in cash or insecurities, the following classification will be required
redeemable and will cease
the number of sub- Treasury. all Second Liberty Loan bonds become
subscriptions made for account of customers, stating
once for
to bear interest. Such bonds therefore should be presented at
scriptions in each class.
payment on Nov. 15 1927.
for $1,000 or less for any one subscriber.
Class A—Subscriptions
Methods to Expedite Payments.
Class II—Subscriptions for over $1,000, but not exceeding $10,000.
Class C—Subscriptions for over $10,000, but not exceeding $50,000.
At the present time there are about 3830,000.000 of the bonds outstandbut not exceeding $100,000.
Class D—Subscriptions for over $50,000,
ing. A large proportion of this amount is held in the smaller denominaClass E—Subscriptions for over $100.000, but not exceeding $500,000. tions by thousands of owners. Due to this wide distribution, redemptions
Class F—Subscriptions for over $500,000. but not exceeding $1,000,000. will be facilitated if banking institutions will use separate "redemption
bonds. SupClass G—Subscriptions for over $1,000,000.
applications" when surrendering both coupon and registered
Where the maturing securities are not by the instructions accompanying plies of these forms are enclosed.
they shall be treated as cash and such
the offering given a preference
accompany Second
Coupon Bonds.—The light green application should should accompany
subscriptions to be paid for in securities should be included in the classiLiberty Loan 4% bonds and another such application coupon form, prefication.
Loan Converted 411% bonds, both in
Second Liberty
Bank Subscriptions.—A subscription for a bank's own account should not sented for tedemption.
that date,should
Coupons dated Nov. 15 1927, which become payable onholders in regular
be included in the above classification of subscriptions for account of
the
be detached and such coupons should be collected by
customers but should be clearly indicated as for the bank's own account course. All coupons bearing dates subsequent to Nov. 15 1927 must be
on Nov. 15
and in addition to subscriptions for customers.
attached to any such bonds when presented for redemption for redemppresented
Subscriptions Not Classified.—Where under the terms of an offering or 1927. If any such coupons are missing from bonds the full face amount of
offering, the Treasury agrees to allot tion, the bonds will neverhteless be redeemed, but payment to be made on
under instructions accompanying an
the
the any such missing coupons will be deducted from so deducted will be held in
new securities in full for any of its securities maturing on the date of
account of such redemption, and any amounts
new issue or on any later date, subscriptions to be paid for in such securities the Treasury Department to provide for the redemption of such missing
coupons as may subsequently be presented.
should not be classified.
SecRegistered Bonds.—The gray colored application should accompany both
4 Xs,
Application Forms to be Furnished.
ond is and another such application should accompany Secondbonds must
registered
are announced, notice thereof, together in registered form, presented Tor redemption. Such
repreWhen the terms of the offering
be assigned by the registered payees or assigns thereof, or by their
with subscription blanks, will be mailed promptly by this bank to banking sentatives, to "The Secretary of the Treasury for redemption," in accorInstitutions In this district. Should notice and subscription blanks for any dance with the general regulations of the Treasury Department governing
reason be delayed in reaching such institutions this bank will nevertheless such assignments.
will
The transfer books for registered bonds of the Second Liberty Loan
receive subscriptions either by letter or telegraph. It is suggested that not close prior to Nov. 15 1927. Final interest due on that date will not be
transmitted to this bank.
be covered by payments
subscriptions be promptly
paid by interest checks in regular course but will
s they should be con- to be made simultaneously with the payments on account of principal.
If it be found necessary to telegraph subscription
firmed immediately either by letter or on subscription blank, setting forth
Bond Shipments at Holder's Risk.
and method of payment, and clearly
the classifications indicated above
of the holder. Faso that duplicaThe bonds must be delivered at the expense and risk
stating that the confirmation is not an original subscription
may be arcilities for transportation of bonds by registered mall insured
be avoided.
tion may
the Federal
Very truly yours,
ranged between incorporated banks and trust companies and
or such arBENJ. STRONG, Governor.
Reserve Bank of New York and holders may take advantage
and trust
rangements, when possible, utilizing such incorporated banks
Issue of $30,000,000 Federal Land Bank Bonds to Be
Offered Next Week by Syndicate—To Bear 4%
Interest.
For the first time since the establishment of the Federal
Farm Loan System a new issue of Federal Land bank bonds
companies as their agents.
Further Information.
Liberty Loan
Full details with respect to the redemption of the Second
reprint of which
are contained in Treasury Department Circular No. 381, a
accompanied Circular No. 781 of this bank dated May 9 1927. Further
information, together with an additional supply of the redemption forms,
may be obtained upon application to this bank.
2222
THE CHRONICLE
The co-operation of all holders of Second Liberty Loan
bonds is earnestly
requested in handling the redemptions and holders
are respectfully urged
to present their bonds now to insure prompt payment principal
of
and interest when due on Nov. 15 1927, particularly with respect
to registered bonds,
which must be forwarded to Washington for release
of registration before
payment can be made.
Very truly yours,
BENJ. STRONG, Governor.
Proposed Election of Directors of New York Federal
Reserve Bank.
Notice has been sent to member banks of the New York
Federal Reserve Bank of a proposed election to choose
successors to Delmer Runkle, class A director, and Samuel
W. Reyburn, class B director. The nominations must be
made before Nov. 10, according to the notice which we
give herewith:
FEDERAL RESERVE BANK OF NEW YORK.
[Circular No. 811. Oct. 8 1927.1
Election of Directors.
To the Member Banks in District No. 2:
An election will be held under the provisions of section 4 of the Federal
Reserve Act to choose successors to the following directors of this
bank
whose terms expire Dec. 311927. Class A director, Delmer Runkle,
Pres.,
Peoples National Bank, Hoosick Falls. New York; and Class B director.
Samuel W. Reyburn, Pres., Associated Dry Goods Corp. and
Lord dc
Taylor, New York.
Both directors were elected by banks in group 3 and their
successors will
be chosen by this group. The banks in groups 1 and 2 do not
elect directors
this year.
Group 1 consists of banks having capital and surplus in excess
of
31,999,000.•
Group 2 consists of banks having capital and surplus not exceeding
$1,999,000 and not below $201,000.
Group 3 consists of banks having capital and surplus below
$201,000.
(Listed on page 2.)
Each bank in group 3 is permitted to nominate a candidate
for class A
director and a candidate for class B director. The nominatio
n must be
made by resolution of the board of directors and certified to
me on or before
Nov. 10 1927. A form for this purpose is enclosed. On
Nov. 12 1927, a
list of the candidates (indicating by whom nominated) and
a preferential
ballot will be mailed to each bank in the group mentioned.
The ballot
must be cast within 15 days after receipt. The polls open on
Nov. 15 and
close at 3 p. in. on Dec. 1 1927. At that time the ballot box
will be opened
in the board room of this bank, the votes counted, and results
of the
election announced. Any of the candidates is invited to be present
• or
represented on that occasion.
In order to be counted, the ballot must be executed by the officer authorized to cast the vote. On the following pages are given the names
of
officers heretofore designated for this purpose. Inasmuch as the authority
conferred on these officers continues until revoked, they need not
be
reappointed. Each bank that has not designated such an officer, or any
bank that desires to change its authorization, should do so by resolution
of
its board of directors and certify the appointment to me before the polls
close. A form for this purpose is furnished herewith.
While the banks in groups 1 and 2 will not vote in this election,
this
circular is sent to them without forms for their information.
Respectfully,
GATES W. AfcGARRAH, Chairman of the Board.
Colonel Luke Lea Elected Director of Federal Reserve
Bank of Atlanta.
Colonel Luke Lea, of Nashville, Tenn., newspaper publisner, was elected a Class B director of thel Federal Reserve
Bank of Atlanta in the special election by member banks in
Group III, according to an announcement by Oscar Newton,
Chairman of the Board. The Atlanta "Constitution," in
stating this, added:
Colonel Lee was elected to fill the unexpired term of the late Captain
W.H.Hartford,of Nashville, and will assume his position on the directorat
e
as soon as he qualifies by taking the oath of office, It was stated. The term
expires Dec. 31 1928.
Texas Bankers Seek Federal Reserve Amendment
Affecting Paper for Discount Secured by Shipping
Documents Covering Agricultural Products.
The following is fr3m the October number of the "Journal
of the American Banker. Association":
[VOL. 125.
Whereas, These limitations exclude
Federal Reserve banks certain types from the rediscount facility of the
sively handled by the member banks ofof commodity drafts that are extenthe Federal Reserve System in financing the marketing of important commodities;
Resolved. That the Congress of the United ie it therefore,
States be,
requested by Stockholders' Association ofthe Federal Reserve and is hereby.
representing the member banks of the Eleventh Federal Bank of Dallas,
Reserve District.
to amend Section 13 of the Federal Reserve Act
eligible for rediscount all demand and sight drafts so as to specifically make
secured by shipping documents covering domestic shipments of non-perish
staple agricultural products, or covering other able, readily marketable
marketable staple commodities; and also demand non-perishable, readily
and accompanied by shipping documents and and sight drafts secured
covering foreign shipments of such products or foreign bills of exchange
commodities and drawn on
the purchaser of such foreign bills of exchange.
New International Germanic Trust Co.Begins Busines
s.
The new International Germanic Trust Co., under
the
presidency of Julian M. Gerard, began business on Oct.
17
in the quarters provided for it on the ground floor of
the
Standard Oil Building, 26 Broadway. A statement issued
by Mr. Gerard called attention to the broad powers the
new
banking institution seeks to develop with respect to America
n
and German capital and its employment in mutually
beneficial pursuits of trade and finance between America and
Central Europe, and announced the completed directorate
and management. The institution starts with a paidin capital and surplus of $5,000,000, the recent offering
of the capital shares having resulted in applications exceeding
eight times the 30,000 shares offered. Besides Mr. Gerard
who recently resigned as Chairman of the Central Mercantile
Bank and Trust Co. to become President of International
Germanic Trust Co., the officers include: W. E. von Marx,
Vice-President and Trust Officer; William E. Dobbin,
Vice-President in charge Foreign Dept.; Ernest K. Satterlee,
Secretary and Treasurer; Theodore W. Knauth, Assistant
Secretary. Harold G. Aron is Chairman of the Executive
Committee. Mr. Gerard's statement said:
Practically since the war there has been increasing need for
an institution
of such size and with sufficiently broad powers to make an appeal
to Americans of German descent in the development of the capital
power of that
very strong group in replacing the financial institution
s which formerly
held such an important place in the American
financial world. Those
of us who have been instrumental in organizing and
establishing on a firm
basis the International Germanic Trust Company
have long recognized
the need for such an institution to supplement the credit
facilities that have
been made available since the war in the reconstruc
tion of business and
industry in Central Europe. The company is independe
nt of individual
or group control and will work in co-operation with, rather
than in competition with, existing institutions of a similar character.
Depositors will not
be restricted to German-Americans, nor will any of the services
of International Germanic Trust Company be so restricted; this cannot
be emphasized too strongly.
The composition of our Board of Directors Is such as to
appeal at once to
everyone fairly disposed toward a better working out
of the
business relationships of the United States and Germany. economic and
It wasstated thatan incomplete tabulation of deposits shows
that more than $4,500,000 were received on the trust company's first day of business. The International Germanic
Trust Co. reports that its shares are now held by over 1,000
stockholders as the result of the recent allotment of its capital
issue of 30,000 shares. This unusually wide distribution by
the new trust company is in accordance with the stated
desire to place the stock in the hands of those having a
permanent interest in the company.
The directors of the institution, in addition to Mr. Aron,
are C. E. Albright, Julian B. Beaty, James A. Beha, James
Bruce, Marcus Daly, Julian M.Gerard, Robert F. Herrick,
Jr., C. H. Huston, William 0. C. Kiene, David H.
Knott,
Theodore Lamprecht, W. E. von Marx, Jeremiah D.
Maguire, Herman A. Metz, Kenneth O'Brien, Rudolf
Pagensteelier, Franklin D. Roosevelt, Woolsey A. Shepard
, Max
W. Stoehr and William L. Wirbelauer.
Items regarding the new institution appeared in
these
columns July 16, p. 344; Aug. 20, p. 1011; Aug.
27, p, 1133
and Oct. 1 page 1790.
When Congress convenes, it is to be memorialized by the banks that are
stockholders of the Federal Reserve Bank of Dallas to amend the Federal
Reserve Act so that paper eligible for discount will include demand and sight
drafts secured by shipping documents covering domestic shipments of non- Annual Convention of American Bankers
Association.
perishable, readily marketable staple agricultural commodities. The memTwo special trains left the Grand Central and
ber banks in the Dallas district assert that.fallure to include this class of
Pennsylpaper was evidently an oversight on the part of the framers of the Act, and vania Railroad Stations on Oct. 20 with 500
bankers, cominasmuch as this bars certain types of commodity drafts that are extensively prising New York State's
delegation to the fifty-third annual
handled by member banks from being rediscounted, steps should be taken
convention of the American Bankers' Association
without further delay to remedy this situation.
which will
The decision to seek legislative relief was reached during the summer be held in Houston, Texas, next week, from
Oct. 24-27.
when the stockholders of the Dallas Federal Reserve Bank held a meeting The first stop-over will be at
St. Louis, where the delegates
in Dallas. The resolution asking Congress to pass the amendment extending the rediscount privileges of the Act to cover agricultural products in will attend a tea given by the Clearing House Association.
their manufactured state was sponsored by Nathan Adams. President of the A stop will also be made at Dallas. The program
arranged
American Exchange National Bank of Dallas and was unanimously adopted for the convention was given in
our issue of Oct. 8, page 1922.
by the meeting, over which W. W.
Woodson,President of the First National
Bank of Waco, presided as Chairman.
ITEMS ABOUT BANKS, TRUST COMPAN
The Texas bankers are urging bankers all over the country to endorse the
IES, &c.
proposal and to ask their Senators and Congressmen to aid Id securing its
Announcement was made this week of the names
passage.
of the
buyers and sellers of the two New York Stock
The text of the resolution is as follows:
Exchange
Whereas, Under the provisions of Section 13 of the Federal Reserve Act memberships which were sold at the high record
.
prices of
as amended by an Act approved March 4 1923. and under the rulings issued
by the Federal Reserve Board pursuant thereto, demand and sight drafts .$270,000 and $265,000 and noted in this column last week.
secured by shipping documents covering agricultural products are eligible That of Arthur L. Miles sold the
seats at $270,000 to Colonel
for rediscount by Federal Reserve banks only when such shipping documents
cover the domestic shipment of agricultural products in their raw state; and J. P. Bemkard while that of Clemens Harris
was the one sold
Ii
OCT. 22 1927.]
THE CHRONICLE
2223
which relate to more than a thousand years of
at $265,000 to Frederick C. Ford. Another transfer at money, all of
commercial ,life before the introduction of coinage. The
$270,000 was that of Albert Francke to Clarence K.Reynolds.
first coins were made about 700 B. C., from which time coinBritish Empire age has been continuous. Coin gems from the period of
At the Monthly Luncheon Meeting of the
Chamber of Commerce in the United States of America finest art in Greece and portrait coins of the Roman Caesars
held at the Lawyers' Club, 115 Broadway, this city on Oct. are shown in contrast with the "widow's mite," the shekel
18, Eric H. Louw, B. A., LL.B., Commissioner for the and other coins of Bible mention. The exhibition is as repUnion of South Africa in the United States and Canada, resentative of paper money as of coins. These specimens
addressed the members on "The Union of South Africa and range from the earliest authenticated note, likewise believed
to be the earliest known piece of printing, produced in
Some of Its Problems."
China in the thirteenth century, to the new design notes of
At the meeting of the board of trustees of the Equitable the United States, not yet released for general circulation.
Trust Co. of New York, held on Oct. 18, $2,000,000 was trans- The evolution of commercial exchange is bridged five thouferred from undivided profits to the company's surplus ac- sand years from the clay tablet of Babylon to the first transcount. This gives the Equitable Trust Co. a total capital Atlantic radioed check. A copy of the $25,000 check, constiand surplus of $50,000,000; capital is $30,000,000 and sur- tuting Colonel Lindbergh's prize for his famous flight from
plus $20,000,000; undivided profits are $4,430,000. At the New York to Paris, is shown. Historically interesting items
same meeting two trustees were elected to the board. Clark- on exhibition include "rag money" of the California volunson Cowl and John C. Martin. Mr. Martin is Vice-President teers; John Law's "Mississippi Bubble" money; doubloons
and General Manager of the Curtis-Martin Newspapers, Inc. and "pieces of eight" of pirate treasure lore; notes printed
This organization owns the Philadelphia "Public Ledger" by Ben Franklin and currencies of Colonial and Revolutionand the New York "Evening Post." Mr. Martin is also a ary days. Wooden, leather and even rubber money are
director of the Curtis Publishing Co., the Land Title & Trust among the curious types on display. Of particular local
Co..of Philadelphia and the Union National Bank of Phila- Interest are exhibits of wampum, common to Long Island;
delphia. Mr. Cowl is Chairman of the Board of James A. the beaver skin trading unit of New Amsterdam; hundreds
Hearn & Son, Inc., a predecessor company of which opened of private and State bank notes and individual's scrip of
an account with the Importers & Traders National Bank of New York.
New York in 1856. The Importers & Traders Bank was
Morris White, President Morris White, Inc., the largest
merged with the Equitable Trust Co. on June 29 1923. The
manufacturers of leather goods and luggage in the world,
Hearn account is the oldest continuous account on the books
the United States
of the merged banks. Mr. Cowl is Treasurer and Director of has been elected a director of the Bank of
of New York.
the Central Mercantile Association. He is also a director
of the Washington Square Association and the Fifth AveThe directors and officers of the Liberty National Bank
nue Association. He is a trustee of the Seamen's Christian
in New York and the Liberty National Safe Deposit Co. inAssociation, the West Side Savings Bank and the Van Buren
vite inspection of their banking offices and vaults at 50
Estates.
Broadway, on Tuesday, Oct. 25.
At a meeting of the board of directors of the Bankers
Trust Co. of New York held Oct. 17, H. L. Simms, formerly
Auditor of the company, was appointed Comptroller and
W. F. Rutherford, Jr., was appointed Auditor.
•
On Oct. 6 the Comptroller of the Currency authorized the
Increase in the capital of the Bowery & East River National
Bank of this city and on that day the capital was changed
from $3,000,000 to $4,000,000, the surplus from $2,500,000 to
$4,000,000, and the undivided profits were hicreased to over
$3,000,000. Plans to increase the capital through the issuance of 10,000 additional shares of stock at $450 per share
were referred to in these columns Aug. 13, page 873.
At the meeting of the board of trustees of the Title Guarantee & Trust Co. of New York, held Oct. 18, Harry B. Lake
was elected a trustee of the company to fill a vacancy in
the class expiring 1930. Mr. Lake is a member of the firm
of Ladenburg, Thalmann & Co.
The Chemical National Bank of this city on Oct. 17 opened
its Brooklyn branch office at Court and Joralemon streets.
Charles E. Meek, Assistant Vice-President, is in charge of the
new branch and is assisted by Albert Quackenbush, Assistant Cashier. An item regarding the plans to establish the
Brooklyn branch appeared in our issue of Sept. 10, page
1415.
James R. Trowbridge was on Oct. 17 elected President of
the Franklin Savings Bank at Eighth Avenue and 42d Street,
this city, to !succeed Ernest K. Satterlee, who recently resigned. Mr. Trowbridge, who graduated from Yale Ifn!versity in the class of 1894, began his business career in the
o
,
commercial field. Later he spent several years in Mexu.
and Cuba, coming to New York in 1906, where he was connected with the Astor Trust Co. and later with the Bankers
Trust Co. He became connected with the Franklin Savings
Bank in 1918 and has heretofore been Vice-Presideut and
Comptroller. The Franklin Savings Bank was establisned
In 1859 and has deposits of over $84,000,000, surplua and
profits of over $9,000,000 and over 94,000 depositors. The
Vice-Presidents of the bank are John I. Downey and Beenard Karsch, and the members of the board of trustees are
Bernard Karsch, Howard C. Smith, Charles A. Walker,
Stuart Duncan, John I. Downey, Simeon Ford, Wilson M.
Powell, Theodore Hetzler, Henry J. Cochran, James R.
Trowbridge, Michael Friedsam, Frederick A. Muschenheini,
John H. Low, Hiram E. Manville, Dunlevy Milbank and
Herbert P. Howell.
Application was filed on Monday (Oct. 17) in the State
House at Boston, Mass., for a charter for Lee, Higginson
Must Co., the preliminary certificate of public convenie,nce
and advantage having already been granted by the Board
of Bank Incorporation. Application will shortly be made
for the Board's final approval authorizing the company to
Morris White was elected a director of the Bank of the transact business. In connection with the application, Lee,
United States of this city on Oct. 15. Mr. White is Presi- Higginson & Co. issued the following statement:
The proposed Lee, Higginson Trust Co. is designed to afford to our clients
dent of the firm of Morris White, Inc., manufacturers of and to all others interested the advantages of the services of a corporation
in the care and management of property, the settlement of estates and the
leather goods.
Thirty thousand specimens of money, showing the various
media of exchange in all countries from prehistoric times to
the present, were placed on exhibition under the auspices of
the Chase National Bank at its Grand Central Branch in the
Graybar Building, Lexington Avenue, at 43d Street, on Oct.
18. It will continue until Oct. 28. The exhibit, covering
one of the most comprehensive collections of coins and paper
money ever assembled, is under the personal direction of its
owner, Farran Zorbe, of Tyrone, Pa., former President of
the American Numismatic Association and a member of the
United States Assay Commission. Beginning with evidences
of primitive barter, the exhibit includes implement shaped
money tokens, clay tablet due bills and metal lump and ring
administration of the various forms of trusts now commonly found to be convenient. The trust company will also act as agent and trustee for corporations, and will maintain a banking department for the convenience of its
customers.
An initial capital of $300,000 and a paid-in surplus of $200,000 have
been designated.
After obtaining the necessary authority from the Board of Bank Incor
poration, it is planned to establish offices at 50 Federal Street, Boston, in
the Lee, Higginson office building, and it is hoped that it will be possible
to open for business about Dec. 1.
To bring to the new canpany a variety of experience in estate and trust
procedure, as well as expert knowledge of securities, and to give the advantages of the widest possible knowledge of financial and industrial conditions,
there have been included in the list of directors, in addition to partners of
Lee, Higginson & Co., a group of men especially qualified to render such
service.
The officers of the new company are as follows: Chairman of the Board, George C. Lee; President, Charles E.
2224
THE CHRONICLE
[VoL. 125.
Cotting; Secretary, David H. Howie; Treasurer, Arthur I. Estate Co. Ten years later (1899). with Mr. IVade and
Glidden. The directors are:
others, he organized the Mercantile Trust Co. and was
Charles Francis Adams,
George C. Lee.
elected Treasurer of the institution. Mr. Wilson continued
Frank G. Allen,
Arthur N. Maddison,
Frederick W.Allen,
Charles W. Nash,
as Treasurer until 1903, when he was made Vice-President,
Charles E. Coating,
James Nowell,
the position he has now relinquished for the Presidency of
Francis C. Gray,
Edward H. Osgood,
N. Penrose Hallowell,
Thomas Nelson Perkins,
the institution. In addition to his duties at the trust comFrancis L. Higginson,
Charles H.Schweppe,
Louis E. Kirstein,
James J. Storrow Jr.,
pany, Mr. Wilson is Dean of the School of Commerce of
Ivar Kreuger,
L. Edmund Zacher.
St. Louis University and President of St. Vincent de Paul
The directors of the United States Trust Co. of Boston on Soc:ety, Cathedral Conference. He was President of the
Oct. 13 &Oared a stock dividend of 100% in pursuance of a St. Louis Clearing House Association in 1925 and 1926 and
vote by the stockholders of the company at a special meeting Chairman of the Committee of Management of the Clearing
held immediately preceding the meeting by the directors, House Association in 1922 and 1923.
according to the Boston "Transcript" of Oct. 14. The diviNathan D. Prince, Presiden- t of the Hartford-Connecticut
dend will be payable on Nov. 1 to stockholders of record at
Trust Co., of Hartford, Conn., announces a number of
the close of business Oct. 24. The directors also voted to
close the transfer books from Oct. 25 to Nov. 1, both inclu- el.anges in the executive staff made at the last regular meetsive. As a result of the declaration of this dividend, the ing of the board of directors: John B. Byrne, for the last
United States Trust Co. will have a capital of $2,000,000 and five years Bank Commissioner for the State of Connecticut
surplus and undivided profits in excess of $2,200,000. In a and prior to that time having had some five or six years'
letter to the shareholders (as printed in the "Transcript") additional service in the State Bank Commissioner's office,
was elected a Vice-President, succeeding the late Henry H.
A. C. Ratehesky, President of the institution, said in part:
The directors are very much gratified that the prosperous condition of the Pease. Allen H. Newton, for the last 45 years connected
company warrants this stock dividend and take this occasion to review the with the bank and of late carrying the title of Treasurer,
dividend history of the company since its formation, which is interesting was advanced to the position of
Vice-President. Charles
and unique among the banks of New England. The United States Trust Co.
opened for business on March 4 1895, and the first dividend was paid on A. Hunter, for over 30 years identified with the bank and
Jan. 1 1896, at the rate of 5% a year. Dividends since that date have been carrying the title of Assistant Treasurer, was made a Viceas follows:
President. Harold M. Kenyon, for the last 24 years con1896, 5%; 1897, 5%; 1898, 5%; 1899, 6%; 1900, 6%; 1901, 8%;
1902, 9%; 1903, 10%; 1904, 10%; 1905, 10%; 1906, 12%; 1907, 12%; nected with the institution and carrying the title of Assist1908, 12%; 1909, 14%; 1910, 18%; 1911, 20%; 1912, 24%; 1913, 25%; ant Treasurer, was advanced to Treasurer.
1914, 25% ; 1915, 25%; 1916, 25%; 1917, 1181 (plus valuable rights) ;
/
2
%
1918, 12; 1919, 15%; 1920, 16%; 1921, 16%; 1922, 16%; 1923, 20%;
1924, 20%; 1925, 23%; 1926, 25%; 1927, 25% and 100% stock dividend.
In 1917 a cash dividend of 100% was paid, and the stock was increased
from $300,000 to $1,000,000, stockholders being given the right to subscribe for 2 1-3 new shares for each share then held, at a price of $100 per
share.
Prior to the increase of capital in 1917, the stock was quoted at $725
bid, and after the dividend of 100% was paid and the new stock of 2 1-3
additional shares for each share held was issued at par, it sold at $250 a
share. The stock is now quoted $625 bid, which shows a large increase in
value, in addition to the very substantial dividends paid during the past ten
years.
The by-law which required that stock be offered to the directors before
sale could be made has been repealed, which provides an open and free
market for the stock. The action of the stockholders and directors to-day
oreates a capital structure as follows: Capital, $2,000,000; surplus and
undivided profits, over $2,200,000.
Your officers pledge their most earnest efforts for the future of the company as in the past. The attention of the stockholders is especially called
to our trust department, which is rapidly growing. Living trusts, executorships, guardianships and trusts under wills are being constantly added. We
take pride in the splendid results enjoyed by beneficiaries in our trust department where the same careful attention is given to the investment of
funds as with the investments of the ccnipany itself.
Certificates of stock representing the stock dividend will be mailed as
soon as possible after Nov. 1 1927.
Clarence G. Appleton, Pres- ident of the Guardian Trust
Co. of New Jersey, announces that stockholders of record
Oct. 20 1927, will receive warrants entitling them to subscribe for one share of Guardian Title & Mortgage Guaranty
Co. of New Jersey stock for each share of trust company
stock held at $30 per share. The Title & Mortgage Co. has
Just been organized with authorized capital of 100,000
shares. Of the total stock 50,000 shares have been reserved
for stockholders of the trust company. A portion of the
remainder of the stock will be allotted to depositors of the
trust company as of Oct. 31 1927, and a substantial block
will be retained by the trust company. All of the funds received in payment for the stock will go directly to the mortgage company, there being no underwriting profits of any
kind.
At a meetitig of the directors of the Sussex & Merchants
National Bank of Newton, N. J., held Oct. 14, Judge Henry
T. Kays was elected President to succeed the late Theodore
Simonson, who died on Oct. 5. William W. Roe was also
A charter was issued by the Comptroller of the Currency elected a Vice-President.
of the Western National Bank of Duluth, Minn., on Sept. 6
Archie A. McPherson, Vice-President and Cashier of the
and the Institution began business on Sept. 12. The WestBank of Detroit, Detroit, Mich., died at his home in that city
ern National Bank succeeds the Western State Bank and the
on Oct. 14 after an Illness of six weeks. The deceased
Home State Bank of Duluth, Minn. The new institution has
banker, who was 38 years of age, had lived in Detroit all
a capital of $100,000 and surplus of $100,000. The officers
his life. Following his graduation from the Detroit Cenare Alfred Hoel, President; D. C. Wakeman, Cashier, and tral
High School, Mr. McPherson began his career in the
C. A. Palmer, Assistant Cashier.
Old Detroit National Bank. Later he entered the
Dodge
Brothers automobile factory, where he rose to the position
George W. Wilson, one of the founders of the Mercantile of office manager,
a position he held for several years, beTrust Co. of St. Louis and a Vice-President of the institu- fore leaving
to become traveling auditor for the Acme White
tion for nearly twenty-five years, was unanimously elected Lead & Color Works.
In 1921 he joined the Bank of Detroit
President on Oct. 12 to fill the vacancy caused by the recent as an Assistant
Cashier and in 1923 was promoted to Cashdeath of Feutus J. Wade. In reporting the election of Mr. ier. He was given the
added title of Vice-President in 1925,
Wilson as President of the Mercantile Trust Co., holding both positions
until his death. Mr. McPherson was
the St. Louis "Globe-Democrat" of Oct. 13 said: widely known in
financial circles. He was a member of the
"It is noteworthy that in many ways the career board of governors of
the American Institute of Banking
of Mr. Wilson parallels that of his predecessor, Mr. during 1926 and was
active in the Bankers Club of Detroit.
Wade. Both started to work at an early age, Wilson at 12
and Wade at 10. Each held humble positions in department
stores in the initial stages of their careers and both attended night schools to improve themselves so they might
handle larger tasks. Both finally gravitated toward finance
and organized a trust company. Moreover, Wilson is now
occupying Wade's old home." Mr. Wilson, who was born in
New York, went to St. Louis at an early age. There he attended the public schools, supplementing his education by
going to night schools. His business career began with
Scruggs, Vandevoort & Barney. He started as a cash boy,
but eventually succeeded in working his way up to the Cashlership. In 1887, however, he resigned from the firm and
engaged in mining operations in Mexico. In 1889 he returned to St. Louis as Secretary of the Anderson-Wade Real
The Union State Bank of Omaha, Neb., on Oct. 19 formally
opened its new bank and office building at
the northwest
corner of 19th and Farnam streets. The structure,
which is
lire-proof and burglar-proof, is built of granit and Bedford
ttone. The Interior Is of marble and tile, with window
frames and doors of steel. The bank occupies the greater
part of the first floor, the banking quarters being equipped
with the latest banking facilities. The institution, which
was established in 1917, is capitalized at $200,000, with surplus and undivided profits of $70,000, and has deposits of
$2,500,000. Its officers are as follows: F. C. Horacek,
President; Jacob Horacek, Vice-President; Emil Kavalec,
Cashier, and E. J. Horacek and F. C. Horacek, Jr., Assistant Cashiers. The bank's affiliated institution, the Union
OCT.22 1927.]
THE CHRONICLE
Securities Co., is also located in the new building. The
officers of the company are F. C. Horacek, President; L. G.
Cross, Vice-President; Emil Kavalec, Treasurer, and E. J.
He meek, Secretary. '
According to figures published in response to the call of
the Comptroller of the Currency on Oct. 10, the Citizens
Banks of Los Angeles showed an increase of nearly $3,500,000 over June 30. These affiliated Los Angeles institutions
operate 28 banking offices in the Los Angeles metropolitan
area and have built up total resources of $117,000,000 during
the thirty-seven years of their existence with, it is stated,
but little assistance from consolidation. The Citizens National Bank was established in 1890 at Third and Spring
streets, afterwards removed to Third and Main and in 1914
erected the building at Fifth and Spring streets since occupied by the bank. In 1924 extensive alterations gave the
bank the entire ground floor of the building and since then
most of the second floor has been occupied. The original
capital of $100,000 has been increased from time to time
until now the institution has capital, surplus and undivided
profits of more than $6,400,000; with the capital, surplus
and profits of the affiliated banks the Citizens now have
capital funds in excess of $11,000,000. The Citizens Trust
& Savings Bank, owned by the stockholders of the Citizens
National Bank and under the same management, was originally the Broadway Bank & Trust Co. This was purchased
by the Citizens National in 1912, and has since made noteworthy growth, the total resources now exceeding $57,000,000. The Citizens National Co. forms the third member of
the Citizens banking group.
The San Francisco "Chronicle" of Oct. 8 stated that announcement was made the previous day by the United Bank
& Trust Co. of San Francisco that two more banks--the
First National Bank of Hollister, Ca:., and its affiliated institution, the Hollister Savings Bank---had ,been added to
the "growing family" of the Security Bank & Trust Co. of
Bakersfield, Cal. The Security Bank & Trust Co. Is a subsidiary of the United Bank & Trust Co. formed by the
French-American Corporation (the United bank's auxiliary
company, the stock of which, it is understood, is wholly
owned by the liar,k's stockholders). The two Hollister
banks, the paper mentioned stated, have combined capital,
surplus and undivided profits of $487,000. with total resources of $2,175,600. They servg San Benito County, a
rapidly.growing section just south of Santa Clara County.
With regard to the before-mentioned Security Bank &
Trust Co. of Bakersfield, the San Francisco "Chronicle" in
Its issue of Oct. 1 stated that articles of incorporation were
filed for the new organization at Sacramento on Sept. 30.
The articles included, it was said, incorporation of the Security Bank & Trust Co. and consolidation of the Security
State and Security Savings banks of San Jose. The authorized capital of the new institution, which it was said had
the approval of the State Banking Department, was given
as $5,000,000, of the par value of $100.a share, of which
$1,150,000 is issued. Headquarters will be in Bakersfield.
The paper mentioned furthermore went on to say in part:
It was made known last night (Sept. 30) that the new Security Bark
Trust Co. will take over for operation a large number of the institutions
lately acquired by the French American Corporation, although it was
understood late yesterday that not all of these institutions will be included,
the omissions not being specified.
The list which is susceptible of inclusion in Security includes: Cloverdale Commercial & Savings Bank, Citizens Savings Bank, Upland; Commercial National, Upland; First National, Suisun; Solano County Savings
Bank, Suisun; State Bank, Dunsmuir ; First National, Arcata; Bank of
Napa, Bank of Elk Greve, Citizens State Bank, San Luis Obispo; San Diego
State Bank; First Bank of Kern, in Bakersfield, in Bishop and Independence; Security Trust Co. banks in Bakersfield, Taft, Maricopa and Fellows;
Security State Bank and Security Savings Bank, San Jose; Market Streat
State Bank, San Diego.
Reference was made to the acquisition by the FrenchAmerican Corporation of the above-named banks and their
intended allocation into the (then) proposed Security Bank
& Trust Co., in our issue of Sept. 24, page 1667.
Further acquisitions by the United Bank & Trust Co. were
reported in the San Francisco "Chronicle" of Oct. 11, which
stated that the Petaluma Savings Bank, with resources of
$3,500,000, and the Sonoma County National Bank of that
place, with resources of $2,500,000 (affiliated institutions)
had been purchased by the United Bank & Trust Co. through
the French-American Corporation, thereby adding $6,000,000 to the resources of the United Bank & Trust co. P.
Denman was President of the Petaluma Savings Bank, and
George P. McNeal.. headed the Sonoma County National
2225
Bank, while A. P. Behrens was Cashier of both institutions.
The same paper went on to say that it was also reported in
financial circles on Oct. 10 that the Nevada County Bank
of Grass Valley had been purchased by the United Bank &
Trust Co., the report, emanating from Grass Valley, indicating that a price of $250 a share had been paid for control
of the institution. This bank, it was stated, which is one
of the largest banks in the mining region of California, is
headed by G. L. Jones (President) and L. V;Mitehell
(Cashier).
On Oct. 10 the Bank of Toronto, Toronto, Ont. (Canada),
opened a new branch office at the corner of Claremont and
Sherbrooke streets, that city. Complete equipment has been
installed to take care of all banking requirements. A spacious steel-lined safety deposit box department has been
provided, including large and small safe deposit boxes, suitable for the needs of the bank's clients, at moderate terms.
The Bank of Toronto was incorporated in 1855 and has capital and reserves aggregating $12,000,000.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market has had another bad week, and sharp
declines in prices have occurred all along the line, with few
exceptions to the rule. Steel stocks have been weak, motor
shares and railroad issues have frequently been under pressure and at times the market has been flooded with an avalanche of selling. During the two-hour session on Saturday
activity centered around the so-called specialties, and, while
the general list worked slowly upward, a number of issues
in this group displayed remarkable strength. For instance,
Midland Steel Products pref., which had advanced 8 points
on Friday, added 8 additional points to its gain; National
Distillers Products added 3 points ,to the 4 of the preceding
session, and Shattuck Co. gained 4 points. Substantial
gains were also recorded by General Asphalt, Canada Dry
Ginger Ale, Ward Baking "B," National Dairy Products and
Beechnut Packing. Collins & Aikman jumped forward 6
points to the highest price of the session. Railroad stocks
were fairly steady, Ches. & Ohio leading the forward movement, followed by Erie and New Haven, which scored substantial gains.
An avalanche of selling came into the market on Monday
and many speculative favorites among the standard investment shares, rails and specialties were forced down from 3 to
10 points. The downward movement was particularly
striking in shares like General Motors, Du Pont, United
States Cast Iron Pipe & Foundry and Case Threshing Machine Co. Railroad stocks also were weak, Ches. & Ohio
losing its early gain of 3 points and New York Central sustaining a loss of over 2 points. Del. & Hud. declined 3
points. Houston Oil gave way and ended the session with a
loss of 4 points, and Commercial Solvents "B" slipped back
about 6 points. A few industrial specialties were strong,
Collins & Aikman,Beechnut Packing and F. G.Shattuck Co.
reaching new highs for 1927. Philadelphia Co. advanced
4 points and crossed 107.
There were some fairly wide price swings on Tuesday,
but changes, on the whole, were rather small. The most
striking movements were again in the specialties class, notably Radio Corporation, which'bounded upward 5 points to
the highest price since 1925; American Machine & Foundry,
which advanced from 136 to 142, and Du Pont, which sold
points up at its high for the day. Houston Oil was also
in strong demand and improved 33.L points. United States
Steel common slipped to 1423 in the opening hour, but again
4
moved upward and closed at 145 with a net gain of about 1
point. Motor stocks moved along in a similar fashion,
General Motors losing a point in the first hour and closing
with a net gain of nearly 2 points. Hudson was strong for a
time; and public utilities were also in strong demand at
improving prices, especially Brooklyn Union Gas, which ran
up about 5 points, and Montana Power, which crossed 109
at its high for the day. The market was somewhat confused
and uncertain on Wednesday, a wave of selling forcing many
prominent issues to new low levels for the year, while others
equally prominent covered an extremely wide range to higher
levels. United States Steel common slipped back to 1423/,
s
the lowest price touched since Sept. 16, but rallied a point
in the closing hour. General Motors opened at 137 and
yielded to 132k, rallied 2 points and ended the day with a
net loss of 3 points. Radio Corporation continued in active
demand and fluctuated between 71 and 74, and Du Pont
fell 6 points and recovered 1%. Among the copper shares
2226
THE CHRONICLE
Greene Cananea made a gain of 6 points to 793 . American
4
Linseed was also strong and broke into new high ground with
an advance of 2 points to 58. Among the railroad stocks
Wabash gained 2 points to 74. Missouri Pacific pref. advanced 4 points and reached the highest point in its history
above 112. Erie was in strong demand and closed with a
substantial gain.
Stocks again worked lower on Thursday, a combination of
liquidation and short selling unsettling the market and many
losses of from 1 to 6 points were recorded at the close. The
selling movement included practically all of the "speculative
favorites" as well as a large number of issues in the general
list. Motor shares slipped backward with little or no resistance. New York Central had a decline of over 2 points.
Wabash was fairly strong until the final hour when it yielded
about 2 points. Atchison and Union Pacific were offered
downward without meeting effective support. The widest
swings of prices occurred among the industrials, notably
Case Threshing Machine Co., which slipped back 83 points
and recovered 43.4; Commercial Solvents "B," which dipped
about 9 points and regained 3 1-3; United States Cast Iron
4
Pipe & Foundry, which receded 53 points and advanced 2;
Du Pont, which dropped back 454 and regained only %,and
Houston Oil, which declined 23 points and advanced about
%. Among the specialties Philadelphia Co. reached a new
high in all time at 128%, and International Silver moved
up about 7 points. United States Steel common sold up to
%
/.
1433, but slipped back 25 points and closed at 1405
Independent steel stocks were notably weak, Crucible,
Republic and Bethlehem yielding from 1 to 2 points. Liquidation was again in evidence as the market opened on Friday. One of the outstanding weak issues was Houston Oil,
which slumped from 1675,4 to 151. Heavy offerings of General Motors carried that stock down to 127 with a net loss
of nearly 3 points, and United States Steel common receded
to 1F.9%. One of the prominent features of the day was the
renewed demand for oil stocks, Marland selling up to 35 at
its high for the day, and Phillips Petroleum moving upward
1% points. Prices improved somewhat around midsession,
but as the day advanced the market turned irregular and
much of the improvement was lost. In the general list about
fifteen stocks reached new tops, the list including Col. South.
2d pref., International Paper, National Lead pref. "A" and
Kansas City Southern pref. On the other hand, Continental
Motors, New York Air Brake, American Ice and several of
the sugar stocks sagged to new lows. The final tone was
weak.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGL
DAILY. WEEKLY AND YEARLY.
Stocks.
Number of
Shares.
Railroad,
&C..
Bonds.
State,
Municipal &
Foreign Bonds.
859.630
2.081,360
2,053,390
2,616,760
2,534,985
2,558,800
63,607,000
6,487,000
7,530,0e0
7,580,000
7,505,000
8.849,000
$2,147,000
3,394,000
3,712,000
2.844,500
3,012,000
2,380,000
6314,000
205,500
752,500
627,000
288,500
348,000
12.704.925
941.558.000
617.489.500
82.535.500
Week Ended Oct. 21.
Saturday
Monday .
Tuesday
Wednesday
Thursday
Friday
Total
Jan. 1 to Oct. 21.
Week Ended Oct. 21.
Sales at
New York Stock
Exchange.
1926.
1927.
-No,of shares_
Stocks
Bonds.
Government bonds_ _ _
State and foreign bonds
Railroad & misc. bonds
United
States
Bonds.
1927.
1926.
10,394,309
448,582,092
370,815.296
$2,535,500 • $3,950,400
17,489,500 15,646,000
41,558.000 29,311,000
$240,495,300
673,762.100
1,748,555.900
$212,377,750
527,217,950
1,598,178.200
12,704,925
$61,583.000 $48,907,400 $2,662,813,300 $2,337,773,900
Total bonds
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Oct. 211927.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Philadelphia.
Badimore.
Shares. Bond Sale,. Shores. Bond Sate.. Shares. Bond Sale..
*12,219
*29,288
*25,607
27,994
*34,272
14,213
$17,006
67,700
35,800
26,000
14,600
15,000
143,593
$176,106
13,319
20.302
22,795
20,944
33,766
21,842
$20,000
27,900
39,300
48,800
31,300
30,000
132,968
$197,300
1,819 • $11,000
3,454
42,200
28,800
1,760
19,700
3,358
5,175
54,400
2,852
9,000
18.418
$165,100
18,195 6129,600
$154.500
* In addition, sales of rights were: Saturday, 16; Monday. 15; Tuesday, 7; Thursday, 10.
a In addition, sales of rights were: Saturday, 1,034; Monday, 761; Tuesday, 882;
Wednesday, 818; Thursday, 1,612; Friday, 992.
v...., mootrraviapii
120.251
574.950
127.012
THE CURB MARKET.
the Curb Market turned lower this week in
Prices on
sympathy with the downward movement on the Stock
Exchange. Prices continued to decline until towards the
close when there was a better tone and some improvement
was noted. Oil shares were features and moved to higher
[VOL. 125.
levels. Chesebrough Mfg. advanced from 1113 to 1233/i
4
and reacted finally to 1203. Continental Oil sold up from
16% to 19 and at 18% finally. Penn Mex Fuel rose from
253. to 30. Prairie Oil & Gas improved from 463' to 48%
and blosed to-day at 473 . Solar Refining dropped from
4
182 to 175%. Vacuum Oil on heavy transactions advanced
93' Points to 136%, the close to-day being at 1333/. Gulf
Oil Corporation moved up from 909/i to 923i and ends the
week at 92. Good recoveries from the earlier losses were
made by many industrials. Celanese Corp. corn. after a
drop from 101k to 86( recovered to 93 and closed to-day
at 92. Industrial Rayon sold up from 103' to 14 and finished to-day at 133. Bancitaly Corp. fell from 1153 to
112, advanced to 1133 ,the final figure to-day being 112%.
4
Celotex Co. corn. moved down from 713 to 62% and re4
covered to 67. Curtiss Aeroplane & Motor corn. improved
from 453 to 493. and ends the week at 483. Deere & Co.
was off some 21 points to 185 and finished to-day at 189.
Glen Alden Coal advanced from 177 to 183 and ends the
week at 180%. Johns-Manville corn. was off from 1203
4
to 1143 . Midland Steel Products slumped from 75% to
4
67 and sold finally at 70.
A complete record of Curb Market transactions for the
week will be found on page 2253.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS(No. Shares).
BONDS (Par Value).
Week Ended Oct. 21
Ind&Misc
119,110
180,605
162,615
202,740
197,780
238,851
28,500
71,550
74,760
100,560
93,200
89,550
1,101,685
458,120
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Oil.
Mining.
Domestic.
Foreign Goat.
51,375,000
2,857,000
3,222,000
2,835,000
3,403,000
3,074,000
$157,000
214,000
387,000
332,000
330,000
328,000
298,360 $16,766,000
$1,748,000
31,220
56,020
54,220
46,000
72,300
38,600
COURSE OF;BANK CLEARINGS.
Bank clearings this week will show a satisfactory increase
compared with a year ago. Preliminary figures compiled
by us, based upon telegraphic advices from the chief cities
of the country, indicate that for the week ending to-day
(Saturday, Oct. 22), bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will be 6.8% larger than for the corresponding week
last year. The total stands at $11,105,515,459 against
$10,398,055,829 for the same week in 1926. At this centre
there is a gain for the five days of 14.8%. Our comparative
summary for the week is as follows:
1927.
1926.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$5,238,000,000
590,347,138
503,000,000
497,000,000
137,559,978
133,800,000
201,767,000
166,782,000
157,951,114
161,546,374
123,938,049
94,261,109
77.033,229
$4,562,000,000
554,536,784
508,000,000
577,000,000
140,853,071
136,500.000
173,048,000
158,317,000
166,994,950
164.851,643
110,149,897
94,457,246
76,938,776
+14.8
+8.5
-1.0
-13.9
-2.3
-2.0
+16.6
+5.3
-5.4
-2.0
+12.5
-0.2
+ I:0
13 cities, 5 days
Other cities, 5 days
$8,082,985,991
1,171,610,225
$7,428,647,367
1,172,142,345
+8.9
-0.1
69,254.596,216
1,850,919,243
$8,595,789,712
1,802,286,117
+7.7
+2.7
111 105515450 sin ROA nna R90
-Lola
Clearings-Returns by Telegraph.
Week Ended October 22.
Total all cities, 5 days
All cities, 1 day
TntRI all eltlem for scrosar
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day.. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Oct. 15. For
that week there is an increase of 4.2%, the 1927 aggregate
of clearings being $9,813,470,555 and the 1926 aggregate
$9,415,726,498. outside of New York City, however, there
is a decrease of 2.6%, the bank exchanges at this centre
having increased 10.2%. We group the cities now according
to the Federal Reserve districts in which they are located,
and from this it appears that in the New York Reserve
District (including this city) there is an improvement of
10.0% but the Boston Reserve District records a decrease
of 8.1% and the Philadelphia Reserve District of 4.6%.
The Cleveland Reserve District shows a, loss of 8.6%, the
Richmond Reserve District of 2.4% and the Atlanta Reserve District of 6.6%, the latter due mainly to the falling
OCT.22 1927.]
THE CHRONICLE
off at the Florida points, Miami suffering a decrease of
56.9% and Jacksonville of 41.9%. The Chicago Reserve
District registers a gain of 0.5%, the St. Louis Reserve
District of 4.7% and the Minneapolis Reserve District of
19.6%. The Kansas City Reserve District has a trifling
increase of namely 0.6% and likewise the San Francisco
Reserve District, 0.3% while the Dallas Reserve District
suffers a loss of 10.1%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. Oct. 15 1927.
1927.
1926.
Inaor
Dec.
1925.
1924.
Federal Reserve Dists.
$
$
$
%
$
1st Boston _ _ _ _12 cities
494,674,802
538,331,889 -8.1
521,899,218
493,944,385
2nd New York.11 "
5,640,595,979 6,128,435,205 +10.0 5,135,282,179 4,611,328,785
3rd Philadelphial0 "
638,747,753
564,846,540 -4.6
582,125,946
523,473,711
4th Cleveland.,_18 "
397,337,882
434,800,761 -8.6
412,552,527
385,567,408
5th Richmond -16 "
194,263,256
199,014,469 -2.4
219,579,227
199,814,045
6th Atlanta_ _ -13 "
.
231,765,562
248,070,366 -6.6 312,559,756
234,453,526
Chicago_ _ _20 "
7th
955,488,100
950,472,709 +0.5 1,032.016,106
906,028,009
8th St. Louis_ _18 "
246,044,179
259,752,314 +4.7
269,133,930
248,965,321
9th Minneapolial7 "
176,972,315
148,025,234 +19.6
163,904,264
184,668,839
10th Kansas City12 "
277,563,166
275,901,295 +0.6
265,108,133 2,713,552,865
11th Dallas
15 "
88,310,736
98,252,909 -10.1
107,001,548
95,090,929
12th San Fran_ _17 "
571,706,817
569,822,637 +0.3
559,406,655
493,785,298
Total
129 cities 9,813,470,555 9,415,728,498 +4.2 9,601,569,529 8,646,476,120
Outside N. Y. City
4,301,992,519 4,414,559,437 -2.6 4,589,009,085 4,142,905,248
r.enatin
RI M.G.
IAD ann cqn
'an nan ex• -1-nce
,s1A et. vv•
AR,',an %no
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended October 15.
Clearings at
1927.
1926.
Inc. OF
Dec.
S
II
%
First Federal R
Dist rIct-BostonMaine-Bangor
914,784
831,855 +9.9
Portland
3,740,364
3,976,597 -5.9
-Boston
Mass.
437,000,000 477,000.000 -8.4
Fall River--2,019,091
2,060,959 -2.0
Ilolyoke
a
•
a
Lowell
1,191,491
1,273,098 -6.4
Lynn
a
•
a
New Bedford__
1,382,015
1,715,052 -19.4
Springfield_ _
5386.069
5,570,015 -1.5
Worcester
3,141,573
3,588,469 -12.5
Conn.
-Hartford
15,308,634
13,193,289 +16.0
New Haven_ _
7,902,619
7,078,891 +11.6
ii.3.
-Providence
15,811,400
21,273,700 -25.7
N.H.-Manches'
776,762
769,964 +0.9
Total(12 cities
1925.
8
737,065
3,203,793
462,000,000
2,279,156
a
1,127,658
a
1,931,577
6.426,515
3.849.527
15,637.711
7,860,023
15,816,900
1,029,293
1924.
$
813,864
3.017,683
443,000,000
1,995,957
a
1,319,110
a
1,727,839
5,430.354
3,689,000
11,703.003
6,930,261
13,625,400
691.914
494,674,802
538,331,889 -8.1 521,899,218 493,944,385
Second Fede al Reserve D Istrict-New York-N. Y.
-Albany _
5,284,926
6,834,919 -22.7
6,712,212
5,955,364
Binghamton_
.
1,175,700
1,293,300 -9.1
1,153,800
1,010,700
Buffalo
56,306,729
55,333,567 +1.8
54,222,507
44,952,069
Elmira
1.047,013
1,056,262 --0.9
994,078
941,013
Jamestown...
d1,395,430
1,174,283 +18.8
1,611,864
1,417,914
New York_ _ _ 5,511.478,036 5,001,167,061 +10.2 5,012,560,444 4,503,570,872
Rochester
14,450,282
13,447,153 +7.5
12,964,727
12.001.826
Syracuse
6.400.468
6,720,554 -4.8
6,635.710
4,758.532
Conn.-Stamfor
e4,113,078
3.947.483 +4.2
3,305,769
2,699,250
N. J.-Montclal
1,072,719
696,293 +54.1
701,326
492,681
Northern N. J
37,871,598
36,764,330 +3.0
34.419,742
33.528,564
Total(11 cities 5.640,595.979 5,128,435,205 +10.0 5,135,282,179 4,611,328,785
Third Feder& Reserve Dist :let-PhIlad elphla-Altoona_
Pa.
1,661,829
1,863,206 -10.8
1,761,919
Bethlehem_ _
4,178,585
5,216,203 -19.9
3.846.734
Chester
1,639,270
1,441,816 +13.7
1,735,060
Lancaster
2,642,890
2.223.696 +18.9
2,921,449
Philadelphia
505.000,000 532,000,000 -5.1 550.000,000
Reading
4,429,008
4.303.185 +2.9
4,281,061
Scranton
6,347,058
6,416,419 -1.1
15,956,526
Wilkes-Barre.,
d3,506,811
3,842,021 -8.7
3,650,339
York
2,447,900
1,856,232 +31.9
1.871,811
N. J.
-Trenton_
6.894,402
5,683,762 +21.3
6,101.047
aa
a
a
Total(10 cities
538,747.753
564,846,540
Fourth Fede al Reserve 100 IstrIct -- ele
Ohio-Akron
d6,423.000
6,193,000
Canton
4,843,713
4,386,591
Cincinnati _
74.288,397
76,603,070
Cleveland
127.035,294 139,797,767
Columbus
19,707,400
19,244,200
Dayton
a
a
Lima
a
a
Mansfield
d1,600,960
2,178,127
Springfield_
a
a
Toledo
a
a
Youngstown__
6,129,140
5,950,226
-Erie
Pa.
a
a
Pittsburgh _ _
157,309.986 180,447,780
-4.6
582,125,946
1.555.524
3,653,592
1,324,577
2,798.344
493,000,000
3,574,535
6.605.832
3,807,631
1,956,231
5,197,945
a
523,473,711
veland
+3.7
+10.4
-3.1
-9.1
+2.4
a
a
-26.5
a
a
+3.0
a
-12.8
6,644,000
4,726,685
75.258,954
134,844,031
17,364,600
a
•
1,852,380
a
a
5.998,738
a
165.863,139
7,632.000
5,688,368
69,742,528
119,267,927
15,810,700
•
•
1,953,818
a
a
5,344,082
a
160,127,985
-8.6
412,552,527
385,567.408
Fifth Federal Reserve Dist rict - Rich mond
W.Va.-11untT
1,429,046
1,474,871 -3.1
Va.-Norfolk.
d5,689,504
8,849,548 -35.7
Richmond
52,803,000
52,795,000 +0.1
.C.-Charlesto
d2,602,740
2,710,886 -4.0
Md.-Baltimore
103,886,215 104,658,586 -0.7
D.C.-Washing'
27,852.751
28,525,578 -2.4
1,699,742
10,410,274
62,020,000
2,934,522
116,152,235
26,362,524
1,762,832
7,718,883
63.124.000
3,385,000
100,602,115
23,221.215
-2.4
219,579,297
199,814,045
Sixth Federal Reserve Dist stet-Atlan taTenn.-ChatVga d10,938,129
10,654,507 +2.7
.3,650,000
Knoxville
3,705,685 -1.5
Nashville
28,223,809
24.560,621 +14.9
Ga.-Atlanta ___
65.016,896
65,199,203 -0.3
2,967,021
Augusta
2,787,575 +6.4
2,824,174
Macon
2,467,992 +14.4
Savannah
a
a
a
15,400,245
26,488,475 -41.9
3.245,000
Miami
7.528.846 -56.9
30,756,325
28,181,359 +0.1
1.964.543
Mobile
2,146,981 -8.5
Miss -Jackson..
2,475,000
2,587,278 -4.3
558,384
545,526 +2.4
Vicksburg
63,746,036
a.-NewOrleans
71,216,318 -10.5
8.579,546
3,493,413
24.160,200
96,643,315
2,862,875
2,330,876
•
36,636,915
27,635,478
27,925,237
2,230,846
1,780,000
525,532
77,755.523
7,889.437
3.359,490
23,906,806
70.002,023
2,756,689
1,823,996
n
17,193,173
4,883.585
28,778.798
1,974,861
1,598,000
582,167
69,714.501
312.559.756
234,453.526
Total(8 cities)
Total(Settles)-
Total(13 cities)
397,337.890
194,263,256
231.765.562
434,800,761
199,014,469
248.070,366
-6.6
2227
Week Ended October 15.
Clearings at
1927.
1926.
Inc. or
Dec.
1925.
1924.
Seventh Feder al Reserve D istrict-C hi cagc•-Mich.
-Adrian _
343,723
301,401 +14.0
317,084
277,358
Ann Arbor
988,851
1,969.494 -49.8
1,679,105
992,655
Detroit
169,738,359 187.221,103 -9.3 192,284,451 154,779,293
Grand Rapids_
8.767.257
8.779.236 -0.1
9,857.158
7.653.809
Lansing
2,772,550
2,747,279 -0.1
2,773,972
2,619.076
Ind.
-Ft. Wayne
3,498,452
3,095,293 +13.0
3,170,296
2,564,789
Indianapolis_ _ _
24,307,151
23,886.000 +1.8
17,939,000
20.854.000
South Bend
3,231,100
2,737,466 +18.0
3,287,354
2,614.000
Terre Haute _ _ _
5,605.743
5,341,138 +5.0
5,199,542
5,668,255
Wis.-Nillwaukee
49,549,301
48,742,912 +1.7
46.068.680
41.960,522
Iowa-Ced. Raps
2,714,971
2,587,688 +1.9
2,708,640
2,701.934
Des Moines...
9,380,517
10,312,695 -9.0
10,965,388
11,548,890
Sioux City....
7,045,103
6.969,072 +1.1
7,071,314
7,131.272
Waterloo
1,174,722
1,814.001 -35.2
1,336,110
1,748,698
1,586,762
1,720,294 -7.8
1,818.224
1,535,990
Chicago
653,003,542 629,257,125 +3.8 713,006,649 627.578,833
Decatur
1.380.156
1.450.394 -4.8
1,391,880
1,424.533
Peoria
4,633,598
5,302,512 -12.6
5,080,593
4,989,897
Rockford
3.547,291 -2.1
3,473.871
3,190,457
2.600.233
Springfield....
2,292,371
2.690.315 -14.8
2.870,208
2.783,972
Total(20 cities) 955.488,100 • 950,472.709 +0.5 1,032,016.106
Eighth Federa I Reserve DIs trict-St. Lo 1118-Ind.
-Evansville
5.472,053
6,085.784 -10.1
5,956,864
mn.._St. Louis.. 147.633,380 164,800,000 -10.4 168,500,000
38,148,977
Ky.-Loulsville
34,734,078 +9.8
34,541,094
Owensboro.
357,561
309,398 +15.6
348,404
-Memphis
Tenn.
34,313,503
32,762,810 +4.7
37.250.558
18,307.152
Ark.
-Little Rock
19,119,775 -4.2
20,485,881
346.327
Ill.-Jacksonville
411,957 -15.9
431,360
1,465,226
1,529,212 -4.2
Quincy
1,619,739
904,028.009
Total (8 cities)- 246,044,179 259,752.314
Ninth Federal Reserve Dist rict-Minne
d16,135,613
Minn.
10,320.561
-Duluth_
94,609,867
Minneapolis... 113,326.553
37,722,086
34.499.997
St. Paul
2,345.348
2,157,181
No. Dak.-Fargo
1,819,594
1,565,357
S.D.
-Aberdeen_
1,067,121
9 81,683
Mont -Billings.
4,556.000
3,890,588
Helena
5.480,787
158.700,000
35.376.123
399,855
30.608.400
17.060.199
401,330
1,478,627
+4.7
apolis
+56.4
+19.8
+9.3
+8.7
+16.2
+8.7
+17.1
269,133,900
248.965,321
12,597.366
106.081,465
36,126,211
1.941.476
1,767,713
1,173,805
4.216,228
20.293.849
121,597.696
34,462,985
2,183,466
1.754,548
815.516
3,560,779
Total(7 cities). 176,972.315 148,025.234 +19.6
Tenth Federal Reserve Dls trict Kens as City
Neb.-Fremont..
d353,193
369,318 -4.4
Hastings
584.474
604,926 -3.4
Lincoln
5,013,693
5,209,069 -3.7
Omaha
45:502,171
41,265,631 +10.3
Kan.
-Topeka.. d3,897,022
3,256,379 +19.7
d8.062,753
Wichita
8,080.683 -0.2
Mo.-Kan. City_ 144,463,449 154,523.272 -6.5
d6,505,954
St. Joseph_ _
6,863,402 -5.2
Okla.
a
a
a
-Muskogee
Oklahoma City
35,428,770
32,333,018 +9.6
a
a
Tulsa
a
1,274,138 +9.8
Colo.
1,399,277
-Col. Spgs.
24,896,993
20.831,388 +19.5
Denver
e1,455,417
1,200,071 +12.8
Pueblo
163,904,264
184.668,839
408,878
648,003
5,291.692
46.146.804
3,314,531
7,201.993
152.053,524
7,307.410
a
37.619,364
a
1,409,805
23,541,775
1.164.354
443,215
655.898
4,509.078
45.466,748
3,009.650
7,951,851
144,551,000
7,313,727
a
32,697,021
a
1,180.385
22.535,045
1,042,246
286,108,133
271.355,884
2,192,212
68.564.222
16,748,897
12,384,000
a
7,112,217
1,995,667
60,034,423
14.602,053
13.062,341
a
5,397,445
-10.1 107,001,548
Franci sco-2.4
46,029.126
13,430,000
-5.0
a
a
2.166,606
-5.9
-12.1
48.094.482
20,238,252
+0.6
a
a
a
a
-10.6
5,715.302
6,900.120
-3.4
-1.1 163,314.000
22,850.349
-17.2
+11.8
5,838.500
-24.4
9,738,642
-17.5
5.503,262
+10.0 198.746.000
-11.2
3,516.583
+14.7
1.955.389
-9.6
2.226,644
-3.0
3,143,400
42.751.883
12,483,000
a
2,051,979
46.351.370
17.220,122
a
a
5,629.267
6,707,304
141,121,000
17.857,458
5,626,845
8.360.490
4,549,690
173,900.000
3,288,223
1,150.888
1,980,479
2.755,300
Total(12 cities) 277,563,166 275,901,295 +0.6
-Da liasEleventh Fede ral Reserve District
Texas-Austin
2,131,471
2.220,079 -4.0
59,631,718
Dallas
56.429,321 +5.7
Fort Worth_ _ _ d13,002.800
15,098.796 -13.9
7,845,000
Galveston
17,940,000 -56.3
a
Houston
a
La.
5,699,747
6,E64,713 -13.2
-Shreveport.
88,310,736
Total(5 cities).
98,252,909
Twelfth Feder al Reserve D Istrict-San
Wash.-Seattle
47,188,512
48,348,775
Spokane
13,725,000
14,445,000
Tacoma
a
a
1.967,401
Yakima_
2,090.961
Ore -Portland..
41,151,629
46,838.128
Utah-S. L. City
20.481,758
20,361.650
Nev.-Reno
a
•
Arts -Phoenix..
•
a
Calif.
6,714,621
7,510,244
-Fresno...Long Beach...
6,679,166
6,917,709
Los Angeles.. 174.964,000 176.865,000
Oakland
18,460,687
22,289.508
6.562,637
Pasadena
5,867.544
Sacramento _
8,714,435
d6,572.550
5.485,252
San Diego_ _ _
6.649,217
San Francisco_ 212,280.000 192,952,000
3,151,732
San Jose
3,549.343
1,592,872
Santa Barbara_
1,389,258
2,097.000
Santa Monica.
2,320,535
c2,1332,000
Stockton
2,713.500
95,090,929
Total(17 cities) 571,706,817 569.822,807
Grand total (129
cities)
9 813.470.555 9,415,726,498
+4.2 9,601,569.529 8,646,476,120
Outside New York 4.301.992,519 4,414.559.437
-2.6 4.589.009.085 4.142.905.248
1927.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William....
New Westminster
Medicine Hat_
Peterborough....
Sherbrooke
Kitchener
Windsor
.
Prince Albert_ __
Moncton
Kingston
Chatham
Sarnia
$
146.646,255
148,662.827
62.082,281
17,912.907
6,757,544
8,071,118
3,088.390
6,968,360
7,340,562
2,518,207
2,789,802
3,586.769
5.269,345
5,751.408
757,522
706,400
2,546.638
1,605,843
1,392,918
1,232,155
959,070
460,054
995,633
927,734
1,344,458
5,269,265
434,267
902,776
1,025.064
814,225
584,773
+0.3
559,406,655
Week Ended October 13.
i nc. Ur
Dec.
1926.
1925.
$
108,340,647
101,301,503
66,597.676
15.128.380
6,345,852
6,037.572
2,991,638
5,387,334
6.154,294
2,484,898
2,277,649
2,926,759
4,804.763
5,917,339
591,313
515,080
2.354.749
1,375,272
1.133.847
1,022,263
811,178
371.739
895,539
872,844
1,082,401
5,043,173
386,231
830,246
859,246
674,659
716.869
%
+35.4
+46.8
-6.8
+18.4
+6.4
+33.7
+3.2
+ 10.8
+19.3
+1.3
+22.5
+22.6
+9.7
-2.8
+28.1
+37.1
+8.2
+16.8
+22.9
+20.5
+18.7
+23.8
+11.2
+6.3
+24.2
+4.5
4-12.4
+8.7
+19.3
+20.7
-18.4
$
104,688,862
100,203.886
84.161,448
16,389,878
5,982,712
5,363.264
2,841.301
4,948,527
6.224.214
2,265,574
1,928,763
2,586,646
4,528,586
7,101,356
726,428
619,135
2.298.683
1,436,111
1,019.643
973,546
742,060
315.131
871.373
794.599
991,390
4,484,558
383,564
895.124
831,940
493,785,298
1924.
$
141,994,503
172,820,956
72,092.717
15,396,989
6,630,008
6.379.040
2,830,754
5,170,844
7,402,700
2,709.853
2,161,926
2.559,227
4,887,200
4,522.969
641.215
593,461
1,795,539
1.377,837
983,510
1,287,986
694,478
349,491
824.787
760,787
1,011.645
3,044,616
312,952
800,731
741.808
Total (31 cities) 448.402.570 256.232.951 +25.9 366,598,302 462.780.329
a No longer report clearings. b Do not respond to requests for figures. c Week
ended Oct. 12. d Week ended Oct. 13. e Week ended Oct. 14. •Estimated.
[VOL. 125.
THE CHRONICLE
2228
SILVER.
Silver has been a quiet market during the week under review, and prices
between 2531d. and 2531d. Only a small amount has
have fluctuated
been taken by the Indian bazaars, and China has figured as buyer and
seller. America has offered supplies, but on the whole business has been
mainly confined to the carrying forward of =Wring contracts.
The following were the United Kingdom imports and exports registered
GOLD.
in the week ended the 28th ult.:
The Bank of England gold reserve against notes amounted to £148,879.Exports
Imports£69,642
115 on the 21st inst. as compared with £149.498,150 on the previous Mexico
£133,811 British India
37,348
55,000 Other countries
Wednesday. In the open market to-day about £420.000 bar gold was on Irish Free State
36,220
Continental, India and Egypt) Other countries
offer. Demand for the trade (home and
The Bank of England secured £259,000 as shown beabsorbed £161,000.
1106,990
£225,031
low. The following movements of gold to and from the Bank of England
No fresh Indian currency return has come to hand.
have been announced:
on the 1st inst. consisted of about 60.700.000
The stock in Shanghai
Sept. 22. Sept. 23. Sept. 24. Sept.26. Sept. 27. Sept. 28. ounces in sycee. 75,900,000 dollars, and 4,460 silver bars, as compared
£259.000
£500,000
Received
with about 60,400,000 ounces in sycee, 76,500,000 dollars and 5,720 silver
27,000
• 58,000 /27,000 £22,000 £22.000 £23,000
Withdrawn
bars on the 24th ult.
The receipt of E500,000 on the 22d inst. was in sovereigns "released from
Statistics for the month of September and for the week Sept. 29 to Oct. 5
bar gold
--was
set aside account South Africa," and that to-day-$259,000
Inclusive, are appended:
sovereigns withdrawn was destined for
Ear Gold,
from South Africa. The £126,000
-Bar Silver, Per Oz. Ste..Per Oz. Fine.
Cash.
2 Mos.
Spain. During the week under review /580,000 on balance has been
Month of September84s. 1134d.
25lid.
2534d.
received by the Bank, reducing the net efflux this year to £1,413,000, and Highest price
2534d.
84s. 1031d.
2534d.
Lowest price
since the restoration of an effective gold standard to E6,737,000, as set Average price
84s. 11.2d.
25.564d.
25.564d.
out in the daily bulletins at the Bank.
Week
848. 1031d.
255/d.
following figures (in lacs of rupees) relate to India's foreign trade Sept. 29
2531d.
The
25 11-16d.
84s. lid.
25 11-16d.
Sept. 30
during the month of August last:
84s. lid.
2554d.
25 d.
Oct. 1
2127 Oct. 3
1134d.
5.
Imports of merchandise on private account
25 .84
2.714 Oct. 4
84s. 1131d.
25 112
160.
Exports including re-exports of merchandise on private account
25 11-160.
79 Oct. 5
84s. 11 d.
25kid.
2531d.
Net imports of gold
63 Average
84s. 11. d.
25.687d.
25.687d.
Net imports of silver
3
Net imports of currency notes
The silver quotations to-day for cash and two months' delivery are each
479
Total visible balance of trade (in favor of India)
160 Md. above those fixed a week ago.
Net balance against India on remittance of funds
The Southern Rhodesian gold output for August 1927 amounted to
-PER CABLE.
47,288 fine ounces, as compared with 49,116 fine ounces for July 1927 and
ENGLISH FINANCIAL MARKETS
49,735 fine ounces for August 1926.
The daily closing quotations for securities, &c., at London,
The following were the United Kingdom imports and exports of gold
registered in the week ended the 21st inst.:
as reported by cable, have been as follows the past week:
Exports
Mon., 7'ues., Wed., Thurs., Fri.,
ImportsSat.,
London,
£55 285
Germany
£250,000
Oct. 15. Oct. 17. Oct. 18. Oct. 19. Oct. 20. Oct. 21.
Arabia
Week Ended Oct. 2119,200 Silver, per oz
96,763 Netherlands
British South Africa
25 13-1626 15-1625 13-1625 13-16 2534
d 2531
84.11
84.11
12,000 Gold, per fine ounce
1,600 Switzerland
Other countries
84.11% 84.113a 84.1034 84.11
5531
21,200 Conaols, 234 per cents
Austria
553-1
553-1
5534
5534
10231
20,550 British 5 per cents
Egypt
10231
10234
10234
10234
600,000 British 431 per cents
9731
Argentina
9734
9734
973/
9731
55.20
45,200 French Rentes tin Paris)..fr.
British India
85.05
55.30
55.25
55.60
6,840 FrenchWarLoan(InParia)_fr_
Other countries
75.80
75.80
76.10
75.75
78
on the same days has been:
The price of silver in New York
£780,275
/348.363
Silver In N. 1(.. per as. (eta.):
SILVER.
5634
5631
5631
56
5631
561.1
°reign
Sympathizing with better exchange quotations from China and assisted
by some Indian inquiry, prices strengthened until, on the 24th Inst.,
25 13-16d. was fixed for both deliveries. A reaction then set in which
carried quotations to 2531d. The undertone is fairly good in the absence
of any marked pressure to sell from America or elsewhere.
The following were the United Kingdom imports and exports of silver
-CHANGES IN TOTALS OF, AND IN
BANK NOTES
registered in the week ended the 21st inst:
-We give below tables which
DEPOSITED BONDS, &c.
Exports
Imports£84,880 show all the monthly changes in national bank notes and in
£11,058 Germany
Denmark
63,874
United States of America.. 25,208 British India
therefor:
11,143 bonds and legal tenders on deposit
5,358 Other countries
Other countries
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Sept. 28 1927:
&mu:m=14 ancinliscellautottsgyms
£42.221
£159,897
INDIAN CURRENCY RETURNS.
Sept. 7. Sept. 15. Sept. 22.
(In tars of rupees.)
18159
18091
18046
Notes in circulation
11473
11493
11476
Silver coin and bullion in India
3
3
3
Silver coin and bullion out of India
2976
2976
2976
Gold coin and bullion in India
Gold coin and bullion out of India
3628
3586
3572
Securities (Indian Government)
79
19
33
Securities (British Government)
No silver coinage was reported during the week ended the 22d inst.
The stock in Shanghai on the 24th inst., consisting of about 60,400,000
ounces in sycee, 76,500,000 dollars, and 5,720 silver bars, as compared
with about 59.900,000 ounces in sycee. 76.100,000 dollars, and about
4.060 silver bars on the 16th inst.
Bar Gold,
-Bar Silver, Per Oz. Std.Per Oz. Fine.
2 Mos.
Cash.
Quotations During Week84s. Mid.
25%cl.
2531ci.
Sept. 22
84s. 1130.
232.534d.
Sept.
84s. Iltici.
-16d.
25l3
25 13-i6d.
Sept.24
84s. 1031d.
2511-16d.
2511-16d.
Sept. 26
84s. 11d.
2531cl.
2554d.
Sept. 27
84s. 103/d,
25Md.
2531d.
Sept.28
848. 11.2d.
25.687d.
25.687d.
Average
The silver quotations to-day for cash and two months' delivery are each
34d. below those fixed a week ago.
We have alsa received this week the circular written under
date of Oct. 5 1927:
Amount Bonds
on Deposit to
Secure Cirrula
'Ion for National
Bank Notes.
National Bank Circulation.
Afloat on
Bonds.
Legal
Tenders.
Total.
$
S
$
$
703,279,612
862,742,593
40,537,019
Sept.30 1927_ _ _. 666,985.790
704,799,792
663.747.178
41.052,614
31 1927-___ 667,143,790
Aug.
704,518,037
661,550.768
42.967,269
July 31 1927-__ 567.156,290
704,146,267
661,288,545
42,857,722
June 30 1927._ 666.991,130
705.933,937
663.158.720
42,777.217
May 31 1927- 667,095,680
701,313,237
662,238.833
39,074,404
AprI130 1927____ 665,724,930
699.924,967
661.673.603
38.251.364
Mar.811927.... 665,641.990
697.191,424
660.366.240
36,825,184
Feb. 28 1927-- 666,138,640
695.221,549
657.364.790
37,856,759
Jan. 31 1927........ 664,503,940
697,767,929
661,046,465
36,721.464
Dec. 31 I926____ 666,211,440
662.764,613
700,692.587
37,927,974
Nov. 30 1926____ 666,278.180
700.714.532
661.742.830
38,971,702
311926.... 665,492,880
Oct.
699,734,264
660,555,797
39,178,457
Sept.30 1926-- 665,830.440
659.760,467
699,529,244
39,768,777
Aug. 31 192&__ _ 665.889,9411
661.434.195
702,148,974
40,714,779
July 31 1926_.._ 665,941,890
660.986.560
702,689,244
685,616,390
41,682.684
Jane 30 5926..
680,677.175
703,375,162
685.465.140
42,697,987
May 31 1926....
661.664.478
42.519,201
704,183,679
April 30 1926.... 665.686.140
661.016.470
44.211.319
665.588,140
705,227,789
Mar. 311026...
561 244.347
706,303,719
45.059.372
Feb. 27 1926.... 665.235.640
661.298.333
45.050.979
706,349,312
.
Jan. 31 1926 _ _ _ 655.363.590
658.352.223
46,194,204
704,556,427
Dec. 31 1925_ .... 686.273.130
662.622.888
710.750,444
48.127,556
Nov. 30 1925.... 660.087,630
662.538.483
51.264,261
713,802,744
Oct. 31 1925._ 686.185,130
661 '450 320
665 542 630
43
rA 5 569
Sept 30 1925
717.923,889
bank notes outstanding Oct. 11927. secured by lawful
84.638,468 Federal Reserve
money. against $5,486,158 Oct. 1 1926.
The following shows the amount of each class of United
GOLD.
The Bank of England gold reserve against notes amounted to £149,494,... States bonds and certificates on deposit to secure Federal
630 on the 28th ult., as compared with £148,879,115 on the previous Reserve bank notes and national bank notes on Sept. 30.
Wednesday. In the open market only £22,000 gold was available this
week, and to satisfy the usual demands for India and the home and ContiU. S. Bonds Held Sept. 30 1927 to Secure
nental trade, bar gold was withdrawn from the Bank of England yesterday.
On Deposit to On Deposit to
Bonds on Deports
The following movements of gold to and from the Bank of England
Secure Federal
Sept. 30 1927.
Total
Secure
have been announced:
Reserve Bank National Bank
Held.
Notes.
Oct. 5.
Oct. 4.
Oct. 3.
Notes.
Sept. 29. Sept. 30. Oct. 1.
£500,000 £250,000
Received
14,000
$
£5,000 112,000
£513,000
Withdrawn
592,679.950 592,679,950
2s, U. S. Consols of 1936
48,582,520
The receipts yesterday and to-day were in soverigns "released from set 28, U. S. Panama of 1936
48,582,520
25,723,320
25,723,320
aside account South Africa." Of the £527,000 sovereigns withdrawn, 28, U. S. Panama of 1938
and £27,000 was destined
£500,000 was "set aside account South Africa,"
666,985,790 666,985,790
Total
under review £106,000 on balance has been
for Spain. During the week
received by the Bank, decreasing the net efflux this year to £1,307,000,
The following shows the amount of national bank notes
as set
and since the restoration of an effective gold standard to £6,631,000,
afloat and the amount of legal tender deposits Sept. 1 1927
out in the daily bulletins at the Bank.
of gold and Oct. 1 1927, and their increase or decrease during the
The following were the United Kingdom imports and exports
month of Sep'eml e :
registered in the week ended the 28th ult.:
Nationat Bank Notes-Total Afloat
Exports
Imports5704,779,792
£51,755 Amount afloat Sept. 11027
£30,765 Germany
British West Africa
1,520,180
16,670 Net decrease during September
429.771 France
Africa
British South
37,485
Switzerland
8,126
Other countries
$703,279,612
Amount of bank notes afloat Oct. 1
50,100
Austria
Legal Tender Notes
20,650
Egypt
541,052,614
33,699 Amount on deposit to redeem national bank notes Sept. 1 1027
British India
515,595
9,412 Net amount of bank notes retired In September
Other countries
£468,662
£219,771
Amount on deposit to redeem national bank notes Oct. 1 1927
$40,537,019
OCT. 22 1927.]
Breadstuffs figures brought from page 2287.
-All
the statements below regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years.
Flour.
Recefpts atChicago
MinneapolisDuluth
Milwaukee_
Toledo
Detroit
Indianapolis_
St. Louis_ _
Peoria
Kansas City _
Omaha
St. Joseph_
Wichita
Sioux City_
Wheal.
I
Corn.
I
Oats.
I Barley. I
Rye.
381e.195lbs. bush.60 lbs. bush. 56 lbs. bush. 32 lbs.bush.48165. bush.56Ibs
282,000
791,000
533,000 1,276,000,
174,000
139,000
588,000
5,179,000
429,000
96,000,
158,000
4,000:
10,000 1,208,000 1,486,000
8,333.000
74,000
22,000
74,000,
1
391,000
197,000
12,000
336,000
36,000'
117,000
6,000
67,000
18,000
30,000
11,000
309,000
176,000
72,000
141.000
293.000
530,000
448,000
30,000
65.000
62,000
38,000
331,000
143,000
26,000
1,520,000
126,000
65,000
300.000
350,000
316.000
202,000
119,000
28,000
277,000
13.000
88,000
4,000
30,000
236,000
Total wk. '27
Same wk. '26
Same wk. '25
559,000 17,497,000
490,000 7,297,000
513,000 7,527,000
3,075,000
5,639.000
2,001.000
3,339.000 2,068,000 1,877,000
3.020,000 1,006.000
427,000
4,134,000 1,445,000
789.000
-Bonded grain not included above: Oats, Buffalo, 48,000 bushels; total
Note.
48,000 bushels, against 199,000 bushels in 1926. Barley, Boston, 18.000 bushels;
Buffalo, 172,000: Buffalo afloat, 465,000: Duluth, 112,000; on Lakes, 66.000: total,
773,000 bushels, against 2,032.000 bushels in 1926. Wheat, New York, 262,000
bushels; Philadelphia, 162,000;• Baltimore, 426,000: Buffalo. 3.386.000: Buffalo
afloat, 728,000: Duluth, 257,000; on Lakes, 805,000: total. 6,026,000 bushels,
against 7,288,000 bushels in 1926.
Canadian
1,142,000
Montreal
Ft. William & Pt. Arthur_17,729,000
1,392,000
Other Canadian
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Oc t. 15, follow:
New York_ _ _
Portland, Me.
Philadelphia__
Baltimore....
Newport News
Norfolk
New Orleans•
Galveston_
Montreal ....-
Flour. I
Barrels.
260,000
34.000
70,000
85,000
6,000
63.000
80,000
Wheal.
I
Corn.
I
Oats.
I Barley. I
Rye.
Bushels. I Bushels. I Bushels. I Bushels.
Bushels.
1,652,000
27,000,
49,000
118,0001 368,000
2,0001
12,000
I
32,0001 119,000
184,000,
60,000
25,000,
125,000
12.000
8,000
35,000
37,000
56.000
224.000
172,000
6,736,000
Total wk. '27
647,000 9,151,000
Since Jan.1 27 17,239,000219,714,000
.
272,000
1,226,000
375,000
995.000
979,000
5,156,000
2,460,000 1,873,000
2,525,000 1,797,000
2.434,000 6,150,000
85,481,000 19,270,000 24,927.000
995,000
20,063,000
Summary
American
Canadian
2,593,000 4,475,000
2.460,000 1,873.000
Total Oct. 15 1927_ _ __106.544,000 19,270,000 25,922,000 5.053,000 6,348,000
Total Oct. 8 1927._ 94,715,000 21,393.000 26,853,000 5,411,000 5,861,000
Total Oct. 16 1927____103,287,000 16.908,000 52,878,000 14,513.000 11,377,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Oct. 14, and since July 1 1927 and 1926,
are shown in the following:
Wheal.
1927.
TVeek I
Oct. 14.
Since
July 1.
Corn.
1926.
Since
July 1.
1927.
Week
Oct. 14.
I
Since
I
July 1. I
1926.
Since
July 1.
Bushels. Bushels.
Bushels. I Bushels.
Bushels.
Bushels.
North Amer_ 12,216,000137,432,000 151,881,000
40,000 1,125,000
948,000
304.000 3.616.000 10.164,000
Black Sea__ _
140,000 6,091,000 6,342,000
Argentina_ _ _
647,000 22,917,000 9,195,000 5,108,000 118,448,000 62,020,000
Australia
440,000 17,840,000 6,936,000
7,552,000 3,200,000
India
0th. countr's
960,000 7,544,000 3,345,000
548,000 7,011.000
414.000
Total
14.567,000196,901,000 184,721,000 5.836,000 132,675,000 69.724,000
17,000
57,0001
6,000,
14,000
I
208.000 1,451,000 1,433,000
162,000
405,000 2.373,000 1,548,000
8.054.000 19,806,000 7,630,000 8.606.000
San Francisco Stock and Bond Exchange.
-Record of
transactions at San Francisco Stock and Bond Exchange
Oct, 15 to Oct. 21, both inclusive, compiled frorr official
sales lists:
Week 1926...)624,000 9,771,000
Since Jan.1'26 20,101,000178,762,000
120,000
306,000 1,044,000
547,000
5,686,000 39.310,000 26,009,000 28,204,000
•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. 15, are shown in the annexed
statement:
Stocks-
F nuug
JUMY
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
American Trust Co
3524
Anglo CalifTrust Co
Anglo & London P Nat Bk 217
Bancitaly Corporation__ 113
Bank of California, N A__ _ __ _ _
Exports fromWheat.
Corn.
Flour.
Oats.
Bank of Italy
Rye.
Barley.
2434
Booth, F E, pref
Bushels. Bushels. 'Barrels. Bushels. Bushels. Bushels.
Calamba Sugar, corn
New York
149,821
1,149,279
18,035 100,583 249,964
Preferred
'
Boston
17.000
California Copper
3.00
Philadelphia
4,000
California Packing Corp... 6354
Baltimore
71,000
5,000
142,000 California Petroleum, corn. 21'4
Norfolk
56,000
Caterpillar Tractor
17,000
47
Newport News
5,000
Central Nat Bank of OakI'd 400
New Orleans
144,000
44,000
36.000
13,000
43,000
Coast Co Gas & El, lot wet 98
Galveston
5,000
East Bay W ater "A" pref.. 9534
Montreal
93,000 132.000 1,366,000 2,072,00)
4,675,000
"B" preferred
Houston
10,000
Emporium Corp, The
304
Ewa Plantation Co
Total week 1927._ 6,095,279
44,000 324.821 163,035 1,526,583 2,463,964 Fageol Motors, pref
751
.
Same week 1926. _ _ 6.456.220
81.000 313.110
26.000 603.514 246.000 Federal Brandeis
18
Fireman's Fund Insurance_
97
The destination of these exports for the week and since Foster,corn
& Kleiser,
14
Great Western Power, pref 10236
July 1 1927 is as below:
Hale Bros Stores
Hawaiian Com'l & Sugar_
Flour.
Wheal.
Corn.
Hawaiian Pineapple
Exports for TVeek
Home Fire & Marine Ins.. 3236
and Since
TVeek
Week
Since
Since
Week 1 Since
Honokaa Sugar
Oct. 15 July 1
July 1 to-.
Oct. 15
July 1
Oct. 15.
July 1
Honolulu Cons 011
3534
1927.
1927.
1926.
1927.
1927.
1926.
Hunt Bros Pack "A" corn_
23
Illinois Pacific Glass "A"
Barrels. Barrels.
Bushels.
Bushels.
Bushels. Bushels.
Key System Transit. pref.
United Kingdom_ 107,276 1,052,052 2,128,494 27,933,560
Prior preferred
Continent
178,705 1,538,635 3,966,785 58,063,795
Langendorf Baking
1236
So. & Cent. Amer_
5,000
121,555
103,000
34,000
144,000 LA Gas & Electric, pref_ _ _ 10451
West Indies
14,000
10,000
136,000
10,000
271,000 Magnavox Co
260.
Brit.No.Am .Cols.
Magnin (I), corn
Other countries... 19,840
161,807
229,003
Nor Am Investment, corn.
Preferred
95
Total 1927
324,821 3,010,049 6,095,279 86.339,358
44,000
415,000 North American Oil
3851
Total 1926
313.110 3.576.208 6.456.220 99.744.619
81.000 1.507.610 Oahu Sugar
Pac Light Corp 6% pref.
The visible supply of grain, comprising the stocks in Pacific Lighting Corp corn_
Preferred
91
granary at principal points of accumulation at lake and Pacific 011
seaboard ports Saturday, Oct. 15, were as follows:
Pacific Tel & Tel coin
150
5% Preferred
116
GRAIN STOCKS.
Paraffine Cos. Inc, corn... 7151
Trheat.
Corn.
Oats.
Rye.
Barley. Phillips Petroleum
corn _ _
40%
United Statesbush,
bush,
bush,
bush.
bush. Piggly Wiggly W
States"A"
_1,048,000
New York
32,000
401,000
108,000
232,000 Pig'n Whistle pref
Boston
1,000
2,000
8,000
2,000
18,000 Richfield 011
1 951
Philadelphia
1,146,000
64,000
108,000
11,000
2,000 S J Lt & Pow prior pref.__ _ _ ___ __
Baltimore
2,168,000
24.000
49,000
47,000
42,000
101
-B. 6% Preferred
'
873,000
266,000
New Orleans
64,000
2,000
2,000 Schlesinger, B F,"A"corn_
Galveston
993,000
67,000
85,000
Preferred
3,165,000
104,000
Fort Worth
319,000
10,000
44,000 Shell Union 011 common_ _
.
254
4.050,000 1,932,000 2,547,000
Buffalo
459,000
445,000 Sherman & Clay 7% pref
93
afloat
1.055.000
105,000 Southern Pacific
3,045,000 , 83,000
174,000
Toledo
2,000
6,000 Sperry Flour Co common__ 60
afloat
186,000
Preferred
984
205,000
65,000
Detroit
65,000
12,000
50,000 Spring Valley Water
10251
6,187.000 8.837,000 5,187,000
Chicago
98,000
448,000 Standard Oil of Calif
543-4
524,000 2,099,000
Milwaukee
541,000
23,000
267,000 Sterling Oil & Development
18,644.000
1,118,000 1,271,000
Duluth
553,000 Texas Consolidated 011_ _ __
14,060,000 2,089,000 9,914,000
Minneapolis
130.000
744.000 Traung Label & Litho Co__ ..__ _
312,000
121,000
454,000
Sioux City
25,000 Union Oil Associates
444
2,550,000
806,000
219,000
St. Louis
10,000
90.000 Union Oil of California_ __ _
45
14,190,000 1,583,000
Kansas City
259.000
109,000
307,000 Union Sugar common
94
3,626,000
2,000
Wichita
8,000
Preferred
648,000
370,000
1.000
2,000
St. Joseph, Mo
U 8 Petroleum
3,000
81,000
743,000
Peoria
Walalus Agricult1 Co L d.
Indianapolis
1,347,000
469,000
454.000
5,000 Wells Fargo Bk & Union Tr
2,836,000 1,816,000
736,000
Omaha
53,000
156,000 West Amer Finance pref
1,802,000
131,000
246,000 ' West Coast Life Insurance_
On Lakes
800,000
46,000
603.000 Yellow & Checker Cab....
On Canal and River
Zellerbach Paper6% pref._
Total Oct. 15 1927... _85,481,000 19,270,000 24.927,000 2.593,000 4,475,000
Total Oct. 8 1927-30,936,000 21,393,000 25.874,000 2.705,000 4.245,000
73,404,000 16,908,000 47,722,000 12,079,000 5,227.000
*No par value.
Total Oct. 16 1926
516,000
270,000
331,000 1.795.000
148.000
395.000
Total Oct. 15 1927__ _ _20,063,000
Total Oct. 8 1927..._13,779,000
Total Oct. 16 1926_ _29.883.000
Since Aug.11927
5,365.000 193,735,000 43.929.000 47.920,000 29,887,000 17,796,000
1926
5.548.000 138,821,000 35.755,000 45,583.00014.365,000 14,654,000
1925
5.817,000 238,368,000 56,613.000 109,365,000 24.512.000 28,420.000
Receipts at- I
2229
THE CHRONICLE
35234 3574
365 374
217 21734
11251 115
253% 253%
2404 247
97
97
80
80
854 854
3.00 3.15
634 6534
20
22
4436 47
375 400
981 28
5
9554 9654
107 iory,
3036 31
42
42
74 8
1 751 184
95
974
14
1451
1024 1034
32
324
50
51
434 44
3251 3336
3.50 3.75
35
353,4
2214 2351
36
36
6
651
1036 12
1251 123,4
1044 10436
25e. 25c.
18
184
105 105
95
97
374 3851
36
363,4
1014 101%
715 730
91
91
125 125
150 155
115 116
714 75
3851 424
244
24
16
16
1851 204
1104 11151
101 10136
21
2151
914 92
244 254
93
93
124 124
593-4 60
9834 99
10251 10251
53 . 554
3
3
46c .52c
20
20
4151 4451
424 454
94 94
25
25
1.30 1.55
46
47
315 320
6
64
375 375
73' 8
101
101
105
15
45
35,356
55
16.536
25
50
25
450
2,645
4,730
4,834
100
80
159
198
17
10
1,580
2.745
825
400
471
415
225
143
135
200
1,030
410
1,005
450
215
25
122
800
662
10
90
2,915
95
325
65
25
200
365
45
7,710
23
25
68
13:060
134
136
330
225
4,800
55
21
390
115
320
8.312
200
300
38
9,165
16,666
530
20
1,250
255
55
320
10
1,035
25
Range Since Jan. 1.
Loss.
Butt.
Feb
300
Jan 398
338
Jan 380
Mar
195
Jan 232
Feb
8934 Aug 1254 June
245
May 270
Jan
Apr
171
May 687
97
Jan 9734 Aug
68
Apr 81
Sept
Sept
80
Apr 87
2.00 June
5.00 Jan
61
Apr 693-4 Jan
1934 Oct 33
Jan
2634 Feb 493-4 Oct
290
Feb 400
Oct
Sept
94
Jan 98
Aug
954 Oct 99
Al)!
1043.4 July 111
Mar
30
July 39
4034 Sept 45
Jan
5
Jan
8
Oct
934 Feb 204 Aug
88
Mar 98
Oct
12
Apr 15
Oct
101
June 1054 Aull
30 June 3636 Jan
48
Apr 534 Sept
4351 Oct 56
Sept
Oct
2834 Mar 34
2.00 Mar
6.00 Slay
334 Apr 423,4 Fet
2234 Oct 264 Jar
314 Apr 3851 Aug
54 July 314 Jar
10
Oct 65
Jas
1234 Sept 1236 May
9851 Jan 10436 Oct
20c. Aug 75c. Feb
1651 Apr 2851 Jar
101
Mar 105
Oct
Sept
9251 Jan 97
Feb
2851 Apr 48
35
Jan 39 JUM
97
Feb 1034 July
Oct
311
Feb 730
Jan 91
Sep:
85
105
June 175
Jar
Oct
123
Mar 160
102
Mar 116
Jul)
5351 July 139% Ma
364 Oct 593-4 Fel
1936 Jan 2434 Oc
1551 Jan 1651 Jut
1434 Mar 2636 Jar
1064 Jan 11136 Oe
97
Jan 103
Sep
20
Apr 234 Jun
89
May 94
AR
243-4 Oct 3151 Fel
904 Aug 9751 AP
10636 Jan 125
Atli
44
Jan 65
Sep
924 Jan 9951 Sep
10151 Jan 1084 Ma
5051 Apr 6051 Jai
4
Ma;
3
Oct
40c May 950 Fel
May 2151 Fel
20
3714 Apr 5651 Jai
3934 Apr 563,4 Jai
Ja:
Oct 19
9
Oct 27
Ma
25
1.2731 July
2
Ma
37
Jan 47
Oc
260
May 320
Oc
5
934 Ja
July
340
June 450
Ja
734 Oct951 Ja
9534 Feb 10351 Sep
2230
THE CHRONICLE
By R. L. Day & Co., Boston:
New York City Banks and Trust Companies.
Banks-N.Y. MS Act
America*
_ 358 368
Amer Union._ 1215 225
Bowery EastR 610 625
:Storm Bore._ 580 610
Bronx Nat.__ 650 675
Bryant Park 220 250
Capitol Nat.
Bank & Tr_ 308 315
Cent Mere Bk
& Trust Co. 315 325
Central
190 198
Chase
557 563
Chath Then
Nat Bk &T 496 503
Chelsea Exch* 292 302
Chemical_ _ z965 975
Colonial._ _ 000 1200
Commerce_ _ _ 612 517
Continental_• 325
Corn Exch.__ 594 599
Cosmoplan*. 415 440
Fifth Avenue_ 225 2325
First
i550 WOO
Garfield_ _ _I 475 490
Globe Exch'.j 250 300
Grace
f 325
Hamilton_ _
223 iio
Hanover
11300 1340
Banks.
Harriman__ _
Manhattan*
Nlut
Nuti nal City
Nen Neth'ds*
Park
Penn Exch._ _
Port Morris_ _
Public
'
Seaboard _ _
Seventh
State*
Trade*
United
United States*
Yorktown* _
Brooklyn.
Coney Island*
Dewey•
First
Mechanics'*
Municipal*
Nassau
People's
Bid
810
570
775
693
490
596
175
400
645
745
255
607
250
370
550
210
425
300
400
337
420
410
750
*State banks.
New stock.
Ex-dividend.
s Ex-stock dividend
All prices dolla s per share y Ex-rights.
Ask I Trust Cos. Bid
Ask
New York.
830
,
578 Am Ex In Tr. 396 400
Bank of N Y
698
& Trust Co. 650 660
.Bankers Tru 870 880
603 Bronx Co 'tr.. '530
.
180 'Central Union 1220 1235
380 400
County
410 420
655 Empire
755 Equitable Tr_ 396 401
270 'Farm L & Tr_ 60 670
620 Fidelity Trust 387 374
505 526
Fulton
390 Guaranty Tr_ 553 558
556 Interstate_ .._ 273 280
230 1Lawyers Trust
iManufacturer LO 760
430 'Murray Hill_ 275 285
,Mutual(West
425 ' chester)
285
342 N Y Trust__ 645 isii
427 Terminal Tr_ 260 275
,
430 Times Square 13 6 193
Title Gu & Tr T51 783
U Mtg & Tr 570 585
United States. 2550 2625
,Westehest'rTr 1000
r Brooklyn.
Brooklyn_ _ _ 1059
Kings Co__ _ _ 2400 itho
idwood _
290
New York City Realty and Surety Companies.
All prices dollars per share.
Bid
62
_ _
370
327
Alliance R'Ity
Amer Surety_
Bond & M G.
Lawyers Mtge
Lawyers Title
& Guarantee 300
Ask
60
310
380
332
Mtge Bond__
Nat Surety
N Y Title &
Mortgage__
US Casualty_
310
Bid
150
275
494
375
Ask
Bid
158 Realty .kssoc's
(13klyn)com 288
280
1st pref. _ _
92
500
20 pref___ 88
390 Westchester
Title & Tr_ 580
As;
295
95
91
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Manor*.
Jul.
Rate.
Bid.
Dec. 151927._
Mar, 15 1928_
Mar. 15. 1928._
41.2%
334%
3%
10062,
99.1n
9911n
Asked.
Maturity.
int.
Rate.
[VoL. 125.
Bid.
Asked
1004 Sept. 15, 1930-2 318% 99,1u
1001., Mar. 15 1930-32 33i% 993013
9931at
1001u
100
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
25 Nat. Shawmut Bank
2 units First Peoples Trust
330
25
100 First Nat. Bank
48134 50 Mass. Util. Inv.Trust, common_ 1234
10 Old Colony Trust Co
5 U. B. Envelope Co., pref
380
117
3 Boston Insurance Co
50 Blackstone Canal Nat. Bank,
855
Providence, R. I., par $25
2 Interest Co-operative Petroleum
25 Arlington Mills
45g-46
Syndicate
$6 lot
20 Hamilton Mfg. Co
$7 lot 30 shares E. P. Tabor Mfg. Co.,
10 Lyman Mills
common, par $10
165
10 Lancaster Mills, common
1234 1 interest Co-operative Petroleum $41
10 Ludlow Mfg. Associates
18014
Syndicate
lot
I Troy Cotton & Woolen Mfg. Co.,
3 units Are-Bee Oil Syndicate
20 Sawtelle-Santa Monica 011 Co.,
110
Dar $500
10 U. S. Envelope Co., common_ _ _221g
par $10
31-70 Amer. Founders Trust, corn.,
37 E. P. Tabor Mfg. Co., common,
$1 per 1-70th
Oar $10
5 Internat. Secur. Trust, 6% pfd
100 E. P. Tabor Mfg. Co., Prof.,
87
5 Internat. Secur. Trust, corn
par $10
69
20 Post Office Square Co., pref.__ 1114 2 units Are-Bee 011 Syndicate
$56
5 Rockwood & Co., pref
8434 10 Sawtelle-Santa Monica Oil Co., lot
10 New England Power Assoc., pfd_ 98
par $10
5 Municipal Service Co., pref
1, units MacGregor Synd., No. 1 _ _ 91
25 Towle Mfg. Co
1293.8 I Gilbert Petroleum Interests
10 Business Building Trust, pref
60 6 Morse Twist Drill Co
66
4 Business Building Trust., corn. on 2 Merrimac Hat Corp.. common__ _185
as bonus
I pref. 25 New Eng. Power Asso., prof.... 9814
3 New England Power Co., pref..
25 Quincy Market Cold Storage &
11034 & city.
Warehouse,common
29
4 Minnesota Pr.& Lt. Co.,7% pfd _106g 15 Milton Bradley Co., pref. 110 & div.
10 Hood Rubber Co., 734% Prof.,
110 Mass. UHL Inv. Trust, corn.,
par $10
9614 ex-div.
1214
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per sh.
27 Nashua Mfg. Co.. common__ 6235
5 Merrimack Mfg. Co., common_13634
10 Wm.Whitman Co.,Inc., pf_ 83g dr div.
476 Grant Yarn Co
50c.
150 Hamilton Mtg. Co
31c.
10 Ludlow Mfg. Association
18134
2 Nashua&LowellRR.Corp _ 120g ex-WY.
5 Boston & Chelsea RR., par $50_ - 3814
20 Worcester Consol. St. Ry., 1st
pref., par $80
1734
4 Northern RR.of N.H
I0334
10C Standard Shoe Mach., com__1$11
100 Standard Shoe Mach., pref___J lot
50 Western Massachusetts Coo.. 5631
35 Boston Woven Hose & Rubber
Co., common
9434 ex-dly.
5 Mass. Ltg. Cos.6% pref., undep_110K
18 Amer Glue CO.,0.1123i-112g ex-div.
15 Draper Corp
74 Si-75 Si
54-10 Graton & KnightC0.,pf.68-4-ioo 60
1 Craton & Knight Co., common__ 1534
8 Bay State Fishing Co., prior pref.,
Par $20
1814
12 Bay State Fishing Co., common_ 57
Shares. Stocks.
$ per sh.
127 Fitchburg Gas & Elec. Lt. Co..
V. t. c., par $50
12734
5 New England Power Assn., corn
7314
18 Mass. Bonding & Ins. Co
515
13 Hood Rubber Co.,734% prior pf. 9834
30 Farms Co. Inc., corn., class A
21
2 Boston Athenaeum, par $300.845-855
50 Boston Wharf Co
114
14 New Eng. Power Assn., pref.__ 9714
25 Flintkote Co., common
53
100 Brightwood Mfg. Co., pref._ _$11 lot
40 Graton & Knight Co., pref
68
5 Great Amer. Insurance Co
428
2 Greenfield Tap & Die Corp
9534
25 Plymouth Cordage Co
99 ex-div.
20 Converse Rubber Shoe Co:, pref. 4534
534
60 Laconia Car Co., 2d pref
134
25 Laconia Car Co., common
Per cent.
Bonds$5,000 Old Colony Invest. Trust,
92
434s. Feb. 1947
$1,000 Chesapeake & Ohio Grain
Elev. Co., 1st 4s, Oct. 1938
9114
By Barnes & Lofland, Philadelphia:
National Banks.
-The following .information regarding
national banks is from the office of the Comptroller of the
Curreney, Treasury Department:
Shares. Stocks.
$ per sh.
Ground rent (Irredeemable), $20 a
year, payable on June 1 in each
and every year forever, secured
by brick dwellings, Nos. 134 and
136 Catharine St
$350 lot
285 William M. Lloyd Co., com__.32 lot
APPLICATION TO ORGANIZE RECEIVED.
Capital. 10 Franklin-Fourth St. Nat. Bank_615
Oct. 14
-Odessa National Bank, Odessa Tex
780
$25,000 10 Fidelity-Phila. Trust Co
10 Drovers & Merchants Nat. Bank 20034
Correspondent, Marcus M.Bright, Box 187, Ft. Worth,
Texas,
10 Drovers & Merchants Nat.Bank 200i4
10 Wilmington Steamboat Co
75
APPLICATIONS TO ORGANIZE APPROVED.
6 Republic Trust Co., par 850
180
24 Overbrook Nat. Bank
175
Oct. 14
-The Springfield Gardens National Bank of New York.
10 PhIla.-Girard Nat. Bank
789
N. Y
$200.000 3 First Nat. Bank of Phlia
560
Correspondent, William B. Jones, Merrick Road and
10 Nat. Bank of Royersford, Pa_..210
Springfield Ave.,Springfield Gardens, New York,N.Y.
I Miners Nat. Bank of Pottsville,
Oct. 14
-The First National Bank of Jewett, Ohio
35,000
Pa.. par $50
197
Correspondent, Dr. A. C. Grove, Jewett, Ohio.
2 First Camden Nat. Bk.& Tr. C0_426
Oct. 14
-The West Branch National Bank of Jersey Shore, Pa
125,000 50 Bankers Trust Co., par $50
90
Correspondent, Clarence L. Peaslee, Williamsport, Pa.
10 Provident Trust Co
835
10 Provident Trust Co
835
APPLICATION TO CONVERT APPROVED.
9 Franklin Trust Co
550
Oct. 14
-The Mutual National Bank of the City of New York,
1 Real Estate Trust Co., unassented
preferred321
N.Y
$500.000
13 Mutual Trust Co., par 350
160
(Conversion of the Mutual Bank, New York, N. Y.
26 Finance Co. of Pa. 2d pref
501
7 Finance Co. of Pa., 2d pref
501
CHARTER ISSUED.
7 West End Trust Co
733
Oct. 111
-13131-The Midway National Bank of St. Paul, Minn 3100,000 5 Tioga Trust Co., par $50
170
Conversion of the Snelling State Bank of St. Paul, Minn.
10 Chelten Trust Co
350
President, Herbert H. Bigelow; Cashier, Edward N.
10 Chelten Trust Co
340
Leaf.
25 Bk.of No. Amer.& Tr. Co
444
15 Industrial Trust, Title & Savings
BRANON AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
Co., par $50
500
Oct. 10
-The Farmers National Bank & Trust Co.of Winston-Salem, N.C. 5 Lancaster Ave. Title at Tr. Co.,
Ng
Dar $50
Location of branch-Vicinity of the corner of Eighth and Trade
10 Central Tr.& Say. Co.. par $.50_240
streets, Winston-Salem, N. C.
15 Allegheny Title & Trust Co.,.. -10 Allegheny Title & Trust Co.,
Par 350
75
Auction Sales.
-Among other securities, the following, 97 Pa. Co.for Ins. on Lives, &c__..976
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Sons, New York:
Shares. Stocks.
BondsPer cent.
$ Per sh.
200 Miami Income Properties, Inc.,
$5,000 Outline Sales Corp. 7% gold
pref.. par $50
notes, Oct. 1 1927, $100 each...510 lot
$2
100 Miami Income Properties, Inc., lot $15,000 Allied Packers, Inc., deb.
cora., no par
6s, July 1 1939
45
100 Societe Parislenne d'Attrac$50,000 Hudson Valley Investing
Lions. 500 francs each
Corp.6% bond, due Jan. 11937.
$6 lot
50 Federated Radio Corp., Inc.,
reg. $50.000, par
$60 lot
Del., temp. ctts., no par
$1 lot 2600 Somerset Apartment 1st 63is,
1931, Jan. 1927 & subsequent
5 Evernu Rubber Heel, pref
10 Evernu Rubber Heel, corn., no 518
coupons attached
25
par
J lot $1,500 Plaza Apt. (Houston, Tex.)
1st 7s, 1940, Mar. 1927 & subse13 8-10 Wills Sainte Claire, Inc.,
quent coupons attached
33
1st pref
214
99 Southern Baking Co., pref
4914 $1,000 Plaza Apt. (Houston, Tex.)
1st 75, 1937. Jan. 1927 dr subse600 Southern Baking CO., pref..- 4834
quent coupons attached
32
250 Southern Baking Co., corn., no
par
23
$300 Peach Tree Terrace Apt.
(Atlanta, Ga.) 1st 6315, 1934.
400 Southern Baking Co., pref._ 483/
Dec. 1926 ,St subsequent coupons
1,000 Hudson Valley Coke & Prodattached
25
$250 lot
ucts Corp., corn
$100 Hart Bldg (N Y City) 13345,
200 Acker, Merrell & Condit, pref_ 10
1934, Dec 1926 & subsequent
275 Peerless Shirt Co., Inc
81
coupons attached
$10,000 Prudential Ins. Co. of Am. $10
policy No. 4866114 on life of lot $1,000 Venetian Way Apt (Miami,
Fla.) 1st 7345. 1934 June 1926
Maurice L.Turner
26
& subsequent coupons attached
I units No. 244 North Bay Shore
166 per unit $1,000 La Granada Miami Hotel
Drive
41
1st 138, 1936
10 Geneva Cutlery Co.,Inc., N.Y.,
pref
$34 lot $1,000 La Flora Miami Hotel 1st 88,
30
100 Johnson Educator Biscuit Co.,
1935
Ins.. Mass.. el. A, pref., temp.
cif., so par
3101 lot
Shares. Stocks.
$ per sh.
5 Pitman (N. J.) Title & Tr. Co_ _ _276
10 Broadway Merchants Tr. Co
(Camden), par $25
390
1 Broadway Merchants Tr. Co
(Camden). par $25
387
60 Broadway Merchants Tr. Co.
(Camden), par 325
376
14 Broadway Merchants Tr. Co.
par $25
375
12 GlensIde (Pa.) Tr. Co.. Par $50. 5534
1420 & 3d Sts. Passenger Ry
159
50 Midro 011 Corp., v. t. c
......
$20 lot
5 American Academy of Music,
with tickets
1100
20 Union Transfer Co., par $25.... 2434
66 Camden Fire Ins. Assn., par $5. 24
79 Phila. Bourse, pref., par $50.... 2534
4 Phila. Bourse, common, par $50_ 4114
32 Phila. Bourse, common, par $50- 4034
2 Independence Indemnity Co...
.320
6 Independence Indemlnity Co...
.318
2 Independence Indemnity Co- 110
22 Independence Indemnity Co-309
1 Bailey, Banks & Biddle Co.. In..
preferred
101
50 Constitution Indemnity CO..
par $10
313i
25 Budd Wheel Corp., corn., 1,o par 20
20 Haverford Lund & Impt Co
Par $50
25 units Bankers Bond & Mtge(
30.
(new)
Membership In the R‘.•.rar Green
Golf Club (Springfield, Pa.), dues
paid to Jan. 1928
755
4 Germantown Trust Co
637
10 Guarantee Trust tr Safe Deposit _487
1 Corn Exchange Isl. -...nk
83434
BondsPer cent.
85,000 Imayer Valley Trac. Co.
general 5s. 1953
niot
$1,000 Omaha & Council Bluffs
Street Hy. 1st con. 55, 1928
65
By A. J. Wright & Co., Buffalo:
Shares. Stacks.
$ per sh.
2 Buffalo Niagara & Eastern Power,
preferred, par 325
2634
100 Big Ledge Copper Co., par $5_14 lot
500 Chaput Hughes, Par $1
12c.
3 Buffalo Property Owners, Inc_3150 lot
300 Garod Corp., no par
$100 lot
Shares. Stocks.
$ per sh.
10 Standard Pate Glass, prior pref35 lo;
500 Penn Seabm.rd Steel corp..
no par
$10 lo1
2 Buff. Niag.& East. Pow., no par- 41
500 Night Hawk, par $1
Sc.
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable,
Books Closed.
Days Inclusive.
Railroads (Steam).
Elmira & Williamsport, corn
$1.15 Nov. 1 Holders of rec. Oct. 20a
Internat. Rys. of Cent. Amer., pf.(qu.)
134 Nov. 15 Holders of rec. Oct. -1
Lake Superior dz Ishpeming (in stock). *e200
Ontario & Quebec. com
Dec. 1 *Holders of rec. Nov.
Debenture stock
*234 Dec. 1 *Holders of rec. Nov.
Public Utilities.
Associated Gas & Elec., $6 Pref. (quar.). 131.50 Dec. 1 Holders of rec. Oct. 31
$6.50 preferred (quar.)
131.625 Dec. 1 Holders of rec. Oct. 31
Amer.Superpower Corp., partic. p1.(qu.) $1.50 Nov. 15 Holders of rec. Oct. 31m
Cambridge Gas Light (quar.)
75e. Nov. 1 Holders of rec. Oct. 19a
75e. Nov. 15 Holders of rec. Oct. 316
Cedar Rapids Mfg.& Power (guar.)Connecticut Ry.& Ltg., corn. & pf.(qu.) *31.125 Nov. 15 *Nov. 1 to Nov. 15
Consolidated States Telep., class A (qu.) *500. Nov. 1 *Holder
iree. Oct. 20
OCT.22 1927.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities (Concluded).
Consumers Power,6% pref. (quar.)---- 131 Jan. 3 Holders of rec. Dec.
15
6.6% preferred (guar.)
1.65 Jan. 3 Holders of rec. Dec. 15
Seven per cent preferred (quar.)
3 Holders of rec. Dec. 15
131 Jan
Six per cent preferred (monthly)
50c. Nov. 1 Holders of rec Oct. 15
Six per cent preferred (monthly)
50e. Dec. 1 Holders of rec. Nov. 15
Six per cent preferred (monthly)
50c. Jan. 3 Holders of rec. Dec. 15
6.6% preferred (monthly)
55c. Nov. 1 Holders of rec. Oct. 15
6.6% preferred (monthly)
55c. Dec. 1 Holders of roe. Nov. 15
6.6% preferred (monthly)
55c. Jan
3 Holders of rec. Dec. 15
Dallas Power & Light, pref.(guar.)
134 Nov. 1 Holders of rec. Oct. 21
Grand Rapids RR., 7% prof. (guar.).134 Nov. 1 Holders of rec. Oct. 20
Idaho Power Co., pref. (guar.)
151 Nov. 1 Holders of rec. Oct. 15
Illinois Northern Utilities, corn
2
Nov. 1 Holders of rec. Oct. 15a
Junior preferred (quar.)
$1.75 Nov. 1 Holders of rec. Oct. I5a
Indianapolis Pow.& Light, 1st pf.(MO *$1.75 Nov. 1 *Holders of rec.
Kentucky Utilities, junior pref.(quara-- *873$0 Nov. 19 *Holders of rec. Oct. 24
Nov. 1
Keystone Telephone of Phila., prof.(qu.) *al
Dec. 1 *Holders of rec.
Knoxville Power & Light, $7 pref. (qu.)_ $1.75 Nov. I Holders of rec. Nov. 18
Oct. 20
$6 preferred (guar.)
21.50 Nov. 1 Holders of rec. Oct. 20
Montreal Light, Heat & Pow.Co.
2
Nov. 15 Holders of rec. Oct. 31
Pacific Gas & Elec., prof.(qmar.) (qua - '3734c Nov. 15 *Holders
Pacific Power & Light, preferred (quar.). 13( Nov. 1 Holders of rec. Oct. 31
of rec. Oct. 18
Penn-Ohio Edison Co., prior pref.(qua
134 Dec. 1 Holders of rec. Nov. 19
Penn-Ohio Power & Light, $6 Prof.
(qua $1.50 Feb. 1 Holders of rec. Jan. 20
Seven per cent preferred (quar.)
13( Feb. 1 Holders of rec. Jan. 20
6.6% preferred (monthly)
55e. Dee. I Holders of reC. Nov. 20
6.6% preferred (monthly)
55e. Jan. 1 Holders of rec. Dec. 20
ex% preferred (monthly)
The. Feb. 1 Holders of rec. Jan. 20
7.2% preferred (monthly)
60c. Dec. 1 Holders of rec. Nov. 20
7.2% preferred (monthly)
60e. Jan. 1 Holders of rec. Dec. 20
7.2% preferred (monthly)
60c. Feb. 1 Holders of rec. Jan. 20
Philadelphia Suburban Water, pref.(qua
134 Dec. 1 Holders of rec. Nov. 120
Portland Gas & Coke. Preferred (quar.)
- 13( Nov. 1 Holders of rec. Oct. 18
Rhode Island Pub. Sem., pref. (quar.)__ 50e.
Nov. 1 Oct. 16 to Oct. 18
Clam A (guar.)
$1
Nov. 1 Holders of rec. Oct. 150
Southern Cities Utilities, $6 pref.(qu.)
$1.50 Dec. 1 Holders of rec. Nov. 10
Seven per cent preferred
334 Nov. 10 Holders of rec. Oct. 21a
.Union Street Ry.(New Bedford)
(qua -- 1% Nov. 1 Holders of rec. Oct. 20
Banks.
Chemical National (bi-monthly)
Trust Companies.
Farmers Loan & Trust (guar.)
Kings County (Brooklyn) (quar.)
Fire Insurance.
General Reinsurance (quar.)
Westchester (quar.)
Extra
.4
.4
Nov. 1 *Holders of rec. Oct. 21
4
•15
Nov. 1 Holders of rec. Oct. 20
Nov. 1 *Holders of rec. Oct. 24
$1.25 Nov. 15 Holders of rec. Oct. 31a
50c. Nov. 1 Oct. 21 to Oct. 31
100. Nov. I Oct. 21 to Oct. 31
Miscellaneous
Allied International Investing Corp.Participatino preferred (No. I)
Nov. 1 *Holders of rec. Oct. 25
American Radiator, common (gust.)
$1.25 Dec. 31 Holders of rec. Dec. 150
Preferred (guar.)
131 Nov. 15 Holders of rec. Nov. la
American Stores(extra)
•50c. Dec. 1 *Holders
American-Sumatra Tobacco, pref. (qu.) *131 Dec. 1 *Holders of rec. Nov. 15
of rec. Nov. 15
Armstrong Cork, common (guar.)
134 Jan. 3 Dec. 16 to Jan. 3
Common (payable In common stock)-- 15
Jan. 16 Dec. 16 to Jan. 3
Preferred (guar.)
134 Jan. 3 Dec. 16 to Jan. 3
Artloom Corporation (quar.)
31 Jan. 1 Holders of rec. Dec. 190
Bachmann, Ernerich & Co., pref.
Oct. 3
(guar.) 2
Bastian-Blessing Co., common
*Holders of rec. Nov. 15
(guar.)-- *Mk. Dec.
Beneath (Isaac)&Sons,Inc.,tom.A
Oct. 3 Holders of rec. Oct. 20
(qua 75c.
Preferred (guar.)
50e.
Oct. 3 Holders of rec. Oct. 20
Big Lake Oil
*10
Oct. 2 *Holders of rec. Oct. 24
Bond & Mortgage Guarantee
Nov.•15 Holders of rec. Nov. 7
(quar.)- -- 4
Brockway Motor Truck (quar.)
500. Nov. 1 Oct. 22 to Oct. 31
Extra
25c. Nov. 1 Oct. 22 to Oct. 31
Brompton Pulp & Paper. pref.
Nov. 15 Holders of rec. Oct. 31a
(guar.).- 2
Brunswick-Balke-Collender, corn.
(qua - 75e. Nov. 15 Holders of rec. Nov. 5
Budd (Edward G.) Mfg.,
pref. (quar.)
•134 Nov. 1 *Holders of rec. Oct. 18
Burns Bros., common, class
A (quar.)-- .$2
Nov. 15 *Holders of rec. Nov. 1
Preferred (guar.)
'131 Jan. 3 *Holders of rec. Dec. 13
Butler Brothers (guar.)
500. Nov. 15 Holders of rec. Oct. 31
Canada Cement, Ltd., pref.
(guar.).-- I% Nov. 16 Holders of rec. Oct. 31
Canadian Bronze, Ltd., prof.
Nov.
Canadian Converters (guar.) (quara--- 134 Nov. 1 Holders of rec. Oct. 21
15 Holders of rec. Oct. 310
131
Canadian Fairbanks-Morse.
Nov. 15 Holders of rec. Oct. 31
Cartier. Inc.. Prof. (Oman) Pref. (extra) 53
1% Oct. 31 Holders of roe. Oct. 15
Caterpillar Tractor (guar.)
•30c. Nov.25 *Holders of rec. Nov. 15
Extra
•35c. Nov. 25 *Holders of rec. Nov. 15
• Centrifugal Pipe (Ouar.)
15e. Nov. 15 Holders of rec. Nov. 5
Charlton Mills (guar.)
Nov. 3 Holders of roe. Oct. 17
2
Cities Service, common (monthly)
•3$ Dec 1 *Holders of rec. Nov. 15
Common (payable in common
Dec.
*Holders
stock).
Preferred and preferred BB (monthly) trS4 Dec. 1 *Holders of rec. Nov. 15
•yi
1
of rec. Nov. 15
Preferred B (monthly)
*5c. Dec. 1 *Holders of rec. Nov. 15
ClInchfield Coal, preferred (guar.)
131 Nov. 1 Holders of rec. Oct. 25a
Conlon Corporation, Prof.
'134 Oct. 31 *Holders of roe. Oct. 20
(guar.)
Connecticut Cash Credit Corp.,corn.
(qua 150. Oct. 25 Holders of rec. Oct. 10
Preferred (gust.)
150. Oct. 25 Holders of rec. Oct. 10
Preferred (extra)
150. Oct. 25 Holders of rec. Oct. 10
Como!. Bond & Share Corp., pref.(Ou.).
Nov. 15
Consolidated Cigar Corp., pref. (guar.). 131 Dec. 1 Holders of rec. Oct. 15
Holders of rec. Nov. 150
134
Consolidated Laundries,common
(quar.) .11% Nov. 1 Holders of rec. Oct. 17
Crown Finance Corp.,tom.(in cam.
Nov. 15 Holders of rec. Oct. 15
Mk.) 1100
Davis Mills(guar.)
•1
Dec. 24 *Holders of rec. Dec. 10
Dow Chemical, common
*$1.25 Nov. 15 *Holders of rec. Nov. 1
(guar.)
Preferred (guar.)
•141 Nov. 15 *Holders of rec.
Nov. 1
Eastern Dairies, Inc., common
50.3. Nov. 1 Holders of rec. Oct. 15
Preferred (guar.)
$1.75 Nov. 1 Holders of rec. Oct. 15
Eisenstadt Manufacturing, prof.(quar.)
134 Nov. 1 Holders of rec. Oct. 20
Finance Co.of Amer.(Balt.),com.
A Ma 1230 Oct. 15 Holders of rec. Oct. 5
Common B (guar.)
12310.Oct. 15 Holders of rec. Oct. 5
Seven per cent preferred (guar.)
4331c Oct. 15 Holders of rec. Oct. 5
Great Lakes Dredge & Dock (guar.)
2 • Nov. 15 Holders of rec. Nov. 7
Green Watch. preferred (guar.)
•1M Nov. 1 *Holders of rec. Oct. 20
Hamilton-Brown Shoe(monthly)
•25c Nov. 1 *Holders of rec. Oct. 22
Hatfield-Reliance Coal, common (guar.) •30c. Nov. 1
*Holders of rec. Oct. 20
Higbee Co.. let pref.(oust.)
134 Nov. 1 Oct. 22 to Nov. 1
Hollander (A.)& Son, Inc., corn.(qua
6231c Nov. 15 Holders of rec. Nov. 1
Imperial Royalties(monthly)
131 Oct. 30 Holders of rec. Oct. 25
Independent Packing, tom.(Oust.)
32310 Nov.
Holders of rec. Oct. 20
Preferred (guar.)
13( Nov.
Holders of rec. Oct. 20
Industrial & Finance Corp.,6% pf.(qu.) 13$ Nov.
Holders of rec. Oct. 22a
Seven per cent preferred (guar.)
134 Nov.
Holders of rec. Oct. 22a
Seven per cent debenture stock (guar.) 154 Nov.
Holders of rec. Oct. 22a
International Harvester, pref. (guar.)._ •15( Dec.
*Holders of rec.
Joske Bros. Co. vot. tr. etf.(No. I)(qu.) •75c Nov.2 *Holders of rec. Nov. 5
Nov. 1
Kinney (G. R.) Co., Prof. (guar.)
*2
Dec.
*Holders of rec. Nov. 19
Kodel Radio, class A (guar.)
*25c. Nov.
*Holders of rec. Oct. 25
Preferred Mara
"350 Nov.
*Holders of rec. Oct. 21
Kruskal & Kruskal, Inc. (Qum.)
500. Nov. 15 Holders of rec. Oct. 3Ia
Laciede-Christy Clay Prod., corn.
50c Nov. 1 Holders of rec. Oct. 21
Larrowe Milling, corn. (quer.)
*37310 Nov. 1 *Holders of rec. Oct. 24
Loew's Ohio Theatres, pref. (guar.)
Nov. 1 Holders of rec. Oct. 27a
2
Lord & Taylor, tom.(Christmas div.)._ 5
Dec. 10 Holders of rec. Nov. 17a
First preferred (guar.)
134 Dec. I Holders of rec. Nov. 170
Louisiana 011 Refining, pref. (guar.)_
•15$ Nov. 15 *Holders of rec. Nov. 1
Luther Manufacturing (guar.)
*2
Nov. 1 *Holders of rec
Mark (Louis) Shoes. Inc., pref. (guar.). 134 Nov. 1 Holders of rec. Oct. 14
Oct. 200
Massey-Harris Co., Ltd., pref. Mara__
154 Nov. 15 Holders of rec. Oct. 29
May Department Stores, cam.(quar.)_. *$1
Dee. 1 *Holders of
McCord Radiator & Mfg., class B (qu.) *50c. Nov. 1 *Holders of rec. Nov. 15
rec. Oct. 27
McIntyre Porcupine Mines. Ltd
25e Dec. 1 Holders of rec. Nov. 1
Melville Shoe, corn. (guar.)
7130. Nov. I Holders of rec. Oct. 240
Preferred (guar.)
Nov. 1 Holders of rec. Oct. 240
2
Merchants Manufacturing (guar.)
Nov. 3 Holders of rec. Oct. 22a
1
Merchants Refrigerating, pref. (qua!'.) _ _
13( Nov. 1 Holders of rec. Oct. 22
Mirror (The). prof. (guar.)
•1M Nov. 1 *Holders of rec. Oct. 25
I
Name of Company.
2231
Per
When
Cent. Payable.
Books ('Weed
Days Inclusive.
Miscellaneous (Concluded).
Moloney Electric, pref. (guar.)
134 Nov. 1 Holders of rec. Oct. 13
Munsingwear, Inc. (guar.)
.1%c.
.
Holders of rec. Nov. 17
National Belles Hess, pref. (guar.)
Dee.
*Holders of rec. Nov. 21
National Carbon, pref.(guar.)
Nov. 1 Holders of rec. Oct. 20
2
National Lead, pref. A (guar.)
•134 Dec. 15 *Holders of rec. Dec. 2
National Recording Pump
*75e. Nov. 1 *Holders of rec. Oct. 21
National Refining, corn. (guar.)
134 Nov. 15 Holders of rec. Nov. 16
NewAmsterdamCasualtyCo.(Balt.)(qu.) 6734c. Nov. 1 Holders of rec. Oct. 170
New Cornelia Copper Co. (guar.)
*50c. Nov. 21 *Holders of rec. Nov. 4
New Jersey Cash Credit Corp., com.(qu)
15e. Oct. 25 Holders of rec. Oct. 10
Preferred (guar.)
15e. Oct. 25 Holders of rec. Oct. 10
Preferred (extra)
15c. Oct. 25 Holders of rec. Oct. 10
New Jersey Zinc (guar.)
Nov. 10 Holders of rec. Oct. 20a
2
New Process Co.. pref. (guar.)
$1.75 Nov. 1 Holders of rec. Oct. 26
North Central Texas 011 (guar.)
150. Dec. 1 Holders of rec. Nov. 10
Pacific Coast Co., 1st pref. ((mar.)
131 Nov. 1 Holders of rec. Oct. 240
Paramount Oshawa Theatres, pref.(qua
134 Nov. 15 Holders of rec. Oct. 31
Pathe Exchange, Inc., cl. A pref. (qua _ $1
Nov. 1 Holders of rec. Oct. 28
Peabody Coal. common (monthly)
'Sc. Nov. 1 *Holders of roe. Oct. 21
Preferred (monthly)
*59c
2 Nov. 1 *Holders of rec. Oct. 21
.
Penna. Cash Credit Corp., corn. (qu.).
c. Oct. 25 Holders of rec. Oct. 10
Preferred (guar.)
15c. Oct. 25 Holders of rec. Oct. 10
Preferred (guar.)
Sc. Oct. 25 Holders of rec. Oct. 10
Plymouth 011
,
Oct.. 31 *Holders of rec. Oct. 24
Nov 15
Procter & Gamble,corn.(guar.)
Nov.
$2
Holders of rec. Oct. 254
Pullman Company (guar.)
134 Nov. 15 Holders of rec. Oct. 31
Quincy Mkt.Cold Stor.& W'h'se,pr.
(qua
13( Nov. 1 Holders of rm. Oct. 20s
Republic Iron Sr Steel, corn. (guar.)....
$1
Doe. 1
Jan.2 Holders of rec. Nov. 15
Preferred (guar.)
*Holders of rec. Dec. 14
'134
Rolls-Royce of Amer., pref. (guar.)_ _ _ _ •134 Nov. 15 *Holders of rec. Oct. 31
St. Lawrence Flour Mills, pref. (guar.)_
134 Nov. 1 Holders of rec. Oct.
St. Louis Amusement, class A (guar.)__ 51.1234 Oct. 17 Holders of rec. Oct. 20.
13
Scott Paper, pref. (guar.)
•134 Nov. 1 *Holders of rec. Oat. 22
Scotten-Dillon Co. (guar.)
300. Nov. 15 Nov. 9 to
Nov. 15
Extra
20e Nov. 15 Nov. 9 to
Seaerest Laundry, Inc., corn. (gust.)-.. 1x Nov. 1 Holders of rec. Nov. Li
25c.
Oct. 1
Preferred (guar.)
Nov. 1 Holders of rec. Oct. 1
Skelly Oil (guar.)
•500. Dec. 15 *Holders of rec. Nov.
Thatcher Manufacturing, pref.(gust.).. 90e. Nov. 15 Holders of rec. Nov.15
5.
Tobacco Products, class A (guar.)
134 Nov. 15 Holders of rec. Oct. 25
Troxel Mfg., corn. (guar.)
.1
51) Nov. 1 Holders of rec. Oct. 20
,.
Preferred (guar.)
Nov. 1 Holders of rm. Oct. 20
Truscon Steel, preferred (guar.)
*156 Dec. 15 *Holders of res. Dec.
Union 011 Associates (guar.)
• 0c Nov. 10 *Holders of rec. Oct. 15
2
55c.
Vanadium Corp. (guar.)
Nov. 15 Holders of roe. Nov. 1
Special
81
Dec. 15 Holders of rec. Dec. 1
Westland Oil Corp
Oct. 25 Holders of res. Oct. 17
$2
2
Westland 011 Corp
$
Dec. 23 Holders of rec. Dec. 13
Wright
-Hargreaves Mines
60c. Nov. 1 Holders of rm. Oct. 17.
50.
Waltke(Wm.)& Co., corn.(guar.)
Nov. 1 Holders of rec. Oct. 20
Preferred (quar.)
Nov. 1 Holders of rec. Oct. 20
Wayagamack Pulp & Paper (guar.)
75c. Dec. 1 Holders of rec. Nov.15
154
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When
Cone. Payable.
Boots Closed.
Days Dulastao.
Railroads (Steam).
Atchison Topeka & Santa Fe, corn.(qua
154 Dee. 1 Holders of tee. Oet. 28.
Common (extra)
750. Dec. 1 Holders of rec. Oct. 250
Baltimore & Ohio. rem.(guar.)
134 Dec. 1 Oct. 18 to Oct. 17
Preferred (guar.)
1
Dec. 1 Oct. 16 to Oct. 17
Chesapeake & Ohio, preferred
331 Jan 1'28 Holders of res. Dee.Cincinnati Sandusky & Cleve., pref.(qu.) 1% Nov. 1 Oct. 26 to Nov. 1
Cuba RR.. preferred
3
Feb1'28 Holders of tee. Jan. 166
Mahoning Coal RR ,corn.(guar.)
812.50 Nov. 1 Holders of res. Oct. 240
Missouri-Kansas
-Tema. pref. A (gust.)
131 Nov. 1 Holders of ree. Oct. 156
Nashua & Lowell
3
Nov. 1 Holder, of ree. Oct. 15s
New York Central RR.(guar.)
2
Nov. 1 Holder, of rec. Sept.30a
Norfolk & Western. adj. pref.(guar.)--- 1
Nov. 19 Holders of rec. Oct. 310
Northern Pacific Mara
1% Nov. 1 Holders of rec. Sept.30.
Pere Marquette. common (quar.)
1% Nov. 1 Holders of rec. Oct. 14.
y Common (in common stock)
See not e (y) below
/20
5% preferred (guar.)
13( Nov 1 Holders of rec. Oct. 14.
Pittsburgh & West Virginia (goar.)
13$ Oct. 3) Holders of rec. Oct. 15a
Reading Company, corn. (guar.)
$1
Nov. 10 Holders of tee. Oct. 136
St. Louis-San Fran. Ry., pref. (guar.).- 13$ Nov. 1 Holders of tee. Oct. 15.
noutbern Ry., common (gust.)
1% Nov. 1 Sept. 21 to Oct. 12
Wabash Ry.. pief. A (guar.)
154 Nov.25 Holders of res. Oct. 26.
Public Utilities.
American Commonwealths Pow.Corp.
First preferred series A (guar.)
75 Nov. 1
Second preferred series A (guar.)
.75 Nov. I
Amer. Dist. Teleg. of N.J. com.(qua -Oct. 29
Preferred (guar.)
.34 Oct. 15
American Gas & Elec.. pref.(guava_ _
134 Nov. 1
Amer. Light Sr Traction, corn. (guar.)-- 2
Nov. I
Preferred (guar.)
134 Nov. 1
Amer. Water Wks.& Elec., corn.(qua
200. Nov. 15
Associated Gas & Elec..class A (gust.).. 50c. Nov. 1
Bangor Hydro-Elec. Co.,corn.(gust.).. 116 Nov. 1
Brazilian Tr. Lt.& Pow., corn.(gust.).. 1,6 Dec. I
Broad River Power, pref. (guar.)
134 Nov. 1
Ilklyn.-Manhattan Transit
Preferred, series A (guar.)
$1.50 Jan16'28
Preferred, series A ((mar.)
$1.50 Am16'28
Cape Breton Electric Co., prod
3
Nov. 1
Central Power & Light. pref (guar.).
- 1% Nov.
Central & Southwest Utilities
Prior lien and preferred stocks (go.).. $1.75 Nov. 1
Chic. Rap.Tran.. pr. pf A (monthly)_._ 650. Nov.
Prior preferred A (monthly)
65e. Dee.
Prior preferred B (monthly)
600. Nov.
Prior preferred B (monthly)
600. Dec.
Cleve. Elec. Illum., pref.(guar.)
134 Dec.
Columbia Gas & El. Co.. corn.(gust.).. $1.25 Nov. 1
6% Preferred Oltutra
134 Nov. 1
Columbus Ry Pr.& Lt., pref.B (qua -- 134 Nov.
Commonwealth Edison Co.(guar.)
2
Nov.
Commonwealth Power Corp., corn.(Mi.) 6231c. Nov.
Preferred (guar.)
134 Nov.
Community Power & Light,Ist pref.(qua
134 Nov.
8% preferred (guar.)
2
Dec.
Consolidated Gas(N. Y), pref.(guar.). 81.25 Nov.
Eastern States Power Corp.. prof. ((M.) 81.75 Nov.
Edison Elec. Ilium., Boston (goat.).... 3
Nov. 1
Edison Elec. Ill. Co. of Brockton (guar.)6234c. Nov. 1
Electric Bond & Share, pref. (guar.)114 Nov. 1
Electric Investor, Inc.. $7 pref. (guar.). $1.75 Nov. 1
16 preferred (guar.)
31.50 Nov. 1
Empire Gas & Fuel.7% pref.(m'thly)_ 58 1-3e Nov. 1
Eight per cent preferred (monthly)...66 2-3c Nov. 1
Fairmount Park Transportation
250. Nov. 15
Fall River Gas Works(guar.)
750. Nov. 1
Ft. Worth Power & Light. pref. (guar.). 154 Nov. I
General Gas & El. Corp.. corn. A (go.).. 837 Mc Jan. 1
Common clam B (No. 1)
581.50 Jan. 1
$8 preferred class A (guar.)
$2
Jan. 1
$7 preferred class A (guar.)
$1.75 Jan. 1
$7 preferred class B (guar.)
$1.75 Jan. 1
General Public Service $6 pref.(guar.)-- $1.50 Nov. 1
Convertible preferred (guar.)
81.75 Nov. 1
Havana Elec.& Utilities, 1st pref.(qua _ $1.50 Nov. 15
Preferred (guar.)
Nov. 15
Holders of res. Oet. 15
Holders of rec. Oct. 15
Holders of rec. Oct. 15..
Holders of rec. Sept. 15.
olden of rec. Oct. .0
Oct. 15 to Oct. 27
Oct. 15 to Oct. 27
Holders of rec. Nov. la
Holders of rec. Sept. 30
Holders of rec. Oct. 10
Holders of tee. Oct. 31
Holders of roe. Oct. 15
Holders of rec. Dec. 810
Holders of rec. A pr 1'284
Holders of rec. oct. 17a
Holder, of rec. Oct. 150
Holders of rec. Oct. 31
Holders of rec. Oct. 180
Holders of rec. Nov. 15a
Holdert of roe Oct. 180
Holders of rec. Nov. 16a
Holders of ree. Nov. 154
Holders of res. Oct. 20a
Holders of ree. Oct. 20a
Hodlers of rec. Oct. 150
Holders of rec. Oct. 160
Holders of rec. Oct. ha
Holders of rec. Oct. 11
Oct. 22 to Nov. 1
Nov. 22 to Dee. 1
Holders of rec. Sept.30s
Holders of rec. Oct. 150
Holders of rec. Oct. 15
Holders of ree. Oct. 14
Holders of roe. Oct. 14
Holders of reo. Oct. 13
Holders of rec. Oct. 13
Holders of rec. Oct. 15.
Holders of rec. Oct. 15.
Holders of rec. Oct. 31.
Holders of roe. Oct. 14.
Holders of rec. Oct. 15
Holders of too. Dee. 15.
Holders of rec. Dee. 12.
Holders of roe. Dee. 12.
Holders of rec. Dee. 125
Holders of rec. Dec. 12s
Holders of rec. Oat. 19
Holders of rec. Oct. 10
Holders of reo. Oct. 29
Holders of tee. Oct. 29
Name of Company.
[Vol,. 125.
THE CHRONICLE
2232
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Barnhart Bros. & Spindler
134 Nov. 1 Holders of rec. Oct. 250
First and second pref (quar.)
Ramsdell Corp.
Sept. 26a
A & B (pay. In class A stock). - e234 Nov. I Holders of rec. Oct. 130
Class
Bigelow-Hartford Carpet,corn & pf.(qu.) $1.50 Nov. 1 Holders of rec. Oct. 14a
25o, Nov. 1 Holders of coo.
Birtman Elec. Co., corn.(guar.)
250. Nov. 1 Holders of roe. Oct. 14a
Common (extra)
134 Nov. 1 Holders of rec. Oct. 14a
Preferred (quar.)
75c. Nov. 1 Oct. 22 to Nov. 1
815w-Knox Co., com. (quar.)
131 Nov. 1 Oct. 22 to Nov. 1
Preferred (guar.)
Nov. 15
3734c. Nov. 15 Nov. 11 to
Bloch Bros. tobacco. corn. (guar.)
Jan. 2
133 Dec. 31 Dec. 25 to
Preferred (guar.)
Bloomingdale Bros., Inc.
0134 Nov. I *Holders of rec. Oct. 20a
Preferred (guar.)
Oct. 30 Holders of rec. Oct. 15a
$I
Bon Ami Co.. common A (quar.)
$1.25 Dec. 1 Holders of rec. Nov. 15a
Borden Co., COM.(War.)
Nov. 15 Holders of rec. Sept. 10
Hose& Rubb.,com.(ext.) $2
Boston Woven
rec. Nov. 30
British Colurnbla Fishing. corn. (quar.). $1.25 Doe. 10 Holders ofrec. Feb.28'28
$1.25 3-10-'28 Holders of
Common (guar.)
134 Dec. 10 Holders of rec. Nov. 30
Preferred (quar.)
134 3-10-'28 Holders of roe. Feb.28'28
Preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 20a
Brown Shoe, pref. (guar.)
134 Nov. 1 Oct. 28 to Oct. 31
Bunts Bros.. pref. (quar.)
154 Nov, 1 Holders of rec. Oct. 140
Burns Bros.. prior pref.(quar.)
160
prof. (guar.)
-- 134 Nov. 1 Holders of rec. Oct. 30
Byers(A. M.) Co.,7%
Doe. 15 *Holders of rec. Nov.
*$1
California Packing (guar.)
to Jan. 4
134 Dec. 31 Dec. 21
Canfield Oil, corn.(guar.)
4
to Jan
134 Dec 31 Dec 21
•
Preferred (guar 1
134 Dec. 1 Holders of rec. Nov. 19
Century Ribbon Mills, prof.(guar.)_
Nov. 1 Holders of rec. Oct. 13a
Corp.(guar.)
Cerro de Pasco Copper
134 Oct. 25 Holders of rec. Oct. 15a
Chicago Pneumatic Tool ((Man)
33 1-3c Nov. 1 Holders of rec. Oct 21a
Chicago Yellow Cab (monthly)
33 1.3e Dec. I Holders of rec. Nov. 180
Monthly
Childs Company
Dec 30 Holders of rec. Nov 250
Common (payable In no par corn. stk.) fl
30e. Nov. 1 Holders of rec. Oct. 150
Chri3tie. Brown & Co., corn.(quar.)
154 Nov. 1 Holders of rec. Oct. 20
Preferred (guar.)
Jan 3'28 Holders of rec. Dec. 150
$2
Chrysler Corp.. pref. A. (quar.)
14 Nov. I Holders of rec. Oct. 15
hly)
atifti Service, common
f% Nov. 1 Holders of rec. Oct. 15
in common stock).
Common (payable
Holders of rec. Oct. 15
Preferred and preferred BB (monthly). 94 Nov. I Holders of rec. Oct. 15
Sc. Nov. I
Preferred B (monthly)
8740 Nov. 1 Holders of rec. Oct. 15a
City Stores Co., class A (quar.)
8733c Feb. 1 Holders of rec. Jan. 15a
Class A (guar.)
Oct. 25 Holders of rec. Oct. 15
Cleveland-Cliffs Iron (guar.)
Holders of rec. Oct. 21a
Cluett, Peabody & Co., Inc., com.(qu.), $1.25 Nov. 1 Holders of rec. Oct. 18s
Nov. I
$1
Columbian Carbon (guar.)
750. Dec. 20 Holders of rec. Dee. 50
Consolidated Ice (Pittsburgh). pref
Oct. 25 Holders of roe. Oct. 15
2
Consolidated Royalty Oil (guar.)
5a
Consumers Co., prior pref. See note (5)
$1.25 Nov. 15 Holders of rec. Nov. 15a
Continental Can, Inc., corn.(quar.)_ _
Holders of rec. Oct.
Continental Motors Corp. com.(guar.). 20c. Oct. 31 Holders of rec. Oct. 3a
50o. Oct. 20
Corn Products Refg.. com.(guar.)
134 Dee, 21 Holders of rec. Dee. Ilia
Cosgrove-Meehan Coal. prof (guar.)._
/10 Nov. I Holders el rec. Oct. 20
Crane Company, corn. (in com. stock)
154
114 Oct. 31 Holders of rec. Oct. 20
Crucible Steel. com.(quar.)
Nov. 1 Holders fo roe. Oct.
3
Cudahy Packing,6% pref
33.4 Nov. 1 Holders of rec. Oct. 20
cent preferred
Seven per
Dec. lb Holders of rec. Dee. la
Si
Cone.. Press. class A (guar.)
250. Nov. 3 Holders of rec. Oct. 17
Davega. Inc. (guar.)
250. Nov. 3 Holders of rec. Oct. 17
Extra
Nov. 1 Holders of rec. Oct. 20
Dennison Mfg. Co., 1st pref. (guar.)._ $2
$1.75 Nov. 1 Holders of rec. Oct. 20
Second preferred (quar.)
Jon15'28 Holders of rec. Jan.1'20a
corn. (qua?.).
Dunhill International.
Apri515 Holders of rec. Apr.1'284
Common (guar.)
I.) de Nemours & Co.
DuPont (E.
14 Oct. 25 Holders of rec. Oct. los
Debenture stock (guar.)
400. Doe. 1 Holders of rec. Nov. lba
Eagle-Picher Lead, coin. (guar.)
134 • 3an1528 Holders of rec. Dec 31
Preferred (quar.)
6294e. Jan 1'28 Holders of rec. 1)ec. 200
Early & Daniels. common (guar.)
250. Jan 128 Holders of rec. Doc. 200
Common (extra)
$1.75 Jan 1'214 Holders of rec. Dec. 200
Preferred iquar.;
Holders of rec. Sept 300
- $1.75 Nov.
Eastern Bankers Corp.. prof. (quar.)
Holders of rec. Doe. 81
$1.75 Feb.
Preferred (guar.)
Holders of roe. Oct. 150
500. Nov.
Eaton Axle & Spring, com.(guar.)
Holders of rec. Oct. 15a
624c Nov.
National Watch (quar.)
Elgin
75o. Oct. 3 Holders of rec. Oct. 200
Elyria Iron di Steel, com.(guar.)
134 Nov.
Holders of rec. Oct.d2ba
Esmond Mills, common (guar.)
134 Nov.
Holders of rec. Oct.d250
Preferred (guar.)
Holders of rec. Oct. 15
Nov.
$I
Eureka Pine Line (guar.)
Holders of rec. Oct. 20a
$1
Nov.
Vacuum Cleaner (gum.)
Eureka
37330. Oct. 3 Holders'of rec. Oct. 150
Exchange Buffet Corp.(guar.)
Holders of lee. Oct. 210
200. Nov.
Fair (The). common (monthly)
114 Nov.
Holders of rec. Oct. 210
Preferred (quar.)
750. Dec. 3 Holders of rec. Dec. 120
Fairbanks, Morse & Co., corn. (qua?.)
Holders of roe. Nov. I20
134 Doe.
Preferred (guar.)
Holders of rec. Oct. 20
233 Nov.
Fajardo Sugar (quar.)
Financial & Industrial Securities
Nov. I *Holders of rec. Oct. 31
u Common (payable In coin. stock)... •15
Nov I
Holders of rec. Nov. I
First Ft(lend Foreign Invest. Trust (qu.) $1.75 Nov.
134
Holders of rec. Oct. 15a
Miscellaneous.
Fisk Rubber Co.. 1st & cony. pf.(qu.)..
154 Nov. 1 Holders of rec. Oct. 15a
Holders of rec. Nov. 15a
M Doe.
Abraham & Straus. Inc.. pref.(guar.)
Second preferred (guar.)
30
$1.50 Nov. 1 Holders of rec. Oct. 110
Allied Chemical & Dye, corn.(guar.) .
Mach.. corn.(qu.). 30e. Jan 1'2 Doc. 21 to Dec. 30
133 Nov. 15 Holders of rec. Oct. 24a Foote Bros. Gear &
134 Jan 12 Dec. 21 to Doe.
Allis-Chalmers Mfg., common (quar.)
Preferred (qua?.)
Dec.31 *Udders of rec. Dec. lba
250. Jan 1.2 Holders of rec. Dec. lb
Manufacturers. com.(guar.) .51).;
Aluminum
Formica Insulation (guar.)
of rife Oct lba
100. Jan I '2 Holsters of rec. 1)eo. 15
Amalgamated Laundries. pref.(Willy ) Stii,c Nov. 1 Holders of rec Nov 150
Extra
581,e Dec. 1 11. Mere
Holders of rec. Nov. to
Preferred (monthly)
com.(guar.) -- 25e. Nov. 1
681,e Jon 225 Holderq a! rec. Dec 130 Foster & Kleiser Co.. pref. (qua?.)..... 154 Nov.
Oct. 21 to Oct. 31
Preferred (mon,hly)
Mfg.,
581,c Feb 11)i Hold. ot rec. Jan 15 '280 Franklin(H. H.) (Guar.)
Holders of roe. Oct. 150
Nov.
$1
Preferred (monthly)
Texas Co.
59')c Nrrl'28 Holdof rec Pet it, 284 From}ort
Holders of rec. Oct. lba
50o. Nov.
Preferred (monthly)
Extra
pr 1'28 Hold "free Mar 15'20a
581.e
1
Nov. I Holders of rec. Oct. Ala
Preferred (monthly)
IS 'vt.a General Cigar, Inc., common (guar.)--5811c Wy1'28 Horn cf rec. Apr
134 Dec. I Holders of rec. Nov. 230
Preferred (monthly)
Preferred (Guar.)
5312c Jun 1'2. 1104 of rec May 15 "Ji.a
25c. Nov. 21 Holders of rec. Nov. 10
Preferred (monthly)
Development(guar.)
50e. Oct. 31 Holders of rec. Oct. 15a General
Oct. 28 Holders of rec. Sept.230
31
Amerada Corporation (quar.)
Co. (quar.)
50o. Nov. 15 Holders of rec. Oct. 3Ia General Electric(guar.)
150. Oct. 28 Holders of rec. Sept.230
corn.(guar.)
American Can.
Special stock
Nov. I Holders of rec. Oct. 15
2
Holders of roe. Oct. Wa
1M Nov.
American Cigar, common (guar.)
General Metors Corp.,6% pref. (guar.)
Nov. 1
Nov. I Oct. 12 to
$I
Holden of rec. Oct. 10a
138 Nov.
American Coal (quar.)
Seven per cent 'referred stock (guar.)
194 Nov.
Holders of rec. Oct. 10a
prof.(gu.).- $1.50 Nov. 15 Holders of rec. Oct. 31
(guar.)_.
Amer. European Securities.
Six per cent debenture stock
Nov. 1 Holders of rec. Oct. 154
2
Holders of rec. Oct. 20
Nov.
American Glue. pref. (guar.)
General Tire dr Rubber. com.(guar.) - 50e. Oct. 3 Holders of rec. Oct. IS
20o. Nov. I Holders of rec. Oct. I4a
750.
Amer. Home Products Corp (monthly)
(quar.)
50o. Oct. 25 Holders of rec. Oct. 7a Gilchrist Company (guar.)
Holders of roe. Nov. la
Dec.
$I
American Ice. COM.(guar.)
133 Oct. 25 Holders of rec. Oct. 7a Gillette Safety Razor
Holders of rec. Nov. la
1234c Dec.
Preferred (guar.)
Extra
20a
Holders of rec. Nov. 1 a
50o. Doe.
& Foundry, corn.(guar) 50c. Nov. 1 Holders of rec. Oct. 20a
Amer. Machine
Special extra
134 Nov. 1 Holders of rec. Oct.
Holders of rec. Oct. 150
134 Nov.
Preferred (quarterly)
Gimbel Bros., prof. (guar.)
133 Dec 31 Holders of rec. Dec 16a
Holders of rec. Oct. 200
134 Nov.
American Mfg Co.. eon. (guar.)
Inc., pref. (guar.)
ItO Dee. 31 Holden. of rec Dec. isa Gobel (Adol,),
Holders of rec. Oct. 170
__
75o. Nov.
Preferred (guar
(No. 1) (quar.)
Holders of rec. Oct. 15a Gold Dust Corm Co.,corn.(monthly)._ 331-30 Nov.
134 Nov.
Holders of rec. Oct. 21a
American Sales Book, pref. (guar.)
(H. W.)
Holders ,,f rev. Oct. 11.r0 Gossard
Nov.
2
Holders of rec. Nov. 18a
331-30 Dec.
caul. (guar.)._
Americoo nlilpouildIng,
Common (monthly)
Holders of rec. Oct. 15
154 Nov.
33 1.-3c Jan. 2 Holders of rec. Dec. 2I0
Preferred (quar.(
Common (monthly)
Holders of rec. Oct. 14a
Nov.
2
154 Nov. I Holders of rec. Oct. 21a
Amer. Smelt. & Refg. com.(quar.)
Preferred (quar.)
Holders of rec. Nov. 4a
134 Doe.
134 Nov. I Holders of rec. Oct. 15a
Inc., pref.(qu.).
Preferred (guar.)
Holders of rec. Oct. 10a Gotham Silk Hosiery. Stores. pf. (qu.) 154 Nov. 1 Holders of rec. Oct. 160
American Thermos Bottle. corn.(guar.). 250. Nov.
(F.W.) 5-10-250.
Grand
Holders of rec. Oct. 10
8734c Nov.
Nov 20 Holders of roe Jan. zuu
6
pref tquar.i
Ci,
.
Preferred (guar.)
Holders of rec. Oct. 200 Guenther Publishing
134 Jan3'213 Holders of rec. Dec. 13a
American Vitrified Products. pre!. (qu.) 134 Nov. 2 Holders of rec. Oct. 15a Gulf States Steel, let pref. (guar.)
750. Nov.
250. Oct. 31 Holders of rec. Oct. 20
Copper Mining (guar.)
Printing Co.(quar.)
Anaconda
Holders of rec. Oct. 216 Hall(W. F.)
750. Nov.
Slit. Dec. I Holders vl tee. Nov.(1
elms A (guar.)._
Archer-Daniels-laildiand. crim. (quar.)
Holders of rec. Oct. 21a Hartman Corporation.CIL= A stock),
(1) 1)ec. I Holders of tee. NOV 171,
134 Nov.
Preferred (guar.)
Class B (payable In
Madera of rec. Nov. 18
134 Dec.
IM Nov. 30 Holders of roe. Nov. 15a
(qua?.)._
(guar.)
Marx. Inc.
Artloom Corp., pref.
Holders of rec. Oct. 8a Hatt. Schaffner &
Nov.
250. Nov. 5 Oct. 20 to Nov. 4
Associated Dry Goods, coin. (guar.)... _ 62c. Doe.
Hawaiian Commercial & Stig.(n.thly.)
Holders of rec. Nov. I2a
14
25e. Nov. 5 Oct. 26 to Nov. 4
First preferred (quar.)
Extra
Holders of rec. Nov. 12a
Dec. 4
134 Doe.
250. Dee. 5 Nov. 26 to
Second preferred (guar.)
Monthly
Holders of rec. Oct. 15a
250. Dec. 5 Nev. 26 to Dec. 4
131 Nov.
Atlantic Refining. oref. (quar.)
Extra Holders of rec. Oct. 20a
134 Nov.
*30e. Nov. 15 *Holders of rec. Nov. 10
SUM* (monthly)
Atlas Powder, preferred (guar.)
134 lan 128 Holders of rec. Dec. 200 Hawaii=
*20c. Nov. 15 *Holders of roe. Nov. 10
Extra
Babcock & Wilcox Co.(guar.)
pr 1'28 Hold rec Mar 20'2ma
134
*300. Dec. 15 *Holders of roe. Dec. 10
Monthly
Quarterly
Nov. 1 Holders of rec. Oct. 20.1
*200. Dec. 16 *Holders of reo. Dec. 10
250.
Extra
Balaban & Katz, corn. (monthly)
*25c. Nov. 24 *Holders of rec. Nov. 4
25c. Dec. 1 Holders of rec. Nov. 19a Hazeltine Corp.(guar.)
(monthly)
Common
13.4 Nov. 15 Nov. 6 to Nov. 15
250. Jan. 2 Holders of rec. Dec. 20a Hercules Powder, pref.(quar.)
Common (monthly)
134 Jan. 2 Holders of rec. Dec. 20a Hibbard, Spencer, Bartlett Co.(mthly ) 30e. Oct. 28 Holders of rec. Oct. 21
Preferred (quarterly)
30c. Nov. 25 Holders of roe. Oct. 18
IN low. I if"Mere ,it rec. Nov. 12n
& Co . ore!. (guar.)
Monthly
Bomberger
30c. Doe. 30 Holders of roe. Dec. 23
134 Oct. 31 Holders of rec. Oct. 15
Monthly
Bancroft (Joseph) & Sons Co.. pf.(qua Jart16'2)( Holders of roe. Dec. 31
$2
Bankers Capital Coro.. prof (guar.,
Public Utilities (Concluded).
134 Dec. 1 Holders of rec. Nov. 10a
Havana Elec. Ry., preferred (quar.)_ _
Holders of roe. Oct. 15a
Illinois Northern Utilities.6% pref.(qu.) 153 Nov. 1 Holders of roe. Oct. 20a
International Utilities Corp.. Pref.(qu) $1.75 Nov. 1
35c. Nov. 1 Oct. 21 to Oct. 31
Railways, com.(guar.)
Interstate
*154 Nov. 1 *Holders of rec. Oct. 15
Seven per cent preferred (quar.)
620. Nov. 1 Holders of roe. Oct. 15
Lawrence Gas & Electric (guar.)
75c. Nov. 1 Holders of roe. Oct. 17
com.(quar.)
Long Island Lighting,
62.340. Nov. 1 Holders of rec. Oct. 17
Lowell Electric' Light Co. (quar.)
62340 Nov. 1 Holders of rec. Sep..300
Mails Electric Co.(qua?.)
133 Nov. 1 Holders of rec. Sept. 15
Massachusetts Gas Cos., corn. (quar.)-334 Nov. 21 Holders of rec. Oct. 31
Mexican Light & Power, pref
100. Nov. 21 Holders of rec. Oct. 31
ference
Second pr.
of rec. Oct. 15
Michigan Gas & Elec., prior lien (guar.)- *13( Nov. 1 *Holders of rec. Oct. 15
*136 Nov. 1 *Holders
Preferred (quar.)
$1.50 Nov. 15 Holders of rec. Oct. 31
Middle West Utilities. corn. (guar.)---of rec. Oct. 20.
Milwaukee Elec. Ry.& Light, prof.(qu.) 14 Oct. 31 Holders of rec. Oct. 20
Mohawk dr Hudson Power, pref. (quar.) 134 Nov. 1 Holders of roe. Sept. 300
Oct. 31 Holders
500.
Montreal Lt. Ilt & Power Cons.(qL)
134 Oct. 20 Holders of rec. Sept. 30
Mountain Strum Power. pref. (guar.).
Holders of rec. Oct. 20
National Elec. Pow. Co., com. A (quar.) 450. Nov. 1 Holders of rec. Sept. 30
134 Nov. 1
Nevada-Calif. Elec. pref. (guar.)
Nov. 150
Edison Co., pref.(guar.)-- $1.50 Dec. 1 Holders of rec. Oct. 15a
North Amer.
Holders of rec.
Northern N.Y. Utilities. pref. (qua?.).. 134 Nov. 1
Nov. 1 Holders of rec. Sept. 30
Northern States Power,com.cl. A (qtr.). 2
200. Nov. I Holders of rec. Sept. 30
Common class B (quar.)
134 Nov. 15 Holders of rec. Oct. 31a
Northwest Utilities. pref.(guar.)
Holders of roe. Nov. 15
133 Dec.
Co..6% pref.(quar.)
Ohlo Edison
Holders of rec. Nov. 15
134 Dec.
6.6% preferred (quar.)
Holders of rec. Nov. 15
154 Dec.
Seven per cent preferred (quar.)
Holders of rec. Oct. 15
50c. Nov.
Six per cent preferred (monthly)
Holders of rec. Nov. 15
500. Dee.
Six per cent preferred (monthly)
Holders of rec. Oct. 15
550. Nov.
6.6% Preferred (monthly)
Holders of rec. Nov. 15
55e. Dec.
6.6% preferred (monthly)
Nov. la
Pacific Ltg. Corp.,com.,pay.In com.stk. tf900 Nov. 15 tiolders of rec. Oct. 15
250. Nov. I Holders of rec.
Edison, corn.(oar.)
Penn-Ohio
1 Holders of rec. Oct. 15
(f) Nov.
Common (1-50th share corn. stock)_
Penn -Ohio Power & Light
$1.50 Nov. 1 Holders of roe. Oct. 20
S6 preferred (quar.)
134 Nov. 1 Holders of rec. Oct 20
Seven per cent preferred (guar.)
600. Nov. 1 Holders of rec. Oct. 20
7.2% preferred (monthly)
550. Nov. 1 Holders of rec. Oct. 20
6.6% preferred (monthly)
15
Penn-Ohio Securities Corp., corn.(quar.) 180. Nov. 2 Holders of rec. Oct. la
Oct. 31 Holders of rec. Oct.
Philadelphia Company, common (quar.) $I
is
Corn.(stk. div., 1-120th sh. corn. stk.) (f) Oct. 31 Holders of rec. Oct. la
$1.50 Nov. 1 Holders of rec. Oct.
Six per cent preferred
Holders of reo. Oct. 150
Oct. 31
Philadelphia Rapid Transit, corn.(guar) $I
$1.75 Nov.' 1 Holders of rec. Oct. la
•Preferred
Power & Light Securities Tr.(quar.)---- 50c. Nov. 1 Holders of rec. Oct. 17
Public Service Corp.of Nor. III.
Nov. 1 Holders of rec. Oct. 15a
$2
Common (no par) (guar.) •
2
Nov. 1 Holders of rec. Oct. 15a
Common ($100 par) (quar.)
133 Nov. 1 Holders of rec. Oct. 150
6% preferred (quar.)
134 Nov. 1 Holders of rec. Oct. I5a
7% preferred (quar.)
Sangamo Elec. Co.. com.(qu.)(No. I) *50c.
.1qm'
Preferred (quar.)(No. 1)
500. Nov. 1 Holders of roe. Oct. 170
Sierra Pacific Elec. Co., corn.(quar.)_
134 Nov. 1 Holders of rec. Oct. 170
Preferred (quar.)
Southern California Edison, corn.(guar.) d50c. Nov. 15 Holders of rec. Oct. 20a
1
Nov. 15 Holders of rec. Oct. 31
Southern Canada Power. corn. (quar.).
Oct.
Southern Colorado Power, com. A (qu.)_ 50c. Nov. 25 Holders of rec. Sept. 31
30s
8733c. Oct. 25 Holders of rec.
& Elec., corn. (guar.).
Standard Gas
134 Oct 25 Holders of rec. Sept. 30
7% prior preferred (attar.)
Oct. 15a
Standard Power & Light, pref. (guar.)._ $1.75 Nov. 1 Holders of rec. Oct. 25a
Tampa Electric Co.. common (quar.).. 50c. Nov. 15 Holders of roe.
15
Tennessee Elec. Power.6% let larel.(qu.) 134 Jan. 3 Holders of rec. Dec. 15
154 Jan. 3 Holders of rec. Dec.
7% first preferred (quar.)
1.80 Jan. 3 Holders of ree. Dec. 15
7.2% first preferred (guar.)
50c. Nov. 1 Holders of rec. Oct. 15
6% first preferred (monthly)
500. Dec. 1 Holders of rec. Nov. 15
6% first preferred (monthly)
50o. Jan. 3 Holders of rec. Dec. 15
6% first preferred (monthly)
600. Nov. 1 Holders of rec. Oct. 15
7.2% first preferred (monthly)
600. Dec. 1 Holders of rec. Nov. 15
7.2% first preferred (monthly)
600. Jan. 1 Holders of rec. Doe. 15
7.2% first preferred (monthly)
131 Nov. 1 Holders of rec. Oct. 19
Texas Power & Light, pref.(guar.)
United Light & Pow., com. A new tau.). 12c. Nov. I Holders of rec. Oct. 15
12c. Nov. I Holders of rec. Oct. 15
Common B new (guar.)
60o. Nov 1 Holders of rec. Oct. 15
Common A and B old (quar.)
300. Nov. 1 Holders of rec. Oct. 10a
Utility Shares Corp.. corn.(guar.)
300. Dec. 1 Holders of rec. Nov. 140
preferred (quar.)
Participating
West Penn Electric Co.,7% pt.(qu.).... 134 Nov. 15 Holders of roe. Oct. 20a
133 Nov. 15 Holders of rec. Oct. 20
8% preferred (quar.)
.
West Penn Power Co.. 7% pref. (guar.). 154 Nov. 1 Holder* of rec. Oct 5a
134 Nov. I Holders of rec. Oct. fra
Six per cent preterred (guar.)
6234c. Oct. 31 Oct. 15 to Oct. 24
Railways, pref. (guar.)
York
Banks.
Nov. 1 Holders of rec. Oct. 31a
5
Corn Exchange (quar.)
Trust Companies.
4
Sept. 30 Holders of rec. Sept.30a
Corporation (quar.)
OCT. 22 1927.)
Name of Company
THE CHRONICLE
Per
Cent
When
Payavle.
Books C.oaea
Days Inflame.
M scella neous (muttrued).
Hollinger Cons.l. Gold Mines
10c. Nov. 4 Holders of rec. Oct. 19
Holly Sugar Corp., pref. (guar.)
I)4 Nov. 1 Holders of rec. Oct. 15
Homestake Mining (monthly)
50c. Oct. 25 Holders of rec. Oct. 20a
Hood Rubber Co.,7% Pref.(guar.)
Holders of rec. Oct. 20
1% Nov.
*Holders of rec. Oct. 20
*$1.88 Nov.
7)4% preferred (guar.)
Hood Rubber Products. Pref. (quar.)_. 9)4 Dec.
*Holders of rec. Nov. 21
Horn & Hardart, corn.(quar.)
Holders of rec. Oct. 10.
37)4c Nov.
Common (extra)
Holders of rec. Oct. 10a
260 Nov.
Hupp Motor Car, com. (guar.)
Holders of rec. Oct. 15a
350 Nov.
Independent Oil & Gas Oiiiar.1
25e. Oct. 3 Holders of rec. Oct I to
Indian Motocycle, corn.(guar.)
Holders of rec. Oct.d20a
500. Nov.
Indiana Pipe Line (guar.)
Nov. 15 Holders of rec. Oct. 21
$1
Extra
Nov. 15 Holders of rec. Oct. 21
SI
International Cigar Mach. (quar.)
50c. Nov. 1 Holders of rec. Oct. 20a
International Nickel. pref.(guar.)
1)4 Nov. 1 Holders of rec. Oct. 13a
International Paper. corn. boar.)
60c Nov. 15 Holders of rec. Nov. to
International Shoe, pref. (monthly)
35 Nov. 1 Holders of rec. Oct. 15
no rersiato Iron dr steel. common Mom / 51
Jan1818 Hoiden, of rec Jan w
Isle Royale Copper Co
Holders of rec. Sept. 300
50c. Oct. I
Jaeger Machine (guar.)
Holders of rec. Nov. 180
82)1c Dec.
Kaufman Stores(guar.)
Oct. 2 Holders of rec. Oct. 20
$2
Kaynee Co.. common (extra)
12%e Jan1'2 Holders of rec. Dec. 200
Common (extra)
1234e Aprl'2 Holders of rec. Mar. 200
Common (extra)
12)4c J'iy I•7 Holders of rec. June 21•0
Kayser (Julius) & Co.. com.(quar.)__ $1
Holders of rec. Oct. 170
Nov.
Kellogg Switchboard & Supply. com.(1111) 3234c Oct. 3 Holders of rec. Oct. 8
Preferred (guar.)
1% Oct. 3 Holders of rec. Oct. 8
Kelsey-Hayes Wheel. pref. (guar.)
Holders of rec. Oct. 210
1% Nov.
Keystone Watch Case Corp., pref. (qu.) 1)4 Nov.
Holders of rec. Oct. 20n
Kidder-Peabody Acceptance. pref. A_ _
Holders of rec. Oct. 14a
2)6 Nov.
Preferred B
Holders of rec. Oct. 14a
3
Nov.
Preferred C
Holders of rec. Oct. 140
2% Nov.
Kirby Lumber, common song
114 Dee I I Holders of rec Nov 211
Knox Hat, Inc., class A panic. stock_ _ _
Holders of rec. Oct. 20
51 Nov.
Kress (S. 11.) & Co.. corn. (guar.)
Holders of rec. Oct. Itla
25e. Nov.
Common (payable in special pref. stk.) m50c. Nov.
Holders of rec. Oct. i On
Landay Bros.. Inc., class A (guar.)
Holders of rec. Oct. 140
750. Nov.
Lanston Monotype Machine (guar.)
1% Nov.30 Holders of rec. Nov. I9a
LeMor Co., com.(guar.)
Holders of rec. Oct. 15
250. Nov.
Lion Oil Refining ((star.)
MM. Oct. 2 Holders of rec. Sept.300
Liquid Carbonic Co.. corn. (quar.)_.- 90c. Nov.
Holders of rec. Oct. 20a
Loew's Boston Theatres (guar.)
Holders of rec. Oct. 22a
15o. Nov.
Loose-Wiles Biscuit, com.(guar.)
Holders of rm. Oct. 100
40c. Nov.
Second preferred (quar)
Holders of rec. Oct.
14 Nov.
Lord & Taylor, 2d pref. (guar.)
Holders of rec. Oct. 170
2
Nov.
Macy (H. .) St Co.. com.(quar.)
$1.25 Nov. 1, Holders of rec. Oct 29s
Mathews Industries, class A (guar.)._
40c. Nov.
Holders of rec. Oct. 20a
McCall Corporation. com.(guar.)
50e. Nov.
Holders of rec. Oct. 20a
McCrory Stores, 7% pref.-See note 1
6% preferred (guar.)
Holden of rec. Oct. 20a
51.50 Nov.
McLellan Stores. cum A and 1-1
25e Jan2'2 Holders of rec. Dec. 20
•
Metropolitan Chain Stores
First and second preferred (guar.). _
1% Nov.
Holders of rec. Oct. 21
Miami Copper Co. (guar.)
3731e. Nov. 1
Holders of rec. Nov. 1a
Miller Rubber. corn. (guar.)
50e. Oct. 2 Holders of rec. Oct. • 50
Mohawk Mining (quar.)
Holders of rec. Oct. 31
$2 Dec.
Montgomery Ward & Co., corn. (qu.)_. .
1,51
Nov. 1 *Holders of rec. Nov. 4
Motor Products, common (guar.)
•50(3. Nov.
*Holders of rec. Oct. 20
Preferred (guar.)
*Holders of rec. Oct. 20
*51.25 Nov.
Muller Bakeries. class A (guar.)
8241c Nov.
Holders of rec. Oct. 150
Preferred (guar.)
Holders of rec. Oct. 15a
1)4 Nov.
Mullins Body, pref.(guar.)
2
Nov.
Holders of rec. Oct. 15a
Nash Motors (guar.)
$1
Nov.
Holders of rec. Oct. 200
Extra
50c. Nov.
Holders of rec. Oct. 200
National Biscuit, common (guar.)
Holders of rec. Dec. 31a
51.50 Jan. 1
Common (extra)
51
Nov. 1
Holders of rec. Oct. 290
Preferred (guar.)
I% Nov.3 Holders of rec. Nov. 17a
National Candy, common (guar.)
Oct. 19 to Oct. 25
43%c Nov.
First and second preferred (guar.)._ __
1% Nov.
Oct. 19 to Oct. 25
National Casket, common (guar.)
$1.50 Nov. I
Holders of rec. Nov. la
National Department Stores, 1st pf.(qu). 1% Nov.
Holders of rec. Oct. I50
2d preferred (guar.)
1% Dee.
Holders of rec. Nov.di5a
National Lead. pref. B (guar.)
1% Nov.
Holders of rec. Oct. 140
National Radiator, corn. (guar.)
*75c. Dec. 1 *Holders of rec. Dec. 1
Preferred (guar.)
*Holders of rec. Oct. 21
'1)4 Nov.
National Tea. preferred (guar.)
1% Nov.
Holders of rec. Oct. 15
National Tile. com. (guar.)
75c. Nov.
Holders of rec. Oct. 18a
New River Co., pref. (guar.)
Holders of rec. Oct. 15
$1.50 Nov.
New York Air Brake(guar.)
75c. Nov.
Holders of rec. Oct. 60
N. Y. Honduras Rosario Mining (guar.) 260. Oct. 2 Holders of rec. Oct. 18
Extra
25c. Oct. 2 Holders of rec. Oct. 18
N.Y. Merchandise Co., corn.(guar.).- - 50e. Nov.
Holders of rec. Oct. 20a
Preferred (guar.)
1% Nov.
Holders of rec. Oct. 20a
011 Well Supply, Prof. (guar.)
Holders of rec. Oct. 12
1)4 Nov.
Ontario Steel Products,corn.(quar.). 1% Nov. 1 Holders of rec. Oct. 31
Preferred (guar.)
1% Nov. 1
Holders of rec. Oct. 31
Oppenhelm Collins & Co.. Inc., corn.(qu) 51
Nov. 1 Holders of rec. Oct. 280
Orpheum Circuit, common (mon(hly).- - 62
-ac Nov.
Holders of rec. Oct. 20a
Elevator. pref.(guar.)
Otis
1% Jait1518 Holders of rev Der 3la
Outlet Co., common (guar.)
$1.
Nov.
Holders of rec. Oct. 20a
First preferred (guar.)
I% Nov.
Holders of rec. Oct. 20a
Second preferred (guar.)
Holders of rec. Oct. 200
134 Nov.
Pacific Coast Biscuit. corn. (quar.)
•250. Nov.
*Holders of ree. Oct. 15
Preferred (guar.)
'87)4c Nov.
*Holders of rec. Oct. 15
Package Machinery, 1st pref. (guar.)
,
Holders of nit. Oct. 200
- 1% Not .
Packard Motor Car. monthly
20e. Oct. 3 Holders of rec. Oct. 15a
Monthly
200. Nov.3 Holders of rec. Nov. 15a
osrso.ouni Pani.Lasky Corp ,Prcf.(q11.) 2
Nov.
Holders of rec. Oct. 15a
Penmans. Ltd., corn. (guar.)
Nov. 1 Holders of rec. Nov. 5
$1
Preferred (guar.)
1% Nov.
Holders of rec. Oct. 21
Phillips-Jones Corp.. pref.(guar.)
1% Nov.
Holders of rec. Oct. 200
Pick (Albert), Barth & Co..part. Pf.(qu.) 43)1c Nov. 1
Holders of rec. Oct. 26
Pierce, Butler & Pierce
Seven per cent preferred (guar.)
1)4 Nov.
Holders of rec. Oct. 20
Eight per cent preferred (guar.)
2
Nov.
Holders of rec. Oct. 20
Postum Compati; (guar.)
$1.25 Nov.
Holders of rec. Oct. 2Ia
Prairie Pipe Line (guar.)
2)4 Oct. 3 Holders of rec. Sept. 30a
Pro-shy-lac-tie Brush Co. (extra)
•$1
Nov. 1 *Holders of roe. Nov. 1
Prudence Co., Inc., pref., series of 1928_
3% Nov.
Holders of rec. Oct. 20
Pullman, Inc., common (No. 1)
$1
Nov. 1
Holders of rec. Oct.d24a
pyrene Mfg., common (guar.)
2
Nov.
Oct. 21 to Oct. 31
Q KS Music Co.. corn. (guar.)
Ise. Nov. 1
Holders of rec. Nov la
Common (guar.)
Ise. Dee. 1
Holders cf rec. Dec
ta
Quaker Oats, preferred (guar.)
1 yi Nov. 30 Holders of rec. Nov. la
Red Lion 011 (guar.)
•50c. Oct. 27 *Holders of rec. Sept, 30
Reed (C. A.) Co.. clam A stock (guar.)._ 500. Nov. I Holders of roe. Oct. 21
Rice-Stix 1)ry Goods. coin. (guar.)
37%0. Nov. I Holders of rec. Oct. 15
Richfield Oil, com. (guar.)
•260. Nov. 1 *Holders of rec. Oct. 5
Preferred (quar.)
'1)4 Nov. I *Holders of rec. Oct. 5
Russ Manufacturing (quar.)
11.6 Nov. 15 Holders of rec. Oct. 31
St. Joseph Lead (guar.)
50c. Dec. 20 Dec. 10 to Dec. 20
Extra
260. Dec. 20 Dec. 10 to
Dec. 20
Salt Creek Producers Assn.(qu.)
75e. Nov. 1 Holders of rec. Oct. 15a
Savage Arms. 2c1 pref. bluer.)
'1)4 Nov. 15 *Holders of rec. Nov. 1
SaVannall Sugar Refg., corn. (quar.)____
$1.50 Nov. 1 Holders of rec. Oct. 15
Preferred (guar.)
I% Nov. 1 Holders of rec. Oct. 15
"('nulls Small moss e• motion (guar ,
87 se Dec. 1 Holders of rec. Nov.150
sesiggs-VandevoorP-Barney Dry Goods
Common (guar.)
3741c. Nov. I Holders of rec. Oct. 21
Sears, Roebuck & Co.. corn.(guar.).
- 82%c Nov. I Holders of rec. Oct. I5a
Seeman Brothers, Inc.. corn.(guar.)._
50c. Nov. 1 Holders of rn C. Oct. 14
Refining, prof, (runt.)..
Shaffer Oil&
I% Oct. 25 Holders of rec S s t. 30
Silver(hew)& Bros., Inc., pref.(guar.) '1)4 Nov. 1 *Holders of rec. Oct. 20
Slinnions Company, pref. (guar.)
1% Nov. 1
Sinclair Control. Oil. pref. (guar.)
2
Nov. 15 Holders of rec. Nov. la
So. Porto Rico Sus., com.(ln com. stk.). 110
Nov. 15 Holders of rec. Nov. la
Standard Investing, $6 pref.(No. 1)
(qu.)•$1.50 Dec. 15 *Holders of rec. Nov. 15
Standard 011 (Ohio). Prof.(gnu.)
1% Dec. 1 Holders of rec. Oct. 28
Stanley Works. pref. (guar.)
434(c. Nov. 15 Oct. 30 to Nov. 14
Steel Co. of Canada. corn. & pref. (qu.). 1% Nov. 1 Holders of rec. Oct. 7
steriniv Products (guar.) .
51.25 Nov. 1 Holders of rec. Oct. 14a
2233
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Stroock (S.) & Co.. Inc
75e. Dec. 22 Holders of rec. Dec. 10a
Stover Mfg. & Engine, pref.(guar.).141 Nov. 1 Holders of rec. Oct. 20a
Supertest Petroleum
.25e. Nov. 1 *Holders of rec. Oct. 15
Extra
*50e. Nov. 1 *Holders of rec. Oct. 15
Preferred A and 13
'3)4 Nov. 1 *Holders of rec. Oct. 15
Telautograph Corp.. coin.(guar.)
30e. Nov. 1 'Holders of rec. Oct. 156
Thompson (J. R.) Co.. com.(mthly.)
30e. Nov. 1 Holders of rec. Oct. 21a
30e. Dec. 1 Holders of rec. Nov. 230
Common (monthly)
Tide Water Oil. ,.ref. iquar.)
$1.25 Nov. 15 Holders of rec. Oct. 310
Tung Sol Lamp Wodut, coin. (guar.)._ _ •20c. Nov. 1 *Holders of rec. Oct. 20
•20c. Nov. 1 *Holders of rec. Oct. 20
Common (extra)
*45c. Nov. 1 *Holders of rec. Oct. 20
Class A (guar.)
*20c. Nov. 1 *Holders of rec. Oct. 20
Class A (extra)
50c. Nov. 10 Holders of rec. Oct. 154
Union 011 of California (guar.)
Onion Storage foliar.)
62 He Nov. 10 Holders of reit Nov la
United Cigar Stores. pref. (guar.)
1% Nov. 1 Holders of rec. Oct. 170
United Drug, corn. (guar.)
2)4 Dec. 1 Holders of rec. Nov. 150
87 sc Nov. I Holders of rec. Oct. 156
First preferred (quarterly)
Hutted Paper Board. pref. (guar.)
h Jan16'28 Holders of rec.Jan 2250
1)4 Anr16'28 Holders of rec.Apr 228
Preferred (guar
Oct. 31 Holders of rec. Sept. 300
United Profit Sharing, preferred
5
United Shoe Machinery
Common (payable In corn. stock)_ _ r20 Nov. 30 Holders of reo. Sept.:20
United Verde Extension Mining (quar.). •75c. Nov.
*Holders of rec. Oct.
(1 8. Cast Iron Pipe & Fdy.. twin.(00.)
Holders of rec. Dec. la
2S Dec. 1
1 4 Dec. I
Preferred rimar I.
Holders of rec. Dec. la
.
U.S.& Foreign Sec.. let pref.(guar.)
$1.50 Nov. 1 Holders of rec. Oct. 11
Allotment certificates
$ 1.12)4 Nov.
Holders of rec. Oct. 11
U. S. Industrial Alcohol, corn. (guar.)._ $1.25 Nov. 1 Holders of rec. Oct. 150
U. S. Rubber, 1st pref. (guar.)
Nov. 1 Holders of rec. Oct. 200
2
Universal Leaf Tobacco, common
75e. Nov.
Holders of rec. Oct. ISO
Universal Pipe & Radiator. Pref.(quar.)141 Nov.
Holders of rec. Oct. 150
Vick Chemical (guar.)
Nov.
Holders of rec. Oct. 15a
SI
Victor Talking Mach., prior pref. (qu.). 1% Nov.
Holders of rec. Oct. 36
$1.50 Nov.
143 cony. preferred (guar.)
Holders of rec. Oct. 3a
(V.) Vivadou Co., pref. (guar.)
1% Nov.
Holders of rec. Oct. 140
Warner (Charles) Co.
First and second pref. (guar.)
144 Oct. 27 Holders of rec. Sept. 30
Washburn-Crosby Co., pref.(guar.)-1)4 Nov. 1 Holders of rec. Oct. 220
Weber & Hellbroner, Inc., pref. (quar.)- 1% Nov. 1 Holders of rec. Oct. 18a
Westinghouse Air Brake. no par stk.(gu.) 500. Oct 31 Holders of rec. Sept.30a
$50 par stock (guar.)
$2 Oct. 3I Holders of rec. Sept. 30
Westinghouse Elec. & Mfg. corn.(guar.) $I
Oct 3I Holders or rec Sept. 300
White Sewing Machine, reef. (guar.)
Nov. 1 Holders of rec. Oct. 19a
51
Willcox.(H. F.) Oil & Gas (guar()
50c. Nov. I0 Holders of rec. Oct. 15
Wire Wheel Corp., pref. (guar.)
$1.75 Jan 1'28 Holders of rec. Dec. 20
Wolverine Portland Cement (quar.).
15e. Nov. 15 Holders of rec. Nov. 50
Woolworth (F. W.) Co.(guar.)
$1.25 Dec. 1 Holders of rec. Nov. 10a
Wrigley (Vt'in.) Jr. & Co. luninthlY)---. 2513. Nov. I Holders of rec. Oct. 2081
Monthly
25c. Dec 1 Holden of rec Nov. 20a
- -• From unofficial sources. 1 The New York Stock Exchange has ruled that stock
mil nut be quoted ex-dividend on this date and not until further notice. I The
New York Curb Market Association, nue ruled that stock will not be quoted exdividend on this date and not until further oaten
a Transfer books not closed for this dividend. I Payable in preferred stock.
d Correction. e Payable in stock. f Payable in common stock. 5 Payable in
scrip. h On account of accumulated dividends.
I) Holders of Class A and Class B stock are given the privilege of subscribing to
the extent of the dividend to their respective stocks at $25 per share.
I McCrory Stores 7% preferred stock called in Feb. 1927.
k Consumers Co. dividend of 151 7 payable Jan. I reported in preceding issues
an error. Next dividend on preferred 3)1% (semi-annual) payable Feb. 20 1928.
I Associated Gas & Electric pref. stock dividends payable either in cash or class A
stock at rate of 3 70-100 of a share of class A stock on 56 preferred and 4 01-100 of a
share of class A stock on 56.50 preferred.
m Payable in preferred stock.
t Hartman Corp. class B stock dive are one-fortieth share of class A stock.
u Increase It, capital at
authorised.
v Proposal for distribution of a 20% stock dividend by Pere Marquette RR. has
been denied by the Inter-State Commerce Commission.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Oc- 15. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
adua/ figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated tn thousands of d011ars-that is, three ciphers (000I omitted.)
I
I
Neu
Capital
Week Ending
Oct. IS 1927. Nat'l,
State,
(000 omitted.) Tr.Coa
lies,ro
Profits. Loans.
Discount. Cash
with
June 30 Incest
In I Leyal
Sept :.0 meats. Vault. Depos1
! tortes.
Sept 30, cee.
,
Members of Fe d. Res.l Average. Average Average
Bank of N Y & $
S
5
$ 1
$1
Trust Co_ - I 6,000 12,477
82,564
457 7,866
Bk of Manhat'o 12,500 18,598 188,019 3,980 19,590
Bank of America 8.500 5,347
92,325 1,163 11,629
National City.., 75.000 68,777 851,966 4,070 79,473
Chemical Nat'l. 5,000 18,745 143,294 1,540 16,669
'
NatlIk of Comm 25.000 43,624 392,129
479 42,452
Chat Ph N It & T 13,500 13,848 217,527 2,901 23,136
Hanover Nati_ 5,000 26,097, 144,570 1,804 17,308
Corn Exchange. 11,000 18,514 203,675 4,735 24,572
National Park.. 10.000 24,517 178,999
924 17,714
Bowery &
4,000 7,010
79,315 2,426 7,087
First National.. 10,000 80,758 318,422
545 28,854
Am Ex Irving Tr 32.000 30,281 432,923 3,801 51,820
ContInentel ilk
1,000 1,326
8,208
114 1,013
Chase National. 40,000 39,707 815.229 6,855 72,330
Fifth Avenue..
3,169
28,481
849 3,522
Garfield Nat'l.. 1,000 1,882
16,311
4711 2,224
Seaboard Nat'l. 8,000 12,200 135.779
772 16,561
Bankers Trust_ 20,000 40.117 362,658
948 35,117
US Mtge & Tr. 3,000 5,268
60,563
842 7,283
Guaranty True 30.000 33,657 477,555 1,449 48,095
Fidelity Trust
4.000 3,389
4,000
49,574
6611 5,442
New York Trust 10,000 23,085 179,297
680 18,742
Farn,es L & Tr 10,000 21,284 143,755
10,000
652 14,830
Enult &hie Trust 30,000 24.581
299,914 1,250 29,931
Net
Time Bast
Demand
Da- Mew
Deposits. posits. !altos.
Argo.
Average. AVera
$
$
$
57,71
8,17
142.472 31,509
87,237 4,34
*809,657 156,097
98
128,16
, 4,62
348
318,096 35,701_ _ _
157,202 43,63 6:145
131,187 2,87
172,999 30,638
134,776 6.888 4:6 1
5
49,457 22,1211 2,981
218,608 12.3
6.788
387,591 43,540
6.504
529
*558,919 46,709 2:460
25,227 1.358
15,62
5213
128,0871 2.8901
47
298.3293 44.5293
62.8601 4,8983--- _
*428.57 65,5263
40,643 4,193(
134,065 33.1581
*108.729 19,656)
*329.087 28.895
1
Total or armeee.. 373.000576.2885,701,052 44.188 603.060r4,443,081 855,59223,518
Totals. aaidai
edition Oct. 15 3.692,373 43,079 675,218Ic4,452,278854,818 23,822
c. ditIon Oct.,... a,684,856 42,784 583,579 c4,424,850646.701 23,730
Totals.
Totals. actual e• ndlttonjOct. 15.820,30 40,755 596,586 c4,625,807 45.40523,551
I
St -te Ranks Not Me cabers 'f Fed '1 Acs've 'Bank.
I
5,000 6,174 106,241 4,660 2,165
State Bank...
36,833 83.680
Crin,111H1 Bank
1,400 3,431
34.7.5 3,674 1.815
28,620 8.199
Total of averatie'.
8,
9,605
140,943
8,334
3,980
65,453 89,8.59' _
cr• nffitlon Oct. 15
Totals, aettnd cr nffition Oct. 8
Totals, actual al nr1I•Inn el..... I
142,370
14 1.261
8,3 6
7.800
4.278
4,476
Id, 122
/ ..“
A IA(
67.259 89.810
64.790 89.938
as 'ye on 00c
Totals. actual
__ _ _
-
New
capital. Profits
Week ending
Oct. 15 1927.
(000 omitted.)
Time Bank
Loans,
Net
Reserve
De- CircuDemand
with
Discount, Cash
Legal Deposits. posits. Raton.
in
at'l June 30 lnresttate, June 30 mend, Vault. Deposttortes.
r.Cos. June 30
etc.
Average. Average Average Average. Average Avge.
$
3
$
$
$
$
$
$
Trust Compsn lea Not Members of Fed'1Res've ank
41,836 2,354 -Title Guar & T 10,000 20,257 68,485 1.707 4,577
17,040 1,637
Lawyers Trust_ 3.000 3,551
852 1.715
22.762
-The
Banks and Trust Companies in New York City.
averages of the New York City Clearing House banks and
I trust companies combined with those for the State bank.; and
I trust companies in Greater New York City outside of the
Clearing House are as follows:
91,247
2,559
6.292
58,876
3,991
Totals, actual c nclitlon Oct. 15
Totals, actual c nditIon Oct 8
Totals. actual c ndition Oct. 1
90,590
91,332
90.443
2,416
2,599
2,527
6.404
6.287
6,167
58,251
59,152
57,460
3,977
4,011 ---4,440 --
Gr'd aggr., aspe 392.400609.7995.933,262 55,081 613,332 1[4,567,410729.442 3,516
prey week_ _ -83.305 +2,829-10,409 -86,052 +13,123 -13
Comparison WI
Gr'd aggr., act' cond'n Oct. 155,925.335 55,811 685,900 h4577,788 728.80523,622
Comparison wit h prev.week_ _ +8,846 +2,628 +91558 +28.966 +7,955 -108
agar., art' cond n
aggr., ad' cond'n
aggr., ad' cond'n
Neu.. ea' ond'n
agar.. teal...A,
Oct. 85.916.489
Oct. 16,051.811
Sept.245,867,359
Sept.17 5,976,792
53.183594,342
51,166 606,894
51,874629,329
50,345587,120
4.548,792720,65023,730
,3,
4,748,442720,081. 551
4,545489708,131 3,693
4,647,232 720,68623,583
172.... In x Con AOA
SO OR')RI') Q1.1
ARM] 5RQ/1K0029qAcO
-U. S. deposits deducted from net demand deposits in the general total
Note.
above were as follows: Average total Oct. 15. $111,717,000. Actual totals Oct. 15,
3111.714,000; Oct. 8, 5111,722,000; Oct. 1, $114,687,000; Sept. 24, $114,687,000;
Sept. 17. $114,687,000; Sept. 10, 5703,000. Bills payable, rediscounts, acceptances
and other liabilities, average for week Oct. 15, 3720,694,000; Oct. 8, $729,027,000:
Oat. 1. $684,405,000: Sept. 24, $673,797.000; Sept. 17, $660,872.000; Sept. 10,
$675,194,000. Actual totals Oct. 15, 3795,118,000; Oct. 8, $719,725,000; Oct. 1,
8658,975,000; Sept. 24, $691,116,000; Sept. 17, $633,732,000; Sept. 10, $738,252,000.
• Includes deposits in foreign branches not included in total footings as follows:
National City Bank. $242,403,000: Chase National Bank, $12,409,000; Bankers
Trust Co., 538,650,000; Guaranty Trust Co., $77,265,000; Farmers' Loan & Trust
Co.. $2,811,000; Equitable Trust Co., $103,188,000. Balances carried in banks in
foreign countries as reserve for such deposits were: National City Bank. $40,765,000,
Chase National Bank. $1,647,000; Bankers Trust Co., $941,000; Guaranty Trust
Co., 53,265.000; Farmers' Loan dc Trust Co., $2,811,000; Equitable Trust Co..
87.584.000.
C Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the
actual condition at the end of the week is shown in the
following two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE bANKS
AND TRUST COMPANIES.
Averages.
Reserve
Cash
in
Reserve
in Vault. Depositaries
Members Federal
Reserve Bank.
State banks*
Trust somperges*
Total Oct. 1&
TotalOct.
Total Oct. 1
Total Sep...24
Total
Reserve.
b
Reserve
Required.
Surplus
Reserve.
$
$
$
603,060,000 603,060,000 597,268,290
3,980,000 12,314,000 11,781,540
6,292,000 8,851.000 8.831.400
$
5,791,710
532,460
19,600
10,893,000 613,332.000 624,225,000 617,881,230
10,858.000 623,741.000 634,599,000628,638,630
10.436,000 613.717.000 624.153,000 619.379,100
In CAI nnn All IA° nnn A01 COO nnn gig lute vgn
. .
.
. ,
6,343,770
5,960,370
4,773,900
$
8,334,000
2,559,000
q ROA o,n
•Not members of Federal Reserve Bank.
b This Is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank, includes also the amount of reserve required on net time deposits, which was as follows:
Oct. 16,819.667.760; Oct.8,819.270.170; Oct. 1,819.223.310; Sept. 24, 819,052,760;
Sept. 17. $19.282.750: Sept. 10, 319,248,420.
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve Bank _
State banks.
Trust companies'__ _
Total Oct. t$____
Total Oct. 8
-Total Oct. I
Total Sept. 24,.. _
3
8,316,000
2.416,000
Total
Reserve.
Reserve
Required.
•Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also the amount of reserve required on net time deposits, which was as follows:
Oct. 15, 319.644,540; Oct.8,310.401,030; Oct. 1, $19,362,150; Sept. 24, 519,022,730:
Sept. iT, 519.410.480; Sept. 10, 519,253,700.
State Banks and Trust Companies Not in Clearing
-The State Banktg_Department reports weekly
House.
figures showing theof State bank;and trust companies in New York City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Ranking Department
Differencesfrom
Previous Week.
Oct. 15
$1,382,700,900 Dec. 6,755,000
Leans and taieMmentil
5,179,300 Dec.
176,500
Gold
292,200
25,988,600 Inc.
Currency notes
with Federal Reserve Bank of New York 114,802,600 Inc. 6,145.300
Deposits
1,426,328,300 Inc. 16,165,800
Time deposits
Deposits, eliminating amounts due from reserve
other banks & trust comdepositaries de from
panies in N. Y. City, exchange & U. S. deposits_1,336,219,300 Inc. 18,641,000
188,140.300 Inc. 6,470,000
Reserve on deposits
Percentage al reserve, 21.4%.
RESERVE.
- -Trust Companies
-State Banks
$104,571.400 16.20%
341,399,100 17.90%
Cads in
31,170,300 04.83%
10,999,500 04.76%
Deventer:L.and trust cos
3135,741,700 21.03%
•Includes deposits with the Federal Reserve Bank of New York, which for the
SUS.banks anti Oran oompanles combined on Oct. 15 was $114,832,609.
Demand
Deposits.
Total Cash
in Vaults.
Reserve in
Depositaries.
$
7,252.983,200
7,197,444.000
7,267,488.800
7.305.578,900
7,152,547,900
7,106,073,800
7.110,323,700
7,181,738,200
7,177.325,100
7,115,836,600
7.069,889,900
7,107,725,500
7.179.503.300
7,276,682,800
7,290,010,700
7,304,600.300
7,406,023,400
7.315.962.900
Week EndedJune 18
June 25
July 2
July 9
July 16
July 23
July 30
Aug. 6
Aug. 13
Aug. 20
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
$
6.084.075.000
5.978,960.700
6.082.939,600
6,087,209,400
5.930.407,000
5.921,931.500
5,921,572.000
5.950.261,700
5,931,055,300
5,879.977,900
5.845.207,700
5,901.639.100
5,916.180,700
5,990.245,100
5.885,011,200
5.897,049,400
5,971.040.300
5.903.629.300
$
82,303,900
80,355,400
80,744,400
86,222,100
82.588,100
79,187,600
80.246,400
80,359,900
80,989,500
79.489.400
78,875,900
78,364,200
82.029,500
83,361,800
81344,800
82,314,800
83,304,200
86.248.000
$
79(j,267,700
773,532,900
797,870.400
788,623.300
768,772,500
765,494,700
758,805,100
776,669,200
768,301,300
763,241,000
751,445,600
765,329,800
783,450,100
771,680,400
760.449,500
760.172,500
774,359,100
770.304.400
New York City Non-Member Banks and Trust Com-The following are the returns to the Clearing
panies.
House by clearing non-member insitutions and which are not
included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING HOUSE.
(Stated in thousands of dollars, Mat is, three ciphers 1000) omitted.)
CLEARING
NON-MEMBERS Capital.
Week Ending
Oct. 15 1927.
Members of
Perri Res've Bank.
Grace Nat Bank_
State Bank
Not Member of the
Federal Reserve Bank
Bank of Wash His,
Trust Company
Not Member of the
Federal Reserve Bank
Mech Tr, Bayonne_
Loans.
DUcounts,
Net
Profits. Investmoils,
&c.
$
1.000
$
1,970
•
•
Rosen.
with
Cash
Net
Net
in
Time
Legal Demon
Vault. Deposi- Deposits. Deposita •
tortes.
Average. Average Average. Average.
5
$
$
$
8
14,717
91
1,134
T.720
4,187
•
•
•
*•
500
687
9,136
288
3,412
5,813
1,500
Gr'd aggr., OA. 1,
Comparison with prey. week
2,658
23,853
+736
379
-18
1.325 al1,132
-90 -202
10,000
+24
2.658
2,658
2,658
2,858
2.658
23,032
23,077
23,228
397
442
406
470
1,416 al1,334
1,406 11,232
1,374 11,306
1,396 12,010
9,976
9.934
Dr'd
ar'd
Cird
Gled
aggr., Oct. 8
aggr.. Sept. 24
mgr..Sept. 10
aggr., Sept. 3
1,500
1,500
1.500
1,500
191
as
•Bank of Washington Heights merged with Bank of Manhattan Co.
a United States deposits deducted. $153,000.
Bills payable, rediscounts. acceptances and other liabilities. $2,669,000. Excess
in reserve, $60,920 decrease..
-In the
Boston Clearing House Weekly Returns.
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
Oct. 19
1927.
Surplus
Reserve.
675,218,000 675,218,000 598.440,680 76.777,320
487.380
4,278,000 12,594,000, 12,106.620
82.350
6,404.000 8,820,0001 8,737,650
$52,398,600 22.66%
Loans and
Investments.
BOSTON CLEARING HOUSE MEMBERS.
10,732,000 685,900,000 696,632,000 619,284,950 77,347,050
10,399,000 594,342.000 604.741,000 615,166,530 - 10,425,530
10,411.000 606,894,000 617,305,000 641.077,560 -23,772,660
10.033,000 629,329,000 639,362.000 614,294,550 25,067,450
Toteg.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
__--
Total of average, 13,000 23,908
Ord
Gr'd
Ord
Gr'd
Gr'd
[VOL. 125.
THE CHRONICLE
2234
Changes from
Previous Week.
Oct. 12
1927.
Oct. 5
1927
77,150,000
77,150,000 Unchanged
77.150,000
Capital
95.462,000
97,543,000 Inc. 2,081,000
95,482,000
Surplus and profits.. _
Loans, disets & invest. 1,123,133,000 Inc. 14,878,000 1,108,255,000 1;113,963.000
717.131,000 Inc. 29,965,000 887,166,000 717,235.000
Individual deposits165,033,000 Inc. 6,620,000 158,413,000 162,496,000
Due to banks
275,641,000 Dec. 998,000 276,639.000 276,955,000
Time deposits
33,964,000
32,674,000
28,102.000 Dec. 4,572,000
United States deposits
35,675.0001Lnc. 3,510,000
50,917,000
32.165,000
Exchanges for Crg H'se
91,364,000
96,232,000
Due from other banks._ 104,625.000 Inc. 13,261,000
83,830,000
85,602.000'Inc. 1,772.000
85,489,000
Reeve in legal depciales
461.000
9,161,000
9,622,000 Inc.
9,182,000
Cash in bank
2,000
785,000 Dec.
787.000
565,000
Res've excess in F.R.Bk
Philadelphia Banks.-Tho Philadelphia Clearing House
return for the week ending 0.t. 15, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
leg 11 depositaries" and "Cash in vaults."
Week hauled Oct. 15 1927.
Two Ciphers (00)
omitted.
Members of
Trust
F.R.System Companies
1927
Total.
Oct. 8
1927.
Oct. 1
1927.
$53,300,0 $5,000,0 858,300.0 $58,300,0 $56,425,0
Capital
166,215,0 17.955,0 184,170.0 182,682,0 181,148,0
Surplus and profits
Loans, disc'ts & investm'ts 1011.517,0 52,175,0 1063,692,0 1064,867,0 1022,990,0
274,0 39,699,0 36,553,0 45.362,0
Exchanges for Clear.House 39,425,0
112,135,0
16,0 112,251,0 102,729,0 104.571,0
Due from banks
149.140,0
1,138,0 160,278,0 149,877,0 142,528,0
Bank del/mita
648,581,0 30,677,0 679,258,0 669.385,0 664,943,0
Individual deposits
174,143,0
2,596,0 176,739,0 176.623,0 161,563,0
Time deposits
971,884.0 34,411,0 1006,275,0 995,885,0 969,034,0
Total deposits
3.576,0
Res've with legal deposit'y
3.576,0
4,420,0
4,276,0
73,067,0
Reserve with F. R.Bank_
73,067,0 71,879,0 69,701,0
11,425,0
1,335,0 12,760,0 12,313,0 11,477,0
Cash in vault
4,911,0 89,403,0 88.468,0 85,598,0
Total reserve & cash held_ _ 84,492,0
4.857.0 76,481,0 76,337,0 74,356 0
71.624,0
Reserve required
54,0 12,922,0 12,131,0
12,888,0
Excess res. de cash In vault_
1,242,0
Cash in vault not counted as reserve for Federal Reserve members.
a
OCT. 22 1927.]
THE CHRONICLE
2235
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Oct. 20 and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 2208, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS OCT. 19 1927.
Oct. 19 1927. Oct. 12 1927. Oct. 5 1927. Sept. 281927. Sept. 211927. Sept. 14 1927. Sept. 7 1927. Aug. 31 1927. Oct. 20 1926.
RESOURCES.
2
S
$
2
$
$
$
$
$
Gold with Federal Reserve agents
1,632,507,000 1,604,948,000 1.561.864.000 1,630,529.000 1,657,755,000 1.665,739,000 1,579,526,000 1,640,260.000 1,409,541,000
Gold redemption fund with U. S. Treas.
40.528,000
47,954,000
48,010.000
45.695.000
55.159.000
53.022,000
51,568,000
36,670.000
43.238,000
Gold held exclusively agst. F. 15.. notes 1,673,035,000 1,652,902,000 1,607.559.000 1,678.539,000 1,712,914,000 1,718.761,000
1,622.764.000 1.676.930.000 1,461,109,000
Gold settlement fund with F.R.Board
637,092,000 661,099,000 704.384.000 639,749,000 614,774,000 596.363,000 694,143,000
745,617,000
Gold and gold certificates held by banks_ 665,378,000 657,497,000 653.841,000 670.565,000 666.508,000 668,548,000 672,786,000 631,491,000
689.502.000 619,140,000
Total gold reserves
2,975,505,000 2,971,498,0002,965,784,000 2,988,853,000 2,994,196,000 2,983,672,000 2,989,693.000 2.997,923,000 2,825,866.000
Reserves other than gold
136,475,000 132,396,000 136,774,000 137,352.000 139,436.000 140,369.000 135,549,000 147.813,000 128,928,000
--Total reserves
3111,980,000 3,103,894,000 3,102,558,000 3,126,205,000 3,133,632,000 3,124,041,000 3,125,242,000 3,145.736.000 2.954,794,000
Non-reserve cash
59,695,000
50,328,000
51,150,000
51,593,000 . 53,646.000
54,339,000
54,926,000
48,050,000
45,596,000
Bills discounted:
Secured by U. S. Govt. obligations... 224,821,000 192.753,000 242.557,000 228,011,000 216,936,000 202,847,000
241,953,000 217.817,000 290,035,000
Other bills discounted
192,776.000 237,496,000 219,928.000 202,301,000 197.629,000 172,487,000 207,531,000 182.707.000 296,587,000
Total bills discounted
417,597,000 430,249.000 462.485.000 430,312,000 414,565,000 375,334.000 449,484.000 400,524,000 586,622,000
Bills bought in open market
282,503,000 274,361,000 262,165,000 242,148,000 218,660,000 226,717.000 197,306,000 18.5,128,000 292,824,000
U. S. Government securities:
Bonds
255,075,000 258,780,000 255,972,000 253,515.000 253,741,000 280,188,000 237,700.000 212.077,000
53,287,000
Treasury notes
124.710,000 133,114,000 126,624.000 134,559.000 127,138,000 123.181,000 108.603.000
99,642,000 136,145,000
Certificates of indebtedness
120,608,000 118.235,000 122,277,000 106,278,000 102,664,000
96,207.000 153,166,000 161.095.000 117,532.000
Total U. S. Government securi1ies... 500,393,000 510,129,000 504,873,000 494,352,000
483,543.000 499,576.000 499,469,000 472,814.000 306,964,000
Other securities (see note)
620.000
820,000
820,000
820,000
820,000
320,000
2,500,000
320,000
320.000
Total bills and sorarKtes (see no(e)
1,201,113,000 1,215,559,000 1.230,343,000 1,167,632,000 1.117,588,000 1,101,947.000
1,146,579,000 1,058.786,000 1,188. ,
910 000
Gold held abroad
Due from foreign banks (see note)
563.000
563.000
563,000
1,049,000
823,000
12.262,000
12,267,000
650,000
12.248.000
Uncollected items..
851.251,000 775,265,000 724.370,000 653,183,000 720,040.000 848.897,000
689.215,000 603.366.000 507 680,
,
000
Bank premises
59.774,000
59,774,000
59.609,000
59,609,000
59.580.000
59,580.000
59,579,000
59,455,000
60,039,000
All other resources
12,695,000
13,522,000
13.640,000
13,208,000
14,052,000
19.691.000
13,561,000
19,612,000
17,747,000
Total resources
L1ABILI7'IBS.
F. It. notes in actual circulation
Deposits
Member banks
-reserve account
Government
Foreign banks (see sate)
Other deposits
Total deposits
Deferred availability liana
Capital paid in
Surplus
All other liabilities
5,297,071,000 5,218,905,000 5,182,233,000 5,072,479,000 5,099,361,000 5,220.757,000
5,097.990.000 4,945.388,000 5,480,560,000
1,716,785,000 1,733,829,000 1.717,049,000 1.705,765,000 1.700,522.000 1,707,584.000
1.720,715,000 1.676.440,000 1 724 833 000
. . ,
2,383,711,000 2,324,338,000 2.360.378.000 2,336,548,000 2,311,070,000 2,324,989,000
2,318,415.000 2,298,880,000 2,213,488,000
8,808,000
12,806,000
37,215,000
24,507,000
22,894.000
12,494,000
19,416,000
20,803,000
12,699,000
12,383,000
5,369,000
5,382,000
5,791,000
5,519,000
5,329.000
5.487.000
5.536.000
6 855 000
. .
24.196,000
62,454,000
23,352,000
22,922.000
23,217,000
24,674.000
23.054.000
24,168,000 17 797 000
, .
2,429,098,0002,404,967,000 2,426,327,000 2,389,768,000 2,362,700,000 2,367,486,000 2.367,759,000 2.341.283,000 2,257,556,000
775,545,0001 704,844,000 664,038.000 602,290.000 662.030,000 771,929.000 636,403,000 555,002,000 727,440,000
131,275,000 131,171,000 131.098,000 130,960,000 130.866.000 130,731.000 130,668.000 130.727,000 124,002,000
228,775.000 228,775.000 228,775,000 228,775.000 228.775,000 228,775.000 228,775,000 228,775.000 220,310,000
15,593,000
15,319,000
14,946,000
14,921,000
14,468,000
14.252.000
21,419,000
13,161,000
13.670,000
Total liabilities
5,297,071,000 5,218,905,000 5,182,233,000 5,072,479,000 5,099,361,000 5,220,757.000 5,097.990,000 4,945.388.000 5.080,560,000
Ratio of gold reserves to deposit and
F. R. note liabilities oombined
71.8%
71.8%
71.5%
73.0%
73.7%
73.2%
70.7%
73.1%
74.6%
Ratio of total reserves to deposit and
F. R.. note liabilities combined
75.1%
75.0%
74.9%
76.3%
77.1%
76.7%
74.1%
76.4%
78.3%
Contingent liability on bills purchased
for foreign correspondents
198,810,000 201,956,000 189.168.000 186,455,000 182.582.000 182.182.000 174.107,000 165,746,000
42,853,000
Distribtdion by Maturities$
S
3
$
$
S
S
$
5
1-15 days bills bought in open market.. 141.989,000 130,006,000 130.133,000
111,362.000
96,861.000 115,725.000 113.661,000 107.871,000
81,062,000
1-15 days bills discounted
344,124,000 361,063,000 389,833,000 354,775,000 339,870,000 290.860,000 361.766.000 307.428.000
447 760 000
1-15 days U. S. certif. of indebtedness_
, .
1,845.000
45,000
1.593,000
1.442,000
33,034,000
82,055.000
90,497.000
1-15 days municipal warrants
20,000
16-30 days bills bought in open market _
57,474,000
63.966,000
60,964,000
46,948,000
42.019,000
41,103,000
30,297.000
29,169,000
61.67 000
8,
16-30 days bills discounted
20,926,000
19,158,000
21,277,000
22.886,000
22.750,000
26.386.000
41,440,000
26,909.000
21,396.000
16-30 days U. S. certif. of indebtedness
4,429.000
5,000
16-30 days municipal warrants
20,000
20,000
20,000
31-60 days bills bought in open market _
56,081,000
51,264,000
53,775,000
60,278,000
55,912,000
46,047.000
77,042,000
33,759,000
27,835,000
31-60 days bills discounted
29,579,000
28,740,000
30,246,000
31,560,000
32.030,000
35,639,000
57,927,000
42,029,000
57.690.000
31-60 days U. S. certif. of indebtedness_
44,138,000
31-60 days municipal warrants
20.000
20.000
20.000
20.000
61-90 days bills bought in open market
21,263,000
. 29,520,000
14.190.000
17.739.000
21.025,000
21,235,000
17,029.000
62,677,000
17.486,000
61-90 days bills discounted
18,728,000
17,835,000
17.960,000
19,107,000
16,705.000
18.911,000
18,647,000
33.116,000
23.740,000
61-90 days U. S. certif, of indebtedness.
61-90 days municipal warrants
100,000
Over 90 days bills bought In open market
3,045,000
2,256,000
3,103.000
4.453.000
2,843,000
2,607.000
2,560,000
10,365,000
2.767,000
Over 90 days bills discounted
4,240,000
3,453,000
3,167,000
3,352.000
3,210,000
3,538.000
4,235,000
6.626,000
5,931.000
Over 90 days certif. of indebtedness.... 118,763,000 118,190,000
120.684.000 104,836,000 102.664,000
63,173,000
66,682.000
73,394,000
70.593.010
Over 90 days municipal warrants
F. It. notes received from Comptroller
F. R. notes bled by F. It. Agent
2,920,217,000 2,901,096,000 2,908.669,000 2,918,127,000 2,914,873.000 2.900.639,000 2,889,860.000 2.885,232,000 2.937,876,000
798,205,000 795,225,000 806.250,000 806.165.000 798.305.000 808,275,000 814,215.000 845.375.000 863,777.000
' Issued to Federal Reserve Banks.... 2,122,012,000 2,105,871,000
2,102,419,000 2,111.962,000 2,116,568,000 2,092,364.000 2,075,645,000 2,039.857.000 2,074,099,000
How Secured
By gold and gold certificates
406,691,000 406,332,000 406,631,000 411.830,000 410.831.000 420,276,000 421,876,000 421,875,000 306,428,000
Gold redemption fund
101,802,000 103,992,000
91,210,000
96,916.000 100,046.000 102.006.000
96,715,000
94,011.000
Gold fund-Federal Reserve Board___. 1,124,014,000 1.094,624,000 104.556,000
1,050.677,000 1,127.489.000 1,150,000.000 1,145,417.000 1,055,644.000 1,124.374.000 1,006,398,000
By eligible paper
669,786,000 674,592,000 705.356.000 634.517,000 595.740.000 567.211,000 616.489.000 553,416.000 837,644,000
Total
2,302,293,000 2,279,540,000 2.267.220.000 2,265,046,000 2,253.495.000 2.232.950.000
2.196.015.000 2.193.676.000 2,247,185,000
NOTE.-BegInnIng with the statement of Oct. 7 1925. two new
to foreign correspondents. In addition, the caption. "All other earn tems were added in order to show separately the amount of balances held abrgad and amounts due
ng assets," previously made up of Foreign Intermediate Credit Bank debentLres, was changed to
Other securities," and the caption. "Total earning assets" to "Total
bills and securities." The latter Item was adopted as a more accurate description of the total of
the discounts, acceptances and securities acquired under the provisions of
Sections 13 and 14 of the Federal Reserve Act, which, it was stated, are the only items Included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH
OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS OCT. 19 1927.
Two ciphers (00) omitted.
Federal Reserve Bank of
Total.
Boston, New York. Phila. Clereland. Richmond Atlanta. Chicago. St. Louis, Mint:ea:). ICan, City
Dallas. San Fran.
RESOURCES.
$
S
$
$
$
$
$
$
$
Gold with Federal Reserve Agentj 1,632,507,0 127,743,0 331,081,0
134,399,0 203,679,0 22,716,0 164,431,0 273,285,0 37,867,0 58,651,0 48,435,0 38.592,0 191.628,0
Gold red'n fund with 53.8. Tress
40,528,0 6,025,0
12,959,0 2,799,0 4,111,0 2,517,0
1,352,0 2,771,0
1,583,0
1,021,0 2,523,0 1,321.11
1,546,0
Gold held excl. aril. F.R. notes 1,673,035,0 133,768,0 344,040,0 137,198,0
Gold settlet fund with F.R.Board 637,092.0 44,312,0 277,172,0 32,940,0 207,790,0 25,233,0 165,783,0 276,056,0 39,450,0 59.672,0 50,958,0 39.913,0 193,174,0
41.219,0 17,029,0 8.466,0 110,359,0 14,559,0 11,887.0 18,546,0 14.837.0 45,766,0
Gold and gold certificates_
665,378,0 37,182.0 409,032,0 28,606.0 37,409,0 21,598,0 7.902,0 58,335,0 12,174,0 6,854,0 7,695,0 7.045,0 31,546,0
Total gold reserves
2,975,505,0 215,262,0 1.030,244,0 198,744,0 286,418,0 63,860,0 182,151,0 444,750.0 66,183,0
78,413.0 771,99.0 61,795,0 270,486,0
Reserves other than go116
136,475,0 14,504,0
24,786.0 8,440,0 11,610,0 4,643,0 11,925,0 20,921,0 12,885,0 4,171,0 5.202,0 8,193,0 9.195.0
Total reserves
3,111,980,0 229,766,0 1,055,030,0 207,184,0 298,028.0 68,503,0 194,076,0 465,671,0 79,068,0 82,584.0 82.401,0 69,988,0 279.681.0
Non-reserve cash
59,695,0 6,753,0
18,973,0 1.092,0 4.772,0 3,671,0 3,726,0 8,056,0 3,591,0 1,158,0 2,592.0 2,209.0 3,102,0
Bills discounted:
Sec. by U S. Govt. 4141sations 224,821,0 14,378,0
.
54,953,0 24,537,0 24,898,0 12,224,0 5,096.0 37.768,0 17,782,0
208,0 11,727,0 5,660.0 15,590,0
Other bills discounted
192,776,0 13,263,0
41.920,0 14,026,0 18.408,0 21.151,0 20.033.0 13,361.0 10,478.0 1,799,0 9.980,0 2,096,0 26,261,0
Total bills discounted
417,597,0 27,641,0
96,873,0 38,563,0 43,306,0 33,375,0 25,129,0 51,129,0 28,260,0 2,007,0 21,707,0 7,756,0 41,851,0
Bills bought in open market
282,503,0 30,366,0 102,843,0 12,601,0 18,757,0 38,053,0 2,414,0 30,533,0 3,700,0 11,625,0 10,656,0 13,504,0 7,424,0
U. S. Government securities:
Bonds
255,075,0 12,511,0
43,400,0 14,361,0 33,389,0 6,196.0 6,328,0 44,098,0 18,442,0 11,838,0 20,053.0 18.188,0 26,271,0
Treasury notes
124,710,0 7,290,0
28,636,0 9,689,0 14,543,0 2,641.0 3,559,0 14,598,0 11,349,0 7.580,0 8,016,0 7,326,0 9,483,0
Certificates of indebtedness
120,608,0 7,791,0
29,990,0 14,122,0 9,271,0 3,618,0
3.483,0 15,887,0 7,109,0 4.812.0 7.763,0 6,713,0 10.049,0
Total U. S. Govt. weenies.... nrin One n 01 coon 'no non n os 110 n S7 ono n 10 A.S5 n 12 070 11 71 cal 11 "In nnn n 01 9011 n OS 11110 n
90 000 n AZ 0/60-A
s
$
s
$
[Vor.. 125.
THE CHRONICLE
2236
RESOURCES (Concluded)
Two ciphers (00) omitted.
Boston.
New York.
S
s
5
620,0
Other securities
Total bills and securities
Due front foreign banks
Uncollected items
Bank premises
All other resources
a
1,201,113,0 85,599,0
36,0
563,0
851,251,0 83,894,0
59,774,0 3,946,0
120,0
12,695,0
3
5
5
S
520,0
$
$
5
$
100,0
5,297,071,0 410,114,0
Total resources
LIABII.ITIES.
In actual circulation. 1,716,785,0 143,290.0
F. R. notes
Deposits:
Member bank-reserve ace't.. 2,383,711,0 156,885,0
166,0
8,808,0
Government
785,0
12,383,0
Foreign bank
513,0
24,196,0
deposits
Other
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
t
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. efts Dallas. San Fran.
Phila.
5
Total.
68,195,0 53,437,0 95,078,0
301,742,0 89,436,0 119,266,0 83,883,0 40,913,0 156,245,0 68,860,0 38,409,0
34,0
17,1
18,0
15.0
21,0
67.0
20.0
25,0
51,0
47,0
212,0
35,417,0 103.108.0 41,754,0 19,934,0 49,817,0 34,702,0 52,258,0
210,008,0 70,332,0 78,621,0 71,406.0
1,827,0 3,519,0
16,276,0 1,749,0 7,119,0 2,564,0 2,901,0 8,667,0 3,957,0 2,774,0 4,475,0
877,0
474,0
583,0
772,0 1,459,0
1,065,0
478,0 1,462,0
145,0 1,082,0
4,178,0
434,5490
1,606,419,0 369,985,0 508,939,0 230,530,0 278,515,0 742,879,0 198,023,0 146.333,0 208,081,0 162,704,0
2,429,098,0 158,349,0
775,545,0 80,917,0
131,275,0 9.428,0
228,775,0 17,606,0
524,0
15,593,0
171,109,0
363,236,0 131,143,0 210,379,0 70,800,0 160,551,0 239,276,0 51,225,0 62,467,0 64,308,0 49,001,0
66,822,0 360,274,0 84,092,0 53,620.0 84,126,0 63,673,0 180,497,0
936,769.0 137,702,0 186,687,0 72,555,0
1,086,0
982,0
620,0
916,0
416,0 1,337,0
967,0
96,0
422,0
367,0
1,433,0
733,0
366,0
387,0
314,0
450,0
429,0 1,444,0
544,0
4.817,0 1,005,0 1,109,0
45.0 4,368,0
237,0
164,0
303,0
1,127,0
143,0
145,0
988,0
245,0
15,918,0
958,937,0 139.319,0 189,206,0 73,340,0 68,361,0 363,261,0 86,182,0 55,096,0 85,297,0 65,066,0 186,684,0
50,360.0
179,158,0 64,460,0 70,036,0 66,918.0 34.064,0 88,371,0 44,057,0 17,218,0 44,442,0 35,544,0 9,321,0
39,813,0 13,243,0 13,938,0 6,253.0 5.140,0 17,308,0 5,323,0 3,011,0 4,220,0 4,277.0 16,121.0
31,881,0 9,939,0 7,527,0 9,029.0 8,215,0
61,614,0 21,267,0 23,746,0 12,198,0 9,632,0
954,0
601,0
785,0
767,0 2,782,0 1,297,0 1,014.0
553,0 1,634,0 1,021,0
3,661,0
198,023,0 146,333,0 208,081,0 162,704,0 434,549.0
5 297,071,0 410,114,0 1,606,419,0 369,985,0 508,939,0 230,530,0'278,515,0 742,879,0
Total liabilities
Memoranda.
78.2
61.4
55.1
70.2
57.5
77.3
84.8
47.5
74.6
76.6
79.8
76.2
75.1
Reserve ratio (per cent)
13,965,0
Contingent liability on bills pur19,152,0 21,147,0 10,374,0 8,179,0 27,530,0 8,578,0 5,985,0 7,381,0 6,982,0
54,575,0
chased for foreign corresponitTts 198,810,0 14,962.0
F. R. notes on hand (notes rec'd
from F. R Agent less notes in
4.816.0 8.393.0 7.696.0 50.883.0
400 227 n 28 740 0 1.318610 34806.0 38.863.0 11.277.0 31.182.0 50.143.13 6.487.0
eirculotion)
AT CLOSE OF BUSINESS OCTOBER 19 1927.
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS
New York.
Boston.
Total.
Federal Reserve Agent at
$
S
Too ciphers (00) omitted.
F.R.notes ree'd from Comptroller 2.920,217,0 242,230,0
F.R.notes held by F. R. Agent.. 798,205,0 70,200,0
F. R. notes issued to F. It Bank. 2,122,012,0 172,030,0
Collateral held as security for
F. R. notes issued to F. R. Ilk.
Gold and gold certificates_ _ 406.691,0 35,300,0
101,802,0 13,443,0
Gold redemption fund
Gold fund-F. R. Board_ _ 1,124,014,0 79,000,0
669,786,0 58,007,0
Eligible paper
"Inn
.
Total collateral
Ann A loe n-nn
Dallas. San Fran.
Cleveland. Richmond Atlanta. Chicago. Si. Louis. Minneap. Tian. City
Phila.
s
5
S
$
s
s
s
5
$
s
s
87,817,0 110,551,0 69.304,0 280,492,0
778,207,0 205,399,0 278,272,0 110,171,0 242,683,0 438,319,0 76,772,0 20,534,0 37,850,0 12,607,0 58,500.0
148,900,0 19,060,0
283,080,0 39,400,0 29,030,0 28,094,0 50,950,0
67,283,0 72,701,0 56.697,0 221,992,0
495,127,0 165,999,0 249,242,0 82,077,0 191,733,0 289,419,0 57,712,0
17,313,0
8,100,0 12,267,0
40,000,0 20,444,0 18.117,0
215,150,0
1,285,0 3,767,0 1.384,0 3,575,0 3,779,0
20,931,0 11,522,0 13,679,0 2,272,0 .5,714.0
140,600,0272,000,0 26,000,0 45,000,0 44.860,0 17,500,0
95,000,0 122,877,0 150,000,0
21,244,0
178,347,0 46,999,0 60.320,0 69.050,0 27,421,0 81,505,0 31,843,0 13,511,0 32,25.5,0
enn Ano n lot nne ^Ann nnnn
mn Inn n
,
.
ne, Ann n nn mynn
.
ni nnn n tni orn
.
.
.
.
40,000,0
20.451,0
131,177,0
49,194,0
en eon .A nen 1299n
Annan n
.
Weekly Return for the Member Banks of the Federal Reserve System.
resources
Following is]the weekly statement issued by the Federal Reserve Board, giving the principal items of the
behind
always
obtained.
and liabilities of the 6C0 member banks from which weekly returns areitems in the These figures aregiven in a week
the statement
statement were
those for the Reserve banks themselves. Definitions of the different
Board upon the figures
of the
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment 2209, Reserve
immediately following which
for the latest week appears in our department of "Current Events and Discussions," on page
we also give the figures of New York reporting member banks for a week later.
BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CI,OSE OF
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER
BUSINESS. OCTOBER 12 1927. (In thousands of dollars
Federal Reserve
Total.
District-
Boston. New York
Phila.
Dallas. San Fran.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City
s
s
s
Loans and investments-total
$
$
5
S
S
21,105,786 1,502,770 7,891,286 1,231,512 2,123,084
8
706,709
9
5
624,402 3,047,754
S
716,408
373.452
629,529
423,233 1,835,647
Loans and discounts-total
15,039,259 1.045,5505,666,440
811,361 1,416,516
536,452
504,628 2,254,461
515,076
254,362
415.106
328,199 1,291,108
3,923
123,074
288,109
2,649
82,061
243.489
5,170
330,492
055,446
125,896
Secured by U. S. Gov't oblige's
Secured by stocks and bonds. __ _ 6,072,353
All other loans and discounts.._. 8,841,010
44,764
6,561
385,446 2,580,863
653,543 3,040,813
8,327
409,188
393,846
17,711
602,265
796,540
4,698
158,842
372,912
19,983
5.351
113,489 994,943
385,788 1,239,535
4.401
207,573
303.102
2.358
84,117
167.887
6,066,527
457,220 2,224,846
420,151
706,568
170,257
119,774
793,293
201,332
119,090
214,423
95,034
544,539
U S. Government securffles. _ _. 2.609,019
Other bonds, stocks and securities 3,457,508
152,004 984.954
305,216 1,239,892
117,225
302.026
314,090
392,478
80.583
89,674
58,501
61.273
315,792
477.501
75.195
126,137
63,630
55,460
100.889
113,534
63,290
31,744
282,866
261,673
757.123
73,801
85,544
16,444
131,532
30,117
42.179
14,244
39,105
12,361
266,068
44,878
46,653
8.108
28,864
6,112
34,227
9,758
115,724
21,869
-total
Investments
Reserve balances with F. R. Bank_
:ash In vault
Net demand deposits
Time deposits
Jovernment deposits
1,704,678
268,215
103.867
17,946
53,792
12,577 •
13,409,572
6,374.855
337,232
940,742 5,790,150
479,472 1,518,973
31,669 130,491
783,799 1,042,573
273,685 917,439
24.083
33,879
395,299
241,835
11,268
343,427 1.875,754
240,216 1,126,046
33,283
17.242
415,440
237,988
7.989
240,983
125,872
1,420
492,025
157,954
4,183
296,296
109,937
11,513
793,084
945,438
30,212
1,282,300
3,443,807
73,258 161,150
155,389 1,229,943
57,961
179,732
105,068
261,052
61,201
126,871
103,433
136,585
235,179
530,490
57,167
142,997
73,171
108,921
122,129
213,662
68,776
124,793
163,807
233.372
Dice from banks
Due to banks
Elorrowings from F. R. Bank-total
286,452
20,966
88,684
16,244
43,538
15,664
9,539
18,337
9,955
4,150
6,346
1.934
52,095
Secured by U.S. Gov't obliga'ns_
All other
146.935
139,517
9,830
11,136
36,020
52,664
8,416
6,828
27,131
16,407
5.822
9,842
2.738
6,801
13.764
4,573
8,0700
1,885
4,150
1,310
5,216
1,625
309
28,239
23,856
660
• 36
86
48
71
67
'33
97
24
85
45
57
'Somber of rcnorting banks
31
Condition of the Federal Reserve Bank of New York.
Octol e.' 19, 1927
of
The following shows the condition of the Federal Reserve Bank of New York at the close business
in comparison with the previous week and the corresponding date last year:
ResourcesGold with Federal Reserve Agent
Gold reden.p. fund with U. S. Treasury_
Gold held exclusively eget. F. R. notes_
Gold settlement fund with F. It. Board.
Gold and :old certificates held by bank_
Oct. 19 1927, Oct. 12 1927. Oct. 20 1926.
s
S
S
331,081,000 281,214,000 373,725,000
9,375,000
15,087,000
12,959,000
344,040.000
277,172,000
409,032,000
296,301.000
241,310,000
409,323.000
383,100,000
262,782.000
366,298,000
Total resources
1,030,244,000
24,780,000
940,934,000 1,012,180,000
24,988,000
24.237.000
1,055,030.000
Total reserves
18,973,000
Non-reserve cash
Bills discounted
54,953,000
Secured by U S. Govt. obligations...
41,920,000
Other bills discounted
971,171,000 1,037,168,000
17,161,000
15.872,000
Total gold reserves
Reserves other than gold
Total bills discounted
Bills bought In opeu market
I" S Government securities
Bonds
Treasury Dotes
Certificates of Indebtedness
. Total U S Government secialtles
c6.873.000
102,843,000
119,787,000
111,125,000
78,595,000
30,494,000
109,089,000
42,401,000
43,400,000
28.636,000
29,990,000
44,117,000
34,402.000
26,697.000
1,322,000
23,673,000
29,087,000
105,216,000
54.084,000
102,026,000
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected Rents
Bank premises
All other resources
36,644.000
83.143,000
Oct. 19 1927. Oct. 12 1927. Oct. 20 1926.
s
3
5
212,000
210,008,000
16,276,000
4,178.000
212,000
186.343,000
16,276.000
4.429,000
653 00
195,65000 0
, 0
16,740,000
2,590,000
1,606,419,000 1,530,431,000 1,475,536,000
LloblifffesFedi Reserve notes In actual circulation_
I teposlis-Niernber bank. reserve acct._
Government
Foreign bank (See Note)
Other deposits.
363,236,000
936.769,000
1,433.000
4,817,009
15,918,000
365,052.000
879,142,000
15,847,000
8.131,000
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
958.937,000
179,158,01)0
39,813.000
61,614,000
3,6131,000
897,892,000
162,562,000
39,697,000
61,614,000
3,614,000
840,983,000
161,210,000
35,756,000
59,964,000
3,832,000
Total liabilities
Ratio of total reserves to deposit end
Res've note IlabIlltles combined .
Contingent liability tin bills purchased
for foreign correspoodence
1,:mcg
3 1
825,790:000
37 86 00 0
2 9 000
1:8;3:000
1,601,419,000 1.530,431.000 1.475,536,000
70.8%
76.9%
85.4%
54.575,000
57,721,000
11,228.000
301,742,000 336,128.000 205,574,000
and amounts due to
added In order to show separately the amount of balances held abroad
-Beginning with the statement of Oct. 7 1925, two new Items were previously made of Federal Intermediate Credit bank debentures. was changed to "Other
NOT E.
.1ng assets."
the total of the dieforeign correspondents. In addition, the caption "All other ear
securities." The latter term was adopted as a more acinirate description of
are the only Items'whaled therein.
securities." and the caption "Total earning assets" to "Total bills and
of Sections 13 and 14 of the Federal Reserve Act, %stitch, It WWI stated
• counts. acceptances and securities acquired under the provisions
Total bill. tind sectirld. (See Norei
OCT.22 1927.]
•
THE CHRONICLE
Rankers'
STOCKS.
Week Ended Oct. 21.
(''on eluded).
azeitt
Wall Street, Friday Night, ct. 21 1927.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 2225.
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. 21.
Sales
for
Week.
Range for Week.
Lowest.
Par. Shares $ per share.
Railroads
100 52
Buff & Susquehanna_100
Preferred v t c _ _100
30 52
Can Pac etfs let paid__ 1,800 184 ,
Caro Clinch &0stpd 100
30 1044
Clev & Pitt8burgh____50
10 8034
Cuba RR pref
100
20 8334
Detroit & Mack prel_100
40 70
100
Duluth SS & A
100 3
100
Preferred
200 634
Great North pref ctfs 100 6,100 95
Havana El Ry pref-100
100 78
Hocking Valley
100
130376
IllinoisCent leasedllne100
50 8234
Iowa Central
100
.50 2
Morris & Essex
50
20 86H
Nash Ch & St L_ __ _100
300186
Nat Rye Mex 2d pf _ _100 15,400 2
1st preferred
100 3,100 4
N Y & Harlem
50
30 6954
N Y Central rights
2,800 534
N Y Lack & West_100
1010834
NYNH&H pref _10114 3,500 10%
Nor Pacific etfs
100 5,800 9234
Pacific Coast let pf _ _100
10. 54
Twin City Rap Tran_100
700 5134
Vicks Shrev & P pref.100
50010034
Highest.
Range Since Jan. 1.
Lowest.
Highest.
$ per share. $ per share.$ per share.
Oct 21 .52
Oct 17 524
Oct 20192
Oct 17104)4
Oct 19 8034
Oct 15 8334
Oct 21 72
Oct 21 3
Oct 18 634
Oct 21 9834
Oct 20 78
Oct 20 380
Oct 20 8234
Oct 21 2
Oct 20 8633
Oct 21 200
Oct 19 34
Oct 20 4
Oct 21 70
Oct 20 634
Oct 18 10834
Oct 1911134
Oct 21 944
Oct 15 54
Oct 20 52
Oct 20 101
Oct 211 45
Oct 18 40
Oct 17 184
Oct 17 9834
Oct 19 73
Oct 15 7934
Oct 15 55
Oct 21 2%
Oct 18 4
Oct 15 8534
Oct 20 76
Oct 17 200
Oct 20 7634
Oct 21 1
Oct 20 80
Oct 16169
Oct 21 1%
Oct 20 334
Oct 20!16834
Oct 154
Oct 181103)/
Oct 17 111054
Oct 17 1 84
Oct 15 45
Oct 20 4954
Oct 15 98
Apr 60
Apr 58
Oct 196
Feb 104)4
Feb 82
Ap 85
Mar 72
Apr 534
Mar 7H
Mar 101
June 83)4
Jan 380
83%
Jan 614
Feb 8614
July 10
Aug 34
Aug 554
Mar 185
Jun
7)4
Jan 10814
Oct 1124
July 95%
Apr 62
June 65)4
Sept 10134
May
June
Oct
Oct
Oct
June
Oct
Jan
Feb
Sept
July
Oct
May
Feb
Oct
Oct
Oct
Sept
Apr
Oct
Oct
Oct
Aug
Feb
Feb
May
Indus. & Miscall.
300 21
Albany Pert Wr Paper.*
Apr 32
Oct 19 2134 Oct 20 18
Sept
100
Oct 21 99
200 98
June 10054 Jan
Oct 15 96
, Preferred
so 5454 Oct 21 5434 Oct 21 49 Mar 6.5 Aug
Alliance Realty
100
Am Chain pref
Oct 20 1014 Oct 19 100)4 Aug 103
200 101
Sept
Am Chicle prior pref..*
320 04
Oct 17 10554 Oct 21 90
Jan 10554 Oct
Am Enca-Istic Tiling_ _ _•
200 42
Oct 20 4234 Oct 19 384 Aug 47% July
Am La France Fire Eng
7% preferred
100
100 85
Oct 18 85
Oct 18 6234 June 9034 Jan
Am Piano
• 3,300 3334 Oct 20 36
Oct 15 3334 Oct 4334 June
Preferred
100
40 9334 Oct 19 9354 Oct 17 89
July 11034 Mar
Am Shipbuilding.... _100
230 103H Oct 21 108
Oct 18 80
Jan 11534 Oct
Amer Snuff pref
100
10 103
Oct 21 103
Oct 21 94% Jan 10634 Oct
AmiType Founders pf100
9011334 Oct 18 11434 Oct 18 1074 Feb 116
Sept
Am Writing Pap pf etfs_• 4,400 50
Oct 21 56
Oct 15 255-4 Apr 574 Aug
Autostrop Safety Itas A • 6,400 4334 Oct 21 444 Oct 21 43% Oct 4534 • Oct
Bayuk Bros let pret_100
Jan 110
Aug
7010734 Oct 1810834 Oct 15 101
Best & Co
• 2,800 52
Oct 21 5434 Oct 15 4934 Aug 5634 Sept
Beech Nut Pack prat 100
Mar
2011634 Oct 1911634 Oct 19 11434 Jan 119
Blumenthal & Co p1_100
170 84
Oct 21 8834 Oct 19 44
Jan 93
Sept
Byers & Co prat
100
50 107
Oct 21 11134 Oct 20 10554 May 11154 Sept
Certo Corp
• 1,400 6734 Oct 15 72
Oct 17 67
Oct 784 Aug
Chesapeake Corp
• 1,900 8034 Oct 21 8534 Oct 17 64X June 8614 Oct
Chicago Yellow Cab.... 1,570 444 Oct 21 47
Oct 19 38
July 47
Oct
City Stores cIss A
•
200 50
Oct 15 613.4 Oct 20 4654 M
5134 Oct
Class B
• 1,200 5034 Oct 18 5034 Oct 20 4154 Apr 53
Aug
Collies & Alkman pf _100 1,300 104% oct 17 105;; Oct 17 102)4 Sept 10534 Oct
;
Conde Nast Publie'ns • 600 41
Oct 20 4134 Oct 17 39
Aug 4334 June
Coun Ry & Lighting..•
10 77
Oct 15 77
Oct 15 70
Sept 77
Sept
Crown Wmtte let
• 100 92
Oct 20 92
Oct 20 87
July 93
Aug
Cushfnan's Sons pf 8% _•
10 115
Oct 15 115
Oct 15 103
Feb 120H Aug
Preferred 7%
100
10 112
Oct 19 112
Oct 19 107
Apr120
Sept
Deere & Co pref
100
130 118
Oct 15 119)4 Oct 21 10534 Jan 120
Aug
Devoe & Ftayn 1st pf _100
220 111
Oct 15 112
Oct 17 101
Jan 113
Sept
Dunhill Internet
• 7,700 5614 Oct 21 604 Oct 17 49
Aug 6234 Oct
Eastman Kodak pref.100
80 127
Oct 20 127
Oct 2011934 Jan 127
Oct
Elk Horn Coal Corp- - -•
300 9
Oct 20 9
Oct 20 9
Jan 1534 May
Emporium Corp
• 300 30
Oct 19 31
Oct 19 30
July 3734 Mar
Steam Shovel ctfs_5 3,900 3154 Oct 21 334 Oct 15 3014 Sept 3434 Sept
Erie
Fairbanks Co prat _100
20 1134 Oct 19 1134 Oct 19 1134 Oct 15
May
Fifth Ave Bus
•
50 124 Oct 15 1234 Oct 15 12
Oct 1434 May
Franklin-Simon pref _100
2011034 Oct 1511034 Oct 15 10914 Jan 115
Aug
Gen Baking pref
•
2013834 Oct 20 140
Oct 18 1184 Apr140
Oct
Gen Gas & Elec el B.. _ _•
100 4134 Oct 20 41X Oct 20 3554 Apr 46
Aug
Gen Ry Signal pref....*
10113
Oct 19 113
Oct 19 8234 Jan 116
Sept
Gillette Safety Razor_•18,800 97
Oct 2015034 Oct 15 97
Oct 10934 Oct
Glidden Co prior pf_ _100
70 89
Oct 17 89
Oct 17 86
Aug 101
June
Gold & Stock Teleg_ _100
10 125
Oct 19 125
Oct 19 11634 Jan 125
Oct
Gulf States Stl 1st pf _100
7010034 Oct 21 1034 Oct 17 9934 Jan 1084 Mar
Hackensack Wat prel_25
10 294 Oct 20 294 Oct 20 2534 Mar 29% May
Heinle(0 W) pref _ _ _100
40128
Oct 20128
Oct 20118)4 Jan 130
July
Indian Refining pritioo
300 99
Oct 18 101
Oct 19 99
Oct 112
Mar
lot Comb Eng pref_
• 2,300101
Oct 18 10154 Oct 18 101
Oct 10134 Oct
Int Nickel pref
100
100 109
Oct 19 109
Oct 19 0
933-4 M 10934 June
Int Paper prof (6)_ _ _100
20 93
Oct 21 96
Oct 18 8554 July 9634 Sept
Int Silver pref
100
10 128
Oct 17 128
Oct 17,109
Mar 128
Oct
Kress Co new
• 500 90
Oct 21 92
Oct'20 59
Jan 10534 Sept
Laclede Gas pref._ _100
10 103
Oct 15 103
Oct 15 95
Jan 130
May
Loose
-W Bloc let pf_100
10 121
Oct 20 121
Oct 20 118
Jan 122
Sept
McCrory Stores class A • 870 73
Oct 21 7834 Oct 15 55
Mar 86
Sept
Preferred
100
200109
Oct 19 110
Oct 17 97
Mar 113)4 Sept
Macy Co
• 1,300 13
Oct 21211
Oct 20 124
Jan 218
Oct
Mad Sq Garden
• 6,500 24X Oct 21 stig Oct 15 2
034 Aug 2834 Oct
Mallinson & Co pret_100
460 75
Oct 19 79
Oct 15 664 July 89
July
Manatl Sugar
100
100 33
Oct 15 33
Oct 15 3134 Oct 46
Feb
Preferred
1I I
400 54
Oct 21 55
Oct 18 54
Oct 77
Feb
Mandel Bros
*
300 4234 Oct 17 43
Oct 17 42
Oc 49X Aug
Manhattan Shirt, pret100
100121
Oct 18 121
Oct 181119
Jan 121
Aug
Mathieson Alkali p1.100
40113
Oct 20 113
Oct 20 103
Jan 115
Sept
Mullins Body pref.
..l00
60 104
Oct 19 104
Oct 19 80
Jan 107
Sept
Nat Lead pref B.....1
200111
Oct 1911234 Oct 21 10434 June 112% Oct
1
Nat Supply pref
70118)4 Oct 1711834 Oct 1711434 Jan 120
May
30 1034 Oct 1511034 Oct 15,105
14 Y Steam let p1(7)..'
Jan11143.4 Oct
Preferred (6)
• 170 100
Oct 15 1003.4 Oct 18 934 Feb302% Oct
Niag Lockp &0Pr pf100
110113)4 Oct 19 114
Oct 2011234 June:11634 Apr
Northwestern Tel -50
110 544 Oct 18 5514 Oct 21 474 Jan' 56
Sept
Oil Well Supply Pref_l
130 1044 Oct 21 106 • Oct 20102)4 Mar 110
June
Outlet Co
* 5,200 73
Oct 17, 79
Oct 19 5234 Jan! 79
Oct
1
Preferred
200 114
Oct 1911434 Oct 19 107
hu411434 Oct
_ _100
Owens Bottle pref.
30 117
Oct 1811834 Oct 18 107
JanI118
Oct
Pacific Tel & Tel_ __ _1
1,260150
Oct 201584 Oct 15 124
Ma.1161
Oct
• 3,450 5
Pathe Exchange
Oct 18 6
Oct 18 4
Sept 12
June
Penick & Ford pref.. _ 1
10 103
Oct 17 103
Oct 17 10014 Apr 106
May
Peoples Gas of Chi, rte. 1.500 54 Oct 17( 534 Oct 18 5.14 Oct 6
Sept
50 640 444 Oct 15; 47
Phil Co 5% prof
Jan 47
Oct
Oct 21 40
8,100 14 Oct 18, 24 Oct 21
Philip Morris rights
1
1)4 Sept 34 Oct
Phillips Jones Corp pl....•
300 53
Oct 21; 5334 Oct 2,1 47
Jan 5634 June
Pillsbury Flour 11111e_ _* 9,900 314 Oct 20 3434 Oct 15• 3134 Oct 3731 Aug
Preferred
100
200 107
Oct 20 108
Oct 18104
Aug 109
Oct
100
400 41
Pitts Term Coal
Oct 21(44
Oct 17! 3034 Apr 55
June
100
Preferred
30 7934 Oct 17; 7914 Oct 17! 74
Apr 83
Mar
300 7134 Oct 17; 7134 Oct 17! 65
Porto-Ric AmTob A100
Aug 10116 Jan
• 600 21
Class B
Oct 19 2354 Oct 151 15
Aug 2554 Sept
100
500 160
Pullman Co old
Oct 20 169
Oct 171150
July 95% May
Bakeries pref_100
140107
Oct 1810834 Oct 19, 10134 Jan 10834 Aug
Purity
200106% Oct 17 107
Reid Ice Cream pref _100
Oct 181 97 May 107
July
2237
Sales
for
Week.
Range for Week.
Lowest.
;
Range Since Jan. 1.
Highest.
Lowest.
Highest.
Par. Shares $ per share. I$ per share. $ per share.; per share.
Indus. & Mksc.(Cone)
Reynolds Springs rights. 7,100
.44 Oct 15
Ifs Oct 20
.44
35 Oct
Reynolds Tobacco cl A 25
20 18734 Oct 19 187)4 Oct 19 13.434 May 190
Sept
Flossie Insurance rts__ _ 22,900 1034 Oct 20 13
Oct 17 754 Oct: 13
Oct
Sloss-Sheff St'l & Jr pf100
100 10534 Oct 2110554 Oct 21 10434 Mar,10834 Apr
Snider Packing pref__ _ _•
100 49
Oct 20 49
Oct 20 4534 Sept; 524 July
Bros let pf _100
20 110
Oct 20 110
Spalding
Oct 20 03
Jan'llO
Mar
Stand Plate Glass p1_100
30 14
Oct 18 14
Oct 18 10
M
1534 June
Sun 011 pref
100
500 00
Oct 20 1004 Oct 15 99
Aug 1004 Oct
Thatcher Mfg
• 300 20
Oct 15 20
Oct 15 1634 Aug 2334 Sept
Preferred
Oct 17 44
• 200 44
Oct 17 43
Aug 4534 Sept
UnderwoodTypewrpr100
10 23
Oct 18 123
Oct 18 120
Jan 12334 May
United Dyewood_ _ _ _100
20 634 Oct 15. 635 Oct 15 354 Jun 10
Feb
United Paperboard_ _100
Oct 19, 2134 Oct 19 1634 M
200 21
234 Sept
U S Distributing pf _100
Oct 19 93Y Oct 19 81
700 93
May 9634 Sept
U S Leather
• 8,100 2034 Oct 211 2334 Oct 15 14
July 234 Oct
Class A
• 9,900 44)4 Oct 20 48% Oct 1.5 2734 Jun 4854 Oct
Prior preferred...._100 1,000 10214 Oct 8 103
Oct 17 89
July 103
Oct
U S Express
100
100 34 Oct 211 334 Oct 21 2,54 Feb 4
Sept
Vulcan Detinning_ _ _100
230 35
Oct 18 38
Oct 15 1614 Jan( 80
Aug
Preferred
100
50 102
Oct 21 102
Oct 21 90
Jan.125
Aug
Class A
100
40 28
Oct 18 28
Oct 18 16
Jan' 5954 Aug
Warren Fdry & Pipe_ _ _• 1,700 18
Oct 20 1934 Oct 17 18
Octl 27 June
Weber&Helibroner pf 100 400102
Oct 1910254 Oct 17 102
A 103H Sept
West Penn Pr 6% P1-100
170106
Oct 1910734 Oct 18 10034 J 108H Sept
octl
Bank, Trust & Incur ance Co Stocks
Bank of Commerce
160 512
Oct 21,532
Bank of Manhattan_ _
40575
Oct 20590
Bank of N Y & Tr Co 100
50650
Oct 20675
Chase Nat Bank_ _ _100
660560
Oct 211576
Chatham Phenix N B 100
70,500
Oct 21 520
Corn Exchange Bk_100
80,593
Oct 17,600
Equitable Trust
100
80 396
Oct 21,406
National City Bank 100 1,520695
Oct 211716
National Park Pank_100
80600
Oct 18605
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
17 512
17(575
15 650
17(560
15(500
18(593
191396
171696
15 595
Oc
Oct613
Octi1386
Oct615
Oet
1540
Oce602
Oet142.5
Oct1739
Sep•M3
,0
Oct
Oct
Oct
Sept
Oct
Oct
Oct
Oct
Sept
*No par value.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Daily Record of U. S. Bond Prices. Oct. 15. Oct. 17.10ct. 18)0e1. 19)
First Liberty Loan
(High 10114,21 10111n 101"n 1011111 10111s 101"(2
354% bonds of 1923-47...i Low_ 10114n1 1011112 101"st 10111 10111n 10111
8
n
(First 434s)
(Close 101"n 101"n 10114ss 10111n 101"st 10111n
Total salts in $1.000 UnitS_-I
16
15
3
2
11
Converted 4% bonds ofrh
a
Close
Total sales in 51.000 units_
_Converted 44% hondsrligh 103 :
0
f 1 32-47 (First 4 4s) Low. 1031.1
Close 10311n
Total sates in $1,000 units_ .
5
Second Converted 435 % High
bonds uf 1932-47 (First Low_
-_-_
Second 434
,
Total sales in 51,000 units ...
_--_
Second Liberty Loan
{High
____
4% bonds of 1927-42 ._
Low_
_-__
(Second 4s)------ Close
---Total sales In $1.000 units_.
__ __
Converted 44 W nondsiH igh 1001n
of 1927-42 (Second)
Low_ 1001n
4.48)
Close 10011,
Total sales Sc, 31,000 units..
115
Third Liberty Loan(High 1001112
434 % bongs of 1928_ Low. 10011n
(Third 434s)
Close 100B%
Total sales fn $I,000 units_
124
Fourth liberty Lean
I High 103"ss
44% bonds et 1933-38_ _il_ow. 10311n
(Fourth 4)45
Mae 103"n
Total sales in $1,600 units.
129
Treasury
High 101"n
4 lift, 1947-52
1 Low_ 10111n
Close 10111n
Total sales in 51.000 units_ _20
(High 113"st
4s, 1944-1954
Low_ 113"n
Close 113"n
Total sates in $1.000 units...
3
____
(
High
____
33.4 g. 1946-1956
lLow.
-__Close
Total sales in $1,000 units_ __
------?Ugh
3%8. 1943-47
____
Low_
-___
Close
Toted sales In $1.000 antis_ •.
----
____
____
---10311,, 1031n 103111 103lits 1133
41 1
-o 9
103•111 103on 103% 103% 1031011
10311,1 103141 1031
, 103"11 103"11
25
6
6
11
22
____
--- ____
____
----
____
1001n
1001,1
1001n
5
100"n
100"st
10024s,
25
103"n
103"n
103"st
85
101"n
10111n
10111n
17
114112
113"n
1141n
2
1081011
108"ss
108"n
1
106
106
106
9
--_-
----
-- --
____
---9911n
991%
99
"••
1
1001n
1001n
1001n
54
100"n
10021n
1002.3,
42
103111
10311
:
10311
:
60
101"n
10111n
101"n
231
1141st
114',,
1141n
55
-__
____
----- _
1061s;
106112
1061n
269
----
----
-100
---- 100
---- 1-00
------Iii',,
1002n
100%
20
100"n
100"st
100268
33
103"ss
103"n
103"n
120
101"ss
10111n
101"as
260
1141n
1141n
1141n
102
•109131
1091n
10911n
10
106
106
105
1
1001n
100
;
-1
100% 1001n
10018 100'n
13
41
100"n 10021n
10011n 1001111
100"ss 1001121
101
II
1031112 103":1
103"ss 103"si
/1
103"n 10311
41
173
--------__
--------.11n
114*st 113
-- .
1141st 1131131
1141n 1131131
!
20
.31
-- - 1083
.
1r
____ 108.
---- 108"31
___
!
1061
;1061n
1061ss 1061n
1061ss 1061ts
I
I
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
17 fat 44s
10314n to 103"n
1031n to 103111 118 4th 434B
6 2d 45499"ft to 100
4 Treasury 4345
69 3d 44
10011n to 100141,
106
*0 106',,
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.86 0
4.8634 for checks and 4.87 5-3204.8734 for cables. Commercial on
banks, sight, 4.86)4@4.8634; sixty days, 4.82%04.82%; ninety days,
4.81@4.8l3.4, and documents for payment, 4.82% 004.8234. Cotton for
payment, 4.86 1-16, and grain for payment, 4.86 1-16.
To-day's (Friday's) actual rates for Paris bankers' franca were 3.9234E4
3.92% for short. Amsterdam bankers' guilders were 40.19040.2234 for
short.
Exchange at Paris on London, 124.09 francs; week's range. 124.09 francs
high and 124.07 franca low.
..
The range for foreign exchange for the week follows:
Sterling ActualChecks.
Cables.
High for the week
4.8734
4.8634
Low for the week
4.8634
4.86 29
-32
Paris Bankers' Francs
High for the week
3.9234
3.9234
Low for the week
3.92%
3.9234
Germany Bankers' Marks
High for the week
23.9034
23.91
Low for the week
23.86
23.8734
Amsterdam Bankers' Guilders
High for the week
40.22%
40.24
Low for the week
40.16
40.20
For New York City Banks and Trust Companies see
page 2230.
For New York City Realty and Surety Companies see
page 2230.
For United States Treasury Certificate of Indebtedness, &c., see page 2230.
Z238
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING
SIX
PAGES
For sales during the week of stocks usually inactive, see preceding page
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Oct. 15.
Monday,
Oct. 17.
Tuesday,
Oct. 18.
Wednesday, Thursday,
Oct. 20.
Oct. 19.
$ per share $ per share $ per share 8 per share $ per share
Friday,
Oct. 21.
Sales
for
the
Week.
8 per share „Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
-share lots
On basis of 100
Lowest
Highest
$ per share
$ per share
Railroads.
Par
4
8
18814 1907 18814 18958 187 1893 18614 18812 18514 1877 32,200 Atch Topeka & Santa Fe__100 1613 Jan 6 200 Aug 25
8
8
19014 191
8
100 993 Jan 5 10312July 26
900 Preferred
8
8
8
8
1027 1027 1027 1027 10258 1025 10212 10212
8
1027 1027 *10218 103
8
8
100 1747 Apr 6 20512 Aug 1
8
13712 191
183 190
9,100 Atla ,tic Coast Line RR
19314 19512 19118 194
4
1914 1923 19012 193
100 10612 Jan 4 125 Oct 4
116 11838 45,400 Baltimore & Ohio
4
12012 121
119 1203 11814 11912 1173 1194 11712 119
4
100 7314 Jan 3 83 June 7
500 Preferred
8
80
795 795
8
7934 80
80
8
793 793 *7912 797 *7912 80
4
4
50 44 Jan 6 10312May 27
4 7,400 Bangor & Aroostook
6812 68
6912 6812 723
681* 67
70
70
6812 7014 67
100 10112 Jan 10 122 June 22
170 Preferred
4
4
111 11112 11212 11212 11212 11212 11034 11134 1103 1103 11012 11012
8
5914 32,800 Bk1 n-Mash Trac v t c_No par 53 Aug 3 707 Jan 20
59
603
8 58
603
8 58
8
4
8 587 70
5712 573
4 573 605
No par 82 July 9 88 Jan 4
300 Preferred v t c
*82
83
83
84
83
84
*82
84
*83
84
*83
85
814sept 6 1518 Jan 7
2,000 Brunswick Term & Ry Sec..100
9
812 9
4
*812 94
812 83
9
*812 912
83
4 912
40 Buffalo Rochester & Pitt,.100 804 Jan 8 115 Mar 10
*8012 85
85
85
85
85
85
85
*8014 90
*7614 90
100 59 Jan 18 63 Oct 8
10 Canada Southern
*61
63
5161
63
*61
63
63
*61
6214 6214 *6112 63
8
100 165 Jan 6 2027 Oct 3
8 190 19314 1875 1913 18712 19012 26,200 Canadian Pacific
8
8
8
8
19512 1963 19212 1957 191 1923
298 300
800 Central RR of New Jersey.100 285 Jan 4 348 June I
300 305 *297 305
305 305 *30112 320
*305 320
100 1513 Jan 25 21812 Oct 3
4
25,900 Chesapeake & Ohio
4
206 21212 20714 21114 20412 2093 20118 208
20712 213
20912 2127
8
74 72
8
712
712
712 718 5,100 Chicago & Alton
100
43 Jan 8 1058June 21
4
718
714
712 712
712 712
8July 2
100
712 Jan 5 185
123 *12
4
1214
113 1214 3,600 Preferred
4
4 12
4 1212 123
1312 1234 123
*13
100 3012 Jan 10 51 July 11
45
4334 4334 4334 4334 1,100 Chic & East Illinois RR
4412 *44
4558 4512 4512 44
4558
8
100 43 Jan 6 847 Oct 10
5,800 Preferred
793 82
4
79
803
4 79
79
8212 8014 81
81
83
83
812 Jan 6 2212May 2
145 15
8
1412 1514 125 1412 9,500 Chicago Great Western. .100
8
1538 1458 15
1514 1512 15
8June 2
100 2314 Jan 7 447
8
315 33 4 315 3312 2818 3212 22,200 Preferred
8
3
4 3214 3434 3318 34
33 8 343
7
8Sept 15
9 Jan 4 193
17,100 Chicago Milw & St Paul...100
1512 163
4 153 16
4
8 1612 163
17
1712 167 175
8
4 1618 1678
9 Jan 4 1858Sept 18
100
17
1512 16
1514 1512 143 153
4
4 147 1514 12,000 Certificates
8
16
1612 17
8
4Sept 13
100 185 Jan 3 343
25,100 Preferred
8 2918 304 2812 2914 283 29
8
3014 3114 2958 303
303 31
4
8Sept 14
100 187 Jan 3 343
8
295 30
8
2812 2914 2812 2918 2812 2878 15,700 Preferred certificates
31
3012 3112 30
8
8
8
9312 94
923 9312 917 9314 914 923
8
8
4 9012 9212 895 913 29,300 Chicago & North Western.100 783 Jan 27 9712Sept 14
100 12414 Jan 3 150 Oct 6
100 Preferred
144 144
•144 148 *144 148 *144 148 13144 148 *144 148
1044 105 8 105 10678 104 10714 29,600 Chicago Rock 151 & Pacific_ 1013 6812 Jan 4 .116 July 14
5
4
4
1063 1074 10414 1063 10312 105
100 1023 Jan 4 -11114June 2
4
500
4
4
108 108 *10712 109 *10712 10812 108 10818 *1073 109 *1073 109
8June 2
100 9514 Jan 28 1037
10112 102
8 1,600 64 preferred
1015 1013 10112 1015
8
4
102 10218 102 10218 102 102
4Ju1y 21
100 84 Jan 3 1373
11912
600 Colorado & Southern
11814 119 *118
120 122
*120 125 *121 125 *121 125
100 70 Jan 4 7712June 1
First preferred
*754 78
*754 78
*7515 78
*754 78
*7518 78
*7518 78
100 68 Jan 14 75 Oct 21
75
75
300 Second preferred
*73
76
73
73
76
*73
76
.73
76
*73
100 65 Aug 13 77 May 6
8 6912 6912 6912 6934 6914 693
4 6918 694 3,000 Cense! RR of Cuba pref
6914 6912 6934 697
100 17118 Jan 28 230 June 6
18814 191
15,600 Delaware & Hudson
18714 191
19114 19412 190 1924 188 193
195 197
131 131
13014 131
1303 131
4
13118 134
4,800 Delaware Lack & Western_ 50 13014 Oct 19 173 Mar 23
131 132
13218 133
4June 9
2,100 Deny & Rio Or West pref IGO 4118 Jan 5 673
5512 5512 55 55
55
55
54
55
5212 54
•osili so
100 3912 Jan 3 693
45ept 30
8 663 69
8
653 675
4
8
4 663 687
4
8 63
6718 191,100 Erie
6o14 6918 677 693
100 5238 Jan 4 6614 Aug 4
6034 6112 6018 6112 6014 61
83
60
6012 14,400 First preferred__,
627
8 61
62
100 49 Jan 4 6412 Aug 4
4
583 583
4
1,500 Second preferred
4
4
4 5814 5814
6118 6118 6012 603 *583 6034 583 60
8Sept 7
8
98
9914 973 983
997
8 98
99
8
4 9614 9712 12,800 Great Northern preferred_ A00 795 Jan 4 1037
997 10012 99
8
4Sept 20
18 July 11 283
8
245
8 23 8 245
5
8 235 244 2312 2414 35,100 Iron Ore Properties_ _No par
25
253
4 24
2518 24
6512 9,300 Gulf Mobile & Northern 100 3518 Jan 8 7658July 21
664 64
653
8 63
6412 6512 64
67 6718 6412 67
100 105 Jan 14 11214 Apr 27
109 109 *108 109
200 Preferred
108 108
108 110 *108 110 *108 110
100 4012 Jan 3 6578May 10
*6412 5512 5414 55 8 54
3
543
8 53
543
4 533 544 533 537
8 5,100 Hudson & Manhattan
8
2
100 78 Jan 6 9012May 10
861 *85
100 Preferred
87
*8512 863 *8512 8612
4
864 867 *85
8
88
*85
100 12118 Jan 10 1393 Oct 3
8
133 1337 13212 13312 2.100 Illinois Central
8
13412 13412 13234 13418 *13312 1341, 133 134
100 12078 Jan 12 140 Oct 3
133 133
100 Preferred
*133 138 *13212 138 *132 136 *132 137 *132 137
*82
83
790 Railroad Sec Series A__1000 74 Jan 4 83 Oct 20
82
82
82
83
83
8212 82
8014 8112 82
.100 23 Apr 20 4212 Oct 7
4212 4212 *403 4212 *40
4212 40
40
50 Int Rys of Cent America..
*4212__
4
51
*41
100 62 Apr 29 7414 Oct 7
650 Preferred
7312 *71
7212 *7112 7212
*725 - 8 7312 *7314 7312 70
74
*72
3712 3612 3712 36
8,900 Interboro Rapid Tran v t c_100 3012 Aug 31 5218 Feb 26
4
36
3812 363 3712 36
3714 36
36
100 4114 Jan 4 7012July 18
6212 6314 62
645
8 6212 64
61
6314 11,500 Karsas City Southern
4
8 623 64
645
*64
8
100 647 Jan 7 727 Oct 21
8
300 Preferred
8
7312 *7212 7312 727 7278
7212 7212 7212 7212 *72
73
*71
50 92 Oct 21 13712June 9
92 10012 10,300 Lehigh Valley
9912 102
101 103
8
1047 103 10412 10218 103
1043
4
100 1284 Jan 14 1594 Oct 4
5,100 Louisville & Nashville
1473 1497 14614 151
8
8
148 152
152 15214 152 152
152 152
50 Manhattan Elevated guar.100 Yu Aug 2 90 Feb 11
87
*83
87
87
*844 87
87
*83
*8314 87
83
83
8
100 44 June 14 547 Feb 28
3,100 Modified guaranty
4814 4814 4814 *4714 48
4814 48
4712 474 474 4814 *47
67
8June 23
412 Fen 2
Market Street Rallway____100
*414 6
*43
*434 6
4 6
543
4 6
*44 6
*4
6
109 18 Feb 10 2518June 22
23
*23
25
300 Preferred
25
2314 234 23
25
*23
*23
25
*23
4
1)i) 415 Feb 7 593 Aug 5
8
1,200 Prior preferred
4918 483 483
8
8 46
467
8 48
48
8
8 49
497 497
50
30
8
100 115 Mar 15 1712June 22
1212 *12
121*
Second preferred
14
*12
14
*12
14
4111
*11
14
*11
458 Feb 3
13 Jan 13
8
3
318
318 *3
3
1,700 Minneapolis dr St Louis_...100
3
318
3
3
3 18
318 34
4614 4412 45
445 463
8
1,800 Minn St Paul & S S Marie.100 27 Jan 6 474 Oct 14
4618 44
s
46
4
*47
4712 *453 47
100 50 Apr 28 76 Oct 14
7412 74
74
74
74
74
7512 7512
600 Preferred
76
*74
76
*74
100 5814 Mar 25 69 Oct 6
6812 6612 664 66
60 Leased lines
6812 *67
66
*665 6812 *68
8
6812
*67
RE___No par 314 Jan 6 5612June 17
4512 4358 4478 4418 4512 433 45
4
42
444 10,900 Mo-Kan-Texas
4558 454 45
100 953 Jan 4 108 Sept 8
4
106 106
1053 1057 10512 1053 10514 1053
4
8
.1
4 2,100 Preferred
3
10614 1064 105 4 106
100 377 Jan 4 62 Apr 23
8
545 5712 5518 577
8
56
8 554 567 53,400 Missouri Pacific
8
554 567
8 55
4
563 57
100 9018 Jan 4 11214 Oct 19
110 1117 68,700 Preferred
8
8
8
107 10814 1067 11214 110 112
10914 1095 10714 110
230 New Oil Texas & Mexico 100 121 Jan 8 1597,June 3
14212 144
14014 144
143 143 *14014 143 *14014 143 *14014 143
100 13714 Jan 27 17112 Oct 4
15812 1603 108,800 New York Central
8
5
1643 165 8 16214 16412 162 16314 16014 16314 15812 161
4
100 5110 June 14 24012May 26
4,300 N Y Chic de St Louis Co
127 129
12814 131
129 13014 129 131
13112 13112 *12812 132
8June 15
100 102 Mar 8 1097
10714 1,900 Preferred
8
8
8
8
10714 1073 1073 1073 10714 1075 10714 10714 10714 10714 10714
8
8
100 415 Jan 4 585 Feb 16
525 5412 5318 547
8
8 5314 55 137,400 NY N H & Hartford
8
8 5218 54
8 523 543
533 543
4
4Sept 16
100 234 Jan 15 413
4012 414 39
4078 3838 407
8
8 384 4038 384 403
8 374 397 35,900 N Y Ontario & Western
4
7 Aug 4 153 Jan 14
Railways pref cits_No par
*74 73
4 *712 758 *7
600 N Y
*712 9
75
8 814
8
8
10
100 3718 Jan 14 6412June 10
700 Norfolk Southern
47
45
45
4814 4814 4614 4614 47
4912 4912 *4814 51
100 156 Jan 4 19538 Oct 3
18414 1867
8 6,500 Norfolk & Western
1883 18614 18714 18514 186
4
18934 190
18714 18912 18714
100 83 June 23 90 July 25
Preferred
87
87
*85
87
*85
87
*85
87
*85
87
*85
*85
100 78 Jan 3 97 Sept 7
8
2 934 9412 14,900 Northern Pacific
8
94 4 964 945 9614 933 955
3
954 9614 9518 96
100 154 Feb 3 274 Feb 15
Pacific Coast
*17
20
*17
20
*17
20
21
*17
20
*18
21
*18
4
50 563 Jan 3 68 Oct 4
657
8 645 6514 24,500 Pennsylvania
8
6614 65
6614 66
6614 6658 664 6612 66
100 20 Jan 25 463 Jule 20
4
500 Peoria &Eastern
36
3618
38
4
4
40
383 383 *36
*38
39
39
41
*39
100 11412 Jan 6 14012May 28
5,900 Pere Marquette
4
130
1293 1303 130 130
4
130
4
13018 13015 130 13012 1293 130
4May 28
100 93 Jan 22 973
8200 Prior preferred
963 963
8
*9614 97
97
*963 97
8
07
97
*96
4
*953 97
4
8Sept 8
100 893 Jan 4 965
8
8
8 9412 947 *9412 9512 • 600 Preferred
*943 9512 *9412 9512 *9458 9512 947 947
4
100 12212 Jan 18 174 May 24
14612 14318 14414 2,200 Pittsburgh & West Va
14712 13712 14412
148 148
148 148
*148 150
4June 9
50 94 Jan 4 1233
4
8
4
4
8
11438 11518 113 1143 11218 11312 112 1133 1093 11214 1053 1103 29,400 Reading
50 4012 Jan 13 4212 Feb 16
900 First preferred
42
42
*4112 4212
42
42
*4112 42
42
4234 42
*42
4
50 433 Jan 12 50 Feb 16
*4412 45
200 Second preferred
4512 4412 4412 *4412 45
447 *44
8
*44
45
45
100 43 Jan 7 69 May 27
61
200 Rutland RR pret
59
*59
59
*59
61
58
58
62
*58
60
*57
4
11,600 St Louis-San Francisco-A00 1003 Jan 6 11714June 2
8
4
4
*1113 11212 1113 11134 111 1113 11012 11112 11018 11114 10912 111
100 98 Jan 27 104 July 11
100 Preferred A
*98 100
99
*98 100
*9812 10012 99
*99 101
*9912 101
7.100 St Louis Southwestern....100 61 Jan 6 93 June 17
813
8 7812 8114 774 80
79
80
8112 79
817
8 7918
80
100 764 Jan 8 904June 17
200 Preferred
86
*85
86
85
86
874 *85
4 8612 8612 *85
*8612 873
100 2818 Mar 31 4114 Feb 17
8
3112 323
4 3012 3112 7,900 Seaboard Air Line
3318 325 33
33
3314 34
34
34
100 3212 Apr 28 453
8Ju1y 25
38
38
*38
39
1.400 Preferred
39
*38
3812 39
383 39
4
*383 40
4
100 10614 Jan 28 12558 Aug 1
8
4
8
1223 12314 122 12234 12118 12218 121 12238 121 1243 12112 1237 41,600 Southern Pacific Co
100 119 Jan 28 137 Oct 4
8
8
4
4 133 13412 1315 13238 13158 13258 1303 13214 1304 1317 11,900 Southern Railway
1333 1333
4
100 94 Mar 10 100 Aug 30
987 987
8
8 987 984 987 987
8
2
*9814 99
8 1,300 Preferred
99
*98
99
99
100 534 Jan 7 1034Sept 30
9412 98
95
9712 9212 9612 11,900 Texas A, Pacific
96
94
9512 97
98
97
4
100 283 Aug 31 41 Feb -8
29
32
1,200 Third Avenue
3312 32 , 32
3214 3214 *32
8
8
313 32 4 333 334
4
100 159lz Jan 27 1973 Oct 4
8
1853 1884 187 18812 20,100 Union Pacific
4
4
4
1913 19214 1893 19214 1873 1904 188 191
4
Mar 1634 10658418JJJJ 1ay 29563
jjjjaaaann 5 875 211.uu,u nnn.eeee 0
117 1
8238 823
8 82
823
8 8218 8218 1,500 Preferred
82
8 82
8 824 823
823
*82
100 :
100 4633
10
00000 7 14
6.7 2
1
0
71
734 79,500 Wabash
703 7412 7114 74
4
7112 8912 72
70
70 4 72
3
8 3,800 Preferred A
8
95 8 9612 957 9614 9512 957
7
9412 96
*9412 96
96
*95
92
200 Preferred B
92
*90
90
*90
93
90
*88
92
*87
92
*88
593
4 50
573 74,400 Western Maryland
5812 6012 57
4
5918 614 583 60
6118 62
100 23 Jan 7 6712June 9
1,000 Second preferred
5812 5512 5714
*57
59
59
60
6012 9017 *59
*6012 65
100 2018 Apr 26 4712June 22
8 3,500 Western Pacific new
39
394 3712 384 3614 373
3814 39
41
*4012 4112 39
100 55 Apr 26 763 Feb 7
8
64
65
64's 2,000 Preferred new
8 6518 6514 64
6618 6638 6558 6618 654 657
Wheeling & Lake Erie Ry_.100 2712 Jan 3 130 Feb 8
80
*71
80
*70
80
*70
80
*70
80
*70
80
*70
100 4712 Jan 7 97 May 13
200 Preferred
81
81
*80
4
4
783 783 *783
4
80
80
81
*80
83
*80
Industrial & Miscellaneous.
23,200 Abitibi Power & Paper_No par 83 Jan 27
137
No par 624 Mar 26
4
1073 11,700 Abraham & Straus
100 109 Aug 11
590 Preferred
112
100 124 Jan 5
400 Adams Express
157
84 Oct 21
100
812 3,500 Advance Rumely
100 25 Oct 20
2,200 Advance Rumely pref
25
234June 2
1
33
4 1,200 Ahumada Lead
400 Air Reduction, Inc____No p"r 13412 Jan 26
1745
8 8.
712June 15
No par
74 6,000 Ajax Rubber, Inc
I June 18
11
Alaska Juneau Gold Min._ 10
4
1483 90,900 Allied Chemical & Dye.No par 131 Jan 25
Corporation stock.
•Bid and askeil prices. s Ex-dividend. a Ex-rights. b Ex-dividend. 17a shares of Chesapeakb
132
133 135
4
102 1023 100
8
*110 11014 1095
157 157 *15714
9
10
10
28
30
29
37
8
8
3 s 37
7
8
1754 1787 178
8
8
85, 83
112 *114
•13
8
1111. 157
152
4
1363 130
1023
4 99
1103 11012
8
16012 *157
9
912
2914 27
35
8
3s
7
18178 177
84
8
*112
112
1553a 1524
134
102
1105
8
16012
9
28
38
7
178
818
114
1533
4
4
129 1333
102 104
11012 1104
15712 15712
812 94
2834
26
3
34 34
3
1733 17514
4
77
8 84
112
.114
1463 15312
4
12714
1023
4
11012
15712
812
25
33
4
17312
73
4
*112
4
1453
131
129
103
103
111
111
15712 157
814
9
26 *____
33
4 *312
174
172
74
84
Ps *114
1494 1454
14112 Oct 8
108 Oct 20
11312 Feb 20
1677
8July 8
1534 Feb 9
41 Feb 9
618Sept 6
19912July 18
133 Mar 25
4
214 Feb 18
16914Sept 6
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
$ per share $ per share
122 Mar
9418 Mar
18112 Mar
8312 Mar
6712 Jan
33 Mar
977 Feb
8
5418 Mar
78 Mar
812 Mar
6934 Mar
58
Jan
1464 Jan
240 Mar
112 Mar
414 Sept
618 May
30 Dec
3612 Mar
73 Mar
4
1614 Mar
814 Dec
734 Dee
144 Mar
14
Apr
6514 Mar
11812 Jan
4012 Mar
96 Mar
834 Mar
52 Mar
62 Mar
59
Jan
683 Nov
4
15014 Mar
172 Dee
102 Des
26212 Jan
1093 Sept
4
7378 Aug
46 Feb
103 Dec
7778 Dec
893 Dec
4
185 Nov
8
4
873 July
61 June
17014 Dec
305 Jan
1783 Sept
8
1158 Feb
1814 Feb
37 Feb
5134 Feb
1218 Sept
315 Sept
8
1412 Jan
14
Jan
24 Aug
5
23 8 Aug
83 4 Sept
3
1264 Apr
7114 Dee
108 Dec
98 Nov
9614 Oct
Oct
74
72 Sept
7212 Dec
18312 Sept
15312 Jan
47 Jan
42 Ded
5514 Dec
5014 Dec
8418 Dec
2714 Feb
4114 Sept
10912 Sept
4112 Dec
80 Dec
131 Sept
12012 Sept
77 June
31 Feb
66 June
533 Dec
4
513 Sept
8
683 Sent
2
106 Dec
144 Sept
923 Apr
4
617 May
8
129 Mar
3712 May
2212 Mar
3334 Mar
30 Mar
6812 Mar
18 rift
2518 Apr
95 Mar
3414 Jan
673 Mar
4
11312 Mar
11512 Mar
714 Jan
24 Dec
62 Mar
2412 Jan
344 Mar
605 Mar
8
7512 Mar
118 Mar
84 Mar
384 Jan
418 July
10 Feb
1912 Oct40 Feb
3918 June 513 Feb
8
113 Oct2212 Feb
4
118 Dec
378 Jan
257 Dec 5212 Feb
8
50 Dec 79 Feb
60
Oct 667 Feb
8
2912 Oct 4718 Feb
82 Mar 963 Dec
2
27 Mar 45 Sept
7111 Mar 95 Sept
120 Mar 13212 Jan
117 Mar 14712 Sept
130 Mar 20412 Sept
93 Mar 106 July
8
304 Mar 483 July
8
193 Mar 287 Feb
4
2014 Feb
6
Jan
2778 Apr 4438 Sept
1394 Mar 1707 Oct
8
8312 Nov 8538 Aug
653 Mar 8212 Aug
4
15 Oct48 Jan
4851 Ma .
574 Oct
157 Oct2634 Jan
8
67 Mar 122 Dee
79 Ma
96 July
703 Mar 917 July
4
8
85 Mar 13514 Dec
79 Mar 10114 Dec
3934 Dec 42 Apr
40 Mar 453 Dec
4
42
ipr 6114 Aug
85 Mar 10312 Dec
8312 Apr 9712 Dec
5712 Mar 74 Feb
72 Mar 8014 July
274 Mar 51 Dec
3112 Mar 483 Feb
8
9618 Mar 11214 Dec
1035 Mar 13114 Sept
8
8712 Apr 9512 Aug
4218 Mar 6158 Jan
1312 Jan 43 Apr
14112 Mar 1683 Oct
8
743 mm5mi aaaa
563 174 Jan 811: Aug
1873 8
7 3 jrjjjaaaa
7516282
163 Mar
8
2712 Dec
72 Dec
18 . Mar
37 Mar
2438 Sept
394 Jan
863 SePI
4
Jar
32
5012 Jan
703 May 98 Sept
4
43 May 72 Dec
10418 Mar 112 Dec
9978 Mar 136 Sept
8 Dec 22 Sept
287 Dec65 4 Sept
8
3
4
43 Nov918 Jac
1074 May 1464 Dee
74 Oct16 Fet
7
7 Oct23 Da
2
106 Mar 148
Jai
New York Stock Record-Continued-Page 2
For sales during tile week of stocks usually inactive. see second page
preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Oct. 15.
Monday,
Oct. 17.
Tuesday,
Oct. 18.
Wednesday,1 Thursday, 1
Oct. 19. I Oct. 20.
Friday,
Oct. 21.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 11921
On basis of 100-share lots
Z239
PER SHARE
Range for Prerious
Year 1926
Lowest
Highest
Lowest
Highest
$ per share $ per share $ per share 5 Per share $ per share 1 $ per share Shares Indus.
& atiscel. (Con.) Par $ per share $ Per share $
*1223 123 *12238 123 *12238 123
8
per share $ per share
12278 1227 12214 12214 12214 12214
8
400 Allied Chemical & Dye pref _100 120 Mar 11 124 Aug 4
1163 1163 1133 1163 11312 11414 11339 11412 1133* 115
4
4
4
Mar 12234
4
11314 11312 5,400 Allis-Chalmers Mfg
100 88 Jan 25 1183 Sept 15 1183s Mar 945 Dec
s
7814
8 Jan
Preferred
100 109 Feb 9 11212 Apr 21 105 Apr 11112 Dec
*1312 133 *134 14
4
*13
14
13
13
4
123 13
1214 1239
1,500 Amalgamated Leather_No par
12 Sept 2 2418 Feb 11
2912 297 *2914 2912 29
8
1434 Oct. 21 Sept
2912 2914 2912 29
291
2914 303
8 6,100 Amerada Corp
No par 27% Apr 28 3738 Feb 7
13
13
.1212 13
244 May 327 Aug
13
13
1212 13
8
1214 1214 113 12
8
2,600 Amer Agricultural Chem__100
818 Apr 6 157
8Sept 7
*4412 46
4514 45 8 4334 44
9
3
Oct 347* Jan
4314 44
4214 4313 4214 4212 3,100 Preferred
100 2814 Apr 6 513 Jan 10
4
7118 743
4 7312 733
353 Oct 9612 Jan
7812 77
4 73
811g 7912 80
7912 803 10,500 Amer Bank Note
8
10 41 Jan 6 8118 Oct 19
*83
6412 *63
3438 Mar 46
6412 *63
6414 *63
644 63
Oct
63
*63
6412
10 Preferred
50 5612 Jan 4 65 Sept 14
1818 1818 173 18
4
55
17
Jan 5812 July
1712 17
1712 16
1614 1512 16
1,800 American Beet Sugar__No par
1512 Oct 21 233 Mar 14
4
*4614 463
4 464 4614 *4214 49
2012 Sept 383 Feb
*4214 47
4
4214 4214 *3818 44
300 Preferred
100 4214 Oct 20 6018 Jan 3
*233 24
4
55 Nov 83 Feb
224 2 8 2218 227
8 22
37
23 8 217 223
7
8
8 2134 22
9,100 Amer Bosch Magneto_ _No par
13 Jan 20 263 Oct 4
• 8 4212 4112 4138 41
4
413
16 May 343 Jan
4112 41
8
4114 3918 404 40
41
5,500 Am Brake Shoe & F newNo par 3512May 2 46 July 25
*122 1233 123 123 *122 123 *120 1223 *119 122 *119 .122
8
4
100 Preferred
100 11714 Feb 7 128 Mar 12 110 4 Wei 128 4 Feb
"914 10
- 184 912
818 912
183
4 97
8
9
914
9
9
5,900 Amer Brown Boyer' El _No par
514 Aug 26 3912 Jan 5
46
46
3014 Mar 50 Aug
43
46
46
50
50
50
*4614 48
*46
48
310 Preferred
100 40 Aug 19 98 Feb 1
6412 6618 6518 67
8612 Mar 9718 Jan
6412 6538 6318 655
8 6218 037
8 613 6312 262,700 American Can
4
25 435* Afar 31 673 Oct 4
*1333 134 *133 134 *1333 134
8
8
3878 Mar 6318 Aug
4
134 134
134 136
134 134
300 Preferred
100 126 Jan 14 1311 Sept 21 121
*101 10112 1003 101
g
8
Jan 13018 Dec
997 100
98
993
4 9714 98
98
98
5,100 American Car & Fdy___No par 95 July 13 10914May 27
9112 Mar 1147 Jan
8
*125 12712 125 125 •12412 1263 *12412 12634 126 126
4
126 126
400 Preferred
100 1213 Oct 6 I343
4
4June 8 12012 Oct 13014 Dec
70
704 71
723
s 69
713
4 70
70
6912 703
4 6912 71
8,400 American Chicle
No par 36 Jan 26 723 Oct 17
1418 1412 133 1418 1358 1414
8
8
31
Oct 51
Jan
1324 143
8 133 14
4
133 133
8
4 1,600 Amer Druggists Syndicate_ 10
93 Apr 20 1514June 9
41 Jan
8
168 168
16612 16714 164 16614 167 1673 16214 165
103 Aug
8
4
160 16212 4,900 American Express
100 127 Jan 17 17912 Oct 6 1057 Mar 140
274 274 2614 277
8 2614 2738 26
Jan
27
2512 26
2512 15,800 Amer & For'n Power No par
187 Feb 17 30 ..Sept 28
8
10512 1053 10512 1053 1053 1053 10514 1053 10512 10512 25
8
1414 Nov 423* Jan
4
4
4
4
10514 10512 2,500 Preferred
No par 8612 Feb 15 108 Sept 12
12
12
1112 117, 1 112 1 13 *1114 1134
79
Oct 98 Feb
4
1178 117 *113 12
8
4
1,100 American Hide & Leather_ 100
73 Apr 26 127 Oct 6
8
61
61
*593 6012 *593 6012 *593 6012 593 597
7 May
4
s
1712 Feb
4
4
4
5912 597
900 Preferred
100 48 Mar 1 667 July 20
573 587
4
8 56
3312 May 6714 Feb
583
s 554 563
8 5513 5613 5518 5614 553 56
9,800 Amer Home Products__No par 30% Jan 3 59 Oct 14
277 28
8
27
235g Oct 307 Dec
2712 2712 2712 2714 2712 2614 2718 2534 27
8,500 American Ice New
No par 253 Oct 21 32 Aug 22
4
*
90
92
*9014 9112 *90
9112 *90
91
*90
91
90
91
100 Preferred
100 84 Jan 7 9612May 7 - -1- Oct 164 ilit
513 52
14
52
81 2
52
51
52
te
35012 51
50
51
50
5012 4,200 Amer Internat Corp_ _ _No par 37 Mar 23 5614 Sept 14
*714 73
7
313 July 463 Feb
8
4
714
74 714
4
7
7
7
7
7
7
2,800 American La France FE.... 10
4 June 4 10 Jan 3
97 Dec 157 Jan
544 55 4 5418 56
3
533 553
4
8 5414 5312 547 575
8
5514 583* 82.000 American Linseed
100 2018 Apr 5 5812 Oct 19
84
8438 83
2558 Oct 5274 Jan
84
*82
84
8214 83
7
833 8418 8312 84
4
3,900 Preferred
100 4638 Mar 19 843 Oct
10518 1054 10512 106 *10414 105
8
673 Oct 87
4
Jan
104 10412 10314
10214 10314 5,500 American Locomotive_No par 10214 Oct 21 116 May 15
*12418 12478 124 12418 •124 125 •124 125 *124 104
18
9014 Mar 1197 Jan
8
125
124 12412
600 Preferred
100 11912 Feb 23 127 July 23 116 Aug 12414 Dec
143 1467 13834 142
8
136 142
140 142 213514 138
14014 147
6,200 Amer Machine & FdyNo par 7314 Jan 3 1493 Oct 13
4
*185 195
6514 Oct 8012 Aug
185 190
185 185 *185 190 218314 185
180 18518
190 Preferred
100 12518 Jan 6 196 Oct 14 114 July 125 Dec
*4112 4212 *4114 42
4112 4112 *4213 4313 4112 42
*4112 42
400 Amer Metal Co Ltd__ _No par 38 July 12 464 Aug 3
•11012 11112 110 111
4314 Dec 573* Feb
111 111
111 111
110 11012 110 11112
560 Preferred
100 108 Jan 6 11212May 17
713 72
8
6912 7112 685 693
8
4 6814 693
4 6718 687
8 6612 677 22,000 Am Power & Light __ _ _No par 54 Jan 27 733* Oct 10 11312 Apr 120 Feb
8
13614 13612 13514 1364 135 136
503 May 7212 Sept
4
13324 136
13214 134
12912 133
8,000 American Radiator
25 11012 Jan 21 1477 Sept 16 10114 May 1223 Aug
8
s
95
95
•95
96
*95
98
*95
97
*95
98
95
98
200 Amer Railway Express.. _ _ _100 8712 Apr
105 June 24
463 463
7738 Mar 90 Dec
8
8 444 463
4 447 46
8
433 4512 44
8
44
43% 461
2,700 American Republics_ __No par 3518 Jan
647
4July 7
5712 58
397 Nov 74
8
5615 573
Jan
4 56
58
57
5914 56
57% 57
58
16,600 American Safty Razor.. _ 100 42 July 23 6112Mar 28
4012 4012 397 401,, 393 40
42 Apr 70% Aug
4
4
4018 403
4 39% 4012 39
397
5,300 Am Seating v t c
No par 39 Oct 21 51 July 20
33
338 3 8
s 312
3
33
8 38
-- -3
338 33
8
34 34
,
2.700 Amer Ship & Comm_ No par
,
34 3
,
,
31i Oct 20
53 Doc 117 Mar
63 Jan 7
4
167 16814 16414 168
8
16418 1653 163 1654 1613 16414 1607 1627 51,000 Amer Smelling & Refining.
8
8
8
100 132% Jan 25 18012Sept 15 109% Apr 152 Aug
•129 130
129 12918 12978 129% *12912 130 *129 1291 1283 129
4
800 Preferred
100 11914 Mar 1
132183e1't 30 1128 Mar 1223 Dec
*133 136 *133 136 *133 135
8
135 135
13312 1331 •13314 135
200 American Snuff
100 11938 Jan 17 145 Sept 7 1213 Oct165 Feb
4914 4914 4912 493
4
4 491s 497
8 49
4912 4818
473 481
8
8,100 Amer Steel Foundries__No pa
4113 Apr 29 5814 Aug 24
•11312 114 *11312 114 *11312 114 *11313 114 *11312 49
40 May 47 Aug
114 *11312 114
Preferred
100 11014July
115 Jan 13 110'4Sept 115 Feb
85
89
8014 8512 SO
823
8 78% 82
79% 7812 811 46,500 Amer Sugar Refining
100 78 Oct 20 95341%1 ay 26
*11212 1131 112 11212 108 11112 10914 10912 78
6514 Apr 8714 Nov
108 1091 108 108
3,200 Preferred
100 1077 Mar 3 11612May 26 100 June 11012 Nov
8
6712 677
8 66
673
4 6518 657
65
8 63
6212 641
623 63
8
12,100 Am Sum Tob v t c
No pa
4112 Jan 3 6834 Oct 13
32
32
2914 Aug 44 Dec
.31
33
32
32
*31
3212 *31
32
31
31
300 Amer Telegraph & Cable....100 26 Apr 1 363 Aug 24
18212 183
4
18012 18278 1797 1801 178314 181
2512 July 411 Feb
8
17618 1783 172 1763 38,900 Amer Telep & Teleg
8
4
10 14914 Jan 3 18512 Oct 11 13958 June 141 Dec
15014 1501 14812 1503 14718 149
14834 14914 150 1581 153 1633 21,400 American Tobacco corn
s
4
____ 51 120 Jan 7 16334 Oct 21 11139 Mar 1243 Sept
15012 151
14814 150h 14712 14912 14912 15018 150 1593 158 165
4
37,800 Common Class B
5 11914 Jan 5 165 Oct 21 11018 Mar 124 Sept
•115 1161 *115 11612 116 116
116 116
11514 1153 11518 11518 1,000 Preferred
10 11018 Jan 4 118 Sept 9 10618 Jan 113 May
1363 137
4
136 1393 1333 135 •133 1343 *130 135 *130 133
4
4
4
900 American Type Founders,. _10 125 Jan 7 146 Feb 18 114
63 8 641
7
Jan 135 Feb
62
6412 59
6214 59% 6238 6018 613
4 603 623 34,900 Am Wtr Wks & Elc newNo pa
4
8
46 Aug 8 7218 Sept 28
_
1st preferred (7%)
10 10413 Mar I 61 Sept 23 10112 Mar 1681- -Jan
22
22
2134 22
- 4
2134 213
4 2114 217s 2118 2138 2118 21h 4,300,American Woolen
10
1612June 7 33s Jan 5
55
55
19 June 427 Jan
54
5418 5412 5412 5312 5414 5312 5312 *53
8
5412 1,1001 Preferred
10
46%June 1 8612 Jan 7
66 Apr 9014 Dec
2112 2312 21
223
8 2012 21
22
2414 2212 2338 2134 2212 10,800 Am Writing Paper ctfs_No par
7
97 May 26 2414 Oct 19
8
*6
618
618 618 .6
7
*6
7
618 67
8 *61,
400 Amer Zinc, Lead & Smelt
25
36
5 4Sept 6 1014 Feb 17 -- 13
36
3618 37
-- -8 Feb
1218
3612 3612 3612 3612 3678 40
3912 393
4 2.800 Preferred
47
25 35 Oct 14 5114 Feb
4714 4612 473
20 May 54 Dec
8 4612 47
4612 47
46
463
8 4618 46% 13,000 Anaconda Copper Alining_ _50 4114June 27 49,8Sept 18
*49
50
493 5014 4912 493
4
21
4113 Mar 517 Aug
8 464 48
4 4914 493
x4618 4618 2,700 Archer, Dan'Is. Micll'cl_No par 38 Mar 1
.111
____ *111
5012 Oct 14
____ 11012 111 *111
347 June 443 Jan
*111
4
10914
30 Preferred
*84
100 106 Jan
85
111 Oct 18 100 Mar 108
843 843 *84
4
4
Oct
844 *84
-8434 *83 84 8318 10914
200 Armour
_ _100
Sept
912 9,
95
(1 97
8
94 9 8
7
938 934 914 912 94 834 4,300 Armour & Co (Del) pref..A.. _25 83 4Nlay 20 9614 Feb 16 9014 May 977 Jan
2
914
of Illinois Class
81
6
6
157 Jan 7
8
1318 May 2512 Feb
53* 57
53
s
8 53
8
5% 5%
53
8 55
8
538 5% 3,200 Clas. B
25
6512 6512 643 647
518May
918 Jan 6
4
8 64
534 May 17
64
Jan
6214 6312 62
6213 •
62
63
1,000 Pi elerred
100
36
3614 35
3574 *3412 35
80 Apr 93 Feb
3418 35
33
34
33
3334 2,800 Arnold Constable Corp_No par 60 Apr 13 8614 Jan 27
21 Apr
*2512 26
*2512 26
3812
18 Apr 3134 Jan
*2512 253 *2512 253
4
4 2512 2512 *2512 253
4
200 Art Metal Construction_. 10 22 Jan 11 32 Aug 26
*46
463 *46
4
463
8 46
June 24
1918 Jan 2334 Oct
46
45
4512 4414 4414 44
44
500 Artloom Corp
No par 433
4July 1
4
•114 1143 *114 11434 *114 1144 •114 1143 *114 1143 *114 1143
543 Jan 5
4
464 Sept 6312 Jan
4
4
Preferred
100 11114May 3 114 Sept 8 108 Mar 113 Dec
49
4914 473 4914 463 483
4
4
8 4634 483
4 463 48
463 471 12,200 Assoc Dry Goods
8
4
No par 3912 Feb
*109 110
10912 10912 5108 110 •109 110
52 Sept 20
3714 Mar 547 Jan
109 10914 *108
400 lst preferred
100 9712 Mar
*108 110
10812 10812 *109 110 *108 109 *108 109 *108 109
11014 Sept 23
96 Mar 10212 Jan
109
200 2d preferred
100 105 Mar 23 1093 Sept 22 102 May 110 Dec
*35
4018 *35
40,8 *35
4
41
*35
4018 35
35
*35
200 Associated 011
404
25 35 Oct 20 5014 Feb 19
337 337
8
8 3318 3338 3438 3 4 3314 35% 33% 33% 34
443 Jan 60 Mar
4
53
34
2,400 All 0 & W IS S Line__No par 30% Mar 25 42 Jan
333 333 *3312 35
8
8
5
*3312 35
29
Oct 683 Jan
34
3414 *3312 34
8
*3312 34
300 Preferred
100 293 Mar 25 4114June 7
4
116 11612 1134 116
11314 114
3314 Oct 5614 Jan
113 115
11312 115% 114 1171 11,600 Atlantic Refining
100 107 Jan 28 13133 Aug 5
•11612 11714 .11612 11714 *11612 11714 *11612 11714 *11612 11714 *11612 1171
97 Mar 12838 May
Preferred
100 11512 Feb
*62
63 8 *62
3
119 Aug 20 11518 Oct 120 June
6318 *
63% *62
8 .62
633 *62
8
63h
Atlas Powder
No pa
56'z Mar 1
70 June 9
54 Mar 64 Nov
104 104
104 104
10413 10412 *104 10514 *102 103 *10212 1041
1,010 Preferred
100 98 Jan 6 107 July 2
"74 8,2 *75
8 8
94 Jan
,2 *75
8 812 *Ps 812 *7% 812 4.7s, 81
9738 Dec
Atlas Tack
•61, 6
No pa
714June 25 1218 Apr 7
512 512 *512 6
Oct 1712 Jan
8
*512 6
*512 612 *512 61
100 Austin. Nichols&Co vtcNo pa
"30
4% Mar 22 1014 Jan 3
35
*30
715 Oct 28
35
*30
35
Jan
31
31
*2912 31
*2912 30
100 Preferred
100 2618July 26 61 Jan 5
25114 25178 249 25012 248 24912 24812 2493 248
54 Nov 93 Jan
4
4
•120 123 *121 12112 *121 12212 *121 12212 121 2483 248 2493 10,600 Baldwin Locomotive Wks_100 14318 Jan 18 2653
4Sept 6
927 Mar 1673 Dec
8
4
121
12112 1211
300 Preferred
•109 110
100 116 Jan 14 12.5114t 10 .5_
109 109
10 27, y7 1.
y
109 109 *109 110 •109 110
0
Nov
110 110
400 Bamberger (L) & Co pref....100 1063 Mar 30
5112 5112 *51
4
53
*51
53
.44
53
*4412 5012 *45
491
100 Barnett Leather
2112 2138 2114 2138 2118 213
No par 40 Jan 6 594 Feb 9
8 2112 213
8 2138 213
8 21118 2218 9.000 Barnsdall Corp class
A
*21 22 *2038 2134 2012 2012 *2034 22 *2034 22 *2034 22
25 203 Oct 6 3512 Feb 26
4
33 3
2312 May - 1- -Jan
100 Class B
89
25 2012 Oct 7 3212 Feb 28
88
85
8514 83
2212 Oct 3912 Jan
86
85 8512 8312 8312 86
8612 4,600 Bayuk Cigars, Inc
*14
15 4 *1334 143
No par 4912 Jan 25 973 Aug 17
,
4 1414 1414 14
39 Mar 553 Nov
1412 14
14
14
*
14
1.500 Beacon 011
65
6712 6712 7014 6612 677
No par
14 Oct 14
1814June 7
8 63
683
8 6414 653
4 6312 6412 21,000 Beech Nut Packing
2212 2212 22
20 5014 Apr 29 7014 Oct 17
223
8 22
2214 217 223
- -7g Feb
8
71
2212 2214 22h 3,500 Belding Ilem'way
4 22
553 5618 5412 56
Co__No par
4
543 55
8
1512JolY 7 2714 Jan 7
533 55
26 Dec 393 Jan
4
5212 54
4
52
11614 11612 1163 1173 1163 1173 1163 1167 1163 1173 11734 5312 49,900 Bethlehem Steel Corp
100 432 Jan 27 6612Sep1 8
4
4
4
4
3714 May 51 18 Sept
4
4
4
4 4,100 Preferred (7%)
4012 4112 393 4014 397* 393 *3913 4012 3914 3914 39 1173
100
8
4
99 June 1057 Dec
8
39% 2,500 Bloomingdale Bros.__ ..No par 10434 Jan 3 1173 Oct 17
•111 11114 11114 11114 11114 11114 *11112 112 *1093 11114 *110
34 June 15 4214 Aug 17
28 June 42 Dec
4
11114
20 Preferred
6834 667
100 10912 Jan 20 11314 Apr 18 10414 June 110 Dec
8 6312 6612 63 4 6514 64
3
64
633 6414 6312 6418 3,400 Bon Aml. class A
4
*47
8 54 *43
No par 5318 Jan 5 6812 Oct 8
4 5
47
8 5
*43
5313 Dec 5618 Dec
4 5
*43
4
4 514
514 *43
300 Booth Fisheries
*39
41
No pgr
8 40
*387
412Sept 2
•387 401 *387 401 •384 4013 *3878 4012
8
83 Apr 14
8
418 Mar
s
934 Jan
1st preferred
100 36 Sept 20 5714May 27
23
23
2314 23
*23
231 *23
231 *23
343 Oct 5112 Jan
4
25
*23
25
500 Botany Cons Mills class A....50, 18 May
8 22
22
14 223
223
s 2114 217
4 3012Sept 6
8 2012 2118 20
20 May 4118 Jan
2012 20
2013 18,600 Briggs Manufacturing_No
part 1912Sept 27 363 Feb 23
8
24
Oct 3712 Jan
18212 18212 180 181
179 182
180 181
17712 180
178 1793
4 7,700 Brooklyn Edison, Inc
100 14812 Feb 11 1847 Aug 16 133 Mar 163 Sept
4
133 1333 127 13312 1267 132
8
128 132
128 131
s
128 131
14,400 Bklyn Union Gas
No par 895 Apr 4 15412 Aug 10
8 453 463
4612 46 s 4512 467
3
8
4
8 46
46
4512 4578 *4412 4513 2,700
68 Mar 98 Dec
No par 3012 Feb 1 467 Oct
8
3214 327
8 327 333
8 3278 33 8 3218 3212 3218 3218 3,800 Brown Shoe Inc
4 3278 333
2912 June 485 Jan
3
8
13runsw-Balke-Collan'r_No par 257 July 11 387 Jan 17
1013 1013 10178 10324 1007 102
4
101 101
4
8
10
8
2438 Mar 393 Sept
102 1027s 101 102
1,900 Burns Bros new clAcomNo par 8512June
21
21
21
21
17 1253 Jan 20 121 Mar 144 July
193 21
4
17
19
4
17% 177
4
8 1818 183 10,100 New class B corn_ .....No par
1614 Mar 18 343 Jan 27
9412 *94
*94
9412 *94
941
9412 941 *9434 965 •943 963
4
2612 Nov 44 Feb
5
4
100 Preferred
4
*13112 1333 131 1313 13114 13122 129 130
100
4
4
97 Mar 10312 June
129 129
129 1307
8 2,300 Burroughs Add Mach ..No par 90 June 20 100 Jan 3
6612 683
8 6618 66*3 643 67
68
66
7712 Apr 124 Dec
8
65
65 2 6512 6712 19,800 Bush Terminal new.... ..No par DO Mar 2 13412 Oct 11
,
__
293 Jan 12 685 Oct 17
4
107 107
5
1063 1067 10614 lOO7s 107 107
107 107
4
163 Mar 3414 July
4
107 107
110 Debenture
100 9114 Jan 5 1073
118 118 *11614 118
4Sept 29
117 117
86
Apr 93 Aug
11814 1187 11712 11712 *117 11812
80 Bush Term Bldgs. pref
100 10339 Feb 14 120 Aug 8
4
418 *4
44 41s
41
9912 Jan 104 Nov
4
4
*4
414
45* *4
1,200 Butte Copper dr Zinc
5
33 Mar 19
4
518May 2
473 50
4
473 481
4
4 Dec
4514 49
614 Feb
4812 5012 4812 49
4812 49 2 8,700 Butterick Co
,
*812 83
1011 44 Oct 13 613 Feb 15
4
4
812 812
173 Mar 71 Sept
812 87
812 87
8 *812 87
8 *812 84
700 Butte & Superior Mining
10
7 4 Apr 4 113 Jan 7
3
4
*7212 75
7 18 Slay
7112 721
727 73
1614 Jan
8
70
70
6712 6814 *6812 72
2,500 By-Products Coke
No par 66 Jan 29 9212June 2
53 June 90 Sept
8014 8212 80
8214 794 823
8253 83
4 7914 8012 7812 8012 19,700 Byers & Co (A M)
No par 42 Jan 3 94 June 2
28 Mar 447 Nov
6518 6512 643 651
65
8
65
6418 643
4 64
64 12 633 64
8
4,500 California Packing _ _ No par 6014 Apr 1
70 Jan 5
6614 Oct 17913 Feb
8 2018 201
2014 2014 2014 203
2018 2012 203 2112 2114 22
4
10,900 California Petroleum
25 20 Oct 11
327s Jan 18
2934 Oct 3818 Feb
8
112
lh
13
8
112 •138
138
13
3 •13
138
138
500 Callahan Zinc-Lead
13
8
133
10
114Sept 26
25 Jan 17
8
86is 864 843 87
112 Mar
4
85
25 Jan
,
88
8614 8812 86
88
84
87% 13,200 Calumet Arizona Mining
10 6112June 27 893 Oct 6
4
5512 Mar 735 Aug
8 1612 162
4
•1612 163
8
1612 163
4 1612 167
4
1639 1612 1613 16%
1,700 Calumet & Reda.
25 1414July
133 Mar 1813 Aug
3
497 51
517 534 523 5418 497* 527
8
4912 501,, 4918 5018 37,700 Canada Dry Ginger Ale.No par 36 Jan 7 171* Sept 17
5 6018 Aug 10
3212 Oct 49 Sept
25712 268
264 27213 25814 26012 264 265
267 27014 259 265
11,300 Case Thresh Machine
100 132 Jan 27 28314 Oct 7
6213 Jan 176 Aug
•Bid and asked prices; no sales on this day. 2 Ex-dividend. a Ex-rights, b'Ex-dividend and ex-rights.
1104
2240
New York Stock Record—Continued—Page 3
Inactive, see third page preceding
For sales during the week of stocks usually
.
PER SHARE
PER SHARE
.
Range for Previous
STOCKS
Sales
Range Since Jan. 1 1927
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
'
Year 1928
-share lots
NEW YORK STOCK
for
On basis of 100
EXCHANGE
the
Friday,
Wednesday,' Thursday,
Highest
LOICea
Highest
Monday, 1 Tuesday,
Lowest
Saturday.
Week.
Oct. 20. I Oct. 21.
Oct. 19.
Oct. 18.
Oct. 17.
Oct. 15.
S per share
& Miscel. (Con.) Par $ per share S per share $ per share 11812 Aug
per share Shares Indus.
96 Jan
21
S Per share 5 per share I $ per share $ per share $ per share1 S
200 Case Thresh Mach prof__.100 111 Feb 28 12412May 28
118 118 *11614 122
2813 Oct 3314 MIS
Apr
11812 11812 *11614 122 *11614 120
*11614 122
5.300 Central Alloy Steel____No par 24 Apr 1 33
2614 2512 26
7 Nov 2012 Jan
3
4
2612 2612 2612 26 4 2612 2812 2614 2612 26
4
1
/
8 Jan 3 223 Oct 6
100
Leather
100 Central
2212
834 Nov
4
1
/ *2214 2318 *22
2212 22
7 Dec
*2212 24
*2212 24
24
*23
714 Jan 3 1512May 26
100
Certificates
4
4314 Apr 683 Jan
100 54 Jan 14 94 Oct 4
Preferred
50 Nov 5412 Dec
4July 18
4.150 ___ _ *90 ____ *90 __ *90 .-__ *90 ____ *90 ____
_ 100 54 Jan 3 783
Preferred certificates_ —
8
1014 Oct 327 Jar
4
1012 Jan 26 183 Aug 30
500 Century Ribbon Mills_ _No par
14
14
Jan
*1212 1312
14
1214 14
7814 Dec 90
1214 *12
*1214 I42 12
100 70 Jan 24 84 Aug 2
30 Preferred
4
1
/ *7612 8412 *7612 8412
84
8412 .76
5712 Jan 7312 Aug
8412 *76
27 68 Sept 17
•80
81
81
1
/
624 14,9110 Cerro de Paso Copper_No par 58 June 25 55 4May 11
4912 Jan
4
1
/ 6212 61
60
624 63
3618 May
6233 63
3
6212 64
64
64
8,400 Certain-Teed Products_No par 42 Jan
4 5012 51
4
1
/ 513
50
8 5012 52
5112 517
88ept 8 100 May 10614 Nov
1
/
534 514 53
53
100 106 Feb 1 1137
----100 1st preferred
4
1
/
8 Nov 26 Feb
4
11334 1133 *11412 _ _ *11412 _ __ *11412 ____ *11412
*11238
5 Aug 16 14 Mar 22
300 ChandierCievelandMotNo par
6
8 *512
7
5 s 57
6
4
*512 203 Dec 4514 Feb
6
6
512 512
No par 13 June 27 2614May 6
-6
*5
1,800 Preferred
19
1912 19
8 19
1
/
4
1
/ 194 197
4
1
/ 19
9412 Apr 12814 Dec
4
1
/ 1914 19
*1812 1912 18
12012 Jan 3 13714 Mar 2
300 Chicago Pneumatic Tool-100
12512 12512
8
4518 May 663 Jan
1
/
127 127 *1254 130 *12512 12712 *12512 12712 6034 613 13,400 Childs Co
8
*12512 130
No par 485 Mar 31 65% Aug 25
8
8
6312 6012 61
81
30 Mar 363 Jan
4
1
/ 6212 63
6312 6412 6258 63
25 3318June 27 3914 Mar 21
8.500 Chile Copper
1
/
26 Nov
5
16 Ma
3538 3434 3538 34 8 3518 344 344 344 3414 ----Chino Copper
7 24 Apr 11
8 35
3
5 2218 Jan
353* 35
---------------------3
4
1
/
29 Oct83 4 Jan
8
.
,1195 Christie-Brown tern ctfsNo par 347 Jan 5 73 Oct 21
8
2812 Mar 547 Jam
614 iiis 6712 i 68is 6858 5134 73 150,100 Chrysler Corp
8Sept 6
8 4
ii53 - 12 64 No par 3813 Jan 28 623
5314
4
1
/
5
4
1
/ 5312 54 8 5212 53
54
4
1
/ 584 544 5614 54
55
Jar
93 Mar 108
3
No par 1023 Apr II 1143* Aug 28
400 Preferred
4 *112 113 *112 113 *112 113
60 Dec 6812 Jac
4
11234 11234 1134 11313 1123 1123
Co_No par 51 June 17 7812 Oct 19
1
/
7612 7812 764 7812 r7514 7714 22,700 Cluett Peabody &
1
/
4
1
/ 744 76
4
1
/ 77
4
1
/ 74
100 11114 Jan 6 124, Oct 19 10314 Jan 116 Sept
7414 74
1.60 Preferred
12418 12418 *12412 125 *12412 125
4
1
/ Dec
124 124 *12418 125
*12312 124
No par c9612 Apr 27 19912 Apr 22 128 Mar 174
8
121 1227 12,700 Coca Cola Co
12112 124
8
12212 1237 12212 124
12312 125
Aug 26 101 Oct 19
12412 125
4
1
/
4
/
941 97 121,300 Collins & Altman new.No par 86 Jan 4 963* July 12
9514 99
3
2738 Mar 19 3 Oct
9912 9512 10012 9712 101
4 96
973
100 4253
92
4
1
/ 82,500 Colorado Fuel & Iron
8212 784 8012 77% 80
5538 Jan 7034 Del
4
1
/ Oct 21
3
3
3
1
/
82 8 84 4 794 8312 7912 8114 79
9278 22,600 Columbian Carbon v t cNo par 664 Jan 11 92
4
/
1
/
874 891 88
8
4
4
1
/
4
1
/ 2853 8818 863 88
85 Nov 91 Del
3
9834May 27
4
1
/ 85 s 88
85
4
1
/
85
Gas & Elec new.No par 82 Feb
3
4 8811 883 14,500 Colum
3
987 Nov10153 Nov
3 891 9014 8914 9014 8814 893
4
1
/ 907
4 89
903
90
100 9912 Jan 24 108 Oct 10
8 1.600 Preferred new
1
/
1064 1063
10612 107
___ ,.-•
4 Oct 7
4
/
4
10712 10712 1071 1073 1075 10718 10712 108
20,600 Commonwealth Power_No par 4838May 25 783 Feb 21
8 6512 69
4
1
/ 7012 6812 711t 6712 695
I612
-- - Nov 1713 -Jan
3
4
1
/ 723* 68
89
7112 72
14 June 29 203
_No par
1.200 Commercial Credit__
4
1
/ 18
*17
18
18
4
1
/ 18
•17
Nov 2614 Jan
*1734 18
214
4 1734 18
4
173 173
25 17 June 10 2412SeDt 26
20 Preferred
2212
221 1 *22
4
223 *22
20 Nov 273 Jar
4
221 1 *22
4
223 *22
8-fune 15 2314 Sept 20
2214 2212 *22
25 187
170 Preferred B
4
1
/ 2334 2312 2312 *2212 2312
2212 *22
8513 Dec 9913 Feb
8 22
1
8
*225 23 4 2212 225
460 1st preferred (6 H%)—100 69 July 8 86 Sept 23
Jac
8212 *821 1 83
82
82
8212 82
1
/
544 Dec 72
82
8214 83
84
568 Mar 14
*83
400 Comm Invest Trust-No par 4118May 4 9812 Jan 27
46 18
Jac
1
/
8
4814 484 463 464 46
97 June 104
*4618 49
3
*463 49
•4633 50
100 9412Sept 20
80 7% preferred
97
97
97
97
98
*97
89 May 100 Jan
97
Mar 14
97
97
974 97
*97
100 813113July 5 95
100 Preferred MD
8
3
4
1
/ *883 897
1
/
*884 89
88
897* 88
8812 *88
Oct 20 203 Sept 16
3 88
897 *
88
*
Solvents__ No par 161
16112 16712 22,900 Commercial
4
12-13 May -2933 bent
4
4
/
3Sept, 6
1711 1743 1673 17714 161 170
17214 180
18014 181
par 1714 Jan 26 263
1
/
4
1
/ 2414 224 2312 60,000 Congoleum-Nairn Inc_No par 47 Mar 11 69125ept 1
22
4
/
3 211 24
4012 May 57 Del
8 2112 217
3
4 217 223
2214 223
No
6612 6818 9,000 Congre.ss Clgar
68
6812 67
3 67
3
3 Dec • 1 Mai
8
5 Jan 5
8 6714 677
4 6712 687
673
66
14 Feb 1
par
No
i2
*1 1
Conley Tin Foil stpd
12
*14
12
*14
1
*14
1
12
*14
v14
4
1
/
45 Apr 7814 Del
3
3
No par 75 4 Oct 20 86 4July 7
4
753 7618 6,900,Consolidated Cigar
4
4 753 78
4
1
/ 1
4 7714 783
91 Mar 107 J11 3
7912 7814 783
4
7914 79
1
/
79
100 964 Aug 11 1063 Aug 23
8001 Preferred
101 10118 *9814 102
102 102
103 103 *102 103
•102 103
64 Jai
4
/
11 Aug
4
1
/
2 Feb 4
27
3Ju1y
5
200 Consolidated DistrIb'ersNo par
5*
52
4
3
4
1
/
115 Aull
8
*3
kt
tso
87 Mar
4
3
8
*3
4
1
/
"Is
4
3
94 Mar 9 121,2Sept 17
8
*3
4
/
11112 11418 1111 11312 54,500 Consolidated Gas(NY)No par
_2-11418 11614 11312 116
11514 11612 11414 116
No par 93 Mar 18 10014Sept 19
7,600 Preferred
3
4 9918 9l)
3
4
414
- ilni
4
1
/ 993 99 4 9918 993
4
14
3
1 May
5
18
4
1
/ 99 3 99 4 993 99
71sJune
3
99 4 99
318 Mar 14
4
312 33 16.300 Consolidated Textile_ No par
4
1
/ 4
3
7
4 18
4
44
4
5012 Oct 93 3 Aug
44 414
3
414 414
Continental Baking ell-ANo par 3312 Apr 30 747 Jan 6
52
17,800
5112 5211 52
5112 53
5
7 8 Oct 1513 Sepl
3
55 4 5112 54
54
5412 55
4 May 19 1014 Jan 5
No par
514
512 15.000 Class 13
512 552
512 5.52
4
512 53
,534 6
8
552 57
87 Oct 9612 Aug
100 72 Apr 1 9714 Jan 13
3
4 9314 93 4 4,200 Preferred
933
*93
3
9212 94 4 9212 9314 9212 93
70 Mar 9212 Jar
93
93
4
Continental Can, Inc_No par 583 Apr 9 7712July 26
7514 7618 17.800
4
1
/ 77
75
77
76
4 Jan
4
1
/ 7618 77
4
3
4
1
/ 76 4 7618 77
74
25 135 Jan 27 2113 Oct 4 122 Mar 1443 Dec
4 3,600 Continental Insurance
204 2053
204 205
8
205 207
205 206
4
1
/
9 May 137
207 209
1334 Jan 6
208 209
4
1
/
9 Oct 21
11,100 Continental Mctors_ __No par
4
1
/ 10
9
3
9 4 975
4
/
7
9
7
9
3553 Mar 511 Dec
4
1
/ 10
9
10
1013 10
10
3
3 25,100 Corn Products 1tefining25 467 Jan 12 6318May 14
5754 581 57
5712 584 57
58
57
4
573 5814 5714 58
100 128 Jan II 13712 Or 4 12212 Jan I3014 Dec
300 Preferred
4
8
4 13434 *1343 1:153
1
/
4412 Mar 62 Dec
*134 13412 13314 13314 1344 13412 *134 13514 1343 10838 105 109
No par 56 Jan 3 10912 Oct 18
19,200 Coty. lime
104
4
64 Apr 823 Dec
4
1
/ 105 10912 10513 109
8
103 1037 104 107
of America....100 77 Jan 4 9634Mar 4
10.500 Crucible Steel
3
4 8318 8414 8018 8312 80 8 82
96 Mar 104 Dec
8512 84 843
84
100 103 Jan 18 115 Sept 14
8514 88
200 Preferred
113 113
*113 114
2814 Oct 5338 June
1812 Aug 19 3414 Jan 8
•113 11418 *113 11418 11314 11314 *113 114
No par
6,200 Cuba Co
2112 2112 2112 211
22
85* May 1112 Jam
4
4
103 Jan 5
3 213 2212 22
223
8
47 Oct 21
2214 2214 22
No par
9,300 Cuba Cane Sugar
4
1
/ 51
4
512 578
8
7
58 6
6
1
/
354 June 503 Dec
6
4
1
/
6
14
6
3
100 297 Oct 17 50 Jan 4
4
1
/ 612
6
17,200 Preferred
4
1
/ 31
3
3
3
2014 Aug 303 Jar
4
303 3118 3018 314 297 30 3 29
3
4
1
/ 3314 297 32
32
erican Sugar... 10 2012 Oct 2I 2813 Jan 3
4,000 Cuban-Am
201, 21
21
211s 2112 21
2112 211 217
4
21
973 Jan 105 NOV
Jan 31 107 Ault 11
211s
100 102
21
Preferred
*100 103
4
1
/
15 Sept 2014 June
7
1314 Oct 10 18 Jan 21
*98 8 104 *100 103 *100 103 *100 103 *100 103
131
Cuban Dom'canSugnewNo par
1312 v13
*13
1312
13121 .13
5113 Nov 55 Dec
4
1
/ *13
13
3
1312 *13
•I3
50 4312 Aar 8 58 4Sept 26
Cudahy Packing new
8
5214 514 531
4
/
7712 Mar 108 Dec
4
1
/ 5212
4
1
/ 53
'l 5134 521 5114 148 *14312 14753 9.300 Cushman's Sons
No par 103 Apr 4 152 Oct 17
5312 5312 52
2,700
4
4
1
/
8
147 1485 148 152 *139 1513 148 148 *14312
Jan
32 Nov 51
No par 30 Apr 28 5512 Oct 11
2,800 Cuyarnel Fruit
52
51
3
513 52
4
/
4
5214 511 52
2318 Oct 463 Feb
5212 5212 52
*5212 54
11,500 Davison Chemical v t c_No par 2614 Apr 28 4012Sept 24 12312 Mar 14113 Dec
8
3
8 353 3612 353 36
377
3
371s 3712 36
Jan 21 160 4Sept 10
4
3
100 13312
3818 3812 375 383
15512 15712 15718 15812 2,800 Detroit Edison
155 155
31
Oct 10413 Feb
8 Feb 2
4
1543 155
155 155
155 155
200 Devoe & Raynolds ANo par 3612 Aug 13 425
*3612 37
37
37
37
37
38
4
373 537
*37
38
100 115 Feb 28 147348ep1 20
*37
790 Diamond Match
4714 Jan
13912 13912 13912 139 13912 138 139
21
13912
2712 Jan 5 - 14 May 1
/
140 14014 1394 140
8
153 103.900 Dodge Bros Class A ___ _No par 131 1 Oct 19 85 Feb 14
1
/
144 14
1314
4
/
4May 90 July
1
/
79
4
1
/ 1518 141 1518 1314 15
1514 1614 14
No par 5612 Oct 19
8 5812 5912 5718 GI 110,600 Preferred certif
s 5812 615
,
7
30 113
8 Oct 20 Mat
604 62 8 605 817
4Sept 27
7 June
8212 65
No par
4
/
8 104 111 18,300 Dome Mines, Ltd
103
4
93 1012 10
19 Mar 46 Nov
4
1
/ 10
9
4
1
/
912 9
No par 46 Jan 3 80 July 5
4
1
/ 10
9
_ Douglas Pectin
4
/
4June 1 1111 Mar 11634 Aug
300 Duquesne Light 1st pref___100 I1414 Mar 2 1163
4 _ _
._ *1163
4
11612 11612 11612 11612 *11634
8
8
•11618 _ _ 1163 1163
No par 12614 Jan 28 17514 Sept 20 10658 Mar 1363 Dec
16018 16418 0.800 Eastman Kodak Co
.16312 16514 163 16414
4
23 Oct 3234 Feb
4June 20
166 16712 1643 166
167 167
s
Spring__ _No par 227 Oct 18 293
19.500 Eaton Axle &
24
23
4
1
/ 25
23
2412 25
2313 2418 2218 24
25 343,8 Oct 4 1548 Nov 18112 Dec
Jan
2412 25
par
320 32712 33.700 E 1 du Pont de Nem new_No 100 1681 Feb 5 116 Oct 20 10034 Apr 11018 Dec
8
1
/
4
1
/ 3304 3353 32814 33412 3253 332
/
1054
330 337
338 339
1.300 6% non-vot deb
*11418 113
3
10 4 Oct 2012 Feb
4
25 1114sept 22 1612 Feb 15
1143 11434 11434 11512 11514 11514 115 11512 116 116
3.900 Elsenlohr & Bros
13
*12
*1214 13
1318 1212 13
3 13
8144 Mar 82 Feb
133
3 13
8
127 127
No par 6312 Jan 13 100 Sept 8
4,200 Electric Autoltte
4
/
8
4
4 Mar 16 Dec
1
/
944 9518 923 9312 917 9212 9111 911 9012 9114 56,400 Electric Boat
1312 Mar 2 2218 Aug 15
96
94
No par
8
135 1712
1312 1414
1414 15
1514 Oct 3412 Feb
1512 1414 15
15
1512 16
, 1612 Jan 27 2912 Oct 1
No pa
Electric Pow,Ar IA
1
/
9912 Mar 115 Feb
284 2612 274 2613 264 39,800
30
4 2712 284 27
3
4 2712 281
273* 273
400 Allot ctfs lot' fil'ef 40% pd.- 1037 Jan 28 119 Sept 12
1
/ 119 *1184 11812
4
/
8912 Mar 9814 Sept
*11812 120 *11814 11912 *11814 1191 11814 119 *1184 1054 10584 I057
No par 96 Jan 14 10612Sept
.
8 1,400 Preferred
1
/
3
1057
4
1
/
105 106
3
106 106
8
333 Dec 7812 June
918 Oct 4 373 Jan 3
106 106
3
•1057 106
072 toil 37,300 F.lefria Ithfrigeration_No par
7
9 2 10
3
103
10
4
/
71 18 Mar 94 s Aug
4
1
/ 1118 1014 11
10
8
107 114
7.700 Elea Storage Battery_No par 8314May 3 791 Jan 6
70
704 69
70
71
814 Dec
7012 70
814 Dec
3 Oct 8 13 Apr 14
1
/
704 704 70
4
/
8
705 711
2.100 Emerson-Brant Class A.No par
4
4
4
4
5
*3 3 4
5
38 4
4
1
/
4
1
/ 3
3
3
4
1
/ 34
3
4
1
/
8512 Mar 72 Fe%
4
1
/
Corp__ 50 64 Jan 28 80 Sept 8
25
4
/
4 721 3,800 Endicott-Johnson
72
'3 7
4
Jan 120 Sept
4
1 41
/ 7 / 72
72
8
74
100 1163 Jan 5 125 Sept 15 114
74 • 7412 74
74
74
400 Preferred
12434 124 124
1
/
194 Oct 2412 July
4
4
No par 213 Jan 11 395: Oct 8
*12412 1243 12412 12412 12412 12412 *124
4
1
/
*124 124
10,100 Engineers Public Serv_
4
1
/ 3612 37
4
1
/ 37
4
1
/ 36
3712 3634 37
924 Nov 9612 Aug
3
3 37
No par 93 4 Jan 8 10813Sept 20
3
38 4 377
700 Preferred
3
377 38
10714 1071 1 107 1071g
8
2112 Oct 2558 Nov
10718 1073 107 107
4Sein 26
1
/
4
5 243 Jan 3 34
10714 10714 51074 108
8 8,700 Erie Steam Shovel
4
/
8 311 327
4
/
Oct 102 Nov
4
/
3218 3218 311 3214 3114 327
4
1
/
100 1011 Jan 6 11358July 22 100
8
323 3212 3214 32
300 Preferred
11014 *10912 11018 11018 11018
38ept,'20 9212June 3
3
997 June 13214 July
*10912 1104 *10912 1104 110 11018 •I08
600 Equitable Office Illdg_ No par 84
4
1
/ 8512
4
1
/ *8412 8512 85
4
1
/ 85
43 May 683* Dec
3
4
1
/ 85 3 85
3
85 8 85
•80
Clean_No par 50 Aug 12 77 Aug 6
3
85
•80
14 4,400 Eureka Vacuum
70
4
/
2•6914 711 70
3
17 Apt
1
/
144 July
4May 21
7112 73
3
1513 Jan 25 193
723 73
3
727 73
73
100 Exchange Buffet Corp_No par
73
3
3
•187 193 *1812 1912
19
37 Dec 593 Feb
4
4
1
/
8
7
No par 32 Sept 27 4312May 11
8
•187 1913 98 3 1912 *187 1912 19
400 Fairbanks Morse
•3518 37
38
3518 3514 3513 354 *35
36
100 10718 Feb 7 112 Mar 2 10612 Nov 115 Feb
*3512
4
1
/ 38
*35
Preferred
_-_*._ _ 109 *. __ 109
28 1148 Feb 24 10318 Jan 12712Junt
4
•105 115 *105 115 *.___ 109 •___. 109
27.500 F111110118 Playent-Lasky_No par 92 July
4
/
4
10614 1073 1081 10712
3
4
1
/
1
/
107 10812 108 109
100 1144July 28 1243 Jan 12 115 Mar 12412 Dec
4
1
/
3
108 109 3 107 110
200 Preferred (8%)
4
4
1203 1213
*12012 122
3
4
/
28 Mar 471 Dec
4
/
15 371 Jan 17 47 May 3
*102 122 *120 122 *120 122 *119 4 122
4
383 3914 3.400 Federal Light & Tme
4
1
/ 3914 40
40
40
86 June 94 Dec
4
1
/ 40
4014 39
No par 911: Feb 23 100 Aug 25
0
4
1
/ 4
1:10 Preferred
4012 40
9812 9812 9812
4
1
/ 9812 *98
41 May 111% Jan
Smeit'g_100 60 Feb 9 187 June 16
9812 9812 9812 9812 98
9812
*98
400 Federal Mining &
126 126 *122 131
Jan
61 Mar 105
100 7512 Jan 28 97 Mar 12
130 131 *127 140 •I27 140 *127 135
800 Preferred
59312 95
95
*94
94
94
95
1
/
*94
23 Oct 344 Aug
1812 Aug 8 3073 Jan 10
96
par
94
*
1
/
944 96
1912 1.700 Federal Motor Truck_ No
19(4 19, •19
4
3
19 3 193
20 20
9312 Feb 3 193 Jan 6 180 Apr 20014,Jan
2014
•20
Ins of N Y. 25
21
*20
156 16214 9,300 Fldel Phan Fire 1st pref
1
/
1534 157
155 158
96 May 107 Feb
100 9712 Jan 13 103 Mar 4
15114 15412 153 157
3
1497 182
200 First Nat'l Plc.
10012 *10612 101 *10012 101
3
1914May 11 30 Feb 7
28 Nov 493 Feb
NO par
•100 10013 •100 10014 •100 10014 10014 264 2618 2613 264 2818 4.800 First Nat'l Stores
1
/
3 2612
3
1414 May 2614 Jan
No par IA Oct 13 20 Apr 20
26
273* 2653 26
2714 28
1614 1612 48,300 Fisk Rubber
1612 1712 Mx 17
2
153 1634
1
/
764 Apr 8414 Mal
2
3
preferred stamped-100 81 Jan 5 100 Sept 19
151a 15 4 153 157e
100 1st
931
*9114 9312 *914 9312 *91
93
93
9512 *9114 93
*92
94 June 107 Mat
100 9412July 5 102 Sept 9
100 1st preferred cony
*97 100
*97 100
98
98
99
*97
324 Mar 5612 Fen
99
97
0
•97 100
45.300 Fleischman Co new ____No par 4618 Feb 1 8412 Aug 20
6212 6112 63
4
4
4
8
14 613 6314 613
7314 Dec 1793 Jan
No par 46 Sept 22 885 Apr 1
8
7
62 8 634 617 634 6153 62
1,800 Foundation Co
4812 4853 4812 4812 4814 49
Jan
5513 Mar 85
4812 49
No par 50 June 28 7413 Jan 6
49
49
49
49
7012 18.900 Fox Film Class A
4
7012 683 7014 69
4
1
/
4
1
/ 69
1
/
69
1958 Jan 38 Dec
69
No par 344 Jan 4 944 Oct 13
4
1
/ 70
69
6912 70
8772 115,900 Freeport Texas Co
4
8812 855
8 88
4
1
/ 903
8 87
4
1
/
25 Nov 42 Feb
No par 2913 Jan 3 59 Aug 5
4 8712 897
8914 911
Snubber A
4
/
911 93
3 15.800 Gabriel
4
1
/
3
9 Jan
612 Jan 27 124July 20
384 36 3 374 3712 381s 3812 40 4 5,500 Gardner Motor
4
1
/
5 Nov
No par
3 364 3612 36
94
3614 363
8
3
83
*8
8
3
8
812
3Sept 7
39 Mar 55 8 Jan
8
No par 48 Jan 3 623
4
1
/
84 8
814 812
1
/
e 5712 584 13.000 Gen Amer Tank car
4
4
1
/ 5912 575 593
9912 June 109 Dee
3
100 106 3 Mar I 11212Slept 28
3 57
5712 583
4
1
/
58
57
200 Preferred_
3
56 8 57
11018 11018 •110 112
14
50 Mar 044 Aug
100 65 Aug 27 96 Mar 2
11012 11012 *110 112 *110 112
*110 112
81% 108.100 General Asphtt
1
/
9473 Mar 140, Aug
4
1
/ 794 833* 7812 8134 7814 120
100 10714 Aug 27 1447g Mar 2
3
14 84 3 814 83
2.200 Preferred
9314 8513 80
120
123 12713 .12014 123
46 Mar 5912 Feb
par • 52 Jan 26 7012July 15
123 127
8
13,800 General Cigar. Inc new.No
12812 1287 124 125
4
1
/ 6713 69
69
4
100 116 Jan 5 136 Sept 22 109 Jan 118 Dec
6918 1388 7012 68
3 68
Preferred (7)
67% 687
4
*6712 673
583 Oct 19
1
/
120 130 •120 130 *120 130
51 Mar 56% Aug
120 130
120 130
500 Gen Outdoor Adv A_No par 544 Apr 11
*120 130
1
/
•584 59
4
1
/
1
/
2853 Mar 39 Dec
4
1
/ •584 59
par 37 Jan 18 5718 Oct 5
4
3 583 58
584 5814 553
3
58 4 58
5312 10.000 Trust certificates—No par 81 Jan 27 1465
.58
53
,3
53 4 5212 53
8Sept 7
79 June 9512 Aug
53
4
General Electric New _ _No
544 523 54
4
1
/
4
1
/
4
1
/ 5412 52
53
125 127 236,000
4
113 Dec
4
/
Jan
1251 130
4
/
111 Jan 5
11
11 June 21
133
_10
130 132N 12814
7
13412 135 8 131 135
1118 1114 5,300 General Electric special _ _ _ par 34 Apr 1 471 Feb 2
1
Jr.!
4
/
34 Mar 59
2 1P4 114
1138 113
1114 1114
:4
600 General Gas & Elec A _ _No
1114 1114 1114 113
373 3731 3712 3712
96 May 100 Dec
4
*373 39
pf A (7) No par 100 Jan 3 11018 Oct 7
39
4
*373
38
38
Gen Om& Elea
39
*38
Apr 113 Sept
0 11012.110 11012
No par 11314 Mar 22 120 June 1 10512
100 Preferred A (8)
110 11012 110 11012 110 11012.11
*110 111
1
/
924 Apr 96 Jan
120 120 .11812 120 *11812 120
No par 96 Jan 13 105 June 22
11812 120
Preferred B (7)
*11812 11912 11812 120
_ _ ._ *104
_.
Corp new_25 11314 Aug 19 141 Oct 4
10014 105 *10212 1044 *104
4
/
•I03 1041 1021 105
127 13118 1179900 General Motors
4
1
/
4
1
122 13.4
13014 133
1 13
100 11812 Mar 9 1254 Oct 4 13 Jan . / 8 13214
3.400 7% preferred
1
/
1394 135 13814 13418 1367 194I. 137
.
1381
4
19414 12.11, 1243 12411 12414
...... ..•
ion% In stock.
Ex-d1v1dend. a Ex rights c Es-dividend
no sales on this day r
•Bid and asked pdces:
New York Stock Record -Continued-Page 4
2241
For sales during the week of stocks usually Inactive. see fourth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Oct. 15.
Wednesday, Thursday, ,
Monday, , Tuesday,
Oct. 18. 1 Oct. 19.
Oct. 20. 1
Oct. 17.
Friday,
Oct. 21.
I Sales
for
I the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. I 1927
On beets of 100 share Iota
Lowest
Highest
. PER SHARE
Range for Previous
Year 1926
Lowest
Highest
Industrial & Misc. Par $ per share $ per share 5 per share $ ner share
$ per share $ per share 5 per share $ per share 5 per share $ per share Shares
984 Apr 105 June
*
•
*
*108
Gen Motors Cf yp 6%deb pf100 104 Mar 7 10 12'U:1d 21
•
__ •
7
6012 Mar 93 4 Aug
122 131
37,100 Gen Ry Signal new. _ _.No par 8218 Jan 14 15314Sept 6
- 4
139 14
-014 13512 13914 135 13678 132 1363 128 133
Jan
36 May 49
4
6712 6512 6612 6514 6612 6414 653
8 633 6412 5,200 General Refractories_ _No par, 38 Jan 14 75 June I
6712 688s 66
411 Nov 787 Jan
,
No par' 3712151ar 24 5' Sept 17
8
455 75,400 Gimbel Bros
8
5284 4912 5112 4814 503
48
4412 4714 42
4 46
61
ipo 994 Mar 18 108 2July 14 100 Now II I% Jan
,
*99 105
100 Preferred
*9912 104
104 104 *102 106 *102 106 *101 105
Na par
1412May 21 22 Mar 10
153 June 25 4 Jan
8
8
3 15
1
3
153 1512 145 1514 5,300 Glidden Co
8
153 153
3
2 15 4 157
153 1512 15
2
41 12 Mar 56% Feb
4
8
6314 657
6314 65% 623 643 35,500 Gold Dust Corp v t c__.No par' 42 Mar 9 69% Oct 10
6512 6612 6418 68 1 6338 647
7734i 75
3912 Nov 70 4 Feb
4
3
7912 7614 80
75
7612 38,600 Goodrich Co (B F).__No par, 423 Jan 3 85is Sept :23
8118 817
7812 807
8 78
Jan 3 10 1 Sept 6
9411 Dec 100 Feb
.100, 95
509 Preferred
105 10512 *105 107
105 105 1 105 105 *105 106 *105 108
8
8
613
4; 594 614' 5812 60
567 591 4 5618 583 31,500 Goodyear T & Rub.....No par' 483 Aug 31. 6%%Sept f6
8
613 6214 60
2
9518 968
8 954 9534 95
9412 9412 • 1,805 lo pr..f.... ....... No pod 9412 Oct 21 9714 Oct 5
96
95 1 9518 9518 95
33l Mar 111 Nov
1
;
8
4
77
2,900 Gotham Silk Hoslery_No par 573 Jan 12 8274 Sept 2
797 7938 79
79
7914 7812 7812 753 7812 76
797
471/ July 687 Nov
8
New
No par. 58 Jan 12 82 Se1429
79
79
8712 7812 7514 7712 7618 7612 1,700
80 80 1 80 80
_
_100: 104 Jan 26 122 Sept29
200 Preferred New
*115 119 1'115 119 *115 11812 *115 11812 115 115 *115 11812
10 May 25
8
Oct 2Ii Jan
412
200 Gould Coupler A
*414 5
*414 6 ,
414 414 *33
4 414 *4
No par' 44 Oct 19
*414 5
161g Max 387 Dee
2
3412 3418 344' 34
3414 34
34
5,900 Granby Cons M Sta.& Pr_ 100' 31 18 Jan 27 45 May 26
3412 34
3412 3412 34
52Sept 1
3714 393
2 3638 38
37.300 Great Western SugarnewNo par, 3638 Oct 21 44
4014 41 i 3912 4114 3932 4012 3934 40
4
121 122
121 121
590 Preferred
100 11612 Feb 26 123 Sept 7 108'! Mar 11814 July
12134 1213 121 14 122 *12112 122 *1213 122
93 Apr 34% Dee
4
Oct 1
2 6712 7414 73
7018 72 ' 6712 717
793
4 7712 8312 7814 8314 193.000 Greene Cananea Copper. 100 2914 Jan 27
107 Feb
2
5% Jan
114May 31.
7 Oct 18
7
712 *712 8
712
732 *712 8
2,300 Guantanamo Sugar_ __ _No par
712 712
8
8 1
513 Oct 93% Jan
2
.
4114 403 41
41
4112 1,900 Gulf States Steel
100 40 Oct II 64 Feb 28
41% 411g 41
4
41
4114 4012 42
45 June 604 Dec
*61
62
280 Hanna lot pref class A_ _ _ _100 56 Jan 31 67 .Jan 19
61 1 61
6212 62
6212 62 62
*61
62
61
Oct 281/ Nov
26
24
*23
24
100 Hartman Corp class A.No par 2212 Oct 14 2714 Mar 29
2314 2314 *23
*2312 23 4 *2312 2334 *2312 234
3
24% Dec 30 Sept
8
214 2118 3,100 Class B.
2112 22
No par 20 Aug 12 293 Apr 18
214 22 1 2184 2172 21
22
*21
22
Jan
1712 Dec 46
1512 Feb 15 2812 Mar 31
Hayes Wheel
No par
614 Mar 88 Dec
300 Heltne (0 W)
25 7612 Jan 14 125 Oct 5
1197 120
s
•11212 122 ,*115 122 *11212 122 *115 122 *115 120
8July 6
174 May 3512 Aug
417
No par 22 Jan 31
3212 3212
700 Hoe (10 & Co
333
8 334 3314 *33
33
33 1 *33
3314 3212 33
4 7,400 Hollander & Son (A). _.No par 3114June 3 4034 Oct 13
3614 373
397
8 3714 394 3712 373
39
4 38
3934 3712 38
4712 Jan 63 OcI
612 Oct 15
100 Honfestake Mining
100 60 Jan 25
____ *66
75 '66_ _
____ *66
_ _._ *67
6612 6612 *66
48% Jan
40 Ma
- -3
66 1 6512 6614 6414 6414 6412 65
66
6418 64'2 6414 64 8 4,10C Househ Prod Ine tern citNopar 4314 Jan 3 65 Oct :4
Jan
504 Mar 71
lsm pa
f ,
18 Jan II 175 Oct 10
4
166 1703 16614 171
16912 172
4
164 17212 16412 16812 151 16714 213,800 Houston 011 of Tex tem etsllill tr3j
42
t 20
II
27
Jan 45 Sept
383
4 3,800 Howe Sound
2 3812 383
4 3814 3814 38
383
4 3814 3812 38
387 387
4
40% Oct 1234 Jan
4
1 70
73 I 70
7138 663 713
4 657 683
713 732
4
4
8
2 6714 703 285,000!Hudson Motor Car....No par 4814 Jan 24 oil/ Aug 2
17 Ma
2-3 Jan
s
1818 1814 1812 1814
18
1712 18
16
18
173
4 1612 1674 19,800'H upp Motor Car Corp_ ...10 16 Oct 20 23% Jan 10
Jan
19% Ma
34
8
175
sMaY -0 32% Feb 1
20% 2138 22012 2114 2014 2014 2018 2012 '201s 203
4 203 2314 24,500 Independent Oil& Glui_No par
1412 Dec 2414 Feb
13 Mar 30 3 %Sept 30
No par
30 1 2912 30
29 4 293 1283 2912 2712 2812 2,500 Indian M: torycle
3
4
4
*30
3012 30
13 Feb
10
712May 12 121gSept 8
7% Oc
83 1012 21.900 Indian Refining
4
8
8 11' 8
8 14
8% 87
814 88
814 87
8
12 Sept 8
10
710 01(.20
,
712 Oct 1212 Feb
2 10.5001 Certificates_
8
81
8
8
8
81
8
8
738 8 1
8014 Ma 104
Jan
.No par 8713 Oct 21 9612 Apr 2
8712 8712
400 Ingersoll Rand new...
88
88
88
88
*90
92 1 *90
92 1 89 89
3412 May 43% Dec
5014 51 1 5,000 Inland Steel.
4
No par 41 Feb 15 554.,inly 25
503 52
51
513
4 51
5112 51 12 52
51
51
4
117 117
200 Preferred
100 III Jan 3 118 Oct 17 1083 Ma 115 Feb
11R 118 *117
_ _ •117 118 *116 118
*117 119
2 44 Ma
285 Nov
8
1812 1934 19,900 Inspiration Cons Copper
20 1212.1mie 27 2512 Jan 12
4
*1714 1734 1714 1714 17% 17% 173 2038 18
2014
213 Feb
4
12 De
13$4 Mar 12
'
12121 .12
300 I n ter(5fnt'l Rubber_ ___No parl I 138J une 21
1212 *12
1212 *12
1212 1174 12
•12
12
12
918 De
2614 Jan
91
*914 10
No par
64 Apr 23 1238 Aug 23
10
91
600 Internet Agricul
10
91
91
91
91 ' .91
*91
Jan
8
100 33 Mar 20 6612May 26
95
563 De
*45
47
300 Prior preferred
*4512 47 I 46
46 I 4514 4512 *4414 47
*4512 47
9334 9114 9314 90
567 Dee
2
3818 Ma
92
90
913 11,300 lot BusIne,s NlarhInes_No par 5318 Jen 13 94 Sept 2
8
9212 9112 9258 91
92
44% Or
8May 31
71% Jan
4 5514 5538 55
55'2 5512 563
4 5,500 Internati mal Cement._No par 4314 Jeri 211 653
5714 5712 5712 5712 5514 557
Jan
Preferred
100 100
100
100 WO 03t 21 112 . • I 23 10172 Oc 106
4
*110 112 ,•110 112 *109 110 *109 110 *109 110
3312 Mar 6412 Jan
,
4
4
3
4- 3 467
58
4 4312 4612 47.000 Inter (7 mlf Eng Corp No par 4318 Jan 28 64 Mar I
4712 44 I 463 48 I 453 47 ' 45 4 467
213 2163 209 217
4
2063 21212 204 2007 18,400 Internati.mal harvester
4
8
135% Jan 18 237 Sept 15 11214 Mar 15818 Dee
223 223% 215 222
Jan 129 Dee
4
400
Preferred
100 1263 Jan 12 1347
4
*13414 1343 1343 1343 13414 13412 *1333 13412+1333 13434 13414 13414
4
4
4
4
8Sep1 29 118
47
47
412 Aug 8
83
420lay 27
6 Sept 12% Feb
*412 5 1 5412 5 1
412 412 *412 5
330 Int Mercantile Marine____100
412 412
8
Ill() 35 1 Oct 21
5538aIaty 31, 27 Mar 463 Feb
364 373
4, 3614 373
4 36% 373* 353 363
4
4 3512 36
354 3534 6,800 Preferred
5312 Mar 66% Feb
8838 89 I 8812 9038. 87
8812 8614 8812 855 875
8
8338 8334 30,400 International Match pref 35 62 Mar 2 01 1 1 Oct 10
32% Mar 4614 Jan
6112 75,700 Intern:AH.11a Nickel (T),e) 25 3814 Jan 3 75 May 31.
673 683
4
4 668 68 1 6618 6814 6612 683
6138 06
4 06
4418 Apr 63% Aug
4
64
6618 6312 653
63
4
673 109,900 International Paper...No par a3912May 18 673 Oct 21
4
6538 623 0514 6314 6512 65
89 May 100 Dec
10214 10212 10214 10234 1023 102% 1021, 102 4 102% 1023 1023 10274 16,500 Preferred (7%)
2
,
1. ei t 2
4 . 17
0:
4
4
135 May 175 Jan
nK) °
0 Je n 3 10
a
21212 21212 222 230 1 220 2213 *222 22214 221 22112 *211 22241 1,300 Interned mal Shoe ____No par 16°13 j fi 21 2301
4
•185 188 •184 185
1.1ver
100 13512 Mar 21 19034 Oct 20
184 188
189 1921 192 1963 *186 191
3,700 International 5
Jan
8Sept 14 ill idai 133
1517 15214 149 15214 14714 1497 145 150 1 14314 148121 144 14612 33,803 Internet I elm)& Teleg_ _ _ _100 12214 Jan 25 155,
4
8
Jan
1812 July 29
31 1 .31
*30
3112 *30
500 Intertype Corp
Na par
1912 Jan 31 3912June 18
32 1 31
31121 30
31
30
30
61
61 1 61
61
59
59 .59
61 I 59
60
58
58
900 Island Creek Coal....1 4812141er 1 I 67 Sept 6
Jan 5638 "fie;
25
3,900 Jewel Tea. Inc
73
73 I 71
8
7214 71
713
41 71
71
No par 5312 Jan 3 7312 Oct 14
733* 707 72
72
•113 11812 •I13 115 *113 115 *113 115 0'11312 115 1'113 115
1 Preferred
190 111 12July 25 12512 Mar 15! 11512 Jan 1274 Nov
Jan 120 Aug
12012 121
12012 121
121 121 1 121 121 1 12112 12112 12112 12112
90 Jones & I.augh Steel pref.. _100 117 Feb 21 123 Oct II 114
9 Dee
1912 Feb
105 Jan 3: 3058./uue 27
29
293
8 28
283
4' 264 273
s
2614 28141 2612 263
4 2812 2712 5.600!Jones Bros Tea. Inc_ _ ...No par
12 Nov 66 Feb
5
1614 164 15
125
8July 61 2212
9,500 Jordan Motor Car
No par
15 4 15
3
16
1418 15 4 1414 15
3
1434 16
300 Kan City P&L 1st pf ANo pa 112 Feb 101 116 Oct II 10714 Mar 115 NOV
*115 11512 115 115 *115 1151/ 115 115 *115 11512 11512 11518
334 May 5134 Dec
88ept 17
1584 6011 58
49 Apr 291 627
7,000 Kayser (J) Co v IC..
.No pa
6014 61
563 58
4
5618 58
59 I 5814 59
4 26 4 2738 26 4 277
3
29,600 Kelly-Springfleld Tire
9
Oct 2112 Feb
912 Jan 27, 3,14SePt '21
25
3
283
8 2612 277
273* 273
27
2638 28
4312 Oct 74:4 Feb
1,2001 8% preferred
100 35 Feb 21 102 Sept 2
923 9234 924 93
4
9
*86
87
038 91 I 9012 9012 8812 89
6% preferred
100 44 Jan 191 9 4Sept 26
*85
89
*85
88
•85
88
*83
8712 *84
86
45 Dec 7314 Feb
8712 *80
*20 4 21
3
21
2012 2012 19
*21
19 Oct 19 27 July II
.N' pa
21
2014 1912 21
2284 2,600 Kelsey Hayes Wheel..
7
3
733 73
4 7112 721 41.0001Kennecott Copper.... No pa
60 Feb 9 774 Sept 14
743 754 73 4 75
4
7214 73 4 7038 723
3
4954 Mar ..64i4 Nov
14June 30
1,1001 Keystone Tire & Rubb_No pa
1 Mar 11
24 Jan
53
8
la
SI
3
2
3
2
3
8
"2
,
*3
8
4
3
61
14
15 May
1001Kinney Co
26
*24
26
•25
*25
27
*25
28
No pa
26 1 26
26
39 No
8218 Jan
•24
19 4June 28 45 Jan 5
3
703 7934 80 80
4
•79
80
80
80
200 Preferred
100 56 June 29 8412 Apr 8
80
80
80
813
85 Sell
0014 Jan
514 52
494 503* 4938 493
8
4.900 Kraft Cheese
25 49 June 16 627 Feb 26
4 50
5118 50
5012 4914 50
miss Dec 68 Noll
7038 713
8
4 70'-, 7114 67 4 71'2 8514 683
4 654 gal 41,900 Kresge (68) Co new
10 457 Jan 28 7714Sept 8
42 4 M
3
82 Jan
,
8
715 72
11312 11312 11312 11312 11312 11312 11312 11312 11312 11312 11312 1131
70 Preferred
100 11012 Feb 9 1L5 July 16 11212 Nov 114 4 Feb
3
231
*12
143 .13
13
10 June 28 1712 Feb 8
100 Kresge Dept Stores_ __No pa
13
2
1412 *13
14
1518 M
1338 Jan
143 •13
•13
545
51
5012 *45
51
*45
51
*45
51
Preferred
100 46 June 28 80 Jas 4
5012 3145
7014 Mar 934 Feb
•45
4
Laclede Gas L (St 1.ouls)....I00 1733 Jan 27 26712June 2 146 Mar 196 Dee
212 225 *210 225 .205 225 .205 220 •205 220 *205 220
0
3238 32 4 3212 3234 32
3
8 315 331
2012 Jan 13 34 4 '-'1 22
9.900 Lago 011 & Transport_No pa
1918 May 2412 June
3
3214 3112 323
3212 33
8438 61,600 Lambert Co
No pa
85% 8318 847
8318 8514 8318 8514 8318 8414 83
394 Ma
66 Jan 28 85% Oct 16
72 Nov
84
127 127
4 12% 127
123 1238 12
4
1234 3,900 Lee Rubber & Tire...
7 Jan 4 15 Sept 23
614 Dec 14
.No pa
12% 1234
4 1212 1238
Jan
30:4 Mar 41% Jan
325 Apr 27 3914Sept 9
8
4.100 Lehn & Fink
37 I 3612 37
363 362 Ws 3
No pa
367 37'4 3
4
g
638 374 37
61
* 22
4,700 Life Savers
2214 221g 2218 2218 2218 21
2112 21
21
174 M
No pa
25 Dee
20'4 Sept16 247 Feb 17
217 217
*
724 Mar 103 Dec
600 Liggett & Myers Tobacco.
3
.25 *8712 Feb 10 125 Sept,30
31122 123 *122 123 31122 123 1 12038 120% 12212 12212 120 4 12038
12014 122
71 Mar 72% Deo
4
8,600 Series B
2 .8652 Feb 10 128 Oct 4
123 133 1 12212 12334 12214 12234 12114 1227 1203 122
4
3
4
1 Preferred
•133 135 01324 134 *13214 134 *13218 134 *13218 1321 •13214 1321
100 1243 Jan 27 13412 Oct 14 119 4 Jan 1394 May
61
6312 Mar 69% Jan
6112 61
593
4 5718 58
57 Oct 20 763 Apr 26
8
2,900 Lima Log Wks
61 1 5912 6012 57
No pa
*6112 62
5214 5138 5234 8,900 Liquid Carbonic certlfs_No pa
8
434 Oct 687 Nov
523
4 512 5212 51
4.53
45eot 19 5938 Feb 14
5314 62
4
5 22 51
3
53
344 Mar 43% Dee
4 567 58
487 Jan 4 637 Mar 17
8
42.700 1.44ew's Incorporated_ No pa
1303
2 58
4 5614 583
4
60
6012 58
59 4 5712 593
3
6
Oct 114 Feb
538 5 2
3
5 Oct 17
5
5 12
512 514
No pa
514 514
514
54
,
54 5 4 4,800 Loft Incorporated
,
738 Jan 20
31
31
4134 Dec 504 Feb
4
3114 314
800 Long Bell Lumber A__ No pa
3012 3118 304 3012 3038 30% .303 31
3012 Oct 6 43 Mar 7
1 487
4
248
49
453 491
4
4538 4738 14.300 Loose-Wiles Biscuit new___... z3512July 1
497 51
47
51314Sept 6
2i 475 497
_
2d preferred
100 157 Mar II 171 May 7 iini. Mar ii&" "6;3;
367- -5512 36Is -(6001 1 orIllard
8
27% Oct 424 Feb
4July 28
2
'Ws 367 36 3813 -5538
2312May 2 473
2
200; Preferred
*11314 11312 1134 11312 11312 11312'112 11312'112 11312 *112 11312
100 107 June 27 1184 Jan 13 11112 Apr 130 Aug
6,500 Loulalana 011 temp ctts_No par
1012 1012 1012 1038
1012 11
8
12 Mar 197 June
1012Sept 3 12 Aug 16
1038 1038 1038 10% 1012 1038
*90
903 .90
4
9038 *9018 903
8 90
9018 90
90
110 Preferred
9038 *90
93 Dec 98 Dec
190 90 Apr 6 97 Feb 5
8 2612 263
4 263 263
4 263 263 *2612 2838 1,600 Louisville 0 & El A._.No par 23 8 Jan 3 28 May 10
4
4
4
22 4 Mar 2614 Feb
3
5
2638 2638 2613 267
22
2214 217 22
22
*213 2212 2112 2134 22
4
1,300 Ludlum Steel
*2214 23
22% Oct 5814 Feb
No par 2112 Oct 20 334 Mar 18
•118 120
115 116
114 114 .115 120
115 115
114 114
500 Mackay Companleti
Oe 138 Feb
100 105 June 27 134 Aug 24 122
*6914 71
06914 71
6936 693
200 Preferred
s 6912 6912 *6914 71 1 .6914 70
68 Mar 7318 Feb
100 67 Aug2 74 Aug 18
10014 103
1054 10614 101 10612 10014 103
80,000 Mack Trucks. Inc
1083 10814 10514 108
4
895 Nov 159 Jan
8
4May 23
No par 8814 Jan 24 1183
112 112 *11012 112 •11012 112 *11012 112 *11012 112
200 1st preferred
112 112
100 109 Jan 25 I1318July It 10712 Nov 113 June
200' 2d preferred
106 106 *10512 108 *10512 108 *10512 107 *106 10638 10614 10614
4
Oct 1083 Sept
100 102 Jan 18 1071sJune 9 102
4534 441g 467
44
2 4412 457
4 433 4714 29,400 Magma Copper
8 4414 453
4
45% 46
8
No par 2912 Feb 9 4 1 Oct 7
34 Apr 447 Feb
4
17
17
1812 104 1612 1638 163 163
2
2 153 16
4
1512 153
125 Nov 2812 Jan
1112 Apr 7 183
4 3,800 MallInson (11 R) & Co_No par
2
4Sept 8
4812 4812 4814 4912 4572 4914 46
4618 477
8 6,200 Manh Elec Supply____No par 45% Oct 19 132 Aug 5
48
44
Oct 87% July
•483 60
4
31
*3012 31
31
31
3012 3012 3012 31
1,800 Manhattan Shirt
4 31
313
2178 Oct 327 Jan
3
25 2414 Jun 18 34 8July 21
:
331
•463 5012 484 4912 60
4
*59
60
60
80 Manila Electric Corp_.No par 40 Jan 22 60 Oct 19
*59
60
2712 Mar 45% Sept
*463 5
8 01
4 1313 13 4 •13 2 1338 *13
133
133 133 *13
4
,
14
1.000 Marac lb. 011 Expl....No par
4
12 Oct 4 22% Jan 18
133 138
3
1612 Oct 20 Feb
33% 3212 33
8 33
8
345
3212 3312 3212 333* 325 35
32,400 Marland 011
Na par 31 June 27 5812 Jan 17
4914 Mar 633* June
34
45
4312 431
4314 4374 43
4518 45
2412 Oct 33 Mar
No par 27 Jan 10 5:614 July16
433
4 4212 4314 2,600,Marlin-Rockwell
45
*1712 181 •1712 173 *1712 18
*1712 19
•1yt2 18
*1712 19
IMartIn-Parry Corp.__ _No par
17 May 23 June
4
165
8June 29 243 Fel)24
8 5.500'Muthleson Alkali WorksNo par 82 Jan 6 1243 July 20
11112 1153 1123 1157 1113 11212 112 1143
4
4
4
4
6212 May 10618 Jan
118 1183 113 116
873
8 84% 873
85
84
88
87
85
4June 28 88 Oct 15
8612 8312 8512 23,900 May Dept Stores new
6912 Dec 70 Dec
25 663
87
323 33
8
3214 321
321g 3212 3214 323* 3214 3212 7,200 Maytag Co
19 Mar 2412 Sept
8
No par 233 Jan 15 344 Aug 10
3438 323
81
81
Jail
80
1,200 McCrory Stores Class BNo par 5612 Mar 4 91 Sept 7
8112 8112 8014 8114 80
72 Mar 121
*81
.0 843 *8114 843
2814 28% *2814 283
283 2812 2812 2812 2834 2812 1,400 McIntyre Porcupine Minea..5 2412 Mar 14 283 Oct 6
8
2214 Oct 30 Feb
4
28% 283
4
25
247 25
*247 25
8
25
600 Metro-Goldwyn Pictures pf _27 24% Jan 3 2614 Feb 21
247 2474 *2474 25
4
2214 Jan 2512 Nov
24% 25
•
412 4%
418
41
6 Feb
133 July
4
3 Aug 23
412 438 2,300,hlexlcan Seaboard 00 _ .No par
413 418
4
43
4
914 Fell 16
412 41
15
II
Mar
1612 Feb 28
15
15
1318.1tine 21
2,900 Mlionl Copper
5
15
15
15
1514 *1472 15
15
175* Oct
15
15
2712 July 37
Jan
26
8
2614 253 261
4
2538 2614 2538 2574 2538 273 12,300 MIrl-ContInent Petro_.No par 2512 Oct 10 393 Jan 21
8
2614 261
100 Mld-Cont Petrol pref
90 Mar 10414 Dec
100 97 Apr 28 105 Feb 3
104 104 *103 105 *100 104
•100 105 •100 105 •100 105
3 41111e 23
3
3 Nov
4
212 Jan
15 Jan 3
8
2
2
10
2
214 *2
21
2
2
4,200 MIddle States Oil Corp
•2
214
218 21
Oct
23 June 23
4
Dee
14 Jan 25
134
178
10
134
(7ertllieates
13
4
13
4
13
4
13
4
13
4
13
13
4
13
1s4'
' 1
1%
1/
177% Oct 15 1071' Mar 13312
170 174
14,600, M Idland Steel Prod pref_ _ _1(10 106 Apr 1
170 176
16914 171
171 1777 170 17512 169 175
30 May 443 Feb
4
4
4
No par 233 Aug 26 363 Ape 12
253
4 25
8
25
2518 26
26
25
2614 255 2538 2,800 Miller Rubber Ws
2512 26
69% Mar 8612 Nov
100 81 12 Jan 28 10912 Oct 18
4
4
1051g 10714 105 109: 106 1083 105 1083 104 10714 21,300 Montana Power
108 106
58 May 82
8
Jan
7712 7914 60.800 Monte Ward dt Co Ill corn_ _10 603 Feb 8 8514 Sept 30
80
817
4 793 801
4
7914 8118 775* 80
8112 82
Ex-dividend and ex-rights.
•Bid and raked prices: no sales on this day_ x Ex-dlyldend.
2242
New York Stock Record-Continued-Page 5
For sales during the week of stocks usually Inactive, see fifth page preceding.
PER SHARE
Salts
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
STOCKS
Range Since Jan. 11027
NEW YORK STOCK
for
On basis of 100-share lots
the
Saturday,
EXCHANGE
Friday,
Monday,Tuesday. Wednesday, Thursday,
Week.
Oct. 15.
Lowest
Oct. 19. 1 Oct. 20.
Oct. 17. I Oct. 18.
Oct. 21.
Highest
$ per share $ per share $ per share $ per share
$ Per share $ per share Shares Indus. & MIscel. (Con.) Par $ Per Share $ Per share
;
*64 671,
6 June 23 124 Jan 5
63
4 634
No par
614 614
618 64 2.100 Moon Motors
613 64
6
6 14
8Sept 30
18
4 14 2,100 Mother Lode Coalition_No par
17
, 17
13
2
438 Jan 3
2 I
IN
14
14 17
13
4 18
4
612Sept Is 16% Mar 18
100 Motion Picture
No par
*7
8
8 1
*7
'
714 714 *712 8
'Ds 8
8
*7
'23
2312 1914 2212 2012 2134 214 2134 2112 2112 2112 213 10.800 Motor Meter A
4
No par i014 Oct 17 3834 Apr 18
.261 26
2553 26
No par 2034 Jan 3 2773 Mar 29
2538 2553 2512 2578 2558 2553 254 2553 2,200 Motor Wheel
.605 6384 55 621
8
No par 10 Jan 5 8913Sept 20
5412 62
5718 613
3 5613 5933 5514 5812 25,600 Mulline Body Corp
447 454 4.900 Munsingwear Inc
.4713 4814 .4734 49
No par 3534May 17 4933 Aug 18
45
47
47
4734 461: 48
' 1812 19 I 19
1933 . 1812 1873 184 19
No par 1614 Oct 11 43 Feb 23
1778 184 177 1813 7,600 Murray Body new
874 8814 864. 8838 . 86
8712 854 .874 8218 8478 8233 8453 86,600 Nash Motors Co
No par 6014 Apr 25 93 -.Sept 2.1
54
*54 5
500 National Acme stamped _-10
5 Feb 15
53
64May 18
54 54
514 514
514 .5
54 514 *5
3733 38
1,400 Nat Bellas Hess
39
No par 31 • Sept 22 444 April
38 . 38
384 3 ,
38
9 8' 38
*3712 38 I 38
:9213 9212: *9212 934 93
93
500
100 8514 Sept 16 97 Apr 19
Preferred
93 I. 90
90 *90
9338 *90
14514 146
1441z 14634 14314 14412 143 145
14212 14412 1424 14334 7,800 National 131scult
25 9434 Jan27 15012Sept 21
*139 140 *139 13934 *129 13912 13912 13912 *139 1394 •139 140
200
100 130 Jan 10 .141 Aug 25
Preferred
_ 453 45 4., 454 4513 . 45 4541 45
4
4314 4413 7,600 Nat Cash Register A w1No par 394 Jan 3 483
45141 444 45
3
8'Sept 19
'8133 631a 6212 8314 .5114 6214 6114 61111 604 62
No par 5914May 3 687 Aug 4
60 3 6112 20,100 Nat Dairy Prod
7
8
*2312' 24 I, *2314' 234 .4314 .234 23
.2212 2278 ' 800 Nat Department Storm No par 2014June 27 27% Mar I
2314,1 23
23
5894, 92. . *8912 -93_ 08914 914. *8914 9141 *8914 9113 *8914 911s
let preferred
100 8912July 26 9414 Jan 10
;5.11,5313 .40
4853 53
50 523
3
4 481s 5112 4734 507 108,800 Nat Distill Prod etfs__No par 17 Feb 8 60. Oct 14
3,200 Preferred temp ette__No par 43 Mar 22 693
. 5934 6273 .61
62
60
6213 460. -62331 6112 6173 62
*56
4Jo e 8
*241
27 •512512 27 •;2L 25 *25
*2413 2513 1,200 Nat Enarn & Stamping._100 1913 Apr 29 353
2614 2413 25
8June 6
*90
NO
91
Preferred
91 .5
.90
91
01
*9014 9112 *90
100 6913 Apr 29 917 idly 5
*90 . 91
8
'123.
.119 119 .1163 117 I 11512 118
4
2,900 National Lead
1153 116
4
100 895 May 31 2023
11414 116
4May 16
600 Preferred A
*1384 13.712 13612 13612 *13612 13714 *13612 1367 13611 13613 13673 138
s
100 11312June 2 138 Oct 21
; 24 4 3 7
3
• 6 2416 •2518 . 7 24
4
26,200 National Pr & Lt etfs_No par 1914June 23 263
..23.8
56! 2316 2456 234 24
2314 24
4Sept 27
874 57 3 , 8712 '874 "8718 873
81 87
7
8612 3.300 National Supply
874 86
50 76 May11 9534 Feb 18
874 86
.
27012 27214 6
2
3,540 National Surety
26912 281
273 2771z 2734 27612 273 277
100 a2IS July 21 281 Oct 18
'163 165
16312 18312 .162 16312 162 165
1.200 National Tea Co
163 165 •162 164
No par 108 Apr 18 1744July 21
t 1813 2634 164 164 163 1612 1633 1612 16
8
1234June 29 1712Sept 15
8
8
1633 157 163 19,800 Nevada Consul Copper _No par
404 41 ''4014 4033 40
4034 40
No par 394 Oct 21 50 June 9
• 40 4 . 1
3 4
4 3,200 N Y Air Brake
41
394 393
...... N Y Canners
No par 131s Apr 21 214 Jan 3
Preferred
No par 43 Mar 30 72 Jan 13
6012 607
8 5853. 5953 . 5.8
8Sept 12
100 34 Jan 14 647
69
59 59
*58
61
574 573
3 2,100 New York Dock
.*84
89
*83 86
100 Preferred
*83 86
86 86
*86
100 724 Feb 9 90 Sept 12
89
*86
88
2914 2914 *2813 294 .*2833 2918 294 2913 2914 2914 2914 2914 1,400 Niagara Falls Power pf new_25 273 Jan 31 293
8May 2
4
• 6213 624 6073 824 60 61
10 45 3 Jan 14 6412 Oct 4
584 61
5714 5912 57
3
58 2 91,200 North American Co
,
, 53 53
53 53
53
5312 5312 5313 *531. 54
50 50 Jan 10 55 Aug 9
534 533
4 1,100 Preferred
10414 10414 10434 10414 419414 10433 10414 10414 *104 10412 *104 10412
400 No Amer Edlion pref .No par 964 Jan 6 105 Oct 4
,03
24 3
400 Norwalk Tire & Rubber_ _ _ _ 10
*23
4 3 • *23
LA Feb 10
4 3
17sJune 16
*23
4 3
234 23
4
24 23
4
*10
11
3110
11
*10
11
100 Nunnally Co (The) - _No par
*10
10
11
10 *10
11
9 8 Aug 15 13 Jan 19
5
333
3312 '
533
*33 33 2 .33
3314 33 33
,
1.100 011 Well Supply
33
33
33
25 3114 Jan 28 31149.1d 30
. 1234 1373 1314 1414 13 3 14
3
1353 1373 124 1334 1253 1318 21,300 Omnibus Corp
No par 11 Mar 25 1713June 11
.*7412 76
74
7534 *74
75
74 74
73 73
721 734 2,700 Oppenhelm Collins & CoNo par 584 Feb 8 77',Sept 13
:
' 2514 2514 25 2518; 25
254 2514 253 *25
3
I 2414Sept 2 35 Apr 7
2514 2,800 Orpheum Circuit. Inc
2514 *25
.08 103 *98 103 I *98 103
5198 103
103 103
100 Preferred
*98 103
100 103 Oct 20 1081221in° 2
148 148
147 149 15145 1467 142 142
8
4,500 Otis Elevator
13812 143
13712 140
50 1103 Feb 2 15.534 Oct 3
11914 11914 *11914 1193 *11912 120 *11914 120 •11914 120 •11914 120
4
20, Preferred
100 108 Feb 16 12434 Aug 2
' 8 8 87
7
8
88 88
7
7
812 812
812 812
812 84
812
812 2,200 Otis Steel
No par
714 Feb 10 121:June 6
*7012 73 *702 72
71
70
7012 70
600 Prior pref
70 *70
72
70
100 6112 Feb 8 793
3June 9
. 7918 791a 793 8112 7912 81
8
824 7914 8112 14,800 Owens Bottle
80
25 7518 Jan 18 8412 Mar 14
8214 8018
427 43 , 4114 424 411: 42
0
4134 42
6.800 Pacific Gas - Eleo new
413 42
4
4134 42
25 31 Feb 18 453
8Sept 24
118 Pa •118 114 *1ls 114
118
118
1 May 25
115 118
No par
178 Jan 7
114 5,200 Pacific 011
14
4714 4734* 4711 4838 4718 487
10 3384 Apr 28 4938 Oct 6
2 4712 4 8 4618 4818 46
47% 119,200 Packard Motor Car
87
104 1034 101 107
:
3 101 107
:
8 103 1032 1012 1012 1012 101z 2,900,Paige Det Motor Car_ _No par
8
773 Mar 22 I412May 4
4818 48 8 48
4712 47
7
4714 4614 47
4814 47
.
4614 484 8,100 Pan-Amer Petr & Trans_ _ _50 4518 Aug 29 65 3 Jan 19
7
4918 49
38' 4813 4912 47 4 481: 47 8 48 4 47
1
5
4818 4712 4914 28,700 Class B
50 45% Aug 29 6631 Jan 20
,
•1714 19 1 1718 1718 174 174 *1712 173
3 4.800 Pan-Am West Petrol B_No par 1634 Oct 8 3778 Jan 24
4 1718 174 1718 183
914 10 • 94 91
8 5,300 Panhandle Prod & ref_No par
912 10
*912 10
: 94 9 8
8 Apr 29 184 Jan 17
10
3
107
7
200 Preferred
100 54 Sept 8 813 Jan 17
70 *60
*60 67 *80
6813 1165
70
60 604 *58
70
4
3
4312 4412. 424 4414 42 8 4312 423 44
4
4134 43
40 4 43 35,900 Park & Tilford tern etfs_No pa/ 20 Jan 27 4633 Oct 10
3
I
6 Jan 3
8 Mar 4
*7 . 714 *7
74 *7
714
71a 7 3 2,100 Park Utah C M
714 714
1
714 714
21
22 I 20
207
3 2314 274 2612 2812 267 2712 264 27 26.600 Pathe Exchange A new.No par 20 Sept 22 4314.1une 17
8
20
20
2013 20
20
2014 *194 20
20
1,300 Patlno Mines & Einem_ _ _ _20 1813 Aug 1 2773 Feb 2
20
2013 20
8 217 223
8
8 2134 22
214 2214 5,800 Peerless Motor Car
ao 20 Apr 29 32 Jan 8
3
• 223 22 4 , 2214 224 . 2238 223
4
. 1934 19N ,. 194 1934 1938 1953 1953 20
3May 9
1913 194 1912 194 2,100 Penick & Ford
No par 191284,0C 29 277
2512May 27
.*14 • 15 I. *14 . 1412 . 14
50 1014 Jan 1
14 *1214 1412 •124 13
200 Penn Coal & Coke
*1213 141
' 25
25
2514,- 2434 • 25
2512 251
6,700 Penn-Dixie Cement_ _No par 2378 Aug 23 3953 Jan 13
241 2,5'. 25
4
2512 25
100 May 14
Preferred
981
100 91 Sept
981: *95
9812 *95
9812 *95
-,*95 984 ..*95 ,•.. 91312 *95
14June 2
Penn-Seaboard Sal vte No par
l's Feb 14
1611: Oct I
154 156 '15313 154
11i3 .
- 2;566 People's 0 L & C (Chle)__100 128 Jan I
4
2
18312 1141155 156 .154 j56
.103 104 .10412 10734 107 118 114 126 126 12812 120 1241: 13,400 Philadelphia Co (Pitteh).- _50 854 Jan 18 1284 Oct 20
:1•513 :5214 . 52 4 , 5214 5.23 523 *524 5212 52
50 50 Jan 6 6
4.
52
52
1,700 6% preferred
•
52
8
8
,
4
346'1421
3978 3873 3912 22,900 Phila & Read C & I_ No par 3734ltine 30 4738 Mar 4
8 39
394 397
5
401 407
:
3 397 41 . 39 8 40
8
*394 41
200 Certificates of int.__ _No par 3714June 30 47. Mar. 4
.*3.44 41
3913 3913 3814 384
"40 •42 • *3913
2,500 Phillip Morris & Co. Ltd_ _ _10 18 Sept 2, 414 Jan 10
20
1934 20
.•11? • 21 , 1914 10 - .20 20
8
4
19 4 1912 20
,
No Par 3814 Oct 8 604 Feb;15
383 394 3812 394 39
4
3852
3
.• WS, 39 8 ...KAI • 09
42 100,700 Phillips Petroleum
8
*41 .44 • 424 ,43 *414 4212 414 41,
5 4011SePt 26 527 Aug 2
4112 •41
3934 44 . 600 Phoenix Hosiery
2 41
40 Preferred
100 103 Jan 5 1073* July 9
1103 104 104 104 .103 103 51103 104 •103 104 '
5103 104
7,500 Pierre-Arrow Mot Car_No par
, 938 • 912
94 Oct 17 2358 Mar 8
91a 913 . 913 912
93/ 94
8
3
911 97
9 8 914
6,400 Preferred
100 3744 Oct 19 10212 Jan 3
.
t*391z 40 .384 • 40 ,.:383 39
4
373 3818 384 3834 *384 397
4
1 18June 22
200 Pierre 011 Corporation
25
Ia Mar 25
12
. *13
.?1a
5
8
14
12
13
13
*12
*16 .21 _4
500 Preferred
100 1313 Mar 24 24 June 21
1614
20
*1613 19
1611 1612 16
'16
20 !*16
212 Mar 22
5!2June 20
, 3 8 ,••,3
34 312 6.000 Pierce Petrorm tern ctfallo par
3
314 33
31$ :33jc
33
34
3 3 31$
1
.83 63
100 3214 Mar 22 741:June 7
61
63
61
6178 59
63
8173 8234 60
603
4 7,900 Pittsburgh Coal of Pa
100 7053 Mar 10 98 Sept 13
8 1,000 preferred
,*9212 .94
92
*9212 94 ,..921.2 924 *90 94
923
92
92
100 Pittsburgh Steel pref
100 9512 April 101 Jan 18
97 :97
*9614 . 9714 ,*9634 9712 *97
971: .97
9712 *97
9712
4
8
No par 92'4 Mar 161 126 Sept 16
1114 11438 21103 1123 82,200 Poatum Co. Inc
8
:11553 3/75 11412.137% 11418. 11514 11313 116
100 381: Feb 51 78 Aug 26
6712 6914 3,800 Pressed Steel Car new
: 6312 7011 6812 70
3
6911 *70 4 -,8914 .691
4 6 4 .72
73
100 761: Feb 5 9212Ma,v 12
9001 Preferred
89
8612 864 *86
7
87
877
8
88 ;884 • 88 88 ;87 877
8,800 Producers & Refiners Corp 50 1684 Jan 5 337sMay 16
26
257 27 3
254 264 26
3
,
t 2713-28
28 4 274 • 264 27
8
340 Preferred
50 3678 Jan 6. '50 Feb 9
4118 4113 4118 414
414 42
*42I.441 ,• 4218.,4212 :*42. .44
8Sept 7
, 427 433 • 42 8,; 7134 .:423 4314 4212 4318 4112 4278 411: 4212 18,500 PubServeorp of NJ newNo par 32 Jan 6, 467
8
8
8
7
,
400 6% preferred
100 9812 Feb 19' 10234 Oct II
8
8
t1017 , 1021: 0103 . 10212 pica 10214 10238 1024 102 1023 •1013 102
100 7% preferred
100 10812 Jan 5 1161: Oct 10
*11618 1184 *11618 1184 1164 11618
111614.
100 125 Jan 10 133 Oct 17
300 8% preferred
*132
13214 1324,•132
111313 133 .1,32 :133 :Pi3.2 133
4
4May 20
10812 10312 1,400 Pub Serv Elee & Gas pfd 100 102 Jan 4 1083
10713 10812 *10812 109
1'10714 108 .108 . 10812 • 108 108
4
7713 7814 31,200 Pullman Company new No par 733 Aug 17 8273 Sept 30
3 7753 79
79 ' 8014 .. 781: 7983 784 793
797 80
8
50 297 Oct 21 4673 Jan 3
294 3133 8,000 Punta Alegre Sugar
323
4 314 32
38
33 - 324 327
* 32
-*33 .34
25 25 Oct 15 331:Mar 4
2513 251s 254 25
257 27,9001Pure 011 (The)
s
, 25
3512
, 2514 25 254 25
1001 8% preferred
100 11138 Jun II 114 May 25
'113___ *11314
*1134 - - *11314 -___ 114 114 *11314 - - - 4
25 423 Mar 31 6112 Oct 13
6112 5,500 Purity Bakeries class A
3
5 6112 607s 6112 60 613 *59
• 583 60 . 60 • 0053 60 8 - 4
4134 Jan 3 11518 Oct 3
913 9214 4,1001 Class B
4
94
4 93 944 9114 94
9312. 947
3 944 943
• *93
No
74
7114 734 684 734 353,400 Radio Corp of Amer_ _ No par 4113 Apr 13 74 Oct 19
7214 71
'1 693 • 6634 6912 :67
8
• 67
50 49 May 3 547
2 544 543
5418 5418 543
8Sept 3
4.
54 . .544 • 6418, *533 54
54
54
4 1,300 Preferred
No par 40 Jan 5 46 Apr 25
Rand Mines, Ltd
*424 45
8
8
45 *423 45 *423 4.5 *423 45
8
'43
,11423 45 .1
8
...... Ray Consolidated Copper_ _10 1318 July 1 1514Sept 26
•
2,50 Real Silk Hosiery
10 2214 Sept 22 49 Apr 20
2414 1412
23 2
2312 2111 23 - --1- 2212 23
-2311 24
280 Preferred
100 80 June I 99 Mar 2
8334 8512 *8214 84
..,.8612 8812 *85. 88's. 8514 8514 *8512 86
21,700 Reid Ice Cream
No par 3812 Jan 24 6912 Oct 18
67
: 66
671
.67
69
4 67
074 6912 6714 683
7 6612 68
014 64 *64 7
404 ? . asps , 7
. *613 ?
200 Rels(Robt)& Co
N w
3
5 6 July 33 .9 Jan 10
'O'i 63
2412 Oct 18 4714JUne 9
No
4 2534 2613 28
253 273
274 107,400> Remington-Rand
8
4 2412 2612 251: 263
, 3758 28
100 91 Oct 21 1021: Apr 25
91
9114 1,7001 First preferred
:
911 92
:
3
3
9312 93 4 92 4 9314 921 93
. 9313 94
100 94 Oct 20 110 Apr 25
300. Second preferred
*90
97
94
96
9914 96
96
96
100 *___ 99 3
130 RemIetn Type 7% 1st pf_ 100 100 Oct 15 1171: Feb 10
115 115 *100 1131:
100 100 *100 115 15110 115 *100 115
100 105 Oct 13 126 Apr 25
! 8% 2d preferred
*100 110 *100 110 *100 115 *100 105 *100 105 *100 105
94 Apr 30 1312 Jan 10
'Replogle Steel
m
No par
_
5612 Jan 4 757 Mar I l
8
62l 61 61 6113 nis 5734 6034 57 571z 4,200 Republic Iron & Steel
;1321$ 64 - 61
.
100 964 Jan 3 106 May 25
2,3001 Preferred
10314 10314 102 10214 10034 102
:
*10212 1033 *10218 10312 *1021 103
4
4 Feb 21 10I4July II
1
8
63
4 734 7,600 Reynolds Spring
7
612 7
612 6 4
3
,
64 6 8
63
4 ON
Nll 2
; 9818 Feb 24 151 Sept 16
147 14818 13,100 Reynolds(RJ) Tob Class opa
4
• 148 1484 1473 14838 14712 14813 148 14834 147 148
25 74 Jan 13 1493 Oct 17
4
8
461 1481 14512 14934 140 14678 1427 14514 14213 14514 1424 1494 12.700 Russia Insurance Co
1.500 Royal Dutch Co(N Y shares). 4414 July 27 541 Feb 9
:
48
*453 464 *454 4614 454 46
4
4612 461: 464 4633 46
10 36 May 23 434 Mar 4
1,900'St Joseph Lead
3733 3738 374 3712 371: 3734 3712 3712 3714 3814 *371: 38
ratio n.1
No par 523 Jan 3 7414 July 20
4
7,600 Safety Cable
8
67
6953 863 68
6711 69
68
4 68
4
695
8 673 693
• 69
4418 Oct 21 721: Mar 5
451$ 444 4412 1,300 Savage Arms Corn°
451 46 *44
46
54534 464 *4534 4614 46
1 June 30
334 Jan 10
1
1
1
14
1
*1
1
1
14
114 *I
*1
.No par 55 Aug 1
68 Aug 29
3 3,600 Shubert Theatre Corp.
601: 613
4 6114 613
4
62 4 6314 618 6212 621$ 6212 62 831
1
57 Sept 8
52
504 5138 11,300 Schulte Retail Stores...No par 47 Jan I
4
8 511 521: 51
5214 5273 521s 527
517 5214
s
100 11614 Jan 2' 123 Aug 5
Preferred
*11813 120 *11812 120 *11812 120 *11812 120 *1181: 120 *11812 120
No par
8 4SePt
3
13% Jan 3
9 4 94 1.000 Seaugrave Corp
,
914 912
*9
914
914 94
914 914
93
3
794 Oct 4
*
7533 724 7353 715 7314 80.500 Seam Roebuck &Co new Nopar Si Jan 1
7614 76aa 744 7633 73/2 7434 7234
No pa
563a Jan 17 1011: Oct 17
4 914 93 51,000 Shatuck (F G)
943
90
0814 9253 98
s 9814 10113 95
91
997
8
474 Feb 10
100 Shell Transport & Tratiltig.L2 413 Oct I
*411: 43
42 .4215 4313 *4284 43 54j83 43
42
*4114 44
94, n,,
Volv 7
24% 2". 1 nino CII•ail r rd.... 09
1
2514 243 25
2518 25
254 25
25
25
25
d. s at moss. a ea-dividend one share of Standard OU Of California new.
- •Bid and asked paces; no sales on this day.
Distributed one-half share common stook and one-half share preferred B 1120Ck•
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
per share $ Ye share
,
634 Nov 374 Feb
4 Nov
712 Feb
1034 Dec 23':June
3
3384 May 533 Feb
1918 Nov 3378 Feb
8 Nov 1934 Feb
3414 Apr 383 July
4
52
5
Mar
Nov
707 Dee
*
1271 Jan
74 Jan 102 Dec
126 Jan 13113 Apr
3713 Oct 54 Jan
--24 Oct 4233 Jan
5934 Oct 97 Jan
1212 May 34 Jan
3712 Aug 734 Jan
2118 July 4013 Jan
76 July 8934 Jan
138 Apr 181 Dee
_
1634 Mar 3833 Jar
5512 Jan 88 Dec
208 Mar 237 Dec
1161: Nov 238 Jan
1153 June 1814 Nov
3612 At
4612 Sept
2014 Nov 843 Jan
4
7014 Dec 85 Apr
32 Oct 454 Feb
69 May 77 Dec
2753 Mar 29, Dec
2
42 Mar 67 Jan
49 Jan 5214 Aug
914 Mar 97 Dec
44 Oct 1518 Jan
1214 Dec 1712 Jan
30 July 3633 Oct.
12 Oct 224 Feb
47 Jan 63% Sept
271: Mar 3318 Nov
Jan 105 Apr
101
106 May 136 Dec
1021 Jan 1091: Aug
4
8 Oct 141: Jar
63 Nov 74 Sept
4
5334 Mar 903 Dec
at May
3114 Mar
9 Nov
584 Mar
564 Mar
30 Oct
412 Jan
51
Jan
184 Oct
513 Sept
83's Feb
4514 July
2813 Jan
7613 Jan
78% Jan
46 Jan
32 June
994 June
2818 Jan
81: Feb
233* Nov
Ira Jan
7 Aug
38 Dec
99 Nov
53 Oot
117 Jan
594 Mar
45 Oct
3814 Apr
3684 June
16 Apr
40 Mar
31 Mar
94 Mar
19 May
761a Apr
12 Oct
1113 Nov
24 Aug
39 June
70 June
94 Mar
751: Mar
341s May
771: Dec
11 Mar
303 May
4
3114 Oct
961: Apr
10318 Jan
115 Mar
97 'Jan
13 Nov31
24 Dec
19 Oct
41 Dec
1004 Nov
24 Jan
131 Dec
91 Dec
5114 July
4818 ,Feb
464 Jan
41 Dec
57% DeO
4614 Nov
103 Oct
4318 Jae
12714 Aug
14 Jan
2718 Jan
7 Jan
4212 Jan
85 Jan
10018 Dec
12478 Feb
44 Nov
95 4 Jan
8
2084 Oct
4184 Oct
3333 Nov
101
Oct
110 Nov
12434 Nov
10413 Sept
33 Apr
Dec
2514 Oct 31 Jan
106 Apr 11284 June
47 Oct 494 Nov
/
1
5113 Nov 44 Dec
32 Mar 6153 Nov
4433 Mar 537 Dee
3
3234 Apr 41S4 Oct
1013 Mar 164 Nov
4
371x Nov 5014 Oct
934 Dee 100 Nov
3 / Dee 50 Jan
94
74 July 1844 Feb
ini" Apr 118 Oct
105 Apr
8 Oct
44 May
9114 Mar
414 Oct
90 Mar
76'n Dee
4738 Oct
3653 May
4218 Mar
6714 Nov
24 Dec
52 Mar
4213 Mar
11212 Jan
1213 Mar
444 Mar
47 Mar
4013 July
24 Mar
11514 Au;
1573 Jet!
6353 Jan,
99 Sept
1053 Jan
1214 Nov
100 Jan
5711 Jan
4818 Feb
5512 Nov
10212 Feb
101: Jan
7053 July
1381: Jan
120 Sept
145 May
4
583 Sept
4
694 Jan
48% Jan
31 Nov
New York Stock Record-Continued-Page 6
2243
For sites during the week of stocks usually inactive, see sixth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Oct. 15.
Monday,
Oct. 17.
Tuesday,
Oct. 18.
Wednesday, Thursday.
Oct. 20.
Oct. 19.
Friday.
Oct. 21.
Saks
for
the
Reek.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis of 100
-share tots
Lowest
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
$ per share I per share $ per share 5 per share
per share Shares Indus. & Mace!. (Con.) Par $ per share $ ner share $ per *hare $ per share
177 17 I 17
s
1714 1718 173
:
10 1414July 16 2234 Feb 16
163 171 11,000 Simms Petroleum
4
17
8 17
154 Aug 28% Ian
53 3 5514' 5314 5312 52 8 55 8 5252 533
5
:
31,100 Simmons Co
5
3
No par 3312 Jan 6 6112Sept 9
28
/ Oct 5413 Jan
1
4
4 521 53
1114 11112'1114 ____ *11118 ____ •11118
100 1074 Jan 4 11118July 15 10512 Nov 1094 July
1114 11118
150 Preferred
1514 1512 154 15
.
3
1532 15 8
1518 1512 1518 16
7
2
34,600 Sinclair Cons 011 Corp_No par 1518 Oct 18 223 Jan 20
165 Oct 247 Feb
4
4
9914 100
9918 994. 9912 9912 *99 10012 100 100
5001 Preferred
100 97 Jan 6 10314 Jan 31
90 Mar 991 June
:
25 4 26 . 25 4 25% 26
3
1
3
257 265
263
8 25% 26
25 2418June 27 3738 Feb21
8 5.900 Skelly 011 Co
26% Mar 37% June
12E 121 *117 125 "119 125
11812 11812 119 119
400 Sloss-Sheffield Steel & Iron 100 113 June 29 13414. Apr 6 103 Apr 14212 Aug
1412 1412 14
14 1 14
8
1412 14
No par 115
8June 22 1684 July 21
1412 137 1414 3,100 Snider Packing
_ 387 393
4 38$4 4012 3918 408 38% 397
8 384 3914 19,100 So Porto Rico Bug new _No par 33% Aug 12 42hMay 18
1304 13014 •123 13014 "123 13014 123 123
126 126
4
100 11812 Mar 4 1313 Aug 5 iic;" Oct 121 Dec
140 Preferred
3913 40
3918 397
11 3914 397 23854 398 38
12,600 Southern Calif Edison
/ 39
1
4
8
8
25 315 Jan 3 41 Sept 26
30 Dec 33 July
17
18
1712
17
3
184, 17
17
173 173 '17
4
700 Southern Dairies Cl A_No par 15 May 20 45 Jan 1.3
4
41
Oct 5512 July
'7' * 712
7
7 1
63
64 7
6
4 7
/ 6% 4,0001 Class B
1
4
No par
1712 Oct 35% Mat
,
6 4 Oct 19 20 Jan 7
3
*mg 133
.13% 14
4
*1334 144 •13
/ 1414 133 134
1
4
200 Spear & Co
4May 13 15 July 29
10 Dec 1734 Feb
83
No par
'81
82
5
82
813 '81
4
"81
60' Preferred
100 73 Feb 24 82 -Oct 18
72 Apr 821 Jan
:
241g 244 244 2413 2439 2412 • 243 2412 24% 24% 2,300 Spicer Mfg Co
8
2012 Jan 27 287
No pa
8May 25
18 4 Apr 31% Feb
3
1.10
*100 111 "110 111 .11012,11012 '11018 11012
100' Preferred
100 104 Feb 21 11114Sept 13 )01
Jan 10714 Dee
8139 6212 • 6112 6212 6114 6212 61
62
6014 6114 24.200 Standard Gas & El Co_No Pa
4June 16
54 Jan 25 663
51 Mar 69 Feb
65 65
64
/ 64 4 '64% 654 65 6518 64
1
4
3
/ 6434 1,4001 Preferred
1
4
53% Mar 57 3 Feb
50 5718 Jan 3 6.114 Oct 14
5
8839 9014 8814 90
8714 8814 2,400 Standard Milling
8814 8814 8814 89
100 7014 Jan 4 953 Aug301 6718 Oct 921: Feb
4
4
98
988 .9814 98
/ 983 983
1
4
967 97
4
490, Preferred
8
4 9712 983
10
84 Jan 5 9912Sept13; 80 Mar 90 Feb
53' 5339 53
5314 53
533 .551 27,500 Standard 011 of Cal newNopar 6038 Apr 28 603 Jan19, 52% May 63 Sept
4
534 5314 .541
4
54
38 8 3941 3839 39
5
384 393 32,100 Standard 011 of New Jersey_25 3514 Apr 29 41% Feb 5' 37.18 Dec 463 Jan
/
1
3839 39% 3852 387
4
3012 30 4 3012 3012 3014 301
3
3018 . 301
3012 30% 19,000 Standard 011 of New York _25 293
4June 2
34% JanI8' 314 Dec 334 Dec
2 8 239
5
2I3 3
"213 3
'212 3
31g Nov 10 2 Feb
600 Stand Plate Glass Co No par
2 Mar 29
4 8June 91
3
239 21
7
1315 1337 13012 132
2
13114 132's 13014 1313 130 130
/ 8,500 Sterling Products
1
4
/
1
4
134 OctiO
No par 9013 Jan
75 Mar 0654 Nov
,
.7014 7114 6918 701
6812 701
68% 701
6812 6939 17,300;Stewart
-Warn Sp Corp_No par 5414 kfar 1
744*Oct 3
/
1
61 Nov 92 8 Jan
7
'35
36
k 2,400'Strombent Carburetor_No par 2618June
3514 36
3514. 361
343 357
3512 377
4
60 Sept 9
47% Dec 774 Jan
.5434 5612 5412 55
3
7
5339 5539 5212 53
525 533 64,100 Studeb'rCorp(The) newNo par 49 June 23 6312SeptI2
47 May 62 Sept
121 121 '121 1233 •121
12213
__
121 121
170' Preferred
12212
100 118 Feb 1
123 •4e,122 1141: Feb 122*:June
33
35
34 3
3
4
3
518 6,900 Submarine Boat
339 4
3 5 33
5
212 Feb 2
No par
4
14 July
818May12
3 4 Feb
5
3139 31% "3112 313 "3112 313 .3112 318* 3018 31
3,500 Sun 011
No par 30 Mar 21 347 Jan17
30% Mar 41h Jan
8
35
38 38
5
5
35
313 3
5
3
3
3 8 3 4 7,100•Superior Oil
5
5
353
No par
312 Oct 1
612 Feb18
1 July
514 Dec
"20
, 21
'20
21
20
20
21
*1914 22 '19
700 Superior Steel
100 1939 Jan 2
28 May18
1912 Apr 347 Sept
8
1218 1218 "11
12
1052 105 5,10 4 12
8
113 113
3
900 Sweets Co of America
4
4
7 Apr 27 135 Feb 3
8
50
8 8 Apr 175 Sept
5
8
•212 4
"24 4
"212 4
"213 4
•21
: 4
'Symington temp ctfs__No par
218Set t 1
8 Jan14
1412 Jan
4 Nov
"64 7
6
/ 63
1
4
4
6
612 61
6
800. Class A temp ctfs__ _No par
*6
612
6 Oct 21
13% Jan14
10 8 Oct 207 Feb
5
8
14h 1458 145 145
8
8 1412 145
8 1412 1412 •1412 143
4 2,100 Telautograph Corp _ __ _No par
1112Mar
154 Aug 4
11
Apr 14% Jan
7
85
4 8
84 84
5
812 8% 4,000 Tenn Copp dr C
5
85 8
5
818June 10 1314 Jan13
No par
85
5s
105 Dec 16 Feb
8
s 93
4
493 5014 495 50
4
8
49 4 503
22,700 Texas Corporation
3
8 493 5012 4934 51
25 45 Apr 19 58 Jani7
4
5312 Nov 574 Dec
74
,
4 73 4 743
,
2 717 741
6812 727
8 6812 707 '2i4,400 Texas Gulf Sulphur new No par 49 Jan 3 813
8Sept20
39
Oct 52 8 Nov
5
13114 13 8 1312 1354 1312 13l
7
1318 1312 1314 1418 5,900 Texas Pacific Coal & Oil__ _10 12 Apr 29 187
12
2June 8
Oct 1912 Jan •
3
2212 2412 74,800 Texas Pac Lana Trust new_ _1 1512 Jan 25 40 Jure 7
245 2514 2412 25 4 2418 2512 2314 254 22% 24
3
3314 333
33
*3314 3313 3314 334 334 3314 3314 3313 33
2,800 The Fair
No par 244 Jan II 36 Aug 5 i({8 Dec 34 Jan
559
/ 598 59
1
4
60
5914 58
:
59
60
5712 571 '571 59
1,100 Thompson (.1 R) Co
:
25 47 Jan 28 61 Oct 3
4214 May 5012 Sept
5
1512 15% 1539 1539 1513 1512 1513 15
153 167 17,200 Tidewater Assoc 011___No pa
4
155 155
8
8
4
15 8 Oct 13 1918June 9
3
_
85 '8472 8518 85
85
85
8512 85
85
1,400 Preterred
8511 8714 86
100 85 Oct 5 903
4June 1
- - -23
213 213 '21
4
23 "2113 221 *213 22
*2214 23 "21
:
100 Tide Water Oil
4
100 19 July 25 29 8 Jan 13
,
27 Nov 3914 Jan
*88
8914 8712 8712 8713 8712 8712 8712 87
8712 8712 8712 2,500 Preferred
100 8012July 20 901,Sept12
8714 Nov 103 Jan
4
11812 1195 11634 11912 11639 119
11618 119
115 11712 111 117
35,100 Timken Roller Bearing_No pa
78 Jan 3 14212 Aug 3
44% Mar 85 4 Nov
3
95*4 951
7 9412 93% 94% 9418 9512 21,600 Tobacco Products Corp_ _100 9.18 Oct 4 110% Jan 5
94
/ 95
1
4
9412 9518 93
4
954 Anr 116 8 Sept
5
*111 11214 111 111
112 112
11214 113
112 11314 11112 11214 .3,400 Class A
100 108 Apr 16 118 July 13 103 Mar 1183 Sept
3
71$ 7 8
7% 814
5
739 8
7
8
71
: 74
712 74 120,800 Transc't'l Oil ternctfnewNo pa
3
3% Apr 30
4June 18
93
3 Mar
512 July
2112 221
2218 22% 214 22
/
1
211 22
/
4
2214 2214 22
22
2,600 Transue & Williams SO No pa
10 May 4 213 Oct 7
4
15 Aug 27
Jar
623
62
6139 63 4 6112 64% 6212 647
3
8 61% 63
6312 67% 146,100 Underwood Typewriter.
..25 45 Jan 29 673 Oct 21
434 Nov 63 4 Jan
4
3
49
49
48 49
4714 4714 474 4714 4614 47
453 4612 3,000 Union Bag & Paper Corp_ _100 3812 Jan 25 7314June 1
4
35 May 7114 Jan
8
13212 1345 130 134
12918 13134 129 132
128 1291 12714 13012 51,300 Union Carbide & Carb_No par 99% Jan 28 144% Aug 5
:
3
7712 Mar 100 4 Dec
43% 4212 '43
43
4252 43
43
43 8 43% 4414 4414 453 20,000 Union Oil Califontia
7
25 3953June 27 5612 Jan 6
4
3714 Jan 58% Sept
10914 10914 •I09 Ill *109 111 *109 Ill
109 109
109 11012
600 Union Tank Car new _ _ _ _100 94 J-tn 3 11612July 18
93 Dec 9514 Dee
35 35
3478 15
34 8 348
5
34
„10 33 8 Oct 20 38',July26
333 33
8
4
3414 335 34
5
/ 8,000 United Cigar Stores new....
1
4
*1073 108 *10612 107 *1064 107 i 10612 1061 106 106% 1055 10614
4
600 Preferred
4
100 104 July 29 109 June 24
190 1914 188 190
18612 18814 185 187
18212 18512 18218 184
11,400 United Drug
100 159 Jan 25 191% Oct 14 134 Mar 174 Dec
804 6012 80 ,803 •60
/
1
4
62 , *59 4 607
594 597 *5£5 60
3
300 . 1st Preferred
4
8
3
5512 Mar 59 BLIP
50 5812 Jan 6 60 4 Oct 17
141 142
139 141
139 139 1 1374 139
13512 13814 13511 137
3,800 United Fruit
No par 11313 Jan 26 150 Sept 12
Apr 126 Nov
98
•W. 100
98 4 19
5
*99
99 4 100 100
5
4
925 993 100 100
4
260 Universal Pictures 110 Pfd-100 98 Jan 14 1035, Apr 24
99 Mar 88 Deg
'3
•
2718 28
•2712 ,281
, : 27
27
2618 2714 25
2814 247 2639 18,200 Universal Pipe & Rad_ _No par 24sSept 22 374 Mar 20
4
13 Mar 34 2 too
52
,
4
88 .91
9014 91
'88
91
2 "80
90 "86
90
500 Preferred
10
813 Jan 27 96 May 7
4
82 Mar 901: Des
209% 211
205 310
20314 211
20412 208
201 206
201 2037 11,900 US Cast Iron Pipe & Fdy_100 19012 Aug 30 246 May 20 150 May 24812 Aug
.113 115' 114 114 5
'11213 115 •114 115 *113 115 .113 115
100 Preferred
100 112 Mar 14 118 . July 1 10014 Mar 118 Dee
4 17 ,171
17
/ 173
1
4
/
1
4
174 1712 174 178 . 17
1714 17
1714 3,800 U S Distrib Corp new_ No pa
1414May 5 2214July 7
48
497
2 48- 1493
4 4633 48
4712 48
47
47% 4612 474 5,300 US Hoff Mach Corp vtcNo pa
/
1
44 Oct 13 63 8May 19 .45% Jan 593* Feb
3
4 72
7414 7438 '735 '7454 731g 732
7
7 73
72
73
72
723
4 8,200 U S Industrial Alcohol
100 69 Mar 30 89'. Feb 28 *,45113 Mar 8412 Dee
+1'163 119* "
4
11614 118 "1183 118
4
511614 118 *11612 118
116 116 .
200 Preferred
100 10714 Apr 4 119 4u29
004 'Apr 114% Nov
8214 615 ;6178 613s 618
82
6114 6139 607 6112 6012 61
4
4,400 US Realty & Impt new.No Pa
54 Apr 6 .,6712„Aug 2%
4818 Mar • 717 Jan
8
81
515 151% .5214 51% 5418 534 5512 5314 5514 '5112 5414 90,700 United States Rubber
8
100 3714June 16 671 4_44 28 . 5 / May 884 Jan
4
01
4
100, 10
012 10018 10112 10012 10112 101 1027 2101111 10214 'io9t2 10012 12,100 lot Preferred
8
100 85 4June 16 111% Apr 8 10112,,Mar 109 Jar
3
4
385 39
3,8 13 4 378 38
83
384 3814 38
38
3712 38
2,200 US Smelting, Ref & Min_ _50 333 Jan 13 '44* Aug 11
8
30 , Oct 49% Jan
•4912 ,
60
*4912 50
494 4912 494 4912 *494 491
49
4918
700 Preferred
50 45 8 Jan 18 5114 Oct 5
5
42 Oct 50 Jan
United States Stsul Corp_ _100 315014Seot 22 176 May 31 117 Abr 18012 Dee
4
1463, 147s ii5j2 ii1 ii 141" 14214 11614 14014 11A 139l 14218 555 700 New w 1
.
11 18, Jan 28 1607 :
2Sept 16 113% Dec 117 Dec
1 8 1365 13633 137
1385
5
13733 13712 13714 13734 13658 137 137 13714 2,600 Preferred
100 129 Jan 28 1373 Oct 19 1241: Mar 130% Dec
4
*91 .93
93
*91
091
93
*91
93 •91
91
93
100 U S Tobacco
9112
No par 67 Jan 4 • 93 Oft 4
5612 Jan 67 Deo
*127 128 •127 128 '127 128 '127 128 '127' 128 '127 128
Preferred
100 123 Jan 14 1263 Atig 11 '112 Mar 123 Dec
3
*120 145 "120 145 •120 145 •120 145 0120' 145 '120 145
Utah Copper
10 111 Feb 11 130 'Sept l3
93 Apr 116 Nov
114 314 •301'
/ 31
4
30, 3012 3012 3012 2918 3018 30
s
30
7,200 Utilities Pow & Lt A__No pir 27 Jan 8 34 May 19
27 3 Dec 37 Feb
5
53 4 5414 53i -543
3
2 53
5312 53 5352 5212 527
8 5218 53% 18,200 Vanadium Corp
No par 37 Jan 20 563 Aug 17 '29 Mar 43 Aug
4
5'712 ,5712 5612 567 "5612 5712 56
6712 58'
8
5612 5518 5514 2,500 Vick Chemical
No par 48 Jan 3 63 8June 6
5
434 July 52 Aug
/ '36
1
4
353 35
3712 3
639 3714 364 37
/
1
/ 367 373
1
4
363 3713 36,700 Victor Talk Machine. No par 32 July 13 41 Apr 12
:
4
- ..."•••
'
8814 8814 88 '88's 8839 89
8 8812 89
888 887
8812 88%
1.100 67 preferred
No par 87 - Oct 14 964 Apr 13
9718 9712 •97
44.•
•0 % 97
6
973
962 97
97
97
96% 9714
1,100 7% prior preferred
100 9614 Oct 7 10012 Apr 13
12
•12 '12's 1134 12
12
114 1112 115 115
8
1, 114 113
8 1,600 Virg-Caro Chem
No par
:May 23 1512Sept 13
71
40
•39 .40.
39
9 Ort
Feb
3839 39
384 3812 378 3814 37% 371
: 2,200 6% preferred
100 2613 Apr 4 447 Sept 13
8
31
/ Oct 69
1
4
.8514 87 - 586 *8754 *86
Jan
873
86
86
844 85
"8413 86
300 7% Preferred
100 73 June 8 90 Sept -7
.41
83 Oct 9818 Jan
45
*43
4314 40
40
393 40 .40
45
40
40
700 Virginia Iron Coal & Coke_100 39% Ott 19 51, Jan 4
233 23% 2212 2339 2114 2214 215 22
8
40 May 6012 Nov
4
2154 2212 2218 2278 16,100 Vivau.iou(V)No par 2114 Oct 18 39149,une 20
.9714 102
97
26 Mar 3612 Dec
97
97
99
*97 100
*97
98
100 100
600 Preferred
100 97 Oct 17 11812June 20
2012 20% 21
94
/ Jan 11012'Dee
1
4
2114 2039 21
205 21
8
197 201
8
. 20
20
8,500 Waldorf System
No par
2i
2012 2018 2018 195 197 •1912 20
19 Oct 3 25 .Feb 7
Jan 23 Dec
17
4
1912 1912 195 195
,
8 1,000 Walwcrth Co ctfs
411
No par
115 •110 115 *110 115
1718July 20 2412 Apr 1
1213 June 234 Jan
115 115
115 115 *11012 115
43,930 Ward Baking Class A No par 8918 Apr 13 1183 Oct 3
2
30
/ 2914 313, 29
1
4
4
99 June 195 Jan
307
2812 3058 2839 30
284 2912 29,800 Class B
No par
95
1712June 14 335 Feb 18 * 2114 Oct 85% Feb
.94
95
8
95
95
95
95
95
*94
95
*944 95
600 Preferred (100)
163 26% 245 2614 25
8
4
8812 Oct 11012 Jan
26
247 2511 247 2512 2439 ;54 6,300 Warner Bros Pictures No par 84 Apr 9 971* Sept12
8
8
A_ _ _ _10 20 July 5 454 Jan 6
. 14 2512 2514 .2514 02412 25
4 5
12 June 6914 Sept
245 2458 *2413 2514 *24h
8
200 Warner Quinlan
25
No par 24 June 6 2812May 26
l' 43 1243 123 12412 122 122
4
4
124 129131 127 134
12812 135
10,000 Warren Bros
*79
No par 65 Jan14 135 Oct.21
71
*70
7039 *69
43 4 Apr 89 Dec
7
70 "67
69
"69
70
*69
10
Weber & Heflin, new c_No par 69 Oct 3 7512 Aug 9
162 16212 160 160
1594 160
15913 15912 159 15914 159 159
2,900 Western Union Telegraph.100 14412 Jan 8
46
4512 .483
46
8 4438 45 • 4154 444 4134 43
413 43
27,500 Wstnghse Air Brake New/Vox/2' 4134 Oct 19 17072June 8 13413 Mar i577 Sept
114 8418 8218 84
511
8112 82
:Sept 15
8
814 8312 801g 81h 7918 815 44,300 Westinghouse Elec &
8
31 13 13
klfg_ _50 675 Jan 4 89hSePt 7
•1112 13
8
*1112 13
65 May
01112 1212 *1112 1212 *1112 1212
Feb
Weston Elec Instrum't_No par
* 14 31
*3012 31
11 Sept 21 1838 Feb 15
*3012 31
13% May 191: July
03012 31
*3012 31
*304 31
Class A
No par 30 July 14 343 Apr 20
*10714 101
4
% 10714 10714 107 8 1077 108 108
7
274 Jan 3212 Oct
8
10512 1053 105 105
4
90 West Penn Elec cl A vtf No Par 97% Jan 4 111
Aug 22
8812 Jan 9812 Oct
/
4
111 1111 11114 11114 11118 11154 11112 112 s110 11114
10912 1091
7401 Preferred
115 118
100
'115'* 116
112
115 115
_ May 1021: Dec
11512 11614+115 11612 115 116
280,West Penn Power pref._.100 111 Jan 15 118 Sept 13
22% 22% 22
224 *2134 22
951: Mar 115 Sept
•2I8 22
22
22
22
22
1,100,White Eagle Oil &Refg_No par 22 Apr 25 2712May 27
8 3818 387
'3/A387
11 38
3818
Feb 15 108
Apr 29 4 Feb
3
3812 364 3712
3812
White Motor
50 36 July 12 583 Feb 28
3a34 39% 39 3918 3858 3958 3712 3932 39 39 364 38% 11,200 White Rock
4
25% Apr 90 Feb
387
8
3812
3,900
Min Sp ctf_No par 26 Jan 26 41 :Sept 21
4,7
4612 474 4512 4612 44
47
5118 Oct 38% Feb
45% 434 453
434 45
/
1
12,800,White Sewing Machine_No par 2112 Mar 24 334
5812 57
57
'
55'7
57
M11110
57
•5510 56
5512 5512 555 5552
400 White Sewing Mach pt.No par 46 Feb 18
2
13
59 Jan 17
*38
461 Oct - 1- Oat
:
(14 4
35
h
*5
8
42
12
3
8
3
3
14
g39 3,200,Wickwire Spencer at...No par
%
14 Oct 20
4 1414 1458 1418 147
1414 143
1 12 Feb 14
53 Dec
352 Jan
14
14% 1352 1414 13% 14
44.300 Willy--Overland (The)__ __ _ _5 131: Oct 10 24%
*93
93
93
9412 •93
18 May 34 Jan
Mar 3
94
93
93
924 9212 9318 9318
500 Preferred
100 87 June 11 96 Aug 22
*113 12
4
113 1239 1112 Ill, '1114 113
881 Oct 99 Feb
4
:
4 1138 113
8 111 111
/
4
1,100 Wilson & Co Inc. new_No par 10 May 5 175 Feb 21
23
8
2312 2239 225
22
12 24
1438 Dec
6 May
8 22% 22% 224 225
8 224 221
2,800 Class A
No par
1614May 5 327 Feb 23
/ 72
1
4
3
70
14 May 30% Dec
7012 70
*70
7012 70
70
6912 6912 6912 691
1,100
100 58 Apr 7 84 4 Feb 23
1831$ 185
3
42 May 813 Dec
18514 186
182 18339 17714 183% 17614 1805 17412 1774 58,600 Preferred
,
8
Woolworth (F W) Co
25 1173 Jan 11 192 Sept 7 12014 Dec 128 Dec
4
"30
31
31
31
29
29
2812 29
28
29
261
26
3,300 Worthington P & M
100 2013 Jan 27 46 JUDO 7
*45
'45
19 Nov 44% Jan
53
53
*45
53
*45
513 "45
4
50 .45
50
200 Preferred A
100 46 Jan 22 6112June 9
4012 4012 40
44 Nov 80 Feb
41
•40
40 '37
40 '37
39
40
*37
100 Preferred B
100 40 Feb 2 5412June 7
374 Nov 65 Feb
57
57% 55
57
5514 563
4 54
52 574 54% 55% 543 553 11.200 Wright Aeronautical.. No par 2412
8
Apr 5 60%Sept 30
2412 Mar 31)4 July
6278 64% 64
3
658* 84
64
63
63 4 r63
5
63
4,400 Wrigley(Wm Jr)
62
62
No par 507 Jan 4 65 8 Oct 17
8
5
5,
80
47
82
82
Apr 59 4 Feb
'80
3
80
80
80
80
80
80
400 Yale & Towne
80
80
25 7014 Jan 8 841 Aug 24
:
601 Mar 7212 Aug
:
32% 3318 3214 327
8 32
3
2% 3112 32h 3114 3214 3012 32
76,300 Yellow Truck & Coach Cl B.10 25 Jan14 40 Aug 10
20 May 3939 Sept
*89
99 088
90
90
90
90
90
*88
90
90
*88
400 Preferred
100 8312 Aug 23 995
8July 20
gg
86
/ 84
1
4
/ 85
1
4
9112 Apr 10712 Sept
8418 85
8418 84
/ 8418 843
1
4
4 844 8414 4.100 Youngstown Sheet & T _No par 814June 29 9714 Mar 24
69 May 9514 Aug
•Bid and asked prices; no sales on this day. D Ex-dividend and ex-rights, a ex-rights. z Ex-dividend.
Per share
*163 17
4
5414 5513
11118 11118
154 15 9
5
*9914 100
25 4 26
3
'121 126
1412
'14
4
3914 393
.127, 132 ,
39.12 39%
184 1812
.714 712
14
14
82
*81
2418 2412
.110
623 825
2
4
6518 65%
7
'884 9014
9814 9814
5312 5314
89
3914
TO% 305
4
!ph 3
132 134
3
7118 71
36
.35
5612 563
4
121 121
34 3 4
3
3
*3113 31%
358 35
8
22
'20
4112 12
4
42% 4
,
•63
4 7
1412 1412
84 8
3
%
49% 50
7512 7614
*1313 14
2244 •
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
In.. I I IOW the &change method of quoting oonds rods changed and prices are now "and taterest"-ercept for inco.ne and defaulted bonds
*11,.
*to
Range
Price
Week's
.*: a
BONDS
Range
Week's
Price
BONDS
1"g
Since
Range or
Friday.
N. Y. STOCK EXCHANGE FE
Since
Range or
Friday.
N. Y. STOCK EXCHANGE .N7...
Jan. I.
Last Sale.
.14. Oct. 21.
Week Ended Oct. 21.
Jan. I.
Last Sale.
,ci.; Oct. 21.
Week Ended Oct. 21.
,
Nigh
Bid
Ask Low
Malt No. Low
High
Nigh Vo, Low
Ask Low
Bid
U. S. Government.
3
99 100 4.
4 17
1003
Haiti (Republic) 8 f 65._... _1952 A 0 10018 Sale 10018
First Liberty Loan8 103 106
21n lleidelberg (Germany) ext 7 41350 J 1 1044 Sale 10412 105
34% of 1932-1947
J D 1011242 Sale 1011/n10113n 38 1001/n101
8
975 10178
:,s
8 18
Ifungarlan Munk. Loan 7, 1945 J J 9934 Sale 9934 1003
1001744102
___ 1011441444'27
1 D 101
Cony 4% of 1932-47
94 99
964 60
External s f is ...Sept 1 1948 J .1 95 Sale 9434
J D 1031044 Sale 103242 10313n 6; 1023234103344
Cony 4 % of 1932-47
of 7 4.1944 F A 10212 Sale 10214
102 2 128 10014 105
,
Flungary (Kingd of)
1021142103
.1 I) 102 42 __- 1021/44S0'27
,
2d cony 4'4% of 1932-47
92; 994
9834 871
Italy (Kingdom of) ext'l 713..1951 .1 D 9814 Sale 98
Second Liberty Loan
4
4 47
953
92; 967
Italian Cred(Onsortium 78 A 1937 M 8 95 Sale 9412
2 69112101
Sale 991244100
MN 100
43 of 1927-1942
)
78
1947 M 5 9434 Sale 94
97
91
Ext1 see 5175 set 13
95
,
M N 100342 Sale 100142 100 42 269 100 101/44
Cony 4(% of 1927-1942
117
90% 101
96
Italian Public Utility ext 78.1952 J J 96 Sale 9514
Third Liberty Loan
J 91; Bale 917
42
/8
92
8814 924
M S 100,244 Sale 1002344100273) 326 100144,191/344 Japanese Govt C loan 45_4_1931 J A
4(4 % of 1928
10114 Sale 1014
1954 F
98; 102
2
30
101, 275
-year s 1 6 a
Fourth Liberty Loan
9212 98
,
06 2 31
,
Oriental Development 68_1953 111 8 9618 Sale 9578
60, 103144104 43
A 0 1033144 Sale 103714210310
44% of 1933-1938
10112 14 10014 102;
8
F
,
1947-1952 A 0 11311,i Sale 113A42114 31 187 11034411422w Leipzig (Germany) 8 f 7s_ _1947 J A 1003 Sale 10038
Treasury 45a
0 98 Sale 98
97 1004
3
98 4 18
16 106/34109144 Lower Austria (Prey) 7 .4._1950
1944-1954.3 D 1043/42 Sale 1033042109143
Treasury 44
3
4
99; 30
934 1001
-year 65_1934 M N 99 4 Sale 9912
,
10644 281 103/n106 44 1.yons (City of) I5
1946-1956 M 43 10642 Sale 106
Treasury 344
9314 101
3
99 4 34
,
498 100/n1013.44 Marseilles(City of) 15yr 6s_ .1934 NI N 99; Sale 99 2
1943-1947 J D 10113441011744 101031 101
'17,44sury 3 4s
_
35; Sale 3412
8 20
41
353
30
Mexican Irrigat Aastng 4"s 1943
State and City Securities.
_-45(1 J 4512 --- 36
4
323 50
Oct'27
8
1003 1011, Mexico(U 5) extl 58 of 1899 L
8
4
N Y City- 4 s4 33 corp etock_1960 Al S 1003 10114 1007 Oct'27
1945 -- -- 3412 Sale 3414
31% 50
3534 42
Assenting 55 of 1899
10212 10512
8
4348 Corporate stock__1964 PA S 10414 10478 1043 Sept.27
42
35 Sept'27
31
Assenting 58 large
102;
Mar'27
10234
8
445 Corporate stock_.1966A 0 1043 105 102;
2412 Sale 24
8
2118 343
2614 42
Assenting 45 of 1904
102; 1051 1
8
4344 Corporate stock___ -1972 A 0 10434 1053 10438 June'27
1 J 244 2514 27; Jan'27
8
8
273 273
Assenting 48 of 1910
10712 10912
_ _1971 J D 10812 ____ 10918 June'27
4%. Corporate stock_
3112
2614 76
---- 25% Sale 25
21
Assenting 48 of 1910 large
10 106; 10912
4 1083
4
8
44a Corporate stook...1uly11967 J .1 1083 ..._. 1083
4
,
2318
20
4 59
243
Assentlng 44 of 1910 entail--------233 Sale 23;
106; 10914
_ _ 10818 Sept'27
448 Corporate stoek____1965 .1 D 1081
3514 461s
3912 15
Trees 6s of'13 assent (large)'33 1 J 37 Sale 37
106; 109
443.93 Corporate etock____1963 Al S 10814 109 10812 10812
5
3914
3914
2511 481g
Small
99 10134
4
1959 M N 10012 101 1003 Oct'27
4% Corporate stock
8
4
9212 341
94
89
4
99 1001 Milan (t Ity, Italy) ext'l 6(0'52 • 0 923 Sale 913
1958 M N 10012 ____ 10018 Oct'27
stock
4% Corporate
102; 11
9!); 1(14
101)2 Montevideo (City of) 75_1952 .1 D 10214 10314 102
8
987
1957 M N 10012 ____ 19112 Aug'27
4% Corporate stock
4
4 1063
4
8 1051t 108;
4
4
983 983 Netherlands 64 (.17 ,1 prices) __1972 M 13 1063 Sale 1063
1936 M N --------98 4 July'27
46 registered
8 74 10214 104;
1954 A 0 10318 Sale 103
1033
-year external 65
30
8
105; 1083
1957 M N 10712 ____ 10738 Sept'27
434% Corporate stock
4
9,
9418 9514
5 4 77
4
4
1053 1083 New So Wales (State) ext 55 1957 F A 943 Sale 9412
1957 M N 10712 ____ 108 July'27
434% Corporate stock
4
95
95
85
94
AM 1954 A 0 943 Sale 94%
External s f 55
8
897 93
st __May 1954 MN 92; ____ 93 Sept'27,
34% Corporate
1943 F A 10234 103 10234 10314 29 10114 104
-year extl 64
Norway 20
89; 92
34% Corporate st_ _Nov 1954 131 N 924 -_ 914 Sept'27
1944 F A 10234 Sale 10234
10314 61 10114 104
-year external 68
20
8
10234 1023
New York State Canal 44_ .._1960 _._ __ _4 ____ 102; Mar'27
0314
104
1952 A 0 10314 104
48 100 10414
-year external 65
30
11212 11212
Highway improv't 4,44_ _1963 M S --------11212June'27
1965 1 D 101 Sale 00; 10124 66
4
981 102%
-years 1 5 .14
40
Foreign Gov't & Munithuds
103
20
8
991 10312
92; 9712 Oslo (City) 30-year a 1 65-1955 IY1 N 103 Sale 0214
)
96 4 62
('ol 78 A..1945 J J 9518 Sale 9518
AntIonula (Dept)
45
3
1946 F A 190 Sale 99% 100
97 1003
Sinking fund 5 13
8
70
923 9712
96
1945.3 J 9412 Sale 9412
External 817s ser 13
10 100 10414
'enema (Rep) extl 5433_1953 .1 D 10312 104 03; 104
45
9212 961
96
1945.3 J 95 Sale 95
External s 175 series C
4
102
1961 J D 1013 Sale .01
15 10012 10314
4
93; 512
Exit sec 8 f 6 13
,
95 2 17
A 0 94; Sale 945
8
Ext.f 79 tr rcts tat ser._.1957
4
95
29
9412 9614
'ernamblico (State of) extl 78'47 al 5 943 Sale 9412
97; 100
4
9914 69
Argentine Govt Pub W s 64_1960 A 0 9914 Sale 983
31 102 10)18
108
'ern (Repot) extl 84(of'241_1944 A 0 108 Sale .08
Argentine Nation (Govt of)1 10 12 10814
108
1944 A 0 107/8 1081 , 08
Eat) 8s (see of 19261
4
134
973 IMP
9012
8
' Sink fund 680! June 1925_1959 1 D 987 Sale 9834
35
194(1 M N 104 133 Sale .0418 105
8
993 ton%
Extl sink Id 743
4
973 11)1
991 54
Esti 8168 of (Set 1925_._1959 A 0 9918 Sale 99
92
103
9844 10512
Eat) a (sec 7 1;(of 19261.1956 M S 10212 Sale 0214
97; 101
1004 94
1957 M S 10014 Sale 100
Sink fund 314 series A
84
100
7612 85
Wand (Rep of) gold 68. _ _ _194)1 A 0 838 Sale 4318
971 100
99; 88
8
External 65 series it. _Dec 1958 J D 993 Sale 994
101 , 390
9314 1014
195(1 1 J 99 Sale 99
99i
Exti sink Id g Its
53
4
973 1110
Esti s f 68 of May 1926...1960 M N 994 Sale 994
105
16 111314 106
who Alegre (City o., ......1961 J D 104 18 1041: 45
993
99
99)4 278
External 4 1 6s (State 1(y). 1960 M 5 99 Sale 99
1111'
15
9912 10212.
Id 7 13....1968 1 J 10) Sale 01
Eat) guar sink
98 100
8
9914 129
Esti 6s Sanitary Woe 4 _ .1961 F A 9914 Sale 987
26 III 11(1
1
(licenstand 'State) earl 5 f 7s 1941 . 0 11512 Sale 15; 116
98 100
9914 21
Esti 64 pub wks(May '27)11161 M N 99 Sale 9918
7 104 1(18
1947 F A 10612 Sale 0612 106
2.5-year external 69.
923
21
89
91
9034
_1945 M S 9012 91
Argentine Treasury 55
06
1061
8
11 1033 1073
8
to Grande do Sul exti 4 f }34.1941; 3 0 10578 106
9714 981,
4
9812 129
g_-July 15 1955 J J 973 S I., 974
Australia 30-yr 5a
105'
22 111218 1064
:10 de Janeiro 25-yr a f 884._1941. 3 0 105 Sale 05
9714 981
4
973 158
S 97% Sale 9714
External 534 of 1927_ Sept 1957
105
40 10214 106
1947 A 0 10512 Sale .15
25-yr extl 85
106
100 101 14
106
1943 1 11 10512 Sale 10514
8
911
921 331
1952 A 0 921 1 Sah
8918 114
some (CIty) extl 6 '4
97 IOW
72
98
Bavaria (Free State) 6 44_ _ _1945 F A 97 Sale 97
16 10212 106
106
143
1 4 'otterriam ((1(y) ext1134._ .1964 al N 104's 1051 05
1I1
4
8
Belgium 25-yr ext a 1 744 g_ 1945 1 1) 1137 Sale 1133 . 11412 91 108 1103 'an Paulo(city)a 1 Rs.. Mar 1952 31 N 11314 114
4 1074 11414
1312 1133
11012 78
1941 F A 110 Sale 110
(48
20
-years
107
26 10412 11/7
: 4an Paulo (State) eath s f 833.1936 1 .1 106 Sal, 06
963 1051
4
101
105
4
1949 M 5 1(133 Sale 0314
-year external 6(45
25
24 1(i44 1(18
.1612 107
1951. 1 J 10612 106
External see s 1 85
92; 100
4
4
993 227
4
1955 J J 983 Sale 983
External s f fis
1111
15
4
)01
4
98 10134
External s(75 Water L'n.1950 .1 5 1003 Sal(
4
10714 200 111212 1073
4
-year 4 1 78„ _1955 J 1) 1063 Sale 0614
30
External
953
25
8
9318 965
-lanta Fe(Prey, Arg Rep)78.1942 NI 5 95; Sale '15
8
10518 201 1013 1051
Sale 0438
1956 M N 105
StabIllzatIon loan 74
141
0758 1047
8 103
8
(France) ext174'42 .1 J 10312 Sal( .127
4 11.1 1141, ;eine. Dept of
11412
1945 51 N 114 11412 114
Bergen (Norway) 4 f Ss
49
4
101
9714 1023
4erb8, Croats & Slovenes 84.1962 51 N 100 Sale ”()
3
9914 102
10118
fund 68...1049 A 0 101 10112 0118
981. 47
-year sinking
15
3
91 14 99 4
1931 51 N 974 Sale 9714
4
150
96; 1003 3olasons ((its' of) extl 65
99;
1950 A 0 988 Sale 9873
,
Berlin (Germany) 6. .4
16 10318 105
1412 105
1931 J 0 11412 Sal(
:
4
10512 19 1021 10 .1 Sweden 20-year 65
Bogota (Ity) ext'l a 1 85_1945 A 0 105 Sale 105
1954 51 N 10412 Sal( .1412 105'
51 1023 10514
8
External loan 545
10412 20 102 10512
Bolivia (Republic of) 84-1947 M N 10414 Sale 0414
113
34- 11114 1144
13%
98
Swiss Confed'n 20-Yr a f 85.1941' J J 11318 Sall
92
9512 79
1058.3 J 95 Sale 95
Esti see 75 tern
21 1021 106
03; 104
8
93; 1004 switzeriand Govt ext 5 144_1946 A 0 103; 104
4
091 110
15-yr 63.1934 MN 9938 Sale 9912
Bordeaux (City of)
79%
78
19
75
107
66 104 10812 !'okyo City 53; loan of 1912-1952 51 $ 77 Sale 77
Brazil(U 801)external 88_ 194I J D 10614 Sale 10618
89
260
904
1961 1 0 8814 Sale 4814
86
Esti 81 53.45 guar
321
96
89
93
External a f 6 4 of 1926-1957 A 0 92; Sale 9212
981,
18
29
g
9r's 987
9412 9912 Prondhjem (City) 1st 5348. 1957 M N 98 Salt
4
9714 89
1952 J D 963 Sale 9612
75(Central Railway)
973
28
99
)74
94
1945 .1 D 9712 Salt
(Prey) 78.
4
74a (coffee tiecur) E(fla0_1952 A 0 10614 Sale 10534 10614 15 1024 1073 Upper Austria
8% 11214
Uruguay (Republic) extl 89_1946 17 A 109 Sal, .18% 10912 18 10
,
of) ext.! 73_1935 M S 102% Sale 024 103 2 145 102 105
Bremen (State
953
9414 97
4
961 103
1980(4 N 96 Bali
Externals(Os
92
87
884 141)
8
8
Budapest((1(y) extl at 86_ _1962 J D 871 Sale 877
9214 971s
9513 119
9914 10214 Yokohama (City) extl 623_1961 .1 D 944 Salt 944
4 10114 26
4
Buenos Aires (City) esti 6481955.3 1 1003 Sale 1003
Railroad
95 . 9614
9614 62
4
.1 D 953 Sale 9512
Buenos Alr(s (Prey) tut! 75_1957
1434 July'27
102% 104114
Ala Gt Sou 1st cons A ba. _ _194:. J D 10514 - _
40
9512 961
96
1958 M N 9512 Sale 9,513
E'xti 4 1 7s of 1926
10014 101
.014 July'2
3
9414 Ala Mid 1st guar gold 53-192/ 51 N 100 1 --.
89
4 49
913
Bulgaria (Kingdom) s f 73..1967 I .1 9014 Sale 9014
S
1114t; A 0 8912 .._.
1912 Oct'27
87% 8117
4
983 Alb & Snag 1st guar 3•63
55
9612
98
4
;•oddas Dept of(Co) inbia)71046 J .1 973 Sale 9714
891,
4912
&Vs 891S
2
A 0 90 _ _ .
s
10234 28 1004 1027 Alleg & West 1st g go 43.-199/
..;44nada (Dominion of) 53-1931 A 0 102 Bale 1017
.
1
9514 974
96
1
/64
194•. 141 8
8
8
192 F A 102 Sale 1017
8 102% 64 1013 1027 Alleg Val gen guar g 4s
1O.'yma1' 5348
7911 84
14
84
85
9834July 1995 1.1 J 84
1952 M N 10612 1063 106
10612 29 104 10612 Ann Arbor 1st g 48
4
5.
9244 9744
1714
4
973 128
-Gen if 43.1995 A 0 97; Sal(
8
9818 1007 Atch Top & S Fe
1936 F A 10014 Sale lOOis
10012 82
4'4•
4
96
A 0 -------158 Sept'27
92
Registered
10312 108
5
4
1954 .2 J 10634 1073 10734 1073
4
:larisbild ((MY) a 4 88
11;
931
8714 93111
7
99
Adtustment gold 43_ _July 1995 Nov 9312 Sail
96
99
20
>Wee Val (Dept) Colons 7%8'46 A 0 9812 Sale 9812
94
Oa
871s 94
9314 Sail
11
July 1995 611 N
Stamped
Sent AgrIc Rank (Germany)
891g
111 N
8812 ....
85
(912 Sept'27
Registered
4
9.54 953
4 40
953
9514 9512
196 I .1 95
1st ea farm loan w 1
92
85
11/4 Oct'27
1951 / D 9214 _.
Cony gold 44 of 1909
8 70 10614 110
1093
:1181le (Republic) esti 3 f 86..1941 F A 109 Sale 109
4
93
113
4
873 9213
4 10
195t 1 D 9214 913
Cony 44 of 1905
9912 10212
102Ig 36
19 • M N 101 Bale 101
-year external a f 7s
20
91
86
1012 Sept'
Cony g 44 Issue of 1910_ .1964. 1 D 87
9 10614 110
10912
-year external a 1 88_ _1946 M N 10914 Sale 10914
26
..
19%
99,
9914 10018
93%
East Okla Div Ist g 43__ .192/ M S 99% nib
89
917 186
A 0 9112 Sale 9112
External sinking fund81
88% 9214
1014 Sept'
Mtn Dly 1st 43. _ _1965 / J 9118 92
Rocky
8
89
933
92
123
1961 F A 9112 Sale 9112
Externals f Os
2
9012 927
9378
8
127
3
-Con Short L 1st 44_1951. .1 1 92; --.
93
9612
Trans
96
49
'Alb) Mtge Ilk 64.June 30 1957 1 D 9514 Sale 95
97% 10012
3
Cal-Ariz 1st & ref 4 k4s A...1962.M 13 100 8 -__. JO; Oct'27
96
984
64
98
81 6958 of 1926. _June 30 1961 J D 9712 Sale 9712
2
10414 1073
8
54...1946 J D 1063 ____ 107;June'27
3014 All Knoxv & Nor lot g
24
4
2612 41
3
7111neee(Huktiang Ry) U._ .1951 1 D 253 2614 25 4
98 100
.
8
994 1023 AU & Chart A I. 1st A 4348_1944 J J 10018 _ _ _ 9812 Aug'27
8 10
3hrlatlanla (Oslo) 30-yr 4 f 681951 M S 10234 _ _ _ 10238 1023
lot 30
-year be series B..,1944 J J 10512 Sale 10512 1054 10 10314 106
96 10114
98
61
4
;ologne(City) GermanY6 441950 M S 973 Sale 9712
90
89
9212 9314 Atlantic City 1st cons 48_4.1951 J J 89 ____ 90 Aug'27
423
93
;olombla (Republic) 64_41961 1 J 9212 Sale 9212
3
93 4 9812
984 23
9914 101 12 Atl Coast Line let eons 45July '52 M El 98 ---- 974
-year et 544_1944 J 1 10014 Sale 10014 10012 41
:openhagen 25
4 27
1964.3 D 101; ___ 101; 1013
4(4s
9654 10134
9514 96
General unified
8
963 140
1952.3 D 96 Sale 9534
External 5s
9318 Sale 93
9112 9312
9312 59
I. & N toll gold 48._ _Oct 1952 NI N
9512 97
96 12 28
7ordoba (City) esti at 74.-1957 F A 9612 Sale 96
8214
s
19
781 8214
1948 J J 82 Sale 82
Atl & Day 1st g 48
9612 1011
99
;ordoba (Prey) Argentines 1942.3 J 99 Sale 99
7544
70
7312 7212
,
1948 ./ J 73
73 4
8
9312 9712
2d 45
9714 125
;osta Rica (Repub) WI 78 1951 M N 96 Sale 96
87
10
- 8612
8211e 87
1949 A 0
Atl & 'lad lot g guar 45
2 100 104
1044(4 S 1014 Sale 10114 10314
7tabs 54 of 1904
4
4
87-10.1 1051g
_ 10014 102
Austin & N W let go g 533_ 1941 J 1 1013 104 10134 Sept'27
Oct'27
8
External 54 of 1914 set A.1949 F A 1013 ____ 101
4
97
9312 9714
54
4
1
937 973 13alt&Ohlo Ist g 4s____July 1948 A 0 964 Sale 962
95
2
External loan 4(4a set C 1949 F A 95 Sale 95
9514
92
4
_
943 9612 9514 Sept'27
July 194/3 Q J
Registered
1953 1 J 101; Sale 101; 101; 43 101 18 104;
Sinking fund 548
10014 144
1933 M S 100 Sale 9934
97 100;
-year cony 410
20
9214 96
4
4 43
943
3
-Col) Ts '46.3 D 937 Sale 933
:Undiriamarea (Dept
.
M S .._ ._ _ _ 9818 Apr'27
9818 98%
Registered
37 105 110
of) 84..1951 A 0 109 Sale 1(0334 109
lsechoslovakia(Rep
8
1003 10512
Refund & gen 54 series A__1995 J D 104; Sale 10412 1054
1084 59 1044 109
)
Sinking fund 88 ser It.....J952 A 0 108 4 Sale 10814
1948 A 0 10912 Sale 10918
10912 34 1044 110
e
1st g 54
10638 97 1044 10814
3
4
External s f 748 series A..1945 A 0 1053 Sale 105 4
8 88 10104 1011g
1929.3 J 1023 Sale 10234
4
1027
10
-year 68
8
5 1093 112
112
F A 11114 Sale 11114
>enlist) Cons MunIcip 88 A..1946
1995 J D 11212 Sale 112
8
11212 57 1075 112l
Ref & gen 633 series C
1113
4
11112 10 11)914
1946 F A 11114 Sale 11114
Series Rafts
8
8
924 961
4 19
P I. E & W Va Sys ref 48_1941 M N 9612 Sale 963
963
8
105
105 1033 10518
4
1042.3 J 1043 Sale I1434
Niamark 20
-Year 63
1950.3 J 1053 ___ 10514
8
8
111514
3 1013 10512
Southw Div 1st 58
9812 101
4 11
993
)orninican Rep Cust Ad 5348'42 M 13 100 1004 99;
8712
82
8712
Tol & Chi Div 1st ref 48 A.19511 J .1 8712 Sale 8714
98 101
2 21
4
99,
4
1940 A 0 983 9914 983
see 5144 of 1926
let
2000 M 8 10514 Sale 10434
10514 96 100% 105t8
Ref & gen 58 series D
22 10012 10412
)resden (('Ity) external 73 1945 M N 10212 Sale 10212 10212 17 10214 1054 Bangor & Aroostook lot 55_1943 J J 1031
98 10314
___ 10314 Oct'27 .
10518
hitch East Indies en!63-1947 J J 10518 Sale 105
8812
1951 J 1 8714 8712 87
43
84
Con ref 418
874
10514 40 10214 1051(
1062 M S 105 Sale 105
-year 65 external
40
613
64
8
4 1003 10412 Battle Crk & Stu lot go 35_1989 J D 65; __ _ _ 68 July'27
Sale 10312 10312
1953 PA S 10312
-year external 548
30
Ws
95
1st go g 48-1936 J 1 9612 ___- 9512 Ang'27 .
8
9 1003 10334 Beech Creek
4 13/33
4
4
195:i M N 10312 1043 1033
-year external 545
30
J J 93 _...... 9112 Mar'27 .
9412 9:312
Registered
5 10614 10912
10814 10818 10814
1936.3 J 10012 ___ 10012 Aug'27 .
3 Salvador (Repub) 84_1948 .1 J 108 Sale 95333
99 1004
2d guar g 58
93
984
16
9634
'Inland (Republic) extl 6s_ _1945 N1 S 9512
8512
81
Beech Crk Ext let g 3145._ _1951 A 0 8512 ---. 8512 Aug'27 .
9814 102
,
100
100 2 53
93
. 93
1944 J D 93
External eink fund 78_41950 M 8 100 Sale 9812
93%
91
1
9:5; 10034 Mg Sandy lot 4s
9918 58
1956 M S 99 Sale
8512
Externals f 6",s
12
8
85
78
3
& NY Air Line 1st 45. _1955 F A 8412 ii 843
9912 Host
96
99
98;
1938 .11 J 97 _._ 97
lnnish Hun Loan 6 1433 A.... 1054 A 0 9812 99
4
8
952 9912 miens 3, W lot gii gold 45
97
1
953 97
984 14
9812 Sale 9812
External 6 433 series 13.. _ _ .1954 A 0
104
15 101 10414
247 10814 11214 Buffalo R & P gen gold 58 1937 M S 10414 ___ 104
8 Sale 110; 11078
94% 9938
1957 M N 98 Sale 9712
tench Repub 25-yr eel 84.1945 M S 1103 Sale 11414
9814 54
Como! 445
4
1143 391. 105 11612
Li 11412
97i
M N ____ ____ 9712
95
9714
3
20
Registered
-year external loan 7343_1941 J
99 1(1712
10678 408
4
1053
8
1934 A 0 10112 --__ 1015 021'27
101 102%
External 74 of 1924 ._....1949 J D 106 Sale
10912 litiri C It & Nor lot 54
4
554 11153
107
8
1081
--- 10814
1(15 10812
lerman Republic ext'l 7s. 1949 A 0 1063 Sale 10612
9912 1034 Canada Sou cons gu A 5s...1962 A 0 1081
4 43
101,
Sale 10014
9814 977
99
95
8
981
2
Verman Cent AgrIc Bank 74 1950 M $ 10014
4
953 Canadian Na( 4 .74.Sept 15 1954 NI S 98 495
9512 327
4
9912 10112
4
Farm loan s 1 6s_July 15 1960 J J 953 Sale 95
100; 14
5-year gold 4 44..Feb 15 19311 F A 101138 100; 1003
10214 24 1004 104
2
"1)12) 102
114 11614
raz (Municipality) -4._ ... 1954 M N
Canadian Nona deb 8 I 75. _1940 J D 11512 Sale 114; 1151
117 111312 106
1046 J 1 120 4 12012 11912
12111
16 I 173a 12018
it Brit & Irel (UK of) 548.1937 F A 11)6 Sale 10512 1064 17 11634 1194
25
-years deb 6(4s
118
1929 F A 11734 Sale 11712
8
993 100 100
31714 100,4
3
1110
10-year eonv 5 44
10-yr gold 444s.. _Feb 15 1935 F A
1057
8 25 III:15a 107
8
11.11. 00
tester Prague((ity)7 44_ _1052 M N 1053 Sale 1054
0..
611
-.
•
2245
New York Bond Record-Continued-Page 2
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 21.
t?
a:
Price
Fridag.
Oct. 21.
Week's
Range or
Last Sale.
(•
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 21.
Price
Friday,
Oa. 21.
ll'eek's
Range or
Lifer Sale,
Range
Since
Jan, 1,
High
Ask Low
Bid
NW No. Low
High
High .Va Low
Ask Low
Bid
1001: 100%
_ _ 10012 Apr'27
831s 8814 Cleve & Mahon Val g 5s____1938 J .1 1003
4 75
873
•Canadian Sac Ry 4% deb stock. J J 87% Sale 874
98259984
4- 3
& Mar 1st gu g 4 Hs__ 1935 M N 9914 99 4 99 Sept'27
4
953 991. rI1
9912 53
:
1946 MS 991 Sale 98%
Col tr 4 Hs
98% Aug'26
)3
1 9 2
9552 981 cleve & P gen gu 4393ser B.1 9442 4 0 10112
:
1932 MS 97
9712 97 Sept'27 -Carb & Shaw let gold 4s
100 101
101 Mar'27
10212
Series A 4345
8318 8714
8714 15
J 87
1949
874 87
Game Cent 1st Oats IC 48
9014
89
1948 MN
9014
%
90
Berke C 334s
102 104
Oct'27
104
Caro Clinch & 0 ist 30-yr ba 1938 JD 10414 14 8914
89
___ 8914 May'27
1950 F A 881
Series D 3 Hs
107% 109
1952 JO 108% Bale
con g es Berke A_
let A,
8 10112 1041
10414
4
108 104
9012 9234 Cleve Sher Line 1st gu 4393_1961 A 0 104 86
10
_4_
P
11
4 1g
1981 Jo 921s 93 1?IS Au8
Cart & Ad 1st gu g 48
6 108 110%
10912
1972 A 0 10914 Bale 10914
Cleve Union Term 5388
89
83
D 89 Bale
1948
Cent Branch U P 1st g 45
: 25 1031 105%
:
:
1973 A 0 1051 Bale 10512 1051
let a f 5s ser B
10412 107
Oct'27 3
Central of Ga 1st g 5a_Nov 1945 FA 105 4 10712 10512
Oct'27
138% 93
___ 93
1945 J 13 92
8
8 102 1067 Coal River Ry 1st fru 4s
8
1945 MN 10512 Bale 10512 1055
Consol gold 68
99% 29
99%
98
4
3
100 4 10:1: oiorado & South 1st g 45_1929 F A 993 Bale 99%
FA 10212 -- 10212 Sept'27
Registered
993
4
5
96% 99 8
101% 10314
Refunding & exten 4 34s..1935 M N 9918 Bale 99%
7
-year secured 6s...June 1929 JD 10218 Sale 10212 10212
10
1
9631
8
917 96%
3
4
96 4
1948 A 0 963 97
('ol & H V Ist ext g 48
5 10412 107
:
Ref & gen Sts series 13___1959 AO 1061 10712 106% 107
9012 94
1955 F A 91% ____ 94 Sept'27 -Col & Toilet ext 45
0 10414 Sale 10414 10414
7 102 105
1959
Ref & gen be series C
8
881 88%
Conn & Passum Riv 1st 45_1943 A 0 883. _ _ 947 Sept'27 -88% 92
4
Cbatt Div pur money g M-1951 ii) 911: 933 92 Oct'27 -964 94 Bept'26 ---1930 F A 9458 J 104 ---- 10712 Oct'27 -- 10118 10712 consol Ry deb 4s
Mac & Nor Div 1st g 5s 1946
10 "7012 WI;
78
3
78 8 78
1954.1 .1 77
103 104
Non-cony 43
Oct'27
104
1947 J J 102
Mid Ga & Atl dly be
Oct'27 -1
69% 774
77
102 10518
Non-cony deb 4s____J&J 1955) J 7612 80
J 10518
_ 10518 Oct'27
1946
Mobile Division 58
77
74
Oct'27
77
7812 88
1
Non.conv deb 48_ _ _ _A&O 1955 A 0 7612 80
88
86
87% 88
Cent New Eng 1st au 4s_ __ _1961 J
6912 7712
:
773. Oct'27 -1956 .1 .1 761 80
debenture 4s
99
4
993
Non-cony
9912 Aug'27 -Central Ohio reorg 4 Hs _ _1930 MS 10018 __
98
97
97% 44
19422 13 9714 Bale 97
9912 101% Cuba Nor Ry 151 5)49
7
Central RR of Ga coil g 5,3 1937 MN 10012 Bale 10012 10012
25
98
9112 98
4
-year 58 11
Cuba RR 1st 50
2 112 119
1952 2 3 973 Bale 9712 109%
119
1 11812 ---- 119
Central of NJ gen gold 5s_.-1937
3 107 11012
II 109% 10912 109
1936 .1
1st ref 7393 ser A
11812 15 112% 11812
117
1937 (4 J 120
Registered
3
9912 10212
1936J D 9934 10012 99 Oct'27 -9114 9412
1st lien & ref fis ser B
1949 FA 94% Sale 93%
9414 51
Cent Pac let ref gu g 4,3
1
981s 99 4
9954 Oct'27 ---4
90% 9218 Day & Mich 1st cons 4 388...1931 J J 993
FA
_ 92% May'27
9112
Registered
9312 97
9555 33
4
973 99
15_year 5 n
De1&Hucls:.let & ref 4s 1943 M N 95% Bale 9514
_ 99 Sept'27 _
Mtge guar gold 4 Hs_ _Aug 1929 JO 99
11412 153
141 Sept'27
1935 A 0
3
89 8 9412
30-year cony be
4
9414
AO 91% - - 9414
94
Through St L 1st gu 43_1954
1937 MN 105 1OS'2 10434 10512 31 103 106
19130 FA 104% Sale 10334 104% 35 10112 104
Guaranteed g 513
I 10512 1073.
2
19302 D 1085 108 10612 10612
11814 119
-year secured 78
10
3a
119% Aug'27
_
Charleston & Bevil% 1st 75_ _1936 J J
984
9614 Apr'27 - - 96
1936 F A 9814
17 10018 101% D RR & Mtge 1st gu 413 g
10114
Sale 10114
Chee &(Min fund & impt 56_1929 J2
89% 94
36
93
1936 J J 925 Bale 924
/
Den & R G ist eons g 4 3
- 103% 108
Oct'27
1939 MN 107 ____ 107
1st consol gold Is
94
97
3
95 4 19
9614 95 4
3
,
1936 J .1 96
102% 105
Como! gold 4 ,, 8
1939 MN 105 10612 105 May'27 Regletered
9912 1004
10018 14
1928) 13 85 8514 100
97% 10212
Improvement gold be
4 21
1992 M
102 Sale 101% 1013
General gold 4 Ha
8512 153
9
8 '.
94% 9,12 Den & R G West gen be_Aug 1955 MN 85 Bale 845
M
9812 Oct'27
94%
Registered
as
33 Sept'27 -48
91118 101% Des NI & Ft D I st gu 48.....1935 J .11 26
8
s
1930 FA 100% Sale 100% 1007
__-year cony 4 Hs
20
U
26
loot 17
15
8 1 20% oc .21
100 64:1;8 1 104 oc t.27
IS 101
Temporary Ws of deposit__
98 Sept'27
1940
Craig Valley let bs
7014 80%
li
89% 92
Det & Mac. let lien g 4a_1995 :1-4
913
Pone Creek Branch lat 48_1948 J J 10114- -- 90 June'27
90
70
62
Oct'27 -_ 7
70
Gold 48
2 88% 91
91
91
R & A Div let cone 4s__1989 J J 91
97% 101
1061 M 1
3
85 4 88
Detroit River Tunnel 4 393_1999 2 4
Oct'27
1989.1 .1 8815 89 88
2d consol gold 4s
8
1
3
103 4 104 2
997 100% Dul Missabe & Nor gen 5,3_1941 1 J 103% ___ 1037 July'27
2
Feb'27
13 10114
10018
Warm Springs V I st g be_ _1941 PA
2 10112 1044
___ 10418 10418
95 10012 Dul & Iron Range Ist 5e.....19371A 0 104
5
100 44
2
Chomp Corp cony bs May 15 1947 MN 991 Sale 99
7512 88
1
8712
71 -731 Dul Sou Shore & Atl g .51_ _ _1937 J J 871: Bale 87%
:
6
73
:
2
Chlo & Alton RR ref g 3s_ 1949,A 0 717 731 73
94
9414
71
72% East Ry Minn Nor Div lat 4a.'413 A 0 93% ____ 9418 July'27 -- _ _
9
71%
7118
7118 __
Ctf dep stpd Oct 1927 int
Oct'27 -- 10024 10214
.1 10054 ___ 101
1930
6114. 6814 East T va & Ga Div g be
6312 23
Railway first lien 3 Vis _ _1950 A .3 6212 Sale 6212
106 104
Oct'27
19561M N 10714 10812 108
67
cons 1st gold 58
60
63 205
-- 613 63 617
4
'23 & sub coup'
Ctte dep Jan
- 102 104 4
1
:
86% 91
Elgin Joliet & East 1st g ba_ _1941 MN 1041g 1041 1041: Oct'27
9014 17
.Chic Burl & Q-111 Div 3Hs_1949 .1 .1 9012 Sale 90%
_ 1071
1 1u4114 10712
: 10712
1965 A 0 107
8714 87% El Paso & El W ist be
1.1 J
8714 Aug'27 Registered
7
107% 13 106 107 8
8
8
943 99
Erie (at consol gold 78 ext_1930 M S 1077 Bale 107
16
J 98 Kale 9725
99
1940.1
Illinois Division 42
t.24
m,, ooss17 65 8112 8812
931 99
1906 1 -I 881s Sale ss
:
1st cons g 45 prior
56
99
1955M 8 99 Hale 97%
General 46
79
8412
97% 102
Registered
224
8 102
4
1977 k A 1013 Sale 1013
4 its ser Ii
1st & ref
7312 824
8214 474
7 .1
19 96 J
let consol gen lien g U....1 99.1 j 82'4 Sale 81%
10 105% 108
108
1971 F A 106 -__ 108
4
08
1st & ref be series A
79
72
Registered
1996. J
Regis
1
_ 10612 Oct'27 -- 106 106%
Chicago & East III let 68_1934 A0
9314 103
78
78
10112 2u
80% •,4
Penn coil trust gold 4a_ _ ._1951 F A 101l 102¼ 10114
N 9311 Sale: 9275
9314 172
C & E Ill Ry (new co) con 56_1951
26
7814 8812
88
-year cony 45 miles A 195:3 A 0 88 Bale 8712
50
2 105 10 ay
1982 MN 109 8
10912 10912
3
Chic & Erie 1st gold be
1
37 4
79
87%
1953 A 0 87% Sale 871:
13914 747
8
Series B
4
733 236
73
Chicago Great West 1st 45_1959 MS 734
8412 135
135 Sept'27
1053 A 0
113% 118
Gen cony 45 series 13
'Chic Ind & Louis/I-Ref 65_1947 J
:
1161 ---- 118 Sept'27 971 Sale 96%
914 9712
9712 -7;81
10314 1044
Ref & knot be
_ 104 Sept'27
Refunding gold ba
1947 J
10414
5
9967M -1
91
9114
Erie& Jersey ist s f es_ _1 55 J N 1143. 114 8 11454 11412 12 11112115
.1 91%
9114 May'27
Refunding 48 Series C____1947
2115
1111
1144
4
8
9972 10514
Genesee River ist a f be 1957 J J 1143 1143 1143
13
1966 MN 104
General ba A
____ 10354 104
904 9012
8
917 90% Sept'27
1940 .1 J 91
8
May 1966 J J 109109
1 10612 1095 Erie & Pitts gu ift 3Hs B
1
10918
General 65 It
89
89
92% 96
Series('3 He
1
9514
4
Chic Ind & Sou 50-year 4s_ _1958 ii 95 16 9514
1
95 4 10314
8
1 17
0413
99
1 9411 2 P4j 10 4 Sale 100389 4 A 11 .% 111
8
985 110p, Est RR exti a f 7,1
8
4
5 N1
4
Chic LB & East 1st 4 Hs_ _19)19- JD 100 1003 10018 Sept'27
2
997 10112
:
8
553 6812 Fla Cent & Penn 1st ext g bs-1930 .1 .1 100_ 1001 July'27
8514 59
C M & PuLet Bd 1st gu 45_ _1949
65 Bale 65
5 1011 10212
4
/
8 10225
.1 .1 1023. 163 1023
3
55 4
1',,w+ 4 sr, Id 5.
3_
225
67
U 8 Tr certifs of deposit......
65 Sale 85
23
9714 99
99
85
90
Florida East Coast let 4391_1959 J 0 99% ____ 98%
90
ChM & St P gen g 4s Ser A_e1989 JJ 89 4 Sale 89 4
3
3
9 4 10112
4
943 2.53
9312 Bale 9318
8314 8415
1st & ref be series A
8418 July'27 14
Q J
Registered
65
50
514 lb
_ 1974 M 8
7412 79
Fonda Johns & Gloy 4345,,..1952 91 P1 5114 Sa.e 5012
General gold 3Ha ser 13....e1989 J J 79 Bale 79
79 - -2
97
94
97
97
-_
2
947 9918 Fort St U D Co Ist g 4 393___1941 .1 J 961
3
'Gen 4 Ha series C__ _May 1989 .1
9918
3
99% Sale 987
8
1063 108
9912 Sept'27
108305
95
Ft W & Den C 1st c 5 Ha___1961 .1 0 108 8- 4
7
5 Oct'.7
ResOstered _
9
3
9714 99 4
9925
4
57
6914 Ft Worth & Rio Or let g 4a 1928 .1 J 9914 993 9954
Oen & ref (ger A 4 He_ _Jan 2014 AO 68
68 14
6712 68
3
5 10614 18812
567 .0
2 Frem El.& Mo Val 1st 6e___1933 A 0 10614 109 10712 10712
Guar Tr cantle of deposiy. _
6725 186
:
881 Sale 6618
9 10012 1015
5
10125
5512 68
G H & B A M & P 1st 5
3-1931 M N 101 10125 101%
,
Fan ref cony eer B 5. Jan 2014 FA 65
661± 25
68 6612
/00% 10212
4
100%_ 1003 Sept'27
3
55 4 602
2d extens 58 gear
Guar Tr certifs of deposit _
6612 237
65 Sale 65
7
9612 10112
:
3
93 A .1
36 10314 1061: Gale Hone & Bend 1st 58_ _ _1931 J 0 991 11612 004 100
1st ser Os
1934 3.1 1035 Bale 103% 104
8
5
00% 00
1003,
10012 11001± 10 98 100
._ 100
5612 6 , Ca & Ala Ry let cons Ss Oct 1945
59
67
Debenture 4 He
1932 JD 6514 Sale 6514
5
98% 100 2
69 (la Caro & Nor 1st gu g be_ _1929 J J
58
167
Ban ers Tr certifs of depoet
67
4
653 Bale 6512
Oct'27
7218 79
5/P1 68% Georgia Midiandlet 3 48...046 J , 7714 7814 79
194 1 A (9
1stri g4,3
6734 Oct'27
Debenture 43
1925 J-15 65
2
97% 9914
56% 6b12 Or 11 & I ext
9914
9914 • --- 9914
249
67
US Mtge & Tr (Ifs of dep..
Sale 65
6512
11554 11 11414 116
--j 6512 6658 6712 Oct'27 -- 5612 68 Grand Trunv of Can deb 75.1940 A 0 115 Sale 116
-year debenture 4s
25
1934 j
23 10137 109
2
109
109 Sale 10814
5625 681 1
15
-year a f Os
97
66
Farm L & Tr etre of dep.....
6514
8514
97
12
97
163 7 M S
i• 84% Sale 844 8425 6 7818 8412 Grays Point Term let 55.-19411 .1 D 9818 0934 97 Sept'27 11 113 11532
Sale
ChIc & N'west gen g 3391_1987 M
115
Sale 113
:
741 80
Great Nor gen 75 series A_1936 J .1
Rtstisto./xi
4
Q F 783 83 80 July'27 - _
- 114 11414
11414 Oct'27
1 .1
:
901 96%
Registered
9834 17
General 48
M N 9625 Sale 96
1987
4 22
97 101%
1013
92
9312
1st & ref 4 Ha aeries A__ __1961 1 .1 9914 Sale 101
_
:
9334 ____ 931 Sept'27
Q
Registered
8
4 108 1125
11212 3
1952 1 J 112 Sale Ill%
0013 904
Genenvi 5 18s series')
9634 19
9612
.
97
Stud 48 non-p Fed in tax '87 MN 96
,114 10812
10812
3 10
1973) J 11100:1647-558: 12105 108
General Se series C
1 105 IOU
Fed Inc ten.1987 MN 109 -- -- 109
109
Gen 4385 stpd
94% 100
9914 55
10138 Sale 99%
b 10814 115
General 4 He series D._1976 .1 J
115
:
Gen be stpd Fed Inc tax...1987 M N 11312 1151 115
83% 86
Feb 857 88 85% Aug'27
8
Green Bay & West deb etre A
3
Sinking fund fis
1879-1920 AO 102% ____ 105 4 Oct'27 -.- 1014 105
30
21
Oct'27
25
101 10214
F•
Debentures 4•tfs fl
AO 10212
4
Registered
- 1023 May'27
:
931
93
93 Aug'27
10 10014 10318 Greenbrier Ry let VI 4s____1940 M N
1007
Sinking fund 68
8
1879-1939 A 0 10012 1007 100%
4
16634 Oct'27 -- 105 108 2
8
110)18 11/214 Gulf Mob & Nor let 5393_1950 A 0 1087
•
A 0 10011 -_-- 1011 Aug'27
:
Registered
1879-1929
4
5 1004 102 2
A 0 102% Bale 10258 102%
1950
1st M be serteri C
3
102 4 15 Inn% 102%
Sinking fund deb 5e
1933 M N 10214 Bale 10214
2 107 108
4
10754 1073
Gulf & 8 I 1st ref & ter g fe_81952 J .1
_ 101 102
Registered
10214 ____ 101 Sept'27
8
973 108
3
2
1071
3 - ;
105% 10714 Hoc Ing Val let cone g 4385.1999 -I .1 105 4 1673 1075
,
2
1) 105% 1057 105% 105%
8
1930
-year secured 7a g
10
9534 '9544
4
953 Mar'27 -3 111 12 1131:
Registered
-year secured 6 He g__1936 M S 11212 112% 11212 11212
15
-9812 100
8
21 10212 112% H istisaI . fly edr g 5 !
& T f itIInt uar 88 111
lat ref g be
May2037 J D 111 Sale 1057
m 3
1198883713 N ilia nil 897 Oct'27 -- 1004 103%
8
10334 Sept'27
102/8
97% 1023
4
4 44
1023
'JO 1023 Sale 102
1st & ref 4393
May 2037
4
10214 10312
3
1 90 1 j
Waeo & N W div 1st 6a.. _19371M N 10312 - - 1031: Aug'27
87% 92,4
8 39
915
Ohio RI & P Ratlaay gen 48_1988'.1 91% Bale 91
9912 101%
10115 21
8612 8918 Houston Belt & Term 1st 55.193711 1 10014 101 101
- 18
1
8918
'.1
8918
Registered
:
924 9512 Houston E & W Tex 1st g 58_1933 M N 100_ 101 June'27 -- 10111 10154
9512 144
Refunding gold 4s
1934 AG 95 Sale 95
10012 iiii 10934 Sept'27 -- 10018 10944
92% 93%
AG
93% July'27
1st guar 5.4 red
Registered
:
98 10212
1021 176
10214 Bale 10114
51
4
943 aa
193 7 F A
Hud & Manhat re series A _1 9 : IN N
8
957 896
Secured 438s sertee A
1952 MS 95% Salo 95
1
9714 97 4
9714 June'27
_
8914 91
F A
Registered
Cb St L & NO Mom Div 48.1951 JO 89% --- 91 Aug'27 -9314
84
93 291
1014 102%
Adjustment Income fe Feb 1957 A 0 93 Bale 92%
:
Oct'27
1932 AO 10214 1031 102
Ch St L& P 1st cone g 58
9712
94
___ 97% Oct'27 -b 10212 104
Illinois / 'entre! 1st gold 45_1951 .1 .1 951
1027
,
Chic St P M & 0 cons 61/..„1930 .1 I) 10284 10314 1027
9212 9212
8
925 Apr'27
41951 .1 J 9212 97
9614
Reillatered
94
Cons Os reduced to 3393_1930 ii) 961 ____ 9614 May'27
9012
87
9912 10012
4
s
1951 .1 J 885 9012 9012 Oct'27
let gold 3 Hs
10012 Bale 10012 10014
1930
Debenture fe
11814 89%
99% 101
8
5
101
Extended let gold 3 Hs___1951 A 0 887 ---- 88% Apr'27
Stamped
1001s Sale 100%
7512
73
75% June'27
93% 101
11151 M S 73.8
1st gold 35 sterling
& Bo East 1st 541_1960 Jo 10025 Bale 10025 100% 50
Chic 1' II
9012 6312
1
931
931g
4
873 9r.38
31
96
Collateral trust gold 45_1952 A 0 9312
Dec 1 1960 M
96 Sale 95
Inc fru 58
8912
88
9714 101 14
A 0
88 July'27
_
10114 10
Registered
Chic Un Sta'n let gu 4 He A 1963 J J 10114 Sale 1001s
13
9312 9772
977
9715 97% 9718
1955 NI N 84%1st refunding 45
1963 J
10512 ____ 10525 Oct'27 -- 103% 1116
lit be series 11
38%
85
88i
9
3
7 1111% 105%
88%
88 4
Purchased lines 3393
11144 Jo 104% 1047 10418 105
8
Guaranteed e be
88
16
92
911
3
1953M j
1992J N 91% Bale 91%
3
C
Collateral trust gold 4s
1963 J J 11818 1183 11818 118 4 16 11614 118 4
4
1st 630 series
HA
8612 June'27 - -8612 864
M N
Registered
Chle & West Ind gang 6s_ _ p1932 tJ M 10518 ____ 105 Sept'27 -- Ills
2
1065 109
86% 9 3
-11110 11 2 109 Sept'27
Refunding re
5
consol 53
9125 58
-year 4s
1952 3, 9114 Sale 9025
7 11112 11312
113's
9M N
199
-year secured 6393 g_ _ 1936 JJ 11312 Sale 11338
15
4 lOSs 47 10312 1051±
11)62 M S 104% Sale 1043
let ref 5393 ser A
4
96% 1013
1 1966 F A 10114 Bale 1001s 10114 82
40
-year 43,s
5
Choc 04a & Gulf cons 58_1952 MN 1045 ____ 104 June'27 -- 10314 104-25
921: 902
_
94% Sept'27
97% 9818
4
1950 -I D 943
Cairo IIridge gold 4Asug
9818 Sept'27 1937'.1 0918
Cin H & 11 2d gold 4 vis
76% 7834
9814 gg
_
7814 Aug'27
_
1
Litchfield Div 1st gold 313.1951 .1 .1 791
977
8
C I Bf 1. & t.' 1st g 441._ _Aug 1936 Q F 977 Bale 977
82% 8412
24
Loulay Div & Term g 3385 1953 J J 843 85 84 Sept'27 _ _
9512 964
Aug 193/1 Q E 0714 ____ 9614 June'27 -Registered
78%
76
91114 9314
3
78 4 Oct'27
3
78 4 80
9312 Sept'27 Omaha Div let gold 35_1951 F A
1942 M N 93% 98
Cin Leb & Nor gi, 4s g
784 8012
Oct'27
1 1011 10012
St Louis I/Iv & Term g 36.195i J .1 8014 ---- 80
100
8
1928 J J 100 1003 100
Cln B & Ci cons tel g 5s
8512 98
1
4
1
/
87
_ 87
1951 J -I
0912 991:
Gold 3345
8
& Slab 1st gu 65.1943'.1 1005 ____ 9012 July'27 ---Clearfield
89
98
142
Springfield Div 1st g 3348 1951 J 3 8798
85% 884 84 Sept'27
& St I. gen 45_1993 JD 96 4 Bale 96
3
Cleve( In
90l 9234
9:
0.12
Western Lines 1st g 0_1951 F A 92% ____ 9225 Sept'27
9312 May'27
Registered
2
983 101112 III certral & Chic St I. & N 0
_
Oct'27
1931
.1 100 100%100
-year del) 438a
20
4 23 10312 108
4 1073
4
(0633 D 1073 10812 1073
Joint let ref 58 series A
10814 Sept'27 -.- 107% 113
11)93 JD 1 118
Geileral 5.3 Series 13
187
9614 10014
D 997g Sale 9958 100
1963
ist & ref 43.0 eer C
42 In ,••• 1034
8 103
Inuit 65 series A___1929 J J 10225 Sale 1025
Ref At
2
109% Sept'27
- 1041 10812
105 10814
.1 13
1951 ./ 13 108
Gold be
'3 10631 Sale 1063
4 1083
5
1941
4
13e series C
10312 10312
10412 ____ 10312 Mar'27
2
32 1027 (054,
Registered
4 105
8
1963 1 .1 1047 Sale 1043
5s series D
85 $b
___ 85 Sept'27
19512 D
93% 91
Gold 4345
Oct'27
96
19392 J 96
Cairo Div let gold 4s
931s 93 1
1
9318 95 9318 Sept'27
91
86
Ind Bloom & West lot ext 4e 1940 A 0 83Oct'27 -901: 90
CIUWA NI Div 1st g 45_1991 .1 .1 90
2
931 961s
9618 Oct'27
1950 3 .1
91
87
Ind III & Iowa 1st g 411
9018 0,1'27 -4
St L Div let coil tr g g 48 1990 MN 903 95
9012
84
4
873 Oct'27
5
1956 .1 .1 877
8714 90
& Louisville let gu 45
Ind
M N
Registered
10112 1031s
8
917 974 Ind Union Ry gen 58 ser A1965 J .1 10314 -- 103 Sept'27
4
Spr & t UI Dly lot a 4s...1940 M S 96 i 9712 963 Oct'27 -101% 102 4
7
102 Sept'27
19652 .1 102%
974
91
Gen & red Ss series B
:
,
1"",.1 J 9012 ___ 961 Apr'27 -w w Vei 1 1y isle
7 106 2 100%
1
10712
A _1952 1 .1 107 Sale 107
10612 11418 Int & Grt Nor let 6a ser
4
°CC'A I gen "nu* re---1934 1 f 10814 1083 10814 Aug'27
aos sec 4 Jniv ion A prl 075a Bale 97
97% 123
98
14
/,,•/ owe.
..-•
P,
vr rue
33 0 In
ciee
Lhbg PM. .Dias May, r Due ljek
,-.
6;
2246
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 21.
New York Bond Record-Continued--Page 3
74s3
e
bit
Price
Friday,
Oct. 21.
Week's
Range or
Last Sale.
1.
sis
05
;3
Range
Since
Jan.!.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 21.
Price
Friday,
Oct. 21,
Week's
Range or
Last Sale.
Rang*
Bftwe
Jan. 1.
Bid
Ask Low
High No. Low
High
Bid
Ask Low
High No tow
Int Gt Nor (ccncl) Adj 63 nod _ Aprl 8814
Mob
-- 88ts
8818
8112 881 N Y Cent RR cony deb 65._1935 M N 1097 Bale 10818
1
,
8
1097
lat 5e series 13
9 10642 109%
1956 3, l018 102 1014 1017
9814 103
s 25
Cense!45 series A
1998 F A 9512 Sale 95
bit Rya Cent Amer let 5s.__1972 MN 82 Sale 8112
9512 38 90
951s
8212 38
75
824
Ref & impt 448 series A.2013 A 0 10334 Sale 1e314
let coil It 6% notes
10334 11 977 103
8
/
1
4
1941 MN 947 95
8
914 955
8
8
4
947
947
8
Ref &!met 53 series C
2013 A 0 1093 Sale 1083
8
4 1097 127 10514 109%
181 Hen dr ref 6(48
8
1947 F A 918 Sale 91
917
8 98
90
925
8
Registered
A 0 ____ _ ___ 10512
Iowa Central 1st gold Se
19314 JD 423 4818 42
Oct'27 ---41
5812 NY Cent & Hud Rh' NI 349'97 J J 857 Sale 8514 Jan'27 69 10514 10514
8
86
8014 874
Certificates of deposit......
42
4612 4114 Sept'27 ---65
40
Registered
1997 J J 8414 .._ __ 84% Oct'27
78% 844
Refunding gold 48
1951 MS 1612 17
16
26
17
144 2112
Debenture gold 43
1934 IN N 9814 Sale 98
9812 24 9614 98 4
James Frank & Clear 181 43.1959 3D 94% 9512 95 Sept'27 ---3
913 96
4
Registered
M N 954 _ _ _ 96 Feb'27
8 .
Ha A & G R 1st gu g Se
96
96
1938 J, 103
_ 103 May'27 _
103 103
30
-year debenture 48
1)142.3 J 974
9718 Sept127
Kan & M 1st gu g 4s
9413 98%
1990 AO 884 ---_ 8918 Oct'27
855 8918
8
Lake Shore coil gold 345_1998 F A 8314 Sale 8213
H C Ft 13 & M cons g 65
834 17 794 85
1928 MN 1013 Sale 10034
4
10114 20 10034 102
Registered
1998 F A 805
8
82 Sept'27
H C Ft S & M fly ref g 4a1936 AO 953 Sale 95
782 82
4
3
8
92
9512
8
9513
Mich Cent eoll gold 354s 1908 F A 84
8414
8514
4 79 4 8514
3
HC&MR&B let go 5s. _ _1929 AO 10012 10012 101
101
18
994 10214
Registered
1998 F A 8212
8118 July'27
Kansas City Sou 1st gold 38_1950 AO 7614 763 7612
78% 8214
734 7712 NY Chic & St L let g 4s- _1937 A 0 9
24
77
4
96
541 9 12 9614
5
7
963
4
4
9 943 96%
Ref & impt,58
Apr 1950 J
10112 Sale 10112 102
19
994 102
Registered
1937 A 0
9438 Sept'27
94
951s
Kansas City Term 1st 414.....1960 J J 927 Sale 9212
93
55
8
88
93
25
-year debenture 4e
1931 M N 98% 9914 994 Oct'27
964 994
Kentucky Central gold 48....1987 J
9014 923 9014 Sept'27
4
8113 91
2d 65 series A B C
1931 M N 10238 103 1027
8 103
15 I0218 103%
Kentucky & lad Term 4515_1961
J 8713 ---- 8712
2
8712
854 945
8
Refunding 53.4s series A..1974 A 0 107 Sale 1063
4 10713 40 10418 10711
Stamped
1961 ii 90% __-_ 91
91
Refunding 5 He series B-1975 J J 10 34 Sale 10 4
4 105
7
63
107
Plain
1961 J J
9614 Sept'27
885 9971 12 NY Connect 1st gu 431s A-1953 F A 10014 Sale 10014 10014 72 10418 10711
96
1
16 94% 1004
Lake Erle& West let g 6s_1937 J J 103
103
__ 103
6 101 103
1st gear 5. series B__
ua
1953 F A
1043 Oct'27
3
103% 105
2d gold 58
1941 J J 10212 104 103 Sept'27 ---- 10018 101
N Y & Erie 1st ext gold 45-1947 M N
912 Oct'27
4
Lake Sly & Mich g 3H5--1997 JD 8553 Sale 8514
80% 1363
8
8614 70
3d ext gold 4 43
1933 M S 99 4
3
9858 July'27
_
684 98
Registered
1997 J D
8312 Sept'27
8312
80
4th ext gold 5s
0 10053 __ 1005
1930 A
4 1003
4
3 983 101%
8
Debenture gold 48
1928 M S 997 Sale 9878 100
35
984 100
8th ext gold 45
1928 .1 13 99% ____ 99 Nov'26
25
-year gold 4s
1931 MN
994 Sale 9914
994 48
9730 100
NY & Greenw L gu g 5s
1946 MN 9938
100 Sept'27
994 100%
MN 9718-- 994 Oct'27 --Registered
9914 9914 N Y & Harlem gold 331e-2000 M N ___ ---- 84% June'27
834 ___.
813 85%
4
Lab Val Harbor Term 58...-1954 FA 10514 1108 10512 Sept'27 ---- 10412 1072
Registered
4
M N
8214 Mar'27
8213 821e
Leb Val NY 1st go g 4 148..1940 J J 10134 ___ 10118 1012
3
2
9812 10134 N Y Lack & W let & ref 54; __1973 M N 10218
80 July'26
Lehigh Val (Pa) cone g 44_2003 MN
92 Sale 9118
92
2
8614 92
First & ref 4 34s
1973 M N 10514 107 10418 June'27
102 fais
MN
Registered
89 May'27
8912 NY LE&W 1st 78 ext
84
1930 M S 10614 ---_ 106 Feb'27
106 106
General cons 4145
2003 MN 10153 Sale 1003
4 1018 86
97 102
NY & Jersey 1st 53
1932 F A 1005 Sale 1005
8
3 1904 10 10014 1011
/
2
Registered
MN
97 June'27 ---97
97
N V& Long Branch gang 45 1941 51 S 9014
90 Dec'26
Lehigh Val 1411 gee he serles.2003 MN 110411014 not2
2 10312 11012 N Y& NE Bost Term 43_1939 A 0 9212
91
Apr-27 ____ "iii" 01
Leh V Term Ry 1st gag 540_1941 AO 10514 ---- 10612 Oct'27
1024 10
1947 M S 843
612 N Y N H & II n-c deb 4s
4
7S1 Sept'27
8
86
74
AO
Registered
10218 Mar'27
10218 10212
Non-cony debenture 3(48.1947 M S 750 ____ 833 Sept'27
4
72% 76
Leh & N V 1st guar gold 43__1945
S 91%
__ 9134
9134 11
90
9114
Non-cony debenture 3548.1954 A 0 763
__ _ 76
76:
16 6853 76%
Lax & East 1st 50-yr 5s gu._1965 A() 11312 115 11314 11314
3
6 109 4 1133
Non-cony debenture 42-195:J J 8414 85 84% Oct'27
1 5
44
84%
76
Little Miami gets 4s Ser A-1962 53 N 914 9114 913 Sept'27 ---4
8614 913
Non-cony debenture49-1956 M N 8 34 Sale 84
76
5
4
.85
92 • 76% 85)
Long Dock(01180i g 65
.
1935 AC 10912
_ 109 Aug'27 1083 10912
4
Cony debenture 3540
7612
77
67 683 77.
s
Long laid 1st con gold 55July 1931
10112 ___ 1014 Oct'27
9934 10113
Cony debenture 68
1948.3 J 113 Bale 11211 114
111 1054 11418
1st cense] gold 43.-July 1931
0818 Sept'27
98
'Registered
9813
.3.3 ____ ... __ 1095 Oct'27
8
103 111
General gold 45
.1 1
94
9414
945
3 12
9214 9818
Collateral trust 6a
1940 A 0 104% Bale 1045
3 105
28 102% 10513
Gold 4s
1932 1
954
0614 Sept'27
934 964
AO •____
Registered
0912 Oct'27
10912 10912
United god 45
1949
914 9212 90 4 Oct'27 3
Debenture 48
1957 M N 79 Sale 7812
79
12 6913 79
Debenture gold Ss
1934 i 1
10014 10114 10112 Sept'27 -___
89 10 112
99 91
Harlem R & Pt Ches 1st 45 1954 M N 91
_ 91
91
9 8814 91
20
-year p m deb 5a
1937 m' 99 4 ___ 9912
3
10
997
9818 10014 NY & Northern 1st g 58-.1927 A 0 99% 10018 99% Aug'27
99% 100
Guar refunding gold 45._ ,I949 M
913 Sale 9134
4
93
35
883 93
4
NYO&W ref 1st g 412.Jitne 1992 M
81 18 Sale 8118
813
4 64 764 81%
Nor Sh B tat con gu 54:Oct'32 11
100 8 ___ 0034 10014 10 100 101
5
3
General 48
1955 .3 D 79 4 Sale 7713
79
32 73
80
Lou & Jeff Bdge(*(3 gu g 45..1945 M •
92 Sale 92
92
2
89 3 9212 NY Providence & Boston 4s 1942 A 0
5
905 Sept'27
8
90% 90%
Louisville & Nashville 58_1937 M
107 __ 107 Sept'27 --- 10618 107
N VA Putnam tst eon gu 4s 1933 A 0 9113- 9112 Oct'27
89% 9212
Unified gold 4s
1940 J
98 Sale 9712
9818 28
95 4 9812 N
3
Susq & West 1st ref 544-1937 J J 91 Sale 903
4
9114 76 $712 94
Registered
965 May'27
8
12
95
9634
2d gold 4346
1937 F A 744 80
7912 June'27
7214
Collateral trust gold 5s.1931 M
1013 ___ 10112 Oct'278
- 101 1023
General gold Ss
1940 F A
751 763 77
3
4
4
7714 31 71 13 80,
10
-year secured 75
1930 M
1043 Sale 104
4
105
13 10318 108
Terminal Ist gold 53
1043 MN 101 10212 101 June'27 _ _ 984 80'
101
lst refund 531s series A_2003 A
109 Sale 1083
4 110
14 105 110
Y W'ches & 1st ser I 445'46 J .1 89% Sale 88
8911 158 784 89%
let & ref Ss series 13
2003 Al 10814 Sale 107
10814 11 1053 1087 Nord ltyext'ls f He
4
1950 A 0 99% Sale 9 3
3
9 4 10
014 75 9314 10014
let & ref 4345 aeries C
2003 A
1 10512 Norfolk South 1st & ref A 55_1961 F A 964 Sale 942
10413 105 105
1054
8
99
4
9612
03
N 0& M 1st gold 68
1930 J - 1023 10334 103
4
Oct'27 ---- 103 10434 Norfolk & South 1st gold 58.1941 MN 10114 10214 10112 Oct'27 40 9 4 9612
---- 10013 101%
2d gold 6s
1930 j . 1023 10334 10334 Aug'27
4
10334 1033 Norfolk & West gen gold 65_1931 M N 10512
4
10511 Oct'27 --10434 106%
Paducah & Mem Div 44_1946 F
95 4 ____ 05 4 Oct'27 --__
3
3
9334 9 12
Improvement & ext 65_1934 F A 10814 108 4 1083
- 3
4 1083
4
10108 110
St Louis 131v 2d gold 38_1980 M
1008 __-_ 6834 Oct'27
685
6612 69
New Rtver 1st gold 65
1932 A 0 106 10712 106
Oct'27
106 107
Mob & Montg 1,11 g 4 30_1945 NI 1.
__ 0112 101%
3 10014 101
, N & W Ry 1st cense 4a.--1996 A 0 9753 Sale 97
973
4 18 9228 974
South Ry joint Mona,45.1952 J
9112 - 7 914
92 8
5
9113
8713 9214
Registered
1996 A 0
_ 94% Aug'27
927 95
2
At) Knoxv & Cin Div 413..1955 M
9718 9734 97
9718 12
9312 9711
Dly'l 1st ilen & gen g 48.1944.3 J 9518 9512 9518
9512
4 93
9512
LOt65V( In & Lax Div g 4315'31 M I. 1008 1008 100 Sept'27 ---99 10
14 012
113-yr cony 68
1929 53 S
- 18612 Sept'27
158 187
Coal RR let 5s
Mahon
1934 J J 10212 10412 0212 Oct'27
10212 10318
Focal] C & C joint 431
1941.3 D 95
9513 95 Oct'27
92% 96
Manila RR (South Lines)441.1939 MI' 743 7611 7513
4
764 11
69
North Cent gen & ref 58 A-1974 M S 10713 ___ 10658 Sept'27
7812
105% 107
Ist 4s
1959
80 Sale 80
80
1
7312 84
Gen & ref 4 Hs series A-1975 M S
09 June'27
97
9934
Manitoba SW Coloniza'n bs 1934 .1
10012 10112 101
101
3 100 101
North Ohlo let guar g 5e.__ 1945 A 0 1664 _
10012 1004
4 9413 10012
Man 013&NW 1st 3315
1941
.1 8812 9012 8 Sept'27 --87
88
North Pacific prior lien 44_ -1997 Q J 961 Sale 9578
8
97
124 91 14 97
Mich Cent Det & flay City 5a '31 S M 10134 10212 10112 July'27 -- 10112 1013
Registered
4
1997 Q .1 944 964 95%
95% 10 9053 95%
Mich Air Line 4s
1940
95 4 96
3
953 Sept'27
4
9514 97
Gen'l lien gold 35. _ __Jan 2047 Q F 7018 Sale 704
703
4 66 6553 79 4
3
let gold 3(4s
1952 M
89 4
3
893 Sept'27
Registered
85 4 90
Jan 2047 Q F 68
3
69 69
69
%
5 631 69
20
-year debenture 4s
1929 A 't
99 4 Sale 99 4
3
3
99 4
3
6
9834 100
Ref & impt 4345 series A.
.20473 J 102 10312 1033* Oct'27
96 10338
Mid of N J 1st ext be
1940 AU 9612 9814 9714 Sept'27
95
9818
.1 .1 9714
Registered
9
8 May'27
98 98
Milw L S & West Imp g 5a_1(129 FA 101 Sale 100l 101
5 10014 101%
Ref & inipt 68 series IL.. 2047J_
J 1154 Sale 115% 11512 73 111 11614
Mli & Nor 1st ext 4 Hs(1880) 1934 .1 1) 9712 99 9813 Dee'26 -Registered
J J Ill's --- 11514 Oct'27
11514 11514
Cons ext 434',(1884)
1934 .31) 9712
9712
974
1
- /4 9
Ref & impt bs series C.
.2047.3 J 109 Sale 10818 109
14 10318 109,
Mil Spar & N W is) gu 4s
1947 PA
5
Oct'27
_
96
4
Ref & impt be series D___2047 J J 10814 Sale 107% 10812 23 10314 10814
924 9
9
6
Milw & State L 1st gu 3148.1941 .1
87 - - 834 Dec'25
91
Nor Pac Term Co 1st g 68_1933 J .1 109 4
2
109 4 July'27
3
10944 10972
Minn & St Louis 1st cons 55_1934 M
4918 5018 50 Sept'27
-Ln" 67
Nor Ry of Calif guar g 5&. 1938 A 0 1063 --- 1063 Oct'27
4
4
103 106 4
Temp etre of deposit
8
NI P. 4814 4812 4814 Oct'27
4613 55
North Wisconsin let 65
1930
J 10212 10312 10212 Sept'27
10212 10318
1st & refending gold 4s...1949 M
1712 187 19
8
20
17
23
15
854 8612 8512 Oct'27
Oft & I. Cham 1st gu 4s 5.-1948 J
81% 88
Ref & ext 50-yr 5.9 ser A._1962 4,1
123 14
4
13
Oct'27
__
124 1514 Ohio Connecting Ry 1st 4s__1943 81 S 92% _ 95% Mar'27
M St P & S S M con g 45 Int gu'38 J J 9018 Bale 9012
945 9442
8
9012 21
8614 91
Ohio River RR 1st g ba
1936.3 13 10253
10334 June'27
102 10418
Registered
86 Sept'27
86
86
General gold 53
1937 A 0 10'2
10212 Aug'27
10114 103
lat eons 53
19311ii 98 Sale 08
Oct'27 - 96
99 4 Oregon RR & Nay con g 48-1946 J D 94
2
95 0(4'27
8852 95
let cons Ss gu sato Int__1938 J J 9918 Bale 98
9914 14
9614 9. Ore Short Line 1st cone g 55_1946 J J 110
12
_ 10938 Oct'27
1063
10
-year coil trust 6Hs____1931 MS 102 Sale 102
5g
10212 30
9712 1023
Guar cone 5e
1946.3 J 1091 Sale 10914 109% 21 106 4 109
4
8
110
1st & ref 6s series A
1946.3.3 102 10212 0212 10234 43
9814 111214
Guar refunding 45
1929 J
9953 Sale 9
9%
99% 63 9814 100
25
-year 5118
1949 MS 9512 Sale 943
4
96
8214 96
75
Oregon-Wash let & ref 43-1961 J J 9112 Sale 91%
9134 38 861 92
8
let Chicago Term s f 48_1941 NI N 9613 ___ 0814 Oct'27 -973 9814 Pacific Coast Co 1st g 5a_ -1946 J D 884 89 881/
4
89
13 88
93
Mlasissippl Central 1st 5*
1049 .1 .1 975 Sale 9753
9758
5
9512 971 Pac RR of Mo 1st ext g 44.-1938 F A 95 Sale 95
95
4 934 95
Mo Kan & Tex 1st gold 45_1990 J0 913 Sale 9118
8
9113 160
8614 9112
20 extended gold 53
1938 J .1
10234 Oct'27
102 102%
Mo-K-T RR pr liens.ser A_1962 J J 1042 Sale 10434
4
45 101 10514 Paducah & Ills 1st of 441 1955 J J 1004 1047s
3
98 100%
40
-year 4s series B
1962 J J 905 Sale 9012
854 9112 Paris-Lyons-Med RR 6s____1958 F A 96 fide 100 4 Oct'27
9112 19
06
9613 194 874 97
10
-year 68 series C
1932
103 Sale 103
1033
s 13 10234 104
Sinking fund external 76.-1958 M S 10214 Sale 102
1027
8 67 964 1034
Cum adjust 55 ser A Jan_1967 AO 10612 Sale 0612 10714 102
96 1081 Paris-Orleans RR sf75.. -.1954 M S 101 103 101
.
10112 12 9514 102%
Mo Pee 1st & ref Se ser A_ _1965 FA 1013 Sale 0112 10212 153
4
9734 1024 Paullsta fly let & ref s f 75 1942 M 5 102 1024 10212 103
4 10114 1034
General 48
1975 MS 783 Sale 7814
79
289
4
7412 794 Pennsylvania RR cons g 45__1943 M N 98% _
98
Oct'27
9511 98 4
Ist&refssserF
1977 MS 101 Sale 10038
1
101
9734 101518
Consol gold 4s
1948 M N 97% Sale 9712
977
8 11 9414 99'
9414 95
Mo Pee 3d 7e ext at 4% July 1938 MN
Oct'27 -_
92% 95
95
43'terl stud dollar_May 119411 M N 9753 9812 973
4
983
4
5 941 9s
Mob & flir prior lien g 5....1948
5
1004 4
9734 99
973 June'27
Consolidated 431s
1960 F A 1043 Sale 1043
4
4 10518
0 10172 10611
1st m gold 43
1945 JJ 91_
9153
9214 23
8618 924
General 4 tie series A._ -1965 i D 104 Sale 10312 10414
Small
87 9914 10414
1945
861/ 87
857 Oct'27 8
82
85%
General Ss series 13
1968 J D 112 Bale Ill% 112
31 10672 1122
Mobile & Ohio new gold 6a-1927 Jo 997
4
100
00
1 100 102
-year secured 7s
10
1930 A 0 1068 Sale 10618 106%
General gold 48
50 10544 107 2
5
1938 MS 95 k9818 9512 Sept'27
9234 954
-year secured 6345
15
1936 F A 112% Sale 1125
3 113
Montgomery Div let g 55_1947 FA 10238 10312 1033
50 11144 11314
8 10318
2 111034 10334
Registered
F A 1114
Aug'27
St Louis Division ba
11112 1114
4
1927 Jo 99 4 10018 993
3
4
99 4
5
2
9912 10014
40
-year secured gold 58.-1964 M
104% Salo 1043
4 105% 76 102 106
Ref & Inlet 431s
1977 MS 9814 Sale 95
9s18 Pa Co gu 3115 coil tr A reg.1937 NI
95
977 375
,
89 Mar'27
Mob & Mar let gu gold 444._1991 NI 5 9712
89
89
97 Sept'27
9114 9712
Guar 3(48 roll trust ser 11.1941 F A 88 _
8714 Oct'27
Moot C 1st gu 64
86 • 8914
1937
1127
8
11214 Oct'27 ____ 11014 11312
Guar 3345 trust ctfe C_ -1942 J D 8712 Sale
874
8714
Registered
1 85
8712
J J
11112 Mar'27
111 12 III%
Guar 3115 trust ells D..1944
D 87%
_ 87
Oct'27
lid guar gold 55
844 87
1937 J
4
ioi 10i614 101114 Oct'27 -- 103% 10614 Guar I5-25-year gold 43.--1931 J 0 99 1(114 0938 Oct'27
A
Morris & Essex let gu 345_20003D 841 Sale 841
9712 99 2
3
8
20
3
85
804 85
Guar 43 series F
1952 M N 92
92 Sept'27
Nanny Chatt & St L 1st 513 1928 AO 1004 Bale 1004 10012 10 10014 10112 I's Ohio& Det Ist & ref 4345 A'77 A 0
88
92
10012 firile
4
N Fla & S 1st gu g 58
1937 FA 104 Sale 104
104
5
1 1025 104
Paoria & Eastern let cons 43_1940 A 0 903 Bale 09% 100 4 80 053 100%
4
9018
900
18 854 9114
Nat Ry of Me: pr lien 4(48.1957 J J
30 Sept'24
April 1990 Apr. 4714 48
Income 45
48 00.'27
414 63
Assent cash war ret No 4 on
4
12 Sale 1112
12
9 "jai 16" Peoria & Pekln Un 1st 5548.1974 F A 1074 Sale 107
:
10718
6 1035 10718
4
-year a f 4e
Guar 70
11177 ;1
8712 Aug'25
Pere Marquette 1st ser A 55_1956 J .1 10434 105 1(143
4 107
8 1035 107
8
Assent cash war ret No 5 on
14
19 4 1753 Oct'27
"Fr 26
3
1st 45 series 11
1956 J .1 91 13 Sale 91%
913
4 10 89
9212
Nat RR Mex pr 1 4318 Oct 1926 J
3812 July'25
_
_
_ 111115 Balt & Wash 1st g 48_1943 M N 974 99
99 Sept'27
95 s 99
3
Assent cash war ret No 4 on
1912 Sale 19
1912 37
17
General 55 series 13
264
1974 F A 1113 113 1123*
4
8
11012 112 2
lit consol 4s
1951 AO
28 Apr'26
_ Philippine Ry 1st 30-yr sf48 1937.3 J 42 Bale 42 Sept'27
43
3 4114 44
7
Assent cash war ret No 4 on
9
10 8 Sale
3
9
164 Plne Creek registered 1st 6E1.1032 .1 D 1065 5--- 1063
3
1038
8
4 June'27
1064 106 4
3
Naugatuck RR let g
1954 MN 8612
87% 87% PCC&StLgu 4149A
8734 July'27
1940 A 0 102 10212 102
102
99% 102 4
3
New England cons be
1945
1013 June'27
3
Series B 4345 guar
8912 101,,
10012
1942 A 0 102 1023 102
4
1023
8 11 10014 102 5
3
Cense! guar 48
1945.3.3 3918
8918 Aug'27
8712 894
Series C 4(48 guar
1942 M
102 1023 101 July'27
4
1003 1014
4
NJ Jun RR guar 1st 48...J986 FA 8818
_ 8512 Sept'27 -854 854
Series D 45 guar
1945 M
_
98 Sept'27
98
96
NO& N K let rel & Imp4 436'52'.3 9912116 ow
: 9912 2 9612 99' Series E 334s guar gold_ _ _1949 F A 95% __ 9723 Sept'27
9653 98
New Orleans Term 181 4a...1953 J J 9114 Sale 91
917
Series F 45 guar gold
3
8
8718 91%
1953.3
9714 Apr'27
9714 100%
NO Texas & Niex n-c Inc 56_1935 AO 10034.... 0012 Oct'27 -- 100 10118
Series G 43 Biter
1957 M
973 Sept'27
4
9653 073
4
lat 5s series 13
1954 AO 10012 10112 0053 1004 70 100 101 11
Series H con guar 48
1960 F A 95%
975 Aug'2
8
97% 10012
1st Ss series C
1959 VA 10412 105 10412 1043
Series I cons guar 4349
4 11 103 105
1963 F A 10433
10412 1044
99% 10412
1st 5 He series A
1954 AO 10512 Sale 10518
Series J congener 4(45.
4
10614 29 1043 106%
...1964 M N 1043
4
10314 Sept'27
100 10312
N& C Bdge gen guar 4313_1945 J J 9734
4
983
General M 5s series A.....1970J D 112 Bale 1112
9814 Sept'27
97
4 112
NY SAM B let con g 53:_1935 AO 117114 10212,103
lien mtge guar 53 serleer13:19"h3 A 0 1304 Sale 111% 11211 11 10614 11914
1034 10 • 100% 10315
'
ice',
...
•,
•
2247
New York Bond Record-Continued-Page 4
BONDS
N. Y.STOCK EXCHANGE
Week Ended Oct. 21.
a.
Price
Friday,
Oct. 21.
Week's
Range or
Last Sale.
ru,
2
High No.
Ask Low
Bid
P1tta & L Erie 2d g 58_ „Jan 1928 A 0 997
--_ 10012 July'27
Pitta McK & Y let gu 6a__1932.3
10414 1064 106 May'27
82d guar 613
4
1934.1 J 107 40812 1013 Nov'26
Pitts Sh & L E ist g fa
_ _ 10314 Sept'27
1940A 0 102%
let consol gold 59
10013 Apr'27
1943 J J 10011
Pitts Va & Char let 45
Oct'27
1943 MN 95% ____ 95
Pitts Y & Aah Ist cons 5a_1927 MN 9978 _
100 July'27
1st gen 4s series A
19483 D 9414
_ _ 94 Mar'27
10711
5
lst gen &series B
1074
1962 F A 1051
,
Oct'27
Providence Occur deb 4s_ _ _ _1957 M N
78
Providence Term let 48
8412 July'27
1956 M S 86
4
Reading Co Jersey Cen coil 48.'51 A 0 9618 -- 4 96
9
63965
4
9512 Oct'37
Registered
A 0
5
Gen & ref 4 He series A_ _1997 J J 10134 Sale 1015
102
a
Rich & Meek 1st g 4s
5
823 Sept'27
19411 MN 82
Richm Term Ry let gu 58. _1952 J J 102 ____ 103
Oct'27
3
Rio Grande June let gu 58..1939.1
10218 Sale 10215 10218
RloGmnde Sou let gold 4a_ _1940 J J
3
3
512 7 4 7 4 Aug'27
Rio Grande West let gold 415_1939 J .1 94 Sale 937
9414 26
5
19
let con & coil trust 4s A 1949 A 0 874 Sale 867
89
R I Ark & Louis ist 43.4s._ _1934 M
974 Sale 973
s
973
4 21
1
Rut
-Canada 1st gu g 48
1949.1 .1 84% 8514 844
9%
5
Rutland let con g 434s
3
9512
4
1941 J J 954 Sale 943
St Jos & Grand Isl 1st g___1947 .1 J 881*..... 88%
89
2
St Lawr & Adir 16t g 58__1996
10018 Sept 27 .1
2d gold 13a
1998 A 0 106'z-- _- 10714 Aug'27
St L & Cairo guar g 4s
2
9818
984 9818
1931 J J 98
St L Ir Mt& S gen con g 58_1931 A 0 10114 101% 10158
10112 24
Stamped guar 5s
1003 Sept'26
8
1931 A 0
Unified & ref gold 4s
993
4 35
1929.1 J 9913 Sale 991:
Registered
4
- I J 9558 953 9812 Aug'27 -Riv & G Div 18t g 4a
38
96
193 MN 96 Sale 954
St L M Bridge Ter gu g 58_ _1930 A 0 101 10134 1007 Sept'27
8
St L& San Fran (reorg co) 4s 1950 J J 901 Sale 89
:
904 2
33
Registered
87 May'27
J
Prior lien series 13 fa
s
1950
.1 iai 104 10212 10314 94
Prior lien series C 611
8 19
1928.1 J 10118 101% 10114 1013
Prior lien 54s series D__1942
4 10314 171
2 103 Sale 1023
Cum adjust ser A (38. _July 1955 A 0 10114 Sale 1001*
10112 158
Income series A 13e...July 1960 Oct
99
179
99 Sale 9812
St Louis & San Fr Ry gen 63_193) J J 1051* 1053 1053
e
105%
1
4
General gold 58
1013 Sept'27
4
1931 .1 .1 10114
St L Peor & N W let gu 58 1948.1 J 1067
107
2
1067
s
8
975 Aug'27
St Louis Sou let gu g 4a. _1931 M S 98
St L SW let g 4$ bond ette.1989 M N 901* Bale 908s
901* 15
83 4 Oct'27
3
2d g 4s inc bond cUs_Nov 1989.1 J 8312
d7
20
Consol gold 48
D 97 Sale 97
1932
let terminal dr unifying 58_1952 1 .1 10012 Sale 100
1004 74
et Paul & K CBI)L 1st 430_1941 F A 9614 Sale 9555 9635 97
St Paul & Duluth 1st 55
1931 F A 101% 10218 101% July'27
lit C011301 gold 48
D 9418 9614 944 Oct'27
1968
St Paul E Gr Trunk 4 Hs
.. 1947 J J 9212 10014 98 Jan'27
St Paul Minn 2: Man con 48_1933 .1 J 9734 Sale 975*
98
9
lat corutol g 88
10714 Sept'27
J 10714
1933
Registered
106% Sept'27
1061 s
J
'
6a reduced to gold 4)4s.__1933J J 10018 10112 10012 10012
5
Registered
9914 July'27
J J 9814
Mont ext let geld 4e
4
1937.3 D 9735 974 971*
97%
Registered
9512 Jan'27
J 13 9414
Pacific ext guar 4s (sterling)'40
934 Oct'27
J 9314 94
St Paul Un Dep 1st & ref 58_1972
2 1074 108 10714 Oct 27
4 64
SA&ArPaeslstgug48l943j J 923, Sale 92
928
Santa Fe Pres & Phen M.-1942 M S 10218 -_ 102 July 27
Say Fla & West let g 68-.1934 A 0 1083 ---- 108 4 Sept 27
4
3
1st gold 58
104 May 27
1934 A 0 10212
Scioto V & N
(14155 Oct 27
let gug 42_1989 M N
Seaboard Air Line g 4a
8418
1
831* 844 8418
1950 A 0 9612Goid 48 stamped
1950 A 0 8418 Sale 89%
8418 22
Adjustment 58
Oct 1949 F A 844 8514 841:
8514 88
Refunding 48
7318 Sale 721*
734 141,
18t & eons 6a serial A
9758 Sale 9734
98
154
AU & Birm 30-yr lat g 411_0933 M 8 9314 Sale 9314
93% 22
Seaboard All Fla 1st gu 64) A.1935 F A 953 Sale 9511
4
9615 5.,
Series l)
9614
9618 Sale 9512
18
1935 F
Seaboard & Roan 513 end_ _ _1931 J A 1001* _ 1003 Oct 27
4
J
So Car & Ga 1st ext Hs_ _ _1929 M N 10155
8
101% 1015
& N Ala cone gu g 5e
_ 104 Sept 27
1936 FA
Gen cons guar 50-yr 5e- -.1983 AO 104%-112 114 11134 Sept 27
So Pac coil 4e(Cent Pac coll) /'49 ID 931* Sale 9355
933
4 30
Registered
89 Aug 27
90
88
20
997
-year cony 48
61
8
June 1929 M
997 Sale 991*
let 491e (Oregon Linea) A.1977 M S 10214 Sale 10214
1024 68
20
-year cony 58
102
4
19341 D 1011* 1024 102
20
-year gold 55
9
102
1944 M N 1024
10215
San Fran 'fermi let 4a... 1920 A 0 94 gale 9318
94
59
Registered
91 July'27
A 0 874
So Pac of Cal let con gu g 55 1937 MN 10614
10614 Oct'27
So Pac ('Oast 1st gu g 4
9718
98
Oct'27
8..1937J
o Pac RR let ref 48
)S
9712 Sale 97
98
53
Reentered
95% Oct'27
J J
Southern Ry let cons g 58_1994 J J 111 Sale 11055
111
23
106 Aug'27
J 106
Devel & gen 45 series A....1956
91
336
914 Sale 904
Develop A gen Oa
Hogg A 0 118 a Sale 118
118 s 40
7
7
Devel & gen 634s
121
1066 A 0 126 Sale 125
126
Mem Div let g 58
8
1996.1 J 109 Sale 10812 109
St Louis Div lat g 48
92
92
1951.3 J
East Tenn reorg lien g 5s_ _1938 M S
10118 Nov'26
Mob & Ohio coil tr 441
9512 Oct 27
1938 M S 954 _
Spokane Internal 1st g 5s_ _1955 1
6
8714 87
8715
86
Sunbury & Lewiston 1st 4s-1938 1 i 93
/
1
4
9312 July'27
i
Superior Short Line let 68...81930 61
gin1001: Aug'27
13 300
%
Term Assn of St L 1st g 4 Hs_1939
10034 10" 13
A 0
let cons gold 551
105 Sept'27
1944 F A
Gen refund 8 f g 48
2
9212 9212
9212
92
1953 J J 104%Texarkana & Ft S lit 5)4s A 1950 F A 10618 Sale 106
1061
, 16
Tex & N 0con gold fa
1943 1 . 997 ___ 99% Aug'27 _
1
Texas & Pac let gold 58
4
11014
2000.3 I) 110 Sale 110
2d Inc Ea
(Mar'28 op on)Dec2000 Mar 110 11012 100 Aug'21
Gen & ref Se series 11
2
1977 A 0 1027 Sale 10218 1027 116
8
La Div II L 1st g 58
25
19311 J 1001* 101 1003
4 101
Tex Pac-34) Pac Ter 5)0_1964 M S 1061*
106% Sept'27
Tol & Ohio Cent let gu 56_1935 .1 J 1017
1017 Oct'27
8
Western Div 1st g 5a
10012 June'27
1935 A 0
General gold 58
10012 101
1935 1 D 1003,- - 10012 Oct'27
Toledo Peoria & West let 44_1917 J 1 15
19
15 May'27
Tol St L & W 50-yr g 48...._ logo A 0
3
92%
9214
Tol W V & 0gu 4)43 A
1931 J J 991*
99 Aug'27
let guar 494e series B____1933 J J 994 _
9914 Aug'27
let guar Ale merles C
1942 M S 93% - . 951* Nov'27
944
Tor Ilam & Buff let g 4,e__1946 J D 93% 0412 93%
9314 20
Ulster & Del let cone g 51L..1925 J D 655 681* 6775
3
8
68
let refundlng g 48
1952 A 0 37
Oct'27
40
38
Union Pacific let RR & Id gt 4$'47J .1 98 Sale 97%
984 69
Registered
J J
941* Sept'27
hot lien & ref 4e
June 2008 M S -68i2
96
97
81
Gold 494s
19671 J 99% Sale 0918
993 137
4
1st lien & ref Si-----June 2008 M S 112% 11312 112%
1
11238
10-year secured as
1925.3 J 10114 Sale 10114 101% 23
U2' J RR & Can gen 48. _1944 M 8
97 Aug'27
Utah & Nor 1st ext 48
19331 .1 972*
9834 Sept'27
Vandalla cons g 45 series A...1955 F A 9718
9712 Sept'27
Vera Cruz & P let gu 4%8_1934
July 1914 coupon on
1 J
24 Apr'26
1°31
Assenting 1st •Uis
2
3014 Sale 304
2014
Virginia Mid 58 series F_1931 M 13 10078
5
---- 1007 Sept'27
General Sa
1938 M N 1021*
1023 Sept'27
8
Va & Southw'n let gu 68_2003 J J 102 -_ 10134 Aug'27
let eons 31-1-vonr 35
19hfi A 0 983 -095- -083 .-12
4
I Due May. • Due Juno, B Due Aug.
L122;1441
,
Range
Since
Jan. I.
BONDS,
N. Y,STOCK EXCHANGE,
Week Ended Oct. 21.
Price
Friday.
Oct. 21.
Week's
Range or
Last Sale.
Bid
Ask Low
Low
High
HIPS No.
134
99 1007 Virginian Ry 1st Ens series A_1962 M N 109 Sale 1084
8
109
104% Sale 104% 104% 10
105% 106
Wabash lot gold 5s
mi A 1033 Sale 103% 103%
F s
3
4
3d gold 5s
1193399
9 5
Ref s f 594± series A__-1 97 M N 10612 Sale 1064 1063
10012 10314
4 15
1978 F A 10212 Sale 102
10013 IC012
10212 60
Ref & gen ta series B
8314 Feb'25
Debenture 13 fa registered.1939 J 1 9612 _ _
95
96
883 Aug'27
4
1954 J J 8512
let lien 50-yr g term 4s
100 100
103 Sept'27
Oct & Chi ext let g 5s_ .__1941 J .1
92 4 94
3
93 'Oct'27
104% 1074
Des Moines Div let g 48_ _1939 J J
864 Oct'27
1941 A 0
70
78
Om Div 1st g 3Ha
92%
9215 10
8418 8415
19 8 Q M 92% _
941 M S
Tol & Chic Div g 4s
83 Sept'27
92 100
Warren let ref gu g 3Hs
2000 F A
9612 966 Wash Cent let gold 48
991 13 885* June'27
2
1
1945 F A 864 Sale 8612
8612
98 10218 Wash Term lot gu 3945
94
92 July'27
-year guar 48
7912 82 8
3
1945 F A 93
1st 40
Oct'27
W Min WAN W ist gu 58_1930 F A 993
1015 103
5
1937
4 - - - 100
1952 A 0 8612 Sale 86
864 -ZOO
100 10218 West Maryland 1st g 4a
let le ref 53-48 series A_ __ -1977 .1 J 10214 Sale 10158 10214 so
4
7 4 73
5
1
10'2
9012 9414 West NY & Pa lets Is
1 2 101% ---- 102
15
8.
_ 91% Oct'27
Gen gold 4s
84
1943 A 0 913
39
94% 98
Western Pac let ger A 58_1946 M S 100 Sale 9934 100
5
_ 1023 Aug'27
1946 M S
8212 853
4
Ist gold 68 series B
917
5 19
911 9512 West Shore 1st 4s guar
/
4
2361 J 1 914 Bale 9115
2
89%
8
Registered
863 89,
4
2361 J J 893 Sale 894
100 10018 Wheeling & Lake Erie
Wheeling Div 1st gold 55.1928 J J 10015 10014 1004 Sept'27
10515 10714
Ext'n & inlet gold 58
1930 F A 10014 ---- 1001: Aug'27
9614 984
2
94 , 94
Refunding 494e series A-1966 IQ S 94
99 101%
Refunding 55series B
4
1966 M S 1011s 1013 1013*' Oct'27
-973s Wig
RR let cense'45
9012 55
1949 M S 904 Sale 9018
1942.3 D 77 Sale 77
- '77
9812 984 Wilk & East 1st gu g 58
1033 106 104 Aug'27
4
Will & S F let gold 58
1938.3
93
/ 96
1
4
5
921
: 6
100 1015 Winston-Salem S In let 48_1960 J .1 9212 Sale 9211
9411 9011 Wis Cent 50-yr ist gen 4a_ _1949 J .1 85
86
851s
'86
9214 17
,
87 87
Sup & Dui dB & term 1st 49'36 M N 9214 Sale 92
'3..„ 9ct'27
9
99 4 10314 Wor & Con East 1st 4 Hs_ _1943 .1
3
•
INDUSTRIALS
8
1003s 102:
04
3
94 Sale 0494
10112 10312 Adams Express coil tr g 48.1948 M
10712 Sale 1074 '10815 10
99 102
Ajax Rubber 1st 15-yr a f 88_1936 J
47 Sept'27
4
6
92
8
5
9514 99% Alaska Gold M deb 6s A__ 182 M
4
6
4% Sept'27
Cony deb 88 series 13
M
95 Sale 942's
1001: 1017 Alpine-Montan Steel let 76_1955 M
8
95' 63
'10412 '61
104 Bale 104
10412 10714 Am Agric Chem let ref s f 7 Hs'41 F
874 90
96% 984 Amer Beet Sug cony deb 68_1935 F
894
904
4
104 Sale LA
•1044 25
864 90% American Chain deb s f 6e 1933 A
81
84
Am Cot 011 debenture 55_1931 M
100
12
995* 10014 100
13
106
106 Sale 106
941s 9712 Am Dock & Impt gu fis
1936 J
10418 105 1044 Oct'27 --io
95 10114 Am Mach & Fdy if (is
/
1
1939 A
9212 965, Am Republic Corp deb 68_1937 A
100 Sale 100
100
1015 102
5
Am Sm & R let 30-yr faser A '47 A
1024 96
10214 Sale 102
91
1st M 6s series B
9415
4
1083 Sale 10812 10914 18
1947 A
Amer Sugar Ref 15-yr 6s
10478 58
98 98
1047s Sale 104%
1937 J
9714 9812 Am Telep & Teleg coil tr 48.1929 J J OA Sale 9934 100
203
10714 108%
Convertible 4s
7
- 9811. 99
1936 M 8
14
20
-year cony 43-48
1065 10714
8
9841933 M S 10115 102 1013, 102
9912 100%
30
-year coil tr 58
19461 D 105 Sale 1043, 10512 128
994 914
1057, 164
1960 1 J 10518 Sale 1043
35-yr if deb 58
7
95
,9814
30
-year if 594s
1943 M N 10811 Sale 1081s 108 8 77
29
4
951 9512 Am Type Found deb 6s
:
1940 A 0 10614 1063 10612 107
10033 27
91
934 Am Wat Wks & El col tr 58.1934 A 0 10012 Sale 1001g
34
105
1045s Sale 1044
10514 10
Deb g 68 ser A
9312 33
924 92
883 92 4 Am Writ Pap let g 6a
8
3
1975 JJ 92
947 M N
102 10314 Anaconda Cop MM 1st 613_1953 F A 10434 Sale 1044 1044 193
8
1938 F A 1087 Sale 10812 10914 174
15
-year cony deb 7s
1083, 10912
78
i
1022 104
Andes Cop MM cony deb 78.1943.3 J 1074 Sale 10712 108
7
91
95
Anglo-Chilean 78 without war_'45 MN 934 Sale 92
933 157
4
9778 13
811 8414 Antilla(Comp Azue)73-4s..19392 J 974 Sale 973*
/
4
801z 877 Ark & Mem Bridge & Ter 62_1964 M 8 1025* 10314 103
Oct'27 -8318 8812 Armour & Co let real est 434s'392 D 91 Sale 897
129
91
893* 7634 Armour & Co of Del 5He.„1943 J 2 897 Sale 8914
904 103
6912 64
5
943 993, Associated 011694 gold notes 1935 M S 1025 103 1025* 102%
4
9044 95
Atlanta Gas L let 58
_
103% Sept'27
1947.3 D 103
94
983 Atlantic Frult 7s Ws dcp
154 June'27 -.-1934 J D
94
971
_
18
Stamped Ws of deposit
Jan'27
J D
Atl Gulf & W I SS L col tr 58_1959 J 2 68 gale 68
100 100
100% 1013, Atlantic Refg deb 5.
19
1937.3 J 1014 Sale 10112 102
1034 105
Baldw Loco Works let 58__ _1940 M N 1084 ____ 10811 10
1
1 014 11214 Baragua (Comp Az) 7448_ -1937 J .3 107 Sale 107
3
107 4
Bartundall Corp 138 with warr..1940 J D 9734 Sale 9712
8814 94
9724 52
86
89
Deb 68(without warrant)_1940 J D 90 Sale 90
90% 19
984 100
8
Belding-Ilemingway 13s
1936.3 J 98 Sale 98
984 26
4
10014 1033 Bell Telep of Pa Is aeries B...1948 J J 1055 Sale 10558 106
32
8
100 103
let & ref 58 series C
8 42
1960 A 0 10711 Sale 10712 1077
5
41
10015 1023 Berlin City Elec Co 694s
1951 J D 9512 Sale 9612
97
901s 9414 Berlin Mee El & Ilndg 690.1956 A 0 9512 Sale 0512
9634 104
87
93
Beth Steel 1st dr ref Is guar A '42 M N 102 Sale 1014 102
28
:
30-yr p m & Imp s f 5s_
1041 107
4
1936 1 J 1003 Sale 100%
10115 37
gsle 98
Cons 30
-year 68 series A.1948 F A 104 Sale 104
1044 132
9341 98
Cons 30
1017 *83
5
-year 5 Ha ser B __ _1953 F A 10112 Sale 1011
9414 96% Bing dr Bind deb 694s
1950 M S 9414 Bale 933,
9414 25
:
1061 111% Booth Fisheries deb 81 651_1926 A 0 10214 __ 10115 Feb'27
Botany Cons Mills 634s.._1934 A 0 81 Sale 80.
811: 25
1035* 108
86
91
5
Bewman-Bilt Hotels 73
10312
1934 M S 103 Sale 103
7
8
2
1131* 118 5 Brier Hill Steel 1st 59-4e...1942 A 0 104% 105 1045* 104 4
11914 127 5 B'way & 7th Av let c g 58_1943 J D
7
pn 33
711$ 70
5
1064 1119 I Ctfa of dep stmpd Dee '26 lea ---Sept'27
4
11
895 92 4 Brooklyn City RR 1st fa__ _1941 J J
89's
a
91
.
90 s
3
92
Bklyn Edition Inc gen 58 A_ _1949 J I .10512 Sale 1054' 105 4 38
3
-a- lif5;
General 6a series B
1930.3 .1 10412 Bale 103% 10411 10
84
9114 Bklyn-Man 11 T see 6e
965* 444
9615 Sale 9534
9212 9312 Bklyn Qu Colt Sub con ed 58'68j N 5718 821 66 8
: 5
1941 M j
564
/
1
1
1004 10012 I let 5s stamped
73% Aug'27 -.92
1941 J 1 68
98 1007 I Brooklyn R Tr 1st cony g 48.2002 J .1
/
1
4
102% 105 I 3-yr 7% secured notes__ 1921 J 1
1641 Nug 6
3611 A ov:326
8714 9212 Bklyn Un El 1st g 4-58
911z
1
- 914
1950 F A -i19- 14
1027 10714 I Stamped guar 4-58
8
91% 18
1950 F A 91% 9215 9114
9978 101% Bklyn Un Gas let cons g 5a 1945 M N 10612 10714 1064 Oct'27
105 4 11014 I let lien & ref 6s series A_ _1947 M N ill's____ 116
3
116
4
100 100 I Cony deb 534.
1936.3 J 218 Sale 216
2191s 125
9811 102 8 I Buff & Snap Iron it ta
7
19322 D 927
9278
1
___ 927
99 101 I Bush Terminal lst 4e
/ 94
1
4
9211 Sept'27
1952 A 0 92 s10414 1061*1 Consol fa
1955 J J 99-3, Sale 99%
994
7
100 102111 Bush Term Bldge 5e Cu tax-ex '60 A 0 10278 Sale 102%
10318 19
10014 102 I By-Prod Coke 1st 5)45 A_.1945 MN 10112 102 1014
1
4 10144
10018 10118 Cal0& E Corp unit & ref 58_1937 MN 103
1
____ 103
103
15
15 lCalPetroleumconvdebsf 581939 F A 9514 Sale 95
9512 42
89% 93 I Cony deb a f 694e
1938 M N 9912 Sale 994 100
94
99
99 jCamagueySug 1st a f g 78
1942 A 0 101 Sale 100
101
7
9914 9914 Canada 3 S L 1st 68
jD 1001 Sale 1004
A O
:
1003
4 11
94
95 8 Cent Dist Tel let 30-yr 5s__.1194431
7
1043* Sale 104% 1044
9
6
90
9314 Cent Foundry lots f 63_ May1931 F A 9712 Sale 974
9718
2
561 71 I Cent Leather let lien s 1 613_1945 J J 1143
:
44
083
4
38
42 iCentraiSteeiletgsf8s
94 0944 _
1941 M N
7
88115 121
119
1011: 21
947 99 4 CeePedes Sugar Co 1st s f 7)48'39 M S 10014 10034 10014
s
3
937 963 I Chic City & Conn Rye 58Jan1927 A 0
4
73
9
913, 97 I Ch 0 L & Coke let gu g 55._1937 J J 10318
103
63
103
63
3
0
2
9614 100 I Chicago Rya 1st 58
83
53
1927 F A 824 Sale 82%
1085 113 tChileCopperCodebss
s
95
118
19472 2 95 Sale 9412
1014 1021* Mein Gas & Elec let & ref 55'58 A 0
_ 102
10314
8
9418 97 I 6)4aser B due
23
Jan 1 1961 A 0 1044 11514 1045* 105
97
2 1047s 29
983, Cities Serv Pow & L a f 68___1944 M N 10475 Sale l047
924 971s I Clearfield Bit Coal 1st 4s......1940 J .1
- _ 854 July'27
Colo F& I Co gen s f 5s_ _ _ _1943 F A ioi; foi78
10112 10
.
Col Indus 1st & coil 5s gu_ _ _1934 F A ov 981s 99
99
2
:
"ii; Ws; Columbus Gas let gold 5s_ _ _1932 J .1 974 98 974 98 15
1003 1007 I Commercial Cable 1st g 48_2397 Q 1 7815 Sale 7714
4
7818
8
8
1013 10278 Oommerclal Credit s f 6s...1934 M N 981: Sale '9813
98% 16
1935J I 9412 Sale '9414
1015 1023
4
Col tr e f 59-4% notes
5
941
4
9
-Tab-Rea at 68..-1941J J 1055
8-10614 105254
- 94% -99-105 a
5
9
Rowe
Sines
Jars. 1.
High
Low
1021s 109
103 105
100% 103%
1031e 107
991s 102%
-gE1.
2
103 105
884 93
/
1
4
83% 87
90
9212
80
83 4
1
874 884
85
87
14
874 9212.
9814 100
76% 87
99 s 10212
1
1014 102 4
1
88
911
2
9812 1004
10212 10412
8612 911
4
88
00
9944 101
9912 10011
904 '95
1001: 1018
4
8714 90
/
1
4
72
/ 80%
1
4
104 104%
885 9215
s
80
8754
88 s 024
7
89
92
/
1
4
89
934
105 s 109 2
7
7
3
Ps
b1
/
4
".0114 97 1
1
971g 104%
894 98
101 104%
95 300
10512 106%
:
1034 1041
99 100
/
1
4
10012 103
107% 1094
104 105%
98's 100
934 10211
ggis 102
102 10512
101 106
1004 10914
102% 107
gg 10112
100 4 10814
3
83
94
103% MS
0612 109 2
6
7
10314 108 5
864 9614
931s 100
10014 103
88
93
.
1
87
1s 95 4
1
100 4 10 2
3
41
1025 10352
$
15ss 154
18
18
767
g
67
HA% 102,14
106 10812
1064 10912
961: 106 5
3
89
944
94
99
102% 106
8
1027 108
961 98
:
94
97%
100 102%
983 101%
5
101% 105
%
97 102
/
1
4
14
92
9414
1011 10112
8
80
92
103 10312
10312 106
12
70
/ 79%
1
4
72% 76
90% 95
10315 10612
102 4 10512
5
9812 1011
2
66
66
73% SO
91 1g90
9715
102% 107
113% 116
156 230
94
92
907 924
5
9512 1004
9914 10312
1003 10212
4
1011g 103%
911 96%
:
95 10214
96 101
99 100 4
3
10214 10415
98
99
101 104%
118% 126
984 103%
53
72
102 103
74% 8512
92 2 08
3
/
1
4
/
1
4
101 102
10414 10514
1173 105
s
/
1
4
1s
8512 85
96 102
931 93%
:
96% 9811
77
82
93
99 4
8
904 95
12
10414 10612
2248
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 21.
New York Bond Record-Continued-Page 5
t3
Conn Ry & L 1st & ref g 43-48 1951 J J
Stamped guar 4 Hs
1951 J J
Consolidated Cigar s f
_1936 A 0
Consolidated Hydro-Elec Works
of Upper Wuertemberg 75.1956 1 J
Cons Coal of Md 1st & ref 5a.1950 J D
Consol Gas(N Y)deb 5Hs_.1945 F A
Coot Pap & Bag Mills6 Hs_ _1944 F A
Consumers Gas of Chic gu 58 1938 J D
Consumers Power 151 55.
1952 M N
Container Corp 185 (is
1946 J D
Copenhagen Telep ext fie.. _ 1950 A 0
Corn Prod Refg 1st 25-yr sf58'34 M N
Crown Cork & Seal 1st s f 66.1942 F A
Crown-Willamette Pap tis_ .1951 J
Cuba Cane Sugar cony 75_ _1930 J J
Cony deben stamped 9%.1930 J J
Cuban Am Sugar 1st roll 88_1931 M 8
Cuban Dom Bug 1st 7 Hs_ _1944 M N
Cumb T & T 1st & gen 58_1937 J
Cuyamel Fruit 1st f 63 A _ __1940 A 0
Davison Chemical deb 630-19 -1
31
Den Gas & E 1st& ref s f g 56'51 MN
MN
Stamped as to Pa tax
Dery Corp(D G) 1st s f 7s...1942 M S
Detroit Edison 1st coll tr 58.1933 J J
1st & ref 5e series A_July 1940 M S
1949 A 0
Gen & ref 5s seriee A
1st & ref fls series B_ _July 1940 M
Gen & ref baser B
19555 D
Del United 1st cona g 4 H8--1032
Dodge Bros deb 6a
1940 M N
Dold (Jacob) Pack 1st 68_1942 M N
Dominion Iron & Steel 54-1939 M S
Certificates of deposit
Donner Steel 1st ref 7s
1942 J J
Duke-Price Pow 1st 6a sew A '66 M N
East Cuba Bug 15-yr f g 73037 M S
Ed El 111Bkn 1st eon g 4s_ _1939 J J
Ed Elec III 1st cons g 5e.... _1995 J J
Elec Pow Corp(Germany)83050 M
Elk Horn Coal 1st & ref 834s 1931 J D
Deb 7% notes (with warets'31 J D
Equip Gas Light 1st con 58..1932 M S
Federal Light & Tr 152 5a..„1942 M
15t Ilen f 58 stamped__.1942,M S
1st lien &stamped
1942M El
30
-year deb 8s ser B
19542
Federated Metals sf7s
1939 J D
Flat deb 78 (with warr)
1946 2 J
Without stock purch warrants.
Fisk Rubber 1st a f 8s
1941 M S
Ft Smith Lt & Tr let g 5e
1936 M 8
Frameric Ind & Deb 20-yr 734s 42 J J
Francisco Sugar 151 f 750.1942 M N
Fr inch Nat Mall SS Linea 78 1949 J D
Oas&ElofBerg('oconsgssl94gJ D
Gen Asphalt cony 68
1939 A 0
Gen Electric deb g 3 He
1942 F A
Gen Elec (Germany)7a Jan 15'45 J J
8f deb 6 Ha with warr. _ _1940 J D
Without warets attach'd '40 J D
Gen Mot Accept deb 8s
1937 F A
1940 F A
Genl Petrol 1st f 56
Gen Refr 1st f g (Se ser A _ _1952 F A
Good 11ope Steel & I sec 7s...1945 A 0
Goodrich (13 F) Co 1st 51.0.1947 J
GOodyear Tire & Rub 1st 88.1941 MN
10
-years f deb g 8s_May 1931 F A
Ist M coil tr 5s
1975 M N
Gotham Silk Hosiery deb 613.1936 J D
_1940 F A
Gould C'oupler let s f
Granby Cons MS & P con 68 4'28 M N
1928 PA 1 1
5
Stamped
Gt Corsi El Power(Japan)7s.1941 F A
1st & gen a 6 Hs
1950 J J
Great Falls Power 1st a I 0_1910 M N
Gulf Stater, Steel deb 534s-1942 .1 13
Hackensack Water 1st 0_1952 J
Hartford St By 1st Is------ 1931) M S
Havana Else consol g 58.....1952 F A
Deb 530 aeries of 1926
1951 M S
Hershey('hoe 1st & e0115145 1940 J J
Hoe(R)& Co let 6 Hs ser 4.1934 A 0
Holland-Amer Line 63(flat).1947 M N
Hudson Coal 1st s f 5s ser A.1962 J 13
Hudson Co Gas 1st g 5e. _ _1940 M N
Humble Oil & Refining 5348_1932 J J
Deb gold 56
1937 0
Illinois Bell sl'elephone 5s
1956 .1 I)
Illinois Steel deb 4 54s
1940 A 0
Raeder Steel Corp s f 7s
1946 A 0
Indiana Limestone 1st a 68_1941 M N
Ind Nat Gas& 011 5s
Indiana Steel ist 5s
1952 M N
Ingersoll-Rand 1st Is Dec 31 1935 J J
1945 MN
Inland Steel deb 530
Inspiratton Con Copper 6)46.1931 M
.19560
Ititerboro Metrop coil 4345.,
Interboro Rap 'Fran 1st 513 1966 J J
1.1 J
Stamped
1932IA 0
10
-year 68
10
-year cony 7% notes. 1932 M S
lot Agric Corp 181 20-yr 56-1932 M N
Stamped extended to l942.._N
Inter Ofercan Marine s I 68_1941 A 0
1947 J J
International Paper 56
1955 M
Ref s f 83 ser A
1941 A 0
Cony deb Os
Stamped
lot Telep & Teleg deb g 4 345 1952 J J
Jurgens Works 6.9(flat price)
.1947 J J
Kansas city Pow & Lt 5s._. 1952 M S
19572 J
Ist gold 4 He series B
Kansas Gas & Electric 68...1952 M S
Kayser (Julius) & Co 1st 51 78'42 F A
1947 M
Cony deb 634s
Keith (ii F) Corp 1st Gs._1011M S
Kelly-Spring( Tire 8% notes. 1931 M N
Keyston Telep Co 1st 58_ _1935 J J
Kings County El & P g 5s. _1937 A 0
1997 A 0
Purchase money 68
Kings County Kiev 1st g 48..1949 F A
19491F A
Stamped guar 4s
Kings County Lighting 58. _ _1954 J J
1954 J
First & ref 6.14s
Kinney (GR)& Co 734% notes'36 J D
Kresge Found'n coil tr 6s...1930 J D
Lackawanna Steel ist 5is A _1950 M S
Lac Gas L of St L ref&ext 58_1934 A 0
Coll dt ref 5345 series C...1953 F A
Lehigh C & Nav f 4 Hs A__1954 J J
Lehigh Valley Coal 1st g 58..1933 J
1st 40-yr gu 1st red to 4% _ 19332 J
1934 F A
1st& ref sf 5s
1944 F A
1st& refs f 54
1954 F A
Ist & ref fis
1964 F A
Ist & ref 5s
1974 F A
1st& ref s f fis
Price
Friday,
Oct. 21.
Week's
Range or
Last Sale.
Range
Since
Jan, 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 21.
Price
Fridnn,
Oct. 21,
Week's
Ranee or
Last Sate,
No Low
High
Rid
Ask LOW
Rid
Ask Low
Illoh
1
961/ 98. Lex Ave & F F ist gu g 53._1993 MS
37 May'27
9852 ---- 9818 Oct'27
4
Liggett & Myers Tobacco 71.1944 AO
Sale 12214 123
99
Oct'27
943 91
AO
983 102 •
8
1013 Sale 10112 1017
4
8 90
Registered
11718 Sept'27
1951 FA 10534 Sale 1045
58
8 10512
PA
9814 Sale 984
974 101
Registered
10114 Feb'27
9812 12
86
76
Liquid Carbonic Corp 13s.._.1941 FA i( 8 4 Sale 1055
-7
)
83 8314 83
83 12 21
8 10612
8
10612 Sale 1063
4 10718 58 10512 1073 Loew's Inc deb 68 with warr_ 1941 AO 10512 Bale 10512 1073
8
14
75
855
8
83
Without stock pur warrants_
10012 Sale 9934 1003
80 Sale 80
4
1944 AO 117 1175 1173
7 1003 1021, Lorillard (P) Co 78
4
4
8
1013 102 10114 1013
4
4
11734
1951 PA 9818 Sale 9778
5s
10412 1043 1C412 1043
4
4
4 13 102 1043
99
FA
7
99
98 Bale 98
98 14
97
Registered
_
9712 Apr'27
1937Ii 98 Sale 98
10212 Sale 102
10212 31
9912 10212
Deb 514s
985
8
1 101 18 1031. Louisville Gas & Elec(Ky) 58.'52 SIN 1033 Sale 1034 103
10218 10318 103
103
8
10212 1023 102
4
1023
4 19
933 1041 1 Louisville Ry 1st cons 58_ _1930 25 96
4
9612 9812
9612
28
995 10212 Lower Austrian Hydro Elm Fow8
102 Sale 10112 102
1944 FA 883 Sale 8834
93 4 59
3
91-2 993
4
913 Sale 9112
4
ling(6Hs
4
90
957 Sale 953
4
95% 102
McCrory Stores Corp deb 5345'41 JD 100 Sale 0084 10014
96% 99
4
1 10712 1083 Manatl Sugar let a f 7 Hs_ _ _1942 AO 10514 1053 1054 10512
4
1073 Sale 1073
4 1073
4
4
A0 7112 Sale 71
101 Sale 10012 10114 11
9873 102
Mantua Ry(N Y)cons g 46.1990
72
1025 1023 1025
8
4
8 1025
8
2 10012 10254
2013 SD 62% 73 82 8 Sept'27
2d 4s
6
99
2
9812 98 4 9812
3
S ---- 984 98
93 4 '912 Manila Elec Ry & Lt s f 5.s. _1953
3
98
1015 Sale 10158 1015
8
8 17
90 10134 Mfrs Tr Co ctfe of partic in
1005 Sale 10014 1005s 19
8
A I Namm & Son 1st 65 1943 SD 105 10512 105
98 10112
105
5
10014 Sale 10014 1005
9814 101 12 Market St Ry 78 ser A April 1940 Q
100 4 Sale 100
3
8
101
5
57 Sale 5518
57
Metr Ed 1st & ref g 6s ser 11_1952 FA 109 4 Sale 10914 109 4
5518 81
3
3
10212 Sale 10238 10318
1st & ref 58 series C. _ _1953 52 102 Sale 10234 1027
8 101 • 103%
8
1033 Sale 10312 Oct'a7
4
10214 103% Metropolitan Power 1st 65 A 1953 SD 1073 ---- 1074 1074
1
10414 1044 10334
1043
8
4 102% 1043 Metr West Side El(Chic) 45_1938 FA 79
8
84
79 Oct'27
D 102 10212 102
108 Bale 108
Nliag Mill Mach 7s with war.1956
1081* 21 10714 109
10234
SD 93 Sale 93
1034 10414 10414 Oct'27
with.ott warrants
101% 10412
9314
954 9814 95 4 Oct'27
3
Mid-1 ont Petrol 1st 61413...194') MS 1043 105 1043
92 • 97
4
4 105
8412 Sale 8212
86 1015
Midvale Steel &0cony s f 58 1936 M
100 Sale 995
8212 96
8 10014
8114 824 81
81
5
81
895 Mllw El Ry & Lt ref & ext 410'31 53 9912 Sale 99
3
99 8
5
72 Sale 72
24
1951 JO 10312 Sale 103
72
76
48
General & ref 55
1034
7112 Sale 71
12
1961 SD 10214 Bale 10171, 10214
72
4914 75
1st & ref 513 B
96 Sale 9514
14
97
98
Montana Power let 5s A __19435, 10312 Sale 1035
95
8 104
1053 Sale 1055
4
8 10614 54 10312 10614 Montecatini Min dr Agile
1023 Sale 1023
4
4 105
56 1023 IC8
Deb is with warrants...._1937 Si 1007 Bale 100
8
4
101
98 Sale 98
94% 98
94
9512 93
98
19
Without warrants
93
111 Sale 111
111
2 1067 III
8
Montreal Tram 1st & ref 58_ _1941 JS 997 100
8
994 120
9714 98 974
95
Gen & ref a f 58 series A._1955 AO 967 _
8
973
4 24
9912
967 Oct'27
8
9714 983 983 Oct'27
4
4
98 10014 Morris & Co lat s f 4 Ha.....1939 J J 87 Sale 8612
87
RAN Mortgage-Bond(0 45 ser 2_1986 AO 9812 9914 83
9412 97
94
94
3
83
94
4
1013 Sale 10134 1015
4
1932 52
8 993 10134 10.25-year Is series 3
4
983
4
98 4
3
9612 ____ 964
9714 24
9714 Murray Body 1st 6 4s
1934 Jo 9414 Sale 944
95
96
9658 Sale 985
8
9714 39
95
9814 Mutual Fuel Gas 1st gu g 58_1947 MN 1C2
1021/ Oct'27
1033 Sale 1033
4
4 1033
4
1 102 1047 Mut Un Tel gtd 5. et 4% 1941 MN 10214 ---- 103 June'27
.
100 Sale 100
3
10114
97 10212 Namm (A I) & Son-See Mfrs Tr
97 Sale 9612
9714 41
887 9712 Nassau Elec guar gold 4s....1951 55 5378 Sale 52 8
s
7
64
1023 Sale 1023
8
8 10312 72
9212 10812 National Acme 1st s f 7425-1931 Jo 103 Sale 1024 103
94
944 94
945
8 10
9112 99
Nat Dairy Prod 6% notes...1940 MN 1033 Bale 1034 10312
8
11914 Sale 1183
4 11914 28 115 120
Nat Enara & Stampg tat 55 1929
D 102 1C4 102 June'27
8614 87 8614
87
15
9014 Nat Starch 20-year deb Is..1930 J J 10018 ____ 10014 June'27
86
104•2 Sale 10412 1054 30
9812 105 4 National Tube 1st s f 5s.....1952 MN 1047 Sale 104 4 105
3
8
3
1074 Sale 10712 10712 21 106 1)0
Newark Consol Gas cons 58.1948 3D
_ 10312 Sept'27
101 Sale 10012 10114 36
943 1013 New England Tel & Tel 58 A 1952 J D 1044
4
10618 10614 1064 10614
1023 1033
8
1044
1033 Sept'27
8
8
Ist g 4)44s/ries B
1961 MN 10014 Bale 100
10014
10712 Sale 106
10812 31 108 11212 New On Pub Serv let tis A...1952 AO 98 Bale 98
984
94
937 Oct'27
8
_
91
First & ref 56 series B...„1955
D 977 Bale 975
8
8
98
l0412 Sale 10312 10412 11 193 1054 N Y Air Brake 1st cony 68..1928 MN 101 10112 10112 10112
149 118 115
117
22 113 13814 N Y Dock 50-year 1st g 48..1951 FA 878 Sale 873
4
4
87
84
10112 Sale IC012 10112 14
9914 1021, NY Edison lat.& ref 6 Hs A .1941 A0 117 Sale 11858 117
9912 10.
193% Sale 1023
4 10353 182
1944 AO 105 Sale 1(1434 10514
53
First lien & ref 58 II
10112 Sale 10112 10112
7 10014 102
15 Y Gas El Lt & pow g 5,4__19431 J
1
109 10912 109
10914
10514 105 4 105 4 1053
3
3
6 101 12 10
4
Purchase money gold 4s__1949 FA 954 96
9512
964
6
10112 102 10112 102
16
9913 10312 NYLE&WC&RR548._1942 MN 1025 105 1023 Sept'27
8
8
10712 Sale 10712 108
38 1043 1(18
8
NY LEA W Dock& Imp& 194325 103 106 102 Sept'27
119 8 120 119 8 1197
,
,
8
7 1197 12212 NY&QEIL&PIstg 58_1930 FA 100 8 101 1003
8
3
e 10034
11014 Aug'27
1)197 111 14 N Y Rys 151 R E & ref 48 .,1942 Si
8
8712 Dec'26
9514 Sale 954
91% 971,
5514 July'27
Certificates of deposit
95 4 1151
3
10118 Sale 1003
4 1013
4 27
30-year ad.' ln 58......iaii 1942
4
34 212 Oct'27
97% 10 3
---69 4 70 69 4
3
3
70
4
87
69
Certlkiites of deposit
6
512 Mar'27
10012
1003 Oct'27
4
10912 102
1612
N Y Rys Corp Inc 65...Jan 1965 ";i7; 1612 Sale
173
4
10012 10112 10012 Oct'27
J 764 Sale 7552
10.02 102
Prior lien Os series A ___1965
7612
9818 Sale 9814
. 9912 N Y & Richm Gas 1st
MN 1065 Sale 106
8
94
9812 38
1063
4
9313 Sale 9318
94
947 N Y State Rys 1st eons 445 1962 SI N 5414 544 5414
.
84t2
60
91
1043 ____ 10414 Sept'27
4
1023 10612
4
1st cons 6 Hs'cries It ....1962 3)1 N 6814 70
70
70
96 Sale 95
96
16
96
94
NY Steam 1st 25-yr 6s ser A 1947 MN 10818 1087 1083
8
8 1087
8
89
895 883 Sept'27
8
4
8
8612 8912 N Y Telep 1st & gen a f 4 )4s 1939 M N 1007 Sale 100
14 101
9312 95
95 May'27
8
30-year deben s f
__Feb 1949 FA 1107 Sale 1107
8 1107
8
AO 109 Sale 10834 1091s
97
985 9878 Oct'27
8
9513 9873
20-year refunding gold (Is 1941
85 Sale 85
1946 Jo 100.4 101 1004 101
8514 16
155
903, N Y Trap Rock 151 65
103 Sale 1023
4 1033
8 89 1013 1033 Niagara Falls Power 1st 58 1932 .1
4
10214 -_-- 10214 10214
4
9914 Sale 99
100
25
98 111212
Ref & gm n Os
Jan 1932 AO 10514 Bale 1051
105 4
3
1034 Sale 10338 104
15
91 1/ 104
Ntag Lock & 0 pr 1st 5s A 1955 A 0 10318 Sale 103
10312
983 Nor Amer ('em deb 64.8 A. _1940 at 5 8412 Sal, 83
4
9718 Sale 97
97
9712 99
8412
.
4
10414
10414 Oct'27
102 1017 No Am Edison deb 58 aer A.1957 MS 1013 Sale 10138 10134
8
10212 Sale 10212 1023
Nor Ohio Trar & Light Os.. _1947 MS 101 Sale 101
4 29 1015 103
102
97 10014 Noel,States Pow 25-yr 5s A.1941 AO 102 Sale 10134 102
99 8 Bale 995
5
8 100
200
8
4
let & ref 5-yr Os series 11.11141 AO 1057 10612 10534 107
105 Sale 105
10514 34 1023 10555
.1 100 Sale 1100
963 10013 North WT lat rd g 4 Hsgtd _1934
4
99 4 100
3
99 4 10018 13
3
100
4
100 Sale 100
1004 24 100 1023
9912
7
98 1(10
9953
Ohlo Public Serv1ce 7 Hs 4_19411 A 0 116 Bale 116
116
A 11514 Sale 1154 1154
9912
1947 F
9918 Sale 9918
9918
98
1st & ref 78 series B
1
105 Sale 1043
4 105
_.1948 J .1 10714 Sale 1064 1074
29 10312 10514 Oh o River Edison 1st
1944 F A
1015 ..___ 10012 May'27
8
10012 1004 Old lien Coa• 1st 65
23 92
8
924
925
8
10312 25 101 18 10414 Ontario Power N F 1st 5s. _1943 F A 103 Sale 1027g
10314 10312 10314
103
s
1003 Sale 100
8
9814 1015 Ontario Transmission 5s._ ._I945 M N 103 Sale 103
1003
8 71
103
20
11
Apr'25
_ .1941 M 8 94
Otis Steel let 3)1 (laser A _ _
9411 94
954
793 310
4
795 Sale 79
8
8
7512 7953 Pacific Gas & El gen & ref 0.1042 J J 1027 Sale 102
103
754 793 Par Pow & Lt 1st & ref 20-yr 58'30 F A 101 1014 101
4
7912 Sale 79
7934 726
10112
825 Pacifle Tel & Tel 1st 5a
.
1937
J 1037 104 1033
81 Sale 81
821s 223
77
8
4 1033
4
1952M N 10552 Sale 1055
9918 Sale 977
8
9918 111
963 99.,
8
Ref mtge 58 series A
8 105
815 9214 Pan-Amer P CiT cony s f 6s 1934 M N 1025 Sale 10212 1023
8
8814 Sale 86
3
8
8614
4
1930 13 A 10512 106 1054 1067
83
7314 7414 73
let ilen cony 10-yr 71
69
7314 10
8
Pan-Ain Pet 'co(of Cal)cony 68'411 J D 93 Sale 923
10212 Sale 10212 10318 47
95,, 105
(
4
93
10112 Sale 10112 1013 170
97 10213 Paramount-liway 1st 544s_ _1951 5 J 10118 Sale 101
4
10134
97% 105
1033 Sale 1033
4
4 10414 74
Park-Let St leasehold 6548..1953
1073 Sale 1063
4
9714 10812 Pathe Etch deb 7s with war.1937 M N 0
8
6 8ale 95
2 13a
4 1084 510
l
82
8
9
7
3
98% 108
1054 Sale 1063
4 10814 275
Pat & Passaic G &
cons 58.1919 M
104
10012 Aug'27
9514 Penn-Dixie Cement Os A....1941 M 8
964 Sale 9512
9614 436
92
101 12 111 14 Peop Gas AC 1st cons g 68_1913 A () 198114 .83 198: 19 :
104 Sale 1035
8 104
4
14 2 . 4 14
9_
21
14 4
82
1947 NI S 10318 104 1037
10518 Sale 105
10514 30 103 10512
Refunding gold 58
8 1037
0512 111034
M S 10412 1043 9914 Apr'27
4 10034
100 4 Sale 1003
3
1
Registered
4
1033 106
4
10812 Sale 10618 1064 16
Philadelphia ('o colt tr Os A _1944 F A 10412 Sale 104
1043
4
4
10214 10212 10712 Aug'27
1068 111612
15-year cony deb 55411.--- 1938 M
10312 Sale 103
1033
4
10212 Sale 10212 1033 274
95 105
19)17 MN 983 Sale 9853
PhIla Elac Co I st 4 kis
4
4
93
84
95% 100
10018 Sale 100
10012 27
Phlia & Reading C & 1 ref 56.1973 J J 100 4 Sale 100% 101
3
10812 Sale 108
S 943 Sale 9458
99 1091 , P.ierce-Arrow Mot Car deb 8s.'43
1083
4 16
3
9512
97% Pierce Oil deb s f „Dec 15 1931 J D 10218 105 102
9714 __ 974
97%
93
1
Oct'27
1041g ____ 10418 Sept'27
.
10312 1041 Pillsbury 151 Mills 20-yr Os. _1943 A 0 105 Sale 1043
4 105
12414 12.02 Pleasant Val Coal Islesf 53.1928 J J 9912 - - 100 Sept'27
13014 ____ 12812 Sept'27
Porah con Collieries ist f 58.'57 J J 924 934 93 Oct'27
85 8412 Oct'27
81 14 86
82
86
Port Arthur Can & 13k 68 A.1953 F A 1053 Sale 1054 1053
4
4
81
813 Sale 813
4
4
813
4
4
1053 F A 105
1st M Os series B
10514 Sale 10514 10514
2 101 12 1051,
10512 10512
118 4 --- 1183
5
Portland Elec Pow 1st 0 B.1947 M N 102 103 103
4' 1183
4 10 1121 1 119
IC312
977 10512 Portland Gen Flee 1st
3
105
111:3,53 5 10012 102 10012 Oct'27
10412 10514 105
1
1930 M N 975 Sale 975
10418 10414 104
10412 33 102 10514 Portland By 1st & ref 58
8
8
974
9914 103
Portland By L & P 1st ref 56.1942 F A 964 Sale 964
4 Sale 10114
8 48
985
8
10014 10214
r A
1011g 102 102
Oct'27
Registered
Oct'27
1
1 3
27
1st lien & ref 11s series B_ ...1947 M N 1091± -_-_-_-_ 1002614
10514 Salo 105
10514 30 103344 106
9713 06114
1004
10014 Oct'27
18t & refund 710 series A.1946 M N
Sale 10712 10712
101 102
Porto Rican Am Tob cony 8s 1942 J J
10112 ____ 10134 Oct'27
9911 100
0612 97
Pressed Steel Car cony a 53..1933 J J 9853 gide- 96
9512 Aug'27
953
4
9714
101 104
Prod & Ref s f Ks (with war).1931 S D
Oct'27
101
- 101
113 __-_ 11
71
101
9 9934 1011, Without warrants aettahed. . J D 111---- 111 4321 27
101 10112 101
Oct'27
:7
2
0012 1014 Pub Hen Corp of N J see 68_1944 F A 107 Bale 107
,
4 101
10
101 1013 1003
2
1071s
.
gee g 530
[9583 1 1053 Sale 104
99 101,
4
10018 Sept'27
10014
10611
4
4 no ••••
1004 101 1001. Inn%
Range
Since
Jan. 1.
No. Low
High
37
37
11 120 1241:
11713 117%
27 10214 10614
10114 10114
52 10314 112
142 101 10712
67
96 10112
6 115 120
44
9512 10013
963 973
4
4
84
97
99
25
991 10412
4
1
94
99
25
70
5
27
_
6
874 9512
97 1003
4
1023 1041 4
4
2
6714 73
:
7
5812 68
3
93 4 99
2
59
10
7
16
1044 1054
964 101
105% 109 4
3
100 103
10514 10714
76
80
99 105
9014 937
3
10312 10514
9714 100 11
3
98% 100%
9914 1031
:
98 10214
1011 1041
: :
7
4
14
91
18
29
3C
29
87
4
2
_
9
3
2
18
987 102
8
92
9412
955 100
2
95 2 100 4
3
3
83
8911
4
83 83
96 4 KO:
3
94
9812
10112 103
1013 103
4
20
7
65
621:
49
:
983 1031
8
100 10313
101% 104
3
99 4 10014
103% 10514
102% 10312
103 1064
955 101
2
933 9812
2
935 984
2
4
10012 1023
845 8814
8
115 117
102% 10514
106 10912
9214 96%
102% 102%
10112 102
100% 10214
3
7
155
22
84
7
2
18
35
10
40
5514
16
21
24
7
1
2
82
38
34
8
53
26
205
106
21
7
2
13
5
9
5
4
3
41
34
12
21
77
7
140
40
16
62
_
25
2
6
_
64
20
58
21
98
11
15
1
2
1
9
3
2
62
70
30
65
63
212 3
513 512
16
30 8
7
75 2 8514
102 1063
4
53 2 5912
3
6912 82
10514 1087
s
98% 1015
8
110 1113
s
:
1077 1101
8
4
9614 1013
10014 1045
8
10314 106
10014 104
8112 9514
8
9614 1017
9,511 102
100 102%
1044 107
98 101
114 116%
1133 11611
4
10518 1073
2
90
9313
101 1033
4
10014 103
9312 9612
993 10412
4
993 10112
4
101 14 10512
1011: 10553
102 1084
10412 10614
91 10012
98 1017
8
9312
85
4
99 1003
100 10312
974 101
113% 115
1013 104
8
9914 .99%
10318 1047
8
10013 10412
8
985 98%
9912 102%
9112 10714
9911 10412
10214 10512
99 100
91% 9411
103% 1033
3
10452 10512
MO 103%
99% 1017
3
94% 98%
8
2
913 985
9614 96%
10013 1031:
10612 10812
9912 100
9312 08%
110 11312
110 11154
103 4 108
1
10112 1051:
OCT.22 1927.]
THE CHRONICLE
New York B r d Record-Concluded-Page 6
2249
Quotations of Sundry Securities
AU bond prices are "and nterest" except where marked "f".
BONDS
. XCHANCIE
N. Y. SIX..
Week Ended Oct. 21.
t
Price
Friday.
Week's
Range or
Last Sale.
112
Range
Since
Jan. 1.
Standard 011 Stocks Par
Bid Ask
Fubilc Utilities
Bid ask
Anglo-Amer Oilvot stock_gi *1814 19
American Gas & Electzhc. *109 4 11014
3
.t
Cl •18 8 1812
Non-voting stock
3
6% preferred
• •1023 10314
4
1011 115 11512
Deb 682014
Rid
Ask Low
High No. ,
.oir
MAN 107 10712
High Atia nth. Refining
Pub Serv Elm& Gas 1st 6%91959 A 0 10518 Sale 10514
Preferred
100 11612 11714 Amer Light & Tme corn 101) 170 178
8 1044 10614
1053
4
lst&ref55s..1964 A 0 10518 Sale 10518 10514
Borne Scrymeer CO
58
•
25 35614
Preferred
100 112 115
104 10634
let & ref 58.
Buckeye Pipe Line Co
.905 .1 D 1043 Sale 10412 105
50 .5512 56
8
Amer Pow & Light pref. UK) 106 10614
8
10418 105
Punta Alegre Sugar deb 78...1937 .1 J 11)64 Sale 10612 107
2t 106 11112 Chesebrough Mfg Cons 25 012014 1224
Deb 682016
MISS 10614 1063
4
Remington Arms es
Continenuil Oil v t c
1937 M N
10 *1814 18.1 Amer Public. UV!corp.__ 100 54
1.
97 Sale 97
58
95
98
9714
Repub 1 & S 10-30-yr be s t_1940 A 0 10078 '102 10114 1023
Cumberland Pipe Llne__100 93
9-•
7% prior preferred____100 93 95
10018 108
t
Ref & gen 5 he series A- -- 195 J J 1004 10214 .0214 10214
Eureka Pipe Line Co____100 59
60
4
Partie preferred
3
90
100 87
983 103
8
Reinelbe Union 7s with war.1947 J J 1103 Sale Ill
.,l00
7
74 Associated
4
1121
5tis'46A&O 1023 1034
4
: 2: In 1263
4 Galena Signal 011 corn.
Without elk purch warts. 1946 J J 100 100 .01
Preferred old
100 46
48
Aesociated Gas & Elec cons., .20
1011,
21
3
9812 10412
Rhine-Main-Danube is A._15150 M S 1024 103 .023
new
Preferred
35
100 31
Original preferred
.51
8 103
53 .
101 12 11412
ethine-Westphall., Elec Pow 73'50 Ii N 102 1021: 0112 1021
Humble(MI& Ftefining___25 .614 1113
, $6 preferred
. 51 101 14 105
93 95
Direct mtge es
1952 M N 944 Sale 9412
4 .98 100
100 16412 1664
5654 preferred
951 111
9412 9612 Illinois Pipe Line
:
Rime Steel 1st s f 76
1955 F A 9614 9675 964
Imperial 011
• .584 69
58
101 104
97
933 98
$7 preferred
4
Robbins & Myers 1st f 7e_ _1952 J I) 45 Sale 45
Indiana Pipe Line Co_ ___50 .73
74
.
Blackstone Val G&E com_ 5f) 128 131
45
65
45
Rochester Gas & El 754ser 13_1946 Si S 11112 1118 11112 1151
314 Com'w*Ith Pr ('orp pref. 100 10112 102
4 1: 110 8 1153
5
8 International Petroleum., .31
Gen mtge 5148 series C. 1941 M S 1 038 107
1712 Elee Bond & Share pref. 100 1u812 10912
063 Oct'27
8
105 111612 National Transit Co._12:50 •17
Roth & Pitts C & I p ni 53_1946 M N
9212 Sept'2;
90
Elee Bond & Share Secur • *7412 75
9212 New 5 ork l'rareat Co___ IGO 3412 36
-Brown Iron gen&ref 7s'42 M N
Rogers
100 8212 8412 Lehigh Power Securities_ _ _ • .19.8 1918
39 Sept'27
244 494 Northern Pipe Line Co.
Stamped.
MN
Ohio Oil
25 *58., 59. Mississippi Riv Pow pref.100 104
- 42 Sept'27
4
24
50
St Jos By Lt & Pr let 58....1937 MN 973 Sale 97$8
2 *2917 294
8
3
1173
953 974 Penn Mex Fuel Co
8
8
4
First mtge 58 1951_ _J&J 1023 10114
St Joseph Stk Yds let 4 tis_1930 J J 973
4
25 .474 48
NI&N 9714 98 .
974 973
974 Oct'27
4 Prairie 011 & Gas
Deb 5s 1947
St L Rock Mt & P 58 tamed 155 J J 7912 Sale 7912
100 176 179
80
754 814 Prairie Pipe Line
National Pow & Light pref. •10912 110
St Paul City Cable cons 53..1937 J J 9514 ____ 9513 Sept'27
Solar Reflulug
100 175 .80
4
9414 963
North States Pow corn,100 12612 128
San Antonio Pub Sen. let 6s 19532 J 10918 Sale 1094 1094 1: 10512 10 02 Southern Pipe Line Co_ ..61I *2112 22
100 108 110
Preferred
Saxon Pub Wks(Germany) 78'45 F A 10134 Sale .0112 10214 7. lel 104
south Pent.011
25 *363 37
4
24
Nor Texas Elec Co corn,100
Gen ref guar 6 tis
1951 MN 973 Sale 963
72
4
4
67
977 104
964 9912 Southwest Pa Pipe LInes.100 70
8
8
Preferred
100
Schulco Co guar 6 tie
1946 J J 10314 Sale .03
4
10312
. Standard 011 (California)- • .543 55 Ohio Pub Serr. 7% prof 100 109 110
9934 1643
Guar e f 6 tis series B
1946 A 0 10212 Sale .0212 10314
8
I;
28
98 111418 Standard 011 (Indiana)....25 .713
Pacific Gas & El
*26
Sharon Steel Hoop 1st 88 eer A '41 M 8 10818 1081. 10818 10838 1 10712 1091r Standard 011 (Kimme)_ 25 .153 714 Power Securitieslet pre/ _25 .10 12
4 16
corn
Shell Union Oil s f deb 5.... _ _1947 M N 983 Sale 983
4
984 27!
8
51
; *49
9518 99114 Standard (el (Kentucky) 25 0184 120
Second preferred
Siemens & Haleke s f 7s
Standard 011(Neb)
1935 J J 102 1027 .0212 1024 68 1014 105
4212 43
25 .
,
44
Coll trust BR 1949_ _ _J&D .
9514 96
Deb s f 6tis
195 MS 104 Sale .04
Standard 011 of New Jer__25 *39
39-8
4 101 105
104
Incomes June 1949...F&A .
93 95
f 614e allot etre 53% pd 1951 M S 102 Sale .02
Standard 011of New York 25 .3012 308 Puget Sound Pow & Lt__ 100 36
8
41) 1014 106
37
104
Sierra & San Fran l'ower 55.1949 F A 10012 101 ..4018
7612
25 *75
91.
10014
95 10 • 3
100 89
6% preferred
4 Standard (I11 (Ohio)
Silesla Eiec Carpet 6 tis.„1946 F A 9518 9512 95
9212 981 4
Preferred
101) 118 119
9584 2;
7% preferred
100 510712 110
Silesian-Am Nap (.01 tr 7e. __194 I F A 99 Sale 99
22
25 .20
993
l'512 10112 Swan di Finch
8 St
1st & ref 5 tis 1949_ .J&D 102 103
Simms Petrol 6% notes. _ _1929 M N 10014 Sale 100
Union Tank Car Co
100 109 11012 South Cal Edison 8% 0_25 .
43
10014 74
9712 105
40
Sinclair Cons 011 15
9784 10234
-year 76.1937 Si S 99 Sale 99
Vacuum (411
25 *133 13312 Stand & E 7% pr pf..100 11012 112
997 151
8
let In col tr fie C with war.
_1927 J D 9914 993 9978 Oct'27
Washington 011
10
4
Tenn Elec Power 1st pref 7% 107 10894 1112
9
let lien col 68 eer D
193054 S 983 Sale 9
8
984 238
9814 9918
Toledo Edison 7% pref. _100 10912 1101t
84
181 lien 644s series B
193. J D 94 Sale 94
Other 011 Stocks
9412 9t
924 11.2
Western Pow Corp pref 100 100
Sinclair Crude Oil 3-yr fle A 1928 F A 10014 Sale 10018
1004 61
994 10118 Atlantic Lobos Oil
• *1
114 Chic it Stk Ld Bk Bonds
Sinclair Pipe Line s f 55
1942 A 0 9314 Sale 9314
Preferred
9414
50
101
312 414 tie Nov 1 1951 opt 1931._
9112 953
.,
Skelly Oil deb 6145
1939 M S 943 Sale 944
4
9514 3
.
937 95 4 Gulf 011
25 .
8
98
3
9113 92 58 Nov 1 1951 opt 1931._
Smith (A 0) Corp let 6148_ 1933 MN 10234 Sale 10212 10212
Mountain Producers
1 10114 103
2414 be May 1 195! opt 1932..
10 *24
98
South Porto Rico Sugar 78..1941 J D 10 8 1.0 1097
National Fuel Gas
9/
8 1097
107 110
8
97
.2.54 26.8 43 Nov 1 1952 opt 1932_
4.3
South Bell Tel & Tel 1st e 1581941 J J 1043 Sale 10438 1044
612 41.48 Nov I 1952 opt 1932_
Salt Creek C'onsol 011___10 .6
8
2 11)212 105
97
Southern Colo Power es A..1947 J J 10338 Sale 10312 10412 21 10018 105
Salt Creek Producers,.,.10 .29
2912 445 May 1 1963 opt 1933_
98
Erwest Bell Tel let & ref 5e....1954 F A 10514 Sale 10518 10514 11 1024 111512
98
Nov I 1963 opt 1933_
be
Spring Val Water 1st g bs....1943 Si N 10012
Railroad Equipments
984 1004
8
98
-- 1003 Sept'27
4145 Nov 1 1964 opt 1934_
Standard Milling let bs
1930 NI N 100 10114 1003 Oct'27
Minute. Coast Line tie
4
5.00 4.90 414s Oct 1 1965 opt 1935._
11111 1(13
98
let A ref 514s
194551 S 10314 1034 10314
Equipment6 tie
4,55 4.40 Pac Coast of Portiand.Ore10312
10112 1034
Stand Oil of N J deb 5s Dee l549 F A 1027 Sale 1023
8
5.00 4.90
8
4 10318 9: 1013 1033
4 Baltimore & Ohio 6s
bs 1955 opt 1935.. _M&N 9712 10012
Stand 011 of N
dell 4 tis__ .1951 J D 9618 Sale 96
Equipment 4 tie & be. _ 4.50 4.42
9614 19(,
94
9614
be 1954 opt 1934_ _ _M&N 9713 10012
Stevens Hotel let es ser A _1945 J J 10012 101 11.,012 101
Buff Ruch & Pitts etiulp 65. 4.70 4.5.)
5
99 102
Sugar Stocks
Sugar Estates ((Iriente) 78_1)142 M S 101 Sale 400
Canadian Pacific 4 tis & 6e
9812 pit
4.50 4,4., Caracas Sugar
3'
1E
101
50 *1
Superior 011 let s 75)
1929 F A 102 103 102
Central RR of N J fis
5.00 4.85 (
Oct'27
9934 103
'cut Aguirre Sugar eons_ .2)) *11612 117
Syracuse Lighting 1st g fie_ 11151 J D 10618 Sale 10612 10612
Cheaupeake &
5.00 4.90 Fajardo Shear
1 1023 11,
Ile
4 613
100 .x158 161
' Tenn Coal Iron & Itli gen 58-1951 J
10418 1041 0412 10412
Equipment 6148
4.65 4.55 Federal Sugar Ref com 100 35
40
:
103 11154
Tenn Copp & Chem deb 6.§ 1941 A (1 9912 100
Eoulpnient 58
4..51 4.40
993
8
993
9814 1111 14
4
Preferred
100 55 65
Tennessee Elee Pow let 68_1947 J I) 1067 Sale 1067
8
5114) 4.90 Godehaux Sugars, Inc
21 10518 10712 Chleago Burl & Oulney 68
3 ,
107
St
8
Third Ave let ref 48
1960 J J 6812 Sale 6888
Chleago & North West Se_ 5.00 4.90
11.
24
70
71
63
Preferred
100 20
Ad)lac 68 tax-ex N Y Jan 1960 A 0 60 Sale 60
Equipment6 tis
4.62 4.55 Holly Sugar Cori/com iew .
42
6112 29t.
5612 66
• 40
Third Ave Ity 1st g 56
1937 J J 9912 101
Chic It I a. Pee 4 tie & 53
3
4.65 4.45
as
9914
97 100
9914
Preferred
85
Talio Elee Pow ist 78
S 984 Sale 9778
EquIpnient Its
5.05 4.95 National Sugar Refining _1(10 *124 126
9918 22
3
948 00 4
6% gold notes_ ...July 15 1929 J J 977 98
°tonal° & Southern 65._.. 5.1)1 5 00 New Niquem Sugar
8
9912 169
973
4
60
967 991
4
.
100 50
Tokyo Elm Light 6% notes 11)28 F A 9914 Sale 994
Delaware & Hudson 68
5 Oa 4.9.5 Savannah Sugar corn
971 1110
.
994 54
• 127 130
Toledo Edison 1st 7e
1941 M
108 4 Sale 4083
3
4), 1073 iii918 Erle 434,,& 58
4 109
4
4.81 4.50
Preferred
100 112 117
Toledo Tr LAP 514% notes 19:10 J J 1004 Sale 10012
Equlonient Rs
2
983 10114
4
5.05 4.95 Sugar Estates Oriente pf.
1004
55
_100 50
Trenton 0 di El let g 5s
1949 M 8 10378 105 .031 Sept'27
8
5.00 4.9,) Vertientes S5igar pf __ _100 85
1024 10:14 Great Northern 621
75
Trumbull Steel let a f 65____111411 NI N 9712 Sale 96
Equipment .55
4.5 4 42
96 10114
9912 53
Tobacco Stocks
Twenty-third St By ref 5s
1962 J J 5
5•1
4.5 4.4, American ( igar coin_...I00 117 120
6712 Hocking Valley 58
5 4 Oct'27
43
014 6
4
Tyrol Hydro-Elee Pow 7 tie 195551 N 100 Sale .00
Equipment(Is
5.111. 4.90
9714 10214
1004 12
Preferred
100 102
Uegawa El Pow 8178
1945 Si S 994 Sale
Illinois Central 440&
994 12
9512 103
4..0 4. 0 British-Amer Tobac ord_ .Cl *25 11;Underged of London 4 54e _1933 J J 9414 Sale 9914
,
9414
Equipment es
3
5.00 4.90
9414
9418 96
26
Bearer
fI .25
Income 65
19481
Equipment 78 & 6148
7
9914 Sale 9914
9914
9512 9914
1.13 Imperial 'Fob of Cl B & Irel'd .
4.5
26
24
Union Elee 1.t & Pr(Me)68 19:4254 5 10214 Sale 10214 10212 8 10114 103
Kana w ha & M lehigan es_ _
4.95 Intl tear Machinery new 100 *81
83
Ref& ext be
1933 M N 1023 Sale .0238 1023
Kansas City Southern 61.48.
8
3 101 14 103
4.76 Johnson Tin Foil & Met.100 65
8
75
Un E L&P (111) ist g blesser A•541.2
lOse
Louisville & Nashville
1023 10314 0314
1 1013 1(15
4
4.86 alacAndrews & Forbes_1(10 42
4
43
Union Elev Ry ((hic) Se.,, 11145 A 0 874 Sale 8612
Equipment 114.48
8
4.5. 4.4.5
8738
81
874
Preferred
100 102 106
Union Oil let liens 168
1931 .1 .1 1014 102 1.17 Oct'27
Miehigan Central 5s&
3
4
_ 10112 1(12
4.6, 4.55 Mengel Co
100 4514 47
30-yr Os series A.- May 1942 F A 1087 10914 1087
MinnStP&SEINI 41.18&5e 4.71, 4.50 Universal Leaf'rob cora_ • .51
2 107 109
3 1087
8
6
514
1st lien 8 f 5e serhs t e eb 1935 A 0 984 984 9812
Equipment 0 tie & 7e.
2
98s
5.0t) 4.75
96
997
8
Preferred
iao 112 115
United Drug 20-yr fle Oct IS 1944 A 0 10712 Sale 107
Missouri Peeler 65 & 6514e
10/.2 21 111612 16812
5.11, 4.8d Young (J S) Co
100 90 100
United Rye St L ist g 4s-___1934 J J 8212 8312 813
Mobile & Ohio 5.1
4
6
817
8
4.65 4.50
76
8314
Preferred
100 98 105
United SS o 15-yr 65
(
1937 M N 9412 Sale 9412
16
95
90
974 New York Central 4 514e & 58 4.40 4.35: Rubb Saks(CR e'd v.otarn)
Un Steel Works orp 6 tie A 1951 J D 9714 Sale 9612
(
98 .1 89
3
Equipment as
964 106
4.95) 4.751 Fails Rubber coin
• *VI 6
Without stock pur warrants... J D
97
Equipment 75
9814 76
9618 9812
4.55 445•
19
Preferred
25
Series C with warrants
J 1.1 9612 Bale 9612
4
98
9612 1057
4.45' 4.30 Firestone Tire & Rub eom 10 *151 155
8 Norfolk & Western 4 tie__ _
Without stock nor warm_ 2 D ____ 9612 97
Northern Pacific 7e
1
97
97 101
4.70 4.60
6% preferred
100 107
United Steel Wks of liurbach
Pacific Fruit Express 78.
4.60 4.50
7% preferred
100 107 10734
Esch-Dudelange I 7.4.___1951.A 0 98 101 102
10214 21 100 10412 Pennsylvania RR eq 58
175
5.00 4.50 General Tire & Rub coin_ _25
US Rubber let & ref tie eer A 194712 J 937 Sale 9312
9438 295
8
88
967
8 Muth & Lake Erie 634e.... 4.60 4.5e
10711
Preferred
100
Registered
2 J
9312 Sept'27
934 943
4.40 4.30 Goody'r R& Rot ran pf.100
8 Reading co 4 14s & 53
10-7r 7ti% secured notes. 19301 A 1033, tiZe- 1935
8 10412 48 103 1063 St Louie & San Francleco Is. 4.6.. 4.50 India Tire & Rubber new._ t *17 18
4
US Steel Corp it'oupon Apr 1963 MN 109 Sale 10838
10918 116 10618 10912 Seaboard Air Line 5145 & 115 5.0. 4.90 Mason Tire di Rubber com.t •150e
at 110-60-yr 5sIregist. _Apr 1963 MN
10812 Sept'27
105 4 11)83
3
12
4.40 4.30
4 Southern Pacific Co 4
Preferred
100 10
Universal Pipe & Bad deb es 1036 J D 883 Sale 883
8912
4
4
3
Equipment 7e
4.55 4.45 Miller Rubber preferred 100 992 99 4
874 9012
1
s
Utah Lt & Trac 181 111 ref 58_1944 A 0 9714 Sale 97
974 67
934 973
4 Southern Ry 4 1.4a & be
22
4.60 4.45 Mohawk Rubber
100
Wan Power & Lt 1st 68 ._ .11144 F A 1004 Sale 100
974 1013
Equipment68
4
1014 42
65
5.05 4.95
Preferred
100
Utica Elec LA P 1st s f g 66.1950 J J 103
____ 104 Aug'27
11)3 104
Toledo & Ohio Central (Is
5.05 4.90 SelberlIng Tire & Rubber_ • *3412 35
Utlea Gas & Eke. ref & ext 5e 19572 J 10614
Union Pacific 75
1054 1054
7 10218 106
4.55 4 45
Preferred
100 101 10212
Vertientee Sugar let ref 751_1942 J
100 Sale 100
983 1111 14
4
10014 27
Water Bonds.
Victor Fuel lets II,.
1954 J
6212 Aug'27
55
63
Short Term Securities
56,4 6s
4
Arkan Wat 1st 554'56 A A&O 9714 973
Vairon ('oat & Coke 1st g 58.11141. Si S 92 Sale 92
4
92
92
953
4 Anaconda 'op Min 6V29.1&J 1013 102'8 Birm WW I et 5 tisA'54.A&O 104 105
(
4
Va By Pow 151 & ref 5s... 1934 J J 10018 Sale 10018
10012
984 1014 Chic 11 I & Par 58 I929.J&J 1001 im3
9
.
4
1st NI 5s 11154 88.r II. J&0 1003 10112
4
Waiworth del, 11 yis (with war)'35 A 0 9412 Sale 94
9512
5% notes 1929
89
9612
9
M&S 10
City W(Cha tt)5 tis'54AJ& D 10212 10312
012 lot
let sink fund es acres A...1945 A 0 9534 Bale 9513
91 12 97
44% u0t4R4 1928_ _J&D 100 10012
953
8 51
let NI Is 1954
J&D 971 9812
Warner Sugar Befit. lel 78_1941 J D 106 Sale 106
6
914 Iii712 Federal sug Ref es '33 M&N 89
10614
90 City of New(
'astie Water
Warner Stager I'orp tel 7s...1939 J J 8812 Sale 884
89
7818 9814 Sloes-She(' S & I 65'29.F&A 10218 1023
7
8
98
524 Dee 2 1941.... J&11 1 96
Wash Water Power s f 58 _1939 J
10378 .___ 10338 1034
4
1 1023 1033
8
Clinton WW 1st
FAA 9812 9712
Westehe8 Ltg g 55 «tined gtd 111511J 13 1047 ___ 10438 1044 11 1023 10412
8
Indus. & Miscall
8
Conew'th Wait let 5 tisA'47 10212 10312
West KY Coal let 7s
1944 M N 10434 Sale 104
American Hardware
1048
5 1111 12 Ie.
,
76 Counellev W 5e0et2'39A& 01 95
25 .74
West Penn Power xer A Es._ 1946 M iS 103
_ .__ 103
10314
3 10018 111314 liabeock & WIleox
100 115 118 Etat 1. a. Int Wat 55'42 JAI./ 96 V64
1964 Si
tel be scrim Fe
104
10312 Oct'27
101114 1034 1 111a.(E W)Co
17
*16
1*1 NI 6a 1942
J& ,I 102 103
1953 A 0 106 4 __- 106
let 5148'writs r
1061
1044 106
Preferred
Oct'27
50 .58
65 Huntington 1st 68 '54 aces 103
11)5•1 2 D 10314 10312 10314
let see 5e serial()
1110 104
Borden Company com___50 .130 133
104
27
4
1954 964 971
West Va C &( let es
1950 2J 61 Sale 6012
5972 811
Celluloid company new 100 90
613
4 67
100 MIA States WW 68'36 N1&N 101
_is _
Western Electrie deb 68.. _1944 A 0 1027 103 10312 104
Preferred ...w
8
84
29 10118 1043
8
100 91
92 Monm Con W 15455'56AM/1) 94
Western Union (.011 tr cur 68.1938 2J 10312 1044 1034 10338
( ompany pref _100 118 122
8
2 1013 10514
Nionm Val WI 654e'50 J&J 9912 10012
Si N 9912 100 100
Fund & real est g 4
95 10012 Hercules Powder
Oct'27
100 189 195
Munele WW 58 0.12'39 A01 95
-year 61•01811
1936 , A 1123 Sale 11212 1123
1
16
Preferred .ew
8
8
6 11114 1137
8
100 1114 121
99
St Joseph Water 5s 194IA&O 98
26
1951 J D 10414 Sale 104
-year gold 50
1044 40 1003 1044 Intermit silver 7% pref 100 125
8
Shenango valWat 58'56A.4.0 9412 9512
Welehouse Eh M 20-yr g 68 1946 M
10378 Sale 1034 1043
90 So Pitts Wat 1st As 1960 J&J 9814 9914
4 81 101 10434 Lehigh Valley Coal Sales.50 85
Weetphalla Un El Pow 6)4s 11460 J
9714 Sale 9714
9738 42
94
100 115 120
9912 Phelps 14olge Corp
FAA 983 9934
let M Se 1955
4
Wheeling Steel(Tire 1st 5 tis 1948 J J 101 Sale 10012 101
963 10112 Royal linking Pow corn 100 235 245 Ter H W W (Is '49 AJ&D 10212 Iowa
4
83
WhiteXagle 011 & Ref deb 5138'37
P eferred
100 107
F&0 97
let NI 5s 1956 ser B.
punch warrants__
With stock
96
9018 96
9618 25
96
9618 Singer alanufacturing___100 405 410
Wichita Wat let es'49 _M&EI 102
White Sew Mach 68(with war)'36 2 J 136 142 139
Singer Mfg Ltd
£1 *5
140
514
1st NI 581956 ser B__F&A 964
97 4 148
8
6
Without warrants
103 Sale 10278
10378 30
99 4 10378
3
•
Wickwire Spin st'l let 7e.. 1935 J J 25 Sale 25
27
6 25 53
Wickwire Sp RVI Co 75 Jan 1935 M N
2012 Sale 2012
52
22
20
33
Willys-Overiand 8 16 tis___ 1933 at
1023 Sale 1023
4
103
4
4
26 1013 10-78
Wilson & Co let 25-yr f 641_19411A 0 102 Sale 10112 102
98
973 1027
4
8
•Per share. t No par value. D Basle a Purchaser also pays worded dividend.
11441 A.0 108 Bale 106
Winchester Arme 7%a
1064 10 1041 1084
stork. I Flat price. k Last sale. 14 Nominal. s 13x-dividend. r Et-tight.r
Younen Sheet AT 20-yr 61.19432 J 10518 Sale 105
10518 79 10334 105 4 SNOW
3
_ C Comedian quotation. t Sale price.
._IM
oa. 21.
1
BOSTON STOCK EXCHANGE-Stock Record se.V.P.11...
2250
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Monday,
Oct. 15. I Oct. 17.
Tuesday,
Oct. 18.
Wednesday, Thursday,
Oct. 19.
Oct. 20.
Sates
for
the
Week.
Friday.
Oct. 21.
STOCKS
BOSTON STOCK
EXCHANGE
Lowest
Share,
Railroads.
Par.
*184 185 I 185 185
18314 18314 *18314 185
183 185
170 Boston & Albany
100
185 185
*8234 88
8234 8314 82
83
599 Boston Elevated
100
82 4 8213 823
3
83
4 8212 83
•10114
40 Preferred
•10114 __ 10012 10113 *10012 101 *10012 10114
100
*11413 115 1 113 11412 113
1311 1st preferred
iiL" iff100
115 115
105 105
104 104
103 104
581 24 preferred
100
103 10312 1031 10312 10312 10.313
56
591
1,28511308ton & Maine
100
58
68121 68
58
58
58
58
58
58
59
36' Preferred
100
66
66
•-_
•-_
Series A 1st pret
100,
•-_
*-__
86
*120 125 .120 125 *120 125 +120 125 *120 125
Series 13 1st pret
100,
*110 116 +110 116 *110 116 *110 116 *110 116
Series C 18t pret
1001
•150
Series D 1st pret
100i
+150
•150
*150*150
*112 113 I 112 112 *11018112 I 111 112 31111 ffi
68 Prior preferred
I
-*20314 208 ' 206 206 I 204 206 +204 210
204 204
62 Boston & Providence
100
•____ 40 •_ ___ 40
20 East Mass Street Ry Co_100
39
39 •___ 40 *____ 40
180 1st preferred
100
*278
7912 1218
'
7912
78 +x75
7713 70
7612
Preferred B
100
76
76 *
76
390 Adjustment
100
56
56
5612 5612 *5512 5612 5512 56
55 4 55 4 56
3
3
56
145 Maine Central
100
67
•64
65
64
64
64
64
64
64
*64
4
100
53 8 5212 5412 53% 543 -553 - 478 2,423 NY N H & Hartford
7
53 4 5414 5213 5418 52
3
4
103 103 *103 105 .103 105 +103 105 +103 105
6 Northern New Hampshire_100
117 Norwich & Worcester pref_100
.140
•141
123!01d Colony
100
112 11214 1g14 112 *11' 112
5
14
2
5
135 135 •135
50
66% 66
663
8 66% 663
8 64% 604 641 - ; 4,367:Pennsylvania RR
6614 665
0
8 661s *118
____ *119 ____ *119
'Vermont & Massachusetts..100
•I18
•11713
Miscellaneous.
750 Amer Pneumatic Service
4
334 334
4
4
*3 4 4
3
3s 37
8371 Preferred
50
22
22
2212 *22
23
22
22
2212 22 8 22
5
22 4 23
3
18034 18318 17934 18013 178% 18114 176 17812 175 176% 3,662 Amer Telephone & Teleg_ _100
182% 183
3,998 Amoskeag Mfg
No par
8412 8514 843 843
8412 90
4
4 8412 85
85 4 8812 8514 88
3
103 Preferred
No par
9012 9012 9014 9014 9012 5912 9014 9014 *9014 -- 9012 9012
1,121 Assoc Gas & Elec class A____
43
43% 4314 4312 4314 4312 4278 43
423 42% 4234 43
4
Atlas Plywood tr ctfs
---Atlas Tack Corp
No par
---Beacon 011 Co corn tr ctfs____
Tit;
I.512
635 Blgelow-Hartt Carpet _ No par
0113 92
91
91
91
92
9012 9112 9012 91
9013 91
Coldak Corp., class A T C.._
1
'.10 .50 *.10 .50 •.10 .'.10 .
*.10 .50
150 Dominion Stores, Ltd ..No par
*
9014 97
93 93
*93
9412 9213 9212 921 9213
*11
10
850 East Boston Land
2
2
2
2
2
2
2
*112 2
2
2
*35, 4
*35, 4
5
Eastern Manufacturing
*3% 4
*35
8 4
*3 8 4
5
*358 4
8212 1,350 Eastern SS Lines, Inc
81
81
83
83
83
82
83
8312 *8212 84
33 2
,
130 Preferred
*4414 45
No Par
45
45
44% 447
44 4 4484 *4414 45
3
100
65 1st preferred
*99 100
*99 100
997 997 +99 100
99
99 12
1224 12
140 Economy Grocery Stores
*1113 14
*1113 1414 *111 14
*1113 1413 13
13
4
100
589 Edison Electric Illum
25014 25212
258 259
257 258
257 257
25214 256% 252 254
•33
35
3382 333 .2312 3412 *3312 3413 34
8
70 Federal Water Serv corn
34
---155 Galveston-Houston Elec.. _100
____
.34
3513 *3412 3513 *33
3513 34
34
33
.34
225 General Pub Serv Corp corn_
*1612 1714 17% 1712 *1613 167
17
17
*1614 17
410 Germ Cred Ss Inv 1st pref
2112 *221
2113 21
21
21 If
*221
2112 *2'21
2113 .221
90,GlIchrlst Co
*23434 3512 3413 3513 35 353
No par
s: 35 35 * 3412 35
2,5451Gilette Safety Razor_ _No par
10212 103
101 103
9914 1003
41 995 10114 9714 10014 9713 100
8
350 Greenfield Tap & Die
8
25
7
8
8
8 *_..8 Is_ __
12
20'Hathaway Baking Corn
.12
121 *12
123 *12- 123 *12
4
4!
123 *12
4
125
4 12
575 Hood Rubber
par
39
_.
39
3913
3912 40
2 ,,4 _3922 39
395, 3913 391 .3_9_1_ !
Kidder,Peab Accep A prof.
N
•
59514 -- - *29514 -- - - *29514
• 9514 -115 Libby,
10
10
Ss Libby __.._10
10 16*984 1011 10
10
10
1
'1014 11
10
115 Loewe Theatres
25
*714 8
*714 73
4
714 714 .714 8
73
4 73
4
114 117
11312 11512 114 11414 1132 11414 11314 114)7 1,133 Massachusetts Gas Cos ....100
116 117
290 Preferred
100
81
81
81
81
81
81
81
8112
113 114
114 114
155 Mergenthaler Linotype_No par
11413 11412 *11312 11412 11313 114
596 National Leather
10
312 312
312 4
313 35,
312 312 *312 37
287
8 28
28
989 Nelson (Herman) Corp
5
*2812 29
28 4 283
3
4 2812 2812 28
New Eng 011 Ref Co tr Ws.
1.
.05 .24 •.05 .24 *.05 .24 *.05 .24 *.05 .24
•
Preferred tr
10'6
312
312 •---312 *- - - 312
312
__
;5712 98 96 98 98 98 *98 ___ *98
35 New England Pub Serv $7 pref
10114 10212 *10114 10212 10214 10214 .10114 10212 10114 10114
80 Prior preferred
.25 •____
.25
New Eng South Mills....No par
.414 -_ __ 413 4121 412 412! *414 _ _ _ _ *414
20 Preferred
100
13913 140
139 140
138 13914' 138 13812 138 13812
621 New Eng Telep & Teleg
100
*94__.._ *94
__ _ _ *94
*94
No Amer Util ist pt full paid..
45 45 *244
*44
50 +x44 - - - - '244
5014
50
20
1st pre( 50% paid
50
4178 40
39
41
4112 41
4012 3912 40
1,330 Pacific Mills
3912 -55- 16100
*21
30
*21
30 I *21
25 1 *21
*21
25
Plant(Thus(7), 1st pret..... 100
25
*15
1512 15
15% 1513 15121 1512 1512 *15
1512
188 Reece Button Hole
10
*118
118
118 *138
138 *118
138 *118
13
8
13,
50 Reece Folding Machine___ _10
127 128 *127 ...... *127
*127
_ 127 127
95 Swed-Amer Inv part pref 100
128 128
124 12413 124 1241- 12414 12414 12213 124
12413 125
- 3
513 Swift & Co
12213 123
100
8313 8312 *8312 84 1 83
84
84
8312 84
597 Torrington Co
83
85
25
8312
*61z 7
63
4 63
4
613 612
612 612
5% 613
5
5% 1,855 Tower Manufacturing
*17
1712 •17
1712 17
17
17
17
265 Traveller Shoe Co T C
17
17
1013 1118 101 10 8 •10
5
1013 *10
1014 *10
370 Union Twist Drill
1014 -io" 16'5
675, 69
68
69
685 69
8
2 69
6734 6814 1,584 United Shoe Mach Corp__ _25
6712 69
*29% 305, 30
30.
30
195' Preferred
303, 303 303
, , 30
25
3014 *2914 2912
90
90
8
90
90
430 U S & Foreign Sec Ist pref I pd
89 4 90
4
89 4 894 *893 91
3
8934 90'2
1st pref 75% paid
4
2 2 5% 5%
-;412 -lily -.
-1413 -- 2 -;. 13 - -e1- - 512 - 5t61300 Venezuela Holding Corp
21
2,410 WaldortSys,Inc,new sh No par
20
2014 2118 20
3
2013 2012 207 2114 20 4 203
4 21
"56
60
*56
Walth Watch Cl B corn _No par
*56
60
*58
60
*56
60
60
.
.r77
80 *117
80
20 Preferred trust ctfs
7912
78
78 *277
7912 *77
100
103 103
103 103
50 Prior preferred
10312 ff. 3 2
104 104
10312 10312 *103 104
100
- .11
124!Walworth Company
*1934 2012 *19 4 2012 *1912 2012 *1913 2012 1912 1912
3
127 134
50
133 13E- 4,323,Warren Bros
_--- - - 14
*2 12 14 14 .48;12412 12 1114 111
14
8
4
2
8
5
... 1 432 23_! 124 129
1
1
1231 11
1
101 1st prererred
50
48
48
48 +47
50
+52 -- *52 ------------15. 2d preferred
*53 -_
53
14
--------50 Will & Baumer iC g le com_
m in nad
u
14
•I614 ---1 1614 ---- •
'
1614 ---•
___
.25 •_ _ _ _
.25
•.65 .80 •.65 .80
4 6
54 5 4
3
3
*53
8
+5712 59
577 577
165, 1612 1612 167
1512 15 8
3
Its 1 if4
..35 .50
+.50
1
*14
1512
•.30 .31
60
61
10513 10512
12
12
15
5
1511
•.93
1
•.61 .75
•.70 .90
•.15 .30
+.65 .75
47%
47
*2213 23
'.05 .15
___
*16
*25713 64
sz63
8 812
1
1
1
*.50
*1112 1212
*17% 173
4
1614 1612
251: 20
•1
15,
'.30 .40
•.20 .30
43
4 434
.93 .93
*al
1%
11.05 .20
151
114
*.35
•.50
15
.32
60 8
3
10512
12
*113
.90
.25
.65 .65
*.65 .80
3
5% 5 4 *512 5
3
*58
59
5718 58
1613 164 165, 163
15 4, 15
3
11*
114
.50 +.35
1 I •.50
15
*1412
.32 •.32
61 1 59
10512'10512
12
*1114
24 *112
.90 •.90
0.61
.61 .61 .
.80 .80 •.70
11.20 .40 •.20
.60 .65 '.65
4614 4714 4512
21
23
21
.05
.06 .06
_ *16
*16
5913 591 *259
:
65, 6'
612
.98
.96
1
*.50
*.o0
1
121... *17
*1113
1713
17% 1714
1512 161
: 1513
2412
24 4 25
3
11;
*1
.
1
.25 .22 . .30
.20 .20 *.20
4%
5
5
.90 .95 •.85
al
114 114 •
_-__
•
.25
..65 .80 .
1.65 .80
4
53
4 53
5,
2 512
57
58
*57
58
4
16% 1612 165, 163
1514
14
145
112
114
114
.25 '
1.35 .50
.75 •
.50 .75
15 *14)3
15
.50 '
1.32 .50
597
8 5812 59a
10712 *10513 10712
121
1118 1112
214 *113 214
118
.90 .90
1.60 .75
.60 .61 '
.75
1.70 .90 '
1.70 .00
.90 .
.35 *.20 .40 *.20 .25
.55 .65
.50 .50
.65
45
45 46
46
46
23
2318 2318 2314 23
.._ __ ____
.15
16
16
*16_
59
64 *259 'if
59
7%
714
712 7%
7
.75 .75
.80 .85
.90
1
1
+.50
.50
1 '
11
12
11
*11
18
17
17
17
17
17
1512 1413 1413 1413 1412
2413 25
25
25
26
114
1.75
114 .
1% *.75
..30 .40
.25 .25 4
.35
1.20 .30
.30 *.20 .30 '
4
8 *412 43
455 45
5
.92 .92
.98 .98
.95
114
114 *al
114 *al
rg 1
.15
1514 155, 1512 15
113 O11 4
13
8 •114
.25
.50
.30 .30
4
.65 *.50 .65 .'50
1512 *1434 1512
.50
.50 •40 .50
59
6012 5)2 8)
10712 *1055, 10712 *10512
1214 *1112 1212 *1114
214 *1li 214 •112
114 '
1.90
118 '.90
.75
.90
.35
.80
4612
23
.05
'.61
+.70
•.20
.65
45%
22%
•I6
a *259
612
612
.90
1
•.50
1
*17
18
1712 17
4
1512 143
3
2412 25 4
112 •.75
.40
.35
.30 *.20
*4%
5
.95
1
114 *al
15
Vo
•Bld and asked plots; no sales on 11115 day. a Assessment plod.
!Adventure Consolldated__25
10 Arcadian Consolidated
25
615 Arizona Commercial
5
810 Bingham Mlnes
10
1,915:Calumet & Hecia
25
1Carson Hill Gold
1
1,003'Copper Range Co
26
440 East Butte Copper MinIng_10
20 Franklin
25
;Hancock Consolidated
25
50 Hardy Coal Co
I
250 Helvetia
25
2,204 Island Creek Coal
1
35 Preferred
1
255 Isle Royale Copper
25
200 Keweenaw Copper
25
20 Lake Copper Co
25
1,200 La Salle Copper
25
5
100 Mason Valley Mine
Mass Consolidated
25
25
682 Mayflower-Old Colony
998 Mohawk
25
1,065 New Cornelia Copper
5
1,000 New Dominion Copper
100
25 New River Company
100
250 Preferred
5
881 NIpissing Mines
10
1,970 North Butte Mining
031 way Mining
25
25
30 Old Dominion Co
395 Pd Cr'k Pocahontas Co No par
25
725 Quincy
25
680 St Mary's Mineral Land
Seneca Mining
10
140 Shannon
50 Superior & Boston Copper 10
5
245 Utah-Apex Mining
1
r
2,025 U ict N lletal & Tunnel
7 v tat ta
25
k...x-ettoolc Wvuleatl.
PER SHARE
Range Since Jan. I 1927
On basis of 100-share lots
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
171 .1an 7
81 May 10
9812 Apr 27
109 Mar 30
101 Jan 20
51 18 Mar 7
56 Jan 22
76114 Jan 15
125 Jan 8
97 Sept 17
154 Aug 24
10412May 6
196 Jan 18
25 Feb 4
64 Feb 8
60 Mar 14
42 Apr I
4712 Jan 13
41 18 Jan 6
9212 Jan 13
127 Jan 4
122 Jan 4
63 July 1
107 Jan 6
188 May 27 159 Jan 17512 Deo
94 Jan 15
77 May 8513 July
10312June 9
89 Feb 103 Dec
119 Sept 20 11212 Dec 122
Jan
110 Sept 8
Jan
9813 Jan 112
70 July 6
35 Mar 5812 July
6912July 13
32 Apr 6112 Dee
87 June I
59 Apr 86 Dee
139 May 3
84 Apr 130 Dee
116 May 26
74 Apr 110 Sept
165 Apr 21 105
Jan 165 Dec
113 May 21
94 Apr 10712 Dee
210 Sept I 217512 Mar 20713 Dee
4312Sept 16
Jan
28
Oct 61
81 Oct 7
Jan
5912 Apr 71
78 Oct 7
Jan
56 May 69
5912Sept 17
40
Apr 4914 Jan
74 Mar 29
49 Sept 60 Feb
583 Feb 16
4
8
317 Mar 483 July
103 Sept 7
81. Apr 9812 Dec
14214 Oct 19 120 Apr 132 Dee
13612 Oct 4 111
Jan 125 Sept
6818 Oct 4
9924 1;1- ; 107 Dee
116 Jan 31
a
214 Jan 3
1513 Jan 12
14912 Jan 3
48 Jan 17
73% Jan 10
363 Jan 25
4
5314Jure 9
713 Oct 4
1513 Aug 25
77 Feb 17
.15Sept 15
67 Jan 26
114June 27
312 Jan 11
45 Jan 4
35 Feb 15
873 Feb 17
4
10 June 1
217 Feb 18
27 Apr 26
2213 Apr 20
113 Jan 11
4
19 Feb 2
3414June 28
8412Mar 22
7 Oct 15
12 Jan 17
8Ju1y 6
325
94 Apr 26
7 Aug 25
6 Jan 3
84 Mar 25
70 Jan 3
108 Feb 18
21411 1ar 24
.
2313 Feb 14
.15 Sept 9
313 Jan 11
91 Jan 18
9714 Jan 26
.20 June 29
53
4July 30
2612Sept 14
18512 Oct 11
92 Sept 8
91 Scot 9
43% Oct 19
59 Feb 10
12 Apr 7
2012 Jan. 3
93 4 Aug 2o
3
5 Jan 3
98 Oct 5
3 4 Feb 3
3
73 Mar 17
4
8914 Oct 10
455sJuly 29
100 Oct 10
15 Sept 13
267 May 23
34 Oct 20
3713 Oct 1
1713 Oct 8
22 Sept 22
38 Mar 15
10914 Oct I
1212Mar 2
13 Mar 14
47 Jan 3
95%July 12
1114Sept 8
10 Jan 18
122 Sept 17
81 1)Oct 20
116 Oct 4
43 Jan 20
8
3118 Apr 16
.25 May 7
5 Mar 30
10012July 2
104 July 23
314 Feb 23
87 Feb 28
140 Aug 10
95 Feb 29
50 Oct 1
44 Sept
4228 Jan 3
1612 Feb 10
15, Jan 11
128 Oct 11
13012Sept 26
85 Sept 26
9 8 Jan 31
5
1812Mar 22
1413 Jan 24
72 Sept 15
30% Oct 18
92 Oct 5
86 Sept 8
11 Apr 30
2712 Feb 23
60 Sept 14
80 Sept Ili
118 May 20
243 Apr 1
4
13514 Oct 21
50 Feb 16
54 Oct 1
1714 Mar 15
2 Apr 1
1151: Jan 4
90 Jan 5
40 Jan 6
3513 Mar 28
15 June 22
z1414Sept 15
1 Mar 4
10513 Jan 5
115 Jan 3
66 Jan 3
4 Mar 3
16 Aug 9
912Sept 2
50 Jan 3
28 Jan 3
83 May 3
74 Apr 30
412July 5
19 Oct I
4012 Jan 21
61 Jan 3
10013June 14
1714 Aug 11
6518 Jan 13
44 Jan 5
45 Jan 17
14 Jan 12
.05 Jan 14
.20 July 18
5 July 11
30 Jan 3
1418June 27
.10 Jan 7
11%May 20
118 Oct 14
.05 Feb 1
.15 Apr 8
14 Apr 26
.32 Oct 17
47 Feb 26
10412Se1,t 23
9 July 13
1 July 21
.80 Jan 7
.50 Mar 2/3
.70 Oct I
.05 Sept 29
.25 May 3
345
8June 22
1812June 24
.05 May 26
16 Oct 21
68 Apr 14
5 Aug 16
.50 'June 28
.40 Oct 6
10 4June 29
3
11 Jan 4
1314July 13
1812June 28
1 July 2
.15 May 9
.15 Mar 23
4%July 14
.85 June 30
.50 July 11
riew stock. z ka-allV1410114.1.
.20 Feb 10
.89 Jan 15
1014 Jan 6
Si Sept 28
1714 Oct 4
.60 Apr 29
18 scut 16
23 Jan 4
4
.80 Mar 17
1 July 1
1818Sept 9
.85 Jan 6
67 Sept 6
107 Apr 13
15 Sept 16
27 Feb 4
118 Mar 18
.90 Apr 22
2 Jan 4
.85 Jan 3
112 Jan II
4712 Oct 14
24 Jan 20
.06 Feb 1
197
8May 12
75 Feb 8
1018 Feb 2
35, Jan 5
114 Jan 26
15 Apr 1
1812 Aug 19
19% Apr 22
27 Oct 5
312 Jan 14
.40 Jan 12
.50 Sept 6
77 Feb 24
2 Feb 2
2 Aug 24
'
5 Jan
2 Nov
18 Dec 2414 June
13913 June 1503 Feb
4
Jan
4812 July 71
7212 Nov 78 Feb
5213 Apr
814 Oct
14% May
74 Nov
633
4
1714
2013
9812
Jan
Jan
Jan
Jan
57 May 71 D
312 Jan
112 Deo
75 Oct
312 Mar
44 Nov 8812 Jan
34 Nov 45 Jan
9014 Oct 9912 Jan
14 Nov 26 Feb
2207 Jan 250 Feb
-- -14 June 27 "Zroi
Jan
11 Dec 17
8
3414 Apr 402 Jan
8812 Mar 11312 Feb
10 May 14 Sept
-45 4 Dec
. .1293 Apr
612 Aug
6 July
80 Apr
65
Jan
1104 June
2 A
1513 Jan
.20
Ja
3 July
_
-95 Sop.50 Dec
2 Dee
1107 Apr
89 Feb
1434 Dec
3512 July
40 Mar
15 Feb
118 Dec
98 May
Apr
Ill
54 Mar
883 Feb
g
96 July
103 Dee
4
1218 Jan
9412 Nov
7018 Feb
t110 May
413 Jan
2912 July
.95 Apr
1012 Jan
_101 - 111,- t
P
.8 Feb
28 Jan
11834 Feb
96 Feb
27 Feb
55 Jan
6814 Jan
1714 Aug
2 Nov
110 Aug
11814 Dec
72 Sept
Fit
7 Jan "fit; - )
47 Mar 5314 Aug
28 Jan 30 June
82 Nov 135 Feb
60 May 90 AIR
1
17
Jan -22 4
29
Jan 41
4818 Nov 61
101 Sept 112
123 May 23
44 Mar 69
Apr 46
39
42
Apr 47
1014 Aug
1713
Oct
Dec
Dec
Dec
Jan
Deo
Dec
Feb
Jan
.05 Ma .40 July
135 AUg
.25 Mar
4
914 May
123 Jan
29 June 55 4 Jail
3
18% Aug
1314 June
Jan
.10 Dec 50
Jan
13 May 20
214 Oct4 Feb
114 Jan
.85 Nov
114 July
.27 Dec
14 Mar 2114 Jan
.75 Oct2 Jan
_
9912 Jan 106 July
ol
- 2 June14 Aug
27 Sept
8
.50
Jar
OctI% July
.60
.80 June
2% Mar
15 Jan
4
23 Sept
.15 Dec .75 July
.40 Dec113 Jan
Oct
30 Mar 46
1813 May 24 Aug
.05
Jan .20 June
18 DeC 25 Feb
45 July 72 Feb
1012 Dec
5 July
37 Sent
2 Apr
.50
Jan .50 Nov
13 Dec 20 July
1013 Mar 15 Jan
1513 May 25 July
25 Dec38% Feb
3
23 Dec9 8 Jan
4
.15 Dec80 Jan
1
.20 Nov14 Mar
45, Oct11, Feb
3
t
.25 Deo 2' Mar
40 Ma
.75 Feb
and rigoui.
OCT.22 1927.1
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record.—Transactions in bonds at Boston
Stock Exchange, OA. 15 to Oct 21, both inclusive:
rrtaay
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High, Week.
Bonds—
Barstow(WS)&Co 68 w 1'42
Bankitaly Mtg Co
5348 w I
1947
Boaton Con Gas 55_ __1947
Commerz und Private
Bank 530 w i
1937
Dixie Gas Co 0%8.-1937
East Mass Street RR—
434s series A
1948 73
58 series B
1948 80
138 series D
1948
German Cable 75_ _ _ _1946
Hood Rubber 7s
1937
K C M & B 48
1934
Miss River Power 55_ _1951
New Eng Tel & Tel 58_1932
PC Pocah Co 78 deb_1935 '
Prov ar Wore 48
1947
Sayre & Fisher 68____1947
Swift & Co 58
1944
So West Gas Co 6343.1937
Western Tel & Tel 58._1932
9734 9734 $1,000
100 100
10234 10234
7134 75
79
81
9134 95
106 106
102 102
93
93
10234 10234
10134 10134
11534 119
9334 9334
95
95
10234 10234
96
96
10134 10134
Range Since Jan. 1.
Low.
9734 Oct
High.
9734 Oct
5,000 100
Oct 100
Oct
3.000 10254 Oct 10234 Oct
9434 9434 10,000
9934 9934 3.000
30.000
42,500
20,250
10,000
1,000
500
4,000
4,000
12,000
2,000
10,000
6,000
2,000
7,000
9434 Oct 9434
9934 Sept 100
•••
6434 Aug 75
69
Jan 81
82
Feb 95
105
Mar 106
101
Apr 104
91
Mar 9434
10034 Apr 10234
10034 Jan 10234
100 June 120
9334 Oct 9334
95 June 96
10034 May 10334
96
Aug 97
100 May 10234
Oct
Sept
Oct
Oct
Oct
Oct
Jan
May
Sept
Sept
Aug
Oct
Feb
Apr
Aug
June
Philadelphia Stock Exchange.—Record of transactions
at Philadelphia Stock Exchange, Oct. 15 to Oct. 21, both
inclusive, compiled from official sales lists:
Bonds—
Amer Gas & Elm 5s._ _2007
98 10134
Consol Trac NJ 1st 58 1932 8534 8534 8834
Elec & Peoples tr etre 4s'45 58
5734 5834
Keystone Telep let 58.1935 9734 9731 98
Lake Sup Ins 58 unst_1929
734 754
Lehigh Val Coal 1st 5s 1933
101% 101%
Phila Co cons & coil tr stud
sink fund & red 58..1951
10114 10134
Pails Eleo (Pa) 1st lien &
refunding 5/3
1960
10534 105%
18155
1966 10634 10634 107%
Id lien & ref 5%8..1947
10734 10734
1st lien & ref 5%s...1953
10734 10734
1st Ilea & ref. 6s
_1941
10734 10731
Phila Elec Pow Co 5348'72
10534 1055.4
Phila Sub-Cos Gas 434557
9834 98%
United Rys&EI (lialt)4a'49
6334 8434
Phila Else let 4341 5 series
a UV.
IdIAT
nos,
nos,
no.,
Feb
Jan
Jan
Feb
May
Jan
7934
Jan
103
103
10334
105
10654
103
9454
63
Jan
Jan
Feb
May
June
Jan
July
Jan
t
not,
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95
62
54
93
5
99
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38
10834
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0
5954
High.
,
11
3534
May
Feb
May
Jan
Mar
Apr
Jan
Jan
May
Mar
Jan
May
Apr
Jan
Oct
Jan
June
Jan
May
Mar
Mar
Aug
Jan
Aug
Jan
Jan
Jan
Sept
Feb
Jan
Jan
Apr
June
Mar
Sept
Aug
Jan
Oct
Feb
Oct
Aug
Sept
Jan
Feb
July
Jan
Aug
Jun
Jan
.
.
...... .
.
.
.
W
.
.
soto^w.mo.psvo-oaXnomomtato.. .WOO&OWNC04.00r
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,
wWww,.WwWW
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200,
....MOW.
,
,
XX =
X4 XXXXX X
X
XXXXX X X XXX
X XXX= X X
X
XX X
50
Low.
10
48
6231
11234
4034
43
3534
26
6334
51
34
208
5034
5134
1534
134
10534
1534
23
1234
53
7534
59%
7434
8734
4034
4934
90
4634
9
63
52
50
63
1034
33
4034
1634
9734
58
1
1
313
8954
3234
8734
9634
34
40
D
O
5234
2034
W.
8854
.0 .00
...0 to..wo....
28
1934
5834
ISS88.Mint:888=0t8g848=18V88gV8r35550.1
==tg&t:
7334
1534
254
10534
66o6
4134
1434 1534
62
68
63
6434
11434 11534
4134 4134
47
47
56
563
1
,
2934 2934
70
7034
6434
64
4134 4134
22934 230
5431 55
73
7754
1534 1534
2% 234
10534 10734
1934 2034
2534 28
1934 1934
56
57
78
80
65
66%
8834 92
115 120
45
45
53
52
93
93
5234 55
20
20%
85
65
5354 5314
50
5031
5034 5634
11
11
3434 3534
4134 4134
1634 1734
102 102
58
6354
1
134
15.4 2
3734 38
10534 11054
30
3734
88% 8834
97
97
ii
%
4034 42
WO&W
Iff&
15
68
63
115
Range Since Jan. I.
gAgngl
Almar Stores
•
Alliance Insurance
10
American Stores
•
Bell Tel Co of Pa prof _100
Cambria Iron
50
Catawlasa RR 1st pref._50
Consol Traction of N J.100
East Shore0& E 8% pf_25
Electric Storage Batt'y.100
Fire Association
10
Giant Portl Cement pi_.50
Horn & Hardt(Phlia) come
Horn & liard't(N Y)eem •
Insurance Co of N A....10
Keystone Tele Prat
50
Lake Superior Corp.
...100
Lehigh Coal & Nay
50
Lehigh Pow Sea Corp cons'
Lit Brothers
10
Mark (Louis) Shoes Inc..'
MinehlII & Schuyl Hay_ _50
Penn Cent L & P cum pf _ •
Pennsylvania RR
so
Pennsylvania Salt Mfg..50
Philadelphia Co(Pitts)—50
5% Preferred
so
6% preferred
so
Phila Dairy Prod pref
Phila Electric of Pa
25
Phila Klee Pow rects
25
Phila Insulated Wire
•
Phila Rapid Transit_ .50
7% preferred
50
Philadelphia Traction _ _ _50
Phila & Western Ry .... _ _50
Preferred
50
Reading Co 1st pref
50
Shreve El Dorado Pipe L 25
Scott Paper Co pref _ _ _ _100
Stanley Co of America...*
TonoBelmont Hovel. .1
Tonopah Mining
1
Union Traction
50
United Gas Impt
50
Victor Talking Mach com.•
•
6% cumul pref
7% eumul
Warwick Iron & Steel .10
pref*
West Jersey & Bea Sh RR50
.W
•
D 00^00W00.. W
Stocks—
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.
t
•No par value.
Cleveland Stock Exchange.—Record of transactions at
Cleveland Stock Exchange Oct. 15 to Oct. 21, both indative, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
of Prizes.
Week.
Par. Price. Low. High. Shares.
Amer Multigraph
2834
.100
Am Ship Building pref.
Amer Vitrified Prod corn
• 16
Allen Industries corn
Preferred
3334
Bessemer Limest&Cem cm'
Buckeye Incubator corn_ • 48%
f.
Bulkley Building pre_ ion
•
Byers Machine "A"
Central Alloy Steel pref 100
City Ice & Fuel corn
3234
Cleveland-Cliffs Iron Co • 101
Cleve Elect Ilium com.100
Preferred
100 111
Cleveland Railway corn 100 105%
Calve Securities P L pf _10
•
Cleveland Stone coin
100
Cleveland Trust
28% 28%
110 110
20
20
1534 16%
3334 34
3734 3734
48
49
70% 70%
39% 40
109 109
32% 32%
96 101
331 331
111 11154
105 105%
134 1%
64
88
350 352
2251
Friday
Sales
bast Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Pas Price. Low. High, Shares.
Range Since Jan. 1.
Low.
2,590 19% Apr
10 102% Jan
1 00 20 Oct
1,000 19
Aug
672 323( Sept
70 31% Aug
940 43
Jan
Mar
12 88
Apr
205 35
17 10634 Feb
1,135 23% Jan
850 74
Feb
5 297
May
45 108
Feb
586 96% Jan
40
1% Sept
30 47 May
11 300 June
High.
28% Oct
110 Sept
2734 Jan
16% Oct
34
Oct
3834 Oct
Apr
53
77 June
42 Sept
109% June
34
Aug
115
July
331
Oct
1113( Sept
105% Oct
I% Mar
67 June
Oct
355
Cleve Un Stockyds com100
Cleve Worsted Mills cm 100
Dow Chemical corn
•
Preferred
100
Elm Contr & Mfg com_ •
Faultless Rubber cora
•
Fed Knitting Mills cora_ _•
Firestone T & R com _ _10
5% Preferred
100
7% Preferred
100
Foote-Burt pref
100
General Tire & Rub com _25
Glidden corn
•
Prior preferred
100
Goodyear T & Rub pref 100
Grasseill Chemical com _100
Preferred
100
Great Lakes Tow com _ _100
Greif Bros Cooperage cm.*
Guardian Trust
100
Hanna M A. 1st pref _ _ 100
Harris-Seybold-Potter em •
India Tire & Rubber com.•
Industrial Ryon "A"....__•
Interlake Steamship corn.*
Jaeger Machine corn
*
Jordan Motor pref
100
Kaynee coca
•
Kelley Is L & T cam_ _100
Miller Rubber pref____100
National Acme corn
10
National Refining com...25
National Tile corn
*
Nineteen Hundred Washer
Common
•
Ohio Confection A
•
Ohio Bell Tale pref._ _100
Ohio Brass "B"
•
Preferred
100
Ohio Seamless Tube corn...
Packard Elec
•
Paragon Refining com__25
Preferred
100
Richman Bros corn
•
River Raisin Paper cora. •
Rubber Service Lab__ .
_11
SelberlIng Rubber com- •
Preferred
loci
Sherwin-Williams corn_ _25
Preferred
100
Smallwood Stone corn.._ _*
Sparlu3-Withington corn..'
Stand Textile Prod cora 100
A Preferred
100
B Preferred
100
Steel & Tubes Inc
25
Telling-Belle Vernon corn.'
Thompson Products corn.*
Trumbull-Cliffs Fur Pf.100
Trumbull Steel com
•
Preferred
100
Union Metal Manfg coin.*
Union Mortgage com__100
1st Preferred
100
2nd Preferred
100
Union Trust
100
Wbie Motor Secur pref 100
Youngstown Sh & Tu 0100
Bonds—
Clev&Sand'ky Brwg 681948
Firestone of Calif 55
Stark Electric Ry 58_1928
•No Dar value.
101
106
31
89
132
106%
405
1334
119
30
50
183
99%
3434
110 110
25
213
101 101
106 108
5934 5934
40
41
2934 31
155 158
107 10734
107 10734
90
90
170 170
15% 15%
87
89
11834 11934
132 133
10634 107
8934 8954
4134 4334
390 410
6134 6234
29
28
17
18
1034 1334
118 120
2934 3034
50
50
32
3234
183 185
9934 9954
534 534
35
35
3434 38
50
299
15
25
30
90
380
39
134
109
93
12
50
22
40
53
149
50
797
75
70
45
372
1,750
110
510
65
315
16
832
215
15
825
Range Since Jan. 1.
Low.
106
21
70
100
5934
3534
28
117
10134
99
35
145
1534
34
100
127
10234
7534
3634
280
56
28
17
434
10934
2734
45
23
13234
98
434
3434
33
May
Mar
Mar
Feb
Oct
Mar
Sept
Jan
Jan
Feb
Jan
June
Sept
Jan
Feb
Aug
Apr
Jan
Sept
Jan
May
Aug
Oct
Jan
Feb
Feb
Aug
Jan
Feb
July
Mar
July
June
High.
110
38
101
10634
6734
45
32
165
10734
10734
95
180
2134
100
122
134
109
95
4334
410
4234
3034
3134
13%
133
3234
63
33
185
106
634
4134
38
Oct
Sept
Oct
Mar
June
June
Oct
Sept
Oct
Oct
Oct
Sept
Mar
June
Sept
May
Sept
Apr
Oct
Oct
Jan
Feb
Jan
Oct
Oct
May
July
Aug
Oct
Feb
May
Jan
Aug
160 25
Apr 29
30 2534 Sept 28
60 10534 June 114
1,984 78
Jan 9734
75 10134 Mar 107
13 25 June 3534
245 35
Aug 4134
6
584
Apr
934
25 60
May 90
528 14234 Mar 290
50
834
634 Apr
86 3034 June 423.4
624 21
Jan 38%
Jan 10234
59 96
112 44
Feb 6134
633 104
Sept101334
Apr 3534
10 - 30
595 1134 July 22
Peb 1734
25
7
103 25
Feb74
85 12 May 3934
160 4934 Apr 55
1,060 36
Mar 47
247 2054 July 2734
Jan 103
50 98
1,540
934 Jan 14
100 7234 Feb 90
Apr 47
45 40
7 25 Sept 6134
Oct 35
15 57
5 45 Sept 82
25 218
Jan 290
9 9934 May 107
185 10634 July 111
Oct
Sept
Mar
Oct
June
Oct
Oct
July
Oct
Sept
July
July
Sept
Sept
Sept
Oct
June
Oct
Oct
Oct
Oct
Feb
Sept
Sept
Oct
Aug
May
Sept
Mar
Jan
Mar
Aug
Apr
May
.
2834
9734
106
413.4
834
278
35
6034
28
65
107
28
2834
27
2734
111 111
873.4 9734
106 107
35% 3534
4034 4134
9
834
90
90
27634 285
8
8
41
41
35
3634
10134 102
60
61
10634 1004
33
33
21
22
1734 1754
68
73
3734 3934
5034 5254
4134 44
2434 25
103 103
11
11
78
76
45
46
26
20
62
65
55
55
280 280
104 104
10634 107
95
51.000
96
9834 9834 1,000
Mar 19034 Oct
99
Oct 9634 Sept
96
8734 Oct 9834 Oct
Cincinnati Stock Exchange.—Record of transactions
at Cincinnati Stock Exchange Oct. 15 to Oct. 21, both
inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Am Laundry Mach com_25
Amer Products pref
•
Amer Rolling Mill corn._25
Preferred
100
Amer Thermos Bottle"A"*
Preferred
50
Buckeye Incubator
•
Byers corn
•
Cent Ware & Refrig "A"20
Central Trust
100
Champ Coated Pap pref100
Champ Fibre pref
100
Churngold Corporation_ _•
Cin Car Co
50
CNO&TP
100
Chi Gas& Elea
100
C N & C Lt & Trac corn 100
Preferred
100
Cin Street Ry
50
On & Sub Tel
50
City Ice & Fuel •
Coca Cola "A"
•
Col Ry pr 1st pref
100
Cooper Corp (new)
....100
Preferred
100
Douglas (John) pref _ _ _100
Dow Drug new cond._ _100
Eagle-Picher Lead corn._20
Fifth-Third-Union Tr_ _100
Formica Insulation
•
French Bros.
-Bauer pref100
Gibson Art corn
•
Globe Wernicke prat _ _ _100
Goodyear Tire pr pf 7%100
Gruen Watch com
•
Preferred
100
Hatheld-Reliance corn_ •
Hobart Mfg
•
Johnston Paint pref_..._100
40
Kahn participating
Kodel Radio"A"
Preferred
20
Kroger corn
10
Lunkenheimer
•
100
Nash(A)
Mead Pulp spec pref —100
Meade oom
•
Nat Pump
•
100
Ohio Bell Tel pref
paragon Refining corn__ _25
100
Preferred
Procter & Gamble com__20
100
8% Preferred
Pure 0116% pref
100
100
8% Preferred
ninhorriannonrn
100
105
105 10634
24
24
2434
67
6534 67
11234 113 113
1434 143.4
4334 44
4834 4854 4834
40
40
1
1
1
260
260 265
112 112
108 108
3834 3834 3834
2634 2531 2634
445 445
9934 9834 100
97
9734
7434 7434
4534 45% 4634
116 11634
315.4 3234
32
30% 32
10534 10534 10534
70
70
70
99 100
1083.4 10834 10834
4034 4034 41
24
2334 24
33434 33434
2234 2234 2234
90
90
4134 4134
99
9834 9931
119 119
54
54
54
11434 11434
15
15
3734 38
10034 10034 101
42
42
66
61334 6734
6634 6634
13734 13334 13734
2834 2834
11534 11534 11734
104
104 104
61
62
3834
3334 3934
11034 Ill
834
834 834
88
88
88
211 219
217
18134 Ism
9834' 9834
112 112
lell IRO
1,505
80
1,301
135
70
219
559
50
100
112
5
3
113
1,293
7
497
50
5
612
24
150
105
123
300
15
13
252
2,561
8
105
8
25
130
1
10
22
20
333
40
13
6
2
2,897
45
54
10
352
651
135
578
5
608
4
293
2
10
Range Since Jan. 1.
Low,
High.
9934 July
21% Jan
44
Jan
11034 May
7
Jan
34 May
44
Jan
3834 July
1
Oct
Jan
255
Jan
110
103
Jan
3434 Jan
2134 Feb
Aug
215
9634 Jan
9t
Mar
Mar
70
4034 Jan
9054 Jan
225.4 Jan
27% Apr
Jan
98
63
Jan
9934 Oct
10834 Oct
3334 Sept
25
Sept
30234 Jan
109
Jan
90 May
3934 July
Jan
85
119
Oct
4434 Feb
9934 Jan
1034 Jan
2634 July
9934 Feb
39
Jan
934 Jan
2034 Jan
118 June
2634 Ap
Jan
100
9834 Jan
61
Sept
Sept
39
10634 June
6
A'
65
Jan
177
Feb
163
Jan
99
Jan
III
May
14n
11121
108
July
2734 Aug
72
July
114 June
1434 Oct
44
Oct
53
Apr
4034 Sept
234 Feb
265
Oct
115
Oct
10834 Oct
Mel
45
2654 Apr
450 Sept
10054 Sept
99
Mar
78 May
4834 Sept
11654 Oct
3354 July
34.14 June
10534 Oct
73
Mal
103 May
Pet
109
42
Oct
31
May
335
&pi
2434 July
95 June
44
Fet
9934 Sepl
122
Berg
5634 Jar
Aim
116
1834 Sepl
July
38
10234 May
45
Mal
Oct
75
7334 Sept
13734 Oct
Api
30
125
Mal
124
API
Ocl
02
4134 Sem
114
May
934 July
88
July
204
May
184
May
101 SUM
11454 Ma
Ian
Rani
Sales
Fridas
bast Week's Range for
Sale
of Prices
tV,ek.
Stocks (Concluded) Par Prize. Low. High. Shares.
Rapid Mee
• 264
Sycamore-Hammond _100
Second National
100 221
•
S Can cow
U S Playing Card
10
U S Print & Litho eom_100
Preferred
100
U Shoe com
•
Preferred
100
Vulcan Last corn
100 4034
• 24
Western Paper "A"
Whitaker Paper corn
•
Preferred
100
Wurlitzer 7% pref
100
25)4 27
100 100
221 221
43
43
112 11354
68
68
97
97
7)i 734
55
55
404
40
24
24
584 58%
10034 101
116 116
Range Since Jan 1.
Low.
25
9 100
2 218
225 38
124 85
10
1 87)4
127
5
5 35
302 31
50 22
60 51
13 1004
5 115
1,320
High.
Oct
Sept 27
Oct 1014 Sept
Oct
Jan 221
July
Apr 46
Aug
Jan 115
June 101
9
Jan
Jan 6214
Aug 41
Jan 29
Jan 65
Aug 101
Sept 118
June
Aug
Mar
Sept
Apr
Mar
Sept
July
102% 10234 102% $2,000 10234 Oct 102%
Bonds
Chamber Commerce
Oct
•No par value.
-Record of transactions
St. Louis Stock Exchange.
at St. Louis Stock Exchange Oft. 15 to Oct. 21, both
inclusive, compiled from officinl sales lists:
Stocks-
For,. 125.
THE CHRONICLE
2252
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Bank
First National Bank.. _100
Nat Bank of Comm'ce_100 157
Street Railway
St Louis Public Service...*
Miscellaneous
Amer Credit indemnity.25
Aloe comm n
20
100
Preferred
Boyd-Wels I Slue
•
Brown Shoo, common._100
Burkart co imon
*
Prelertneo
•
Coral Cola Bat See
SI
E L Bruce common
•
Preferred
100
Ely & Walker DO com..25
let preferred
100
Fred Medart Mfg pref.100
Fulton iron Works pref 100
Hamilton-Brown Shoe_ _25
Hussman Re& common •
Huttig S & D pref
100
Hydraulic Pr Brick, pf _100
ladependent Packing.cam*
International Shoe,()ann..*
100
Preferred
•
Johnsen Shoe
Laclede Gas Light, pref 100
•
Mo-Ills Stores, corn
100
Preferred
Mo Portland Cement-25
Moloney Electric pret A00
100
Nat Candy. corn
•
Pedigo-Weber Shoe
Polar Wave I & F Co_ _ _•
Rice-50x Dry Gds. Corn. _•
100
2d preferred
Scruggs-V-B DO.com_25
•
Scullin Steel, pref
•
Sheffield Steel. corn
*
Skouras Bros. "A"
Southern Acid & Sul, corn •
Southwest Bell Tel, 0_100
Slit, Baer & Fuller
•
Wagner Electric, com _ _ •
Preferred
100
Waltke,cam
*
100
Wabash Tel, pref
100
Union Biscuit
300
154
29
303
157
2934
Range Since Jan. I.
Low.
36 251
132 150
178
High.
Jan 303
July 163
184 Ma
Oct
Jan
3034 Oct
Stocks (Concluded)
Sales
Fritters
Last Week's Range for
of Prices.
Sate
Wek.
Par Price. Low. High. Shares
Merchants Nat Bank...10 314 3034 32
Monon W Penn P 5 p1. _25 25% 25%. 2654
15
15
10
Morris Plan Bank
98
96
Mt V-Wondb Mills pref 100
230 230
National Union Bk Md__ _ _
69
New Amsterd'm Cas Co_10 --68 - 68
24 2%
24
Rights w
634 654
654
Old Town Nat Bank..._ _10
Penne Water & Power...* 684 684 684
Silica Gel Corp con) v t _ _• 18% 18% 20
75
75
Std Gas En pf with warr100
39
Un Porto Rican Sug coin.*
393-4
301 302
50 301
mot In Trust Co
16
United Rys dr Electric_ _ _50 10
1734
350 365
U S Fidelity & Guar.__ _50 350
17
17
_50
Wash Balt.& Annap pf.
47
47
West WI Dairy Inc corn_ •
80
79
Preferred
52
52
Prior Preferred
Bonds
Baltimore City 4s._...1962
1961
4s SL
1961
45 D L
1959
49 W L
1951
43 An Imp
1936
49.
1930
343
Black dr Decker 6 14s...1937
Cent Ry ()et & imp 59.1032
Cons didated Gas 55_ A93)
1954
General 43.45
Cc:09Di 0. E 1, & P1949
lat ref 63 ser A
Elkh
C oal Corp 654s'31
Md E en Ry_lst 5s_ _ _1931
let & ref 64s ser A.1957
North Balt Trae 5s___1942
United Ry & E 1st 45_1949 72
1949 52
Income 45
1936
Funding 55
1949
let fis
Wash Bait & Ann 59..1941
West Md Dairy 63.
Wil & Weldon ten 59_ _1935
101
101
101
101
101
101
100
103%
100
1054
1003.4
101
101
101
101
101
101
100
103%
100
1054
10034
10734 10734
984 9834
29.4 994
99)4 9934
1004 10054
73%
72
52%
52
80
81
974 9754
8754 874
105 105
10334 1034
Range Since Jan. 1.
Lose.
High.
Mar 3314
Mar 264
July 15
Jan 96
June 230
Jan 76
34
Oct
Sept 1234
June 7334
Jan 204
Oct 90
May 51
Feb 310
Oct 24
Feb 366
Sept 24%
Oct 5334
July 86
Feb 5354
Aug
Aug
Oct
Oct
Oct
Sept
Oct
Jan
Oct
Sept
Mar
Sept
Sept
June
Sept
Feb
June
Apr
June
101
101%
101
10134
1014
101
100
115
100
10544
10054
Oct
Sept
Sept
May
May
Oct
Oct
Oct
Oct
Oct
Oct
1.000 1074 Aug 107%
2.000 98
Jan 10034
1.00.0 97 . Feb 994
4,000 91
Jan 102
1,000 9954 Jan 1004
74,000 7014 Jan 794
25,000 51
Jan 60
19,400 75% -Jan 84
5.000 97)4 Oct 10154
22,000 65 June 9054
1,000 100% Jan 105
1.000 100% Jan 104
May
June
Aug
May
Oct
May
Apr
May
June
May
Oct
Apr
978 2634
66 2334
20 1354
103 78 54
10 207
482 5234
5,0130
254
510
64
13 474
225 15
16 75
330 384
5 240
1,335 16
485 205
• 30 17
5 47
126 76
4 50
5400
1,200
200
700
1,500
2,000
1,700
3,000
1,000
1,000
1,000
101
99
99
98%
99
101
9934
99
100
102
9834
Oct
June
June
Jan
Fe,
Oct
Sept
May
Oct
Mar
Jan
Oct
May
July
Feb
Oct
Sept
214
SePt
24
Oct
Jan I
344
*No par value.
Jan
Apr
324
-Record of transactions at
Chicago Stock Exchange.
May
Sept Chicwo Stock Exchange 01. . 15 to Oct. 21, both inclusive,
Aug compiled from official sales lists:
Mar
3134
Sales
Friday
Jan
Last Week's Range for
Range Since Jan. 1.
Feb
9634
Sale
of Prices.
Week.
Sept
7734
Par. Price. Low. High. Shares.
Low.
High.
Feb
StocksOct
22134
1,650 18
19
19
Aug Adams Royalty Co corn..' 10
Aug 3234 Feb
5
470
74 834
Aug All America Radio el A..5
Apr 10% Mar
8
99% 100
Apr 100 Sept
May Am Fur Mart Bldg pt. _100 100
60 93
101
268 1954 Mar 28
NH 28
Sent Amer Multigraph corn_ •
Oct
Jan 104
348 04
May
Oct American Pub Perv pref 100 9914 9854 9934
90 Oct
Jan
8934 99
Apr Am Pub Utli Co par pfd 100
427 73
July 96 June
12 92
044 034
Mar
Pri viten
100
100
280 9914 Jan 12014 Oct
104 109
June American Sthipbuilding.100 104
24 Apr
534 Oct
July Amer .tates Soma Corp A*
554 54 8,550
54
Apr
3
534 Oct
5
6% 2.548
514
•
Apr
Class B
1
Jan
14 July
54 6,850
Se t
4
4
Warrants_
238 8334 Au
"97% Feb
8314 8434
Oct Armour & Co(Dell pref 100
.
101
6534 1,560 59)4 Air • 8534 Jan
Feb Armour & Co pref
100 6234 62
16
Jan
934 014 1,050
Mar
834 May
94
Common el A v t C. _25
425 32
Sept 3834 Feb
Oct Associated Investment Co• 3334 3234 334
30
14,100 6854 Jar 1224 Sept
Jan A nburn Auto Co com _ _25 1014 105 113
5934 5914
60 5714 Au' 63
Jan
Sept Ba/aban dz Katz v t c... _25
July
June Bastian-Blessing Co(coml* 944 24
2434 1,800 23 June 26
1174
200 354 May 46 June
38
39
Jan Beaver Board ply t 0_100 38
28%
Mar Bendix Corp el A
Sept
473.4 5034 5,795 3614 Jar 56
10 49
2934
65
664 1.850 53
Ja" 73 Sept
June nor^ k Beck corn
10 65
87
2
1% 134 4,30%
Oct
134 Oct
Mar
Rights
20
21
445 1834 Aug 3514 Jan
Oct Brach Ss Sons(E J) com__*
15
15
Aug 2034 Jan
175 14
June Bunte Bros elm
10 15
Ja.
29 2334 2234 234 3.510 17
2434 Oct
Butler Brothers
MiningCent D Pa Corp "A" pf • 234 234 2334 1,610 234 0 I 27 14 May
65
70
Jan Cel deg Co. corn
Oct 8634 June
1,410 65
• 65
114 114
250 114 Oct 17
Oonsol Lead & Zinc A..*
50 8434 Oct 92 June
100 8434 844 85
Preferred
253 8834 Jar 954 Jan
Street Railway Bonds
Central Ill Pub 0
erv pref.* 9254 9214 9254
9234 93
145 8534 Jar 95
Aug
E St Louis & Sub Co 591932
9414 9454 $14.000 8634 Jan 9434 Oct Central Ind Power pref.100 93
92
Sept
9234
Apr 88
Aug
82 854 Ja• 94
Certifs of deposit _ .100 92
Sa L & Sub Ry gen M 59'23
8634 8634 1.000 81
Sept Central Pub Sery (Del)...*
4
90 151 July 18 May
1734 1734
Feb 88
Gen M 5s, et( of dep 1923
864 8634 1.000 80
69
July Central'SW Mil com___.• 674 67
1,415 56g Jan 69
Oct
67,000 75% Mar 84
United Railways. 49_1934 83
823.4 83
1,010 9234 Jan 99
• 9834 9634 99
Oct
48. ett of den
8234 5,000 7534 Mar 834 Sept
Preferred
1934
82
102 10234
145 9834 Jan 104 34 July
Prior lien preferred. •
134 1%
54 Jan
200
23.4 Jan
Miscellaneous Rands
Chic City & Con Ry pt sh*
July
14
725
Jan 104
314 Jan 1934 June
•
1414
Partleipalon pref
1935
10334 1034 3,000 103
Houston 011 645
Apr Chicago Elec Mfg "A"....•
20
20
40 20
Alp
, 26
1941 9834 9854 9914 13.600 98)4 Sept 101
Mar
Scullin Steel 6s
31
3334
535 30
Jan 3534 Aug
Chic Fuse Mfg Co corn...*
29
145 27
2034
Sept 3654 Jan
Chic N SI & MIIW com__1N
•No par value.
9934
131 9814 June 10134 May
Prior lien pref
100 994 99
66
6714
330 63
July 72
Feb
100
Preferred
-Record of transactions at Chic Rys part offs ser 2_100
Baltimore Stock Exchange.
22
234 234
54 Feb
6 June
3554 3634 1,500 33
July 363.( Sept
•
Baltimore Stock Exchange OA. 15 to Oct. 21, both in- Club Aluminum Uten Co. 3534 164 171
3,955 138
Commonw•slth Edison_100 169
Jan 171
Oct
clusive, compiled from official sales lists:
, 734
734 734 1,650 9% Apr 8)4 Aug
Consumers Co emu
84
83
104 6934 Feb 84% Oct
100
Preferred
bates
Fri.sag
10
10
100 10
Range Since Jan. 1.
Sept 134 Jan
Continental Motors corn.*
Last Week's Range for
580 4614 Oct 53 Sept
25 464 464 51
Crane Co corn
Week.
Sale
of Prices.
118 119
100 119
60 117
Low.
Fe/ 121
Preferred
High.
May
Par. Price. Low. High. Shares.
Stocks5234 54
120 4954 May 64
Cuneo Press A pre_ _ _50 54
May
314
475 25
Oct De^ker (Alf)& Cohn, Inc.. 31154 31
Mar 32
Sept
• 4554 45
4734 4,915 314 Jan 49
Arundel Corp
119 119
28 106
100 119
Jan 119
170 88
Oct 93 Sept Deere & Co pref
Aug
90
88
Baltimore Briek, pref..100
33
34
34
861 20
Sept Eddy Paper Corn(The) ...*
Oct
Apr 34
11 13734 July 153
153 153
Ball Commercial Bk....100
1,715 11
Oct El H ouseh old Util Corp_10 124 124 13
Jan 15% May
85 12934 Fe) 169
50 16434 16434 168
Baltimore Trust Co
51
52
250 51
Oct Elyria Ir & //teel corn r. _25
9 June 13
Oct 55
13
115
Aug
100
13
Baltimore Tube
370 9234 Mar 10014 Sept
Apr Empire0& F Co 7% pf 100 99% r914 994
Feb 42
41
41
25 28
Bene3ch (I) & Sons com_.• 41
100 107% 1074 108
1,320 10034 Mar 111% Sept
129 204 May 3634 May
27
27 34
8% ime'erred
25 27
Preferred
Feb Evans & Co, Inc. el A...5 41% 41
Sept
4234 1,020 3/14 Jan 46
Jan 37
3454 3434
25 26
10
Central Fire Ins
5 4134 41
42
1,875 244 Jan 48
Sept
Sept
Class B
33 170
Jan 215
230 205
50
Century Trust
• 33
33
Sept Fair On(The)corn
Jan 118
3334 1,030 2114 Mar 3514 Aug
30 115
Chas& Po Tel of Balt pf 100 1154 11534 11734
110 110
100
10 105
Jan 5954 Sept
Fe! 11054 July
Preferred
35 49
53
5334
Citizens National Bank.10
Feb Fitz Simons & Connell. _
433 144 June 29
17% 18
• 18
Comrr ercial Credit
33
33
July
50 263.4 Apr 34
Dk & Dredge Co com..20
18 1934 June 2334 Sept
2214 2234
25
Preferred
1,270 12
Oct
Jan 16
21 1834 June 2334 Sept Foote Bros(0 & M1 Co...5 1534 1534 16
25 23
2214 23
- Preferred B
3
3
3
100
Oct General Box Corp corn...'
6
Jan
2,041 51
Jan 71
3
Oct
71
Consol Gas, EL & Pow_ _• 694 684
36
30
100 36
Jan
50 30
Oct 50
Preferred
83 127 June 1304 Aug
8% Preferred ser A_ _100 12734 12734 127%
3
3
10
Aug Gill Mfg Co
54 Feb
350
5 1124 Mar 117
234 July
11334 11354
7% preferred ser B..100
41
42
Jan
950 3134 May 56
•
16 1104 May 114% Aug Gcmsard Co (H W) corn..'
113 1134
100
634% Pref ser C
180 189
1,255 140
Oct
Mar 200
59 294 July 364 June Great Lakes D & 1)....100 180
3054 31
Consolidation Coal_ _ _ _ 100 31
Oct
4,554 3534 Sept 45
Apr 90 May Greif Bros Coop'ge A corn * 44% 4134 45
100 84
90
90
100
Preferred
130 131
120 110
Mar Hart. Schaffner & Marx 100
Sept
Jan 133
July 51
15 50
51
51
50
Crook (J W), pref
Mar 33 May Hibbard,Spencer, Bart720 21
214 224
•
Eastern Rolling Mill
60
63
100 59
25
Jan
Sept
Aug 70
lett dc Co corn
Sept 75
10 75
75
75
Farmers dr Merch Bank_40
25 4034 40% 41
312 39
Sept 4334 July
Sept Illinois Brick Co
530 1354 Jan 278
249 252
co
Fidelity & Depot/It
28
29
380 2654 Aug 2954 Oct
Sept Inland Wire & Cable Co_10
914 Jan 12
720
Finance Co of Amer A_ _ _• 1134 II% 1154
100 100
Oct
Feb 100
25 95
90 164 June isg Jan Indianapolis P & L 1st lot-•
1134 1634
Finance Service corn A..10
Jan 9954 June Kellogg Switchblei corn...10 1334 1354 134 1,510 1154 Sept 1934 Mar
50 88
95
95
Houston 011 peel vi e-100
9954
Aug
98
52 94% Jan 100
Jan Ky Hydro-Elec pref._ _100
44
July
85 25
27
27
Mfrs Finance corny t_.26
July
51
132 504 Apr 52
51
Sept 2234 Sept Kentucky Utiljr cum pf100
258 18
22
22
25
let preferred
Feb
200 41
50
52
Feb 63
Jan Kraft Cheese Co com_ _ _25 50
50 164 Apr 22
204 2034
25
2d preferred
Jan
9
668
354
354 4
,
3% Oct
Apr 2154 Feb Laclalle Exten Unit com _10
38 17
18
19
25
Trust preferred
10
103-4 2,905
Sept Libby McNeill de Libby..10 10
83.4 June 114 Aug
Jan 171
1,983 98
150 160
Maryland Casualty 0o...25 1593.4
Jan
Apr 40
155 37
......... c. •••1.........•••.... • CALL LAU C7
RI 37I. Arm 48
-Aug McCord Radiator Mfg A.* 3834 3734 38 54
3,5
61
61
35
35
10234 10254
40
40
4634
46
21
22
23
24
21
2134
3434 3434
97
97
324 33
1114 1114
102 102
5914
59
314 3234
314 3134
964 9654
7714 7734
21
21
214 22134
1094 10954
34
34
101 101
154 16
110 110
404
40
9934 100
9734
95
3614
35
32
32
22
2254
101 101
16
16
33
3314
27% 3034
3934
39
434 4434
11734 118
2834 28%
2954 2934
87
87
79
794
106 106
10434 10434
2
5
5
25
210
115
132
85
10
240
220
5
10
45
192
10
115
30
100
613
60
10
3
350
5
197
40
70
55
80
484
85
250
40
1,950
100
20
97
105
200
40
290
40
15
50
32
1004
37
314
15
23
1334
34
97
304
111
99
45
314
3034
964
69
20
158
108
26
96
13
106
3734
98%
84
35
20%
194
99
16
3134
2534
32
36
114%
26
1834
68
5114
103
1004
May
Feb
Mar
May
Mar
Aug
Oct
Apr
Aug
Oct
July
Feb
Jan
June
Oct
Sept
Oct
May
May
Feb
Feb
June
Jan
Aug
Aug
Sept
Oct
Feb
Sept
Aug
June
July
Oct
Oct
Feb
Aug
July
Mar
Aug
Jan
Feb
Jan
May
Jan
62
37
104
42
464
25
26
2134
36
9734
394
116
10334
60
40
36
10154
82
25
2214
111
36
140
1034
110
54
10214
1104
3734
34
244
101
2234
39
3034
48
47
119
31%
39%
90
8634
106
105
OCT. 22 1927.]
•
THE CHRONICLE
Friday
Sales
Last iveek's Rang, for
of Prices.
Week.
Sale
Stocks (Concluded) Par Price. bow. High Shares.
4
McQuay-Norris Mfg
Marvel Carburetor(1nd) 10 4734
Eder & Mfrs Fee part pf_25
Middle West Utilities_ __ _* 11234
Preferred
100 11234
91%
8% preferred
Prior lien preferred. A00 1233(
70
Midland Steel Prod coin_
Midland Util6% pr lien100 944
7% prior lien
100
Preferred 6% A
100
Miss Val Util pr I pref....* 96
Morgan Lithograph c m_• 64
Mosser Leather Corp corn • 21
Nat Elec Pow "A" part_ _* 27
100
7% preferred
National Leather com_ .10
National Radiator
Preferred
964
,
National Standard corn, 5
North American Car cum.*
Nor West Util pr I pfd_100 10434
7% preferred
100 993(
-Novadel Process Co corn._ ......
•
*
Preferred
Omn1Lus v t c
Orpheum Circuit corn_ _1
Penn Gas & Elec "A" corn* 2034
Pick, Barth & Co part Pr.* 2134
Pines WIntermont A cum.* 53
Pub Serv of Nor III corn...* 15434
Pub Sew (,f N 111, com_100 153%
. 6% preferred
100
7% preferred
100
Q
-R-S Music Co corn._• 40
'Quaker Oats Co Corn
•
Preferred
100 111
.Reo Motor Car Co
10 26
Ryan Car Co(The)com.25
Sangamo Electric Co....* 31%
Preferred
100
Sears. Roebuck, corn....* 72
So Cities CHI class A corn.• 32%
So Colo Pr Elec A com_ _25 26
So W G& El Co 7% pf.100 98%
prof ._.•
Southwest P &
25
Steel & Totes, Inc
Stewart
-Warner Speedom * 6834
9%
StudeLaker Mall Ord corn 5
100 122
Swift di Co
15 25
Swift International
Thompson (J 11.) cm. .25 56%
Union Carbide & Carbon...*
United Biscuit class A.,.,5 55
United L& P.cl A pref._ *
• 544
Class B preferred
Common class A new. • 144
U S Gypsum
20 9954
Preferred
100 122
Univ Theatres Cone cl A.5
Wahl Co common
Ward(Montgorcery)&Co 10 78
Class A
117
Warner Gear cony pf A..25 28%
Waukesha Motor Co com.•
Williams 0110 Mat coin. •
8
Wolff Mfg Corp corn__ *
Voting trust certificates *
Wolverine Port! Cement,10
634
Wrigley (Wm Jr) Co com • 62%
Yates Machine part pref..) 1534
'Yellow Cab Co Inc (Chic)• 44
2034 204
4734 4934
2034 204
112 11334
11234 11334
91
9234
12234 123%
67
7534
944
94
10434 105
9134
91
f6
96
64
6634
21
22
28%
27
9934 993.4
334 334
36% 384
96% 98
3434 3534
314 33
10234 105
9834 100
934 93(
254 25%
1334 14
25
25
204 2034
2154 2134
5434
53
153 15434
15134 15%
10734 10734
1163.4 11634
4034
40
240 240
11034 111
2334 2634
9
10
3134 32
10634 10634
72
7634
3234 3234
26
26
98% 100
90
88
52
52
6834 714
9% 934
122 124%
2434 26
5734 5934
131
131
53
55
95
9534
54
54%
1434 1534
99 10234
122 122
3
3%
1134 1234
774 8234
117 118
2834 29
52
5434
8
8
134 2
14 14
61,4 64
6234 654
15
15%
4334 454
Bonds
Bryn Mawr Beach 1st 13s ...... 100 100
ctdcago City Ry 58 _1927
85
85
Chic City & Con Rya 55'27
63% 64
20
4,710
199
3,325
1,406
725
474
3,800
122
95
49
30
5,700
56
2,705
73
1,361
1.450
175
1,450
1,105
339
440
400
100
785
500
62
45
220
681
341
10
70
410
42
80
22,405
85
225
115
19,900
50
100
18
17
50
14,92
36
1,31
10.495
350
100
3.810
143
125
645
3,875
100
350
745
20.650
245
3,275
110
215
150
180
100
4,861
655
7,390
2253
Range Since Jan I.
High.
Low.
May
16
41
May
17 June
Apr
108
11034 Jan
Oct
91
11734 Jan
Apr
38
924 May
97% Jan
Oct
91
96
Sep
Jan
58
11
Jan
22
Sep
9334 Jan
2% Apr
36% Oct
9634 Oct
3034 Jan
2234 Jan
9534 Sept
9434 Ma
8 Jun
2134 July
1134 Mar
25
Oct
19
Jan
194 Jan
40
May
14034 Jan
132
Jan
10134 Jun
11234 Apr
32% Jan
175 Jun
19%
9
29
1024
52
254
25
9434
87
52
5434
534
1154
1834
40
99
3934
87
50
123(
904
115
234
83,4
67
1124
2834
3434
7
1%
13,4
5
51
1434
3734
Mar
Oct
July
July
Jan
Jan
Sept
Jan
Sept
Oct
Ma
June
May
Mar
Apr
Jan
Jan
Jan
Jan
Mar
Aug
Ma
Sep
Jan
May
Ma
Oct
Mar
July
Aug
Oct
Feb
Jan
Sept
Aug
21
514
31
11734
1134
94%
12334
75%
96
10734
9234
Jan
Sept
Jan
Mar
Sept
Sept
Oct
Oct
Feet
Sept
May
Oct
684 Mar
244 Sept
28% Oct
9934 Oct
4% Jan
3934 Sept
98
Sept
384 July
34
Aug
105
Oct
100
Feb
93( Sept
2734 Feb
17 June
Apr
33
Feb
21
28 June
5534 Oct
15434 Oct
154
Oct
10734 Oct
11734 Oct
43
Aug
250
Sept
113
May
26% Oct
15
May
343( Sept
10734 Aug
79
Oct
33 June
Ma
28
100
Sept
PO
Sept
52
Oct
7434 Oct
1034 July.
130
Sept
2634 Oct
6034 Oct
14134 Sept
5534 Oct
974 June
57
Sept
17
June
1104 Sept
123
July
4
Jan
173( June
854 Oct
118
Oct
30
Oct
55
Sept
16% Feb
Jan
7
634 Fe)
74 July
6534 Oct
27% May
454 Oct
Oct
Oct 130
85.000 100
Jan 8Q34 June
2.000 75
8,000 5234 Jan 73% June
Bonds (Cencludod)-
Friday
Last Week's Range So es
,
sato
ofPrices.
for
Price. how. high. Week.
Chicago Railways 5s..1927
1st M ctf of dep 53..1927
1927
58 series A
1927 44
58 series B
Purchase money 58_1927 4734
Commonw Edison 58.1943
18t M 58 series A.:_1053 105
let M 55 series B_ ...1954
Fed TRH(Md) 1st 534s 1957
Great Lakes Util Corp
1942
1st 5348
Hong G G Co e f g 6 Ms 1931 10634
Jewelers Building (Chicl1950
1st 6i
Metr W Side El 1st 48_1938 79
Extension gold 4s___1938
Nat'l Radiator 6%s_ _ _ 1947
Peon G L & C ref g 65_1947
65E So Water 634s__ 1947
Sbu Uni)ei lce lst 6s g A'47
St Louis G & C tat 65_1947
Swift & Co tat s f g 5s..1944
United Pub Util 1st 6s A '47
Urited P U 2-yr 554s_ _1929
CUM,aryl il 0 .5..r 0.,,,.A.'90.
Range Since Jan. 1.
how.
High.,
83
83
5,000 7434 Jan 863,4
8234 82% 11,000 7434 Jan 8434
64
64
5.000 58 June 71
44
4434 25,000 35
Jan 514
4734 4734 5.000 29
Jan 5174
10
1.000 1024 July 107
634 10654
12,000 10254 Mar 105
10494 105
1,000 1024 Mar 10434
10474 10434
9434 94% 4,000 9434 Oct 94%
9534 9534 5,000
16,000
10674 107
Mat
Juts+
May
June
June
Oct
Oct
Oct
Oct
9534 Sept 9534 Julie
98
Jan 11034 May
2.000 100
100 100
80
2,000 79
79
77
7834 4,000 75
10034 10034
3,000 100
1033.4 103% 18.000 10134
2,000 100
100 100
9734 9734 2,000 9754
734
974 9734 2,000 0
1023.4 10234 5,000 1014
9934 993.4 9.000 9894
8,000 9654
9734 98
inn
inn
a not Inn
Sept
Oct
Jan
Aug
Apr
Aug
July
Sept
Jan
June
July
lot.
100 .
80 •
7834
10034
10354
100
98
9794
102%
101
9994
100
Sept
Apr
Oct
Oct
Oct
Aug
May
Sept
Sept
May
May
Jule
* No par value. z Formerly Elyria Iron & Steel Co.
Fittsburgh Stock Exchange. Rroord of transactions
at Pittsburgh Stock Exchmge, Oct. 15 to Oct. 21, both
ine'ubive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week,
Sale
of Prices.
Par. Price. Low. High. Shares.
10
20
20
Amer )itrified Prod.com 50 20
260
20
25
Am V.Ind GI Mach,com 100 21
50
100
62% 62%
Preferred
70
100% 101
Amer AN led Glass Co p1100
7,650
834 9
9
Arkansas Nat Gas. com.10
12
193 193
Bank of Pittsburgh(NA) 50
130
25 z9534 95 z9534
E law-Knox Co
150
12
12
10 12
Cal nests Metals Co
125
Conley Tank Car, pref _100 10436 10434 10434
5
5
100
.50
Consolidated Ice, corn.
38
204 20
Preferred
50
104 114
860
Dixie Gas & Sell, corn_ _• 114
50
Duquesne Light 7% pf.100 1164 1164 116%
5
308 312
1.1r4t National Bank.._100
20
170 172
Herb- alker Ref, corn 100 172
•
350
10
1034
Houston Gulf Gas
Lone Star Gas
25 5134 49% 52% 13,643
35
194 193(
May Drug Stores Corp
*
801
64 7%
Nat Fireproofing corn _ _109
19% 2034 1,258
Preferred
100 20
540
223
'
Okla Nat Gas etre of dep__ ...... 22
470
736 734
Penn Federal common_ •
400
33( 33.4
Pitts F'
5
34
130
210 215
Pitts late Glass corn. IGO 2 0
225
50
50
-orp_ _• 50
100
28.4 284
Pitts St! Fdy Corp corn_ _•
150
6
64
Salt Creek Consol Oil. 10
100% 1044 2,218
Stand San Mfg com_ _25 101
60
33
334
Union Steel Casting corn •
1,430
United States Glass Co_ _25 15 t
, 114 1534
285
Dit'house Ali* Brake new 4234 424 454
lin•row oe•-I ,
270
10
le••
10%
•
Range Since Jan. 1.
Low.
High.
20
Jan
Sept 27
20
Oct 52
Jan
6234 Oct 80 - Jan
Jan
10034 Oct 109
634 Apr
9% July
175
Jan 200
Feb
70 June 964 Oct
11
Sept 1434 Sept
Mar 105
Jan
103
24 Jan
54 June
14
Jan 2034 Oct
74 Aug
Oct
115
Mar 117
Sept
290
Ju ne 312
Se
131
Mar 172
Oct
6
Feb 124 Apr
374 Jan 52% Oct
1734 July 214 Aug
9
Feb
6 June
19% Oct 304 Mar
204 Jan 23% May
8
Sept
5 June
334 Feb
July
3
Jan
200
Oct 270
36 June 56% Sept
Apr
27
Mar 31
Feb
8
6
May
Oct
7834 June 106
Apr
32% Jan 40
11
Sept 1534 Jan
4234 Oct 4934 Sept
8
Aug 10% June
1134
No par value.
-For this week's
San Francisco Stock Exchange.
record of transactions on the San Francisco Exchange, see
page 2229.
New York Curb Market-Weekly and Yearly Record
In CHF folowirg extensive list we furnish a complete record of the transactions on the New York Curb Market for the
week begoindr; on Saturday last (Oct. 15) and ending the present Friday (Oct. 21). It is compiled entirely from the daily
reporte of he Ccrb Market itself, and is intended to include every security, whether stock or bonds, in which any dealings
occurred du ing the week covered:
I ,tsay
,
Sates
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares,
Week Ended Oct.. 21.
Stocks-
Indus. & Miscellaneous.
Aero Supply Mfg class A.*
Class B
*
50
Ala o .1 t S il ord
Preferred
50
AIles & Fisher common_ •
Allied Pack, prior pref_100
Alpha Port] Cement cora.•
Aluminum Co corn
•
1. eierred
100
100
A erica') Arch Co
,
Amer Bakeries class A. •
7% preferred
100
Am Brown Boveri El Corp
•
• Founders shares
Founders s tires v t C...•
Amer Chain Co common.S
Amer Cyanamid corn 13.20
Preferred
100
•
Amer Dept Sties Corp..
American Hawaiian 68. 10
.100
Amer Site Co corn
Amer Rayon Product...•
Alter Rolling Mill corn..25
Preferred
100
Am Solvents & Chem v to •
Cony partle preferred_.•
America')Thread uref.....5
•
Amoskeag Company
Anglo-Chile Nitrate Corp •
*
Arundel Corp
•
Atlantic Fruit & sugar...
•
Atlas Plywood
Auburn Automobile com 25
New when Issued
Baneltnly Corporation...25
•
Bastian-Blessing Cu
Beaver Board COB Prcf-100
Bendlx Corp class A con) 10
Beneath (1)& Sons 1st pf 25
Bigelbw-Hartf Carpet com•
Bliss(E NV)& Co cum.......•
10
Ellyn Shoes Inc com
50
Borden Ci.common_
• Not City rcts for new stk
tsb...sssort Machine corn.
.
ac
•
1434
II
1533,4
15334
24
634
34
34
9634
104
10334
614
4734
4734
102
10134
11
156
154
8
2534
91
1234
1334
1334
6934
11334
934
21
35,4
750
104
11254
1534
334
1434
12
158
15634
2434
64
34
97
101
634
4734
102
Range Since Jan. 1.
Low.
8
100
33:1
600
900 123
120 12434
300 22
2
200
100 34
400 6734
1.000 1014
1.400 59
1,200 4734
200 0734
High.
Feb
Apr
Slay
Feu
July
Mar
Oa
May
Mar
Sept
Sept
Sept
Aug
5
400
6
73.4
5
A,•1;
1,2130
634 834
100 404 July
4434 4434
Apr
500 26
2534 2674
260 84 June
90
92
Sect
12
1234 2.300 12
o
Jan
1,600
1334 14
July
175 79
89
88
334 Mar
1234 1334 2.700
6034 5,500 4494 Eel,
65
10 10934 June
11334 11394
Oct
7.700
6
7
10
May
1.400 11
20
2114
33e Oct
1,200
3
114 3%
June
100 67
8454 85%
Ein,
14
1,300
2134 23
2511 3134 Jan
4734
4454
1,000 6_0 Sept
710 79c
Sept
300 50
50% 51
,)au
1011 69
115 115
July
400 100
104 10634
112 1154 .54,700 8534 Jan
400 2334 Oct
23% 2454
Jan
100 38
38
33
200 40
5031 5034
Jan
Oct
50 27
27
27
Mar
50 76
90
90
600 157
k Oct
1534 1634
1.600
3%
354
34 Jam
1364 14334
139 14234
2
2
2.901 101
400 102
2
200
Stocks (Continued)
c'i tam,
Sales
Last Week's Range for
of Prices.
Week.
Sale
Par Price Low. High Shares.
•
Brill Corp class A
1434 Oct
•
(lass 13
1254 (lotBrill. Mfg Coln
•
1 o
Sept
•
t lass A
1583.4 kedt Brit-Amer Tob ord bear_11
2474 liet
Ordinary rezistered. __LI
13
Jan
Brockway. Motor irk come
424 Jan
Bucyrus Co corn
25
105h Sept
Ct.",'.ion certlfs of deli
1044 Oat
Preferred
100
11134 Apr
Bucyrus- Erie Cowl
po
beol Case Plow Wks cl l) v to.•
102
Oct Caterpillar Tractor
•
Celanese Corp of Am com_•
21
Jan
First preferred
21
sso Celluloid Co (new)
4834 Sept
Cmmo
on
374 Jun
First preferred
95
Sept Celotex Co c
mon
•
14% nest
7% prererred
Rs
200S l'ileie
Central Aguirre Sugar...50
9294 bent Centrifugal Pipe Corp...•
1894 Jew C M & St P (new Cu)
7294 Jule
New common ml
11334 OctNew preferred ml
10
Oct Chicago Nipple Mfg cl A 50
2434 Sept
Class B
50
3 'IS Mat Childs Co pref
' 100
9134 Sept
3194 May
Cities Service. common_20
Preferred new
4734 Oct
100
I% Jan
Preferred it
10
55
May
Bankers shares
1234 Sept city Ice & Fuel (Cleve). •
1061s Oct club Aluminum Utensil_ •
127
Aum
Cohn-Ball-Marx Co
•
244 Oct Colombian Bylidicate.....
4696 June 011111301 Dairy Products...•
•
5
454 Aug Corasol Laundries
28 June Copeland Products lne9334 Aug
.
Owe A with warrants_ •
244 Apr Cow Meehan Coal com_ •
41% Apr court.' Ids Ltd
il
Jail14334Oct
Apr 14..4 Oct
Oct
534 Mar
37
17
11%
25
2534
2534
2534
36
33
743,4
743,4
7431 7434
109
254
26
64
634
4434
47
8634
92
15434 147
754
75
109
2654
754
47
1019,4
15634
97
119
6234
85
11634
1234
10934
122
719,4
86
116
134
100
67
233,4
3334
4
134
5034
9374
llete
434
154
33
Low.
High.
300 33 June 473( Jan
300 1534 Apr 2214 Feb
734 Feo
16% Sent
300
Jan
330 20
2634 Sept
July
330 23 34 Feb 26
26
July
100 234 Fe
80.
Mar
36
Sept 45
51) Julie 76
501
Oct
Sept 7 7% Oct
200 67
1011 10234 Mar 11234 June
4.10(1 2194 Aug
264 Oct
3% Felt
13
mar
1.20
20002794 l"eb 4134 Oct
May ik04 Oct
15,900 44
4,1011 131
May 173
Sept
-Sept 1094 Oct
2.200 60
700 112% Sept 13334 Oct
Jan
1,200 6254 Oct 85
225 85
Noe
Oct 91
Oct
330 9734 Jan 120
800 1034 May
18/4 Jam
234 244 2.600 20
10.30
3734 40
2734
4
54
90
4
14
134
1%
60
1184 11934
40 117
Mar 264 June
Mar 4233 Oct
Apt
Oct 49
Oct 3534 July
Apr 12334 Jul,
5134 36.10
4.100
94
854
70
254
101
3234
20i
364
1.700
200
2514
3.20
2
434 14.700
164 2.10
404
8734
744
2234
2394
3434
184
lit
I%
154
Mar 583(
95
July
84
May
July 29ii
Jan 34
Sept3634
Mar 28)4
Apr
314
Jan
44
Oct2234
Feb
Oct
Oct
Feb
Aug
Sept
Sepl
Jas
Oct
Arg
94 3.900
5
30
400
304
52
100
66
3.600
4954 16.400
113
40
6
5
2454
52
30
19
8434
OIl 22
Oct13
Jan 3634
Oct 68
Jan 69
Jan4194
An 113
Maj
Fet
Oci
Sell
Awl
Oci
flee
504
9354
84
254
3234
353,4
254
Jule
334
1554
6
5
3554
52
...........................
624
thine. Press, coin
ioU
Curtiss Aeropi & M corn. • 4854 43
100
111%
Preferred
9
5
39%
18
11%
25
2534
254
Range Since Jan. 1.
2254
P'rirles
Saks
Last Week's Range for
Sale
of Pekes.
Week.
Stocks (grratinued) Par Price. Low. High Shares.
THE CHRONICLE
Range Sines Jan. I.
Low.
High.
Friday
ga'a•
Last IVeek's Rang. on,
of P•tees.
west
Stocks (Continued) Par Prior. Low. Mg' «ore)
[VOL. 125.
Range Sine. Jan. 1.
Low.
High.
Curtis Publishing corn---• 198
198 193
25 170 June 221
Sept Pennsylvania Salt Mfg--50
594 92
22' 74
Feb 9
0
Oot
$7 preferred
•
116 116%
Jan Peoples Drug Stores
200 113
June 118
• 33
34
404
1,/0
0 28% Apr 44)4 Sept
• 51
Dams Inc
51
53
1,200 444 July 58 Si Aug Ph104) Morr Cons Inc corn*
1134 11%
20,
1034 Aug 2014 Jan
Davenport Hosiery
•
20
20
100 20
July 3054 Apr
Claw A
25
104 164
200 154 Aug 22
Jan
.100 189
Deere & Co common...
185 208
1,775 70
Jan 206
Oct Pick (Albert) Barth & CO
•
De Forest Radio v t
May 10% Jan
3
34 2,700
3
Common tot tr
.1 1354
13
1314
4 Oct 1436 June
3.900 124
Voting trust etfoldep
234
2
3
600
2
Oct
104 Jan
Pref class A (panic pref)' 2131 21
2134 7,30n
1 34 Oct 28% June
Dinkier Hotels class a_
Finely Wiggly Corp corn _.* 27
2644 28
7.960 264 Oct 29% Oct
With purchase warranta.
100
20
20
Oct 24 June Pinely Wiggly Western
20
Dixon (Jus) Crucilie Co 100 161
30 151
161 162
Mar 17214 Feb
•
States Co class A
244 25
SOO 2314 Sept 2.534 Sept
•
Doehler Die Casting
200 1614 Aug 224 Mar Pitts & E RR com____50 180
1631 18%
171
1/0
2.409 161
June 181% Feb
Dominion St. rent I.td.__.• 924 92% 93
400 88
Jan 99
Oct Pittsb Plate Glass
100
210 215
Oct 269
3
10 198
Jan
Duhllier Condenser Corp.'
331 4
5% Mar Pratt & Lambert
1.200
231 Aug
• 51314
5654 577
%
1.500 48
Mar 58% Sept
•
Durant Motors Inc
934
94 1034 6.100
54 Jan
104 Mar Procter & Gamble com_20
21444 219
250 178
Feb 222
Oct
Durham Dupl Razor pr pt
Pyrene Manufacturing_ _10
500
S5( 954
1414 Jan
841 Oct
thlthclBcomstkpurwar• 49
4834 494 2.000 47
Sept 50
Sept Q-R-S Music Co
• 40
40
40
475 36
Oct 4344 Aug
Duz Co class A
100
•
854
854 854
94 Jan Realty Associates corn...' 287
554 May
2..7 299
160 235
Jan 320
Sept
Class A vot tr etfs_ --- •
4 June 11
7
8
Jan Rentington Anne COM_
300
741
•
1314 1334
Mar
400
7
17
Apr
25
Eagle Lock Co
50 75
75
Oct 110
77
Feb Reo Motor Car
10 264 2314 26.4 63.601
194 Mar 26% Oct
•
Eastern Rolling MIll
600 2034 Mar 31
20% 2134
June Republic Motor Truck
*
354
334
3.4
May
400
2
54 Jan
corn_ _5
Eastern SS LInes
81
Fel
81
10 48
Oct Richman Bros Co
85
•
275 281
Apr 28741 Oct
40 153
EitIngon-SchIld Cc COED- • 3444 344 3434
300 334 /an 35
May Richmond Radiator corn.• 2734
2734 2914
1.900 20
May 35% Aug
25
Elgin Nat Watch
6954 70
20 69% Oct 70
Ort
7% convertible Pref. - •
41
41
300 374 May 45 June
.
5
Estey-W elte Corp class A •
434 5
2 00(
24 Oct
10;1 Apr Rolls Royce of Amer pf 100
70
70
Oct 79% Apr
100 73
234 3
Fageol Motor. Co com 10
244
1,900
114 Ma)
414 Jan Royal Bak Powd com__100
231 252
71 161
Feb 339
Sept
100 158
Fajardo Sugar
158 162%
240 15034 Ma. 167 4 Se,
Preferred
100
100 refl 34 Mar 1084 Aug
10734 107.4
31
Fan Farmer Candy Shops. 31
31
200 25
Mai
34
Sent Royal Typewriter corn_ •
70
70
25 46
Sept
July 80
Fashion Park Inc cow. •
40
40
Oct 43
100 40
Sept RuLerold Co
100
74
745e
200 68
Sept 77% Oct
Fedders Mfg Inc class A. •
29%
29
June 32% Aug Safety Car Heat & Ltg.I00
700 27
130 137
100 124
July 140
Mar
Federated Me 5th tr etf •
134 134
500
9 JUDI
174 Aug Safeway Stores corn
• 294
241 304
1 00 232
Fel, 304
Aug
Firestone Tire & R.com .1(1
153 153
25 115
Fe
Sept St Regis Paper Co
• 5114 44% 51'167
1 600 37
Apr 543.4 July
100
7% preferred
1034 1064
100 99
Jar 107
Oct Sanitary Grocery Co corn
'
230
22.5 231,
1.140 210
July 244
Aug
Ford Motor C11 of Can.100 544
541 569
220 339
Am 572
Oct Schulte Real Estate Co_ •
144 1514
200 1351 Oct 184 Mar
Forhan Co clam. A
• 224 224 2341 2.200
1734 Jar
Sept Bresnan Bros corn
• 30
24
313;
F00 2.554 May
30
3341 Oct
Foundation Co
SelberlIng Rubber Co corn • 31%
3114 38
Apr 89 Sept
4.500 23
Foreign shares class A.'
1814 19
1.900
8
Sep
, 20% Mar selfridce Prov Stores LtdF02 Theatres el A corn ' 1834
164 19%
1.500 12% Jun.
2131 Apr
44 59
400
434 All,
8% June
Franklin (11 H) Mfg corn •
19% 19%
200 12
Oct Serve1 Corp (Del) coca A.
Al'
20
19c
15c 6/c 3000!) 1'e
Oct 1051 Feb
Freed Eisemann Radio. _•
231
24 3
700
7% Jan
234 Jun.
.s Co com_ _25 60
_
60
60
100 44
Feb 6111 Aug
• 174
Freshman (Chas) Co
1734 19%
1.600
•
934 Ma) 231.4 Jan Shredded Wheat Co
67
67
F11
100 53
Sept
71
• 45
Fulton Sylphon Co
45
475
4
2.100 394 Jar
5814 Aug Silica Gel Corp corn v to.' 19
1314 205.
3.100 13(4 Mar
21% Sept
Garnewell Co com
•
544 5411
Jul
200 53
4 Jan ,verflaaae1Bros Inc corn • 42
593
4I
42
44
Ape 524 Sept
500 28
•
Garod Corporation
1
14 2.200 400 Man
Jan Singer Manufacturing 100
394
140 360 June 438
40534 412
Sept
General Baking class A._• 7336 7311 7514 11.800 5234 An' 7534 Sept Split Viscose Ltd ..200 lire
Clam Fr
.......
•
7
7
741 18.700
43 Ma,
4
74 Oct
Dep recta Chase Nat Bk.
11
Jan
11
5
114 Oct
100
General Fireproofing corn •
8841 9031
Jan
400 51
92 1 Oct South Groc Stores el A •
2914 294
50 29% Aug 354 Feb
General Ire Cream Corp • 54% 54
55
2.900 404 Fen
57
Aug Span Itiv Pulp & P corn 100 129
Oct
875 122
122 129
Oct 129
Gen1 Laundr) Mach corn.'
21
2134
1.800 20 Juno
24% Sept
Preferred
131
Or. .38
Oct
131 134
11r, 134
Gen) Necessities Corp. _10
134
400
154
114
134 OM
6.4 Jan Sparks Withington Co...'
Oct
15
21
Aug 22
22
1.3110
Gen'l Silk Corp common_ •
54 514
100
514 Oct
10% Jan Stand Comm)Tot) corn..• 28
Sept
26
32
3.204) 1914 Jan 37
CO Spring & Bumper coca.
614 7
300
64 Oct
Apr Stand Mot Construct._100
13
1
114 May
1
1
200 75c July
0
Gleasonite Prod coin....I0
934 10
600
Mai
8
Oct
15
Standard Publish'e Cl A 25
31
4 Apr
4% 5
63.1 Oct
200
• 1801i 177 1 3
Glen Alden Coal
,
3 600 159% Al" 18331 Aug Stand Sanitary Mfg corn.25
100 101
650 80 June .07
Oct
Gobel (Adol Inc Corn _ • 64
64
6731 2.400 254 Jai
Ale. Stand Textile pref B _100 38
70
34
50 15
33
Jan 38
Oct
Seal Electrical Co.... 224 21% 23
Gold
7.000 1234 Jul) 23
Oct Stern Bros class A
•
150 42
50
50
Fe
5214 May
•
Gorham Mfg common_
43
43
100 37 June 48
Sept Stinnes(Hugo)Corp
• 12
1114 124
2.500 104 Sept
133-4 Sept
Grand(F&W)5-10-25c St • 96
06
119%
600 60
Fe,
99% Oct Stromb Carlson Tel Mfg_ •
35
35
Oct 42
300 35
Jan
100
7% preferred
133 133
125 110
AP 133
,
Aug Stutz Motor
• 174 1831 20
1214 May
8,700
2134 Oct
Grant(WT) Coo(!)el corn • 121
121 127
2,000 7414 Jum 129
Oct Superheater Company. •
Car.1/0 10
0
166
Au
, 18114 Mar
Great A & P Tea Ist pf 100
118 118%
Feb 11134 Aug Swedish Match class B_1
50 116
97
97
100 97
Oct 97
Oct
Great Lakes Transit Corp.
28
28
100 24
May
28
Oct Swift & Co
1E6. .. 120 12141
iio
200 11514 Ma) 131
Sept
.10
Hall (W F) Printing
294 31% 2.200 2334 Ann
314 Oct swift International
-15 2544 2131 26
6.500
184 Ma, 2634 Oct
Happiness Candy St el A •
534
534 6
4'11 May
6.400
7
Jan Tietz(Leonhard) corn____
37
373(
37
200 :17
Oct 3911 Oct
•
Hazeltine Corp
13% 14
4% May
500
144 Sept
Tlinken-Detrit Axle_ ..10 124
1211 124
1,400 1114 Mar
14
May
Hellman (Richard) Inc-100
Preferred
103 103
10 86
May 1134 Oct
Partic pref with warr • 49
49
504
1,700 28% Jan 5141 Sept Tobacco Prod Exp Corp •
3%
314
311
700
3
Mar
434 Aug
Hercules Powder pref__100
118 120
50 114
Mar 120
June Torringt m Company...25
85
85
20 67
July 85
Oct
Hoyden Chen leal old... •
1%
1%
14
500
14 0
24 May
-Lux Day Pict Screen
Trans
*
734
Common new
751 74
300
741 Oct
10
Aug
•
C18118 A corn
331
334 413 3 000
314 July
8% Jan
Holland Furnace
• 35
35
354
1.000 3434 Aug
374 Sept
' 2811
Trim. Products Corp corn
2831 303
( 5 10(1 284 Oct 3131 Sept
Huyiera of Delaware Inc
' 1554. 1514 1654
1,600 144 Aug
184 Sept Trumbull Steel corn...AS 11
11
11
3 30')
9% Jan
14% Aug
Imp Tobae of G B& I..L1
2454 244
200 24 June 30
Jan
10
Truscon Steel corn
30
304
300 24
Jain
30% Oct
IfirlustrIal Rayon ChM A.
• 1311
104 14
32.900
44 Jan
14
Oct Trihlze Artificial Silk el B.• 30114 293 310
1 400 145
Jan. 1'
0
Oct
Insur CO of North Amer.10 7334 73
77
1,000 51
Fe)
/834 Oil
Tunst.Sol Lamp Wks corn.. 104
104 114
1 000
May
13
81.4 Fel
•
Int Cigar Machinery
84
88
Apr 90
600 46
Sept
• 2131 21% 224:
(lass A.
1 SOO
174 Jan 244 Jun*
Internat Projector Corp •
10% 104
100
8
Aug
1034 Jan
United Biscuit class A....• 55
534 55
Mar 56
90'
38
Oct
Johns
-Mast Corp cum_ • 11434 1144 1204 54.500 5514 Jan 12)94 Oet
• 10.4
Clam B
934 10%
2.20'
7
Jan
Feb
13
100
Preferred
120 120
120 1144 Jan 120 4 Oct United Elec Coal Cos v t c•
2914 30
400 23
Apr 33)4 May
Joske Broa Co com v t c. • 42
41% 424 3.200 41
Aug 42% Aug
United Eng( & Fdy new w I.
50
50
300 49% Au, 57
Oct
Kawneor Co
29% 29%
100 281.4 Aug 2934 Oct United Porto Ric Sug corn •
40
39
30) 39
Oct
Ozt 40
Heiner-Williams StamOr.•
1614 164
100 1614 Oct 2234 Apr United Profit Sharing corn. 1014
104
10
60')
1334 Apr
944 Ater
Kernsley,hIllibourn&Cowl• 12
12
12% 5,000
12
Sept
131.4 Sept
.26 68
63
United Shoe Mach con.
63
400 51
Sept
Jan 72
Kinnear Stores Co Corn •
314 31%
200 274 Aug 38
Aug
U S I. Battery corn new..' 6334 6214 654 3 300 32
J1/11P 64% Sept
Kruskal & kruskal. Inc..' 2054 2014 21%
800 18
June 2411 Jul) (1 S Freight Co
•
115 115
201) 63114 Mar 11134 Sept
Lackawanna Secur. new..' 594 594 604 2,200 514 Oet
74
Aug
When Issued
5554 554 54
2 101 5114 Rent 5,54 Sept
Land Co ..1 Florida
•
22% 22%
Julie 36
Jar. 1.1 S Gypsum COT
200 IS
20
9'34 101%
1 01
0 00
Jul) 11031 Sept
Landers, Frary & CI new 25
80% 80%
100 8014 Oct 92
Feb
UM) I.eaf Tobacco corn..• 5434 54
,
55
2.700 34% Jam. 55
Oct
Lehigh Val Coal etfs new
38% 334 394 6,100 37% July 46
Jan
Van Camp Packing pref.50
144
14
20)
514 Apr
184 Oct
Lehigh Val Coal Sales 50 9051
90
914
350 894 Mar 100
Mar
waitt & Bond In" class A
23(4 24
1.200 23
Oct 264 July
Leonard Fitzpatrick &
• 1614
CIA's B stock
1614 164
1, 01 154 June 1714 Sept
,
!Moeller Stores rout
•
43
43
400 33
Aug 48
Aug
Warner Brothers Pictures • 1656
18
1711
1.400
1311 July 334 Jan
Libby Deere( sheet 01ass25 12214 120 123
500 116
Apr 15934 Jan
%Vets.in Ii nowarren ICo W1• 21
21
22% 2.70) 21
Oet 25% Sept
Lit Brothers Corp
10
2714
26
1.400 2334 Aug 28
Oct
01I&S D corn v t C a 64
64
67
2.401 1101.4 Apr 77
Sept
MarAtairewa& Forbescom• 43
424 43
1,800 39
July 44
Sept
•
Preferred
101 1014
301 95
May 102% Sept
Preferred
10 102
10356 10311 103%
J.111 10334 June Western Aut)
Supply pref. 28
26
24
1.600 214 Apr 46
Aug
Marmon Motor Car corn.' 42
4134 43%
700 3-34 Oct 6234 May
West Itairy Prod claw A_ .• 524 52
5214
350 47
Fen. 53
Aug
3754 3714
100 29
Massey-Harris Ltd corn..'
Mar 40
Sept
Clam 13 v t e..
2434 244 1,700 15
Fei. 25
Oct
Mavis Corporation
4,700
• 2451 234 28
19
Sept 2814 June
White Rock Min Elms corn'
39
39
100 27
Feb 40
Aug
' 1134
Mavis Bottum( Co of Am
11% 13
10.500
851 July
15
Aug
Yellow Tall of New York.' 1931
18
1031 2,000 10
May 344 Jan
May Drug Stores Ccrp.. •
19
1931
1.100
18 se,a
2134 Auu
May Hosier Milts 114 pref.. 4934 494 494
600 4931 Sept 50
Sept
Rights-McCall Corporation
5754 1.400 48
• 5714 56
Julie 60
Mat Locw's Inc
1214 13
50 124 Oct 18
Mar
100
McCord Rad & Mfg v t c •
1 654 kin) 21
19% 19%
Jan
,
S Freight,
1%
134
14
1.201 90e
Oct
24 Oct
Mead Johnson & Co corn.'
57
5734 1.300 3934 Jar, 01131 Aug
White Sewing Mach deb rte 15
15
15%
1,000
4
May 20
Aug
•
Melville Shoe Co cow
113 115
150 59
Feb 1244 Sept
70 108
Pref without warrts 100
109 10936
Sept i 10
Public Utilities
Rein,
25 30
79
Warrants
79
Jan 80
Sept
Amer (41.9 & Ell3C COM--..• 110
110 114
9.600 664 Jan 1174 Sept
100 49
Mengel Company
48
July
494
950 27
4934 ort
Preferred
103 101
1.500 9534 Feb 10434 Jon*
Men931,1 Iron
14 14
2.300 550 June
236 Sept
Amer Lt & Tr com new 100 176
175 1,
04
775 16 34 Aug 1F6
Sept
Metrup,n1 Chain Stores ' 53
53
54%
1.800 30
Fe,
. 5714 July
100
Preferrel
112 112
50 112
Oct 126
Aor
' 1134
124
Met 5&50e Stores A corn
10
500
5
Sept Amer Pow & light pref.1110 1084 1014 1054
July
24
190 974 Jan 8101
•
Oct
Class B common
6
714 2.200
131 Jan
15
03.4
Sept Amer Pu, Util prior pf _100
03
93
85
May 96
Aug
10(1
Preferred
55% 58%
100 30
Fel. 614 Aim
' 33
Amer Superpower Corp A
38
40
2 300 271( Jan 4134 Sept
Mo land Steel Prod
67
• 70
7514 4,300 394 Apr 7031 Oct
• 33% 344 4134 3. 00
(lase, 11 common
284 Jan 43
Sept
Midvale Co
35
33
800 2334 Jan
41
Ann
First preferred
99
0914
50:1 31334 Jan 100
Aug
Murphy (G C) Co corn_ •
63%
June 73, Sept
65
4
200 37
Participating pref. .25
2414 2)34
100 2634 Jan 29% June
.
National Casket $7 p ef •
103 101
10 108
Oct 11014 Aug
Ass..e Gas & Elee clams A,' 434 4214 434 8,00) 35
Jan 4311 Oct
Nat Dairy Prod pref A 100
105 105
40 102
Sept 105
Oct Bell Tel of Pa 64% pf_100
115 115
10 112% Jan :11654 Sept
214
Nat F.snd Products Cl B_.•
2
2% 2,500
2
July
9
Apr Blackstone V G & E corn 50 12814 1244 1304
110 *08
Fenn 15414 May
10
3% 44 1.500
National Leather
334
214 Apr
Jan Brooklyn(Sty RR.
11
4
451
34 434 5.201
614 Jan
334 Aire
NatIonalllisflacareorn.....$ 37
36% 34
2.400 304 Sept
BIM Mae & East Pr cum.
3714 31%
600 2.551 Mar 40
Sept
1,600 9614 Sept
• 96% 96% 9741
7% preferred
25
Preferred
26
26
10) 254 Jan 26% Sent
124 124
25 124
Nat Sugar Refining__..100
Oct 1588 4 May Cent & SW CBI rom _100
935
8e8epptt
68
63
100 57,
4 Jan 6931 Oct
125 1014 June 104
102 1033
4
National Tea preferred_100
May Cen traIretates Eiec corn. • 29
7% p Si
29
30
900 174 Ale 303.4 Oct
350 3554 Feb
62
634
Neisner Bros. Inc. corn. •
71
Sept
.60
9911 994
60 024 Jan 10114 Oct
600 2034 Sept 244 Feb Cities Senn Pr & 1.1 tfi Pf.
23% 24
16
Neptune Meter class A..' 24
•
90.4 90%
301) 00
Aug 11274 July
10
1014 2,500
104
94 Apr
June Columbus Elea dr.Pow corn* 6314 6814 684
New Mex & Ariz Lund. I
201 6714 Fen 80
May
40
41
400 194 Jan 414 Apr ,. 'with Edlanli Co .100
New Orl Great Nor RR 100
105 172
390 139
Jae 172
Oct
200 29
3014 31
July 3431 June Com•wealth Power Corp
New Process Co common_•
Is • 18
509 18
Aug 20
Aug
it'll 10154 10131 1014 2.100 0114 Jan 1113% Oct
N Y Auction corn class A •
Preferred
2254 244
500 21
Oct 304 Apr Con CIV1E I.& P Balt corn
il
Nichols & Sheinul Co __• 2214
6954 1344 704 4,0-1,
5914 Jan
Oct
71
200
16% 17
1614 July 2334 Mar Consol Traction of N J.100
Nilea-ktern-Pond Co cum.'.
57
57
101
564 Oct 57
Oct
200 29
Jan 334 Ozt Elec Bond & share pre( Bal 109
North surer Car co.nmon • 3331 3351 3331
10434 1054
1.80, 1054 Mar 11014 Oct
93
200 76
Jan
Ohlo Brass class B
Elec Bond A Share Secur_• 744 744 77
• 974 88
13 10,
6634 Slur 804 Sept
1.400
04 May 941 Sept Eler Invest with-nut ware.' 31% 3114 42
11% 1211
• 12
Pacific Steel 13 oler
13 4
133)1) 4244 Fen. 4234 Sept
Oct Elee
98
100 80
Lt 2,1 pref A..• 1004 1004 101
'
Page Hershey Tai,es corn
53
Sept 88
52' 894 Mar 103
Sept
Sept
500 159
Palmolive Peet Co coin...'
Option warrants
924 95
Apr 112
114
1134 2.001
11
6% Jan
1214 Oct
903 2734 Mar 3
Parke Davis & Cu
3711 3431
•
7
7
834 Oil Eleztric Ry Securities._ •
201
6
F,.,
8
Apr
Jail Empire Gas & F 8% pf I(X) 103
45
Fender (David) Groc el A.*
45
July 48
200 41
107% 1014 3.250 1044 May I 1 1 si Pest
• 23.
Class B
7% prefe•red
26
Apr 2834 Feb
•
28
800 10
100 994 994 0131
- 400 11714 lune ion g Ante
02
200 09
Penney (3 C) Criel A 01
10214
20
,100 1021 102
June ISO 4 .1 ore Empire P w(
yr))
en-, sr k•
1
30
June
.
OCT. 22 1927.]
THE CHRONICLE
Friday
Lan
Public Utilities
Sale
Pen Price
Federal Water Fiery el A •
Florida Pow & Lt S7 pref.•
General Pub Serv Cl m___•
Seven per cent pref
•
Oa Pow (new corn) 58 pi...
Internet Utilities class A.5
Class B
•
Participating preferred.•
Kansas City PS corn v t c•
Lehigh Power Seeuritles. •
Long Island Ltg 7% pf..100
Marconi Wire T of at _1
Marconi Wire!T of Lond Li
Mass Gas Cos eom _ .100
_
Middle West Utilities corn •
Prior lien stock
100
$o preferred
7% preferred
100
Mohawk & Bud Pow corn •
Warrants
Mohawk Valley (M . •
Monon W Pa P57% pi_25
Municipal Service
•
Nat F.lec Power clans A .*
Nat Power A Light pref. •
Nat Pub Serv cont class A •
Common class IS
Warrants
New-Calif El Corp corn.100
New Engl Pow Assn cony.*
Six per cent Prof
100
NY Teiep 611% pref_100
North Amer 1.t & Pow coin
North Amer 11th Sec cum.•
First preferred
•
Northeast Power corn....•
Northern Ohlo Power Co.•
Nor States P Corp cum _100
Preferred
Ohio Bell Telep. 763. pf 100
Pacific Ga.s A El 1st pf.25
Penn Old. Edison corn...•
7% pri ,r preferred. 100
$6 preferred
•
Penn Ohio Secur Corp_•
Penn G & E cl A part stk.•
Penn Power & Light prof.•
Penne Water & Power...
Plilla Elec Co common_ .25
Portland Elcc Power. _ 100
Power Corp of Can corn_ *
Power Securities com„ •
Preferred
•
Puget Sound P&L corn.100
Six per cent pref...100
Seven per cent pref _100
.
Rhode Isicnd Pub Serv pf*
Rochester G & El pf D_100
Shawinigan Wat de Pow_ •
Sierra Pile El ('o con.. 100
Sou Calif Edison prof A.25
Preferred 13
25
Sou Cities Utilities pref 100
Sou Cob Power cl A_ _25
Sou Gas & Power cl A....
•
Southeast Pow A It corn _•
Common voting tr ctf •
$7 preferred
•
participating pref._ •
Warrants to our corn stk•
Soul liw B.11 151 ref....00
Southwes P&L 7% pf_100
Springfield tons I,t new .25
Stand Gas& El 7% pf_ _100
Staodard Pow & Lt corn 25
Preferred
•
Tampa Electric Co
•
Union Nat Groot Canada
United Gas Impt
50
United it & Pow corn A..
Common class B
•
Preferred class A
•
Un Rye., lo. 4..alt corn 25
Utilities Pow & I.t elass13.•
Utility Share Ci rp Curn_..•
Option warrants
344
1611
994
4751
94
194
151
711
11515
2974
484
2615
2255
34
2011
1611
1284
3751
103%
90
1314
674
3211
364
103
294
204
37%
35
1074
834
1051
11715
72
03
25
10651
144
1951
9454
154
23
12%
3
Sales
Weet's Range for
ofPrices.
Week.
Low, High Shores
334 35
1054 106
1611 1751
113 1134
984 9954
4251 4751
951
6
95
954
1851 1811
1911 2054
1104 111%
Pit 151
651 74
115 11551
112 114
123 12315
91
92
1124 1124
29% 304
7
7
4854 50
254 254
12 - 1234
2614 2815
1094 10954
2251 23
214 2154
34
215
35
31
73
73
97
97
114 115
874 874
74
8
8751 91
19% 214
164 174
128 1314
105 1094
11151 113
2651 2651
3655 3
711
10254:10311
884 90
1311 134
204 20%
1094 1094
674 70%
54
55
324
30
654 6751
12
1215
474 49
3111 364
3751 89
107 109
30% 3055
10151 1014
8751 8731
254 30
294 2915
2551 25%
80
80
254 2515
1911 204
3751 315
4
3531 354
1074 107%
8211 834
1051 11
11711 11715
110 11111
72
72
1104 110%
244 25
100 101
03
63
25
25
1064 111
144 15%
194 1951
9151 944
1511 16
214 23%
12% 1334
3
311
Range Since Jan. 1.
Low.
7,800 304 Aug
60 1024 Aug
3.300 lig Jan
50 10534 Feb
Mar
1.200 94
Apr
9,900 24
Jan
52,800
3
Apr
75 89
200 184 Oct
Jan
15,200 15
80 10714 Jan
7.300 .9c Jan
1,000
351 Jar
100 103
Aug
Fel.
600 100
150 108
Feb
0
300 91
356 1054 Jan
1,200 20% Jan
6
10C
Aug
Fe.
700 37
Feb
50 24
811 May
300
4,600 2354 Eel
Jan
200 101
18% Jan
5,700
Jan
500 14
14 Mar
1.100
Feb
300 25
10 4951 Feb
Feu
20 88
275 z1125,1 Apr
25 874 Oct
54 July
200
July
225 84
1434 Apr
21.100
94 Jan
8.100
3,600 10951 Jan
300 0034 Jar
40 104
June
400 244 Feb
Feb
800 27
150 974 Jan
3 -0 8034 Jail
300
84 Feb
Jan
300 19
Jan
150 106
Mar
1.000 4)
300 464 Mar
API'
20
20
200 424 July
June
6
300
200 40
Sept
Apr
1,300 28
70 8351 Jan
90 1034 Jai
304 Oct
20
10 103 June
100 8751 Oct
1,500 2454 Aug
2755 Mar
10
900 254 Oct
50 70
Aug
100 254 Aug
900 15
Aug
11.700 294 Ma
3,000 28
Jan
700 1014 Jai
300 670. Jan
3,900
814 Jan
50 11334 Jan
320 104
Jan
100 65
July
25 104
Jan
900 22
Jan
200 9811 Feu
100 45
Jan
200 25
Sept
5 300 89
Feb
63.700 1251 Mar
300 14
Jan
300 85
Jan
20
1534 Oct
19,200 1311 Jan
50
951 Fel
3,90
1% Apr
High.
35
Oct
106
Oct
18
Oct
11314 Oct
9 ,55 Oct
4751 Oct
954 Oct
96
Sept
22
Sept
'22
Oct
113
Sept
1% Oct
74 Oct 1
120
Oct 1
1174 May
12351 Oct
9454 June
11315 Sent
324 Aug
Oct
7
53% Aug
26 June
134 Aug
284 Oct
Oct
110
244 Sept
21% Oct
351 Oct
3615 Oct
94
Aug
974 Sept
115% Mar
8751 Oct
1055 Ort
9154 Oct
2115 Oct
18 4 Oct
Oct
133
1054 Oct
May
114
2654 Aug
4354 Sept
1044 May
90% Sept
15
Sept
23
Aug
June
110
454 Oct
58% Sept
324 Oct
6734 Oct
1254 Sept
Oct
4,
354 Oct
July
89
June
111
3051 Oct
1044 May'
8751 Oct
1(1, Oct
2911 Oct
Sept
26
tar
92 '
27% Mar
22% Apr
Oct
374 Oct
110
Aug
834 Aug
114 Oct
11811 June
11115 Oct
May
79
1114 Oct
Oct
25
Apr
102
6414 Sept
284 Scut
119
Sept
:154 Oct
19% Sept
9751 May
231 Apr
23% Oct
14 1 Oct
455 Oct
Former Standard Oil
Subsidiaries.
Anglo-Amer 011(vct 5h)...11
Non-v ting shares. .41
Buckeye Pipe Line
50
Chesebrough SI fg Cons 25
Continental Oil v t c_._ 101
Eureka Pipe Line
100
,
Galena- kind 011 com_100
Humble Oil& Refining..25
Illinois Pipe 1.111e
100
Imperial oil (Canada)...*
Registered
Indiana Pipe Line
50
National Transit_ _12 50
New York Transit
100
Ohio 011
25
Penn-Mex Fuel 011
25
Prairie 011A Gas
25
Prairie Pine line
Inn
Solar Refining
100
Southern Pipe Line
BO
011
Booth Penn
25
Standard Oil (Indiana)..25
Standard 011 Ihmisate ..25
Standazd 011 (hentucky125
Standard 011 (Nob)
25
Standard 011(01 new eon,25
Swan A Pinch Oil Corp..25
Preferred
25
Vacuum ()II
25
184
1854
56
554
12014 1114
184
163-4
59
711
6155 60
164
604 534
5954
z73
z73
16
174
3414
59
58
30
25%
4751 464
17734 17734
17514
2111
36
7111
7151
154
11815 1174
43
76
75
21
21111
1811
1334 127
600
200
550
3 300
39,500
150
100
13,500
650
5,900
200
'450
4,300
150
2 300
3.400
11.600
1,850
90
600
1.100
19,100
500
500
600
1,00(1
150
50
30,500
173-4
174
45
764
164
47
731
54
12351
374
414
61
134
344
62
12
4551
132
132
16
3414
6454
1551
11111
42
73
15
18
954
95c 89.400
311
,
1,100
200
251
84
700
14
200
2,400
3311
15c
2 000
1951 4,000
1055 48,500
700
100
5
200
5
100
711
100
211 7.400
40c
1 000
924 2.100
1014
1.100
14 1.400
7,200
32
5.50
3
1
64
75c
2011
14c
14 4
4
934
63c
4
5
74
1
4 'c
8634
g4
80e
2854
1851
1851
56
12354
If)
5911
715
624
166
61
go%
754
184
35
5951
30
484
180
132
224
364
7251
16
11814
434
7611
21
184
1364
July 2151
July 2034
Jai
59
Jan 11:355
Oct2234
Jan 61
134
Aug
Mar 6554
Jan 166
2-n 634
June 62
Jail 79
Jan
184
Jan 37
Apr6454
Apr 31
Apr 5514
Jai DOI
Jan 190
Feb 274
Apr 414
May 754
Mar 2014
June 12354
June 4954
Apr b715
Jan
21
Aug 214
Jan 1364
Jan
Jul.
June
Oct
Jan
Oct
Feb
Sent
Oct
Sept
Oct
Sept
OA
Feb
Eel.
June
Jan
Juix
Aug
Feb
Jan
Sept
Jai.
Sem
Feb
Oct
May
Oct
Other Oil Stocks.
Amer Contr Oil Fields....5
Amer Siaracalou C.
•
Argo 011 Corporation_ _ .10
Arkansas Natural-Gas..19
Atlantic Lobos 011 corn_ _.•
British -Allied.an Olt
•
Cardinal Petroleum
10
Carib Syndicate new corn._
Creole syndicate
•
Crown Cent Petrol Corp *
Darby Petroleum
•
Voting tr (Ifs
Derby Oil & Ref pref. •
oil cortionitliin. .1
Gilliland Oil coin v t c__ •
Gull 0110,m of Penna..25
.•
Houston Gulf Gas
Intercontinental Petroleum
International Petr.lciim. •
•
89c
311
3215
19
1055
2
92
911
31%
85c
34
2
814
1
32
15c
1811
10
70c
4
5
74
14
40c
9051
911
154
,
3034
Aug
21,6 Jan
June
714 Jan
Aug
24 Oct
Apr
954 July
May
14 Sept
Jai
3354 seta
Sept40c June
May 26
July
Julie
1434 Jai,
Oct3
Jan
Oct12
Mar
Oct1155 Mar
Oct164 Apr
Sel't
34 Jan
Oct2
Mar
lIar 9651 Jar,
July
124 Apr
June
2
Mar
Julie 3434 Feb
2255
Friday
Saks
Last Week's Range for
Other 011 Stocks
Sale
ofPrices.
Week.
(Concluded)
Par Price. Low. High. Shares.
Kirby Petroleum
•
Leonard 011 Developm1.26
Lion Oil& Refining
•
Lone Star Gas Corp.
...26
Magdalena Syndicate_ ._1
Margay 011
Mexico Ohio 011
•
Mexico 011 Corp
10
Mountain de Gulf 011
1
Mountain ProducersCorp10
Nat Fuel Gas new
•
New Bradford Oil
5
New York 011
25
North Cent Tex 011
Pandem Oil Corporatir n_•
Pantepec OH of Venezuela•
Red Bank Oil
25
Reiter Foster Oil Corp.....•
Richfield 011 nref
25
Royal Canadian Oil Synd.•
Ryan Consol Petroleum_*
Salt Creek Consol Oil. _
Salt Creek Producers.
..10
Savoy 011 Corp
5
Tid-Ogage 011 non-vot stk•
Voting stock
•
Transcont'l 0117% pref.100
Venezuela Petn,leum.....5
V 0C Holding Co corn.
Wilcox (H El 011 & Gas..•
Woodley Petroleum Corp.•
_11)
715
52
851
17c
2451
26
451
11
215
6
2154
150
511
6
29
2
18%
214
4%
2151
5
134
754
20%
491(
96c
494
8
17c
1
234
254
415
11
10
215
84
16
55.1
2111
10o
54
6
2754
2
184
204
78
455
16
214
6
134 3.500
1.300
73-4
204
200
6,500
53
14 1.000
2,000
5015
500
815
35c 11,000
300
1
2451 4,400
2711 3.300
45( 1,400
100
11
700
1055
3,200
3
500
855
200
164
9,900
7
100
2114
5,000
120
600
6
100
6
1,600
29 11
100
2
5,500
1911
214 3.700
100
78
1,800
5
300
17
400
214
400
5
Range Since Jan. 1.
Low.
14 Oct
634 May
2011 Oct
37
Jan
90c
Oct
12
Mar
Pi Aug
10510 Apr
1
July
2251 Apr
23 June
451 Oct
94 Mar
9% Sept
151 Sept
7
Sept
144 Sept
34 Sept
2155 Oct
Sc Sept
451 May
6
May
2734 Apr
2
Oct
Apr
15
Apr
17
6311 Jan
44 June
164 May
204 Apr
5
Oct
High.
24 Jan
1014 Feb
2711 Feb
53
Oct
254 Jan
52 Sept
124 Jan
38c
Jan
114 Jan
264 Jan
3151 Sept
551 Apr
134 June
1251 Feb
951 Apr
1211 Mar
2451 Jan
1514 Jan
2451 Apr
35c
Feb
Jan
7
Jan
8
32
Feb
7
Feb
234 Mar
2615 Feb
July
88
74 Jan
17% June
3251 Jan
Jan
8
Mining Stocks,
Amer Com'l Min & Mill_ _ _
Se
30
3e
1113,
American Exploration...1
151 2
Arizona Globe Ccpper....1
40
4c
Bunker 11111 & Sullivan.,10
133 136
CiAisol Copper Mines .. 1
3%
34
3
Cons MM &Smelt of Can 25
260 260
Cortez Silver Mines Co...!
20c 230
Cresson rims.'(1 M & 14.1
1%
151 l',
Divide Extension
1
4c
4c
Dolores Esperans Corp_.2
48e
43c
Engineer Old Mines Ltd.5
251
24 211
Eureka Croesus
1
3c
4c
Falen Lead mines
1
270 27c
First Thought G. Id
2o
2c
Golden Centre M Ines._ ._
24
14 24
Golden State Mining.,,be 110
9c
120
Hawthorne Mines Inc....
2c
3c
lie,-la Mining
25e 16
16
164
Kerr Lake
590
55c 60c
Mason Valley Mines
5
730 80c
Mining Corp of Canada_ _5
351 4
35516
,
New Cornelia Copper.. .5 234 2251 2351
New Jersey Zinc
100
185 138
Newman alining Corp.10 1024 9651 101
Nipladng Mines
5
64 751
711
• 25% 254 27
Noranda Mines, Ltd
North 4,tatte.
10 80c
80c
1
Ohio Copper
1 990
930
13-4
Plymouth Lead Mines...!
Sc
Sc
Por land Gold Mining
1
23c
23c
Premier Gold Mining. _.1
211
255
Red Warrior Mining
17e 20c
San Toy Mining
1
6c
6c
Shattuck Deno Mining.....•
614
64 64
silver King Coalition M__5
9
9
9
Spearhead Gold Mining._1
2c
2c
Standard Silver-Lead. __I
10c
10c
Teck-Hughes
1
1051 114
1051
Tonopah Belmont Deve1.1
151
14
TOTH] ugh Extension
21c
21c 21c
Tonopah Mining
111
151
United Eastern Mining_ .1
450 450
United Verde Extension 60c 2651 264 274
Unity Gold Mines
1
9So
40c 980
Utah Apex
5
44
451
451
Utah Metal dr Tunnel_ _1
Mc 900
Wender' Copper Mining_
1514 151
134
Wright Hargreaves Mines•
84 84
10.000
3c
6.400 30c
6 000
3c
1.500 6734
25,700
254
10 260
6.00
7c
14
700
1.000
3c
35c
1.00
2.000
151
18.00
3
0
1.000 27c
lc
1.000
34.600 59c
2c
24 000
lc
40.000
1,500 1254
2.900 55c
1.500 650
3.100
34
2,100 1814
50 178
15.400 6711
9 900
511
2 500 1934
1400 80c
16.700 40c
Sc
1 000
1000 23c
151
4.600
6 000 Plc
4c
4000
251
2 700
1200
754
le
2 000
1 000 10c
3 200
554
FOO
1
1 000 21c
151
600
2000 330
4 000 2251
9 300 20c
414
300
300 85c
11,400 75'
600
54
Sept 1054 Mar
June
214 Sept
M
90
Aug
Fe 156
Sept
July
311 Oct
Oct 260
Oct
Jan 30c Feb
May
251 Aug
June
70
Jan
Mar 70c May
July
551 Jan
July
70 Feb
Oct780 Jan
Aug
4c
Jan
Aug
315 Oct
May
19c Sept
June
1 lc
Jan
sent
Fe) (8
Ort 950 Feb
July
24 Jan
Jan
4
Oct
June 24
Jan
June 1930 Mar
4
Jai. 10651 Sept
Aug
104 Feb
Jan
284 Oct
June
34 Jan
Mar
151 July
15c
Aug
Feb
Oct 53c
Feb
Jan
2 1s Aug
,
Aug 39c
Feb
Apr
Sc
Oct
Aug
651 Oct
June
9
Oct
June
40
Jan
July 27c Feb ,
Jan
1151 ea
Sept211is Jan
Oct 55c July
Aug
351 Jan
June 53c
Jan
Jan 31
Oct
June 950
Oct
Julie
751 Feb
July
24 Feb
'no)
311 Jan
June
84 Oct
Bonds
A blunts Dairies 65____1942
Adriatic Electric
_1912
A labarra Pr lot & ref Ss '56
75.Allied Pack 1st 151 colltr88'39
Debenture 68
1939
Allis(*halm Mfg
_1937
Aluminum Co f 68..5s '52
deb
Amer Cyanamid 5s__1942
Amer (3 & El fig
2014
American Power A Light
65. without ware...2016
Amer Radiator deb 451s'47
Amer It‘,11 51111 6s..._1938
Amer Seating fig
1936
American Thread 68..1928
Anaconda(Mt) Slin 65.1929
A iwaltublan El Pr 58_1956
Arkansas Pr * 1.1 5s. 1950
Atisoc'd Sir,, Hardw 645'33
Atlantic Frui t 8s
1949
itatavian Petr dci, 411s '42
Bates Valve Bag 6. .1942
with at.
purch ware...
Iteile1)11 Oil Os. with warr'36
Beaverbuard Cc 8s. _ .1933
Bell Tel of Canada 55.11155
ist St 55 ger IS June I '57
BerlinCityE164%notes'28
64% n.tes
1929
Boston Consol Gas 55.1947
Boston & Maine RR 651933
5s
1967
Brunner Tur & Eq 715s '55
Certificates of deposit.
Buff Gen Lim gen 55_ _1956
iturmeigter & Wain Co of
Copenlituren I5-yr 63 10
canadlan Nat Rya 76_1935
30-year 454'i
.1957
Car Una-Georgia Serv Co
1st M 6s with warr_ _1942
l'r A Lt Is NM
Chic Milw A St P (new co:
-year 5s w 1
50
1976
Con" adl w I
chic UV tka errs den - 1927
Cincinnati St Ry 5545_1952
Clrlea Service Eit
19541
6s
1966
Cities Service Gas 51151942
CI re Elle
5s "A"__11154
Cie) Term Bldg
,
_1941
0.1111110U G &
de55_'62
fls.b
Columbus Ry P & 1.4 4857
Commander Larabee 65.41
Cornmonw Edison 41581957
10051 1004 1004 ;26000 100
94
9411 13 000 92
1014 10151 1014 „
10 984
47
47
4711 30 000 4051
49
49
4951 20 00
43
9951 994 100
97 000 9611
10115 10154 101 Vi 119 00
0 99
95
9455 95 126 090 94%
1074 1074 1074 14700(1 1014
Sept
June
Mar
May
Mar
July
June
Oct
Jan
1004
964
10251
76
66
10)
10114
9511
107%
Sept
May
Aug
Jan
Jan
Oct
Oct
Oct
Oct
10514 1064 1074 316 000
974 9711 9751 32.000
105
105 105
12 OM
10154 1014 1024 6000))
1014 10151
1 00(1
1014 10151 10134 22 009
9551 9535 9451 13)000
9731 973-4 954 106001)
90
9034 1300)
90
1311 1411 7 000
9451 9451 9434 447,000
Mar
June
Jan
Aug
June
Jai
Fe
Mit.
May
Sept
May
107%
974
105
101
111211
10251
9.i51
9311
9751
20(4
9651
Oct
Oct
Aug
July
Jan
Sept
Oct
Oct
Jan
June
Jan
9834 Sept
97
July
954 Star
101 • Feb
1014 June
9911 June
984 June
10054 June
i0034 Jan
9351 Aug
Oct
36
37
Oct
10251 Mar
9814
10311
9955
1034
1014
1004
101
103g
104
983-4
9234
4851
10451
Sept
Jan
July
Oct
Oct
Sept
Mar
Oct
Oct
Oct
lieb
Sept
Oct
984
934
100
9651
10251
102% 10334
100
9934
10214 101
10351
98
974
37
37
3751
374
104% 1014
9651
96
983*
9315 •
10051 11 000
9614 41 000
19 009
103
1700))
103
100
2.001
99
4 500)1
10311 29 000
13 00(
101
934 581 00
900')
33
3001)
31
1044 7,045
100
94%
103
10055
101
1014
95
93%
90
1511
92
953.4 96 18.000 94
Jan 9751 Apr
1124 11254 1000)1 III
Fen 113
May
9811 9551 268,00
9751 Sept 984 Oct
99
94
10251 10234 103
6 000 964 Sept 99
242.001 100
Jan 103
9351 94 415000 91
61 624 159900
5451
8114 82
22 001
74
994 10014 16 00(
9851
8951 90% 65 000 88
8911
1014 10134 10151 40 003 9351
934 9351 93% 172 000 93
105% 1054 10554
1 000 .(4
934 9 51 98% 2 000 98
9954
9 51 9934 323.000 98
94% 91
9154 112 000 14414
9614 96 14001) 90
9351 93%
3.00
9555
9354
614
82
June
Mar
May
Sept
June
Jan
Sept
May
Aug
July
Aug
May
Apr
9551
6351
8315
10034
111%
10354
9651
10.)34
100
10011
944
98
95%
Oct
June
Oct
Oct
Slay
Oct
Feb
Feb
June'
Sept:
Jan
May
Sept
Jan:
Oct,
_ _
Bonds (Conlinucd)-Cons GEL&P Bell1949
es ,eries A
1952
544s series F
Consol Publishers648 1936
1941
Consol Textile 8s
1
Conk Gas& 1060"A"'64
Conti See Corpse A,1942
With warrants
Cosa-Meehan Coal 6114s'54
Cuba Co 6% notes...1929
Cuban Telephone 7)45 1041
Cudahy Pack deb 540 1937
1946
5.9
Detroit City Gas 58 B.1950
1947
68. series A
Detroit lot BdRe 61 1952
0.
25
-years f deb 7s. _.1952
Deutsche Bank 6s ...1932
Dixie Gulf Gas 640-1937
With warrants
East Ter Off Bldg 6401943
Eitingon-Schild Cs _1938
Else Refrigeration 68_1936
Empire Oil & Refg 540'42
Fairh'ks. Morse & Co 5s'42
1933
Federal Sugar 69
Firestone T & R Cal 55 1942
First Bohemian Glass Who
151 70 with stk pur war'57
1931
Fisk Rubber 5 W,
Florida Power dr Lt 59.1954
Gair (Robt) Co 5)4s. _1942
Galena-Signal 011 78...1930
Gatineau Power 55....1956
New
1941
65
Gen Amer Invest 53..1952
Gen'l Ice Cream 648_1935
Gen laundry Marti 64037
General Petroleum 66.1928
General Vending Corp 138
1937
with warrants
(la & Fla 68 series A. _1946
Georgia P..wer ref 58..1967
Goodyear T & R 5s....1928
Goodyear T&R Cal 5448'31
Grand Trunk Ry 645 1936
1937
Gull (311 of Pa 5s
Sinking fund deb 58.1947
Gulf States litil 58. ._1956
Hamburg Elea Co 78..1935
Hanover Credit Ina 68 1931
1936
Hood Rubber 78
Oet 15 1936
5)48
Indep Oil& Gas deb 68 1939
Indlan'p's P & I. 5s ser A'57
lot Pow Seism 75 ser E 1957
Internal Securities 58.1047
Interstate Nat Gas 69_1936
30 itho t warrants
Interstate Power 5s_._1957
.1552
Debenture 61
Invest t_u of Amer 58 A w I_
Investors Equity Co 581947
with warrants
Barren Hydr-E1 7s....1952
Jeddo-Highland Coal (is '41
Ran Gas & El deb 6s. _2022
Kemsley. kinlbourn & Co
Ltd of deb (is Sept 1 1942
Hooper,. & C deu 58.1047
35
Laclede Gas Light 54019
Lehigh pow secur 6s .2026
Leonard Tletz Inc 7 40 '46
With stk purch warrants
Without stk purwarrants
Libby. McN & Libby 78:11
1st M 55 __Oct 1 1942
Lombard Eiec Co 75. _1952
Lone Star Gas Corp 5s '42
Long Island 11 68......'45
Manitoba Power 5354 1951
Mansfield Min&Sm(Germ)
78 with •warrant......1941
Mass Gas Cos 53 -1946
0.
Merhilonale Elec Co (Italyr
30 year sf78 ser A. 1957
Midwest Gas 75......1936
Milwaukee G I. 440_ .11167
Montana Power deb 58 62
Montgomery Ward 59.1946
Montreal L H & P 5a A '51
Morris & Co 7%s.. 1930
Narragansett Cu col 58 1957
Nat Dist Prod 640._ _1935
Nat Pow & 1.1 65 A _ .2026
Nut Putt Sets, 640...1955
Nat Radiator den 640 1947
Nevada Cons 51 .....1941
,
New Ens G & El Assn 54'47
N VP&L Corp 1st 440'67
Niagara Falls Pr lls_ .1950
Nichols dr Shepard Co 118'37
with stock purch warr ts
North Ind Pub spry 5s 1966
Nor states Power 640 1933
6)4% gold notes... 1933
Ohio Power as ser B...1952
1956
440 series D
1951
74 series A
Ohio River Edison 58_195,
Oklahoma Nat (las 68.11)41
Oswego River Pow 68 1931
Par Gas et El 151 4548 1957
1931
Park & Tilford 6s
Penn-Ohio Edison 68..1950
30 thout warrants
Penn Pr & 1.1 58 B._1952
First dr ref 58 D...1953
Phila Else Pow 540..1972
Phila Rap Transit 68..1062
Phillips Petroleum 530 '39
Pirelli Co (Italy) 78 _1952
Pitts Screw & Ittlt 548 47
rotomae FAlson 5s.._1956
Power Corp of N '15%s'47
1933
Pure 01) 01 6 he
-year (5(4% notes'37
10
Owensboro G & El 51052
Reliable Stores 65_ ._ .1937
Rem Arms 514% notes 1930
Rem Rand Inc 5(48 1947
with warrants .
Richfield 011 of Cal 68.1941
St Louis coke & Gas 681047
1955
Banda Falls Co 58
(
Schulte it E Co 68 -------- 5
(18 without corn stock1935
1931
Serve, Corp 68
Shawinigan W & P 4 A8 67
Shawsheen MIlls 76. _1931
Shubert Theatre 68....1942
[Vol,. 125.
THE CHRONICLE
2256
Last Week's Range • Sales
Sale
of Prices.
for
Price. Low. High. Week.
107%
10631 108%
98%
97%
10441 104%
Range Since Jan. I.
Low.
High.
Jan Mg
10731 3.000 107
Mar 107%
107% 17,000 100
2.00(1 117% Fe 101
9845
97% 13 000 8931 Jan 99
June 1044
10144
1,000 102
Sept
Jan
Apr
May
July
July
June
Jan
July
July
Sept
101
913
9334
114
98
101%
102%
1074
105
1014
100
Jan
July
May
May
Sept
May
Sept
June
Aug
Jan
sent
Oct
Mar
Aug
Sept
Sept
99;4
96%
97%
111
97%
1004
101%
10935
1014
100
99
100%
97
97%
112
97%
100%
102%
107
10234
1004
99%
53 000
14 000
4.000
10 000
32 000
37 000
57 000
9 000
122 000
100 000
3(6000
97
9344
96%
11041
9414
97
99%
106%
100%
100
99
11931
101
97% 9731
63
624
92% 9244
96
954
89
96% 96
99%
101
97%
6944
93
9031
90
96%
24 000
1 000
13 000
172 000
319 001)
3'000
37 000
70 000
99%
99
9651
5614
92
9544
83
96%
92
9231
93% 9831 934
1
95% 95% 95%
9736
97% 97
9241 92
93
98
97% 98%
99
97% 9931
102
1014 102
132
132 131%
135 1354
100
100 100
100% 100%
13 000
56 000
140 000
11 000
49 000
47 000
102 000
56 000
102 000
2 000
10 000
4.000
91
96%
92%
95
90
94%
9741
9814
100
113
100
1005*
Oct
June
June
June
jail
Jan
Sept
Jan
Fell
Jan
Sept
June
Mar
Oct
Sept
Se
Feb
Or)
Oct
May
114
Sept
147
1354 Oct
100(4 Oct
101% May
93% 11 0001
7 000
95
994 703 000
1030" 57 000
10031 IS 000
110 • Ill 000
1001 30 000
100% 190001)
0834 13 000
101% 21 000
17 003
98
10231 2 002
9' 1 000
9444 85 000
9936 82 000
9631 13 001)
954 9.000
20
120
1023 19 000
1
9634 71.000
99% 01 000
9941 333 00e
9841
93
95%
9734
95
10831
99
9841
94%
100
98
101
9241
9.334
96)4
924
95
11931
10054
94%
97
9731
Oct
Sept
June
Mar
Jan
kitty
June
June
June
June
Aug
Apr
May
Oct
June
July
Aug
Oct
Aug
July
July
Oct
98%
98
98%
101
10011
110
100%
100%
9841
102
98%
104
96
9941
9954
97
954
134
10236
97%
112
9735
100%
102
107
101%
100
99%
98%
95
95
98
97%
100% 100%
100
102%
1004
1004 10031
9 g
1003£ 1004
98
94
102%
95
934 9334
99% 994
96
95
119% 119%
10231
96
9834 944
98
97%
Sept
Sept 100
Jan 101% Apr
Apr
July 98
July 97 4 Jan
Sept 061.4 May
June 9734, Mar
Aug
Aug 94
Sept
Sept 97
31734
99s
96 36
974
93
98%
Oct
Jan
Oct
Aug
0,1
Oe
Apr
Jun
Oct
Aug
Oct
Feb
May
May
Oct
Atm
Aug
Feb
May
May
0.
9931
Oct
June 102
Sept 9641
July 104%
Jan 102
May
Sept
Oct
Oct
119% 122
994 99
94%
10031 100% 101
103% 102% 10334
27 000 10941 Aug 132
135 00(1 95% Aug 9V4
July 10134
16 000 100
128.000 954 Jan 103%
OA
oct
Jan
Oct
120
1024
102%
97%
94%
9744
105
10244
Mar 133%
13 000 108
3304)0 99% Apr 1024
4 000 102% July 10444
24 0011 97 4 Sept 97 %
59 000 9141 June 964
July 1194
132 000 95
11 000 102% Jan 105%
Jan 10334
44 000 98
May
se,
Mar
Sept
Oct
Oct
Oct
Oct
102
97%
94%
99%
10231
100 100% 14 000 100
n3 ' 93
1 1 000 9244
33 000 101
103 101
2,000 9734
101% 102
120%
10231
102%
97%
954
9
935
105
1034
100% 101
1044 1044 105
9444
9931
4 000 100
Oct 112% Apr
Oct
61,000 103% Feb 105
25 000 91
16 000 95%
26 000 93%
F3 000 1)6%
4
37 000 97 1
11 000 9944
8 000 95
54 004) 9841
13 000 98
44 MO 1)83.4
40 000 9744
42 000 100
13 000 92
97 000 984
26 000 96
1,000 10431
June
Mar
Mar
July
Mar
Jan
May
July
May
Feb
June
Aug
June
Oct
Oct
Apr
9531
9100
9912
994
101
10131
111454
1111
10031
10,
1014
100%
102(4
993i
9641
107
May
Jan
Oat
Oct
Oct
Oct
Mar
Aug
Oct
Oct
Sept
Oct
Jan
Sept
Oct
Jan
104% 101%
9941
124% 122
103% 103
102
102%
9441
95.
107
10034
(05% 104
1004 10044
97
9631
100
105% 131 000 98
9041 5000 9634
48.00)) 110
127
1034 80(40 10241
1024 12 000 974
9541 79 000 8941
107
1 000 105
100% 7 000 97
107 232000 99
100% 29 000 99
9741 195001) 96%
1
00
1.000 9544
Fel
June
Apt
Mar
Fe,,
Fel,
Jun
Jan
Jan
Jan
Oct
Mar
10741
99%
1294
103%
1024
9514
1074
101%
107
1014
97%
100
Apr
Sept
Oct
Mar
Oct
Oct
Aug
Oct
Oct
July
Oct
Oct
100% 100
10234
10244
10534
105
1.0441
94
95
9944 99%
100
100
98% 98%
9844
9344
103% 103
9914 9041
102%
98% 984
96
95
101
102%
10234
10531
105
95
100)4
100%
99%
994
103%
99%
1024
98%
96
42 000
1001)
11.000
25000
18 000
365 000
62 000
12.000
62 001)
11,000
15 000
158.000
5 000
1 000
71,000
9541
99
994
10231
99%
94
95%
100
95
974
102%
97%
100
9834
95
Jan
Jan
Jan
Feb
Jan
Oct
July
June
Mar
July
May
Aug
May
Oct
June
101%
1113
102%
106
10414
WO4
10241
101
993-4
100%
104
100
103
984
97%
Sept
Oct
Sc. t
Aug
Oct
July
Apr
Aug
Oct
July
June
Oct
Aug
Oct
Apr
95%
9315
964
99
95% 9531
8934 8931
224 2131
95% 9531
101
96% 964
98
9331
97
9934
964
89%
24
96
101%
9631
351.000
9 000
19.000
5 000
32 000
35 000
25.000
83.000
3 000
42.000
95%
9131
96)4
97%
923.4
85
18
9531
9444
96
9941
101
98
1004
100
101%
102%
100
98
9)331
96
9644
97
94% 9431
99% 100
99
9934
99
994
1004 101
1014 1014
99
99
100% 1004
9936 10031
1014 105
102% 102%
100 10011
94%
98
9931 99%
96
9634
106% 1064
Oct 1014 May
Apr 9941 Mar
Oct 97% Sent
Aug
Jan 101
Aug
Mar 98
Mar 914 Sept
May
Sept 74
Oct 9644 Oct
Mar 101 44 Oct
June 964 Oct
Bonds (ConcVded)Silica Gel Corp 64% notes
1932
With warrants
S1sss-0heff S & I s f 63_1929
Snider Pack 6% notes.1932
Solvay-Amer in,est 5s 1942
Southeast PA I, 68.__2025
without warrants
Sou Calif &son 5s....1951
Refundirg nitee 59.1952
Southern Dairies (3s.._I930
Southern Gas Co 6(48.11135
S'west Gas & El 58 A.1957
southwest PA L (18 ..2022
Staley (A El Mfg 65. _1942
Stand Invest 5s with war'37
Stand 011 of N Y 6(48.1933
Stinnes (Hugo) Corp 7%
notes Oct 1 '36 with warm
7;Oct 1 1936 without war
78 1946 with warrants...
7s 1946 without warrants
Stutz Motor 7148 ...I937
Sun Maid Raisin 640_13142
1939
Sun OH 5448
Swift & Co 58 Oct IS 1932
Texas Power dr Light 55'56
New
Trans-Cont Oil 75. _ _ _1930
Trans
-Lux Daylight Pic Ser
Co 6348 with wars...1932
Troy laundry Rs
Tyrol Hydro- Elec 70..1952
1936
Ulen & (10 6(45
United El Sem,(Ones) 78'56
Without warrants
United Indus(340._ .1941
United Light & Rys138 A'52
Debesture gold 5)45 .59
United Oil Prod 8s...1931
Un Rya if Havana 7 40.'36
United Steel Wks640 1947
With warrants
U S Rubber 64% note) 28
9
Seriol 64% notes...192
Seri it 644% notes..1930
Serial 63% notes..1931
Serial 640 notes. _1932
7,
Serial 614% notes_.1933
Serial 64% notes. _1934
Serial 6 34% notes...1935
Serial 61 % notes_ _1936
4
Serial 63.4% notes_ .1937
Serial 641% notes..1935
Serial
0 notes_ _193o
2
Serial 614% notes. 1940
US Smelt & Ref 540.1935
Utilities Pow & I. 540.'47
-Va
& Pow 59 _105.5
Warner Bros Piet 6(4s 1928
Warner Quinlan Co 65 1942
Webster Mills 640.._1933
western Power 5 358..1057
Westvaco Chlorine 5418 '37
Wisconsin Cent Ry 58.1930
Friday
Last Weet's Range Safes
of Prices.
Sate
for
Price. Low. High. Week.
Range Since Jan. 1.
Law.
High.
100% 10031 2.000 1004 Oct 100% Oct
102% 10215 20 000 10134 Jan 103
June
June
10731 107% 103
74.000 99
June 112
99
98% 99
47 000 96 June 99% Jan
101%
10144
1014
99%
101%
97
10131
99%
10331
101%
199 000
61 000
122 000
13 000
4 000
10 000
12 000
2 000
16 000
42 000
9644
974
100(4
96 4
101%
9431
0031
90
100
104
Jan
Jan
Sept
Sept
Jan
May
Jan
Sent
Mar
Sept
101% Oct
102
Oct
102
Oct
100
June
Sept
102
Jan
10544 Oct
094 Oct
111
Sept
105% Feb
9841
91
94
92
97
97%
10054
10014
985-4
9931
10834
10031
94
10031
9341
97
9331
101
1004
993
,
1
994
111
81 000
13 000
31 000
15 000
3 000
75 000
12 000
64 000
40 000
25 000
73 000
98
91
98
91
RR
94
9941
99
954
984
9741
July
Oct
July
Oct
Jan
Slay
May
.lan
June
Oct
Jan
10'2
9441
102
9441
103
99
101
100%
c9831
9841
119
Sept
Oct
Oct
Oct
Oct
Sept
Sept
Sept
Oct
Oct
Aug
9
335
10751
94
100
10034 10034
9-231 9934
9434
99)4
10314
704
111% III
9
914
10731
95
100%
1014
933
4
9534
G"'4
10334
71
1114
1 000 984 June 10134
4 000 1073( 0 t 1104
63 000 92
July 98
18 000 9941 Jan 101
69 000 93
Jan 103%
13 000 89
June 9444
14.001) 93% June 99
31 000 99
SO, t 103
2 000 103% Oct 103%
4 000 6054 Jan 8931
2 000 1094 Mar 112
Aug
July
Apr
May
Apr
Oct
Jan
Apr
Oct
Mar
Jan
10454 101
10134
10141 101
98%
109%
96%
101
903.1
100%
101% 104%
981i
99
9234
99
100%
1004
984
9941
110
95
9734 8904 9731
101
1004 101
101
101
101
101
101
10014 100% 101
10035 10044 101
101
10044 101
1004 101
10044 Int
101
1004 10044 100%
1003.4 10044 101
1004 t00% 101
101
100% 10114
1004 100% 101
103% 103%
9441 94 1'9431
0031 9931
90
92
0441 9645
9731
97
97
99% 9941 100
10131
10144 101
9731 98
219 000 896% Oct 99
July
6 000 993.4 June 102
Feb
13 000 0914 June 102
Feb
17 000 9841 July 103
Jan
7 000 97% June 103
Feb
13 000 974 June 11)3)4 Apr
7 000 974 June 10334 Apr
5 000 9714 June 10354 Apr
26 000 97'4 June 103 g May
7 000 974 June 1034 May
24 000 9734 June 103
Feb
29 000 97
June 103
Jan
6 000 97
June 104
Star
13 000 97% June 104 54 Mar
5 000 1013 Jan 104
Apr
4
291 000 9444 July 9431 Aug
2 000 08-4 Sect 9941 (Set
20 000 803 July 111% Feb
4
3 001 9331 Aug 100% July
22 000 9144 Apr 99
Oct
161 000 96 14 June 100
Oct
19 000 9834 Mar 102% July
8,000 96 June 99
Jan
Foreign Government
and Municipalities
&grim! Mtge Bk Rep of Col
20-year sink fund 7s 1946
20
-year 7s_ __Jan 15 1947
20-year 68._ .Aug 1 1947
Baden (Germany) 78_ .1951
Bank of Prussia Landowners Assn 6% notes..1030
Brazil (U 9)6455 Oct 15 '57
Brisbane (City) 58- -1957
Buenos Aires(Prov)740 '47
1936
7s
1952
7s
Cent Bk of German State &
Prov Bks 1st 68ser A1952
Danish Cons Muni,548'55
Danzig P & Waterway Bd
External s f Ggs _1052
Denmark (King'm)540'55
1970
6s
German Cons Mimic 78 '47
Hamburg (State) Ger 68'46
Hungarian Land Mtge Inst
1961
730 series A
Indus Mtge Bank of FinI'd
1st tntge cull s f 75..1944
Medellin (Colombia) 7s '51
8s
1948
Mendoza (Prow) Argentina
740
1951
Montevideo (City) 6s_1959
Mtge Bk of Bogota 78_1947
Mtge Bank of Chile 68.1931
Mtge 13k of Jugoslavia 78,57
Neth'ds(KIng'm)6s 11 1072
Nuremt erg (City)68..19.52
Peru (Republic of) 78_1959
Poland ((tepub) 7s.. 1947
Prussia(Free State)640'51
EMI 68 (of '27)Oct 15 '52
Rio Grande do Sul (State)
Brazil est 78(of 1927)'66
Esti 817s (of 10271.1967
Russian Govt 648_ _1919
6415 certificates....1919
5%a
1921
540 certificates... _1921
Santa Fe (City) Argentine
Republic WI 78... _1945
Saxon State Mtge Inv 78'45
1946
6158
Serbs Croats & Slovenes
)
Gang ext sec'laser 11 '62
Switzerland Govt 5%9.1929
98%
92
99%
9834
9941
92
99%
96
92%
9441
100
100
94%
99
9734 97
96%
92%
313 000
99
90
76 000
921-4 2 000
9931 10 000
96%
923(
04%
100%
99%
97%
9431 0431 95
100
100 100
9635 9034
101
100% 101
10134 100% 102
99% 9041 100
95' 95%
95
903.4 100
953(
9641
924
98
Mar 99%
Apr 9944
Oct 924
June 10231
Oct
Oct
Oct
Jan
53 000
97 000
2 Ono
59 ono
33 000
63 000
94%
92%
03
0731
954
94%
June 99% Mar
Oct
Oct 93
June 96% Mar
Jan 100% Aug
Jan 9934 Oct
Sept
Feb 99
59 000
28 000
1)4% Aug 0641 Aug
9741 Jan 100% Oct
49 000 00
Aug 90% Sept
57 Ono 9931 Jan 10231 Aug
Apr
Mar 102
35 000 100
Jan
100 000 9831 June 102
Oct 99% Apr
87.000 95
8,000
97
June 101
Mar
Jan
1004 1004 10031 3 000 9931 Jan 102
Feb
July 96
934 31 000 91
93% 93
1034 103% 6,000 10231 June 1054 June
0635
93
92
9631 9731
93
933
1
92%
92
96% 9631
11641 8741
883.4
107 107
94
91 8944
97% .973' 944
9244
9231 92
9841 98%
9644 96%
39 000 95 June 994
35 000 914 July 0444
24 000 914 Sept 0534
July 904
If) 0110 94
201 000 82 June 9244
5 000 10531 Sept 109
77 000
Oct94
e0511
FO 000 95% May 102
35 000 92
Oct 9214
119 000 96 June 10014
12,000 94
Oct 9644
973' 89 000
96% 31 000
18
87 000
19 125 000
18
27,000
29 000
18
9731
96%
16%
16%
16%
16%
9734
,
9611
1535
1.534
164
154
93%
934 .94% 12 000
99% 100% 28 000
97% 9741 5.000
96
00
12
1144
1134
12
July
Aug
June
July
July
June
9834
07%
2034
2014
2034
2044
Jan
Feb
Aug
Feb
Apr
Jan
Oct
Sept
Oct
Feb
Oct
Jan
June
Sept
Sept
Sept
Sept
91% June 95% May.
9944 Apr 102)4 Feb
Sept
9631 June 101
8815 88
89% 427 000 86
101% 101% 102
27 000 101
June 9231 Apr
July 10214 Sept
• No par value. k Correction. I Listed on the Stock Exchange this week, where
additional transactions will be round. to Sold under the rule. • n Sold for cash.
r Amer. Cigar corn. Is ex•33 1-3% stock My.; sold at 14.834 on Jan. 3 1027 with
stock dividends 011. a ()taloa sale. I Ex ruins and bonus. u Cumberland Pipe
Line ex special div. of 33% and regular dlv. of 2%. w When issued. z Ex dly.
y Ex rights. z Ex-stock div. p $5.000 Midwest Gas 78 sold at 101 on Sept. 7
cunder the rule." a Sales of National Power & Light pref. were made on Sept. 30
at 1094 "under the rule."
Sale of American Power & Light pref. on Oct. 14 at 1074 "under the rule."
c Sale of Texas Power & Light 55. 1956. on Oct. 14 at 9934 "under the rule."
d Piggly Western elks. A sold on Oct. 17 at 2544 "under the rule."
e Nuremberg 66 sold Oct. 17, $1.000 at 96 for cash.
UHL Pow.& L.540, 1947,sold Oct. 21 $38,000 at 9454 "under the rule,"
butestuxent mut
Xrøa
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the second
week of October. The table covers 8 roads and shows
2.88% decrease over the same week last year:
Second Week of October.
1927.
Buffalo Rochester & Pittsburgh__ __
Canadian Pacific
Georgia & Florida
Minneapolis & St Louis
Mobile & Ohio
St Louis Southwestern
Southern Sty System
Texas & Pacific
Total (8 roads)
Net decrease (2.88%1
1926.
$360,108
4,648,000
' 35,500
332,756
389,159
543,300
3,987,416
807,040
Increase.
$384,530
4,644,000
42,500
353,181
394,50C
623,346
4,160,906
830,937
Decrease.
$24,422
$4,000
7,000
20,425
5,341
80,046
173,490
23,897
$11,103.279 $11,433,900
$4,000
$334,621
Crin A21
In the table which follows we also complete our summary
of the earnings for the first week of October:
First Week of October.
1927.
1926.
Increase.
Previously reported (9 roads)
$16,003,525 $16,654,600
Duluth South Shore & Atlantic._ _ _
88,226
107,071
Georgia & Florida
34,300
42,600
Mineral Range
3,924
3,910
Nevada-California-Oregon
11,832
9,223
Total (13 roads)
Net. decrease (4.01 7.1
,
Decrease.
$651,075
18,845
8,300
$14
2,609
$16,141,807 $16,817,404
$2,623
$678,220
67A Acii
In the following table we show the weekly earn'ngs for
a number of weeks past:
Current
Year.
Week.
1st
2d
3d
4th
let
2d
3d
4th
1st
2d
3d
4th
let
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d
4th
let
2,1
Previous
Year.
$
14,995,998
15,453,141
15.190.382
22,052,923
15,204,434
14,742,573
14,590,611
19,895,469
15,252,550
14.872.278
14,552,518
20.444,541
14.674.637
14.637,922
14.923.185
20,190,921
14,345.693
14.389,046
14.414,724
13.239.045
14,138,182
14.932,688
15.091,947
22.276.734
15,183,418
15,306.827
15,644.304
22,053.886
16,141,807
week Mar.(13 roads)
week Mar.(13 roads)
week Mar.(13 roads)
week Mar.(13 roads)
week April (13 roads)
week April (13 roads)
week April (13 roads)
week April (13 roads)
week May (13 roads)
week May (13 roads)
week May (13 roads)
week May (13 roads)
week June (13 roads)
week June (13 roads)
week June (12 roads)
week June (13 roads)
week July (13 roads)
week July (13 roads)
week July (12 roads)
week July (12 roads)
week Aug. (13 roads)
week Aug. (13 roads)
week Aug. (13 roads)
week Aug. (13 roads)
week Sept.(13 roads)
week Sept.(13 roads)
week Sept.(13 roads)
week Sept.(13 roads)
week Oct. (13 roads)
nr.mr (let f A pn9f191
11 192 970
Increase or
Decrease.
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the class A roads in the country, with a total
mileage each month as stated in the footnote to the table.
Net Earnings.
Month
1926.
1925.
Increase or
Decrease.
1926.
1925.
Increase or
Decrease
$
Sept.. 588.945,933 564.756.924 +24,192019 191,933.148 176,936,230 +14,996,918
Oct.. 604.052.017 586,008.436 +18,043,581 193,990.813 180.629.394 +13,361,419
559,935,895 531.199,465 +28.736,430 158,197.446 148.132,228 +10.065,218
Nov._
Dec.- 525.411.572 522.467.600 +2.943.972 119,237,349 134.504,698 -15.267,349
1927.
1926.
1927.
1926.
Jan __ 485.961.345 479,841,904 +6.119,441 99.428,246 102,281,496 -2,853,250
467,808.478 459.084.911 +8,723,567 107.148.249 99.399.962 +7.748,287
Feb
Mar__ 529.899.898 529.467.282
+432.616 135.691.649 134.064.291
+627,358
April. 497.212.491 498.677.065 -1,464.574 113,643.766 114.417.892
-774.126
May _ 517,543.015 516.454,998 +1,088,017 126.757,878 127.821,385 -1.063.507
June. 516,023.039 539,797,813 -23,774,774 127.749.692 148,646.848 -20.897.156
July__ 5(18,413.874 558.710.035 -48.297,061 125,438.334 160,874.882 -35.436.548
Aug.. 558.406,662 579,093.397 -22,686,735 164,013,942 179.711.414-15.697,472
-Percentage of increase or decrease in net for above months has been
Note.
1926-Sept., 8.48% Inc.; Oct.. 7.35% Inc.; Nov., 6.79% Inc.; Dec., 11.36% Inc.
1927-Jan., 2.79% dec.; Feb., 7.80% Inc.; March, 1.21% Inc.; April, 0.67% dec.;
May, 0.83% dec.: June. 14.07% dec.; July, 22.03% dec.: Aug.. 8.73% dec.
In Sept. the length of road covered was 236,779 miles in 1926, against 235,977
miles in 1925; in Oct.. 236,654 miles. against 236,898 miles; In Nov.. 237,335 miles.
against 236.369 miles; In Dec.. 236,982 miles. against 237,373 miles. In 1927
Jan., 237,846 miles, against 236.805 miles in 1920; in Feb.. 237,970 miles, against
236.870 miles In 1926: in March, 237,704 miles, against 236,948 miles in 1926:
in April, 238.183 miles, against 237,187 miles in 1926; in May. 238,025 miles,
against 237,275 miles in 1926; In June, 238.425 miles. against 237.243 miles in
1926: in July, 238.316 miles, against 237,711 miles in 1926: in Aug., 238,672 miles.
against 237,824 miles in 1926.
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross and net earnings for STEAM
reported this week:
railroads
-Grossfrom Railway
- -Net from Railway- -Net after Tare.
1927.
1926.
1927.
1926.
1926.
1927.
Central Vermont
808,266
September _
781,679
From Jan 1_ 6,836,905 6,739,145
Chesapeake & Ohio•
August _ _ _ _12,332,826 11,874,371
From Jan 1_90,699,704 86,265,468
Fonda, Johnst & Gloversv90,375
92,466
September _
869,977
907,933
From Jan 1_
City Southern
Kansas
September _ 1,994,890 1,916,800
From Jan 1_16,605.608 16.555,794
New Orleans Ot Nor
321,612
274,125
September _
From Jan 1_ 2,472.933 2.362,647
Cent Amer
Internal Rys of
487,785
452,200
September _
From Jan 1_ 5,320,294 5,337,611
237,890
1,324,857
200,077
1,084,182
218,334
1.149,816
181,046
912,210
4.655,986 4,191,360 3,853,123 3,430,449
29,605,919 26,126,132 23,794,101 21,236,863
31.965
274,395
31.680
311,363
662,321
754,915
5,603,858 5,691,724
107,304
754,191
80,247
737,612
94,225
136,785
1,981,044 2.160,191
24.125
203,835
23,840
240,803
626,390
537,809
4,470,283 4,568.854
86,182
601,618
64,181
L67,779
2257
-Grossfrom Railway- -Net from Railway- -Net after Tares
1926.
1927.
1927.
1926.
1927.
1926.
$
$
$
$
$
$
Minn St P Ss SS Marie System
51,862.100 5E182,036
September _ 5,683.506 4,696,807
65,499,035 54,683,555
From Jan E35.293,611 34,809,429
Minn St P & SS Marie Co
51,495,878 5944.173
September _ 3,766.585 2,965,566
53,815,847 83,172,504
From Jan 1_20,275,503 19,730,552
Wisconsin Central
6366,222 5237,863
September _ 1,916,921 1,731,241
61,683.188 11,511,051
From Jan E 15,018,108 15.078,877
•Corrected. b After rents.
Balance.
Net Income. Fired Char.
$
590.444
Minn St P & S S Marie System
Sept '27 1.862,100
1.271,656
607.947
574,089
Sept '26 1,182.036
5,359.071
139,964
From Jan 1 '27 5,499,035
8.257,863 -576.308
From Jan 1 '26 4,683.555
400,878
1,095,033
Minn St P Sr S S Marie Co
Sept '27 1,495,878
388,822
555.351
944,173
Sept '26
231.178
3,584.669
From Jan 1 '27 3,815,847
3.585.700 -413,196
From Jan 1 '26 3,172.504
189,599
178,622
Wisconsin Central
366,222
Sept '27
219.135
18,728
237,863
Sept '26
--91.21$
1,774,403
From Jan 1 '27 1,683,188
1,674.162 --163,111
From Jan 1 '26 1,511,051
Electric Railway and Other Public Utility Net
Earnings.
-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
-Gross Earnings- -Net Earnings
Current
Pre-iotts
Current
Pre'tour
Year.
Year.
Year.
Year.
$
$
$
$
National Pow & Light Co_c_Sept 3,113,999
2.789,859 *1,217,211 *1,122,081
12 months ended Sept 30_ _ _ _ 36,254,255 32.699,152 *14,327,551 *12,907,595
* After taxes. c Earnings of subsidiary companies only.
%
$
$
14,308,298
+687,700 4.81
14.781,223
+671,918 4.55
14,973,426
+216,956 1.45
22,226,451
-173,528 0.78
15,166.695
+37,739 1.00
14,402,687
+339,886 2.42
14,241,283
+349.327 2.44
18,769,562 +1,125.906 600
14.306.734
+945,816 6.61
15,103,054
-230,776 1.53
15.179,524
-627.007 4.14
21,344.342
-899,801 4.22
15,168,759
-494,123 3.25
15.244.341
-606,420 4.00
15,384,889
-461,704 3.00
20,377,221
-186.300 0.92
15,229,606
-883.913 5.81
14,585,974
-196.928 1.35
14.660,546
-245,822 1.67
15,025.966 -1,786,921 11.89
15,019,916
-881.733 5.86
15,366,857
-434,169 2.82
-455,558 3.00
15,557.505
21,502,193
+774,541 3.57
15.164,097
+19.322 0.13
-201.265 1.21
15.508,092
16.950.922 -1.308.817 7.71
23.859.874 -1,805.988 7.57
16,817,404
-673,59 4.01
11 &IQ onn
-229501 925
Gross Earnings.
ntUjcnce.
Gross
Earnings.
Brooklyn-Manhattan
Sept '27
Transit
'26
3 mos ended Sept 30'27
'26
Brooklyn City RR
Sept '27
'26
3 mos ended Sept 30'27
'26
Central Illinois Light
Sept '27
Co
'26
12 mos ended Sept 30'27
'26
Columbus Electric &
Aug '27
Power Co (,1( Subs)
'26
12 mos ended Aug 31 '27
'26
Community Pr de Lt Co Sept '27
'26
12 mos ended Sept 30'27
'26
Consumers Power Co Sept '27
'26
12 mos ended Sept 30'27
'26
Detroit Edison Co
Sept '27
'26
9 mos ended Sept 30'27
'26
Eastern Massachusetts Sept '27
Street Railway
'26
9 mos ended Sept 30'27
'26
Hudson & Manhattan Sept '27
'26
9 mos ended Sept 30'27
'26
Illinois Power Co
Sept '27
'26
12 mos ended Sept 30'27
'26
Interboro Rap Transit Sept '27
'26
3 mos ended Sept 30'27
'26
Kansas City Power
Sept '27
& Light Co
'26
12 mos ended Sept 30'27
'26
Market Street Sty Co
Sept '27
12 mos ended Sept 30'27
New York Railways
Sept '27
'26
9 mos ended Sept 30'27
'26
Northern Ohio Power
Sept '27
& Light Co
'26
9 moa ended Sept 30'27
'26
Ohio Edison Co
Sept '27
'26
12 mos ended Sept 30'27
'26
Phila.& Western Sty Co Sept '27
'26
South Calif Edison Co Sept '27
'26
9 mos ended Sept 30'27
'26
Southern Indiana Gas Sept '27
& Electric Co
'26
12 mos endedSept 30'27
'26
Tennessee El. Pr Co
Sept '27
'26
12 mos ended Sept 30'27
'26
Net after
Tares.
Fired
Charges.
Balance,
Surplus.
494,678
3,877,889 *1.159.766
685.087
3.671,448 *1,138,208
652.224
485.985
11.691,318 *3.256,162
1.985.554
1,270.608
11.673,905 *3.684.971
1,732,554
1,952,416
107,773
*955,407
151,936
44,063
101,763
:946.335
46,594
148,357
*2;277,011
360.341
225,873
134.468
*2,818,785
141,026
268,009
409,035
335,413
125,272
326.573
123,266
4,359,009
447,909
1,296,493
1,774.852
4.112,438
1,635.483
467,549
1,167,934
133,532
362,430
*210,510
76,979
78,373
297,907
•156.198
77.826
1.388,669
4,077,633 *2.291,507
902,838
794,069
634.644
3,435,746 •1.428.713
405,142
171,511
391.159
170,522
1,108,559
564,400
1,672,959
4.222.224
564,400
929.074
4,011,118
1,493,474
1,033,741
2,205,293
949,976
2,023,654
2,537,164 10.171,410
26,149,681 12,708,575
8.599.483
2.642.224
23,330,227 11,241.687
e442,889
887,229
3.589,586 *1,130,118
6351,531
620,576
*972.107
3,465,779
32.730.895 *10,540.999 e3.745.188 8.786.812
6,870.292
30,545,213 *9,937,032 63,066.739
27.730
174,99)
147.260
733,937
20,824
185,992
734,178
206,818
574,108
1.964.055
7,060,558
2.538,183
2,051,634
550,892
2,602,526
7,107,837
492,142
335.792
156,350
1,013,267
335.861.
989,380
488,499
152,638
1,510,744
9,324,446
3.023.244
4,533.988
9,071.250
4.553,620
1.431,841
3,121,779
185,472
39.07S
185,790
47.895
2.621,764
798.921
389,913
407,008
2,586,172
387,087
427,490
814,577
5,279,547
1,831,170
1,152,243
6283.349
4,811,437
1,678,386
1,142,170
5140,443
15,159,584
4,655,411
3,457,055 51,198,356
13,345,856
3,176.321
3,428,845 -4250,524
1,013,115
474,562
361,916
112,646
840.794
430.754
329,334
101,420
11,994,281
5,999,618
1,297.398
4,702.220
10,709,581
5,628,032
1,244,053
4,383,979
810,642
70,622
54.974
*125,596
9,842,536 *1.729,522
871,587
857,935
34,584
594,862
*115,057
'
80,473
51,730
602.295
*132,397
80.667
5,188,056
*856.498
754,040
97.456
302.933
5.413,879
*962,480
659,547
143,465
163,931
307,396
1,012,771
101,360
1,001,809
241,434
140,075
2,732,911
1,264.232
1,468,679
9,277,473
914,485
2,161,434
1,246,949
8,889,136
148,761
73.106
139.068
58.437
820,875
70,587
758,288
1,905,576
660,878
1,766,672
743,403
82,526
130,221
k14,359
71,339
15,863
75,275
k15,951
18,307
134.258
2,856,852
1.830.580
463,110
1,367,470
2.488,942
1,669,443
589,498
1,179,947
22,791,005 15,630,371
4,478,313 11.152.058
20.266.131 13,501,226
4,366,888
9,134,338
98.971
236,926
226,034
90,689
3,022.069
1.276.048
357,481
918.567
2.836.716
399,910
776,219
1.176.130
1,037,026
422,097
992.435
447.533
3.479,011
12,406,318
5.734,793 32,255,782
3,229,221
11,920,259
5,461.855 n2.232,434
•Includes other income. b After rentals. e Includes amortization of debt discount expenses. J Before taxes. k Includes taxes. p Includes dividends on preferred stock of Nashville Sty. & Lt. Co. not owned by Tennessee Else. Power Co.
FINANCIAL REPORTS
Financial Reports.: An index to annual reports of steam
railroads, public utility and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Sept. 24. The next will appear in that of Oct. 29.
2258•
THE CHRONICLE
Indian Motocycle Company.
• (Annual Report-Year Ended Aug. 311927.)
President Claude Douthit,Springfield, Mass., Oct 6, wrote
in substance:
Sales.
-The decrease in total sales for the year just ended is due primarily
to preferential tariffs in the British Dominion which favor the English
manufacturer, and also to increased tariffs in some other countries. It is
hoped that this will be offset, in the future, by added effort principally
through direct representation in foreign countries, a policy which has already been put into effect.
Inventories.
-The item of $1,177,693 represents materials, raw, finished
and in process, in the factory and finished product in warehouses. The
items making up the inventory are priced at cost or market, whichever
Is lower, and further proper but material deductions have been made in
the case of partial and total obsolescence. The increase over that of the
previous year is due primarily to the acquisition of the Ace motorcycle
which was purchased from the Michigan Motors Co., Jan. last. It is the
confident expectation of the management to reduce this inventory through
increased efficiency in material control but without hampering production.
Investments.
-During the year just ended company's investments in the
stock of the Wire Wheel Corp. of America, which stock was held both by
the Indian Motocycle Co. and the Indian Acceptance Co., has been exchanged in accordance with the reorganization of the Wire Wheel Co.,
and the combined holdings of these two companies are now 945 shares of
prefened stock, 945 shares of class A stock, and 2,278 shares of common
stock. The present market value of this stock is far in excess of its value
as carried on our books.
-Present plans provide for not only a continued inGeneral Remarks.
tensive effort to efficienctly increase motorcycle and kindred product sales
but also for sales in other lines. The Indian Shock Absorber was placed
on the market Sept. 15, and it is hoped that it will add materially to the
volume of our sales and profit of our operations.
INCOME ACCOUNT FOR YEARS ENDED AUGUST 31.
1924.
1927.
1925.
1926.
Sales less returns& allow. $3,689,061 44,037,441 $4,286,866 $3,757.880
Cost, expenses, &c
3,249.686
3,662,146 3,910,728 3,476.945
Operating profit
Maint. E. Springf. prop_
Depreciation
$439.374
168.052
$375,295
6,232
157,069
$376,138
10,297
163,928
$280,935
14,044
178,880
Net ineome for year__
Previous surplus
Change of cap. stk.from
par to non-par. & red.
of good-will
$271,323
1,170,308
$211,994
1,190,696
$201,913
1,086.793
$88,012
1,073.929
200,000
[VOL. 125.
an increase of 2,521 for the same period. Reports also showed 12,789 surplus stock cars, a decrease of 1,237 cars below the number reported on
Sept. 30. while surplus refrigerator cars totaled 3,707, a decrease of 1,226
for the same period.
Matters Covered in "Chronicle" Oct. 15.-(a) Gross and net earnings of
United States railroads for the month of August, p. 2028. (b) Revenue
freight car loadings large, but below last year, p. 2042.
Canadian Northern Ry.--Debenture Stockholders May
Accept Offer.
The Montreal "Gazette" Oct. 18 had the following:
It was announced at the headquarters of the Canadian National Ry.
Oct. 18 that Nov. 15 has been named for the meeting of stockholders of
the Canadian Borthern By. 5% income debentures, at which it is expected
that the offer of the railway management to redeem the stock will be
accepted.
This meeting will be held in London, and proxies have been mailed
the holders of the stock. With the proxies was an outline of the plan
of arrangement that has been suggested and a recommendation to the
stockholders by the Dominion Securities Corp., Ltd., and Wood, Gundy
& Co., Ltd., in favor of acceptance. "Having retard to all the circumstances," saud the recommendation of the Canadian financial houses.
"and to the fact that the proposed payment will be two years earlier than
the date of maturity, we have no hestiation in recommending that stockholders accept the scheme and support the resolutions to be submitted
at the meeting. The offer is also recommended by Sir Robert KindersleY.
of Lazard Brothers & Co., Ltd., and E. R. Peacock of Baring Brothers &
Co., Ltd., of London.
The committee in London representing the stockholders, and composed
of Sir Gilbert Garnsey (of Price, Waterhouse & Co.), Sir Walter John
Napier, Sir John Keane, and Sir George Peters, with Alfred Barnard
as Secretary, has already accepted the plan of settlement, as well as the
trustees for the stockholders in Great Britain, the British Empire Trust
Co.. Ltd.
The amount of these debentures outstanding is approximately $25.000,000 and no interest has been paid upon them since 1914, during which
time they have been the subject of continuous controversy, which has
been considered detrimental to Canadian credit among British investors.
The debentures become payable, at par, in May 1930, but under the plan
suggested, they are to be retired in May 1928 at 94. When the arrangement arrived at between the stockholders' committee and the management of the railway has been ratified by the holders of the securities, the
plan will await the endorsation of the Dominion Parliament. The terms
of settlement have, however, the approval of the Canadian Government,
who have notified the trustees to that effect.
-V. 125, p. 1966.
Chicago Milwaukee & St. Paul Ry.-Bondholders Ask
Review.
--
Edwin C. Jameson and other members of the bondholders' defense committee
Total surplus
$1.441,631 $1,402,690 $1,288,706 $1,361,941 Court in the reorganization of the road, Oct. 19, asked the U. S. Supreme
to review the reorganization plan approved by the lower Federal
Adjust, of depr.for prior
courts.
years
y49.096
Representing about $18,000,000 of the bonds ofthe railroad,the committee
London branch ad.1Cr.1,948
protested against the failure of the lower courts to place any limitation of
Res. for Fed. inc. tax__ _
15,000
to deposit
London branch loss
59,942 time on the reorganization managers In terminating the option to the dierefunding bonds and take new bonds, leaving that matter open
Red. to market val. of
creation of the Federal District Court.
Wire Wheel stock_
26,942
They asserted that the reorganization plan failed to recognize their rights
Prov.for adj.inv.& prop.
at East Springifled_
125,000 in relation to stockholders, and objected to the use of $5,000,000 of the
earnings of the property in meeting certain expenditures.
London sale of mach: at
Former Senator Irvine Lenroot, of Wisconsin, is now counsel for the
41,485
East Springfield
Jameson group. Former Governor Nathan L. Miller was the counsel for
Loss on sale cap. stk.
the committee at the outset, and later he was succeeded by Col. Anderson.
27,870
Wire Wheel Corp_
63,264 -V. 125, p. 1466, 1703.
52,500
54,512
56,525
Preferred dividends(7%)
150,000
150,000
Erie RR.
-Files Protest on Tentative Valuation.
Common div.($1.50)
-S. C. Commission a protest against the
The company has filed with the I.
$1,176,982 $1,170,308 $1,190,696 $1,086,793 latter's tentative valuation of its properties in which it objects to the
Surplus, Sept. 1
Earns. per sh. on 100,000
finding of a valuation "for rate-making purposes.
$0.24
$1.57
$1.45
$2.03
shs. of no par com.stk.
The company states that "if it is the.Commission's intention to set up
x Includes London branch net income of $1,673. y To agree with basis values for purposes other than for rate-making, such valuations should be
established by the U. S. Treasury Department for Federal income tax made and served concurrently with the tentative valuation for rate-making
Depreciation charged for the year ended Aug. 31 1927 Is in purposes," and that "the serving of a tentative valuation for but one of
purposes.
accordance therewith.
a tentative valuation for but one of several purposes is an erroneous conception of the intent of the Valuaction Act."
COMPARATIVE BALANCE SHEET AUGUST 31.
The company does not state a figure representing its total claim, but as
1926.
1927.
1927.
1926.
Assetsagainst the figure of $274.817,794 for cost of reproduction new of the
Land & buildings_ a$542,181 $557,099 Preferred stock_ _ _ $750,000 $750,000 property owned or used, exclusive of land, in the Commission's tentative
764,289 Cora. stock & surp.x5,176,982 5,170,308 report, the company sets up a claim for $295,572,875, an increase of
Mach'y & equip__ *0393,919
64,669 $20,755,081.
48,701
2,500,000 2,500,000 Res've for conting_
Goodwill, &c
6,617
11,825
290,307
324,933 Acceptances pay'le
Investments
"The Valuation Act," it says, "requires the Commission to ascertain and
158,044 report the value of all property owned or used by company. Notwith563,597 Accounts payable_ 187,315
y489,916
Cash
21,191
6,093 Customers' depos.
Notes rec. (trade)
standing this requirement, the tentative valuation omits certain property
5,501 which the Commission assumed or concluded should
and advances_ _
Notes & accts. rec.
included in a
24,125 valuation for rate-making purposes only. It is of not be
33,185
Wages payable_ _ _
(Indian Accept.
vital importance to
15,000
141,706 • 120,000 Res. for Fed. taxes
Co.)
protestant and a requirement of said Act, that each of the valuations for
27,871 each of the purposes suggested by the Commission or required by the Act
28,794
333,871 Accrued taxes_ _
Ace-Is rec. (trade) z394,870
75,877 as purposes for which 'value' may or shall be found, shall definitely set
73,247
3,199 Liab.for corn. stk_
Due from branches
1,177,693 1,034.052
Inventories
forth, separately, all of the items or factors included therein, that it shall
73,247
75,877 ,
Com,stk. acquired
include all of the property of protestant, and that all of the said several
valuations be published simultaneously, in order that there may be no
$6,325,029 $6,283,011 misunderstanding by protestant, or the courts, or the public." ("United
$8,325,029 $6,283,011
Total
Total
a After depreciation of $229,777 on land and buildings and $894,633 States Daily."). See also V. 125, p. 1704, 1833,
on machinery and equipment. x Common stock represented by 100,000
-Bonds Called.
Est RR. Co. of France.
shares of no par value. y Including $50,441 cash in bank subject to trustee
There have been called for redemption on Nov. 1 next $121,000 7%
writ. z After deducting $78,191 reserve for doubtful accounts.
gold bonds, due
Note.
-On Aug. 31 1927 there were unmatured foreign drafts, undei external sinking fundoffice of Dillon,Nov. 1 1954 at par and int. Payment
Read & Co., fiscal agent, Nassau &
will be made at the
discount, aggregating $296,867.-V. 125, p. 1889.
-V. 122, P. 2489.
cct to trsuteewrit. z After deducting $78,191 reserve for doubtful account Cedar Sts., N.Y. City.
1927 there were unmatured foreign drafts,
-On Aug. 31
Note.
Great Northern Ry.-To Build Extension Into Montana.
under discount, aggregating $296,867.-V. 125, p. 1589.
President Ritlph Budd has announced thatin all probability the$2,000,000
proposed extension in Montana will be constructed next summer. "Subject to the approval of the Montana RR. Commission and the I.
-S. C.
Commission and with the co-operation of the communities along the line.
GENERAL INVESTMENT NEWS
I believe that construction of the new line from Saco or Beaverton to
Turner, Mont., will be authorized and the construction completed in time
to move the 1928 crop," Mr. Budd said. "The co-operation required of the
• STEAM RAILROADS.
communities along the proposed line will consist of making it possible for
-Present the Great Northern Rh. to acquire the nexcessary right of way without
Baltimore & Ohio RR. Shopmen Demand 25% Wage Increase.
12 miles
wage is 76c. per hour. Increase would make it 933%c. per hour. "Journal cost except for the first in such aand that active assistance be given our
colonization department
manner that prices of the land will not
of Commerce," Oct. 15.
di
'
'
ehe p iopos or pneh active. ng
Engineers on Canadian Pacific, Canadian National and Other Canadian beTxorbrtanted liro.lbieor
to tentative plans, will run northwest from
are given 5% wage increase, retro-7.000
Roads Receive Wage Increase.
the main line at Saco or Beaverton to a point about 30 miles north of the
active to July 1. -Wall Street Journal," Oct. 15, p. 6.
Repair.of Locomotivm-A new low record in the number of locomotives mainline. It will then run directly west paralleling the main lino to Turner,
-V. 125, P. 1456..
of this a total distance of about 80 miles.
in need of repair was established on Oct. 1 this year by the railroads
country, the Car Service Division of the American Railway Association
Huntingdon & Broad Top Mountain RR. & Coal
of locomotives in need of repair on that
announced. The total number
day, according to reports filed by the carriers, was 8,345, or 13.6%, of the Co.
-Notes.number on line. This was a decrease of 157 locomotives under the best
C Commission on Oct. 6 authorized the company.to issue
previous record established on Sept. 1 this year, at which time there were $49.535 of promissory notes in lieu of a like amount of promissory notes
8,502, or 13.9%. The number of locomotives in need of repair on Oct. 1 heretofore issued without authorization in connection with the procurement
compared with the number of such locomotives on of equipment.
was a decrease of 618
-V. 124. p. 1062.
Sept. IS, at which time there were 8,963, or 14.7%. Locomotives in need
Lake Superior & Ishpeming RR.
of classified repairs on Oct. 1 amounted to 4,484, or 7.3%, a decrease of
-Stock Dividend
in need of running
265 compared with Sept. 15, while 3,861, or 6.3%, were
The company has been authorized by the I.-S. C. Commission to issue
repairs, which was a decrease of 353 compared with the number of need $2;856,000 capital stock, to be distributed to its stockholders as a 200%
of such repairs on Sept. 15.
stock dividend. Commissioner Eastman dissented.
Class 1 railroads on Oct. 1 had 5,720 serviceable locomotives in storage
The text of the report says in part:
The applicant's stockholders have
compared with 6,031 on Sept. 15.
capital stock
on Oct. 1 totaled from 15,000 shares to 43,000 sharesauthorized an increase of the directors
-Freight cars in need of repair
Repair of Freight Cars.
(par $100 a share) and
137,571, or 6% of the number on line, according to reports filed by the have declared a dividend of 2 shares of common stock Tor each share of the
the American Railway Association. stock outstanding, to be distributed to holders of record as of June 15 1927,
carriers with the Car Service Division of
This was a decrease of 4,340 cars under the number reported on Sept. 15, subject to the approval of necessary public authorities.
The applicant is primarily an ore-carrying road, operating approximately
at which time there were 141,911, or 6.2%. It also was a decrease of 11,507
cars compared with the same date last year. Freight cars in need of heavy 161 miles of railroad on the Lake Superior shore of Michigan. It is concompared
repair on Oct. 1 totaled 100,559. or 4.4%, a decrease of 2,111 37,01.2, or trolled, through ownership of 75.2% of its capital stock, by the ClevelandCliffs Iron Co., from whose mines is obtained the greater portion of the
with Sept. 15, while freight cars in need of light repair totaled
transported.
-V. 124, 13. 3768.
1.6%, a decrease of 2,229 compared with Sept. 15.
freight tonnage
-Class 1 railroads on Oct. 8 had 142 678 surplus Service
Surplus Cars.
Car
Missouri Pacific RR.
-Plans Payment of Accumulated
cars in good repair and immediately available for service, theThis was an
Division of the American Railway Association announced.
there were Dividends on Preferred Stock.
increase of 7,619 cars compared with Sept. 30, at which time increase of
confirming reports of the appointment of a special Committee to
In
135.059 cars. Surplus coal cars on Oct. 8 totaled 42,264, an
the accumulation of $47.50 per share ta diviweek, while surplus box cars totaled 76.647, prepare plans for satisfying
7.459 within approximately a
•
OCT. 221927.]
THE CHRONICLE
2259
dends on the preferred stock William H. Williams, Chairman of the board, actual valuation of the railroads involved in order to determine whether
issued the following statement: "The executive committee has authorized the order of the Commission amounts to confiscation. Counsel charged
the appointment of a special committee to consider in all its aspects the that the recapture order is invalid inasmuch as the Commission has based
matter of the accumulated dividends on the preferred stock and to report its valuation on the "original cost" or "prudent investment" theory and
to the board of directors its recommendations as to the best method of contended that present day construction costs should be considered for
dealing with the situation. Personnel of the Committee will be announced recapture valuation. Several recent decidons of the U. S. Supreme Court
were mentioned to show that the value of a railroad or public utility property
next week."
-V. 125, p. 1967.
must be based upon a consideration of present day costs. Evidence was
valuation
to show that Federal
-J. P. Morgan & also introducedState railroad and publiccourts have upset the which the
Morris & Essex RR.
-Bonds Offered.
utility commission; in
Co. are offering at 85 and int., to yield 4.15%, $9,871,000 decisions of 15
present construction costs had been ignored.
Counsel for the Commission contended that the valuation of the O'Fallon
1st ref. gold mtge. 3y% bonds. Dated Dec. 1 1900; due
of the relevant facts and
an
had taken into
Dec. 1 2000. Unconditionally guaranteed by endorsement, adoption of theaccount all investment" theory since was not actuallyhad
some attention
"prudent
both as to principal and interest, by the Delaware Lacka- been paid to present construction costs. They also advanced the theory
that "value" as used in the decisions of the Supreme Court does not mean
wanna & Western RR.
economic value, but "what is fair." The Court then should find whether
Legal investment. in the opinion of counsel,for savings banks in New York, the valuation amounted t3 confiscation, it was urged, by examining the
Massachusetts, Connecticut and New Jersey. as well as for life insurance ability of the railroad industry to attract capital and its prosperity. The
companies in the State of New York. Int. payable J. & J. in N. Y. City. condition of the railroad stock market was cited as proof of the profitablePrincipal and interest payable without deduction for taxes. Denom. ness of the business. It was also argued by the Commission that a railroad
31,000, registerable as to principal and (by the surrender of all coupons) Is a mere instrument of Government and as such its property is not entitled
registerable as to both principal and interest.
to the constitutional protection which safe guards private property generally.
Issuance.
--Subject to authorization by the I.
-S. C. Commission.
The "obvious intention" of Con cress, as expressed in Section 15a of the
Data from Letter of J. M. Davis, President of Del. Lack. & West. RR. Transportation Act, to subject to recapture only those earnings which
constituted another issue set up
--Proceeds of the sale of these bonds, which have previously should arise under the terms of the Act, a return of 5 4% upon the value
Purpose.
,
by the railroads. Rates sufficient to pay
been held in the treasury of the Delaware Lackawanna & Western RR., of the property in the respective regions have not actually been established
will be used to reimburse the latter company's treasury for expenditures for
They used the facts concerning
additions and betterments to the Lackawanna system heretofore made and by the Commission, counsel declared. district, in which the O'Fallon is
the present level of rates in the Eastern
to defray the cost of similar improvements in the future.
Bonds -These $9.871.000 bonds are issued under the 1st ref. mtge. dated located, as a basis for an attack upon the recapture of the earnings of the
should not
contending
1900, with the Farmers' Loan & Trust Co., N.Y.Trusteeand upon O'Fallon, roads of an that earnings have earned be recaptured excepting
Dec. 1
entire group
the average return contheir sale the entire 335.000.000 of bonds authorized to be issued under the when the
-V. 125, p. 1322.
mortgage will be outstanding in the hands of the public. The mortgage is a templated by Section 15A.
RR., comprisdirect first lien on the entire property of the Morris St Essex
Seaboard Air Line Ry.-Guaranty
ing chiefly the main line of the Lackawanna system from Hoboken, N. J.,
The L-S. C. Commission on Oct. 6 authorized the company
to Phillipsburg, N..1., the Boonton Branch extending from a point on the obligation and liability, as guarantor, in respect of $925,000 of to assume
Baltimore
main line near Hoboken through Paterson to Dover. N. J., and the lands, Steam Packet Co. 5% gold notes.
-V..125, p. 1705.
yards and buildings at Secaucus, Jersey City and Hoboken, N. J., which
system on New York
constitute the tidewater terminals of the Lackawanna
Southern Pacific Co.
-Abandonment of Line.
Harbor. The mortgage covers 125 miles of railroad lines. There are 24
The L-S. C. Commission on Oct.
a certificate
niles of single track, 101 miles of double track, 35 miles of third track and Central Pacific Ry. and the Southern8 issuedCo., lessee, toauthorizing the
Pacific
abandon about
21 miles of fourth track.
Lease.
--The property of the Morris & Essex RR. is leased to the Dela- 20M miles of railroad in Sisldyou County, Calif.
ware Lackawanna St Western RR. for the term of the continuance of the
Valuation Hearings.
former company's charter, and any renewals thereof. Under the terms
The protest of the company to the L-S. C. Commission's tentative
of the lease and of a later agreement, the Delaware Lackawanna & Western valuation of $107,434.000 on its owned properties and of $477.439,910 on its
assumes all the bonds and other debt of the Morris & Essex and also agrees used properties as of June 30 1916, was heard before the Commission on
to pay dividends at the rate of 7%% per annum on the latter company's Oct. 15. Protracted hearings were predicted because of large amount
capital stock, which is outstanding in the amount of $15,000,000.--V. 123, Involved in the valuation of this carrier.
-V. 125, p. 1189, 1049.
D. 2135.
-Valuation Hearing.
New York Central RR.
The I.
-S. C. Commission announces that oral arguments on the tentative
valuation of the New York entral and its subsidiary lines would be held
Nov.30,at Washington,D.C. (See V. 125,P.512,1048).-V. 125,p. 1967.
-Pays Govt.Debt.
New York New Haven & Hartford RR.
The Department of the Treasury announced Oct. 20 that the company
had paid off the following indebtedness to the Government.$43,000.000 note
dated Nov. 1 1920, due Oct. 311930, paid on Oct. 5: $2,000,000 treasury
note dated Feb. 1 1923, due Feb. 1 1933, paid Oct. 13; $1,500;000 note
dated March 11924, due Feb. 1 1933, paid Oct. 13; and $850,000 paid on
account on note of 35,000,000 dated Oct. 15 1921, due Oct. 15 1931. payments made on Oct. 13 and 17. This is a total of 347,350,000.-V• 125.13.
2143, 1833.
Union Pacific RR.
-Vice-Chairman of Finance Committee.
F. W. Charske has been appointed Vice-Chairman of the finance committees of thismompanv and of the Los Angeles & Salt Lake RR., Oregon
Short Line Eli.. and tho Oregon-Washington RR. & Navigation Co. He
has also been elected a director of the Los Angeles & Salt Lake RR. to
succeed the late J. Ross Clarke.
-V. 125, p. 1190.
Western Pacific RR.
-Bonds Offered.
-Clark, Dodge &
Co. and Mahon & Co. are offering a new issue of $2,678,500
1st mtge. 5% gold bonds, series A, due March 1 1946, at
100 and interest.
The bonds are secured by first mortgage, at the rate of less than $32,000
per mile on the entire railroad of the company, extending from Salt Lake
City, Utah to San Francisco, Calif. and branches, aggregating 1.043 miles.
Old Colony RR.
-Stock Authorized.
The mortgage also covers valuable terminal properties, located in San
The stockholders on Oct. 13 authorized the issuance of 9,274 additional Francisco and Oakland. together with certain of the company's rolling stock
shares of stock. If the issue is approved by the Massachusetts Department and equipment.
Available net income in the year 1926 was equivalent to 2.2 times interest
of Public Utilities, it will be sold at public auction and the money used to
reimburse the New York New Haven St Hartford RR. for the cost of charges and for the three years ended with 1926 averaged better than twice
additions and betterments to the Old Colony's property. See also V. 125. such charges. Gross revenues have shown a Consistent increase in every
year since 1921.
p. 1833.
Application will be made to list these bonds on the New York Steck
Paris
-Lyons
-Mediterranean RR.
-Earnings:
Exchange where the balance of the issue is already listed.
-V. 125. P• 1968,
1577.
[In French francs
-Last three figures omitted.]
Calendar Years1926,
1923.
1922.
1924.
1925.
Total revenues
3,689,985 2,803,914 2,396,544 1.955,969 1,806,047
PUBLIC UTILITIES.
Exp. of maintenance_ -2,652,532 2,220.829 1,915.748 1,672,551 1,598,605
a Charges
637,632 525.197 473.433 416.229 403.347
Western Union Telegraph Co. Provides $1,500,000 for Wage Increases to
in main, sub. cosLoss
2,157
3,801
4.439 15,000 Employees Beginning Jan. 1 1928.-New York ''Times," Oct. 19.p.17.
2,206
1,786
Dividends paid
28,000
28,000
28,000
28,000
28,000
bPremiurns for system
Adirondack Electric Power Corp.
-Merger.
22,997
16,065
28.602
and personal
43,857
32,971
See New York Power & Light Corp. below.
-V. 125. p. 1968.
Balance
def51.397def187.609def244.411
sr326,176 def5.290
Adirondack Power & Light Corp.
-Merger.
a Charges (interest, amortization and minor costs) of working capital
See New York Power & Light Corp. below.
-V.125, p. 1458.
and loans less annuities from the Government and various reimbursements
Alabama Power Co.
-Acquisitions.
-V. 120, p. 1087.
of charges. b Contributions,'bonuses, &c.
President Thomas W. Martin announces the consolidation of the Gulf
Pennsylvania Company.
-Tenders.
--Electric Co.and the Houston Power Co. with the Alabama Power Co. The
The Girard Trust Co., trustee, will until Oct. 29 receive bids for the two companies serve a large territory in southern Alabama, including
sale to It of 40
-year guaranteed gold trust certificates. series E, to an Mobile.
-V. 125, p. 1317, 645.
amount sufficient to exhaust $100,000, at prices not exceeding par and
American Commonwealths Power Corp.
-Div. No. 2.
interest.
-V. 124. p. 3766.
The directors have declared a regular quarterly dividend of $1.75 per
Pennsylvania RR.
- share on the 1st pref., series A, stock, payable Nov. 1 to holders of record
-Number of Stockholders Increase.
The number of stockholders increased 374 during September, bringing Oct. 15. An initial quarterly dividend of like amount was paid on Aug. 1
the total on Oct. 1 to 141,938, against 141,564 on Sept. 1 and 140,153 on last.
There will also be paid a regular quarterly dividend of $1.75 per share
Oct. 11926. Since Jan. 1 1927 the list shows an increase of 736. Average
holdings on Oct. 1 were 70.35 shares, against 70.54 on Sept. 1 and 71.24 Nov. I to 2d pref., series A,stockholders of record Oct. 15.-V. 125, p.512.
on Oct. 11926. Foreign holdings on Oct. 1 last totaled 3.69%, an increase
-To Extend
American & Foreign Power Co., Inc.
of 0.03% over a year ago.
-V. 125, p. 2143.
St. Louis & O'Fallon RR.
-Court Refuses Review of
Valuation.
-The St. Louis & O'Fallon and the Manufacturers Ry. were denied the right of a complete court review
of the Federal valuation of their properties, through the
introduction of new testimony, in a decision reached on
Oct. 6 by the.Federal Court at Kansas City, Mo., in a
hearing on the test valuation case of these railroads against
the I.-S. C. Commission. The application for a permanent
injunction to restrain the Commission from enforcing its
order of March 31 directing the payment to the Government
of excess earnings under the recapture clause of the Transportation Act of 1920 was taken under advisement by the
Court after hearing the arguments of both sides on Oct. 5,
6 and 7. It is expected that the Court's decision will be
rendered before Dec. 10, the effective date to which attorneys
for the Commission indicated that the recapture order would
be extended.
Activities in Brazil, Columbia, France and Japan.
---The
stockholders, at the annual meeting on Oct. 18 voted to
extend the company's activities to Brazil, Columbia, France,
Japan and other foreign countries and to acquire the securities of the South American Power Co., a corporation recently organized in Florida. See details in V. 125, p.1968,
1964.
American Natural Gas Corp.
-Bonds Offered.
-G. L.
Ohrstrom & Co., Inc., are offering $10,000,000 6
sinking
fund gold debentures, series due Oct. 1 1942 (with stock
purchase privilege), at 991 and int., to yield over 6.55%.
A
Dated
Oct. 1 1927: due Oct. 1 1942. Principal and int. (A. & 0.)
payable in N. Y. City, Denom. 31.000 and $500 c*. Red., all or part.
on any int. date upon 60 days' notice, at 105 and int. to and incl. Oct. 1
1941: thereafter at par and int. Int. payable without deduction for any
Federal income tax not in excess of 2% which the corporation or trustee
may be required or permitted to pay at the source. Corporation agrees
to reimburse resident holders of these debentures, upon proper appllcation,
for personal property and securities taxes of any State of the United States
or of the District of Columbia, for not to exceed )i of 1% of the prinThe right of intervention in the case was denied by the Court to the cipal amount and Massachusetts income tax not to exceed 6% of the interest
National Association of Railway Commissioners, the National Conference thereon, all as further provided in the indenture. Central Union Trust
on Valuation of Railroads, the Illinois Commerce Commission and the city Co. of New York. trustee.
Stock Purchase Pririlege.-The holder of each $1,000 debenture will be
of Chicago. The three judges sitting in this Court at the time of the
hearing were Kimbrough Stone and Aries S. Van Valkenburgh of the entitled, subject to the redemption of the debenture, to purchase 10 shares
United States Circuit Court of Appeals, and Charles B. Faris of the Federal of common stock of the corporation at the following prices: To and
Incl. Feb. 1 1930. $20 per share: thereafter to and incl. Feb. 1 1931, $25 per
District Court of St. Louis, Mo.
The case for the carriers was argued by Frederick II. Wood, of New share; thereafter to and incl. Feb. 1 1933, $35 per share, and thereafter
York; Daniel N. Kirby, counsel for the O'Fallon,' Leslie Craven, counsel to and Incl. Feb. 1 1937. $50 per share.
for the Presidents Conference Committee on Federal Valuation of Rail- Data from Letter of Robert C. Sharp, President of the Corporation.
Company.
-Formerly the Natural Gas Service Corp. Name changed
roads, and Robert H. Kelley. For the United States the case was presented
by Blackburn Esterline, Assistant to the Solicitor-General at Washington, to present title Oct. 18 1927. Corporation and its subsidiaries, including
while the Commission was represented by Walker L. Fisher, employed as thaw under contract of purchase, will constitute one of the largest natural
gas systems in the United States and will serve a population of approxispecial counsel, 0. E. Sweet and Roland J. Lehman.
A favorable decision on the carriers' request to introduce new testimony mately 600,000 in some 50 communities. The population of the counties
would have compelled the Court to undertake a complete review of the In which the pipe lines are located is over 1,400.000.
2260
THE CHRONICLE
In Oklahoma the cities of Tulsa, Sapulpa and Okmulgee, among others,
are served at retail, and Oklahoma City, Muskogee, Shawnee, Norman,
Guthrie, and many other communities at wholesale. A number of large
Industrial consumers, such as power plants, cotton gins, and oil refineries,
are also supplied. Among the companies served are Oklahoma Power Co.,
the Texas Corp., Oklahoma Gas & Electric Co Mid-Continent Petroleum
Corp. and the Producers & Refiners Corp. The Oklahoma properties
have been built up over the past 20 years.
The Kansas properties serve a number of important industrial plants,
including large cement plants, oil refineries, brick plants, and smelters.
Among the companies served are the Edgar Zinc Co., a subsidiary of the
United States 'Steel Corp. .the Peerless Oil St Retailing Co. the As.. Grove
,
Lime & Portland Cment Co., and the Iola plant of the ehigh Portland
Cement Co. These plants normally operate 24 hours daily, resulting in
a constant and stable gas demand. The Kansas properties will also serve
gas at wholesale to the cities of Iola and Chanute, and at retail to the
City of Erie.
San Angelo, Tex., a city of approximately 23,000 population, and
several nearby towns will be served at retail. Gas will also be served for
Industrial purposes, the most important market of this character being
a subsidiary of West Texas Utilities Co. which under a contract now in
force is expected to takes minimum of 27:000.000 cu. ft. per month.
The gas sales of the subsidiaries of American Natural Gas Corp., including those under contract of purchase, amounted in 1926 to over 34,
000,000,000 cu. ft.
Properties.
-The properties include gas leaseholds on more than 215,000
acres and gas purchase contracts covering more than 125,000 acres of
additional reserves and procure their gas from more than 950 producing
gas wells There are over 2,275 miles of trasnmission and ditribution
lines and 15 modern compressor stations. The Oklahoma properties
have been reported upon by Ford, Bacon & Davis, Inc.; the Kansas properties b z Pwrd,
Jails, Inc.. and Brokaw, Dixon, Gamer & Mckee,
and tho T3(1.3 pro-rirty by tops Engineoring & Supply Co. The aggrecato
appraised value of the physical properties and gas reserves is substantially
In excess of the total funded indebtedness of the corporation and its subsidiaries.
Gas Reserves.
-It is estimated that the natural gas reserves available
from the Oklahoma properties and from the development of potential
resources in other territories naturally tributary to the existing pipe lines.
will meet the Oklahoma territory requirements for at least 20 years.
The gas reserves of the Kansas and Texas properties have been investigated by Brokaw, Dixon, Garner & McKee, geologists and petroleum
engineers, and in their opinion are more than adequate to supply the
requirements of these properties during the term of these debentures.
It is estimated that the open flow capacity of the wells, from which the
properties derive their gas, is in excess of 2,500.000,000 cu. ft. per day.
This enormous gas supply has enabled the Oklahoma property to draw
upon onlya fraction (currently less than 3%)of theonvrapcw
ellsonnedttel
Inac&Mol theprogertielaveaa
on gas reserves, comprising approximately 100,000 acres, owned by the
Phillips Petroleum Co., in the Amarillo field in Texas, considered one
of the largest gas fields in the world.
Capitxti s ttionAuthorized. Outstanding.
6% sinking fund gold debentures, series
due Oct. 1 1942 (this issue)
a
$10,000,000
Cum. pref. stock (no par value)
250,000 shs.
y50,000 shs.
Common stock (no par value) deposited
in voting trust expiring 1932, 525,000
shares; non-deposited stock, 126,200
shares
z2,000,000 shs.
651,200 shs,
x Limited by the provisions of the indenture. y $7 series, convertible
into common stock. z 598,800 shares are reserved ufor delivery upon
the exercise of the stock purchase privilege and stock purchase options,
and for conversion of preferred stock.
Earnings.--Con3olinated earnings of the corporation's subsidairies,
including those under contract of purchase, are reported as follows:
12 Months EndedDec.31 '26. safer. 31 '27. Aug. 31 '27.
Gross revenues
$8.771.346 $9,675,457 $11,090,572
Oper. exp., maint. and taxes, other
than Federal tax
4.962,529
5.333.019
6,534.181
Balance
$3.808,817 $4,342,438 $4,556.391
Annual int., sinking fund and pref. stock div. requirements on
sub. co.'s securities and earns. applic. to minority Interests-- 1,680.793
Balance avail, for int., sinking fund and div. requirements on
securities of American Natural Gas Corp., amortization of
debt discount and Federal tax
$2,875,597
Maximum annual int. requirements on corporation's entire
funded indebtedness (this issue)
650,000
x Note.
-Including earnings of the natural gas properties in Kansas for
twelve months ended Dec. 31 1926.
Note.
-The above earnings are based upon an ownership by American
Natural Gas Corp. of 255,717 shares out of a total of 260.000 shares of
outstanding common stock of Oklahoma A atural Gas Corp. In addition,
there are outstanding in the hands of the public debentures of Oklahoma
N aural Gas Corp. whieh are convertible into 190,000 shares of its common
stock. These debentures have been called for redemption. (See Okla.
Natural Gas Corp. below.'
The above statements do not reflect any earnings from the Texas property, whose pipe line Is now being completed, nor any increase in earnings
due to consolidation and improvements of the Kansas properties now being
effected. Hope Engineering & Supply Co. has estimated the net operating
revenues of the property and Ford, Bacon & Davis, Inc., of the Kansas
properties. Rased upon the average growth of the Oklahoma properties
for the past two years and the en zineer's estimates as above of the Texas
and Kansas properties, the total net earnings for the second year of operation of the combined properties should he over $3.70 per share of common
stock, based on the common stock to be presently outstanding and continuation of present minority interests.
Sinking Funa.-Indenture will provide for fixed minimum payments to
the sinking fund, payable in quarterly installments, beginning Jan. 11928.
in cash, or in debentures at par, and continuing until the maturity of this
issue. These fixed minimum payments to the sinking fund alone should
retire 75% of the debentures of this series by maturity. Indenture will
further provide for additional payments to the sinking fund, payable in
cash or debentures at par, at semi-annual intervals beginning March 1 1928,
equal to a certain specified percentage of the consolidated net earnings of
the corporation, as defined in the indenture, for the periods specified therein.
The operation of the sinking fund is calculated to retire all debentures of
this series on or before maturity.
Listing.
-Corporation has agreed to make application to list these debentures on the New York Stock Exchange.
[VOL. 125.
Barstow & Co.,Inc.(of New York), incorp. in 1906, and its subsidiary, the
W. S. Barstow Management Association, Inc. This acquisition and
unification of operations places the business or a more permanent basis,
simplifies organization and administration, permits the economical expansion of the business and involves, in addition, a method of perpetuating the
control of the present interests. Thus, the affairs of the company will
continue under the management of those persons who, over a period of
more than 20 years. have been largely responsible for the creation of an
organization which has achieved an important position in the successful
financing, construction and operation of public utilities.
W. S. Barstow & Co. (of Dol.) will continue the business previously
conducted by the two former companies, including supervision of operation
and management, and construction, designing and engineering services.
Under this supervision the business now conducted by General Gas &
Elecoic Corp. was organized in 1912 with physical properties of $7.000,000.
Since then the physical properties have increased to $136,000,000 while
the present annual consolidated gross earnings of over $26.000,000 are more
than 40 times such earnings in 1912. A skilled and expert staff has been
created over a period of years to handle all the phases of the company's
services which are rendered under contract on a reasonable basis. During
the past 4 years construction costing more than $50,000.000 has been
supervised including the designing and construction of a steam generating
station for Metropolitan Edistm Co. at Middletown. Pa.. one of the most
efficient in the country, and other electric generating stations, totaling
over 190,000 kw. A contract has been made covering the construction of
a hydro-electric development of 130,000 kw. with provision for additional
units of 65.000 kw., neces.sitating the creation of an artificial lake over 30
miles in length with a surface area nearly twice that of Lake George.
Company has recently adopted a broader policy which makes its services
available not only to public utilities but also to any companies in other
industries.
CapitalizationAuthorized. Outstanding.
6% sinking fund gold dribs. (this issue)---------$4,000,000 $4.000.000
$7 cumulative pref. stock (no par)
50,000 shs. 4.35114 shs.
Common stock (no par)
250,000 shs. 105,765 shs.
Purpose.
-Proceeds have been used in connection with the acquisition
of the assets of W. S. Bartow & Co.(of New York) and the W. S. Barstow
Management Association, Inc.
-Earnings of the predecessor companies of W. S. Barstow &
Earnings.
Co. (of Del.) were received from public utility operating companies in
payment for supervision of operation and management and for-engineering
and other services. For the 12 months periods ended Doc. 311925, Dec. 31
1926, and Aug. 31 1927, consolidated net earnings of the predecessor
companies, including other income and before Federal income taxes,
adjusted to give effect to reorganization and present financing, were as
follows:
Net Earnings Avaitgble for Interest and Federal Income Taxes.
12 Months Ended
Dec. 311923
$682.419
Dec. 31 1926
1,091,579
Aug. 31 1927
939,580
Annual interest requirements on these debentures amount to $240,000.
The above income does not include any dividends on the common stock
class II of General Gas & Electric Corp. on which an annual dividend policy
of $1.50 per share has recently been inauguarated. On the basis of stock
of that corporation now owned and the continuation of such policy the
dividends will amount to over $150,000 per annum.
Sinking Fund.
-Minimum semi-annual cash payments to a sinking fund
of $70.000 each will provide for the retirement of approximately 50% of
the entire issue of debentures by maturity. Indenture will further provide
for additional annual sinking fund payments equal to the amount by which
one-third of the net earnings available for dividends on the common stock
for each calendar year period, beginning 1928, shall exceed the sum of
$140.000. Such additional sinking fund payments may include common
stock, class B of General Gas & Electric Corp. received in lieu of cash
dividends on such stock, a majority of the outstanding shares of which are
pledged under a deposit agreement containing provisions designed to protect
the debenture holders. Any stock so pledged may be released from said
agreement as therein provided, and any cash received in the sinking fund
In addition to the minimum cash sinking fund payments may be annlied
to purposes provided in the indenture including the retirement of debentures,
Bell Telephone Co. of Canada.
-Expansion.
-
President C. F. Sise says: "The extraordinarily rapid increase in the
number of telephones in service is best illustrated by the record of development during the past 5 years in the 7 largest cities served by the company.
The per cent increase in the past 5 years follows: Montreal, 75.227:
0
Quebec, 54.20%; Ottawa, 30.93%; Toronto, 55.69%; Hamilton, 53.11%;
London,53.61%; Windsor. 146.50%. The total number of Bell telephones
in service in the above 7 cities as of Sept. 1 1922 was 271,293; as of Sept. 1
1927, 439,907, an increase of 62%. Development during the above 5
-year
period in the less populous areas served by the company was almost as
rapid. Outside the 7 larger centres named, there were in service, as of
Sept. 1 1922, 149,725 telephones. Five years later this number had
increased to 208,565
-gain of 40%." V. 125, P. 1190.
-
Berlin Elec. Elevated & Underground Ry.-Bds. Paid.
Speyer & Co. as fiscal agents, have purchased for cancellation through
the sinking fund, $99,000 bonds of the above company's 30
-year 1st mtge.
634% loan. This represents the second sinking fund installment.
-V. 125.
p. 383.
Boston & Worcester Street Ry.-To Reorganize.
-
Henry B. Rising, whose purchase of all the property, including locations
and franchises, of the company has been confirmed by the court, has
petitioned the Mass. Department of Public Utilities for approval of a name
for a new company he has organized to operate the road. The name is the
Boston Worcester dr New York Street Railway Co.
Approval also of the sum of $2.152,000 as the total amount of the capital
stock of the- new company is asked. The company purposes to issue
mortgage bonds of the total face value of $1,003,000.
The Boston & Worcester Street Ry. was sold pursuant to a decree of foreclosure Sept. 2. Rising, in his petition, says:
"Your petitioner on his own behalf and on behalf of his associates prays
that this department may approve $2,152,000 as the total amount of the
capital stock of the new company and that said amount be determined by
this department as not exceeding the fair cost, as determined by this department, of replacing the railway and property so acquired, less the amount of
any outstanding mortgages to which said railway and property may be subject in the hands of the new company.
"Your petitioner is advised that it is not clear whether a street railway
company upon organization under Chapter 161, Section 136, may provide
in the agreement of association for preferred stock, and your petitioner.
therefore proposes to issue all of said
American Telephone & Teleg. Co.
-No. of Stockholders. after its issue, and in accordance with stock as common stock and shortly
the provisions of'Section 33 and all
The company mailed 421,982 stockholders dividend ciiecks
on Oct. 15. other
This is the largest number to whom the corporation has ever paid a dividend such pertinent provisions of said Chapter 161, to issue in lieu of $10.000 of
outstanding common stock, $10,000 par value 7% prior Preference
and exceeds by 1,691 the number for the preceding quarter.
The average number of shares held per shareholder is 28. More than stock and to issue in lieu of $756,000 of said outstanding common stock
-V. 125, p. 2144, 1968.
one-half the stockholders own 10 shares or less and more than three-quarters $756,000 par value 6% preferred stock."
own 25 shares or less. No stockholder owns as much as 1% of the outBrooklyn-Manhattan Transit Corp.(& Affil. Cos.).
standing stock, It is stated.
-V. 125, p. 2144.
Period End. Sept. 30
1927-Monfh-1926.
1927-3 Mos.-1926.
$3,877.889 $3,671,448 $11,691,318 $11,673.905
(W. S.) Barstow & Co. (Del.).
-Bonds Offered.
-Halsey, Operating revenues
Operating expenses
2,589,220
2,408,822
7,442,816
7,914,745
Stuart & Co., Inc. are offering at 97M and int., to yield Taxes on oper. prop_ .._ _
278,526
275,598
833.071
816,890
about 6X%,$4,000,000 6% sinking fund gold debentures.
Operating Income_.._ $1,010,143
$987,027 $2.9 9,684 $3.398,019
Description of Issue.
-Dated Oct. 1 1927; due Oct. 1 1942. Denom. Non oper. income
149.622
151,182
286,952
296,478
$1,000 and $500 O. Red. all or part at any time and from time to time
on not less than 45 days' notice, at following prices and Int.: to and incl.
GIoss income
$1,159,766 $1,138.209 $3,256,162 $3,684,971
Oct. 1 1932 at 104; thereafter to and incl. Oct. 11937. at 1023. and there- Deductions
665,087
652,224
1,952,416
1,985,554
after decreasing h of 1% for each expired year or part thereof. Interest
payable A. & 0. In New York and Chicago without deduction for normal
Net income
$494,678
$485,985 $1,270,608 $1.732,554
Federal income taxes now or hereafter deductible at the source, not in -V. 125, p. 1578.
excess of 2%. Company agrees to reimburse the holders of these debentures
resident in any State or Commonwealth of the United States or in the
Brooklyn Union Gas Co.
-Merger Application.
District of Columbia wherein such taxes are now in effect (upon application
The company has applied to the New York P.
within 60 days' after payment thereof by such holdsrs) for any personal to merge the Newtown Gas Co., the Jamaica S. Commission for authority
Gas Light Co.,
Woodproperty taxes or securities taxes, not to exceed 5k-mills per dollar per haven Gas Light Co., the Flatbush Gas Co. and the Equity theCo., all
Gas
annum and any income taxes on interest, not to exceed 6% per annum in subsidiaries. Ste V. 125, p. 2144.
respect to such interest.
-These debentures have been listed on the Boston Stock
Listing.
Buffalo General Electric Co.
-New Unit.
Exchange.
A single-cylinder steam turbine of unprecedented capacity is being
manufactured for installation in the company's Charles R. Huntley station.
Data from Letter of W.S. Barstow, Pres., dated, Oct. 11.
-A Delaware corporation. Has acquired all of the assets, The new unit will be rated at 75.000 k.w., and will increase by nearly 50%
Company.
contracts, business, organization and management personnel of W. S. the present station capacity of 155,000 k.w.
•
OCT. 22 1927.]
THE CHRONICLE
2261
We believe that city ownership of the Chicago surface lines can be
accomplished immediately without the city's expending one dollar or
obligating itself for any future payment and also without injustice to any
private investor. The city's constitutional borrowing power, intact and
undiminished, would remain available for other public purposes. And,
when in a very few years the elevated railroads franchise shall expire, the
Butler (Pa.) Water Co.—Bonds Offered.—W. C. Lang- city can likewise acquire ownership of the elevated railroads, without
expense to the city and without injustice to any private investor.
ley & Co. and Halsey, Stuart & Co., Inc., are offering at
With a view to bringing about this result, which we regard as a conyour
95 and int., to yield over 5.30%, $1,000,000 1st mtge. 5% summation devoutly to be wished for the city, we beg to submit for Ordiconsideration an additional feature to be added to the Lisman Plan
gold bonds, series A.
nance, which, as doubtless you are aware, has already undergone detailed
Dated Oct. 1 1927; due Oct. 1 1957. Int. payable A. & 0. at of(icc or criticism and changes by the city's law department and traction engineer
agency of the company in New York. Red. all or part on at least 4 weeks' and has been thus perfected and completed.
notice at 105 up to and incl. Oct. 1 1952; and at 100 thereafter; plus int. in
The addition of suitable sections covering the feature would require
each case. Denorn. $1,000 and $500 c*. Prin. and int. are payable with- no change in the essential structure, but only slight changes in the language,
out deduction for that portion of any normal Federal income tax not ex- of the Lisman Plan Ordinance. as it now stands.
ceeding 2% per annum. Int. payable without deduction for the Penn. 4
Under the Lisman Plan Ordinance the grantee company would receive,
mills tax. Company agrees to refund to holders of the bonds, upon proper as compensation. 2( mills per revenue passenger. There would be no
application within 60 days after payment, the Conn, personal property tax net profits for the grantee company or for anyone else, service at cost
not exceeding 4 trills per annum, the Maryland security tax not exceeding being the basis of the Lisman Plan.
4,4 mills per annum,and the Mass. income tax not exceeding 6%, per annum
No "Na Profits."—That which would be "net profits," under a private
on income derived from the bonds. Farmers' Loan & Trust Co., New York, ownership plan, would go, under the Lisman plan, toward retirement of
trustee.
private capital, as part of the progressive purchase price paid in acquiring
In event that any municipal corporation or other governmental subdivi- the properties for the city. In reality, therefore, if we disregard technicalision within the territorial Ii its of which the co -.pony shall then be oper- ties, the surface lines would, under the Lisman Plan Ordinance, lastantly
ating shall acquire all or any part of the water works properties of the com- become a truly public property in all but name, and as such ought not to
pany. then bonds in principal amount not exceeding the price paid for the be subjec to taxatien.
property so acquired may, at the option of the company, he declared due
Taxes, which amounted last year to over $3,600.000. would be just
and payable at 100 and int.
so much additional burden placed by the general public on the car-riding
public.
Data from Letter of D. M. Watt, President of the Company.
The City of Chicago sells water to its citizens on the basis of cost, but
Company. —Incorp. in Pennsylvania Nov. 2 1877. Supplies water for
On principle, we
domestic, municipal and commercial purposes in Butler, Pa., and its en- no tax is levied on the privilege of buying the water.privilege of buying
can see no more propriety in imposing a tax upon the
virons.
Purpose. —Proceeds will be used to provide for the retirement of certain transportation than upon the privilege of buying water.
If the city will grant the Lisman Plan Ordinance to a company organized
indebtedne,ss of the company. including ah bonds now outstanding, and
by my clients, then that company, after it acquires the tangible street
for ether corporate purposes.
property now owned railroad properties of the surface lines, executes its mortgages. issues its
Security. —Secured by a first mortgage on all the fixed
them for those of the existing companies.
by the company and will be secured by a direct mortgage on such property securities and exchanges some ofOrdinance, would, when requested by the
as provided in the Lisman Plan
hereafter
city, give and transfer to the city all those tangible street railroad proper19e7.
1926.
a Mon
Earnings thsended Aug.31—
.
rights established under
$183,976 ties (subject, of course, to all liens, obligations and simultaneously from -the
$189360
Gross earnings
the company receiving and taking
79.285 such ordinance),lease of those tangible street raliroad properties. This
79,440
Operating expenses, maintenance and taxes
-year
city a 20
----- lease would require and authorize the company, as lessee, to do everything
$104 692
$100.920
Net earns. (avail, for int., Fed. taxes, &c.)
$51.099 required and authorized by the ordinance to be done by the company.
Annual jot. on entire funded debt •ti is issue)
grantee.
Net earnings as shown above,for the 12 months ended Aug. 311927. were asIn this way, the technical legal status would be made to conform with
equal to over twice the annual interest charge on this Issue.
the real relationship between the city and the company. The city would
CapitaliTollon Outstanding upon Completion of Present Financing.
be the owner of the properties; the company, the city's lessee.
$1.090.009
Sore $3,600,000 Taxes.—Taxes would not have to be paid on the cityFirst mortgage 5% gold bonds, series A (this issue)
250.019 owned tangible street railroad properties, and the upwards of $3,600,000
Preferred stock 7% mg euiative (par $100)
421.500 saved annually could be used:
•
Common stock, par $50
Management.— Company is controlled through stock ownership by Amer)
(a For improvements and extensions of transportation facilities which
would not be canitalized;
ican Water 'Worlzs & Electric Co.. Inc.—V. 124. p. 371.
(b) For accelerating complete amortization of private capital;
Central Counties Gas Co.—Merger.—
(c) For additional payments into the City Traction Fund and for subway
and new elevated construction;
See Southern California Gas Co. below.—V. 125, p. 245.
(d) For pensions and sick and death benefits for employees.
Central Illinois Light Co.—Earnings.Thus, in a relatively short time, the whole private investment in the
12 Mos. End. Sept. 30— 1927.
properties mould be amortized, the fares could be substantially reduced
14.
19'
1925.
1926.
Gross earnings
$1,568 809 and the city would have a magnificent street railroad system, which would
$4.359.009 $4,112,438 $3,832,426
Oper. exp. Incl. taxes &
then be unencumbered and would have an earning power sufficient to
2,018,391 keep the system always in prime condition and to provide, without bor2.222.175
2,476,956
maintenance
2,614.157
Fixed charges
506,443 rowing, all the money that could wisely be expended for further extensions.
515.487
467,549
447.999
from time to time.
Also, the suggested lease could cover an independent rapid transit comNet Inc. avail,for dies.
& retirement reserve_ $1,296,943 $1,167.934 $1,094,763 $1,023,975 bined subway and elevated system to be built and owned by the city.
281.521 thus securing at once, before such combined subway and elevated system
319,316
Preferred dividends
38,5,017
411.985
Prov. for retire. reserve_
245,100 is built, a responsible tenant upon terms acceptable and fair to the city.
256.800
256.800
256,800
•
under the Lisman Plan Ordinance, half the public cost of the so-called
Balance
$494,354 central subways could be provided by the lessee by way of advance rental
$518,647
$526,117
$628,158
—V. 125, p. 1706.
for the combined subway and elevated system. This would make it
possible, with the co-operation already promised by owners of property
Central Power & Light Co.—Earnings—Listing.—
specially benefited, to begin immediately construction of the central
Period Ended Sept. '30 1927—
12 Mos.
3 Mos.
subways and to finish them promptly, without the delay of a test suit
Gross operating revenue
$2,251,707 $7.829.624 being carried through the gamut of the courts.
Leads to Unification.—Our thought is that in building such an indeNet income after taxes, int. & retirement provision
702.566
2.19:3,051
The Boston Stock Exchange has authorizel the listing of $1.054,500 pendent rapid transit combined subway and elevated system the city
additional 1st mtge. 5% gold bonds. 1956 series, dated Aug. 1 1926. and would aim (a) to relieve traffic congestion as much as possible; (b) to
furnish rapid transportation facilities to districts like the southwest and
due Aug. 11956. See also V. 125, p. 1968.
northwest sections of the city, which are presently most in need of such
Central Public Service Corp., Chicago.—Registrar.—
facilities: (c) to so locate the lines of such new combined subway and
The Chase National Bank has been appointed registrar for 300,000 shares elevated system that such system either can be operated independently
and gradually expanded as an independent system or can be co-ordinated
class A stock, and 100.000 shares preferred stock.—V. 125, p. 2144. 911.
with the existing rapid transit elevated lines or the surface lines or both;
Chicago Surface Lines.—New Lisman Plan Offered (d) to put the city in a favorable position in future negotiation for the
avoid
but at the same
Chicago.—A new Lisman plan to solve Chicago's traction acquisition of the present elevated lines elevated lines so time (e) to would
that there
unnecessary duplication of the existing
problems, which promises the city home rule of its transporta- be no waste of investment when the present elevated lines are ultimately
a
tion facilities and a substantial reduction in fares within acquired by the city and madeforpart of the city-owned system. could, if
dealing with the surface lines
The plan above suggested
sight without additional expenditure, is offered in a letter adopted, become the pattern for dealing with the ele,ated lines when their
three years.
from John Maynard Harlan, counsel for the proponents of franchises begin to expire in aboutacquire the legal title to all the local
In short order, Chicago would
the plan, to the Mayor of Chicago and Joseph B. McDonough railroad lines within its limits, whether on, under or above the surface
Chairman of the Committee on Local Transportation of the of its streets. The ownership of such title by the city would no more
imply a necessity for municipally operating the local railroad lines in the
City Council.
city's streets than does the city's ownership of the title to the streets
This plan would make the city the immediate owner of its themselves imply a necessity for municipally operating cabs or buses.
the city would operate the local railroad
street railroad system without the need of raising funds. atThe original lessee of capital such lessee and its predecessors had lines
furleast until the money
The lines would be at once transferred to the municipality, nished had been amortized and paid back from the receipts of the lines.
control than
more
subject to a bonded debt to be redeemed within 20 years Such lessee would be farowning amenable to effective city"net profits."
and operating the lines for
companies
by a cumulative sinking fund out of money actually in purely privateAbsolute.—By pursuing the course here suggested, the city
Home Rule
would automatically recover complete home rule of its transportation
sight, in consideration of a lease to operate them. The system, for
Illinois Commerce Commission exthe law
operating company would be a lessee of the city subject to pressly excludes from establishing the municipally-owned public utilities.
its jurisdiction
By acting favorably upon the proposal of Lisman and associates, and
definite control. •
pursuing firmly the course above
Building of the long-contemplated Chicago subways would thereafter the following among other results: suggested, the city will make
certain of
begin immediately under the terms of the plan and progress
(I) Pull and complete justice to the holders of existing securities up
toward unification of all Chicago transit lines be set in motion. to the full amount of the aggregate of the city purchase prices of the surface lines.
Mr. Harlan's letter, dated Chicago, Oct. 1, follows:
Note—When all the bonds of the existing companies became due Feb. 1
My clients—proponents of the Lisman plan for solving Chicago's trans- 1927, not a dollar was available toward paying them. In contrast with
portation problem. immediatrly and permanently, without new State their defaulted first mortgage bonds, that were sold to the public as being
legislation—feel that, on principle, the city, as owner of the streets of "quasi-municipal obligations." the bonds that, under the Lisman Plan
Chicago. should own the fixed lines of public travel formin•: part of the Ordinance, the city would require to be given in exchange to security
street surface or permanently erected in and above the streets. The same holders of the existing companies, would be assured of payment at maturity.
considerations of sound public pr liev which make all agree that subways by means of abundantly adequate sinking funds. Thus the city would be
should be built and owned by the city, apply with equal force to surface dealing not only justly. but generously, with the present holders of the
and elevated railroad structures in the public streets and make it advisable defaulted bonds of the existing companies.
(2) Attainment of the main objective in city transportation, that is,
that they be acquired and owned by the city at the earliest possible moment.
City ownership of the surface and elevated lines and their equinment continuity of good service. This includes not only proper maintenance and
would no more require that the city itself operate them than will city adequate renewals, from current revenues but also extension of lines and
ownership of the subways require that the city itself operate them. The additions to equipment, from new capital, to keep pace with the growing
whole city-owned transportation system—surface lines, elevated lines transportation needs of an ever-increasing population.
(3) Immediate recovery by the city of home rule of its local transportaand subways—could be operated by a private company, as lessee. Such
lessee would be promptly responsive to city regulation and control, for, tion utilities, and that, too, without the aid of any new legislation at
under a properly drawn lease, such lessee, if found incompetent or un- Springfield.
Freedom from Exploitation.—(4) Freedom for all time from the danger
faithful, could be readily supplanted and replaced with a new lessee.
Never again would the city be in the position that now obstructs and of exploitation of the city and its people for selfish and unrighteous personal
cripples it. The physical plant and equipment of the surface lines, which gain and benefit.
(5) No increase of fares would be necessary in carrying out the program
public convenience and necessity require shall be operated uninterruptedly,
are owned by private companies which, human in their personal, quite indicated. On the contrary, the fares could and undoubtedly would be
naturally and selfishly trade upon the fact of their occupancy of the streets, substantially decreased within a reasonable time.lines,
elevated lines and
(6) Unification, step by step, of the surfae
when negotiating with the city for a new franchise.
What "Interests" Seek.—City ownership of the surface lines, elevated subways and their operation by a single lessee as one system, with buses
and subways would prevent their ever becoming an integral Part of as feeders wherever found desirable and essential to the rendering of complete
lines
an inter-State line like the Chicago North Shore & Milwaukee RR. and transportation service.—V. 125, p. 384.
-S. C. Commission. That
thereby coming under the jurisdiction of the I.
Cities Service Co.—Dividends—Earnings.—
is what, evidently is being planned by powerful interests desiring to
Regular dividends of 3§ of 1% in cash on the preferred and pleference
place their properties forever beyond city control. That is what they
stocks, 3i of 1% in cash on the common stock and 3i of I% in stock on the
Chicago transportation out of polities.
call taking
The new unit, like its 5 predecessors in this station, will be of General
Electric manufacture. It will be rated at 83,333 k.v.a., 90% power
factor, 1,500 r.p.m.,25 cycles. The ttu bine will be operated under standard
station steam conditions of 250 pounds pressure. 250 degrees superheat,
and I in. absolute back pressure.—V. 124, p. 1977.
2262
THE CHRONICLE
common stock have been declared, all payable Dec. 1 to holders of record
Nov. 15. Similar amounts are payable on Nov. 1 next.
12 Mos.End.Sept.301927.
1926.
1924.
1925.
Gross earnings
131.637,049 123,029,845 118,845,283 $17,176,054
Net earnings
30,588,203 22,127,307 18.077,902 16,561,259
Net to stock and reserves 28,036,250 19.501,781 15,941.406 14,456,050
Net to corn. stk. Sz res_ _x21.287,798 13.595,608 10,772.096 9,380,140
x Available or common dividends and reserves.
-V. 125, p. 1706.
Cities Service Power & Light Co.
-Bonds Called.
-
The Boston Stock Exchange is ads
-lied that the outstanding 6% sinking
fund gold bonds, series A, have been called for redemption on Nov. 20
1927.-V. 125, P. 1969.
Cohoes Power & Light Corp.
-Merger.
-
See New York Power & Light Corp. below.
-V. 125, p. 1323.
Commonwealth Edison Co., Chicago.
-Earnings.
Period End. Sept. 30- 1927-3 Mos.-1926. 1927-12 Mos.-1926.
Gross revenue
$16.314,517 $15.131,075 170.439,616 $63,786.6`9
xNet income
2.257.512
2,143,543 13,405,382 11,799,011
Shs. capital stock outstanding (par $100)... 1,106.000
977,431
917,431
1,106,000
Earnings per share
$2.19
$12.12
$12.07
$2.04
x After charges for taxes, interest and providing for retirements.
The directors have voted to apply to the Illinois Commerce Commission
for authority to issue additional capital stock, to the extent of 121(% of
the present outstanding stock. If the issue is authorized the stock will be
offered at par to stockholders for subscription early next year.
-V. 125, p.
513.
Grass earnings
Oper. exps., incl. maint. & taxes (not incl. Fed. tax)
ax
[VOL. 125.
1284.002
166,148
Balance
Annual interest requirements on $1.000,000 let mtge. coil5% $117.854
15
gold bonds
55,000
Net earnings, for the year ended July 31 1927, were over 2 times the
maximum annual interest charges.
Purpose.
-Proceeds will be used to reimburse the company for
tures in the acquisition of new properties and improvements; to expendprovide
funds for further extensions and additions to existing properties, and for
other corporate purposes.
-V. 125. p. 912.
Eastern New York Utilities Corp.
-Electric and Gas
Properties Transferred to New York Power & Light Corp.
-See
latter company below. See also V. 125, p. 1969.
East St. Louis & Suburban Ry.-New President.
W. H. Sawyer has resigned as President of this company tobecome
President of Stevens & Wood, Inc. F. W. Doolittle, Vice-President of the
North American Co. will succeed Mr. Sawyer.
-V. 97, p. 237.
Edison Electric Illuminating Co. of Boston.'
-Notes
Sold.
-Lee, Higginson & Co.; Old Colony Corporation;
F. S. Moseley & Co.; Kidder, Peabody & Co.; Parkinson &
Burr; Harris, Forbes & Co.; The First National Corp. of
Boston; Blake Brothers & Co.; Bankers Trust co.,New York,
and the National City Co., have sold $40,000,000 coupon
Commonwealth Power Corp. (& Subs.).
-Earnings.
- gold notes as follows:
12 Months Ended Sept. 30-
1927.
1926.
1925.
(a) $30,000,000 3
-year 411% notes, dated Nov. 1 1927, due Nov. 1 1930
Gross earnings
$52,408,357 $48,164,951 $42,267,753
Expenses, taxes and maintenance_ __ .. 28,035,106 26.049,941 23,996,471 (interest payable M. & N.) at 100 and interest.
(6).$10.000.000 1-year 4% notes,
1927, due Nov. 2 1928
Fixed charges mote)
12,386.797 11,981,044 10,769,494 (Interest payable M. & N.1, at 993 dated Nov. 2 to yield
and interest,
about 4%
Preferred dividends
2,279,851
2,191,495
2,189,682
Principal and interest payable at Old Colony Trust Co., Boston. %•
CouRetirement reserve
3,421,175
3,047,631 pon notes of $1,000 each.
3,319,039
Capitalization (alter Completion of the Present Financing).
Balance
16,285,427 $4,623,431 $2,264,474
-year 43 % notes. due Nov. 1 1930 (now offered)
-Includes interest, amortization of debt discount and expense, and 3
Note.
$30.000,000
earnings accruing on stock of subsidiary companies not owned by Common- 1-year 4% notes, due Nov. 2 1928 (now offered)
10,000,000
Capital stock (par $100)
wealth Power Corporation.
53.387.500
Premium paid in on capital Stock
After provision for retirement reserve earnings were equivalent to $17.13
36.605,434
No mortgage will be put upon the company's existing property unless
per share on the outstanding 500.000 shares of preferred and $4.62 per share
on the 1359,573 shares of common as compared with $13.63 and $3.40. these notes are equally secured or retirement thereof is provided for in such
respectively, for the same period last year, based on the same number of mortgage.
Proceeds will pay off all existing coupon notes and other floating indebtedshares now outstanding.
-V. 125. p. 1706.
ness and leave about $1,500,000 for future extensions of the property.
Property investments amount to
Connecticut Light & Power Co.
-To Increase Stock.
- times amount of the above debt. over $130,000,000, or more than 31(
The company, it is reported, seeks to finance a merger of the Bristol &
The business continues to show steady growth.
Plainville Electric Co. and the Middletown Gas Light Co.. both affiliated
companies, and to meet the costs of contemplated projects. The notice
Earnings Years Ended December 31.
1925.
also contemplates an increase in common stock from $21,000,000 to $40,000,1926.
000, and an increase in preferred stock from $15,000,00 to $30,000,000.- Gross earns.$1519 5,81 $17.9 7,962
,8829
2
$19,9 4,78 121,315,241 $23,204.901
149 4
2
1 873
2
V. 125, p. 2144.
Net income 5,552,413
6,520,908
7,736,143 8,303,870
9,638,738
Op.Int. chg 1,507,156
1,305.224
1,173.288
1,599,434
1,866,486
Consolidated States Telephone Co.
-Initial Div.
Net income In fiscal year ended Dec.31
The directors have declared an initial quarterly dividend of 50 cents per annual interest requirement on the above 1926 was 59( times the $1,750.000
debt.
share on the $2 non-cumul. class A stock (no par value), payable Nov. 1 to
Company's $53,387,500 stock has been issued for $89,992,934 cash, or
holders of record Oct. 20. See V. 125. p. 513.
$168.57 per share. Present market value, $257 per share (ex-dividend), or
$137.205,000. Dividends of $12 per share per annum have been paid On
Consumers Power Co.
-Earnings Statement.
the capital stock during last 16 years.
12 Mos. End.Sept.30- 1927.
Company serves directly a population of over 1,250.000 in Boston and 37
1926.
1924.
1925.
Gross earnings
$26,149,681 $23,330,227 $19,609,525 $18,307,276 surrounding cities and tonne, and sells energy in bulk to ten other comOper. expenses, includ.
panies and municipalities.
-V. 125, p. 2144.
taxes & maintenance. 13,441,106 12,088,540 10,605,212 9,723,493
Fort Wayne & Decatur Traction Co.
Fixed charges
2.537,164
2,642,224
-Road Abandoned.
2,491,762
2,493,302
Div. on pref. stock
3,268,549
This line wee abandoned on Aug.9 1927.-V. 108, p.480.
2,801.437
2.183,893
1.431,897
Prey. for retire. reserve. 1,541,000
1,506,000 1,338,328
1,269,000
Fulton County Gas & Electric Co.
-Merger.
Balance
15,361,862 $4,292,026 $2,990,330 $3,389,585
See New York Power & Light Corp. bolow.-V. 125. p. 1323.
-V. 125, p. 1707.
Detroit Edison Co.
-Earnings.
-
Gates Power Co.
-Bonds Offered.
-James H. Causey &
Co.and United States National Co., Denver, Colo., are offer(Including All Constituent Companies.)
9 Mos. End. Sept. 30ing at prices to yield from 5% to 6%,according to maturity,
1927.
1926.
1925.
1924.
Gross revenue
$34,511,719 $32,452,986 $27,476,961 $24,821,981 $300,000 1st (closed) mtge.6% serial gold
bonds. Payment
Expenses
23,970,720 22.515.954 18,976,433 17,739,329
Interest, &c., deductions 3,754,188
3.066,739
3.201,966
3,069,387 of principal and interest provided for through lease to the
Gates Rubber Co.
Net income
$6.786.811 $6,870.292 $5,298,562 (4,013,265
Dated Sept. 11927: due serially, Jan. 1 1929-1936. Red. all or part on
Net income for the 9 months ended Sept. 30 1927 Is equivalent to $7.80 any int. date upon 60 days' notice at 102% and int.
up to and incl. Jan. 1
a share on 870,659 shares (par $100) capital stock outstanding, against 1929, the premium reducing % of 1% each year
thereafter. Bonds of long$8.70 a share on 789.987 shares outstanding in the corresponding period est maturity outstanding shall first be subject to call
in inverse numerical
of 1926.-V. 125, p. 1835.
order. Denom. $1,000. $500 and $100. Prin. and int. payable at U. S.
National Bank, Denver, Colo. trustee. Interest payable J. & J. without
Dixie Gulf Gas Co.
deduction for normal Federal income tax up to 2%. Exempt from Colo-Listing.
There have been placed on the Boston Stock Exchange list preferred stock rado personal property tax.
allotment certificates for 37,500 shares, each allotment certificate repre- Data from Letter of Charles C. Gates, President
of the Company
senting one share of preferred stock, $7 dividend series, of no par value,
Company.
-Has been organized to acquire from the Gatos Rubber Co'
and one share of common stock of no par value.
title in fee to certain land adjoining the plant of that company and to conThe Boston Stock Exchange Is advised that temporary let mtge.
sinking fund gold bonds, series A, due Sept. 1 1937 are the delivery6%% struct thereon an electric power generating plant of 2,500 kilowatts inas of stalled capacity. This installation will be sufficient to
supply all the present
Oct. 13 1927.-V. 125. p. 1835.
requirements of Gates Rubber Co. for electric power and steam, with estimated additional reserve capacity to accommodate a 50% Increase in
its
East Coast Utilities Co.
-Bonds Offered.
-P. W. Chap- requirements. Gates Power Co. has executed an irrevocable lease of this
man & C3. Inc. are offering at 97 and int. to yield aver plant to Gates Rubber Co.
Lease.
-Property Is leased to Gates Rubber Co. for a period of 10 years,
5.90%, $1,000,000 1st mtge. collateral,
gald bonds, which period extends beyond the final maturity date of these bonds. Under
the terms of this lease Gates Rubber Co. will pay to Gates Power Co. an
(series A).
Dated Aug. 1 1927: due Aug. 1 1937. Denom. $1,000 and $500 c*. annual rental of 160000, which is more than sufficient to meet interest and
serial maturity requirements on these bonds, and will assume all charges in
Int. payable F.& A. at Central Trust Co. of Illinois, Chicago. trustee, or at connection
with operating the plant, including local taxes and insurance.
principal office of Guaranty Trust Co., New York. Red, as a whole on Gates
30 days' notice to and incl. Aug. 1 1935, at 102% and int.; thereafter and class Rubber Co. furthermore agrees to maintain this property in first
condition. The rental under this lease constitutes a direct operating
prior to maturity at 101 and int. Red. in part on any int. date to and charge of
the Gates Rubber Co.
Owl. Aug. 11932. at 105 and int.; thereafter to and incl..Aug. 11935, at 103
security.-Secured by a closed first mortgage on the land, buildings and,
and int.; and thereafter and prior to maturity at 101 and int. Interest
payable without deduction for any Federal income tax not in excess of 2%• equipment, now under construction. Mortgage provides that the Proceeds
Refund of property taxes not in excess of 5 mills per dollar levied under any of this issue of bonds is to be used solely to defray the cost of erecting and
jurisdiction under the sovereignty of the United Statos of America and the equipping the plant. The total cost of the properties covered and to be
Mich. exemption tax and the Mass, income tax, upon timely and proper covered by the mortgage will exceed the face amount of the bonds. Furthermore. the lease to the Gates Rubber Co. is pledged
application.
additional security under this mortgage. See also Gates to the trustee as
Rubber Co. under
Data from Letter of W. F. Stevens, President of the Corporation. "Industrials" below.
Company.-Incorp. in Delaware. Owns. controls and operates, without
General Public Service Corp.-Bal. Sheet Sept. 30 1927.
competition, through its subsidiaries, electric light and power properties
AssetsIn various communities located in Virginia. Maryland and North Carolina.
Liabilities
It also owns and operates ice plants. distributing at wholesale only. In the Investments in stocks__ 19,403,693 Accounts payable
$3,597
cities of Richmond, Colonial Beach. Chincoteague and Irvington. Virginia, Inv, in bonds and notes
298,440 Dividends declared
91,549
and Pocomoke City and Deals Island, Md. In addition, the company owns U.S. Treasury notes_
1,462,000 Tax liability
122,298
Cash
Ch (incl. call monell__
721,983 Reserve for unacquIred
the water system in Urbanna. Va., the telephone property operated in
connection with its electric light properties in what is known as the Glou- Int. & acc'ts receivable__
14.660
P. S. Inv. Co. stock
cester Peninsula of Virginia, and also owns and operates a cold storage Redem. fund for P. S.
Miscellaneous
Inv. Co. stock
warehouse located in the City of Richmond. Company owns 100% of the
7,657 Book value of aSSOtS.- - x11.882:62
71. 514
31
9
entire authorized and outstanding common stock of each of its present Miscellaneous
3
subsidiaries. The total population served, exclusive of the City of RichTotal
$11,908,437
Total
mond, is conservatively estimated at in excess of 70,000.
$
Note.
-After allowance of $100 per share for each class
Security.
--In addition to being a direct and primary obligation of the
,43e
company the bonds will be secured by the deposit of first mortgages on the book value per share of common stock is $15.27. Based of prof. stock, th
on market values
of Sept. 30 1927 and the same provisions for
fixed properties of the subsidiaries on the basis of 125% of subsidiary first
preferred stocks, the value per
mortgages for each $1.000 first mortgage collateral bonds issued. The share of common stock is $19.53.
x Book value of assets for 24,574 shares preferred,
properties mortgaged have been appraised by Hagenah & Ericsson.
31,250 shares convertiengineers, as of Sept. 15 1927, as having a depreciated sound value in ble preferred and 399.574 shares common stock (all without par value),
including earned surplus of 11,492,054.-V. 125,
excess of 12.350,000.
p. 2145.
CapitalizaticmAuthorized. Outstanding.
Georgia Power Co.
-Bonds Sold.
1st mtge. coll. 5%% gold bonds, series"A"____$1.003,000
-Drexel & Co.,
1-year 5% notes
$1,000.000
450.000 Bonbright & Co., Inc. and Harris, Forbes & Co. have sold
7% cumulative preferred stock
2.000.000
200.000 at 98 and interest,'
to yield about 5.12%, $18,000,000
Common stock (no par value)
12,600 shs. 12,500 she:
.
additional first and ref. mtge. gold bonds 5% series, due
a Additional bonds may be issued as provided in indenture.
Earnings.-Consolidated earnings of the properties for the 12 months 1967. Dated March 1 1927; due March 1 1967.
ended July 31 1927, were as follows:
Issuance.
-Subject to authorization by the Georgia Public Service Comm.
OCT. 22 1927.]
THE CHRONICLE
2263
-Definitive Debentures Ready.Jacksonville Gas Co.
Data from Letter of P. S. Arkwright, President of the Company.
-Supplies electric light and power, directly or indirectly, in . The Guaranty Trust Co. of New York is now prepared to deliver deft Company.
including over 145 munici- tive 0% gold debentures, series A. dated May 1 1927, due May 1 1952, in
substantially all of northern and central Georgia,
palities in this territory. Among the cities directly served are Atlanta, exchange for the outstanding temporary debentures of that issue. For
Rome and Athens. In addition, the company furnishes transportation offering see V. 124, p. 3495. 3352.
service in Atlanta and vicinity and in Rome and Athens, and gas service in
-May Redeem Bonds.
Laurentian Power Co., Ltd.
Athens. It also controls the companies which own the gas properties in
The holders of6% 1st & ref. mtge. gold bonds will vote N ov.3 on sanctionAtlanta, the electric. stieet railway and gas properties in Macon and adjoinBrunswick. ing a modification and change in the trust deed proposed by the company
ing communities, and the electric, gas and water properties in
The market for the system's services throughout the region is large and di- giving the latter the right to redeem all or any of the bonds at the time
versified and the territory is developing rapidly along industrial and agri- being outstanding at 110 and int.-V. 122. p. 480.
cultural lines. The population of the territory served is estimated to be
-Merger.
Midway Gas Co.
approximately 1,860,000.
See Southern California Gas Co. below -V. 125, p. 2146.
The properties of the company include 17 hydro-electric generating plants
with an installed capacity of over 330,000 h.p.,5 steam generating plants of
--Earnings.
Minnesota Power & Light Co.
over 30,000 h.p. capacity, over 2,070 circuit miles of high tension transmis1926.
1927.
12 Months Ended Aug. 31sion and primary distribution Ines, and street railway properties which
$4,148,505 $3,816,546
carried approximately 100.500,000 passengers for the twelve months ended Gross earnings from operation
1.822,422
1,816.879
Aug. 31 1927. The owned and leased gas plants have a daily capacity of Operating expenses and taxes
8,900.000 Cu. ft. Company's water storage reservoirs have an aggregate
$2.331,626 $1,994.124
Net earnings from operation
capacity of 7,500,000,000 cu.ft. and much of the water thus made available
1,036,321
1,067,326
may be used by several power plants successively. The electric system of Other income
the company forms an important link in the interconnected power systems
$3,398,952 $3,030,445
serving the southeastern section of the United States.
Totalincome
1.013,833
1,167,330
Security.
-Secured by a first mortgage on certain electric light and power Interest on bonds
282,153
150,806
properties, which properties, in the opinion of engineers, have an estimated Other interest and deductions
543.883
properties of the Dividends on preferred stock
599,607
value of more than one-half of the value of the entire fixed
company, and are further secured by a direct mortgage on the remaining
$1,481.209 $1.190.576
fixed property of the company (cement certain undeveloped land as stated in
Balance
the mortgage), subject to closed divisional underlying mortgages securing -V. 125, p. 518.
$18,433,000 of bonds. The total value of the company's fixed properties
-Merger of Subsidiaries
Mohawk Hudson Power Corp.
as they existed on Oct. 311926. as estimated by independent engineers, not
including any additions made since that date and exclusive of the company's Into New York Power & Light Corp.
-See latter company
interest in the properties of Atlanta Gas Light Co.,is largely in excess of the
-V. 125, p. 1324.
total funded debt of $81,433,000 to be outstanding on completion of this below.
financing.
Purpose.
-Proceeds will reimburse the company for expenditures for addiMontana-Dakota Power Co., Minneapolis, Minn.
tions and improvements to its proeprty already made, and will provide
-Minnesota Loan & Trust Co., Minneapolis
funds for further additions and improvements and for other corporate pur- Bonds Offered.
poses.
and Second Ward Securities Co., Milwaukee are offering
Earnings Twelve Months Ended Aug.31.
gold bonds (series
at 100 and int. $1,800,000 1st mtge.5
1927.
1926.
$16,311,579 $17,901,655 of 1927).
Gross revenues (including other income)
8.787.087
8,817,556
Oper. exp., maint. & taxes (except Fed'i taxes)_
Dated April 11927; due April 1 1929. Int. payable A. & 0. at Minnesota Loan & Trust Co., Minneapolis, trustee. Denom. $1,000 and $500 c*.
$7,494,023 $9,114,568 Callable all or part on any int, date upon 30 days' notice at par and a
Net earnings
of 1% for each 6 months of unexpired maturity. Company
premium of
Annual int. on funded debt (to be outstanding upon completion
of this financing, including interest on outstanding bonds of
covenants to pay int. without deduction for Federal income tax not in
4,191,780 excess of 2%.
Atlanta Gas Light Co.)
-Approved by the Board of Railroad Commissioners of North
Issuance.
$4,922.788 Dakota.
Balance
Net earnings over 2.1 times the above interest charges. Of the net
Data from Letter of C. C. Yawkey, Pres. of the Company.
earnings, approximately 80% was derived from the electric and gas business.
-Directly or through its leased subsidiary, the Eastern MonCompany.
Capitalization Outstanding (upon Completion of This Financing).
tana Light & Power Co. supplies without competition electric light and
2,000,000 shs. power to 72 communities in Eastern Montana and Western North Dakota,
Common stock (no pat value
285,445 sits.
Preferred stock (no pat) $6 cumulative
Power is generated at 5 modern steam plants which upon completion of
450.000 shs. addition will have an aggregate installed capacity of 16,000 h.p. and is
Second preferred stock (no par), $6 cumulatie
%433,006 carried to all parts of the company's territory over an interconnected
n18
Underlying (closed) divisional bonds
First and ref. mtge. bonds,5% series due 1967 (incl. this issue) $63,000,000 system of more than 600 miles of high tension transmission lines.
*Not including $2,075.000 bonds of Atlanta Gas Light Co. outstanding
The rapidly increasing demand for dependable electric light and power
In the hands of the public.
service throughout the territory together with the recent acquisition of the
Management -Company is controlled through stock ownership by South- power plant and distributing system in Miles City, Mont.; has necessitated
-V. 124. p. 1819. 2748.
eastern Power & Light Co.
expansion and improvement of the company's facilities, which has been
largely completed within the past year. The territory now embraced by the
Gulf Electric Co.
-Consolidation.
company's properties has a population of appro:dmately 51,000 and inSee Alabama Power Co. above.
-V. 120, p. 1746.
cludes the towns of Miles City, Glendive, Wolf Point and &obey, in Mont.
and Williston, Crosby, Stanley and Kenmare, in N. Dak.
Hanford Gas & Power Co.
-Merger.
Upon completion of extensive addition and improvements now under
See Southern California Gas Co. below.
way the company will be supplied with natural gas from producing wells
of an associated company. This will be transmitted to Miles City, Glendive
Illinois Power Co.
-Earnings.
and Terry, Mont., over the company's own pipe lines and will be dis1924.
1925.
12 Mos. End. Sept. 30- 1927.
1926.
tributed at retail in these towns in additions to being utilized as fuel to
Gross earnings
$2.621,764 $2,586,172 $2,420,400 $2.320,266 replace coal in two of the company's steam generating plants.
Oper. exp., incl. taxes &
-Secured (together with $1,500,000 series of 1926" bonds now
Security.
1.631.491 outstanding), by a direct first mortgage, on the entire property owned
maintenance
1.680.170
1,771,505
1,824.843
376.375 by the company subject to a $45,018 incumbrance on a small portion of the
Nixed charges
395.113
387,087
389,913
property. As additional security all of the common stock and 84% of the
•
Net Inc. avail,for diva
preferred stock of the Eastern Montana Light & Power Co., together
$312,400 with a lease of its properties to this company, will be pledged with the
$345,117
& retire. reserve
$427.490
$407.008
182.260 trustee.
214,265
Preferred dividends _
220,893
231,950
133.650
153.550
Prov. for retire. reserve_
148,700
150,000
-Consolidated earnings of the company and its leased subEarnings.
----- --sidiary, including those of properties recently acquired for the 12 months
Balance
$51.897 def.$22.698 def.$3.510 ended Aug. 31 1927 were as follows:
$25,058
$869.258
-V. 125, p. 1708.
Gorss earnings
497,837
Oper. expenses, maint., taxes (incl. rental leased property)_ _ _ _
-New Control.
Inland Power & Light Corp.
$371,420
Salo of the corporation for $30,000,000, including funded debt, to Samuel
Net earnings
181,500
Insult & Son, Inc.. and his own retirement from the public utility field was Annual interest req. total funded debt
announced Oct. 17 by A. E. Fitkin.
are the equivalent of over 2 times the maximum annual
Such
"I am leaving the public utility operating field for good," said Mr. Interest net earnings all bonds outstanding including this issue and do not
charges on
Pitkin in announcing the sale of Inland Power. "It is with some relief
to be derived from the sale of gas for commercial and
that I cease the travels and other duties necessitated by managing properties reflect any revenues Miles City and Terry. It is also expected that subin
In different parts of the country. The properties formerly controlled by the Industrial purposes
effected through recent.completion of
will
arc in responsible handS and I am free to devote all stantial operating economies linesbe the installation of larger generating
ritkin organizatien
and
-V. 125. p. Interconnecting transmission
my timo to the investment business." (New York "Times").
units together with the completion of pipe lines permiting the use of natural
1052.
gas as fuel in the company's two largest steam generating plants.
Procistons.-Company covenants to pay to the trustee annually a cash
-Earnings.
Interborough Rapid Transit Co.
sum equal to 2% of tho greatest amount of bonds outstanding. Such
Net earnings of the Interborough System under the "Plan."
moneys will be usifd either for retirement of bonds or for permanent additions
Period End. Sept. 30- 1927
1927-3 Mos.-1926.
-Month-1626.
made the basis for the issuance of addiGross revenue, all sources $5,279,547 $4,811,436 $15,159,584 $13,345,856 and betterments which cannot bemay be Issued up to 80% of the cost of
tional bonds. Additional bonds
Expenses for operating &
provided net earnings are the equivalent of at
maintaining property_ 3,148,931
9,290.696 additions and improvements charges on the bonds outstanding and those
9,611.021
2,855,570
least two times annual interest
Taxes payable to city,
878.839 to be issued.
893,153
State & United States
277,481
290,447
Authorized. Outstanding.
CapitalizationAvailable for charges_ $1,831,170 $1,678.385 $4,655,411 $3,176,321 let mtge. 5Sis (series of 1926 and 1927)$3,300.000
b730.100
$1,000,000
Rentals payable city for
Preferred stock (par $100)
35.000 she. c24,996 sits.
664,718 Common stock (no par value)
original subways
665.400
221,718
221,800
a Limited by restrictions of the mortgage. b $172,900 additional subRentals pay. as int. on
452,060 scribed but not issued. c 1.659 additional shares subscribed but not issued.
Manhattan Ity. bonds
452,060
150.687
150,687
Miscellaneous rentals_ _
73,589
-Entire proceeds will be used to partly reimburse the company
69,217
Purpose.
23,368
23.091
for permanent additions and improvements to the electric property heretoInt. payable for use of
borrowed money and
fore made or under construction; for the acquisition of operating electric
sk. fd. requirements:
properties; for construction of gas pipe lines and distribution systems to be
presently completed and for other corporate purposes.
Int. on I. rt. T. 1st M.
-C. C. Yawkey (Pres.), Ben Alexander, A. P. Woodson,
Directors.
2,022,616
5s
2,072,973
674.205
690.991
Wausau, Wis.; R. M. Ifeskett, Minneapolis, Minn.; H. L. Geisse, Brown
Int. on I. R. T. 7%
592,323 Katzenbach, Wausau, Wis.-V. 124, p. 2428.
secured notes
586,504
195,484
197,441
Int. on I. R. T. 6%
--Acquisitions.
Mountain States Tel. & Tel. Co.
136.338
-yea. notes
139,624
10
45,446
46.541
-S. C. Commission on Oct. 1 approved the acquisition by the eomThe I.
lot. on equip. tr. ctfs_
64,538
44,475
21,512
14,825
of the Springfield-Lamar Telephone Co. and the
yany of the properties
Sink, fund on I. R. T.
583.563 Oolly-Stonington Telephone Co.
594.628
let M. bonds
194.521
198,209
By a contract made July 14 1927, the Bell company agrees to purchase
27,468
6.192
18,851
Other items
9.044
the properties of the Springfield company, free of encumbrances, for
Dividend rentals:
$19.120, payable in cash.
Manhattan By.
7% on
On July 13 1927 the Bell company contracted to purchase the properties
stk. not as.senting to
76.184 of the Holly company, free of encumbrances, for $6,656, payable in cash.
"plan of readjust."_
76.143
25,394
25.381
V. 124. p. 2121. 1980.
5% on assenting Man695,582
hattan By. stock_ _ _
695,613
231.871
231,860
-Merger.
Municipal Gas Co. (Albany).
-V. 125, p. 1971.
See New York Power & Light Corp. below.
$26,097 def$116,813 def$760,076df$2,212.658
Bal, avail, for ot h. purp _
-V. 120, p. 2140.
-Bon-Bonds Offered.
New York Power & Light Corp.
- bright & Co., Inc., Harris, Forbes & Co.,Bankers Trust Co.,
Interstate Public Service Co.
-Earnings-Refunding.
12 Mos.
Ended Sept. 30 19273 Mos.
Period
$2,466.154 $10.027.655 Guaranty Co. of New York, Coffin & Burr, Inc., The Union
Gross operating revenue
1,715,240 Trust Co. of Pittsburgh, F. L. Carlisle & Co., Inc., National
383,161
(Income after taxes, interest & retire. prov_ _ -The company has applied to the Indiana P. S. Commission for authority Commercial Bank & Trust Co., New York State National
Issue 3.333 shares of no par value common stock to raise approximately
to
$250,000 for refunding purposes. The securities issue Is sought in connec- Bank and E. H. Rollins & Sons are offering at 96 and int., to
tion with the purchase of the New Albany Street Ry.. Oct. 30 1925. and will yield about 4.72%, an issue of $66,000,000 1st mtge. gold
be used in reimbursing the Interstate's treasury for money spent refunding bonds,4
series due 1967.
-V. 125, p. 914.
bonds that fell due Aug. 11927. (Indianapolis "News.")
2264
THE CHRONICLE
[VOL. 125.
Dated Oct. 11927; due Oct. 11967. Int. payable A. & 0. at the office been so arranged that
the important distribution centers are served by
or agency of the corporation in N. Y. City. Red. all or part at any time two or more circuits
so that tho continuity of service is assured.
upon 30 days' notice at par and in, to date of redemption, together with a
Corporation is in
premium of 5% of the principal amount thereof If red, on or before Oct. 1 large undeveloped a peculiarly favorable position to take advantage of the
hydro-electric resources in this territory. These include
1938. and thereafter together with a premium of5% of the principal amount large storage
developments on the Hudson River which when completed
thereof less 1-5 of 1% for each full year elapsed since Oct. 2 1937 up to and will greatly increase
the output of the corporation's largest plants. Work
incl. Oct. 1 1962, and with no premium if red. after Oct. 1 1962 and before has been started
by the Board of the Hudson River Regulating
maturity. Denom. c* $1,000 and $500 and r5 $1,000 and $5,000.
on the construction of a dam on the Sacandaga River for purposesDistrict,
of flood
payable without deduction for the Federal income tax up to but notInterest control.
exceedThis
ing 2% per annum. Penn. 4 mills tax and Mass, income tax not in excess , should greatly dam will form a lake larger in area than Lake George and
increase the water available during the dry season for the
of 6% per annum refundable upon due application as provided in the tax plants of
this system.
refund agreement. Central Union Trust Co., New York. trustee.
In addition, gas
Issuance.
-Subject to further approval by the New York P. S. Com- nectady. Saratoga systems are owned and operated in Albany, Troy, ScheSprings, Oneida, Glens Falls and 23 other communities
mission.
with a total of over 666 miles of mains.
Data from Letter of Pres. Chas. S. Ruffner, Albany, N. Y., Oct. 17. with the Hudson Valley Coke & ProductsThere is in addition a contract
Corp. for the purchase of gas
Company.-Incorp. in New York, Oct. 13 1927. Has been organized which latter is supplied in Albany, Cohoes. Troy, Schenectady and vicinity.
as a consolidation of: Adirondack Power & Light Corp., Troy Gas Co..
Operating Statistics of Properties Now Owned.
Cohoes Power & Light Corp., Municipal Gas Co. of the City of Albany,•
Sales
Fulton County Gas & Electric Co., and Adirondack Electric Power Corp.
It also owns the electric and gas properties formerly owned by Eastern Yr. End. Gross Pow.Plant Electricity
Gas
-Meters in ServiceDec.31 Earnings. Cap. Kw.
Kwh.
New York Utilities Corp. [The terms of exchange of stock of the merged
M.Cu.Ft, Electric
Gas.
1922- _$12.124.483 141.760 356,327,800 2,402,400 107,030 101.636
companies for the new corporation were outlined In V. 125, p. 1324.]
1923- -_ 13,851,265 158,760 430.665.300 2,839,100 121,647 103,544
The territory served is in the intensely industralized region of the Mohawk
and upper Hudson River Valleys. Electric and gas service are supplied in 1924- -_ 14,759,393 230,950 467,307,500 2,891,300 139,208 106,572
Albany. Troy, Schenectady, Watervliet, Oneida, Cohoes, Saratoga Springs. 1925___ 16,395,964 230.840 574.564.200 3,076,100 150,485 106,627
Glens Falls, Gloversville and Hudson. In addition, electric service is 1926_ _ _ 18,025,569 230.840 659,583,400 3.439,400 165,549 110,277
supplied in 158 other cities and towns and gas service in 19 cities and towns. Aug 31
1927_ 18,633.322 230.840 683,230,100 3,467,900 168,611 111.649
Power is also sold under long term contracts to distributing companies
Management.
-All of the common stock of the
and to electric railways in the vicinity.
Mohawk Hudson Power Corp.. which also controlscorporation is owned by
through stock
Capitalization Upon Completion of Present Financing.
the Utica Gas & Electric Co. and Syracuse Lighting Co., Inc. ownership
Officers.
-Charles S. Ruffner. Pres.; Otto Snyder, Exec, V.
Authorized. Outstanding.
-P.: II. C.
1st m g bonds, 43i% series,due 1967(this issue)
3(6,009,000 Shields, C. A. Davis, L. C. Smith and John L. Haley, V.
-Ps.; J. M. Secy.
Cohoes Pow. & Lt. Corp. 1st mtge. 6s, 1929_ _ _Closed
-P. & Comp.; M. C. Skinner, V.
x
4,000,000 V.
-P. & Comm. Mgr.; L. A. Jones, V.
-P.
Troy Gas Co. bonds, due 1939
Closed
y810,500 & Purch. Agt.; James McKinney, Sec.; H. I. Olwine, A. N. Woodhead,
Adir. Pow.& Lt. Corp. 5s. 1930
Closed
394,100 R. E. Herrick, Asst, Secs.; Paul D. Weathers, Treas.; J. M. Brucker.
8% cumulative pref. stock ($100 par)
30,000 shs. 25,547 shs. Thomas H. Powers, W. C. Coleman, W. N. Bissell and James McGuire,
7% cumulative pref. stock ($100 par)
150,000 shs. 144,639 shs. And. Treas.
$6 cumulative pref. stock (no par)
Directors.
320,000 shs. z20.554 shs.
-Charles S. Brewer, Charles S. Ruffner, Robert Olcott, Nelle
Common stock (no par)
1,250,000shs. 1,000,000shs. F. Towner, Oswald L. Johnston, Parry C. Shields. Jesse R. Lovejoy,
z Limited by the restrictions of the Indenture. y There are in addition Darius E. Peck, Abram V. Morris, Maurice Hoopes, Thaddeus R. Beal.
$89,500 held in the treasury of the corporation. z Not including 50,000 V. 125, p. 1324. 2146.
shares for which the corporation Is making application to the Public Service
Commission of the State of New York for permission to issue and sell.
New England Telep. & Teleg. Co.
-Earnings.
Purpose of Issue.
-The proceeds of this issue of bonds will be used, in
Period End, Sept. 30- 1927-3 Mos.-1926.
1927-9 Mos.-1926.
accordance with the order of the Public Service Commission, (1) to the Operating revenue
316,468,265 $15,725.035 $48,483,981 346.537.214
extent of 335,316,190 for the retirement of bonds of the consolidating Operating expenses
11,659,253 11,309,776 33,494,576 32,799,506
companies,(2) to the extent of $22.171,540 for payment of debt incurred by Taxes
1,269,053
1.158.467
3,541,611
3,945,612
the consolidating companies for proper capital purposes, and (3) the balance Uncollectiblea
119,324
131,594
402,482
370,731
for the partial reimbursement of over $10,000,000 of capital expenditures
made by the consolidating companies and heretofore unfunded. [For
Total operating
_
further details see V. 125, p. 1324.1 Upon completion of this financing, the Net non-operatinginc__ _ $3.420,635 $3,125,198 $10,673,063 39.793,615
rev_
91,707
203,257
318,723
526,105
corporation will have cash on hand in excess of $4,900,000, not including the
proceeds from the contemplated sale of 50.000 shares of $6 cumulative
Total gross income__ _ $3,512,342 $3,328,455 $10,991,786 $10,319,720
preferred stock.
Int. on funded debt.._ 1,033,263
1,033,262
2,374.786
3,099,789
Security.
-These bonds will be secured by a first mortgage
Other interest
12.639
5.755
40,849
641,395
fixed properties of the corporation now owned, subject ason the entire Rent, &c
to portions
131.375
176,743
417,288
484,281
thereof to the lien of $4.900.000 divisional bonds, of which $4,000,000 Debt disc't & expense_ _
41,577
124,728
mature on Jan. 1 1929, for the payment of which $4.000,000 additional
bonds are reserved under this mortgage. In the opinion of independent
Net Income_ _ _...... $2.293,488 $2,112,694 $7.309,133 36,819,255
engineers the depreciated reproduction value of the present property
Dividend appropriation_ 2.212.934
2.212,926
6,638,800 6,625,977
excess of $100,000,000, not including any allowance for going value.is in
Certain Mortgage Provisions.
Balance, surplus__
-Mortgage will provide for the issuance of
$80,554 def$100,232
8670,333
3193,278
bonds thereunder in series bearing the same or different rates of interest. Earns, per sh. on 1,106.dates, maturities, redemption provisions and such other distinguishing
463 shs. of (par $100)
features and provisions as may be determined by the board of directors
capital stock outst'd'g
$2.07
$1.91
$6.61
$6.16
subject, however, to the restrictive provisions of the mortgage.
- 125, p. 1580.
V.
Mortgage will also provide that additional bonds of the 4 Yi% series due
1967. or other series. may be issued thereunder (a) for refunding an equal
New York State Railways.
-Earnings.
principal amount of bonds of any series, or underlying or prior lien bonds,
Period End. Sept. 30
- 1927
-3 Mos.-1926,
1927-9 Mos.-1926.
both as defined in the mortgage:(b) for cash; (c) to not
Gross earnings
32,331,158 $2,396.376 37.535,009 $7,749,415
the cost or fair value to the corporation, whichever is exceeding 75% of Oper. exp. & taxes
less, of property
1.793,027
1,862,667
5,761,281
5,969,705
additions. as defined in the mortgage, to the properties of the corporation Bond interest
322,406
323,127
968,211
969,907
made or acquired after Dec. 311927.
Other int. & deduct
58.278
62.279
164.491
179,058
Additional bonds may not be issued, except for refunding purposes, unless Sinking fund
7.468
7,951
23,001
23,711
net earnings, as defined in the mortgage, for 12 consecutive months within
the 15 calendar months immediately preceding the month in which the
Bal. for diva. deprec.
application for issue is made shall have been at least equal to twice the
and surplus
•
$149,981
$140,352
$618,026
$607.034
annual interest requirements on (or 12% of the principal amount of) all - 125. p. 518.
V.
bonds issued and outstanding under the mortgage, including
to be issued, and on all underlying and prior lien bonds, asthose proposed
Niagara Falls Power Co. (& Subs.).
defined in the
-Earnings.
mortgage. Not more than 15% of such net earnings shall consist in the
Period End. Sept. 30- 1927-3 Mos.-1926.
1927-9 Mos.-1926.
aggregate of (a) net non-operating income; and (b) net income directly Operating revenue
33.349.911 $3,635,191 $9,331,598 38.101.369
derived from the operation of properties not subject to the lien of the Oper. exp., retire.& tax_ 1,713.833
1,438,727
4,954,114
3,711,798
mortgage.
The bonds of the 4%% series, due 1967 will contain a clause permitting
Not operating revenue $1,636.079 $1,596,465 $4,377,486 $4,389,571
changes in the mortgage and any indenture supplemental thereto on the Non-operating revenue_
23,130
30,463
73,195
81,679
vote of 85% of the bondholders in the manner therein defined. No change
whatever will be permitted which will modify the terms of payment of the
Net income
31.659.208 31,626,928 34,450.679 $4,471,250
principal or Interest of any bond of the 4Si% series, due 1967 without the Interest, &c
536,466
653.848
1,616,877
1,972,969
owner s consent.
Not more than 15% of the bonds issued under this mortgage may be
Surplus, income
$1,122,742
$973,080 $2,833,802 32.498,281
Issued against property additions subject to prier liens. No property -V. 125. p. 519.
additirns subject to prior liens may be made the basis for the issue of bonds
under this mortmcce if the amount of such pricir liens exceeds 50% of the
North American Utility Securities Corp.-Earninns.cost or fair value to the corporation, whichever is less, of such property
Years Ended June 30
1927.
1926.
additions. Not more than 20% of the bonds issued under this mortgage Gross earnings
$1,132,097 $1,512,824
shall be issued against"specially classified properties." "Specially classified Expenses, interest and taxes
185,677
420,130
properties" include, among other things, property used in the business of
supplying steam or hot water heat, water, or in the telephone business or
Net income
$946,420 31,092,694
In the street railway business, and all properties on which the franchises do Dividends paid on first preferred stock
292,176
219,634
not comply with certain conservative restrictions.
Dividends paid on second preferred stock
420,000
420,000
The mortgage will contain a clause subjecting fixed property acauired
Balance carried to surplus
after the date of the mortgage to the lien thereof subject to liens existing
$453,060
$234.244
on said property at the time of acquisition and subject to the provision Shares of common stock outstanding (no par)_ _
469,610
500,000
that when property is acquired by the corporation subject to a lien prior Earnings per share on common stock
$0.49
$0.91
to the lien of this mortgage and because of the restrictions of this mortgage
Comparative Balance Sheet
said property cannot be used as a basis for the issue of bonds thereunder.
June 30/7 Dee.31 '26
then and in that case the corporation shall have the right to place a mortJune 30'27 Dee. 31 '26
Assets
Liabilitiesgage or mortgages on said property and additions thereto which shall have
$
8
Invest. & security
Capital stock_. _ if
Priority to the lien of this mortgage.
_
holdings
10,951,949 0,939,834 Accounts payable.11,459,150 11,393,250
Earnings Derived from Properties now Owned by New York Power & Light Due from attn. co_ 368,778 1,580,331
1,183
69
Accrued taxes_ _ ...
43,788
33,648
Corporation.
Accts. receivable
187,875
301,708 Surplus
761,437
673,879
12 Months Ended
Dec. 31'25. Dec.31 '20. Aug. 31 '27. Notes receivable._ 754,875
Gross earnings
2,081
316,395.964 $18.025.569 $18,633,322 Cash
278,973
Tot.(each side).12,265,558 12,100,846
Oper, expenses, incl. maint., taxes &
x Classfled as follows: (a) 1st pref. $6 cum,
retirement reserves
9,805,754 10.969.376 11.387,666 allotted. 69,6093i shares without pa value: (b) div. per share, issued or
share, issued. 60,000 shares without par value; 2d pref. $7 cum. div. Per
(c)
Net earnings
$6.590,210 $7,056,193 $7,245.656 or allotted, 469,60954 shares without par value; common stock issued
total, $12,385.950: less
Annual int. requirements on $66,000,000 1st mtge. gold bonds
uncalled installments of allotment price of 1st
(this issue)
2,970,000 $926,800; balance, 311,459.150.-V. 125, p. 246.pref, and common stock,
Divisional bonds held by the public
285.030
North Boston Lighting
Properties.
-Recapitalization.
Balance available for other charges, dividends. &c
$3,990,626
The stockholders on Oct. 19 voted to
Net earnings, RS above, for the 12 months ended Aug. 31 1927, after standing, both preferrei and co eenon, double the number of shares outretirement reserve and Federal taxes, were over 2.2 times the annual interest sharesfrom $100 to 350 each. The rzrult and to reduce the par of the pref.
will
requirements on the divisional bonds held by the public and these first holder two $50 shares for every $100 share be to give each preferred sharemortgage gold bonds. Of the gross earnings, more than 75% was derived shareholder two no par shares in place of now owned and each common
each no par share now held.
from the electric power and light business, and about 25% from toe sale (See V. 125.p. 11940.
of gas.
The dividend rate on the preferred stock will remain
unchanged by the
Franchises -In the opinion of counsel of the total number of electric reduction of the annual rate from the present $6
basis to a $3 basis. See
and gas franchises over 85% are unlimited as to duration; in the 13 largest also V. 125, p. 1194, 1838.
cities, which Include nearly 70% of the population served, all of the electric
Northern Indiana Public Service Co.
franchises and all but tnree of the gas franchises are without limit as to
-Extends System.
duration: of the remaining franchises in the system the great majority run
A letter accompanying the r:oguiar quarterly dividends on
for long periods of time.
stock says: "Tho company is again extending its gas pipe the 7% pref.
line system in
Plants & Properties.
-The total installed generating capacity of the somewhat the same manner that it has developed
properties owned is 230,840 k.w., of which 92,000 k.w, is steam capacity systems. A gas pipe line is being laid from Fortits electric transmission
Wayne to Huntington,
and 138,840 k.w, hydro-electric capacity. In order to meet the steadily a distance of approximately 25 miles. When this line is completed,
about
growing demand for additional power, long-term contracts have been made the first of the year. gas manufactured in the company's large,
for the purchase of power from nearby hydro-electric generating stations at Fort Wayne will be transported through this pipe line tomodern plant
Huntington,
with a total capacity of 45,200 k.w.
where it will be distributed by the Indiana Power Co. to its
customers in
Electricity Is transmitted over a comprehensive interconnected system that
Another pipe line connection is being laid in northern Indiana,
of high-tension lines aggregating more than 800 miles. Distribution is connecting
city.
city of Hobart, southeast of Gary, with the pipe line of the
through 12.700 miles to 168 communities. The transmission lines have Public Service Pipe Line Co. Some time in December the
company will
THE CHRONICLE
OCT. 22 1927.]
begin furnishing residents of Hobart with gas service which they have not
previously enjoyed.
"Operating revenue for the 12 months period ended June 30 was $11.444.789. This compares with operating revenue of $10,986,678 for the 12
months of 1926."-V. 125. p. 1194.
-Earnings.
Northern Ohio Power & Light Co.
1924.
1925.
1926.
12 Mos. End. Sept. 30- 1927.
Gross earnings
$12.429,178 $11,913,350 $11,201,245 $9,817,295
Oper. exp., incl. taxes &
7,744,903
8,402,409
8.848,494
8,800,193
maintenance
1,384,771
1,532,961
1.644,579
Fixed charges
1,677,582
Net inc. avail,for divs.
& retire. reserve_ _ _ $1.951,402 $1,420,277 $1,365,875
435,854
461,531
502,835
Preferred dividends_ _
$687,620
429,314
2265
burgh District" in the production of iron and steel. The cities and towns in
the greater part of this territory form practically one continuous community. This concentration of population, coupled with the intense industrial
activity, forms a market which holds unusual possibilities for further expansion in the demand for electric power. While this is a noted steel district, it nevertheless has a great diversity of other large and prosperons
enterprises.
Earnings for 12 Months Ended Aug. 31.
(Pennsylvania-Ohio Power & Light Co. and Subs.]
1927.
1926.
$6,727,766 $7,511,134
Gross income
4,096.080
3.796.691
maint., rentals and taxes
Oper. exps.,
$2,931,075 $3,415,054
Net income
1,484,906
Interest charges and other deductions
$1.930,148
Balance available for diva., retirement reserves & surplus
734.660
Annual preferred dividend requirements
Earnings, as shown above, for the 12 months ended Aug. 31 1927. were
requirement on the total amount of
the annual dividend
-Earnings. over 2t times to be outstanding, including this issue.
Northern Ohio Power Co.
(& Subsidiaries).
preferred stock
1925.
1926.
1927.
12 Months Ended Sept. 30Purpose. Proceeds will reimburse the company for expenditures for addi$12,429,178 $11,913,350 $11,201,245 tions and improvements to its properties, and provkle funds for other add Gross earnings
8,797,047
8.378,085 tions and improvements already contracted for.
()per. exp., incl. taxes& maintenance_ 8,786,036
2,175,224
2,298,048
2.374,639
Fixed charges (see note)
Capitalization Issued and Outstanding (Including This Issue).
4,840 shs.
$647,935 Cumulative preferred stock: 7.2% (par $100)
$818,254
Net avail,for retir't res. &corp. pur $1,268,502
24,473 shs.
do
7% (par $100)
debt discount and expense, and
-Includes interest, amortization of
Note.
11.894 shs.
6.6% (par $100)
do
-V. 125,
dividend on outstanding preferred stocks of subsidiary companies.
75,000 shs.
$6 (no par) (including this issue)
do
p. 1710.
*240,400 shs.
Common stock(no par)
$1,322,000
0
Underlying divisional 507 bonds
-Notes Authorized.
Ohio Bell Telephone Co.
19,000,000
The company has been authorized by the Ohio P. U. Commission to issue First & refunding mtge. 5%% gold bonds, 1954
2.700.000
-year 6% gold debentures, 1939
$13,000,000 of demand notes to reimburse the treasury for new construction 15
-V. 125, p. 1053.
* All owned by Penn-Ohio Edison Co.
In 1926.-V. 125. p. 96.
Balance
-V. 125, p. 1710.
$1,448,567
$958.746
Ohio Edison Co.
-Earnings.
$830,021
$258,306
-Earnings.
Philadelphia Co.
1926.
1927.
12 Months Ended Aug. 311924.
1925.
1926.
12 Mos. End. Seat. 30- 1927.
$61,636,351 $61,242.992
___
_ $1,901,576 $1,766,672 $1,503,059 $1,532,988 Gross earnings
Gross earnings
26,282,849 25.895.743
Net earns. before prov. for retirements
-()per. exp., incl. taxes 6z
1,215.766
1.135,719
926.176 Other indome
'919,221
1,023,269
maintenance
1,076,701
139,874
111,997
82,526
70,587
Fixed charges
$27,418,568 527,111.509
Gross income
-V.125, p. 1580, 2146.
Net inc. avail,for divs.
$466,937
$471,841
8660,878
& retire. reserve_
$758,288
-Earnings.
Philadelphia Rapid Transit Co.
71,325
76,869
116,590
144,626
Preferred dividends_ _
119,250
1927-9 Mos.-1926.
123,000
123,000
123,000
Prov. for retire. reserve_
Period End. Sept. 30- 1927-3 Mos.-1926.
$13,017,283 $12,893,670 $42,125,372 $39,569,605
Operating revenue
$276;362 Operation and taxes_
9,731,154 31,902,221 29.316.713
$271,973
9.597.819
$421.287
$490.662
Balance
-V. 125, p. 1710.
$3,419,463 $3,162,516 510.223,151 510,252,892
Operating income__
-Liquidation.
579,824
711,454
Oklahoma Natural Gas Co.
304,718
259,565
Non-operating income__
This company, it is stated, will announce plans for the distribution of
Corp. to its stock$3.679,028 $3,467.234 $10,934,605 $10,832.716
Gross income
$12.500,000 6% bonds of the Oklahoma Natural Gas
3,244,232 10.181,134 10,191.744
3,435,502
holders within a short time. The Oklahoma Natural Gas Co. is in liquida- Fixed charges & divs_
tion after having sold its physical properties to the newly formed Oklahoma Pay, to city sink. fund
603,120
720,150
201,040
240.050
/Natural Gas Corp. The bonds were turned over to the old company as
& Frankfort'elevated_
part payment. The old company has certificates of deposit for 572,000
$37.863
$33,322
$21,962
shares of stock outstanding so that about $21.85 par value of bonds will
$3,476
Netincome
-V. 125, p. 1462.
be distributed for each share of stock.
Passenger Statistics.
-9 Months Ended Sept. 30 1927- -9 Months Ended Sept. 30 1926
-Control Passes from
Oklahoma Natural Gas Corp.
Passenger Passengers Aver.Rate Passenger Passengers Aver.Rate
Phillips Petroleum Co. to Group Affiliated with G. L. Ohrstrom
Carried. per Pass.
Carried. per Pass. Revenue.
Revenue.
Surf.,Sub.evEl.535,128,282 670,097,095 5.24c $36,696,805 691,862,468 5.30c
& Co.
-To Retire Debentures.
2,267,495 24,241,554 9.350
23,922,042 9.18c
See Phillips Petroleum Co. below and American Natural Gas Corp. Motor Bus_ __ 2.197,176
above.
637,325,458 694,019,137 5.38c $38,964,300 716,104,022 5.44e
Total
s. f. gold debentures.
All of the outstanding $6,000,000 6j4% cony.
4,156,574
dated Sept. 1 1926, have been called for payment Nov. 18 next at 105 Taxi
and int. at the Bankers Trust Co., trustee, 16 Wall St., N.Y. City. These
$41,482,032
Total
debentures are convertible on ot before Nov. 14 into common stock on the -V. 125, p. 1195.
basis of 40 shares of stock for each $1,000 of debentures.
-Initial Dividend.Power Corp. of Canada Ltd.
To Increase Common Stock.
% (75c. per share) was paid Oct. 15
An initial quarterly dividend of
The stockholders will vote shortly on increasing the authorized common
of record Sept. 30.-V. 125. P.
stock from 500,000 shares to 1,000,000 shares, no par value, and on approv- on the 6% non-cum. pref. stock to holders
- 1831, 1711.
per share.
ing the sale of 300,000 shares of the additional stock at $25
V. 125, p. 519.
-Earnings.
Public Service Co. of Northern Illinois.
Period End. Sept. 30- 1927-3 Mos.-1926. 1927-12 Mos.-1926.
-Rights.
Pacific Lighting Corporation.
$22,621,505
$6,070,934 $5,242,138 $25,396,971
The common stockholders of record Nov. 1 will be given the right to sub- Gross revenue
scribe on or before Dec. 15 for 102,500 additional shares of common stock Net income after taxes, .939,928
4,695,412
4.879.021
662,695
int. and depreciation_
(no par value) at $50 per share, on the basis of one new share for each 10
shares held (incl. the 9 shares for 1 common stock dividend declared on -V. 125. p. 1195.
that
Aug. 10 to holders of record Nov. 1, but not to be delivered until after
Public Service Co. of Oklahoma.-Acyuires Plants.
date). This is subject to the approval of the California Commissioner of
-V. 125.
See Dierks Lumber & Coal Co. under "Industrials" below.
Corporations. Subscriptions will be payable at the American Trust Co.,
p. 1053. 247.
San Francisco. Calif.
President C. 0. G. Miller, says the corporation has adopted a policy
Public Utilities Consolidated Corp. (Ariz.).-Pref.
of meeting capital needs by further offers of rights to purchase stock at
-W.B. Foshay & Co. are offering the stock of
$50 a share, which may be expected yearly. He also states that the board Stock Offered.
decided to place the new common stock on a $3 annual dividend basis the company as follows: The pref. stock at $100 and div.
has
beginning Feb. 15, next. This will be equivalent to $30 per share on the
-V. per share or in units of 1 share of pref. and 2 shares of class
present $100 par common stock, which is now paying $16 per share.
125, p. 1462.
A common at $150 per unit.
The 7% cum. pref. shares are free from present normal Federal income
-Debentures Ready.
Pecos Valley Power & Light Co.
Pref. shares have a preference over all
per- tax. Dividends paid monthly. earnings. In the event of any voluntary
The Guaranty Trust Co. of New York Is now prepared to deliver
other shares both as to assets and
-year 7% geld debentures, dated July 1 1927. against the sur- liquidation, dissolution or winding up of this corporation's affairs, the pref.
manent 15
render to it of temporary debentures of this issue now outstanding. (For
stock shall be entitled to $105 per share, and in the case of involuntary
offering, see V. 124, p. 3068.)-V. 125, p. 1053.
liquidation to a preference of $100 per share. In case of liquidation,
whether voluntary or involuntary, all cumulative diva, are preferred, and
Peoples Gas & Fuel Co., Inc.
-Trustee.any distribution shall be made to the
The Chatham Phen ix National Bank & Trust Co. has been appointed all these preferences accrue before of stock. If at any time any portion of
shares
trustee of an issue of $500,000 5
-year gen. mtge. 7% sinking fund gold holders ofon the of any other class in arrears for a period of 12 months,
pref. stock shall be
the diva,
notes, series A, due Oct. 1 1932. See also V. 125. P. 1971.
pref. stockholders shall then be entitled to vote share and share alike with
stock, and in the case
- the holders of the commonpref, stockholders, eitherof election of directors
Peoples Gas Light & Coke Co.(& Subs.).
-Earnings.
alone or together with
under such conditions, the
Period End. Sept. 30- 1927-3 Mos.-1926. 1927-12 Mos.-1926.
shall at that time be entitled
-- $9,308,202 $9,170,872 $39,665,378 $38,260,361 the class A common stockholders, in case they
Gross oper.
B
to vote, shall collectively and independent from the vote of the class of
revenue_Net inc. after chargesfor
common stock be entitled to elect a majority of the board of directors
taxes, int. & prov. for
the corporation. These voting rights of the pref. stockholders shall cease
retirement
5,322,656
1,156,745
5,235,125
1,237,265
when all arrears in divs, on all of the pref. shares shall have been paid.
Shares of capital stock
div. date upon 30 days' notice
outstanding (par $100)
423 500 This stock is callable, all or part, upon any Peoples Trust & Savings Bank,
465.850
465,850
423,500
at $105 per share and dive. Transfer agent,
$2.73
$2.65
$12.56
$11.23
Earns, per sh. on cap.stk.
Registrar, Minneapolis Trust Co.,Minneapolis,Minn.
Minneapolis, Minn.
-V. 125. P. 1971.
-Recently organized, is acquiring public utility properties
Corporation.
it in the States
Pennsylvania-Ohio Power & Light Co.-Pref. Stock to be owned and operated byequity holdingsof Arizona,Idaho and Montana,
in the Public Utilities Consoliand is acquiring the entire
Offered.-Bonbright & Co., Inc., Eastman, Dillon & Co., dated Corp. (Del.). which owns or will acquire operating subsidiaries in
Kansas, Arizona, California and Idaho and serving
W. C. Langley & Co. and Harper & Turner are offering at the States of Vermont,
retail in Mexico and wholesale in Canada. These combined owned and
$99 per share and div. 35,000 shares $6 cumulative preferred subsidiaries' constituent properties serve electricity, gas, water and ice to
a population of approximately 78,800. Customers served are over 14,000
stock (no par value).
in number, of which over 8,900 are electric.
-F. Preferred as to dividends and assets over the
Dividends payable Q.
Purpose.
-Entire proceeds from the sale of the shares of pref. stock will
common stock. Red. all or part on any div. date upon 30 days' notice at be used in the acquisition of the properties now being acquired and In the
$110 a share and diva. Transfer agents, Bankers Trust Co., New York, acquisition of 200,000 shares of class B, 4,500 shares of class A and 3,250
and Mahoning National Bank, Youngstown, Ohio. Registrars, New York shares of 7% pref. stock of the Public Utilities Consolidated Corp. of Del.
Trust Co., New York, and Mahoning Savings & Trust Co., Youngstown.
-The consolidated net earnings on the basis of present operaEarnings.
Ohio. Under present Federal income tax law (Revenue Act of 1926). tions will provide $120,613 available for pref. stock diva, before retirement
dive. on this stock when held by an individual are exempt from the normal reserves and Federal taxes. This is equal to 3.13 times dIv. requirements
tax and are entirely exempt from all Federal Income taxes when the net of 538,500.
income, after all deductions, is $10,000 or less. Dividends received by
-The control and management of the corporation is diManagement.
corporations are entirely exempt from all Federal income taxes. Exempt rected by the W. B. Foshay Co. (see also V. 125. P. 2147)•
from present Ohio taxes other than inheritance taxes.
-Merger.
River Bend Gas & Water Co.
--Authorized by the Ohio P. U. Commission.
Issuance.
See Southern California Gas Co. below.
Data from Letter of H. A. Clarke, Vice President of the Company.
-Merger.
San Angelo (Tex.) Water, Light & Power Co.
Business.-Owns or leases properties supplying electricity for power and
-V. 123. p. 326.
See West Texas Utilities Co. below.
light to the district in and about Youngstown. Ohio. and to the Penn-Ohio
Edison Co.'s system in Pennsylvania and Ohio. Company also controls
-Bonds Called.
Sodus Gas & Electric Light Co.
certain transportation properties.
All of the outstanding 6% 1st mtge. gold bonds dated in 1925 have been
The territory directly served by this company covers an area of about
Nov. 1 at 105 and int. (not 110 and int. As previously
760 square miles in Ohio, midway between Pittsburgh and Cleveland, in- called for payment
-V. 125, p.2149.
the Gaylord State Bank, Sodus, N. Y.
cluding the "Youngstown District," which now ranks next to the "Pitts- reported), at
2266
THE CHRONICLE
Southern California Edison Co.-Pref. Stock Offered.'. H. Rollins & Sons, Lee, Higginson & Co., and Parkinson
F Burr are offering at $24 flat, to yield 5.73%, $2,000,000
:14% 011Ill. pref. stock, series C.
Preferred
[VOL. 125.
Upon completion of present financing, the annual
company will be $1,274,540. This balance availablebond interest of the
two calendar years was more than 3.7 times such bond in each of tne past
interest, and in the
12 months ended June 30 1927 was 4.6 times such
interest.
Capitalization Outstanding upon Completion of Present Financing.
as to assets and dividends over the
First mortgage & refunding
$8,646,000
rayable Q.
-J. Entitled to $25 per share and divs. common stock. Divs. First mortgage 6s (hie 1950 trs, due 1957 (this issue)
4,354,000
t on. Red., all or part, at $28.75 per share plusin the event of liquida- First and refunding series B 5s.due
any diva. Has equal
1952
6,200,000
voting powers, share for share, with all other stocks
First and refunding series C 6s, due 1958
4.000.000
f hares are transferable at the office of the company, of the company. Preferred stock 6% cumulative
Los Angeles, or at
(par $25)
a4.556,850
Pankers Trust Co., New York. U. S. Mtge. & Trust Co.,
New York Common stock, 320,000 shares at $25 par value
8,000,000
and Los Angeles
-First National Trust & Savings Bank, Los Angeles, Paid in premium on common stock
8,000.000
r -gistrars.
a Includes (as of Oct. 1 1927) 8417,525 subscribed
by customers and
Company.
-incorporated in California. Owns and operates one of the employees on partial payment plan.
-V. 125, p. 2149, 1053.
most comprehensive systems in the world for the generation, transmission,
and distribution of electricity for power and light purposes.
Southern Cities Utilities Co.
-Guaranty.
and its predecessor companies have served the electric needs Company,
See Southern Cities Utilities Corp. below.
of
-V. 125, p. 1839.
and southern California for 30 years. The territory served, which central
includes
Los Angeles and 360 cities and towns in ten large counties of
Southern Cities Utilities Corp.
central and
-Notes Offered.southern California, has an area of about 55,000 square miles. The
Hambleton & Co. and Ames, Emerich & Co., Inc., are
population is increasing steadily and at a rapid rate and is now
at over 2,750,000. In this field over 370,000 consumers areestimated offering $2,000,000 1st lien coll. trust 1-year
supplied
5% gold notes
directly and 300,000 indirectly with electric light and power service.
at 993 , to yield over U4%. Guaranteed unconditionally
4
The properties of the company include 24 generating stations
present installed capacity of 816,100 h.p., of which 465.700 h.p. is with a as to principal and interest by endorsement
hydroby Southern
electric and 350.400 h.p. Is steam. It is one of the greatest generating
companies in the world. Company controls large additional undeveloped C;ties Utilities Co.
Dated Nov. 1 1927; due Nov. 11928. Int. payable M. & N. Denom.
water powers which, with the necessary steam plant reserves, will produce
$1,000 and 810.000. non-registerable. Red. as a whole on or
a total estimated at 2,250.000 h.p. From these plants power is sent
after May 1
over
1.900 miles of high-tension transmission lines to the distributing system 1928 on 30 days notice at 100% and int. Principal and int. payable at
which carries the current directly to the consumer through 250 sub-stations ptincipal office of Baltimore Trust Co., trustee, or at Central Union
Trust Co. New York, without deduction for normal Federal
and 9.500 miles of dislributing lines.
income tax
not in excess of 2%.
The present connected load is 1.581.751 h.p.,
Data from Letter of President Walter Whetstone, Oct.
is for lighting purposes, 391.876 h.p. for industrial of which, 383,195 ItP•
purposes, 123,247 h.p.
18.
for agricultural purposes, 321,273 h.p. for municipal power
Corporation.
-Incorporated in Maryland,
for resale
purposes, 134.886 h.p for transportation purposes and 119,274 h.p. for to the issue of these notes or simultaneously and has acquired or prior
with such issue will acquire.
cooking and heating purposes. The connected load increased
184,113 through stock ownership, control of the following operating susbidiaries
h.p. In the last 12 months, or over 13%. The output
for the 12 months (except that the interest of the corporation in Public Light & l'ower Co.
nded Aug. 31 1927 was over 2,379,000,000 k.w.h.
and Tennessee Water Co. will be represented by ownership of bonds
pledged under the indenture:
Capitalization as of Aug. 311927.
Totalfunded debt
(a) Manila Gas Co.,
a$135,059,700 debt and over 99)4% of incorporated in Maryland, owns the entire funded
Original preferred stock (paying 8%,closed issue)
the entire capital stock of Manila Gas Corp., which
4,000,000 furnishes artificial
Cumulative preferred stock series A,7%
25,551,300 Philippine Islands gas without competition in the City of Manila In the
5,551,300
do
and to Pasay, its adjacent suburb. Properties of
Series B,
47,175.350 Manila Gas Corp. Include: A modern
do
coal gas and water gas plant with a
SerIesC.5%
b1,175,400 capacity
Common stock (paving 8%)
48,551.047 of mainsof about 1,750,000 cu. ft. per day; an extensive distribution system
There is in addition 2131,600 series A pref.; $2,799.475
and services,
:
series B;$345,425 coating and wrapping; well installed and protected against corrosion by
series C, and $2,786.675 common stock sold on partial payments.
approximately 187 acres of land well located on
waterways and numerous buildings and structures of concrete construction.
a After giving effect to the recent issuance of $30.000.000
mtge. 5% bonds and the redemption of $26.500,000 refunding refunding
(b) Salem Gas Light Co., incorporated in New Jersey, furnishes artifice'
mtge. 6% gas to Salem, N. J. Population
bonds. b This outstanding series C stock is part of
estimated 8.000. Company manufactures
$10,000,000 whose coal gas in
Issuance and sale were recently authorized by the California
a plant
capacity was recently increased to 180.000 Cu. ft.
Railroad a day. There are whose gas
Commission and which is now being sold to the public.
three
holders with a capacity of 96,000 cu. ft. and
service is furnished through about 14 miles of mains. Coke and tar are
Earnings
-12 Months Ended Aug. 31.
sold as by-products of the plant.
(c) Public Light & Power Co., which is to be controlled by Southern
1026.
1927.
Gross earnings
$26,654.530 $30,041,320 Cities Utilties Corp., furnishes electric light and power in South Central
Operating expenses, maintenance and taxes
9.195,691 10,011,501 Tennessee. Electric properties include Shelbyville. Mullin Mills and
Loop hydro-electric station; site of Estill Springs
Net earnings avail. for int., deprec., divs., &c_
transmission lines; distribution systems in 24 townsstation; 223 miles of
in southeastern TenAnnual interest charge on 8135,059,700 bonds _$17,458,839 $20,029,819 nessee and northern
6.855.770
Alabama. Water distribution system at Winchester.
Tenn., is also Public Light & Power property.
Balance
(d) Tennessee Water Co., which is to be controlled by Southern Cities
$13,174,049
Ann. div. requirements on prof. stock (including this offering) 5,113,759 Utilities Corp., serves
without competition a population in excess of
11,000, In the towns of Shelbyville and Cowan in Tennessee and South
Balance for depreciation and common stock dividends
$8,060,290 Pittsburgh, Ala., through
The balance available for pref. dividends is over 2.57 times the require- plants are up-to-date, and a system of more than 20 miles of main. The
have a combined capacity of more than 800,000
ments on all pref. stock now outstanding.
-V. 125, p. 1972.
gallons of filtered water per day.
(e) Carolina Coach Co., incorporated in North Carolina, furnishes
Southern California Gas Co.
-Bonds Sold.
-Chase interurban transportation in the east central section of North Carolina,
Securities Corp., Stone & Webster and Blodget, Inc., the territory served having a population estimated at 200,000. Company
was formed by consolidating a number of individual bus lines into a single,
Pynchon & Co., Hunter, Dulin & Co., Peirce, Fair & Co. well-organized system.
Southern Cities Utilities Co..
and Blyth, Witter & Co. h,ve
Ir , at 99 and int., $S; Is incorporated in Delaware,and the corporation guaranteeing these notes.
through its operating subsidiaries
646,000 1st mtge. & ref. gold bonds 5% series, due 1957.
electric light and power, water, ice and transportation servicefurnishes
to
Dated Sept. 11927; due Sept. 1 1957. Principal and interest (M. &
communities in West Virginia, Tennessee, Alabama and Maryland. over
payable at Chase National Bank of New York; interest also payable S.) 50About 800 of the net earnings of
the two companies is derived from
at
Union Bank & Trust Co., Los Angeles. Denom. c* $1.000 and
electric light and power and gas.
r* $1,000, $5,000, $10,000 and 825,000 or a multiple of $25,000. MOO. and
Security.
-Secured by a first lien on the collateral pledged. This colRedeemable prior to maturity as a whole at any time, or in part on any
lateral will consist of more than 82% of
interest
on 30 days' notice at par and interest plus a pgemium commencing date Public Light & Power Co., and more than all the outstanding bonds of the
with
99°z, of all the outstanding bonds
5% and decreasing 1% of princiral amount on Sept. 1 1933 and
each sixth of the Tennessee Water Co. and its subsidiaries, which bonds constitute
anniversary thereof, except that during last year premium shall
funded
Interest payable without deduction for normal Federal income tax be ;1%. all of the on theirdebt of said two companies and are secured by first
mortgages
res-ective physical
up
Exempt from personal property taxes in Calif. Penn. and Conn. to 2% include all of the outstanding capital properties. The collateral will also
stock of the Salem Gas Light Co.
4 mills
and Maryland 4% mills taxes, and Mass. 6% income tax on
and of the Carolina Coach Co. These companies have no funded debt.
fundable. Chase National Bank of the City of New York interest, re- There will also be pledged all of the
and Union
capital stock of the Manila Gas Co.
Bank & Trust Co. of Los Angeles, trustees.
which owns more than 993-4% of the capital stock and all of the 1st mtge.
Issuance.
-Approved by California Railroad Commission.
bonds of the Manila Gas Corp., subject only to the issue of 1st lien coll.
Legal Investment.
-All the bonds of company thus far issued have been trust 10
-year
% gold bonds, of which $2,250,000 are to be presently
certified as legal investments for California savings banks, and application outstanding.
has been made to have these bonds so certified.
Earnings.
-Consolidated earnings for the year ended April 30 1927
Data from Letter of A. B. Macbeth,Executive Vice-President.
from the properties, the securities of which will be pledged as above as
security for these notes, as certified to by independent auditors, wore
Company.
-Organized in 1e10 in California. Will acquire in
with the present financing the properties of Midway Gas Co. connection (after conversion into U. S. currency on the basis of 2 pesos for 1 U. S.
(including
Valley Natural Gas Co.), Central Counties Gas Co., River Bend Gas & gold dollar in the case of earnings of the Manila Gas Corp. and after giving
Water Co. and Hanford Gas & Power Co. The combining companies sup- effect to proportionate earnings from Public Light & Power Co. and Tenply manufactured and natural gas direct to domestic consumers, industrial nessee Water Co.) as follows:
organizations and public utility companies, and serve directly more than Total gross earnings--- - - - -------$1,616,016
90 cities, towns and communities, including the cities of Los Angeles (in Expenses (including maintenance and localCaxesS
1.067,285
part). Burbank, Beverly Hills, Compton, San Bernardino, Redlands,
Net income before depreciation and Federal income taxes_
Riverside and Glendale. The combining companies serve all of their terriInterest on total funded debt outstanding in hands of public_ _ $548,731
tory without competition, except a portion of the city of Los Angeles. The
_
123,750
estimated total population of all the cities, towns and communities in
which the combining companies operate is about 2,250,000. There are
$424,981
Annual interest charges (this issue)
more than 199,000 consumer meters installed.
Net income, as shown above, was over 2.46 times total interest 100.000
Properties.
-The system consists of five oil gas manufacturing plants
charges
having a combined capacity of 34,360,000 cu. ft. daily. It has 11 gas on all funded debt outstanding in the hands of the public including the
interest charges on these notes.
holder stations with a combined storage capacity of 27,930,000 cu. ft., and
3,333 miles of transmission and distribution mains.
To Retire Notes.
Natural gas distributed by the combining companies is obtained from
All of the
months
independent producers operating in 14 fields in three widely separated 15 1927. willoutstanding 6on Nov.secured promissory gold notes, due Dec.
be
1, next at par, less Interest at the rate of
sections in southern California, for which purpose the combining companies 5% per annum redeemed 1 to Dec.
from Nov.
15. Payment will be made at the
own and operate an additional 453 miles of transmission mains 95 miles Baltimore Trust Co.. Baltimore,
Md.-V. 125, p. 248.
of field collecting lines, 12 compressor stalims and other properties.
Securitg.-These bonds will be secured (upon completion of this financing)
Southern Indiana Gas & Electric Co.
-Earnings.
by a direct first mortgage lien on the properties being acquired from Midway
12 Mos. End.
1926.
Gas Co., Central Countis Gas Co., River Bend Gas & Water Co.,and Han- Gross earnings Sept. 30-- 1927.
1925.
1924.
ford Gas & Power Co., and by a direct mortgage on the remainder of the Oper. exp., incl. taxes & 83,022,069 $2,836.706 82,636,433 82,838312
fixed properties of Southern California Gas Co. subject only to the liens
maintenance
1,746,022
1,660,576
1.656.311
1.600,985
of the mortgage indentures securing the underlying bonds above men- Fixed charges
357,481
399,910
413,142
438.910
tioned. An additional $6,747,000 principal amount of underlying bonds
are being issued and will be pledged as further security under the mortgage
Net Inc. avail, for diva.
Indenture securing the present issue. Refunding of underlying bonds is
& retire. reserve_ -- 8918.567
8776,219
$622,307
$541,191
provided for by the mortgage indenture securing the present issue. The Preferred dividends_ _
338.080
296,923
251,292
209,971
mortgage indenture will permit the issuance of additional bonds in series Prov. for retire' reserve_
221,682
212,083
207,000
205,250
on the basis of 7.5% of the net amount of additional property and for refunding purposes.
Balance
8358,805
8267,213
$164,015
8125.970
In a report made by Stone & Webster. Inc., it is estimated that the cost -V. 125. p. 1712.
to reproduce the combined properties new less depreciation, which method
Southwestern Gas & Electric Co:-Accuires Plants.
of determining value follows recent decisions of the Supreme Court of the
see Dierks Lumber & Coal Co. under "Industrials"
United States, is approximately 860,000,000, of which about $16,000,000
below.
-V. 1252
represents the properties being acquired and subjected to the direct first p. 916, 248.
mortgage lien securing the bonds now offered.
Standard Gas & Electric Co.
-Acquires Wisconsin Valley
Income of the Combining Companies.
-See that company below.
12 Mos.End -Calendar Years
- Electric Co.
-V. 125, p. 2149.
June 30 '27.
1926.
1925.
Tracy (Calif.) Gas Co.
Operating revenues
-Bonds Offered.
$15.636.061 814.597,650 $15,117,531
--Bradford, KimOper. exp.& all taxes (excl. Fed. tax.) 9.809,674
9,928.958 10.361,490 ball & Co., San Francisco, are offering
at 99 and interest
Net from operations
$5,82
6,387 $4,668,692 $4,756.041 $100,000 first mortgage 6% sinking fund
gold bonds.
Other income
63.172
98,273
77.753
Dated July 11927; due July 11947. Callable, all or part, on any
Balance available for bond interest.
date upon 30 days' notice at 105 and interest. Denom.$1,000 and interest
deprec'n. Federal taxes, &c
$5,889,559 84,746,445 $4,854,314 Company agrees to pay interest without deduction for any normal$500 O.
Federal
OCT. 22 1927.]
THE CHRONICLE
2267
be Issued
such property hereafter acquired against which any bonds may
income tax up to 2%. Principal and interest (J. & J.), payable at American under the mortgage. The value of the fixed property of the company upon
Trust Co., San Francisco, Calif., trustee. Exempt from personal property completion of present financing, as recently determined by independent
tax in California.
engineers, is largely in excess of the first mortgage bonds to be
Company.-11as been incorporated for the purpose of constructing and examining
gas presently outstanding.
operating a plant and pipe lines for the manufacture and distribution of has ' Maintenance and Renewalrunr-Company covenants that so long as any
calento consumers in the city of Tracy, Calif., and its environs. This town
bonds are outstanding under the mortgage it will expend during each
an estimated population at the present time in excess of 5.000. and per- dar year, unless credited with excess expenditures during previous years, an
-Secured by a first mortgage deed of trust on all real
Security.'
shall be not less than 10 per annum of the gross
plus value amount which for 5 years
of the physical propsonal property now or hereafter owned. The value of the systemoffering.
earnings derived during such year from the operation of extensions and the
ofland will amount to approxi.nately 150% of the amount of this
which this mortgage is a lien for the making
-The authorized balance, viz., $203.000, may erty upon of additional property, the making of repairs, rene;vals and reSubsequently Issued Bonds.
purclaase
be issued from time to time, provided net earnings for the preceding 12 placements, or for the redemption or purchase and cancellation of bonds
months are equal to twice the bond interest charges maturing within 12 secured by the mortgage. In order that the above percentage may be reaand further provided that the par value of bonds hareaft,r sonaoly sufficient, the mortgage provides for its redetermination at 5-year
months thereafter
Issued shall not exceed 60% of the amount horeafter expended by the com- intervals. No additional let mtge. gold bonds may be issued on account of
pany for additions and betterments to its plant and distributing system.
made in compliance with this provision of the mortgage.
--A careful survey made in connection with the records of the any expenditures earnings and expenses of the company, as it will be conEarnings.
-The
Earnings.
Railroad Commission of comparable cities in the San Joaquin Valley and stituted upon completion of the present financing, were certified by indebased on 1,000 gas connections, shows a net revenue sufficient to pay inter- pendent auditors to be as follows:
1927.
1926.
est charges on this issue in excess of three times.
12 Months Ended Aug. 31Authorized. Issued.
$3,704.249 $4.970,194
CapitalizationGross earnings, including other income
2,945,012
2.348,036
$303.030 $100,000 Operating expenses, maintenance and taxes
First mortgage bonds (this issue)
75,000
100,000
Capital stock-common
$1.356,213 $2,025,182
--Indenture provides that annual sinldng fund payments
binking Fund.
Net earnings before depreciation
amounting to 3 4 ck tile par value of all outstanding bonds, and in no event Annual int. on the 1st mtge.gold bonds to be outstanding re mires 1625,000
will be made by the company to the trustee commencing
less than $3,000
In the 12 months ennea Aug.31 ieXi $1,101,165 of the above net earnings
May 15 1930, anu continuing on .vlay 15 of each year thereafter to and was derived from the sale of electric lignt and power.
is one
incluning ivlay 15 1917, said sinking fund to be used by the trustee in the
Property and Territory Serred.-The territory served by the company not
Electric light is furnished
purchase or redemption of the bonus of this issue prior to their maturity.
of varied natural resources and industries. illumination in the communities
purposDS but also for street
only for domestic
-Earnings.
Tennessee Electric Power Co.
d in the oil fieldsfor drilling, pumping and reserved, while power is sun
company's
1925
1926
1927
12 Months Ended Sept. 30fining. uther industries which deoend wholly or in part on the
811,929,259 $10,959,238 electric output to furnisn the motive power for their operations are: Gravel.
812,406,318
Gross earnings
6,458,695 6,985,748 sand and crushed rock mines, brLic and tii3 kilns, gypsum plaster products
Oper. exp., incl. taxes & maintenance 6,671.525
2,186,271 flints. newspapers and cotton gins, oil mills and co npresses. As a large
2,232,434
2,255.782
Fixed charges (see note)
880,239 part of the district is given over to a iriculture and stock ra'si nr. many
1,043,072
.54
Dividends on 1st preferred stock__ _
889.542 farms and ranches have installed ele'Inc ligats and are supplanting with
915,245
943,269
Provision for retirement reserve
in
electric driven machinery the less ifficleat apparatus previously used
$917,439 conducting the world's oldest industry. The handli is and milling of grain
$1,344,21.8 $1,270,903
Balance
Note.
-Includes dividends on Nashville By. & Light Co. pref. stock Is expedited also by the use of electric light and power.
-V.125, p. 1712.
ot owned by Tennessee Electric Power Co.
'rue physical property of the ompany includes electric generating stations
24
having a ...a.,a,aty of over 20,003 k.w.. 1.538 miles of transmi.sian Imes, 37
with
tons, 2
-Merger.
Troy Gas Co.
Ice plants with a total daily capacity of 726 Most of eater plants
the company's prop-V.125, p. 1326.
See New York Power & Light Corp. above.
miles oi mains, and 97 miles of gas mains.
have been maintained in exceperties are of
- tionally goodmodern construction and all
condition. lh 1926 and 1927 approximately 800 miles of
Underground Electric Ry. Co. of London, Ltd.
San Angelo
transmission lines and the generating station and ice plant atbut recently
Readjustment Plan Approved.
were placed in operation, while the Santa Anna ice plant has
Speyer & Co. are advised that the readjustment plan, whereby holders been completed.
of 6% income bonds of the above company are to be given the option to
-Company is controlled through Central & Southwest
Management.
convert their bonds into fully paid £1 sterling ordinary shares of the com- Utilities Co. by the Middle West Utilities Co.
-V. 125, p. 1841.
held
pany, was ratified at a meeting of the shareholders of the company time
be converted at any
recently. The plan provides that the bonds may
-Earnings.
West Virginia Water Service Co.
prior to July 1 1930 at the rate of one fully paid £1 ordinary share for every
The company, a subsidiary of Federal Water Service Corp., reports a
£1 is. of bonds. Income bonds may be deposited in New York either at net income of $320,779 after expenses and charges but before Federal taxes.
of the
the office of Speyer & Co. or the New York Trust Co. for the exercise
for the 12 months ended on Aug. 31 1927. against $298,110 for the calendar
conversion privilege. See V. 125, p. 387, 1463.-V. 125, p. 2149.
year 1926.-V. 125. p. 1712.
-Output Increases.
Union d'Electricite, Paris.
During the second quarter of 1927 electricity generated in the plants of
this company amounted to 179,308,000 k.w.h. This Is an increase of
7,229,000 k.w.h. over the corresponding quarter for 1926.-V. 125,P. 1972.
-Reorganization.
United Railways of St. Louis.
The holders of subscription receipts for common stock of St. Louis Public
to
-Wage Increase.
Western Union Telegraph Co.
A contract was signed on Oct.18 providing for increases in wages totaling
beginning
$1,500,000 to be distributed among about 15,000 employees
Jan. 1928.-V. 125. p. 2150.
-Earnings.
Wisconsin Public Service Corp.
1926.
1927.
12 Mmths Ended July 31Service Co. are notified by the reorganization committee that pursuant
$4,597.777 14.280.042
2.520.534
the terms of subscriptions to the new common stock, a final installment of Gross earnings maint.& taxes, before deprec
2.686.483
$4 per share for each share of new common stock heretofore subscribed for Operating exp.,
Is due and payable in St. Louis or New York funds on or before Nov.81927.
$1,911,294 $1,759,508
Net earnings
Holders of subscription receipts issued by First National Bank in St.
Louis or Mercantile Trust Co., St. Louis, Mo., should make payment of -V. 124. p. 3498.
on or
-John
said final installment at the office of the respective trust companies
-New Control.
Wisconsin Valley Electric Co.
before Nov. 8 1927, and all remittances should be accomplished by subscription receipts so that the proper notation of payment can be made J. O'Brien, President of H. M. Byllesby & Co., announces
thereon.
acquirement for the Standard Gas & Electric Co. system
Failure to make payment of the final installment on or before Nov. 8 the
Co. and
1927, will forfeit all rights in respect ofthe prior installments heretofore paid. of the properties of the Wisconsin Valley Electric
Transfer books for subscription receipts will be closed from Nov. 4 to subsidiaries, with headquarters at Wausau, Wis.
River
Nov. 14 1927.-V. 125, P. 2150.
The territory served comprises the entire valley of the Wisconsin
distance of
from Stevens Point on the south to Rhinelander on the north, ato 50 miles
-Organized.
Utilities Capital Co., Inc.
territory from 30
of financing, about 120 miles, and includes most of the
States
The above company has been formed for the purpose
east of the river. It lies between the territories served by Northern
operating and managing public utility properties, handling consolidations Power Co. on the west and Wisconsin Public Service Corp. on the east.
and reorganizations, making surveys, investigations, examinations, valua- both of which companies are part of the Standard Gas & Electric Co.
tions, improving operating ratios and for advising on interconnections, rate
and its properties are strategically located for inter-connection
situations, budgeting methods, new business opportunities and various system,
with properties of the two other companies.
other problems encountered in public utility operations.
A total of 25 cities and towns, with combined population of 90,000, are
J. J. Cagnoy has been appointed President, with offices at 80 Wall St., variously supplied with electric, gas and street railway services, the prinNew York, N. Y.
cipil communities being Wausau,Stevens Point, Antigo, Morrill and Rhinewere 81.
lander. Gross earnings for the 12 months ended May 31 1927. $761,283.
-Merger.
Valley Natural Gas Co.
573,253. and net earnings, before provision for retirements, were combined
-V. 125. P. 248.
See Southern Cilifornia Gas Co. above.
The company operates hydro-electric and steam stations with -change
and inter
Inter-connect
-Holders of 1st Mtge. 5% venerating capacities of 23,946 h.p. companies alsoion in effect. The
Warren Light & Power Co.
are
power contracts with non-affiliated
Given Exchange Offer.
owns important undeveloped hydro-electric sites. There are
Bonds
company
507 miles of distributing lines, and a
The holders of 1st mtgo. 5% bonds, due Jan . 15 1931 who were recently 268 macs of transmission lines and
served. Gas is manufactured and
offered the privilege of exchanging their bonds for $6.50 dividend series total of 22,501 electric customers are
Stevens Point, and the company operates a
preferred stock of Associated Gas & Electric Co., on the basis of 10 shares dis ributPd in the City of
with suburban extensions thrrnigh Schofield and
of pref. stock for each $1,000 bond, and who still desire to take advanta e stre^t railway in Wausau in the town of Morrill.
-V.123. p. 326.
of this offer, should forward their bonds by registered mall to the Associated Rothshild, and a bus line
company, Room 2015,61 Broadway, N. Y. City, prior to Nov. 14 1927, as
-Proposed Sale.
Water & Power Co., Calif.
2045.
Yolo
-V. 122, p.
the offer will be withdrawn on hat date.
Commission has authorized the Clear Lake Water Co.
-Halsey, toThe California RR. stock and $350.000 bonds, the proceeds to be used
-Bonds Offered.
West Texas Utilities Co.
capital
issue $750.000
-V. 121. p. 3133.
Leach & Co., Inc., and Howe, to acquire the properties of the Yolo company.
Stuart & Co., Inc., A. B.
Snow & Co., Inc. are offering at 972 and int., yielding
over 5.15%, $12,560,000 1st mtge. 5% gold bonds, series A.
Dated Oct. 1 1927: due Oct. 1 1957. Red. WI or part upon 30 days'
notice at following prices and in;to Oct. 1 1932 at 105; on and from Oct. 1
1932 to Oct. 1 1937 at 103; on and from Oct. 1 1937 to Oct. 1 1942 at 10214;
on and from Oct. 1 1942 to Oct. 1 1947 at 102; on and from Oct. 11947 to
Oct. 1 1952 at 101;on and from Oct. 1 1952 to Oct. 1 1956 at MOM;on Oct. 1
1956 and thereafter to maturity at 100. Int. will be payable A. & O. in
Chicago and New York without deduction for the normal Federal income
tax now or hereafter deductible at the source not in excess of 2%. Company will agree to reimburse the holders of Series A bonds,if requested within 60 days after payment,for the Penn. and Conn. 4 mills taxes and for the
Mass. income tax on the interest of the bonds not exceeding 6% of such
interest per annum. Donom. $1,000. $500 and $100 cc.
Data from Letter of Pres. G. W.Fry, Abilene, Texas, Oct. 18.
-Upon completion of present financing, will supply with one
Company.
Texas,
or more essential public services 97 communities in central westVernon,
Including the progressive cities and towns of Abilene, San Angelo,
Cisco and Childress. Electricity will be supplied in 96 cities and towns,
company's revenue
ice in 33 and water and gas in 2, the major source of the The combined popbeing derived from the sale of electric power and light.
ulation of the communities to be served is approximately 192,000, while
the entire territory has a population of about 500,000.
[Properties being consolidated with West Texas Utilities Co. are West
Texas Ice Co., Abilene Ice Co., Cisco Ice Co., San Angelo Water, Light &
Power Co.. Quahnah Light & Ice Co., and a number of electric and ice
properties heretofore operated by the Central Power & Light Co.1
Authorized. Outstanding.
Capitalization125,000 shs. y101,360 shs.
Preferred stock
175,000 shs. 162,175 shs.
Common stock
$12,500,000
x
First mtge. 5% gold bonds, series A
of additional bonds limited by the restrictions of the mortx Issuance
gage. y$6 cumulative.
-Proceeds will be applied toward the acquisition of additional
Purpose.
properties, completion of extensions and improvements and other corporate
purposes.
Securily.-Bonds will be secured by a first mortgage on all of the fixed
properties, rights and franchises of the company now owned, and on all
INDUSTRIAL AND MISCELLANEOUS.
per lb. and
Refined Sugar Prices.---On Oct. 14 National quoted 5.80c.
Federal 5.80€16c. per lb.
under orders from
--About 4,000 walk out
Colorado Coal finers Strike.
"Times,"
I.W.W., demanding Jacksonville wage scale. New York
Oct. 19, p. 4.
-300 employees of A. C.LawLeather Workers in Peabody, Mass., Strike.
rence & Co. strike for restoration of wage scale and recognition of union.
New York "Times." Oct. 21, p. 38.
--Two unions, the Window Glass Cutters
Window Glass Workers Return.
Glass Cutters
Flatteners Association of America, Inc., and the Window One plant, the
League of America, have signed 1-year wage agreements.
Clarksburg, W. Va., remains shut down. "Wall
Roll and Glass Co. of
Street News," Oct. 20 (slips).
-Hour
1,000 Employees of 34 Macaroni Factories in New York Strike for 48
"Times,"
Week and Recognition of Recently Formed Union. New York
Oct. 20. p. 50.
e at
Aluminum Co. of America Reduces Prices 1 Cent per Lb.-Effectiv
"Wall
once on all standard grades of ingot and alloys except No. 112 alloy.
News," Oct. 21 (slips).
Street
Reduce Prices.
Pittsburgh Plate Glass and Standard Plate Glass Companiesgreatest amount
cut the
Affects all grades anu sizes. Large sizes were Oct. 21
(slims)•
the least. "Wall Street News,"
and small sizes
lotations
Matters Covered in "Chronicle" Oct. 15.-(a) New capital p. 2032.
with September,
during September and for the 9 mos. ending Exchange in annual report
of New York Rubber
(b) President Henderson
0011 were traded
announces that contracts valued at more than $150 000
Alexander Smith & Sons
in during the year, p. 2047. (c) Bug auction of American Woolen Co.
April, p. 2048. (d)
yield below record figures of
(e) Reports of proceedings
opens spring line of women's wear. p. 2049. convention, p. 2071 to 2109
at Investment Bankers' Association of America
-Acquisition.
Reduction Co., Inc.
Air
Gas Co.
The company has acquired the New England Compressed company,
At a special meeting of the stockholders of the New England
to liquidate the company and the officers and directors were
it was voted
authorized to take necessary steps to distribute the proceeds of the liquida-
2268
THE CHRONICLE
don. The preferred stock will be paid
with the quarterly dividend due Nov. off at once, in cash at par together
1. Distrib
holders of the New England company will be made utions to common shareas liquidation progresses.
-V. 125, p. 1713.
Allied International Investing Corp.
-Initial Dividend.
The directors have declared an initial
dividend of 13 per share on the
participating preference stock, payable
Nov. 1 to holders of record Oct. 25.
-V. 124, p. 2431, 2284.
Allison Drug Stores Corp.
[VOL. 125.
Anglo
-Chilean Consolidated Nitrate Corp.-Bal. Sheet.
foe 3027. Dec.31'26.
J'ne 30'27. Dec.31'28.
Assets$
$
Liabilllies$
Fixed assets
$
x35,654,033 31,857,260 Common stock_ _ _y1,756,
750 1,756,750
Liz. under GuggenAccounts payable.. 725,366
544,732
Nit. Proc. Pats. 550,000
550,000 L'ns & accept. pay 8,675,000 3,750,000
Cash
843,875
466,455 Unpaid sight &
Nitrate & iodine on
letter of cr. drafts 1,212,941 1,158,621
hand & In transit 1,819,893
826,061 Accrued interest- 192,500
192,500
Nitrate in process_ 159,717
183,303
Matis & supplies. 1,903,030 3,116,521 Res.for empl. liab.,
renew.& launch's 56,209
15,538
Accts. receivable 701,790
297,544 1st mtge. 7% deb.
1st mtge. deb. stk.
stock
17,518,500 17,518,500
In treasury
143,220
143,220 20-yr. 7%s.f. deb.
Investment in sub.
bonds
16,500,000 16,500,000
& allied cos._ _ _
52,481
34,411
Deferred charges._ 1,364,330 1,708,181
Organ. & invest'n
expense
134,284
Deficit
3,445,098 2,119,401 Total (each side)_ _46,637,
266 41,436,640
Note.
-The corporation is liable for the return of
U. S. Liberty bonds and
miscellaneous securities borrowed and
deposited as collateral for loans
amounting to 14,625,000.
x After deducting $1,250,847 reserve
for depreciation. y Represented
by 1,756.750 shares of no par value.
-V. 125. p. 2151.
-Listing.
The Detroit Stock Exchan
class A convertible stock (no ge has approved the listing of 70,000 shares
par value).
Corporation owns 100%
the stock of Allison Drug Stores, Inc., which
has contracted to purchaseof group
a
of 16 retail drug stores in N. Y. City.
Three of these stores are located
in the Grand Central Times Square zone
and others on corners of
drug chain in New York Broadway and upper Sixth Ave. Only one other
will have a larger number of stores than will be
controlled by Allison Drug Stores Corp.
The stores in this system will be
operated as high grade prescription
ing to the better class of trade. A and merchandising drug stores, caterconservative policy of expansion will
be followed. The opportu
judged from the fact thatnity for growth in New York City alone may be
there are now
the Greater City, of which only about 2%about 4,600 retail drug stores in
are in chain systems. Company
will own leaseholds on real estate in
the Grand
Broadway. The leases have an average duratio Central zone and upper
n of 8 years.
Comparative Earnings Statement.
Per Sh. Per Sh.
YearArcher-Daniels-Midland Co.(& Subs.).
No.Stores. Sales.
Net Profit.
Cl. A.
Cl. B.
1924
-Earnings.11
11,096,618
1103,414
$1.48
10.06
-Years Ended Aug.31- 11 Mo.End. Year
1925
11
1,249,597
End.
Period122.450
1.75
.26
1926
1927.
1926.
15
Aug. 31 '25. Sept: 30'24.
1.950.474
Net profit
233.891
3.34
1.43
1927(7 mos.)
$2,250,090 12,223,738 $2,513,517 11,091,
16
1,149.159
Provision for deprec'n
288
141,879
2.03
.89
393,846
379.372
Directors.
-George Stadtlander, Pres.,
340,715
355,044
251,660
-P.: W. K. Prov. for Federal tax...._
258,887
Petigrew, Sec.; A. W. Rutter, Treas., New H. S. Kinsley, V.
272.575
92,031
York.
-V.125, p. 1974.
Net Income
American Chicle Co.
Preferred dividends_ _ _ _ $1,604.583 $1,585,480 $1,900,227
$644,214
-Earnings.
301,000
315,000
Period End. Sept. 30- 1927-3
339,500
350,000
Common dividends_ _(12.25)450,000
Mos.-1926.
1927-9 Mos.-1926.
Net profit after interest,
deprec. & inc. taxes._
Balance, sin plus
$344,349 $1,208,365
$853,583 $1,270,480 $1,560,727
Earns. per share on 186.- $455,898
$965,075 Profit & loss surplus
5294,214
_
3,160,847
595 shares of no par
1.890,367
329,640
Earns. per sh.on 200,000 5,563,374
com. stk. outstanding
shs.no par com.outst'g
12.09
$1.49
$6.52
$5.43
-V. 125, P. 1196.
$4.12 -v. 124.
$6.35
$7.80
$1.47
P. 3776.
American Cyanamid Co.
-Bond
The Boston Stock Exchange is advised s Ready.
15
-year sinking fund 5% gold debentures, that temporary debentures for
are ready for delivery.
-V. 125
p. 2150.
American Encaustic Tiling
Co.
-Redeems Pref. Stock.
The company has redeeme
leaving still outstanding 8,798d 8,796 shares of 7% cumul. pref. stock,
shares of the original issue of 17,594
par 1100.-V. 125. p. 388.
shares,
Armstrong Cork Co., Pittsburgh
.
-5% Stock Div.
The directors have declared a 5% dividend
Jan. 15 1928. to holders of record Dec. 15, on the common stock, payable
and
dividends of $1.50 per share on the common the regular quarterly cash
stock, payable Jan. 3 1928, to holders of record and 14% on the preferred
Dec. 15. On Jan. 15 1926
and 1927 a stock dividend of the same amount
was paid on the common
shares.
-V. 123, p. 2143.
Arnold Brothers Ltd.-Defers Prefer
red Dividend.The directors have decided to
of 1q % usually paid this month defer payment of the quarterly dividend
President L. H. Seagrave states that
on the 7% cumul. 1st pref. stock. (For
the rights to purchase shares of offering, see V. 121, p. 2879.)
class B common stock of the Interna
This rate had been paid regularly to July 7
will be issued to holders of all classes tional Securities Corp. of America last.
The company was
Trust of record Oct. 25. Holders of of stock of the American Founders
each share of American Founders formerly owned by A.formed in April last to absorb the chain of stores
Trust may purchase 1-10 of a share
Martin, Ltd.. the latter stores having been confine
d
Securities Corp. at $16 a share. of class B common stock of International almost entirely to the meat business. The meat selling
stores were converted to include a full line of groceries
The American Founders Trust owns the
and owing to a number of expenses
600,000 class 11 common shares Involved in converting such stores,
of International. for which it is fiscal agent.
operating expenses were high during
The rights will cover the the summer months and for this reason,
purchase of approximately 85,000 shares.
it
-V. 125, P. 1713.
the preferred dividend in order to maintai was thought advisable to defer
n a
"ft is understood that few, it any, preferre strong position.
American Hide & Leather Co.
-Par Changed-Earns. Ltd., are in the hands of American investor d shares of Arnold Brothers.
Secretary A Stanley Downing, Oct. 19, says:
s.''
-V. 125, p. 1842.
"At their special meeting held on Sept. 14 last,
Arrow Electric Co., Hartford, Conn.
the stockholders voted to
change the common stock of $100 par value
-Holding Co.
into common stock without Formed.
par value, without, however, in any manner
diminishing the earned surplus
of the company, and that one share of
See Hart & Hegeman Mfg. Co. below.
sucn stock without par value be
issued in place of each outstanding share of
-V. 125, 1). 1713.
"It is expected that new permanent common stoec of $100 par value.
engraved certificates representing
Arrow-Hart & Hegeman, Inc. (Conn.).
the new common stock without par
-Stock Offered.
value will be ready for delivery in -Tho
exchange for the present outstanding common
mson,Fenn & Co., Putnam & Co., Chas.
stock certificates on or about
W.Scranton
Dec. 15 1927".
& Co., Buell, Campbell & Co., Adams,
W. C. Jackson, a director, is quoted in
Merrill
substance as follows: "Earnings Roy T. H.
of the company for the third quarter should
Barnes & Co., The R. F. Griggs Co. and& Co.,
Fuller,
second quarter. [In the second quarter show an improvement over the
after all charges and taxes, while in the net profit amounted to $13,325 Richter, Aldrich & Co., Hartford, are offering at $30 per
third quarter of 1926 the company share 31,740
showed a deficit of 192,775.1 The company
shares (par $10) capital stock.
and also has been favored by a better has been reducing its inventories
Capital Stock.
-Authorized and outstanding, 200,000
price
improved although no sharp gain in earning situation. The outlook is each).
shares (par $10
The company reports for the 9 months s is looked for immediately."
Transfer Agent -Phoenix State Bank &
ended Sept. 30 1927 earnings
Trust
of 1204,455.-V. 125, p. 1713.
Company.
-Organized in Connecticut on Oct. Co., Hartford.
6 1927. Has acquired
the entire common stock of The Arrow
Electric Co. and of
American-La France Fire Engine Co.
Hegeman
&
Inc.-Acquis.- under one Manufacturing Co. The association of these twoThe Hartes,
The directors of the FoamIte-,hilds
compani
general management will, It Is believed,
Corp.,
Forbes Co.,are understood to own a majorit of which the MacAndrews & manufacturing economi
result In substantial
es.
y stock interest, have authorized
the sale of the assets (less liabiliti
The assets of
La France Fire Engine Co., Inc. es) of Foamite-Childs to the American- stock of Arrow the company consist of 30,000 shares (par $25) common
Compare V. 125, p. 2151.
Electric Co., and 20.000
Hart & Hegeman Manufacturing Co. shares (par $25) common stock of
American Stores Co., Phila.-Extra Divide
Arrow
nd of50 Cents. successfulElectric Co.-This company with its predecessor has been in
-The directors have declared an extra divide
operati
Company is
nd of 50 cents turers of electricalon since 1905. in the United one of the largest manufacwiring devices
per share, payable Dec. 1 to holders of
record Nov. 15. sockets, switches, plugs, receptacles, cut-outs States, its products including
and other wiring supplies.
The regular quarterly dividend of 50 cents
Capitalization-Authorized. Outstanding.
paid Oct. 1 to holders of record Sept. 15. per share was 6 % cumulative preferred stock (par $100)
82,000,000 $2,000.000
year the company made an extra distribution On Dec. 1 last Common stock (par $25)
1.000,000
•All owned by Arrow-Hart & Hegeman, Inc.
*750,000
while on Dec. 1 1925, an extra payment of 40of like amount,
Consolidated net earnings of the company and its
cents per share period ended Dec. 31 1926, after
subsidiary for the 5
-year
was made.
depreciation and Federal and
-V. 125, p. 1713.
State taxes,
averaged 1696,712 per annum. On the
this amount would have been subject basis of the present capitalization,
American Sumatra Tobacco Corp.
to a deduction of $130,00
-New Directors
0 (the
- maximum dividend on the preferred stock now outstanding), and a further
Proposes to Dissolve Voting Trust.
deduction of an amount equal to 20%
S. C. Dobbs and John W. Pulleyn have been elected
dividends, to apply to a sinking fund for of net earnings after preferred
the retirement of the preferre
directors.
At a meeting of the trustees of the voting trust agreeme
stock. After these deductions the amount availabl
d
nt, which expires
e for
July 31 1931, no announcement as to whether the
voting trust agreement common stock would have averaged $453,369. Earnings dividends on the
will be dissolved was forthcoming. The holders
for the year
were
of voting trust certificates left 1690,270. which, after the deductions above described, would 1926
for common stock had been asked to approve
1448,216. available for
have
Oct. 20 the proposed dissolution of the trust. or disapprove on or before 8 months of 1927 earning dividends on the common stock. For the first
s (Partly estimated) have been 1318.59
The voting trustees are: Stephen C. Millett,
8, or, after
deductions. $185,544. The consolidated balance
sheet of The Arrow
Porter, Richard L. Morris and F. M. Arguli Robert L. Clarkson, Seton Electric Co. and its subsidiary as
nbau.-V. 125. p. 1832.
May 31
of 12,316.088 and current liabilities of $215,35 1927 showed current assets
of
American Window Glass Co.
of $2,100,736. As of Aug. 311927. estimates 2. leaving net working capital
-Earnings.
were: Current assets, $2,381,
Years Ending276: current liabilities. $232,713; net working
Aug.26'27. Aug.27'26. Aug.28'25. Aug.31
capital, $2.148,563.
'24.
xIs et profits
Hart & Newnan Manufacturing Co.-Was
$432,128 $1,344,822 $1,368,173 11,951,
291 engaged primarily In the manufac
Other Income
organae
335,574
751,955
ture of electric switches, d in 1890. Is
419,302
544,589 recognized as a pioneer and
and is generally
leader in that line.
Total income
Capitalization-$767,703 12.096.777 11,787,475 $2.495,880
Federal and State taxes_
Authorized. Outstanding.
63.5% cumul. pref.
$67,531
$38,014
1141,336 Common stock (parstock (par $100)
Royalties
51.333.300 11.333,300
973,605
$25)
1,463,470
1,630,765
1,419,898
Other deductions
750,000
* All owned by Arrow-Hart & Hegeman,
*500,000
175,448
145,066
32,771
42.523
Pref. dividend (7%)_ _ _ _
Further data regarding Hart & Hegema Inc.
279.650
279,650
279.650
n Manufacturing Co. are given
279,650 In V. 125, p. 1981.
a Adjustments
29.375
68,845
Autostrop Safety Razaor Co., Inc.
Balance, surplus
def$661,000
$141,060 def$223,100
$543,628
-Earnings.
P. & L. surplus
Period Ended Sept. 30 1927$10,845,438 110,704,378 110,927,478
3 Mos.
Earns, per sh. on 40,000
Net Income after charges and Federal taxes
9 Mos.
shs. (par $100) pref.
Earn, per sh. on 87.500 she. (no par cl. A
8225.385
$501,778
stock)._
The earnings include the results of the
stock outstanding_ __
$2.57
Nil
110.53
$2.15
first eight months only for the
$22.30 British subsidiary
a Charges applicable to prior years operations. x After deducti
and only seven months' operati
ng depre- company.
ons for the Brazilian
ciation of plants and propel.ty and administration and selling
-V. 125, p. 2151.
expenses.
V. 124, p. 1670.
American Founders Trust.
-Rights.
-
Anglo American Corp. of So. Africa, Ltd.
-Operations.
The following are the results of operations for the
Tons. Total Yield.
Crushed. (Ozs. Fine).
Brakpan Mines. Ltd_ _ _ _
76,200
30,786
Spring Mines, Ltd
66,500
30,157
West Springs,Ltd_ _ _ _
49,200
17,720
-V. 125, p. 1584, 1055.
month of Sept. 1927:
Estimated
Estimated
Value.
Profit.
E130.512
£51,352
E128,040
£59,004
£75,042
£26,878
Artloom Corporation.
-Earnings.
Period End. Sept. 30- 1927-3 Mos.-1 26.
1927-9 Mos.-1926.
Gross profit
$284,103
1627,801
$802.171 51,305,822
Depreciation
23,600
39.182
70,932
Prem. on pref. stock......
117,547
Federal taxes
23,647
33,000
76,521
94,500
151,402
Net profit
1227,503
8.512,100
16636,739 11,013,226
Earns. per sh. on 200,000
shs.no par com.stk.out.
$0.96
$2.33
$2.65
$4.37
OCT.22 1927.]
THE CHRONICLE
2269
Comparative Balance Sheet.
Sept. 3027. Dec. 3126.
Sept. 30'27. Dec. 31'26. LiabilitiesAssetsPreferred stock__ _$2,000,000 $2,000,000
xLand, bldgs. and
$3,517,402 $3,568,378 yCommon stock__ 3,000,000 3,000,000
machinery
171,384
94,230
1 Accounts payable_
1
Patents, &c
87,709
56,570
605,520 Accr. wages, &c__
505,888
Cash
217,591
1,105,548 1,136,065 Fed. tax reserve__ 161,964
Accla receivable
150,000
730,391 Accr. div. payable 150,000
1,141,079
Securities
2,626,432 2,544,692
1,732.612 2,041,164 Surplus
Inventories
89.857
86,666
Deferred charges
-Bonds Sold.
Bullock's, Inc. (Del.), Los Angeles.
Citizens National Co., California Securities Co.,Los Angeles
and American National Co., San Francisco, have sold $4,000,000 secured sinking fund 6% gold bonds at 98 and int.,
to yield about 6.17%.
-To Split Up Shares.
Baltimore American Insurance Co.
-The same bankers have sold at 100
Preferred Stock Sold.
and divs. $4,500,000 7% cum. 1st pref. (a. & d.) stock. the
dividends at
Dated Oct. 1 1927: due Oct. 1 1947. Int. payable A. & 0. without
deduction for present normal Federal income tax not exceeding 2% per
annum. Principal payable at Citizens Trust & Savings Bank. Los Angeles,
trustee: interest payable in Los Angeles, San Francisco, and New York.
date upon 30 days'
$8,089,196 58,171,376 Denom. $1,000 and $500 c*. Red. on any int, tax in California. notice
Total
$8,089,196 88371,376
Total
at 103 and int. Exempt from personal property
x After deducting depreciation. y Represented by 200,000 shares of no-The indenture will provide for an annual sinking fund
Sinking Fund.
-V. 125, p. 522.
par value.
beginning Sept. 15 1928, sufficient to retire enthe issue by maturity.
The stockholders will vote Oct. 24 on changing the capital stock from
10.000 shares, par $100, into 100.000 shares, par $10, 10 new shares to be
Issued in exchange for each share now held. The company is reported to
have a surplus of $2.240,000.
The Financial & Industrial Securities Corp. holds a substantial interest
in the above company.
Preferred over the common stock as to cumulative
at
rate of 7% per annum and as to assets in the event of liquidation 1 $110
-F. (first div. payable Feb. 1928)•
per share and divs. Divs. payable Q.
Divs. cumulative from Oct. 1 1927. Red. all or part by lot on any div.
create
date on 60 days' notice at $110 per share and diva. Company willOct. 1
net profits
-Dillon, Read out of surplus or sufficient toan annual sinking fund, beginning sinng
-Bonds Offered.
. Bankitaly Mortgage Co.
retire entire issue by 1948. Such
1930, in amounts
$110 per share and
& Co., Blyth, Witter & Co., Continental & Commercial Co., fund must be used to call by lot stock of this issue attax. Divs, exempt
property
Exempt from California
Marshall Field, Glore, Ward & Co., Bank of Italy National diva. present laws from normalpersonal income tax. Transfer agents,
Federal
under
Co.,
Trust & Savings Association, Bancitaly Corp. and the First Citizens Trust & Savings Bank, Los Angeles, and American TrustWell
Registrars, California Trust Co..
National Corp. (of Boston) are offering at 100 and int. San Francisco.Union Trust Co., San Francisco. Los Angeles. and
Fargo Bank $5,000,000 real estate mtge. collateral 5 % bonds.
from Letter of Pres. John G. Bullock, Los Angeles, Oct. 3.
Dated July 11927: due July 1 1947. Int. payable J. & J. without deduc- Data
Outstanding.
Authorized.
Capitalizationtion for Federal income tax not exceeding( 2% per annum. Prin. and int.
$4,000,000
$4.000,000
payable in U. S. gold coin at principal office of the trustee in San Francisco, Secured 6% sinking fund gold bonds
4,500,000
4,500,000
Calif., or, at the option of the holders of the bonds and coupons, at the prin- 7% cum. 1st pref. stock (par $100)
250,000 shs.
250,000 shs.
par)
cipal office of Bowery & East River National Bank, New York. Denom. Common stock (nobeen organized in Delaware, to acquire all of the assets,
-Has
Company.
$1,000 and $500 c*. Red. all or part by lot on any int. date on 30 days'
which has
and incl. July 11932,at 103 and int.; thereafter to and incl. July 1 liabilities and business of Bullock's, a California corporation, 20 years.
notice to
Los Angeles for the past
goods
1937 at 101 and int., and thereafter at 101)and int. Bank of Italy National conducted a retail dry in the business in location in Los Angeles. It has a
best retail
The store is located
Trust & Savings Association trustee.
on 7th St., and 148.90
Guaranty.
-National Bankitaly Co. is to guarantee, by endorsement on frontage of 209.51 feet on Broadway, 203.32 feet
controls tluough a lease extending
each bond, payment of principal and interest at maturity of the bonds and feet on Hill St. In addition the company
northeast corner of 7th
the life of the bonds an amount in from April 1 1928 to April 1 1978 the adjoiningnext year with a 10
Is to agree to pay to the trustee during
-story.
April 1
will
cash equal to the unpaid principal amount and accrued interest of any and Hill Sts., whichclassbe improved aftercost, including fixtures, approxiA constructin to
modern addition of
pledged mortgages in default, as defined in the indenture.
original
of counsel, the direct mately $800,000. Upon completion of this building. Bullock's 821,200
Security -These bonds are to be, in the opinion
grown to approximately
will
obligation of Bankitaly Mortgage Co. and specifically secured by a first floor space of 164,061 sq. ft. lease have held on the property adjoining
is also
19 acres. A
lien upon collateral consisting of first mortgages authorized for investment sq. ft., or about north on Hill St. This property with a street frontage
California and con- the store to the
by savings banks and trust companies under the laws of
until such time as growth
by
stituting direct first liens on improved income-producing fee real estate, of 84.44 feet will be sub-leasedfloorBullock'sCompany's service building,
space.
10,000,
including homes, in cities in California having populations of over any in- necessitates further additions to
reinforced concrete structure a block long, extending from 10th
which is a
the unpaid principal amounts of such mortgages not to exceed in
by the delivery service, warestance 60% of the appraised value of the mortgaged property. In lieu of to 11 th Sts. on Stanford Ave., is occupied
such mortgages, the company may pledge cash or obligations of the U. S. rooms and manufacturing departments. of the service building, which is
All these properties with the exception
Government or of the State of California or of any county, municipality
leases expiring on
or school district therein, which are authorized for investment by savings owned in fee, are held under satisfactory long-term
various dates from 1955 to 1984.
banks and trust companies under the laws of California.
-Measured by the volume of business done, the growth of
Growth.
The company is to covenant that the aggregate value of the pledged
With one
collateral shall at all times be maintained at not less than the principal Bullock's is shown in the following tabulation of annual sales.
amount of bonds from time to time outstanding and that the funded debt of exception an increase is shown in each year since organization.
Net
Cal
Net
capital, surplus and undivided
Cal
Net
Cal.
Cal.
Net
the company shall not exceed 15 times its
Sales.
Years
Sales.
Years
Sales.
Years
profits, all as to be defined in the indenture.
Sales.
Years
-The balance sheet of National Bankitaly Co., the 1907 _41,309,141 1912 __$3,746,024 1917 _46,423,347 1923 b$15.413,582
Guarantor Company.
guarantor company, as of Sept. 19 1927, shows net tangible assets in excess 1908 __ 1,509,833 1913 __ 4,307.765 1918 _- 7,015,571 1924 b 19.562.757
of $40,000,000. Such balance sheet includes receivables and cash together 1909 __ 2,029,035 1914 __ 4,658,524 1920 a_10,847,094 1925 b 19,582,318
carried at $7,986,317; stocks and bonds at $16,197,071: and real estate at 1910 __ 2,607,921 1915 __ 4.954,823 1921 b_13,606,172 1926 b 20,861.892
$22,547,259, of which $15,055,684 represents premises used by branches 1911 -_ 3,303,564 1916 -- 5,657,466 1922 bA3,305,697 1927 b 22.058,460
and offices of Bank of Italy National Trust & Savings Association.
-month period from Jan. 1 1919 to Jan. 31 1920. b Fiscal
a Covers 13
Organization.-Bankitaly Mortgage Co., the entire copital stock of which years ended Jan. 31.
-Net earnings for the 5 years and 7 months ended Aug. 31
Earnings.
(except directors' qualifying shares) is owned by National Bankitaly Co..
Is closely affiliated with Bank of Italy National Trust & Savings Associa- 1927 after depreciation have been as follows:
After Int. on
tion through deposit of the entire capital stock of National Bankitaly Co.
6% Bonds and
Net Before
under a trust agreement pursuant to which the beneficial interest in such
Fed. Taxes
Int.
Bond
stock is inseparable from the stock of the bank and the board of directors
9
$9 8 06
at Preien t
and Federal
of National Bankitaly Co. consists solely of members of the executive comRates.
Taxes.
or specially designated representatives of such bank.
mittee
Year Ended Jan, 31Bank of Italy National Trust & Savings Association, which is to be trustee
20 2
76 015
1: 60: 39
9
4 3
2
3 37 4
1.687 6 3
$2, 53.'561
under the indenture, is the largest bank on the Pacific Coast and ranks fifth 19 4
2
2
93
1925
in total resources among the publicly-owned banks of the United States.
1.473.253
1,922,154
As of June 27 1927 the bank reported total resources of $675.716,343.
1926
1,627,824
2,115.042
1927
- Feb. 1 to Aug. 31 1927
Beech-Nut Packing Co.
-To Increase Common Stock.
1,036,682
The stockholders will vote shortly on increasing the authorized common
89.4
Net earnings shown above average $1,855,303 per annum, or over 7.73
425,000 shares.
stock (par $20) from 375,000 shares (all outstanding) to
times maximum annual interest requirements, and over five times maximum
It is understood that the Union and United Credit Co. in which the Schulte annual interest and sinking fund requirements.
and United Cigar groups are interested, will acquire the additional 50,000
-Direct obligation of company, and in addition will be
-V. 125. P. 785.
shares.
Security.
specifically secured by a first lien on all land, building, and Battu es owned
by the company in fee and on the leasehold interest of the company in all
-New President.
Berkshire Cotton Mfg. Co.
land held by the company under lease and in all buildings now or hereafter
Charles II. Sheriff of New York, Vice-President of the company, has erected thereon excepting only the north and south bridges extending over
-V. 121, p. 2641.
been elected President, succeeding C. T. Plunkett.
St. Vincent's Court and the Mackey and Gennett properties on Hill St.
now held by the company under sub-lease.
--Earnings.
Bing & Bing, Inc. (and Subsidiaries).
The lien will also constitute a first lien on the Mackey and Gannett
1927-9 Mos.-1926.
Period End. Sept. 30- 1927-3 Mos.-1926.
properties subject, however, to a mortgage of $111,000 against the leaseEarns, from managem't,
hold interest of these properties which was outstanding at the time Bullock's
$289,922 $1,151,359 41,333,366 acquired the sub-lease and which Bullock's is privileged under the terms
construction, &c
$276,644
275,309 of its lease to pay in case of necessity and deduct from rentals due the
Net profit on sales
1746,299
179.698
271,850
j
Other income
50.658
sub-lessor.
78,356
Company owns, and will pledge with the trustee, U. S. Government
Gross income
$520.278 $1.897,658 $1,608,675 and California municipal bonds having a market value at the present
$626,850
275,504 time of approximately $713.673, the proceeds of which will be used toward
298,307
Salaries & office expenses
91.881
106,589
324,469 the construction of a 10
599.583
110,323
Res.for deprec.& arnort.
-story building on the northeast corner of 7th
199,861
and Hill Sts. Company may substitute cash in lieu of these bonds. Upon
yNet income
$999,768 $1,008,702 completion of this building, the secured sinking fund gold bonds will
$318,074
$320,400
x Includes profit from sale of real estate. y Before interest and Federal constitute a first lien on the leasehold interest of the corporation therein.
Purpose.
-These bonds and preferred stock are being issued to enable
-V. 125, p. 522.
taxes.
John G. Bullock and other members of the organization who have been
responsible for the success of the company to acquire that portion of the
Brockway Motor Truck Corp.
-Shipments:
formerly owned by
Shipments of trucks from the corporation's plant at Corland, N. Y. in common stock in Bullock'sfinancing over 97% ofthe late Arthur Letts.
the common stock will
Upon consummation of this
September were over 300 units, according to President George A. Brock- be
held by active members of the organization.
way. Unfilled ()Weis on Oct. 15 totalled app oximately 300 trucks.
Pro Forma Balance Sheet Aug. 31 1927.
that the number
Everything seems to indicate, President Brockway stated,
Liabilities
of units produced in 1927 will show a substantial increase over 1926. Both
Assetsexport and domestic business is said to be at a higher rate. See also Cash
805
$44:003503:000
$587,626 7% pref. stock
V. 125, P. 1976.
Customers' accounts_ __ 1,788,668 Com.stock (no par value)
Merchandise inventory _ _ 3,878,584 Sinking fund 6% gold
4,000.000
-Listing.
Land and Leaseholds_ _ _ 2,351,864
bonds
(John W.) Brown Manufacturing Co.
1.466,034
The Detroit Stock Exchange on Oct. 4 1927 approved for listing 75.000 Buildings & equipment__ 3,921,000 Accounts payable
Marketable securities_
713,673 Accr. salaries, local and
shares common stock (par $10).
435,601
Federal taxes, exp., &c
Amount due from U. S.
Income Statement for Six Months Ended June 30 1927.
Government
337,040 Res. fat' Fed, taxes of
$1,244,270 Cash
Net sales
prior years and for
value
68,664
115,956 Delivery of life ins_ Profit before interest and other charges
75,000
contingencies
84,963
86.928 Sundry equipment
Net profit after taxes, bond interest, &c
other assets
299,075
Earnings per share on 75,000 shares (par $10) outstanding
$1.16 Good-will
1
Balance Sheet June 30 1927.
$14.780,440
Total (each side)
Deferred charges
749,281
Assets-Liabilities
Capital stock
$750,000
Land. bld gs., mach'y,&c.,
Burns Bros. (Coal).
-Omits Dividend on Class "B"
435,000
less depreciation
$802,682 1st mtge. 7s
-The
Inventories
268.634 Accounts payable
107,995 Common Stock-Rate on Class "A" Shares Decreased.
Accounts receivable
279.821 Payrolls & uncialm. wages
22.993 directors on Oct. 18 declared a dividend of $2 per share on
21,864 Reserve
33,231 the class"A"common stock and decided to omit the quarterly
Cash on hand & in banks..
26,234
Deferred charges
2,450 Surplus
dividend of 50 cents per share usually due at this time on the
1
Pats.,tr.-mks.& good-will
Total (each side)
-V. 119, p. 2413.
$1,375,452 class "B" common stock. The class 'A" dividend is payable
-Time for Deposit of Stock Extended.
Bucyrus Co.
Nov. 15 to holders of record Nov. 1. From Feb. 15 1922 to
The time for deposit of stock of this company under the merger plan Aug. 15 1927, incl., quarterly distributions of $2.50 per
of Bucyrus with the Erie Steam Shovel Co. which expired Oct. 15, has been share and 50 cents per share, respectively, were made on the
extended until next meeting of Bucyrus Co. directors, which will probably
be held in about two weeks. Sufficient deposits of Bucyrus and Erie class "A" and "R" common stock.
The class "A" conunon stock is entitled to cumulative dividends at the
Steam Shovel stock have been received to make the consolidation plan
effective, it was announced, (See Erie Steam Shovel Co. in V. 125, rate of $8 per share per annum and thereafter shares ratably with the
class "B" common stock in any further distribution.
125. p. 1585.
p. 921.)-V.
2270
THE CHRONICLE
The directors also voted torcallifor redemption
outstanding prior preference stock at 120 and divs.the entire
on
1928. A record of stockholders for the payment of Feb. 1
redemption price will be taken on Jan. 3111928 after which
transfer, books will be permanently closed. Paymen time
t will
be made at the Chase National Bank,'N.VY.
City.
Net income after all charges, including
depletion and depreciation, but
before Federal taxes, for the quarter ended Sept.
30 1927 amounted to
8208,810.
-V. 125, p. 1843.
By-Products Coke Corp.
-Earnings.
Period End.
[VOL. 125.
greater quantity and at reduced costs, but
also improved. Our organization is better the quality of our products has
throughout all branches of the
company than it has ever been. These are the
reasons for our better showing. These improvements and the diversity
en our position with the trade and keep us of our lines continue to strengthin line to meet any competition
that may arise.
"When the market price on our stock is
write us asking for an explanation. They low stockholders occasionally
that the stock market price is determined apparently overlook the fact
by the value they place upon their stock. by the stockholders themselves
We
stockholders that our company has had a goodare glad to advise our new
beginning as a 820,000 corporation in 1904. record of growth from its
successful. Our common stock now has a book It has been continuously
value of over $60 per share
in tangible assets. It also has a very large
value in its trade marks and
good-will, which stand at only $1 on the
books.
during 1926 and has shown increased earnings It earned $6.02 per share
over like period of last year. Both have been per share to date this year
The dividend of $4 per share is a large return years of extreme competition.
on its market value as measured by the New York Stock Exchange
average. We are sure that our
showing is quite favorable when compared
with that of others.
"We have several prospects for substantially
improving and strengthening
our business. They offer promise of
additional net profits and within a
reasonable time we look forward to better
results due to some of these
opportunities."
-V. 125, P. 907.
Sept. 30- 1927-3 Mos.-1926 1927-9 Mos.-19
26
Operating profit
$614,842
$791,561 81,589.530 82.313.626
Other income
69.549
46,770
192,869
211.523
Total income
$684.391
8838,331 81.782.399 82,525,149
Depreciation
169,938
201.266
452,532
558.128
Interest
82,694
88,313
249,933
293,930
Net profit before Fed.
taxes
$431.759
8548,752 $1,079,934 $1,673.091
Preferred dividends_ __
34,250
34.250
102.750
102,748
Common dividends
94.968
94,965
284.902
284.874
Certo Corp.
-Earnings.
Period End. Sept. 80- 1927-3 Mos.-1926.
Surp. before Fed.taxes $302,541
$419,537
1927-9 Mos.-1926.
$692.282 $1.285,469 Net profits
The profit and loss surplus Sept. 30 1927 amounted
$536,593
8721,539 51,470,452 81,200,861
to $2,892,500. -V. 125, p. 1056.
-V. 125, p. 1714.
Canada Cement Co., Ltd.
-Offer Made by Wood, Gundy
& Co., Ltd., Approved.
-The stockholders on Oct. 14 voted
to accept tie offer made by Wood, Gundy & Co., Ltd.,
to
purchase all the outstanding shares of the Canada
Co., Ltd., at $125 per share for the preferred and Cement
$250 per
• share for the common stock. Stockholders desiring
themselves of this offer should deposit their shares to avail
with the
Montreal Trust Co. prior to Nov. 21.
Champion Coated Paper Co.
-
The stockholders have authorized an
stock, par $100, callable at 105. Theyissue of 40,000 shares of 7% pref.
also authorized the sale of 10,000
of,,these shares to common stockholders at par, on
the basis of 10 shares of
new preferred for each 68 she!es of common
stock held as of Oct. 14. The
proceeds will be used in purchase of stock of
the Champion Fibre Co.
-V.
122, p. 2952.
Chevrolet Motor Co.
-To Build New
Plant.
It is announced that construction
sembly plant in Atlanta. Ga. The will begin immediately on a new ascompleted project will represent an
investment of more than $2,250,00
The company has outstanding 135,000 shares
of common stock and will have a capacity of350 cars a 0 when ready for occupancy. The plant
105,000shares of preferred stock, both par $100.
day and will provide work for 1,200 people.
See also V.125,p. 1977.
The daily pay-roll will exceed 88,000. This will
be the eighth Chevrolet
assembly
Canadian Fairbanks-Morse Co., Ltd.
-3% Pref. Div.
- Alabama unit in the country and will serve Georgia, Florida and parts of
The directors have declared a dividend of 3%
and South Carolina.
on the preferred stock on
The Chevrolet assembly plant proper will be a one-story
account of accumulated unpaid dividends. payable
building of face
Nov. 15 to holders of brick construction, 800 by 320 feet,
record Oct. 31.-V. 124. p. 3214.
with a monitor
be a Fisher body unit of similar construction 160 steel roof. There will
by 680 feet. and a parts
Carrier Engineering Corp.
building 120 by 204 feet. Plans alsd call for a two-story
-Stock Offered.
office building
Noyes & Co., Oct. 14 offered 50,000 shares-Hemphill, 40 by 204 feet. The plant will be ready for occupancy April 1 1928.-V.
convertible 125,P. 1329.
preference stock (without par value) at $27 per
share.
•
Chicago Pneumatic Tool Co.(& Subs.).
Preferred over all other classes of stock as to
-Earnings.
dividends, cumulative from Nov. 1 1927. at the assets and as to quarterly
Period End. Sept. 30- 1927-3 Mos.-1926.
1927-9 Mos.-1926.
annual
Red. all or part at any time or from time to time, rate of 82 a share. Profit after depreciation
on at least 40 days'
and Federal taxes_ _ _ _
notice. at 830 a share plus diva. Entitled in any
$250,017
$282,618
liquidation to $30 a share Other income
$699,671
$754,412
plus diva before any distribution to any
20,132
11,379
45,415
39.537
agent, Guaranty Trust Co., New York. other class of stock. Transfer
Registrar. Chemical National
Total income
Bank of New York.
$270,149
8293,997
$745,086
$793.949
Interest
Data from Letter of E. T. Murphy, Vice-Presiden
31,250
22,880
75,635
75,544
t of the
Company.
-Is the pioneer and leader in the field of scientific Company.
Net profit
air condition4238,899
$271,117
ing. Its systems are successfully used in theatres, office
$669,451
$718.405
Shares of capital stock
buildings, hotels.
department stores and other public buildings and in
outstanding (par 8100)
many industrial plants.
95,119
105,412
The services rendered by the organization in connection with
95.119
105,412
Earns. per sh. on cap.stk.
air
82.51
82.57
$7.03
ing include research and engineering studies and the adaptatio condition- -V. 125, p. 2152.
$6.82
n of equipment to the structure to be conditioned. The equipment
supplied by the
company includes a wide variety of plants for automatic
City Ice 8c Fuel Co.
temperature.and
-Expands.
humidity regulation.
The company plans to construct a new $2,000,000 refrigerati
Company has installed, or is installing,its systems in 67
ng warehouse
theatres including and ice manufacturing plant to serve the Northern
the Roxy, the Paramount, the Rialto and the Ziegfeld. all in
Ohio Food Terminal,
N.
-V. 125, p. 1466.
and others located in various cities throughout the United States. Y. City, it is announced.
Corporation has applied air conditioning to over 100 industries and
in
Cleveland Discount Building Co.
of these it has been the pioneer. A few of its industrial clients at least 90%
-Bonds Called.
are:
Certain of the ref. 1st mtge. 6% serial
Can Co.. Ford Motor Co., General Electric Co., E. I. DuPont American
de Nemours aggregating 845.500. have been called gold bonds, dated Nov. 1 1922,
& Co.. and the Viscose Co.
for payment Nov. 1 next at 101
and int, at the Harriman National Bank, trustee, 5th
Earnings.
-The combined gross business, and net profits
Ave. & 44th St..
after all charges New York City.
and Federal incomp taxes, of Carrier Engineering
-V. 116, p. 2393.
struction Co.,Inc.,as applied to the preference and Corp. and Carrier Concommon stocks presently
be outstanding, have been as follows:
to
Commercial Solvents Corp.
-Earnings.
Period End. Sept. 30- 1927-3 Mo5.-1926.
Gross
Per Share
1927-9 Mos.-1926.
June 30 YearsBusiness. Net Profits. Pref. Per Share Oper. profit after deprec. $580,482
8694.997 82,183,780 $1,768,242
Corn.
1925
Other income
42.353,871
20,121
$112,690 $2.25
25.918
Nil
54,783
1926
85.309
3,460.686
265.239 5.30
$1.45
1927
Total income
4.537,548
8600,603
406,668 8.13
$720,915 $2,238,563 31,
2.85
853 551
.
Interest,discount,&c.. _ _
The foregoing figures do not reflect the savings
57.407
163,756
of interest and other
181,594
439.227
charges which are expected to result from
106,715
80,828
the proposed recapitalization Federal taxes
405,466
249.681
and new financing.
Assets.
-The accompanying consolidated balance
Net profit
8436,481
8476,331 $1,651,503 $1,164,643
sheet as of June 30 rrEarns. per sh.
1927, adjusted to give effect to the
on 217.financing, shows net current assets ofproposed recapitalization and new
722 shs. of no par cap.
81.824,23 and
stock outstanding__
assets to current liabilities of over 3.40 to 1, with4cash a ratio of current
alone
$7.59
x Earnings per share are baser the present
in excess of all current liabilities. The same balance sheet substantially
3
2 on
basis
assets (exclusive of deferred charges, patent rights, &c., shows total net The 108,861 shares of old class B stock was exchanged in of capitalization.
and after deduct- new no par common stock on the basis
Sept. 1927 for
ing all liabilities and reserves) of $2,474,370, equivalent
of 2 shares of now common stock the
to approxima
for
$50 per share of convertible preference stock presently to bo outstandintely each share of the old class B stock.
-V. 125, p. 1329.
g.
Purpose.
-Stock is being sold to provide funds for the
existing mortgage outstanding in the principal amount of retirement of an
Continental Securities Corp.
-Permanent Debentures.
enlargement of plant facilities, for additional working$100.000. for the
Lee, Higginson & Co. announce that permanent 15
capital for the
-year
company's rapidly expanding business and for other corporate
series A, are ready in exchange for temporary certificate 5% debentures,
purposes.
s at their offices
Conrersion.-The convertible preference stock, will be convertibl
in New York, Boston and Chicago. (For offering,
e into 2286).-V
see V. 124, p. 2434,
non-voting A common stock at any time on or before Jan. 1
. 125, p. 2153.
following rates: for first 25.000 shares of preference stock, on1943. at the
share basis: for the next 15,000 shares of preference stock, 1 a share for
Corn Products Refining Co.
-To Build Add'n to Plant.shares of
stock for 1 share A common stock; and for the next 15,000 shares of preferThe company plans to build an addition to its plant
at Kansas City
ence stock, 134 shares of such stock for 1 share of A common stock.
Kansas, which, it is (animated, will cost approxima
tely $1,000,000.-V.
however, any preference stock shall have been called for redemption on If, 125, p. 1198
.
before Jan. 1 1943, the conversion privilege with respect to the shares or
so
called will expire on the day next preceding the date set for the redemptio
Cresson Consol. Gold Mining & Milling Co.
n
-Earns.
thereof.
Quarter EndedSept. 30'27. June 30'27. Sept.
Capitalization30'26.
Authorized. Outstanding. Net earnings after all expenses. treatConvertible preference stock (this issue)
a55,000 shs. 50,000 shs.
ment & transportation charges_ _ _ _
829,462
8% cum. cony. 2nd pref. stock (par 8100)_- -$76,136
def$9,132
2,413 shs.
2.413 shs. r Cash on hand Sept. 30 1927. was 8857.172 as compared
A common stock (no par value)
with 8965,356
58,000 shs.
on June 30 1927 and $1,004,122 on Sept. 30 1926.-V.
bNone
common stock (no par value)
B
125, p. 524.
100.500 shs. 100,500 slas.
a 5,000 shares reserved for sale after one year to officers and
Cunard Steam Ship Co., Ltd.
of the corporation. b All reserved for conversion of preference employees
-Capital
stock and
The stockholders on Oct. 17 voted approval or the Increased.
2d pref. eteck. The A common stock and the B common stock will be
recommendation of
alike in all respects except that the A common stock will have no voting the directors that the ordinary stock be increased from 4,500,000 shares
to 5,600,000 shares, par £1 each, as outlined in V.
power.
125. p. 2153.
Certain-teed Products Corp.
-Earnings.
--
Period End. Sept. 30- 1927-3 Mos.-1926.
Oper. profit after repairs,
maint. and d'eprec____ $1.721,214 $1,668,961
Other income
18.695
4,451
1927-9 Mos.-1926.
$4,814,102 $4,738,638
40,485
16,787
Cushman's Sons, Inc.
-Earnings.
Period End. Sept. 30- 1927-3 Mos.-l926.
1927-9 Mos.-1926.
Gross profit
8309,745
8179,228 81,409,472 $1,117,959
Depreciation
100.210
104,886
296,137
303,929
Federal income tax
28,133
10.199
147,738
110,558
Net profit
$181,402
864,143
$965,597
5703,472
preferred dividends..
7%
47,092
48,055
141,277
133,494
88 cum. pref. dividends_
55,868
52.914
164,118
158,726
Balance, surplus
578,441 def$36,826
8660,201
$411.252
Earns. per sh. on 100.240
shs. (no par) com.stk_
$0.78
Nil
86.59
$4.11
-V.125, p. 1330.
Gross income
$1,739,933 81,673,412 84,854.587 $4.755,426
Less-Selling, admin.,
gen.exp.and bank int.
906.288
896,714
2,711,013
2,682,582
Federal taxes
112,500
104,600
289.200
277,600
Sundry adjustm'ts, debit
7,656
2,725
Balance, surplus
$721,145
$672,098 31,846.717 31.792,518
Earns. per sh.on 307.000
shares of no par common stock outstandg_
Cuyamel Fruit Co.(& Subs.).
81.81
$1.96
84.85
$4.05
-Earnings.
Pres. Geo. M.Brown says: "The very satisfactory showing for the year
Period End. Sept. 30- 1927-3
1927-9 Mos.-1926.
to date has been made in the face of lower selling prices and is, therefore, Earnings after expenses_ 81,081,62 Mos.-1926.
0
8359,900 82,489.917 $2,069,976
largely the result of forethought by the organization during the past two
tation
i
230,848
246,993
years, when many improvprnents were made in plants and in methods of
726,544
742,681
80,245
97,424
manufacture, resulting in large economies and greater production than had Interest
295,931
298,115
been thought possible in our earlier history. Our chemists have also
Net inc. bef.Fed. taxes $770,527
815,483 81,467,442 81,029,180
brought about substantial economies, so that we are not only making a -V. 125, p. 654.
OCT.22 1927.]
UTE CHRONICLE
-New Financing.
Cuneo Printing Industries, Inc.
2271
4%
int., to yield 54 $7,500,000 15-year 5M% convertib
The company has sold an issue of 3900,000 10-year 1st mtge. sinking fund ' gold debenture bonds.
534% gold bonds to the Continental & Commercial Co., which is offering
Oct. 1 1942. Denom. $1,000 and $500 c
Dated Oct. 1
them publicly at 100 and int. The bonds are secured by a closed 1st Principal and int.1927; due payable at American Trust Co., San Francisc.
,
(A.& 0.)
mtge. on land valued at $1,585,000.
trustee, or. Pacific Coast Trust Co., "ew York, without deduction to
normal Federal income tax, not exceeding 2%. Red. as a whole only o
Debentures.
Davison Chemical Co.
-To Retire
days'
1932,on 60 days' notice at 110 and int.
All of the outstanding 63-4%* gold debentures, dated Dec. 311925. have any int. date up to and incl. Oct. 1or part on 60
notice at 10o and int
on any int. date all
been called for redemption Ja I. 1 1928 at 10134 and int., at the Century red, thereafterpersonal property tax in California.
Exempt from
Trust Co. of Baltimore (Md.) or at the holder's option at the Bankers
Convertible.
-Debentures will be convertible, at the holder's option, tat-'
Trust Co., 14 Wall St., N. Y. City. See also V. 125, p. 2153.
common stock of the Emporium Capwell Corp. at any time during thei
days prior to the date
- life, or if called for redemption, up to 10 interest and dividends,of such
-To Retire 1st Pref. Stock.
Devoe & Raynolds Co., Inc:
on the
adjustment for accrued
company announces it will receive tenders for the redemption of its redemption, withthe debentures and the following prices for the stock
The
basis of par for
outstanding 1st pref. stock to the amount of $31,868, which amount is
on or before Oct. 1
held for the purchase of such stock under the provisions of the sinking fund. $40 per share, if converted and on or before Oct. 1932. $45 per share, if
1932,
1 1937. $50 per share,if
The stock will be redeemed at 115 and diva. All tenders must be delivered converted after Oct. 1 1937. to maturity.
Oct. 1
to the trust department, Chase National Bank of the City of New York, converted after
Listing.-Corporation has agreed to make application to list these debenon or before Nov. 21. The right is reserved to reject any or all tenders.
tures on the San Francisco Stock & Bond Exchange.
V. 125, p. 525.
Company.
-The new name of the Emporium Corp. Will own all the
the entire capital
Dierks Lumber & Coal Co., Kansas City. Mo.- common stock of the Emporium. San Francisco;are old establishedstock of
departthe H.C. Capwell Co., Oakland, both of which
Sale of Plants.
ment stores; and the entire capital stock of two real estate companies to be
The Southwestern Gas & Electric Co.has purchased the electric prop- formed to own the land and buildings essential to its merchandising operaerties heretofore owned by the Dierks Lumber & Coal Co. at Dierks. tions in San Francisco and Oakland. In addition the corporation will own
Foreman, De Queen, Horatio, Nashville, Mineral Springs, Murfreesboro, the entire capital stock of the 8th Street Store in San Francisco and TeleHatfield, Center Point,G illiham. Winthrop and Lockesburg, all in Arkansas. graph Avenue Realty Co. in Oakland.
The original Emporium was opened In May 1896, and was the first
It was also announced that the Public Service Co. of Oklahoma, an associated company with the Southwestern Gas & Electric Co., has purchased complete department store in San Francisco. The present Emporium was
the electric properties of the Dierks Lumber Co. at the following organized in July 1897. The business has grown in volume and profits and
points in Oklahoma: Idabel, Broken Bow, Valliant. Pine Valley, Talihina, is to-day the outstanding and largest department store in San Francisco.
Its volume of business is and for many years has been, approximately twice
Alvion and Wright City.-V. 123, p. 3325.
that of its next largest competitor. There are approximately 100,000
Dodge Bros. Inc.-Rumor of Passing of Pref. Div. Denied. customers' accounts on its books.
To provide for future growth and anticipating the development of San
'
President E. G. Wilmer denied the rumor that the preferred dividend
was in danger. He said interest and preferred dividends for the full year Francsico, the Emporium in 1925 purchased a large piece of property frontwere earned by a wide margin in the first 9 months and added that "there ing on Market. Eighth and Mission Sts., with a connecting parcel running
is no foundation for the current rumors of the passing of the preferred divi- through to Seventh St. of which one parcel of about 8% of the total area is
dend. Dodge Bros. securities are selling far below their value, which has held under contract of purchase. It is expected that the new building
been materially increased in the past two years. The company has an proposed to be erected on this site will have a larger ground floor area than
any existing department store in this country and will be completed and
earned surplus of about 529,000.000 and a strong asset position.
ready for occupancy by the time the lease on the present building expires
Graham Bros. Truck Orders.
in 1933. The present value of this real estate is believed to be considerably
The Graham Bros. truck division reports orders for 1.435 vehicles re- in excess of the amount at which it is carried on the company's books.
ceived during the first week of October, an increase of 927 over the same
The H. C. Capwoll Co. was originally established in Oakland in 1889 as
week of 1926. Unfilled orders on hand totaled 2,500 units. September Capwell & Pickett, and was incorp. in 1892 as H. C. Capwell Co. The
shipments were 5,107 units, an increase of 14.7% over August, while ex- present company was incorporated in 1927. Since its inception this business
ports shipments of 1,115 trucks exceeded August figures by 16.3%. All has grown until to-day it is the outstanding department store in the East
plants are said to be operating at capacity on a single shift basis. Compare Bay section. It has approximately 35,000 customers' accounts on its
books.
V. 125. n. 21e3
As a site for a new building and to allow for future expansion the corporaLimited.-Earnings.Dome
tion in 1927 purchased a large piece of property comprising the entire block
1927-9 Mos.-1926.
Mines,
Period end. Sept. 30- 1927-3 Mos.-1926.
bounded by 19th and 20th Sts., Broadway & Telegraph Ave., with the
406,700
141.900
140,000
413.500 exception of about 15% of the total area which is held under 99 year leases.
No. of tons milled
5986,565
5971.245 52,930,251 52,961,718 This property is in the heart of the new retail district of Oakland and is
Average recovery
565,175
535.698
1,650,236
1,728.459 the last integrated block of real estate available in this district. It is
Operating,general costs..
23,677
27,999
76,789
68,280 expected that the new building proposed to be erected on this site will be
Dominion inc. tax, est
completed by the time the lease on the present building expires in 1929.
$422,868
$382.393 51,203,226 $1,164,978
Net income
In addition the corporation purchased the entire capital stock of the
53,243
59,954
Miscellaneous earnings_
163.996
149,446 Telegraph Avenue Realty Co. which owns the land and buildings fronting
on Telegraph Avenue between 19th and Williams Sts. and extending back
$476,111
$442,347 $1.367,222 $1,314,424 509 ft. from Telegraph Ave. on both 19th and William Sts. It is intended
x Total income
-V. 125, p. 1979.
x Before depreciation and depletion.
that this property will be used for a food market and to provide parking
space for customers' automobiles.
-Par Value Changed.
Dominion Bridge Co., Ltd.
Earnings.
-Combined netsales and net earnings ofthe Emporium Capwell
The stockholders on Oct. 19 formally ratified the proposal to change Corp. and subsidiaries for the 2 years ended Jan. 31 1927, and the year
the authorized capital stock from 100,000 shares of $100 par value to ended July 311927.including department store operations of H.C. Capwell
500,000 shares of no par value,5 shares of new stock to be issued in exchange Co. for the period prior to acquisition. June 1 1927, after depreciation and
for each share of old capital stock of which there is outstanding 65,000 available for interest charges and income taxes, as certified, have been as
shales, par $100. See V. 125, p. 1844.
follows:
Net Sales
Net Sales
Dominion Building (Albert Bay Co., Ltd.), Toronto.
Including
Excluding
Net Earns.
Year EndedTertants'Depts. Tenants'Depts. As Above,
-Bonds.-The offerinz(f $400,000 6Y2% 1st mtge. sinking
Jan. :31 1926
$23,411,770 $20,903,560 $1,737,367
fund gold bonds, noted in our issue of Oct. 8 was originated Jan.31 1927
24,949.471
22,197,050
1.579,025
by Otis & Co. Matthews & Co., Ltd., Toronto, were July 31 1927
25,250,984 22.514.142
1,485,385
participants in the offering. See V. 125, P. 1979.
Donner Steel Co., Inc.
-Earnings.
-Period End. Sept. 30- 1927-3 Mos.-1926.
1927-9 Mos.-1926.
$544,279 51.241,700 51,678.674
xNet from operations.... $370.019
133.481
337.984
Int. on bonds
412,393
106.741
Provision for deproc
205,458
616,120
615.764
205.405
$205,339
$287,596
$650.517
Net income
$57,873
x After deducting repairs and maintenance, administrative and selling
expenses, taxes, &c.-V. 125, p. 1466.
Eastern Steel Products, Ltd., Montreal.-Pref. Stock
-Bankers Bond Co., Ltd., C. H. Burgess & Co.,
Offered.
Ltd., and Drennan & Co., Ltd., are offering at 100 and div.
$550,000 sinking fund cumulative prior pref. (a. & d.) shares
(par $100).
Dividends payable Q. at par at any-branch of the Bank of Nova Scotia
-J.
in Canada, and to bona fide holders resident in the United States at par in
American funds, except when American funds are at a premium in excess of
5%, when such excess will be borne by recipient of dividend. A sinking
fund of 10% of the net profits, after providing for prior preferred dividends
each year to be used in purchasing shares in the open market for cancellation at a price not to exceed $110 pet share.
Authorized.
CapitalizationIssued.
$750,000
Prior pi eference stock (par $100)
$550,000
Second preference stock (par $100)
$300,000
$300,000
Common stock (no par value)
100,000 shs. 35,500 shs.
Transfer agents, National Trust Co., Ltd., Toronto. Registrar, Toronto
General Trusts Corp. Ltd., Toronto.
Company.-Incorp. June 1927 for the purpose of taking over and carry
'
Mg on the business of Metal Shingle & Siding Co., Ltd., with factories at
Preston and Montreal, and the A. B. Ormsby Co., Ltd., with a factory at
Toronto.
Earnings.
-Average earnings for the 4 years ending Nov.30 1926 equaled
$97,942, or approximately $17.80 per share. The earnings for the fiscal
year ending Nov. 30 1926 were $155,560, equal to approximately $28.28
per share, as against $7 required. Earnings for the current fiscal year
ending Nov. 30 next should exceed those of last year. Sales this year
have exceeded last year's to the extent of approximately 20%.
Purpose.
-Proceeds will be used to assist in acquiring the business of
Metal Shingle & Siding Co., Ltd.. and the A. B. Ormsby Co., Ltd.
Economy Grocery Stores Corp.
-Sales.
Period Ended Sept.30Sales
-Ar. 125, p. 1330;1198.
1927-2 Mos.-1926.
1927
-Month-1926.
$652,666
$540,874 $1,348,054 $1,159,017
Electric Autc-Lite Co.(& Subs.).-Earnings.PeriodNet after deprec. & oper. exp
Admin. expenses and adjustments_
Interest
Quer. End. -9 Mos. End. Sept.301926.
1927.
Sept. 30'27.
$977,777 $3,294,430 $2,614.534
690,201
747.829
232,898
24,192
48,078
8,633
Profit before Federal taxes
5736,246 52,556.151 51.842,513
Pres. C. 0. Miniger says: "While volume of business for last quarter of
the year will be greatly reduced, it is expected that it will be approximately
twice that of last quarter in 1926."-V. 125, p. 656.
Electric Boat Co.-Truste eof Notes.
-
The Central Union Trust Co. of New York has been appointed trustee
for $500,000 6 months' gold notes, due April 13 1928.-V. 124, p. 2598.
-Bonds
Emporium Capwell Corp., San Francisco.
-American National Co., Peirce, Fair & Co., and
Offered.
Blyth, Witter & Co., San Francisco, are offering at 97 and
Average for above Periods
Annual prior interest charges
$1,600,5e0
164,4n
Balance available for these debenture bonds
averagetts11,6,5.
$1,436,151
6
,43 .151
43 1 1
Net earnings after prior interest charges, as above,
which is equal to approximately 3.4 times the interest charges on this
issue of bonds. Such net earnings in each of the above years were equal
to more than 3 times the interest charges on this issue of bonds. Net
earnings of the Emporium Capwell Corp. and subsidiaries, for the same
period. but without the addition of the earnings from II. C. Capwell Co.
and after prior interest charges as above, averaged in excess of 3 times
such interest requirements. The Emporium and the H. C. Capwell Co.
have both shown a profit in each of the last 20 years.
It is expected that the combined busInes.ses will show not only substantial
increases in volume but that the many operating economies to result from
unified control and management will materiallyl hreaseapet etsiandis g.
lnc s e
osarning n
.
CapitalizationAuthorized.
15-year 534% cony,gold doben. bonds(this issue) $10,000.000 $7,500,000
Common stock (no par value)
650,000 360.000 she.
Dividend Itate.-The present annual dividend rate on the common stock
of Emporium Capwell Corp. is $2. This stock has sold between 30 and 41
since it was first offered to the public.
Combined net earnings of the Emporium Capwell Corp. and its subsidiaries including those from department store operations of H. C. Capwell
Co.for the 2 years ended Jan. 311927. available for dividends on this stock
averaged $3.83 per share, per annum for the 360,000 shares now outstanding.
Purpose.
-Proceeds of this financing will be applied towards paying
existing indebtedness including liens upon the property of the corporation
and its subsidiaries and for other corporate purposes.
Directors will include: A. B. C. Dohrmann, (Pres.), H. C. CapwellMilton H. Esberg, William Fries, Mark L. Gerstle, Joel W. Kaufmann:
M.C. Sloss, C. W.Stelae's, John S. Drum and Harry H.Fair.
Pro Forma Consolidated Balance Sheet July 31 1927.
[After giving effect to the following transactions to be consummated.
(a) change in corporate name; (b) increase of 290.000 shares In authorized
no par value common stock; (c) the issue of $7.500.000 534% convertible
gold debenture bonds;(d) application of proceeds therefrom to,(1) refunding of $5,386.373 in current bank loans: (2) reduction of $987,460 in mortgages on Oakland property; (3) acqu sition of fee in leased Oakland property for 558.580; (4) other corporate purposes.]
tsene t
LiabilUiesper atsr assets
8E1,029,677 Accounts payable
$1,333,625
Real estate
69,239,987 Accrued accounts
140,897
Leaseholds, purchased going
Federal tax 1928
109,741
value, &c
1,102,843 54% convertible debentures 7,500.000
Stock of Emporium Corp.
Tele. Ave. Corp. 75
480,000
purch. for employees
250,848 Oakland prop, deeds of trust_ 1,155,170
Sundry securities
74,401 Marian Realty Co.634s
771,500
Empl. unpaid subscr. to stock
23,255 Purchase contract payable175.000
Deposits, advances, claims,
Stock pureh. for employees__
227,816
99,591 Reserves for contingencies__
notes,&c
562,687
Merchandise
5.222,349
do for future deprec _ _ _
187,723
do for empl. benefits.
Cost. accounts receivable_. 2,562.723
Creditors debit balances
27,973
Federal taxes, &c139,049
1,106,359 Unear. Int. on spl. terms sales
Cash
11,422
Unamor. organ., sze., exp.__
695,165 Emporium 7% pref. stock_ __. :0 1
61:0 7
3
183,561 Common stock
Special alter. & improv
121,657 Paid-in surplus
Prep. taxes, Maur.& lot
74,839 Profit and loss surplus
Inventory of supplies
891,817
Total (each side)
$21,815,230
a Furniture,fixtures, &c.,$1,360,770;leasehold Improvements. $408.544
less, allowances for depreciation and amortization, $739.637. b San Francisco property, 34.728.658; Oakland property, $4,388,268; country club for
employees. 5249.076; less, allowance for depreciation. $249,076. c Reprosenteekby 260,000 shares (no par value).
2272
THE CHRONICLE
[VOL. 125.
Emporium Corp.(Del.):
-To Increase Stk & Change Name
as to allow all stockholders to share in the success of
company. All
stockholders will have voting power. The pref. stock tothepresently issued
be
will carry warrants affording an opportunity to purchase
all class A stock will be convertible into common stock. class A stock and
It is expected that any public offering of the securities will be
Dillon, Read & Co. and lassos!. Kinnicutt & Co. of New York. made by
Federal Bake Shops, Inc.
-Transfer Agent-Registrar.- Statement of Combined Net Income for Periods
Stated of Properties and ComThe Chase National Bank has been appointed transfer agent for an
panies to be Presently owned.
authorized issue of 11,000 shares of ptefeired stock ($100 par); 66.000
[Including earnings of the sheet mill of Baltimore
shares of common stock purchases warrants; 282,000 shares of common
Copper Smelting
stock (no par), (68,000 shares of which are issuable upon exercise of war- Rolling Co. for the entire period and of its rod and wire mills for the &
6
months ended June 30 1927 only, and as to the Canadian subsidiary of
rants).
Standard Underground Cable Co.•only the proportion of earnings applicable
The Interstate Trust Co. has been appointed registrar of the preferred
to holdings of parent company.]
and common stock. See V. 125, p. 1979.
12 Mos Ended
Years Ended Dec. 31
Fidelity Union Title & Mortgage Guaranty Co.,
June 30 '27. 1926.
1925.
1924.
1923.
Newark, N. J.
-Rights.
aCombined net income.5,340,048 5,681,470 6,415,014 7,872,964 7,493.200
The stockholders of record Oct. 25 will be given the privilege to subscribe Int. on ser. A bonds__ 880,000 880,000
880,000
on or before Nov. 15 for 10,000 additional shares of capital stock (par $50) Fed. tax at 13)4 %____ 602,106 648.198 880,000 880,000 892,782
747,227 944,050
at $100 per share in the ratio of one new share for each 5 shares held. Subscriptions are payable at the company's office, 755 Broad St., Newark,
bNet income
3,857,941 4,153,272
N. J.
Div. on 7% pref. stk_ _1,050,000 1,050,000 4,787.787 6,048,913 5,720,418
-V. 124, p. 1517.
1,050,000 1,050,000 1,050,000
Finance Co. of America, Baltimore.
Avail,for class A stk.2,807,941 3,103.272 3,737,787 4,998,913
-Larger Dividend.
4,670,418
The directors have declared a quarterly dividend of 15 cents per share on Per sh. on 400,000 shs.
class A stock
both the class A and B common stock, no par value, payable Jan. 15 to
7.02
7.76
9.34
12.50
11.68
holders of record Jan. 5. Previously the company paid quarterly dividends Div. on 400,000 shs.
class A stk ($4)
of 123's cents per share on these issues.-V. 122, P. 1617.
1,600,000 1,600,000 1,600,006 1,600,000 1,600,000
Gates Rubber Co.
-Guaranty, &c.
Bal,avail,for com.stk.1,207.941 1,503,272 2,137,787 3,398,913
3,070,418
Established in 1912, the business of Gates Rubber Co. has grown to be Per sh. on 440,000 shs.
one of Colorado's leading industrial enterprises. Products of the company
common stock
2.75
3.42
4.86
6.98
7.72
a After deducting depreciation and after eliminating non-recurring interest
include five essential automobile accessories; cord tires, fabric tires, tubes,
fan belts and radiator hose. A considerable volume of business is done in and other charges (Including bonuses) and credits. but before deducting
steam hose for railroad use. Recently the company has added to its line Federal income tax. b After deducting depreciation, Federal income tax
of products garden hose and rubber automobile tire chains. The prospects and interest on funded debt to be presently outstanding, and after eliminatare that the rubber garden hose business will grow to be one of the important ing non-recurring interest and other charges (including bonuses),and credits.
departments of the company's business.
Pro Forma Balance Sheet
For the five years ended Oct. 31 1926 average net sales of Gates Rubber [After giving effect as at that date toas at June 30 1927.
terms of agreements dated as of
Co. were $4,154,793, and net earnings for the same period, after all charges,
Sept. 26 1927.1
including depreciation and Federal taxes, averaged $207,077, or more than
Asset
Liabilities
11.5 times maximum interest requirements on these bonds, and more than Cash & mark.
securities- $3,604,572 Notes payable
$17,953
four times the maximum combined annual interest and maturity require Notes &
accts. rec., less
Accts. payable & accrued
ments. For the year ended Oct. 31 1926 net sales were 35.536,007, and net
reserves
8,121.116
expenses
3,596,176
earnings, as calculated above, were $260,225. Current year's bus mess Inventories
(at market)
,a16,480,879 Dividends payable
533,770
is showing a satisfactory increase, in sales and earnings, over the business Prepaid
expenses
455,792 Res. for Federal taxes__ _
671,552
of last year.
Reserve for reels
288,230
As of Oct. 311926, net worth of Gates Rubber Co. amounted to $2,544,- Investment In & advances
to sub. company
1,253.621 Other reserves
317,442
556, of which amount $1,353,511 consisted of net quick assets.
Sundry investments_ _ _ _
123,594 1st Mtge. 5s
16,000,000
Balance Sheet Oct. 311926.
Other assets
284,025 7% cumul. pref. stock__ _ 15,000,000
Fixed assets
Assets-Liabilities625,677,387 Class A Ss common stock_ c19,575,868
Cash*251,8027% preferred stock
5
$441,600 Good-will
Customers' acc'ts & acce-pCommon stock
x2,102,957
tances-less allowance__
Total
466,146 Notes payable,incl. accep. 201,369
$56,000,991
Total
$56,000,991
Inventories
1,211,392 Accounts payable
269.073
a Less reserve of $530,000 to reduce copper and lead in inventories to
Land
104.139 Accrued payroll, Federal
conservative values below market. b Land. $2.604,020; buildings, machinBuildings., mach.& equip. 1,031,326 taxes, &c
105,387 ery and equipment. *23.073,367 (appraised sound values adjusted to date
Sundry acc'ts,invest'ts, &c
29,996 Reserve for pref. divs_ _ _ _
5,152 331.784,234. c Represented by 400,000 shares class A stock (no par) and
Prepaid int., ins. & supp__
30,734
400,000 common stock (no par).
Patents and trade marks_ _
1
The stockholders will vote Oct. 25 on increasing the authorized capital
stock (no par value) from 360,000 shares to 650 shares, and on changing
the name of the corporation to The Emporium Capwell Corp. (see that
company above).
-V. 125, p. 1716.
Total
$3,125,538 Total
$3,125,538
x Represented by 72,224 shares of no par value.
See also Gates Power Co.under "Public Utilities" above.-V.116, p.1766.
-Earnings.
General Electric Co.
Period Ended Sept. 30-1927-3 Mos.-1926.
1927-9 Mos.-1926.
Net sales billed
$76,164,584 $82,187,349 $225,959.611 $229638,216
Cost of sales billed, d.
oper.,
mai
prrec
charges, res. & eP ov..
for all taxes
67,866.660 72.499,449 198,796,918 203,690,909
Net inc. from sales.. _ $8,297,924 $9,687,900 $27,162,693 $25,947,307
Sundry inc. less hit.
2.006,848
paid & sundry chgs
3.064,968
8.030,362 5.818.365
Profit avail, for divs.$11,362.892 $11.694,748 $335,193,055 $31,765,672
643,624
Divs. on special stk_ _
643,521
1.930,814
1,714,052
Profit avail, for diva.
7.211urp-$10,719,268 $11,051,227 $33,262,241 $30,051,620
on com. stk & s
Earns, per sh. on
,481 shs. of no par com.
stock outstanding_ _$1.49
$1.53
$4.61
$4.17
-V. 125, p. 2153.
General Cable Corporation.
-New Consolidation Proposed-Five Companies to Go into Merger.
-The organization
of a large electrical wire and cable company under the above
name, was forecasted Oct. 19 by the mailing of notices
calling meetings of stockholders to approve action taken by
the boards of directors of certain of the companies whose
assets will be owned by General Cable Corporation.
See also Safety Cable Co. below.
(B. F.) Goodrich Co.
-Forms New Subsidiary.
The company
has formed a new subsidiary known as the Pacific Goodrich
Co.,which will construct a plant in Los Angeles,Calif., to cost approximately
$7,000,000, it is reported.
S. B. Robertson. director of engineering at the Akron (Ohio) plant
of the Goodrich company since 1919, has been elected Vice-Pzesident and
General Manager of the subsidiary. J. W.Jordan,former General Auditor,
has been appointed a Vice-President and General Manager of the Canadian
Goodrich C.D.. Ltd..succeeding T. B. Tomicinson, who was made comptroller
of the B. F. Goodrich Co.
-V. 125, P• 1846.
Great Lakes Terminal Warehouse Co. of Toledo.
Bonds Offered.
-A. C. Allyn & Co. Inc. and Redmond &
Co. are offering at 100 and. int. $2,20,00d 1st (closed) mtge.
6M% sinking fund gold bonds.
Dated Sept. 11927: due Sept. 11942. Int. payable M. & S. Denom.
$1.000. $500 and $100 c*. Red., all or part, on any int.date on 60 days'
notice at 105 and Int. Principal and int. payable in Chicago, New York
and Detroit. Fidelity Trust Co., Detroit, trustee. Int. payable without
deduction for normal Federal income tax not to exceed 2%. Upon application as provided in the mortgage the company will refund any taxes
assessed and paid upon the income derived from or on the ownership of
these bonds under the laws of any State or possession of the United States
not in excess of 5 mills per annum on each dollar in principal amount to
holders resident in such State or possession. Legal for savings bans in
State of Michigan upon completion of the building.
Data from Letter of John T. Spencer, Vice•Pree. and Gen. Mgr.
Company -Will erect a modern 17-story and basement reinforced concrete dry and cold storage warehouse at Morris and William Streets, Toledo,
Ohio. This site is exceedingly desirable, being ample in size (approximately
86,500 sq. ft.) and located in the heart of the transportation and wholesale
district. It is in close proximity to the freight houses of the most important
railroads entering Toledo and has available direct railroad connections,
with private sidings, from the New York Central Lines and from the Baltimore & Ohio RR.
Security.
-Bonds will be a direct obligation of the company and will be
specifically secured by a direct closed 1st mtge. on the land (above)and
on the plant to be erected thereon. Based on estimates made by Day &
Zimmermann, Inc., engineers, the building and equipment, exclusive
land, will upon completion have a value of $4,277.000. The Fidelity of the
Trust
Co., Detroit, has appraised the land and equipped building at $4,500,000.
Earnings.
-Based upon the full utilization of the facilities to be
under practical operating conditions and prevailing rates, Day &provided,
Zimmermann,Inc.. engineers, estimate that the annual earnings should be as follows
Gross revenue_______ _ _________ ____________________ 3725.000
Operating expenses and taxes other than income taxes
283,890
Net earnings __ _ __ - __ - __ - ______ - _ - __ - ____ _ _
_ __ _ _
Maximum annual lint. charges on 1st mtge. 63•6 7; __ _ _ _ bonds$441,110
gold
(thisIssue)_
__ - ____ - ______ - - _____ ________ - $146.250
The estimated netearnings, as shown above, are more than three times
such maximum annual interest requirements.
-Company will covenant to pay to the trustee on Sept. 1
Sinking Fund.
1930 and on each interest date thereafter the sum of $112,500 to be used
for the payment of interest on these bonds and for their purchase or redemption by lot at or below 105 and int. All bonds so
celled. The sinking fund should retire approximately retired will be can65% of the entire
amount of this issue at or prior to maturity.
Capitalization to Be Outstanding (Upon Completion of This Financing).
1st mtge. 63•6 % sinking fund gold bonds (this issue)
$2,250,000
General mortgage 7% convertible gold debentures
850,000
Class A stock (no par value)
06,375 sits.
stock (no par value)
Class B
80,000 shs.
a In addition, the company has reserved a sufficient number of shares
of this stock to provide for the exercise of certain conversion privileges
under the mortgage securing the general mortgaan 7% cony, gold debens.
Management--Company will be affiliated with the Great Lakes Terminal
Warehouse Co.(Detroit)and will be under thesame general management.
When the organization of General Cable Corp. is completed, it will own
the a-ksets and businesses now operated by Dudlo Manufacturing Corp.,
Rome Wire Co., Safety Cable Co. and Standard Underground Cable Co.,
and the sheet and rod and wire mills of Baltimore Copper Smelting & Rolling
Co. These companies are among the most prosperous and strongest manufacturers of their several lines of product in the United States and have been
favorably known for the high quality of their product and the effieiency of
their management.
General Cable Corp. will have plants at the following strategic points in
the United States and Canada; Bayonne, Perth Amboy, Newark and
.
Harrison N. J.: Rome and Buffalo, N. Y_.• Pawtucket, It. I.; Baltimore,
Md.: Chicago, Ill.; Pittsburgh, Pa.; St. Louis, Mo.; Fort Wayne, Ind.;
Oakland, Calif.. and Hamilton. Ont.
Taking these plants at 80% of their appraised sound values adjusted to
June 30 1927. and after deducting all current liabilities and reserves, the
net assets of General Cable Corp. as on that date amount to over $50,000,000, of which amount over $22,000.000 consist of net quick assets such as
cash, accounts receivable, inventory, &c.
Company will be in a position to furnish all kinds of copper wires and
cables, from the finest of enamel ware for delicate electrical instruments to
the largest cable for aerial and underground service. Brass and bronze
wires, tubing. copper rods and sheets will also be included in its manufacture. The company will thus have the recognized benefits of dealing in a
long line of diversified products, and this will make possible a better balanced
operation of its plants, with extensive saving in costs of manufacture, distribution and overhead, and considerable economy in management,research,
manufacture and distribution.
It is expected by interchange between plants of methods and facilities of
production, that a higher efficiency of manufacture and production will be
obtained at each of the plants and that losses and delays resulting from
emergencies existing at any one plant will be minimized. Moreover, all
the special processes and methods developed in the research laboratories in
the past as well as in the future will be available to all of the plants. Particular emphasis will be laid upon research and development work through
concentration and expansion, with the aim to improve the art of wire and
cable structure to keep pace with the continual demands on the industry
for new forms of construction.
The company will also have a number of well located warehouses and
Gulf States Steel Corp.
these, together with its several rolling, wire, drawing and insulating plants
-Earnings.
Period end. Sept. 30- 1927-3 Mos.-1926.
located at various points, will make it possible not only to render prompt
1927-9 Mos.-1926.
earnings
but also to reduce transportation expenses.
service,
$342,229
$249,702 $1,005,873
$911,946
'n, &c
General Cable Corp. expects to retain the executives and staff now man- TNaextesea,
192.047
101,414
484,465
347,006
aging the various plants and in this way will have the benefit and advantage
of the present managements. Trade
Net income
$150,182
of the long and successful experience
$148,288
$521,408
$564,940
Earns. per sh. on 125,000
names and good-will will also be perpetuated.
shs. of(par $100)com.
The capitalization to be presently outstanding will consist of $16,000.000
dproximately 400,000
stock outstanding_ _
$0.92
1st mtge.5% bonds,$15,000.0007% pref. stock and a
$0.90
$3.33
$3.67
as been arranged so -V. 125, p. 1467.
shares of class A stock and 440.000 common stock, an
OCT. 22 1927.]
-Permanent Bonds Ready.
(W. F.) Hall Printing Co.
Lee, Higginson & Co., announce that permanent 1st mtge. trust gold
bonds are ready in exchange for temporary certificates at their offices in
New York, Boston and Chicago. (See offering in V. 124, p. 3503.)V. 125. p.254.
-Earnings.
(M. A.) Hanna Co.
Period End. Sept. 30Net oper. income
Interest
Deprec. & depletionFederal taxes
1927-9 Mos.-1926.
1927-3 Mos.-1926.
$927,495 $2,028,068 $1.800,547
$914.227
309.736
293,500
99,750
95,500
842.903
887,800
329,472
346,053
113,269
70,099
75.269
54,880
Net income__
291.844
Earns. per sh. on- _-she,of no par corn.stk.
outstanding
-V. 125, P. 1981.
$417.794
$423,004
$0.54
$0.55
$776,669
$534,639
Nil
Nil
--Earnings.
Harbison-Walker Refractories Co.
Period End. Sept. 30Net prof.(est.) aft. depr..
deplet.,Fed. taxes. &c.
Earns. per sh. on 360,000
shs. of (par $100) cal).
stock outstanding.. _
-V. 125, p. 1846.
2273
THE CHRONICLE
1927-3 Mos.-1926.
$893,000
$2.35
1927-9 Mos.-1926.
$979,000 $2,884,000 $2,880,000
$2.59
$7.62
$7.62
to build up the assets. Publicity concerning the financial condition of
the trust and the operations of its management is issued quarterly. (Boston
hews Bureau.) See also V. 125,p. 1981.
-Earnings.
Independent Oil & Gas Co.
1927-9 Mos.-1926.
Period end. Sept. 30- 1927-3 Mos.-1926.
81,760,862 $1,369,137 $4,242.252 $3,249,197
Net earnings
1,504,311
2,398,314
526,655
876,061
Depl., depr. & Fed.taxes
$884,801
Net income
Shares of stock outstand500.000
ing (no par)
_
.stk$1.77
Earns.per sh.on cap
-V. 125. P. 1200.
$842,482 $1,843,938 81.744.886
493,800
$1.71
500.000
$3.69
493.800
$3.53
Industrial Discount Co. (Industrieele Disconto
-Stock Sold.
Maatschappij) of Amsterdam, Holland.
F. J. Lisman & Co. and First Federal Foreign Investment
Trust have so'd 15,000 American share certificates representing 1,500,000 guilders common stock Price $48.50 per
American share certificate (carrying coupons at one-half the
full rate for 1927 and at the full rate for the nine following
years). Income yield on basis of previous dividends 8.29%
straight.
The shares against which these certificates will be issued are shares of
the company's common stock of 1,000 guilders ($402) par value each, in
bearer-form, fully paid and non-assessable, and carrying dividend warrants
See Arrow-Hart llegeman, Inc., above.-V. 125, p. 1981.
at one-half of the full rate for 1927 and at the full rate thereafter, and are
to be deposited with the Central Union Trust Co. of New York, trustee.
-Rights.Hawaiian Pineapple Co. Ltd.
Each of the American share certificates represents 1-10th ofone such share
The stockholders on Sept. 30 increased the capital stock from $10,000.000 and is exchangeable (10 certificates for one such share) at the principal
by the issue ce of 125,000 shares, par $20. T ese new office of the trustee, in accordance with the terms of the indenture under
to $12,500,000
shares were offered, at par, to stockholders of record Sept. 30 1927. 1 new which the shares are to be deposited. Such exchange may be made at
share for each 4 shares the I held, the 495 shares of new stock corresponding any time before Aug. 1 1937 on payment of a fee of 20c. per certificate and
in proportion to the 1.980 shares heretofor authorized but yet unissued, on and after Aug. 1 1937 free of all fees.
to be.Wued later in the discretion of t e directors. Fractional shares. if
The certificates will be in bearer form carryingcouponsfor the proportionany are due under t e new issue, will be a Id by the Treasurer of the cor- ate part of dividends for the 10 years, 1927 to 1936,inclusive, on the shares
poration and the net roceeds, less the proportior ate par value of the rights to be deposited, said dividends to be payable when, as and if declared by
fraction, promptly remitted. The new stock will be issued as of Dec. 1 the company and received by F. J. Lisman & Co., Fiscal Agents. The
1927 and will be entitled to its first dividend on Dec. 31 1927. It is the holders of Certificates will share ratably in any stock dividend or rights
intention of the directors to continue the present rate of cash dividend, declared on the shares to be deposited, in accordance with the terms of the
namely, 15c. rer share per month on the new capitalization. Rights to Indenture above mentioned. Denom. 1 and 10 American share certificates.'
subscribe to the new stock expire Nov. 30. The stock sold ex-rights on
-The shares, against which these certificates will be issued, are
Listed.
the San Francisco Stock & Bond Exchange on Oct. 5 instead of Sept. 30. listed on the Amsterdam Stock Exchange.
-V. 125, p. 1718.
Data from Letter to F.J.Lisman & Co., Dated Amsterdam, Aug.4 1927
-The company was incorp. in 1923 under and
Scope and Operations.
-Earnings.
Houston Oil Co. of Texas.
subject to the regulations prescribed by the laws of the Kingdom of the
(Including Ilouston Pipe Line Co.1
Netherlands. It is chartered and authorized to conduct a general banking
Quar. End. Quar. End. Quar. End.9 Mos. End. business in all its phases, financing imports, exports and domestic trade
Sept. 30.
Mar. 31.
June 30.
Sept. 30.
and discounting commercial paper.
$2,698,806 $2,452,546 $2,484,711 $7,636,063
Gross earnings
Since its inception, the company has enjoyed the active financial support
1,034,062 3,431,334 ofseveral ofthe foremost banking institutionsin Holland. Germany,Switzer1.101,703
1,295,569
Exp. & ord. taxes
land and other countries. The well known Amsterdam banking house
Operating income_ _ _ _ $1,403,237 $1,350,843 $1,450,649 $4,204,729 of H. Oyens & Sons has been connected with the company and represented
194,523 on its board since the beginning.
70,340
61,543
62,639
Other income
In accordance with the policy of extending its operations into profitable
Total income
$1,464,780 $1,413,482 $1,520,989 $4,399,252 fields in Europe outside }Tolland, the company has organized subsidiaries
282,909 In Germany and Denmark. These subsidiaries, established in 1925 and
Abend. leases, &c
126,409
125,893
30,607
832,565 1926 respectively, are entirely owned and controlled by the Industrial
Int., amort. & Fed. tax_
293,128
271,225
268,213
Deprec. & depletion_ _ _
420.557 1,337,990 Discount Co.. which operates them in accordance with its own conservative
462,906
454,527
principles. The German company, the Industrielle Diskonto A. G., paid
Net income
$680,895 $1,945,788 a dividend of 10% in 1925 and 1926. and has recently increased its capital
$657,123
$607,768
In the previous year company reported for the Sept. quarter profits of to 2.000,000 Reichmarks. The Danish company, the Industrielt Diskonto
$749,364 before depreciation, depletion and amortization and for the nine Aktieseiskab. which has not yet completed its first financial year Is developmonths ended Sept. 30 1926, profits of $2,210,154 before depreciation, ing very successfully. Company is concluding arrangements for the estabdepletion and amortization.
-V. 125, p. 528.
lishment of subsidiaries in England and France with offices in London and
Paris.
Hudson Motor Car Co.
-Earnings.-Company's business has been increasing rapidly, its growth
Growth.
-QuarterEnded--9Months Ended- being indicated by the following statistics:
PeriodSept. 30 '27. Aug. 31 '26. Sept. 30'27. Aug. 31 '26.
Capitalization
C 19
31ap
Netincome after deprec.,
2
E
1
i2ta71052:00
Dec. 31 1925
Fed.taxes & oth.chgs_ $4,224,972 $1,926,645 $14.042,536 $7,983,982 Dec. 31 1926
Earns.per sh.on 1,596.660
2,211.000
y
July
shs. of no par cap.
88.79
$1.21
$2.65
stk.$5.00 On completion of this financing
2.814,000
-V. 125. P. 1981.
-Turnover (including fully owned subsidiaries)
(2) Business.
Annual
Monthly
Hutchison-Moore Lumber Co. Foulke, Miss. and
Total.
Average.
8492.000
$41,000
Allison, Ala.
Co., 1924
-Bonds Offered.
Fentress
-Baker,
1,851.000
154,250
Chicago, are offering at prices to yield from 5Y to 6%, 1925
t%
282,500 3.390.000
1326
according to maturity, $460,000 1st mtge. serial 6% sink- 1 27 (7 months)
430,728 3,013,000
(3) Earningsin fund gold bonds.
Net. after
sated Sept. 15 1927,due serially from Sept. 15 1928(M.& S.) to Mar. 15
Gross. Exp.16Taxes
1932. Prin. and int. (M. & S.) payable at Continental & Commercial 1924
$15,329
$32,430
Trust & Savings Bank,Chicago. Denom.$1,000,$500 and $100 c*. Call69.989
106.848
able all or part on 30 days' notice on any int. date at 100 and int, plus a 1925
232,796
160.542
premium of ;4 of 1% for each year or fraction thereof intervening between 1926 1926 net earnings equalled 2254% on the company's average capitaliFor
date of redemption and maturity of bonds redeemed. If requested within zation; for the first 7 months of 1927 net earnings were in excess of such
60 days after payment and within 9 months after it shall become due, com- rate.
pany agrees to reimburse resident holders for Penn. 4-mill tax. Continental
The company's foundation and organization expenses and equipment
& Commercial Trust & Savings Bank, Chicago, Ill., and Calvin Fentress, have been completely written off, the latter now being carried on the books
Chicago, Ill., trustees. Interest payable without deduction for normal at one guilder.
Federal Income tax up to 2%.
-Company each year since its inception has paid dividends
Dividends.
Data from Letter of S. K. Ingham, President of the Company.
at the rate of 10% on its common stock. The expansion of the company's
-Is engaged in the manufacture and sale of Southern yellow business, both in Holland and through its fully owned subsidiaries abroad,
Company.
pine. The business was incorp. in 1921, at which time it acquired its and the resulting marked increase of its turnover,justify the confidence
Mississippi timber and mill properties: its Alabama properties were recently that the company will declare its usual dividend of 10% for the current year.
acquired through purchase of the entire capital stock of Ingham-Burnett • Dividends declared are payable annually and the shares now purchased
Lumber Co., which latter concern has been merged with the Hutchison- are entitled to half the dividend for the year 1927.
Company has agreed to pay all present and future Dutch taxes on diviMoore Lumber Co.
Operations and Earnings.
-Combined income for the periods ending Aug. dends on the shares which have been purchased by the bankers.
-The purpose of this issue is to provide additional workPurpose of Issue.
31 1927 of the Hutchison-Moore Lumber Co. for 5 years and 8 months and
the Ingham-ilu.nett Lumber Co. for 5 years, after Federal taxes but before ing capital to meet the requirements of the company's rapidly increasing
depletion and depreciation, available for payment of interest and debt business.
Capitalization (after Giving Effect to this Financing).
principal, have averaged annually
$252,116
Issued.
Authorized.
The maximum annual int. charge on this issue of bonds is
$27,600
Security.
$402,000
$402,000
-These bonds are the direct obligation of company and are 6% 25
-year debentures
specifically secured by direct first mortgage on timber and mill properties 7% cum. partic. pref. stock (1,000 guilders par
value per share)
804,000
conservatively valued at $1,200,000, or over 2.6 times this issue of bonds.
201.000
Financial Condition.
-The balance sheet as of Sept. 1 1927, after giving Common stock (fully paid and non-assessable)
(1,000 guilders par value per share)
3,216,000 2,211,000
effect to the merger with the Ingham-Burnett Lumber Co. and application
-Par of exchange: $402 per 1,000 guilders.
Note.
of the proceeds of this issue, indicates a net worth of the company of over
In addition there are 14 founders' shares of no par value outstanding. In
$1,500,000, after deducting all liabilities except these bonds.
-A sinking fund at the rate of $5.60 per 1.000 ft. case of liquidation, out of any available balance of the liquidation account,
Retirement of Bonds.
as compared with a loan rate of $4 for each 1,000 ft. of timber mortgaged) after the possible payment of all accumulated dividends on the preferred
must be paid the corporate trustee for the retirement of the principal of stock,if possible, is paid off at 100% of its par value; thereafter the common
these bonds for all timber as cut and released from the lien of the mortgage. stock, if possible, is paid off at 100% of its par value: and of any balance
This sinking fund should operate to increase steadily the already wide mar- remaining. 39% thereof is distributed to founders' shares, directors and
management, and 61% thereof is distributed to preferred and common
gin of security.
%
Purpose.-Proceeds will be used to reimburse the treasury in part for stockholders as follows: for each 1% paid on the common stock.
improvements, to fund short-term indebtedness and for added work- shall be paid on each share of preferred stock, all in accordance with the
plant
company's charter.
ing capital.
-Outof profits available in any year for dividends.
Distribution of Profits.
Incorporated Investors.
-Pays Interim Div. of 50 Cents. Is possible, a 7% cumulative dividend on the preferred stock is first paid
An interim dividend of 50c. per share was paid on Oct. 15 on all shares and then. if possible, all accumulated dividends on the preferred stock are
outstanding on Sept, 30. The next dividend date was advanced to Jan. 15 paid. The balance is distributable, in the discretion of the board, as
the payment. if possible, of a 7% dividend on the common
In conformity with the change making the fiscal year correspond with follows: (a) toof any
balance remaining, 39% thereof to founders' shares,
stock and (b)
the calendar year.
last 12 months shareholders ieceived $4.50 in cash dividends, directors and management, and 61% thereof as additional dividends on the
During the
the common stock shall
a 5% stock dividends (wo.th $5.50 if sold when issued), and the value of preferred and common stock as follows: 1% paid on the commonreceive
stock.
the shares increased from $109 to $128.50-a gain of $19.50 per share. 3%, and thereafter, for each additionalpreferred stock, all in accordance
These realized and unrealized gains total $29.50 per share, or 27% on the 3 % shall be paid on each share of the
with the company's charter.
price a Year ago.
Condensed Balance Sheet Dec. 311926.
A comparison of the last balance sheet with that of Sept. 30 1926 gives
Liabilities
Assets
evidence of substantial growth during the last year. The assets (at cost)
$201,000
grown from $629,220 to $3,117.357. Income for nine months has Cash and deposits in banks $108,586 7% preferred stock
have
1,391,379 Common stock
804,000
increased from 816.430 to $84,985, and the number of shares outstanding Accounts receivable
289,729 Long term deposits
143,793
Investments
from 6,557 to 29.393.
2,131 Accounts payable
560,877
This investment trust has placed its invested funds in stocks of 28 of Merchandise
56.280 Surplus and reserves
138,435
the leading American businesses in major lines of industry. It adheres Office building
to the policy of paying dividends solely out of cash income received. Profits
Total
$1.848305
Total
$1,848,105
from the sale of securities, stock dividends, rights, &c., are reinvested
-Control.
Hart & Hegeman Mfg. Co.
82
2274
THE CHRONICLE
[VoL. 125.
Since the beginning of this year the company's capitalization has more
than doubled and amounts at present to $2.814.000 (after giving effect to
this financing). Recent issues of 1,000,000 guilders of the company's6%
25
-year debentures and of 1,000,000 of the company's common stock,
offered in the Amsterdam market, have been greatly oversubscribed.
[Conversion of Dutch to U.S. currency has been made at par of exchange,
one Dutch guilder equal to 40.2 U. S. cents.]
Keech & Co., members of the New York Stock Exchange, New York;
Allyn S. Goulden, partner of A. S. Goulden & Co. of Washington and
Baltimore; Ralph D. Quinter, Referee in bankruptcy, Washington, D. C.;
and Rowland C. Ringgold of Baltimore.
Dated Sept. 11927: due Sept. 1 1937. Prin. and int.(M.& S.) payable
at Bank of /vova Scotia, Toronto, Montreal and Winnipeg. Denom.
Z1.000 and $500 c*. Callable all or part on any int. date on 30 days' notice
at 102 and int. Trustee, Royal Trust Co., Montreal and Toronto.
Authorized. Outstanding.
Capitalization6% first mortgage bonds (this issue)
$200.000
$200,000
Common shares(no par value;sold for $5 per sh.)_ -60,000 shs. 40,000 shs.
Security.
-Secured by a first mortgage on the steamer "Sand Merchant,"
constructed by the Collingwood Shipyards, Ltd. The boat was launched
Aug. 17 1927 and has been valued at $420,000.
Sinking Fund.
-Trust deed provides that the company shall pay annually
to the trustee $15,200 and,:11 addition,an amount equivalent to the interest
on all redeemed bonds, for the purpose of retiring outstanding bonds. It is
estimated that this amount will retire the whole issue In ten years, or at
maturity.
Contract.
-Company has entered into a 5
-year contract which calls for
delivery at Toledo, Sandusky, Huron, Lorain and Cleveland of sufficient
quantities of sand and gravel to keep the S. S. "Sand Merchant" operating
to capacity during the entire navigating season. This contract gives to
the company the privilege of exercising valuable options looking to increased
business and the extension of the contract.
Earnings.
-The "Sand Merchant" commenced commercial operations
early in Sept. and the President of the company estimates that it will, during the balance of the 1927 navigation season, make profits of $25,730, or
over 4 times the bond interest for the first 6 months. In the year 1928 and
subsequent years for the full navigation season the profits from this contract
are estimated at $105,650, or nearly 9 times the annual interest require-.
ments.
of $14,007 for each mortgage, representing but 51.92% of estimated worth of property.
The Jersey Mortgage & Title Guaranty Co. has capital, surplus and
undivided profits of over $1,000,000 and by the terms of the collateral trust
agreement under which these bonds are secured, the aggregats amount of
bonds outstanding and other indebtedness of the company shall not exceed
15 times its fully paid capital stock and surplus.
-V.124, P. 3079.
Jersey Mortgage & Title Guaranty Co.
-Bonds Offered.
-A new offering Jf $1,000,000 53% bonds will be made
- shortly by Stone & Webster and Blodget,Inc.
Interlake Transportation Co., Ltd.
-Bonds Offered.
Company does a mortgage and title guaranty
Dickson, Jolliffe & Co., Toronto, are offering at 99 and int., nicipalities of New Jersey under the supervision business in various muof the State Department
to yield about 6.15%, $200,000 6% 10
-year 1st mtge. sink- of Banking and Insurance.
As of Sept. 30 1927 the company had made total mortgage loans in the
ing fund gold bonds.
amount of $3.011,650 with an average principal
Joske Bros. Co.
-Initial Dividend of 75 Cents.
-
An initial dividend of 75 cents per s -are has been declared on the voting
trust certificates for capital stock, payable Nov. 21 to certificate holders
of record Nov. 1. See also V. 125. p. 398. 658.
Koppers Co., Pittsburgh.
-Forms New Subsidiary.
-
The Hartford Coke Co., a subsidiary has been organized in Connecticut.
The capital of 1,000 shares (par $100) will be Increased later but the amount
has not been decided upon. The name of this company was then changed
to the Connecticut Coke Co. The new company will operate the plant
which the Koppers Co. is erecting in New Haven to supply gas to Connecticut cities, the cost of which has not been finally determined.
-V.
123, P. 2911.
(S. S.) Kresge Co.
-Earnings.
Period end. Sept. 30- 1927-3 Mos.-1926.
1927-9 Mos.-1926.
Sales
830,725,850 $27.137,949 $86,626,837 $76,975,274
Earnings
3,860,906 3,767,241 10,515,283 9,620.970
Federal taxes
521,222
508,578
1,298,831
1,419,560
Preferred dividends_ _ _
35,000
35,000
105,000
105,000
Balance for common__ $3,304,684 $3,223,663 $8,990,723 88,217,139
International Cement Corp.
-Quarterly Earnings.
Earns.per sh.on 3,677,636
Period end. Sept. 30- 1927-3 Mos.-1926.
1927-9 Mos.-1926.
shs.(par $10)com.stk.
Gross sales
$8,291,490 $8,023,344 $22,133,617 $19,728,513
o.
outstanding2155.
v
$0.90
$2.23
ng
.
$0.88
$2.44
Less pkg. dis. 8c allow'ce 1,600,111
1,497,756 4,244,795
3,621,583 - e
Mfg. costs, excl. deprec- 3,549.168 3,259,247
9,459.824
8,020,544
Depreciation
521,481
472,481
1,315,885
1,190,182
Lackawanna Securities Co.
-Sale of Assets Approved.
The stockholders on Oct. 14 approved the request of the directors for
Manufacturing profit_ $2,620,730 $2,793,860 $7,113,114 $6,896,203
authority to sell the capital assets, or any part thereof, from time to time
Ship.,sell.& adm.exp__ 1,118,113
1,090,352 3,063,136
2,912,243 and to hold,reinvest or distribute the proceeds to stockholders as liquidating
Net profit
$1,502,617 $1,703,508 $4,049,979 $3,983,960 dividends. See V. 125, p. 1590.
Fed. taxes, contingency
Lambert Co. (Del.).
-Earnings.
reserve, &c
267,644
323,926
766,460
799,420
See Lambert Pharmacal Co. below.
-V. 125, p. 398.
Net to surplus
$1,234,973 $1,379,582 $3,283,519 $3,184.540
Lambert Pharmacal Co.
-Earnings.
Earn, per sh. on 562,500
Period End. Sept. 301927-9 Mos.-1926.
shs. no par com. outst.
$1.89
$2.14
$4.94
$4.75 Net profit after all chgs. 1927-3 Mos.-1926.
-V. 125. p. 397.
and Federal taxes..__ $1,140,228
$785,556 $3,344,748 $2,394,519
The Lambert Co. now holds
of the stock
International Germanic Trust Co.
-Opensfor Business. Co. and 100% of the stock of 64.583%subsidiary. of Lambert Pharmacal
another
Based upon these perThe company, in an advertisement, says:
This company opened for business Oct. 17 with a fully paid in capital centages, the Lambert Co. showed net profits of $854,315 for the 3 months
and surplus of $5,000,000. It will conduct a general banking and trust ended Sept. 30 1927, which would compare with net profits of $604.823
company business,receiving deposits and operating in all fiduciary capacities based on the same percentage of ownership for the Corresponding period
besides arranging credits in co-operation with Central European financial In 1926. For the first 9 months of 1927 net profits computed on this basis
totalled $2,474,430 as against $1,795,201 for the corresponding period of
Institutions.
Directors are: Harold G. Mon (Chairman of the Executive Committee), 1926.-V. 125. D. 529.
C. E. Albright, Julian B. Beaty, James A. Beha, James Bruce, Marcus
Lehigh Portland Cement Co.
-To Create an Issue of
Daly, Julian M. Gerard (President), Robert F. Herrick Jr. C. H. Huston,
William 0. C. Kiene, David H. Knott, Theodore Lampre:cht, W. E. von $30,000,000 7% Preferred Stock.
-Pr
Marx (V. es. in Charge of Foreign Dept.),Jeremiah D. Maguire, Herman
The stockholders will vote Dec. 16 on increasing the authorized capital
A. Metz, Kenneth O'Brien, Rudolf Pagenstecher, Franklin D. Roosevelt, stock by an issue of $30,000,000 7% cumul. pref. stock, par $100. The
Woolsey A. Shepard, Max W.Stoehr, and William L. Wirbelauer.
present authorized 830,000,000 of common stock. par $50, will remain
Ernest K. Satterlee is Vice-President and Trust Officer and William E. unchanged.
-V. 121, p. 2529.
Dobbin, Secreta y and Treasurer.
-V.125, p. 1847.
Corp.-Earnings.---
Island Creek Coal Co.
-Earnings.
-
Period End. Sept. 30- 1927-3 Mos.-1926.
1927-9 Mos.-1926.
Tons coal mined
2,206,712
1,766,758
5,959,318 4,747,452
Net income x
$1,109,072
$623,534 $2,825,743 $2,011,037
Shares of common stock
outstanding (par $1)_ _
594,005
118,801
594,005
118,801
Earns. per sh. on com.stk
$1.76
$4.62
$4.41
$15.30
x After Federal taxes, depreciati n and depletion.
-V. 125, p. 2155.
International Shoe Co., St. Louis.
-To Split Up Shares.
-The stockholders will vote Oct. 26 on increasing the
authorized common stock (no par value) from 1,400,000
shares to 4,000,000 shares. It is proposed to issue 3,760,000
of the new shares in exchange for the present outstanding
940,000 shares of common stock. The company also has
outstanding $10,000,000 of an authorized issue of $25,000,000
6% pref. stock.
-V. 125, p. 1332.
Investment Corp. of North America.
-Organized.
The organization of a new investment trust, known as the Investment
Corp. of North America, sponsored by a group of well-known business men
of Waskiagton and New York, has been announced.
The corporation is organized under the laws of Delaware, and will sell
participating shares in stock units composed of one share of the common
according to Mr. Bolling, "have
stock of 98 different corporations,
which,
been so selected as to form a virtual cross--section of American industry."
The list of stock to be included in stock units was not made public but
is said to consist of the common stock of:
11 public utility corporations
3 leather and shoes
3 electrical equipment
13 railroads
4 telephone and telegraph
3 mining and smelting
4 automobiles and trucks
3 tobacco products
5 railroad equipment
2 traction
6 food products
2 sugar industry
2 paper products
6 oil and refining
4 steel and iron
2 implements
4 retail trade
2 office equipment
3 chemical
11 miscellaneous common stock
3 copper and brass
The corporation will operate as a thirty-year trust with a provision for the
liquidation of the common stocks which are in the hands of the trustees
on Dec. 311957. although, the holders of 1,000 investment shares will have
the right to take up a complete stock unit, at any time prior to the termination of the trust. Stock dividends received by the trustee as well as profits
gained from stock substitution will not be paid out In the form of dividends, according to Mr. Bolling, but will be held to be reinvested for the
benefit of the shareholder. First dividend and other income will be paid
to the shareholder by check semi-annually.
Only stocks which are listed on the New York Stock Exchange are
eligible for inclusion in these stocks of the new investment trust organization. The trust agreement under which the corporation will operate allows
for changes and substitutions in the stock units from time to time, Mr.
Bolling said, "whenever such changes and substitution may be for the
benefit of the investors of the shares, but in no case can anyone except the
shareholders profit from any change or substitution."
The corporation expects to make its first public offering of investment
trust shares on or about Nov. 1 1927.
Rolfe E. Bolling, 1st V.-Pres. of the Merchants Bank & Trust Co. of
Washington and formerly Vice-President of the Chatham Phoenix National
Bank & Trust Co. of New York City, has been chosen president of the new
1 illiam W. Bride,
,
organization. Other members of the directorate are: ‘
Corporation Counsel, District of Columbia; Philip De Ronde, director of
the Empire Trust Co., New York City and director of the U. S. Fidelity
& Guaranty Co., Baltimore, Md.: George A. Garrett, partner, F. B..
Liquid Carbonic
Pres. W.K. McIntosh states that the annual audit and report of the company will not be ready until about the middle of November, but that the
management estimates that surplus earnings applicable to dividends, before deduction of profit-sharing bonus to officers and department heads,
should be better than $6 a share on the 125.000 shares of outstanding stock.
This capitalization includes the 25,000 shares of additional stock sold by
the company on July 1 1927, the proceeds of which were available for only
three months of the fiscal year. Net working capital of the company should
be approximately $6,000,000 and the current ratio about 7 to 1.
The gross earnings of the company for the year ended Sept. 30 1927
were adversely affected by an abnormally cold summer, and during part
of the year by conditions in the Mississippi Valley and other parts of the
South. Notwithstanding this, however, the company's sales for the year
were slightly in excess of $10,000,000, being a decrease from last year of
only about 6%.-V. 124. p. 3221.
-Declares Christmas Dividend
Lord & Taylor, New York.
-The directors on Oct. 18 declared
of 5% on Common Stock.
an extra (Christmas) dividend of 5% on the common stook,
payable Dec. 10 to holders of record Nov. 17. An extra
Christmas dividend of like amount was paid on Dee. 10 last
year. Regular quarterly dividends are being paid on this
issue at the rate of 10% per annum.
The directors also declared the usual quarterly dividend
of 1
on the first pref. stock, payable Dec. 1 to holders
of record Nov. 17.-V. 124, p. 801; V. 123, p. 3193, 2271.
London Guarantee & Accident Bldg., Chicago.8.
Bonds Called.-alAedz
s
mtge.
C. gold bonds, dated May 11922. aggregating
Certain
$11,600, have been called for payment Nov. 1 at 1023 and int. at the
Union Trust Co., Cleveland, 0.-V. 114, p. 2123.
Magor Car Corp.
-Balance Sheet.June 30'27. Dec.31 '26. Liabilities- June 30'27. Dec. 31 '26.
AssetsLand, bldg,., plant
Pref. 7% cum.stk. 6150,000 6150,000
and equIpment.$1,185,113 $1,196,334 Coin. stk. & surp_a1,172,054 1,255.633
101,341
Cash
69,913Equip.tr. gold bds. 639,000
830.000
Notes & accts. rec. :352,911
543,091
ad yancbanki y365,000
pav. es .
(
.
Adv. to officers de
flank
1,699 Accounts payable_ 278,000
employees
258,7 9
280 561
0
o r o veers
.
Cash sufr frial. l_n
Accrued pay-roll__
11,002
477;020
10 079
sur
418;388 Adm. paym'ts rec
7
11"178.:985°03231
Inventories
410 Prov. for Federal
20,429
Investments
960
961
prior year,
Notes & accts. rec.
De
tfuerresed6
within
)
inot arue
ye d
notes recely___ _
0,661
78,822
221,488
247,604 Bad debts
81,000
75,000
Definstal.notes rec. 841,883 1,033,582 Exper. & dev. res.
27,900
Deferred charges-40,805
50,986 Res. for deprec_ - 505,396
485,151
1
Pat's & good-will.
Total (each side).83,231,601 $3,570,029
z Subject to reserve. y Notes payable secured, $25,000: unsecured,
$340,000; total, $365,000. z Secured by customers' notes receivable deposited as collateral. a Represented by 32,530 shares of no par value.
-V. 122. p. 3462.
Marshall Mortgage Corp., Brooklyn, N. Y.
-Earns.,&c.
The corporation reports net earnings for dividends. after taxes, for Sept.
1927, of $27,949 on a capitalization of 10,000shares of no par value common
stock. This is at an annual rate of $33.54 per share. On Oct. 10, the
corporation increased its capital and exchanged one share of the old outstanding stock for three shares of new. See also V. 125.p. 2155.
THE CHRONICLE
OCT. 22 1927.]
--Earnings.
McIntyre-Porcupine Mines, Ltd.
Mos. End.Sept.30-
-QuarterEnded--8
1926.
1927.
Sept. 30 '27. June 30'27.
Period$894,167 $1,875,418 $1,900.556
$981,251
Gross recovery
1,059.326
1,055,527
522,642
532,885
Costs, incl. development
Operating earnings_ _ _
Non-oper. revenue
$448,366
27,497
$371,526
20,969
$819,892
48,466
$841,229
51.239
Prov.for taxes for period
$475.863
22,027
$392,495
16,352
$868,358
38,379
453,838
$376,143
$829,979
$0.47
$1.04
$1.07
-Rights.
New Amsterdam Casualty Co.
The stockholders of reco:d Oct. 17 (not Oct. 15 as previously reported)
will be given the right to subscribe on or before Nov. 1 for 45,000 additional
shares of capital stock (par $10) at $56 per share in the ratio of one new
share for each 5 shares held. See also V. 125, P. 2156.
$851,472
$0.57
cates are ready for delivery. Permanent certificates for the new stock
will probably be ready by Nov. 20. See also V. 125, p. 2156.
$892,468
40.996
Net earns. before deur.
Earns. per sh.on 798.000
shs. of(par $5)cap,stock
outstanding
-V. 125, p. 530.
-Earnings.
Mathieson Alkali Works (Inc.).
1927-9 Mos.-1926.
Period End. Sept. 30- 1927-3 Mos.-1926.
$706.304 $2,236,300 $1,989.345
Total earns,from oper__ $778.812
570,417
626.533
195,224
213,838
Prey. for depr. & depl__
$511,080 $1,609.767 $1,418,929
$564,974
earnings
Net
37,657
36,003
15,890
12,805
Income charges (net)
175.352
195,402
65,426
72,505
Prov.for Fed. inc. taxes
2275
-Preferred Dividend No. 2.
New Process Co.
The directors have declared the regular quarterly dividend of 1 3 % on
the preferred stock, payable Nov. 1 to holders of record Oct. 26. An
Initial quarterly dividend of like amount was paid on this issue on Aug. 1
-V. 125, p. 399.
last.
-Earnings.
North American Cement Corp.
Month.
8 Mos.
Period Ended Aug. 311927Net earns, after deprec. & deplet., but before
$521,000
$167,490
Interest and Federal taxes
-V. 125, p. 531.
---Earnings.
North American Investment Corp.
1926.
1927.
9 Months Ended Sept. 30$73,217
$142.688
Gross earnings
6,220
13.074
Expenses
3,551
8.694
Taxes
11.880
Fixed charges
$63,445
$109,041
$429,784 $1,378,363 $1,205.920
Net inc. tmnsf. to sur. $479,684
Net income
a
24.342
59,489
E. M. Allen, President, says: "The third quarter showed no signs of
Preferred dividends
curtailment in demands for the company's products: the total tonnage
y'ear. Results
$59,551
$39,103
shipped being virtually the same as for the third quarter lastdividends there
Surplus
48,522
show that after deductions for Federal taxes and pref. stockmonths of 1927. Surplus Dec.31 1926
was earned $8.48 per share of common stock in the first 9
$108,074
This is at the rate of $11.31 per year as compared with $10.22 per share
Total surplus
5,922
7,183
Shares of com. stock outstanding (par $100)
for 1926."-V. 125. P. 530.
$6.60
$8.29
Earnings per share on common stock
-Sales Increase-Expansion.
Mavis Bottling Co.
Balance Sheet Sept. 30 1927.
Total.
May.
June.
July.
Aug.
Sept.
Month ofLiabilities
AssetsNo, of cases sold--416,'713x414,551 356,1110 217,633 118.473 1.523.560 Investment (at cost)
$1,621,000
$2.541,423 Preferred stock
figures.
x Revised
718,300
77,300 Common stock
corn, cap. stock
Subscr. to
500.000
Five new units are under construction, the first of which will commence Cash and secured loans_- 150,756 Coll. tr. 5% gold bonds
portion of the capital required for
production within two weeks. A latge
78,100
171,400 Subsc. to com.cap. stockDiscount on capital stock_
construction and equipment of practically all the new units will be provided Disct. & expense on bonds
24,315
42.229 Pref. dim. pay. Oct.20'27
2,083
by local bottling interes.s. The Mavis Bottling Co. of America will take Miscellaneous assets
78.974 Accrued bond interest_ _
the companies and will, in
1,516
$50,000 in 7% cumul. pref. stock in each of
Misc,e11. currentliabilities_
8,694
addition, participate in the profits of the units.
Prov.for 1927 Fed.inc. tax
way for franchises covering 15 additional district
Negotiations are under
108,074
Total (each side)
$3,062,082 Surplus and reserve
plants to be erected during the winter, ready for spring production. a
hot -V. 125, P. 2157.
Arrangements are now being completed to distribute Mavis as
seasonal
-Certifidrink during the winter months to offset the usual soft drinkdecline in
Northwestern Building, Portland, Oregon.
industry
distribution which is normally encountered in the
leveland, are offering land
-Union Trust
cates Offered.
during the cold weather.-V. 125, p. 1984.
-Larger Dividend.
Mohawk Mining Co.
A dividend of$2 per share has been declared on the capital stock, payable
Dec. 1 to holders of record Oct. 31. From Match 1927 to Sept. 1927
Inc.I., qua.* terly dividends of $1 per share were paid. This makes a total
for 1927 of $5 per share, the same amount as was paid in 1926.-V. 125,
P. 2155.
-Sells 30,000 Shares of
National American Co., Inc.
State Title dc Mortgage Co. Stock.
The compan • on Oct. 17 announced the sale of the entire 30.000 shares
of the State Title & Mortgage Co. stock offered to the stockholders of the
National Americ in Co., Inc., at $200 per share under stock purchase warrants which expired on Oct. 15.-V. 125, p. 2156.
-Earnings.
National Baking Co.
The company reports net profits after depreciation and taxes of $295,463
for the 12 months ended June 30 1927. This compares with $229,204 for
the year ended June 30 1926, an increase of 29%. After preferred dividends
the above profits equal $1.18 per share on the common stock, compared
with 80 cents a share for the preceding year. Gross business for the year
was $6,221,831, against $5,816,314 the previous year.
The balance sheet of June 30 1927 disclosed current assets of $993,000
and current liabilities of $181,000, a ratio of over 5 to 1.-V. 123, p. 3046.
-Definitive Bonds.
National Bearing Metals Corp.
The Chase National Bank is prepared to deliver definitive 1st mtge.
-year 6% sinking fund gold bonds due May 1 1947, in exchange for and
20
upon surrender of the outstanding temporary bonds. (For offering see
V. 124, p. 3783.)-V. 125. P. 256.
National Birmingham Garages, Inc., Birmingham,
-Caldwell & Co. Nashville, Tenn., are
-Bonds Offered.
Ala.
offering at 100 and int. $380,000 1st' mtge. (closed) 63/3%
eerial coupon gold bonds.
Dated Sept. 1 1927; due serially Sept. 1 1930-1942. Prin. and int.
(vf. & 8.) payable at American Traders' National Bank of Birmingham,
Ma., trustee, or at Guaranty Trust Co. of New York, without deduction
for normal Federal income tax not exceeding 2% per annum. Company
will agree to refund the usual Kentucky and District of Columbia 5 mills
tax; the Maryland 4% mills tax; the Conn. and Penn. 4 mills tax, and the
Mass. income tax not in excess of 6% per annum. Denom. $1,000, $500
mt. date upon 30 days' notice at 102% and int.,
and $100. Red. on any i
In the inverse of their numerical order.
Data from Letter of Ed. S. Moore, President of the Corporation.
Company.-Incorp. in Alabama for the purpose of erecting and operating
an automobile storage garage in the City of Birmingham. The imilding
-story structure with inclines from floor to floor on easy
will be a modern 6
grades and separate routes for incoming and outgoing traffic. It will contain a total of 1,316,000 Cu. ft. and a parking area of 82,000 sq. ft., providing capacity for 546 cars.
Security -These bonds are secured by a direct closed first mortgage on
(1) the land, owned in fee. acquired at a cost of $350,000: (2) the modern
il-story garage building being erected tnereon at a cost of $250.000: and (3)
equipment to be installed at a cost of $14,500: making the total value of the
securitY $614,500, equivalent to more than $1,600 for each $1,000 bond of
this issue.
-Annual net earnings are estimated at $64,094, or over 2%
Earnings.
times the greatest annual bond interest requirements. This estimate is
based on 20% less business than the garage is capable of handling.
Management -Company has entered into a contract, including a partial
stock ownership, with National Garages, Inc., of Detroit, Mich., whereby
the latter corporation will have entire management of the garage for a period
of 15 years, beginning with the completion of the building. National Garages, Inc., is associated in the ownership and management of garages in
Detroit, Chicago, Pittsburgh, Syracuse. Memphis and Portland (Ore.),
and is extending its operations into the Southern cities.
Included on the board of directors of National Garages. Inc., are Frank
P. Book, President of Book-Cadillac Hotel; Roy D. Chapin, Chairman,
Hudson Motor Car Co.; Alvin Macauley, President Packard Motor Car
co.'A. H. Buhl,President of Buhl Land Co.; Howard E. Coffin, Vice-Pres.
Hudson Motor Car Co., all of Detroit.
Officers of National Birmingham Garages, Inc., are Ed. S. Moore, Pros.;
Sidney J. Bowie, V.-Pres.; William Engel, Sec., and David S. Meyer,
Treasurer.
-New Dividend Policy-Exchange of
National Candy Co.
-President V. L. Price, Oct. 12, says in substance:
Shares.
Co.,1,350 equal undivided shares
trust certificates representing
of equitable ownership in the fee simple to the property known
as Northwestern Building Site, Portland, Ore. Price,$1,025
for each 1-1350 interest, plus accrued rental, to yield about
5.37%.
Security Savings & Trust Co., Portland, Ore., trustee, holds title to the
property, subject to 99-year lease. The Union Trust Co. Cleveland,
'
Ohio, co-trustee. Certificates are issued by the Union Trust Co. Cleve'
land, 0.; are dated Aug. 15 1927, and rental as received will be payable
to registered holders of certificates on the 15th days of Feb. and Aug. in
the annual amount of $55 for each snare.
of
Description.-The property to which the trustee takes title, consists
-story office building in the most valuable business
land improved with a 15
and retail section of Portland. Ore. The property has a frontage of 200 feet
on Morrison St.. 75 ft. on 6th St., and 75 ft. on Broadway. all of which
city.
streets are among the most important business thoroughfares in thelease,
-year
A small portion of the land (5 feet x 70 feet), is held under 35 rear of the
with rentals prepaid for the entire term. This portion is in the
property, has no street frontage, and the improvement thereon is of slight
value.
Tne building, which was completed in 1914, is a strictly modern office
building of steel and terra cotta brick construction, containing a rentable
area in excess of 100,000 square feet above the ground floor. The office
portion of the building is over 97% rented to uniformly high class tenants.
-year lease
Approximately one-half of the ground floor is occupied under 20
by the American Exchange Bank and the Lumbermens Trust Co., affiliated
Institutions. The balance of the ground floor contains exceedingly valuable
retail space which is considered to be easily rentable on favorable terms.
Practically the entire ground floor was until recently occupied by the
Northwestern National Bank, which has been liquidated, and its former
quarters hence made available for other purposes.
Earnings.-For the year ended Dec. 31 1926, net earnings of the building,
as audited by Price, Waterhuse & Co., after all operating charges and
available for ground rent, depreciation and Federal taxes, amounted to
$155,355, which is in excess of twice the rental requirements of the lease.
It Is estimated that upon rental of the unoccupied portion of the ground
floor, such net earnings will be over $190,000 Per annilin• See also V.
125, p. 2157.
-Report.Ogilvie Flour Mills Co. Ltd.
1923-24.
1924-25.
1925-26.
Years Ended Aug. 31- 1926-2/.
Trading profits,incl. inv.
$758.145 51,152.217
& dep. $1.755.332 $1,000,873
inc. aft. bd.Int.
250.000
300,000
Special depreciation_ __ _
5902.217
$758,145
$1,455,332 $1,000,873
Net profit,.
140,000
140,000
140,000
140,000
Preferred dividend (7%)
a356,250 (12)300,000
(55)375,000 (5)375,000
Common dividends
bonus
(510)750,000 (55)375.000 (53)225,000 (13)325.000
do
$137,217
$36,895
$110,873
$190,332
Balance, surplus
Shs, of corn. stk. outb25,000
75,000
75,000
75,000
standing (no par)_--630.49
$8.24
$11.48
$17.54
Earns.per sh.on com.stk.
a Being 3% on the $2,500,000 stock (par $100) and three quarterly
par value. b Par $100.
dividends of $1.25 each on the 75,000 shares of no
Comparative Balance Sheet Aug. 31.
1926.
1927.
1927.
1926.
Liabilities
Assets$
$
Preferred stock_ __ 2,000,000 2,000,000
Water powers, mill
4,227,819 4,872,635 Common stock__ _x2,500,000 2,500,000
plants. arc
First mtge. bonds. 2,350.000 2,350,000
Good-will, tradeAccounts payable_ y1,833,268 1,869,743
marks, patent
1 Provision for inter1
rights, dm
539.000
est and dividends 914,000
287.098 1,913,197
Cash
5,000,000 5,000.000
Accounts receivie. 1,940,284 1,422,780 Rest account
969,006 Profit and loss.
1,140,663
Stocks on hand
2,476,422 2,286.090
9,477,826 7,367,213 surplus
Investments
17.073,690 16,544,833
Total
Total
17,073,690 16,544,832
x Represented by 75.000 no par value shares. y Includes provision for
Dominion Government taxes to date -V. 125. p. 1591.
-New Directors.
Osborn Mills, Fall River.
Despite the objection raised by President James E. Osborn at a special
meeting of the stockholders on Oct. 13, a new board of directors was elected,
consisting of Clarcrxe E. Cockroft, Elmer B. Estes, William Lambert.
Roland F. Tillson and Ernest W. Watters. Mr. Cockroftwas also elected
Treasurer. See V. 125, P. 1986•
Dividends will be payable hereafter quarterly on Jan. 1. April 1, July 1
and Oct. 1 for the quarter ending the last day of the month preceding the
-Earnings.
Overman Cushion Tire Co., Inc.
dates named excepting the dividend for the quarter ending Sept. 30 1927
The company reports for the 9 months ended Sept. 30 1927, earnings of
will be paid on Nov. 1 1927 (as stated in last week's "Chronicle," Page 2156).
on Oct. 7 old $176,113 after dept eciation, charges and taxes, equal to nearly 7 times the
St,
ckholders
As provided in the resolution passed by the
certificates of common stock are to be exchanged for new certificates of dividend requirements on the preferred stock for the period. There is no
-V. 125, p. 1721.
common stock on the fillowln basis: For each share ow issued and out- funded debt.
standing of $100 par value common stock, four shares of common stock
-Stock Increase, &c.
Paige-Detroit Motor Car Co.
without par value. Interim certificates are now beln r prepared, and the
meeting held on Oct. 18 increased the
The stockholders
directors have fixed Oct. 28 as the date for the exchange of stock and in- authorired common at an adjourned
stock from 1,500,000 shares to 2,000,000. It is proterim or temporary certificates for the new stock will be issued on and after
the new stock to holders of common and
that date in exchange for the old certificatts until the permanent certifi- posed to issue 300,000 shares of
2276
2d pref. stock of record Oct. 21 at $10 per share.
See V. 125, p. 1986.
THE CHRONICLE
Rights expire Nov. 11.
[VOL. 125.
Reading Iron Co.
-Sells Abandoned Mill.
-
The old Spruce Street sheet mill property of the company
once used in making charcoal iron boiler plate skein, has at Reading, Pa..
been sold to the
The directors have declared the regular quarterly dividend of $1 per Eastern Real Estate Co., Philadelphia, Pa. The mills, most of them
share on the class A preferred stock, no par value, payable Nov. 1 to holders obsolete in equipment, were abandoned some time ago. The Eastern comof record Oct. 28. An in:tial distribution of like amount was made on Aug. pany is said to be an auxiliary of the Reading Co. (Philadelphia News
Bureau) -V. 121, p. 2051.
,
last. See V. 125. p. 108, 257.
-Class A Pref. Div. No. 2.
Pathe Exchange, Inc.
-
(J. C.) Penney Co., Inc.
-Acquires Golden Rule Stores.
-
Remington Arms Co., Inc.
-New President.
-
Saunders Norvell has been elected President, succeeding J. D. Smalley.
The corporation has announced the acquisition of the 20 stoles operated
by the Golden Rule Mercantile Co. The deal involving the consolidation -V. 125. p. 1472.
of the Golden Rule Mercantile Co. with the J.C. Penney Co.is the largest
Republic Iron & Steel Co.
-Earnings.
of its kind ever consummated in the Western section of the country and
Period End. Sept. 30- 1927-3 Mos.-1926.
Involves a consideration of more than $2,000.000, according to a statement
1927-9 Mos.-1926.
Net earnings
*$1.202,199 $2.127,822 $4,841.124 l6.232,567
made by E. M. Tower, Vice-President of the Golden Rule Mercantile 4 o.
The stores acquired will start operation under the .J. C. Penney name on Deprec. & renewals_ _ _ _1 452,494
[466,9751 1.555,389
1,368,466
1 88,032j
Jan. 1 1928, following the annual inventory of both companies. The Exhaustion of minerals_ f
259.284
247.713
furniture, fixtures, leases and stock of the Golden Rule chain will be taken Bond and note interest_
260.549
751.207
849,269
-V. 125. p. 1986.
over at that time.
Net income
$501,992 $1.312,266 $2,534.528 $3,755,548
Pref. dividends
-Tenders.
(IN %) .500(130437.500(5)j)1312500(53)1312500
-437
Penn Mary Coal Co.
300,000
300,000
The Bank of America. 44 Wall St., New York City, will until Nov. 2 Common dividends
900,000
300,000
-year sinking fund gold
receive bids for the sale to it of first mortgage 5% 20
Balance, surplus
def$235.507
bonds, due Oct. 1 1939, to an amount sufficient to absorb $200,912 at prices
$574,766
$322,028 $2,143,048
Earns. per sh. on 300.000
-V. 119, p. 1852.
not exceeding 102% and interest.
shares (par $100) of
com, stock outstand'g
Peoples National Fire Insurance Co.
$0.21
-To Split Up Shs.
$2.91
$4.07
$8.14
*These are the net earnings from operations after charges for repair and
The stockholders will vote Oct. 24 on changing the capital stock from
40,000 shares, par $25, to 100,000 shares, par $10. It is planned to issue maint. of plants, amounting to $886.962, and provision for Federal taxes.
Unfilled orders on hand Sept. 30 1927 of finished and semi-finished prodshares in exchange for each share now outstanding. This company
2% new
ucts totaled 88,383 tons, against 113.926 tons June 30 1927.-V.
is reported to have a surplus in excess of $1,000,000.
125,p.532.
The Financial & Industrial Securities Corp. holds a substantial interest in
Rome Wire Co.
-Merger.
the above company.
See General Cable Corp. above.
-V. 122, p. 103.
Pepeekeo Sugar Co.
-Extra Dividends.
-
An extra dividend of3% (or 60 cents a share) was paid Oct. 15 in addition
to the regular monthly dividend of 1%. This makes 13% for the first ten
months of 1927.-V. 105, p. 1903.
Philadelphia & Reading Coal & Iron Corp.
---Director.
Ross Stores, Inc.
-Sales.
Sales for Month and Eight Months Ended Sept. 30.
1927
-Sept.-1926.
Decrease.' 1927-8 Mos.-1926.
Decrease.
$368,700
$388,582
$19,8821E3,591,581
83.711,971
8120.390
--V. 125, p. 1593. 927.
Saenger Theatres, Inc., New Orleans, La.
-Bonds
-Hibernia Securities Co., Inc., New Orleans and
Offered.
New Yo k are offering at 100 and int. $300,000 1st mtge.
coll,
,
-Sale of Control of Oklahoma &Dated trust gold bonds, series B,sinking fund 63i%.
Phillips Petroleum Co.
Aug. 11927' due Oct. 11940. Denom. $1,000 and $500 c*. Int.
-The company has sold all its holdings of payable F. & A. without deduction for normal Federal income tax not in
Natural Gas Corp.
Oklahoma Natural Gas Corp. common stock to a group of excess of 2%. Red. at any time or from time to time, all or part, upon at
notice at 105 and int. Company
refund the
New York bankers headed by G. L. Ohrstrom & Co. Con- least 60 days'Calif. and Conn. taxes not in excess has agreed toannum, the
usual Penna..
of 4 mills per
trol of these properties was purchased by the Phillips Petro- Maryland securities tax not in excess of 4% mills per annum, and the Mass.
Income tax on the int. not in excess of 6% per annum. Hibernia Bank &
leum Co. last May (see V. 124, p. 3223). President Frank Trust Co., New Orleans, Trustee.
Phillips said the sale was made for cash at a fair profit to the Data from Letter of President J. H. Saenger, Dated October
7.
company. He added:
Company.
-Organized in Louisiana Aug. 14 1913 under title Saenger
Andrew J. Maloney has been elected a director to fill the unexpired term
of W. J. Richards, resigned.
The date of the annual stockholders' meeting has been changed from the
third Monday of October to the second Monday of May.
--V.125,p.2158.
Amusement Co., Inc., and acquired the business which had been
conducted
as a partnership since 1910. Since then the business has been constantly
expanded, and the company either directly or through subsidiaries
now
operates, controls or has substantial interest in over 200 theatres
in the
States of Louisiana. Texas, Mississippi, Florida, Arkansas
Alabama, North
Carolina, New Mexico and in Cuba, Panama and Jamaica
distributed in
83 cities, including New Orleans, Shreveport and Baton Rouge, La.,
Jackson, Miss., Greensboro, N. C.. Dallas, Houston and
Texarkana,
Pensacola, Fla.. and Mobile, Ala. Twenty-one of the theatres now Tex.
ated are owned either directly or through subsidiary companies. oper:
Company is one of the 26 original franchise holders of the First National
Pictures, Inc., which now is one of the most important film
producing companies in the United States. Company owns % of the common
stock of
the Publix-Saenger Theatres, Inc. which leases and operates
theatres in
North Carolina, Florida and Arkansas. The remaining 50% of
the
is owned by Paramount
-Famous-Lasky Corp. through a subsidiary stock
Profit before deprec.
Security.
-Secured by a direct 1st mtge. upon all the real estate, co.
build$4.014,286 $10,626,580 815.643.159 $24,827,596 ings, furnishings and equipment of the company owned at
.4 depletion
-V. 125. p. 794.
execution of the mortgage dated Oct. 1 1925. The value ofthe time of the
such property,
as appraised by the American Appraisal Co. on Aug. 1
Photomaton, Inc.
-Trustee and Transfer Agent.
ciation and plus additions and permanent improvements1925, less deprefrom that date.
The Central Union Trust Co. of New York has been appointed trustee for has been fixed at $3,168.078. In addition, the bonds are
secured by the
fund debentures, due Sept. 1 1935 pledge to the trustee of stocks of subsidiary and other
$960.000 of 7% cumul. income sinking
companies owned by
and transfer agent for 20.000 shares of class A common voting trust stock. the company and having a book value of approximately
$2,580,000.
-V. 125, fr• 1986 1860
Assets.
-The balance sheet as of July 2 1927, after giving effect
.
'
financing, shows net assets of $5,843,647, equivalent to $2,665 per to this
$1,000
-Earnings.
Pierce Petroleum Corp.
bond to be presently outstanding. The many favorable leasehold interests
1927.
8 Months Ended Aug. 31are carried on the company's balance sheet at $1.
1926.
Net income after depreciation and other charges_- 5133,482 def$65.209
Sinking Fund.
-A minimum sinking fund has been provided for the
Earns. per sh. on 2.500.000 shs. of no par stk. out.. _
$0.05
benefit of series B bonds of $38,400 per annum payable in monthly
Nil
install125, p. 661.
ments, commencing Jan. 1 1928. In the event that
pany exceed specified amounts this sinking fund willearnings of the combe increased.
-Proceeds will be used to reimburse the company in
Purpose.
Piggly Wiggly Western States Co.
-Sales.
part for
The company reports September sales amounting to 81.088,703, an in- expenditures made in the construction of new theatres and for other corporate purposes. Company's extensive building program has now
crease of more than 57% over September 1926 sales.
been
Sales for the quarterly period ending Sept. 30 1927 were $3,286,378, an completed, as no building contracts are in effect or pending. It is not expected that any further new construction will be necessary in the
Increase of $1.348,604 over the corresponding period last year.
immediate
Sales for the nine months period ended Sept. 30 1927 totaled $9,789,076 future.
Capitalization(not $12,336.925). as currently reported last week). This is at the annual
Authorized. Outstand'g.
1st mtge. & coll, trust gold bonds
rate of over $13,000.000.
$ ,500,000 x$2.192,000
2
The company is now operating 173 stores in Los Angeles, Orange. San 7% cum. pref. stock (par $100)
3,000.000
1,800,000
counties, Calif., and Salt Lake City and Ogden, Common stock, class A (no par value, with full
Bernardino and Riverside
voting power)
Utah -V. 125, p. 2158.
100,000 she.
Common stock, class B (no par, non-voting)- -- 50.000 shs. 100,000 shs.
None
-Total Oil Deliveries (in Barrels).
warrants, 30,000 shares.
Pipe Line Statistics.
- Reserved forand
B.
x Series A
C. H.Pforzheimer & Co., New York,specialists in Standard Oil securities,
Note.
-Class A and class B common stocks are identical in
statistics taken from the Oil City "Derrick":
give the following
all respects
except as to voting privileges.
-Month-1926.
1927-9 Mos.-1926.
Period Ended Sept. 30- 1927
2,174,007 23,939,951 21,689,142 Consolidated Net Earnings (Co. & Subs.) After Depreciation Available for
Buckeye Pipe Line Co_ _ 2,575.674
Bond interest and Federal Taxes.
222,809
352.052
Cumberland Pipe L.Co2.385,976
2.535.386
969,721
861.036
7,841,611
Net Earns. DepreciaEureka Pipe Line Co6,884,459
Net
Times Int.
888,522
1,047,581
Calendar YearsBefore Depr.
Illinois Pipe Line Co_ _ _ _
8,840,814
9,217,182
lion.
After Depr. Earned.
2.056,683 20.423,130 18.800.445 1923
Indiana Pipe Line Co__ _ 2.202.291
11600,946
8166,250
$434,696
3.05
925,820
925.132 7,415,577
National Transit Co_ _ _ _
648,482
6,699.620 1924
161.977
486,505
3.41
362,112
316.050
2.180.845
New York Transit Co
663,870
5.230,834 1925
171,292
492,578
3.45
487.426
683.638 4.252,415 • 7,256,982 1926
Northern Pipe Line Co_
69,895
205.444
493,451
3.46
3,906,978 48,564,734 38,084,235 1927 (6 mos. ended July 2) 555,843
xPrairie Pipe Line Co_.__ 5.321,179
157,114
398,729
5.59
206,977
398,065
Southern Pipe Line Co_ _
2.753,800
1,471,664
Balance Sheet July 2 1927.
P.L.Co
904,312 10,045,324
966,684
South West Penn
7.565.226
[Giving effect to sale of 8800,000 series B bonds and
$225,003 7% pref.
x Does not include deliveries of its subsidiary, Pure Oil Pipe Line Co. of stock at par.]
-V. 125, p. 661.
Texas.
Assets.
Total current assets
$588,260 Total current liabilities
-Earnings.
Pond Creek Pocahontas Co.
$253,399
Total investments
3 Mos.
Period Ended Sept. 30 19279 Mos. Due from subsidiary co.'s_ _ _ _ 2,282.844 Notes payable
21,000
220,041 let mtge. & coll, trust
240,236
Coal produced (tons)
660.702 Due by employee on house sale
bonds_..
Due to subsidiary companies 2,192,000
$98,9.55
Net profit after int., taxes, deprec. deplet
$146,201
283.726
contract
3,090 Res, for insurance,
Earns, per share on 125,000 shares of no par corn.
36,151
6.879 7% preferred stock losses, &a_
$1.17 Cash with trustee
stock outstanding
$079
1,800,000
3,188,078 Common shares
Property
-v. 125, p. 1722.
1,425 071
Deferred debit items
132.779 Surplus
390.425
-Dividend Rate Increased.
Procter & Gamble Co.
Total
$6,401,771
Total
The directors have declared a quarterly dividend of $2 per share on the
$8.401.771
to holders of record Oct. 25. -V.121, p. 1579; V. 123. p. 1259.
common stock (par $20), payable Nov. 15
On Aug. 15 last a quarterly dividend of $1.75 per share and an extra of $1
Safety Cable Co.
-Consolidation of CableCompanies-To
per share were paid on this issue. (For record of dividends paid from 1923
to Aug. 15 1927, incl., see V. 125, p. 532.-V. 125. p. 2158.
Change Name, &c.
-The stockholders
The principal object of the company in purchasing the Oklahoma Natural
Gas Corp. some months ago was to secure additional markets for the company's large production of natural gas, principally in the Panhandle district
of Texas.
This is being accomplished under this sale through an arrangement with
the new owners of Oklahoma Natural Gas Corp. to carry out the Phillips
program for construction of a pipe line at the proper time to the Panhandle
district, and also to give Phillips Petroleum Co. the preferential right to
supply the gas for their system as it may be expanded.
[See also American Natural Gas Corp. above.]
Earnings for Period Ended Sept. 30 (Incl. Subs. Cos.)
1927-3 Mos.-1926.
1927-9 Mos.-1926.
$8,947,338 $17.304,992 $31,693,138 $39,955,952
Gross earnings
6,678,412 16,049,979 15,128,356
4,933.052
Expense, tax & int
-To Offer Additional Stock.
Quincy Mining Co.
will vote Nov. 10 on
changing the name of the company to General Cable Corp.
The company has been authorized by the Michigan Securities Commission and consolidating its properties with other cable
companies
to sell 40,000 shares of stock at $25 a share to stockholders and to charge (mentioned below).
the purchasers only $12.50 a share, the remaining $12.50 to be paid by the
The stockholders will also vote on approving among other things (a)
company. Warrants will be issued by the company which will stand as
an
a payment for one-half of the par value of the shares. The Michigan State authorized issue of 300.000 shares (par 5100 each) 7% cumulative [preferred
law prohibits the sale of mining stock at less than par, and the plan will stock; (b) 750.000 shares of class A stock (no par); and (c) 3,000.000 shares
common stock (no par): (d) the creation of first mortgage
permit the company to raise $500.000.
bonds,
There is now 82.750.000 stock outstanding out of an authorized issue of unlimited in principal amount, of which it is proposed to presently to be
816,000,000 series A, bearing interest at rate of 5%% per annum. Issue
$3,750.000. par 325.-V. 124, p. 3509.
OCT. 22 1927.]
THE CHRONICLE
A letter to the stockholders of Safety Cable Co., dated
Oct. 19, says in substance:
The purpose of the meeting Is to present to the stockholders for their
approval a plan for the consolidation of the properties of Rome Wire Co.
(with plants at Rome and Buffalo, N. Y.), Standard Underground Cable
Co. (with plants at Pittsburgh. Pa., Perth Amboy, N. J. St. Louis, Mo.,
Dudlo ManuOakland, Calif., and through a subsidiary at Hamilton,
facturing Corp. (with plants at Fort Wayne, Ind., and Newark, N. J.),
and the sheet mill and rod and wire mill properties of Baltimore Copper
Smelting & Rolling Co.(with a plant at Baltimore. Md.), with the properties of this company which are located at Bayonne and Harrison, N. J.,
Pawtucket, R. I., and Chicago, Ill., and to adopt appropriate resolutions
for the carrying out and effecutation of the plan.
The officers and directors of your company have for the past year devoted
much time and effort to the development and formulation of the plan and
they are unanimously of the opinion that the plan wnen carried out will be
of substantial benefit to the stockholders of the company.
For some time the economic advantage of bringing together in one company a number of existing properties manufacturing wire products of somewhat different character, has been apparent. Such a company would have
the recognized benefits of dealing in a long line of products, and would make
possible a better balanced operation of the plants, together with extensive
savings in costs of manufacture,distribution and overhead, and your officers
and directors are satisfied the contemplated consolidation will effectively
result in such economies in management, research, manufacture and distribution.
The plan contemplates the taking over of the various properties by the
General Cable Corp.(a New Jersey corporation), or by one of the corporations joining in the plan (hereinafter called the new company),in exchange
for cash and securities of the new company.
When the plan is consummated, the new company will have outstanding
$16,000,000 first mortgage 5%% sinking fund gold bonds,series A.$15,000.0007% cumulative preferred stock (150.000 shares, each share to be accompanied by a warrant), 400,000 shares of no par value class A stock, and
440,000 shares of no par value common stock. All shares of stock are to
have equal voting rights.
The bonds are to be secured by a first mortgage upon a considerable part
of the fixed assets of the new company.
The new company will be authorized to issue $30.000,000 of 7% cumulative preferred stock, which will be entitled to cumulative preferential dividends at the rate of 7% per annum and to preferential payment of $110
per share and accrued dividends upon distribution of assets. Each of the
150.000 shares of 7% cumulative pref. stock to be presently issued pursuant
to the plan, is to be accompanied by a detachable class A stock subscription
warrant, entitling the bearer to subscribe on or before July 1 1932 for one
share of class A stock at $75 per share.
The new company will be authorized to issue 750,000 shares of class A
stock, which will be entitled to dividends preferentially over the common
stock for all past and current quarters in any calendar year at the rate of
$4 per share per annum (non-cumulative) and, to preferential payment over
the common stock on any distribution of amens to the extent of $50 per
share, plus an amount equal to accumulated dividends, if any. Each share
of class A stock is convertible at any time into two shares of common stock,
with certain protection against dilution.
The new company will be authorized to issue 3,000,000 sharesmf common
stock.
The plan contemplates that each company shall receive for Its properties
an award in securities of the new company and (or) cash which (after
utilization of part thereof to satisfy funded indebtedness and other claims
and charges exclusive of current liabilities assumed by the new company)
will be distributable to the stockholders of such company. The stockholders of Safety Cable Co. will receive the benefit of its award through the
change of the outstanding capital stock into an equal number of shares of
class A stock and in addition they will receive a cash dividend of approximately $9.25 per share.
MI of the constituent companies have also entered into the so-called bankers' agreement providing, among other things, for the sale of securities in
order to provide cash to carry out the plan.
The plan provides that one of the companies may take the place of
General Cable Corp. thereunder and the agreements made pursuant thereto,
such company to agree to assume the obligations of General Cable Corp.,
readjust its corporate structure, securities and capitalization and change
its name to General Cable Corp. It is deemed in the interest of the situation that Safety Cable Co. be the company utilized for such purpose, and
as this will not in any wise alter the character or amount of the securities.
or the amount of cash that the stockholders of Safety Cable Co. are to
receive upon the consummation of tne plan, your board of directors, subject
to your approval, has consented that Safety Cable Co. may act as the new
company.
The officers and board of directors unanimously urge the adoption of the
plan and the authorization of the action necessary to carry it out.
(Signed Walter F. Field, Pres.; Wm. C. Hall, Sec.)
2277
-Earnings.
Stanley Co. of America.
Net income of the company, after deductions for interest and taxes.
totaled approximately $3,700,000 for the first nine months of 1927,according
to a statement presented to the executive committee.
The earnings were considerably in excess of dividend requirements
for the full year, which,at the rate of$4 a share,will approximate $3,176,000.
The report showed that the company had no bank indebtedness and
that at no time in its history had it been in better financial condition.
Quick assets as of Oct. 1 1927 were $7,367,000. as compared with current
liabilities of$748,000.
Only a small portion of the capital supplied by the stockholders earlier
in the year and other invested funds, it was explained, have become productive, and those only recently. Earnings of theatres which were in
existence on Jan. 1 1927 show an increase for this year over the cot -espending period of 1926. During this period, however, the money invested in land, buildings, fixtures and cash on hand, earmarked for construction, averaged approximately $10,000,000, virtually none of which
-V. 125, p. 1724.
has so far earned any money.
-Small Dividend.
Stevens Mfg. Co., Fall River,Mass.
The directors have declared a quarterly dividend of 1%. payable on demand to holders of record Oct. 17. Three months ago a dividend of 134%
was declared.
-V. 121. p. 2533.
--Sales.
Sweets Co. of America.
Increase.
1926.
1927.
5 Months Ended Sept. 30$57,863
$611,333
$669,196
Sales
Current assets as of Aug. 31 1927 totaled V86,542, against current liabilities of $45.497, a ratio of more than 8 to 1.-V. 125, P- 402.
Swift& Co.
-Supreme Court Sets Date for Presenting Meat
Packers Case.
The U. S. Supreme Court on Oct. 17 announced Jan. 3 1928 as the date
upon which the Court will hear arguments in the case of Swift& Co., Armour
& Co., et al. vs. The United States, involving the validity of a consent
'
decree taken in the Supreme Court of the District of Columbia in 1920.
enjoining certain practices of the packing interests alleged to be in violation
of the Sherman and Clayton Anti-Trust Acts.
The Court ordered the submission of a complete record of the case for its
consideration.
After an investigation made by the Federal Trade Commission in which
it found that the packers were threatening to extend their control to the
groceries business of this country, the Department of Justice, in 1920.
brought suit in the Supreme Court of the District of Columbia against the
packers to enjoin violations of the Sherman Anti-trust Act and the Clayton
Act. At the same time the packers and the Government agreed upon a
decree, commonly known as the "Packers' Consent Decree which was
entered by the Court.
The decree perpetually enjoined the packers from: (1) directly or indirectly entering into contracts, combinations or conspiracies to monopolize
any part of commerce; (2) from directly or WW1ectly owning any capital
stock or other interest in any public stock yard, market company, or any
stock yard terminal railroad, or any stock yard newspaper or journal, or
any public cold storage warehouses except as provided in the decree; (3)
from directly or indirectly using their distributive system and facilities for
manufacturing selling, or otherwise dealing in fish, groceries, feeds, grain.
cigars, furniture, hardware, &c.; (4) from directly or indirectly owning or
voting 50% or more of stock in any corporation dealing in the above
products; (5) from directly or indirectly owning or conducting any retail
meat market, except at their own plants for the accommodation of their
own employees; (6) from directly or indirectly dealing In dairy products.
except in the manufacture of condensed, evaporated or powdered milk; and
(7) from engaging in any Illegal trade practices.
The decree also directed the packers to submit for the Court's approval
a plan or plans for divesting themselves of all their ownership or interest
in public market companies, stock yard terminal railroads, market newspapers, public cold storage warehouses and retail meat markets; and to
dispose of all commodities owned by them which under the decree they were
prohibited from manufacturing. selling or otherwise dealing in.
In 1924 the packers sought to vacate the injunction on the ground that
the Supreme Court of the District of Columbia had no power to enter such
a decree. The Supreme Court of the District ruled against the packers and
they appealed to the Court of Appeals of the District of Columbia. There
the Government moved to dismiss the appeal claiming that the court had
no jurisdiction. These jurisdictional questions were certified by the Court
of Appeals to the Supreme Court of the United States.
The Federal anti-Trust Acts forbid contracts and combinations in
restraint of trade or commerce among the States and within the District of
-Trust Act was originColumbia. Jurisdiction to enforce the Sherman Anti
ally given to the Circuit Courts, and by a later Act all the powers of the
Circuit Courts were transferred to the District Courts. Jurisdiction to
enforce the Clayton Act was conferred on the District Courts, Both Acts
failed to specify "and the Supreme Court of the District of Columbia."
-V. 124, p.
See also under General Cable Corp. above.
The question therefore arose whether the Supreme Court of the District
of Columbia is a District Court of the United States within the meaning
2763, 2604.
of the Anti
-Trust Acts, Charles E. Hughes, representing the packers
argued that if that Court had jurisdiction, it was only when holding a
-Earnings.
Scott Paper Co., Chester, Pa.
special term as a District Court of the United States, which was the fact
1927.
1926.
Period Jan. 3 to Aug. 28 (8 Months)-V. 124, p. 229, 247.
$3.794,876 $3,272,436 in the instant case.
Net sales to customers
2.281.5291,984,746
Cost of goods sold
-Earnings.
Telautograph Corporation.
147.069
Depreciation
105,762
1927-9 Mos.-1926.
Period End. Sept. 30- 1927-3 Mos.-1926,
922,707
Expenses
843.413
$512,908
$584.779
66,413
$200,808
Estimated income tax
47,539 Gross income
$177.914
250,308
258,518
93,470
Preferred dividend requirements
82,383
97,342 Expenses
84,080
77.408
87,093
Depreciation
26.558
29,743
4.848
5.958
Balance
1,824
$303.687
$193 832 Miscellaneous expenses_
1,809
Interest and taxes, other
Earnings per share on common stock$20.24
6,982
$1.90Aset
and Liabilities-6,475
Aug. 28 '27. Aug. 28'26.
than Federal_ _ _
2,173
2,142
23,404
30.609
8,772
$250,593
$38,522 Fed'I taxes (estimated).
11,209
Cash
Current assets
1,485,805
1,292,094
$149,958
$196,125
Current liabilities
Net profit
572,300
$56,203
489,304
$71,823
See also V. 125, P. 2159.
Earns. per sh. on 192,000
$0.58
$0.82
$0.20
shs. corn. stk.(no par)
$0.31
Scotten, Dillon Co.
-Extra Dividend.
-V. 125, p. 1852.
The directors have declared an extra dividend of 2% and the regular
quarterly dividend of 3%, both payable Nov. 15 to holden; of record Nov.
Texas Corporation.
-New Vice-President.
EL On Aug. 15 last the company paid an extra dividend of like amount.
T. Bieber has been elected Vice-President in charge of exPort
-V. 125. p. 401.
V. 124. P. 1828.
Serve! Corp.
-Registrar.
The Chase National Bank has been appointed registrar of certificates of
-year 6% convertible notes, and for subscription receipts
deposit for the 5
issued by the Central Union Trust Co. of New York in the reorganization.
-v. 125. p. 1987.
Sinclair Consolidated Oil Corp.
-Definitive Bonds.
-year first
The Chase National Bank is prepared to deliver definitive 3
onds, series Di due Sept. 1 1930, in exchange for and
goptbn
,
lien coll. 6%e
outstanding nter• 1rceipts T
surrender
l) Nr
.
im 5 p 2 oresenting these bonds.
r
geet.V. 125, p
i(AT
Texon Oil & Land Co.
-To Receive Dividend.
The Big Lake Oil Co. has declared a dividend of 10%, payable Oct. 29
to holders of record Oct. 24. A dividend of the same amount was paid on
Aug. 3 last. Of the dividend just declared the Plymouth Oil Co. will
receive $300,000 and the Texon company $100,000. (See also V. 124, p.
3083).-V. 124. p. 3645.
(J. R.) Thompson Co.
-Earnings.
Period End. Sept. 30-- 1927-3 Mos.-1026.
1927-9 Mos.-1926.
Net income after deprec.
and Federal taxes___
$323,162 $1,106,078 $1,096,114
$337.054
Splitdorf Bethlehem Electrical Co.
-Debentures Offered. Earns, per sh.on 240,000
shs. (par $25) of cap.
-year 7% cony, debentures has been approved
7,;
e
c
An issue of $1.250,000 of 5
stock
$4.57
$1.34
$4.60
$1.40
stockhddiedrsdoerprmingigircecoUla0tOih$05r0a0teanoti -V. outstanding_ _ _ _
125. p. 1990.
_Vd
o
h tge
stvilict .P.,:ed. e e
1100.
of debentures for each 12 shares of stock held. The subscription privi100
-To Pay Stock
Truscon Steel Co., Youngstown, Ohio.
lege will expire on Nov. 15.
The debentures are convertible into no par stock at $20 a share and they Dividend.
option to purchase such shares on or before Sept. 1 1932, on the
carry an
President Julius
a stock dividend payable Jan. 15
announces
basis of 20 shares of stock for each $1,000 of debentures at $15 per share. next is assured, butKahnIt has not asthat been officially declared. In Januyet
that
The debentures are redeemable, all or part, on 60 days' notice at 105 and
ary 1927 a 6% stock dividend was paid on the common stock (see V. 123, 13•
Interest.
the stock
-V.125. p.1472. 2406). He also stated that the company is considering listing operating on
This offering has been underwritten by Watson & White.
at
the New York Stock Exchange. The company is at present
7.
85, to 90% of capacity.
-Registrar.
Standard Commercial Tobacco Co., Inc.
4
The directors have declared the regular quarterly dividend of 1 3 % on
The Central Union Trust Co. of New York has been appointed registrar the preferred stock, payable Dec. 15 to holders of record Dec. 5.-V. 125,
-V. 125, p. 1852.
of 700,000 shares of class B common stock.
P. 259.
i
-New Director.
Standard Oil Co.(New Jersey).
F. 11. Bedford Jr. has been elected a director, thus increasing the direc-V. 125, p. 1852.
torate to 17 members.
-Merger.
Standard Underground Cable Co.
-V. 124, p. 122.
See General Cable Corp. above.
-Bonds Called.
Trumbull Cliffs Furnace Co.
There have been called for redemption as of Nov. 15 next $49,300 of
first mtge.6% sinking fund gold bonds, series A,at 105 and interest. Payment will be made at the Union Trust Co., trustee, Cleveland, Ohio.
V. 120, p. 2024.
2278
THE CHRONICLE
Trumbull Steel Co.
-Earnings.
-
Period end.Sept.30Operating profit
Other income
Total
Depreciation
Int.,exp.,incl. amort.of
of bond discount
1927-3 Mos.-1926.
1927-9 Mos.-1926.
$263,690 $1,066,508 $1,552,056 $3,030,426
85,904
59,586
203,385
225,124
$349,594 $1,126,094 $1.755,441 $3,255.550
210,000
223,900
659,917
643,900
301,737
316,666
920.139
950,000
Net profits
def$162,143
$585,528
$175.385 $1,661,650
The preferred dividends in arrears now amount to $1,713,710. The book
value of common stock per share Sept. 30 1927 (without deduction for pref.
divs, in arrears) is $34.95.-V. 125, p. 533
[VOL. 125.
(Wm.) Wrigley Jr. Co.
-To Reincorporate-Earnings.
--
The stockholders will vote Oct. 28 on approving tne transfer of substantially all of the properties of the present West Virginia company to a
new company chartered in Delaware, which will issue one share of stock
for each share of stock in the present company. There will be no additional
stock issued. There are '.800.000 shares of no par value stock authorized
and outstanding.
[See also Wrigley Corporation above.]
Period End. Sept. 30- 1927-3 Mos.-1926.
1927-9 Mos.-1926.
Earnings
$5,347.150 $5,213,820 $14,701,056 $14,331,595
Expenses
1,895.013
1,906,008 5,364.642 5,195,274
Depreciation
131,305
140,070
420.700
398,714
Federal taxes
433,598
1,106,599
1,171,474
357.635
Net profit
$2,887,235 $2,810,107 $7,766,226 $7,609,022
Underwood Typewriter Co.
-Elliott Fisher Merger.
Earns. per sh. on 1,800,Charles Strauss, counsel for the company, states Albert H. Wiggin,
000 shares of no par .1_
Chairman of the Chase National Bank, Charles Hayden, of Hayden Stone
cap, stock
g[$1.56
$4.23
$4.31
dr Co., Wertheim & Co., and their associates have acquired a substantial -V. 125, p.outstand'g_ gir j$1.60
1474.
interest in the common stock of the company.
There have been discussions with interests in control of the Elliott Fisher
Co. with a view amalgamating these two companies. It is expected that
CURRENT NOTICES.
these negotiations will have progressed sufficiently that a definite statement
-Clinton Collver of Walter-J. Fahy & Co. was re-elected President of
can be made in the near future.
-V.125, p. 928.
the American Association of
United States & Foreign Securities Corp.
-Final Pay- held at the Advertising Club. Security Analysts at the annual meeting
G. Lester Horn
& Co.
ment on First Preferred Stock Allotment Certificates-New was elected Vice-President, Alexander G. Sclater of C. Lester Horn & Co.,
of Reynolds, Fish
Director.
Treasurer, and Owen Ely of Dominick & Dominick, permanent Secretary.
The call for payment on Nov. 1 of the final 25% installment on the first M. D. Safanie, formerly connected with the United States Treasury in
preferred stock has been issued. The stock was originally sold in the form
of allotment certificates three years ago. In advance of the final call, more charge of the tax investigation of the United States Steel Corp.. and now
than half of the allotments now coming due have been paid in full and trading chief analyst of Shearson, Hamill & Co., was elected to membership.
in the certificates has ceased.
-Miss Florence Wagner, Libtarian of the "Wall Street Journal" and
Grayson M.
-P. Murphy, of G. M.
-P. Murphy & Co.. has been elected a Chairman of the Membership Committee
of the Financial Group of the
director.
-V. 125, p. 1205.
Special Libraries Association, has announced as follows the members of
United States Stores Corp.
-Gross Sales.
her committee: Josephine Curry, Redmond & Co., New York City
Week
Gross
Stores in
Week
Gross
Stores in Marion G. Eaton, Federal Reserve Bank of Boston; Laura Jane Gage.:
Ending.
Sales.
Operation.
Ending.
Sales.
Operation. Central Trust Co., Chicago; Margaret Reynolds. First Wisconsin Na
Sept. 3
$645,724
1,185 Aug. 6
$631.701
1,184 tional Bank, Milwaukee. •
Sept. 10
625.028
1,184 Aug. 13
638.057
1,185
Sept. 17
653,119
1,184 Aug. 20
-Announcement is made of the opening of the investment firm of
625,871
1,186
Sept. 24
661,264
1,182 Aug. 27
639,445
1,185 Frothingham, Kelly Co., for the purpose of conducting a general invest-V. 125, P. 1207. 402.
ment business with offices at 111 Broadway, New York. The general
Universal Pipe & Radiator Co.
partners, II. A. Frothingham and Daniel S. Kelly, were formerly asso-Transfer Agent.
The Seaboard National Bank of the City of New York has been appointed ciated
with Eastman, Dillon & Co. and Shields & Co., Inc., respectively.
transfer agent of the preferred and common stock.
-V. 125, p. 403.
Mackay & Co., 14 Wall St.,!New York, have issued a circular giving
Vanadium Corp. of America.
-Extra Dividend of $1.
- the trend of railroad bond prices from 1924 to 1927, which shows that
The directors on Oct. 19 declared the regular quarterly divi- the average yield of 4.92% now obtained on second-grade railroad bonds
dend of 75 cents per share, payable Nov. 15 to holders of is the same basis on which bonds of the highest quality sold less than
record Nov. 1, and an extra dividend of $1 per share for the four years ago.
year 1927, payable on Dec. 15 to holders of record Dec. 1. -The Chatham Phenix National Bank & Trust Co. has been appointed
An extra distribution of like amount was made on Dec. 15 depositary under agreement of the Guaranteed Mortgage Co. of New York
securing an issue of $100,000 guaranteed first mortgage certificates secured
1926 for that year.
-V. 125, p. 929.
by bonds and mortgages covering premises 242 West 27th St., New York
Virginia Iron, Coal & Coke Co.
City.
-Earnings.
Period End. Sept.30- 1927-3 Mos.-1926.
1927-9 Mos.-1926.
-Edward W. G. Borer, formerly of Borer & Ullrich, announces the
Gross
$611,491
$944,962 $2,018,576 $2,587,207
Expenses
598,928
862,053
2,044,121
2,430,220 formation of Borer & Co., with offices at 421 Chestnut St., Philadelphia,
to do a general investment business. Announcement was also made that
Operating profit
$82,909 def$25,546
$156,987 Henry Borer had been admitted to partnership in their firm.
$12,563
Other income
22,028
21,538
69,231
70,762
-Henry A. Wall and Edward E. Syren, both formerly of Wall, Syron &
Total income
$104,937
$43,685
$34,101
$227.749 Co., and Jacob Bressler, formerly of Borer & Ullrich, have formed the firm
Int., depr. & taxes
68,555
223,611
76,691
241,000 of Wall, Syren & Bressler. Public Ledger Building, Philadelphia, to deal in
Net profit
$36,382 def$179,927
def$42,590
$13,251 general investment securities.
-V. 125, p. 534.
-De Saint Phalle & Co., members of the New York Stock Exchange.
announce that Alexandre de Saint Phalle and J. Austin McAlleenan Jr.,
Waldorf System, Inc.
-Earnings.
have been admitted to general partnership In their firm effective Oct. 15.
Period End. Sept.30- 1927-3 Mos.-1926.
1927-9 Mos.-1926.
Sales
-Brandenburg & Co.. 111 Broadway, New York, announce that
$3,617,713 $3,321,558 $10,830,380 $9,974.620
*Net profit
239.967
209,865
705,355
784,530 Thatcher C. Jones, Professor of Finance at New York University, has
Preferred dividends_ _ _ _
20,860
15,485
48,283
66,798 become associated with them as head of their statistical and investment
Conunon dividends
165,604
138,003
496,812
414,009 service department.
-Adams & Peck, 20 Exchange Place, New York, have issued a circular
Surplus
$28,776
$81,104
$160.260 $ 303.723 on Curtiss Aeroplane & Motor Co. 7% preferred stock. The circular deals
Earns. per sh. on 441,610
with the company and with its position in the aeronautical industry.
sits. of no par coin. out
$0.44
$0.49
$1.48
$1.62
•After depreciation, Federal taxes and reserves.
-Guaranty Trust Co. of New York has been appointed transfer agent
-V. 125, p. 534.
for the 7% and 8% preferred stock and the $6 preferred stock of the New
Waukesha Motor Co.
-Earnings.
York Power & Light Corp., Schenectady, N. Y.
Results for the Year Ended July 31 1927.
-S. Weinberg & Co.,2 Rector St., New York,specialists in bank stocks,
Net profit from operation
$972,023 announce that M.J. Kapper, formerly connected with the United National
Interest paid
340 Bank, has become connected with them.
Federal and State income tax
191,153
-W.E. von Marx. Vice-President in charge of the Foreign Department
Net profit
$780,530 of International Germanic Trust Co., New York, has established his office
Dividends paid
at No. 3A Unter den Linden, Berlin.
x207.500
-Brown Sz Moore, 25 Pine St., New York,
Balance. surplus
$573.030 formerly with Jerome B. Sullivan & Co.. is announce that Ernest Cole,
now associated with them
Surplus July 31 1926, after deducting stock div. of $1,000,000
in the trading department.
paid Sept. 23 1926
161.479
-Richard W.Jones, of McBee. Jones & Co., and Paul F. Fitzpatrick, of
Surplus July 31 1927
$734.509 Credit Alliance Corporation, have been elected directors of First Federal
Earns, per share on 100,000 shares of no-par capital stork outst4
$7.80 Foreign Investment Trust.
z Cash dividend of 2% (based on old stock) for the 3 months ended Sept.
-Lewis IT. Pomper, formerly with Gilbert Eliott &
30 1926, $20,000; quarterly dividends on new stock at the rate of $2.50 a
has become
associated with the trading department of Charles L. Vance & Co., Inc..
share per annum, $187,500; total, $207,500.
Co.,
50 Broad St., New York.
Balance Sheet July 31 1927.
-Guardian Securities Co. of Newark. N. J.. have issued their monthly
AssetsMatrtlitiesbulletin on railroad, public utility, industrial and foreign bonds. yield
Prop., plant & equipment-- x$955.032 Capital stock
z$2.000,000 range nom 4.65
to .6%
Cash in bank and on hand....
75,425 Accounts payable
122,488
Cust. acc'ts & notes reedy_ _y1,007,38I Accr'd expenses, &c
108,545
_Whitehouse & Co., members New York Stock Exchange, 111 Broadway;
Other accounts receivable____
5,858 Provision for Local, State and
York, have prepared for distribution a "Comparative Analysis of
New
Inventories
1,139,649
Federal taxes
259,492 Dividend Rails."
Prepaid ins. & 0th. prepd. exp.
15,434 Surplus
734.509
Arthur D. Mendes and Victor 0. Bell of A.D. Mendes & CO., 43 ExInv. In other cos. (at cost)-. 26.254
Patents and patterns
1
Total (each side)
$3,225,035 change Place, New York, have been elected to the board of directors of the
-Company.
x After deducting $621,507 reserve for depreciation. y After deducting Safe-T
$30,000 reserve for bad debts. z Represented by 100,000 shares of no par
Lage & Co., members of the New York Stock Exchange,
value.
-V. 124, p. 1376.
that M. F. Fordham has become associated with them in the announce
bond department.
White Eagle Oil & Refining Co.
-Earnings.
-Grayson M.
-P. Murphy of G. M.
-P. Murphy & Co. has been added
Period End. Sept. 30-- 1927-3 Mos.-1926.
has
1927-9 Mos.-1926.
Sales
$5,178,179 $6,324,751 $12,911,446 $14,832.992 to the board of directors of the United States & Foreign.Securities Corp.
Costs and expenses
4,548,298
-Munds & Winslow announce that R. Allyn Lewis
5,148,275 11,112,568 12.269,364
has been appointed
manager of their branch office at 18 East 53d St., New York.
Operating profit
$629,881 $1,176.476 $1,798,878 $2,563,628
Charles 0. Hedland, formerly with
Miscall,charges (net)
26,430
8,080
104,732
50.540 nected with the retail sales department Hornblower & Weeks is now conof Lehman Brothers.
x Net Income
$603,451 $1,168,396 $1,694.146 $2,513,088
-Benjamin D.Mosser of Clark, Dodge & Co., has
x Before deprec., depletion and Federal taxes.
-V. 125, p. 2161.
of the board of directors of the General Reinsurancebeen elected a member
Corp.
_The New York Trust Co. has been appointed
White Rock Mineral Springs Co.
-Earnings.
-Grocery Stores. Inc.. Preferred and common stock. co-registrar of Bird
Period End:Sept.30- 1927-3 Mos.-1926.
Mos.-1926.
1927-9
_The Equitable Trust Co. of New York has
Net income after taxes
been appointed New York
and charges
$234.053
$224,885
$777,753
$693,360 registrar for the common stock of Whitenights, Inc.
Earns, per share on 200,-The Bank of America has been appointed transfer agent for
000 shs. com.(no par)
$0.79
$0.76
$2.69
$2.35 shares common capital stock of
72,000
Whitenights, Inc.
,
-V. 125. p. 403.
-Edward B. Smith & Co. have removed their Albany
office to the
Wrigley Corporation (Del.).
-Incorporated.
De Witt Clinton Hotel Bldg., 142 State St.
This company was incorporated in Delaware on Oct. 18 with an authorized
-W.T.
& Co., dealers in general market securities,
capitalization consisting of 2,000,000 shares of no par value. It is under- their officesBrown Broad St.,
have moved
to 60
New York.
stood that this corporation is being formed in furtherance of the recently
announced plans for recapitalizing the William Wrigley Jr. Co., a West
-Prince & Whitely, 25 Broad:St., New York,are distributing an
analysis
Virginia corporation. (See below.)
of Kennecott Copper Corp.
OCT.22 1927.]
THE CHRONICLE
2279
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-ETC.
-WOOL
-DRY GOODS
-METALS
PETROLEUM-RUBBER-HIDES
COMMERCIAL EPITOME
[The 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.'J
vanced. The shorts have but involuntary assistance to the
Defense Committee. Of course, big loans have helped.
Futures on the 17th inst. advanced on European buying
and trade covering supposed to be due to the strength in
Brazil, but reacted during the afternoon. A much higher
closing at Santos and Rio did not prevent realizing sales,
but shorts covered.
Futures on the 19th inst. closed 28 to 35 points higher
with Santos, Hamburg and Havre firmer and shorts covering
and some new buying. There was some European demand.
The Santos terme market ended 500 to 600 reis higher and
Rio ended 75 to 125 reis up. Sales here were estimated at
62,000 bags including some 8,000 bags in exchange of December and September at 30, 28 and 38 points; December and
March at 10 points;December and Mayat 17 points;May and
July at 3 and 2 points and July and September at 10 points
difference. Futures advanced on the 20th inst. 23 to 25
points with sales of 74,250 bags. The speculation was
waking up. Rio advanced 275 to 450 reis. Santos was unchanged to 300 reis. higher with exchange steady at Rio and
1-64d. higher at Santos. London, 6d.; dollars 8.$220; Rio
exchange 6d.on London; dollars also 220. To-day futures
advanced 4 to 10 points but lost some of the rise later.
In Brazil trade was reported active with the basis on both
Santos and Rio higher. Trade interests were buying here
quite freely. Final prices show a rise for the week of 61 to
71 points.
Friday Night, Oct. 211927.
COFFEE on the spot was firm early in the week with a fair
tc.; Santos 4s; 203.c. to 20%c.;
demand. Rio 7s were 14W
Victoria 7-8s 13%c. Cost on freights on the 15th inst. were
firm. Santos Bourbon 3-4s were at 20.60c.; 4s at 19.45c.;
5-6s at 18.65c.; 6s at 18.10c.; 2-3s genuine Bourbon strictly
soft at 21.55c.; 3-4s genuine Bourbon strictly soft at 20c.; 4s
soft medium color at 19.40c.; 5-6s medium bean strictly soft
at 18.30c.; 3-4s peaberry at 20.25c.; 4-5s genuine Bourbon at
18.900.; Fair to good Cucuta 21 to 22c.; Bucaramanga
%
washed 264 to 263 c.; Honda, Tolima and Giradot 274 to
%
280.; Medellin 28 to 28%c.; Manizales 273 to 283(c.;
Mexican, washed 26% to 28c.; Surinam 25 to 26%c.
Cost and freight offers on the 17th inst. from Brazil were
irregular, being higher in some cases. Those for prompt
shipment were of Santos Bourbon 2-3s at 20.40c. to 21%c.;
3-4s at 20.05 to 20.85c.; 3-5s at 193jto 19.80c.;4-5s at 19.15c.
to 19%c.; 5s at 18.80c. to 19%c.; 5-6s at 18.55c. to 18.80c.;
6s at 18.10c. to 18%c. Bourbon separations 6s at 17c.;
%
6-7s at 16.40 to 173c.; part Bourbon or flat bean 3s at 22c.;
3-4s at 20%c.;Santos peaberry 2-3s at 20.40c.; 3-4s at 20%c.;
Rio 4s colory at 15.200.; 7s at 13.500. to 13.800.; 7-88 at
13.39a -July
13.59a _
13.55c. For future shipment Santos November-December Spot unofficial_ --15.00 I March
13.45a13.49 September_ _13.31a
May
,
Bourbon 3-6s were here at 19c.; December-June 4s at 193 c.; December_ _13.75a
-Cuban raws were sparingly offered at 2c. c. & f.
%
SUGAR.
January-June 4s at 18.550. to 183c.; April-June 4s at 18.100.
Cost and freight offers on the 19th inst. were irregular, Cables reported torrential rains all over Cuba. London
some unchanged and others higher. All good grades ap- reported sales of 1,800 tons, including Perus, afloat to the
peared to be very firtn. For prompt shipment Bourbon United Kingdom, at us. 10%d.,and Brazil for October ship2-3s were here at 21.45 to 21.65c.;3s at 22.40c.;3-4s at 20.35c. ment at 12s. On the 18th inst. Col. Jose Tarafa, President
to 20.60c.• 3 at 19N to 20.05c.• 4-5s at 19.30 to 19.55c.; of the National Commission for the Defense of Sugar, issued
-5s
'
'
5s at 19.35c.; 5-6s at 18.90 to 19.05c.; 6s at 18.10e.; 6-7s the following statement: "The policy of the National Comat 18 to 18.45c.; Rio 7s at 13.70c.; 7-8s for prompt shipment mission for the Defense of sugar and that of the President of
at 13.55c., and for immediate shipment at 13.100.; Rio 8s the Republic of Cuba is and will be to endeavor to stabilize
for prompt at 12.600.; Victoria 7-8s for immediate at 13c. industry, obtaining a price for sugar that will cover the cost
-Nov. Victoria 7-8s were of production, plus a small profit. Under no circumstances
and for prompt at 12.85c.; for Oct.
offered at 12.70; Bourbon 4s for December at 19.40c.; for will it recommend measures that could bring about too high
-March at 193c., and for April-June at 18.65c. De- prices." Private cables from Havana stated that important
Jan.
sirable selections here are said to be scarce and very firm. officials in Cuba say the conFensus is the crop should start
Jan. 15 1928, and it is expected this date will be decreed next
Milds at the higher prices demanded were quiet.
As some recall, the Defense Committee report the interior week. If Cuban grinding of the next crop is delayed till
stocks of Sao Paulo and Minas on Oct. 1 as 9,569,889 bags, Jan. 15, it will be, it is contended, particularly bullish on old
an increase during September of 1,819,889 bags. These fig- crop positions. This is reflected in the recent net advance
ures show an "into sight" amount of coffee of 14,191,613 of 6 points in December and January, in contrast with a
bags, enough to supply the world's consumption for at least small decline in distant months.
Receipts at Cuban ports for the week were reported as
seven months without taking into consideration the rest of
this season's production, known to be large. They there- 19,680 tons against 40,267 in the previous week, 55,466 last
fore consider the rumors rather unimportant that from year and 34,041 two years ago; exports 58,680 tons against
2,000,000 to 4,000,000 bags of the present Santos crop have 102,503 in previous week, 113,924 last year and 60,042 two
been lost owing to rains, and that the condition of the trees years ago; stock, 570,716 tons against 609,716 in previous
is deplorable due to the enormous yield of the 1927-28 crop. week, 477,273 last year and 536,507 two years ago. Of the
The rains that damaged the present crop, it is argued, should exports, 32,232 tons went to U. S. Atlantic ports, 1,527 to
have helped the trees to produce a normal 1928-29 crop. Savannah, 5,777 to Galveston, 18,848 to New Orleans and
Many think the future of the market depends upon the 196 to Canada. Refined was quiet at 5.80 to 6c. Havana
ability of the Defense Committee to enforce its policy. The cabled in one case that for the week ending Oct. 15 arrivals
total visible supply for the United States is only slowly in- were 35,025 tons, exports 58,827, stocks 558,271. The excreasing. It was 1,146,299 bags against 1,100,387 bags the ports included 13,658 for New York, 18,908 for Philadelphia, 4,788 for Boston, 6,125 for Baltimore and 9,152 for
same time last year and 963,626 bags in 1925.
There was a good supply of cost and freights offers from New Orleans, 9,358 for Galveston, 537 interior of United
Brazil on the 19th inst. at irregular prices. Santos 4s afloat States and 296 Canada.
On the 17th inst. the London terminal market opened firm
were reported sold at 20%e. ex-ship and Rio 7-8s at 13.100.
c.& f.while a block of Santos 4s on the spot brought 21c. at 13. to 23jd. advance. British refined, however, was
The prompt shipment offers from Santos were of Bourbon reduced 6d. to 29s. Private cables from London said the
2-3s at 21%c.; to 21.65e.; 3s at 204c. to 21%c.; 3-4s at market was quiet but steady, with some refiners possibly
20%c. to 20.60e.; 3-58 at 193.e. to 200.; 4-5s at 19.15 to interested. Perna sold at us. 10%d. British refined de19.60c.; 5s at 19.35c.; 5.6s at 183 to 19c.• 6s at 18.10c.; clined 6d. Demand poor. Liverpool cabled that us. 9d.
%
'
6-7s. at 18%c.; Bourbon separation 6-7s at 17% to 173c.; was bid for 96 test and refused. Terms steady. The whole
7-8s at 15 to 17.35c.; part Bourbon or flat bean 3s at 20.850.; sugar situation seemed to be involved in numerous cross cur3-4s at 20.350.; 3.5s at 200. Spot prices were firm on the rents, none of which, some asserted, inspired confidence in
%
20th inst. Santos 48 21 to 213/20.; Rio 7s 143 c. The better an immediate advance. In many quarters it was declared
grades deliverable from store were scarce. Buyers have that the market had been suffering from overproduction,and
to look to stocks afloat. Santos 4s in that position sold while it was admitted that a restricted crop in Cuba might
at 20% to 21c. Milds were very firm and in steady de- help the situation, at least temporarily, there was nothing
mand. Fair to good Cucuta 21% to 223/2c.
to indicate that beet raising countries would fail to take
Some took the ground that the sharp advance at Santos advantage of such a situation to further increase their output.
late in the week may indicate that Europe is again in the This is the stumbling block. While the Colonos may not
market there at better prices than America is disposed to be so unanimous, but mill owners, it is said, as a rule favor
pay. The trade largely continue to talk bullishly and con- Jan. 15 as the date to start grinding, as the cane will then
tend that roasters will be at the mercy of Brazil, so far as be in better shape.
Futures advanced on the 15th inst. 1 to 2 points with sales
the immediate future is concerned. There is practically no
bearish action on the Exchange. Futures advanced 5 to of 9,400 tons. There has thus far been no sequel to Cuba's
10 points on the 15th inst., with Rio 250 to 425 reis higher sale of 150,000 tons to the United Kingdom at a price cheaper
and Santos and European markets firm and cost and freight than Cuba charges to this country. Cuban restriction, it is
offers also firm. Despite the deep-seated scepticism as to assumed, will stimulate beet root production. Beet root
the possibility of sustaining prices in the face of menacing prices at one time last week were cut to a degree that excited
supplies, they have been not merely maintained but ad- apprehension and refiners on the Pacific Coast were also
2280
THE CHRONICLE
lowering quotations in the race for trade. But they had,
after all, only a passing influence and that not at all pronounced. Havana cabled the "Wall Street Journal" that
the Sugar Commission has issued an order for all sugar mills
to report immediately the amount of sugar they have on
hand in national territory, whether sold or unsold. Its
purpose is to set aside 17% of the total to be placed at the
disposition of the Sugar Export Corporation to cover the
sale of 150,000 tons to England recently made. President
Machado has signed the decree placing new tariff schedules
into effect. After publication in official gazette, they will
be put in force in about five days. The new schedule has
been studied for more than a year, Congress having passed
a law giving the President power to decree a new schedule
as soon as the Tariff Commission had agreed upon rates.
It is understood the schedule includes increased rates on
various articles imported from the United States.
Receipts at United States Atlantic ports for the week were
77,742 tons against 56,080 last week, 70,996 last year and
26,650 two years ago; meltings, 56,000 tons against 51,000
last week, 72,000 last year and 55,000 two years ago; importers' stocks, 133,309 tons against 133,843 last week, 158,273
last year and 35,282 two years ago; refiners' stocks, 76,977,
against 54,701 last week, 56,703 last year and 60,769 two
years ago; total stocks, 210,286 tons, against 188,544 last
week, 214,976 last year and 96,051 two years ago. Later
Cuba was available at 2 15-16e. c. & f. Refiners did not bid
over 2Mc. The partial recovery in the futures market and
reports that President Machado will probably decree the
starting of the new crop on Jan. 15, in the very near future,
possibly the beginning of next week, kept selling in check.
On the 19th inst. a few cargoes of Cubes and a small lot
of Philippines afloat were offered at 2 15-16c. or 4.71e.
delivered. Everybody seems to be awaiting definite official
advices from Cuba. It is generally expected that President
Machado will fix the permitted production at 4,000,000 tons.
One refiner late in the day is said to have bid 23/80. but
could not find a seller. Futures on the 19th inst. were quiet.
Prices ended unchanged to 1 point net higher on sale of
15,800 tons. On the 20th inst. a cargo of 55,000 bags ef
Cuban raw sold at 23'c.c.& f. French sugar manufacturers,
it is said, intend to export 200,000 tons to be sold at a loss of
20 francs a sack in order to create an art:ficial shortage in
France on which to make a profit of 40 francs a sack, on
the remaining 600,000 tons of the French beet supply. It
is said that the sugar will be loaded on English markets.
Futures closed unchanged to 3 points lower on that day with
sales of 32,250 tons. Refined was quoted at 5.80 to 6c. Today prices closed 1 lower to 1 point higher with sales of
26,400 tons. Refiners were bidding 23/sc. for prompt without business. Many are inclined to hold aloof until the
Cuba program becomes more clearly defined. Final prices
show a rise for the week of 1 to 2 points. Spot raws at
2 29-32c. as the street is inclined to quote them were 1-32c.
lower than a week ago. Prices dosed as folloNN s:
Spot unofficial-2 29-32 I March
December- 2.91a May
January..
2.93a -_-_ July
2.80a
2.87a
2.95a
- ISeptember
3.03a
LARD on the spot was firmer. Prime Western, 13.45 to
13.55c. in tierces c.a.f. New York; refined Continent, 143c.;
delivered New York, South America, 15c.; Brazil, 16c.
To-day spot lard was dull and weak. Prime Western,
13.20c.; refined Continent, 14.25c.; South America, 15c.
Futures on the 15th inst. were 2 to 7 points higher on near
months, though January was 13 points lower at one time
that day under a pressure of liquidation. But before the
close much of the loss had been regained. Liverpool was
unchanged to 6d. lower. October deliveries in Chicago
were 50,000 pounds. Stocks of lard on Oct. 15 at Chicago
were reported to have decreased 15,023,735 pounds, compared with the total on Sept. 30. Futures on the 20th inst.
declined 5 to 10 cents in a dull market. Hogs were rather
irregular. Receipts were somewhat larger than expected.
Deliveries on contract were 950,000 pounds of lard. This
caused some selling. Shipments out of Chicago, however,
were rather large. It looks as though there will be quite a
decrease in the stock of lard for the month of October.
To-day prices were 5 to 17 points, net, lower. Liquidation
was general. Hogs were irregular. The decline in grain
was a factor. Shorts were the largest buyers. There is
only a moderate cash demand. Hogs were higher for
butchers but other grades unchanged to 25c. lower. 'Western
receipts 64,000, against 68,000 last year. Final prices of
lard show a decline for the week of 20 to 38 points.
VAILY CLOSING PRICES
Sat.
October delivery__ _cts_12.57
December delivery--12.72
12.90
January delivery
OF LARD FUTURES
Mon. Tues.
Wed.
12.47
12.55
12.50
12.60
12.62
12.70
12.82
12.82
12.92
IN CHICAGO
Thurs.
Fri.
12.40 12.30
12.50 12.32
12.75 12.62
PORK firm; Mess $34.50; family, $40 to $43; fat back
pork, $32 to $35. Ribs, Chicago firmer; Cash, 12.37c.,
basis of 50 to 60 pounds average. Beef was rather scarce
and noticeably firm; mess, $19 to $20; packet, $20 to $21;
family,$25 to $27;extra India mess,$36; No. 1 canned corned
beef, $3; No. 2, $5.25; 6 pounds. South America, $18.50;
pickled tongues, $55 to $60. Cut meats steady; New York
quotations were: pickled hams, 10 to 20 pounds, 183 to
19Mc.; pickled bellies, 6 to 12 pounds, 21%e.; bellies, clear,
/
dry salted, boxed, 18 to 20 pounds, 1530.; 14 to 16 pounds,
173/2c. Butter, lower to high, scoring 39 to 50e. Cheese,
flats, 273/i to 29Mc. Eggs, medium to extra, 27 to 560.
[Vol,. 125.
OILS.
-Linseed declined owing to a lower flaxseed market and keen competition among crushers. Demand is only
fair at best. Raw oil in carlots, cooperage basis, is said to
have sold at as low as 9.8e., but leading crushers were quoting 10c. In tanks, 9.2c. was quoted; for 5 bbls. or more,
10.6c., and for less than 5 bbls., 11c. Cocoanut, Manila,
coast, tanks, 83.c.; spot tanks, 87sc. Corn, crude, tanks,
/
plant, low acid, 93/2c. Chinawood, N. Y., drums, spot,
150.; Pacific Coast tanks, spot, 13c. Olive, Den., $1.75.
Soya bean, coast tanks, 93 c. Lard, prime, nominal; extra
4
strained winter, N. Y., 133 c. Cod, Newfoundland, 63 to
4
65c. Turpentine, 53 to 58e. Rosin,
.90 to $12.50.
Cottonseed oil sales to-day including switches, 32,600 bbls.
Crude S. E., 93'c. bid. Prices closed as follows:
Spot
10.40a10.451December_ -_.._'March
October- --10.35a10.45 January_ _ --10.72a10.741April
November__ 10.35a10.45 February___10.78a10.86 May
10.89a10.93
10.95011.00
11.07a11.05
PETROLEUM.
-Gasoline was quiet. United States
motor at New York harbor refineries was 8c. and in tank
ears delivered to the trade 9e. While consumption is heavy
for this time of the year, there is very little buying for future
delivery. The Gulf market was also quiet with United
States motor at 73.c. and 64-66 gravity 375 e.p. at 84c.
It was intimated, however, that some concessions might
have been made on a firm bid. Gas oil was in better demand and firmer. Some good-sized Continental inquiries
were in the market for November-December shipment. For
36-40 at local refineries 5Mc. was asked and for 28 plus
534c. In the Gulf market very little change took place.
Yet there was a little better foreign inquiry. Bunker oil
steady at $1.55 New York harbor refineries and $1.61
f.a.s. New York harbor refinery. Kerosene demand continues to improve. Prime white 41-43 gravity 6%c. New
York harbor refineries and 7%C. in tank cars delivered to
the trade. The Gulf market was quiet.
New York export prices: Gasoline cases, cargo lots, U. S.
Motor specifications deodorized, 24.400.; bulk, refinery, 8c.;
kerosene, cargo lots, super white, cases, 17.15c.; bulk 41-43,
630.; water white, 150 degrees, cases, 18.15c.; bulk 43-45,
/
7c. Bunker oil, f.o.b. dock, $1.55; Diesel oil, Bayonne,
$2.10; Gas oil, Bayonne, tank cars, 24-34 degrees, 5c.; 36-40
degrees, 53.c.; New Orleans U. S. Motor bulk, 73jc.; 64-66
gravity 375 e. P., 8WO.; Kerosene, prime white, 6Mc.; water
white, 7Mc. Service station owners and jobbers' guide:
Gasoline, U. S. Motor, bulk, refineries, 8 to 8Mc.; tank cars,
delivered to nearby trade 9 to 9Mc.; California U. S. Motor
at terminals, 8c.; U. S. Motor delivered to New York City
garages in steel barrels, 17c.; up-State and New England, 17c.
Naphtha, V.M.P. deodorized, steel barrels, 18c.; kerosene,
water white, 43-45 gravity, bulk, refinery, 7c.• delivered to
41-43 gravity,
nearby trade in tank cars, Sc.; prime white, '
bulk, refinery, 64c.; delivered to nearby trade in tank cars,
Mc.; tank wagon to store, 15c.; furnace oil, bulk refinery,
38-42 gravity, 60.; tank wagon, 10e.
Buckeye
$2.25 Eureka
Bradford
2.65 Illinois
3
1:68:
13
Wyoming
1.71 Plymouth, 37 deg..$200
Lima
Indiana
1.48
1.67
Princeton
1.60 Wooster
2.11 Gulf Coastal "A"- 1.20
Canadian
Corsicana heavy-31.00 Panhandle,44 deg. 1.12
Elk Basin
Oklahoma, Kansas and Texas$1;23
13
5
$1.36 Big Muddy
1.33
1.20 Lance Creek
32-32-9
1.33
1.60 Grass Creek
52 and above
1.25
Bellevue
Louisiana and Arkansas32-32.90.60
1.20 West Texas all deg
2.35
1.26 Somerset light
35-35.9
1.37
SpindletoP, 35 deg and
$2.85
Pennsylvania
Corning
1.45
Cabell
1.40
Wortham. 40 deg.. 1.36
1.25
Rock Creek
Smackover 24 deg- 1.15
RUBBER on the 17th inst. advanced 20 to 40 points
with London Md. higher on some deliveries. The trading
here amounted to 986 tons. There was an increase in the
London stock of 749 tons but the firmness of London and
Singapore offset this in the New York market. October
here on the Singapore was up M to Md. October here ended
at the Exchange on the 17th inst. at 34.40c., November at
34.20c., December at 34.50c., and January at 34.60 to 34.70c.
%
London on the 17th spot and October, 163' to 165 d.;
4
December, 16% to 163 d. The stock there was 70,916
week, 66,664 a month
tons, against 70,167 in the previous
ago, 63,496 three months ago and 39,650 a year ago. Singapore, October, l65.d.; January-March, 17 Md. London
cabled Oct. 17: "Shade higher for the week. Increased
London stock and poor American consumption for September
countered by support from New York for spot and near
shipment, also January and March. Outsiders are not
operating awaiting news as to restriction."
On the 19th int. trading fell off and prices declined both
here and in London. Early in the day prices declined 40 to
50 points here but rallied later and closed at 34e. for October
and November, and 34.30c. for December. London on the
4
19th closed unchanged to Md. off; spot 16%d. to 163 d.;
/
8
October 163d. to 165sd.; December 163 d. to 163/d.;
4
/
/
January-March 173d. to 1735d. and April-June 1758d.
4
to 173 d. Singapore on that day was unchanged to Md.
lower; October 16Md.; January-March 173 d.; April-June
4
4
173 d. On the 20th inst. New York opened steady but
later declined 21 to 30 points; sales 1,170 long tons. London
opened steady but became weaker later. On that day
November closed here at 34o.• December at 34.20e.; January
at 34.40c.; March at 34.70c.; May at 35o. and July at 35.40o.
•tside p.ices,fib',ed smoked shee,s scot and Oct.343/eto
8
4
4
35Mc,November 343 to 35c.;Firstlatex crepe 34M to 343 0.;
clean thin brown crepe 30% to 31c.; spooky brown crepe 28
4
to 28%c.; No. 2 amber 313 to 32c.; Paras, up-river fine
•
OCT. 22 1927.1
THE CHRONICLE
2281
spot 273.i to 27%c.; coarse 21 to 21%c.; Acre fine 27% to spot and 900 futures. Spot electrolytic up 5s. to £62 10s.;
2843.; Caucho Ball, Upper 21% to 22c.; Island fine 264c. futures unchanged at £62 15s. Later trade was quiet at
London cabled Oct.20: "No change will be made on Nov.1 1314c. with perhaps 13.20c. accepted now and then; export,
in the regulations which at present govern the export of rub- 13.60c. London on the 20th inst. dropped Is. 3d. on spot
ber from Malaya and Ceylon, according to a confirmed state- standard to £55 10s., with futures £55 us. 3d.;sales, 200 tons
ment from the Colonial Office. Under the Stevenson re- spot and 500 futures.
striction plan the standard production which may be exported
TIN was stronger early in the week. The firmness was
from Malaya and Ceylon will remain at 60% for the quarter, attributed to lack of selling pressure rather than to anything
month. The Colonial else. While the London market declined 12s. 6d. to 17s. 6d.
which begins with the first of next
Office reserves the right to make any change on Feb. 1 1928, on the regular Exchange, prices on the Curb there recovered
the first day of the succeeding quarter, if it is considered that 30s. A prominent London concern estimated that Straits
a change is necessary. Notice as far ahead as is practicable shipments for this month will be only 5,000 tons, or 1,000
will be given, the statement continues." A decline was tons lower than generally expected. October and November
attributed by some to reports of an abnormally high figure Straits sold at 583'2c.; December at 584c.; January at
on invoiced shipments for the past week. Reports estimated 57%c., and February at 57%c. The general feeling is that
approximately 8,000 tons, or more than 1,000 tons more than all bearish factors have been discounted in the declines of
in the previous week.
the past several weeks. In London on the 18th inst. spot
To-day prices at one time were 20 to 50 points lower, owing standard fell 12s. 6d. to £261 15s.; futures off 17s. 6d. to
a rally £258 12s. 6d.; sales 50 tons spot and 600 futures; spot Straits
to the British restriction news, but later on there was
which left prices 10 to 30 points higher net. It is pointed out declined 12s. 6d. to £268 5s.; Eastern c.i.f. London dropped
that the outlook as to what will really be done is uncertain. £3 to £262 5s. on sales of 175 tons; on the 19th inst. spot
The British Colonial Office in London, it is true, said there standard advanced £3 5s. to £265 5s.; futures gained £3 58.
would be no change in the British restriction rule affecting to £261 17s. 6d.; sales 50 tons spot and 700 futures; spot
rubber production under British direction. The opinion here Straits advanced £3 10s. to £71 15s.; Eastern c.i.f. London
seems to be that this does not preclude some change later on up £3 to £265 5s. on sales of 100 tons. Here on the 19th
in the direction of greater efficiency in the restriction plan. inst. a rise in prices checked buying. Later there was some
Early in the day 1,022 tons were sold,. but later on trading speculative demand, but that was all. London on the 20th
died down. Prices show a decline for the week of 20 to 60 inst. dropped £1. The decline in the stock market had some
points. London closed to-day Yid. net lower, showing a effect. New York fell 1. on the 20th inst.; December
3
3
raily of that much from the earlier quotations. Spot and 57% to 57.80e.; February 57% .; November 58%c.; October
/
October, 1638d.; December, 163,cl.
nominally 584c. In London standard spot £264 5s.;futures
-There was less trading in River Plate hides last £260 17s. 6d.; spot Straits £270 15s.
HIDES.
week. Europe was the chief buyer. The total sales of
LEAD was firmer. Statistics were favorable. Lead stocks
Argentine steers were 23,000 at 22% to 23%e.c. & f. Amer- fell off 5,968 tons during September to 37,221 tons. They
ican buyers held off owing to the recent advance. City are now the smallest since the first of the year, and show a,
packer last sold at 233' for native steers, 22c. for butts and decrease of 16,100 tons since June 1st. The American Co.
21% for Colorado, and were reported firm at these quota- quoted 6.25c. but in the outstide market 6.35c. was asked.
were quiet. Common dry were slow In East St. Louis 6.07%c. was quoted. Lead ore in the tritions. Country
of sale but said to be very steady in price. Orinocos, 25 Ye.; State district was unchanged at $80. In London however
Savanilla also 253.c.; Antioquias, 29%e. New York City spot fell 6s. 3d. on the 18th inst. to £20 15s.; futures off 78.
calfskins 5-7s, $1.95 to $2; 7-9s, $2.40; 9-12s, $3.50. Later 6d. to £21; sales 100 tons spot and 900 futures; on the 19th
sales were reported of 4,000 Sansinena La Negra steers; inst. prices were up is. 3d. to £20 16s. 3d. for spot and £21
5,000 La Blanca steers and 4,000 Wilson steers at $50.
is. 3d. for futures; sales 650 tons spot and 400 futures. LatOCEAN FREIGHTS.
-Sugar and grain tonnage was in terly prices have weakened with those in London. Eftst
better demand at one time.
St. Louis generally quoted at 6.05c. American Co. still
CHARTERS included grain. 26,000 quarters, 10%. from Montreal to 6.25c. London on the 20th inst. fell 3s. 9d. on the spot to
West Coast United Kingdom, first half November in London at 3s. 3d.:
6d. to £20 18s. 9d.; sales
Montreal to Antwerp or Rotterdam. 13c., Hamburg or Bremen 14c.. spot: £20 12s. 6d.; futures dropped 2s.
same, first half November. to Antwerp or Rotterdam. 14c. Tankers. 150 spot and 550 futures. Later the demand was only
crude, Gulf to north of Hatteras. October, 19c.; clean, California to United moderate. East St. Louis was more readily obtainable at
Kingdom-Continent, one port 26s., two ports 27s., November-December.
North Pacific grain: Vancouver, B. C., to United Kingdom-Continent, 6c. but buyers held back. On the 20th inst. London deJanuary, 33g., option Portland or Puget Sound 34s. 3d.; Vancouver, B. C.. clined 3s.9d. to £27 Is. 3d. spot and £26 16s.3d.for futures,
to Antwerp or Rotterdam, December, 32s. 6d., option Portland or Puget
Sound 33s. 9d.; Vancouver, B. C., to Antwerp, prompt. 30s. 6d.: option with sales of 200 tons spot and 725 futures.
Southampton: Portland to United Kingdom or Continent. 34s. 6d.: VanZINC was lower. Generally the price was 6.05c. Eat,
couver to United Kingdom or Continent. 33s.. option Portland or Puget
Sound loading. 34s. 3d.: grain, 26.000 quarters, Montreal to Antwerp or St. Louis. Some mention was made of 6.023/2c. and in
Rotterdam, 14c., Hamburg or Bremen 15c., Oct. 25
-Nov. 5; 35.000 quarmight have been
ters. Montreal to Meditteranean, 18c., 1835c. and 19c.. Nov. 15-28; some cases it was thought that business
32.000 quarters, Montreal to Antwerp or Rotterdam 14c., Hamburg 15c., done at 6c. East St. Louis. There was a good demand at
Nov. 5-20. Time charters: Trip to West Indies. 81.30, prompt; round. the decline. Zinc, ore operators, it is said, are gradually
West Indies, 80c.; lumber, Gulf to Plate, NovembDer-ecember, 160c.
Tankers: Fuel oil, Gulf to Hamburg, 16s. 6d; clean, Gulf to French At- closing down mills because they are unable to make a profit
lantic, 178. 104d., November; crude. Gulf to Boston, 21c.. November.
at $38. It is such a bargain at that price that buyers, it is
TOBACCO has been called steady with supplies here said said, have taken as much ore in two weeks qs they had
to be not at all burdensome and the demand fair. There is previously taken in three. In London on the 18th inst.
a steady call for Java and Sumatra, though there is no real prices were unchanged at £27 5s. for spot and £26 17s. 6d.
activity. The talk as usual is that business is going to be for futures; sales, 400 tons futures; on the 19th inst. spot was
better "later." The trouble seems to be that in the tobacco unchanged; futures up 2s. 6d. to £27; sales, 75 tons spot and
trade, as in so many others, the buying is only in small lots 1,100 futures. Here on the 19th inst. the price went to 6c.
from time to time. There appears to be no stocking up East St. Louis or close to the low of the year. Demand
• for any length of time ahead. Pennsylvania broadleaf fell off.
filler be.; binder 15 to 20c.; Porto Rico 75c. to $1.10;
STEEL has declined at Pittsburgh. Sheets are off $2.
Connecticut No. 1 sec. 1925 crop 65c.; seed fillers 20c.; Hot and cold rolled strip steel has also been weak; 6 to 10
medium wrappers 65c.; dark wrappers 1925 crop 40c.
inch is quoted 2.10c.; less than 6 inch 2.30 c. Steel plates
COAL,
-Prices have shown a weaker tendency. Coke has are slow of sale. Texas is said to have bought recently for
sympathized, and Connellsville ovens have been quoted at pipe line work, and six 80,000-ton tanks. Plates are quoted
.
$3.75 to 8- .50. The cost of coking coal has been reduced. at Pittsburgh at 1.75 to 1.85c. with some buyers holding off
1
West Virginia smokeless is quoted in the West at $4, but for 1.70c. Concrete bars according to some Pittsburgh
there is a big competing supply of Kentucky and Illinois, to wires are selling rather better in small lots at 1.75 to 1.85c.
which the Western people are habituated, and it is quoted Light rails meet with a small demand on the basis of $36.
at around $3.. At New York soft coal has weakened. Navy Tie plates are 2.25c. and spikes 2.80c. Other track accesstandard nominally, $2.25 to $2.75 at mines, and $5.35 to sories are not easy to sell. There is a moderate increase in
$5.85 at piers; supplementary, $2.10 to $2.25 mines, and the sales of bars reported at $34. Billets and slabs $33.
$5.10 to $5.25 piers. At Hampton Roads trade has im- Operations of the leading steel mills fell off during the week
proved somewhat. In two days the steamer loadings were 3% and the industry as a whole 2%. The U. S. corporation
150,353 tops. Navy standard is quoted at a range of 50 is working at 653/2% and the entire industry at 64. This is
cents,as will be seep. There is a soft coal strike in Germany. 21% under the rate of a year ago. Structural steel sells the
European production is high. Anthracite company grate, best. September sales were only 2% under those of August.
.50 to 88.75; egg,$8.75 to $8.85; stove,$9.25 to $9.35; with Galvanized sheets 3.750. Pittsburgh. Furniture sheets
independent, $9 to $9.35.
4.15c.
COPPER was quiet early in the week. The buying late
PIG IRON has been quiet with prices the lowest since 1916.
last week seems to have been only a flurry. The price was The composite price is stated at $17.84, a decline in a week
advanced, but many believe that it was not justified. They of 750. Buffalo iron is selling aggressively in the Eastern
state that the September statistics, though favorable, did Pennsylvania district. Eastern prices have weakened. A
not warrant a higher export price. The domestic price was sale was reported of 2,000 tons at $1.50 under the reported
steady at 134c. .Reports from Michigan state that the Buffalo price of $17 at furnace. Last week the New York
smaller mines find it difficult to operate at the present selling sales were 6,000 tons. This week they have been smaller.
price, which is lc. under a year ago. In London on the 18th The nominal Eastern Pennsylvania quotations are $19 to
inst. spot standard fell Is. 3d. to £55 for spot and £55 Is. 3d. $19.50; Buffalo, $16 to $16.50; Chicago, $18.50 to $19; Valfor futures; sales, 50 tons spot and 450 futures. Electrolytic ley, $17.5 to $18. As the case stands, business is so slow
was unchanged at £62 5s. for spot and £62 15s. for futures. that there is sharp competition for what little trade there is.
On the 19th inst. spot standard advanced us. 3d. to £55 naturally prices feel the pressure. It is said that eastern
us. 3d.; futures advanced 10s. to £55 us. 3d.; sales, 100 tons Pennsylvania recently sold at $18.74. Ferro alloys have
to
2282
THE CHRONICLE
recently declined. British ferro manganese sold down $2
a ton recently, it is said, to $88. Spiegeleisen is off $2, making it $30. Silvery iron has dropped $1.50 to $2. At
Youngstown iron is admittedly weak. Furnace coke is
$2.75.
WOOL was in moderate demand and steady. Buyers balk
at present prices. Boston quotes Ohio and Pennsylvania
fine delaine and the various bloods, 46 to 47e. Territory
fine staple, $1.12 to $1.15; Texas fine, 12 months, $1.07
to $1.12; Australian, 64-70s, combing clean basis in bond,
$1.05 to $1.10. Boston wired that fine territory wools are
very firm at the higher ranges of prices recently established
but the volume of trading is a little more moderate than a
few weeks ago on account of the caution mill buyers are
exercising in their operations on the market. Dealers are
anticipating a good demand for fine wools to be used in
light weight goods, and accordingly they are holding their
offerings for more money, in spite of the resistance the mills
are offering io rising prices.
London cabled that the Geelong sales this week showed firm
prices and a good demand. Russian and Japanese buyers
were especially prominent. Greasy merinos reached the top
price of 30d. and greasy comebacks 273/2d. On Oct. 19 the
Sydney wool sales series closed with a good selection mostly
merinos. Demand sharp, mostly from Germany and Japan.
Prices compared with the opening of the sale showed best
merinos unchanged, inferior sorts irregular and other merinos
and crossbreds 5% higher in value. The next Sydney series,
which opens on Oct.31 and closes on Nov. 13,will befeatured
by offerings of 219,400 bales.
COTTON
Friday Night, Oct. 211927.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
389,720 bales, against 391,639 bales last week and 421,802
bales the previous week, making the total receipts since the
1st of August 1927, 3,151,497 bales, against 4,039,015 bales
for the same period of 1926, showing a decrease since Aug. 1
1927 of 887,518 bales.
Receipts atSat.
Mon. Tues. Wed. Thurs. Fri.
Total.
Galveston
13.705 16.036 30,830 19,682 10,647 7,721 98.621
Texas City
7.342 7,342
Houston
14,685 29,154 34,841 15.249 17,571 21.435 132,935
Corpus Christi
____
____
____ 3.260
--------3,260
New Orleans_ _ _ _ 11.430 8.954 11.271 13.647 6,184 12,201 63,687
Mobile
2.353 6,247 2,161 2.751 1,085
265 14,862
Pensacola
163
163
Savannah
4,864 6.709 6,111 2,683 3,193 3,341 26,901
Charleston
4,637 1,578 6,484 1,142 3,535 2,490 19,866
Wilmington
1.342
598 1,227 1.446
816
986 6.415
Norfolk
1,575 2,063 2,558 2,857 2,056 3,045 14,154
New York
48
Baltimore
1.366 1366
Philadelphia_ _
____
---------------100
- 100
h
Totals this week_ 54-5111 71.457 OR 4S 119 717 d5 nsr7 an o55 940 700
[VOL. 125.
to other destinations. In the corresponding week last year
total exports were 358,689 bales. For the season to date
aggregate exports have been 1,772,383 bales, against 2,082,018 bales in the same period of the previous season.
Below are the exports for the week:
Exported to
-
Week Ended
Great
Oct. 21 1927.
GerExports from
- Britain. France. many.
Japan&
Italy. Russia. China. Other.
Total.
11.037 27,613 29,637
Galveston
10,504 8,572 18.632
Houston
Texas City
1,092
Corpus Christi_ _ 3,260
New Orleans_ ___
2,615 7,979
Mobile
27
10,029
--. 65
Pensacola
163
Savannah
16,985
18,299
Charleston
10,513
Norfolk
5,907
300
New York
370 2,984
San Pedro
100
2,550
6,615
46,144 39,170 106,530
9,201
57,592 33,339 291,976
112,084 38,175 99,835 20,339
88,353 17,662 91,542 9,717
56,177 32,079 358,689
62,812 21,855 291,941
Seattle
Total
Total 1926
Total 1925
From
Aug.1 1926 to
Oct. 21 1927. Great
Gee
Exportsfrom Britain. France. many.
41,917
52,199
1,092
22,263
30,442
9,817
724
39,106
12,622
Galveston_ -Houston_ _
Texas City-Corp. Christi
New Orleans.
Mobile
Pensacola...
Savannah___
Charleston- Wilmington
Norfolk_ _ _
New York__
Boston
Baltimore_ _
Philadelphia
Los Angeles_
San Francisco
Seattle
Total
7,328
3,387
291
250i
1,995
341
250
9,585 20,174 104,661
23,499 7,047 68,254
1,092
3,260
11,708 1.440 25,737
18,557
6.825
163
6,500 2,118 43,902
1,960 12,473
6,207
600 4,295
2,900
475
475
Exported to
Japan&
Italy. Russia. China. Other.
Total.
82,929 105,454 24,740 11,400 60,772 71,813
96,583 141,700 29.457 50,175 99,204 45,096
30,533 45,505 4,059 3.100 20.921 14,543
17,252 52,721 20,421 36,626 51.664 18,043
624 29,587
500
550
10,300
5.626
1,100
2.090 192,815 2,051
22,775 10,763
340 69,005
200
500 9,552
8,500 6,167
100 17,299
• 598
8,692
2,099 6,003 1,290
15
185
231
317
120
45
59
7
3,500
391
100
24
1,006
475
221,538 233,4
399,025
514,414
1,092
140,924
227,169
51,378
7,450
269.600
92,219
14,667
25,325
21,471
722
437
145
4,846
1.024
475
677,945 89,396 101,301 267.711 181.012 1.772.383
Total 1926_ _ 501,661 231,276 654,901 155,000 117.873 233.685 187,622 2,082,018
Total 1925_ _ 529.490 194.730 633,838 132,725 96,323 184.624 195.053 1,966.783
NOTE.
-Exports to Canada.
-It has never been our practice to include In the
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and it is Impossible to get
returns concerning the same from week to week, while reports from the customs
districts on the Canadian border ate always bery slow in coming to hand. In view,
however, of the numerous inquiries we are receiving regarding the matter, we will say
that for the month of September the exports to the Dominion the present season have
been 10,897 bales. In the corresponding month of the preceding season the exports
were 12.288 bales. For the two months ended Sept. 30 1927 there were 19,115
bales exported, as against 19,393 bales for the corresponding two months of 1926.
In addition to above exports, our telegrams to-nigh also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard, Not Cleared for
GerOther CoastGreat
- Britain. France. many. Foreign wise.
Oct. 21 at
Leaving
Stock.
Total.
The following table shows the week's total receipts, the
total since Aug. 1 1927 and stocks to-night, compared with Galveston ____ 3,500 3,900 6,700 20,000 5,000 39,100 419,184
13,232 3.718 14.766 27,705 4,074 63,495 301,391
New Orleans
last year:
1927.
Receipts to
Oct. 21.
This Since Aug This Since Aug
Week. 1 1927. Week. 1 1926.
Galveston
Texas City
Houston
Corpus Christi_
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Georgetown
98,621 723,210 155,084 1,031,116
7,342
27,415 6,670
23,527
132,935 1,151,833 167.575 1,454,77
3,260 141,486
63,687 400,996 123.957 583,027
14,862
163
Savannah
Charleston_ _ _ _
Mobile
Norfolk
Other ports*
Stock.
1927.
1926.
458,284
23,478
689,607
537.886
18.365
611,934
364,886
408,583
39,395
585
89,115
473
173,95/
19.866
137.466 26,863
212,676
62,787
104,205
6,415
14.154
Norfolk
N'port News, Stc_
New York
Boston
Baltimore
Philadelphia
117,337 29,358 119,603
7.450 1,900
7,991
35
134
330,807 49,380 448,286
52,705
26,901
Wilmington
Mett.colo
1926.
36,275 5,002
53,918 18.317
37,580
100,371
23.902
49.689
19,083
77.501
2.055
3.494
14,100
279
215.725
5,027
972
7,465
90.926
1.391
1,728
6,943
48
1.366
100
3,520
1,529
18,100
155
703
298
876
279
4407909 141 AON 427907A ONO MK 0 AAA 90.7 9
nog owl
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1927.
1926.
1925.
1924.
1923.
1922.
Galveston_ __ _
Houston •____
New OrleansMobile
Savannah _ _ _ Brunswick __
Charleston_ - _
Wilmington....
Norfolk
N'port N.,etc.
All others
98,621
132,935
63.687
14.862
26,901
155,084
167.575
123,957
29,358
49,380
132,746
59,300
91,791
10.276
35,738
163,523
24.093
74,853
3,610
23,732
134,820
21,404
42,613
1,920
21,237
19,866
6.415
14,154
26,863
5,002
18,317
14,125
5,492
30,789
12,215
5.104
22,034
16,515
9.112
26,918
116,996
41,624
80,039
4 .614
19,183
1,100
4,762
6,154
12,992
12,279
11,761
2,769
10,123
2,638
10,075
Total this wk_
389,720
587,297
333,026
339,292
277,177
297,539
315L497 4.039.015 3.143.793 2.637.203 2.318.866 2.070.922
• Beginning with the season of 1926. Houston figures nclude movement of
Cotton previously reported by Houston as an interior town. The distinction
between port and town has been abandoned.
ninon Aug 1
The exports for the week ending this evening reach a total
of 291,976 bales, of which 221,538 were to Great Britain,
233,480 to France, 677,945 to Germany, 89,396 to Italy,
101,301 to Russia, 267,711 to Japan and China, and 181,012
1.000
3,i6f)
3,000
400
7:§6-3
1
2,000
4,000
6.500
500
173
462
119R
500o 1213
16,000
87.215
62,614
40.543
49.289
950,761
Total 1927_ _ 22.932 10,168 26.466 62,555 11,109 133,230 1,910,997
Total 1926... 27,427 21,687 27,638 63,881 13,012 15.3.645 1,938,725
38,676 26,651 37,348 54.762 10.345167,782 1,020,537
Total 1925
*Estimated.
Speculation in cotton for future delivery has been active
in the shape of liquidation at rapidly declining prices. In
four days the decline was 135 to 140 points. For the market contained a great many "stale" long accounts, and as
the weather has recently improved, opinion has gained
ground in some quarters that the next Government report
would put the crop at something higher than the last estimate of 12,678,000 bales. Some have been talking of 13,000,000 bales and above. The ginning up to Oct. 18 has been
estimated at 8,006,000 to 8,125,000 bales, with a suggestion
64% of the crop. Of course, this is
that this might mean.
pure conjecture. The crop outlook in western Texas of late
has been reported better. Much stress has been laid on this
fact. Light frosts have occurred here and there in the belt
but not a few reports take the ground that they were beneficial rather than otherwise. In some parts temperatures
have been officially announced of 29 to 32 degrees. That,
of course, means killing frost. But so much of the crop has
been picked and the weather over the belt as a whole has
been so favorable that these temperatures were ignored.
The prime factors was the heavy liquidation by disheartened bulls hedge selling and aggressive professional selling.
The market had not acted satisfactorily for weeks, despite
the low crop estimates. Spinners had not been buying, as
a rule, very heavily of the actual cotton at the South. They
had been hoping for lower prices. They had objected to the
very high basis quoted throughout the belt. In some cases
it is said to be the highest ever known, even on middling
A
and below, 7 to 1 inch. In New York the mills would buy
only on a scale down. Finally some of the longs grew restive. They began to sell. Others joined in the selling movement. The momentum became irresistible. The declining
stock market had some sentimental effect. Perhaps it was
more than sentimental. Certainly Wall Street sold, and
OCT.22 1927.]
sold freely. The West, mostly, it was understood, Chicago,
sold coincidently with some decline in wheat. New Orleans sold heavily on the 20th inst. Its premium over New
York, which had been 23 points, dropped to about 9 points.
There were rumors circulated from New Orleans that the
basis was lower in Texas and elsewhere in the South. Exports are well behind those of last year. Liverpool of late
has been weak and on the 20th inst. its spot sales dropped
to 7,000 bales. The Continent and Bombay have been selling there; also local interests, as well as hedgers. Manchester has been dull both for yarns and cloths. Worth Street
has been quiet, especially so far as print cloths and sheetings were concerned. Naturally, the swift decline in raw
cotton hurt business in that quarter. On the floor of the
Exchange about the only buyers were the mills and the
shorts. The trade buying on the 19th inst. was said to have
been very heavy. Some estimates were as high as 75,000 to
100,000 bales. In any case it was very large. On the 20th
Inst. it was not so large. And the resumption of long selling,
hedge selling and professional pressure uncovered stop
orders, as was the case on the 19th inst., and prices dropped
some 46 to 54 points net. Japanese interests sold some 20,000 bales of December and January on the 20th. The general feeling is that the decline has not culminated; that
more liquidation remains to be done.
On the other hand, the technical position is better than it
was a week ago. That is a fact past dispute. Enormous
liquidation of the week makes that clear. The short interest has increased. And the mills are disposed to buy on
reactions. The spot demand is good at the lower prices.
The basis, despite some rumors to the contrary, is almost
uniformly reported strong or tending upward. In some
cases it is said to be the highest ever known. Even on
short cotton it is believed to be still strong. On some of the
higher grades the basis is said to have weakened somewhat.
But for the generality of cotton that was not the case;
quite the contrary. Recently the sales were below those of
the corresponding day last year. Latterly they have run
ahead of last year; sometimes well ahead. Liverpool on
some days sold 10,000 to 12,000 bales of spot cotton. While
some of the estimates of the crop are 13,000,000 bales and
above, others are still 12,500,000 to 12,750,000 bales. Some
are even lower. A certain element among the growers at the
South are said to be holding back cotton. They sold a year
ago at prices which they bitterly regretted having accepted.
The Southern banks are ready to lend them money; cotton
is their main outlet. There is an idea that the crop movement is nearing its peak, if it has not passed it. It is also
suggested that the ginning report on the 25th inst. will show
the largest period total of the season. Thereafter it is expected to decrease sharply. Of course, this is purely conjectural. But some of the bulls are pinning their faith on
the idea that the crop movement has reached its top and the
ginning will take a downward course from now onward.
Many reports from the South insist that the recent turn in
the weather has not been productive of any general increase
in the yield, though some admit that western Texas is gaining. Much depends on the weather. An early killing frost
would naturally make a noteworthy difference in the size
of the yield. The recent more favorable weather has naturally hastened picking and ginning, but some insist, as already intimated, that it has not added materially to the yield.
To-day prices were very irregular, rallying at one time
40 to 45 points, after an early decline, only to lose most of
this improvement, ending at a net drop for the day of some
6 to 8 points. The weather was favorab,le, the cables nothing stimulating, a crop estimate appeared of 13,760,000 bales,
the into-sight weekly total was larger than expected, the
ginning total was said to have been estimated at 8,450,000
bales up to Oct. 18, hedge selling continued, and there was
more or less long liquidation. Some who bought early sold
out later, discouraged by the inability of the market to hold
rallies. A good many believe that the crop is 13,000,000
bales and larger. They look for an increase in the Government estimate on Nov. 8. A sharp drop in the stock market
proved depressing. Final prices show a decline for the week
of 95 to 117 points. Spot cotton closed at 20c. for middling,
a decline for the week of 55 points.
The following averages of the differences between grades,
as figured from the Oct. 20 quotations of the ten markets
designated by the Secretary of Agriculture, are the differ.
ences from middling established for deliveries in the New
York market on Oct. 27:
1.24 on
. Middling fair
Strict good middling
1.01 on
Good middling
.71 on
Strict middling
.48 on
Middling
Basis
79 off
Strict low middling
Low middling
1.79 off
2 94 off
*Strict good ordinary
4 01 off
*Good ordinary
.28 on
Good middling spotted
.01 off
Strict middling spotted
Middling spotted
86 off
1.84 off
*Strict low middling spotted
3 09 off
*Low middling spotted
Strict good middling yellow tinged .12 off
Good middling yellow tinged__ .59 off
Strict middling yellow tinged.... .95 off
2283
THE CHRONICLE
2.00 off
*Middling yellow tinged
*Strict low middling yellow tinged3.24 off
*Low middling yellow tinged
4.46 off
Good mid,light yellow stained...1.18 off
*Strict mid,light yellow stained_1.70 off
*Middling light yellow stained...2.68 off
1.93 off
Good middling yellow stained_
*Strict middling yellow stained_2.45 off
*Middling yellow stained
3.28 off
Good middling gray
.65 off
1.02 off
Strict middling gray
*Middling gray
1.55 off
2.00 off
*Good middling blue stalned
*Strict middling blue stained__ _2.68 off
*Middling blue stained
3.51 off
-The highest, lowest and closing prices at
FUTURES.
New York for the past week have been as follows:
Saturday.
Oct. 15.
Monday,
Oct. 17.
Tuesday, Wednesday, Thursday.
00. 20.
Oct. 19.
Oct. 18.
Friday.
Oct. 21.
October
Range__ 20.30-20.77 20.40-20.85 20.53-20.69 20.21-20.43 19.56-20.06 19.56-19.70
19.59-19.60 19.45 20.52-20.53 20.48 -20.09Closing 20.70Noy.
Range_ _
19.62 -19.5120.1320.57 -20.52Closing 20.80Dec.
Range __ 20.45-20.99 20.57-20.96 20.55-20.80 20.15-20.55 19.65-20.10 19.46-19.90
Closing 20.91-20.95 20.61-20.63 20.55-20.57 20.17-20.19 19.65-19.67 19.57-19.60
Jan.
Range.. 20.46-21.03 20.58-20.91 20.58-20.82 20.18-20.58 19.65-20.10 19.48 19.91
20.59-20.62 20.19-20.23 19.65-19.68 19.60-19.62
Closing 20.93-20.96 29.64Feb.
._,..
Range..
19.7019.77Closing 21.06 -20.72 -20.67 -20.28March
20.38-20.76 19.89-20.30 19.71-20.15
Range._ 20.71-21.2520.76-21.12 20.75-21.02
Closing 21.18-21.20 20.81-20.83 20.75-20.78 20.38-20.40 19.89-19.9119.51 April
Range._
19.9019.9920.90 -20.82 -20.47Closing 21.26May
Range.. 20.90-21.44 20.90-21.30 20.90-21.17 20.55-20.9320.08-20.80 19.90-20.40
Closing 2L34-21.35 21.00-21.01 20.90-20.9320.55-20.60 20.09-20.11 19.98-19.99
June
Range__
19.93Closing 21.30 -20.93 -20.82 -20.48 -20.02July
Range __ 20.85-21.26 20.80-21.10 20.75-2L04 20.41-20.79 19.95-20.32 19.82-20.16
19.88-19.96
Closing 21.25-21.26 20.87-20.90 20.75-20.81 20.41-20.43 19.95August
Range.19.65 Closing.
September19.50-19.66
19.40Closing-
Range of future prices at New York for week ending
Oct. 21 1927 and since trading began on each option:
Option for
Range for Week.
Oct. 1927._ 19.56 Oct.
Nov. 1927_
Dec. 1927_ 19.46 Oct.
Jan. 1928._ 19.48 Oct.
Feb. 1928_
Mar. 1928.. 19.71 Oct.
Apr. 1928_
May 1928_ 19.90 Oct.
June 1928
July 1928.. 19.82 Oct.
Range Since Beginning.of Olstign.
21 20.85 Oct. 17 13.46
12.75
21 20.99 Oct. 15 13.38
21 21.03 Oct. 15 14.11
18.19
21 21.25 Oct. 15 14.75
18.3.5
21 21.44 Oct. 15 17.35
21.40
21 21.26 Oct. 15 17.94
Dec. 4 1926 23.75
Dec. 6 1926 23.77
Jan. 3 1927 24.72
Mar. 15 1927 24.77
July 12 1927 23.73
Apr. 4 1927 24.99
July 12 1927 22.67
Aug. 3 1927 25.07
Oct. 14 1927 21.77
Aug. 5 1927 24.70
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug. 3
Sept.
Sept.1
Sept.
1927
1927
1927
1927
1927
1927
1927
1927
1927
1927
Sept. 1928._ 19.50 Oct. 21 19.50 Oct. 21 19.50 Oct. 21 1927 19.50 Oct. 21 1927
THE VISIBLE SUPPLY OF COTTON to-night, as made'
up by cable and telegraph, is as follows. Foreign stocks, as
well as afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the expqrts of Friday only.
Oct. 21-
Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
tock at Hamburg
tock at Bremen
tock at Havre
tock at Rotterdam
tock at Barcelona
tock at Genoa
tock at Ghent
tock at Antwerp
bales
1927.
935,000
1926.
768,000
1925.
467,000
81.000
56,000
33,000
1,016,000
824,000
500,000
429,000
175,000
6,000
86,000
16,000
160,000
72,000
6,000
16,000
18,000
182.000
106.000
3,000
29,000
5,000
5,000
1,000
1924.
368,000
2,000
30,000
400,000
1,000
60.000
82.000
5.000
34,008
13,000
3,000
1,000
712,000 272.000 331,000 199,000
Total Continental stocks
1 728,000 1,096.000 831.000 599.000
Total European markets
22,000
54,000
37.000
India cotton afloat for Europe-- 60,000
American cotton afloat for Europe 663,000 833.000 737.000 511.000
96,000 119,000 109.000
Egypt,Brazil,&c.,afloatforEurope 108,000
363.000 228.000 197,000 163,00
Stock In Alexandria, Egypt
263,000 283,000 319,000 327,000
Stock in Bombay. India
a2.044.227a2,092,370 1.188.319 1.057,081
Stock In U. S. ports
Stock in U. S. interior towns_ _-- a974,900a1,076.125 1,385.045 1,057,209
600
U. S. exports to-day
6.204.127 5.741.495 4.830.364 3.845,890
Total visible supply
Of the above, totals of American and other descriptions are as follows
American
bales- 610.000 380,000 173.000 185.000
Liverpool stock
15,000
20.000
40,000
65,000
Manchester stock
Continental stock
661.000 219,000 292.000 164,000
American afloat for Europe
663.000 833,000 737,000 511,000
U. S. port stocks
a2,044.227a2,092,370 1.188.319 1,057.081
U. S. interior stocks
a974.900a1,076.125 1.385.045 1,057,209
600
U. S. exports to-day
Total American
East Indian, Brazil, &c..
Liverpool.stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
5.018,127 4,640,495 3.795,364 2,989,890
325,000
388,000
294,000
183,000
2,000
16.000
51.000
60,000
108.000
363,000
263.000
16.000
53,000
37.000
96.000
228,000
283,000
13,000
39,000
54.000
119,000
197.000
319,000
35.000
22,000
109.000
163.000
327.000
15.000
1,186,000 1.101.000 1,035.000 856,000
5.018.127 4,640.495 3,795.364 2.989.890
Total visible supply
6,204.127 5,741.495 4,830.364 3,845.890
6.708. 11.27d. 13.450.
Middling uplands. I iverpool_ _ 11.008.
23.35c.
12.55c. 21.80c.
Middling uplands, New York____ 20.00c.
15.950. 24.408. 26.450.
Egypt, good Sakel, Liverpool____20.05d.
Peruvian, rough good. Liverpool_ 12.75d. 13.508. 24.008. 21.00d.
6.15d. 10.50d. 12.908.
Broach, fine, Liverpool
9.908.
6.70d. 10.908. 13.30d.
Tinnevelly. good, Liverpool
10.408.
a Houston stocks are now included in the port stocks; in previous years
they formed part of the interior stocks.
Continental imports for,past week have been 221,000 bales.
The above figures for 1927 show an increase over last
The official quotation for middling upland cotton in the
week of 256,072 bales, a gain of 462,632 over 1926, an
New York market each day for the past week has been:
of 1,373,763 bales over 1925, and an increase of
Fri. increase.
Sat. Mon. Tues. Wed.Thurs.
Oct. 15 to Oct. 2121.50 21.25 21.25 20.85 20.05 20.00 2,358,237 bales over 1924.
Middling upland
•Not deliverable on future contracts.
2284
THE CHRONICLE
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year, is set out in detail
below:
Movement to Oct. 21 1927.
Towns.
Receipts.
Week. Season.
Ship- Stocks
meats. Oct.
Week. 21.
Ala.,Birming'm
Eufaula
Montgomery.
Selma
Ark..Blythevill
Forest City__
Helena
Hope
Jonesboro_ __
Little Rock__
Newport_ _ __
Pine Bluff__
Walnut Ridge
Ga., Albany__ _
Athens
Atlanta
Augusta
Columbus......
Macon
Rome
La., Shreveport
6,025 38,478 4,497 15,953
709
14,361
497 10,758
2,655 56,240 3,404 40,582
2,816 46,489 2,918 33,530
5,577
16,371 2.577 14,574
3,448
12,682 1.221 10,592
3,943
16,769 1,475 15.686
4,484 25.411 3,118 8,071
5,387
974 3,467
2,158
8,765 43,147 3,812 26.547
5.082
17,511 3,616 6,672
34,943 5,205 24,854
7,791
864
3,109
588 1.873
148
4,638
158 2,420
5,000 28,509, 1,000 21,283
6,011
37,236 11,634 16,809
13,413 153,311 6.177115.799
16,170 2,000 7.792
4.784
2,036 39,034 1,661 9,956
2,630
16,497 1,1C0 10,080
4,309 54,270 2,334 37,775
M1813.
•Clarksda1e 11,569
84,195 4,195 71,391
Columbus_
2,286 20.971 2,966 9,453
11,994
Greenwood
78,789 5,168 65,736
1,700 29,293 3,726 13,749
Merid an _
2,115 23,799 1,408 18,858
Natchez
Vicksburg_
1,338
9,162
484 6,365
2,303
Yazoo City
11,417
331 10,068
Mo., St. Louis_ 8,576 45,840 8,277
434
970
N.C.,Greensb'ro
7,633 1,C65 20,772
Raleigh
725
2,114
256 2.001
Okla., Altus x_
Chickasha a_
Okla. City x..
---15 towns._ 53,527 165,976 36,156 57,165
8.C.,Greenville 11,790 63.690 8,040 31,138
Greenwood z_
Tenn.,Memphls 71.396 316,915 39.227170.347
Nashville x
Texas, Abilene- 3 251
,
20,362 3:0%18 1,262
Austin
1.866
15.720 1,691 3,488
Brenham_
648
15,209
571 10,585
Dallas
3,791
29.154 2.669 11,145
Ft. Worth x..
_.
Paris
5,054 35.874 3,799 6,764
Robstown
100 29,600 1,200 2,515
San Antonio.. 1,077 26,356 1,228 3,588
Texarkana __ 3,545
24,140 1,983 10,694
Waco
6,506
52,813 4,661 12,331
qi...4.1
.
Movement to Oct. 22 1926.
Receipts.
Week. Season.
4,000
1,500
7,713
4,746
I Ship- Stocks
' meats. Oct.
Week. 22.
22,705
11,693
66,901
45,935
2.000 13,535
1,000 6,103
6,590 21,096
2,317 31,285
34,367
12,964
4,513 38.012
61,781
15,856
9,678 53,116
707
8,400
680 3,560
3,140 13,242
862 8,549
24,765 71,186 5,723 56,914
14,149 156,053 6,997102,891
2,653
17,378 1.646 5,843
6,447 48,182 5,545 13,819
2,771
11,368 1,825121,081
11,586 65,606 7,872 32,941
9,308 74.020 8.582 89,806
4,438 17,640 3,482 8,937
9,393 66,248 6,594 80,233
2,507 28,828 2,235 14,161
2,189 18,842 1,300 11,214
2,889 17,107 1,770 18,277
2.801
18,594 1,299 21.152
21,047 94,477 21,527 9,057
2,145
9.319 1,304 11,921
1.207
3.675
752 4,391
4,235 10,790 2,774 5,754
4,602 20,599 3,332 6,982
5,282
19,988 3,634 13,719
8,902 54,417 4,305 28.317
318
1,549
132 2,076
88,689 425,839 63.927245.790
31
584
2,121
326
5,702 24,760 6,148 2,073
2,599 19,447 2,400 3,757
560 14,683
221 5.897
9.628 36.977 6,774 14,713
5,091
23,486 4,834 6,034
4,722 20,234 4,680 2,747
4,000
3,000
47,078
6,378
The above total shows that the interior stocks have
during the week 105,603 bales and are to-night
101,225 bales less than at the same time last year. The
receipts at all towns have been 22,884 bales less than the
same week last year.
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Oct. 21 for each of the past 32 years have been as follows:
35.70C.
32.50.
28.65c.
18.50c.
12.40c.
1911
1910
1909
1908
1907
1906
14.10c. 1905
10.90c. 1904
9.75c.
14.450.
14.05c.
9.30c.
11.60c.
11.00c.
10.40c.
10.05c.
1903
1902
1901
1900
1899
1898
1897
1896
10.00c.
8.70c.
8.38c.
9.75c.
7.38c.
5.50c.
6.19c.
7.94c.
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 MarLet
Closed.
Saturday__ _
Monday __ _
Tuesday _ _ _
Wednesday
Thursday _ _
Friday
Futures
Market
Closed.
SALES.
Spot.
Quiet, 55 pts. adv._ iteady
Quiet, 25 pts. dec.. _ Barely steady_ _
Quiet, unchanged_ _ Steady
Quiet, 40 pts. dec.. Steady
Quiet, 80 pts. dec. _ Harely steady_ _
Quiet, 5 pts. dec. Easy
Total week_
Since Aug. 1
Contr'ct Total.
100
1.304
5,900
816
2,900
1,400
6,000
800
2,900
2.704
1.404 11,000 12,404
89 678 199.100 288.778
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:
Oc . 21ShippedVia St. Louis
Via Mounds, dm
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, Stc
1,927
Since
Week. Aug. 1.
47,143
8,277
7,750
34,604
181
6,732
681
5,881
61.257
63,015
7.209
1926------Since
Week. Aug. 1.
21,527
97,598
14,950
55,525
1.923
305
1.815
8,732
62.168
5,230
24.013 100.424
212,932
67,840
326,370
23,304
4,667
141,017
2,156
675
10,494
19.931
4,838
159,064
20,485
168,988
13,325
Leaving total net overland*._ _ 9.313
43.944
29,798
Total gross overland
Deduct Shipments
Overland to N. Y.. Boston, &c.._ - 1.514
476
Between interior towns
18,495
Inland, &c.,from South
Total to be deducted
*Including movement by rail to Canada.
Total marketed
519,033 4,466,441
Interior stocks in excess
105,603
601,948
Excess of Southern mill takings
over consumption to Oct. 1_ - -----*175,924
Came into sight during week_ _624,636
Total in sight Oct. 21
*79,328
4,892,465
259,781
751,812 5,339,552
508,202
100,723
852.535
5,768,426
76,570
477,100
•Decrease.
increased
1919
1918
1917
1916
1915
1914
1913
1912
1927
1926
In Sight and Spinners'
Since
Since
Week.
Takings.
Aug. 1.
Week.
Aug. 1.
Receipts at ports to Oct. 21
389.720 3.151.497 587.297 4,039,015
Net overland to Oct. 21
9,313
43,
54.515
142.537
Southern consumption to Oct. 21_120.000 1,271,000 110,000 1,158,000
87,969 10,881 62,383
CT fnew.,1110 MI TOO mamlno llon,A nnnqn. AC,11 .mil A0A0n9 A01 IIWAIOR
•
•
,
•
•
•
•
•
20.00c.
12.55c.
22.00c.
24.00c.
30.30c.
23.95c.
18.90c.
20.50c.
The foregoing shows the week's net overland movement
this year has been 9,313 bales, against 54,515 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 98,593 bales.
North. spinn's's takings to Oct. 21 34,388
6,377
Discontinual * ncludes the combined totals of 15 towns In Oklahoma.
1927
1926
1925
1924
1923
1922
1921
1920
[VOL. 125.
54,515 •
Movement into sight in previous years:
Week1925
-Oct. 24
1924
-Oct. 25
1923
-Oct. 26
Bales.
Since Aug. 1659,146 1925
607,166 1924
474.357 1923
Bales.
5,844,868
4.402,444
4,097.501
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Week Ended
01. 21.
Galveston
New Orleans_ _ _
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock_ _ _
nallas
Fort Worth
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
21.15
21.09
20.65
20.91
21.38
20.75
20.94
20.20
21.05
20.40
20.40
20.85
20.85
20.35
20.61
21.13
20.75
20.63
19.90
20.75
20.15
20.10
20.10
20.80
20.80
20.25
20.56
21.06
21.00
20.56
19.80
20.70
20.05
20.05
20.05
20.45
20.40
19.90
20.19
20.69
20.90
20.19
19.45
20.35
19.75
19.65
19.65
19.90
19.75
19.40
19.66
20.19
20.30
19.69
19.15
19.85
'
19.25
1910,
19.15
19 85
19 83
19.40
19.58
20.13
19 80 •
19.56
19.10
19.80
19.25
19.05
19.05
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Oct. 15.
Monday,
Oct. 17.
Tuesday, Wednesday, Thursday,
Oct. 18.
Oct. 19.
Oct. 20.
Friday,
Oct. 21.
:1.14-21.1f :0.84-20.87 20.71 bid 20.38 bld 19.74-19.76 19.73 19.75
October
November
December 11.14-21.17 0.88-20.90 20.78-20.80 20.40-20.41 19.76-19.79 19.83-19.85
January __ 21.16-21.2e 10.90-20.92 20.81-20.83 20.42-20.45 19.81-19.83 19.86-19.89
February
March __ 21.26-21.38 21.00-21.02 20.95 ----20.57-20.5820.03-20.05 20.05-20.07
April__ -.
21.40-21.41 21.01-21.02 20.97-21.0020.68May
20.10-20.12 20.05-20.10
June
21.28 bid 20.85-20.90 20.88 bid 20.58 bid 20.00July
19.90-19.95
Tone
Steady
Steady
Steady
Spot
Steady
Steady
Steady
(lotion.
Steady
Steady
Steady
Steady Daralv lit•V EitAltilV
GEORGIA COTTON REPORT.
-The State Department of Agriculture at Atlanta, Ga., issued on Oct. 8 its
report for the State of Georgia as of Oct. 1. The report is
as follows:
A cotton crop of 1.085.000 bales(500 pounds gross weight) was indicated
by condition on Oct. 1, as reported to the Georgia Co-operative Crop
Reporting Service. The condition figure of 54% of normal, as compared
with 55% on Sept. 1 and 59% one year ago, points to a yield of about 149
pounds lint cotton per acre. In 1926, 180 pounds per acre were harvested
and the yield in 1925 was 155 pounds. Production in 1926 was 1.496,000
standard bales and 1.164,000 for the year before.
During the past ten years the average decline in reported condition from
Sept. 1 to Oct. 1 has been nearly 6 points. Thisis due to additional hazards,
such as weather and insect damage, affecting the average crop with the
advancement of the season. Factors more favorable than were expected
based on past experience, and influencing the crop during the past month
are responsible for the decline being less than the 10
-year average, and the
indicated crop is 50.000 bales more than that shown in the report of a
month EDW. Dry weather has enabled picking to be carried on full time
and many weevil-damaged bolls were saved that would have been lost
throuch rotting had moisture been plentiful. Over most of the State no
rain of any consequence has fallen since cotton first belan to open, resulting
in minimum field losses both as to quantity and grade.
The crop is considerably earlier than last year and practically all open
over the southern three-fourths of the State. Picking is nearly completed
over this territory. While very low compared with last year. south Georgia
Production generally is slierhtly above expectations earlier in the season, as a
fair bottom crop and part of the middle crop was sufficiently advanced to
escape material injury from the weevil at the time of Infestation. In the
middle section of the State-the eastern part °sof:daily-weevil damage
has been heavy. Over a portion of the area only the bottom crop was
saved and even it did not entirely escape the ravages of the insect.
In north Georgia weevil damage has been negligible and the crop is comparatively good. Final outturn will more than equal that of last year.
This is esnecially true of the north central and northeastern areas, where
dry weather has lowered production for several years. White fields are
numerous and what green bolls remain are opening rapidly.
Ginnings for Georgia Drior to Oct. 1. as reported by the Bureau of Census,
were 743,000 runnina bales, as compared with 602,988 bales to that date
last year and 869.997 bales to Oct. 1 in 1925.
NEW RULES BY NEW YORK COTTON EXCHANGE
FOR INSPECTION OF COTTON.
-Beginning Monday,
Oct. 10, all cotton offered for inspection under the regulations of the New York Cotton Exchange must be stored at
Bayway Terminal, unless such cotton is at present in storage
in other licensed warehouses in the Port of New York.
only other exception to
this rule is that in the event cotton is offered
The
to Bayway Terminal for storage and they are unable to store and handle
it for any reason, such cotton may. at the discretion of the Warehouse and
Delivery Committee of the exchange, be inspected and stored at other
licensed warehouses in the Port of Now York.
CENSUS REPORT ON COTTONSEED OIL PRODUCTION DURING SEPTEMBER.
-Persons interested in this
142.537 report will find it in our department
headed "Indications of
' Business Activity" on earlier pages.
183,833
OCT.22 1927.]
THE CHRONICLE
CENSUS REPORT ON COTTON CONSUMED AND
-This report, issued on
ON HAND IN SEPTEMBER,&c.
Oct. 14 by the Census Bureau, will be found in full in an
earlier part of our paper under the heading "Indications of
Business Activity.'
ACTIVITY IN THE COTTON SPINNING INDUSTRY
-Persons interested in this report will
FOR SEPTEMBER.
find it in our Department headed "Indications of Business
Activity" on earlier pages.
WEATHER REPORTS BY TELEGRAPH.
-Reports ta
us by telegraph this evening indicate that there has been
practically no rain during the week in any section of the
cotton belt. Picking and ginning continue to make good
progress in all portions of the belt, with the exception of
those parts where wet sail the early part of the week interfered with picking.
Texas.
-Conditions have not changed much during the
week in this State, and little or no top crop is expacted.
Picking and ginning have made rapid pragress. The gathering of the crop is largely completed except in the northwest.
Mobile, Ala.
-The weather has been clear with small
pickings and light ginnings.
Rain. Rainfall.
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
1 day 0.09 in.
1 day 0.08 in.
dry
Galveston, Texas
Abilene
Brenham
Brownsville
Corpus Christi
Dallas
Henrietta
Kerrville
Lampasas
Luling
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
Ardmore, Okla
Altus
Muskogee
Oklahoma City
Brinkley. Ark
Eldorado
Little Rock
Pine Bluff
Alexandria, La
Amite
New Orleans
Shreveport
Columbus
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 85 low 61 mean 73
high 88 low 44 mean 66
high 92 low 48 mean 70
high 84 low 56 mean 70
high 84 low 60 mean 72
high 88 low 52 mean 70
high 86 low 46 mean 66
high 88 low 38 mean 63
high 88 low 40 mean 64
high 88 low 44 mean 66
high 88 low 40 mean 64
high 92 low 48 mean 70
high 90 low 52 mean 71
high 88 low 52 mean 76
high _
low 48 mean _
high 88 low 46 mean 67
high 89 low 44 mean 67
high 91 low 41 mean 66
high 89 low 44 mean 67
high 90 low 49 mean 70
high 81 low 31 mean 56
high 85 low 40 mean 63
high 81 low 44 mean 63
high 91 low 39 mean 65
high 86 low 42 mean 64
high 84 low 37 mean 61
high
low _ mean 66
high 84 low 50 mean 67
high 85 low 35 mean 60
high 84 low 32 mean 58
high 79 low 45 mean 62
high 77 low 44 mean 62
high 74 low 29 mean 52
high 78 low 41 mean 60
high 84 low 40 mean 62
high 80 low 36 mean 58
high 79 low 41 mean 60
high 76 low 42 mean 59
high 74 low 34 mean 54
high 76 low 42 mean 59
high 79 low 44 mean 67
high 74 low 45 mean 60
high 75 low 38 mean 57
high __ low 42 mean _ _
high 75 low 36 mean 56
high 74 low 40 mean 53
high 75 low 44 mean 60
high 73 low 39 mean 36
high 76 low 41 mean 59
2285
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.
Cotton Takings.
Week and Season.
1927.
Week.
1926.
Season.
Week.
Season.
Visivle supply Oct. 14
5,948,055
5.350.719
Visible supply Aug.1
4,961,754
3,646,413
American in sight to Oct. 21_ _ _ _ 624,636 4.892,465 852,535 5,768,426
Bombay receipts to Oct.20
6,000
159.000
7.000
156.000
Other India ship'ts to Oct. 20_ -8.000
136.500
1.000
96,000
Alexandria rece:pts to Oct. 19_ _
60,000
355.860
60,000
238.400
Other supply to Oct. 19 8 b
18,000
194,000
20.000
230,000
Total supply
Deduct
Visible supply Oct. 21
6,664,691 10,699,579 6,291.254 10,135.239
6,204,127 6,204,127 5.741.495 5.741.495
Total takings to Oct. 21 a
460,564 4.495,452 549,759 4,393,744
Of which American
340,564 3,264,092 410,759 3,372,344
Of which other
120.000 1,231,360 139.000 1.021.400
• Embraces receipts in Europe from Brazil, Smyrna, West Indies. &c.
a This total embraces since Aug. 1 the total estimated consumption by
fibuthern mills, 1.271.000 bales in 1927 and 1.158.000 bales in 1926-takings not being aavilable-and the aggregate amounts taken by Northern
and foreign spinners. 3,224.452 bales in 1927 and 3,235,744 bales in 1926,
of which 1.993,092 bales and 2,214,344 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
1927..
Oct. 20.
Receipts at
Week.
Bombay
1926.
6.000
159,000
1925.
Since
Week. Aug. 1.
Sines
Aug. 1.
Since
Week. Aug. 1.
7,0001 156,000 11.0001 151.000
For the Week.
Since August 1.
Exports.
Great Conti- 1.1apan&
Great
Britain. nent. China. Total. Britain.
Bombay
1927
1926
1925
Other indl
I
Continest.
9.000,
1,000
___
1,000i 3,000
9,000
1,000
5,000
11,000
1,000
9,000
7.000
1,000
6.000
8,000
1.000
7,000
18,500 118.000
7,000 89,000
25,000 89.000
.
I
1,000 16,000
2,000
2:666 7.000
____ 17,000
2,000
_
1:000
1,000
19
192267
1925
1:009
Tota27
l91 a111926
1925
Japan et
China.
1
Total.
73,
135,000 219,000
64,000 134,000 199,000
85,000 92,000 186,000
136.500
96.000
114,000
29,500 191.000 135,000 355,500
8.000 153,000 134,000 295,000
3;666 12.000 34,000 174.000 92,000 300,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
1,000 bales. Exports from all India ports record an increase
of 15,000 bales during the week, and since Aug. 1 show an
increase of 60,500 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
The following statement we have also received by tele- of the previous two years.
graph, showing the height of rivers at the points named at
Alexandria, Egypt,
1927.
1926.
8 a. m. of the dates given:
1925.
01. 19.
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
kbove zero of gauge.
Above zero of gaugeAbove zero of gaugeAbove zero of gauge_
Above zero of gauge_
Oct. 211927.
Feet.
6.4
18.5
6.8
10.3
29.2
Oct. 221926.
Feet.
11.2
30.0
7.8
21.9
39.2
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
plantations. The figures do not include overland rethe
ceipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Receipts at Ports.
Week
Kaden 1927. 1926. 1925.
July
22-. 30,270 37.161 21,742
29- 35.602 85.222 45.020
Autl•
6.- 45.278 53.306 41,207
12.- 84,022 73.869 43,254
19.. 108.930 87.880 93,836
26.. 143.950 113.195 148,566
Sept.
2.- 248.049 187,801250,017
9-- 261.473 208,801211.619
16-- 319,045330.427 358,650
23..334,837410.234325.890
30-- 406.030 567,704494.293
Oct.
7- 421,802622,656 367,670
14__ 391, 39618,810423.813
2L.389.720587,297 383.026
Stocks at Interior Towns.
1927.
1926.
300,000
1.680 997
300,000
1.186.570
This Since
This Since
Week. Aug. 1. Week. Aug. 1.
Exports (bales)-
To Liverpool
20.787 7,250 37.350
To Manchester, &c
24.896
____ 27,242
To Continent and India_ 6,000 73,293 10.250 54,759
To America
7,000 24,013
700 12.127
340,000
1.797.505
This Since
Week. Aug. 1.
9,000
____
8,250
1.250
30,417
20,309
52,065
10,390
Total exuorts
19 nln 142.589 18 20(1 131 478 18 Ann Ira 1511
Note.
-A canter is 99 lbs Egyptian ba es weight about 750 lbs.
This statement shows that the receipts for the week ending Oct. 19 were
300.000 cantars and the foreign shipments 13,000 bales.
Receiptsfrom Plantations
1925. 1927.
1926.
1925.
392.271 884,912 170,236 10,043 4.081 8.454
374.492 819.353 180,605 12,823 19,863 35.888
376,345
369.809
349.011
336.511
542,251
522.013
511.748
496,117
150,547 47,129
164,545 67.486
191,601 98.132
270.980 131,450
336,614
371,441
421,618
524,594
647.605
488.127
490,340
533.485
631,415
744,323
357,322248,152 179,901 336.359
525,502298.900211,014379.797
643.994 370,122 373,572473,097
872.105 .37,813508,164554.001
957,762529,041680,612580,130
22,217 31.149
53,631 57.262
77.615 120.892
97,800227.659
742,848 869,793 1,137.618 517,045748,126 547.516
869.297 975,4021,267,385518,088724.419553.560
974,900 1,076,1251,385,045495,323688,020 500,706
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1927 are 3,744,323 bales:
in 1926 were 4,3 8,068 bales, and in 1925 were 4,362,118
bales. (2) That although the receipts at the outports the
past week were 389,720 bales, the actual movement from
plantations was 495,323 bales, stocks at interior towns
having increased 105,603 bales during the week. Last year
receipts from the plantations for the week were 388,020
bales and for 1925 they were 500,706 bales.
Receipts (cantata)-'.
Tillsweek
Since Aug. 1
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both cloths and yarns is quiet. Demand for both India
and China is poor. We give prices to-day below and leave
those for previous weeks of this and last year for comparison.
1927.
32s Cop
Twist.
(1.
1926.
83.4 Lbs. Shirt- Cotton
ing*. Common Midas
to Finest.
UPPds
s. d.
s. d
d.
July1514 @17 134 @136
15)1(81731 13 4 618 6
d. s. d.
s. d
9.91 1434 @16 36 13 0 613 2
1005 15 616% 13 0 613 2
9.93
10.02
(a 13 4
613 7
613 7
614 2
9.47
10.40
10.60
11.15
15 @1634
1 55(616%
15
165%
1436151634
130
13 0
130
13 2
@132
0,13 2
@134
(813 4
9.74
9.35
9 5.r.
10.17
15140
614 0
614 0
613 5
((0136
12.34
12.67
11.83
11.20
11.57
15%617
1634(017
15h(9 17
15 @1614
14361515%
13 4
13 4
13 4
13 3
12 6
(013 6
(013 6
(013 6
8 13 5
,
(013 2
10.07
10.16
9.52
8.43
7.79
@136
613 6
613 6
11.72 133.41514% 12 0 (012 4
11.54 134 8./ 14% 12 2 (012 6
11.01) 13 0143.4 12 0 (a 12 3
7.09
7.35
6.70
5118115t
-
1534@,17% 13 2
12...... 17 619 13
i9..... 16461718 135
16% @ 18 14 0
Sept.
18 619 13 6
18 619 13 6
173 4. 19 13 6
4
17%@ 19 13 3
17)86194 13 4
Oct.
17 @l9 13 2
14._ 16%(918% 13 2
21___- 165861834 13 2
82a Cop
Twist.
83.4 Lb.. Shirt- Corson
ing., Common Middre
to Finest
Upr4.
[VOL. 125.
THE CHRONICLE
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 291,976 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Spot.
Saturday.
Market, { A fair
business
12:15
P. M.
doing.
Monday.
Tuesday. Wednesday. Thursday.
Good
inquiry,
Good
demand,
Good
demand,
Moderate
demand.
Friday.
Good
demand.
Bales.
Mid.Upl'ds
11.49d.
11.41d
11.438.
11.52d.
11.29,1. 11.09d.
-Republic, 1.987; Bremen,
NEW YORK-To Bremen-Oct. 14
2,984 Sales ____
-President Roosevelt. 208
789- __Oct. 18
10,000
8,000
12,000
10,000
10,000
7.000
-Conti Bianca-Laguna, 41_ _ -Oct. 14
To Genoa-Oct. 13
341
mano, 300
Futures. Barely st'y
Quiet
Quiet
Q't but sty
Easy
Quiet,
500 Market I 14 to 'Opts. 1 to 6 pta. I to 3 P18.4 to 8 pta. 1480 18pts. lOto 12pts.
•
-Manuel Calvo, 500
To Barcelona-Oct. 14
-McKeesTo Havre-Oct. 15-Rochambeau, 260___Oct. 18
advance,
decline,
opened 1 decline,
decline,
decline.
decline.
370
port, 110
100 Market, 1 Steady
-Oct.19-Saucon, 100
To Piraeus
Easy
Steady un- Barely sty
Easy
Quiet but
10 to lints. 3 to 5 pta. changed to 7 to 18 pta, 29 to 35pts. steady, 4 to
4
-Oct. 13-Abercos, 648__-Oct. 14
GALVESTON-To Liverpool
1.. M.
decline.
decline. 13 pta. adv. decline.
decline. 10 pta. dec.
8,236
Minnie de Larrinaga, 3,932_ _Oct. 15-Nitonlan,.3 656-Minnie de
To Manchester-Oct. 13-Abercos, 90___Oct. 14
Prices of futures at Liverpool for each day are given below:
2,801
__Oct. 15-Nitonlan. 575
Larrinaga, 2.136-Jeff Davis,
To Havre-Oct. 13-Sahale, 4,213__ -Oct. 14
27,513
6,979; Wulsty Castle, 4,147- _Oct. 15-Arundale, 12.174Mon. I Tues.
Sat.
Wed.
Thurs. I
Fri.
-Oct. 13-Sahale, 639___Oct. 14-Wulsty Castle,
To Ghent
Oct. 15
4.624
3,685; Jeff Davis, 300
12% 12% 1231 450 12311 4
to
1234, 4:00 12* 4:00 1231 450
850
Copenhagen-Oct. 11-Gorm,850
To
Oct. 21.
P. m• m• m•D. m 1.• m.p. m.$1. m.P. m.P. m•D. m.
To Bremen-Oct. 14-Harpagus,941; Errington Castle, 9.565; 29,637
Jacob Christensen, 10,691,• °airman. 8,440
d.
d.
d.
d.
100 October _ __ _ d. 11.00 11.04I10.9710.98I d. d. d. d. I d. I d. d.
-Jeff Davis. 100
To Dunkirk-Oct. 14
11.10 11.07J11.02 10.84 10.73 10.84 10.87
500 November_ _ _
To Rotterdam-Oct. 14-0akman. 500
10.96 10.97111.07 1.0493
10.99
l0.8110.6910.59 10.61
-Mar Adriatic°, 6,932. _Oct. 17Barcelona-Oct. 14
To
December _ __
11.02 11.06 10.98 10.98,11.08 11.0611.01 10.82 10.6910.6 10.61
11.600 January_____ _
Sapinero,4,668
11.04 11,08 11.01 11.01'11.10 11.07 11.02 10.83 10.71,10.8110.63
6,615 February
-West Modus, 1.850; Terni, 4,765
To Genoa-Oct. 14
1.03 11.07 11.00 10.99 11.08 11.05 10.99 10.80 10.67 10.57 10.59
2,100 Mareh
To Oporto-Oct. 15-0gontz, 2,100
_ _ 1.06 11.0911.02 11.01 11.09 11.05 10.9 10.8010.66 10.57 10.59
500 A pril _
To Passages-Oct. 15-0gontz, 500
_ _ _ 1.03 11.07 10.9910.99 11.06 11.01 10.95 10.76 10.61,10.53 10.55
-Victorious, 7,960___Oct. 17-811jestad,
To Japan-Oct. 15
May
1.05 11.09 11.02 11.01,11.08 11.02 0.98 10.77 10.81'10.5410.56
9,060 June
1.100
11.01 11.04 10.96 10.95 11.02 10.96 0.89 10.71 10.55 10.48 10.50
525 July
-Victorious,450_ _ _Oct. 17-Siljestad,75
To China-Oct. 15
10.98 11.01 10.9310.92 10.98 10.92 10,85 10.87 10.51,10.44 10.47
10.87 .
.
0.7210,65 10.39 10.32 10.34
.
.
-Anatolia,5.917---Oct.17
.
-To Bremen-Oct.12
NEW ORLEANS
_ _ 10.73 10.76 10.88 10.67 10.69 10.62 0.5410.38 10.23 10.1310.13
7,868 September_
-George Pierce, 1,951
111 October
-Anatolia. 111
- 10.6010.63 10.5510.54 10.55 10.48 0.39 10.24 10.08 10.01 10.02
To Hamburg-Oct.12
390
To Oporto-Oct. 13-0gontz, 390
100
-Oct. 13-0gontz, 100
To Passages
1.523
-Ontario, 1,523
To Havre-Oct. 15
1,092
-Ontario, 1.092
BREADSTUFFS
To Dunkirk-Oct. 15
350
-Ontario, 350
To Antwerp--Oct. 15
50
-Topeka, 50
14
Friday Night, Oct. 21 1927.
To Oslo-Oct.
300
-Topeka, 300
-Oct. 14
To Gothenburg
250
Flour early in the week showed no change in the listless
-George Pierce, 250
To Rotterdam-Oct. 17
1,995
-West Caddoa, 1,995
To Genoa-Oct. 15
11,708 character of the trading and the movements of prices were
-Cape York. 11,708
To Japan-Oct. 19
-Coldwater, 3,661---Oct.
-Oct. 14
as sluggish as the actual trade. Later in the week, however,
SAVANNAH-To Liverpool
13,247
15-Okelsund. 2.138; Nibian, 7.448
the trade was treated to a surprise. The sales for export of
-Coldwater, 100.. Oct. 15-OkelTo Manchester-Oct. 14
3,738 American
sun& 1,050; Niblan, 2.588
flour were reported as 200,000 to 300,000 barrels
14-Coldwater,90
90
To Hamburg-Oct.
To Bremen-Oct. 15-Bundance, 5,154___Oct. 19-W ladento the United Kingdom and the Continent. It was added
18,209
!els, 13.055
that considerable business was still pending. Both in the
To Rotterdam-Oct. 15-Sundance, 500_--Oct. 19-Wieden1.918
fail, 1,418
200 Northwest and the Southwest the mills have had, it is said,
-Gloria Siemer, 200
-Oct.19
Ghent
To
6,500 a much better business of late. The clearances
To Japan-Oct. 19-Silverdash. 6,500
have been
-Oct. 13-Nitonlan, 6,467- __Oct. 15HOUSTON-To Liverpool
9,704 mostly to Germany. To-day further export business was
Abercos. 3,237
800
To Manchester-Oct. 13-Nitonlan, 800
1,100 said to have been done. Toledo, Ohio, wired: "The A. & P.
-Florida. 1,100
To Copenhagen-Oct.13
14-Errington Court, 7,658; Oakman,
h-lb. loaf bread to Sc. In Toledo terrireduced the price on 11
To Bremen-Oct.
-Schleswig
1,150_ _ -Oct. 15-Conness Peak,2.342_ _ _Oct. 18
18,434 tory. The former price was 9c."
-Rio Panuco, 3,761
Holstein. 3,523---Oct. 20
Wheat declined under the continued liquidation on the
To Rotterdam-Oct. 14-0akman, 450---Oct. 15-Conness
518
Peak. 68
15th inst. October in Winnipeg, it is true, was In demand
-Jersey City,
-Victorious,3,850_ -Oct.18
To Japan-Oct.14
22,369 and firm, with some demand for export, and the weather in
Oct. 20-Tobsei Maru.9,225
9,294
1,130
-Victorious, 1.130
To China-Oct. 14
8,572 northwestern Canada bad. But in the United States export
15-Sahale, 8,572
To Havre-Oct.
100 demand was light, Liverpool was slightly lower, and offerTo Antwerp-Oct. 15-Sahale, 100
1,461
To Ghent-Oct. 15- a a e. 1.461
ings of American and Canadian were larger. Australian
-Mar Adriatic°, 1.868; SaPricero.
To Barcelona-Oct. 15
3,868 crop news was more cheerful. Rrom the Argentine it was
2,000
198 favorable, with a good store of subsoil
-Rio Panuco, 198
20
To Hamburg-Oct.
moisture. The De-Gloria Siemer, 1.960
1.960 partment of Agriculture stated, moreover, that the total
CHARLESTON-To Antwerp-Oct. 15
To Bremen-Oct. 15-Wlldwood, 4,600___Oct. 18--Pavana,
8,522 of the crops in 33 countries was 3,029,820,000 bushels,
3.922
-Oct. 15-Wildwood, 308__-Oct. 18-Pavana,
To Hamburg
last year, an increase of 7.1%, exclu1.991 against 2,830,229,000
1.683
sive of Russia and China. Yet the net decline on the 15th
.1,753
-Oct. 14-City of Fairbury,1,753
-To Liverpool
MOBILE
950 was only % to %c., Winnipeg winding up %c. lower to %c.
To Manchester-Oct. 11-City of Fairbury. 950
10,029 higher. Winnipeg helped noticeably to sustain American
-West Kyska, 10.029
To Bremen-Oct. 14
5,825
-Steel Trader, 5,825
18
To Japan-Oct.
markets.
-Loraine, 4,807__ -Oct. 17
NORFOLK-To Bremen-Oct. 15
On the 17th inst. prices declined 1 to 1%c., though Win5.907
Kiel. 1.100
300 nipeg ended % to / lower for the later months. The fact
2
1c.
-Clairton, 300
-Oct. 17
To Manchester
that corn was higher tended to restrict the decline in wheat.
SAN PEDRO-To Bremen-Oct. 14-Grootendijk, 900--Oct. 19
2,550
-Witram. 1.100; Odenwald. 550
100 But the Northwest was selling wheat. The visible supply in
To Liverpool-Oct. 19-Drechtdijk, 100
150 the United States increased last week 4,545,000 bushels,
To Genoa-Oct. 19-Feltre. 150
100
To Venice-Oct. 19-Feltre, 100
against a decrease in the same week last year of 1,429,000
-Oct. 18-Abercos. 2.997---- 2,997 bushels. The total is 84,481,000, against 73,404,000 a year
-To Liverpool
CORPUS CHRISTI
263
263
-Oct. 18-Abercos,
To Manchester
was for fair weather In the United States
475 ago. The forecast
-Tye Maru,475
PORT TOWNSEND-To Japan-Oct. 7
Canada. It was feared that fair weather would mean
475 and
-Minnie de Larrinaga,475
-Oct.12
-To Liverpool
TEXAS CITY
617 heavier selling in Canada. The Canadian visible supply,
-Minnie de Larrinaga, 617
ToManchester-Oct. 12
163 Including the quantity in bond, increased last week 7,627,000
-Oct.20-Afonndria, 163
PENSACOLA-To Liverpool
bushels. The marketings in the United States and Canada
291,976
the
COTTON FREIGHT. Current rates for cotton from
are
New York, as furnished by Lambert & Burrows, Inc.,
-as follows, quotations being in cents per pound:
High BandHigh Stand
1110/8 StandDensity. ord.
Density ctrd
Density. ard.
.500. .600. Shanghai .724e. .8734e.
.40o. .56e. Oslo
Liverpool
.80e
.650.
Manchester .400. .55e. Stockholm .60e. .750. Bombay
.65o
.50e.
.65c. Bremen
.50c
Antwerp .400. .55e. Trieste
.55e.
.50c. .650. Hamburg .40c.
Flume
.47340. .6254c
Ghent
$1.00
.85c.
.50c. .65c. Piraeus
.50c. .65e. Lisbon
Havre
$1 00
.85e.
Mc. .80c. Salonica
Rotterdam .400. .550. Oporto
Mo.
.500.
Venice
.500. .65o. Barcelona .300. .450
Genoa
.67340. .82548.
Japan
LIVERPOOL. By cable from Liverpool we have the folstocks, &o., at that port:
'
lowing statement of the week s sales,
Sept. 30.
Sales of the week
Of which American
Actual exports
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amountafloat
Of which American
39,000
24.000
2,000
52,000
1.006,000
676,000
44.000
30,000
147,000
54.000
Oct. 7. Oct. 14.
45,000
51,000
24,000
32.000
4,000
3,000
63,000
58.000
970,000 965,000
642.000 629,000
49,009
25,000
27,000
7.000
168.000 169,000
78,000
80.000
Ca. 21.
56,000
36.000
3,000
57,000
935.000
610,000
32.000
22,000
201.000
102.000
for spots and futures
The tone of the Liverpool market
closing prices of
day of the past week and the daily
each
cotton have been as follows:
spot
United States fell off as comand inter!or receipts in
pared with the previous week, but the receipts at primary
points continued large enough to excite comment. Earlier
In the day there was a slight advance on the 17th, but it
gave way under liquidation later on. Liverpool closed unchanged to %d. h.gher on that day.'Buenos Aires advanced
4d. The fears of increasing supplies in this country and
Y
across the border was the dominating factor. Export sales
on the 17th inst. were estimated at 250,000 to 500,000 bushels. The weather In the Southwest was clear and moderately warm. That would facilitate winter wheat seeding.
Australian and Argentine crop news was in the main favorable. Some Australian estimates have recently increased,
although they are smaller than the crop of last year. Cash
markets, on the other hand, were firm. In fact, in some
cases premiums advanced. The Chicago stock is 6,187,000
bushels, a decrease last week of 172,000.
On the 19th Inst. prices declined early to new lows for
the year. There was a slight recovery later on, but prices
wound up for the day % to %c. off. Sentiment was bearish.
There was quite a little liquidation. The weather in Canada was good. Country deliveries in Canada on Tuesday
were 4,293,000 bushels, an increase of 200,000 over those of
last year. On the 19th inst. they were over 4,000,000 bushels. Arrivals at Winnipeg were large. According to the
OCT. 22 1927.]
THE CHRONICLE
"Price Current and Grain Reporter," interior receipts since
July 1 to Oct. 15 totaled 257,429,000 bushels, the second
largest movement in the history of the country. This was
exceeded only once, in 1925, when the total was 265,887,000
bushels for the same period. On the other hand, there was
some advance on short covering, and a better export demand.
Sales for export were estimated at 800,000 to 1,000,000 bushels, including some spring wheat and Manitoba. Liverpool
was lower. The Argentine and Australia sent favorable
crop reports. On the 20th inst. prices fell 11 2 to 13c. on
/
heavy Northwest selling. There were reports of a good exbusiness in flour, that is 200,000 to 300.000 bbls. sold to
port
the United Kingdom and the Continent, with further good
business pending. This is American flour. But the country
deliveries of wheat in Canada were the largest of the season,
namely 5,377,000 bushels. Much of the Alberta wheat grades
'
tough, owing to recent rains. Hedging sales had an effect;
also, fine weather in the Canadian Northwest. The forecast
was for showers in Alberta, but generally faith weather in
Manitoba and Saskatchewan. Export sales were 600,000 to
800,000 bushels.
To-day prices closed 2 to 2 c. lower under continued
/
1
4
liquidation. The big drop in stocks was an adverse influence. New lows for the season were reached. Closing
prices were near the lowest. The Liverpool cables were
% to Ific. lower. Australia had further good rains. Canadian marketings were heavy. The export sales were limited to 500,000 to 600,000 bushels of Manitoba and domestic
spring. October in Winnipeg showed a certain weakness.
Stop orders were caught on the way down. Further business in flour, it was intimated, was under way for export.
It had no effect. Canadian marketings yesterday were
0,091,000, as against 3,600,000 on the same day last year.
The export business is small for this time of the year.
Bradstreet's North American exports this week were 12,440,000 bushels, against 9,305,000 last year. Argentina shipped
1,502,000 and Australia 490,000. It looks like a total of
15,400,000 for the world. Toledo reports that chain stores
have reduced the 1%-pound loaf of bread from 9c. to 8c.
Final prices were down for the week 8 to 8 c.
/
1
2
2287
prices, it is figured, are 96 and 92c., cif. United Kingdom,
respectively. The weather at the West was generally favorable. It is warm for the season.
To-day prices closed % to lc. lower, partly in sympathy
with a drop in wheat. At one time prices were about 1c.
lower. There were reports of further export sales. They
had a steadying effect. Some bought corn against sales of
wheat. Country pressure increased. About 125,000 bushels were bought to go to Chicago. Cash demand was fair.
Liverpool and the Continent took a little corn. The cables
seem to encourage the idea that a fair export business may
yet be done in American corn at around present prices. Frost
was predicted for to-night in Indiana and Illinois. Final
prices show a decline for the week of 3 to 4c.
/
1
4
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
ets-10434 1053/1 102% 10334 102% 100
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in e1evator_cts_ 851 8534 8434 81 83
8234
March delivery in elevator
89
87% 88
90
87
86%
May delivery In elevator
91
9231 90% 90
8934 39
No. 2 yellow
Oats declined on the 15th inst. some % to %c. with corn
noticeably lower and nothing in the trading to offset its
influence. The decline in corn caused not a little liquidation. Oats declined early on the 17th inst. with corn, but
rallied later with that grain and ended 14 to 1%c. higher
for the day. The trading was on only a moderate scale,
however. No striking incidents developed. The United
States visible supply decreased last week 947,000 bushels,
against a decrease in the same week last year of 206,000.
The total is now 24,927,000 bushels, against 47,722,000 a
year ago. The stock in Chicago decreased for the week 307,000 bushels and is now 5,187,000 bushels. On the 19th inst.
prices ended 14 to / higher. The strength of corn helped
1c.
4
oats. On the 20th inst. prices fell % to %c. on moderate
selling.
To-day prices ended / lower with heavy liquidation.
1c.
4
The decline in other grain played a chief part in the day's
fluctuations, which, after all, however, were on a moderate
scale. Cash oats were not particularly depressed and some
business was done for export. It is said to have been of fair
CLOSING PRICES OF DOMESTIC WHEAT AT NEW YORK.
volume, but no quantities were mentioned. A good
Sat. Mon. Tues. Wed. Thurs. Fri.
many
December delivery
cts_132% 13134 12934 12834 12734 125
sold December and bought May at about 3c. difference.
May delivery
13334 ---That was an outstanding feature. Final prices show a
CLOSING PRICES AT NEW YORK FOR WHEAT IN BOND.
decline for the week of 11 to 1%c.
/
4
Sat. Mon. Tues. Wed. Thurs. Fri.
October delivery
cts-134% 14334 139
---- 139
---137% 137% 13434 ---- 134% -.-DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
cts-147
146% 14334 145% 14634 14434
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed.
December delivery in elevator_cts-130% 12934 12734 12634 Thurs. Fri.
12554 12334
March delivery in elevator
13334 13274 13034 12934 12834 1264
May delivery in elevator
13634 13531 13234 132 13034 12834
DAILY CLOSING PRICES OF WHEAT FUTURE.. IN WINNIPEG.
Sat. Mon. Tues. Wed.
October delivery In elevator___cte-14034 13931 134H 134 Thurs. Fri.
13351 13134
December delivery in elevator
131% 13134 128
127 126% 125H
May delivery in elevator
135 13434 132
131
13034 129H
December delivery
Indian corn declined, owing to further "long" selling and
new lows were reached on all months. The ending on the
15th inst. was % to lc. lower. Everybody was as bearish as
ever. Stop orders were caught. Cash markets were off.
The country offerings were larger. About the only buying
was to cover shorts. Theoretically the technical position
Improved. It was not mere theory, however. The liquidation has been very persistent and very heavy. Everybody
is running one way. That in the end may prove to be a
bullish factor. On the 17th inst. prices declined early, but
rallied later, after having reached a new low on all deliveries. Country offerings to arrive were larger. Some 250,000 bushels sold to go to Chicago. The weather forecast
was fair and warmer. On the other hand, the vis'ble supply
decreased last week in this country 2,123,000 bushels, against
a decrease in the same week last year of only 168,000 bushels. The total is now 19,270,000 bushels, against
16,908,000
a year ago. Liquidation was less persistent. The technical
position was better after the recent drastic liquidation.
Some complaints about the corn crop came from Illinois
and Iowa. The early frost is said to have done damage in
Illinois. Good progress, however, was reported in Missouri,
with indications of better yield per acre. The Chicago stock
is 8,837,000 bushels, a decrease last week of 558,000. Chicago bookings of old and new corn to arrive made on the
17th inst. included the basis for new of 7c. under December,
for November and December shipment.
On the 19th inst. prices, after declining early, rallied and
ended / to %c. higher for the day. Shorts covered. The
1
4
country was offering less freely. Good weather and a favorable Government weekly report caused the early decline.
On the 20th inst. prices advanced slightly and then fell 2c.
with wheat, ending at a net decline of 1 to 13c. There were
rumors of export business, but nothing definite was reported. It was said that beyond a little business at New
Orleans with Cuba there had been no foreign trade. American prices are said to be 5c. over Argentine laid down at
European ports. But Liverpool reports offerings of American corn in Liverpool for December shipment at 34s. per
quarter c.i.f. and added that Americans were offering resale lots of Argentine corn at 32s. 6d. per quarter. These
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts- 59
5934 59
5934 5934 5834
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed.
December delivery In elevator_cts_ 46% 46% 4534 46% Thurs. Fri.
4554 45g
March delivery in elevator
4834 4834 48
4834 47% 47%
May delivery in elevator
49.34 4934 49
4934 4834 48%
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues.
October delivery in elevator--cts- 64 547 631 61% Wed. Thurs. Fri.
December delivery in elevator
6434 53
52%
May delivery in elevator
56% 56
5534 55
54% 54
No. 2 white
E5`
24 2V$
Rye on the 15th inst. ended unchanged to 1 2c. lower,
/
under the influence of declines in other grain. Also, there
was no export business. But the closing on that day was
steadier under the influence of steady Northwestern markets. On the 17th inst. prices declined slightly and then
rallied with other grain, ignoring a decline in wheat. The
seaboard reported sales for export of 100,000 bushels. The
appearance of export buying accounted for the individual
strength of corn, although the fluctuations were not marked.
The visible supply in this country decreased last week 112,000 bushels, against an increase in the same week last year
of 351,000 bushels. The total is now only 2,593,000 bushels,
against 12,079,000 a year ago. On the 19th inst. prices ended
% to 1%c. lower, in sympathy with a decline in wheat.
Some export sales were made. On the 20th inst. prices
showed little change. Duluth reported export sales of about
200,000 bushels.
To-day prices closed / lower to %c. higher, with sales
1c.
4
of 100,000 bushels for export. The small stock of rye in
Chicago rather bothers shorts and hedgers. It may develop
into an interesting situation,far more interesting than agreeable. But towards the close rye reacted, owing to the weakness in other grain. Final prices show a decline for the
week of % to 2 c.
/
1
2
DAILY CLOSING PRICES OF RYE FUTURES
Sat.
December delivery in elevator-cts- 9634 Mon. Tues.
9734 963,4
March delivery in elevator
10034 10034 9834
May delivery in elevator
10134 10134 100
IN CHICAGO.
Wed. Thurs. Fri.
9534 9554 9634
98
98
98
9834 9834 9834
Closing quotations were as follows:
GRAIN.
Wheat. New York
Oats, New York
No. 2 red. f.o.b
14434
No. 2 white
58%
No. 2 hard winter. f.o.b.-13534
No.3 white
5634@56
Corn, New York
Rye, New York
No.2 yellow
100
No. 2 f.o.13
10834
No.3 yellow
9734 Barley. New York
Malting as to quality
9234
FLOUR.
Spring Patents
86.90(87.25 Rye flour, patents
Clears,first spring
6.75® 7.00 Seminole No. 2. pound-$5.75 ®36.10
4
Soft winter straights_
6.00® 6.40 Oats
3.001® 3.05
Hard winter straights__ 6.75® 7.15 Corn goods
flour
2.45(8 2.50
hard winter patents_ _- 7.15 ,,. 7.65 Barley goods_
Hard winter clears
600(8 6.50
Coarse
2.60
Fancy Mbm. patents__ 825(8 9.10
Fancy pearl Nos. 1,2,
City mills
8.40® 9.10
3 and 4
7.00
For other tables usually given here, see page 2229.
2288
THE CHRONICLE
[VOL. 125.
WEATHER BULLETIN FOR THE WEEK ENDED velopment to change buyers' attitude, and they have conOCT. 18.—The general summary of the weather bulletin tinued to follow their recent tactics of only ordering goods
issued by the Department of Agriculture, indicating the in- as needed, and reluctant to anticipate future requirements.
fluence of the weather for the week ended Oct. 18, follows:
This is particularly true in regard to burlaps, most cottons,
Chart I shows that the temperature for the week averaged below normal
over the eastern half of the country, except in the extreme Northeast and some woolens and the general run of linens. On the other
Southeast. where somewhat more than normal warmth prevailed. Between
the Appalachian Mountains and eastern Great Plains and also in tne hand, reports from the rayon industry, for instance, conmiddle and south Atlantic sections the minus departures of te nperature
ranged generally from 3 deg. to as much as 8 deg., but over most of the tinue highly favorable. Mills are sold up solidly and -conwestern half the weeg was 3 deg. to as much as 11 deg. warmer than normal. ditions within the industry are encouraging. Floor coverExcept locally, freezing was again confined to the more northern sections and the western mountain districts. General freezes so far have ings also continue quite active, following the recent auction
not overspread as much of the interior agricultural sections of the country
as is usual to this date. The dotted line on Chart I, based on first-order held by one of the largest manufacturers. The response to
stations only, shows the southern Ii nit of freezing weather so far t'ds the new spring lines was
unexpectedly large, and producers
fall, while the average southern limit of killing frost or freezing to this
date. based also on first-order stations. is shown by the dash line.
are booking a steady volume of business. As to silks, depart of the week had widespread rains from the Mississippi
The first
Valley eastward, but thereafter generally fair Weather prevailed. The spite the fact that prices for the raw material have declined
lest few days were remarkable for the wide extent of fair weather. Chart
to lower levels and are now back to a par with the midII shows the geograpnic distribution of rainfall for the week as a whole.
The weather on the whole during the week Just closed was favorable to August depression, buying activities for the finished fabric
interests. Generous rains in much of the heretofore droughty
agricultural
Southeast were very helpful in conditioning the soil and for those crops are said to be quite satisfactory. A continued easing of raw
which have not matured, while the general dryness thereafter permitted silk prices has prompted speculation locally, as to what has
good progress in outside work. The cool, dry, sunshiny weather in the
interior valleys favored the seeding of small grains and this work made happened to the proposed syndicate to stabilize raw prices
good advance, while the generally favorable condition of tne soil promoted in Japan. Some believe that the scheme will be put in
rapid growth of the newly-seeded fall crops.
Boil conditions over the principal agricultural sections of the countr operation shortly, but at a lower level than was first incontinue, on the whole, unusually good for the season, witn only very tended. In the meantime, interest in the new finished silks
United areas needing moisture. While the weather was cool over the
eastern half of the country, with frosts reported from many sections, dam- for the spring season is broadening, and most merchants are
age was mostly small. The first general killing frost of the season to date confident that their distribution will be quite large, with
extended somewhat farther south than during recent we3ks, but is still
later than usual in some sections. In Iowa the first general freeze occurred the margin of profit better. Even now, novelty prints are
on the 14th-17th, about 10 days later than normal.
selling widely for early spring shipment. Silk and rayon
SMALL GRAINS.—General rains in the eastern wheat belt early in the mixtures are also attracting much attention.
• week caused some further interruption to late seeding, but thereafter dry,
sunshiny conditions prevailed in all sections of the belt and this work
DOMESTIC COTTON GOODS.—Little change is noted
made good advance. West of the Mississippi River seeding has oeen
mostly accomplished, and the early-seeded grain is making good progress in markets for domestic cotton goods. Raw cotton prices
Atlantic and east Gulf States were
in all sections. Rains in the South
have continued to fluctuate disturbingly, which has preespecially helpful in conditioning the soil and for early-seeded crops.
West of the Rocky Mountains conditions continued favorable for winter vented unison between buyers and sellers. As a result, conand
grains in the North, but rain is needed in parts of the Plateau area
ditions are quite irregular. Prices are only holding about
in California. Rice threshing made good advance, under favorable conditions, and also that of late small grains in the Northwest. Grain sor- steady, and in certain instances accumulated stocks have
ghums have mostly matured in the Great Plains, but some frost damage resulted in offers of concessions, Buying interest is also
was reported to these crops in New Mexico.
CO RN.—The southern limit of the first general willing frost of the sea- uneven. The heavier fabrics are more or less neglected,
son advanced into the corn belt during the week as far as northwestern and while a steady business is passing in the finer grades. The
west central Illinois, and generally over Iowa about 10 clays later than latter is particularly true of wash fabrics where the woven
normal. The damage was not great, however, as more than 80.7.• of the
crop in Iowa was safe before the frost came. although there was considerable and printed styles are being sought quite regularly, but
barn locally to unmatured fields. There was also some scattered frost even sales of these do not equal totals recently established.
reported from other sections of the belt, but it was mostly light and very
little damage resulted. The dry, sunshiny weather that prevailed in the However, indications are that consumer interest in these
principal corn States during much of the week was very favorable in drying goods is maintaining steady proportions, owing to their
out the crop. A continuation of these conditions is needed.
COTTON.—Over the eastern half of the cotton belt the generally fair and attractive stylings. New spring gingham lines for 1928 were
sunny weather, following the rains early in the week, permitted good opened by the Amoskeag Co. As to the prices, buyers were
progress in picking and ginning and this work is well along, with only pleasantly surprised, for the advances were less
than exscattered fields remaining unpicked in Georgia. There were some local
reports of damage by rain to open cotton in North Carolina, however, pected. Some of the prices were unchanged, while others
while in Tennessee the bulk of the crop is late and top bolls are opening were only advanced from 14c. to lc. a yard. Undoubtedly,
slowly.
West of the Mississippi River the dry weather made generally excellent the most important development of the week was the first
conditions for harvest. In Arkansas, late bolls are developing well and annual meeting of the Cotton Textile Institute, which
was
the crop is opening rapidly, except in the east, where it is very late. In
Oklahoma, picking and ginning advanced well with favorable weather held Wednesday, when plans were discussed for increasing
In Texas. conditions are practically unchanged, with little the demand and uses for cotton textiles. The
prevailing.
attendance
or no top crop; wet soil interfered with picking the first part of the weeg,
but rapid progress was made thereafter and harvest has been largely com- was unexpectedly large, and all were surprised at the comnorthwest.
pleted. except in the
prehensive work which was shown to have gone on among
The Weather Bureau also furnishes the following resume the various groups of manufacturers during the year. It is
quite evident that the Institute has made great strides the
of the conditions in the different States:
North Carolina.—Raleigh: Heavy frost in west on 14-15th, but little past year, as is evidenced by the fact that its membership
damage as principal crops matured. Good progress latter half in seeding now includes 447 mills, having more than 21,589,000 spinwheat and other small grains. Progress of cotton fair: condition varies
dles. Walker D. Hines, President of the Institute, encourfrom poor to good; some beaten out by rain: about half picked.
.
South Carolina.—Columbia: Recent rains improved soil. Bulk of cotton aged members to make use of plans suggested by the Instiopen and picking confined mostly to gleaning, except in higher Piedmont, tute for the coming year. He also urged them to consider
*here practically one-quarter to be picked, with ginning keeping fair pace.
Georgia. —Atlanta: Rain first of week beneficial. Most of week cool the relation of demand to current output with a view of
and favorable for harvesting; muca ground prepared and oats and rye sown. avoiding over-production. Print cloths, 28-inch, 64 x 64's
Only scattered fields of cotton to be picked, mostly in northern division.
are quoted at 6%c., and 27-inch, 64 x 60's, at
Sugar cane, sweet potatoes and pecans only crops remaining to be gathered. construction,
-inch, 68 x 72's construction, are
Alabama.—Montgomery: Quite general rains first two days favorable 6%c. Gray goods in the 39
crops and plowing; much fall planting accomplis led. Corn quoted at 9%c., and 39-inch, 80x 80's, at 11%c.
for growing
harvesting practically finished in south: fairly good progress in north
Sowing oats beginning. Condition of pastures and truck mostly poor,
WOOLEN GOODS.—Sentiment is much better in the
but I nproving. Picking and ginning cotton continued in more northern
woolen and worsted markets. One of the strongest statiscounties, but elsewhere season practically over.
Mississippi.—Vicksburg: Cotton picking and ginning made very good tical position in years, owing to the limited stocks on hand,
southern
progress generally with picking largely completed on uplands of on
18th; and a most enthusiastic reception to the new spring lines of
two-thirds. Light frost in many north and central localities
damage probably slight. Housing early corn continued; about completed women's coatings opened by the American Woolen Co. are the
in south.
principal stimulating factors. Buyers appear convinced
Louisiana.—New Orleans: Good progress in cotton picking and ginning
the variety of styles and materials of the new offerings
under highly favorable conditions; not much of crop remaining in fields. that
Cool are unusually wide and that the values are
Rice threshing rushed. Gathering corn and digging sweet potatoes.
exceptionally
favorable for ripening sugar cane.
weather
good. The big factor also had another showing this week.
Texas.—Houston: Mostly dry with excessive sunshine. Weather favorable for plowing and seeding and for harvesting row crops. Condition In order to meet the early needs of buyers in the northern
and progress of cotton unchanged and little or no top crop; wet soil de- sections of the country, the company inaugurated an openrapid progress latter
layed picking forepart of week, but this work made pests less active.
ing of special lines of mackinaws, flannels, lumberjack fabpart and about completed, except in north and west;
Oklahoma. —Oklahoma City: Light frost in north and west; no damage. rics, extra heavy coatings and staple coarse heavy woolens.
and harvesting crops. Progress This showing was in keeping with the
Clear, dry weather favorable for maturing
company's new policy
of cotton generally good: picking and ginning progressed satisfactorily;
condition very poor to fair in south-central and east, but very good to ex- to keep pace with the changing needs of its consumers.
cellent in north-central and west. Harvesting corn progressed favorably:
FOREIGN DRY GOODS.—Linen markets are irregular,
crop good to excellent. Still sowing wheat; early-planted good stand and
progress.
as some fabrics are in good demand, while others continue
Rock: Progress of cotton very good, due to light or
Arkansas.—Little
and abundant sunshine; dull. The best business is noted as developing in the suiting
no rain, moderate temperatures, low humiditylate; late
developing
very
crop opening rapidly, except in east where Progress of latebolls very good. linen section, where manufacturers are beginning to concorn
well.
fast; picking and ginning proceeding
sider their spring and summer needs. Dress linens are also
maturing rapidly.
Tennessee.—Nashville: Rains first of week not sufficient to put soil in showing some improvement, especially in the southern disdamage to corn from tricts of the country. Samples of the newer printed lines
best condition for seeding wheat and oats. Slight
of cotton crop about three weeks
frost; condition fair to excellent. Bulk ginning advancing satisfactorily.
are being displayed more freely, and additional ones are
in opening: top crop opening slowly;
late
under preparation both abroad and at home. Fancy lines
for the holiday trade are being bought regularly in more or
less moderate volume. As to the household division, deTHE DRY GOODS TRADE
mand is indifferent, despite the fact that these goods are
Friday Night, Oct. 21 1927.
available at from 30 to 40% under replacement costs. About
Irregularity continues to characterize conditions through- the only business passing consists of small lots for some
out the textile markets. The cooler weather, which would special type or style. Burlaps are less active, as a result of
movements in primary quotations. Light weights
ordinarily stimulate retail distribution, has been partially Irregular
de- are quoted at 7.70c. to 7.80c., and heavies at 10.40c.
offset by heavy rains. There has been no outstanding
OCT.22 1927.]
THE CHRONICLE
.tate and Titg prpartuxent
NEWS ITEMS
Now Totals $524,922,331
—Cannot Go Higher.—The 1928 budget of the City of New
York now totals $524,922,331. Having now been fixed at
that figure, the new budget cannot exceed that amount,
and only deductions can be made from now until Oct. 31,
when final adoption will be made.
When the "budget as proposed" came up for adoption on
Oct. 20 it totalled $517,922,331. Comptroller Berry made
the objection that an appropriation of $20,200,000for subway
construction was improper, and that the budget was not
"honest," there being necessary expenses, including $4,000,000 for snow removal, 00,000 for the Transit Commission payroll and$2,200,000 to meet anticipated judgments
against the city, which had not been incorporated in the
budget. The Mayor had the $7,000,000 added, and then
moved for adoption of the budget. Comptroller Berry still
objected to the $20,200,000 transit item. The budget was
finally adopted, the Comptroller casting the only opposing
vote. The New York "Herald-Tribune" of Oct. 21 gave
the following account:
New York City, N. Y.—Budget
When the budget for 1928 came up for adoption by the Board of Estimate
last night, a spirited controversy betwen Mayor Walker and Comptroller
Charles W. Berry as to whether it was an "honest" budget resulted in
boosting the grand total another $7,000,000.
The budget as finally adopted by the Board, with the Comptroller voting
In the negative, reached the sum of $,524,922.331—not only the largest by
many millions in the history of the city but one which is more than $50.000.000 above this year's total. This, however, is not the final document,
which must be passed by midnight Oct. 31. The Board has the power to
reduce but not increase items until that time, and there were indications
last night that there would be some substantial pruning done.
Tax Rise Threatened.
According to Comptroller Berry, the present basic tax rate of $2.66 will
produce only $511000,000 on a sound estimate of realty valuations. Every
adance of approximately $1,600,000 above that figure would increase the
tax rate one point. This would mean that a $524,922,331 budget for next
year would raise the 1928 tax rate 8.7 points.
Aldermanic President Joseph V. McKee voted for the proposed budget
with the reservation that it be sliced down to the point where it will not
interfere with the 1927 basic tax rate of $2.66. How this can be done
remains to be seen. The vote of the Aldermanic President was not actually
needed yesterday to pass the proposed budget, as only a majority of the
sixteen votes in the Board was all that was required. The Aldermanic
President and the Comptroller each have three votes.
Board Raises Total.
Following along closed session of the Board,the members again assembled
in open meeting, bringing back a proposed budget of $517,922,331. The
Mayor moved its adoption. When the Comptroller's name was called he
voted in the negative. The Mayor asked him for a bill of particulars.
Comptroller Berry said he opposed the inclusion of the $20,200,000 for
subway construction under the Delaney pay-as-you-go policy of financing.
The Comptroller has consistently objected to this method of financing,
declaring it unsound. He said he was opposed on the ground that there is
already $40,000,000 in the budget to meet subway construction bonds,
$13,000,000 of this for bonds on the old subways and the balance for new
construction. He declared it bad policy to provide amortization funds
before the bonds were issued.
Budget "Dishonest."
During the discussion the Comptroller told the Mayor that the budget
as it stood was not an "honest" one, as it did not contain all the items of
expense that must be met in 1928.
"What items have you reference to?" asked the Mayor.
"I refer to $4.000,000 for snow removal, $800.000 for the Transit Commission pay-roll and $2,200,000 to meet anticipated judgments against the
city in 1928," replied the Comptroller. "Aside from this, I am of the opinion that the budget is too high in its present form and more or less an imposition on the taxpayers."
"Well,let's tell the whole story," said the Mayor. "Have you any more
items that you would like to add ?" he asked the Comptroller.
Mr. Berry could think of none.
Mayor Boosts It Again.
"Well," continued the Mayor, "the Chair has no objection to spending
taxpayers' money so long as he receives a hundred cents return on every
the
dollar expended. I think that is the bid point, rather than the amount.
The Chair moves to amend his original motion and move for adoption of a
proposed budget of $524.922,331.'
The increase represented the items suggested by the Comptroller. The
Mayor's move, however, seemed to take him by surprise. He again
objected.
"I certainly will not vote for a budget of that magnitude," said the
Comptroller, "unless I know it will be materially reduced and how the
Board proposes to reduce it."
"Well," said the Mayor,"what is the objection now? The Comptroller
says these items should be in an honest budget. Everything seems to be
In there except the money for an airport. The question is, is there to be
or not to be a city government "
"The only way to have that government is to have a budget. Here is
the budget. It is for the Board to decide whether it will exclude Items
demanded by the taxpayers and maintain the present basic tax rate, or put
them in. Continue the roll call."
The Mayor inquired from the Secretary of the Board how many votes
were needed for the adoption of the proposed budget and was told that
approval required nine of the sixteen votes.
"I'll vote my three votes for this budget, if they are the only votes cast,"
said Mayor Walker.
"I'll vote with you," said Mr. McKee. "I don't think one member of
the Board should adopt a 'holier than thou' attitude and say 'not for me.'
That. I think, is wrong. I will vote with you with the reservation that
certain items be taken out of the budget so that the final budget will not
interfere with the presnt basic tax rate."
Walker Agrees.
The Mayor subscribed to Mr. McKee's sentiments and the vote was
taken, with Mr. Berry casting the only negative ballot. The Borough
Presidents of Manhattan. Bronx and Queens were absent and represented
by their Commissioners of Public Works. Mayor Walker announced that
the public hearings on the proposed budget would be held by the Board
2:30 p. m.
of Estimate on Oct. 28 at 11 a. m. and Oct. 27 atappeared to
plead for a
Henry H. Curran, counsel for the City Club,
substantial appropriation in the 1928 budget for new school playgrounds.
The Mayor pointed out that one of the last items added to the proposed
budget was upomo for mew playgrounds.
2289
On the other hand, it is regarded as being by many millions nearer "an
honest budget" than any which the city has framed before, containing,
as It does, about $30,000,000 to provide for prospective expenditures which
hitherto have been met during the year by issuing either long-term municipal bonds or interest
-bearing tax notes, with their mounting burden of
cumulative interest charges.
It was generally conceded in the City Hall last night that the budget,
before being presented for final adoption, would have to be very materially
slashed unless the Walker administration is prepared to face a storm of
Protest at the hands of the taxpayers. If the final budget, without diminution, should be permitted to stand at the figures voted last night into the
Proposed budget. it would mean an inevitable rise of more than 8 points in
the present basic rax rate of $2.66 upon every $100 of taxable assessed valuation. That would mean a basic tax rate for all boroughs of the city of$2.74,
to which would have to be added the slightly variable added tax imposed
for the various boroughs.
Comptroller Berry, the city's chief financial officer, backed by Duncan
MacInnes, the figure expert of the Finance Department, is the undisputed
authority for that prediction. Mr. Berry has declared that the maximum
revenues which the city can count upon for the coming year for budget
making purposes, without increasing the basic tax rate, is $511.000,000.
Every $1.600,000 added to the budget in excess of that SUM, he adds, will
involve a one-point increase in the basic tax rate for 1928.
The budget as adopted Thursday is almost $48,000,000
larger than last week's total of $477,233,530. Two large
items in it are $20,200,000 for rapid transit and $14,000,000
for increases in teachers' salaries. But all through the week
additions were made through salary increases and in other
ways. There was a $610,000 appropriation for salary increases in Hunter College, Brooklyn University and the
College of the City of New York, $500,000 for additional
playground facilities, $227,000 for increase in the size of
labor gangs in the Public Works Departments of Queens
Borough, salary increases to police sergeants and deputy
fire chiefs who had not been provided for in the general
increase granted recently, a salary increase for city magistrates, a plan for reorganization of the nursing service, and
medical and technical staffs of city hospitals, and a fund of
$100.000 for the initial cost of the operating force of the
new Bronx Hospital, to open on Jan. 1.
The New York "Times" of Oct. 19, before the transit
appropriation had been jumped from $15,000,000 to $20,200,000 and when the budget total was $511,000,000, had
the following to say:
At the close of an all-day executive session of the Board of Estimate the
1928 city budget stood last night at $511,000,000. That figure includes
the much discussed $14,000,000 provided under the Dick-Rice Act for the
advancement of school teachers' salaries. It was formally inserted in the
budget after a long discussion between members of tne Board of Estimate
and George J. Ryan, President of the Board of Education.
The aggregate figure of $511,000,000 also Includes $15,000,000 for the
Board of Transportation for the advancement of subway construction in
accordance with the desires of John H. Delaney, Chairman of that board.
The $15,000,000 is not yet a final budget figure. Contingent upon some
other factors, the allotment to the subway work may reach $20.210,000.
Conservative estimates of the city's prospective revenues, after all revisions
of assessed valuations, now place the sum at about $511,000,000.
If. on a final revision of the budget "as proposed for adoption," it be
found that to give Mr. Delaney the whole $20,210,000 for which he asked
would entail an advance in the present basic tax rate of 2.68, then Mr.
Delaney probably will have to content himself with $15.000,000 in the
budget am the coming year. It is privately conceded that he could get
along with that amount without serious embarrassment. The basic tax
rate Is not to be increased.
5330.000 to hunter College.
Other allotments which were inserted in the budget in yesterday's executive session were:
To Hunter College, $330,000, to make the salaries of teachers in that
institution commensurate with those to be paid to teochers in the public
school system under the schedules of proposed advances submitted yesterday by the Board of Education.
To the Board of Higher Education, $280,000. for a like purpose in revising salaries of teachers in institutions under its jurisdiction, Including the
College of the City of New York and Brooklyn University.
To the Public Works Department of Queens Borough. $227.000, to be
used for increasing the service of the sewers, streets and road gangs, whose
numbers, Borough President Connolly declares, are now inadequate to
cope with after-storm conditions in his growing borough.
President Ryan of the Board of Education was closeted behind closed
doors with the Board of Estimate for nearly two hours after he had submitted the proposed schedules for the apportionment of the 314,000,000.
It was learned that there was not complete unanimity among the members of the Board of Estimate on the proposal to endorse unmodified the
schedules as prepared by the Board of Education.
Mayor Walker, after the meeting, admitted that some of his Board associates had argued that the intent of the Dick-Rice bill was that the
$14,000,000 should be allotted exclusively among the personnel of the
Pedagogical staffs of the school system, whereas the Board of Education
had apportioned it along the line from Superintendents and Building
Inspectors down to janitors.
Call the Proposal Unfair.
Some members of the Board of Estimate pointed out that it would be
manifestly unfair, for instance, for a building inspector in the employ of
the Board of Education to have his salary raised to $3,000, while building
inspectors in some other city departments received no more than $2,800.
Some of them also registered their objection to higher officials of the Board
Of Education getting what they regarded as "the lion's share" of the app ortionment, while teachers in the elementary grades would win only a meagre
pittance in advance of their present pay.
One prominent member of the Board of Estimate, who casts three votes,
went so far as to say that the proposed distribution of the 514.000,000 fund
provided by the State under the terms of the Dick-Rice Act would assure "a
Roman holiday for the executive and administrative farces and for the high
,
school heads of the school system,' while the elementary teachers were
sadly neglected.
Mayor Walker, however, defended the schedules as presented by the
Board of Education. He said they followed 98% of the recommendations
made by the Mayor's special committee that had investigated the teachers'
salary situation. With the corroboration of Charles L. Kohler, Director of
the Budget, the Mayor also declared that of the entire sum of $14,000.000
inserted for salary increases in the school system. $13,240.000 had been
allotted under the schedules strictly for increases of pay to members of the
Pedagogical groups, while only the remaining 5760,000 was proposed to be
apportioned among the personnel of the executive and administrative staffs
and other attaches.
Board of Education's Power.
• Under a strict interpretation of the law,the Board of Education has power
to make this allotment as it pleases. The courts have held repeatedly that.
as the Board is a separate State entity, the sole function of
We also quote from the New York "Times" of Oct. 21 Estimate is to provide funds, while the Board of Education canthe Board of
expend them
Notwithstanding that situation, Mr.
which gives some interesting comparisons to show the enor- as it sees fit. yesterday that the salary schedule, as Ryan said after the
Board meeting
published yesterday
mous cost of running the city government:
and as submitted to the Mayor, was 'merely tentative." The Board of
The Board of Estimate, after several acrimonious exchanges between Education, he said, had until next Jan. 1 to adopt a permanent schedule of
Mayor Walker, Comptroller Berry and Aldermanic President McKee, ap; salaries. As a matter of courtesy, however, he added, the revised schedule
would be presented to the Board of Estimate for inspection before its
proved yesterday afternoon a 1928 city budget "as proposed for adoption,
adoption.
which reached the unprecedented sum of $524,922.331.49.
Certain members of the Board of Estimate intimated that this profered
That is by many millions the largest budget ever adopted, even tentatively, by this or any other American city. It is $50,029,031.49 in excess concession on the part of the Board of Education was rather more than "a
the budget as finally adopted for the current year, 1927,the total of which matter of courtesy." They hinted that until such a concession was agreed
of
was the entire yearly budget for meet- to, the Board of Estimate had threatened to hold out of the
was $474,893,300. It is larger than Government for any one twelvemonth longer the $14,000,000 which had not been actually included in budget still
of the Federal
that instruing the expendituresyears ago.
ment until yesterday.
twenty
until about
2290
THE CHRONICLE
Whatever revision of the schedules may be made between now and
Jan. 1, there is good authority for declaring that none of them will result in any reduction of the amounts of increase now allotted tentatively
to members of the pedagogical staffs. If changes be made, it is far more
likely they will be at the expense of the administrative and executive
staffs rather than at the expense of the teachers. Criticism in the Board
of Estimate yesterday centred largely upon such proposed advances as
those for Superintendents from $20,000 to $25,000, Associate Superintendents from $8,250 to $12,500, members of the Board of Examiners
from $7,700 to $11,000 and Director of Attendance from $8,250 to $12,500.
Criticism from Parents.
•
.The Board of Education was taken to task in resolutions passed recently and made public yesterday by the delegates of the United Parents'
Associations of Greater New York Schools, Inc., for not having included
in its 1928 budget provision for supervisory assistants in the Department of Home Making to direct school lunches.
"We, the organized parenthood of the City of New York," the resolutions says, "feel that the greatest care is necessary in the dietary supervision of school lunches and that trained dietitians should be appointed
.
to supervise the funds providedby the City of New York for the establishment of school lunches.'
Only one more day remains in which the Board of Estimate may increase the amount of the 1928 budget. To-morrow the "budget as proposed for adoption" must be ready for formal presentation to the Board
of Estimate. After that date. Oct. 20. any item in the budget or the
grand total thereof may be decreased, but may not be increased prior to
final action upon it, first by the Board of Estimate and then by the Board
of Aldermen:
If the $21,210.000 asked for by Chairman Delaney for subway work
remains in the budget in full, then the 1928 budget will be in excess of
$516,000,000. If. as is thought to be more probable, that sum, in the
course of the pruning process, is trimmed down to $15,000,000, then the
final budget will stand at about $511.000.000.
. Increases granted on Monday were treated as follows in
the "Times" of Oct. 18:
In a late executive session of the Board of Estimate yesterday afternoon
provision was made in the 1928 city budget for increased salaries for fortynine city magiqtrates, 1.025 police sergeants and thirty-one deputy chiefs
of the Fire De-artment.
Salary increases incorporated in the budget earlier had provided for all
the hi.ther officers of the Police Department down to, but not including, the
sergeants. A strong fight for them was made in the executive session and,
after considerable Imminent, it was aereed to grant to them an increase of
$100 each, which will bring their salaries up to $3,000 a year and will add
$102.500 to the budget.
The deputy chiefs of the Fire Department were omitted in Increases
approved last week when all officers of that department, from lieutenants
to battalion chiefs inclusive, got increases. They are now in the budget
for increases of $300 a year each.
Provisions have been made in the budget to increase the salaries of the
forty-eight ma istrates from $10,000 to $12,000. and Chief Magistrate
William McAdoo receives an increase of $3,000 bringing his salary up to
815,000.
Hospitals to Benefit.
. At the same meeting $315,190 was placed in the budget for the reorganization of the entire nursing service, specialized medical and technical staffs
of city hospitals under the jurisdiction of the Department of Public Welfare.
This includes increased personnel of those workers and additions of the social
service staff. The hospitals to benefit are Kings County Hospital, City
Hospital, Metropolitan Cancer Institute, Neurological Hospital, Lincoln.
Randall's Island, Cumberland Street, Greenpoint, Coney Island, Sea
View and the Farm Colony.
The board also provided a fund of $100,000 for the initial cost of the
operating force of the new Bronx Hospital, which will open on Jan. 1
Provision of $15,000 was made in the budget to establish fifteen additional
.
ungraded classes in the school system.
It was said last night that the proposed budget has now reached a total
of approximately $495,000,000, which included the $14,000,000 temporarily
withheld from the Board of Education pending the submission of the new
salary schedules for teachers, which was made public last night.
George J. Ryan, President of the Board of Education, presented the new
salary schedule to the Board of Estimate in its executive session last night.
It will be acted upon this morning by the Board of Estimate, and the $14,000.000 which had been withheld is expected to be released.
New York State.—Governor Reviews Work of Four Years.—
Governor Smith on Oct. 16 issued a special report in which
he reviewed his accomplishments during the last four years.
In the report he answered the criticism by his political
opponents that he was increasing the State debt without
accomplishing any work for the good of the State. He
argues that current expenses should be ELME out of current
revenues and that improvements of a permanent character
should be met out of bond issue funds, and this, he states,
is the policy he is carrying out. To refute the story that the
debt is to high, he points out that the per capita
State
debt of the State is $21.80. which compares with a per capita
debt of $165.92 for the Federal Government. The "Herald
Tribune" of Oct. 17 carried the following:
Governor Alfred E. Smith, in a special report made public yesterday,
surveys public improvements accomplished by the State in the last four
years, condemns "disgraceful" conditions in the State's overcrowded
hospitals and prisons, urges the elimination of more railroad grade crossings,
the widening of State highways, and lashes his political opponents for disseminating reports that the State is "head over heels in debt."
In defending his contention that bond issues are the proper method of
providing for permanent improvements the Governor says that the present
per capita debt of the State is only $21.80, as compared to the Federal
Government's per capita debt of $165.92.
The report is entitled "Progress of Public Improvements" and is issued,
according to the Governor, 'so that the people may know what they are
getting for their money."
In a preface over his own signature the Governor discusses problems which
are outlined in detail In the report by various State departments. His
comments are chiefly concerning finances. He asserts that for political
purposes the State's indebtedness has been exaggerated, saying, "Recent
statements put out for political purposes aim to lead the people into the
belief that the State is head over heels in debt. Such, of course, is not
the fact. The net debt of the State is $243,353,389.26. The per capita
debt of the State of New York is $21.80, while the per capita debt of the
Federal Government Is $165.92. This will show how absurd are the
stories which have been circulated about our financial position and security."
Defending his argument that the current expenses of the State should be
paid eut of current revenues and that permanent improvements should be
paid for by the issuance of bonds so that the future may share in the responsibility, the Governor says: "It is occasionally urged, and eau Ily
for political reasons, that bond issues are not proper methods of financing.
The fact of the matter is that the State has paid for practically all of its
large projects from receipts from the sale of bonds. If it was good policy
to build a road from the sale of bonds, why is it not a good policy to build a
hospital, a building, a prison or a bridge, or to purchase land from the same
sale of bonds when we take into consideration that modern buildings and
bridges have probably several times the life of a road and that the land is
an absolutely permanent possession.
"When the State was constructing buildings and financing really permabuilding
nent or proven long term betterments from current revenues, it was wisely
the State
roads, the life of which is uncertain, from bonds. When It was necessary
built roads from current revenues,
changed its policy and
to find the money for all other forms of permanent improvements and land
acquisition. What the people really did was to put borrowed money into
more permanent structures and cash into roads.
"The wisdom of this course must be apparent because no one would ever
suggest that all of the pressing demands for permanent improvements,
many of them neglected for many years, of a great growing community
large
like New York with relatively small per capita expenditures and withentire
demands for operating expenses, can possibly be met by putting the
burden by taxation on the present taxpayers of the State. No one suggested
[vol.. 125.
that the soldiers' bonus be paid out of the current revenues of the State.
The State is simply following an established and accepted °astern in
issuing bonds.
"It is to be regretted that the facts have been distorted, half truths told
and an entirely erroneous and improper picture of the State's fiscal system
has been drawn. I have insisted upon,and have so far been successful in
securing, the adoption of a policy that puts the proceeds of the sale of the
State's bonds only into lasting improvements. By that I mean to say
that virtually all overhead expenditures connected with the work of construction are to-day paid from current revenues.
As showing that the State's indebtedness is well under its assets, the
Governor calls attention to the land owned by the State.
"The almost 2,000,000 so es of State-owned land constituting the forest
preserve in the Adirondack and Catskill regions has so grown in value in a
quarter of a century that I do not think I am far away from the truth
when I make the statement that to-day it represents a value greater than
the total State debt. Other park lands have increased enormously in velem
and it is nothing extraordinary to read that recent acquisitions in the
metropolitan areas have doubled and trebled in value in a few years."
Need for more hospitals, prison space, parks,grade crossing elimination,
wider roads, bridges and quarters for the National Guard are discussed
by the Governor.
"I regard the hospital situation in the State as most acute," he says.
"Psychiatrists and professional men in a pos Hon to know state that the
population of a State hospital should not exceed in patients 4.000 persons,
and give as their reason that intelligent central supervision and care of a
population in excess of that numbg r is not possible. There are on Ward's
Island in one institution alone to-day 6,600 patients, and we find that at
the end of four years increases have been so gro t in population in the
hospitals that we have not even remedied all of the overcrowding to which
the attention of the people was called in 1923, to say nothing about new
comminuents since then. If every new bed euthoriged under bond issue
was now available for occupancy, overcroweing would still exist to the
extent of 1,669 people."
Referring to the $15,000,000 park bond issue of 1924. the Governor says:
"It needs little study for our citizens to see the wisdom of this move. Land
in the State is constantly increasing in value. The almost universal use
of the automobile has opened up the country sections of the nate to the
city dwellers. I always regarded the park bond issue as building wisely
for the future. When the City of New York purchased Central Perk there
was bitter criticism because it was thought that the area selected was too
large and that the city would never grow up to it. When Bronx Park was
acquired it was a wilderness. To-day it is faced on all corners by elevator
apartment Houses. Had the City of New York waited until to-day to
purchase Bronx Park, consider for a moment the cost." The Governor
then rev13ws with approval the various park projects now under way.
The tsge raor urges more extensive quarters for the National Cuerd ,
asserting that prior to 1920 the State made provision for 10.000 soldiers,
whereas now its allotment under the regulations of the 11 ar 1 emartment is
23.000. "We are attempting to train 23,000 men in quarters orivinally
designed for 10.000." says the Governor. "If the National Guard is to
for n the nation's as well as the State's first line of defense. we must maintain
it at the highest possible degree of eft iciency. This cannot be done without
the expenditure of money to provide suitable quarters, and past experience
shows that we shall never make progress in supplj Mg this need without
the use of bond money."
"Disgraceful" overcrowding in hospitals and prisons with insuricient
cells are discussed in a special report on "The State and Its Building Program." The State has 61 separate institutions, coo prising more than
2000.
buildings, ranging from prison cell blocks to housing for medical
staffs, and the replacement value is fixed by the Governor at $400,000.000.
"So ne of the buildings are more than 100 years old." says the Governor,
and their upkeep because of their age is disproportionate to the sore ice
they perforin.
"The disgraceful overcrowding in the State hospitals, the failure of the
State to pro-side sufficient accommodations in its schools for the mentally
de'icient, the dilapidated and unsanitary condition of the institutional
buildings everywhere and the very grave menace of fire to the life and safety
of those for whose care and treatment the State is responsible." are all
details which have previously been put before the public, says the Governor.
"These conditions have been growing steadily worse for 25 years. but nothing
much was done to relieve them until the disastrous fire at Vi ard's Island in
February 1923. in which 25 patients in the Manhattan State Hospital
lost their lives.
"This tragedy served to dramatize the crying need for drastic Measures."
Concerning conditions in prisons the -Governor says: "The condition
in the State prisons is beco ilng more serious every day. Due to the
enforcement of the so-called Baumes laws there has been a rapid increase
of the number of prisoners to be cared for, which increase is certain to
continue for the next three years at least. There aro now in the four State
prisons more than 1.000 prisoners for whom there are no cells. At Sing
Sing there are under construction two new cell blocts, which will provide
for 1.350 additional cells. But even with this increase in cell capacity
there is little promise of abandoning the old cell block, which was condemned
in 1906."
The Governor says It is certain that the State will be confronted with the
necessity of building a fifth prison.
"The State has under way at the present time," says the report. "a
building construction program which is without precedent in this State or
any other State and is equaled only by the Federal Governn.ent a program
authorized in the last Congress in the amount of $165000000. At the
present time the State has under construction 89 separate building projects
under 180separate contracts. The total contract value of building construction now under way s $34.702,681. and before the first of December
additional contracts will be awarded to the amount to $9,350 000." The
funds for financing this program are to be derived from bond issues already
authorized and by appropriations year by year from current revenues.
The Governor Mites occasion to support his argument that the State ought
to own the buildings it uses for office purposes.
-day the State is paying a total annual rent bill in the city of Albany
"To
for offices occupied by its administrative agencies of $358 977, and in
New York City the State's annual rent bill is $467.859.12. In each of
these cities, if the rent paid each year were applied to interest and amortiza-year period
tion of investment in State °Bice buildings at the end of a 25
the buildings would be woolly paid for."
Satisfactory progress is being made by the Port Authority in the preliminary work for toe construction of four Inter-State bridges, which will be
included in the "comprehensive plan" for toe handling of freight in the
port district, the Governor reports. The Outerbridge Bridge, from Perth
Amboy,S. J.. to Totten .11 e. El I., will hoof a cantilever typo, with a total
length of 10,140 feet; the Eliabeth-llowland Hook Bridge. from. Elizabeth.
N.J.. to Howland Hook, S. I., will have a total myth of 1.152 feet. Only
in the case of the two remaining bridges does the Governor a report suggest
when the work vrl 1 be completed. The Hill van Kull Bride° which will
connect Port Richmond,S I., with Bayonne, N. J., is to be opened in 1932.
In tee same year, the Governor says, the Hudson River Bridge, spanning
the river irom Washington Heights to Fort Lee, ii. J., probaply will be
open for traffic. Toe central span of 3,500 feet will be twice as long as
any suspension span now in existence. The report say s contracts for the
foundation of the New Jersey tower already have been let and contracts
for the steel work will be awarded this month. The bridge, the Governor
estimates. will cost between $10,000.000 and $75,000.000.
The New York and New Jersey vehicular tunnel, with Its Manhattan
entrance at Broome Street, between Hudson and Varick streets and its
New Jersey entrance at Twelfth and Provost streets. in Jersey City, the
Governor reports, will be opened Nov. 12 at a cost of $48.400.000. The
tunnel is 9,25e feet long. New York State already has paid its half share
of the cost out of current revenues. The report predicts teat the opening
of the tunnel will result in a lessening of the traelc congestion.
Under the constitutional amendment of 1925, mating $300,000,000
available for the ell !nation of grade crossings, the Department of Public
Works has received instructions to elle Mate 92 crossings. Twenty-two
of these crossings have been eliminated, while tips work on 70 others is in
various states of preparation.
"This work has not progressed as fast as I would like to see it," says the
Governor. "The small municipalities seem to be unable to meet Be ir
,
'
share of the cost. We are therefore sub hang to the people tots fall a
new constitutional amendment under which the country cr (icy or both are
substituted for the villages and towns under which the State is permitted
to bear a rester share of the cost than at present.
"Another difficulty has been the lack of clear-cut administrative responsibility for the State program of elimination. Under a statute enacted at
the last session of the Legislature, a definite plan and budget for each year's
construction work will be prepared and ready for hearings this month. The
greatest remaining problem in co-operation by toe railroads. Therefore I
OCT.22 1927.]
THE CHRONICLE
called a conference of railroad officials, the Public Service and Transit
Commissions, the Department cf Public Works and other State authorities.
.
and a long eep was taken toward agreement.'
Concerning progress in the conservation of State parks and parkways,
the Governor's report said: "The State Council of Parks was created to
co-ordinate the various scattered State park agencies as an essential of the
unified State park program instituted in 1923 to take care of the really
comprehensive park system which would take into consideration the
anticipated growth of the State and especially of the larger cities, the rapid
disappearance of shore front areas from public use and tne great ultimate
cost of further delays in securing such areas, the increased interest in parks,
outdoor life and camping, the inadequacy of city parks and the need of
great park areas serving the metropolitan districts, the enormous increase
in motor cars and the further conservation needs of the State. . . . The
extension and improvements of State parks to create this unified system
has been financed to date in part through the proceeds of the $15.000.000
park bond issue of 1924 and in part through appropriations from the public
Improvement bonds, current revenues and through the sale of unappropriated lands."
Widening of roads and construction of bridges to take care not only of the
2,000,000 automobiles licensed in the State but also of the visiting autoists
who flock here from adjoining States is urged by the Governor, who reports
that in the last year 176 contracts for the construction of 570 miles of additional roadway and for the erection of 257 bridges have been let and much
of the work done.
The Department of Public Works plans to begin the construction of the
west shore road bets een New York and Albany during 1928, its completion
to be assured not later than 1930. The Governor estimates that the cost
of highway improvement during the last year was 538,500,000, as compared
to $24,749.000 in 1923.
The vehicular bridge across the Hudson River from Poughkeepsie to the
west shore in Ulster County probably will be completed in 1929. says the
report. It was authorized by the Lecislature in 1923, to cost approximately
56.000.000, of which $5,250,000 was appropriated from the public improvements bond issue,the remainder to be appropriated from current expenses.
Comptroller Reports $112,980,081 Bonds in State's Funds.
Comptroller Tremaine has, according to the New York
"Times" of Oct. 18, prepared a list of bonds held by him
Dec. 31 1926 for the various State funds of which he is
eustodian. The bonds held by him aggregate $112,980,081,
of which about $95,000,000 were held for sinking funds'
and the remainder were contractors' bonds and deposits for
indeterminate tax balances. The list, as given by the
"Times," follows:
CityAlbany
Amsterdam
Auburn
Beacon
Brooklyn
Buffalo
Cohots
Cortland
Dunkirk
Elmira
Elm
Fulton
Geneva
Gloversville
Hornell
Ithaca
Jamestown
Lackawanna
Little Falls
Lockport
Long Beach
Mechanicville
Mount Vernon
Newburgh
New Rochelle
Niagara Palls
1
Amount.
I CityAmount.
75.940.00
$541,250.00 North Tonawanda__
121,000.00
150.000.00 Ogdensburg
128,000.00
31,500.00 Olean
305.665.72
38.000.00 Oneida
122,000.60
100,000.00 Oswego
313,200.00
725,4:S.20 Poughkeepsie
300,0001'0
31,500.00 Rochester
58,540.44
22,000.00 Salamanca
5.000.60
156.000.00 Saratoga
135,000.03
Schenectady
91,000.00 Schendy
15.091.02
110,000.00 Sherrill
10,000.00
82,000.00 Syracuse
185,000.00
27,000.00 Tonawanda
0
109.950. 0
30,000.00 Troy
5,000.00
Utica
142,5003'0
118.500.00 Watertown
78.550.00
121,438.62 Watervliet
35,000.60
25,000.00 White Plains
274.800.00
143.696.16 Yonkers
35,000.00
$5.835.060.16
Total
15,000.00
61.245,050.00
112,000.00 New York City
45.899,971.03
2,000.00 Other bonds
24.500.00
Total
$112,980,081.19
627.000.00
Poland (Republic of).
-$47,000,000 7% Gold Bonds Sold.
-A syndicate composed of the Bankers Trust Co., Blair &
Co., Inc., Chase Securities Corp., Guaranty Co. of New
York, W.A. Harriman & Co., Marshall Field, Glore, Ward
& Co., E. H. Rollins & Sons, Tucker, Anthony & Co., and
Paine, Webber & Co., offered and quickly sold on Tues( ay,
Oct. 18, $47,000,000 7% external sinking fund gold bonds of
the Republic of Poland at 92 and accrued interest, to yield
over 7.86%. To be dated Oct. 15 1927. Coupon bonds,
registerable as to principal only, in $1,000, $500 and $100
denominations, interchangeable except into $100 denominations. To mature Oct. 15 1947. Interest payable Oct. 15
and April 15. Principal nd interest payable at the principal
office of Bankers TetiSt CI. or The Uhase National Bank of
the City of New 1 ork, fiscal agents for the loan, in United
States gold coin of tue present standard of weight and fineness, without deduction for any taxes or imposts now or
hereafter levied by or within the Republic of Poland; a S3
payable at the option of the bolder in London in pounds
sterling at the rate of $4.8665 per pound sterling; in Zurich
or Basle, in Swiss francs at the rate of 5.183 Swiss francs per
dollar; or in Amsterdam, in Dutch florins, at the rate of
2.488 florins per dollar; or in Stockholm, in Swedish kroner
at the rate of 3.731 kroner per dollar. Redeemable in whole
or in part, at the option of the Republic only (except for
sinking fund) on Oct. 15 1937,or any interest date thereafter,
on thirty days' published notice at 103. In connection with
the provisions for the retirement of this loan the official
offering circular says:
2291
industrial, or commercial corporation. Whenever a franchise tax shall be
imposed upon a corporation doing business in this State, or whenever an
the capital, however invested, of a corporation chartered under the laws of
the State, shall be taxed, the shares of stock issued by any such corporation
shall not be further taxed. No city or town or county harin,, the right under
this section to impose taxes or assesstnents for local improrements upon abuning
property awners shall impose any tax or assessment upon abutting landowners for street or other public improvements, except for making and improving the walkways upon then existing streets, and improving and paving then
existing alleys. and for either the construction, or for the use of sewers;
and the same when imposed shall not be in excess of the particular benefits
resulting therefrom to such abutting landowners. Except- in cities and
towns and counties having a population greater than fire hundred inhabitants
per square mile, as shown by United States census, no taxes or assessments
or local public improvements shall be imposed on abutting landowners.
Another amendment, affecting Section 186, provides that
the Legislature may make no appropriation which is payable
more than two years and six months after the end of the session, instead of two years as provided at present.
The third amendment would grant poll tax exemption to
wives and widows of Civil War veterans, as well as to veterans.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
-At a recent
-BONDS VOTED.
AITKIN, Aitkin County, Minn.
election the voters authorized the issuance of $90,000 in bonds for the
purpose of building an addition to the local high school by a vote of 807
to 31.
-BOND OFFERING.
ALBERT LEA, Freeborn County, Minn.
Sealed bids will be received until Nov.2 by Clean F. Holway.Clerk of the
Board of County Commissioners,for a $20.000 issue of not exceeding 43i%
refunding drainage bonds. Denom. $1,000. Dated Dec. 1 1927 and due
on Dec. 1 1937. Int. payable semi-annually. A $1,000 certified check
is required.
ALBION SCHOOL DISTRICT NO. 99 (P. 0. Colfax), Wash.
-Sealed bids will he received until 10 a. m. on Nov. 5
BOND OFFERING.
by Mabel (Ireer, County Treasurer, for an issue of 314.500 not exceeding
6% school bonds. Denoms. of bonds not yet fixed. Bonds dated as and
when issued. Due from 1929 to 1947. Prin. and semi-ann. int, payable
at State or County Treasurer's offices. A certified check for 5% of the
bid is required.
ALBUQUERQUE, Bernalillo County, N. Mex.-BOND OFFERING.
-The six issues of 5% coupon bonds, aggregating $590,000 voted on Oct.
4-17. 125, P. 1486
-are being offered for sale at 2 p. m. on Nov. 30 by
Ida V. Malone. City Clerk, who requests sealed bids for the issues,described
as f-11-ws:
$235,000 water improvement & extension bonds. Duo 314.000. 1931 to
1935: $15.000 from 1936 to 1946, incl.
195,000 sewerage improvement bonds. Due 512,000from 1931 to 1943and
313.000 from 1944 to 1946, incl.
20.000 fire protection bonds. Due $1,000 from 1931 to 1942. Incl. and
32.000. 1943 to 1946. incl.
30,000 improved streets and alleys. Due $2.000 from 1931 to 1945.incL
80.000 park bonds. Due $5,000 from 1931 to 1946. incl.
30.000 storm sewer bonds. Due $2.000 teem 1932 to 1946. incl.
Denoms. $1.000 and $500 for fire protection bonds. Prin. and int.
(J.& 1).1) Payable at the City Treasurers office or at the office of Harris.
Forbes & Co. in New York in gold. Legal opinion of Thomsen. Wood &
Hoffman of New York, will be furnished. Bids will be accepted for a
lower bit. rate with the usual reservations. A certified check for 2% of the
bid, payable to the city, must accompany bid.
Financial Statement, July 1 1927.
$3,220,844.78
Total bonds outstanding (water, misc. & spec. assess.)
100.000,000.0020.000.000.00
Total assessed value
Total actual value
Present (est.) population, 25.000.
-S. B.
-BOND OFFERING.
ALLEN COUNTY (P. 0. Lima), Ohio.
Acbrate, Clerk Board of County Commissioners, will receive sealed bids until
12 m. Nov. 18 for the purchase of an issue of $18,000 5% Improvement
bonds. Dated July 1 1927. Denorn. 31.000. Due Sept. 1 as follows:
$2.000. 1928 to 1933 incl.. and $3,000. 1934 and 1935. Prin. and tnt.
(M.& S.) payable at the office of the County Treasurer. A certified check
payable to the order of the County Treasurer, for $500. is required. Legality approved by Squire, Sanders & Dempsey of Cleveland.
-BOND SALE.
-The 5700.0005%
ALLIANCE, Stark County, Ohio.
coupon sewage disposal plant bonds offered on Oct. 20-V. 125. P. 1737
were awarded to the Herrick Co. of Cleveland at a premium of $43,101.
equal to 106.05. a basis of about 4.32%. Dated April 1 1927. Due
328.000 April 1 1928 to 1952, inclusive.
AMHERST COMMON SCHOOL DISTRICT NO. 18 (P. 0. Snyder)
-The District Clerk, will sell at
-BOND OFFERING.
Erie County, N. Y.
Public auction on Oct. 25 at 8 p. m. an issue of 3;20,000 4.4% school
bonds. Dated Nov. 11927. Denom. $1,000. Due $20,000 Nov. 1 1943 to
1948. incl. Principal and interest(M.& N.) payable at the Manufacturers
& Traders Peoples Trust Co. of Buffalo. A ce, tilled check for 10% of the
bonds offered is required. Legality approved by Thomson, Wood &
Hoffman of New York City.
-BOND DESCRIPTION.
ANACORTES, Skagit County, Wash.
The $50.000 issue of water works bonds sold recently (V. 125, p. 2174)
%
to John E. Price & Co. of Seattle is more fully described as follows:
coupon bonds. Dated May 1 1927 and due from May 1 1930 to 1936.
Purchase price was 97.85. Basis about 5.95%.
-BOND
APTOS SCHOOL DISTRICT (P. 0. Santa Cruz), Calif.
-The $23.000 twee of 5% school bonds offered for sale on Oct. 7SALE.
V. 125, p. 1867
-was awarded to the Alvin H. Frank Co. of Los Angeles
for a premium of $1.091. equal to 104.74. a basis of bout 4.48%. Denom.
$1.000. Date Sept. 20 192'7. Due $1.000 from 1928 to 1950. Incl. Prin.
and int. payable at the office of the County Treasurer. The following is
a complete list of the other bids:
$ 2 0
of AV06403 & Co.-Par, accrued Interest to date of delivery, and a premium
6
;
Peirce, Fair & Co.
-Par, accrued interest to date of delivery and
premium of $621:
-Par, accrued interest and a premium of
The Elmer J. Kennedy Co.
$621 and for such bonds bearing interest at 4)(%,par,acerued interest and
a premium of $212;
8.chwabacher & Co.-Par. accrued interest and a premium of $701:
William R. Stoats Co.-Par, accrued interest and a premium of 5736:
The republic agrees to retire the entire loan in semi-annual Installments
Neale, Kelty & Supple, Inc.-Par,.accrued interest and a premium of
commencing at the annual rate of 4% for each of the first four years, and
increasing such annual rate ti of 1% for each succeeding four-year period $793.50:
Central National Bank-Par, accrued interest and a premium of $801:
to a maximum rate of 6% per annum. Such retirement is to be effected by
Bank of Italy (San Francisco)-Par, accrued interest and a premium of
the tender of bonds or by cash sinking fund payments applicable to the purchase of bonds at or below the redemption price and accrued Interest or, if $1,036.45.
not so obtainable, to the redemption on April 15 1928 and semi-annually
-BOND OFFERING.
ARKANSAS, State of (P. 0. Little
thereaftei upon thirty days' published notice of bonds called by lot at 103%. Sealed bids will be received until 10 a. m.Rock). 10 by Ralph Koonce,
on Nov.
Further information regarding this loan may be found in State Treasurer, for a $3.000,000 issue of 4. 45( and 4ti% coupon or
re istered State pension bonds. Denom. 21,000. Dated Dec. 1 1927.
our "Department of Current Events and Discussions" on a rue on Oct. 1 as follows: $130.000, 1934 to 1937; 3140.000, 19.°8 and 1939:
5150.000, 1940: 5160.000. 1941 and 1942; 5170,000. 1943 and 1944: $180,preceding page.
000, 1945: 3190.000, 1946 and 1947; 5200.000. 1948 and $210.000 from
all incl. Thin, and int. payable in New York City at the
Constitutional Amend- 1949 to 1951. Bank, Thomson, Wood and Hoffman, New York attorneys,
Virginia (State of).
-To Vote on
National Park
-Three proposals to amend the State Constitution and Rose, Hemingway, Cantrell & Loughborough, Little Rock attorneys,
ments.
will furnish approving opinions. Legality, preparation and
will be submitted to a vote at the coming November election. expenses to be defrayed by purchaser; total expense to be in theprinting
Rum of
One amendment affects the taxation powers of munici- 38.500. Bids must include this item.
follows, the parts in
palities. The text of the amendment
ATASCOSA COUNTY ROAD DISTRICT NO.4(P.O. Jourdanton),
-An issue of $36,000 Road Dist. No. 4 bonds was
Tex -BOND SALE.
italics being the new matter proposed:
ecently awarded to H. D. Crosby & Co. of San Antonio. Dated July 15
a tax on incomes in excess of
Section 170. The General Assembly may levy
$600 per annum; may levy a license tax upon any business which cannot be
-The fol-BIDS.
.
S
AHTABULA COUNTY (P. 0. Jefferson), Ohio.
reached by the ad valorem system: and may impose State franchise taxes, 1924
and in imposing a franchise tax may, in its discretion, make the same in lowing is a tabulation of the bidders and bids submitted for the $3304.340
lieu of taxes upon other property, in whole or in part, of a transportation, road improvement bonds awarded to the Illinois Merchants Trust Co. of
2292
THE CHRONICLE
[VOL. 126.
Chicago as 4,1is at a premium of $319, equal to 100.14, a basis of about
BLAIR, Washington County, Neb.-BOND SALE.
-The Omaha
Trust Co. of Omaha recently purchased an issue of $11,000 5% ice plant
4.23% (V. 125, p. 2174):
Premium. bonds at a premium of $147.50. which is equal to 101.34.
For 34% Bonds
$158.00
Wm. R. Compton Co., Chicago
BLOOMFIELD TOWNSHIP SIXTH FRACTIONAL SCHOOL DIS67.00 TRICT (P.
The Herrick Co., Cleveland
0. Pontiac), Oakland County, Mich.
-MATURITY.
-The
Continental & Commercial Co., Chicago
23.00
$75,000 school bonds awarded to the Security Trust Co. of Detroit as 434s.
For 4;5% Bonds
at 100.87 (V. 125, p. 2175) mature $5,000 on Jan. 2 in each of the years
W. K. Terry & Co., Toledo
$2,374.25 from
-a basis of about 4.37%•
1929 to 1943, inclusive
Stranahan, Harris & Oatis, Toledo
2,374.00
Guardian Trust Co., Cleveland
2,374.00
BLOOMFIELD, TROY, ROYAL OAK AND SOUTHFIELD TOWNDetroit Trust Co.. Detroit
2,362.00 SHIPS, FRACTIONAL SCHOOL DISTRICT NO. 1 (P. 0. BirmingHayden, Miller & Co., Cleveland
2,353.00 ham), Oakland County, Mich.
-BOND OFFERING.
-Leigh Lynda,
First National Co. of Detroit
1,857.50 Secretary Board of Education,will receive sealed bids until Oct. 31 for the
First Citizens' Corp., Columbus
*1,643.44 purchase of an issue of 3260.000 434% school bonds. Date June 15 1927.
W. L. Slayton & Co., Toledo
1,248.50 Denom. $1.000. Due June 15 as follows: $20,000, 1929 to 1931, inclusive;
Well. Roth & Irving Co., Cincinnati
979.00 $22,000, 1932; 540,000, 1933 and 1934,• $20,000, 1935; $15,000, 1936 and
3,138.00 1937; 310.000, 1938; $8.000. 1939: and $10,000, 1940 to 1942, inclusive.
Halsey. Stuart & Co., Chicago
Prudden & Co., Toledo
2,629.89 Prinpal and interest (J. & D.) payable in Birmingham. A certified check
d
2,526.00 for $1,000 is required. Successful bidder to print the bonds and pay for
Stevenson, Perry, Stacy & Co
Otis & Co., Cleveland
2,468.00 the legal opinion.
* Also offered $7,304.16 premium for 5% bonds.
•
BLOOMINGTON, Monroe County, Ind.
-BOND SALE.
-The
-BOND OFFERING.
- 000 41.4.% coupon fund bonds offered on Oct. 14-V. 125, p. 1867 $115,ATLANTIC CITY, Atlantic County, N. J.
-were
J. A. Paxson, Director of Revenue and }Inane°, will receive sealed bids awarded to the Fletcher American Co. of Indianapolis, at a premium of
until 11 a. m. Nov. 3, for the eourchase of $2,000.000 4;4% coupon or 55.663, equal to 104.92. a basis of about 3.884%, Date Aug. 1 1927. Due
registered temporary convention hall bonds. Dated Nov. 1 1927. Denom. Aug. 1 1947. Other bids were as follows:
$1.000. Due $1,000.000 Nov. 1 1929 and 1930. Principal and interest
BidderPremium.
payable at the Hanover National Bank, New York City. A certified check Union Trust Co., Indianapolis
$5,015
payable to the order if the City for 2% of the bonds offered is required. City Securities Corp
4,668
Dillon & Vandevrater of New York City.
Legality approved by Clay,
BLYTHEVILLE SCHOOL DISTRICT, Mississippi County, Ark.
-CERTIFICATE SALE.
-The Aus- BOND SALE.
AUSTIN, Mower County, Minn.
-An issue of $106,500 5;4% school bonds has recently been
tin National Bank of Austin purchased on Oct. 7 an issue of $13,923.78 sold to M.W.Elkins & Co.of Little Rock for a price of par.
certificates of indebtedness, paying a premium of $25, equal
4,1.1% paving
BOONVILLE, Oneida County, N. Y.
-BOND SALE.
-The $50,000
to 100.17. a basis of about 4.20%. Dated Nov. 15 1927 and due on Nov. 15
coupon or registered water-works bonds offered on Oct. 17 (V. 125, p. 2175)
from 1928 to 1932 Inclusive.
were awarded to Clark Williams & Co. of New York City,
-BONDS DEFEATED.
- premium of $190, equal to 100.38-a basis of about 4.20%. as 434s, at a
AUSTIN COUNTY (P. 0. Bellville), Tex.
Date Nov. 1
The voters defeated the proposed issuance of $470,000 in bonds on Oct. 15 1927. Due $2,500 Nov. 1 1932 to 1951, inclusive.
by a vote of 293 for as compared with 272 against; the two-thirds needed
Other bidders were:
majority was lacking. The issue was for the purpose of concreting highway
BidderInt. Rate. Rate Bid.
No. 36.
Pulleyn & Co
4.30
100.02
4.35
100.05
AUSTIN INDEPENDENT SCHOOL DISTRICT, Travis County, 1st Trust & Deposit Co
4.40
100.62
-The State Board of Education has recently pur- Manufacterers & Traders Peoples Trust Co
Tex.
-BOND SALE.
George B. Gibbons & Co
4.40
100.47
chased an issue of $130,900 school bonds at par.
Farson, Son & Co
4.60
100.29
-BOND OFFERING.
BALDWYN, Lee County, Miss.
-Sealed bids National Exchange Bank
4.50
100.10
will be received until 10 a. m. on Nov. 1 by Forest Prather, Town Clerk,
BRADLEY BEACH,Monmouth County, N. J.
-BOND OFFERING.
for a $40,000 issue of not exceeding 5%% coupon school bonds.
Frederic P. Reichey, Borough Clerk, will receive sealed bids until 8 p. m.
BARNESVILLE,Belmont County, Ohio.
-BOND OFFERING.
-J.H. Nov. 1 for the purchase of an issue of 5% coupon or registered Ocean Park
Price, Village Clerk, will receive sealed bids until 12 m. erovember 12 for Ave. improvement bonds not to exceed $94,000, no more bonds to be
the purchase of an issue of $7.785 6% special assessment, Central Main St. awarded than will produce a premium of 31,000 over $94,000. Dated
coupon bonds. Date March 1 1927. Denom. $875. Due $875, Sept. 1 Nov. 1 1927. Denom. $1.000. Due Nov. 1 as follows: $4,000, 1929 to
1928 to 1936, incl. A certified check, payable to the order of the Village 1938. incl., and $6,000, 1939 to 1947, incl.
Principal ad int.(M. & N.)
Treasurer. for 5% of the bonds offered, is required.
payable in gold at the office of the Borough Collector. A certified check,
BASTROP COUNTY (P. 0. Bastrop), Tex.
-BONDS VOTED.
-At a payable to the order of the Borough,for 2% of the bonds bid for is required.
recent election the voters authorized the issuance of $60,000 Road that.
BRADY, McCulloch County, Tex.
-BOND DESCRIPTION.
-The
No. 8 bonds.
three issues of bonds aggregating $180,000 which were sold recently
--are further described as follows: Purchased prior to
BAY COUNTY (P. 0. Panama City), Fla.-BONDS OFFERED FOR V. 125, p. 2005
INVESTMENT.
-A $735.000 issue of 6% road and bridge bonds is being an election to be held on Oct. 22 by the J. E. Jarratt Co. of San Antonio
at par. Dividend as follows: $75,000 554% paving warrant refunding
offered to the public by Stranahan, Harris & Oatis, Redmond & Co. and
4% on all ma- bonds: $75,000 5t4% street !mot. bonds, and $30,000 534% fire station
B. J. Van Ingen & Co., all of New York, priced to yield 5,
turities. Dated Aug. 1 1926 and Jan. 1 1927. Deno-n. $1.000. Due on and city hall bonds. Due serially in from 1 to 40 years.
Aug. 1 as follows: $21,000. 1936 to 1940: 916,000, 1941: $8.000. 1942 to
BRA7ORIA COUNTY ROAD DISTRICT NO. 26 (P. 0. Angleton),
1945; $42,000. 1946 to 1948:812.000, 1949 and 1950: $49,000. 1951 to 1954; Tex.
-BOND SALE.
-The $150.000 issue of 534% road bonds offered for
$24,000 in 1955 and $200.000 in 1957. Prin. and int. (F. & A. 1 and sale on Sept. 12-V. 125, p. 1219
-was awarded to H. D. Crosby & Co. of
J. & J. 1) payable at the Chase National Bank, N. Y. City. Exempt fro-n San Antonio. Dated Sept. 1 1925. Due $8,000 from 1926 to 1935, incl.,
all Federal income taxes. Payable from unlimited property taxes. These and $7,000 from 1936 to 1945, incl. Denom. $1,000. Prin, and int.
bonds are under Florida law validated by Bay County Circuit Court decree payable at the Hanover National Bank in New York City.
and are therefore incontestable.
BFtAZORIA COUNTY ROAD DISTRICT NO. 25 (P. 0. Angleton)
BEECH CREEK TOWNSHIP, Greene County, Ind.
-BOND OFFER- Tex.-BOND SALE.-The $150,000 issue of 534% road district No. .
ING.-Jamee W.Fuller, Trustee, will receive sealed bids until 2 p. m. Nov. bonds offered for sale on Sept. 12(V. 125. p. 1219) was awarded to the IL 25
F.
15 for the purchase of an issue of810.500 5% hieh school construction bonds. Pittmar Co and the IT. D. Crosby Co., both of San Antonio. and M. W.
Denom.$500. Due as follows: $500, July 11928. and 9500. Jan. and July 1 Elldns & Co. of Little Rock,jointly. Denom.$1,000. Dated Oct. 11927.
1929 to 1938 incl. Int. payable Jan. and July 1.
Due 85.000 from 1928 to 1957 incl. Prin. and int. payable at Hanover
-At National Bank in New York.
BEAVER CITY, Furnas County, Neb.-BONDS DEFEATED.
-the voters defeated the
an election held on Oct. 11-V. 125, p. 2004
BRENTWOOD-DEER VALLEY SCHOOL DISTRICT, Contra Costa
proposition of issuing 965.000 434% refunding school bonds by a large County, Calif.
-BOND SALE.
-Dean Witter & Co. of San Francisco
majority.
purchase a $10,000 issue of 5% coupon school alteration bonds on Oct. 3,
,
BEAVERDAM WATER AND SEWER DISTRICT, Buncombe paying for them a Premium of $13£,equal to101.39, a basis of about 4.72%.
-BOND SALE.-The 3500.000 issue of not to exceed Demom p1.000. Date Oct. 11927. Due 31,000 Oct. 1 1928 to 1937.ind,
County, N. C.
514% coupon water and sewer bonds offered on Oct. 14-V. 125, p. 1353
- Not optional before final maturity. Int, payable on A.& 0.
was awarded to Eldredge & Co. of New York as 5% bonds for a premium
BRIGHTON TOWNSHIP FRACTIONAL SCHOOL DISTRICT
of $2,300. equal to 100.46. a basis of about 4.96%. Denom.$1000. Date NO.5(P.O. Brighton), Livingston County, Mich.-BOND OFFERING.
Sept. 1 1927. Due on Sept. 1 as follows: 810,000. 1932 to 1936; 915.000. -Andrew R. Sada. Secretary Board of Education, will receive sealed olds
1937 to 1946: $20,000, 1947 to 1951: 830.000. 1952 to 1956, and $50 000 until 2 p. m.(Eastern standard time) Oct. 26 for toe purchase of an issue of
in 1957, all inclusive. Prin. and int. roayable at the Hanover National Bank 5140,000 school bonds not to exceed 434%. Dated Nov. 1 1927. Duo
New York City. There were 24 bidders for the issue, the second highest Mar 1 as follows: 53.000. 1929 to 1928 incl.; 95,000. 19: to .948 incl.•,
19
bid submitted was by Braun,Bosworth & Co.of Toledo,offering a premium $6,000. 1949 to 1953 incl.; $7,006, 1954 and 1955. and 88.000. 1956 and
of82,290, equal to 100.44.
1957. A certified check payable to the order of the District Treasurer for
-On Nov. $2,000 is required.
BEE COUNTY (P. 0. Beeville), Tex.
-BOND ELECTION.
19 there will be a special election to decide "pro" or "con" on the question
BRISTOL, Sullivan County, Tenn.
-BOND SALE.
---The 26,009
of a $550.00 bond Issue for the purpose of completing the good road system Issue of 5% coupon bridge bonds offereu for sale on Oct. 18-V. 125, P.
In the county.
2175
-was awarded to the Bank of Bristol for a premium of $151, equal to
Denom, $500. Dated Nov. 1 1927.
102.516, a basis
BENNINGTON SCHOOL DISTRICT NO.17(P.O. Attica) Wyoming Due $500 from of about 4.54%. Prin. and
1928 to 1939 incl.
in (M. & N.) payable at
-BOND SALE.
-The Manufacturers & Traders Peoples
County, N. Y.
of Bristol or at
awarded on Oct. 7. for the purchase of an iSFIlle the First National Bank a complete list the National City Bank in N. Y.
Trust Co. of Buffalo, were
The following is
of the other bidders: The First
of $5,000 5% school lannds, at 101.19, a basis of about 4.915%. Dated City.
National Bank, Bristol, Tenn.; Provident Savings Bank & Trust Co.,
Oct. 11927. Denom.$250. Due $250 Oct. 1 1937 to 1956.incl.
Cincinnati; Caldwell & Co., Nashville, Tenn., and Little, Wooten & Co.,
-The Jackson, Tenn.
-BOND SALE.
BENTON COUNTY (P. 0. Fowler), Ind.
Fletcher Savings & Trust Co. of Indianapolis was awarded on Sept. 22
BROWNSTOWN SCHOOL DISTRICT(P.O.Johnstown), Cambria
two issues of 434 w coupon road construction bonds, aggregating $19,400: County, Pa.
o
-William Schiffhauer, Treasurer Board
at a premium of $344.70. equal to 101.79, a basis of about 4.20%. Dated of Directors,-BOND OFFERING. until 7 p. m.
will receive sealed bids
Sept. 7 1927. Denom. $1.320 and $624. Due serially from May 15 1928 of an issue of 36,0006% school bonds. Date Nov. Oct. 24, for the purchase
11927. Denom $1,000.
Nov. 15 1937. Interest Payable M. & N. 15.
to
Due $1,000, Nov. 1 1928 to 1933, incl. A certified check payable to the
-BOND order of the School District for $200 is required.
BENTON SCHOOL DISTRICT, Columbia County, Pa.
SALE.
-The $27.000 43.4% coupon school bonds offered on Oes. 17BURLINGTON COUNTY (P.O. Mount Holly), N. J.
-were awarded to M. M. Freeman & Co. of Philadelphia,
-BOND SALE.
V. 125, p. 1737
-The following issues of 5% coupon or registered bonds offered on Oct. 14
at a premium of $1.058.24, equal to 103.91, a basis of about 4.15%. Dated -V. 125, p. 1867
-were awarded to Dewey, Bacon & Co. of New York
Oct. 1 1927. Due Oct. 1 as follows: $5,000 in each of the years. 1932, City as below:
1937. 1942 and 1947, and $7,000, 1952.
$266,000 general building improvement bonds ($276,000 bonds offered)
BENTON TOWNSHIP SCHOOL DISTRICT (P. 0. Stillwater
paying 8276.452, ecival to 103.92, a basis of about 4.17%. Due
-BOND SALE.
-The $23,000
.No. 1), Columbia County, Pa.
Oct. 1 as follows: 32S,000, 1928 to 1936. incl., and 314.000, 1937.
R. F. D.
-were
130.000 road and bridge bonds 4135,000 offered) paying $125.068, equal
4;4% coupon school bonds offerd on Oct. 17-V. 125. p. 1737
awarded to M. M. Freeman & Co. of Philadelphia at 104.26, a basis of
to 103.89, a basis of about 4.19%. Due Oct. I, as follows:
$14,000, 1928 to 1936, incl., and 34,000, 1937.
about 4.13%. Dated Oct. 11927. Due Oct. 1 as follows: $4,000 in each
Date Oct. 11927.
of the years 1932. 1937, 1942. 1947, and $7,000, 1952.
-BONDS NOT SOLD.
-The
BETHEL, Clermont County, Ohio.
BURNHAM, Mifflin County, Pa.
-BOND OFFERING.-'John L. Pan$336,000 5% municipal electric light, heat and power system mortgage bonds del, BoroughSecretary, will receive sealed bids until 7:30 p. m. Nov. 7.
offered on Oct. 14-V. 125. p. 1867-were not sold owing to a technicality. for the purchase of an issue of $10.000 434% street improvement bonds.
Dated Oct. 11927. Due Oct. 1 1957: optional Oct. 1 1937.
The bonds will be reoffered on Nov. 4.
-W.J. Swope, Village Clerk, will receive Sealed bids
BOND OFFERING.
BUTLER COUNTY (P.O. Allison), Iowa.
-BOND SALE.
-The $35,
until 12 m.(Eastern standard time) Nov. 4 for the purchase of an issue of 000 issue of road bonds offered for sale on Oct.
$336.000 5% municipal electric light.heat and power system mortgage bonds. awarded to Geo. M. Bechtel & Co. of Davenport19 (V. 125. P. 2005) was
Date Sept. 11927. Denom. $250. Due $2.250 March and Sept. 1 1929 to mium of $125,()mud to 100.357. a bails of about as 434% bonds for a pre1936, inclusive. Principal and interest (M. & 8.) Payable at the First May 1 1932 to 1938 incl. The second highest 4.20%. Duo $5,000 from
bid was submitted by the
National Bank, Bethel. A certified check, payable to the order of the Vil- White-Phillips Co. of Davenport.
lage Treasurer, for 5% of the bonds offered is required.
CALIFORNIA, State of (P. 0. Sacramento).
-The two issues
-BOND SALE.
BLOOMFIELD, Essex County, N. J.
-BOND OFFERING.
bids will be received until 2 p. m. on
of 414% coupon or registered bonds offered on Oct. 17 (V. 125, p. 1867) Sealed G. Johnson for an issue of $2,500,000 Nov. 3 by State Treasurer
Chas,
4% veterans' welfare bonds.
were awarded as follows:
be resorted
$323.000 temporary improvement bonds ($325,000 offered) to the Bloom- Public auction may were voted to for this sale. This is a part of the
in November 1926. Dennm. $1,000.
Trust Co., Paying 9325,907. equal to 100.90-a basis of 320,000.000 which
Dated Nov. 1 1927. Due on Feb. 1 as follows: 5105,00010 1932, $116,000
4.16%. Due Nov. 11932.
Seasongood & in 1933. 9117.000 in 1934.8118.000 in 1935, 8119,000 in 1936. 3120.000 in
193.000 Passaic Valley sewer bonds ($195,000 offered) to
Mayer of Cincinnati, paying $195,162.50, equal to 101.12-a basis 1937, $121,000 in 1938, $132,000 in 1939, $133,000 in 1940 $134,000 in
'
of about 4.05%. Due Nov. 1 as follows: $5,000, 1928 to 1946, 1941, $160,000 in 1942 and 1943, 3170,000 in 1944, $180,000 in 1945,
inclusive; 36.000, 1947 to 1951, inclusive; $7,000, 1952 to 1960, $190,000 in 1946. $210,000 in 1947 and $215,000 in 1948. Prin. and int.
(F. & A.) payable at the State Treasurer's office or at the California Meal,
inclusive, and $5,000, 1961.
agency in New York in gold coin.
Dated Nov. / 1927.
OCT. 221927.]
THE CHRONICLE
The above bonds are registerable as to principal and interest Jointly and
are not exchangeable for coupon bonds. California fiscal agency is Bowery
& East River National Bank in New York. No legal opinion will be
furnished. The following is a statement of the bonded debt and finances
of the State:
Total authorized
$140,105.000
Total sold
113.208.000
Total unsold
26.897.01
0
Total redeemed
10.194.500
Total outstanding
101,013400
Assessed valuation. 1927
7.647,025,607
Estimated population, 5,112.000.
CALIFORNIA, State of (P. 0. Sacramento).
-BOND OFFERING.
Sealed bids will be received until 2 p. m. on Dec. 8 by State Treasurer
Charles G. Johnson for an issue of $1,000,000 4% State buildings and
State University buildings.
CARTERET, Middlesex County, N. J.-BOND SALR.-The issue of
0
.44% coupon or re,istered public improvement bonds offered on Oct. 17
(V. 125. p. 2005) were awarded to Graham. Parsens & Co. and Dewey,
Bacon & Co. both of New York city, jointly, taking $285,000 bonds
138 ,01Neeozilly i errig
off a
7
7
b
.
i
'
en4 4
4 41:
6
19,000. 1947 to 1964 incl.. and 57.000. 1965.
CEDAR CITY,Iron County, Utah.
-BONDS VOTED.
-At the election
held on Oct. 8, the voters authorized the issuance of $75,000 44% water
system bonds.
CELINA, Collin County, Tex.
-WARRANT SALE.
-The $10,000
issue of 6% coupon water works improvement warrants offered for sale on
Oct. 11-V. 125 p. 2175
-was awarded to the Buchanan Investment &
Loan Co. of Dodos at a price of 96.50, a basis of about 7.30%. Purchaser
to pay all incidental expenses of sale. Due 82,000 from 1928 to 1932 Incl.
The following gives the names of the two other bidders for the issue:
Roger H. Evans Co *many. Dallas, Texas.
M. H. Thomas Trust Co., Dallas, Texas.
CENTER HILL, Sumter County, Fla.
-BOND DESCRIPTION.
The $120,000 issue of miscellaneous purpose ..Ionds sold recently (V. 125,
p. 2005) to the J. B. McCrary Co. of Atlanta,is further described as follows:
69' coupon, paving, city hall, park and water works extension bonds
Price paid was 95. Date Oct. 1 1926. Dudseriolly from 1928 to 1958.
Interest payable on April and Oct. 1. Bonds are non-optional.
CENTER TOWNSHIP, Greene County, Ind..-I30Nf) OFFERING.
Harry C. Martindale, Trustee, will receive sealed bids until 2 p. so. Nov. 15
for the purchase of an issue of $8,500 5% hiolt school construction bonds.
Denom.$425. Due as follows: $425. July 1 1928, and $425. Jan. and July 1
1929 to 1938 incl.
CHAUTAUQUA UNION FREE SCHOOL DISTRICT NO. 3, Chats..
tauqua County, N. Y.
-BOND SALE.
-The $11,000 5% school bonds
offered on Oct. 17-V. 125, p. 1868
-wore awarded to Toy. Gilson & Taylor
of Jamestown at 106.37, a basis of about 4.55%. Dated Nov. 1 1927.
Due 81,000 Nov. 1 1948 to 1956. incl. The following is a list of other
bids submitted:
BidderRate Bid./ BidderRate Bid.
Pulleyn & Co., New York_ _ _106.33 Parson Son & Co., New York 105.25
Geo. B.Gibbons & Co., N. Y_106.3214. F. De Voe & Co
103.59
CHEROKEE COUNTY (P. 0. Canton), Ga.-BOND OFFERING.
Sealed proposals will oe received until 1 p. m. on Nov. 1 by E. A. McCanless, Chair "an of tne Board of Commissioners.for an issue of$150.00044%
court house bonds. Denom. $1,000. Dated Oct. 1 1927 and due $5,000
from Oct. 1 1928 to 1957 incl. Prin. and int. (A. & 0.) payable in N. Y.
City at the National Park Bank. Printed bonds to be furnished by purchaser. Storey, Thorndike, Palmer & Dodge of Boston
legal approval. A $3,000 certified check must accompany will furnish the
bid.
CHICAGO, Cook County, III.
-BOND SALE..-Tralsey, Stuart & Co.
and the National City Co.. both of N. Y. City, jointly, were awarded the
$3.960.000 4% bonds at 100.08. a basis of about 3.985%. Dated July 1
1926. Due $220.000 Jan. 1 1929 to 1946 Ind. Interest payable J. & J.
CHINO VALLEY IRRIGATION DISTRICT (P. 0. Chino Valley),
Ariz.
-BOND SALE CORRECTION.
-The report of the sale of
6% irrigation bonds to the Frank C. Evans Co. of Denver (V. 125, $85.000
P. 2005)
was erroneous, no purchase being made of these bonds by said company.
CLAY COUNTY (P. 0. Brazil), Ind.
-BOND OFFERING.
-Cullen C.
Cochran, County Treasurer, will receive sealed bids until 11 a. m.
Nov. 1
for the purchase of the following issues of 44% road bonds, aggregating
to7-43aslig
83.0.1461:
113 800 Sugar Twp. bonds. Denom. $115. Due 8460 May and Nov.
:
15.
1929 to 1943. incl.
4.800 Lewis Township bonds. Denom. $120. Due $120 May and
Nov. 15, 1929 to 1948, incl.
Dated Oct. 4 1927.
CLEVES NORTH BEND SCHOOL DISTRICT, Hamilton County,
-BOND ELECTION -At the general election to be held on rov.8.
Ohio.
the electors will be requested to vote on tne proposition of issuing 5100.000
school building bonds. The bonds, it is stated, will be dated Sept. 1 .927
and mature $5,0J Sept. 1 in each of the years from 1929 to 1948 inc..
CLIFTON, Bosque County, Tex.
-BONDS VOTED.
-At the election
held on Oct. 11 the voters authorized the issuance of $59,000 sewer bonds
by a count of 199 "for" to 64 "against."
COLUMBIA, Richland County, S. Caro.
-MATURITY.
-The
8100.000 issue of44% coupon paying bonds sold on Oct.4(V. 125. p.2005)
to Braun. Bosworth & Co. of Toledo and the Detroit Trust Co. of Detroit,
jointly, for a price of 101.437, matures as follows: $3,000 Oct. 1 1928 to
1932. $5,000 1933 to 1942 and $7,000 1943 to 1947, all incl. Basis about
4.34%. Date Oct. 11927. Denom. $1,000. Interest payable A.& 0.
COLUMBIA, Boone County, Mo.-BOND ELECTION POSTPONED.
-The proposed election to be held on Oct. 18 in order to vote on an
of $375,000 city hall bonds was "called off" by the Council, as itissue
was
apparent that the proposal would not carry. It will
submitted for a vote at a later date under a different plan.p.obably be reCOLUMBUS CITY SCHOOL DISTRICT Franklin County, Ohio.
-NOTE OFFERING.
-Sealed bids will be received by W. V. Drake, ClerkTreasurer Board of Education, until 12 m. October 31. for the purchase of
$400.000 promissory notes. dated Nov. 1 1927 in $5,010 denomination
and maturing Dec. 15 1927. Principal and interest payable at the office
of the above-mentioned official. Bids to state rate of interest
A
certified check payable to the order of the above-mentioned desired. for
1% of the notes bid for is required. The opinion of Sonire, official &
Sanders
Dempsey of Cleveland, as to the legality of the issue will be furnished the
successful bidder.
Financial Statistics of the City School District, Columbus Ohio Oct. 10 1927.
.
Bonds Outstanding
Serial bonds
$3,361.000.00
Term bonds
7,018 500.00 510,379,500.00
Par value Board of Education sinking fund investments__ 3,10
9.000.00
Cash balance
472,766.00
Total sinking fund assets
$3,581,766.00
Notes outstanding. 5720.000 (issued under Section 5654-1)
to be redeemed from proceeds of bond issue to be dated
11927. authorized Feb. 7 1927
Doc.
$720.000.00
Tax valuation Columbus School District, 1926
594,288.500.00
Tax valuation Columbus District, 1927, estimated
609.000 000.00
Tax Levies1926.
1927.
Operating purposes
6 8Th Mills 7.19 Mills
Bond. Interest and sinking fund purposes
1 905 Mills 1.17 Mills
Total tax levies
8 74 Mills 8.36 Mills
Estimated population, 1927, 322.000.
COOK COUNTY (P. 0. Chicago), 111.
-BOND OFFERING.
-Sealed
bids will be received by the Clerk Board of County Commissioners until
Oct. 27 for the purchase of $2,700.000 4% highway'bonds. These are the
bonds originally scheduled to have been sold on Oct. 18 (V. 125. P. 2176)
the sale of which was postponed and the amount subsequently reduced.
COVINGTON, Kenton County, Ky.-BOND SALE.
-A $372.000
Issue of water works refunding bonds was awarded ton Oc. 13 to the W IT,
Silverman Co. and the Davies-Bertram Co., both of Cincinnati. jointly, as
4% bonds for a premium of 83,150, equal to 100.84, a basis of about
2293
4.45%. Due on Jan. 1 as follows: $5,000. 1929 to 1938: 33.000. 1939 to
1948:811,000. 1949 to 1958: $13,000, 1959 to 1967, all incl.. and $15,000 in
1958.
CRAWFORD, Dawes County, Neb.-BOND SALE.-A_1135.0001ssue
of 5% refunding bonds has recently been purchased by the United States
Trust Co. of Omaha.
CROSBY INDEPENDENT SCHOOL DISTRICT, Harris County,
-BOND SALE.
Tex.
-A $15,000 issue of 5% school bonds has recently
been purchased by the State Board of Education at par. (This corrects
report of sale given in V. 125. p. 2005.)
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
-BOND SALE.
The two issues of special assessment bonds. aggregating 51.652,000, offered
on Oct. 11 (V. 125, p. 1868) were awarded to a syndicate composed of the
Herrick Co. of Cleveland, Eldridge & Co.of New York City,and Stranahan,
Harris & Oatis, Inc.. of Toledo, at a premium of $4,403. equal to 100.26a basis of about 4.02%, as follows:
$895,000 county sewer district water supply improvement bonds as 44s.
Due Oct. 1 as follows: $89,000 in each of the years 1928, 1930.
1932, 1934 and 1936. and 590,000 in each of the years 1929, 1931.
1933. 1935 and 1937.
757,000 county sewer district sewerage improvement bonds as 4s. Due
Oct. 1 as follows: $50,000 in each of the years 1928. 1929, 1931,
1933, 1935. 1937. 1939 and 1941. and $51,000 in each of the years
1930. 1932, 1934, 1936, 1938, 1940 and 1942.
Dated Oct. 1 1927.
CUYAHOGA FALLS, Summit County, Ohio.
-BOND SALE.
-The
issue of $84,638.76 59' improvement bonds offered on Oct. 18-V. 125,
-were awarded to W. L. Slayton & Co. of Toledo, at a premium
p. 1868
of $1,903, equal to 102.26, a basis of about 4.56%. The issue is dated
Oct. 1 1927 and consists of eight Issues of various denominations and
maturing April and Oct. 1 1928 to 1938. incl. The following is a list of
other bidders:
BidderPremium.
Stranahan. Harris & Oath.. Inc
$1,532.70
Seasongood & Mayer
1.840.00
State Teachers Retirement System
1.900.00
Otis & Co
1.812.00
Herrick & Co
1.806.00
A. E. Aub & Co
1,828.24
DADE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 3 (P. 0.
Miami), Fla.
-BOND SALE.
-An issue of 8837,000 6% school bonds has
recently been purchased by Spitzer, Rorick & Co.,of Toledo, thus disposing
of the entire authorized block of $1,337.000, the other $500.000 issue having
been sold to Braun, Bosworth & Co. of Toledo, and Otis & Co.of Cleveland,
jointly, on Jan. 11 (V. 124, p. 402) at a price of 102.38.
DALHART INDEPENDENT SCHOOL DISTRICT (P. 0. Dalhart),
-BOND SALE.
Tex.
-An iss of 3137,500 5% school bonds has recently
been purchased by the United States Bond Co. of Denver. Bonds are due
serially from 1928 to 1967, incl.
DALLAS, Dallas County, Tex.
-LIST OF BIDDERS.
-The following
is a detailed statement of the bidders and the bids submitted for the $350,000
issue of 4'4% coupon school improvement bonds which was sold on Oct. 5
V. 125. P. 2005 and 2006) to Stifel, Nicolaus & Co., of St. Louis, and the
Dallas Trust & Savings Bank of Dallas:
NameAmount Bid. Price.
Has ris Trust & Sayings Bank, Illinois Merchants
Trust Co., Chicago; Garrett & Co., Dallas
n351.963.75 100.5610
Wm. R. Compton o., St. Louts
*351018.50 100.2910
.
Kaufman, Smith & Co., St. Louis: Detroit Trust
Co., Detroit
*352.511.00 100.7180
C. Edgar Honnold, Oklahoma City
*350,987.09 100.2820
A. M. Lamport & Co., New York: J. G. M0138
& Co., Dallas
*350109.00 100.0310
.
Otis & Co., Cleveland; B. F. Dittmar & Co.,
San Antonio
*353,185.00 100.9100
John B.Oldham, Dallas
*350.984.55 100.2813
Taylor, Ewart & Co., Chicago
*352,410.00 100.6880
Thomas Investment Co., Dallas
*350910.00 100.2600
xStifel, Nicolaus & Co., Inc., St. Louis; Dallas
Trust & Savings Bank, Dallas
*353,713.00 101.0608
Lehman Bros., New York: Mercantile Trust &
Savings Bank, Dallas
*351.086.00 100.3103
Eldredge & Co., New York: George L. Simpson
& Co., Dallas
100.0900
Dallas National Bank, Dallas
*350,100.00
*35010000 100.0260
Roger H. Evans Co., Dallas
351,001.00 100.2860
J. E. Jarratt & Co., Dallas
*350,626.50 100.1790
R. M. Grant & Co., Chicago
*350.987.00 100.2820
Seasongood & Mayer, Cincinnati; Stephens & Co..
D. aliss ace
*351,543.00 100.4409
Plus
ued interest. x Successful bidder.
DANVILLE, Pittsylvarda County, Va.-BOND OFFERING.-Sealed
bids will be received until 2.30 p. m. Oct. 31 by Charlton B. Strange, City
Clerk and Auditor, for two issues of 44% bonds aggregating $150,000.
as follows:
$100.000 school bonds. Due 54.000 from 1928 to 1952, incl.
50,000 gas works improvement bonds. Due 52.000 nom July 1 1928 to
1952, incl.
Denom. $1.000. Date July I 1927. Principal and interest (J. & J.)
payable at the office of the City Treasurer. Reed, Dougherty .Hoyt &
Washburn of New York City will furnish legal approval. A certified check
for 2% par of bonds must accompany bid.
DAYTONA BEACH, Volusia County, Fla.
-BOND OFFERING.
Walter A. Richards. City Manager, will receive sealed bids until 2 p. m.on
Nov. 3 for an issue of $163.000 6% improvement bonds. Denom. $1.000.
Dated Nov. 11927. Due as follows: 816,000, 1928 to 1934' 517.000. 1935
to 1937. all inclusive. Principal and semi-annual interest payable at the
National Bank of Commerce in New York City or at the Merchants Bank &
Trust Co. of Daytona Beach. Caldwell le Raymond, of New York City.
will furnish legal approval. A certified check for 2% of par of the bid, is
required.
DEPEW, Erie County, N. Y.
-BOND SALE.
-The $10.000 coupon or
registered sidewalk bonds offered on Oct. 17(V. 125, p. 2176) were awarded
to the Manufacturers & Traders Peoples Trust Co. of Buffalo, as 4 4s, at
100.21-a basis of about 4.44%. Date Sept. 1 1927. Due 81.000 Sept. 1
1928 to 1937, inclusive.
Other bids were as follows:
Bidder
Rate
Parson, Son & Co
100.22
4.70%
R. F. DO Von & CO
:00 18
I Bd
In4L.57:54
George B. Gibbous & Co
100.04
4.708
DESCHUTES COUNTY UNION HIGH SCHOOL DISTRICT NO.
(P. 0. Bend), Ore.
-NOTE SALE.
-A $45.000 issue of school notes was
awarded to the Central Oregon Bank of Bend for a premium of $191.80,
equal to 100.42.
DEWEY COUNTY (P. 0. Timber Lake), S. Dak.-BOND SALE.
A $220,000 issue of 5% county bonds has recently been sold to the S. H.
Collins Co. Bonds mature from 1930 to 1932, incl.
DOLORES COUNTY (P. 0. Castle Rock), Colo.
-BOND SALE.
An $85,000 issue of 44% court house refunding bonds has recently been
sold to the United States Bond Co. of Denver. Bonds are due serially
from 1928 to 1952, incl.
DOVER, Kent County, Del.
-BOND SALE.
-The Delaware Trust Co.
of Wilmington was awarded on July I an issue of 8150.000 4% coupon
street and sewer bonds equal to 102.008-a basis of about 3.865%. Date
July 1 1927. Denom. $1,000. Due In 1957. Interest payable January
and July 1. The above supersedes the report given in V. 15. p. 1868.
DUNSMUIR JOINT UN'ON HIGH SCHOOL DISTRICT,SIsklyou
County, Calif.
-BOND SALE.
-Dean Witter & Co. of San Francisco
were awarded on Oct. 6 a $35.000 issue of 6% school bonds for a premium
of $4,730, equal to 113.51, a basis of about 4.86%. Due serially $1.000
from 1428 to 1962, inclusive. Other bidders were:
Wells Fargo Bank & Union Trust Co
$4,453
United States National Bank, Los Angeles
William R. Stoats Co
3,535
Peirce, Fair & Co
2.550
Neale, Kelly & Supple, Inc. (for 4'4s)
711
These bonds will be offered shortly on a 4.50% basis.
2294
THE CHRONICLE
EAST BAY MUNICIPAL UTILITY DISTRICT (P. 0. Oakland),
-BOND SALE.
Calif.
-The $3,000,000 issue of 5% water bonds offered for
sale on Oct. 14 (V. 125. p. 2006) was awarded to the syndicate headed by
the Bank of Italy of San Francisco for a premium of $274,573.82, equal to
109.152, a basis of about 4.42%. Dated Jan. 1 1925. Due $75,000 from
1935 to 1974 incl. The other bidders were very close for such a large issue.
Bond & Goodwin & Tucker, Inc., came second at 109.0599: the National
City Co. third at 109.023, and R. II. Moulton & Co. fourth at 108.737.
-Ernest
FALL RIVER, Bristol County, Mass.
-BOND OFFERING.
K. Hargraves, City Treasurer, will receive sealed bids until 10:30 a. m.
Oct. 26 for the purchase of $250,000 4% coupon school bonds. Dated
Oct. 1 1927. Denom. 91,000. Due Oct. 1 as follows: $15,000, 1928 to
1937 incl., and $10,000. 1938 to 1947 incl. Prin. and int.(A.& O.) payable
at the First National Bank, Boston. Legality to be approved by Ropes,
Gray, Boyden & Perkins of Boston.
Financial Statement Oct. 1 1927.
$213,158,400.00
Net valuation for year 1926
4,924,167.50
Debt limit 23% average valuation three preceding years
12,071,300.00
Total gross debt, including this issue
$1,246,000.00
Exempted debt: Water bonds
5,773,300.00
Other bonds
596,040.75
Sinking funds debt inside limit
7,615.340.75
[vol.. 125.
Nov.2 for the purchase of an issue of *19,6904 Si g coupon road and bridge.
o
bands. Dated Oct. 15 1927. Denom. $980. Due $980 M. & N. 15.
1928 to 1937 incl.
GILBERT HIGH SCHOOL DISTRICT (P. 0. Phoenix), Maricopa
County, Ariz.
--BOND OFFERING.
--Sealed bids will be received by
John B. White, Clerk of the Board of Supervisors, until 2 p. m. on Nov. 14
for a $45.000 issue of school bonds. Interest rate not to exceed 6%•
Deno-n.$1,000. Dated Nov. 1 1927 and due on Nov. 11947. Blank bonds
and legal expenses to be furnished by purchaser. Principal and interest
(M. & N.) payable at office of County Treasurer or in New York at the
Bankers Trust Co. A certified check for 5% of the bid is required.
GILES COUNTY (P. 0. Pulaski), Tenn.
-BOND OFFERING.
A $300,000 issue of 5% road bonds will be sold at public auction at 1 IL Tn.
on Nov. 17 by County Judge Campbe:1 Hannah to highest bid, including'
furni hing of legal opinion, bonds and attached coupons. Dated Dec. 1
1927 and due on Dec. 1 1947.
GLEN SCHOOL DISTRICT (P. 0. Durham), N. C.
-BOND OFFERING.-Sealed bids will be received until 2:30 p. m. on Nov. 8 by M.
Markham, Register of Deeds,for a 820.000 issue of school bonds. Denom.
S1.000. Dated Nov. 1 1927 and due $1 000 from Nov. 1 1929 to 1948,
inclusive. Bidders to name the rate of interest. Principal and interest
(M.& N.) payable in New York in gold. J. L. Morehead, of Durham,and'
Caldwell & Raymond. of New York, will furnish legal approval. Special
forms to be used for bids. A certified check for 2% is required.
-BOND OFFERING.
-Sealed'
GOLDSBORO, Wayne County, N. C.
bids will be received until Nov. 7 by City Clerk J. G. Spence for a $75,000
;sue of not exceeding6% coupon or registered public imist. bonds. Denom.
$1,000. Dated Oct. 1 1927 and due on Oct. 1 as follows: $2,000, 1930'
to 1959 incl., and 83,000, 1960 to 1964 incl. Int. rate to be stated in
of 107. and rate to be same for all bonds. Prin. and int.
multiples of
(A. & 0.) payable in gold in New York. Reed, Dougherty. Hoyt &
Washburn of N. Y. City will furnish legal approval. A certified check,
payable to the city, for 2% of the bid,is required.
Financial Statement.
Gross bonded debt,including presentissue
$1,745,50
above. $364.520; sinking funds for
0"
Water bonds, included
bonds other than water, $167,344.30; special assessments
640,490.81
uncollected, $108,626.51.-
$4,455,959.25
Net debt
$468,208.25
Borrowing capacity. Oct. 1 1927
563,100.73
Sinking funds debt outside llmit
FOOTHILL IRRIGATION DISTRICT(P.O. Orange Cove), Calif.
BOND OFFERING.- Sealed bids will be received until 10 a. m. on Nov. 1
by L. J. Williams, Secretary of the Board of Directors, for an issue of
,
91.589,000 6 7' irrigation bonds. Dated Sept. 1 1927. Due on July 1 as
follows: 945.400 in 1948 and 1949. $68.100 1950 and 1951: $90.800. 1952 to
1955; 9113,500. 1956 to 1959, and $16.200, 1960 to 1963. Principal and
Interest (J. & J.) payable at office of County Treasurer or at bank designated by district. O'Melveny, Milliken & Tuller, of Los Angeles, will
furnish legal approval. A certified check for 2% of the bid is a requirement.
-BOND DE
FORDEON (P. 0. Detroit), Wayne County, Mich.
SCRIPTION.-The different issues of 43CI % bonds, aggregating $1,205,000,
awarded to a syndicate beaded by the Detroit Trust Co. of Detroit at
100.03 (V. 125, p. 2006). a basis of about 4.246%. are described as follows:
$1.105.009.19
Net debt
Date Oct. 1 1927. Coupon bendy; registerabie as to principal in $1,000
Assessed valuation for real and personal property for 1926. $17.560.703:
denomination. Due Oct. I 1957. Interest payable April and Oct. 1.
bonds for the purchase of an addition to the municipal site for 1927, approximate, 818.000.000. Trust value of real and personal pronerY
3495.000
(estimated, $30,000,000 to $35,000,000. Present city tax rate $1.25 on
the erection of city buildings.
each one hundred dollars assessed valuation of property. Population,
215,000 bonds for police and fire signal systems.
1920, 11,296; 1925, 14,222; 1926, 15,000.
separation.
245.000 bonds for the censtructirn of grade
250.000 bonds for the erection of police and justice court building.
--BOND ELECTION.GOLIAD COUNTY (P. 0. Goliad), Tex.
fon Nov. 19 there will be an election for the electors to decide upon the
-The two issuance of $400,000 in road bonds.
-BOND SALE.
FORT PIERCE, St. Lucie County, Fla.
issues of 8% couren bonds aggregating $494.600. unsuccessfully offered for
-BOND OFFERING.
GOUVERNEUR, St. Lawrence County, N. Y.
sale on Oct. 3-V. 125. p. 2006-have been sold to Wright, Warlow & Co.
of Orlando and Stranahan, Harris & Oatis of Toledo, jointly, at a price -Albert M. Jepson. Village Clerk, will receive sealed bids until 7:30 p.
of 95. a basis of about 6.60%. The issues are described as follows:
Oct. 25. for the purchase of an issue of $32.000 "tunicipal power bonds, not
$294,600 local improvement bonds. Denotes. $1.000, one ro- $500 and one to exceed 5%. Date Oct. 1 1927. Denorn. $1,000. Due $2.000 Oct. 1
37.
for $100. Date Oct. 15 1927 and due from Oct. 15 1020 to 10
1928 to 1943. incl. Legality approved by Clay, Dillon & Vandewater of
200.090 revolving fund bonds. Date Sept. 1 1927 and due on Sept. 1 New York City.
1917. Denom. $1.000.
GRAND RAPIDS, Kent County, Mich.-BOND OFFERING.
Prin. Pad Int. payable at the U. S. Mortgage & Trust Co. In N. Y. City.
J. C. Shinkman, City Clerk, will receive sealed bids until 3 p. m. (central
-BONDS VOTED.
-At a recent, standard time) Oct. 31. for the purchase of the following Issues of 4%
FORT WORTH,Tarrant County,Tex.
election the voters authorized the issuance of $6,500,000 flood control and bonds. aggregating 81,951,000:
water supply bonds.
$676,000 sewage disposal plant bonds. Date April 1 1927. Due 826.000'
Aug. 1 1928 to 1953. incl.
-BOND SALE.
-The State
FRANKFORT. Benzie County, Mich.
520,000 Plaits A sewer construction bonds. Date Nov. 1 1927. Due
Savings Bank of Frankfett was recently awarded an issue of $7,200 5%
$104.000 Nov. 1 1928 to 1932, incl.
street imorovement bonds at par. The bonds mature serially from 1928
350.000 Class B. street M.pt. bonds. Date Nov. 1 1927. Due $35,000
to 1931, inclusive.
Nov. 1 1928 to 1937.
- 180,000 Class A street 1 pt. bonds. Date Nov. 1 1927. Due $36,000'
FRANKLIN COUNTY (P. 0. Frankfort), Ky.-BOND OFFERING.
Nov. 1 1928 to 1932.
Sealed bids will be received until 10 a. m. on Nov. 17 by James H. Pals,
grove, County Judge, for a $200.000 issue of not exceeding 5% road bonds,
125.000 water extension bonds. Date Nov. 11927. Due Nov. 1 1947.
100.000 Fulton street bridge bonds. Date Jan. 1 1927. Due $20.000
-BOND OFFER!NG.FREEHOLD, Mc nmouth County, N. J.
Jan. 1 1943 to 1947. Incl. Denom.$1.000. Prin. and int. payable
Adrien E. Moreau; Chairman of Finance Committee, will receive sealed
at the office of the City Treasurer. A certified check payable to the order
bids until 3 p. m. Nov. 7 for the purchase of the following issues of 416%
coupon or registered bonds not to exceed $180.000, no more bonds to be of the City Treasurer, for 3% of the bonds offered is required.
Financial Statement.
awarded than will produce a premium of $1,000 over each of the issues
S263,425.606.00
Assessed valuation of city
riven below:
$33,000 water extension bonds. Due Dec. 1 as follows: $3,000, 1928 to Total value ofsinkine funds, water works,general,cemetery
3,578.737.80
1954, inclusive, and $2,000. 1955.
trust fends and special assessements
1.012,796.24
56.000 street improvement bonds. Due $4,000 Dec. 1 1928 to 1941. Cash on hand exclusive of sinking fund
city22,178,784.08
Inclusive.
Cash value of assets of
Population, census of 1920, 137,41; present estimated population.
23,000 storm drain bonds. Due $1.000 Dec. 1 1928 to 1950, inclusive.
18,000 storm extension bonds. Due $1,000 Dec. 11928 to 1945. inclusit e. 165,000.
Recapitualtion of Bonded Debt, Sept. 30 1927.
Dated Dec. I 1927. Denom. $1,000. Principal and interest ('. & D.)
$2.652.000.00
payable at the National Freehold Banking Co., Freehold. The United Sewage disposal general taxation
150.000.00
States Mortgage & Trust Co., New York, will supervise the preraration of Cemetery, paid by general taxation
335.000.00'
the bonds and will certify as to the genuineness of the id:matures of the T. B. hospital, paid by general taxation
560.000.00
officials and the seal impressed thereon. A certified check, payanie to the Bridge bonds, paid by general taxation
borough,for 2 of the bonds bid for, Is required. Legality to be approved Park bonds, paid by eeneral taxation
100,000.00
957,000.00
by Caldwell'az Baymond. of New York City.
Flood protection, paid by general taxation
3,798.000.00
FULLERTC N, Orange County, Calif.
-BOND OFFERING.
-Sealed Water works paid by water revenue
5,387,000.00
olds will be received up !n 7;30 p. m. on Nov. 1 by City Clerk F. C. liez- School bands, paid be general taxation
4,672,200.00
malhalch, for two $12,000 issues of not to exceed 5% bridge bonds. The Street improvement bonds, paid by special assessment
897,300.00
Sewer construction bonds, paid by special assessment
Issues are described as follows:
175,000.00
bands*
$12,000 Brea Boulevard Bridge bonds. Due $1,000 from Dec. 1 1928 to West Side Library
1939, inclusive.
$19,683,500.00
12,000 Richmond Avenue Bridge bonds. Due $1,0130 from Dec. 1 If28
Less general sinking fund cash and securities, $761.983.02;
to 1939. inclosh-c.
water works bends, $3,798,000; street and sewer bonds,
Denom. $1,000. Date Dec. 11927. Principal and semi-annual interest
10,129,483.02'
S5,569.500
payable at the office of the City Treasurer. No bid for less than par
ed. A certified check for 5% of par of the bonds is required; s lid
er
$9,554,016.98
Net bonded debt payable by general taxation
check to be payable to the City Treasurer.
a
*Serial bonds all held in sinking fund.
-BOND SALE.
GALVESTON COUNTY (P. 0. Galvaston), Tex.
-The price
-PRICE PAID.
GRANT COUNTY (P. 0. Marion), Ind.
The $150.000 issue of 5% road and bridge bonds offrred for sale on Oct. 17 Paid for the $9,748 6%, drainage bonds awarded to the Inland Investment
(V. 125, p. 2006) was awarded to the Mercantile Trust & Savings Bank of Co. of Indlanapolls-V. 125. P. 2177
-was a premium of 8127. equal to
Dallas; for a pre-ium of 93.780. equal to 102.52. Denom. $1,000.
101.30. a basis of about 5.70%. Dated Nov. 10 1927. Due $974.80
GARFIFLD HEIGHTS VILLAGE SCHOOL DISTRICT, Mahoning Nov. 16 1928 to 1937 inclusive.
County Ohio.
-BOND OFFERING -Henri L. ?sock, Clerk Board of
GRANT COUNTY (P. 0. Elbow Lake), Minn.-CORRECTIONEducation. will receive sealed bids until 12 m. Nov. 8 for the purchase DESCRIPTION.--The $7,000 Issue of 5% coupon refunding ditch bonds
of an issue of $550,000 43% hisii school building bonds. Dated Oct. 1 sold on Oct. 4-V. 125, 13. 2177-to the Bank of Elbow Lake for a prem. of
1927. Denom. $1,000. Due as follows: $11,000, Oct. 1 1928 and 1929 $150. equal to 102.142. is described as follows: Date Jan, 1 1928 and due on
$12,000. Oct. 1 1930 to 1937 Incl., and 811.000. April 1 and $12,00 Oct. 1 Jan. 11938. Not optional before maturity. Basis about 4.74%. Denom.
1938 to 1951 Incl. Prin. and int. (A. & 0.) payable in gold at the office $1,000. Int. payable Jan. & July 1.
of the Clerk-Treasurer of the Board of Education, or at the legal depositary
GRAYSON COUNTY(P.O.Sherman),Tex.
of said Board In the City of Cleveland. Bids bearing a different rate of
-BOND DESCRIPTION.
be considered provided that where a frac- -The $346.000 isstto of county-wide road bonds which was voted on July la
Interest than stated above
of 1% or multiples (V• 125. p.681)sold recently-(V. 125. p. 1740). and refistered on Sent. 23
tional interest rate is bid, arch faction shall be
thereof. A certified check for 2% of the bonds offered Is required. Squire, (V. 125, p. 1869), Is further described as follows:
% coupon bonds.
Sanders & Dempsey of Cleveland have approved the 1149110 and their opinion Purchaser was the Mercantile Trust & Savings Bank of Dallas. Denom.
*1 .000. Date Sept. 1 1927 and due on Sept. 1 as fllowa: $12 000 in 1928,
will be furnished the successful bidder gratis.
/1. $16.000 in 1932. $17,000
.000 in 1929. $14 000 in 1910, $15 000 in 19
- $13
-BOND OFFERING.
GATES MILLS, Cuyahoga County, Ohio.
In 1933. $18 000 in 1934. $19.000 in 1935. *20.001)in 19/6. 921.000 in 1937,
Homer L. Hunscher, Village Clerk, will receive sealed bids until 12 m. $22.000 in 1938. $23,000 in 1939, 824.000 in 1040, 825.000 in 1941. $26,009
for the purchase of an issue of $12,500 5% bonds for the purpose In 1942. $30,000 in 1943, and $31,000 in 1944. Principal and interest
Nov. 7
of acquiring real estate and erecting public halls and public offices.- Dated (M• & S.) payable In New York City at the Seaboard National Bank.
Oct. 1 1927. Denom. $500. Due $500 Oct. 1 1929 to 1953 Incl. A
GREENBURGH GREENVILLE WATER DISTRICT (P. 0. Tarrycertified check, payable to the order of the Village Treasurer, for 10%
town) Westchester County, N. Y.-BOND S4I,P...-The $10 000 coupon
of the bonds offered Is required.
-Of the or registered water extension bonds offered on Oct. 13-V. 125. p. 2006
GIBSON COUNTY (P. 0. Princeton), Ind.-BOND SALE.
two 19ffUes of 4 % coupon bonds, aggregating $24.700 offered on Oct. 15 were awarded to Sherwood & Merrifield, Inc.. of New York City, as 4•108.
-V. 125. p. 1869-the Issue of $17,200 John A. Kirk et al highway improve- at 100.23, a basis of about 4.07%. Date Oct. 1 1927. Due $1.000 Oct. 1
ment bonds was awarded to the Peoples American National Bank of 1928 to 1947. incl.
Princeton, at a premium of $336. equal to 101.95. a basis of about 4 10% •
GREENVILLE COUNTY (P. 0. Greenville), S. C.
-BOND SALE.
Date Oct. 15 1927. Due $830 May anti Nov. 15 1928 to 1937, incl. Other The $1,530.000 issue of not exceeding 5% coupon highway bonds offered
bidders were:
-was awarded to a syndicate composed of
on Oct. 17-V. 125. p. 1869
Prem.
Bidder.Forbes
the National City Co., both of New York City,
$3(.7.70 Harris, M. Law& Co. andSpartanburg as
Fletcher Savings Az Trust Co., Indianapolis
&
415% bonds. for a bid of 100.89,
320.00 and A. .41%. Co. of $1,000. Dated
Thomas D. sneorin & Co. Indianapolis
Denom.
a basis of
Aug. 1 1927. Dee on Feb. 1
314.00
City Securities Corp., Indianapolis
335.0C as follows: 1660.000. 1932 and 1933: $70,000. 1934 to 1936; $80,000, 1937
Union Trust Co.. Indianapolis.
and 1938: $90,000. 1939: 8100.000,
333.00 and $170.000. 1946. Prin. and Int.1940 to 1943: $175.000, 1944 and 1945,
Fletcher American Co., Indianapolis
(F. & A.) payable in New York in gold.
- Second highest bid was made by the syndicate headed by the Guaranty
-BOND OFFERING.
GURSIIN COUNTY (P. 0. Princeton), Ind.
Woods,()minty Treasurer, will receive sealed bids until 10 a, in. Co. Of New York,' offering 100.64; third high was made by the Wm. R.
010
22
O. 1927.]
THE CHRONICLE
2295
approval. Bids to be on special county forms. A certified check for 2%
par of the bonds, payable to the County Treasurer, is required.
HENDRICKS COUNTY (P. 0. Danville), Ind.
-BOND SALE.
-The
% coupon L. J. Rushton et al. Liberty Twp. highway Improve421,009
ment bonds offered on Oct. 20-V. 125, p. 2177
-were awarded to the
Fletcher .Savings & Trust Co. of Indianapolis at a premium of $456.70,
equal to 102.17, a basis of about 4.06%. Dated Sept. 1 1927. Due
$1.050 may 15 and Nov. 15 1928 to 1937 incl. The following is a list
of other bidders:
BidderPremium.
Fletcher American Co
$423.00
First National Bank, Danville
413.00
Thomas D. Sheerin Co
413.00
City Securities Corp
404.00
The Meyer-Kiser Bank
379 0
35
0
Inland Investment Co
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 22 (P. 0.
-BONDS VOTED.
-A 4600.000
Floral Park), Nassau County, N. Y.
bond issue for the construction of a new grade school building has been
approved by the voters. The bonds will mature 6-30 years serially. The
vote was 319 in favor. 74 aoainst.
Total gross debt including bonds now offered
$13,705,000.00
.
HEMPSTEAD UNION FR:E SCHOOL DISTRICT NO. 9 (P. 0
Deductions
-The $275,000 coupon
-BOND SALE.
Freeport), Nassau County,.4. Y.
Water bonds, included in above gross debt__ $2,591,905.72
or reeistered school bonds offered on Oct. 17-V. 125. p. 187-were awarded
Due from railway company for underpassimto Phelps, Fenn & Co. of New York City, as 4.20s, at 100.63. a basis of
provement
550.000.00
about 4.12%. Dated Oct. 1 1927. Due April 1 as follows: $9,000. 1929
Sinking fund (except for water debt)
814,708.01
to 1957, incl., and 414.000. 1958.
Uncollected special assessments applicable to
The following is a list of other bidders. The bid of Pulleyn & Co.
street bonds:
and E. H. Rollins It Sons was for 431% bonds; the other bids for 4.20%
Actually levied
2,434,884.81
bonds:
To be levied
1,568.920.00
Rate Bid.
BidderRate Bid.
Bidder7.960.418.54
H. L. Allen & Co
100.72 First National Bank & Trust
Co., Freeport
100.64
100.55
Net indebtedness
45.744.581.46 Dewey, Bacon & Co
100.60 Pullevn & Co. and E. H.
Official U. S. census. 1923, 43,525; present population, estimated over Harris. Forbes & Co
George B. Gibbons & Co
Rollins & Sons
100.30
100.21
50,000.
HERKIMER, Herkimer County, N. Y. BOND SALE.
-The ManuGULFPORT, Pinellas County, Fla.
-The$145.000
-BOND SALE.
Issue of 6% street improvement bonds unsuccessfully offered for sale on facturers & Traders Peoples Trust Co. of Buffalo were awarded on Oct. 13
Aug. 16 (V. 125, p. 1082) has since been sold to Kendrick & Boyer of an issue of 422,000 431% refunding additional water supply bonds at 100.70.
Tampa at a price of 95. Due from 1928 to 1937, inclusive.
-The two issues
HICKORY, Catawba County. N. C.
-BOND SALE.
-were awarded to the
HAMBDEN TOWNSHIP (P. 0. Chardon), Geauga County, Ohio. of bonds offered for sale on Oct. 19-V. 125, n. 1870
-BOND SALE.
-The Chaviin Falls Bank of Chagrin Falls was awarded Detroit Trust Co. and Braun, Bosworth & Co. of Toledo as 4st% bonds
on Oct. 8 an issue of $12.054 531% special assessment road !rapt. bonds for a price of 100.34, a basis of about 4.73%. The issues are described
as follows:
at a premium of 4252.50. equal to 102.09.
$100,000 series A paving' bonds. Due $5,000, 1930 to 1938: $6,000 In 1939.
-The 475,000
HAMILTON, Butler County Ohio.-BOND SALE.
and $7,000 in 1940 to 1946.
awarded
-were
• % gas impt. bonds offered on act. 17-V. 125. P. 1869
100,000 water bonds. Due $4,000 from 1930 to 1954 incl.
to the Detroit Trust 0o. of Detroit at a premium of $1,741, equal to 102.32,
Denom. 41.000. Dated Nov. 1 1927. Prin. and semi-ann. int. payable
a bogie of about 4.19%. Dated Oct. 1 1927. Due $5,000 Oct. 1 1929 In N. Y. City.
to 1953 inclusive.
HIDALGO COUNTY INDEPENDENT ROAD DISTRICT NO. 1
HAMILTON TOWNSHIP SCHOOL DISTRICT (P. 0. Mays Land- (P. 0. Mission), Tex.
-BOND ELECTION-On Nov. 10 the voters will
-BOND SALE.
-The issue of 4',31 % coupon pass on the proposition of issuing $4,000,000 in bonds for the purpose of
ing), A la,.tie County., N. J.
or re.'oered school bonds offered on Oct. 18(V. 125, P. 2007) was awarded building good roads throughout the district.
to 0. W. Whit's & Co., and Batchelder. Wack & Co., both of New York
HIDALOGO COUNTY ROAD DISTIU- NO. 12 (P. 0. Edioborg.)
T
City, jointly, tektite $205,000 bonds ($210.000 offered). paying 102.75-BOND ELECTION.
-On Nov. 10 there will be a special election for
a basis of about 4.52%. Dated Sent. 1 1927. Due Sept. 1 as f-llows: Tex.
$5.000, 1928 to 1962, inclusive; $7,000. 1963 to 1966, inclusive, and $2,000. the voters to decide on the proposition of issuing $4,000,000 in Road Dist.
No. 12 bonds.
1967.
HIGHLAND PARK INDEPENDENT SCHOOL DISTRICT T. 0.
HAMTRAMCK, Wayne County, Mich.
-INTEREST RATE
-MATURITY.
-BOND SALE,
-The $200.000 issue of 4% school
-The $789.000 grade separatiion bonds awarded to a syndicate Dallas), Texas.
composed of Braun, Bosworth & Co., Ti. E. MacCrone & Co., Lewis & Co. building and equipment bonds offered for sale on Oct. 17-V. 125. p. 2007
and Joel, Stockard & Co., all of Detroit, at 104.92, a basis of about 4.22",
- was awarded to the San Jacinto Trust Co. of Houston. for a premium of
V. 125, p. 2177-bear interest at the rate of 43 % and mature Oct. 1 1957. 49.290.40, equal to 104.645, a basis of about 4.18%. Denom $1,000.
The bonds are dated Oct. 1 1927.
Datei Oct. 10 1927. Due $5,000 from April 10 1928 to 1967. incl. Prin.
and int. (A. & 0. 10) payable at the State Treasury in Austin or at the
HARNEY COUNTY (P. 0. Burns), Ore.
-BOND SALE.
-The $100,000 issue of 411% Permanent road bonds offered for sale on Oct. 10(V. 125, Chase National Bank in New York City.
HOLLAND, Ottawa County, Mich-BOND OFFERING.-Scriled bids
IL 2007) has boon awarded to Geo. H. Burr, Conrad & Broom of Portland,
at a price of 102.07. a basis of about 4.56%. Denom. 41.000. Dated will be received by Oscar Peterson. City Clerk, until 7.30 p. m. (Central
Sept. 15 1927 and due $10,000 on Sept. 15 from 1937 to 1946, inclusive. standard time) Nov. 2, for the purchase of an issue of ;49.500 special
The second highest bid was an offer of par, made by Blyth, Witter & Co. of assessment improvement bonds not to exceed 534 %. Dated Aug. 1 1927.
Portland.
Denom. $1,000 and $500. Due $5,500, Feb. 1 1929 to 1937, incl. A
HARRIS COUNTY NAVIGATION DISTRICT (P. 0. Houston), certified check for 2% of the bonds offered is required.
Tex.
-BOND DESCRIPTION.
-BOND DFSCRIPTioN".-The
HOLYOKE, Hampden County, Mass.
-The issue of 41,250.0005% coupon district
bonds which Is being offered for sale on Oct. 27-V. 125, n. 2177
-is further 429.0004% playground bonds awarded to the Atlantic-Merrill Oldham Co.
doscribed as follows: Denom. $1,000. Date Feb. 1 1927 and due on Feb. of Boston. at 101.53 (V.125.11.2177). a basis of atroit 3.71°4,, are described
1 as follows: $50,000 in 1928. 1929, 1931, 1933, 1935, 1937. 1939. 1941, as f-llows: Dated Oct. 1 1927. Coupon bonds in 41.090 &mom. Due
1943, 1945, 1947, 1950, 1952, 1954 and in 1956:435.000 in 1930. 1932, 1934. serially on Oct. 1 from 1928 to 1937, inclusive. Interest payable April and
1936. 1938. 1940, 1942, 1944, 1946 and in 1948. 430.000 in 1949. 1951, Oct. 1.
1953, 1955 and 1957. Loral approval will be furnished by Texas attorney
-BOND
HOMER SCHOOL DISTRICT, Champaign County, Ill.
general and Thomson, Wood & Hoffman of New York. bit. payable
-The H. 0. Speer & Sons Co. of Chicago were awarded on July 1
P. & A. A $12,500 certified check, payable to R. S. Sterling, District SALE.
an issue of 450,000 4'4% coupon school bonding bonds at par. The bonds
Chairman, is required.
are in denom. of 41.000 and mature serially.
Financial Statement.
Cash and
Matur- Outstanding
HOUSTON, Harris County, Tex.
-BOND OFFERING.-Scraled bids
DateIssue.
Bonds.
Securities.
Rate. ties.
June 1 1911-...._$1,250,000.00 4,31 Serial
$769,500.00 $156,228.73 will he received until 10.. m. on Dec. 14 by W. A. Moore, City Secretary,
Mar. 1 1914-250,000.00 5
250.000.00
9 .772.63 for the following twelve issues of coupon bonds aggregating $2,625,000 and
40
Aug. 1 19i9__ 1,500,000.00 5
1,100,000.00
Serial
16,900.17 divided as follows:
Apr. 15 1923--__ 4,000,000.00 5
3,480,000.00
Serial
132,470.26 $750.000 drairrwe and sewerage bonds. Due $25,000 on Jan. 1 from 1929
to 1958, incl.
Sept. 15 1924_ _ _ _
500,000.00 434 Serial
449,000.00
6,590.50
400,000 farm market bonds. Due on Jan. 1 as follows: $14,000. 1929 to
Fob, 1 1927__
250,000.00 5
Serial
250,000.00
1953; $10,000. 1954 to 1958 .
250.000 bayou improvement bonds. Due on Jan. 1 as follows: $8,000.
Total
46.298,500.00 4407.932.29
1929 to 1953: $10,000. 1954 to 1953.
Assessed valuation (1927), 4270.997,005; true valuation (estimated),
250,000 civic center bonds. Due on Jan. 1 as follows: $8,000. 1929 to
4550,000,000: legal debt limit, 10% real property valuation.
1953; $10.000. 1954 to 1958.
HARTFORD, Hartford County, Conn.
SALE.
-BOND
-The $1,200,000 street improvement bonds. Due on Jan. 1 as follows: $6,000.
600,000 4 ep coupon or recietered permanent improvement binds offered
(
1929 to 1953; $10.000, 1954 to 1958.
on Oct. 20-V. 125. P. 2097-were awarded to a syndicate composed
100,000 sanitary sewer bonds. Due on Jan. 1 as follows: $3,000, 1929 to
of White, Weld & Co. of N. Y. City, and Eddy Bros & Co. and Shaw & Co.,
1953: 45,000, 1954 to 1958.
both of Itartford, at 109 86, a basis of about 3.86%. Dated Nov. 11927.
100,000 gravel bonds. Due on Jan. 1 as follows: $3,000, 1929 to 1953:
Dun $100,000 Nov. 1 1928 to 1943 inclusive.
45,000. 1954 to 1958.
The bonds, it is stated are legal investments for Savings banks and trust
100.000 fire and police station bonds. Due on Jan. 1 as follows: 43.000.
funds in Now York, Massachusetts and Connecticut, and are being offered
1929 to 1953. and $5,000 from 1954 to 1958. Incl.
to the nubile at prices to ylold from 3.50 to 3.80%, according to maturities.
100.000 incinerator bonds. Due on Jan. 1 as follows: $3.000, 1929 to
The following is a list of other bidders for the bonds1953: $5,000, 1954 to 1958.
BidderRate Bid.
75.000 alarm sorstem bonds. Due on Jan. 1 as follows: $2,000, 1929.to
Rldredge & Co.. Boston
100.81
1953: $5,000, 1954 to 1958.
G. L. Austin & CO., Hartford; Gibson, Leefe & Co., Inc., New York;
50,000 hospital bonds. Due on Jan. 1 as follows: $1,000. 1929 to 1953
H. L. Allen & Co., New York
100.79
and $5,000 from 1954 to 1958.
R. L. Day & Co.. Boston; Edward M. Bradley & Co., New Haven:
On all the above issues, which are all dated Jan. 1 1928 the interest rate
R. F. Griggs & On., Waterbury; Conning & Co., Hartford
100.62 is to be stated in multiples of 31 of 1% and must be the same fox all of the
Roosevelt it Son,New York; Geri. B.Gibbons& Co.,Inc., Now York;
bonds. The last issue is:
Dewey,Bacon & Co.. New York; E. M.Schmidt& Co., New York _100.54 4250.000
% refunding bonds. Dated Oct. 1 1927. Due $17,000 from
Eetabrook & Co., Hartford; Putnam & Co., Hartford
1C0.47
1928 to 1937. incl., and $16,000 from 1938 to 1942, incl.
Old Colony Corporation, Boston
100.42
Denom. $1,000, All or none bids are required. Principal and Interest
Bankers Trust Co., Hartford (on $25.000)
100.00 payable in New York City at the Chase National Bank. Reed. Dougherty,
National City Co., New York; Harris, Forbes & Co., New York;
Hoyt & Washburn of New York City will furnish the legal approval. A
Stone & Webster & Blodeett, Inc., Boston; Chas. W. Scranton
certified check for 2% par of the bonds must accompany bid.
& Co., New Haven: ROY T. II. Barnes & Co.. Hartford
99.57
HOWELL, Livingston County, Mich.
-BOND OFFERINO.--George
HAZLETON SCHOOL DISTRICT, Luzerne County, Pa.
-BOND E. Daily, City Clerk, will receive sealed bids until 7.30 p. in. Oct. 27 for
OFFERING.
-D. T. Evans, Secretary Board of Directors, will receive the purchase of an issue of 450,000 43% hpital bonds. Dated Dee. 1
hospital
..1
sealed bids until 7.30 P.m" Nov. 8, for the purchase of an issue of $275.000 1927. Due Dec. 1 as follows: $3,000, 1 929 to 1938, incl., and $4.000. 1939
431% coupon or registered school bonds. Date Oct. 1 1927. Denom. to 1943, incl. Principal and interest (J. & D.) payable at the City Treasel 000, Due Oct. 1, as follows: 420,000, 1921 to 1935, incl., and $25,000, urer's office: or at a Detroit depositary designated by the successful bidder.
11)(1 to 1942, incl. A certified check, payable to the order of the District A certified cheek for $500 is required.
Treasurer for 2% of the bonds offered, is requierd. Issued subject to the
approving opinion of Townsend, Elliott & Munson of Philadelphia.
HUNT COUNTY (P. 0. Greenville), Tex.
-BONDS VOTED.
-At the
HEARNE, Robertson County, Tex.
-BOND MATURITY -The election held on Oct. 8 the question of floating a $400,000 bond Nemo for a
new
$80,000 issue of 5% improvement bonds sold recently (V. 125. p. 2177) to largecounty court house and jail building was passed by the voters with a
majority.
Oaldwell & Co. of Nashville for a 4328 premium, equal to 100.41. is due and
payable, $2,000 from 1929 to 1966, inclusive. and $4,000 in 1967. The
INDIANAPOLIS, Ind.
-BONDS NOT SOLD.
-The Union Trust Co.
basis is about 4.98%.
of Indianapolis has withdrawn its successful bid for $25.000 431% park
HENDERSON COUNTY (P. 0. Hendersonville), N. C
-V. 125, p. 2178. The trust company's action followed
-BOND district bonds
OFFER/NO.-Sealed bids will be received until noon of Nov. 2 by W. T. rendering of an oninion by attorneys that the bonds would be invalid beDrake, Registrar of Deeds, for an issue of $281,000 funding bonds. Int. cause of Mayor Duvall's signature, made after his conviction on a charge
rate not to atcond 5(%, Donom. $1,000. Dated Nov. 1 1927 and due of corruption.
The sale of $23,000 431% sanitary district bonds scheduled to take place
1929 to 1935: $25.000. 1936 to 1941. and
on Nov. 1 as follows:
-was also a failure. The Fletcher American Co.
426.000 in 1942. Int. rate to be stated In multiples of X of 1%• Prin• Oct. 13-V. 125, p. 1740
and int. payable in New York city at the National Bank of Commerce. of Indiananolis had submitted the successful bid for the bonds, but when
Reed, Dougherty, Hoyt & Washburn of New York City will furnish legal the attorneys rendered their opinion withdrew the offer.
Compton Co. syndicate, offering 100.61; fourth by the First National Co.
of Detroit with 100.59, and fifth by Bankers Trust Co. at 100.55.
,
The above b nds are now being offered f o• investment by Barris. Forbes
& Co. and the National City Co., both of New York, priced to yield about
4.25% on all maturities. The bonds are tax-free in South Carolina.
The assessed valuation for taxation is 430.919,095, while the estimated
real value of taxable property is $300,000,000. The total bonded debt,
Including this issue, is $3,091,500.
GREENSBORO, Guilford County, N. C.
-FINANCIAL STATE-In connection with the offering of five issues of 431% coupon
MENT.
-the following
bonds, aggregating $1,905,000, on Oct. 25-V. 125, P. 2177
financial statement is given:
490,208,750.00
Assessed valuation of property in 1926
Assessed valuation of property in 1927 will be approximately 100.000.000.00
Estimated actual value
140,000.000.00
$11,800,000.00
Bonds outstanding
Bonds now offered
1,905.000.00
No floating debt (except tax anticipation
paper and except bond anticipation notes
to be paid from proceeds of bonds now
offered)
i15.000.
2296
THE CHRONICLE
ISRAEL TOWNSHIP SCHOOL DISTRICT,Preble County, Ohio.
BOND ELECTION.
-An election will be held on Nov. 8 for the purpose
of voting on the question of issuing $80,000 school bonds. The bonds will
run for a period of 25 years.
JACKSON COUNTY (P. 0. Kadoka), S. Dak.-BOND OFFERING.
-Sealed bids will be received until 2 p.m. on Oct. 29 by the Clerk of the
Board of County CommiAoners, for a 5215.000 issue of county funding
bonds. The necessary bonds, resolutions and legal opinion are to be
furnished by the bidder.
JACKSON COUNTY (P. 0. Maquoketa), Iowa.
-BOND ELECTION.
-On Nov. 1 there will be a special election to pass on the proposition of
issuing $1.000.000 in bonds to hard surface the primary roads in the county,
according to the Board of County Supervisors.
JACKSON COUNTY SUPERVISORS DISTRICT NO. 4 (P. 0.
Pascagoula), Miss.
-The $50,000 issue of 6% school
-BOND SALE.
bonds offered for sale on Oct. 3-V. 125, P. 1741-was awarded to Caldwell & Co.of Nashville, for a premium of 899.44, equal to a price of 100.19,
a basis of about 5.98%. Denom.81,000. Dated Oct. 1 1927 and due 82,000
from Oct. 1 1928 to 1952, incl. Int. payable on April & Oct. 1.
-At an
-BONDS VOTED.
JACKSONVILLE, Cherokee County, Tex.
election held on Oct. 13 the voters approved the proposition of issuing
$400,000 in bonds to hard surface three State and Federal highways by
the overwhelming majority of 1.045 to 265.
JACKSONVILLE ROAD DISTRICT, Cherokee County, Tex.
BONDS VOTED.
-At a special election held on Oct. 10 the voters authorized the issuance of $400,000 in bonds for road purposes. The actual
vote was 1.045 for to 255 against.
-BOND OFFERING.
JAMESTOWN, Chautauqua County, N. Y.
0.S. Doolittle, City Treasurer, will receive sealed bids until 2 p. m. Oct. 24
for the purchase of an issue of $35,000 registered sewer bonds not to exceed
•5%, Dated Dec. 1 1927. Denoms. $1,000 and 8500. Due $3,500 Dec. 1
1928 to 1937 incl. Principal and in (J. & D.) payable at the office of the
City Treasurer. A certified chck, payable to the order of the City Treasurer for $1,500. Is required.
JASPER, Jasper County, Tex.
-BONDS VOTED.
-At the special
election held on Oct. 11 the voters authorized the Issuance of 3 issues of
bonds, aggregating 8250,000, as follows:
8110,000 water, by a count of 233 for to 82 against.
65,000 sewer, by a count of 225 for to 93 against.
75,000 street, by a count of 190 for to 126 against.
JEFFERSON SCHOOL AND CIVIL TOWNSHIP, DuBois County
Ind.
-BOND SALE.
-The $7.0005% school building and remodeling bonds
offered on Oct. 1-V. 125, p. 1870-wea e awarded to the Birdseye National
Bank of Birdseye at a premium of $230.65. equal to 103.26, a basis of about
4.26%. Due 8350, Feb. and Aug. 15 1928 to 1937 incl.
JEFFERSON TOWNSHIP SCHOOL DISTRICT,Ashtabula County,
Ohio.
-BOND SALE.
-The State Teachers Retirement System was awarded on Oct. 1 an issue of 8100.000 5% coupon school building bonds at a
premium of $3.950. equal to 103.95-a basis of about 4.555%. Dated
May 11927. Denom.$2,000 and $2,500. Due $2,500 April 1 and $2,000
Oct. 1 1928 to 1949, inclusive. Interest payable A. & 0.
JERSEY CITY,Hudson County, N.J.-$2,287,000 BONDS OFFERED
FOR PUBLIC SUBSCRIPTION.
-A.B. Leach & Co. and Charles C. Hood
& Co. are offering $2,287.000 43 % bonds maturing serially from June 1
1931 to 1966, inci, at prices to yield 3.95%. They are part of the three
issues of 447. bonds awarded on June 15-V. 124, p. 3667
-to the Trust
Co. of New Jersey as follows: $926.000 water bonds at 101.67 a 4.09%
bads;$931.000, improvement bonds at 100.32, a 4.22% basis, and $697,000
school bends at 101.07, a 4.11% basis. This is the first public offering of
the bonds since the award was made.
JERUSALEM TOWNSHIP RURAL SCHOOL DISTRICT, Lucas
-Elmer Hartenfeld, Clerk Board of
County, Ohio.
-BOND ELECTION.
Education, informs us that at the general election to be held on Nov. 8,
the electors will be asked to approve or reject the resolution providing for
the issuance of $175.000 bonds for the purpose of purchasing the necessary
land and erecting a new fireproof school building. The bonds will run for
a period of twenty-two years.
JOHNSON COUNTY (P. 0. Buffalo), Wyo.-BOND SALE.
-The
Issue of 834.0004% • efunding bonds offered on Oct. 4-V. 125. p. 1870
was awarded to Geo. W. Vallery & Co. of Denver. Dated Oct. 15 1927.
Denom. $1,000. Due $4,000 from Jan. 1 1932 to 1939, incl., and $2,000
on Jan. 1 1940.
K/NDERHOOK UNION FREE SCHOOL DISTRICT NO, 2 P. 0,
Valatie) Columbia County, N. Y.
-BOND OFFERING.-Sealea bids
will be received by the District Clerk, until 8 p. m. Nov. 1 for the purchase
of the following issues of 4H 0 bonds, aggregating $140.000:
7,,
$135.000 school house bonds Due Jan. 1 as follows: $1.000. 1930 to 1934.
incl., $3,000, 1935 to 1939, inel., $4,000. 1940, to 1944, incl.,
UAL 1945 to 1949,incl., $6,000. 1950 to 1954,incl., and 58.000,
1955 to 1959. Incl.
5,000 school house site bonds. Due 81.000 Jan. 1 1930 to 1934, incl.
Dated Jan. 11928. Denom. $1,000. Prin. and int. (J. & J.) payable
at the National Union Bank Kinderhook. A certified check for 5% of the
bonds offered is required.
KLAMATH COUNTY(P.0.Klamath Falls), Ore.
-BOND OFFERING.
-Sealed bids will be received until 2 p. m. on Nov. 2 by County Clerk
0. R. Do Lap for a $253.000 issue of permanent road bonds. Int. rate
not to exceed
%. Denom. $1,000. Dated Nov. 1 1927 and due on
Nov. 1 as follows: 510,000. 1932 to 19P6: 515.000, 1937 to 1939; $20.000,
1940 to 1943;$25,000, 1944 and 1945. and 828.000 in 1946. Teal, Winfree,
McCulloch & Shuler of Portland will furnish legal opinion. A $12,650
certified check must accompany bid.
-BOND SALE NOT CONKNOX COUNTY (P. 0. Vincennes), Ind.
-house bonds
SUMMATED.
-The sale of the 868,000 4 7, ten-year court
offered on Sept. 13 to the Fletcher American Co. of Indianapolis, report of
which appeared in V. 125, p. 2007, was not consummated as their attorneys
refused to approve the issue.
-BOND SALE.
KNOX COUNTY (P. 0. Mount Vernon), Ohio.
The $54.325 5% road improvement bonds offered on Oct. 17-V. 125. p.
1870
-were awarded to Braun, Bosworth & Co. of Toledo, at a premium of
81,688, equal to 100.31, a basis of about 4.92%. Dated Sept. 15 1927.
Due Sept. 15 as follows: $8,325, 1928: $6,000. 1929. and 85.000, 1930 to
1937,Incl.
-Sealed
KNOXVILLE, Knox County, Tenn.
-BOND OFFERING.
bids will be received by L.0. W.Bonham, Director of Finance, until 10 a.m.
on Oct. 25 for an issue of $169.000 434% coupon or registered improvement
bonds. Denom. 81,000. Dated Oct. 1 1927. Due on Oct. 1 as follows:
516.000, 1929 and 517010. 1930 to 1938, in. Prin. and int. (A. & 0.)
payable in New York City in gold. Chester B. Masslich of N6W York
City will furnish legal approval. Required bids will be furnished by the
above attorney or the Director of Finance. A $3,500 certified check,
payable to the City Treasurer, is required.
Financial Statement.
$164,698,996.25
Assessed valuation for taxation, 1927
225,000,00 .00
Estimated true value
Total bonded and other debts. Including special assessment
18,935,740.00
debt and including bonds now offered
$4,395,960.00
Water debt
747,201.34
Sinking funds except for water debt
Uncellected special assessments applicable to
1,573,377.57
a portion of above debt
Special assessments to be levied and made
131,636.37
applicable to improvement bonds
Total deduction
•
6,848,175.28
$12,087.564.72
Net debt, including this issue
Population, Federal Census, 1910, 36,346; Federal Census, 1920, 77,818;
estimated. 1927. 125.000.
-BOND OFFERING.
KOSCIUSKO COUNTY (P. 0. Warsaw) Ind.
-Sealed bids will be received by Leonard 11. Huffer. County Treasurer,
bonds,
p. m. Oct. 28 for the purchase of an issue of $2,660 6% ditch incl.
until 2
Date Aug. 7 1927. Denom. $256. Due $256 Dec. 1 1928 to 1937
SALE.
-BOND
KOSCIUSKO COUNTY (P. 0. Warsaw), Ind.
The $13,200
% coupon improvement bonds offered on Oct. 18-V. 125.
[VOL. 125.
p. 2007
-were awarded to the City Securities Corp. of Indianapolis, at a
premium of $304. equal to 102.30, a basis of about 4.03%. Dated Oct. 15
1927. Due May and Nov. 15 1929 to 1938.incl. Other bids were as follows:
Premium.
Bidder$276.00
T. D. Sheerim & Co
268.00
Union Trust Co
292.00
Inland Investment Co
273.00
Fletcher Savings & Trust Co
273.00
Fletcher American Co
187.44
Indiana Loan & Trust Co
298.28
Lake City Bank
LaGRANDE, Union County, Ore.
-BOND OFFEEINO.-Sealed bid
will be received until 7:30 p. m. on Oct. 26 by City Recorder J. E. Stearns
for an issue of $86,567.10
% improvement bonds. Dated Oct. 1 1927
and due on Oct. 1 1937, optional after 1928. Prin. and int. payable at
office of City Treasurer. Teal, Winfree, McCulloch & Shuler of Portland
will furnish legal approval. A $2,500 certified check must accompany bid.
LAKE COUNTY (P. 0. Painesville), Ohio.-BOND OFFERING.
L. J. Spaulding, Clerk Board of County Commissioners, will receive sealed
bids until 11 a. m.(Eastern standard time) Oct. 31 for the purchase of an
issue of $6.647 6% coupon special assessment road inapt. bonds. Date
Oct. 1 1927. Denom. 31.000. 8500 and one for $647. Due Oct. 1 as
follows: 81,647. 1929; 51.000. 1930; $1.500, 1931; 81.000, 1932. and
81.500, 1933. Prin. and hat. (A. & 0.) payable at the County Treasurer's
office. A certified check, payable to the order of the State Treasurer,
for 8500 is required.
LAKE COUNTY (P. 0. Painesville), Ohlo.-BOND SALE.-Stranahan, Harris & Oatis, Inc., of Toledo was awarded on Oct. 17 five Issues of
road improvement bonds, aggregating $40,813.32, as 4Xs, at a premium
of 8257, equal to 100.62.
LAKEVIEW, Lake County, Ore.
-BOND OFFERING.
-Sealed bids
will be received until 7:30 p. m. on Nov. 14 by Harry J. Angstead, Town
Recorder, for a $5,000 issue of 6% improvement bonds. Denom. $500.
Dated June 1 1927. A certified check for 5% par of bonds must accompany the bid.
LANCASTER SCHOOL DISTRICT, Lancaster County, Pa.
-BOND
SALE.
-The $1,250,000 4% coupon or registered school bonds offered on
Oct. 17(V. 125.0. 2007) were awarded to a syndicate composed of Graham,
Parsons & Co., Biddle & Henry and E. H. Rollins & Sons, all of Philadelphia, at a premium of $22,956.25, equal to 101.83, a basis of about 3.857p.
Dated Oct. 1 1927. Due Oct. 1 as follows: $25,000, 1928 to 1932 Mel.;
$30,000, 1933 to 1937 incl.; 535.000, 1938 to 1942 incl.; $45,000. 1943 to
1947 incl.; 855,000, 1948 to 1952 incl., and $60,000, 1963 to 1957 incl.
Other bids were as follows:
Premium.
BidderM. M. Freeman & Co
$13,885.75
Farmers' Trust Co., Lancaster
9,101.00
Guaranty Company of New York
6,998.75
2,873.75
National City Company
12,137.50
R. M. Snyder & Co
LANE COUNTY SCHOOL DISTRICT NO.4 (P. 0, Eugene), Ore.
-0. H. Jones, District Clerk, will receive sealed bids
BOND OFFERING.
up to the hour of 7:30 p. m. on Oct. 25,for an $87,000 issue of 4 Si% refunding bonds. Denom. $1,000. Dated Nov. 1 1927 and duo on Nov. 1 as
follows: $17,000, 1930 to 1933, incl., and $19,000 in 1934. Leal, Winfree.
McCulloch & Shuler of Portland will furnish the legal approving opinion.
A $2,000 certified check is required.
LARAMIE COUNTY SCHOOL DISTRICT NO. 5 (P. 0. Cheyenne),
Wyo.-BOND OFFERINU.-Sealed bids will be received until 2 p. m. on
Nov.5 by A. P. Mortensen, District Clerk, for a 810,000 issue of5% school
bonds. A certified check for 5% must accompany the bid.
LAUDERDALE COUNTY (P. 0. Meridian), Miss.
-BOND OFFERING.
-A 5200,000 issue of series A road improvement bonds o Ill be sold to
the highest and best bidder at public auction at 10 a. m.on Oct. 26 by J. B.
Holland, Clerk of the Chancery Court. Denom. $1,000. Interest rate to
be bid upon. Dated Jan. 11928. Dae 84,000 from 1928 to 1932; $8,000,
1933 to 1942: 810,000. 1943 to 1952, all inclusive.
LAURINBURG, Scotland County, N. C.
-BOND OFFERING.
Sealed bids will be received until noon of Oct. 27 by Town Clerk, C. M.
Fetter, for a $65,000 issue of 5)4% street improvement bonds. Denom.
$1,000. Dated June 1 1927 and due on June 1 as follows: 83.000. 1930 to
1940; 35,000, 1941 to 1944 and $6,000, 1945 and 1946. Prin. and Mt.
(J. & D.) payable in New York City at the National Bank or Commerce.
Storey. Thorndike, Palmer & Dodge of Boston, will furnish legal approval.
Special bid forms furnished by Town Clerk or the IT. S. Dickson Co. of
Gastonia. A $1,300 certified check is required.
-The $28,000
LIBERTY,Gage County, Neb.-BOND DESCRIPTION.
school bonds awarded to the Peters Trust Co. of Omaha at 101.88-V.
125. p. 2007
-bearinterest at the rate of 4)4% and are described as follows:
Dated Oct. 11927. Coupon bonds in $500 denom. Due serially, Oct. 1
1930 to 1949 incl. Int. payable annually on June 1.
-BOND
LINCOLN PARK (P. 0. Detroit), Wayne County, Mich.
SALE.
-The $3,000 special assessment district No. 139 sewer bonds offered on Oct.4(V. 125, p. 1870) were awarded to the Sinidng Fund at par.
-BOND SALE.
-The issue of coupon
LINDEN, Union County, N. J.
or registered school bonds offered on Oct. 17 (V. 125. p. 2008) was awarded
to the Linden National Bank & Trust Co., taking the 8623.000 bonds
offered as 4)4s at a premium of $176.87, equal to 100.02, a basis of about
4.235%. Dated Oct. 1 1927. Due Oct. 1 as follows: $15,000, 1928 to
1944 incl., and 816.600, 1945 to 1967 incl.
-CORRECTION.
-LOGAN COUNTY (P. 0. Bellefontaine), Ohio.
We are now informed by the Peoples Commercial Bank of Bellefontaine,
that they were not the purchasers of the 81,5006% ditch bonds offered on
Oct. 5, as reported in V. 125, p. 2008.
-Sealed
LONG BEACH, Laporte County, Ind.
-BOND OFFERING.
bids will be received by the Board of School Trustees until 12 m. Oct. 31
for the purchase of an issue of $20,000 5% school house bonds. Dated
Oct. 11927. Denom. 8500. Due $1,000 Oct. 1 1932 to 1951, incl. Principal and int. (A. & 0.) payable at the Michigan City Trust & Savings
Bank, Michigan City. Ind. A certified check for $250 is required.
LOS ANGELES COUNTY ACQUISITION AND IMPROVEMENT
DISTRICT NO. SS (P. 0. Los Angeles), Calif.-BOND SALE -Dean
Witter & Co. of San Francisco and the Anglo London Paris Co. purchased
on Oct. 10 issue of 81.014.0007% district bonds, paying for there a premium
of $32,581, equal to 103.21. The bonds mature serially from 1932 to 1952.
The second hignest bid was submitted by the Fidelity National Trust &
Savings Bank of Kansas City, offering a premium of 56.125.
LOS ANGELES (City and County of), Calif.
-LIST OF BIDDERS.
The seven issues of 4,4)4amd 414% bonds which were sold on Oct. 11V. 125, p. 2178-to a group composed of R. H. Moulton & Co. the Harris
Trust & Savings Bank, the Security Co. of Loa Angeles, and the American
National Co. of San Francisco for a premium of 57,684, equal to 100.109.
a basis of about 4.194%. also brought out t e following bids:
Premium of 52.195 for 52,986,000 434s and 84.000,000 of 4s offered by
Anglo London Paris Co., Dean Witter & Co.. Bank of Italy, First National
Bank of New York, Eldredge & Co., Redmond & Co., Stevenson, Perry
& Stacey. Phelps. Fenn & Co., Blair & Co., Halsey, Stuart & CO., Hunter,
Dulin & Co.. Schwabacher & Co.. E. R. Gundelfinger. Inc. and the
Detroit Co.; premium of $10.199 for $2,500.000 of 4s, 82,500.060 of 4)4s.
and 51.986,0610 of 434s offered by National City Co., Am/Jo-California
Trust Co., William R. Stoats Co. and others; premium of 8279 for S3,500,000 of 4s and $3,486,000 of 43es by Guaranty Co., Blyth, Witter &
Co. and Peirce, Fair & Co.
The following bonds are now being offered by the syndicate at prices
to yield from 3.75 to 4.125%. according to Wiles and maturities:
33,412.000 4% bonds maturing serially. 1928 to 1967 incl.• 51.500,000
45.1% bonds maturing serially. 1928 to 1967 incl., and $1,944,000 434%
'
bonds maturing serially, 1928 to 1962 Incl. Acceptable as security for
public moneys and pastel savings deposits. Legal investment for savings
banks in New fork. Massachusetts. Connecticut and other States.
LOS ANGELES COUNTY SANITATION DISTRICT NO. 5 (P. 0.
-BOND SALE.
-The $320.000 issue of coupon imLos Angeles), Calif.
provement bonds offered for sale on Oct. 13 (V. 125, p. 2008) was awarded
as 5% bonds to the Anglo-London-Paris Co. of San Francisco for a premium
of $5,777, equal to 101.805. Due from May 11925 Co 1935.
LUCAS COUNTY (P. 0. Toledo), Ohio.
-BOND ELECTION.
-At
the general election to be held on Nov.8, the voters will be asked to approve
OcT. 22 1927.]
THE CHRONICLE
2297
-CERTIFICATE OFFERING.
MONROE, Orange County, N. Y.
or reject the proposition of issuing $950.000 bonds for the purpose of
erecting and equipping a fireproof county building as an addition to Prod L. Jacquemein, Village Clerk, will receive sealed bids until 8 IL In.
the County Infirmary. The maximum length of time for which said (Eastern standard time) Nov. 4, for the purchase of an Issue of $5,725.75
436% certificates of indebtedness. Dated Nov. 15 1927. Denom.
bonds are to be run is 25 years.
$1,145.15. Due $1,145.15. 1928 to 1932. incl. A certified check payable
-The to the order of the Village Treasurer, for 10% of the certificatesoffered,is
McINTOSH COUNTY (P. 0. Darien), Ga.-BOND SALE.
Darien Bank has recently purchased a $30,000 issue of 6% school bonds required.
at a price of 101, equalling a basis of about 5.90%. Dated Oct. 1 1927
MONTGOMERY COUNTY (P. 0. Conroe), Tex.
-BOND BALL
and due $1,000 yearly from Oct. 1 1928 to 1957.
The $130,000 issue of b36% special road bonds offered for sale on Oct. 11-A $9,000 V. 125, p. 1871-was awarded to the Hanchett Bond Co. of Mimeo and
-BOND SALE.
McMINNVILLE, Yamhill County, Ore.
issue of 5% street improvement bonds was recently purchased by the the Thomas Investment Co. of Dallas for a premium of 59.062. equal $O,
Security Savings & Trust Co. of Portland, at a bid of 105.71.
106.97.
MADEIRA, Hamilton County, Ohio.
-BOND SALE.
-The $3,-BOND OFFERING.MORGAN COUNTY(P.O. Martinsville), Ind.
845.84 6% special assessment improvement bonds offered on Oct. 17- M. W. Tackitt, County Treasurer, will receive sealed bids until 10 a. m.
V. 125, p. 1741-were awarded to the Provident Savings Bank & Trust Co., Oct. 31 for the purchase of the following issues of 436% coupon road bonds.
at a premium of $205.71. equal to 105.34. Dated Oct. 6 1927. Due aggregating $19,060:
serially in 1 to 8 years.
$10,380 Monroe Township bonds. Denom. $519. Due $519 May and
-The Nov. 1929 to 1939, incl.
MADISON COUNTY (P. 0. Anderson), Ind.
-BOND SALE.
8.680 Brown Township bonds. Denom.$434. Due $434 May and Nev.
$3,000 436% coupon Edward M. Williams et al. Jackson TWO, highway
15 1929 to 1938, incl.
impt. bonds offered on Oct. 6-V. 125, p. 1741-were av aried to the
Date Oct. 31 1927.
Fletcher Savings & Trust Co. of Indianapolis at a premium of $54.60.
equal to 101.82, a basis of about 4.21%. Date Oct. 6 1927. Due $300
-The $127,884.13
-BOND SALE.
LORAIN, Lorain County, Ohio.
M.& N. 15 1928 to 1937 incl. There were no other bidders.
special assessment paving bonds offered on Oct. 12-V. 125. p. 1741
MADISON TOWNSHIP,Lake County, Ohio.
- were awarded to the William R. Compton Co. of Chicago. as 430, at
-BOND OFFERING.
Sealed bids will be received at the office of the Board of Township Trustees. a premium of $161, equal to'100.12, a basis of about 4.22%. Detect Oct.
until 7 p. m. (eastern standard time) Nov. 1, for the purchase of an issue 15 1927. Due Sent. 15 as follows: $15,884.13, 1929, and 516,000. 1930 to.
of $15,000 536% coupon town hall improvement bonds. Dated Oct. 1 1936. Incl. The following is a complete list of other bidders:
Premium. Int. Rate.
Bidder
1927. Due $3,000 Oct. 1 1928 to 1952, incl. Principal and int. (A. & 0.)
$3,456.00
Payable at the Exchange Bank of Madison. A certified check payable to Weil, Roth & Irving Co., Cincinnati
5
1,240.38
Title Guarantee & Trust Co., Cincinnati
the order of the Clerk Board of Township Trustees, for $250 is required.
4}1
1,051.00
Seasongood & Mayer. Cincinnati
MADISON TOWNSHIP (P. 0. Mansfield) Richland County, Ohio. U. L. S. Hill & Co., Cincinnati
819.50
4
BOND SALE.
-The $15,400 5% coupon road bonds offered on Oct. 18- Stranahan. Harris & Oatis, Toledo
116.00
4
-was awarded to the Mansfield Savings & Trust Co. First Citizens Corp., Columbus
V. 125, p. 2008
2,941.33
Dated Oct. 11927. Due Oct. 1 as follows: $3,400, 1928 and $3,000, 1929 Stevenson, Perry, Stacy & Co., Chicago
4
1,062.00
to 1932, incl. Price paid not stated.
4
Halsey, Stuart & Co., Chicago
1(1:
.11.
:4
Herrick Co., Cleveland
MALINTA, Henry County, Ohio.
-0. M.
-BOND OFFERING.
08
Reimund, Village Clerk, will receive sealed bids until 12 m. Oct. 29 for Otis & Co., Cleveland
97
4
614.
the 'purchase of an Issue of $2.000 5'% fire apparatus bonds. Dated Oct. 1 A. E. Aub & Co.,Cincinnati
4
385.00
1927. Denom. $250. Due $250 Oct. 1 1929 to 1936. incl. A certified First National of Detroit. Detroit
1,21:7:00
85 50
2
44
check, payable to the order of the Village Clerk, for 5% of the bonds W. L. Slayton & Co., Toledo
Guardian Trust Co., Cleveland
required.
offered is
851.87
436
Braun Bosworth & CO., Toledo
MAPLE HEIGHTS (P. 0. Bedford R. F. D.) Cuyahoga County, W. K. Terry & Co., Toledo
2,122.87
5
Ohio.
-BOND OFFERING.
-F. .7. Vasek, Village Clerk, will receive Detroit Trust CO., Detroit
436
1,056.00
sealed bids at the office of Locher, Green and Woods, Cleveland, until 12 m. Halsey, Stuart & Co., Chicago
5
3.643.00
Nov. 16, for the purchase of the following 5% coupon bonds, aggregating Herrick Co., Cleveland
4.006.00
5
$19,261:
8
First National of Detroit, Detroit
3,353.00
$17,561 series 13. street improvement bonds. Denom. $1,000, one for W. L. Slayton & Co., Toledo
5
4,248.50
$561. Due Oct. 1 as follows: $561, 1929; $2,000. 1930 to 1932, Detroit Trust Co., Detroit
5
3,756.00
$1,000. 1933; $2,000, 1934 to 1936, incl., $1,000, 1937. and
Incl.,
$3,000. 1938.
MOUNT KISCO, Westchester County, N. Y.
-BOND SALE.
-The1,700 series 8 general sewer bonds. Denom. $170. Due $170 Oct. 1 two issues of4 Li 01, registered bonds aggregating 1203,000 offered on October
1929 to 1938, incl.
17-V. 125, P. 1871-were awarded to Lehman Bros. of New York City, at
Dated Nov. 11927. Principal and int. M.& N.) payable at the Central a Premium of $4,336 50, equal to 102.13. a basis of about 4.11%:
National Bank. Cleveland. Separate bids must be made for each issue. $187,000 water bonds. DUO Oct. 1 as follows: $5,000, 1932 to 1954 Ina:
A certified check payable to the order of the Village Treasurer, for 5% of
and $6,000. 1955 to 1966 inclusive.
the bonds offered is required.
16.000 water bonds. Due $1,000, Oct. 1 1932 to 1947 inclusive.
Dated Oct. 1 1927.
MAPLE HEIGHTS VILLAGE SCHOOL DISTRICT, Cuyahoga
County, Ohio.
-BOND SALE.
-The $21,0(30 536% school bonds offered
-Sealed
MYRTLE POINT, Coos County. Ore.-ROND OFFERING.
on Oct. 1 (V. 125. P. 1742) were awarded to Blanchett, Bowman & Wood bids will be received until 8 p. m.on Nov.7 by E.A.Dodge,City Recorder.
of Toledo, at a Premium of $105, equal to 100.50, a basis of about 5.37%. for three issues of bends aggregating $55.055.34, and divided as follows:
Date Sent, 1 1927. Due Oct. 1 as follows: $2,000 1928 to 1936, incl., $29,000.00 5% series B water bonds. Dated July 1 1927 and due on JillT1
in
and $3.000 1937.
as follows: $1,000, 1928. and $2.000, 1929 to 1942 incl.
and int. payable at the Oregon fiscal agency In New York.
MAYWOOD SCHOOL DISTRICT, Bergen County, N. J.
-BOND
$1,000 certified check is required.
SALE.
-The $123,000 436% coupon or registered school bonds offered on
16,055.34 6% improvement bonds. Dated June 1 1927. Due serially,
Oct. 17-V. 125. P. 2008-were awarded to R. M.Grant & Co.of New York
Prin. and int, payable at the office of City Treasurer. A
City, at a premium of $220.17. equal to 100.17, a basis of about 4.48%.
certified check required.
Dated Oct. 1 1927. Due Oct. 1 as follows: $4,000. 1929 to 1936. incl.;
10,000.005% fundin" No. 2 bends. Dated July 1 1927 and due $1,000.
$5.000. 1937 to 1946.incl.;$5,500, 1947 and 1948. and $6,000, 1949 to 1953,
on July 1 from 1930 to 1939 incl. Prin. and int. payable at
incl. Other bidders were:
Oregon fiscal agency in New York. A $1,000 certified check
BidderBonds Bid For.
Price Rid. Int.Rale.
Is required.
0. W. Width & Co
,
5121.000.00
$123,178.00
4i%
Teal, Winfree, McCulloch & Shuler, Portland attorneys, will furnish
en
o
123,000.00
123,098.40
M. M. Freeman & Co
121,500.00
123,044.44
41 % egal approval.
4
B. J. Van Ingen & Co
NEW BLOOMFIELD, Perry County, Pa.
-The First
123,129.00
436%
123,000.00
-BOND SALE.
National Bank of Bloomfield, was awarded on Sept. 30, an issue of $24,000
MELVINDALE (P. 0. Dearborn), Wayne County, Mich.
-BIDS 4 cc... coupon hi th school building
bonds. Dated Oct. 1 1927. Denom.
REJECTED.
-All bids submitted for the $18,000 special assessment bonds
offered on Oct. 12 (V. 125, P. 2008) were rejected. The bonds were subse- $1,000. Due as follows: 5.5.000 in each of the years, 1932, 1937. 1942 and
quently snld to the Villa te Sinking Fund at par. The bonds mature $1,500 1947, and $4.000. 1951. Optional on or after Oct. 1 1937. at Par.
Oct. 1 1929 to 1932, incl.
NEW BOSTON, Scioto County. Ohio.
-BOND ELECTION-At the
MIAMISBURG, Montgomery County, Ohio.
-BOND SALE -The general election to be held on Nov. 8. the qualified electors will be asked
$5,000 6% special assessment coupon Tenth Street paving bonds offei ed on to approve or reject to the res-lution passed by the Village Council dtring
September, to issue $230,000 bond,' for the Purpose of widening, extending
Oct. 15(V. 125, v. 20081 were awarded to A.E. Aub & Co.of Cincinnati at a and
premium of $295. equal to 105.90, a basis of about 5.72%. Dated Aug. 1 timeimproving a certain avenue in the Village. The maximum period of
for which said bonds will run is twenty-five years.
1927. Due $500 Sept. 1 1928 to 1937 incl. Other bidders were:
BidderPremium.
NEW MEXICO (P. 0. Santa Fe), State of.-ROND OFFERING.
Provident Trust & Savings Bank (for $3,700 bonds)
$182.78 Sealed bids will be received until 10 a. m. Nov. 22 by M. A. Otero, Jr.,
First National Bank
50.00 Secretary of the Board of Finance. for a 5750.000 issue of not exceeding 6
Durfee, Niles & Co
227.80 highway bonds. Dated July 1 1927 and due S250.000 from July 1 19
Well, Roth & Irving Co
to 1932 incl. Prin. and int. payable In New York City at the Seaboard
First Citizens' Corp
255.00 National Bank. A cectified check for 2% of the bid is required.
.
MINERVA, Stark County, Ohlo.-BOND OFFERING.
-J. O. Ruff,
NEWTON COUNTY (P. 0. Knetland), Ind.
-BOND OFFERING.
Village Clerk, will receive sealed bids until 12 m. Nov. 10 for $2,300 6% John J. Sell, County Treasurer, will receive sealed bids until 2 p. m. Nov. I
water works bonds. Dated Nov. 1 1927. Denom. $500, one for $800. for the purchase of an issue of $5.920 4)6% Jackson Township comonn road
Due Nov. 1 as follows: $500, 1928 to 1930 incl., and $800, 1931. A bonds. Dated Nov. 1 1927. Denom. $296. Due as follows: $296 Nov.
certified check, payable to the order of the Village Treasurer, for 10% 151928,$296 May and Nov. 15 1929 to 1937 incl.. and $296 May 15 1928.
of the bonds offered is required.
-BOND OFFERING.
NEWTON COUNTY (P. 0. K n I And', Ind.
MISSION INDEPENDENT SCHOOL DISTRICT (P. 0. Mission), Sealed bids will be received by Charles H. Adamson, County Auditor, until
-BOND ELECTION.
Tex.
-On Oct. 27 a special election will be held to 10 a. m. Nov. 9 for the purchase of the following issues of 6% bonds,
vote upon the proposition of issuing an additional $30,000 in bonds to aggregating $12,330:
complete the new school building. The $85,000 school bond issue recently $4.780 ditch bonds. Denom. S478. Due ¶178 Dec. 16 1928 to 1937, incl.
voted and sold was found inadequate for the work.
4,050 d'tch bonds. Denom.$405. Due 9105 Nov. 1 1928 to 1937. incl.
MISSISSIPPI (P. 0. Jackson), State of.
3.500 ditch bonds. Denom.$350. Due $350 Nov. 1 1928 to 1937. Incl.
-BOND SALE.
-The
$500.000 issue of 4H% State bonds offered for sale on Oct. 15 (V. 125,
NEWTON COUNTY ROAD DISTRICTS (P. 0. Newton), Tex.
p. 17421 was awarded to the Detroit Trust Co. of Detroit for a premium BOND SALR.-The five issues of 54% road districts bonds, wrerecating
of $7.656, equal to 101.531, a basis of about 4.35%. Denom. $1.000. $250.000. offered for sale on Oct. 11-V. 125. p. 1743
-were awarded to
Date Oct. 1 1927, due on Oct. 1 1942 and optional after Oct. 1 1932.
H. C. Burt & Co. of Houston
(
Each issue is fir S5 1,000.
Price
Principal and interest(A.& 0.) payable in New York at the bank designated Denom. $1,000. Dated Mar.at a1027. of 92.payable semi-annually.
Int.
15
by the State Bond Commission or at the office of the Treasurer of State.
NIAGARA FALLS, Niagara County, N. Y.
-BOND SALE.
-The
The second highest bid was submitted by the Interstate Trust & Banking
two issues of bonds, aggregating $620.000 offered on Oct. 17-V. 12.5, D.
Co.of New Orleans,offering a premium of$6,510,equal to 101.302.
2179
-were awarded to Remick, Hodges & Co.. and Phelps, Fenn & 0o.,
The following is a complete list of the bids and bidders:
both of New York
NamePremium. $457,000 series el City. Jointly, as 3.95s, at 100.10, a basis of about 3.92%:
school bonds. Due Nov. 1 as follows: $57,000, 1961, and
Northern Trust Co., Chicago, III.; Wm. R. Compton Co., St.
300.000. 1962 to 1966. Incl.
Louis, Mo.; Union & Planters Bank & Trust Co.. Memphis,
163,000 series 0 sewer bonds. Due Nov. 1 as follows:120.000, 1963 to
Tenn
$3.359.00
1969, incl.. and $23,000, 1970.
Jackson State National Bank, Jackson, Miss.; Caldwell & Co..
Date Nov. 1 1927.
Nashville. Tenn
5.200.00
The following bids for 4% bonds were also submitted:
Interstate Trust & Banking Co., New Orleans, La
6,510.00
BiddersHibernia Securities Co., New Orleans, La.; Harris, Forbes & Co.,
Price Bid.
New York. N. Y
5,750.00 Niagara Falls Trust Co
Manufacturers & Traders Peoples Trust Co.,by Marine'Pr. Co_62 .914..00
Merchants Bank & Trust Co., Jackson, Miss.•, Lehman Bros.,
5 22
6 0.806 1°
623,441.00
E. H. Rollins & Co., National Park Bank, New York
4.012.50 Niagara County Savings Bank
624.401.38
*Detroit Trust Co.. Detroit, Mich
7.656.00 National Bankof Niagara & Trust Co
Sherwood & Merrifield. Inc
662524:58040210
National City Co.. New York City; Capital National Bank, Jackson, Wis.; Mississippi Bond & Securities Co., Jackson, Miss
5,950.50 Butler & Co.. Stephens & Co.and H.L. Allen & Co.,joint bid
Pulleyn & Co. and Stone & Webster & Blodget, Inc., by PulFirst National Co., Detroit, Mich.; Edward Lowber Stokes & Co.,
leyn & Co
626,262.00
Philadelphia, Pa
4,150.00
Mississippi Valley Trust Co., Bt. Louis; Stifel, Nicolaus & Co.,
NICHOLAS COUNTY (P. 0. Carlisle), Ky.-BOND SALE.
-A
St. Louis
6,651.00 $75,000 issue of road bonds has recently been purchased by Caldwell & Co.
Stranahan, Barris & Oat's, Toledo. Ohio
5.170.00 of Nashville for a premium of 54,140, equal to a price of 105.52.
Bankers Trust Co., New York;First National Bank,Jacicson,Miss. 4,995.00
NOGALES, Santa Cruz County, Ariz.
-BOND ELECTION.
-There
* Successful bid.
will boa special election on Nov.8 for the derision upon the following three
The above bonds are now on the market for public investment, priced to issues of bonds, aggregating $220.000 as follows:
$150.000 street improvement bonds.
yield about 4% to optional date and 436% thereafter.
50,000 water improvement bonds.
MISSISSIPPI LEVEE DISTRICT (P. 0. Jackson), Miss.
-CERTIFI20.000 sower bonds.
-The $400,000 issue of certificates of indebtedness
CATE DESCRIPTION.
NORFOLK, Madison County, Neb.-BOND SALE.
-A 169,000 ISM*
offered and sold on Oct. 3 (V. 125, p. 2179) bears 53. % interest. The
Issue WOO sold at par to the Bank of Commerce & Trust Co. of Memphis. of 04% refunding bonds has been recently purchased by the Peters Trust
Co. of Omaha.
Dated Oct. 1 1927 and due on Oct. 1 1928.
000
1
2298
THE CHRONICLE
[VoL. 125.
NORTH SALEM, SOMERS, SOUTHEAST, AND CARMEL CENPATEROS, Okanogan County, Wash.
-BOND OFFERING.
-Sealed
TRAL RURAL SCHOOL DISTRICT NO. 1 (P. O. Purdy Stati•-n), bids will be received until 7 p. m. on Nov. 5 by Town Clerk Bernard M.
Westchester County, N. Y.
-BOND SALE.
-The $20,000 coupon or Wills for a 35.000 issue of water bonds. Int. rate not to exceed 6%.
registered school bonds offered on Oct. 20-V. 125, p. 2179
-were awarded Prin. and semi-ann. int. payable at Town Treasurer's office. A certified
to the Manufacturers & Tiaders Peoples Trust Co. of Buffalo as 4.405, check for 5% of the bid is required.
at 100.78, a basis of about 4.31%. Dated Nov. 1 1927. Due $1,000
PENNSAUKEN TOWNSHIP(P.O. Delair), Camden County, N. J.
Nov. 1 1930 to 1949 incl. The following bids were also submited for
NOTE SALE.-}Tarris, Forbes & Co. of New York City were recently
4.40% basis:
BidderRate Bid. awarded the following notes. aggregating $165.000:
Rate Bid.I Bidder
Geo. B. Gibbons & Co
100.41 Farson. Son & Co
100.09 8100.0005% street notes. Dated May 1 1927. Denom, $1.000. Due
Nov. 11929.
100.03
PulleYn & Co
100.16 R.F. De Voe &Co
65.0005% incinerator notes. Dated Sept. 1 1927. Denom. $1,000.
NORTH TONAWANDA, Niagara County, N. Y.
-BOND SALE.
Due Sept. 1 1928.
The $359,000 4M % sewer bonds offered on Oct. 17-V. 125. p. 2179
-were
Principal and interest payable at the Pennsauken Township National
awarded to the State Trust Co. of North Tonawanda. at 101.34, a basis of Bank, North Merchantville.
about 4.18%. Dated July 1 1927. Due July 1, as follows: $9,000, 1937
PHILLIPSBURG, Warren County, N. J.-110ND OFFERING.and 110.000. 1938 to 1972 inclusive.
John H. Houser. Director of Revenue and Finance, will receive sealed bids
NORTH VERSAILLES, Allegheny County, Pa.
-BOND ELEC- until 2 p. m. Nov. 9, for the purchase of an issue of coupon or registered
TION.
-At the general election to be held on Nov. 8. the electors will be school bonds, not to exceed 454%, no more bonds to be awarded than will
asked to approve or reject the proposition of issuing $180,000 bonds for produce a premium of $1.000 over $600.000. Date Dec. 1 1927. Denom.
the purpose of purchasing the necessary land and erecting a new school $1,000. Due Dec. 1 as follows: $12,000, 1929 to 1936, incl.: 315.000. 1937
building.
to 1954, incl., and $18,000. 1955 to 1967. incl. Rate of interest to be stated
in a multiple of M or 1-10th of 1%. Prin.
NYSSA, Malheur County, Ore.
-BOND SALE.
-A 14.000 issue of6% gold at the Phillipsburg National Bank & and int. (J. & D.) Maple in
Trust Co. A certified check
improvement bonds was recently purchased by the Malheur County Bank. payable
to the order of the Town.for 2% of the bonds bid for is required.
Dated Oct. 1 1927 and due on Oct. 11937. Optional after five years.
PHOENIX, Maricopa County, Ariz.-BOND SALE.
-A $33,500 Issue
OAKLAND COUNTY (P. 0. Pontiac), Mich.
-BOND SALE.
-Watling, Lerchen & Hayes, of Detroit. were awarded on Oct. 18 the following of 6% coupon village bonds has recently been purchased by the Hanchett
issues of bonds aggregating $425,650 as 4Us, at 100.11-a basis of about Bond Co. of Chicago. Denowt. $500. Dated ALIT 11 1927: Due on
Jan. 1 as follows: $3.000. 1928 and 1929: 83.500. 1930 to 1936. Ind., and
4.72%:
$3.000 in 1937. Prin, and int. (J. & J.) payable at the office of the City
$321.750 Road District No. 98 bonds.
Treasurer.
103.900 Road District No. 125 bonds.
PINE BLUFF, Jefferson County, Ark.
'
.-Due in equal annual installments in two to ten years.Successful bidder
-PONDS DEFF,ATED.-By a
four to one majority the voters defeated a $75,000 bond issue which was .
agreed to furnish blank bonds and pay for legal opinion. designed to purchase a municipal airport. Of the total of 1,897 votes cast.
OCEAN BEACH, Suffolk County, N. Y.
-BOND SALE.
-The $8,000
coupon or registered street improvement bonds, offered on Oct. 17 (V. 125. only 375 were for the issue.
PLANT CITY SPECIAL ROAD AND BRIDGE DISTRICT (P. 0.
p. 2009) were awarded to R. F. DoVoe & Co. of New York City as 5"s.
at 100.52, a basis of about 5.36%. Dated Oct. 1 1927. Due $1,000 Tampa), Fla.
-BOND OFFERING.
-Sealed bids will be received until
Oct. 1 1928 to 1935, incl. Other bids were as follows:
11 a, m. on Nov. 4 by W. A. Dickenson, Clerk of the Circuit Court, for an
BidderInt. Rate. Rate Bid. Issue of $120,000 6% coupon road and bridce bonds. Denom. $1,000.
Sherwood & Merrifield, Inc
100.08 Dated Sept. 1 1927 and due on Sept. 1 as follows: 52.000. 1930 to 1939:
54%
Farson. Son & Co
100.27 $5.000, 1040 to 1952. and $7,000. 1953 to 1957. all Inclusive. Principal of
6%
Fairservis & Co
100.17 bonds may be registered. Any bid for less than 95 will be rejected. Princi534%
pal and interest (M. & S.) payable In gold at the National City Bank in
OHIO COUNTY (P. O. Hartford), Ky.-MATURITY.-The 3100.000 New
Clay.
issue of 5M% indebtedness bonds which was recently purchased-V. 125. legal York City. Bids to Dillon & Vandewa ter, of New York, will furnish
approval.
be on special forms
from Clerk. A
p. 2009
-at par by J. C. Mayer & Co. of Cincinnati are due $10,000 from $2,400 certified check, payable to the Clerk of obtainable of County Comthe Board
1937 to 1946 incl.
missioners, is required.
OLMSTED FALLS,Cuyahoga County, Ohio.
-POND OFFERING.POCATELLO INDEPENDENT SCHOOL DISTRICT NO. 1 (P. 0.
A. F. Schuttenberg, Village Clerk, will receive sealed bids until 12 m. Oct.
-BOND SALE.
-A $15,000 issue of 4.60% school bonds
31, for the purchase of an issue of $2,600 6% special asses.sreent Division Pocatello), Ida.
Street bonds. Denom. $500, one for $100. Due Oct. 1 as glows: $500. has recently been purchased by the State of Idaho for a price of par. Due
[
in 1947 and optional after 1937.
1929 to 1932, incl. and $600, 1933. A certified check payable to the
order of the Village.
POMEROY Meigs County, Ohlo.-BOND SALE.
Treasurer, for 10% of the bonds offered is required.
-The 531.000
coupon refunding bonds offered on Oct. 17-V. 125. p. 1872
-were awarded
OMEGA SCHOOL DISTRICT, Tift County, Ga.-BOND SALE.
- to the
A $5.000 issue of school bonds has recently been purchased by an unknown equal Daviess-Bertram Co. of Cincinnati, as 454s at a premium of $146,
to 100.47, a basis of about 4.42%. Dated Oct. 1 1927. Due
investor.
Sept. 1 as follows: $2,000, 1928 to 1942 incl., and 31.000, 1943.
The following is a list of other bidders:
OREGON, State of (P. O. Salem).
-BOND OFFERING.-Sa-ded bids
Bidderwill be received until 11 a. m.on Nov. 10 by Frank M.Moore, Secretary of
Prem.
Int. Rats.
the World War Veterans' State Aid Commission, for a $2,000,000 issue of The Guardian Trust Co
$41.00
4
not to exceed 6% coupon, series No. 8, Oregon Veterans' State Aid gold Detroit Trust Co
66.00
4
bonds. Denom. $1,000. Date Dec. 1 1927. Due $1,000,000 on April 1 Breed, Elliott & Harrison
9.30
434V
1952 and $1.000,000 on Oct. 11952. No bids for less than par. Prin. and W. K. Terry Co
865.80
43i
439.00
semi-ann. int. (A. & 0. 1) payable at the office of the State Treasurer in A. E. Aub & Co
73.00
Salem or at the Oregon fiscal agency in New York City. Storey. TherndIt e, First National Co., Detroit
441.00
4
Palmer & Dodge of Boston, will furnish the successful bidder with loom' W. L. Slayton Co
428.00
aprreval. A certified check for 254% par value of the bonds must ac- Seasongood & Mayer
454%
Detroit Trust Co
1.106.00
5%
company bid.
Total taxable value of all property in State equalized among the several
PORT CLINTON, Ottawa County, Ohio.
-BOND OFFERING.
counties according to their respective ratios. is $1,110.677.348.85.
William H. Williamsen, Village Clerk, will receive sealed bids until 12 m.
Total bonded indebtedness $64,847.660 does not include this issue.
Nov. 8, for the purchase of the following two issues of 534% special assess1 he bonds may be resistered both as to principal and interest.
ment Improvement bonds, aggregating $19,000:
Bonds will be delivered In Portland. Oregon on or about Dec. 11927.
$11,000 Jefferson Street bonds. Due Sept. 1 as follows: $1,000. 1929 and
Present estimated population of the State of Oregon is 950.000.
1930: $2,000, 1931: $1,000. 1932 and 1933: 52.000. 1984: 51.000.
1935 and 32,000. 1936.
ORLEANS PARISH SCHOOL DISTRICT (P. 0. New Orleans), La.
8,000 Adams Street bonds. Due $1.000 Sept. 1 1929 to 1936. Incl.
-LOND OFF ERI 0.-Lealed bids will be received until 8 p. m.on Nov.8
Date Sept. 1 1927. Denom. $1.000. A certified check payable to the
by A. J. Tete, Secretary of the School Board, for a $2,000,000 issue of not
exceeding 5% coupon school bonds. Denom. $1,000. Dated Dec. 1 1927 order of the Village Treasurer for 5% of the bonds offered Is required.
and due on Dec. 1 as follows: $29.000 in 1936. $30.000 in 1937, $32,000 in Legality apptoved by Squi-e, Sanders & Dempsey of Cleveland.
1938, $33,000 In 1939, $34,000 In 1040, $36,000 in 1941, 138,000 in 1942,
PORT OF ANACORTES (P. 0. Anacqrtes), Wash.
-BOND SALE.
$40,000 in 1943.142,000 in 1944.344,000 in 1945,$46,000 in 1946. $48,000 The $93,000 issue of not exceeding 7% coupon 'mot. bonds offered for sale
in 1947.$50,000 in 1948. $52,000 in 1949.$54,000 in 1950.$56,000 in 1951, on Oct. 11-V. 125. p. 2009
-was awarded to the State of Washington
358,000in 1952.$61.000 in 1953. $64.000 in 1954. $67.000 In 1955.170,000
for a price of par. Dated Jan, 11928. Denom. $1,000.
In 1956. 373,000 In 1957. $76,000 in 1958, $80,000 in 1959. $84.000 in 1960, as 4.20% bondsto 1947 hid.
388.000 in 1961.$91,000 in 1962.195,000 in 1963,8100.000 in 1964,1105.000 Due from 1929
The following is a complete list of the other bidders,rates bid and prices:
In 1965. $110,000 In 1966, and $114,000 In 1967. Principal of bonds may
Rate.
BiddersPrice Bid.
be registered. Interest rate to be stated in multiples of M
Principal
5%
Par & prem. $50
and semi-annual interest payable in gold in /sew York of 1%.Chicago or Ferris & Hardgrove
City,
New Orleans. Thomson, Wood & Hoffman of New York City will furnish Marine National Co. and Geo. H. Burr,f4 % 100.31
15%
and Conrad & Brown. Inc
101.10
the legal approving opinion. A certified check for 2% of par of the bid,
Old Nat. Bank & Union Trust Co.. Spokane_ _4 % Par & prem.$716.10
payable to the School Board, is required.
-BOND OFFERING.
PORTO RICO (Government of).
-Sealed bids
OXFORD, Chenango County, Md.-BOND OFFERING.
-Henry
Wilcox. President Beard of Commissoiners, will receive sealed bids until will be received until 2 p. m.on Oct. 28 by Frank McIntyre, Major-General
Insular Affairs, at Room 3042 in the
7:30 p. m. Nov. 16 for the purchase of an issue of 140,000 554% coupon U. S. Army and Chief of Bureau of D. C., for
ninon,
$2,000,000 454% goldloan
water bonds. Date Jan. 1 1928. Denom. $501). Due as follows: $500. Munit I ons Bulldog at Wash
of 1927. sores "A- to "D." coupon public improvement bonds. Denom.
1929 to 1938 incl., and $1,000, 1939 to 1973 incl.
$1.000. Doted Jan. 1 1927. Due on July 1.aa follows: $500,000 series A
OYSTER BAY UNION FREE SCHOOL DISTRICT NO. 9 (P. 0. bonds in 1950: $500 series B bonds in 1961: $500,000 series C bonds in 1962,
Oyster Bay), Nassau County, N. Y.
-BOND OFFERING.
-George D. and $500,000 series D bonds in 1963. The coupon due on July 1 1927 will
Clarke, District Clerk, will receive sealed bids until 8 p. m. Oct. 31. for be detached prior to delivery. Prin. and Int. (J. & J. 1) payable In gold
the purchase of an Issue of 5650.000 454% coupon or registered school coin at the U. S. Treasury in 'Washington. D.0. A bank draft o cc tified
bonds. Dated Oct. 1 1927. Denom. $1,000. Due $25.000 Oct. 1 check for 2% par of the bid, payable to the Chief, Bureau of Insular Af1929 to 1954 incl. Prin. and int. (A. & O.) payable at the Oyster Bay fairs, must accompany the bid.
Porto Rican Statistics.
Bank, Oyster Bay. The U. S. Mtge. & Trust Co. of N. Y. City will
supervise the preparation of the bonds and will certify as to the genuineness Receipts for the year ending June 30 1927
$14,009,138.98
of the signatures of the officials and the seal Impressed thereon. A certIned F,xpenditut es for year ending June 30 1927
14.297.433.19
check, rayable to the order of the Board of Education. for 2% of the Cash on hand June 30 1927
128,257.38
bonds bid for is required. Legality to be approved by Hawkins, Delafield Due from municipolities and school boards on short time
loans June 30 1927
& Longfellow of N. Y. City.
10,500.00
Assessed valuation of property June 30 1927
338,089.889.00
PALMER, Hampden County, Mass.
-TEMPORARY LOAN.
-The Imports for year ending June 30 1927
98.810.750.00
Bank of Commerce & Trust Co. of Boston was awarded on Oct 19 a $25,000 Fxports for year ending June 30 1927
1C8.067.434.00
temporary loan on a 3.40% discount basis. The loan matures on Dec. 22 Total bonded indebtedness on Oct. 1 1927
23.082.000.00
1927.
Balances In sinking funds June 30 1927
1,479,918.46
PALO ALTO, Santa Clara County, Calif.
POSEY COUNTY (P. 0. Mount Vernon), Ind.-BOND OFFERING.
-BOND OFFERING.
Sealed bids will be received until Oct. 24 by the City Clerk for the purchase -Albert Murphy, County Treasurer, will receive sealed bids until 2
D• m•
of a $.50,000 issue of 5% water bonds.
Oct. 31 for the purchase of an issue of 515.400454% Fred W. Davis et al.
Robb Township highway construction bonds. Dated Nov. 10 1927.
PANHANDLE INDEPENDENT SCHOOL DISTRICT (P. 0. Pan
Deno. $770. Due $770 May and Nov. 15 1929 to 1938. Incl.
handle), Tex.
-BOND SALE.
-An issue of 3175.000 4% school bonds
PRESTON WHITNEY IRRIGATION DISTRICT (P. 0. Logan),
has recently been purchased by H. C. Burt & Co. of Houston at a price Cache County, Utah.-BOND SALA
Issue of $175,000 irrigation
of ,101,11.
bonds was recently awarded to the Utah Mortgage St Loan Co. of Logan.
PUEBLO WATER DISTRICT (P.O. Pueblo), Colo.
PARIS, Lamar County, Tex.
-BONDS OFFERED BY BROKERS,
-BOND SALE.
The 3500.000 issue of 454% coupon refunding bonds offered and sold on The International Trust Co. of Denver, N. S. Walpole, and the First
Aug. 10-V. 125, p. 1743
-is now being offered for investment by Stifel, National Bank, both of Pueblo, jointly, purchased on Oct. 12 two issues
Nicolaus & Co. of St. Louis, priced to yield 4.50%. Due serially from of 4% coupon bonds at a price of 99.63, a basis of about 0.00%. Legal
Feb. 10 1928 to 1967 incl. Not optional before maturity. Dated Aug. 10 and printing expenses to be borne by purchaser. The two LIMA are as
1927. Denom. $1,000. Prin, and int. (F. & A. 10) payable at the Chase follows.
National Bank in N. Y. City. Federal income tax exempt. Direct city $145,000 refunding water bonds.
180.000 water extension bonds.
obligations, payable from property taxes. Chapman & Cutler of Chicago
Dated Jan. 2 1928. Due on Jan. 2 1948 and optional after Jan. Z 1943.
furnish legal approval.
These bonds are known as the North Side Water Works bonds. Other
Financial Statement.
Estimated value of taxable property
$25,000.000 bidders for the issue were:
Assessed valuation of taxable property, 1926
14.019,615
Total bonded debt, including this Issue
2.073.000 Sidles Simmons. Day & Co.: Boettcher & Co., and
U. S. National Co., all of Denver
Less water works bonds included above,$1,120.000; lees sinking
98.11 100.43
---fund, $135,500. net bonded debt
817.500 Benwell & Co. and Geo. W. Vallery & Co., both of
Denver
97.77 100.13 102.11
._Population, 1920 census. 15,040; present estimated population, 18,000.
Bosworth, Chanute, Loughridge & Co., Denver_ _ - 96.33
99.79 102.28
PASCAGOULA, Jackson County, Ml,-BOND'
SALE.--A 317.000 Gray, Emory. Vasconcells & Co. and Donald F.
Issue of 554% school bonds has recently been purchased by the Meridian
Brown & Co., both of Denver. and Joseph 11,
Finances Corp. of Meridian.
Grigsby & Co.. Pueblo
118.11 100.81
OCT.22 1927.]
THE CHRONICLE
2299
SALAMANCA, Cattaraugus County, N. Y.
-BOND SALR.-The
$8.361.70 coupon or registered sewer bonds offered on Oct. 17-V. 125,
-were awarded to Farson, Son & Co. of N. Y. City as 434s at
p. 2180
100.14, a basis of about 4.70%. Dated Oct. 1 1927. Due Oct. 1 as
follows: 31,361.70, 1928; and $1,000. 1929 to 1935 incl.
SAN FRANCISCO (City and County), Calif.-BOND SALE.
-The
3
700.000 issue of 434% coupon or registered Bernal Cut bonds offered on
Oct.,17-V. 125, p. 2010-was awarded to the Bankers Trust Co. of New
York and Peirce, Fair & Co. of San Francisco, jointly, for a premium of
$26,039.30. equal to 103.7199. a basis of about 4.15%. Dated July 1 1927.
Due 335.000 yearly from 1932 to 1951. Incl. Prin. and Int. (J. & J.)
payable In gold coin at the office of the Treasurer of the city and county
or at the fiscal agency of the city In New York. Dean, Witter & Co. and
their group was second high with a bid of 103.61.
-BOND OFFERING.
RED RIVER PARISH (P. 0. Coushatta), La.
-BOND ELEC.
SAN FRANCISCO, San Francisco County, Calif.
J. W. Woodward. President of the Police Jury, will receive sealed bids TION.-The voters on Nov. 8 will pass upon the proposition of whether
until 2 p. m. on Nov. 23 for an issue of $150,000 public impt. bonds. Int. or not the Bay Bridge shall be controlled and operated entirely by the
rate not to exceed 6%. Denom. $1,000. Dated Dec. 1 1927. Due municipality or financed and constructed by private capital, later to be
serially from 1928 to 1937 incl. B. A. Campbell of New Orleans and taken over by the municipality. The estimated cost of the bridge is placed
another reputable bond attorney will furnish the legal approval. A at 3100.000.000 and the proposal to float a bond Issue to cover the expendi$4,000 certified check, payable to above President. must accompany bid.
ture has been bitterly attacked from many angles.
RENSSELAER, Rensselaer County, N. Y.
-BOND OFFERING.
SAN PATRICIO COUNTY ROAD DISTRICT NO. (P. 0. Sinton),
Katherine B. Sanderson, City Treasurer, will receive sealed bids unitl 12 m. Tex.
-BONDS VOTED.
-On Oct. 15 the voters authorized the issuance of
Oct. 31 for the purchase of an Issue of $148,060 431% coupon or registered 3500.000 in bonds to hard-surface the new State highway across the county.
improvement bonds. Dated July 1 1927. Denom. $1.000. Due Jan. 1 The total vote on the issue was 611 for to 80 against.
as follows: 38.000, 1929 to 1946 incl.. and $4,000, 1947. Prin. and int.
County, Calif.
(J• & J.) Payable in gold at the Chase National Bank. N. Y. City. A certi- ' SANTA BARBARA, Santa Barbara -The $450,000 -BOULEVARD
issue of Cabrillo
fied check payable to the order of the City Treasurer, for 2°7 of the bonds BONDS OFFERED FOR .INVESTMENT.
offered, Is required. Legality approved by Clay, Dillon & Vandewater Boulevard and Booth Point Road 43.1% bonds which was sold on Sept. 29-to Wm. R. Staats & Co. and E. H. Rollins & Sons of San
V. 125. p. 2010
of N. Y. City.
Francisco is now being offered at prices to yield from 4.00 to 4.15%. acRICHLAND, Lexington and Saluda Counties (P. 0. Columbia), cording to maturities. Dated July 1 1927 and due $15,000 from 1928 to
-PORTION OF LARGE ISSUE OFFERED.
S. C.
-A block of $838.000 of 1957, Incl. Personal property and Federal income tax exempt in Calithe $2.000.000 issue of 43 % coupon joint county obligation highway bonds fornia. Legal investment for California savings banks.
Financial Statement (as Officially Reported).
which was sold on May 31-V. 124. p. 3392
-to a syndicate composed of
542.000,000
the Weil. Roth & Irving Co. of Cincinnati, the Columbia National Bank Assessed valuation 1927
$2,464,175
of Columbia, the Robinson-Humphrey Co. of Atlanta. Prudden & Co. of Total debt (including this issue)
900.500
Toledo, the Provident Savings Bank & Trust Co., Seasonscood & Mayer Revenue producing debt
1.563.675
of Cincinnati, Geo. H. Burr & Co. of Chicago, M. F. Schlater & Co. of Net debt
Population. 1927. (officially estimated), 37,000.
N.Y.and W. L.Playton & Co. of Toledo is now being offered by a group
composed of the Bankers Trust Co.. Harris, Forbes & Co. and Hannahs,
-BOND
SARATOGA COUNTY (P. 0. Saratoga Springs), N. Y.
Bailin & Lee, all of New York, priced to yield 4.25%. These bonds are SALE.
-The 3212,000 highway bonds offered on Oct. 12-V. 125. p.2180
tax exempt and are direct county obligations.
were awarded to H. L. Allen & Co. of New York City as 48 at 100.77, a
Financial Statement.
basis of about 3.96%. Dated Sept. 1 1927. Due March 1 as follows:
3259.525.646 334.000, 1945; 315.000, 1946 to 1951. incl.; 345,000. 1952 and 1953, and
Estimated value of taxable property
38.928.847 32.000. 1954.
Assessed valuation. 1926
5,048.000
Total bonded debt (including this issue)
Other bids were as follows:
Sinking funds
154.399
BidderAmt. Bid.
BidderAnd. Bid.
4,893.601 Stone & Webster and
Net bonded debt
Manufacturers & Traders135.886
Population 1920 Census
Peoples Trust Co
Blodget, Inc
3213.617.56
$213.269.88
Phelps, Fenn & Co
213.526.19
212.167.48 Bankers Trust Co
-BOND SALE.
-A $15.000 Dewey, Bacon & Co__ _ _ 213,115.12 E. H. Rollins & Sons...... 212.848.00
RIO HONDO, Cameron County, Tex.
Issue of 5 si% water-works bonds was recently purchased by the County Geo.
Gibbons & Co_ _ 213.399.20 Sherwodd & Merrifield.
Sinking Fund.
213,127.84Inc
213.399.20
Total Assessed Valuations of Saratoga Cotttstg.
-BOND OFFERING.
RIVER ROUGE, Wayne County, Mich.
$71.468,278.82
R. J. Peters, City Clerk, will receive sealed bids until 8 p. m. Oct. 25 for Real estate
119.945.00
the purchase of an issue of $75,000 43. % pavement bonds. Dated Nov. 1 Personal
1927. Denom. $1,000. Due Nov. 1 as follows: $5.000, 1928.• $6,000,
371.588.223.82
Total
1929. and $8,000, 1930 to 1937 incl. A certified check, payable to the
3756.000.00
Total bonded debt
order of the City Treasurer, for 1% of the bonds offered is required.
Population of Saratoga County, 65.606.
ROCK HILL SCHOOL DISTRICT (P. 0. Rock Hill), S. C.
-BOND
SHAKER HEIGHTS(P.0. Cleveland) Cuyahoga County,Ohio.SALE.
-The $25,000 Issue of 5% coupon school bonds offered for sale on
-The $103.500 coupon special assessment street improveOct. 20(V. 125, p. 2010) was awarded to Taylor, Wilson & Co.of Cincinnati BOND SALE.
for a premium of $907.50. eoual to 103.63-a basis of about 4.65%. Due ment bonds offered on Oct. 11-V. 125, P. 2011-were awarded to the
on Jan. 1 as follows: $1,000 from 1932 to 1944; $2,000 In 1945. and $5.000 Guardian Trust Co. of Cleveland as 430 at a premium of $976. equal to
100.94. a basis of about 4.33%. Dated Oct. 11927. Due Oct. 1 as folin 1946 and 1947.
$11,000, 1930; $12,000, 1931: 311.000, 1932:352.000.
RYE AND HARRISON UNION FREE SCHOOL DISTRICT NO. 6 lows: $11,500. 1929: $12,000, 1935; 311,000, 1936, and $12,000. 1937.
1933; $11.000, 1934;
P. 0. Harrison), Westchester County, N. Y.
-BOND OFFERING.
SHARPSVILLE, Mercer County, Paw-BOND SALE.-The 335.000
Lee B. Diehl, District Clerk, will receive sealed bids until 10:30 a. m.
(Eastern standard time) Oct. 29, for the purchase of an issue of $40,000 coupon borough bonds offered on Oct. 19--V. 125. p. 2011-were awarded
coupon school bonds not to exceed 57.. Dated Nov. 1 1927. Denom. to the Mellon National Bank as 4 kis at a pre-lum of $653. equal to 101.86.
$1.000. Due $4.000 Nov. 1 1928 to .
1937. incl. Rate of interest to be a basis of about 4.105%. Dated Oct. 1 1927. Due Oct. 1 as follows:
stated In a multiple of si of 1%. A certified check, payable to the order of $5,000, 1932. and $10,000 In each of the years 1939. 1944 and 1947.
Emmett S. Crowe, Treasurer, for $500 is required. Legality approved
-WARRANT DIISCRIP
SHELBY COUNTY(P.O. Columbiana), Ala.
by Clay, Dillon & Vandewater of New York City.
TION.-The $140,000 issue of 6% school warrants reported sold to CaldST. JOSEPH Buchanan County Mo.-BOND OFFERING.
-Sealed well & Co. of Nashville (V. 125. p. 201D is more accurately described as
bids will be received until 5 p. m. on Nov. 1 by J. S. Burns, City Comp- follows: 3125.000 issue of 6% coupon school warrants. Dated June 1 1927
troller, for two issues of 04% coupon bonds aggregating $150,000 and and due on June 1 1951. Not retirable before final maturity. Purchased
at par. Interest payable June and Dec. 1.
divided as follows:
$82,000 lighting parkway and boulevard bonds. Due on Nov. 1 as follows:
-BOND
SHELBYVILLE SCHOOL DISTRICT, Shelby County,1(0.
$5,000 from 1933 to 1940 incl., and $6,000 from 1941 to 1947 incl. OFFERING.
--Sealed bids will be received until Oct. 25 by B. M. OadwellNo option.
Secretary of the Board of Directors, for a $39.000 issue of school bonds.
68,000 lighting streets and avenues bonds. Due on Nov. 1 as follows:
$4,000 from 1933 to 1939 incl., and $5,000 from 1940 to 1947 incl.
-BOND DESCRIPTION-The
SIDNEY, Delaware County, N. Y.
No option.
326.000 5% coupon or registered bonds awarded to George B. Gibbons &
Denom. $1,000. Dated Nov. 11927. Prin. and int.(M• & N. 1) MY- Co. of New York City at 103.76 (V. 125, p. 2011), a basis of about 4.55%,
able at the National Bank of Commerce in h. Y. City. Bonds cannot be are described as follows: Dated Aug. 1 1927. Denom. $650. Due
sold below par. city will print the bonds. A certified check for 2% must serially from Aug. 1 1928 to 1947, incl. Interest payable F. & A.
accompany bid.
--BOND OFFERING.
SILER CITY, Chatham County, N. C.
-BOND OFFERING.
ST. MARTINVILLE, St. Martin Parish, La.
- Sealed bids will be received until 11 a. m. on Oct. 24 by B. P. Reltzel,
Sealed bids will be received by Edmund M. Fourmet, City Secretary- Town clerk, for two issues of 534% bonds, aggregating 340.000 as follows:
Treasurer, until 10 a. m. Nov. 7 for a $10.000 issue of6% coupon filtration $20.000 water and sewer system bonds. Due $1,000 from Oct. 1 1930 to
improvement bonds. Denom. $100. Dated Oct. 1 1927 and due on
1949, incl.
Oct. 1 from 1928 to 1940 incl. Int. payable April 1 and Oct. 1. These are
20,000 street Improvement bonds. Due $2,000 from Oct. 1 1928 to 1937.
the bonds unsuccessfully offered on Oct. 10-V. 125. 1: 1740.
inch's! la.
1•
Denont. $1,000. Dated Oct. 1 1927. Prin. and int. payable in New York
SAINT CLOUD, Osceola County, Fla.
-BOND OFFERING.
-Sealed
legal approving opinion of Storey,
of the Manhattan
bids will be received until 11 a. m. on Oct. 28 by George M. Mitchell, at the Bank Pal-ner It Dodge Co. The will be furnished. A certified
of Boston,
Thorndike,
City Manager, for a $77,000 issue of 6% street Improvement bonds. check for
2% par of the bid, payable to the Town Treasurer is a requirement.
Denom. $1,000. Dated Oct. 1 1927 and due on Oct. 1 as follows: $8,000,
1928 to 1936, Incl., and $5,000 In 1937. A certified check for 5% must
SIMPSON TOWNSHIP ROAD DISTRICT NO. 8 (P. 0. Simpson),
-The White-Phillips Co. a
accompany the bid.
-BOND SALE.
Johnson County, 111.
(These are the bonds previously offered on Oct. 14-V. 125. p. 2010.)
Davenport were recently awarded an issue of 37.500 5% road bonds
maturing Aug. 1 as follows: $1,000, 1928 to 1930 incl.. and 31.500.
SAN BERNARDINO COUNTY HIGH SCHOOL DISTRICT (P. 0.
San Bernardino), Calif.
-BOND SALE.
-A $25.000 issue of 5% coupon 1931 to 1933 incl.
school bonds was awarded to Heller, Bruce & Co. of San Francisco on
SOUTH ESSEX SEWERAGE DISTRICT (P. 0. South Essex),
Oct. 3 for a premium of $2,069, equal to 108.275, a basis of about 4.31%. Essex County, Mass.
-F. S. Moseley & Co. of Boston
-NOTE SALE.
Denom. $1,000. Dated Jan. 1 1926 and due on Jan. 1 1944. Not op- were awarded an Issue of $650,000 sewerage notes on a 3.56% discount
Hotta' before 1944. Int. payable on Jan. 1 and July 1. The following is a basis Plus a Premium of $15. Due Feb. 1 1929.
complete list of the other bidders:
NOTE SALE.
-The Merchants National Bank of Salem was recently
Freeman, Smith & Camp Co
$1,567.75 awarded an issue of $250,000 sewerage notes on a 3.38% discount basis
1.756.25 Plus a premium of $1.60. Due May 11928.
Dean Witter & Co
Alvin H. Frank Co
1.777.50
SOUTH FORK, Cambria County, Pa.
-BOND OFFERINO.-Sealed
1.820.00
United States National Bank of Los Angeles
R. E. Campbell & Co
1.851.00 bids will be received by the Borousth Secretary until 5 p. m. Oct. 29 for
the purchase of an issue of $25.000 44% impt.
Date Aug. 1
R. Stoats Co
William
1.875.00
bonds'
1.877.00 1927. Denom. $1.000. Due $5,000 Sept. 1 in each of the years 1939.
E. H. Rollins & Sons
1,918.00 1945. 1950, 1954 and 1957. A certified check for $500 is required.
Bank of Italy
1.020.00
R. ii. Moulton & Co
SPARTANBURG COUNTY (P. 0. Spartanburg), S. C.
-BOND
1.922.00 OFFERING..
Anglo London Parts Co
-Sealed bids will be received until 11 a. m. on Nov. 4 by
1.95.50 J L. M. Williams, Clerk of the County Board, for $454,000 43.1% coupon
Bond & Goodwin &Tucker, Inc
'
Wooden & Clo '
1.966.13 highway bonds. Denom. $1,006. Dated Oct. 15 1927. Due on Jan. 15
SANDUSKY COUNTY (P. 0. Fremont), Ohio.
-BOND SALE.
- as follows: $21.600. 1931 to 1942: $18 000. 1943. and 346.000. 1944 to
following issues of bonds, aggregating $121.700. offered on Oct. 15 1947. Prin. and int. J. & J.) payable in fold in New York. Reed,
The
(V. 125. P• 1873) were awarded to Stranshan, Harris & Oath:, Inc., of Toledo Dou-herty, Hoyt & Washburn of New York City will furnisn legal approval.
The payment og the above bonds is doubly guaranteed. A certified check
as 434s at their total premium bid of $657.18. equal to 100.53:
$41,000 Rising Sun-Tinney road improvement bonds. Due November 15 for 2% of the bid Is a requirement.
-LOAN OFFERTNG.STAMFORD, Fairfield County, Conn.
as follows: 38.000. 1928: $8.500, 1929; $8,000. 1930; $9.500. 1931;
Harold S. Nichols, Town Treasurer, will receive sealed bids until 12 in.
and $8.000. 1932.
37,000 Lindsey-Rocky Ridge road improvement bonds. Due Nov. 15. Oct. 25 for the purchase on a discount basis of a 3300.000 temporary loan
In denominations of 350.000. 325.000. 310.000. and $5.000. The loan
as follows. $7,400, 1928 to 1932 inclusive.
16,000 Arthur Duffett Road improvement bonds. Due November 15, matures on June 15 1928 and will be certified as to genuineness by the
Old Colony Trust Co., Boston. Legality to be approved by Ropes.
as follows: 32,000, 1928: $1,500. 1929: $2,090, 1934: $1,500, 1931
Gray,_Boyden & Perkins of Boston.
32,000. 1932: 31.500. 1933: 32.000, 1934: $1,500, 1935; and 32.030
-Sealed bids will be received by Leroy I. Holly
BOND OFFERING.
1936.
the
15,700 Aloys C. Clabelroad improvement bonds. Due Nov. 15, as follows: City Treasurer, until 12 m. Oct. 24 for Pate purchase of an Issue of
Sept. 1 1927. Denom,
1928: 32.000, 1929: 31.500. 1930: 32,000, 1931; $1,500, $25.000 4 V,% coupon public impt. bonds.
$1,700,
31.000. Due Sept. 1 as follows: $3,000. 1928 to 1932 incl.. and $2.000.
19:12: $2,000. 1933: $1.500. 1934: $2.000, 1935: and $1,500. 1936.
William E. Pearson road improvement bonds. Due Nov. 15, 1933 to 1937 Incl. Prin. and int. (M. & S.) payable In gold at the First
12,000
as follows: 31.300, 1928 and 1929: $1,400, 1930: $1,300. 1931; National Bank,Stamford. A certified check for $100 is required. Legality
and 1932: 31.400, 1933; 31.300, 1934 and 1935; and $1,400. 1936. to be approved by Ropes, Gray. Boyden & Perkins of Boston.
-E. H. Rollins &
-BOND SALE.
QUINCY. Norfolk County, Mass.
Sons of Boston were awarded on Oct. 21 the following issues of 34‘%
coupon or registered bonds aggregating $143,000, at 104.35-a basis of
about 3.68%:
$113.000 Southern Artery bonds. Due Nov. 1 as follows: $12,000, 1928 to
1930. inclusive, and $11.000, 1931 to 1937, inclusive.
30,000 school bonds. Due $3.000 Nov. 1 1928 to 1937, inclusive.
Dated Nov. 11927. Denom.$1,000. Principal and interest(M.& N.)
payable at the Old Colony Trust Co. Boston. Legality to be approved by
Storey, Thorndike, Palmer & Dodge of Boston.
-A $65,000
QUITMAN COUNTY (P. 0. Marks), Miss.-BOND SALE.
Issue of 534% road bonds has been purchased by A. K. Tigrett & Co. of
Memphis for a $2,000 premium, equal to a price of 103.08.
2300
THE CHRONICLE
STANHOPE, Sussex County, N. J.-BOND SALE.
-The $19,000
43% water bonds offered on Oct. 17-V. 125, p. 2011-were awarded to
the Citizens National Bank of Netcong, at a premium of $100, equal to
100.53, a basis of about 4.427. Dated Oct. 15 1927. Due Oct. 15 as
0
follows: $1,000, 1928 to 1945, incl., and $500, 1946 and 1947.
SUMMIT COUNTY (P. 0. Akron), Ohio.
-The
-BOND SALE.
Herrick Co. of Cleveland were awarded on Sept. 30 the following issue of
bonds as 4 kis, at a premium of $326. equal to 100.06:
$136,600 construction bonds. Due Oct. 1 as follows: $14,000, 1929 to
1931, incl.; $13,000. 1932: $14,000, 1933: $13,000. 1934: $14,000.
1935; $13,000. 1936: $14.000, 1937, and $13,600, 1938.
68.660 special assessment road bonds. Dated Aug. 1 1927. Due
Oct. 1 as follows: $7,000, 1929 to 1935, incl.: $6,000, 1936;
$7,000. 1937. and $6,500, 1938.
145,000 road bonds. Due Oct. 1 as follows: $15,000, 1929:$14,000, 1930:
$15,000, 1931: $14,000, 1932: $15.000. 1933; $14.000, 1934; $15,000, 1935; $14,000, 1936: $15,000. 1937. and $14,000, 1938.
119.000 bridge bonds. Due $1,000 Oct* 1 1929 to 19,7 inclusive.
78,500 road bonds. Due Oct. 1 as follows: $13.000, 1929 to 1933. incl.,
and $13,500, 1934.
16,000 road bonds. Due Oct. 1 as follows: $3,000, 1929 to 1931, incl.:
$2,000, 1932: $3,000. 1933, and $2,000, 1934.
-BOND
SUNNYSIDE SCHOOL DISTRICT, Cochise County, Ariz.
SALE.
-An issue of $27,500 5 % school bonds was awarded to the Valley
Bank of Phoenix at a premium of $107.27, which is equal to 100.38.
-The price paid
SUPERIOR, Nuckolls County, Neb.-PRICE PAID.
for the $25,000 4,4% refunding bonds awarded to the Peters Trust Co.
of Omaha, in V. 125, p. 2011, was a premium of $50, equal to 100.20, a
basis of about 4.725%. Dated Oct. 1 1927. Due Oct. 1 as follows:
$1,000, 1928 to 1942, incl., and $2,000, 1943 to 1947, incl.
[VoL. 125.
WARRE 4 TOWNSHIP SCHOOL DISTRICT NO. 2(P. 0. Warren)
Macomb County, Mich.
-BOND OFFERING.
-Anthony G. Weigand,
Secretary School Board, will receive sealed bids until 7 pl. 111. Oct. 26, at
the Center Line State Savings Bank, Center Line, for the purchase of an
i,sue of $20,000 school bonds, not to exceed 5%. Dated Oct. 11927. Due
Oct. 1 as follows: $500. 1929 to 1933, incl., $1.000, 19
14 to 1943. incl.
and $1,500, 1944 to 1948, incl. A certi ied check payable to the orderof
the District Treasurer, for $1.000 is required.
WASHABAUGH COUNTY SCHOOL DISTRICT, S. Dak.-BOND
SALE.-Benwell & Co. of Denver have recently purchased a $10,000 issue
,
of 5%% school building bonds. Denom. $500. Dated Aug. 1 1927.
Due on Aug. 1 as follows: $500. 1932 to 1943, and $1,000. from 1944 to.
1947. Prin. and int. (P. & A.) payable at Kountze Bros. in N. Y. City.
WASHINGTON COUNTY (P.O. Washington),Iowa.
-BOND SALE.
-The $100,000 issue of coupon primary road bonds offered for sale on Oct.
18 (V. 125. p. 2181) was awarded to Geo. M. Bechtel & Co. of Davenport
as Oafs for a premium of $651, equal to 100.651, a basis of about 0.00%.
Denom. $1,000. Dated Oct. 1 1927. Due $10,000 on May 1 from 1932*
to 1941 incl. The following is a complete list of other bidders:
White-Phillips Co., Davenport; Washington Loan & Trust Co., Washington; C. M. Keck-Commercial Savings Bank, Washington; Mississippi
Valley Trust Co., St. Louis.
WASHINGTON TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
Toledo), Wayne County, Ohio.
-BOND OFFERING.
-Sealed bids will
be received by the Clerk, Board of Education, until 7:30 p. m. (Eastern
standard time) Oct. 31 for the purchase of an issue of $376,266 4ki% coupon
school bonds. Dated Nov. 1 1927. Denom. $1,000, one for $266. Due
as follows: $9,266 April 1 and $9,000 Oct. 11928; $9,000 Apr. and Oct. 1
1929 to 1931 id., and $9,000 Apr. and $10,000 Oct. 1 1932 to 1947 incl.
Bids will be considered for bonds bearing a different rate of interest than
stated above, such rate of interest to be stated in a multiple of
of
- Prin. and int.(M.& N.) payable at the Security Savings Bank & Trust1%.
SWEETFLOWER SCHOOL DISTRICT (P. 0. Madera), Calif.
Co.
BOND OFFERING.
-Sealed bids will be received until 10 a. m. on Nov. of Toledo. A certified check payable to the order of the Clerk, Board of
8 by County Clerk L. W. Cooper, for a $1,500 issue of 6% school bonds. Education, for $10,000 is required. The approving opinion of Squire,
Denom. $500. Due $500 from 1928 to 1930, incl. Int. payable semi- Sanders & Dempsey of Cleveland will be furnished the successful bidder at
annually. A certified check for 10% of the bid is required.
his expense.
SWAMPSCOTT, Essex County, Mass.
-NOTE OFFERING.-James
WAYNESBORO SCHOOL DISTRICT, Franklin County, Pa.W. Libby, Town Treasurer, will receive sealed bids until 8 p. m. Oct. 28
-MATURITY.
INTEREST RATE
-The $80.000 school bonds awarded to
for the purchase of the following issues of 4% notes, aggregating $8,500:
$4,500 sidewalk notes. Denoms. $1,000, one for $500. Due Nov. 1 as the First National Bank & Trust Co. of Waynesboro, at 102.14 (V. 135
p. 2181). a basis of about 3.98%. bear interest at the rate of 43j%• The
follows: $1,000, 1928 to 1931 incl., and $500, 1932.
bonds mature Oct. 11957. optional Oct. 11937.
4,000 water notes. Denoms.$500. Due $500 Nov. 1 1928 to 1935 incl.
Dated Nov. 1 1927. Prin. and int.(M.& N.) payable at the First NaWEST CHICAGO PARK DISTRICT (P.O. Chicago), Cook County,
tional Yank of Boston.
-Sealed bids will be received by James J. McIll.-BOND OFFERING.
Comb, Secretary Board of Park Conurissioners, until 10 a. m. Oct. 27 for
Financial Statement Dec. 31 1926.
Valuation for year 1926, less abatements
$21,245,612 the purchase of an issue of $4.000,000 4% and 4Si% second issue boulevard
Debt limit
D
591,224 and park bonds. Dated Nov. 1 1927. Denom. $1,000. Oral bids will
Total bonded debt
784,500 also be considered. Prin. and int. payable in gold. A certried check,
Less
-Water debt, $252,500: sewer debt, $194,000
446.500 payable to the order of the Park Commissioners, for 2% of the bonds offered, is required. Legality approved by Chapman, Cutler & Parker of
Net debt
$338,000 Chicago.
Borrowing capacity
253,224
-The
-BOND SALE.
WESTERLY, Washington County, R. I.
TAMPA, Hillsborough County, Fla.
-NOTE SALE.
-Two issues of $150,000 4% coupon bonds offered on Oct. 14 (V. 125, p. 2011) were
notes aggregating $906,000 were purchased by the Bankers Trust Co. of awarded to Harris, Forbes & Co. of Boston at 99.10-a 'basis of about
New York on Oct. 13 as 434% notes, paying for them a premium of $90, 4.04%. Date Oct. 1 1927. Due Oct. 1 1957
The following is a list
equal to 100.0099, a basis of about 4.24%. The issues are as follows: of other bidders:
Rate Bid.
Bidder$606,000 street paving notes and $300,000 water extension notes. Dated
Rate Bid.
Bidder97.92
Oct. 28, 1927 and due on April 18 1928.
Estabrook & Co
98.30 National City Co
Atlantic-Merrill Oldham
TARRANT COUNTY WATER IMPROVEMENT DISTRICT NO. 1 Stone & Webster & Blodgett___98.16 Brown Lisle & Marshall Corp_97.42
It. L. Day & Co
98.15
95.60
-On Oct. 8 the taxpayers
(P. 0. Fort Worth), Tex.
-BONDS VOTED.
98.051
voted favorably on the proposition of issuing a $6,500.000 bond issue Old Colony Corporation
for the construction of two huge dams to increase the water resources of
WESTWEGO, Jefferson County, La.
-BOND OFFERING -Sealed
Fort Worth. The proposition was passed by a 2 to 1 majority. (For bids will be received until Nov. 4 by Mayor V. A. Pitre for a 5200.000 issue
notice of election refer to V. 125, p. 1492.)
of not exceeding 6% coupon improvement bonds. Int. payable semi-an-BOND ELECTION.
-There will be an nually. Due snrially.
TEMPLE, Bell County, Tex.
election held on Nov. 26,for the purpose of voting for or against the followWEYMOUTH, Norfolk County, Mass.
-BOND SALE-Wise, Hobbs
ing five issues of bonds aggregating $295.000:
& Arnold of Boston were awarded on Oct. 19 an I sue of $260,000 3,4%
$15,000 park bonds.
$115,000 school bonds.
coupon hi.:11 school addition bonds at 100.99, a basis of about 3.36%.
25,000 paving funding bonds.
100,000 junior college bonds.
Dated Nov. 1 1927. Denom. $1,000. Due $13,000 Nov. 1 1928 to 1947
40,000 street bonds.
incl. Prin. and int. (M. & N.) payable at the First National Bank of
F. R.Stroop: Mayor.
Boston. Legality to be approved by Ropes, Gray, Boyden & Perkins
- of Boston.
TIFTON SCHOOL DISTRICT (P. 0. Tifton), Ga.-BOND SALE.
Financial Statement Oct. 111927.
A $50.000 issue of high school building bonds was recently purchased by Net valuation for year 1926
$32,906,549.00
an unknown firm for a premium of $2,600, eaual to a price of 105.20.
846,140.04
Debt limit
896,700.00
TONAWANDA UNION FREE SCHOOL DISTRICT NO. 1 (P 0. Total cross debt, including this issue
Tonawanda), Erie County, N.Y.
-BOND SALE.
-A syndicate composed Exempted debt-Water bonds, $119,000; other bonds,
157,000.00'
$38,000
of Batchelder, Wack & Co. of New York City, Redmond & Co. and R. F.
De Voe & Co. purchased on .Oct. 13 an issue of $350,000 4.40% school
$739,000.00
Net debt
bonds at 100.12-a basis of about 4.37%. Dated October 1 1927.
106,440.04
Denom. $1.000. Due Oct. 1 as follows: $20,000, 1928 to 1937, inclusive, Borrowing capacity
and $15.000, 1938 to 1947, inclusive. Principal and interest (A. & 0.)
-The
WHITE PLAINS, Westchester County, N. Y.-BOND SALE.
payable in gold at the National City Bank, New York City. Legality following issues of registered bonds aggregating $743.000 offered on Oct. 14
approved by Clay, Dillon & Vandewater of New York City.
-V. 125, p. 2011-were awarded to Barr Bros. & Co. and Dewey, Bacon
-BOND SALE.
-The $252,000 & Co., both of New York City jointly, as 4s, at 100.33, a basis of about
TOPEKA, Shawnee County, Kan.
4:
Issue of 4 % registered paving bonds offered for sale on Oct. 18 (V. 125. 3.960
p. 2181) was awarded to the Harris Trust & Savings Bank of Chicago for a $235,000 school site bonds. Due Oct. 1 as follows: mow 1937 to 1989.
premium of $1.638, equal to 100.65, a basis of about 4.15%. Denoin.
Incl.. and $5,000. 1960.
$1.000. Dated Sept. 1 1927 and due on Sept. 1 as follows: $28,000. 19'0.
160,000 incinerator bonds. Due $10.000. Oct. 1 1937 to 1952, Incl.
and $32,000. from 1931 to 1937 incl. Prin. and in (M. & S. 1) payable
86.000 series A highway bonds. Due Oct. 1 as follows: $12,000, 1930
at the State Treasurer's office in Topeka Other bidders were as follows:
to 1936. Incl.. and 52.000. 1937.
Central Trust Co., Topeka: Prescott, Wright. Snider Co., an60.000 storm water drainage bonds. Due Oct. 1 as follows: $8,000.
1930 to 1936, incl., and $4,000. 1937.
sas City, and Branch-Middlekauff Investment Co., of Wichita,
39.000 school bonds. Due Oct. 1 as follows: 82.000. 1937 to 1955, incl..
who bid jointly, par, accrued interest and a total premium of.. _ _$1,337.12
and $1.000, 1956.
Taylor-Ewart Co. of Chicago, par, accrued interest and a total
1,533.42
28.000 series B highway bonds. Due $4,000, Oct. 1 1930 to 1936. Incl.
premium of
25.000 series B street Impt. bonds. Due Oct. 1 as follows: $3,000, 1930
Columbian Title & Trust Co. of Topeka. and the Fidelity Nato 1936. Incl.. and 54,000, 1937.
tional Bank of Kansas City, who bid jointly at par, accrued
632.52
110,000 series A street improvement bonds. Due Oct. 1 as follows:.
interest and a total premium of
$14.000. 1930 to 1936, incl., and $12.000, 1937.
Detroit Trust Co., par, accrued interest and a total premium of.. _ _ 1,216.00
Date Oct. 11027. Other bids were as follows:
TOPPENISH SCHOOL DISTRICT (P. 0. Yakima), Wash.
Rate
Price
-The $9,700 issue of 5% school bonds sold recently-V. 125.
MATURITY.
BidderBid.
Bid.
par is due on Oct. 15 1947 and Rutter & Co., Stephen & Co., H. L. Allen & Co
P. 2011-to the State of Washington, at
4%
100.09
optional after Oct. 15 1928.
Harris, Forbes & Co., Bankers Trust Co., National City
-The
Co
4.05% 100
TRUMBULL COUNTY (P. 0. Warren), Ohlo.-BOND SALE.
.167
$123,000 444% coupon road bonds offered on Oct. 7(V. 125, p. 2011) were Geo. B. Gibbons & Co., Roosevelt & Son,Remick,Hodges
& Co
4.05% 100.1494
awarded to Stranahan, Farris & Oaths, Inc., of Toledo, at a premium of
4 lo% 100 319
3371, equal to 100.30-a basis of about 4.70%. Date Oct. 11927. Due Pulleyn & Co., E. H. Rollins & Sons
.
Oct. 1 as fellows: $7.000 April and Oct. 11928;$7.000 April 1 and $6,000 Kean. Taylor & Co., Redmond & Co., Stone & Webster,
and Blodget, Inc
4.10% 100.289
Oct. 1 1929; and $6,000 April and Oct. 1 1930 to 1937, inclusive.
Sherwood & Merrifield
4.10% 100.05
VALLEY COUNTY SCHOOL DISTRICT NO. 9 (P. 0. Opheim),
WHITMAN COUNTY SCHOOL DISTRICT NO. 9 (P. 0. Colfax),
Mont.
-BOND OFFERING.-Sealed bids will be received until 1 p. m. Wash.
-The
Issue of coupon
-BOND SALE.
on Nov. 12 by District Clerk H. 0. Dohlen for a $16,000 issue of not ex- for sale on Oct. 8-V. 125.$20,000 -was awatded school bonds offered
p. 1746
ceeding 6% school bonds. Dated Jan. 1 1928. Int. payable Jan. & July 1. Trust Co. of Spokane as 43.6% bonds for a premium to the Washington
of $58.90, equal to
Private sale of these bonds may be resorted to. A $500 certified check, 100.294, a basis of about 4.47%. Denom. in
amounts desired. Dated
payable to the District Clerk, is required.
when issued. Due from 1929 to 1947 incl. The following is a complete
-BOND SALE.
-The list of the other bids and bidders:
VERMILION COUNTY (P. 0. Newport), Ind.
Par
45(
$3,000 4 % Prior Peel et al Felt Township road improvement bonds State of Washington
Par
434 p
i
$57.00 prem.
offered on Oct. 15 (V. 125. p. 1874) were awarded to the Fletcher Savings Old National Bank, Spokane
Par
a_
4y,
205.00 prem.
& Trust Co. of Indianapolis, at a premium of $58. equal to 101.93-a basis Cant.11, Richds & Blum, Spokane
Par
5%
25.00 prem.
of about 4.15%. Date Oct. 15 1928. Due $150 May and Nov. 15 1929 Farmer's National Bank, Colfax
to 1938, inclusive. There were no other bidders.
COUNTY (P. 0. Franklin) Tenn.-BOND OFFERWILLIAMSON
-Sealed bids will be received by County Judge Joe F. Mays, untll
- ING.
-BOND ELECTION.
VICTORIA COUNTY (P. 0. Victoria), Tex.
a $50,000 issue of 0
,
4% highway bonds. Denom.
noon of
A special election will be held on Nov. 19 for the purpose of passing upon 21,000. Nov. 12 for 11927,due on Nov. 11957,and optional after Nov. 1
Dated Nov.
question of issuing $1,092,000 in bonds to improve and hard surface
the
1939. Principal and semi-annual interest payable in New York at the
the county roads.
Chemical National Bank. A $300 certified check is required.
-The propoWAKEFIELD,Dixon County, Neb.-BOND ELECTION.
WILLSBORO UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
sition of issuing $70,000 in bonds to erect a new school building will be Willsboro), Essex County, N. Y.
-BOND ,SALE.-The $150.000 4,3(%
passed upon by the voters at an election to be held on Nov. 1.
coupon or registered school bonds offered on Oct. 14-V. 125, p. 2011OFFERING. were awarded to the Essex County National Bank of Willsboro, and the
-BOND
WARREN COUNTY (P. 0. Glens Falls), N. Y.
-Beecher W. Sprague. County Treasurer, will sell at public auction at National Park Bank of New York City, jointly, at par. Date June 1 1927.
% highway bonds. Dated Due June 1 as follows: $4,000. 1928 to 1937,incl.;$5,000. 1938to 1943,incl.:
11:30 a. in. Nov. 25 an issue of $199.000
Aug. 11927. Denont $1,000. Dun Feb. 1 as follows: $9.000. 1931, and 36.000. 1944 to 1954, incl., and 27,000. 1966 and 1957. There were no
incl. Prin. and int. (F. & A.) payable at the First other bidders.
$10,000. 1932 to 1950
National Bank. Glens Falls. A certified check payable to the order of the
WINCHESTER VILLAGE SCHOOL DISTRICT, Adams County,
County Treasurer, for $4,000, is required. Legality approved by Clay, Ohio.
-The electors on Nov. 8 will vote on the ques-BOND ELECTION.
Dillon & Vandewater of N. Y. City.
OCT. 22 1927.1
THE CHRONICLE
tion of issuing $50.000 bonds for the purpose of building an addition to the
present school building. The bonds will run for a period of 25 years.
WOODBRIDGE TOWNSHIP (P. 0. Woodbridge), Middlesex
-BOND SALE.
County, N. L.
-The issue of 43i% coupon or registered
general i nprovement bonds offered on Oct. 17(V. 125. p.2012) was awarded
to the Woodbridge National Bank. taidng 8247,000 bonds (8248.500 offered). paving $248,319. equal to 100.93. a basis of about 4.42%. Dated
Oct. 101928. Due Jan. 1 as follows: $8.000. 1929 to 1958 incl., and 87,000
In 1959.
WOODCLIFF LAKE, Bergen County, N. J.
-BOND OFFERING.
Nicholas B. Ackerman, Borough Clerk, will receive sealed bids until 8 Pm.
Nov. 2,for the purchase of an issue of5% coupon or rwristered street paving
bonds nottoexceed $21,000 no more bonds to be awarded than will produce
a premium of 81.000 over 821.000. Dated Nov. 11927. Denom. $1,000.
Due $3,000, Nov. 1 1928 to 1934. incl. Principal and interest (M. & N.)
payable in gold at the First National Bank, Westwood. A certified check
payable to the order of the Borough,for 2% of the amount of bonds bid for,
is required. Legality approved by Hawkins, ,Delafield & Longfellow of
New 'York City.
WOODBINE SCHOOL DISTRICT (P. 0. Williamsburg), Ky.BOND SALE.
-A 810.000 issue of 6% school bonds was recently purchased
at par by Walter, Woody & Heimerdinger of Cincinnati. Dated June 1
1927 and due on June 1 1933.
WYANDOT COUNTY(P.O. Upper Sandusky),°Mo.-BOND SALE.
The 521.903.90 5% road improvement bonds offered on Oct. 11-V. 125,
p. 2012-were awarded to the Herrick Co. of Cleveland, at a premium
of $738. equal to 103.36, a basis of about 4.40%. Date Oct. 1 1927. Due
Oct. 1 as follows: 82.103.90, 1929, and $2,200. 1930 to 1938, incl.
WYANDOTTE, Wayne County, Mich.-BOND SALE.-The 8125.000
city's portion grade crossing bonds offered on Oct. 11 (V. 125, p. 1875)
were awarded to the Fidelity Trust Co. of Detroit at a prerylum of $105,
equal to 100.08. a basis of about 4.19%, taking $100,000 bonds maturing
$4,000 from 1928 to 1952 incl. as 43(s. and $25,000 maturing $5,000 1953
to 1957 incl. as 48.
WYANDOTTE COUNTY (P.O. Kansas City), Kan.
-BOND OFFER-Sealed bids will be reel ed until 2 p. m.on Oct. 31 by County Clerk
ING.
William Bexas for $18.600 4 % coupon special improvement bonds.
Denom. 51.000 and one for $600. Dated July 1 1927 and due on July 1
as follows: $600. 1928: $1.000. 1929 to MS:82,000 from 1939 to 1942, all
.inclusive. Prin. and Int. (J. & J.) payable at State Treasurer's office in
Topeka. County will print bonds and transcript of proceedings. A certified check for 2% of the bid. payable to the Chairman of the Board of County
Commissioners, is a requirement.
CANADA, its Provinces and Municipalities.
BURNABY DISTRICT, Que.-BOND ELECTION.
-An election will
be held on Oct. 22, for the purpose of voting on the questian of issuing
$385.000 water works debentures.
-The school
CAP DE LA MADELEINE, Que.-BOND OFFERING.
commissioners will receive sealed bids up to 7 p. m. Oct. 31,for the purchase
-year serial debentures dated Nov. 1 1927, payable
of $120,000, 5%, 25
NEW LOANS
2301
at Cap de la Medeleine, Montreal and Quebec, and in denominations of
3100 and multiples thereof. J. 0. Loranger, secretary-treasurer.
GREENFIELD PARK, Que.-BOND OFFERING.
-Sealed bids will
be received by E. J. Allwright, Secretary-Treasurer, until 5 P. in. Oct. 24.
for the purchase of an issue of $95,000 5 % 15-year serial bonds. The
bonds are dated May 1 1927 and as in denominations of $500 and $100.
JONQUIERE, Que.-BOND OFFERING.-i. M. La Croix. Clerlr.vrill
receive sealed bids until 2 p. m. Oct. 25, for the purchase of an issue of
-year serial bonds dated June 1 1927. payable atJonquiere,
$29.000 5 % 30
Montreal and Quebec.
NEWFOUNDLAND (Government of).
-BOND SALE.
-The $5.000,000 Issue of5% Newfoundland Government bonds offered for sale on Oct.20
-was awarded to a banking group consisting of Kountze
-V. 125. p. 2182
Bros., Lehman Bros., E. H. Rollins & Sons, all of New York. and McLeod,
Young & Weir of Toronto, paying 98.513 for the issue, a basis of about
5.09%. Due on Dec. 31 1952. Principal and interest (J. & J.) payable
at the office of the Minister of Finance and Customs, St.John's, Newfoundland, or at the Bank of Montreal, St. John's. The second highest bid was
submitted by a group headed by Dillon, Read & Co. of New York who
offered a price of 98.410.
NEW WESTMINSTER, B. C.
-BOND SALE.
-The Bank of Montreal
was recently awarded an issue of $90,000 5% 20
-year street and fire hall
debentures at 99.68, a basis of about 5.03%.
ONTARIO (Province of), P.0. Toronto.
-BOND OFFERING.
-J.D,
Montieth,Provincial Treasurer, will receive sealed bids until 12 in. Oct. 26'
or the purchase of an issue of $24,000,000 4 % refunding bonds. Dated
Nov. 1 1927. Due $800,000. Nov. 1 1928 to 1957, incl. Principal and
interest payable in Canada, New York and London.
POINTE CLAIRE, Que.-BOND OFFERING.
-J. E. Daoust, Sec.Treas., will receive sealed bids until 6 p. m. Oct. 24, for the purchase of
an issue of 350.000 5% 30
-year serial bonds, dated Oct. 11927, in denoms.
of $500 and $100, payable at Pointe Claire and Montreal.
POINT GREY, British Columbia, Canada.
-BOND SALE.
-Wood.
Gundy & Co., and Pemberton & Son, Jointly, purchased 5747,000 5%.
-year bonds on a bid of 99.60.
10, 15, 20 and 30
RIVIERE DU LOUP, Que.-BOND OFFERING.
-Sealed bids will be
received by J. Lebel, Sec.-Tress, until 5 p. m. Oct. 25. for the purchase of
an issue of 81000105% 40-year serial bonds, dated Nov. 1 1927. The bonds
it is stated are guaranteed by the Province of Quebec.
SCARBOROUGH TOWNSHIP (P. 0. Birch Cliff), Ont.-PRICE
-The price paid for the several issues of 57 debentures aggregating
P4TD.
8345.812.53 awarded on Oct. 12-V. 125. p. 2182-to AcLeod, Young,
Weir & Co. of Toronto, was 99.77 (not 99.65) as previously reported.
Si.LABERRY DE VALLEYFIELD, Que.-BOND OFFERING.
Sealed bids will be received by L. J. Boyer, Clerk, until 7 pl. in. Oct. 26,
for the purchase of an issue of 850.0005% 32
-year serial bonds. The bonds
are dated Nov. 1 1927, and are payable at Valleyfield and Montreal.
-PROPOSED BOND ISSUES.
VANCOUVER, B. C.
-An Issue of
-year and $635,000 4 % 40
$600,000 4 % 15
-year bonds will shortly be
p'aced on the market. A further Issue of $500,000 of local improvement
debentures may also be sold at the same time.
FINANCIAL
FINANCIAL
FOR SALE
We Specialize in
By Private Treaty
City of Philadelphia
$250.000
State of Delaware
Highway Bonds
SEALED PROPOSALS for the purchase of all
or any part of $250,000 four per cent, coupon
bonds of the State of Delaware to be issued under
the provisions of Chap. 63, Vol. 29, Del. Laws.
known as "The State Highway Act." will be received by the Governor, Secretary of State and
State Treasurer of the State of Delaware, until
one o'clock P. M., on November 2, 1927.
k or circular further describing bonds to be
Issued, write to
HOWARD M. WARD,
State Treasurer, Dover, Delaware.
BONDS
MUNICIPAL
and
CORPORATION
THE DETROIT COMPANY
Incorporated
NEW YORK
CHICAGO
BOSTON SAN FRANCISCO
Correspondent of
DETROIT TRUST COMPANY
DETROlf
3s
31/
28
48
/
41 48
4 s
/
1
4
5s
54
/
1
s
51 211
/
A large Paper and Board Mills
near Dublin, Ireland. Up-todate machinery. Output 220
tons per week. Mills cover 3
acres. In addition the Estate
comprises 126 acres (68 freehold), 40 Dwelling Houses, Railway and Canal sidings. Electrically lit throughout. Property
has been valued by Experts at
£110,000. Earning capacity not
less than £15,000 per annum.
The Mill Buildings and Plant are
in excellent condition and as they
stand form one of the most up-todate concerns in the British Isles.
Further particulars can be had
from
Biddle & Henry
"PAPER," care S. O'BROLN,
83 Upper Leeson Street,
Dublin, Ireland.
WHITTLESEY.
McLEAN &CO.'
1522 Locust Street
Philadelphia
Private Wire to New York
call Canal 8437
MUNICIPAL BONDS
E. R. DIGGs & Co.
PENOBSCOT BLDG., DETROIT
(Inwrpows.a)
Investment Securities
Specializing in Public Utilities
46 Cedar Street
New York
AUGUSTA
JOHN W. DICKEY
Augusta, Ga.
Southern Securities
'•taholitiherl t880
Jerome B. Sullivan
FOREIGN
2,
11 4,,t1s
IOVERNMENT‘ C
o
IN DETROIT
2 BROADWAY - NEW YORK
APPRAISALS
REPORTS
Confidential Investigation•
Our 1926 Paid Appraisals on Detroit Business Properties &receded $18.000.000.
WM. E. BUSH & Co.
Augusta, Ga.
BASSETT & SMITH, INC.
SOUTHERN SECURITIES
COTTON MILL STOCKS
Established 1904
Guaranty Trust Bldg.
DETROIT
UNICIPAL &
R. R BOND.,
Members New York Curb Market
Direct Private Wire to
408101s. Buffalo, Chicago. Cleveland, Defrost
Llontrezi. Rochester gurarus• and Toronla
Orders ezectited in all markets
No margin accounts sereorod
2302
THE CHRONICLE
ffinancial
[VOL. 125.
SInantial
ifinancial
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Charles A. Parcells & Co.
Investment Bonds
110 WEST MONROE STREET
CHICAGO, ILL.
INVESTMENT SECURITIES
Frederick Peirce
& Co.
BONDS
FOR
PENOBSCOT BUILDING, DETROIT, MICH
INVEST
MENT
Gfl Wall Street, New York
207 So. Fifteenth Street. Philadelphia
LIVINGSTONE & CO.
GARARD TRUST
COMPANY
INVESTMENT SECURITIES
TRUSTS • ESTATES
39 SO.LA SALLE sr. CnicAGo
Members Detroit Stock Exchange
CINCINNATI
Specialists
in Cincinnati
Dime Saving• Bank Bldg.
DETROIT
Securitir
Inquiries solicited on Chicago
Real Estate Bonds
W. E. HUTTON & CO.
CINCINNATI, OHIO
MEMBERS OF
OFFICES
Stock Exchange
New York
CIncinxiati Stock Exchauige
New York CIL
Detroit Stock Exchange
Detroit, Mick
Chicago Board of Trade
Lexington. Ky
New York Cloteon Exchange
Dayton, Ohio
New York Curb Market
ST. LOUIS
Ill West W••hington Stre•t
CHICAGO
Herndon Smith
William H. Burg
Charles W. mo•r•
W.0. Morehead
SMITH, MOORE & CO.
ROBERTS & HALL
CINCINNATI SECURITIES
407 Dixie Terminal Bldg.
INVESTMENT SECURITIES
ST. LOUIS, MISSOURI
NASHVILLE. TENN.
Cincinnati
DEALER IN
Cincinnati Securities
CINNATI
0 H 1 I.
Founded 1865
A. J. WRIGHT & CO.
Western New York and Canadian
Local Stocks and Bonds
Bought and Sold on a Brok
Basle Only.
BUFFALO. NEW YORK
ALABAMA
J. C. Bradford & Company
EDGAR FRIEDLANDER &CO
BUFFALO
Members New York Stock Exchange
509 OLIVE ST.,
Members
New York Stock Exchange
alactnniut Stock Exchange
Chicago Board of Trade
LACKNER, BUTZ & COMPANY
Participating Distributors
and
Underwriters of Southern
Municipal and Corporation Bonds
815 Union Street
N ASHVILLE, TENN,
MARX & COMPANY
BANKERS
BIRMINGHAM, ALABAMA
SOUTHERN MUNICIPAL AND
CORPORATION BONDS
@FedFRASER