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The
Mumma"
VOL. 127.
financial
brunide
SATURDAY,OCTOBER 6 1928
xnancial Chronicle
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The Financial Situation.
The diversion of banking credit into speculative
channels, with the resulting growth of brokers'loans,
still constitutes the foremost and all-absorbing topic.
The discussioi of the matter, week after week, naturally grows somewhat tiresome, but it obtrudes itself at every point. Moreover, new occasions for giving consideration to it keep constantly arising. The
present week, for instance, both the monthly compilation of the New York Stock Exchange and the weekly statement of the Federal Reserve Banks with reference to these brokers' loans reveal further additions to the total, raising the aggregates in both instances to new high peaks in all time, the previous
high records in that respect being left far behind.
In the case of the Stock Exchange figures, which are
always larger than the Federal Reserve.figures, because the Stock Exchange statement is much the
more comprehensive, the aggregate has now reached
a really appalling magnitude, it being actually in
excess of 51 2 billion dollars!
/
This has occurred while the annual convention of
the American Bankers' Association has been in session in Philadelphia, and with these bankers also
speculative borrowing has been the chief subject of
discussion, as it properly had to be. Many wellknown men had been assigned to deal with it and
they responded by the expression of varying views
on the issues involved. In addition, the convention
itself has been led to adopt some resolutions concerning the all-absorbing subject. These discussions will command the attention which the importance of the matter merits, although it cannot be
said—with all due respect to those participating in
the same—that they contribute much to the solution
of the vexed problem.
NO.3302.
One of the early speakers was Colonel Leonard P.
Ayres, the Vice-President of the Cleveland Trust
Company, who read a carefully prepared paper before the State Bank Division. Mr. Ayres is an able
writer and always visions things from a broad standpoint. Referring to the speculation on the Stock
Exchange, he speaks without reserve or qualification, and expresses the view that "stocks are now
selling on expectation rather than on realization"
and then adds:"All the experience of the past points
clearly to the conclusion that prices are too high,
and must come down. . . . No conclusion is
more safe than that the speculative markets in their
present mood would promptly sop up for stock margins any additional credit that the Reserve System
might make available, if it should attempt to ease
off the present credit stringency."
But does Mr. Ayres hold the Federal Reserve responsible for this situation in any way? Apparently
not. He goes at length into a consideration of the
large imports of gold into the United States since
the war, and the recent reversal of the gold current,
and undertakes to trace to these gold movements
what has occurred. He says absolutely nothing
about the $1,500,000,000 of Reserve credit that is today outstanding and the certain part that this must
have had in the speculative furore. He observes:"We
have been able to finance simultaneously a business
boom, a building boom, a Florida boom, and a stock
market boom without the slightest trace of a credit
stringency." "Our Federal Reserve system," he
goes on to say, "has probably been the only central
bank that has for years at a time had no need to
take precautions looking to the safeguarding of its
reserves, and has only needed to concern itself lest
credit should be used unwisely." But can it be said
that credit has not been used "unwisely" when Federal Reserve credit is out to an aggregate of $1,500,000,000 and when brokers' loans on the Stock
Exchange have mounted to above $5,500,000,000?
Is it a strong point or a weak point that we have
been able to finance all the different booms enumerated by Mr. Ayres and would it not have been more
to the credit of the Federal Reserve if a policy had
been adopted on its part to prevent such financing
and would these speculations have been. at all possible had not Federal Reserve credit been out all
the time to an aggregate of between $1,000,000,000
and $1,500,000,000?
Colonel Ayres is mainly intent on showing that
a transformation is now in prospect and he thinks
that the banks ought to prepare for it. Accordingly
he outlines a "New Investment Policy" for the occasion, into which, however, it is not our purpose here
to go. He gays:"Now at last all this has changed,
but the transition to a new and more sober era is
not going to be easy. The American people are in
1844
FINANCIAL CHRONICLE
[VOL. 127.
a mood of invincible optimism. Three years ago granting of brokers' loans under the Federal Reserve
they were speculating in Florida land, and finally system." Heaven forbid that any legislative attempt
that bubble burst. Then they speculated in urban should ever be made to grant authority to any body
real estate, and now they are finding that the rents of men to allot the amount of banking credit to be
that are obtainable will not justify the prices to assigned to any branch or division of the country's
which property had been bid up, and as a result, city activities. We believe that the amount of credit
real estate prices are rapidly coming down. Now now tied up in brokers' loans is excessive in the exthey have turned to the stock market, where prices treme, but to let any body of men prescribe the exof the stocks of mail order houses, chain stores, act amount of credit that should be definitely asmotor companies, and soft drink firms are selling on signed as a maximum or minimum for any particua basis to yield half as much as the obligations of lar purpose, would not only be unthinkable, but
the U. S. Government"—all of which merely raises could not fail to add to our ills, and, moreover,
the question why the Federal Reserve Banks have would be like jumping from the frying pan into the
fire.
not been operated so as to prevent all this.
Besides, what guaranty would there be that the
Congressman Louis T. McFadden, Chairman of
the House Committee on Banking and Currency, was task would be performed wisely? In view of past
also a speaker at this week's meetings of the bank- experience, would there not be the certainty that
ers, his address being delivered before the Clearing the Federal Reserve authorities would blunder even
House Section. He showed by his remarks that he more egregiously than they have thus far? Who
had a clear understanding of the principles and will deny that the height to which Stock Exchange
functions of banking and that he had made a deep speculation has been carried has followed directly
study of the present involved situation. Yet the ad- as the result of the unwise policy pursued by the
dress was nevertheless in considerable measure dis- Federal. Reserve authorities in the summer and
appointing, more particularly since it appears to autumn of 1927 in reducing the rediscount rates
/
look in the direction of giving the Federal Reserve of the Federal Reserve Banks to 31 2% and forcing
out Reserve Credit in the purchase of several hunlarger control and greater powers, when what is
really needed is a curtailment of the powers it al- dred million dollars of U. S. Government securities?
ready possesses, or assumes to possess. For in- Mr. McFadden himself has no doubt on that point.
stance, we find him, while having no definite rem- He says: "Apparently the present situation was preedy to suggest, talking in the following strain: "In cipitated by the change of Federal Reserve policy
the first place, we have 49 sovereign powers, which last year to assist England and other central banking
have the right to charter banks and all other forms countries in their attempt to stabilize their currenof corporations designed to buy and sell credit, cies and return to a gold basis. Now that this asnamely, the Federal Government and 48 sovereign sistance has been rendered at the cost of America's
States. If all of the banking instrumentalities and being thrown into a speculative frenzy, the Fedorganizations which deal in credit were under the eral Reserve authorities are attempting to get back
authority of the Federal Government,the task might to a normal basis." Here we see the indirect efbe simplified. The Federal Reserve Bank was in- fects of a mistaken policy on the part of the Fedtended to establish the standard of banking prac- eral Reserve authorities. Is there the slightest wartice, but the only banks over which the Federal Gov- rant for thinking that if they were given authority
ernment has a supreme control are the 8,000 Na- to allot the precise amount of credit to be used in
tional Banks and such State chartered banks as are brokers' loans, they would be any more successful?
At the conclusion of his address, we find Mr. Mcwilling to put themselves under the control and dia favorite line Fadden saying: "If this system (meaning the Fedrection of the system." It is always
of argument to ascribe all the ills and troubles of eral Reserve) is to function in the discharge of its
the country to the divided control and divided re- full duty, it must occupy a commanding position
sponsibility that exists as between the Federal Gov- over the credit situation in the United States and
ernment and the State Government and, by infer- in order to do this it must be placed in a position
ence and implication at least, it is sought to make where it can control all the elements that enter into
us reflect upon how much easier the problem would this credit situation; and if revision of the law is
be if there could be merely a single and all-embrac- necessary to accomplish this, the necessary amending jurisdiction. In the case of the Federal Reserve ments should be made in the law so that the adminBanks, however, we thnk the problems up for solu- istration of the system will not be handicapped in
tion would be aggravated rather than simplified if its service to the 120,000,000 people for whom it was
the operations of the Federal Reserve Banks were primarily organized to serve." Later along in the
Refurther extended. In our estimation the Federal address Mr. McFadden adverts to the Federal
banker" and says that
Reserve Banks, operated as a whole as they are, and serve "acting as the World
with their reserve deposits so greatly enlarged by this brings an additional responsibility.
The Federal Reserve system is not charged with
the war-time amendments, which should have been
the duty of acting as the world's banker and should
repealed long ago, are already of such magnitude
given
that only harm could result if more banks were not arrogate any such function to itself or be
dominion, supposing that were authority to so act. On the supposition that the
placed under their
Federal Reserve system is thus endowed, Mr. Mcpossible from a statutory standpoint.
Again we find Mr. McFadden saying: "Owing to Fadden's final declaration is that:"In the discharge
the important part which the investment of inde- of the responsibilities, acting in its capacity as the
pendent money in brokers' loans occupies in con- responsible head of finance in America, it is well to
nection with our general credit situation and in or- consider whether or not the Federal Reserve System
der to permit the Federal Reserve to retain its con- has, or has not, been granted all the necessary autrol over the total volume of credit, it may become thority and power to handle the conditions with
necessary to place the supervision of the future which the system is now confronted." Mr. McFad-
OCT. 6 1928.]
FINANCIAL CHRONICLE
den is on the wrong track. The aim of Congress in
any amendment of the Federal Reserve Act must be
to limit its capacity for further mischief, not for
providing it with additional power and facility for
doing mischief.
Roy A. Young, the Governor of the Federal Reserve Board, was also one of the speakers befor
e
the assembled bankers. His address was delivered
before the General Convention of the Association on
Wednesday. It was on the whole a well consi
dered
address and one statement in particular made
by
him deserves placarding in every bank and bank
ing
institution throughout the length and brea
dth of the
land. In that statement he described accur
ately the
duties and functions of the Federal Reserve
banks
when he said: "They are in substance co-op
a
erative
enterprise among banks for the purp
ose of taking
care of seasonal and emergency needs for
credit and
currency." The fact that the Federal
Reserve Banks
were established for the purpose of prov
iding for
"seasonal" and "emergency" needs,
and not for the
purpose of regulating the whole banking
mechanism of the United States and inde
ed of the entire
world, as so many would have us
believe, cannot
be too strongly emphasized. Unfortun
ately, however, they have never been operated
in accord with
Mr. Young's theory, but on the cont
rary have been
administered in direct conflict
with it, though Mr.
Young does not show any comp
rehension of that
fact.
1845
tern the insignificant sum of $1,000,000,000, everything will be satisfactory and they will not be disturbed.
In the same way we find him expressing satisfaction, in his address the present week, over
the
fact that the country has in recent months lost $500,
000,000 to the outside world. Here is what he says
on that point: "The loss of gold for the past year
has been a desirable thing, not only from the point of
view of those who received it and used it as the basis
of monetary reconstruction, but also from the poin
t
of view of the United States. It has removed from
the foreign trade of the United States the risks
arising from unstable exchanges and disorganized
conditions among its foreign customers." The benefit to foreign countries may be admitted and some
incidental benefits to the United States as well,
but
at what great and grave cost! In the words of Mr.
McFadden, the cost has been "America's bein
g
thrown into a speculative frenzy." This specu
lation has reached such inordinate proportions that
it
is bound to collapse in the end, and Colonel Ayre
s,
as noted further above, declares unhesitatingly that
it will collapse. When that time comes, what will
be the after effects and who will be the sufferers?
At that time will it not appear that the price paid
has been too high and that the Federal Reserve authorities had better have kept their hands off?
Two statements of brokers' loans have appeared
the present week, as noted at the outset of this
arIf the Federal Reserve Banks in
more recent years ticle, and both statements have established
new high
had been conducted so as to
provide alone for "sea- records, far exceeding the previous high
peaks. The
sonal" and "emergency" need
s, they would never Stock Exchange monthly statement has
attracted
have allowed Federal Reserve
credit to an aggre- much the more attention of the two, beca
use the ingate of from $1,000,000,000 and
$1,500,000,000 to crease runs far in excess of expectations. The
further
remain constantly outstanding;
and we are ready to addition during September proved to be
no less than
warrant that if this huge aggr
egate of Reserve $462,402,280 and this followed $214,089,826
addition
credit had not remained afloat,
the unbridled specu- during August, making ,an increase for
the two
lation in the security markets
which to-day is dis- months combined in the huge sum of
$676,292,106.
turbing the whole mercantile and
financial world The further addition in September brought
the grand
would never have arisen.
total of this borrowing above 51 2 billions of
/
dollars,
The distinctive feature, howe
ver, of Governor the exact amount being $5,513,639,685,
or nearly a
Young's address, as of the addr
ess which he deliv- quarter of a billion in excess of the prev
ious record
ered before the Indiana Bankers'
Association two total of $5,274,046,281 established on May
31 last,
weeks previously, is the easy feeli
ng of satisfaction before the collapse which at that time
occurred in
with which he views the situa
tion. In the closing the Stock market.
part of the address to the Indi
ana bankers there was
The weekly statement of the Federal
Reserve
a paragraph which has not
received the attention Board, issued after the close of
business on Thurswhich it deserves. In that stat
ement Mr. Young, in day, and covering the period up to
Wednesday night,
effect, advised the member bank
s to continue their Oct. 3, or three days later than the
Stock Exchange
present scale of borrowing, beca
use, forsooth, be- statement for the end of September,
also established
ing so largely in debt already, it
would make them a new high record in all time, as alre
ady said. As
cautious about indulging in further
borrowing. Lest the Federal Reserve statement is much less
comprethis be deemed an exaggeration, we
quote here his hensive than the Stock Exchange compilat
ion, the
precise words as follows: "If after
January 1929, totals are not quite so large, and yet
are of huge
following the return of holiday curr
ency, the banks proportions. The Federal Reserve
statement this
still owe the System approximately
$1,000,000,000 week shows a further increase of $45,270,00
in rediscounts, I personally would
0 in
feel that the situ- the grand total of the loans,
and this followed
ation had been handled admirably, and
I shall have $54,232,000, $85,285,000, $95,982,00
0, $54,061,000,
no cause for concern, because with
the tradition and $34,017,000 increases respective
ly in the
which the member banks have about
borrowing con- five preceding weeks, giving an expa
nsion for
tinually from the Federal Reserve
System, a debt the six weeks combined of no less than
$368,847,000,
to the System of $1,000,000,000 will
have a more and bringing the grand total of the loan
s up to $4,moderating efect upon the too rapid
growth of bank 569,978,000, or in excess even of the
previous high
credit than any other single condition
that I know record made on June 6 last when the
aggregate stood
of." Thus the member banks may
possess their at $4,563,240,000.
souls in peace. If next January, after
crop demands
As compared with a week ago, a larg
have been satisfied, and the return
e increase
flow of holiday appears this time in the loans
made by the 45 recurrency has been completed, they still
owe the Sys- porting member banks on their own acoc
unt, the to.
1846
FINANCIAL CHRONICLE
[voL. 127.
B'klyn Edison,,Burroughs Adding Mach., Byers &
tal of such loans having run up from $849,506,000
t Co., Case Threshing Machine, Coty Inc., Paramount
Sept. 26 to $929,901,000 Oct. 3. Loans for accoun
Famous Lasky, Federal Mining & Smelting, First
of out-of-town banks also increased during the week,
National Stores, Gillette Safety Razor, Ingersoll
rising from $1,673,043,000 to $1,682,057,000. The
Rand, Internat. Nickel, Lambert Co., Ludlum Steel,
loans "for account of others," however, are someMurray Body, Nat. Cash Register, Nat. Dairy Prodwhat lower the present week, though still of extraOtis Elevator, Pressed Steel Car, Royal Dutch
ordinary magnitude, having fallen from $2,001,259,- ucts,
Co. (N. Y. shares), Shell Transport & Trading, Tide
000 to $1,958,020,000. At this latter figure compariWater Oil, Universal Pipe & Radiator, U. S. Indusson is with only $922,505,000 on Oct. 5 1927.
Alcohol, and Victor Talking Machine.
In nearly all other respects, also, the Federal Re- trial
The net changes for the week are quite irregular.
serve statements are unsatisfactory the present
In the case of the copper group, Anaconda closed
week. Member bank borrowings, after last week's
yesterday at 81% against 81%, the close the previfalling off, this week have increased again, the
78
ous Friday; Kennecott Copper closed ai99/ against
amount rising from $1,010,766,000 Sept. 26, to $1,/
de Pasco closed at 96% against 9634;
4
1
/
100 ; Cerro
025,918,000 Oct. 3. At the same time, the twelve Re/
Cananea at 124 against 12518; Calumet &
Greene
serve institutions have increased their holdings of
4
/ •against 33; Chile. Copper at 50%
from $263,419,000 to $309,976,000 and Hecla at 313
acceptances
4
1
/
from against 51; Granby Copper at 65% against 66 .
their holdings of U. S. Government securities
features; it
S. Steel again was one of the active
$229,032,000 to $230,604,000. The result, altogether, U.
/ the previduring the week closed yesterday at 159% against 15778
is that there has been an increase
hem Steel closed at 69% against
ous Friday; Bethle
in the amount of Reserve credit employed of $63,281,against 80%; Inand security holdings the 63; Republic Iron & Steel at 81%
000, the total of the bill
at 70 against 69; and Ludlum Steel at
land Steel
present week being $1,571,078,000 as against $1,507,26. The amount of Federal Reserve 79 against 68.
797,000 on Sept.
Among the motor stocks General Motors again
notes in circulation increased during the week from
front rank in point of activity; it closed yes$1,681,581,000 to $1,703,630,000, while gold reserves held
at 214% against 211 the previous Friday;
are somewhat lower, having declined from $2,633,- terday
the motor stocks that established new high records
002,000 to $2,616,635,000.
for the year were Chrysler Corp., Dodge Bros. Cl. A,
and Packard. Chrysler closed yesThe stock market had a ragged appearance the Hupp Motors
at 139 against 117% the previous Friday;
early part of the week, being rather weak and de- terday
4
1
/
closed at 83 against 80; Packard at 96
pressed on Monday, Tuesday and Wednesday, but Studebaker
4
/
/
against 9114; Nash at 943 against 90%; Hudson
recovered tone on Thursday and Friday. There were
t
/
4
1
/
weak- at 90 against 84%; and Hupp at 7718 agains
many influences that contributed to the early
showed decided
. The rubber stocks also
/
ness. On Monday, call money touched 10%. After 7334
/ against 38%
y came the Stock strength. U. S. Rubber closed at 411 2
the close of business on Tuesda
/
and the preferred at 701 4
Friday
Exchange statement showing an increase in brokers' the previous
Goodyear Tire & Rubber closed at 71
loans during the month of September of almost phe- against 67%;
/.
8;
/ and B. F. Goodrich at 84 against 8378
nomenal proportions, as already set out above. On against 701
the oil stocks Atlantic Refining closed at 180
Thursday the market had to contend with a bearish Among
183% the previous Friday; Harland Oil at
statement issued by John J. Raskob. Mr. Raskob against
t 38%; and Standard Oil of N. J. at
expressed the opinion that the level of stock prices 37% agains
.
/
t 4558
was much too high, having regard for underlying 45% agains
Among the high-price specialties, Montgomery
suffered a furconditions. As a result, the market
/
Co. closed at 257 against 25314 the previous
ther weak spell on Thursday morning, but enjoyed a Ward &
,Corporation at 204 against 206%;
; Radio.
sharp rally later in the day, one stimulating influ- Friday
/
es at 107% against 11078; Para decline in the call loan rate on the Stock Warner Bros. Pictur
ence being
4
/
amount Famous Lasky at 147% against 1483 ;
/
Exchange to 61 2%. As a result, many of the net
4
/
Stewart-Warner at 1031/s against 1023 ; Allied
changes for the day showed substantial gains. On
al & Dye at 203 against 199%; Sears RoeFriday the rally made further progress, notwith- Chemic
/
buck at 14718 against 147; Union Carbide & Carstanding the unfavorable character of the Federal
& Tel. at
/
the close of busi- bon at 183 against 18614; American Tel.
Reserve statements issued after
General Electric at 161%
/
17778 against 179%;
ness the previous evening. Call money now dropped
4
1
/
at 108 against 107 ;
/
d new energy into the market. against 16414; American Can
to 6% and this infuse
/
ational Harvester at 289% against 28878;
Intern
Dealings have continued large, the sales at the half4
1
/
International Nickel at 139 against 123; and Conday session last Saturday having been 1,845,170
/.
solidated Gas at 765/s against 7818
shares; on Monday they aggregated 3,250,550
The railroad stocks were depressed more or less,
shares; on Tuesday, 3,626,640 shares; on Wednes
in the case of Rock Island. New York Cenday 4,075,010 shares; on Thursday, 4,236,770 shares; except
4
1
/
closed yesterday at 170 against 174 the preand on Friday 4,363,300 shares. On the New York tral
against
557,200 shares on vious Friday; Baltimore & Ohio at 110%
Curb Exchange, the sales were
12;
at 180 against 182/
/
11258; Chesapeake & Ohio
Saturday; 895,500 shares on Monday; 794,100 shares
215 against 216%; Atchison at
an Pacific at
on Tuesday; 917,300 shares on Wednesday; 1,133,- Canadi
/
Northern at 9914 against
and 913,200 shares on Friday. 192% against 191; Great
590 shares on Thursday
/
/
100%; Northern Pacific at 9978 against 10078; WaNotwithstanding the irregularity of the market, a
/
'bash at 78 against 8112; Union Pacific at 198 against
considerable number of new high records were estab1
/
rn Pacific at 1201 8 against 122Y :
lished for the year, the list including besides the 198%; Southe
8
/ against 124;
o & St. Louis at 1227
motor stocks separately mentioned below the fol- New York Chicag
/
& Dye, Barns- Missouri Pacific at 70 against 7134 ; St. Louis-San
lowing among others: Allied Chemical
sco at 114 against 115%; St. Louis South
dall Corp. Class A, Bethlehem Steel, Briggs Mfg., Franci
OCT. 6 1928.]
FINANCIAL CHRONICLE
Western at 116 against 115; Milwaukee St. Paul
pref. at 50% against 5218; Rock Island at 12718
/
/
against 126%; and Missouri-Kansas & Texas at 39
against 41%.
1847
the total number of defaults as previously noted, but
of the fourteen leading divisions into which the
statement is separated, embracing nearly 80% of
the total number of all trading failures for the
month, there were eight classifications in which
Insolvencies in the United States during Septem- an increase appeared over last year. The more imber continued moderately more numerous, and with portant of these divisions included grocers; hotels
somewhat larger liabilities, as they did in some of and restaurants; dry goods dealers, and dealers in
the early months of 1928. R. G. Dun & Co. report hardware. A small increase appears in defaults
,
1,635 commercial defaults last month, as compared among general stores; furniture dealers; dealers in
with 1,573 failures in September 1927, with an in- books and papers; also hats and furs. On the other
debtedness in that month this year of $33,956,686, hand, there were fewer insolvencies reported last
against $32,786,125 a year ago. The increase in the month than a year ago among dealers in clothing;
number of insolvencies for September this year over leather goods, the latter including shoes; dealers in
last year of 3.9% does not vary materially from the drugs, and jewelers. As to liabilities in the trading
increase shown for six of the eight months of the division, the small increase in the amount reported
year to date. Defaulted indebtedness last month ex- for September this year is traceable mainly to the
ceeded the amount reported a year ago by 3.5%.
increase in the grocery class and to some large failIn only one other month this year were the liabili- ures in the dry goods line. Among other classificaties reported larger than for the corresponding tions in trading lines the sums involved were not
month of 1927 and that was August, but for that especially heavy.
month the increase over last year was very heavy.
Unlike August of this year and some of the earlier
On the other hand, liabilities for the other seven months of 1928, the large failures last month did not
months of 1928, while quite high, were smaller than involve especially heavy totals. There were in all
in the corresponding months of 1927, and for some in September this year 53 insolvencies where the
of these seven months, the falling off this year liabilities in each case involved a sum of $100,000 or
amounted to a considerable sum. In August this more, the total of the indebtedness reported being
year, an unusual number of very large failures add- $16,164,636. As is usual, the bulk of this amount
ed materially to the total indebtedness, and the belongs to the manufacturing division, for which
same thing was true as to the first three months of there were 29 of the larger defaults, involving in all
1928. In the nine months of the current year there $8,386,375. In the trading division 13 similar inwere 18,038 commercial failures in the United States solvencies were reported owing $3,604,441, and
with total liabilities of $373,193,555. These figures 'among agents and brokers nine for
$4,173,820.
compare with 17,333 similar defaults during the Omitting from the total of all failures for Septemfirst nine months of 1927, involving a total of $396,- ber this year the larger defaults reported,
there re659,570 of defaulted indebtedness. The increase in 'mained 1,583 other mercantile failures owing
a tothe number of failures was 4.1%, while the liabili- tal of $17,792,050, which allows for an average
inties showed a decrease of 5.9%.
debtedness to insolvencies thus included of $11,247
Analysis of the September statement of mercan- for each, a somewhat smaller amount than
the
tile defaults shows that the increase in the number monthly average shown of late.
of insolvencies last month was largely in the manufacturing division, while the small increase in the
European stock exchanges showed considerable
liabilities was in the divisions embracing trading irregularity the past week with trading on an inconcerns. There were in September this year 454 creasing scale at most centers, but with sensitiveness
manufacturing failures with a total indebtedness of to money rates apparently the primary
influence.
$14,727,430; 1,073 trading defaults for $13,567,064 Much attention is being paid to the continued
moveand 108 insolvencies in the class embracing agents ment of gold from London to Continenta
l centers
and brokers owing a total of $5,662,192. In Sep- and to the obvious tightness of money
at New York.
tember 1927 there were 389 defaults in manufac- Hardly less important, however,
is the influence
turing lines for $15,348,867; 1,083 trading failures exerted by the spectacle of
continued enormous dealowing $12,051,799, and 101 in the third division of ings in the American securities
markets. The Lonagents and brokers for a total of $5,385,459. Among don Stock Exchange was
active and cheerful all
defaults in manufacturing lines, the increase in week, with interest centered in
the industrial marthe number last month was mainly for the classes ket. Irregularity developed in
the first session of
embracing manufactures of iron; manufactures of the week and was attributed
to the financial diffimachinery and tools; in the lumber manufacturing culties of an important bank
at Copenhagen. Interdivision, which includes builders; clothing; manu- national shares were under pressure,
but gilt-edged
facturers of hats and furs; also, of leather goods, securities held firm. Oil
shares reacted Monday
the latter including shoes. On the other hand, there after a sustained rise throughou the
t
previous week.
was a marked decrease this year in the class embrac- Profit taking in the industrials gave
the list a
ing printing and engraving, and slightly fewer de- ragged appearance Tuesday,
but coal, iron and steel
faults occurred among bakers and milling. As to shares were in demand. The
withdrawals of gold
liabilities, some large failures last month added to caused heaviness in the gilt-edged
section Wednesthe indebtedness reported in the divisions embracing day, even though money conditions
remained commanufacturers of iron and of lumber, but the fortable. Oil shares received support
in the midamounts were greatly reduced as compared with a week session and the buying gained in
volume Thursyear ago; also, for the leather manufacturing class, day when the Burmah Company
announced a proheavy failures this year increased the indebtedness posal to buy a substantial
share interest in Royal
shown for that division over September 1927. In Dutch Shell. Home rails
joined in the upward
the trading class there was a decrease last month in movement, while the
gilt-edged section continued
1848
FINANCIAL CHRONICLE
Form 127.
destroyers or submarines of 600 tons or less, which
the United States regards as "highly efficient fighting ships." The limitation of 10,000 ton cruisers,
the note added, would be "the imposition of restrictions only on types peculiarly suited to the needs
of the United States." The proposal was described
as "even more objectionable," and "more unacceptable," than the British proposals advanced at the
unsuccessful three-power conference at Geneva last
year. Although earnestly and consistently seeking
real reduction of naval armament, the United States
Government, the note said, "cannot consent to proposals which would leave the door wide open to
unlimited building of certain types of ships of a
highly efficient combatant value and would impose
restrictions only on types peculiarly suitable to
American needs."
Recalling the proposals made by the American
Government at the first session of the Preparatory
Commission and at the Geneva Tri-partite Conference, the American note stated: "The purpose of
these proposals was that there might be no competition between the three powers in the building of
naval armament, that their respective navies should
be maintained at the lowest level compatible with
national security and should not be of the size and
character to warrant the suspicion of aggressive
intent, and, finally, that a wise economy dictates
that further naval construction be kept to a minimum. The Government of the United States remains willing to use its best efforts to obtain a basis
28 of the of further naval limitation satisfactory to all the
Rejection by Washington on September
Anglo-French understanding as a basis of naval naval powers, including those not represented at the
limitation was rapidly followed by unofficial expres- three-power conference in Geneva, and is willing to
sions of relief and of optimism in London and Paris. take into consideration in any conference the special
The English and French alike appeared to be much needs of France, Italy or any other naval power for
relieved that Secretary Kellogg's note left open the the particular class of vessels deemed by them most
door to further discussion of the difficult problem suitable for their defense. This could be accomof naval disarmament, and a corresponding opti- plished by permitting any of the powers to vary the
mism pervaded public utterances. The American percentage of tonnage in classes within the total
note was an identic one to London and Paris in tonnage; a certain percentage to be agreed upon.
reply to notes of August 1 and 3 respectively from If there was an increase in one class of vessels it
those capitals giving summaries of the compromise should be deducted from the tonnage to be used in
agreement, which was to be submitted as a basis of other classes. A proposal along these lines made
discussion to the next meeting of the Preparatory by France and discussed by the American and
Commission for the Disarmament Conference which French representatives would be sympathetically
the League of Nations purposes eventually to hold. considered by the United States. It expects on the
Summaries were cabled also to Rome and Tokio, but part of others, however, similar consideration for its
neither the agreement nor the correspondence was ONVID needs. Unfortunately the Franco-British
made public, and in consequence a great deal of agreement appears to fulfill none of the conditions
conjecture centered about the new accord. It was which, to the American Government, seem vital. It
charged and never denied that a second or collateral leaves unlimited a very large class of effective fightagreement or understanding existed between the two ing ships, and this very fact would inevitably lead
Governments providing for British support of the to a recrudescence of naval competition disastrous
French position on conscripts in land armies. It to national economy."
Careful reading of the American note in London
was also rumored that the Anglo-French entente
caused real gratification in the British capital, achad been revived in great part.
beSince capital ships and large aircraft carriers are cording to a dispatch to the New York "Times,"
Washington Treaty, it cause of "the studied care with which the United
already limited under the
appears, the United States note said, "that the only States has kept the door open for further discussions
classes of naval vessels which it is proposed to limit of naval limitations, even while rejecting the Anglounder the Franco-British draft agreement are French compromise as a basis for them." The
cruisers of or below 10,000 tons, armed with guns British public, it was asserted, wants its naval exof more than 6 inch and up to 8 inch calibre, and penses cut down, and it was suggested, moreover,
submarines of over 600 tons." As against this the that in any consideration of the compromise agreenote made clear the position of the United States, ment it is necessary to recognize that the agreement
that any limitation of naval armament, to be effec- does not represent what Great Britain wishes nor
tive, should apply to all classes of combatant vessels. yet what France wishes, but merely the best comThe agreement, it was pointed out, provides no promise that the two countries had been able to
limitation whatsoever on 6 inch gun cruisers or reach as a basis for future discussions. Especially
easier. In yesterday's market gramophone shares
led an upsweep that was followed by oils and some
specialties. Shipping shares eased in the trading,
while artificial silk issues displayed a mixed trend.
Home rails were again firmer and the gilt-edged
division also was steady.
The Paris Bourse opened the week with animated
trading after a fairly easy month-end settlement.
Stimulus was derived from the optimistic reports
from Wall Street and London. Beginning Tuesday,
however, the market became largely a professional
affair with a decidedly irregular tendency. Price
levels dropped as a whole in Tuesday's trading, and
the dullness and heaviness continued on Wednesday
until the last fifteen minutes of trading, when a
rally took place. Recovery followed on Thursday,
with rumors again current regarding operations for
foreign account. Trading, however, remained far
below what might be termed an active market. The
Berlin Boerse was characterized by the same mixed
trend noted at the other markets, with upward and
downward movements alternating almost daily.
Firmness prevailed Monday with specialties showing the greatest activity, but the trend turned downward Tuesday on reports of strikes within Germany
and of higher money rates at New York. A better
tone and more active dealings followed Wednesday,
only to be succeeded in subsequent sessions by renewed weakness. Specialties and textile shares
were especially weak in Thursday's market.
OCT. 6 1928.]
FINANCIAL CHRONICLE
gratifying to Great Britain was the declared United
States willingness to take into consideration the
special needs of the various naval powers in any
future discussion. "It is felt here," the dispatch
stated, "that conferences of naval experts are proving sterile and that the problem of naval limitation
is one requiring political settlement on a basis of
international policy rather than on one of weighing
gun against gun, ship against ship and class against
class in contemplation of possible war which neither
the British, the French nor the American people
desire and which only blundering on the part of
their Governments can bring about."
French opinion, according to a Paris dispatch to
the "Times," was favorably impressed both by the
form and the contents of the American note. It was
considered in the French capital that several roads
were left open for further discussion of the limitation of naval armaments in the manner established
at the Washington Conference. The French, it was
stated, "have never considered their joint program
with England as a fixed and final scheme for armament limitation. Whatever London's point of view
on it may be, it was here regarded as having more
political than technical importance." Meanwhile,
the dispatch added, the understanding with England
presents too many advantages for France to be
lightly abandoned. "It belongs, in French opinion,
to another category of agreements from any such
as the American note proposes for limitation. Most
important of all, it sanctions France's right to maintain her own army system and gives a promise that
in Geneva disarmament discussions there will not
be anything like the deadlock that threatened last
year." France's problem, it was pointed out, is entirely political and entirely European. "When the
understanding with Britain was made, it is stated
here, there was no consideration whatever of its
being directed in any way at America. France
tends always to regard her relations with America
as never likely to present any problem at all. But
she has other problems, and it was with a single eye
on her European situation that she entered into this
agreement with England.”
Copies of the whole correspondence between London and Paris on the subject of naval limitation
were handed Norman Armour,the American Charge
d'Affaires in Paris last Saturday, according to a
dispatch from Edwin L. James, Paris correspondent
of the New York "Times." Mr. James stated that
the correspondence thus transmitted to the United
States Government concerned only naval affairs and
not other matters on which Downing Street and the
Quai d'Orsay had come together. In a London dispatch of October 1 to the same journal it was stated
that the British and French Government had acted
in concert in handing all relevant documents to the
United States for study. It was stated, moreover,
that the papers bearing on the naval agreement sent
to Washington included those pertaining to Britain's
acquiescence in France's standpoint concerning the
computation of military reserves. The French Government, it appeared subsequently, is prepared to
publish immediately all the essential parts of the
correspondence and the agreement itself, but the
British Government continued to oppose early publication. It was said in official British circles,
Thursday, that the decision for publication may not
be made until Parliament meets in November.
1849
Premier Raymond Poincare of France made a
declaration in regard to German reparations in the
course of a speech at Chambery, a small village in
the Department of Savoie, last Sunday, that was
obviously intended to dispel any doubts that the
French people might have as to the recent Geneva
conferences on the Rhineland and reparations between Chancellor Hermann, Mueller of Germany and
the representatives of five former Allied nations.
"If it is sought to review again the question of reparations," the Premier remarked, "we are obliged to
recall that, to be fair, whatever settlement is made
should guarantee us from our debtors, besides the
total payment of what we owe our creditors, a clear
indemnity for our war damages. And although
prudence advises us not to give up our guarantees
with a light heart, we have every hope and wish that
future negotiations will be successful?' These
words created the impression at Washington that
the French Premier was predicating a reduction of
reparations on a reduction of the French war debt
to the United States. In any event, Secretary
Mellon stated Monday that war debts had nothing
to do with reparations and that there was, therefore,
no reason to discuss such a question. President
Coolidge also, in reply to questions put to him Tuesday by press correspondents, reiterated that reparations are a separate and distinct problem from the
war debts owed by European nations to American
taxpayers. Reports of the President's remarks,
cabled back to Paris, caused amazement in French
official circles, according to a Paris dispatch of
October 3 to the New York "Times." "For a moment," the dispatch said, "the Ministry of France
considered the advisability of putting out an official
statement in reply to the White House statement,
putting this situation in definite form, but finally
the Premier decided to stand on what he had said
and to disregard what he looked upon as a misintepretation, which he believed had had its origin in
American politics."
Political maneuvering in anticipation of British
general elections in 1929 gave more than ordinary
significance to the annual conferences of the two
great opposing parties in Great Britain, the Conservatives and the Laborites, during the last ten
days. The Conservative Party conference was begun
at Yarmouth, September 27, Premier Stanley Baldwin making the opening address as the leader of his
party. Speaking almost entirely on domestic policies, the Premier declared that the Government is
content to make the campaign on the strength of its
record. Indications of revolt within the party on
the tariff issue were skillfully countered by the
Premier, who refused to go before the country on
the issue of protection. At the same time, he assured his fellow Conservatives that he proposed to
simplify the method whereby individual industries
might seek protection under the Safeguarding of
Industries Act. Unemployment is still the national
problem, Mr. Baldwin admitted, but he voiced the
hope that progress would soon be made with the
empire settlement scheme for promoting emigration
and with the plans for shifting miners to other industries. The Premier indulged in a number of
lively tilts at the Liberal and Labor Parties.
Representatives of the Labor Party gathered at
Birmingham last Sunday for their annual rally and
conference. Former Premier Ramsay MacDonald,
1850
FINANCIAL CHRONICLE
in making the "keynote" speech of the campaign for
his party, laid great emphasis on the foreign relations of Great Britain. He called on the Government to publish immediately all correspondence relating to the Anglo-French naval agreement. The
party's manifesto on foreign affairs demands immediate unconditional withdrawal of all foreign
troops from the Rhineland; a drastic reduction of
British military expenditure; leadership by Great
Britain in pushing the work of the Preparatory Conference on Disarmament; abandonment of any
Anglo-French agreement; signature by Great
Britain of the general act of arbitration, conciliation and judicial settlement which was adopted by
the last Assembly of the League of Nations and
abandonment of any reservations to the signature
of the Kellogg Treaty. The party took action Monday to bar all Communists from its ranks. After
three days of deliberation the party adopted,
Wednesday, a massive political platform containing
no less than 65 planks. The Labor conference also
approved a special committee's report on the problems of banking and currency which includes virtual
nationalization of the Bank of England. The report
points out that already many of the functions of the
Bank of England are quasi-Governmental, notwithstanding the fact that the bank is a private institution owned by shareholders. The Bank acts always,
as a matter of practice, in co-operation with the
Chancelolr of the Exchequer. The Labor Party report contends that the Bank constitution should be
altered so as to bring the "Old Lady of Threadneedle
Street" directly under public control and make its
Governing Board responsible to the community and
not to individuals. The Bank, it was said, should
be taken over by a public corporation.
Almost all European countries with motion picture industries have inaugurated some form of restriction on the importation of American films
within recent years and it now begins to appear
that the American industry will meet with further
difficulties in the distribution of films in Europe
early in 1929. The possibility of making all the
various restrictive decrees uniform is to be considered at a special meeting of the International Chamber of Commerce in Paris, on November 14. Representatives of all the film producing countries of the
world probably will attend the session. "The injection of the influential International Chamber into
the film problem is of particular importance to the
American film industry," a Paris dispatch to the
New York "Times" points out. "So numerous, so
complicated and so transitory are the foreign restrictions that the time is rapidly approaching when
a situation bordering upon chaos—certainly for the
Americans—will be reached," the dispatch added.
Competent American observers in the French capital are said to have expressed the opinion that the
next film season, 1929-1930, looms as the most
troublesome in the history of the American film industry in Europe. Chief among the factors on which
this opinion is based are the results of the recent
anti-trade-barrier conference at Geneva, which voted
to abolish "frontier" import restrictions on films,
but left the door open for "internal" restrictions.
Frontier restrictions are at present applied by
Germany, Austria and Hungary, while Great
Britain, France and Italy have what are considered
to be internal restrictions. It would appear cer-
[VoL. 127.
tan, the "Times" dispatch states, that Germany,
Austria, Hungary, Czechoslovakia, Spain and probably several other nations will institute some form
of internal restriction not in contravention with the
letter of the Geneva treaty. In Germany there is
active agitation for a 50 per cent. quota on American
exhibitors from July 1, next year, when the present
system of limited censor licenses is expected to
terminate. In Great Britain, it is said, the ten-year
film quota law bids fair to reduce America's 90 per
cent. participation in that market to 60 per cent.
or under. In France also there is evidence that the
present compromise arrangement agreed upon when
Mr. Will Hays was in Paris last Spring will come
up for reconsideration next year. "It will therefore
be readily seen," the report concludes, "that unless
the American industry, which to-day obtains about
25% of its total gross income from European
markets,formulates a united policy and aggressively
protects its rights it stands in danger of losing many
millions of dollars revenue from a field which everyone agrees is merely in the development stage."
British and Continental producers, a subsequent report indicated, will turn out about 500 pictures during 1928 at an aggregate cost of $26,000,000 to
$27,000,000, compared with a production last year
of 450 films which were made for $17,000,000.
A serious movement against the newly established
monarchical Government in Albania, smallest but
not the least troublesome of the Balkan nations, was
reported October 1 in the Vienna newspaper,
"Politika." Ahmed Zogu, who was President of the
Albanian Republic, was unanimously proclaimed
King of that country on September 1, by the National Assembly in Tirana. The change to a monarchy had been heralded for some weeks previously
by the official press agency of the Albanian Government, which reported "great demonstrations" on
the part of the Albanian populace in favor of the
coronation of Zogu. On being proclaimed King,
Zogu announced that he would take the title "Scanderbeg 111" at the official coronation late this year.
Zogu as President was the subject of a number of
conspiracies in which his life was threatened, and
those familiar with the course of events in the little
mountainous State were not inclined to think that
his reign as King would be more peaceful. There is
a tendency, for this reason, to accept as substantially accurate the Vienna reports of further disturbances, even though Vienna rumors regarding
the Balkans are not always reliable. The "Politika"
stated on Oct. 1 that Zogu was being closely guarded
in his palace at Tirana, while Albanian and Italian
police agents were trying to round up plotters
against the new regime. Uncensored dispatches
stated that 11 persons had been executed as conspirators in the seaport town of Durazzo, while 200
others had been arrested. The uprising against the
throne is said to have begun in the northern part of
the country, where the population is chiefly Catholic. Resentment has been caused, it is declared,
by Zogu's Mohammedanism. A strict censorship is
in effect on dispatches from the country.
High praise of the Monroe Doctrine was expressed by Senor Don Manuel Castro Quesada, the
newly appointed Costa Rican Minister to Washington, upon presenting his credentials Tuesday to
President Coolidge. Costa Rica caused somewhat
•
OCT. 6 1928.]
FINANCIAL CHRONICLE
1851
of a flurry in international councils last summer the eminent Japanese stated: "We can only
watch
by addressing to the League of Nations an inquiry patiently and wait for the emergence of
a unified
regarding its stand on the Monroe Doctrine. The China and a stable and responsible Government
out
League officials made a reply to the Central Amer: of these long years of turmoil. We are far
from
lean State which was never published, but which being hostile to the Nationalist movement. In
fact,
apparently was satisfactory to the Government at our people as a whole look with profound sympat
hy
San Jose. The impression that his country was hos- upon the suffering masses of China and are always
tile to the Monroe Doctrine was completely dis- ready to lend their support to any sincere moveme
nt
pelled by the new Minister, who expressed the warm which aims at the stabilization of China. We
realize
friendship of his Government for the United States. China's difficulties. Our friendship for China
as
He referred particularly to the esteem in which his a neighbor remains unchanged. We hope
that ere
people hold distinguished Americans for their ser- long she will find a way to unity, peace and order."
vices as arbitrators of boundary and concession dis- At Mukden, Manchuria, General Chang Hsueh-l
iang,
putes. The United States, a Washington dispatch hereditary ruler of the Three Eastern
Provinces,
to the New York "Times" quoted him as saying, made it clear on Sept. 27 that re-i
ncorporation of
has rendered to his country "the greatest services Manchuria with China proper
is one of his ideals.
throughout its entire history." The American people, he pointed out, has ever been the first to extend
The Hungarian National Bank on Oct. 1 raised
a helping hand in time of catastrophes in Costa Rica, its discount rate from 6% to 7%
in order to check
where earthquakes have on occasion caused great heavy borrowing. Otherwise no
changes have been
damage.
reported this week in discount rates by any of the
"Numberless are the benefits for which Costa central banks of Europe. Rates
continue at 7% in
Rica is indebted to the generous American nation," Germany; 63/2% in Austria;
53/2% in Italy and
Senor Quesada said. "Apart from the maintenance Norway; 5% in Denmark and
Madrid; 432% in
of its very existence, which, like that of the other London, Holland and Sweden; 4% in Belgium
, and
Republics of the continent, is mainly due to the in- 33/2% in France and Switzerland. In London
open
superable wall raised more than 100 years ago by market discounts are now 41 @4 3-16%
/
for short
President Monroe, we Costa Ricans have been able bills, and 44.% for long bills, against
1
41 @4 3-16%
/
equitably to solve our boundary disputes, thanks bor both on Friday of last week. Money
on call in
to the just decisions of two distinguished Ameri- London yesterday was
3%. At Paris open market
cans, President Cleveland and Chief Justice White." discounts remain at 33'% and in
Switzerland at338%.
/
In reply, President Coolidge said in part: "I have
noted with gratification the references which you
A loss in gold, of no small amount, and a further
are pleased to make to certain occasions upon which decline in the reserve ratio, are the
features of this
the Government of the United States, following its week's Bank of England statement,
issued on Thurstraditional policy of friendship toward all nations day. The loss in gold, which
amounted to £4,978,079
on this continent, has fortunately been able to ren- and the increase in note
circulation of £513,000
der helpful services to Costa Rica. You may be sure, caused a loss in the reserve
of gold and notes in the
Mr. Minister, that in the future, as in the past, the banking department of
£5,492,000. The ratio of
United States will always be glad to extend the reserye to liabilities continued
its downward climb,
helpful hand of friendship to your country when- this week's ratio being 47.10%
against 51.54% last
ever such action will be appropriate and welcome." week; two weeks ago the ratio
was 53.18% and on
Sept. 12 the percentage was 55.13%, which repreFurther clarification of the status of the Nan- sents the highest ratio for
several years. In the
king Government in China and of the Mukden re- "deposit" items, public
deposits rose £311,000 but
gime which rules over Manchuria was brought about "other" deposits dropped
£1,295,000. Loans on
late last week. In Washington the State Depart- Government securiti
es gained £5,429,000 and loans
ment admitted on Sept. 27 that it considers de jure on other securitie
s fell off £910,000. The total of
recognition of the Nanking Government to have been bullion held
by the bank has been dropping recently
involved in the conclusion of the treaty of last July and now stands
at £168,226,578, in comparison with
25, wherein China was granted tariff autonomy on £176,584,000
on Sept. 12 when the gold holdings
a most favored nation basis. Legal experts of the of the Bank of
England were the largest in history.
Department had studied the question and had agreed
At this time last year the total was £151,178,562
that no other conclusion was possible, it was said. and two
years ago £154,865,287. Note circulation
On the following day, Count Yasuya Uchida, Privy aggregate
£135,007,000 in comparison with £136,Councilor and former Foreign Minister of Japan, 989,220
last year. The Bank's minimum rate of
reached Washington on his way home from Europe
discount
%) remains unchanged. Below we
to Japan. His mission, he stated frankly, was to ex- furnish (432
comparisons of the various items of the Ban)
,
plain to American officials the policy of the Japaof England return for five years.
nese Government in Manchuria and to clear away
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1928.
any misunderstandings concerning the actions or
1927.
1926.
1925.
1924.
Ocl. 3.
Oct. 5.
Ca. 6.
oa. 7.
Od. 8.
motives of Japan in that part of Asia.
Circulation
6135,007,000 136,989,220 140,232,845 143,961,040 124,484,485
10,005,000 20,992,925 15,798,046
9,547,367
Japan, he said, desires only to protect its treaty Public deposits
Other deposits
102,447,000 109,863,878 106,860,338 109,508,232 10,866.507
Governm't securities 37,110,000 57.844,619 33,265,307 33,742,304 113,881,925
rights and vested interests in Manchuria and is op- Other securities
44,733,443
40,667,000 56.727,723 72,678,386 69,237,587 73,911,624
Reserve notes & coin 52,969,000 33.939,342 34,382,442 33,705,549
posed to any policy of annexation or to the estab- Coin and bullion.. s168,226,578 151,178,562 154,865,287 157,916,689 23,746,uto
128,481;074
lishment of a protectorate there. Furthermore, he Proportion of reserve 47.10%
to liabilities
25.94%
28.52%
2834%
19%
Bank rate
434%
5%
434%
4%
4%
declared, Japan considers Manchuria an integral •Includes. beginning with April 29 1925,
r27,000m0 gold coin
previously held as security for currency note Wants and which was and bunion
part of China and is pledged to the observance of the Bank of England on the British Government's decision
transferred to
to return to guld standard.
29 1925. Includes L'27,U00.000 IA
the policy of the "open door" with equal opportunity of b Beginning with the statement for Aprilsame amount
Bank
England notes issued In return for the
of gold coin and bullion
for all. In a speech at New York Tuesday evening, held up to that time in redemption account of currency note Issue.
1852
FINANCIAL CHRONICLE
[VOL. 127.
amounting to $40,000,000. Beginning Wednesday,
however, the rate sagged a little, dropping from 8%
to 7% in the course of that day, while outside loans
m;ere reported at 63/2% and 6%. On Thursday,
Stock Exchange call loans moved from 7% to
63/2%, while outside funds were again available at
6%. In Friday's market the rate fluctuated between 7% and 6% on the Stock Exchange, closing
at the lower figure. No outside loans were offered
below this rate.
Two compilations of brokers loans against stock
and bond collateral were published this week as
already noted above and both were startling in their
evidence of the mounting use of credit for stock
market speculation. The monthly tabulation of the
Stock Exchange authorities, released Tuesday evenfling, showed an expansion in such borrowings by
members of the Exchange for the month of September of $462,202,280. The weekly compilation of the
Federal Reserve Bank of New York showed an inBANK OF FRANCE'S COMPARATIVE
Status as of
Changes
crease in loans made by or through the 45 reporting
Sept. 29 1928 Sept. 22 1928. Sept. 15 1928
for Week.
Francs.
Francs.
Francs.
New York members . banks of $45,270,000 for the
Francs.
Gold Holdings—
2 30,497,163,334
Gold holdings____Inc. 94,288,101 30,662,538,043 30,568,249.94
were
4 13,350,009,899 week ended Wednesday night. Both totals
Credit bals. abr'd_Dec. 293,043,337 12,691,911,307 12,984,954.64
French commerc al
high records. Two gold engagements of a total
new
2,446,820,553
bills discounted_Inc.1,557,000,000 4,299,820.533 2,742,820.533
0 18.315.910,440 value of $7,500,000 were made at London during
Bills bought abrd.Dec. 1.000.000 18.450,910.440 18,451,910.44
2,008,376,082
Advances east. sec.Dec. 4,000,000 2,017,376,082 2,021.376,082
The actual
5 61,321,259,145 the week for shipment to New York.
Note circulation_Inc.1.641,000,000 62,654.259.145 61,013,259.14
1 16.071.397,231
movements of gold through New York for the week
Creditor curr.accts.Dec. 90.000.000 16,128,397.231 16,218.397,23
5.942,111,713
Curr. accts. & dep.Dec. 597.000.000 4,799,111,713 5,396,111.713
ended Wednesday were chiefly outward, the exports
totaling $2,194,000, while imports were $82,000.
In its statement for the last week of September,
cirthe Bank of Germany reports an increase in note
Dealing in detail with the rates from day to day
culation of 730,084,000 marks, raising the total of
the renewal charge for call loans on Monday was 7%
that item to 4,830,152,000 marks. For the correbut on new loans the rate spurted to 10%. On
sponding week last year circulation amounted to
Tuesday, the renewal rate was marked up to 8%,
4,182,435,000 marks and for the year before to
but on other loans the rate was 8%. On Wednes3,251,077,000 marks. On the other hand, other
day the renewal charge was again 8% but on new
daily maturing obligations dropped 72,202,000 marks
loans there was a drop to 7%. On Thursday the
and other liabilities 2,531,000 marks. On the other
renewal rate was marked down to 732% and the
side of the account gold and bullion rose 61,165,000
general rate fell to 63/2%. On Friday the renewal
marks, bills of exchange and checks 554,793,000
charge was 7%, while as the day advances new loans
marks, advances 67,477,000 marks and other assets
were negotiated at 6%. Time loan rates held firm
21,251,000 marks, while reserve in foreign currency
and the quotation for 30, 60 and 90 day periods redropped 8,449,000 marks, silver and other coin
/
mains at 73 1%, while the figure for four, five and six
22,599,000 marks and notes on other German banks
months maturities is still 7%. Commercial paper
18,298,000 marks. Deposits abroad and invest- has shown a rising tendency and names of choice
ments remained unchanged. Below we furnish a
character maturing in four to six months are now
comparison of the various items of the banks' return
quoted at 53/2@5X%, with the bulk of the business
for the past three years:
being transacted at the latter figure and with 90-day
.
REICHSBANK'S COMPARATIVE STATEMENT
for
Changes
names of strong character selling at 531%. For
Sept.29 1928. Sept. 301927. Sept. 30 1926.
Week.
The
Reichsmarks. Reklismarks. Reichsmarks. names less well known the quotation is 6%.
Reichsmarks.
Assets—
Inc. 61,165,000 2,396.971,000 1,852,097,000 1.598,111,000 rate for New England mill paper is
Gold and bullion
532@59%.
66,543,000 201,778,000
85.626,000
Unchanged
Of which depos.abed.
153,805,000 521,871,000
The posted rates of the American Acceptance
Res've in !Mon curr__ _Dec. 8,449,000 179,355,000
Bills of exch.& cheeks.Ine. 554,793,000 2,589,515,000 2,745,689,000 1,383,528.000
eligible to
64,111,000 111,006,000 Council for prime bankers' acceptances
79,417,000
Silver and other coin_ _Dec. 22,599,000
5,102,000
7.549,000
7,474,000
Notes on oth.Ger.bks_Dee. 18,298,000
purchase by the Federal Reserve banks have not
Inc. 67.477.000 101,554.000 153,792,000 142,102,000
Advances
91,371,000 been changed during the week and remain at 4%%
92,261,000
93,819,000
Unchanged
Investments
Inc. 21,251,000 554.755,000 494,135,000 555,996,000
Other assets
bid and 43/2% asked for bills running 30 days and also
LiaMiSites—
4,830,152,000 4,182.435,000 3,251,077,000 for bills running 60 and 90 days,4% bid and 4/%
Notes in circulation__Inc. 730,084,000
629,742,000 594,597.000
Oth.dally matur.oblig.Dec. 72,202,000 503,026,000
%
/
478 asked for
Dec. 2,531,000 252.678,000 385,081,000 203,540,000 asked for 120 days, and 5% bid and
Other liabilities
of the Acceptance
150 and 180 days. The posted rate
The prolonged strain in the New York money Council for call loans against acceptances remained
market caused by the tremendous absorption of at 532% throughout the whole week. Open market
credit in securities speculation was accentuated early rates for acceptances have remained unchanged as
this week by the month end requirements. As a re- follows:
SPOT DELIVERY.
—120 Days—
sult, call money rose sharply in Monday's market
—180 Days— —150 Days—
Asked.
Asked. Bid.
Asked. Bid.
Bid.
.
from a renewal figure of 7% to a high of 10%, the Prime eligible bills
454
454
454
5
454
6
Days—
—90Days— —60Days--- —30
latter figure duplicating the high for the year estabAsked.
Asked. Bid.
Asked. Bid.
Bid
454
454
454
454
454
lished July 2. Withdrawals for the day were ap- Prime eligible bills
454
FOR DELIVERY WITHIN THIRTY DAYS.
was eased but
proximately $50,000,000. The strain
494 bid
Eligible member banks
491 bid
slightly on Tuesday, the call rate fluctuating between Eligible non-member banks
8% and 9%, while withdrawals again were heavy,
In its statement for Sept. 29, the Bank of France
reports an increase in note circulation of 1,641,000,000
francs raising the total to 62,654,259,145 francs, the
highest ever recorded by the bank. This exceeds the
previous high figure, attained on Sept. 1, by 470,483,415 francs. Circulation last week amounted to
61,013,259,145 francs and for the week before
61,321,259,145 francs. On the other hand creditor
current accounts dropped 90,000,000 francs and
current accounts and deposits fell 597,000,000
francs. Gold holdings, which gained 94,288,101
francs during the week now aggregate 30,662,538,043
francs. French commercial bills discounted also rose
1,557,000,000 francs while credit balances abroad
fell 293,043,337 francs, bills bought abroad 1,000,000
francs, and advances against securities 4,000,000
francs. A comparison of the various amounts of
the bank's return for the past three weeks is shown
below.
STATEMENT.
OCT. 6 1928.]
FINANCIAL CHRONICLE
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:
1853
sold £832,000 in sovereigns and exported £15,000 to
Holland. On Tuesday the Bank sold £1,958,000 in
gold bars. On Wednesday the Bank sold £521,000 in
gold bars and released £500,000 in sovereigns to
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASS Switzerland.
On Tuesday dispatches reached New
AND MATURITIES OF ELIGIBLE PAPER.
York to the effect that Goldman, Sachs & Co.
purchased for import to New York £500,000 in gold.
Raiff n Elfeci
Date
Previous
Federal Reserve Bank.
an Oct. 5.
Rstablished.
Rate.
This, it is understood, was part of the above sale of
Boston
July 19 1928
434
New York
5
£1,958,000. The American Exchange Irving Trust
July 13 1928
434
Philadelphia
5
July 26 1928
434
Cleveland
5
Aug. 1 1928
Co. announced yesterday (October 5) that it had
434
Richmond
5
July' 13 1928
434
Atlanta
5
July 14 1928
434
arranged for the importation of £1,000,000 in gold
Chicago
5
July 11 1928
43
St. Louis
July 19 1928
434
bars from London, for shipment on the steamship
Minneapolis
434
Apr. 25 1928
4
Kansas City
4%
June 7 1928
4
"Mauretania," and it is believed that other shipDallas
May 7 1928
4
434
San Francisco
June 2 1928
4
434
ments of gold to New York are going forward on the
•
"Mauretania." At the Port of New York the gold
Sterling exchange continued under pressure through- movement for the week Septembe
r 27
-October 3,
out the week and on Thursday touched a new low for inclusive, as reported by the Federal
Reserve Bank of
the year when cable transfers sold down to 4.84 25-32, New York, consisted of imports
of $82,000, chiefly
which was below the 1927 low of 4.84%. The range from Latin America. Gold exports
totaled $2,194,this week has been from 4.84 13-32 to 4.845 for 000, of which $2,031,000 was
%
shipped to Italy,
bankers' sight, compared with 4.84/ to 4.84% last $66,000 to Straits Settlemen
ts, $49,000 to Mexico,
week. The range for cable transfers has been from and $48,000 to Germany. Canadian exchange
is
4.84 25-32 to 4.85, compared with 4.84% to 4.85 1-16 weak and irregular. On Saturday
last Montreal
a week ago. The market has been extremely dull. funds were at par, but throughout this week
were at
As during the past several weeks, the underlying a discount ranging from 1-64 of 1% to 1-16
of 1%.
causes have been largely of a seasonal character, with The weakness in Canadian funds in New
York is
the pressure further accentuated because of the high believed to be due chiefly to the flow of temporar
y
money rates prevailing here. However,this week the funds for investment in the New York
collateral
easier tone in London money rates is described as an loan market.
additional factor, as was also the recent decline in
Referring to day-to-day rates, sterling on Saturday
mark exchange. The "Wall Street Journal," com- last experienced renewed pressure.
Bankers' sight was
menting on the relation of mark exchange to the de- 4.84 9-16@4.84%; cable
transfers, 4.84 15-16@4.85.
cline in sterling, said: "With marks at 23.83/ or On Monday the rate continued
lower. The range was
23.84, the sterling-dollar rate was supported by Ger- 4.84/(4)4.845á for bankers'
/
sight and 4.84%@
man purchases of gold in London. With marks at 4.84 31-32 for cable transfers. On
Tuesday the mar23.81/, the sterling-dollar rate could go lower with- ket was dull and inclined
to ease. The range was
out stimulating more German gold purchases in Lon- 4.84/@4.845 for bankers'
/
sight and 4.84%(4)
don, as the sterling-mark rate was below the point 4.84 31-32 for cable transfers.
On Wednesday the
at which gold could move from London to Berlin. market was steady.
Bankers' sight was 4.84/@
In other words, the point of support for sterling is the 4.84 9-16; cable transfers,
4.84%@4.84 29-32. On
point at which any country can take gold from Lon- Thursday sterling went
to a new low for the year.
don. Last week it was about 4.84 15-16, as at the The range was 4.84 13-32(4)4.
8455 for bankers' sight
equivalent sterling-mark rate Germany found it and 4.84 25-32@4.843/ for
cable transfers. On Fripossible to buy large sums of gold in London. Now day the range was 4.84
7-16®4.8455 for bankers'
that the sterling-mark rate does not permit gold to sight and 4.84 13-16@4.84%
for cd,ble transfers.
flow to Germany, the sterling-dollar rate found no Closing quotations yesterday
were 4.84/ for demand
support. A sterling rate at 4.84 13-16 makes it and 4.84% for cable
transfers. Commercial sight bills
more profitable for Americans to import gold, and if finished at 4.84%; 60
-day bills at 4.80 9-16; 90-day
the mark rate does not rally immediately, gold will bills at 4.78 15-16;
documents for payment (60 days)
undoubtedly flow to New York."
4.80 9-16, and seven-day grain bills at 4.83 13-16.
This week, as already noted, the call money rate Cotton and grain for payment closed at
4.84%.
in New York was inclined to be easier after Wednesday with the completion of shifting of balances
The Continental exchanges have been dull and have
incident to October 1st requirements. On Thursday for the most part shown greater weakness
than at any
the rate dropped to 6/% and yesterday to 6%. So time in several weeks. The decline in German
marks
long as call money in New York remains at 7% or is the outstanding feature of the week. Although
higher and collateral time money above 7%, London German interests purchased most of the
gold availabankers believe that there can be no lasting recovery ble in London in the early part of the
week, on
in sterling. The present easier trend in the London Wednesday the mark declined to a point
at which it
money market further accentuates the difference, is believed that Germany can no longer
take gold
although this is believed to be a temporary pheno- from London until there is a recovery in
the rate.
menon. It is considered highly anomalous that with Should the easier mark rate continue, it
would ensterling at gold export point discounts should remain hance the chance that New York can obtain
large
easy in London. It is believed in banking circles sums of gold in London. Bankers believe,
however,
that the Bank of England rate will continue un- that the decline is temporary and results
from recent
changed unless the gold export movement to New heavy purchases of gold in London. It
is believed
York should threaten to exceed $25,000,000.
that if the Reichsbank considered a cessation of gold
This week the Bank of England shows a loss in imports desirable either because of
internal considgold holdings of £4,978,079, bringing the total down erations or because of Bank of
England opinion in
to £168,226,578. On Monday the Bank of England the matter, it could easily manipulat
e the mark rate
1854
FINANCIAL CHRONICLE
[VoL. 127.
make the gold imports unprofitable. Bankers finished at 2.9615, against 2.9615; on Bucharest at
against
%
point out that it is more than a coincidence that the 0.603 , against 0.61; on Poland at 11.25,
against 2.52. Greek
• decline in marks followed immediately after a hurried 11.25, and on Finland at 2.52,
for
visit of President Schacht of the Reichsbank to exchange closed at 1.29 for checks and at 1.29%
1.29 and 1.29%.
London. Foreign exchange traders say that the cable transfers, against
Reichsbank could keep the mark rate below the sterThe exchanges on the countries neutral during the
ling gold point by increasing its purchases of foreign
considered as war have been dull, ruling generally lower in symbalances. Foreign balances and gold are
reserves at the Reichsbank. The Reichsbank's pur- pathy with sterling and affected more by European
chases of foreign exchange could release the same transactions than by movements from this side. The
is
amount of credit for domestic purposes as would the guilder rate shows the greater weakness. This
accumulaimport of a similar amount of gold. This week the partly a seasonal matter arising from the
Reichsbank shows an increase of 61,165,000 marks in tion of grain and cotton bills in the Holland markets.
gold holdings, making the total 2,396,971,000 marks, However, much of the weakness in the guilder arises
compared with 1,852,097,000 marks a year ago. The from transfers of funds from Amsterdam to London
Reichsbank's gold reserve has risen 274,000,000 in and Berlin, and doubtless to some extent to New
the past three months. This week, as noted above, a York, owing to more attractive opportunities for
shipment of $48,000 in gold was sent from New York employment than Holland affords at the present
to Germany. This makes eight successive shipments juncture. The Scandinavian exchanges, while rulon
of approximately the same amount in as many weeks. ing fractionally lower than a few weeks ago, are
is the firmest
French francs have been inclined to weakness for the whole steady. Swedish exchange
been
several weeks past, but the quotable rate has been of the three Scandinavians. Sweden has
importing gold from London and is regarded as one
maintained through Bank of France operations in
for
lifting the peg. This has been done chiefly to offset of the "unknown buyers" in London. The gold
to Germany. Sweden is taken by the Riksbank. According to
any possible outflow of gold from France
into
This week the Bank of France shows an increase in Swedish gold standard law, the import of 'gold
0 francs and a decrease Sweden is permitted only to the Riksbank. The
its gold holdings of 94,000,00
country
in its sight balances abroad of 293,C00,000 francs. object of this restriction is to safeguard the
the war,
Since June 1st the Bank of France has bought 1,700,- against a repetition of its experience during
000,000 lire in gold francs from hoarders, equivalent when it was flooded with gold. Denmark has been
to approximately $63,000,000. It is believed that the losing small amounts of gold to Germany in recent
actual hoards accumulated when the war began were weeks. The fluctuations in the Scandinavian
large enough to admit of further acquisitions by the exchanges, however, are so slight as to be quite
Bank, but a great quantity of the gold coin thus immaterial. London dispatches on Tuesday stated
held after 1914 was melted down during and since that the Danish National Bank has arranged to
nt of
the war and was illegally sold for bullion. It is advance to depositors in the savings departme
deposits
thought in financial circles, however, that from the Copenhagen Privatbank 50% of their
400,000,000 francs to 500,000,000 francs may yet be with pass books as security. Spanish pesetas have
obtained. The Bank of France sales of exchange fluctuated more widely than any of the other neuon
have been heavy in recent weeks. These sales have trals. The peseta was on offer mostly in London
further unfavorable political reports from Spain.
rate.
been necessary in order to support the franc
Italian lire have been ruling much firmer than the The drop in the peseta rate is the more singular
organized
other Continental currencies. This is due largely to considering that a strong consortium was
a few weeks ago to preserve the rate from attack by
in the Italian economic
the steady improvement
nation, to heavy immigrant remittances, and to the either bear or bull operators in foreign exchange.
Bankers' sight on Amsterdam finished on Friday
steady flow of American and South American funds
last week;
to Italy for investment in securities. An index of at 40.073/2, against 40.09% on Friday of
2
at 40.093/, against 40.11%; and comthe prosperous conditions in Italy is found in the cable transfers
Swiss
increase of 1,700,000,000 lire in savings deposits mercial sight bills at 40.05, against 40.063/2.
francs closed at 19.24 for bankers' sight bills and at
which has occurred since the beginning of 1927. The
with
3
Bank of Italy's gold reserve, which was around 2,500,- 19.24% for cable transfers, in comparison
approxi- 19.23% and 19.243/ a week earlier. Copenhagen
000,000 in September 1926, has increased
26.66,
mately 5,200,000,000 lire. Money continues fairly checks finished at 26.65 and cable transfers at
and stock markets are reported against 26.66 and 26.67. Checks on Sweden closed
easy in Italian centres
at 26.74 and cable transfers at 26.75, against 26.74
firm with a generally upward tendency.
%
26.643
The London check rate on Paris closed at 124.07 and 26.75, while checks on Norway finished at
at 26.653 , against 26.653/ and
%
on Friday of this week, against 124.06 on Friday of and cable transfers
for checks
last week. In New York sight bills on the French 26.663/2. Spanish pesetas closed at 16.263/
for cable transfers, which compares
centre finished at 3.904, against 3.90 13-16 a week and at 16.273/
ago; cable transfers at 3.903/, against 3.91 1-16, and with 16.47 and 16.48 a week earlier.
.
commercial sight bills at 3.90%, against 3.9032
The South American exchanges have been dull.
for checks and at
Antwerp belgas finished at 13.89
against 13.89% and Argentine pesos have been under pressure and in13.89% for cable transfers, as
13.90 on Friday of last week. Final quotations for clined to ease. On Saturday last in a dull market
preBerlin marks were 23.803/ for checks and 23.813/ for the Argentine peso went to a new low on the
transfers sold at 42.02,
cable transfers, in comparison with 23.83 and 23.84 sent movement, when cable
gold shipa week earlier. Italian lire closed at 5.23% for bank- which is a very close approximation to the
still feel, however, that little
ers' sight bills and at 5.23% for cable transfers, as ping point. Traders
against 5.22% and 5.23. Austrian schillings have not gold is likely to come from Argentina except that
changed from 14. Exchange on Czechoslovakia which is shipped by the Government in connection
80 as to
OCT. 6 1928.]
FINANCIAL CHRONICLE
with its debts to New York bankers. This feature of
Argentine exchange was discussed here last week.
Argentine paper pesos closed yesterday at 42 1-16
for checks, as compared with 42 1-16 on Friday of
last week, and at 423/i for cable transfers, against
.
423/ Brazilian milreis finished at 11.94 for checks
8
and at 11.97 for cable transfers, against 11.94 and
11.97. Chilean exchange closed at 12.10 for checks
and at 12.15 for cable transfesr, against 123/i and
12 3-16, and Peru at 3.99 for checks and at 4.00 for
cable transfers, against 3.99 and 4.00.
FOREIGN EXCHANGE RATER CERTIFIED By FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
SEPT. 29 TO OCT. 5, INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rate for Cable Transfers to New York.
Fake in Untied States Money.
Sept. 29.
Oct. 1.
Oct. 2.
Oct. 3.
EUROPE
$
Austria,schIlling
.140756 .140750 .140730 .140757
Belgium, belga
.138942 .138948 .138933 .138923
Bulgaria, lev
.007246 .007236 .007200 .007225
Czechoslovakia. krone .029631 .029627 .029630 .029628
Denmark. krone
266567 .266596 .266573 .266568
England, pound star
sterling
4.849517 4.849226 4.849119 4.848591
Finland, markka
.025170 .025167 .025169 .025165
France, franc
.039093 .039088 .039095 .039094
Germany, reichamark .238343 .238340 .238250 .238095
Greece, drachma
.012940 .012932 .012931 .012929
Holland. guilder
.401123 .401052 .401032 .400988
Hungary, pengo
.174302 .174258 .174241 .174235
Italy, Ura
.052281 .052273 .052272 .052298
Norway. krona
.266566 .266564 .266550 .266558
Poland, zloty
.112090 .112070 .112055 .112000
Portugal, escudo
.045558 .045083 .044900 .045030
Rumania,leu
.006095 .006095 .006091 .006092
Spain, peseta
164659 .163859 .163390 .162861
Sweden,krona
267475 .267482 .267491 .267430
Switzerland, trans.. _ .192453 .192460 .192475 .192471
Yugoslavia. dinar-- .017600 .017599 .017592 .017593
ASIAChinaChefoo tael
.649583 .650625 .650208 .652083
Hankow tool
.650833 .651875 .651041 .650416
Shanghai tool
.636250 .638660 .637410 .637857
Tientsin tool
669583 .669791 .668125 .668333
Hong Kong dollar__ .497846 .498571 .498125 .498053
Mexican dollar
.459000 .462000 .462250 .462500
Tientsin or Pelyang
dollar
459166 .463333 .463333 .463333
Yuan dollar
.455833 .460000 .460000 .460000
India, rupee
.363800 .364109 .364159 .364165
Japan, yen
457500 .457263 .456602 .456200
Singapore(S.B.)dollar. .563125 .563125 .562916 .562916
NORTH AMER.Canada, dollar
.999878 .999748 .999344 .999418
Cuba, peso
.999343 .999281 .999281 .999343
Mexico. peso
.477175 .476500 .476333 .477066
Newfoundland, dollar. .997687 .997343 .996875 .997031
SOUTH AMER.Argentina, peso (gold) .955865 .955794 .955599 .955792
Brazil. mIlreis
119362 .119440 .119427 .119390
Chile peso
121168 .121166 .120947 .120942
Uruguay, peso
1.018102 1.018395 1.017689 1.018602
Colombia peso
.975600 .975600 .975600 .975600
-
Oct. 4.
Oat. 5.
.140732
.138909
.007209
.029627
.266545
.140694
.138922
.007218
.029626
.266511
4.848070
.025163
.039089
.238123
.012931
.400942
.174294
.052321
.266533
.112020
.044960
.006086
.163118
.267460
.192456
.017598
4.848125
.025165
.039083
.238126
.012930
.400907
.174258
.052356
.266503
.112017
.044785
.006092
.162880
.267460
.192452
.017589
.657291
.655625
.642053
.673541
.499375
.465500
.655416
.653750
.639464
.672500
.499464
.465000
.467083 .464583
.463750 .461250
.364209 .364139
.456033 .456127
.563333 .562916
.999592
.999281
.476733
.9971
.999839
.999250
.476583
.997468
MSS .955858
.119395
.120948 .120948
1.017873 1.017698
.975600 .975600
.9
The Far Eastern exchanges continue quiet and
show little change from a week ago. The Chinese
quotations are comparatively strong owing to a
growing feeling of confidence in the political outlook
which has a stimulating effect on business, with the
result that Chinese centers continue to absorb silver,
it would seem, as fast as it is offered from any
quarter. There is nothing new of importance pertaining to the Japanese yen. The currency shows a
weak undertone for reasons frequently stated here in
recent weeks, the depressed state of business in
several staple lines. The Chinese boycott of Japanese
goods, and the export of capital for investment
abroad. Preliminary estimates for Japanese foreign
trade for the last ten days of September show exports amounting to 58,357,000 yen and imports of
47,577,000 yen, leaving an export balance of 10,780,000 yen. Closing quotations for yen checks
yesterday were 45.61@4578, against 45.80@46 on
/
Friday of last week; Hong Kong closed at 50.05@
503, against 49.90@503; Shanghai at 64%@6434,
against 63/(4)63 11-16; Manila at 49%, against
49%; Singapore at 56 11-16@57, against 56 11-16@
%
568 ; Bombay at 36%, against 363/, and Calcutta
2
at 36%, against 363/2Owing to a marked disinclination on the part of
two or three leading institutions among the New
York Clearing House banks to keep up compiling
the figures for us, we find ourselves obliged to dis-
1855
continue the publication of the table we have been
giving for so many years showing the shipments and
receipts of currency to and from the interior.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec.6 1920, it is also no longer
possible to show the effect of Government operations in the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday,
Sept. 29.
Oct. 1.
Tuesday, Wednesd'y, Thursday,
Oct. 2.
Oct. 3.
Oct. 4.
Friday.
Oct. 5.
$
137,000.00 130.000,000 137.000,000 119,000.000 118,000,000 116,000,000
Aggregate
for Week.
Cr.787.060.00
Note.
-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the Items payable in New York City are represented In
the daily balances. The large volume of checks on Institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
Oct. 5 1928.
Banks of
Gold.
1
Stiver.
Oct. 6 1927.
Total.
Gold.
E
I
E
E
E
England.. 168,226,578,
168,226,578 151,178,56
France ___ 82449803041
d
244,980,304 147.260.5591
Germany b 115,567,000
c994,600 116,561,600 89,277,700
Spain
104,342.000 28,003,000 132,345,000 103,908,000
Italy
54,093,000
54,093,000 46,878,000
Netherrds 36,243,000 1.886.000 38,129,000 32,181,1 II
Nat. Bele_ 23,065,000 1,250,000 24.315,000 19.060,111,
Switzerrd. 18,717,000 2,025,000 20,742,000 18,856,0001
Sweden_
12,726,000
12,726,000 12,269,0001
Denmark. 10,098,000,
605,000 10,703.000 10,121,000
Norway
8,163,000
8,163,000 8,180,000
Silver.
Total.
E
£
151,178,562
13,680,000160,940,559
944,600 90.272,300
27,107,000131,015,000
3,864.000 50,742,000
2,328.000 34,509,000
1,180,000 20,240,000
2,586,000 21,442,000
12.269,000
732,000 10,844,000
8.180,000
Total week 796,220,882 34,783,600830,984,482639,169,8211 52,462,000691,632,421
Prey. week 797.083,657. 34,738.600831,802,257 637,900,997 52.440,600690,341,597
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £4,281,300. c As of Oct. 7 1924
d Silver is now reported at only a trifling sans.
The Death of Clarence W. Barron.
The death this week of Clarence W. Barron, publisher of the"Wall Street Journal," the Boston News
Bureau and several other publications, removes
from the world of financial journalism a distinguished and notable figure. Financial journalism
in this country dates from the establishment of the
"Commercial and Financial Chronicle" in July,
1865, by the late William B. Dana,immediately after
the close of the Civil War. Mr. Dana set the standard high. Mr. Barron started his venture in the
daily financial field 22 years later, in 1887, with
the publication of the Boston "News Bureau." Mr.
Barron had a unique personality which he succeeded
in impressing upon the new publication and it quickly advanced to a position of importance in the financial world. It was not merely that Mr. Barron had
mastered the art of collecting news and was untiring in gathering it, but that he knew how to present it in an interesting and graphic way
-a way
to compel attention.
It should not escape notice that Mr. Barron started his enterprise in Boston, not in New York. He
did not enter the New York field, with the larger
and wider opportunities it afforded, until fifteen
years afterwards, in 1902. The financial world of
Boston has always had something distinctive about
it. Imbued with conservatism, which insured an adherence to sound principles, it yet possessed great
energy and daring, which made it a willing agent
in the support of ventures opening up new fields of
endeavor. Many of the most important Western
railroads had their origin in New England and were
supported and carried through with New England
brains and New England capital. The Chicago Bur.
1856
,
FINANCIAL CHRONICLE
[Vol,. 127.
other tributes that are comlington & Quincy and the Atchison, Topeka & Santa the countless number of
enterprises fi- ing from every quarter.
Fe were pre-eminently New England
nanced in Boston and the Union Pacific largely so.
The Mexican Central belongs in the same category.
American Policy Again Declared—The PoinThe men identified with these enterprises rank as
care Speech and the Kellogg Note.
the most eminent in the country's history. In these
The thoughtful American may well wonder why
early days, New York had not yet assumed the promthe it should be necessary, at this late day, for the
inence and the dominance it later did under
it has affirmed many
guidance and the aggressive force of the late J. P. United States to reaffirm, as
times before, its position in regard to reparations,
Morgan.
n of armaments.
Mr. Barron fitted well into this distinctive New Allied war debts, or the limitatio
language so plain as to
England atmosphere and became •an inseparable Over and over again, in
no possible misunderstandpart of it. But he did not limit himself to the New admit, it would seem, of
the American Government has made known its
England horizon. He gathered news—presented ing,
these questions. It is diffifacts and figures—with reference to all the coun- policy regarding each of
To cult to see how European statesmen, accustomed to
try's enterprises and all its various industries.
gy of official comemphasize the fact that his primary purpose was to scrutinize with care the phraseolo
between the lines, can
collect news and to present it in a truthful and munications and to read them
and significance
unbiased way, the Boston "News Bureau" for very have failed to realize the full force
have imagined that
many years carried no advertisements whatever, of what has been declared, or can
suggestions
which, of course, increased its hold upon its sub- argument, importunity, or alternative
induce the United States to take
scribers. It was not until its reputation was firmly would somehow
the past
established and confidence in its integrity so deeply some different stand. Yet the events of
in- few days have thrown all three of these controversial
rooted that no well informed person would be
y pushed
clined to think that advertising matter would be al- issues once more to the front, and apparentl
ion of news, that the further into the future the settlement of matters
lowed to influence its presentat
States,
original policy not to accept advertisements at all which Europe, quite as much as the United
satisfactorily
must certainly wish to see disposed of
was abandoned.
The experience and success attained in the publi- to all the parties concerned.
Last Sunday, in a speech at the unveiling of a
cation of the Boston "News Bureau" naturally
let
paved the way for Mr. Barron's entrance, through war memorial at Chambery, Premier Poincare
into fall certain remarks which seemed clearly to indicate
the acquisition of the "Wall Street Journal,"
the New York field. This occurred in 1902, as al- that he still held to the old position of linking the
ready noted. He immediately impressed his per- payment of reparations with the settlement of the
sonality on this publication, too, and by the employ- war debts. "If," he said, "It is sought to review
ment of the same methods. He gave such complete again the question of reparations, we are obliged to
and detailed reports regarding corporation affairs recall that, to be fair, whatever settlement is made
and regarding the country's industries that to any should guarantee us 'from our debtors, besides the
clear
one in need of daily information of that kind, it be- total payment of what we owe our creditors, a
y for our war damages. And although
came indispensable. Its editorial discussions like- indemnit
s
wise were broad and disinterested. The daily news prudence advises us not to give up our guarantee
of the news with a light heart, we have every hope and wish that
slips of Dow, Jones & Co. were a part
dispensing service. Mr. Barron later extended his future negotiations will be successful. Our dead
activities and established the Philadelphia "News call on us not to disavow their sacrifice or repudiate
Bureau," and more recently began publishing "Bar- our victory, and to maintain the patrimony of
France safe from foreign covetousness." An Assoron's," a financial weekly.
All these are publications of a high type and a ciated Press dispatch from Paris on Monday, referhigh standard. In his writings, Mr. Barron had a ring to the speech, stated that the speech "was interstyle peculiarly his own. No one could take up a preted to-day as again putting the question of a cut
contribution of his without reading it through. It in reparations and a cut in the French debt squarely
always held one's interest. Besides this, he had a up to the United States;" summarized the declarawonderful capacity for work. While necessarily tions of the speech by saying that "the Premier reitGerall that appears in the Barron publications carries erated the French policy that any reduction of
must
much weight and influence, he never published any- many's reparation debt to the former Allies
interthing for pecuniary gain. He never sought any per- be accompanied by a corresponding cut in the
and added that
sonal advantage for himself. He never mentioned allied debts to the United States,"
'it
a fly-by-night scheme except to condemn it. Nor 4 is -thought in American quarters that should the
did he ever engage in promotion schemes of any kind. French Government remain adamant in such a
It should be said, too, that in the large news gather- policy it would be practically impossible to make
ing force that he built up, he not only recognized real progress in future negotiations regarding reparmerit, but tried in every way to develop it. He put ations and evacuation of the Rhineland without the
every man on his mettle and tried to bring out the active participation of representatives of the United
best in him. In brief, Mr. Barron was a distinct States in the discussion."
The Administration at Washington lost no time
credit to the publishing world in which he occupied
such a prominent part. The present Editor and in voicing its opinion of M. Poincare's declaration.
owner of the "Chronicle" has been connected with According to the Washington correspondent of the
the paper ever since he was a boy thirteen years of New York "Herald Tribune," President Coolidge, in
age, over half a century ago, and hence has been in an unofficial statement on Tuesday, "divested hima position to observe the course of affairs in self and his Administration of any participation in
the financial world. He is glad to add his tribute to or recognition of an attempt to link German repara-
OCT. 6 1928.]
FINANCIAL CHRONICLE
1857
tions owed to France and the other Allies with war marines of over 600 tons." The treaty "provides no
debts owed to this country by these European Gov- limitation whatever on six-inch gun cruisers, or deernments. The President let it be known with some stroyers, or submarines of 600 tons or less," all of
bluntness that once and for all, so far as he and' which types of craft are "highly efficient fighting
the Administration were concerned, there was un- ships." In practice, such limitations as the treaty
qualified opposition here •to the theory that the contemplates would apply to vessels of a character
billions of dollars in war debts owing the United most useful to the United States, and leave without
States by Europe and the billions owed by Germany limitation the types must useful to Great Britain
were inseparable, and that the latter could not be and France. The United States, on the contrary,
revised downward without reduction of the former. since the meeting of the three-Power Conference at
The President considers the rights of the American Geneva, has insisted that limitation, if it is adopted
taxpayer in the case are inviolable, and the taxpayer, at all, shall apply to all classes of naval vessels, and
in his opinion, should not be called upon to pay has advocated as a basis an agreement regarding
German reparations . . . In the President's the total tonnage to be allowed to each class of
opinion, settlement of the war debt question is a combatant vessels, the maximum tonnage of a unit
closed incident."
vessel in each class, and also the maximum caliMr. Coolidge's remarks appear to have created bre of gun to be allowed. The Anglo-French treaty,
something of a sensation in France. A Paris dis- when it does not run directly counter to the Ameripatch to the New York "Times" on Wednesday rep- can program, evades it. As a basis for discussion
-resents M. Poincare as "getting one of the biggest by the Preparatory Commission of the League of
surprises of his life" when he read the report of Nations, accordingly, the treaty is manifestly unacwhat Mr. Coolidge said. According to French offi- ceptable to the United States. What is more, while
cials, the correspondent stated, the Chambery speech the American Government, as Mr. Kellogg remarks,
"in no way suggests that France is seeking a reduc- "has no objection to any agreement between France
tion of her debts." All that Premier Poincare is and Great Britain which those countries think will
interested in, it was insisted, is "in getting enough be to their advantage and in the interest of limitato pay France's creditors and enough in addition tion of armament," it "naturally cannot consent
to pay for the damage inflicted in the war. On that that such an agreement should be applied to the
position he is prepared to stand firmly in all nego- United States."
tiations with Germany, and leave it for those who
The Kellogg note, while couched in language
are anxious that Germany should be let off from familiarly described as "courteous but firm," does
some of her payments to arrange it so that France not close the door to further conference over diswill have to pay less. She will not ever under the armament. Its expression of entire willingness to
present Premier be a petitioner for a reduction of give sympathetic consideration in any conference to
her just debts to America and England."
"the special needs of France, Italy or any other
If the officials thus quoted spoke with the author- naval Power for the particular class of vessels
ity of the Premier, the disclaimer must, of course, deemed by them most suitable for their defense,"
be accepted, and the Chambery speech classed with such needs to be met by "permitting any of the
those unfortunate statements which even the most Powers to vary the percentage of tonnage in classes
experienced statesmen sometimes make. The dis- within the total toniage, a certain percentage to be
claimer itself, however, is far from clear, and its agreed upon," and "if there was an increase in one
reference to "just" debts is curiously reminiscent class of vessels it should be deducted from the ton' of a contention which has been urged in France ever nage to be used in other classes," appears to have
since the debt settlement had been under debate. aroused some interest in France, a similar proposal
The fact remains that the Mellon-Berenger agree- having been made by Paul Boncour in 1927 to the
ment has not yet been ratified by the French Parlia- Preparatory Commission. The French Government
ment, that there is as yet no indication that it will is also reported to be ready to publish the text of
be ratified, and that M. Poincare's speech, however the treaty, and has already communicated to the
otherwise it may be interpreted, seems clearly to United States certain additional correspondence reimply that ratification will be delayed until France lating to it. The British Government, on the other
shall have obtained from Germany, actually or by hand, notwithstanding the implications of the Kelsatisfactory assurance, an amount sufficient to en- logg note, and the severe denunciation of its policy
able it to pay such of its war debt as it considers at the annual Labor Party Conference at Birming"just." Under such circumstances, there was noth- ham, is apparently Indisposed to publish the treaty,
ing for President Coolidge to do but to reiterate, as at least until formal replies from Italy and Japan
plainly as the resources of language allow, the abso- have been received.
lute refusal of the United States to permit the reparThe immediate result of the Kellogg note and M.
ations issue to enter into a discussion of the debt Poincare's speech is a mixed and rather disquieting
question. The debt incident, as President Coolidge situation. The Anglo-French treaty, as a basis for
bluntly declared, is closed.
general armament limitation, is apparently dead,
Secretary Kellogg's identic note to Great Britain since there will be no general limitation of naval
and France regarding the secret Anglo-French armaments to which the United States does not
treaty, made public in extenso last Saturday, is an- agree. On the other hand, the remaining provisions
other illustration of the necessity which the United of the secret treaty, generally believed to contain
States has been put to of repeating what it has important agreements regarding military and air
already made indubitably clear. The note points forces, are manifestly regarded by France as of so
out that the only classes of naval vessels which it is much importance as to make it unlikely that France
proposed to limit under the treaty are "cruisers and Great Britain will find themselves separated on
of or below 10,000 tons, armed with guns of more the issue of naval armament, since
the whole prothan six-inch and up to eight-inch calibre, and sub- gram of the treaty is apparently intended
to stand
1858
FINANCIAL CHRONICLE
together. For all practical purposes, the treaty appears to have revived the Anglo-French entente, irrespective of any attitude that those two Govern,
taken, or may eventually take, toments may have
wards naval armament. If any statement from an
American source could end the persistent agitation in
France for a linking of reparations and war debts,
Mr. Coolidge's outspoken expressions would seem to
have done so, but M. Poincare's speech, even with
the disclaimer put forward at Paris, undoubtedly
complicates the proposed settlement of reparations
by laying down at least one hard and fast condition
which such a settlement must meet. Already one
hears intimations that the whole controversy will
now drag along until after the November election
here, and possibly until after the election which it
is expected will take place in Great Britain early
next summer. With such an outlook, the country
is to be congratulated upon Secretary Kellogg's
frank dissection of the real nature of the AngloFrench treaty, and his emphatic declaration that
the United States will have nothing to do with it,
and Mr. Coolidge's equally frank refusal to reopen
the debt question or allow reparations and war
debts to be joined. The only wonder is that, with
the position of the United States on each of these
issues already as clear as day, political leaders in
Great Britain and France should have allowed themselves to evoke another statement of the American
position.
-Steel Cars—and Farm Relief.
All
While we are working ourselves into a white heat
over the "election," the general round of business
continues in about the same ratio as last year. Of
course, there are speculations as to the effect of elections on industry and trade. We do not consider
these discussions. The best opinion on this subject
is that year by year "politics" has less influence on
business. What we shall attempt to do is to suggest the continued growth of industry independent
of our quadrennial elections. Transportation affords a text. In 1902 a leading railroad system began a systematic study of passenger cars with a
view to making them "stronger, safer and more comfortable." As a result of this study, a "steel car"
was constructed at this company's works in 1906
and placed in use. And in 1907 an "all-steel" car
was completed, "and since it took the rails, none
but all-steel cars have been built for the railroad's
service." Now, it is announced that on the completion of orders by the end of 1928 none but all-steel
passenger cars will be in use on this great system of
railroads—the Pennsylvania RR. Like progress, in
varying degrees, has been at work on other lines.
In this single item of railroad equipment, we have
an example of the steady improvement of our railway service.
There may not seem to be any connection between
this item of news and the repeated announcements
that our political parties are organizing for the
most "efficient campaign" ever conducted in the history of our national elections. But to our mind it
suggests a truth of great importance to the people.
And it is this: Under any and all elections and administrations the natural growth in our industrial
advance goes on independent of politics and government. We do not say that industry is not influenced
by partisan politics, and by the political principles
advocated by the two parties, and by the success of
[VOL. 127.
one or the other of the parties, and the consequent
making and administration of laws. But there is
inherent in all industry an advance that is independent of law and government in that it grows by
the law of service, giving always the best for the
least money. An Inter-State Commerce Commission
as a government agency may make certain requirements, issue certain orders, compel certain restrictions, but within the conduct of the railroads there
is a natural law which invites profits through improvements and which if there were no Commission
would constitute a motive for betterment.
There is, to be sure, a political suggestion in this
year as to combination of railroads into systems.
But it attracts no attention and will cause little if
any discussion. This of itself shows that the people
in fact do not look to government for industrial
welfare. Railroad systems are already forming independently. Politics does, however, introduce into
platforms planks offering schemes of conduct to be
fostered by law and government, as in the case of
"farm relief" sought by so-called "agriculture." But
the sober thought of the voters is not much moved
thereby—and would not be at all save by the excitement of a campaign. What the people do know is
that there is a constant progress in every division
of industry by the existence of the law of better
service as induced by the call of a developing want
and need on the part of the patrons and people. Allsteel cars are on a par with the reaper-threshers now
so rapidly appearing on Western farms. There is
saving and service that at once attracts purchases
and fosters production on the part of manufacturers.
No party, no law, no government is needed to furnish forth this form of help.
When the people fully realize the folly of appealing to government for industrial help, they will turn
to a study of the tendencies of legislative control of
our common affairs and discover the insidious
growth of bureaucracy. But that is not our present theme. How can laws that originate in political
theories run parallel to the natural laws under
which we live and cannot escape? When a dirtfarmer makes two leaves of grass to grow where
one grew before, does the impulse, the initiative, the
process come from the wisdom in Congressional
halls? When the inventor, burning the midnight
oil in some remote attic, hits on the idea of a cast
iron stove to radiate heat more constantly than a
smoky fireplace, does he gain his inspiration from
a clause in the Constitution of the United States?
And while ownership and distribution of power of
our public utilities bide fair soon to become a matter of political controversy can a Federal law, in and
of itself, control the flow of the stream or direct
the flow of the electric current generated alone by a
law of physics?
Nor does this unwearied search of mind depend
upon "making money," though that is a legitimate
and prime motive. Man is athirst for knowledge
and eager for power. Millions of men working in
thousands of occoupations actually enjoy their work
and delight in proficiency. And associations of men
are zestful to build the plant larger, to make it better, to devote it to higher human service. An "allsteel passenger car" is illustrative of a hundred voluntary improvements in railroad service. It is true
that the evolution takes time. Profits cannot be
disregarded because capital is worth its hire just
as truly as labor. There are interruptions, failures,
OCT. 6 1928.]
FINANCIAL CHRONICLE
competition, unforeseen inventions that compel immediate acceptance, obstacles that nature reveals
only on trial—but the object is to build wisely and
well and to round out a harmonious whole that can
be enlarged, strengthened, and made more useful,
and thus more profitable.
These advances, this constant growth, does not
wait on State or national law. You may say that
safety devices are ordered by the Inter-State Commerce Commission. But not one of these orders can
anticipate the experience of railroad operation or be
discovered before the service reveals their need and
nature. Take any one of the recent inventions:
the wireless, the radio, the television and movietone; by no stretch of the imagination can any of
these be related to artificial laws. Nine times out
of ten efforts at control coming after the fact are
failures because blind interferences. It is, also, not
alone the genius who discovers, it is the pull of the
intellect of the workers, that brings forth the new
invention. Factories now often offer prizes for suggestions as to plant efficiency? Why? Because it
draws together the many minds by the thought that
there are waste energies, lost motion, and ways to
perfection that scores may indicate, thus pointing
to concentration in one line.
Railroads! A tremendous industry—a long story
of development! Aided at first, when the country
traversed afforded scant returns, by grants of public
lands; but for the rest, levelling the grades, increasing the strength and weight of the rails, introducing
airbrakes and block signals, building new terminals,
constructing better bridges, adding feeders, perfecting grade crossings, now completing the substitution
of steel for wooden cars, meeting all the vicissitudes
of monetary panics, losing actual control through a
world war, paying millions on millions in damages
and taxes, but asking and receiving no subsidies.
Has the industry of agriculture any more right to
governmental help than the railroads? Can an individualistic business by its very nature ever be organized or systematized to receive governmental assistance without by the very act destroying itself?
Are all-steel cars bought by public funds; should
plows, planters, harrows, reapers, threshers, be so
bought? Is it the purpose of government under the
Constitution to equalize the returns or profits between agriculture, transportation, manufacture,
mining? If wheat happens to pay more than corn,
must wheat "divvy" the profits with corn? There
are some things in labor, industry and production
that are as they are, and cannot essentially be altered by any law. We have all-steel cars without
legislation!
The Business of Politics.
In a democracy every citizen is supposed to be
interested in the State. He supports it, maintains
it, and reaps his reward in "liberty under law." But
it cannot be said that he makes a business of politics. Once in four years, for a few months, he rouses
from his lethargy; advocates party control; discusses the "issues"; makes a choice among "candidates"; votes more or less under the stress of excitement; acquiesces in the results of an election; and
then sinks back into an individualism content to
pursue his own affairs and gather the rewards of
his own efforts. But there are those who do make
a business of politics, and of these it may be said
they gather their chief harvest in our quadrennial
1859
elections. Despite our inner respect for our political system, we have come to apply words and
phrases to those who continually take an interest
in creating the machinery of government—we refer
to them as "the politicians" and to their efforts as
"the game"—"the great game of politics." And
while sometimes we come near to a sneer when we
refer to this class of "office-seekers" and "spoilshunters," we must admit that though not seldom
tainted by selfishness, their zeal far outruns our
own, and they keep the "home fires burning" more
candidly and strenuously than do we, who appear to
take a superior stand during the heat and strife of
a campaign.
The chief prize in politics is the Presidency. We
hold the office in high esteem. We hold up the prize
before our children as possibly within the reach of
each of them. And when the four-year campaign
rolls around, we see in the candidates•of the parties
the great "leaders" who shall guide us, as we hope,
into peace and prosperity. But for millions of us,
our duty is chiefly done when we vote. We are willing to devote our time and talents to elections for
a six months. And for the rest we either forget,
and work for our business enterprises; or, following the reports of Executive and Legislative action,
we silently approve or loudly complain of what is
done. "Democracy" is not quite a perpetual motion machine always turning out the best there is in
law and government. Not a few would be willing
to have a Presidential election once every six years,
for they find the "turmoil" not to their taste and
more or less distracting to "business." But the
"professional politician" never sleeps; and, whatever else may be said of him, he works in season
and out for the cause he most glorifies—"the good
of the people." Perhaps his chief fault is that he demands the "loaves and fishes" as pay for his work—
but he does not preach Fascism or Bolshevism,
though he believes the "laborer is worthy of his
hire."
What we call "issues" in a campaign are valuable in proportion to their relation to the form,
purpose, structure and functions of government.
We have the form, structure and purpose of our
representative democratic government. The functions may change somewhat to meet the passing of
the years, the progress of the people, the changing
environment, but not much. The Constitution,
while not rigid or changeless, is fixed in that it embodies fundamental principles—such as the protection of individual rights and the liberty of conscience, of speech, of the press, of ownership of the
rewards of labor. As a rule, "issues" are mere excrescences grown by theorists upon the body politic. It follows that when the campaign is over the
issues disappear while the Government remains.
Questions of section, class, industry, necessarily
temporary, leave nothing in their wake, whether
won or lost. How many enactments in furtherance
of the issues of this campaign are probable or possible? There may be some change in the enforcement act of prohibition. But repeal or continuance
is the only way to settle the "question." "Farm relief" is not properly within the range of law making
(though a bureau may be created as in other instances of defiance of the Constitution), and is there- •
fore not permanently before the people. Prohibition touches human rights and liberty because it
already is in the Constitution by a lapse from the
1860
FINANCIAL CHRONICLE
[VoL. 127.
much wild legislapurpose and spirit of our government and will nat- fundamentals. It would prevent
promises and campaign
urally reappear. But farm relief is no more per- tion born of fulsome election
with every wind
tinent to government than might be labor relief, expediencies. Campaigns that veer
blows are not conducive to the permanency
capital relief, merchant relief, and so on, and unless that
government. The highwe amend the Constitution or distort the functions of representative republican
n" is er the fever the longer the recuperation. Are our
of Government must disappear. "Immigratio
thoughtful, perso well settled as to excite little more attention in. elections growing more dignified,
the future than now. So that we have a campaign tinent to their purpose, or less?
largely shaped and operated by politicians for poliBusiness Accounting Amid the New Sciences.
ticians.
The Chicago University Press has published a new
Under these conditions citizens (desirous of mainzaining the government by the ballot, cast after book, Accounting Method, by C. R. Rorem, one of
study and meditation), cannot, therefore, by rea- the University professors, aimed at improving methson of an election campaign be either enlightened ods of business at the source. The American busior energized in their permanent civic duties. They ness man of high or low degree would be irritated
are the victims of their politicians. They cannot, if anyone should assume that he does not know his
and in fact do not, to any worthy extent, make a business in all its details. Yet suddenly disclosed
business of politics. The rumble and roar of the losses are constant. These extend from petty sums
hustings, the necessity of voting one way or the taken through a series of years, often with the exother, the arousement of a contest, excites them, cuse of intention to repay, to the revelation of the
emotionalizes their judgment, and when all is over, abduction of practically all the available assets by
"things go on much as before." This is not con- the aid of cooked reports, forgeries, or even by careducive to the preservation, of the spirit of Consti- fully planned plunder. To these is to be added the
tutional liberty or of the fundamental form of the little regarded drying up of essential sustaining facGovernment. An "issue" which cannot live through tors. Wonder is constant that there was not early
more than one campaign, unless distinctly stated discovery. Here is a book from competent hands,
and decisively settled, is a mere chimera. If, as so both expert and practical, intended to indicate how
often said, we are in the present to choose between by a proper method of accounting such evils may be
men, then the whole working of the machinery of guarded against; and also that this method may be
the campaign is lost labor. Let the candidates pre- taught to as many young people as possible who are
sent views, and retire. Unfortunately—perhaps planning to enter a business life, or who may be
this is too strong a term—in a Presidential cam- sought for it.
Accounting is defined as a method of measuring
paign there are Governors, Senators and Representatives, Legislatures, and County tickets to be cho- and of interpreting the economic transactions of a
sen. These candidates and their friends "work"— specific enterprise. This is broader than mere bookkeeping, and is by no means limited to strictly busithe storm grows apace, then subsides in a day.
To the honor and glory of our government, it may ness affairs. It has application to every conceivable
truthfully be said that our people are satisfied with occupation in which a man may desire to know the
it so far as its form and purpose are concerned. So- relative value of his work or his investment, and the
cialism is decadent, and Communism is despised. immediate results so far as these can be measured
Being satisfied they seem to rest upon their rights. in relation to their cost and appreciable returns.
And campaigns that are based on opportunism, that Measurement means exact record of all essential ecodrag in controversies over religion, that descend to nomic facts; and interpretation involves classifica"whispering," that appeal to sections and indus- tion and comparison of the accounting data. It is
tries, that grow blatant over corruption in office more than the familiar system of double entry, and
as if it stamped corruption on parties the member- it supplies information for discriminating in values,
ship of which are profoundly honest, do not lead the and the possibility of administrative control. The
way to continuous thought upon the ever present extent and variety of the information may vary with
problem of governing ourselves wisely. They be- the particular enterprise and its relation to individfuddle thought rather than clarify it. They lead uals. The aim is precise quantitative information,
the earnest citizen away from the duty of filling the whatever the activity, whether producing, purchasinterim between elections with constant study and ing, marketing, financing, or personnel, these as rereflection. He grows indifferent because he feels lated to the profit of the business or of an organizathat elections as far as principles and policies are tion, charity, lodge, library, church, school, hospital,
for guiding and controlling its activity. It is conconcerned are ineffectual.
Our schools, colleges and universities give more cerned with all sources of income and expenditure.
In the business of the State and all forms of orthan six months once in four years to the study of
scholasticism is not patriot- ganized public service, it is essential for informaCivil Government. But
ism. Academics are not popular contemplation. tion and control, as it is also in supervising charIn the classroom the desire to embrace all historical tered organizations, railroads, banks, trade corporaknowledge does not admit of proper concentration tions, &c. It provides permanent records as well as
on the facts existent before us. Theories of what immediate information. Modern business is often so
ought to be are mushrooms that grow in a single extensive and complex that no one person is comsemester. Concentration becomes diffused, and the petent to supervise and direct it all. In its depart"issues" born of the schools do not reach the people ments it must have responsible heads, and they and
engaged in the unceasing bread-and-butter battle. It their departments must present records giving comwere better, when the election is over, that the voters plete information. Private business also often inmeet and discuss the issues as presented in the cam- volves a variety of transactions, continuity of direcpaign. This would be making a business of politics. tion, and well enforced control, the lack of which
It would pave the way for a future campaign on only too often means loss, if not disaster. Diversity
•
OCT. 6 1928.1
FINANCIAL CHRONICLE
1861
of method and form of accounting, for example, in the administrati
on may be judged. The efficiency
a city, a railway, a great factory, even a university, of departments
or processes is compared, establishor a co-operative marketing organization, or labor ing standards and fixing
responsibility.
union,shows how desirable such a system is, not only
Non-profit institutions and public service corpora.
that the responsible heads may know what is re- tions have become
so large and so numerous that
quired, but that men having to direct any depart- their accounts are
required to be almost as elaboment may have the same accurate knowledge.
rate as private business. The Inter-State CoroAccounting differs from statistics in that account- merce Commission,
for instance, has been given auing usually limits its measuring of economic phe- thority to requir
e more than reports of revenue and
nomena to the facts which can be expressed in terms expenses, and also
to prescribe a uniform classificaof money. Statistics deals with them in any aspect, tion of accounts and
to require its adoption. The
and may present but one portion of an enterprise, Transportation Act
of 1920 empowers the Commisor the entire economic order of which it is a part. sion to determine a
fair return. The Federal Trade
The events which change the status of an enterprise, Commission, create
d in 1914, is empowered to exsuch as the investment of funds, purchase of materi- amine the organi
zation, management and conduct of
als, payment of wages, sale of merchandise, or use partnership corpor
ations and the like to prevent
of supplies in manufacturing operations, one and all, their using unfair
methods of competition, and has
are the concern of the quantitative method which published
for their benefit various new systems of
characterizes real accounting. The different ele- accounting in order
to record and secure this result.
ments involved, and they are even more than those Similar privat
e enterprises have found it desirable
here suggested, indicate the different measures to be to enlarge
the scope of their methods of account in
applied. It may be value in food, furniture, labor, order to obtain improv
ed internal administration as
what you will. The dollar may be the unit of mess- well as better relatio
ns with the public and escape
ure in exchange value, but it does not indicate the from cut-th
roat competition arising largely from igloyalty of an employee, the power of a motor, the norance of actual
costs. The U. S. Chamber of Cornheat of a blast furnace, yet these may be determina- merce has advoca
ted these methods of accounting
tive in financial success. Failure also in applying and has issued
various bulletins on "Uniform Cost
any standard of measure may make it valueless. The Accounting
in Trade Associations." It says that
purpose of the measure likewise conditions its value, probably 200 of
these associations have made at.
as the use to which the article or the proces
s is to tempts to interest their members in uniform systems
be put may vitiate any ordinary estimate.
of accounting.
Consequently data need to be summarized to show
All this points to the unique position now occuthe condition at different times or
with reference to pied by the accountant, both public and private, and
different use. Various devices, graphic and tabular the interes
t which every business man has in the sub.
serve for this, though tabular reports are
most in ject. If accounting is in fact a matter of "economic
use. Valuation with reference to these
uses and to control," it cannot be disregarded in any business,
possibility of renewal enters into accounting
inter- large or small. As it comes to be so understood by
pretation. Double-entry bookkeeping in busine
ss the public, we shall not have business corporations
transactions with direct balance sheet of financ
ial so often suddenly collapsing, or dragged into court,
results is common, but much more is often neces- senior partne
rs aghast at what has been brought to
sary, and full details of this are given coveri
ng ex- light or occurred since their retiring, the defalcapense, credit and debit accounts, and
the use of tion of men and of houses far above suspicion, asstandard and specialized journals with their
recent tounding undetected fraud, and privates estates in
improvements. Partnership and corpor
ation ac- impossible condition when presented for probate, as
counting, valuation of assets, invest
ments, liabili- these from time to time now are seen. Accounting
ties, measurement of income,
expense and profit, ought not to be thought so little practical or so difare taken up in different chapters of
the book, and ficult of understanding that it should not be heeded,
with comparative balance sheets and
the administra- or thought only a matter for the few.
tive use of the data of cost and the method
of their
As our author says: "Accounting may be regard.
use, are fully described.
ed as part of a complete education for the purpose of
The last chapter deals with the special
applica- living, as well as for making a living; it is possible
tion of accounting to social control of
economic ac- that some day it will be looked upon as a necestivity, as this relates to Government,
to non-profit sary equipment for a citizen who wishes to play his
institutions, public utilities of all kinds,
and to proper rol
a democratic society."
groups of private enterprises when joined
for increased activity and profit. This concerns
the business man in his larger relations.
Reserve Bank Notes and Business—A
The Government is in fact the agent of the
Suggestion.
citizens. It is far more than a custodian with
Security Building, St. Louis, Mo., Sept. 20 1928.
af
simple duties of collecting and using or
distribut- Editor of the Commercial
and Financial Chronicle, New
ing certain funds. Nor is it created primar
ily to
York City, New York.
increase its own wealth. It collects certain
money
Dear Sir:—In 1825 the Bank of England performed two
to be used for certain definite purposes. Its
scope functions: it was at once a bank of issue and a bank of deis fixed in its creation or by legislative action.
Each posit and discount. In the former character it provided a curfund has a distinct entity and must be used
and ac- rency more convenient than gold for ordinary cash transaccounted for in that relation. Fund accounting
is tions, and in the latter received and loaned the credits of its
depositors. Prior to 1844 it had been the practice of the
therefore the core of Governmental accounting.
The Bank to merge or mingle
these two functions, and in its
records must show the origin, course and applica
- effort to aid merchants to the full extent
of its power, to
tion of the fund. Usually they do not tell
how it
was spent, but that is coming to be demanded that use notes sometimes without regard for the amount of
bullion in its vaults. The panics of 1825 and 1837 provoke
d
1862
FINANCIAL CHRONICLE
[VoL. 127.
The objection urged against the adoption of the Peel act
is not less foolish now than it was then. Every thoughtful
man knows that prosperous trade provides its own credits.
Under such circumstances, deposits always increase. If
they do not, something is wrong. Declining deposits and
rising discounts are proof positive that over-trading has
gone too far, and goods bought or made can not be disposed
of at cost. To use notes to supplement the lending resources
of the banks is the worst possible policy, because it facilitates borrowing when paying is becoming increasingly difficult; and must ultimately result in insolvency. It did in
1919-1921. It will always do so. No sort of banking can
prevent over-trading. The utmost banks can do is to restrain it. The best restraint, the only effective check within
reach is afforded by the limited resources of the banks. If
they can not lend, foolish traders cannot borrow.
To-day trade is active and profitable, prices advance,
merchants borrow to buy and sell to pay, and deposits and
discounts rise ratably; to-morrow trade is arrested, goods
cannot be disposed of, discounts increase, deposits fall, production is curtailed, workmen are discharged, and prostration follows. Such fluctuations occurred before and after
the Civil War, when banks used notes and when they did
not. Always the issue of notes to help trade under such
circumstances resulted in disaster. It did in 1921.
To-day the Reserve banks seem to have no policy and to
be guided by no principles. During the speculative mania
of 1928, although $500,000,000 of gold left the country, they
made no corresponding reduction in their notes. Their
efforts to control speculation during the current year seem
to have been fruitless. They have not checked the flow of
credit to Wall Street. Between June 30 1927 and June 3e
1928 the loans and investments of the 8,929 Reserve member
banks increased $2,500,000,000, and during the same period
their demand deposits declined $59,000,000.
Were these investments and discounts prudent? If not,
should the Reserve banks, assuming they are authorized to
do so, issue notes to rescue them? If they do, what should
be the consequences? To borrow and buy a stock or bond
currency.
worth $1,000 for $1,050, is to confront a loss from which
To this view it was objected that if notes be not used to
and it is foolish to attempt
the busi- the investor cannot be rescued,
supply the place of outgoing gold at a time when
to do so. It is equally true that to buy a commodity for
ness of a country requires increasing credits, the banks will
more than the market will pay for it, is to invite loss; yet
be compelled to withhold assistance from business when it
in the latter case the reserve banks are expected to lend
is most needed and so fail in their public duty.
help, and as they have no other resources they must resort
The Committee frankly admitted that such a restriction
to notes for the purpose if they attempt to do so.
of notes to the gold on hand might have the effect suggested,
I know that in the current year the Reserve banks have
but insisted that periods of excitement, rising prices and
refrained from such indiscretion, yet in 1918-1919 they did
and if the restricover-trading ought not to be encouraged,
-day firmly convinced that it will
not, and the public is to
tion tended to prevent or arrest the progress of such oversomehow be rescued by them, however daringly imprudent
trading, it ought not on that account to be deprecated.
its ventures.
The argument of the Committee was approved by parliaThe old rule, patiently and laboriously arrived at, which
the Peel
ment and its recommendations were embodied in
has been verified by all subsequent experience, is a better
Act of 1844.
guide than any visionary scheme of benevolence. Notes
The Reserve banks are banks of issue and deposit. If
should never be used to supplement the lending resources
the considerations which prompted the Peel Act be sound, of the banks, but should be and remain at all times as
they also should be conducted in accordance with the princi- nearly warehouse receipts or certificates of deposit as the
ples upon which the act 'rests. Yet the Reserve Act seems exigencies of the moment permit.
to contemplate, and it has been the practice of the Reserve
It is true that these conclusions seem to have been overbanks to do, precisely what the Peel Act forbids. So we thrown by the events which followed the adoption of the
are forced to reconsider the questions involved.
Act of 1844; for in 1846, 1857 and 1866 the government
With respect to the propositions laid down by the Com- found it necessary to suspend the restriction of the act and
mittee, there should be no controversy. Our own history the panics of those years were instantly arrested by the
confirms them. For a hundred years our State banks used generous use of notes; but the exceptions prove the rule.
notes •to supplement their lending resources, and always If notes had been put out prior to the panics to supplement
with the same result. The notes added to the excitement
the resources of the banks in the periods of over-trading
of the moment and a collapse, repudiation, insolvency and
which resulted in the panics, they could not have been used
prostration followed. During the recent war a like use of
effectively afterwards.
notes was made by all the nations. Put out in great quantiThe Reserve banks are not bound to issue notes. They
ties, they inflated prices, stimulated industry, induced demay withhold them for emergencies and compel the member
lirium and then a general collapse. Pound sterling notes
banks to be prudent at the right time. They should let
were worth $3.19, francs 4, marks 4 and lira 4 cents, in 1919.
business alone and compel it to rely upon the credits it
The depression which followed the war is too notorious to
creates. If they wait until these shall have been exhausted
require discussion. Our own banks, less foolish perhaps,
and the member banks shall have applied all the pressure
while maintaining specie payments with the fugitive gold
the occasion requires; if they will but stand by until all
if Europe, put out two and a half times as many notes as
proper expedients shall have been tried and failed, and then
Prices advanced 100%, the cost
the gold dollars on hand.
use notes to check the fear that follows, their intervention
of living became excessive, buying was arrested and a forced
will be at once timely and helpful.
Ifnuidation, a violent collapse and general disaster followed.
Such was the practice of the banks prior to 1913. At
tiolaq that were ovc”whclmed by the tide of speculation,
,
,
Trae or Slurrency. 1857.
crises, and
a parliamentary inquiry into the causes of these
of its hearings the Committee reached the
as a result
following conclusions:
A paper currency in order to serve successfully as a
substitute for gold must not only at all times be convertible
Into gold but vary in amount precisely as the circulation
would have varied if it had been metallic.
If the gold in the Bank is decreasing, a corresponding
decrease in its notes should be accomplished.
The observance of this principle is incompatible with the
use of notes to augment the lending power of the Bank.
In support of its conclusions, the Committee submitted
the following considerations.* Where a gold currency only
Is used, the stock of gold in the various countries having
commercial relations will vary from time to time in conformity with the general level of local prices as compared
with prices elsewhere; that is, gold will tend to flow from a
country where prices are high and capital is cheap to a
country where the contrary is true, and to return under
opposite conditions. Such fluctuations ought not to be
interfered with, because it is advantageous to all concerned
to buy where goods are relatively cheap and gold is abundant
and to sell where the contrary is true. Money is after all
nothing but a commodity, and the best use that can be
made of it is to exchange it for relatively cheap goods. So
only can the level of international prices be maintained in
proper equilibrium and so only can each country retain its
proper amount of currency.
To substitute notes for outflowing gold is to maintain
prices and prevent the return of the gold; and if such
substitution be carried too far, suspension of specie payments must follow. In this connection the Committee
pointed out that before the panics of 1825 and 1837 the
stock of gold in the bank had become so low as to threaten
the convertibility of its notes, and the bank was compelled
in one instance to borrow gold from France. The Committee therefore recommended that where gold is leaving the
country, a corresponding reduction be made in the paper
OCT. 6 1928.]
FINANCIAL CHRONICLE
yet by resort to Clearing House certificates, confidence was
speedily restored. The notes put out by the Bank of England in 1846, 1857 and 1866 answered the same purpose.
But these notes and certificates carried a high rate of interest and were retired as soon as the crisis had passed.
Reserve Rotes properly used, temporarily, at high rates, and
then retired, would he equally effective. They should not
be otherwise used except to provide a more convenient
currency than gold.
I have entered upon this discussion not for the purpose
of criticising the Reserve System, but to show the absurdity
of the prevailing notion that it is its duty to help men to
folly. Notes should be reserved for emergencies. So only
can they be of service to the community. The restriction
of the Act of 1844 was wise. The policy it suggests should
be adopted by the Reserve banks. The adoption of such
a policy would at once simplify the operations of the Reserve Banks and relieve them of responsibilities Which can
not safely be entrusted to anybody, much less to banks
having a motive to make money by the sale of artificial
credit
I. H. LIONBERGER.
Plight of Small Borrowers—Senator Pine
Protests to Federal Reserve Board.
[Bditorial Article in New York "Journal of Commerce" Sept. 24 1928.1
1863
the centralization of banking facilities in the large centers
combined with a tendency to direct branch operations from
those centers with too little feeling of responsibility for local
needs. The chief virtue enshrined in the midst of the many
admitted defects of our independent system of non-branch
banking has always been considered to be the better provision for local credit needs afforded by the existence of local
banks.
If such banks do not recognize any responsibility for
meeting the demands of local customers, if they transfer
their resources to other districts, moving them in search of
profits, on a scale not required in the interests of sound
diversification, this supposed peculiar efficacy becomes a
myth and our banking organization becomes a legitimate
object of criticism.
Views on Business Expressed by Bankers at A. B. A.
Convention—President Preston Finds Present Era
One of "Reasonably Well Distributed Prosperity."
Bankers gathering at Philadelphia from all parts of the
country for the 54th annual convention of the American
Bankers Association were asked for their individual views
on the business outlook. A number of officers of the Association and delegates to the convention expressed themselves
as follows:
Thomas R. Preston, President Hamilton National Bank,
Chattanooga, Tenn., President American Bankers Association:
Any comment on the business situation must take Into consideration
Senator Pine of Oklahoma charges that the small banks of
very different economic panorama to consider than
the fact that we
the farming districts are being "cleaned out" by the bank ex- only a few years have aI do not mean to imply that fundamental economic
ago.
aminers. He is protesting to the Reserve Board and the principles have changed, but the dimensions of many phases of business
Treasury against the continuance of policies which in his through which these principles work are very much changed. The reduced
than before to do
that it takes numerically
value of
opinion are forcing local banks to place their funds and the samethe dollar meansand we therefore must get more to larger financial
used
amount of work
make their loans in other parts of the country. The result, figures. Again, in many fields of commerce and industry larger business
according to Senator Pine, is that local deposits that should units are proving increasingly effective and are being built up through
enlargements of capital.
be available for local borrowers are transferred to New York mergers and a larger proportion of economic enterprise is in the corporate
Yet again,
and other centers to be used in the stock market or else form than formerly and this had led to larger supplies of securities. At
the same
they are plaeed in commercial paper or employed in direct through time more people are familiar with corporate securities both
investing and through employment by corporations which have
purchases of stocks and bonds.
also largely fostered employee investment in them. All these factors have
Such criticisms probably do scant justice to the bank ex- led to larger volumes of transactions in the securities markets and the appliminers, who no doubt find themselves confronted with many cation of greater volumes of credit for this purpose than when securities
and investors were fewer.
unpleasant but necessary duties involved in the elimination
So fast have changes come about that many observers have become
from bank port-folios of nonliquid paper. Their zeal in- startled or even alarmed at the magnitude of our business figures to-day.
But what would have been inflation under former conditions to-day largely
stead of being excessive is more likely to prove inadequate represent the normal dimensions of these larger times.
to the task set them. Nevertheless the charges made direct
I believe the nation is economically sound in virtually all departments.
public attention to a situation that demands serious con- Agricultural prospects are good; industry and employment, except in one
or two lines, are active and commerce is vigorous. Inventories of goods
sideration. Whatever the reasons, whether due to officious are not swollen, and although prices generally are somewhat higher than a
supervision or voluntary action, the resources of many banks year ago. I do not think they have reached the point of inflation.
The stock market presents a mixture of sound and unsound speculation,
in rural regions are finding a large and growing employment
and It is to be hoped the better phase will prevail. Interest rates are high
outside the districts which they are supposed to serve. because of the very active competitive demand that has developed coLarge numbers of banks assert that the funds in their posses- incidentally with the shrinkage of our reserves through gold exports, but
sion are too great to find profitable local employment under there is as yet no actual money stringency, and I believe the supply of credit
will be adequate to carry on the nation's fall business. The political camsafe conditions on terms that are acceptable to a commercial paign has not been an unsettling influence in business.
bank. In some sections of the United States this is without
I feel that the present era may be considered one of reasonably well
question the situation and, under any circumstances, a distributed prosperity and that the year will continue along the same lines.
Craig B. Hazlewood, Vice-President Union Trust Co.,
judicious amount of outside investment in securities and in
commercial paper is essential in the interests of safety, as a Chicago, First Vice-President American Bankers Association:
The present credit situation is the result of changes in fundamental
guarantee against those local catastrophes and specialized
an artificial
that it
misfortunes that often affect the credit standing of good and factors and is not simplypossibilities, situation.noAlthough it is truenormal
there is
doubt but that
possesses some serious
bad risks alike.
conditions can be restored without checking the good business to which we
When, however, the trend away from home to the financial have become accustomed in this country. Fortunately, the tightening
rates has not depressed general business up to this time, nor have
centers becomes so pronounced as to deprive local borrowers of money
we seen inflation in the prices of consumers' goods. With the exercise of
in good standing of the credit accommodations that they the proper degree of caution by the banks of the country, and with the
flexibility of our Fedeal Reserve System,
have in the past been accustomed to obtain, a legitimate fundamental soundness andout
we should be able to smooth
any unevenness in the present credit situcause of complaint arises. Senator Pine's protest is based ation.
upon the belief that this is the situation in his own State,
John G. Lonsdale, President National Bank of Commerce,
but his disapproval is aimed at examiners, not at the banks St. Louis, Second Vice-President American Bankers Assothemselves. It is not necessary, however, to envisage all ciation:
country banks as victims of Government examiners in order
Conditions appear favorable for increased trade and extended Industrial
to understand why their funds are going into securities sold activity during the fall months of this year, due chiefly to the new wealth
Virtually all
to them by persuasive investment houses with active selling produced by agriculture, the basic industry. having been sections of the
broken in many
nation have shared in excellent crops, records
agencies. Neither is it difficult to comprehend why the localities. Corn production has reached a new peak; wheat generally has
rates of interest ruling in the call market to-day lure the exceeded expectations; cotton at this writing has favorable prospects;
there is an abundance offorage crops,fruits and vegetables,due to favorable
resources of rural banks to New York.
weather; dairying is experiencing a profitable era, and livestock and produce
Although the cityward trend of country bank funds is in are paying good returns. The increased purchasing power of the farmer is
already being reflected in many lines and should extend eventually to
part due to temporary causes, the movement as a whole
all forms
has been a development of steady growth, finding counter- virtually favorable of business.
economic factors, too, appear in the picture—such as
Other
parts in the conditions that prevail in other countries. moderate inventories,sustained building operations, activity in the iron and
steel business and automobile manufacture, but the chief consideration is
Everywhere—in Europe as in the United States—there is
deep dissatisfaction with the failure of the banks and credit the improved conditions of agriculture.
With the banking situation fundamentally sound, it appears there will be
agencies to supply the legitimate needs of small industries ample credit available for seasonal demands. Firm money rates may retard
some business activity but it is anticipated that this will be a minor inand of agricultural borrowers. On the Continent the negdemand resulting from low inventories and
ected state of these applicants for credit is attributed to fluence in comparison with the
an increased agricultural purchasing power. It would appear then that the
1864
FINANCIAL CHRONICLE
last six months of 1928 should set a relatively better mark than the first half
of the year and a distinctly better mark than the second half of 1927.
W. S. McLucas, Chairman of Board, Commerce Trust
Co., Kansas City, Mo., President Trust Company Division,
American Bankers Association:
[VOL. 127.
Agriculture is still on the upgrade. The purchasing power of farm
products in the last few months has ranged from 89 to 95% of pre-war
times, in May and June reaching the highest since 1920. More efficient
methods in farm practices are reducing the costs of production. This
has been shown by the greater increased activity in the farm implement
business. While farm labor costs remain high, the use of improved m-a
chinery has so reduced production costs that wheat, for instance, can
be produced at as low a cost per acre as before the war.
Banking resources are ample for the credit needs of the farmers who
deserve credit and are in position to use it wisely.
In the Kansas City trade territory and in the West generally conditions
are fairly prosperous. Taken as a whole, we probably have the most abundant crops on record and I can see no reason why fairly good conditions
should not continue.
Credit conditions generally are more satisfcctory than for many years
J. H. Puelicher, President Marshall & Ilsley Bank, Milpast and our banks are easily able to take care of the requirements of our
Commission, American
many who have considered this waukee, Chairman Public Education
customers. It is, however, the view of
angle of the United States generally that there is food for Bankers Association:
question from the
serious thought in our enormous reduction in gold supply, when coupled with
In spite of the widely accepted conviction that the Presidential year
the large increase in discounts with the Federal Reserve Banks and other would bring uncertainties which would result in slowing up business, nothing
in deposits. Since 1924 a large of this nature has been true in the Middle West. My particular section,
banks, in the face of relatively small increase
proportion of the funds of our banks has gone into stock exchange loans, Wisconsin, has been fortunate in continuing a wide diversification in its
bonds, securities and commercial paper. The discussion in banking circles industry, as well as in agriculture, and there has been, in general, improveconcerning the proper ratio of such use of bank funds is attracting con- ment in both. A few individual lines have not fared quite so well, but as a
sideration of all bankers.
whole the profit for the first six months is reported above the first six months
Credit has been extended in extraordinary proportions and more individ- of 1927. The large expansion in the automobile trade has been favorable
uals have available credit of one kind or another to-day than ever before. to our section, and the increased production during the summer in that and
That there is now an over-extension of credit in securities, as well as in the the metal trades has brought up employment figures. Wages are high and
distribution of merchandise, is a reasonable conclusion and men administer- the community in general seems prosperous. One-half the gross agriculing the financial affairs of the country have a great responsibility for main- tural income of Wisconsin is derived from the sale of milk and cream. The
consumption of dairy products is increasing and the price of milk as well as
taining a proper balance in use of available funds.
butter and cheese has been higher in Wisconsin for the first seven months
R. S. Hecht, President Hibernia Bank & Trust Co., New of 1928 than for the same period of 1926 or 1927. As in other sections the
Orleans:
growth of chain-merchandising and chain-banking is being watched with
The credit situation in the South is sound, but total bank loans are the both interest and apprehension, many feeling that the independence of the
highest they have been in over five years. Deposits are substantially lower individual is slowly disappearing and that the basic advantages of individual
than at the beginning of the year, and many millions have been withdrawn attainment in this democracy are disappearing with it.
As in other parts of the country, the high return on stock exchange loans
by individuals and corporations to be loaned out on call in New York.
Crops are promising, but somewhat late. As a consequence country bank has induced some banks to withdraw their support of the commercial
is
borrowings are heavier than usual at this season. Fall requirements of paper market, and to loan their excess funds on Wall Street, and what
bank
trade and industry are just about normal, and the higher rates prevailing more surprising, has induced large industrial concerns to withdraw
of industrialists going
balances for use in Wall St. While the practice
do not appear to have been harmful to business generally.
As elsewhere the main expansion of loans has been largely on the class of into the banking business is somewhat new and has as yet not had opportunity to stand the test of experience, it would nevertheless seem unwise
by stocks, bonds and other collateral.
those secured
do
At the moment there are no signs that money in our section will become when tested from the viewpoint of the whole situation. Bankers who
not believe in the encouragement of the speculative tendencies which seem
appreciably easier before the end of the year.
so apt in human nature generally, have in the face of high rates and quick
Thornton Cooke, President Columbia National Bank, turn offunds insisted upon supporting the commercial paper market,taking
a considerately lesser rate because of the feeling that it is the duty of a
Kansas City, Mo.:I
of his own community, then of inThe Middle West is looking forward to a prosperous fall and winter. banker to support the enterprises, first,
And when the industrialist withdraws
The yields of wheat and corn are both exceptional and while grain prices dustry and commerce generally.
out of his own line of endeavor into
are lower than a year ago most farmers will nevertheless have excellent his funds from the bank account, goes
and into that branch of the banking
profits for their year's work. The supply of hogs is below normal, and of the banking field for making profits,
go into unless there is absocattle there Is a distinct shortage, but prices of both are high and live stock field which many bankers feel they should not
and commerce, he appears
men have made good money. As a result there is a much better feeling in lutely no use for their excess funds in industry
to be venturing on a strange journey indeed. He appears to be advancing
the business world,shared by merchants, manufacturers and bankers.
that Is, the cost of money
The only misgiving one hears expressed arises from the strain upon credit the cost of money to industry and commerce,
and while he may be the fortunate
caused by security operations in New York. As we of the West view it, to the group of which he is a part,
our farmers try to one to get the large return on his Wall Street banking ventures now, there
debt is still debt no matter how vast the scale. When
industrialists are
carry their wheat and live stock too long on borrowed money, they usually may come a time when he is the borrower, and other
of the conservative bankers
have to take a lower price in the end. For that reason it is hard for the advancing the cost of money to him. Many
Middle West to believe that stocks and bonds that are being carried with are looking on with wonder and wondering.
five billion dollars of borrowed money can finally be marketed without
C. S. McCain, President National Park Bank, New York
serious credit disturbance.
the same time, it is impossible to believe that there could be a real City:
At
money crisis. The reserve ratio of the Federal System is smaller than a
I look for very excellent business for at least the next six months. The
year ago by about 10 points, but would still be considered ridiculously high crops in the Middle West and the South are excellent and are being marketed
in the world. It ought to be kept at fine prices which will yield the farmer a handsome profit. As a result
by any other central banking system
high, of course, until the abnormal concentration of gold, arising out of war of this the agricultural sections of the country will be in the best financial
and post-war conditions, has been corrected and the policy of the Federal condition that they have experienced since 1920. The added purchasing
Reserve Banks directed toward that end this year has so far prevented power which this will give will be reflected in all Lines. One of the greatest
speculation and gold shipments from reaching proportions that would have benefits of this condition has been the interest in the purchase of farm lands
endangered business itself.
as they have practically had no market since 1920.
In short, because of unusually large agricultural production, trade is
Politics has had less effect on business this year than at any national
good in Western centers, and factory products ought to find satisfactory election for many years, although the campaign is evoking intense interest
business.
markets here. Politics is not disturbing
in all parts of the country. Business has nothing to fear from the success
either party.
National ofThe money situation is abnormal and unquestionably must have reJ. W. Barton, Vice-President Metropolitan
adjustment. When we see call money lending at from 7 to 9% we must
Minneapolis, said in part:
Bank,
signal because we are not a 7 and 9% country.
The peculiar condition that has arisen in our credit structure would not realize that this Is a danger
prevailing not because of commercial demand but the unmerit much serious consideration, in my opinion, if it were in fact a seasonal These rates are
but precedented demand for Stock Exchange loans by reason of the large turnexpansion in rediscountable bills in the face of contracting gold reserves,
the over in the stock market. The shipment of over five hundred million dolit is not,and that is why it Is peculiar. We have a very large expansion in
with the resultant contraction in credit in the face of
nature of stocks and bonds, long time non-eligible securities, in the face of lars in gold abroad,
demand for Stock Exchange loans, has brought about the
contracting gold reserves; the result, a material decrease in bills eligible the continued
situation. These rates will I think prevail for the remainder of
present
for discount at the Federal Reserve Banks.
at least, and I see no possibility of a change until we have had
Because of the low rate at which practically all corporations of any this year.
are large
their preferred stocks and bonds to the public within the a decided liquidation in securities. I do not believe that there
size continue to sell
produce amounts of undigested bonds and stocks in the market at this time as most
past few years, this method of financing has been indulged in to
liquidated during the last ninety days.
an of these have been
working capital by such a large percentage of corporations and to such
lines of
The business of the country is so fundamentally sound and the banks are
extent that at no time of the year are these concerns using their
requirements as formerly, which thereby in such excellent condition that I feel confident the present money situation
credit at banks for seasonal
Act. Not will be worked out without any great disturbance to the country as a whole.
produced paper eligible for discount under the Federal Reserve
method
is this eligible paper now diminished by the long time financing
only
now loaning
W. R. Morehouse, Vice-President Security Trust & Savresorted to so universally, but many of these same concerns are
Many of them are in the call money market ings Bank, Los Angeles:
money on call in large amounts.
in my
several months out of each year. Too much long time financing
No great concern is manifest in Southern California over conditions existthat it is
opinion is proving detrimental to our economic structure, in
of the country. It appears that the present
was ing In the credit structure
defeating the intended function of our Federal Reserve System, which
situation is one of transition, which will be worked through safely to a more
on the business volume.
created to give us an elastic currency based
stable basis before many months have passed. It is true that a great volume
of stock market credit has grown up, but a great volume of credit has been
Burton M. Smith, President Bank of North Lake, North available and, not finding other employment, has gone into speculation
Chairman Agricultural Commission, American because conditions have been favorable. In spite of prosperous business
Lake, Wis.,
relatively less credit has been required because after the post-war depression
Bankers Association:
learned the lesson of excessive inventories. Efficient transportaThe situation for the livestock farmer with a well-balanced program Is business
on
Cattle, tion and the commodity price structure have contributed to operations
good. Poultry and dairy products are commanding good prices.
demand for credit.
satisfactorily. While the market for some of smaller margins, thereby lessening the
sheep and hogs are selling
There is no present indication that there will be any sudden, excessive
the feed grains appears low, the farmer who markets his crops through
demand for credit from business. On the other hand, there are indications
livestock has no complaint.
will slacken.
As far as farm credit is concerned, the livestock farmer in good standing that stock market interest
Meanwhile, business acceleration, the withdrawal abroad of some of our
has no difficulty in securing all the money he needs. In many of our prosdiscouragement of recklessness by the Federal
perous dairy and livestock sections the farmers' loans are not sufficient in gold reserves and conservative
commercial banks themselves may be expected to
volume to take care of the loanable funds and banks must seek commercial Reserve system and the
effect equilibrium without undue disturbance. Business has been active
paper.
this summer, manufacturing output, except in a few lines, has been well
Dan H. Otis, Director Agricultural Commission, American maintained, the agricultural outlook Is promising and all together point to
a gratifying volume of autumn trade.
Bankers Association:
OCT. 6 1928.]
FINANCIAL CHRONICLE
1865
Annual Convention of American Bankers' Association.—Speeches Featuring the
Meeting.—Retention of Present Form of Organization Decided Upon.
More than usual interest centered in the addresses which
figured in the programs of the general convention af the
American Bankers' Association and its various Sections and
Divisions. Meeting in Philadelphia this week, for its fiftyfourth annual convention, the bankers had an array of
speakers whose subjects were of particular import. The
expanding volume of credit formed the principal topic of
discussion, Representative Louis T. McFadden, Governor
Roy A. Young of the Federal Reserve Board and Leonard
P. Ayres, Vice-President of the Cleveland Trust Co., among
others, having something to say on the subject. Because of
the interest which the remarks of the foregoing have awakened, we are giving further below their addresses in full,
together with that of Comptroller of the Currency McIntosh.
We may note here that all of these addresses will likewise
appear in our annual number—the "American Bankers'
Convention Section"—which will be issued Oct. 20, and
which will contain a full account of the deliberations of the
convention, including the speeches and reports which made
up the programs of the convention proper, the Divisions
and Sections. In Governor Young's speech be made the
statement that:
Since the Federal Reserve banks furnish the basis of credit growth in
any field, whether it be commerce, industry, agriculture or the trading in
securities, the Reserve System feels concern about excessive growth in any
line of credit. It is impossible for a Reserve bank to earmark the credit
it releases, but when too rapid growth in any line of credit threatens to upset
the financial structure of the country and make undue demand on the reserve funds, which should be conserved for the legitimate growth of the
country's business, the Reserve System can properly use its influence
against these undesirable developments.
In the "Times" Philadelphia dispatch, Oct. 3, we find
the following:
The speech did not create the stir among bankers thatidid the one of
Representative McFadden, who declared on Monday that "the apparent
efforts of the Federal Reserve management to restrict the speculative
position have proved unsuccessful."
The Federal Reserve Governor declined after his speech to answer ten
written questions propounded to him by newspaper men concerning his
attitude on brokers' loans, supervision of the loans by the Federal Reserve,
possible changes in the Federal Reserve Act and other questions pertinent
to present financial problems.
In addition to the addresses which we mention above,
that of R. S. Hecht, President of the Hibernia Bank &Trust
Co. of New Orleans, before the State Bank Division, on
"Our Unit Banking System" is one of equal interest, and
will of course, be incorporated in our forthcoming annual
number. Resolutions on the credit situation were adopted
by the general convention at its concluding session on Oct. 3,
and these will be found elsewhere in our issue to-day. In
his address as President of the association, Thomas R. Preston proposed the formation of a world-wide association of
banks which would promote fuller comprehension of "the
difficulties which beset every country and would make for
more cordial and sympathetic understanding" among the
nation. President Preston said:
I would recommend the forming of an International Bankers Association.
It seems to me it would be impractical to have any other kind of an association except a delegated one. Such an association would not only help
us solve financial and industrial problems, but would bring to the world a
better understanding of the problems and difficulties which beset every
country, and would undoubtedly make for a more cordial and sympathetic
understanding among the countries of the world.
If the United States is to maintain its financial and industrial supremacy
it must continue to lend, invest and sell abroad. Foreign business will be
more important in the future than in the past. We are so closely related
to other countries that what affects one section of the world affects all. It
would be desirable to have a meeting of representatives of all the banks of
the world at some convenient point like New York, London, Paris or Berlin
at intervals of two to three years.
Resolutions favoring the formation of an international
banking association and closer and more mutually helpful
relations between member banks and the Federal Reserve
System were adopted by the National Bank Division of the
American Bankers Association. A third resolution adopted
opposed the redemption of United States 2% consols in 1930.
On Oct. 1 the Committee on Reorganization of the American Bankers Association appointed last year at the close
of the association's Houston convention, reported to the
Executive Council of the A. B. A. in favor of retaining the
present form of organization. This means that the present
divisions of "national bank," "saving bank," "State bank"
and "trust company" will be retained. Because of changes
in banking laws and practices by which practically all banks
are performing commercial, savings, trust and investment
functions it was proposed that the old division names be
dropped and new ones, based on these functions, be substituted. While reporting in favor of keeping the present form
of organization, the Committee recommended, however, that
where the present divisions have common interests that
they co-ordinate their interests more definitely than at
present. The report was accepted by the Executive Council.
Declaring that clearing-house work by its very nature
always results in creating a new spirit of mutual respect,
co-operation and uniformity of action which makes for safe
and sound banking, the Clearing House Section of the association, by resolution, on Oct. 1, outlined a program of action
for the coming year. Among its featares are the following:
The survey and continuing study of payroll problems which has been
helpful in protecting payrolls, preventing holdups and insuring the speedy
arrest and commitment of guilty parties.
Active co-operation with the United States Department of Commerce
and the National Association of General Contractors in developing and
adopting uniform negotiable warehouse contracts and receipts.
The continued installation of county and regional clearing house associations, thus permitting country banks to avail themselves of the benefits
and safeguards of clearing house association facilities.
The universal adoption of standard-size checks and uniform face arrangement of essential data which already has resulted in an immense saving of
time and expense.
The study and preparation of uniform financial statement forms for corporations, firms, individuals and farmers, simplifying and standardiAng
without omitting any salient features of those now in use.
Reiterating its stand that there should be greater harmonization of the banking laws of the several States and
that continued efforts be made to secure the greatest possible
degree of uniform and efficient State banking service, the
State Bank Division at its convention meeting on Oct. 2
urged that the office of State Bank Commissioner be made
as free from entangling partisan politics as the judiciary
itself and that it be divorced from all other functions of
State government. "We are convinced," read the resolution,
"that the tenure of office of the bank commissioner should
be made more secure and lasting, with salary and function
adequate to attract to the office and retain the services of
men of outstanding executive ability,courage, resourcefulness
and successful banking experience. We further believe that
to men of this type, larger discretionary powers in the administration of the State banking laws may safely be given."
The division declared itself in advocacy of certain general
banking provisions in the States. This resolution will be
given in full in our annual convention number. The newly
elected officers are noted elsewhere in to-day's issue of the
"Chronicle." Below we give the four speeches referred to
above.
Dynamic Banking
By Louis
T.
McFadden, Chairman of the House Committee on Banking
and Currency, Washington, D. C.
The keen observer who travels through our country cannot fail to be impressed by the restless energy of our
people. We work hard and we play bard. We have harnessed the forces of nature to drive the machinery, we
have invented to produce and distribute and consume the
things we need and the things we want. We move about
rapidly in fair weather and foul weather, not even waiting
for the light of day to show us our way. We plunge along
at high speed over guarded rails of steel and over twisting,
climbing roads of gravel, dirt and concrete that lead us
with certainty to our destination. Our cities present a
spectacle of ceaseless motion, force and power, while the
highways and by-ways that run therefrom into the open
country are seldom without some manifestation of power
In motion.
This is a dynamic country, and we live in a dynamic
age, created by our desire to better our condition and to
get the material things necessary for our welfare, comfort
and pleasure. We have created apd set in motion a highspeed, powerful machine to supplant our puny, physical
efforts, but the machine seems to have reacted upon us,
and to have imparted to us some of its power and speed
until we have become the wonder and the envy of our
1866
FINANCIAL CHRONICLE
old world friends in our ability to accomplish material
results and get ahead. We do not wait for what we want
to come to us. We go after it. Thus we are known as
"go-getters." We do not wait to be told what kind of
service we should give, but we invent various kinds of
service and persuade our neighbors that, although they
may not know it, the only thing they need to make them
prosperous and happy is the particular kind of service we
can sell them.
All of this boosts civilization. A people devoted only
to fulfilling the primary needs of life, such as food, shelter
and clothing, have not progressed very far. It is when
they begin to demand satisfactions beyond these prime
necessities that civilization begins to bud and flower. Thus
we find that the luxuries of a past generation are the
necessities of the present one, while the luxuries of today will be regarded as necessary by those who live when
we are gone. To supply these necessities and luxuries we
speed up the old machine and sometimes we create more
than we can use. We cannot eat all the food we raise;
we cannot occupy all the houses we build, and in many other
ways our productive capacity—the result of our dynamic
force—exceeds our capacity to consume.
In this world of force and energy every instrumentality
that contributes thereto, or results therefrom, takes on
some of the attributes of force and energy. Therefore,
it is not strange that some students of the subject regard
the present aspect of banking, as practiced in this country,
as dynamic. Such a view is entirely in harmony with
the spirit of the age.
Fifty years ago three kinds of banking were practiced
in the United States, each one devised for a specific purpose and each one confining its operations to work for
which it was created. First, there was the bank of circulation and discount, otherwise known as the commercial bank, used as an adjunct by producers and merchants
to create and distribute their commodities among the people. Second, there was the savings bank which afforded
the people an opportunity to save something out of their
earnings and income and thus become capitalists. Third,
there was the Investment bank, which supplied capital for
new enterprises and distributed income-producing investments to those who had become capitalists through the
saving habit. Each one of these three kinds of banks
dealt in a particular kind of credit, and very rarely one
invaded the field of the other. There seemed to be a
clear conception of the function of each one of the five
primary divisions of credit. Personal, or consumptive
credit, rarely found its way into the banking world, for
it was considered improper to use the credit of commerce
or the savings of the people to enable a person to supply his
personal needs or wants. Commercial credit, that is to
say, the deposits of manufacturers and merchants, was used
exclusively to create banking credit, which was turned back
into the domain of industry and commerce to bring into
present use the future or potential value of things produced and held for sale. To tie up such credit in investments of long maturity was considered unfair to industry
and commerce which produced it. On the other hand, capital credit gathered by the savings bank and the investment bank was used strictly in its proper field and not
loaned on the hazards of business. Public credit, to serve
the needs of the State, was supplied from surplus capital
saved from income and earnings.
To-day as the result of our great prosperity and the
increasing complexity of our economic and social life, the
three foregoing classes of banking have been augmented by
other forms of banking that are carried on under various
names. We have fiduciary banking, which manages the estates of living and deceased persons. We have building associations, which perform the functions of savings banks,
and some of them carry on a deposit banking business. We
have credit companies that gather up surplus capital to
be used in the domain of personal credit and investment
credit. We have investment trusts that pool the money
of individuals who trust it to their care, with which they
speculate or buy securities, according to the spirit or the
intelligence of the management. In addition to the foregoing forms of banking, many of our largest industrial concerns have grown so rich and powerful that they are in
For.. 127.
a position to lend funds to others and thus supply capital
for various purposes.
It is obvious that if everyone who is engaged in business,
or who saves something out of his earnings or income, should
keep his funds locked up, we would not have anything like
the business of banking. So, banking, in whatever form it
is practiced, is based on gathering up into a pile the unused surplus funds in the community to be taken care of
and used for productive purposes by lending them to those
who can use them profitably. Thus communities are built
up, strengthened and improved, and business is kept going
by the pooling of the surplus resources of the men of business and those who •have a supply of funds In excess of
their immediate needs. This is the appeal that every form
of banking, regardless of the name under which it is conducted, makes to the public. "Deposit your funds with
us, we are skilled in their use and we will take care of
them for you and pay you in service or divide with you
part of the profit we make." Thus, in addition to deposit
banking for the benefit of producers and merchants, very
many other instrumentalities that apply the principle of
banking to their transactions, have come into existence with
the result that we have to-day a highly complex banking
machine moving at high speed throughout the country.
This machine is composed of thousands of parts, represented by over 30,000 banks of every description, and hundreds, if not thousands, of other corporations that are
dealing in credit'in one way or another.
As the individuals in a community unorganized, and
each one acting for himself, cannot make effective use of
idle funds, but must accumulate them in relatively large
amounts in the hands of trained bankers in order to make
them effective, so in turn the primary and important needs
of the productive process cannot be met unless all of our
banking instrumentalities act in harmony in the use of the
credit within their keeping. It was to achieve this end
that the Federal Reserve system was brought into existence.
As the production and distribution of the necessities of life
take first place among our activities, the provisions and
the rules and regulations of the Federal Reserve system
were designed to permit the men of industry and commeree
to have access to our storehouse of credit ahead of all
others. The primary thought back of the establishment
of the Federal Reserve system in 1913 was "Credit for
production with special reference to our domestic situation." Under the provisions of the Federal Reserve Act
the only paper that is eligible for rediscount consists of
short-time self-liquidating obligations arising out of the
production and sale of staple, marketable products. Obligations based on personal or consumptive credit and on
capital credit are excluded. While it is true that public
credit represented by United States bonds can be used by
member banks for short loans, this was a war-time measure
and directly opposite to the theory on which the system
was founded. Some think that Government securities,
like instrumentalities of capital credit, should be excluded
as the basis of loans to member banks. In this connection
there seem to be two opposed schools of thought with resPect to the use of Federal Reserve bank credit. One school
believes that the original principle of rediscounts based
solely on commercial credit should be adhered to. Another
school would open the doors of the Federal Reserve system
to the instrumentalities of capital credit of all kinds as
a basis for rediscounts. If such a result is ever achieved,
the Federal Reserve system will become ineffective to serve
Industry and commerce, and it will inevitably be used to
foster speculation, and will eventually destroy itself.
Prosperity has been defined as a balanced condition of
production, distribution and consumption, under which the
producer can market all he produces at a profit, and the
consumer can supply his wants at the price he can afford
to pay. Prosperity is an Ideal, which has rarely been completely achieved here or elsewhere, but the principle involved is the goal of all of our business activities. Stable
credit conditions are essential to prosperity, and such attainment may be defined as a balance between the volume
of commercial and banking credit, and the volume of capital credit. If a large amount of banking and commercial
credit is withdrawn or withheld from industry and commerce, and sent out of the country through the purchase of
OCT. 6 1928.]
FINANCIAL CHRONICLE
1867
foreign securities, or if it is locked up for long periods ings departments; strengthening
of the banking situation.
through purchase of the evidence of capital credit, such as by consolidation, to the end that banks
will not feel under
bonds, debentures and mortgages, or if it is invested in the obligation to force their funds
into action indiscriminately
evidences of personal credit, that are repaid slowly on the in order to earn a fair return on the capital invested;
the
installment plan, or if it is used to promote speculation to a abandonment of the foolish practice
of bidding against each
large extent, there is danger that the proper balance be- other for business by offering high
interest rates.
tween the volume of banking and commercial credit and
The business of finance is not a thing in itself, but rather
capital credit will be disturbed, and industry and commerce a supplementary service to
the production, transportation,
will suffer or be compelled to pay dearly for its credit needs. distribution and consumption of goods.
These latter proSuch a condition seems to confront us to-day and although cesses are fundamental in society and
must be carried on.
industry and commerce do not appear to be suffering now, Financial methods and financial
institutions are changingnevertheless there is danger that the volume of speculation ly useful in direct proportion as these
indispensable proand the fight for credit, if it is not ended and a proper cesses are actually assisted. Financial
men are sometimes
balance established with respect to the use of the two classes too much inclined to view their 'methods
of organization and
of credit, will penalize industry and commerce.
of operation as ends in themselves. If a financial plan
There is ample credit of all kinds in the United States seems meet and logical on paper
bankers are apt to favor
for normal and legitimate use in supplying the necessary it without always consideri
ng its wider utility to the protools of production and in creating adequate methods of cesses of production, distributi
on and consumption. I have
distribution, in addition to producing all we can consume always felt that just
this sort of thing occurred when the
and export, provided it is properly used or managed. The Reserve system was originally
organized. Under the cirdifficulty in that respect is that there seems to be no stand- cumstances it was probably
necessary. But many practices
ard of practice in the proper use of credit and no instru- and organization methods
were written into our Federal
mentality that has the power, or if there is one that has Reserve Act, not because
they corresponded with the actual
the power, it seems to be loath to use it, which can lead needs of American productio
n, distribution and consumption
or direct, or in an emergency force, those who deal in credit of goods, but because a
workable system based upon them
to subscribe to and follow sound principles which have had operated in London, Berlin
and elsewhere. My own
been established by the experience of mankind. It is the experience in endeavoring to
adapt foreign banking methods
duty of wise statesmanship to establish a standard and pre- for use in this country has
led me to realize how easy it
serve the proper balance to the end that capital needs and is to find very successful and
workable methods abroad
the needs of industry and commerce shall not suffer, but which, when brought to this
country, do not correspond with
there are many difficulties in the way, which must be con- our economic background and
hence are largely unworksidered frankly, if one would attempt to point out how
it able here in practice. An instance is the term "settlement
can be done. In the first place, we have 49 sovereign system" employed on
foreign stock exchanges. Our Repowers, which have the right to charter banks
and all serve system has always stressed the importance of bankother forms of corporations designed to buy and sell
credit, ers' bills, largely deriving this attitude from the experience
namely, the Federal Government and 48 sovereign
States. of London. But America is not England and New York is
If all of the banking instrumentalities and organizat
ions not London. Bankers' bills mostly arise from foreign trade
which deal in credit were under the authority of
the Fed- in which they are undoubtedly necessary. But in domestic
eral Government, the task might be simplified. The
Fed- trade such bills, although employed to varying degrees in
eral Reserve Bank was intended to establish the
standard different countries, are not necessary in the same way.
of banking practice, but the only banks over
which the Obviously, therefore, the nations in whose whole trade forFederal Government has supreme control are the
8,000 eign exports and imports bulk very large must develop
National banks and such State-chartered banks
as are will- facilities for handling bills. And these facilities when so
ing to put themselves under the control and
direction of created will inevitably play a very large part in their
the system. Thus the very nature of our political
insti- whole money market and banking system. On the other
tutions makes it difficult to establish and maintain
a uni- hand, nations in whose whole trade the foreign trade is
fied control and set up a harmonious banking policy.
Is a small proportion will not equally develop a broad bill
not the condition that exists to-day due in some
measure market, nor will this bill market be large enough in proto that fact?
portion to the domestic trade to form a suitable
basis for
Another factor in the equation is the developme
nt of de- the country's whole banking and money market system. In
partmental banking by commercial banks, the indiscrim
inate England roughly one-half of the total trade is foreign trade,
mixing of credit handled by them, and the
struggle for as a result there is a broad supply of bills in London, suffibusiness at the expense of sound banking practices.
Banks cient to create a genuine discount market regulated not so
compete with each other by offering high
rates of inter- much by the manipulation of few banking institutions as
ests for deposits; they make capital loans out
of their de- by broad factors of supply and demand. Hence the Bank
mand deposits; they encourage the transfer
of commercial of England has always had a simple method of fixing
Its
deposits into time deposits because of the
lower reserve discount rates—by keeping its rate slightly above the
bill
required against such deposits, and they
keep their funds market rate and raising or lowering its rate as the
bill
working at high speed by seeking every
profitable invest- market rate itself rises or falls by reason of condition
s of
ment available, looking for the highest interest
rate pos- supply or demand. In this country our foreign trade
sible, and when they have any idle money in
reserve they amounts to something between 5 and 10% of our total trade,
force it out on call loans to brokers on the theory
that the with the result that the supply of bills in New York from
Federal Reserve system will pull them out of any
difficulty this source has regularly been insufficient as a basis for
which may overtake them through their efforts
to speed our entire banking system. As long as we remain the kind
up banking. In short, they deem it to be the
duty of the of country which we are there seems little reason to
bebanker to "bank" under all conditions. Many of
them lieve that this condition will change. Therefore, while
may have to do this in order to meet the
high cost of the development of a bill market here is in itself a splendid
doing business, and keep a fair return on the
capital in- and most praiseworthy thing, the theoretical assumption
vested. The theory that the banker must "bank"
under that the New York bill market is or will be largely utilized
all conditions is just as absurd as the theory that
the pro- for central banking and rate 'making purposes in the
same
ducer must produce under all conditions, even
though he way as England has done, is not realistic or practical,
no
faces a market saturated with his product.
matter how neat it may seem as a financial
method or
Some of the remedies suggested to right this condition however
eloquently British financial writers may describe
are: Segregation of sayings deposits and loans made
there- its utilization in London.
on from demand deposits and loans made out
Many years ago a great need for safe and liquid
of such
shortfunds, which will result in the use of demand deposits
for term loans in this country led to the establishment
of a
making self-liquidating commercial loans, and the invest- cash settlemen
t system on the New York Stock Exchange
,
ment of savings deposits in capital credit; a change
in the and the making of security collateral loans on demand
or
rate of reserve that banks are required. to carry,
in an ef- "call." This call loan market has come through
many severe
fort to check the flow of commercial dePosits
into the say- tests in the past, including civil and foreign
wars, almost
1868
FINANCIAL CHRONICLE
[VOL. 127.
ons, pe- dustry in the United States and that brokers' loans are
all species of currency heresies, inflations, depressi
bank deposits in the
and periods of business stagnation. greater to-day than were all the savings
riods of great activity
these United States at any time, prior to 1917 and they are more
It has been so strengthened by the necessity to survive
best than half as great as are the aggregate savings bank dealmost constant crises in the past that to-day it is the
posits of the American people at the present time.
organized security collateral loan market in the world.
The Federal Reserve system are charged with a grave
of organization in any marA good test of a high degree
al. responsibility in dealing with this situation because it
ket is the extent to which its operations are imperson
them to produce a business slump withIn poorly organized markets the personal factor is very would be easy for
iza- out intending to do so. In this connection it is interesting
Important, while in highly organized markets standard
.
views of a leading British authority on the
tion of practice arises and the personal equation vanishes to note the
imper- subject of finance, who is a student and close observer of
The New York call loan market is almost entirely
operations: "I am now more concerned
sonal. When a bank lends money at the money desk on the our Federal Reserve
e lest the Federal Reserve authorities should accidentally
Exchange floor, it does not know to what Stock Exchang
business depression by attempting
firm the loan will be made, nor does it particularly care. bring about a general
action toward the stock markets which, however
Similarly the Stock Exchange member borrower usually to take
not really compatible with the system's duty
cares very little from just which lender his funds come. well meant, is
in toward business. I think the Federal Reserve system may
Call loans are diversified as to collateral, standardized
right to try to frighten the speculators
units of $100,000, and permit of ready substitution in the have been quite
lenders a few months ago, but this having failed, I think they
collateral and can be handled even for out-of-town
better advised to leave Wall Street alone
with extraordinary facility. I imagine there is no denying would be much
e and let it boil over of itself, rather than do things Which,
that call loans on listed securities made to Stock Exchang
will certainly put at risk the general prosmembers are the safest and most liquid loans for these lend- if continued,
be perity of the country."
ers that exist in American banking. There seems to
Apparently the present situation was precipitated by the
no record of such a loan causing any loss to any lender—
Reserve policy last year to assist Enga statement which, of course, cannot be made of bankers' change of Federal
their attempt
or other superior bank- land and other central banking countries in
bills, United States Liberty bonds
currencies and return to a gold basis.
to stabilize their
ing investments.
ce has been rendered at the cost
Because of the ready availability of this class of loan for Now that this assistan
being thrown into a speculative frenzy, the
the investment of surplus funds, bankers, individuals, cor- of America's
authorities are attempting to get back
porations and other holders of available funds logically Federal Reserve
basis. In considering this dilemma, another
turn to this market when rates are made attractive as at to a normal
that it is
sucks into it all available noted English authority expresses the opinion
the present time. Such a market
that there is no inflation in commercial credfunds in the country. And because of the large accumula- very apparent
ties and, therefore, no need to restrict
tion of savings and the turning of national resources into its and commodi
but there is evidence of inflation in
liquid wealth, together with the improved credit facilities, commercial credits,
he suglendings in this market, the the stock market and in real estate operations, and
enhanced also by large foreign
Reserve credit is being used as is
total of brokers' loans are at the highest peak in their gests that if Federal
a serious risk. And all this might
history. This too at a time when our banks are being indicated, that it is
six months ago if the Federal Reserve
called upon to finance the annual crop movements (which have been obviated
the
y, though consider- management had been more drastic in dealing with
movements usually involve a temporar
ive tendency then indicated.
able, expansion of credit) and when many of the present well defined speculat
This same responsible authority further says that Fedreserves, which ordinarily are available for this purpose,
ent cannot ignore speculation in real
are being utilized in speculative directions, would indicate eral Reserve managem
that
nied by pres- estate or the stock market when it is definitely known
that the present monetary stringency accompa
is being used, particularly when
credit
ent high rates, unless relieved by a release of additional Federal Reserve
by collateral based upon very high
credit by the Federal Reserve system, will continue into these loans are secured
because in the event of collapse in
the late autumn and even over the turn of the eoming year. or inflated values,
d
ef- either case the banking system is bound to be weakene
This is made more certain by the fact that the apparent
serious banking as well as inte
forts of the Federal Reserve management to restrict the which might precipita
He points out, besides, that just as real
speculative position have proved unsuccessful. There is dustrial trouble.
market booms in the past have eacouraged
evidence that the Federal Reserve authorities are now re- estate and stock
ily
pro- spending, so the collapse of these booms will necessar
leasing funds through the open market transactions to
and thus injure trade. He further
vide additional credit which is found necessary for the discourage spending
it is utterly impossible for the Federal
strain incident to crop moving. In the Federal Reserve points out that
cencentrate attack upon any parto restrict speculative tendencies they Reserve management to
system's attempt
ticular form of inflation, but if they desire to check specuare confronted with the realization of their lack of control
either in real estate or the stock market, they must
over a vast amount of credit that is made available to the lation
penalize general trade to some extent and that it is better
:-neculative market when high rates of interest prevail.
these facts in the early stages of speculation when
They readily recognize the burden that rests on the Fed- to face
checks nor results of them need to be so severe
eral Reserve system in case of a sudden withdrawal frcm neither
predicament
of these independent funds through as when action is delayed, and in the present
the speculative market
will be a mistake if the Federal Reserve management
a loss of confidence, a lowering of rates, or the use in com- it
allow a reduction in money rates before the present volmercial or industrial lines.
brokers' loans are materially reduced. Also, member
Owing to the important part which the investment of in- ume of
they may reoccupies in connection banks must not be continuous borrowers else
dependent money in brokers loans
borrowing as the rule rather than the excepsuch
with our general credit situation and in order to permit the gard
and such a policy would seriously weaken the Federal
Federal Reserve to retain its control over the total volume tion,
management of the credit situation. The same
of credit, it may become necessary to place the supervision Reserve
Reserve manloans under the Fed- authority considers it unwise for the Federal
of the future granting of brokers'
operation the machinery designed to
agement to put into
eral Reserve system.
of credit unless they really intend to reduce
The recent ruling of the New York Clearing House, lim- reduce volume
result will be embarrassment and decreased
iting the accessibility of this market to loans of $100,000 It. The only
efficiency in the management. This authority approves
or multiples thereof, emphasizes the necessity of some
of the policy of the Federal Reserve system during the
kind of supervision over this particular market.
last six months and feels that it has been in the right direcA leading economist has recently pointed to the fact that
tly drastic.
more credit is being used in brokers' loans at the present tion but not sufficien
Reserve credit is made more accessible in times like the
time than is being extended to our entire agricultural inshort-time government securities as dustry, or than is being employed in our whole foreign present by the use of
l by member banks and by the Federal Reserve
,
trade, or than is being used in the automobile in lustry, or collatera
4
in open market operations. The availabilithe steel industry, or any other single manufacturing In- banks themselves
1
OCT. 6 1928.]
FINANCIAL CHRONICLE
ty of Government securities for the release of Federal
Reserve credit is partly responsible for the non-development
of trade acceptances and bankers' acceptances in this country. Federal Reserve authorities, recognizing the powerful influence to buy and sell in the open market, so long
as the law permits Government securities, because of their
ready availability, to be purchased and sold in the open
market, have insisted upon a continuance of this war-time
authority, and no doubt such use has influenced the Treasury in continuing to re-finance approximately two billion
dollars worth of the Government temporary debt (now represented by short time certificates of indebtedness) in this
form of security rather than the funding of this short time
debt over a long time.
I have heretofore directed attention to the fact that the
Federal Reserve system permits the use of Government securities as a basis for a release of Federal Reserve credit
to a greater extent than is perhaps judicious. Careful consideration should be given to this subject, particularly as it
is through this source that credit can be relsased in a
speculative market, and when so released, even though
for commercial, industrial, or marketing purposes, it is
quite apt .to go directly into the speculative loans which
will result in an inflation of what is perhaps an already
over-inflated, high-priced stock market.
The speculative minds in this country, realizing how dependent their business is upon ample credit facilities and
easy access thereto, oppose, of course, any restrictions being placed on the release of credit through the use of
Government securities. At the same time, they are not
too adverse to this and have already suggested a method
whereby additional credits can be provided through the
Federal Reserve system of making eligible for rediscount
brokers' loans in the form of what is known in the English market as Lombard loans. To my mind, to make eligible this class of investment securities for direct discount
and thus cause an additional release of Federal Reserve
credit, tends to inflation and is contrary to the principles
underlying the organization of the Federal Reserve system. If, however, our contemplated use of the Federal
Reserve facilities to accommodate commerce, industry and
agriculture in this country has changed, and we have come
Into a new era where industry, commerce and agriculture
are being financed differently than intended in the original
act, the act should be changed to meet the new conditions.
The development of mass production, centralization of industrial production and distribution, coupled with the centralization of individual banking endeavor, must be recognized, and just as truly as we have developed from the beginning of banking, we are going to continue to expand because banking must keep pace with the needs and requirements of advancement in commerce and industry and improved marketing conditions in agriculture.
Our central banking system as now <operated by the
Federal Reserve system is necessary in order that we may
maintain a gold standard and finance our domestic and
international trade as well as our own governmental and
financial transactions. If this system is to function
in
the discharge of its full duty, it must occupy a
commanding
position over the credit situation in the
United States
and in order to do this it must be placed in a
position
where it can control all the elements that enter
into this
credit situation; and if revision of the law is
necessary to
accomplish this, the necessary amendments should
be made
In the law so that the administration of the
system will
not be handicapped in its service to the one hundred twenty
million people for whom it was primarily organized
to
serve. And the management of this system should never
forget that they are trustees of the people of this country
whose destinies are to a great extent in their hands.
Much criticism has been expressed as to the policy pursued during the past year and a half by the Federal
Reserve management. Much of this criticism has not been
well founded but has been due to a lack of correct information as to the purposes to be served by the changed policy
of the system.
In the light of present information as to why
discount
rates were lowered to 3% a year ago and credit provided
for through open market operations, which
prepared the
way for the release for export of some $500,000,000
worth
1869
of gold to aid in the rehabilitation of Europe, looking toward stabilization of currencies and a return to a gold
basis of their major countries, I believe is recognized as of
benefit not only to the countries served, but to the United
States. The consequences resulting from the changed policy
of the system have been noticeable in this country in greater activities in stock market and by a somewhat improved
condition in commodity prices and have not resulted in business depression, but on the other hand, it is fair to assume,
have encouraged the improvement in business conditions
which are everywhere manifested at the present time. The
desired results abroad have been accomplished. Our own
domestic situation, so far as industry, commerce and agriculture are concerned, remains satisfactory, and the disturbed credit situation, occasioned by the change of policy,
seems to be at the present time well in hand. It would,
therefore, seem that the decision made by the Federal
Reserve authorities to render this assistance was wise and
proper, and that any harm that may have been wrought or
may yet be in store will be greatly overbalanced by the good
that was accomplished by this move.
In this new association, the importance and responsibilities of the operation of the Federal Reserve system have
been increased in its relationship • with the central banks
of the leading countries of the world, and as the association has become known through its accomplishments, attention has been directed to the subject of central banking
because of the fact in this consortium the Federal Reserve
Bank of New York has been acting for the Federal Reserve
system and virtually functioning as a central bank and
the other central banks look upon their contact with this.
country through the Federal Reserve Bank of New York.
as "The Central Bank of the United States." Therefore,
because of our close association now with central banking,.
it is well for us to familiarize ourselves with the functions
of central banking. Students of banking economics are of
the opinion that such co-operation is necessary and helpful,
and should be continued, but with certain limitations.
In this connection, it is interesting to note the views
of Professor Gustav Cassel, of the University Of Stoekholm, who recently appeared before the Banking and Currency Committee of the House of Representatives in Washington, when he said:
"You have a Federal Reserve system and *e most prominent function
of the whole system is to keep up the gold standard. You ask the Federal
Reserve system to do that and you find it quite natural they should be
able to exercise that function and nobody doubts that the Federal Reserve system is able to keep up the gold standard in this country.
"This is a function of the central banks, because inevitably the central banks have an influence on the value of gold. I mast be add that
this is the only point where the central banks necessarily have an influence
on prices. Therefore, you would abstain from adding any other duties(
to the central bank. It is not the function of the central bank to influence
the relative prices of different commodities; it is nut the function et
the central bank to increase wages or stabilise trade or encourage industry
or protect the farming interest or do anything like that; it is not even
the business of the central bank to influence the rate of interest cm
capital. Therefore, nothing of that sort should be put into the program
of the Federal Reserve system."
In the discharge of the responsibilities acting in its capacity as the responsible head of finance in America, it is
well to consider whether or not the Federal Reserve system has or has not been created with all the necessary
authority and power to handle the conditions with which
the system is now confronted, and in this connection it
is well to consider the powers that are exercised by othercentral banks of the world.
The practice of central banking is a matter of comparative recent date. England is the home of Central Banking and the foundations of the present system were laid In
the year 1844.
Besides the management and regulation of the currency
system, many other important functions are performed by
the Bank of England. These powers have been the ontcome of a gradual and almost unnoticeable evolution.
While other countries developed central banking systems somewhat differing from the English plan, it was not until
twenty years ago that the subject really attracted worldwide attention, which was considerably accelerated by the
severe 'crisis in this country during the year 1907.
The next crisis directing attention to central banking was
the complete collapse during the World War of many of
the currency and banking systems of the countries involved. •
A careful examination of the causes of the failures of thew
1870"
FINANCIAL CHRONICLE
central banks under the stress of war conditions has revealed that political pressure was put upon the central
banks to abandon the fundamental principles of sound central banking and to subordinate financial stability to political expediency.
• The next incident to attract the public to central banking
'was the meeting of the Financial Commission of the International Economic ,Conference in Genoa in 1922. The
reports of this conference really established the basis for
the formation of central banks in several of the European
countries.
• Wine the Federal Reserve system had long prior to this
time established its contact with central banks, particularly
with the Bank of England, the importance of these unofficial conferences and contacts were daily assuming larger
proportions and influences, and because of this the management of our system became aware of the advantages of
these associations to the industrial, agricultural and financial interests of this country. And at the same time with
international movements.
Apparently New York is now the money center of the
World. It is of primary importance that the assets of the
New York Federal Reserve Bank, and in fact the assets
of the entire Federal Reserve system, •who are co-operating in this "decentralized system" of central banking be
of the most liquid character possible. It is of real importance that the Bank should have the fullest power possible
in case it needs to increase or curtail the total volume of
credit in order to protect the central reserves and maintain
the gold standard, and because of this, its assets should at
all times consist of securities of short maturity and of such
a character as to be readily available.
Acting as the world's banker brings an additional responsibility, as it is incumbent upon such an institution to
meet sudden withdrawals of credit and gold in international transactions.
The Federal Reserve system is the most potential influence in the, world today, and because of this fact it is natural that attention should be focused on its management and
operation. The law provides that annually the Federal Reserve Board shall make a report to Congress. Each year
this has been done. The annual report, however, outside
of an analysis of figures, showing size, growth, or decrease
of its operation, gives very little explanation of the operations carried on by the system except for brief explanations
of possible change of policy during the year, with some references• to economic conditions.
During the past two years the Banking and Currency
Committee of the House of Representatives have been holding hearings on a bill proposing to direct the Federal
Reserve Board on the question of stabilization, and by the
appearance at these hearings of members of the Federal
Reserve Board, officers of the various Federal Reserve
Banks, leading economists and students of financial and
Federal Reserve operations, not the least of whom was
the Governor of the Federal Reserve Bank of New York,
a valuable record of a part of Federal Reserve operations
from the date of its organization has been made.
Outside of the consideration that was given ts the subject of the hearings, much valuable information as to the
operations of the Federal Reserve system has been recorded, Many critics of the system feel that the public are kept
altogether too much in the dark as to present operations of
Its banking system. They feel that they should know something as to the time, the whys and wherefores of a change
in policy on the theory that uncertainty causes speculation.
And supported further by the thought that the banking
system should be the servant rather than the master of commerce, industry and agriculture, they point to a growing tendency of secrecy and apparent domination by its management. In this connection, we must recognize the powers
that are vested in the management of the system. The
three great powers, outside of the influence of gold, are
the. discount rate, open market operations and publicity.
The, delicacy of the management of any central financial
Institution, because of the importance of the exercise of
the necessary functions within its control to proper management bY the system in the discharge of its full responsibilities in the protection of gold and the volume of credit,
Is such. as to tend to secrecy.
•.
[VOL. 127.
It is a well demonstrated fact that advance information
in regard to a change of policy on the part of a central
bank might defeat the very purpose for which the change
was made. The wits of those who are engaged in speculative enterprises to-day are so keen and their facilities
for information and its utilization so perfect that any leak
of inside information, particularly that pertaining to so
vital a subject as Federal Reserve policy, might be used.
to their own selfish purposes, thus tending to defeat the
aim of the bank.
The effect of the utilization of any one of these three important powers by the Federal Reserve management might
be entirely destroyed and their usefulness of no avail if
the public were apprised in advance of the contemplated
action.
I am quite satisfied that no specific further direction
should be given in the law to the Federal Reserve management on the subject of stabilization. I am impressed, however, with the fact that if the system is to run successfully
and function fully to meet the needs of the public that centralized and intelligent direction is absolutely essential, and
It is extremely important also that the people of tilts country should have complete confidence in such management
and that the knowledge of the daily operations of the system be kept inviolate.
The Banker's Responsibility
By Roy A. Young, Governor Federal Reserve Board, Washington, D. 0.
If the economic life of the country be compared to the
automobile, the natural resources represent the machinery,
and human endeavor the fuel. The function of the banking
system in this machine would be to provide proper lubrication. Banks can not create natural resources nor can they
be a substitute for human labor, but they can work toward
a more efficient use of resources and a more effective application of labor and thereby contribute to a smoother and
more even-working of the mechanism to prevent overheated
parts and possible explosions.
There is nothing in the country's business life that approaches the banks in the wide-spread influence of their
activities which are not confined to any particular line of
commerce or industry but reach and influence all lines of
endeavor. It is for this reason that banking can not be
considered as a purely private business and so banks are
supervised by Government agencies and regulated by statutory limitations.
Essentially, the function of a bank is to convert a person's
ability to pay in the future into ability to pay at once. A
storekeeper who wishes to lay in a stock of goods may not
be In a position to pay for all of them at the time, but will
be able to pay for them after some of the goods have been
sold to the public. It is the bank's function, by lending him
money, to enable him to convert his future paying capacity
into present paying capacity. This is a simple and fundamental function. It involves no great or complicated
mechanism and contains no mysteries in its workings. The
great Dunbar said many years ago: "These functions imply
no very complex operations. They require prudence, integrity, and patience, but they have no mystery."
With this definition of the primary functions of banks
in mind, let me analyze the nature and order of importance
of their responsibilities. First and foremost, their responsibility is to their depositors who have entrusted them with
funds and are entitled to receive them either on demand
or on dates stated in their deposit contract. In order to
provide additional safeguard for the interests of the depositors, the owners of the banks contribute capital, and
to this they gradually add undistributed profits in the form
of surplus. These funds placed by the owners of the business in a bank, vouch for the good faith of the proprietors.
They are also a buffer between the bank's liabilities to their
depositors and their claims on their borrowers. An adequate
proportion of capital funds is, therefore, essential to the
discharge of a banker's responsibilities.
More important, however, than the capital contribution
is the exercise of care in making loans and buying investments. A bad loan is rarely a kindness to the borrower.
Too many bad loans are a betrayal of the trust placed in
the banks by the depositors. Therefore, the banker must
discharge his responsibility to depositors by a careful scru-
OCT. 6 1928.]
FINANCIAL CHRONICLE
tiny of his loans. If it were possible for a banker to confine
all his advances in his own community to conservative and
safe loans based upon production and distribution, with the
assurance of assistance from the Federal Reserve Bank for
seasonal and emergency requirements, there could be no
serious objection to his conducting his institution in such
a manner. However, I know,from my own experience that
loans of this character are not always available and even
if they were available, such a policy would result in the
banker having his deposits employed only a part of the time.
Loans of a capital or speculative nature made locally,
even though they are good, do not always represent good
banking. A bank should not be entirely dependent for
solvency on developments in its own community, but should,
In the great majority of cases, carry secondary reserves in
the form of liquid investments—funds placed on deposit
with out-of-town banks, commercial paper, bankers' acceptances or security loans the liquidity of which depends upon
the marketability of the securities back of the loan. A certain proportion of funds not directly dependent upon the
developments in a community has come to be considered as
a fundamental condition of sound banking.
Second to the banker's responsibility to his depositors is
his responsibility to the bank's stockholders. They have
contributed capital to the enterprise and are entitled to as
large a return on this capital as can be obtained by safe
and legitimate use of the funds. It is the universal acceptance of the priority of the depositors' claims over those of
the stockholders that indicates the extent to which a bank
is a public utility. Fortunately, however, the concern of
stockholders about bad loans is greater than that of the
depositors; in fact, depositors begin to be concerned about
bad loans only when their magnitude is such as to endanger
the bank's ability to meet its liabilities. Stockholders, on
the other hand, are constantly interested in the success of
the bank's operations, because every profit made by the
bank increases the value of the stockholders' equity in the
business.
Responsibility of banks does not end with their depositors
and stockholders. Banks also have a responsibility to the
community in which they are located and from which they
derive their deposits. If a bank Invests all of its deposits
In outside loans and securities, it is not fair to its community. If its outside loans and investments are safe and
profitable, it is dealing fairly with its depositors and stockholders, but it fails in its responsibility to its own community. In so far as the use of a bank's funds in its own
community is consistent with safety, local industries and
enterprises are entitled to the first claim on these funds.
This does not mean that bankers must be philanthropists.
It simply means that their self-interest must be intelligent
and far-sighted. For if. a community should be constantly
deprived of its funds by investment outside, sooner or later
this is bound to arrest its growth and prosperity. Ultimately
it would lead to a drying up of the flow of deposits which
supplied the bank with funds for its operations. The
responsibility of the banker to his community is an application of enlightened self-interest. In popular parlance, the
banker must play the game and do his bit in the
community's work.
At this point I want to consider in what way the Federal
Reserve Banks enter into the picture. Their capital, as you
know, is supplied by their members. They are in substance
a co-operative enterprise among banks for the purpose of
taking care of seasonal and emergency needs for credit and
currency. They prevent excessive strains by lending the
support of the financial strength of the entire System to
the needs of any community that requires and is entitled to
it. Even more than the commercial banks, the Federal Reserve Banks are public institutions and the public interest
Is paramount in their responsibilities.
It Is the business of the Reserve Banks to see to it that
there is no shadow of doubt cast upon the validity of their
note issue. The Reserve Banks must also safeguard their
own deposits, which are the reserves of the other banks.
These deposits must be used in such a way as not to permit
the slightest doubt of their immediate availability upon
demand. It is for this reason that the Federal Reserve Act
prescribes rigid limitations about the use of Reserve Bank
funds. While the direct responsibility of the Reserve Banks
1871
on deposits is to their member banks, it goes beyond that,
It extends to the depositors of the niember banks, because
the safety of their funds depends to a certain extent upon
the safety of their reserves carried with the Reserve Banks.
Back of these reserve balances of the member banks are the
reserves of the Reserve Banks themselves. These are the
ultimate reserve basis of our entire banking structure. An
all-important responsibility of the Federal Reserve System
is the conservation of these reserves upon a proper gold
basis.
At the risk of tiring you by stating what you already
know, I remind you that for $100 of deposits carried by a
member bank, the Reserve Bank receives on the average
about $7.50 as a reserve balance. Against this reserve
balance of $7.50 the Reserve Bank must hold about $2.50
In gold or lawful money. Thus the $2.50 held by a Reserve
Bank is the basis of $100 of member bank credit. This in
turn may be the basis of a still larger amount of non-member bank credit, because a large part of the reserves of
non-member banks is held with member banks. This apparently narrow base of our credit structure is sufficient for
safety only because of the co-operation of the banks through
the Federal Reserve System. It emphasizes the extent of
th responsibility of the Reserve Banks in protecting these
reserves. The Reserve Banks must take a far-sighted view
of the needs of the community and must maintain a stock
of gold sufficient to provide for the country's growing needs.
It is, therefore, a responsibility of the Federal Reserve
System to shape its policy in such a manner as to protect
our gold reserves against too rapid depletion. During the
past year, we lost $500,000,000 in gold, and no one knows
whether the redistribution of gold has been completed or
whether the United States will lose additional gold to the
rest of the world. Our gold reserves at the present time
are $1,000,000,000 in excess of the legal requirements and it
is fortunate that they are, because it puts the bankers in a
position to handle further export movements of gold if they
should develop and to meet the growing credit needs of the
country. The loss of gold for the past year has been a
desirable thing, not only from the point of view of those
who received it and used it as the basis of monetary reconstruction, but also from the point of view of the United
States. It has removed from the foreign trade of the United
States the risks arising from unstable exchanges and disorganized conditions among its foreign customers. The Reserve System's responsibility is to make such use of its
reserves as are in the interests of the country in the broadest
sense of the word. This involves close attention to.developments both here and abroad and makes the framing of
Federal Reserve policies not only a matter of national but
of international importance of the first magnitude.
The Federal Reserve System has also a measure of responsibility for the rapidity of the growth of bank credit
In this country, although the experience of the last 14
years has demonstrated conclusively that this movement
frequently attains such momentum that it is some time
before Federal Reserve policies become effectivt. You are
familiar with the methods at the disposal of the Reserve
System to accomplish these ends. They are primarily
changes in discount and open-market rates and open-market
policies in the purchase and sale of Government securities.
Through these means the System can be an influence toward
easier or tighter conditions in the money market, even
though the influence may be slow in operating. It can,
therefore, to a certain extent, encourage or discourage the
growth of bank credit. All loans and investments of the
member banks result in the creation of deposits. The
growth of deposits in turn increases reserve requirements of
member banks and when these are met by rediscounting,
reserve policies and rates begin to be effective. It is a
mistake, therefore, to assume that only one or another class
of loans or investments may be supported by the Reserve
Banks, while other classes of loans and investments may not.
Since the Federal Reserve Banks furnish the basis of
credit growth in any field, whether it be commerce, industry, agriculture or the trading in securities, the Reserve
System feels concern about excessive grOwth in any line of
credit. It is impossible for a Reserve Bank to earmark the
credit it releases, but when too rapid growth in any line of
credit threatens to upset the financial strocture of the
1872
FINANCIAL CHRONICLE
country and make undue demands on the reserve funds,
which should be conserved for the legitimate growth of the
country's business, the Reserve System can properly use its
influence against these undesirable developments.
Within the limits of its powers, the responsibility of the
Federal Reserve System is for the credit structure as a
whole. A healthy banking situation must be forever the
primary concern of the managers of the Federal Reserve
banks and of the Federal Reserve Board. These responsibilities are sufficient to require our best efforts in the
determination of the wise course of action. This is one of
the reasons why it would be unfortunate if the Federal
Reserve System were to be charged with still further responsibilities which are not directly related to banking, such as
responsibility for the stability of the general price level or
for the moderation of ups and downs in business conditions.
It is my conviction, and I want to leave this thought with
you in conclusion, that a healthy banking situation is the
best guarantee of a healthy economic development in so far
as it depends on the use of bank credit. It is towards sound
banking conditions that the Federal Reserve Banks must
Work in co-operation with their member banks and with
other banks which are a part of our banking structure. In
my opinion, the country's entire banking system, from the
smallest country bank to the greatest financial institution,
and this includes the Federal Reserve System, can best discharge its public responsibility by concentrating its efforts
on the maintenance of sound banking conditions.
A New Investment Policy for a New Economic Era
By Leonard P. Ayres, Vice-President of the Cleveland Trust Company,
,
Cleveland, Ohio.
Probably the most important business and banking fact
of 1928 is that we have lost a half a billion of our monetary
gold. This is about one-ninth of our total gold stock. Only
once before in our history have we had a loss of gold comparable with this one, and that was in 1919 and 1920 when
gold exports amounted to almost as much as they have this
time. On that occasion, however, the loss was speedily
made up by a return flow of gold, and this time It seems
unlikely that anything of that sort will hapuen. It seems
more probable that most of this loss will prove to be relatively permanent.
If this proves to be the case, the year 1928 may well turn
out to be the end of one economic era in this country,
and the beginning of another. The era which it will bring
to a close will be the fourteen-year period from the outbreak
of the World War up to this present year, which has been
for the most part a time of great credit expansion based
on huge gold imports. No one can foresee what the next
few years will be like in a business way, but it is safe to
say that they will be very different from those that are
just behind us.
The Golden Age.
The fourteen years that have elapsed since the outbreak
of the World War have been in reality, as well as figuratively, the golden age of American business. When the
Great War began we had in this country something less
than two billion dollars of monetary gold, which constituted
then, as it does now, the basis of the credit supply With
which we do business. During the first few months after
the declaration of war in 1914 gold flowed out from this
country, so that by the end of that year we had lost some
4% of our holdings. At the same time we experienced a
severe business depression.
Then gold began to flow in again, and this continued until
in a little more than two years our gold stock had increased
by over 70%. War orders came in also, and there ensued
a period of business activity and industrial prosperity such
as neither this country, nor any other country, had ever
before experienced. Industrial profits rose to undreamedof heights, our national income doubled, and our national
wealth increased prodigiously.
The gold that came in during the war is mostly still here.
We lost some of it in the price inflation periods of 1919 and
1920, and that loss was again closely followed by a severe
business depression. However, the tide turned promptly,
and in the four years following 1920 we gained more gold
than our entire national holdings had been when the war
[VoL. 127.
began. This increase was in addition to most of the tremendous imports of 1915 and 1916 before our own entrance
into the conflict.
During these years since the outbreak of the war our
gold holdings increased about two and a half times. The
volume of credit extended by our banks advanced in closely
similar proportion. The interest and dividend payments
of our corporations increased'about two and a half times.
Our national wealth per capita also increased about two
and a half times. It is apparent that there has been a
close relationship between •the rapid increase in our gold
holdings, the consequent rapid growth in our volume of
bank credit in use, and finally the vigor and rapidity of the
growth of our national wealth and prosperity.
What Happens to Gold Imports.
It was inevitable that the great gold imports should enormously increase our prosperity, and our business and industrial activity. Gold is the basis of our credit system.
When an importation of gold enters this country it is received by one of the commercial banks, which promptly
deposits it with a Federal Reserve Bank, and gets a credit
for the amount which it adds to its reserves. This addition
enables the commercial bank to increase its loans, and very
shortly each newly arrived dollar of gold has brought into
existence ten dollars or more of that new credit which we
commonly refer to as money. It is not to be wondered at
that we have been prosperous since the outbreak of the war,
nor is it astonishing that our prosperity was sharply interrupted when we temporarily lost some four hundred and
fifty millions of gold in 1919 and 1920.
If anyone questions the importance of gold imports and
exports as related to the prosperity of the country, he will
do well to seek in the reports of the Comptroller of the
Currency the figures showing our gold holdings, and the
amounts of the deposits in all American banks from 1914
up to the present time. He will find that during that
entire period the volume of bank deposits has been about
ten times as great as the amount of our gold holdings. This
means that every time one dollar of gold has been imported
some one has shortly thereafter had ten dollars more deposited to his credit in some bank than he had before.
Moreover since bank loans and investments are considerably larger in amount than bank deposits, the arrival of
each new dollar of gold has meant that bank credit in use
has promptly expanded by about twelve dollars.
Moreover an examination of these same two columns of
figures in the Comptroller's reports, showing our gold holdings and the totals of deposits in our banks, reveals another
fact that arrests the attention. It is that our gold holdings
decreased by 300 millions from the middle of 1919 to the
summer of 1920, and then that bank deposits decreased by
about two and a half billions from the middle of 1920 to
the summer of 1921. This means that on that occasion
every time one dollar of gold was exported some one shortly
thereafter had about eight dollars less in his bank deposit
than he had before. The expansion of bank credit through
gold imports is pleasant, and produces contentment. Its
contraction following gold exports is painful, and results
in discontent.
The Federal Reserve System.
Another fundamentally important factor besides gold
movements has been shaping our business and financial
history during these same fourteen years. The Federal
Reserve System came into existence the year that the great
war began. Under its leadership our banking and fiscal
systems passed successfully through the stresses and strains
of the war period. Even if there had been no war the
advent of the Reserve System would have operated to increase the credit resources of this country, because the
System made our gold reserves more efficient than they had
been under the former banking system. What actually did
happen was that two sets of factors combined to increase
American credit resources. In the first place we received
from abroad huge and unexpected increases to our stock
of money gold, and in addition to that we changed our
banking system so as to use those swollen gold reserves
more efficiently than ever could have been done under our
pre-war banking system.
OCT. 6 19281
FINANCIAL CHRONICLE
Gold Plows Out.
During 1927 and 1928 we have lost about half a billion
dollars of our gold, or about one-ninth of our entire stock.
All that gold had been used as the basis of banking credit
which is still outstanding. The half billion that is gone
was used while it was here to support perhaps six or seven
billion dollars of bank loans. If it had not been for our
Federal Reserve System its departure would have brought
about a severe business crisis. But one of the functions
of the System Is to meet emergencies, and it has effectively
done so this time.
The bank credit is still outstanding, but while it was
formerly based on the gold, it is now supported by an equal
amount of loans that the member banks have secured from
the Federal Reserve Banks. How these loans are to be
paid off is a serious question which must be answered in
the main by the bankers who have received them. Perhaps
they will be reduced in part by the receipt of new importations of gold, but that does not appear likely to happen on
a large scale. Possibly member banks will continue in debt
to the Reserve System in larger amounts than those to
which they have been accustomed in the past, but that does
not seem either probable or desirable. It may be that the
Reserve Banks will increase their holdings of securities,
and so by their open market operations enable member
banks to reduce their indebtedness. Perhaps a deflation of
outstanding credit is impending. It seems probable that
all four of these developments will take place.
However this may prove to be, the fact that has the most
important bearing on the future prospects of banking and
business in this country is that heavy and regular imports
of gold seem to be things of the past. During more than
two thirds of all the months from the beginning of 1915 to
the end of 1927 our stock of monetary gold increased, and
most of that increase came from imports. The rest of the
world was shipping Its gold to us, and making us rich.
These Imports have now ceased, and heavy exports have
taken place. The present prospects are that we shall be
compelled to earn the future increases in our gold reserves
by working and saving in full competition with the other
nations.
If this turns out to be the case it means that important
changes are coming in American life. During the past four
years this country has enjoyed a redundant credit supply
such as no other country ever had. We have been able to
finance simultaneously a business boom, a building boom,
a Florida boom, and a stock market boom without the
slightest trace of a credit stringency. Our Federal Reserve
System has probably been the only central bank that has
for years at a time had no need to take precautions looking
to the safeguarding of its reserves, and has only needed to
concern itself lest credit should be used unwisely.
Speculation.
Now at last all this has changed, but the transition to a
new and more sober era is not going to be easy. The American people are in a mood of invincible optimism. Three
years ago they were speculating in Florida land, and finally
that bubble burst. Then they speculated in urban real
estate, and now they are finding that the rents that' are
obtainable will not justify the, prices to which property
had been bid up, and as a result city real estate prices are
rapidly coming down. Now they have turned to the stock
market where prices of the stocks of mail order houses,
chain stores, motor companies, and soft drink firms are
selling on a basis to yield half as much as the obligations
of the United States Government. Probably' it can be
mathematically demonstrated that on a yield basis the pr/ces
of representative groups of industrial stocks are now selling
at prices literally twice as high as similar stocks have ever
sold before at the tops of the most excited of previous bull
markets.
Stocks are now selling on expectation rather than on
realization. All the experience of the past points clearly
to the conclusion that prices are too high, and must come
down. The public appears to be mistaking the past for the
future, and confidently believing that the credit inflation
based on the gold that is gone will somehow suffice to support the market prices for their stock equities until something else can take its place. No conclusion is more safe
1873
than that the speculative markets In their present mood
would promptly sop up for stock margins any additional
credit that the Reserve System might make available, if it
should attempt to ease off the present credit stringency.
Investment Policy for Banks.
However, our concern here and now is not about what
may happen in the stock market. We know that all exceptional waves of speculative fever ultimately run their course
and flatten out. Our concern relates rather to the problems
involved in shaping a bank's investment policy for the new
economic era which we appear to be entering. It Is safest
to assume that this new era will be one in which gold imports and exports will be smaller in volume than those of
the years since 1914. Probably they will mostly result from
the normal transactions of international trade, instead of
being caused by the collapse and rehabilitation of the fiscal
systems of foreign nations. It is likely too that future
waves of exports and imports will in general more nearly
counterbalance one another than they have in the recent
past.
If this type of development takes place, we shall probably
enter upon a period In which bond yields and short-term
money rates will once more have relationships something
like those that maintained in the years before the war.
The old records, as far back as one may care to follow them,
conform to one simple rule which probably embodies the
basal principle which should guide the bank in shaping its
own policy for the investment of its secondary reserve funds.
That rule is that it is profitable to shift funds into shortterm paper when the discount rates on that paper are
higher than the yields available from high-grade bonds, and
to get out of the short-term paper, and repurchase highgrade bonds, when bond yields are above short-term paper
yields.
A Simple Rule.
This rule, when stated that way, sounds almost too simple
to warrant much discussion. It is merely to shift funds
from bonds to paper, and from paper back to bonds, whenever the published yields show that the shift would be
profitable. -Nevertheless the rule, if followed, is likely to
save the bank from important losses in its bond account.
The reason for this is that bond prices tend to fall during
the period that the short-term paper rates are higher than
the bond yields, and they tend to rise during the time that
bond yields are above the paper rates. If the shifts are
made when the two classes of yields cross one another, the
bank will get the advantage of the advances in bond prices
at times when they are rising, and avoid the losses when
they are declining.
Probably the easiest way to apply this rule is through
watching the data supplied monthly in the reports of the
Standard Statistics Co. The change in policy should be put
into effect when the rate on four to six months prime commercial paper crosses the rate on the Standard 60 high-grade
bonds. The last time the commercial paper rate fell below
the bond yield was in December of 1923. If typical highgrade bonds had been purchased at that time, and held
until February of this year, when the yields next crossed,
the yield on the bonds would have been at the rate of over
5% during the four year period, and the appreciation in
their price would have been nearly 20%. If the proceeds
had then been put into short-time paper or call loans the
yields so far this year would have been of the sorts you
know all about, and a shrinkage of about 3% in the bond
prices so far would have been avoided.
Another method for conveniently following the yields of
high-grade bonds is to look in the "Wall Street Journal"
about the middle of each month for their index of 40 bonds.
This index is simply the bond yield capitalized at 4%, so
that the easy way to find out what the yield was is to divide
the number 400 by their index number. This will give the
bond yield figure. The commercial paper rates may be taken
from the same source.
A New Economic Era.
The point that I have been attempting to make in all this
discussion is that we appear to be entering a new economic
era in which business can no longer depend on having the
stimulus of successive large increases in the national credit
supply due to heavy imports of gold. We appear to be
1874
FINANCIAL CHRONICLE
leaving behind us the wonderful golden age that we have
enjoyed must of the time since the depression of 1921, during
which prosperity has promised to be perpetual, the old fashioned business cycles with their recurrent booms and depressions have been in abeyance, and the trend of stock
prices has been almost constantly upward.
We may look forward to the longer future with confidence,
for we still have a larger gold supply in proportion to our
needs than has any other country, and we have a central
banking system that is probably more effective and efficient
than that of any other country. A period of readjustment
to new conditions probably lies ahead, and it may be expected to present important difficulties, but we shall surmount them. The great rewards of business and banking
during the next decade will probably go to the plodders
rather than to the plotters, to the calculators instead of to
the speculators, to the thrifty and not to the shifty. It may
even be that the hour of the old-fashioned virtues in business life is about to strike.
[VOL. 127.
out the country. It is impossible for them to send their
salesmen with considerable frequency to call upon the
country banker and are often compelled to make their offering by mail—a method which is admittedly less effective than a personal call, which is obviously much more
expensive.
Second.—That unsound securities no matter how high the
yield which they give, are fore more likely to produce losses
than profits. Most country banks have suffered loss through
unwise loans and many have been brought to liquidation
for this reason. In the eagerness to secure yield, the safety
of principal is forgotten or neglected and the results have
been disastrous. The same kind of thing has begun again,
this time with securities as the asset which is causing
the trouble. Far too many bankers when they buy bonds
are buying yield and are paying little attention to safety
or liquidity, and a few losses of the principal of securities
which default in the course of a year will not only wipe out
the extra interest but are likely to turn net income into a
loss. This has occurred in a number of cases which have
come to my attention.
Purchase of Investment Securities by Bankers
Third.—That unsound securities do not add to the liquidBy J. W. McIntosh, Comptroller of the Currency, Washington, ]). C.
ity of a bank's assets but on the other hand detract from it.
The decline in the bond market has probably done more Many country banks have found themselves in difficulty
than anything else to focus the attention of the banker because of the frozen condition of their assets, even when
on his security list. The item "appreciation" cannot now, the underlying securities appear to be ample. The same
in many cases, be pointed to with pride and gleefully count- thing is happening in the case of securities. Poor invested on to take care of some loss set up by the bank examiner ment securities, even though they are not in default, lack
—it has evaporated and in its place stands "deprecia- liquidity at all times. Thus in times of stress when a bank
wants to rely upon investment securities for liquidity, it will
tion."
Investment lists of all banks feel the effect of a de- find that poor securities fail them. From this standpoint
cline in the investment security market, but how much they can only be sold—if they can be sold at all—at a heavy
more severe is its effect on the bank which has not in- loss.
Fourth.—Diversification. Diversification which will provested wisely, the bank which has not diversified, and
which has bought from the standpoint of high yield in- vide the desired safety, liquidity and high yield. Diversistead of safety and stability, and this bank is more often fication according to types of bonds, governmental, State
found among the country banks than the city banks. The and municipal, public utility, railroad equipment, trust, industrial, corporation and foreign government. Diversifireasons for this are obvious and several in number.
The average metropolitan bank is in closer touch with cation in respect to management, especially in so far as
the investment security market and with the high grade public utility and railroad securities are concerned. GeoInvestment houses. It has on its staff experts in the invest- graphic diversification for all types of bonds and diversifiment field and becomes a specialist in this line. The coun- cation in respect to maturity.
try bank, in many cases, cannot equip itself as effectively. • Fifth.—The purchase of investment securities adapted to
It generally cannot stand the overhead and it is difficult its own particular needs and requirements. What the needs
for the country banker to find the time to study the mat- of a bank in purchasing investment .securities are must
ter, for his time is fully occupied in attending to local necessarily test with the bank. Some banks have large
credits and operation of his bank. The result is that the sums available for investment in bonds, other have hardly
bank approaches the task of buying and selling investment enough funds available to purchase securities purely for
securities with little or no experience or training in this a secondary reserve account. The division of deposits befield and with a judgment in such which is naturally un- tween demand and time deposits will determine in a large
seasoned and immature. What happens? While the direc- measure the situation of a bank in this respect, as well as
tors are giving consideration to a loan of $500, the Cashier serve as a basis for the determination of the size of the secof the bank swallows whole the talk of a high pressure ondary reserve. The fluctuation in deposits and local loans,
salesman of a low class securities house and buys $50,000 the number of large accounts and the amount of the variaof high-yield, unliquid, low grade securities. I do not mean tion in their deposits, the cyclic changes in the business of
to convey the impression that this is typical of a majority the community will all have their influences over the size
of country banks, but it well illustrates several cases which and character of securities purchased. Obviously, yield
have come to my attention. It is to the correction of such must be sacrificed to some extent to obtain both safety and
liquidity. Liquidity cannot be neglected but it will be
a situation I wish particularly to address myself.
Since the passage of the McFadden Act, National banks found that most, if not all, bonds of sufficiently high quality
to be included in an investment account of a bank will also
purchase investment securities for three main reasons:
have adequate liquidity.
I. For secondary reserve,
2. For permanent investment, and
These are questions of the most vital importance to the
3. For sale to their clients.
bankers, city as well as country, but as I have previously
It is healthy for the bank to engage in these purchases pointed out, it is difficult for the country banker to find
when wisely handled, for not only should the bank have the time to study the question. Of course, he should certainly
reserve which is created thereby but the bank's client has study these problems as intensively as he can but he should ,
a right to and demands these services, and In addition it take another step upon which I place great emphasis and
offers a new source of income beyond interest and dis- which I desire to emphasize as a solution and that is he
count.
should communicate with his correspondent bank and ask
In approaching the problem which confronts him, the its aid and assistance in making his investments. To do
country banker should bear in mind:
this he should at once stop buying his securities promiscuFirst.—That a personal call from a securities salesman ously from every "Tom, Dick and Harry" salesman who
does not insure the securities purchased from him. In this calls at his bank. His correspondent bank will not only
connection the increased competition among underwriters of offer him every assistance in his problems but it will recomsecurities for the high grade issues with low rates of in- mend to him high class security investment houses from
terest has cut to the quick the margin of commission or which he may deal with safety. Moreover, the correspondprofit to be had on such issues. The outcome has been that ent bank or a good investment house often offers a serthe large city banks and sound investment houses cannot vice which is valuable, that is the analysis of the bank's
afford to spend large sums in selling such securities through- security holdings. An analysis of this sort which is of
OCT. 6 1928.]
FINANCIAL CHRONICLE
1875
great value to the banker is one which analyzes his re- concluding session in Philadelphia on Oct. 4 of its annual
serve and investment needs and measures his actual situa- convention adopted a resolution expressing it as its "opinion
tion against these requirements. Such an analysis when in- that the development of the practice of withdrawals from
telligently and conscientiously made is invaluable to a banks by corporations and others for the purpose of making
banker in dealing with his problems. Such an analysis may loans on Stock Exchange securities should be limited in some
perhaps be new to many bankers but they are being made. reasonable manner, possibly based upon the maintenance of
With this purchasing problem solved, the country banker normal balance which should not be disturbed by those who
is better equipped to deal with his clients and in this con- take part in Stock Exchange loans." The Association suggested in its resolution that "bank depositors who have funds
nection he must consider two main points:
F;rst.—Possible profit to be gained in the selling of in- for investment co-operate with their bankers to the end that
nothing unsound shall develop that might result in the disvestment securities.
turbance of the healthy business conditions." In recording
I have touched on the cost of distribution of kigh grade
its views in the matter the Association also made the statesecurities to banks as compared with possible profits to
ment that "we look upon the present situation as one which
be gained by handling these securities by the large underwill undoubtedly correct itself as time goes on, until the
writing and distributing houses and this applies equally banking system
of the country again has a proper control
well to the sale of securities to individual customers out- over the surplus funds of the country."
The resolutions
the large centers. The country banker, howeve-, is declare that "the recent change in the rule governing
side of
the
not confronted with the same large costs of retail distribu- adjustment of reserves of banks located in cities having
a
as the big city house in its efforts to reach the pur- Federal Reserve bank, or branch thereof, has imposed an
tion
chaser. The bank's clients are constantly coming in its unnecessary burden upon such banks," and the Association
doors and while there the wise banker can make his sale to suggests "to the Federal Reserve Board that it again permit
them without the necessity of special salesmen and heavy a weekly adjustment of reserves and penalize only those
traveling and advertising expenses. The country bank of banks which abuse the privilege." It is further suggested
moderate size which has built up a substantial security "that the percentage of reserve be based upon the bank's
business in this way can obtain wholesale prices from the condition at the beginning of the day." According to a
distributing syndicates. The smaller bank can frequently Philadelphia dispatch to the "Times," the resolutions,
make arrangements to sell off of the list of its correspond- unanimously agreed to by the delegates, were not completed
ent city bank or some high grade investment house subject, in committee until after more than a day of heated debate.
of course, to confirmation. The profit, naturally, is small- The dispatch also states:
Some members of the committee wanted more drastic recommendations:
er, but the country bank by so doing ties up none of its others wanted to leave it to Congress; still another group wanted to put
the onus for solution of the problem directly up to the Federal Reserve.
funds and assumes none of tke risk. Here is a field of operThe absence of any reference, either in commendation or criticism, to the
ation which yields a profit to a bank, provided, and this present Federal Reserve policies attracted wide attention among the
delegates.
provision is most important, it sticks to sound lines.
The following are the resolutions as presented by the ComSecond.—Service and duty to the community.
Country banks owe a real service and duty to their com- mittee on Resolutions and adopted by the Association:
The Credit Situation.
munity in seeing that the funds of the community go into
For the purpose of assisting in the necessary stabilization of the cnrrencies
safe investments. The same houses whose salesmen are
and exchanges of foreign countries and their return to the gold standard.
forcing the banks into buying poor secnrities are selling and to enable foreign countries to buy our commodities freely, the Federal
Reserve System established low discount rates. During the same period,
the same securities to the people in the community which
this, together with the plethora of capital, accumulated since
the bank serves. The outcome is often the loss of per- investment, made it possible for corporations of this country to1921, seeking
obtain funds
through tehe issuance of securities of various types.
sonal fortunes on the part of the individual and loss of
As a result, the large corporations through the sae of their securities
finances to the community from which the bank must in- liquidated their indebtedness, and thus a large volume
of paper eligible
evitably suffer, as well as the loss to the bank of the profit for rediscount at the Federal Reserve Banks has been eliminated. Further.
many corporations have been supplied with funds in this manner,for which
which it might have made by selling good securities itself to they
have had no use during the major part of their fiscal years and which
Its clients. The country banker has a real personal
interest they have utilized by making loans against stocks and bonds.
At this same time, we continued to make loans to Europe which followed
as well as a duty to his community to combat the losses
by exports of gold, resulted in a net loss of five hundred million
in
Which result to his client—actual and potential—from un- gold which lessened to that extent our surplus reserves. Never dollars In
before
sound securities being sold in his community by high pres- our history has the public taken the same interest in stock investments or
speculation as it has during the past six months, and this coupled with
sure selling organizations of dubious standing. The slogan favorable business developments, has caused market values to
advance to
"Consult your banker before you invest" should be more un-recedented levels, thus increasing the demand for stock exchange loans.
We recognize the fact that as corporations which have secured funds
frequently used by the country banker and in this
connec- through the issuance of securities in excess of current requirements continue
tion he should really wage a campaign of education.
There to expand, they will gradually return to their former relations with their
bankers, under which they naturally borrow through the issuance of eligible
Is great need for it, as is evidenced almost
daily by the paper while processing materials and distributing production.
experience of the Treasury Department in listening to
We therefore look upon the present situation as one which will unthe
doubtedly correct itself as time goes on, until the
stories of those who have been deprived of part
of their country again has a proper control over the surplusbanking system of the
funds of the country.
life savings by the exchange of their Government
securities But it is our opinion that the development of the practice of withdrawals
for worthless securities.
from banks by corporations and others for the purpose of making loans on
stock exchange securities should be limited in some reasonable manner,
There is one other phase of the duty of banks
to the com- possibly based upon the maintenance of normal balances which should
munity they serve, upon which I desire to touch.
Banks not be disturbed by those who take part in stock exchange loans.
We respectfully suggest that bank depositors who have funds for investWhich have trust powers should not become trustees
for ment co-operate with their bankers to the end that nothing unsound shall
security issues of doubtful value. An example of the
be allowed to develop that might remit in the disturbance of the healthy
effect
of such practice was most vividly brought to my attention business conditions upon which we must all depend for our comfort and
happiness.
when I found in one case that twelve banks had purchased
It is highly desirable that the Federal Reserve Board in its regulation,
give due consideration to the situation of the great body of member banks.
doubtful or worthless securities—the sole reason for such
The recent change in the rule governing the adjustment of reserves of banks
purchases being the fact that a large bank was named as located in cities having Federal
a
Reserve Bank or branch thereof, has
trustee. The purchases in this case resulted in the failure imposed an unnecessary burden upon such banks, most of which have
of three of the banks. When the name of a large bank never abused the privilege formerly accorded them of adjusting reserves
weekly. We suggest to the Federal Reserve Board that it again permit a
or trust company as trustee is dangled before the
prospec- weekly adjustment of reserves and penalize only those banks which abuse
tive customer, it is often the deciding factor in the purchase the privilege. We also suggest that the percentage of reserve be based
upon the bank's condition at the beginning of the day.
of the security offered. When that security Is of dubious
Capital Gains Tax.
character it reflects no credit on the bank.
The United States of America is the only country in the world that levies
American Bankers Association in Resolutions at
Annual Convention Urges Limitation of Loans
on'Stock Exchange Collateral—Suggests Federal
Reserve Board Penalize Banks Abusing Privilege
of Adjusting Reserve Weekly—Other Resolutions.
Taking cognizance of the advance in market values to
unprecedented levels and the increasing demand for Stock
Exchange loans, the American ,Bankers Association at the
a capital gains tax. We believe such a tax in peace times to be uneconomic
and unsound in principle and in practice and, tending to check the wheels
of progress. The imposition of such a tax is doubtless one of the factors in
the speculative situation in the stock market, as many persons who have
large paper profits hesitate to liquidate now in view of the large tax they
would have to pay; and this situation alone appears to be a good argument
in favor of the repeal of such a tax. Great Britain treats capital gains as an
increment to capital, and it is recommended that the United States pursue
the same policy.
State Taxation of Banks.
There are now pending before the Congress of the United States various
Ms to amend that portion of Section 5219 of the Revised Statutes of the
United States which authorizes taxation by the States of the stockholders
FINANCIAL CHRONICLE
1876
of National banks, the effect of which amendments would undo the longestablished underlying principle embodied In that section. which the United
States Supreme Court has stated was designed to render It impossible for
States to discriminate against National banks in taxation.
We deem it vital to the banking system of the United States that the
integrity of the established principle of Section 5219 for the protection of
National banks against discriminatory taxation by States be firmly maintained, as the princirle embodied therein operates also in a large measure
for the protection of the stockholders of State banks.
Therefore, we recommend that this Association reaffirm the resolution
adopted in 1927 at its annual convention at Houston. Texas, and declare
its opposition to any amendments to Section 5219 which tend to infringe
upon the integrity of the protective principle thereof and directs its Special
Committee on Taxation to carry out the purpose of this resolution.
Agriculture.
We view with satisfaction the fact that within the present year the prices
of most farm products have recoNered more nearly to their pre-war relation
to the prices of the products of other industries than has been the case in
any other year since the war. We believe that this represents a national
readjustment, due in part to a more intelligent control of agricultural production in relation to the consumption demand, and in part to lower costs
of production in other industries which are reducing the prices of goods
which the farmers must buy. We urge the co-operation of our members
In the activities of our Agricultural Commission in the introduction of improved livestock and improved methods of production and marketing in
their own localities. We believe that an important contribution to remedying the agricultural depression lies in the adoption of methods which will
lower the unit costs of production, and believe that the agricultural colleges
and experimental stations are successfully developing the means by which
they may be accomplished.
We believe also that agriculture suffers from the lack of a comprehensive
national agricultural policy, due to the complexity of the subject which has
required wide national discussion, and we urge upon Congress diligent continued attention to the remedying of this situation.
Unsound Practices.
Due to the strong competition which has arisen throughout the country
between banking institutions, unsound practices have developed which
mind
tend to lower the high standard of our banking practice. We have in
especially the rendering of various classes of service without proper compensation, and paying high rates for money left on deposit.
Hosts and Speakers.
The Association extends the sincere thanks to the bankers, hotels, press,
ladies and general public of the city of Philadelphia for the manifold kindtheir
nesses and gracious hospitality extended to all of the delegates and
families. Likewise, the Association Is indebted to the speakers at the
Divisions and Sections, who by their
various sessions of the Convention,
carefully prepared addresss ha‘e haired to make the Fifty-fourth Annual
Convention of this Association one of profit and enjoyment to all those
who were privileged to be present.
Respectfully submitted,
TAYLOR R. DURHAM.
CHARLES A. HINSCH. Chairman:
W. J. EVANS,
GEORGE E. ROBERTS,
W. F. AUGUSTINE.
EVANS WOOLLEN,
FRANK WARNER.
IN,
WALTER LICHTENSTE
BURTON M. SMITH.
THOMAS B. PATON.
FRED I. KENT.,
E. H. SENSENICH.
[VOL. 127.
Regional Savings Conference Cities Chosen by Savings
Bank Division of A. B. A.
San Diego, Birmingham, Grand Rapids and New York
were selected on Oct. 3 by the Executive Committee of the
Savings Bank Division of the American Bankers Association
as the meeting places for the Division's regional conferences
during 1929. The dates for the conferences will be decided later.
Newly Elected Officers of Savings Bank Division of
American Bankers Association.
Taylor Durham, Vice-President of the Chattanooga
Savings Bank & Trust Co., Chattanooga, Tenn, .was on
Oct. 1 elected President of the Savings Bank Division of
the American Bankers Association at the Division's meeting
of the Association's 54th annual convention in Philadelphia.
Other officers chosen were: Vice-President, Austin McLanahan, President of the Savings Bank of Baltimore; member
Executive Committee, one-year term, Col. J. C. Person,
President of the American Traders National Bank, Birmingham, Ala.; members Executive Committee, threeyear term, Jay Morrison, Vice-President of the Washington
Mutual Savings Bank of Seattle, Seattle, Wash.; Myron
F. Converse, President of the Worcester Five-Cent Savings
Bank, Worcester, Mass., and Howard Whipple, Executive
Vice-President of the United Security Trust & Savings Co.,
San Francisco.
State Bank Division, A. B. A., Elects Officers.
S. J. High, President of the Peoples Bank & Trust Co.
of Tupelo, Miss., was on Oct. 2 elected President of the
State Bank Division of the American Bankers Association
convention in session at Philadelphia. Dan V. Stephens,
President of the Fremont State Bank, Fremont, Neb., was
chosen Vice-President. Members of the Executive Committee elected were R. 0. Lord of the Guardian Bank,
Detroit, Mich., and T. 0. Hammond of the Montana
Trust & Savings Bank, Helena, Mont.
New Officers of National Bank Division of A. B. A.
Edgar H.Sensenich was on Oct. 3 elected President of the
National Bank Division of the American Bankers Association.
He is president of the West Coast National Bank of Portland, Ore. Harry J. Haas, Vice-President of the First National Bank of Philadelphia, was elected Vice-President of
the National Bank Division. Walter W. Wilson, President
Next A. B. A. Convention at San Francisco.
of the First National Bank, Milton, Pa., was elected a
San Francisco was chosen on Oct. 1 by the Executive member of the Executive Committee of the National Bank
Council of the American Bankers Association as the meeting Division of the American Bankers Association, representing
place for the 1929 convention of the Association. The next the Third Federal Reserve District.
conclave, the fifty-fifth in the history of the A.B.A., will
take place during the week of Oct. 14. The invitation to Arthur V. Morton Elected President Trust Company
Division of A. B. A.
the Association to come to the city by the Golden Gate was
offered on behalf of the San Francisco Clearing House AssoArthur V. Morton was elected President of the Trust
ciation by W. E. Wilcox, Vice-President and Cashier of the Company Division, American Bankers Association, at the
Anglo & London-Paris National Bank of that city and former annual convention at Philadelphia, Oct. 3. He is V.-Pres.
President of the California Bankers Association.
of the Pennsylvania Company for Insurance on Lives and
Granting Annuities, Philadelphia. Mr. Morton was born
Sept. 2 1873 in Philadelphia. Upon completing Haverford
C. B. Hazlewood Chosen President American Bankers College in 1893 his first position was with the Quaker City
Association.
National Bank. In 1894 he became associated with the
Craig B. Hazlewood, Vice-President of the Union Trust Pennsylvania Company for Insurance on Lives and GrantCo., Chicago, was elevated to the Presidency of the American ing Annuities, of which firm he is now Vice-President. He
Bankers Association at a general session of the Association's is also a director of the Philadelphia National Bank, the
convention at Philadelphia on Oct. 3. He had been First Union Traction Co. of Philadelphia, the American Dredging
Vice-President of the Association. John G. Lonsdale, Co., Philadelphia, and the Mutual Assurance Co., Phila.
President of the National Bank of Commerce in St. Louis, From 1919-1920 he was President of the Pennsylvania Bankwho has been Second Vice-President of the Association, was ers Association. Mr. Morton was elected Chairman of the
elected First Vice-President. Rome C. Stephenson, Vice- Executive Committee of the Trust Company Division,
President of the St. Joseph County Savings Bank, South American Bankers Association, in 1927.
Bend, Ind., was chosen as Second Vice-President.
President Coolidge Sends Greetings to American
Bankers Association in Convention at PhilaW. F. Augustine New Pres:dant of Clearing House
delphia.
Bankers Association.
Section of American
President Coolidge on Oct. 2 sent his greetings to the
W.F. Augustine, Vice-President of the National Shawmut
President of the Clearing American Bankers Association, in convention at PhilaBank of Boston, Mass., was elected
to the President
House Section of the American Bankers Association at its delphia in the following message, addressed
-Stratford in Philadelphia, of the Association, Thomas R. Preston, President of the
meeting at the Hotel Bellevue
Chattanooga, Tenn., which
on Oct. 1. H. Y. Lemon, Vice-President of the Commerce Hamilton National Bank of
of the Association's
Co., Kansas City, Mo., was elected Vice-President was read at the opening general session
Trust
Fletcher American 54th annual convention:
and G. H. Mueller, Vice-President of the
I have a very high regard for your organization, Its aims and purposes
National Bank, Indianapolis, Inc., and Clark G. Mitchell, are high, and its achievements have been to the benefit of the financial and
President of the Denver National Bank, Denver, Colo., business interests of the country. I wish for you a most successful meeting.
Please extend my greetings and best wishes to your members.
were elected members of the Executive Committee.
OCT. 6 1928.]
FINANCIAL CHRONICLE
1877
Indications of Business Activity
STATE OF TRADE—COMMERCIAL EPITOME.
cant fact is that mills in the Carolinas are abandoning CUPFriday Night, Oct. 5 1928.
tailment An attempt to bring about a general strike of
The dominant note in the trade of this country is cheer- textile workers in France has met
with a decided check in
ful. The volume of business is gradually increasing, where the big Lille district. One hundred
thousand cotton workthe weather has been cool and seasonable. In some other ers, it is true, have struck in Poland for
a 20% wage insections where it has suddenly reverted to warm condi- crease. The strike among cotton
mills at Bombay has endtions, trading has fallen off for the time being. At Chicago ed. Persistent efforts are being made
to end the strike at
the temperature has latterly been up to 78, at Cincinnati New Bedford. It has been running for
25 weeks because
Cleveland to 82 and at Kansas City to 86. But in the the manufacturers under the
and
stress of poor profits wanted
nature of the case this must be temporary. Collections, to reduce wages 10%. Latterly
they offered to make the •
it is true, might be better than they are. In some sections, reduction 5%. But the workers
refused to accept the comindeed, they are slow. That is partly accounted for by the promise. They may think
better of it in the near future.
holding back of wheat and cotton. Secretary of Agricul- It would not be a bad
idea. A strike lasting six months
ture Jardine has been advising the farmers to hold back is certainly of no benefit to cotton workers
in New England
their wheat crops for higher prices. He has also advised which has to face such
sharp competition from the South.
farmers to feed some 50,000,000 bushels of corn to livestock Most cotton goods of late
have advanced and it is now
in addition to the usual amount. The corn crop may turn said that some mills cannot deliver
on new business before
out to be 100,000,000 bushels less than was at one time ex- Jan. 1. Larger sales are noticed
of finished cottons, espected. The holding back of crops naturally to some de- pecially blankets not to
mention bleached goods and pergree impairs the buying power of the farmer, but it has not cales, which are wanted in liberal
quantities for fall degone to extremes. The chain and mail store systems are livery. Also, it was gratifying to
notice that a larger busidoing an excellent business. Carloadings are gaining. ness at least for immediate delivery
is being done in woolCorn has been in better demand, partly for export, at rising ens and worsteds, in overcoatings, suitings
and dress goods.
prices. In fact, corn for some deliveries is selling at the That seems to indicate that buyers
have allowed supplieshighest prices of the season. The domestic cash demand is to become depleted. Broad silks,
moreover, have been in
good, and Europe evidently wants a certain amount of Amer- better demand for prompt delivery.
Raw silk has been. In
ican corn for early delivery. Southwestern and Northwest- good demand and at times higher although
some of the
ern wheat prices seem to be getting nearer the export basis Yokohama cables seem to intimate
that there has been an
and prices lately have been advancing, although actual ex- increase in the crop of 5%.
The business of the Silk Export trade has not generally been large; far from it. The change here is gradually broadening
out.
pronounced firmness of wheat prices at Winnipeg has had
The mail order sales of three large concerns in Septeman effect on all the world's wheat markets. It now
looks ber were $54,424,390 against $47,936,995 in August this year
to many as though India and Russia will be importers and $44,660,880 in September
last year. The same three
rather than exporters of wheat this year. The
other day concerns for nine months ending Sept. 30 did a business of
India was credited with buying several cargoes of
Manitoba $407,765,867 against $358,646,625, an increase over the same
and Argentine wheat and to-day export sales of
wheat were time last year of 13.7%. The mail order sales in September
about 1,000,000 bushels, largely American durum. No. 2 gained 13 % over those of
/
1
2
August, and 21.8% over those
hard American wheat is cheaper at the Gulf than Canadian. for Sept.
last year. Chain store sales in September in the
Moreover, there has recently been a tendency to oversell case of eleven concerns
gained 16.3% over those for Septhe wheat market. It seems plain enough that the
technical tember last year and for nine months gained 102 over
/
1
%
position is good.
,
a like period in 1927. The significance of such figures Is.
The political situation as well as the cheapness
of the plain enough.
price is cited as an argument against any
Mine and smelter employees have had their wages infurther material
decline. No. 2 red c.i.f. domestic has latterly been
quoted creased. There is some falling off in the output of autoat 20c. a bushel lower than at the same time last
year. mobiles, but that is usual at this time, and, besides, the
On the other hand, livestock prices have risen in
recent production is still large. The decrease in employment Is
weeks to a point that ameliorates the condition of
the small at Detroit. There is a better demand for coal, but
farmers. That fact is exciting attention. It is such
things prices are irregular. Stove factories are busy and are
rather than political moves of one kind or another
that well sold ahead. Lumber on the Pacific Coast has been
seem more likely to relieve the agricultural situation.
How- firm. The north Pacific trade in canned salmon is brisk
ever unwelcome the advice may be in the long run,
it will with the pack twice as large as that of last year. The
come down to this: that the grain farmer must
produce for shoe manufacturing trade is active and benefited by the
the market and not overproduce. In other words,
he must recent decline in leather and hides. Radio manufacturing
regulate his acreage as the manufacturer has to
regulate his is also on a larger scale. Recently prices for cattle and
output, in accordance with the law of supply and
demand. hogs have been firm, though those for sheep and lambs have
There is no evading anything so fundamental as
this. The declined. Of cattle the receipts in the last couple of weeks
livestock farmers of the corn belt see the
point. It is re- have been the largest for the year and for a time rather
called that on September 17, according to the
Corn Belt overburdened the market, but in spite of all this, there hasFarm Dailies, four of the largest livestock
markets, name- latterly been a significant firmness of prices. One of the
ly, Chicago, Kansas City, Omaha and St. Louis,
paid the signs of the times is the increased production of electricity
farmers of the corn belt $10,500,000 in cash for cattle,
hogs by public utility power plants. They exceed anything ever
and sheep in one day at a season of the year when
the before known. Raw sugar has declined to 22 cost and
/
1c.
marketing is comparatively small. This sounds highly
sug- freight with some pressure to sell and no very ready mae.
gestive. If the farmer finds a dull market for one
thing ket. Refined sugar has been in no great demand even at
he may find a better market for something else. In
any some recent easing of prices. Coffee at one time reacted
case the old homely rule applies against carrying all
the a little in a dull market but latterly had advanced someeggs in one basket. Latterly, there has been a better
export what, though transactions have still kept within a very
demand reported for rye and exporters seem to be taking
moderate compass. Brazilian interests are supposed to have
some oats. Exports of cotton have tended to increase.
bought to some extent while Europe sold Santos for May
Cotton has declined moderately. , The undertone, however,
delivery. It is plain enough that the Brazilian Defense
has been on the whole steady with the general expectation
Committee still has the situation pretty well in hand. How
that the Government report on Oct. 8 will put the yield at
such artificial methods will turn out in the long run is
something like 14,150,000 bales against 14,439,000 on Sept.
another matter. At the present time Santos coffee is ap8, 12,955,000 the harvested crop last year and 17,911,000
parently not quite so much wanted as Rio and Victoria,
in 1926. Meanwhile, the demand for the actual cotton
at neither of which is in abundant supply here.
the South is so good that the daily sales are running
well
The stock market this week has shown the usual price
ahead of those on the corresponding days last year. Furvicissitures as money rose and liquidation pressed on the-thermore, the demand for cotton goods is better. A signifione hand, or as money dropped as it did to-day, to 6% and
1878
shares advanced. Trading has continued on a historic scale
to which some attach political significance. But aside from
such theories, trade is gradually improving, industries show
a tendency to expand, some farm products have advanced
and the stock market is regarded by many as a fingerpost pointing the way to still better times. Five
millions more of gold are to come here from London
or about $10,000,000 thus far this fall. Prices to-day advanced on transactions of some 4,300,000 shares with the
high light on such stocks as Chrysler now up over 80 points
from the low this year. Railroad shares lagged because,
it seems, of the suggested dropping of the proposed Southwestern merger plan. Bonds were in better demand to-day
and stronger with marked attention to Seaboard bonds at
a rise of 1 to 5 points and noticeable and so-called speculative,trading also in Barnsdall Os, Andes Os, Public Service
4%s as well as Seaboard Air Line Os and Seaboard AllFlorida 6s. A seat on the Stock Exchange was sold on the
2d inst. at the high record price of $425,000, an advance of
$10,000.
. New Bedford wired that manufacturers following the rejection of the mediation offer are inclined to open their
plants next Monday morning for those who desire to resume work at the 5% reduction. Manufacturers present
a solid front. Boston reports a better yarn market. At
Greensboro, N. C., the Proximity Manufacturing Co., operating the Cone Mills, has announced the end of curtailment
in the Proximity and White Oak plants, employing about
2,500 people and chiefly occupied with the manufacture of
denims. At Gastonia, N. Q., the Avon Mills, large yarn
plant, have resumed operations following several weeks'
shut down. Charlotte, N. C., reported that a better demand for yarn was apparent. Buyers increased the size
of their orders and inquiry was good. Prices held stronger
and spinners are optimistic that real improvement is near.
At Lincolnton, N. C., the Roseland Cotton Mill, which the
Fudihill Spinning Co. recently purchased, has begun fullthee operations both day and night. This mill is reported
to Ye equipped with 5,000 spindles and has been remodelled and doubled in size. New machinery was added and
the plant now makes fine combed yarns.
. September sales of Moutgomery, Ward & Co. showed a
gain of 27% over last year and for the nine months totaled $148,362,025, an increase of 10.3% over the same
period last year. Sears, Roebuck & Co.'s sales in September were $20,104,372 against $28,985,684 in August this year
and $24,608,712 in September last year. S. S. Kresge Co.'s
sales for September were $11,914,263, an increase of 14.3%
over September, 1927. Sales for the first nine months
of this year were $96,559,482, an increase of 11.4% over
the corresponding period last year. F. W. Woolworth Co.
reports sales of $190,316,767 for the nine months ended
Sgpt. 30, an increase of 6.27% over the same period last
year. Sales for September showed an increase of 9.12%
ever last year. Seven chain stores gained in September
22.3%. Sales totaled $24,329,930 against $19,887,490 a year
ago. Sales for the nine months show an increase of 14.1%.
On the 2d inst. the temperatures here were 51 to 61 degrees; in Boston 42 to 58; in Chicago 54 to 68; in Cincinnati 56 to 72; in Detroit 54 to 70; in Kansas City 50
to 76; in Milwaukee 46 to 64; in Philadelphia 48 to 64; in
Portland, Me., 38 to 58; in San Francisco 54 to 68; in Seattle 50 to 54; in St. Paul 40 to 64. Of late the weather
has been milder here with the temperature up to the summer level on the 4th inst. of 76 degrees. To-day it was 60
to 70. Boston was 58 to 78; Chitago 62 to 78; Cincinnati
67 to 82; Cleveland 66 to 82; Detroit 64 to 80; Kansas City
54 to 86; Milwaukee 58 to 74; Philadelphia 60 to 74; Portland, Me., 48 to 74; San Francisco 58 to 68; Seattle 48 to
6; St. Paul 42 to 70.
Loading of Railroad Revenue Freight at Highest Point
of Year.
Loading of revenue freight for the week ended on Sept. 22
totaled 1,143,214 oars, the largest number of any one week
sett!' this year, the Car Service Division of the American
Railway Association announced on Oct. 3. Compared with
the preceding week this year, this was an increase of 4,902
oars, increases being reported in the loading of all commodities except forest products, merchandise less than carload
lotfreight and miscellaneous freight. The total for the week
of Sept. 22 was also an increase of 16,812 ears above the same
[VoL. 127.
FINANCIAL CHRONICLE
week in 1927, but a decrease of 32,193 cars below the corresponding week two years ago. The details are as follows:
Miscellaneous freight loading for the week totaled 459,967 cars, an increase of 12,424 cars above the corresponding week last year and 11,057
cars above the same week in 1926.
Coal loading totaled 180,955 cars, a decrease of 3.119 cars below the same
week in 1927 and 30,344 cars below the same period two years ago.
Grain and grain products loading amounted to 60,217 cars, a decrease of
62 cars below the same week last year but 10,768 cars above the same week
In 1926. In the Western districts alone, grain and grain products loading
totaled 46,639 cars, an increase of 1,401 cars above the same week in 1927.
Live stock loading amounted to 36,798 cars, an increase of 4,199 cars
over the same week last year but 2,975 cars below the same week in 1926.
In the Western districts alone live stock loading totaled 29,190 ears, an
increase of 4,296 cars compared with the same week in 1927.
Loading of merchandise and less than carload lot freight totaled 266,157
cars, a decrease of 2,879 cars below the same week in 1927 and 3,328 cars
below the corresponding week two years ago.
Forest products loading amounted to 64.576 cars, 4.472 cars below the
same week last year and 5,318 cars under the same week In 1926.
Ore loading totaled 64.360 cars. 10.040 cars above the same week in 1927
but 9,903 cars below the correspend!ng week in 1926.
Coke loading amounted to 10,184 cars, 681 cars over the same week in
1927 but 2,150 cars below the c!:‘rrespondIng week in 1926.
All districts reported increases in the total loading of all commodities
compared with the same week last year except the Pocahontas and Southern, which showed decreases, but all except the Central Western, Northwestern and Southwestern rerorted decreases compared with the same period
two years ago.
Loading of revenue freight in 1928 compared with the two previous years
follows:
3,686.696
3.756,660
3,447,723
Four weeks in January
3,677.332
3,801,918
3.589,694
Four weeks in February
4,805,700
4,982.547
4,752,031
Five weeks in March
3,862,703
3,875,589
3,738,295
Four weeks in April
4.145,820
4.108,472
4,006,058
Four weeks in May
5,154,981
4,995,854
4.923,304
Five weeks in June
4,148,118
3,913,761
3.942.931
Four weeks in July
4.388.118
4.249,846
4.230,809
Four weeks in August
1,143,448
1.117,360
1,116,948
Week ended Sept. 1
1,024,998
989,799
991,042
Week ended Sept. 8
1,179,259
1,127.643
1.138.312
Week ended Sept. 15
1,175,407
1,126.402
1.143,214
Week ended Sept. 22
37,020,361
Total
38,045,851
38,392,580
Production of Electric Power in United States in
August Increased About 12% Over Same Month in
1927.
The total production of electric power by public utility
power plants in the United States in the month of August
amounted to about 7,484,942,000 k.w.h., an increase of
approximately 12% over the corresponding month last year
when output totaled about 6,693,000,000 k.w.h., according
to the Division of Power Resources, Geological Survey. Of
the total for August of this year, 4,442,873,000 k.w.h. were
produced by fuels and 3,042,069,000 k.w.h. by water power.
The "Survey" further shows:
PRODUCTION OF ELECTRIC POWER BY PUBLIC UTILITY POWER
PLANTS IN THE UNITED STATES (IN KILOWATT HOURS).
Change in Otdyid
from Previous Year.
Totals by Fuels and Water Powers.
June.
July.
Aug.
July.
442,679,000 446,377.000 481,107,000 +6%
New England
Middle Atlantic_ _ _ 1,722.153,000 1,730,090,000 1,829.437,000 +3%
East No. Central. _ _ 1,621,147,000 1.657.950,000 1,747,123,000 +13%
406.150,000 420,114,000 454,212,000 +6%
West No.Central_ _
895,346,000 898.570.000 928,577,000 +34%
South Atlantic
East So. Central.. _ _ 260.809,000 241,675,000 258.886,000 —14%
West So. Central. _ _ 323,619.000 347,525.000 366,924,000 +20%
336,984,000 364,953.000 364,711.000 +17%
Mountain
1,000.749,000 1,033,076,000 1,053,965,000 +9%
Pacific
Aug.
+8%
+6%
+15%
+11%
+30%
—14%
+25%
+14%
+0%
7.000.636.000 7,140,330.000 7.484.942.000 +10% +12%
The production of electricity by public Utility power plants in August
exceeded all previous figures of monthly output, with a total for the month
of 7.485,000,000 k.h. The average daily rate of production was 241,500.000
k.w.h., exceeding the previous maximum daily rate of 237,200,000 k.w.h. In
February by about 2%.
There was a marked increase from July to August, indicating that Industry in general is apparently in a satisfactory condition. The large Increase
In demand for electricity during August was taken care of by fuel-burning
power plants, as the amount of electricity produced by the use of water
power In August was less than in July. The heavy precipitation In August
in the eastern part of the United States did not increase the flow of streams
used for power development, as was expected.
The Increase In fuel consumption in August, as compared with July, was
about 250,000 tons of coal, 50,000 barrels of oil, and 650,000,000 cubic
feet of gas.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY PUBLIC UTILITY
POWER PLANTS IN 1927 AND 1928.
Total in U.S
1927 a
January
February
March
April
May
June
July
August
September
October
November
December
6.830.000,000
6,166.000,000
6.840,000,000
6.482,000.000
6.600.000,000
6,493.000,000
6,477,000,000
6.693.000,000
6,605,000,000
6.932,000.000
6.876,000,000
7.211.000.000
1928.
Increase
1928
Over
1927.
6%
7.265,000.000
6.871.000,000 b11%
6%
7.246,000,000
6%
6.853.000.000
8%
7,130.000.000
8%
7,010.000,000
7,140,000,000 10%
7,485,000,000 12%
Produced by
Water Power.
1927.
1928.
36%
37%
39%
40%
41%
39%
37%
36%
38%
38%
39%
43%
45%
44%
43%
41%
36%
---
371.
RD 2(15 11410 000
Total
a Revised totals. b Part of increase is due to February 1928 being one daP
longer than February 927.
OCT. 6 1928.]
FINANCIAL CHRONICLE
The following table containing data published by the Department of
Trade and Commerce of Canada shows the amount of electricity exported
to the United States from Canada and imported to Canada from the
United States in 1927 and 1928:
Exports.
(In k.w.h.)January
February
March
April
May
June
July
August
September
October
November
December
Imports..
1927.
1928.
1927.
130,894,000
121,829,000
133,702,000
129,709.000
124,749,000
139,439,000
138,085,000
157,197,000
154,047,000
142,991,000
129,415,000
130,552,000
124,019,000
122,906,000
135,961,000
122,154,000
134.830,000
127.409,000
130,139,000
281,000
266,000
446,000
408,000
424,000
408,000
426,000
424,000
436,000
461,000
417,000
471,000
1928.
427,900
433,700
445.200
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
1879
Oct. 2 1928. Sept. 25 1928.
151.6
155.2
153.4
155.4
154.0
153.3
185.2
•165.2
122.4
121.9
154.3
154.3
134.6
134.6
122.4
122.3
150.9
*152.6
Oct. 4 1927.
148.4
157.1
157.9
157.1
119.8 •
158.0
134.3
123.9
148.9
'Revised.
Yearly total
1 632.609,000
4,868,000
[The Coal Division, Bureau of Mines, Department of Commerce, co-operates in
the preparation of these reports.]
Industrial Activity in Cleveland Federal Reserve
District at High Point at Close of September.
In its Monthly Business Review Oct. 1 the Federal Reserve
Bank of Cleveland states that September closed with industrial activity in the Fourth District at a high point'.
Iron and steel plants during September, it adds, were able
to expand operations on a rising price scale. Heavy automotive demand has been a strong factor in the situation,
reacting as it has on the District's steel, accessory, rubber,
paint, and glass industries. Various other lines, such ai;
electrical supply and machinery, are likewise doing more
business than a year ago. The Bank states that "money
rates are firm, but no shortage of credit for commercial
usage is reported from the District's leading financial centers.
An increase in speculative activity on the part of the public
is reported by several localities." In its survey of the rubber
and tire industry the Bank says:
Life Insurance Companies Lead All Industries in
Growth of Assets According to Clinton Gilbert.
The life insurance business is growing more rapidly than
any other business in the country, according to figures
submitted by Clinton Gilbert, insurance stocks specialist,
which show that the assets of the life insurance companies
are gaining at the rate of $123,000,000 a month or $1,476,000,000 a year. At this rate of growth it is estimated that
Reports indicate
Fourth District tire factorresi n Authe total admitted assets of life insurance companies of the gust were about thethat operations in The
same as in July.
seasonal shrinkage which
United States will be equal to more than $15,800,000,000 by develops in the industry at this time of year does not appear to be asusually
noticeby end of 1928. Growth of the assets of life insurance able as it was a year ago. Manufacturers report a larger volume in the
number of tires produced as compared with 1927, but due to the fact
that
companies, it is stated, is exceeding that of the public selling prices are lower, the dollar volume is about the same
as last year.
utilities, the railroads, and even of the automobile companies, The automobile industry shows exceptionally large production for this time
which ran only about 5% ahead for the first 6 months of of year. and the demand for tires as original equipment has consequently
been very heavy.
1928 compared to an increase of about 11% for the life
Orders for sundries, rubber boots and shoes are increasing, as is
the cusinsurance companies. This growth of the insurance com- tom in the fall of the year.
Total shipments of tires during July. the latest figure available,
were
panies is said to be due both to the taking out of larger 5,924,156 casings, an increase
of almost 600,000 from
month,
policies and to the greater number of policies per unit of and 1,161,557 from July. 1927. This figure exceededthe previousmonthly
the actual
population by the people of the United States. It is only in production, 4,873,716, by 1,050.440 units, resulting in a corresponding
decline in stocks in manufacturers' hands.
•
recent years, it is pointed out, that the public has fully
There has been little change in crude rubber prices lately,first latex (spot)
awakened to the desirability of insurance and that our rich being quoted at 19.4 cents a pound in New York on Sept. 18, about the
men have insured themselves for amounts to correspond with same as a month ago. It is interesting to note that on Sept. 20 1927,
crude
their wealth. For the first 8 months of 1928, total of all to therubber was quoted at 33).6 cents a pound. The drop is due principally
decision of the British Government to abandon the Stevenson
Reclasses of insurance written was $8,035,772,000 against striction Act.
$7,593,452,000 in 1927 a gain of 5.8%. Much of the availThe Bank states that "the majority of manufacturing lines
able capital of the life insurance eompanies is going into new in this District are doing from 5 to 25% more
business now
securities. More than $3,000,000,000 railroad securities or than a year ago." It adds:
Some other report conditions about the same as 1st year,
more than 10% of all the railroad securities in the country,
while almost
no cases are
are now held by the life insurance companies. Their hold- condition evident of declines from 1927. In most instances,furthermore,
s improved during August and the first half of September as
comings of Government obligations are steadily declining, while pared with July.
There appears to be very little disposition en the part of
those of public utilities are constantly increasing. In
customers to
their forward
December 1922 the 41 leading life insurance companies had increasethe past few buying, in spite of the rise in the general price level
during
months. Orders, although heavier, continue to be
Government bond holdings of $1,269,645,000.
very largely for quick delivery. It may be said, however,
that what little
By June change has taken
place is in the direction of more advanced purchasin
1928 this figure had dropped to $905,000,000. Holdings of
g
rather than toward an even
public utility securities on the other hand, advanced from until recently has been in themore restricted buying policy. The tendency
latter direction.
$250,622,000 in December 1922 to $1,112,000,000 in
June
1928. At the end of June of this year 43% of the assets
of
these companies were invested in mortgages, while in National Park Bank Finds Satisfactory Showing for
Key Industries.
December 1922 only 34% were invested in mortgages.
Observing that "most of the country's key industries are
making a satisfactory showing and a preliminary computaFurther Falling Off in Detroit Employment.
tion of the August production discloses the highest index reThe Detroit Employers' Association reports employ
ment ported in any month," the National Park Bank of New York,
for week ended Oct. 2 as 294,829, a decrease of 2,744 from under date of Oct. 3, states
that "if the present pace is suslast week, but an increase of 100,229 over the corresp
onding tained the results for 1928 will be extraordinary, with the
period of last year.
chances favoring the best showing ever made for American
industry during any twelve month period. The bank further
Annalists Indexes of Business Activit
says:
y.
Prosperity is never altogether evenly distributed, however,
and even in
A precipitous decline in live stock prices, following
the the most prosperous years there are weak spots that have to be strengthpronounced rise which occurred late in the summer
ened and sections where conditions are not as favorable as
is mainly the significan
in others. But
t feature of the present showing is that
responsible for the sharp decrease shown this week
by The came in mid-summer rather than in the Spring which isthe peak this year
usually the season
Annalist Weekly Index of Wholesale Commodity
Prices, when the high record figure is touched. . . .
which now stands at 150.9, as against 152.6, the revised
The steel output for the first eight months of the year was
unprecedented
for the season, and since the chief steel consuming interests are
figure for a week ago and 153.5, the recent peak index
getting
num- high production, the indications are that this greatest of all basic into
Indusber of Sept. 11. The Annalist continues:
tries will have a record year. The industry is very active
providing vir-
The collapse of live stock prices resulted in a drop of
more than 335
points in the weighted average offarm products, the sharpest
decrease which
has occurred in any single week in more than three years.
The weighted average of food products is also sharply lower,
but in nonagricultural commodities the tendency has been toward
further advances
or at least the maintenance of prices at the higher levels recently
established.
The outstanding example of the former tendency is supplied
by iron and
steel products, in which higher quotations have this week
become definitely
established. The generally firm condition of prices in
other industrial
commoditiesis examplified by copper and petroleum, in
which, if trade
reports are to be trusted, further advances are probable
sooner or later.
Textile products, particularly those of cotton construction,are
also quoted at
higher prices.
The following table gives the usual comparison of The
Annalist Weekly
Index of Wholesale Commodity Prices by main Commodit
y groups, the
base being 100 as the average for the year 1913:
tually full time employment for an immense body of skilled
workers. The
story of the automobile industry is equally remarkable, and
there is little
doubt that the total 1928 output will surpass all precedent
s. The public
is buying new cars on a scale that would be possible only in a
year when
the nation's spending power was close to, if not at, a new peak
level.
Building Totals This Year Above 1927 According
to
Indiana Limestone Co.
Three-quarters of the year closes with a total of
more
than five and a half billion dollars spent for new
building
in the United States, says a survey Oct. 5 by
the Indiana
Limestone Co. This is based on reports from several
hundred cities and towns. Building totals this year
continue
r VOL. 127.
FINANCIAL CHRONICLE
1880
above those of 1927. "The building industry which, it is
generally conceded, is the source of about 10% of the total
volume of business, maintains its extraordinary virility,"
says Thomas J. Vermoa, Vice-President. In his further
observations he says:
prices of hogs
This advance was caused by sharp advances in the farm
of other livestock
and veal calves, moderate advances in the farm prices
and poultry products
and seasonal advances in the farm prices of dairy
the prices of grain
which more than offset a continued geenral decline in
crops and lower farm prices for cotton and cottonseed.
prices advanced
From Aug. 15 to Sept. 15, the group indices of farm
19 points, and
as follows: Poultry products, 16 points; meat animals,
11 points; fruits
dairy products, 6 points. Cotton and cottonseed declined
and vegetables, 10 points; and grains 3 points.
12% from Aug.
The farm price of hogs made a sharp advance of about
being stimulated
15 to Sept. 15, the seasonal advance during this period
heavy movement of
by a reduction in market receipts and an unusually
corn-hog ratio
pork and lard from storage. From Aug. 15 to Sept. 15, the
from 11.5 to 13.0
advanced from 10.2 to 11.7 for the United States and
for Iowa.
from Aug. 15
The farm prices of sheep and lambs advanced about 1%
principal marketa
to Sept. 15, despite a sharp advance in receipts at seven
for higher
during the first two weeks in September. Factors accounting
meats,
lamb prices are increased pelt values, higher prices for competing
outlook
Decrease in the amount of speculative building is noted. The
n methods
for the remainder of the year is good. Since modern constructio
and valleys,
have made winter operations safe and sound. the seasonal peaks
eliminated.
with consequent periods of unemployment, have been definitely
signs of a slight failing off in
While the early part of September gave
latter part
volume from the same period last year contracts awarded the
of the month have brought the total well over any previous September.
the month
According to preliminary reports, construction volume for
had a value of approximately $650.000.000.
well
Public works and utilities construction will continue very active
at the
into next year. Commercial building is showing greater volume
construcpresent time than for several months. The amount of building
double that of the
tion for educational work for September was practically
and the strong demand for feeding lambs.
September
Sept. 16,
*Arne period last year. while industrial operations have tripled
The farm price of corn continued downward from Aug. 15 to
Residential construction, of course, continues in greater volume declining about 3% for the country as a whole. This decline in the farm
of 1927.
than ever before.
d by a slight slackening in demand due to
other types. price has been accompanie
In New York and New Jersey, residential building leads all
the smaller pig crop and the availability of oats and barley for feeding
and industrial following in good volume in
with public works, commercial
purposes.
the order named.
The 4% decline in the farm price of oats for the United States from
buildings,
The New England States show greatest activity In residential
15 was accompanied by indications of a slight increase
l following In importance. Aug. 15 to Sept.
with public works, commercial and educationa
the prospective 1928 crop.
also show residential construction in the lead. in
16,
Middle Atlantic States
The farm price of wheat continued downward from Aug. 15 to Sept.
The Pittsburgh
with commercial, educational and public works following.
only about 1% for the
, commercial but the decline during this period amounted to
district reports greatest activity in public works. Residential
been influenced by further
country as a whole. This decline has probably
and industrial projects rank in the order named.
to the strength
construction improvement in crop prospects and current uncertainty as
The Central West gives no signs of recession. Residential
works. in- of European demand.
more than 40% of the entire program, while public
Chalks up
ely
The farm price of potatoes made a further decline of approximat
upward swing.
dustrial and commercial buildings show a continued
for public works. 11% for the country as a whole from Aug. 15 to Sept. 15. The principal
Almost 50% of the total spent in the Northwest was
potatoes for the United
show principal factors influencing the decline In the farm price of
and in this type the Southern and Western States likewise
higher prospects
States during this period were indications of slightly
activity.
leads other cities, with for the 1928 crop than expected in August and a slight increase in car-lot
In volume of building permits, New York easily
Boston, Pittsburg, shipments.
Ohkago. Philadelphia, Detroit. Los Angeles, Cleveland,
was
The decline in the farm price of cotton which started in August
St. Louts and Seattle following.
of 1.2
continued from Aug. 15 to Sept. 15 with an additional decline
cents.
Monthly Indexes of Federal Reserve Board.
production, employThe monthly indexes of August
Dun's Report of September and Third Quarter Failures.
ment and trade of the Federal Reserve Board were issued
The insolvency record compiled by R. G. Dun & Co. for
ted'
as follows Oct.!. The terms "adjusted" and "unadjus
September and the third quarter reveals moderate increases
seasonal variations.
used below refer to adjustments for
in both the number and liabilities of commercial failures in
(Monthly average 1923-25=100.)
the United States over the totals for 1927. Returns for
1928 1928 1927 September, which afford the best indication of existing condi1923 1927
1928
Aug. July Aug.
Aug. July Aug.
tions, disclose 1,635 defaults, exclusive of banking and other
Building Contract:
"Industrial PrOdtlefiduciary suspensions, and the indebtedness of these mercan111 139 119
Adjusted
Me, adJus ed126 142 135
112 109 107 Unadjusted
tile reverses is $33,956,686. Comparing with the 1,573
Total
Wholesale Distribu113 111 107
Manufactures
Hon, adJuttedsimilar insolvencies of the same month last year, the present
105 101 106
Minerals
99
94 100
Total
Manufadures. ad
97
99 *91
number is larger by about 4%, while there is an expansion
Groceries
fulled115 111 109
121 121 102 Meats
Iron and steel
in the liabilities of a little more than 334% over the $32,80 102
90
109 •100 119 Dry goods
Textiles
79 101
90
97 Men's clothing
89
91
786,125 of September 1927. On the other hand,last month's
Food products
72
Women's clothing.-- 68 *83
Paper and Printing-- 117 117 112 Shoes
109 123 111
indebtedness is fully 40%, under the $58,201,830 of August
95
96
90
umber
97
91
96
an
89 Hardware
132 120
utomoblles
of. the current year, when the aggregate was swelled to
117 107 112
Drugs
ther and shoes__ 110 •111 112 Furniture
107 •95 109
unusually high point by several failures of exceptional size.
Cement, brick. glass. 118 117 115
Wholesale DtstreuNonferrous metals- 116 112 108
Hon. unadJus ed
Moreover, the liabilities last month also are below the
Petroleum reilning_-_ 160 155 136 Total
87 111
108
155 .155 119
tires
Rubber
97
100 *92
figures for September of 1924, 1923 and 1921, in which years
119 Groceries
Tobacco manufctures 131 125
117 113 111
Meats
AlineralcadJustedthe amounts exceeded the average for the period. The
74 125
109
92 Dry goods
94
91
Bituminous
68 165
148
Men's clothing
66 107
95
number of last month's defaults is, in contrast, above the
Anthracite
98
92
123 119 123 women's clothing_.... 119 *46 122
Petroleum
98
totals for September of earlier years, although some part of
99 Shoes
103
105
Ron ore
98
90
96
116 113 101 Hardware
Copper
the increase is accounted for by the steadily rising number
115 102 110
121 117 114 Drugs
Zinc
109 *78 111
97 112 Furniture
108
of firms and individuals engaged in business.
Lead
Sales
Dept. Store
94
82 *76
Silver
106 108 111
AcBtisted
In common with the exhibit for September, the statistics
LoadFreight-Car
89
78
85
Unadjusted
lags. adjustedfor the third quarter show a larger number of insolvencies
Dept. Store Stocks
104 102 104
Total
99 101
100
98 Adjusted
102 109
Grain
and also a heavier indebtedness than in 1927, but the differ97
92
96
91 Unadjusted
80
82
gystock
Mail Order House
88 102
96
ences are not marked. Thus, the 5,210 failures of the three
I
Sales
95
89
92
Forest products
160 153 133
Adjusted
months just ended compare with 5,037 for the same period
Merchandise. I. c. I..
127 112 105
Unadjusted
0
and miscellaneous. 111 109 109
last year, or not quite 347 more, and the present year's
4
*Revised.
liabilities of $121,745,149 are about 53 % higher than the
EMPLOYMENT AND PAYROLLS.
$115,132,052 of the third quarter of 1927. The amount for
Unadjusted (1919=100).
the latest quarter was exceeded in the corresponding quarter
d
Payrolls
Employment.
of only two preceding years-namely, 1924 and 1921-an
1927
1928
1928
1927
1928
the number this year establishes a new maximum for third
1928
Aug.
July.
Aug.
Aug. July. Aug.
quarter.
91.2 103.9 100.1 104.4
90.0 -88.5
Monthly and quarterly failures, showing number and
Total
89.8
89.3
93.3
85.0
84.6
86.0
Iron and stee
88.7 102.7
91.7
92.3
85.3 -84.5
liabilities, are contrasted below for the periods mentioned:
Textiles-group
Fabrics
Products
Lumber
Railroad vehicles
Automobiles
Paper and printing
Foods.arc
Leather, Ac
Stone, clay, glass
Tobacco, arc
Chemicals, Ac
86.3
84.1
89.1
71.6
149.9
106.3
83.9
82.9
115.7
79.0
73.9
86.2
82.2
86.7
71.7
141.0
106.1
84.4
81.2
112.8
73.4
73.9
95.6
88.2
92.3
76.7
114.3
108.9
85.8
88.2
120.2
74.4
75.3
91.4
92.0
100.3
77.0
184.9
144.5
100.1
88.0
143 3
81.6
104.0
90.2
86.9
96.4
76.5
186.0
144.6
101.4
82.6
136.1
78.1
103.4
105.8
98.9
105.5
85.4
136.3
147.2
101.7
97.5
149.0
79.7
101.2
September
August
July
Third quarter
*Revised.
er.
Farm Price Index Shows Advance for Septemb
on Sept. 15, at 141, was 2 points
' The Index of farm prices
the Index
higher than on Aug. 15 and 1 point higher than
Septemlubr of last year, according to the Bureau of
for
Agricultural Economics, United States Department of Ag...x1culture. The Department's advices Oct. 1 state:
Liabilities.
Number.
1928. 1927. 1926.
June
May
April
Second quarter
March
February
January
First quarter
1928.
1927.
1926.
$
1.635 1,573 1,437 33.956.688 32.786.125 29,989,817
1,852 1,708 1,593 58.201.830 39,195,953 28,129.660
1,723 1,756 1,605 29.586.633 43.149,974 29.680.009
5,210 5,037 4.635 121.745.149 115.132.052
1.947 1.833 1,708 29.827.073 34.465,165
2,008 1,852 1.730 36.116.990 37.784.773
1 818 1,968 1,957 37,985,145 53.155.727
87,799.486
5,773 5.663 5,395 103,929,208 125.405.665
2.236 2,143 1,984 54.814.145 57.890.905
2.176 2.035 1.801 45.070.642 46.940.718
2.643 2,465 2.296 47.634.411 51.290.232
101,438,162
29.407,523
33,543.318
38.487.331
30.622.547
34.176,343
43.661.444
7.055 6.643 6,081 147.519.198 158.121.853 108.480.339
OCT. 6 1928.]
FINANCIAL CHRONICLE
FAILURES BY BRANCHES OF BUSINESS
-SEPTEMBER 1928.
1927.
7
3 81,283.982 $4,040.100
13
27
588.252
177.240
1
3
283,100
18,326
1
1
200.000
17,760
46 2,332,603 3,708.185
52
36
700.145 1,933,146
30
15
5
447,376
394.626
1
10
161.183
3.000
1
2
3.600
3,000
20
21
115,245
141,752
38
27
141,380
157.156
9
4 2,442.950
729.100
17
4
100,550
458.657
3
3
154.246
33,205
192 171 5.772.818 3,533,614
1926.
$24.325
1,780,416
668,233
27.000
1,632,317
377.742
83.538
309.050
36.000
272,812
564.165
100.820
29,000
196.335
3,990,988
Total manufacturing-- 454 389
TRADERS
General stores
58
60
Groceries. meat and fish
279 245
Hotels and restaurants
73
83
Tobacco &c.
14
17
Clothing and furnishings... 126 136
Dry goods and carpets
85
67
Shoes, rubbers and trunks._
32
48
Furniture and crockery
40
37
Hardware. stoves & t .ols__
45
37
Chemicals and drugs
39
52
Paints and oils
4
6
Jewelry and clocks
17
19
Books and papers
13
8
Hats, furs and gloves
10
3
All other
226 277
64
250
86
17
94
50
44
26
26
41
9
18
6
3
224
Total trading
Other commercial
958 813,567,064 512,051.799 311.242.485
105 5,662,192 5.385,459 8,654.591
Total United States
1,073 1.083
108 101
1 ene 1
374 $14,727,430 515,348.867 510,092,741
5655.733
2,071,441
901.289
110.396
1,563,453
1.618,033
283.479
724,526
684.828
345.286
77.826
367,276
318,014
152.800
3.692.684
8547,463
1,831.776
752.556
99.673
1,687.465
722,901
654.787
770.545
478.605
410.806
26,451
419.944
40.438
14,200
3.594.189
8592,240
2,099,821
819,536
55.409
879.316
454.334
617.972
508,515
350,308
306.880
34,745
182,330
34,112
32.825
4.274,142
e,n 1 In, enn nen Ann On.,nn Ine Onn nnn nvw
New York Federal Reserve Bank's Indexes of Business
Activity.
The Federal Reserve Bank of New York, in its "Monthly
Review" Oct. 1, states that its indexes of business activity
showed no consistent change from July to August. Carloadings of merchandise and miscellaneous freight declined
slightly, after seasonal allowance, while loadings of bulk
freight, which have been comparatively small, increased
somewhat says the Bank, which adds:
The various other Indexes of business and financial activity also
showed
mixed changes, but, in general, indicated a fairly high level
of general
business activity.
(Computed trend of past yearr100 per cent: &Misted for seasonal
variations).
Aug.
1927.
Primary Distribution
Car loadings, merchandise and miscellaneous
Car loadings, other
Exports
Imports
Panarna Canal traffic
Wholesale trade
Dist,intaton to Consumer
Department store sales, 2nd district
Chain grocery sales
Other chain store sales
Mail order sales
Life insurance paid for
Advertising
General Business Acti.ityBank debits, outside of N.Y. City
Bank debits, New York City
Velocity of bank dep. outside of N.Y. City....
Velocity of bank deposits, New York City
Sharessold on N. Y.Stock Exchange
Postal receipts
Electric power
Employment In the United States
Business failures
Building contracts, 36 States
New corporations formed in N. Y. State..._.
Real estate transfers
General price level
Composite index of wages
Cost ot living
June
1928,
July
1928.
.lug.
1928.
103
97
105
123
97
105
101
91
101
99
80
93
103
91
108
104
83
97
102
93
10Ip
107p
ioi
108
106
101
121
113
103
103
104
102
123
III
95
97
103
99
132
104
94
99
103
96
137
107
97
104
142
104
145
230
98
105
100
107
126
113
98
171
221
169
114
167
119
177
239
89
106
97
121
138
127
88
176
223
170
104
142
114
154
186
87
107
97
101
126
120
86
176
222
172
104
149
113
166
293
90
-5o'
115
110
108
1.
76
223
172
p Preliminary
Substantial Seasonal Increases in Wholesale Trade in
New York Federal Reserve District.
The Federal Reserve Agent at New York states that
August sales of wholesale dealers in this district, reported
to the New York Federal Reserve Bank, showed substantial
seasonal increases in a majority of lines, but compared with
a year ago indicated mixed conditions. Conditions in the
wholesale trade are further indicated as follows in the Oct. 1
Monthly Review of Credit and Business Conditions of the
New York Reserve Bank:
Hardware sales showed a substantial gain over last year, following decreases In the two months preceding, and machine tools continued far
There were smaller Increases also In
above the level of a year ago
sales
of drugs and paper, but decreases of varying amounts were reported In
most other lines. In some cases, notably shoes and stationery, these do
creases followed increases In July.
Stocks of shom remained much smaller than a year ago. while stocks of
silk goods reported by the Silk Assomat ion showed an even larger Increase
over last year than In July. Increases in stocks compared with a year
ago were reported also In drugs, hardware, Jewelry and diamonds.
Collections in a majority of lines were a little slower than in August
1927.
Commodity.
Net
CO.v.
Groceries
•
Men's clothing
Women's dresses
Women's coats and suits..
Cotton goods
Jobbers
Commission
Silk goods
Shoes
Drugs
Hardware
Machine tools (x)
Stationery
Paper
Diamonds
Jewelry
Stock
End of
Month.
Net
Sales.
Stock
End of
Month.
1927.
1928.
+0.4
+117.8
+1.0
____
-1.3
-10.2
-3.9
____
75.0
37.6
73.1
36.0
+111.8
____
-8.8
__ --
----
----
---
---
- -- 4
48.
il:ii
35.0
46.8
52.3
31.8
52.4
51.6
71.4
63.8
25.0
-75:2
60.6
23.4
Weisrhted oversize
-I- 4(1 7
-4 7
I 40 A
• Quantity not value. Reported by the Si k Assoelativa of
America.
,Reported by the National Much, Toni Builders AssociatIon.
ne
as 4
+35.0
+4.8
-9.1
+0.5
+6.7
._
-12.8
+28.2
-1-1.9. -20.6
_-1--30.2°
+37.0 -10.4
-7.7 -250
+15.0 +11.9
+3.2 +12.5
+20.6
-4.1
+8.6
+3.7
+18.2
____
+41.4
--4.7
____
-9.7
____
+4.9
_ __
+2.5
___
+24.91 -1.7 { +0.6 l
+2.1
+38.41
-14.8 I
•
Wholesale Trade during August as Reported to Federal
Reserve Board-Sales Seasonally Larger Than in
July.
According to the Federal Reserve Board sales of wholesale
firms reporting to the Federal Reserve System were sea,sonally larger in August than in July and for most of the lines
the increases were larger than usual. Under date of Sept.28
the Board continues:
Compared with August of last year sales were somewhat smaller, owing
chiefly to the fact that trade in drygoods and wearing apparel in
August of
last year was unusually large for that month.
Sales of groceries, meats
and drugs were larger than in August of fast year. while those of drygoods.
clothing, shoes, hardware and furniture were smaller
Th largest increase
In sales as compared with a year ago was reported by meat packing firms.
A summary of the changes In sales, by lines. In August as compared
with
July 1928 and August 1027 is given In the table:
CHANGES IN VALUE OF WHOLESALE SALES.
Line.
Percentage of Increase -I-) or
Decrease(-)in Sales is August
1928, Compared with
July 1928.
Groceries
Meats
Drygoods
Men's clothing
VI omen's clothing
Boots and shoes
Ilardware
Drugs
Furniture
August 1927.
+9.4
+3.8
+48.0
+117.5
+100.7
+21.6
+7.7
+13.1
+39.6
+3.0
+5.9
--12.1
--I0.3
--6.0
--2.1
--1.1
+4.4
-2.2
Total. nine lines
+25.0
-2.4
-A description of the new Index of wholesale distribution and
Note.
upon which this report Is based were published In he Federal Reserve of the data
Bulletin for
December, and the index numbers from 1919 to 1927.by
months. were also given
In that Bulletin.
Sales of agricultural machinery and farm Implements Were
slightly
smaller In -August than in July, according to reports by
.
76 manufacturers to
the Federal Reserve Bank of Chicago. Compared with August
of last year,
however, sales continued at a much higher level
Orders for machine tools
were larger than in July and continued larg tr than in the
corresponding
period of last year.
WHOLESALE DISTRIBUTION BY LINES.s
(Index numbers, based upon dollar value of gales. Monthly avge.
1923-1925=100
.)
1
Total OroDry
Men's Wo- Boots Hard-.
p,
Month
Nine series Meats. Goods. Cloth- men's and ware.
Drugs new's,
Lines.
Ins. Cloth's Shoes.
1
With adjustmentfor seasonal variall On1927
January ___ 94
93
113
83
84
77
92
104
98
February__ 95
93
112
87
97
75
93
103
98
March_ _ _ _ 96
96
108
90
101
67
98
106
101
April
93
95
111
86
87
68
94
106
96
May
95
97
109
87
87
69
91
104
98
June
93
98
104
88
90
65
92
106
102
July
95
91
102
88
90
79
92
105
102
August__ 100
97
109
102
101
72
97
112
109
September. 96
94
109
91
92
66
99
114
103
October
91
90
109
86
81
54
94
III
99
November, 95
94
105
89
86
67
100
112
100
December. 93
92
109
87
93
61
97
106
89
1928
January __ 94
.
93
106
89
119
70
92
108
89
February
97
98
113
88
99
70
93
109
96
March
93
97
109
83
94
55
91
109
95
April
89
93
112
78
77
57
110
87
57
May
96
99
110
87
98
62
94
116
92
June
89
94
112
79
76
49
91
109
95
July
94
92
III
80
79
00
92
107
114
August
99
99
115
90
90
96
117
107
W ittfoua djustm era for season at Vert ado,,- 68
1927
January
86
86
113
78
65
71
82
102
86
February._ 91
81
107
88
123
95
82
95
98
March
103
94
104
95
138
108
102
117
114
a urd
90
90
104
76
85
64
96
108
97,
May__
88
95
109
76
52
39
93
98
93
June
87
101
106
78
46
28
96
99
90
July
88
92
104
81
78
13
90
100
84
August_._. Ill
97
III
125
165
98
98
110
111
September_ III
102
117
113
140
95
106
122
117
October. _. 106
102
122
99
101
87
105
128
118
November. 93
100
101
88
61
45
98
113
LOS
December . 82
90
103
70
48
39
90
99
gg
1928
January
87
85
106
85
76
65
82
106
February _
78
. 93
108
85
89
128
88
82
101
96
March
99
105
95
87
131
89
95
120
April
107
105
86
88
70
75
53
89
112
May
88
110
89
96
75
57
35
97
11(9
87
June
114
84
97
71
39
21
95
103
Jolv
83
113
87
93
74
68
49
00
1112
77
August__ 108100
109
148
92
_ 117
96
115
109
a Index of wholesale d stribution Is described In
for Dec. 1927. Index numbers by lines from Jan. tie Federal Reserve BulletIn
1919, to date are published
that bulletin and may be bad upon request to the
la
Federal Reserve Board.
01,,w.c0=. 0000.weg.oPw..
cow.wwcoc^
12
23
3
1
73
40
30
7
1
6
24
15
4
3
212
1928.
.....
W.—w.0m.tn.coo
N200. t4-40..0......2
1928 1927. 1926.
MANUFACTURERSIron, foundries and naafi__
Machinery and tools
Woolens. carpets & knit g'd
Cottons, lace and hosiery_ _
Lumber. carpenters & coop.
Clothing and millinery
Hats, gloves am) runs
Chemicals and drugs
Paints and oils
Printing and engraving...
Milling and bakers
Leather, shoes & harness
Tobacco, &c
Glass, earthenware & brick
All other
Percentage Chang. Percentage Change Per Cent of AO.
August 1928
Augu 11928
counts Outstanding
Compared with
Corn pa ed with
July 31
July 1928.
Augus 1927.
Collected in Aug.
Liabilities.
Ox=d-00.4.16
Number.
1881
[VOL. 127.
FINANCIAL CHRONICLE
1882
Stocks Of Wholesale Firms.
of
Stocks of merchandise carried by reporting wholesale firms in six lines
trade-groceries, drygoods, boots and shoes, hardware, drugs, and furnia year
ture-were slightly smaller in August than in July. Compared with
ago stocks of boots and shoes, drugs and furniture were larger, while those
smaller.
of groceries, drygoods and hardware were
feted smaller sales than a year previous for the first time since last October.
The leading mall order houses, however, continued to report very substantial increases over the sales of a year ago.
Stocks of merchandise on hand at the end of the month remained only
slightly larger than a year previous. Collections were slightly smaller,
relative to the amount of accounts outstanding, than in August 1927.
LINES
CHANGES IN SALES AND STOCKS OF WHOLESALE FIRMS BY
AND BY FEDERAL RESERVE DISTRICTS.
Percentage
Change
August 1928
Compared With
August 1927.
(Increase (+) or Decrease (-) Per Cent.)
-August 1928
Sales
Compared with-
Line and Federal
Reserve District.
July 1928 Aug. 1927 July 1928
Groceries
United States
Boston District
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
St. Louis District
Minneapolis District
Kansas City District
Dallas District
San Francisco District
Dry Goods
United States
New York District
Philadelphia District
Cieyeland District
Richmond District
Atlanta District
Chicago District
it. Louis District
Kansas City District
Dallas District
Ban Francisco District
Shoes
United States
Boston District
New York District
Philadelphia District
Dieveland District
Richmond District
Atlanta District
Chicago District
R. Louis District
ginneapolis District
3an Francisco District
Hardware
:Anted States
New York District
Thiladelphia District
Dieveland District
Richmond District
ktlanta District
Chicago District
it. Louis District
-0.8
-14.8
-3.9
-2.3
+1.2
+5.7
-13.2
-0.6
+7.4
-6.0
+3.6
+5.4
+6.7
+3.7
-4.7
-1.3
+1.5
+4.7
+2.7
+0.2
+1.9
5.6
+2.0
+11.7
+5.7
+7.5
+1.3
-3.3
+1.0
+0.6
+0.8
+3.4
10.1
+0.4
-1.3
-3.0
+3.0
+2.7
+2.7
+48.0
+29.4
+24.6
+44.1
+75.5
+59.2
+28.6
+62.6
+24.3
+89.2
+35.7
-12.1
9.4
-16.9
-9.6
-26.6
-26.0
-3.7
-15.1
-5.7
-6.9
-1.6
-6.8
-1.4
-r6.3
-0.3
-8.5.
-0.1
-0.3
-12.0
-5.7
-11.2
-5.3
2- .
- 9:5
-6.3
-2.0
+3.1
+4.5
-4.2
-17.4
-3.9
-12.2
+21.6
+28.4
+37.0
+47.4
+60.3
+83.9
+46.6
+42.5
-2.3
+46.0
+54.6
-2.1
-12.3
-7.7
-17.9
-13.9
-10.3
-14.0
-7.3
-5.5
-28.0
+1.9
-5.9
-1.1
+8.6
-8.2
-5.7
-18.3
-10.4
----
+0.3
-5.9
-11.0
-1.1
+6.6
+37.9
+30.0
+20.2
-1.8
-4.1
-2.4
-4.0
+3.7
-3.4
+0.5
+1.4
-1.4
-6.9
-1.0
-3.2
+0.7
-1.4
-1.4
+2.5
-8.7
+1.4
-3.0
-8.8
+10.0
-8.4
+3.1
+11.9
----
+4.8
+12.5
----
-2.3
0.0
-0.7
0.0
+4.2
-4:5
-4.4
-6.3
+0.7
-2.3
-2.2
-16.4
+9.9
-8.9
+10.4
+13.9
+1.8
+3.2
+1.0
+1.9
+8.9
+1.6
4:15
-
49.7
--0.6
+Ili
+4.4
+10.3
-2.7
+9.6
+We
+3.4
+2.7
-0.9
+222.0
-9.2
+20.5
+13.0
+26.2
----3.0
-7.4
-9.7
+3.9
+10.0
+10.7
---4:0
.-
+12.2
+0.4
-2.0
+1.1
--9.2
--2.1
--7.8
--2.8
--2.8
1927.
1928.
43.1
49.3
33.8
42.5
49.5
33.6
41.7
39.6
34.4
35.6
:Ea
41.3
41.3
39.5
_
+5.5
+21.1
As the foilowing table indicates, sales of shoes were considerab y larger
than a year ago, and sales of men's furnishings were slightly larger. Most
of the apparel departments, however, showed substantial declines compared with last year, as did also the furniture and home furnishings, yard
goods, and other principal departments.
Stock on Hand
Net Sales
Percentage Change Percentage Change
Aug. 31 1928
August 1928
Compared With
Compared With
Aug. 31 1927.
August 1927.
+15.5
+12.6
3.0
+13.3
+5.5
+7.1
4.4
+4.1
-10.6
+9.2
+2.8
-0.5
+4.0
+7.9
+17.9
+10.6
-22.7
+4.2
+0.4
4-14.2
+2.5
+1.4
+0.6
-1.4
-1.6
--4.1
--4.2
--6.3
6.2
--9.8
-10.6
-12.8
-12.9
-13.5
-17.4
--25.9
-43.8
-11.7
Shoes
Toys and sporting goods
Men's furnishings
Books and stationery
Toilet articles and drugs
Hosiery
Silverware and Jewelry
Women's ready-to-wear accessories
Luggage and other leather goods
Home furnishings
Women's and misses' ready-to-wear
Linens and handkerchiefs
Furniture
Men's and boys' wear
Cotton goods
Silks and velvets
Musical instruments and radio
Woolen goods
Miscellaneous
Gains in Chain Store Sales in New York Federal
Reserve District.
Regarding the chain store trade, the Oct. 1 Monthly
Review of Credit and Business Conditions by the Federal
Reserve Agent at New York says:
Sales in most of the principal types of chain store trade showed larger
increases over a year ago in August than in July. An exception was the
ten cent store business, which showed the smallest increase since April.
Candy chains reported the largest increase in total sales in several years,
although, due to rapid opening of new stores during the past year, average
sales per unit remained smaller than last year. Grocery chains again were
the only type to show any considerable increase over last year In sales
per unit.
•=e:i
+35.0
-9.1
+4.8
+0.5
+28.2
-20.6
6+1.9
8+30.2
+6.7
-12.8
----
+18.2
+41.4
-
+24.9
+0.6
----
----
+38.4
.+41.3
-14.8
-11.8
-1.7
-0.9
+2.1
+2.3
+11.7
-1.4
-3.1
+3.4
-19.5
-2.5
-14.7
-18.1
-7.3
+28.5
-3.4
+10.9
+8.9
4-11.4
+8.1
-26.9
+18.6
+14.0
+20.7
+22.7
Percentage Changes August 1928
Compared With August 1927.
Type of Store.
Grocery
Ten-cent
Drug
Tobacco
Shoe
Variety
Candy
Total
compiled by the
a Sales of agricultural Implements for the United States are
Chicago Federal Reserve Bank.
S Stocks at first of month-quantity, not value.
Machine Tool Builder
Based upon indexes of orders furnished by the National
Association.
d Includes diamonds.
Department Store Sales in New York Federal Reserve
District Below Volume of Year Ago.
in the New York
August sales of leading department stores
a year ago,
Federal Reserve District were 7% smaller than
Credit and Busiaccording to the Oct. 1 Monthly Review of
Bank of New
ness Conditions issued by the Federal Reserve
York. The Bank also comments as follows:
In August 1927 sales were unusually large, however, whereas in August
of fall appara/
this year, weather conditions were unfavorable to the sale
New York City,
and other merchandise. All of the reporting stores in
of
and most of the stores In leading cities up-State, had a smaller volumerebusiness than in August of last year. The large apparel stores also
Elsewhere
Northern New York State
Central New York State
Southern New York State
IIudson River Valley District
Capital District
Westchester District
All department stores
Apparel stores
Mail order houses
---+1.8
+7.3
'
Bridgeport
2:6
3
-F--22.6
-4.7
+6.5
+66.0
+38.2
Cotton Commission Houses-
-1.1
+2.1
1.9
+2.4
5.2
3.9
-
-5.5
+39.6
+30.6
+35.7
-13.4
+10.5
+43.7
+44.9
rew York District
Stock en
Hand
End of
Month.
-9.1
-12.0
-10.8
8.9
+3.4
+0.4
4.4
2.2
-
New York
Buffalo
Rochester
Syracuse
Newark
-Li:1i
.
-7T1
2--
+4.4
+13.1
+3.2
+15.0
-5.7
+0.2
+4.3
+9.2
-4.7
+7.4
-2.4
+15.5
+10.2+6.2
+10.8
+14.3
+3.8
+11.1
+6.0
+25.5
+2.6
+10.0
rew York District
Net
Sales.
+15.7
-5.8
-25.0
+7.7
+20.6
+1.5
-10.0
+15.1
+14.9
+7.7
+12.7
-2.0
+1.5
+2.3
+10.4
dinneanolls
Locality.
Aug. 1927
+10.1
+0.5
+0.4
+4.4
+12.0
+8.3
+10.3
+8.9
+3.7
+13.0
+16.5
+12.4
+6.9
Ransas City District
3allas District
lan Francisco DLstrict
Drugslnited States
4ew York District
hiladelphia District
,
Dleveland District
tichmond District
Manta District
Micago District
R. Louis District
Camas City District
)alias District
Ian Francisco District
FurnitureJnited States
tichmond District
Ltlanta District
:Mew District
.t. Louis District
Cansas City District
a.n Francisco District
Agricultural ImplementsInIted States a
linneapolls District
)allas District
Payer and Stationery-.
lew York District
'hiladelphia District
.tlanta District
an Francisco District
Automobile Supplies
an Francisco District
Cotton Jobbersrew York District
Silk Goods-
Machine Toolsnited States c
Diamondsew York District
Jewelryew York District
Prhiladelphia District
Electrical Suppliestilladelphla District
A Mints. District
CIelcago District
St,. Louis District
i District
Stocks-August 1928
Compared with
Per Cent. of
Accounts
Outstanding
July 31
Collected
in August.
Number of
Stores.
Total
Sales.
Sales per
Store.
+1.3
+8.6
+5.8
+3.8
+10.0
+19.4
+19.4
+13.9
+3.8
+4.4
-1.5
+9.6
+19.6
+ 12.1
+12.4
4.4
1.2
5.2
0.3
+0.2
-8.1
+5.3
+8.3
+2.9
Federal Reserve Board's Survey of Retail Trade in
United States during August-Sales Seasonally
Larger Than Previous Month.
Stating that department store sales were seasonally larger
Board, in its
in August than in July, the Federal Reserve
during August
survey of retail trade in the United States
(issued Oct. 1) says:
The increase, however, was slightly less than that which usually occurs
between July and August, and the Federal Reserve Board's index of
department stores sales which is adjusted for seasonal changes, declined
last year,
from 108 In July to 106 in August. Compared with August of
sales averaged about 5% smaller. A large part of the decline from last
year ago were much larger than is
year was due to the fact that sales a
usual for August.
Sales of chain stores reporting to the Federal Reserve System were
larger than a year ago in all lines of trade except cigars and tobacco. Sales
were reported to
of groceries, apparel and dry goods, and drug chains stores
be about 20% larger than in August of last year; those of candy and shoe
chain stores were 8 and 11% larger, respectively, and those of five-and-tencent chain stores were 3% larger. The reporting chain store companies
have more stores in operation than a year ago and the increase in sales
reflects the growth in the number of stores as well as changes in the volume
of trade. Sales of mail-order houses were 20% larger than in August of
last year. These companies are also opening additional outlets and a part
of the growth in total sales reflects the business of the new stores.
with
A summary of the changes in retail sales in August 1928, compared
August 1927. and of the number of stores reporting is as follows:
OF STORES
CHANGES IN VALUE OF RETAIL SALES AND NUMBER
REPORTING.
or
P C. of Inc (+1
Number of Stores.
Dec.(-1 in Sates
in August 1928,
Type op Store.
August
August
Compared nith
1927.
1928.
August 1927.
510
510
-4.7
Department stores
Chain stores & mall-order houses
28,926
29,253
+20.3
34 Grocery
2.878
3,082
+2.9
14 Five-and-ten-cent
1,018
1,213
+19.2
5 Apparel and dry goods
852
1,019
+21.2
13 Drug
3,461
3.591
-1.6
4 Clcars
609
669
+7.8
7 Shoes
277
329
+11.1
4 Candy
•
+20.2
4 Mall-order houses
not available.
• Number of separate stores operated by mall-order houses Is
Department Stores S'les and Stocks by Federal Reserve Dtstrit Is.
seven
Department store sales were smaller than In August of last year In
two dist/lets.
Federal Reserve dIstricts, about the same as a year ago In
four northern
and larger In three districts. The largest decreases were in
Atlanta, Kansas
and eastern districts and In the St. Louis discrIct. In the
in August
City and San Francisco districts sales were slightly larger than
of 1927.
Inventories of department stores were Increased In Angst in anticipation of larger sales In the autumn. They continued smaller, however.
than In the corresponding Period or last year. averaging for the count0
distriet•
as a whole about 2% smaller. Stores In nine Federal Reserve
reported smaller stocks than In August a year ago and those in three dia
tricts reported stocks to be slightly larger.
DEPARTMENT (ToRE SALES AN1) STOCKS BY FEDERAL
11EsElt‘ E D1sTRICTS
1923 25 average equals 100.)
Dudes numbers
.•...... ..-.... ..-..- ...........
U.S.
10 .11
9
8
7
6
4
5
3
2
11
12
Sales tuned.) uste ai. 101 110 109 97 99 100 99 107 93 91 86 95 9.
1927-June82 68 75 68 69 8'1
72 7e
July... 75 74 74 65 78
73 93 80 86 99 90 92 83 80 II Aug..- 89 84 84
-June... 103 III 112 95 11'0 102 98 114 94 84 84 98 10
1928
9
71
71
July_ .. 78 75 77 64 78 75 77 91 73 fig
65 85 78 86 100 83 80 85 80 II,
85 78 78
Aug.__
Sales (adjust ed)
99 10.
1927-June... 104 105 III 96 09 99 105 107 98 91 ___
July. . 103 105 108 96 107 103 105 112 100 97 .... 10() II
Aug___ Ill 112 119 10() 110 III 110 120 117 103 ___. no III
99 84 ____ 103 19
-June... 105 106 I 11 94 1011 1(11 104 ITS
1928
RI) ...1(13 11
July _ _ 108 107 112 fir 106 107 106 126 IOR
Aug_ 106 101 III
89 101 109 110 122 108 89.... 110 II
Stocks (until! goat. d)1927-June... 97 99 98 92 98 98 92 95 97 84 104 83 10
70 10
94
95 9.5 89 93 94 91 93 95 63 101
July..
97 93 06 99 97 87 116 88 10
Aug... 97 95 99 91
-June... 95 97 98 87 95 95 96 96 91 78 108 711 Iii
1928
94 93 94 87 78 106 72 10
96 85 91
July .. 92 91
86 95 92 95 102 93 81 118 82 10
Aug_.. 96 91 101
Stocks mains felt
89 10
1927-June... 100 103 103 97 90 102 97 100 101 87 ___
85 I()
1.18 ..
July. .. till 194 104 97 11(1) 103 99 01 101
Aug.-- 101 102 105 97 101 101 98 100 97 88.... 86 10
-June... 98 WI 1112 91
96 99 lel 101 95 81 .... 81 III
1928
78 III
99 100 11)4
93 98 100 101 100 93 83._
..
July. _
Rt) In 3
101) 98 (06 92 98 100 97 103 93 Al ____
Aug _
. .
• M..t.thly averege 1925 elpiels 1(01
I Richmond: 6 Atlanta.
II Boston. 2 New York. 3 Philadelphia: 4 Cleveland
7 Chicago: 8 St. Louis; 9 Minneapolis. 111 Kansas City: ll Dallas. 12 San Francisco.
SA 1.Es (B. Mall. ((RI(Eli ID OISES AN I) CHAIN STORM
1923-25 a.era e ma als 100 I
(Index numbers
Change in Sale*.
piestei Druos
(5) • (13).•
Cigar
(4).•
Per Cent.
-3.2
-1.6
4-0.2
-1.6
-27
-9.1
+0.4
-12.0
+3.4
-10.6
8.9
-4.4
-7.1
0.0
-1.7
-3.8
+4.4
-0.1
2.3
+0.5
+0.3
-12.0
-6.8
-8.8
+3 7
-8.9
-7.5
-7.3
'-93
-9.3
-10 1
+ 1e.0
-4.2
-4.3
-6.8
+2.1
-10.4
+ 0.7
-1.6
--6.6
-1.9
+27.0
+4.3
-II 7
-3.9
-10.2
Per Cent.
-4.8
-2.9
-1.2
-6.2
-4.0
Shoe
(71..
June 30 1928.
Per Cent.
Per Cent.
-4.3
-7.9
+0.8
+0.2
-6.3
+5.3
-2.8
-1.6
-5.0
-1.5
-0.3
+23.9
+2.3
+4.6
+3.9
-9.7
-3.0
-8.9
-3.3
-5.6
-2.6
+4.3
-11.5
+3.7
+7.0
+10.3
+5.9
- 0.3
+5.3
+16.2
+3.1
+4.1
+2.6
-4.3
-1.4
-11.8
-3.4
+2.7
-1.5
+2.4
-6.7
-0.2
-3.9
+0.2
-1.4
40.1
-0.8
+1.4
+1.0
+2 1
+3.3
+1.8
+18.9
-2.3
-9.4
+1.8
-2.9
-7.9
+1.3
+15.7
+6.2
-3.7
+7.2
-2.8
-3.7
+2.8
+6.7
-10.2
-2.6
+7.2
-2.8
-2.9
-1.4
+3.8
-8.3
+6.6
+2.8
+0.8
+7.8
+1.7
+0.9
4 3.6
-0.8
+4.9
-2.0
+0.7
+3.9
+13.8
-1.3
+0.9
-1.3
+4.5
+3 6
+12.3
+0.3
-0.4
+3.3
+3.1
+21.3
4 149
+2.0
+5.4
+7.1
-9.1
-10.0
-2.1
-14.0
-9.4
--9.1
+1.1
+0.5
+1.6
+5.0
+4 3
+1.1
-5.8
-14.4
+10.1
+1.7
-10.1
-4.6
+8.5
-7.8
+9.0
+1.3
-2.3
+5.7
-8.0
+1.0
-4.0
-5.0
-10.0
-3.0
--1.0
-4.0
-9.0
+20
-4.0
-5.0
+6.0
-1.0
+1.0
+3.0
-1.0
-2.4
0.0
+9.2
+2.1
4 4.6
4 8.4
43.4
+1.2
+0.9
-3.0
+3.9
+3.6
-2.3
-6.1
-2.4
+19.1
+06
-4.4
49.0
-2.0
-0.7
+99
+9.4
+60
+14.0
+14.1
+19
+34.7
-1 12.3
+11.5
+1.5
+1.5
-1.2
-0 8
+3.3
+0.4
-1.2
+2 8
+0.7
-10.4
+2.0
+2 8
+0.5
-17.8
4 4.1
-4.6
+15.3
+14.2
+15.4
+11 0
+14.9
+14.5
+1.9
-1.2
+6.1
+7.7
+12.8
+5.7
43.8
i 1.1
Cleveland:
Cleveland
Akron
Cincinnati
Colunibus
Dayton
Pittsburgh
Toledo
Wheeling
Youngstown_ _
Other cities.Total
Richmond:
Richmond
Baltimore
Waah Ington-Other cities_ _ -Total
ttlanta:
Atlanta
Birmingham_
Chattanooga
Nashville
New Orleans
Other citiesTotal
.!bicago:
Chime°
Detroit
Indianapolis_.
Milwaukee
Other citlea__.
_
Teta!
41. LoIlle:
St. Louis_ _
Evansville_
Little RockLouisville
Memphis
Total
Minneapolis:
Minneapolis
Duluth -Superior
St. Paul
Total
Kansak City:
Kaneas Cite-.
Deliver
Lincoln
O IahoMS CityOmaha
Topeka
Tulsa
Other rides.Total
lailaw
Dallas
Fort Worth
Houston. .....
San Antonio...
Other (Alen_ _..
Total
(an Francisco:
San Francleco_
Los Angeles....
Oakland
Salt Lake City_
Seattle
Spokane
Other cities-.
Total
+2.3
+0.6
+4 1
+7.8
+9.7
-1 0
+06
2.3
-3.0
+5.1
+4.5
-14.7
48.1
-7.3
-5.3
+07
+3.6
-1.2
+4.5
+9.6
+15.3
+63
+8.7
+3.4
-1.6
+4.3
+0.6
+8.7
-7.9
+2.3
-10.7
-3.0
-0.9
-13.1
+1.2
-2.0
+5.0
+0.04
4 0 )14
-4.7
elted States_ .
rcp.d4
(4).•
Per rent.
+1.4
-1.6
+1.2
-1.1
+1.1
+7.5
-5.2
10.7
1.1
+0.6
+2.4
-2.3
+2.1-08
+6.0
-1.9
--3.9
+0.3
+4.6
+0.7
-6.4
+1.8
+7.4
+2.5
-21.9
-4.8
2.0
-7.2
-8.0
-1.3
-3.5
-0.9
-5.3
July 31 1927.
Per Cent.
STOCK TURNOVER OF DEPARTMENT STORES, A UCUST 1928.
Jan.I to Aug.3I
Aug. 31 1928
August 1928
1924 Compared
Compared oith
rooioared o ith with Jan. I to
August 1927 459. 31 1927. Aug. 31 1927, July 31 1928.
Per (*era.
-8.8
-5.5
--3.4
-0.6
-78
July 31 1928
Compared with
Per Cent.
Unnalusteo
109
115
171
99
123
171
134
113
1927-Slay..
114
118
107
178
123
109
172
1:16
June._
112
93
166
Ill
109
157
141
121
July
110
101
170
106
105
130
165
140
Aug.__
127
131)
219
110
115
221
164
-Slay..
1928
2(18
122
139
19R
147
127
216
162
June_ _
Ins
117
128
100
116
112
180
164
July .
123
104
109
205
133
127
197
169
AugAdjusted171
120
118
99
132
137
113
172
1927-Slay
121
121
178
108
135
138
112
175
June..
• 176
1)7
139
114
124
July .
199
144
179
121
110
133
140
107
193
139
Aug...
127
113
132
206
144
161
1115
213
1928- May..
209
153
139
129
144
164
III
Julie._
219
209
125
153
148
103
132
Itily ..
228
168
215
122
160
144
131
169
105
Aug.__
230
•Afaite. - Numbei of rnr,,i,Snlee reporting
CHANGES IN SALES AND STOCKS OF DEPARTMENT STORES, AUG. 1928.
(Increase (+1 or Decrease (-I Based on Value Figures.)
...moue n easee.
(.."/Upter In Moats,
Boston:
!Paton
putted.. Itoaton
New Ilaven
,
'
Provident
Total. .....
Nee York:
New York
Bridgeport
Buffalo
Newark
Hoeheeter
Byrucinse
Other cities__
Total
Philadelphia:
Philedelphia.._
Allentown
Altomin
BarrIstiiirg__
Johnstown
Lancraner
Reading
Berautots
Trenton
WIlkewliarre_
Wilmington_
Other titles__
Total
Change in Stocks.
Jan. Ito July 31
1928 Compared
Jtdi 1928
Compared rail. with Jan. I to
July 31 1927.
July 1927.
Federal Reserve
District and City.
Chains of Stores.
()wet
House, grocery 5 & 10
141 • (341.* (14).•
Federal Resent
District and City.
1883
FINANCIAL CHRONICLE
OCT. 6 1928.]
+3.4
+7.0
+1.1
+60
44.8
+ 1.8
+7.8
+4.8
+3.9
+5.4
+4.9
+3.7
/Our of :Rack Turnaser.•
Rate of Stoct Turnome.•
'Meru! Reserve
District and
City.
Rushessoston
Mtside Biston
Jew [levee..
•rovIdence
Total
NI, York.:ew York ___
tridgeport- -.
iiiffalo
qewark
Jan I- Avg 31
Aug.
1928. 1.127, 1928. 1927.
.29
.24
.20
.24
27
.25
6
.2
23
.27
.23
28
ayracuee
Riker cities.... .19
.25
Total
Philadelphia
.24
Yilliadelphia
A lientowu_ ___ .16
22
Altouna
Harrlablirg... _ .19
.21
Johnstown
Lancaster-- - - .18
.114
Reading
.23
8cranton
.23
Frenton
Wilke* Barre _ .18
.22
Wiiiiiingan
.23
Other cities
23
Nut!
Cleeeland-.
Cleveland ._ .27
.25
A kr.,11
Ciiietlinstl____ .25
.25
04111111ms_
24
Dayton
Fittanurgb ._. .22
.29
lied,,
.23
Wheeling__
35
..... swn
y, ot
.18
Other (Atlas
25
Total
RichmondRich in.etcl.....
lialtilanire....
WiaiblitgUat ..
Other cities.
Total
Awns eAtlanta
Blendietham_
.30
.25
.20
.24
.28
.28
.25
.26
.26
.25
.30
.19
.27
.26
.18
.26
.18
.18
.19
.20
.23
.23
.19
.19
.23
.24
.29
.32
.29
27
.25
.23
.27
.21
.37
.18
.26
.26
.21
.25
.18
22
.24
.22
24
.21
.23
30
-18
.32
.25
Federal Reserve
District and
City.
Aug
Jon.1-Aug 31
1928. 11127. 1928. 1927.!
.4 ilanw Wen 1
17
1.48
.15
Chatteinioga
1.92
.25 .20
Nash vilie_..
16
1.36
New ()Means
.11
1.52
Other cities.... .15 .20
1.60
T•dal. ..... .19 .22
.28
.29 2.43
r'hicauo-3.17
2.50 Chicago
17 .39
2.54
2.29 2.17 Detroit . _ ... .38 .37 2.81
.27 .25 2.14
I lidianepolle.
2.03 2.14
1.95
2.52 2.45 M il welt kee... .25 .25
.30 .30 2.47
2.22 2.24 Other elties..
T.ital
2.49 2.45
.27 .28 2.33
1.53
1.46
St bards1.55
2.42 '2.39 4t Louis ...... .17 .17
1.45
,Evansville___ _ .17 .19
2.00
.27
2.31
2.28 Little Rock... .24
1.98
1.50
1.70 ',Melville__ .24 .25
.25 .26 2.10
Meilitiliii.___
1.68
1.88
1.61
Total. _
1.75
3.58
f tnnenpoti. .46 .411
1.59
1.72
.29 .30 2.22
Minim:sisals.
1.79
1.84
.31 2.48
.31
1.79 Dilluth-SWir
1.65
2.70
.35 .35
2.12 2.13 st Paul ....
209
Total.. _
2.21
21
1.81
Kansas Ciy .21
1.80
1.77
1.40
.20
.21
1.85
1.78 Kansas City
.19 .19
1.64
1.62 I leaver .._.
1.62
.24
.23
1.80
2.13 2.13 I i tte.iin
.19 .17
1.50
Omaha.
.26 2.32
.26
2.20
eopeka ._.-.
2 14
.12 .12 0.98
2.13 2.30 feign
.21
.21
1.63
22.5 i neer cities
2.19
rotal
2.13 2.11
.21
.19
1.80
Dallas2.07
2.02
. ... .17 .17
1.70
1.95 Dallas.. .
1.99
1.90
2.17 2.06 F.in Worth... .20 .20
1.88 ELinston.. . .2 i .20 2.13
2.09
2.1 2 13
2.63 2.55 San Antonia_ 25
1 49
1.53 Other dila.. . .20 .20
1.72
20 .19
T.ital
1.81
2.07 2.07
San Penis _
San Pealp•kino .26 .24
1.81
.29 .31
2.23 2.10 I.oe Angeles.
2.08
1.94 Oakland. . 31
1.94
.29
2.18
2.10 Salt lake 2.11
Clig .23 .18
1.72
1.53
1.67 Seattle
.29 .28 2.09
1.98 Spokene
19 .17
1.99
1.38
Other claw__ .16 .15
1.28
Total.- _.
1.110
.27 .26
2.15 2.34
--.-22 2.00
1.6.3,, 1.73 United swam_ ,22
2.81
2.02
1.90
1.89
2.37
2.65
2.06
1.86
1.92
2.41
• Mune or rm. III 540ek ursevert
inrivage stocks uQ 22•11.
1.56
1.98
1.65
1.95
1.83
2.49
3.11
2.96
2.11
1.91
2.46
2.13
1.51
1.55
2.11
1.78
1.95
3.56
2.3".
2.51
2.71
1.75
1.42
1.55
1 SI
1.51
2.45
1.00
1.65
1.64
1.54
1.91
1.86
1 86
1.72
1.72
1.75
2.18
1.99
1.40
2.09
1 23
III
1.17
2.13
04.10 ut maw ilerlag gives 25044121
1884
FINANCIAL CHRONICLE
'MANGE IN SALES OF DEPARTMENT STORES, BY DEPARTMENTS
Increase(+) or decrease(-)in sales in August 1928 compared with August 1927.
Departmerg.
Federal Reserve DiaIfid
Total
Boston.
New Ciece- Rich- ChiSt,
York. land, mend. cago. Louts
Dal- San
las. Fran.
[VOL. 127.
building, silk mill activity, and shoe production. Furthermore, the New
England Business Activity Index, corrected for purely seasonal changes,
although rising nearly 1.5% between July and August, was still 1.8%
below August. 1927, but the textile group contained in this index was
26.4% below August a year ago. The textiles, although on a much lower
plane than a year ago, showed some improvement in August, as compared
with July. Cotton consumed by New England mills and the production
of fine cotton fabrics were larger, after seasonal adjustment, than in the
month. The cotton goods markets were reported as somewhat more
active in August than a month or two earlier, although still abnormally
dull. Activity in the woolen and worsted mills, as measured by the quantity
of wool consumed, although not as low as in the cotton mills, was much
less than in August last year. Silk mills are an exception in this group, as
operations for the first eight months were 10% larger than in the same
months of last year, and in August nearly 14% larger than in August, 1927.
The total building volume, which has been consistently larger this year than
In corresponding months of last year,in August was slightly less than in that
month a year ago, although the total for the first eight months was 18%
higher than for the same period of 1927. The distribution of merchandise,
as indicated by loadings of merchandise and miscellaneous classes of freight,
Is well maintained, and has recently been in excess of the same period of
1927. New England department store sales, after improving in May,June,
and July, in August were 7.6% loss than a year ago, although sales in that
month of 1927 were unusually large. The commodity markets, especially
metals, have shown further strength. Money rates have again increased,
and are now higher than at any time since early in 1921.
Per Ct Per Ct. Per Ct. Per Ct. Per Ct. Per Ct. Per Ct. Per Ct. Per CV.
Piece Goods-Silk and velvets__ -14.8 -13.2 -16.6 -17.6 -15.8 -15.7 -18.6 -12.4 -8.9
Woolen dress goods -36.8 -4.0-43.8-45.3-43.9 -42.6-40.2 -20.1 -17.8
Cotton wash goods -2.1 -6.0 +10.2 +0.8 -6.4 +7.9 -5.2 -20.0 -6.8
-9.5-14.3-14.2 -8.5 -8.7 +1.7 -12.7 -29.8 --3.0
Linens
Domestickniuslins,
sbeetings, &c.,. -12.7 -13.7 -13.3-15.3-13.1 -5.0 -16.3 -13.8 -9.9
Ready-to-Wear - ccessor ies.4
Neckwear & scarfs -11.4-21.8 +3.6 -8.5-25.3-16.4 -21.6 +3.3 -6.4
-14.7 -14.4 -19.6 -15.1 -18.1 -18.3-28.1 -13.0 +4.2
Millinery
Gloves(women's &
children's)
-17.6 -16.7 -26.0-28.0 -21.3-21.3-32.3 +55.6 +1.4
Corsets&brassieres -2.1 -6.5 -4.4 +0.7 -8.0 +7.8 -13.7 -3.1 +0.05
Hosiery (women's
& children's).- +3.0 +1.4 -1.6 +6.5 -3.4 +6.4 +0.5 -9.3 +5.8
Knit underwear
+1.2 -5.8 +2.8 +2.9 +8.9 +6.5 -1.2 +6.2 -1.6
Slik&muslin underwr.(incl.pettic.). +4.1 -1.5 -7.1 +9.9 +7.4 -F17.5 +0.7 -2.1 +3.5
Infants' wear
-2.9 -10.I -3.1 -5.2 +3.8 +0.8 -0.5 -8.7 +4.0
Small leather goods -7.1 -12.9-11.6 -0.8 -9.1 -3.1-10.8 +2.9 -7.8
Women's shoes__ _ +3.1 ---- +18.8 -2.5 +7.9 +2.3 +2.4 -9.6 +2.7
Children's shoes
+1.8 -3.0 +0.0 +4.1 -5.7 +8.0 +6.1 +8.6 +16.9
Women's di Miss as Rea dy-to- Wear
Women's coats__ -4.1 +5.8 -17.7 -10.3 -4.0 -2.4 +18.2 +13.2 +15.0
Women's sults.- -24.7 ____ +12.8 -47.8 +26.8-19.9 ---_ -36.8 -19.9
Tot.(2 above lines) -4.6 +6.2-17.1 -11.2 -2.2 -4.7 +16.4 +12.0 +9.4
Women's dresses
-3.5 -10.3 -1.6 -4.9-10.8 +6.9 -1.1-12.5 +0.9
Misses' coats and
sults
+0.3 +2.3 -8.0 -2.9 +9.2 +16.2 -15.6 -35.1 +33.3 Business Conditions in Philadelphia Federal Reserve
Misses' dresses
+1.7 +0.9 -3.1 +2.8 +6.2 -4.0 ...... -20.6 +32.5
District-Substantial Seasonal Expansion Reported.
Juniors' and girls'
wear
+8.6 +18.5-11.8 +12.7 +21.3 +4.7 +25.0 -29.2 +4.8
Further evidence of substantial seasonal expansion of
Men's and Boy's Wear
Men's clothing_ _ _ -7.3 -3.1 -16.9-11.7 +0.8 -12.2 +42.8 -8.3 -1.1 business in the Philadelphia Federal
Reserve District has
Men's furnishings
appeared during the last few weeks, says the Oct. 1 "Business
(incl.men's hos'y,
gloves & und'w'r +5.9 ---- +1.6 +7.7 +11.2 +17.5 -2.5 -1.1 +0.5
Men's hats & caps -11.7 ____ -5.9-14.8_.-10.0 -14.4 -11.9 -5.2 Review" of the Federal Reserve Bank of Philadelphia.
Tot.(2 above lines) +4.9 +5.2 +1.4 +5.9 +02 +14.3 -3.5 -4.5 +0.2 The Bank goes on
to say:
Boys' wear
-0.8 -6.4 -4.6 -1.5 -4.2 +5.7 +6.9 -1.2 +0.5
Both industrial operations and commercial transactions have been In
Men's&boys'shoes +2.6 +3.3 +1.9 +1.7 -3.8 +10.6 +6.4 -11.2 -4.4
House Furnishin osconsiderably larger volume than during the summer,while in many instances
Fur'turetirlel.beds,
the volume of trade now exceeds that of last year. Factory employment
mattresoesdsp'gs -12.8 -11.8 -12.8 -21.0 -5.3 +0.1 -15.8 +55.9 -0.6
In Pennsylvania showed a gain of 2.5% from the July level, while the numOriental rugs
-23.6-- _ -30.0 -14.8 -8.5 -9.5 -44.9
Domes.floercover. -7.4 -16.5 -8.9 -7.9 -11.0 +14.0 -20.8 +30.8 -6.8 ber of employee-hours worked by reporting plants was nearly 10% larger
Draperies, etgt'ns,
In August. Payrolls of reporting establishments showed a similar gain
upholstery
-8.7 ____ +3.5 -12.5 -9.4 -6.9 -19.9 +26.9 -9.6 from July to August and in the latter
month were only 2% smaller than in
_ -15.5___ -12.6 -12.7 -15.5-14.3-25.4 ---- -30.6
& shade.Lmp
Tot.(2 above lines) -9.7 -10.1
-5.8 -12.5 -7.7 -6.8 -20.9 +26.0-11.6 the same period last year. The metal manufacturing industries, which
China& glassware_ -5.0-10.7 +0.4 -8.4 4-4.8 -4.3 - 0.2 -2.8-14.8 continue exceptionally active for this period, showed an increase of nearly
4% in payrolls as compared with August 1927. Among other groups of
CHANGES IN STOCKS OF DEPARTMENT STORES. BY DEPARTMENTS
adustries which enlarged their working forces in August were
textile prod'Increase(+) or decrease(-)in sales In August 1928 compared with August 1927.1 ucts, foods and tobacco, lumber, chemical, leather and rubber products,
and paper and printing industries.
Production records of various Industries in this district also idicate
Federal Reserve Maria.
Department.
Total.
material improvement in operating conditions. In August large increases
BOO
-New Cleve- Rich- ChiSt.
Dal- Ban
,occurred in the output of shoes, hosiery, pig iron, iron and
steel castings,
ton. I York. land. mend, cage. Louis Las. Fran. ,
anthracite and bituminous coal, cement and electric power, and in the
Per Ct.Per C.Per Ct. Per Ct Per Ct. Per Ct. Per Ct Per Ct. Per Ct. '
Piece Goods,consumption of wool, while sales of electric power to industries in the
Silk and velvets
+0.7 -7.4 +13.0 -4.0 +2.9 +12.4 +1.0 +5.7 -7.9 ,
district showed a gain of 6% as compared with July and of
23% as comWoolen dress goods -10.4-16.9 +4.2-18.4 -10.3 +2.4 -10.9-11.3 -12.0 ]
Cotton wash goods -12.3-20.8 -10.6 -10.6 -3.9 -5.7 -8.6 -18.8 -14.1 ,pared with last year. That further expansion of productive operations has
taken place is evident from reports of State employment offices in PennLinens
-4.5 -13.6 +3.6 -7.1 +12.7 +11.6 -26.5 -35.4 -0.7 '
Domestics,muslins,
tsylvania which show substantial improvement in the demand for industrial
(Meetings, &c.... -0.9 -2.4 +13.4 -1.0 -2.7 +9.8 +11.2-26.2 -17.7 '
workers.
Ready-to-wear -A ccessor tes
Distributive activity has also increased considerably since mid-summer.
Neckwear & scarfs -5.9 -15.0 +7.1 -7.7 -3.9 +2.0 -12.7 -21.5 +1.5
Millinery
-8.6 -5.4 -0.4 -7.0 +0.7 -26.1 -7.1 -6.3 -13.4 1Freight car loadings in the Allegheny district reached the highest point for
Gloves(women's &
I he current year in August and have not been exceeded since October 1927.
-1.6 +0.8 +6.7 -3.3 +9.2 +3.1 -27.0 -17.2 -2.9 ]
children's)
Corsets&brassieres -2.2 -1,2 -3.0 -0.8 -0.1 +2.1 -10.0-18.1 -1.1 iLoadings of merchandise and miscellaneous commodities in the week ending
ept. 1 were also larger than in any previous week in 1928. Wholesale
Hosiery (vomen's
and children's)._ +3.1 -4.6 +7.1 +1.7 +2.7 4-25.6 -7.8 -2.5 +0.4 irade in August showed improvement in all lines: the total volume was
Knit underwear_ -5.0 •-8.8 +3.0 -4.4 -9.4 +8.2-12.5 -14.9 -12.8 (
.8% ahead of July. but nearly 5.8% less than in August 1927. Retail
911k&muslin under- '
wr.(incl.pet'cts)_ -7.0-17.8 -2.7 -3.5 +1.5 +0.2 -10.9 -14.2 -12.0 sales of reporting stores were only slightly larger than the July volume and
ere 10% less than in August 1927, which was an exceptionally active
Infants' wear
+2.2 -0.7 +2.0 +3.5 +11.7 +6.4 -3.2 -12.8 --0.4 '
4mallleathergoods -9.1 -26.3-12.3 -4.9 -3.2 +5.9 -18.2 -6.1 --ea r onth. Check payments in the district, though
considerably smaller than
Women's shoes
+7.0-- +20.9 +4.3 +3.0 +7.6 +5.2 -3.1 +8.5 I July,o
exceeded the volume in August 1927 by 3%.
Mildren'a shoes- +7.9 +11.9 +0.4 +3.3 +5.4 +16.9 -4.2 ---- -3.8
Following a very active building season both In this district and in the
Women's At Miss es Rea dy-to- Wear
Women's coats_ +1.5 -2.7 -0.4 +5.2 +4.4 +14.7 ---- -16.1 -7.7 country as a whole during the first half year, substantial declines have
Women's suits.-- -9.7 -_. +18.1 +12.6 +30.9 +4.6 __ -8.8-30.7 in ccurred recently in contract awards and
building permits. Building
rot.(2 lines above) +1.9 -4.2 +0.7 +5.5 +6.5 +22.7 -5.1 -7.3-10.6 r ermits in August were
7.5% less than in the same month last year, while
Women's dresses.. -5.8 -8.0 +2.1 -3.1 +0.3 -11.3 -13.6 +1.6 -14.8 ,
ntract awards declined by more than 36%. Real estate transactions
tilsses' coats&sults +10.9 +13.3 +39.7 +7.1 -5.6 -17.4 -0.4 +13.9 +22.5
Mises' dresses... +0.9 -11.2 +21.3 +4.8 -5.8 -18.0 ____ +14.9 +3.6 c Philadelphia, as measured by number of deeds and value of mortgages
funiors' and girls'
r orded, also showed large declines from July and as compared with last
wear
+7.5 +7.4 +6.8 +9.8 +25.2 +6.1 +15.6 -30.4 +1.4 y ear.
Men's and Boys' Wear
den's clothing_ _ _ -2.7 -4.9 +5.9 -8.2 -8.6 +14.4 -13.7 -8.9-10.9
In its survey of wholesale and retail trade the Bank says:
den's furnishings
(Incl.men's hos'y,
Wholesale Trade.
gloves & und'w'r -2.3 ____ -2.5 -6.5 -5.9 +6.9 -5.5 -13.0 -1.2
den's bats & caps. -8.1 ---- -14.3 -8.9 -_ +5.1 -13.3 -5.4 -19.9
The wholesale market is seseanally active, and sales have increased aprot.(2 lines above) -3.6 -5.8 -3.0 -6.5 -6.1 +7.8 -6.8 -8.6 -2.9 preciably in nearly all lines algae
the middle of last month, according to
toys' wear
-3.0 -2.0 +12.0 -10.0 +19.2 +0.7 -7.8 -5.8 -7.6 ,
reliminary reports. The largest gains in demand are noted in
den's& boys'shoe +8.1 +9.1 +10.1 +9.1 -8.0 +18.6 -13.1 +9.1 -0.5
shoos, dry
House Furnishin use ods, groceries, jewelry and paper. Prices continue firm and unchanged,
Purturekinel.beds
a cept for some advances in groceries.
mattresses&sp'gs -0.1 -0.6 +4.0 -7.1-12.5 +21.9 -9.6 -5.1 +10.7
Sales during August showed a gain of nearly 7% as compared with those
/Mental rugs
+0.6 _-- - -1.3 -5.4 +23.1 +5.5 ---„... ____
Nimes.floor cover_ -3.1 -0.2 +1.2 -6.8 -4.6 +5.6 -7.4 -18.7 -4.5 A r the preceding month and of about6% from the volume in thesame month
)raperies, ourt'ns,
It t year. All lines reported substantial Increases in the month, but only
Upholstery
+5.9 ---- +30.9 -4.3 -0.1 +11.0 +3.1 -18.8 -2.6 e' ectrical supplies, paper and groceries registered
gains over a year earlier,
amps & shades._ +2.4 ---- +4.3 -3.4 +8.1 +26.3 -0.3 -_-..., -3.8
les of the remaining five lines being smaller.
'ot.(2 lines above), +2.9 -8.7 +25.3 -4.2 +1.1 +8.3 +2.5 -20.5 -2.7
Inventories carried by wholesalers generally were smaller than at the end
bins&glassvpucl +0.1 -5.4 +5.5 -0.1 +5.0 -3.4 +3.2 -10.2 -13.7
August 1927. Most lines showed a larger volume of accounts outstanding in August than in the month before; this is also true in three out ofseven
Improved Business Activity in New England in August lines as compared with a year before. Collections decreased during the
month, except in electrical supplies and groceries.
Reported
1'
by Federal Reserve Bank of Boston.
In summarizing the business situation in its District the
Federal Reserve Bank of Boston in its Monthly Review
Oct. 1 says:
Business activity in New England in August showed some improvement
over July, but, as in the preceding months, the influence of the depressed
textile industries was almost entirely responsible for a lower rate than
that which prevailed a year ago. While New England industries are
fairly well diversified, and are becoming even more so, it cannot be denied
that the influence of the condition in cotton textiles on general business at
this time Is Considerable. A study of the accompanying chart reveals
that only total building, employment, and department store sales, aside
from cotton and woollen textiles, were lower in August than in the same
month a year ago, whereas increases have taken place in check paymenti,
carloadings, electric power production, sales of new motor cars, residential
Retail Trade.
Early reports indicate that retail trade is fairly active, although no pronounced improvement In sales has been noted since the middie,stlast month.
Except for some advances in leather products, retail prices remain unchanged.
Sales In August, while increasing slightly from the preceding month, were
about 10% smaller than in August 1927, when retail sales reached an unusually large volume for that month. With the exception of credit and
shoes stores, and men's apparel stores outside of Philadelphia, all lines
experienced a noticeable decline. Of eleven city areas only Harrisburg
and Wilmington showed gains. Sales In the first eight months of this year
were nearly 4% less than in the same period last year.
Inventories carried by retailers increased seasonally, but were smaller
than at the end of August 1927. The rate of turnover showed little change
In the month.
OCT. 6 1928.]
FINANCIAL CHRONICLE
1885
City Federal Reserve
Manufacturing Activities in Chicago Federal Reserve Business Conditions in Kansas
-High Rate of Activity Reported. District.
-Increase in Output of Shoe Factories
District
Improved Employment Conditions.
Automobiles.
Midwest Distribution of
In the "Monthly Review" Oct. 1, of the Federal Reserve'
In its survey of manufacturing activities and output in
its district the Federal Reserve Bank of Chicago, in its Bank of Kansas City it is stated that "the reports from the
seven States whose areas or parts form the 10th (Kansas
"Monthly Business Conditions Report" Oct. 1, states:
City) District reflected material improvement." In further
Shoe Manufacturing. Tanning and Hides.
employment conditions in its district, the Bank
Shoe factories in the Seventh Federal Reserve District increased their discussing
production 23.8% in August over the preceding month, according to pre- says:
liminary estimates of the United States Department of Commerce. Reports sent direct to this bank by representative companies In the district
show a larger quantity of leather tanned during the period than in July or
last year; sales also gained in the first comparison, but totaled somewhat
less than a year ago. Quotations for leather tended to ease.
Chicago trading in packer green hides and calf skins decreased in August
from the preceding month. Shipments from the city and purchases by
district tanners, however, were reported in excess of July. Prices declined.
Furniture.
Twenty-four furniture manufacturers of the Seventh District booked
totaling 10% less than in the preceding month and 6.9%
orders in August
below the corresponding month of 1927. In the former comparison, however, the majority of companies showed gains, and ten firms had a larger
volume of orders than a year ago. Shipments increased seasonally 40.6%
over July, but were 7.7% smaller than last August. A larger volume of
shipments than new orders, plus cancellations received, resulted in a reduction in the amount of unfilled orders on hand Aug. 31 of 5.4% from those
held July 31: the amount was 3% smaller than on Aug.31 last year. Operations increased during August and exceeded the rate of a year ago.
Automobile Production and Distribution.
August data on automobile production in the United States show output
the largest of any month on record. Passenger cars produced totaled
400,689, or 18.5% above July and 46% larger than last August. Truck
production in the United States of 57,740 increased 8.8% in the monthly
comparison and was 67.6% above a year ago.
Midwest distributors of automobiles sold fewer cars at wholesale during
August than In July, but more than in the corresponding month of 1927.
The number sold at retail showed little change in the monthly comparison,
and the value declined; both remained at a level above a year ago. Used
car sales were smaller than in July, though larger than in August 1927.
Stocks on Aug. 31 of both new and used cars gained over a month previous,
while new cars on hand declined from last year and used car stocks gained.
Deferred payment sales of 26 dealers reporting the item averaged 46.7%
oftheir total retail sales in August,compared with 53.4% in July and43.8%
a year ago.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
Changes In August 1928 from previous months.
-Per Cent Change from
Companies
August
July
Included.
1927.
1928.
New CarsWholesale:
26
+14.9
-0.3
Number sold
26
+14.0
+5.0
Value
Retail:
76
+40.8
-0.3
Number sold
76
+23.7
-1.8
Value
On hand Aug. 31:
46
-13.1
+3.3
Number
46
-6.8
+12.2
Value
Used Cars
76
+22.1
-3.3
Number sold
Salable on hand:
45
+.92
+8.0
Number
45
+3.7
+5.1
Value
Improved Farm Conditions Indicated by St. Louis Joint
Stock Land Bank Report.
Improvement in farm conditions in the central Mississippi
valley is reflected by the third-quarter statement of the St.
Louis Joint Stock Land Bank, operating in Missouri and
Arkansas, which now has farm loan bonds outstanding in
the amount of $20,600,000. A letter from L. L. Beavers,
President of the St. Louis Joint Stock Land Bank, sent to
stockholders with October dividend checks, states that after
payment of the October dividend of $1.50 per share on the
capital stock of $1,430,000, the bank has reserves aggregating $391,255. This represents an increase in reserves of
$29,916 since June 30. Present book value of the stock is
$127.36 per share, an increase of $2.10 for the quarter. Net
earnings of $51,366 for the third quarter are said to be
equivalent to an annual rate of 14.3% on the present capital
stock. Joint Stock Land Banks are required to pay into
permanent reserve account 25% of their net earnings until
that account equals 20% of the capital. Thereafter, the
reserve account need only be increased annually by 5%
of net earnings. The permanent reserve account of tile St.
Louis Joint Stock Land Bank is now $286,000, equal to 20%
of the present capital. Therefore, it is pointed out, from
$25,000 to $30,000 which would have been required, in a
normal year, for addition to permanent reserve account,
will now be available for the further strengthening of the
undivided profits account, or for dividends, at the discretion of the directors. The President's letter further states
that the sale of real estate by the bank is proceeding in a
satisfactory manner, and that such sales are now more or
loss constant, indicating a material improvement over conditions of 1026 and 1927 in the territory in which the bank
operates. The bank claims to be in a strong cash position,
with all additional loaning capacity of $1,500,000 before an
increase in the capital stock will be necessary. Within the
past few months,' the bank has retired $850,000 of its own
bonds through purchase in the open market.
Release of labor from the harvest fields witnessed the return of many
transit workers to the cities, but most of these were finding employment
In the many forms of outdoor work. Kansas reported a strong call for farm
help, while the harvesting of sugar beets in irrigated sections of the Rocky
Mountain regions and the Upper Great Plains created a demand for field
workers. The starting of the sugar refineries in September was expected
to provide employment for large forces for three or four months. Vegetable
and fruit canning factories were at the height of the season's operations
In many parts of the district. Coal mine operations expanded seasonally
while zinc and lead mines were operated below normal. Metal mining in the
mountain states was quite active with the supply and demand for this clam
of labor well balanced. In the oil fields there has been some recent improvement in employment, and the majority of the refineries were reported
working on full time. Building activity continued at a high level, witle
fairly satLsfactpry employment for craftsmen in most of the cities and towns.
Considerable municipal improvement and highway construction was in
progress in cities throughout the district, providing employment for manY
workers. Railroad repair shops at division centers have recently added to
their forces as the result of heavy movements of freight. Some gains in
employment were registered at meat packing houses, and an increase in
flour mill operations called for employment of full forces.
In its survey of business conditions in the district, the
Bank says:
Business in the 10th District moved through August with quickened
stride and entered September showing a high rate of-activity for the early
fall. The output of manufactures and minerals, taking the aggregate for the
various industries, and the volume of distributive trade, exhibited about
the usual seasonal increase and both were larger than a year ago. Loans of
member banks of the Federal Reserve System fluctuated around the year'.
high levels, and investments of the banks mounted to new high records.
Net demand deposits receded slightly, while time deposits and savings
deposits were larger than In either the previous month or the corresponding
.
month in 1927. , .
Following the high record receipts of new wheat at 10th District markets
In July there was a sharp decline in the movement in August., indicating a
steady and orderly flow of wheat through market channels this fall and
winter. Marketings of other farm products were seasonally heavy. Prices
received by farmers for wheat, oats, barley and potatoes were lower in
August than in the same month last year, while the price of corn was a
shade higher.
The situation for the livestock industry continued favorable with some
further advance in prices of cattle and hogs and but slight change in the
prices of sheep and lambs. Market receipts of all classes of livestock, except
hogs, were larger in August than in July, while as compared with a year ago
receipts of cattle and calves were smaller and receipts of hogs and sheep were
larger.
Flour mills in this district were operated during August at a higher percent of full-time capacity than in any previous month of the current year
and the output was larger than in the corresponding month of last year.
-packing centers the August slaughter of cattle and hogs was smaller
At meat
than in either July or in August last year, although the number of sheep
and lambs dressed during the month was larger than in either of the two
former monthly periods with which comparison is made.
The Bank has the following to say regarding wholesale
and retail trade:
Wholesale: Combined sales of reporting wholesale firms located at distributing centers In this district were seasonally larger in August than in
July, and this year's August sales were larger than in the same month last
-dry goods, groceries, hardware, furniture,.
year. All six reporting lines
drugs and millinery-reported their August sales were larger than in the
preceding month. Compared with the same month last year, August sales
of dry goods and millinery were smaller and those of groceries, hardware.
drugs, and furniture were larger. Sales of agricultural implements and
machinery, as reported by distributors in this district, showed a substantial increase over the preceding year.
Comments of wholesalers indicated August trade conditions throughout.
the district generally were satisfactory, although in some sections where hot
weather caused injury to corn and some other late crops, conditions were
not so good as a month earlier.
Stocks of merchandise of wholesalers of dry goods, drugs and hardware
were smaller at the end of August than at the end of July, or at the end of
August of last year. Stocks of furniture showed a small decrease from the
preceding month-end, but an increase as compared with a year ago. Grocery
stocks were larger.
Retail: The volume of retail trade in the 10th district during August
showed about the usual seasonal increase over July, and, taking the combined reports for all lines, was slightly higher than in the corresponding
month last year.
Sales at department stores,although affected in some cities by unfavorable
weather conditions, were 21.2% larger than in July and 1.2% larger than in
August last year. Accumulated sales of department stores covering the first
eight months of the year were 0.04% larger than in the corresponding
eight months of 1927.
August sales of apparel stores, reported to this bank, were 10.1% smaller
than in August 1927. Retail shoe stores reported an increase of' I I.1% in
sales over last year, retail furniture stores a marked decrease and chain,
grocery stores an increase of 24%.
Inventories of department stores showed stocks on hand at the end of
August were 11.5% larger than at the close of July but 0.7% smaller than
at the close of August last year. Stocks of apparel stores were larger than is
year ago by 3.7%,and at shoe stores were smaller than a year ago by 0.3%
while stocks of retail furniture stores were 6.2% larger than a Year ago.
Industry and Trade in San Francisco Federal Reserve
District Above Levels of Year Ago.
Industry and trade in the San Francisco Federal Reserve
District were seasonally more active during August time
during July and were at levels above those of a year ago...
1886
FINANCIAL CHRONICLE
[Von. 127.
According to Isaac B. Newton, Chairman of the Board and
Federal Reserve Agent, of the Federal Reserve Bank of
San Francisco, under date of September 20, Mr. Newton
also says:
In the industrial field,lumbering,copper mining, and flour milling showed
One of the surprising features of the ballotting to-day was the unusually
number of union members who voted in comparison to the vote
tsken A rd 12, when the operatives decided so overwhelmingly in favor of
rejecting the 10% cut announced by the manufacturers three days earlier.
In the vote taken by the Wee.% era' Union to-day the total number of
ballots was 761. compared with 1.14000 April 12, or less than 67% of the
the largest increases in activity during the month and year. Sales at retail total vote of almost twenty-five weeks ago. The number of members
and at wholesale, and merchandise carloadings, cf freight were larger in voting to-day in the Loom Fixers' Un'on was 448. compared with 791 on
volume during August than during July. and both sales and carloadings April 12, or less than 62% of the number votin on the previous occasion.
The total vote of the slashers at to-day's b Motting was 95, compared
were larger than during August, 1927. Employment conditions in the
District are reported to have improved during August, as compared with with 110. or a percentage of 68% of the total vote cast April 12. The warp
twisters, with a vote of 98 against 121 last Aoril, had a percentage of 81
July. 1928. and are better than in August, 1927.
The agricultural situation continues generally satisfactory except in registering their ballot to-day. Taking the total ye to of these four unions,
certain restricted areas where specialty crops predominate. It Is estimated the number registering their ballots to-day was 1.442. compared with
that aggregate production of the principal crops grown In the District during 2.171 that voted on the strike issue last Apr 1, or slightly better than 66%
1928 will be slightly less than a year ago. Prices for many farm products of the vote cast on that occasion. Union heads were unable to account
important in this District, such as livestock, citrus fruits, and most dried for this sparse vote, unless It was due to a number of skilled weavers and
fruits, excepting raisins, are higher than a year ago. Higher prospective loom fixers having left the city to take em-loyment in other textile centers.
returns for these products are about offs.t, however, by the lower returns Many others, It was thought, were indifferent to voting on the compromise
question, being under the impression that the unions would be opposed to
in prospect for wheat, potatoes, and certain other field crops.
The amount of credit extended by member banks of the District has accedtance.
risen by a substantial amount since August 1, as a result of both seasonal
and non-seaseinal increases in commercial loans and loans on securities. United Textile Workers Plan
Drive for $100,000 to Help
Borrowlag at. the Federal Reserve Bank of San Francisco also rose during
New Bedford Strikers.
this period, all or the Increase being in discounts of city member banks.
The following is from the New I erk "Ti-res" of Oct. 5:
Reserve Bank discounts for country member banks (not Including country
Plans were Cam deted yesterday by the United Textile Workers' Union
branches of city member banks) were reduced during September to the
lowest figure since last April, and to the lowest figure for the season of the for a drive to raise 8100.010 to aid the New Bedford. Mass.. strikers.
year during the entire post-war period. Interest rates on loans to com- 'the decision was made yesterday by the union's Executive Board, meeting
mercial borrowers and correspondent banks. chargsd by member hanks at the Bible House. Thomas F. McMahon. President of the textile union,
in the principal clam; of the District, have not increased during recent announced that the Executive Board had approved the rlan drawn up
months and are practically the same as those which prevailed throughout last Tuesday at a meeting in Fall River for a continuation of the strike.
"The textile workers are determined." he said, "to keep on until the
most of 1927.
mills take down the 10% reduction notice, acknowledge that the employes;
are human beings and bargain with them collectively."
Compromise Plan to Effect Adjustment of New Bedford
The United Textile Workers' Union In 1922 raised more than 81,000.000
Textile Strike Rejected By Unions.
to support the mill strikers in New England, said Mr. McMahon. The
same money raising methods used then are to be applied In the present
A proposal for the settlement of the New Bedford, Mass. drive. The co-operation of
churches, labor unions, civic organizations
textile strike on the basis of a 5% wage cut, instead of the and citizens will be sought in an effort to enlist sympathy for the 28,000
10% reduction which had precipitated the strike in April strikers who have been o•-• stee A -el
last, was rejected on Oct. 1 by the unions. New Bedford
advices to the New York "Journal of Commerce" regarding
the action of the unions on the 1st inst. said:
Voting this morning on whether to accept or reject the comnromise
jointly proposed last Tuesday (Sept. 25) by the State Board of Conciliation
and Arbitration and the Citizens' Mediation Committee, four of the seven
unions cast a majority of their ballots for rejection, formally ending the
hopes of those who had seen "settlement" written In large letters over the
proposal.
The unions' action followed the lead of their strike committee, which
promptly rejected the corn;TomIse when it was made and passed it back to
the full Textile Council only at the insistence of the mediators.
Just as promptly as the union re Tesentatives rejected the proposal
Tuesday did the manufacturers' conference committee acce it. and on the
following day the full Manufacturers' Association formally accepted the
compromise plan.
As the Textile Council met this afternoon. Secretary William E. G.
Batty announced that the weavers, loom fixers, warp twisters and carders
had voted to continue the strike by rejecting the compromise. The slashers,
mule spinners and ring twisters voted to accept the compromise.
Report of Finishers of Cotton Fabrics.
The National Association of Finishers of Cotton Fabric s
at the request of the Federal Reserve Board, arranges for a
monthly survey within the industry, and the results of the
inquiries for August are herewith presented in tabular form.
The Secretary of the Association makes the following
statement Sept. 28 concerning the tabulation:
The figures on the attached inemorandum are compiled from the reports
of 28 plants, most of which are representative plants, tiding a variety of
work and we believe It is well within the facts to state that these figures
represent a cross section of the Industry.
Nole.—(11 Many plants were unable to give details under the respective
headings of white goods, dyed goods, and printed gods, and reported their
totals only: therefore, the column headed "total" d as not always represent
the total of the sub-divisions, but is a correct total ft.r the district.
(21 Owing to the changing character of business and the necessary
changes in equipment at various finishing plants, It Is impracticable to give
average percentage of capacity operated In respect to white goods as distinguished from dyed goods. Many of the machines used in a finishing
plant are available for both conversions, therefore the percentage of capacity
operated and the work ahead is shown for white goods and dyed goods
combined.
Total Vole Withheld.
Secretary Batty refused to make public the total vote cast or the vote by
unions, saying that "the result is all that counts." but from strikers who
bad been present at the morning meetings of their unions reporters learned
that in four of them the vote had been: Loom fixers. 194 acce t, 294 reject:
PRODUCTION AND SHIPMENT"; OF h!WISHED COTTON FABRICS.
weavers. 299 acce it, 462 reject: warp twisters. 45 acce it. 53 reject''dashers,
71 accept. 24 reject. A comparison of these figures with the votes of the
Wane
Dyea
same unions when the strike was called reveals that only 66% as many
Goons
Goods
"m nes.
4550.
votes were cast for and against ending the strike as were checked for and
July 1928.
against beginning it last April.
Total finished yds. billed during month
The weavers' vote was the first disclosed. At about 11 a. m.the members
District I
8.156.187 10,855.208 7,129.287 29.511.011
rushed out of their meeting shouting: "No reductions, no reductions." and
a
3.848.355 697.603 2.528,466 11.975,511
broadcasting the count of thel vote. An hour later the loom fixers saw their
3
5.254.832 3.448.287
8.708.119
5
4.076.395 i,478.068
ballots counted on a table in full view of all the meeting and listened to
5.554.463
8
2.936.489
2,938.489
President John Purcell call for silence and solemnly read and the result:
204 against. 194 In favor of the corn remise.
Total
24.276.258 16.479,166 9.655.753 58.684,593
Meeting Friday. the Textile Council had decreed that all union votes Total grey yardage of finishing orders
reeeived—
must be In by 5 p. m. to-day and that the council would receive and anDistrict 1
8.461.18S 11,632.483 9,272.423 31,167.941
nounce the result at 7:30 to-night, but the unions all baliotted early to-day
2
5.157.4541 3.360.034 1,000,588 13,285.813
and the council's meeting hour was set ahead to one this afternoon. Shortly
3
5.337,101 3.900.374
9.237.475
5
before three the result was known, but until that time speculation kept
4.084.582 1,243.199
5.308.781
8
3,309.568
3.309.885
strikers guessing.
Varders' Vole Derides.
Total
26,331.002 20.158,070 10,273,011 62.309.855
The carders' vote was the last to be polled, and, since until that time the Number of eases finished goods shipped
ti,('list era-vote by unions stood three to three, this local's ballot was the deciding one.
District 1
3.787
2.765
19.707
3,948
That it was for rejection was the greater surprise to those in close touch
2
4,153
11.286
1.327
3
with the situation than the full Textile Council vote. Regarded as the
3,357
1.929
5.286
931
3.256
weakest union of the seven because its membership is drawn from some of
988
985
the lowest paid operatives in the industry and because its finances have
Total
been known to be In a sad state ever since the strike, the carders' vote was
13,213
2,765
40.500
7.204
Number OI eases of flrilsbed goods held
almost universally expected to be in favor of the compromise. and on the
in storage at end 01 month—
basis of this expectation hope had grown that the comrromise would be
District 1
2,771
3,I4:.
3.605
15.382
accepted from the time that It leaked out that three unions had voted to
2
4.901
13.771
1,681
3
end the strike until the final, decisive ballot was turned In.
1.051
5.664
121
2.631
"We have been awaiting the outcome of the vote. so no clans have been
8
510
610
prepared as to future action by the manufacturers." said Andrew Rae.
-burn, director ef the New Bedford Cotton Manufacturers' Association,
Total
3.771
5.286
9.732
37.9611
when word of the union's action was carried to him. Mr. Raeburn was
ll'hlie and Dyed
Combined.
speaking in the absence of President John Sullivan. who Is In New York. Total average 91 ol cattacItY operated;
District I
57
48
49
"I really don't know what to say.•• he added. "When the manufacturers
2
61
43
47
Voted te accept the compromise recommended by the Citizens' Mediation
3
50
60
55
Committee and the State Board of Conciliation nd Arbitration consideraSi
127
127
tion was not given to what they would do In the event. that It were relected.
so I am in no position to say what the next move will be." The ManufacAverage for all Martens
59
50
11
turers' Association has no meeting scheduled for the near future. Mr. Rao' Total average mat ahead at end of
esteemed In days—
burn said.
District I
2.6
13.3
4.7
Length of Offer in Doubt.
2
21
3.4
3.0
3
Since the subject had not been discussed when the manufacturers voted
2
2.4
5
is
Ii
upon the mediator.' recommendation. Mr. II:sebum said It was Irn ossible
,
56
for him to state whether the 5% compromise offer would hold indefinitely
or be voted an
Average for all ensuing.
ofte0.
2.5
12.0
2.2
OCT. 6 1928.1
White
Goods.
August 1928.
Total finished
month
=strict 1
2.
3
5
8
1887
FINANCIAL CHRONICLE
Dyed
Goods.
Printed
Goods.
Total.
yards billed during
9,637,366 14;758,090 10,222,360 37,923.165
652.241 3,242.736 13,803,463
4,352.648
6.315,694 4,175.947
10,491,641
4,628.397 1.067,099
5.695,496
8.834.522
2.834.522
27,968,627 20.653,377 13,465,096 70,748.287
Total
Total grey yardage of finishing orders
received
10.673.460 14,424.005 11,764.478 39,086.838
District 1
5.686.419 3,618.787 1.467,205 14,152,220
2
5,896.040 3.564,107
9.460.147
3
4.581,738 1,122.753
5.704.491
5
3,339.783
3.339.783
8
30,177.440 22,729,652 13,231,683 71,743,479
Total
Number of CEIMA finished goods shipped
to customers
4,504
3,264
4,599
25,091
District 1
4.296
779
10,661
2
3.458
1,942
5,398
3
1.071
3 457
5
1,676
1,676
8
Total
Number of cases of finished goods held
In storage at end of month
District 1
2
3
5
8
8
7,320
3,264
46,283
2.935
5,023
965
133
624
3,465
928
2,432
14,475
13,030
5.440
2.250
624
9.680
4,393
White and Dyed
Combined.
51
43
52
44
115
2,432
35,819
72
78
54
Si
52
44
115
51
74
54
2.6
2.4
3.7
2.1
10.8
16.3
2.6
5.3
2.9
3.7
2.1
10.8
2.9
Total
Total average % of capacity operated
District 1
2
3
15,003
14.6
Paterson Silk Workers Vote to Strike.
From Paterson (N. J.) Oct. 4, the "Journal of Commerce"
reported the following:
Unless manufacturers accede to the demands of operatives for higher
wages and a 44 hour week between 5,000 and 6,000 employesof silk mills
here will walk out Wednesday morning.
This announcement following a closed meeting of a commilttee of 50
representatives of the various groups of workers, all of whom are making
the same demands as to hours, although their wage demands differ.
Workers to-morrow will submit their new price list to manufacturers.
Whether the mill managements will recognize the union the Associated
Silk Workers of America, will be determined at a meeting of manufacturers'
representatives and two conciliators of the Department of Labor Monday.
Operatives, it was announced, will hold a final meeting Tuesday before
the walkout is called the following morning.
On Oct. 2, Paterson advices to the "Times" stated:
The workers explain that their principal grievance is the action by
some manufacturers in working the employees nine or more hours a day.
The Broad Silk Manufacturers Association held a meeting this afternoon
after which Harry Barr, President. issued this statement:
"The manufacturers are committed to the eight-hour day. The mills
working more than eight hours are in many cases urged by the workers
to do so and these mills would readily go back to the eight-hour day if
the workers so desire."
No Indication was given whether the manufacturers had discussed recognition of the union or wage increases at their meeting.
Official estimates place the number of silk workers here at 16.605 as
against more than 25,000 a few years ago. The decrease is said to be due
to slackness in the Industry and the moving of many of the workers to
Pennsylvania.
4.4
Average for all districts
Total average work aheac at end of
month. expressed In days
District 1
2
a
8
Average for all districts
Report on Hosiery Industry in Philadelphia Federal
Reserve District.
The Federal Reserve Bank of Philadelphia makes avail:
able the following preliminary report on the hosiery industry
by 131 hosiery mills in the Philadelphia Federal Reserve
District from data collected by the Bureau of the Census
PERCENTAGE CHANGES FROM JULY TO AUGUST 1928.
Men's
September Figures of Raw Silk Imports, Stocks,
Deliveries, &c.
-Imports During Month Fall Off
15,644 Bales.
-Stocks Decline 511 Bales.
During the month of September imports of raw silk decreased 15,644 bales, as compared with the previous month
when 62,930 bales were imported, according to figures issued
by the Silk Association of America, Inc. Total imports in
September 1927 were 52,475 bales. Approximate deliveries
to American mills last month amounted to 47,797 bales, as
against 50,821 bales in August and 50,107 bales in September
1927. Stocks of raw silk on Oct. 1 1928 totaled 50,464 bales
as compared with 50,975 bales on Sept. 1 and 58,986 bales
on Oct. 11927. The following statistics have been released
by the Silk Association:
RAW SILK IN STORAGE OCTOBER 11928.
(AB reported by the principal warehouses In New York City.-(Finires in
European. Japan. All Other.
Stocks Sept. 1 1928
539 45,423
5,013
Imports month of September 1928x
324 43,489
3,473
Bales.)
Total.
50.975
47,286
Total amount available during September_
Stocks October 1 1928z
863
495
88,912
44,366
8.486
5,603
98,261
50,464
Approx. deliveries to American Mills during
368
Septembers
,
SUMMARY.
44,546
2,883
47,797
Imports During the Mon),. X
Storage at End of Month.
1928.
January
February
March
April
May
June
July
August
September
October
November
December
Total
Average monthly
1927.
1926.
1928.
1927.
46,408
44.828
50.520
36.555
52,972
45.090
38.670
62.930
47,236
48,4513
33,981
38,600
46,486
49,264
42,809
47,856
59.819
52.475
51.207
36.650
44.828
43,650
38,568
31,930
31,450
35.120
35,612
37,842
46.421
50,415
48.403
59,670
45,119
47.528
41.677
40.186
35.483
42,088
41.127
38.866
50,975
50,464
52.627
43,753
33,116
31,749
35,527
37.024
43,841
56.613
58.986
62,366
52,069
53.540
425.259
47,251
552.441
46.037
504.200
42.017
43.155
40,768
Approximate Deliveries
To American Mills. y
Total
Average monthly
47,326
43,418
35.948
30.122
31.113
29.111
27.528
28.006
34.459
35.094
47.130
52.478
Approximate Amount in Transit
Between Japan & New York.
End of Month.
1928.
January
February
March
April
May
June
July
August
September
October
November
December
1926.
1927.
1926.
1928.
1927.
52,420
50.679
52,011
41,258
46,367
46.051
40,931
50,821
47,797
48,307
42,860
49,242
47,853
45.486
41.312
41,039
47,042
50.107
47.827
46,947
43,357
46.148
42,476
39,400
37,276
34,099
37,644
39.425
45,943
43,962
47,768
47,634
39.771
25,000
23,600
19,200
28,500
24,000
17,600
32,300
27.500
25,600
_
17,700
19.000
21.700
25,000
22,900
26,600
29.000
28,400
21,500
18,500
26,900
33,500
428,335
47,593
551.379
45,948
501,546
41,796
24.800
24,225
1926.
14,800
14.400
18.400
18,700
18.000
18.300
23,000
24.000
23,900
32.400
19.700
26,500
21:00it
x Imports at New York during current month and at Pacific ports prey ous to the
time allowed in transit across the Continent (covered by manifests 182 to 203).
y Includes re-exports. a Includes 4,418 bales held at railroad terminals at end of
month.
Fullfashioned
+4.7
Hosiery knit during month
-17.0
Net, shipments during month
Stock on hand at end of month, fin+4.9
ished and in the gray
+1070
Orders booked during month
+81.6
Cancellations during month
+20.7
Unfilled orders at end of month _ _
Seamkss. fashioned. Seamless.
+3.9
+20.7
+28.0
+29.3
+9.2
+33.0
-17.8
+0.1
-57.9
--I0.2
+3.5
+19.8
+17.2
--17.6
-11.0
+15.5
+83.5
-74
Athletic.
Total.
Boys'.
Misses & Infants'.
Childrens'.
Hosiery knit during month
Net shipments during month
Stock on hand at end of month, finished and In the gray
Orders booked during month
Cancellations during month
Unfilled orders at end of month..
Wornen's
-6.9
-14.0
---0.6
--19.3
--35.4
--9.3
+14.9
+18.5
+3.3
-8.0
-97.3
+24.9
+12.2
4-6.1
--42.0
+48.0
--3.9
---30.2
+92.5
4-2.1
-2.4
+9.1
---54.9
---7.7
Review of Meat Packing Industry By Chicago Federal
-Drop in August Production.
Reserve Bank.
Falling Off in Wages.
August production at slaughtering establishments in the
United States aggregated less than in the preceding month
land was considerably under a year ago. Employment for the
fast payroll of the period decreased 1.7% in number, 1.4%
in hours worked, and 2.0% in value from the corresponding
igures for July, it is learned from the Oct. 1 "Business
Conditions Report" of the Federal Reserve Bank of Chicago,
from which we quote further as follows:
Domestic trade was slightly better for lard, remained good for smoked
goods. boiled ham, and sausage, and averaged fair for fresh pork and dry
salt meats. Demand for beef and lamb was rather slow during the first half
of the month, but tended to improve a little at the close. The value of sales
billed to domestic and foreign customers by 59 meat packing companies
in the United States totaled 3.8% more for August than for July and was
5.9% ahead of a year ago. Domestic demand showed an improvement at
the beginning of September over the p ecedIng month. August prices of
nearly an products were higher than those of July; quotations for lamb
eased. September 1 inventories at packing plants and cold storage warehouses in the United States fell considerably below the level of August 1
and a year ago, with several of the items showing a reduction from the
5
-year average. Lard and mutton stocks continued in excess of last year and
the 1923-27 September 1 average.
Shipments for export were slightly smaller than in July, although some
companies reported an increase. Foreign business remained rather quiet.
A good demand for hams developed early in the month in the United
Kingdom but slackened later: the Continent made some inquiries for fat
backs; the lard trade continued in small volume for this time of year.
Prices in Europe trended downward during the month and closed below
United States parity. Consigned stocks already abroad and in transit to
European countries were indicated as slightly smaller on September 1 than
at the beginning of August.
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 193 mills show that for the week ended Sept. 22
orders were 1.46% under production and shipments exceeded
output by 0.2%. The Association's statement follows:
FINANCIAL CHRONICLE
1888
WEEKLY REPORT OF PRODUCTION. ORDERS AND SHIPMENTS.
193 Mills report for week ending Sept. 22 1928.
(All mills reporting production, orders and shipments.)
Production.
Orders.
Shipments.
179,560,262 feet
1711,131.288 feet
176,532,110 feet
1.46% under production
0.2% over production
100%
COMPARISON OF ACTUAL PRODUCTION AND WEEKLY OPERATING
CAPACITY (228 IDENTICAL MILLS).
all mills reporting production for 1927 and 1928 to date)
Weekly
Actual Production
Average Weekly
Average Weekly
Operating
Week Ending
Production
Production, 38 Weeks
Capacity.
Sept. 22 1928.
During 1927.
Ending Sept. 22 1928.
194,334,924 feet
230,561,043 feet
189,713.046 feet
186,685,841 feet
• Weekly operating capacity 14 based on average hourly production reported for
the years 1925, 1926, 1927 and 4 months of 1928, and the normal number of operating hours per week.
-1928.
WEEKLY COMPARISON FOR 185 IDENTICAL MILLS
all mills whose reports of production, orders and shipments are complete for the
last 4 weeks.)
Week EndingSept. 8.
Sept. 15.
Sept. I.
Sept. 22.
Production (feet)
171,952.178 159,169,486 125.934,302 168,775.110
Orders (feet)
7
1e3.5411 7111 202.425,233 138,011,344 175,420,765
• Rail (feet)
69.
046..(4•5 76,294.327 65,269,042 75,531.501
Domestic cargo (feet)
49.010,362 58,860.259 31.931,789 56.383.180
Export (feet)
30.441,594 49,614.659 27,569.145 26,093.237
Local tfcet)
13.241,368
17,412,847
l0,42.175 17,655,988
Shipments(feet)
174,778,408 168,667,743 152.388.743 204,717,616
Rail (feet)
74.318,341
77,650,701 63.443,902 84,357,644
Domestic cargo (fee,t)
56,369,927 45.446,559 48.775,589 58,701.609
33,655,965 27,914.492 26.927,884 44,245.516
Export (feet)
Local (feet)
13,241,368
17,412,847
17,655,988
10,432.175
Unfilled orders (feet)
593,035,963 600,412,097 572,885,722 622,237,944
Rall (feet)
182,804,899 200,935,313 201,449,875 199,362,237
Domestic Cargo (feet)
215.876.389 209,546.575 199,190,452 214,587,073
Export (feet)
194,354.675 189,930.209 172,245,395 208.288.634
100 IDENTICAL MILLS.
All mills wham reports of production, orders and shipments are complete for 1927
and 1928 to date.)
Average 38
Average 38
Week
Weeks Ending Weeks Ending
Ending
Sept. 22 1928. Sept. 22 1928. Sept. 24 1927.
Production (feet)
97,173,520
100,974,867
104,156,394
100,544.734
Orders (feet)
108,334.896
109.124,397
Shipments (feet)
98.408,685
108,373,122
109,297,717
DOMESTIC CARGO DISTRIBUTION FOR WEEK ENDING SEPT. 15 1928.
(88 Mills)
Unfilled Orders
Orders on Hand
Washington dfr Begin'g Week
ShipOrders
Week End'g
CancelSept. 15'28.
talons.
menu.
OregonReceived.
Sept. 15 '28.
California
15,725,284 111,918 10,823,872 57,897,048
53,107,554
75,662,051
Atlantic: Coast
27,355,047 97,000 20,635,132 82,284,966
None
6,144,945
Miscellaneous
1,807,544
9,840
4,347,241
Total domestic...134,914,550
British Columbia
California
624,000
Atlantic Coast
11,745,654
849.448
Miscellaneous
Total domestic-- 13.219.102
Grand total
148,133,652
43,090,171
208,918
1,481,000
3,242,513
100.000
None
None
None
4.823.513
None
2,218,931
15,823,684
47,913,684 208,918
35,485,479
160,352,939
33,266,548 144,529,255
403,444
1,815,487
None
1,701,556
13,172,680
949,448
Decline in Production of Natural Gasoline Checked.
The decline in the production of natural gasoline was
checked in August, when the total output amounted to 143,700,000 gallons, according to the Bureau of Mines, Department of Commerce. This represents a daily average of
4,640,000 gallons, an increase over July of 20,000 gallons
and over August 1927 of 290,000 gallons, or 7%. No outstanding increases in production were recorded in any of the
seven major districts in August. The output of the Appalachian and California districts increased slightly, IndianaIllinois, Texas and Louisiana-Arkansas were unchanged, but
a decline in Oklahoma-Kansas was counterbalanced by an
Increase in the Rooky Mountain area.
The decrease in stocks occasioned by a heavy motor fuel
demand was continued in August, when the total at plants
declined from 20,044,000 gallons to 17,408,000 gallons. The
latter was the lowest point recorded since early in 1926.
Blending at the plants showed a material:decrease in August.
The Bureau further shows:
OUTPUT OF NATURAL GASOLINE (IN THOUSANDS OF GALLONS).
Stouts End
of Month.
Aug.
1928.
Appalachian '
Indiana, Illinois dm
Oklahoma„Kansas, &a
Texas
Louisiana and Arkansas
Bbeky Mountain
Calflornla
United States total
Daily/ average
July
1928.
Jan.
Aug.
1928.
Aug.
1927.
5,800 5,500 65,200 5,700
900
900 9,300 1,200
50,600 51,300414.100 48.700
26.200 26,200 211,300 27,200
7,300 7,300 57,900 7,300
4,200 3.600 29,800 3,900
48,700 48,400353,200 41,000
Aug.
1928.
July
1928.
1,640 1,913
270
304
8,271 10,479
4,207 4,378
1,172 1,003
532
633
1,316 1,334
143.700 143,200 1140800 135,000 17,408 20,044
4.640 4,620 4.680 4,350
New National Metal Exchange to Open Early
in November.
Erwin Vogelsang, President of the recently organized National Metal Exchange, announced on Oct. 3 that the exchange will be open for trading early in November. Trading will be confined to tin futures at first, and it is expected that•other metals will be taken up later on. "The
, new exchange will be thoroughly representative of the metal
Industry not only in America but in Europe as well," said
Mr. Vogelskng. He added
(Vol,. 127.
"We look for a heavy volume of tin business from Europe to pass
through the exchange as soon as active trading begins, and the interest
manifested in the London market and among the industry here confirms
my belief that we are opening under most auspicious circumstances."
The Board of Governors will meet on Oct. 10 to elect
sufficient members to complete the membership roster.
Work on the quarters of the exchange on the second floor
of 27 William Street is being expedited and it is expected
that the trading floor will be completed within the next
two weeks. An item regarding the Exchange appeared in
our issue of Sept. 29, page 1743.
Crude Oil Outputin United StatesShowsSlight Change.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States for
the week ended Sept. 29 1928 was 2,509,800 barrels as compared with 2,508,850 barrels for the preceding week, an increase of 950 barrels. Compared with the output of 2,536,950 barrels per day for the week ended Oct. 1 1927, the current figure shows a decrease of 27,150 barrels daily. The
daily average production east of California was 1,884,300
barrels, as compared with 1,877,350 barrels, an increase of
6,950 barrels. The following are estimates of daily average
gross production (in barrels) by districts for the periods stated:
Weeks EndedOklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
California
DAILY AVERAGE PRODUCTION.
Sept.29'28. Sept. 22'28. Sept. 15'28. Oct. 1 '27.
809,700
735,100
731,750
726,550
105,000
100.100
99,000
99,550
62,800
64,800
90,200
60,900
89,550
89,250
82,700
88,550
65,350
55,200
55,100
54,950
347,300
341,600
208,050
348,250
21,400
30,050
22,250
21,600
25,550
28,900
25,900
25,800
38,850
52,350
39,100
38,950
100.550
84,900
84.350
85,100
108,250
125,550
105,200
107.700
25,250
15,250
21,450
21,500
112,000
112,500
110,500
112,500
54,900
62,150
58,050
62,950
13,800
10,600
9.550
9,550
7,100
6,850
6,550
7,350
1,950
1,950
2,050
2,400
625,500
635,300
631,500
635,600
Total
2,509,800 2,508,850 2,504,900 2,536,950
The estimated daily average gross production of the Mid-Continent field
including Oklahoma, Kansas, Panhandle, North, West central, West,
East Central and Southwest Texas, North Louisiana and Arkansas, for
the week ended Sept. 29 was 1.556,200 barrels, as compared with 1.555,400
barrels for the preceding week, an increase of 800 barrels. The MidContinent production, excluding Smackover, Arkansas heavy oil. was
1,500,600 barrels, as compared with 1,499,800 barrels, an increase of 800
barrels.
The production figures of certain pools In the various districts for the
current week, compared with the previous week follow (figures in barrels
of 42 gallons)•
-Week EndedOklahomaSept.29 Sept.22
North LouisianaTenkawa
12,050 11,850 Haynesville
Burbank
27,900 27 900 Urania
Bristow Slick
20,800 20,800
Arkansas
Cromwell
8,750 9,050 Smackover, light
Seminole
42,950 44,150 Smackover,heavy
Bowlegs
.47,800 47,700 Champagnelle
Searlght
11,600 11,850
Coastal Texas
Little River
131,300 119,850
Earlsboro
81,350 85,600 West Columbia
St. Louis
116,100 119,100 Pierce Junction
Allen Dome
22,750 21,100 Hull
Panhandle Texas
Spindietors
Hutchinson County _ _ _ _ 32.500 32,000
Coastal Louisiana
Carson County
6,650 6,600
Gray County
23,300 20,800 Vinton
East Haekberry
Wheeler County
750
900 Sweet Lake
North TexasWIlbarger
31.800 30,500 Sulphur Dome
Wyoming
Archer County
19,650 19.800
Salt Creek
West Central Texas
Shackelford County__ _ 10,950 10,800
Montana
Brown County
11,760 11,600 Sunburst
West Texas
Reagan County
18.050 18,450
California
Howard County
20,700 21,250 Santa Fe Springs
Pecos County
68,000 69,000 Long Beach
Crane & Upton Counties 57,050 58,200 Huntington Beach
Winkler County
166,600 170,300 Torrance
East Central Texas
Dominguez
Corsicana Powell
10,400 10,200 Rosecrans
Nigger Creek
850
850 Inglewood
Southwest Texas
Midway-Sunset
13,600 13,500 Ventura Ave
Luling
Laredo District
8,650
8,750 Seal Beach
-Week Ended
Sept. 29 Sept. 22
5,800 5,800
6,650 6.700
7,300 7,300
55,600 55,600
12,000 12.700
7,450 7,500
11,300 9,200
12,500 10,300
38,350 39,800
4,200
2,550
3,600
4,300
4,300
2,100
3,600
2,350
41,650 41,450
,300
7,800
35,500
192,000
52,500
17,000
11,000
5,500
29,000
74.000
55.000
26,000
36,000
196,000
52,000
17,000
11,000
5.500
29,000
74.000
55,000
28,000
Petroleum and Its Products-Revise Kern River,
Calif. Crude Prices.
Standard Oil Co. of California Oct. 3 revised its posted
prices for Kern River crude to 45 cents a barrel for oil of
11 to 11.9 degrees, 55 cents for 12 to 12.9 degrees, and 65
cents for 13 to 13.9 degrees, the latter the highest gravity
posted in that field. The changes represented declines of
30,20 and 10 cents a barrel respectively, from the previously
posted price of 75 cents for oil of 14 degrees gravity and
under. Standard of California announced that it would
make no further contracts for Kern River crude.
Production of all U. S. fields continued to gain, averaging
2,509,800 barrels daily for the week ending Sept. 29. This
was the largest total attained thus far in 1928. Production
totals are expected to show further increases.
Operators in Oklahoma will meet shortly to consider plans
for increasing the State's production to 750,000 barrels
OCT. 6 1928.]
FINANCIAL CHRONICLE
1889
Kerosene.
daily from the present maximum of 700,000 barrels. Lack New York
.0
634 Philadelphia (dells%) .094
.09 'Chicago
064
.08Oklahoma
41
the desire New York (den y.)._ .10 'Philadelphia
of cooperation on the part of some opeators, and
Note.
-The above prices are f.o.b. refineries, tank car lots, unless otherwise noted.
of other producers to increase the permitted outlet, is Delivered prices are generally 10. a gallon above the refinery quotation. •
the cause of the meeting. In the period during which the
Bunker Fuel Oil
'operators had agreed to hold production to a maximum of New York
.95
New Orleans
1.05
1.05 I Norfolk
85
.90 I California
1.05 [Charleston
700,000 barrels a day, daily output has been ranging 740,000 Baltimore
above prices are f.o.b. refineries; a charge of Sc. a barrel is made for
Nos.
-The
to 760,000 barrels.
earging alongside.
Gas and Diesel Oil.
Refiners in the Midcontinest area were reported decreas200
054 I Diesel oil, New York
ing their runs of crude, due to falling demand and prices in Gas oil, New York micas are f.o.b. refineries.
Note.
-The above
high
the gasoline market. Runs to stills established a new
Erport Quotations.
record in August, when the daily average throughout for all Gasoline, Navy, NewYork,es.- .2690[Kerosene, s. w., New York.ea- .1740
1865
.11 I W.w., New York.ca
Bulk
refineries was 2,632,000 barrels, as compared with
U. S.
Tank Wagon Prices.
2,289,000 barrels daily in the same month last year, an in15
18 I Kerosene. w. w., New York
crease of 343,000 barrels, or 15%. Of the total runs to Gasoline, New York
stills in August, 74,592,000 barrels were domestic crude and
6,990,000 barrels imported crude.
Copper Firm Despite Reduced Sales Volume-SeptemThe extent of refinery operations in August was indicated
-Good . Demand
ber Business at Record Level
by the Bureau of Mines summary for that month, showing
for Lead.
that s3e rermenes, with rated daily crude oil capacity of
Trading in copper in the past week has been the quietest
3,186,000 barrels, were operating at 83% of capacity in
in more than two months, but the breathing spell is•welcome
August, against 82% in July. Quotations are:
$1.55 to the producers,"Engineering and Mining Journal" reports.
Pennsylvania
$3.35 Bradford
$3.35 Illinois
Corning
1.80 Lima
1.60 Wyoming. 37 deg.. 1.41 Prices of copper, lead and zinc are virtually unchanged from
Gabel
1.28
1.45 Indiana
1.37 Plymouth
Wortham. 40 deg- 1.56 Princeton
1.67 recent levels. Silver and tin are somewhat higher. Sep1.55 Wooster
Rock Creek
1.331Canadian
2.00 Gulf Coastal "A"_ 1.20
Smackover,24 deg. .90 Corsicana, heavy_ 1.00:Panhandle,44 deg. 1.36 tember sales of copper for combined domestic and foreign
Buckeye
3.00 Eureka
3.151
account approximated 500,000,000 pounds, a record that
Oklahoma, Kansas and Texas,
$1.49 is likely to stand for some time, it is stated. Foreign sales,
40-40.9
$1.56 Elk Basin
1.33
3242.9
1.16 Big Muddy
1.48 while large, did not quite equal the huge tonnage sold in
44 and above
1.7131 Lance Creek
1.25
Louisiana and ArkansasBellevue
The report then goes on to say:
1.00 May.
32-32.9
1.16 Markham.
35-35.9
1.31,Somerset
Spindletop, 35 deg, and up_ _ 1.371
GASOLINE DECLINES
-KEROSENE STRONG.
1.75
U. S. Motor gasoline was generally selling at 11 34c. a
gallon in tank car lots, Bayonne, last week, a reduction
of %c. from the previous quotation of 113 0., which was
/
also the high for the year. Some sellers were going under
the 11%c. basis, although leading refiners held at that
level. The "official" price was still 11 Wic., but this was
little more than a gesture. Leading Oklahoma and Kansas
/
refiners were holding gasoline unchanged at 93. to 93 to.,
but smaller factors in that territory were freely offering
at as low as9Nc. Export prices for bulk gasoline were Y to
8
Nc. a gallon lower for the week, although cased gasoline
was without change. Spot U. S. Motor gasoline declined
No. at Chicago on Oct. 5, offering at 9% to 93 0. Gasoline
/
stocks at Midcontinent refineries showed an increase of
1,500,000 gallons during the week ending Sept. 29.
Kerosene was in short supply in New York. Standard
Oil Co. of New Jersey advanced its quotation 3/c. to 9c. a
2
gallon, tankcar lots, f. o. b., Bayonne refineries on Oct. 2,
following the increase made late in the previous week by
Sinclair Refining, Acewood Petroleum and others. Supplies were more adequate at other points, however, the market being weak in the Midcontinent, and No. lower at
63j to 6%c. at Chicago.
Fuel oil was steady and unchanged at $1.05 a barrel,
bulk, f. o. b. Bayonne. Gas oil was also steady. This
division of the market was showing a better tone, due to
the heavy increase in demand for furnace oil. Installations
of oil burners this year are estimated to have shown an increase of 25% over last year, largely in the Eastern territory. There are about 600,000 oil burners now in use in
the country as a whole, with a potential market of 20,000,000.
It is estimated that close to 35,000,000 barrels of furnace
oil will be required to take care of the home oil heating units
which will be in operation this winter. Inasmuch as the
South American crudes now being largely run by Atlantic
seaboard refineries have large fuel oil content, the importance
of the steadily widening market for furnace oil cannot be
exaggerated. Large factors in the New York furnace oil
market are Standard Oil Co. of New York, Petroleum Heat
& Power Co., Warner-Quinlan Co., Tide Water Oil, Gulf
Oil Corp., Sinclair Refining and others. Standard Oil Co.
of New Jersey does a large furnace oil business. Prices are:
Gasoline 10. S. Motor).
114 Jacksonville
114 Tampa
11
New York
094 New Orleans
1234 *Oklahoma
1014
Chelsea
.1034
.1254 Providence (dellv.). .134 Houston
Tiverton
.094 California
094
Boston (delivered).- .1334 Chicago
.11)i North Texas
.114 Marcus Hook
0934
Carteret
12
1134 Philadelphia
Baltimore
.114 Norfolk
114
Portsmouth
Note.
-The above prices are fob.refineries, tank car ots, unless otherwise noted.
Delivered prices are genera ly lc. a gallon above the refinery Quotation.
*A number of the large refiners were atilt Quoting 94 to Me.
Gasoline ,Service Station)
25
20 Richmond
Charlotte
24
New York
21
20 San Francisco
Charleston
.24
Boston
.24
Wheeling
Chicago
24
17
Baltimore
.21
New Orleans
194
.21
Parkersburg
Norfolk
-The above prices are retail prices at service stations and Include State
Nat.
axes In States where a tax is imposed.
The Indications are that foreign consumers still have considerable copper
to buy for fairly early delivery, but domestic requirements appear to be
well covered through November. Prices are entirely without change at
1534 cents, Connecticut basis, and 1534 cents in the Middle West. Export
prices continue on the basis of 1534 cents c.i.f.
Lead was in fairly active demand, with the market steady at 6.50 cents
per pound. New York, and 6.325 cents East St. Louis. Cable and battery
manufacturers were responsible for a large proportion of the week's business.
Bullish news in tin from London served to stimulate the market and
consumer demand has been good. The price reached 50 cents a pound on
Monday.
Nothing new can be reported in the zinc market, either as regards price
or volume of business.
Steel Output Continues at High Level-Pig Iron and
Steel Prices Continue.
Heavy bookings,lengthening deliveries and added strength
in prices of both finished and primary materials place the
iron and steel industry on an unusually stable basis as it
enters the final quarter of the year, declares the "Iron Age"
of Oct. 4 in its weekly survey of the iron and steel markets.
The September bulge in specifications against third quarter
contracts gave steel producers excellent backlogs. Mills
are 4 to 6 weeks behind on deliveries of bars and some
finishes of sheets, and the size of their obligations is influencing their attitude on prices, continues the "Age," which
further states:
A test of the market was not expected so soon after the close of a quarter,
but an encouraging volume of business has already been placed at fourth
quarter prices, which for black and galvanized sheets, bars, plates and shapes
represent an advance of $2 a ton.
This fact points to a demand for steel that is based on actual consumption. While buyers, in some cases, have been rebuilding their stocks.
there has been no evidence of speculative purchases. The flow of business
this year has been even steadier than in 1927. The decline from the peak
rate of output in April to the low point in June was only 17%, compared
with a 30% dip last year.
Pressure on the mills fer steel has resulted in the lighting ofadditional
blast furnaces. Out of 17 stacks blown in during September, 10 were
started in the last week of the month. The net gain in active furnaces was
14, of which nine were steel works units. Such an increase may indicate
a further expansion in steel output in October, which in the past has frequently been the premier month in production in the second half of the
year. Heavier pig iron output may be dictated also by the growing scarcity
of scrap.
An increasing quantity of scrap is being shipped out of the country, and a
considerable amount is being diverted to new domestic markets. Exports of
scrap in August, at 70.500 tons, were the largest on record, representing
nearly ‘of our total outward movement of iron and steel. Shipments of
t
,
scrap from Detroit, one of our largest producing centers, are moving more
largely by water to Lake Erie ports instead of by rail, as formerly, to the
Valleys. Lake shipments so far this season to one Buffalo consumer alone
total 200,000 tons.
A direct result of the diversion of Detroit district scrap is an advance of
75c. a ton on basic pig iron in the Valleys. An inquiry for 12,000 tons of
that grade found producers uninterested because they expect to consume
all that they can make.
Meanwhile heavy melting scrap has advanced 25c. a ton at Pittsburgh
and Chicago,and 50c. at Philadelphia. Prices at Pittsburgh are the highest
since January 1927.
Among the consuming industries, the railroads are taking a more prominent role. The Detroit, Toledo & Ironton has placed 12,500 tons of rails.
and purchases by the New York Central and the Pennsylvania are expected
next week. The Canadian National is inquiring for 15,000 tons. The
rail buying movement, it is believed, will result in fully as large bookings
as that of a year ago.
The Louisville & Nashville plans to purchase 2,000 cars, and the Santa
Fe is a prospective buyer of equipment. The Canadian National has ordered 55 locomotives, and is inquiring for five additional engines and 1.509
box cars, besides tank and passenger cars.
1890
FINANCIAL CHRONICLE
Prospective construction work likely to be placed in the fourth quarter
calls for 425.000 tons of structural steel, not including projects of less than
1,000 tons each. Mill bookings of structural shapes in September were
the largest of any month this year.
The buoyancy of consumption Is indicated by the continued pressure
for shipments, following heavy deliveries in the third quarter. Shipments
by Chicago mills in that period were 15% larger than in the preceding
quarter. Steel ingot production at Chicago is now slightly over 85%,
which continues to be the average rate of the Pittsburgh district, as well as
the Steel Corporation subsidiaries. Sheet production is particularly high
exceeding 90% of the capacity of the country.
Pig iron production in September, according to data collected by "The
Iron Age," was 3,062.314 tons, compared with 3,136.570 tons in August.
The average output per day, however, showed an increase, although it
was less than 1%. Nevertheless, with the blowing in of furnaces toward
the end of the month, the daily capacity of stacks in blast Oct. 1 was
106.755 tons, against 98,730 tons Sept. 1.
This sharp gain appears warranted, in part, by the record of nine months'
production. The steel ingot tonnage so far this year will prove to be some
10% greater than that of the corresponding period of 1927, while the pig
iron output is 1% less, comparing the same periods. In both 1926 and 1927,
for every 100 tons of steel made 83 tons of pig iron was produced. So far
in 1928 the ratio is 100 to 75.
Both of "The Iron Age" composite prices have advanced, that for pig
Iron reaching $17.84 a gross ton, the highest figure since the end of Oct.
1927. The finished steel composite is 2.362c. a lb., compared with 2.348c.
in the previous eight weeks, as the following table shows:
[Vol,. 127.
compared with 84% a week ago. Independents average also slightly higher
at 85%. A year ago the corporation units were operating at around 69%,
and the independents at 63%.
The "Iron Trade Review's" composite of 14 leading iron and steel products is $35.30 this week, compared with $35.29 a week ago.
Automobile builders are pressing rolling mills for shipments of sheets and strips, states the "Wall Street Journal"
on Oct. 2. Early shipments is difficult to obtain because
mills are sold up. Backlogs in flat rolled steels are now
at the year's peak in independent mills in the valley. Principal consumers have covered on requirements over the
quarter but others have not signed full quarter contracts,
hoping to obtain better prices, adds the "Journal," which
is further quoted:
Leading automotive interests are protected on the quarter's needs.
Strip steel demands have been well sustained during the past 45 days
and show no signs of a let-up, mills continuing high operating rates.
Steel makers with pig iron capacity who have been in the merchant
market are withdrawing because of iron demands of their own steel departments. This will improve conditions for strictly merchant melters and is
likely to cause resumption of some stacks now cold. It is planned to blow
in three blast furnaces in the Mahoning Valley during the fall.
Buying of steel rails by the railroads is getting well under way. In
addition to good sized orders already placed by various roads it is estimated
at least 1,000,000 tons will be bought within the next 60 to 90 days.
Finished Steel.
Pig Iron.
Oct. 2 1928. 2.362c. a nounEL
Oct. 2 1928, $17.84 a gross ton.
The St. Louis pig iron market is strengthening with melters' needs grow617.71 ing.
One week ago
2.348c. One week ago
One month ago
2.348c. One month ago
17.34
Cleveland jobbers have raised prices of black and galvanized sheets $2
One year ago
18.09
2346c. One year ago
-year pre-war average
15.72 a ton.
10
1 689c. 10-year pre-war average
Based on steel bars. beams,tank plates.
Based on average of basic Iron at Valley
Iron and steel scrap quotations continue to climb in the Chicago district.
wire, rails, black pipe and black sheets, furnace and foundry irons at Chicago, Heavy melting steel is up another 25 cents a ton at
$13.25 to $13.75 with
these products constituting 97% of the Philadelphia, Buffalo, Valley and Birsmall lots reported sold at $14. Railroad scrap is scarce. No sign of a
United States output,
mingham.
break in the upward trend of the scrap market is appearing. Heavy
High.
Low.
Low.
High.
1928__2.364c. Feb. 14 2.314c. Jan. 3 1928...._$17.84 Oct. 2 $17.04 July 24 demand for toluol and benzol, which are by-products of coke manufacture,
1927..2.453c. Jan. 4 2.293c. Oct. 25 1927___ 19.71 Jan. 4 17.54 Nov. 1 features the market for light oil distillates.
1926__2.453c. Jan. 5 2.403c. May 18 1926..... 21.54 Jan. 5 19.46 July 13
1925_2.560c. Jan. 6 2.396g. Aug. 18 1925._ 22.50 Jan. 13 18.96 July 7
1924..2.789c. Jan. 15 2.460c. Oct. 14 1924._ 22.88 Feb. 26 19.21 Nov. 3
Pig Iron Output in September Shows Small Gain.
1923_2.824c. Apr, 24 2.446c.'Jan. 211923._ 30.86 Mar. 20 20.77 Nov. 20
Capacity Active on October 1.
On Oct. 1 there were 197 furnaces active baying an estimated operating
rate of 106,755 tons per day. This compares with an operating rate of
98,730 tons per day for the 183 furnaces active on Sept. 1. Many furnaces
during September were operated at a higher rate than In August.
Of the 17 furnaces blown in during September,six were Steel Corp.stacks,
five belonged to independent steel companies and six to merchant producers. Only two Steel Corp. stacks were blown out and one merchant
stack. Thus the gain for the month was nine steel-making furnaces and
five merchant.
Steel and Merchant Iron.
Steel-making iron last month was made at the rate of 82.590 tons per
day or slightly less than the 82,642 tons per day In August. There was
an increase in the merchant iron daily rate of production in September over
August, or 19,487 tons per day against 18,538 tons per day.
Furnaces Blown In and Out.
During September the following furnaces were blown in: One Susquehanna
stack of the Hanna Furnace Co. In the Buffalo district; the Brooke furnace
in the Schuykill Valley; one Carrie and one Clairton stack of the Carnegie
Steel Co.: one Midland stack of the l'ittsburg Crucible Steel Co., and one
Monessen stack of the Pittsburg Steel Co. in the Pittsburg district; one
lIaseiton furnace of the Republic Iron & Steel Co. in the Mahoning Valley;
the Sharpsville furnace In the Shenango Valley: one Joliet and one Gary
stack of the Illinois Steel Co.; one Federal furnace and one Iroquois stack
of the Youngstown Sheet & Tube Co. in the Chicago district; one furnace
of the Colorado Fuel & Iron Co. In Colorado; one furnace of the Gulf
States Steel Co.: one Woodward stack of the Woodward Iron Co.. and one
Bessemer and one Fairfield stack of the Tennessee Coal iron & Railroad
Co. in Alabama.
The three furnaces blown out or banked were the Pulaski stack in Virginia and one Joliet and one South Chicago furnace of the Illinois Steel Co.
in the Chicago district.
Possibly Active Slacks Unchanged.
The Crumwold furnace of the Reading Iron Co. in the Lehigh Valley
has been sold and will probably be dismantled. The new No. 6 Fairfield
stack of the Tennessee Coal, Iron & Railroad Co. at Fairfield, Ala.,was
blown in during the month, leaving the number of possibly active furnaces
in the United States unchanged at 339.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
STATES BY MONTHS SINCE JAN. 1 1924-GROSS TONS.
1924.
January
February
March
April
May
June
First 6 months
July
August
September
October
November
December
12 month's average
1925.
97,384 108.720
106,028 114,791
111,809 114,975
107.781 108.632
94.542
84,358
89,115
67,541
95.794 105,039
85,936
57.577
60,875 87.241
68,442
90.873
79.907 97,528
83.656 100,767
95,539 104.853
RA 117R
AO 715
1926.
CeOOeeQOe
Production of pig iron in September was augmented by the blowing in
of 11 stacks, making 194 active Sept. 30. Output of coke pig iron in the
30 days amounted to 3,063,530 gross tons, against 3,137,995 tons in the
31 days of August, a loss of 74.465 tons. The daily output in September
was 102,117 tons, 924 tons more than In August. September was the
second consecutive month to show an improvement in the daily rate.
The rate in September 1927 was 92,750 tons, and this figure was a drop
from the August rate.
September shipments of pig iron exceeded those of August by 15% or
more, and were the largest of any month to date this year. Sales while
continuing in good volume were not equal to those of August,
marking the peak of the fourth quarter buying movement. Some
large melters are asking for prices for first quarter, makers refusing
to quote. or naming 50 cents over current figures. About 20.000 tons additional have been booked for shipment by barge from Buffalo to eastern districts before winter sets in. An Ohio steelmaker is reported to have closed
-ton inquiry for basic at $17, valley, and while this
on a portion of a 5,000
grade is scarcer, $16.50 has not disappeared. Production and shipments of
Connellsville beehive furnace coke are expanding.
Activity in the sheet market is unusually brisk. Consumers are buying
further ahead, as mill deliveries become more deferred. On some of the
ordinary finishes Oil ment cannot be made short of three to four weeks,
ranging to ten weeks on certain grades. The leading interest in Pittsburgh
is producing at 90%; Youngstown district independents at 89%, while
Chicago output is at the peak rate of the year. New business is going on the
books at an advance of $2 a ton over third quarter for blue annealed,
black and galvanized. Opposition to the reduced cash discount rate is
gradually subsiding.
A survey of structural projects in the East and West which now are
In the market or will come in during the fourth quarter shows approximately
425.000 tons of structural work ahead, not including projects of less than
1,000 tons. Current awards are more numerous, mill schedules generally
are being filled up, with deliveries beginning to be extended. Awards include 15,000 tons, added to 45,000 tons previously placed, for the Chicago
merchandise mart: 9,500 tons for two jobs in Pittsburgh, and others involving 1,000 to 5.000 tons. An Asheville. N. C.. silk company is in the
market for 6,000 to 10,000 tons. Featuring the market for reinforcing
bars is an award of 1,400 tons for an automobile service station in New York.
Plate specifications were unusually heavy in the last week of September,
and new business is increasing in volume, with good prospects for continued
improvement. A moderate revival in western oil tank requirements is
noted, with inquiries from the Pacific coast for 8.000 tons of plates, following awards in the week amounting to more than 3.000 tons. New York
pipe line projects now in the market call for over 15.000 tons of plates.
Four eastern railroads are negotiating for fourth quarter requirements.
Demand for steel bars is holding up, Chicago mills working at capacity,
and production in the Pittsburgh district at the highest rate of the year.
Further inquiries for rails are developing, following distribution of orders
for more than 100,000 tons as a result of purchases a week ago. The Chicago, Burlington & Quincy's orders for 30,000 tons is expected to be placed
this month. Canadian National railways have entered the market for
15.000 tons, and also 1,500 box cars, 43 coaches and 30 tank cars. This
interest placed 35 locomotives. Lackawanna Is inquiring for 20 locomotives.
Steel Corporation units are operating at an average of 86% this week
According to the "Iron Age" this week, September pig
iron output, from data collected largely by wire on Oct. 2,
made a small increase over August. There was, however, a
large net gain in furnaces, most of them put in operation
during the closing days of the month. Seventeen were blown
in and three shut down, a net gain of 14. Total September
coke pig iron output was 3,062,314 gross tons or 102,077
tons per day for the 30 days as contrasted with 3,136.570
tons or 101,180 tons per day for the 31 days in August.
This is an increase of 897 tons per day or 0.88%. In August
the increase was 2,089 tons or 2.1%. The September daily
rate last year was 92,498 tons, which was a decline from
August of that year of 2,575 tons. As in August this year,
the September output showed an increase over the preceding month,contrasting with decreases last year.
'EVODIWCANOZPEOWO
W0.4
1.00$1.
Pig iron and steel enter the fourth quarter of the year
on a higher price and production basis, the "Iron Trade
Review" of Cleveland declares in its Oct. 4 summary of trade
conditions. Recent pig iron advances are being firmly
established, while for finished steel the sustained volume
of demand, al,s3nce of speculative buying, and directness
with which material is moving into consumption, give the
new prices real substance and foundation. Specifications
on third quarter contracts are being rapidly worked out;
most obligations will be completed by the middle of October.
On all new business the higher fourth quarter figures are in
effect. Some of the hesitancy among buyers noted recently
is disappearing, and covering of requirements is proceeding
with more speed, says the "Review," adding:
1927.
1928.
100,123 92,573
105,024 100,004
112,366 103,215
114.074 106.183
109,385 105,931
102.988 102,733
107,351 101.763
95.199 99,091
95.073 101,180
92.498 102.077
89,810
88.279
86,960
00 955
-OR. TONS.
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS
Total.
Steel Works. *Merchant.
69.673
66.991
64.600
64.118
69.520
78.444
83.489
85.183
85.576
81.630
79.513
82.642
82.590
-September
1927
October
November
December
-January
1928
February
March
April
May
June
July
August
Rantornhwr
22,825
22,819
23,679
22,742
23,053
21,560
19 726
21.000
20,355
21,103
19.578
18,538
19.487
92.948
89.810
88.279
86,960
92,573
100.004
103,215
106,183
105,931
102.733
99.091
101,180
102.077
•Includes pig Iron made for the market by steel companies.
TOTAL PRODUCTION OF COKE PIG IRON IN UNITED
-GROSS TONS.
BEGINNING JAN. 1 1926
1926.
1926.
1927.
1928.
1927.
1926.
Jan--3.316,201 3,103.820 2.869,761 July_ _ 3.223.338 2,951.160
Feb___ 2.923.415 2,940,679 2.900.126 Aug _ 3,200,479 2.947,276
Mar_ - 3.441.986 3,483.362 3,190.674 Sept- - 3,136.293 2.774.949
Apr_--3,450,122 3.422.226 3.185,504 Oct___ 3,334,132 2,784,112
May--3.481.428 3.390.940 3.283,856 Nov. 3,236.707 2.648.376
June--3.235.309 3.089.651 3,082,000 Dec. 3,091,060 2.695.755
STATES
1928.
3.071.824
3.136,570
3.062.314
34 yr.19,848.461 19.430,678 18.520,921 Ye5r*-39,070.470 36.232.306
•These totals do not include charcoal pig iron. The 1927 production of this iron
was 164,569 tons.
-GROSS TONS
PRODUCTION OF STEEL COMPANIES FOR OWN USE
Total Pig Iron
Spiegel and Ferromanganese.
:Ferromanganese.
1926.
1927.
1928.
2,155,133
2.274,880
2,588.158
2.555,500
2,652.872
2,448.905
29.129
22.309
24.064
24.134
23.159
25.378
31,844
24,560
27,834
24,735
28,734
29.232
22,298
19.320
27,912
18.405
29.940
32.088
15,362.933 14.876,355 14.675,448
2.461.161 2.163.101 2.464.896
2.424.687 2.213.815 2,561.904
2,436.733 2.090.200 2.477.695
2.578.830 2.076.722
2,484.620 1,938,043
2.322.180 1,987.652
148.173
26,877
23,557
25.218
28.473
31.903
31,627
166.939
26.394
21.279
20.675
17.710
17,851
20,992
149,963
32,909
24,583
22.278
219 828
1927.
2,599,876
2.272,150
2,661,092
2.677.094
2.687,138
2.465.583
Half year
July
August
September
October
November
December
Slight Decrease in Output of Bituminous Coal
Anthracite and Coke Production Higher,
According to the United States Bureau of Mines, production of bituminous coal during the week ended Sept. 22
amounted to 10,035,000 net tons as compared with 10,197,000 tons in the preceding week and 9,870,000 tons during
the week ended Sept. 24 1927. Output of anthracite during
the week ended Sept. 22 1928 is estimated at 1,496,000 net
tons as against 1,519,000 tons in the corresponding period
last year and 1,414,000 tons in the week ended Sept. 15
1928. Production of beehive coke in the United States
during the week ended Sept. 22 last totaled about 76,000
net tons, an increase of 3,000 tons as compared with the
preceding week, but 31,000 tons less than produced in the
week ended Sept. 24 1927. The Bureau of Mines report is
as follows:
The total production of soft coal during the week ended Sept. 22, including lignite and coal coked at the mines, is estimated at 10.035.000 net tons.
Compared with the revised estimate for the preceding week, this shows a
decrease of 162,000 tons, or 1.6%. Production during the week in 1927
corresponding with that of Sept. 22 amounted to 9,870.00(, tons.
'
Estimated United States Produdion of Bituminous Coal (Na Tons). Ind. Coal Coked
1928-1927
Cal. Year
Cal. Year
to Dale.a
Week.
to Date
Week
363.294.000
8.979.000
321,700,000
8,935,000
Sept. 8
1.708.000
1,663.000
1,512.000
1.655.000
Daily average
372.942,000
9,648,000
331,897.000
10,197.000
Sept. 15.b
1,705,000
1.608.000
1,517.000
1,700,000
Daily average
382.812,000
9,870,000
341,932.000
10,035,000
Sept. 22.c
1,704,000
1.645,000
1,521.000
1,672,000
Daily average
a Minus one day's production first week in January to equalize number of days In
the two years. b Revised since last report. c Subject to revision.
The total quantity of soft coal produced during the calendar year 1928 to
Sept. 22 (approximately 225 working days) amounted to 341.032.000 net
tons. Figures for corresponding periods in other recent years are given
201.940
1926
January
February
March
April
May
June
1891
FINANCIAL CHRONICLE
OCT. 6 19281
2,343,881
2.256,651
2.675,417
2.637.919
2,619.078
2.343,409
1928.
0 071.144 27.249.888
Year
a Includes output of merchant furnaces.
Iowa Coal Mine Wage Agreement.
According to Associated Press advices from Des Moines,
Iowa, Sept. 29, a wage scale for Iowa coal miners based on a
minimum daily wage of $5.80 was agreed upon by representatives of miners and operators on Sept. 28, laying the foundation for peace in the industry after a year and a half of
strife. The dispatch continued:
Although the daily wage is 30 cents less than the basis for the recently
adopted Illinois scale, the new Iowa scale is considered equivalent to it
because of a smaller reduction on the "yardage" and "dead work" rates.
In Illinois, the rate for this work was reduced 20% from the Jacksonville
scale, while the Iowa rate will be reduced but 14%.
Only the formality of a referendum among members of the Iowa district
of the United Mine Workers of America and a vote of the Iowa Coal Operators' Association, ratifying the scale, remain before it goes into effect.
Arizona Copper Mine Wage Rise-Operators in Bisbee
District Voluntarily Increase Pay by 10%, Effective
October 1.
From the "Wall Street Journal" of Sept. 29 we take the
following:
below:
334.353.000 net tons
382,812.000 net tons I 1924
1927
416,259.000 net tons
1923
390,470,000 net tons
1926
270,388,000 net tons
1922
tons
352,121,000 net
1925
figures above the total production
As already indicated by the revised
of soft coal for the country as a whole during the week ended Sept. 15
amounted to 10,197.000 net tons. This Is an increase of 1.262.000 net tons
over the output In the preceding week, when working time was curtailed by
the Labor Day holiday.
The following table apportions the tonnage by States:
Estimated Weekly Production of Coal by States (Net Tons):
Sept. 1923
Week Ended
Sept. 15'25. Sept. 8 '28. Sept. 17 '27. Sept. 18 '26. Average.,
State406.000
397.000
337,000
308.000
309,000
Alabama
31.000
30.000
58.000
46,000
50.000
Arkansas
214,000
219.000
217.000
182,000
208,000
Colorado
1,587,000
1,250.000
251.000
806,000
925,000
Illinois
550.000
474.000
290,000
252,000
289.000
Indiana
117,000
86,000
14.000
51,000
58.000
Iowa
95,000
87.000
52.000
20,000
32,000
Kansas
713.090
972,000
1,108,000
994,000
_ 1,043,000
Kentucky-Eastern
248,000
310,000
516,000
261,000
318,000
Western
40.000
59.000
62,000
47,000
61,000
Maryland
27.000
8,000
16.000
8,000
11,000
Michigan
73,000
57.000
56.000
64.000
73.000
Missouri
68.000
62.000
68,000
61,000
91,000
Montana
56,000
49.000
58,000
54,000
57,000
New Mexico
27,000
31.000
14,000
18,000
26,000
North Dakota
861.000
542,000
158.000
275.000
350,000
Ohio
65.000
57,000
79.000
56,000
65.000
Oklahoma
2,990,000 3,585.000
2,182,000 2,432,000
2,535,000
Pennsylvania
119,000
114.000
93,000
107.000
113,000
Tennessee
26,000
23,000
22,000
20,000
22,000
Texas
103,000
85,000
93,000
102,000
111,000
Utah
245.000
272.000
250.000
237,000
250,000
Virginia
58,000
57.000
44.000
44,000
60.000
Washington
2,153.000 1,512.000
2,322,000
1.945,000
W. Va.-Southern.b. 2,166,000
819.000
809.000
881,000
660,000
820,000
Northern_c
165,000
149.000
153.000
134.000
153.000
Wyoming
4,000
4,000
4,000
1.000
1,000
Other States
9,648.000 11,346,000 11,814,000
8,935.000
Total bituminous._10,197,000
714.000
1,990,000
1,613,000
1,116,000
Wages in the Bisbee district have been advanced 10%. This advance Pennsylvania anthrax. 1,414,000
has been given voluntarily by Phelps-Dodge Corp., Calumet & Arizona
11,611,000 10,051,000 11,261,000 13,336,000 12,528,000
Total all coal
October 1.
Mining Co. and Shattuck Denn Mining Corp. and is effective
a Average rate maintained during the entire month. b Includes operations on
The same wage advance will be made by Phelps-Dodge Corp. at its proper- the N. & W., C. & 0., Virginian, K. & M., and Charleston division of the B.& 0.
ties in the Morenci and Clifton district of Arizona. New Cornelia Copper c Rest of State, including Panhandle.
Co. will also Increase Its wages 10% on October 1, and, so far as can be
ANTHRACITE.
learned, there will be a general advance of 10% in mine and smelter wages
by all operating companies in Arizona as result of a meeting of mine
The total production of anthracite during the week ended Sept. 22 la
managers.
estimated at 1,496.000 net tons, an increase of 82.000 tons, or 5.8%. over
Anaconda Copper Mining Co. and other companies operating in Butte, the output in the preceding week. Production during the week in 1927
Mont.. district have also made a similar wage advance of 10%, effective corresponding with that of Sept. 22 amounted to 1,519,000 tons.
October 1. to all classes of mine, mill and smelter labor.
Estimated United Slates Production of Anthracite (Net Tons).
1927
The increase was previously referred to in our issue of
1928-Cal. Year
Cal. Year
Sept. 29, page 1743.
to Date.*
Week.
to Date.
Week.
Week Ended55,497,000
1,330.000
49,734,000
1,116,000
Sept. 8
57.110.000
1,613.000
51,148,000
1,414,000
Sept. 15.1,
58.629,000
1,519,000
52,644,000
1,496,000
Effect of Mine Wage Raise-Labor Makes Up Nearly Sept. 22.c one day's production first week in January to equalize number of days
a Minus
to revision.
50% of Copper Production Cost, Depending on n the two years. b Revised. c Subject
Method Used.
From the October 1 issue of the "Wall Street Journal"
we take the following:
BEEHIVE COKE.
The total production of beehive coke for the country as a whole during
the week ended Sept. 22 Is estimated at 76,000 net tons. Compared with
the output in the preceding week, this shows an increase of 3.000 tons. or
4.1%. Production during the week in 1927 corresponding with that of
Sept. 22 amounted to 107,000 tons.
It is generally assured that labor makes up close to 50% of the cost of
producing copper. This Is a general rule and varies with the different
Companies, dependent largely on how the ore is mined-underground by
Estimated Production of Beehive Coke (Net Tons).
some form of the Caving system that requires little shoveling or by open1928,
Sept. 24
Sept. 15
1927.
Sept. 22
pit mining with steam-shoveling of the ore, or whether the ore is mined
to Dale. to Date.,
1928.c
1927.
1928.b
Week Endedwith some system of square-set mining or a horizontal slice and fill system
49,000
74.000 2,162.000 4,410.000
53,000
Pennsylvania and Ohio
involving more labor expense.
11,000
16,000
11,000
442,000
593.000
West Virginia
119,000
191,000
1,000
2,000
4,000
It is probably safe to assume average cost of producing Copper is around Ala., Ky., Tenn. and Gs
5.000
5.000
6.000
181,000
249,000
mines. Consequently a 10% increase in wages Virginia
cents a pound for western
274,000
6.000
6.000
7,000
160.000
out roughly an increase in cost of producing copper amounting Colorado, Utah & Wash
would figure
cent a pound.
76,000
to close to
73,000
107.000 3,064.000 5,717.000
United States total
12,700
cent a pound Daily average
25.200
12.200
13,500
17,800
This would about equal the two recent advances of
price of copper will be advanced another
in January to equalise number of day,
a Minus one day's production first week
each, and makes it probable that
in the next week or two, depending on buying volume. the two years. b Subject to revision. c Revised.
quarter cent a pound
10
X
X
1892
FINANCIAL CHRONICLE
Increase in Employment and Wages in Pennsylvania
Anthracite Collieries in August as Compared with
July.
Both employment and payrools of anthracite mines in
Pennsylvania increased in August from the low levels reached
in July. Employment was nearly 2% higher in August but
almost9% below last year's level according to index numbers
prepared by the Federal Reserve Bank of Philadelphia on the
basis of operators' reports to the Anthracite Bureau of
Information. Payrolls of the same operators increased
39.5% from July to August, but in the latter month were
4% below last year. Index numbers of employment and
[VOL. 127.
payrolls for recent months as made public Oct. 1 by the
Philadelphia Reserve Bank are shown below:
INDEX NUMBERS
-1923-25 MONTH AVERAG100.
Employment,
Wage Payments.
1926.
January
February
March
April
May
June
July
August
September
October
November
December
1927.
1928.
8.1
36.7
111.4
114.8
115.8
116.9
116.9
117.8
118.0
118.9
119.3
119.9
119.6
119.2
114.3
115.5
119.0
118.7
116.9
117.1
118.7
119.8
116.6
119.7
120.2
113.6
107.7
112.3
115.9
113.8
105.1
107.0
---____
.......
____
1928.
8.2
10.3
120.0
115.7
128.0
131.1
115.5
123.6
126.2
134.6
115.0
127.4
1927.
1928.
112.4
105.9
91.3
93.0
120.1
126.6
88.3
90.5
112.0
109.4
116.2
98.1
98.7
96.0
88.5
86.1
122.1
92.8
62.0
86.5
.-._-
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Oct.3, made public by the Federal Reserve
Board and which deals with the results for the 12 Reserve
banks combined, shows increases for the week of $15,200,000
in holdings of discounted bills, of $46,600,000 in bills bought
in open market, of $1,600,000 in United States Government
securities, of $22,000,000 in Federal Reserve note circulation and of $33,700,000 in member bank reserve deposits,
while cash reserves declined $19,700,000. Total bills and
securities were $63,300,000 above the amount held on
Sept. 26. After noting these facts, the Federal Reserve
Board Proceeds as follows:
CONDITION OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL
RESERVE CITIES.
New York-45 Banks.
Oa. 3 1928. Sept. 28 1928. Oa. 5 1927.
Loans and investments-total
7 258,636,000 7,214,786,000 6,840,686,000
Loans and discounts
-total
5,370,405,000 5,281,319,000 5,073,024,000
Secured by U. B. Govt. obligations- 42,476,000
42,491,000 41,719.000
Secured by stocks and bonds
2.504,831,000 2,434,087,000 2,405,893.000
All other( oans and discounts
2,823,098.000 2,804,741,000 2,625,412,000
Investments-total
1,888,231.000 1,933,467,000 1,767,642,000
U.S. Govt.securities
1068,946,000 1,071,811,000
Other bonds, stocks and securities-. 819.285.000 881,656,000 882,025,000
885.617,000
Reserve with Federal Reserve Bank.- 719,408,000 705,399,000
715,091,000
Cash in vault
52.280,000
53,145,000
59,745,000
Net demand deposits
5 122,717,000 5,049,583,000 5,288,075.000
Time deposits
1183,792,000 1,185,342.000 1,008,187.000
Government deposits
26,511,000
44,528,000 123,521,000
Due from banks
97,880.000 106,762,000 115,340,000
Due to banks
1,184,827,000 1,134,793,000 1,261,800,000
Borrowings from F. R. Bank-total
255,989,000 228,852,000 124,476,000
The principal changes in holdings of discounted bills were increases of
$16,400,000 at the Federal Reserve Bank of New York, $11,900,000 at
San Francisco and $4.500,000 at Chicago. and decreases of $8.300.000 at
Richmond, $3,000.000 at Dallas, $2,800,000 at St. Louis and 22.400.000 at
Minneapolis. The System's holdings of bills bought in open market increased $46.600.000, of Treasury notes $1,100,000 and of certificates of
Indebtedness 2700,000, while holdings of United States bonds declined
Secured by U.S. Govt. obligations... 155,120,000
8200.000.
151,525,000
82,500,000
All other
100,869,000
77,327,000
Federal Reserve note circulation was $22,000,000 higher than a week ago, Loans to brokers and
41,976,000
dealers (secured by
an aggregate increase of 528.100.000 reported by ten Federal Reserve banks
stocks and bonds):
For own account
having been partly offset by decreases of 23.500.000 at the Federal Reserve
929,901,000 849.506,000
For account of out-of-town banks-.1.882,057.000 1,673,943,000 1,175,491,000
Bank of Cleveland and 52,600,000 at Philadelphia.
1,297,239,000
For account of others
1 958,020,000 2,001,259,000 922,505,000
The statement in full, in comparison with the preceding
Total
4,580,978,000 4,524,708,000 3,395,235,000
week and with the corresponding date last year, will be
On demand
3,917.490,000 3,841,593,000 2,593,722,000
found on subsequent pages-namely, pages 1914 and 1915.
On time
652,488,000 683,115,000 801,513,000
Chicago
-43 Banks.
A summary of changes in the principal assets and liabilities
Loans and investments-total
2 055,158,000 2,036,558,000 1,963,796,000
.
of the Reserve banks during the week and the year ending
Loans and discounts-total
1 591,981.000 1,570 897,000 1,517,791,000
Oct.3 is as follows:
Total reserves
Gold reserves
Total bills and securities
Bills discounted, total
Secured by U. S. Govt. obligations
Other bills discounted
Bills bought in open market
U.S. Govt. securities, total
Bonds
Treasury notes
Certificates of indebtedness
Increase (+) or Decrease (-)
During
Week.
Year.
-210,700,000 -$351,200.000
-16,400,000
-349,100,000
+63,300.000
+15.200,000
+5,900,000
+9,200,000
+340,700,000
+563.400,000
+373,500,000
+189,900,000
+46,600,000
+47,800.000
+1.800,000
-200,000
+1,100,000
+700.000
-274,300,000
-202,800,000
---36,300.000
35,200,000
Federal Reserve notes in circulation
+22,000,000
Total deposits
Members'reserve deposits
Government deposits
+47.800.000
+33,700,000
+19,900,000
-13.400.000
-12,300,000
10,800,000
-4,800,000
Returns of Member Banks for New York and Chicago
Federal Reserve Districts
-Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also began to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics
covering the entire body of reporting member banks
-now
635
-cannot be got ready.
The following is the statement for the New York member
banks and that for the Chicago member banks thus issued
in advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks, which this week show an
increase of $45,270,000, the grand aggregate of these loans
on Oct. 3 being $4,569,978,000. This is the highest total
these loans have ever attained, the previous peak being
$4,563,240,000, which was reported nearly four months
ago, on June 6.
Secured by U.S. Govt. obligations.-- 15,019,000
Secured by stocks and bonds
789,359,000
All other loans and discounts
787,603,000
Investments-total
483.177.000
11,773,000
791,088,000
788,056,000
12,337,000
813,420,000
692,034,000
465,661.000
446,005,000
U. S. Govt. securities
202,297,000
Other bonds, stocks and securitiee..... 260,880,000
206,354,000
259,307,000
187,692,000
258,313,000
Reserve with Federal Reserve Bank.... 178,586,000
Cash In vault
18,370,000
183,224,000
16,757,000
187,847,000
10,547,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. bank-total.Secured by U.S. Govt. obligationsAll other
1 268,713,000 1,250,761,000 1,292,723,000
680,183,000 682,303,000 623,031,000
6,583.000
10,893,000
21,672,000
184,149,000
379,225,000
162,502.000
354,642,000
154.456,000
388,831,000
47,409,000
44,772,000
10.245,000
43,117,000
4,292,000
36,222,000
8,550,000
9,620,000
625,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, now
635, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business Sept. 26:
The Federal Reserve Hoard's condition statement of 635 reporting
member banks in leading cities as of Sept. 26 shows declines for the week of
281,000,000 in loans and discounts, of $24,000,000 in investments of
880.000.000 in net demand deposits, of 541.000,000 in Government deposits,
and of 283,000.000 in borrowings from Federal Reserve banks.
Loans on stocks and bonds, including United States Government obligations, were 253.000,000 below the Sept. 19 total at all reporting banks,
declines of $71,000,000 reported by member banks in the New York district
and of $8,000,000 in the Chicago district being partly offset by increases of
213.000.000 in the San Francisco district and 20.000,000 in the Atlanta
district. "All other" loans and discounts declined $27,000,000 at all
reporting banks, $14,000,000 in the San Francisco district, 512,000,000
In the Chicago district. 89.000.000 In the Cleveland district, and 67,000,000
In the Atlanta district, and Increased 26,000,000 in the Dallas district.
FINANCIAL CHRONICLE
OCT. 6 1928.]
Holdings of United States Government securities declined S28,000.000
at all reporting banks, $9,000,000 in the San Francisco district and $7,000,000 in the Atlanta district, while holdings of other bonds, stocks and securities increased 57,000,000 in the New York district and $4,000,000 at all
reporting banks.
Net demand deposits, which at all reporting banks were $80.000,000
below the Sept. 19 total, declined $33,000,000 at reporting member banks
In the New York district. S25.000.000 in the San Francisco district, $23,000,000 in the Chicago district, $7.000.000 in the Philadelphia district,
and $6,000,000 in the Boston district, and increased $6,000,000 in the
Kansas City district. Time deposits declined $8,000.000 in the St. Louis
district and increased 512.000.000 in the San Francisco district and
89,000,000 at all reporting banks.
The principal changes in borrowings from Federal Reserve banks were
reductions of 566,000.000 in the New York district and $24.000.000 in the
San Francisco district and increases of 56,000,000 and 55,000,000. respectively, in the Chicago and Dallas district.
A summary of the principal assets and liabilities of 635 reporting member
banks, together with changes during the week and the year ending Sept. 26
1928, follows:
Increase (+1 or Decrease (—)
During
Year.
Week.
Sept. 26 1928.
$
$
$
22,310.518,000 —.104.584,000 +1399356,000
Loans and Investments—total
'
15,808,461,000 —4 80,638.000
+786,398 000
—6,163,000
Secured by U.S.Govt. obligations 117 589.000
6,614,934,000 —•46,987,000
Secured by stocks and bonds_
'27,488,000
9,075,938,000 —4
All loans and discounts
—4,977.000
—447,245,000
+344.130,000
Loans and discounts—total
6,502,057,000
—23,946,000
+412,758,000
3,032,579,000
U. B. Government securities
Other bonds,stocks and securities 3,469,478,000
—28,170,000
+4,224.000
+421,899,000
—9,141,000
Reserve with Federal Reserve Banks 1.692,482,000
249,189,000
Cash in vault
—46,749,000
+2,285,000
—30,056.000
—11,832,000
13,019,126,000 — 80,407,000
+9,399.000
6,922,970,000
165,079,000 —41,481,000
—259,577,000
+545,190,000
—187,171,000
Investments—total
Net demand deposits
Time deposits
Government deposits
1,152,667,000
3,196,769,000
—30.538,000
—40,119,000
—19,089,000
—136,696.000
Borrowings from F.R.banks—total
778,917,000
—83,464,000
+500.436,000
Secured by U.S. Govt.oblIgations
All other
•Sept. 19 figures revised.
510,751,000
268,166,000
—85,622,000
—17,842.000
+345,735,000
+154,701,000
Due from banks
Due to banks
Summary of Conditions in World's Markets According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases for
publication Oct. 6 the following summary of market conditions abroad, based on advices by cable and radio:
ARGENTINA.
Business throughout the week continued to be good. The 1929 national
budget shows an increase in expenditures of 55,000,000 pdper pesos as
compared with the previous year. The total foreign trade during the first
eight months increased 5.6% and imports 9.1%, as compared with the
corresponding period of 1927. The Government of the Province of Buenos
Aires has authorized to call for bids for the construction of 110 school houses
at a total cost of 12.000,000 paper pesos, and also authorized its Executive
to spend 1,000,000 paper pesos for the construction of a branch provincial
railway line connecting El Trigo with Las Flores. A first Argentine official
estimate places the area planted to cereals and linseed in 1928 at 13,859,000
hectares, an increase of 1,067,000 hectares over 1927. This increase is
distributed as follows: Wheat, 5%; linseed, 4.7%; oats, 13.9%; barley,
7.6%; rye, 29.1%, and birdseed, 24.1%.
AUSTRALIA.
Retail trade in Melbourne has improved considerably since the opening
of the agricultural shows which featured American automobiles and other
equipment imported from the United States. No substantial rains have
been reported from wheat-growing areas during the past week. The wharf
strike continues. As a result of this strike wool sales have been suspended
and other trade dislocations are noted. The annual report of one large
Australian company gives sales at 42% below estimates.
1893
manently settled upon new farm lands, principally in North Manchuria.
This has made for a larger use of tractors for breaking land and in a greater
demand for kerosene engines. New railway construction is increasing.
telephone and telegraphic communications are improving, and the growing
prosperity of agriculture in that region has brought increased revenues for
all Manchurian railways. A rapid advance in the use of automobiles is
also noticeable, and in the main section of Harbin automobiles have almost
completely replaced transport by ricksha and carriage. Noteworthy also
is the rapid expansion of the great commercial centres of Dairen, Mukden
and Harbin,in all of which may be noted many new and substantial business,
industrial and residential structures. Prospects for this year's crops in
Manchuria are generally excellent, although the bean crop will require dry
weather during the next few weeks to assure a successful harvest.
Wheat crops of North China are reported to be below normal. Their
movement is also hindered through a lack of transportation. Walnut crops
of North China are slightly greater in quantity and superior in quality to
those of last year. The color of shell is good, comparatively free of spots,
of very satisfactory size and sample cracks have yielded about 95% sound
kernels. The present cotton crop is normal, both in quantity and quality,
although the quantity is not likely to be equivalent to the record for the
year just closed.
COLOMBIA.
Business in general is somewhat slower than heretofore, while the security
market is more active with higher prices. The real estate market is also
active and building is only restricted by the scarcity and high cost of building materials. Importers are becoming more cautious in placing orders,
due in part to overbuying in the past. The decline of New York prices for
Colombian coffee has caused some uneasiness and the uncertainty of the
future tendency of prices has resulted in a weakness of the coffee market,
although very small stocks are on hand. Disagreement over freight rates
between the Government and navigation companies operating on the
Magdalena River has resulted in cessation of shipping on the upper Magdalena River (the section between Beltran and Girardot), with consequent
congestion of freight on the lower river which is emulating serious proportions.
CUBA.
The general state of business depression continued with little appreciable
change In September, but improved sales are reported In some lines. There
appears to be a better feeling among bankers and merchants as a result
of the general belief that the policy of the Cuban Government affecting
the sugar industry will be changed and that the mills will be allowed to grind
the 1928-29 crop without governmental limitations. No official announcement as to the Government's future policy has been made and it is not expected that one will be forthcoming before December. Despite the absence
of an official announcement, the general understanding prevails that the
coming sugar crop will not be restricted and plans are being made accordingly by the mills and growers. The result has been a considerable buying
movement affecting agricultural im-lements and farm machinery, and
there has also been a moderate ordering of repair and replacement parts
for the sugar mills. It seems to be the consensus of opinion among prominent merchants that there will be a larger distribution of merchandise
during the coming winter. This is based on the more general distribution
of money expected from an unrestricted sugar crop, even though the price
of sugar does not improve.
During the past year merchants have been buying cautiously in an effort
to reduce inventories, and as a result merchandise stocks have been largely
liquidated. Consequently, the replenishment of stocks in anticipation of
the seasonal improvement of sales at the end of the year has commenced
early and any real improvement in basic conditions will be reflected immediately in increased purchases abroad. The seasonal outflow of money
is apparently ceasing early this year, indicating a turn for the better in the
business situation. Bankers continue to advise caution in the handling
of individual credits pending a more tangible improvement in the basic
situation, as they feel that the present activity is largely seasonal. A
number of new industrial ventures have been reported in recent weeks and
the necessary initial purchases of equipment and supplies for this expansion
Program have been a factor in the improved sales noted in the past month.
Governmental expenditures on public works construction remains a favorable factor in the trade situation.
ESTONIA.
Financial conditions in Estonia have shown a steady improvement since
the first of the year when the funds from the international loan became
available for the execution of the currency and banldng reforms. At the
private banks operations have also shown a general increase in activity.
FRANCE.
It is reported that the number of strikers in the textile establishments
of the north of France now total about 20,000, but the movement is still
localized and Lille and other important centres are only slightly affected.
Employers are holding out against wage increases and failure of the strike
is predicted. A feature of the money market is the large amount of French
capital seeking employment in other countries and notably in the United
States, owing to high rates in those countries. The Bourse shows no pronounced tendency and the volume of trading is small.
BRAZIL.
General business in Brazil continued fair and exchange was firmer with
more export bills on the market. Foreign trade figures for the first seven
months of 1928 show a favorable balance of £7,000,000. Trade this year
has been considerably heavier in both exports and imports, and the substantial favorable balance this year is the reverse of that of last year when
HAITI.
there was a deficit throughout the first semester. Heavy coffee shipments
and higher prices are largely responsible for the present favorable balance
The volume of sales of general merchandise continues at a low level.
August shipments, which are usually the largest during the year, The circulation of currency is expanding slowly but gradually, indicating
of July and
being considerably greater than in 1927. The tariff bill is still in the hands a general quickening of trade activity as the coffee crop is marketed. By
of the conunittee, but it is expected that it will soon go before Congress. the first or middle of November a considerable betterment of trade condiPorto Alegre, Rio Grande do Sul, reports September business very dull tions should be realized. Collections are still poor, but should improve as
because of floods, but prospects for the coming months are good.
soon as the coffee crop is moving in volume. Coffee prices are being maintained at a high level. The motor trade is being well maintained and prosBRITISH MALAYA.
pects are for improved sales in the coming months. The economic loos
Viewing the rubber situation from the local stock position, it appears resulting from the hurricane which swept over the southern peninsula ID
that there will be a large accumulation of rubber stocks by Nov. 1. On August is expected to prove less serious than previously reported.
Aug. 30 stocks of Malayan estates of over 100 acres and of dealers in the
HUNGARY.
Straits Settlements restriction area amounted to 65.052 long tons, while
Hungarian business improved somewhat in September, due to the record
Singapore and Penang dealers' stocks amounted to 18.971 tens, making a
total of 84.023 tons, compared with a similar total of 81,384 tons on July 31. wheat crop. Money is plentiful for short-term credits at steady rates, but
August production of rubber in British Malaya is estimated at 27,000 tons. long-term funds are unavailable. The stock exchange is slack with pricer
declining. A severe shortage of the corn and fodder crops is feared, menCANADA.
acing the livestock industry, and as a result the import duty on corn for
the past week gave a fresh impetus to trade, par- cattle fodder has been removed; the corn shortage is estimated at 500.000
Cooler weather during
ticularly in seasonal lines. Electrical appliances are said to be enjoying tons. Savings deposits in the Postal Savings Bank and in thirteen leading
a good sale and an increasing demand is reported for radio equipment, commercial banks in Budapest now amount to more than 582,000.000.
heaters, weatherstripping, ammunition and hunters' equipment. Foot- with the steady accumulation continuing. Unemployed belonging to labor
wear is selling more actively and clothing retailers are getting more business organizations numbered 13,000 in July.
in middle-weight garments. A reduction in the price of denims is expected
ITALY.
to benefit overall manufacturers. The logging situation in British ColomThe Italian industrial and commercial situation during Septepsh
bia is reported to be brisk with a shortage of cedar. The stock of fir logs
showed a slight improvement except in the northern Adriatic districts.
is Plentiful but sales are slow. Hemlock stocks are normal.
where shipping and shipbuilding stagnation has adversely affected condiCHINA.
tions. It is generally felt throughout the country that the proems of
Manchurian conditions are generally prosperous. An unprecedentedly adjusting prices and costs of production to the new lira valuation is prachuge influx of immigrants from Shantung and Chihli Provinces have per. tically completed and it is anticipated that remunerative operations in most
1894
FINANCIAL CHRONICLE
[VOL. 127.
lines of industry will be possible when winter demands begin. The prevail- has resulted in a shortage of cereals, and to the disappointing activity
ing problem before the country to-day is that of preserving lira parity in of the Smyrna fruit market. The drought has also affected the purchasing
face of an adverse trade balance and the ban on foreign loans. Imports power of the peasants, who have been forced to restrict their ordinary purthrough August exceeded exports by 5,200,000,000 lire, which is almost chases,wfthunfavorable effects on the import trade. The Turkish pound has
500.000,000 lire more than for the full year 1927, but it is hoped that heavy been firm around $0.515. The new Latinized Turkish alphabet is being
agricultural exports during the next few months will lead to a more favor- widely introduced. Its official adoption by law is anticipated when
able situation for the remainder of the year. Totals of employment have Parliament convenes in November.
increased slightly and the situation is reported as having been aided by the
UNITED KINGDOM.
better conditions prevailing in the heavy industries and textile trades.
Trade at least experienced no further general set-back during September.
Public savings in Government institutions show remarkable gain and it is
expected that the increase in purchasing power will be reflected in a growing Figures now available for the first half of the month show that there has
market for luxury goods. Money is still plentiful and interest rates low on been a slight expansion in employment, following the long, steady undeposits and loans, but the latter are still subject to careful scrutiny. Ex- employment increase which is now apparently checked. The transfer of
changes are still seasonally quiet. The metallurgical trades are maintaining unemployed miners to other industries is proceeding slowly, and the decision
their recent improvement and in addition to heavy Government orders have of the trade union conference to support the scheme for general co-operation
several substantial private bookings. The smaller automobile producers between workers and employers is expected to have wide beneficial effect
are also busy with Government orders, and,although the largest automobile throughout British industry. Latest trade returns show continued increases
manufacturer has produced less this year than last, improved demesne in exports of manufactured products and an expansion in imports of raw
sales cause optimism. Silk demand is still weak, covering only immediate materials. No marked improvement, however, is shown in the output
requirements. Cotton spinners are only fairly active for export. The of textile and heavy industries. General commodity prices are slightly
demand for leather is moderately good and expected to increase. The lower and retail trade is fair. The iron and steel trade is steady but quiet,
with fall demand still undeveloped although the situation is considered
building trades have been very quiet.
to be improving. Increased Continental prices, partly due to cartel quota
JAPAN.
restrictions, have enabled British makers to obtain a large share of domestic
The Japan Spinners Association has extended the restriction on output to and foreign orders. Sheet makers are well occupied as is also the case with
June 30 1929, with special exemption applied to those mills which abolish tinplate mills. The seasonal increase in demand is causing an improvement
night work prior to that date. The first local forecast of Korea's rice crop is in the coal industry and production an employment are showing an upward
estimated at 13.600.000 koku (1 koku equals 5.12 bushels), a decrease of trend. The competitive position of British coal in export markets is also
improving with consequent favorable prospects for an all around betterment
27% compared with last year's crop.
during fall and winter months, although no sudden alteration is expected.
LAT VIA.
The slow general improvement in financial conditions in Latvia continued
Premier Poincare's Reported Proposal to Link Reparathroughout the early part of September. The improvement in business
tions Issue and French Debt to United States—
conditions is reflected in the marked decrease in protested notes and bankruptcies during the first half of the year.
President Coolidge takes Stand that Debt Question
•
NETHERLAND EAST INDIES.
Sugar and rubber markets continue dull. Export trade in coffee, however,
was active during the week previous. Rubber shipments from all the
Netherland East Indies in August totaled 29,828 long tons, of which 5,668
tons were from Java and Madura, 7.438 from the East Coast of Sumatra,
and 16.722 from all other sections.
NEWFOUNDLAND.
The 13CODOMiC outlook in Newfoundland is improving. The firm prices
ruling in the salt fish trade have stimulated fall buying in both wholesale and
retail lines, the general tone of domestic industry is good, and there is
little unemployment.
NEW ZEALAND.
Merchants are growing more optimistic as improved conditions are
sections of the trade. Wholesale trade is active and
reported from all
dairying districts are ordering more heavily as the result of an excellent
season. Butterfat production is higher and prices are better than at this
time last year. and cattle raisers are enjoying high beef prices. The wool
outlook is good. The automotive outlook is bright. While stocks are commencing to arrive in good quantities, many consumer customers are still
awaiting the delivery of cars. The demand for passenger automobiles appears to be increasing, and commercial sales are reported as steady. Motorcyle sales are still slow. The demand for building material is active. Stock
exchange prices are generally firm.
Is Closed.
Accounts (Associated Press) from Paris Oct. 1 announced
that a speech by Premier Poincare at Cambrey, where he unveiled a war memorial on Sept. 30, was interpreted as again
putting the question of a cut in reparations and a cut in the
French debt squarely up to the United States. The Paris
cablegram went on to state:
The Premier reiterated the French policy that any reduction of Germany's
reparation debt to the former Allies "must be accompanied by a corresponding cut in the inter-allied debts to the United States."
M. Poincare insisted, especially, that France still considered the interdependency of reparations and Rhineland evacuation problems as definitely
correlated to the interallied debt question. His reference to debts was
brief but clear, the Premier saying:
If we are to consider the reparations problem anew, we are obliged to
remember that an agreement to be equitable must guarantee France from
our debtors beyond the integral amount of what we must pay our creditors,
a clear indemnity for our war damages.
The Premier said the peace treaties assured France two things, security
and reparation. All steps by France since the armistice, even the occupation of the Ruhr, he said. had been made with a view to promoting either
of those ends.
It was thought in American quarters that,should the French Government
PHILIPPINE ISLANDS.
remain adamant in such a policy, it would be virtually impossible to make
No improvement was registered in copra and abaca markets during the real progress in future negotiations regarding reparations and evacuation of
past week. Arrivals of copra at Manila continued very heavy. It is esti- the Rhineland without the active anticipation of representatives of the
ma.ed locally that deliveries for September will total 500,000 sacks and that United States in the discussion.
420,000 sacks will be received in October, with total arrivals for the balance
The American Government has repeatedly insisted the reparation and
of the year well above the same period last year. New trading is expected Allied debts' questions must be kept distinct. Such was recently stated to
aa
to be slack for thenexttwo weeks, present pricesare below those contracted be the Washington attitude when it appeared that an attempt would be
by dealers for heavy deliveries to the oil mills, all of which are operating, made to bring the United States into the reparation and education discusand provincial prices are above Manila offers. F. o. b. quotations for sions determined on by France. Great Britain. Belgium, Japan, Italy and
resecado (dried copra)are now 11,47 pesos per picul of 139 pounds delivered Germany, at Geneva.
at Manila; Hondagua 11.75; and Cebu, 11.77 pesos (1 peso equals $0.50).
M. Poincare somewhat modified the apparently irreconcilable aspect of
With practically no demand for any grades, abaca trade continues stagnant. his speech when toward the conclusion he said that while France must be
Arrivals of poor grades of fiber are heavier than at any time in the past two prudent in the whole business of reparations and debts. the Governments
years and no improvement is expected until prices decline, as producers had no concealed intention of "dragging out the negotiations which have
are stripping large quantities hurriedly in order to secure cash. Prices are been started or making them fall."
nominal at 21.50 pesos per picul for grades F and I; JUS, 17; JUKk,15, and
On Oct. 2 it was reported in a Washington dispatch to the
L,12.50 pesos.
PORTO RICO.
For the present the commercial situation is somewhat stabilized. The
decision of the Red Cross to purchase all possible supplies locally will
redound to the benefit of local merchants and has prevented possible cancellationsoforderin the States. The business community,fruit and tobacco
farmers, and the public generally are showing increasing optimism and a
disposition to meet the situation with courage. Local trade and agricultural associations are considering a plan to assist the farmers and other
producers in theft recovery from the effects of the recent hurricane. This
would include a survey to determine the extent of the damage, followed
by endeavors to obtain long term loans to individuals and thus rehabilitate local industries. Reconstruction work in San Juan is progressing
rapidly to the accompaniment of good retail trade in construction material,
builders' hardware, plumbing and electrical goods and a fair trade in furniture and household equipment. On the other hand, sales of clothing,
textiles and shoes are very slow.
"Times" that President Coolidge on that date met the
suggestion of Premier Poincare that the war debts owed to
America be associated with German reparations, by redefining the Administration's policy end making it plain to
White House callers that this policy was settled and not
subject to any modification. We quote further from the
dispatch as follows:
In his opinion, sentiment in this country would insist upon considering
reparations separate and distinct from the debts owed by European nations
to American taxpayers. He feels that the Administration policy founded
upon this program, and based upon the ability of the debtor nations to
ray is a just one.
He thinks it not unlikely that efforts to make some arrangement by
which the taxpayers of America will pay German reparations will continue, but such a proposal, in his opinion, will not be discussed by this
SPAIN.
country.
Since all the debtor nations have concluded settlements, with the exSpanish business during the coming winter is dimmed by
The outlook for
generally unfavorable cereal yields. Wheat production is 10% below ception of France, the President cannot see, it was stated, that any good
normal with barley and rye yields also under average. A decline from last result will be accomplished by discussing it in the press. He has made It a
year's record olive crop is indicated. but Important stocks remain on hand. settled policy to refrain from public discussion concerning the continued
Both public and private financial conditions are strong. Bank clearings renewal of such suggestions. In fact, he desires it to be known that he
have exceeded those for the same season last year and transactions on the considers the "incident closed."
In considering the "incident closed" the President virtually served node*
stock exchange have also increased considerably, with quotations on bank,
railway and industrial stocks showing general advances. The Government upon the foreign Governments that might have some hope of obtaining a
modification of the debt agreements that there could be no change of
Committee formed to protect peseta exchange is new in a position to function
actively with the aid of New York and London credits. The revenues of policy which considers the reparations problems and debts owed the United
the Government have been higher than expenditures and are also well States as co-related subjects to be dealt with together and made dependent
above estimates. A new bank called the Exterior Bank of Spain has been on one another.
President Coolidge holds that there is no real division of American senorganized with a capital of 150,000,000 pesetas to promote Spanish trade
and foreign investments; an organization for export insurance has also timent on this subject, and that it is a duty to the American taxpayers to
see that the debtor nations shall settle according to their ability to pay.
been authorized, part of whose risks is to be borne by the Government.
The President's restatement of the American position, officials say,
TURKEY.
should bring to an end the agitation in France and lead to a serious coltCommercial artbrity has failed to improve despite the advance of the sidemtion of the debt settlement plan and the tackling by the proposed
export memo. VAN situation Is due in a large part to the drought, which commission at Geneva of reparations adjustment without in any way
OCT. 6 1928.]
FINANCIAL CHRONICLE
1895
York Times Index) to a low of 89.24 on Aug. 14, a loss of
4.36 points. In the same period foreign bonds reached a
. In its issue of Oct. 4 the "Times" contained the following high of 107.42 on April 5 and a low of 105.51 on June 13.
cablegram from Paris, Oct. 3:
a total decline of only 1.91 points.
connecting with reparations war debts due the United States by the countries receiving reparations.
Premier Poincare got one of the biggest surprises of his life when he read
a dispatch from Washington this morning in which President Coolidge was
represented as replying to his speech of Sunday by saying that the subject
of the Allied war debts to the United States was closed, and Mr. Mellon's
statement that there was no connection between reparation payments and
repayment of war debts.
Neither on Sunday nor at any other time, French officials say, has
the French Premier made any statement which could be construed in such
a manner, as for some obscure purpose his Sunday's speech has been construed. What he said was quite definite and quite accurately cabled to
the New York "Times" in Mr. James's dispatch. It amounted to this:
"Whatever revision of reparations may be made, France intends to
recover from Germany enough to pay her creditors, plus a fair allowance
for reconstruction."
Premier's Exact Words.
The Premier's exact words were:
If it is to be equitable, any settlement ought to guarantee to us from
our debtors a clear indemnity for our war losses over and above integral
payment of what we owe our creditors.
That statement of France's position, officials hero insist, is clear and
definite. It in no way suggests that France is seeking a reduction of her
debts. She is not a petitioner. Her position is precise. If she must pay
her debts in full she must recover from her debtors the wherewithal to do so
and something over for herself.
For a moment the Ministry of Finance considered the advisability of
putting out an official statement in reply to the White House statement,
putting this situation in definite form, but finally the Premier decided
to stand on what he had said and to disregard what he looked upon as a
misinterpretation, which he believed had had its origin in American politics.
It seems to him sufficiently clear, according to the French, that if any
one is asking for a new deal on the whole questoin it is Germany. All
he Is interested in is in getting enough to pay France's creditors and enough
in addition to pay for the damage inflicted in the war. On that position
he is prepared to stand firmly In all negotiations with Germany and leave
it for those who are anxious that Germany should be let off from some of
her payments to arrange it so that France will have to pay less. She will
not ever under the present Premier be a petitioner for a reduction of her
just debts to America and England.
Portion of Republic of Uruguay Bonds Retired.
Hallgarten & Co., and Halsey, Stuart & Co., Inc., announce that $174,000 principal amount of Republic of
Uruguay 6% external sinking fund gold bonds, due 1960,
have been tendered to the sinking fund for retirement,
leaving outstanding $29,175,500 par value of bonds.
A. J. Mount of Bank of Italy Sees Early Return to
Farm Prosperity—Better Marketing Facilities and
Not Increased Credit Needed.
The American farmer needs better marketing facilities
rather than increased credit, in the opinion of A. J. Mount,
Senior Vice-President of the Bank of Italy, in attendance at
the convention of the American Bankers Association in
Philadelphia. Carrying this year's crop into next year or
harvesting only part of the crop, permitting the rest to perish,
will not solve his problem. Such a policy is uneconomic
and, at best, he says, only a temporary expedient, not to be
considered as offering a permanent solution of the ills that
now afflict American agriculture. Mr. Mount, with other
California bankers, is working with the co-operative farm
organizations of that State in an effort to bring about this
desired condition. Branch banking, he holds, has been of
material benefit to the farmers of California. The fluidity
of funds permits the ready transfer of money from communities where it is not needed to communities where the demand exists. "With greater efficiency and the application
of better scientific facts to its problems, agriculture, should
Argentine Obtains $10,000,000 Loan from One of Its have an early return to a condition of prosperity," he deOwn Banks.
clared. "This applies not only to California but to the farm
Under date of Oct. 2 Associated Press advices from areas of the country at large. We feel that the problem of
Buenos Aires said:
mounting costs as well as that raised by increased production
The Argentine Government has accepted a loan of 310,000.000 from the
improvement in the orderly marketing of
Banco Argentino-Uruguayo for one year at 5.25%. The Government last must be met by
week refused to renew a credit of $12,000,000 in the United States, claiming farm products, which can only be done by improving the
the rate of 7.5% asked by New York bankers was too high.
efficiency of the co-operatives. We find that where we have
The repayment of the $12,000,000 loan negotiated for in an efficient co-operative organization, there is no farm probNew York was noted in our issue of Sept. 29, page 1749.
lem; where there is no efficient co-operative, there you find
your real problem."
Dr. Schacht Re-elected President of the German
Reichsbank.
Argentine Government Bonds—Tenders for Purchase
Through Sinking Fund.
Dr. Hjalmar Schacht has been re-elected President of the
Reichsbank to serve four years, according to Berlin advices
J. P. Morgan & Co. and The National City Bank of
in the "Wall Street Journal" of Oct. 1.
New York, as fiscal agents, have issued a notice to holders
of Government of the Argentine Nation external sinking
Reopening of Privat Bank of Copenhagen, Denmark. fund 6% gold bonds, issue of Oct. 1 1925, due Oct. 1 1959,
From its London office the "Wall Street Journal" of Oct. 3 to the effect that $172,195 in cash is available for the purchase for sinking fund of so many of the bonds as shall be
announced the following:
Privat Bank of Copenhagen has reopened. The present capital of 60,- tendered and accepted for purchase at prices below par.
000,000 kroner is being written down to 12,000,000. New capital of 28,Tenders of bonds with coupons due on and after April 1 1929
000,000 kroner has been provided and 15,000,000 kroner have been guaranteed by National City Bank, Guaranty Trust Co,, Hambros Bank and should be made at a flat price, below par, at the offices of
Enskilda Bank.
J. P. Morgan & Co., 23 Wall St., or at the head office of
London bankers say difficulties of the Privat Bank were due largely to
losses incurred from the Aarhus oil factory earlier in the year, in which it The National City Bank of New York, 55 Wall St., prior
lost 3,500,000 kroner, and failure of a German subsidiary, Teutonia Co., to 3 p. m. Nov. 1 1928.
in Hamburg. London creditors of the Privat Bank represent a considerable
J. P. Morgan & Co. and The National City Bank of
BUM.
The closing of the bank was referred to in our issue of New York, as fiscal agents, have also issued a notice to
holders of Argentine Government loan 1926, external sinkSept. 29, page 1749.
ing fund 6% gold bonds, public works issue of Oct. 1 1926,
due Oct. 1 1960, to the effect that $92,491 in cash is available
Cauca Valley (Columbia) Revenues Increase.
for the purchase for the sinking fund of so many of the bonds
Department of Cauca Valley, Colombia,reports to J.& W. as shall be tendered and accepted for purchase at prices
Seligman and Co. that revenues pledged as security for its below par. Tenders of bonds with coupons due on and
73.% sinking fund gold bonds amounted to $3,156,233 for after April 1 1929 should be made at a flat price, below par,
the year ended June 30 1928, equivalent to 7.96 times the at the offices of J. P. Morgan & Co., 23 Wall St., or the
service charges on the bonds for the year. These revenues head office of The National City Bank of New York,55 Wall
compared with $2,949,835 for the year ended June 30 1927 St., prior to 3 p. m. Nov. 1 1928.
and $2,438,158 for the 1926 fiscal year.
Argentine Government Bonds Drawn for Redemption.
Foreign Bonds Rise $237,724,473 in Market According
J. P. Morgan & Co. and The National City Bank of
to Stone & Webster and Blodget.
New York, as fiscal agents, have issued a notice to holders
Foreign Government bonds on New York exchanges have of Argentine Government loan 1927, external sinking fund
appreciated $237,724,473 in market value from dates of 6% gold bonds, public works issue of May 1 1927, due May 1
listing until Aug. 31, according to a study by Stone & 1961, to the effect that $106,000 principal amount of the
Webster and Blodget, Inc. The 209 issues analyzed include bonds has been drawn by lot for retirement at par and
all foreign Governmen obligations except those of Russia accrued interest on Nov. 1 out of sinking fund moneys.
and Mexico. In number of loans Argentina is first with 23 Payment on the drawn bonds will be made upon presentation
national, State and municipal bond issues. British bonds and surrender at the office of J. P. Morgan & Co., 23 Wall
led in market value increase with a total of $44,320,820. St., or the head office of The National City Bank of New
The survey also reveals that domestic bonds declined with York, 55 Wall St., on Nov. 1, after which interest on drawn
the rise in money rates from a high of 93.60 on May 3(New bonds will cease.
1896
FINANCIAL CHRONICLE
J. P. Morgan & Co. and The National City Bank of
New York, as fiscal agents, have likewise issued a notice to
holders of Government of the Argentine Nation external
sinking fund 6% gold bonds, issue of May 1 1926, due
May 1 1960, to the effect that $103,000 principal amount
of the bonds has been drawn by lot for retirement at par
and accrued interest on Nov. 1 out of sinking fund moneys.
Payment on the drawn bonds will be made upon presentation
and surrender at the office of J. P. Morgan & Co., 23 Wall
St., or the head office of The National City Bank of New
York, 55 Wall St., on Nov. 1, after which date interest on
the drawn bonds will cease.
[vol.. 127.
only 9 years in this quarter-century period was the annual
summit attained in any of the other calendar months. That
is brought out in the current financial review issued by
John Nickerson & Co., Inc.—not as a prophecy as to this
season's high for rails, but as a matter of record revealing
the well defined path in previous years. The number of
times, according to the review, when railroad common
stocks reached their high point for the year in each of the
twelve calendar months (during the past 25 years), is as
follows: Never in February; 1 year, in March; never in
April; 1 year, in May; never in June; 1 year, in July;
1 year, in August; 2 years, in September; 3 years, in October; 3 years, in November; 5 years in December; 8 years
in January.
The outlook for a bulge in traffic and earnings over the
remainder of 1928 and the first two months of neo is, it
is stated, decidedly favorable. In that connection, each
month's loadings in the first half of this year showed a
smaller per cent, decrease from 1927 than did the preceding
month (ranging from an 8.1% drop in January to a 1.4%
decline in June); and car loadings from July 1 to date show
a gain. The trend, by quarters, is indicated as follows:
Bonds of Mortgage Bank of Chile Drawn for
Redemption.
Kuhn, Loeb & Co. and the Guaranty Trust Co. of New
York, fiscal agents for Mortgage Bank of Chile guaranteed
sinking fund 6% gold bonds of 1928, due April 30 1961, have
issued a notice to holders of interim certificates representing
bonds of this issue, announcing that $100,000 principal
amount of these bonds has been drawn by lot for redemption
at par on Oat. 31 next. Holders of certificates representing
drawn bonds are entitled to receive payment at the principal
1928 Change from
1928
1927
1927
office of the Guaranty Trust Co. of New York out of moneys
Loadings.
Cars.
Loadings.
11,789,448
12,541,131
—751,683
—6.0
on drawn bonds January-March quarter
received by it applicable thereto. Interest
April-June quarter
—2.4
12,667,657
—312,158
12.979,815
July 1-September 15
11,420,043
+21.634
+0.2
11,398,409
will cease on the redemption date.
It is pointed out that these favoring conditions suggest
Bonds of External Loan of Italy Drawn for Redemption. that the present and the nearby future may offer attractive opportunities to pick up choice rails for long pull possiJ. P. Morgan & Co., as sinking fund administrator, has
bilities, despite current relatively high average prices—and
issued a notice to holders of Kingdom of Italy external loan
bonds, due Dec. 1 1951, to the effect especially in the event a general reaction brings still more
sinking fund 7% gold
inviting prices for certain rails on which the investor is
that $1,717,300 principal amount of the bonds has been
thoroughly informed.
drawn by lot for redemption at par on Dec. 1 out of sinking
fund moneys. Payment on the drawn bonds will be made
Foreign Funds Factor in Supporting Advancing
upon presentation and surrender at the offices of J. P. MorPrices on New York Stock Exchange According to
gan & Co., 23 Wall St., on and after Dec. 1, after which
Bank of America, N. A.
date interest on the drawn bonds will cease.
Attracted by prevailing high rates of interest, foreign
,Chain store Financing Aggregating over $85,000,000 funds, which because they do not pass through the hands
of reporting banks are not shown in Federal Reserve comSets New Record in First Nine Months.
During the first nine months of 1928 there were 40 offer- pilations, appear to be a factor in the credit currently used
ings of chain store securities, aggregating more than $85,- to support advancing stock prices, the Bank of America
000,000, according to the October "Review" of Shields & Naitonal Association reports in its review of business conCo., Inc., just issued. This is believed to establish a new ditions, issued this week. The survey says:
of prices
record for any similar period, both in number of offerings on"There seems little reason to question that the rapid advanceof foreign
the Stock Exchange is receiving some support in the form
and in aggregate amount involved. It includes only offer- funds attracted here by our high interest rates. Much of this money is
ings of securities of retail merchandising chains, and does apparently entering the market directly without passing through the hands
of the reporting banks. This might well be the explanation of the innot include service chains such as laundries and chains crease of $214,000,000 during August in brokers' loans as reported by
which consist primarily of manufacturing units which do not the New York Stock Exchange."
retail directly to the public, nor security offerings by comThe bank does not anticipate that the movement of gold
panies operating chains of theatres. This compares with to this country from London, forecast by a recent shipment,
• offerings In similar periods of previous years as fol- will reach large proportions. It states:
"High interest rates here have served for the time at least to check
lows:
No. of
Amount.
Offerings.
823,798,000
12
22,904,000
20
52,415,000
21
85,605,000
40
the export of gold from this country and to bring a small shipment of
this metal from London. It is possible that additional amounts will follow
but there appears to be very little probability of a gold import movement
of important size to offset the net loss in the last twelve months of more
than $575,000,000 gold."
Department store chains were in first place in new financing for the first nine months of 1928, both in number
of issues and in aggregate amount. There were seven
• offerings of chain department store securities, aggregating
$20,020,000. This compares with other types of business as
In its discussion of the money market, the bank characterizes the advance in time rates on collateral loans as the
most significant development in the last few weeks. In spite
of tile higher return now offered by such loans, it continues,
their volume has been steadily declining while an increasing
amount of money has been loaned out on call at advancing
rates, thus indicating the belief of lenders that higher rates
are in prospect. The review notes that attempts to reduce
the amount of money loaned in the stock market for the account of organizations other than banks appear thus far
to have been ineffective.
As to Federal Reserve policy, the bank sees in the purchases of acceptances and securities in the open market evidence of some relaxation on the part of the Reserve Board in
its apparent effort to reduce the volume of credit outstanding.
"Business is well above the level of this time last year
and promises to continue active," the review says in summarizing general business conditions. It adds:
1925
1926
1927
1928
follows:
Department stare chains
Drug more chains
Five and tee cent WO Dodo' chains
Grocery chains
Shoe chains
Restaurant chains
women% SPParei
No. of
Offerings. Atnount.
820,020,000
7
6
17,128,000
5
14,117,000
10,031,000
6
7,768.000
6,000,000
6.272.000
4
Other chain store businesses, in order of the amount of
financing involved, were: furniture chains, auto supplies,
confectionery, bake shops, stationery and electrical fixtures. Based on the record made during the first nine
months of the year, it is probable, it is said, that chain
store financing during 1928 will substantially exceed that
for 1927, when it amounted to nearly $100,000,000, made
up of 34 offerings. This compares with approximately $50,"While some unforeseen development, such as a flurry in the !dock
market, might alter this favorable outlook, no untoward influence which
000,000 in 1925, and approximately $32,000,000 in 1926.
Survey by John Nickerson & Co. of Periods Marking
Peak of Railroad Common Stocks—Outlook for
Traffic Earnings.
In 16 of the past 25 years, railroad common stocks reached
their peak during November, December, or January—and in
might serve to check business in the next few months is now apparent.
The political campaign is not proving a disturbing factor, no issues of
major importance in the business world being at stake.
"Indications point to a continuation of firm money in the immediate
future. We are entering the period of heaviest commercial demand for
credit with a heavy volume of business and the prospect of very good
yields in the major crops. Credit requirements for financing this broad
movement of goods into consuming channels will be correspondingly large,
OCT. 6 1928.]
FINANCIAL CHRONICLE
while at the same time there is no immediate prospect of a reduction in
the amount of money employed in the security markets. The fact that
banks are taking in their time loans and increasing the amount loaned
on call is evidence that rates are expected to continue their advance at
least for the immediate future. There is no reason, however, to fear
that legitimate business will be permitted to suffer for lack of funds WI
the resources available are ample for that purpose."
Brokers Loans on New York Stock Exchange at
$5,513,639,685 Reach New High Record.
The largest total of outstanding brokers' loans on the
New York Stock Exchange was announced this week when
the figures for Sept. 30, were made public. The loans at
that date aggre7ated $5,513,639,685, an increase of $462,202,280 over the Aug. 31 figures, which totaled $5,051,437,405. Only once before did the figures go beyond the
five billion dollar mark—May 31 1928, when they reached
$5,274,046,281—the high mark prior to the latest showing.
In the September 30 total the demand loans are given as
$4,689,551,974, while the time loans are shown as
087,711. Stating that "high money rates of the past few
weeks have played their part in swelling the total," the
"Wall Street Journal" of Oct. 3, said:
Wall Street was prepared for a large increase in the figure, but was scarcely
looking for the figure that was reported. There are a number of explanations offered. In the first place the difference is largely due to the new
Clearing House regulations which went into effect Sept. 1 whereby street
loans handled by local banks for others than banks are charged a commission
of
of 1% on the principal amount of loan (as compared with former
charge of 5% on interest received), all such loans to be $100,000 or in
multiples thereof. To evade this charge many corporations have been
making their street loans direct to brokers and not through the banks as
formerly. For this reason the increase in Stock Exchange loans greatly
exceeded its expansion in Federal Reserve figures last month.
In addition, it is understood there has been liquidation on a considerable
scale of holdings by investment trusts and large pools. While this created
a new supply of funds, new borrowers have come in. Borrowing is now on
a broader scale than it has been for some time as securities formerly owned
by these groups outright have been sold to smaller purchasers who are
buying with the aid of borrowed funds. This tendency is much greater
than last spring.
1897
has under lease three floors of the Postal building and is housing the "bond
crowd" in part of this space.
There is a possibility, it was said yesterday, that if the Exchange buys
a building it will raze it and build an annex especially to meet its needs.
No information could be obtained as to the price being considered.
Last September, when the deal was first discussed, Sit was reported that
the Mackay interests were asking about $9,000,000 for the property.
The figure mentioned Jr connection with the present negotiations, however,
is said to be considerably lower. The property has an assessed valuation of
$3,000,000.
Security Prices Have "Outrun Demonstrated Values"
According to John J. Raskob—Readjustment
Necessary.
Indicating no appreciable effect on stock market operations
resulted from a warning on Oct. 4 by John J. Raskob regarding security prices, which he said have "so far outrun
demonstrated values, earning power and dividend returns,
that a material readjustment is necessary before they will
again be attractive to the prudent investor," the "HeraldTribune" of Oct. 5 said:
The market yesterday was in an uneasy mood, but it received Mr.
Raskob's words with equanimity, although traders admitted the remark
might have precipitated a bear movement three months ago.
The same traders admitted that they eagerly followed Mr. Raskob's tip
last March, when he said General Motors stock was selling too low and
should advanceto twelvetimes its earnings. They figured he meant General
Motors should go to 225 and they all hastened to buy. It rose overnight
2%4 points and rose 8%4 points during the day, reaching a new high of 199.
Since then it has gone up to 219, taking the market with it in a bull movement that has been a cause of great satisfaction to investors.
Yesterday they discounted Mr. Raskob's statements as political rather
than financial, and suspected him of being willing to cause a break in the
market so that the Democrats ml ht make capital of it.
Mr. Raskob's statement follows:
-Newspaper statements and gossip which have credited recent spectacular
advances in certain securities to my activity in the stock market are entirely
without foundation for two very good reasons. In the first place, since
I have taken this position as Democratic National Chairman I have not
been near my office and have not purchased any stock whatsoever.
"In the second place, it is my opinion that security prices have so far outrun demonstrated values, earning pewee and divided returns that a material
readjustment is necessary before they will again be attractive to the prudent
The course of the bond market is a good indication of where the
The following is the statement issued Oct. 2 by the Stock investor.stands in relation to present security prices. DIN idend returns
Investor
are low and money rates high.
Exchange:
"While I consider the business out look sound, I cannot see anything in
Total net loans by New York Stock Exchange members on collateral
contracted for and carried in New York as of the close of business Sept. 30 the future to Warrant the belief that corporations can increase their dividend
payments sufficiently to make the yield on present security prices compare
1928, aggregated $5,513,639,685.
favorably with the high cost of money.
The detailed tabulation follows:
"My name has frequently been mentioned as being prominently identified
Demand Loans. Time Loans.
with the Chrysler Corp. and Radio. As a matter of fact, I have never
(1) Net borrowings on collateral from New York
$3,938,873,300 *708.522.267 owned and do not now own a single share of stock of the Chrysler Corp.
banks or trust companies
(2) Net borrowings on collateral from private bankers,
and the stock in the Radio Corporation which I hold was purchased outright
brokers, foreign bank agencies or others in the
115,565,444 by me a long while ago and is held as an investment.
750,678.674
City of New York
"I am not interested directly or indirectly in any pool or stock market
*4.689,551,974 $824,087,711 operations. All securities held by me are owned outright for the reason
Combined total of time and demand loans 15.513,639,685.
that it seems imprudent to be substantially in debt with the stock market
The scope of the above compilation is exactly the same as in the loan and money market in the present position."
report Issued by the Exchange a month ago.
The compilations of the Stock Exchange since the issu- Brokerage Firm of Saylor & Wichelman,Inc., Davenport
ance of the monthly figures by it, beginning in January 1926,
Iowa, in Bankruptcy.
follow:
A voluntary petition in bankruptcy was filed on Sept.
1926—
Demand Loans,
Totai Loans.
Thno Loans
53.513,174.164 24 in the *United States District Court at Davenport, Iowa,
Jan. 30
82,616.960.599
S966,213.665
8,535.590,321
Feb. 27
2.494.846.264
1,040.744.037
8,000.096.167 against the firm of Saylor & Wichelman, Inc., brokers, of
Mar,31
2.033,483.760
966,612.407
April 30
2.8.15.718.509
1.969.869.852
865.848.657
according to a dispatch from that city on Sept.
May 28
2,767.400.614 Davenport,
1.987.316.403
780.084.111
2,926.298.345 24 to the Des Moines "Register." Liabilities were listed
June SO
2.225.463.833
700.844.512
2.996.759,527
July 81
2.282.976.720
714.782.807
Aug. 31
3.142.148,068 at between $185,000 and $200,000. "Frozen assets" and
2.363.881,382
778.286.688
3,218.937.010
Sept.30
2.419.206.724
799.730.286
00t. 81
2,289.430.450
821.746.476
8,111.176.925 inability to collect outstanding notes and aocounts receivable
Nov.30
8,129.161.675 from customers were given as the reason for the failure of the
2.329.638.660
799.625,125
Deo. 31
8.292.880.266
2.641.682.1185
751,178.370
1927—
firm in a public notice issued on the same day (Sept. 24) to
Jan. 31
8,188,786.838
2.828,340,338
810.446.000
Feb. 28
8.256.459.379 the creditors. The failed firm in addition to its main office
2.476.498.129
780.961.250
Mar.31
3,289.781.174
2.604,687.674
785.093.500
AprU SO
2,641.305.897
8.341.209.847 in Davenport operated branches in Carroll, Muscatine,
799.908.950
May 31
2.673.993.079
8,457.889,029 and Sioux City, Iowa, and in Rock Island, Ill. The officers
783.876.960
June 80
3.568.966,843
2.756,968.598
811.998.230
July 30
2.764.511.040
8,641.695,290 were Harry G. Saylor, President; Bruce L. Nutting, Vice877.184.250
Aug. 31
3.673.891.333
2.745.570.788
928.320.546
Dept.30
3.107.674.326
896.933.246
3.914.627.570 President, and E. H. Wichelman, Secretary and Treasurer.
3,023.238,874
3.946.137.374
Oct. 31
922.898.500
Noe.30
3334.027.003
4.091.836.303 Advices on the following day (Sept. 25) from Davenport
957,809.300
Dec. 81
3.480.779,821
962.127.600
4,432,907.321 to the same paper, stated that the American Trust Co. of
1928Jan. 31
8.392.878.281
4.420.352.541 Davenport on that day had been named as trustee for the
1,027,479.260
3,294.378.664
4.322.578,914 creditors of the failed firm by Walter A. Newport, Referee
Feb 29
1,028.200.260
3,580.426.172
1.069.749.000
4.640.174,172
Mar. 31
3.738.937.599
4.907.782.599 in bankruptcy and had posted a bond of $340,000. Continu1.168,845,000
Apr11 30
4,070.338.031
5,274,046.281
1.203.687.250
May 31
3,741,632,505
4,898,351,487 ing the dispatch said:
1,156.718,982
June 30
July 31
Aug. 31
Sept. 30
3.767,694.495
4,093.889,293
4,689,651,974
1,069,653,084
957,548.112
824.087,711
4,837.347.579
5.051.437.405
5,513,639.685
Meanwhile accountants were at work on the books of the bankrupt
firm. Accounts were being balanced and Attorney Francis Harrison,
who filed the petition in bankruptcy, announced that a meeting of creditors
would be called as soon as the affairs of the company were investigated to
the extent that an intelligent report could be made.
New York Stock Exchange Reopens Negotiations For
Purchase of Postal Building.
Yearly Figures of New York Clearing House—July 3
Negotiations have been re-opened by the New York
Transactions Largest on Record—William WoodStock Exchange with the Mackay companies for the purchase
ward Re-elected President.
Postal Telegraph Building at 20 Broad
of the 20-story
New high records of clearing transactions are revealed in
St., says the "Times" of Oct. 4. From that paper we also
the annual report of the New York Clearing House Associatake the following:
presented at the annual meeting on Oct. 2. The total
It was learned yesterday that the deal, which has been discussed at various tion
transactions for the year ending Sept. 30 1928 reached
times for more than a year.is about to be closed.
le The Stock Exchange. it is understood, plans to take over the building $407,920,343,622, as compared with $341,828,210,316 the
as an annex to its present quarters at Wall and Broad Ste. The two buildings
adjoin, both extending from Bread to New St. The Stock Exchange already previous year and $325,640,437,707 for the year ending
1898
FINANCIAL CHRONICLE
Sept. 26 1926. Of the total transactions during the year
just closed the exchanges totaled $368,917,656,546, while
the balances aggregated $39,002,687,075. The largest day's
transactions on record were those for July 3 1928, when they
reached 82,626,575,993. The following are the details for
the year ending Sept. 30 1928 as presented in the General
Manager's report:
The Clearing House transactions for the year have been as follows:
$368,917.656,546.92
Exchanges
39,002,687,075.33
Balances
Total transactions
The average daily transactions:
Exchanges
Balances
$407,920,343,622.25
$1,217.550,021.60
128.721.739.52
$1,346,271,761.12
Total
Total transactions since organization of Clearing House (75 years)*
$5,684,079,736,711.40
Exchanges
434.424.153.011.58
Balances
$6,118.503.889.752.98
Total
Largest exchanges on any one day during the year (July 3 1928)
52.413 126,043.15
244,022,297.37
Largest balances on any one day during the year(Dec. 311927)
Large2t transactions on any one day during the year (July 3'28)
2,626,575,993.17
400 656.485.63
Smallest exchanges on any one day during the year Apr. 728)
64,848,878.28
Smallest balances on any one day during the year (Apr 7 1928)
465.505,363.91
Smallest trarsactions on any one day during year (Apr.7 1928)
Largest day's transactions on record July 3 1928:
82,413,126.043.15
Exchanges
213.449,55002
Balances
82.626.575.993.17
Total transactions
82.41.1.126,013.15
Largest exchanges, July 3 1928
244.022.297.37
Largest balances Dec. 31 1927
Transactions of the Federal Reserve Bank of New York:
82,872,670,826.23
Debit exchanges
36.010.072.658.87
Credit exchanges
33 167,401,832.64
Credit balances
The Association is now composed of 11 national banks, S State banks and 12 trust
compar les. The Federal Reserve Bank of New York and the Clearing House city
collection department also make exchanges at the Clearing House, making 30 institutions clearing direct.
There are 3 banks and trust companies in the city and vicinity, not members
of the Association, that make their exchanges through banks that are members,
In accordance with constitutional provisions.
William Woodward, President of the Hanover National
Bank, was re-elected President of the Association at the
annual meeting on Oct. 2. G. Edwin Gregory, Vice-President and Comptroller of the National City Bank, has been reelected Secretary of the Association. The following also
continue in their respective posts: Manager, Clarence E.
Bacon, and Assistant Manager, Edward L. Beck. Jackson
E. Reynolds, President of the First National Bank, has
become Chairman of tho Clearing House Committee; the
other members of that committee are: Arthur W. Loasby,
President Equitable Trust Co.; Chellis A. Austin, President
Seaboard National Bank; William C. Potter, President
Guaranty Trust Co., and Charles E. Mitchell, President
National City Bank.
Governor Strong of New York Federal Reserve Bank In
Hospital.
Governor Benjamin Strong of the New York Federal
Reserve Bank who has been in ill health for some time was
taken to the New York Hospital on Thursday evening,
Oct. 4 for observation and treatment because of intestinal
disturbances. Since 1916 Governor Strong has suffered
ill health which has occasioned his absence from the Bank
from time to time.
Federal Reserve Bank of New York on Gold Movement.
Discussing the gold movement, the Federal Reserve Bank
of New York in its Monthly Review Oct. 1 says:
In September the net results of exports, imports, and earmarkings show
a small loss of gold to this country. amounting, according to a preliminary
calculation, to 51.500.000. The only important movement resulting
directly from the position of the exchanges was the importation of $2,434,000 of gold from England on the 21st. A shipment of $2,000,000 was made
to Italy towards the end of the month. There were other minor imports
chiefly from Latin America and exports to Mexico, and to the British and
Dutch colonies in the Far East. The amount of gold held here under
earmark showed a net increase of $1.200,000.
Elsewhere, interest in gold movements centered chiefly upon London
and Berlin. Germany is reported to have taken approximately 520.000,000
In gold from London and to have received gold from Russia and Denmark.
Thus, in the four weeks ended Sept. 22, the Reichsbank has been able to
ncrease its gold holdings by roughly $22.500,000.
Death of Clarence W. Barron of "Wall Street Journal."
To the many expressions of regret from Government
officials, business leaders, bankers and others, here and
abroad, occasioned by the news of the death of Clarence W.
Barron, President of Dow, Jones & Co., publishers of the
"Wall Street Journal," we add our own expressions of the
sense of loss to journalism suffered in the passing of this
outstanding and able figure in the financial newspaper world.
The death of Mr. Barron occurred at the Battle Creek Sanitarium, Battle Creek, Mich., on Oct. 2. Funeral services
were held at Boston yesterday, Oct. 5. In addition to the
"Wall Street Journal," Mr.Barron's interests also included
the Boston "News Bureau" and the Philadelphia "News
Bureau." He was also President of the advertising concern I
rirou 127.
of Doremus & Co. Kenneth C. Hogate, Vice-President of
Dow,Jones & Co., writing a tribute to Mr.Barron's memory
in the "Wall Street Journal" of Oct. 3, gave the following
account of his last hours:
The end of a life seldom equalled in activity and vigor came peacefully.
Near midnight Sunday Mr. Barron was dictating. Soon thereafter he went
to sleep. Late in the morning efforts were made to arouse him.
But he had fallen into a coma to emerge only momentarily before death.
In periods of consciousness he invariably inquired of his Secretary:
"What is the news? Are there any important messages?
Mr. Barron's Illness began more than a month ago. Active for literally
18 hours of every day, conqueror of previous crises in which his life had
been despaired, he carried on.
Sept. 9 he went to Battle Creek suffering from catarrhal Jaundice.
At no time since could full hope be held for his recovery. Last week
there was apparent improvement. But he was not so well Sunday, and for
24 hours the end has been inevitable. Pneumonia developed shortly before
death.
A summary of Mr. Barron's career is taken as follows from
the Oct. 3 issue of the "Wall Street Journal":
Clarence Walker Barron was born July 2 1855 in a vineclad stone house
on Cross Street in the north end of Boston. In his early years the family
which was ancestrally related to Governor Carver of the Plymouth Colony,
moved to Charlestown,close to the Bunker Hill monument. After grammar
schooling in Charlestown. Mr. Barron was graduated from the English
High School in Boston in 1873.
In high school he specialized in chemistry, physics and mathematics, in
which he took advanced courses. He took the first Lawrence prizes for
essays in both 1872 and 1873 as Franklin Medal scholar, his subjects being
"Transcontinental Railways" and "Civil Service Reform." While at school
he mastered shorthand without a teacher during vacation hours, and his
first business experience was as a stenographic reporter associated with
J. M. W. Yerrington. the veteran Boston court reporter.
Turning to newspaper work, he spent a few weeks with the Boston "Daily
News" of that time, writing on business and economics, before he was
twenty. His first news triumph, in his first week, was in that line, in
covering a seemingly unimportant meeting of the Social Science Association.
Wendell Phillips engaged in debate William Lloyd Garrison, Gamaliel
Bradford and Edward Atkinson on economic problems following the panic
of 1873. The other papers thought it too deep and dry. Barron, using
his stenographic experience, wrote a story entitled "Wendell Phillips on
Finance," which called for extra editions, suddenly popularized financial
studies and packed the next Association meeting.
For 11 years from 1875 Mr. Barron was financial reporter and editor
on the Boston "Transcript." his articles on Atchison, Burlington and other
Western roads attracting great attention. In July 1887, when about 31.
Mr. Barron decided there was need of a financial service that would publish
financial news during the day in bulletin form, then gathering Its substance
into a financial newspaper. The "Boston News Bureau," "financial Bible
of New England," was the result.
Mr. Barron arranged for news interchange with Dow. Jones & Co., then
publishing financial bulletins and the "Wall Street Journal" in New York,
and established wire service between the two cities. In 1898 he founded
the "Philadelphia News Bureau."
In 1901 Mr. Barron acquired control of Dow, Jones & Co. and the
"Wall Street Journal," operating page news printing tickers and the leading
financial Journal in America. In 1921 he founded "Barron's" the national
Financial weekly. Mr. Barron has also headed the advertising agency
activities of Doremus & Co. In New York and other cities.
Besides his widespread newspaper interests, involving incessant travel
and intensely personal activities—such as keeping 18 telephones at command
in his Boston home—Mr. Barron was the author of several authoritative
books on finance and economics and the world political conditions as affecting them, during and since the World War. The list includes: "War Finance, as Viewed from the Roof of the World in Switzerland";"The Mexican
Problem," first clearly setting forth the oil wealth of Mexico; "The Audacious War." as result of European research at outbreak of the war;"TwentyEight Essays on the Federal Reserve Act." of much influence when that
Act was being framed; and "A World Remaking. or Peace Finance." discussing after-war finance and economics.
Mr. Barron always delighted to call himself first a farmer, as owner of
25 farms and pieces of farms in Cohasset and Hingham. He was a leader
In New England in production of certified milk for babies and one of the
foremost United States breeders of registered Guernsey stock. Ile was
active in the councils of the Swedenborgian denomination, particularly in
the matter of Its publications. As a public speaker Mr. Barron was In keen
demand. but able to accept only about one out of forty invitations. His
favorite recreations were yachting and fishing.
Freight Car Requirements for Fourth Quarter of Year—
Over Nine Million Cars Needed—Increase of 4.9%
Over Last Year.
Shippers of the country, through estimates of the Shippers'
Regional Advisory Boards, anticipate that carload shipments of the 29 principal commodities in the fourth quarter
of this year (the months of October, November and December) will be approximately 9,279,472 cars, an increase of
431,599 cars above the corresponding period of 1927, or
4.9%, the Car Service Division of the American Railway
Association announced on Oct. 2. The Shippers' Regional
Advisory Boards, covering the entire United States, furnish
these estimates periodically to the Car Service Division in
order that the railways may have a guide as to the service
they are to be called upon to perform in a given quarter.
The Association's announcement says:
These estimates are based on the best information obtainable at the present time by the commodity committees of various boards as to the outlook,
so far as transportation requirements are concerned.
Of the 13 Shippers' Regional Advisory boards, 11 anticipate an increase
In their respective districts in transportation requirements for the fourth
quarter of the year compared with the same period last year, while the other
two expect a decrease. The 11 boards which estimated an Increase over
the preceding year were the Atlantic States, Allegheny, Great Lakes,
Northwestern. Pacific Coast, Southeastern. Southwestern. Middle Western,
Trans-Missouri-Ransas, New England and the Pacific Northwest boards.
OCT. 6 1928.]
FINANCIAL CHRONICLE
Those estimating a decrease were the Central Western and the
Ohio
Valley boards.
The estimate by each Shippers' Regional Advisory Board as to what
freight loadings by cars are anticipated for the 29 principal commoditi
es
in the fourth quarter this year compared with the corresponding period
in
1927 and the percentage of increase or decrease follows;
Per Cent of
Board1927.
1928.
Inc. or Dec.
New England
165.511
170.330
2.9 increase
Atlantic States
997.485
1.057,793
6.0 increase
Ohio Valley
1.228.685
1,116,819
9.1 decrease
Northwest
480.265
495.569
3.2 increase
Central Western
366.837
358.054
2.4 decrease
Pacific Coast
360,228
366.656
1.8 increase
Pacific Northwest
292.156
299.602
2.5 increase
Allegheny
1,034,500
1,195.858
15.6 increase
Great Lakes
547,817
605.418
10.5 increase
Southeast
1,006.201
1.046,847
4.0 increase
Mid-West
1.278,383
1.366,449
6.9 increase
Trans-Missouri-Kansas
456,964
490.422
7.3 increase
Southwest
632,841
709.655
12.1 increase
The large comparative increases in 6eight car requirements
over last
Year in the Allegheny, Great Lakes and Southwestern regions are due
to
a number of factors. In the Great Lakes region, for instance,
it is due to
the anticipated heavier movement of ore and concentrates,
automobiles.
trucks and parts, and also potatoes. In the Allegheny region
it Is due in
part to the anticipated heavier movement of lime, plaster and
cement.
chemicals and explosives, paper, printed matter and
books, and also to
coal, although in considering the latter item consideration
must be given
to the fact but little coal was shipped from the Allegheny district
during the
corresponding period in 1927, owing to the suspension
of activities at many
bituminous mines. In the Southwestern region the
anticipated requirements for freight cars are expected to be stimulated by the
heavier movement of grain, cotton, lumber and a number of other
commodities.
In submitting reports to the Car Service Division,
each board estimated
what freight car requirements will be for the principal
industries found in
the territory covered by that board. On the basis of this informati
on, it is
estimated that of the 29 commodities, increases in
transportation facilities
will be required for 23. as follows: All grain; flour,
meal and other mill
products; hay, straw and alfalfa; cotton, cotton seed
and products, except
oil; citrus fruits; other fresh fruits; other fresh vegetables
; coal and coke:
ore and concentrates; clay, gravel, sand and stone
(including gypsum,
crude and powdered):salt;lumber and forest products;
petroleum and petroleum products: iron and steel: castings, machinery
and boilers; cement;
lime and plaster; agricultural implements and vehicles
other than automobiles; automobiles, trucks and parts; fertilizers
; paper, printed matter
and books, and chemicals and explosives.
For canned goods, which includes all
canned food products, catsup,
jams, jellies, olives, pickles and preserves, freight
car requirements are
expected to be about the same as for the fourth
quarter in 1927.
Commodities for which a decrease is estimated
are: Potatoes; live stock:
poultry and dairy products; sugar, syrup,
glucose and molasses, and brick
and clay products.
The estimate as to what transportation requireme
nts will be for various
commodities for the fourth quarter, compared
with the same period last
year. follows:
Est. Per Cent
Actual,
Commodit-1927. Estimated, Inc. (+) or
y
1928.
Dec.(-)•
Grain. all
468,325
508.544
+8.6
Flour, meal and other mill products_
249.852
266,693
+6.7
Hay,straw and alfalfa
84.687
85.108
+.5
Cotton
150,092
181.235
+20.7
Cotton seed and products, except oil
99.107
107.060
+8.0
Citrus fruits
26.373
32.569
+23.5
Other fresh fruits
124,597
141.566
+13.6
Potatoes
111,954
108,732
-2.9
Other fresh vegetables
55,806
56.148
+A
Live stock
441.685
431.183
-2.4
Poultry and dairy products
26,349
25.657
-2.6
Coal and coke
3.033.956 3,157.032
+4.1
Ore and concentrates
385,731
+9.5
Clay. gravel,sand and stone (including 352,274
gypsum, crude and powdered)
859,574
876.980
+2.0
Salt
17,420
18.071
+3.7
Lumber and forest products
880.598
901,029
+2.3
Petroleum and petroleum products
556,717
595.121
+6.9
Sugar, syrup, glucose and molasses
52.112
50.619
-2.9
Iron and steel
361,805
388.280
+7.3
Castings, machinery and boilers
55.516
58,569
+5.5
Cement
180,894
188,004
+3.9
Brick and clay products
166.604
162.120
-2.7
Lime and plaster
56.053
+2.2
Agricultural implements and vehicles, 54.824
other than automobiles
30,620
32.825
+7.2
Automobiles, trucks and parts
152.150
197,116
+29.6
Fertilizers, all kinds
61.371
65,267
+6.3
Paper, printed matter and books
78.932
83.475
+5.8
Chemicals and explosives
67,220
+8.0
Canned goods-All canned food prod- 62,221
ucts (includes catsup, jams, jellies,
olives, pickles, preserves. &c.)
51.448
51,465
Total all commodities listed
8 847,873 9,279,472
+4.9
President Coolidge Appoints Emergency Board
Under
Railway Labor Act to Investigate Wage
Dispute
on Western Roads.
Under a proclamation issued by him under date of
Sept.
29 President Coolidge has named an emergen
cy board, in
accordance with the provisions of the Railway Labor
Act, to
investigate and report to him within 30 days regardi
ng the
wage dispute between Western railroads and the
trainmen
and conductors' unions. The members of the
Emergency
Board, as announced at the White House on Sept.
29 are:
James R. Garfield of Cleveland, Ohio, Secretary
of the
Interior in the Roosevelt administration; Walter
P. Stacy
of Raleigh, N. C., Chief Justice of the Supreme
Court of
North Carolina; Prof. Davis R. Dewey of the
Massachusetts
Institute of Technology, Cambridge, Mass.;
Chester H.
Rowell of Berkeley,Calif., and George T.Baker of
Davenport,
Iowa. Mr. Rowell was formerly a member of
the Cali-
1899
fornia Railroad Commission. Mr. Baker is connected with
educational work in Iowa. Associated Press accounts from
Washington on Sept. 29 said:
The dispute affects about 70.000 conductors and trainmen and 47 rail-
roads and their subsidiaries. The dispute has been in existence for several
months and defies attempts of the Federal Board of Mediation to find a
solution.
The United States Board of Mediation announced that the newly created emergency board would convene in Chicago. Oct. 2 to begin its
investigation. Under the Railway Labor act the board has 30 days
from
the date of its creation within which to conplete its investigation and
to
report to the President. The law further provides that during this period
and for 30 days thereafter "no change, except by agreement, shall be made
by the parties to the controversy in the conditions out of which the dispute
arose."
An item regarding the failure of the efforts of the Federal
Board of Mediation to effect an adjustment of the dispute
appeared in our issue of Sept, 29, page 1756.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Two New York Stock Exchange memberships were posted'
for transfer this week at the new high record price of $425,000
each-that of Townsend Lawrence to John C. Newsome
and that of George W. Hodges to Edward J. Rice. This
is an increase of $10,000 over the last preceding transaction.
A sale of a Detroit Stock E- xchange membership was reported this week for $26,500, a new high record price. A
membership was sold in March for $7,500, another early
in May for $10,500 and three later in the same month for
$15,000 each.
Congressman William W. Cohen was the principal guest
and speaker at the regular monthly meeting of the Chamber
of Commerce of the State of New York on Oct. 5. Prior to
the regular meeting, a special meeting of the Chamber was
held to elect a Commissioner of Pilots. Leonor F. Loree,
President of the Chamber, presided.
The Chemical National Ba-nk has moved its Main Office.
to 165 Broadway, corner of Cortlandt Street, where it
opened for business on Monday, October 1st. It occupies
a handsome new building especially constructed for its use,
which has been made a part of the well known Beneson
Building. The banking space extends through from Broadway to Church Street with an entrance on each, occupying
a total of 56,000 square feet. The main banking floor contains a space of 17,000 square feet. The Chemical's new
home represents the very latest in decoration and equipment.
The lobby and platform space is especially unique and
beautiful, being finished in natural colored teakwood trimmed
with Botticino marble, giving the bank a light and inviting
appearance. The building is constructed in such a way
that all departments of the bank are easily accessible to
customers, including Trust, Foreign, Securities, Compound
Interest, and Safe Deposit Vaults.
This is the second move made by the Chemical Bank since
it was founded 104 year ago at 216 Broadway opposite St.
Paul's Church where it was the first bank to locate on
Broadway at a time when it was- felt that no bank should
go north of Wall Street. In 1850 the Chemical moved to
270 Broadway where it has remained until today. The
removal of the Main Office to the financial district is a part
of a general program of development and expansion inaugurated by this institution several years ago. Within
the past three years seven branches have been opened.
The Brooklyn Office was opened last year. Recently a
securities company was organized, which is already in
operation. Started strictly as a commercial bank, The
Chemical has expanded its activities during recent years to
include every phase of banking from securities to compound
interest accounts. Its Trust and Foreign Departments
have had very rapid growth. The Chemical's Capital
today is $6,000,000; Surplus and Undivided Profits more
than $20,000,000.; Total Resources $225,000,000. The
The Chemical National Co. Inc. has a capital and surplus
ofL$4,000,000, making the capital funds of the two institutions more than $30,000,000.
Nathan S. Jonas, President of Manufacturers Trust Company, announces the association of William E. Ford with
that company in the capacity of Assistant Secretary. Mr.
Ford was formerly Assistant Vice-President of the
Guardian
Trust Company of Newark, and prior to that position
spent
thirteen years with the Liberty National Bank of New
York
and its successor, the New York Trust Company, in
various
capacities, including Managership of the Credit
Department
1900
FINANCIAL CHRONICLE
For the first time in the 116 years of its history, the
Chatham Phenix National Bank and Trust Co. of New York
established a branch outside Manhattan, with the opening
of offices at Long Island City on Monday, October 1. It is
the fifteenth location of the Chatham Phenix and the first
office of a National Bank to be established within the
boundaries that defined Long Island City prior to its merger
into Greater New York. The branch is housed in the newly
finished Chatham Phenix Building on Queens Plaza. Commenting on the reasons for the development of the bank's
policy regarding the location of its branch offices, Henry R.
Johnston, Vice-President of the Chatham Phenix, said:
a half million in
"The population of Queens has risen from less than
manufactures would
1920 to virtually a million to-day. The volume of its
In a dozen years
place it among the first fifteen cities of the country.
stations have grown
since 1915, sales of tickets at Queensboro subway
and seven millions.
from less than six millions to more than one hundred
Queens is said to
The value of building construction begun last year in
of Chicago.
exceed that in any American city with the single exception
has been
The growth of Greater New York beyond the Queensboro Bridge
following
extraordinary and consistent and the Chatham Phenix is simply
that growth."
[vol.. 127.
and chain stores. Mr. Lefcourt is President of the A. E.
Lefcourt Realty Holdings and a director of several banks.
The organization of the new bank was referred to in these
columns Aug. 18, page 910.
The capital account of the Guaranty Trust Co. of New
York, including surplus and undivided profits, exceeds
$100,000,000 for the first time in the statement of the company's condition as of Sept. 28 1928, issued Oct. 3. Undivided profits of $10,479,367, representing a gain of $1,247,623 in the last quarter, bring the total of the company's
capital, surplus and undivided profits to $100,479,367. Deposits of $657,643,277 show an increase of $21,297,799 over
the corresponding statement a year ago. The company's
total resources are $838,129,668, as compared with $765,128,460 on Sept. 30 1927.
To provide a forum in the financial district for the discussion of current financial problems and policies, Dean A.
Wellington Taylor, of the Graduate School of Business
Administration of New York University, announced this
John A. Olsen, Vice-President, will be in charge of the week that a number of conferences on current banking and
branch.
investment problems has been arranged to take place each
Thursday evening in the Governors' Room of the New York
Some 2,600 clerks and junior executives of local banking Stock Exchange. Men prominent in the banking and investinstitutions, registered for the educational courses of the ment field are scheduled to attend the conferences and parNew York Chapter, Inc., American Institute of Banking, a ticipate in the discussions which will be lead by outstanding
division of the A. B. A., were in attendance at the start experts in each field. The current policy of the Federal
of the school sessions on Oct. 1. The New York Chapter, Reserve system will be analyzed by W. Randolph Burgess,
Inc,, has an enrollment comparing favorably with that of Assistant Federal Reserve Agent at the Federal Reserve
many of America's leading colleges and universities. Regis- Bank of New York. The outlook for American investment
tration last week, exceeding 2,600, marked an increase of of capital abroad will be taken up by Raleigh S. Rife, econo16% as compared with last year and set a new peak in the mist of the Guaranty Company. The trend in banking legishistory of the Chapter. A total of fifty-three courses will lation at tile present time will be the subject of a conference
be given this year by the Chapter, the faculty consisting to be held October 18 by Dr. H. Parker Willis, first secreof 76 members. All classes and lectures will be held at the tary of the Federal Reserve Board and Professor of Banking
Chapter rooms in the Graybar Building where sufficient at Columbia University. Because of his part in the evoluspace is occupied to house all of its activities.
tion of the Federal Reserve Act, Dr. Willis' views are looked
On Thursday, Sept. 13 a dinner and meeting of the board forward to with interest.
of consuls in the Building Trades Club formally opened the
George P. Auld, former Accountant-General of the Repartwenty-eighth year of activity for New York Chapter, Inc., ations Commission, will address the conference on the
American Institute of Banking, the educational section of transfer problem, including the related subject of the interthe American Bankers Association. The Institute, which allied debts and a possible settlement of this vexing problem
ha.s a membership of approximately 6,000 of the younger through an international financial arrangement. Other exbank men of the city most of whom are also numbered perts on foreign investments who will discuss international
among its students, affords instruction by Columbia profes- problems are Dr. Harry Friedman, member of the firm of
sors and practical bank men and this year has arranged Speyer & Company; Dr. Max Winkler of Bertron, Griscom &
for courses in business, economics, domestic and Company; Dr. Marcus Nadler of the Institute of Internaforeign banking as well as foreign and domestic trade. tional Finance; Dr. Ludwig Bendix, international banker,
These are divided into nine preparatory, twenty-eight stan- and Major Robert Warren of Case, Pomeroy & Company.
dard and sixteen special courses and range from funda- A session will also be devoted to investment trust problems
mentals to specializations. Located in its quarters in the and policies, under the lead of Dr. William H. Steiner.
Graybar Building, New York Chapter lists among its new
courses to be given this year in co-operation with Columbia
At a meeting of the directors of Stone & Webster and
University. a new three-year standard course in Interna- Blodget, Inc., on Oct. 3, at 120 Broadway, Cyrus Y. Ferris
tional Banking. In addition, there will be new courses in was added to the board and F. Kenneth Stephenson was
foreign banking systems, public security analysis bank audit- elected a Vice-President.
ing, bank administration seminar, current economic and
Norman C. Stenning, President of the Anglo-South Amerifinancial problems, advanced public speaking and real estate
financing.
Capital and surplus of the new Lefcourt Normandie National Bank, recently chartered by the Comptroller of the
Currency at Washington to provide a new national bank for
the mid-town section of Manhattan, will be $3,000,000;
$2,000,000 capital and $1,000,000 surplus, according to A. E.
Lefcourt to whom the charter was granted. Plans for the
organization of the new institution are nearing completion
and an announcement will be made shortly of the officers
and directors of the bank, Mr. Lefcourt stated. Contracts
have been issued for the construction of the new banking
quarters in the 26-story Lefcourt Normandie Building, now
38th
being erected at the southeast corner of Broadway and
These quarters will be in the form of a concourse occupySt.
ing the first two floors of the building.
Mr. Lefcourt pointed out that the stock of the new bank
will be chiefly in the hands of the officers, directors, advisory
board and depositors. It is expected that the bank will be
ready to open early in January. Mr. Lefcourt announces
that the bank will apply for membership in the New York
Clearing House Association. Among the trades that will be
represented on the Board will be women's garment manufacturers industry, jewelry, theatrical, children's and infants
wear, millinery, retail dry goods, real estate, men's wearing
apparel, haberdashery, building supplies, department stores
can Trust Co., 49 Broadway, is in receipt of cable advices
from London to the effect that the Anglo-South American
Bank, Ltd., of which the Anglo-South American Trust Co.
is the New York representative, has declared an interim
dividend at the rate of 5 shillings per share, less tax, payable
on Oct. 22. This is equivalent to 10% per annum. The
annual meeting will be held on Oct. 16.
The closing by the State Superintendent of Banks, Frank
H. Warder, of the private bank of L. Scotto & Sons at 238
Columbia St., Brooklyn, was announced on Sept. 29 in the
following notice posted on the doors of the bank:
State of New York, Banking Department: Pursuant to the provisions
of Section 57 of the Banking laws of the State of New York, I have this day
taken possession of Raphael Scotto. private bankers, doing business as ei
L. Scotto & Sons, 238 Columbia Street.
FRANK H. WARDER, Superintendent of Banks.
The New York "Times" of Sunday, Sept. 30, in its report
of the matter, after stating that severa1 hundred persons
gathered about the entrance to the bank following the posting
of the notice, went on to say in part:
The bank, it was said, closed early Friday afternoon, following a visit
of employees of the State Banking Department. The crowds continued
to gather and grow larger yesterday morning until the arrival of a police
detailfrom Hamilton Avenue Station in charge of Captain Charles Gallagher.
Then they split into smaller groups and took up positions near by, where they
secretly showed their friends their bankbooks. Most of the 600 or so
depositors had carried small accounts.
Shortly after noon, several banking officials entered the bank and in a
few minutes returned to the street carrying large satchels containing all
OCT. 6 1928.]
FINANCIAL CHRONICLE
the cash held in the bank. The officials boarded an automob
ile guarded
by several patrolmen and were taken to the Brooklyn Trust Co.
on Montague St., where the money was deposited. . . .
The bank, which was founded in 1899. is reported to have resourc
es of
over 16600,000, although it was said that its capital amount
ed to only
$25,000. According to a statement filed in November
1926, the bank's
deposits were more than 3,500,000.
A later issue of the "Times" (Oct. 2) stated that two petitions in involuntary bankruptcy were filed on Oct. 1 in the
Federal Court in Brooklyn against Raphael Scotto, doing
business as L. Scotto & Sons, closed on Sept. 29 because of
alleged irregularities. The pettions fixed the liabilities at
8853,000 and assets, in cash deposits, securities and other
property, at $500,000. Judge Moscowitz, it was said,
appointed Sidney F. Strongin and Nathan L. Goldstein,
recovers under a joint bond of $100,000, with instructions
to contnue the business to the extent of carrying out existent
commitments and contracts, but to accept no new deposi
ts
or otherwise conduct a general banking business. The order
also directed Superintendent of Banks Warder and his
deputies, it was said, to turn the bank over to the receiv
ers
and barred all litigation against it except in the banktuptcy
court.
Herman L. Weisman, receiver for the failed James V. Lago
Bank at 154 West 14th St., this city, which was closed on
July 3 after the discovery of a shortage of more than t 20),000,
announced on Oct. 2 that a 40% dividend, amounting
to
approximately $320,000, was ready for distribution
to more
than 2,000 of the 3,000 depositors of the institution,accord
ing to the New York "Times" of Oct. 3 Notices would
sent shortly, it was said, to the depositors by Peter
be
B.
Olney, Jr., referee in bankruptcy, and checks coud
be distributed from the new office of the James V. Lago
Estate,
15 Park Row. The "Times" furthermore stated that
onefifth of the depositors, many of which are Spani
sh sailors,
shepherds and farm hands, have not filed proofs
of claims,
which the law requires them to do within six month
s of the
bankruptcy. The closing of the James V. Lago
Bank was
noted in the "Chronicle" of July 7, page 59, and
its affairs
referred to in our issue of July 21, page 362.
John P. Carlson and John E. Larney were electe
d directors
of the Traders National Bank of Brooklyn on
Sept. 20.
Mr. Carlson is President of John P. Carlson,
Inc., manufacturers of printers' and lithographers' ink.
Mr. Larney is
a coal merchant.
Resources of the Manufacturers Trust Co.
as of Oct. 1
were $355,915,825, as compared with resour
ces of $288,897,037 on the same date last year, accord
ing to the quarterly
statement of the company issued this week.
In the resource
account is included cash on hand and in
the Federal Reserve
and other banks, 840,493,639, as compared
with $42,415,171
a year ago; United States Government
and other public
• securities, $44,275,981, as compared with
$44,616,605 a
year ago, and loans of $208,282,554, as
against loans of
$142,741,999 on Oct. 1 1927. In the
liability column the
company lists capital of $17,500,000
as compared with
$15,250,000 on Oct. 1 last year. Surplu
s and undivided
profits are listed at $33,393,506,
which compares with
$28,072,376 a year ago. Deposits are
given as $275,821,005
as against $234,398,559 on Oct. 1
last year, or an increase
of $441,422,446 for the 12
-months period.
The consolidation of the t- wo Roche
ster (N. Y.) banks,
namely the Union Trust Co. of Roches
ter, and the National
Bank of Rochester, indicated in our
issue of Aug. 4 last,
page 636, became effective on Sept. 29
under the title of
the former. The enlarged bank is capita
lized at $4,000,000
with surplus of $4,500,000 and has total
resources of $70,000,000.
On Oct. 1 the Industrial T-rust Co. of
Providence, R. I.,
opened for business in its new building.
The institution,
which has resources of more than $100,0
00,000, has five
offices in Providence and branches in
East Providence,
Woonsocket,Pascoag,Pawtucket,Bristol,
Warren,Newport,
Westerly and Wickford. It is a member
of the Federal
Reserve System.
The Boston "Transcript" of Sept. 26 report
ed the election
of Frank B. Bemis as a director of the
American Trust Co.
of that city. Mr. Bemis is a trustee of a
number of estates
and a director of several utility companies.
W. J. Fowler has resigned his position as
Deputy Commissioner of Banks for Massachusetts to join
the staff of
the First Natonal Bank of Boston. Shortl
y after the war,
1901
in which he served as Chief Yeoman in the United States
Naval Reserve Forces, Mr. Fowler was appointed an
Assistant Bank Examiner by the Massachusetts Bank Commissioner. He worked his way up in the Commission
er's
office through Director of Division of Trust Companies to
Deputy Commissioner, which position he has held for
the
past three years. Mr. Fowler will take up his new
duties
with the First National Bank of Boston on Oct. 15.
Directorsof the Merchants' National Bank of Bosto
of
n on
Sept. 27 voted to increase the surplus from $2,00
0,000 to
$3,000,000 by transferring $1,000,000 from undivided profit
s
account, according to the Boston "Transcript" of that
day.
A charter was issued by the Comptroller of the Curre
ncy
on Sept. 19 for the newly organized Needham (Mass
.) Bank,
reference to which was made in these columns
on Aug. 11.
The new institution, which will be known as the
Needham
National Bank for Savings and Trusts, is capita
lized at
$150,000 and will have a surplus, it is understood
, of $75,000.
According to the Boston "Herald" of Sept. 26, the
bank was
to open for business on Oct. 1 in temporary quarte
rs on Chestnut Street, Needham. Its stock was oversubscrib
ed, mostly
by Needham people, the paper mentioned said, and
its directors are all Needham men. Work will start
shortly, it is
said, on a modern bank building to be erected
in the heart
of the business section of the town, at the corner
of Great
Plain and Highland avenues. The officers are: Horac
e A.
(Carter, President; James M. McCracken, Vice-P
resident
Ralph E. Bailey, Secretary, and Robert M.Tappa
n, Treasurer.
The respective stockholders of the Corn Excha
nge National Bank & Trust Co. of Philadelphia and
the Oxford
Bank & Trust Co. of that city on Oct. 2 unani
mously approved the proposal to consolidate the institutions
under the
title of the latter (indicated in the "Chronicle"
of Aug. 25
last, page 1060), and when approved by the
Comptroller of
the Currency the main office and branches
of the Oxford
Bank will continue under the present officer
s and employees
as the Oxford, Wissinoming, Burholme,
Bridesburg and
Orthodox Street branches of the enlarged
Corn Exchange
National Bank & Trust Co. As stated in our
previous item,
the consolidated bank will have resources
of approximately
$95,000,000. Charles S. Caldwell will contin
ue as head of
the new bank and B. E. Effing, President
of the Oxford
Bank & Trust Co., will become a Vice-Preside
nt.
Frank R. Rohrman on Oct. 4 was elected a membe
r of the
Board of the Northern Trust Co. of Philadelphia
, according
to the Philadelphia "Record" of Oct. 5.
Parker S. Williams, counsel for the Federal
Reserve Bank
of Philadelphia, on Oct. 4 was elected
President of the
Provident Trust Co. of that city to succeed
J. Barton Townsend, whose death occurred recently, according
to the Philadelphia "Record" of Oct. 5. Mr. Williams,
who has been a
director of the Provident Trust Co. since 1915,
is a member
of the law firm of Williams & Sinkler, and is
a director of the
:ollowing institutions and corporations: Commo
nwealth
Title Insurance Co., the Provident Mutual
Life Insurance
Co., Philadelphia Savings Fund Societ
y, Merion Title &
Trust Co. of Ardmore, Lumbermen's Insurance
Co., Philadelphia National Insurance Co., Western
New York &
Pennsylvania Ry. Co. and the Mine Hill &
Schuylkill
Haven RR.
Application has been made to the Governor of Penns
ylvania for a charter for a new Philadelphia Bank,
to be known
as the Plaza Trust Co. The new bank will be
located in the
business centre of Philadelphia and will start with a
capital
of $4,000,000 and a surplus of $1,000,000. The
stock, the
par value of which is $100, is being offered at
the price of
$125 a share, of which $100 will be devoted to
capital and
$25 to surplus account. On the temporary board
of directors are John E. McCully, Walter Silverwood,
Joseph A.
Brady, Thomas K. Over Jr., Herbert P. Robin
son,John B,
Obert, William K. Barclay Jr., Roy A. Heyma
nn, Arthur
Peck, Lowrie Montgomery, Louis W. Robey
, John M.
Hendricks, N. Paul Kenworthy, J. Lee Patto
n, Russell H.
Thompson and John F. L. Morris.
The Broad Street Trust Co. of Philad
elphia on Oct. 1
formally opened its new bank building
at the Northeast
corner of Broad and Stiles Sts., that city.
The new home
was necessitated by the growth and
expansion of the company, which is capitalized at $1,000,000
with surplus and
1902
FINANCIAL CHRONICLE
(VOL. 127.
Stetzelberger, Russell N. Chase and F. M.Mayer, Assistant
Trust Officers.
On Sept. 29 the City National Bank of Dayton, Ohio,
(capital $500,000) and the City Trust & Savings Bank of
Dayton (capital $250,000), affiliated institutions, were consolidated under the title of the City National Bank & Trust
Co. of Dayton with capital of $750,000. The new bank
has six branches, all located in the City of Dayton.
On Sept. 29 the City National Bank of Boonville, Ind.,
and the Farmers & Merchants National Bank of that placewere consolidated under the title of the First National Bank
of Boonville with capital stock of $112,500.
The identity of the purchasers could not
No change in the
that they are friendly to the present management.
ated, it was said.
The highest honor that the Knights of Pythias of Ohio
executive personnel or policy of the company is contempl
Co., 0. W.
of the stock was arranged through Barclay, Moore Sc
can confer—that of Grand Chancellor—was bestowed upon
The sale
to discuss the
Osterlund, President of the company, could not be reached
James Dunn, Jr., Vice-President of The Union Trust.
announcement.
ceremonies on
as of June 30 1928. exceeded $4,600,000. In Company, Cleveland, at the installation
Resources of the company
V.-Pres.;
followed by a reception in his honor in the evening
to Mr. Osteriund, the officers are: Thomas F. Slattery,
addition
Sept. 26,
L. Jack, John E.
William Dignan. Treasurer and Secretary; Rodney
of the Grand Lodge
Sec., and Robert D. which brought to a close the convention
Hagerty and Lewis R. Keiffer, Asst. Treas. & Asst.
than 25,000
Officer. The company maintains offices at in Cleveland September 24th to 26th. More
Fulmer, Title and Trust
4826 Baltimore Ave. and at 1407 So. 49th St.
Pythians attended. Mr. Dunn as vice presdident in charge
Union Trust Company's Income Tax Department
An application to organize a new national bank in Souder of the
acquired a national reputation on tax matters. Before
ton, Pa. under the title of the Peoples National Bank, and has
ng associated with the bank, in 1917, he was for
capitalized at $100,000, was approved by the Comptroller becomi
eight years in charge of the Income Tax Department of the
of the Currency on Sept. 20.
United States Internal Revenue Office in Cleveland.
Townsend Scott, senior member of the banking and investThe State Bank of Chicago has adopted a novel plan to
fifty
ment firm of Townsend Scott & Co. and for nearly
died on acquaint its depositors and Chicagoans with the smalleryears prominent in financial circles in Baltimore,
retired from sized currency which will be issued by the United States
Oct. 5. Mr. Scott, who was 71 years of age,
of the Government about July 1 1929. The Bank recently began
active business several years ago, but remained head
of the new
by his grandfather, Town- to distribute certificates the exact size and shape concernfirm which was founded in 1832
seat on the currency on which is printed detailed information
send Scott. He is said to have held the only
gone of out ing the proposed changes. Gaylord S. Morse, of the State
Baltimore Stock Exchange which has not
of these
founding of the Exchange. Bank of Chicago, says the bank has a large supply
one firm or one family since the
ates on hand and would be glad to give them out to
in certific
During his active years in business Mr. Scott assisted
anyone interested.
founding and building up several firms and corporations,
The advices sent us in this regard go on to say:
them being the old Consolidated Gas & Electric Co. The denominations will continue as at present and it is expected that
among
the United States Fidelity & Guaranty Co. many months, if not years, will be required to withdraw completely all the
of Baltimore,
a old money from circulation.
and the Seaboard Air Line RR. Mr. Scott served as
engravings of
All bills of $100 and under, except the $1 notes, will have
of these corporations and was the first Treasurer buildings on the reverse side. The $1 bills, and the denominations higher
director
r of the than $100, will have ornate backs.
of the Fidelity & Guaranty Co. He was a directo
nd to
Denominations of the bills will not be reduced, but will correspo
National Bank of Baltimore for nearly forty years.
5000 and 10.000 bilis
undivided profits of $602,000 and deposits in excess of
$3,000,000. It maintains a branch office (Central Branch
Bank) at the Northeast corner ef 12th and Arch Streets.
Its officers are:Joseph W.Sales,President; Hubert J. Horan,
Jr., Vice-President; H.J. McCanny,Secretary and Treasurer,
Louis E. Mill and Allen C. Mueller, Asst. Secretaries and
Treasurers, and Francis K. Hammon, Title Officer.
That sale of a block of stock in the Belmont Trust Co.
of Philadelphia, constituting virtual control of the institution, had been consummated, was announced on Sept. 27,
according to the Philadelphia "Ledger" of Sept. 28, which
went on to say:
be learned, but it is known
past issues. One. 2. 5, 10, 20, 50, 100. 500. 1000.
the nation's banks
of the new small dimensions will be distributed through
to be confined
in return for worn-out old currency. The exchange is not
it is expected that
to replacement of ragged and torn bills, however, and
of making the
many practically new notes will be replaced in the interest
change complete within as short a time as is possible.
State Bank of
Information printed on the certificates Issued by the
appear on the face
Chicago includes the names of men whose portraits will
bills, Jefferson:
of the new currency, as follows: $1 bills, Washington; $2
bills. Jackson: $50 bills, Grant;
$5 bills. Lincoln; $10 bills, Hamilton; $20
bills, Cleveland; $5000
$100 Ma, Franklin; $500 bills. McKinley; $1000
bills, Madison. and $10,000 bills. Chase.
ultimate greater
The change is being made in the interest of economy and
convenience in the handling of paper money.
total of almost a billion
The dollar bills, which will constitute 53% of the
already been printed.
notes of various denominations to be issued, have
Printing of the $2 bills will be started soon.
A 100% stock dividend will be paid to
Mr. Morse, "are looking forthe plan to increase the capital
"Manufacturers of pocket books." said
Bank of Pittsburgh. Pa. Approval of
notes are only 6 5-16 by 2 11-16
been given.
ward to a boom in business since the new
stock from $500,000 to $1.000,000 has
fold or pocket-book to carry
Inches and will require a different form of bill
g & Trust Co. them."
The proposal to merge the United Bankin
On Oct. 1 the City Deposit Bank of Pittsburgh, Pa.,
the same date changed
opened a trust department and on & Trust Co., according
to the City Deposit Bank
its name
-Gazette" of Sept. 27. The officers
to the Pittsburgh "Post
nt; James
of the institution are: James R. Mellon, Preside
and H. W. Ludebuehl, Vice-Presidents; Robert
A. Johnston
Johnsm
0. Fulton, Cashier; G. P. Richards, Willia Warren
W. E. Richards Jr., Harry D. Johnson and T. Dale
ton,
.
Shotts, Asst. Cashiers, and Albert L. Hunter, Trust Officer
r" printed
In its issue of Sept. 22, the Philadelphia "Ledge
the following in regard to this bank:
stockholders of the City Deposit
of that city under
of Cleveland and the Lake Erie Trust Co.
of the former (indicated in our issue of Sept. 15,
the title
lders of the respective
page 1480) was ratified by the stockho
ng effecinstitutions on Sept. 28, the consolidation becomi
ht Sept. 30, according to the Cleveland "Plain
tive at midnig
y, Oct. 1, business
Dealer" of Sept. 29. Beginning Monda
1612
three offices, West 25th St. and Lorain Ave.,
at the
7019 Superior Ave., N.E., it was said,
Euclid Ave., and
United Banking
would be transacted under the name of the of
$2,000,000,
The new bank has a capital
& Trust Co.
000, deposits of
surplus and undivided profits of $1,800,
,000. Arthur
about $30,000,000 and total resources of $38,000
a messenger with the United BankH. Seibig, who started as
who has been its
ing & Trust Co. thirty-seven years ago and
continues as President of the enlarged
President since 1919,
of the Ohiobank, and Samuel L. McCune, President
Joint Stock Land Bank, the New York Joint
Pennsylvania
ies Co., is
Stock Land Bank, and the Cleveland Securit
has been
Chairman of the Board. William H. Heil, who
the United Banking & Trust Co. since its
• connected with
establishment, is Vice-Chairman. Other officers of the new
organization include J. Horace Jones, C. A. Wilkinson, Reno
P. Ransom, (and Secretary) L. C. Kollie and Charles H.
Hill, Vice-Presidents; Arthur W.Pleister, Treasurer; William
E. Roe, D. A. Berardi and A. M. Rose, Asst. Secretaries;
C. J. Steiger, Asst. Treasurer, and John Ross Cassidy, P. C.
That the Peoples Trust & Savings Bank of Chicago will
give its stockholders valuable rights under a plan for increasing the capital of the institution from $1,000,000 to $2,500,000, was reported in the "Chicago Journal of Commerce"
of October 3. The directors voted on October 2 to recommend the increase in capital to the stockholders, the 15,000
shares (par value $100 a share) of additional stock to be
offered to the stockholders at $200 a share in the proportion
of 134 shares of new stock for each share of old stock owned.
A special meeting of the stockholders will be held on Nov. 15
uing
to vote on the proposed increase, it was stated. Contin
mentioned said:
the paper
Peoples Securities
Part of the proceeds will go to increase capital of the
the increase is approved
Co.. the investment subsidiary of the bank. When
of $1.030,000 and unthe bank will have capital of 82,500,000, surplus
divided profits and reserve in excess of 81,000.000.
is being taken at
According to Earle H. Reynolds, president, the action
of the bank.
this time to meet the rapidly expanding business
We learn from the Chicago "Post" of Sept. 19 that a new
bank—the Unity Trust & Savings Bank—was formally
opened at 3909 West North Avenue, that city, on Sept. 8.
The new bank is one of the strictly locally owned neighborhood banks of Chicago, H. M. Ellinwood, President of the
Cragin State Bank of Chicago, heads the new institution.
Mr. Ellinwood was reported as saying that a hundred of the
stockholderno the Unity Trust & Savings Bank are corn-
OCT. 6 1928.]
FINANCIAL CHRONICLE
munity residents and that fifteen of the sixteen directors
are
local business and professional men. The bank is capitalized
at $200,000 and has combined surplus and reserve account
s
of $60,000. The "Post" furthermore stated that in the
first week the bank was in operation 2.000 accounts were
opened.
John A. Reynolds, Vice-P- resident of the Union Trust
Company of Detroit, in charge of the business extension
department, Was invited by The Friendly Conference of the
general agents, managers and superintendents of the Philadelphia Association of Life Underwriters, to address a dinner
meeting of some of Philadelphia's leading business and
professional men, October 2. Mr. Reynolds' topic was
'Friendly Counsel from a Banker." The invitation was
in recognition of Mr. Reynolds' constructive work
in the
building of a business extension department for a
trust
company.
A press dispatch from Ro-ck Island, Ill., on Sept.
27,
printed in the St. Louis "Globe-Democrat" of
Sept. 28,
reported that the First National Bank of Aledo,
Ill., an
institution capitalized at $50,000, was closed
by order of
Its directors on that day (Sept. 27) because of
depleted
reserves. The closing followed a bank examin
ation, the
dispatch stated.
1903
Sale of stock of the First National Bank of Norman, Okla.
to 28 business men of that place and vicinity, placing control
of the institution in the hands of Cleveland County residents,
was announced on Sept. 19 by Philip C. Kidd, President
of the bank under the new regime, according to a dispatch
from Norman on that day to the "Oklahoman." Resources of
the bank at the close of business Sept. 17, it was stated,
were $1,321,976 and its deposits $1,157,316. Mr. Kidd
was promoted to the Presidency from Vice-President, an
office he had held for the last fifteen years. He succeeds
E. B. Johnson. Three new Vice-Presidents who will serve
with Mr. Kidd are E. H. Stubbeman, President of the Van
Pick Oil Co., S. G. Ambrister, a grain and coal dealer, and
Charles S. Smith, a stockman living near Newcastle, Okla.
The bank was established at the opening of Oklahoma
Territory in 1889, Mr. Johnson becoming its President the
following year. For several years, however, Mr. Johnson
has not taken an active part in its affairs.
Formal announcement of the purchase of the Bank of
Collinston, Collinston, La., by the Citizens' State Bank &
Trust Co. of Bastrop, La., was made on Sept. 27 by E. B.
Folse, President of the latter, according to a dispatch from
Bastrop on Sept. 28, appearing in the New Orleans "Times
Picayune" of the following day. The combined resources of
the institutions are in excess of $500,000, it was stated. The
Collinston bank opened as a branch of the Citizens' State
Bank & Trust Co.on Sept. 27. Miss Ella N.Pipes,formerly
Cashier of the Collinston bank, has been made Manager of
the branch.
Effective Sept. 30, the Fran-klin National Bank of
Newark,
Ohio, and the Old Home Building Association
Co. of that
city, were consolidated under the title of the Union
Trust Co.,
according to advices from Newark on that date
to the Cleveland "Plain Dealer." The two institutions have
combined
resources of $7,500,000 and the new bank will be
Closingof the Bank of Camden, Camden, Ala., on Sept.
of
capitalized
20, following a run on the institution, was reported in a
at$300,000. The officers are Emmet M.Baughe
r,Chairman
of the Board; Warren T. Suter, President; C. C.
dispatch from that place on the same date to the Montgomery
McGruder,
(Ala.) "Advertiser," which read as follows:
Senior Vice-President, and J. H. Franklin,
Cashier
Fo113wing a run staged on the Bank of Camden. Wednesd
Franklin National Bank was organized in 1845, . The
ay,
while the tution failed to open this morning on the advice of the board ofthat instidirectors.
Old Home Building Association Co. was founde
No depositor will suffer loss, according to officials of the
d in 1880.
bank.
When it became apparent Wednesday that a systematic
Reference to the proposed merger appeared in
run was in
the "Chronicle" progress, arrangements were made to secure
additional funds to meet all
of June 9, page 3544.
demands
D. Dwight Douglas, President of the
First National
Bank of Detroit, has announced the appoin
tment of Garnet
W. O'Neil, Comptroller, and Ivo S. Faurote,
an Assistant
Vice-President, to the official staff of the bank's
Fisher
Building branch, which is expected to be
opened early in
October, according to the Detroit "Free Press"
of Sept. 29,
which continuing said:
Mr. O'Neil entered the First National
bank in 1911. and was made
assistant auditor in 1922. In 1923,
he became comptroller. Mr. Faurote
has been connected with the bank since
1905. He became credit manager
in 1910, and Assistant Vice-Presiden
t in 1922.
The following has been received this week from
the First
Wisconsin National Bank, Milwaukee:
Announcement has been made that the
name of the Grand & Sixth
National Bank will be changed to "Sixth
Wisconsin National Bank."
There is a greater significance for this bank
in its new name,since it identifies it both as to location and affiliatio
n. The Sixth Wisconsin National
Bank, which was organized three years ago,
is one of the nine banks affiliated with the First Wisconsin National Bank.
The Second Wisconsin National Bank, located at Second at Wisconsi
n, is another of the First Wisconsin's affiliated banks. The new name will
become effective at once.
Arthur Davidson, Secretary and Sales Manage
r of the
Harley-Davidson Motor Co.; Henry W. Marx,
real estate,
Loans and insurance, and Milton 0. Kaiser,
Secretary of the
First Wisconsin Co., were elected to the board
of directo
of the Vliet Street State Bank, Milwaukee, at meetin rs
a
g of
the stockholders held Sept. 26. The Vliet Street State
Bank
is affiliated with the First Wisconsin National Bank.
Sale of stock of the First National Bank of Norman, Okla.
twenty-eight business men of that place and vicinit
y, placing
control of the institution in the hands of Cleveland
County
residents, was announced on Sept. 19 by Phillip
C. Kidd,
President of the bank under the new regime, according to
a
dispatch from Norman on that day to the "Oklahoman."
Resources of the bank at the close of business Sept.
17, it
was stated, were $1,321,976 and its deposits $1,157,
316.
Mr. Kidd was promoted to the Presidency from
VicePresident, an office he had held for the last fifteen
years.
He succeeds E. B. Johnson. Three new Vice-Presidents
who will serve with Mr. Kidd are E. H. Stubbeman,
President of the Van Pick Oil Co., S. G. Ambrister, a grain and
coal dealer, and Charles S. Smith, a stockman living near
Newcastle, Olda. The bank was established at the openin
g
of Oklahoma Territory in 1889, Mr. Johnson becomi
ng its
President the following year. For several years, howeve
Mr. Johnson has not taken an active part in its affairs. r,
, and a meeting of the directors was called for last night.
At this
meeting the decision was reached to close the doors until
representatives
of the Alabama Banking Department could arrive on the
scene and make
an examination. Judge Thomas was called and
requested to send an
examiner to take charge of the situation.
The run is charged to a "whispering" campaign against the
bank, after
which depositors became uneasy. Every check presente
d during banking
hours Wednesday was paid and the depositors are assured
that sufficient
assets are on hand to pay off every dollar held for depositor
s. W. J.
Bonner is president of the bank. and R.0. Jones is
cashier.
The Citizens' National Trust& Savings Bank,Los Angeles,
has established a travel department, located on the main
floor at the head office, Citizens National Bank Building,
Fifth and Spring streets. Its function will be to assist customers of the bank in their travel plans, making reservations,
securing tickets and passages and obtaining needed information. All important steamship lines of the world will be represented. The department will be under the management
of Harold G. De Golia, the grandson of a Placerville pioneer,
who went to Los Angeles from New York in 1849. Mr.
De
Golia has been in the steamship businses since 1912 with
the
Union Steamship Co., New Zealand Line, Cunard Line
and Mattson Navigation Co. He is resigning the positio
n of
Assistant General Passenger Agent of the last named
company to manage the travel department for the bank.
Announcement was made on Sept. 22 by Leo M. Meeker,
President of the Pan-American Bank of Los Angeles, that
D. W.Hall,for the past 11 years an official of the Mechanics
& Metals National Bank and the First National Bank of
New York City, had been elected a Vice-President of
his
institution and had already assumed his new office, according to the Los Angeles "Times" of Sept. 23. Besides
his
regular duties as Vice-President, Mr. Hall will give special
attention to the development of new business for the PanAmerican Bank. The personnel of the institution is now
as
follows: Leo M. Meeker, President; C. L. Hill and D. W.
Hall, Vice-Presidents; S. A. Lansing, Cashier, and J.
M.
McEvers and H. F. Pierce, Assistant Cashiers. Hr. Mall
is a former Secretary of the Iowa Bankers' Association,
it
wasfurthermore stated.
The promotion of Fred D. Gibbs, Manager of the Santa
Monica (Cal.) branch of the Security Trust & Savings
Bank
of Los Angeles, to the position of Assistant Vice
-Presid
in the commercial loan department at the head office, ent
was
announced on Sept.22,according to the Los Angeles"Time
s"
of the same date. Mr. Gibbs, it was said, would
his new duties on Oct. 1. He has been active as take over
a leader in
various movements for civic development, having
been
1904
FINANCIAL CHRONICLE
[VOL 127.
Steel common was fairly active and sold up to 159 and stooks
like Gillette Safety Razor and National Dairy Products
were especially buoyant, both reaching new high levels.
General Ice Cream made a new top above 84 and Montgomery Ward climbed upward about eight points. Chrysler
was the outstanding feature of the trading on Monday and
again lifted its top with an advance of five points to 1243.
General Motors closed with a fractional loss. Hudson
slipped back a point or more and Graham-Paige was off
about a point. United States Steel common was active
but did not reach its previous top. Specialties attracted
considerable speculative attention. Case Threshing Machine moving up to 376, as compared with its previous final
at 3633. Montgomery Ward was in strong demand early
and made a brisk advance to 264, but slipped
Bank officials expect the bank to pay one more dividend of 10 per cent, in the session
in back in the final hour. Copper shares were higher, especiit was stated. The liquidation is claimed to have been the most rapid
the state's history.
ally Anaconda and Calumet & Arizona, and oil stocks were
Failure of the Hayes & Hayes Bank, which was capitalized firm.
at $300,000, was noted in the "Chronical" of Feb. 19 1927,
Heavy selling characterized the market on Tuesday,
page 1009, and its affairs referred to in our issue of Oct. 8 though a better tone developed in the final hour and much
1927, page 1928.
of the early loss was recovered. General Motors opened
its gain later in the
country, about two points higher, but lost all of
A system, already in operation by banks in this
day. Chrysler moved up to its previous top at 1243.,
making possible the deposit of funds after banking hours, but failed to hold its gain, and there was considerable selling
has been put into force by the Midland Bank, Ltd. of London, at lower prices in Hudson, Hupp, Studebaker and Packard.
an announcement in the matter stating:
sold up to 160 in the early
to thr United States Steel common
The Midland Bank is adding further to the list of services available
res trading, but dropped back and closed at 158. Ludlum
customers of a modern bank. Managers of theatres, cinemas and
businestaurants, shopkeepers, and In fact traders generally who conduct
Steel moved against the trend and sold up to 74%, as comin thole
after the usual local banking hours have always had to retain
pared with its previous final at 69%. Wright Aeronautical
possession considerable quantities of cash overnight or during week-ends
perhaps not dipped ten points from its early high and both Radio Coror holiday periods. This they have had to do under conditions
with conalways calculated to assure the maximum of safety combined
poration and Montgomery Ward lost about five points each.
venience.
the early
cases as these, The flood of selling that swept into the market in
The present innovation is designed to provide for such
of a mechanical trading on Wednesday carried many active stocks to lower
not by extending the hours of banking business but by means
doors of the bank
apparatus available for use during those hours when the
ranging from one to five points below the
in operation levels, the losses
are closed. This apparatus, known as the Night Safe. Is already
As the day advanced, however, the tone
Bank's branch at 20 and 22 King St., Hammersmith, and is previous close.
at the Midland
an improved and the market gradually increased in strength
also in course of Installation at a number of offices in other metropolit
acceptable
districts and at several provincial branches. If found generally
early lows were recorded
and and numerous recoveries from the
the system may be extended to additional branches in busy shopping
at the close. General Motors opened on a block of 15,000
trading centres.
Safe Co..
The Night Safe itself, which Is constructed by the Chatwood
shares at 210%, or nearly four points below its previous
by means of a chute,
Ltd., is inside the bank building and is connected,
from 123k to 119, but recovered
outside wall of the bank. Access to the Night final. Chrysler broke
with a fitting built into the
Studebaker also
by a revolving door in this fitting, the door being controlled later in the day. Hudson, Packard and
Safe Is gained
with
by a special key provided by the Bank. The customer is also furnished
of the early liquidation and moved downThe wallet bears a felt the effects
a leather wallet in which he places cash, checks, &c.
Montgomery Ward dropped rapidly to 250 and
distinctive number and is fastened with a Chubb lock which may be opened ward.
to 239.
means of a second srecial key. After unlocking and opening the American Smelting & Refining receded three points
only by
the
revolving door on the outside wall of the bank the customer places
& Dye and Radio Corporation also suffered
the door closes, thus permitting Allied Chemical
wallet on a small platform which rotates as
Safe. Here it remains heavily. United States Steel common was down nearly
the wallet to travel by way of the chute into the Night
customer or his rerresentaltve calls some time during banking three points, but recovered in the final hour. Ludlum
until the
hours for the wallet to be delivered to him.
against the trend and
of this new Steel, on the other hand, moved
One of the terms under which customers may avail themselves
be used solely for the purpose of placing raised its top to 80 with a net gain of six points.
facility is that the wallet may
The Bank is not
therein articles intended for the credit of his account.
The market again moved briskly forward on Thursday
any cash,
deemed to have received for the credit of a particular account
conhis representative after a further break at the opening. Chrysler was
checks, &c., placed in the wallet until the customer or
of the account. spicuous in the motor group and made a spectacular adhas opened the wallet and paid in the contents to the credit
and it is conThere would appear to be many advantages in the scheme,
at 1293 with a net
welcomed by vance close to 132, but finally closed
fidently anticipated that the Night Safe will be warmly
as by treasurers of gain of 33 points for the day. General Motors moved
numerous tradesmen wherever it is installed as well
churches, clubs and societies.
ahead to 217% and closed at 215% with a gain of two
The Midland Bank has since announced that the Night points. Oil shares were unusually active, particularly
Safe service inaugurated at the King St., Hammersmith, Barnsdall "A" stock which made an advance of three points
office has been extended to the branch at 117 and 119 Bal- and crossed 39. Specialties again moved to the front under
ham High Road, Balham, London, S. W. 12.
the leadership of General Railway Signal which bounded
forward five points to above 111. Collins & Aikman gained
recorded
THE WEEK ON THE NEW YORK STOCK EXCHANGE. about eight points to 70 and substantial gains were
American Zinc,
market suffered a sharp reaction on Tuesday by Victor Talking Machine, Penick & Ford,
The stock
, Gillette Razor, International Nickel and
and Wednesday as a result of the heavy realizing sales but Lead dr Smelting
Steel industrials attracted conon Thursday and Friday. Speculative activity Case Threshing Machine.
recovered
stocks, though specialties, in- siderable attention, United States Steel common rising
centered largely in motor
to its record top, followed by Bethlehem, Republic
dustrials and railway equipment shares enjoyed a good part close & Steel and Youngstown, all of which reached higher
improvement. The weekly statement of the Iron
of the early
levels. Railroad shares moved lower. Stocks continued
Federal Reserve Bank showed an increase in brokers' loans
to move upward on Friday and many new tops were reamounting to $45,270,000, carrying the total to a new high
6% corded all along the line. Motor issues were the outstand
of $4,569,978,000. Call money moved upward from
surged forat 10% ing strong features of the session, and Chrysler
on Saturday to its former high level for this year
ward to its highest peak under the present share capitalizain the final hour of Monday. As the week advanced the rate
Motors also broke
Thursday and to tion. Dodge Bros. "A" stock and Hupp
gradually worked downward to 63/z% on
into new high ground and substantial gains were recorded
the
6% on Friday. Railroad shares were conspicuous in
by several other of the independent motors. Steel shares
trading during the short session on Saturday, Canadian were higher for a time, most of the interest concentrating
four
Pacific leading the advance with a gain of more than
on United States Steel common and Bethlehem Steel, the
points to 203, followed by New York Central which was latter raising its top to a new high. Railroad shares made
points to 176. Misheavily bought and moved forward two
little progress. Specialties continued to attract considersouri-Pacific also advanced two points to 73% and good
as American Zinc and
other members of the able interest, especially such issues
gains were recorded by some of the
new top
ing Universal Pipe & Radiator, both of which reached
grot.p. In the motor section Chrysler was the outstand
Other issues attaining new peaks were Barnsdall
levels.
feature and again raised its top to a new high level at 119%,
"A" and "B" stocks, General Ice Cream, Pressed Steel Car,
though it closed somewhat lower. General Motors opened
Allied Chemical, International Nickel, Pierce Oil pref.,
at 211 and moved briskly forward to 216. United States
director of the Chamber of Commerce and president of the
Greater Santa Monica Club. He is now president of the
Santa Monica Clearing house Association, it was said.
Advices from Aberdeen, Wash, to the Seattle "PostIntelligencer" on Sept. 19 stated that the Hayes & Hayes
Bank of that place, which failed in Feb. 1927, will pay a
third dividend, 10%, on claims amounting to $3,650,000 on
Oct. 8, according to F. R. Amende, the liquidating agent for
the institution. This dividend will bring the total amount
paid by the bank up to 60% of the total allowed claims, it
was said. An order approving the payment of the dividend
and providing for payment of liquidation expenses of $17,000, it was stated, was approved on that day (Sept. 19) by
Judge W. E. Campbell. The dispatch furthermore said:
OCT. 6 1928.1
FINANCIAL CHRONICLE
1905
Penick & Ford, American Zinc and Texa
s & Pacific Coal Corp., class B gained 46
points to 206. Checker Cab Mfg.,
& Oil. The final tone was good.
com. sold up from 64 to 763 and ends
the week at 753i•
TRANSACTIONS AT THE NEW
YORK STOCK EXCHANGE
Columbia Graphophone continued its upwa
DAILY, WEEKLY AND YEARLY.
rd movement,
advancing from 87 to 101%. Hygrade
Food Products sold
Stocks.
up from 493 to 703 and finished to-day
Railroad.
4
State,
United
Week Ended Oct. 5.
at 69%. Neisner
Number of
etc.,
Municipal &
States
Bros. com. improved from 94% to 108
Shares.
Bonds.
Foreign Bonds
Bonds.
and sold finally at
107.4. Schulte Real Estate Co. moved
Saturday
1,845,170
83.693,000
81,261,000
up from 33 to 45%
Monday
3142,000
3,250.550
8,122,000
1,949,000
Tuesday
459,500 and rested finally at 45. Isaac Silver & Bros.
3.626,640
6.096.800
sold up ten
2,404,000
Wednesday
223,000 points to
4.075,010
6,532,000
64 and reacted finally to 61%. A. G.
2,196,000
Thursday
216,500
4,236.770
Spaulding
7,364,200
2,411,000
156,000 & Bros., corn. improved
Friday
4,363,300
8,926,000
from 210 to 253. Tubize Artificial
1,270,000
395,000
Silk, class B advanced from 4853 to 529%
Total
21,397.440 840,734,000 $11,49
and sold finally
1,000
81,592,000
at 525. Utilities show little change. Moha
wk & Hudson
Sales at
Week Ended Oct. 5.
Power rose from 40 to 45M and close
Jan. 1 to Oct. 5.
New York Stock
d to-day at 443..
Exchange.
1928.
Oils were slightly lower. Hygrade Food
1927.
1928.
1927.
Prod. 6% bonds
Stocks
-No. of shares_
sold at 402, an advance of 127 points over
21,397,440 13,494,923
609,321,169
426,642,076
the last previous
Bonds.
sale. These bonds are convertible into stock
Government bonds___ $1,592,000 $3,129
$148,393,250
and the latter
$234,928,800
State and foreign bonds 11,491,000 20,798,000
,000
594.931,635
637,808,600 has shown decided improvement this week.
Railroad & misc. bonds 40,734.000 43,883.
500 1,804,940,176 1.676.859,800
A complete record of Curb Market trans
Total bonds
actions for the
$53,817,000 867,810,500 32,548,
265,061 82,549,597.200 week will
be found on page 1933.
DAILY TRANSACTIONS AT THE
BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
DAILY TRANSACTIONS AT THE NEW
YORK CURB MARKET.
*STOCKS(No. Shares).
Boston.
Phkadelphia.
BONDS(Par Value).
Baltimore.
Week Ended
Oct. 5.
Indus. &
Shares. Bona Saks. Shares. Bond
Sales. Shares. Bond Sales.
Foreign
Oils.
Mining. I Total.' Domestic. Govern
Saturday
ment.
.31,514
$23,000 al5,764
815,500
1,895
Monday
815,000 Saturday
355,750
*44,053
83,850 117.600 557,200
17,000 a27,696
3897.000
8.000
51,689
$181,000
Tuesday
44,700 Monday
696,470
*58,040
99.500
4,000
99,530 895.500 1,304.000
41,156
47.000
84,454
641,000
Wednesday
13,600 Tuesday
*71,734
601,390 112,800
31,000 .236,044
79,910 794,100 2,046.000
12.100
53.217
591,000
Thursday
27,000 Wednesday
*71,329
665.240 173,160
21,000
78,900 917.300
35,055
22,000
52,622
653.000
Friday
45,500 Thursday
773.100 236,800 123,6901.133,590 1,579,000
46,558
5.000 023.020
1,603,000
14,000
03,626
550.000
22,000 Friday
567.450 214,330 131.4201 913,200
1,923,000
305.000
Total
323,228 8101,000 178.735
3118,600
17.503 $167,800
Total
3,659,400 920,440 631.0505,210.890 $9,352
,000 $2,921,000
Prey. week revised 346,050 8108,450
290,267 8169,900
15,241 8207,500
• In addition rights were sold as follows: Saturday,
24,400; Monday, 52,40*
* In addition, sales of rights were:
Tueeday, 29.400; Wednesday, 47,400; Thursday,
Saturday, 55; Monday, 55; Tuesda
25,200; Friday, 28,600.
Wednesday, 1,880; Thursday, 762.
y, 782;
a In addition, sales of rights were:
Saturday. 2,900; Monday, 1,400: Wednes
1,200: Friday, 500.
day,
ENGLISH FINANCIAL MARKET-PER CABL
S In addition, Sales of rights were: Saturd
E.
ay. 62; Monday, 61; Tuesday,
Wednesday, 259; Thursday, 79; Friday
181:
, 407.
The daily closing quota
Week Ended
Oct. 5 1928.
THE CURB MARKET.
Many new high record prices were
established in active
sessions of the New York curb mark
et throughout the
week. Reactionary movements cause
d an uneven trend to
prices but in the main they reached
higher levels. Allied
Packers stock and bonds more than doubl
ed in price on the
announcement of consolidation with Hygr
ade Food Products.
Auburn Automobile advanced from
84 to 1163 and closed
%
to-day at 114. Balaban & Katz ran up
from 893i to 100.
Bancitaly Corp. was off from 128%
to 123%. Bendix
tions for securities, &c., at London,
as reported by cable, have boon as follows the past
week:
Mon..
Tues..
Wed..
Thurs..
Fri..
Sept. 29.
Oct. 1.
Oct. 2.
Oct. 3.
OM. 4.
Oct. S.
Silver, per oz. d 269-16
26%
26 9-16
28%
26 11-16
26%
Gold,perfine oz 84s.11 lid. 849.1114d 845.1114d.
54.9.1114d. 84s.11%d. 848.11
Consols,2 %55%
5511-16
55%
55%
559-16
British, 5% 1024
1023i
102%
102%
10214
British, 4%%98%
9854
9834
99
99
French Rentes
On Paris) fr_
65.60
65.00
64.50
65.00
64.75
French War L'n
(in Paris)_ fr.
93.30
93.40
92.60
92.95
91.75
The price of silver in New York on the same days has
been:
Silverin N. Y., per oz.(ms.):
Foreign
5754
5714
57%
5754
5834
58
Course of Bank Clearings.
Bank clearings the present week will
show a substantial
increase compared with a year ago.
Preliminary figures
compiled by us, based upon telegraphi
c advices from the
chief cities of the country, indicate that
for the week ending
to-day (Saturday, Oct. 6) bank excha
nges for all the cities
of the United States from which it is
possible to obtain
weekly returns will be 20.2% larger
than for the corresponding week last year. The total stands
at $14,361,965,738,
against $11,951,280,316 for the same
week in 1927. At this
centre there is a gain for the five days
ending Friday of
25.4%. Our comparative summary for
the week follows:
Clearings-Returns Si, Telegraph.
Week Ended Oct. 5.
1928.
New York
Chicago
Philadelphia
Boston
.Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Petrolt
Cleveland
altImore
r'tewOrleans
Thirteen cities, 5 days
Cher cities, 5 days
Total all cities, 5 days
II cities, 1 day
Total all cities for week
87.494,000,000
711.694,174
546,000,000
501.000,000
135,872,798
136,700,000
206,358,000
179,290.000
188.352,612
193,991,122
131,501,233
102,740,579
60.176,854
810.587,677,372
1,380,627,410
1927.
Per
Cent.
85,977.000,000 +25.4
615,507.449 +15.6
498,000,000
+9.6
541.000,000
-7.4
119.013,300 +14.2
139,600,000
-2.1
188,396,000
+9.5
150,140,000 +19.4
150,877,636 +24.8
146,002,563 +32.5
124,290,977
+5.8
103,406,001 -10.2
53,122,235 +13.3
;8,806,356,211
1,232,741,370
+19.3
+25.2
814.361.965.738 511,951.2
80,316
+20.2
SUMMARY OF BANK CLEARINGS.
+20.2
+12.0
511,968.304.782 510,039,0
97.581
2,393,660.956
1,912,182,735
results for7the week previous-the week ended Sept.
29.
that week there is an increase of 13.2%, the 1928 aggre For
gate
of clearings for the whole country being $12,267,13
7,393,
against $10,835,254,749 in the same week of 1927.
Outside,
of this city the increase is only 4.3%. The bank excha
nges
at this centre record a gain of 19.0%. 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 18.2%, while in the Boston Reser
ve District
there is a loss of 6.2% and in the Philadelph
ia Reserve
District of 2.2%. In the Cleveland Reserve Distr
ict the totals
are larger by 9.4%. On the other hand in
the Richmond
Reserve District clearings show a diminution of 6.4%
,and in
the Atlanta Reserve District of 7.9%. The Chica
go Reserve
District betters its total of last year by 10.4%,
and the St.
Louis Reserve District by 7.2%, but the Minne
apolis
Reserve District suffers a decrease of 5.3%.
The Kansas
City Reserve District shows a 20.7% expansion, the
Dallas
Reserve District 9.8%, and the San Francisco
Reserve
District 13.1%,
Complete and exact details for the week
covered by the
pregoing will appear in our *ssue of next
week. We cannot
urnish them to-day inasmuch as the
week ends to-day
Saturday), and the Saturday figures will
not
ntil noon to-day. Accordingly, in the abov be available
e the last day
f the week has in all cases had to be estim
ated.
In the elaborate detailed statement,
howev
resent further below, we are able to give finaler, which we
and complete
Week Ended Sept.29 1928.
1928.
Federal Reserve Mats.
8
1st Boston _ __12 cities
510,939.3E6
2nd New York _11 "
7,942,522,069
3rd Philadelphial0 "
592,489,531
4th Cleveland__ 8 "
405,287,238
5th Richmond _ 6 "
176,104,884
fith Atlanta_ .....13 "
192,024,178
7th Chicago -.-20 "
1,052,534,166
8th St. Louis_ 8 "
.
233,110.757
Ott N1Inneep011s 7 "
152,068,410
10th Kansas City12 "
257,376,713
1 1th Dallas
111,165,159
5 "
12th San Fran_ _17 "
606,105,903
1927.
Inc.or
Dec.
1926.
s
%
$
1925.
$
544.720.468 -6.2
557,415,016
564,751,573
6,704,605,012 +18.2 6,078,4493,663 6.851,813.029
605,712,373 --2.2
617,233675
712,135,899
411,391.521 +9.4
439.426.757
429,934,966
188.183,466 -6.4
205,488,411
225,955,602
208,603.616 -7.9
119.171,105
285,287656
962,506.214 +10.4
962,491,780 1,046.782,901
217,482,039 +7.2
215,298,400
2E2,715.119
160,620,513 -6.3
129,371,494
155,,e42
213,193,444 +20.7
232,054,124
239,175,803
92,521,196 +9.8
96 641 861
92,8626564
535,714680 +13.1
644,935,931
536,512,519
Total
129 cities 12.267.137,393 10.535,254.749 +13.2
10,304,331,410 11,105,371,368
Outside N. Y. City
4,447,649,734 4.265.345661 +4.3 4,356.86
3,968 4,690,278,921
•
,...__ _._
.• -•-•
-.--^..
-..• ,•' c". -,-.
,
, ..^ ^^^ -^ -^
[VOL. 127.
FINANCIAL CHRONICLE
1906
Jan. 1 10 Sept. 301925.
September
1926.
1927.
1928. 1927. 1926. 1925. 1928.
(000,000s
l Reserve
$
s
s
s
$
2
2
omitted.)
We also furnish to-day a summary by Federa
1,296
1,348
1,379
1,433
135
140
153
For Louisville
149
8,543 6,823 8,159
7,481
716
the clearings for the month of September.
749
750
Districts of
926
Detroit
1,532
1,838
1,677
1,812
189
country of Milwaukee
176
181
171
5,821
6,831
6,974
7,891
that month there is an increase for the whole $49,412,- Los Angeles
655
753
705
882
518
507
518
690
50
55
54
58
1,821
1,575
7.8%, the 1928 aggregate of the clearings being Although Providence
1.553
1,733
174
174
178
205
Omaha
2.020
2.038
2.021
2,057
230
aggregate $45,832,139,890.
221
229
224
141,653, and the 1927
Buffalo
1,183
1,188
1,109
1,168
132
127
127
134
of $49,412,- St. Paul
852
887
901
898
69
96
this year's total for the month of September
98
93
1,256
1,228
1,235
1,323
is the Indianapolis
144
147
148
155
Denver
2,035
1,921
does not establish a new high monthly total, it
1,828
141,653
1,854
244
212
212
188
814
847
ber in Richmond
798
754
127
98
102
87
Memphis
highest total ever reached in the month of Septem
1,609
1,761
1,748
1,885
204
02
214
211
548
the greater part Seattle
611
604
680
58
60
74
year. New York City is responsible for
57
any
Hartford
623
681
649
684
80
80
76
79
gain being 13.2%. Outside of this city the Salt Lake City
of the increase, its
355,421 339,825
e District
45.813 41,992 36.197 38,833 424.855 372.441 40,555 34,112
Total
increase is only 0.4%. In the New York Reserv
3,799 3,840 3,970 4,123 33,850 33,491
by Other cities
this city) the totals for the month are larger
(including
390,523 373.937
49,412 45.823 40,108 40,758 458.705 405,932
is a decline
Total all
166,706
12.9%, but in the Boston Reserve District there
18,748 18,982 177.063 172,073 173,469
District of 4.6%. Outside N.1.City 19.310 19,238
of 4.9%, and in the Philadelphia Reserve
transactions on
of 4.0%, but
Our usual monthly detailed statement of
The Cleveland Reserve District shows a gain
and the the New York Stock Exchange is appended. The results for
the Richmond Reserve District shows loss 10.4%,
o Reserve Sept. and the nine mons. of 1928 and 1927 are given below:
Atlanta Reserve District of 19.6%. The Chicag
increase, but in the St. Louis Reserve
District records 3.6%
Nine Months.
MinneMonth of September.
District clearings have decreased 1.3%,and in the
Description.
1927.
1928.
1927.
1928.
District 6.2%. The Kansas City Reserve Disapolis Reserve
Dallas Reserve District Stock, number of shares_ 90,578.701 51,578,590 612.832,965 352,959.320
trict shows 10.1% increase, the
9.850 S1,832,976.300
10.9%.
Railroad and miscl bonds $143,518,000 $154,387.250 $1,518,38
617,990,600
584,137,425
3.9%, and the San Francisco Reserve District
State, foreign, &e., bonds 43,598.000 60.193.300
231.800.100
148,943,250
U.S. Government bonds_
September
1928.
$
Federal Reserve Diets.
let Boston _ _..14 Cities 2,171,023.266
2nd New York.14 " 30,761,111,020
2,384.868.780
fird Philadelphial4 "
1,852,868.364
4th Cleveland..15 "
737,999.305th Richmond _10 "
789,340,994
_ _18 "
6th Atlanta__
4,531,724,147
7th Chicago.. _29 "
932,677,399
8th St. Louis_ _10 "
651,785.538
9th MInneapollS13 "
1,320,507.378
10th Kansas City16 "
621,084,584
12 "
Dallas
Ilth
2,664,150.879
12th San Fran_ _28 "
September
1926.
September Inc.or
Dec.
1927.
$
2.282.128.475
27,254,273,160
2,500,8E0,135
1.791,737,483
823,504.148
981,381,759
4,374,901,704
944,521,824
698,003.529
1,199,513,568
597,511.310
2,393,932,797
%
-4.9
+12.9
-4.8
+4.0
-10.4
-19.6
+3.8
-1.3
-6.2
+10.1
+3.9
+10.9
September
192o.
2
2,076.193,067
21,987.787.510
2,456,849,212
1.770,988.040
885.987,821
958,212,231
4,041.229.574
959,980,551
5E8.860.362
1,260,946,416
647,048,520
2,476,244,662
$
1,918.621,087
22,378.759,956
2,592,487.196
3 848 8
1,70 . . 80
919,329,020
1,282,278,809
4,173.584.826
1,001,666,538
672,694,690
1,202,/67,861
609136.268
2,300,845,897
40,108,227,999 40.758,409,038
193 cities 49,412.141.653 45,832.139,890 +7.8 18,748,209,251 18,981,970.549
Total
19,309,813,293 19,232,748,7/01 +0.4
Outside N. Y. City
.
. .
l
We append another table showing the clearings by Federa
nine months back to 1925:
Reserve districts for the
Nine Months.
1928.
1927.
Inc.or
Dec.
23,787.250
22,482,767.000
the
The volume of transactions in share properties on
Jan. 1 for
New York Stock Exchange each month since
years 1925 to 1928 is indicated in the following:
1928.
1927.
1926.
1925.
No. Shares.
No. Shares.
No. Shares.
No. Shares.
34.276.410
44.182.496
49.211.863
56,919,395
47.009,070
84,973,869
Month of January
February
March
38.987.885
35.725.989
52.271.691
41.570.548
32,794.458
38,294.398
92
188,902.334 127.649.569 126.985.565 112.659,3
07
80,474,835 49.781.211 30,328,714 24,844.260
82.398.724 48.597,830 23.341,144 36,847.7 8
5 30.750,78
.63,888,118 47,778,544 38.254,57
First quarter
Month of April
May
June
226,759,689 144.157.585
Second quarter
91,922.433
92.242.735
127
415.662.003 271.807.154 218.907.998 204.002.
18
39,197,238 38.575.576 36,691.187 32.812.61 8
67,191.023 51.205.812 44,491,314 33,047,241
51,576,590 37,030,166 37,109,23
90.578,701
Six months
Month of July
August
September
1925.
1926.
10,198.500
$197.310,500 $238,367,800 22,249,450,325
Total bonds
108 OAR 089 lell 5,57 076 1114 919 AR7 102 089,397
Exchange took place on
•Largest single day's transaction In the history of the
Tuesday, June 12, when 5,052,790 shares were traded In.
Third quarter
Federal Reserve Dist..
054
1st Boston. _ _14 cities 21,505,801,089 21,302,274,
,219
2nd New York.14 " 287.942,759,387 239,904,585 138
22,650,145,705 22,625,830.
3rd Philadelphlal4
16.717,887,325 16,473,642.552
4th Cleveland.. 15
7,232,305,571 7,655.661,508
6th Richmond 10
7.669,845,267 8110.2E8,362
13th Atlanta__ __18
41,455,752,606 39,431,996,571
_29
7th Chicago_ _
8,627.659,360 8,570,318.501
8th St. Louls....10
5,051,047,048 4,684,148,186
9th Minneapolis13
11,933.552,463 10,948,324.696
10th Kansas City 16
4,631,679,555 4,703,491,063
12
11th Dallas
24,016,643,014 21,520,800,661
12th San Fran_ _28
+1.0 20,577,208,263 18,371,918,506
+20.0 222960,959,425 212,677.174.519
+0.1 23,437,713,542 23,3E2,102,618
+1.5 15.934,066,955 15,374,377.572
-5.9 8,166,449,634 7.967,874,826
-5.4 9.507,467.662 9,481,010.9E3
+5.1 38 931,666.892 38.009,528,637
+0.7 8,742,802,849 8,604,027.281
+7.8 4.904,888,520 5,114,838.409
+2.6 10,941,588,686 10,617.295,868
-1.5 4,845,061,180 4,623,401,657
+11.6 21,513,651,337 19,623,321,954
,914 373,936,867,830
193 cities 458,705,278,390 405.931,556,511 +13.0 390.523,543 ,168
Total
4,152
166,726.23
177,063,412,189 172,073,133,196 +2.9 173,468,808
Outside N. Y. City
270 11,467,258,562
31 cities 17,384,429,213 13,972,2E2,246 +24.4 12,534.425.
Canada
y
The course of bank clearings at leading cities of the countr
ber and since Jan. 1 in each of the
for the month of Septem
last four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES.
Jan. 1 to Sept. 30
September
1925.
1927, 1928.
1928. 1927. 1926. 1925. 1928.
(000.0001
s
$
$
$
9
2
omitted.)
207,231
30,102 26,599 21,360 21,774 281.642 233,858 217.055 28,399
York
New
28,391
2,946 2,980 2.651 2,858 27,931 28,945 18,320 18,183
Chicago
1,938 2,030 1,843 1,601 19,055 19,025
.._
Boston
21.395
2,214 2,322 2,282 2,375 21,013 20,994 21,827
Philadelphia
5.587
5,611
5,473
5,495
623
812
581
591
St. Louis
6,522
8.800
7.019
703 6,920
760
732
785
Pittsburgh
6,841
7,361
7,260
8,494
791
836
838
908
San Francisco
2,739
2,891
2,874
2.922
307
304
318
304
Cincinnati
4,252
4,550
4,198
3,943
495
491
443
382
Baltimore
5,144
5,348
5,439
5,364
589
824
574
642
Kansas City
4.431
4,569
4,800
503 5,035
510
634
576
Cleveland
2,252
2,249
2,197
2,119
305
267
292
210
New Orleans
3,184
2,995
2,826
3.104
432
367
450
416
Minneapolis
months
The following compilation covers the clearings by
since Jan. 1 in 1928 and 1927:
MONTHLY CLEARINGS.
Clearings Outside New York.
Clearings, Total AU.
Mont h.
1927.
1928.
%
1928.
1927.
I
%
I$
$
$
$
20.494.049.718 19.638.375.125 +4.8
Jan_ _ 51.537.529,645 45.198.288,595 +14.0 17.781.185.115 17.337.789.024 +2.8
Feb_ _ 44.605,291.181 40,397.006,347 +10.4
7 20.212.540,589 -0.9
55,668.771,916 48.940,295,438 +13.4 20,1 14,938.82
Mar
58.390,i51.618 57,186,704,738 +2.1
1st q 1. 151 711592742 134535590380 + 12.8
278.854 19.248.048.393 +2.4
April 51.757.139327 45.713,507.044 +13 2 19.717
228.860,884 19.228.888.629 +10.4
May _ 57.933.847.751 43.971.807.058 +31.721 537.839.874 19.813.451.814 +3.7
+15.920
June _ 55,276,581.886 47.889.198.950
9.412 58.290.184.836 +5.5
2d Q I. 164 967568 764 187374513052 +28.1 81,483.97
1070 115476889374 +3.8
m L. 316679161508 271910103432 +16.5 11987413
6.913 18.790.711.848 +2.2
July ._ 48,965,124,411 44.236,942.534 +6.2 19.209,680.913 18.572,783.775 +0.5
Aug ... 45,648,850,820 43,952.370.655 +3.9 18.869.803,293,19,232.748,201 +0.4
19,309,81
Sept .. 49,412,141.653 45,832,139,890 +7.8
58.596,243.822 +1.0
6884 134021453079 +6.0 57.189,281,1191
14202811
3d
n 17711R2412 m4172073133196 +2.9
m i 45S 705 2711 300 405 031 55ft 51 1 -4. 1 2
I
g the figures
We now add our detailed statement showin
Jan. 1 for
for each city separately for September and since
ending Sept. 29 for four years:
two years and for the week
.29.
ARY 1, AND FOR WEEK ENDING SEPT
CLEARINGS FOR SEPTEMBER, SINCE JANU
Clawing/ ca-1928.
1927.
Inc. or
Dec.
$
$
F' First Federal Rase rye District- -Boston3,892,044
2,597.127
Maine-Bangor
17,538,835
17,072.904
Portland
1,938.395,455 2,030.212.730
-Boston
Mass.
7.827,410
5,167,284
Fall River
3,581,162
2,278,021
Holyoke
4,496,784
4,683.989
Lowell
4.841,445
4.032,195
New Bedford
21,443,7913
20,742,140
Springfield
14,019,752
14,051,137
Worcester
74,688,409
57,188,675
.
Oonn.- Hartford_ _ _
32,318,750
34.884.286
New Haven
9,919,100
9,199,100
Waterbury
54,334,000
57,829,800
R. 1.-Providenee. _ _
3,014,259
3,161,153
N. H.-Mancheeter
Total(14 Mks) -
Week Ended Sept. 29.
Nine Months.
Month of September.
2.171,023.2138 2,282.128,476
%
1928.
$
1927.
Inc. or
Dec.
1928.
1927.
Inc. or
Dec.
1926.
$
%
$
%
$
8
31,865,738
148.802.263
19,825,043,160
75,872.994
33,888.330
46.615.924
46,411,833
208.778.383
139,382,292
804,044.027
299,471,505
97,171,500
518.895,600
28,834,525
-16.0
+0.7
+0.2
-14.4
-22.9
-1.8
+10.2
+3.3
-1.4
+12.6
+13.4
+0.7
+13
-4.13
-4.9 21,505,801,089 21,302,274,054
+1.0
26,779,832
-33.3
147,686.872
-2.7
-4.5 19,055,483,744
84,938,979
-34.0
25,978,848
-38.4
45.888,011
+3.7
57,155.547
-18.7
-3.3
215,759.507
137,426,599
+0.1
680,238,300
-23.5
339,823,980
+
' 7.3
97,840,800
-7.3
589.698,200
+6.4
27,306,272
+4.9
1025.
$
985,77
6.022,58
499,000.01
2,374,58
577,209
4,502,950
459,000.000
1,086.495
718,572 -10.7
5,089,787 -11.5
488,000,000 -5.9
1,882,908 -35.4
922,598
5,751,789
492,000,000
2,059,025
1,054,715
958.839
5,108,876
3,138.010
13,459,303
7.881,518
1,092,800 +3.5
1,095,173 -12.3
4,971,574 +2.8
3.402.359 -7.5
16,709.689 -19.5
7,812,517 +0.6
953,125
1,035,546
6,979.782
3,918,496
16,979.527
7,980,759
1,082.28'
1,526,20
7,908,19:
4,277,95.
17.680,47
8,180,72
13,513,000
710,871
13,519,500 -9.9
625.611 +13.6
18.035.300
823,089
14,825,3
909,48
-6.2
557,415,018
510,989,386
544.720,468
564,751,5
Om 6 1928.]
FINANCIAL CHRONICLE
1907
CLEARINGS
-(Continued.)
Clearings at
-
Mona of September.
1928.
1927.
Nine Months.
Inc. or
Dec.
1928.
Week Ended Sept. 29.
Inc. or
Dec.
1927.
$
$
$
$
Second Federal Re serve District -New York.-%
N.Y.
-Albany
25,389,084
26,393,235 -3.8
245,582,541
245,776,500
Binghamton
5,333,612
4,909,400 +8.6
52,839,566
49.295,364
Buffalo
223,568,515
228,633,205 -2.2 2,052,143.473 2,020.786,919
Elmira
4,449,241
3,682.800 +20.8
42,837,479
40.728.976
Jamestown
5,706,645
5,518.333 +3.4
51.462.870
64,461,841
New York
30,102,328.360 26,599,391,689 + 13.2 281,641,866,201 233,858,4
23,315
Niagara Falls
6,866.587
5,290,306
+2.9
60,869,590
46,284,945
Rochester
59,711.820
57,342,004
+4.2
566,816,790
538,476.103
Syracuse
24,802.810
26,441,283 -6.2
257,053.552
251,426,439
Conn.
-Stamford--16.682.845
14,580.791 +14.4
157.703,123
146.679,344
N. J.
-Montclair_ _ _
3,910,716
3,542.044 +10.4
34,890,007
33,917.373
Newark
112.365,211
104,169,765 +7.7 1,111,512,154
1,002,997,704
Northern N.J
163.958,263
188.285,830 -2.6 1,603,127,387 1,555,036,838
Oranges
6.037,311
6.092,675 -0.9
64,054,654
60,302,558
Total(14 Mice)-30,761,111,020 27,254,273,160 +12.9
287,942,759,387 239,904.585.219
Third Federal Res erve District. Philadelphia.Pa.-At000a
6,560,476
7,091,718 -7.5
59,978,222
65.133,770
Bethlehem
22,919.385
16.892,10, +35.7
184.400,206
170.817 901
Chester
5.212,182
5.083,911 -12.9
49,987,489
54.642,883
Harrisburg
20,561,009
20.272,693 +1.4
179,646,830
184,411,639
Lancaster
7,794,399
9,305,079 -16.2
85,631,393
86,000,508
Lebanon
2,482.948
2,536.227 -2.1
24,094.266
25,088,702
Norristown
3,972.371
3.684,174
+7.8
39.184,529
35.462.182
Philadelphia
2,214,000,000 2,322,000,000 -4.7 21,013.00
0.000 20.994,000,000
Reading
16,735.470
17,412,494 -3.9
164,179,455
164,452,553
Scranton
24,016.420
32,468,830 -26.0
247,234,923
247,773.701
Wilkes-Barre
17,201,584
18,557,571 -7.3
154,104.173. 159,735,877
York
8,235,959
7,320.053 +12.5
79,059,012
70.308,484
N.J.
-Camden
10,303,547
10,617,786 -3.0
98,376.467
107,765.435
Trenton
24,873,030
26,717.493 -6.9
271,268,740
260,236,503
Total (14 cities)
2,384,868.780 2,500,860,135 -4.6 22,650,145,705 22,625,83
0,138
-0.1
5,137,248
5.887,235
+7.2
1,225,846
1,024,500
+1.6
52,992,664
65,882,876
+5.2
950.479
891.025
-5.5
1.267,269
1,096,297
+20.4 7,817,487,659 6.569,909,098
+31.5
+5.3
13,456.522
13,979.751
+2.2
5,307.000
6,042.895
+7.5
4,126,410
3,314.390
+2.8
800.972
791,643
+11.6
+3.1
39,770.000
45.785,302
+6.2
1926.
%
$
$
1925.
$
-12.8
6.566.458
7,223,635
+19.6
1,188,582
1.409.600
-5.2
52.785.569
64.858.542
+6.7
1,060.660
1.056.516
+15.6
1.141,266
1,638.683
+ 19.0 5.947.467.441 .415,092,437
-3.7
-12.2
+24.5
+1.2
15.870.642
6,517,292
3,354.533
792,858
16,691.107
7,579,168
3.947,272
947.076
-13.3
41.723.382
41.188,993
+20.0 7,942,522,069 6,704,605,012 +18.26.078.466.663 6.653,633
.029
-7.9
+8.0
-8.5
-2.6
-0.4
-4.0
+ 10.5
+0.1
-0.1
-0.1
-3.5
+12.4
-8.7
+4.2
1,529.421
*4.200,000
1,292.965
1,580,335 -3.2
4,624,712 -9.1
1,483,847 -12.9
1.899,215
4,749,631
1,654,433
1.722.971
4.725.427
1,627,373
2,065,540
2,303.637 -10.3
2,819.052
1.568.338
561,000.000
4,452,819
5,694.989
3,718.897
1,882,328
572.000.000 -1.9
4,553,751 -2.2
6,609,672 -13.8
4,534.786 -18.0
1,795,190 +4.8
578.000.000
6.826,514
8.230,260
4,144.783
2,183,455
677.000.000
4.448,933
7,009,000
4.335.375
3,003.329
6,651,572
6.226,443
+6.8
6.726,232
6.695,153
+0.1
592,488,531
605,712.373
-2.2
617.233,575
712.135,899
251,842,000 +8.6
162,183,772 +3.6
2.873,802,256 +1.7
4,800,841,724 +4.0
684.698,300 -2.1
37,080.746 +21.4
17,493,710 -5.8
78.397.424 -2.6
215,357,009 +5.2
28,016.203 -0.3
12.235.486 -12.8
56.280.806 + 12.3
7.019,444,221 -1.4
71,887,341
+9.2
164.481.554 +12.4
12,386,000
3.668,657
76.099,000
140,710,515
18,067.200
8,629.000 +43.5
3,324,365 +10.3
72.514,246
+4.9
120,161,045 + 17.1
18,482,200 -2.1
9.941.000
3.269,653
74,477,581
131,796,575
19,275,400
7. 71.000
5
4.097.732
76,241,928
127.477.004
18,046,400
2,005.863
6,348,487
1,808,200 +10.9
5,201.760 +22.0
2.059.239
5,650,123
2.064.325
8,286,081
181,290.705
+5.3
192.957,186
186.150,486
+1.5
450,267,238
411,391,521
+9.4
439,426,757
429,934.956
47,951,743
198,895,301
1,654,272,964
95.529,959
85,425,654
81,539,605
3,943,280,908
18,187,251
31,844.934
1,045,377,252
50.796,144 +12.4
228,219,839 -5.6
1,828.853.272 -9.5
101,000,785 -5.4
89,158,242 -4.2
77.090.816
+5.8
4,198.470,752 -6.1
19,011,913 --4.3
31,859.481 -0.1
1,031,200,264 + 1.4
1,014.992
4,000,200
50,849,000
1.353,848 -25.0
4,379,072 -8.6
54,292,000 -6.3
1.729.068
8,119,143
52,701,000
1.518.444
8.478,281
60,640.000
27,496,220
25,849,168
+6.4
25,977,376
26.709,781
7,202,305,571
7,655,661,508
-5.9
176,104,884
188.180,466
-6.4
205,488,411
225,954.602
326,672,467
12n,u,11.643
858.778,955
1,899.469.249
70,864,344
41,727,544
84,139,219
632,976,745
114,298,000
141,038.284
927,555,379
65,613,725
63,060.202
66,642.000
78,596,672
33,546,212
15,784,898
2,119,410,729
311,640,719
127.670,559
870,117,425
1,930.266,621
80,687,257
41,322,326
82,811,113
778.422,584
213,725,415
185.620,039
959,281,256
76,648,986
62,434,096
70,505.901
68.080.589
38,238,528
15,798,623
2.196.983.325
+4.8
+1.6
-1.4
-1.6
-12.2
+1.0
+1.6
-18.7
-46.5
-24.0
-3.3
-14.4
+1.0
-5.5
+15.4
-12.3
" 0.1 1
-3.5
7,509.966
2.498,077
23.086.009
50,848,583
7,228,264
8,241,983 -8.9
2.798,975 -10.8
22.976.415 +0.4
54.243.625 -6.6
3.538,477 +104.3
7,542,761
2.856,923
21.409,655
55,651,015
2,980,060
6.833,021
3.223.583
22,006,210
81,649,145
2.950.056
2.781,618
12.812.385
1.521,558
2,809,718 -1.0
13,711.973 -6.4
2.857,000 -44.8
2,371.592
18,983,546
4,832,2
2,320.783
30,095,599
26,341.968
24,076,264
1,934,808
30,750,338 -21.7
1,780.137 +8.7
27,455,254
2.220.015
29.938.791
2.248.568
2,149.379
1,880,000 +14.3
1,759,000
1.740000
446.331
54,450,936
471,118 -5.3
62,543,881 -12.9
482,029
70,627,000
561.744
75.378.418
8,110,285,362
-5.4
192,024,178
208,603,616
-7.9
219,171,105
285,287,886
9,826,051
42,802,372
6.542.903.462
132.746,954
311.120,477
72,235,864
106,201,949
113.853,552
233,730,777
901.803,410
118,908,180
228,315.519
139,708.206
1,676,649,812
38,822,520
110,237,162
394,476.591
387,347.970
19.238,142
244,247,618
49,628,416
64,089,730
62,511,088
26,945,506,579
54,029.431
190,792,790
135,166,127
105,117,822
+6.3
-13.2
+14.3
+14.5
+8.3
+ 12.3
+ 15.3
+ 11.6
-4.8
-0.4
+0.7
-9.1
-6.5
-3.9
+1.3
+4.0
+16.5
+1.0
-1.8
+ 11.1
+8.1
-18.0
+ 16.2
+3.7
-5.9
+10.5
+3.4
+1.7
243,448
914,078
231.328.115
275,176 -11.5
1,250,000 -26.9
161.964,249 +42.8
236,015
1.358,070
169.467.626
237.154
1,141,563
171,002.123
7,782.798
6,944.915 + 11.8
8.782.961
8,046,649
3,804,967
3,370,142
2,925.132 +30.1
2,737.276 +23.1
2,870.639
2,801,29
2,794.994
2,435.107
16,717,887,325 16,473,842,552
N
0
N
.i
N.WWWWWWWW,,a0Mn.NM..t
,
0.01t
-.000010C-00000101001 -W0WWN.M
...1.00010100
0.0101t.Nt-.01W.t.-C-00610.0101 .
,
0NV00010000
.
,,,:t.:4140606Ci.i
Cie5C7VWC7
. ,MC-0,;;N
,roocm00.-0v00100001000'0cc.3.-0100
,...o010t0-N01010001000100.0no 000
cce
00-:cir-01i00ir.:0-.eiv0
.-.06-01
.0100WWWNN0.0.1..010=.1oi01i...00i0;c'
,
-001 Ww.M.
,
er.M
..N0.N.0 ..VM N
0 N..
C:
.
0Cl
N01v11 :0-.NW0hner,t
,
.:0NWV.0Wf.MC1000c,
.
Inc. or
Des.
1927.
190.981,516
o
co
cli
0
Total (29 cities)
4,531,724.147 4,374,901,704
Eighth Federal Re serve District -St. Louis
Ind.
-Evansville
22,659,439
25,665,427
New Albany
658,350
*708.000
Mo.-St. Louis
590,877,552
580,800,000
KY. LoulsvI11e
149,088,242
153,426.840
Owensboro
1.408,245
1,493.289
Paducah
9,326.709
9,342.481
Tenn.
-Memphis- 87.273,953
102,158,507
Ark.
-Little Rock
63,693,616
62,816.319
111.
-Jacksonville_
1,520,542
1,577.554
gullicY
6,170,751
6,533,407
Total 10 Mee)._
932,677,399
944,521.824
273.447.000
167,988,930
2.921.627,162
5,035,207.249
670,365,70
45,033,289
16.476,796
76,365.509
226,457,271
27,945,487
10,667,098
63.230,782
6,919,642,907
78,506,987
184,925.158
%
$
0
0
t:
0,z;001-.400..601..44.60ei0141-Z-00.i010.
-.
iiNN."-'"-'il+TIITITA-177TTITTP++++++
I
---
Fourth Federal Re serve District -Cleveland-Ohio-Akron
34,019,000
28,924,000 +17.6
Canton
20.372,317
18.942,316 +7.5
Cincinnati
304,095.889
318.081.172 -4.4
Cleveland
575,784,822
534,664.986
+7.7
Columbus
71,160.500
76,593,900 -7.1
Hamilton
4,924,702
4,774.813 +3.1
Lorain
1,978,680
1,911.863 +3.5
Mansfield
9,487,117
9.053,350 +4.8
Youngstown
24,205,833
21,493,12 + 12.6
-Beaver Co
Pa.
2,947.736
2,911,068 +1.3
Franklin
912,000
1,445,456 -36.9
Greensburg
11,867,904
6,233,71' +90.4
Pittsburgh
764,861,871
732.487,85
+4.4
Ky.-Lexington
6.877,004
6,837.34
+0.6
W.Va.-Wheeling_ _ _
19,372,989
17,382.495 +11.5
Total(15 cities)
- 1,852.868,364 1,781.737.482
+4.0
Fifth Federal Rose rye District.- -Richmo
nd.
Va.-Hungington.
W.
4.879.680
5.127,627 -4.8
Va.-Norfolk
18,854,688
21,098,840 -10.6
Richmond
187,557,000
212,953.900 -11.9
-Raleigh
N.0.
11,072,909
10,043,913 +10.2
-Charleston_ _ _
8.C.
.
7,921,575
10,617.458 -30.1
Columbia
8,173,779
9,775,621 -16.4
Md.-Baltimore
381,696,385
443,578,025 -14.0
Frederick
2,140,695
2,239,371 -4.4
Hagerstown
3,085,182
3,460,942 -11.6
D.C.-% ashington113,117,413
104.579,351
+8.2
Total(10 cities).137,999.306
823,504,148 -10.4
Sixth Federal Reserve District.- -Atlanta
.Tenn.-Chatt'ga 36,146,646
37,916,771 -4.7
Knoxville
12,557,924
13,337.912 -5.8
Nashville
92,809,852
98,406,521 -5.7
Cla.-Atlahta
204,949,454
242,018,230
Augusta
7.922.703
13,611,653 --41.8
Columbus
4,698.639
5,410,262 -13.2
Macon
10,597.429
14,114,732 -24.9
Fla.-JacksonvIlle
64,384,376
68.326,316 -20.4
Miami
7,671,b00
15,037,000 -49.0
Tampa
12,176.434
15,147.925 -19.6
Ala.-111rmIngham _
99,244,111
123,018,663 -19.3
Mobile
7,271.173
8,266,512 -12.0
Montgomery
7,111,708
6,789,358 -27.4
Miss.-liattiesburg
7,922.000
8,874,000 -8.7
Jackson
8,659,328
10,055,000 -13.9
Meridian
3,688,970
4,260,484 -13.4
Vicksburg
1,802,412
2,085,923 -12.8
La.
-New Orleans
209,726,835
291,924,494 -28.2
Total(18 cities)
789,340,994
981.381,759
Seventh Federal lt eserve DistrIc t
-Ch Rage._
-Adrian
Mich.
1.091,826
1.151,327
Ann Aruor
4,031,873
4,408,332
Detroit
925,677,469
749,858,986
Flint
19,709.972
18.192,053
Grand Rapids
38,859,912
34,101,438
Jackson
9,023,274
7,575,711
Lansing
19,157,480
16,810,393
-Ft. W sync _ _
Ind.
13,540,092
11,756,678
Gary
23,597,571
24,412,345
Indianapolis
92,604,181
96,029,000
South Bend
12,790,900
12.101,900
Terre Haute
20,792,716
24,366,810
Wis.-Madison
13,175,813
14,543,713
Milwaukee
171,104.935
181,371.999
Oshkosh
3,994.363
4,522,201
Iowa-Cod. Rap _-_
12,079,019
12,279,742
Davenport
51,850,338
44,230,089
Des Moines
43,285,812
41,118,422
Iowa City
2,130,833
2,326,772
Sioux City
32,381,532
26,208.550
Waterloo
6,228.678
5,052,132
111.
-Aurora
5,457,761
6,476.837
Bloomington
8,622,448
7,350,028
Chicago
2,946,014,104 2,980.377,396
Decatur
6,353,450
6,598,277
Peoria
23,690,947
20,517,981
Rockford
14,622,290
14,027,509
Springfield
10,845,558
10,111,083
1928.
+3.6 41.455,752,606 39,431,946,571
1,769.334
90,974.938
2.412.778 -26.7
99,893.600
-8.9
3,030,940
3.215,790
113,930.884
125.393,2015
20.833,000
2,749,300
5.097.661
21,314,000
2.618.300
5,509,977
-2.3
+5.0
-7,5
21.783,917
3.034,900
5 334 911
. .
16,523,000
3,362,825
3,527,756
37.738,900
39,499,947
-4.5
41,674.276
39.841.571
2,849,209
2,757.688
+3.3
2,758,451
3,053,798
10,697,000
8,960,089 + 19.4
9,622,116
13,002,894
7,950,175
1,486,451
6,911,270 +34.5
1,211.956 +22.6
6,860.002
1,422,330
7.308.785
1.707.931
1,556,277
701,335,480
1,218,553
5,522,724
3,374.958
2,700,929
1,525,420 +2.0
675.970,690 +3.8
1.264,680 + 1.2
4.317,317 +34.1
3.131.019 +7.8
2,417,113 +11.7
1,510,278
670,926,222
1,245,836
4,764,588
3,189,138
2,550,212
1,653.848
752,132.846
1,458,037
6.250.236
7,093,732
3,202.539
+5.1 1,052,534,165
952,606,214 +10.4
962.491.786 1,046.782,981
-11.7
-7.0
+1.7
-2.8
-5.7
-0.2
-14.6
+1.4
-3.6
-9.6
187,153,493
6.529.787
5,555,467,615
1,433,382,709
15,153,456
90,551,434
753.737,234
512,626.705
13,789,803
59.417.124
230,862,400 -18.9
7.478.984 -2.0
5,472,521.186 +0.4
1,379,483.557 +3.9
14,539,244
+4.2
85,433,424 +6.0
795,893,484 -5.3
509,210.106 +0.7
15,347,080 -10.2
59,749,036 -0.6
-1.3
8,627,859.360
8,570.318,501
+0.7
5,945,208
4,912,030 +21.0
5.798.441
5,531,871
147,600,000
35,384,831
285.697
130,800,000 +12.8
32,996,967 +7.2
281.435 +1.5
141.400.000
30,916.891
282,052
189.300.000
31,189,006
298.066
25,682.100
16,467.702
300,126
1,445,093
31,046.207 -17.3
15.788.007 +4.4
320,263 -6.3
1,337.130 +8.1
28,485.545
16.645.321
408.03'
1,324,171
35.728.116
18,564,631
496.578
1,606,851
225,298.460
262.715,119
233,110,757
217,482,039
+7.2
[Vol.. 127.
FINANCIAL CHRONICLE
1908
-(Concluded.)
CLEARING8.
Inc. or
Dec.
Total 13 cities)---
-
1926.
%
$
$
1925.
8
18,168,730 -28.5
106,727.667 -6.0
9,247.684
83,563,837
12,301,524
102,875,477
30,707,949
1.772,989
27,890,535 +10.1
1,788,360 -0.9
29.136,933
1,816,728
32,870,824
1,798,243
1,408,212
1,667,723 -15.7
1,465,565
1,795,087
1.019,387
801,508 +27.2
779,271
833,723
3,148,764
3,822,000
3,678,000
-6.8
+7.8
152.068.410
160,620,523
-5.3
129,371,494
155,623,642
15,636,833
18,496,304
190.537,456
1.552,844,009
91,382,576
124,823.880
318,977,125
61.313,752
5,438,561,005
252,614,315
661,406
1,102,758,468
447,429.573
46,932,800
1,234,586,190
50,764.004
+3.6
+16.8
-0.6
+11.6
-11.8
+15.4
+13.7
-14.8
-1.4
+9.5
368,824
494,070
4.217.200
48,478.458
208.205 +77.1
395.987 +24.8
4,336,901 -2.8
38,510,931 +25.9
307,090
434,460
4.569,305
40,703,340
402,514
630,534
5.240,848
42,128.252
2.832 362
8,710,094
2,373,040 +19.4
6.791,078 +28.3
124.487.531 +21.2
6,042,562 +23.2
2,578,447
7,113,700
3,425,652
7.877,581
138.710.641
6.145.042
142,786,143
6.814,599
+0.6
+1.2
+12,4
+7.2
+8.7
30,988,924
463 10,948,324,696
1,320,507,378 1,199,513,566 + 10.1 11,233.552.
+2.6
257,378,713
654,785,536
621,084,684
Total(12 cities).-
_
Seattle
Spokane
Yakima
Idaho-Boise
Ore.
-Eugene
Portland
Utah-Ogden
Salt Lake City...Nev.-Reno
Arts -Phoenix
Cal.
, -Bakersfield- Berkeley
Fresno
Long Beach
Los Angeles
Modesto
Oakland
Pasadena
Riverside
Sacramento
San Diego
San Francisco
San Jose
Santa Barbara
Santa Monica
Santa Rosa
Stockton
Inc. or
Dec.
3,366,476
698,003,529
Eleventh Federal Reserve Distr let-Dallas
9,836,950
10,631,355
-Austin
'Texas
8,019,000
8,200,000
Beaumont
255,592,04
261,719,707
Dallas
19,598,210
22,560,098
El Paso
55,624,110
61.452.128
Fort Worth
30,301,000
37,640,000
Galveston
174,094,429
176,223,906
Houston
2,774,626
2.466.208
Port Arbutr
3,731,309
3,519.290
Texarkana
10,406,000
9,855.000
Witchita Falls
27,533.634
26,816.892
La,
--Shreveport
Twelfth Federal
$
$
1927.
1928.
12,985,791
100.354,082
-6.2
Tenth Federal R erre District -Kansas Cit y1,587.908 +6.0
1.683.892
Neb.-Fremont
2,144,638 +18.1
2,533,344
Hastings
20,984,768 -6.8
19,553,047
Lincoln
178,306,558 +14.9
204,948,073
Omaha
10,191,869 -9.1
9,264,846
-Kansas City_
Kan.
13,501,022 +12.8
15,233,160
Topeka
33,963,057 +12.0
38,025,067
Wichita
7.058,949 -20.9
5,582,481
plin
Mkaiouri-Jo
574.018,370 +11.9
642,276,891
Kansas City
27,624.028 +20.7
33,337.000
St. Joseph
Okle.-McAlester122,634,319 +3.1
126,477,700
Oklahoma City_
47,741,274 +13.7
54,289,000
Tulsa
5,561,638 +7.2
5,960.563
--Colo. Springs
Colo.
+4.3
148,317,022
154,707,289
Denver
5.878,155 +12.9
6,635,025
Pueblo
Total(16 cities)
3
1927.
++-1-.+++++I
%
$
6
Ninth Federal Re r erve District -Minneapoll 861,991.726 -25.5
.16,211,159
•
-Duluth
Minn.
450,273.465 -7.6
•
415,941,668
Minneapolis
2,739,660 -2.2
2,679,850
•
Rochester
127,140,928 +5.1
133,675,340
•
St. Paul
8,100,253 -1.9
7.944,632
Dak.-Fargo. _ .
No.
6,479,000 -3.9
6,225,000
Grand Forks
1,812,770 +20.5
2,184,286
Minot
7,743,338 -10.1
6,962.735
-Aberdeen_ .
S. D.
6,738,577 -2.4
6,574.349
•
Sioux Falls
3,401,317 +7.9
3,668,770
Mont.
-Billings
5,941,027 +14.8
6,819,657
Great Falls
+1.5
14,768,326
•
14,935,016
Helena
933,142 +3.2
963.074
•
Lewistown
1928.
Inc. or
Dec.
..,40GINWOW
1927.
1928.
Week Ended Sept. 29.
Nine Months.
Month of September.
Clearings at
+8.1
+2.3
+2.4
+15.1
+10.5
+24.2
+1.2
-11.1
-5.7
-5.3
-2.6
+3.9
597,511,310
-San Franc iscoeserre DIstrIc t
.4 000 000 +13.4
3,438,000
214,086,058 -1.2
210,622,288
58,443,000 +7.0
62.543,000
6,575,921 +27.1
8,358,495
5,933,027 +11.1
0,593,869
2,184,000 +5.2
2,297,000
174,514,626 -1.6
171,758,403
10,116,769 +4.4
10,566,012
76,518,730 +7.3
79,497.629
3.306,800 +11.0
3.670,374
11,148,000 +26.7
14,129,000
5,361,798 -6.6
5,006.209
20,852,572 -1.4
20,554,226
29,483,777 -27.0
14,956,977
27,834,321 +24.7
34,7:4,121
704,966,000 +25.1
881,573,000
4,246,493 +2.4
4,350,015
+6.5
75,734.866
80,669,263
25,392,185 +5.3
26.738,446
3,783,200 +5.8
4,003,064
36,877,006 -6.6
3-i,4'0.063
20,595,287 +11.5
22,9E8,540
837,898,702 +8.3
907,577,905
+8.2
12,726,726
13,764,723
6.362,245 +13.4
7,216,126
9,126.282 -1.7
8,967,205
2,472,906 -6.4
2,314,626
12,258,500 -11.4
10,862,300
301,662,855
2.826,074,431
23,707,936
1,108,895,428
71,182,048
51,423,000
12.211.756
46,948.713
64,574,528
23,031,240
35,842,668
112,742,710
5,848.873
5,051,047,048
4,684,146,186
16,197,108
21,427,307
189,590,466
1,733,118,511
80,636,594
144,102.041
362,547,618
52,240,435
5,363,921,045
278,527,429
1,109,554,990
542,724,181
52,738,253
1,323,026,078
55,200,407
++.-1-1-
291,095,203
3,104,461,919
24,248,273
1,167,625,308
75,385,108
51,476.000
15,202.384
52,197,341
64,412,399
25,647,575
45,744,456
127,038,820
6,512,262
68,156,129
76,355.000
1,934,765,961
209,145,741
507,701,506
205,333,000
1,271,626,570
21,545,661
23,229.454
99,060,013
214,760,520
60.976,155
77,162,000
1,866,343,361
181,607.932
457.829.236
336,635,000
1,359,323,448
24.134,282
23,339,040
110,689,274
205,451.341
+11.8
-10.
+3.7
+ 15.2
+10.9
-39.0
-6.5
-10.7
-0.5
-10.5
+4.5
4,631,679,555
4,703,491,063
-1.5
32,372,600
1,885.092,326
513,641,000
56,094,914
47,385,551
18,444,856
1,443,950,652
64,037,207
683,935,112
27,347,790
138,059,000
48,552,817
197,043,920
138,757,880
313.810,864
7,890,822,000
35,856,335
772,586.024
268,111,665
41,322,223
286,449,917
219,329,435
8,494,314,866
124,054,833
66,466,134
86,844,568
19,755.625
101.303,500
36,128,000
1,746,394,468
478,083,000
51,505,543
43,349,686
19.682,750
1,454.039,761
57,750,564
649,073,107
26,530,782
107,660,900
47,987,655
190.660.107
150,081,882
275,259,590
6,973,787.000
32,638,143
718,984,260
262,908,707
44.843,404
299,160,450
222,464,741
7,260,110,627
105.381,344
56,090,929
86,409,056
18,618,605
105,215,600
-9.7
+7.9,
+7.4'
+8.9'
+9.31
-6.3
-0.7
+12.4:
+5.4
+3.1
+28.2
+1.2
+3.3
-7.5
+14.0
+13.2
+9.9
+7.5
+2.0
-7.9
-4.2
-1.4
+17.0
+ 17.7
+18.5
+0.5
+6.1
-3.7
150,849.350
7,446,952
+8.8
29,868,407
27.945,991
1,508,923
1,213,191 +24.4
a
aa
1,48E556
1,281,638 +15.7
1,442,501
a
1.181,192
641,405
a
1,281,784
213,193,444 +20.7
232,054.124
239,175.303
28.480,380
2.485,968
1.921.834 +29.4
2,117,670
2,206,030
+8.4
59,299.429
58,363.780
14.660.482 +5.5
7,910,000 +21.6
15.179,267
15,820.000
12,856,123
13,218,000
62,224,138
62,008,837
15.462,289
9,616,000
-6,020,043 +12.6
6,225.495
6.218,966
+9.8
98,641,861
92,862,899
48,266,717
14,220,000
1,869,802
+3.5
46,645,054
12,653,000 +12.4
1,609,747 +16.2
48,795,209
13,558,000
1,68E552
45,604,254
12,275,000
1,863,625
39,770.105
38,103,737
4:4
-1--
40,402,435
42,129,723
17.959,454
+12.3
20,100,020
19,623,968
4,138,447
8,326.699
207.752,000
4,904.509 -175:13
6,160.354 +35.2
162,668,000 +27.7
5,323.359
6,607,173
173,173,000
5,579,690
6,486,360
156,093,000
17,690,331
5,830.633
7
17,560,658 +0.7
5.373,616 + 8.5
17,626,719
5,423,175
21,631,865
5,575,020
7,032,469
5.090,888
216,913,992
3,170,711
1,556.251
1.925,808
6.169,514 +14.0
4,262,661 +19.4
202,892,000 +6.9
3,058,363 +3.7
1.221,181 -20.2
1,952,834 -1.4
7.704,779
5,354,906
189.567.000
3.617,477
1,319,343
2,112,284
8,688,827
5.803,124
162,803,000
3,338.195
1,379,649
2,045,379
6.776,766
101,565.159
20,159,950
92,521,196
-4.7
2,509.500
2,592,000
535,714,880 +13.1
2,401,100
544,935,931
536,512,519
2,519,600
014 21,520,800,661 +11.6 606,105,903
-- 2,654.150,879 2,393.802,797 +10.9 24,016,643,
301331410 11105371368
,556.511 +13.0 12,267137393 10 835254749 +13.2 10
49,412.141.653 45,832,139,890 +7.8 458,705,278.390405.931
Grand total(193 cities)
,
1
+2.9 4,447,649,734 4.265,345,651 -4.3 1,356,863,978 4.690,278,92
172,073.133,196
+0.4 177.063.412,189
- 19,309,813.293 19.232.748.201
'Outside New York
Total(28 cities)
JANUARY 1. AND FOR WEEK ENDIA. G SETP. 27.
CANADIAN CLEARINGS FOR SEPTEMBER, SINCE
Week Ended Sept. 29.
Nine Months.
Month of September.
-Clearings at
1927.
1928.
WW,1000
ppOt-Mi2MON.VOCWWW000C.,WWWW
,N
M
MW.TMONONW049-.Q m4 MOONWN
--,t-WW.M.00MOMOMOOM
.NWI
W0.r.o0t,
NONW
7TW.
..
00..WN,
...WWWWOMgONt-OWC-MWWWM,NOW.
..0 -.WoOw.ro
.
WOONO 00OM ONC..VV.TholOMMWV , ,
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Port William
New Westminster____
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
,
.athain
Sarnia
Inc. Or
Dec.
8
546,641,308
560,763,207
183.430,449
74,328,829
30.157,992
27,527,768
12,915.928
25.375,572
29,552.086
10,408,558
9,747,313
12,892,652
22,887.925
20,416,076
2,695,186
2,722,794
9,682,882
5,832,619
5,439.348
4,332,702
3,700,999
1,445,507
3,878.603
3,822,872
4,679,363
10,393,422
1,723,828
3,695,452
4,291,220
3,322.667
3,420,994
1928,
1927.
Inc. or
Dec.
%
8
$
%
-1.1 5,762,798,052 4,576,528,658 +25.8
-1.2 5,500,307,824 4,469,347,083 +23.1
+33.7 2,310,811.538 1,761,536,533 +31.2
668,347,106 +20.6
806,215.762
+8.9
260,829,356 +16.7
304,344,245
+9.4
248.433,799 +4.0
258,379,792
+12.3
116.271,272 +16.7
135.688,284
+9.1
215,044,567 +15.5
248.448,418
+4.0
283,793,850 +63.7
464.649.843
+62.1
67,610,150 +12.7
110,031,832
+6.3
85,499,020 +15.3
98,573,882
+4.9
118,373,221 +11.4
131.926.763
+6.8
198.834,923 +25.6
249.710,738
+19.9
162,465,427 +26.0
204.707,966
44
+3 .
21,368,525 +17.7
25,145,366
+32.8
20,469,982 +39.5
28.557,087
+37.2
74,063,762 +28.6
95,231.838
+22.5
46,621.215 +7.7
50,228,112
+14.3
44,714.338 +19.5
53,430,508
-1.3
36,112,491 +15.3
41,620.070
+23.2
31,451,620 +2.8
32,325,834
+3.9
11,109,095 +60.4
17,815,579
+07.8
+7.8
32,695,301
35,242,071
+6.7
35,244,879 +4.7
36,894,975
+4.5
43,001,412 +11.7
48.018,448
+10.2
175,197,417 +8.3
189,761,867
+16.6
14,448,601 +20.0
17,343,157
+20.0
33,084,066 +6.8
35,336,552
+0.0
31.227,751 +47.2
33,481,155
-14.8
29,991,032 +2.0
30,597,246
-5.9
25,566,218 +4.8
26,801,409
-10.0
+6.4 17.384.429.213 13. 72.282.246 + 4.4
irOtal( 31cIties)__ _. 1.757.551_541 1.651 129.121
Man I uteruses to repor weekly clearings. * Estimated.
1928.
1927.
Inc. or
Dec.
6
8
%
125,044,709 127,443,129 -1.9
122,038,819 132,349,430 -7.8
+60.9
44,582,718
71,733,341
16.573,652 +26.3
20,925,142
6,069,045 +24.0
7,523,939
5,816,285 +17.6
6,837,605
2,890,287 +16.4
3.370,977
4
5.658.749 +7.
6,078,882
6,738.999 +86.4
12,560,288
2,233,761 +27.3
2,843,569
2,108,493 +7.7
2,271,798
+5.8
2,956,841
3.129,666
5,527,168 +12.5
6.220,531
4,616,021 +43.7
6,638,229
572.496 +49.8
857,069
583,116 +58.9
894.929
49
2,041,040 +4 .
2,958,138
1.272,118 +18.9
1,512,610
1,330,722 -1.9
1,316,092
963,990 +42.5
1.373.505
860.158 -4.2
823,684
360.194 -34.1
483,114
801,496 +17.3
940,069
711.638 + 19.4
849,605
1,058,875 +21.3
1.283,958
4,732.924 +25.7
5,948,992
308,811 +30.6
481,567
735,285 +22.7
002,431
1.075.302 -20.1
859,056
766,353 -1.3
756,527
634,483 -0.1
634.122
420.092.953
384.413.579
+9.3
1926.
1925.
8
$
98,117,384 119.013,863
90.421,827 131,048,991
73.197.888
58,667,253
16.889,876
15,437.937
5,480,496
5,419,808
6,139,963
5,966,707
3,701,843
2,769,611
5,009,312
4,852.568
4,374,028
4,727,310
2,285,978
2,753,958
2,112,798
1,769,990
2,274,751
2,230,523
4,768,844
4,438,469
6,679,324
5,387,532
829,877
588,683
550,103
434,147
1,799,166
1,836,445
1,324,186
1.429,527
931,662
932.607
909,848
786,305
861.207
768.759
301.594
272.053
685,476
817.535
705,077
775.104
904.729
934,339
3,229,657
4,221,449
263,735
330,548
805,082
781.181
684,901
616.239
580,156
631,792
319.227,746
398.369,312
OCT. 6 1928.]
FINANCIAL CHRONICLE
gotauverciat antiMiscerianeotts cum
Breadstuffs figures broyight from page 1971.
-All
the statements below regarding the moveme
nt of grain
receipts, exports, visible supply, &c., are prepare
d by us
from figures collected by the New York Produc
e Exchange.
First we give the receipts at Western lake
and river ports
for the week ending last Saturday and since
Aug. 1 for
each of the last three years.
Receipts at
-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.196Ibs. bush. 60 lbs. bush, 56 lbs. bush. 32 lbz.bush.4
91bs bush ($6165.
Chicago
283,000
634,000 2,126,000
790.000 438,Ill
93,000
MinneaPolis6,009,000
69,III
486.000 921,III
316,000
Duluth
7,858,000
8,III
198,000 2,478,III 1,093,000
Milwaukee_ ...
75,000
120,111
154,000
78,0001 297,III
23,000
Toledo
156,000
14,III
103,00
7,III
7,000
Detroit
28.000
20,000
38,0001
22 Ill
4,000
Indianapolis.
96.111
336,000
240,000
St. Louis...119,000 1,242,111
914,000
297,000 106,III
31,000
Peoria
57,000
53.000
624,000
175,000
35,III
2,000
Kansas City..
2,070.111
658,000
172,000
Omaha
833,000
389,000
198,000
St. Joseph_
338,111
168,000
180,000
Wichita
304,111
29,000
8,000
Sioux City_
52,000
145.0001
114
10.III
Total week '28
634,000 19,793,000 5,654,000
Same wk.1927 551,000 20,068,000 3.344,000 3,077.000 4,314,000 1,569,000
Same wk.1926 545,000 9,212,000 3,978,000 3,289.000 2,952.I I 2,397,000
2,636.000 1,214,
'II
684,000
Since Aug.I1928
4,425,000165.959,000 43,795.000 43,174,00041,301.0
1927
4,294,000155,042,000 38,919,000 41,127,00025,064,000 7,421,000
1926
4,560,000122,816,000 26,980.000 39,740,00011,971,00013,793.000
0013.626,000
Total receipts of flour and grain at
the seaboard ports for
the week ended Septurday, Sept. 29,
follow:
1909
Sept. 29
-The City National Bank of Dayton, Ohio
$500,000
and -The City Trust & Savings Bank of Dayton.
Ohio
250.006
Consolidated to-day under the Act of Nov. 7 1918,
as
amended Feb. 25 1927, under the charter of the City
National Bank of Dayton, No. 2874. and under
title of "the City National Bank & Trust Co. the
of
Dayton," with capital stock of $750,000. The consolidated bank has six branches all located in the City
of Dayton.
Sept. 29
-The First National Bank of Tulsa, Okla
$2,000,000
and -First Trust & Savings Bank of Tulsa, Okla
1.000.000
Consolidated to
-day under the Act of Nov. 7 1918 as
amended Feb. 25 1927, under the charter of the First
National Bank of Tulsa, No. 5171, and under
the
title "the First National Bank & Trust Co. of Tulsa,"
with capital stock of 82,500,000.
Sept. 29
-The City National Bank of Boonville, Ind
875.000
and -TheFarmers & Merchants Nat'l Bank
of Boonville
75.000
Consolidated to-day under the Act of Nov. 7 ,Ind.
1918,
under the charter of the City National Bank of Boonville, No. 10813, and under the corporat title
"First National Bank of Boonville," with ecapital of
stock of $112,500.
BRANCHES AUTHORIZED UNDER THE ACT
OF FEB. 25 1927.
Sept. 27
-New Jersey Nat'l Bank & Trust Co. of Newark,
N.
Locations of Branches: Vicinity of 380 Springfie J.
ld
Ave.. Newark. Vicinity of 307 Bank St., Newark.
Vicinity of 9 Clinton St., Newark.
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and
Buffalo on Wednesday of this week:
By Adrian H. Muller & Sons, New York:
Shares. Stocks.
$ ptr oh. Shares. Stocks.
$ per sh.
6,000 Lardeau Mines, Ltd., par $1:
950 Rio Bravo 011 Co., pref..
17 Citizens Gas & Fuel Co. of
par $1
77 lot
Dunkirk. 50 Butler Gas Lig. &
$800 Rio Bravo 011 Go. ParticiHeating Co., par 510. 167 St.
pating oil certifs., series 1
34 lot
James Importing Co., corn.,
300 Silver King Products Corp.,
par $10, 250 Pacific Devel. &
class 13. cons. v. t. c., no par
77 lot
Impt. Co., Ltd., par 51. 260
10 Staten Island Nat. Itk.&Tr. Co.170
Century (Jonsol. Oil Co., par al,
10 Somerville (Ind.) State Bank... 60
Receipts al
- Flour.
Wheat.
Corn.
3,000 Pennian & Trans-Pecos
Oats.
Barley.
120 Coastal 011 Fields, Inc no par2
Rye.
35 lot
Texas Copper Co.. par $I. 500
2.200 Nat.Baking Co.,com.,
Barrels.
Bushels.
Bushels.
Ely Verdi Copper Co.. par 85:
Bushels.
Bushels.
Bushels.
2,000 Atille8M8 Asphalt Co. of
New York._
352,III
573,Ill
29,
$5,000 Interest in the Bridge
148,000 202.000 108,000
America, common, no par
Philadelphia__
40,000
1
43,000
12,
River Develop. Co. $40 demand
14,000
32,000
1,000 Marine Coal Co
Baltimore_
22,000
130,I 1
12,
notes of Wm. Lindeburgh, dated
27,000
117.000
3,000
eo St. Augustine & Atlantis Corp.,
Newport News
2,000
July 30 1902, Dec. 16 1904 and
pref.; 170 common. no par
Norfolk
1 lot
June 4 1906 $315.75 demand
40,000
254 Electric Ferries, Inc., com.v.t.e.
New Orleans•
40,000
185,I,
note of W. W. Brown, dated
3,000
3 III
,
110 par
Galveaton_
23(
214,000
Mar. 20 1905 $100 all right.
250 Electric Ferries, Inc.,com.v.t.c.
Montreal ...74,0
5,327,II
title and interest 01W. D.Briggs
750,000 3.369,Ill
95,000
no par
Boston
34,000
63,000
In the Walter Scott group of
18,000
1,000
2,000
mining claims located In Aleante
Bonds.
Total week '28 564,000 6,535,000
Per Cent.
108,000
District, Lake Co., Colo., with
960,000 3.764,000 208.000
$500 Deutscher Vereln 30-yr. Inc.
Since Jan.I'28 17,935,000 175.345.000
63,235,000 27,131,00029,984,00013.657.000
assignment
360 lot
deb.reg. bonds, due Apr. 1 1955 565 lot
50 Marguerite Realty Corp 260
Week 1927$1,000 Island Ref. Corp. 7% &
513,000 6,899,000
185,000
Salerno Properties, Inc., no par:
298,000 793,000 2,332,000
Since Jan.1'2716,166,000204,267,0
panic. 10-yr. gold bonds ctf.dep.$90 lot
00 7,802.000 18.294,000 2,389,000 5,078,000
100 Dorothea Realty Corp. 20
$87.500 General Mines Corp. of
• Receipts do not Include grain passing
Pompano Heights, Inc. 25 Los
Bolivia 7% col. tr. 7s Jan. 1 1934,
through New Orleans for foreign ports
on through bills of lading.
Olas Hotel Co.. Inc
50 lot
with all coupons attached.$1,100 lot
By Barnes & Lofland, Philadelphia:
The exports from the several
seaboard ports for the week
Shares. Stocks.
ended Saturday, Sept. 29, are
S per Sit. Shares. Stocks.
$ per Sh
shown in the annexed state- 3 Mfrs. Title Tr. Co., Par $50- 52
&
5 Chester (Pa.) Nat. Bank
ment:
335
50 Home Protective Co., par 810.. 1204 10 Springfield Nat.Bank.
Del.Co..
1 Jenkintown (Pa.) Bk & Tr. Co._.555
Pa
150.1,
10 Nat. Bank of Germantown, par
3 First Nat. Bank & Tr. Co.,
Exportsfrom1Vhcat.
Corn.
Flour.
Oats.
$50
Rye.
Barley.
595
Merchantville, N. J
310
10 Penn. Nat. Bank
766)4 1 First Camden (N. J.) Nat. Bank
Bushels. Bushels. Barrels. Bushels. Bushels.
Bushels. 3 Central Nat. Bank
790
New York
& Tr. Co.
944,323
4403i
83,190
52,135
51,600 135,863 6 Real Estate Land Title de Tr.
- 795
10 Mitten M.& M.,Bk.& Tr. Co.,
Boston
116,000
23,000
17 Integrity Trust Co.,par $50.- 683
unstamped
Philadelphia
125
6,000
40,000
190,000 3 Fidelity Phila. Tr. Co.
890
5 Bk.of No. Amer.& Tr. Co.
Baltimore
6,000
450%
1,000
251,000 4 Provident Trust Co.
835
14 Empire Title & Tr. Co., par $50,
Norfolk
5 William Penn Title as Tr. Co.,
40,000
$25 paid
Newport News
61
2,000
par $50
79
155 Allegheny Title & Tr. Co., par
New Orleans
513,000
19,000
16 Federal Trust Co.
23.000
17,000
800
$50
Galveston
232,000
tio
2,000
Security Title & Tr. Co., Par
76,000 20
11 Morris Cemetery Co.,(PhoenixMontreal
3,966,000
145,000 487,000 517,000 2,672,000
$50
70
ville, Pa., par $10
534
I °
,
10 Security Title & Tr. Co, Par
75 Eyre Collieries Co
Total week 1928... 5,891.323
$50 lot
19.000 279,190 596,135 568,600 3,364,863
850
70 4 Little Schuylkill Nay., RR. &
Same week 1927_.._ 8,052.806
4.000 257.437 172.000 1.914.792 1.119.954 3 Manheim Trust Co., par $50
651.(
Coal
42%
6 Colonial Trust Co., par $50
246% 13 Elmira & Williamsport RR.,
The destinat'on of these exports
for the week and since 5 69th St. Term. Title az Tr. Co.,
pref
640(
par
171
July 1 1928 is as follows:
30 Huntingdon & Broad Top Mt.
68 69th St. Term. Title & Tr. Co.,
RR. & Coal, pref. Ctf. of dep.. 2
par $50
168
25 Welts Co. inc., corn
$1 lot
10 Belmont Tr. Co., par $50
Flour.
170% 4 Abington Bank & Trust
Wheat.
80
Corn.
10 Glenslde (Pa.) Trust Co., par
&ports for Week
100 Bankers Security Com., full
$50
and Since
Week
58
Since
paid
Week
156
Since
Week
Since
75 Union Bdg. Co., no Par.. 50%
July 1Sept. 29 July 1
1 Mine Hill & Schuylkill Haven
Sept. 29
July 1
Sept. 29
July 1
Pd
1928.
16
1928.
RR
1928.
1928.
544
1928.
1928.
5 Tenth Nat. Bk. of Pinta
398
20 Broad St. Trust
95
4 Manayunk-Quaker City Nat. Bk 525
Barrels. Barrels.
Bonds
Barrels.
Per cent
Bushels. Bushels. Bushels.
9 Phila. Nat. Bank
United Kingdom_ 121,091
760
946,966 1,400,785 22,448.14
$1,000 Bergner & Engel Brewing
709,326 3 Northwestern Nat. Bank
Continent
125,379 1,454,949 4,483,538 68,613,248
965
Co., 1st 60., 1926
6
40
26,000 1 Nat. Bank of Olney
So. & Cent. Am-- 10,000
150
117,000
$3,000 Illinois Coal Corp. 1st 83.
5,000
59,000
1,000
85,000 1 Tradesmens Nat. Bk.& Tr. Co. 547
Wed Indies
10,000
111,000
Is, March, 1943
2,000
$25 lot
20.000
18,000
347.000
Other countries
12,720
215.648
681,945
By A. J. Wright & Co., Buffalo:
2,250
Shares. Stocks.
Total 1928
279,190 2.845.562 5,891,323 91,822.33
$ Per
$ per oh.
9
19,000 1,169,576 10 Labor Temple Assn. of Buffalo sit. Shares. Stocks.
Total 1927
251.437 2.404.826 8.052.808 72 437 030
100 New Sutherland Divide, par$10SI lot
4 non
24s non
Vicinity, Inc..Par 15
500.1ot 1,000 Baldwin Gold Mines, par --12He.
1,000 West Dome Lake, par fl_
Sc. 10 Assets Realization Co
50c.lot
National Banks.
-The following information regarding
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
national banks is from the office of
S per Sit. Shares. Stocks.
$ per A.
the Comptroller of the 42 Barnard Mfg Co
10 Eastern Util. Associates, corn-- 41
5 Pepperell Mfg. Co
Currency, Treasury Department:
985t 6() University Associates
47
23 Bates Mfg. Co
143% 10 Shawmut Ass'n 40% paid
52
CHARTER ISSUED.
25 Dwight Mfg. Co
12% 10 Hood Rubber Co. 754%, prefer
15 Arlington Mills
36
ence
Capital.
Sept. 29-Exeter National Bank, Exeter, Neb
8334
50 Sharp Mtg. Co.,
254
8 units First Peoples Trust
825.000 4 Contimsntal Mills Coto
Conversion of Exeter State Bank,
51%
Exeter,
86
50 Shawmut Bank Invest. Trust-- 3634
President, Wm.
P. Wallace: Cashier, II. Neb.
100 Arlington Mills
38
10 Old Colony Trust Associates.
M. Link.
.5634
6 U. S. Worsted Corp. 1st M.:
44 units First Peoples Trust-52%
CHANGE OF TITLE.
99 U. B. Worsted Corp.,
86 special units First Peoplee Trust 3%
Sept. 24
-The Grand and Sixth National Bank of
0002
$10.50 lot 5 Converse Tire & Rubber Co.,
Milwaukee,
Wisconsin, to "Sixth Wisconsin National
25 Saco Lowell Shope, 2nd pfd__-- 834
PM. par $50
Bank of
$150
Milwaukee."
50 Pepperel Mfg. Co
98% 50 Great Northern Paper Co., par lot
13 Ludlow Mfg. Associates
20004
$25
VOLUNTARY LIQUIDATION.
8034
22 B.B.& R. Knight Co., ord.- lox 55 Rockland
L. & P. Co., pkl.
Sept. 27
20 Pepperell Mfg. Co
-The First National Bank of Rodeo, Calif
98%
v.
550,8840.
$50,000 100 Nipissing Extension Mines, peril lot 100 t. c., par
Effective March 1 1928. Liquidating Agent,
Beacon Participations Inc., pfd. 8834
50 Draper Corp
Hart, Rodeo, Calif. Absorbed by Bank of L. E.
64
class A
Pinola,
57 liaverhid Electric
California.
(undeP)
10 Hood Rubber Co.7%%. prefer 17li
Par
CONSOLIDATIONS.
Co..
25, 74 ex-div.
83
250 Northwest Oil Co., 1:18X El, $2.50 lot 5 ecne
Sept. 27
-The Broad and Market National Bank & Trust
47 Malden Electric Co.. par $25___ 9504 20Laconia Car Co., 2nd old
Co.
334
of Newark. N. J
Georgia Casualty Co., par,$20. 24%
$1,325,000 30 Brockton Gas Light Co., (unand -Guardian Trust Co. of New Jersey, Newark,
25 Haverhill G. L Co., par
den). par $25
5,000,000
4004 ex-cliv. 2 Engineers Public Service 825._ 65)4
Consolidated to-day under Act of Nov. 7 N. J
Co.,5%,
1918, as
10 Brockton Gas Light Co., v. t. c,
amended Feb. 25 1927, under the charter of the
pfd
Broad
par $25
100
4014 ex-div. 50 Shawmut Ass'n 40%.
and Market National Bank & Trust Co. of Newark,
paid
18 New England Power Co., 6%
No.9912 and under the corporate title of"New Jersey
11 Charlestown G. & E. Co., (tm- 52
Did., $100
115 ex-div.
National Bank & Trust Co. of Newark," with
del)). par $25
capital
140
100 Lynn Gas & Electric Co.. v.1.
of 82,850,000. The consolidated bank has
4 State Theat e Co., Corn.
C., Par $25
branches located in the City of Newark. N. J. two
163
280 Old Colony Trust Assoolates 534
Norcross Bros. Co., Pia
25c
$57
mg
1910
FINANCIAL CHRONICLE
[Arm.. 127.
Books Closed
When
Per
Days hiclUdill.
Cent. Payable.
By R. L. Day & Co., Boston.
Name of Company.
$ Per Ph.
11 per Ph. Shares. Stock.
Shares. Stock.
24114 150 Lockwood Greene & Co., 7%,
Miscellaneous (Concluded).
4 Liberty Trust CO
25c. Nov. 1 Holders of Me. Oct. 1
pfd; 10 Lockwood Greene & Co..
303
Inc. (guar.)
10 Springfield National Bank
$2.50 lot Davega,
250. Nov. 1 Holders of roe. Oct. 1
corn. B as bonus
12714
Extra
1 Clinton Trust Co
6734
4234 20 Gamewell Co.. corn
ts, Inc.(K. C.)
12 Otis Co
5154 Diversified Investmen
Oct. 15 Holders of rec. Oct.
$1
10 Units First People's Trust
42
A
.Corn
Class
10 Nashua Mfg. Co
Oct. 16 Holders of rec. Oct.
$1
9814 15 special units First People's Trust 314
Class C
43 Pepperell Mfg. Co
115%
15.4 Oct. 15 Holders of Teo. Oct.
15c 25 Libby Burchell Fisheries Co._
First preferred (guar.)
8 Weetamoe Mills
Oct. 15 *Holders of rec. Oct.
14 Champion Spring Co.: 12 Jackson
11
Electric Hose & Rubber (guar.)
1 Border City Mfg. CO
.134 Oct. 15 *Holders of rec. Oct.
Motors Corp. pfd. par, $10;
35,1
Extra
10 Stafford Mills
Nov. 1 Holders of rec. Oct. 1
$1
80 Jackson Motors Corp. corn.,
234
Eureka Pipe Line (guar.)
16 Chace Mills
Nov. 1 Holders of rm. Oct. 2
*S1
par, $10; 20 Norcross Bros Co.,
634
Eureka Vacuum Cleaner (guar.)
1
3 Laurel Lake Mills
Co.
pfd.; 60 Commonwealth Film
3714e. Oct. 31 Holders of rec. Oct.
20c
Exchange Buffet Corp.(guar.)
6 weetemoe Mills
.50e. Oct. 1
100
Par. $5: 1100 Great Texas 011 de lot Fafnir Bearing (guar.)
C90 Border City Mfg.
115
par 21
Oct. 1
"50c.
Ref., Co.,
60
Extra
6000 U. S. Worsted Corp. Corn.
Fall River Gas Works. par 825 60
•32.50 Nov. 1 'Holders of rec. Oct. 20
350 U. S. Worsted Corp. lit pref.- 400 42 Internat. Power & Paper Co. B 2134 Fajardo Sugar. corn. (guar.)
Oct. 15 *Holders of rec. Oct. 10
10034 100
Fenton Un.Clean.& Dyeing. corn.(gu.)
10 Esmond Mills, pfd
Co.. par
Oct. 15 *Holders of rm. Oct. 10
8934 114 Great Northern Paper
Common (extra)
10 Sagamore Mfg. Co
81
*134 Oct. 15'Holders of rec. Oct. 10
$25
6
PR.
Preferred (guar.)
25 Suncook Valley
Oct. 20 Holders of rec. Oct. 10
$2
Gorton Pew Fisheries Co.. Ltd.
20
Firestone Tire & Rubber, corn.(guar.)._
10 Puget Sound Power & Light Co.
64
Sept. 18
Corn.
99, ex-div.
(In corn.stock).- *150 Nov. 1 *Holders of rec. Sept.25
6% pfd
Per Cent. Fostoria Glass, corn.B (guar.)
Bands.
•300. Oct. 1 Holders of rec.
pfd
Gemrner Mfg.. class
22 No. Bost. L'tg. Prop.,
1 Holders of rm. Oct. 150
Lockwood Greene & Co.
750. Nov.
$10,000
52
corn.(No. 1)
(undeP) Par 50
2014 flat General Mills, Inc.,
,
250. Oct. 20 Holders of rec. Oct. 13
tr. 75. 1933. ctf del
Stor.com.(gu.)
10 Merrimac Chemical Co.(Par S10) 6134
$ per R(ght. Grand (F.& W.)5-1.0-25c
114 Nov. 1 Holders of rec. Oct. 13
Rights.
30c
Preferred (guar.)
100 Mexico Oil Corp.(par $10)
Park G. & El.
3511 1 Dedham & Hyde
Harris(B. T.) Co.com.-Dividend omit ted.
400 Carr Fastener Co.. Co
2
of rec. Nov. 1
Light Co.. v. t. c.
Hartford Times, Inc.. Partic• prof.(qu.) 75e. Nov. 15 Holders of rec. Sept.25
Oct. 1 *Holders
•31
Henney Motor, pref. (qua:.)
"500. Oct. 25 *Holders of rec. Oct. 20
Homestake Mining (monthly)
DIVIDENDS.
•3714c Nov. 1 *Holders of rec. Oct. 11
Horn & Hardart of N.Y.(guar.)
.25e. Nov. 1 *Hciders of rec. Oct. 11
In
Extra
Dividends are grouped in two separate tables. ced the Humberstone Shoe, Ltd.,corn.(guar.).- *50c. Oct. 16 *Holders of rec. Oct. 1
the
dividends announ
*50c. Oct. 16 "Holders of rec. Oct. 1
Extra
first we bring together all the
(gu.) 75e. Oct. 15 Holders of rec. Oct. 6
table, in
current week. Then we follow with a second ced, but Industrial Bankers of Amer.. corn.
81.75 Oct. 15 Holders of rec. Oct. 6
Preferred (guar.)
of rec. Oct. 19
which we show the dividends previously announ
Industrial Finance Corp.. pref. (guar.).. IN Nov. 1 Holders of reo. Oct. 4
Internat. Accept. Bank, corn. (guar.).- 11.50 Oct. 15 Holders of rec. Oct. 18
which have not yet been paid.
Holders
Nov.
$1
International Cigar Machinery (guar.).Holders of rec. Oct. 10
114 Nov.
The dividends announced this week are:
International Nickel. pref.(guar.)
Holders of rec. Oct. 10
Nov.
Kaufmann Dept.Stores, Inc.. corn.(gil.) 37 Nc. Nov.
Holders of rec. Oct. like
Books Closed
Keystone Watch Case, pref.(guar.).- 8734c.
When
Per
*250. Nov. 'Holders of rm. Oct. 15
Days Inductee.
Kress (S. H.) & Co., coin.(guar.)
Cent. Payable.
Name of Company.
stock). .50c. Nov. "Holders of rec. Oct. 15
Coro.(payable in special pref.
*Holders of rec. Oct. lb
*15e. Nov.
Special preferred (guar.)
Railroads (S earn).
*Holders of rec. Oct. 15
4150. Nov.
Landay Bros. (guar.)
1 'Holders of rec. Oct. 26
15 Holders of rm. Oct. 5
Atcb., Topeka & Santa Fe. corn. guar.) *234 Dec.
75c. Oct.
Lefcourt Realty Corp.. pref. (gu.)
rec. Nov. 1
Louisiana 011 Refining. pref. (quar.)---• 81.625 Nov. 15 *Holders of rec. Oct. 20
Public Utilities.
of
Holders of rec. Oct. 9
McCrory Stores Corp.. prof.(guar.).- "IN Nov. 1 "Holders of rec. Oct. 8
& Foreign Power, 2 pref. A gu.) $1.75 Oct. 22 Holders of rec. Nov. 1
Amer.
15e Oct. 15 Holders
Manufactured Rubber, pref.(guar.).250. Nov. 15
loo Nov. 1 Holders of rec. Oct. 20
Amer. Water Works & Elea., corn. flu.) •40c. Oct. 15 *Holders of rec. Oct. 3
Metropolitan Royalty Corp.(No. 1)-- Bridgeport HydramIc guar.)
3134c Oct. 15 Holders of rec. Oct. 1
15
Meyer-Blanke Co.(guar.)
au.).- •134 Nov. 1 *Hol-ers of rec. Oct. 15
Light, 7% pref.(
Central Power &
3714c Nov. 15 Holders of roe. Nov. la
Miami Copper Co.(guar.)
•114 Nov. 1 *Holders of rec. Oct.
Six per cent preferred (guar.)
Oct. 15 Holders of rec. Oct. 10
Motion Picture Capital Corp.(guar.).- 2
Oct. 15 *Holders of rec. Oct. 8
11
Chester & Philadelphia Fly. (guar.)- - - - 4
Nov. 1 *Holders of rec. Oct. 15
Oct. 15 *Holders of rec. Oct. 1
Mullins Manufacturing, pref.(guar.).- "2
Cities Service rower a: Lt. $6 pr.(mthly) *50c. Oct. 15 *Holders of rec. Oct. 1
Jan 2'29 *Holders of rec. Deo. 5
Dairy Products, corn.(In corn.stk.) •11
Nat.
• 58 1-3c
4.1% Nov. 1 'Holders of rec. Oct. 15
$7 preferred (monthl )
20
Nov. 15 Holders of rec. Oct.
Nat. Dept. Stores, 1st pref. (qua:.).
Columbia Gas & Elec., corn.(guar.). - - 21.25 Nov. 15 Holders of rec. Oct. 20
"11i Dee. 1 *Holders of rec. Nov. 15
Second preferred (guar.)
114
Six per cent pref., series A (guar.).- -•134 Nov. 1 *Holders of rec. Oct. 15
Nov. 1 *Holders of rec. Oct. 15
National Tea, pref. (guar.)
*2
Commonwealth Edison ((war.)
50c °ept.29 Holders of rec. Sept. 28
Northern Paper Mills, corn
"60c. Oct. 15 "Holders of rec. Oct. 2
Concord Electric. corn.(guar.)
75c Oct. 15 Holders of rec. Oct. ba
Inc., pref. (guar.)
Oct. 15 "Holders of rec. Oct. 2
.114
Oil Shares,
Preferred (guar.)
Nov. IS Holders of roe. Oct. 26
$1
Oct. 10
Nov. 1 Holders of rec.
3
Oppenhelm, Collins & Co.(guar.)
Edison Elec. Ill. of Barton (euar.)
Nov. I Holders of reo. Oct. 20
$I
Outlet Company, corn. (guar.)
Corp.
Electlo Power & Light
134 Nov. 1 Holders of rec. Oct. 20
1 Holders of rec. Oct. 13
3714c. Nov.
First preferred (guar.)
Allotment certificates, fully paid
114 Nov. 1 Holders of rec. Oct. 20
Sc. Nov. 1 Holders of rec. Oct. 13
Second preferred (guar.)
Allotment certificate., 40% paid
25c. Jan 229 Holders of rec Nov. 29
Overman Cushion Tire, class A & B.. Divide nd pass ed
Engineers Public derv., com.(ou.)
*31.75 Nov. 1 'Holders of roe. Oct. 13
of rec. Nov. 29
$1.25 Jan 2'29 Holders
Pacific Steamship, pref. (guar.)
25 preferred 'qua:.)
•134 Oct. 10
Oct. 15 *Holders of rec. Oct. 2
Page & Shaw, Inc., pref.(qua:.)
Exeter & Hampton Elec.. corn.(guar.). '2
350. Oct. 1 Holders of rec. Sept.29
of rec. Oct. 31
Patos Realty Holding Corp., corn
Foreign Power becurities.6% pref.(gu.) 114 Nov. 15 Holders of rec. Oct. 20
44c. Oct. 1 Holders of rec. Sept.29
*6214c Nov. 1 *Holders
Preferred (guar.)
Hartford Electric Light (guar.)
411.25 Oct. 10 *Holders of rec. Sept.29
*1214c Nov. 1 "Holders of rec. Oct. 20
Phila. & Camden Ferry (guar.)
Extra
rec. Oct. 20
of rec. Oct. 20
Piggly Wiggly West States, A (guar.).- '3714e Nov. 1 *Holders of rec. Sept.20
Havana Electric & Utilities. 1st pf. (ou.) $1.50 Nov. 15 Holders of roe. Oct. 20
of
$1.25 Nov. 15 Holders
Plymouth Finance corp.. pref. (guar.). 2 , Oct. 1 Holders of me. Sept. 20
Crmulative preference(guar.)
2
Oct. 1 Holders
Oct. 2 *Holders of rec. Sept.26
*3
Plan Co.. prof. (guar.)
Plymouth
Holyoke Water Power (guar.)
750. Nov. 1 Holders of roe. Oct. 15
Oct. 2 *Holders of rec. Sept.26
*2
Postum Co., Inc., corn.(guar.)
Extra
314 Nov. 1 Holders of rec. Oct. 20
Nov. 1 Holders of rec. Oct. 16
$1
Prudence Co., Inc.. pref.series of 1926
Long Island Lighting, corn. (Qtr.)
214 Oct. 15 Holders of rec. Oct. b
15'Holders of rec. Oct. 3
corn
Realty Associates,
Los Angeles Gas & Elec., pref.(guar.).- "134 Nov.
3
Oct. 15 Holders of rec. Oct. b
Oct. 15'Holders of rec. Sept. 29
*2
Second preferred
Mountain Ftates Tel. & Teleg.(guar.)
87lie. Oct. 1 Holders of rec. Sept. 25
of rec. Oct. 20
Resource Finance & Mtge., pf.(No.1)
National Flee. Power, class A (guar.).- •450 Nov. 1 "Holders of rm.. ept. 15
$1.75 Oct. 1 Holders of rec. Sept. 25
Oct. 1 Holders
$1
Rhode Island Ice. pref. A (guar.)
Providence Gas (guar.)
42 Nov. 15 Holders of rec. Oct. 31
134 Oct. 15 Holders of rec. Oct. 1
Richardson Co. (guar.)
Sedalia Water. pref. (qua:.)
*SI
Nov. 15 Holders of rec. Oct. 31
Extra
*37Sic
Shasta Water, class A (No. 1)
*50c. Nov. 15 *Holders of rec. Oct. 20
50c. Nov. 15 Holders of rec. Oct. 20
Richfield Oil (guar.)
Southern Calif. Edison, corn. (guar.)...
*31.50 Oct. 1 Holders of rec. Sept. 24
Nov. 15 Holders of rec. Oct. 31
Richman Bros. Co., corn. (guar.)
corn.(gu.)---. $1
Southern Canada Power,
"75e. Nov. 1 Holders of reo. Oct. 15
11, iders of rec. Sept. 29
Oct. 15 4
"2
Salt Creek Producers Assn.(guar.)
Southern N. E. Telephone (guar.)
*50c. Nov. 1 Holders of reo. Oct. 16
30e. Nov. 1 Holders of rec. Oct. 15
Seaton Leather, corn.(guar.)
Utility Shares Corp., emu
•6214c Nov. 1 Holders of rec. Oct. 15
& Co.(guar.)
Nov. 15 Holders of rec. Oct. 20
134
Sears, Roebuck
West Penn Elec. Co., 7N pref. (gu.)
•1% Oct. 31 Holders of rec. Oct. 17
20
114 Nov. 15 Holders of rec. Oct.
Scott Paper, pref. series A (guar.)
Six per cent pref. (guar.)
17
'134 Oct. 31 Holders of rec. Oct. 6
•75c Oct. 16 *Holders of rec. Oct. 6
Preferred, series B (guar.)
York Railways, corn.(max.)
rec. Oct.
'6214c Oct. 31 "Holders of rec. Oct. 20
Shares Holding Corp., class A (guar.). _ 4334c. Oct. 10 Holders of rec. Oct. 6
Preferred (qua:.)
of
50e. Oct. 10 Holders
Clam A (extra)
Banks.
Standard Royalties Newoka Corp.
Oct. 15 Holders of rec. Sept.29
Nov. 1 Holders of me. Oct. 31
5
Preferred (monthly)
Corn Exchange (quay.)
50c. Oct. 2 Holders of ree. Oct. 2
114 Oct. 1 Sept. 21 to Sept. 30
Straus (S. W.) de Co. of Del., corn. (gu.)
Harlem Bank of Commerce (guar.).- $1.50 Oct. 15 Holders of rec. Oct. 5
Superheater Co.(guar.)
15c. Nov. I Oct. 18 to Oct. 31
Fire Insurance.
Tech-Hughes Gold Mines, Ltd
20c. Nov. 1 Holders of rec. Oct. 15
$1 Oct. 15 Holders of rec. Oct. 5 Telauto.raph Corp.. corn. (guar.)
Niagara Fire (guar.)
'134 Nov. 15 Holders of rec. Oct. 13
Tide Water 011, pref.(guar.)
of rec. Oct. 20
Miscellaneous.
Tung Sol Lamp Works, corn. (guar.)_ _ _ *20c. Nov. 1 Holders of roe. Oct. 20
Nov. 15 *Holders of reo. Oct. 24
"45c. Nov. 1 Holders
*31.75
Class A (guar.)
Allis-Chalmers Mfg.. corn. (guar.)
.50c. Nov. 1 Holders of rec. Oct. 20
*75c. Oct. 15 *Holders of rec Oct. 12
Class A (extra)
Amer. Chain, cum.(guar.)
rec. Oct. 15
Nov. 1 Holders of rec. Oct. 15
1%
2
United Clear Stores of Amer., pf.(guar.) •14 Nov. 1 Holders of
Amer. Cigar, corn.(qua:)
1 "Holders of rec. Oct. 10
Oct. 15 Holders of rec. Oct. 5
U.S. Finishing, corn.(guar.)
Amer. Commercial Alcohol. pref. (ou.). *81.75 Nov.
Nov. 1 Holders of rec. Oct. 18
•134 Oct. 1 Holders of rec. Oct. 5
& Fdy., corn. (guar.)_ - $1
Preferred (guar.)
Amer. Machine
IN Nov. 1 Holders of rec. Oct. 1I4
50e. Oct. 15 Holders of rec. Oct. 1
corn. (qua:.)
Preferred (guar.)
1
la U. S. Radiator,
nt me. 0.'1.
5 N
134 Oct. 15 Holders of rec. Oct.
Preferred (guar.)
Amer. Phenix C.,rp.. gen. stock (qua:.). 75c. Oct. 15 Holders of rec. Sept. 30
*50c. Oct.
'$1.75 Oct. 15 Holders of rec. Sept. 30
pref. (guar.)
corn. (guar.)
U. S. Rayon,
Amer. Rolling Mill,
of rec. Sept. 30
•114 Oct. 15 Holders
Van de Kamp's Holland-Dutch Bakers,
Old preferred (guar.)
Nov. 1 Holders of rec. Oct. 11
375,4e. Oct. 1 Holders of rec. Sept.20
Inc.. corn.(No. 1)
Amer. Smelting de Refining, corn. (4111.)- *S2
$ 1.6234 Oct. 1 Holders of rec. Sept. 20
•134 Dec. 1 Holders of rec. Nov. 2
$614 prof. (guar.)(No. 1)
16
Preferred (guar.)
5
15 Holders of rec. Oct.
*El
Nov. 1 Holders of rec. Oct. 1
Vick Chemical (guar.)
Amer. Vitrified Products, corn. (guar.). *50c. Oct. 1 'Holders of rec. Oct. 20
Nov.
•11‘ Nov.
•70c. Nov. 15 Holders of rec. Oct. 19
Vorcione Corp.. prof.(guar.)
Preferred (guar.)
1 Holders of rec.
*Holders of rec. Nov. 15
Nov.
•750. Dec. 17
White Sewing Machine, prof. (guar.)... *el
21
Andes Copper Mining (special)
25c. Oct. 1 Holders of rec. Sept.
15e. Nov. 1 Holders of rec. Oct. 20
Yellow Cab, Inc., Newark (guar.)
Angus Company, corn.(No. 1)
Nov. 1 Holders of rec. Oct. 20
$I
Preferred (guar.)
29
"134 Oct. 15 *Holders of rec. Sept.
Asbestos Corp., Ltd., pref. (qua:.)
Below we give the dividends announced in previous weeks
11
1
Atlantic Ice Mfg., corn.(No. I)
134 Nov. 1 Holders of rec. Oct. 16
Atlantic Refining, pref. (guar.)
This list does not include dividends an1.14 Nov. 1 Holders of rec. Oct. 19a and not yet paid.
Atlas Powder, pref. (guar.)
*50c. Nov. 1 *Holders of rec. Oct. 20
Balaban & Kau, corn. (monthly)
nounced this week, these being given in the preceding table.
•50c. Dec. 1 *Hloders of rec. Nov. 20
Common (monthly)
Books Closed
•50c. Jan. 1 "Holders of rec. Dec. 20
When
Per
Common (monthly)
"134 Jan 1'29 *Holders of rec. Dec. 20
Days Inclusive.
cent. Payable
Preferred (guar.)
Name of company.
rec. Oct. 13
Carpet,corn.& pf.(gu) 111.50 Nov. 1 *Holders of
Bigelow-Hartford
"334 Oct. 1 *Holders of rec. Sept. 24
Blyn Shoes, Inc., pref
Railroad.(Steam).
"S1.50 Dec. 1 *Holders of rec. Nov. 15
114 Dec. 1 Holders of rec. Oct. 201
Borden Co.(guar.)
Holders of rec. Oct. 1
$1 Oct. 10 Holders of rec. Oct. 20 Baltimore & Ohio, corn. (guar.)
1)
Dee. 1 Holders of rec. Oct. 20a
1
Brooklyn Macaroni, Inc.(No.
guar.)
Preferred(
134 Nov. 1
Oct. 10 Holders of rec. Sept. 294
Brown Shoe, Prof. (guar.)
Carolina, Clinchfield & Ohio (guar.) --- 1
296
750. Nov. 15 Holders of rec. Nov. 5
llender, corn. (qtr.)134 Oct. 10 Holders of rec. Sept. Sa
Brunswick-Balke-Co
Stamped stock (guar.)
Oct. 31 Holders of roe. Oct. 16
$1
211( Jan 1'29 Holders of rec. Dee.
2
Burroughs Adding Mach.(special)
Chesapeake de Ohio pref. series A
Nov. 1 Holders of me. Oct. 18
$1
Oct. 20 Holders of rec. Sept. 28a
Canadian Bronze, corn. (guar.)
& St. L., corn.(guar.)
Cleve. Cin. Chic.
134 Nov. 1 Tiniders of rec. Oct. 18
r ct 1.29
15,4 Opb. 20 Holders of rec. Sept. 28a
Preferred (guar.)
Preferred (guar.)
of reo. Nov.20
Holders ot reo. Jan 15'29
3
Century Ribbon Mills, pref. (qua:.)._ •114 Dec. 1 *Holders of rec. Oct. 11
cuha RR.. preferred
$1.25 Nov. 1 Holders
$1.50 Oct. 20 Holders of rec. Oct. 60
Cerro de Pasco Copper (guar.)
Delaware Lackawanna & West.(guar.) Oct. 15 Holders of rec. Oct. 5
15 *Holders of ree. Oct. 1
20c
4
Chatterton & Son
.25,4 Oct.
Georgia RR.& Banking (guar.)
1
81.50 Nov. 1 Holders of rec. Oct. I5a Kansas City Southern, pref.(guar.)
N
Oct. 15 Holders of roe. Sept. 29a
Chic. Wilm. & FranklIdeoal, pf.(ou.)
1
of rec.
20
Holders of rec. Oct. 15a
Cluett. Peabody & Co., corn.(guar.)... $1.25 Nov. 1 Holders of me. Oct.
Mahoning Coal RR., corn. (guar.).
Oct. 18
1 *Holders
Nov.
*el
1.
$$12.2n Oct. 15 Holders of roe. Sept. 296
Columbian Carbon (guar.)
2
Midland Valley. common
16a
Nov. 1 Holders ef rec. Sept. 28a
Consolidated Cigar Corp., Prior pf.(on.) 1.6231 Nov. 1 Holders fo rec. Oct.
New York Central RR.(guar.)
of rec.
22
Oct 10 Holders of rec. Sept. 101
1
Coon(WE.)Co., new corn.(gu.)(N0.1) •70c. Nov. 1 *Holders of rec. Oct. 17
N V. N H & Hartford, corn
Dec.
.50c. Dec. 31 *Holders
dNov 19 Holders of rec. Oct. illa
1
Coty, Inc., new stock (guar.)
Norfolk & Western, aril. pref. (guar.).la
*3.00 Dec. 31 *Holders of rec. Dec. 17
134 Nov. Holders of rec. Oct. Se
Stock dividend
Northern Pacific (guar.)
750. Oct. 15 Holders of rec. Oct. 3
134 Nov. Holders of roe. Oct.
Credit Alliance Corp.,oom.& Cl. A (em.)
Prior preferred & preferred (CillarJ
$1.26 Oct. 15 Holders of reo. Oct. 3
Common and class A (extra)
OCT. 6 19281
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Railroads (Steam) (Conclu
Pittsburgh & West Va.(qual.) ded).
134 Oct. 31
Reading Co.. common (quar.)
$1
Nov. 8
SecOnd preferred (illar.)
50c
St. Louis-San Franc 6% pf.(qu.)(No. 1) 134 Oct 11
Nov. 1
6% preferred (guar.)
114 Feb.129
Southern Ry., corn. (quar.)
2
Nov. 1
Preferred (quar.)
1)4 Oct. 15
United N.J. RR.& Canal(quar.)
24 Oct. 10
Wabash. pref. (quar.)
114 Nov.24
West Jersey at Seashore (guar.)
$1.25 Oct. 15
Books Closed
Days inclusitus.
Oct. 13 to Oct. 24
Holders of rec. Oct. 10a
Holders of rec. Sept 50a
Holders of rec. Oct. 86
Hold, of rec. Jan. 7 '2Ita
Holders of rec. Oct. la
Holders of rec. Sept.24a
Sept. 21 to Oct.
Holders of rec. Oct. 25a
Holders Of roe. Oct. la
Name of Company.
Public Utilities (Concluded).
South Pittsburgh Water, pref.
(guar.
Southeastern Power & Light, corn. ).(qu.)
'lowest Gas 1.101.. prof.(go.)
Preferred (quar.)
Preferred (guar.)
$
Standard Gas & Elec.. cool.(quar.)....
7% prior pref. (quar.)
United (las Bripmvement (gusx.)...._
.
United It. dr Pr., corn. A & B.old (qu.)_
New common, A & B (quar.)
Western Power Corp.. 7% pref (qual.
).
Western Union Telegraph (quar.)
West Penn Power Co., 7% pref. (guar.
)
6% Preferred (guar.)
Wisconsin Power & Light.6% pf.
(No.1)
1911
Per
When
Cent. Payable,
Books Closed
Days Inclusive.
144 Oct. 15 Holders of rec. Oct. 2
55c. Oct. 20 Holders of rec. Sept. 29
1.624(1 Nov.
Hoiden of rec. Oct 20
1.654 Feb 1'29 Hold. of rec. Jan. 20'29
1.62H M'y I'211 Hold.of rev. Apr.20'29
87)4c Oct. 25 Holders of res. Sept.30
144 Oct. 25 Holders of rec. Sept.30
$1
Oct 15 Holders of rec Sept 154
*60c. Nov. 15 *Holders of rec Oct. 15
•I2c. Nov. 15 *Holders of rec. Oct. 15
144 Oct. 15 Holders of rec. Oct. Is
2
Oct. 15 Holders of rec. Sept. 251
144 Nov. 1 Holders of rec. Oct. 54
114 Nov. 1 Holders of rec. Oct. 54
•144 Oct. lb *Holders of roe. Sept.30
Public Utilities.
Alabama Power $5 prei. (quar.)
$1.25 Nov. 1 Holders Of rec. Oct. 15
Amer. Dist. Teleg. of N. J., COM.(qu.). 51
Oct. 15 *Holders of rec. Sept.
Preferred (guar.)
•144 Oct. 15'Holders of rec. Sept. 15
American Gas(quar.)
15
$2
Oct. 11 Holders of rec. Sept. 2134
Amer. Gas & Electric pref. (quar.)
$1.50 Nov. 1 Holders of rec. Oct.
Amer Teleo & Telex.(guar.)
10
Banks
24 Oct 15 Holders of rec. Kept. SIM
.Associated Gas & Elec., class A (quer.). 150e.
First National, Brooklyn (guar.)
234 Oct. 31 *Holders of rec. Sept. 21
Bangor Bydro-Elee. Go. roil.(quar.) - - •1H Nov. 1 Holders of rec. Sept. 29
Nov. I *Holders of rec. Ort. 10
Bell Telep. of Canada (quar.)
Trust Companies.
2
Oct. 15 Holders of rec. Sept.22
Banco di Sicilia Trust (guar.)
Bell Telep. of Pa..8 44% pref.(guar.)._
144 Oct. 15 Holders of rec. Sept.20
544 Oct. 10 Holders of roe. Sept.22
British Columbia Power,el A (Nu. --50c. Oct. 15 Holders of rec. Sept.
Bklyn-Manhattan Transit. corn. (qu.).._
Fire Insurance.
$1 Oct. 15 Holders of rec. Oct. 30
Preferred series A (star
la North River (quar.)
4.6
$1.50 Oct 15 Holders of rec. Oct.
Dec. 15 *Holders of res. Dec. 9
Preferred series A (gust.)
10
$1.50 Jan15•29 Holders of rec. Dec. its
Preferred series A (guar.)
Miscellaneous.
$1.50 Ap15'29 Holders of rec. Apr.)'29a
Buff.. Niagara & East. Pow. let pf.
Abitibi Power & Paper. coin.
(qu.) *$1.25 Nov. I *Holders of rec. Oct.
$1
Oct. 20 Holders of rec. Oct.
Caltfornia Oregon Power. corn.
Six per cent pref. (quar.)
15
(quar )144 Oct. 20 Holders of rec. Oct. 104
144 Oct. 15 Holders of rec.
7% pref.(quar.)
100
Abraham & Straus. Inc.. pref. (qual.)
3
0
144 Nov. I Holders of rec. Oct. 151
144 Oct. 15 Holders of rec Sept 30
6% pref.(quar.)
Air Reduction Co.(guar.)
Sept
50c. Oct. 15 Holders of rec. Sept.29a
134 Oct. 15 Holders of rec Sept 30
Cent. Hun. Gas & Elec. rem. v. t. e
Extra
$1
Oct. 15 Holders of rec. Sept.29.
Central III. Pub. fiery_ pref. tousr.)____ .soc. Nov. I *Holders of rec Sept 29
Alliance Realty (quar.)
62140. Oct. 18 Holders of rec. Oct. 104
Central & S. W. Utilities. corn.(guar.) •$1.50 Oct. 1 *Holder, of rec. Sept 3(
Allied Che mu, dr Dye. corn. (quar.)
._
$1.50 Nov. I Holders of rec. Oct.
75e. Oct. 1
Holders of rec. Sept.29
Ches. & Pot. Tel. of Bait.. pref. (qu.)._
Alpha Portland Cement. corn.(guar.
134 Oct. 1
)75c Oct. 15 Holders of rec. Sept. III
Holders of rec. Sedt. 29
Chirago Rapid Transit (monthly)
SiUumumt,nmrl Manufactures. corn.
(guar.).
Soc Dec. 31 Holders of rec lice 254
•60e. Oct.
*Holders of rec. Sept. Di
Prior preLseries A (monthly)
Preferva (quar.)
16
•65C. Nov.
134 seer 3f Holders of roe Sept
*Holders of rec. Oct. 16
Prior pref.series A (moothly)
Preferred (guar.)
1144 Dec 31 Builders of rec Dee. 151
.135c. Dec.
'Holders of rec. Nov. 20
Prior pref. series B (monthly)
Amerada Corporation (qual.)
154
*60c. Nov.
nor. Oct. 31 Holders of rec. Oct. 154
*Holders of rec. Oct. 16
Prior pref. series B (monthly)
Amer. Art Works,coin.& pt.(guar.
*80c. Dec.
) - 14 Oct. 15 Holders of rec. Sept.
°Holders of rec. Nov. 20
Commonwealth Power. coin. (quar3
American Can. corn. (quar-)
30
__
75e. Nov.
50e. Nov. 15 Holders of rec. Oct. 314
Holders of rec Oct. II.
Six per cent pref. (quar.)
Amer. ChatIlion Corp pf.(qu.)
•1% Nov.
*Holders of rec Oct. 11
'Consul. Gliti(N. Y.) . pee.(quar.
Amer. Chicle. corn. (pay in corn. stk.). *$1.75 Nov 1 *Holders of roe. Oct. 20
)
$1.25 Nov.
*5100
Holders of rec. Sept. 291 American Coal(quar.)
Detroit Edison Cu.(quar.)
*51
2
Nov. I *Holders of rec. Oct.
Oct. I
Holders of rec. Sept. 20a
Duquesne Light, 1st pref (quar.)
American Glue. pref.(quar.)
*5 Nov. 1 *Holders of rec. Oct. 11
14 Oct. 1 Holders of rec. Sept.290
East Bay Water, pref. A & B (guar.)._
American Hardware Corp.
20
'134 Oct- 1 *Holders of rec. Sept.
Edison Elec. ill. of Boston (quar.)
Quarterly
30
Jan I'29 Holders of roe. Dee.
3
Nov.
Holders of rec. Oct. 10
Electric Bond & Share, pref.
American Home Products (monthly). _ $1
(quar.
25c. Nov. I Holders of rec. Oct. lie
114 Nov.
Holders of roe. Oct. 13
Elec. Bond & Share Secur.(quar.) )
kmerlean Ice, corn.(guar.)
50c. Oct. 25 Holders of rec. Oct. 136
25c. Oct. 1
Holders of rec. Sept. 17
Electric Power & Light Corp.. corn.
Preferred (quar.)
(qu.)
114 Oct. '25 Holders of ree. Oct. 541
25e. Nov.
Holders of rec. Oct. 130
El Paso Elec. Co.. pref. A (quar.)
titter [Ahmed. pre (guar-)
144 Jan 2'29 Holders of rec. Dec. 54
144 Oct. 1
Holders of rec. Oct. la
Ft. Worth Power & Light, pref. (quar.)_
trupererlfrned
Mantffaturing. corn.(quar.)Dec 31 Holders of rec. Dec. 211
144 Nov.
Holders of rec. Oct. 15
General Pub. Serv. Corp.. $8 pf.
156
(qual.)
(qu.).. $1.50 Nov.
114 Oct
Holders of rec.
Holders of rec. Oct. 9
$5.50 preferred (quar.)
Preferred (quar.)
144 Dec. 31 Holders of me Sept. 150
51.3734 Nov.
Holders of rec. Oct. 9
Convertible preferred (guar.)
Dee. ifas
Amer. Shipbuilding, corn. (qual.)
2
11.75 Nov.
Nov. 1 Holders of rec. Oct. 154
Holders of rec. Oct. 9
Great Western Power. pref. (quar.)
Preferred (quar.)
134 Oct. 1
144 Nov. I Holders of roc Oct. 15
Holders of rem. Oct. I
Illinois Not thern Utilities. 6%
1mer. Steel Foundries. corn. (quar.).....pf. (qu.)_ •154 Nov.
The. Oct. 15 Builders of rec. Oct.
*Holders of rec. Oct. 15
International Telep & Teleg. (guar.
Amer. Sumatra Tob., corn.(qu.)(No.
la
)... 134 Oct. 1
1)
75c. Oct. 15 Holders of rec. Oct.
Holders of rec. Sept. 21s
Internat. Utilities, el. A (quar.)
Stock div.(subj. to stkhold meeting).
Is
874c Oct. 1
/3
Nov. 15 Holders of rec. Nov. la
*7 preferred (contr.)
Holders of rec. Oct. la
Amer. Type Founders. corn,(qu.)
$1.75 Nov.
2
Oct. 15 Holders of rec. Oct. 54
Holders of rec. Oct. 181
Kentucky Securities. pref. (quar.
Preferred (quar.)
134 Oct. 1 Holders of roe. Sept.
Massachusetts Gas Cos.. corn. )
21)(1
American Wholesale Corp.. pref.(guar.) 144 Oct., 15 Holders of rec. Oct. 54
$1.25 Nov.
144 Jan 2'29 Called for rod. Jan.
Holder
Massachusetts Ltg. Cos..6% (quar.)
Anaconda Copper Mining (guar.)
2'29
pref. (qu.) •114 Oct. I *Holde s of rec. Oct. 15
$1
Nov. 19 Holders of rec. Oct.
8% preferred
rs of roe. Sept. 25
%nide Steel Tool (quer.).
(haar-)
.2
()et. I •Holders of rev. Se t.
20e Ort IS Holders of roc Oct. 13s
Middle West Utilities, corn. (quar.)
.rtiooni Corp., cum (qual.)
._
$1.75 Nov.1 *Holders of rec. Oct.
754 hilt 1 29 Holders of rec. Dec. 5
,
7% preferred (quar.)
31
Preferred (quar.)
214
2
144
Oct. 1
Holders of rec. Sept.29
$6 preferred (quar.)
Assoc. Apparel Indus.. corn.(mthly.).-' 33 I-3c hoc. I Holders ut roe Nov lea
$1.50 Oct. 1
Nov.
Holders of rec. Sept.29
Midland Utilities. 7% prior lien
Common (monthly)
• 33 I-3c Dec. 1 •Holders of rec. Oct. 19
(quar.)
144 Oct.
Holders of rec. Sept. 22
1 •Holders of rec. Nov. 20
6% prior lien stock (quar.)
Common (monthly)
•
134 Oct.
7% class A preferred (quar.)
Holders of roe. Sept. 22
Associated Dry Goods,common (quar.). 33 1-3c Jail 2'29 •Holders of rec. Dec. 21
62c. Nov. I Holders of rec. Oct.
144 Oct.
6% class A preferred (quar.)
Holders of rec. Sept. 22
151 preferred (guar.)
131
134 Oct.
1(4 Dec. I Holders of rec.
Milwaukee Elec. Ry.& Light
Holders of rec. Sept. 22
Id preferred (guar.)
Nov.
134 Oct. 3 Holders of rec. Oct. 20s
134 (lee. 1 Holders of rec. Vov 101
Missouri(nth a El. Serv.. pr. pt.(qu ) All. Gulf & W. I. S.S. Lines pref. (qu.)
100
lien
$1.7 Oct. I
75e. Dec. 31 Holders of rec.
Missouri Riv.-Sioux City lithe.
Holders of rec. Scot. 29
utias Plywued (quar.)
Dee. 114
Pl.
.51
Oet. 15 *Holders a rec.
Montreal L.. H. & Pr. Coneol.,com.Opt ) $1.75 Oct. I. Holders of rec. Sept. 3n
ualueoek & Wilcox Co.(guar.
(qu) 60c Oct. 31 Holders of
144 Ian I 211 Holders of rec Oct. 1
)
Montreal Telegraph (quar.)
rec. Sept. 30
Quarterly
Dec 201
2
Oct. 15 Holders of rec.
134 Apr F29 Fluid of roe Mar.
Moutreal Tramways (quar.)
nanituenret (L I & Co.
20'294
234 Oct. 15 Holders of rec. Sept.29
Mountain States Power. pref.
Proferred (guar.)
(quar.)--114 Oct. 20 Holders of rec. Oct. 5
144 Dec. I Builders 01 rec. Nov
Natioffal Fuel Gas(quar.)
Sept.30
Bancroft(Joseph) & Sons Co. pf.
101
25c Oct. 15 Holder
144 Oct. 31 Holders of rec.
-National Power & Light. pref. (mote
Bankers Capital Corp., com
l_ $1.50 Nov. I Holder s of rec. Sept.30
$4 Jan. 15 Huulders of rec. Oct. 15
Nevada-Callf. Elec. pref. (guar.)
s of rec.
(1..... mu,n & preferred (extra)
Dec. 31
14 Nov. 1 Holders of rec. Oct 13
$17 Jan. 15 H.ilders if MC.
New England Power Assn, cum.(qui
Sept.30
Preferred (quer
_
50c Oct. 15 Builders
()et 15 Holder* of rec Dec. 31
$2
New England Pub. Servo, $7 nref.
Preferred (quar.)
Oct
(qu.). nl 75 Oct. 15'Holder of rec. Sept.29
$2
Jan15`29 Builders of rec. Dec. 1
$8 preferred (guar.)
s of rec. Sept. 30
Randier( Brim. & Spindler31
50 Oct. 15 ...Holders of rec. Sept
Adjustment. pref (guar.)
Isf &
°referred (oiler.)
*$I 66 Oct. 15 •Fludders of rec. Sept 30
•144 Nov. I 'Holders of rec. Oct.
New York Telephone, tiler (guar.)
Barnsdall Corp.(class A & B)
20
134 Oct. 15 Holders of rec. Sept 30
50c. out. 31 Holders of rec.
North American Edison. pref.(quer.
20
Bayuk cigar, •
,
).-(No. I)
50c. Oct. 15 Holders of rec. Oct. 104
Northern Ind. Puo. Serv. 7% pt. (qu.). $1.50 Dec. I Holders of rec. Nov. 15a
First preferred (quar.)
Sept.23)a
134 Oct. 15 Holders of
154 Oct. 15 Huildeas of rec.
6% pref. (quar.)
Cony. second preferred (qua!,)
Selit • 220
134 Oct. 15 Hiders of rec. Sept.29
144 Oct. 15 Holders of rec.
534% preferred (quer.)
rec.
Second preferred (qual.)
134 Oct. 15 Holders of rec. Sept.29
2
Oct. 15 Holders of rec. Sept.29s
Northern States Power,corn. A (quar.)
Sept.29
Beacon Oil, pref (quar.)
.._
2
Nov. 1 Holders of rec.
$ 1 8714 Nov. 15 Holders of rec. Sept. 29a
7% pref. (quar.)
rieech-Nut Paditne. corn. Attar.)
Nov.
14 Oct. 20 Holders of rec. Sept. 30
60*.(Wt. 1
6% pref. (quar.)
Holders of roe,. Sent.25
Blaw-Knox Co.. common (gust.)
134 Oct. 20 Holders of rec. Sept. 30
75c. Nov. I Holders
Northwest. Bell Telep.. pref. (qual.)
Sept.30
of rec. Oct. 20
144 Oct. 15 Holders of rec. Sept. 200 Bloch 1trothers Tobacco. coin (quar.).- 374c Nov. 1
Ohio Edison Co..6% Pref.(quar.)
Nov 10
Preferred (quart
Noy 14
134 Dec
14 Dec. 31 1)ec 26 to
6.6% preferred (guar.)
Holders of rec. Nov. 15
Bin*
Dec SO
gdale Bros., pref. (quar.)
1.65 Dec.
14 Nov. I Holders of to
7% pref. (quar.)
Holders of rec. Nov. 15
Ro.ra Co.. class A
E A mt
n t
rec. Oct. 204
IH Dec.
(guar.)
51
5% preferred (quar.)
Holders of rec. Nov. 15
Oct. 30 Holders of rec. Oct.
Borne Acryttiser Co
144 Dec.
:51
Oct 15 Sept. 22 to Oct 15e
Holders of rec. Nov. 15
6% Preferred (monthly)
50c. Nov.
50e. Oct I!) sept 22 to Oct 13
13% preferred (monthly)
Holders of rec. Oct. 15
Boston Woven Hose & Rub..c
13
50c. Dec.
om.(ext.) $1
Dec. 15 Holders of rec.
8.8% preferred (monthly)
Holders of rec. Nov. 15
Beading Breweries (quar.)
Dee.
She. Nov.
8.8% preferred (monthly)
50e. Oct. 15 Holders of rec. Sept.21
Holders of rec. Oct. 15
Bristol-Myers Co turner I
9
55c. Doe,
Pacific Gas & Elec.. coin (guar.
$1
Holders of reo. Nov. 15
Dee. 31 Holders of rec
Brockway Motor Truck, rorn
50c. Oct. I. Holders
Paretic Lighting, 7% prof.(quar.)
75c. Nov 1 Holders of rec OctDec. 21
.
)
154
'1)4 Oct. 15 *Holders of rec. Sept 29a firo-noton Pimlum & Paner (quar.)
50c. Oct. 15 Holders of rec. Sept.
Pacific Teleir. & TWOS.. prof. (guar.
Bullard Machine Tool 'extra)
).
- 114 Oct. 15 Holders of rec. Sept. 30
30
Penn-Ohio Edison Co., common
*50c. Oct. 15 *Holders of roe.
25c. Nov. I Holder of rec. Sept. 29a ItUdil ['ermine!. c•urn.(guar.)
Extra stock die. fone-fiftleth (mar.).
•50e. Nov. 1 Holders of rec. Sept. 59
COM (payable In corn.stook
Oct. 5
share)... (f) Nov. I Holder s of rec Oct. lb
11 14 Nov.
$6 preferred (gnarl.
s of rec.
11..iders of rec
Debenture stock (quar.)
$1.50 Oct. 15 Holders of rec. Oct. 16
7% print pref.(quar.)
114 Oct. 15 Hulders of rec. Oct. 50
Sept.29
Flyers A. M.)Co., pref.(guar.)
(
154 Dee, 1 Holders
Penn-Ohio Securities Corp.(quar.
•154 Nov. I Holders of rec. Sept.281
Canada Dry Ginger Ale (gust,
)
Oct.
18c Nov. 2 Holners of rec. Nov. 20
)
Penn. Gas & El. Corp..7% pref.(qu.). •14.4
I
Oct. 15 Holders of rec. Aug. 15
of rec. Oct. 113
Extra
$1
Oct.
*Holders of rec.
50c.
$7 preferred (gllsr.)
Builder
ni 75 Oct. •Holders of roe. Sept 20 Canada Dred•o3 & Dock. corn.(No. 1). *50c Oct. 15 Holder s of rec. Oct. 141
Pennsylvania-OW P. & L.. $6 p1. (qu.)
NOV. 1
Sept.20
s of rec.
Common (extra)
11.50 Nov
Holders of rec. Oct. 20
.254' Nov. 1 .H Mere of rec Oct. ls
7% preferred ,
quar.)
Canada Foundry & Font.. corn.
Oct. 16 1
Igoe.
A (qu.). *37 He Oct. 15 •11 ulders of
Holders of rec. Oct. 20
7.2% preferred 'monthly)
Canadian Brewing (quar.)
rec. Oct. 1 ,
60o. Nov.
Holders of rec. Oct. 20
6.6% preferred (monthly)
50c Oct. 18 HAders of res. Sept.
Camullan Car & Fdy.. prof.
55e. Nov
(guar.)- -.Holders of rec. Oct. 50
Peoples Gas Light & Coke (gear.)
134 ()et. 10 Holders of rec. Sept. 29:
Canadian Fairbanks Morse. pref.
2
1$
Oct. 17 Holders of rec.
(qu.). 114 Oct. 15 H uliters of rec.
Philadelphia Co.. corn. (guar.)
Oct. 3a
Preferred (acct. accum. dividends)...
Sept. 29 1
$I
Oct. 31 Holders
Common (extra)
43
Oct. 15 H Iders of rec.
754) Oct. 31 Holder of rec. Oct. la Canadian Industries. Ltd., pref.(qual.
6% preferred
). 41.75 Oct. 15 H 'Impel of rec. Sept KJ'
s of rec. Oct. la Canadian
$1.50 Nov. I Holders
Sept. 21 1
Industrial Ale 41°1Phila Rapid Transit. corn.(guar.)
$1 Oct. 31 Holders of rec. Oct. la
Commo
Preferred
of rec. Oct. 1.54 Canfield n and class B stock (guar.)---38c Oct. 15 Holders of roe. Sept.
21
)II
Phila. & Western Ry pref.(guar.)._ $1.75 Nov. 1 Holden' of rec. Oct. la
Common ;guar.)
6234c Oct. 15 Holders
Power Corp. of °seeds. ti
2
Dec. 31 ltuadcrc of rec. Dec.
of
if (qu.)
Prcfcrred (gnarl
75 I 54. 15 I oiler,. 01 rec. Sept. 29a
Public.Sery Corp.of N.J.6% pf.(mthly)
14 Dee. 31 Hoiden of rec. 1>ec. 20
rime. Sent "2"4
Capital
50
15e. Oct 15 Kilders of rec
Puget Sound Power & Light. pref. (qu.) 50r Oct. 31 Holders of rec. Oct. firt Central (ierurities. corn.(quar.)
Oct. 1
144 Oct. 15 Holder
Alloy Steel. COM.'guar.)
Prior preference (guar.)
50e
14 Oct. 15 Holders of rec. Sept 20a centrel investors Corp.. el A (Qual.)... .37, oct 10 Holders of rec Sept. 250
Quebec Power (quar.) .
tc Jen 2'29 •Holders of rec. May
s of ruse. Sent. 20a Chelsea
130c Oct. 16 Holder
14
Exch. Corp.. A & B (qu.)
25e 1tov. CI Holders of
Railway & Light Securities. corn (qui.
roe. Nov. 1
MIAs A & B (guar.)
50c Nov. I Holder s of rec. Sept. 30
254. f'hIS'211 Hold of rec. Feb.
Preferred "liar.)
la
Ci0111 A ut B (clear.)
134 Nov I Holders of ree Oct
1 '29
254, 41415'21 Hold. of rec.
s
San I ileiro Comm' Gas & Elec.. Pf.(lu.) 1 1
4 On. 15 Holders of rec. Oct. le Chicago Pneumatic Tool (guar.)
May 1 '21
I's Oct. 25 Holders of roe.
Shawinigan Water & Power (
Chinon. Yellow Cab Co.(monthly)
guar.).
- 50c Oct. 10 Holders of rec. Sept. 30
.
25e Noy 1 [udders ot rec. Oct. 154
Sierra Par fir Elee Co.. cum. MarlMonthly
50c Nov. I Holders of rec. Sept. 25
.
Oct. 194
25r Der
Common (extra)
I Fl. Mere ut
Chick...dun Cotton On (quail
100. Nov. I Holders oh rec. Oct. 11
731' Jen 1'29 Holders of rec Nov 504
Preferred (quer.)
114 Nov. 1 Holders of rec. Oct. II
Quarterly
The. A prl'29 Holders"( roe. Dec. los
Southern Calif. FAlson Co..orig.Pf.(q
of rec. Oct. II
Quarterly
U) 2
Oct. 15 Holder
75e. lid 1'21 Holdersof ree.Mar 9'2911
54% pref. write C (quar.)
144 Oct. 15 Holders of rec. Sept. 20
Chrysler Corp., pref. (quar )
rec..1 une10
•294
s of rec.
Southern Calif. Oas.6% pr.
2
Jan 2 29 Ii tders of
.
Mies Service, common (monthly).
(qmm.)
res. 1)ec. 174
-• 27140.Oct. 115 *Holders of rec. Sept. 20
Series A pref. Ruler.)
1) Nov I H
Sept. 30
• 3714e. Oct.. 15
of rec.
Comoom (pays lo In core Mock)
*Holders of roe. Sept. 30
Southern Canada Power. pf (quar.
)4 Nov I Hoiden if roe. Oct. IS
Preferred and lure!
114 Oct. 15 Holders of
)
Oct. IS
(mthly.)
Southern Ceuntlem Oss.6%
34 Nov. 1 11 Mier.
rec.
pref (qtt.)
Preferred 13 (monthly)
of roe Oct. 15
134 Oct. lb •Holders of rec. Sept 20
5c. Nov 1 Holders
Oct
1
City Stores Co., class A (gnarl
of MC Oct. 15
87(4. Nov
Holdeni of roe. Oct. 151
Name of Company.
[VoL. 127.,
FINANCIAL CHRONICLE
1912
When
Per
Cent. Payable
Books Closed
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
5
*60c Oct. 15 *Holders of ree. Oct. 20
Knott Corporation (quar.)
Miscellaneous (Continued).
50e Oct. 31 Holders of roe. Oct.
62 Mc. Ja. 2/9 Holders of rec. Dec. 15
corn.(quar.)
Lakey Foundry & Machine (guar.).
-Marx.
Cohn-Hall
10e Oct. 31 Holders of rec. Oct. 20
Ap.1'29 Holders of rec. Mar. 15
6234c.
Extra
Common (quar.)
75e Dee. 31 Holders of ree. Dee. 22a
8254c. Jul 1'29 Holders of rec. June 15
Landers, Frary & Clark (quar.)
Oct. 13
Common (quar.)
134 Nov. 1 Holders of rec.Nov. 200
Lane Bryant, Inc., pref. (quar.)
Commercial Solvents Corp.(attar.)
Nov. 1 Holders of rec. Oct. 15a Langton Monotype Machine (quar.)____
133 Nov.30 Holders of rec. Oct. I3a
2
of rec.
Stock dividend
of rec. Nov. 5a
62.4( Nov. 1 Holders
$1.25 Nov.15 Holders
ba Lehigh Portland Cement. corn.'quar.). '50c Oct. 27 "Holders of rec. Sept.28
Continental Can. coin. (quar.)
MOO Nov. 22 Holders of rec. Nov. 15a Lion 011Rellning(guar.)
Common (payable In common stock)Nov. 1 'Holders of rec. Oct. 20
411
20e. Oct. 30 Holders of rec. Oct. 1
Liquid Carbonic Corp.(quar.)
Continental Motors Corp. (quar.)
Oct. lb *Holders of rec. Oct.
•25e. Nov. 1 *Holders of rec. Oct. 20
"51
Extra
185
Continental Securities Corp.(quar.)
40e Nov. 1 Holders of rim. Oct. 170
50e. Oct. 20 Holders of rec. Oct. ba Looee-WIles Biscuit, corn.(qua?.)
Oct. ba
Corn Product Refining,corn.(quar.)_
Nov. 1 Holders of rec. Oct.
2
134 Oct. 15 Holders of rec.
Lord & Taylor, 2nd pref. (quar.)
30a
Preferred (quar.)
650. Oct. 15 Holders of roe. Sept.306
•50e Oct. 10'Holders of rec. Oct. 1
corn. (q11-)..- MacAndrews & Forbes.
Sept.
1
Creamery Package Mfg.,eons.(qu.)_.
134 Oct. 15 Holders of rec. Oct. 265
•134 Oct. 10 *Holders of rec. Oct. 29
Preferred (quar.)
of rec.
Preferred (quar.)
Sept.
50e. Nov.15 Holders
ne Jet. 10 Holders of rec.
Macy (R.H.)& Co.,Inc., new stk.(qu.)
Oct. 50
Cresson Cons. Gold Min.& Mill.(qua?.) e4
Dec. 31
50e Oct. 15 Holders of rec. Oct. la
Madison Square Garden (qua?.)
Crosley Radio (stock dividend)
750 Oct. 15 Holders of ree.
25e Ian 121) Holders of rec. Dee. 200 Magma Copper Co.(quar.)
Radio Corp (guar.).
rec. Sept. 29
Crosley
25c. Oct. 15 Holders of
204
Magnin (I.) & Co., corn. (quar.)
Crown Zellerbach Corp.. common.(qu.) •25c. Oct. 15 Holders of rec. Sept. 29
134 Jan 219 Holders of rec. Dec. 290
MallInson (H. R.) & Co.. In°, PL 9210
(No. I)
Oct. 15 Holders of rec. Sept. 29
6233e Oct. 15 Holders of rec. Sept. 3
d tfor months July & August). 83 1-3e Oct. 31 Holders of rec. Oct. lba Mandel Brothers, Inc. (quar.)
Preferre
14 Oct. 18 Holders of rec. Oct.
11
134
pref. (quar.)
Maple Leaf Milling,
20
Crucible Steel, corn.(quar.)
Nov. 5 Holders of rec. Oct. 25
50e. Oct: 10 Holders of roe. Sept.20a
e•5
Margay Oil(quar.)
Crum & Forster Insur. Share Corp. el. B
/et. 15 Holders of rec. Oct. 5a McCall Corp.(guar.)
75e. Nov. 1 Holders of rec. Oct.
1
Cudahy Packing, common (quar.)
Nov. 1 Holders of roe. Oct. 20
134 Oct. 15 Holders of ree. Sept. 25
3
(quar.).._
McColl-Frontenac 011, pref.
6% preferred
reo. Oct. 20
Oct. 15 Holders of rec. Oct. 1
'Si
334 Nov. 1 Holders of
Mead Pulp & Paper. corn. (quar.)
7% preferred
.31,4 Oct. 15 Holders of ree. Sept. 29
•50e. Nov. 2 Holders of rec. Oct. 20
Merchants & Mfrs. See., pr. pref. (qu.).
Curtis Publishing,corn.(mthly.)
Nov. 2 Holders of rec. Oct. 20
Si Jan 2'29 Holders of rec. Dec. 17
•50e
Merck Corp..Preferred (quar.)
15
Common (extra)
$3
Oct. 20 Holders of rec. Sept. 290
•3734t Nov. 1 Holders of rec. Oct. 15
Mexican Petroleum, corn. (qua?.)
Dairy Dale, Inc., class A (quar.)
Oct. 20 Holders of rec. Sept.29a
da
•18341 Nov. 1 Holders of rec. Oct. 29
Preferred (quer
Class 11 (quar.)
Oct. 15 Holders of rec. Sept.
Nov. 15 Holders of rec. Nov. 3
25c
Minneap.-Honeywell Regulator. Pt.(qu) 134
Darby Petroleum (quar.)
15 Holders of rec. Sept. 30
.3114, Mal 29 Holders of roe Dee. 20
Moloney Electric common A (guar.)._ __ $1 Oct. 15 Holders of rec. Oct. 111
Davis Industries, class A (quar.)
25e. Oct.
331.- lan119 Holders of reo Dec. 20
Morris (Philip) & Co., Ltd.. Inc.(qu.)-Class B (quar.)
*Holders of reo. Sept. 29
25e.Ja n. 16'29 Hold, of rec. Jan. 2 '29a
•20e. /et. 15
Quarterly
Detroit Motorbus (quar.)
Mt, 15 Holders of rec. Sept. 30
*50e. Nov. 1 Holders of rec. Oct. 19
Zat
Products Corp.. corn. (qu.)
Distillers Corp., Seagram% Ltd
Jct. 20 Holders of rec. Sept.290 Motor
•$1.25 Nov. 1 Holders fo ree. Oct. 19
250
Preferred (quar.)
Dome Mines, Ltd. (quar.)
of rec. Sept. 29
75e Xt. 13 Holders
„_
Motor Wheel Corp
Dominion Engineering Wk*. (quar.)
125 Oct. 15 Holder, of roe. Sept.10a
1% Oct. 15 Holders of rec. Sept. 29
Corn.(payable in corn, stock)
Dominion Textile. Pref. (quar.)
Mt. 15 Holders of rec. Oct. to
ne. Oct. 15 Holders of rec. Sept.29
$1
Mountain & Gulf Oil Corp.(qua?.)
Dunhill international (QUM%)
rec. Dec. 31a
lan1519 Holders of
He. Dee. 1 Holders of rec. Nov.21
SI
(G. C.) Co.(qua?.)
Murphy
Quarterly
.tp15'29 Hold. of rec. Apr. 1 '290 National American Co.. Inc.(quar.)_
50c. Nov. 1 Holders of ree. Oct. 154
$1
Quarterly
*50e. Janl'29 *Holders of rec. Sept.15 •
National Bankitaly Co.(extra.)
284
Du Pont (E. I.) de Nem & Co.
rec. Oct. 10
81.50 Oct. 15 Holders of rec. Sept.
134 Oct. 25 Holders of
National Biscuit, corn.(guar.)
Debenture stock (quar.)
Nov. I Holders of ree. Sept. 30
500 Nov.15 Holders of rec. Oct. 310
134
Extra
Eastern Bankers Corp.. preferred (quar.) 1 ts Feb119 Holders of rec. Dec. 31
rec. Oct. 20
*2
Nov. 1 *Holders of
lba National Carbon. pref. (quar.)
Preferred (qua?.)
750 Oct. 15 Holders of rec. Sept.29a
50e. Nov. 1 Holders of rec. Oct. 1
Nat'l Cash Register, class A (qua?.)___
Eaton Axle & Spring. COM.(quar.)
"51.50 Nov. 15 *Holders of rec. Nov. 1
•25e. Jet. 15 *Holders of rec. Oct. 15
National Casket, common
Economy Grocery Stores(qua?.)
Oct.
*Holders of rec. Sept.30
.6214c Nov. 1 *Holders of rec.
Nat'l 011 Products $7 pt.(quar.)(No. 1) "11.75 Oct. 15 Holders of rec. Oct. 19a
Elgin National Watch (quar.)
Oct. 25 Holders of rec. Oct. 10
2
134 Nov. I
National Lead, pref., class B (guar.)._ _
Emseo Derrick & Equip.(quar.)
1 Holders of ree. Oct. 17
25e Jan 119
Nauhelm Pharmacies, Inc.. Oral.(quar.) 62340 Nov. 15 Holders of rec. Oct. In
Fanny Farmer Candy Shops. corn. (qu.)
Mic Nov.30 Holders of nse. Nov.306 Nedick's, Inc
25e. Oct.
Fashion Park. Inc.. corn.(guar.)
Oct. 15 "Holders of rec. Oct. 5
70e Oct. 15 Holders of res. Oct. 5
*2
Neve Drug Stores, Inc., conv.A (quar.) •134 Nov. 1 *Holders of rec. Oct. 15
Federal Terra Cotta (guar.)
150 Oct. 15 Holders of rec. Oct. 5
B
Newberry (J. J.) Realty, pref. (quar.)...
Finance Coot Am.,Balt.. el. A & (q11.) 4334e Oct. 15 Holders of rec. Oct. 5
1111230 Oct. 15 *Holders of roe. Sept.29
New Bradford 011 (quar.)
7% preferred (quar.)
15 Holders of rec. Oct. 1
134 Oct. 15 Holders of rec. Oct. 1
134 Oct.
Newhall Buildings Trust, pref. (guar.)._
Firestone Tire & Rubber.8% pref.(qui- $1.76 Nov. 15 Holders of roe. Nov. 1
81
Oct. 15 Holders of rec. Sept.28
Invest. Trust(qu.)
t Mining Corp.(qua?.)
Newmon
First Federal Foreign
1214c.Dec. 1 Holders of ree. Oct. 31
*2
Nov. 10 *Holders of rec. Oct. 20
New Jersey Zinc (quar.)
First Trust Bank,Inc.(qu.)
1 Holders of rec. Oct. 31
533c Dec.
75o Nov. 1 Holders of rec. Oct. 40
New York Air Brake(quar.)
Extra
25e Jiml'29 Holders of rec. Dec. 15e
4
11.25 Oct. 29 "Holders of rec. Oct. 15
Corp.(No. 1
)
N. Y. Hamburg
Formica Insulation (quar.)
10* lan119 Elolders of rec. Dec. Ito
32 Oct. 10 Holders of rec. Sept.28
New York Loan & Security Corp.(au.)
Extra
29 "Holders of rec. Sept. 12
*50e. Oct. 10 *Holders of rec. Sept.30
N. Y. Realty & Impt., pref. (guar.).- -- "81.50 Sept. 31 'Holders of rec. Dec. 21
Foshay 1W.B.) Co.Pf.(mthly.)
1
•ifitic Oct. 10 "Holders of rec. Sept. 30
. • M Dec.
-Pond Co. pref. (qu.)..
Preferred (extra)
Oct. 15 Holders of rec. Sept.290 Niles-Bement common
60e. Dec. 15 Holders of ree. May 24
81
Nichols Copper.
Fox Film Corp.,corn. A & B (quar.)_
•50e. Oct. 20 "Holders of rec. Oct. 10
•714o Oct. 20 'Holders of rec. Sept.29
Nit:diming Mines Co.(qua?.)
Franklin(H.H.) Mfg.,corn
*Holders of rec. Oct. 20
•1M Nov.
•40e. Nov. I Holders of rec. Oct. 15
(qua?.)
Preferred (guar-)
Holders of roe. Oct. 15a Noma Electric Corp.
Nov.
11120e. Oct. 20 *Holders fo rec. Oct. 10
31
Freeport Tomo Co (quar.)
Holders of ree. Oct. I50 North Lily Mining Co
250. Nov.
31.25 Oct. 15 Holders of rec. Sept. 28
Extra
Holders of rec. Oct. 16a Ohio Brass class B (quar.)
Nov.
$1
134 Oct. 15 Holders of rec. Sept. 28
Preferred (quar.)
General Cigar, Inc., cons. (quar.)
Holders of rec. Nov.226
Holders of rec. Oct. 110
13( Nov.
134 Dee.
prof. (quar.)
Preferred ((Mar.)
Oct. 2 Holders of rec. Sept. 2Ia 011 Well Supply.
1
A (qua?.)..-- *50e. Nov. 1 Holders of rec. Oct. 17
(quar.)
Filters, class
General Electric, common
2 Holders of rec. Sept. 21a Oliver Union , corn.(guar.)
15e. Oct.
31.50 Oct. 15 Holders of ree. Sept.29a
Special stock (quar.)
Holders of rec. Oct. 84 Otis Elevator
134 Oct. lb Holders of rec. Sept.290
13.4 Nrov.
Preferred (quar.)
General Motors. 6% pref.(qua?.)
Holders of rec. Oct. 8a
134 Nov.
el. A & B pf.(qu.) *50e. Nov. 1 Holders of ree. Oct. 20
7% preferred (quar.)
Holders of roe. Oct. 84 Pacific Finance Corp.,
134 Nov.
•4034c Nov. 1 Holders of rec. Oct. 20
Class C 634% pref.(qua?.)
debenture stock (quar.)
ba
6%
(qu.) 50c /et. 1 Holders of rec. Oct.
•4334 Nov. 1 *Holders of rec. Oct. 20
Class D 7% pref.(qua?.)
General Outdoor Advertising, cons.
75e 3ct. 1 Holders et rec. Oct. 8a Packard Electric Co. Mari
Oct. If Holders of rec. Sept. d28
$I
5
General Refractories (guar.)
040c Mt. I *Holders of rec. Oct. 15
50e. Oct. If Holders of rec. Sept. cf28
Inc., class A (quar.)
Extra
Georgian,
*75c let. 31 'Holders of rec. Oct.
25e. Oct. 31 Holders of roe. Oct. 155
y)
Motor Car Co.(monthl
Gilchrist Co. (guar.)
1% Nov. I Holders of rec. Oct. lba Packard
250. Noy.3. Holders of rec. Nov. lba
Monthly
Gimbel Bros., Inc. pref.(qua?.)
250 Nov. 1 Oct. 21 to Oct. 31
75e. Oct. I" Hollders of ree.Sept.29a
Park & Tilford (quar.)
Cladding. MeBean & Co., monthly
Holders of rec. Sept. 29a
25c Dec. 1 Nov. 21 to Nov.30
el
Oct. 1
Stock dividend (quar.)
19
Monthly
75e. la 1411 Holders of roe. Dec. 290
'134 /et. 15 *Holders of rec. Sept. 17a
Co., pref.(quar.)
Quarterly
Globe-Wernicke
$1.21' Nov. 1 Holders of rec. Oct.
el
la 14'21 Holders of rec. Deo. 294
Stock dividend (imusr.)
Gold Dust Corp.(quar.)
75e Ap141. Hold,of rec. Mar.29'29a
33 I-3r Nov. 1 Holders of rec. Oct. 19a
Quarterly
Goesard (H. W.) Co.. corn.(monthly). 331-3' Sec 1 Holders of rec. Nov. 20a
el
Ap141' Hold, of ree.Mar. 29'290
Stock dividend (quar.)
20
Common (monthly)
Holders of rim. Oct. 1
33 1-3. Ian 1'29 Holders of rec. Dec. la Parke Austin & Lipscomb,cony. pf.(qu) •500. Oct. I
Common (monthly)
Holders of rec. Oct.d1
Holders of rec. Nov. 5
Si
13 Nov. 1
Nov. 1
s. Ltd.. common (quar.)
Gotham Silk Hosiery, Pref. (quar.)..._ _
Nov. 1 Holders of ree. Oct. ha Penman d (quar.)
Holders of rec. Oct. 22
134 Nov.
(qu.) _ _- $1
Preferre
Granby Consol. Min.& Smelt.
ict. 15 Holders of tee. Sept. 15
EIJIders of ree. Sept.29a
81.25 Oct. 1
$100
Pennsylvania Salt Mfg.(qua?.)
20e
Group No. 1 011
50, tee. 1 Holders of rec. Nov. 20o
3714e Oct. 31 Holders of ree. Oct. 20a
on Stove (monthly)
common (quar.)
Perfecti
Gruen Watch,
50. Mar1'29 Holders of ree.Feb.19'29a
Nov. 3( Holders of roe. Nov. 20a
3734c
Monthly
Common (guar.)
of ree. Dee.
1 Holders of rec. Oct. 200
134 Nov.
3734e Dec. Si Holders
Monthly
20a
Preferred (qua?.)
eebl'29 Hold. of rec. Jan. 19'29a
I
1 3( Nov. 1 Holders of rec. Oct.
Phillips-Jones Corp.,Prof.(quar.)
Preferred (quer-)
134 by. 1 Holders of rec. Oct. 15
'750 Oct. 1: 'Holders of roe. Sept.28
& Bolt(quar.)
Hamilton Bridge. pref.(qua?.)
rec. Nov. Inc
Holders of rec. Oct. 10a Pittsburgh Screw
134 Jet. 20
154 Dee, • Holders of
Pittsburgh Steel Co., pref.(quar.)
Harbison-Walker Retrac.. Pref. (quer.). .52
29
boy. 30 *Holders of rec. Nov. 15
334 Oct. 3' Holders of ree. Sept. 10
Prairie Pipe Line (quar.)
Hart Schaffner, Marx f Inc.(quar.)
Oct.
•25c. Nov. 5 "Holders of rec. Oct. 25
Oct. 1: Sept.23 to
2
Procter & Gamble Co.,8% pref.(qu.)
Hawaiian Comm'l& Sugar(extra)
of rec. Oct. 19
35e Jct, 26 Holders
50e. Oct 1. Holders of rec. 8001.290
Brush. corn.(quar.)
Bartlett & Co.(mtbly)
Pro-phy.lac-tic
31a
Flibbard, Spencer
35c Nov. 30 Holders of rec. Nov. 23
133 J an 15'21 Holders of ree. Dee. I
Prudence Co., Ins., pref. (quar.)
Monthly
'Holders of rec. Oct.
35e. Dee. 28 Holders of rec. Dec. 21
'50e. Oct.
Q. R.S. Co.coin.(quar.)
Monthly
134 Oct. 15 Holders of rec. Sept.29
"81 Oct. If 'Holders of rec. Oct. 1
(qua?.)
corn.(quar.)__
Quaker Oats, eons.
Bitterest Collieries Ltd.,
134 Oct. 15 Holders of rec. Sept.29
•114 Nov.30 •Holders of roe. Nov. 1
Preferred (guar.)
Preferred ((mar.)
Oct. 6 Holders of rec. Sept. 19
y) 1
*3
Dec. 1 'Holders of ree. Nov.21
Quissett Mills. preferred
Hollinger Consol. Gold Mines(monthl
134 Nov. I Holders of rec. Oct. 15
(guar.)._ 37 M c Nov. 1 Holders of rec. Oct. 15 '
RIce-Stir Dry Goods, common
Holly Sutter Corp.. Pref. (quar.)
20'Holders fo rec. Sept.28
.
(guar.)... •500. Oct.
•4334e Nov. I 'Holders of rec. Oct. 5
Richfield Oil. preferred (quar.)
5
Home Service Co., 2nd pref.
"V .88 Nov. 1 *Holders of ree. Oct. 20
*800. Oct. It 'Holders of rec. Oct.
Riverside Forge & Mach., corn. (qu.)
Hood Rubber. 734% pref (qua?.)
'134 Nov 1 'Holders of rec. Oct. 20
•40c. Oct. lf Holders of rec. Oct. 5
Extra
Seven per cent preferred (quar.)
Oct. 15 Holders of rec. Sept.29a
81
50e. Dec. 21 Dec. 9 to Dee. 20
Co.(quar.)
Joseph Lead (guar.)
Howe Sound
Dee. 20
50e. Nov. 1 Holders of ree. Oct. lba St.
25c. Dec. 21 Dec. 9 to
(guar.). _
Extra
22
Hupp Motor Car Corp., corn.
1214 Nov. 1 Holders of rec. Oct. 15
134 Oct. 11 Holders of rec. Sept. 1
St. Lawrence Paper Mills. prof.(quar.)_
Corn.(payable in corn,stock)
Nov.
•40e. Oct. 15 *Holders of rec. Sept. 29
•134 Nov. 15 Holders of rec. Nov. 150
Arms, and pref. (qua?.)
Savage
Illinois Brick (quar.)
•40e. Oct. 15 "Holders of roe. Sept. 29
8733e Dee. I Holders of rec.
Schulte Retail Stores, corn. kquar.)
15
Incorporated Investors(quar.)
3714c Oct. 31 Holders of ree. Oct. 15a
034 Dec. 1 Holders of ree. Nov.
Common (payable in coin. stock)
Independent Oil & Gas (quar.)
Nov. 15 Holders of rec. Oct. 26
$1
ts 34 Mar '29
Common (payable In corn. stook)
Indiana Pipe Line (quar.)
Holders of rec. Sept. 29
Nov. 15 Holders of rec. Oct. 26
85
75e. Oct. lb
Scullin Steel, pref.(quar.)
Sept.290
Special
21.25 Oct. 10 Holders of rec. Sept. 22a Seagrove Corp.(guar.)
300. Oct. 20 Holders of rec.
Internat. Business Machines(anon).- "25e. Jan 119
Sears. Roebuck &
Int. Cont. Invest. Corp.corn.(qu.)
Holders of roc. Oct. 15a
11125e. Apri'29
Nov. 1
el
Quarterly (payable in stock)
'29a
Common (quar.;
1025e. Jly 1/9
el Febl'29 if Md. of rec. Jan.15 '294
Quarterly (payable In stock)
Common (quar.)
$1.150 Oct. 15 Holders of rec. Sept.25a
Myl'29 Hold, of rec. Apr.13 la
al
Quarterly (payable in stook)
of rec. Sept.25a
ional Harvester coin. (quar.)..
of rec. Oct.
Internat
Holders
Eitic. Oct. 15 Holders
(qu.)
Securities Management Corp.,el. A (qu.) 134 Oct. 15 Holders of rec. Oct. la
Internat. Match,corn.& porde. pf.
60e. Nov. lb Holders of rec. Nov. la
25e. Oct. 15
Class B & C (quar.)(No. 1)
of rec. Oct. 15
International Paper, corn.(quar.)
134 Oat. 15 Holders of rec. Sept.20a Seeman Brothers, Inc.. corn.(guar.)
-- 50e. Nov. 1 Holdersof rec. Niar.1'29a •
a
cent. pref.(quar.)
Seven per
114 Oct. 15 Holders of rec. Sept.20
50e. 3-15-29 Hold'rs
Common (extra)
80
Six per cent pref. (quar.)
Nov. 1 Holders of rec. Oct. lba
Oct. 15 Holders of rec. Sept.30
6234c
Segal Lock & Hardware, Prof. (qu.)..-- 134
International Printing Ink, corn.(qu.)-- *81.50 Nov. 1 *Holders of rec. Oct. 15
134 Oct. 25 Holders of ree. Sot.20a
Shaffer Oil & Refit.. pref.(quar.)
Preferred (quar.)
500. Nov. 1 Holders of req. Oct. 150 Shattuck (F. G.) Co.(quar.)
50e. Oct. 10 Holders of rec. Sept. 5
Nov. 15a
International Shoe. pref. (monthlY)- Oct. 10 Holders of rec. Oct. 20
50e. Dee. 1 Holders of rec. Oct. 5a Sheffield Steel Corp., corn.(in stock).-.- 150
roe. Oct.
Preferred (monthly)
Oct. 15 Holders of rec.
75e. Nov. 1 Holders of Jan.20 29
..- *1
Stores. toe., el. A (quar.)
Interstate iron es Steel, corn.(quar.).
29 Holders of ree. Jan.5'29a Shepard A (guar.)
J'n15•
750. Febl 29 Hold. of ree.
51
Class
Common (quar.)
Holders of rec. Oct. 15
Hold.of Imo. Apr.20 29
750. Mayi 29
134 Nov. 1
Class A (quar.)
29
nolo Petroleum Corp. pref.(qu.)(No. 1) El
Oct. 16 Holders of reo. Oct. 2a Spalding(A. G.)& Bros.. cons.(qu.) - $1.25 Oct. 15 Holders of ree. Sept. 29
la
Jewel Tea. corn. (guar-)
Get. 15 Holders of roe. Sept.
750 Oct. 15 Holders of res. Oct.
81
Common (extra)
ansville Co.. corn. (quar.)
Johns-M
e50 Nov. 1
Standard Commercial Tobacco, cons.,
Kalamazoo Stove (Stock dividend)
*Holders of roe. Sept.30
Nov. 1 Holders of rec. Oct. 19a
'6254e Oct. 15 *Holders of rec. Dee. 20
class B (payable In class B corn. stk.) 10
6
Kawneer Co.(qua?.)
13( Nov. I Holders of rec. Oct. 10
'1234c Jan 1'29
Steel Corp. of Canada,coin.& pfd.(qu.)Co. (extra)
20
Kaynee
*Holders of roe. Mar.
Holders of rec. Doe.
*75o. Dee. 22 •
•
123.4c Apr1•29 "Holders of res. June 20
(quar.)
Stroock (S.) & Co.
Common (extra)
Oct. 15 Sept. 30 to Oct. 12
July1'29
$1
*1234c
Sullivan Machinery (quar.)
Common (extra)
Holden, of rec. Sept. 29
•$1.75 Oct. 10•
Nov. 1 Holders of rec. Oct. 15a
Kayser (Julius) & Co., corn.(quar.)._- $1.25 Nov. 1 Holders of rec. Oct. 22a Telautograph Corp.. pref.(quar.)
100. Oct. 15 Holders of ree. Sept.lb
134
Texon 011 & Land
Kelsey-Hayes Wheel, pref. (quar,)
15 *Holders of rec. Oct. 5
Nov. 1 Holders of rec. Oct. 23a
30e.
•750. Oct.
Thompson (John R.) Co.(montialY)---Keystone Steel & Wire, corn.(guar.)... •15i Oct. 15 "Holders of rec. Oct. 5
30e. Dec. 1 Holders of ree. Nov,254
Monthly
Preferred (quar.)
30
134 Dec. 10 Holders of rec. Nov.
Kirby Lumber. common (quar.)
OCT. 6 1928.]
FINANCIAL CHRONICLE
1913
Per
When
Cent. Payable.
Books Closed
The New York "Times" publishes regularly
Name of Company.
Days Inclusive.
each week
returns of a number of banks and trust compa
Mi•cellaneoux (Concluded).
nies which are
Tobacco Products Corp., cont.(guar.)._
82 Oct. 15 Holders of rec. Sept. 28a not members of the New York
Toddy Corp., class A (guar.)
Clearing House. The folOct. 10 Holders of rec. Sept.
Tonopah Mining
lowing are the figures for the week ending
754c Oct. 20 Sept. 30 to Oct. 29
Tooke Bros, Ltd., pref. (quay.)
Sept. 28:
7
154 Oct. 15 Holders of rec. Oct. 2
Transue & Williams Steel Forge (quar.)
_
25c. Oct. 10 Holders of rec. Oct.
Truscon Steel, corn.(mar.)
fla INSTITUTIONS NOT IN CLEARING
530c Oct. 15 *Holders of rec. Oct.
HOUSE WITH CLOSING OF BUSIN
Tuckett Tobacco, common (quar.)
ESS
5
1
Oct. 15 HolGers of rec. Sept. 30
FOR WEEK ENDED FRIDAY.
Preferred (quar.)
SEPT. 28 1928.
Oct. 15 Holders of rec. Sept. 30
Union Guarantee Mtge., corn. ((luar.)_
_ $1.50 Jan 229 Holders of rec. Dec.
NATIONAL AND STATE BANK
Com. (extra:
S-Average Figures.
$1 Jan2'29 Holders of rec. Dec. 15
Union Mortgage,corn,(quar.)
$2 Jan2'29 Holders of rec. Dec. 15
15
Common (extra)
*2
Jan 229 IIolders of rec. Dec. 15
6% preferred (quar.)
OtherCash has. Dep., Dep.Other
154 Jan2'29 Holders of rec.
Union Steel Castings, common (quar.)
Including N. Y. and Banksand
.50c Oct. 10 *Holders of rec. Dee. 15
Gross
Preferred (quar.)
Loans.
Gold. Bk.Notes. Elsewhere. Trustro
•154 Oct. 10 *Holders of rec. Sept. 28
s. Deposits.
Union Storage (quar.)
624c Nov. 10 Holders of rec. Sept. 28
ManhattanNov. I
United Biscuit, pref.(quar.)
$
s
$
14 Nov. 1 Holders of rec. Oct.
$
$
Bank of U. S
$
United Milk Crate. class A (quar.)
151,079,300 16,300 2,267,200 16.687.
*50c Dec. 1 *Holders of rec. Nov. 18a Bronx National
000 1,353,100 143,451,600
United Paperboard, pref.(quar.)
20,321,000 5,700 750.000
$1.50 Oct. 15 Holders of rec. Oct. 15
997.000
21,266.000
Preferred (quar.)
la Bryant Park Bank
1,984,100 79.900 144.800
21.50 Jan6'29 Hold, of rec. Jan.
176,700
2,056,300
Chelsea Exch.
Preferred (quar.)
1 710,000
$1.50 Ap15'29 Hold, of rec. Apr. 2 '290 Grace Nation lik 22,321,000
711,000
21,838.
1 '29a
al_ 17,646.
United Piece Dye Works,654% pf.(qu.).
67,350 1,331.568 1,237,580 14,597.000
Jan2'29 Holders of roe Dec. 200 Harriman Nat'l._ 37,408.684 5,000
130
United Profit
-Sharing, prof
000 20,000 765,000 4,397,000 1,033,0
5
Oct. 31 Holders of rec. Sept. 29a Port Morris
00 41,275,000
United Verde Extension Mining (qu.).
4,226,300 29,800
81,700
239,700 122,600 3626,900
50c.
U.S. Bond & Share, common (extra) _ .$2.50 Nov. 1 Holders of rec. Oct. Sc Public National._ 112,255,000 21,0002,120,000 6,906.0
00 3,205,000 106,515.000
Dec. 1 *Holders of rec. Nov.
Brooklyn
Participating preferred (extra)
•50e. Dec. 1 *Holders of rec. Nov. 15
First National
U.S. Cast Iron Pipe & Fdy.,corn.(qu.)_
19,279,700 27,200 424,400 1.951,4
2( Des. 15 Holders of rec. Dec. 15
Mechanics
Preferred (quar.)
55,681,000 222,000 1,543.000 7,466,0 00 265,200 17,735.400
la
154 Dec. 15 Holders of rec. Dec.
00
52,174,900
U.S. de Foreign Sec. Corp.
la Nassau National_ 21,356,000 90,000 310,000 1,662,000
262,000 19,188,000
Peoples Nat onal_
First and second pref.(quar.)
8.638,000 5,000 127,000
582,000
45,000 8,245,000
Trarinrst NntinnAl
U. S. Industrial Alcohol, corn. (guar.)... $1.50 Nov. 1 Holders of rec. Oct. 11
2 050
(10041 500
301 000
$1.25 Nov. 1 Holders of rec. Oct.
3704145 2 251 5110
15
Preferred (guar.)
154 Oct. 15 Holders of rec. Sept.29a
U.S. Print. & Lith. 2d pref.(quar.)....
(.1.5. Smelting, Refg. & Min., com.(qu.) 154 Jan1'29 Dec. 22 to Dec. 31
8754c Oct. 15 Holders of rec. Oct.
TRUST COMPANIES-Average Figure
Preferred (quar.)
5a
s.
Universal Leaf Tobacco, corn. (quar,).. 871.40 Oct. 15 Holders of rec. Oct. 56
75e. Nov. 1 Holders of rec. Oct.
Universal Pipe & Radiator, prof.(qu.)..
$1.75 Nov I Udders of rec. Oct. 19a
Upson Co.. claw A & B (quar.)
Res. Dep.. Dep. Other
.400. Oct. 15 *Holders of rec. Oct. 15a
Class A & 13 (extra)
N. F. and Banks and
*100. Oct. 15 *Holders of rec. Oct. 1
Gross
Loans.
Vapor Car Heating. pref.(gum.)
Cash.
1
Elsewhere. Trust Cos. Depotits.
1,4 Dec. 10 Holders of rec. Dec. is
Victor Talking Machine, corn. (guar.)
21
ManhattanNov. 1 Holders of roe. Oct. la
s
Old preferred (quar.)
$
$
$
114 Oct. 15 Holders of rec. Oct.
American
$
51,214,400
Prior preference (guar.)
802,100 9.945.600
23,500 53.514.600
$1.75 Nov. 1 Holders of rec. Oct. 1
Bronx County
16,859.722
845,560
$6 cony. pref.(quar.)
130,040
$1.50 Nov. 1 Holders of rec. Oct. la Central Union
16,002,150
22,991,926
(V.) Vivaudou, Inc., pref.(quar.)
575,784 1,610,063
la Empire
22,917,705
Nov. 1 Holders of rec. Oct.
244,173,000
Vulcan Detinning, pref. & pref. A (qu.)
134 Oct. 20 Holders of rec. Oct. 15a Bank of Europe & Tr.. 78,657,500 .30,504,000 4,604.000 3,202,000 252,808,000
Prof. (acct. accumulated dividends)._
.5,149,200 4,572,400 3,314,200
hl Oct. 20 Holders of rec. Oct. 9a Federation
77,070,500
17,370,626
Wacker Drive Bldg., pref.(ariar.)
213,262 1,282 836
9
252,604 17 542,592
Fulton
15,775,100 *1.984.800
Weber & Hellbroner. Inc., pref.(gar.) .$1.50 Oct. 15 'Holders of rec. Sept.29
321,500
154 Nov. 1 Holders of rec. Oct.
15,635,000
Manufacturers
287,579,000 2,621,000 39.397,000 1,818,0
Western Grocers, Ltd., pref.(Ouar.)._
00 264,323,000
184 Oct. 15 Holders of rec. Sept. 15
80,083,454 4,400,000 7,816,307
Westinghouse Air Brake (quer.)
30a United States
67,742,510
Brooklyn
Westinghouse Elco.& Mfg. oom. tquar ) 50o Oct. 31 Holders of rec. Sept.29a
111 Oct. 31 Holders of ref. Sept. 28a Brooklyn
62,122,400 1,476,200 10,762,
Preferred (guar.)
65,614,500
Oct. 15 Holders of roe. Sent. 28a Kings County
26,328,716 1,842,362 1,950,426
White Eagle Oil & Ref.(quar.)
50c Oct. 20 Holders of rec.
24,027.282
Municipal
48,760.500 1.520.500 3,538,200
wIllys Overland Co. common (guar.)._
29,200 44,443,506
30c. Nov. 1 Holders of rec. Sept. 28a
Bayonne, N.I.
Wire Wheel Corp. of Amer.. pref.(guar.)
Oct.
'
$1.75 Jan 1'29 Holders of rec. Dec. 22a Mechanics
9.735.769
Woodworth, Inc., corn.((Mar.)
20
294.887
780 965
286.634 9.532.388
3714o. Oct. 15 Holders of rec. Oct.
Wrigley(Wm.) Jr. Co., corn.(mthi
1
n25c. Nov. 1 Holders of rec.
• Includes amount with Federal Reserv
Common (monthly)
25e. Dec. .1 Holden of rec. Oct. 20
$29,745.000; Empire, $3,470,000; Fulton. e Bank as follows: Central union;
Yellow & Checker Cab,corn. A (mthly.).
Nov.20
$1,863,200.
6 2-3c Nov. 1 Oct. 28 to
Common class A (monthly)
6 2-3c Dec. 1 Nov.26 to Oct. 31
Nov.80
• From unofficial sources. t The New York
will not be quoted ex-dividend on this date Stock Exchange has ruled that stock
Boston Clearing House Weekly
and not until further notice. I The
Returns.
New York Curb Market Association has
-In the
dividend on this date and not until further ruled that stock will not be quoted ex- following we furnish a summary
of all the items
notice.
a Transfer books not closed for this dividen
Boston Clearing House weekly statement for a series in the
d. el Correction. s Payable In stock.
of weeks:
/ Payable in common stock.
Payable In
dividends. I Payable in preferred stock. scrip. lt On account of accumulated
BOSTON CLEARING HOUSE MEMB
ERS.
I Assoolased Gas & Electric dividends payable
In cash or In class A stock as
follows: On class A stock at rate of 254%
of one share of class A stock for
Oct. 3
share held.
each
(lionessfrom
Sept.. 26
Sept. 19
1928.
Previous Week
o Payable In common stock but subject
1928.
1928.
to stockholders meeting Oct.
15.
s Subject to stockholders meeting Oct. 11,
$
11
$
$
Capital
I National Dairy Products (telt-mot four
84,160,000 Unchanged
84,150,000
84,150,000
coin. stock In quarterly installments of one per cent, on common stock payable In Surplus and profits
108,448,000 Unchanged
per cent, each beginning Jan.
108,448,000 108.448
2, 1229. Lome,discla & invest'ts. 1,104,485,000
u Schulte Retail Stores declared 2% In stook,
+101.000 1,104.384,000 1.108,3 .000
Individual deposits
payable 3.4% quarterly.
24.000
695.642,000 +27,258,000 668.384
to Payable either in cash or class A stock
Due to banks
at
146,268.000 +7,321,000 138,947.000 678,068.000
payable either in cash or class B stock at rate of rate of one fortieth share: class B Time deposits
282,818.000 -2,261,000 285,079,000 143.753.000
one-fortieth share.
.000 282,984,000
United States deposits
13,6'
9,900 -5,704,000
19,382,000
Exchanges for Cis. House
23,507,000
41,112.009 +12,938,000
28,174,000
34,229,000
Due from other banks_ .._
Weekly Return of New York City Clearing
90,974.000 +6.936.001
84,038.000
89,221,
House.
- Pex've in legs. dews:Vies 83,412.000 +1,745,000 81,677,000 82,871,000
Beginning with Mar. 31, the New York City
Cash in bank
000
9.754,000
-25,000
Clearing House RAP.VC excessin F. R.Bk_
9,779,000
10,044,000
fm4,000
-195.000
Association discontinued giving out all state
734.4100
031000
ments previously
issued and now makes only the barest kind of
a report. The
new return shows nothing but the deposits,
Philadelphia Banks.
-The Philadelphia Clearing Hous
along with
e
the capital and surplus. We give it below in full:
return for the week ending Sept.29, with
comparative figures
STATEMENT OF THE MEMBERS OF THE NEW
YORK CLEARING HOUSE for the two weeks preceding, is given below
. Reserve
ASSOCIATION FOR THE WEEK ENDED
SATURDAY SEPT. 29 1928.
requirements for members of the Federal
Reserve System
are 10% on demand deposits and 3% on
•Surplus OS Na Demand
time deposits, all
Time
Clearing House
*Capital.
to be kept with the Federal Reserve Bank.
Undtelded
Deposits
Deposits
Members.
"Cash in vaults"
Profits.
Average.
Average.
is not a part of legal reserve. For trust
companies not
$
$
members of the Federal Reserve System
s
$
ank of N. Y. & Trust Co
6,000,000 12,875,200
the reserve required
57,883.000
9,242 000
ank of the Manhattan Co
12,500,000 19,228,500
is 10% on demand deposits and includes
140,768,000
31,522.000
ank of America Nat. Assoc
25,000,000 37,009,900 126
"Reserve with
966.00
ethanol City Bank
52,253,060 legal depositaries" and
90 000.000 73,961,000 a806,14
"Cash in vaults."
5.000 170,494,000
hemical National Bank
6,000,000 20.014.500 125.576
.000
Beginning with the return for the week
&Monet Bank of commerce_ 25,000,000 46,295.
7.353.000
200
ending May 14, the
at.Phenix Nat.Bk.&'Fr.Co. 13,500,000 14,868,400 311.684,000
49,852,000
155,576
43 692,000 Philadelphia Clearing House Association
anover National Bank
5,000.000 26,702,400 115.538.000
discontinued showing
,C00
'tub Exchange Bank
2,871,000 the reserves and
11,000,000 17,762,700
whether reserves held are above or below
atIonal Park Bank
31,306,000
10,000,000 25.069,500 169.470,000
require119,176,000
rot National Bank
8,713,000 ments. This will accou
10,000,000 87,588,
nt for the queries at the end of
mer. Exchange Irving Tr.CO. 40,000,000 52,522. 200 235,769,000
11,328,000
the
200 354,216,000
ontinental Bank
46,790,000 table.
1,000,000 1,438,900
6.991,0
base National Bank
no Avenue Bank
arfield National Bank
aboard National Bank
tate Bank & Trust Co
ankers Trust Co
. S. Mortgage & Trust Co
itie Guarantee & Trust Co._
uaranty Trust Co
delity Trust Co
wyers Trust Co
ew York Trust Co
rulers Loan & Trust Co
ultable Trust Co
lonialBank
60,000.000
500,000
1,000,000
9,000.000
5,000,000
25,000,000
5,000,000
10.000,000
40,000,000
4,000,000
3,000,000
10,000,000
10,000,000
30,000,000
1,400,000
77,826,700
3,158,700
1 899,000
12,351,100
6,631,700
75,000.000
5.951.400
21,857,400
59,231,700
8,648.500
3,845,200
24,009,500
22,149,200
25,591,000
3,705,600
00
b543,226,000
24.442,000
14,369,000
116,494,000
35.545,000
c340,609,000
58,586.000
35,764,000
d435,740,000
39.196,000
17,481,000
135,121,000
e107.442,000
f314,269,000
27,725.000
600.000
64,188.000
691,000
258,000
8.630,000
60 083,000
56.568,000
5,007.000
'2.855,000
74,538.000
5,194,000
2,336.000
27,549,600
20,822,000
42,898,060
7,250,000
Two Ciphers (00)
omitted.
Week Ended Sept. 29 1928.
Members of
Trust
F.R.System Companies
1928.
Total.
Sept. 22
1928.
Sept. 15
1928.
Capital
57,090.0
9,500,0
66,590,0
66,590,0
Surplus and profits_ _ 174,074,0
64,290,0
18,293,9 192,367.0 192,267,0
Loans, discts. & Invest. 1,043.611,0
105,218,0 1,148,829,0 1,151,869.0 190,826,0
Each. for Clear. House
1.137,824,9
41,752,0
864,0
42,616.0
39,319,0
Ban tro m banks
Duek de posita
40,718,0
96,369,0
481,0
96,850,0
92,973.0
92,746,0
132,516,0
3,300,0 135,816,0 138,039,0
n ni vid er. d eposits.... 599,001.0
Ind ie d ual sits
49,973,0 648,974,0 646,692,0 133,963.0
'207,831,0
27,821,0 235,652.0 236,183,0 653,838,0
Total deposits
Clearing Non-Member.
939,348.0
81,094,0 1,020,442,0 1,020,914,0 230,622,0
&Unica Tr. Co., Bayonne_
Res. with legal delms1,018,423,0
500,000
9,236,0
773,900
9,236,0 .
3,454,000
8,751,0
5.732,000 Res. with F. R. Bank,
9,222,0
67.306,0
67,306,0
67,180,0
Totals
Cash In vault•
67,845,0
9,227,0
"69.400,000 782,967,200 1,973,221,000
2,822,0
12,049,0
11,966,0
850.615.000 Total res. & cash held.
11,426,0
78,533,0
12,058,0
Includes deposits in foreign
88,591,0
Reserve required
87,897,
branches: a $213,478 000: b $14.754,000;
88,493.9
t
7.
7,000; d
c $56,- I Excess reeerve and cash
$2,999,000;
• As per 282.218,000; e , Nutienl f 2102.421.000.
official reports
in vault
d, June 80 1928. State, June 80 1928.
f
f
7
panic", June 39 1928.
7
Trust .
•
•Cash In vault not counted as reserve
for Federal Reserve member
s.
1914
FINANCIAL CHRONICLE
[VOL. 127.
e Board.
Weekly Return of the Federal Reserv
Oct. 3 and showing the condition
Reserve Board Thursday afternoon,
the return issued by the Federalon Wednesday. In the first table we present the results for the system
The following is
nding week last year.
s at the close of business
rve
weeks and with those of the correspo
of the twelve Researisbank
on with the figures for the seven preceding each of the twelve banks. The Federal Reserve Agents'
as a whole in comp
een the Comptroller and
resources and liabilities separately for
The second table shows thewing) gives details regarding transactions in Federal Reserve notes betw upon the returns for the
follo
comment
Accounts (third table
Reserve banks. The Reserve Board's Discussions."
the latter and Federal
Reserve Agents and between , being the first item in our department of "Current Events and
1892
5 1928.
latest week appears on page
CLOSE OF BUSINESS OCT.
THE
PEDERM RESERVE BANKS AT
S AND LIABILITIES OF THE
COMBINED REsouRCE
Oct. 5 1927.
1948. Aug.22 1928 Aug. 16 1928.
Sept. 12 1928. Sept. 6 1928. Aug.29
Oct. 3 1928. Sept. 26 1928. Sept. 19 1928.
$
$
8
$
I
$
$
1,117,450.000 1,561,864,000
$
$
S
01.093.837.000 1.107.113.000
43,695,000
71,555.000
332.000 1.143.470.000 1.082.429.00
.000
RESOURCES.
66.020
1 178.312,000 1.214,889.000 1.167.
65.243.000
68.351.000
agents
68,645.000
71,730.000
65,503.000
OM with Federal Reserve U.S. Tress
69,947.000
0 1.607.559.000
Gold redemption fund with
080.000 1.173.133.000 1,189.005.00
062.000 1,212,115.000 1.148.780.000 1.159. 9.000 715.244.000 694.976.000 704,384.000
1.239.
653.841,000
F. ft.notes 1.248,259,000 1.280,392.000 720.346.000 678,301,000 751.338.000 724.88
agst.
725.611.000 728,611.000
Gold beldexclusively
688,054.000 660,714.000
R. Board
739,530,000 709.031.000 734.840.000
Gold settlement rune with F. by banks
680,322.000 685,898,000 666.482.000
592.000 2,965,784.000
988.000 2.612,
0
Gold and gold certificates held
2.028.946.000 2.009.149.000 2.618,809.00 2.613.
9.000 136.774,000
2,616.635.000 2,033 002.000 2.625.890 000 141.999.000 138.144.000 146.085,000 147.414,000 150,69
' Total gold reserves
134,766.000 138.082.000 142.366.000
3,102,558.000
894.000 2.761,402,000 2.763.291,1100
Reserves other than gold
51,150,000
0 3.770.945.000 2,747,297.000 2.764.
57,582.000 t 60.354.000
58.341,000
2,751.401.000 2.771.084 000 2,768.356.00
52.296.000
59.878.000
.000
59.044
56,174.000
Total reserves
53,801.000
4.000 242.587.000
604.316.000 584.184.000 566,85
NMI reserve cash
8,000
2.000
2.01/0 435.680,0011 219.42
3.000 671.977,000 656.035.000 653.03
Bills discounted:
obligations_ _ _ 616.087,000 610,143.000 421.856.000 413,211,000 428.085,000 434.457.000 453.16
Secured by U.S. Govt.
409,831,000 400.62
462.485.000
773.000 1.037.446.000 1,002.534.000 262,165,000
Other bills discounted
1.038.
833.000 1,069.246,000 1,090.1 1 7.000
189.902.000
1.025,918,000 1.010.766.000 1.093. 9.000 211.160.000 186.796.000 184.299.000 183,600.000
Total Mils discounted
309.976.000 263.419.000 237,18
54.819.000 255,972.000
54,599.000
t In open market
.000
54.764
Bills bough
53.883.000
53,362,000
85,622.000 126.624,000
53.005.000
85.651 900
53.377,000
88.251.0110
U.S Government securities:
53,149.000
87,026.000
87.886.000
65,972.000 122.277,000
87.976.000
66.660.000
89.232.000
65,949.000
Bonds
,000
90,363
65,476,000
80,096.000
83,744.000
83,433,000
Treasury notes
87.092.000
206,413.000 504.873.000
Certificates of Indebtedness
820.008
4,000 206.395.000 208.964.000 206.910.000
900.000
990,0011
229.032,000 224,727,000 221,34 000
990.000
230.604.000
990.000
2,020,
4.580.000
Government securities
4,580.000
Total U. S.
4,580.000
1,230.343,000
026.000 428.946.000 1,399.839.000
Other securities (see note)
329.000 1.503.770.000 1.474.288.000 1,433,
1,571,078,000 1.507.797.000 1,560.
563.000
note)
575,000
574.000
Total bills and securities (see
574.000
571.000
0
572,00
3.000 724.370.000
573.000
573.000
Gold held abroad
574.000
7.000 615.468.001 1336.850,000 735.57 .000
59.609.800
60,125
818.337 000 771.589.000 681.59 .000
.000
n banks (see note)
60.134
60.133.001
Due from foreig
60.255
780.349,000 689.765 000
13,640.000
60.305.0041
8.993.000
60.314.000
8,813.001
8.913,000
60.320 000
Uncollected items
8.981,000
80.318,000
9.190,000
8,457,000
8,841.000
Bank premises
8.909.000
1 53128.750.000 5,182.233.000
248.000 4.954,310.00
0
All other resources
310.000 5.176.249.000 5,025.275,00 4.941.
5.226.430,0006.094.554.000 5.275.
.000
049
996.000 1.641.967.01g 1.638,622.0011 1,717.
Total resources
0 1,688.267,000 1.701.035,000 1.650.
ES.
521.00
LIABIHTI
1,703.630,000 1.681.581.000 1.679,
0 2.360,378,000
ation
0 2.268.6823/00 2.280.500.000 2,285,180.00
R. notes In actual circul
1.
37,213.090
11 2.348.676.000 2.273.343.00
9.397.000
17.33,.0UlI
27,324.000
D-preiltai
2.349.553.000 2.315.812.000 3.360,534.00
8.946.000
5.382.000
9.617.000
8.953.000
45.379.000
-reserve account
9.140.001
12.699.000
9.799.01W
Member banks
32.569.001
6.347,000
5.952.000
23,352.000
7,459.000
20.053.000
18,699,0041
7.337.000
18.877.000
Governmew _
5,943.000
16.941.000
33,875,000
--note)
45,580.000
30.302.000
Foreign banks Ws
25.926.000
0 2.426.327,000
Other deposits
0 2.324,682,000 2.325.630.008 2,323.493.00
, 664,038.000
0,00
952.000 2.389.120,000 2,305.577.00
2.413.990.000 2,386.150.000 2.458. 05 000 694.925.00) 615,257 O48. 062.768.000 584.711.048 665.63 ,0111
131.098.0(0
144.695
Total deposits
700.191.000 638.620 000 730.6 6.000 144.986.000 144.924 000 144.880.000 144.854.001
238,775,000
Deferred availability Items
9,000 233.319.000 233.319.1101f 233,319.016
1ia.658.000 145.618,000 145.37
14.946,000
22.982,0411
233.319.0))0 233,319,1900 233.31 3,000
.001.
in
23.829
24.623.000
Capital paid
233.319,000 233.319.000
25,111
26.632.000
27.537.000
29.206.000
Surplus
29,642,000
0
0 4.954.310.0011 5.028.750,001 1.182,233.00
other liabilities
All
5,176.249,000 5.025.275.081 4.941.248.00
5,228,430,000 5,094,554.000 5.275.310.00
71.6%
65.95
65.9%
65.9%
Total liabilities
65.1.3
64.5%
to deposits and
63.5%
65.1%
Ratio of gold reservescombined
63.6%
74.9%
69.7%
69.6%
69.5%
F. R. note liabilities
68.6%
68.0%
deposits and
9%
66.
68.5%
Ratio of total reserves to ned
66.8%
189,168
liabilities combi
3.000 290.180.000
F R note
==
purchased
277.265 279,049,000 277.897.000 289.35
Contingent liability on bills
267.635 272,886.000 274.054,000
$
$
$
for foreign correspondents
$
--$
130,133.000
$
77,748,001
$
75.725.000
$
80.174.000
$
389.833,000
97.147.000 90.527.000
93.229.000
DittrIbudon oy 11 al4rtass- market. 121,605.000
97,048.000
7.000 854,994.000 850.533.000 823.346.000
1093,000
open
8.000 899.027.000 809,10
1,955.000
3.28110W
2.53.,.000
1-16 days bills bought In
887.007.000 863.522.000 924,73
2.115.000
16,375.000
000
nted
2.308.
4,330.000
1-15 days bills discou
5.380.000
60,964,000
Indebtedness.
37.618.000
36.024.0011
days U 8 send of
.000
1-16
36.380
29.577.000
31,277,000
36,551.000
ts
44.542.000
34,741.000
48.386,0014
35.433.000
53,014.000
1-15 days mitnielpal warran
30,883.000
57,7 t8,000
54,108,000
in open market.
57.735.000
44.257.000
18-30 days bills bought
39.193.000
20,000
bills dl.tcounted
16-30 days
53,775,000
ef Indebtedness.
39.414.000
41.387,00(1
41,153,000
37,230,000
16-30 days.D. S. certif
000
._.
40,304.000
30.246,
....
ts.
79,850,00)
39.882.000
86.953,000
43.168.000
83.138.000
57.777.000
16-30 days municipal warran
79.0140.000
market _
69.054,000
65.552.000
57,729,000
3140 days bills bought In open
55.401.000
81-60 days bills discountedIndebtedneSs.
14,190,000
if
27.693.000
22.794.000
20.965.000
81-410 days U S. certlf
22.660.001
17,960.000
31,622,000
42.491.000
63.551 000
41.200.000
81.424.000
37,542.000
31-60 days municipal warrants market
36.717.000
94.304.000
38,781.000
37.258.000
open
37.780.000
81-90 days bills bought in
34,308 000
745,000
45.324.000
.000
bills discounted
40.583
81-90 days
37.759.000
3.103.000
7.439.000
of Indebtedness..
6.770.000
5.727.001)
30.000
6,802 (100
61-90 days U 8. cent(
5,536,000
3,167,000
ts.
5,806.000
12,505.000
10.374.000
6.344.000
10.115.000
8.427.000
61 90 days nannletpal warranopen market
5.397.000
8,2741.000
8.550 000
64.017.000 120.684,000
63.380.1100
bills bought in
7.478.000
63.414.000
Over 90 days
9,732,000
63,361.000
62,976,000
36,114,000
41.250,000
43.953,000
Over 90 days bills discounted tedness._
30.000
30.000
indeb
30.000
Over 90 days certif of
908,669.000
ts
498.0002.807,420.18)11 2.816.838.000 2.
Over 90 days municipal warran
0.000 806,250,000
579.000 2.850,462.000 2.811.418.000 2.800.
043.000 2.859.232.000 2.848. 5.000 776,9116.000 766.595.000 778,970.0400 780.020,0011 799.98
. 2.834.
ed from Comptroller5.000 766.02
F. R notes receiv
773.720.000 774.38
658,000 2,102,419,000
Agent
933.000 2.021,628,000 2.027.400.000 2.016.
F. R. notes held by P. Ft
2.082.554.000 2,073,466 000 2,044.
--2.030,323.000 3.084.847.000
l Reserve Banks
Issued to Federa
7.000 406,631.000
1,000 338.820.000 348,620.000 352.82 .000 104,556,000
341.567.000 341.321,000 341,32 ,000
88.153
89.541.000
94.621.001
How Secured
92.994
344.037.000 344.037.000
91.016,000
cates
2.000 676,4711,000 1,050.677,001
88,586.000
669.95
91.105 000
By gold and gold certifi
98.510,000
711.133,000 649.114.000 860.306.001 1.189.770.1100 1.155.853,1100 703,356.000
0 1.183.121.001
779.717.0110 737.179.000
Gold redemption fund
ve Board.-- 735.735,000 1.214.971.000 1.277.362.000 1.236.449.000 1.226,166.00
I
..
nma .t
Gold fund-Federal Reser
, aan
1.291,675.000
• .Inda
nmonnnW.
. . .
. , .
. a
/U.0 .,n0 xnxnnn0000 00.U
.IU.
By eligible paper
. . .
AAA onA nnno ovn nil:en
. . .
. .
.
.
.
of balances bed abroad and amounts due so
in order to show separately the alliOUlat
Total
new Items were added . made up of Federal Intermediate Credit batik debentures, was eharigeo to
.
tent of 00 7 1935 two
.- previously
ption of the total of the
NOTE.-BNIInning With the statem caption "Ail other earning &mete securities.' The latter term was adopted as a more accurate descri items included therein
.
addition, the
hilly
"Total bills and
merge correspondents. In
Reserve get. which. It was stated, are the
l earning assets- to
and 14 of the Federal
n -Tota
13
"Other sectirttles.- and the captio acquired under the Provisions of Section'
and securities
discount acceptances
P OP Hi ISINRSA OCT 3 1929
RAL RESERVE BANKS AT CLDS
EACH OP THE 13 FEDE
S AND LIABILITIES OF
STATEMENT OF RESOURCE
WEEKLY
Mlaseap. Koss.t.Its /polka. Ise Prim
raimand Russia. 1 Chic go Ia. Lours.
--Boston, New York. PAW.
Total.
$
Two ctplters (IN)) 0.128.4
of0
8
Federal Reserve Bank
'
$
44.621.0 49.161,1 20,991.0 171,297.0
$181
.0 254.136,0 16.774.0
$
3.721.0 2,199.0 3,772,
.0 153.180,0 27.555,0 50,419
RESOURCAS.
124,017,0 175,040.0 82,121 0) 5.115.0, 2.400.0 5.160.0. 6.698,0 5,921.0 2.840.0
e Agents 1.178.312,0 7.643,0
16,500,0 7.978.
Golci with Federal Reserv Tress
69.947.0
9,
II 8.
1
22,695,01 47.461.0 52.882.0 23.190.0 175.06 .
1
Gold red'n fund with
.
5,0 29,955.0 64,579.01360.834,01
.0
191.540,0 90.099.0 158.29 ,0; 31,277,0 11.322,0 156,017.0 37.732,0 27.043.0 39.346.0 26.019 0 34,715 ,
0.0
PP.. DOWN 1,248.259.0 131,66 .0 148,841,0 34,099,01 73,309
5.540.0 7.326.0 9,812, 33.396
0
Gold held encl. must. F.R.Board 688.054.0 68.334
7.300.0 4.062.01 61.361.0 9,542.
3.0 28.3791
,
1
Gold settle' fund v 1th
880.322.0 33.143.0 435.72
.0 243.180,
1
44.738
2.0 69.969.0 80.044.0 99,554.0 69,021
Gold and gob) certificates
7.0 378.342.0, 68.533.0 79,963.0 478.21 0 15.347.0 1,955.0 5.276,0 4,888.0 9,520.
4,0 153,57
2.616.635.0 233.137.0 776.10 ,0 7,563.0 14.009.0 8.555.0 13.526,017.711,
,
I
22,672
gold reserves.
.0
Total
134.766.0 13,744
81.999,0 104.830,0 83,909.0 252.700,
Reserve other than gold
,0 93.489,0 495.923.0 85.316.0 1,085.0 1.835.0
1,792.0 3,170,
6.0 160,140.0 290,351.0 77,087
2.719.0
2.751.401.0 246.881.0 798.77 .0 1.306,0 4.475.0 3.892.0 3.330.0, 7.968,0
reserves
16,097
Total
53.801,0 6.132.0
0 9.307,0 14,930,0 49.427,
.0 9.400.
Non reserveriuth
.0 16.296.0 24.623.01 93.559.0 25,817 .0 5.600.0 14.690.0 11,363,0 26.138.
31.587
.0 230.767.0 78.680,0 39,178
Bills discounted:
tions 616.087.0 24,123.0 123.231.0 24.651.0 29.795.0 30.336.0 59.965.0 29.541.0
Sec by U B Govt. obliga
I
409.831.0 22.934
15.000.0 23.997.0 26.293.0 75.565.
Other bills discounted
'
84.588.0 123.i00.0 57.404.0 13.265.0 17.613.0 16.526.0 39.909.
8.0 103.311.0 68.973.0 46,632.0
11.0
1.025.918.0 47.057.0 353.99 .0 16.449.0 28,032.0 14,211,0 15.783.0I 21.291.0'
nted
Total bills discou
99.902
309.976.0 26.984.0
701.
0 4.722,01 8,312.0 7.938.0
Bills bought In open market
1.153,0 1,398,0 19.927,01 2,125. 0 3.92.5.0 2.412.0 3.515,0 11.563.
984.0 1,188.0
3.425.0
U. 49 Government securities:
53,149.0 1.296.0
594,0 3.755.0 5.512,0 9.500.
2,214.0 4.962.0 3.109.0 4.927.
11,873,0 9,002.0 27,009.0 1,529.0 2.168.0 9,867.0
Beads
1.713.0
.0
90.363
36.413,0 11.340.0 6.136.1
Treasury notee
87.092,0 4.427.0
4.56' '7,141
15 4
Certificates of Indebtedness
0 7.341.8 35.3063) 11.626.0 i0.86i.51.711.0 21.3041.6 34.313.0 3."76.
7.4313.0
. 230.604.0
Total U. 4.()Wet securities
OCT. 6 1928.]
FINANCIAL CHRONICLE
RESOURCES (Concluded)2'tco Ciphers (00) omitted.
Total.
$
4,580,0
ntereeourities
Total Mlle and securities
)ue from foreign banks
%collected Items
lank premises
111other resources
Boston.
New York.
$
Total resources
5.226,430,0 413,650,0
.
LIABILITIES.
r R. notes In actual etreulation 1,703,630,0 151,585,0
Jeposits:
Member bank-reserve eee't. 2,349.553,0 155,679.0
Government ..._. ........
32,569.0 2,864,0
Foreign bank _
5,942,0
494,0
Other deposits
25,926,0
635,0
Phila.
Cleveland. Richmond Atlanta. Chicago. St. LOW*. Mtnneap. Kan.City.
Dallas. PensFrau
$
$
$
$
$
$
$
$
$
500,0
3,000,0
506,661,0 141,096,0 131,338,0 64,119.0 107,692,0 179,697,0
69,040,0 39,626,0 57,296,0 60,381,0 132,655,0
218,0
47,0
52,0
25,0
21,0
69,0
21,0
14,0
18,0
17.0
35,0
217,268,0 71,020,0 70.929,0 56,029,0 25.074,0 93.763,0 36,227,0
17,161,0 48,232,0 28,945,0 40,558,0
16,675,0 1,752,0 6,806,0 3,532,0 2,844,0 8,720,0
3,910,0 2,202,0 4,308,0 1,917,0 3,828,0
1,107,0
126,0 1,288,0
541,0 1,828,0 1,078,0
383,0
739,0
488,0
.554.0
621,0
1,556,802.0 375,487.0 505,239,0 205.225,0 234,278,0 787.218,0 197,616,0 142,826,0
217,007,0 157,515,0 433,567,0
339,506,0 128,012,0 200.385,0 63,521,0 128,710,0 294,262,0 58,813,0
60.136,0 63,036,0 44,609,0 171,055,0
S
1,050,0
1,571,078,0 81,477,0
574,0
37,0
780,349,0 75,143,0
80,318.0 3,824,0
8,909,0
156,0
1915
$
30,0
902,802.0 140,731,0 190.665,0 68,275,0 63.463,0 346,027,0 81,997,0
.
54.909,0 93,271,0 67,554,0 184,180,0
10,117,0 2,771.0 2,370,0
99,0 1,655.0 4,779,0 1.468,0
416,0
832,0 2,398,0 2,800,0
1,215.0
626.0
685,0
336,0
276,0
915,0
283,0
178,0
237,0
230,0
467,0
7.992,0
753,0 2,383,0
960,0
499,0 1,404,0 1,477.0
873,0 2,995,0
168,0 5.787,0
Total deposits
. 2,413,990,0 159,672.0 922,126,0 144,881,0 196,103,0 69,670,0
65.893,0 353,125,0 85,225.0 56.376,0 97,335,0 70,350,0 193,234,0
Jeferred availability Items
700,191,0 72,759,0 173,495,0 64,393,0 67,534,0 52,094.0 22,612,0
84,074,0
7anita' paid In
145,658,0 10,056,0
49,343,0 14.419,0 14.317,0 6,102,0 5.237,0 18.362,0 36,374,0 15,034,0 42,443,0 29,000,0 40,379,0
5.399,0
lurplue
233,319,0 17.893,0
63,007,0 21,662,0 24,021,0 12,324.0 9,996,0 32.778,0 10,397,0 3,014,0 4,200,0 4,312,0 10,897.0
7,039,0 9,046,0 8,527,0 16,629,0
in other liabilities
29,642,0 1,685,0
9,325,0 2,120,0 2,879,0 1,514,0
1,830,0 4,617,0 1,408,0 1,227,0
947,0
717,0 1,373.0
I °tat liabilities.
5,226,430,0 413,650,0 1,556,802,0 375.487,0 505,239,0 205.225,0
234,278,0 787,218,0 197,616,0 142,826.0 217,007,0 157.515,0433,567.0
.1Iemortnula.
teserve ratio (per cent._
66.8
79.3
63.3
58.7
7.32
57.9
48.0
76.6
59.2
Lnitingeut liability on bills bur70.4
65.4
55.6
69.4
ortawd for foreign correspond'is 267,635,0 19,913,0
76,999,0 25.224,0 27,613.0 13,541,0 11,151,0 36,906,0 11,417,0
r. R notes on hand (notes reed
7,169,0 9,558.0 9,293,0 18,851,0
from 1 R Agent less notes In
,
----- ,...-,. ..- . .- - --- - .----'-•
......... ..-. - --„
, ,
-----_. I
-.
.. .
,
,
„ „ -, .
,
,
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS
AT CLOSE OF BUSINESS OCTOBER 3 1928.
Pr.:terra ItesArve A gent at--
Total.
Boston.
New York.
Teo. cipher.(001 onattled
I' It notes reed from Comptroller 2,864,043,0 245,464,0
R notes held 05 F It Agent., 773,720,0 66.610.0
it it. note.. issued to le It Bank 2,090,323,0 178,854,0
'Ostend held as security or
I. R. notes Issued to F it. Bk.
Geld and goin eertificates
344.067,0 35,300,0
Gold redemption fund .. _
98,510,0 15,717,0
Gold fund F R Hoard
735,735.0 73,000,0
eligible paper ..
.....
1.291,675.0 74,022,0
row colintern I
. 2,469,987,0 198,039,0
Phila.
Cleveland. Richman) Atlanta. Chicago. St. Louts. Mtnneap. Kan.Cfly.
Dallas. San Italla
$
710,494,0 194,121.0 263,672,0 103,094.0 221.788.0458.633,0 87,239,0 81,367,0
254,840,0 36,000,0 35,230,0 22,899,0 63,710,0 118,670,0 16,410,0 13.439,0 101,638,0 69.892,0326,641,0
30,580,0 16,932,0 98,400,0
455,654,0 158,121,0 228,442,0 80,195,0 158,078,0,339,063,0 70,829,0 67,928,0
71,058,0 52,960,0 228,24101
1
153,407.0
50.000,0 6,690,0 27,100.01
7,600,0 14,167,0
16,633,0 11,144,0 13,180,0 6,865.0 9,319,0 1,136,0, 1,174,0 2,454,0 4,301,0 14,803.0 35,000,0
5,000,0 70,977,0 90,000,0 14,000,0 23,000,0 253,000,P 8,000,0 28,000,0 44,860.0 3,188,0 13.399,0
427,018,0 110,870,0. 95,578,0 57,386.0 100,044,0 144,248.01 57,305,0 25,928,0 41,501,0 3,000,0 122,898,0
42,730,0 115,045,0
602,058,0 192,991,0 248,758,0 84.941.0 159,463,0 398,384,0 74,079,0 70,549,0 90,662.0
63,721.0 286,342,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal
items of the resources
and liabilities of the 635 member banks from which weekly returns are obtained.
These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in
the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917,
2523. The comment of the Reserve Board upon the figures
for the latest week appears in our department of "Current Events page Discussions,"
and
on page 1892 immediately following which
we also give the figures of New York and Chicago reporting member banks
for a week later.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING
MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT
AS AT CLOSE OF
BUSINESS SEPT. 26 1928 (In thousands of dollars).
Federal Reserve District-
Total.
Boston. New York Phila. Cleveland, Richmond Atlanta. Chicago. Si. Louis.
Minima,. Kan.City
3
3
3
3
3
$
3
3
3
3
3
22,310,518 1,518,971 8,440,337 1,261,088 2,189,272 684.496 644,307
3,290,395 728,196 378,146 685,462
testis and dIseounts-total
15,808.461 1,057,754 6,075,557 857,620 1,459,490 526,265 504,480
2,418,529 520.553 244,369 441,332
Secured by U. S. Gov't obliga'ns
117,589
12,589
44,445
8,759
12,377
2,574
2.848
17,991
Secured by stocks and bonds
3,382
2,269
3,066
6,614,934
All other loans and alseounts____ 9,075,938 381.669 2,841,273 467,705 652.743 186.545 142,313 1,065,175 214,439
73.707 123,550
663,496 3,189,839 381,156 794,370 337,146 359,319 1,335,363 302,732
188,393 314,716
investments
-total
6,502,057 461,217 2.364,780 403.468 729,782 158,231 139,827
871.866 207,043 133.777 244,130
U. S. Government securities_
3,032,579
72,974
67,781 371,346
Other bonds, stocks and securities 3,469,478 184,499 1,166,393 120,108 330,593
76,061
73,520 117.294
276,718 1,198,387 283.360 399,189
85.257
72,046 500,520 131,582
60,257 126,836
Reserve with F. R. Bank
1,692,482
99,627 767,784
78,894 133,082
41,836
37,984 260,464
Cash I n vault
46,202
24,585
53,929
249,189
19,361
61,170
13,998
29,260
12,416
9,902
40,686
7,132
6,153
11,752
Net demand deposits
13,019.126 902,828 5,607.096 712,452 1.051.053 360,880 305,878
1,852,385 379,155 218,865 500.878
Time deposlis
6,922,970 487.065 1,731,506 303,063 964,098 245.387
236,685 1,264,582 231,719 130,205 179,684
Government deposits
165,079
16,553
48,017
8,647
13,604
4,136
10,733
16.366
5,785
1,653
3,202
Due from banks
1,152,667
53,075 142.573
58,009
99,474
47,527
69.494 241,645
Due to banks
57,532
52,017 123,434
3,196,769 136,876 1,195,398 164,980 238.914
99,491
96,843 497,298 128,378
91,057 220.424
Borrowings from F. R. Bank-total
778,917
28,184 283,165
78,796
56.007
28,384
56,795
98,865
40,210
12,117
16,414
Secured by U.S. Gov't obliga'ns.
510,751
16,635 202.937
62,117
32.832
13,173
14,175
All other
73,352
19,992
7,995
9,256
268,166
11,549
80,228
16.679
23,175
15,211
42,620
25,513
20,218
4,122
7.158
fewmtwr of rnnnrtina bank,
n/c
1A1
10
An
1.1
CA
01
no
on
04
"
Loans and investments---total
Dallas. San Ira..
$
I
S
480.6042.009,244
353,601 1,348,911
2,353
87.941
263,307
4,936
377,874
966,101
127.003
660,333
88,649
38,354
363.361
296,972
33,325
9,437
116,770
21,922
303.658 323,998
131.263 1,017,713
10,441
25,942
59,427
114,642
148,46(
212.46E
22,281
57,691
15.050
7,231
43,23/
14,461
. "
0.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve
Bank of New York at the close of business Oct.3 1928.
in comparison with the previous week and the corresponding
date last year:
ResourcesGold with Federal Reserve Agent
Gold redemp. fund with U.S. Treasury.
Oct. 3 1928. Sept. 26 1928. Oct. 5 1927.
$
$
8
175,040,000 175,137,000 241,214,000
16,500,000
18,372.000
16,768,000
Gold held exeltreively eget F. P. notes.
Gold settlement fund with F. R. Board..
Gold and gold certificates held by bank..
191,540,000
148,841,000
435,723.000
193,500
.000
171.960.000
443,774.000
257,942,000
290,620,000
413,540,000
Total gold reserves
Reserves other than gold
776,104.000
22,672,000
809,243.000
24,795,000
962,142,000
25,607,000
834,038,000
17,795,000
937,749,000
15,436,000
232,430,000
105,191,000
110,947,000
62,538.000
353,998,000
99,902,000
337,621,000
78.297,000
173,485,000
104,528,000
3,425,000
11,873,000
36,413,000
3,425,000
12,453.000
35.063,000
42,562,000
29,459,000
28,990,000
Total U.S.Government securities.
Other securities (See Note)
51,711.000
1.050,000
50,941,000
1,050,000
101,011,000
Total bills and securities 1.5ce Notel _
508,661,000
467,909,000
379,024,000
Tots. reserves
798,776,000
Non-reserve cash
16,097,000
Bills discounted
Secured by U.S. Govt. obligations__. 230,767,000
Other bids discounted
123,231.000
Total bills discounted
Bills bought in open market
U.S. Government securities
-Bonds
Treasury notes
Certificates of Indebtedness
Resources (Concluded)
Gold he.d abroad
Due from foreign banks(See Note)
Uncollected Items
Bank premises
All other resources
Total resources
Oct. 3 1928. Sept. 26 1928. Oct. 5 1927.
218.000
217,268,000
16,675,000
1,107.000
216,000
181,228,000
16,675,000
1,323,000
172,000.
187,254,000
16,276,006
4,058,000
1,556,802,000 1,519,184,000 1,589,969,000
MobiltOesFed'. Reserve notes In artusl chmulation.
Deposits
-Member bark, reserve &cat
Government
Foreign bank (See Note)
Other deposits
339,506,000
902,802,000
10.117.000
1,215.000
7,992,000
335,178,000
888.308,000
3,620,000
2,814,000
6,955.000
366,536,000
924,828,000
22,877,000
1,693,000
15,967,000
Total depoelts
Deferred availability items
Capital Paid In
Surplus
All other liabilities
922,126,000
173,495,000
49,343,000
63,007,000
9,325,000
901.697.000
161,159,000
49,316.000
63,007,000
8,827,000
965.365,000
153,231.000
39,627.000
61.614,000
3.596,000
Total liabilities
Ratio of total reserves to deposit and
Fed'. R,
e've note liabilities combined _
Contingent nobility on bills purehased
for foreign correspondents
1,556,802,000 1,519,184,000 1.589.969.000
63.3%
67.4%
76.999
76,738.000
74.2%
53,061
iteginuing wIth tne si'dement of Oct. 7 1925,
to foreign correspondents. In addition, the caption, "All two new Items were added In order to show separately the amount of balances held abroad
and anu tints due
other earing assets," previously made up of Federal
"Other securities." and the caption, "Total earning assets"
Intermediate Credit Bank debentures, was
to "Total bills and securities." The
changed to
the discounts, acceptances and securities acquired
under the provision of Sections 13 and 14 of the latter term was adopted as a more accurate description of the total of
therein.
Federal Reserve Act. which, It was stated, are the
only Items Included
•
[VoL. 127.
FINANCIAL CHRONICLE
1916
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
tianiurs' 05a.ettte,
STOCKS.
Week Ended Oct. 5.
Sales ,
for '
Week.!
Range for Week.
Lowest.
iHighest.
Range Since Jan. 1.
Lowest.
till.
401
Wall Street, Friday Night, Oct. 5 1928.
-The reivew of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 1904.
Following are sales at Stock Exchange this week of shares
not represented in our detailed list on pages which follow:
flighest.
Maturity.
Dec. 15
Dec. 15
Mar. 15
Mar 15
June 15
1928._
1928_
1929.,._
1029...
1929 _ _ _
Asked.
Rate.
334 %
4%
354%
37,403
434%
.,
990
W..,
0
990
9017,
9915st
Maturity.
Rate.
WO, Sept. 15 193(1-32 374%
0 ,ar. 15 1930-32 374%
992,
%
91dist 4.0. 15 1930-32
pou„
.0
992
844.
,
99 's4
99".I
Asked,
,,n
99
990
0
990n
New York City Realty and Surety Companies.
(All prtcee dollars per share.)
Ask
Btd
Ask
B14
Bid
Ask
160 Realty Assoc's
85 Mtge Bond.. 150
kIllance R'1t) 72
(11klyn)corn 280 290
Muer Surety 270 280 N Y Title &
99
1st pref.. _. 96
lond & M 0 415 430
Mortgage. y528 535
95
7712 20 pre(.._. 93
..awyers Mtge 345 355
Rights __ 76
Rights ____ 21
22 U 8 Casualty. 420 435 Westchester
Title & Tr 650
-awyere Title
dr Guarantee 370 330
Per share. S vet share.
Par. Shares
per share. $ per share
RailroadsMay
Feb 83
300 70 Oct 2 71 Sept 29 58
100
Boston & Maine
Apr
Feb 86
Oct 1 75 Oct 1 60
550 75
Buff Roch &Pitts_10
Apr
50 5936 Oct 3 5934 Oct 3 583-4 Sept 69
Canada Southern___ .100
Apr
Oct 315
100 267 Oct 2267 Oct 2 267
C C C& St Louis....,.100
Apr
Oct 120
10 105 Oct 5 105 Oct 5 105
100
Preferred
70 834 Oct 5 87 Oct 1 834 Oct 94 June
100
Cuba RR, pref
Jan
July 50
Mackinac.100
100 45 Oct 4 45 Oct 4 45
Detroit &
Aug 1736 June
• 600 94 Oct 2 104 Oct 1 7
Havana Flee Ry
New York City Banks and Trust Companies.
Mari 7836 Sept
100
190 6836 Sept 29 704 Oct 4 64
Preferred
May
July 440
110 360 Sept 29 366 Oct 2 340
100
Hoci9eng Valley
(All prices dollars per share.)
Apr
70 80% Sept 29 85 Sept 29 794 June 86
Ill Cent leased line_ 100
July 8236 June Banks-N.Y. Bid
120 76 Sept 29 784 Oct 3 75
Ask
-N.Y. Bid
RR secured stk ctf_100
Ask To. Cos.
Ask Banks-N.Y Red
Mar 53-4 Mar America
20 3 Oct 2 3 Oct 2 2
100
Iowa Central
198 204 Central Union 1675 1685
180 Public
177
600 860
MInneap & St Louis.100 5,900 24 Oct 2 236 Oct 3 134 May 64 May Amer Unlon•. 235 245 Seaboard _
_ 790 805 County
428 435
Nash Chatt & St L_ _100
2017836 Oct 117936 Oct 1 1714 Aug 2014 May Bronx Bank... 630 700 Seventh
283 295 Empire
Apr 1484 May Bryant Park• 275 325 Seward
514036 Oct 1 125
New Orl Tex & Mex_100
175 Fundable 'Tr. 462 467
168
100 224 Oct 2 224 Oct 2 74 Mar 2536 July Central
100
N Y State Rys
730 750 Farm 1. dc Tr. 770 780
200 210 State.
May Century
Oct 2 2035 Aug 39
10 28 Oct 2 28
_100
Pacific Coast 2d pref.
298 315 Fidelity Trust 385 405
230 250 Trade.
Mar Chase
Mar 50
10 50 Oct 4 50 Oct 4 50
570 590
Phlia Rap Transit pref 50
250 290 Fulton
577 581 YorkvIlle_
Jan 1594 Jan Chath Phenix
&0ctfs_ _ _ 100 440 135 Oct 5 140 Oct 1 100
So Ry
Yorktown.___ 210 240 Guaranty____ 645 850
Indus. &
Intl Germanic 215 220
Nat Ilk dr Tr 570 581)
Apr Chelsea Exch• 305 315
Abitibi Pow & Pap pf.100 2.600 884 Oct 2 90 Oct 4, 8794 Aug 102
278 285
Interstate
Brooklyn.
Jan 81) May Chemical._ 915 930 First
90 72 Oct 4 72 Oct 41 53
•
Alliance Realty
530 560 Lawyers Trust
June Colonial._ _ 1200
1.'0 100 Oct 3 100 Oct 3, 9354 1 ept 100
Am For Power pref (6)_•
Globe Loch' 275 325 Manufacturers
Sept Commerce_ _ 625 630 Mechanics•_ . 357 365
Am Pow & Light pref . 1,200 102% Oct 410336 Sept 29 934 Sept 101
New $25 par 223 228
Apr 1104 July Continental._ 550 600 Municipal*.. 475 485 Murray H III. 290 300
310 109 Oct 3 110 Oct 4j 104
Am Wholesale pref._ 100
•* 1,900 294 Oct 1 314 Oct 5 264 Augl 3236 June Corn Etch _
Barker Bros
445 465
utua 1(IN est720 730 Nassau
Brockway Niot Truck__.54,800 6336 Sept 29 674 Oct 11 454 June 674 Oct
950
cheater)._ - 350 400
Fifth Avenue.225(1 2350 People's
Oct First
100
600129% Sept 29 135 Oct 4 110 June 134
Preferred
155 170 N Y Trust__ 725 735
4275 4325 Prospect
Jan
Nlar 120
30 118 Oct 4 118 Oct 4 117
Brown Shoe pier_ _100
560
'limes Square 196 2115
Apr Garfield
390 113 Oct 511334 Oct 1 1104 Mar,117
Bucyrus-Erie pref (7) 100
400
Title Gu & Tr 795 810
Trust Cos
Grace
Sept Hanover
Sept 50
Cannon Mills
• 5,700 464 Oct 2 48 Oct 5 46
New 10,1.
1280 1300
U S Mtge & Tr 550 575
Chickasha Cotton 01 .1030.900 5136 Sept 29 584 Oct 1 454 Jund 563.4 Oct HarrIman
980 1020 Am Ex irv Tr 425 928 United lite tes3200 3250
Oct
Aug 25
6%
4,500 16 Oct 1 20 Oct
Comml Inv Tr war.
Westchest'rTr 1000 1100
280 290 Banta Comic
Liberty
Sept Manhattan._ 855 865
Oct 2
I tallana
440 470
Com'wea th Pow rights. 65,700: 1 Oct 5 1 Sept 29 1
34 Jan 336 May
Brooklyn.
Rights
75 Bank of N
Conley Tin Foil stpd__ _• 2,200; 1% Sept 29 1% Oct 1
73
July 294 Sept National City 833 838
_ 1250 1350
& Trust Co 755 765 Brooklyn_
Consol Film Ind pref..• 4.400 25 Oct 4 26 Oct 1 23
Apr
Container Corp el A__20 4,900 22 Oct 5 244 Oct 1 21% Mar 36
685 695 Bankers T its 950 960 Kings Co__-. 2625 2725
Park
124 Oct 1 1034 Mar 194 Apr Penn Etch
•14,600 1136 Oct 4
190 Bronx Co Tr. 400 I 425 NIldwood.- 280 295
Class 11
180
100 99 Oct 1 99 Oct 1 964 Jan 1014 Mar Port Morris
Cr'n Willamette let pf_•
670 725
Sept 1164 Mar
30 110 Oct 2 111 Oct 5 110
Cushman's Sons 8% pf_•
.end. 0 Ex-stock My. to Ex-rights.
•State banks. I New etock.
60 254 Sept 29, 2436 Sept 29 2336 July 2734 Mar
De Beers Cons Mines__
Sent 494 May
400 40 Oct 3' 90 Oct 3 40
Debenham Securities.
7.4 Oct 3 94 Oct 1 74 Oct 1044 Sept
Curtiss Aeroplane rights_ 34,100
June 6334 Sept
Cutler-Hammer Mfg_10 6,900 57 Oct 3 634 Oct 5 52
United States Liberty Loan Bonds and Treasury
Aug
Mar 118
*13,6001104 Oct 3 11336 Oct 1 80
Drug Inc
Jan
Certificates on the New York Stock Exchange.
1 344 Oct 1 34% Oct 46
20 3434 Oct
Durham Silk Hos pf_100
390 884 Oct 2 9336 Oct 2 88% Jan 100% Feb Below we furnish a daily record of the transactions in LibEisenlohr Bros pref__100
3736 Oct 4 33% Aug 40% June
•12,000 354 Oct
Eltlgon-Schild
100 6 700 108 Oct 1 111 Oct 3 1014 Aug 114% June erty Loan bonds and Treasury certificates on the New York
Preferred
July Stock Exchange. The transactions in registered bonds are
19010836 Oct 1 110 Oct 2 10834 Sept 110
Elec Auto-Lite pref_ _100
10 125 Oct 1 125 Oct 1 1203( Jan 129% Apr
Elec Pr Lt 40% efts pd
the tabulation.
100 4% Oct 4 434 Oct 4 2% Feb 5 June given in a footnote at the end of
25
Fairbanks Co
Sept
Sept 55
Florsheim Shoe cl A .* 1.5001 50% Oct 3 53 Oct 1 50
Oct
4 Oct 4 983423-4 Oct 4
Fox Film Corp rights__ _ 61,900 2% Oct
Prices. Sept. 29 On. 1. Oct. 2. Oct. 3. Oct. 4. Oct. 5.
Oct 994 Sent Daily Record of U. S. Bond
700 98% Oct 2 99 Oct 3
100
Preferred
Sept
200 105 Sent 29 105 Sept 29 1024 Sept 105
100
Gen Cable pref
0 98,741 941,33 Wist 98n31 9800
First Liberty LoanHigh 980
July
Jan 75
400, 554 Oct 2 6034 Sept 29 37
General Gas & El el B...•
980
0
0
ss 98.11 980
34% bonds of 1923-47__{Low. 9300 98,,
Gen Am Tank Car rights 25,700, 394 Oct 2 4% Oct 1 3% Oct 434 Oct
0
Close 9800 9800 931,33 981..30 98 0 981h2
(First 31i)
,
Oct 3 89% Oct 4 744 July 89% Oct
•83,600 81
Gen Ice Cream
30
21
63
18
1
117
Total sales in $1,000 units...
Apr
Gen Motors pref (61_100, 100109% Oct 3 109% Oct 3 1094 Aug 112
Converted 4% bonds ofillIg II
Apr
100109% Oct 3 IOU% Oct 3 1094 July 113
100
Deb (6)
1932-47 (First 4s) _ _ _ _ Low.
85,500, 94 Oct 5 114 Oct 2 834 Sept 11% Oct
Gold Dust rights
Clot*
Oct 3% Oct
Gotham Silk Hon rights_ 17,600 236 Oct 3 34 Oct 1
Total sales in $1,000 units...
Sept
8,500 5036 Oct 5 54% Oct 1 264 Jun 56
Graham-Paige Mot ctfs_i
10134,
,
101 0 101-,;";
Converted 414% bondrIgh
Sept
100 1.500 77 Oct 3 79T% Oct 2 654 June 8134
Grand Stores
0
0 100 0
101.”
101,
of 1932-47 (First 43(s) Low_
4,300 3236 Oct 3 354 Oct 5 26% July 40% Sept
Grand Union
101.3)
0
,
101 0 101,
Close
1 56% Oct 1 464 Aug 57% Sept
4.300 554 Oct
5
Preferred
39
45
Total sales In $1,000 units..
Oct125% Sept
*, 1,000 114 Oct 31164 Sept 29 114
Grant (W T)
Second converted 44 %rig h
' 3.500 236 Oct 3 3q Oct 2 2% Oct 3% Oct
Rights
bonds of 11)32-47 (First Low.
61% Sept 83% Oct
•100300 6536 Sept 29 83% Oct 4
Grasselli Chem Co
Close
Second 445)
20 284 Sect 29 31 Sept 29 254 July 3834 June
Hackensack Water pf_25
Total sales In $1,000 units___
May
Feb 215
702e8 Sept 29215 Oct 2 176
Harbison-Walk Refr_100
- ,)
3; 1611 ; 101 30 1011:2
rah 1011,Oct Fourth Liberty Loan
Oct 56
100 55 Oct 2 56 Oct 2 55
0 101.0
New
0 10133, 101.0 101,
43.4% bonds of 1933-.38_ Low. 101.0 101,
Apr
Aug 104
10 103 Oct 3 103 Oct 3 99
Hamilton Watch pf__100
30 101'0 101.0 101.0
0 101,
Close 101.0 101 3
(Fourth 4345)
Sept
34 Sept 1
Oct 2
Sept 29 1
144
71
91
99
Hoe (11) & Co rights____1 8,900
254
143
Total sales in $1,000 unit._ _
Sept 724 July
• 7,300 69 Oct 3 714 Oct 1 66
00
110
0
lot Paper ctfs
,
111 0 110,,32 1100
IWO
July Treasury
400 98 Sept 29 98 Sept 29 9734 Sept 103
Pref certificates__ _100
1100
0
,
111 0 110,00 11000
low.
414e, 1947-52
Sept
*1 3,900 5054 Oct 4 52 Sept 29 504 Oct 54
0
110,0
0
Jot Printing Ink
0 110 0
Close
1
1112*1 1100
Apr
July 122
20011936 Oct 2120 Oct 2 119
1
Johns-NIanville pref.100
6
10
Total sales in $1,000 units...
34 Sept
Si Sept
Oct 1
Si
Sept 29
132 660
1050
105 0 105 0 105"))
Jordan Co rights
0
0
0
{High
Oct
105
Kaufm'n Dent Sts 512.5010,200 31% Oct 4 34 Oct 1 301.4 Sept 34
1050
00 105,, 105"0
0
$)
Low.
45, 1944-1954
1534 May 344 Oct
Heith-Albee-Orplieum _•347300 28% Oct 2 344 Oct
0
10500
1050n 105 0 105 0
0
Close
10018,300 89 Sept 291024 Oct 5 754 May 102.4 Oct
28
19
II
Preferred
5
Total sales in 81.000 units...
•,35,400 113-4 Oct 4 13 Oct 1 734 July 223-4 Apr
Helvinator Corn
103.0 103.0
ili Igh
Oct 2 7536 Oct 1 514 Aug 77.4 Sept
Holster Radio Cori:L....52.600 71.4
,
,
103 0 103 0
low.
3(
3e, 1946-1958
Mar
500 46 Oct 5 49 Oct 2 444 Aug 54
Lehigh Port Cement_50
,
,
103 0 103 0
Close
850 1084 Oct 1110 Sept 29 08.4 Oct 11094 May
100
11
Preferred
1
Total sales in $1,000 Units___
* 1,300 101% Oct 5103 Oct 1 994 Mar 1104 May
Loewa preferred
980
{High
0 98..11
May
Oct 109
60 106 Oct 21074 Oct 2 06
McAnd & Forbes Ore! 100
98,611
Low,
,
,
98 h) 98 .0
35411. 1943-1947
Sept
68 Oct 2 7436 Oct 5 624 Jun 75
McKeesport Tin Plate_ _•85,900
,
Os ',,
,
0
98 0 98 .0
Close
May
• 6.600 46 Oct 5 48 Oct 1 4034 Aug 52
12
2
.
Total sales In $1,000 units _ _
Maytag Pre
(
May
• 1,100 92 Sept 29 934 Oct 1 sov, Aug 101
1 High
Prior preferred
Sept
36% Oct I 254 July 41
•10,400 3534 Oct 3
*374, 1940-1943
Mengel Co
(Low
981,30
Sept
Oct 70
• 4,700 66 Oct 3 68 Sept 29 68
Melville Shoe Co
(Close
985,11
!
Aug
Mohawk Carpet Mills.._• 4,200 404 Oct 1 4136 Oct 4 394 Aug 4334 Sept
Total sales en steno unffs.
20
July 196
* 6,000178 Oct 2190 Oct 1 94
Motor Products
Jan
Sept 119
20 1154 Oct 1117 Oct 3 114
National Supply pf _100
-The above table includes only sales of coupon
Note.
Sept
Oct 4 48 Oct 4 334 Jan 48
10 48
Norwalk Tire & R pf_ 100
• 501) 744 Oct 5 7534 Sept 29 744 Oct 854 June bonds. Transactions in registered bonds were:
Pacific Lighting
1,100 231 Sept 29 24 Oct 1 24 Sept 234 Sept
Rights
to 101,
101
31
1003.31 to 100,531116 4th 44s
3 1st 4345
Oct 1254 May
500 114 Oct 1114 Oct 1 114
Pat Tel &Tel pref.__ 100
-Lasky flew•186500 4836 Oct 5 514 Oct 1 474 Sept 5136 Oct
Para Famous
Mar
1.50103% Oct 2105 Oct 2 1034 Jan 115
Penh( & Ford pref_ _100
Augj 14% Jan
100 9% Oct 4 9% Oct 4 8
Foreign Exchange.
Penne Coal & Coke_ _ 50
Oct
Peoples Gas &Coke rts.. 3,900 84 Oct 3 9 Oct 4 84 Oct 9
-16@
To-day's (Friday's) actual rates for sterling exchange were 4.84 7
May
Ap 99
Oct 3 85
10 90 Oct 3 90
-Jones pref_ 100
Phillips
4.8455 for checks and 4.84 13-16(8t4.847-4 for cables. Commercial on
Sept
Postal Tel&Cable pi.100 1.100 103 Oct 4104 Sept 29 1003-4 Aug 106
Jan banks sights. 4.84%;sixty days. 4.80 9-16: ninety days, 4.7836(M4.78 15-16,
260 40 Oct 1 40 Oct 1 394 June 45
Ltd
Rand Mines,
May and documents for payment, 4.80 1-1604.80 9-16; cotton for payment.
400 72 Oct 5 73 Oct 1 814 Feb 78
Rels(Robt)&Co lot pf100
Oct 4.83 11-16, awl grain for payment, 4.83 13-16.
53 Oct 4 514 Oct 53
,e.t El Pr w I.__ 2.300 511( Oct
Rhine N1
To-day's (Friday's) actual rates for Paris bankers' francs were 3.90 9-16
July 423-4 Sent
384 Oct 3 4036 Oct 1 26
Spang Chalfant & Co_• 4.800
4
Aug @3.90, for short. Amsterdam bankers' guilders were 40.06%(040.09
Sept 100
100 98 Sept 29 984 Sept 29 98
100
Preferred
Oct for short.
,
-May- tern._ _•39,600 6836 Sep 29 76 Oct 4 653.4 Sept 76
Spiegel
Junt, 4234 May
Exchange at Paris on London, 124.07 francs: week's range, 124.07
Stand Sanitary Mfg..... 12,300 364 Sept 29 39 Oct 2 34
30.900 554 Oct 5 57% Oct 1 364 Aug 6934 Sept francs high, and 124.00 francs low. The range for foreign exchange for
Stanley Co of Amer_
June the week follows:
600 23 Oct 2 23 Oct 2 194 Aug 21
Tob Div ctfs B
Chocks.
Cables,
Sterling, Actual• 14,000 394 Oct 3 42 Oct 1 3234 June 443.4 Sept
Trico Products
4.841-4
4.85
300 20 Oct 2 20 Oct 2 174 Aug 274 Apr High for the week
Paperboard...100
United
Jan
4.84 28-32
4.84 13-32
July 6
3
34 Oct 1
the weak
Low for
300 33( Oct 1
100
U S Express
Paris Bankars' Francs
40 108 4 Oct 1109 Oct 4 /074 Sept 1144 Apr
Va Elec & Pow of(7)-100
4
3.907
3.9134
Warner Bros Pcitures..• 37,900 1064 Oct 31124 Oct 1 8036 Aug 1324 Sept High for the weak
3.900-16
3.90 13-16
Low for the well;
Bank. Trust & InsurAme^rtdam Blakers' GuilArs1
ance Co. Stocks.
May High for the week
40.10
40.1136
Feb 910
Sept 29910 Oct 2-560
700 843
Bank of Manhattan_100
Sent Low for the week
40.0674
May 763
43.0936
30 703 Oct 3725 Oct 1 660
Corn Etch Bank.._ _100
May
Jan 599
Germany Bankers' Marks
40 450 Oct 3465 Oct 4 410
Enna. Tr Co of N Y_ _100
••••., High for the week
21.8334
23.84
.Ji350
.337 15,1 4 631
30 873
National Park Bank. 104)
23.79
23.81
Low for the week
•No par value, a dttillIn4e.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Seven Pages-Page One
For sales during the week of stock. not recorded here, see preceding page
-PER SHARE, NOT PER CENT.
HIGH AND LO1V SALE PRICES
Saturday,
Sept. 29.
Monday,
Oct. 1.
Tuesday,
Oct. 2.
Wednesday, Thursday,
Oct. 3.
Oct. 4.
Friday,
Oct. 5.
Sales
for
the
IVeat.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots
PER 81/ARE
Range for Previous
Year 1927.
Lowest
BLOM
Lowest
Highest
per share $ per share $ per share $ per share $ Per share $ per share Shares
Railroads.
Par $ per share
$ yet share $ pw share 5 per sherd
8
4
19118 19314 190 1947 191 1923 1901 193
/
4
19218 1941 1923 19414 20,600 Atch Topeka & Santa P8.100 18238 Mar 2 19718 Ayr 27 1611 Jan
/
4
8
/
4
200 Atli
/
1
4
/
8
4
10374 1037 103 1031 104 104
104 104
1037 1031 1037 104
8
/
4
1,300 Preferred
8
100 1024 Jan 5 10812 Apr 9
99 8 Jan 1061 Dee
3
/
4
162 16214 159 1611 158 159
/
4
162 162
15733 1584 15718 1583
/
1
4 5,300 Atlantic Coast Line RR
100 15718 Oct 5 191 1258ay 7 174
/ Apr 301512 Aug
1
4
4
113 11414 1123 11434 1113 1133 111 11218 111 1123 1101 11112 27,700 Baltimore & Ohio
4
4
8
/
4
/
1
4June 19 1197 Apr 12 10613 Jan 125
100 103
8
Oct
79
*78
793 7934 *79
4
797
8 79
793 *7812 7912 *785 797
4
Preferred
200
8
100 78 Aug 8 85 Apr 4
8
7314 Jan 83 June
7012 69 69
70
7014 70
68
69
68
68
6714 68
1,400 Bangor & Aroostook
50 61 June .2 841 Jan 11
.
44
Jan 1031 Mal
:
•111 114 •1 I I 115 •111 113 *111 113 *111 113 *111 113
Preferred
100 110 July 7 1153
4May 31 1014 Jan 122 Junt
27112 723
73
72
4 7014 7012 6912 71
70
7012 7018 71
9,300 Bitlyn-Manh Tram v t e_No par
53 3 Jan 17 773
3
4Mny 3
63 Aug 7074 Jan
*
89
90
9112 •983 9012 *8812 893 *88
90
4
4
891 883 89
/
4
4
600 Preferred v t c
No par 82 Jan 4 95 ‘May 3
,
7814 Oct 88
Jan
4114 423
43
/ 423 4312 4212 44
1
4
4
4 42
43
433
4 43
4314 10,200 Brunswick Term & Ry Sec. 100 1412 Jan 6 477
8Sept 4
712 Oct 194 Dee
/
1
*403 47
4
*4014 47
4014 4014 *4014 45
*4014 45
*4014 45
10 Buffalo & SIMI pref
100 38 Sept 14 5, Apr 26
34
40
Apr 58 June
21712 2194 21414 21712 21312 21613 21412 217
/
1
216 219
2145 21612 22,C00 Canadian Pacific
8
10 19512June 19 2233
4Slay 8
*305 310 *305 310 *305 310
305 305 *305 310 *305 310
200 Central RR of New Jersey_10. 21871 Feb 17 375 May 7 285 - "iiii 148 .1iuli
/
4
- -.
18214 18312 1834 1841 181 18312 18114 18112 18114 1813 17912 1813
/
4
4
4 4,200 Chesapeake & Ohio
100 17513June 19 20514 Jan 6 1511 Jan 21812 Oel
/
4
115 113
8
11.53 113
111 111 111 113
/
4
4
/
4
4
/
4
3 1114 113
5 Jan 30 183
4 1114 111 4,200 Chicago & Alton
100
/
1
4
/
4
4May 2
61 Jan
4
10 8 June
3
8
17
175 171 177 1814
8
1712 164 17
/
4
/
1
10(
17
71 Feb 20 263
/
4
1714
163 17
6,300 Preferred
8
8Slay 2
712 Jan : l y
187 se ete
937 JD
ur
*40
40
42 •
43
*39
42
*40
43
*40
42
40
400 Chic & East Illinois RR._ .100 37 Fell 28 4814 May to
40
3012 Jan 61 July
63 .59
6314 6314 *60
63
*59
63
*59
63
*59
63
100 Preferred
10.
58 Aug :5 765
8alay 4
43
Jan 847 Ott
8
1413 144 1418 1474
13
/ 1418 13
1
4
/ 13 4 13
1
4
/ 14
1
4
,
1312 13
/ 6,300 Chicago Great Western...100
1
4
918 Feb 8 163
3Ma8 2
84 Jan 224 may
333 34 2 3314 3474 33
8
347
,
8 3218 3312 331 3414 323 3418 27,300 Preferred
/
4
4
100 2012 Feb 20 3614Sept 26
__ ___. 4472 June
/
1
3514 37,
35, 3614 35
8
2 354 37
3512 35
353
4 3414 3514 24,600 Chicago 5111w St Paul & Pac_
2214 Mar 5 40,2 Apr 26
1944 Dee
9
Jan
/
4
3
523 541 5212 534 511 5214 51
/
1
/
4
511 51
52
/
4
5012 511* 28.800 Preferred new
37 Mar 2 501 2Sept 4
85
861 85
87 2 8512 863
/
4
,
4 8412 85 2 84
/ 86
1
4
,
8312 8514 18,500 Chicago & North Western_100 78 June 19 9414May I
ili -:la n
/
1
4
139 139 •139 140 *138 13912 *138 13912
•138 139 *138 139
100 Preferred
100 137 Sept 5 150 May 2 1244 Jan MO
Ott
8
4
127 128
1273 1293 12514 129
12438 12638 126 128
12614 127
/ 32,600 Chicago Rock lid& Pacific.100 tO6 Feb 18 12938 Oct 1
1
4
684 Jan 116 July
10712 10712 10712 10712 108 108 *103 109
108 108 *1073 1083
500 7% preferred
4
100 10614 Feb 9 111,
2May 31 1024 Jan 11144 Del
10012 10012 *10012 10112 810012 10111 *10034 10112 101 10112 10012 1001
400 6% preferred
100 100 Feb 24 105 Slay 31
9514 Jan 104 Noe
111 111
110 110 *110 119 *110 119
*111 115
110 110
400 Colorado & Southern
100 105 Aug 15 126 Slay 3
84
Jan 1374 July
*7312 77
*7312 75
*7312 75
73
7312 73
7312 7334 733
120 First Preferred
100 67 July 3 85 Apr 10
70
Jan 78 Dee
*73
76
76
*73
*73
75
*73
73 4 73
3
*73
73
75
10 Second preferred
100 72 Sept 15 85 May 9
Oct
68
Jan 73
78
7912 77
7712 79
78
764 77
/
1
77
78
7718 7714 3,600 Consol RR of Cuba pre(.. 100 69 Apr 12 8753.1une 1
85 Aug 77 May
•195 19812 194 194 I 19312 194
19134 19212 1923 1933 19114 1911
2,200 Delaware & Hudson
4
4
100 18314 Feb 10 226 Apr 26 1714 Jan 230 June
1303 1301 131 13112 13014 131 *130 131
4
/
4
131 13112 *129 131
2,300 Delaware Lack & Western_ 100 129 Feb 20 150 Apr 9 13018 Oct 173 Mai
*5212 5312 5312 5312 *5414 55 .52
55
*5212 55
62
52
600 Deny & Rio Cr West pref_ _100 5014 Feb 20 653 Apr 28
4
43une
4114 Jan 673
*4
43
412 *33
4 *4
4 4
*33
4 4
*4
412
4
4
300 Duluth So Shore & AM.__ _100
3 Aug 3
63 Jan 5
4
24 Apr
/
1
7 Dee
/
1
4
*7
712 *7
71 1 *61
7
*61
7
*634 7
6
/ 67
1
4
100 Preferred
100
438June 19
912May 2
4 Mar
1114 Dee
5818 5934 59
601 57
/
4
/ 593
1
4
4 563 5818 5712 585
4
8 563 571 44,609 Erie
100 483
8
4June 19 6612 Jan 4
/
4
3912 Jan 69 4 Sept
3
5812 5812 5812 583
4 571 5818 57
/
4
5712 5612 571
5712 57
5,909 First preferred
100 50 June 18 6372 Jan 7
524 Jan 661 Aug
/
1
/
4
/
1
*5518 554 •54
5612 *5414 5613 533 533 *5314 55
8
8
.54
200 Second preferred
54
100 4914June 20 62 Jfill 6
49
Jan 8412 Aug
101 102
10134 10214 100 100 I 100 100
99 100
13,500 Great Northern preferred.
9914 100
.100 934 Feb 6 109 May 14
8
79
/ Jan 1037 Sept
1
4
99
99
983300p
9812 9 297
81
/ 97
1
4
3,200 Prof certificates
/ 97
1
4
100 9114 Feb 7 10534May 15
97
971 977
/
4
851 Mar 101 Se911
/
4
233 24
2312 233
4
4 2334 24141 24
2514 24
25
243 25
4
/ 87,800 Iron Ore Propertles_.No pa- 1914June 12 213 Oct 5
1
4
3
18 July 284 Sept
/
1
49
49
493 5213 50
4
51
47
49
49
49
4814 4812 14,200 Gulf Mobile & Northern.
..100 43 Aug 3 61,8slay 10
754 July
/
1
3513 Jan
•99 100 '100 10012 *993 100
4
093 993 *99 100
4
4
100 99 Aug 16 109 Me) I los
9914 9912 1,100 Preferred
Jan 11314 Apr
,
4 564 564 561 59 , 5518 56
564 563
/
1
/
1
/
1
/
4
/
1
4
5414 5534 544 55
/
1
5,600 Hudson & Manhattan
100 51 Jae 3 7312 Apr 24
604 Jan 0574 May
87
*85
85
85 .84
85 1 *84
85
834 834 *84
/
1
/
1
2001 Preferred.
85
100 83 Jan 16 934 Apr 26
78
Jan 00', May
13912 140
13934 14018 13918 139121 139 139 *13812 139
13818 1383
10
1313 Jan 11 14834May 9 1211 Jan Mil Oct
4 3,300 Illinois Central
4
/
4
138 138 *13814 145 *13314 145 *13714 145 *13714 145 *13714 145
Preferred
200
10 13014 Jan 13 147 May 15 1204 Jan 140
/
1
Oct
4938 4913 48
4814 4714 48 I 4718 4718 4712 4712 471 4714
900 Int Re' of Cent America_ _100 3613 Mar 16 51 June 16
/
4
23 Apr 4212 Oct
80
803
3 80
803
4 8038 803
8 80
803
3 80
81
/
4
/ 801 81
1
4
550 Preferred
100 697 Jan 3 82 Slay 2
8
62 Apr 744 Oat
47
473
8 473 48
4
/ 4518 48 I 4514 49
1
4
/ 46
1
4
4713 453 463
8
4 7,400 Interboro Rapid Tran v t c 100 29 Jan 5 62 May 3
3012 Aug 621 Feb
/
4
63 631 61
/
4
6414 61
6112 605 61
8
60
/ 611 5912 6018 7,100 Kansas City Southern,..._.100 43 June 13 6512Sept 27
1
4
/
4
8114 Jan 704 July
*67
69 I 6714 68 I *67
69 I 6778 6774 67
67
*67
63
600 Preferred
130 6612 Aug 10 77 Apr 20
647 Jan
7318 Dee
8
101 101
10014 10014' 9914 102 •100 102
*99 101
*99 100
1,000 Lehigh Vallee
50 84.. Feb 2(3 116 Apr 26
884 Oct1374 June
•14212 142
142 142
/ 142 143
1
4
142 142
142 14212 140 140
1,000 Louisville ac Nashville
100 13912July 21 15912May 10 12833 Jae 15918 Oct
90
4
.87
92 I •37
*86
90
*86
90
*87
92
.Manhattan Elevated guar_100 78 Jan 9 98 May 4
*8712 92
784 Dee 90 Feb
5338 5312 513 53
514 5134 50
4
51
51
513
4 5034 513
3 3,700 Modified guaranty
100 40 Jan 10 64 May 3
613 Dec 647 Feb
4
8
4
/ 438
1
4
*414 5
45
4
*414
5
200 Market Street R8tllway
43
8 4
Ala Apr 3
100
/
1
4
712May 15
63 Nov678 JUDO
8
*18
26
26
•18
.18
26
*17
26
*18
26
Preferred
*18
1100 21 Apr 17 29125lay 3
26
18 Feb254 JUDO
/
1
*45
47
47
*46
*46
47
*45
47
4434 443
4 4412 441
200 Prior preferred
100 4313 Aug 23 54114Slay 4
411 Feb693 Aug
/
4
4
•10
•10
*10
15
15
15
*10
15
*1012 15
Second preferred
*10
15
100
814May 24
1618May 4
1112 Oct1712 JUDO
46
*46
*42
48
46
46
*44
47
*44
47
*44
100 Minn St Paul & S 8 Marle_100 40 June 21 524 Jan 6
47
/
1
Jan 5812 Dee
27
*76
*76
82
83
*75
83
*76
73
*76
83
*76
I Preferred
83
100 75 Feb 7 8734Slay 18
50
Apr 884 Dee
65
•63
65 65
65
/ *63
1
4
*6512 653 *6512 6.51 6512 651
4
/
4
20' Leased lines
100 6112Sept 23 7114 Jan 9
5814 Mar 71 Noe
4113 42
/ 4114 424 4014 413
1
4
4 40
40
/ 4013 41
1
4
3818 401 38,100 Mo-Kan-Tex RR
No par 3012June 13 44 Aug 31
314 Jan 50 3 JUDO
,
103 103
103 10314 103 1033 10318 1034 10318 1031 1033 1031
4
/
1
3
3,200 Preferred
100 10112Juue 12 109 Feb 3
95 4 Jan 10912 Dee
3
7212 734 7214 741 7113 73
/
1
/
4
701 713
/
4
4 71
717
8 6912 71
38.400 Missouri Pacific
10
411 Feb 7 7614 Sept 17
/
4
377 Jan 63 Al r
8
119 12012 11912 1201 1184 119
/
1
/
4
11718 119
117 11714 11712 1181 11,500 Preferred
100 105 Feb 20 1243 Aug 31
3
9014 Jan 1183* Nc v
*3
312 *314 312 .3
312 *3
31
*3
333
314 3
700 Nat Rye of Mexico 24 prof.100
/
1
4
2 Feb 17
512 Apr 26
Us Aug
31 Get
4
17418 176141 17412 17614 172 17413 17112 174
1713 17314 17014 1723 41,000 New York Central
4
4
100 156 Feb 161 19112May 10 1374 Jan 1714 t.a..8
12313 12412 124 12414 123 12334 123 123
123 123
12278 1227
8 4,200 N Y Chic & St Louis Co_100 1227 Oct 5 146 May II e110 June 24011 Ma/
8
/
4
10612 10612 10618 1071 107 107 *107 108 *107 108
107 107
700 Preferred
10
10413 Aug 24 110 Jan 4 102 Mar 110 Dee
*270 275 *262 275 *260 274 *260 270 *262 272 •265 272
30 N Y & Harlem
50 168 Jan 3 505 Apr 26 167 Dec 185
AlPt
644 65
4
/ 643 653
1
4
4 63
/ 65141 6338 64
1
4
6312 641
/
1
623 634 25,100 N Y N 11 & Hartford
8
100 543
3June 19 683
8,May 2
411 Jan 6314 Dee
/
4
/ 113 11314 11314 11338 113 113 *11312 114 •113 11312 1,709 Preferred
1
4
1121 112
/
4
112 Sept 17 117 May 3 1104 Oct 1143 No
/
1
8
2634 2713 2618 27
2714 28
27
/ 28
1
4
2612 271
2612 2612 3,000 NY Ontario & Western__ _100 24 Feb 20 39 May 2
io
2314 Jan 611 Sept
/
4
*918 912
913 912 *912 10
*912 10
*912 10
*912 10
200 N Y Railways pref
No pa
514 Jan 24 13 May 3
Vs Dec 15
/ Jan
1
4
*40
42
42
*40
40
40
40
40
*40
41
40
40
500 Norfolk Southern
100 32 June 12 494 Jan II
3718 Jan 044 June
184 13434 182 182
•181 184
179 181
178 180
180 180
2,900 Norfolk & Western
101 175 June 19 197 May 9 158
Jan 202 Nov
85
*80
*80
85
.80
85
*82
85
•82
85
85
Preferred
*82
100 7912 Apr 28 90 June 12
83 June 90 July
2993 10214 983 1003
4
1011 102
/
4
4
3 99
993
4 98
/ 99
1
4
/ 99 100
1
4
10.500 Northern Pacific
NO 923 Feb 7 10512Slay 15
3
78
Jan 1021 Dee
/
4
9812 0918 29712 9832 0712 98181 0733 98
973 98
4
97
98
6,500 Certificates
100 90 Feb 20 10134May 16
/
1
4
84 July 997 Dec
3
28
*23
*23
28
28
*23
*22
28
*22
*22
28
28
Pacific Coast
100 1912May 14 3478May 25
1514 Feb 314 Det
/
1
6412 64
6414 63
6414 6412 64
/ 64
1
4
634 64
/
1
633 64
4
16,300 Pennsylvania
50 617
8June 19 7212 Apr 27
663 Jan 88
4
001
33
*30
33
33 .31
*31
*30
33 *30
33
*30
33
Peoria & Eastern
100 26 Mar 12 37 May 1
20
Jan 483 July
4
130 130 *129 132
13130 133 *130 134
129 129
130 130
300 Pere Marquette
100 1247s Feb 9 146 Apr 11 11412 Jan 1404 Maly
*97
98
98
*97
•97
98
*97
98
*97
9812 29712 9713
Prior preferred
100
100 97 June 9 1011 Mar 38
/
4
93
Jan 9914 Dee
98
•92
95 .92
95 .93
*92
98
*52
94
*92
94
Preferred
893 Jan 971, Dee
1(5
4
94 Aug 2 10034 m ar 30
15613 15914 15412 1623 161 163
15712 15913 15914 162
8
158 1611 52,700 Pittsburgh & West Va....100 12114 Feb 20 163 Oct 9 12213 Jan 174 May
/
1
4
/
4
4
102 1023 101 1017 10912 102
1021 10414 103 105
/
4
8
10134 102
7.400 Reading
50 9414 Feb 7 1193 ay 10
Jan 12334 June
3N1
94
42
.4184 4212 *4184 4212 •4134 421
4
*413 424 *413 4212 42
4
/
1
10f) First preferred
50 42 July 16 46 Apr 9
4012 Jan
4.312 Dee
48
48
.48
4712 48 .4712 48
49
4812 49
48
48
1.900 Second preferred
50 44 Jan 26 597
4May 1
433 Jan 60 Feb
4
*62
66
*63
*62
*61
66
66
66
*61
66
*61
66
Rutland RR pref
100 50 Feb 21 7214May 18
49
Jan 49 May
8
115 11613 11612 117
1153 116
115 11514 114 114
/
1
4
114 114
3,900 St Louis-San Francisco.....100 109 Feb 7 122 Mar 23 1004 Jan 117 June
4
/
1
4
9718, *9634 9714 961 97
97 9718 973 971 97
4
/
4
/
4
97
97
2,700 181 pre! paid
100 9.51
/
4July 17 101 May 21
4
115 1171 11314 1167 112 1143 1 III 115
/
4
8
1121 1154 1121 116
/
4
/
1
/
4
2i
44,300 St Louis South western___ _100 674 Feb 8 119 80111 22
V3 Ki i
If - -ji
8
/ 897 *873 893 *8812 89
1
4
*873 903 •873 903
4
4
4
4
4 89
4
89
89
200 Preferred
100 89 July 14 95 Jan 3
76
/ Jan 94 Dec
1
4
/
1
4
1814
17
163 1714 1714 183
4
18
1814 17
18
4 1812 197 14,900 Seaboard Air Line
100 111 Mar 3 $012 Jan 3
/
4
284 Mar 414 Feb
20
2018 207
20
2018 20
8 207 21
20
8
2012 201 231
/
4
7,100 Preferred
100
17 Aug 4 38 Jan 3
324 Apr 45 July
/
1
4
1237 12412 12312 12514 122 12434 12218 122
8
/
1
4
/ 122 12212 12018 122
1
4
12,000 Southern Pacific Co
/
4
100 1171 Feb 7 13114Slay 9 10614 Jan 1267 Dee
4
14718 148 2147 14712 14412 146
14314 144
1424 1441 14212 14418 8.900 Southern Railway
/
1
/
4
100 1804 Feb 13 165 May 7 119
Jan 149 Dec
*9712 100
4
993 993
4
4
4
4 983 9912 *93 8 993
4 9818 983 *053 993
7
600 Preferred
4
/
4Sept 25 10214 Jan 17
100 9.11
94 Ma 10133 Dee
•182 185
180 18212 *177 180 •177 180
180 180
176 177
3,700 Texas & Pacific
100 99.2 Jau 3 194 Aug 29
537 Jan 11237 NOT
8
2
*3412 3613 *3414 3612 *34
3.512 36
341 *34
36
/
4
*3212 36
200 Third Avenue
WO 2*, Jan 10 4618May 3
283 Aug
4
41
Feb
3313 33
333 34
4
34
*33
33
3312 •33
33
33, 333
4
900 Twin City Rapid Trans1t_100 32145e1,t 5 56 May 8
4
45 Nov 654 Feb
/
1
•____ 100 •___ 100 •____ 100
10012 1001 •100 101
100
10 Preferred
100 10012 Oct 4 107 Feb 10
99
Apr 106 May
198 200
19614 1993 193 19014 19712 159
4
20034 20331 1973 201
4
29,400 Union Nettie
100 186.. Pet. fs 2043
4May 9 1594 Jan 1971 Ewe
/
4
8
*8314 8312 8314 8314 *8314 8312. 8218 827 •824 83
/
1
8278 827
8
500 Preferred.
pm 8218 Oct 3 871 Jan 20
,
77 Mar
BA D. a
8112 833
8112 8014 8114 78
4 82
•8014 8114 80
84
7812 6.700 Wabash
100 61 Feb 18 9614May 11
4011 Jan
81 Ju, a
*95
9312 931
97
96
95
05 I *94
95
9.5
93
93
100 884 Feb 7 102 May 18
500 Preferred A
76
Jan 101 Ju. e
*92
•92
94
94
95
*92
•90
94
*90
97
•90
94
Preferred B
441 457
/
4
441 434 441
/
4
3 4412 451 434 45141 42
/
1
/
1
/
4
4112 17,700 Western Maryland
42
37.Feb 4 54 'N1 : 10
8 13
1!:1
(
8 99314 1 ; 8
‘ 5
651 Jan 614 jn: e
13
/
4
8
/ le
1
453 4612 473 473 *43
4
4
46 I •44
47 4 *43
473 •41.
4
4
46
600 S cond preferred
100 $34 Feb 8 544May 10
/
1
e
23
Jan 674 Jute
•13141 and asked prices, nu Bale/ on ULU du. •/42-01vule480. •Igh-411videu4 and *4-rusew
Ira-kt
. 0 4.4-cliv. 01 144 we aUatee of t...neeapeake corp. scoot.
1918
New YOrK Stock Record-Continued-Page 2
For sales during the week of stocks not recorded here, see second page preceding
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Sept. 29.
Monday,
Oct. 1.
Tuesday,
Oct. 2.
Wednesday, Thursday,
Oct. 3.
Oct. 4. 1
Friday,
Oct. 5.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER fillARS
Range 84nes Jan. I.
Os Oasts of 100
-share tots
Lowest
Righest
PER RHAIM
land for Purim
Ytiar 1997
Lowest
Highest
$ per share $ per share I $ per share 15 per share $ per share $ per share Shares
Railroads (Concluded).
$ per share
$ Per share 8 Per share $ per 86414
3352 3314 3414 *30
33
3212 *3012 32 ' *30
33 I *30
3312 1,000 Western Pacific
18
25 Apr 47 Junto
/
1
4
100 2814 Feb 7 8712 Jan 13
58
*5512 5612 5812 5812 5614 5614 5412 5412
*57
5812 *57
400 Preferred
55
Apr RN Feb.
100 524 Aug 15 624 Jan 6
Industrial & Miscellaneous.
537 5412 53
5434 5532 5434 56
53121 5112 53
51%
109 109
109 109
10912 113
11034 1103 105 10912 106
4
*112 113 *112
____ *112 113
113 113
112 112
112
33912 33912 *336 340
330 340 +225 338 *32112 335 *327
*95 100
*95
9612 *95
9612 *25
9612 •95
9612 *95
5912 6053 5612 6014 53
5612 528 577g 56
58 I 54
64
65 ; 64
6414 61
64
6012 6212 603 6112 60
4
3 2 312
3
312 3 4
3
312 312
314
353
314
312
353
7714 797
7812 80
2 7712 787
3 77
798 807
7853 77
93 10
4
10
1012 10
1012
93 10 1
4
98 10 I
953
41
4%
453 412
453 412
414 412
453 434
453
*2412 248 2412 247
2412 243
4 2412 2412 24
24
*2412
5212 10,700 Abitibi Pow & Pap
No par 47 July 30 85 Apr 62
107
6,000 Abraham Sr Straus_ __ _No par 90 June 19 11334 Aug 29. 62'4 Mar 1185 Na
4
/
1
4
50 Preferred
112
100 11012 Mar 8 11412June 18 109 Aug 113 Feb
300 Adams Express
335
Jan 210 Nov
100 195 Jan 4 378 Apr 57 124
Preferred
9612
94 4 Nov 964 Dee
5
/
1
100 93 Jan 16 5612 Mar 28
14,200 Advance Rumely
758 Oct 15 4 Feb
56
3
100 1112 Feb 8 65 Sept 25
4,300 Preferred
62
22 Oot 4546 Nov
/
1
4
4
100 344 Jan 17 693 Sept 25
312 5,100 Ahumada Lead
2 June
/
1
4
613 Sept
534 Mar 20
1
234 Jan 17
3 9,509 Air Reduction, Inc.
No par 59 June 19 8234 Sept 26
777
No par
s
712June 12 14% Jan 24
7'i June 44 - ii;
1014 26,100 Ajax Rubber. Inc
1 June
24 Feb
1 Jan 5
54 Sept 7
43
4 5,600 Alaska Juneau Gold Min__ 10
18
Apr 82 Sept
247
2 1,000 Albany Per/ Wrap Pap..No par 23 Mar 15 3114 Jan 26
Preferred
100 9812 Jan 17 11134 Mar 14
98 June 102 Sem
19952 202341 198 203 I 198 20413 19634 2007 19812 20114 20012 20612 70,600 Allied Chemical & Dye_No par 146 Feb 18 20613 Oct 5 181
21
Jan 169386.91'
*12112 12214 *1213 12212' 122 122
122 122 1 1
12214 12214
4
.122 123
700 Preferred
160 12012June 28 12733May 4 120 Mar 124 Aug
13314 135
135 135 I 13014 13053 13112 13112 *13112 134
2 200 Allis-Chalmers Mfg
131%134
100 11512 Feb 18 14112Sept 4
88
Jan 1183 Dee
4
10
10
101 1053 1014 1014 10
10
1,100 Amalgamated Leather_No par
2413 Feb
10
*1014 1012 10
1158 Nov
13 Sept 29 1634 Apr 19
, Preferred
*_ _ _ _ 77
*71
*70
79 1 *71
77
*71
77
77
*71
77
69 Mar 2 90 Apr 19
68 Dec 108 Feb
3112 313
4 31114 32
3112 3112 3114 3134 3112 3112 31% 3212 5,200 Amerada Corp
No par 2712 Feb 20 383 Mar 31
275 Apr 117 Feb
8
/
1
4
4
19
19
19
1912 19
19
187 1872 1853 183
2,600 Amer Agricultural Chem- _100 1552 Feb 20 2314May 24
2
/
4
918 Apr 311 Dee
4 183 19
67
6712 67
6834. 6653 68 ; 6714 677
3,100 Preferred
3
6612 673
100 55 2 Feb 20 7612 Aug 21
281 Apr 728 Dec
4
4 67% 68
*123 125
122 124 1 121 121 I 121 1221 12212 123 *12012 124
2,800 Amer Bank Note
Jan 98 Nov
4
10 743 Jan 17 159 May 9
61
(ti
6012 6012 *6012 6112 *6012 6112
6112 *61
10 Preferred
*61
6112 *61
50 6014 Sept 13 65 2 Jan 3
7
5E12 Jan 66 13e98
2318 2414 23
2414 2112 22
*2112 22
5,200 American Beet Sugar._No par
*21
22
21
21
1518 Cot 223 Mat
1454July 13 24% Aug 28
4
61 1 *60
61 I 60
200 Preferred
*55
*61
6112 *59
00
/
1
59% 60
60
100 36 Feb 17 6152 Sept 13
85 Deo 604 Jan
7
7
3
3312 338 3311 3353 9,100 Amer Bosch Magneto__ o par 15 3 Feb 18 41 June 4
333 3414. 3353 34 1 3312 33
4
13 Jan
245 Oat
4
338 33
4114 4114 4112 413
41
4112 41
41
2,400 Am Brake Shoe & F____No pa
41
41 14 41
4
2512 May 68 July
4112
3 July 17 4912 Bin 27
90
*12314 124 *12314 124 +12314 124 *12314 124
200' Preferred
/ Feb 128 Mat
1
4
12314 12314 123 123
100 123 Oct 5 128 June 12 117
1353 1312! 1314 137
1312 14
2 1312 1312 13
514 Aug 392g Jan
103 Apr 27 2614May 21
2
133
2 1312 1384 6,700 Amer Brown Boverl EI.No par
50
52
*51
5212' 51
330 Preferred '
60 Aug 98 Feb
52
52
513 514
51
50
50
100 4 14 Apr 27 65 2May 21
4
7
0
10752 1083 1063 1083 10852 11153 10852 11012 10853 11012 10752 10953 535,600 American Can
2
2
4
25 7011 Jan 18 1125 Sept 18
4258 Mar 774 Dee
/
1
3
140 140
140 140 ;1
.140 141 , 190 14012 140 140 *140 141
6001 Preferred
100 1363 Jan 10 147 Apr 30 126
Jan 14134 Deo
4
Dee
9514 957
2 96
97 1 95
8
937 9412 9418 9412 5,300 American Car & Fdy __No par 8814 July 31 1114 Jan 3
2
9614 937 94
95 Ji.ly 111
•119 12012 *118 120 5118 120 *118 120
300 Preferred
119 119 *11514 119
4
100 11053 Aug 1 1374 Mar 31 12434 Col 13411 Jure
700 American Chain pref
9514 9514
*963 97
4
9812 9812. *99
9812 Dec 103 Sep*
957 957
. 100 9514 Oct 5 105 June 4
9912 96
97
. NO par 69 Jan 12 92 Sept 11
36
Jsfl 745 ts
4
83
8312 83
8212 8112 83
82
834 4,800 American Chicle
85 1 81% 8312 82
110 110 ; 110 110 1*110 112 1+110 114 ;4
3L131 Prior preferred
.110 112 1.110 112
107 Jan 6 114 May 21
Jan 110 Dee
100
1112 1152
1112 113
Apr 10
4 1112 1112, 1112 1153 1112 115
4
113 11,700 Amer Druggists BYndicate...a
4
No pl0 11 Feb 18
958 Apr 1518 Nov
1153
1512
744 75121 727 74121 72
*73
75
72 I 7212 7212 71
7214 1.7001Amer Encaustic TilIng_No par 53 Jan 4 8534 Sept 18
884 Aug 57 Nov
/
1
/
1
4
,0217 222
217 218 i 2,000;American Express
218 218 218 222121 216 219
217 218 '
Jan 188 Nov
100 169 Jan 10 236 Sept 1 127
7 26,200/ Amer & Forn Power___No par 22 Feb 28 49 Sept 5
44
4472 45
4632 443 458 4414 4552 4414 4552 4312 44
4
1874 Feb 31
DC,
53
107 107 I 107 107
1,200 Preferred
5
10634 107 *10612 10812 *10612 107
107 107
4June 25 110 May 24
No par 1043
8618 Feb 109 4 Doe'
96
9612 9654 9634' 9612 97
9612 963
4 96- s 967
'
2 9612 9653 2,800 2d preferred
No par 81 Feb 24 100 Sept 7
500m
.Aerican Hide & Leather_100
*10
11
*10
11 I 10
10
95
4 97
8 10
10
*93 10
4
-AP;
93 Aug 10 1552 Feb 1
4
+42
43
*42
43
4253 4253 42
42
4012 4012
5001 Preferred
*42
43
100 40 June 13 673 Feb I
8
48 Mar 667 July
2
767 77
76
76
7514 7614 7514 76
75
75121 2,600;Amer Home Products...No par 59 Feb 18 813
76
77
4May 31
804 Jan 71 Nov
x41
pre ca red
4334 43 4 433 4372 4252 4314 4212 4234 4212 43
3
3
4212 9,900 AnierifernIce
No par 28 Jan 10 463a Aug 6
25 4 Oct 32 Aug
3
*97
98
*97
98 I *97
98
*97
98 1 1.97
98
*97
98
100 90 Jan 7 9912May 9
Jan Ms May
84
10212 10412 104 108
10612 1073 10614 108% 103 4 107
4
3
/
1
4
108 1103 54,400 Amer Internal Corp.
4
._No par 71 Jan 6 125 May 17
37 Mar 72 Dee
Jan
612 614
614 67
2
7% 753
7
7 12 16,800 Amer La France & Foamite.10
10
4 June
77
8May 7
712 73
2
6% 78
54 Jan 12
711 +70
7112 *71
*65
*68
71
7112 *70
711 *71
Preferred
6012 Dec 901s Jen
100 56 Jan 10 74 Mar 27
7112
116 116 *11514 11812, 115 11514 115 115 , 113 11614 117 117
1,200 American Linseed
204 Apr 7218 Nov
100 563 Jan 13 135 Sept 4
2
128 13134 *124 1313 *124 134 *129 1313
4
+124 130 *124 130
400 Preferred
4633 Mar 9218 Nov
4
100 864 Jan 13 1313 Oct 2
4
9712 9914 9712 9814 96
96
4
,
97
98
98 100
953 9612 9,900 American Locomotive_No par 87 June 21 116 Jan 31
9914 Oot 118 May
*117 11812 11812 11812 *11734 11812' 11734 1173 117 11712 11612 117
4
600 Preferred
100 114 June 23 134 Mar 24 11912 Feb 127 July
15014 15014 150 150 1.147 149 1 147 147 . 145 147
145 150
1,300 Amer M red nx & Fd y _No par 12912..Inne 19 180 Mar 26
eferachle e
„arrant_
a
7314 Jan 18818 Dec
11112 11112 *11012 11112 *11012 112
11112 Mar 1 116 Jan 13
10 Preferred
*11012 114 *11012 114 *11012 114
SI
48% 497
51
52%; 51
2 49
50
4312 493
- -1 Nov Ws; DeS
311;
51
51
4 4,900 Amer Metal Co Ltd_.No par 39 Mar 13 533sSept 24
*110 11312 .11012 113I 110 11312 *110 11312.111 11312 *111 11312
_- _
Preferred (6%)
100 109 Aug 8 11712May 14
167
16 1 *15
17 I *15
*16
17
1612
16
2012 Dec 481 Jun'
153
4 13
15
1,300 American Plano
No par
4
123
4July 19 25 Feb 7
*53
54
53 53
53 1 54
5314 5314 1 5312 54
5314 5314
150 Preferred
100 50l July 12 90 Jan 3
84 Nov 1104 Ma
/
1
°
811 823
831 84 1 83 83 , 821 823
.
3
Jan 73 Oct.
827 831
81
64
8212 14,000 Am Power & Light_ ___No par 624 Jan 11 95 May 14
25 13012 Jan 18 16112Sept 5 11012 Jan 147 Sent
4,700 American Radiator
/
1
4
152 15212 15314 15414 152 15312! 151 152 1 150 15212 150 151
1,000 Amer Railway Express____100 1104 Jan 4 1383 Feb 21
874 Apr 11614 Nov
4
*117 120 I 120 120 , 120 120 j 1197 120 I 120 120
120 120
4 6812 7053 69
7134 11,000 American RepublEs___No par 5114 Feb 7 85 Apr 12
11
3512 Jan 82 Dee,
70% 723
6912 7214 69
7012 6712 693
42 July 6478 Nov
7
723
4 71% 727
70
71
10,800 American Safety Rasor_No par 56 Jan 10 74 2Sept 20
70
71 1 703 717
4
2 7112 73 t1; 71
7
No par 294July 16 45 May 14
38
/ Oct 61 July
1
4
30
3052 3053 30
3014; 30
3053 30
30% 303
2 2,300 Amer Seating v to
3053 30
2 Oct
/
1
4
312 Aug 9
.No par
8 4 Jan
5
612May 28
2
414
432
900 Amer Ship de Comm..
*412 47
2
412 453
412 412.
412 412
414 43
5
80 Jan 123 4 Nov
80 1 80
8134 80
990 American Shipbuilding____100 80 Sept 28 119 Jan 6
2• 80
8012 80
8112 80 80
80
103
23,900 Am,Smeiting & Reflning-100 169 Feb 27 25612Sept 18 13252 Jan 18854 Dee
4
24312 245 I 2437 2457 240 242141 238 24153 24014 24312 2403 244
1.500 Preferred
100 1314 Jan 9 142 Apr 20 11914 Mar 133 Dee
13534 13534 13534 13534 13514 13512' 135 135
*13512 136 .*13512 136
4
3
1,500 American Snuff
100 141 Jan IS 174h Apr 13 119 2 Jan 1465 Nov
*168 170 *168 170
. '2
94 Jan 10618 Oct
/
1
4
Preferred
100 102 Jan 5 120 June 5
•100 11212 •100 110 *100 110 1'100 110 1'100 110 1.1.100 110
4118 Apr 7254 Deo
.No par 5012June 13 70 Jan 11
/
1
4
3,600 Amer Steel Foundries.
81
5814 5512 5612 54% 58 I 5612 5672 5614 57
5752 577 x57
Jan
4
220 Preferred
100 109 June 19 120 Feb 29 1101 July 115
.11134112
11154 1113 11112 11212 *111 112 1*111 112
4
111 11134'1
5
85 Nov 95 4 May
/
1
4
100 55 Feb 18 81 Sept 8
4 7.700 Amer Sugar Refining
73.2 7112 72 I 7012 7112, 703 7112' 70% 703
4
7112 7314 72
100 100 Feb 17 11012May 31 104 Nov 11618 May
4'
107 107
10713 1074010712 108 i 10612 1073 19612 10612 1,000 Preferred
108 108
4118 Jan 6854 Oct
5
5
,
Am Sum Tob
• No par 47 8 Feb 27 73 sSept 7
6212
6352 617 63 I 62
66
x64
64'. 6312 65 1 62
65
26
Apr 865 Aug
4
4 1,200 Amer Telegraph & Cable-_100 20 Oct 2 32 Jan 17
2014, 20 20 I 2012 2012; 203 203
4
204 203
4 2014 201, 20
100 172 July 24 211 May 17 14914 Jan 18518 Oet
7772 17912, 178 1783 17712 178141 17712 17812 17,800 Amer Telep & Teleg
17913 18012 17712 ;f11
4
Jan 189 Nov
4
C11 16112 162 162 I 161 16212' 1813 16314 2,500 American Tobacco com--_50 152 June 19 176 Jan 3 120
166 '
66
165 165
50 152 June 19 177 Jan 8 11914 Jan 188 Now
4
4
4
16412 16412 16512 66.1: 165 16614' 16112 1633 1633 1643 16312 16514 6,100 Common class B
100 1153 Sept 18 126 Apr 20 11012 Jan 120 Deo
4
800 Preferred
4
1153 115 4' 115 4 115 4 1153 11814 116 116
4
3
3
3
116 116 *11512 116
2
4
1,600 American Type Founders..100 10973 Aug 10 1263 Jan 3 1197 Nov 148 Feb
11912 121
119,2 120 1 118 119 *118 119 x118 11812
119% 120
3
100 1073 Jan 7 115 Mar 31 10714 Feb 116 8444
70 Preferred
12
110 110 *.091s 110 '
51091g 110 ,*1091s 110 •101 110
109 110
66 Aug 7218 Sept
Vo par 52 June 11 703
4MaY 4
5812 595 10,300 Am Wat Wks & El
5914 60 I 5914 80
61
603 6214 5914
4
6012 61
997 Oct 1034 Dee
s
4 98
98 Oct 5 106 Apr 13
/
1
600 1st preferred
9812
4 993 998
993
4 9954 993
4
993 993 0
4
4
*99 100
4
1612 June 83 8 Jan
100 14 July 27 243 Feb 14
5
2
1814 1872 1854 19 , 1814 19 1 1814 19 i 1812 1812 183 1812 3,600 American Woolen
4678 June 8811 Jan
100 39 Aug 31 6214 Feb 14
4172 4112 4152 2,800 Preferred
4218' 415s 42 I 4152
4112 4152 413 4212 42
9 May 24
/
1
4
1012June 20 1912 Feb 9
/ Oef
1
4
500 Am Writing Paper ctfs_No pa,
4
+1412 16 I *1412 143 *1412 1512 1412 16
*1514 1612 *1412 16
26 4 Apr 5714 Aug
5
34 June 12 52 Sept 17
2,000 Preferred certificate___100
48 1 4712 4712 484 49
4812 48
4812 48
*47
48
49
6 4 Sept 1014 Feb
1
61 Jan 10 4914 Sept 21
3
45% 473 123,100 Amer Zinc, Lead & Smelt _25
44
4538, 43
44
48
43
44% 45 1 4412 467
85
25 40 Jan 16 98 Apr 11
Oat 611 Feb
4
94
9458 9312 9312 94
945
4 947 9752 2,200 Preferred
2
*9412 97 ; *9412 95
414 June 6012 Dee
/
1
8
8218 8012 8214 174,000 Anaconda Copper Mining 50 54 Jan 18 86 Sept 25
815 82ag 8212 84 1 801s 83 1 797 8112 81
4
May 9
18 Mar 63 Dec
2,700 Archer, Dan'Is. MidI'd_No par 5514 Feb 20 97
7914 8012 *80
8012 7914 80
81
8014 82
7912 80 1 80
Jan 1I3h Dee
4
100 1123 Feb 20 11514 Mar 16 106
70 Preferred
11312 11312 *11312 114 ,•11312 114 i 114 114 •11312 114
*11312 114
79
Oot 9614 Feb
2
0 94
9312 1,200 Armour & Co (Del) pref.-100 861 Jan 3 9712June 7
933 933
4
94
933 94 1 93
4
4 93
94
*9312 94
814 May
157 Jan
a
8 1814 184 50,800 Armour of Illinois class A.__25 1114 Jan 16 2312Sept 8
g
1812 193
4 1852 1918 1812 187
1912 197
g
193 197
s
5 Dee
6 Jan 10 1312May 11
53
25
912 Jan
912 938 25,600 Class B
914 912
913 938
7
912 9 s
9 4 10 ,
5
912 10 1
60 Apr 8614 Jan
100 6712 Jan 12 9112Junc
8452 8512 2,200 Preferred
8612 8412 85
8614 8612 *8812 88 ' 8712 8712 85
21
Apr 5518 Nov
4
3712 373
4 7,800 Arnold Constable Corp_No par 3514July 23 515 Apr 2
4
3914 373 38 1 3752 38
3832 3814 38% 38
38
22
Jan 82 June
5
200 Art Metal Construction_,..10 2513 Jan 10 34 4 Apr 19
*2812 297
29
30
29
*2812 29 I •29
297
8
*29
30
40 4 Dec 54 4 Jan
5
5
NO par 29 July 20 443g Mar 30
1,700 Artloom C op
32
34
31
31
33
3312 *30
*30
3312 *30
3312 *30
/
1
4
100 107 July 25 114 Mar 19 109 Nov 11618 Nov
Preferred
4
4 111 *1043 111 *1043 111
4
4
4
*10434 111 *1043 111 *1043 111 *1043
89 Feb 68 Nov
/
1
4
/
1
4
No par 4014June 13 5314Sept 8
0
2
4714 48% 465 475 '9,700 Assoc Dry Goods
487
4752 483
a 4718 4814 465 47
2 48
974 Mar 112 Dee
7
100 9913 Aug 30 113 2 Apr 3
300 1s1 preferred
1047 1047 103 103
s
8
$..04 10512' 10514 10514 *10412 105 *104 105
100 10714 Sept 17 1194 Jan 27 106 Mar 116 Dee
2d preferred
:
E
5108 110 *172 14( *lig 114 *10712 110
*108 112 *108 110 1.
88
Oct
Feb
25 3712 Feb 18 533sSept 7
210 Associated 011
48
4812
4
48
48
48
4814 4814' 48
2May 21
80 8 Mar 43 Nov
5
12
4638 4652 4,800 Atl G & W 1 86 Line....No par 874 Feb 18 597
4 4514 47 1 4614 47
4
4812 4612 4812' 4614 473
8
29 Mar 411 Nov
/
1
4
3
100 38 Feb 27 587 Sept 7
/
4
55
800 Preferred
7 *54
55
55
55
55
55 1M7 54
55
55
55
3
1
100 95 6 Feb 9 1945 Sept 24 106 Dee 18158 Aug
178 • 1827 1803 184% 179% 18332 43,100 Atlantic Refln[ng
8
4
18312 18514 183 18712 179 185
100 11412Sept 10 11814 Jan 8 11618 Feb 119 Aug
250 Preferred
117 117
*116 117
116 11612 11612 11612 11612 11672 117 117
6812 Mar 70 June
NO par 63 Jan 8 101 Mar 23
82
200 Atlas Powder
8212 82
*82
82
•81
82
82
82 82 1 *80
*81
Jan 107 July
98
100 102 July 24 11018May 31
50 Preferred
*104 106
4
10412 1043 104 104 *104 106 •104 106
106 106
7 4 June 121 Apr
1
8
814 Jan 6 1733.1une 6
No par
1,400 Atlas Tack
*12
1214
12% 1212 1212
2 12
2
2 1214 123
4 123 123
*1212 123
6 Mar 104 Jan
/
1
4
/
1
914May 14
4 Jan 8
/
1
4
11,900 Austin,Nichols&Co___ _No par
8
8
714 8
714 812
712 812
653 68
68 712.
33 Dec 81
/
1
4
Jam
400 Preferred non-votIng___100 25 July 13 3. Jan 21
4
35 1 343 348 *3212 3434
*34
*31
34
*33
34 1 3312 3412
7214 Dec 80 Nov
/
1
4
60 July 16 75 May 9
62
100 Austrian Credit Anstalt
*60
62
*60
61 I *60
61
*60
*60
62
61
61
45 Ma
8
11 Dee
613 Jan 18 174May 25
NO par
400 Autosales Corp
1012 1012 1012
1012 1012 10
•1012 1132 *1612 1114 *1012 11
28 May 42 Dee
/
1
4
50 25 Aug 31 3734May 25
500 Preferred
304 32
32
3112 32
*28
3254 *28
32(2 *28
3212 *28
43 Nov 467 Nov
8
*44
45
300 Autostr Sat Razor "A"_No par 4313 Jan 10 5213May 1
44
4412 45 1 44
*4412 46
*44
46 I *4412 46
5
Baldwin Locomotive Wks_100 235 June 11 285 Mar 31 14313 Jan 266 4 Sept
.250 275 *250 275 *254) 275 *250 275 *250 275 *250 276
Jan 12514 July
4
1163 Aug 23 1243 Apr 11 116
2
Preferred
1163 1163
410
100
4
4
11612 11612 1173 117541 117 118
4
1165 1163 117 117
8
4
4
2
4
240 Ramberger (L) & Co pref_100 10752Sept 4 1117 Jan 5 1063 Ma 1107 Dee
109 109
109 109
10834 10912, 109 109
10912 10912 *109 110
40
Jan 697 Feb
8
Barnett Leather
*2612 27
No par 23% Aug 20 534 Feb 1
27
*2812 29
*2612 29 I *2612 2852 *25
2312 *25
2044 Oot 854 Feb
/
1
25 20 June 12 40% Oct 5
333 343
4
s 3414 3473' 33 s 343
5
s 335 365
8
8 37
3975 3914 4012 545,300 Barnedall Corp class A
204 Oct 8214 Feb
4
251 20 June 14 393 Oct 5
393 393
4
600 Class B
4
40
.39
345 343 *3312 35 1 333 33 4. 36
4
4
36 1 1
4
3
29
aou
• Hid and asked prices; no gales on Ude day, s Er-alvIdende
a Ek-r1411015
New York Stock Record-Continued-Page 3
1919
For sales during the week of stocks not recorded here. see third page preceding
MOH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Sept. 29.
Monday,
Oct. 1.
Tuesday,
Oct. 2.
Wednesday, Thursday,
Oct. 3.
Oa. 4.
Friday,
Oct. 5.
Saks
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On baste of 100
-share lots
Lowest
Highest
$ Per share
per share $ per share $ Per share $ per share
per share Shares Indus.& Miscen.(Con.) Par
per Mani
per Mare
*10012 10412 10434 10434 101 103
99 100
99
99 100 100
1,100 Bayuk Cigars. Inc
No par 98 June 20 1401 Mar 1
:
*10414 107 *108 108
106 10614 *106 108 *106 108
106 106
30 First preferred
100 104 June Di 1.10 Mar 28
/
1
4
1814 183
4 18
/ 187
1
4
1734 18141 1734 173
4 177 1812 1738 1812 29,000 Beacon Oil
No par 12 Mar 18 2014 Apr 24
/
1
4
7612 7812 76 76
7434 75121 7434 76
76
76
3,100 Beech Nut Packing
758 77
20 7038July 13 831, Feb 9
*1378 14
14
14
1358 137
13
/ 14
1
4
1312 14
1334 133
4 1,000 Belding Hem'way CO. NO par 13 July 26 22 Jan 12
*8258 8312 *823 8312 *8214 8312 823 823
4
4 823 8314 *8234 8312
4
100 Belgian Nat Rys part pref._ 8238 Sept 27 9212May 14
8218 8218 82
8214 8112 8214 8138 8314 8234 83% 82
8214 4,200 Best & Co
No par 53 Jan 19 8734Sept
/
1
4
6334 6478 6438 6438 6338 6434 6338 6614 8/14 6918 68
7018 320,400 Bethlehem Steel Corp
100 511June 19 70% Oct 5
/
4
'
611714 11812 *11714 118
11734 11734 118 118
118 118
11838 11812
600 Beth Steel Corp p1 (7%)A00 11618June 29 125 Apr 13
4018 4018 *4018 42
4018 4018 40
41 '
64012 41
41
40
820 Bloomingdale Bros___No par 33
/
1
4July 23 473
4Sept 15
10912 10912 110 11018 *110 112
110 110 *110 1118 *110 112
110 Preferred
100 1091, Jan 11 1.113
4July 3
110 110
110 110 110 110
110 110 10812 1085 *10812 110
4
460 Blumenthal & Co pref
100 87 June 27 110 Sept 22
7212 7212 7212 7212 723 74
4
73 74
7412 751 75
/
4
76
3,100 Bon Arid class A
No par 654 Jan 3 78s Jan 27
9 9
812 812
838 9
85* 9
91 1014
/
4
912 10
14,600 Booth Fisheries
.Vo par
514 Jan 4 103
8Sept 22
543 55
*58
59
55% 5534 .55 60
59 6414 617 6312 3.. Ua 1st preferred
8
100 4114 Mar 14 641 Oct 4
/
4
161 16114 16234 16412 16214 163
16012 16212 161 164
1604 16114 7,200 Norden Co
/
1
50 152 June 19 187 Jan 11
*1212 1412 *1214 1412 *1212 1412 1212 1212 *12
1434 12
12
200 Botany Cons Mills Clutia 4_50
83 Aug 23 23 Jan 4
4
54
557
541 5612 5234 5512 53
/
4
555
57
60
5818 5938 459,600 Brings Manufacturing _No par 211 Feb 4 60 Oct 4
/
4
*514 512
514 514 *5
518 *5
514
5
5
5
5
300 ,British I'm ,sire Steel
100
11 Jan 10
/
4
1
914May 25
*6
*8
7
7
8% 64 *619 7
"612 7
'618 7 1
500 2d preferred..
100
214 Jan 6 12 Feb 1
270 270 6258 270 270 270 265 265 270 270 *260
269
1,600 Brooklyn F.dison Inc
100 2064 Jan 10 270 Sept 29
/
1
*167 168
16834 189
16738 18738 *165 188 *185 168 *160 168
600 Bklyn Union Gas
No par 139 June 13 17434 Sept 21
51
5234 517 537
8
8 525 527
8
8 50
5112 5112 5112 51
8
517 10.300 Brown Shoe Inc
No par 4518June 11 5518
5514 5738 56
5734 543 5812 53
57181 53
517
8 5518 5678 37,400 Brunsw-Balke-Collan'r_No par 2712 Feb 20 622 Apr 5
331 3334' 34
/
Sept 20
4
3478 3314 341 3318 333
/
4
31:8 341 32% 3634 7,709 Bucyrus-Erie Co
/
4
10 2413 Feb 1
443* 4438 44
50%June 2
45
4414 443
8 4358 44
431 44
/
4
4112 45
25,000, Preferred
10 333$ Feb 17 544May 14
/
1
*112 118 *11438 118 *112 118 *11618 118 *112 1173 *112
4
'Burns Bros new clAcomNo par 934 Feb 17 12512June 2
1173
4
*32
37
3258 3258 35
3678 36
3634 36
38
*35
38
1.300' New class B com___ _No par 1578 Mar 8 4338.1une 4
1033 104 *10314 1033 1,0314 10312 10314 10312 10112 104
4
4
10334 10334
300 Preferred
100 973 Feb 21 1103
4
175 17612 175 176
4June 11
172 174
171 172
17134 172
172 172
3,800 Burroughs Add Mach_.No par 139 Jan 14 17653Sept 29
58
5934 '
6571.3 58
5614 5812 58 60
59
62
No par 50 June 20 671 Apr 13
10612 10712 *10612 1077 10612 1061 10818 10318 *10658 10818 25912 6012 1,800 Bush Terminal
/
4
8
/
4
10814 1084
90 Debenture
100 10478 Aug 16 115 May 21
114 115 1+114 11478 114 114
114 114 +113 114
114 114
270 Bush Term Bldgs pref
100 111 Aug 1 1194June 15
/
1
8
8141
738 8
712 734
718 73
4
714 71
732 73 16.600 Butte Copper & Zinc
4
5
414 Jan 1
10 May 28
*44
4412' 4312 4412 434 44
43 4314 4314 4353 4314 457
8 3,000 Butterick Co
100
1078 1078 1078 1138 1012 11
1012 1034 101 111 103 1078 3,8013'Hutte & Superior Mining___10 40 July 13 6712May 15
/
4
/
4
8% Aug 6 1634May 21
76
76 1 76
7 / 7512 76
61
4
75
7514
*7512 76
1,000 By-Products Coke
No par 65 Mar 1 14014May 24
13538 13834 1361 14034 133 13814 13012 1354 *7512 76
/
4
13212
13014
No par 901 Jan 16 14038 Oct 1
:
11214 11214 *112 11212 11212 11212 11212 11212 *113 13814 *113 135 52,900 Byers & Co(A M)
6
180 Preferred
100 108% Apr 13 11412 Aug 14
7878 78% 7712 79
763 777
4
7812 763
4 7612 7612 76
7612 2,400,Californla Packing
No par 68.2June 18 825* Sept 17
*35
36 , *35
36 *35
36 *35
36 *35
36
*33
35
1Callfornla Petroleum
25 • 254 Mar 18 36 Sept
3% 3%
34 3%
34 33
/
1
8
3
34
3
3 12
312 33
4 8,000 Callahan Zinc
-Lead
134 Mar 8
10
51e AD? 30
11312 1143 11312 11614 111 115
41
11014 11112 1115 11312 110 11212 11,600 Calumet Arizona Mining__.10 89 Feb
8
18 12014 Jan 3
33 333
81 33
3372 3252 3352 3214 33
321 33
/
4
3112 3278 46.900 Calumet & Heels
2018 Jan 10 354Sept 18
/
1
8014 81141 z78
7914 77
783
4 7613 7712 7634 7712 76% 7714 8.500 Canada Dry Ginger Ale _No pli
547 Jan 5 8812Mar flt
8
380 363121 366 376 I 364 369 1 360 364 364
3634
100 247 Jan 21 376 Oct 1
4
.11914 128 *121 128 *121 129 *121 128 *121 36812 *121 36334 3,600 Case Thresh Machine
128
128
Case Thresh Mach Prof.. _100 1243
8June 28 13513 Mar 30
3918 41
4018 4138 3918 4012 387 415
8
41
4214 4034 4178 37,700 Central Alloy Steel_ __No par 284 Mar 27 44128ept 17
/
1
1358 143
1414 153* *1234 14
1312 1312 1312 16
16
1612 9,800 Century Ribbon Mills_ _No par 11 Aug 14 1738 Apr 4
*7634 84% 85 85 , *7634 80
*81
87
80
85
8434 8518
250 Preferred
100 77 Aug 24 92 May 15
9612 994 9712 9912 95 98
/
1
9512 9812 9518 992 96
54,100 Corrode Pasco Copper_No par 681 Jan 3 10434 Sept 24
98
/
4
40 4038 40
4012 393 4014 3918 397
3918 43
44 57.000 Certain-Teed Products_No par 39 Sept 25 6438 Apr 28
43
' 9612 *86
86
89% *86
9612 *91
9612 *93
6612 94 94100 92 Sept 19 100
200 7% preferred
/
1
4
May 21
"
673 7412 *73
74
7312 7312 *73
74I +73
74
*73
74
100 Certo Corp
No par 71 May 3 794 Aug 23
12
123* 12% 1314
1214 13
1218 1212 123a
14
4 13
30.700 Chandler Cleveland MotNopar
5 Feb 29 1438Sept 25
1t
2318 2438 2318 24 1 2258 2334 2258 223* 2218 133
231 2412 10,500 Preferred
/
4
2413
No par 14 Mar 13 2678 Sept 26
6718 68
68
69 ' 6612 6712 65
6614 8514 66
8,800 Chesapeake Corp
643 66
No par 828* July 13 811 Jan 6
130 134
/
4
135 13612 12814 13014 *12912 133 *13012 13212 133 4 133
2,200 Chicago Pneumatic Tool_..100 111 Aug 15 14114 Jan 30
'34 3112 *3312 34
*3412 35
*3312 34
*3312 34
Chicago Yellow Cab.--N0 Far 2978 Aug 1 48 Jan 14
5018 5112 51
52 I 50
5178 493 5018 505 5112 *U11
4
8
:
1
6,600 Childs Co
No par 37 Apr 19 571,Sept 10
52 523
8 524 533
8 51
5253 5018 51
5012 517
8 5014 5112 25,500 Chile Copper
25 3714 Mar
*75
99 *70
5512Sept 18
98
*74
98
*70
98 *70 110 *70 105
Christie-Brown tern ctiallo par 79 June 20 131 Jan 23
11718 11938 120 1247 12012 1247 119 128
2
2
127 13138 12912 139 1668200 Chrysler Corp
No par 54 4 Jan 16 139 Oct 5
4
Preferred
No par 113 JIM 9 117 Mar 12
/
1
4
*53
54 *53 54 •53 54
*53
*53
54
53 53
50 City Stores class A
No per 6114 Jan 19 6414June 11
8812 885g 8814 8812 88 8812 8714 88
88
8914 8712 8812 2,700 Class B
No per 62 Jan 6 102 June 8
725s 7278 *72 73 *72
7212 72
72
71
72
1,400 duets Peabody & Co_ _No par 69 Aug 13 10934 Apr 6
7134 72
*120 121
120 120
120 120
1194 1194
40 Preferred
100 118 Mar 21 12434 Mar 19
/
1
4
187 1877 165% 16714 18512 16512 1654 1863 "11912 120 *11912 120
8
8 16514 1663 16612 187
6,700 Coca Cola Co
8
No par 127 Feb 20 17734May 15
62 6212 63 63% 6234 637
8 61
6234 6212 70
6812 7157 72.800 Collins & Alkman
No par 50 June 25 11114 Jan 3
*96
97 *96
97
*96
97
96
96
97
*96
98
97
700 Preferred non-voting_ __ _100 90'4 July6 109 Jan 8
6912 703 69
4
7112 6712 7012 6513 687
5 os
6912 67
683 25,800 Colorado Fuel & Iron
100 5212June 26 841 Jan 31
/
4
9652 973
4 971 983
/
4
4 9618 99
9612 983
8 9912
14,500 Columbian Carbon v t cNo par 79 June 12 1041Sept25
4
/
4
12414 1253 12312 125311 12214 1247 122 12314 122 1011 100 102
8
1243 123
4
No par 89 Mar 15 13338 Sept 20
/
1
4
107 107
10714 10714 10714 10714 10712 10712 107 10714 *10714 12438 29,400 Colum Gas & Elec
100 106 June 19 11014 Jan 3
10717 1,400 Preferred
8412 85
84
8558 834 8478 8112 843
8 825 841* 81
8
,
833 19.800 Commonwealth Povrer_No par 6214 Jan 11
3318 337
334 337g 34
4414 40
391 417 86,000 Commercial Credit.. _ _No par 21 Feb 20 888Sept 30
444 4014 42
4414 Oct 2
*2432 243 *2312 2434 *2312 233
4 24
2434 25
25 '241 25
3701 Preferred
0
25 28 Feb 3 27 May 8
*
2434 25 .2458 25
25
*25
25
2512 *25
251
251 •25
80 Preferred B
25 23 Feb 7 274May 11
/
1
87 87
*8678 88
88 91
9158 93
92
preferred (6)4%) _ _100 85 June 12 96 Mar 16
92
9112 92
1,21
1s1
.
114 1187 114 123
120 1271 12434 12678 1261
/
4
*1033 109 *10334 109 *10334 106 *10334 109 *1033 1277 128 1298 49,000 Comm Invest Trust__ __No par 5534 Mar 1 12978 Oct 5
4
4 105
10334 1033
301 7% preferred
100 99 Jan 27 109 May 14
9534 953
95 951
95 95
9412 941
9512 951
9512 9512 1,000 Preferred (658)
100 9238June 16 981: Aug 20
211 212 211 2141 20412 210 201 211 212 214
207 21112 10.000 Commercial Solvents-No Pm 137
/
1
4June 19 22134 Sept 18
64 64
*83 65
6418 65
6712 797
72
74
72
721 11.800 Conde Nast Publica_.No par 48 Jan 14 79 Oct 3
/
4
/
1
4
271 273
/
4
2678 28
2612 27
264 268
/
1
2618 2714 2512 2634 53,000 Congoleum-Nairn Ine_No par 21 June 12 311 Apr 17
/
4
70
70
89% 701
6912 697
8 6834 6912 70 70
66912 70
3,500 Congress Cigar
No par 67 Feb 18 8178 Jan 3
923 93% 92 93% 9112 921 9038 9114 91
8
/
4
9358 9158 92
4,000 Consolidated Clgar
NO Far 791, Jan 20 911 June 4
ro818 99
'98 99
98 9814 98 .98
*96
99 *99% 104
300 'Preferred (6)
100 O6¼June28 104 Sept 13
Consolidated Distrib'ereNo par
/ Jan 21
4
3 May 18
8 7814 77 -.7
7 .8 76; 78
876
7814 7714 7814 7638 775 97,600 Consolidated Gas(NY)No par y741 Aug 28
17014May 7
9814 984 98
985* 9814 9814 9818 9814 £
1818 9838 984 9878 14,3001 Preferred
No par 9714 Aug 31 105 Mar 28
318 314
34 313
34 358
/
1
3% 312
318 338 4,000,Consolldated Textile
34 314
/
1
No pa
214 Aug 18
3612 3612 3612 3734 35
5 Mar 28
/
1
4
364 35
357
8 3412 35
3412 3512 7,400 Continental Baking el ANo Pa
261, Apr 10 631: Jan 13
612 7
63
4 7
63
8 67
8
6% 63
614 612
614 65 23,000B
8
I Class
•
No par
3 Apr 10
/
1
4
8312 84
73Sept 24
8312 8312 8312 8312 82 82
8134 82
8112 82
1,300 Preferred
100 73 Apr 10 961: Jan 20
11712 12114 118 11953 11718
11812 11912 117 119
No pa
8014 Jan tO 12878 Sept 4
"
6125 126 *125 128 *125 126 •125 126 *125 11914 117 118 33,400 Continental Can Inc
126 •125 126
Preferred
100 123 Jan 6 128 Mar 26
8034 803
4 8112 8318 8058 81
8014 807
8034 8038 80 808 8,400 Continental Ins
10 75 Feb 14 944May 15
/
1
1618 167
165* 174 1658 17
8 1512 1612 1538 183
4 1534 1614 57,1001Continental Motors__ __No Pa
10 Mar 18 20 Sept 18
8414 8412 8434 867
* 844 8614 8312 8434 8312 845
/
1
8
8414
•1404 145
14014 14014 14014 14012 141 141 '14114 142 x8218 14014 23,100 Corn Products Reflning___25 643$ Jan 3 8938 Sept 14
14014
150 Preferred
100 1384 Jan 16 146 Apr 10
/
1
4
250 280 260 265 2643 26612 2633 26412 263 2734 280
4
4
293 43,100 Coty Inc
No par 123 Jan 11
7712 771 78
/
4
77
77
783
745 75
8
77
787
8 7718 78% 5.0001Crucible Steel of America-100 694July 3 293 Oct 5
115 115 *114 115
93 Feb 7
115 115 *114 116 *114 118 *114 118
200 Preferred
100 11214 Sept 14 121 May 11
23
2318 *23 2314 224 23
224 2212 21
/
1
23
2012 211 5.400,Cuba Co
/
4
No pa
2012 Oct 5 28 8May 8
7
438 43* *434 44
/
1
43
48
4 47
8
45s 4 4
458 434 2,500 Cuba Cane Sugar
48
No pa
4l July 31
7
13 167
1634 1712 1678 167
12May 12
15
s 155 1558 164 163
3
4 1678 167
8 7,200 Preferred
100 15 July 31 3238
1712 1712 17
1778 1634 17
1712 175
8 174 178
1718 1712 3,300 Cuban-American Sugar__ _10 161 Aug 13 244 Jan 12
/
4
/May 25
1
*9612 100
99 99 *9612 10012 '
69612 99
*9612 99
*9612 99
100 Preferred
100 9818 Sept 6 108 Feb 1
*812 8
*612 8 1 *612 8
*714 73
612 7
*658 71
/
4
200 Cuban Dom'canSug___Nopa
612Sept 25 12 Jan 4
69% 70
6938 70 I 691 7012 6918 70
6912 70 z0814 70
Cudahy Packing
8,800
139 14234 13812 14312 136 14234 13234 138
137 139% 1343 14014 28,200 Curtiss Aer & Mot Co_No 50 64 Jan 3 7814 Aug 21
par 531 Feb 27 1923
/
4
4MaY 16
1 Preferred
100 117 Jan 5 1434 Apr 18
/
1
4
' 210 '200', 214 *200l 214 *20012210 *Zoio3 210 *200
191
/
1
Cushman's Sons
No par 144 Jan 13 220 Sept 24
/
1
4
135 1353 135 135 I 135 140
135 mu *135 139 *135 212
139
3901Cusbman'a Sons pref (7)__100 114 Jan 11 141 Sept 20
*5712 59 •53
*54% 55
M
53
53
53
53
54
54
800ICuyamel Fruit
No par 49 July 27 587 Sept 6
61
a
8178 8114 6378 6014 6238 60 81
60% 6114 585* 6012 37,600:Davison Chemical
No par 343$ Feb 18 663 Sept 24
*12312 125
4
125 125
12312 12312 *12312 12412 *12312 12412 124 12412
150,Deere & Co pref
100 1151, Feb 1 126 4M41' IS
13214 215 6214 21634 *214 2154 212 2133 212 21212 21212
3
/
1
4
21212 1,4001Detrt
le
100 1664 Jan 11 220 Sept 17
54
5412 544 55
524 544 5212 5258 5212 53
52
2514 2,600iDevoe & Raynolds A__No par 40 Jan 3 61 Apr 16
*112 113 '
6112 113 *112 113 *112 113 6112 113 *112 113
preferred
100 108 Jan 9 120 May 16
161 18114 16114 162 1 160 161
160 161
160 160
160 18112
600 Diamond Match
100 134 Jan 18
/
1
4
23
2334 233* 2412 2412 2512 23 8 25
7
28
27
2638 2712 12,100 Dodge Bros Class A__ __No par 12 June 11 166 Aug 26
2712 Oct 5
*107 10712 10678 10678 *105 107 *105 107 •105 107 •105
107Nopar 6312June 19 111 Sept 22
100 Preferred
838
878
878 9 l
834 9
84 84
/
1
81 Ms
/
4
812 812 11,900 Dome Mines. Ltd
8
58% 58% 57
5718 5734 58
5712 573* 5714 573 •571 57% 1,400 Dunhill International..No par 8512June 13 1311 Jan 6
4
/
4
.No par
.11121
76 Mar 29
*99 100
*99 101 I *99 100
903 993 *9912 10014 10014 10014
8
8
200 Duquesne Light 18t pret....100 99% Oct 3 1161s Mar 3
178 17814 179 1813 17912 18158 17714 17814 178 178
4
179 180
3.800 Eastman Kodak Co-- No Par 163 Feb 20 19414 July 30
*111 125 •____ 124 *111 125
12412 12418 •_ _ __ 125 •- -- _ 125
10 Preferred
12312 Aug 31
59
597
593* 58
57
5814 56
5714 5678 61
5812 6158 42,300 Eaton Axle & Spring___No 100 26 Jan 11 134 Apr 3
par
389 40034 396 401 . 392 39712 392 395 394 39712 394
8312Sept25
11812 11812 *117 1181 *117 11812 1178 117% 11734 11734 11734 39534 7.400 El du Pont de Nem__ __No par 310 Jan 10 40512June 4
/
4
3
117
600 6% non-vot deb
100 114 July 18 12118May 8
'Bid and asked prices: no sales on this day. z Ex-dividend. a Ex
-411111111, sItz-warrants.
tti,
PER SHARI
los/8pr Praia..
Year 1927
Lowsal
Maim
5 per Mare $ v Man
4912 Jan 109 Dee
101 Jan 110 Aug
14 Oct 1814 June
/
1
4
5014 Apr 76 Nov
1512 July 27 Jae
/
1
4
4911 Aug 59'e Nov
43114 Jan 6612 Seel
10434 Jan 120 Dee
34 June 527 Nor
8
1094 Jan 114 Nov
44 Jan 95 Dee
5318 Jan 60iii Dee
&Is sot
Vs Sept
86 Sept NU WO
1674 Dec 169 Dee
18 May SO% Sent
19 Sept 36 Feb
/
1
4
/
1
4
Ii Apr
Deo
1 Apr
74 Dec
14812 Feb 225
Dec
8938 Apr 1574
801 Feb 601
/
4
4
Wit July 38 a Jan
7
sit
851* iiite
1614 Mar
90 June
z90 Mar
2934 Jan
/
4
911 Jan
10338 Feb
354 Mar
64 Oct
7 Nov
14
66 Jan
62 Jan
106 4 May
3
6014 Apr
1253, Jan
3414 3124
100 Jail
165 Dec
69 Nov
11.11 Der
/
4
120 sot
418 Mat
61114 Pet
111 Jay
/
4
/
1
4
92 June
10234 Dee
1121, Dee
79 Dee
"TIT, Sept
6111 June 1234 Dec
1414 July 24 Dec
/
1
4
38
Jan 4018 Aug
132 Jan 28314 OW
111 Feb 129 Des
24 Apr 83 A pi
l(11$ Jan 16 Aug
/
1
4
70 Jan 88 Dee
/
1
4
58 June 7212 Dee
62 Jan 46 4 MAY
1
fir Dec
4 Nov
/
1
4
13 June
6434 June
1201, Jan
88 July
8
483 Ma
331 June
/
4
347$ Jan
3818 Jan
1024, Apr
4614 Ma
6113 Apr
61 Jun
11114 jit
e961 Apr
86 Aug
1014 Sep
42 Jan
/
1
4
6678 Jan
8278 Fe
994 Jan
483, May
14 Jun
17 June
187 June
8
69 July
6118 May
94% Sept
8
863 July
145 Nov
39 Aug
1714 Jan
47 Mar
7614 Oct
78s Aug
14 Mar
2614 Mac
861 Oct
/
4
13714 Mae
47 Om
6414 Aug
4438 De‘
901 Der
/
4
631 Use
:
116 rt. e
U Dec
644 Dee
844 Oct
12514 Nos
199 AD/
/
1
4
113% Dee
10914 Des
,
963 July
10114 Not
9814 MuI
110% Dee
7814 Oct
244 Dee
24 Sept
/
1
4
25 Dee
89 Dec
,
3
62 Dec
102 Del
984 Dee
/
1
203 Sent
53 Dee
29 4 Dec
3
881 Der
,
3
86 4 July
---8 Oct
1
96 Mar
93 Ma
34 Ma
/
1
331, Apr
May
73 AD
583 Apr
4
120 Jan
744 Dec
8 Nov
/
1
4
647 Jan
8
128 Jan
56 Jan
764 Oct
/
1
103 Jan
181 Aug
,
Vs Oct
3838 Nov
18 Nov
/
1
4
97% No
1012 No
"4 Apr
45% No
111 No
103 Apr
107 Apr
30 Apr
1614 Apr
10511 Jan
13312 J1111
364 Aug
101 Jan
116 Fe
131 Oct
4
5612 Oct
7 Jun
69 Aug
1141 Ma
4
12614 Jan
11914 Jan
214 Oct
/
1
168 Jan
1064 Feb
2' 561
126114 Dee
103 Dec
7 Just
/
1
4
7678 Jan
104 Jan
/
1
9714 Noy
8678 Dee
126 June
934 Dec
3
1334 Jan
68 Nov
14214 Dee
123 Dee
9611 Mat
4
116 Sept
3414 Jan
103 Jan
4
60 Jan
/
1
4
281 Jan
/
4
107 Aug
18 Jan
58 Sept
/
1
4
6934 Dec
118 Dec
152 Oct
125 Dee
554 Oct
484 Dee
1254 Nov
17014 Dee
427 Dee
8
114 Dec
/
1
4
147 4 MP,
3
274 Jan
88 Pet
104 Dee
624 Oct
117 No.
/
1
4
1751 Sep*
4
1314 Ow
2914 JUDO
$43% OM
118 DM
New York Stock Record-Continued--Page 4
1920
PT .ate, dorloa the vvoek of weeks nor recorded here, see fourth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday.
Sept. 29
Monday.
Oct. I.
Tuesday.
Oct. 2.
Wednesday, Thursday,
Oct. 3.
Oct. 4.
PridaY,
Oct. 5.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share $ Per share $ per share $ per share Shares Indus. &MIscel.(Cos.) Par
32 8 34 I 3412 3914 3812 43
7
418 4912 4812 5338 49
4
25
531 76.200 Elsenlohr & Bros
/
4
11112 113
111 1134 10828 112
10814 1097 10912 11212 11014 11312 139,800 Electric Autollte
8
No par
11
114 114 1314 12
124 1218 1258 1214 1314 128 137 41,800 Electric Boat
No pa,*
4
8
55,100 Electric. Pow & Lt
373 3914 374 383
4
2 374 384 373 38
No par
/
1
4
/
1
8
/
1
108 108 *1084 110
10712 10712 1074 10712 10718 10712 10718 1074
800 Preferred
No par
Electric Refrigeration. No par
9114 88'8 9O1 -574 888 -5512 ici
-5912 16
.
; 89
3
112 22,900 Elec Storage Battery.._No par
5103,Elk Horn Coal Corp...No par
•62
2 7
*62
8 7
/
1
*64 7
/ *64 64
1
4
64 6
/ *614 6
1
4
814 814
900 Emerson-Brant Class A No par
8
8
8
8
7
74 *712 73
4 *712 78
4
•2628 31
i Emporium Corp
*262 31
2
*262 31
8
*264 2812 •262 2914 *262 2914
8
No par
2
7814 7814 773 773
4
4 7714 78
7718 7712 7714 777
2 774 7712 1,400 Endicott-Johnson Corp.._ _.50
•122 124 •122 124
00 Preferred
122 122 •123 12414 *124 12414 124 124
100
3
70,600 Engineers Public Berv __No par
47
483
4 474 49 4 4612 474 4612 473
8 464 4712 4614 47
/
1
10014 101
101 10212 991 1004 99
/ 992
1
4
8 973 9858 98 9812 6,400 Preferred
No par
4
Erie Steam Shovel
5
3184 - -11- ;511- 318
k
4 3114 317 -21i4 - -1- -51- If
31 4
31
4
31'8 -1.5156 Equitable Office Bldg_ _No par
31 4
,
Eureka Vacuum Clean.No par
65 4 67
3
05
65
664 643 65121 6412 643
4
684
4 6312 64
*2312 2414
100 Exchange Buffet Corp_.No par
2414 2414 *2312 2458 *2312 2414 *2313 2414 *2312 244
314218 427
No par
3 423 423
4
4 42
4212 417 423
8
8 413 423
4
4 417 417
8
8 1,100 Fairbanks Morse
301 Preferred
*110 115
110 110 I 110 110 ;•110 115 *110 115 *110 115
100
24,600 Famous Players-Lasky.,No par
1493 1503 15118 153 4 146 15238 14612 1492 14812 15014 147 1484
8
3
4
2
/
1
3
1.800 Federal Light & 'Frac
15
54 54
534 54
53 4 54
54
54
5314 5384 533 54
4
1001 Preferred
104 104
No par
10334 1033 *100 10312 1
4
'100 10312 1
.100 103 2 100 100
,
1.000 Federal Mining & Elmelt'g _100
*151 160
2152 158
155 160
155 155
151 151 *158 160 '
4001 Preferred
100
*100 10112'
2100 102 *100 102
101 101 ;*10012 10112 *10012 1011
1914 21
25 64.900 Federal Motor 'Frock. No par
22
24 1 2114 2258 202 223
8
4 22 222
4 22
8612 861
2,700 Fidel Phen Fire Ins N Y____10
8714 8712 88
89 1 8712 8812 87
88 1 88
88
10,Fifth Ave Bus
No par
*123 124 *1212 127 *1212 127
8
14
14 •13
8
8 1212 124 *13
29,700 First Nat'l Stores
No par
493 51 i 50
2
50
517
2 4858 507
8 49
494 4912 504 49
No par
1022 11 1 11
1118 11 4 13,300
1114 104 1114 104 11
,
1058 11
1,400 1s1 preferred stamped_....100
61
*61
6212 *61
6212 5534 574 5612 5614 5712 5712 69
1,200 1st preferred cony
100
59
59
*5712 59 ; 5712 53 I 54
58
*5312 55
*534 59
No par
8414 854 8558 873
8 86
8814 8358 8618 85
8
862
8 834 857 178,300 Fleischman Co
900 Foundation Co
No par
38
38
3914 3914 •39
40 • *39
40
38
39
38 38
No par
1034 10438 z100 10212 9834 101
9718 9914 98 987
8 95
9818 49,200 Fox Film ClassA
50,900 Freeport Texas Co
No par
583 5914 587 6018 584 593
4
8
2 58
588
4 574 584 5418 58
500 Fuller Co prior pref
No par
108 109
*1043 108
4
106 106 *104 103
106 106 *10612 108
No par
2214 2212 2212 23 ; 2212 2258 2214 2212 2214 2212 224 223
4 7,000 Gabriel Snubber A
5,600 Gardner Motor
No par
e
107 11
11
1112 1118 113
4 103 1118 1012 103
4
4 1012 11
,
8814 893 1/85
4
8712 84
863
4 822 844 844 8512 85 8 864 29,300 Gen Amer Tank Car__ _No par
2
Preferred
100
*110 112 *110 112 *110 111 *110 111 *10912 111 *10912 111
751 15,300 General Asphalt
100
7414 7514 7412 7512 7312 7414 73
7414 7414 763
2 74
5001 Preferred
100
/
1
4
*11418 120
115 115 6 113 11414 113 113 •115 11612 *113 115
General Baking pref.....No oar
*--__ 139 •____ 139 •__ __ 139 21132 140 •___ _ 139 •____ 139
11,000 General Cable
No par
3114 323
2 314 32
304 3112 3112 32 1 3038 3114 3014 31
par
6.5001 Class A
7228 7234 74
737 741
8
72
8
7
734 7312 727 73 2 7112 73
NA
2.900 General Cigar, Intl
6212 6114 62
614 617
6212 6212 6212 6212 6212 6212 62
101 Preferred (7)
100
11612 11612 •11612 120 *11612 120
*11612 120 *11612 120 *11612 120
5178 517
1,700 Oen Outdoor Adv A___No par
52 52
4
*5218 527
8 523 53 1 5212 5212 512 52
2
z3612 364 3,000 Trust certificates ___No par
37
37
/
1
37
3612 367
8 36 8 364 36
,
3614 37
No par
4
15814 16114 16114 16412 16014 1618 48,500 General Electric
16372 165 8 164 16512 16018 164
,
1118 5,500 General Electric special___10!
11
11
11
1112 11
11
1114 1114
II
11 1 11
551 1,200 General Gas & Elec A. No par
/
4
57 I 57
57
55 2 55 2 55 2 55 8 55
,
56
,
,
,
•55
56
IGen Gas & Elec pf A (7) No par
*10734 11212'
210912 11214 *10912 11214 *10912 11214 *10912 111 *10912 11212
Preferred A (8)
No par
*121 125 *120 123 *120 123 •120 123 *12114 123 •120 123
5
690 Preferred B (7)
a
No p2r
105 105 1*104 108 *104 108
•103 105 *105 108 *103 105
/
1
213 2173 214 2164 1,132,700 General Motors Corp
21012 214
4
211 2164 214 21814 21128 217
100
125 125
2.800 7% preferred
2
8
,
1247 1247 1244 124 8 12412 12434 12412 1241 12452 125
e
par
8
8
103 10512 105 1112 10914 1137 78,800 Gen Ry Signal
4
105 4 1063 105 10712 10412 107
3
61
z.5914 6014 14,500 General Refractories__ _No par
No
6112 6012 6214 61
617
2, 5912 61 1 59
60
8
8
118 11914 116 120 , 11512 11841 11612 1187 1191142 12212 11912 1217 176.100 Gillette Safety Razor..No par
No par
2 4612 4612 454 4618 15,200 Gimbel Bros
484 463 45141 4612 467
4
42 e 4412 47
7
9384 94
700 Preferred
100
93 I 93 2 93 8i 9312 9312 *9314 94
7
7
93
*9212 93
27
2712 48.400 Glidden Co
No pa
,
284 2714 28
28
284 2812 2912 2712 284 27
310 Prior preferred
100
104 104 '104. 10414 104 104
104 104
104 104
104 104
99 1017 119,600 Gold Dust Corp v t o__ No par
8
2'
10114 10212 102 10312 101 1037 10014 10228 100 1021
No par
8
802 847 46,800 Goodrich Co(B F)
2
,
3
83 4 844 8234 85 2 804 8441 79'2 gm 80 8 82
4
400 Preferred
100
11018 1102 11018 11012 11018 1101 *11014 111
81
•11012 112 *1104 111
723 53,000 Goodyear T & Rub_ __No par
2
/
1
70
7
8 7
7314, 6912 714 7022 712
7018 714 7114 72
014
3,500 1st preferred
No par
09
99
98
/ 99
1
4
1298
9812 984 9812 9812 997
2' 9812 981
No par
76 4 7718 7.400 Gotham Bilk Hosiery
,
,
4
4" 7712 7814 76 4 771
834 844 y8012 8312 793 813
77
, 76
No Par
80 1 7712 78
77
764 3,5001 New
834 80
8414 8414 y80
Preferred New
100
*106 115 *106 116 *106 116 I•106 116 *106 116 •106 116
100 Preferred ex-warrants_ _100
106
____ 108 •__ __ 106
10634 107
•____ 1067 •____ 106
8
300 Gould Coupler A
No par
8
8
814
8 8
*8
814 *8
812
8 8
•8
5712 57
2
5812 5512 567 132,800 Graham-Paige Motors.No par
5812 55
5712 5412 5718 6014 65
2
4 6512 6614 657 667
8 6512 664 17,700 Granby Cons M Bm & Pr,100
078
4
667 6712 663 6814 06
s
3112 31 4 6,000 Great Western Sugar_ Nopar
/
4
,
3172 32
2
313 314 311 32
4
317 32
313 32
4
3201 Preferred_
100
11312 11312
11514 11514 *115 11514 114 11514 11312 1143 *1134 114
4
,
,
8
/
4
4
/
1
126 12812 1253 130 8 12414 1287 1211 1254 125 12814 124 127 4 54.400 Greene Cananea Copper...100
700 Guantanamo Sugar......No Par
/ 54
1 ,
4
4
5
/ 5 4 *5
1
4
,
,
53
4 53
,
7
52
8 5 4 *54 5 4
•5 4 5 8
3
20 Preferred
100
95 95
*95
96
96
95
•95
96
95
96 , •95
•9
100
69 691 3,200 Gulf States Steel
69
/
4
67
6612 6612 68
6718 67
6712 674 67
25
180 Hackensack Water
24 4 24 4
,
24 4 25
,
,
25
25
*244 25
*243 25
4
8412 1,450 Hanna 1st pref class A.._.100
,
77
7714 78 78 4 80
75 75 4 77 77
,
*743 75
4
1.300 Hartman Corp class A_No pa
*2412 26
2412 243 *24!3 26
4
25
268 *2412 26
4
•2412 25
No par
/
4
218
4 2014 2014 192 2014 204 2012 20 201 11,300 Class B
8
194 2112 21
25
200 Heime (0 W)
116 116
4
2
2
4
1163 1163 *1143 117 *1143 116 *1143 116 *115 117
4
100
1 Preferred
•12124
•1213 _
4
*12184 _
•121 4 _--1•12134
,
•1213
4
4 1,200 Hershey chocolate--No Pa
4
1
553
4 533 1:3 4 543 543
4
55
54 54521 5314 54
*54
56
No pa
791 2,900 Preferred
/
4
4 79
7712 773
4 78
79
7312 783
79
787
2 7712 78
100
500 Prior preferred
10212 10212 10212 103 *19212 103
1024 10212 10212 10212 *10212 103
;
No pa
8 2,900 Hoe (R)& Co (A)....No ort
2012 19
2018 19
197
2 1912 192
184 1912 2012 21 I 20
400 Hollander & Son
2512 2512 *2512 26
8
2614 2614 *2513 26
2
2614 267 •263 27
Honlegtake Milling
100
7412
7412 *74
7412 *74
7414 •7312 744 •74
•73
754
•73
No pa
15,800 Househ Prod.lno
81
8 81
80 80 12 8012 817
4 7912 82
8
814 8212 807 823
3,500 Houston 011 of Tea tern etfal00
138 13913 13812 13912 138 13914 *136 139
4
140 1413 138 140
No par
8
634 652 21,100 Howe Sound
2
63
642
8 643 66
67
64
664
667
8 66
66
.No par
/
1
4
4
853
4 8412 864 868 90 227,200 Hudson Motor Car...
,
4 83
853
4 83
8! 84 2 873
877
85
7814 257,500 Hupp Motor Car Corp_ _10
7418 734 7512 75
/
4
73 4 7512 734 751 7214 744 72
3
19.800 Independent Oil & Gaa_No par
30
3012 30
8
4 29 2 304 292 3018 30
,
8
/
1
,
3018 30 8 297 303
No par
1,900 Indian Motocycle
2312 24
2412 20
2114 22
21
2614 2612 2414 2414 23
100
130 Preferred
104 104
95
95
99
•95 100
96
95 100
*95 100 1 2
10
8
303 307 18.490 Indian Refining
2
31
307
2 30
2 30
4 3012 312
303 3114 3112 313
4
10
8 6,500 Certificates
/ 277
1
4
/ 2812 27
1
4
274 2812 27
29
2914 2912 28
29
29
100
_____ _ I Preferred
•154 ____ *190 __*200
0150 180 *150 190 *200 _ _
No par
9814 984 964 964 3,903 Ingersoll Rand
98
4 9912 10212 96
/
1
7
95 2 96 I 964 1033
No par
6914 70
/ 9,400 Inland Steel
1
4
71
2 69
/ 697
1
4
69
6914 71
704 67
70
69
100
Preferred
4
8
274 268 277 18,200 Inspiration Cons Copper...20
27 ii4 -57- 3-27T8
-513i4
/ par
4
4
9 8 3,700 Intercont'l Rubber
7
/
1
4
9
/
1
4
93 10
4
913 9
94 9 8
7
94 94
, ,
10
10
No par
1434 15 I 2,600 Internet Agrieul
1514
,
15 8 15 4 1514 1512 154 1512 15
,
*1512 16
100
1,1001 Prior preferred
76
76
*7614 78
77
77
,
7712 77 4 7714 79
*1712 7912
2 9,300,Int Business Maehlnes.No par
1414 14058 1417
13714 1404 137 13812 13514 13912 13818
13912 140
6814 6812 10,4001International Cement__No par
4 6914 70
,
2
713 71112 702 72 4 6912 7112 6812 693
2
Preferred
100
11V1.
-97‘ - 2 -57- -881-2 123,2001Inter Comb Eng Corp_ _No par
4 6114 69s -115T8
713, -55;2 713
70 l
Preferred
100
*105 109 *10514 109 •10514 109 *105 109 *105 109
•105
100
28912 2894 4,700 International Haryester
287 291
247 290
/
1
29012 2944 294 2954 290 293
100
300 Preferred
4
140 14012 14012 14012 •1404 141 •1403 141 *14012 141 *14012 141
/
1
4
514 614 17,200 Int Mercantile Marine---.100
8
43
4 514 *5
/ 68
1
4
44 5
47e 478
44 4 4
, ,
100
2
403
2 3914 413 32.400 Preferred.
36
3612 3512 3512 3512 3612 354 3738 37
8
1083 11012 10712 1097 68,400 International Match pref...35
4
8
11114 11212 III 11478 10912 1127 10884 111
/
1
13214 1364 13312 1394 365,000 International Nickel (The)26
,
12234 125
12314 125 8 125 12914 12334 131
errod ms
:
7012 _ 9 9_00 InternittienalParr--NO par
704 7014 7114 70
70
71
70
707 71
8
70 e 72
3
Preferred
100
900 Preferred (7)
100
983
,
"ii" 98 ;61 99 -9813 987 -95- - ,1 -55; Vita ;Iiii- Iii; 290 International Salt
100
5712 574 574 5712
58 58
*5782 58
5712 5712 *5712 58
300 International Silver
100
135 136
*135 139
*135 139
135 135 •136 139 •13614 139
10 Preferred
100
61121 124
121 121 •121 124 '121 124 *121 129 *121 125
176 178. 30,6001Internet Telep & Teleg---100
/
1
17814 1847 179 1847 17732 1813 177 17712 1754 170
2
2
8
•Bi$ gad naked prms: no sales on this 8 1
/94 s Et-tnvideaa
a Es-rainv .
PRI( SEARS
Range Sines Jaw, 1.
Os basis of 100-sliarelots
Lowest
i
Highest
PER SHARD
Rouge for Previous
Year 1927
Lowest
11116.$1
per satire $ per share I per than
$ per shore
1014 Nov
124 Jan 3, 5332 Oct 4
Ms Fob
60 June 25 116 Sept 26
1
;
13183 Aug 15
4
1712Juue 6 -- 2 jai; 12 Aus
2
164 Jan 323 Dee
28/4 Jan 10 4512May 14
96
Jan 109 Nov
10612 Jan 10 110h, Mar 8
51 Nov 374 Jan
4
1112 Feb 6 174 Mar 19
4Sept 27
0314 May 7912 Jan
69 Feb 20 917
12
9 Jan 1
7 Dec 15 May
6 June 19
Oct 13 Apr
8
514 Feb 21 1512June 4
30 July 874 Mai
26 Aug 25 33 Mar I
604 Jan 8114 Dec
7514June 12 85 Apr 17
12114 Jan 27 127 May 18 1164 Jan 125 Sent
2
33 Feb 18 493 Oct 1
4
214 Jan 391 Ott
97 Aug 14 10212 Oct 1
flee
2434 Jan 357g 3318 Fen 20 384 Jan 23
51,1 A Ct 4 33 4JulY 3
3
9 .
Og
,
11 79 Jan 3 ir Aug 777j No,
154 Jan 23 Dee
19 4July 17 2412Sept 15
3
3014 Nov 43 May
11
8212 Jan 5 64 Apr 19
104 Jan 9 11434May 14 107 Dec 112 Mar
1164 Dec
92 July
11114 Jan 16 153 Oct 1
/
1
4
42 Jan 10 563 Slay 2
4
8712 Jan 67 May
9111 Feb 100 Ana
98 Jan 6 109 Apr 19
120 Apr 17 160 Oct 1
60 Feb 187 Jane
9114 Jan 3 10212Sept 18
7512 Jan 97 Mar
1632 Aug 1 257
17 Dec 8071 Jan
8May 11
7514June 12 9412May 8
1114 Jan 9 1514May 16 Yr Nov Yes May
28 Ai
,4 514 Oct 1
1914 May 80 Feb
8 8 Aug 13 173 Jan 4
7
14 4 Oot 20 Apr
3
4
Jan 100 Sept
553 Oct 2 9112 Jan 10
4
81
54 Oct 2 973 Jan 6
4
944 July 102 Sept
65 June 19 88 Sept 20
464 Feb 714 Dee
/
1
4
37 Aug 17 554May 16
85 Nov 88 am
72 June 12 1192
50 June 851p Dee
8Sept 10
5412 Oct 5 i0914 Jan 11
8414 Jan 10612 flee
1034 Mar 17 1097 Anr 23
8
15 Mar 23 284 Jan 5
22 Dec 59 Aug
1512 Deo
16% Feb 2
64 Jan
714June 12
60; Fen 20 91 Sept 19
Jan 64 2 Dee
1
66
10iiI4June 23 1113
2
4May 15 1063 Mar 11212 Sept
4
68 June 12 947 Apr 30
65 Aug 9131 Mae
2
11012June 12 1414 Apr 30 107 4 Aug 14474 May
1
Oct
134 4an 26 150 June 8 11812 Apr 140
21 Feb 4 3512 Apr 28
6212 Dec
2
56 Feb 9 807 Mar 20 1612 Dec 2
5912June 12 751 Feb 2
/
4
52 Jan 747 Dee
11414Sept 11 130 Apr 27 Ile
Jan 186 Bons
2
6411 Apr 591 Nov
49 Aug Hi 684 Jan 8
2
2912 Aug 1 524 Jan 7
87
Jan 587 Noy
124 Feb 27 17412 Apr 16
Jan 14612 Sent
81
11 Sept 26 12 'June 7
11 June 1112 Jan
354 Jan iS 6014 Aug 2
84 Apr 474 Feb
Jan 11012 Oct
10812 Jan 4 118 May 10 100
12114 Sept 27 144 Apr 18 1131 Mar 1233 Nov
4
2
Jan 10512 Dee
105 Oct 3 1147
4May 16
96
Oot
130 Jan 10 2183
4Sept 21 11314 Aug 141
12312 Jan 26 12712 Apr 12 11812 Mar 1254 Dee
1321e Jan 15314 Sept
8414June
1233 Jan 3
2
Jan 81 De*
4512June 13 82 Jan 8
88
954 Nov 102
9718June 19 122 Oct 4
4 Oa
3412 mar 6 b97
eJutie 14
351s Dec 59 Sept
91 Nov 1084 July
87 Mar 6 101 June 15
1412 May 22 Dial
204 Jan 27 30 Aug 29
86 Aug 101 June
95 Jan 4 105 Sept 12
62 Mar 78 4
1
71 Jan 16 11048ept 5
62, Jan 9612 Dee
5
6812June 18 99 Jan 6
12
95 Jan 11112 flea
1094 Feb 17 115 8May 1
,
3
4Sent 25
488, Aug 69 2 Dee
4512June 25 747
gm, mar 10 994 Oct 2
2
9212 Nov 987 Dee
674 Jan MB Dee
75 June 13 934 Apr 14
58 Jan 8512 Dee
75 June IS 93 Apr 14
Jan 122 Sets
112 Aug 8 130 Apr 12 104
106 Sept 22 112 May 7
7 June 23 1212 Feb 2 -1- -oii Ili; Nov
las. Feb 18 6114Sep1 26 311a
Jan 45 May
8912 Feb 18 6912Sept 25
12
3512 Dec 44 Sept
81 Jan 26 38 Jan 7
1124 Feb 20 120 Jan 3 1164 Feb 123 Sept
3914 Jan 1514 Dee
89
12June IS 18412 Jan 4
Oat 114 MAY
7
9 2 Jan 4
,
512 Aug 29
957 Jan 106 Dee
2
90 July II 107 Jan 7
Oct 64 Feb
46
61 Jan 9 7378Sept 12
22 Aug 27 July
23 Jan 5 30 J MI 31
Jan 721 Dee
56
2
59 May 25 8412 Oct 5
224 Oct 274 Ma/
2312 Aug 2 27',. Feb 3
1812 Dec 2912 Apr
162 Aug 6 257 Jan 27
8
2
7012 Jan 125
Clei
1033
4June 13 11812 Feb 20
121 Jan 3 134 May 28 11814 Jan 130 July
3472 Dec 6014 Dee
301, 3an 31 64 Apr 26
7014 Feb 6 P2 Apr 16
7014 Dec 7512 Dee
9952 Dec 103 Dee
1001 Aug 17 105 Apr 14
,
2
22
Jan 6172 July
1514 Sept 25 307 Jan 20
814 June 40 4 OM
25 Aug 25 3417, Apr 13
3
67 Jan 6 1514Sept 7
60
Jan 75
Oet
Nis Feb 21 83 Sept 27
4314 Jan 7012 Nov
6012 Jan 176
119 June 19 101 Apt (1
Oct
WI Dee
401 Feb 18 7012Sept 25
2
344 July
75 pan 16 097 Mat 5
8
4814 Jan MI Aug
16
Oct 3614 Dee
29 Jan 16 7814 Oct 5
174 May 321 Feb
4
213 Feb 20 324Sept 24
4
13 Mar 47 Dee
2') Oct 3 70 Apr 17
Jan 1024 Dec
92
94 Sept 21 115 Apr 12
124 Sept
7 May
12
9 Feb 18 3952July 9
84 Jan 18 37',July9
74 June 12 Sept
lot 112 Mar
99
101 Jan 4 250 Aii427
8712 Nov 964 App
90 Feb 18 1o33 Oct 1
4
61 Feb 62 s Dee
46 Mar 3 74 Sept 18
1
Jan 118 Oct
1154 Jan 0 118 Feb 18 111
124 June 254 Jam
18 Feb 25 314Sept 25
Marar 01511
2
8
11 NovNov
812July 2 2184 Jan 4
64 Apr 164
13 Feb 24 2072May 17
Map
4838 Mar 28 8312Sept 10
114 Jan 16 1474 Feb 3 5312 Jan 1194 Dec
165 2 May
133
3 101 Apr 16
50 Jan 4 1747 r ay 26 100454
Oct
1084 Jan
.
454 Feb 20 744 Sept 25 401 Oct 66 Ma/
Oct 1054 Dee
103 Mar 21 1161 Sept 25 101
4Sept 18 13512 Jan 25512 Dee
2241 Feb 18 3033
4
4
1364 Mar 1 147 May 1 1263 Jan 139 Dec
312 Oct
732May 9
81 May
4
3 4Mar 26
3
6,
5
3412June 12 443 Jan 17 324 Oot 65 e May
66
iMity 14 62 Mar 9515 0
9314 Jan 3 1217
• 7312 Feb 24 1393 Oct 5 384 Jan 894 Dee
2
June 19 8038May 14 43912 May 8112 Nov
66
96 Aug 21 107 Apr 12 8514 July 106 Des
52
97 2SePt 28 108 Jan 14 9612 Jan 112 Dee
7
494 Mar 28 UM Jae 12 63 Sept 75 Me
126 June 20 196 Jan 24 1354 Mar 198 Nov
121 Bent 27 131 Jan 27 109 Mar 128
Oat
4
4June 2 1221 Jan 1587 Sept
2
18912 Feb 20 1975
1921
New York Stock Record-Continued-Page 5
For sales during the week of stocks not recorded here. see fifth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Monday,
Sept. 29. I Oct. 1.
Tuesday.
Wednesday, Thursday,
Oct. 2. I Ocl. 3. I Oct. 4.
Friday,
Oct. 5.
Sales
for
the
Week.
STOCKS
NEW YORK SVOCK
EXCHANYE
PIER SH ARI
Range Since Jan. 1.
Os bast,of 100
-stare Ills
Lowest
$ per share $ per share $ ver share' $ ver share l per share $ per share Shares Indus. & &Morel. (Con.) Par g pat share
*25
*2534 264 2612 27
*25
29
26
*25
28
*25
28
200 Intertype Corp
No par 233 Sept 10
4
51
51 I *51
53
*51
52
*50
5112 *5014 5012
51
51
200 Island Creek Coal
1 4712 Aug 7
13012 1314 132 14012 13834 142
135 138
13613 1373 135 135
4
8.800 Jewel Tea, Inc
No par 77% Mar 1
124 124
124 124
124 124 •124 125
124 124 '
5124 125
440 Preferred
100 120 Jan 18
15418 157 s15312 157
1495 1543 1483 152
8
4
8
14914 15312 151 1557 100,800 Johns-Manville
No par 9614June 19
8
121 121
121 12112 12112 1217 *121 12112 121 121
8
12112 12113
100 Jones & Laugh Steel pref. _100 11915 July 2
3612 *33
35
*34
3612 •34
*33
35
*33
35
35
35
5
200 Jones Bros Tea. Inc__ _No par 25 8 Mar 31
*
812 9
83
4 9s
3
85
8 914
8 8 914
7
No par
818 Aug 10
84 914
84 914 6.500 Jordan Motor Car
*108 11112 *108 1114 11112 11113 *108 11112 •108 11113 *108 11112
50 Kan City P&L 1st pf B No par 108 Aug 2
8 697 704 693 703
8
8
8 697 7014 7018 71
705 7112 7013 717
8
8
6,900 Kayser (J) Co v t c.__ _No par 6258 Jan 5
2458 2313 245
8 251g 2612 2334 255
8 24
25 255
8 23
24
56.800 Kelly-Springfield Tire
25 15 Feb 17
84
864 84
85 '
580
83 *803 83
81 81
4
•80
82
3,200 8% preferred
100 554 Feb 17
87
84
85
82
82
77
81
84
814 817
8 83
83
5,5001 6% preferred
100 58 Feb 17
4612 4738 474 484 4558 474 4518 4678 47
504 49
503 71,600 Kelsey Hayes Wheel___No Par 224 Jan 10
4
*108 109 *106 109
109 109 *108 10912 108 10912 *108 10912
100 Preferred
100 106 Mar 8
8
101 102
10118 10212 997 10138 9913 100
100 10078 994 10014 42,600 Kennecott Copper
No par 8018 Feb 20
4518 45
4 44
445
8 45
50
*43
443
5012 55
8
5212 5312 10,100 Kinney Co
No par 377 Aug 15
9334 97
95
963
4 95
9512 95
95
95
9514 954 9512
100 8718 Mar 22
900 Preferred
6612 644 66
6512 66
64
65
6012 64
65
25 5312 Mar 31
61
6312 29,000 Kraft Cheese
78
79
7738 78
78
783
4 7813 79
78
7814 77
605 Feb 24
8
7812 10,400 Kresge (88) Co
115 115 *112 115 *112 113
113 113
113 113
40 Preferred
100 11014June 14
113 113
214 2113 2112 211/ *2114 21Is 21!g 2114 207 21
s
193 203
4
8 3.200 Kresge Dept Stores--No par 134 Jan 18
*74
*74
75
*74
75
*74
75
75
74
74
100' Preferred
100 518 Feb 1
*74
75
4
1311214 1173 113 113
4
11314 11314 110 1134 110 110
11111 112
1,800 Kress Co
No par 87 Feb 20
1174 11838 11718 11838 116 11734 1154 11653 1154 1167 11414 1164 44,600 Kroger Grocery & Bkg-No Par 734 Mar 27
8
*220 240 *220 240 31207 240 *207 240 •207 240 •207 240
ILaclede Gas L (St Louls)...100 200 Jan 10
*10212 104 *10213 104
1024 10212 *10213 104 *10212 104
102 10212
601 Preferred
100 WO Jan 5
3512 36
347 35
8
34
344 33 8 34
5
35 35
*3312 35
3
2,900 Lago Oil & Transport_ _No par 27 8 Feb 20
1227 12314 1254 1283 12912 13414 12958 13212 13012 13312 13112 1347 246,000 Lambert Co
8
8
8
No par 794 Jan 10
2034 21
21
215
8 2012 21
2012 2078 203 2114 21
4
No par 174 Jan 3
2212 26,700 Lee Rubber & TIre
6478 5218 6413 624 6314 625 633
607 627
8
8 63
58.300 Lehn & Flak
No par 38 Jan 17
8
4 6214 64
4 344 34 4 3414 347
3413 343
3
8 3414 343
8 3414 3413 34
No par 2812 Aug 15
3413 2,600 Life Savers
92
914 9112 92
92 92
9178 917 *9112 92
8
*9112 92
1,300 Liggett & Myers Tobacco_ _25 8318June 22
9112 92
92 923
4 92 92
91
9112 9012 91
9018 9014 3.800I Series B
25 8014June 19
*134 140 *134 140 *134 140
134 134 *134 140 *134 138
100 134 Aug 2
200 Preferred
*44
*4514 46
457
8 44
44
44
44
*44
200 Lima Loc Works
No par 38 July 27
45
*4312 4412
4
7812 80
793 8212 78
8014 7714 7914 7618 78
804 78
6312 Feb 20
11.000 Liquid Carbonic
No pa
61
6018 613
60
4 584 6011 58
59
No par 4918June 19
584 5918 5818 59
20.600 Loew's incorporated
1114 115
8 1118 1134 11
1112 1012 11
No par
e 1058 11
5 4 Feb 9
3
42.000 Loft Incorporated
1034 113
'31
31
31
323
4 31
31
*31
32 4 31
3
31
32 32
400 Long Bell Lumber A
No Par 26 Jan 3
734 764 763 80
4
75
774 74
7612 75
25 4414June 19
78
744 7718 24,600 Loose-Wiles Biscuit
120 120 *120 122 *120 122
120 120 •120 122
122 122
701 1st preferred
100 11712 Aug 17
2958 2834 29
2918 2914 2918 2938 29
2
283 294 2812 2 4 9,600 Lorillard
23 4June 12
3
4
83
*95
9512 95 95
*9014 95
93
93
93
200 Preferred
100 93 July 13
9512 *90
*90
1513 1578 1434 1513 143 153
4
8 1458 15
143 154 147 153 10,200 Louisiana Oil
4
94 Feb 21
No pa
i,
8
8712 8912 *8712 8912 3
'8713 8912 *
*
874 8913 *8712 891g •874 891
2,500 Preferred
100 78 July 24
3758 38 I 3714 3 8 364 3714 3658 37
3714 38
77
28 Feb 7
1,700 Louisville 0 & El A__ _No pa
3612 37
6912 694 70581 7013 7478 74
68
8313 78
No pa
825
8 77
255 Jan 11
8
8012 72,700 Ludlum Steel
48 I 47
*467 48 '47
8
47
4634 4634 46
44 Aug 28
700 MacAndrews & Forbes_No pa
46,
2 454 454
' 128 *122 128 ,•122 128 *122 12713'
122
5122 128 *122 128
Mackay Companies
100 10812 Mar 2
81
83 I *81
823 824 *
4
83
*
81
82
8114 82
82
400 Preferred
100 6814 Jan 13
82
9112 92
913 934 9212 955
4
8 94 101
83 Apr 17
No pa
985 1017
8
8 96
9912 233,100 Mack Trucks, Inc
•14012 14213 14234 1423 14012 141
4
14014 14058 141 14114 14014 1413
No pa y134 Aug 28
4 2,600 Macy Co
234 2318 2 3
223 223
4
4 23
3 4 2212 23
224Sept 28
225 2358 2218 223
8
4 7,100 Madison Se Garden_No pa
5914 593 260
6012' 584 60
4
5818 5813 5814 587
433 Feb 27
4
NO pa
8 5814 593
8 6,500 Magma Copper
2614 267
8 253 2
263 27
4
4 614 25
2613 2534 263
16 Jan 20
8 258 253
4
4 4,930 Mallinson (H R)& Co_No pa
105 10512 105 10613 1053 10612 108 107
4
107 107 *10712 108
87 Jan 30
18
300 Preferred
10
*2612 2
912 *254 2912 *2514 2913 *2514 294 *2514 2912 *254 2913
Marital Sugar
100 2712Sept 15
*4514 60
*453 70
8
*454 70
*
454 70
Preferred
*4513 70
*4512 60
100 48 Sept 19
*33 8 34
7
3414 3414 3412 3413 337 33 8 *34
32 June 25
400 Mandel Bros
No pa
363 '
4 534
8
7
3512
4 3112 3118 32
303
3034 31
3034 3113 31
2812Sept 13
317
8 31
3114 2,400 Manh Elec Supply.._.,No pa
*3513 37
36
363
4 36
3813 37
39
388 387
8
6.200 Manhattan Shirt
25 311 Feb 18
/
4
8 377 38
8
1712 183
4
4 173 1814 1712 1713 •173 1713 1713 173
8
1212 Feb 20
1,900 Maracaibo 011 Expl_No pa
4 175 18
8
383 383
8
3913 38
4 39
387
8 3712 3818' 373 384 375 38
21,500 Marland Oil
No pa
33 Feb 17
4
8
62
624 615 6213 613 6218 6134 644 644 6712 661s 664 9,200 Marlin-Rockwell
8
4
No pa
45 Mar 6
14
21
21
*2012 2134 *2013 22
21
2313' 234 2414 22
No par
1218 Mar 12
233
8 5,200 Martin-Parry Corp
14012 14212 14234 14478 139 143
140 142
4June 19
142 14313 14118 14112 8,500 Mathleson Alkali Workallo par 1173
•123 124 4 *123 12434 *123 12434 *123 12434 12434 125 *123 12412
3
20 Preferred
100 115 Jan 12
84
844 8314 844 83
8513 8312 847
25 75 July 17
8 8378 844 8138 8338 13,500 May Dept Stores
2458 25 1 2434 254. 2318 25
2312 24
No par 1712 Aug 14
2412 254 2413 25
8,600 Maytag Co
172
74
73 73 I 73
7358 72
72
7113 714 717 717
No par 58 Feb 3
8
8 1,000 McCall Corp
100 10114 100 10113 101 101
984 100
100 100
99 99
840 McCrory Stores class A No par 77 Feb 13
10812 1103 107 107 1 1064 10613 105 105
8'
No par 8012 Mar 14
105 105
10512 10512 1,600 Class B
•114 117 *11214 115
115 115 *11214 115 *11212 114 *11212 115
100 109 Feb 8
100 Preferred
*20
22
*20
21
21
21
21
21
20
1,600 McIntyre Porcupine Mines_ _5 20 Oct 4
21
20
20
*
2514 26
2512 2513 255 254 2512 2513 *2513 257
8
8
500 Metro-Goldwyn Pictures pf _27 245 Aug 30
8 2514 253
4
3112 327
8
4 30
4 3 Jan 19
3
313
8 30
31
3012 3113 3012 3112 66.900 Mexican Seaboard 011--No Par
234 24
24
244 23
2414 23
5 174 Jan 6
2312 2314 2338 23
2312 9,200 Miami Copper
343 354 3413 35 4 3414 35
8
3
34
36,900 Mid-Continent Petro.
.No par 254 Feb 20
35
3412 3558 3514 36
113 113 *112 115 ,*112 115 *112 115 *112 115 *112 115
100 10314 Feb 20
100 Mid-Cont Petrol pref
53
4 57
8
57
8 614
2$8 Jan 3
53
4 618
54 6
3
53
4 6
55
57 27,200 Middle States Oil Corp_ ___10
8
438 458
438 43
8
4
412
4
11g Jan 3
418
418 414
10
4
418 4,200 Certificates
23614 240
240 244 I 236 242
23412 2393 239 242 *235 239
.100 193 June 19
4
6.500 Midland Steel Prod prof..
234 234 2312 24
24
24
2313 2313 *23
No par 1812 Aug 13
2313 *23
2312 1,400 Miller Rubber
*150 166 *150 166 31150 166 *150 168 •150 166 *150 166
Montana Power
100 1024 Jan 10
25414 26113 253 26413 25014 258
72,990 Monte Ward & Co Ill Corp.10 117 Jan 19
24812 254 I 25014 2543 249 259
4
64 7
67
8 7 1
6
67
8
54 Feb 6
No par
6
612
63
4 63
4
63
4 714 31,800 Moon Motors
34 34
314 338
324 3
314
2 8 Aug 10
3
3's
34 314
34 3
4 9,200 Mother Lode Coalition_No par
10
10
10
10 I 10
10
*10
No par
Mar 29
2,600 Motion Picture
1014 1014 1013 1014 11
1934 20
2014 2014 1914 2014 194 20
No par
18 Mar 22
Motor Meter A
1934 193 *183 194 2,000
4
4
455 4613 4613 47 I 4512 4613 4534 484 4818 484 4814 4912 21,100 Motor Wheel
8
No par 251g J80 12
8 8613 8612 85
864 867
8518 8412 94
14,300 Mullins Mfg Co
No par 6914June 19
8918 9212 '89
90
*10638 109
109 109 1 *10638 109 ,5,108 110 *108 110 *108 110
100 10434 Jan 17
20 Preferred
104812 495 *4813 494 4812 4812 491: 4913 4814 4814 48
8
No par 46 4 Mar 5
8
900 Munsingwear Inc
484
95
99
944 1083 101 112
904 94
104 1113
No par 214 Feb 1
4
4 9912 108 250,900 Murray Body
907 924 9218 934 9114 9278 914 917
8
3 9112 9213 9212 944 42,100 Nash Motors Co
No par 8014 Feb 20
' 1918 2012 2034 2134 20
2118
1913 20
197 204 197 203 48,300 National Acme stamped....10
8
74 Jan
8
8
1204 12834 117 122 I 1154 11714 122 12412 122 125
110214 114
13,300 Nat Belles Hess
No par 41 Jan 3
107 108 I 108 10834' 109 109 5110814 109
• 107 107
10812 10812 1,300 Preferred
100 9014 Jan 3
I 17114 17112 1711 1723 l7l's 172
17012 171
16613 171
35 15913 July 12
168 1713
4 8.600 National Biscuit
*142 143 *142 143 •14214 143 *14214 143
143 143
200 Preferred
100 13713 Feb 29
143 143
923
4 91
94
4 91
9013 923
873 903
4
4 9213 967
8 9212 9614 272,700 Nat Cash Register A WI No par 4714 Jan 16
8
10834 1143 11118 1153 112 115
4
11013 11814 11312 1193 1115 1147 345,600 Nat Dairy Products_._No par 644 Jan 5
4
8
8
2512 2513 2512 2513 254 2512 25
25 1 254 254 26
1,700 Nat Department Stores No par 217 Jan 5
8
26
9412 *93
94 I *93
*93
9412 *93
94
*93
94
1st preferred
*93
94
100 91 Jan tO
4113 • 4213 414 42
42
4212 4212 4314 414 43
405* 4118 9,100 Nat Distill Prod ctts_ _.No par 2914June 12
65
651g 657 *84
8
654 *64
6312 6312 64
66
1,500 Preferred temp ctts_ _No par 5114June 13
*62
66
4414 4112 4214 4012 43
4312 4312 43
43
437
8 43
4314 9.800 Nat Enam & Stain ping__ -.100 2314 Mar 26
...... Preferred
100 90 8 Mar 28
4
2
Ilia; iii- cif- i25- 1233- *iiii- 1--4- nk125- fii- Hi- f2i900 National Lead
100 115 July 11
*142 144 142 142 142 142 142 142 142 142 142 142
210 Preferred A
100 139 Jan 8
. _ 119 119 i'
3119 120 *119 120 *119 120 125.4800 Preferred B
_ ____
0
.100 1121
:Mar 20
4018 417
8' 4013 4158 41
*118--4118 4238 4058 - 42
National Pr & Lt
4113
4134 40
No par 214 Jan 16
174 17
1614 1638 1614 163
4
8 17
4 163 1634' 1614 177
174 3,400 National Radiator_ __ _No par
14 July 25
458 451
4512 4512 4147
50
*45
50
45
45
*45
400 Preferred
No par 45 Oct 4
50
10814 112
10414 10734 107 108
106 110
110 1124 10912 11012 21,300 National Supply
50 84
14June 12
29514 297
29612 299
295 297
300 300
29814 301
29114 296
100 2874June 13
560 National Surety
275 27813 27434 276
2783 279
4
2783 28512 278 278
4
275 275
2.500 National Tea Co
NO par 100 Jan 17
8
267 27
8
27
273
4 265 2712 2612 2634 2658 2714 2812 267 39,400 Nevada Consol CoDPer_No par 174 Jan 18
8
425 43 *4213 43
8
43
4
4338 43
433
8 423 43
415 4212 2,000 N Y Air Brake
8
No par 40 June 19
50
*4813 50
4913 524 52
*4814 50 I *4812 4913 48
100 47 Aug 14
5214 4,800 New York Dock
89
1383
89 '
584
*
83
89 '
583
89
*83
89
*84
Preferred
89
100 ft5 Sept 21
101 101
100 1003
10014 10014 1003 101
*9912 101
4
4 984 9912
230 N Y Steam pref (8)____8/0 pa, 9812 Oct 5
*11014 11112 1104 11014 *11018 1104 11013 hO's 110 11018 *11018 III
60 let preferred (7)-- __No par 102 Jan 30
Niagara Falls Power pf
25 274 Apr 17
8
-i5- 74 734 7432 73 743 727s 7314
731s 72
72 8 21,600 North American Co
7
10 684 Jan 5
5284 53 5312 55 *53 5312 1,000 Preferred
*
5214 5312 524 525
8 53 53
50 51 Sent 11
10013 10012 10014 10012 993 10014 10018 10014 10014 10014 10014 10014 1,800 No Amer Edison pref..No pa! 99 4 Oct 2
4
3
*484 49
*4812 50
*4812 50
*4812 50
*4812 50
*4812 50
Northwestern Telegraph_..50 49 Sept 14
514 512
514 514
514 514 *538 512
514
514
24 Mar 15
514 55
8 3,400 Norwalk Tire & Rubber_ ___10
*
8
912 *712 9
*8
912 *84 912 *818 812
*8
9
73 Aug 31
8
NUI1O8HY CO (The)
...NoPal
and sexed prima; no sales on this day. s Ex-dividend, a Ex-rlghts.
Htyllest
PER SHARE
1141100 br P1011•11111
Farr 292?
Lowest
MOWS
$ gar signs $ ger Mini
Per
1912 Jan 394 June
384 Jan20
1813 Mar 67 Sept
61 May 14
142 Oct 2
5311 Jan 86 Dee
i 25 May 28 11113 July 1264 Map
15914 Sept 28
124,
4May 7 ffi" Feb fir I0
104 Jan 344 Des
4
403 Jan 10
1518May 31
124 July 224 Jan
114 Apr 26
49 Apr Wei Bee
7612 Mar 30
274 tan 8
94 Jan 324 Nov
35 Feb 102 Sept
8612 Oct 1
44 Jan 974 Sept
87 Oct 1
5178 Sept 24
19 Oct 37 July
1104, Jan 5 103 July 110 Dee
60 Feb 904 Dee
10112Sept 26
55 Oct 4
404 June 65 Jan
100
pr lt
66 June 93 Des
76 May 17
49 June 62s Peg
45 s Jan 774 Sept
7
8212Sept 13
1
118 Apr 27 1104 Feb 118 July
2714 Feb 29
10 June 18 Dee
66 Nov
75 Aug 31
BO
Jan
111912Sept 24
59 Jan 1054 Sept
1235
8Sept 17
4
260 Feb 2 173 Ian 2 14
6
96
12412 Jan 26
Jan 130 May
394 Apr 17
2013 Jan 373 Nov
4
1347 Oct 5
8
66
Jan 8813 Ofit
2412May
7
Jan
184 Dee
324 Apr 43 Nov
644 Oct 1
2014 Sept 3414 Dee
373 Sept 25
8
122, J80 3 *8713 Feb 128 Sept
t
8
12312 Jan 8 *865 Feb 128
081
147 Apr 11 12454 Jan 140 Dec
69
65's May 14
Oct 764 Apt
454 Sept 7811 Dee
8412Sept 26
4
77 May 9
684 Jan 133 2 Mat
7
1938 Aug 27
6 Oct
'Pt Jan
353 Fel 3
.
2518 Dec 43 Mry
8834 Sept 12 1354 July 5714 Deo
125 May 9 • 118
Jan 133 Nov
234 May 674 AO'
464 API' 19
114 Mar 13 107 June 1184 Jam
10
Oct 12 Aug
193 Apr 30
4
854 Dec 97 Feb
1
96 Apr 30
41 May 16
23 1 Jan 304 Dee
8
20
Oct 334 Mat
8313 Oct 3
63 Nov 584 Thts
4
673 A pr 14
134 Mar 20 105 June 136 Aug
67 Aug 76 Aug
84 Mar 19
884 Jan 1188 May
4
1077 Jan 3
8
382 Aug 27 124
Jan 114313 Nov
34 May 7
204 Aug 28 4 Oct
8
294 Feb 583 Dee
4
6414 Sept 25
28., Al'? 12
114 Apr 204 Dec
668g July 95 Dee
107 Oct 3
27 Nov 46 Feb
41 Jan 14
48
Oct 803 Dee
4
88 Jan 17
4011 Jan 24
3918 Dee 664 Aug
1
6638June 6
43
OcI 132 Aug
241 Jan 35 4 Dee
4
43 May 14
3
Oct22 4 Jan
3
12
2512 Apr 28
4412 Apr 17
81 June 684 Jan
674 Oct 4
27
Jan 654 Nov
1813 Dee 26 4 Feb
255
8June 4
8
82 Jan 132 4 Dee
148128ept 12
3
130
pr 27 103 Jan 120 Dee
873 Sept I0
8
66 4 June 90 6 Nov
8
8
2/14 Sept 21
75 Sept 24
6;;;
105 Aug 25
55 Mar 90 56% Mar 968 Dee
112 July 20
4
117 July 19
07 Mar 1164 Sent
844 Mar 285g Oct
284 Mar 16
274May 29
34 4 Jan 204 Feb
8
8 Aug
39 May 14
94 Feb
134 June 205 Dee
25 Sept 25
4
251k Oct 811 4 Ian
3712Sept 5
3
11518May II
97 Apr 105 Feb
738May 10
15* Jan
3 4 Jane
8
118 Jan
57
8May 10
2 4 June
3
Apr 815 Dee
290 Jan 4 106
1712 Nov 86114 API
27 Jan 3
175 May 3
814 Jan 1091 Oct
60% Feb 1234 Dee
267 Sept 26
6 June 131k Jan
11111via5 11
418May 14
112 Oct
Me Jan
11 May 9
64 Sept 164 Ma'
243 Sept 20
4
17 Nov
381* Apr
7
208, Jan 37 g Mao
5058SePt 8
10
Jan 7914 Deg
•513
4Sept 17
110 4 Jan V
3
80
Jan 1101 Del
4
624May 18
85 4 May 53 Nov
1
112 Oct 3
1614 Oct 13 Feb
10138 ,e,. 3
6014 Apr 1017 Dee
8
213 Oct 1
4
6 Feb
7 Oet
11
1283 Oct 1
4
811, saps ad% Dee
II) May 7
851 Sept 97 App
4
182 Jan 27
944 Jan 187 Dee
up &nr 11 180
Jan 142 Dee
967 Oct 4
8
897 Jan 614 Dee
4
1193 Oct 4
4
5914 May 68 4 Aug
7
25 June 4
204 June 374 Mat
102 May 2
894 July W4 Jag
17 Feb 60 ON
6812 Jan 9
714 Jan 9
63 Mar 69114 Juna
1918 ADr 25 4 June
463
4Sept 17
8
66% Ape 917g Juts
9945lay 15
136 Jan 31 495 May 302 4 May
8
14714May 18 1134 June 139 4 Dee
8
122 July 17 10474 June 11614 De°
4314 Sept 26
1914 June 26 4 IMO
8
8684 Nov 394 Nov
4048 Jan 9
984 inn 17
96 Nov 98 Dee
76 May 977 Dec
11218 Oct 4
8
370 May 15 ,3218 July 373 Dee
259 Sept It 108 Apr 180 Dell
504 Feb IS
1248 June 20 8 Dec
3
394 Cet $0 June
504 Feb 10
36 .1811 6534 Nov
6414 Jan 4
724 Feb 9313 Nov
95 Jan 4
1054May 16
934 Feb 1024 Oot
115 Apr 19 105
Jan 1144 Oct
294May 17
274 Jan 29 8 May
8
654 Jan 6414 Oct
7912Sept 4
55 8May 16
5
50
Jan 55 Aug
1057 Feb 7
8
964 Jan 105
Oct
55 May 15
674 Jan 54 Sept
712Sept 4
14 June
54 Feb
13 May 14
884 Dec 18
lam
New York Stock Record-Continued-Page 6
1922
For sale, during che week of stocks not recorded here, see 'huh page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Sat day, 1 Monday, 1 Tuesday, 'Wednesday, Thursday,
Sell1. 29.
Oct. 1.
Oct. 2.
Oct. 3.
Oct. 4.
FrfdaY,
Oct. 5.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER (WARR
Rasps Mee Jan. I.
Os basis of 100-shors lots
Lowest
IMAM
PER MAAR
Ross.for Prestos.
Year 1927
Lowest
ElOMNI
$ per share $ per share 1 $ per share $ per share $ Per share $ per share Shares Indus. Pic Miscel.(Con.) Par
2714 28
27
2714 2632 264 *2614 2612 2612 263
4 2612 267
2 2,000 011 Well Supply
25
103 103
101 10119 *101 10112 101 101
100 10112 101 101
5101 Preferred
100
101. 104 1012 10321 1013 1058 1112 1212 1112 12
11
1118 12,100 Omnibus Corp
No par
96
*9314 9612 *94
97
*94
*94
9612 *9512 9612 *94
1 Preferred A
96
100
*733 74
,
7312 7312 7258 73
7214 7214 *724 73
7214 2214
700 OPpenheim Collins dtCoNo par
*2738 __
*30
_ _ _ _I *33
*33
*35
Circuit, Inc
1
84
*84
91
82
84
84
82 8 82 8 82
7
7
330 Preferred
8512 88 88
100
223 226
225 22912 223 2253 220 2243 22112 222
22112 22112 5,600 Otis Elevator
4
4
50
121 12114 *121 126 I*121 126 *121 126 *121 126 *121 126
501 Preferred
100
295g 30
2912 307
, 2918 294 2812 2912 2914 30
No par
287 2952 39,001)1Otis Steel
2
98
98
98 98
98 98
98 98
600 Otis Steel prior pref
*9712 98
97
97
100
*91
93
*91
93
*90
94
*90
96
*90
!Outlet Co
93
*90
91
No par
8012 81
80
8014 78
804 79
79
79
79 12 7914 7914 2.800 Owens Bottle
25
I Preferred
100
51
5014 5112 5014 503
51
8
4 50
5012 497 5012 50
5014 4,500 Pacific Gas-Elec
25
114
14
138
138
114
114
114
114
114
13
3
114 6,300 Pacific Oil
No par
114
5151 153
15014 152 i*15014 152
150 150
90 Pacific Telep & Teleg _ ___100
15014 152 *15014 152
1
913 92 8 9114 93 8' 9118 927
8
96
3
8 90
953 9812 95
4
977 330,100 Packard Motor Car
3
10
47 4712 4814 5014 463 4612 4518 48
2,800 Pan-Amer Petr & Trans_
8
4612 4714 4618 47
50
4812 49
*4612 4712' 4634 4934 4634 4914 4818 50
4818 4913 84,5001 Class B
50
2,100 Pan-Aon West Petrol B.No par
*1714 1712 *1714 1758 17
17
1718 1712 *1712 1712 1714 1714
*1418 1478 1412 1412 1412 1412 1334 14
1,800 Panhandle Prod & ref...No par
197 14
8
1312 133
4
Preferred
'75
85
*75
85
*75
85
*75
85
*80
84
*75
85
100
11,9001Park & TlIford
76
7714 7638 7714, 76
78
7512 76
7614 7914 77
78
No par
1034 11
11
11181 1012 11
103 1012 105 105
8
1
8
8 1014 1012 13,700 Park Utah C M
61 44,200 Pathe Exchange
614
4
612 67
8
612 634' 63
No par
8 634
63
8 63
4
63
8 63
2712 281
27
27781 2534 27
2634 2838 26
273
8 26
No par
273
3 9,000 Pathe Exchange A
3578 36
3618 3738 3512 373
8 3512 36
355 36 4 344 354 26,3001Patluo Mines & Enterpr____20
8
,
1732 1732 1712 1734 1738 18181 1838 1812 173 1812 173 1813 9,5001Peeless Motor Car
4
50
4
3438 3584 35
3618' 35
3612 3614 37
No par
367 4014 3812 4012 64,600 Penick & Ford
8
1514 1514 153
1514 151
1514 15141 15
1514 15141
8
s 153 1512 2,400 Penn-Dixle Cement__ .....No par
200 Preferred
*8314 88
8314 8314 83
83 1 *82
98
*83
98
*83
98
100
196 196
195 198
198 19912 a187 190
18912 19014 186 187
5,900 People's 0 L & C (Chic)_ _100
- 160 170 *160 168 *160 165 *160 168 *160 168 *160 168
•
Philadelphia Co (PIttsb)_ _ _50
*48
5% preferred
487 *48
8
4813 *48
4812 *48
4812 *48
4812 *48
4812
50
*5112 53 *52
5214 5214 3214 *6214 • 5212
500 6% preferred
53
513 52
4
*52
50
3218 3214 32
17,300 Pulls & Read C & I_ _ _Nu par
323
4 3112 323
2 303 32
4
31
317
8 3038 32
---:--Certificates of Int...No par
-Fifa
;Bit 17 1
-3
-BT8
-16E8 17 i658 -117- 16,500 Philip Morris A Co.. Ltd_ _.10
8
4214 4212' 4218 43141 4112 4212 4113 413
4 42
423
4 4114 4214 36,100'PhIllips Petroleum
No par
*22
25
22
22
300 Phoenix Hosiery
*22
25 1 *22
24
24
*22
5
25
2312
*9712 98 '
*9712 98
*9712 98
Preferred
,
9712 98
*9712 98
100
*9712 98
2512 247* 2518
5,300 Pierce-Arrow Class A...No par
*24
27 I 24
25141 2418 25121 2512 28141 25
683
4' 6612 68
647 66
2
1,800 Preferred
*65
67
66
67 1 6712 673 *86
4'
10(
58,700 Pierce 011 Corporation
3
3112 4
25
27
8 318
3
3581
33
4 37
23
4 27
s
23
4 318
3512 3312 36
363 ' 3614 3714 373 43121 45
8
497
2 47
8
50
32,900 Preferred
100
57
8 618
No par
5
5 I
5
5141
514 512
5'2 5781
57
8 618 77,700 Plerce Petrol'm
44
4514 4414 45
45341 4414 45341 4414 4434 43 4 4412 44
10.700 Pillsbury Flour Mills_ _No par
3
'
4,117 119 0117 120 *116 11914 *116 118 *116 118
,
200 Preferred
116 11612
100
4814 48141 4818 493
4 50
503
4 4818 4918 4812 4812 4812 48s 2,700 Pittsburgh Coal of Pa
100
86
8612 1,600 Preferred
*8612 8712' 8612 8612 8612 8612 8612 8632 *8812 67
100
88
88
*88
893 *88
2
9514 *88
9514 *90
9514 *90
100 Pittsburgh Steel pref
100
9514
2912 2912 *2812 30
*2812 30
*2812 30
287 287 *2814 30
8
200 Pitts Terminal Coal
8
100
*6714 69
*6712 69
6712 6712 6713 6713 *6614 70
*6612 70
100 Preferred
100
*6212 64
*6212 627
8 61
62
*6212 64
6212 627
8 63
53
1,200 Porto Rican-Am Tob Cl A.100
*2412 25
2412 24
*25
28
2414 2414 2412 25
600 Class B
*24
2412
8 6912 713
8 683 697a 683 697
4
8 6812 6912 77,600 Postum Co, Inc
693 703
4
4 7014 713
8
2714 2514 2612 26
2638 2714 2614 2712 26
277
8 27
r
N00
N0 par
3012 216,900 Pressed Steel Car
8
2 82
8212 83 8312 82
83
8313 8212 8312 823 823
87
7,200 Preferred
100
2412 2338 2378 2312 2312 2338 2413 6,300 Producers & Refiners Corp_50
2338 2412 2318 243
4 24
*4538 46
453 453 *45
2
8
46
45 4514 45
4514 4514 4514
430 Preferred
50
*65
6512 6517 6512 6412 6412 64
6618 63
63
63
63
150 Pro-phy-lac-tic Brush_ _No par
8 6412 6614 6512 67
66 s 6318 663 687
,
4
8 6512 677
6514 6614 80,300 Pub Ser Corp of N J___ _No par
*10614 108 *10712 108
10712 10712 107 107
10512 10,6 *10512 10612
_100
400 6% preferred
125 12518 •125 126
12518 1254 125 125
. 125 125 *12414 126
100
800 7% preferred
145 145
145 145 *144 1451 *14414 14472
100
1145 148 *145 148
200 8% preferred
8
10752 10814 *10753 10814 10812 10812 10754 1075 *10712 10812 *10734 10812
300 Pub Berg Elec dr Gas pfd_ _100
81
80
803
4 80 8012 80
2n
5
No par
803 8018 8014 8038 80
4
8012 15,500 Pullman Inc
2312 1,000 Punta Alegre Sugar
2318 2418 2318 2318 *23
2438 24 8 24.* 247 *2414 25
3
,
2414 2414 2419 24
253
8 24 4 257
3
8 2518 253
24
4 2512 26
90,300 Pure Oil (The)
100
*11214 11312 11212 11212 11312 11312 11312 11312 114 11438 11314 114
250 8% preferred
124 124
11918 1197 122 12719 123 12712 125 125
8
12313 1243 15,300 Purity Bakeries
4
No par
Class B
700 Preferred
166 155 157 2 *BO- 114- 155 155 *Bo- frill Bi- 155
-- -14
20812 21138 208 2123 20313 2093 199 20512 203 2073 2035 2087 221,800 Radio Corp of Amer_No par
4
4
4
8
SO
*557 5613 *5514 56
8
100 Preferred
*557 56
3
*557 56
8
56
56
*5514 56
10
3614 363
4 3612 3812 39
4012 3818 4018 18,500 Real Silk Hosiery
3614 3614 3614 3614
100
150 Preferred
*93
94
94
94
*944 943 *9414 943g 94
2
9413
93
93
No par
1114 1012 1058 103 1114 1012 113
8 5,700 Reis (Robt) & Co
3
*10
93 117
8
8 11
1014
par
No 1
257
8 243 2514 2412 2478 2412 247
2518 25 g 25
7
4
8 2412 243 30,300 Remington-Rand
4
800 Finn preferred
89
89
*863 90
893 9012 893 893
4
4
4 89 89
4
*893 90
4
100
300 Second preferred
4
4
91
*89
90
89 89
*883 89
883 883
4
4
*89
4 883 883
10
323 3413 271,100 Boo Motor Car
4
3114 323
4 3218 3514 3314 35
3214 327
2 3112 33
82
793 813 37,300 Republic Iron & Steel__ - -100
4
2
4 78
8O8 80
4
8012 8212 8188 83
7
, 793 823
100
800' Preferred
109 109
10812 10812 *108 10812 10812 10812 10812 10812
109 109
par
4
1012 1212 11
2 10
1014
1014 103
123
4 1114 117 67,600 Reynolds Spring
8 1012 103
:
io
141 14212 1401s 1407 14014 14014 140 14012 10,200 Reynolds (RJ) Tab °Ias B
4
140 14114 141.4 142
47,300 Richfield 011 of California_ _25
8 48
50
5014 4812 49
4818 487
4812 4933 49
4914 49
25
3,6001Rossla Insurance Co
4
190 1953 18712 18912 187 1873 190 190 *188 190
4
41190 192
5834 59
5914 5978 7,60.0Royal Dutch Co(NY shares).
4 583 5834
4
59
5912 5812 5932 5858 583
10
4512 46
44
453 10,400 81 Joseph Lead
2
4634 4512 46
4
4512 467
4 463 4712 46
4 39
4014' 3832 393
4 3814 40
38
38 2 7,100 Savage Arms Corp_ _....N6 par
7
3914 4012 3972 403
No par
332 33
372 4
332 4
314 334
4
334 4
312 33
4 7,400 Seneca Copper
6312 6412 63
65
654 643 657
4
2 6214 6412 4,600 Shubert Theatre Corp No par
64
64
65
No pa
5412 5212 533 73,400 Schulte Retail Stores
2 5412 5538 53
8
2 5512 553
2 5514 557
554 557
100
120 Preferred
2
*11812 120
120 12012 *12014 12114 *12032 12214 1205 12052 1204 12052
No pa
500 Seagrave Corp_
*1314 1312
5
s 1314 13501 1314 1314 *1314 14
1358 13, *1358 137
4
8
8
14734 15012 14814 15112 14718 15012 146 1474 14714 1487 1465 1473 69,900,13ears, Roebuck & Co___Nopa
No pa
12312 12412 123 1243
4 7,300'Shattuck (F 0)
8
4
12512 1273 124 1273 122 12312 122 124
1001(3601 Transport & Trading_ £2
__
53 2
3
--- - 5312 531 *5312 ____
*5232 56
No pa
3
4 273 283
4
4 273 277 25,200 Shell Union Oil
3
3
2
2778 2812 2814 2812 277 2812 273 273
10
2114 2112 214 22
2134 2212 213 2214 8,000 Simms Petroleum
4
214 2112 2112 22
No pa
6452 63
64
6314 6412 6314 644 12,400,81mmons Co
3
644 647
3 6412 65 2 64
284 283 2914 2818 287 161,709Sinclair Cons 011 Corp..No pa
8
2 28
2 2812 297
8
2912 3014 2912 303
100
6001 Preferred
108 108
108 108
108 108
4
*108 109
108 108 *1073 108
25
4
34
3512 34
3452 343 353g 3518 357 33,100 Skelly Oil Co
36
3512 353
2 35
4
1,800 810s8-Sheffield Steel dc Iron 100
*116 118 120 12112 12012 12012 121 12112 12212 1233 *116 122
NO pa
1252 13
1252 1318 1312 1314 3,500 Snider Packing
13
1314
4
1252 13
123 1312
700 Preferred
No par
37
37
*35
37
*35
37
37
3618 37
36
*3414 37
No pa
41
413
2 4052 4114 4014 4112 18,900 So Porto Rico Sus
, 414 42
4112 423
4154 42
13112 13112
10 Preferred
100
413112 139 *13112 139 *13112 139 *13112 139 *131 139
PIT share
2014June 13
97 June 14
9 Aug 23
,
7
90 Jan 11
673 Aug 17
4
18 May 9
75 May 9
1471s Feb 20
1194 Jan 24
104 Jan 18
821 Jan 10
,
81 June 19
744 Jan 3
11444 Jan 3
4312 Feb 28
Sept 12
145 June 12
5614 Feb 18
38 Feb 21
'.
371 Feb 20
4
1512July 23
1112 Feb 11
30 m alr 21
74 Fe)06
$ per share $ per share $ per shoe;
41 Jan 11
314 Jan 387 Dee
,
11012 Jan 11 10214 Mar 110 Juno
1514May 10
11 Mar 174 Juno
99 8June 12
3
81
Jan 9912 May
581 Feb 824% Dee
,
8812 Jan 7
23 2 Dec 36 Apt
7
30 Sept 12
102 Jan o 1023 Nov 1084 June
4
4
22912 Oct 1 2103 Feb 1551 Oel
4July 19 i08
Feb 124114 Ati,
1263
124 jup.
714 Feb
317 Sept IA
2
.
811 Feb 91 No,
,
9812Sept 8
Der
9912Sept 4
52114 Jan 9fr
73 Dar 85., Do,
9578 Apr 18
117 Mar 16 107
Jan 120 Nor
31
533
4May 4
Feb 50 De.
214 A pr 27
1 May
17 Jar
.
160 May 17 124 Mar 162
Der
1 Apr 64
.
De
,
33
9812 Oct 4
404 Deo 1157 I n
,
48ept 25
943
661 Jab
8
645 Apr 30
,
1014 Dec
283 Apr 28
2
163 Oct 377 Jan
4
2
213
4May 14
8
Apr
187 Jan
1
3 o,
an
1823 May 16
0614 sept 5
50 dlpt 4864 Ne:
24
9 Aug 15
2 Feb 8
813 Feb 9
23,Jan 3
7
1418 Sept 13
223 Jan 7
4
141* July 18
75 Sept 13
15114 Jan 6
145 Mar 24
454 Mar 15
13 Oct 2
4
2732June 13
27 Mar 13
16 Mar 1
3514 Feb 20
22 Oct 4
98 Jan 9
23 Sept 28
643 Oct 5
4
i2 Mar 8
164 Feb 20
312 Feb 16
82 4 Feb 18
3
108 Jan 5
3618June 2
81 May I
8212Sept 20
26 Feb 10
6712 Oct 2
53 4July 6
3
2314 Aug 15
1314 July 17
8
18 June 13
70 Aug 29
16 Feb 17
41 Feb 20
63 Aug 24
4112 Jan 9
103 8 Jan 6
1
118 Jan 21
134 Jan 7
107 Aug 7
7812 Aug 15
234 Oct 3
19 Feb 1
108 Mar 16
75 June 15
9614 Jan 3
105 July 12
8514 Feb 20'
5412 Jan 4
24 Jan 17
7
,
801z July 12
54 Feb 23
234 Jan 20
8812Sept 19
883 Oct 4
4
2212 Jan 21
4912June 19
102 June 25
8 Feb 18
14
128 Apr 24
2312 Feb 17
145 June 13
445* Jan 20
37 Mar 16
37 Aug 10
2 Jan 18
54 4June 19
3
4972 Feb 18
118 ,June 28
7
10 Feb 18
821 Jan 16
,
8012 Feb 17
39 5 Jan 24
1
2314 Feb 8
1818 Feb 20
6514June 19
173 Feb 20
,
1024 Jan 4
25 F'0.15
102 June 23
125, Jan 6
34 Sept 27
324 Feb IS
13112 Oct 5
144 Jan 6
912May 10
34 Aug 8
42 Apr 30
254 Ma IS
4012 Oct 5
31 May 2
9652 Apr 25
201145ep2 26
1743
4May 4
49 Aug 18
57 Mar 29
3934 Jan 3
38 Jan 12
2512May 28
45 Sept 25
38 May 8
1034 Feb 14
4933 483 49
25
8
4814 487 13,000 Southern Calif Edison
2
3278 327
8 31
33
4,500 Southern Dairies cl A._No par
33
13
1232 1318 1314 14
2,400 Class B
No par
100 Spalding Bros lot pref._ _ _100
115 115
116 *115 116
12
400 Spear & Co
12
*11
No par
1118 1114
50 Preferred
85
100
*82
*82
86
82
No par
3912 4012 3912 4014 12,400 Spicer Mfg Co
40
Preferred
100
12,000 Stand Comm Tobaeco..No par
16 4 r2912 3013 3
29 16
8
693 7018 6928 697 19,400 Standard Gas £4 El Co_No par
8
6828 70
SO
664 6652 6612 6612 6614 6614 1,800 Preferred
4
1,900 Standard Milling
3
4
100
111 1124 110 4 1103 *1103 113
50 Preferred
101 101 *10112 103
100
10112 103
61
4 60
6012 603 29,800 Standard Oil of Cal_ __No par
4
593 603
4
4 453 457 57,900 Standard 011 of NewJersey _25
454 4512 4512 453
8
8
35
3512 3518 3512 3518 3512 57.209 Standard Oil of New York_ _25
47
2 5
*412 44 3,800 Stand Plate Glass Co--No Par
4
*412 43
21
490 Preferred
20 2 204
3
2118 21
100
21
Sterling Products
No Par
ioti s 10313 33,300 Stewart-Warn Sp Corp.No par
1011s f0178
1,400137,rninberg Carburetor_No par
3
3
55
5314 5414 533 533 *54
My Jan 6
24l2 Jan 26
9 Jan 23
109 Jan 7
105 Sept 11
,
79 Feb 26
2312 Jan 12
110 Abr ii
28 June 22
7
,
57 Jan 1
66 Jan 3
100 Jan 6
1001, Jan 8
53 Feb 20
371 Feb 18
4
28 4 Feb 17
1
4872 494 494 4934 49
33
33
33 3314 33
1314 *13
13
13
13
*115 120 *115 120 *116
*11
*11
12
*11
12
*82
86
*82
*8112 86
4
413
2 403 414 393
4
41
4912 4818
*3212
33
134 13
11712 *115
*11
12
86
82
404 39
318 II
1638
-12 -5571
7212 713 723
4
4 7013 7114
663 663 *6612 663
4
4
4
4 6612 663
11172 11414 115 115
111 11112
*10112 103 *10112 103
10112 10112
61
613
2 603 617
4
8 604 6132
4512 454 4552 464 453 46
2
353 353
g
4 3538 36
353, 355
,
47
8 514
5
518
434 478
2034 22
22
22
21
21
10312 Col- 104 foi- 102 1131-14
543 55
4
5414 54 4 *533 54
3
4
• Did and asked prices; no sales on this day. g Ex-dIvIdend. a Ex-rights
0 Ex-dividend and ex-rights
2752Sept 17
71 Sept 21
514 A Pr 27
50 Oct 5
652 Ata 27
4914 Sept 12
125 Sept 12
55 July 6
8812July 9
96 Feb 9
Wm Mar 20
82 Mar 13
7933 Jan 6
3512May 18
13612May 31
3012 Oct 5
88 Jan 4
2832June 6
495
,June 8
91 Feb 17
7154Sept 25
115 May 4
12912May 31
150 May 4
11012 Apr 25
94 May 15
347 Jan 3
,
271 Jan 6
,
119 June 6
13312Sept 21
ill Apt 12
165 Sept 21
22612Sept 5
60 May 16
403* Aug 17
95 Aug 3
13 May 15
3612May 31
98 June 2
100 Jan 24
3514 Oct 3
9172 Sept 14
112 Feb 6
14 ,June 4
7
1614 Jan 3
53 May 15
233 May 4
594 Oct 5
4918Sept 19
4912 Aug 31
412Sept 25
72 Sept 10
674 Apr 14
129 Apt 11
1712June 18
157 Sept 7
1353, Aug 31
5312 Oct 18
31 Apr 30
26 Mar 30
73 Apr 4
32125ept 25
10912 Apr 26
4Sept 27
363
134 Feb 6
20 Apr 30
60 Jan 11
,May 24
493
14412 Aug 9
Jan
8
3 4 Dec
1
1812 Dec
184 Aug
20
Apr
1912 Bohn
2112 Dec
91 Sept
126
Jan
8514 Jan
Jan
40
60
Jan
374 June
374 June
18 Sept
3614 Oct
351 Dec
,
Jan1
103
1012 De,
12 Juno
434 .1110f
27 s Pet
7
32
lip
275, Me)
3954 Jal
*04* Ma,
4
1683 No,
15319 De,
11.1r
51
531 Bed'
,
4759 Mai
47 Mai
41% Jar
601 Pet
.
52''s LaO
1071 Jul,
.
_121-22
2
.
131, Mar
21, Mar
3072 Nov
104 Aug
3 / Mar
24
705 Mar
,
94 Dec
3012 Apr
74
Apr
66 Aug
15 Aug
925 Mar
8
364 Feb
761 Feb
,
163 Jan
4
867 Jan
2
55 Feb
82
Jan
9812 Feb
1081, Jan
125
Jan
102
Jan
7344 Aug
27
Oct
25
Oct
Ills, Jan
June
44 Juno
54 June
374 Aut
Gel
109
7412 June
98 SW
Jab
101
56 Am
,
844 Der
9115 Jab
7
52 2 Dee
1264 Dec
784 Dec
9211 Ma)
334 Ma,
50 Feb
71 81501
467 Bens
4
105 No'
12014 Nov
1364 Nov
1101 Lb
,
84 4 Dec
8
4672 Jay
3312 Mai
1161, Dee
11 Jan 587s WO;
-14
ills -kir
49 May
2012 Nov
80 June
gall July
2012 Nov
,
871 Noy
90
Oct
2512 Dec
53
Oct
965 Jan
8
4 Feb
981 Feb
,
25 Dec
1
,
74 Jan
4414 July
86 May
1- 16
67
AD.
69 Mai
99 Der
9 June
6714 Dec
1021 AD1
,
110
Apr
267 Dec
,
757 Mar
,
106 May
13 Dec
162 Dee
2852 Dec
1 June
65 Aug
47
Jan
1164 Jan
81 Sept
4
Jan
61
561 Jan
,
414, Oct
,
245 Oct
1414 July
3312 Jan
15
Oct
Jan
97
244 June
11014 Nov
115, June
44. Nov
33 Aug
7
,
1181, Mar
3 4 Jae
1
747 Now
2
67 Dept
123 Aug
152 Dec
/
1
9112 Dec
1011, Oct
477 Feb
4
311 Feb
4
2658 Dee
6414 Dec
223 Jan
s
10411 Der
3741 Feb
13414 Apr
1614 July
6214 July
4254 Mal
137 Nov
194
Oil
3411 Feb
1637 Mar
4
315* Jan 46 Dec
5414May 4
16 May 455 Jan
605*May 21
6 4 Oct 20
3
Jay
30 Apr 23
120 Apr 3 103 Jan 11212 Noy
8 4 May 16 Dee
1
20 Feb 29
73 Feb 88 Dec
9241 Feb 29
201 Jan 287 Mm
,
4
4412Sept 20
,June 1 104 Feb 11112 Now
1135
37 85ep1 13
7
7512Sept 17
".; Ws;
his
574 Jan 6612 Nov
7112May 16
7014 Jan 1048, Dee
127 Apr 20
Jan 103 Dee
84
112 Apr 23
637, Apr 301 503 Apr 604 Jan
s
354 Apr 411* Feb
49 Apr 30
4112 Apr 30
29 4 June 3414 Jan
1
2 Mar
7 s Feb 23
7
Ai June
10 Mar 16 JIM
10 Jan 18 40 Feb 23
24 an
,
7
9012 Jan 14312 Nov
13414 Feb 28 160 Jan26
,
7
5434 Mat 871 Nov
771 Feb 18 109 Sept 12
4
,
261s June 60 mot
4June 4
743
44 Jan
New York Stock Record-Continued-Page 7
For sales during the week of stocks not recorded here,
see seventh page preceding
1923
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
PER SHARE
Sales
STOCKS
PER SHARE
Saws BIWA Jas. I.
for
NEW YORK STOCK
limp JOT NMI=
Monday, I Tuesday, Wednesday, Thursday,
Friday,
Os basis of 100-rharelota
the
EXCHANGE
Year 1927
Oct. 1.
Oct. 2.
Oct. 3.
Oct. 4.
Oct. 5.
Week.
L010611
Hlykst
Lawful
MOM
$ per share 5 per share $ per share $ per share
$ per share 5 per share Shares Indus.& Miami.
801s 81
(Con.)
8012 8212 79
811* 78 _8.7_4
share
82
8118 83% 209,300 Studeb'rCorp(The)____ NoPar $ pa abate
12434 125 •12434 125 *12434
oar 57 Jan 10 $ PITSept 17 8 pot share per sham
*12434
84
•12434 ---- *12434
8014
49 June 63
12
180 Preferred
412 432
-44 412
100 12112 Feb 25 127 June 19 118 Feb 12518 Sept
418 --43i
4
418
418 414
4
418 7,900 Submarine Boat
Nov
*55
56
554 5518 54
No par
55
3 Feb 14
54
54
61 Mar 21
4
5.434 55
212 Feb
54; 5412 2,600 Sun 011
814 May
*103 108
No par 3112 Jan 9 591:Sept 5
10372 10378 ---103 103 105 105 *104 108
30 Mar 347 Jan
2
170 Preferred
4
7*1 73
73* 73
100 100 Jan 6 10912 Apr 26
74 74
4
714
732 71*
99 Aug 10152 Dee
712 8 37,300 Superior 011
2934 3178 3238 3338 33
No par
347
211 Feb 17
912May 16
323* 3434 354 357
8 33
012 Feb
34 Dec
34% 17,700 Superior Steel
20
2014 2012 21
100 18 Jan 18 3578 Oct 4
2078 1932 20
20
20
21
2112 2214 16,600 Sweets Coot America
18 001 28 MAY
*414 5
5412 5
50 1112 Feb 8 2312Sept 10
*414 5
*414 5
*414 5
7 Apr 14 Deo
*414 5
Symington
*13; 1314 •1318 14
No par
1318 134 1212 1212 13
4 Aug 20
7 May 8
13
13
212 Sept
6 Jan
13
700 Class A
*1814 181
1814 18% 19
No par 10 Aug 20 19h Apr 27
1914 187 187 *187 19 2 •1812 19
8
6 Oct 154 Nov'
,
1,900 Telautograph Corp
1572 161
No par 151 Jan 28 22hMay 17
157 1614 1512 16
:
1512 1618 153* 1614 1534 16
1112 MAI' 174 Nov
28,800 Tenn Corp & C
6712 681
No par 1012 Jan 16 1712Sept 26
6718 684 66 67% 66
6678 663 6838 66% 6818 108,600 Texas Corporat
4
84 June 1314 Jso
,
ion
7014 71
7114 721
25
7014 7134 6958 70; 69; 7078 69
65 Apr 68 Jar
693 53,200 Texas Gulf Sulphur-- No Par 50 Feb 17 7214 Sept 14
4
1372 14
13; 1418 1334 14
14
1512 15 2 17
49 Jan 81114
,
164 1712 98,800 Texas Pacific Coal & 011-.10 621I-Tune 12 8052 Jan
2312 23 4 23 2313 22
3
1212 Mar 1 1712
235, 2212 2334 23
24
12 Apr 1872
23% 2512 116,100 Texas Pao Land Trust
2514 251
254 254 25 25
1 20 June 13 30; Apr 30 154 Jan 40 June
25 25
2478 25
Apr 27
24
2432 1,600 Thatcher Mfg
JUDO
*4514 48% 48
No par 22 Jan 5 3913
48 *48
483g 47
5457 8
48 *4713 483
1612 Aug 231 Sept
8 4712 4712
:
500 Preferred
4012 404 40 41
No par 47 Apr 13 5352June 1
3984 4012 4018 407
40% 43% 4214 43 25.100 The Fair
63 Aug 50; Nov
No par 34 Jan 3 44 Sept 12
*63 6418 *63 64
244 Jan 30 Aug
63 63
63 6314 6314 63% .83
84
700 Thompson (I R) Co
2112 22
2112 22
25
21
2178 2058 2114 21
47 Jan 65; Dec
22
23 73,300 Tidewater Assoc Oil_....No Par 5614Jtine 13 7154.7une 4
8834 8834 *8812 8884 8812 8834 *88 88% .881 22
145: Feb 20 25 Sept 7
4 884 '88
1552 Oct 194 June
883
4
300 Preferred
2934 2934 297 30
100 8172 Mar 15 9012Sept 11
2914 2953 2912 30
29% gni
35 Oct 905: June
3012 3312 7,700 Tide Water Oil
90 91
100 1952 Mar 7 3312 Oct 5
92 92
917g 9172 9112 911
19 July 294 Jan
9112 92
900 Preferred
137 138% 137 14114 136 1388 1324
100 8654July 26 941:May 4
13614 135% 1371 134; 13812 40,300 Timken Roller
35 Nov 9018 Sept
10114 104
102 104
Bearing-No Par 11252
101 102
, 101 104
73 Jan 14318 Aug
8,900 Tobacco Products Corp-100 93 Mar 3 14512Sept 25
118 118 117 117'8 116 116 4 114 116% 102 1038 101 102
Aug 6 11812 Apr 18
117 118 *118 11712 4,000 Class A
9::Nia t 117; Dee
838 8%
818 88
100 10972 Aug 7 128 Feb 14 108 Ocy
818 83*
8
814
77
Apr 12378 Dec
8
8 14
84 37,500 Transet'l 011 tern ctf ___ No par
*49
4 4934 493
50
4934 498
6/14June
4914 4914 4912 50
3
3 4 Apr 1018 Nov
50
51
1.200 Transue & Williams St'l NO Par 4554 Jan 13 104 Jan 12
6712 68; 6712 681
6718 68
68 68
69 71
71; 73
19,400 Under.EIllott Fisher Co.No par 83 June 3 5912 Feb 7
*122
*123
*193
125 125 *125 _ _ -- *125 __ _ _
13 7552May 16
65 Jan 60 r)
70 Dec
20 Preferred
37 3712 374 3714 3712 387 *38
39
3914 3712 38; 2,900 Union Bag & Paper Corp 100 119 Mar 1 126 Apr 13 120 Jan 125 Dec
187 18834 18778 19112 133; 1883 18312 39
1867 18414 18712 183 18514 53.200 Union Carbide & Carb_No 100 361: Feb 20 49; Feb 1
8
3312 Jan 734 June
5014 51
50 51
par 1364 Feb 18 194 Sept 26
50
507
4912 49% 49% 4934 4912 50
txus Jan 15412 Nov
8,100 Union 011 California
•110 11112 111 111 *111 113
25 4254 Feb 11 57 Apr 16
110 111
111 111 *109 111
8952 June 5612 Jan
700 Union Tank Car
48
49
4812 50
100 110 Oct 3 12818May 8
4812 50
4814 4812 48
94 Jan 12712 Del
48
49; 50
7,600 United Biscuit
*119
_ •119 129
No par 3412 Apr 30 51 Sept 24
119 119 *11614 129 •11614 129
39;
604 Del
119 119
200 Preferred
2878 - 2712 27
100 1124 Mar 22 121 Aug 18
2814 2634 28
2612 2712 2612 274 2638 26; 17,400 United Cigar
*106 10812 108 108 *104 106 *102
Stores
10 2272 Aug 4 3452 Feb 10 115; Dec 88is July
105% •102 105 •10212 10512
200 Preferred
100 105 Aux 28 11418 Apr 5 104 JMy 70
89 I ha 109 Jun.12
,
0
United Drug
100 190 Jan 5 210 Mar 17
Nov
1st Preferred
;64iit 70 ;8814 76' ;W. Y6- 6634 6634 -8850 59 Feb 28 60; Jan 4
*
5812 Jan 61 Dee
-811 66- --- 80 United Dyewood pref
100 45 Jan 20 7478 Aug 8
:
5
•135 13514 13434 13532 135 1367 13438
364 July 49 Jan
13512 13434 13612 13434 13434 3,100 United Fruit
77% 78
No par 1311:June
7814 79
78
778 78
78
77% 777
77
774 3,800 Universal Leaf Tobacco No par 6012June 12 14814May 7 11812 Jan 150 Sept
94 94
95 95
13 85; Apr 5 60; Nov 7418 Deo
*9518 97
96
96
96
*9512 9612
2238 248 2212 24 2 234 2434 *95
,
245, 2812 29
98; Dec 10338 Apr
31
3134 33% 318,900 Universal Pipe & Rad_ _No par 9312May 7 100 Feb 24
1017 102
*87 100 *90 100
1552June 12 33; Oct 5
2418 Sept 3714 Mar
*87 100 *92 10412 *94 10412
300 Preferred
*250 265 *250 270 *250 270 *250
100 8772 Sept 1 103 Sept
81;
US Cast Iron Pipe & Fdy_1011 19014 Feb 27 300 Apr 17 19018 Jan 98 Dec
*122 124 *122 124 *122 124 *122 270 *250 270 •250 270
9
124 *122 124 *122 124
Aug 248
Preferred
16
16
100 115 Mar 10 137 Mar 19 18112,1 MayMaay 12 $4,4 Mat
1514 1614 16
1614 1512 1632 16
r 2
962 Septyu vy
5
1614 *1512 158 4,500 II S Distrib COM
*77
79
78
Nova? 1312June 22 2014 Jan 4
78
*73 78
78
78
78 78
*76
80
3001 Preferred
524 527
8 527 5314 5158 5234
100
8
5112 5134 525
, 5112 517s 7,200,U 8 Hoff Mach Corp_ __No par 77;Sept 24 90; Jan 16
12512 1291 12714 13138 126 12878 51
481s-rune 18 583 Jan 23 64 Oct 6352 May
8
12412 12834 126 12938 1264 1274
*11832 120
100 10218June 19 131; Oct 1
1183, 120
11934 11934 11838 1185, *1185, 120 *11812 120 84,900 U S Industrial Alcohol
69 Mar 11112 Dec
1301 Preferred
3913 3958 403
39
100 11838Sept 2 12214May 28 1071: Apr 121 Deo
394 3978 3814 30' 384 387
364 3814 13,100 U S Leather
574 587
No par 22 Jan 18 51 May 7
59 601
59 60
16 July 2512 Nov
59
59
597
s 56
57% 9,2001 Class A
*10514 106 *10514 1061 10514 10514 59
No par 52 Jan
72 Apr 25 8 1 Juny 5612 Doe
*10514 10814 *10514 10814 *10514 10614
2 4 7ul e
7
9
100 Prior preferred
8134 8238 8212 837
100 1004June 2 10912May 14
83 833
8 8172 8214 8114 8212 8114 82 34,500U S Realty & Impt
10612 Nov
384 39
No pa
3834 391
6114 Feb
3884 38
38
930107 4
5
54 Apr 69s Dec
381
3712 387
385, 417, 20,500 United States Rubber
67 68
6614 663
100 27 June 27 63 Jan 4 374 June 674 Feb
6612 6713 663* 8714 6634 67'2 6712 73
:
1
2.600! 1st Preferred
52
5288 5212 5438 5218 54
100 55 July 2 10912 Jan 13
5
4
5158 5212 5234 533 x51
2
22 June 1418711 DesAer,
531
5212 8,000,17 El Smelting, Ref & Mtn---50 3912 Feb 20 55 Sept
53
53 54 *53
19
Jan
541 *533* 541 •5218 537
4001 Preferred
168 15914 15834 1611 15714 541 *53
8
5
61 Jan 26 5514May 2 45 Jan 54 Dee
52
8
14112 1411 14114 1411 14112 16014 156 15934 1594 1613* 1583 18034 656.300 United States Steel Corp
13252Jime 25 161h Sept 27 1111 Jan 16012
141
2
2 2,5001 Preferred
139.2 883 •83 88 *____ 1415* *863 1413* 1411g 14112 14112 1417
1
s
100 13852 Jan 5 1474 Apr 26 129 Jan 1414 SIPS
88
8 90
86 86
Dec
864 8612
600 US Tobacco
No par 86 June 18 105 Apr 16
*133 134
87 Jan 974 Dee
134 134 •135 13538 •135 135%
*135 13538 135 135
200 Preferred
*175 183 *170 190 ,•170 183 •170
100 12712 Jan 14 1311 June 7 123 Jan 127
183 *170 183 •170 183
Nov
Utah Copper
40 4014 40, 42 1 4112 43
10 139 Jan 17 175;Sept 13 111 Feb 162 Deo
4038 4112 41
4218 41
41; 35,100 Utilities
7914 81
794 8134 78
-No Par 2812 Feb 20 454May 31
801
7714 79% 80 3012 7912 8112 21,800 VanadiuPow & Lt A.
27 Jan 34 May
3012 82
27; 2712 28
m Corp
28 1 29
No par 60 Jan
2912 29
98 Mar 15
37 Jan 6712 Dee
3012
29
29
3.100 Van Raalte
*8012 64
64 65
No par
*84 65
752 Jan 7 3012 Oct 3
53 Sept14; Feb
4
6634 6712 6712 6812
430 1st preferred
7212 7212 73 73% 7212 7312 65 65
100 437 Jan 6 8812 Oct 5
7212 73% 7212 73 8 72
4214 Dec 64 Feb
7232 28,200 Vick Chemical
,
10714 10918 x1095, 11178 10812 112
No par 58 Jan 17 7878 Aug 30
10734 11312 11412 11912 116 118% 203,700 Victor Talk
48 Jan 6338 June
Machine__ _No par 5252 Jan 3 11912 Oct 4
32 July 5438 Dec
•
6% preferred
107
167 - 166781
No par 10854 Jan 3 20212May 7
8
87 Oct111; Dee
8
143*14% Iva 143* 1414 08s 1067 1667- 107 107
700 7% prior preferred
100 1014 Jan 8 11112 Mar 28
143* 1418 14 4 141s 1432 i6i- 107
9 4 0Dee
512242 1012514
7
c
,
1418 14% 4,300 Virg-Caro Chem
524 52% 5114 5218 52
No par 12 June 12 164 Feb 10
5212 5112 517
8
Sept
52
5112 5178 3,500 6% preferred
*9514 9512 954 954 9512 9512 *9434 0514 51
100 4452 Jan 18 5512July 25
2618 Apr 48; Dee
9514 954 *95
9512
400 7% preferred
*25
30 *25
30
100 8812 Jan 111 97
*25
30 *25
73 June 91 Nov
30 *25
30 *25
35
Virginia Iron Coal & Coke_100 2512Sept 26 60 Apr 27
*5012 5214 *50
5214 *50
5214 *50
May 22
38 Dec51
524 *50
5214
Preferred
1412 1478 1412 1412
1412 1518 1414 14% 1412 5214 *50
100 50 Aug 2 6252 Jan 13 62; Dec 7818 Jan
14% 1414 1414 5.400 Vivaudou(V)
Aug
*79
85 *78 85 *78 83 *78
No
115
:June 25 2512 Jan .4
83 •
204 Dec 3914 Jute78
83 *78
83
Preferred
31
31
31
31
100 78 June 22 100 Jan 28
*31
3112 31
31
96 Dec 11812 June
31
3112 30% 313
380 Vulcan Detinning
2
*90
923 *86
4
89
100 2212June 13 43 4 Jan 11
*86
9334 *
88
5
933
1612 Jan 80 Aug
4 93
93
*8812 95
*2412 2612 *2412 26
20 Preferred
100 74 June 21 99 Sept 4
2414 2412 *244 26 *244 26
90 Jan 125 Aug
2612 2612
40 Class A
2338 23% 2312 24
100 191:June 29 38 Jan 11
*
233 233
4 2314 2312 22% 23% 23
16 Jan 5934 Aug
2314 11,800 Waldorf System
224 223
4 2272 23% 22
No par 1912 Jan
23
27 Apr 9
2118 22
181: Dec 26 Feb.
21h 22
20% 2112 14,600 Walworth Co
87 88
8612 8612 8612 8612 8612 .875
No par 1412 Aug
26 2Sept20
7
17 Dec 11412 Apr
* 8812 88
*8612 8812
300 Ward Baking Class A...No par 8812 Oct
123 Feb 2
1814 18% 1818 1812 18
891. Apr 118 4 OffIl
184 17; 18; 1814 19
3
18% 19
13,200 Class B
88 88
88
8618 86 86
No par 1518Ju17 27 2938 Jan 18
*85 88 *87
89
12
17 June WI PO.
*8778 89
112 11334 1097 114; 10714 111
600 Preferred (100)
2
No par 8512Sept
10612 11138 109 1111 107% 11014
9712
34 Apr 1001: Nov
60,200 Warner Bros Pictures A ----10 22 Jan 26 13914 Jan 19
394 393
4 39
3978 39
3934 383* 39
5
Sept 11
3812 395g 385 39 8 12.700 Warner Quinlan
184 Dec 4614
170 170
,
169 169
163 16914 183 18312 153 157
No pa
28 Feb 17 4234Sept 6
24 June 3412 Dec
155 156
53% 53% 55
4,200 Warren Bros
55 *5338 55
*535g 55
NO pa 140 June 20 192; Apr 11
*535 55
5353 535
65 Jan 180 Nov
2314 25
60 1st preferred
2712 3072 295, 32
50
3034 3232 273 3134 25
Jan
43 Aug 71 Dee
29 129.200 Warren Fdry & Plpe-- No Par 50 June 8 61 Apr 18
684 681
6934 70
69 69
13
69 69
12 3238 Oct 3
68
18 Oct 27 June
68
8812 6812 1.900 Weber & Hellbr
*99 100
*99 100
*99 100
No pa
5918June 12 71 Aug 30
*99 100
*99 100 *99 100
146 147
Preferred
14614 148
14814 15012 149 1521 151 153
100 9912June 19 103 Jan 3 1014 N: 106's A
66 De
4 o
7352 Atig
15014 1513 14,500 Western Union Telegram_ _100 13912Jul
ug
4412 447
4
4418 447
4412 464 45
y 11 17712 Jan 8 1441 Jan 176 Dee
46
4412 451k 45
4578 18,600 Wstnglise Air Brake_..No par
10334 105
10518 1061 1033* 105
1023* 104
1
1033g 105
40 Oct 5012 Sept
1031g 1037 49,800 Westinghouse Elec & Mtg__50 4218June 4 573 Jan 27
8
10214 103 •103 1071 101 101 *101 104
8818 Jan 5 11334Sept 17
•101
105 105
Dec
230 1st preferred
2512 251
25
2632 2514 25 4 2412 2472 25 105
,
95; Jan 5 11134 Sept 17
26
6718 ip 10 7
81 S an 9 2
12
a
247 2512 7,200 Weston Elea Instruml_No 5
14
4
•33 34
3312 331
3312 3312 334 331 *3312 34
pa
1218 Jan 6 2v12June 7
.3312 34
Feb
•107 108 *107 108 *107 108 •107 108
600 Class A
No pa
3034 Jan 3 4012May
80 July 3434 Apr
107 107
112 112
10 West Penn Elec cl A.._ _No pa 103 June 22 112 Apr 22
111 111 *11034 112 *11034 112 •107 108
977 Jan 111 Aug
9
111; 111; 111; 11178
140 Preferred
10012 1003 10012 1007 1004 101
10014 1003 10012 10012 100 10012
100 108 June 13 11514 Apr 9 102 Jan 112 Sept
240 Preferred (6)
116 116
11612 11612 11612 11812 1164 1161 118
100 98183u17 21
Apr
11612
90 West Penn Power pref____100 114 Apr 9 10412June 10 101 Dec 1014 Deo
*1051 106
4
106 106
10614 106 4 10614 10814 10614 108; *11612 117
,
118
27 111
Jan 118 May
10812 10812
90 8% preferred
*5914 593
4 59
59
594 593
5812 581
100 103 June 28 113 Jan 5 10018 Jan 111 Dec
5818 5814 58
58
900 West Dairy Prod cl A__No pa
31% 3112 29
313* 29
29
29
30
5312 Jan 6 78 Apr 11
2818 2914 29
534 Dec 57 Nov
303
4 5.100 Class II
2714 2712 2714 27% 27 2712 28% 27
NO pa
20; Jan 5 49 Apr 12
267 27
244 Dee 285e Nov
26% 273* 4,200 White Eagle 011 & Reig_No pa
2018 Feb 21 2912Sept 17
3714 3714 37
20 Dec 274 Feb
3712 37
3912 37% 403
4 38% 41
38
3912 32,200 White Motor
40
40
40
4012 4012 42
41
No par 3014 Feb 21 433
41i
4June 1
4012 41% 40 40
8014 Nov 585 Feb
1
6,600 White Rock Mln Sp ctf
37
377 38
37
38
3878 3734 38
50 34; Jan 19
3714 38
26 Jan 41 12 Sept
38
40% 15.700 White Sewing Machlne_No par 3314June 13 4438May 11
*53 54; *53 545 *53
54 *53
54% •
53
2118 Mar 5314 Aug
54% *53
543
8
White Sewing Mach pf No par 51; Aug 21 45 Mar 7
2838 294 2812 3012 2778 2912 27
281
28
6
28% 2734 28% 156.500 Willys-Overland
Jan
9934 9934 9814 9814 *9812 993 *98
a 17; Jan 16 5514June 28 46 Feb5954 Max
991 *98
(The)
3034 Sept
4
1312 Oct24
98% 9812 9812
300 Preferred
*1234 1314 125, l2
100 9234 Jan 3 uni2May 25
4 1238 1288 1214 1212 12
's 1212 123
87 June 96 Aug
1214 2,600 Wilson & Co Inc
2814 2814 2712 2812 274 28
No par 11; Jan 3 18 Feb 14
27% 277
8 27% 27% 283 2712 4,200 Class
10 May 17112 Feb
4
A
6712 6712 *674 6712 67 08
No par 22 Jan 3 35 May 15
6612 67
161 May 327 Feb
6818 6814 Ws 66%
4
4
19218 19414 192 194
19038 1933 18912 192 1904 1913 18838 19112 1,300 Preferred
100 66 Jan 3 773 Feb 11
4
4
58 Apr 84 Feb
4
18,100 Woolworth (F W) Co
*3818 39
3812 39
25 17512 Feb 20 20434 Aug 27 11734 Jsn 19812 Dee
38
3812 3714 3714 3712 3912 *3712 40
4,200 Worthington P & NI
*51
55 *51
52 *5212 53 *51
100 28 JAB
44 Aug 3
53
53
2012 Jan 66 June
53
54
54
200 Preferred A
*41
47 *41
47 *41
44
*41
100 464 Jan I
46 *41
61 Aug 3 64 Dec 6112 June
45 •41
45
Preferred B
16318 16712 184 1681, 157 18912 158 161
100 41 Jan
52 Aug 3
16212 16812 16512 171
37 Oct5412 June
49,200 Wright Aeronautical _No par 69 Feb 27 245 May 16
*7234 73
7234 73
72
7112 72; 7212 71
7212 71
24; Apr 94; Lte
7118 1,800 Wrigley(Wm Jr)
*6812 6812 684 6812 6684 6812 67 67
No par 68 July 26 84 Aug 31
87; 6714 •
6612 68
800
39
391
39% 39
25 65 Aug 3 8412 Apr 25
38
393
8 3718 39 4 38% 39% 37; 38; 75,400 Yale & Towne
,
50 4 j n 7218 D °
7071s Ja
84 AIL
%
Yellow Truck & Coach Cl B_10 27; Feb 28 42;Sept 18
*86
96
*86
93 *
93 *86
86
93 •
25 Jan 60 Aug
86
93
Preferred
;92
93% 93 9312 923* 9314 9214 93 4 9218 9312 92
100 87h Jan 9 96
,
831s Aug 99; July
93
2,500 Youngstown Sheet & T_No par 83i2June 19 1067 Apr 20
2 Jan 26
8018 Oct 10018 Dee
Saturday,
Sept. 29.
•Bid and asked prices; no sales on this day, ,Ex-div
idend, a Hi-rights, • No pas value,
1924
York Stock Exchange—Bond Record, Friday, Weekly and Yearly
New gsthangs method of quoting bonds was enanoed and mice, are now "and thterest"—ercept for income and defaulted bonds
Jan. 1 1909 IS.
Price
Friday,
Oct. 3.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 5.
Week's
Range or
Last Sate.
Range
Since
Jan. 1.
a
tutu
Higs No.
Ask Lou
SW
U. S. Government.
First Liberty Loan
'ID 991,32Sale 981,33 98174 251
354% of 1932 1947
991,340ct'28 ____
ID
Cony 4% of 1932-47
,
Sale 1003142101 u 115
ID 101
Cony 433% of 1932-47
101 Sept'28 ---'ID
cony 434 % of 1932-47
2d
Fourth Liberty Loan
3
,
34
AO 101, Sale 101 32 101, 802
434% of 1933-1938
18
-21113,
34Sale 11(11,
1947-1952 AO 110,,
Treasury 4345
s
,
Sale 10511 105,, 315
1944-1954 Jo 105'',:
Treasury 45
12
,
,
103 43 103 34
103 31
,
1946-1956 M
Treasury 3348
,,
1943-1947 It) 981442 Sale 98 44 98".s 15
Treasury 3348
20
Treasury 334s June 15 1940_1943'ID 9813403We 981342 981,1
Low
High
981 341011,o
99 101 1334
1001.441031,44
101 1021714
,
100 43 104
1091.88116.4s
1C41.341111"12
102 32 1081,34
,
,
98 4, 103":1
98 1001,41
State and City Securities
N Y C 334% Corp st Nov 1054 M N
N
334% Corporate st_51ay 1954
1936 M N
48 registered
1956 MN
413 registered
1957 M N
4% Corporate stock
1957 MN
435% Corporate Mock
1957 M N
434% Corporate Mock
1956 MN
4% Corporate stock
1959 SI N
4% Corporate mock
1960 M 5
434s Corporate Stork
4322 Corporate Stock_ __ _ 1964 MI 8
1966 A 0
434s Corporate stock
1972 A 0
434a Corporate stork
1971 J D
4548 Corporate stock
1963 M 8
4348 Corporate stock
1965 J D
434s Corporate stock
434s Corporate stock_JulY 1967 .1 .1
4
8812 893 8814 Sept'28
871 ---- 86 Sept'28
4
4
993 Mar'28
_ 9912 June'28
8 10
977
8
9712 997 9772
10614 June'28
4
1033
1
8
1045
10314 10514 10452
9812 July'28
9712
Oct'28
9712 9812 9712
9914 IGO 100 Sept'28 -4
10014 112 1023 June'28
10014 ---- 103 June'28 -10014 10314 10012 Aug'28 -102 109 10812 June'28
8
4
1043 1083 105 Sept'28
4
1043 107 107 June'28
4
1043 _--- 102 Aug'28
1960
New York State Canal 48
Mar 1962
42 Highway
105-
9912 Aug'28
10312 June'28
Foreign Govt. & Municipals.
4
883
8
897
8918
9514
96
95
9518
94
94
4
933
9914
90
0114
4
893
9613
9612
95
9512
9514
95
4
943
4
993
7
40
38
26
2
1
20
7
9
18
33
1947 F A 90 Sale
Agric 51tge Bank s 1 68
Apr 15 194S AO 9012 Sale
f 69 A
s
MN 893 8912
Akersh us (Dept) extl 5s_ ___
4
953 Sale
Antioaula (Dept) Coils A..1945
8
951 9614
1945 /
External s f 75 ser B
8
1945 I J 953 9612
External of 7s series C
1945 J J 9512 Sale
External s f 788er I)
1957 60 94 Sale
External s f 78 1st ser
1957 AO 94 Sale
Extl sec 8178 2d 8er
4
0 943 Sale
Extl sees f 714 3d ger. __ 1957
4
Argentine Govt Pub Wke 68.1960 AO 993 Sale
Argentine Nation (Govt of)—
Sink fund 68 of June 1925 1959'ID 9958 Sale
4
Exti 5 f 6s of Oct 1925.....1959 AO 993 Sale
1957 MS 1003 Sale
8
Sink fund 6s series A
8
.Dec 1958 Jo 997 Sale
External fis serles B.
1960 MN 9953 Sale
Ext18168 of May 1926
External g f (32; (State Ry)_1960 MS 9912 Sale
9914 Sale
Eat](i8 Sanitary Works__ .1961 FA
8
N 993 Sale
Ext Its pub inks(May '271.1961
Public Works ext.' 5%8_1962 FA 9512 Sale
9114 Sale
Argentine Treasury Is E__ _ _1945 M
4
953 Sal,
Australia 30 yr 5s __July 15 1955 J
8
External 58 of 1927_ _Sept 1957 MS 963 Sale
1956 MN 883 Sale
8
Extl g 4 %a of 1928
1943 Jo 10212 1023
4
Austrian (Govt) 0 f 76
9918
9918
4
993
9914
9914
9918
9918
9918
9514
9114
9512
9512
8
88,
10212
8 92
995
4 69
993
10014 90
38
100
4 55
993
4 82
993
4 402
993
4 52
993
40
96
4
9119
9614 108
8 92
963
8812 313
103,
s 44
1945 F A
Bavaria (Free State) 6448
Belgium 25-yr ext s / 7448 8_1945 J
1941F A
20-yr e f 8s
1949 M
25-year external 6148
1955 J J
External s f Its
1955 2 I)
-year s f 7s
External 30
1956 91 N
Stabilization loan 7e
1945 M N
Bergen (Norway) 8 188
-year sinking fund 68_1949 A 0
15
Berlin (Germany) s f 6%8_1950 A 0
.
'
Bogota (City) ext s 1_80_1945 A 0
Bolivia (Republic of) ext188_1947 M N
1958 .1
xt'l sec ls
Bordeaux (City of) I5-yr 68.19341,4 N
9612 Sale
11553 Sale
11014 Sale
4
1053 Sale
10038 Sale
8
1085 Sale
10512 Sale
113 Sale
10012 Sale
99 5317
10512 Sale
105 Sale
9714 Sale
100 Sale
8
963
8
1155
3
1097
10514
8
995
8
1085
3
105 8
113
100
99
10412
4
1043
97
4
993
9612
11'33
4
11012
106
2
1003
109
106
4
1133
10012
8
995
10512
10512
8
973
10018
1941 J D
Brazil(US of) external 8s
External a f (1%s of 1926_1957 A 0
1957 A 0
Exil s f 6%s of 1927
19.52 J D
7s (Central Railway)
748(coffee Recur) E (flat).1952 A 0
1935 M
Bremen (State of) extl 7s
1957 Ati
Brisbane (City) 5 f 5s
Budapest(City) extl s f 6s-- _1962 1 D
.1955J
Buenos Aires (City) 6348..
1960 A 0
Extl s f 68 ser C-2
1960 A 0
Extl f 68 ser C-3
Buenos Aires (Prov) extl 68.1961 m
Bulgaria (Kingdom) s f 78_1967,2 J
10812 Sale
8
963 Sale
0614 Sale
10014 Sale
4
1033 108
8
1017 Sale
9212 SL:le
84 Sale
10012 101
100 Sale
4
983 Sale
9312 Sale
91
90
43
10812 109
9612 112
96
9612 149
96
2 28
1003
100
_
10714 Oct'28
45
10112 102
14
93
9214
32
85
84
5
100 8 21
100
7
4
993
99
9
99
8
983
94% 77
9314
10
00
90
Caldas Dept of(Colombia)734s'46.1 J
Canada (Dominion of) 58___1931 A 0
1929F A
-year 5%6
10
1952M N
Is
19.36 p A
4348
1954 j J
Carlsbad (City) s f 8s
'46 A 0
Val (Dept) Colom 7
Cauca
Central Agric Bank (Germany)
Farm Loans 1 78 Sept 15 1950 M
Farm Loan s f 6s.July 15 1960 J J
Farm Loan s f 08.0ct 15 1960 A 0
Farm Loan 65 ser A.Apr 1538 A 0
Chile (Republic of)
-year external s f 72____1942M N
20
External oinking fund Os 19)10
1961 F A
External e f 6s
1961
J
Ry ref ext I f 139
1961 7,1 S
Extl s f 6s int ctfs
Chile Mtge 13k 63413 June 30 1957 J
S f 644s of 1926_ _June 30 1961 J D
Apr 30 1961 A 0
Guar 8 f Its
D
Chinese (Hukuang Ry) 58..1951
Christiania (Oslo) 30 yr s f 69 '54 M
9914 Sale
101 Sale
10014 Sale
104 Sale
3
985 Sale
10512 Sale
100 Sale
9918
10012
100
10334
9852
10512
100
9952 54
22
101
1003
8 65
10412 105
4 42
983
10712 11
40
101
9912 Sale
8
875 Sale
88 Sale
4
913 Sale
99
8734
8
875
91
4 34
993
89
12
8812 74
9112 100
Cologne (City)Germany 63451950 M
Colombia (Republic) 68....1961 J J
External s 1)18 131 1928_ ....1961 A 0
C011,1111,1tl Mtg Bank 4,f 63.48. 1947 A 0
Sinking fund 79 of 11)26_1946 m N
Slaking fund 713 011927_1947 F A
1932 J D
Copenhagen (City) 55
1145:491 N
25-yr g 4 yo
Cordoba (City) extl, f 713_1957 F A
External s 1 75 Nov 15 1937 M N
Cordoba (Prov) Argen,Ina 7e1942 J
Costa Rica (Repub) exti 78_1951 M N
8
1017 Sale 10112 102
9418
9314 Sale 93
94
9314 Sale 93
9412
,
9318 Sale 93 2
94
0414 Sale 93
98
4
9712 Sale 963
4
9912
99 Sale 983
9214
92 Sale 9112
341 4
34 Sale 3312
8
s
1003 101 1003 Oct'28
98 Sale 9718
4
91 18 Sale 903
4
9112 Sale 903
8912
89 8912
4
933 Sale
9412 9414
94
9614 Sale 9614
8
887 Sale 8812
97 Sale 97
4
963
97
96
8
9978 1005 100
,
4
953 Sale 95 4
4
42
31
108
75
185
93
8
9
82
21
105
146
38
34
77
81
58
70
39
59
31
5
14
48
91
1
15
3
95
9612 30
8912 59
2
97
12
97
6
1003,
44
97
9814
9178
9112
8912
8814 9312
9318
86
992 100 2
4
3
4
k812 1003
4
,
97 8 1013
4
10614 1083
,
10418 1087
98t2 1013
4
9712 1013
4
4
993 1023h
10234 10512
2
103 1053
10012 105
1. 812 1093
4
4
105 3093
3
107 109 4
102 11018
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 5.
Price
Friday.
Oct. 5.
t
t
a.
1944 MS
Cuba (Repub) 55 of 1904
External 55 of 1914 ser A 1949 FA
External loan 444s ser C._1949 FA
Sinking fund 5tie_ _Jan 1511153 J
-Col) 78 '46 J
Cundinamarea (Dept
1959 MN
Extl 8 1634
,
Czechoslovakia(Rep of) 8.8..1951 AO
1052 AO
Sinking fund 8sser 13
Danish Cons Municlp 85 A 1946 FA
194); FA
Series 13 5 I 83
1942 J
Denmark 20-year extl 6s
Deutsche Ilk Am part ctf 68.1932 M
Dominican Rep Cost Ad 5348 '42 M
1940 AC
1st ser 5 SO of 1926
26 series sink fund 5%6_1940 AO
Dresden (City) external 78..1945 MN
J
Dutch East Indies extl 68_1947
1962 MS
40-year external 68
1953 MS
-year external 534s
30
1953 MN
30-year external 534s
High
Mob AN) Low
90 Low
Rid
2
997 105
10118 103 10212 10212 44
11 10018 10314
4
10218 103 10214 1023
90 10014
99 100 100 Oct'28
3 10112 10518
4 10314
2
s
1027 1033 1023
9312 100
25
4 100
4
993 Sale 993
9014 9212
8 37
907
9012 Sale 9014
51 108 112
10814 109 10814 110
4 10914 40 108 112
109 10912 1083
8 16 11012 11218
s 1113
8
1103 11112 1103
5 110 111%
4
11012 Ill 11012 1103
20 103 10412
105
8
1047 Sale 104
99
97
8 23
3
98
98 Sale 98
97 10Cds
4
9914
99
4
983 100
95 100%
Oct'28
96 100
955It
8
9111 091
1
98
96
3 100 102%
101 1s
101 Sale 101
10412 19 103 106%
4
4
1033 Sale 1033
2 10 103 10513
4 1043
104 Sale 1033
4
4
7 1013 1041
10314
103 Sale 103
10114 10414
4
10314 1033 10314 Oct'28
1948 J J
El Salvador (Repub) 8s
Finland (Republic) extl 65_1945 M
1950 M
External sink fund 78
1956 M S
External s 1 6385
1958 F A
Exti Milk fund 5448
Finnish Stun Loan 6345 A 1954 A to
1954 A 13
External 635s series B
French Republic ext 734s._.1941 J
13
1949
External 78 01 1924
German Republic ext'l 16_1949 A 0
1954 34 N
Gras (Municipality) 8s
at Brit & Irel (UK of) 5%8_1037 F A
1929 F A
-year cons 5345
10
4% fund loan E op 1960 51990 M
9912 10514
5% War Loan Copt. 192921947 J D
10312 10312
Greater Prague(City) 7%3..1952 M
Greek Government s f sec 78_1964 M
1968 F A
Sinking fund sec Os_ ._
4
883 95
9818 9114
3
891s 90 8
2
9412 1003
8
945 99
,
98 4
94
8
045 96
4
933 9973
9312 9812
4
933 9812
99 10012
1952 A 0
Halt!(Republic) s f Its
1946 A 0
Hamburg (State) 6s
Heidelberg(Germany)ext 755s 50 J
Hungarian Mimic Loan 734131945 J
External s f 7s___ _Sept 1 1946 J j
Hungarian Land M 1nst 7 Sie 61 M N
Hungary (Kingd of) s f 7%3_1944 F A
Irish Free State extls. s 1, 5s_1960 M N
Italy (Kingdom of) ext'l 7s..1951 J D
Italian Cred Consortium 76 A1937 M
1947 M
Extl sec s f 78 ser B
Italian Public Utility ext 78_1952 J J
l931 J J
Japanese Govt loan 48
1954 F A
-years f 63.4s
30
Leipzig (Germany)s f 7s___ _1947 F A
Lower Austria (Prov) 7%8_1950 J D
Lyons (City of) 15-year 68 1934 M N
110 Sale 110
8
977 9712
97
100 Sale 100
9912 Sale 98
91 12 Sale 9112
9812
9813 99
9812 9914 9813
8
1145 Sale 114
4
1083 Sale 10814
8
8
1065 Sale 1063
102 103 102
10412 Sale 104
11818 11812 11818
8
853 8914 853,
4
4
9712 983 983
4
106 1063 10612
9714
9612 97
8712 Sala 87
6
111
30
98
4 14
1003
9912 69
64
92
9952 17
2
4
993
4 Si)
1143
213
111
8
1072 169
1
102
10412 73
11814 49
11
86
1
9834
10612 28
975,
4 81
873
10712 114
9518 100%
99% 102%
973, 101%
98
01
9718 101
9718 101
3
113 1197
10512 109%
8
1047 111
101 10414
103512 1063,
4
1162 119
48514 901.8
8
89712 993
10114 10914
4
9631 1CK/3
841s 92
100 Sale 9934
97 Sale 9378
10312 104 110313
984 Sale I 98
8
9414 943 9412
98
9812 100
101 10114 101
9412 Sale 9412
97 Sale 9652
4
973 Sale 9713
9513 Sale 9512
4
9512 Sale 953
8
923 Sale 92
10112 Sale 1013g
10012 Sale 100
99 Sale 99
4
993 Sale 9912
21
100
64
97
3
104
8 13
987
9512
3
98 73
5
10114
5
9514
8
973 272
10
98
25
96
,
96 4 40
9253 85
8
1017 158
8
10012
3
99
42
100
0012 102
,
93 8 9912
103t4 10513
0512 102
9712
94
9712 101
10012 10312
0412 9719
,
961 10012
,
9514 99 8
94 100
9514 10118
4
913 94%
10014 105
%
99 10112
8
965 102
99 10112
1
99 100 4
99 1005,
99 101 14
g
987 10.1 14
14
99 100
98% 101
9912 10014 36
99 101 18 Marseilles(City of) 15 yr 68_1939 MN 9934 Sale 323
8 23
333
4
3212 3312
Mexican Irrigat Asstng 4188_1943
99 101
3
4112 49 4 Jan'28 _ _ _ _
of 1899£ '45 QJ 40
9412 9714 Mexico(US) extl 5s
10
40
8
8
8
363 373 375
1945
Assenting 53 of 1899
91 12 937g
3812 Sept 28 _ _
Assenting Os large
9512 99
9
2412
2412 2414
24
Assenting 48 of 1904
9512 99
11
a
2418 2412 2572
Assenting 48 of 1910 large
8
4
863 925
8
245 131
2412 Sale 24
4s 01 1910 small__
Apse/ding
8
102 1043
14
40
40
Tress 118 of'13 assent(large)'33 1-5
3712 25
3738
Small
9912
98
9238 99
'52 A0 9134 Sale 9112
Milan (City. Italy) ext'l 634s
114 116
1
102
4
109 1113 Montevideo (City of) 7s____1052 JD 102 103 102
10314 10914
4 13
M 8 102 10434 10412 1043
,
98 8 101 12 Netherlands Its (flag prices)__1972
52 100 8 102
,
3
1954 A 0 1003 Sale 100
-year external Its
30
10512 109
9414 48
914 Sale 0334
1044 10814 New So Wales (State) ext 5s 1957 F A
943s 45
Apr 1958 A0 94 Sale 0334
11212 1137
External s f 55
8
8 10312 33
8
1943 F A 1025 Sale 1025
Norway 20-year extl 65
9/08 102
10312 34
1944 F A 10314 Sale 1031g
20-year external 65
97 100
10212 45
1952 A 0 10214 Sale 102
30-year external 65
,
10314 108 2
4 26
8
1965 J D 1005 Sale 10012 1003
5 f 534s
40
-year
10312 108
0714 153
Sale 963
4
External s f 5s____Mar 15 1963 M 5 97
3
93 4 9812
24
02
Municipal Bank extl s f 58.1967 J D 9112 Sale 91
10112
99
24
91
8
Nuremberg (City) exit 65_ _1952 F A 907 Sale 9034
10114 36
9978
3
107 113 4 Oslo (City) 30-year s 168...1955 MN 101 10112 100
2
10012
9912 100
1946 F A
Sinking fund 550
9912
92
9912
95
2
4
1953 J D 10112 1023 10212 10212
,
Panama (Rep) extl 5348
97 103
3
103
4
1961 -1 D 1023 10314 103
Extl sec s f 6 Sis
103 108%
9512 60
95
Extl s f 54 set A ..May 15 1963 M N 9514 Sale
10014 10312
,
94 8 17
9412
4
,
2 95 2 Pernambuco (State of) ext. 7e '47 M H 943 Sale
907
8
8212 897 Peru (Republic of)
27
106
4
Extl s f sec 740 (of 19261.1956 M S 1053 Sale 10534
100 10214
10312 25
1959 MS 103 Sale 103
Extl 0 f sec 75
4
963 101
,
90 8 115
8
1960'ID 905 Sale 90
Nat Loan extl s f Gs
9554
96
96
85
8412
1940 A0 8412 85
Poland (Rep of) gold 6s
97
93
89
65
Stabilization loan s f 78_1947 AO 89 Sale 8814
8
4
893 935
85
8 100
Sale 995
1950 J J 100
Ext sink fund g 85
Oct'28
8
1061'ID 1067 107 107
Porto Alegre (City of)88
98 102
8
8
J 101 1015 10012 1007
734s....1966
Exti guar sink fd
100 10212
8
,
997 102 4
114
49
4
Queensland (State)extl 517s 1941 A0 1133 Sale 112
4
1033 101
11
104
FA 104 Sale 104
25-year external Gs
,
118 101 8
107% 19
8 Sale 106
1947
1094 Rio Grande do Sul extl s f 88_19 6 A0 1067 Sale
105
09
56
St N
9812
0814
f 721 of 1926
o
9814 103
7
30712
11994°5311
o i
E mix s n t3 i 25-yr a f 88_19 AC 107 Sale 107
Rio x e Jaf eit;os
77
96
4
F A 9434 Sale 943
9814 10114
2
927 lii
1952 A 0 9212 Sale 92
3
8634 93 4 Rome (City) ext16340 68_1964 M N 10314 Sale 10314 104
4
8812 933 Rotterdam (City) exti
7
0212
9014 9112 91
1953 1 J
Saarbruecken (City) 6s
8834 96
2
.Mar 1952 M N 11514 11612 11512 11512
Sao Paulo (City) of 8:.
3
98
8
973
1957 MN 9714 98
Extl s f 6 tis of 1927
100% 104
10618 10
extl at 82_1936 .1 J 106 Sale 106
2
9152 973 San Paulo (State)
4
1950 J .1 1063 1071 10613 10712 10
External sec of 8s
9152 07
8 19
8
External, f 75 Water L'n.1936 51 5 1007 Sale 10012 1007
8:418 97
95
28
9411
1968 J J 9412 95
Extl 5165 Sint rcts
9414
93
21
99
98
9944 Santa Fe(Prov. Arg.Rep.)781942 34 4 9814 Sale 104
9534
1043s 138
104 Sale
of (France) extl 78'42 1
Seine. Dept
9634 101
9812 64
08 Sale 98
Serbs, Croats A Slovenes 88 '62 M N
95
91
9934 10
9918 Sale 993
8
N
2512 3458 Solmons (City of) extl 68_1936 M
9212
6
9218 Sale 9213
1946 F A
Styria (Prov) extl 75
4
993 102
102 1031 10214 10318 10
Sweden 20-year 613
10378 16
10314 Sale 10314
loan 510
External
Mt 9931
38
Sale 11012 111
,1
1 9949 ji )
2
8834 953 -helm Confedli 20-yr s f 85 1 95430 1" "11 111 Sale 10212 10312 48
5345_1946
9038 95 3 Switzerland Govt ext 1912_1952 A 0 10212 7958 7914 80
6
M 4 7914
,
4
863 93 4 Tokyo City 58 loan of
91
116
3
907 Sale 9012
EU's f 554s guar
8
92, 98
98
92
4
953 101
8734 8978
95 101
95 100
97 10112
,
94% 99 4
9314
1 907 A 0
1 04 1 MN 9312 95
Tolima (Dept of) extl 7s
97
97
95
TrondhJem (City) 1st 53.4._l957 M N
7s....1945 J D 9713 Sale 9712
Upper Austria (Prov)
887 8712
External 8 f 6 tia__June 15 1957 J D 87
4
Uruguay (Republic) extl 85 1946 F A 10812 1083 10811
9778 Sale 9714
External a f 644
9112 9034
1 '0 AO
Venetian Prov Mtg Bank 78_ 1952 l" N 90
Vienna (City of) exti at 68_1952 M N 8814 8811 8814
8
Yokohama(City) extl 6s...1961 1.1 D 96 Sale 953
1
c on tne Dania of 16 10 Lae
sterling.
Roots
Since
Jan 1.
Week's
Range or
Lan Sale.
3
9312
97
3
8 10
977
5
8712
7
10834
98
164
911
2
883
47
96
35
99 10112
4
373
31
4981 4934
8
335 404
43%
30
2204 3410
a
327
26
2211 81
2
,
371 467
361s 4514
9112 9552
102 105
10112 109
100 a 103
,
%
96
93
96
93
10112 10314
101 1044
10112 10312
9818 102%
98
94
9312
91
8912 93%
9054 103
99 103
10112
102
93
8
937
10414
10414
97
9812
4
10318 1071
100 10472
8912 94
8012 87
4
917
88
8
9812 1017
10412 109
10018 19118
11113 115 3
7
104 10811
10514 10814
9712 10013
105% 11014
9311 9714
9114 994
10234 106
9012 94%
11214 120
0613 10014
106 108%
106 109%
100 1044
9412 95
9434 10012
10314 10634
4
963 lolls
98 102
92
97
10212 106
10212 1054
4
1093 113%
10178 1054
7612 84
87% 95
93% 97%
944 9912
964 9914
86
9012
10714 1104
954 100
904 gIti
4
873 89
94 100
New York Bond Record-Continued-Page 2
BONDS
N ,Y. STOCK EXCHANGE.
Week Ended Oct. 5.
E•4
11.2
Prue
Friday,
Oct. 5.
MA
Week's
Range or
Last Sale.
Ask Low
Range
Since
Jan. 1.
105 10512 June'28
9412 94
Oct'28
100 100 Sept'28
90
90 July'28
90 Aug'28
93t2 953 90 Sept'28
4
7518
7612 79
767
8
8
925 Sale 9212
93 2
,
90 Aug'28
8812 90
Oct'28
89
9134 June'28
4
883 Sale 883
4
8912
8414 Sept'28
89
8912
8914
89
90 8 90
3
91
883 89
8
9334 Jan'27
____ 93
92
92
9114 9312 92
9312
100 101 100
100
1031 - - 105 Sept'28
8
9814 - 14 967
96
967
8
103 104 10278 1027
8
87
90
9312 June'28
943 Sale 945
4
8
95
93 Aug'28
9814 9914 9814
9814
90
913 9012
8
9012
74
7412 7412
75
66 Sale 654
6714
86
87
Oct'28
86
100 10012 99 Sept'28
Bait de Ohio 1st g 45____July 1948 AO
Registered
July 1948 (-I
20
-year cony 4Si s
1933 M
Registered
M
Refund At gen 55 series A__1905 J
Registered
JO
1st gold 55
July 1948 A0
Ref dr gen 6s series C
1995 JO
PLE&W Va Sys ref 4s_ _1941
N
Soutbw Div 1st 55_ _ _ _ 1950 J J
Tot & Cin Div 1st ref 48 A_1959 I J
Ref dr gen 5E1 series 1)
2000 MS
Bangor dr Aroostook 1st 58 1943 J J
Con ref 49
1951 J J
Battle Crk & Slur 1st gu 3s 1989
13
Beech Creek 1st Cu g 4s
1936 J J
Registered
J J
2d guar g 55
1936 J J
Beech Crk Ext lat g 3As
1951 *0
Belvidere Del cons gu 3.Sit3.1943 J J
Big Sandy 1st 48 guar
1944 3D
Bolivia Ry lot 58
1927 J J
Boston & NY Air Line 1st 451055 FA
Bruns dr West 1st gu g 49..1938 J J
Buff Koch & Pitts gen g 65..1937 MS
Consol4;i5
1957 M
Bur IC It & Nor 1st & coil is 1934 *0
9212 9312 9234
9312
91
01
981 Sale 9358
99
98 June'28
l023g Sale 10234 103
101 Sept'28 10438 Sale 10418 10412
110 Sale 10912 110
93 Sale 93
93
10312 Sale 10318 10414
8412 8514 85
8514
1024 Sale 1017
1023
4
10212 Sept'28
84% 8512 85
Oct'28
6812 Feb'28
95 Sept'28
95 Aug'28
97
Jan'28
78%
_ 82 Aug'28
_
91
86- - 92
9412
Oct'28
3712
81 18 Sale 8118
8112
0412 96
9412
9412
100 2 ,
1005
8
8 1005
933 - 7- 933
8 938
8
94
102 Sale 102
102
Canada Sou eons gu as A_
1962 A 0
Canadian Nat 4;4s_Sept 16 1954 NI
5
-year gold 414s__Feb 15 1930 F A
30-year gold 4 tie
1957 J J
Canadian North deb s f 75..1940 J
25
-year a f deb 6148_ ____ .1946 J J
10-yr gold 4;ie.__ _Feb 1511)35 F A
Canadian Pac Ry 4% deb stock__ J J
Col tr 4;is
1,946 M S
Carb dr Shaw 1st gold 4s
9132 PA 23
Caro Cent 1st cons g 4s
1949 J J
Caro Clinch & 0 1st 30-yr 58 1938 J D
let & eon g tis ser A_Doe 1552 J D
Cart & Ad 1st go g 49
1981 J D
Cent Branch U 1. 1st g 4a_...1948 3 ID
Central of Ga 1st g 5s_Nov 1945 F A
Conaolgold 58
1945 M N
Registered
M N
10
-year secured 68_June 1929 J D
Ref & gen 514s series B._ _1959 A 0
Ref & gen 5s series C
1959 A 0
Chatt Div pur money g 48_1951 J
Mac de Nor Div 1st g 55.. _1946
J
Mid Ga dr All dly pur in 55 1947 J J
Mobile Div 1st g 5s
1946 J J
Cent New Eng 1st gu 4s..._ 1981 J .1
Central Ohio reorg let 4 As_ 1930 M 5
Cent Int & 54kg of Ga coil 55 1937.11 N
Central of N J gen gold 5a..__1987 3 J
Registered
1987 Q J
General 4s
1987 J J
Cent Pac 1st ref gu g 45
1949,F A
Registered
IF A
Mtge guar gold 3;is_ _Aug 19293 D
Through Short List gu 45.1954 A 0
Guaranteed g Is
1960 F A
1055 1073 10514 105% 10
8
4
97
9714 97
97
7
99
9918 99
9918 14
97 Sub
9678
9734 17
112% Sale 11158 11178
4
11612 Sale 11612 117
5
98 Sale 9738
98
32
8812 151
872 Sale 8718
4
9818 Sale 98
9914 17
94
984 9814 Apr'28
8212 83
8212
8212
1
1007 100
8
2
100
108 1083 1075s 109
72
4
8914 91
91
91
2
82
84
1
83
83
10512 _ _ 10612 10612
1
10238 103 1023
12
8 10212
4
. 10034 Aug'28 _
10018 1005a 10014 10038
7
10518 106 105
106
7
10212 Sale 10212 10418 11
88
94
9312 June'28 -102 106 102
Oct'28
_
101 107 10318 Apr'28 105 108 105
105
1
85 Sale 85
8518
2
9814 993 9918 Sept'28
8
ii6 11112
. 06
13
1105
8 111
22
10814
2
10814
937 94 Aug'28
8
913 Sale 9112
4
92
43
88 Sept'28
65 -6614 99
99
Is
013 943 9212 Aug'28
4
8
102 Sale 101% 10238 45
Charleston & Sayn'h 1st 75..1936
J
Chen & Ohio fund & Imp, 55.19219 J J
1st consol gold 5s
1939 M N
ItegIstered
1939 M N
General gold 434s
1992 M
Registered
IN 8
20
-year cony 434s
1930 F A
Craig Valley lst 6s_May 1 '40 I J
Potts Creek Branch 1st 451.1946 J
R & A Div lat con g 48
1989 J J
2d consol gold 4s
1989 3 J
Warm Springs V 1st g 5a_ _1941 M 8
Chesap Corp cony 55 May15 1947 NI N
Chic & Alton RR ref g 3s
1949 A 0
Ctf dep stpd Apr 1928 lot
Raliway first lien 3545 -1950
.
Certificates o deposit..........
ChM Burl & 0-111 Div 350.1949
Registered
J
Illinois Division 4s
19493
General 4e
1958 FA 8
Registered
M S
lfit&ref4j4e ser Ii
1977 F A
1st Az ref 5s series A
1971 F A
Chicago dr East Ill let 6s
1934 A 0
0& Kill Ry (new co) con 58_1051 M N
Chic & Erie 1st gold 5s
1982 M N
Chicago Great West 1st 45_1959 M
Chic Ind & Loulsv-Ref 6a 1947
Refunding geld 58
1947 I
Refunding 4s Series C
1947 J J
1st & geu 5seer A
1966 M N
lit & gen Os ser ii.. _May 1966 J J
Chic Ind & Sou 50
-year 45_1956
Cille L 8 & East 1st 4.3as
1969 J D
OD M & St P gen g 45 A_May1989 J
Registered
0J
Oen g 3.Sia ser B____May 1989 J J
Gen 455s series C....May 19893 J
Registered
-I' L
Gen 41,5 o,
1055 1 1
11318 ____ 11938 Aug'27
997 Sale 997
8
1)97
8 16
1033 106 1038
8
1033
8
1
_ 103 July'28
99 Sale 9838
9912 33
_
963 July'28 - - _ _
4
9914 Sale- 99
99 1
40
10018 Sale 100 Sept'28
_
9012 Sept'28
88 Sale 88
8814
2
9258 July'28 ::::
ioo
100 Sept'28
09 Sale 99
9912 213
7012 71
7012
7012
4
7012
72 Oct'28
_
6018 -___ 62
62
2
60
61
62 Sept'28 _
86
877 8612 Sept'28 _ _
8
893 Feb'28
_
9512 Sale 9512
9512
1
9312 9414 94
945s 15
9314 Sept'28
983 99
4
9838
9914 37
10512 10612 105
10612
6
10.
35s ____ 10312 Sept'28 - _ _
8514 Sale 8412
8512 99
8
10538 1107 10513 106
2
6814 Sale 675
8
6812 64
113 118 114
Oct'28
100 ____ 10512 July'28
89 _
_
8838 July'28
10118 Sale 10118
1011a 30
109 10912 109
Oct'28
9214 __-_ 9214 Oct'28
9718 ____ 993 June'28
4
_
8614 8712 861a
863
8
6
825 July'28 _
8
7612 78
765 Oct'28 _
8
9614 9612 963
4
5
96781
_ 100 May'28 _
9614 Sale 964
965
8 68
Price
Friday.
Oct. 5.
Week's
Range or
Lail Sale,
Rang.
Since
Jas, I.
MOS No. Low
Railroad
Ala(It Sou 1st cons A 5s___1943 JO
1st CODS 45 ser B
1943 JD
Ala Mid let guar gold 55__.1928 M N
Alb & Sus(' let guar 3 Sis
1946 A0
Alleg & West 181 g gu 48._1998 AO
Alleg Val gen guar g 45
1942 M
Ann Arbor let ii4s__ _July 1995 Q J
Atch Top & S Fe
-Gen g 4s.1995 AO
AO
Registered
Adjustment gold 4s_July 1995 No•
Registered
Nov
Stamped
July 1995 M N
Registered
MN
Cony gold 45 of 1909
1955'ID
D
Cony 4s of 1905
1955
Cony g 45 Issue of 1910_1960'ID
Rocky Mtn Div 1st 4e_
1965 J J
Trani-Con Short L 1st 48_1958 J J
Cal-Arts 1st & ref 43.e A..1962 M
All Knoxv & Nor Ist g 55.....1946 JO
All & Chart A L 1st 4SO A 1944
J
let 30
1944
-year 55 series B
J
Atlantic City 1st cons 4s_ __ _1951 ii
Atl Coast Line 1st C011.9 45 July '52 MS
Registered
MS
General unified 4S4s
1964'ID
L & N coil gold 4s___Oct 1952 MN
AtI & Day 1st g 45
1948 J
2d 45
1948 J J
Atl & Tad 1st g guar 43
1949 *0
Austin & N W 1st gu g 5s_1941 J J
98
8
933
995
8
83
Doe Feb. •Due May. V DWI DM
ss
BONDS
N. Y. STOCK EXCHANGE. 11.2
211
Week Ended Oct. 5.
tia.
1925
_
28
72
_
7
5
33
25
2
2
1
1
28
3
3
14
____
26
4
09
64
14
38
6
39
9
67
5
1
10
13
5
High Chic Milw & St P (Concluded)
BM
Ask Low
High No. Low
Higb
Gen & ref see A 4S4s__Jan 2014 AO
721s 747
7314 Mar'28
s
10512 1083.
Debentures 4 As
1932 3D
75 Mar'28
7012 75
5212 96
Debentures 45
1925'ID
71% Feb'28
71
73 4
3
100 100%
25-year debentures 4s
1934 J,
7214 Feb'28
7012 73 s
7
87
91, Chic 5111w St P dr Pac 5s
1975 FA
933 Sale 93%
4
9214 9812
9412 §§
89
Cony adj 5s
91%
Jan 1 2000 5.0 7514 Sale 7434
617 79 4
8
3
782 1537
4
Chic & N'west gen g 354s_ _1987 M
923 09
4
79% ---- 7912 Oct'28
7512 88
754 8412
Registered
Q F
7434 Sept'28
743 84 s
2
3
9112 99
General 4s
1987 MN 90
5
90% 90%
89
98
90%
90
985'
Registered
Q F
94 Apr'28
94
94
8712 94%
Stpd 4s non-p Fed In tax '87 MN 905 9212 90
8
Oct'28
89
961
4
91
Gen Ois stud Fed Inc tax_1987 MN 10412 10514 105
913
4
10 102 113
105
873 94
4
Gen is st pd Fed Inc tax.. _1987 MN 108% 111 109 Sept'27
1913 117
4
8414 8414
Registered
MN
113 Mar'28
_
113 113
88
114
Sinking fund 6s
1879-1929 AO 10
_
10014 102%
014 -- 10014 Sept'28
Registered
8914 94
AO 10014 Sale 10014
10014 10 10014 10114
Sinking fund 5s
1879-1929 AO 9911
5
9912
995
99 1014
8
8
90 4 4
- 1- . 14
Registered
A 0
100 Slay'28
100 10018
8614 96
Sinking fund deb 5s
1933 MN 10112 --- 1015 Sept'28
8
997 10318
8
92 1043
Registered
4
2 10012 10218
MN
10012 10012
19.5 1015
10
-year secured g 75
8
1930 3D 10234 103's 1023
12 1023 10612
4 103
4
9678 100.
15
-year secured g 654 s_ __ _1936 MS 11012 Sale 11018
11012 27 10812 11414
102 10714
1st ref g 58
May 2037 3D 10614 Sale 11614
10614 10 1043 114
8
94
91
let & ref 434s
Slay 2037 3D 97
60
9712 97
98
953 1041s
8
91
9554
93
973 Chic RI & P Railway gen 48 1988 33 9012 91
s
9012
3
9118
8812 98
96 104
Registered
1
J J
88
88
88
9212
8814 9114
Refunding gold 43
1934 *0 94 Sale 937
9412 181
9314 963
4
Registered
7414 81)
A0
93 Sept'28 -93
9514
6914 7112
Secured 4148 seriesA
1952 MS 933 Sale 9314
4
91
944 57
97 4
3
8512 929 Ch St I. & NO Mem Div 48.1951 30 8612 9 :1073 M py. 8 iii z
:/ 92 4 Aa ' 8
7
r2
2
92
9254
97 10214
148 108 107 July'28 ---- 1055 10812
June 15 1951 'ID
Gold 5s
8
Registered
3D
1051 107
91
90
3
Gold 3545
June 15 1951 3D
4
8412 Jan'27 _ __ _
891 J(3 Ch St L & P 1st cons g 5s__ _1932 A0
4
-6934 1- 44
10144
(
9
9612 101
Registered
AO
.
2
Jun:e 1 ___2 1012 10138
9 2:
'
8
98 10(18 Chic St P NI & 0 cons 6s____1930 3D i05i4 ich 1003
-4
oo 4
08 1033
2
100 105
Cons 6s reduced to 3%5_1930 3D 9612 ____ 9612 June'28 __- _
9612 98
101 101
Debenture 5s
1930 M
9812 Sale 98
98 12
7
9712 10012
3
103 110
Stamped
MS 97
___ 100
Jan'28 _- 100 100
10612 112
Chic T H dr So East 1st 55_ _1960 JO 983 9, 8 103%
4 99
3
15
983
4
99
91
Inc gu 5s
Dec 1 1960
97 2
,
B 921 937 9212 Oct'28 ---9118 987
8
10118 101 18 Chic Un Sta'n 1st gu 41 A.1963 J .1 1007 5:412 10018
s
-Is
21
101
973 10312
8
8212 9)18
1963 J J 10434 105 10512 Sept'28 ---- 103 107
1st Is series B
100 1091
1944
Guaranteed g Is
Sale 103
D 103
7 1013 105
104
4
10212 104%
!stigma 6 Sis series C
1963
5 114 1191
116
J 116 Sale 11538
4
83% 9354 Chic & West Ind gen g 621.._p1932 Q 54 101 10412 10212 Sept'28
1017 1053
8
8
6812 72
Consul 50-year 45
1952 J J 885 Sale 8818
8
881s 20
843 9311
4
95
98
1st ref 5145 ser A
1962 MS 1034 Sale 10314
53 102% 1057
104
2
94
Choc Okla & Gulf cons 55_1952 MN 1045 Sale 10458
97
8
1 1045 10738
1045s
8
97
97
Cln II & 1)2d gold 4,4e
19:17
96 10012 9538 Oct'28 ____
J
5512 100
82
82, C 1St I. & C 1st g 4s_Aug 2 1936 Q F 9658 ____ 9618
8
9618
9618 983
1
,
Aug 2 1936 Q F
Registered
9714 Feb'28 - - 9714 9714
92
95
Cln Leb & Nor lit con gu 49 1942
N -1 TS 60
8812 Oct'28 ---87
93%
:0 51
Clearfield & Malt 1st gu 5s__1943 .8 .1
88
977 Cleve CM Ch & St L gen 4s__1993 JO
8
1931
J
20-year deb 4(45
106%
General 55 Series B
1093'ID
9814
10312
Ref & third 65 series A
1929 I J
Refklmpt6seerC
1941 J J
105 1107
Ref dr 'mot 55 aer I)
1963''I
a
96% 10214
Cairo Div 1st gold 45
1939 j
97% 101
Cin W & M Div 1st e 43-1991 J
9678 1021
St 1, DIV 1st coll tr e e 4s-199 MN
0
11014 117
Spr & Col Div let g 4s
1940 MS
11513 123
W W Val Div 1st g 45
1940
J
9678 10314
Ref dr impt 4(4s ser
.1
85% 92
1934
C C C dr I gen cons g 68
'3
96 10114 Clev Lor & W con let g 5a
1933 AO
9814 9814 Cleve & Mahon Val g 5s
1938 J J
80
90% Cl & Mar lot gu g 454s,.1935 MN
100 10512 Cleve & P gen gu 4Sis ser 11_1942 AO
1942
107 109 4
.1
Series A 4 SO
3
91
Series C 3 tie
1948 MN
95
79
Series D 3tis
1950 FA
90
105 10818 Cleve Shor Line 1st gu 4145.1961 *0
100 107 4 Cleve Union Term 1st 5,40_1972 *0
,
100 4 10414
3
1973 *0
1st s f 5s ser LI
100 10214
lst f guar 4;is ser C
1977 A0
106 108%
Coal River RY let Cu 49
1945 J D
10212 105
9312 9512 Colorado & South 1st g 4s...1929 F A
Refunding & eaten 4 Sis_1935 MN
102 109
10318 1031a Col & II V 1st ext g 4s
1948 A 0
103 10678 Col & Tol 1st ext 4s
1955 F A
1 43 A A
,
8
83% 885 Conn & Passum Rly lot 45 1 930 F O
98 10054 Consol Ry deb 4s
Non-conv 48
10012 10212
Non-cony deb 45____J&J 1954 3 j
955 J J
10814 11912
Non-cony deb 45____A&O 1955 A 0
10714 11818
94
Non-cony debenture 4s
1956 3 D
9
99
42
J
893 9612 Cuba Nor Ry 1st 538s
4
Cuba RR 1st 50-year 5s g_1952 J
04
88
1st ref 7 tisser A
99
1936J 0
9914
let lien & ref 6s ser B
9118 9514
1936 3 D
10012 1051
Day dr Mich 1st cons 4145_1931 .1
Del & Hudson let & ref 4s___1943 MN
-year cony 55
"sji 10138
30
1935 AO
-year 5 SO
10212 1073
15
4
1937 MN
-year secured 7s
103 108
10
1930 3D
I) RR & Bldge 1st gu g 45_1936 1*
973 105
8
9634 10214 Den & R G 1st cons g 45____1936 .1
984 10118
Consol geld 41-Is
1936 J J
100 102% Den & R G West gen 5s_Aug 1955 M
90
9312
SS
95% Des M & Ft D Ist gu 4s
1935
Temporary etfs of deposit__ _
0112 92%
100 10212 Des Plaines Val 1st gen 4(48.1947 1
31
9614 10022 Det & Mac let lien g 4s
1995 ID
69% 74
Gold 4s
1995 3D
Detroit River Tunnel 4(49_1961 MN
69
734
68% 72% 1)ul Missabe & Nor gen 50_1941 J J
59
7112 Dul & Iron Range let 5s
1937 A0
Registered
851 91 18
AO
893 9014 Dul Sou Shore & Ati g 5s_ .._ _1937 J J
2
923 0854 East Ry Minn Nor Div 1st 48 '48 AO
8
88
983 East T Va & Ga Div g 5s_.1930 J
4
9314 933
Cons 1st gold 55
8
1956 MN
9634 1027 Elgin Joliet A East 1st g 5s 1941 MN
8
1044 11014 El Paso & S W lot 58
1965 AO
10314 10714
Erie 1st consol gold 7s ext 1930 Si S
8314 93
10318 11214
1st cons g 4s prior
1906 J
88
Registered
7212
1996
J
1154 11814
let consul gen lien g 4s
1990 J
10514 108
Registered
1996 J J
883$ 8834
Penn colt trust gold 421
1951 FA
100 10714
50
-year cony 48 series A
1953 *0
1083 111 12
4
Series IS
1953 *0
91
9612
Gen cony 45 series D
1953 AO
993 10212
4
Ref & Mint 58
1967 MN
Erie & Jersey 181 s f Os..... _1955 .1 .1
85% 9312
823 9142
2
Genessee River 1st s f 5s_ _1957
7812 8134 Erie Ac Pitts FRI g 3 yi s ser
19403 3
95 10414
Series C 3
19403 J
100 10012 Est Rflextls f 7s
1954,M N
9278 971 1
797
2
9412
100
9012
102
_ _ 100 July'28 -10091
9i 91
3
92
983 Sale 983
4
983
1
112
___ 112 Aug'28 -10012 Sale 10018
10012 16
105...... 105
105
1
103 10312 10212 103
7
_
95
Oct'28
8612 9114 9612 Oct'28
9412- - 8712- __
871
2_ 8712
8712
2
94
96% Mar'28
90___ _ 90
1
90
985 Sale 985
8
s
9834
6
101 10812 106 Sept'28
Sept'28
113"104 1011188
963 ____ 100 Nov'27
4
10134 Mar'28
9818_
9818 10112 100 July'28
9012 ___ 0014 Apr'28
__ 89% Apr'28 _
10018 105 10018
89410018
9
10814 1t9l2 108
10812 35
10412 Sale 10118
105
3
9912 1007 100
Oct'28
100 100
883 971s
8
973 1003
8
4
54
108 116
100 103
1034 108%
9812 10512
95
96%
8518 9312
8618 94%
96
9712
90
9612
9612 1003
8
106 10812
10018 10454
10118 101%
10138
100
9014
89%
99
10314
l0'8
09
161 4
- -3100
90
14
89 12
3
10612
11012
10734
1007
8
91 Aug'28 _9914
9912 16
9614 34
955
8
93 June'28 _ _ _ _
91
Aug'28
90 Slay'28
2
- 9518 June28
95%--731a 7512 7312
7312
4
7312 7712 7312
7312 _
7312 74
8112 June'28
73% 743 7318 Oct'28
4
__
9414 Sale 9414
9514 10
9612 Sale 9614
97
24
10812 109 1084 109
13
9612 Sale 9612
97
12
91
9812
9518
9274
91
90
9518
7218
72
80
73
94
Nth
10512
9612
9318
1014
100
92178
953
4
90
9612
8218
8612
8112
8513
9814
10018
110
1013
4
973 98
4
9718 Oct'28
92 Sale 912
4
93
10414 Sale 102
102
104 Sale 103
10414
1031 Sale 10318
10318
9614 Aug'28
9014 gale 90
90%
923 9412 92% Oct'28
4
90 Sale 90
90%
9712 10012
9014 913
4
100 1033
4
103 107
10212 107
9614 9614
8714 94
923 9814
4
97
87
91
9914 Sale
955 Sale
8
90
3 _
8
90% 6S
31
28
_
75
98%
10318
8312
985
8
10912
10418
37
3012 Oct'28
3212 29 Sept'28
_
10214 Feb'28
80 80 Aug'28
7912 7514 July'28
095
8
104
99%
10312 Aug'28
190
100
IC018 May'27
86
8312
8312
957 July'28
1003 99 Aug'28
4
1051..
10512
10474 10014 Aug'28
106 Aug'28
14
5
11
3
92
47
18
1
3
3
10212 Sale 10212 10212
1
84% Sale 84%
87
30
86
Jan'28
80% Sale 8012
81
55
76
2
76
100 10i12 10212 Oct'28
82% 833 8318
4
833
4
4
823 Sale 825
4
8
8314
9
79
84
86 Aug'28
94% Sale 945
8
95
253
11012 11414 110% 1105
8
1
11018 111 14 11012 .Oct'28
8614
102 Feb'28
8614
_ 91 June'28
103% Sale 10314
1035
8 39
2714
26
10214
75
70
9718
10312
9914
10018
8118
95
99
105
9912
108
35
3212
10214
82
80
105
10312
10812
1027
s
90
98
1004
11013
1081$
10934
10212 10814
8314 91
88
88
7712 883
4
76
8714
100% 104
80% 8912
8018 8912
86
8818
93
998
4
1101 116
8
110 115
102 102
1303 94
4
100 4 104
3
New York Bond Record-Continued-Page 3
1926
BONDS
8. Y. STOCK EXCHANGE.
Week Ended Oct. 5.
V
*
,
Pre
Fr*Mc
Oct. b.
Wed's
Rai.or
Lou Bak.
11
A65/41
Maw
J's. 1.
BONDS
N. Y
EXCHANGE
Week Ended Oct. 5.
errocic
Prim
Pride,.
Oct. 5.
P7earo
Rano or
Last flak.
63
gt
Mob No
Ask Low
BM
High
Me. Low
Ask Lato
Ba1
99 1021: Louisville & Nashville 5s___ _1937 MN 10212 103 10312 Oct'28
_ _ 99 100 Sept'28
Ilia Cent & Penn let ext g 58_1930 3
.1 .1 94
9613 10
9614 95
115
9818 103%
1940
Unified gold 4s
2
100
100
1943 3.3
let consol gold 5e
9612 10112
Collateral trust gold 55._ _1931 MN 1004 10112 1011 Aug'28
8
987- 97
Oct'28
Florida East Coast let 4%8_1959 3D
5
10311
8
915
83
-year sec 7s. May 15 1930 MN 103 Sale 103
10
87
85
1974 MS 85 Bale 8318
lot & ref bs series A
8
let refund 5540 seriesA 2003 * 0 10612 Sale 10612 10712
1
39 8 62
9
8
404
Fonda Johns & Gloy let 4%a 1952 MN 407 Bale 4014
12
98% 9934
1st & ref 55 series B
2003 AO 105 Sale 10078 105
9934 Apr'28
Fort St U D Co let g 4is_-1941 ii
4
104% 1083
lot & ref 434s series C
2003 * 0 100 101 10034 Oct'28
Oct'28
*
Ft W & Den lag 5%8-.1961 3D 1055 fof 108
N 0& M 1st gold 68
8
3
' 100 1013 100 Aug'28
104 1071i
1930
Frem Elk & Mo Val let 6s-_1933 A0 10312 10614 10412 Aug'28
1
100
3 100 10112 100
26 gold 0o
9914 1021.
1930
4
10012 1003 Oct'28
MN
OH& BAM&P let 58-1931
2
92%
8
5
99 1015.
Paducah & Mem Div 4.9_1946 P A 923 9314 92%
5
.
3
1931 ▪ J 500 Sale 10012 100 4
2d extens bs guar
1
70
70
2
St Louis Div 2d gold 311_1980 ▪ B
52
98 100
9712 10012 10012
Oalv Hous & Rend lot 58-1933 AO 97
86 1013
Mob & Montg let g 4%8.-1945 MS 9912 _ _ _ _ 100 Sept'28 _ _ _
2
5
8
907
90 90
Gs & Ala By let cons 58 Oct 1946• J 89
: 15
881
4
8812 90 8812
96% 1004
South By joint Motion 40 _1952
973
8
Oa Caro& Nor lot gu g 58 1929 3, 97 Sale 97
1
9212
9212
All Know & Gin Div 48..1955 MN 9212 94
7418 79
1948 * 0 7418 7814 7418 Aug'28
Georgia Midland lot
1
98
98
4
953 101
Louisv Cin & Lex Div g 434e'31 MN 98 100
9534 Sept'28
Gr R & I ext lot gu g 4%6_1941• J 9618 97
_
9913 Sept'28
32 111 117
1934 31 9914
Mahon Coal RR 1516.
Grand Trunk of Can deb 65.1940 A0 11314 Sale 11212 113
1
75
754 75
102 105 1094 Manila RR (South Lines)48.1939 MN 74
107
8
1936 MS 1067 Sale 106
15 -ears e f 88
-3
1
80
80
82
79
7
98% 99 s
lot ext 4.s
1959 MN
99 June'28
• D 96%
Grays Point Terrr let 58.-1947
3
9912
Manitoba S W Coloniza'n 581934 ID 9912 Sale 9912
8 82 111 116
4
Great No- gen 75 series A-19363, 1123 Sale 11212 1127
90 88 July'28 _ _
84
11412 114% Man GBANW let 3%..._1941
11412 Apr'28
3,
Registered
9558 1021 Mich Cent Del & Bay City 58.'31 M 8 100 101 100 Sept'28 _ _ _
1
,
9712
let & ref 44s series A-_1961 3, 971, sale 9712
4
1003 Apr'28
Q
38 10518 11514
Registered
8
3
' 1083 112 10814 109
1952
General 5%,. series B
97% Jan'28
Mich Air Line 4s
1940'.3 9118
3
' 104% 105 10312 10418 21 103 209
1973
General be series C
• J
9218 July'28 ___
9612 101%
Registered
4
4 13
9812 983 9814
983
1976• J
General 4%11 eenes D
2
8512
8512
8
951 101%
26
lst gold 3%s
1952 MN 8518 _
98
98
9812 97
1977
General 4%e series E
8
864
85
-year debenture 48
20
1929 * 0 994 99
% 995 Oct'28 -85% 11
85
Feb
Green Bay & Wt deb aft
2214 204 Mid of N J lot ext be
261: 28
1940 * 0 924 93 4 9212 Aug'28
3
idl 26
Feb 26 s
Debentures ctts B
1
4
993
4
993 10014 9934
96% 967 Milw L S & West imp g 58_1929 F
4
_ 957 Mar'28
8
1940 MN
Greenbrier By lot gu as
.
3
100 8 1071 Mil & Nor 1st ext 4345(1880)1934 3D 94% 9812 98 MaY'28 _
Oct'28
93Gulf Mob & Nor let 5%8_1950 AO 104 11'1 104
_
97 July'28
5
99 104
Cons ext 434s (1884)__ _1934• D 93% 94
1950 A0 10112 Bale 10112 1011:
1st M be series C
93% 9514 May'28
107% 108: Mil Spar & NW lot gu 4s
1947 MS 92
- 10812 Sept'28
Gulf & S I let ref & ter g 58_81952 JJ 10814
.▪ 1
_ 90 Apr'28
1
97 4 107., Milw & State Line 1st 33.48_1941
1
:
: 6
10012 101 1001: 1001
,
Hocking Val let cons g 4128.1998 ii
_
Oct'28
52% 50
48
102% 10411 Minn dc St Louis lot cons 58_1943 M
10212 May'28
1999
Registered
MN 47% 50 473* Sept'28
2
:
971 10158
Temp etre of deposit
9814
Housatonic By cons g 58-1937 MN 9712 9812 98%
4 98
143
141: Sale 14
4
1st dr refunding gold 45_1949 M
983 104%
10214 104 10212 Sept'28
H & T C 1st g be Int guar....1937
15
15
16
102 10318
Ref & ext 50-yr be ser A..1962 O F 15
_ 101 102 May'28
Waco & N W cily let 60-1930 MN
88 14 27
98 102% M St PASSM con g 4s int gu'38 ▪ J 88 Sale 88
102 Sept'28
ioi
Houston Belt dr Term let 55_1937
3
99%
4
9818 993
96
let cons5s
10014 100%
1938 J
10012 Aug'28
Houston E a W Tex let g 58_1933 MN 10014
4 10018 22
9912 102
lot cons 58 gu as to int
14
1938 ▪ J 98% 10014 993
1933 MN 10014 1065; 9918 Aug'28
lst guar bs red
11
8 102
97ss 103
12
-year coil trust 6128...- _1931 MS 102 Sale 015
10
8 34
9918 Sale 99
993
Bud & Manbat lot 58 err A I957 FA
_
8634 95%
let & ref 68 series A
1946 3, 101 1021: 01 Sept'28
4 70
893
Adjustment income ta Feb 1957 * 0 89% Sale 89
4
92
25
1949 MS 92 Sale 9112
-year 5348
9518 July'28 ____
9112 9914
lot Chicago Term s f 48.....1941 MN 9312 5
Illinois Central let gold 48.-1951 1.3 92% 951 92 8 Oct'28
95
95
95 May'28
Registered
844 9mg Mississipp Central 1st 58___1949 3 1
2
99
99
.
851s 873 8612 June'28
1951 J
let gold 3%s
8
873
4 33
8M4 85 4 Mo Kan & Tex Ist gold 48-1990 J D 873 8712 87
3
4
853 July'28
ii
Registered
88% 88% Mo-K-T RR pr lien be err A 19023 I 10138 Sale 00% 101% 43
8612 June'28
88
Bxtended let gol..1 3128_1951 * 0 84
49
86
8
5
1962 J J 85% 851 85 8
76
74
-year 4s series B
40
74 Sept'28
74
1951 M
let gold 38 sterling
9258 931 93
9314 45
8
9112 io
Prior lien 4As ser D
5
88 4 96%
:
Collateral trust gold 48-1952 * 0 911 Bale 9112
4
3 90% 9818
94
93
6
9 8 45 3
Cum adjust Ss ser A Jan 1977 3 0 1033 Sale 0334
10414 42
93
MN 93
1956
let refunding le
58
8
8 101
83% 9018 Mo Pac let & ref 58 Ger A__ _1965 F A 993 Sale 993
86% 8318 Sept'28
1962 J J 83
Purchased lines 33s
141
79
85
77
86
95
1 97 LA S 78 Sala 78
General 4s
85 Apr'28
33
Registered
S 9914 Bale 994 10014 514
lst & ref 5sser F
8912 11
8
8814 04
7
MN 88 8 Sale 887
Collateral trust gold 45_1953
00% 004 Mo Pee 3d 78 ext at 4% July 1938 MN 9912 100
9134 Oct'28
MN
04 May'28
9
Registered
joii2 10814 10712 10758 11 103 11074 Mob & Bit prior lien g 5s....1945 3
03 Aug'28 _
1955 M
Refunding be
J J •-00 Apr'28 _
4 10812 11414
Small
11014 Bale 11014 11014
1936
-year secured 6%8 g
15
3
88
88
98 102%
4 42
1003
, gold
lst mali 4s
A 10012 Sale 100
Aug 1 1966
-year 4518
40
2
8712
87%
8618 974
- 8618 July'28
88
1960
Cairo Bridge gold 48
2
4
4
74% 76
923
38
7818 June'28
119455 A1 31
78% 8212 Mobile & Ohio gen gold 4s...1994 3 5 923 Sale 92%
Litchfield Div let gold 34 1051
947 F s
80
91
3
- 8078 Sept'28
Montgomery Div let g 58_ 1977 1A A 00% 100 4 993 Sept'28 _
3
80
Loulsv Div & Term g 3528 1953
2
9312 9438 93%
9418
76 Sept'28
475% 8638
Ref & M 4%e
A 74% 76
Mot
Omaha Div let geld 3s___ _1951
3
95 88
88
75
72
8
767 767 Sept'28
90
Moh & Mar int gu gold 4s_1991 M 5 88
St Louis Div & Term g 38_1951
2
106 Bale 06
106
8
3
. 89 8 Mont C 1st gu 68
857 July'28
80
1937 1
8018 87
3
1951
Gold 3320
101 104 0 4 Jan'28
13
88 Oct'27
80
1st guar gold 5s
Springfield Div let g 3346_1951
5g 8112 82
Oct'28
9
1037 3 3
Morris &Essex 1st gu 332s-2 00 3 0 80
A 91 IA 9012 Sept'28
Western Lines lot g 42......1951
92 Apr'28
A
9092
Registered
b
91%
F A
4
Nash Chatt & St L 46 Set A 1978 F A 9114 013 91%
DI Central & Chic St L & N 0
101 10412 01 Sept'28
10414 23 101% 1081 N Fla & S 1st gu g bs
8937
4
Joint let ref Si series A__1963 0 10418 Bale 104
18 July'28
8
967 9712 965
8 10012 12
96 101
Nat By of Mex or lien 4%.1 1957 3 1
1963
lat & ref 4%e ser C
_
8
4
3 .1 175
183 July'28
July 1914 coupon on
14% 1412 1412 Sept'28 _
92% 92%
Assent cash war rct No 4 on
-- 9218 July'28
861
Ind Bloom dr West let ext 48 1940
1912 ____ 871: Aug 25 ___
:
92 i
91
91 4- 7 91 Sept'28
f 4s
97
1977
Guar 70
-years
1950
Ind III & Iowa 1st g 4s
1514 19
17
89 88 July'28
86
92
88
Assent cash war rct No 5 on
Ind & Louisville 1st RU 48-1956
:
381 July'27
100 105
s Oct 1926
Nat RR Alex pr 1
10012 - - 100 June'28
Ind Union By gen 58 err A_1965
201g 21% 21
Oct'28
10112 10412
10112 Oct'28
Assent cash war rot No 4 on
10012 1965
Gen az ref 58 series B
1312 __ 22 Apr'27 _
1951
22 104 10812
lot consol 4s
105 Sale 1047
8 106
Int & Grt Nor 1st fis see A-1952
1114 12% 12% Oct'28
92
9914
85
39
Assent cash war rct No 4 on .
88 Sale 8714
Adjustment 68 ser A July 1952
7712 Feb'28
86% Nov'27
195418 N 83 86
77% 7 12 Naugatuck RR let g 48
7
Stamped
9818
1
9818 105
98%
2
94: 1017 New England RR Cons Se 1945.1
8
: 6
971
1958 3' 965 9712 96%
lst be series B
1
88
4
873 88
88
98%
s
951 102
Consol guar 4s
8
4
1958 33 9612 985 98%
1st g 5.4 series C
4
88
88
1946 F 3
4
9014
811s 9212 N J June RR guar let 40...A985 1 A
4
Int Rye Cent Amer 1st 58_1972 MN 853 8612 904
98 98 Sept'28 _ _ _ _
94 4 907 NO&NElstref&imp434eA'62J J 96
96 Sale 96
9612 13
5
3
1941 MN
let coil tr 6% notes
90 18 20
New Orleans Term let 45_1953 J J 90 Sale 90
91 100
4
4 29
973
1947 P A 973 Sale 97
lit lien & ref 6%e
8
99
99
52
38
42
N 0Texas & Mex n-c Inc 58_1935 A 0 98:8 100
4012 Oct'28
1938 3D 40
Iowa Central lot gold 5e
9912 25
37% 49
lot 5s series B
Sept'28
1954 A 0 98% 9914 99
40 42
39
Certificates of deposit ______
0218 10218
2
102% 103
1018 19
8 12 Oct'28
lot 5s series C
1951 MS 1112 125
Refunding gold 40
96
4
1
8912
1st 4%a series D
5
8812 9673
9 6F
19 6 T A 95% 953 96
3
Jernes Frank & Clear 1st 48_1959 3D 8912 9212 8912
3
:
,
1st 512s series A
4 15
9 j I
- 103 May'27
4ms 1954. O 1031 10414 0312 10313
1938 J J 994
KaA&GR 18tgug 5s
8218 96% N & C Bdge gen guar
1
4
963 Sale 963
96%
4
1990 * 0 8714 93 86 Sept.28
Kan & M let gu g 48
99
22
NYB&M B Istcong 53-1935 40 9812 Sale 98%
s
108 1081r 10734 1077
3
92Ig 97
Y Cent RR cony deb 66 1935 M
4 54
93
933
933 93
4
KC Ft S & M By ref g 4s. 1936 A
107 Apr'28
MN
9912 10312
Registered
100 __ _ 100 Sept.28
KC & M R&B 1st gubs_1929 A
4 31
913
72% 79 4
1998 P A 90% Sale 9012
Consol 45 series A
3
7512 Sale 7512
3
75 4 35
Kansas City Sou let gold 313_1950 A
10014 It
Ref & impt 412s series A 2013 A0 97 100 100
100 Sale 993
97 10314
4 100
17
Apr 1950
Ref & Inapt ba
a
1063
4 51
2013 AO 10612 Sale 1063
Ref & knot 58 series C
8812 95%
90 Sale 90
9114 30
Kansas City Term 18t 4s__1960
10614 June'28
AO
9314 91 Sept'28
91
Registered
91
Kentucky Central gold 413._ _1987
88
90
93% 90 Sept'28
:
961
Kentucky & Ind Term 4%8_1981
8212 30
811:
83
9018 96% NY Cent & Bud Riv M 3,128 97 .1 1 80
1961
9014 9314 9212 Sept'28
Stamped
1997 31 8038 Sale 80%
80%
Registered
98%
97
97 Sale 97
97
1
1961
Plain
0714 21
9938 10514
Debenture gold 48
1934 MN 96 Sale 97%
100 102 00
Oct'28
1937
let g 5s
Lake Erie & West
9718 Apr'28
▪N
Registered
8
9818 997 00 June'28
s
100 1047
1941
2d gold 58
93
Oct'28
3
' 915e 93
1942
-year debenture 4s
30
8612 8318 Oct'28
79% 871:
Lake Shr & Mich S g 3348_1997 .1 D 81
80
8014
12
Lake Shore coil gold 3348_1998 P A 797 81
_
81
8112 88
8112 June'28
19973 D
Registered
1998 P A 7718 7914 771* Oct'28
Registered
97 100
98
4
78
1931 MN 98 Sale 973
-year gold 48
25
8
4
785*
Mich Cent coil gold 3%8_1998 P A 784 Sale 785
4
99% 993
994 Apr'28
M N
Registered
8
763 ____ 77 July'28
1998 P A
Registered
:
8 103 1071
04% 104%
Leh Val Harbor Term gu 58_1954 F A
4
98
4
9
8
993 10211 NY Chic & St L 1st g 48....1937 A0 953 Sale 953
8
8- 993 Oct'28
Leh Val N Y let gu g 4%11_1940 J 1 993
9612 Feb'28 _
1937 A0 944
8814 88
Registered
4
8133 9312
90
24
Lehigh Val(Pa) cons g 4s___2003 M N 88
98
9712
1931 MN
13
91
-year debenture 48
25
89 June'28
89
MN
Registered
4 102
19
9034 10252
1931 MN 102 Sale 1013
2d 6s series A B C
5
2
99%
2003 M N 9814 99 4 99
General cons 4}is
1974 AO 10612 Sale 10611 1063
Refunding 5Hs series A
4 43
95 10012
95 Aug'28
MN _
Registered
8 1065e 22
4
1063 Sale 1063
Refunding 53211 series 8_1975
9 1z
5
8
10414 11114 NY Connect 1st gu 432s A-1953 P A 97% ..-. 981:
Lehlgh Val RR gen bs series_2003 M N 104% 106 10714 Oct'28
lot guar 55 series B
1953 P A 100 103 104 Aug'28
101
4 100% 10714
Leh V Term Ry let fru g 543-1941 5 0 101 10312 101
:
10378 103% N Y & Erie lot ext gold 4:3_1947 MN 918 ____ 921 Apr'28
1
103 0 Feb'28
A 0
Registered
*
93 4 90
8
995 June'28
9212
1933 MB 971: 100
3d ext gold 4%s
87
90
3
Leb & N Y lot guar gold 48-1945 M S 91
4th ext gold bs
100
3
1930 AO 99 100 100
3
4 105 115%
Lox & East 1st 50-yr 55 gu. 1985 A 0 108 110 105 8 106
88
9615 N Y & Greenw L gu g Ss_ ___1948 MN 9512 971 9514 Oct'28
88 Aug'28
Ser A....1962 MN 8814 92
Little Miami gen 48
8618 Mar'28
2000 MN
106% 10911 NY & Harlem gold 334o
1935 A 0 103% 10612 10612 July'28
Long Dock consol g 65
:
8518 Apr'28
Registered
102
MN
1 100 1031
3
Long Told 1st con gold feJuly 1931 Q ..1 100 3 - - 102
_ 80 July'27
4
9412 991 N Y Lack & W 1st & ref gu 1.81973 MN 10012
96% - 4 97% Aug'28
9931st consol gold 48____July 1931 Q J
100
First & ref gu 434* con....1973 MN
Oct'28
92
9812
92
1
1938 J D 92 Sale 92
General gold 48
:
Feb'28
92 1001 NYLE&WIst7sext
92 June'28
1930 MS 10018 1041 104
97
19323 D 96
Gold 48
10014
6
s
10014
: 5
881
87% 93% N Y & Jersey 1st 58
1932 P A 1003
93% 8812
1949 M El 88
Unified gold 45
90 Nov'27
98 10014 NY&NE Bost Term 4s___1939 * 0
Oct'28
4
1934.3 D 973 9814 99
Debenture gold 58
2
-130'8 8784 833 83
97 10112 NYNH AK n-c deb 4s____1947 M
1
9814
3
98 4 98%
_
1937 M N
-year p m deb 58
30
731: 77
73
1
Non-cony debenture 3Sis 1947 M
3
73 8
94%
90
1
: 9012
9114 901
Guar ShB 1st con gu bs Oct'32 M 8 90
7218 73%
11
Non-cony debenture 3%5_1954 * 0 73Ia 75
4
995 102
4
_ - 993 Oct'28
Nor 1111 B 1st con gu 58.0et '32 Q J
8
815
3
*
Oct'28
8714 941
: Non-cony debenture 40._ _1955 31 815 Salo 813*
Lou & Jeff Bdge Co gd g 48-1945 M El 99%- - 89
8914 9412
Non-cony debenture 48_1956 MN 81 Sale 81
8112 23
7212 Oct'28
8
725 75
Cony debenture 334e
1956 J
4
Cony debenture 6e
1113 Sale 11134 1123
1948 J
48
101 1031 108 Aug'28
.11
Registered
Collateral trust Os
10353
1940 * 0 103 Sale 103
6
1957 MN 747 761 757 Oct'28
Debenture 48
lot & ref Vis ser of 1927 1967 3D 897 Sale 893*
9018 204
Oct'28
Harlem R & Pt Cites let 401954 MN 893 - - -- 90
4
a
84
654 94'
ems
10414
-
81
b 1)ue Feb. 1.
Reap
Meer
Jas. 3.
Low
HO
1001: 106
93% 99%
100 102%
102% 105%
8
1045 11012
100% 109
97% 104%
100 1033
4
100 10214
8
925 9612
68% 71
•100 102%
Ws 9414
9012 9812
98 1003
4
994 10312
6918 79 4
3
75% 823
4
9912 101%
88
88
9918 1021s
3
100 4 101%
5
8
975 97 8
92Ig 921s
7712 8934
9812 100
9212 99%
8
985 100%
98
9914
12 9912
95
95% 97Is
90
90
01
42
57
40
14
23%
11% 21
9212
87
98% 100%
98 101
7
99 8 103%
100 1031
4
:
911 96
95% 961
4
98 100
92%
85
99 104%
8514 92
12
90% 99%
10118 10912
8
9832 1031
7814 83%
98 102%
9114 9712
103 103
9950 100
84% 98 0
1
92%
82
92% 98
1
4
993 105 8
3
92% 99 4
971e
88
7
106 112 5
1004 1004
79% 83
90
101
18
18%
12
96%
104%
18
18%
21
s
"iiT
22
93*
110.
-58- 1023*
98
88
88 100
95 102
8812 95%
9511 100
98 10112
100 105
93 100%
102 106
96/4 100
98% 101
8 93*
1053 10
107 107
4
893 9712
9818 10412
104% 11034
10614 10614
79% 87%
77% 8512
9312 99%
97% 98%
91% 99
77% 8611
7618 82%
78
87
88%
77
92% 984
98% 9515
5
9 % 10012
10012 103
10
105 1078
7
1043 107 4
4
3
951: 10212
1001 1054
: 1
921: 9212
99% 10014
100 100%
94 100
86% 8
712
8518 85%
for
leo' un%
73%
7018
785
8
79
7012
1113
4
98%
103
72%
11T
89
8814
81%
88%
8812
80
118%
115
7
105 2
Ms
904
93%
New York Bond Record-Continued-Page 4
BONDS
111 T STOCK EXCHANGE
Week Ended Oct. 5.
iu
is 3
Vt
1927
Prue
Week's
BONDS
Range
Week's
i
&MN
Range or
Friday
Mace
N. Y. STOCK EXCHANGE
FrUktv.
rnce
Range or
Saw
t
Oct. 5.
Last Sale.
Jas. 1.
Week Ended Oct. 5.
,
a.
Oa. 5.
431
Last Sale.
Am. 1
---- -__-844
A a Low
High No Low
Moll
tisa
Ask Low
HOD No. Low
N Y 0de W ref lit g 4s.June 1992 MS 7412 773 74
7412 14
4
TA SON St L-San Fran pr lien 4s A...1950
Reg 95,000 only June 1992 MS
7612 Apr'28
764 78
Con M 4395 series A
1978
gat 88%
e
4
893 316585
8 4
9
General 4s
8857
4 997
3
%
-a- /jig 70
1955 .1
70
2
68
Prior lien 55 series 13
80 4
5
1950 1 J 10018 Sale 100
10112 44
98% 1044
N.Y Providence & Boston 45 1942 * 0 877 -- - 8758 Oct'28
8
Income series A 68_July 1960 Oct
873 96
8
10138
10112
2
994 1024
Registered
*0
893 Jan'28
4
895 894 St Louis & San Fr 113 gen 68.1931 ./ J ___ 101 10212 Aug'28 --__ 100 105
4
.
,
NY & Putnam 1st con gu 4s 19,3 A
_ _ _ _ 92
89
89
4
General gold 59
88
964
.
1931 3 3 10014 Sale 100
10014 12
N Y Busq & West let ref 58.1937 ii 8312 86
994 1034
8318
8312
3
8014 9212 St L Peor & NW 1st gu 5s
1948 J J 10112 Sale 10112 10112
1 10112 111
2d gold 439e
1937 FA ____ 775 773
4
1
s
773
Louis Sou 1st gu g 4s
4
77
831 St
1931 M 8 _
:
9714 9758 Apr'28 - -- 9738 9738
General gold bs
1940 FA 70
71
1
69%
69%
68
804 st. L S W 1st g 4s bend ctfe _1989 M N 8614 8612 8812 Sept'28 --__
79
93
14
Terminal let gold fa
1943 ▪ N
9912 101
9912 Aug'28
8912 loal
2d g 4s Inc bond ctfs.Nov 1989 3 3 83 Sale 83
844
82
7
N Y W-chee & B 1st ser I448 '46 3 .1 8512 86
8711
8514
8612 22
Consol gold 48
8311 92
1932 3 0 953 Sale 9512
4
96
52
9418 99
Nord Ry ext'l 8 f 639a
1950 A0 10212 Sale 10178
10212 44 100 103
1st terminal & unifying 54.1952 1 .1 994 sale 9812
9914 24
967 1034
Norfolk South let & ref A 58.1981 FA
9112 Sale 9018
9112 23
St Paul & K C Sh L 1st 4;98_1941
90
97
9314
9312 28
9118 08
Norfolk & South let gold 56_1941 MN 985 - - - - 10134 Oct'28
8
St Paul & Duluth Ist 58
9812 Ion
1931
1 21 1
1014 99 June'28 - -__
149
99
let consol gold 48
1968 J 0 90 8 __ _ 9312 Sept'28 - -__
904 964
5
Norfolk & West gen gold 681931 M N 1023 1033 10134 Sept'28
4
9
1013 10512 St Paul E Gr Trunk let 4398_1947 3 J
4
95 foo
9718 June'28 - -- 9718 97 8
3
Improvement & ext 68_ _ - _1934 F A 104
10478 Aug'28
1047 107
8
New River let gold 813 .___1932 A 0 103 105 103 July'28
11)3 1065 St Paul Minn dr Man con 48 _1933
4
9634
963
4
1
9518 98 8
N dr W Ry 1st cons g 45 _ _1998 A 0 925 935 925
3
8
8
8
9318 11
1933 j 181334 7011:12 10312 Sept'28 ---_ 10312 11118
lst consol g 68
897 98%
8
j
4
Registered
1996 A 0 96
963 9012 Sept'28
4
Registered
9012 981,
3 3 103 106 1063 Nov'28 --- - 1065 1063,
4
DWI 1st Ilen & gene 4s_ _ _1944 3
4
9318
93
9312 93
9218 96.
69 reduced to gold 4 sss __ _1933 3 3 993 -_ 94
8
3
4
Oct'28 --- 94 101'.
10-yr cony fla
lilg,
c ig
l
1929 M S
175 July'28
Registered
175 1901,
3 .1 965 6i 9912 Jan'28 - -- 8
12
Pocab C & C joint 45
1941 J
9218
9114 870.
92
9212 18
Mont ext 1st gold 4s
1937 .1 D 92
9614 94
Oct'28 ---i
North Cent gen & ref ba A....1974 111 113 1077
4 106.8
2 9812
8
108 Aug'28
guar 48 (sterling)'40
Pacific ext
10734 108
Sale 9334
Gen & ref 4398 ser A @tad --1974 M
10493:g 9458
933
881
4
_ _ 103 1003
12
4 1003
2
4
9818 101% St Paul Un Dep 1st & ref 58.1972 13 j1T4 107 10512 Oct'28 ---3 1
North Ohio 1st guar g 65 _ _1945 A 0 46
9612 9512 Sept'28
S A & Ar pass let gu g 48_ _1943 1 J 9012 Sale 9012
95 103
9112 17
8738 9434
North Pacific prior lien 48...J997 (.1
917 Sale 91
8
92
50
89
97
1, Santa Fe Pros & }then 1st 58 .1942 IX( IN
9 S
)
a_le_ 100
_
1 100 109
100
Registered
1997 Q
89
89
5
Say Fla & West 1st e 0s
88
1934
97
104
Oct'28 - - -- 10014 109
Gen lien ry & Id gt 3s_Jan 2047 Q F 6512 Sale 6514
6212 721
665
1st gold 58
8 25
1934 A 0 994
__ 10712 May'28 - -__ 10712 1074
Registered
Jan 2047 @
6514 633
635
8
4
5
834
6334 697 Scioto V & N E let gu g 98._1989 M N 9212 13
4
95 Sept'28 - -- Ref dr inapt 4398 series A._2047 J J 9912 10012 9958 Oct'28
9212 98
Seaboard Air Line 1st g 4s._..1950 A 0 76
97 108
85
75
75
2
Ref & inapt 68 series B.._ _.2047 I 3 112% Sale 11214
76
1351s
113
21 111 11714
Gold 4sstamped
1950 A 0 7418 Sale 7312
7418
13
Ref & Rapt ba series C__ _ _2047 J
72
e
887
10412 110 1045
8 104%
AfJustment 5s
6 1035 1094
8
Oct 1949 F A
43 Sale 40
4334 257
40
Ref & Impt ba series D._ _ _2047 3 1 10412 Sale 10412
8212
1043
4 14 i3238 109
1959 A 0 633 Sale 60
Refunding 45
.
5
4
633
Nor Par Term Co let g135._ _1933 3 .1 1093
4 62
57
724
4 -- - 10934 June'28
_1945 M S 8012 Sale 77
107 110%
let dr cons 65 series A
81
461
Nor fly of Calif guar g Ea_ _1938 A 0 102 19514 107 June'28
73
96 4
3
Registered
105 107
M S
__ ____ 85 Mar'28 ____
7 15 86
5
Atl & turn,30-yr let g 4s_d1933 M 8 975 90
8
8738
North Wisconsin 1st 60
87%
I
87
96
1930 3 J 9918 10214 99 Sept'28 _ _ _ _
99 102% Seaboard All Fla 1st gu 6s A.1935 F A
7518 Sale 70
135
Og & L Cham lat gu g 48_ -1948 J J 8212 83
68
7514
941
s
Oct'28
82
_
Series B
1935
7818 8814
75 Sale 69
32
Ohio Connecting fly 1st 4s_ _1993 M S
75
69
943
8
953 Nov'27 _ _ -Seaboard & Roan 1st 5s extd1931
1 98 100
Ohio River RR 1st g 58
98 Sept'28 ____
98 1001
,
19383 D
104
Apr'28
__
103 fa- So Car & Ga lot ext 5396_ _ _1929 M N
5
99% 101
9958
9953
1
General gold be
99 1014
1937 A 0 ioo 161 10112 June'28...
& N Ala cons gu g 55
1936 F A 101 1025 10018 Aug'28 - -__ 14/0 105
10112 1046
8
Oregon RR & Nay con g 413_1946 3 D 92
9412 2
92
1
Gen eons guar 50-yr 55_ __ _1963 A 0 104 10812 11458 May'28 --__ 1144 115
9114 98
Ore Short Line 1st cons g 58.1946 J J 10514 Sale
10514
10512
3 102 1113%
Guar atpd cons 53
1946 J
1053 106 10512 10512
4
1 10512 1115 So Pm coil 45(Cent Pao 94)11)8'49 .1 D 9114 Sale 90
877 95
9214 37
Guar refunding 4s
19293 D 987 Sale
8
Registered
99
38
98 100
J D 853 893 88 Mar'28 - -- 8
8
Oregon-Wash 1st dr ref 48_1981 3 J 897 Sale 9834
8
88
8
June 1929 M 8 99 Sale 9878
-year cony 4s
897
003
213
8
4 33
884 9412
Pacific Coast Co 1st g bs_ _ _1948 3 11 74 Sale
984 100
9914 13
4
12 10
1st 4345(Oregon Lines) A_1977
74
74
735 881e
4
101
Pao RR of Ma let ext g 48_ _1938 F A 93
22
6
4 10023
9318 Sept'28 _ _ -20-year cony 55
1934
9134 96%
1023
9578 031
00
5
4
2d extended gold be
1( 2
9
T4
1 196 10 4 4
1938 .1
9712 110 10012 10012
12
Gold 4398
1968
1 10012 102%
Sale
Paducah & Ills 1st f 43.98_ _1965 3 1 ____
993 1005 July'28
San Fran Terml 1st 414 ___ _195(1 7-8 F014
8
4
_ 100% 101%
9014
91
22
"
88 8 96
5
Paris-Lyons-Med RR ext1(38.1958 F A
9918 Sale 99
Registered
9912 96
96 1007
A 0
8
July'28 ____
893 90
4
Sinking fund external 78_ .1958 M S 10312 Sale 10312 10412
92 1014 1054 So Pac of Cal lst con gu g 58_1937 M N jai, lg(138 14 June'28 --__ 106 ros
/
134
Paris-Orleans RR ef7g
1954 M S 957 9614
8
4
9512 gm
9512 Oct'28 _-__
External sinking fund 53951968 M 13 9578 Sale 1023 Aug'28 _ _ -- 101 10412 So Pac Coast let gu g 4s_ ...1937
96
9553
So Pac RR 1st ref 48
45
1955,
93
3
96%
9214
Paullata Ry 1st & ref of 75.. 1942 rd 8
93
91
44
98
14
10212 Sale 10212 10212
Registered
5 10114 10411
_ 96 Apr'28 --__
98
96
Southern Ry 1st cons g 58_ _ _1994
f ..
11014
f_
Pennsylvania RR cons g 4a.. _1943 M N
110% 36 108 11912
July'28
Registered
975
4
9738 9914
3 j lOgl8 _
1
i4
11518 Apr'28 _ _ _
Consol gold 4a
. 110 1154
1948 MN 9418
Devel & gen 45 serles A. _1956 A 0 884 Sale 88
Oct'28
93
93 100
48 sterl stpd dollar.
853 93
884 121
4
May 1 1948 M N 927 _
8
_9314 Oct'28
Registered
9218 99
A0
_ _ 8714 Sept'28 ____
Con8olidatedef4o
8714 8714
1960 F A 1023 1023 103
8
Develop & gen 13s
4
103
18 100 107
1956 A V 1. 4 Sale 115
BiGeneral 4398 series A
11514 17 1134 121
19653 D 10018 1003 10018 101
Develop & gen 639a
4
97 8 10478
40
1956 A 0 19118 Sale 121
7
General be series B
12318 49 1173 127
4
1968 .1 D 10814 Sale 1073
Men,Div 1st g 5s
4 109
13 1045 116
1996; ; 1& 1.22 10512 10512
4
10
-year gecured 7a
:08 3a
1
1 104 11818
1930 A 0 1027 Sale 10234 103
8
St Louis 13Iv 1st g 45
64 10234 10571
1951
15
Sale 9018
-year secured 630
877 94
9018
6
8
1936 F A 11014 Sale 11014
East Tenn reorg lien g 5a _ _1938 M 6 _ __ 10138 10518 Aug'28
11012 88 1087 1184
8
Registered
-.... 10414 10511
F A
112 Apr'28
Mob & 01110 coil tr 43
112 112
1038 M S 5214 933 02 Sept'28 - -__
40
-year secured gold 5&._1984 M N
4
913 Ms
4
8
10412 61 1013 106%
4
Pa Co gu 339a coll tr A reg__ _1937 M S 10314 Sale 1027
Spokane Internal Isle 55_1955 3 1 823 8412 8234
88
88
1
877 93
8
Guar 339e coil trust aer 6_1941 F A
4
85 ___2_
9112 102
8
9
90
4
Staten Island lty let 4395_..1943 J 0
875
875
8
8
1
8718 92
Guar 339e trust cite C._ _1942 J D 87% 00
_ 85 Nov'27 __ _ _
0 Apr'28
8914 901 Sunbury & Lewiston 1st 48_ _1939
.
Guar 3399 trust etre] D.._ _ _1944 3 D
95 Apr'28 _ _ _ _
-SS- ii/i 4
1Superior Short Line 151 58..e1930 M B
8712 _ _ _ 8812 July'28
8812 90%
Guar 15 -year gold 48_ _1931 A 0
9978 Apr'28 ____
-25
99% 99 4
1
98
4
Term Assn of St List g 43914_1939 j 1 :
9814 973
99
96% 100
3
Guar 45 eer E trust etre_ _.1952 16 N
t 2 lig 11;11-1:8 10114 Aug'28
3
7
9014 9412 977 Sept'28
lat cone gold 5s
8
1944
90
961
.
Pa Ohio & Det lat & ref 4 MeA'77 A
103
Oct'28 ____
1015 107
8
0
Gen refund s I g 45
975
8 18
9514 102
1953 1 3 gg
Peoria & Eastern let cons 45_1940 A 0 9712 Sale 974
883
4 99
87
94
8654 873 863
Texarkana & Ft S lat 5;95 A 1950 F A 1023 3 '2 8818
87
4
835 92
4
8
8
Income 48
8 1 10238
1033
4 15 1017 10711
April 1990 Apr
8
3718 48
4012 Oct'28
Tex & N 0 corn gold 5s
1943
8712 601
4
Peoria & Pekin Un 1st 539e...1974 F A
100 Oct'28 ____ 100 10313
105
_ _ -- 103 Sept'28
10214 10811 Texas & Pac 1st gold 55
2000
Pere Marquette 1st ear A 68_1956 J
10812 l0 12
8
10712 116
104 1047 1033
8
2d Inc5s(Mar.28cpou)Dec 2000
4 104
2 10013 10512
let 45series B
100 Aug 27 -1'
1958 J J 92 Sale 0134
8812 98"
92
Gen & ref .55 series B
1977 Al ar i01:4 Ei4;141-e! 101% 10218 --37 1661- 16419
2
( 6 2
)
11 .
8 - La Div B L 1st g ba
1931
Phlla Balt dr Wash 1st g 48..1943 MN
100
10012
3
9912 1017
95 Aug'28
Tex Pac-MO Pac Ter 5396
94% 100
1964
General bs series B
1.0712 10712 1 1 100 109
05
12
1974 F A 10512
3
%
10514
Tol & Ohio Cent ist gu 53_1935
10514
1 10414 114
PhIlllppine Ry lst 30-yr 81481937 3 1
3 100
___ 100
100
1
103'
3
42
4012 Oct'28
Western Div 1st g 55
40
1935 8.
4212
Pine Creek registered 1st 613_1932 I 0 41
! 9812 103 100 Aug'28 ____
9814 103
10212 10514 104 June'28
General gold 5s
104 106
1935 1' il 99 100
PCC&8tLgu4399A
9934 Sept'28 - - -1940 A 0 10018 10012 10018
993 1013
4
8
Toledo Peoria & West let 48.1917 3 J_ 19
10018
997g 102
5
Series 13 439s guar
15 Nov'27
1942 A 0 100 1003 100
4
100
99 10213 Tol St L & W 50-Yr g 411
2
1950 A 0 9212 Bale 9012
Series C 439s guar
9212 11
1942 M N 99 100 100 Oct'28
8914 .
- 01
9 ;
997 10218 Tol W V &Ogu439eA
1931 J J 973 ____ 983 July'28 ____
8
Series D 49 guar
4
8
1945 M N
985 10084
8
98
_
07 Aug'28
lst guar 439s serIes B
97
99
1933 J 3 973 __-- 9734 Aug'28 ---_
Series E 34aguar gold _1949 F A
4
073 10318
4
9714 Sept 28
Ou t
97
1st guar is series C
1942 M S 9414
Series F 49 guar gold
101
101
1953
5 101 101
0
97 Aug'28
Tor Haul & Buff 1st g 48_ _ _1946 I D ____ 9354
97
97
Series G 4a guar
9334 Sept'28 - -__
1957 M N
933 94 4
8
3
06 July'28
96
9718
Series H con guar 45._ _ _ .1960 F A
974 July'28
97
974 Ulster & Del 1st cons g bs. _ _1928 3 121 60
&Mee I cons guar 4395_ _ _1943 I' A 10112
:
63
6212 Oct'28 --__
584 76
101
Certificates of deposit
4 101 1054
Series J cons guar 439s_ _1984 M N 10112 10312 101
5712 65
63 July'28 ____
82
63
let refunding g 45
98 105
4
1952 A 0
_99 Sept'28
General M Se series A.
3812
3814
._J970 J
6
32
46
10714 108 i0714
10714 11 10414 11412 Union Pacific let RR & Idgt 48 '47 1 1 3614 Sale 3614
Registered
9418
9418
953
4 30
J D
9314 99
11338 Jan'28
Registered
113% 113%
Gen intga guar 5885de/30_1975 A 0
3 3 9212 95
9238
92%
2
9112 9712
1073 1085 10714
8
;
10714
1st Ilen dr ref 48
11 1043 11518
8
June 2008 M8 90
Registered
9012 90
A 0
90 12 30
894
11312 Jan'28
Gold 43914
11312 11312
1967
...i 98 Bale 98
.
95% 1011
98% 87
,
let lien & ref be
Juno 2008
EMU Mel{ & Y lit gu 65_ _1932 J J 105
b 1083 10912 10814
8
10814 10 108 1164
166_ 105 Sept'28
40
-year g 45
105 105
1908 J D 8812 Sale 88
2d guar 68
1934 3 3 10112
854 89
885s 63
10338 June'28
U N J RIt & Can gen 45
10318 107
1944 M 8 92
Pitts Sh & I.E let g be
1940 14 0 1003
9512 94 July'28 -._
931s 9914
8
10014
10014 10 10018 100
Utah & Nor 1st ext 45
1933 .1 1 93
1st consol gold be
1943 -Ii 1003
9712 9834 Nov'27 _ _ _
8
10014 Aug'28
_ 10
014 1004 Vandalla ,one g 45 series A 1955
Pitts Va & ('bar 1st 4,
1943 MN 9018
9514 Aug'28 ____ -9ii.4 "if9018 Sept'28
Cons,f 4s series II
9018 0018
Pitts Y & Ash 1st 4s ser A__ _1946 3D 935
1957
9412 9913
_
9412 Oct'28 _
8 09
95 June'28
9413 974 Vera Cruz & P assent 4398
1934
1st gen be 'erica 13.
1962 F 14 103
1714 I9
1812 Oct'28 ____
174 28
14
108 June'28
108 1084 Virginia Mfd 56 series F
1st ceo bs series C.
1931 ii's 97's-- _ 10014 June'28 -___ 10014 10112
1974 3D
General be
1931; MN 101
Providence Secur deb 4s__ _ _1957 MN
8 100 10334
7212
71 164 Va & Southw'n 1st gu ba__ _ _2003 .1 0 0 8 1014 10053 10038
Providence Term let 45._ _ _1956 MS 84 Sale 7618 Oct'28
.1 92 Sal e 9 %
85
l
92
8
9838
1
9814 10N4
84
84
1
84 . 9114
Ist eons50-year 5s
1958
Reading Co Jersey Cen coil 4s bl AO 92%
92 103 4
9212 18
3
9212
93
42
Virginian fly 1st 58 aeries A.I902 M N 10514 Sale
91% 97
Registered
* 0 99
Sale 10514
1064 71 104 Ion
043 June'28
4
94% 9514 Wabash RR let gold Is
Gen & ref 4398 series A...1997 J
1939 N N 102 1024 10218
10212
8 l013 lows
4
983 Sale 0834
9
993
8 26
98 104%
2d gold 5s
Rich de Mock 1st g 48
1939 F A 10018 101% 100 Sept'28 --__
1948 M N - - - - 8212 7918 May'28
9814 10413
Ref & gen a f 539s ser A_ _ _1975 1:1 8 10
794 8214
Ricbrn Tern3 fly 1s1 gU be _ _1952
. 3 1031 Sale 10312 1033
15
:
102 10412 June'28
4 35 10214 107%
1044 1044
Debenture 11 65 registered.11139
Rio Grande Juno let gu 541_1939 D 994 104 10012 June'28
10014 10112
1st lien 60-yr g term 4s_..1954 3
Rio Gninde Sou 1st gold 48..1940 J
.1
-iiii, ii8
5 May'28
414 5
Det dr Chi ezt 1st g ba_ __ _1941
Guar 46 (Jan 1922 coupon) 40 J
1053 July'28 -- -- 102 1St
4
712 Apr'28
Des Moines Div 1st g 49._1939
b
Rio Grande West let gold 46.1939 J J
712
02
90
Oct'28
_
90
Omaha Div let g 3A 8 _ _ ..194 I j
let con & coil trust 4. A_ _ _1949 * 0
9512
A
86
83 8 88 4
3
837
8
84
8314 90%
10
93
To!& Chic DIY g 45
RI Ark & Loule lit 4 he_ _1934 II 8 84
1941 PA 8 9038 93 4 933 Sept'28 ___
3
4
89
9412 Sale 94%
954
95
63
91
9918 Wabash fly ref & gen 53 B 1976
Rut-Canada 1st gu g 48
9714
1949 J J 7918 84
36
7918 Aug'28
7918 841
Rel dr gen 4315Ser C
4
Rutland lat con g 4398
-1978 F 2 9958 Sale 9 4
1941 J J 90
9012 - - -- 9 2
011
9
9954 44
91
88% "
933 99 July'28
1 4
94
4
93
96%
Warren 1s1 ref gu g 3395__ - -2000 F A
St Joe & Grand Iii 1st ri 48_1947 11
83 Mar'28 __
83
874
88
-- 86 Sept'28
86
Wash Cent 1st gold 4.1
92
3t Lawr & AdIr let g fa
1948
9058 Mar'28 ____
1996 J J too
90 8 90%
100 Aug'28
3
100 100% Wash Term let gu 3398
2d gold 85
1945 1%2 ____ 88
_ 108 Aug'28
1996 A0 10512
86
86
3
831g 91
los 108
8t L & Cairo guar g 45
-year guar 46
let40
1945 F A
go
___ 9212 Oct'28 __
1931 g j 9712 gale 9712
88% 96
9712
3
96
98 g W Min W & N W Int gu ba _ _1930 F A 99 foo
7
MLR Mt &Bgencong 56_1931 A0
9914 Aug'28 _ _ _
100 Sale 9978
9838 101
1003
8 95
9814 10214 West Maryland 1st g 45
StamPed guar 5e
1952 A 0 80 Sale 7912
1931 * 0
101
80
7813 87
10134 Dec'27
14
let & ref 5341368de, A _ _1977 .7 1 Ms Sale 9814
Unified & ref gold 45
1929
985
8 48
.1 9854 Sale 98%
9612 1031,
983 265
4
98 far; West N Y &Pa lstg be
1937
Wv&GDlylstgO
11:T Bltle 10138 10158 11 100 104
9: i
1933 MN 9412 Sale 9418
95
87
94
Geo gold 46
It L M Bridge Ter gu £6.
97114
16
1943•'
1
90
9014
-1930 £ 0 10014 10012 10014
2
88 8 9434
5
10014
2
981a 1011 Western Pac Mt ser A be__ _ .1946 168 98 Bale
4
9812 15
9744
9718 101
Registered
is
rs 89
9718 ups
88 Sept'28 ____
West Shore let 45 guar
2381
89
87
88
22
Registered
2361 3 3 863 Sale 8612
4
87
12
1141 W1
8V96
:1
1'3
Ho.
L I gr4
7 g 2?i,1818, 9679
. , i4
I
212,Sale
M i MI VA
.1
981
/
4
L
L A 94, _ _
_
931,
99.8
1 12% -8-8-78 21781J'ulanYeT8::::
4 Ms -g3-4 N53.8 ,t0 ----
(e
:
7:
t
Due May. s Due June. 8 Due
AWFUL
New York Bond Record-Continued-Page 5
1928
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 5.
7.
.2
Price
Friday,
Oct. 5.
k
BM
Week's
Range or
Last Said.
Ask Low
Wheeling de Lake Erle9158 96
1930 P A
Ext'n de Impt gold 55
Refunding 4 Ns series A._1968 M S
1966 MS 97 102
5s series II
Refunding
1949 MS 8834 9018
RR let consol 43
1942 ID 6914 71%
Wllk&Eastlstgugls
1938 J D 10014 104
WM de F 1st gold 58
911
Wineton-Salem S Mt 4/1_1960 Ji
83 Sale
WM Cent 50-yr let gen 48_ _ _1949
Sup de Dul div dr term let 45'36 MN 93 Sale
.• 1
1943
Wor & Con East lst 4 Na
44
8
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 5.
Range
Maw
Jas. 1.
High No. Low
High
100 Sept'28 ---9134 Oct'28
98 Aug'28
1
4
883
4
883
5
71
71
4
1035 MaY'28
92 June'28
8312 13
83
2
93
93
9238 Mar'28 __--
100 1004
9134 10214
98 102
8818 04
13718 791
10334 1044
93
92
4
818 924
934
88
V"
92
59
2
21
90
87
8
100 109 4
818 10
4
1
/ 10
3
98 1028
pot
pg
104 10811
93
79
100 1044
MI 1024
97
92
INDUSTRIALS
58
90
88 Bale 8712
9613 95 Aug'28
95
4
1083 1163 1143 July'28
4
4
9614 32
95% 96
9314
8
92
91
944 9118
6
76
747 Sale 74%
Oct'28
100
100
4
973 9712 Oct'28
97
4 11
973
4
9612 973 97
9
4
4
1033 Sale 10354 1043
1
99
9712 99 99
1014 Sale 10114 101% 23
264
117
117 Sale 114
105
95
93% Sale 9318
3
10114 1011± 11412 115
8
10212 ---- 1048 Aug'28
55
106
106 Sale 10434
1
104
10514 106 104
10212 48
10218 Sale 102
2
7
0 10214
10 14 8.1. 105 July'28
5
10714 10814
3
94%
1
/
944
9412
5
1037 Sale 103
4
1
/ 31
103
3
11712 11912 11712 118
17
97
97 Sale 97
46
94
93 Sale 93
1937 P A
Gen Mot Accept deb 64
1940 FA
Genl Petrol 1st.155
1952 A
Gen Ref,' isle(6* sec A
Good Hope Steel & I sec 78..1945 AO
Goodrich(B F) Co lst 6439_1947
Goodyear Tire & Rub 1st 55.1957 MN
Gotham Silk Hosiery deb tis _1936 JO
1940 P A
Gould Coupler lat f 65
Gt Cons El Power(Japan)7s_1944 A
1950
Ist&genstS43s
Great Falls Power lets 155._1940 MN
Gulf States Steel deb 5439_1942 ID
Hackensack Water 1st 48_1952
1930 MS
Hartford St By 1st 48
1952 P A
Havana Elee consol g 58
1951 MS
Deb 5 Ns series of 1926
ser A 1934 AD
Hoe(R)& Co 1st(pis
Holland-Amer Line 63 OW 1947 MN
Hudson Coal lets f 53 ser A 1962 JD
1940
Hudson Co Gas 1st g 53
Humble Oil& Refining 5545.1932 3 J
1937 *0
Deb gold 55
ID
Illinois Bell Telephone 58_
1940 A0
Illinois Steel deb 443s
1946 A0
Ilseder Steel Corp at 73
Indiana Limestone 181sf 68-1941 MN
1930MN
Ind Nat Gas & 01153
1952 M N
Indlana Steel 1st 55
Ingersoll-Rand 1st Si Dee 31 1935 3 .1
1978 A 0
Inland Steel 1st 443s
Inspiration Con Copper 6345 1931 M
152
103 Sale 10258 103
10014 10114 10012 10012
4
102 Sale 102
1024
98
9814 98
2 15
987
10718 Bale 10672 10712 46
bi% 226
9112 Sale 9118
1
0918 997 997
8
997
7312 7112 Oct'28
72
47
0818 Bale 98%
99
9514 Bale 9514
9518 29
10414 10614 105
Oct'28
12
98 Sale 974
98
___ 8813 88 Sept'28
-9513 ____ 95% Mar'28
2
84
85
84
84
2
70
70
711 70
22
94
93 Sale 9018
2
10334 ___- 10334 1034
4
893 Sale 883
4
4 56
893
a
104
104 Sale 104
10114 Sale 10014 1014 61
100
4 100
997 Bale 993
4
1045 Sale 10414 1044 32
91
9914 Sale 9814
9 4 17
8 10138 16
10111 Sale 1005
42
90
89 Sale 88
3,
08
9718 9911 98
14
1031
8 10314 1025
1025
- 102 Sept'28
4
9314 82
93 Sale 923
51
101
10114 1011± 101
104
106
76
49
1
99
9714
100
10634
1021i
9918
10184
4
1
/
109
Ng
Am Telep de Teleg eolltr 48_ _1929 J J
1930 51 El
Convertible 48
1933M 8
-year cony 443is
20
1946 J Et
-year cull tr 58
30
1.1 D
Registered
,J
1960
35-yr s 1 deb 58
20
1943 M N
-year s f 5401
jibto A 0
Am Type Found deb 68
Am Wat Wks& El col tr 58_ -1934 A 0
1975 M N
Deb g 6s ser A
1947 J J
Am Writ Pap let g Di
Anaconda Cop Min let 68.-1953 F A
Registered
1938 PA
-year cony deb 75
15
Rec1stered
Andes Cop Min cony deb 75.1943 JJ
Anglo-Chilean s f deb 7s.....1945
Antilla(Comp Asue)74..._1939 ii
Ark de Mem Bridge de Ter 55_1964 M
1939 J D
Armour & Co IN 4 Ns
Armour & Co of Del 5Ne -1943 ii
Aesociated 0116% gold notes 1935 MS
1947 J D
Atlanta Gas L 1st 53
D
Atlantic Fruit 79 ctts dep_ _1934
• D
Stamped Ws of deposit
9912 192
99 Sale 9872
3
97
9613
4
953 97
4
993 Oct'28 ._._
8
997
18
104% Sale 10412 105
3
105 8 Feb'28
2 105 4 188
3
105 Sale 1047
119
107% Sale 10714 108
9
2
2 1047
101 1041z 1017
9912 15
99 Sale 99
4 34
4
1043 Sale 10212 1043
8912 164
8912 Sale 8712
10512 217
10512 Sale 105
10414 Sept'28
_
138 ?gide 13634 141% 413
137 Sept'28
163 4634
16212 Sale 15314
92
0514 Sale 95
97
8712 Sale 86
8712 18
10112 10212 10112 Sept'28
2 76
933
93 Sale 9234
9312 149
2
3
933 Sale 92 4
4 29
10212 Sale 10212 1023
10312 - - 107 June'28
- 16 July'28
s
125
__
2
125
15 July'28
AU Gull &WIf3SLcoltr 54_1959 .1 7
1937
Atlantic Refg deb 58
Baldw Loco Works 1st 58.._1940 MN
Baragua (Comp Az) 7433_ _ _1937
Bernsdall Corp 138 with warr_1940 Jo
Deb 6s (without warrant).1940
Batavlan Pete gen deb 4435_1942
1938 J
Belding-Hemingway 65
I
'
Bell Tele') of Pals series B..1948
1960 AO
1st & ref 55 series C
Berlin City Elec Co deb 61441951 J o
•0
& Undg 6 Na .1956
Berlin Elee
N
Beth Steel let & ref 53 guar A '42
30-yr p m Imp f 52...-1936 J
•A
Cons 30
-year 6s series A 1948
1953 P A
Cons 30 year 5438 sec B
1950 ▪ B
Bing & Bing deb 6 %a
1034 AO
Botany Cons Mills 643s
1934 MS
Bowsaan-Bilt Hotels 75
B'way & 7th Av let con 58.1943 J D
RR let 58_1941 J
Brooklyn City
Bklyn Edison Inc gen Is A...1949 J J
J
Registered
1930 J J
General(la series B
77% 49
72 4 8315
7612 Bale 7612
5
7
2
101
977 1081
10112
10112 _
1 10612 1081.
107
107
106
1 10012 10834
10012 Sale 10018 10018
9414 1234
12112 Sale 11012 12332 1664
89% 93%
5
933 780
9312 Sale 93
oats 190
8
907 9412
94 Sale 934
2 20
90
917
PA
90 Sale 90
8 10614 16 104 1094
4
1053 10614 1055
5
1083 Sale 10814 108 4 11 106 113
98
1)47
2 44
94
9412 Sale 94
93
9711
,
4
943 Bale 94
4 46
943
99% 104.
5
7
102
102 Sale 10134
99 108
10114 28
10014 Sale 10014
4
1043 120 10218 1064
2
1043 Sale 104
9912 105
10212 Sale 10212 10314 25
9514 99
20
98
9814 98
98
4
663 8/9.
9
3
6712
6712 Sale 66 4
10414
99 105 ,
9
Sale 103
10314
81
7412
2
7212
68
7312 74
13
8012 9512
92
8
92
913 93
.
8 101 1067
:
1041 105 10412 105
10514 1054
3
105 2 Mar'28
2
1007 Sale 10012 10172 36 101 1045,
1968
Bklyn-Man R T sec Os
Bklyn Qu Co & Sub con gtd 52'41 MN
1941 J
let 5s stamped
Brooklyn R Tr 1st cony g 45_2002 J
3-yr 7% secured notes_ _ _1921• J
1950 P A
Bklyn tin El let g 4-54
1950 P A
Stamped guar 4-55
Bklyn Un Gas 1st cons g 53_ _1945 MN
let Ilea & ref Os series A. i947 MN
1936
Cony deb 54311
Buff & SUBQ Iron let øf 5s._ _1932 J D
1952 *0
Bush Terminal 1st 45
3
'
1955
Consol fus
Bush Term Bldgs 5a gu tax-ex '60 *0
By-Prod Coke let 5433 A...1945 MN
Cal0& E Corp unit & ref 58.1937 MN
Cal Petroleum cony debit 581939 P A
1938 MN
Cony deb f 5434
•0
Camaguey Sue let if g 7s__ _1942
Canada 88 L 1st de gen 6s....1941 £ 0
Cent Dist Tel 1st 30-yr 58_1943 J O
Cent Foundry lets t 68 May 1931 A
8
9614 100 4
9914 207
99 Sale 9834
72
64
Oct'28
6312 67
64
80 90
Oct'28
7655 8212 82
8814 Nov'27
13612 Nov'27
93
3 -of fed
93 Sale 93
,
0312
991
0312
1 '93
92% 94
104 111
10512 107 106 Sept'28
116 1104/
5
_ 1167 Sept'28
8
1167
311
22 250 329
310 Sale 310
9314 102
__ _ _ 9412 June'28
94
1 88 9412
8
883
884 Sale 884
954 103
22
9818 100
99 100
/
gip, 106
24
4
1013 Sale 10112 102
100 1034
10114 Sept'28
100
1031s 105
- 7103% 1a8 1034 Oct'28
3
95 4 1024
4
1013 Sale 10112 1021, 47
.
95 1041
111
103
103 Sale 102
97 10114
9714 19
9714 9712 97
.
14 10012 1031
4
1013 102% 101% 102
8
1 104 4 10612
105
105 Sale 105
11
4
1
/ 99
97
9414 9614 9712 July'28
1941 MN
Central Steel 1st g s f 88
Certain-teed Prod 5435 A...1948
S
Cespedes Sugar Co 1st if 7435'39
Chic City & Conn Rys Wan 1927 A0
Ch L & Coke 1st gu g 513_1937 J
1927 P A
Chicago RYs led Is
1947
Chile Copper Co deb 58
3
'
1940
Clearfield Bit Coal 1st 48
1943 P A
Colo F del Co gen f 58
1934 A
Col Indus 1st & coll 55 gu
1952 MN
Columbia G de E deb 58
Columbus Gas 1st gold 58.._1932 J
Columbus fly P & List 4431 1957 J J
Commercial Cable 1st g 43 2397 Q J
Commercial Credit a f 6s_ -1934 MN
J
1935
Col tr s 543% notes
Comm')Invest Tr deb 6s_ _ _1948 M
J
Computing-Tab-Bee.!68 l941
Conn fly &L Istderefg4Ne 1951 J
1951• J
Stamped guar 4438
Consolidated Hydro-Elee Works
of Upper Wuertemberg 78.1956 J J
Cons Coal of Md 1st & ref 68.1950 3D
Con8olGas(NY)deb 540-1945 P A
Consumers Gas of Chic cu Ss 1938 J O
MN
Consumers Powerlst
1948 ID
Container Corp 1st 68
15-yr deb 55 with warr__ _1943 ID
Copt Pap & Bag Mills 6431-1944 P A
4
4
1243 Sale 12412 125
9313 as
9212 Sale 9214
5
8 100
99% Sale 997
64 Sept'28
1
1014 - - 10114 10114
81% 44
3 814
80 4 - - 8014
95% 127
954 Sale 95
90 Apr'28
_ - 88
98
98
58 102
96
9
94 Sale 94
101
124
10034 Sale 10014
9858 11
9918 97
98
93
5
93% 93 •
93
90 87 Sept'28
87
9812
7
9912 98
98
93
1
93 Sale 93
9734 65
0712 Sale 97
105
2
104 10412 105
9918 9914 99 Aug'28
98
4
965s 98%. 98
98
7
9712 98 97%
78
37
77 Sale 7612
131
4
1
/
105 Sale 10514 106
101
2
-- 100
100
2 32
1037
10314 Sale 10314
4
10012
5s
100 100 100
3
92 4
8
4
923 Sale 91
_
8
98% 975 Oct'28
97
gasp
MOM
Jas. 1,
East Cuba 8119 15-yr s 1 g 7;0'37 M S
Ed El III Bkn lstcong4s...1939J .1
1995 3 J
Ed Elec III 1st cense 5s
.
Eleo Pow Corp(Germany)6435 50 M S
Elk Horn Coal 1st & ref 6438.1931 3 D
Deb 7% notes (with waffle '31 3 0
Eqult Gas Light let con 58 _.1932 M S
Federal Light & Tr 1st 55_1942 M 8
1st lien s f 58 stamped..._ _1942 EA S
1942 M El
1st lien (Is stamped
19543 D
-year deb 6s ser B
30
1039J D
Federated Metals s f 7s
19463 1
Fiat deb 78(with warn
Without stock porch warrante_
1941 ail
Fisk Rubber lat a f 83
1936 M S
Ft Smith Lt & Tr let g 58
Frameric Ind de Deb 20-yr 7439'42 J .1
Francisco Sugar 1st a f 7 Ne- _1942 MN
French Nat Mall SS Lines 7.1949313
o
49
Gas & El of Berg Co cons g 531330 A D
Gen Asphalt cony Os
Gen Electric deb g 3i38 Jan 1519.4452 F A
7.
.1
Gen Elea (Germany)
8f deb 6iiswith warr_ _1940 0
Without warr'tsattach'd '402 12
1948 M N
-year a f deb(is
20
18
9912 Sale art
4
1
/
101 bale 100
10712
4
1
/
4
1033 Sale 102
N
Week's
Range or
Lass Sale
NW Ng. Law
Asit cow
Hits
1 100 102
4
1
/
100
____ 100 100
_ 100 102
4
1
/
10114 102 10112 Sept'28
20
4
1
/
98 100
4
1
/
100
100 Sale 99
30 1014 103
1
/
4
1
/
10212 Bale 10218 103
67
93
70% 73
68 Sale 67
120
74
97
68 Sale 6814
651
3
8
10384 10414 10313 10412 16 10 1 10
4
1
/
9711 101
9812 32
98% Sale 98
4
1
/
99 1044
10212 13
102
1024 -_- 10012 25
4
1
/
98 101
igsz 10012 0912
_
76 Dec'27
7 -55- ga
100
9818 9914 99
6
ga 103
99
9914 9913 99
7
70%
70
72
70
4 75
11 103%
10114 Sale 10114 101% 14
6 102 105 4
3
10212
10212 Sale 192
4
103 10312 10114 1034 72 10114 1063
19 10614 109 1
8
4 10814
4
1075 Sale 1073
0
4 07
2
Sa104le74 um% 103% 26 6017 1 714
2
4
4 1043
1043
03'8
10414
1
974
96
9612 9612 Oct'28
96
4
868 104
4
1023 Sale 9812 104 4749
8612
88's
8
1090 10996ho
;s
8l
8618 8612
85
_
85 101
97 Aug'28
98
97
5
98 14
98 9812 98
4 30
10412 Sale 10418 1043
47
98 104
10114 Sale 1014 102
11
25
8
1017
10712
104
Oct. 5.
eta
4
883
88
4
883
80
10618
10618 Sale 105
712 July'28
334 7
6 July'28
31z 7
99%
9913 Bale 9918
95
9414 Sale 9311
10512 Sale 10418 1054
Oct'28
9312 93
90
101
10012 Sale 100
100
100 Sale 100
4
933
4
933 Sale 93
94
4
953
ma
104 10414 lot
9913
r
Copenhagen Telep ext 66----1950 A 0
'Aril Prod Refg 1st 25-yr a f 58'34 MN
1947 J D
Crown Cork & Seal8 f 6s
Crown-Willamette Pap68_1951 J .1
1930J J
Cuba Cane Sugar cony 78
Cony deben stamped 8% _1930 J J
Cuban Am Sugar 1st co118.9-1931 M S
Cuban Dom Sug 1st 7433_1944 M N
Cumb T A, T 1st & gen 5s___1937 J J
Cuyamel Fruit 151 s f 139 A ___1940 A 0
Denver Cons Tramw 1st 58_ _1933 A 0
Den Gas & E L 1st & ref a f g 58'51 MN
1951 MN
Stamped as to Pa tax
Dery Corp(D G) let a f 78._1942 M S
Detroit Edison 1st coil tr 58_1933 J J
let & ref 58 series A_July 1940 M 8
1949 A 0
Gen & ref 58 series A
1st & ref 6s series B_July 1940 M S
Gen .4 ref Ea ger B
A
5
0
92
19 5 F D
&dem C
Det United la$oonag434s..1932J 3
1940 M N
Dodge Bros debate
1942 M N
Dold (Jacob)Pack 1st6s
Dominion Iron & Steel 58.._1939 M 5
19422 J
Donner Steel let cells
Duke-Price Pow let Os sec A '66 MN
Duquesne Light 1st 443e A 1967 A 0
Adams Express coil tr g 4s___1948 MS
Ajax Rubber lit I5-yr if 88_1938 JD
Alaska Gold M deb fis A_ _ _1925
1926 M
Cony deb (is series B
Allis-Chalmers Mfg deb 5e_ -1937 MN
Alpine-Montan Steel lErt 7s_ _1955 M
Am Agric Chem let ref f 740 41 FA
Amer Beet Sue cony deb 68_1935 P A
American Chain deb St 68___1933 * 0
Am Cot 011 debenture 5a_ -.1931 MN
1942 AO
Am Cynamid deb 5e
1953 J D
Amer Ice s f deb 53
1939 * 0
Am Mach & Fdy s f 68
American Natural Gan Corp
Deb 6145(with pureh warn '42 AO
Am Sm & 11 let 30-yr be sec A '47 AO
1st M Os series B
1947 A0
Amer Sugar Ref 15-yr 6a--_1937 J J
57
7
26
Prim
II
9818 100
4
923 1001:
904 1021
10314 106
8
1043 1044
10312 109
4
1043 110
8
1017 106
9752 1011,
,
10213 1093
1
93,
83
103 10611
.
10414 1051
1104 1441
137 137
120 163
9414 10514
964
85
10118 104
54 9414
90
8718 94
101 1081,
10814 107
1218 18
15
15
101
,
80 4 106
Interboro Rap Tran 1st 55_ _1966 J J 7914 Sale 7914
,
80 4 126
.1 .1 7912 Sale 7914
Stamped
83 Apr'28
Registered
4 25
823
1932 A0 8112 Sale 81
10
-year tie
994 85
10-year cony 7% notes_1932 MS 991g Bale 9912
9314 831a Oct'28
Agric Corp lst 20-yr 58 _.1932 MN 91
Int
10
833
MN 83 Bale 83
Stamped extended to 1942
98
97
8
907 Sale 9612
1948 M
Int Cement cony deb 58
4
984 155
1947 MN 9814 Sale 973
Internet Match deb 55
1034 31
Inter Mercan Marine s f 66_ -1941 A0 103 Sale 103
47
991
4
99 Sale 975
International Paper Is sec A.1947 J
37
102 Sale 10172 1021
1955 M
Ref s f fis ser A
4
953 109
Int Telep & Teleg deb g 4418 1952 3, 11512 Sale 9512
9
8
1043
-1952 MS 104 Sale 104
Pow de Lt Is..
Kansas City
10014 101 1004 Aug'28
1957 J
1st gold 444series B
1051
8
10418 Sale 10418
Kansas Gas & Electric Os_ _1952 M
42
114 Sale 11254 115
Kayser (Julius) de Co deb 5433'47 41
7
15
94
93 Sale 9318
1946 M
Keith(B F)Corp 1st 133
87
4
Kelly-Springf Tire8% notes_1931 MN 1083 Sale 10711 109
Oct'28
94
Keysten Telep Co 1st 5a_ _1935 3, 93% 94
Oct'28
Kings County El& P g 55_1937 A0 103 104 103
2
12618 1261
1997 A0 12614
Purchase money 6s
120 126
Kings County Elev 1st g 4s 1949 P A 8112 8012 8112 Oct'28
4
1
/ 97
89
8118
5
8014
1949 P A 8034 84
Stamped guar 48
9834 105
4
10412 Sale 1044 - 1041
Kings County Lighting 53_1954
814 69
2
116
J 116 118 116
1954
First & ref 6435
4
1
/
100 104
Oct'28
Kinney(GR)& Co 7si %notes'36• D 105 106 105
8
78 4 88
1041
33
8
14 97 4 Kresge Found'n coll tr as__ _1936 J D 104 Sale 103
93
90
Lackawanna Steel 1st Se A._1950 MS 10312 104 10212 10218
8714
98 10214
1011
94
9814 Lao Gas Lot811.ref&set 52.1934 A 0 10114 Bale 10114
10434 23
Coll & ref 55-4i series C.._1953 F A 10418 105 104
9814 101's
3
10014
4
1
/ Lehigh C & Nay if 4433 A_1954 J J 994 10014 10014
9412 ipp
3
5
Lehigh Valley Coal 1st g 511_1933 J J 10118 Sale 100 4 1011s
100
9112
Oct'28
J 3 --------100
Registered
8
77 6 88 4
8
2
1st 40-yr gu Int red to 47 _1933 .1 .1 9212 97 97 Aug'28
98 1011g
101 Sept'28
1934 F A
1st& refs f 5s
97
92
___ 100 10012 Aug'28
1944 F A 1011st &refs f 52
0512 98
1954 F A _ 977 9912 Aug'28
1st & ref f 55
104 1064
1
/
9512 8%1: 8
96 8, 28
97
1964 F A 94
Ist&refsf 55
4
1
/
98 103
1974 F A
Ist&refsf 52
98 102
Ma1Y2038'28
Lox Ave & P F lat gu g 5s. l993
-1- -- e
A S
7
98 10012 Liggett & Myers Tobacco 78 1944 M O Ii0 3 8a1-- 13207'1:
1951 F A 10112 104 10114 Oct'28
Se
4
831
76
138
12
Liquid Carbonic Corp (1,3_ -1941 F A 133 Sale 133
8
104 4 107
4 11 3
0 4 20
101 10314 Loew's Inc deb Os with warn .1941 A 0 11018 Sale 1093
100 4 44
3
Without stock pur warrants. A 0 10014 Sale 100
102 10518
4
1944 A 0 11012 111 11018 111
4
1
/ Lorillard(P)Co 75
4
988 102
8812 17
1951 F A 8818 Sale 87
58
9012 981
4
/
9218 44,
1937 J 3 9212 Bale 9114
Deb 5438
8
973
79
4
1
/
8712 105
1
934 17
114 199
1s
9314 991s
91% 99
7612 91
99 10213
9695
00 I03
1989 4 I8 !
:
95
1
99 105
95 101%
10014 121
110
120
18
04 4
1043 1104
101 10318
105 1074
106 117
941s 96
102 10813
117 12613
97 101%
53
95
93
8
4
/
1011 104 4
2 4 111099609
: 9:
10499356,89 5584 10
10935!
4
1
/
99 103
8218
69
97 101%
%
01
964 192
88
4
1
/ 954
95
98
81
8
78 4
70
994
90
4
/
100% 1041
95
86
1 8
1014
98
10314
96
4
987
4
1
3
99
10/
10132
1064
10112
4
1
/
102
57 1 05
0214 9
1958 10 1
0
%
1185:
90112 100
81111:
70097441 4 11 85187
0
:
4
768 83
4
90
6
0
7
0 4 103
77
86
024 N
1961 10811
18
2'8
00
021 1054
971210
10212 10512
10014 1061s
2949
1 94
1054 192
01i4
88
1064 109
9312 99
10214 1074
125 136
0
150 1991971
890t42 0
1
114 4 120
8
105 1081
4
4
1
/
102 1057
a
1001s 1054
99 1044
0,713 1100211
1025. 106414
/
100
101
01
197 102
97
4
9/ 100
994 104:
1
1
/
964 1011
4
/
35
94 9
74
8
120 127
99% 105 4
8
05 1. 12
11344 14378
99
109
87
90
10212
11812
9834
9112
1929
New York Bond Record-Concluded-Page 6
It
BONDS
t1
H. Y. EITOCE EXCHANGE 14. t
'.a.
Week Ended Oct. 5.
.
Prim
Arida,
Od. 5.
West's ;
Range or
!1
Last Rale. cZ
HOC NC
Ask Low
BM
4 103'2 33
Louisville Gas & El(By) 5e.1952 MN 957 9812 027
Louisville By let cons 5s__ _1930 J J --------957
957
1
Lower Austrian Hydro El Pow1944 F A 88
8814 88
5
88 1
1st eflii48
McCrory Stores Corp deb 548'41 I D 995* 100
9912 100
13
Manati Sugar 1st at 745_ _1942 A 0 10334 104 10354 1033
i 28
Manhat By (N Y)celke g 48_1990 A 0 6714 6814 673
5
68
49
26 48
2013 1 D 6312 6512 6312 Sept'28
9614
9614
1
Manila Elec By & Lt 8 f 58-1953 M S 967 99
Marion Steam Shove 5168_.1947 A 0 997 10012 9934 10012 12
Mfrs Tr Co etfs of panic In
4
A I Namm & Son 1st (18..1943 1 D 1034 1043 10412 10412 10
99
Market St By 75 ser A April 1940 Q 1 9812 Sale 98
63
9812 25
1957 A 0 9675 Sale 9612
Meridional El 1st 75
Metr Ed 1st & ref 58 ser C-1953 J J 10212 Sale 102
10212 19
7612 80
8012 Sept'28 ____
Metr West Side El (Chic) 411_1938 F A
limas min mach 78 with war.1956 .1 D 96
98
98 Sept'28 ____
J D 92
9314 9212
Without warrants
9212
5
Mid-Cont Petrol 1st 645_1940 M B 105 10514 105
10515
6
Midvale Steel &0cony 8158193688 e 100 Sale 99 4 10015 118
3
Milw El By ds Lt ref d. ext 44831 1 1 984 994 9812
99
43
General & ref 58 series A__1951 .1 D 10212 Sale 10212 10212 ____
1st & ref bs series B
1961 1 D 10115 Sale 1004 10112 93
1943 J 1 103 Sale 103
Montana Power 1st 55 A
10315 13
1982J D 10014 Sale 100
Deb Is series A
1003
5 24
Montecatini Mbi & Agrle1937 1 .1 111 Sale 110 4 1113
Deb 7s with warrants
3
4 55
Without warrants
1 1 96 Bale 96
96 14 92
Montreal Tram 1st Aref 55_1941
J 9918 991 987
994 12
Gen & ref s f 5s series A__.1955 A 0 98 -- -- 9
85* Sept'28 ____
Series B
1955 A 0 ____
_ _ 98% Sept'28 __ _
Morris & Co 1st s f 4%15----1939 .1 J 88 - -1 87
87
8712 53
Mortgage-Bond Co 45 ser 2_1966 A 0 82
92
8212 Jan'28 ____
10
-25-year 55 series 3
1932 J 1 98 Sale 974
98
9
Murray Body 181 845
1934 .1 D 102 Sale 100
1021* 289
Mutual Fuel Gas 1st gu g 58.1947 MN 10015 102 10412 Aug'28 ____
Mut Un Tel gtd 68 ext at 5% 1941 MN ___ ____ 10434 july'28 ____
Namm (A I) & Son-See Mfrs Tr
Nassau Elec guar gold 45-1951. 1 59 Sale 59
1
59 12 52
Nat Dairy Prod deb 5413-.1948 F A 9818 Sale 98
984 233
Nat Enam & Stampg lst 58_1929 J D 101 --- - 101
Oct'28 ___
Nat Radiator deb 64s
76 Sale 75%
1947 F A
79
28
Nat Starch 20
-year deb 511_1930 J .1 -___ 100 10014 Aug'28 __._
National Tube 1st s 1 5s_ _ 1952 MN 10212 1037 10212 Sept'28 ____
5
Newark Consol Gas cons 53.1948 .1 D 103% 105 103 Aug'28 ____
New England Tel dc Tel 5s A 1952 J D 10614 Sale 106
10714 40
1st g 44s series B
1961 MN 1007 10114 10034 1014 36
5
New Orl Pub Sew 1st 58 A-1952 A 0 9614 Sale 96
984 32
First & ref 58 series B
1955 J 13 9612 Sale 9615
8
961
N Y Dock 50
-year 1st g 45-1951 F A 90 Bale 8412
841
3
Serlal 5% notes.
193s, A 0 7812 8712 89
90
8
NY Edison 1st ds ref 8345 A.1941 A 0 11472 Sale 11478 1151
27
let lien & ref 58 series 8_1944 A 0 104 Sale 1035* 1041
27
N Y Gas El Lt II & Pr g 64_1948 J B 104 104141065* Oct'2 -___
Registered
_ 110 Apr'28
Purchase money gold 48_1949 F A
9414 Sale 94
94'i 11
N YL E & W C & RR 546_1942 IA N 1063* 107 1025* Oct'27___
N YL E & W Dock & Imp 581943 J .1 9414 944 100 Aug'28 ____
N Y & Q El L & P 1st g 58_1930 F A 100 Bale 9914 100
3
NY Rye 1st RE & ref 48._1942 J .1 56 -___ 82 4 Apr'28 ___
3
Certificates of deposit
56_ - 58 June'28 ___:
30
-year acil Inc 58._ _Jan 1942 A 0
3 -13
4 Mar'28
Certificates of dePosit
....3
9
_
4 Mar'28 ___ N Y Rye Corp Inc 138___Jan 1965 Apr
Prior lien 65 scrim A
19653 J
NY & RIchm Gas let 68 A..1951 MN
NY State Rye 1st cons 445.1962 MN
lst cons 648 series B
1962 M N
N Y Steam 1st 25-yr 68 err A 1947 MN
NY TeleP 1st & gen 81446.1939 MN
20
-year deben 8 f 68._yet 1949 F A
20
-year refunding gold 68_1941 A 0
NY Trap Rock let 6s
1946 1 D
Niagara Falls Power let 58-.1932 J 1
Ref & gen 65
Jan 1932 A 0
Nbig Lock &0 Pr 1st 55 A__1955 A 0
Norddeutsche Lloyd (Bremen)20 yr 5 f 6s
1947 M N
Nor Amer Corn deb 13145 A-1940 M $
No Am Edison deb Is ser A.1957 PA 5
Nor Ohio Trac & Light Os....1947 M 8
Nor States Pew 25-yr 55 A 1941 A 0
1st & ref b-yr 85 series B..1941 A 0
North W T 1st Id g 44e gtd.1934 J I
Norweg Hydro-El Nit 5348_1957 M N
Ohio Public Service 745 A 1946 A 0
1st & ref 76 series B
1947 F A
Ohlo River Edison let 68- 1948 1 1
Old Ben Coal let t%
1944 F A
Ontario Power N F 1st 5s
1943 F A
Ontario Transmission 1st 58195588 N
Oriental Devel guar 65
116388 13
Oslo Gas & El Wks ext1 5s_ .1963 M 8
Otis Steel 1st M (is set (1_1941 1.41 13
Pacific Gas & El gen & ref 58 1942 J 1
Pac Pow & Lt let & eel 20-yr 5530 F A
Pacific Tel & Tel 1st 5s
19373 1
Ref mtge 55 series A
1952 MN
Pan-Amer P & T cony 6168_1934 MN
1st lien cony 10-yr 78
1930 F A
Pan-Am Pet C0(of Canconv 86'40 .1 D
Paramount-I.Pway 1st 5%s1961 1 1
Paramount-Fam's-Lasky 681947 1 D
Park-Lox 1st leasehold 6481953 J J
Pat & Passaic G & El cons 55 1949 M 13
Paths Exch deb 78 with warr ±53788 N
Penn-Dixle Cement Cs A....1941 M 5
Peop Gee & C 1st cons g 65 1943 A 0
Refunding gold 58
1947 M S
M S
Registered
Philadelphia Co sec 55 ear A.1967 I D
Mina Elec Co let 4.45
1967 M N
PM/& Reading C & Ire!58_1973 1 J
Phillips Petrol deb etis
1939 1 D
Pierce-Arrow Mot Car deb 831943 88 B
Pierce OH deb 818s_Dee 15 1931 .1 D
Pillsbury Fl Mills 20-yr 66_1943 A 0
Pirelli Co (Italy) cony 7s_1952 M N
Pocah Con Collieries 151 s f 561957 J 1
Port Arthur Can & Dk 83 A_1953 F A
1st Ad 13s series B
1953 F A
Portland Elec Pow let 6613_1947 MN
Portland Gen Elee 1st bs
1935 J J
Portland By 1st & ref
_1930 MN
Portland Ry L & P letfes.ref 58_1942 F A
1947 M h
let lien & ref 611 series B
let lien & ref 745 wiles A_1948 M N
Porto Rican Arn Tob cony lis 1942 J J
Postal Teleg & Cable colt 56 19533 3
Pressed Steel Car cony a 5s-1933 1 1
Prod & Ref is f 55(with war)_1931 1 D
Without warrants attached... 1 D
Pub fiery Corp NJ deb 4%s..1948 F A
Pub Berv El & Gas let& ref 55 '65 J D
1st & ref 434a
19673 D
Punta Alegre Sugar deb 78-1937 3 1
26 Sale
885* Sale
10515 106
46 Bale
56 Sale
10812 Sale
10012 Sale
11014 111
1063 Bale
1
100 Sale
101 Sale
10318
_
1035* 10414
255*
8
55*
10514
46
55
1078
4
100
11058
1064
100
101
1027
8
10315
263
4
865
5
10514
47
56
10812
10114
111
10715
100 4
3
1013
4
1044
1034
46
5
2
83
20
5
87
18
56
10
6
5
22
3
93
9312 9212
93
67
42
7(1 Sale 69
707
100 Sale 994 100
80
10112 Sale 101
1014 27
102 Bale 10114
1023
4 48
106 Sale 106
6
106
--------99 Oct'28 __
914 Sale 9112
913
4 27
11314 115 115
2
115
115 Sale 11515
1154
5
1055* 1063 1054 1085* 12
4
95
9512 95
955*
4
1011*_... 1015* 1015
5
1
4
1005* 1013 1007 Oct'28 ____
99 4 Sale 9915
3
993
4 49
-- _--- - 02
2
%
924
194134 Sale 100
le
101
39
10218 Sale 1015*
102'si 76
1001.1 16
10014 Sale 100
1025* Bale 1025* 1024 58
., 104 I 29
s
1037 Sale 1037
10274 Bale 1025*
103141 21
1047 10514 1043 Sept'28I......
4
4
9412 9454 94
9412 16
10 8 101 10
03
0
100 4 14
5
993 ale 995*
4
997
91
9734 Sale 975*
98
5
10252 105 104
104
1
7675 Sale 76
77
33
95 Sale 94
95
48
11312 ___ 11412 Oct'28 __
1043 Sale 1045*
4
10434 10
104% 105 104 Apr'28 __
987 Sale 9
5
99
96
85*
10018 Sale 1004 1005
8 16
94
947 95
5
95
1
93 Sale 927
93% 95
10615 10714 106
10614
4
10415 10812 1044 10415
1
10415 Sale 104
105
12
1031 10414 1064 110
's
52
10512 107
9312 Sept'28 ____
104 10412 104
Oct'28 ____
10354 105 1033
4 1033
4
3
10018 Sale 100
10015
9
_ 100
Oct'28 _ _
.
100975 9812 9754
4
973
4
2
7
98% 103
98
9914 14
190 101 100 4 101
3
7
107 108 107
107
2
9612 Sale 9612
9714 31
9414 Sale 94
9434 124
Bale 9712 10314 864
10314
.1103 Sept'28 ____
4
11114- 1103
1103 1 4 -11
4
110 4
3
4
147 Sale 14512 15112 521
1033 10414 1034 104
4
8
1001, 147
10014 Sale 998
98 12
98 Bale 98
9
gangs
Macs
Jas. 1.
Mon
Low
1005* 106;
984
95
8714
98 5
5
101%
874
80
60
98
99
91%
1025*
109;
771k
7114
1031
102
103% 108
97 10031
9614 1003,
1001 105
4
78
1341
964 103
891/ 9812
.
104112 1061
5
98 4 102 1
3
5
9712 100
10212 106;
9914 103*
,
1003* 1061
99 105
1005* 120
944 10111
9814 1024
,
98 1017
.
98 6 1001
5
8518 88;
824 82,
96% 90e.
4)0 s1025*
5
103 107
4
1021 1045
4
65
56
957 99 4
4
3
101 10412
4
757 101
100 1005*
102 10514
102 108
1054 111%
9914 106
95 101;
955* 101%
90
84
94
88
113 119
103 105
4
1055 111;
110 110
4
9212 985
_
3
100 10 -12
-4
987 10171
825* 82;
58
60
24 4
212 4
13
Rail
Week's
Price
;
Since
Range or
-1 t
Priday.
g3
Jas. 1.
Oa. 5.
a)g
Lan Sale.
-.a.
Sid
Mob V0. Low
Ask Low
114411
994 57
Pure 011 81 54% notes_--1937 F A 993 Sale 99
974 1014
Purity Bakeries 81 deb 5s...._14148 1 1 9314 94
93
9214 95
9414 17
Remington Arms Ile
983 Sale 98
1937 M N
4
97 101
8
983
4
Rem Rand deb 548 with war '47 MN 9412 Sale 9312
92
9794
53
947
Ftepub I & S 10-30-yr 58 sf-1940 A 0 10014 Sale 100
99 4 1044
3
1004 21
Ref & gen 54e series A.._1953 1 1 10114 102 1013
4 10214 31 1004 105
Reinelbe Union 79 with war_1948 J I 105 Sale 105
1
7 105 113 1
10518
Without stk purch war_1946 1 1 974 Bale 9712
9714 102
49
98
Rhine-MaIn-Danube 78 A_ _1950 M S 10218 10212 1017s
10212 28 10018 104
Rhine-Westphalia Elee Pow 78'50 MN 10114 Bale 100 4 10114
5 1004 102%
3
Direct mtge 65
1952 M N 9014 Sale 90
9114 44
894 94
Rime Steel let 61 79
1955 F A 95
9512 95
9412 98
95 12 17
Rochester Gas & El 78w B.1946 M 15 1093 Sale 10934 1095
4
4
4 10714 114
Gen mtge 548 series C 1948 M S 1055 10612 10512 10512
8
3 104 108 8
1
Gen mtge 44e series 13.....1977 M S 100% 10112 Rod/ & Pitts C & I pm 58-1946 MN
_.... 90 June'28 --__
90
90%
St Joe By Lt & Pr 1st 58-1937 MN 9095
96
95
9515
8
95
984
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 5.
St Joseph Stk Yds let 448-1930 1 1
- 96 Sept'28 ---_
St L Rock Mt & P 58 stmod_1955 1 1 _,-- 77
9854--- 76
77
4
St Paul City Cable eelle 58-.1937 / / 9112 92 934
9312
1
,
San Antonio Pub Seri 1st 6(1_1952 / 1 106 Sale 106
107
4
9954 Sale 99
Saxon Pub Wks(Germany) 78'45 F A
995* 29
MN
9412 Sale 9454
Gen ref guar 648
1951
943
4
4
Sehulco Co guar 848
1946 1 1 103 Sale 10212 103
8
1946 A 0 102 Sale 102
Guar s f 6 Ns series B
1023
4 10
Sharon Steel Hoop s f 548.1948 m N 9618 971* 9714
9712
6
Shell Pipe Lines f deb 5s
1952 _M N 96 Sale 953*
96
37
Shell Union 011 a 1 deb 59_1947 m N
977 Sale 9712
81
98
Shinyeteu El Pow lst 84e_1952 1 D 92 Sale 9112
25
92
Shubert Theatre 68.June 15 1942 1 D 90
9012 90
9112 25
Siemens & Halske s f 79
1935k 1 102 Sale 101
102
15
Deb s 1645
1951 _M $ 1051s 106 1054 10712
6
5 16345 allot etts 50% Pd _ 51 al S 10512 Sale 1054
_
52
Sierra & San Fran Power 55_1949 w A 10116 Sale 101
10118 10
Silesia Elec Corps I 634s__._1946 F ------ 9212 Oct'28 ____
Silesian-Am Exp eoll tr 78
9712 20
7 gale 96
1941 F_ A
Simms Petrol6% notes
1929 Pa N 10012 1013 10012 10114 135
4
Sinclair Cons Oil 15
-year 75_1937 M 8 102 Sale 1015* 10218 101
1930 M S 99 Sale 9834
let lien coil 66 series D
99
71
1938 1 D 100 Sale 9912 10014 63
1st lien 645 series D
Sinclair Crude 011548 ser A_1938 1 1 9712 Sale 9714
98
191
Sinclair Pipe Line s f Ess
1942 A_ 0 9414 Bale 93 4
3
9414 26:
Skelly 011 deb 545
1939 _m 8 94 Sale 93
28
94
Smith (A 0) Corp let 645_1933 IN N
9313 94 102
102
3
South Porto Rico Sugar 7e 1941 1 D 102 --- 10814 Sept'28 --__
South Bell Tel & Tel 1st 51581941 1 1 10314 Sale 1031
10314 26
Southern Colo Power Os A 1947 1 1 1035s Sale 1035
2
6 103 5
7
S'west Bell Tel let & ref 58-1954 F A 10415 Bale 1044 10412 201
96
99
76
79%
93
98%
106 109%
99 103%
98
94
10012 1054
100 105
9512 98
933* 9812
947 1004
915 984
88
94%
93 104
10412 112
1043* 1075*
9818 105
9212 98
96 102
984 1 8
04
100 1044
1
9714 995*
9514 102
12
944 99 4
5
93
975*
9176 95%
101 103 2
1
106 1101
4
10213 108
12
102 107 4
1
10214 10714
Spring Val Water let g 58_1943 MN
Standard Milling 1st 58
1930 14 P11
194588 8
1st. ref 534s
55
Stand 0 ef N 1 deb hi Dec 15'48 F A
11
Stand 011 of N Y deb 4(45_1951 1 D
Stevens Hotel 1st 138 series A_1945 1 1
Sugar Estates (Oriente) 7s 1942 m S
Superior 011 let 5 f 78
1929 F A
Syracuse Lighting 1st g 58_1951 1 1)
Tenn Coal Iron & RR gen 59_1951 . 1
1
Tenn Cop & Chem deb 68_1941 A 0
Tennessee Elec Pow 1st 6s..1947 . /
3 1
Third Ave let ref 4a
1960 3 1
Ad)Inc 5e tax-ex N Y Jan 1960 A 0
Third Ave By let g 58
1937 1 3
195588 8
Toho Elec Pow 1st 78
6% gold notes___July 15 1929 1 1
Tokyo Elec Light Co, Ltd1st 65 dollar series
1953 1 D
Toledo Tr L & P 54% notes 1930 1 1
Trenton 0 & El let g 58-1949 M.. ,f
Trumbull Steel late f 88_1940 at m
Twenty-third St Ry ref 58_1982 1 .
1
Tyrol Hydro-Elec Pow 748-1955 MN
100 ---- 100 Aug'28 -.1
10014 Bale 10014
41
100 4
3
10315 103% 10412 Sept'28 --I
102% Sale 10234 102% 108
9612 167,
961 Bale 955*
99 Sale 9712
9918 37
9712 Bale 97
9714
6
100 103'z 100 Oct'28 ---_
4
10614 1065 10614
4
10614
10212 -- 10212 1024
1
110 Sale 10914
11214 48
10613 Sale 106
1063
4 39
6714 Sale 8714
683
2 45
65% 67 66
685
4 96
964 Bale 9612
9654
5
98% Bale 9812
99
17
994 Sale 98%
9918 41
994 102
4
9912 1014
10214 10412
10214 104
931 9812
4
9712 10 5*
2
97 1011
4
100 110
105 110
101% 1068s
101%117
105 1081
4
88
73
7
65 4 72
3
9512 10112
98 1003*
98 100
91
100
102
102
52
99 5
5
9012
9114 241
9934 100
22
10434 June'28 _.....
1015* 10214 49
60
60 4
3
4
100
10118 11
90
92 4
1
99 1015*
12
1045* 107
101 103%
511'2 nit
93 2 101%
7
983 99
4
9834
9
98%
94 -99
9534 Mar'28 ---4
10012 1021 1001, 0,.28 _ _
10112 Bale 101
101*4 ii
10212 Sale 101
1021
4
89
90 Sept'28 ___
10112 -_-- 10112 1011s
I
1094 --- 1093* 1095*
3
98 Sale 98
98 5 11
7
9934 10
99 Sale 99
9735 Bale 9714
98
68
84
85 84
84
12
972 Sale 9714
97'2 14
9012 91
9012
90'z
1
9012 Bale 9012
91
83
9014 91%91
91
5
91
9112 987 Oct'28.....
5
98 103
964 96
1
100 1034
100 103
101 10414
8911 9474
9918 102
108 11214
9712 103
99 Nos
95 1001
4
81
Ws
98 101
90% 965*
895* 974
90
98
8974 987
8
104 105 104
1047
89 Sale 88
89
1011
10115 Sale 1001
10775 Sale 10712 1081
10712 107; 10612 Oct'2
925 Bale 9014
4
9212
9512 Sale 951
9615
100 Sale 100
10012
104% 107 105
Oct'28
1053 106% 1053
4
8 1053
4
9814 983 98
8
983*
48
50
5114 Oct'28
82
85
82 Sept'28
100% Sale 1003
101
102% 105
835* 9615
100 1054
106 109 4
8
1054 1084
89% 96
943* 10 %
0
9834 103%
105 1087
*
10412 112
97 101
48 53
7
82
91
9912 102
13 5 32
5
753* 9414
104 109
60
46
74%
65
.
105 1091
9914 1054
1095* 1111
108 109
100 10312
10014 1043
4
1945 M 8
g
1027 10614 sUllgawa El Pow s 1 7s
3
101 104 4 Undergr'd of London 44s_1933 1 J
1
Union Elie Lt ds Pr(Mo)55-1932 5 4
Ref & ext 58
1933 M N
92 94
93 tin E L&P(III)Istg 548 ser A_'54 1 .1
69
1945 A 0
99 103; Union Elev Ry (Chic) 5,3
1931 1 1
100 1078 Union Oil 1st lien s 1 58
,
30-yr 65 series A_ __May 1942 F A
995* 104
1st lien II f 513 series C.Feb 1935 A 0
104 107
United Biscuit of Am deb 68_1942 MN
9712 108
1953 M 0
903* 94; United Drug rcts 25-yr 5s
1934 1 1
113 1165* United Rys St L 1st g 45
United 13.9 Co 15-yr lis
1937 MN
116 119
Un Steel Works Corp 634s A-1951 k D
10412 105
1 D
With stock Our warrants
9555
87
Series C without warrants I D
100 4 1085
5
,
With stock our warrants J D
100 10448
53
United Steel Wks of Burbach
9814 lois
Eech-Dudelange 81 78_1951 A 0
3
90 5 9374
U8 Rubber 1st &ref 58 ser A 1947 1 J
97 4 101
5
10-yr 74% secured notee_1930 F A
10018 10514
.
994 1015 us Steel Corp(Coupon Apr 1963 MN
5f 10-60-yr5s)Regis_Apr 1963 MN
1025* 106
Universal Pipe & Bad deb Cs 1936 1 D
102 108
1.025* 10514 Utah Lt dr Tree let & ref 53_1944 A 0
1944 F A
1085, 1061 Utah Power & Lt let 58
915* 9814 Utica Elec L & P 1st 51 g 58_1950 1 J
Utica Gas & Elec ref & ext 55 1957 1 1
98 8 104
7
98 10234 Vertientes Sugar 1st ref 76 1942 J D
8612 10214 Victor Fuel 1st 8 f 58
1953 J 1
102 1074 Va Iron Coal & Coke let g 58 1949 M 8
811, Va Sty & Pow 1st & ref 58
60
1934 1 1
9312 102
11334 116$. Walworth deb 848(with war)'35 A 0
1st sink fund Cs series A
102 1081,
1945 A 0
Warner Sugar Refln 1st 711_1941 I D
104 104
97 10131 Warner Sugar Corp 1st 7s_ 1939 1 1
97% 104% Wash Water Powers f 5s_
1939 .1 1
915 1025 Westches Ltg g Is stmpd gtd 1950 1 D
8
4
9114 943 West Penn Power (ler A 58_1946 M 8
1st te Belies E
9012 108
1963 M 8
1st 546 series F
1044 1(163
4
1953 A 0
1st sec 55 series0
10312 106.
1956 1 D
West Va C & C 1st 68
9914 113
1950 1 1
9312 964 Western Electric deb
1944 A 0
1035 1085* Western Union coll tr cur 5s.1938 1 J
5s_Fund & real est g 4%s...1950 MN
1033 108
4
1936 F A
100 1063
4
15
-year 614s
25
-year gold 58
99 1031,
1951 J D
975* 998 Weet'lese E & M 20-Yr I; 58--1946 M $
98 1015 Westphalia Un El Pow 64...1953 1 J
7
100 104 4 Wheeling Steel Corp 1st 5146 1948 I J
White Eagle 011 & Ref deb 548'37
1063 108
4
With stock purch warrants... 10 B
9812 106
93
9534 White Sew Mach 131 (with war)'36 j J
Without warrants
90 10312
Wickwire Spen St'l 1st 7s...1935 J .1
110 4 115
3
1104 11214 Wickwire Sp St'l Co 7s_Jan 1935 MN
116 1587 WillYs-Overland 51 845____1933 M S
s
102 1055 Wilson & Co let 25-yr 5 f 68-1941 A 0
s
99 10094 Winchester Repeat Armenia '41 A 0
9714 107
Youngstown Sheet & Tube 581978 3 J
Sale
Sale
107
Bale
6l7
s
101
19
71
38
90
____
18
25
28
____
11
6
__
_ __
13
92
93
92
93
2
87
8714 86
9
874
108 10812 106 Sept'28 --,
91% Bale 89
9114 23
88
9114 104
Oct'28 _--102 ---- 105% 1053* 10
105% -- -- 1015
5 1023
4 22
103% Sale 10334 103% 11
1055* 10512 105
10512 10
10234 Bale 1024 103
18
5014 Bale 50
5014 10
10315 Sale 10214
10315 27
102 Bale 102
10214 18
98 Sale 9712
98
16
110 Sale 110
11014 44
103 Sale 10212 1034 15
10314 Bale 1023
4 1033* 88
8712 Sale 8718
89
28
10012 Sale 10018 101
19
82
984
1
80
96,
105 1
12 074
844 95
10212 105
105 10911
101 106
102 108
10114 1054
1014 105
60 60
1015* 105
100 1051,
3
96 1034
1085* 1124
10114 10534
10154 105
8714 911$
99% 1
0414
98
____
99
36
313*
1028
1015*
107
1001a
9815100
122 1811
984 104
28
39
26
3612
1011 103
12
100 1061a
106 10 4
8
9994 1011.6
Sale
130
Sale
38
Sale
Sale
Sale
Bale
Sale
98
984 12
124
Oct'28 _--_
99
9912 30
39 Sept'28 .... _
3012
3212 16
1023
103
17
10012 1013* 56
107
10715 20
100
10011 215
1930
FINANCIAL CHRONICLE
[VOL. 127.
Outside Stock Exchanges.
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange, Sept. 29 to Oct. 5, both inclusive
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
ofPrices.
Par. Price. Low. High. Shares.
25 102%
Acme Steel Co
Adams Royalty Co. com-• 19
All-Amer Mohawk "A"-5 2533
American Colortype. corn • 3731
Amer Natural Gas Corp--• 18%
Amer Pub Serv pref_ _ _ 100 10234
Am Pub UM
100
Part preferred
Amer Shipbuilding.. .100
Amer States Sec CorpA.. •
Class B
•
Warrants_
413
Armour & Co (Del) pf.iOO
..
Art Metal Wks Inc prof. • 46
Assoc Appar Ind Inc corn.* 533.4
Assoc Investment Co_
•
Atlas Stores Corp com.--• 60
Auburn Auto Co corn.. .• 115
Automatic Washer Co
Convertible preferred.. _• 35
.Backstay Welt Co corn_
35
Balaban dr Katz y t o_-25 99
.Baldwin Rubber A
Bastian-Blessing Co com.• 45
Baxter Laundries 100 A
2813
'Beatrice Creamery com_50 754
Bandit Corp Class B._ 10
5 110
Class B new
Borg-Warner Corp corn 10 105
Preferred 7%
100 10216
Brach di Sons(E J) corn..
25
Bunte Bros corn
10
Butler Brothers
20 244
Camp!) Wyaot it Can Fdy• 67
Castle dr Co(AM)coal_ -10 72
•
Celotex Co corn
Central Ill Pub Serv pref.* 9713
Central Ind Pow pref.
...100
Certificates of
Central Pub Ser deposit___--2134
(Del)...*
Class A
• 33
Central 8 W URI com- •
• 104
Prior Ilea pref
• 99
Preferred
• 43
Chain Belt Co corn
Chic City & Con RY Pt sh •
• 18
Preferred
Chic No Sh & MB
100
Prior lien prof
100
Preferred
Chic Rap Trans pr pf A 100
Chic Towel Co cony pref.* 97
Clue:kasha Cotton 011._ -10 5133
Club Alum Uten Co ___• 29%
5
Coleman Lamp & St com.
Commonwealth Edison_100 193
Consol Aut Mdse corn.. •
Cum cony pref
•
* 2533
Canso Film pref
Consumers Co common..5 144
Preferred
100
Warrants
6
25 474
•Crane Co common
100 120
Preferred
cutler-Barn Mfg Co com10
•
Davis Indio Inc "A"......•
Warrants
Dayton Rubb Mfg A corn•
Eddy Paper Corp (Tha)_ _*
El Household URI Cora.10
Elec Research Lab Inc___•
Empire GAP Co 7% Pf-144
preferred
6
100
6% preferred
100
8% preferred
100
FitzSirnmons & Connell
Dock de Dredge com__20
Foote Bros G & M Co....6
Galesburg Coulter-Disc_•
Gen Box Corp corn
Godchaux Sugar, Inc. Cl B•
.100
Great Lakes D &
Greif Bros Coop "A"corn
Grigsby-Grunow Co com.•
Rights
Hammermill Paper Co__10
'Hart-Carter Co cony pl..•
Hart Schaffer & Marx._100
Hartford Times part pfd_*
•
Henney Motor Co_
.•
Preferred
Hibbard, Spencer, Bart25
lett Co., corn
25
Ellnots Brick Co
Illinois Nor Util pref. 100
1ndep Pneum Tool v t c_ •
Inland WI & Cable com _10
Internat Pow Co, Ltd corn'
Kalamazoo Stove (tom---•
Kellogg Switchbd corn-10
100
Preferred
Kentucky Utilir cum pf-60
•
Keystone St di Wi com
Kimberly Clark Corp,com•
Kraft Phenix Cheese com25
Kup'heimer & Co(B)Inc_5
La Salle Ext Unlv, com_ 10
•
Leatb & Co com
Cumulative preferred- -•
Libby McNeill & Libby-10
•
Llon 01111ef Co corn
Loudon Packing Co
McCord Rad Mfg "A".... _•
•
McQuay-Norrls Mfg
Mapes Consol Mfg, com_
Meadow Mfg Co corn._ •
Preferred
50
Mer & Mfrs Sec pr pref._25
Metro Ind Co ctfs
Middle West Utilities_ •
Preferred
100
$6 cum preferred
•
$6 cum prior lien
•
Prior lien preferred..100
Midland Steel Prod own. •
Midland UtiI6% prior lien
100
6% preferred A
100
7% prior lien prof-100
7% preferred "A"...
.100
•
•
Range Since Jan. 1.
Low.
High.
1,100
10413
1913
1,850
2633 40,200
2,410
40
18%
465
339
10213
83
19
134
2313
18
974
Jan 120
June 2813
Aug 2634
Feb 40
July 264
Mar 104
Sept
Apr
Oct
Oct
Apr
June
92%
92
80
100
80
80
11% 1233 6,275
600
134 1314
413 431 2,050
94
94
10
434 4713 6,250
524 5513 4,160
400
4511 4734
60
55
18,550
83 116
23.140
92
80
4
4%
34
87
28
5113
36
27
78
Sept 101
Sept 11714
Jan
1813
1713
Jan
Jan
631
Jan 974
June 49
Sept 664
Jan 4713
June 60
Sept 1414
July
Jan
May
May
May
June
Sept
Oct
Oct
Oct
Mar
Oct
Oct
Jan
Oct
Feb
June
June
May
Oct
June
Aug
Jan
Jan
Apr
June
Feb
Feb
Aug
Aug
Sep
Apr
Jan
Jan
Aux
Oct
Aug
June
Aug
Sept
Sept
Oct
Sept
Oct
APr
Sept
Oct
Oct
Sept
Aug
Sept
Sept
Mar
Oct
Seen
May
Al"
May
May
Aug
Oct
May
Mai
Jar
Oct
Feb
Jan
102
19
1814
36%
1813
1014
354
32
3413 37
8931 99
23
25
45
48
28
304
7633
75
156 200
95 110
102 1074
1024 102%
2313 25
27
28
2313 244
5913 68
724
67
60
60
9734 674
944 95
944 943(
21
2114
3214 3413
85
84
1034 105
99
100%
42
4434
114
113
1733 20
98%
97
53
53
1004 101
964 97
514 55
2913 31
60
614
190% 1934
1113 12
45
45
2513 2533
1313 1434
9013 604
6
7
47% 494
120 121
60
60
9,450 32
3,300 344
20,350 594
2,400 23
23,700 24
11,850 21
3,650 64
61,050 106
20.500 95
51,650 70
450 1014
1,285 164
400 15
2,800 20
11,050 35
14,050 42%
50 49
414 934
150 92
6 9313
175 1513
225 204
470 76
785 100
894 99
1,500 41
50
1
2,300 114
36
37
99
254
48
32
7713
200
110
100
104
264
30
2834
68
724
69
1004
1014
101
2234
3433
98
112
1051
4
444
2
224
60 934 July 100 Apr
55 60
Jar
Aug 65
135 1004 Sept 10213 Jan
290 95
Apr
Sept 102
4,800 45 June 56
July
5,000 27
Jan
Aug 39
1,400 56% July 66
May
2,526 166
Jan 1933.1 Oct
400
74 Aug
mg Sept
100 45
Sept 48
Aug
50 22
Feb 294 Sept
5,700
714 Jan
Sept
17
25 87
Jan 0811 Apr
400
34 Feb 104 Apr
1,724 45
Sept
Mar 50
37 119
Jan 122 Sept
25 484 Mar 60
Aug
11,100 12%
15
16
14 14 6,150
34
375 35
464 48
3134 314
50 30
350 1333
2613 37
26% 67,200
21
233
375 984
9913 100
50 97%
971i 9713
254 954
964 953( 9613
111 111
10 10813
Aug
1731
Aug
133
June 59
Feb 4213
Jan 28
Jan 263(
Sept 105
Oct 1014
Sept 99
Feb 11313
June
July
May
May
Sept
Oct
May
May
July
May
395 46
58
60
1,700 1811
264 28
92
16,100 4734
82
54 6
300
213
4,550
2513 29
3
28
265 275
160 245
270
42
4334
160 39
7,660 54
370
305 370
500 1633
16% 1613
100 35
40
40
344 33
354 6,800 294
15 134
15733 197
%
43
50 39%
43
2613 32
31
12,600 12
49
1,650 4234
48
49
Jan 7413
Jan 30
Jan 92
7;3
Feb
Jan 2914
Jan 345
Apr 45
Mar 370
Oct 25
Feb 70
June 3834
Jan 181
Feb 4531
Feb 32
Feb 50
Mar
May
Oct
Apr
Sept
May
Apr
Oct
Aug
June
June
Apr
Apr
Oct
15
14
48
314
27
25
994
58
2634
89
41
5413
32
135
14
52
66
17%
10%
39
404
49
3951
14
494
106
1554
119%
97
101%
124
100 56
58
58
424
850 39
41
20 9813
101 101
53
50 4733
53
3,050 26
531( 58
350 304
314 324
6,600 65%
129 135
14
74
15.4 13,500
50 75
77
77
215 504
52
52
63
6634 13,500 4313
50 52
5314 5334
654 654
50 604
47
50 45
47
3
200
3
3
184 1,050 14
17
50 51%
52
52
9,200
814
10% 11
81,900 244
39
32
3613 4033 3,400 3013
41
50 3913
41
550 234
49
5213
3,900 35
40
35
134 144 3,650 104
250 4413
484 4913
400 154
16
1713
510 100
106 106
3,080 12311
155% 158
721 1164
1194 12013
605 9313
98
97
250 99
10111 1014
250 1224
12313 124
80 84
100 100
90
864
99
99
93
90
100
99
216
426
47
24
90
8534
984.
984
Sept
Feb
Jan
Feb
Jan
Sept
Jan
Aug
Mar
Feb
June
July
Feb
War
Mar
June
June
Apr
June
June
Sept
Jan
Oct
Jan
Jan
Jan
June
Jan
Jan
Jan
Mar
June
Juue
may
Jan
70
444 Sept
1014 Sept
56
May
5934 Sept
3213 Sept
1374 Sept
15% Sept
96
Jan
544 June
70
Sept
564 Sept
774 May
Apr
57
44 July
184 Aug
53 June
13
May
4013
4413
60
40
22%
55
25
108
169
12513
1004
108
1304
1104
Oct
Apr
May
Oct
Apr
Mar
May
Sept
May
Ma,
Mar
May
Ma
Jan
Oct 994
Oct 914
Aug 107
July 157
June
Jan
May
Sept
Friday
Sales
Laze Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par Price, Low. High. Shares.
Miller & Hart Inc cony pt.• 514 5113 524
Minneap Honeywell Reg.* 39
39
38
Preferred
100
104 104
Marline Mfg corn
• 50
49
53
Mohawk Rubber
• 200
195 210
MonIghan Mfg Corp A.._• 234 2833 28%
Monsanto Chem Works..' 77
744 77
Morgan Lithograph corn.' 65.13 594 68
Range Since Jan. 1.
Low.
1,600 5014
950 30
110 95
2,670 314
1,385 160
1,200 244
700
1834
6,400 5911
High.
Aug 524
Feb 45
May 112
June 56
Sept 223
Apr 36
Jan 79
Oct 8714
Sept
May
May
Sept
Sept
May
Sept
Apr
Nachman Springfilied come 41
Nat Elea Power A part_.
3433
National Leather com___10
3%
Nat Standard corn
• 43
Neve Drug Stores, com
• 204
Convertible"A"
•
Nobblltt-dparks Ind com_• 36
North American Car com_• 48
Northwest Eng Co corn_' 43
Oak & Prod class A
• 86
Class Li
• 87
Ontario Mfg Co corn
• 35
Penn Gas dr Eleo A CODO-• 224
Perfect Circle (The) Co
'4113
Place Winterfront A com.5 145
Pub Seri' of Nor 111
Common
• 184
Common
100
6% preferred
100
7% Preferred
100
CHR-S Mode Co corn.....' 128
Quaker Oats Co.corn.•
Preferred
100
Raytheon Mfg Cu
• 49
Rich Products Corp cl A.•
Clam B
•
Ross Gear de Tool corn....' 45
Bangamo Electric Co...• 324
Sheffield Steel coin
• 93
Sonatron Tube Co corn-..• 115
So Colo Pow El A com_.25 2633
'w
90 0 rk El 7% Prat.100 98.4
Southwest Lt & Pow pref..'
Spiegel May Stern corn.. •
613% preferred
100
Standard Dredge cony pf • 34
.
Steel & Tubes, Inc
25
Stewart
-Warner Speedom •
Studebaker Mall Or com.5 1231
Super Maki Corp corn....• 77
Sutherland Paper Co corn If)
Swift,& Co
100 131
Swift International
15 31%
Tenn Prod Corp, corn_ ...•
Texas
-La Power Co, pill*
100
'Thompson (.1
corn.....26 634
12th St Store (The) Lifil a • 274
Stock per warrants
4
Unit Corp of Am prof
• 31%
United Lt & Power
Class"B"preferred....*
United Pap Bd corn__100
Un Repro Corp part pf A_
4233
Universal Products Co.,Inc 45
UnlyTheatrea,cony cl "A"15
US Gypsum
20
Rights
Utah Radio Products corn' 6213
Vesta Battery Corp COM 10
Vorcione Corp part pref.-. 464
Wahl Co com
• 21
Waigreen Co
Corn stock purch warr_• 30
64% preferred
100
Ward(M)& Co
Class A
•
Waukesha Motor cone-. 150
Wayne Pump, corn
• 42
Convertible pref
• 494
Wilcox-Rich cony pf A..* 36%
Class B
• 33
Williams 011-0-Matic cone 13
Winton Engine con pref..' 52
Wisconsin Parts corn
* 424
Yates
-Amer Mach part pf• 22
Yellow Cab Co Inc (Chic)•
Zenith Radio Corp cora• 135
125
145
42
48%
35
314
913
48
3313
2113
33
1084
Bonds
Chic City Ry ctf of dep '27
Chicago Rya
Ctrs of deposit
1927
5240 Sheridan Rd Blg 6s'38
Guard Title hItge 548 1938
Northwestern Elev 5s.1941
Saxtet let 6s"A"...1938
Straus Safe Dep 51311.1948
Swift & Co 1st a f 5s. .1944
United Pub Util 8s.
..i947
84
85
6,000
83
June
87%
Jan
80
100
100
90
1014
100
10114
94
81
100
100
90
10134
100
10113
94
8,000
2,000
5,000
2,000
2,000
3,000
2,000
8,000
79
100
100
894
100
9813
1014
94
Aug
Oct
July
Sept
May
Sept
Aug
Oct
87%
100
100
95%
101%
102
103
1014
Jan
Oct
July
Mar
Sept
July
Jan
May
3913 4133
344 354
34 4
43
44
2013 2233
37
3833
3433 39
48
52
42
43
64
86
6311 87
32
35
22
22%
41
43
136 146
1,950
2,100
2,400
1,130
17,250
300
7,350
1,450
650
22,500
32,800
4,150
1,185
1,300
11.400
2833
274
313
3731
19
33
28
3213
20
314
314
26
20
314
5434
183 185
171 1594
18413 185
122 13913
115 11413
20 103
121
121
24 116
125 128
400 3814
310 315
510 262
1204 1204
20 111
49
5113
850 41
3634 38
2,500 3134
3333 35
350 254
40
46
11,460 30
32
324
850 29
87
94
925 4834
109 116
10,100 244
26
264
1,775 23
9813 99
81 984
8913 90
160 89
6813 75
1,950 50
93
95
1,315 83
34
3513 4,000 304
184 184
so 49
104 104
so 7713
12
13
2,450
854
76
7833 9,200 45
244 244
509 22
131 13213 1,900 1244
3,660 26
184 1813
100 13
100 100
50 100
63
6333
150 5831
2634 2713 1,550 25
311 4
1,20C
2%
304 324 4,950 23
56
20
42
43
5913
154
58%
124
454
1613
55
40
20
100
444 8,430
4613 4,250
9
300
604
1,790
164 3,450
6413 19,250
1813 2,330
4713 8,500
2233 24,930
29
30
10713 1074
53
19
374
39
4
65
14
21
1233
40
834
July 47 Sept
Jan 42
May
6
May
Jan
Jan 674 May
Sept 334 Apr
Sept
June 44
June 4413 May
Jan 54 June
Jan 5013 May
Oct
Aug 86
Oct
Aug 87
July 36 Sept
Jan 2733 May
Sept
July 44
Jan 144
Sept
Jan
Jan
Aug
Aug
Jan
Apr
Jan
Aug
Sept
Sept
June
Aug
Mar
JU1Y
Aug
Sept
Aug
Aug
Aug
Apo
Feb
Feb
191
191
125
132
132
327
128
56
40
3813
46
41
94
119
264
1044
96
75
107
54%
184
1094
1434
81
27
188
344
224
101
70
3114
7
39%
Aug
Aug
Aug
July
Sept
Apr
Apr
Sept
Sept
Sept
Oct
May
Oct
Sept
Sept
Mar
Apr
Oct
June
Jan 58
June 27
Sept 56%
Sept 49
Jan
Aug 100
Aug
184
Aug 09
Sept 274
Aug 49
Mar 221(
May
Apr
Sept
Sept
Oct
June
Sept
Sent
Apr
Sept
Oct
may
June
July
Jan
Jan
Feb
June
Julia
June
Aug
June
may
Oct
Sept
Sept
Sept
Sept
may
Feb
June
May
June
May
May
May
1,010
5
Jan 304 Sept
Feb
50 1004 Feb 110
126
Mar 130
100 121
150
Mar 150
527 66
50
June 52
3,400 32
50
650 4534 Sept 52
38
Oct 38
5,050 35
3313 2.050 314 Oct 3313
13
13
9,250
634 Jan
5213 9,450 424 Sept 5213
45
38,150 27
Aug 45
23
Apr 2414
4,600 12
294 Sep 43
35
1,500
135
37.900 3513 Feb 135
June
Apr
Sept
June
Oct
Oct
Oct
Oct
Oct
Sept
Jan
Oct
•No par value.
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Sept. 29 to Oct. 5, both
inclusive, compiled from official sales lists:
Stocks-
'Tway
owes
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price, Low. High. Shares.
•
Almar Stores
14
15
American Stores
•
774 80
Bell Tel Coot Pa pref._100
116 1174
Blauners All Ctf
5713 5834
Bornot Inc
9
9
Budd (E G) Mfg Co
• 22
22
2813
Preferred
5214 5211 57
Camden Fire Insurance... 304 3013 31
Com'wealth Casualty Co
______ 2614 27
Cramp Ship de Eng_ _100
313 314
Electric St
-,rage Batt_100
88
91
Fire Association
10 4734 4713 4813
Gimbel Bros
•
484 481.'
Horn&Hardart(PhIl)com.•
219 219
Horn&Hardart(N Y)corn•
5613 57
Insurance Co of N A.._ _10 7534 7514 77
Keystune Telephone_ ..50
3%
334 34
Lake Superior Corp.__ _100
94
8
814
Lehigh Coal & Nay
133 14013
50
Lit Brothers
10
244 2434
Manufac Cas Ins
634
61% 49
Mark (Louis) Shoes Inc..*
334
3
434
Northern Central Ry_ _50
85
85
North East Power Co_..
2713 29
•
North Penn RR
88 . 88
Penn Cent I. & P cum of..•
7834 79
Range Since Jan. 1.
Low.
High.
4,450 114 June 20
Feb
Jan 844 Sept
8,825 64
76 11414 July 118
Mar
50 574 Oct 60
May
100
813 June 14
Feb
2,700 17
Aug 2631 Sept
Aug 73
382 41
Mar
1,300 2714 Jan 4913 May
1,600 2633 Oct 284 Sept
113 Feb
425
14
Jan
2,206 694 Jan 91% Sept
2,400 4634 July 85
Apr
200 3454 mar 5513 June
74 20513 Aug 237% .Mar
180 52
Feb 64
Mar
1,800 68
Aug 10413 May
3
Jan
100
7
Jan
5,200
3
Jan
914 Sept
500 10513 Feb 154 dune
600 2214 Jan 2914 June
3.200 47
Sept 623-4 Aug
3
July 22)4 Jan
9,100
5 85
Aug 90
Mar
2,700 2013 Mar 304 May
5 88
July 914 Apr
38 78
July 82
May
OCT. 6 1928.]
FINANCIAL CHRONICLE
Nance
.._,
.._
Last Week's Range for
Sate
ofPrices.
Week
Stocks (Concluded) Par. Price. Low. High. Shares.
Low.
High.
854 935
35
1
17
18
2,300
3.229
800
735 July
1034 Aug
35 Oct
1
Oct
1334 Oct1835 Sept
BondsElec & Peoples tr ctfs 4a '45 57 34 5735 60 513,100
Inter-State Rya coil tr 48'43 4834 4834 4834 I,uuu
Keystone Telco let 5e-1935
9334 9334 1,000
. 1929
Lake Sup Corp 5s_
50
50
1,000
55 stamped
25
25
1,000
Lehigh 0a N cons 4HA . 4
100
100
5
5,000
Peoples Pass tr ctfs 45_1943
60
60
3.000
Phila El(Pa) 1st 4Msser'67
100 100
3,000
1966
let 55
10435 1043-4 5,000
1st lien & ref 5348-1953 10654 106 10654 6,000
Phila Eiec Pow Co 5355'72 105
10434 10534 17,000
P & Read Term deb ers 1941
10454 10434 5,000
Read Co Jer Cent coil 48'51
9234 9235 5,000
Strawbridge & Cloth 581948
10054 10054 37,000
United Rys&EI (139.1045'49
35
36
10,500
York Railways 1st k_1937
98
9835 3.000
• No par value.
55 june 66 i May
4835 July 52 L June
9335 Sept97
Jan
15
Jan 50
Apr
14
Jan 31
Apr
9934 June 10154 May
59
Aug 6654 Apr
9834 July 10354 May
July 10935 Apr
104
10534 Sept 10734 June
104
Aug 108
May
104
Sept 107
Mar
9234 Oct 9234 Oct
9934 June 10135 June
35
Oct 36
Oct
9734 Sept 102
Feb
39
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, Sept. 29 to Oct. 5, both inclusive, compiled from official sales lists:
Stocks-
Frtaay
Sates
Last Week's Range for
Sate
ofPrices.
Week.
Par. Price. Low. High. Shares.
Arundel Corp
•
Allan Coast L (Conn)._50
Baltimore Brick. prof._100
Baltimore Trust Cu
50
Benesch (i) & Sons som--•
Black Os Decker sum
•
Preferred
25
Central Fire Laurance_ _10
Celitury Trust
50
Chas & Po Tel Balt pf _ _100
Commercial Credit
•
Preferred
25
Preferred B
25
654% 1st preferred_ -100
Congo! Gas EL & Power-.
6% preferred ser D_ -100
534% pref w I tier E_ _100
5% Preferred stir A_ _100
Consolidation Coal_ _ _ _100
Continental Trust
Dalton Tire & Rubber_
•
Eastern Rolling Mill
•
Fidelity & DePosit
50
Finance Co of America A _*
Finance Service corn A..10
First National Bank w I_Hurst(J E)& Co 1st pf_100
Mfrs Finance corn•L_25
1st preferred
25
2d preferred
25
Maryland Casualty Co_ _25
Maryland Mtge coin
•
Mercantile Trust Co__ _ _50
Merch & Miners Transp_ _•
Monon W Penn P S prof _25
Mortgage Security com___•
1st preferred
50
Mt V-Woodb Mills t_100
•
Preferred
100
Nat Bank of Baltimore-100
Nat Union Bank of Md.100
New Amsterdam Cas Co_10
Northern Central Ry._ _50
_
Park Bank
10
Penne Water & Power_ •
Red P Friend 1st pf_100
.k
Silica Gel Corp corn v I. •
Un Porto Ric Sug corn,._*
•
Preferred
Union Trust Co
50
U El Fidelity & Guar_ -.50
West Md Dairy Inc coin _ -•
Prior preferred
50
RightsUSF&G
•
Bonds
Baltimore City Bonds
1961
4ssewer loan
1961
4s Jones Falls
4s dock improyem't_1961
4s water loan
1958
1951
4s paving loan
1951
4s annex Impt
1980
3Hs new sewer
Black & Decker 6 As_ _1937
Consolidated Gas 5s _ _1930
Consol G E L & P 4 As 1935
1st ref 535s ser E _ _ _ 1952
Danville Traction _ _ _ _1955
Houston0115%%notes 1938
JamisonColdStorDr6 Hs'37
Knoxville Traction 58.1938
Lexington(Ky)St 5s _1949
LordBaltimoreHote1635W45
MdElecRylst&ref6Hs
ser A
1957
3834 3834 3934
166
166 166
82
82
163
162 16434
4235 4134 4235
32
3135 3254
27
2634 27
40
4034
210 210
115
115 115
40
3335 4335
24
2454
2434 26
92
8735 93
84
84. 8534
110 110
10734 10734
10235 102 103
23
23
2335
280 280
3
334
32
30
32
293
292 29734
1134
1134 12
17
1735
60
60
61
6934 6934
2434 2454
21
2034 2134
1835
183,4 1835
158
154 165
2634 27
465 465
45
45
48
2535 2535 2534
6
6
52
52
52
14
1335 14
81
8135
260 260
215 215
73
72
73
8534 8534 86
32
32
82
84
101 101
2334 2335
4035 4034 43
4435 48
330 330
47434 470 480
100
100 100
5435 54
5435
9335
9335 95
.
660
13
5
75
295
865
120
65
14
13
3,249
227
466
392
926
25
10
159
355
15
260
2,463
130
880
80
570
5
340
276
118
252
370
5
473
20
100
50
45
17
2
15
425
305
25
285
5
100
630
255
7
209
10
90
1.049
Range Since Jan. 1.
Low.
High.
3554 July 5154 May
162
Sept 212
Jan
80
July 83
Sept
15834 Mar 225
May
33
Mar 46
May
24
Jan 3434 Apr
2534 Apr 27
Apr
39
Aug 49 June
210
Sept 236
May
113
Apr 11534 Sept
2134 Mar 4335 Oct
23
Jan 2635 Jan
23
Feb 2734 May
8634 Sept 9535 May
6734 June 93
Apr
10935 Jan 11435 May
10735 Jan 10835 Sept
100 June 10554 Mar
23
Oct 3334 Jan
280
July 325
May
3
Sept 1935 June
Sept
2434 Mal 33
260 June 326
May
1034 July
12
Oct
1634 Jan 2035 Feb
60
Aug 64
July
65
Apr 71 June
2435 Mar 29 June
1934 Aug 28 June
1754 Aug 2034 Mar
150
Aug 195
May
18
Apr 27
Oct
450
Aug 470 June
44
Aug 50
May
25
Jan 27
Jan
6
Oct 2134 Jan
52
Oct 84
mar
12
Sept 29
Aug
8034 Sept9754 May
260
Oct 275
Apr
215
July 225
Jan
7035 Aug 8335 May
84
Aug 9034 Mar
32
Jan 42
May
68
Jan 87
Sept
100
Feb 10135 Apr
17
Mar 2854 Mar
3734 Sept 70
May
44
Sept 72
May
315
Jan 34535 June
34835 June 4
9634 Sept
6935 Jan 100 June
5234 Jan 5534 Sept
93% Oct
96% Sept
99
99
22.000 98
Aug 10335 Feb
99
99
400 98
Aug 10235 Feb
99
99
800 9835 June 10335 Feb
99
99
1,100 98 June 103
Jan
99
99
700 9834 Aug 103
Jan
99
99
1.000 9834 June 102
Mar
9034 9034 3.000 90 June 93
Jan
117 12235 42,500 10635 Jan 127
122
Apr
103 103
1,000 103 Sept
9935 9835 9934 6,000 9835 Sept 10534 Mai
10335 Apt
10535 10535 10535 1,000 104
June 10734 Jar
4434 4454
1,000 4434 Sept 4432 Sept
10254 10234 10335 8,000 100
Aug 10
534 Sept
100 100
1,000 100
July 10835 June
993.4 9934
1.000 9934 Oct 101
May
103 103
26.000 103
Jan 103
Jar
99
99
99
1,000 99
Oct 10134 Mai
8834
8834 89
4,000
1 1111141
,
Range Since Jan. 1.
Pennsylvania RR
50
6334 6435 4,600 6135 July 72
Apr
Pennsylvania Salt Mfg 50
96
715 92
9734
Jan 10935 Jan
Phil,' Co (Pitts) 6% pf _50
110 5135 Oct 5635 May
5134 52
Phila Dairy Prod pref.
100 90
9034 9335
Mar 96
Sept
Phila.Electric of Pa
25 _ _72
400 6534 Jan 7434 May
7134 72
Phila Elec Pow rcts
1,700 22
3534
25 3535 30
Jan 3535 Oct
F P
3534 3554 4.200 3534 Oct 3534 Oct
Phila Rapid Tsanslt__ _50
55
5534
500 5034 May 61
Apr
7% preferred
160 5034 50
5034 2,000 50
Apr 52
Apr
Phila & Reading C de I- •
3235 323,4
20 2834 Feb 3834 Jan
Philadelphia Traction__ _SO 5534 5534 57%
838 55
Aug 64
May
Reliance Insurance
10 2534 2534 2734
470 25 June 3735 Jan
Shreve El Dorado Pipe L 25
3534 3634 1,780 18
Mar 37
Sept
Scott Paper Co
•
49
49
22 4034 May 6034 May
635% Pref B.
101 101
17 100
July 101
Sept
Sentry safety Control
13
16
500 1134 Sept 16
Sept
56
Stanley Co of America- •
57
1.200 3034 May 6834 Sept
Tacony-Painyyra Bridge- *
3634 3634
241 2634 Aug 42
Sept
Tono-Belmont Devel_ _ _1
34
34
31 1.300
34 Sept
2
Jan
31 II 333
1
Tonopah Mining
,
400
3,316 Oct
5
July
Union Traction
50 3834 3834 39
1.679 3634 Sept 46
May
United Gas Impt
50 14235 13834 14434 52,900 11435 Jan 14934 May
United Lt & Pr A corn_ _ -.*
25
253-1
400 15
Feb 2734 July
II 8 Dairy Prod class A_ --.3
5234 5334
352 37% Jan 6234 May
2535 2634
Victory Insurance Co_ -10
400 25
July 34
Jan
Victor Talking Mach corn *
10855 11734 3.100 52 June 11734 Oct
West Jer & Seashore RR_ 50 4234 4134 4234
1,300 3335 Jan 43
Sept
Westmoreland Coal
50
4034 41
138 35
Aug 57% Jan
York Railways pref
50
42
42
15 4134 July 45
Apr
Rights
Ins Co of N A
Budd (E B)
Menu Cas Ins
1931
87
Aug
9934 jar
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High Week
Bonds (Concluded)North Ave Market 68.1940
Silica Gel 635s
1932
TitusvilletronWkslst7s_'29
Un Porto Rican Sugar
635% notes
1937
United Ry & E 1st 4s _1949
Income 43
1949
Funding 513
1936
1st 65
1949
WashBalt&Annap5s_ _1941
98
98
101 101
100% 10035
67
Vintah rInntant Titla A, InAl
1-
95'
67
45
69
8734
80
Inn
Range Since Jan. 1.
Low.
Hies.
1,000 97
July 101 June
1,000 101
Mar 10634 May
2,000 10035 Avg 101
mar
9534 5,000
6834 20,000
46
18,000
69
600
88
6,000
8034 10,000
inn
R llalri
95
68
43
67
85
80
Inn
Sept 10635 May
Aug 75
Jan
Jan
Aug 55
Aug 8434 Jan
Jan
Aug 98
Sept 90
Jan
1..••
.
Inn
Tan
•No par value.
Cleveland Stock Exchange.
-Record of transactions at
Cleveland Stock Exchange, Sept. 29 to Oct. 5, both inclusive, compiled from official sales lists:
'EC17
Stocks-
Week's Range for
"
Sale
ofPrices.
Week.
Par. Price. Low. High, Shares.
Aetna Rubber,corn
•
Akron Rub Reclaim,com..•
Allen Industries, corn.._ ..•
Preferred
•
Amer. multigraph, com...•
Amer Ship Bldg, corn._100
Bond Stores"A"
20
Buckeye Incubator, cony.*
Byers Machine "A"
•
Cent Alloy Steel, pref-100
City Ice & Fuel
•
Clark, Fred G.com
10
Cleve Sidra Sup & Br,com*
Cleve-Cliffs Iron, corn...*
Cleve Elect III,6% pfd_100
Cleve Railway, cum_.100
Cleve Securities P L, pf _10
Cleve Wor Mills, com _ _100
Dow Chem,cum
•
Elect Control & Mfg,com*
Faultless Rubber, cum_ •
Fed Knitting Mills,com_ _*
Firestone T & Rub,com.10
100
6% preferred
7% preferred
100
-Burt,com
Foote
Gen Tire & Rub,corn. _25
Glidden, prior preferred100
Godman Shoe,com
*
Goodyr T & Rub,com
•
Grasseill Chemical, com_ •
Preferred
100
Greif Bros Cooperage,com•
Guardian Trust
100
Halle Bros, pfd
100
Harbauer,corn
•
Harris-Seybold-Pot. coin.*
India Tire & Rub,com___•
Preferred
100
Interlake Steamship,corn.*
Jaeger Machine, cora
•
Jordan Motor, pref. _.100
Kaynee,corn
10
Kelley Isl Lime & Tr, corn.
Korach,S,com
•
Lake E Boit & Nut,com •
LeMur, corn
Certfs of deposit
McKee,Arthur G&Co com•
Miller Wholes Drug corn.
•
Miller Rubber pref._ _ _100
Mohawk Rubber corn__ •
Preferred
i6co
Murray Ohio Mfg corn. •
Myers Pump corn
*
National Acme com
10
National Refining corn_ _25
National Tile com
*
North Ohio P & L6% pI100
Ohio Bell Telep pref _ _ _ 100
Ohio Brass "B"
•
Preferred
100
Ohio Seamless Tube com.•
Packard Electric corn....
•
Packer Corp corn
•
Paragon Refining com__•
Preferred
Reliance Mfg corn
•
Richman Bros corn
•
Scher-Hirst class A
•
Seiberling Rubber corn_ •
Preferred
ioo
Selby Shoe corn
•
Sheriff Street Mkt com _100
Sherwin-Williams com_ _25
Preferred
100
Stand Textile Prod com 100
Preferred A
100
Preferred B
100
*
Stearns Motor corn
Steel & Tubes Inc com_25
Thompson Prod com
•
Trumbull-Cliffs Furn pf100
Union Metal klantg com_•
Union Mortgage coin. _100
White Motor Secur pref100
Wood Chemical Prod come
Bonds
Cleveland-Akron Bag 88'36
Cleveland Railway 5s 193l
36
1
30
111
5334
144
11135
104
23-4
1734
3734
110
10834
104
5834
71
109
102
4234
96
22
54
273,4
200
3835
3334
88
66
87
19
335
4935
3734
32
89
108
5
184
33
103
45
2454
24
23
21
21
14
1435
3334 3354
3435 36
80
80
1
1
11
12
28
33
111 11135
53
55
7
7
28
2834
140 142
11135 112
104 10474
2
234
17
1834
163 163
5835 59
32% 3235
36% 3734
170 175
110 110
10835 10834
4194 4135
185 187
104 10435
58
5834
71
71
67
8134
10835 109
4234 4334
427 428
10135 102
15
1634
19
193.4
41
4935
95
96
140 146
3834 3835
22
28
30
30
54
54
10
10
25
2535
3235 323.4
2735 2735
40
4034
2634 2634
8035 8134
200 200
93
93
2435 25
3635 3835
20
21
37
3734
3354 34
9734 9734
11234 113
88
89
10435 10494
65
68
8534 87
35
35
19
1934
43
43
38
383-4
335 337
24
24
4835 5035
10354 10335
3734 3851
32
33
8935
89
107 108
1135 1231
6335 68
3235 3235
434 5
180 184
3335
33
103 103
45
45
%
101
101
2434 2434
360
152
270
75
960
5
300
350
574
225
1,550
100
100
286
81
998
375
310
20
211
90
493
50
100
400
70
50
672
425
100
315
157
238
25
10
220
85
4,043
116
213
15
60
150
190
10
440
300
2,322
210
65
63
10
63
185
2,110
1,454
70
695
30
102
235
90
439
535
45
1.453
18
3.565
327
45
920
135
805
60
145
55
433
211
10
385
841
340
iso
350
100
23
140
Range Sines Jan. 1.
Low.
18
17
1034
30
2634
80
5
935
19
losq
3635
235
27
104
110
102
135
17
11234
5434
30
32
168
109
10734
25
165
96
57
70
47
10534
39
390
100
1254
10
18
95
123
2734
18
29
4934
83-4
17
27
2734
40
24
70
2934
55
1335
33
734
3434
2634
93
109
87
10435
38
47
3254
934
4134
38
256
22
3334
10234
38
High.
July 27
Apr 29
July
1734
July 37
Jan 3634
Oct 117%
Aug
3
Sept 49
Sept 40
Jan 112
Feb 60
Feb
894
Aug 31
Jan 14794
June 115
May 109
July
334
Oct30
Jan 175
Jan 66
July 3934
Jan 3934
June 232
Jan 112
Sept 11134
Feb 42
Mar 190
Jan 10435
Aug 59
Jan 71
July 8194
Feb 111
July 4534
Jan 465
Aug 10434
Apr 1634
June 24
Feb 58
Sept 97
Feb 150
Max 41
Aug 50
Aug 4335
5534
Apr
Fe.
11
Jai
28
Mal 35
Sept 28
July
45
July
28
May
98
Jai 224
Jar
93
June
25
Fel
4335
Jar
21
Am
39
Jun( 3554
Jar 100
June 11434
Aug 10035
Oct 10834
Mar 69
Jar 90
Fel
4035
Jar 20
Sept 42
Sept 3854
Fel 353
Aug 29
Fel
5235
Auv 107%
Sept 47
.Jan
L
'Jan
May
Feb
Sept
Jan
Apr
Jan
Jan
Mar
Sept
Aug
Feb
Sept
May
Mar
Apr
Mar
May
May
Jan
May
Jan
Mar
Jan
July
Jan
Oct
JulY
Oct
Oct
Apr
May
mar
Feb
Oct
Jan
Sept
June
Sent
Sept
Max
May
Jar
Sent
Sept
Men
Sept
Apr
July
Jar
Sept
Sept
Sept
Api
Oct
Jar
Jar
Pet
Apt
MN
JUD
,
Set/
Au!
Mal
Sep
Sepi
Sell
Sep
Ma!
Sep
Mai
AP
6535
106
8
5094
2634
3
53
22
Feb 95
Sett
May 10934 Ma
Ma
Aug 16
Ap
Aug 71
Mai
Sept 35
Mar
8
AP
Jan 191
Sep
Mai
Feb 44
wog July 106 Ma
Au
4234 June 49
Jai
7
31 Sept34 Aug
Ma
101
105
2434 Sept 2734 Mai
99
51.000 94
99
10014 10034
1.000 100
Jan 99
May 101
Jun
Fe
•No par value.
Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange, Sept. 29 to Oct. 5, both
inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Stocks
-Par Price. Low. High Shares.
Ahrens
-Fox "A"
• 22%
93
Am Laundry Mach com_25 95
96
Amer Products pref
26
28
•
Amer Rolling Mill com_25 10239 101 107
Amer Thermos Bottle"A"• 19
19
2034
Preferred
46
47
50
Baldwin new pref
110 110
100
Buckeye Incubator
• 1034 1035 1135
232 232
Carey (Philip) corn--100
Preferred
121 125
100
Central Brass "A"
23
2335
• 23
Cent Ware & Bella "A"20
2% 2%
23.4
Champ Coated Paper
Special preferred_ -..l00
106 106
Range Since Jan. 1.
Low,
High.
115 2135 Sept 23%
Oct 114
1.583 93
80 25
July 29 34
2,133 85
Aug 120
760 11
Feb 2134
45 43
Jan 49%
54 10834 Mar 110
471
734 Sept 49
30 222
Jan 275
143 120
Aug 126
75 223-4 June 2735
100
2% June
4
34 100
Feb 114
Jan
June
Apr
June
Sept
Feb
Jan
Jan
Apr
Apr
Feb
Jan
Aug
Sala
Friday
Last Week's Range for
ofPrices.
Week.
' Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Little Miami guar
50
Lunkenheimer
*
McLaren Cons"A"
*
Mead Pulp
*
Special preferred- _100
Meteor Motor
*
Nat Recording Pump_ _°
100
Ohio Bell Tel, pref
Paragon Refining, com..25
Preferred "A"
100
Procter & Gamble, com_20
100
6% preferred
Pure Oil, 6% pref
100
100
8% preferred
Queen City Pete, pref_ _ 100
Rapid Electrotype
•
100
Richardson, corn
Holtman, pref
100
.
Sycamore-Hammond_ _ _•
United Milk Crate "A"....*
10
U S Playing Card
U S Print & Litho, corn 100
100
Preferred
US Shoe, corn
*
100
Preferred
Whitaker Paper, cora_ _*
100
Preferred
Wnrilt.r 701 rovf
inn
Range Since Jan. 1.
Low.
High.
59
57
40
42
1834 1934
75
77
392 392
25
24
49
47
9834 9834
46% 47
1153.4 115%
13
13
97
97
69% 72
5034 5134
9874 9934
90
90
32
33
105 105
37%
35
2714
25
116 118%
15
345
1,945
5
200
5
30
32
283
263
80
392
660
2
3,196
279
4,923
67
10
44
211
41
28
25
75
15
305
211
340
10
391
2
210
660
64
106
2234
29
429
97
122%
9734
80
45%
5034
3514
36%
3034
90
25
34
1534
56
360%
2014
43
94
46
11434
12%
97
44
30%
97
89%
3954
100
35
21%
70
June
Jan
July
Jan
Aug
Feb
Feb
Oct
Jan
Aug
Aug
Apr
Mar
Oct
Feb
May
Mar
Mar
Feb
Mar
Jan
July
July
Feb
Sept
Oct
Jan
Aug
Aug
Sept
Sept
Jan
Oct
Aug
Jan
10914
46
3334
480
10034
149
109
121
55
56
56
61
38
105%
59
4434
2436
9334
392
26
5034
98%
56%
116
18
109
75
533.4
100
102
35
108
4336
553.4
120
July
Sept
Sept
Apr
May
Mar
June
May
Jan
Apr
Apr
Sept
may
Apr
Sept
Aug
Jan
May
Sept
Feb
May
Oct
Feb
Feb
Feb
Feb
Sept
Sept
June
Feb
Sept
May
May
Jan
Sept
102% 103
28% 28%
17
17%
70
67
105% 106%
33
32
3714 39
112% 113
19
18
19%
4314 4314
282 284
282
111
111 111%
101
100% 101
112 113%
112
101 101
101
7434 74%
210 210
101
100% 101
25
25
25
32% 30% 32%
112
111% 112
70% 70%
100 100
714
714 734
65
65
65
60% 61
61
106 106%
1 la
116
11
20
60
248
263
53
1,128
147
1,522
100
198
212
854
6
10
120
12
65
100
2.074
235
6
28
73
1
170
45
10
102%
25%
16%
65
101
26
28
109%
9%
40%
249
96%
96%
111
100
3434
172
99
25
26
109%
64
96%
534
45
52
102%
10934
Oct
Feb
Feb
Mar
Sept
Jan
Aug
June
Apr
Sept
Jan
Jan
Jan
Feb
Apr
Feb
Jan
May
Oct
July
Aug
May
Feb
Feb
Mar
July
Jan
Mar
110%
29%
20%
82
112
45
48
115
20
44
300
113
101
115%
101%
75%
220
103
27%
33
132
5334
102
934
72%
61
108%
116
Apr
Mar
May
Jan
Jan
May
Apr
Apr
Sept
Sept
May
July
Oct
May
Jan
Sept
Sept
Apr
June
Sept
Jan
Jan
Jan
Apr
July
Oct
Mar
Oct
100
Champ Fibre pref
Churngold Corporation_ _°
50 323.4
Cin Car Co
100
CNO&TP
_100 99
Cin Gas& Elec pref
CM GasTransportation 100
C N & C Lt & Trac com100
100
Preferred
Cin Street Ry
50
50 115
Cin & Sub Tel
On Union Stock Yards_ 100
City Ice & Fuel
* 5334
Coca Cola "A"
* 35
Cooper Corp new pref_ _100 90
• 5834
Crosley Radio "A"
Dow Drug corn
100 40
Eagle-Picher Lead com_20 1834
Early dr Daniel corn
• 75
100
First National
Formica Insulation
*
Gibson Art corn
* 4815
Goodyear Tire, 1st pref 100
•
Gruen Watch, corn
100
Preferred
Hatfield-Campbell, corn_ _a
100
Preferred
Hobart Mfg
*
Int Print Ink
* 51
100 9914
Preferred
Johnston Paint, pref_ 100 90
Julian Kokenge
33
100
Kahn, lot pref
Participating......_ _40 3734
Kodel Elec & Mfg "A"'
10
Kroger, corn
107 107
43
4534
3134 3214
430 430
9934
99
137 137
103 103
80
80
53
53%
115 11534
3714
37
5334 56
•No par value.
-Record of transactions
Pittsburgh Stock Exchange.
at Pittsburgh Stock Exchange, Sept. 29 to Oct. 5, both
inclusive, compiled from official sales lists:
Stocks-
bates
rflaay
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High Shares.
71
og
Oct
Jan
* No par value.
-Record of transacSan Francisco Stock Exchange.
tions at San Francisco Stock Exchange, Sept. 29 to Oct. 5,
both inclusive, compiled from official sales lists:
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par, Price. Low. High. Shares.
American Company
Anglo & London P Nat Bk_
Associated 011
Atlas Im Diesel Engine"A"
Bancitaly Corp
Bank of Calif N A
Bank of Italy NT & S A
Byron Jackson Pump
Calamba Sugar pref_ _ _20
Common
California Copper
California Ink
148
248
12314
193
10234
30%
62,%
Range Since Jan. 1.
Low.
High.
Jan 220 June
3,770 130
147 155
295
May
180 225 Mar
248 248
Jan 49% Sept
10 39
47
47
Jan 87% Aug
323 31
79%
77
33,248 100 June 22055 May
122% 129
May
215 269% Feb 452
27734 295
190% 199% 12,910 125 June 311;4 May
98 103% 26,170 31% Apr 108% Sept
Sept 19% Sept
1,070 18
19
18
Sept
Aug 33
175 30
30
30%
2
Mar
575
834 Apr
6% 7
Jan 63% Oct
5634 63% 7,916 30
50
5134 4,979 43% Mar 5374 Sept
2634 2734 3,377 2614 Jan 29% Apr
Oct
Oct 92
92
92
5 92
7436 7514 4,042 7234 Feb 9654 May
101 102
45 10034 Jan 10634 Feb
154 154
July 159 i, May
10 145
Mar
120 120
5 11334 Jan 125
8334 86
2,948 79 June 10914 Apr
29% 3814 23,725 21% June 3834 Oct
15
1715 May
15
610 1434 Apr
52
54% 8,655 3814 Aug 5534 Sept
2.90 Sept
2.35 2.45 9,235
2.35 Sept
May
4834 5034 20,692 23% Feb 52
3114 32
Feb 3734 Mar
370 31
10 9714 July 10334 Apr
9934 9914
24% 25
455 2234 June 2534 Sept
113% 113%
75 11334 Jan 11934 May
2214 2314
570 20 June 2734 Mar
May
95
July 99
96
70 90
Feb 2934 May
2834 2834
280 24
96
Sept 9934 July
96
5 94
Apr
70
7014 1,101 6014 Mar 85
103 103
40 99% Jan 10434 mar
Oct 120
May
90
91%
176 90
Feb 6274 Apr
5936 6174 13,221 53
30% 30%
Feb 3234 May
150 30
21
2114 1,090 21
Oct 2354 Sept
Sept
8834 89
90 8834 Oct 90
49% 50% 2,870 4134 Feb 5734 Apr
3,956 4234 Feb 5754 Apr
4934 51
Apr
7% Mar 16
550
1034 15
22
22
10 22 June 2834 Aug
Oct 37514 May
290 297
15 290
Feb
8
514 Mar
530
614 7
51
51
250 4834 June 5834 Mar
St. Louis Stock Exchange.
-Record of transactions
at St. Louis Stock Exchange, Sept. 29 to Oct. 5 both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Bank
First National Bank_ __100
Merchants-Laclede Nat100 306
Nat Bank of Commerce 100
State Nat Bank
100
329
306
165
180
330
306
175
180
Trust Co.
St Louis Union Trust_ _100 477
476
477
Miscellaneous
100
AS Aloe Co, pfd
103 103
20 33
Common
34
34
25
2814
Bentley Chain Stores, com• 27
Preferred
* 46
46
47
Boyd-Weish Shoe
*
40
40
100
Brown Shoe,com
50
54
• 45
Bruce (E L) corn
45
45
100
Preferred
9834 9814
Burkart Mfg. corn
•
113.4 12
*
Preferred
1914 19%
.
Century Electric Co_ _100
121 121
Champ Shoe Mach, pfd 100
99
99
Coca-Cola Bottling, see__1
55
55
.
Consol Lmd &Zinc"A" .* 12
12
12
"A"
100 76
Elder Mfg,
76
76
Common
*
3034 3036
Ely & Walk Dy Gds.com25 29
29
29
1st preferred
100
114 114
Fulton Iron Wks, pfd__100 81.81
81
Granite Hi-Metallic
10
40c 40c
Hamilton-Brown Shoe_ _25 20
20
20
•
Hussmann Rely, com_
27
27
Huttig S & D,corn
•
2234
21
Hydraulic Press Br,com100
4
434
Preferred
783.4 7834
100
Indep Packing,corn
*
16
16
Income Leasehold, com_25
24
24
International Shoe, corn- • 7754 76% 7714
Preferred
111 111
loo
Johnson-S & S Shoe
60
• 59% 69
Koplar Co.,pref
52
52
* 52
Landis Machine, com_ _25
4434 4434
Mahoney-Ryan Aircraft _ _6 20
21
20
Moloney Electric"A"___-• 5534 5514 55%
Mo-Ill Stores, corn
36
•
34
Mo Portland Cement__ _25
4334 46
Nat Candy, corn
19
19%
*
lot preferred
108 10814
100
2d preferred
100 100
100
Pedigo-Weber Shoe
* 3834 38% 39
Range Since Jan. 1.
Low.
High.
320
295
157
180
Aug
May
Apr
Oct
81 460
July
Aug
Sept
Sept
Sept
Jan
June
Oct
Jan
Aug
Mar
Sent
Oct
Mar
Mar
Jan
Jan
Sept
July
Jan
Mar
June
Oct
Sept
Apr
Apr
Oct
Jan
Jan
July
Apr
Oct
May
Aug
Aug
Jan
Mar
Aug
Sept
Oct
June
17
15
245
1
10
165
1,663
462
120
250
15
20
35
30
1
60
37
255
20
145
505
15
18
100
135
10
160
120
15
15
40
732
22
425
115
60
637
850
694
902
50
30
19
85
10236
32%
21
4514
3834
45
45
98
10
19
115
99
21
11
72
2334
28
110 •
59
30c
18
27
20
334
7434
16
1734
62
10934
48
52
43
19
55
17
38
18
108
100
35
P.4
1ita
.
dcl
65 June
A41( (1rt
I
I
gcittoict1912graltitatolaigoittOioiNrealgrannilVW
Owzg.,422e6022.-*ww.4.42,2.-2wr
X X X
XXX XX
$1,000
4 NU)
Jan
Sept
Sept
May
June
Mar
Sept
Mar
Sept
Mar
Jan
Jan
Feb
Sept
Aug
Oct
Apr
Jan
Apr
June
Sept
Mar
July
Mar
Mar
Sept
Mar
Jan
Mar
Jan
Sept
Mar
Jan
Mar
Feb
Jan
Apr
High.
11234 Mar
8114 Sept
8434 Sept
102
Jan
4434 Sept
32% June
3134 May
82 „Sept
29% Sept
Apr
99
11014 Mar
3434 Jan
734 May
127 ,Jan
Jan
19
6434 Aug
103% Apr
10674 Mar
A.6414 Oct
A, 614 Sept
2234 Apr
Apr
28
5334 Jan
Jan
31
Sept
61
May
43
2834 Apr
15% Mar
77 t, Sept
62 I June
39 /July
3236 Sept
11234 Apr
24% July
16% Sept
534 Oct
Apr
28
Sept
50
112
Aug
May
103
Sept
45
28
Aug
5634 Sept
V0WW44N0t-V4C-Me-0MM0040.t.0t-00b.00V00400N400,
0
0VCIVV400.NV00.00MNWV4VN 40NW.t-04N4M4NNOV
.
71
71
04 tf 05
High,
25
41
55
4
7%
67
125
27%
24%
310
30
10
92
405
99
5814
120
41
22
534
60
27
1334
10
24
290
5934
7%
4234
130
1936
3934
61
1534
43
5636
52
Pacific Gas & Elec,com
50%
lot preferred
2714
Pacific Lighting 5% pref_
Pacific Lighting Corp, COM 75
6% preferred
101
Pacific Tel & Tel, corn.--_____
Preferred
Paraffine Cos Inc, com_
84
Piggly Wiggly West Sts"A" 38
Pig'n Whistle pref
15
Oliver B
5334
Pacific Lighting rights.--2.35
Richfield 011
4954
Roos Bros, corn
32
Preferred
Richfield without warrants 24%
St J Lt & Pr, pref
B F Schlesinger A,corn--- - 23
Preferred
Shell Union 011,corn
Sherman & Clay Pr, pref._ 96
Sperry Flour, corn
70
Preferred
Spring Valley Water
91%
Standard Oil of California_ 6034
Telephone Investml Corp_
Tidewater 011, corn
Preferred
Union Oil Associates
50
Union Oil of California_ _ - _ 50
Union Sugar, corn
Transcontinental Air
Wells Fargo Bk de Un Tr__ 290
West Amer Finance, pref__
Yellow & Checker Cab
Low.
10834 Jan
6934 June
53 I Jan
Jan
98
3034 June
23 1 Jan
1734 Jan
7734 Sept
24 t Oct
8434 July
90 ,, Sept
28 June
Jan
2
Feb
110
12 'June
55% Oct
9834 Jan
103% June
33 ItJune
2.10 Aug
15 r,Sept
2434 Oct
46 'June
24% Sept
41 t Jan
Feb
35
22 ?June
1114 May
30 1June
42 June
32
Aug
18 rly
105% Jan
Oct
19
July
13
Jan
30
JasI
22
4834 Oct
Jan
105
Jan
99
36 June
26% Aug
Aug
39
0
20
240 18
Sept
50 16
Feb
30g 31
15 33
Aug
50
50
2% 3% 56,731
23.4 May
6% May
7
734 2,703
Aug
59
314 64
59
494 91
Jan
117 120
19% 20%
1,390 16% Jan
22% 23%
700 19% May
5 250 Feb
300 300
40 23 June
26% 26%
714 7%
295
6% Aug
Feb
91% 92
25 90
3 345
Feb
400 400
98
50 95
Aug
98
Oct
55
56%
874 55
15 115
115 115
Jan
3934 40
200 38% June
15% 15%
100 11% Feb
234 Aug
30
234 23.4
57
5834 2,403 4834 Ala'
Jan
23
2534
450 20
12
12%
225 12
Oct
736 714
634 Feb
50
1934 20
670 17
Aug
285 290
400 210
Jan
70 4834 Feb
5434 55
6
100
6
514 June
2,755 33
3634 39
Mar
127 128
70 124
Jan
19
1934
535 17
Aug
2934 30
60 29
May
45
45
40 4234 Jan
12
12
310 12
Apr
60 3014 Apr
3134 3134
20 43
443 4431
Jan
50
60
60
41
Apr
20
11054 110% 110%
262
7734 7914
81% 7934 81% 23,331
1,330
10034 100% 10034
4134 4014 4214 3,980
740
27
26
27
23% 23% 2414 2,175
7734 8034 1,615
7834
2434 24 4 2534 2,982
245
97
97
9734
335
100 101,
101
110
2834 2834 2834
4.50 4.50 . 4.60 1,490
110
11414 116 ,,.
550
1334
1334 1334
670
55% 55% 57.3
126
10034 10014 101%
140
105% 10434 105%
63% 5914 6414 60,967
2,529
534 6
______
15 1 15
25
2
500
436 24%
51
50
52,
201
135
2534 25
2534
57
5714
285
39% 39
40
850
2334
405
2334 23
12,
50
7474 7134 7534 63,459
__ __ __ 50% 5214 2,235
35
3334 3334 1,332
3014 3014
200
LA Gas & Elec pref
106 106%
85
Leighton "A"
19
19
20
560
"B"
15
15
15%
575
Magnavox Co
5% 4.20
534 174,244
Magnin (I) corn
26% 26
27
1,415
Leslie Calif Salt
4914 4834 50
1,745
Nor Am Investment, corn,
111 111%
35
6% preferred
IN% loo loosi
75
North American 011
43
42
4334 2,220
Occidental Ins
27
27%
420
Oliver A
5234 5234 5434 5,168
V
71
04!i
Low.
19
Calif Oregon Power pref.-Calif Packing Corp
Caterpillar Tractor
Coast Co Gas dr Elec 1st DIClorox Chemical
Dairy Dale "A"
"B"
Crown Zell pref
Voting trust certificates_
East Bay Water A pref
B preferred
Emporium Corp (The)---Fageol Motors corn
Fireman's Fund Insurance_
Foster & Kleiser corn
Galland Laundry
Gt West Pow ser A 6% pfd
Prefe
Preferred
Golden State Milk
Rights
Haiku Fruit& Packing _ _ _ _
Preferred
Hawaiian Com'l & Bug Ltd
Hale Bros Stores Inc
Hawaiian Pineapple
Honolulu Cons Oil
Hunt Bros Pack "A" corn,
Hutchinson SOS Plantation
Holster Radio
Illinois Pacific Glass "A"-Langendorf Baking "A",
Range Since Jan, 1.
.45moo
Bonds
Independent Brewing 6s'55
1,1•4.1,•••••••%,
.
VarIll no Ara 1040
Range Since Jan, 1.
Sales
Friday
Last Week's Range for
ofPrices.
Week.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
V040
.0 .0
Amer Vitrified Prod corn 50
Am Wind 01 Mach corn 100
100
Preferred
3%
Ark Nat Gas Ccrp com•
10
7
Preferred
*
Armstrong Cork Co
Blaw-Knox Co
25 118
Carnegie Metals Co_ _-.10 20%
Cent Ohio Steel Prod com • 22%
100
Colonial Trust Co
Consolidated Ice pref__ _50
10
Devonian 011
734
Exchange Nat Bank----50 92
First National Bank_....100
Follansbee Bros Co pref 100
Harb-Walk Rely corn new * 5634
100
Preferred
* 40
Home (Joseph) Co
*
Houston Gulf Gas
.
Independent Brew com_ 50
234
25 57
Lone star Gas
May Drug Stores Corp_ •
* 12
McKinney Mfg COM
Nat Fireproofing com _50
50 20
Preferred
Pittsburgh Plate Glass_100 288
Pitts Screw dr Bolt Corp_ •
Salt Creek Consol 011_ _ _10
Stand Sanitary Mfg corn 25 383.4
100
Preferred
19
Suburban Electric Dev____
Union Steel Casting com_•
United Engine & Fdy com *
United States Glass Co__25
Waverly 011 Wks cl A_ --_• 313.4
Westinghouse Air Brake_ _*
Zoller(William) Co CoM___
Stocks-
[VOL. 127.
FINANCIAL CHRONICLE
1932
OCT. 6 1928.]
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Pickrel Walnut
* 2434 2334 2434
Rice-Stix D 0, corn
•
20
20
1st preferred
100
10834 10834
2d preferred
100
9934
99
Scruggs
-V-B DO.com__25 20
21
20
Seullin Steel, pref
35
3534
Securities Inv, corn
32
32
•
Sedalia Water, pref. .-100
101 101
Sieloff Packing, corn
•
18
18
Skouras Bros "A"
50
*
5334
So Acid & Sulphur, com_ •
44
44
Southwest Bell Tel, pf _100 11931 11934 1203-4
Stlx, Baer & Fuller, com--• 3634 3534 3634
St L Pub Seri, pref "A" •
8334 85
St Louis Pub Serv, com_ •
25
2534
Wagner Electric, corn_...° 118
116 12531
ioo
Preferred
10534 106
Range Since Jan. 1.
Low.
775 2134
15 1934
10 108
85 99
743 16
257 31
5 30
50 100
10 16%
225 37
10 3931
20 117
71
21
18
7834
35
20
2,40
37
3
9634
July
Sept
Sept
Sept
Apr
Jan
Apr
July
Apr
Apr
June
Aug
Mar
Apr
Jan
Feb
Jan
High.
1933
Friday
Saks
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High.
Oct Italian Superpower Corp_
Mar Kidder,Peab Accep A pf100
Apr 'Libby McNeill & Llbby.10 1034
Jan Loew's Theatres
25 11
Massachusetts Gas 00_100 129
Aug
Apr
Preferred
100 78
May Mergenthaler Linotype 100 100
Sept National Leather
10
Jan Nat Mfrs & Stores Corp_
39%
Sept Nelson Corp(Berm)tr ctf5 26%
38
Jan New Engl Equity Corp_ _ _ _
Preferred
Mar
100 98
Oct New Eng Pub Serv
•
Prior preferred
June
June New Eng Tel & Tel. _106 141
Sept Nor Texas Electric_ _100
June Pacific Mills
100 2634
Plant (Thos 0) 1st pf_ _100
Street Railway Bonds
Reece Button Hole
10
95
East St L & Sub Co 551932
95
82,000 94
Jan 9534 Aug Reece Folding Machine_10
1934
United Rys 4s
8431 8434 15,000 84
Aug 85% Jan Ross Stores(The)Ine____* 20%
Miscellaneous Bonds
Sou Ice Co pref__
•
Moloney Electric 53-45 1943
9754 9734 3,000 9734 Oct 9734 Oct Ster Sec Corp pf allofens_ _
31
serial 9834 9834 9834 1,000 9834 Oct 10034 Mar Swedish Am Inv pf tr ctf100 190
Scruggs
-V-B 7s
1941
Scullin Steel tls
10034 10034 4,000 9834 Jan 101
May Swift & Co
100 13134
Torrington Co
• 69
•No par value.
Tower Mfg
3%
Traveller Shoe Co
Boston Stock Exchange.
-Record of transactions at Union Copper Land & Min
the Boston Stock Exchange, Sept. 29 to Oct. 5, both inclu- Union Twist Drill
5 18%
United Elee Coal
• 67%
sive, compiled from official sales lists:
United Shoe Mach Corp.25 7031
Preferred
25 31
Friday
Sales
U S Brit Inv $3 of allot ett. 7634
Last Week's Range for
Range Since Jan. 1.
Venezuela Holding Corp_
Sale
ofPrices.
Week.
Waldorf System Inc
• 2334
StocksPar. Price. Low. High. Shares.
Low.
Waltham Watch el B com_*
High.
Preferred
100
Railroad
Prior preferred
100
Boston & Albany
100 177
17634 178
90 176% Sept 19454 May
Walworth Co
20
Boston Elevated
100 84
• 84
8434
180 z8331 Sept 99
Mar Warren Bros
50 156
Preferred
100
100% 100%
5 100
1st preferred
Feb 107% Apr
50 5336
100 112
1st preferred
11134 114
109 110
July 120% Jan
2d preferred
50 52
100
2d preferred
102% 10334
318 1023( Sept 110% Jan Westfield Mfg. Co. cap stk
Bost di Maine corn unst 100 6954 69
71
400 55
Jan 83
Apr
Preferred stamped_ _100
76
76
28 6131 Jan 90
Mining
May
Prior pref stamped-100
108% 110
65 107
Aug 115
May Arcadian Cons Min Co_ _25
Ber A lst pfd stpd
78
78
80
334 6934 Jan 87
Mar Arizona Commercial
5
531
Ser B let prof stpd_-100
124 125
53 10634 Jan 145
Apr Bingham Mines
10 4634
Ser C 1st pref stpd_ _100
107 107
300 98
Jan 131
Apr Calumet & Recta
25 32
Ser D let pref stpd._100 154
154 155
246 135
Jan 180
May Cliff Mining Co
25
Boston & Providence...100 175% 175% 175%
97 173
July 182
Jan Copper Range Co
25 2154
Chic Jet Ry & US Yd pf 100 107
107 107
10 107
Sept 113% June East Butte Copper Min.10
334
Conn & Pass Riv pref. A00
103 103
12 102% Jan 107
Apr Hancock Consolidated_ _25
Last Mass St Ry Co_ .100
32
32
96 29
Apr Hardy Coal Co
1
Jan 43
234
Preferred B
100
70
71
225 63
Aug 8031 Apr Helvetia
.85
25
Adjustment
100
53
5634
285 50
July 6534 Apr Island Creek Coal
1 5034
lot preferred
100
74
7534
135 70
Preferred
Apr
Aug 88
Maine Central
100
65
65
10 59
Feb 72% Sept Isle Royal Copper
25 21
NYNH& Hartford-100 6234 62% 65%
633 54% June 68% May Kennenan Copper
25
4
North New Hampshire-100
101% 101M
10034 June 111
May La Salle Copper Co
25
134
Norwich & Wore pref..100
134 130
35 132
Jan 140 , June Lake Copper Corp
25
Old Colony
100
132% 133
130 13134 July 141
Apr Mason Valley Mines
5
Pennsylvania RR
50
63% 64%
627 62 June 72% Apr Mass Consolidated
25
Providence St Wore__ _100
180 180
20 180
Apr Mayflower & Old Colony 25
Aug 191
Vermont & Mass
100
113 113
26 113
Oct 121
Apr Mohawk
-25 4754
New Cornelia Copper....5 3254
Miscellaneous
New River Co pref
Amer Pneumatic Service 25
3
3
334
300
2% May
434 June Nipissing Mines
5
3
Preferred
50 1531 15% 15%
440 15 June 24% Feb North Butte
lb
531
Amer Tel & Tel
100 17834 177% 180% 1,799 171% July 210
May North Lake Mining
1
Amoskeag Mfg Co
• 19
19
20
1,260 18
Apr 25% Apr 031bway Mining
25
2
Atlas Tack Corn
•
11
11
500
954 Jan 1754 June Old Dominion Co
25 1534
Bigelow-Hart!Carpet..---• 91
90
92
427 87% Sell
99% May P.C.Pocahontas Co
• 12
Brown & Co
9434 95
45 93% July 98% May Quincy
25 3834
Continental Securities Corp 111
107 111
235 81
Rights
Jan 13454 Apr
4
Preferred
83
83
36 82
Aug 8554 June St Mary's Mineral Land.25 3331
Crown, Cork & Seal Co Ltd
Superior & Boston
Common stock
16
1541 16
545 1454 Aug 16% July Utah Apex Mining
5
4
Dominion Stores Ltd_
•
140 141
10 10534 Jan 141
June Utah Metal & Tunnel__ _1
East Boston Land
10
5%
4% 5%
616
234 Jan
8
Aug Victoria
25
2
Eastern klanufacturing_ _5
2% 231
25
1% Jan
2% Jan
Eastern EIS Lines Inc- _20 99
99
10334 3,055 86
BondsFeb 118
May
Preferred
• 48
4734 48
150 45
Apr Amoskeag Mfg 613. _ _ _1948 87
Sept 51
1st preferred
100 103
103 103
80 101
May 108
Apr AtIG&WISSL 59_1959
Economy Grocery Stores •
1531 1534
25 11% Jan 18% Sept Chic Jet Ry & US Y 58'40
Edison Elee Illum
100 274
273 276
599 252
Feb 305
May East Mass Street RR
Galveston Hous Else.
.100
363-4 3634
50 31
434s series A
Feb 43
May
1948
Preferred
100
76
76
50 74
5s series B
Sep
86% Apr
1948 74
General Alloy Co
•
12
12
125 10 Jun
13% Jan Fox NE Theatres 6348 '43
General Pub Her coin_
•
24% 2531
950 163‘ Jan 30
May Hood Rubber78
1936 97
German Invest Corp
19
19
19
40 18% Jun
2234 Apr Mass Gas Co 434s...1931
Gilchrist Co
• 3134 2934 31% 1,005 2834 Sept 35% Jan
534s
1946
Gillette Safety Razor Co.* 12134 11534 122
8,216 98 Jun
122 Oct Metropolitan Ice 75_..1954
Greif Coop'ge Corp el A_
43
4334
265 39
July 46
1932
Sept N E Tel & Tel 59
Georgian(The)Inc el A pf20 18
17
18
348 1534 July 20% Jan P Poceb Co deb 78.__ 1935
Greenfield Tap & Die_ _25 12
12
12%
190
934 Mar
13
Jan Savoy Plaza Corp 53451938
Hathaways Bakeries
------ 44
44
100 4334 Sept 46
Sept Swift & Co 59
1944
Hathaways Bakeries, Prof.
107 107%
18 101% Aug 107% Oct Util Service Co 6548.-1938 9951
Hood Rubber
• 28
28
2934
490 25
Aug 4334 Jan Western Tel & Tel 55_1932
Insurance See
10
24% 24%
25 24% Sept 32
May
International Corn.
• No par value. z Ex-dividend
67% 70%
330 454 Feb 74
Sent
2434
2334
117
104
22
46
35
102%
18%
54
4754
121
3654
89
32%
126
107
12% 1234
94
94
1034 10%
11
12
129 135
7734 78
100 101
341 4
38% 39%
26
26%
37
38
96
98
99% 101
10434 104%
141 143
15
15
26
2634
1634 16%
16
16
141 2
19% 2234
87
87
31
31%
174 195
13031 132
69
66
3
334
19% 2031
1
1
17% 21
65% 69
70
71
31
3135
74
7635
10
10
2334 2331
6534 6534
83
83
101 101
21% 23
153 170
5331 55
52
53
4431 44%
Range Since Jan. 1.
Low.
40
Jan
7
39 94
Apr
45
754 Jan
849
7% Jan
739 109
Feb
90 77 June
502 99
Apr
109
354 Jan
1,235 30
Apr
140 24% Aug
128 25
Jan
30 93
Jan
35 100
July
45 103
Aug
323 1137
Mar
25 15
Jan
925 25
Aug
20 12
July
65 15
Mar
150
1% Feb
560 10
Apr
10 82
Feb
1,229 31
Jan
9,449 123% June
177 124% Jan
946 65
Sep
1,635 .90 Mar
35 17
Aug
100
.40 Apr
4,915 11
AP
5,770 4054 Apr
1,421 6354 Jan
427 29% Mar
570 71% July
8
340
Jan
61 19% Jan
12 60
Jo
20 82
Sep
17 101
Sept
90 1454 Aug
505 s141
Jun
33 50
Jan
120 5254 Jan
225 4351 Sept
High.
2334 May
9554 Jan
11% Sept
Sept
15
155
May
May
88
112
Jan
6
May
42
Aug
34% May
4334 Aug
100
Jan
10934 Feb
11134 May
May
152
2134 Mar
40% Jan
Jan
23
1754 Sept
254 May
36% June
Oct
87
May
37
195
Oct
13531 June
Oct
69
Aug
5
2654 Apr
1
Awe
21
Oct
69% Sept
77 May
32 June
9654 May
May
36
2754 Apr
90
Mar
98
Apr
106% Mar
2554 Sept
192% Apr
Apr
60
6034 May
Sept
45
141 2,909
PH
1
Aug
254 June
5
534
960
354 Mar
6
Jan
41
46%
990 41
Oct 56
Jan
34
1,203 20% Jan 35% Sept
32
18
18
20 12
July 20
Sept
21
2231 2,110 14% Mar 23% Sept
3
334 2,950
154 Feb
3% May
135
.30 Mar
2% 234
454 July
730
254 3
254 July 12
Jan
.85
.50 Aug
.85
25
154 Apr
50
51
125 47
Aug 60
May
105 105
17 103% June 10654 Apr
1,440 s1114 Feb 24% May
22
21
4
5
53
154 Mar
7
May
134
140 .75 Feb
134
254 June
300
Feb
1
14
0 154
3 May
1% 2
134 June
41
2% Sept
.60
.40
.20 Mar
65
.83 May
.60
227
.45
.45 Oct
154 May
46
4854 2,22
42
65
Sep
APS
.
32% 3331
400 2554 Feb 34% Sept
53
53
5
52
Apr
63
Sell
3
39
4
5% Jan
3
Aug
5
5% 35,04
.90 Jan 654 Sept
.35 .3
100
.15 July
.70 Sept
2
2
800
3 May
.60 Feb
15
1531 2.063
9
Ma
1954 Aug
1234
12
55 11% Aug 17% May
37
3934 1,715 1234 AO
46
July
3% 4% 3,164
3% Sep
5
Sept
34% 8,758 21% Mar 34% Oct
31
.35 .3
.15 Mar
15
.75 May
4
454 1,234
334 Aug
554 Jan
145
1
154 1%
Feb
154 Feb
2
2% 1,275
.95 Apr
2% Sept
88
87
$2.000 87
78
78
1,000 72
10131 10131 5,000 101
6534 65%
74
74
100 10031
99 100
98% 985/
103% 10341
101 101
10034 10044
10954 109%
98
98
1015£ 101%
99% 100
100% 10031
11,000
3,000
14,000
11,000
1,000
1,000
1,000
5,000
7.000
5,000
3.000
23,000
5.000
Oct 9554 Jai
Jan 81% May
July 10354 Jan
64% Sept
72% Sept
100
Sept
99
Oct
9741 Aug
103
July
100
Mar
100
Aug
106
Jan
98
Feb
101
June
9954 Aug
100
July
79
88
102
103%
1005(
10554
101
103%
115
98
103
100
103
Apr
Apr
Sept
Jan
Jan
May
Oct
Feb
May
Feb
Jan
Oct
Jan
New York Curb Market-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Market for
the
week beginning on Saturday last (Sept.29) and ending the present Friday(Oct.5). It is compiled entirely from the
daily
reports of the Curb Market itself, and is intended to include every security, whether stook or bonds,
in which any dealings
occurred during the week covered:
Friday
Caleg
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Week Ended Oct. 5.
Stocks-
Indus. & Miscellaneous.
Aoetol Products Inc A- •
Acoustic Products corn-.
Adams
-Millie Corp
•
Aero Supply Mfg ol A
•
Class B
•
Agfa Ansco Corp
Ala Gt Southern,RR pref 50
Allied Pack corn
•
Prior preferred
100
Senior preferred
100
Allison Drug Store el A. •
Class B..*
Alpha Portl Cement corn.*
Aluminum Co, oom
•
Preferred
100
Amer Arch Co
100
Amer Bakeries, el "A"._ 5
.
Am Brown BoveriElecCorl)
Foundersshares
•
Am...Chain onrn
•
183-4
29
38
3631
274
13
354
534
453-4
13834
10774
4034
834
Range since Jan. 1.
Low.
High.
243-4 263.4
1,300 22
Aug 3151 Feb
18
1934 14.100 18
Oct 1934 Sept
2834 2931
2,400 24
July 2931 Oct
37
40
1,100 14
Jan 75
May
3531 3631
2,000
834 Jan 50
May
3834 4034 3,200 3831 Oct 4234 Sept
155 055
20 155
Oct 185
Apr
6
900
18.700 760 Aug
6
Oct
1034 24
MOO
634 Mar 24
Oct
17
3
1,000 254 Aug 17
Oct
11
10
200
8
Aug 2174 Jan
5
576
1.100
334 Aug
15 34 Jan
4554
45
1,200 38
Feb 4834 Junc
13534 13855
700 120
Jan 19731 May
10754 10754
400 10534 Jan 11031 May
49
49
100 46 June 70
Jan
4954 4934
100 49
Jan 59
May
834 834
22
22
1,000
100
454 Feb
22
gent
14
dK
May
v...
Friday
Sales
Last Week's Range for
Sale
ofPrizes.
lVeek.
Stocks (Concluded) Par. Price. Low. High. Shares
Amer Cigar Co coin_ _100
Amer Colortype common_.
Am Cyan corn cm B
20
Preferred
100
Amer Dept Stores Corp.'
American Hawaiian SS_ _10
Amer Laundry Mach corn •
125
38
38
3331 3334
9834
1954
1934
2031
2034
93
93
Range Since Jon. 1.
Low.
140
175 125
39
700 2334
363-4 9,600 y3041
200 95
9834
2034 11.200 1551
2,200 1534
22
93
50 92
Mph.
Oct 16234 Apr
Feb 40
Sept
July 5334 May
Jan 103 June
Jan 2431 June
Jan 2434 Sept
Aug 108
Jan
3654 4334
Amer Mfg, corn
425 3654 Oct 8034
100
Amer Rayon Products--18
• 18
Mar 24
1934 4,300 13
Amer Rolling MM.oom_25 10034 10031 10731 19,900 8234 June 114
Am Solvents& Chem.v 'I o• 21
2034 2134 2,100 II% Jan 2834
Cony panto preferred..
• 3334 3254 3554 2,000 25% Mar 4174
Amer Stove Co
115 115
100
10 115
Oct 133
5
Amer Thread pref
200
336 3%
334
Vie Jan
31lis
Amsterdam Trad Co
American shares
32
32
32
100 32
Oct 4334
Anchor Cap Corp corn__• 4234 4234 433-4 2,400 4234 Oct 46
56.50 cony pref
•
102 10234
700 102
Oct 104
33
Anchor Post Fence corn..'
3354
200 1231 June 3434
.-....- ',I..- wv..-.- r•-•... •
20
2112 I51.4
9 Mil
OA I, VA,.
e•
Jan
June
JILD
May
May
Mar
May
Jan
Sept
Sept
Sept
v..-
Sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares
•
Apponaug Co cont.
100
614% cum pref
Armstrong Cork coramon.•
Art Metal Wks cony pt__•
Associated Dy. & Print._•
dantic Fruit it Sugar......•
•
•
••las Plywood
Atlas Portland Cement.--•
'Duro Automobile. com_•
•
Axton-Fisher Tob corn A 10
Hancock & Willcox Co.100
Bahia Corp common.._ •
i5
Preferred
Balaban it Katz corn vte 25
b.eeitaly Corporation.
.25
•
Bastian Blessing Co
Baumann (Lud)& Cu
100
Preferred
Bendlx Corp class B____10
Benson & Hedges corn...*
•
Preferred
Bigelow Hartford Carpet.*
Bird Groc Stores corn. •
flaw-Knox Co corn_ _25
•
Blass(E W)Co corn
Blumenthal (S) & Co com,•
10
Blyn Shoes Inc corn
Bohach (H C) new eom_ *
B .m. Aluminum * Firms.. •
Bowm Bill Hotels 2d p1100
Bridgeport Mach cum. •
Brill Corp, el"A"
Class A
Class B
•
Brill° Mfg corn
Bristol Myers Co corn_
Brit
-Am Tob ord bear__£1
British Celanese
Amer deposit receipts....
Mfg coin._
Budd (E
•
Billiard Mach oni
20
Butler Bros
-auto, *yam & Citation
•
Foundry
Venation Milk Prodeona26
Carreras Ltd
Amer dep receipts class B
CAselt. Cu of A ,aer.___100
•
Csterpillar Tractor
Cavau- I sobbs. Inc, corn •
615% pref with corn etk
100
pur wart
Celanese Corp of Am corn •
11111
First preferred
100
New preferred
Celluloid Co corn
•
$7 preferred
•
Celotex to corn
100
7% preferred
.511
C eitrai Aguirre Sug
o .0trifila al Pipe Core. "
Chain Belt Co
•
Charle Corp
Checker Cab Mfg corn_ •
ioo
Childs Co pref
Cities Service,common__20
100
Preferred
Preferred B
10
Bankers shares
City Ice & Fuel (Cleve). •
Cltys Bank Ltd. Budapest.
Clorox Chemical class A.
Liut. Aluminum U twain._•
•
Cohen-Hall-Marx Co
Colgate Palmolive Peet
Ex-stock dividend
Colombian Syndicate
Columbia Clraphopb Ltd
Am dry rete for ord
Corned A'Roulade
!Merchandising v t o____•
•
33.50 preferred
Consul Cigar wssrr
Consul Dairy Products_•
Consul 111110 Indus. oom._•
Consul Laundries ------Cone Bet Stores Inc. com_•
Copeland Products Inc
•
Class A with warr
Courtaulds Ltd Amer dep
recta for ord etk reg £1
Crocker & wheeler com 100
Crosse & Meek well
Pref with warrants. •
Crowley Milner & Co corn *
1(
Cline° Press corn
6%% pref with war_100
Curtis Aeropl Ex p Cory ..•
,
,
Curtiss Flying Seri Inc...
•
Curtis Pub Co corn
$7 cumul preferred....
...
•
Davega. Inc
..-.
Davenport Hosiery ... *
Deere it Co, ounsmon__ 100
•
De Forest Radio Vt e
Dinkier Hotels Inc
Class A with purch warr•
Distillers Co Ltd
Amer deposit rcts
Dixon (Jos) Crucible__100
Mauler Die-Casting _
Dominion Stores
•
Steel Co, corn_
Ltd._Doner
8% prior preferred...100
Condeneer Corp..
Dunlop Rubber, Ltd
Amer Dep rots
Duplan Silk Corp. corn..•
Dupont Motors,
Durant Motore. Ine
•
DuzCoInecIA vtc
•
Clam 'A"
•
Eastern Rolling Mill.
Educational Pictures log
Pt with corn pur war_100
Elec Shovel Coal prior pf_*
Evans Auto Loading Cl B 5
Ex 100% stock dividend
10
Fageol Motors corn
100
Fajardo Sugar
Fandango Corp corn
Fanstee1 Products Inc....
Feddens Mfg, Inc, el A _ _ _*
Feder'd Business Publicat'n
1st pref without warr •
Federated Metals tr Ws_•
Filene's(Wm)Sons Co_ *
6 % cum pref
ioo
Firestone T & R. corn-..l0
7% preferred
100
[VoL. 127.
FINANCIAL CHRONICLE
1934
Range Since Jan. 1.
Low.
High.
10,600 30
Aug 4711
200 9834 Oct 101
50 52
Aug 66
300 29% July 47%
11,100 26% Sept 324
I%
50,800 60e Sept
2,700 z63% Jan 93%
Feb 47%
500 38
20,900 80% Sept 143
1,700 21% Sept 51%
400 11715 Mar 128
1744
6
500
Feb
934 Feb 19%
500
Dec 100
29,100 60
17,600 8994( June 223
Mar 4811
4,400 28
Oct
July
May
Sept
May
Oct
Oct 102
June 206
Aug 24
Oct 3111
June 95
Feb 37
Mar 120
Mar 44%
Mar 51%
4%
Ate
Sept 69%
Jan 87
Sept 10%
5%
Jan
July 3491
Mar 2915
Oct 1734
Jan 31%
May 86
Jan 3215
June
Oct
Mar
Jan
Jan
Sept
Sept
Sept
Sept
Jan
June
June
Oct
Jan
Jan
Jan
May
Mar
Oct
Oct
361.1
98%
593i
44
28%
1
8234
40
.84
29%
118
13%
16%
89%
12314
4314
47%
99
5914
44
31%
1%
84
4014
116%
33
12011
14%
17
100
128%
48%
25%
83%
31%
98
160
15%
24
90
34
110
3411
48
3%
6614
7214
10%
214
2034
27
954
25
81
31/4
98
206
15%
25
90
36
110
3715
49%
3)4
6614
75%
1011
2%
22%
27
10%
26
86
3234
12%
2354
90
2444
12%
23%
87
23%
13%
27%
90
244
4,400
2,400
1,600
1,100
12% Sept
15
June
43
Jan
2014 Apr
3351 May
Jan
34
Sept
99
June
29
54% 68
67
53% .53% 5711
8,700
3,000
88
30
68
66
4711
5934
31%
111
83%
40
114
3211
13%
1614
100
123%
45
93
206
25
34%
49
73
27
TO% 10%
161% 169%
165
82%
82% 80
3334 3314 3315
50 98
4,200 120
100 15
400 24
100 89
500 20%
50 103
8,700 1611
600 20
1%
500
100 58
3,400 33%
7%
100
2%
200
2011
1,00
100 25%
9%
1,200
1,700 14
9,900 65
700 25%
June
Jan
13%
45%
12.500
92
87
1% 10%s 6,900
4814
15
20%
29%
Jan 101%
34%
734
4314
5%
21
12%
14
26%
Aug
Seut
July
Jail
Sept
July
Aug
17
1,100
7%
Jan
51
52
57% 48%
10015 9914
22%
14%
18%
185
190
115% 115%
300
200
3311 35
15
15
465% 488
1414 15
14%
21% 22
100
5014
85
85
49% 5034
44%
3%
15%
47%
20% May
Oct 24% May
Sept
Jan 150
1914 Apr
24% May
25
1,900
Apr
June
Sept
Oct
May
Aug
Oct
5%
20
500
9%
4%
4%
22
Oct
Aug
Jan
Mar
Apr
May
Feb
8%
2.514
70%
19%
914
9%
31
78
43
July
July
Mar
97
5011 Sent
44% 46% 5,200 44%
4%
900
4% 4%
855 116
124 127
3
600
3
311
15% 18% 7,000 12
17,000 27%
42% 48
26%
20%
65% 52
107% 106
165
170
107%
108
Oct
Aug
Aug
June
Feb
Oct
May
100 16% June 1811 Oct
18%
Apr
20 164% Aug 196
171
6,000 16% Feb 46% Sept
43
144% 8,000 10434 Jan 144% Oct
Oct
9% Sept 13
100
13
May 88% Oct
10 80
88%
May
214 Apt
5% 22,500
6%
31
19
Oct
Jan
Mar 51
6,400 30
July
Mar 19
100 10
45 320% Jan 500
Sept
32,300
1644 Sept
134 Jan
300
5% 6%
600
20% 20%
415 5% 2,500
17
19% 86,100
600
6% 6%
600
7% 7%
100
31
31
2034
20
23
14
48
10
50%
194
zoq
36
Oct 52% July
51%
600 51
100 3414 Jan 55 June
52
40
58% 24,90
Feb 58% Oct
600 98 June 10315 June
100%
May
1,100 19% Aug 44
23%
19% Sept
19% 72,600 14% Oct
Sept
175 171% June 193
190
June 119% Feb
100 115
115%
34%
15
18%
171
3915
3914
142/1 137%
13
8811 88%
4%
4%
mikv
Oet
Oct
92
211 May
15.400
14
45%
1,300
400
9/1
48% 7,200
1,100
1514
20% 35,900
1,300
2941
20%
115
Oct
Sept
85
11,4 Mar
Jab
10114 210,800
20
110
Apr
Jan
Apr
Jan
Sept
Oct
Aug
Jun
11%
4414
93-4
43%
1415
1615
27%
87
Apr
Mar
Apr
May
Sept
June
Oct
112% June
May
103
1853,4 Jan
102% Oct
Feb
122
97% Feb
69% Apr
90% Sept
June
164
124 Jan
44% Oct
Aug
38
76% Oct
109% Sept
721s Oct
1033-4 May
944 Apr
3511 June
6014 Sept
55% Sept
4115 Oct
38% UP
Sept
60
Apr
Aug
Aug
Oct
July
June
Feb
Feb
Feb
June
Oct
July
Mar
Jan
Jan
16
10115
May
Apr
13
200 10% July
Jan 2826654 MAugar
40 156
Jan
1,300 53
4,300 3141 Apr 43% June
100 106
106% 106% 106%
64% 2,500 5314
55
1,300 115
122 126%
122
800 98%
98% 102%
101
93
700 80
80
93
100 87
93
93
450 49
60
59
84
50 80
84
250 116%
138 140
13s
2,100
8%
9 9%
9;4
200 44%
44% 44%
1,700 27%
34
37
38
76% 69,600 2014
7531 64
20 94%
106% 107%
68
720% 66,300 54
72
2,200 9414
10011 9954 10
00%
8%
200
914 915
9%
34
300 25%
34
200 36%
5334 5314 54
400 55
55
55%
500 4034
41% 40% 4114
400 27%
30
30%
1,600 23%
50
5214
90
Owes
I'riUsi,
200 29%
2811
1,100 14
2115
67% 35,900 5214
107% 5,700 106
173% 1,760 166
100 107
108
Sept 494$ Sept
Aug
614 May
Sept 165% Apr
Apr
June 10
Jae
Feb 85
Feb 5015 May
Aug 30%
Mar 25%
Sept 5411
Sept 107%
Mar 238
Sent 112
Aug
Sept
Sept
Sept
Jan
Jan
Last Week's Range for
of Prices.
Week.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
2714 2711
Foote Bros Gait Ma corn 0
.
570 590
Ford Motor Coot Can..100 573
32%
• 3111 31
Forhan Co. el A
Foundation Co
11%
11
Foreign shares class A_ •
Fox Theatres class A cora.• 26% 2644 2734
34
30
Franklin (H H)Mfg corn.•
414 751
511
Freed-Eiseman Radio.. .•
French Line_ _600 Francs
53
53
Amer ohs rep corn B stk. 53
Freshmao (Chas) Co
• 12% 1114 12%
40
40
Fulton Sylphon
94
Galesburg Coulter-Disc ..• 0015 83
70% 73%
Gainewell Co, corn
63% 6834
General Amer Inveetors_.• 68
9%
General Baking corn ___.•
814 10
Preferred
• 77% 7214 7815
Gen'l Bronze Corp corn...* 41
4011 42%
General Cable warrants.... ...... 12% 14
Gen Elec Co of (It Britain
9% 9%
American Deposit rets_
103 104%
Gen! Fireproofing corn _..•
Gael Laundry Mach com • 28% 2714 29
General Mills Inc, com
* 6931 64% 69%
Gilbert (AC)Co corn...• 19% 1814 20
45
45
•
Preference
715
7% 714
CO Spring & Bump com..•
149 154%
Glen Alden Coal
• 150
Gobel (Adolf) Inc corn new 37% 34% 40%
• 27% 2714 2715
Godchaux Sugars
2884 24% 2814
Goldberg Stores
58% 65
Golden State Milk Prod_25 64
8%
Gold Seal E.ectrieal Co. •
57
57
Gorham Mfg corn
•
19%
17
Gotham Knitbac Mach..• 17
Gramaphone Co Ltd Amer
72% 73%
Li
dep rets ordi ohs
11% 12
Greenfield Tap & Die.....•
22% 21%
Hall(CM)Lamp Co....
Hall(W F) Printing
10 3011 30%
5%
544
Happiness Candy St el A.
•• 4514 45%
Hart-Parr Co coin
1934 16
Hazeltine Corp
33
33
Henney Motor corn
122
Hercules Powder, pref.._100 122
1514
•
Hayden Chemical
2413 24%
Hires ,Chas El) CIA COM-.
•
46% 44
Holland Furnace Co
32%
35
Horn 'A C) Co coin
50 44% 4411
7% 1st pref
57
Horn & Hardart com_.•
17
•
tluyler's of Del corn
blYgrade Food Prod eom • 69% 49%
Imperial Tobof Canada. 5
•
India Tire it Rubber
•
Industrial Rayon new....
Insur Coot North Amer.10
Insurance Securities Co..10
Internist Cigar Machy_*
Internist Products corn...'
.100
$6 cum prof
Internet Safety Razor B •
International Shoe com_ •
interstate limit stores com•
7% cum pf with warr 100
•
Joske Bros corn v to
Kawnee Co
Kernsley Mllbourn Sr Co _•
Keystone AirerattCorp corn
Kinulierly-Clark Corp.corn•
Kinnear Stores Co corn_ _•
Knott Corp. corn
•
Krueger it Toll Co. Am ctfs
Kruskal & Kuesoll, Inc_ *
Lackawanna Securities_ . •
Lake Superior Corp...100
Lakey Foundry &
Landers, Frary&Clark_25
Land Co of Florida
Lane Bryant Inc corn....
Internet Realty corn__ _•
•
Preferred
Lehigh Coa lit Nay _ .50
Lehigh Val Coal Mtn new.
Lehigh Valley Coal sales 50
Leonard Fitzpatrick it
Mueller Store, corn
•
Libby McNeil it Libby_10
Libby Owens Sheet Glass 2'n
10
Lit Brothers Corp
Magnin (I) ds Cu Cum
Mar Steam Shov, new corn'
Morrison Motor Car coni_•
•
Massey-Harris Ltd com _.
Mayas Bottling Cool Am.•
•
Mavis Corporation
May Drug Stores Corp. •
May Hosiery Mills $4 sh_•
McKesson it Robbins com•
Preference series A...50
•
McLellan Store, cl A
McQuay-Norris Mfg, corn*
Mead Johnson it Co corn •
.100
Mercantile Stores Co.
Mercurbank Vienna
•
Mesabi Iron
Metropol Chain Stores_ •
Metro 5 & 50c. Stores el B •
100
Preferred
•
Midvale Co
Miller (I) it Sons
Mirror (The) 7% pref__100
Montecatini Min it Agri
Warrants
•
Moore Drop Fora cl A
•
Murphy (G C) corn
•
Nat Baking common
Nat Food Products
•
Class A with wart
•
Class B
10
Nat Leather
•
Nat Mfrs & Stores
Nat Rubber Mach'y __ •
100
NM Sugar Refit
National Tea Co pref. _100
Nat Theatre Supply
-•
Nat Trade Journal, Inc_ _*
Nebel (Oscar) Co cam_ •
Nehl Corp allot We
Neisner Bros corn
Preferred
100
Nelson (Herman) Corp__ _6
Neptune Meter class A
*
Nestle LeMur Co class A.*
..5
Neve Drug Stores corn.
Newberry (.1 J) corn
•
Preferred
100
New Mez it Ariz Land_ _1
New On Gt Nor RR_ 100
74%
25%
10215
13%
85
38%
20
27%
5511
2914
38
47%
834
33%
54
38%
137%
30/4
52
154
57%
62%
48%
13%
24%
40
45
54
65%
3
2%
64%
59
43%
5
32
12
39%
4211
145
9%
3241
86%
107%
144%
26%
27
21
108
9
24%
33%
5%
47%
20%
33
124
1515
2514
46%
35%
4511
57)4
17%
7014
Range since Jan. 1.
Low.
200 19
2,310 610
1,600 23
Aug
Mar
Mar
Feb
20%
3311
3014
7
May
Sept
Sept
May
July
200 42
5% Feb
37,700
500 27% Mar
1,500 z4744 Jan
Feb
900 62
2,400 56% Feb
6% A nr
43,900
13,300 7211 Oct
900 35% Jan
July
8
1,300
71%
15%
44%
94
76
77
17
86
53%
16
Mar
Sept
Feb
Oct
May
May
May
May
May
Apr
104
8% May
1,500
400 99 June 109
Jan 33
3,600 20
2,600 64% Sept 6911
2014
Aug
2,100 13
100 43 June 50
12%
5% Aug
200
3,100 148% Aug 169
Sept 4014
39,600 31
9
July 27%
200
12,400 23% Sept 2834
5,700 44% Aug 65
6
June 17
200
100 49% Feb 62
Oct 20
2,200 17
Aug
Apr
June
Oct
Sept
Mar
Mar
Ian
Oct
Oct
Oct
Oct
800
39,600
2,300
32,300
2,100
300
9
174
13%
144
55 June
8% June
314 3%
55
55
73
73%
5
5
500 27
9
100
14,650 109
400 2311
500 23
9,600 3814
37,700 384
800 30
23,400 11
200 14%
5,800 20
100 40
12,000 41%
53%
8,40
100 52%
100 39;4
1,100 5334
100 97
2
200
1%
3,00
5,600 54
314
400
100 44
39
10(
200 4215
100 84%
1,600
500
300
200
1194
571$
143
.044$
32
105
1514
88
42%
87
5634
120
43
34
2011
3434
56%
38%
44)4
3914
19
55%
10
38
78
25%
58
42%
43%
154%
89
6614
Sept
Oct
Apr
June
Oct
Oct
Apr
Sept
Aug
June
Sept
July
May
Jan
Oct
June
Sept
Sept
May
May
Sept
Sept
Sept
Sept
Apr
May
May
Jan
Oct
Slay
Sept
Oct
Mar
Mar
Oct
Jan
Jan
Sept
Jane
Feb
Feb
Oct
Sept
Sept
June
Jan
Jan
Jan
July 43
Jan
1314 May
Mar 15811 Oct
Mar 2914 June
,
1 e9 27% Sent
July 60% Oct
Oct
Pet, 65
Mar 48% Oct
Sept 22
May
Oct 344 May
Aug 26% May
Aug 484 Jan
Sept 45% Oct
Oct 554 Sept
June 64
May
Mar 59% May
Feb 72
May
May
Jan 152
Oct
3
Sept
411 June
Mar
Jan 66% Sept
Sept
Mar
7
Jan 81
June
Jan 4814 Apr
Oct 43% Oct
Feb 91
Mar
July
2
35% Mar
62% Jan
4
Aug
300 22)4
32%
32
6
1114 1211 16,600
3%
200
3% 3%
700 31
39%
39
53,000 23
40% 45
550 119
145 149
25 103
103 103
6
914 915 2,40(
900 30
3214 33
800 18
25
26
1,000 85
89
85
2,800 73
9414 108
850 110%
135 145%
506 20
26% 27
100 20
2034 20%
100 27
27
27
1,40
18
22
21
50 120
129% 129%
150 106%
108 108
3,40
714
7% 9
100 25
35
35
Jan
Apr
Sept
73% Oct
12% Jan
27
17,400
9% Jan
June 33%
21,500 22
1381
514 Oct
18,100
3,200 33% Aug 63
8% Feb 20%
3,900
100 12% Apr 33
70 118% Feb 124
1514
4% Feb
200
400 2134 Mar 26%
June 47
6,900 38
July 36
1,900 14
600 4414 Sept 49
300 52% Mar 64
Mar
4,200 15
2i34
194,000 25)4 Jan 7()Si
gti Mar
934 93-4
100
48
48
100 21
Feb
127% 135
3,790 78% July
741$ 77%
1,600 67% Aug
25% 25% 2,400 24% Sept
800 88
10014 10215
Aug
1314 14% 3.500 11% June
8S34
85
900 75% June
33% 39% 5,900 25
July
77
Feb
300 69
77%
48% 51
Feb
900 37
114% 116
900 108% Feb
May
36% 3714
600 36
34
Feb
34
100 29
16% 2011 2,900 14% July
Sept
27% 3214 4,800 20
53
July
56% 20,200 62
29% 30
200 26% June
July
200 33
37
36
34% 3915 75,000 34
Sept
18
18
100 1314 Jan
June
48
47
7,200 45
77
% 911 3.500
334 Jan
30% 33% 7,300 27
July
Sept
100 66
66
6614
10% 11
400 10% Aug
600 3814 June
58
54
3714 41
9,300 28)4 Aug
June
1,100 36
39% 42%
2,200 10034 Mar
13715 140
31% 2,900 2714 Mar
30
Mar
475 50
51% 054
29
29
11
11
146% 15814
25
25
2614 27
55% 60%
5011 65
4514 48%
13% 14%
14% 14%
24
26
40
40
42% 4514
5311 54%
5714 57%
52
52
65% 67%
11714 11714
3
3
2%
64% 65%
33-4 3%
59
59
41
41
42% 43%
85
85
High.
Jan 29% May
May
Jan 698
Jan 34
Atig
July
Jan
Jan
Apr
July
Feb
Sept
Jan
Sept
Apr
Sept
Apr
Jan
June
Aug
Oct
Sept
Aug
Jan
June
Mar
4% May
63
Sept
81
May
10% Jan
32%
15
57
%
41%
45
153
nay,
Oct
May
May
Aug
Oct
Sept
May
19%
35%
26%
90
108
145%
34)4
25
28
34
145
110%
11%
484
May
Sept
Sent
Oct
Oct
May
Feb
Aug
May
Apr
May
Aug
May
May
OCT. 6 1928.]
Newport Co, prior corn.100
Newton Steel corn
•
NY Auction class A com_•
N Y Hamburg Corp..._50
N Y Merchandise Co_
•
Nichols& Shepard Co.....
Stook purch warrants__
•
Niles Bement-Pond corn.
Noma Electric Corp corn •
North American Cement_.
Northwest Engineering_ _•
Novadel-Agui corn
Preferred
*
Oakes Prod,cony pf A
Cony pre( cl B
•
•
Ohio Breese)
"B"
Ponder(D) Grocery el A.
Class B
Penney (J C)Cool A p5100
•
Peoples Drug Store. Inc-.
100
Pepperell mg
•
Perfect Circle Co
Phelps Dodge Corp.. _100
Philippe(Louls)Ine A corn •
Phil Morris Con Inc com.•
25
Class A
Pick (Albert). Barth & Co
Pref class A (pant. A DP•
Pierce, Butler & P Mtii 25
•
Pierce Governor Co
Piggly Wiggly Corp oom..•
niggly Wiggly Western
•
States Co class A
Pines Winterfront el A 5
Pitney Bowes Postage
•
Meter Co
Pittsb & Lake Brie corn 100
100
MUM Plate Glue
•
Potrero Sugar corn
•
Pratt & Lambert Co
Procter & Gamble eons .20
Propper Silk Hosiery Inc.•
Prudence Co 7% pref _100
Rainbow Luminous ProdA•
25
Raybestos Co corn
Realty Associates cons _•
5
Repetti. Inc
*
Republic Mot Trk vte.
Reynolds Metals, corn_ •
Preferred
•
•
Richman Bros Co
Richmond Radiator corn..
Riverside Forge & Mach_ •
Rolls-Royce of Am pf--100
•
ROSS Gear & Tool,eom
•
Ross Stores Inc
Royal Baking Prod com100
Preferred
100
Ruberotd Co
100
Sate-T-Stat Co common_
Safety Car lit & Lt
-100
•
Safeway Stores cora
Old fifth warr
2d series warrants
St Regis Paper Co
Sanitary Grocery Inc
Belli(' Co corn
•
7% cum cony prof _100
Schulte Real Estate Co...
Schulte United 5o to $1 Ste*
Prof part paid
100
Seeman Bros thmmon____•
Selberling Rub, corn
•
Selfridge Provincial Stores
Ltd ordinary
Servel Inc (new co) v s-•
•
Scion Leather corn
Sharon Steel Hoop
50
•
Shearer W A) PSI
Shredded Wheat
Corp.com •t o..•
Silica
•
Silver (Isaac) & Bro
Singer Mfg
100
Singer hlfg Ltd
El
•
Smith (A 0 Corp
Sal Viscose Ltd._ _ _120 lire
•
South Coast Co own
•
Southern Asbestos
Sou Grocery Ste corn
Cony class A
•
Southern Ice & CHI comA•
Common Clan B
Southern Stores Corp CIA•
Southwestern Stores corn.
Preferred series A
•
Spalding (A (I) & Bro com•
Span & Gen Corp, Ltd_ £1
Sparks-Withington Co...
•
Spencer Kellog & Sons new
Spiegel" May Stern Co
834% preferred.. .100
Standard Investing Corp •
100
Stand Mot Constr
Stern Bros class A
Stetson J B) corn
Stinnes (Hugo) Corp..._
•
Stutz Motor Car
Swedish-Amer Invest p1100
160
Swift & Co
16
Swift International
Byrne wash Mach B Orrt, •
Tennessee Cent Ry v tot
Tennessee Prod Corp corn.
Thompson Prod Inc el A •
Timken-Detroit Azle._ .11.
Preferred
100
Tishman Realty & Constr •
Tobacco Prod Exports_ ...•
Todd Shipyards Corp _
Toddy Corp class A
•
ClassBvtc
Transcont. Air Transp._•
Trans
-Lux Piet Screen
Clan A common
•
10
Trwscon Steel corn
Tublae Artificial Silk el B.
Tung-Sol Lamp Wkscom •
Class A
•
Unit Biscuit Co el B
•
Class A
•
United Carbon v t e
•
United El Coal Co.v to-•
United Milk Prod,corn
*
7% cum prof
100
Unit Piece Dye Wks corn.
•
United Profit Share coin.*
United Shoe Mach corn_ _25
U El Asbestos
US Dairy Prod class A__•
U Foil class T1 new
•
1935
FINANCIAL CHRONICLE
MARA
"Tway
Last Week's Range for
Week.
Sate
ofPrices.
Stocks (Concluded) Par. Price. Low. High. Shares.
86
85
6434
77%
2831
8
44
32%
8234
6935
98
303i
5%
19
3231
45
288
6135
282
36%
10635
2531
56
299
990
60
16
42
45%
21
258
105
108
47%
700
84%
406
45%
185
45
9231
62
49%
12
3035
47
63
23
81%
501
6%
5%
28%
38
31
35
17
20
253
13%
143
3435
95
104
19
12
3131
40
19
900
12
100
32%
1,600
43% 127,000
931 10%
143 145
285 289
4% 4%
5735 64%
282 282K
36
37%
104 106%
2531 28%
55
59%
296 299
810
Pit
2
3
21% 23
60
60%
328 338
16
18%
32
34%
42
44%
4231 4531
19% 2231
256 270
103 106%
102 108
3,600
500
5,900
1,000
80
100
7,900
75
2,500
250
2,800
3,600
50
3,600
4,400
900
2,300
70
300
500
150
800
1,000
280
450
1,20
High.
19
10
1834
23%
Aug
Sept
Feb
Mar
Feb
Sept
Jan
May
Jan
Oct
Oct
May
Oct
Feb
May
Sept
Oct
Oct
Oct
Mar
Sept
May
May
Sept
Feb
Sept
Oct
Sept
Mar
Jan
22% Jan
2231 Feb
36% May
4835 Oct
19 June 39
Oct
56H Jan 14331 Oct
7
143
210
4%
50
247
33
10235
20
4714
27034
50c.
134
19K
60
265
18
2334
38
305(
18%
205
103
8131
June
Oct
Feb
Oct
July
Feb
June
May
Aug
Aug
Jan
Feb
July
Sept
Sept
June
Oct
May
Apr
June
Sept
Aug
Oct
Jan
10%
185
300
14%
84%
800
3735
10714
35
(1431
350
I%
3
23
80%
358
27%
35
70
4535
28
299
111%
125
Jan
Apr
Sept
Jan
Oct
Ma)
Oct
Apr
May
Sept
May
Apr
Jan
Oct
Sept
Sept
Jan
Sept
May
Oct
Sept
Sept
June
May
46% 4934 14,900 18%
154 154
2 135
450 310
695 710
89% 70% 1,20
30
400 410
4 180
8235 85% 5,900 50
403 417
4,820 215
4135 4534 3,400 26
171 185
135 nog
33
45% 78,200 17
2234 22%
300 17
400 7935
91% 92%
61% 63
2,100 83
49
800 38K
51
Mar
an
Jan
June
June
Jan
Jan
Jan
Jan
Jan
June
June
Jan
Feb
57
170
735
74%
430
90
43814
45%
185
4535
26
10031
.66
52%
June
Mar
Sept
Sept
Sept
May
Sept
Oct
Oct
Oct
Sept
Feb
Sept
Sept
4
4% 1,900
4
12
12% 9,800
431
29% 31% 4,400 26K
2534 26 ' 1,000 19%
47
4934 8,200 30
83
63
200 63
22% 23%
800 17
54
84
5,000 39
501 510
40 428
535 8%
500
535
187 190%
80 104
900
% 6
6%
25% 29% 5,300 20
35% 38% 8,200 23%
31
36
300 25
35
39
1,200 3135
17
18K
400 13
17
17%
400 15%
22
22
500 20
20
23% 3,800 18
25
25%
900 25
210 253
1,870 al25
6
834 11,000
231
140% 149
9,700 80
34% 35
800 31)4
May
Jan
Sept
May
Sep
Oct
Fe!
Jan
Jan
Jan
May
Oct
May
Jan
Jun
Mar
Fob
Sept
Aug
June
June
Jan
Feb
Jan
Sept
434 May
1675 May
32% May
2831 Sept
8035 Al"
Jan
77
29
Apr
Oct
64
July
530
May
9
200
Aug
931 May
29% Oct
4035 Sept
Oct
38
4554 May
2831 May
28 June
40
Mar
23% Sept
28% June
253
Oct
11
July
149% Sept
36
Sept
93
3e3i
134
50
104
95%
3835
1%
61
104
3,100
1,900
300
12
50
10%
500
24
22
24
6,20
190
174 193
6,15
131% 130% 134
1,80
31
30% 31% 8,70
17
17
17% 1,00
38
39
200
20
19% 20
30
32% 33
300
23% 2834 49,300
107 107
6
47% 4331 4734 8,100
3%
3% 334 1,200
54% 4834 3434 3,600
2534 27% 4,200
1251 1334 2.400
2234 2035 226( 13,000
435
4
4%
52% 5134 53%
485% 529%
525
15%
15% 14
2531 23% 2534
2835
28
63
83
2735 24% 2735
67% 65% 88%
21
21
22
78
76
86
85
935
931 9%
70
70
54
52% 5635
52% 5234 53%
3834 38
3934
Low.
25 114
Jan 149%
138 138
3,000 62% Aug 90
81% 87
100 16
Aug
18% 1835
17%
200 49% Oct 5695
49% 49%
31
100 28 June 35
31
18,100 30% Jan 86
86
73
52% 6531 5.500 16% Feb 65%
8,200 28
7535 81
JIM 90
23% 26% 13,600 20% June 26%
500
754 8
6
Jan
13
42% 44
2,900 2935 Feb 5035
32% 3435
600 3231 Oct 34%
90%
90
1,300 90
Oct 90%
85
300 55
75
Sept 85
83
500 5335 Sept 83
74
88
25 88
88
Aug 100%
54
54
100 38
Jan 55%
600 3334 Jan 53
50
50
330 101% Aug 1053(
101% 102%
6835 70
800 44% Mar 70%
97% 100
270 83
July 108
41% 43%
400 34% Aug 4434
175 182
475 117
Feb 182
29% 30%
800 24
Sept 31
6% 15,300
4
4
July 10
9%
200
9
9 June 14
36% 32% 39
143% 138 143K
931
Range Since Jan. 1.
84
Aug 100
34
Aug 49%
600 Jan
4
May 66
48
95 June 125
19
14K Mar 28
125
July 193
125
Jan 137
2634 Jan 8434
113( July
25(4
38
Oct 4051
14
Mar 23%
80 June 4434
11% Feb 2634
103% Jan 110
aa Jan 47%
June
4%
41% Apr 8031
2131 Sept 27%
103( Sep
13%
2034 May 35
8,900
2%
3.200 as%
970 460
3,100 10%
4,700 19%
2,300 1335
200 54%
2,900 19
1,800 283(
1,100 17
125 76
400 52%
700
8%
300 63%
6,400 27%
500 28%
5.400 29%
May
May
Apr
Jan
Apr
May
Sept
Oct
May
Feb
Max
Aug
June
May
Oet
Mar
Sept
Feb
May
Oct
Oct
May
May
Apr
7
Jan 53% Oct
Feb 828% Apt
Feb
15% Sept
Feb 2535 Oct
Feb 33
Sept
May 7031 Aug
July 2734 Oct
Feb 6935 Sept
Aug 42% June
July 91 June
Feb 95
May
Aug 123( Feb
Jan 77% May
July 5751 Sept
July 62% May
Aug 42
Sept
oases
Pr{ My
Last Week's Range for
Week.
Of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Share*.
Rance Sthre Jan. 1.
Low.
High.
3,500 2034
(I b& Foreign See oom___• 28% 28% 29
95% 1,000 94
95% 95
36 first prof
• 76
78% 5,900 7035
75
Ci El Freight
1,650 5334
5835 60
US Gypsum Co corn_ __20
40 1233(
125 125
Preferred
100
4,200 3835
• 45% 4435 46
U S Radiator corn
200 75
78% 78%
Universal Insurance
900 13%
25%
• 24
21
Universal Pictures
100 23
44
44
Universal Prod
500 24%
Wain & Bond class A_
26%
2634 26
1,600 15
• 20% 2031 21
Class B
• 5436 5231 55% 4,600 3734
Plalgreen Co corn
600 1835
30
2934 30
Warrants
5
Watson (Job Warren) Co.•
631
8% 655 1,600
• 42% 42% 47
12,000 32
Wayne Pump
85% 81
Wesson Oil & BD cum v 1e
86% 10,500 67
10 102
n108 n108
•
Preferred
500 51
57
58
Western Auto Supply ol A•
435
700
Warrants
11% 1034 11%
52
200 52
52
West Va Pulp & Pap com..•
5 57
1,100 34%
5431 57
Wheatsworth. Inc. corn..
900
855 1335
7
-Mat Heat.* 13%
Williams011-0
200 113(
1235 1251
Winter (Beni) Inc Corn...' 1231
Wire Wheel Corp corn new
28% 4,300 2034
2831 25
5
5%
100
5% 5%
Wolverine Portl Cement_10
• 36% 35
Woodworth lne cum
3735 2,900 2835
1431 15% 1,700 143(
•
Worth Inc cony Cl A
19
19
• 19
200 1235
Yellow Taxi of NY
103 103
Young (J 5) Co com___100
80 103
5,000 31%
5255 5554
Voting(L MEV & Wi COID• 53
134
110 134
800 65
Zenith Radio
Zonite Products Corp WM° 33% 33% 34% 2,800 32%
Mar
June
Feb
Aug
July
Aug
Aug
Aug
Aug
Jan
Mar
June
Apr
Sept
June
Feb
Jan
July
Sept
Oct
Jan
Jan
June
Max
May
Jan
Sept
Mar
Oct
Mar
Apr
July
32
May
10034 Feb
8414 Jan
100 June
135
July
48
Jan
8231 July
28
Sept
483( Sept
29
Apr
21
Oct
5635 Sept
3134 Sept
20
Jan
52% Sept
86% Oct
May
108
8814 Apr
17% Apr
Sept
58
59% May
1375 Oct
Apt
16
88% June
6% July
3935 June
23% Mar
22
May
115
Mar
5535 Oct
134
Oct
48% Apr
Rights
1731
Detroit Edison
8%
Elec Bond &Share securities
534
Fiat
Fox Film
Gotham Hosiery
Grant(W T) Co
Insurance Coot N A
3
Keystone Aircraft
Loew's Inc
90c
Penn-Ohio Edison
Peoples Gas. Lt dr Coke.... ......
2
United Elec Serv bond Ms_
White Sewing Mach deb rts 1035
Public Utilltle•Amer & Foreign Pow warr.
Am.& Gas & Elec com___•
•
Preferred
Amer Lt & Tree corn...100
Amer Nat Gas corn v t o. •
Amer Pow & Lt A pref-(t)
Amer States See corn el A-0
•
Com class B
Warrants
Superpower Corp A•
Amer
•
Class B common
First preferred
Assoc Gee & Else el A__ •
Bell Tel ofPa6K% pf _100
Brazilian Tr L & P new ord
Brooklyn City RR
100
Buff Niag & East Pr oom_•
•
Class A
25
Preferred
Central Pub '4erv el A._ •
Central & S W Util_100
Cent ztates Elec com_
7% pref
100
Cities Bury Pr & Lt 86 pf •
100
7% cum pref
cam-with Edison Co 100
Com'wealth Pr Corp pref...
Cons GEL&T Bait corn.•
100
Duke Power Co
East States Pow B corn .•
...IOU
Else Bond & Sh pref.
Elect Bond & Sb Seoul....
Elec Invest without war. •
Elec Power & Lt 2nd pf A•
Option warrants
Empire Gas & E 8% 0.100
Empire Gas &E 7% pf _100
Empire Pow Corp part tars
Federal Water Serv cl A.....•
Flcrida Pow & Lt. pref__ _ _
•
General Pub Serv nom...
Georgia Power $6 pref....
1635
834
236
334
335
235
7
3
1114
88c
734
880
8%
Sep
Oct
Apr
Sep
Sep
Sept
Sep
Oct
Feb
Oct
Aug
Oct
Aug
1735 Sept
Sept
11
Sept
7
Sept
5% Sept
335 Sept
10% /Leg
Sept
25% Sept
134 Sept
93-4 Sept
234 Sept
1234 Jan
2331 25% 24,300
2335
5,100
172% 179%
174
800
10531 104% 105%
204% 196% 206%
1,385
1834 1934 7,100
18%
400
76% 76% 77
1131 11% 12% 10,200
1335
1,100
13% 14
4%
435 4% 4,500
39% 39% 42
6,400
4131 40% 43% 2,800
99
500
9935
6034 5,300
5035 50
118 118
116
10
57% 57
700
5835
751
7% 7%
2,100
48% 48
4934 5,000
42% 4234 4335 1.900
26% 26% 28%
500
33
32% 33% 2,500
82
82
50
115 115
100
113 115
113
300
9835 98%
300
10731 10735
300
191
63
189 194
102% 102 10254 1,100
83% 86%
1,00
20
142 142
23% 21% 2335
60
108
50
108 10831
114% 114% 131% 52,30
86% 8635 7035 14,50
104 104
104
300
20% 5,200
18
18
200
111 111
99% 9931 9935
30
3335 33% 34
500
40
39% 38
4,700
100% 100%
50
2534 24% 25% 7,500
102 10235
200
835
117%
104
170
18
75
734
7%
1%
3334
3414
98
0835
114
54%
6
3034
81
26
1934
80
30
10415
05%
105%
167
100
8734
130
Feb
Jan
Aug
Jan
Jun
July
Mar
Mar
Apr
AILS
Aug
June
Feb
Apr
July
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
July
Jan
June
25% Oct
188% Sept
111
May
249
May
May
22
87 IMay
14
May
18% May
63.4 May
Apr
66
5604 Ant
10534 May
52% Ma,
Mar
119
81% Sept
534 May
493( Sept
4515 Sept
May
27
34
Aug
10(1
May
115
Sept
12135 May
102
May
109
Apr
09434 Sept
10435 Jan
923-4 May
14835 May
2834 May
111% Apr
13931 Sept
79,5 May
106
Apr
24% May
11314 Apr
May
105
3935 May
42% May
108% Apr
Slay
29
10831 Mar
--
Hartford Else Lt new.._10
•
morose iltil class A
Clem B
•
Panic preferred
•
Warrants
Italian Super Power
Warrants
Long laid Lighting eons_ *
100
7% preferred
Marconi Wirel Tot Can..1
Marconi Wireless Tel Land.
CAMS B
Middle West Mil corn_ __•
86 cum pref
•
Mohawk & Bud Pow corn •
1st preferred
Warrants
Monongahela W Penn
Pub Serv 7% cum pref 25
Municipal Service
•
Nat Electric Pow ci A__ •
Nat Pow & Light pref....•
Nat Pub Serv corn claw A •
Common class B
Nevada-Calif Elec corn 100
N Y Telco 654•/‘ pref _100
•
Nor Amer UtilSec com
lot preferred
•
Northeast Power corn__•
Nor States P Corp com_1011
Preferred
100
North Texas Elec pref.100
Ohio Bell Tel 7% pref _100
Pacific
& K let pref...25
Pa Gas & Elm class A ___
Penn-Ohio Ed corn
•
100
%
7 Prior pref
•
$6 Preferred
Option warrants
•
Penn Ohio SeemPenn Water & Power_
•
Power Corp of Can
let preferred
100
Providence Gas Co
50
tsuget Sound P & L corn 100
6% preferred
100
Sierra Pacific El com_100
South Calif Ed1s A pf _ _25
Preferred
251
17%
10
531
354
3%
355
9
4%
20%
135
9
2
10%
2,200
150,400
13,500
2,600
1,500
2,000
100
18.600
500
13,200
500
100
600
1835
835
5%
335
3%
235
8%
3
20
880
9
2
10
July
Jan
Jan
Jan
Jan
Fe
Oct
so Feb
2754 Jan
10035 Oct
16% Jan
102
Aug
10734
76
4034
102
1334
110114
99%
100 130% Oct 132
13035 132
44% 45
500 42
Aug 62
1431 7,600
14
1935
834 Feb
101% 101%
50 97
Jan 106
3% 33.4
4
100
June
1
1335 14
1,200 1235 Sept 1635
531 8%
900
6
8
535 Sept
409 430
50 175
Jan 430
109% 109%
10 109
July 11231
631 7% 17.800
Fen
634
8)4
3
14%
1831 18%
156
158
97
97
4435 40
10635
July 2034
Jan 168
Jan 101
Jan 53
Sent 110
Jan 19%
Sept
May
May
May
Jai
May
25 2534
Jan 2614
150 25
26% 29% 19,700 13% Jan 2915
34
35
500 2734 Jan 40%
106% 108
900 10834 Oct 111
23% 25
2,300 22
Jan 29%
400 24% Jan 3234
27% 27%
46% 46%
100 3334 Jan 55
113 113%
27' 1113( June 1153(
9%
Jan 11%
800
9
7
95% 9534
Jan 9634
600 92
2735 2935 21,700 19% Jan 31
13455 138% 2,50 .123
Jan 152
10831 108%
50 108
July 11031
5135 5135
100 5134 Oct 5134
113 113
July 115
10 110
26% 27% 1,600 23% June ao
400 20
22
2231
Jan 27
4431 453i 8,800 823( Jar 50
50 104
104 10434
Oct 109
95
680 92
96%
Feb 100
50
22
22
11
Jan 28%
1431 1435 1,100 13
Feb 25
400 68
81% 82
Jan 90
Apr
Oct
May
Feb
May
May
Aug
Mar
Sept
Sept
May
May
Mar
Oct
Apr
Apr
May
Sept
Jan
May
May
May
May
1434
27
108
24%
113%
2954
134%
5134
2735
2234
4434
104
95
1431
18% 31,400 1654
158
400 123
250 94
9954
45% 22,200 2934
350 10654
108
14% 1,300
6
Sept
May
May
May
Sept
June
July
Oct
Feb
Mar
100
100
127
98%
106
9835 s98
52
4734
29
2636 2635
100
11
100
Oct
127
2 117
Jan
107% 18,00
as% Jan
99%
41
92
Jan
52
1,200 29
Jan
29
100 28 . Jun
2631
700 2634 Sep
101
Sept
140
Apr
10731 Oct
105% Apr
53
Oct
30
Apr
30
Apr
1936
Friday
Sales
Last Week's Range for
Public Utilities (Conc.) Sale
ofPrices.
Week.
Ear Price Low. High. Shares.
Southeast Pow & Lt com.• 52
Common v t c
5035
•
Panic pref
1751
Warne to put corn etk__
So'west Bell Tel pref _100
So'west Pow & Lt 7% 121100
Stand Gas & El 7% 91_100
Standard Pow & Lt com _ 26 47%
Preferred
99
Swiss Amer Elec pref
Tampa Electric C
Texas Pow & Lt 7% pf_100 114
Toledo Edison 7% pref_100
Union Nat Gas of Can.... 38
United Elec Serv warrants
United Gas Impt
50 14235
United Lt & Pow corn A__• 2451
Preferred class A
• 9834
Preferred class B
Utah Pow & Lt pref_ _100
ti Ill Pow & Lt class B_
•
Util Sharee Corp corn____• 15%
Former Standard 011
Subsidiaries.
Anglo-Amer 011 (vot sh)£1 19
18%
Yot tr ctf of dep
1834
Non-voting shares_ _ _
Non-voting ctfs of dep.Borne Scrymser Co_ _100
Buckeye Pipe Line
50 67%
Continental 011 v Cc_ _ _ _10 1734
Cumberland Pipe Line_100
Eureka Pipe Line
100
Galena Signal Oil
100
Preferred old
100
Preferred new
100 82
Humble Oil& Refining_ _25 80
Illinois Pipe Line
100
Imperial 011 (Canada)...
• 7734
Registered
•
Indiana Pipe Line
50
National Transit..
..12.50 2434
New York Transit
100 59
Northern Pipe Line
_
Ohio 011
new_- --ti1;6
25
Penn-Mex Fuel
25 42%
Prairie Oil& Gas
25 47%
Prairie Pipe Line
100 186
South Penn 011
25 62%
So'west Pa Pipe Lines_100
Standard Oil(Indiana)_ _26 76%
Standard 011 (Kansas)__25 20
Standard 011 (Kentucky)25 13156
Standard Oil (Nob)
26 4431
Standard Oli(0)com__ _28 92
Preferred
100 118
Vacuum 011 new
8051
5135
,
50%
561 s
/
17%
119
109
47%
104%
99
60
112%
10934
3711
2
137
2451
98%
56
108
2934
15%
Range Since Jan. 1.
Low.
54% 12,900 4111 Feb
1,000 40% Feb
54
200 84
Jan
8874
18% 4,600 1234 Feb
50 117% Aug
119
500 107
109
Aug
100 x109% Sept
900 2911 Jan
4935
150 103
Aug
105
300 9631 June
9931
900 59
61
Sept
610 99
114
Aug
Aug
500 108
110%
1,000 2854 Jan
38
141 July
2% 2,900
18,200 111% Jan
145
25% 41,400 13% Jan
200 94% Jan
98%
56%
600 52% Jan
Aug
108
50 107
30% 4,500 1834 Jan
2,100 11
Feb
16
18% 19%
1834 1831
1851 19%
1836 1855
52
52
6734 67%
1731 18%
95
95
71
71
6% 8
79% 83
80
8351
79
8231
217 222
77
79%
77% 77%
8551 88
21% 24%
57% 59
62%
62
6114 62%
35
48
47
48
185 188%
50% 63%
8154 81%
7631 7755
20
2134
130% 13534
44
44%
8751 95
118 118
7934 82%
2,500
100
300
100
50
200
14,300
50
50
ZOO
1,300
330
30,200
450
2,500
200
1,200
5,800
300
150
2,600
5,700
4,800
1,650
34,600
50
11,500
4.200
3,100
400
2,750
50
11,900
17
1855
1636
,
1734
48
58
16
88
64%
431
35
27
59%
176 34
5641
61%
74%
1954
3855
5634
58%
28
46
172
365(
70
70%
15
122%
39%
71
100
72
June
Oct
June
June
July
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Apr
Feb
June
Jan
Sept
Feb
June
Sept
Aug
Jan
Jan
Feb
Jan
Feb
Feb
Mar
Jan
June
High.
81
57%
92
24;4
121
117%
114%
5811
107%
103%
71
115
115
45
3
150
27%
10334
58
112%
3234
1834
2294
21%
2036
1934
5634
76
23
114
68
13
8911
86
84%
245
82
773,1
89%
3231
59
62%
68%
84
56
223
6334
104
8334
27%
140
45%
95
125
8734
Apr
June
Mar
May
Sept
June
Mar
May
Apr
May
May
Feb
Mar
May
May
May
Sept
May
Mar
Apr
May
May
Feb
Feb
Feb
Mar
Feb
Apr
Jan
May
Apr
June
July
July
Apr
May
Sept
Sept
Apr
May
Inlay
Sept
May
May
AM
Mar
Oct
Apr
Apr
AM'
Sept
Aug
Oct
May
May
Other Oil Stocks,
1 45c
4c May 45c May
7,000
Allen 011 Co
10c 45c
1 690
Amer Contr 011 Fields
I% Jan
68c 730 24,000 650 Sept
5
3,200
Amer Maracaibo Co
354 Feb
6% May
4% 4%
4%
Argo 011Corp
10
100
23-4 May
2% 2%
454 Sept
Atlantic Lobos Oil corn...*
1,900
1% Jan
5
Apr
3% 3%
Barnsdall Corp ink porch
warrants (deb rights)..1434
831 1534 136,500 . 341 July
1536 Oct
1,100 12% Sept 23% Jan
Carib Syndicate new corn_
13% 14%
14
200
Consol Royality Oil Cot
6% July
34 May
6% 7
• 1234
Creole Syndicate
12% 1336 39,000 10% Jan 17% May
300 760 Sept
Crown Cent Petrol Corp..*
155
156
3% June
Crystal Oil Refg corn....°
300
631 Sept 1431081 MayAap
6% 9
Darby Petrol Corp
• 28
22% 28% 58,600
85-8 Jan
.2,400 101 34 Feb
Chili OR Corp of Penns_ _25 124
124 125
May
Houston Gull Gas
1634 1734 8,400 1134 Feb 22% Apr
Intercontinental Petrol __10
1
June 48 m34
I% 2% 74,700
2
International Petroleum_ ..• 3831 37% 3931 15,600 35
Feb
May
7,000
554 Mar
Leonard 011Develoonft_25
May
536 6
6
Feb
35,300 20
Lion Oil Refg
9% Oct
Ia
38% 32% 41
1,400 48% Apr 59% Sept
Lone Star Gae Corp
25
57
58
Magdalena Syndicate_ _..1
114 65e
134 50,600 540 Sept
1:34 API*
4
July
Mexico-Ohio 011 Co
*
Jan
700
4
4
8
4%
Mexico 011 Corp
10 31e
4,000 200 July 740 May
310 360
Mountain A. Gulf 011_ _ _ _1 83c
1,400 76c June
Mar
82e 850
10 22% 22
Mountain Prod Corp
22% 3,300 2134 Sept "Jfit
28%
600 24% Mar 3034 Apr
Nat Fuel Gas new
2736 2754
5
New Bradford 011
451 Sept
400
434 4%
5% Jan
534 Apr
2% Sept
New Engl Fuel 011
500
334 3%
•
North Cent Tex 011
500 111%, Jan
1331 May
11% 11%
234 Aug
Pandem 011 Corporation...
6
Jan
251
234 2),12 3,400
Pantepec 011 of Venezuela* 13% 13
14% 51,900
884 Feb 15% July
7% Apr
100
Pennock Oil Corp
534 Feb
535 5%
554
May
500
Red Bank Oil
8 June 17
1154 1134
Aug
4% Feb 13
Reiter Foster Oil Corp_ •
9
9
935 5,500
i5
Apr 31% Apr
Richfield Oil pref
100 22
25
25
•
7c. Aug
3,600
Royal Can Oil Synd
10c 10c
260. Jan
100
Ryan Consol Petrol
4% Jan
93.4 Apr
5% 531
10
Jan
514 Jan 88
1,800
3% 6
Salt Creek Cons 011
7
6
Sail Creek Producers...11, 26% 26
26% 3,100 23% Sept
1
5
3% Apr
Feb
300
1%
Savoy Oil Corp
1%
131
4% May
3
Mar
Tenon Oil & Land
331 315 41,400
3%
Feb 22% may
500 13
1734 17%
Tidal Osage 011 v t stock.' 1755
•
1,000 13% Feb 21L1 Apr
1634 1734
Non-voting stock
8
4% Sept
Sept
Venezuela Petroleum... _5
7
7% 106,700
744
AAport
800 15% Sept 258
Wilcox (H F) Oil& Gas_ • 17
1634 18
3% Apr
100
Woodley Petroleum Corp_ _
535
535
31
231 Feb
25
931 May
"Y" 011 & Gas Co
300
454 434
Mining Stocka
Amer Commander M & MI
Arizona Globe Copper_ _ _1 -----10
Bunker Hill & SuB
10
Carnegie Metals
Central American Mines.
631
1
ChiefConsol Mining
431
Comstock Tun & Dr'ge_10c 50c
Congo'. Cooper Mines_.6 11%
Cresson Coneol 0 M & MI 82c
Divide Extension
1
50
Dolores Esperanza Corp._ 2 95c
Engineer Gold Min Ltd_5
4
Evans Wallower Lead corn'
7
Falcon Lead Mines
1 15c
Golden Centre
_ _5 11
Goldfield Cons. Mines_ _1
Goldfield Florence
1 100
Heels Mining
25c 14%
Hollinger Cons Old Mines 5
8
Bud Bay Mmn & Smelt_ __• 19
Iron Cap Copoer. _ _ _ ..10
4%
Kirkland Lake Gold M. ------1
Mason Valley Mines
1%
Mining Corp of Canada. _5
331
New Connell* Copper..
.6 32%
New Jersey Zinn
100 22555
N Y Hond Rosario
10
Newmont Mint4g Corti-10 164%
NiphisIng Mines
5
2%
Noranda Mines- Ltd
• 47%
Ohio Copper
1 75e
[VOL. 127.
FINANCIAL CHRONICLE
4c
Sc
7c
8c
123% 124
19% 20
6% 6%
3% 431
45c 50c
511% 1231
82c 94c
Sc' Sc
90c 99c
3% 431
7
7%
7c 15c
1034 11%
12c 120
Sc 10c
14% 14%
631 8%
19
19%
2% 514
I%
1
1% 2
3% 3%
3234 33%
224% 226
14% 15%
164% 174%
214 3
45
5131
75c 810
3c Apr
Jan
3,000
Sc
3c
Jan
16,000
10c June
June 160
200 121
Jan
Jan 27% Apr
1,000 17
Jan
1,900 600
6% Sept
3
Aug
800
4% Feb
8,000 208 May 530 June
Jan
5
8,800
IS
May
3,500 76c Aug
234 Jan
3o Mar
60 Sent
8,000
2
Apr
300 300 Mar
2
Jan
7% Jan
3,900
6% Sept 93.4 July
1,700
5
July 160
Jan
128,000
2% Jan 13% Sent
17,900
8c Jan
180 June
5,000
Jan 251) May
50
3,000
Jan
1,600 1331 Apr 18
636 Oct 18% Jan
2,200
46,000 1634 June 21% Feb
254 Sept
831 May
11,900
Oct
1
234 Feb
1,200
Pa Apr
2 Sept
6,500
VII Apr
1554 Jan
800
3,700 25% Fen 3431 Sept
Sept
350 180 31 Jan 243
800 12% Sept 1734 Apr
Jan 185% June
12,900 122
534 Jan
234 Oct
7,500
July
69,500 1734 Mar 04
Ihr Jan
830 Sept
15,000
Sales
Friday
Last Week's Range for
1Veek.
Mining Stocks
Sale
ofPrices.
(Concluded)
Par Price, Low. High. Shares.
Parmac Porcupine M Ltd_l
Plymouth Lead Mines_ _I
Premier Gold Min
1
Red Warrior Mining
1
Roan Antelope C MM Ltd_
St Anthony Gold Min
St Marys Mineral Land_25
San Toy Mining
1
Shattuck Denn Mining....
So Amer Gold &
_I
Teck Hughes
1
Tonopah Belmont Dev _ _1
Tonopah Extension
1
Tonopah Mining Co
1
United Eastern Mines...)
United Verde Extension50c
United Zinc Trust
Unity (Mold Mines
1
Utah Apex.
_5
Utah Metal & Tunnel__ _1
Wenden Copper Minna_ .1
Yukon Alaska tr ctfs
Yukon Gold Co
5
Bond.
Abitibi P & P 58 A___1955
Abraham & Straus 55_1943
With stk purchase warr_
Adriatic Electric 79___1952
Alabama Power 654e_ _1967
1st & ref 5s
1956
Allied Pk. 1st col tr 8s_1939
Deb 68
1939
Aluminum Co e f deb 56 '52
Aluminum Ltd 5s_ ...1948
1943
Amer Aggregate,65
Amer Cornm'l Alcohol 65 13
,
With warrants
Amer 0 & El 55
2028
American Power & Light
68, without warr'nts 2016
Amer Radiator deb 450'47
Amer. Roll Mill, deb 5s'48
Amer Beating 65
1936
Amer Solv & Chem 65_1936
Amer Thread 65
1928
Anaconda Cop Min 85_1929
Appalachian El Pr 55.1956
Arkaneas Pr & Lt 56..1956
Arnold Print Works Os 1941
Aso Dye & Press 65..1938
Associated 0& E 5546 1977
Cony deb, 434a. ..1948
Assoc'd Sim Hard 6558 '33
1949
Atlantic Fruit 8s
Atlas Plywood 53.4s...1943
Bates Valve Bag 6a___1942
With stock purch warr__
Beacon 011 8e. with warr'38
BeU Tel of Canada 5s_1956
13eriln City Elect
_1958
63,4% notes
1929
Boston & Maine Rig 5e 1967
1933
6s
Buffalo Gen Elec 5s_ _ _1956
Canadian Nat Rye 76_1935
Carolina Pr & Lt 5s___1956
Cent Atl States Serv Corp
634% notes with war '33
Cent States Etc° 5e___1948
Cent States P & Lt 550'53
Chic Pneum Tool 5 34a 1942
Chic Rys 5s ctfs dep__1927
1943
Childs Co deb 5s
Clue Gas & Elec 45_1968
Cincinnati St Ry 534[1_1952
1966
Cities Service Is
6e
1986
Cities Service Gas6)4'1942
Cities Serv Gas Pipe L 6.43
Cities Serv P & L 534,1952
Cleve Elec Ill deb 75_ _1041
Cleve Term Bldg 6s_ _1941
Colon Oil deb 68
1938
Commerz und Privet
Bank 554e
1937
Comrnonw Edison 4555 '57
Congo! GEL &P Banes, series A
1949
5345 series E
1952
Consul Textile 8s
1941
1958
Cout'l0& El 5e
Continental 011 551s__1937
Cuban Telep 734*..._1941
Cudahy Pack deb 534e '37
1936
Se
Deny & Salt Lake By 6s'60
Detroit City Gas Se B 1950
1947
6s, series A
Detroit lot Bdge 6%6_1952
-year a f deb 7E1_1952
25
Dixie Gulf Gas 6546_1937
with warrants..
Empire 011 & Refg ISM '42
Rut Mtge & Inv 75 C_1967
1950
7365
,
Fairb'ks Morse & Co 55 '42
Fed Wat Service 64. 1957
Finland Residential Mtge
1961
Bank 68
Firestone Cot Mills 55_1948
Firestone TAR cal 5s 1942
First Bohemian Glass Wks
1st 75 with stk pur war'57
Fisk Rubber 5345_ _ -1931
Florida Power & Lt 58_1954
1930
Galena-Sig 011 75
Gatineau Power 53_1956
1941
68
Gelsenkirchen Min 65_1934
Genl Amer Invest 5s._1952
without warrants
Gen Laundry Mach 6546'37
General Rayon 6s ser A '48
General Vending Corp
65 with wary Aug 15 1937
Georgia t& Florida 65..1946
Georgia Power ref fts_ J967
New
Goodyear Tire & Rub 53'28
Grand Tr nk Ry O54eA936
Guantanamo & W Ry 1958
Gulf01101Pa 55
1937
Sinking fund deb 55_1947
Hamburg Elec Co 75_1935
Hamburg El & Ind 53.4838
Hood Rubber 7s
1936
5545
Oct 15 '36
Houston Gulf Gas 634 1943
1943
6s
Hygrade Food Prod 6s 1937
38c May
80 Aug
3% Jan
210. May
28
Oct
760 Sept
33% Oct
80 May
24.4 Mar
4% Sept
1154 June
:A. Jan
180
Jan
5% July
174 June
25% Jan
1
Apr
2
Aug
)4 Jan
9s
1, Apr
2
Feb
Apr
37
990 Mar
330,000
8954 Aug
9431 July
90
88% 90
18%
8%
81c
60
1651
60e
111
High.
Jan
15c
Jan
Sc
2% Jan
Sc. Sept
2454 Sept
40c Mar
33% Oct
Jan
3c
6% Jan
2% Jan
851 Feb
700 Sept
50 Sept
2% Jan
450
Jan
13 June
Jan
250
350 Feb
3% Aug
1
June
680 Sent
Jan
25
500 Feb
70c
2
Low.
2,000
200
1,000
Sc
100
2)12
1,200
160
10,800
28
76c 123,500
100
33%
5c 12,000
45,300
20
800
4
9% 2,700
700
81c
70 16,000
200
4
300
1
16% 6,100
200
600
1% 2,800
300
4%
100
159)
P. 15,400
100
2834
700
74c
20c
Sc
23i6
16c
me,
60c
33%
4c
1856
331
8%
76c
6e
4
1
16
600
I%
4%
lis
I
2856
700
2731
63c
33%
Range Since Jan. 1.
10631 105% 10656
97% 9734
9434 9434 9434
9914 99% 100%
39
58
66
36
58
68
101% 102%
102
98
9731 98%
10355 103% 104%
66,000 105% Oct 10634 Oct
May
4,000 94% Jan 101
46,000 93
Sept 100% Mar
18,000 9914 Oct 103% Jan
Oct
Jan 66
359,000 35
Oct
345,000 30
Aug 68
July 10334 Apr
65,000 100
129,000 95;1 Aug wog July
134,000 97% June 10834 May
111% 113% 65,000
112
96% 280,000
9634 96
Sept
98
July 115
93% Aug 10154 Apr
May
Apr
Jae
AV
May
Jan
Jan
Mu
Mu
May
Aug
May
May
Apr
May
May
10734 10735 108
98
98
9631 96% 37%
95
9434 94
106 10634
10034 100% 100%
100 100%
97% 9731 98
9634 95% 9634
97% 9734 9
734
,
9831 9531 100
101% 10134 102%
10214 10254 104
87
87
87
1934 2031
105% 106%
133,000
8,000
46,000
34,000
5,000
8,000
7,000
56,000
28,000
12,000
97,000
90,000
498,000
6,000
96,000
21,000
105
97
96%
94
99
100
100
97
95
95
94%
9954
97
84%
15%
104
June
Aug
Aug
Sept
June
June
Aug
June
June
July
Sept
July
Aug
Jan
Apr
Aug
110
100%
99%
10854
125
10155
101%
102%
101%
101
102
114%
113%
92
2056
11534
10835 107 10834
10436 104 10534
102% 10334
91% 91% 9234
10034 99% 10034
98%
983.1 97
10255 10234 102%
10234 103
10934 109 10954
100% 100% 101
55,000
34,000
38,000
54,000
19,000
163,000
3,000
6,000
10,000
73,000
99
99
102
8951
98%
95%
102
102%
108
100
Jan
July
July
Aug
Jan
Aug
Aug
July
June
Sept
116
May
10734 Apr
105% May
953.4 June
Feb
101
100% May
104% Jan
Apr
105
114% jan
105% -MU
6,000 9451
19,000 89%
18,000 9531
33.000 97
16,000 78
7,000 8751
37,000 85%
8,000 97%
89,000 9051
11,000 103
21,000 9334
33,000 98
9631
118,00
5,000 105
6,000 97
101,000 99
Aug
Aug
Sept
June
Aug
Aug
Aug
Sept
Apr
Jan
Aug
Aug
Aug
May
June
Sept
9931
9714
99
102%
87
9651
92%
104%
98%
104%
98
10354
102
106
100
100
9751
9134
100
81%
89
95
9334
9911
9731
99
88
97
9834
91
92
9511 96%
99 100
81%
80
88% 8815
88% 89%
9831 99%
93% 95
10331 10314
9334 9352
99
9956
0636 97%
10551 105%
97
9755
99 100
48,000
8731 88
99
9954 36,000
106
106 106%
10535 10556 106
91
8951 89
91% 9251
95
95
11131 112%
99% 99% 99%
10031 101
8714
87
100% 10011 10031
106% 107%
98% 9911
9234 92% 93
91
92
90%
9755 9754
95
10355 10255
9255
9352
94
16,000
6,000
11,000
80,000
6,000
32.000
16,000
2,000
12,000
3,000
47,000
75,000
13,000
3,00
92%
92% 67,00
91% 127,00
1,00
97%
4.00
96
104 437,00
94% 9434 16,00
9134 9334 29,00
10,00
93% 95
May
Apr
Jan
July
Jan
Apr
Apr
Mar
May
May
Mal
Apr
Apr
May
Jan
July
87% Aug 94% Jan
96% July 102% Apr
104
105%
89
8956
9434
109%
973-4
95,1
80
99%
106
9714
89%
92%
92
9036
96%
7851
9954
June 610834
Oct 10754
Sept 96
Aug 973.4
Aug 99
July 1l2',4
Jan 101
July 102%
Jan 9351
Aug 1049-4
June 108%
June 104%
Aug 101
Feb
Jan
Jan
Mar
Jan
Aug
May
Mar
May
Mat
Feb
Mar
Jan
Aug 9954 Jan
Aug 95% Mar
Oct 9751 Mar
May
June 100
,
Aug 9735 Jan
June 10834 May
9434 Sept
90
Aug
9234 Aug
103
98%
rt99%
1013.4
101
104%
97
2,00
88
88
2,00
92
92
90% 92% 224,00
91
100% 100% 100% 3,00
97
9714 132,00
97
14.00
100% 100% 101
9056 9131 293,00
91
88
90
9231
87
96%
100
90%
8631 88% 59,00
87
29,00
104% 104 105
73,00
96% 9534 97
Apr
8634 Oct 95
100
Jan 118
June
94
Aug 100% June
863-4
70
98
108
10054
10034
88
100
9434
9631
402
Aug
Aug
Sept
Feb
Aug
June
July
94% Sept
97% Max
98% Jan
Jan
Feb
Apr
Aug
Jan
Apr
Mar
84
July 9831 Oct
8631 8734 13.00
70
Oct 9654 Jan
14.00
76
70
98 'Sept 103
May
98
98% 104,00
Oct 98
6,000 98
Oct
98
98
May 10051 Jan
Hp% 10051 10,000 99
Jan
107% 108% 14,000 10634 June 112
9,000 8754 Oct 9731 Jan
8734 88
100% 10034 17,000 9934 Aug 102% Mar
loog 100% 41,000 9954 Aug 102% Jan
Aug 103
99 10034 6,000 99
Feb
Oct 9334 Aug
43,000 88
92
88
95% 10034 13,000 98% Au 10354 Jan
1,000 86 Jun
8834 8834
96
Jan
9934 May
Au
94% 95% 35,000 93
9534 9654 46,000 9534 Au
99% May
2,000 143
Jan 402
402 402
Oct
OCT. 6 1928.]
Rights (Concluded)
Indep 011 & Gag deb fle 1939
Ind'polls P & L Is ser A '67
jut Pow &your 79 ser E 1957
Internet Securities 68_1947
Interstate Nat Gas 63.1935
Without warrants
Interstete Power 58___1957
Debentures Os
1962
Interstate Pub Serv Is 1956
Invest Bond & Sh 5&.1947
With warrants
Invest Co of Am 55 A..1947
Iowa-Nebraska L & P 69'57
Isarco Hydro-Elec 75_ _1952
Issotta Fraschini 7s....1942
With warrants
Without warrants
Italian Superpower Os 1963
Without warrants
Jeddo Highland Coal 65 '41
Kelvinator Co 68
1936
Without warrants
Remsley, hIllbourne & Co
Ltd s(deb 60 Sept 1 1942
Kendall Co 53.5s
1948
Koppers0 & C deb 58_1947
Laclede G L 5345
1935
Lehigh Pow Scour 68...2026
Leonard Tietz Inc 7558 '46
With warrants
Without warrants
Libby. McN & Libby 53'42
Lombard Elea Co 75..1952
With warrants
Without warrants
Lone Star Gas Corp Is 1942
I.ong Island Ltg 60_ _ _1945
La Power & Light 58..1957
FINANCIAL CHRONICLE
Friday
Sales
Last 1Veek's Range for
Week.
Sale
of Prices.
Price. Low. High. Shares.
103 103%
103
99% 98% 99%
95
97
90% 89% 0031,
103% 103
95%
9631
96
112
98%
94%
93
Pao Gas & El Hal50_1957
Pacific Invest 55
1948
Park & Tilford 6s
1936
Semi-Ohio Edison 68 1950
Without warrants
Penn Pow & I.t 18 serB '52
1st & ref 5s ser B_ _1953
Plain Elec Is
1960
Phila Elea Pow 6149_ _1972
Mita Rap Tran Ss._ _1962
Pitts Screw & Bolt 5358'47
Pittsburg Steel rie
1948
Potomac Edison 58.. _1950
Power Corp of NY 555s '47
Procter & Gamble 4%51947
Queensboro G & ES455'52
Item Arms 555% notes '30
Richfield 011514% notes'31
(3s
1941
Rochester Cent Pow 531953
St Louie Coke & Gas 65 '47
San Ant Pub Sec 169
1958
Sunda Falls 55
1955
Schulte R E 65
1975
NVith warrants
Without warrants
Scripps(E W)534s.__1943
Serve! Hie (new co) 58_1948
Shawinigan W & P4345'67
Shawsheen Mills 78._ _1931
Silica Gel 635% notes 1932
With warrants
Sloss-Sheffield S & 1 On.
'29
1929
Porch war On
Snider Peek 6% notes_ 1932
Solvay-Am Invest Is. _1942
Southeast P & 1. 6s___2029
Without warrants
Southern Asbestos 69.1937
Sou Calif Edieon 158_ _1951
Refunding intge 58_1952
Gen & ref 55
1944
Sou Calif Gas 58
1937
Southern Dairies Os _1930
Southwest G & E 58..1957
Sweet Pow & Lt. 65..2022
Staley (A E) Mfg 68._1942
Stand Pow & Lt Os__ _1957
Stinnes (Hugo) Corp
7e Oct 1 '36 without ware
7e 1946 without wets_
Stutz Motor 7348
1937
Sun Maid Raisin 6%8_1942
Sun 011 515s
1939
Swift & Co Is Oct 15 1932
Low.
96% Jan 106
Apr
97% June 102
Mar
94% July 10135 May
8955 Aug 9934 May
112
2,000 10455 June 115%
98% 11,000 98
Feb 109
9435 9,000 93% Aug 101
5,000 91
9331
July 97%
89
95
89
8134
8135 82% 100.000 81%
104 104
5,000 104
38.00
97
89% 16,000
6835 68%
180
95
98
98%
104% 104
9515
9835
High.
103% 10,000 101% Jan 104% July
23,000 9455 Sept 99% Apr
96
99,000 06% Oct 102% Mar
97
96
3,000 96
Sept 101
Apr
1.000
May
Apr
Mar
May
94
July 105
May
82% Aug 94% May
Oct 86% June
Jan 105
Feb
6351 June
85
Apr
180
1,00 159
Jan 203
Apr
9531 51,000 95
Sept 9535 Sept
99% 248,00
98
Oct sIOlh May
9934 2,000 98% Sept 101% Apr
1044 61,00 103% May 109% May
150 150
6,00
10235 102% 10335 14,00
93% 94
12,00
130
Jan 179% June
102% Jan 105% May
9235 Sept 97
Apr
100% 100
9535
98% 98
103%
94%
96
9335
9634
103
94
101
9,00
95% 5,00
9834 22,00
104
4,00
96
6,00
Manitoba Power 5148_1951
101% 10235
Mansfield Min & Sm (Ger)
7s with warrants_ _ _1941
102% 103%
Wtthout warrants......
96
96
96
Mass Gas Cos 5555_ _ _1946 10335 103% 104%
McCord Had & Mfg 60 1943
97
97
Memphis Nat Gas Os 1943
With warrants
9935 99%
Me I Edison 455e
1968 98% 98
99
Milwaukee 0 L 450_1967
99% 101
Mo Pac RR 1st 5s__ _1978 99% 9931 99%
Montgomery Ward 58_1946
100% 101%
Montreal L II & P 55..1951 100% 10035 100%
Morris & Co 750.___1930 100% 10035 101
Narragansett Elec Is A '57
Nat Distillers Prod 635535
Nat Pow & Lt (Se A___2026
Nat Pub Serv be
1978
Nat Rub Sisch'y 65..1943
Nevada Con 50
1941
New Eng 0& El Agen 5s'47
NY P&L Corp 1st 44867
Niagara Falls I'ow as 1950
Nichols a. Shepard Co 15e'37
Without warrants
Nippon Elec Pow 6448.1953
North Amer Edison 5555'63
North Ind Pub Serv Is 1966
Nor States Pow 634% 1933
Ohio Power be ser B__1952
£555 series 0
1956
Ohio River Edison In 1951
Osgood Co 6s With war 1938
Oswego Falls Co 68.. _1941
93,000
61,000
12,000
96,000
Range Since Jan. 1.
17,00
Feb
Aug
Aug
Sept
Aug
107
99
100
105%
100
May
Mar
Jan
Apr
Mar
10031 June 10455 Apr
10,000 100
5,000 95
25,000 102%
11,000 95%,
June
July
Aug
Aug
10755
10055
105
101
May
June
Jan
Feb
1,000
68,000
5,000
17,000
8,000
54,000
11,000
99%
364
97%
9931
9931
99%
98
Sept
July
Aug
Oct
Aug
Aug
Jan
100%
102%
10334
99%
102%
103%
101%
Sept
Mar
AM
Oct
Jan
Feb
June
99% 99% 99% 46,000 9855
99% 99% 100
5,000 98
105% 105% 106% 25,000 104
85% 85
8631 72,000 85
171
16435 179 350.000 10514
99
99
99
22,000 9835
95% 96% 23,000 86%
92% 92% 94% 144,000 9135
106
105% 106
7,000 105
Aug
July
Aug
Oct
July
Jan
June
July
Aug
10254
103%
109%
94%
179
9934
101
97%
10655
Mar
Jan
Mar
Apr
Oct
Feb
Mar
Mar
June
1004 100% 100% 6,000 94%
94
9335 9531 21,000 92
10051 100% 10131 248,000 100
100% 100% 2,00(
99
102% 102%
8,000 101
100% 100% 21,000 99
93
9334 32,00
91%
99% 100
6.000 99
100 100
10,00( 100
100
100 100
3,000 98%
Feb
June
Sept
Aug
June
June
June
July
June
Aug
101
97%
10155
104
10534
103%
97%
102%
102
102
AM
Apr
Sept
Mar
Jan
May
Apt
June
June
Apr
97%
97%
101
9755 98
07,00
97% 97% 22,000
99
99
5,00
10034
100%
102
102
10435
103%
99
101%
98%
96
97%
101%
97%
102%
135
90
93
96%
100%
101%
102%
102%
102
10514
104
994
102%
98%
9614
,
97%
10145
97
102%
140
90%
9335
97%
10034
95% July 10155 Apr
96
Mar 10.5
May
Oct 102% Mar
99
43,00
26,00(
24.00
2,00
59,000
8,00
7,00(
32,00
29,00
8,00
1,00
7,00
10,00
13,00
6,00
30,00
7,000
26.000
10,000
99%
100
100
102
103%
102%
97
100
97%
94%
954.
101
9514
99%
98
90
92%
94%
100
109
9235
94
6835 68%
95
95
97
96
114% 88,000
93% 11,000
95
4,000
68% 6.000
95% 33,000
9735 8,000
9554
88%
92
13%
93%
96
10055
10034
10035
97
97
96% 95
10034 2,000 100
3,00
10035
99%
101% 9,000 100
100
98,00
94
9655 31,000 95
105
98%
97%
102%
140
90
93
97%
114
10335 101%
146 161
100% 101%
100% 100%
10114 101%
93
92% 93
95% 954
96
96
105 106
105
9835 9655 98%
na% 1004
10031
104
158
100%
100%
88
88%
101
77
76%
100% 10035
100% 100
89
89%
89
89%
101
77
101
100%
87,000
128,000
32,000
7.00
7,00
20.00
2,000
2.000
12,000
15,00
66,000
05
105
100
100
10054
921
4
95%
95
102%
9635
09
/
1
4
14,00
87
19,000 88
1,000 93
7,000 76
31,000 100
75,00 99%
Texas Power It Lt 58...1956 99% 9935 99% 36,00( 97%
Trans-Cont 011 'ht.__.1930
105% 105% 16,000 103
Tyrol Hydro Elec 75_ _1952 93% 92 • 9334 8,00
894
Ulen & Co. 6%s
1936
99% 16,00
99
97%
United El Pero (Uses) 7e66
With warrants
4,00 10135
111 113
111
Without warrants
92% 22,00
92
92
United Lt It Rye 554 .1952 92% 9246 94
52,00
91%
,
68 series A
------1952 101% 101% 10251 10,00 100%
United Steel Wks 635s 1947
With warrants
91% 30,00
90)4 90
89
June
Aur
Aug
Oct
Aug
Sept
June
June
June
Aug
Aug
Aug
Jan
Aug
Feb
Sept
Aug
Aug
Aug
10434
104
104
10435
,
107
105
10155
10355
102%
101
100%
107
9935
103
155
91
96%
100%
104
May
Jan
Jan
klar
Jan
Jan
June
Sept
Mar
Jan
Mar
Apr
Apr
Sept
June
Sept
May
Mar
Apr
Jan 114% Oct
Mar 95 Sept
Sept 100
Apr
Feb 7634 May
Aug 98% Mar
Sept 101% Apr
Feb
July
June
Sent
Oct
106)4 May
102% Jan
102% Jan
135
Apr
Mar
100
June
Jan
July
July
Aug
Sent
Oct
July
Aug
Oct
Sept
109%
161
104%
10455
104%
9514
9955
1004
112%
10134
104%
Mat
Oct
Apr
Apr
Apr
Jan
Jan
Apr
May
Mar
Mar
Sept 98% May
Aug 974 Mat
Feb 11055 Sept
July 98
Jar.
July 1024 API
Aug 10155 Jan
July 103
kfat
Feb 116
Jae
Aug 95% Apr
I-eli 100
Slay
Jan 125
May
Oct 100
Apr
Sep
9935 Jac
June 10846 Jan
June
96
Feb
Bonds (Concluded)U S Rubber6%%notes1930
Serial 6 Si% notes...1932
Serial 63i% notes_ _1933
Serial 615% notes_ 1935
Serial 634% notes_ _1936
Serial 634% notes_ _1937
Serial 634% notes_ _1938
Serial 634% notes_ _1939
1937
"May
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
96(4
95%
95
9535
9535
97
964
95
95
95
9594
95
953-4
97
1,000
96%
1,000
9535 3.000
9555 14.000
95
1,000
9535 1,000
95% 12,000
9535
2,000
Range Since Jan. 1.
Low.
93
92
91
9034
90
90
9035
9035
July
July
July
July
July
July
July
July
High.
102%
103
103
103
102%
102%
103
10334
U 9 Smelt It Ref 5148_1935 102% 10234 1024 12,000 100
May 105
ritilitiee Pow It Lt 5555'47
93
93
7,000 92
Jan 101
Utilities Serv 6555._1938 100
99% 100
6,000 99% Oct 100
Valvoline 01175
1937
Van Camp Peek 88. _1941
Vesten Elec Rys 7s_ .1947
Va Elec & POW 5s A __1955
103
70
9336
99%
103
1,000 103
75
24,000 6455
9455 14,000 89
9955 16,000 9834
Warner-Quinlan C01% 1942 111% 110 113% 98.000 98
Webster Mills 655s__ 1933
91
9234
7,000 88
Western Power 614e__1957 10055 9954 10034 88,000 99
WestvacoChlorine53-ls 1937 1023-4 10255 102%
7,000 100
wheeling Steel4 k4s_ _ _1953 8935 89
8934 47,000 1103
Wisconsin Cent By 55 1930
9631 9634 2,000 95
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
May
Oct
Sept 107
Aug
Aug 82
July
Jan
Aug 96
Aug 10234 Mar
Feb 118
Aug 99%
June lo5
Aug 107
Aug 9354
June 9955
Sept
API'
May
May
may
Aug
Foreign Government
and Municipalities.
Agrieul Mtge Bk Rep of Co)
20-yr 79
Jan 15 1946
98
98% 14,000 9734 Jan 102% Apr
20-yr 7s Jan 15._ _1947
98
98
13,000 97
Jan 10134 Apr
Baden (Germany) 7s 1951
97
98
5,000 9614 June $6.01 June
Bank of Prussia Landowners' Assn 6% notes.1930 95% 9574 96
32,000 9454 Jan 9734 Apr
Bolivia (Renub of) 78_1969
9735 98
40,000 9735 Sept 9831 SW
RtlenOtt Alres(Prov)7559 '47 10234 10134 10214 36,000 10034 Feb 10534 May
7e
1952
99% 10034 34,000 PS
Jan 102% June
Cauca Valley (Dept) Colombia, extl s f 78_1948
9634 9635 11,000 9534 Sept 97
Sept
Cent Bk of German State It
Prov Banks Os B...1051 85
85
8734 33,000 85
Oct 9234 mat
1952 8655 8634 86% 2,000 8634 Oct 93
Sec s f 65 A
Jan
1958 8835 8734 8834 78,000 87% Oct 9735 June
615e
Danish Cons Munk 5)0'65 99
May 102
09
Ala
9934 26,000 97
1953 95
Is new
9434 9534 39,000 92 Sept 9934 Api
99% 101
8,000 9934 July to >1 Jet
llenin'k (Kingd'm) 5345'55
,
1062 89% 89% 9034 222,000 874 June octi m.o.
4 411
Estonia _____ 75
__
1967 90
8934 90
26,000 8955 Aug 95
Apt
Frankfort (City) 6%8.19.53 9434 94
German Cons Munte 79 '47 98
9794
Os
1947 8835 8836
(ndus Mtg Bk of Finland
let retire coll e I 78 _1944 100
.
100
Medellin (Colombia) 7s '51 9794 9734
1954
(1948
9334
Mendoza (Prey) Anrentlus
1951 9735 9735
754s
Minas Geraes (State) Brasil
95
1958 95
Ext 654e
Montevideo (City) 68_1959 96
9536
Mtge Bank of Bogota 7547 92
92
New
9235
94
Mtge Bank of Chile Os 1931 9836 9836
Mtg Bk of Denmark 5s '72
96
Mtge Bk of Jugoslav 75 '57 86
8434
9534 35,000
9831 61,000
8935 105,000
11,000
100
22,000
98
9334 19,000
,
,
9334 Aug 5° 1 kis
96
Aug (S)10017May
8734 Aug 94% May
9955 July
9236 Jan
9354 July
10254 Feb
Apr
101
9434 SW
9835 25,000
9614
Jan
10054
Am
96
9655
94
94
9855
96
8634
93
9314
9135
9135
93
9531
81
Aug
Jan
Feb
June
June
June
Aug
9734
9834
97
95%
99
9935
00
API
Api
Sepi
Ap
Ma.
Ap
Mel
27,000
28,000
21,000
16,000
35,000
4,000
54,000
Netherlands 6s
1972
10434 10434 3,000 10455 Sept 10834 Tel
Parana(State of)Braz 78'58
9,000 9234 Aug 98% Mai
929-4 94
Prussia (Free State) 634561 9534 9534 98
43.000 95
June '984 Me
EU]6e (of '27) Oct 16 '52 90
8935 903i 73,000 8834 Aug o9434 Mal
Rto Grande do Sul (State)
Brazil 7e (of '27)__ 1967 97
97
97
9,000 96
Jan 10034 Ap
6s
1948 9411 9434 9435 35,000 94
Sept 9431 Sep
Russian Government
1910
6'69 ctn.
55,000 1236 Oct 18
1234 13
Ma
45
.
51 certificates __1921
1236 1336 26,000 1234 July
1734 Ma
Saarbruecken 7s
1935
9835 983i
1,000 95
June 10236 Ap
Saar Basin Con Counties
1935 100% 100 10094 16,000 9934 Sept 102% Ma:
75
Santa Fe (City), Argentine
Repub lc, extl 7s_ _ _1945 9535 94
18,000 9336 Jan 9935 Ma:
96
Santiago (Chile) 75...1949 98
98
9834 8,000 98
Oct 10134 AP
Saxon State Mtg Ins 78 _'45 9835 9835 9835 6,000 97(4 July 10134 Ma
1946 95
63-45
94
95
26,000 94
Oct 9835 Ap
Serbs Croats It Slovenes
8655 162.000 82
(King) esti see 7s ser B'62 85% 85
Aug 92
Fe
Silesia (Prov) is
1958 8734
8735 8935 254,000 8735 Oct 8934 Jun
Switzerland Govt 535s 1929
5,000 WO
1009-4 100%
June n103
Au
Warsaw (City) 7s_ _ _ _1958 87
8635 8734 24,000 8554 July 9055 Ma
• No par value. I Correction. m Listed on the Stock Exchange this week, where
additional transactions will be found. n Sold under the rule. o Sold for cash.
•Option sales. I Ex-rights and bonus. to When Issued. z Ex-dividend. V Ekrights. z Ex-stock dividend.
Option sales made as follows: a Middle West UHL prior lien stk. Mar. 5 at 12
A.G.Spalding &Bro.,coca., Jan. 14 at 120: g Associated Gas It Elec., Jan. 14 at 47:
S Sierra Pacific Electric Co., Jan. 6 at 92; u Mt. State Power, Jan. 13. 10114,
(1) Palmolive Pet.. Feb. 28 at 85.
"Under the rule" sales were made as follows:
b Belgian National Railway, preference Jan. 20 at 17 15: Eltingon Schild Co.
65, Jan. 13 at 9855: 1 Goodyear Tire It Rubber of Calif. 555s, Jan. 4 at 10134.
S U. S. Rubber 634% notes 1940 at 108; s J. J. Newberry, pref. Jan. 25 at 10731;
o Standard Publishing class A Jan. 25 at 4; u $1.000 United 011 Prod. 88 1931.
Feb. 2 at 381. Potrero Sue, 75, 1967, Feb. 17 at 98; to American Meter Co. Feb. 29
at 126. (3) Ohio River Edison 5s. 1951, Feb. 27 at 103. (4) Nat. Pub. Sur. war.,
Apr. 24 at 3@3
(6) Mtg. Bk. of Bogota 7s, 1947. Apr. 20 at 96-Inland Steel
4%5, May 4. at $5,000 at 9854. (8) Cities Service pref., May 23 at 10834.
(9) German Con. Mines 75, 1947: May 23. $1,000 at 10134. (19) Trumbull Steel.
pref., July 19. 100 at 12255. (II) Midwest Gas 78. 1936, July 23, 54,000 at 10755:
13) 1,000 Pittsburgh Steel 6s 1948 Aug.24 at 10355.
CURRENT NOTICES.
-Harrison & Co., members New York and Philadelphia Stock Exchanges,
have removed their offices to the Fidelity-Philadelphia Trust Building,
Philadelphia.
-Stranahan, Barris & Oaths, Inc., Ill Broadway, New York. has issued
an analysis of a selected list of toll bridge first mortgage bonds yielding
636% to 7%.
-McClure, Jones & Co., members New York Stock Exchange, 115
Broadway. N. Y., have prepared a bulletin discussing the status of Pratt
& Lambert.
-Peter P. McDermott & Co., 42 Broadway, N. Y., are distributing
a booklet outlining the history and organization of the New York Curb
Market.
-Jackson & Curtis, 43 Exchange Place, N. Y.. announce that Donald
G. Robinson is now associated with them.
[VOL. 127.
FINANCIAL CHRONICLE
1938
Quotations of Sundry Securities
'and interest" except where marked 'f".
All bon I prices are •
Public Utilities
Railroad Equipments
Bid Ask
Bid
Bird Grocery Stores corn..? *35
37
5.25 5.00
7% cum pref(with war)100 110
Atlantic Coast Line Bs__
6.00 4.75 Bohack (H C) Inc corn
EquIpment8
.64
7% 1st preferred
5.25 5.00
Baltimore & Ohio as
100 104 108
5.00 4.70 Butler (James) corn
Equipment 4345 & 5e_
14
Buff Roch & Pitts equip Os. 5.25 5.00
Preferred
100
60
Canadian Pacific 434e & 88_ 5.10 4.75 Consol Ret Sts, 8% of with
5.25 5.00
warrants
Central RR of N J 68
100 106
5.25 5.00 Diamond Shoe, corn
Chesapeake & Ohio (is
36
38
5.15 4.85
Preferred
Equipment 6348
104 107
5.00 4.75 Fan Farmer Candy SD pref t *29
Equipment 5e
32
.7
Chicago & North Welt 85_ 5.30 5.00 Fed Bak Shops,corn
10
5.10 4.80
Pref 7% with war?. _ _100 96 100
Equipment6 As
5.00
Chic R I & Pee 440 &
Feltman & Curme Shoe
5.30 5.00
Stores A corn
Equipment 6s
.10
20
5.40 5.00
100 75
Colorado & Southern tht.._
7% preferred
85
5.25 5.00 Gt All & Pat Tea vot corn.).335 350
Delaware & Hudson
5.20 4.90
100 116 118
Erie 4 As& fis
Preferred
5.35 5.00 Grant(W T) Co corn
*116 119
Equipment 68
5.25 5.00 Grant(W T) RIty 7% p1100 10312
Great Northern Os
5.01) 4.75 Howorth-Snyder Co. A.
18
Equipment 53
21
5.00 4.75 Kaufm Dep Ste, corn...100
Hocking Valley be
5.25 5.00
7 7 preferred
,
100
Equipment 69
Illinois Central 450 & Is... 5.00 4.75 Kinnear Stores corn
•29
31
100 116 120
5.20 5.00
Hat,preferredm
o
Equipment Os
5.00 4.80 Knox
87
*230 250
Equipment 7s & 6348...
5.30 5.00
$7 rum pref.
Kanawha & Michigan 8$..
*106
Cl A war pref
Kansas City Southern 514e. 5.25 5.00
*65
70
5.25 5.00 Kobacker Stores corn
Louisville & Nashville Os_
*43
45
5.00 4.80
100 10212 10512
Cum pref 7%
Equipment8 As
58
*50
Michigan Central be & fis._. 5.10 4.75 Lane Bryant Inc corn
100 114 119
Minn St P&SS M 410 & Ge 5.30 5.00
7% turn pref
Equipment 634s & 7...... 5.50 5.00 Leonard Fitzpatrick it
PreferredMu l e!' Stores corn
•29
31
Missouri Pacific 8e & 654.... 5.25 4.95
100 108 120
5.00 4.80
Mobile & Ohio 5e
100 320 350
New York Central 434e & 58 5.00 4.75 Lord & Taylor
5.00
100 98 103
5.25
First preferred 6%....
Equipment 85
100 107
5.00 4.80
Second pref. 8% Equipment 78..
4.95 4.75 McLellan Stores corn
*55
59
Norfolk & Western 4)41_
100 98 102
5.00 4.80
8% preferred
Northern Pacific 78
69
Pacific Fruit Exprees 7i.... 5.00 4.85 Melville Shoe Corp corn __ t *68
PennsylvaniaRR eq 55
4.90 4.75
let pref 8% with warr_100 103 105
Patel, & Lake Erie As_ _
5.05 4.80
Warrants
*115 130
Reading Co 434.& fe
4 95 4.75 Mercantile Storm
100 105 120
St Lours & San Francisco 58.. 5.30 5.00
Preferred
Seaboard Air Line 554* & 88 5.75 5.25 Metropolitan Chain Store,.' *6412 65
100 110 114
New preferred
Southern Pacific Co As._. 4.95 4.75
8
Equipment 78
5.00 4.80 Metropol 5 to 50 Ste corn A t *5
*3
Southern By 4 As & bs_
6
5.10 4.90
Common B
62
Equipment(Is
100 57
5.30 5.00
Preferred
Toledo & Ohio Central Os..
5.30 5.00 Miller (I) & Sons corn....? *4112 43
Preferred 834%......100 96 100
5.00 4.75
993 993 Union Pacific 7s
8
4
*70
75
Murphy(0 C) Co corn..
1015 102
8
100 104 108
98
99
8% cum pref
Standard 011 dd
Nat Family Stores Inc...? *2612 28
9612 97
Par
Curn pref $2 with Ivarr_25 *2812 31
10012 100 4
,
*20
25
.183 1918
4
983 9912 angle-Amer()fleet stock.
4
Non-voting stock
el 4.1814 19
100 87
95
Preferred 8%
100 100 4
,
Nat8hirt8PoPs, con'
100 17912 180
100 104 105
105 10518 atlantic Refining
Nat Tea 612% pret
Preferred
100 11612 117
*23
25
Nedick's Inc corn
04
9414
10212 103
•10112 109
Neiener Bros Inc corn
Borne Scrymser Co
25 .48
513
4
100 142 145
Preferred 7%
9912 100
.50 "6712 68
•130 140
Newberry (.1 J) Co com___
99 993 Buckeye Pipe Line Co...
4
100 105 109
983 9912
4
Preferred 7%
NY Merchandise corn_
-t *30 32
983 993 Chesebrough Mfg Cons-25 *138 141
4
4
10 •1714 1712
100 102
05
First pref7%
973 983 Continental 011 v to
4
4
Cumberland Pipe LIne_100 65
85
05
98
Penney (J C) Co corn...100 295
07
75
99
9912 Eureka Pipe Line Co_...l00 71
8% cum el A pref___100 101 103
8
7
70
Peoples Drug Stores corn..? *68
9812 9912 Galena Signal 011com___100
86
Preferred old
100 82
100 112
6I4% cum pref
993 100 4
4
,
9912
Preferred new
100 80 83
38
41
99
Humble 011 & Refining.
..25 *80 8012 P gg ef W gg
PriYerrd e% Corp
100 101 104
Illinois Pipe Line
100 217 220
35
Piggly West States A
*30
9612 99
Imperial 011
7812 Rogers Peet Co corn_ _100 130 140
*77
9112 92
89
Indiana Pipe Line Co__ _60 *87
8
International Petroleum. _ t "3814 383 Safeway Sts pf w'out war 6% 96
98
993 100
4
2412 Sanitary Grocery Co corn..? *405 415
99
9912 National Transit Co,.,.12.50 *24
61
100 123 138
99
9912 New York Transit Co_ _100 59
834% preferred.
63
*40
44
Schiff Cocom
4
973 983 Northern Pipe Line Co__100 60
4
4
Ohio 011
25 6114 613
Cum cony pref 7% _ _ _100 170 190
97
98
44
4
Penn Meg Fuel Co
25 .42
Silver (Isaac) & Bros corn.' 623 64
9714 9814
"
26 *4714 471
7% corn CODV pref_ ..100 ill 115
963 973 Prairie Oil& Gas
4
4
41
100 186 18614 Southern Groc Stores A... *39
963 9712 Prairie Pipe Line
4
95
100 170 180
Seim RefinIng
Southern Stores6 units_
9912 100
Southern Pipe Line CO _50 *1512 17
Spald (A (3) & Bros. corn 100 235 250
9912 100
7
South Penn 011
25 .6214 625s U S Stores corn class A____t *4
4
*2
793
4
Corn class B
10014 1003 Southwest Pa Pine Line8.100 78
4
50
100 45
1st preferred 7%
10014 10012 Standard Oil (California)._ t "6018 6012
*53
55
Standard 011 (Indiana).._25 "7614 7612 Waitress Co corn
4
10 107 110
4
8% curs pref
98 9814 Standard Oil (Kansas)_..26 *193 203
*58
60
Standard 011(Kentucky)_26 *13112 13312 West Auto Supply corn A
97 100
100 102 105
25 *433 4418
4
993 10012 Standard Oil(Neb)
4
634% preferred
4
973 9812 Standard 01101 New Jer_ _25 *4512 453
4
8
Rubber Stooks
9612 Standard Oil of New York.25 *3514 353
9512
93
(Cleveland Quotations)
Standard 011 (Ohio)
26 *91
95
94
24
Preferred
Aetna Rubber common_ _t *22
100 118 119
10312 1037s
100
Preferred
Swan & Finch
•183 19
4
97
95
*5
Preferred
Falls Rubber corn
29
Preferred
25 *14
Union Tank Car Co
100 109 111
98 100
*30
33
25 *793 8012 Faultless Rubber
4
973 983 Vacuum Oil (New)
4
4
176
Firestone Tire & Rub com.10
10012 101
100
11012
6% preferred
100 108 1083
Sugar Stacks
7% preferred
4
100 100,
8
General Tire & Rub corn_ .25 *195 250
9812 9914
100 963 100
110
3
Preferred
4
983 9912 Caracas Sugar
4
Goody'r T & It of Can N.100 r10512 10652
102 1023 Cent Aguirre Sugar Com_20 *139 141
4
Fajardo Sugar
100 •126 128
4212 250
India Tire kr Rubber
97
96
25
50c
Federal Sugar Ref corn..100 20
Mason Tire & Rubber cow_ I
100
8
Preferred
40
Preferred
100 35
t *20
Godchaux Sugars. Inn
25
Miller Rubber preferred _100 8112 82 2
,
Preferred
85
Mohawk Rubber
100 191 220
100 80
Holly Sugar Corp com___1 "41
43
Preferred
100 85
95
138 142
Preferred
100 92
93
SelberlIng Tire & Rubber_
*49
50
111
National Sugar Refining _100 145 147
Preferred
100 10312 106
*31
32
100 35
45
New N iquero Sugar
*3112 32
i_ Investment Trust Stocks
Savannah Sugar corn
•124
30
*28
and Bonds
Par
Preferred
100 115 ft100 103
Sugar Estates Oriente 05.100 30
36
Allied Internet Investors..? •108 112
70
60
70
Allied Capital Corp
73
Vertientes Sugar ef
67
100 60
23
21
Amer Bond & Share com_10 2412 27
79
73
Amer Brit & Cont corn
Chain Store Stocks
18
03
Par
75% paid
82
10
104
99
9212 94
Am Dep St 1st pf 7%...100 *95
6% Preferred
Amer Milan Flold corn A..
13erland Stores units
107 111
2612 2812
Par, Bid Ask
American Gas & Eleatic- *175 180
6% preferred
t *105 106
Amer Light & Tree eorn_100 200 205
Preferred
100 115 118
Amer Pow & Light
M&S 10712 1075
Deb Oa 2016
8
Amer Public IJU1 corn ___100 50
65
7% prior preferred_ _ __100 98 101
100 95 100
Partic preferred
Appalachian El Pr pi__ _100 10714 10814
Associated Gas & Elea com.t •17
19
Original preferred
.56
58
56 preferred
*97
99
5634 Preferred
*10012 102
57 preferred
*103 100
Det 58 1988
A & 0 91
913
4
Deb 5s.
2875 97
9812
East UM. Assc. corn
*4012 4112
Cone. mock_
.1312 1412
_100 1013 102
Com'w'Ith Pr Corp pref.
4
Elm Bond & Share pref_100 10712 109
General Pub Sere corn__ _ t *25
26
$7 preferred
*128 130
58 first preferred
*10012 10212
100 94
Gen!Public UM
.
96
Alkeriselppi RI, Pow pre1.100 10612 10812
First mtge 54 1951_ _J&J 102 10312
MAN 97
Deb 513 1947
99
National Pow & Light prof. 10714 10812
North
NOrth State. Pow corn.100 135 137
7% Preferred_ __ _ _100 10612 10912
Nor Texas Elee Co com.100 14
16
Preferred
100 45
50
Ohio Pub Sem% 7% prel_100 110 112
6% pref
102 103
Pacific Gas & El let pref..25 .267 27
8
Puget Sound Pow& Lt6%p t *98 100
6% preferred
*90
92
let & ref 594* 1949_ _J&D 101 102
South Cal Edison 8% of. _25 *55
60
Stand U & E 7% pr pf _ _100 10914 ill
Tenn Elea Power let pref 7% 10612 10812
6% preferred
100 99
993
4
_ _ . _ 102 104
Toledo Edison 8%
100 109 111
7% pref
100 101 105
Western Pow Corp pref.
Short Term Securities
Allis Chal Mfg, 5s May '37.
Alum Cool Amer. be May'52
Amer Red,deb 4 pis, May'47
Am Roll Mill deb 58. Jan 48
Am Thread 65, Dec 1928_._
Angle-Am 0114 As, July '29
Ana•da Cop Min 68, Jan '29
.Feb. 1953
1st cone 65..
Batavian Pete 4 As_ _ _1942
Bell Tel of Can 55 A _Mar '55
Beth Stl5% notes June 1529
,
Sec 5% note ..June 15 '30
Sec 5% notee_June 1531
Sec 5% notes_June 15 '32
Com'l Invest Tr 58_ May '29
May 1930
5% notes
Cud Pkg,deb 534s.Oct 1937
Cunard SS Line 4345 Dec'29
Ed El ill Bost 48. Nov 2'28
4 A % notes_ _Nov 1930
Empire Gas At Fuel 55
June 1929-30
Fisk Rub 5 As_ _Jan 1931
Gen Mot Ac Corp 58 Mar'29
5% serial notes__Mar '30
5% serial notes__Mar '31
5% serial notes__Mar '32
5% serial notes--Mar '33
5% serial notes-_Mar '34
5% serial notes_ _Mar '35
5% serial notes_ _Mar '36
Goodr(BF)Co 55 Jan 15'29
Goodyr T & B 5e.Dec 15'28
Gulf 011 Corp of Pa deb 58
Dec 1937
Feb 1947
Deb 58
Koppers Gas & Coke deb 58
June 1947
Meg Pet 4 As.Feb 15'29-35
Mar 011 fer.. __June 15 1929
Serial 5% notes June 15'30
Serial 5% notes June 15'31
Serial 5% notes June 1532
Mass Gas Cos.”is Jan 1948
Pacific Mills 5 As_ _Feb '31
Peoples Gas L & Coke &As
Dec 1929 & 1930
Proct & Gamb,43.4* July '47
Sloes She!Sri & 1r Os Aug '29
Stern & Co 5% notes
Oct 15 1932
Tidew Pow 1st 5s_.Aug '29
Un NJ RR & Can 48 Sept'29
S Sm & Ref 51is__ Nov '35
Jan '30
Wise Cent 55
Tobacco Stocks Par
American Cigar corn__ _. 100
100
Preferred
British-Amer Tabs° ord._ £I
fl
Bearer
_ _
Imperial Tob of U B & Dell!
Int Cigar Machinery new100
Johnson Tin Foil & Met.100
Union Tobacco Co coal_
Class A -_ _
Young (J 8)Co corn _ .100
100
Preferred
• Per share.
t No par value.
b Basis
d Purchaser also pays accrued dividend
CURRENT NOTICES.
- Donald Arrowsmith has become associated with Wertheim & Co.
F.
as manager of the sales department.
-Eastman, 1)illon & Co. have ready for distribution, an analysis of the
General Ice Cream Corp.
Prince & Whitely, 25 Broad St., New York, are distributing an analysis
of Southern Railways.
-Bristol & Willett's Over--the-Counter Review contains an analysis of
National Casket Co.
n Nominal
• En-dividend
Ex-rIghts
Par.
Amer Founders Corp corn..
8% pereferred
7% preferred
Astor Financial class A
Class B
Atl & Pat Intl Corp
Bankers Financial Trust__
Bankers Investin't Am corn.
Debenture shares
Bankstocks Corp of Md A..
Class B
Preferred
Units
British Type Investors A...
Continental Securities Corp
Preferred
5s 1942 with warrant_ _ _ _
Without warrants
Crum & Forster Insuranshares corn
Preferred_
Diversified Trustee she
Shares B
Eastern Bankers Corp corn.
Units
Finan & Indust Ser corn....
Preferred
Warrants
First Fed Foreign Inv Trust
Fixed Trust Shares
General American Investors
deb 5s with warrant..
General Trustee common__
Old units
New units
8% bon&
Greenway Corp corn
Preferred (w w)
Guardian Investment
Preferred_
Incorporated Investors
Insuranshares ser A 1927Series C 1927
Series F 1927
Series 1111)27
Series B 1928
Int See Corp of Am core A.
Common 13
631% preferred
6% Preferred
Invest Co of Am corn
7% preferred
Series A units
Investments Trust of N Y__
Massachusetts Investors...
Mohawk Invest Corp
Mutual Investment Trust
New England Invest Trust_
Old Colony Invest Tr corn..
4 A % bonds
Second Internet See Corp..
Cony B when if & as 5*.1
% preferred
Shawmut Lik by Trust__ _ _
43.4*.
1942
Se 1952
85
1952
Stand Int Secs Corp units__
Standard Investing Corp
5 3-4% preferred w w
5% bonds w w
Swedish Amer Investing pfU S Shares class A
Class A 1
Class B
Class C 1
Class C 2
Clam C 3
Class D
U S & Brit Internet units_
U S & Foreign Sec com____
Preferred
United Investors Bee
Water Bends.
Arkan Wat let be'68 A.A&O
Birm WW 1st 5 AsA'64.A&O
1st MS.1954 ear B._J&D
City W(Chatt)534e'54AJ&I)
J&D
let M 5e 1954
City of New Castle Water
5s Deo 2 1941
JItD
Clinton WW let for'39_FAA
Com'w'th Wet let 514eA'47
Connellsv W 5sOct2'39A&01
E St I.& Int Wat 58'42 J&J
let M Os 1942
J&J
Huntington let 6s 154_11
11&S
Se
1954
Mid States WW es'Ill MAN
Mown Con W 1 in 58'68AJ&D
Monm Val Wt 534.'SO. J&J
Muncie WW 5s OcV2'39 A01
St Joseph Water 5s 1941A&O
Shenango ValWat 51'541A&O
So Pitts Wet let ISs 1960 Pei
FA
let M Si 1955
Ter H W W Gs '49 A__J&I)
1st M Is 1958 ser B._ Fara)
Wichita Wet let 8s'49 M&S
let M Se lilIsIser B.. FAA
Indus. a Mismilenetrue
American Hardware
26
Babcock & Wilcox
1(10
t
Blies(E W)Co
Preferred..50
Childs Company pref.__ HA
Hercules Powder
100
Preferred
100
Intermit Sliver 7% pref. 100
'00
Phelpe Dodge Corp
Royal Baking Pow 0010.100
Preferred
100
3inger Manufacturing...100
61
Singer Mfg Ltd
r Canadian Quotation
Bid Ast
60 63
45
48
50 53
46
52
12
16
69
703
4
96 103
1212 14
914 10
4414 4514
110 114
82 85
109
107
92
97
100 103
213 2218
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183 191s
8
2712
149 153
114 116
109 111
127
98 102
187 195s
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13912
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120
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97 101
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153
105 111z
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100 102
12
11
93 10 4
4
3
30
33
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4812 5112
26
29
43
46
38
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93
90
98
95
200
40
35
40
103 108
12912 - - - 189 193
123
s
123 1312
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4314 444
237
8
_
255
8
21% 23
78
273 29
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9412 96 4
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100
100
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95
94
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101
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100
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120 124
•3434 35
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107 110
238 248
122 127
121 124
175 180
255 265
105 109
500 520
•6
612
• gale price.
-E. N. Townsend Co., 111 Broadway, Now York, has issue( its current
analysis and quotation pamphlet of Long Island Banks and Trust Coin.
panics.
-Edwin Weisl & Co., members New York Stock Exchange, have opened
branch office at 604 Fifth Ave., under Ilia inanaeniant of Arthur G.
Miller.
Robjent, Maynard & Co., 111 Broadway, Naw York, has prepared an
October list of investment suggestions yielding from 4.40 to 7.50%.
- R.'Williston A: Co.. 5 Nassau St., New York, announce that Emile
J.
de Planque has become a Genaral l'artner in their firm.
Nuestment an gailroad intelligente.
Latest Gross Earnings by Weeks.
-Grossfrom Railway- -Net from
-In the table which
1928.
1927.
1928.
follows we sum up separately the earnings for the fourth week
of September. The table covers two roads and shows ' Bangor & AroostookAugust---- 377,299
363,336 -15.012
25.36% increase over the same week last year.
From Jan L 4,809,972 4,934,720 1,553.936
Fourth Week of September.
1928.
Buffalo Rochester & Pittsburgh _ _ _ _
Canadian Pacific
1927.s
8487,532
6,977,000
Increase.
Decrease.
Npt Inorprisur• (95 'Aft.r..1
278,722
$7.464,532 25,954,254 51,587,000
1 MO 075
Total (2 roads)
5564,254
5,390,000 $1,587,000
$76,722
In the table which follows we also complete our summary
of the earnings for the third week of September.
Third Week of September.
1928.
1927.
Increase.
Previously reported (8 roads)
Canadian Natioaal
Georgia & Florida
Nevada-California-Oregon
210,572,594 $9,550,039 $1,022,555
6.057,295 4,845,997 1,211,298
25,900
37,900
25,572
11,856
13,716
Total (11 roads)
Net increase (15.48%)
$16,681,361 $14,445,792 $2,247,569
2.235.567
Decrease.
512,000
212,000
_
In the following table we show the weekly earnings for
a number of weeks past:
$
-1,294 0.02
+1.909.434 13.97
-156,341 1.69
-251,773 2.65
-267.552 1.90
+882,541 4.38
+368.068 2.41
-252,950 1.87
+12,534 0.14
-562,411 3.11
--469.133 3.33
+535.054 3.92
+952,046 7.04
+742.987 5.21
+278.542 2.08
+678.341 6.01
+596,966 3.66
+062,147 5.25
+808.584 6.07
+717.797 5.26
+532.435 3.78
+1,686,586 8.84
4-1,361.816 in.a3
+981,589 6.91
+1.223,405 8.57
+1,186.629 5.54
+301.567 2 V
+1,238,046 8.21
+2.223.567 15.4)
+1.510.278 25.31
4.wo4.000w...wcoccuswwww-4-04.ww.o4.mawoom
Increase or
Decrease.
4.014.0.-wroWoomm4...00MCCOMW.40
5A 04.^:P40 -”.4 . W.40W . COVC70oCOat
0.4 t,01,
,
.....
34 week Feb. (13 roads)
4th week Feb. (12 roads)
let week Mar.(11 roads)
3d week Mar.(11 roads)
3d week Mar.(11 roads)
4th week Mar.(12 roads)
let week Apr. (12 roads)
28 week Apr. (12 roads)
ad week Apr. (11 roads)
4th week Apr. (12 roads)
1st week May (12 roads)
2d week May (12 roads)
3d week May (12 roads)
4th week May (12 roads)
let week June (12 roads)
ild week June (12 roads)
ad week June (11 roads)
4th week June (11 roads)
tat week July (12 roads)
Id week July (12 roads)
3d week July (12 roads)
4th week July (12 roads)
let week Aug (12 roans)
3d week Aug (12 roads)
ad week Aug. (12 roads)
4th week Aug. (12 roads)
let week Sept. (12 roads)
241 week Sept.(12 roads)
3d week Sept.(11 roads)
4th week Sept.( 2 roads)
Previous
Year.
c,.......c.ww.www.ww.o.moowoowtoccwo
0
o.:41.10.- WkAA"ogWe.b.go.m.0eol,
b.,..m .
0
Wim'op
Current
Year.
Week.
%
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table:
Gross Earnings,
Net Earnings.
Month.
1927.
1926.
Increase or
Decrease.
1927.
1926.
Increase or
Decrease.
$
$
$
$
$
$
August _ 556,406.662579,093,397 -22,686,735 164,013.942
Septern'r 564,043,987 590.102.143-26,058,156 179,434,277 179,711,414 -15,697,472
193.233,7011-13,799.429
October 582,542,179 605.982,445 -23,440,266 180,919,043 194.283,539
-13.364.491
Novem'r 02.994.051 561.153.956 -58,159,905 125.957.014
Decem r 468.526,003625.820,71)8 -59,294,705 90,351.147 158.501.561-32,544.547
118,520,165 -28.169.018
1928.
1927.
1928.
1927.
January 156.520.897 486,722,048-30,161,749 93.990.840
February 455,681,258 488.532,117-12.850.8591 108.120.729 99,549,436 -5,558,796
+541,678
March. 04.233.099530,643,758 -28,410,659 131.840.275 107,579.051
April.. 473,428.231:497,865,380 -24,437,1491 110,907.453 135,874.542 -4.034.267
113,818,315
May
509,748,395518,569,718 -8,823,323 128,780,393 127.940.076 -2.910,862
+840.317
June .. 501.578.7715(6,448,211-14,871,440 127,284,367
129,111.754 -1,827,387
July... 512.145.231508,811.786 +3,333,445 137,412,487125,70
0,631 +11.711.856
Note.
-Percentage of Increase or decrease In net fur above
months has been
1927-Aug.. 8.73% dec.; Sept., 7.14% dec.; Oct.,
3.87%
Dec., 23.76% dec. 1928-Jan.. 5.58% dec.; Feb.. 0.50% dec.: Nov.. 20.53% dec.:
Inc.; March, 2.96% dec.;
April. 2.56% dec.; May. 0.66% Inc.; June. 1.41%
dec.; July. 9.32% Inc.
In the month of Aug.the length of road covered was
238,672 miles in 1927, against
237.824 miles In 1926: In Sept., 238,814 miles. against
237,854 miles in 1926; in
Oct., 238,828 miles, against 238.041 miles In 1926; in Nov.,
238,711 miles, against
238.142 miles In 1926; in Dec., 238.552 miles, against 237,711
miles in 1296; In
Jan., 239,476 miles, against 238,608 miles in 1927; in Feb.,
239.584 miles, against
238.731 miles In 1927; In March. 239.649 miles. against
238,729 miles In 1927; In
Aprl I, 239.852 miles. against 238,904 unties In 1927; in May,
240,120 miles, against
239.079 miles In 1927: In June. 240.302 miles. against 239.086
miles In 1927; in
July, 240,433 mlles, against 238.906 miles In 1927.
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
--Grossfrom Railway- -Net from Railway- -Net after
Taxes
1928.
1927.
1928.
1927.
1928.
1927.
$
Atch Topeka &Santa Fe
August ___ _19,634,964 18,005,420 7,406,378 5,915,691
From Jan 1130,504,813132,172,113 34,165,237 36,883,124 5,665,275 4,304,455
23,746,920 26,024,914
Gulf Col & Santa Fe
August _ __ 2,368,766 2,638,181
839,699
749,371
749,212
664,352
From Jan 1_17,162,023 22,771,737 3,503,682 5,065,577 2,763.893
4,391,027
Panhandle & Santa Fe
August ____ 1.260,535 1,077,385
521,088
434.509
484,643
376,945
From Jan 1, 8.415,058 10,138,068 1,875,166 2.799.563 1,581,474
2,461,236
Atlanta Birrn & Coast
August
37,117
432,998
434,016
46,092
22,109
31.888
From Jan L 3,226,020 3.529,462
113,151
170,115
-7,353
55,502
Atlantic City
August ____ 622,823
277,422
662.400
294,783
237,072
254,471
From Jan 1, 2,6.57,867 3,022,601
165.536
337,449 -139,270
51,252
Atlantic Coast Line
August _ _ 4,625,446 5.206.790
234,793
271,436 -167.042 -180,827
From Jan L48,928,905 55,937,081 10,621,808 12,558,318 6,807,046
8,573.350
Baltimore & Ohio
August ___ _21,709,323 22,104,324 7.190.839 6,463,087 6,171.716 5,438.778
From Jan L 152852 453 165821,957 37,697,726 41.475,940 30,382,934
33,290.868
B &0 Chic Terminal
August
394,060
98,998
357,039
95,040
32.028
34,416
From Jan 1_ 2,885.646 2,600,295
627,733
455,802
143,294
24.118
1939
Railway- -Net after Tares
1927.
1928.
1927.
11
24,270 -40,152
-3,738
1,621,726 1,171,334 1.226.893
Bingham & Garfield
August
41,513
41,759
12,521
1,091
4,651
-4,644
From Jan L 315,564
336,578
53,875
56,152
-5,364
-813
Buffalo & Susquehanna
August ____
126,055
130,944
8,038
-720
6,038
-2.820
From Jan L 1.025,854 1,041,106
72.771 -16,906
46,771 -33,706
Canadian National
Chicago Detroit & Canada Grand Trunk Jet
August __ __
324,263
293,692
192,113
137,101
181,765
126,695
From Jan L 2,583,834 2,609,247 1,530,031 1,266,272 1,447,220 1,183,221
Atl & St Lawrence
August....,, 217,515
181,491
16.316 -22.721
1,417 -35,201
From Jan 1_ 1,735,898 1,768,485 -174,801
144,023 -292,081
41.333
Canadian Pac Lines In Me
August .._ _ _
140,476
120,756
10,752 -30,748
-3,248 -44,048
From Jan L 1,707,044 1,767,775
186,566
101,392
74,566
-5,098
Canadian Pacific Line in Vermont
August _
183.683
192,599
23,807
43,272
18,957
38,822
From Jan L 1,347,260 1,383,708 -719,110
71,907 -757,910
33,907
Central of Georgia
August,,,, 1,987,489 2,271,896
396.127
605,779
276,127
462,168
From Jan 1_16,716,753 18,527,283 3,700.568 4,340,550 2,696,029 3,342,580
Charles. & W. Carolina
August _ __
244,131
283,169
56,114
75,142
38,600
57,535
From Jan L 2,186,949 2,423,490
442,902
510,218
274,070
347,091
Chicago Burlington & Quincy
August
_ _16,356,129 15,184,344 6,322,733 5,804,009 5,104.806 4,587,966
From Jan 1.104219158 98,984,734 30,075.041 27.738,496 22.762,536 19,993,446
Chicago & East Illinois
August ___ 2,176,566 2.310,102
571,113
470,312
430,115
354,322
From Jan 1_15,961,102 17,874,529 2,904,481 3,367.085 1,920.178 2,442,091
Chicago Great Western
August ____ 2.259,400 2.310,018
548,802
580.696
455,476
488,162
From Jan 1_15,971,106 15,070,792 3,111.673 2,868,313 2,444,843 2,172,276
Chicago & 111 Midland238,667
August ---83.585
44,058 -96.900
35.623 -99,823
From Jan L 1,693,228 1.047,448
325,406 -297,836
268,926 -350,383
Chicago Ind & Louisville
August ____ 1,589,278 1,786,099
485,373
637,812
388,498
527,079
From Jan 1_12,002,444 12,386,234 3,275,045 3,417,610 2.615.963 2,785,107
Chicago Milw St Paul & Pacific
August _ _ _ _16,174,739 14,967,419 4,398,503 2,748,244 3.552,809 1,989,348
Fr'm Jan 1109.692.067 102.645.490 26,312,568 14.852,953 19,844,053 8,823,863
Chicago & North Western
August _ _ A5.084,455 14,631,848 4,717,441 4,251,442 3,941,791 3,359,126
From Jan 1_99,596,414 98,189,592 23,007,503 21,870,779 16,794,895 15,360,374
Chicago St Paul Minn & 0
August _ - 2,655,002 2,445,050
509,470
354.518
387.038
239,033
From Jan 1_17.439.084 16,955,528 2,390.089 2.796,189 1,481,443 1,945,086
Chicago River & Indiana
August ____
575,236
582,199
241,407
207,930
194,830
171,451
From Jan L 4,494,688 4,489,203 1,711,754 1,534,820 1,381,098 1,204.871
Chic It I & Pacific
August ___ _13,061,426 12,302,340 4,049,911 3,567.178 3,316,459 2,933,587
From Jan 1_87,831.554 88,134,842 22,323,586 20,736,923 17,065.048 15,647,003
Chic R I & Gulf
674,134
August ___
574.526
308,562
113,548
287.634
85,383
From Jan L 4,487,306 4.805,804 1,566,351 1.405,575 1.363.474 1,193,091
ClinchfieldAugust __- 565,165
668,512
209,970
207.318
144,853
132,317
From Jan L 4,522,320 5,365,734 1,655,864 1.881,705 1.085,440 1,281,660
Colorado & Southern
August,,., 1,168,007 1,171,429
389,970
224.558
325,345
161,005
From Jan!. 7.611,309 8,176.536 1,465,805
958,580
442,632
940,987
Ft Worth & Denver City
August _- 1,036,621
1,008,295
470,327
375.508
386,418
349,804
From Jan I_ 7.239.314 8,182,755 2,420,295 2.229,236 2,051,066 1,782,446
Trinity & Brazos Valley
August,,
215,130
259,698
69,439
45,525
61,814
38,275
From Jan!. 1,516,324 1,641,288
155,551
116,005
94,680
57.176
Wichita Valley
August,,,. 116,900
130,564
39,625
31,765
32,652
23.651'
From Jan 1_ 1.075,157 1,119,460
438,894
440.948
371,643
370.108
Columbus & Greens
August ____
143,988
164,080
6.726
29,049
5,526
27,849
From Jan!. 1,081,758 1,140,966
79.553
92,040
71,157
82,904
Delaware & Hudson
August _ _ _ 3,690,841 4,002,818 1,136,470 1,129,212
785,958 1.012.212
From Jan 1_25,731,459 28,402,309 5,221,394 5.179.270 3,729,911 4,242,793
Denver & Rio Grande Western
August __ - 2,951,909 3,086,716
681.891
792,680
481,752
592.603
From Jan 1_20,132,366 20,439,750 4,283,285 4,303,211 2,781,446 3,800,211
Denver Is Salt Lake
August,... 371.065
420,602
143,830
114,751
105,441
133,830
From Jan 1_ 2,472,776 2.447.274
775,195
159,499
99,799
707,162
Detroit Grand Haven Is 5111w
August __
858,068
707,980
340,462
200,072
331.544
187,145
From Jan 1. 6,199,232 5,571,093 2,384,356 2,068,766 2,313,348 1,963,224
Detroit TerminalAugust....219,189
195,409
88,804
69.014
65,463
52,707
From Jan 1_ 1.498,582 1,437,017
561,329
469,392
339,271
407.834
Detroit Toledo & Ironton
August __
1,038,558
723,168
451,898
166,566
408.215
131.447
From Jan 1_ 6,598.535 6,086,529 2,129,710 1,378,859 1,716,407 1,085,827
Det & Tol Shore Line
August ---- 397,680
373,424
197,110
157,963
166,710
121,277
From Jan!. 3,175,202 3,303,899 1,621,986 1,698,439 1,375,223 1,458.237
Duluth Is Iron Range
August ____ 1,004,555 1,049,824
555.268
577,014
492,318
497,850
From Jan!. 4,218,556 4,767,622 1,289,180 1,568,093
975.593 1.135.888
Dul Missabe Is Northern
August
2.914,198 2,545,026 2,207,744 1,778,454 1,972.686 1,536,009
From Jan 1_10,917,051 11,700.779 6,306,498 6,151,714 5,056,387 4,703,642
Dui So Shore Is Atlantic
August - 469,416
487,191
121,628
127,080
25,628
95.080
From Jan!. 3.463,663 3,577,951
595,619
746,674
337.529
502,659
Fort Smith Is Western
August ____
121.352
131,678
17,514
8,727
11.943
3,186
From Jan 1_
920,422 1,072,431
83,941
119,018
51.515
77,492
Galveston Wharf
August ..-__
194,563
162,563
88,965
35,805
63,965
9,305
From Jan 1_ 1,318,792 1,319,413
558,342
447,868
373.342
292.868
Georgia Railroad
August
454,579
481,758
84,294
104,736
75,545
82.951
From Jan 1_ 3,468,983 3.766,043
529,620
650,839
455,364
554,705
Georgia Is Florida
August - _
206,649
216,152
68,886
65,897
59,859
58,161
From Jan 1_ 1.113,593 1,287,116
212,660
266,681
142.278
204,351
Grand Trunk Western
August - __ 2,098,003 1,989,485
724.329
634,980
632,754
From Jan 1_14,739,481 14,099,362 3,999,095 3.912.898 3,298,962 3 550,665
.236.928
Great Northern
August,,....11,723,502 11,003,397 4,323,912 4,223,469 .3,751,475
3,29.4238
From Jan 1_71.812.012 68.577.366 19,441,566 19.003.262 13.755,436
12.513017;731554930
Green Bay & Western
August ____
123,837
143,000
28,424
15,153
18.383
From Jan 1_ 1,128,545 1,028,609
288,074
199.760
219.869
-Grossfrom Rai1way- -Net from Railway- -Net after Taxes
1927.
1927.
1928.
1927.
1928.
1928.
$
$
3
$
Gulf Mobile & Northern
89.421
162,473
190,073
120,429
595,507
August ____ 643,644
890,679
994.733
From Jan 1_ 4,818,711 4,789,171 1,228,291 1, 82.719
1
Gulf & Ship Island
-6,030
-6.738
17,285
344,689
20,218
August _ ___ 252.854
319,595 -34,648
105,779 -225.773
From Jan 1_ 2,201.605 2,527,818
Hocking Valley
689,010
866,417
977,733
832,568
August ____ 2,100,922 2,002,612
From Jan 1_13,071,876 14,304,231 4,694,586 5.320,733 3,743,262 4,375.971
Illinois Central System
August ____14,654,517 15.791,900 3,348,382 3,631,966 2,344.718 2,517.313
From Jan 1_116190374 120450.677 24,525,271 27,373,583 16.705,102 19,08,4371
Illinois Central Co
August _ _ __12,341,573 13,515,168 2.679,773 3,288,827 1,844,510 2,357,641
From Jan L99,392,116 103462,597 21,659,565 25,026,584 15,190.715 18,210,145
Yazoo & Mississippi CValley169,972
348,506
503,147
666,455
August __ 2,297,395 2,257,861
936.250
From Jan 1_16,678,805 16,881,923 2,902,347 2,369,276 1,578,579
International Great North
202,895
244,636
253,939
295,592
August ____ 1,451,838 1,469,925
From Jan L11,669,282 11,659,342 2,079,593 1,905,059 1,743,756 1,566,695
& Orient
Kansas City Mex
-264
871,525
349,019
301,648
898,6524,266
August ____
14,203
47,806 1,032,776
From Jan 1_ 2,119,821 2,022.230 1.088,302
K C Mex & 0 of T
164,087
171,101 1,547,452
368,096
644,917 1,645,506
August ____
976,804
From Jan L 3,807.947 4,495,769 2,327.237 1,033,876 2,178,841
Kansas City Southern
492,528
496,174
603.254
578,779
August ____ 1,635,694 1.729,606
From Jan 1_12,055.391 12,613,658 3.748,644 4,082,831 2,900,265 3,197,680
Texarkana & Ft Smith
108,344
123,285
123,820
288,052
135,966
266,721
August ____
646,213
732,119
From Jan L 1,828,534 1,997,062
829,303
766,112
Lake Superior & Ishpeming
188.750
188,118
339,687
225,460
219,779
370,068
August ____
416,570
430,193
From Jan 1_ 1,576,199 1,477,125
595,976
590,180
Lehigh & Hudson River
91.376
59,923
227,139
August ____
110,726
301.445
74,557
610,024
479,886
From Jan!. 1,830,851 2,243,082
745,955
596,309
Los Angeles & Salt Lake
363,232
462,866
511.792
August ____ 2,302.186 2,263.710
603,108
From Jan 1_15,927.610 18,772,778,.2,820,240 2,835,520 1,715,443 1,741,903
Louisiana & Arkansas
76,415
104.546
98,483
126.891
August ____ 326.276
325,966
302,621
605,752
846.512
506,050
From Jan 1_ 2,487,008 2,374,033
Louisiana Ry & Nay Co
46,701
68,912
19,858
37,875
August
277,372
287,203
28,933
208,514
226,569
407,171
From Jan 1_ 2,193,619 2,061,691
La Ry & Nay Coot T
4.462
-2,671
1,432
8,568
91,714
82,567
August ____
10,004 -54,004 -22,189
From Jan 1_ 668,550
677,623 -21,330
Louisv Henderson & St L
100,717
81,084
47,212
125,157
403,274
262,978
August ____
591,056
239.445
345,657
756,586
From Jan 1_ 2,152,946 2,668,588
Louisville & Nashville
August __ A1,560,990 13,040,000 2,675,091 3,547,496 1.988,102 2,765,559
From Jan 1_89.744,422 96,829,815 18,212,314 20,904.251 13,427,245 16,084,217
Maine Central
292,309
406,261
242,639
August _ _ _ 1,669,067 1,776,716
355,726
From Jan 1_12,946,163 13,635,884 2,860,068 2,81.2,754 1,979,118 1,900,772
Mississippi Central
42,675
32,339
50,384
39.79
151,692
August ____
152,876
212,481
249,155
317,603
280.838
From Jan!. 1,094.003 1,083,442
Mo-Kansas-Texas Lines
August ____ 5.207,449 4,766,850 1,824,458 1,738,283 1,527,712 1,426,311
From Jan E35,466,567 36,747,175 10,704,383 10,684,669 8,687,368 8,657,05
Missouri & North Arkansas
12,196
12,578
7.279
4,772
August ____
137,037
148,660
122,954
61.159
39,985
103.600
From Jan 1_ 1,051,753 1,134,459
Missouri Pacific
August ____12,048,117 11,020.931 3,370,462 2,936,588 2.865,876 2,526.225
From Jan 1_84,346,651 81,562.876 19,671,196 15,906,813 16,116,277 12,554,069
Monongahela Connecting
29,337
71,750
38,315
59,448
162,679
214.123
August ____
269,651
343,342
278,236
342,540
From Jan 1. 1,353,571 1,374,446
Montour
-6,256
41,812
-2,050
40,312
110,743
162,447
August ____
-6,250
36,085
225,175
237,175
From Jan 1_ 1,037,640
862,723
Nash Chatt & St Louis
255,079
485,902
575.982
345,555
August ____ 2,082,673 1.881,707
From Jan 1_15,176,455 15,280,863 3,170,964 3,103,583 2,566,181 2,489,643
Nevada Northern
32,364
43,027
47,086
61,098
83,932
104,697
August ____
256,433
348,961
326.033
257,380
639,252
From Jan!. 685.130
Newburgh & South Shore
28,460
49,242
41,778
35,034
169,596
198,635
August ___
230,864 100,689
338.883
199,862
From Jan L 1.402,822 1,100,796
New On Tex & Mexico
-8,417
-4,311
11,638 -24,324
221,597
169,623
August ____
228,342 -331,933
397,412 -90,599
From Jan 1_ 1.879,856 1,813,040
Beaumont So Lake & W
4,206
7,833
74,266
68,572
211,753
271,721
August ____
428,990
398,099
421,591
466,671
From Jan 1_ 2,136,336 2,003,797
St L Browns & Mex317,414
352,223
287,095
305.884
868,116
732,022
August -_-_
From Jan!. 5,853,804 6,593,748 2,022,288 2,296,653 1,861,829 2,016,530
New York Central
Indiana Harbor Belt
199,948
247,966
375,905
447,996
970.702
August __ 1,107,715
From Jan 1_ 8,243,679 7,524,414 2,877,467 1,860.336 2,387,967 1,493,282
Cincinnati Northern
120,291
147.500
68.759
80.258
416.143
331,733
August __ __
745,322
942,315
558.107
735.191
From Jan 1_ 2,662,733 3,079.140
Michigan Central
August ___ _ 8,337,771 8,546,066 2,894,131 2,920,370 2,308,621 2,312,637
From Jan 1_61,398,956 60,582,488 19,718,856 18,636,297 15,572,796 14,534,939
New York Connecting
101,439
118,004
138,939
158,004
240,791
244.675
August ____
845,149
832,100
From Jan L 1,805,266 1,950,642 1,150,100 1,157,149
NY,N H & Hartford
August _..l1.898,649 12,329,795 4,018,823 3,823,131 3,429.538 3,3043,077
From Jan L89,288,004 92,132,974 25,470,094 24,714,473 20,590.718 20,526,663
Norfolk lc Western
August ____ 9,073,775 9,890,974 3,552,723 4.056,376 2.802,209 3,205,423
From Jan 1_67,586.715 75,050.329 23,802,755 27.830,564 17,497,878 21,020,563
Northwestern Pacific
225,654
178.458
267,453
216,704
763,706
August ____ 737,893
483,651
150,330
810,463
470,718
From Jan L 4,199,418 4,258,469
Pennsylvania SystemBalt , Ches & Atlantic
28,956
30,181
47,816
49,313
176,306
162,898
956,606 -274,387 -110,464 -308,107 -141,847
From Jan 1_ 695.019
-Pennsylvania Co
August
_ _57.416.369 58,285,019 16,622,093 15,794,685 12,824,116 12,041,525
From Jan 1.420697,209 447157.680 108481,767 103666,554 82,979,919 80.362,955
Long Island
August ____ 3.927,529 4,042,360 1,516,412 1,728,189 1.027,035 1,276,070
From Jan 1_26,816,487 27,145,535 7,831,504 6,654,932 5,983.743 4,919,280
Monongahela
635,340
August ___
From Jan 1_ 4,710,05„
[VOL. 127.
FINANCIAL CHRONICLE
1940
,.
352,755
329,340
2.138,597 2,609,342
318,558
299,240
1,963,607 2,371,936
-Grossfrom Railway--Net from Railway- -Net after Taxes
1927.
1928.
1927.
1928.
1927.
1928.
$
West Jersey & Seashore
151,813
314,265
424.340
507,218
August _ _ _ _ 1,322,585 1,438,042
837,852' 682,052
From Jan L 7,228,022 8,109,113 1,611.399 1,427,594
Pere Marquette
August _ _ 4,523,610 4,349,213 1,790.907 1,617,807 1,568,117 1,411,756
From Jan L29,129,339 29,854,414 8,598,651 8,744,169 6,003,180 7.107,373
Perkiomen47,689
19,233
53,210
24,829
August _ _ _
125,530
104,793
268,996
209,346
308,902
239,225
From Jan 1_ 817,720
841,888
Port Reading
72,673
90,071
86,844
103,891
August _ _ _ _
210,092
210,102
604,272
557,509
734,382
672,886
From Jan L 1,474,772 1,664.940
Quincy Omaha & K C
-10.458
-4,357
-4,635
479
75,971
63,629
August ____
From Jan 1_ 476,826
530,345 -142.237 -73.550 -181,098 -120,400
Reading Co
August... _ _ _ 7,351,585 7,945,290 1,582,625 1,968,068 1.143,614 1,505,891
From Jan L57,451,478 62,044,027 11,352.736 13,576,508 8,361,567 10,158,196
St Louis-San Francisco
-S
St L Fran of T
6.485
51,536
9,011
54,801
August ____
135,728
192,977
213,890
191,516
234,844
214,704
From Jan L 1,158,284 1,283,833
Ft Worth & Rio Grande
-9,271
-6,002
-5,202
-1.729
August ____
97,352
111.487
From Jan L 802,028
830,355 -18,175 -38,466 -51,310 -71,037
St Louis SouthwesternStLouls S
-W of T
40,491
67,245 -81,523
593,485
August ____
598,258 -53,660
From Jan L 4,594,082 4,578,592 -473,080 -266,708 -700,207 -482,356
San Diego & Arizona2,035
7,639
9,701
13,511
August.--93,548
90,475
255,345
174,187
317,235
220,001
From Jan E 847,388 1,008,189
San Ant Uvalde & Gulf
45,106
57,187
48,619
60,839
202,739
August ____
173,166
335.283
484,740
364,324
515,274
From Jan 1_ 1,565,340 1,350,480
Southern Pac System
So. Pac. Co.
August ...._20.121,289 19,725,127 6,684,939 6.902,597 5,082,511 5,125.957
From Jan 1141,572,732140,138,587 41,899,243 40.131,287 30,523,099 28,362.446
Texas & New Orleans
948.797
953,152
August ____ 5,873,091 6,246.766 1,255,003 1,307,901
From Jan E44,184,097 46,122,486 7.694,240 6,719,959 5.168,399 4,321.483
Southern Pac58 Lineo128,097
87,909
133,865
90,993
August ____ 949,513 1,038.919
793,121
477,618
835,896
503,996
From Jan L 7.379.616 8.063,433
Spokane International
53,333
74,625
58,702
80,136
156,588
135,160
August ____
234,497
215,594
277,494
830,973
259,756
801,453
From Jan 1_
Spokane Port & Seattle
330.310
341,582
415,504
432,495
919.540
962.390
August ____
1,410,676
From Jan 1_ 5.890,083 5,600,162 2,115,646 2,056,753 1,431,426
Tennessee Central
69.003
73,366
73,698
310,317
84,100
August -- 282,481
376,789
391,094
441,666
420,560
From Jan L 2,133,530 2,196,594
Term Ry Assn of St Louis
245,912
257,985
334,457
346.025
1,096,260 1,157,709
August _ _
2,043,379
From Jan 1_ 8,689,362 8,861,943 2,718,208 2,841,589 1,928,664
Texas & Pacific
588.393
921,603
744,224
August _ _ _ 4,156,202 3,020,143 1,116,036
4,206,105
From Jan L32,619,942 24,304,939 10,277,929 5,456,984 8,776,803
Texas Mexican
23,932
14,317
28.932
112.298
19,317
100,693
_
August
102,612
187.979
145.063
228,186
954,552
From Jan L 854.143
Toledo Peoria & West
34,545
55,055
34,549
62,629
168,990
234,988
August ____
70,427
260,707
90,550
292,878
From Jan E 1,383,226 1,120,223
Union Pacific Co
4,000,592
August ____12,473,574 11,592,818 5,049,101 4.677,975 4,349,582 13,824,619
From Jan L73.601,885 66,548,040 23,130.726 19,432,814 17,621,656
Oregon Short Line
806,492
3,543,020 3,318,291 1,347,438 1,059,618 1,071,981
August
3,205,727
From Jan 1_23,489.368 21,461,340 6,434.988 5,239,851 4,273,664
Ore-Wash Ry & Nay Co
827,057
776,820
964,779 1,017,482
August ____ 3,039,605 3,035,726
1,513,897
From Jan 1_18,775.857 17,919,753 2,985,180 3,012,553 1,461,990
St Jos & Gd Island
59,135
76,739
73,133
356,726
94,739
406,409
August ____
268,948
586,514
387,496
745,465
From Jan!. 2,585,215 2,105,531
Virginian
909,404
647,138
812,145 1,038,589
1.654,187 2,028,966
August
6,264,192
From Jan L12,090,701 15,507,980 5,037,526 7,463,578 3,876,273
Wabash
1,212,792
August..... _ 6.460,982 5,841.459 1,739,152 1,417,177 1,494,600 7,772,009
From Jan L46,021,846 44,731,137 10,980,001 9,848,721 8,975.742
Western Maryland
488,293
457,463
593,293
537,463
_ 1.601,309 1,860,019
August
From Jan 1_12,136,599 14,876,112 3,718,139 4,468,415 3,053,139 3,663,415
Pacific
Western
352,299
257,182
480.793
351,774
August ____ 1,657,812 1,778,196
398,174
40,735
802,127 1,397,611
From Jan 1_10,261.429 10,012,175
Western Ry of Ala
51,990
79,184
70,699
92,855
264,196
295,588
August __ __
327,175
478,561
442,453
628,168
From Jan!. 2,185,940 2,056,747
Lake Erie
Wheeling &
325,291
626,390
460,363
800,412
August _ _ _ _ 2,052,771 1.673,777
From Jan 1_13.369,546 12,675,608 4,329,178 3,455,441 3,177,010 2,397,620
Wichita Falls dr Southern
90,284
104,631
August _ _
632,437
From Jan 1_ 683,494
43,718
204,025
36,815
231.176
38.745
163,358
32582
207,460
Electric Railway and Other Public Utility Net
-The following table gives the returns of
Earnings.
ELECTRIC railway and other public utility gross and not
earnings with charges and surplus reported this week:
American Railway Express Co.
Month of July--7 Mos.End. July 311927.
1928.
1927.
1928.
Revenues
Express
Miscellaneous
21,492,999
873
21,135,798 156.985.538 159.161,782
6,949
6.133
883
Charges for transp'n
21,493,873
-Dr _ 10,018.171
Express privileges
21,136,682 156,991,672 159,167,731
9,333,433 76,266,239 75,156,436
Rev,from transp'n
11,475,702
291,475
Oper.other than transp'n
11,803,248
296,817
80,725.433
2,032.085
84,011,294
2,086,219
11.767,177
12,100.066
82.757,519
86,097,514
696,778
21.620
10,176.720
599,487
705,677
19,264
10,491,109
628,799
4,900,934
158,234
71,576.505
4,333.271
4,705,134
153,038
74,756,931
4,609,154
11,494,607
Total oper.revenues
Expenses
Maintenance
Traffic
Transportation
General
Operating exp
Net operating revenue
Uncoll,rov,from transp'n
Express taxes
Operating income_ _ _ -
11,844,851
80.968,946
84.224,259
272,570
255,215
1.788,573
1,873.255
960
173.964
799
176,254
10,078
1,170.885
9,668
1,258,322
97,645
78,160
607,609
605,263
OCT. 6 1928.]
FINANCIAL CHRONICLE
New Bedford Gas & Edison Light Co.
American Water Works & Electric Co., Inc.
(And Subsidiary Companies)
-Month o August- 12 Mos. Ended Aug. 31
1928.
1927.
1927.
1928.
Gross earnings
4,148,266
Oper. exp., maint. & tax. 2,184,039
1941
4,017,476 50,134,315 47,956.261
2,218,491 26,104,495 24,946,565
Gross income
1,798,984 24,029,819 23,009,696
1,964,227
LessInt. & amort. of discount of subsidiaries
8,229,556 8,625,801
Preferred dividends of subsidiaries
5,057,498
4,466,348
Minority interests
42,325
48,829
-Month of August
-12 Mos. Ended Aug. 31
1928.
1927.
1927.
1928.
Oper. rev.
-Gas dept___
Electric department__
82,853
244,487
89.225
256,878
1,132,088
3.120,563
1,097.848
3,215,768
Total oper. revenues_
Oper. exp.-Gas dept _ _
Electric department__
327,341
53,131
112,497
346.104
58,943
119,941
4.253,372
721.046
1,286,702
4,313,616
743.494
1,332,882
Total oper. expenses__
165,628
178,884
2,007.749
2.076.376
Net oper. revenue.. _
Taxes
-Gas department
Electric department__
161,712
9,769
29,216
167,220
9,364
30,237
2,245,622
115,916
392,225
2,237.239
116,652
423,808
13,329,380
13,140.978
Balance
10,700.439
Interest and amortization of discount of American
1,277,700
Water Works & Electric Co., Inc
9,868.717
38,986
39,601
508,141
540,461
1,169,687
Net operating income_
Non-operating income.._
122,726
*3,668
127.618
*3,215
1,737,480
*3,546
1,696,778
4,783
Balance
Reserved for renewals, retirements & depletion
$9,422,739
4,036.184
8,699,029
3.492,536
1,733.934
1.701,561
5,206,493
Gross income
119,057
Deductions from Gross Inc.
Interest on bonds and
coupon notes
19,079
Int. on notes, pay., &c.._
340
Amortization charges
247
Depreciation
24,213
124,402
5,386,554
20.611
851
697
30,050
235,080
10,861
4,771
367,937
247.419
18,821
8.347
372.092
Net income
Engineers Public Service Co.
(And Subsidiary Companies)
-Month of August- 12 Mos. Ended Aug. 31
1928.
1927.
1928.
1927.
$
$
$
$
Gross earnings
2,665,250 2.492,238 30.700,381 28,780,338
Oper.expenses & taxes
1,553,143
1,563,702 18.276,168 17,724.666
Net earnings
Interest & amortization_
1,112,106
322,696
Balance
789,409
Divs.on pref. stk. ofsubs corn
928,536 12,424.212 11,055,671
3,303.643
290,487
3,828,941
638.049
8,595,271
1.852,846
6,742,424
6,268,893
93.621
Total deductions from
gross income
43,880
52,211
618,650
646,680
Net income
75,177
72,191
11115,283
1.054,881
*Loss.
New York Westchester & Boston Ry. Co.
-Month of August
-12 Mos. Ended Aug. 31
1928.
1927.
1928.
1927.
7,752.028
1.483,134
Balance
Proportion of above ba ance applicable to common stock of subsidiaries in hands of public.
Total taxes
Railway oper. revenue__
Railway oper. expenses_
204,874
144,098
184,689
128,663
.1,561,915
1,039,295
1,392,514
958.376
184.697
Net operating revenue
Taxes
60,775
22,646
56,026
20.123
522.619
158,351
434,137
159,164
Operating income____
Non-operating income.._
38,129
739
35,903
390
364,268
9,309
274,973
6.241
Gross Income
Deductions
Rent
Bond & equipment trust
certificate interest
Other deductions
38,869
36,294
373,577
281,215
19.268
14,186
116,110
65,478
86.596
100,352
86.861
97,817
693.477
797.871
698.185
760,936
Balance applicable to reserves and to Engineers Public Service Co
Divs, on pref. stock of Eng. Public Service Co..
6,648,803
*2,084,695
6.084.195
2,153,606
Balance applicable to reserves and common
stock of Engineers Public Service Co
4.564,108
3,930,589
*Includes dividends for 10 months on $7 dividend pref. shares redeemed
July 1 1928 and 2 months on 85 dividend convertible pref. shares.
Interoceanic Railway of Mexico.
-Month of July--Jan. Ito July 311928.
1927.
1928.
1927.
Pesos.
Pesos.
Pesos.
Pesos.
915,452
1,051,749
7,572,061
7,116.017
1,003.492
1,330.461
7,332,247
7,842.049
Gross earnings
Operating expenses
Net earnings
88,039
Percentage exp.to earns.
Kilometres
278,712
109%
1.650
126%
1.650
239,813
96%
1,650
726,031
110%
1,650
Key System Transit Co.
-Month of August
- 8 Mos. Ended Aug. 31
1928.
1927.
1928.
1927.
$
Gross operating revenue_
631,650
643,783
4,775.137
4,950.636
Operating Expenses
Way & struc. (maint.)__
41,127
50,184
287,238
369,766
Equipment (maint.)__-47,967
45,758
337,228
369.553
Power (maint. & oper.)_
61,347
60,630
485,676
480,347
Conducting transporEn_
258,413
272,187
2,167,724
2,038,578
Traffic (expenses)
764
380
3,070
5,905
Gen. & miscell. (exp
_
74,595
67,830
562,356
529,360
Transp.for Invest. Cr.&
Constr. overhead
-1,268
-3.641
-6,217
-20.524
.)_
Actual oper. exp
482,948
493,329
3,710,766
3,899,298
Actual net oper. rev
Loss taxes
148,702
37,531
150,463
38,159
1,064,371
302.898
1,051,337
279,974
Actual oper. income
Add Non-oper.income
111,171
10,912
112,294
12,715
761,472
80.222
771.363
98,723
Gross profit
Sundry Charges
Depreciation
Amort. of franchises_ _ _ _
Abend.of obsolete equip.
122.083
125,009
841,695
.
870,087
63,294
730
61,948
730
1.117
505.267
5,841
3,401
Total sundry charges_
64,024
63,795
514,510
Balance curr. oper.,_,.
Deductions
Bond interest
Other interest
Miscellaneous
58,059
61,214
327,184
Total deductions
Net income
206,216
-167,347
1,524.600
198.864
1,607,460
-162,570 -1,233.882 -1,243,384
The Pullman Co.
-Month of August
- 12 Mos. Ended Aug. 31
1927.
1927.
1928.
1928.
Sleeping Car Oper.Berth revenue
Seat revenue
Charter of cars
Miscellaneous revenue
Car mileage revenue_ __ _
Contract revenue
7,291,130
948.292
147,780
13,792
102,443
910.379
7,408,203 51,775,033 51,936.510
967.496 6,662,662 6,826,201
1,147.766
142,902
1,389,013
104,635
13,237
108,995
749,957
53,088
700,586
1.057.393
6,016,854 6,258,020
Total revenues
Maintenance of cars....
Ali other maintenance.._
Conducting car oper
General expenses
7.593.060
2,218,296
46,665
3,036,221
228,397
7,527.533 54,619,436 54,5(.6.451
2,247.819 19,199.844 18,202,618
40,827
342.956
335.459
3,039,490 23.484,763 23.216,188
272.876
1.928,524
2,016.988
5,529,580
5,601.013 44.956,090 43,771,254
Total expenses
Net revenue
2,063,479
Auxiliary Operations
117,634
Total revenues
Total expenses
97,886
Net revenue
1.926,520
9,663,346
10.735,196
101,912
84,327
964.610
791.214
889.383
765.440
19.748
Operating income........
17,584
173,395
123.943
2,083,228
441,636
Total net revenue
Taxes accrued
1,944,105
440,487
9,836,742
2,708,114
10,859,140
2,944,074
1,641.591
1,503,617
7,128,627
7.915.065
Southern California Edison Co.
-Month of August- 12 Mos. Ended Aug. 31
1928.
1927.
1927.
1928.
$
$
$
$
3,122,835 2,737,416 33.392,927 30,041.319
90.571
3,173
3,736
90,085
4,420
2,287
725,989
17,515
15.355
485,034 Gross earnings
5,841
2,366 Expenses
719,804
Taxes
280,883
493,242
Total expenses & taxes 1,000,687
376,844
Total net income
2,122,147
714.943 Fixed charges
523.035
33.029
Balance
21,840
1,590,112
97,481
96,794
758,859
769,813
Surplus curr. oper
Profit & loss adjustments
-39,422
8.786
-35,579
17,806
-431,674
51,032
-392,968
24,931
Not profit & loss items
8,786
17.806
51.032
24,931
Surplus
Surplus from prior year_
--48,208
-53,386
-482,706
-405.345
-417,899
277,083
-48.208
-53,386
-888,051
-140,816
Total deductions
Total surplus
Market Street. Railway Co.
Month of 12 mos. end.
Aug. 1928. Aug 31 '28.
$
Gross earnings
829.968
9,854,150
Net earns., incl. other inc., befor prov. for retire'ts
127,322
1,517.193
Income charges
60,769
758,726
Balance
66,552
758,466
National Railways of Mexico.
Gross earnings
Operating expenses
Not earnings
Percentage exp.to earns.
Kilometres
Month of July--Jan.1 to July 31-1927.
1928.
1928.
1927.
Pesos.
Pesos.
Pesos.
Pesos.
9,495,190 67.251,890 65,268,280
8,866.301
7,942,430 9,152,127 58,090.251 61,435.408
923,871
89%
11,816
343.063
96%
11,803
9,161.639
86%
11,816
3,832,871
94%
11,803
621,379
256,071
7,637,446
3,276.213
7,263.262
2,748,239
877,451
10,913,659
10.011.501
1,859,965 22,479.267 20,029,818
6,010.189
475,183 .5,586,724
1,384,782 16,892,543 14,109.628
FINANCIAL REPORTS.
Annual, &c., Reports.
-The following is an index to all
annual and other reports of steam railroads, public utilities,
industrial and miscellaneous companies published since and
including September 1 1928.
RailroadsPave.
Baltimore & Ohio RR. Co
1520
Belgian National Rys
1803
Chicago & Alton RR. Co
1385
Consolidated RRs. of Cuba___1671, 1522
Cuba Northern Rye. Co
1672, 1522
Cuba RR. Co
1670
Denver & Rio Grande Western RR.. 1803
Internat. Rys. of Cent. Amer_1803, 1522
Manila RR. Co
1804
Paris Orleans RR. (Compagnie du
Chemin du fer de Paris a Orleans)..125l
1251
Toledo Peoria & Western RR
Wabash Ry
1522
Public Utilities
Alabama Power Co
1387
1252
Alabama Water Service Co
Amer. Commonwealths Power Corp.1673
1804
American Superpower Corp
American Utilities Co
1388
Arizona Edison Co
1388
Assoc. Gas & Electric Co
1388
Boston Worcester & NY Street Ry- A388
1521
Brooklyn City RR. Co
Bklyn.-Manhattan Tran. Corp.1385.1247
California Oregon Power Co
1523
1804
Central Cities Telephone Co
1674
Central Maine Power Co
Central States Electric Corp
1388
1389
Chester Water Service Co
Colonial Gas & Electric Co
1389
Commonwealth Power Corp
1805
Copenhagen Telephone Co
1524
Consol. Gas Co. of N. Y
1805
Detroit Edison Co
1524
Eastern New Jersey Power Co
1389
Eastern Utilities Investing Corp.. 1389
Electric Bond & Share Co
1805
Federal Light & Traction Co
1808
Federal Water Service Corp .....1674. 1389
Fort Smith Light & Traction Co____1524
General Gas & Electric Corp
1524
General Water Works Corp
1524
Georgia Power Co
1525
1942
Page'
Industrials (Concluded)Public Utilities (Continued)- Page.
1812
1806 First National Pictures, Inc
Green Mountain Power Corp
1533
1674 Florsheim Shoe Co
Gulf Power Co
1682
1389 Foster & Kleiser Co
Illinois Power & Light Corp
1395
1252 Fox Film Corp
Illinois Water Service Co
i396. 1258
1390 Galesburg Coulter-Disc Co
Indianapolis Power & Light Corp
1258
Internat. Tel. & Tel. Corp
1675 Gamewell Co
1813
1390 Gemmer Mfg. Co
Interstate Power Co
1813. 1258
1390 Glidden Co
Laclede Gas & Electric Co
1683
Los Angeles Gas & Elec. Corp 1807, 1525 Globe Grain & Milling Co
1249
Louisville Gas & Electric Co.(Del.)-1525 Godschaux Sugars Inc
1534
1525 Gold Seal Electrical Co., Inc
Market St. Ry Co
1396
1390 Graham-Paige Motors Corp
Mass. Utilities Associates
1258
1525 Grand Union Co
Memphis Natural Gas Co
1534, 1396
Memphis Power & Light Co
1807 (Vg. T.) Grant Co
1535
1253 Grasselli Chemical Co
Michigan Electric Power Co
Mountain States Power Co
1526 Graybar Building (Eastern Offices,
1814
Inc.). New York
1253
National Electric Power Co
New England Power Association--1390 Greenway Corp. (Invest. Trust),
1259
Baltimore
New England Public Service Co_ _--1253
1396
1384, 1253 Greif Bros. Cooperage Co
New York Steam Corp
1390 Guaranteed Mortgage Co.'of N.Y.) 1535
New York Water Service Corp
1814
1807 Harbison-Walker Refractories Co
North American Co
1535
1526 Hercules Cement Corp
North American Edison Co
1259
1526 (R.) Hoe & Co., Inc
Northern States Power Co
1535
1675 Home Mortgage Co
Ohio Cities Water Core
1684
1253 Indian Motocycle Co
Ohio Electric Power Co
1670
1526 Indian Refining Co
Oklahoma Gas & Electric Co
1259
1253 Industrial Rayon Corp
Pacific Gas & Electric Co
1536
Penn Central Light & Power Co..--1253 Inland Steel Co
1684, 1259
1676 Inland Wire & Cable Co
Peoples Light & Power Corp
1527 Internat. Combustion Engineering
Philadelphia Co
1536
Corp
Pittsburgh Sub. Watar Service Co 1391
1815
1521 Jessup & Moore Paper Co
Power Corp. of Canada. Ltd
1815
Public Service Co. of Oklahoma_ - 1254 Jordan Motor Car Co., Inc
1260
Public Service Corp. of New Jersey-1527 Journal of Commerce Corp
1537
Public Service Electric & Gas Co_ --1254 Kendall Co
1398
Keystone Steel & Wire Co
Rhine-Westphalia Electric Power
1685
(G. R.) Kinney Co.,Inc
Corp. (RhelnIsch Westfalisches
1260
Aktien-GesellKobacker Stores, Inc
Elektrizitatswerk
1815
1807 Kraft-Phenix Cheese Co
schaft)
1538
1527 Kroger Grocery & Baking Co
Rochester Central Power Corp
1686
1527 Lawrence Mfg. Co
Rochester Gas & Electric Corp
1261
San Diego Consol. Gas & Elec. Co-1527 Loblaw Grocerterlas Co.. Ltd
1686
Loft. Inc
Scranton-Spring Brook Water Serv1539
1391 Louisiana 011 Refining Corp
ice Co
1398
1528 Ludlum Steel Co
Southern Colorado Power Co
1686
1391 McCrory Stores Corp
Spring Valley Water Co
Standard Gas & Electric Co 1528. 1391 McKesson & Robbins, Inc. (Md.)_ _1539
1816
1528 Mack Trucks Inc
Standard Power & Light Corti
1817
1391 Madison Square Garden Corp
Tri-State Tel. & Tel. Co
1261
1677 Marmon Motor Car Co
Union Water Service Co
1261
1528 Mexican Eagle 011 Co., Ltd
United Light &lower Co
1399
1808 Mexican Seaboard Oil Co
United Public Btilities Co
Utilities Power & Light Corp_1809, 1392 Missouri State Life Insurance Co .1261
1817
1528 Morgan Lithograph Co
Utilities Service Co
1817
1677 Motor Wheel Corp
West Penn Power Co
Western Power, Light & Telep. Co-1528 Mother Lode Coalition Mines Co_ 1399
1399
1529 Motor Wheel Corp
Wisconsin Public Service Corp
1687
1529 Mullins Mfg. Corp
Wisconsin Valley Eleitrie Co
1540
National Casket Co.. Inc
Industrials
1677 National Distillers Products Corp_ -1262
Acme Glass Co
1687
1809 National Grocers, Ltd
Aetna Mills
1254 Nat. Manufacture & Stores Corp _1687
Ajax Rubber Co
1392 Neld Corp
1687
Alaska Juneau Gola Mining Co
Albany Pert. Wranping Paper Co_1529 North Atlantic Oyster Farms,Inc.
1399, 1262
1255
Albers Bros. Milling Co
1529 North Central Texas Oil Co., Inc -1262
Allegheny Steel Co
1529 Nova Scotia Steel & Coal Co., Ltd 1399
Allison Drug Stores Corp
Amer. Agricultural cneu4cal Co--_1248
1688
1678 Ohio Oil Co
American Chain Co., Inc
1263
Amer. Commercial Alcohol Corp----1255 Oppenheim Collins & Co., Inc
1248 Otis Steel Co
1688, 1400
American Cyanamid Co
1529 Pacific Coast Co
1262
American Druggists' Syndicate
1263
Amer. Erma. Assurance Co. of N.V.1678 Pan Am. West. Petroleum Co
1529 Park & Tilford, Inc
1263
American Hide & Leather Co
1263
American Home Products Corp---1678 Park Utah COM301. Mines Co
1255 (3) Fender Grocery Co
1263
American Ice Co
1679 Petoskey (Mich.) Portland Cement
American Rolling Mill Co
Co1818
Amer. Safety Razor Corp--1392, 1255
1688
Amer. Seeding Machine Co__1393, 1255 Pillsbury Flour Mills, Inc
1802
1671 Pittsburgh Steel Co
Amer. Ship Building Co
1818
1679 Polymet Mfg. Corp
Amer. Title & Guaranty Co
1263
1255 Postum Co., Inc
American woolen Co
1540
1679 Raybestos Co
Anchor Cap Corp
1689
1255 Reliance Mfg. Co
-Midland Co
Archer-Daniels
1689
1679 Republic Fire Insur. Co
Arnold Print Works
1819
1393 Republic Iron & Steel Co
Arunciel Corp
1689
1530 Reynolds Metals Co
Atlas Plywood Corp
1690
1530 Reynolds Spring Co
Barnard Mfg. Co
1263
1530 Richfield 011 Co. of Calif
Bigelow-Hartford Carpet Co
1400
1530 Schuico Co., Inc
Bingham Mines Co
1820
1530 Selfridge Provincial Stores, Ltd
Bird & Son, Inc
1530 Shreveport-El Dorado Pipe Line
(Sidney) Blumenthal & Co., Inc
1820, 1264
1680
Co
Bristol-Myers Co
British Empire Steel Corp., Ltd- __ _1247 Singer (Sewing Mach.) Mfg. Co-- __1691
1400
1680 Skelly Oil Co
Broadway Dept. Store, Inc
1820
1531 Sparks-Wallington Co
Burrougks Adding Machine Co
1690
1256 Spiegel, May, Stern Co.,Inc
Butterick Co
1264
1393 (E. R.) Squibb & Sons
(A. M.)Byers Co
1821
1393 Standard Investing Corp
Calumet & Arizona Mining Co
1248
1393 Standard Milling Co
Canada Bread Co., Ltd
1393 Stromberg Carburetor Co. of Amer.
Central Alloy Steel Co
1541, 1265
l680
Charlton Mills, Fall River, Mass
1265
1256 Super Maid Corn
Chickasha Cotton 011 Co
1691
1680 Taggart Corp
Cherry-Burrell Corp
1285
1394 Telautograph Corp
City Stores Co
1821
1811 Tennessee Products Corp
Clark-Howard Business Block
1400
1680 Tobacco Products Corp
Cohn-Hall Marx Co
1670
1257 (The) Torrington Co
Consol. Retail Stores, Inc
1266
1531 Transcontinental 011 Co
Container Corp. of America
1541, 1266
1532 Union Tank Car Co
Continental Steel Corp
1266
1812 United Bond & Share Corp
Continental Terminals, Inc
1691
1257 U.S. Air Transport, Inc
Corticeill Silk Co
1257 U.S. Smelt., Rena.& Mining Co_ _ _1821
Alliance Corp
Credit
Crown Cork & Seal Co., Inc__1812, 1257 Universal Leaf Tobacco Co., Inc__ 1542
1681 Vancouver (B. C.) Western Drug
Crown-Zellerbach Corp
1822
1394
Co., Ltd
Dairy Dale Co
1267
1395 Venezuela Petroleum Co
Dominion Coal Co., Ltd
1822
Iron & Steel Co., Ltd_-1532 Virginia Bond & Mtge. Corp
Dominion
1385
1532 Virginia-Carolina Chem. Corp
Dubilier Condenser Corp
1692
1257 (V.) Vivadou Inc
Duplan Silk Corp
1267
Economy Grocery Stores Corp.1681, 1395 Wabasso Cotton Co.. Ltd
1267
1812 Warner-Quinlan Co
Electrographic Corp
1692
1681 Warner Sugar Corp
Employers Reinsurance Corp
1267
1682 Warren Fdry. & Pipe Corp
Emporium-Capwell Corp
1267
Emsco Derrick & Equipment Co .._l633 Western Oil & Refining Co
1258 White Sewing Machine Corp_ _1822, 1401
Fageol Motors Co
1267
1682 (H. F.) Wilcox Oil & Gas Co
Federal Mining & Smelting Co
1822
1812 Wisconsin Parts Co
Federal Mogul Corp
1542
1812 Wolthausen Hat Corp., Ltd
(Wm.) Filene's Sons Co
1268
Yates American Machine Co
Financial Investing Co. of N. Y.,
1542
1533 Yukon Gold Co
Ltd
American Smelting & Refining Co. (& Subsidiaries).
-Annual Report-Six Months Ended June 30 1928.)
(Semi
Simon Guggenheim, President, says:
After deducting bond interest, depreciation, obsolescence, ore depletion,
taxes (including estimated United States and Mexican income taxes) and
dividends for the 6 months amounting to $1,750,000 on the preferred stock,
company earned upon the common stock $6,469,451, or $10.60yi per share
for the six months period, which is at the rate of 821.21 per year. This
figure Is obtained atter charging against earnings 8459,808, representin
[VoL. 127.
FINANCIAL CHRONICLE
linamortized bond discount and expense applicable to, and the premium
en, $4,250,000 series B 6% bonds called for payment April 1 1928. If the
bonds had not been retired, the earning on the common stock for the period
would have been $11.27 per share, or at the rate of $22.54 per year. The
annual interest on the bonds called is equal to an earning of 42C. per share
per year on the outstanding common stock.
Total current and miscellaneous assets amount to $95,631,076 more than
4.74 times total current and miscellaneous liabilities of 820,169.837.
At the end of the period, company had on band, in cash, call and time
loans and U. S. Government securities, 836,848,497, an increase of $1,465,679 over the same items at Dec. 311927.
CONSOL. INCOME ACCOUNT SIX MONTHS ENDED JUNE 30.
1926.
1925.
1927.
1928.
Net earns. smelt. & ref.(
$10,284,836
Not
Not
plants and industries{
Not
reported.
reported.
Net earn.of metal mines reported.
1,624,961
Total net earnings_ --$13,663,135 313,796,757 $14,346,277 $11,909,796
Interest,rents,dividends,
582,751
commissions, &c
740.621
1,011,686
659.239
Gross income
$14,322,374 $14,808,443 815,086,899 812.492,547
663,266
Gen'l & admin. expenses
713,713
746,655
805,783
Research & examin. exp.
74,020
117,967
127.551
80,572
Corporate taxes (inclest.
897.315
Federal taxes)
1,212,162
1,258,295
1,061,823
1,010,935
Int. on 1st mtge. 5s_ __ _
1,002,812
953,879
979,771
Int. on 1st mtge. 6s_ _ _ _
285,574
284,905
211,877
280,251
Depr'n & depl. of ore res. 2,942,009
3.139,242
2,943,763
2,954,955
Net income
$8.219,452
Preferred diva. (33%)- 1,750,000
Common dividends_ _ _ _ 2,439,920
$8,507,944
1,750,000
2,439,920
68,854.855
1.750,000
2,134.930
86,378,916
1,750,000
1,829,940
Bal., sur., for 6 mos__ 84,029,532 84.318,024 84,969,925 $2,798,976
Total profit & loss,sur.$31,076,756 $28,515,319 824.481,349 819,584,509
Earn, per sh. on 609,980
shs. (par $100) corn.
stock outstanding)_ - 87.59
$10.61
811.08
811.65
COMPARATIVE GENERAL BALANCE SHEET JUNE
1928.
1928.
1927.
Assets$
Liabilities$
$
Property met...119,250,856 120,263,341 A.S. & Ref. Co.
Investments _ __ 13,885,385
pref. stock__ _ 50,000,000
4,999,515
Prepaid taxes &
A. S.& Ref. Co.
. 3.192,470 2,563,171
common stock 60,998,000
Deferred notes
insurance__Eds.outstanding
receivable_ _ _ _
27,000
A.S. & It. Co:
58.991
Inter-plant ac1st mtge. A 37.978.400
counts in Iran1st mtge. B 4,907,000
sit
28,855
35,980 Due holders of
Cash
898.163
3,170,920
5,164,845
bonds(contra)
Call and time
Acets,&c., pay. 10,790,756
loans
9,700,000
7,000,000 Int.on bonds_ __
600,707
Cash on deposit x898.183
Divs. payable_ 2,152,794
U. S. GovernAccr.tax.not due
ment secur's. 23,977,577 22,808,083
(Fed, tax est.) 4,162,063
Acets and notes
Res.for obsace.
receivable _ _ .._ 10,556,894 12,468,6231 contrng.,&c__ 9.991,132
Materials & supEmpl. pollen rem 4,601.194
6,823,985 7,299,547 Res.for metalstk 8,040,125
plies
Metal stocks... 34,226,725 40,608.179 Mine & new bus.
Employees' peninvestigations. 1,004,874
3,028,488
3,329,268 Misc. suspense,
sion fund
credit acc'ts__ 1,565,354
31,076,756
Surplus
30.
1927.
$
50,000,000
60,998,000
38,911,900
9,315,000
11.484,114
682.221
2,153,330
4,006.302
7.197,910
4.050,791
6,656,944
934,321
1,693,380
28,515,313
228,767,317 228,599,540
228,767,317 226,599,540
Total
Total
x Cash on deposit with Central UMW Trust Co., trustee, for retirement
of company's series B 6% 1st mtge bonds, 1947, called for payment.
V. 127,p. 1106.
American Sumatra Tobacco Corporation.
(Second Annual Report-Year Ended July 31 1928.)
President Louis Leopold says in brief:
The prospects for the coming year look favorable. The crops which we
have harvested are good, and the market conditions are in our favor. I
believe the corning year should show a substantial gain over the present.
CONDENSED CONSOL. INCOME ACCOUNT YEARS END. JULY 31.
1927.
1928.
$759,092 $1.097,118
Gross profit on sales
147,596
161,433
General and selling expenses
Net operating profit
Interest earned, net of Interest paid
Other income, net of deductions
$597,659
42,081
63,788
$949,523
45,907
22.472
Total income
Provision for Federal tax
8703,528
69,500
81,017,902
77,408
Net income
Preferred dividend
Extra compensation
$634.028
105,000
32,350
8910,494
81,617
Balance, surplus
Earnings per share on 175,000 shares of no par corn.
stock outstanding
8496,678
3858,877
$3.02
84.91
CONSOLIDATED BALANCE SHEET JULY 31.
AssetsLiabilities1928.
1927.
1928.
1927.
Pl'ts & 0th. prop.,
7% cumul. pref.st141.500.000 $1,500,000
incl.livestli& eq$2,524.377 $2.530,527 Common stock ___ 1,225,000 1,225,000
Cash in banks & on
Accts. payable__
18,968
44,508
hand
141,979
176,418 Drafts payable _
33,749
Call & time loans
/Icor. local & State
1,000,000
13,095
34,146
(secured)
800,000
taxes, &c
Notes receivable _
13.335
117,075
45,164
197,623 Accrued payrollsAce. reedy. (less
118,035
77,408
Fed.Inc. taxes _ _ _
res. for disc. &
Divs. pay. on 7%
doubtful accts.,
26.250
28,250
cum.pref.stk
59,793)
26,873
992,324
26,200
725,724 Res.for self Insur..
Tobacco on hand_ _
70,485
11,765 Initial surplus _ 2.349,271 2,349,271
Crops harvested &
858.877
Earned surplus ___ 1.355,556
process of harvesting,at cost _ 1,747,407 1,509,322
81.098
84,480
Supplies
Unexp. Insur. &
prepd.tax
37,234
68,456
Notes receiv., due
subseq. to Aug.
1 1928
50,680
$6,711,961 56,154.995
Total
Total
86,711,961 $6,154,995
-V. 127, p. 1678, 180.
x Represented by 175,000 shares of no par value.
International Agricultural Corporation.
(19th Annual Report-Fiscal Year Ended June 30 1928.)
President John J. Watson says in substance:
The corporation is in satisfactory financial condition, having net current
working assets at the close of the year of $9,801,135, showing a net increase
in current assets during the period of 81,459,207.
The net profits for the year, after interest paid on bonds outstanding,
bank loans, depreciation of plants, and depletion of phosphate rock mined,
are $1,416,605. In this amount tnere is Included an item of 8143,924
recovered from the Mixed Claims Commission, which represents an award
given by the Commission for losses to the corporation during the World
OCT. 6 1928.]
FINANCIAL CHRONICLE
1943
War. Of this amount $112.118 has already been paid, the balance to be
June 30'28. June 30'27'
paid in accordance with the plan of settlement of the Mixed Claims Com- I
x Sercurities OutstandingShares,
Shares.
mission.
i $6 preferred stock
None
35.725
A substantial part of the year's business VMS done on a cash basis and a • 86 preferred stock scrip certificates
34.20
None
reserve which is oonsidered ample has been set up to provide for any losses $7 preferred stock
471,496
371,882
which might be sustained on time sales.
$7 2nd preferred stock, series "A"
1,168.432
114,019
During the year a dividend was declared on the prior preference stock to Common stock
1,246,392
1,243,988
Option warrants for corn. stk. equivalent to
stockholders of record on Aug. 15, which was paid on Sept. 1.
a3,070.768
456.012
The corporation mined and sold the largest tonnage of phosphate rock
a This total includes 5.192 option warrants to be issued against due bills.
of any year in its history.
y Securities to be issued upon payment of subscriptionsWhile the fertilizer output of the corporation has shown an increase over
Sha es.
Shares.
the figures of any previous year. yet the conditions of the industry are such $7 preferred stock
7.504
28,118
that the corporation on the other hand has been able to show only a rela- $7 2nd preferred stock, series "A"
None
600.969
Option warrants for common stock equivalent to
tively small percentage of net profit on its turnover.
4,005,264
None
Note.
-H elders of option warrants are entitled to purchase one share of
There is a gradually increasing demand for fertilizer as the farmer is coming to realize that one of his greatest aids in reudcing the cost of raising his common stock, without limitation as to time, at $25 plr share for each
crop is the use of scientifically prepared fsrtilizer. and it is the policy of this option warrant held, and each share of the company's $7 2nd preferred
corporation to study the farmer's requirements in fertilization and to pro- stock, series "A," when accompanied by four option warrants, will be
accepted at $100 in payment for such common stock in lieu of cash.
duce a fertilizer of the highest quality to moot his crop needs.
The demand for our by-products has increased to a point where we hope V. 127. 11• 951.
that these departments will show a profit before the close of the next fiscal
year.
INCOME ACCOUNT FOR YEARS ENDED JUNE 30.
GENERAL INVESTMENT NEWS
1927-28.
1926-27.
1925-26.
1924-25.
Gross profit on oper ____ $3,820,563 $1,769,236 83,364.085 $3,201,601
1,354,792
Operating. &c.. ezP---- 1,668,154
1.293.585
1,155,670
Net efumisgs
Dividends earned
$2.152.408
62,230
$414.444 $2,070.499 $2,045,931
49,555
83,249
STEAM RAILROADS,
Total income
42,214.638
Bond interest
411,415
Interest on loans
34.400
Depreciation & depletion
466,141
Receiv. fr. German debt Cr.143,924
$463,999 $2,153,748 $2,045,931
President Coolidge Appoints Rail Dispute Board: J. rt. Garfield and four
411.415
411.415
411,415 others will investigate wage controversies in West.
-N. Y. "Times,"
29,840
61,987
193,439 Sept. 30, P. 16.
396,219
375,060
340,240
Surplus Freight Cars.
-Class 1 railroads on Sept. 15 had 173.724 surplus
Cr.121,952
Cr.71,197 freight cars In good repair and immediately available for service. the Car
Service Division of the
Net profits
$1.446,605 def$352,316 $1,406,079 $1,172,035 was a decrease of 15,071American Railway Association announced. This
cars compared with Sept. 8, at which time there
Preferred dividends_ _ _ _
175,000
525.000
350,000
were 188.795 cars. Surplus coal cars on Sept. 15 totaled 46,405. a decrease
of 2,292 within
a week, while surplus box cars totaled
Balance, surplus
$1.271,605 def$877.316 $1,056,079 $1.172,035 91.922,a decreaseapproximately same period.
of 7,993 for the
Reports also showed 15.841
surplus stock cars, a decrease of 2,069 cars under the number reported on
CONSOL. BALANCE SHEET JUNE 30 (INCL. AFFILIATED COS.). Sept. 8, while surplus refrigerator cars totaled 10,588, a decrease of 2,300
for the same period.
1928.
1927.
1927.
1928.
Matters Covered in "Chronicle" of Sept. 29.-(a) Leerier F. Loree denied
AssetsS
8
1 Liabilities$
$
Real est..plant,&e.24,048,770 24,003.334 Prior pret. stock..10,000,000 10,000.000 permission to continue as director of Missouri-Kan.sas-Texas RR.
-I.-13.
Investments
665,694
654,941 Common stock___a2,250,000 2,250.000 C. Commission vacates authorization to hold similar positions on two
2,171,588 1,703,133 First mtge. bonds_ 8,228,300 8,228,300 roads, p. 1730; (b) Wood railway cars not to be discarded. p. 1756.
Cash
Aee'ts & notes ree_e4,657,099 3,364,802 Accounts payable_ 329,087
218,294
• d2,148,892 2,183,788 Interest on bonds
Inventories
Canadian National Rys.-Inquiries for Cars.
Due from jointly
& loans acer.,&e. 186,675
194,446
Having placed orders for passenger and freight locomotives, the come1,514,318 1,452,945 Prior pref. diva.
owned corps
pany has issued inquiries for other equipment for both services
Deterred charges._ 204,871
203.645
payable
175,000
Inquiries are now being made for 1.500 50
-ton
599
Cash in sink.fund.
599 Special reserves _ 5,310,974 5,193,025 These 1,500 cars when purchased will replace a box cars and 30 tank cars.
number of older
U.S. Liberty bds_
50,000 Excess assets
b9,013,206 7.655,925 scrapped annually. These cars will answer all requirements as tobox cars
devices
Overburden from
and capacity, and when used in the grain trade each car of this type is
unmined phoscapable of carrying 2,000 bushels of grain. Owing to increasing standards
81.410
phate property_
122,806
In roadbed and motive power, freight cars are being built larger and these
newer types displace cars of less capacity.
35,493,244 33,739,993 Total
Total
35,493,244 33,739,993
For the passenger service inquiries have been issued for 25 first-class
Declared capital, 450,000 shares of no par value. b Excess assets over coaches, two combination baggage-smoking cars and 15 sleepers. These
a
required declared capital. Amount at June 30 1927. $7.655,928, less divi- latter are of the 12-section, one drawing-room type.
dends paid in preference stock, $175,000;add adjustments for year, $85,672;
Orders for the equipment outlined above will be placed during the
add profit for year. $1,446,605; total, $9.013,206. c After deducting autumn months.
-V. 127. p. 1803.
$2.086,765 reserves. d After deducting $100,000 reserves. e After deducting $198,931 reserves.
Chicago St. Paul Minneapolis & Omaha Ry.-Equip-No dividends on the prior preference stock were paid from Dec. 1
Note.
1923 to Nov. 30 1925; 7% per annum was paid from Dec. 1 1925 to ment Trusts Authorized-Commission Upholds Competitive
Mar. 1 1927. 7% per annum has been declared for quarter ended June 1 Bidding-Frowns Upon
Placing Obligations Privately.
log,payable Sept. 11928.-V. 126, p. 4091.
The I.
-S. C. Commission on Sept. 25 authorized the company to assume
,
obligation and liability in respect of $540,000 equip, trust of 1917 certificates
series "F," to be issued by the Farmers Loan & Trust Co. under an agreeAmerican & Foreign Power Co., Inc.
ment dated Feb. 5 1917, as'amended June 1 1920; the certificates to be
(Report for 12 Months Ended June 30 1928.)
offered for sale at competitive bidding and sold to the highest bidder, and
the proceeds used in the procurement of certain equipment. The report of
COMPARATIVE CONSOLIDATED STATEMENT OF INCOME (INTER- the Commission says in part: The applicant invited bids for the certificates
from 40 banks and banking houses, and it received but one bid, 98.815%
COMPANY ITEMS ELIMINATED.)
and accrued interest. As the average annual cost to the applicant on that
basis would be about 5.0075%. the bid was rejected. Subsequently the
12 Months Ended June 301928.
1927.
Subsidiary Companies
certificates were offered to Kuhn, Loeb St Co., who have agreed to purGross earnings
$24,177,970 $15,313,100 chase them at 99.42% and accrued interest. On that basis the average
Operating expenses, maintenance & taxes
11,371,812
7,471,590 annual cost to the applicant would be approximately 4.875.
Our views as to the advantages of competitive bidding are set forth In our
Net earnings
$12,806,158 $7,841,510 report in Western Maryland Equipment Trust, Ill I. C. C. 434. decided
Other income
1,487,935
614,635 June 23 1926. Since the date of that report, except Ins few cases where we
felt that the facts justified other disposition, we have required that carriers
Gross corporate income
$14,294,093 88.456,145 requesting authority to assume obligation and liability in respect of equipInterest to public & other deductions
1,630,604
1,690,705 ment obligations offer them for sale at competitive bidding. Of interest in
Preferred dividends to public
1,568.162
1,061.489 this connection is the following table covering the sales of equipment
Renewal & replacement (deprec.) appropriations_ 1,436.346
1,107.666 obligations in amounts of $100,000 and over to bankers, and resales by
Proportion applicable to minority interests
25,495
5,613 them to the public, in cases where complete sales information is available:
Balance
$9.633.486 $4,590.672
Sales of Equipment Obligations.
American & Foreign Power Co., Inc.Bal. of sub. cos. earns. apple. to Amer. & Foreign
Weighted Average.
Power Co., Inc. (as shown above)
$9,633,486 84,590.672
Other income
Year.
Principal Spread in Pike Cog per
272,532
64,322
Amount
to Banlcers
Cent.
Yield %
Total income
Sold,
and to Public
$9,906,018 $4,654,994
to
to
Exps. & int. of Amer.& Foreign Power Co.,Inc
per $100
588,766
Carriers. Public.
695,478
Balance
$9.317,252 $3.959,516
Divs. on $7 pref. stk. of Amer. & Foreign Power
Co., Inc
2,879,064
2,565,612
x Divs. on $7 2nd pref. stk., series "A" of Amer.
& Foreign Power Co., Inc.. applic. to respective
12 month periods, whether paid or unpaid
4,978,407
798,133
Bal. applic. to Amor. St Foreign Power Co., Inc.
common stock
$1.459,781
$595,771
x All dividends on $7 2nd pref. stock. series "A," have been paid to Jan.
1 1928.
Note.
-The above statement includes earnings only for the periods during
which the respective properties have been owned.
1920 (7 mos.)
$2,400,000
1.91
7.13
6.81
1921
19,621,000
2.295
6.81
6.465
1922
86,390,000
2.33
5.74
5.31
1923
255,168,000
2.33
5.34
5.72
1924
198,333,000
1.86
5.26
4.945
1925
100,216,000
1.80
4.85
5.14
1926
92.313,000
*1.47
4.71
4.95
1927
60,097,000
0.66
4.49
4.59
1928 (6 mos.)
28.185,000
0.612
4.203
4.305
*Competitive bidding inaugurated July 1 1926.
During the early part of the current year equipment obligations sold in
some instances on such bases that the cost to the carriers was as low as
4.23%. Certain developments in the financial situation during the past
few months have narrowed the investment market, with a resulting increase in rates on long-term securities, including equipment obligations.
We feel, however, that this condition does not warrant a change in our
policy with respect to the disposition of equipment obligations. Moreover, we are of the opinion that we should do nothing that would tend to
discredit the method of disposing of equipment obligations that has been
employed with success for the last two years or that would result in the
withdrawal of the support of the investment houses that have participated
In the sale of such securities. We can hardly expect bankers to continue
to submit tenders for equipment obligation on invitation from carriers if
the carriers may reject all bids and after thus testing the investment market
place the obligations privately. We are of the opinion that if the offers
received for the equipment obligations are not satisfactory the carriers
should again call for tenders and accept the most favorable bid or should reject all bids and resort to temporary financing until there is such an improvement in the investment market as will enable a sale to be made on
satisfactory terms. In accordance with these views, authority to assume
obligation and liability in respect of the certificates under consideration
will be .granted upon condition that the certificates again be offered for
sale at competitive bidding and sold to the highest bidder -V.126. p. 3112.
BALANCE SHEET JUNE 30.
1927.
1928.
1928.
1927.
AssetsLiabilitiess
g
8
$
Investments __ _ _ 179,583,847 61,415,841 :Cap.stk.(no par
Cash
770,877
3,842,136
value)
196,475,724 67.924,266
Loans &aects.ree.
Divs. declared_ -. 2,885,240 650,119
subsidiaries. 21,748.759 17,487,767 Notes & loans pay. 140.000 5,075,000
Loans & accts.ree.
Accounts payable
2,700
19,291
others
17,889 Accrued sects- - 828,168
626,166
342,063
Subs.$7 pref.stk.
ySubse. $7 pref.
allotment etre _
stk. allot Ws..
2,698,884
720,466
720,384 2.698,884
ySubse. 87 2nd
Subserip. 87 2nd
pref. stk. series
pref.stk.,series
"A"allot ctts .60,096,900
"A,"allot. Ws. 60,055,800
Mel*. dive., $7
Acer.diva.872nd
i
2nd pref. stk.,
pref.stk.,series
series A (contra) 3,155.087
A"(contra)._ 3,155,087
Treas.see.In trust
Subserip. to pref.
for subscribers
stk. of subs._ _
2,300
(contra)
Tress. see., held
10,055.000
Condon Kinzua & Southern RR.
-Operation of Line.
Stk.subs,rights
for subscribers
The I.
-S. C. Commission on Sept. 21 issued a certificate authorizing
(contra)
4,198,179
(contra)
10,055,000
the company to operate in Interstate and foreign commerce a line of railStk.subs.
(contra) 4,198,179
road extending from Condon in a general southerly direction to
Reserves
80,697
45,787 approximately 24 miles, all in Gilliam and Wheeler Counties, Ore,Kinma,
Surplus
5,749,063 5,635,848
The Commission also authorized the company to issue $203,600 of
capital stock (par
stock to be delivered at par to the Kinzua Pine
Total
"84,187,442 82,391,258
Total
284,187,442 82,391,258 Mills Co. in part UM:thefor railroad and
payment
equipment acquired.
i
i
1944
[VOL. 127.
FINANCIAL CHRONICLE
the sum of $450,000,000, no additional bonds shall be issued without the
The application of the company is so far as It requested authority to consent of a majority in amount of the stockholders and then only to the
assume obligation and liability of an open account indebtedness of the extent of 80% of the cost of work done or property acquired.
‘411
Lumber Co. and sought approval of the issuance of a promissory
Kinzua
By the terms of the 1st & ref. mtge., bonds may be issued in series, bearing
note for $125,000 to the Kinzua Lumber Co. was dismissed.
at such rates (not exceeding 67 per annum) and maturing at
The company was incorp. May 8 1928 in Delaware and authorized to interest (but not earlier than June 2 1948), as the board of directors shall.
such time
do business in Oregon on May 29 1928. It has an authorized capital from time to time, determine. Under the terms of the mortgage, bonds
stock of $500.000.
are reserved to retire prior lien bonds and further bonds may be issued
line which it proposes to operate was constructed in 1927 and 1928 from time to time for additions, betterments, improvements, construction
The
by the Kinzua Pine Mills Co., and financed by the Kinzua Lumber Co. or purchase of additional railroads, terminals, equipment and for other
At Condon it connects with the end of a branch line of the Oregon-Washthe restrictions and limitations provided in the
ington RR. & Navigation Co., which branch extends in a southerly direc- corporate purposes under
mortgage.
tion from the latter's main line at Arlington, Ore.
-New Director.
Erie RR.
Walter P. Chrysler has been elected a director, succeeding Geroge E.
-V. 127, p. 679.
Marcy.
Kansas City Southern Ry.-Missouri-Kansas-Texas
-See MissouriRR. to Withdraw Application to Acquire Stock.
-V.127, p. 818.
Kansas-Texas RR. below.
-Proposed Sale.
Missouri Illinois RR.
Proposed Acquisitions.
-V. 120. p. 4078.
See St. Joseph Lead Co. under "Industrials" below.
Mississippi River & Bonne Terre Ry.-Proposed Sale.
-V. 122, p. 2795.
See St. Joseph Lead Co. under "Industrials" above.
--Notes.
New York Chicago & St. Louis RR.
The I.-S. C. Commission on Sept. 24 authorized the company to issue a
exceeding $5,000,-
promissory note for, or promissory notes aggregating, not
000. and to issue from time to time a similar note or notes in renewal of any
such original note or notes, or any renewal thereof; the proceeds of the origi-V. 125, p. 2932.
See St. Joseph Lead Co. under "Industrials" below.
nal note or notes to be used as additional working capital and in meeting
-Files Notice with Com- other lawful cash requirements. says in part:
Missouri-Kansas-Texas RR.
The report of the Commission
The applicant represents that its available cash at the close of business
mission to Withdraw Application for Authority to Acquire
-In a state- on Aug. 31 1928, together with its estimated net receipts from operation
Belt.
Control of Kansas City Southern and Cotton
and cash receipts from other sources from that date to Jan. 1 1929, will be
meet its
ment issued to the press, Oct. 5, the Missouri-Kansas-Texas much less than the amount estimated to be needed to with the lawful cash
application
-S. C. Com- requirements for the same period. A statement filed s as follows:
I.
RR. announced that it has filed with the
given estimated cash requirement
for authority shows for the period principal and sinking fund payments, and
mission formal withdrawal of its application
Taxes, fixed charges,
$5,633,439
dividends
to acquire control of the Kansas City Southern and the Land for Cleveland Terminal development
2,389,625
2,800,000
Cotton Belt. The statement continues:
New construction
2,000.000
The company has decided on this course after consultfon with Mr. Loree, Working capital(minimum requirement)
Mr. Winslow
Chairman of the Board of the Kansas City Southern, andin accord with
$12,823,064
Board of the Cotton Belt. who are
Total
.Pierce, Chairman of the
The statement shows estimated cash resources totaling $7,174,670, or
this decision.
the proAt the time the plan was formulated and the application filed,had been $5,648,394 less than the estimated amount of cash requirements for the
of the companies involved
period. The proceeds of the proposed note or notes will be used by the
posed bases for the exchange of stocks
reached with considerable difficulty, owing to a number of factors affecting applicant for additional working capital and in meeting its other cash reof the securities. The plan, however, had been prepared quirements as indicated.
the relative values
It is stated in the application that the proposed nate or notes will be payawith great care and It was believed that the bases of exchange suggested
be a
with interest
would be fair to the holders of all securities involved, and would the ble 120 days or four months after the date or dates thereof,applicant, inconformed at the time approximately to
at the rate of not exceeding 6% per annum, the cost to the
practical one. These bases
cluding discounts and CODITAliSsiollS, not to exceed 6% per annum, and that
current market values of the various stocks.
prices,
will mature not later than May 1 1931. The original and reSince that time, and by reason of substantial changes In market
materially out renewal notes
the ratio or bases of exchange provided by the plan are so approve the newal note or notes will be issued either with or without collateral security.
notes
would
of line that It seems doubtful whether the Commission did so approve the The applicant represents that probably not more than 33,500,000 of and
if it
terms of acquisition suggested, or whether, even the Cotton Belt should payable 120 days or four months after the date thereof will be issued
stockholders of the Kansas City Southern andenable the plan to become that it will desire to borrow the remainder of the $5,000,000, whether $1.a longer
500.000 or more, before the end of the year upon a note or notes for security
exchange their shares in an amount sufficient to
term, probably maturing May 1 1931, and to pledge as collateral
operative.
xas Co. felt for the last-mentioned note or notes a part of the refunding mortgage bonds,
When the application was flied, the Missouri-Kansas-Te
as a transportation proconvinced that the proposed unification would, that of the other carriers series C, which it is seeking authority to issue by application in Finance
now pending. It is requested that authority be granted
position, be to its own advantage, as well as to
the benefit of Docket No. 7097,
concerned and would be greatly to the public interest andin order to be to Issue the original note or notes payable either (1) 120 days or four months
The company feels that any plan,
after the date or dates thereof, or (2) not later than May 1 1931.
the territory served.
the stockholders of the various
We feel that the present condition of the investment market is temporary
successful before the Commission and with the light of changed conditions
and the t the applicant should within the ensuing year be able to market its
companies, would have to be developed in
of all carriers involved.
bonds at advantageous prices. For that reason our order will provide that
and with the concurrence
all notes to be issued thereunder shall mature not later than Dec. 31 1929.
Chairman.
-New
operations of the -V. 127, p. 1672.
M. H. Cahill, formerly Vice-President in charge of
of the
Northern Pacific Ry.-New Vice-President.
Seaboard Air Line Ry., has been elected a director and chairman
nt,
L. F. Loree.
B. W. Seanclrett, general solicitor, has been elected Vice-Presideboard,succeeding
-S. C. Commission revoked a part of a previous order with general Jurisdiction, subject to the President, over all departments.
Recently the I.
-K.
M. -T. RR. This V. 126, p. 3747.
authorizing Mr. Loree to serve as a Director of the -V.127, p. 1804.
automatically removes him as chairman of that board.
St. Louis Southwestern Ry.-Missouri-Kansas-Texas
-Kuhn, Loeb & Co.
-Bonds Sold.
Missouri Pacific RR.
-See MissouriRR. to Withdraw Application to Acquire Stock.
interest $25,000,000 1st and ref. Kansas-Texas RR. above.
have sold at 993,4 and
G, due Nov. 11978.
mtge. 5% gold bonds, series
Abandonment of Line.
exchangeable
Coupon bonds in $1,000 denom.,registerable as to principal,
authorizing
under conditions provided
for fully registered bonds and reexchangeableThe bonds of this series will
in the mortgage. Interest payable M.& N. days' previous notice, on any
90
be redeemable as a whole or in part. upon
Nov. 1 1973, at
1933, and on
interest date on and after Nov. 1 their principalor before and accrued int.
amount
105% and int., and thereafter at 6 months between the redemption date
plus a premium of % for each
and the date of maturity.
-S.
of the I.
Issuance and sale of these bonds are subject to the approval
C. Commission.
on will be made in due course to list these bonds on
Listing.-Applicati
the New York Stock Exchange.
New York, Oct. 4.
Data from Letter of Chairman Wm. H. Williams,
of the
-The purpose of this issue is to reimburse the treasury
Purpose.
made, to provide in part for
company for capital expenditures heretofore
other corporate
company's improvement program for 1929, and for
the
purposes.
railroad of
-Bonds are secured by a first lien on 3,409 miles of
Security.
depots and bridges,
the company together with valuable terminal properties, liens on various
principal amount of prior
and, subject to $125,181,500
let & ref. mtge. bonds are
parts of the system, for the retirement of which
,owned lines of the
reserved, on the remaining 3,372 miles of the directly
a total of 6.781 miles of railroad.
company and the appurtenances thereof, certain of said prior liens and in
in addition secured, subject to
They are
also to outstanding equipment
respect to part of the equipment subject owned by the company, which,
,
trust certificates, by lien on all equipment value of $74,416,227 over outhad a depreciated book
on July 31 1928,
and on $23.703,000 par value of
standing equipment trust certificates, Railway on which dividends at the
preferred stock of the Texas & Pacific
rate of 5% per annum are being paid. this flinancing, there will be outCapitalization. After giving effect to
of 1st & ref. mtge. 5%
standing in the hands of the public $137.840.500 3,409 miles of railroad
the
bonds, being at the rate of $40,434 per mile on
of the prior Hens and
which the bonds are a first lien. The aggregate
on
principal
the 1st & ref. mtge. bonds outstanding will be $263,022,000 railroad
6,781 miles of
the
amount, or at the rate of $38,788 per mile on
other
the mortgage, without making any allowance for thenot be
subject to
prior liens may
valuable property on which they are a lien. The the 1st & ref. mtge.,
increased: they may be acquired or deposited under they may not be redeposited
without impairment of llen, but until so
newed or extended.
outstanding
the 1st & ref. mtge. bonds the company has
Following
1975, $71,800,100 of
$51,350,000 of gen. mtge. 47 bonds due March 1having a total present
preferred stock and $82,839,500 of common stock,
market value of approximately 3184010.000.
company owns
-In addition to its directly owned lines the
Subsidiaries.
Mexico Ry., which is pledged
87n% of the stock of New Orleans Texas &gold bonds, and over 68% 0f
.
serial
to secure $13,156,000 53.% secured New Orleans, Texas & Mexico y.
the stock of the Texas & Pacific Ry.
stock of International-Great Northern RR. Including
in turn owns all the
system operated by the comthese companies and their subsidiaries, the
extends from St. Louis on the East to
pany aggregates 12,590 miles and the West and to Memphis,New Orleans,
on
Kansas City, Omaha and Pueblo
San Antonio, El Paso, the Rio
Fort Worth, Dallas. Houston. Galveston,the South and West. Company
Grande Valley and the Mexican border on the common stock of the Denver
also owns an undivided one-half interest in
& Rio Grando Western RR.
applicable to
Dec.
-Gross income for the year ended other31 1927,
Earnings.
fivd charges, before
the payment of interest on funded debt andwhile such charges amounted
amounted to $20,723,265,
Fed. income taxes,
income was
to $16.199.269. For the 8 months ended Aug. 311928. such
corresponding period
$15,495,888 as compared with $12,324,895 for the
of 1927, an increase of $3.170,993.
-The authorized total amount of the
First and Refunding Mortgage.
together with all
1st & ref. mtge. bonds is limited to an amount which, debts, shall never
prior debts, after deducting bonds reserved to retire prior
of the
at any time exceed three times the then outstanding capital stock
amount of
company, with additional proviso that, when the aggregate shall equal
refunding purposes
he bonds issued and the bonds reserved for
The 1.-S. C. Commission on Sept. 21 issued a certificate
the Pine Bluff Arkansas River RY.to abandon,and the St. LouisSouthwestern
Ry to abandon operation of that part of a branch line of railroad extending from Reydel in an easterly direction to Waldstein, a distance of 6,450
-V. 127, p. 680.
feet. all in Jefferson County, Ark.
PUBLIC UTILITIES
--Earnings.
Alabama Water Service Co.
1928.
Years Ended July 31Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
$729,321
258,883
35,491
70,683
1927.
$680,174
233,118
34,523
62,194
Net earnings
Other Income
$364.264
1.183
$350,338
138
Gross corporate income
Annual int. requirement on total funded debt_.
-V. 127. p. 1252.
$365,448
$193,000
$350,476
-Bonds Called.
Allied Utilities Corp.
An of the outstanding 1st lien & ref. 6% gold bonds, series A, have been
called for redemption Nov. 1 at 105 and int. Payment will be made at
the Pennsylvania Co.for Insurances on Lives & Granting Annuities, trustee.
-V. 125. v. 92.
S. Si. cor. 15th and Chestnut Stst., Philadelphia, Pa.
-2d Pref. Div.
American & Foreign Power Co., Inc.
The directors have declared a dividend of 31.75 per share on the 2nd pref.
stock series "A" (for the quarter ended Mar. 31 1928) payable Oct. 22 to
holders of record Oct. 9. An initial quarterly cash dividend of $1.75 per
share (for the quarter ended Dec. 31 1927) was paid on this issue on Aug. 1
-V. 126, v. 4080.-V. 127, P. 951
last.
-Debentures Offered.
American Community Power Co.
Spencer Trask & Co.; A. C. Allyn & Co., Inc.; G.E. Barrett
& Co., Inc., and West & Co. are offering at 943 and int.
to yield over 5.90% $5,000,000 secured 5M% gold debentures.
Dated July 2 1928; due July 1 1953. Denom. $1,000 and $5000. Prin.
part
& int. payable in New York or Chicago. Callable all or ,, lessat any time
during each
upon 30 days' notice at 105 to July 11933;thereafter at 10
thereafter at 1% less to Dec. 31 1952: and
-year period to July, 1 1948:
5
Interest payable
thereafter to maturity at 100. in each case plus int. not exceeding 2%,
(J. & J.) without deduction for any Federal income tax
which the company or any paying agent may be required or be permitted
of these
to pay at the source. Company agrees to reimburse the holders imposed
property taxes
debentures upon timely application for personaland Calif., not exceeding
under the statutes of the States of Conn., Penna. the Dist. of Col. not ex4 mills, Maryland, not exceeding 4% mills, and exceeding IS mills, and for
ceeding 5 mills, for the Mich. exemption tax, not
the Mass, income tax on the interest, not exceeding 6% of such interest.
Seaboard National Bank of the City of New York,trustee.
of the Board.
Data from Letter of Frank T. Hulswit, Chairman
-Company, organized in Delaware, has acCompany & Subsidiaries.
outstanding common stock of Community Power & Light
quired all of the
General l'ublic
Co. and will acquire all of the outstanding common stock ofAll of the outUtilities Co., with the possible exception of 100 shares.
common of American Community Power Co.
standing preference stock and
Corp.
is owned by American Commonwealths l'owerof the common stock, except
Community Power & Light Co. owns all
exception of
directors' qualifying shares, (and all of the bonds, with the
OCT. 6 1928.]
FINANCIAL CHRONICLE
1945
those of one company) of its operating companies in Missouri, Kansas.
Consolidated Balance Sheet, Dec. 31.
Arkansas, Texas and New Mexico, which supply electric light and power,
1927.
1926.
1927.
1926.
gas, water and (or) ice service to 154 communities with an aggregate
AssetsLiabilities$
population of approximately 295,000.
General Public Utilities Co owns directly or indirectly, all of the common Plant, prop.,&c.157,383.015 148,817.113 Capital stock-- 40,000,000 40,000.000
Pref.& com.stks.
stock, except directors' qualifying shares, of its subsidiary companies Unamort debt
disc. & exp_
1,961,284
ofsub.cos.held
operating in Louisiana, Florida, Texas, New Mexico, Arizona, Nebraska Investments____
5.558,775 2,049,161
by public_ _ _ _
721,894 1,847.757
and South Dakota, supplying electric light and power, gas, water and (or)
Ice to 93 communities with a combined population of approximately 360.000. Cash & spec.dep 1.025,842 1,531,523 Fund, debt of
accts.¬esrec 2,473.277 2,807,075 sub, cos. held
Security.
-Debentures will be a direct obligation of the company and will
by public_ _ _ _ 26,828,500 27,499,700
be secured by the pledge of all of the outstanding common stocks of Com- Mater. & suppl. 2,059,413 2,275,834
534% cony,gold
munity Power & Light Co. and (with the possible exception of 100 shares) Prepayments &
suspense
488,861
bonds
680,133
53.680,000 64,999,000
General Public Utilities Co.
Contract to del.
gold bd. 7,550,000
4
Earnings (For 12 Mos. Ended Aug. 31 1928.)
Accts. with Mill.
Consolidated gross earnings, all sources
$8,702,983
companies__ _ 16,738,092 3,558.948
Operating expenses, maintenance & general taxes
5,064,693
Notes pay.(miscellaneous)
10,367
309,635
Net earnings
$3,638.290
Accounts pay
1,625,862 1,567.241
Annual bond interest and pref.stock dividends ofsub.cos
2,298,931
Accrued int. &
taxes
1,554,498 2,588,760
Bal. avail.for Amer. Community Power Co.& for reserves, Src.$1,339,359
Consumers' dep.
903,285
714,358
Ann. int. on $5,000.000 sec. gold debs., 5%% ser.. due 1953
Res. for retire.
(this issue)
275,000
renew. & rep_ 9,533.204 8,915,774
The earnings available, as shown above, are more than 4.87 times annual
Other reserves
2,020,194 1,742,914
interest requirements on this issue of debentures.
Corporate sure.
3,478,268
Purpose.
-The $5,000.000 secured gold debentures, 536% series, due
Tot.(ea. side)169,160,456 159,930,853 Capital surplus_ ly7,994,561 (2,728,499
1953, will be Issued in part payment for the common stocks of Community
x Represented by 400,000 shares of no par common stock. y Bond
Power & Light Co. and General Public Utilities Co. and for other corporate discount
and expense written off against capital surplus.
-V. 127. p. 820.
purposes.
Authorized. Outstanding.
Sec. gold deb.5%% series due 1953 (this issue) _ _ _
a
$5,000,000
Cumul. pfd.stk.(no par): 1st pfd.stk.,$6 series_ .i50,000 shs. b30,000 shs.
Preference stock, $6 series
150.000 shs. c40,000 she.
Common stock (no par value)
100,000 shs. c50.000
a Limited by the restrictions of the debenture agreement. b Listed onshs.
the
Chicago Stock Exchange. c All owned by American Commonwealth Power
Corp.
Subsidiary companies' securities outstanding with public as of Aug.
1928-$28.345,166 principal amount of funded debt and $10,651,367 31
of
prererred stocks.
Management.
-The company is supervised by American Commonwealths
Power Corp.
-V. 127. p. 1387, 258.
American States Public Service Co.
-Notes Offered.
In the Sept. 15 issue, page 1523, there is listed a description
of an offering of $350,000 1-year 5% gold notes due April 20
1929, at 993 and int. and shown by us to be offered by
%
Metcalf, Cowgill & Co. of Des Moines, Iowa. Davis,
Longstaff & Co. of Chicago originated and underwrote the
above issue and Metcalf, Cowgill & Co. were only participants.
-V. 127, p. 1804, 1673.
Arkansas Power & Light Co.
-Bonds Offered.
-Harris,
Forbes & Co., W.C. Langley & Co., Bonbright & Co. Inc.,
Old Colony Corp., Tucker, Anthony & Co. and John Nickerson & Co. are offering at 963j and int., to yield over
an additional issue of $3,000,000 1st & ref. mtge. gold 5%,
bonds,
5% series, due 1956. Dated Oct. 1 1926; due Oct. 1 1956.
(See description in V. 123, p. 2893.)
Issuance.
-Subject to authorization by the Arkansas RR. Commission.
Data from Letter from E. W. Hill, Vice-President of
the Company.
Business.
-Company supplies electric power and light service,
through
extensive transmission and distribution systems
aggregating 3,231 miles,
to a large part of the State of Arkansas. Among
the 161 communities
served in the prosperous agricultural, industrial and mining
regions through
which the transmission lines extend are Little
Rock. Pine Bluff and El
Dorado. Company also owns and operates the
electric railway systems
in Little Rock and Pine Bluff and does some steam
heating, water and ice
business. The total population in the territory served is estimated
at 304.000.
Security.
-The bonds are secured by a
mtge.
the company's physical property, and byjet direct on the major portion of
a
of its physical property, subject to two closed mtge, on the remainder
issues of
sional 'bonds and certain minor real estate mortgages. underlying diviOnly 62,000,500
of these underlying divisional bonds, which
mature
are now outstanding with the public. The mortgage in 1933 and 1938,
ance of additional bonds upon conditions therein provides for the Issustated
provisions permitting modifications with the assent of the and contains
holders of not
less than 85% in aggregate principal amount of the outstanding
bonds.
Capitalization Outstanding upon Completion of this Financing.
Common stock (no par value)
1,000,000 shs.
Preferred stock (no par) $7 cumulative
96,125 shs.
let & ref. mtge. gold 'bonds 5% series due 1956 (Incl.
this issue) $24,000,000
Underlying divisional bonds (mortgages closed)
a2.000,500
a In addition $2,297,000 underlying divisional
bonds of these issues are
held by the trustee, under the 1st & ref. mtge. and
$702,500 are held alive
In sinking funds.
Birmingham Electric Co.
-Bonds Offered.
-Offering of
an additional issue of $3,000,000 1st & ref. mtge. gold bonds,
4%% series due 1968, was made Oct. 1 by a syndicate
composed of Harris, Forbes & Co., Bonbright & Co.,
Inc., Tucker, Anthony & Co. and Old Colony Corp. The
'Fonds were priced at 923' and int., yielding about 4.93%.
Bonds are dated March 1 1928 and are due March 1 1968.
(See description in V. 126, p. 1193.)
Issuance.-SubJect to authorization by Alabama P. S. Commission.
Data from Letter of E. W. Hill, Vice-President of the CompanyBusiness.
-Company supplies the entire electric power and light and
domestic gas service and practically the entire electric railway service in
Birmingham, Bessemer and Fairfield, Ala.. and the electric power and light
service in eight adjacent communities. in four of which it also supplies gas
service and in six of which it supplies electric railway service. The total
population served is estimated to be 305,000.
Security.
-Bonds will be secured by a first mortgage os certain gas
property, extensive additions to gas and electric distribution systems
(including all of the electric distribution system which the City of Birmingham formerly owned and which was subsequently acquired by the company), the Red Mountain 110,000-volt substation and several less important
substations, a new modern distribution and stores building, about 15%
of the street railway mileage and certain rolling stock and, subject to one
closed issue of 88,449,000434% bonds, by a mortgage on the balance of the
properties. The mortgage and any supplemental indenture and the rights
and obligations of the company and of holders of bonds and coupons may
be modified with the assent of the company and of the holders of not less
than 85% of the outstanding bonds, except that in certain cases the assent
of at least 95% is required.
Earnings for 12 Months Ended Aug. 31 1928.
Gross earnings from operation
$10,549.980
Operating expenses, maintenance and taxes
6,668,369
Net earnings from operation
$3,881.611
Annual interest on total founded debt to be outstanding with
the public on completion of this financing
928,305
Balance for other int., renewals & replacements, dive., &c_ __ $2,953.306
CapitalizationAuthorized. Outstanding.
Common stock (no par)
1.000,000shs. 800,000 shs.
$7 preferred, cumulative (no par)
75,000 shs. 48,424 sin.
6 preferred, cumulative (no par)
75,000 shs.
9.887 shs.
let & ref. mtge. gold bonds, 434% series, due
1968 (incl this issue)
a
$12.200.000
Birmingham Hy., Lt. & Pow. Co., gen. mtge.
refunding 434s
(Closed)
b8.449.000
a Additional bonds may be issued only under the conservative restrictions
of the mortgage. b Including $20.000 principal amount of these bonds held
by the company.
Supervision.
-Company is controlled through ownership of all its common
stock (except directors' shares) by the National Power & Light Co. Electric
Bond & Share Co. supervises the operations of the National Power & Light
Co. and the Birmingham Electric Co.
-V.127, p. 951.
California Water Service Co.
-Earnings.
-
Years Ended July31-1927.
Operating revenues
$1.959.416 $1.853.485
Operation expense
813,488
751.684
Maintenance
117,698
131,462
Taxes (excl. Federal income tax)
130.295
112.972
Net earnings
$898,436
$857.368
Other income
19,451
9,523
Earnings for the 12 Months Ended August 31 1928.
Gross earnings from operation
Gross
$917.887
$6.831,017 Annual corporate income
$866,891
Operating expenses, maintenance & taxes
int. required on totalfunded debt
$312.700
3,603,814
-V. 127, p. 1252.
Net earnings from operation
$3,227,203
Annual interest on $26.000,500 bonds outstanding
Cities Service Gas Co.
-Acquisition.
with the public (Including this issue)
See Kansas Natural Gas Co. below.
-V. 126, p. 2147.
1.310,210
Balance for other interest, depreciation, &c
Cities Service Gas Pipeline Co.
-Permanent Bonds.
$1,016,993
Of the gross earnings as shown above for
Halsey, Stuart & Co., Inc., have notified holders of the $12,000.000
1928. approximately 76% were derived fromthe 12 months ended Aug. 31 let mtge. pipe line 6% gold bonds, due Jan. 1 1943, that permanent
electric power and light serbonds
vice, 13% from transportation service. 8% from
water service and about are ready in exchange for the interim certificates originally issued. (For
3% from miscellaneous business.
offering, see V. 126, p. 410. 250.)-V. 126. p. 713.
Supervision.
-Company is controlled through ownership
of all of its
common stock (except directors' shares) by the Electric
Coast Counties Gas & Electric Co.
-Earnings.
Power & Light
Corp. Electric Bond & Share Co. supervises (under
12 Months Ended Aug. 31the direction and
1927.
1928
control of the boards of directors of the respective
companies) the opera- Gross earnings
$1,923,716 $1.792.153
tions of the Electric Power & Light Corp. and the
Arkansas Power & Light Operating & maintenance expenses
994.912
1,062,563
Co.
-V.125, p. 3057.
Taxes
192,086
175,274
Depreciation
188.561
218,985
Interest charges
Associated Gas 8c Electric Co.
90,574
96.058
-Class A Stock Increased. Other items
744
744
-The stockholders on Oct. 1 increased the authorized
Surplus
stock, no par value, from 800,000 shares to 1,000,000 class A
$353,277
$342.088
shares. 1St preferred dividends
163,843
202.948
See also V. 127, p. 1673, 1804.
2nd preferred dividends
60.000
60,000
Associated Electric Co.
-Earnings.
-
Years Ended Dec. 31Operating revenue:
Electric
Gas
Transportation
Water, heat, ice, &c
1927.
1926.
Balance re-invested in extensions & betterments
and other purposes
---V. 127. P. 1805.
$90.328
$118.245
$17,065,590 $15,993,693
Community Telephone Co.
-Subsidiary Company.
See Inland Telephone Co. below.
1,040,532
-V. 126. p. 3751, 1194.
14,398,397 {1,992,436
Compania Hispano-Americana de Electricida, S. A.
1,415,545
Total revenue
-L. F. Rothschild &
$21,463,987 $20,442,206 ("Chade").-American Shares Offered.
Operating exp., mainten. & taxes
11,523,230 10,286,630 Co. are offering "American shares" representing
deposited
Operating income
9,940,757 10,155.576 shares series E. "American shares," which are priced on
Other income
1,196,158
631,593 application, are exchangeable for series E shares after Jan.6
Gross income
1929. Series E shares will be entitled to dividends at rate
Fixed charges Ss other deducts, of underlying cos $11,136,916 $10,787.169
1,261,207
Assoc. El. Co., Its. on fund. debt
2,173,597 of only one-half for the fiscal year 1928.
3,552,565
Prov. for retire., renew. & replace
2,352,013
Preaent Offering.- This present offering Is a portion of 20.000 "American
1,286,642
1,317,997 shares” representing 20.000 deposited series E shares of "Chade",
I constitute part of said issue of 600,000 shares (60,000.000 pesetas par which
Bal. avail. for Fed. income taxes. div. & Burp_ -value)
$5,036,502 $4,943,562 issued pursuant to action of the board of directors
June 28 1928, of which
1946
[VOL. 127.
FINANCIAL CHRONICLE
400,000 shares have been offered to present shareholders at par and 180.000
shares have been offered in Europe 133 a syndicate headed by Mendelssohn
& Co., Amsterdam and Nederiandsche Handel-Maatschappij, Amsterdam.
American shares will be issued by Guaranty Trust Co. of New York as
depositary, under a deposit agreement, to be entered into providing for
the deposit of series E shares and the issuance of American shares thereunder in the proportion of one American share for each deposited E share
of the company of the par value of 100 pesetas.
The deposit agreement will, in substance, provide that cash dividends
received by the depositary upon deposited shares, if not received in United
States dollars,shall be converted into dollars at the rate or rates of exchange
then current and the proceeds (less charges and expenses) will be paid
by the depositary to registered holders of American shares; that American
shares will be exchangeable at any time after Jan. 6 1929, for the same
number of deposited shares (deliverable as provided in said deposit agreement); that the voting rights attached to the deposited shares may be
exercised in accordance with the stipulations contained in the deposit
agreement: and that additional E shares may be deposited, on or after
Jan. 7 1929. and American shares be issued therefor in proportion as stated
above.
History.-Compania Hispano-Americana de Electricidad,S. A.("Chade")
was incorp. June 22 1920 in Madrid to take over various enterprises in
South America owned by the D.U.E.G. (Deutsch-Ueberseeische Elektricltaets-Gesellschaft) which had been operating electric works in Buenos
Aires and other parts of South America since 1901: and to engage in the
construction, management and financing of electric power, light and transportation enterprises in America.
Business.
-The company owns and operates approximately 83% of the
electric light and power properties serving the City of Buenos Aires (Poi/Illation in excess of 2.000.000 and Avellaneda (population approximately
188,000) and through subsidiaries owns and operates electric light and
power properties serving suburbs of Buenos Aires. electric and gas properties in the Province of Buenos Aires and electric and tramways properties
in the City of Mendoza. Company also has important investments in
various European utility and management companies.
Capitalization as of July 311928.
Retired by
Sink. Fund Outstanding.
Issued.
$746,428 58.903.572
$9,650,000
6 debentures. due July 1 1957
34,416.745 2,670,798 31,745.947
6 income bonds, due July 1 195723,160.000
500 pesetas par
12&000 A shares J
120,000 B shares original capital zation
7,720.000
shares of 500 pesetas par (issued Dec. 11 1924)
80.0000
7,720,000
400,000 D shares of 100 pesetas par (issued Feb.3 1927)
11.580,000
600,000 E shares of 100 pesetas par (issued June 28 1928)
exchanges of Zurich. LonThe company's shares are quoted on the stock
don, Brussels, Basle, Geneva. Madrid. Barcelona. Bilbao. Berlin, Frankfort and Amsterdam, the principal market being Zurich. Based on Zurich
quotations for Aug. 3 1928 (624 Swiss francs per 100 pesetas share), the
market value of the company's stock was approximately $313,123,000.
-Application will be made to list these "American shares" on
Listing.
the New York Curb Market.
tenance, available for interest, depreciation and taxes at $1,310,000 or
about five times the maximum annual interest charges on the bonds to
be presently issued and, after liberal allowances for depreciation,at $960,000
or about 334 times such charges.
Sinking Fund.
-Company will covenant under the terms of the trust
agreement to pay annually to the trustee as a sinking fund on each Jan. 1.
commencing Jan. 11934,$355,000 to be used for the purchase, upon tenders
made on or before each Jan. 25. of bonds at less than the current redemption
price. To the extent that this fund is not exhausted by tenders, bonds shall
be called by lot for redemption on the first day of March next following the
date of each sinking fund payment.
Danbury & Bethel(Conn.) Gas & Electric Light Co.Acquisition.
The company has acquired the franchise and equipment of the Danbury
& Bethel Power & Transportation Co., covering the town of Newton.
Conn., and the district between the towns of Danbury and Monroe on
the Housatonic River.
-V. 125, p. 1459.
-Sale.
Danbury (Conn.) Power & Transportation Co.
-V. 125, P. 1459.
See Danbury ac Bethel Gas az Llectric Light Co. above.
Detroit Edison Co.
-Stock Application.
The comoany has applied to the Michigan P. U. Commission for authority
to issue $15,000,000 common stock, the proceeds of which will be used ta
refinance construction and additions already made.
Gross earnings for the year ended Aug. 31 1928 were 350,247,388 against
-See V. 127, p. 1674.
$46,786,783 for the year ended Aug. 31 1927.
-Earnings.
Eastern Utilities Investing Corp.
12 Mos. Fnd.
June 30 '28.
PeriodDividends
ds
Interest
Other income
Gross earnings
Expenses & taxes
Fixed charges
Calendar Years
1926.
1927.
$1,884,330 $1.766,494 $1,270,281
158.765
170,400
286,743
1925.
$478,374
453,278
240,126
52.171,073 51.936,894 $1,429,046 $1,171,778
61,024
31,182
2,891
51,169
435,240
159.270
Bal. avail. for dive- - _ 52,1191904 $1,934,003 $1,238,594
-V.127,p. 1674.
$675,514
-To Acquire Puget
Engineers Public Service Co., Inc.
-130,000
Sound Power & Light Co. Through Exchange of Stock.
Shares of $5.50 Preferred Stock to Be Offered Shortly.
Arrangements whereby the control of Puget Sound Power &
Light Co. may be expected to pass to Engineers Public Service Co. were discolosed yesterday when the directors of the
-Bonds Offered. Puget Sound Co. voted to recommend to stockholders the
Connecticut Coke Co., Pittsburgh,Pa.
-The Union Trust Co. of Pittsburgh; Mellon National acceptance of an offer made by the Engineers directors for
Bank, Pittsburgh; Chas. W. Scranton & Co., New Haven, exchanging Engineers stock for Puget Sound stock.
Under the proposed plan of excharno the holders of Puget Sound Power
Conn., and Putnam & Co., Hartford, Conn., are offering
before November
common
at 95 and int., to yield, 5.40%, $5,500,000 1st mtge. 5% & Lightshares of will receive, for each share they deposit13i shares of EnEngineers Public Service common and
17, 1
gold bonds, series A.
gineers $5.50 dividend preferred, each full share of which carries a warrant.
.
Dated Sept. 1 1928; due Sept. 1 1948. Denom. $1,000 c5 Principal
payable at office of Union Trust Co. of Pittsburgh. trustee. Interest
payable (M. & N.) at the office of Union Trust Co. of Pittsburgh or at
Mechanics Bank of New Haven. Conn.. without deduction of normal
Federal income tax up to 2%. Red. before maturity, as a whole or in part,
on any int. date upon 4 weeks' notice, at 103 and in if red, on or before
Sept. 1 1938. thereafter at 102 and int, on or before Sept. 1 1942. thereafter
at 101 and int. on or before Sept. 1 1946. and thereafter at 100 and int.
Free of Pa. and Conn. 4-mills tax. Refund of Mass. 6% income tax.
-Sinking fund of $355.000 per annum beginning Jan. 1
Sinking Fund.
1934 is provided to purchase upon tenders made on or before each Jan 25
bonds at less than the current redemption price. To the extent that this
fund is not exhausted by tenders, bonds shml be called by lot for redemption
on the first day of March next following the date of each sinking fund pay
meat.
exercisable between Nov. 1 1929 and Nov. 1 1938. for the purchase of one
share of Engineers common at $68. As a large amount of the Puget Sound
common stock has already assented to the exchange it is expected that the
plan will be consummated. In connection with the foregoing offer and for
other corporate purposes the Engineers Public Service Co. has sold to a
banking croup for offering in the near future 130,000 shares of the newly
created $5.50 preferred stock with warrants as mentioned above.
According to Charles W. Kellogg. President of Engineers Public
Service Company, the acquisition should be of value to the customers and
stockholders of the Puret Sound Co. in strengthening its credit position
and should prove beneficial to stockholders of the Engineers company in
still further diversifying the territory served by its subsidiaries. "The
addition of the Puget Sound Co. to the Engineers group," Mr. Kellogg said
to-day. "will increase the annual consolidated gross earnings by about
$15,000,000. or 50%. besides adding to the areas now served in 11 states an
area ni the Pacific Northwets about as large as New England exclusive of
Maine. The Puget Sound company serves 508 communities and has over
125,000 customers; more than 60% of all the farms in the territory use the
of its earnings are from the lbzht and power
company's service. Over
department and this, together with the fact that over 4-5ths of the generating equipment is hydro-electric makes the company a desirable acquisition.'
"The Charles A. Coffin Award," continued Mr. Kellogg, "was recently
given to the Puget Sound Power & Light Co. in recognition of its distinguished contribution during 1927 to the development of electric light
and power for the convenience of the public and the benefit of the industry.
The exhibits in connection with this award included the interesting statements that stock ownership in the territory served totals 516.000.000 and
that the energy consumed per resident customer averaged 763 kilowatt
hours in 1927 compared to 350 in the average well managed eastern company."
As part of the proposed plan the Engineers stockholders will be asked to
authorize the issue of about 180.000 shares of $5.50 preferred, and the
Pucet Sound stockholders to authorize 300.00 shares of 51.50 dividend
junior imeferred, to be sold to the Engineers Co. at $25 per share, the
proceeds to be used by the Puget Sound Co. to extend its power facilities.
retire a portion of the debt and for other corporate pureoses.
Data from Letter of W. F. Rust, President, Sept. 28.
Company.-Incorp. in Connecticut. Owns and put into operation
plant at New
Sept. 25 1928 a new and modern by-product gas and coke supervision of
Haven, Conn. This plant, designed and erected under the
approximately 70 acres of water front offerthe Koppers Co., is located on
ing advantageous facilities for economic water transportation of raw meterleis, and includes a bat ery of 61 of the most modern and efficient Kopp rs
combination coke ovens af the Becher type, by-product plant and other
auxiliary equipment necessary for the manufacture of gas. coke and resultant by-products. The annual capacity at which this plant will operate is
approximately 250,000 tons of high grade coke, 5,100.000,000 cubic feet
sulof gas, 4,000,000 gallons of tar and 11,000,000 pounds of ammonium outgreater
phate. The plant will be capable of producing at least a 25% increased to
put. The design of the plant is such that it can readily be
at least three times present capacity.
After the completion of this financing, the Connecticut Coke CO.(through
Koppers Gas & Coke Co.) will oecome a wholly owned subsidiary of the
Koppers Co., which nes become the largest and most successful builder of
gas and coke plants and has designed and completed plants now producing
over 75% of the by-product coxe in the United States and Canada. Koppers Gas & Coke Co. is a largo owner and operator of other merchant coke
plants, selling the gas produced under long term contracts to public utility
-Stock Distribution To Be Made.
Initial Corn. Cash Div.
companies and also engaging, on a large scale, in the marketing of coke,
The directors on Oct. 1 declared an initial quarterly dividend of 25c. per
tar ammonium sulphate and by-products of their operations.
New Haven Gas Light Co. and Hartford Gas Co., distributing gas with- share on the common stock payable Jan. 2 1929.
In addition to this cash dividend, the board determined on the policy
out competition in the cities of New Haven and Hartford. Conn. and adjacent communities, have entered Into contracts whereby they have agreed of paying further common dividends in common stock semi annually
-V.
their entire gas requirements from the Connecticut Coke Co. beginning Apr. 1 1929 at the rate of 1-25th of a share per annum.
to purchase
arrangefor a period extending beyond the maturity of these bonds; and United 127.p. 1674.
of too
ments have also been made to supply gas through subsidiariesPlainfield and
Great Consolidated Electric Power Co., Ltd., of
Gas Improvement Co. to the cities of Bristol, Middletown.
Japan (Daido Denryoku Kabushiki Kaisha).-Earnings.
Meriden. Conn.
demand for gas in this territory, which includes a population of over
The
[All Figures are in Yen.'
Mi,31 '28. Nor. 30 '27.
500,000, has shown a steady and consistent growth, the average yearly
6 Months Ended16,191,631 15,712,583
Increase in sales for the past five years having been as follows: Ft. Gas Sold. Operating revenue-sale of power,&c
Cubic
Year
5,065,035
Oper.expenses (incl. maint.,repairs & pure. power) 6,155.836
3,979,000,000
1924
Sell., gen. & administ. expenses (incl. taxes other
4,181.000,000
676,097
676,513
1925
than income)
4,393.000.000
781,443
673.100
1926
4,669,000,000 Provision for income taxes
1927
4.893.000.000
estimated)
8,578,254
8,297.934
1928 (partly
Net operating income
more than
974,399
870,514
It is estimated that sales for the year 1929 will amount to
Interest go dividends
183,682
.5,100,000,000 cubic feet.
75,364
large Other income
The company's production of coke will be disposed of in part to the as a
and also marketed
. 9,736,336 10,243,812
number of industrial consumers in the territory quality and comparative
Gross Income
fuel for domestic use, its
high grade smokeless
Int. & debt disc. (excl. of portion charged to con2,409,260 2,928,158
cheapness rendering it preferable to hard coal for household requirements.
struct., &c.)
There are many established markets for the by-products.together with the Depreciation (excl. of portion subsequently proof these bonds,
-The proceeds from the sale
Purpose.
vided by approp,for lezal reserves)
100,000 shares of
33R1:12i
proceeds from the sale of $3,500,000 preferred stock and Gas
Other charges
Koppers
common stock (which stocks will be owned byincurred in the& Coke Co.)
construction
x6,885,163 6,892,431
will provide funds for the payment of expenses purposes.
Net income for period
148.196
of the plant, worsing cpaltal and other corporate
372,769
Profit & loss credits (net)
-Bonds are to be secured by a direct first mortgage on all of the
Security.
or
x7,033,358 7,265,200
real estate owned by the company, including all improvements nowthe
Surplus for period
The assets of the company are valued by
1,381.198
hereafter erected thereon.
1,372,942
Undistributed surp,from prior periods
Koppers Co. as being conservatively worth in excess of $11,000,000.
8,414,557 8,638,143
Surplus at end of period
Pro Forma Balance Sheet as of Sept. 11928.
Liabilities
Approp. & distrib. of surp. stk, made subseq. to
Asada•
close of period upon authoriz. of stockholders:
Plant,Property equipm3,&o $9,715,380 6% cumul. preferred stook__ $3,500,000
x355,000
320,900 Common stock & surplus-._ _ 2,135,380
Provision for legal reserve
370,000
Cash
250,000
250,000
Bonus to directors
Other current assets
879,200 let mtge. 5% gold bonds, 5,500,000
series A
6,398,612 6,086,944
595,000
Deferred charges to operations
Dividends (at the rate of 10% per annum)
375.100
Current liabilities
500.000
Drought
50,000
Retirement of employees
$11,510,480
Total
$11,510.480
Total
1410,944
Surplus after distribution
1.381,198
Earnings.
-Based upon the operating results of similar plants which it
x After deducting partial provision, only for depreciation of fixed assets,
owns and manages, Koppers Gas & Coke Co. has conservatively estimated
annual net income, after all expenses including liberal charges for main- the remaining depreciation required being provided subsequent to the close
11(1:%8
OCT. 6 1928.]
FINANCIAL CHRONICLE
1947
of the period by a credit to legal reserve upon authorization of stockholders.
The provisions for depreciation and legal reserve together are considered
sufficient to meet depreciation requirements computed under the 6%
sinking fund method in accordance with schedules prepared by the company's consulting engineers.
-V. 126. P. 4081.
Provisions of Issue.
-The trust agreement requires the pledge with
trustee of not less than 90% of all subsequent issues of common stock the
all subsequent issues of preferred stock and funded indebtedness of and
the
subsidiary companies.
Additional bonds may be issued in series, on following basis,
provided
net consolidated earnings for 12 consecutive calendar months within
Green Mountain Power Corp.-Pref. Stock Offered.
- calendar months immediately prior to
15
for
G. L. Ohrstrom & Co., Inc., and Brown Brothers & Co. such additional bonds, shall have beenthe application 2% the issuance of
not less than
Graham Parsons & Co., Old Colony Corp. and anney & Co. interest charges on all bonds outstanding under the trust times the total
agreement and
bonds then proposed to be issued, and
are offering 39,000 shares $6 cumulative pref. stock (no on all additional excess of 75% of the cost, or fair value,then only:
(a) For not in
whichever is lower,
par value) at $99 per share and dividends.
of extensions, enlargements, additions, betterments or improvements
to
Preferred as to both assets and dividends over the non-cumulative 2nd the properties owned or operated by the subsidiaries.
(b)
preferred stock and the common stock. Entitled to cumulative dividends not in For subsequently acquired subsidiaries or systems in an amount.
excess of 66 2-3% of the fair value as determined by independent
at the rate of $6 per share per annum. Dividends payable Q.
-M. Red. all engineers,
or part, on any div. date upon 30 days' notice at $105 per share and divs. less than provided the company owns or is concurrently acquiring nob
90% of the common stock of each company to be operated as a
Upon any dissolution or liquidation of the corporation, the holders of this
cumulative preferred stock shall be entitled to receive $100 per share and subsidiary.
(c) To refund a like principal amount of bonds of any previous series
divs., plus a premium of $5 per share if such liquidation be voluntary,
before any distribution may be made to the holders of the non-cumulative of bonds issued and outstanding under the trust agreement.
Purpose.
-Proceeds will be used in part for retirement of indebtedness
2nd preferred stock and common stock. The holders of the cumulative
preferred stock shall be entitled to vote share and share alike with the incurred in the acquisition of properties, and for other corporate purposes.
Control.
-All of the common stock of the company is owned by the Comholders of the conunon stock if at any time dividends shall be in arrears and
unpaid on the cumulative preferred stock for eight consecutive quarterly munity Telephone Co.
periods and until all such dividends in arrears shall have been paid. Corp.
Kaministiquia Power Co., Ltd.
-Retires Pref. Stock.
will agree to refund certain Penna., Conn. and Calif..taxes
All of the
exceed
4 mills. Maryland securities tax not to exceed 43. mills. and not to income demotion as outstanding 7% currant, preference shares were called for reMass.
of Oct. 1 last at 105 and
tax not to exceed 6% to resident holders upon timely and proper appli- Place d'Armes, Montreal, or 61 Yongedive, at the Montreal Trust Co.,
St., Toronto, Canada.
-V. 127.
cation. The Seaboard National Bank of the City of New York, and Nat. p. 1390.
Shawmut Bank of Boston, transfer agents. Free from present normal
Federal income tax.
Kansas Electric Power Co.
-Earnings.
-Issuance.
-Authorized by the P. S. Commission of Vermont.
Period End. June 30 19283 Mos.
12 Mos.
Earnings.
-The earnings of the properties, now owned and presently to Gross operating revenue
$627.177 82.462,549
be owned, are officially reported as follows:
Net after taxes, int. & retire. provision
87,269
455,162
12 Months EndedDec. 31 '26. Dec. 31 '27. Aug. 31 '28. -V. 126. p. 3297.
Gross revenues
$1,684.771 $1,750,418 $1,827,795
Kansas Natural Gas Co.
-Dissolved.
Oper. exps., maint. & deprec. as will
incident to the policy of grouping all natural gas activities of the
be provided in the amended mtge,
Gas & Fuel Co. under one organization-the Cities Service Gas Co. Empire
securing the 1st mtge, bonds, and
-officials
of the Empire companies have announced the dissolution of the Kansas
taxes,other than Federal
879,094
845,594
818.023 Natural Gas Co. ("Gas Age-Record.")
-V. 118. P. 2832.
Balance
$805,677
$904,824
Long Island Lighting Co.
-Larger Dividend.
Annual hat, require, on the corp's entire funded indebtedness_ _ $1,009,772
422.150
The directors have declared a quarterly dividend of $1 per share on
common stock (no par value), compared with 75c. per share in the the
Balance
six
$587.622 previous quarters. The dividend is Dayaole Nov. 1 to holders
Annual div. require, on cumulative pref. stock. (this issue) _ _ _ _
of record
The above earnings for the 12 months ended Aug. 31 1928 and 234,000 Oct. 16.-V. 125,p. 1709.
Dec. 31
1927 give effect to the deferring with the approval of the P.
Massachusetts Utilities Associates.
-Listed.
of the State of Vermont, of extraordinary operating expensesS. Commission
The common shares have been authorized for the Boston Stock Exchange
in the amount
of $63,098 incident to the flood of November 1927. All extraordinary
ex- list when and as the same may be released by the voting trustees,
-V.
penses occasioned by this flood will be amortized over a period of
1807.
20 years.
Purpose.
-Proceeds from the sale of this stock will he used in part for the 127, p.
acquisition of certain of the properties for refunding
Montreal Light Heat & Power Consolidated.
purposes and to
-Rates.
re-imburse the corporation for the cost of construction
additions and
The company, in an advertisement, says:
improvements. Compare also V. 127. p. 1806.
It has been the consistent practice of the company to reduce its rates from
Harrisburg (Pa.) Rys.-Resumes Preferred Dividends.
time to time, as warranted by economies in operation, in order that its
The company has resumed paying dividends on
is announced. The stockholders on Oct. 2 received its preferred stock, it customers may share in its prosperity concurrently with its shareholders.
checks for a 2% semi- Following this established policy the company takes pleasure in announcing
annual dividend on the 6% cum. pref. issue. Accumulations
on this issue to its customers a reduction in electric lighting and power rates as follows:
now total 30%.
Effective on consumption after next regular bi-monthly meter readings
The 3% dividend due on April 1 last was omitted because
of reduced net electric lighting rates will be reduced g of 1 cent per kilowatt-hour.
revenues under the old 6
-cent fare, the
at
Effective Nov. 1928. billing a reduction of 5% in the charges for elecmonths after passsing that dividend theofficials saidthe the time, and 3
increase in
trolley fare was tr city, as based on metered consumption (kilowatt-hours).and 5% "Service
announced.-V. 122. p. 2190.
charge" for electricity supp led at primary voltage will be allowed on all
service sold at standard rates except where the supply is used in whole or in
Hartford Electric Light Co.
-Extra Dividend.
part for re-sale for lighting, power or other purposes. These reductions
The directors have declared an extra dividend of 12%
in addition to the regular quarterly dividend of 62% cents per share will be applicable on bills paid within ten days.
cents per share,
In order that flat-rate customers may benefit
payable Nov. 1 to holders of record Oct. 20 (not Oct. 1
as previously re- of these reductions the option is given them to by one or other, or both,
ported). See V. 127. p. 1525.
convert to metered service.
Included in these rates is the Federal income tax (to which the electrical
Holyoke(Mass.) Water Power Co.
their customers. in the
-Larger Regular Div.
- companies, or $1,000,000 for the year Province of Quebec contributed
The company on Oct. 2 paid a quarterly dividend
approximately
1927) from which the consumers
of 5% to holders of
record Sept. 26. In the previous quarter, a
of electricity in certain other Provinces are free.
an extra of 2% were paid -V. 125. p. 3059. quarterly dividend of 3% and
We have repeatedly petitioned the Federal Government to remove this
discrimination against consumers in the Province of Quebec and have
Illinois Water Service Co.
--Earnings
promised to pass the benefit to our customers, but so far our efforts have
Years Ended July 31been without avail. Our customers are invited to exercise every legitimate
1928.
1927.
Operating revenues
$554,516
$514.991 Influence possible in support of our efforts on their behalf.
Operation expenses
The present is the 13th reduction in electric light:ng rates.
238,337
236.291
Maintenance
The following table illustrates how the company has consistently shared
27,847
32,747
Taxes (excl. Federal income tax)
42.433
42.720 its prosperity with its customers:
Net Rate per
Net Rate per
Net Rate per
Net,earnings
Year
Year
K. w. h.
K. w. h.
$245.899
Year
$203,236
K. w. h.
Other Income
1908
12.75c.
1913
6.40C.
1,772
1924
2,763
4.00c.
1909
10.00c.
1914
6.00c.
1925
3.50c.
Gross corporate income
1910
9.00c
1916
$247,671
5.00c.
$205,999
1928
a3.25c.
Annual interest require. on total funded debt
1911
7.50c.
1919
125,000
4.80c.
-V. 127, p. 1252.
1912
7.00c.
1923
4.25c.
a Retail rate
Inland Telephone Co.
-Bonds Offered.
-P.W.Chapman consumption. graduating downwards to 2.25 cents per k.w.h. for quantity
-V. 127, p. 1807.
& Co., Inc., are
offering at 100 and int. $1,050,000 1st lien
6% gold bonds, series A.
-Dated Oct. 1 1928; due Oct. 1 1948. Principal and
able at the office or agency of the company in either int. (A. & 0.) ParNew
Chicago. Denom. $1,000 and $500c*. Interest payable York City or
tion of that portion of any Federal income tax not in excess without deducof State property taxes not exceeding six-tenths of 1% of 2%. Refund
of the principal
per annum and State income taxes not exceeding
timely and proper application, as provided in the6% of the interest upon
trust agreement. Red.
at any time as a whole or in part upon 30 days' notice to
1932, at 105 and int.; thereafter, to and incl. Oct. 11936.and incl. Oct. 1
at 103 and int.;
thereafter, to and incl. Oct. 11940, at 102 and int.;
Apr. 1 1948, at 101 and int.; thereafter at par andthereafter, to and incl.
int. Harris Trust &
Savings Bank, Chicago. trustee.
-Organized in Delaware. Owns or
Company.
controls
which operate a general telephone business in the States 26 subsidiaries
consin, Minn. and Penn. The,properties have records of of Ohio, Wissuccessful operation extending over various periods up to 29 years and serve
without competition 14 cities and towns in Ohio. 37 in Wisconsin,
10 in Minnesota
and four in Pennsylvania. In addition telephone service is furnished
to
adjacent rural areas. The system of the company includes 61
telephone
exchanges providing service to 19,882 stations. The subsidiaries
in cash
State are so grouped as to provide an interchange of
saisfactory traffic arrangements with the Bell System andtoll service, and
other telephone
systems afford nationwide service. The subsidiaries of the company
own
over 1.055 miles of toll circuit, and over 16% of the companies gross
income
is derived from toll service. The total population of the '
territory served
is estimated to be in excess of 170,000.
CapitalizationAuthorized.
Issued.
let lien 6% gold bonds, series
$1,050,000
$7 cumul. preferred stock (no Aa abs.
par value)
10.000
3,750 shs.
Common stock (no par value)
10,000 abs.
5,000 shs.
a Additional bonds may be issued as provided under the
terms of the
indenture.
Security.
-These bonds will be a direct and primary obligation
company and will constitute its only funded debt, and in addition of the
thereto
will be secured by deposit with the trustee of at least 97% of the
outstanding capital stock (except qualifying shares) of all the subsidiaries
in WI
cousin, Minnesota and Ohio and 93% of the outstanding
capital stock
(except qualifying shares) of the Pennsylvania subsidiary.
The trust
agreement will further provide that so long as any of these
standing and unpaid, any and all funded obligations or bonds are outand the proportionate part of the common stock of any ofpreferred stock
companies, subsequently Issued, shall be pledged with the the subsidiary
trustee under
the terms of the trust agreement.
Earnings.
-Consolidated earnings of the properties for the 12
months
ended July 31 1928 are reported as follows:
Gross revenue
a Operating expenses, maintenance & taxes (excl. Federal tea)_ - $479,301
286,068
Balance
$193,233
Annual interest charges on entire funded debt (this issue)
$63,000
a Operating expenses includes $1,462 representing earnings
applicable
to minority stock interest.
Northern Ohio Power Co.
-To Retire Outstanding
$3 283 100 of Ten-Year 7% Secured Gold Bonds.
-
The Allied Power & Light Corp. announces that its affiliated company the
Northern Ohio Power Co., has called for redemption on Nov. 1 1928 at
100 and int. Its outstanding $3,283,100 10
-year 7% secured gold bonds
due 1935. Any of these bonds tendered prior to Nov. 1 to the Northern
Ohio Power Co. at the office of Allied Power & Light Corp., 20 Pine St.,
N. Y. City, will be accepted at par and ha,to date of payment.
Redemption of these bonds Is another step in the consolidation of the
Northern Ohio Power Co. with the Penn-Ohio Edison Co. and Penn-Ohio
Securities Corp. which was announced Sept. 14. This will result in one
company, viz.: Penn-Ohio Edison Co. and a more simplified financial
structure. At that time subscription rights were given to common stockholders of Penn-Ohio Edison Co. to subscribe to common stock at $35
Per
share to the extent of 1-10th of their holdings. Subscription warrants expire on Oct. 15. Arrangements have been made for the underwriting of all
stock which is not subscribed for by the stockholders.
-V.127,p. 1675.
Oregon-Washington Water Service Co.
-Earnings.
Years Ended July 311928.
1927.
Operating revenues
$559,165
$536,692
Operation expenses
206,453
185,767
Maintenance
28,154
30.132
Taxes (excl. Federal income tax)
66.521
58,371
Net earnings
$258,037
$262,422
Other income
2.668
3,660
Gross corporate income
$260,705
$266,082
Annual interest requirement on totalfunded debt.. _
134,830
-V. 127. p. 1104.
Pacific Lighting Corp.
-Earnings.
-
The corporation and subsidiaries report for the 12 months ended Aug. 31
1928 earnings of $3.71 a share on average amount of stock outstanding for
the year. This includes undistributed earnings accruing to the corporation
from operations of the Ventura Fuel Co., in which it owns a 50% interest.
Gross revenue for the 12 months totaled $29,329,444. Net earnings
after
all charges, including operating expenses, taxes, bond interest, depreciation
and pref. stock dividends, amounted to 84.591,199. Undistributed
earnings from the half interest in the Ventura Fuel Co.. which are not
included
in the above amount, were $86,104.-V. 127, P. 1807.
Penn-Ohio Edison Co.
-Electric Ourput.-
A new record monthly power output of 89,175,000 k, w. h. is
by the operating subsidiaries of this company for September, reported
17.3% over the 75,990.000 k. w. h. output of September 1927. a gain of
for the 12 months ending Sept. 30. likewise a new record, was The total
952,585
k. w. h.. as against 925,450,000 k. w. h. in the preceding 12 months. 000
(/n K. W. h.)1928.
1927.
Increase.
Month of September
89,175.000 75,990,000 13.185 000
12 months to September
952.585,000 925,450,000 27,135,000
-V. 127, P. 1675.
1948
FINANCIAL CHRONICLE
-New Switching StaPublic Service Electric 8c Gas Co.
Liana Soon Open for Operation.
[VOL. 127.
value of over $750,000, and also by a mortgage,subject to a lien of $282,000
principal amount, on additional property of the corporation appraised by
the same appraisers as of the same date at over $570,000 depreciated value.
Two more links in the $26,000.000 electric power tie-up of the company
Pref. Stock Offered.-The same bankers are offering 3,000
.
now nearing completion will soon be open for operation. The links which
carrying onecomprise the new $6,000.000 switching station at Roseland, N. J., and the shares 7% cumulative pref. stock (each share
switching plant at West Orange, N. J., were "energized" for a half share of common stock) at $100 per unit. These shares
$2.000,000
test on Sept. 29 and will soon be in operation.
The completion of these two stations is a further step towards the for- have been acquired from stockholders.
Pref, stock entitled to cumulative dividends at the rate of $7 per annum,
mation of one of the largest electric pools in the world. Through the
-J. Red, on any div. date at $110 and dive. on at least 30 days'
new plants the combined output of the generation stations of this com- payable Q.
pany. the Philadelphia Electric Co. and the Pennsylvania Power & Lght notice; entitled to $100 and dive. upon liquidation, dissolution or windingup, and upon default of four quarterly dive, entitled to exclusive voting
Co. can pass.
Power from the Pennsylvania Power dz Light Co. will be transmitted to Power so long as any dividend thereon is in arrears. Transfer agent, Bank
the new Roseland station over an 82 mile line from Siegfried, Pa. From of New York & Trust Co., New York; registrar, United States Mortgage &
Siegfried, a 49 mile line has been built to a switching station near Phila- Trust Co., New York.
Issuance.
-Authority has been obtained from the P. S. Commission.
delphia where it joins lines from Philadelphia Electric Co. The Roseland
and Philadelphia stations will be connected by a 77-mile line, the whole Data from Letter of M. C. Taylor, Vice-President of Corporation.
Properties.
-Corporation. organized In New York in 1923, owns two
forming the power ring. At Roseland, connection is made with lines of
the Public Service company, through the new switching station at Athenia. hydro-electric power plants with an aggregate rated capacity of 7,950 h.p.,
The West Orange switching station is the newest point of supply for Essex of which 6,450 h.p. Is available for existing contracts, and facilities for the
County. Energy is received from two steel tower lines from the Rose- remaining 1,500 h.p. are complete except for generating equipment. Corporation also owns approximately 400 acres of land along the Saranac
-V. 127. p. 1254. 953.
land switching station.
River, rights to the flow of the Saranac River for the development o'hydro-Proposed Acquisition electric power and a 450-foot dam and 550-foot penstock in operation.
Puget Sound Power & Light Co.
streams for
The Saranac River
-See latter company the development ofis recognized as one of the most importantYork. Corby Engineers Public Service Co., Inc.
hydro-electric power in the State of New
-V. 127, p. 1391.
poration's operating revenue is derived from the sale of power to public
above.
utility and industrial concerns. Over 90% of the corporation's operating
Rhine-Westphalia Electric Power Corp. (Rheinisch revenue is assured by minimum annual power contracts running until
Westfalisches Elektrizitatswerk Aktien-Gesellschaft). Aug. 1 1948.
Authorized. Outstanding.
Capitalization,-The National City Co. have 1st mtge.s. f. 69' gold bonds,series A,due 1948--- a$300.000
$300,000
-American Shares Sold.
b282.000
300,000
1st
sold at $51 per share flat 80,000 American shares common 7% mtge. 79' gold bonds. due 1938 par)
300,000
300,000
cumulative preferred stock ($100
stock. The offering does not represent any additional cor- Common stock (no par value)
25,000 she. 25,000 she.
a Bonds (including Series A) limited to $3,000.000 principal amount at
porate financing.
any one time outstanding. Other series are issuable under conservative
American shares will be issued by the National City Bank of New York provisions of the mortgage. b Mortgage closed at $282,000 principal
as depositary under a deposit agreement dated as of Aug. 1 1928, each such amount.
bearer shares, of
American share representing 100 reichsmarks, par value,
-Net earnings of the corporation, for the year ended June
Earnings.
the common stock of the Rhine-Westphalia Electric Power Corp. (Rhein1928, after interest, depreciation and Federal income tax, and after reisch-Westfalisches Elektrizitatswerk Aktien-Gesellscha(t), deposited there- 30
dividends adjustment of salaries and giving effect, retroactively, to the additional
under. The deposit agreement will, in substance, provide that net
minimum annual income and estimated expenses under the above menafter taxes received by the depositary upon deposited shares shall be con- tioned power contracts, are certified to be $64.053 and equivalent to over
verted into dollars at rates then current, and the proceeds paid pro rata to 3 times the annual dividend requirements on the preferred stock and.
the registered holders of American shares by check In U. S. dollars; that four after deducting these dividends, to over $1.72 per share upon the outstandAmerican shares, or any multiple thereof, shall be exchangeable at any time ing common stock.
for the corresponding par value of deposited shares (deliverable at the office
of the agent of the depositary in Berlin); that after April 1 1929 or prior
-Earnings
Scranton-Spring Brook Water Service Co.
thereto, with the consent of the National City Co., any owner of German
(Scranton Gas and Water Divisions.)
shares of this bearer stock may deposit them at the agency of the depositary
1927.
1928.
Years Ended July 31and receive therefor American shares to be issued by the depositary.
Operating revenues
$2,141.201 $2,124,577
The National City Bank of New York, depositary, transfer and fiscal Op
872,123
814,721
agent; Darmstadter und Nationsthank Kommanditgesellschaft auf Aktien, Operating expense
217.391
231.283
foreign agency of the depositary; The Farmers' Loan & Trust Co.,registrar. Maintenance
41,572
40,558
Taxes (excl. Federal income tax)
Capitalization Outstanding.
$9,483.500
$993.491
7% direct mortgage gold bonds, due Nov. 1 1950
$1,054,639
Net earnings
14,769.000
9,728
8% direct mortgage gold bonds, due May 1 1952
1,973
20.000.000 Other income
8 0 consolidated mortgage bonds, due Aug. 1 1953
35,857.143
376.500 bearer shares of 400 rm. each (150.600,000 rm.)
31,056,612 31,003.217
Gross corporate income)
1.047,619 Annual int. req. on total funded debt
220,000 registered shares of 20 rm. each (4.400,000 rm.)
495,000
The corporation with its subsidiaries comprises one of the largest electric -V.127, p. 1391.
light and power systems in Europe, with respect to property value, earnings.
stations and number of customers. The territory served
capacity of power
-Initial Dividend.
Shasta Water Co.
embraces a large part of the Rhineland. including the Ruhr district, the An initial quarterly dividend of 37A cents per share was paid Oct. 1
most important industrial section of Germany. This territory has an area on the class A convertible stock, no par value, te holders of record Sept
of over 8,000,000.
of about 9.360 square miles and a population
V. 127, p. 1254. )
The consolidated earnings of the corporation and certain of its wholly 15. (See also
owned subsidiary companies, including only a portion of the earnings of
-Stock Approved.
Southern California Telephone Co.
substantial and
the many other companies in which the corporation has a
The company has been authorized by the California RR. Commission to
profitable interest, for the three fiscal years ended June 30 1925, 1926 and
Issue $38,913,100 common stock for financing additions and betterments
latest available, were as follows:
1927, respectively, the
-V. 127,
1927.
and repaying advances by the Pacific Telephone & Telegraph Co.
1926.
1925.
Years Ended June 30Gross earnings.incl. non-oper.income$24,266.224 323.688,756 326,965.563 p. 547.
16,992,084
Oper. expenses, maint. and taxes__ 16,563,957 15.165,562
-Definitive Banda Ready.
Southern Cities Utilities Co.
Charges on income, incl. int. bond
1,465,920
625,276
The Bank of America National Association, trustee, is now prepared to
disct. & Dawes Plan assessment-year 5% 1st lien & collat. trust series A gold bonds, due
issue definitive 30
$7,702.267 $7,897,918 $8,507.559 April 1 1958. against the surrender of outstanding interim receipts. For
Net income after interest, &c
The earnings for the year ended June 30 1928 are expected to exceed those offering. see V. 126, p. 3298.
for the previous year. the best in the history of the corporation. Indications
-Bonds Offered.are that the current year will set another new record, output of current
Utilities Service Co., Alliance, Ohio.
during the past few months having increased approximately 23% over the
are offering
corresponding period of the previous year. During the three years included Vought & Co., Inc. and Glidden, Morris & Co.
'
in the above table 27.3% of the gross earnings were applied to depreciation, at 99% and int. $3,000,000 10-year 6%% convertible gold
maintenance and renewals. Had the amount of gross earnings so applied
bonds, series A. Non-callable for five years.
been only 15%, a figure considered conservative In the United States, the debenture
Dated Aug. 1 1928; due Aug. 11938. Interest payable F. & A. Red.
earnings available per American share on the corporation's stock now out103
standing would have been equivalent to $4.31, $4.40 and $4.61, respec- on first day of any month after Aug. 1 1933, on 30 days' notice at plus
through Aug. 1 1934, and thereafter decreasing A of 19' each year.
tively, for the three years included n the above table.
Interest In each case. Denom. $1.000 and $500 es. Interest payable
The company has paid cash dividends as follows:
1928.
1927.
1926.
1925.
without deduction for normal Federal income tax not to exceed 2% per
Not yet annum. Company will refund to resident holders, upon proper and timely
99'
8%
Rate per annum on bearer shares_ __ _ 89'
declared application, the personal property tax in the States of Conn.. l'enn. and
$1.93
$1.71
Net equivalent per American share_31.71
These American shares are entitled to the dividend payable out of earn- Rhode Island not exceeding 4 mills per annum, Maryland not exceeding
Kentucky not
ings for the fiscal year ended June 30 1928,to be declared prior to Jan. 1 1929 4Y6 mills per annum. District of Columbia, Calif. and and the Maass.
The bearer shares sold on the Berlin Stock Exchange on Sept. 29 1928 exceeding 5 mills per annum, Mich. 5 mills exemption tax,
income tax not exceeding 6% per annum on the interest thereon. The
to $52.97 per American share.
at 2223' % of par, equivalent
Appllcation will be made to list these shares on the New York Stock Seaboard National Bank of New York. trustee.
Exchange. Compare also V. 127, p. 1807.
Data from Letter of Everett W. Sweezy, President of the Company.
in Ohio.
- Company.-Incorp. obligationsWill acquire or retire substantially all of
"American Shares," Representing Common Stock Listed.
(except current indebtedness) of 20 telethe capital stock and
The New York Stock Exchange has authorized the listing on a "when phone companies and four Ice companies. In addition it will acquire a
basis, temporary certificates to be leased by the National City controlling interest in The Lima Telephone & Telegraph Co.. in which
issuedBank of New York, as depositary, for 80,000 American shares, with author- a minority interest of approximately 38% of both the outstanding preferred
certifiity to admit to the list on official notice of issuance such temporary such and common stocks Is owned by the Central Union Telephone Co. (controlled by the American Telephone & Telegraph Co.) It will also acquire
cates for American shares, with further authority to admit to list
by the deposi- substantially all of the capital stock of the Stark Electric RR., which in
additional certificates for American shares as may be issued
pursuant to a deposit agreement, dated as of Aug. 1 1928. each such turn, owns all of the outstanding common stock (except directors' qualifying
tary
American share to represent 100 retches:nark par value of the common log shares) of the Alliance Power Co.
The telephone companies furnish service to over 28,000 subscribers in
stock (bearer shares) of the Rhine-Westphalia Electric Power Corp.
65 cities and towns, including Lima, Ada, Napoleon. Wauseon, Delphos,
V. 127, p. 1807.
McConnelleville and Wayneefield. The Ice companies operate in the
-Bonds Called.
cities of Toledo, Youngstown, Canton and Springfield, Ohio. The operatRockland Light & Power Co.
in the State of Ohio and the aggregate populaThe company has called for redemption Nov. 1 all of the outstanding ing properties are all located is approximately 800,000. All of the common
% gold bonds. series A, due May 1 1955, of the Catskill tion of the territory served Co. (except directors' qualifying shares) will
1st mtge. 5A
will be made at the Bankers stock of the Utilities Service
Power Corp., at 105 and int. Payment
be owned by the Suburban Light & Power Co.
Trust Co., 16 Wall St.. N. Y. City.
Authorized. Outstanding.
Bankers Trust
CapitalizationAny of the aforesaid 1st mtge. bonds presented at the or after Oct. 1
a
$5,000,000
series A
any time on
Co., with all unmatured coupons attached, atand int. to Nov. 1, less bank 1st lien 6% gold bonds, bds., ser. A (this issue).
a
3,000,000
10-yr. 13A % cony. g. deb.
1, will be purchased at 105
and prior to Nov.
1.994.000
date of purchase to Nov. 1 Underlying bonds and stocks
discount at the rate of 4% per annum from the
b100,000 she. 10,000 she.
Preferred stocks (no par) $7 cumulative
126. p. 3590.
1928.-V.
100,000 she. 100,000 she.
Common stock (no par)
-Bonds
a Limited by restrictive conditions of the trust agreement. b 33,000
Saranac River Power Corp., Plattsburg, N. Y.
shares reserved for conversion of $3,000,000 of 10-yr. 6 % convertible
Aug.
-Morey, Guibord & Co., Inc., and Parker, Robin- gold debenture bonds, series A, duemonths1 1938.
Offered.
ended May 311928. and after
-For
Consolidated
son & Co., Inc., are offering at 993 and int. $300,000 1st giving effect toEarnings. andthe 12 financing.)
present
acquisition
$3,361,206
sinking fund 6% gold bonds, series A. The offering
mtge.
Gross earningsOperating expenses. Including maintenance and taxes other than
does not represent new financing.
2,392,286
taxes, but excluding depreciation
income
at
Dated as of Jan. 1 1928;due Jan. 11948. Int. payable J. & J.lot Central
on any
part, by
Union Trust Co. of New York, trustee. Red., all or Denom. $1,000 and
3968,920
Net earnings
int. date on at least 60 days' notice at 105 and int.
140.354
Minority stock and underlying interest charges
$500 es. Sinking fund payable annually. beginning Jan. 1 1929, in cash
equal to 2% of greatest principal
or series A bonds at principal amount
$828,566
Net income
amount of series A bonds previously issued, such cash to be applied to the Annual int. on $5,000,000 1st lien 6% gold bonds,series A
300,000
purchase of series A tends at not exceeding the redemption price or to
redemption of series A bonds. Authority for the assumption by the cor$528,566
Balance
of
poration of these bonds has been obtained from the P. S. Commissionfor Annual Interest on $3,000,000 10
-year 6A % convertible gold
New York. The corporation agrees to pay interest without deduction
195,000
debenture bonds,series A (this issue)
Federal income tax not exceeding 2%,, per annum.
Security.
-Bonds are secured by a fat mtge. on property of the corpora$333,566
Balance
15 1927 at a depreciated
tion appraised by American Appraisal Co. asset May
Om 6 1928.]
FINANCIAL CHRONICLE
1949
The balance as above is equal to over 2.71 times the annual interest requirements on these debenture bonds, without eliminating non-recurring
charges or giving effect to savings to be effected by the combined manage-.
ment of the properties to be acquired.
Purpose.
-Proceeds from the sale of these debenture bonds, together
with other financing will be used for the acquisition or retirement of the
securities of the operating companies to be acquired or retired, and for
other corporate purposes.
Valuation.
-The depreciated value of the operating properties as estimated by independent engineers is reported to be in excess of 212,500,000.
Such valuation after deducting 36.635,400 of underlying bonds and preferred stocks, together with minority stock interest in Lima Telephone &
Telegraph Co., indicates a ratio of property value of over $1,650 to each
21,000 of debenture bonds.
Conversion.
-Debenture bonds are convertible at any time after Aug.
1 1929 at the option of the holder, with adjustment of accrued dividend
and accrued interest, into the fully paid and non-assessable 37 no par
cumulative preferred stock of the corporation (callable at 110 and divs.)
on the basis of 11 shares of preferred stock for each 31,000 principal amount
of debenture bonds. In the event of redemption holders of debentures
will have the right to convert up to and including the day before the date
fixed for such redemption.
The Chatham Phenix National Bank & Trust Co. has been appointed
registrar of 100,000 shares of cumul. pref. stock and 100,000 shares of com-V.127. p. 1809.
mon stock, both without par value.
Data from Letter of Simon F. Rothschild, Pres, of the Company.
Business.
-The Abraham & Straus store, now the largest department
store in Brooklyn, is the outgrowth of a business founded over 60 years ago.
In 1885 the enterprise was moved to a site in the square block in which the
present store is located. This district has since become the shopping center
of Brooklyn.
Sales for 1886, the second year in the present location, were $2,500,000.
Sales for the year ended Jan. 31 1928 exceeded 325.500.000.
All the real estate and buildings now used by the store are under lease
to the company with provision for renewals.
The present management has been associated with the business since the
founding of the firm of Abraham & Straus,35 years ago.
Earnings.
-The net sales, and the consolidated net profits after depreciation, but before deducting Federal income taxes, as certified by Touche,
Niven & Co., public accountants, were as follows:
Years Ended Jan. 311926.
1927.
1928.
Net sales
$24,382,925 $25,226,520 $25,571,149
Net profits as above
1,398.303
1.780,968
1,681.332
Times int. req. on this issue
4.93
6.28
5.93
For the six months ended July 31 1928 ofthe current fiscal year,net profits
as shown by the company's books were substantially in excess of the net
profits for the corresponding period of 1927.
Purpose of Issue.
-In order to meet the expanding needs of the business.
It is proposed to erect, in successive units, an entire new modern store
building. This will cover the whole area now occupied as well as several
adjoining parcels of land not at present occupied but owned by or under
-30c. Common Dividend.
Utility Shares Corp. (Del.).
- lease to the company or a wholly-owned subsidiary. The lease of the major
The directors have declared a dividend of 30c. per share on the common portion of the premises now occupied is about to be extended and its terms
stock, payable Nov. 1 to holders of record Oct. 15. A dividend of the modified,among other things, to increase the rental and to give the company
-V. 127, p. 824.
same amount was paid on May 1 last.
an option to purchase. During the construction of the first and succeeding
units of the new building, the business will be carried en in the floor space
Western Telephone & Telegraph Co.
-Notes Offered
- available at the time.
It is Intended to begin
unit,
The Peoples State Bank, Indianapolis, is offering $110,000 two basements, on Jan. 1the erection of the first aboutof eight stories and
1929. This will cover
40% of the store's
present ground area, and with equipment and fixtures is estimated to cost
6% 5
-year 1st mtge. gold notes at par and int.
Dated May 11928. Due May 11933. Denom.$500. Interest payable about 37,450.000. The proceeds of the present issue of debentures will bs
M. & N. at the Peoples State Bank, Indianapolis, trustee. Red. on any used toward defraying part of this cost, and It is expected that the balance
Int. date within 3 years after date at 101 and int. thereafter, to date of necessary will be supplied by the company out of accumulated earnings.
Listing.
-Company has agreed to make application to list these debentures
maturity, at 10054 and int.
on the New York Stock Exchange.
Issuance.
-Authorized by the Public Service Commission of Indiana.
Consolidated Balance Sheet, Jan. 31 1928 (After Present Financing.)
Business and Territory.
-The company. an Indiana corporation, has purchased and is now operating the Otterbein Telephone Co., Pine Village
AssetsLiabilities
Telephone Co. and Farmers & Merchants Co-operative Telephone Co. of Cash & call loans receivable__ $6,667,122 Trade creditors
$447,933
Boswell, with exchanges at Otterbein, Pine Village. Boswell and Freeland U.S.& N.Y.City ohne
1,209,480 Trade erect, for mdse. in tms.
154,913
Park. About 1,400 stations are now served in a territory of approximately Customers' accts. receivable- 2,569,894 Sundry.credltors
43,199
10,000 population. Nation-wide long distance service is afforded by Sundry debtors
89.694 Accrued salaries & expenses-217,302
satisfactory traffic arrangements with the Indiana Bell Telephone Co. and Inventories
3,272,142 Reserve for Federal tax
250,000
other connecting systems.
Miscellaneous investments139.703 Divs. on pref. stk. payable
74,37$
Security.
-These notes are a direct obligation of the company secured by Fixed assets
3,071,385 Purch. money mixes. Day-2
50.000
first mortgage on all the real and physical property now owned or here- Deferred charges
239.114 514% gold debentures
3.150,000
after acquired as provided in the trust indenture. The Public Service Good-will
1 Reserves
249,247
Commission of Indiana has established the fair value for properties to be
7% preferred stock
4,250,000
in excess of 3160.000.
Common (155,000 shares)
1,337,500
Earnings.
-Company reports earnings for 1927 as follows:
Earned surplus
4,039.296
Total revenue
$30,619
319.763
Property surplus
Total operating expenses
16.758
Appropriated surplus
425,000
Available for Interest and taxes
213,860
Total
$17.258.534
$17,253,534
Total
Interest on these notes
6,600
Acoustic Products Co.
-E. F. Gillespie
-Stock Sold.
-V.95. p. 1407.
West Virginia Water Service Co.
-Earnings.
-
Years Ended July 31Operating revenues
Operation expenses
Maintenance
Taxes (excluding Federal income tax)
1928.
3765,682
304.791
51.522
76.928
& Co., Inc., have sold at $15 per share 200,000 shares
common stock (no par value).
1927.
CapitalizationOutstanding
Authorized.
$729.637 8% cum. cony. pref. stock ($100 par)
40,000 shs. 21,056 shs.
304,473 Common stock (no par value)
*1.000.000 shs. 778,224 shs.
55,396
* Reserved for conversion of preferred stock,84,224 shares.
80,102
Reristrar. Chatham & Phenix Nat. Bank & Trust Co., New York.
Transfer agent, Equitable Trust Co., New York.
earnings
Net
2289.661
3332.441
Data from Letter of P. L. Deutsch, President of the Company.
Other income
3.518
1.978
Company.-OrganIzed in Delaware In Oct. 1927 and constitutes a merger
Gross corporate income
$335,959
$291,639 of the Sonora Phonograph Co.. Inc., the Premier Laboratory Co. and the
Bidhamson Corp. Its aim and purpose is to cover the entire field of sound
Annual int. req. on total funded debt
• 160,000
reproduction, both recorded and broadcast, and also synchronization of
-V. 127, p. 1105.
found with film, for use In theatres, auditoriums, churches and schools.
Since
Wisconsin Public Service Corp.
-Buses to Replace Street itsConsiderable progre•s has been made by Acousitc Products Co. to the
inception the entire efforts of the organization have been devoted
Cars on Green Bay Line.
creating and perfecting of its new units. At the present time it is producThe corporation has been granted permission by the City Council of ing on a large scale a complete line of the latest and most Improved type
Green Bay. Wis., to replace the street car service on the South Broadway of acoustic phonographs, together with electrical reproducing instruments,
line with bus transportation. As soon as the plan is approved by the both as applied to recorded music and radio, embodying the best that is
Wisconsin RR. Commission, work will begin on tearing up the tracks, ac- available in the art to-day.
The woodworking plants and the apparatus factories are working to
cording to an announcement by Vice-President C. R. Phenicie.
The Mather Street and Duck Creek lines of the company in Green Bay capacity. These results have been brought about through the company's
were abandoned some time ago and the bus service which was Instituted research laboratories and the acquisition of Important patents and creations
has proved so satisfactory that there was no opposition to the plan to in the radio and phonographic art. Included in these are the rights to have
manufactured for the company machines under the original basic patents
abandon the South Broadway line-V. 127. p. 1529.
of the DeForest Radio Co. The company is to-day the only music organzatlon in a position to offer to the trade acoustic phonographs, electric
phonographs, radios, loud speakers, records and tubes under one trade
-Sonora.
name
The opportunity offered In the field of synchronization of sound with
INDUSTRIAL AND MISCELLANEOUS.
pictures will be a large part of the company's activity. It has closed con-The following companies this week each reduced tracts in the religious field and has important negotiations pending in the
Refined Sugar Prices.
refined sugar 5 points to 5.35: American, Arbuckle, Godchaux and Penn- amusement field.
It is expected that the company's foreign business will be of considerable
sylvania. Great Western has reduced refined sugar 5 points to 5.15 on
importance. A contract has been concluded with a large exporting company
guaranteed shipments west of Chicago.
Sonatrcn Tube Reduces Prices.-Sonatron Tube Co. has reduced price of for the sale of its production in Australia, New Zealand, South America
its radio tubes to correspond with suggested list price announced by Radio and toe Far East. Negotiations are now pending for the merging of a
-"Wall Street Journal," Oct. 1, p. 14.
Corp. of America.
radio manufacturer in Great Britian, operating under the Marconi patents.
Nation's Annual Food Bill $23,000,000,000.
-Survey shows 47,985 plants an electrical company of importance in Germany, operating under the
-N. Y.'Times," Oct. 4. p. 29.
share business.
German radio patents, and the Acoustic Products Co., for the manufacture
Textile Compromise Rejected.
-Four out of seven unions at New Bedford. and sale of Sonora products in Great Britain and Continental Europe.
Mass., voted against the proposed wage reduction compromise providing
Property and Assets.
-Company owns and operates the large Sonora
a 5% reduction in wages instead of the original 10% cut
Wall Street woodworking plants at Saginaw, Mich., having in excess of 500.000 square
News Slips," Oct. 1.
feet of floor space. It also operates an electrical apparatus plant at StainMatters Covered in "Chronicle" of Sept.29.-(a) Arizona Copper companies ford, Conn. Its executive offices. salesrooms and accounting departments
announce 10% increase in miners' wage, p. 1743;(b) Offering of $20,000,000 are housed in the new Sonora Building, at 50 West 57th St., N. Y. City.
Rhine-Westphalia Electric Power Corp. bonds, p. 1750; (c) Offering of In this same building three entire floors have been devoted to the musical
310,000.000 6% bonds of Finland Residential Mortgage Bank-Books department, and the latest type of recording laboratories have been built
closed, p. 1750; (d) Credit of $25,000,000 to Yugoslays planned-German and equipped. This building further houses research laboratories and engi-part for reparations, p. 1751. neering departments and directly adjoins the wax and galvano department
concerns to furnish it in railways materials
(e) Early action on recommendations of Attorney-General Ottinger's com- for making Sonora records.
Earnings.
mittee to combat loan sharks urged by President Boerne of Excelsior
-Company is in a position to produce a superior line of atSavings Bank. p. 1751:(f) Further developments in injunction suit brought tractively priced instruments covering its entire field. The forecast for
by Security Trust & Savings Bank of Los Angeles against use of word the current fiscal year, based on gross sales volume, estimatedby the man"Security" by United Security Bank & Trust Co. of San Francisco, p. 1756. agement to exceed $8,000.000. indicates substantial net earnings. There
are now on hand orders largely in excess of the company's present extensive
-Debentures Offered.
Abraham & Straus, Inc.
-Lehman productive capacity.
Pro Forma Consolidated Balance Sheet as at June 30 1928.
Brothers, New York, are offering at 101 and int., to yield
Assets
Liabilities
5.40%, $5,150,000 15-year 53i% gold debentures (with Cash $1,454,414 Notes payable
$3,273
stock purchase warrants). A part of the $5,150,000 deben- Notes receivable
209.239 Accounts payable
251,540
Accounts receivable
295.316 Reserves
117.425
tures is Nun;reserved for sale to stockholders.
Inventories
572,652 8% cum.cony. pref.stock__ - 2,105.600
Dated Oct. 1 1928: due Oct. 11943. Int. payable (A. & 0.) Denom. Investment (Tay Sales Col
15.000 Common stock (778,224 shs..
$1.000c5 Interest payable without deduction for any Federal income tax Fixed assets (leas depreclien)_ 1.014.950 (no par value)
.
1,556,448
annum. Red. all or part on 60 days' notice any time Pats., tr.-mks. & copyrights_ 2,508,732 Surplus
not to exceed 2% per
1,961.766
on and after Oct. 1 1931 at 103 during the year commencing Oct. 11931. Deferred charges
61,458 Minority stockholders
135,709
with successive reductions of yf of 1% during each year thereafter until
Apr. 1 1943, and thereafter at 100, in each case with accrued int. Company
Total
$6,131,760 Total
$6,131,760
will agree as pro%ided in the indenture to refund the Mass, income tax not -V. 127.
p. 1809.
in excess of 6% upon the interest, the Penna. personal property tax not in
excess of 4 mills per annum and the Maryland securities tax not in excess
Alles & Fisher, Inc.
-Earnings.
of 414 mills per annum.
The "Boston News Bureau" says: The company reports for the half
-year
Stock Purchase Warrants.
-Each 31.000 debenture will carry a warrant. ended June 30 1928 net earnings before taxes of $312.000, a gain of approxinon-detachable except when exorcised or in the event of redemption of mately 42% over the $220,000 figure shown in the corresponding half
the debenture, entitling the holder to purchase 5 shares of common stock of 1927. After allowing 12% Federal taxes In 1928 half, or $37,440, net of
the company, at $115 per share to and incl. Oct. 1 1931 and at $120 per equivalent to $1.83 a share on 150.000 shares. This compares with was
$1.26
share thereafter to and incl. Oct. 1 1933.
a share in 1927 first half after allowing 133 % Federal taxes. Because
Authorized. Outstanding
Capitalization.operations since the turn of the year indicate even greater rate of gain and
$5,150,000 $5,150.
15 year 5.14% gold debentures
because the cigar manufacturer enjoys by far his most lucrative period in
4.250,000
7% cumul. preferred stock (par value $100)
3.825.000 the closing months of the year, indications point to a most prosperous
Common stock (no par value)
250,000 stis. 155,000 Wis. 12 months.
-V. 126, p. 2793.
FINANCIAL CHRONICLE
1950
[VOL. 127.
-Seeks Control of
American Smelting & Refining Co.
-Howe.Snow
-Stock Offered.
Alliance Investment Corp.
shares common stock (no Michigan Copper & Brass Co.
& Co., Inc., are offering 19,000
secured an option to purchase class B stock of the
The company
par value) at market (about $22). This stock is outstand 21; Michigan CopperhasBrass Co. at $10 a share until Oct. 15 1928, provided
&
new financing by the company.
90% or over of the stock is deposited for sale at tnat price.
and does not represent
audits, and that
Dividends are exempt from present normal re leral taxes and are payable
Q.
-J. Transfer agent: Alliance Investment Corp., Philadelphia, Pa.,
Registrar: Real Estate-Land Title & Trust Co., Philadelphia, Pa.
Authorized Outstanding
Caralitlization
41,000.000
$2,000.000
Preferred stock (par $100)
165,000 shs.
250,000 shs.
(no par value)
Common stock
a 6% Cumulative Preferred Stock. Series A.
History and Business-Corporation was organized in March, 1925. to
conduct the business of an investment trust of the general management
type. The corporation may. under conservative restrictions, acquire.
hold and sell securities and obligations of a diversified nature both foreign
and domestic.
-Ample means for safeguarding the choice and amount of
Investments
Investments is provided by the certificate of incorporation.
The corporation may not invest more than 734% of its capital and surplus
In the securities of any one company; and even stricter limitations are
Imposed on the purchase of foreign securities.
No bonds or stocks of any company are eligible for purchase unless (1)
such company has been established for a period of at least three years, or
is an outgrowth of companies previously in existence for at least three
years, and. (2) reliable information is obtainable with respect to history,
management, assets, earnings and income of such companies.
At the present time the invested funds of the corporation are in apive
proximately 235 separate issues of bonds and stocks of representat of
railroad, public utility and industrial companies, and in the stocks
leading banks and insurance companies, and bonds of foreign countries.
in
As of August 31. 1928, the investment fund was approximately 14.8%
bonds, 78.3% in preferred and common stocks and 6.9% in cash.
-The earning power of the corporation is directly dependent
Earnings.
Net
upon the amount of assets invested and available for investment. taxes
and
earnings after all expenses and before provision for Federal Junestate 1928.
30,
for the 3 years and 3 months ended
of the corporation
averaged about 12% annually on the average amount invested and cash on
hand during that period.
of the
The average funds invested and cash on hand and the earnings 1927
Dec. 31
1w
8 2ermeont
une
ted
corporation stir: monthsofficiallynreported for
c ra t n
ior tige
as follows:
.
6 Mos End.12 Mos.End.
June 30'28 Dec. 31,'27.
$4,252,726 $3,360,600
and cash-on hand
Average funds invested
Net 0...ruings after all operating expenses and before
Interest and provisions for Federal and State
358.891
359,230
taxes
Per cent earned on the average funds invested and
10.7%
8.4%
cash on hand
Net earnings available for the common stock after
all expenses, interest and provisions for Federal
$173.296
taxes, state taxes and preferred stock dividends $246,655
Earned per share on 165.000 shares of common
$1.05
$1.49
now outstanding
stock
per
-Preferred stock has paid dividends at the rate of 6%
Dividends.
annum continuously since Oct. 1 1925.
paid dividends on its common stock since July 11927.
The corporation has
the common
Quarterly dividends of 20c. a share are now being paid, placing
stock on an annual dividend basis of 80c. per share. Pres.; Arthur Loeb,
are: Isaac Gerstley,
-The officers
Management.
Sec.
Vice-Pres.; Leon C. Sunstein, Treas.; and Samuel L. Gerstley,
-Arthur A. Fleisher, Isaac Gerstley, Samuel L. Gerstley, Leo
Directors.
Hays Solis-Cohen, Esq. Leon C.
H. Heimerdinger, Arthur Loeb, D.
N. J.
Sunstein, of Philadelphia. Pa., and Rudolph Loeb of Camden.
to serve on
A representative of Howe, Snow & Co., inc. has been invited
the Board.
Balance Sheet August 31 1928.
LiabIlitiesAssets
81,000,000
Casa in bank & on hand__ __ 6310,971 Preferred stock
4,264,243 Common stock (165.000 ells) 1.501.50)
Investments at cost
1,550,000
6.678 Loans payable
Furniture & fixtures
6,942
Accrued interest
32.788
Reserves for Federal taxes_
490,662
Surplus & undivided profits_ _
34.581.892
Total (each side)
1
-Proposed Merger.
Allied Packers, Inc.
has
President Frank R. Warton announced, that a tentative agreement
Corp.
been reached with representatives of the Hygrade Food Products
of the Allied Packers, Inc., and its
looking toward the reorganizition
Packers stockholders
acquisition by the Hygrade corporation. The Allied stock of the Hygrade
will be offered under the proposed plan cash and (or) worked out and it is
being
corporation. Details of the proposed plan are
promulgate a plan
expected that a committee within the next 10 days will -V. 126, p. 718.
calling for the deposit of the Allied Packers securities.
-Reserve Fund
American Basic-Business Shares Corp.
share on June
The reserve fund of Fixed Trust Shares stood at $1.24 per
that date, according
30 1928. an increase of 24% in the 12 months ended CO. analyzing Fixed
by F. J. Lisman &
-page booklet just issued
to a 32
31 1927, the
Trust Shares. During the six year period ended December unit of Fixed
each
average annual return on the group of stocks underlying of cash dividends
aggregate
Trust Shares, was 1.48 per share, this being the
and the proceeds from the sale of rirhts and stock dividends.
of making
The reserve fund of Fixed Trust Shares was set up with a view annum,
per
certain that the holder would receive a minimum return of $1 on the basis
per share every 6 months. This fund was started the accumuor 50 cents
of $1 per share; it Is to be built up to $1.50 per share through
When it
lation of all earnings above the 50 cents Payable send-annually. distribamount will be
has reached $1.50 per share, all earnings above this127, p. 548.
-V.
uted to the holders of the Fixed Trust Shares.
-Earnings.
Commercial Alcohol Corp.
American
Operating
Actual consolidated operation commenced April 25, 1928.
subject
income for the first three calendar months of consolidated operation, with
profits, compares as follows
to audit and excluding all non-operating
operations:
the old companies'last three calendar months of separate
New
Old
Companies Corporation
Combined Consolidated
Mar.31 '28 July 31,'28.
Three Months Ended$284,016
Operating net income, after depreciation_ - _ - _ -- $193,194
present capital charges, including
Surplus after
153,941
74,018
preferred'dividends
4.7
3.2
Times bond interest earned
5.0
2.9
earned
Times preferred dividend
$2.00
$0.96
Quarterly net earnings on common stock per share
-V. 127. p. 1810.
-Sales.
American Department Stores Corp.
.
1928-9 Mos-1921
.-19z1.
pt
1928
$920,616
$1,160,189
-V. 127, p. 1678.
increased
$239,5731$8,984,572 $6,409,395
Increase.
$2.575,177
It is believed that final audit will confirm preliminary
the necessary number of shares of class B stock will be deposited. Final
decision will be announced about Oct. 9.
Preliminary to the purchase of the class B stock by American Smelting
voted to
company, the stockholders of the Michigan Copper & Brass Co. shares
to 300,000
increase the capitalization from 300,000 shares, par $10, callable at $20 a
of no par class A stock, entitled to $1.20 a share and
class Is
share but having no voting power, and 300,000 shares of no-par permit
do not
stock which shall have voting power. The Michigan laws a callable prebut the class A stock is virtually
preferred issues of stock,
ferred issue.
Under the recapitalization plan,each share of old stock of the Michigan
company will receive one share of no par class A and one share of no par
class B stock.
the outThis change of capitalization was approved by over 57% of has been
standing stock, and over 75% of the outstanding class B stock
under
deposited for sale at $10 to the American Smelting & Refining Co.
-V. 127, p. 1106.
the agreement outlined.
-Earnings.Writing:Paper Co., Inc.
American
1927.
1928.
Month of August$1,132,899 $1,007,972
Net sales
32.522
73,687
depreciation and interest__ _ _ -Profit after taxes,
Balance Sheet August 31.
1927.
1928.
1927.
1928.
$
Assetst.10.729,629 10,518,866 Preferred stock._ _ 8,926,800 9,000,000
xPlant & equipm.
400,514
539,954 Corn,stock & surp. y742,674
Prop., Inc_ 407,598
Choral
1,470,474 1,191,359 lst mtge. bonds_ _ _ 5,466.000 5.500,000
Cash
958,000
740,500
106,686 Serial notes
Notes& accept. reo 134.649
403,872
385.403
Acc'ts receivable__ 1,403,692 1,218,474 Accounts payable_ 245,706
252,513
2,319,029 2,874,666 Accrued accounts_
Inventories
17,613
2 Federal tax reserve
2
Investments
1
1
Trademarks, &c._
64,891 Total(each M0_16,524,696 16,514.899
59,622
Deferred charges_ _
-V.
x After depreciation. y Represented by 152,620 no-par shares.
127, p. 550.
-To Receive Dividend.
Anaconda Copper Mining Co.
-V. 127, p. 1679.
See Andes Copper Mining Co. below.
-To
-Special Div. of 750.
Andes Copper Mining Co.
Offer Stock.
on
share
The directors have declared a special dividend of 75 cents per Nov. 15.
the no-par capital stock, payable Dec. 17 to holders of recordstock outThe Anaconda Copper NILning Co. holds 99% of the capital
standing.
D. Barney &
The National City Co., Brown Brothers & Co. and Chas. of the comCo. plan to offer early next week a block of common stock
-V. 126, p. 2967.
pany.
Associated Breweries of Canada, Ltd., Calgary, Alta.
-An issue of $1,500,000 7% cum-Preferred Stock Offered.
preferred shares is being offered at 100 and div. to yield 7%,
carrying a bonus of four shares of common stock with each
10 shares of preferred stock.
from Oct. 1928 at
Preferred as to capital and dividends. Cumulative all or part at 110
-J. Red.
the fixed rate of 7% per annum, payable Q.
notice, and payable at same price in
and div. to date of red.. on 30 days' Non-voting except in the event of 8
event of voluntary liquidation.
the
then so long as
quarterly dividends in the aggregate being in arrears and
the preferred shareholders
any dividends shall be in arrears in which case directors of the company.
right to elect a majority of the
shall have the
$50,000 of these
Company's charter provides for a sinking fund to redeem
to August P1929, in which divishares in any and every year subsequent Transfer agent:Royal Trust Co..
common stock.
dends are paid on the
Montreal and
Montreal and Calgary. Registrar: Bankers Trust Co.,
Calgary.
Issued.
Authorized
Capitalization$1,500,000
51.500,000
es
7% cumul. preferred shar
400,000 shs. *195,145 shs.
(no par value)
Common shares
par value common sharer; a total of
• Of this total issued amount of no
exchange of these shares
185,145 shares are issued wholly in respect of the
for the shares of the constitutent companies.
through stock ownership, the
Company.-Incorp. in 1928. Controls
Canada: Lethbridge Breweries, Ltd., Lethfollowing breweries in Western Breweries, Ltd., Edmonton. Alta., Regina
bridge, Alta., New Edmonton
Ltd., Regina. Sask. and Prince Albert Breweries, Ltd.,
Brewing
Co..
Prince Albert, Sask.
machinery throughout, includThe Breweries are equipped with modernpacking machinery, and have a
and
ing necessary bottling plants, labelling
of 350.000 barrels per year with adequate storage
total brewing capacity
facilities for ageing.
in their respective tentThe constitutent companies are well established
known throughout the Western
tories and their products are favorably
of beer, ale and stout, there is
Provinces. In addition to the manufacture
manufactured ginger ale and other carbonated beverages.
of the cash portion
-Proceeds are being used for the provision companies to be acPurpose.
constitutent
of the purchase price of the shares of the
redemption on Oct. 1 1928. of $312,700. of Lethbridge
quired, for the
provide working capital.
Breweries, Ltd. 7% first mortgage bonds and to
as apAssets -Depreciated fixed assets of the constituent companies,
Co., Ltd., amount to 52.193,561. Net
praised by the Canadian Appraisal
and after giving effect
current assets, after deducting all current liabilities
& Co., amount
to the present financing as certified by Price Waterhouse
value which attaches to
to $630,452. Total net assets, excluding themaking due allowance for
and other intangible items add after
good-will
equivalent
minority interest, will amount to approximately 53,254.077,
to $217 per share of preferred stock outstanding.
earnings of the costitutent companies for the last two
-Net
Earnings.
31 1928. after defiscal years completed during the year ended March proper depreciation
ducting all operating and maintenance expenses, taxes, to minority stock
of earnings applicable
and after setting aside proportion
outstanding, have been as follows:
Earned
Earns. appl. to
per Share
Pref. stock
$29.46
$441,913
1927
25.30
379.468
1928
dividend on the preferred
Average being equivalent to 3.9 times the the preferred dividend on
outstanding. After payment of
shares now
common shares have
these shares earnings available for dividends on the
averaged $1.57 per share.
subsequent to the close of their last fiscal year
Profits of all companies
that
for
have been satisfactory and it is conservatively estimatedshare earnings
of common
per
the year ending March 31 1929, will exceed $2.25
-V. 127, p. 1679.
outstanding.
-Transformation Effected.
Founders Corp.
-Bonds
Associated Chain Store Realty Co., Inc.
-A syndicate composed of Manufacturers Trust Co.,
Completed. Offered.
-Transformation
American Founders Trust. American Founders Corp. was Blake Brothers & Co., J. B. Walker & Co., Inc., New York,
into
The transformation of this Trust
committee of trustees appointed and McEldowney & Co., Inc. of Bridgeport, offered Oct. 4
declared operative on Sept. 29 by theion.
plan of transformat
managers under the
with the Seaboard National Bank an issue of $1,100,000 first mortgage collateral 53/2% gold
Shares in the Trust are being deposited
for stock of the corporation are bonds (closed issue) at 973 and int.
4
as depositary. When the certificates
American
-V. 127, p. 1678.
See American Founders Trust below.
certificates of deposit. Two shares
ready, they will be exchanged for theexchanged for one common share in
of corporation common stock will be
classes being exchanged share for share.
the Trust, other
Second International Securities
Rights to buy class B common stock of
American Founders Trust
Corp. will be issued to all who deposit their
also V. 127, p. 1678, 954, 825.
shares by Oct. 10. See
(J. & J.) payable
and
Dated July 1 1928: due July 1 1957. PrincipalNew int. City. 'Num.
York
at principal office of Manufacturers Trust Co. in
part at any time on 30 days' notice, at
51.000 and $500 c*. Red. all orJuly 1 1933; thereafter at 102 and int., if
103 and int. if red, on or before
int., if red, on or before
'
red, on or before July 11938: thereafter at 101 and
Certain Calif., Conn., Mass,
July 1 1943: and thereafter at 100 and int. Trust Co., trustee.
-Dividend No. 2.
refundable. Manufacturers
and Penn, taxes
American Phenix Corp.
Vice President of the Company.
%,or 75 cents per share,
The directors recently declared a dividend of 1%holders of record Oct. 1. Data from Letter of A. C. Schnee,
on the general stock, par $50, payable Oct. 5 to paid on July 2 last.
-Company is a Delaware corporation, organized in January
Company.
An initial 'quarterly dividend of like amount was
in real estate which, at the time of purchase, is under long
1928, to invest
V. 126, p. 4084.
OCT. 6 1928.]
FINANCIAL CHRONICLE
term "net lease" to a chain store company of recognized standing. It is
the practice of chain store companies to select only the best locations in
growing communities, after an exhaustive study of the locality in question,
and experience shows that property of this nature tends to increase substantially in value. The company now owns six such properties and is
about to acquire twelve others.
Purpose—Proceeds from the sale of these first mortgage collateral 514%
gold bonds and an issue of $1.100,000 rent trust certificates junior to
these bonds will be used to acquire, through wholly owned subsidiaries,
12 new properties, each under net lease to one of the following: F. W.
Woolworth Co.. Louis K. Liggett Co.. W. T. Grant Co., J. J. Newberry
Co., F. & W. Grand 5-10-25 Cent Sotres, Inc., McLellan Stores Co., and
Metropolitan Chain Stores, Inc.
Security.—These bonds will be a direct obligation of the company and
will be secured by assignment to and deposit with the trustee of closed first
mortgages on 11 of the properties referred to above of aggregate principal
amount and interest requirement equal to this issue. None of these
mortgages will be in excess of 60% of the actual cost of the respective
property.
Net Leases.—Each of the properties is under "net lease" to one of the
above chain store companies. The net lease provides that, in addition to
the monthly net rental, the tenant pays maintenance charges, taxes,
insurance premiums, assessments and all other charges. All leases extend
beyond the maturity of these bonds, excepting one which expires in 1953.
Earnings.—Except in the case of one lease, rental payments are graduated
upward over the period of each lease and even during the first year of this
issue will aggregate over twice the interest requirements of these bonds.
Rental payments are made direct to the trustee under the indenture securing the junior issue of rent trust certificates, which provides that such payments all be applied first to the interest requirements of the mortgages
securing these first mortgage collateral 53i% gold bonds.
Authorized. Outstanding.
Capitalization—
1st mtges. (incl. those securing these bonds)--- $1,774,400 $1,774,400
1.738,000
1,738,000
6% rent trust certificates
*200.000 shs. 108.200 shs
Common stock (no par value)
* Includes 27,380 shares reserved for issuance upon the exercise of purchase warrants outstanding.—V. 127, p. 1106.
Atlantic Ice Manufacturing Co.—Initial Div.—Earns.—
An initial dividend of $1 per share has been declared on the common
stock payable Oct. 15 to holders of record Oct. 1.
The company, which operates 23 artificial ice plants in Eastern Pennsylvania, Southern New Jersey, Dealware and Maryland,reports for the 12
months ending Aug. 31 1928, gross earnings of $586,061 and a balance,
after all Interest charges, amortization, taxes and depreciation of $91,022.
Atlantic & Pacific International Corp.—Representative.
The corporation announces the appointment of C. E. Wheeler & Co.,
27 State St., Boston, Mass., as the distributor in New England of its
securities. The firm will represent the corporation in Massachusetts,
Ithode Island, Maine, New Hampshire, Vermont. Newfoundland, Ontario,
Quebec and the maritime provinces.—V. 127. p. 1810.
Aviation Corp. of the Americas.—Linking of the Three
Americas—Stock of Company Placed Privately.—
Linking the three Americas—North. Central and South—by a single
airway and bringing the West Indies, Central America and Panama within
one and two days of the United States, was accomplished when the organization of Aviation Corp. of the Americas was completed and its first board of
directors was elected in New York City.
The new company, forming what is believed to be the largest international air mall and passenger system in the world, is headed by Richard
F. Hoyt as Chairman of the Board, and Cornelius Vanderbilt Whitney as
President, and is sponsored by men identified with the development of
American air transportation and prominent banking interests. It will
own all of the outstanding stock of Pan American Airways, Inc., which
pioneered the airway to the Latin Americas and was the first international
air mall and passenger service from the United States.
Through Pan American Airways, Inc., as its operating company,Aviation
Corp. of the Americas will project and manage a system of international
air mail and passenger routes especially between the United States, the
West Indies. and Centre' and South America, over the largest airway
mileage of any transport company in the world.
The Aviation Corp. of the Americas has outstanding 223.400 shares of
no par value common stock, representing an investment of substantially
over $3,000,000. In his announcement concerning the formation of the
new company, made from the offices of Hayden, Stone & Co. in New York
City, Mr. Hoyt stated that all of this amount had been subscribed privately
and that the company does not contemplate any public financing at this
time.
Under contracts already awarded by the United States Government,
Aviation Corp. of the Americas, through Its operating company. Pan
American Airways, Inc., will operate air routes extending 4,023 miles in
length through 12 different countries, aggregating a yearly operating distance of 2,441,366 miles over a single system. Of this total 1.992,086 miles
will be flown on a daily schedule and the remaining 449,280 miles will be
added on a three-day-a-week schedule. Extensions already under contract
and additional lines to be put into operation will nearly double this aggregate mileage.
Serving on the board of directors of Aviation Corp. of the Americas,
which is also the new board of Pan American Airways, Inc., according to
the announcement of Mr. Hoyt, are: R. F. Hoyt (Hayden, illtone & Co.).
,
0. V. Whitney (director Guaranty Trust Co.), J. T. Trippe (Pres. Pan
American Airways, Inc.), Robert Lehman (Lehman Bros.). Lyman Delano
(Executive V.-Pres. Atlantic Coast Line RR.). S. M. Fairchild (Pres.
Fairchild Aviation Corp.), W. A. Harriman (W. A. Harriman & Co.),
Leonard Kennedy (Leonard Kennedy & Co.), George Mixter (Stone &
Webster), S. Sloan Colt (V.-Pres. Farmers Loan & Trust Co.), E. 0.
-P. Murphy & Co.), W. H. Vanderbilt. Grover
McDonnell (member G. M.
Leoning (Pres, Leaning Aeronautical Corp.). Graham B. Grosvenor
(V.-Pree. Fairchild Aviation Corp.), John A. Hambleton (Hambleton &
Co.), R. B. Be Vier (Pres. Be Vier & Co.), Robert W. Atkins (Hayden.
Stone & Co.).
Pan American Airways. Inc., has been operating, under contract with
the United States and Cuban Governments, an international daily air
mail and passenger service from Key West to Havana during the past 11
months, with the hialiest rated efficiency of any air transport company
under contract wan the Un.ted States l'ost Office Department. In May
1928 a new five-year contract, the first to be issued under the Kelly Foreign
Air Mail Act, was awarded Pan American Airways, Inc., at the rate
of $2 per air plane mile for transportation of United States rnial to Havana.
-year air mail contracts
Recently the company was awarded two 10
by the United States Government for extension of air transport service
between Miami and Cristobal, Canal Zone, an operating distance of
4,654 miles daily and between Miami and San Juan, Porto Rico, a distance
of 2,880 miles to be operated three days a week. Both of these contracts
were awarded at the rate of $2 Per mile.
The first of the new contracts, calling for daily service between Miami
and Havana via Key West is already in operation. The line carries passengers and all first class mail bound for Cuba and clips a full business
day off the best previous mail schedules between New York City and
Havana. The second contract to go into operation will be between
Miami and San Juan, Porto Rico, via Cuba, Haiti and the Dominican
Republic. The third contracted route from Miami to the Canal Zone
will operate via Havana, Yucatan, British Honduras, Honduras, Nicaragua,
Costa Rica and Panama.
Under these contracts, and subject to the final approval of the Post
Office Department, the company also has the optlyn to extend service at
the rate of $2 per mile from San Juan via Windward and Leeward Islands
to Trinidad; and from the Canal Zone via Colombia and Venezuela to
Trinidad, thence via British Guiana to Dutch Guiana, producing additional
contractual routes which will almost double the original mileage.
With the assistance and co-operation of a Government committee,
aepotnted by President Coolidge and including the Hon. France White.
Dept. of State, Chairman: W. Irving Glover, Post Office Dept.; II. Trubee
Davison, War Dept.: Edward P. Warer, Navy Dept.• C. R. Scheoneman,
'
Treasury Dept., and Wm. P. McCracken Jr., Dept. of Commerce—the
company completed economic and technical surveys through these countries
prior to the award of contracts. The most efficient international air route
was mapped out following this study.
The company holds contracts with the Cuban Government, giving it
preferential commercial privileges at all Government airdromes either
existing or to be developed. Construction of airports in other countries
through which the system will operate has been under way since the contracttwere awarded and are reported to be progressing rapidly.
1951
Bancitaly Corp.—To Make Distribution in Bank of
America Stock.—
See under "Bank items" in last week's "Chronicle,"Page 1760.—V. 127,
13• 1530.
Barnsdall Corp.—Reduces Debentures.—
The corporation on Oct. 4 announced that it had retired $1,000.000
-year 6% debentures. At the beginning of 1928 there were $24,of its 15
863,500 of these debentures outstanding.—V. 127. p. 1810.
Bastian-Blessing Co., Chicago.—To Increase Capitalization—Interest in Company to be Acquired by United Cigar
Stores Co. of America.—
The stockholders will vote Oct. 26 on increasing the authorized common
stock (no par value) from 107,500 shares to 127.900 shares. At last
accounts there were outstanding 82.500 shares of common stock and 10,000
shares of no par $7 cum, cone. pref. stock. The tatter is convertible on
the basis of 234 shares of common stock for each pref. share held.
The United Cigar Stores Co of America will acquire a large interest in
the Bastian-Blessing Co. and will purchase all of their soda fountain
r
g t, B es c en
, 3l
e
octir131ats from,1ge_ astifir ercern for a period of ten years. according
t Part of the proceeds from the sale of the
Bastian stock to the United
Cigar Stores Co. will be used to redeem 5,000 shares of Bastian preferred
oalance of the funds will be used to increase the capacity
as of Jan. 1. The
of the plants.—V. 126, p. 2795.
Beardsley & Wolcott Mfg. Co.—Rights—Acquisition, cfcc.
The stockholders recently approved the issuance of 22,000 additional
shares capital stock of which 3.740 share; were issued in part payment
for the Berbecker & Rowland Manufacturing Co. and 18,260 are offered
for subscription at $25 per share to stockholders at the rate of 4134 new
shares for each 100 shares held. Payment for the new stock is called for
Oct. 25 1928.
There is no public offering of the new stock, but the increased amount
has been underwritten by Putnam & Co. of Hartford, Conn.; NicEldowney
& Co. of Bridgeport. Conn., and the R. F. Griggs Co.
The board of directors of the Company consists of Charles E. Beardsley,
Pres., Waterbury. Conn.; Frank E. Wolcott, V.-Pres., Hartford, Coen.:
Rowley W. Phillips, Sec.; Henry W. Adams Jr., Irvin W. Day, Wm.
Shirley Fulton, Elton S. Wayland, Waterbury. Conn., and George T.
Wigmore, Naugatuck, Coma.
A circular uesctibing we Beardsley & Wolcott Mfg. Co., after giving
effect to the purchase of the Berbecker & Rowland Mfg. Co., affords the
following:
Authorized. Outstanding.
Capitalization—
66,000 shs. 66.000 shs.
Common stock (no par)
Transfer agent, Waterbury National Bank, Waterbury, Conn.
History.—Beardsley & Wolcott Mfg. Co. is a consolidation of the Beardsley Mfg. Co. of Waterbury, Frank E. Wolcott Mfg. Co. of Hartford and
Berbecker & Rowland Mfg. Co., of Waterbury, Conn.
Co. was organized in 1927, and was formerly the
The Beardsley
Mfg'
Waterbury branch of the Risdon Mfg. Co., and previously had been the
Novelty Mfg. Co., organized in 1872. and in succeesful business since
that time.
The Frank E. Wolcott Mfg. Co. started business in 1922, under the
management of Frank E. Wolcott and has had an unusually steady and
rapid record of growth and success. It was consolidated early in 1928
with Beardsley Mfg. Co.
The Berbecker & Rowland Mfg. Co. was organized in 1886, with a
nominal capital, and from its earnings has paid substantial divs. in addition to increasing the buildings, real estate and equipment to the present
large and well-equipped factories and facilities.
Business.—Beardsley & Wolcott Mfg. Co. manufactures its own products, which include a thoroughly established and successful line of electrical
,
household appliance , manufactured under its own trade mark. It also
manufactures a complete line of bathroom fixturee. Casserole frames,lawn
sprinklers, smoker stands, cigar lighters, electric ranges and =lay other
special articles.
Through the acquisition of the Barbecker & Rowland Mfg. Co. is added
a complete line of cabinet, upholstery and drapery hardware and numerous
special items which will supplement the lines already manufactured and
sold. By consolidating the sales organizations, the cost of distribution
as ill be substantially reduced.
Earnings and Dividends.—The earnings of the Beardsley & Wolcott Mfg.
Co. since its organization are in excess of present dividend requirements,
and should be substantially increased when the consolidation is completed.
The previous earnings of the business before eonsolidatien. and the
savings accruing from operating as one unit, should enable the Beardsley
& Wolcott Co. to pay dividends at least at the current rate of 21.60 Per
share a year.
Financial Statement as of.July 1 1928 (Mane effect to the Acquisition, Ay.).
Liabilities—
Assets—
32129111
$214,827 Current liabilities
Cash
308 Reserve for taxes
Accrued Int. on savings acc't_313,437 Capital stock and surplus(repAccounts receivable
4,573 resented by 66,000 shares of
Notes receivable
coin. stk. without par value) 1,818,983
746.626
Inventories
738
Accrued int. on Investments_ _
35.712
Investments
52,704
Deterred charges
32.967,436
Total (each side)
698,511
Fixed assets
Bethlehem Properties, Inc.—Merger.—
A certificate has been filed at Albany, N. Y., merging this company and
One East Fifty-fifth Street Corp.—V. 127, p. 263.
Borden Co.—Acquisition Announced.—
The company announced Oct. 3 that negotiations had been completed for the acquisition of the Kennedy Dairy Co. of Madigan. Aix.;
the Clover Leaf Milk Co. of Chicago and the Thompson Malted Milk Co.
of Wisconsin.
Pres. Arthur W. Milburn says: "The Thompson product is largely distributed in package form, whereas the Borden product is bulk; thus, the
Thompson company reaches a different class of consumer and to a large
extent its sake are concentrated in territory heretofore undeveloped by the
Borden Co. There are two plants, one in Waukesha, Wis., and the other
about to commence operations at Trenton. Ontario, Canada. The latter
enjoys a particular strategic position, not only with respect to production
and sales in Canada, but also as to export sales. It is also note worthy
that this Is the only malted milk plant now operating in the Dominion.
The business will be continued in the name of the Thompson's Malted
Milk Co. under vitually the same management to which the company owes
its present success.
"The Kennedy Dairy Co. is regarded very highly and is engaged in the
distribution of fluid milk as well as the manufacture and sale of a high
grade ice cream in the city of Madison, Wis. The business will be continued in the name of the Kennedy Dairy Co. under the presidency of A. H.
Kramer, and will assume its logical place with our other units in that
territory.
"A further move in the extension of our business in the city of Chicago
is the acquisition of the Clover Leaf Milk Co. The company has operated
successfully as fluid milk distributors on Chicago's South Side for a number
of years and will serve to further augment our business in this section.
The company will be merged with the Borden's Farm Products Co., of
Illinois.
"All the acquisitions mentioned above have strong potentialtios and
we believe are logical editions to our company. The consideration as to
all of the above has been Borden Co.'s stock."—See also V. 127, p. 1811.
Borg-Warner Corp.—Earnings—
The company reports net profits for the eight months ended August 31
1928 of $30.285,844 after charges, depreciation and Federal taxes. This is
equivalent after allowing for the throe months' dividend requirements on
83.500.000 new 7% preferred stock, to $7.38 a share (par $10) earned on
410.000 shares of common stock. On August 31,1928. cash on hand was
$3,400.000.—V. 127, p. 1256.
(S. F.) Bowser & Co.—Omits Common Dividend.—
The directors have decided to omit the quarterly dividend ordinarily
ate
payable at this time on the outstanding $2,025,100 common st . par
$100. The last distribution made on this issue was 114% on July 2 1928.
—V. 120, p. 3190.
1952
[VOL. 127.
FINANCIAL CHRONICLE
Boyshform Corp.
-Stock Offering.
-
Canadian Bronze Co., Ltd.
-To Split Up Shares.
-
Kirby, Reed & Co., Inc., have underwritten 50,000 shares of participating
The stockholders will vote Oct. 18 on increasing the authorized common
preference stock and 25,000 shares of common stock, both of no par value. stock, no par value, from 50,000 shares (40.000 shares outstanding) to
It is expected that the stock will be publicly offered next week in units of 100,000 shares. It is proposed to issue two new shares in exchange for
2 shares of the preference stock and one share of common.
each common share owned.
-V. 126, p. 2970.
The corporation was incorporated in Delaware in 1927 to take over the
assets of Boyshform Brassiere Co., organized in 1919. The trademark
Chevrolet Motor Co.
-Production of Cars dc Trucks.
"Boyshform" has been advertised in every section of the country and is
Increase.
1928
-Sept.
-1927.
Increased 1928-9 Mos.-1927.
internationally known. The company owns and occupies a modern brick
447,969
652,754
43,60111,100,723
and steel fireproof building of 30,000 square feet, located at 147th St. and 105,616
62,015
Concord Ave.N. Y. City. The plant is equipped with up-to-date labor -V.127,p.1811.
saving machinery and present capacity is about $3,000,000 per year.
The proceeds from the sale of this issue will be used for expansion and
City Financial Corp.-Rights--Acquisition.other corporate purposes. The company plans to acquire other nationally
After a special meeting of the directors held last week, it was announced
known companies manufacturing kindred lines.
that all of the stock of the newly formed Consolidated Indemnity & Insurance Co., has been acquired by the City Financial Corp. and that stock
Brooklyn Properties Corp.
-Protective Committee.
stockholders of the City
of the Insurance company will
As a result of three successive defaults in the payment of principal or Financial Corp. of record Oct. be offered to all
27, for subscription at $28.50 per share,
holders at the rate of one share of
Interest on the first mortgage 6.1.6% serial gold loan certificates,
Insurance stock for every two shares of class A
of these securities in a notice issued Oct. 4 by a newly formed protective or class B City Financial Corp. held.
-V. 127, p. 1531.
committee, are urged to deposit their holdings immediately with the
Fidelity Trust Co., 120 Broadway. New York as depositary, for the enCity Mfg. Co. of New Bedford.
-Proposed Capital Disforcement of their rights and the protection of their interests.
The protective committee headed by Albert F. Beringer, chairman and tribution of $50 Per Share.
including Harold C. Knapp, Nathaniel F. Glidden, Harold F. O'Keefe
A special meeting of stockholders will be held Oct. 11, to take action on
and Clarence E. Hale, points out in its notice, that not only has the corporation defaulted in the payment of the principal due Oct. 1 1927: in the the following recommendation of the directors: "That one-half of the capital
payment of interest due April 1 1928 on outstanding certificates and in of the corporation be returned to the shareholders and that the capital
the payment of installments of both principal and interest due on Oct. stock be reduced from $750,000 to $375,000 by changing the par value of
1 1928, but that it also has unpaid real estate taxes upon its mortgaged the shares from $100 a share to $50 a share, and to pay from the capital
assets of the corporation to each shareholder $50 a share for each share of
properties.
The notice to certificate holders further states that no deposit will be stock owned by him." Payments will be made to holders of record Dec. 1.
President J. E. Stanton, Jr., stated that the recommendation of the
accepted by the committee after Nov. 1, next, except in the discretion
directors is the first step in a process of orderly liquidation. If conditions
of the committee and on such terms as it may impose.
John S. Prigge, 115 Broadway, New York is secretary of the committee continue as at present, he added, complete liquidation of the plant will
-V. 127, p. 686.
and Cook, Nathan & Lehman, 111 Broadway, New York are counsel.
- probably follow.
V. 119, p. 2183.
Claude Neon Federal Co.
-Separate Suits Filed.
(Edward G.) Budd Mfg. Co.
-Rights.
Separate suits for a permanent injunction
for an accounting against
The common stockholders of record Oct. 5 have been given the right the la France Neon Corp. and the Chicagoand
Neon Sign Co., covering the
to subscribe on or before Oct. 23 for 98,224 additional shares of common manufacture, lease and sale of Neon tube signs, were filed in the U. S.
stock (no par value) at $21 per share, in the ratio of 2 new shares for every District Court in Chicago on Sept. 26, by the Claude Neon Federal Co.
5 shares held. This issue has been underwritten.
and the Claude Neon Lights, Inc.
Treasurer William B. Read says in part: "The company has been
The suits are based on the Georges Claude patent covering the system
operating at moderate volume and with regular profits for the last eight of illuminating by luminescent tubes and follow a decision of the U. S.
months. These profits for the eight months, up to Sept. 1 have totaled Circuit Court of Appeals for the Second Circuit, New York, holding the
$1.123,209.
patent valid and infringed by Rainbow Lights, Inc.
"The volume of business has grown during the year and we now have
The Claude Neon Federal Co. is owned two-thirds by the Federal Elecschedules from our customers which should greatly increase our output tric Co., of which Samuel Insull is Chairman, and one-third by Claude
by Jan. 1. This should, of course, be reflected in the profits of the com- Neon Lights, Inc. The company operates in Arkansas, Illinois, Iowa,
pany.
Kansas, Kentucky, Louisiana. Minnesota, Mississippi, Missouri, Nebraska.
'This increased volume of business will absorb a substantial amount of North Dakota, Oklahoma, South Dakota, Tennessee. Texas and Wisconworking capital, and i is desirable to provide this working capital through sin.
-V. 127, p. 1811
the issuance of stock,"
-V, 127, p. 413.
Bunker Hill & Sullivan Mining & Concentrating
Co.
-Extra Dividend of 50 Cents per Share.
The directors have declared the usual extra dividend of 50c. per share
and the regular monthly dividend of 25c. per share, both payable Oct. 4 to
holders of record Sept. 29. Like amounts were also paid on Sept. 4 last.
-V. 127, p. 1107.
Burmah Oil Co., Ltd.
-Debentures Offered-To Acquire
Interest in Shell Transport it Trading Co., Ltd.
-
Club Aluminum Utensil Co.
-Sales.
Month Ended Sept. 30Sales
,V. 127, p. 1811.
1928.
$802,000
1027.
$536,000
Increase.
$266,000
Colgate-Palmolive-Peet Co.
-Transfer Agent.
-
The uuaranty Trust Co. of New York has been appointed transfer agent
in New York for 300,000 shares of preferred stock, Par $100, and 3,000,000
shares of common stock, without par value.
-V. 127, p. 552.
The company, according to London dispatches, is offering £4.000.000
Collins & Aikman Corp.
-Earnings.
of 51i% debentures at par to holders of preference and common shares, in
,
Earnings 6 Months End. Aug. 31 1928
order to acquire a block of 833.333 ordinary shares of the Shell Transport Gross profit
$1,406,196
& Trading Co., Ltd., at £5 1-16 a share. The Shell shares carry rights Reserve for tax & depreciation
478,603
to take up one new share for each five hold. which will bring Burmah's
$927,593
total holdings in the Shell company to 1,000,000 shares.
Net profit
The debentures are redeemable at par in 1953 or at 102 on or before Preferred dividends
411,600
75,112
Jan. 1934. at tho option of the company, and carry rights any time up Preferred stock retire reserve
to November 1933 to exchange for common shares of the Anglo-Persian
Oil Co. stock held by Burmah on the basis of one share for each £6 deben$440,881
Surplus
tures. In order to effect this exchange, the Burmah company is forming Earns, per shr. on 591,833 Wis, corn. stk.(no parr
$0.87
a voting trust, entitled Boc-Anglo Persian Share Trust, Ltd., to take -V. 127, p. 265.
ever 700,000 shares of Burmah's holdings of 3,561,990 shares of Anglo
Persian £1 par common stock.
-V. 126, P. 3595.
-Textile Subs.
Commercial Investment Trust Corp.
Burns Bros.
-Listing.
-
The New York Stock Exchange has authorized the listing of 2,635 additional shares of class A common stock (auth. 100,000 shares) and 2,633
additional shares of class B common stock (auth. 100,000 shares), on
official notice of issuance and payment in full making the total amounts
applied for 100.000 shares of class A common stock and 100,000 shares of
class B common stock.
The directors at a meeting held Sept. 21, authorized the issuance and sale
to bankers of 2,635 shares of class A common stock and 2,633 shares of
class B common stock for cash at a price not less than $115 and $35 per
share respectively, pursuant to a contract therefor.
The proceeds from the sale of the 2,635 shares of class A common stock and
from the 2,633 shares of class B common stock, applied for, will be used for
general corporate purposes.
-V. 127. p. 826.
Burroughs Adding Machine Co.
-Special Cash Dividend.
-The directors on Sept. 28 declared a special dividend
of $1 a share on the no par value common stock, payable
Oct.31 to holders of record Oct. 16. On Aug. 17 last a 25%
stock dividend was paid, while on Sept. 10 the regular quarterly cash distribution of 75 cents per share was made. (For
record of dividends paid since 1905 see Industrial Number of
"Railroad and Industrial Compendium," page 31.)--V. 127,
p. 1531.
Calumet 8c Arizona Mining Co.
-Copper Output.
Production (lbs.)January
February
March
April
May
June
July
August
September
-V. 127, p. 1393.
1928.
4,132,000
4,082.000
4.038,000
4,204.000
5,452.000
3,982.000
3,186.000
4,410,000
4,674,000
1927.
3,728.000
3,000.000
5,408.000
3.482.000
4,844.000
4,150,000
3,722.000
5,154.000
3.614.000
1926.
3,474,000
3.590.000
4,020.000
3,876.000
4.908.000
4,208.000
3,322,000
3,920,000
3,586,000
1925.
3.788.000
3,068.000
3,416.000
5,196.0
00
4,410.000
3,848.000
3,752.000
3,940.000
4,966,000
-Report.
Canadian Bank Stocks, Inc.
Roy W. Arnold. President, says:
The net results of the operations during the period from Oct. 1 1927 to
Oct. 1 1928 indicate earnings applicable to distribution from dividends.
capital increment and rights received but not exercised totaling $1.30 for
each Investment Trust certificate outstanding.
Total disbursement in the way ot dividends to the stockholders during
this period of time has been $1, the undistributed surplus being used to
exercise rights to subscribe to the shares of the Bank of Toronto at $200
per share, which shares have a market value of approximately $300. It
was deemed more profitable for the Trust to use the funds in this manner
than to distribute them at the present moment: and when the obvious
profit of this transaction shall have been taken, consideration will then be
given to the distribution of same to the holders of the Investment Trust
ertificates.
Since the Trust has Peen formed and the original securities purchased for
their account, the Bank of Toronto has raised its dividend from 12% to
13% and has offered to its shareholders valuable rights as above mentioned:
and the Canadian Bank of Commerce has offered the holders of Standard
Bank of Canada an equal exchange of share for share to effect the merger
of these institutions. The trust has been a holder of both of these securities and naturally has benefitted by the developments as indicated.
-V.
126, p. 1357.
Improving-Opens Eightieth Office.-Peieris. Buhler & Co., Inc., recently acquired textile
division, reports
volume for September shows a considerable increase over the corresponding
month of last year, and that the first nine months period shows a satisfactory increase over the preceding year.
This corporation, through its subsidiary C. I. T. Corp.. announces the
opening of local offices at Jersey City, N. J., Greenville. S. C.. Erie. Pa.,
Poughkeepsie, N. Y., Nashville, Tenn., and Utica. N. Y. It now maintains 80 complete branch offices serving every part of the country, in ad-V. 127. p. 1394, 1811.
dition to its foreign activities.
-Listing.
Commonwealth Casualty Co., Philadelphia.
The Philadelphia Stock Exchange has authorized the listing of $1,100,000
110.000 shares of the par value of $10 each) of capital stock, transferable
at the office of the company, 523 Chestnut St., Philadelphia, Pa., and
registered by the Provident Trust Co., Philadelphia.
Congregation of Saint Joseph's Roman Catholic
-Bonds Offered.
Church, Baton Rouge, La.
-Hibernia Securities Co.,Inc.,and Canal Bank & Trust Co.,New Orleans,
are offering $300,000 1st mtge. 5% serial gold bonds at 100
and interest.
Dated Aug. 1 1928: due serially Aug. 1 1930-49. Denom. $1.000 and
$500. Principal and int. (F. & A.) payable at Hibernia Bank & Trust Co.,
New Orleans, trustee. Callable all or part on any int. date at 102 and int.
upon not less than 30 nor more than 60 days' Published notice.
These bonds are the direct obligation of the Connegation of Saint
Joseph's Roman Catholic Church, Baton Rouge. La., and are secured by a
first mortgage on property belonging to the congregation located in Baton
Rouge, La., adjoining the retail business and financial district of the city.
Saint Josephs Church was formerly known as "La yglesia de los dolores
de la Virgen" (Church of our Lady of Sorrow) and is one of the oldest
churches in the United States, having been organized during the Spanish
regime. The present name was given to the church in 1822, when the old
church was rebuilt. The present membership of the congregation is 3,750.
The weekly attendance of adults is approximately 2.600. Several years
ago the Church of Saint Joseph was rebuilt, enlarged and equipped with
new furniture,fixtures and organ at a cost considerably in excess of'$200,000.
The congregation paid this whole amount in loss than four years. This
church is in charge of Rev. Father F. L. Gassier, under the supervision of
Most Reverend Archbishop John W.Shaw, Bishop of the Roman Catholic
Diocese of New Orleans, who is ex-officio president of the Congregation
The present school site came
of Saint Joseph's Roman Catholic Church.
to the church through a Spanish grant. In May 1928. the President of the
United States signed the act by which the title in fee simple was vested in
the Congregation of Saint Joseph's Church.
The property mortgaged to secure these bonds consists of two parcels:
(1) The main church building located on ground measuring 180 feet in
Main St. by 210 feet on Church St. Main St. is the principal East and
West business street, and this property is only one block from Third St.
and two blocks from the center of the business section. The church building
Is of Gothic design and is of massive stone construction.
(2) The school property, measuring 497 feet on North St. and 2144
feet on College ave., is one block from the church building which faces
Main St. The present frame buildings will be replaced by up-to-date fireproof brick structures from the proceeds of this financing. The improvements will consist of three units; the school building proper, the residence
for the Brothers of the Sacred Heart, and a gymnasium with the latest
modern appliances for such buildings. There has been deposited in escrow
with the Bank of Baton Rouge, the Louisiana National Bank and the
Union Bank and Trust Co. all of Baton Rouge, La., the sum of $291,438 to
insure the completion of such structures and the payment therefor.
OCT. 6 1928.]
FINANCIAL CHRONICLE
Consolidated Lead & Zinc Co.
-Omits Dividend.
The directors have voted to omit the quarterly dividends on the class
A and B stocks which ordinarily are paid at this time. The last dividend
was 25 cents per share on each class of stock,paid on July 1, prior to which
no dividends were paid since April 1 1927.-V. 127. P. 828.
Container Corp. of America.
-Stock Increased.
The stockholders on Oct. 2 increased the authorized class A common
stock(par $20) from 350,000 shares to 600,000 shares and the authorized
class B common stock (no par value) from 590,000 shares to 1,200,000
shares.
-V, 127, p. 1531.
Conveyancers Title Insurance & Mortgage Co.
Certificates Offered.
-Kidder Peabody & Co., The Shawmut
Corp. of Boston and Jackson & Curtis are offering at
983. and int. to yield 5.40% $2,000,000 5 year insured 1st
mtge. 5% certificates Series "A".
1953
The directors also declared a quarterly dividend of 50 cents per share on
the increased stock as well as an extra dividend of the same amount, both
payable Dec. 31 to holders of record Dec. 17. The company has been
paying cash dividends on the present stock at the rate of $5 a share annually
The directors announced that "provided the business of the corporation
remains favorable the 6% stock dividend paid in 1928 will be continued
as a policy of the company on the total increased number of shares outstanding." (See V. 126, p. 1359).-V. 127, p. 1108.
Cox Stores Co., Inc.
-Sales.
Month Ended Sept. 30Sales
-v. 127. 13. 1812
.
1928.
$343.193
1927.
$235,856
Increase.
$107.337
Credit Alliance Corp.
-Extra Dividend of $1.25.
-
The directors have declared the regular quarterly dividend of 75c. a
share and an extra dividend of $1.25 a share on both common and class A
stocks. Like amounts were paid on Oct. 15 1927 and on Jan. 15, April 15
and July 15 last, while on July 15 1927 an extra dividend of $1 a share was
Dated Oct. 1 1928; due Oct. 1 1933. Int. distributed April 1 and Oct. 1 paid. dividends
Both
(just declared) are payable Oct. 15 to holders of record
at the office of Conveyancers Title Insurance & Mortgage Clo., 30 State St., Oct.
3.-V. 127. p. 1257. 958.
Boston, Mass. Denom. $100 and multiples thereof fully registered as to
principal and interest. Not callable, in the event of the death of a registered
Crown Zellerbach Corp.
-Status, &c.
holder of these certificates and upon written notice from his legal represenCorporation was organized in 1924 in Nevada as a holding company under
tative the company agrees to purchase the certificates at par and accrued
the name of Zellerbach Corp. Upon acquisition of the stock of the Crown
interest.
Willamette Paper Co. in 1928, the name was changed to the present style.
Data from Letter of Preston S. Cotten, Vice-Pres. of the company.
Corporation owns the common stock of the Crown Willamette Paper Co.
Company incorp. in Mass. in 1889 under the name of The Conveyors and directly or indirectly owns all capital stock, except $13,850 (par value)
Title Insurance Co. by a group of men well known in financial and real Northwestern Power & Light Co. pref. stock, of the following corporations:
estate circles. Its present capital and surplus total $2,200,000. Since American Investment & Realty Co. Olympic Paper & Power Co.
1893 the company has engaged in the business of lending money on first Graham Island Timber Co.. Ltd.
Sanitary Products Corp.
mortgages on real estate, and in selling its mortgages and mortgage securi- National Paper Products Co.
Washington Pulp & Paper Corp.
ties bearing the company's insurance of principal and interest. During Northwestern Power & Light Co.
Zellerbach Paper Co.
that time the company has sold over $55,000,000 of insured mortgages
Corporation also owns a substantial interest in the Valve Bag Co., a
and mortgage securities, of which over $40,000,000 have matured and been subsidiary of the Bates Valve Bag Corp.
paid. No holder of these securities has ever lost a dollar of principal or a
National Paper Products Co. owns 50% of the voting common stock.
day's interest.
approximately 44% of the class A stock and approximately 40% of the
Certificates.-These insured first mortgage certificates represent undivided preferred stock of Fibreboard Products, Inc., and Crown Willamette
interest in certain notes secured exclusively by first mortgages on improved Paper Co. owns 92.11% of the common stock and 67.12% of the preferred
real estate located in Mass. Notes and mortgages in amount equal to the stock of Pacific Mills, Ltd., and owns the entire capital stock of Western
outstanding certificates are deposited with The National Shawmut Bank Waxed Paper Co., Western Transportation Co., Pacific Coast Supply
of Boston as depositary. The first mortgages deposited as security for Co., and Canadian Crown Willamette Paper Co.
these certificates are limited to mortgages on completed structures such as
The business of the corporation and its subsidiaries consists primarily
private residences, two and three-family houses, stores, apartment houses, in the manufacture and sale of paper and paper products. The properties
and business blocks.
of the corporation and its subsidiaries include:
1. Timber lands in the United States carrying more than five and oneInvestors' Insurance.
-Holders of these certificates are barred against any
loss of principal and interest by the Conveyancers Title Insurance & half billion ft. of timber; and timber licenses and pulp leases to and fee
Mortgage Co. These certificates are, therefore, doubly secured: first, ownership of more than three and one-half billion feet of timber in Canada,
2. Hydro-electric power developments at West Linn, Ore.; Port Angeles,
by sound first mortgages on real estate: and secondly, by the insurance
Wash.; Ocean Falls, B. C.; and water power developments at Floriston,
of an old, experienced and well-established company of large resources.
Calif.; Lebanon, Ore.; and Camas, Wash.
State Supervision.
-Company's business is carried on under the super3. Paper and pulp mills at Floriston, Calif.; Lebanon and West Linn,
vision of the Insurance Commissioner of the Department of Banking and
Insurance of the Commonwealth of Massachusetts, being subject to the Ore.; Camas. Port Angeles and Port Townsend, Wash.; Carthage, N. Y.:
and Ocean Falls, B. C., having an annual capacity of approximately
inspection and audit of that Department.
465,000 tons of paper. Partly owned paper board and pulp mills at Antioch,
Los Angeles and Stockton, Calif.; Port Angeles and Sumner. Wash., having
(W. B.) Coon
ochester, N. Y.-Pref. Stock Offered. an annual capacity of approximately 186,000 tons of box board and box
products.
-E. W. Clucas &
Co.,do., and Pirme, Siraons & Co., Inc., are boardConverting plants Los Angeles. Oakland and San Francisco, Calif.;
4.
offering $1,000,000 7% cumulative preferred stock (with Portland. Ore.; Camas,at
Wash.; and Carthage, N. Y. Partly owned concommon stock purchase warrants) at 1014 and div. to yield verting plants are at Antioch, Los Angeles, San Francisco and Stockton,
Calif.; Port Angeles
6.89 7. The bankers are also offering 30,000 shares common Philadelphia, Pa. and Sumner, Wash.; Honolulu and Kahului, T. H.;
0
stock at $41.50 per share.
5. Distributing warehouses at Fresno,Los Angeles. Oakland,Sacramento,
San Diego, San Francisco, San Jose and Stockton, Calif.; Eugene.
Preferred as to dividends, and in the event of liquidation
as to Portland, Ore.: Seattle and Spokane, Wash.; Reno, Nev.; and Salt Lake
assets to the extent of $110 a share and divs. Red. all or preferred
part at $110
share and divs. Dividends payable quarterly, cumulative from Aug. a City, Utah. Sales offices are maintained in 15 other cities in the United
1
1928. Company agrees to acquire on or before each Dec. 31 beginning with States.
The products of the corporation include newsprint, sulphite and kraft
Dec. 31 1929, by redemption or purchase, at least 3% of the largest par
amount of preferred stock ever outstanding. Transfer Agent, Chase wrapping papers, tissue papers, waxed papers, paper bags, and fruit wraps.
National Bank, New York. Registrar, Guaranty Trust Co., New York. and such paper products as solid fibre, and corrugated containers, lithoStock Purchase Warrants.
-Of the common stock purchase warrants to graphed cartons, folding and stiff boxes, paper cans, oyster pails, and the
be outstanding, there will be attached to the certificates of preferred stock nationally known brands of Public Service Towels and No-Waste Toilet
of this issue warrants detachable after May 1 1930 entitling the holder to Tissue. In addition to products manufactured by the corporation and
subsidiaries, the distributing warehouses are agents for a full line of printing
purchase one share of common stock for each share of
at $45 a share to and including Sept. 15 1933, after preferred stock held and wrapping Papers.
which the warrants
The $5 dividend cumulative preferred stock are In shares without par
will be void.
value. Preferred as to assets and cumulative dividends. Non-redeemable
CapitalizationAuthorized. Outstanding
for three years from the date of issuance and then redeemable in whole or in
7% cumul. pref. stock ($100 par)
$1.000.000 $51,000,066 part on any dividend payment date at $102.50 per share and accrued
Co mon stock (no par)
m
*80.000 shs. 60,000 sits.
* 20,000 shares reserved against outstanding common stock purchase dividends. Dividends payable quarterly on March 1, June 1, September I
and Dec. 1. Dividends exempt from present normal Federal income tax.
warrants.
Corp., San Francisco,
Transfer
and the
Data from Letter of E. B. Bronson, President of the Company. National Office: Crown Zellerbach Registrar: Wells Fargo Calif. & Union
City Bank, New York.
Bank
Compang.-A New York corporation, was organized during 1912 as an Trust Co., San Francisco. Calif., and National Bank of Commerce, New
outgrowth of a business originally founded in 1891. Company is engaged York.
in the more stable segment of the women's shoe industry which girt;
Capitalization as of July 31 1928.
greater emphasis to foot comfort and shoe service than to high style.
After giving effect to the issuance of stocks provided for under the
Company maintains its own sales organization and sells directly to the
reorganization plan.]
retailer. Over a period of years the company has secured a wide distribuAuthorized. Outstanding.
tion among retailers by reason of its long established palicy to carry large Cony. cum. $6 div. preferred stock (no par) ___*120.O00 shs. 10,740 shs.
stocks in an extremely wide range of sizes. The shoes manufactured by the $5 div. cum. pref. stock (no par value)
200,000 shs. 193,955 shs.
company are sold under its own trademarks.
Common stock (no par value)
2,000,000 shs. 1.969.774shs.
The manufacturing plant of the company is modern in every respect,
* The amended articles of incorporation provide that no more of the authpermitting the most efficient operation. The plant is well located in the orized but unissued convertible cumulative $6 dividend preferred stock
manufacturing and business section of the City of Rochester. It is adapt- may at any time be issued.
able to many and varied uses.
The management of the corporation is in the hands of the following
Earnings.
-Net profits of the company available for dividends, for
officers: I. Zellerbach, Pres.; Louis Bloch, Chairman of the board; M. R.
four years and six months period ended June 30 1928. after providing the Higgins, Chairman of the Executive Committee; Edward M. Mills, A. B.
for
depreciation, and after eliminating mortgage interest
Martin, J. D. Zellerbach, Executive Vice-Presidents; H. L. Zellerbach.
income and deducting Federal income tax at the currentand non-recurring Vice-President, who, together with the following, compose the board of
rate of 12% have
been as follows:
directors: J. Y. Bang], M. M. Baruh, Charles R. Myth. Herbert Fleischhacker, Henry C. Olcott, James H. Schvrabacher, George S. Towne.
Times
Earnings
Equivalent
Preferred After Preferred Each Share
See also V. 127. D. 1681.
Calendar Years- Net Profits.
Dividend.
Dividends. Corn. Stock.
24
$186.110
2.65
Crum & Forster Insurance Shares Corp.
$116.110
--Extra Div.$1.93
1925
24
•
Tho directors have declared an extra dividend of 5 cents per share in
.92
1926
313,223
4.47
243,223
addition to the regular quarterly dividend of 15 cents per share on the
4.05
1927
359,905
5.14
289.905
common stock, Par $10, payable Oct. 15 to holders of record Oct. 10.
4.83
1928 (6 mos.)
101.154
4.31
116.142
A 5% stock dividend is payable in class B common stock on Nov. 5 to
1.93
For the four years and six months period shown above, net
profits
averaged 3.99 times the annual dividend requirements of the preferred holders of record Oct. 25.-V. 127, p. 1812.
stock presently to be outstanding. For the same period such average
net
Crystal Oil Refining Corp.
-Earnings.
profits, after deducting the dividend requirements of the
Period End. Aug. 31Month.
preferred stock, were equivalent to $3.48 a share on thepresent issue of
common stock Gross earnings
$526.428 $4..002,894
presently to be outstanding.
3.601.366
446.497
Assets-According to the balance sheet as at June 30 1928 net tangible Operating expenses
8,930
41.799
assets were equivalent to more than $197 a share and net current assets Taxes (including Federal)
Interest
2,162
17.187
were equivalent to more than $117 a share of the preferred stock
presently
to be outstanding. The ratio of current assets to current liabilities as
at
Net income
$342,544
$68,539
that date was greater than 7.7 to 1. One of tho company's most
valuable
Prof. dividends
101,448
12,681
manufacturing assets is in the form of lasts, dies and
assets are carried on the books at the nominal value of $1.patterns. These
Bal. avail,for corn.stock & reserve;
$241.096
$56.158
Purpose.
-This issue does not represent new financing on the part of the
$0.55
$2.34
company, except that certain outstanding funded debt and preferred stock Earns, per share on 102,987 shares corn.stock
-V. 126. p. 4087.
of the company will be retired without expense to it.
Initial Dividend.
-
The directors have declared an initial quarterly dividend of 70 cents
per
share on the new common stock, payable Nov. 1 to holders of record
Oct.22.
Coos Bay Lumber Co.
-Pays Accrued Dividends.
-
The executive committee has authorized the payment of $15.75
as of Oct. 1 on the first pref. stock, clearing up accumulated per share
This stock replaced the bends of the old Pacific States Lumber dividends.
Co. in the
reorganization.
-V. 127. p. 1257.
Coty, Inc.
-300% Stock Dividend
-To Increase Capital
New Stock to Placed on a $2 Annual Dividend Basis.
The stockholders will vote shortly on increasing the authorized
stock from 459.300 shares, no par value, to 2,500,000 shares, no parcapital
value.
Contingent upon the approval of this increase, the directors have declared a 300% stock dividend upon the outstanding 327,762 shares of
capital stock, payable Nov. 20 to holders of record Nov. 10.
Curtiss Flying Service, Inc.
-Opens
Portland, Me., Airport.
-
Up
Service at
Operations of this corporation recently organized to establish a nationwide airplane taxi service in connection with a chain of airports and training schools for aviators, were inaugurated last week at the Portland, Me.,
airport.
Establishment of the airport at Portland constitutes the first link in
the chain of 25 which the corporation will operate at the start. This
number will be increased as the service progresses, and negotiations are
already under way for the establishment of additional fields throughout
the country, according to President Casey Jones.
-V. 127, p. 1812.
-Extra Dividend-Sales.
Davega, Inc., New York.
-
The directors have declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of 25 cents per share, both payable Nov. 1 to holders of record Oct. 15. An extra distribution of like
amount was made in February last.
1954
[VOL. 127.
FINANCIAL CHRONICLE
Sales for Month and 9 Months Ended Sept. 30.
Increase.
1928-9 Mos.-1927.
-1927.
1928-Sept.
$63,285 $2,525.351 32,104,591
$320,893
$257,608
-V. 127, P. 1532.
paper from 2c. to 3c., resulting in an increase in net earnings, the entire
benefits of which are not reflected on the above earnings statement.
All of the outstanding capital stock of the company, except directors'
Qualifying shares, is owned and controlled indirectly by William Randolph
Hearst.
Davison Chemical Co.
-Acquires Phosphate Co.
Balance Sheet as at July 15 1928, Giving Effect to Sale of these Debentures.
The company has purchased the controlling interest of the Read PhosLiabilities
Assets
phate Co.. one of the largest independent fertilizer companies in the United
$72,500
$323,754 Bank loans
Nashville, Cash
States with plants located at Charleston, S. C., Cordele, Ga.,
109,379
Accounts payable
Notes & accts. rec., less allowTenn., and New Albany, Ind.
85,768
.
ances
467,607 Acct.wages,int. & taxes
The company also acquires the controlling interest in the Welch Chemical
36,578
217,524 Prov. for Fed. tax
Inventories
Co. of Columbus, 0., and the Porter Fertilizer Works of Atlanta. Ga.
2,500,000
6' serial gold debentures
The main offices of the Read Phosphate Co. are located at Savannah. Funds avail, for new bldg. &
489,412
machinery
1,400.000 Due to attn. companies
Porter FerGa., of the Welch Chemical Co. at Columbus, 0., and of the
14,505
tilizer Works at Atlanta, Ga. These offices, together with the present Land & leaseholds (Ian. 1928) 1,406,674 Def.Inc.& miscel. reserves
41300,000
Machy.,eoulp.,furniture, &c.
Capital stock
managements, will be continued as neretofore.
(Jan. 1927)
846,390 Slap. (of which 5506,941
In acquiring control of these 6 plants, with a combined output of approxi1,711,132
205,052 earned surplus)
mately 180.000 tons and adding the tonnage it already has from its Balti- /31dgs. & warehouse equip._ _
27,565
more and 16 other plants, the Davison company brings its total tonnage Inventory of type metal_ ___
Circulation & goodwill
1
in line with that of the largest companies in the industry.
3,852
A. C. Read, president of the Read Phosphate Co., has been elected a Land not used In operations
Officers, empl.& deposits with
director of Davison Chemical Co.
carriers
18,917
The Davison company has also purchased the properties of the Gulfport
172,936
Fertilizer Co. at Gulfport, Miss. This plant at present has a capacity Due from affil. companies
55,319 275
Total teach side)
229,001
of approximately 30.000 tons a year and will, as the business grows, be in Deterred charges 6v Prep. exp.
a 5,000 shares no par value.
creased by the Davison company, affording another outlet for superp. 1394.
-V. 127,
phosphate from the latter company's plant at Baltimore.
Increase.
$420,760
-Organized.
Dictograph Products Co., Inc.
DeForest Phonofilm Corp.
-Sale Confirmed.
Acquisition by the General Talking Pictures Corp. of the entire assets of
the DeForest Phonofilm Corp. was confirmed Oct. 2 when the directors of
the DeForest Corp. accepted terms previously proposed but undisclosed.
All patents, both granted and pending, of Dr. Lee DeForest are included in
the assets of the DeForest Co. Among the sound pictures produced under
the Phonorilm system are the receptions to Lindbergh and Byrd upon the
return of these aviators from their historic flights to Europe. The General
Talking Pictures Corp. was organized recently for the purpose of acquiring
the rights to Phonofilm and making it a large factor in the sound-picture
field.
-V. 123, p. 2396.
-Contractors Ahead of
Detroit & Canada Tunnel Co.
Schedule.
Construction of the vehicular tunnel under the Detroit River, begun in
June. has progressed to the extent that the first of 10 sections will be
placed early next month, it has been announced by bankers for the company.
Operations have been speeded up wherever possible, it was said, to rush
completion of the project so as to relieve traffic congestion on one of the
chief motor arteries between Canada and the United States. If the present
rate of activity can be maintained, it is hoped the tunnel can be completed
In a year or 15 months. Erection of terminals could then be completed by
the Spring of 1930.-V. 126,9.3598.
See Dictograph Products Corp', below.
-Transfer of Assets-To
Dictograph Products Corp.
Retire Pref. Stock-Dissolution Value of Common Stock
$7.59 a Share.
It is announced that the Dictograph Products Co., Inc., a Delaware
Corp., has been formed to take over the assets and to continue the business
of Dictograph Products Corp. No change of management, personnel
or of business policy is involved in this reorganization.
The Dictograph Products Co., Inc., has an authorized capitalization
of 500,000 shares of no par value capital stock, of which 200,000 shares, a
number equivalent to the outstanding common stock of the Dictograph
Products Corp., will be presently outstanding.
Under the reorganization plan, whereby the dissolution of Dictograph
Products Corp. was authorized by its stockholders, the preferred stock
was called for redemption at $120 per share and accrued dividends. Common stockholders were offered the option of exchanging their stock on a
share for share basis with that of the new company or of accepting $7.513
per share, the dissolution value arrived at by Certified Public Accountants.
-V. 126. IL 1818.
P. W. Andrews is President of the new company.
Dodge Brothers, Inc.-Pref. Stock Called.
Notice has been received by the New York Stock Exchange of the calling
for redemption of the preference stock of Dodge Bros., Inc., on Jan. 15
1929 at 105 and diva Said stock should be surrendered at the National
City Bank, 55 Wall St., N. Y. City.
-Earnings.
Detroit City Service Co.
Arrangements have been mode (subject to termination without notice)
Consolidated Earnings Statement for Year Ended June 30, 1928.
of preference
of the redemption
$2,522,501 whereby in advance(as above stated) the date any holder
Gross earnings
certificate or certificates repre1,821,778 stock may surrender redemption and receive 105 and dive. from July 15
sOperating expenses
senting such stock for
279,500
Interest on 1st mortgage bonds
81.650 1928 to the date of such surrender. See also V. 127, p. 1812.
Interest on bank loans & notes
$339,572
Balance after all interest
x This includes interest on divisional securities $56.101.-V. 128, p.420.
-Debentures
Detroit Times (times Publishing Co.).
-Halsey, Stuart & Co. Inc., and Union Trust
Offered.
Co., Detroit, are offering at 100 and int. $2,500,000 6%
;
• u-4-•
serial gold debentures.
tratZ-5rn71 1928 and maturing in varying amounts each Sept: 1 from
-
1931 to 1943 incl. Red. all or part by lot Of in part the last maturing series
to be first redeemed) at any time on 45 days notice, at 102 and int. to and
incl. Sept. 1 1942 and thereafter to maturity at 100 and int. Interest
payable M. & S. at offices of Halsey, Stuart & Co., Inc. in Chicago and
New York without deduction for any normal Federal income tax now or
hereafter deductible at the source, not in e.xcess of 2% per annum. Denom.
$1,000 and $500 co. The company agreto reimburse the holders of these
debentures upon proper request within 60 days after payment, for the
personal property taxes in Penn. and Conn, not exceeding 4 mills, in Maryland not exceeding 43i mills and in Calif. and the District of Columbia
not exceeding 5 mills, per dollar per annum, and for the Mass, income tax
not exceeding 6% of interest per annum. These refunds will apply only
to residents in those states who have paid said taxes. The Debentures
will be exempt from taxes in the State of Michigan.
Data from Letter of Roger M. Andrews, Pres., Sept. 28.
Company.-Ineorp. in Mich. in 1921. Publishes the Detroit Times
which has had one of the most remarkable growths in the hLstory of American newspapers. Starting with a circulation of less than 26,000 daily
and no Sunday edition, it has increased its daily evening net paid circulation to more than 300,000 with the exception of Saturday, and its Sunday circulation to more than 325,000. According to independent reports,
it has shown an average gain in daily circulation during the last five years
more than twice that shown by any other newspaper in Detroit. Average
annual paid circulation for the last five years as shown by reports of the
Audit Bureau of Circulation is as follows:
Sunday
Daily*
12 Months Ended March 31336,000
325,906
1928
317,650
291,585
1927
281,560
234.626
1926
248,560
216,962
1925
203,702
193,418
1924
*Saturday figures not included.
Guaranty.-Uncondltionally guaranteed as to the prompt payment of
principal and interest by William Randolph Hearst.
Provisions -Indenture will provide, among other things, that real
estate not required in the business may be sold and the proceeds therefrom
will be applied either to the redemption of debentures or for the acquisition
of buildings and (or) equipment to be used in the production of its newspaper. Company will covenant not to pay cash dividends except out of
earnings subsequent to Sept. 1 1928 and will not, during the life of these
debentures, place any mortgage on its properties, except as security for this
Issue, or create any additional funded indebtedness without first redeeming
all of the outstanding debentures. The indenture will provide for the payments to Halsey, Stuart & Co., Inc. of amounts sufficient to take care of
the semi-annual interest and payments of principal of these debentures,
such payments on account of interest prior to Sept. 1 1930 to be made
30 days in advance of the respective interest payment dates, and after
such date such payments on account of interest and principal to be made
monthly: and that such payments when so made shall to such extent satisfy
the obligation of the company.
-Proceeds will be used for the construction of a modern 6
Purpose.
story building to house the newspaper organization of the Detroit Times,
purchase of new equipment, for the retirement of obligations and
• for the
for other corporate purposes.
-Net earnings of The Times Publishing Co. before depreciaEarnings.
tion, amortization. Federal income taxes and interest have been certified
by independent auditors as follows:
Twelve months ended
$376,343
December 31 1926
390,359
December 31 1927
:
588 981
July 15 1928
-Gold Output (Value).
Dome Mines, Ltd.
July.
Aug.
Sept.
$316,865 $315,850 $305,455
-V.127, p.958.
April.
May.
June,
329,193 $300,687 $275,941
March.
$310,262
-Rights.
Du Pont Motors, Inc.
The stockholders of record Sept. 28 have been given the right to subscribe
at $4 a share for additional capital stock (no par value) to the extent of one
-V. 119, p. 2537.
share for every five shares held.
-Stock
Economy Laundries, Inc., Providence, R. I.
Offered.-S. F. Davis Co., Providence, R. I. are offering
$187,800 Class A preference stock (with one share of Class
B participating no par stock as a bonus) at $100.
Class A preference stock Is preferred as to assets and dividends. Divi-M. Red. all or part on any div. data at 31(15 and divs.
dends payable Q.
If dividends should be passed for six quarters, Class A prefere-ca stock is
entitled to vote until such cumulated dividends have boon paid.
The Class B participating stock is entitled to receive a dividend or dividends aggregating 50 cents per share in the year 1928 and $1 per share in
any calendar year thereafter before any dividend is paid in any such year
on the common stock.
After the common stock has received $I in dividends per share in the
year 1928, or $2 per share in any calendar year thereafter, the Class 13 •
participating stock shares equally in further dividends with the common
stock until the end of any such year.
Authorized Capitalization
7% Cumulative Class A prePerence stock (par $100)____ $250,000
2,500 she.
Class B participating stock (no par value)
3,000 abs.
Common stocic (no par value)
Registrar: Blackstone Canal National Bank, Providence, It. I.
Upon completion of the present financing all the authorized capital stock
of the company will be outstanding.
History & Business.-Ineorporated in July 1928 in Rhode IiMand to take
over the business and properties of the Union Hand Laundry Co. established
30 years and incorp. in 1906 and serves customers formerly of that company
the Scott Laundry, Unit System Laundry and Favorite Laundry. It will
cover all the important sections of Ithode Island and parts of Mass. It is
anticipated that other laundry properties that may be operated to advantage in connection with plans for future development will from time to time
be acquired.
-The former company has produced substantial profits for
Earnings.
years and the business volume and profits for 1928 show a steady Increase.
For the first 6 months of 1928 the profits were 3 times the dividend requirements on the outstanding preferred stock of the predecessor corporation
and for the second quarter of 1928 the net profits were at the rate of approximately 20% per annum on the entire outstanding capital stock of the
predecessor corporation.
It is estimated that in practically all well-managed finished laundries
the net profit averages from 20% to 30% on the investment.
-Stock Increased.
Electrical Research Laboratories,Inc.
The company on Oct. 1 filed a certificate at Dover. Del., increasing the
authorized capital stock of no par value from 65,000 shares (all outstanding)
to 100,000 shares -V. 127, p. 415.
-Earnings.
Equitable Office Building Corp.
1926.
1925.
1927.
Quarter Ended July:11- 1928.
51,321,853 $1,286,210 $1,232,896 31,083,035
Rentals earned
83.107
100,539
58,062
122.948
Miscellaneous earnings_
Total
Operating expenses
Depreciation
$1,414,801 $1,386,749 51,316.003 51,141,097
247.305
248.641
214,077
282,826
68.616
69,966
67,319
68.945
Net operating profit
Other income
31,093.030 $1,068,142 $1,000,081
5.433
12,956
13,311
$859,701
2,864
Total income
Int.,real est. taxes, &c
Prov.for Federal taxea
$1,106,340 $1.081,098 $1,005.514
548,997
545,072
546,203
54,000
66.000
69,000
$862,565
547.170
30,000
3470,026
$402,517
$491,138
Net profit
$285,395
$461,103
Average
150,000 -V. 127.9. 1108.
Maximum annual interest on these debentures
under
-Extra Div.
Fafnir Bearing Co., New Britain, Conn.
-The company owns in fee or controls
Business and Property.
An extra dividend of 50 cents per share was paid Oct. 1 In addition to
long-term leases valuable metropolitan Detroit real estate comprising
-V. 123, p. 1638.
the major portion of the block bounded by Cass Ave., Bagley Ave., Grand tlie regular quarterly dividend of like amount.
River A.ve. and West Park Place. Company will covenant in the indenture
-To Offer Stock.
Fairchild Aviation Co.
to erect a thoroughly modern six-story building which will be used in its
Negotiations are under way whereby a block of stock of the company Is
entirety for the operations of the Detroit Times. Company will purchase
a substantial amount of new equipment and through the economies which to be purchased by group of bankers. Heretofore the stock has been priithopes to effect by use of the new building and equipment,should materiaiiy vately held, but due to company's rapid expansion it has become necessary
Increase profits. Company has recently increased the price of its evening to raise additional working capital.
/
OCT. 6 1928.]
FINANCIAL CHRONICLE
1955
Approximately 80% of the stock has been deposited under the reorganiza(The) Fair (Department Store), Chicago.
-Sept. Sales.
Pres. D. F. Kelly states that sales last month were the greatest of any tion plan, and the reorganization committee will accept further deposits
September in the company's history, being 35%% larger than in that for a limited time. Originally it had been contemplated that at least 90%
month last year and 8% greater than in the previous record September, of the stock must be deposited before the plan could be declared operative.
in 1920.-V. 126, p. 2483.
The Galena Oil Corp. was incorporated in Delaware on Oct. 1 with an
authorized capital of 300.000 common shares of no par value. This corporaFederal Motor Truck Co.
-Shipments.
tion will acquire the remaining operating properties and business of the
The company, it is reported, shipped 520 trucks in September, against company, including the main plant at Franklin, Pa., and its inventories.
713 in August,and 474 in September 1927.-V. 127, p. 1533.
accounts and bills receivable and securities, subject only to such changes
therein as may result from the ordinary course of business,and also the entire
Federated Business Publications, Inc.-Acguis.,
outstanding capital stocks of Franklin Lead Oxide Co. and Galena-Signal
The corporation has acquired a controlling interest in the Scientific Oil Co., Led. (of England). There will also be placed in the treasury of the
Press, Inc., which will begin the publication of a new magazine, "Dis- new corporation as working capital approximately $400,000. The new
tribution Economy," according to an announcement by officials.
corporation will issue for the purposes of the plan 280.000 shares of common
stock without par value. It will in effect represent the operating properties
Earnings For Year Ended June 30, 1928
Income from sales
4877,380 not disposed of by the company. The plan does not contemplate the
Publication production expense (printing, paper, etc)
256,283 creation of any funded indebtedness by the new corporation. If the plan
Editorial sales & circulation expense
-360,624 is declared operative so as to include the distribution of cash and common
Office expense & rent
_42,539 stock of the new corporation, said common stock will be so distributed:
Advertising expense
2,505 otherwise all of said common stock (other than directors' qualifying shares)
General expense
-V. 127, p. 1813.
_30,317 will be held in the treasury of the company.
New York State franchise tax
733
Insurance
327
General Mills, Inc.
-Initial Common Dividend.
Depreciation-furniture & equipment
1,647
The directors have declared an initial quarterly dividend of 75 cents per
share on the common stock, no par value, payable Nov. 1 to holders of
Profit from operations
182.408 record Oct. 15. (See also V. 126, p. 4089).-V. 127,p. 1534.
Other income
11,732
General Refractories Co.
-Approximate Earnings.
Total income
$194,139
Period End. Sept. 30- 1928-3 Mos.-1927.
1928-9 Mos.-1927.
Other charges
18.281 Net earns. aft, all deduc.
for int., deprec., taxes,
Net income
_$175,859
&c
a$355,657
$273,763 4855.956 $1,193,975
1st Preferred dividends
56,250 Earns.per sh.on cap.stk_
$1.58
$1.22
$3.81
$5.34
2nd preferred dividends
6,720
-V. 127, p. 690.
a Estimated.
Reserve for Federal income tax
22,647
Res. of 1 year's div. on 1st pref stock
62,500
General Talking Pictures Corp.
-Acquisition.
See DeForest Phonofilm Corp. above.
Surplus
-June 30, 1928
$27,742
Balance Sheet June 30 1928
General Vending Corp.
-New Directors, &c.
Assets
A. Granat, Vice-President of the United Cigar Stores Co. of America
Liabilities
Cash on hand
$111,612 Accounts payable
has been elected a director. Nathan A. Smyth has also been elected a
$53,311
Bonds
-market value.
19,575 Notes payable-secured by
director and 1st Vice-President.
-V. 127, p. 1813.
Accounts & notes ree
stock of sub.to.
168,397
60,000
Glendale (Ore.) Lumber Co.
Paper & text book inventory
-Bonds Offered.
20,955 Notes payable
-Baker,
17,000
Interest accrued on loans._
104 Franchise tax accrued
733 Fentress & Co., Chicago are offering $135,000 1st mtge.
Misc. accounts & notes rec.__
8,017 Reserve for Fed,income tax_
22,647
Investments in associated to.
151,010 Deferred liabilities
53.400 serial 6% sinking fund gold bonds at prices ranging from
Publications_
1,845,886 let preferred stock
x750.000 99
and int. to 100 and int. according to maturity.
Furniture & equipment
19,293 2nd preferred stock
360,000
Dated Sept. 1 1928: due serially 1929-1936. Callable all or part on 30
Engravings, photos, cuts, liCommon stock
7991,694 days' notice, on any int. date, at 100 and int. plus a premium of % of 1%
brary, etc
16,000 Surplus res. for div. on 1st
each year or fraction thereof of unexpired term. Di
Prepaid expenses
10,383
pref. stock
62,500 for $100 c5 Principal, and int., payable at the officeenom. $1,000. $500
.
of Baker. Fentress
Organization expenses
19,994 Surplus
27,742 and
& Co., Chicago. Continental National Bank & Trust Co., and Calvin
Development expenses
1,450
Fentress, Chicago, trustees. Interest payable without deduction for normal
Investigation expenses
6,350
Federal income tax up to 2%.
Business & History.
-Company is engaged in the manufacture and sale
Total
$2,399,027
Total
82,399,027
a Represented by 25,000 shares of no par value. y Represented by of sugar and yellow pine and Douglas fir. It is owned and directed by experienced lumbermen who have been associated in the business from its
shares of no par value.
92,237
-V.127, p. 114.
inception. Company was organized in 1902 with a small capital, and has
near
been successfully
Finance Co. of Pennsylvania, Phila.-Stock Exchange. Surplus earnings, operating at and paid, Glendale. Ore., since that date.
above dividends
have been largely reinvested in
The company has notified the Philadelphia Stock Exchange that the
its operations, and to
the growth in its
company by proper action has exercised its right to reduce the let pref. standing timber tributary tothe former plant with a meetsawmill of greatly
new
business,
stock by exchanging it share for share of common stock or paying par for increased it is now replacing
capacity.
it as the owner elects. Certificates must be deposited at the company's
Securily.-Bonds are the direct and only funded obligation of the comoffice, 1426 South Penn Square, Phila., Pa.. between the dates of Oct. pany and are specifically secured by direct first mortgage on the properties
land 31 1928. On and after Nov. 1, unexchangedflst pref. stock is subject
f the company, conservatively valued as follows: 160.903,000 feet of timber
to redemption by the company at its par value of $100 per share.
$353,000: plants plantsite, logging railroad and equipment (including
$123,000 cash reserved for completion of new Glendale mill) $280,000:
Fisk Rubber Co.
-New Officer.
$633.000.
Frank K. Espenhain has been elected Executive Vice-President, with total security& Earnings.
Operations
-The net earnings of the company before comheadquarters at New York. He was formerly a Vice-President of the
Goodyear Tire & Rubber Co., having resigned from that company early pletion and depreciation but after Federal taxes, available for payment of
interest and debt principal for the 334 years ended June 30, 1928. averaged
this year.
-V. 127. p. 1813.
$27.595 annually. Average annual production of lumber during this period
was
same
Follansbee Brothers Co.
-Stock Sold.
-Merrill, Lynch I. e. 7.312,000 feet. Based upon the to therealization per thousand feet.
$3.77, and without
effect
and
& Co. have sold at $45 per share 40,000 shares common improved lumber gradesgivingshould result lowered cost of production new
from the operation of the
that
stock (no par value). This stock is being purchased from mill, it is estimated that future income available for interest and debt
principal will average
$65,000.
stockholders and represents no new financing for the com- Interest charge on theannually in excess ofis $8,100. The maximum annual
outstanding bonds
Retirement.
-The mortgage provides for a sinking fund, payable to the
pany.
corporate trustee as the timber is cut or released from
Free of present Pennsylvania 4
-mills personal property tax. Dividends rate of $2.50 per thousand feet for sugar and yellow pinethe mortgage, at the
and $1 per thousand
exempt from present normal Federal income tax.
feet for fir. The proceeds of this sinking fund are to be used exclusively
CapitalizationAuthorized.
Issued.
for the retirement of bond principal. As the loan rate, considering the
First mtge. 5s (closed) due June! 1947
$3,250,000
$3,250,000 timber only, is but $0.84 for each thousand feet of timber mortgaged, this
6% cum. pref. stock (par $100)
3.000,000
3.000,000 sinking fund, averaging $1.21 per thousand feet, should operate to increase
Common stock (no par value)
280,000 shs. 180,000 abs. steadily the ratio of security for these bonds, as the cutting of the timber
Data from Letter of Wm, U. Follansbee, Chairman of the Board. progresses.
Company.
-Is the successor to a business originally established in 1812.
-Earnings.
Glidden Company.
Company is one of the largest manufacturers in the United States of highquality steel sheets and tin plate, which are advertised under the trade name
-Month-1927.
1928-10 Mos.-1927.
Period End. Aug. 30- 1928
'
Follansbee Forge" and are distributed throughout the United States.
Net profit after charges
Earnings.
-Consolidated net earnings of the company and its subsidiand Federal taxes_ __ _
$194,656
$123,710 $1,550.965 81,039,763
aries for the four years and six months ended June 30 1928, after deprecia- -V. 127, p. 1534, 1813.
tion and after deducting interest charges on bonds now outstanding in
(S. M.) Goldberg Stores, Inc.
-Listing.
the hands of the public and Federal income tax at present rate, as certified
by Price, Waterhouse & Co., were as follows:
The common stock has been admitted to trading on the New York Curb
Balance per Sh. Market. This company,which was financed last June by Eastman, Dillon
Net Earnings
of Common after & Co., operates a chain of 11 women's apparel stores located in 9 cities
Year.
as Above.
-V. 127, p. 1110.
Preferred Dirs. throughout the United States.
1924
$622,240
$2.45
Gold Dust Corp.
1925
-Listing.
702,410
2.90
1926
949.249
The New York Stock Exchange Sept. 17 authorized the listing of addi4.27
1927
866,380
tional voting trust certificates representing 81,250 shares (no par value)
3.81
1928 (6 mos. ended June 30)
691,312
common stock on official notice of issuance n part payment for 115,000
3.34
-Company is now paying dividends at the annual rate of $2 shares of American Linseed Co. common stock: and additional voting trust
Dividends.
per share on the common stock, payable quarterly March 15, etc.
certificates representing up to 193,855 of sheers (no par value) common
'took to be offered to stockholders on the basis of one share for each two
Consolidated Balance Sheet- June 30 1928. (Incl. Sub. Cos.)
shares held.
AssetsLiabilities
By a resolution of the board of directors at a meeting held on Sept. 7
Cash in banks and on hand_....$1.227,177 Accounts payable
$691,550 1928, the president of the corporation was authorized to purchase for the
432.570 Accrued liabilities
Marketable securities
136,539 corporation 115,000 shares of American Linseed Co. stock for $6,250,000
Nctes and acets receivable__ 1,298,376 Reserve for Federal tax.
149,436 and 81,250 shares of common stock (voting trust certificates) of the corpo3,000,202 Pur. money mtees.6z long term
Inventories
ration. By further resolution of the board of directors at the meeting it
note payable
Due on install. con, for sale of
131,579 was decided to offer to holders of voting trust certificates for common stock
90.313 let mtge. 5% bonds
houses & lots
3,250,000 the right to subscribe at $80 per share to common stock (voting trust
25,000 Reserves
Inv Asin stocks of others cos.._
158,675 certificates), at the rate of one share for each two shares in respect of which
Land, min. Drop., bld2s., &c._ 8,960,115 Equity of minority stockhod'rs
41,415 voting trust certificates may oe outstanding on a record date to be deter220,257 6% preferred stock
Deferred charges
3,000,000 mined by the president. The record date is Sept. 25 1928. and the right
Common stock (no par)
4,500,000 to subscribe expires Oct. 15 1928. The entire offering has been underSurplus
3,194,813 written.
The proceeds from the sale and exchange of the additional shares of
$15,254,009 Total
Total
$15,254,009 common stock.wiil be used to reimburse the corporation for cash expended
-V. 127, p. 1258.
in the purchase of American Linseed Co. stock and in the expansion of its
-V.127, p. 1813.
Fostoria Glass Co., Moundsville, W. Va.-50% Stock business.
Dividend.
The directors on Oct. 1 declared a 50% stock dividend, payable Nov. 1
to holders of record Sept. 18. The directors also declared the regular
dividend of 5%. The company recently authorized an increase in the
capital stock from $1.000,000 to $3,000,000 to enlarge the business.
Galena-Signal Oil Co. (Pa.).
-Reorganization Approved.
-Rights.
Goodyear Tire & Rubber Co., Akron, O.
The company on Oct. 3 announced that stockholders would receive rights
to subscribe to additional shares of common stock at $50 a share in the ratio
of one new share for every four held. On the basis of the company's
capitalization, this will mean the issuance of approximately 200,000 shares
of stock. The proceeds will be used in the expansion of the manufacturing
facilities of the company.
-V. 127, p. 1814.
The stockholders on Oct. 1 approved the plan of reorganization, under
which holders of preferred stock will receive cash at the rate of $75 and two
(F. & W.) Grand 5
-10-25-Cent Stores, Inc.
-Sates.
shares of common stock of the new corporation to be formed for each share
Increase.
1928-9 Mos.-1927. Increase.
1928-Sept.
-1927.
of preferred stock owned. Holders of common stock will be entitled to $1,443,391 81.005,009
S438,3821810.297,785 $8,252,220 $2,045,565
receive one share of now common for each full share held. (See V. 127, -V. 127, p. 1396.
p. 689 and 829).
The stockholders also authorized the sale of various properties in the
(W. T.) Grant Co. (Del.).
-Sales.
-United States and abroad to the Texes Co. Properties in this country
1928-Sept
Increase I 1928-9 Mos.-1927
.-1927
include the Bayway, N. J. terminal, a plant at East Cambridge, Mass, $4,707.752 $3,282,078 31,425,6741$33,725,875 $26,478,609 Increase.
$7,247,266
and stations at Cincinnati, East St. Louis and Jacksonville, Fla.
-V.1, 1814.
27p.
1956
[voL. 127.
FINANCIAL CHRONICLE
Guaranteed Mortgage Co. of New York.
-Depositary.
The chatnain Phenix :National Bank & Trust Co. has been appointed
depository under agreement of the company securing an issue of $135,000
guaranteed 1st mtge. certificates secured by bond and mortgage of Scheckter Building Corp., covering premises at South Fulton Ave. and East 5th
St., Mt. Vernon, N. Y.
-V. 127, p. 1535.
Guardian Assets Corp.
-Trustee.
The Chatham l'henix National Bank & Trust Co. has been appointed
trustee of an issue of $4,000,000 5% gold debentures, maturing July 1
1943.
Hart & Cooley Co., Hartford, Conn.
-Extra Dividend.
The company on Oct. 1 paid to holders of record Sept. 24 an extra dividend of 50 cents per share in addition to the regular quarterly dividend of
$1.25 per share. Like amounts were also paid on July 2 last, while on April
2 1928 an extra disbursement of 75 cents per share was made.
-V. 127, 1
3•
115.
The re-organization committee of Allied Packers,Inc., which is headed by
George W. Davison, President of the Central Union Trust Co., will have a
plan ready calling for the deposit of Allied Packers securities in a little more
than a week.
To Retire let & Ref. Cony. Gold Bonds on Dec. 1 Next.
All of the outstanding 1st & ref. mtge. cony. 6% gold bonds, dated Dec.
1 1927, have been called for redemption Dec. 1 next, at 105 and int. Payment will be made at the Empire Trust Co., trustee, 120 Broadway, N. Y.
City.
-V.127, p. 1814.
-Plan Effective.
International Paper & Power Co.
See International Paper Co. below.
-V. 127, P. 557.
International Paper Co.
-Plan for Formation of International Paper & Power Co. Declared Operative Oct. 1.
The plan for the formation of the International Paper & Power Co. as
a holding company for the properties of the International Paper Co. was
declared operative Oct. 1. (See V. 126, p. 4091.) It was announced on
Hartman Corp. Chicago.
Oct. 2 that 86% of the 7% pref. stock and 87% of the common stock of
-Sales.
Period End. Sept. 30 -1928-3 Mos.-1927- -1928-9 Mos.-1927the International Paper Co. had been deposited under the plan. StockSales
$5,083,393 $4,681,974 $13,800,241 $13,318,948 holders who have not yet deposited their stock are being notified by the
-V. 127, p. 831.
committee that they have until the close of business Oct. 20 to do so.
The committee consists of the following: Frank N. B. Close, Archibald
Hart
-Parr Co.
-Proposed Recapitalization.
R. Gmustein. John R. Macomber, John W. McConnell, John S. Phipps,
Simplification of the capital structure of the company is planned by the Albert H. Wiggin and Owen D. Young.
retirement of the present outstanding bonds and both classes of Preferred
Under the plan 7% preferred stockholders will receive 7% preferred stock
stock through the sale of 33.000 shares of new preferred and 88,000 shares of the power company share for share, carrying rights of conversion into
additional common stock, according to an announcement made on Sept. 26. class A common stock. Common stockholders will receive three shares of
The privilec e ofsubscribing to the new stock will be offered the stockholders. common stock of the new company,one each of the three classes, A,B and C.
It is proposed to increase the authorized common stock (no par value) to
The power company is expected to acquire control of the extensive power
500,000 shares from 200.000 shares. The new financing will provide for and distributing systems of New England Power Association, the largest
the retirement of $1,000,000 of 6% 1st mortgage bonds, $1,412,900 of 7% utility organization in the New England States, and upon acquiring control
1st pref. stock and 6,930 shares of class A participating pref. stock and to will have a capitalization of about $550.000.000.
Water powers developed and under construction of the International
provide additional working capital.
The new pref. stock is to be redeemable on any dividend date upon not Paper Co. and the New England Power Association with their subsidiaries
less than 30 and not more than 45 days' notice at 105 and diva The stock amount to over 1.300.000 h.p., capable of being increased through further
is to be convertible into Common stock to and including Nov. 1 1930, on development and utilization of undeveloped sites to a total of over 2,600,the basis of 20 shares of common stock for each nine shares of preferred, 000 h.p. In addition, the New England Power Association system owns
and after Nov. 1 1930, and to and including Nov. 1 1938, the exchange and operates about 382,000 h.p. of steam electric capacity.
may be made on the basis of two shares of common for each share of pref.
Company Building Paper Bag Plant at Camden, Ark.
Conversion rights are void after Nov. 11938.
At Camden, Ark., the International Paper Co. is constructing a plant
The present 1st pref. stock is callable ail or part at the company's option
on any dividend date after 60 days' notice at 105 and diva. The class A which will have a capacity of over 100,000,000 multi-wall cement bags a
partic. preference stock is callable all or part at the option of the company year. The plant is being built in conjunction with the kraft paper mill at
at $30 a share on or before Nov. 1 1935, after six months' notice,during that point recently completed by the company and wil use over 30,000
which notice period holders of this class ofstock may convert their holdings tons of kraft paper a year in the manufacture of bags.
The bag plant will be operated by the George & Sherrard Paper Co. a
share-for-share into common stock.
'
It is unofficially reported that common stockholders will be offered the subsidiary of the International Paper Co., which owns a license to make
At Wellsburg.
rights to subscribe to three shares of new preferred and eight shares of multi-wall valve cement bags under the Bates patents. manufacturing
W. Va., the George & Sherrard Paper Co. now has a plant
-V. 127, p. 691.
common for each ten shares of common stock held.
rope paper, which is converted at the plant into bags for the flour, cement,
- plaster and fertilizer industries. The Wellsburg mill also converts kraft
Hartsville Print & Dye Works, Hartsville, S. C.
-V. 127. p. 1815.
Carolina, Harts- paper into bags for the cement and allied industries.
Bonds Offered.
-Trust Company of South
ville, S. C.; Fred'k E. Nolting & Co., Inc., State Planters'
Bank & Trust Co., Richmond, Va., and Investment Corp.
of Norfolk, Va., are offering at 100 and int. 3300,000 1st
mtge.63% sinking fund convertible gold bonds.
Dated Oct. 1 1928: due Dec. 31 1943. Denom. $1,000 and $500 c*.
Interest payable J. & J. Callable by lot, upon notice, on and after Dec.
31 1931, for sinking fund purposes, and as a whole at option of the company. Call price 107% for Dec. 31 1931. and Dec. 31 1932. and at 35
,
of 1% less each year thereafter. Trust Co. of South Carolina, Hartsville,
S. C., trustee and transfer agent and registrar for the preferred stock.
Principal and interest payable at office of the trustee, and at office of
Fred'k E. Nolting & Co.. Inc.. Richmond. Va.
Convertible at the option of the holder at any time after date of issue
and prior to call into 8% cumulative preferred stock. 11
Capitalization.
$300,000
1st mortgage bonds
Capital stock preferred (auth. $600,000) outstanding
a300.000
Capital stock common outstanding
300.000
a $300,000 pref. stock auth. and held for conversion of 1st mtge. bonds.
Buslness.-Business of company is the bleaching, dyeing, finishing.
mercerizing and printing of fine cotton goods and rayons, the output of
the company going to large textile centers, with principal customers at
New York and Philadelphia. Company is newly incorp. In South Caroina
and represents a consolidation, enlargement and expansion of the business
formerly conducted by Easton Finihing Co. at Easton, Pa., and by the
Bronx Co.. Inc.. New York City. Both businesses have been highly successful, and the new company begins its operations with a well established
line of customers who have been dealing with Easton Finishing Co and.
the Bronx Co., Inc., for many years.
Purpose.
-Proceeds are to be used to complete the erection of plant and
Installation of machinery at Hartsville, S. C.
Earnings.
-For the last 10 years of their operations as independent
companies, the earnings applicable to the payment of bond interest, after
depreciation, of the companies now going into the new corporation have
averaged $83,806 per annum, which is equal to 4.3 times maximum interest
requirements. Based on estimates of Lockwood-Greene & Co., Inc.. engineers, after analysis of the earnings of the Easton Finishing Co. and the
Bronx Co., Inc.. and after taking into consideration economies effected
through the utilization of the additional modern machinery In the new
plant, estimated earnings from these properties after completion show approximately $253.000, an amount more than 12 times sufficient to pay
interest charges on this issue.
Sinking Fund.
-Under the mortgage a sinking fund is to be established
to retire each year, beginning Dec. 31 1931. an amount of bonds equal to
5% of the original issue, less the amount of bonds converted into Preferred
stock, determined as of Dec. 15 in each year.
Convertible.
-At any time after date of issue and prior to call each $1,000
bonds may at the option
or $500 bond of this issue of first mortgage 6).l
of the holder be converted into 8% cumulative preferred stock of the
company at par. Bonds so converted may not be reissued and are to be
cancelled by the trustee.
-25e. Extra Dividend.
Horn & Hardart Co.
The directors have declared the regular quarterly dividend of 37% cents
and an extra of 25 cents a share on the common stock, both payable Nov. 1
to holders of record Oct. 11. These are the same amounts as paid in each
-V. 126, p. 4091.
of the previous 5 quarters.
-Acquisition---Rights Likely.
Household Products, Inc.
The directors have voted to acquire Scott's Emulsion. The English
concern will be taken over, representing a part of the business of this
product. The transaction will be financed in part from cash on hand
and in part by proceeds of an offering of a small amount of stock for subscription by Household Products. Inc., stockholders, giving the latter
some rights of value. As of June 30 the corporation had $1.757,931
cash. There are authorized and outstanding 575.000 shares of no par
value capital stock, of which Sterling Products, Inc., owns 150,000 shares.
-V. 127, P. 960
.
-Extra Dividend.
Humberstone (Ont.) Shoe Co., Ltd.
The directors have declared an extra dividend of 50 cents per share on
the common stock, no par value, payable Oct. 16 to holders of record,
Oct. 1.-V. 122, p. 1618.
-Shipments (Number of Cars).Hupp Motor Car Corp.
Increase.
9 ,.
2 06
Increase. 1928-9 Mos.-12979
-1928
-Sept.
-19276,536
2,456
-V. 127, p. 1814.
4,080
155,992
-Merger.
-Hygrade Food Products Corp.
26,086
Consolidation of this Corporation with the Allied Packers Inc., now in the
process of re-organization (see above), will also involve the Bronx Provision Co., Chris Crozinger. Inc. of Brooklyn. and the Mohawk Provision
Co. of Boston, it was stated, and will oe the largest unification to date of
ready-to-serve meat produce companies, revolutionizing the distribution
of meat not only in the metropolitan area but over the entire country.
Combined gross revenues of the concerns involved will be in excess of
$75,000,000 annually, it was said.
International Products Corp.
-Stock Increased.
increasing the auThe company has filed a certificate at Dover,
thorized common stock, no par value, from 376,700 shares to 550,000
Del..
shares.
-V. 126, p. 3937.
Investment Trust of New York, Inc.
-New Officer.
Horace Russell Taylor has been elected Vice-President and director.
V. 127,p. 1111.
Kaufmann Department Stores, Inc.
-Larger Dividend.
The directors have declared a quarterly dividend of 373' cents per share
on the new common stock of $12.50 par value, payable Nov. 1 to holders
of record Oct. 10. This compares with a dividend of 25 cents per share
paid on Aug. 1 last (see V. 127, p. 116).-V. 127. p. 1815.
Keith-Albee-Orpheum Corp.
-Contract.
-
The corporation has concluded arrangements wit, the Radio Corp. of
America calling for the installation of RCA-Photophone sound reproducing
equipment over most of the company's circult.-V. 127. p. 1684.
-To Increase Common Stock.
Kelly-Springfield Tire Co.
The stockholders will vote Oct. 13 on increasing the authorized common
stock from 400.000 shares, pax $25. to 1.200,000 shares of no par value,
one new share to be issued in exchatrns for each common share owned. It is
proposed to offer to the common stockholders of record Oct. 17 the right to
subscribe for additional common stock (no par value) at $21 per share on
the basis of 2 new shares for each share held. The proceeds are to be used to
retire all current bank loans and retire the outstanding 8% gold notes.
V. 125. p.2158.
-Annual Report.
Kerr Lake Mines, Ltd.
Earnings Years Ended Aug. 31 (Kerr Lake Mines, Ltd.).
1924-25.
1925-26.
1926-27.
Years Ended Avg.31- 1927-28.
Divs. received from Kerr
$84,000
$65,000
$150,000
Mining Co., Ltd__ $280,000
Lake
Diva, received from Rh-nu
Gold Dredging Co., Ltd.,
7,573
10,377
5,179
on pref. share;
2.142
3,138
1,725
6,630
Interest received
4,630
Profit on sale of securities_
$296,439
Total income
Admin. & general expenses
11,543
46,797
Sund. expl. & mine exam
Loss on realiz. of Goidale
Mines, Ltd., shares
36,000
Dividends paid
$162.102
18,388
831
$67,142
19.581
10.973
$94.711
20,892
1,250
111.000
544
150,000
81,966
150,000
$31,883 def$113,956 def$159,398
$202,100
Balance
Earnings per share on 600,000 shares (par $4) cap.
$0.24
Nil
$0.39
$0.06
stock outstanding
Earnings Years Ended Aug. 31 (Kerr Lake Mining Co., Ltd.).
1925-26.
1924-25.
1926-27.
1927-28.
$22,982
$28.954
$75,300
$3,952
Total income
64,329
65,639
x47.143
35,481
Expenses and taxes
Net loss
Dividends
$31,530
$24.161
150.000
$35,376 prof.$9.661
65,000
84,000
$100,376
$174,161
$74,339
$31.530
Deficit
496,292
322.131
596,667
10,601
Profit and loss. surplus_
x Includes $3,556 loss on sale and redemption of securities in 1927 and
$4,014 in 1926.
Balance Sheet Aug. 31 (Kerr Lake Mines, Ltd.).
1928.
1927.
Assets1928.
1927.
Capital stock._ __$2,400,000 $2.400,000
Lake M.Co.,
Kerr
500
19,508
Ltd., shares___x$2,400,000 $2,400.000 Sundry liabilities_
4,119
4,119
6,122 Unclaimed diva__ Accts.receivable_
15,737
Profit and loss____ 1,098,258
896.158
Otisco Mining Co.
39,704
nota reC
Total
53,502,877 53,319,785
Tahoe Mine notes
10,500
received
18,500
Invest In U.B. nts.
202,693
& ctfs.
860,824
Inv in outside prop 7860,824
2,635
5,122
Cash
Total
$3.502,877 $3,319,785
x Kerr Lake Mining Co., Ltd., of Ontario, Can., shares acquired in
consideration of the issue of capital stock of this company, $3,000,000: less
amount received from Kerr Lake Mining Co., Ltd., applied to the reduction of the share capital per resolution at meeting held July 8 1919, $600,000, leaving (as above) $2.400.000. y As follows: (a) 1,001,000 shares
Tahoe Mine, Utah, $397,000; (b) 95,242 ordinary shares ($400.017) and
15.265 pref. shares ($52.890). Rimu Gold Dredging Co. Ltd., New Zealand. $452,907: (c) 132.000 shares Wettlaufer Lorain Silver Mines, Ltd..
$6.600: (d) advances on account of prospecting, $4,317; total, $860.82e
-V. 126. p. 1673.
OCT. 6 1928.]
FINANCIAL CHRONICLE
Keystone Watch Case Corp.
-To Retire 50% of Pref. Stk.
The corporation has notified the preferred stockholders
that
the outstanding preferred shares has been called for redemption 50% of
Nov. 1
at the office of Drexel & Co. at 851.25 per share plus an
amount
dividends at the rate of 83.50 a share from Aug. 1 as reigstered equal to
Oct. 18.
Transfer books will not be closed prior to Nov. 1.-V. 126.
p. 1673.
Kinnear Stores Co. (Ind..
-Sales.
l9'28-.Sept.
-1927.
Incre Ise. 1928-9 Mos.-1927.
8274,653
8269,872
-V. 127, p. 1398.
$4,781 112,133,626
$1.799,909
Increase.
8333.717
(G. R.) Kinney Co. Inc.-Sales.-
1928.
-Sept.
-1927
81.727,688 $1,316,720
-V. 127, p. 1815.
Increase.' 1928-9 Mos.-1927
Increase.
8410,9681$13,165.930 811,900,155 81.265.775
Knickerbocker Ice Co.
-Acquires Plant.
-
The company, a subsidiary of the American Ice Co., has
purchased the
and business of the Paerdegat Ice Corp., which operates in
the FlatC
bush section of Brooklyn. N. Y.
-V. 125, P. 1982.
(S. S.) Kresge Co.
-Sales.
--
1928
-Sept.-1927
Increase' 1928-9 Mos.-1927
Increase.
$11914.263 110.421.615 $1.492,6481196,559,482 186,626,837
$9,932,645
-v'. 127. P. 1398.
(S. H.) Kress & Co.
-Declares Extra Dividend in Special
Preferred Stock.
-The directors have declared a stock div. on
the common stock, payable in 6% special pref. stock
rate of 50 cents for each common share and the at the
regular
quarterly cash dividend of 25 cents per share on the common
stock, both payable Nov. 1 to holders of record of
Oct. 15.
A stock distribution of like amount was made
1927. (See V. 125, p. 1718.).-V. 127, p. 1398.on Nov. 1
Labor National Bank Building, Jersey City, N. J.
Certificates Offered.
-The Prudence Co. Inc. is
$750,000 5% Guaranteed Prudence-Certificates. offering
1957
Federal income tax up to 2%. Denom. $1,000c5 Red. on any int. date
.
on 30 day's notice, in whole or in part, at 102 for the first 5 years. 101 for
the next 5 years and thereafter at par. American Trust Co., San Francisco,
turstee. Bonds are exempt from California personal property tax.
Company.-Was organized under the general corporation laws of California in September of 1925 and makes first mortgage real estate loans on
improved urban property in San Francisco metropolitan area and the
territory adjacent thereto. The stock of the Mortgage company Is owned
by the American National Co., the securities company affiliated with the
American Trust Co.,and the stock of the American National Co. Is trusteed
for the benefit of the stockholders of the American Trust Co. The Amer..
can Trust Co. has total resources of nearly 8300.000.000.
The mortgage company has by its trust indenture and by agreement
with its bankers agreed to those conservative restrictions which experience
has found effective in the safeguarding of this class of investment.
The collateral trust mortgage 5,4% gold bonds are the direct obligations
of the Mercantile Mortgage Co. which now has a capital, surplus, and undivided profits of over 31.165.000. In addition the bonds are secured by
the deposit with the trustee of first mortgages on carefully selected types
of improved urban real estate to an amount always equal in face value to
110% of the bonds outstanding under the indenture. The bonds may also
be secured in the same ratio by cash or bonds and obligations issued by or
under the authority of the United States.
Each mortgage deposited must not exceed 60% of the appraised value
of the property mortgaged.
-V.125, p. 1334.
Metropolitan Royalty Corp.
-Initial Dividend.
-
The directors have declared an initial dividend of 10 cents a share on
the capital stock, payable Nov. 1, to holders of record Oct. 20.
The corporation has concluded negotiations for the purchase of the
royalty interests of 1.750 full royalty acres representing a portion of 4.000
acres of the most productive section of the Panhandle oil field in Texas,
according to an announcement by company officials. The new casing head
gasoline plant of the Phillips Petroleum Co., said to be the largest of its
kind in the world, is located on the property. The Phillips company also
has under construction a large carbon black plant for utilizing raw materials
produced in this field.
According to a statement by George K. Henshaw, President of the
Metropolitan Royalty Corp., the acquisition has an ultimate royalty
value of from 10 to 12 times the purchase price. The acquisition is the
second important purchase by the corporation in the last two months, the
first being the purchase of 289 full royalty acres in the Chalk Field in
Texas in September.
-V. 127. p. 1817.
Legal for trust funds in State of New
The purchase of one of these certificates Jersey. Interest payable J. & J.
Meyer Blanke Co., St. Louis, Mo.-Initial Corn. Div.
makes the holder the owner of a
participation equal to the amount of his subscription,
The directors have declared an initial quarterly divinend of 31 4c. per
in a first mortgage
made by Union Labor Investment Corp.,
share on the common stock, no par value, payable Oct. 15 to holders of
on the newly completed bank
and office building.
record Oct. I. (See also offering in V. 127, p. 694).-V. 127. p. 1261.
The mortgage is a first lien on the
-story bank and
office building known as the Labor land and modern 15
Michigan Copper & Brass Co., Detroit.
-Receives Offer.
an outstanding site on the southwest National Bank Building, occupying
See American Smelting A: Refining Co. above.
-V. 118. p. 1277.
Journal Square, Jersey City. N. J. corner of Sip Avenue and Enos Place.
The plot has a frontage of 79.95 feet
on Sip Avenue and 128.25 feet on Enos
Moloney Electric Co.
-Initial Class A Dividend.
Place.
The directors have declared an initial quarterly dividend of 81 Per share
Lake Superior Corp.
-New
on the calss A stock, no par value. payable Oct. 15 to holders of record
Chichester C. Kerr (of C. C. Kerr & Directors.
Gemmel'have been elected directors. Co.) Frederick B. Dodd and .1. W. Sept. 30. (See also V. 126. p. 4094.)
-V.127, p. 1261.
Montgomery Ward & Co., Chicago.
-Sales.
-
Leasing's, Inc.
-Extra Dividend.
1928.
1926.
1927.
1925.
An extra dividend of 5 cents per share of 5 cents per share were paid Sept. 29 and the regular quarterly dividend Month of September___820.809.909 $16,377,863 816.259.002 $15,477,307
last to holders of record Sept. 20.- First 9 mos.of year
148,362,025 134,445,892 136,126,697 120,547,736
V. 127. p. 693.
-V. 127, p. 1399.
Liquid Carbonic Corp.
-To Increase Common Stock.
The stockholders will vote,fleet
stock (no par value) from 200,000 6,on increasing the authorized common
stock to be offered to stockholdersshares to 400,000 shares, the increased
from
contemplated expansion and corporate time to time in connection with
purposes.
-V. 127, p. 1816.
McCrory Stores Corp.
-Sales.
-
1928-Sept.
-1927
83.343,688 83,021,530
-V. 127, p. 1686.
Increased 1928-9 Mos.-1927
Increase.
1322.1581126,958,435 825,910,489 81,047,946
McLellan Stores Co.
-Sales.
-
1928-Sept.
-1927
11.190.493
8938,382
-V. 127, p. 1398.
Increase. 1928-9 Mos.-1927
$252,11138,295,031 36,958,222
Increase.
$1.336.809
Morgan Lithograph Co.
-Balance Sheet June 30.Assets1928.
1927.
Liabilities1927.
1928.
Permanent assets- 18511.730 6579.719 Capital stock
y6500.000 $500,000
Cash AcU. S.Govt.
Accounts payable_ 201,424
211.284
securities
190,530
347,513 Contracts payable
4,814
18.843
Notes, accounts &
Res.for Fed.tax_ 70,000
15,090
acceptances rec.. 495.278
560,436 Res. for et:labia-10,000
1,231,617 1,188,504 Real, personal and
Inventory
Other wets
296,017
263,033
corporate tax__ _
41,888
45,879
1
Good-will
1 Accrued
515
1.470
Deferred charges__ 237.797
61,394 Due sub. company
39,982
20.125
Divs. payable.._ 125.000
125.000
Total (each W10_32,962,969 33,000.600 Surplus
1.984.255 2,048,088
x The entire capital stock of the Morgan Properties Co. (book value).
y Represented by 100,000 shares, common stock of no par value.
Our usual comparative income account was published in V. 127, 13• 1817.
Mapes Consolidated Manufacturing Co.
-Stock Offered.
Mountain States Life Insurance Co. of Los Angeles,
-Blake Brothers & Co., New York, and Howe,
Quisenberry Calif.-Rights.& Co., Inc. Chicago, are offering 30,000 shares
of capital
The directors have voted to increase the capital stock from 250,000
stock, at $32.50 per share.
shares of $I par value to 1,000,000 shares of no par value. The stock-
Listed on the Chicago Stock Exchange.
Capitalization.
-Authorized and outstanding,
Transfer agent, First Trust & Savings Bank, 120,000 shares (no par val.
tinental National Bank & Trust Co., Chicago. Chicago. Registrar, ConData from Letter of H. T. Cherry, Pres.,
Griffith, Ind., Oct. 4,
'MON and Business.
-Company was
to acquire the business of a predecessorincorp. in Nov. 1925 in Delaware
company manufacturing molded
egg flats, organized in 1922, and certain
Company is the only concern in the worldlicense agreements and patents.
manufacturing cushion egg case
flats which are molded from paper pulp and
are
shipment or storage. The Mapes "holed-tite" used in packing eggs for
cupped flats are generally
recognized as superior to all other packing
egg breakage. and their use is urged and material for the prevention of
recommended by railroads and
express companies throughout the United States
and Canada. From very
small beginnings three years ago the company's
business has developed
rapidly because of the great advantages of this
method of packing, so that
to-day over 50% of all the eggs shipped in
"holed-tite" flats. Company's production of this country are packed in
months of 1928 was substantially greater erg flats during the first eight
during the entire year 1927. or at the rate of than the total output of flats
198% of
during the first eight months of 1927. "Holed-cite" the production offlats
by a large number of manufacturers of egg case egg flats are marketed
material to egg packers
located all over the United States and Canada, Italy,
Germany, Ireland
and South American countries, thus insuring wide
distribution. Some of
the more important users of "holed-tite" flats
& Co., Wilson & Co.. Beatrice Creamery Co., include Swift & Co., Armour
Fairmont Creamery Co., &c.
Earnings.
-An issue of 3700.000 7% pref. stock,
provide funds necessary for the construction of the sold in Nov. 1925 to
Kansas City mill and
for property acquired at the time of organization, has
been entirely retired
from earnings, and no other capital has been invested
in
This offering of stock does not represent any financing on the company.
the part of the
company, but consists of shares which were purchased pro
of the stockholders, consistituting a considerable number rata from all
of individuals,
who have for some time wished to see the establishment
for their holdings. While earnings have grown rapidlyof a public market
as
increasing business, the following statement of earnings a result of the
shows that the
company has followed a conservative dividend policy:
Dividends Earns. Car Earn.per Sh._ _
a Net
'd
Year
Earnings.
Paid.
to Surplus. of Cap. Sit.
1926
$215,551
$49,000
8166.551
$1.80
1927
273,575
40.862
232,713
2.28
1928 (8 months)
452.717
12.248
3.77
a After charges,including depreciation and all taxes. 440.469
Financial Position.
-Company has no funded debt, bank loans or commercial paper outstanding and redemption of all pref. stock was
completed
on July 11928.
Dividends.
-The capital stock is on a 82 annual dividend
terly dividend of 50 cents per share, payable on Jan. 1 1929basis, a quarto holders of
ecorci Dec. 15 1928 having been declared by the directors.
Mercantile Mortgage Co., San Francisco.
-Bonds
Offered.
-Harris Trust & Savings Bank, Chicago, are
offering $1,000,000 coll. trust mtge. 53.% gold bonds,
series G,at 99 and int.
Dated Oct. I 1928: due Oct. 1 1943. Int. payable A. & 0.
Turst Co., San Francisco, Harris Trust & Savings Bank, at American
Pacific Coast Trust Co., New York, without deduction for Chicago, or
any normal
holders will be given the right to purchase three additional shares for each
share now held at $1.50 per share. No public offering will be made of the
stock. The right expires Nov. 1.
Municipal Service Corp.(N. Y.).
-Conversion of Stock.
-
The corporation, at the close of business Sept. 27. reported that all of
its 50.000 shares of convertible preferred stock, called for redemption
Oct. 1 at $30 per share, had, with the exception of a few thousand shares,
been converted into common stock at the rate of 14 shares for each share
of pref. stock. (See also V. 127, p. 694.)
8 Months End. Aug. 311928.
1927=
Gasoline sales (gals.)
58,209.123 36 840.344
Gross profit
31,121.496
$695.422
Depreciation, Federal taxes & charges
301.802
230.251
Net income
-V. 127. p. 694.
$819,694
$465,171
Increase.' 1928--9 Mgs.-1927.
8274,976137,480,446 86,429,909
Increase.
81.050,537
(G. C.) Murphy Co.
-Sales.
-
-1927
1928-Sept.
.
$1,045,605
$770,629
-V. 127. Fl• 1399.
-
-it Murray Corp. of America.
5
-To Increase Stock-Rights.
-
Chairman, H.0.Barker announced that a special meeting of stocsholders
will be held on Nov. 15 for the purpose of increasing the authorized capital
stock from 300,000 shares to 900.000 shares of no par value, and of approving the issue of 269,333 shares to stockholders at $15 a share on the basis
of one new share for each share held. The proceeds will be used to retire
funde_d debt of approximately $4.000.000.--v. 127. p. 1817.
-
Mutual Industrial Service, Inc., N. Y.
-Initial Div.
-
An initial quarterly dividend of 75 per cents per share was paid Oct. 1
on the class A common stock to holders of record Sept. 30.-V. 127, P. 117.
Nash Motors Co.
-Shipments.
The company in September produced and shipped 20,606 cars of its new
"400" series, an increase of 8.007 over September 1927. Since introduction
of the "400" series, 74,913 of these cars have been produced and shipped.
-V. 127. P. 271.
National Air Transport, Inc.
-Passenger Service Temporarily Suspended.
The tremendous increase in the amount of air mail carried over the company's lines as a result of the reduction in air mail postage has made it impossible for the company to carry passengers on either of its lines. Pas
Banger service was temporarily suspended, effective Oct. 1, until the company has had an opportunity to procure planes of greater capacity. This
announcement was made by L.
Seymour, Assistant General Manager.
The announcement further states:
The increase in air mail since the rate was reduced to 5 cents for the first
ounce and 10 cents for each additional ounce has exceeded the most optimistic estimates. Mall carried over N. A. T. lines in August, the first
month of the new rate,showed an increase of85% compared with the amount
carried in July under the old rate. September figures are even higher than
August.
The suspension of passenger service is temporary only. As soon
sible N. A. T. will place on both of its lines new ships of much as posgreater
1958
FINANCIAL CHRONICLE
carrying capacity and suitable for carrying passengers in addition to an
Increased quantity of air snail and express.
On the eastern division of the N. A. T. lines, between New York and
Chicago, 3 large motored planes will be utilized for this new service. These
planes will have room for 10 to 12 passengers in addition to mail and will
make the flight from New York to Chicago in about 8 hours. Intermediate
stops will be made at Toledo and Cleveland. This service will form part
of the coast-to-coast air passenger service, connection being made at
Chicago with planes operated by Boeing Air Transport. Inc.
This suspension of passenger service will in no way affect the sighseeing
service operated in Chicago by the N. A. T. Flying Service with its 3
motored all metal monoplane, nor the taxi service in Chicago and Kansas
City.
-V. 127, p. 1687.
-Acquisition.
National BeIlas Hess Co.
The company announces the purchase of the entire business of the Charles
William Stores, Inc., including merchandise, fixtures and good-will. The
Charles William Stores is a mail order company doing an annual business of
$17.000,000 and having approximately 1.300.000 customers.
The purchase price will be paid for in cash from earnings. No new financing on the part of the National Beilas Hess Co. will be required, it is announced.
Net Cash Receipts for Month and Nine Months Ended Sept. 30.
Increase.
Decreased 1928-9 Mos.-1927.
1928-Sep1.-1927.
$64.1961$28.038,384 124.935,071 13,103,313
13.674.305
13.610,109
figures do not include unprofitable non-textile lines of
Note.
-1928
merchandise which were included in 1927 figures. 1927 figures exclude
net cash receipts of Belies, Hess & Co.. which was discontinued as a separate
organization as of Sept. 1 1927.-V. 127, p. 1399.
National Bond & Mortgage Corp. of Houston, Texas.
-Bonds Offered.-The Century Trust Co. of Baltimore is offering $1,500,000 1st mtge. coll. trust 6% bonds,
at par and int.
Denom.$1,000,$500 and $100 c*. Principal payable at office of Century
Trust Co. of Baltimore, trustee. Interest payable (M. dr N.) at Century
Trust Co. of Baltimore, or Equitable Trust Co. of New York. Callable all
or part by lot on any int. date after three years from date of issue and within
5 years after date of issue, upon 30 days notice at 102 and int. and thereafter
Interest payable without deduction of any Federal income
at 101 and in
tax, not exceeding 2%. Corporation agrees to refund any State. County or
City income, and (or) securities, or personal property taxes, not exceeding
5 mills per annum on each dollar of the amount of bonds held, if requested
within 60 days' after taxes are due and paid, accompanied by proper proof
ofsuch payment. Maturities: Five and ten years.
Securay.-These bonds are the direct obligation of the corporation, and
are at all times secured by deposit with the trustee of at least 100% of first
mortgages and (or) instruments of like legal effect, United States bonds or
United States certificates of indebtedness and (or) cash equal to the aggregate principal amount of all bonds outstanding or to be outstanding. The
first mortgages deposited as collateral are on fee simple improved or income
producing real estate located in the principal cities of Texas. and are
Maryland
guaranteed as to payment of both principal and interest by theand is not
Casualty Co. This guarantee is for the full life of the loan
subject to cancellation.
Mortoages.-The first mortgages pledged as security for these bonds are
in every instance the direct obligation of the owner of the property, and are
issued only against residences, small apartments and Income producing
Properties owned in fee simple and having a general utility. Mortgages on
rural or industrial properties, on theatres, garages or other special purpose
properties are not accepted.
[VOL. 127.
Authorized. Outstanding.
Capitalization$250,000
$500.000
Cumul,pref. stock (par $100)
*100,000 sits. 33,000 shs.
Common stock (no par value)
for conversion of this issue of 7%
* 12,500 shares reserved to provide
cumulative convertible preferred stock and 4,500 shares reserved for issuance to employees subject to permit of the State Corporation Department.
Company.
-Organized in Delaware. Has acquired the shoe business
and assets pertaining thereto, subject to certain liabilities of the Emil
Olcovich Co. The latter company was established in 1907 and the business
until the present time has been built up entirely from earnings.
The Olcovich Shoe Co. now operates a chain of 12 shoe stores and six
shoe departments in the cities of Los Angeles, Pasadena, Hollywood and
Long Beach.
-Sales of the Emil Olcovich Co. for the three years
Sales & Earnings.
and five months ended May 31 1928, have averaged in excess of $1.200.000
per year and earnings for the same period adjusted to give effect to the
present financing at 7%, after all charges, show an average of $55,264 per
year, or over 3.15 times dividend requirements on this issue of 7% preferred
stock.
Assets.
-The pro-forma balance sheet as of June 11928, adjusted to give
effect to the proceeds of the present financing show current assets of$506,438
against current liabilities of $60.129, or a ratio of 8.42 to 1.
as
Net current assets are equivalent to approximately $178 per share and
net tangible assets to over $208 per share on this 7% cumulative convertible
preferred stock.
-Proceeds will be used towards the reduction of bank
Purpose of Issue.
loans for expansion policies and other corporate purposes.
-New Director.Oppenheim Collins & Co., Inc.
'
Edmund C. Lynch, of Merrill, Lynch & Co.. has been elected a Director
-V.127. p. 1263.
succeeding Bernard Benson.
-Omits Dividends.
Overman Cushion Tire Co.
The directors have voted to omit the quarterly dividends of 37% cents
per share ordinarily payable Oct. 1 on the class A common and class B
common stock. Distributions at this rate were paid on both issues on
-V. 125. p. 2297.
July 1 last.
-E. H.
-Bonds Offered.
Pacific Coast Terminals, Ltd.
Rollins & Sons and William R. Compton Co. are offering
-year sinking fund gold bonds,
$1,500,000 1st mtge.64% 20
Series A, at 98 and int. to yield about 6.70%.
Dated Aug. 1 1928: due Aug. 1 1948. Int. payable F. & A. Denom.
$1.000 and $511111 Cs. Red. at any time upon 30 days' notice at 105 and int.
less
up to and incl. Aug. 1 1938, and, if red, thereafter, at 105 and int.date g
of
of 1% for each 6 months of expired term from Aug. 11938, to the
redemption. Company agrees to pay int. without deduction for any normal
Federal income tax not exceeding 2% per annum which the company or
the Cruste.e may be required or permitted to pay at the source and to relmburse the resident holders upon proper application for personal property
taxes in the States of Conn. and Penn. not exceeding 4 mills per annum.
in the
in the State of Maryland not exceeding 43 mills per annum and annum
State of Calif. and the District of Columbia not exceeding 5 mills per
on the interest thereon in
and also for the income tax not exceeding 6%
the State of Mass. Payable _principal and interest. in United States geld
coin at the Royal Bank of Canada, New York, or at the Crocker First
Federal Trust Co., San Francisco, or in gold coin of the Dominion of
Canada at the Montreal Trust Co., Vancouver, B. C. Montreal Trust Co.,
Vancouver, B. C., trustee.
B. C.
Data from Letter of A. C. Flumerfelt, Pres., New Westmlnister, of the
-Company has been incorp. under the laws
Business & Property.
Province of British Columbia and owns valuable waterfront and industrial
property in the City of New Westminster, B. C., which adjoins the City
-Stock Dividends.
National Dairy Products Corp.
of Vancouver in the same peninsula. The City of New Westminster IA
The directors have declared an annual stock dividend of 4% on the com- now accessible to ships drawing 25 feet of water. The Vancouver Peninsula
mon stock payable in four quarterly installments of 1% each, the first has a population of about 250,000 and, with the exception of Prince Rupert,
payment to be made on January 2 to stockholders of record Dec. 5.
which is 500 miles to the north and has a population of about 6,000 is the
and water meet.
s
e
Pac4fiw
The cash dividend of $3 annually on the common stock will be maintained onli eot on theCanadian io ec sr twIrto
, hf:olnio
lent to themain
on the increased capitalization outstanding, it is stated.
By. .
.
A 33 1-3% stock dividend was paid on the common stock on June 17 1927. line tracks of the Canadian National Railways. Canadian Pacificand all
Columbia Electric By.. Ltd.,consists
-V. 127, p. 963.
Great Northern Ry., and the British
of these railroads have agreed to serve the terminal. The property north
the
--Earnings.
of 784,080 square feet of land with a frontage of 2,280 feet on steamship
National Department Stores.
1927.
bank of the Fraser River. Company is constructing a modern dry and
1928.
6 Months End. July 31-story reinforced concrete storage
1511.079 terminal wharf 1,050 feet long and a 4
Net profit after interest. depreciation & Fed. taxes- $731,356
$0.01 cold storage warehouse containing about 188,000 square feet of net Pacific
$0.47
Earns per share on 550,000 shs. corn. stk. (no par)
space. Construction is expected to be completed by July 1929.
-V. 126, p. 2158.
Coast Terminals Ltd. has also recently acquired the adjacent properties
- of the Fraser River Dock & Stevedoring Co., which have been in successful
-Initial Dividend.
National Oil Products Co., Inc.
An initial quarterly dividend of $1.75 per share was paid Oct. 1 on the operation for several years.
and cold
The business of the company will consist of operating a dry terminal.
$7 dividend pref. stock, no par value to holders of record Sept. 20. disstorage plant, stevedoring and conducting a public wharf and the large
The Seaboard National Bank, N. Y'. City, was appointed agent to
outlet to
The Vancouver Peninsula is the only natural southerly provinces, and the
burse the dividend.
agricultural and mining area of the western Canadian productive Fraser
Fraser River affords water transportation to the highly
-Registrar.
adequate
National Toll Bridge Co.
River Valley. Company's terminal will constitute the only
The Guaranty Trust Co. of New York has been apointed registrar for tidewater terminal facilities situated on the tracks of either the Canadian
A common stock and 800,000 shares of class B
British Columbia,
200,000 shares of class
National Railways or the Great Northern Railway In commodities which
common stock, both without par value. (See also V. 126, p. 2324.)
save and except Prince Rupert. Among the principal
canned
the company expects to handle are zinc, lead, lumber, peanuts. cargo.
-Sales.
Neisner Bros., Inc.
paper, vegetables, fruit, eggs, butter and general
Increase. and salt fish, pulp,
1928-9 Mos.-1927.
Increase.
Dominion of Canada, under the
-Sept.-1927.
1928
-Government of the
Public Support.
S456,762116,200,884 14,067,982 $2,132,902 terms of the Cold Storage Act. Is giving the company $270,000 to be used
$476.780
$933,542
the Fraser
-V. 127, p. 1399.
in construction of its cola storage plant and has greed to fire We to provide
River in front of the company's terminal to a depth of 30 feet,
has
-Sales.- '
(J. J.) Newberry Co.
necessary shipping berths at the company's docks. The Government
Increase. further agreed to use the dredged material to further improve the waterfront
Increase. 1928-9 Mos.-1927.
-1927.
-Sept.
1928
value to the
$1,718,292 $1,229,076 $489,2161$12,321,917 $9,062,292 $3,259,625 property of the company. This improvement has an estimated
company of $40,000.
-V. 127. P. 1399.
The Province of British Columbia has guaranteed for a period of 10
years an annual storage revenue of $30,000.
-Production.
New Cornelia Copper Co.
The City of New Westminster has also guaranteed to lease a minimum
1925.
1927.
1926.
Copper Output (Lbs.)- 1928
of storage space annually for a period of 10 years. The City
5,540,400
7,328,120 6.906.512 of $30,000
7,345.020
January
has also agreed to limit the assessment of the company's property for tax5,972,400 6.063.428 ation purposes at a value of not over $5.000 for a period of 15 years. As
6.534,480 4,746,920
February
7,281,560 6,489.000
6,633,620 6.895,000
March
evidence of its confidence in the success of this development and
5,258.694 7.268.300 6,335.821 a further the company to do its junior financing on an advantageous
6,448.740
April
is
5,552.080
7,446,190 6.691,648 to enable city has guaranteed 7% interest on the company's debenture
5,847.360
basis,
5,789,380 7,086,640 6,230,956 issue. the
6,990.740
June
5,667,435
5,978,480 4.991,560 6,931,600
July
An agreement has been entered into with the Consolidated Mining &
6,077.960 6,389,880 4,919,599 Smelting Co., Ltd., which is expected to result in a very substantial and
7,346,280
August
6.274,420 6.582,660 4.820,120 profitable volume of business for Pacific Coast Terminals Ltd.
6,459,080
Se
-V. 127. P. 1399
.
Capitalization to be presently outstanding.
-New Equipment.
North American Car Corp. improved patented Palace Poultry 1st mtge. 6%% 20-year sinking fund gold bonds, Series A (this$1,500,000
Issue
It is announced that 200 of the latest
a300,000
cars of this
-year debentures
Cars have now been completed, making a total of 600 refrigeratortype. and 7% 20
200,000
cars
cars,
7% cumulative preferred stock
The company is now operating 5,268 tank Crop
20,000
prospects throughout Common stock
Poultry cars, all actively engaged.
Palace
oil refining Industry and the general heavy
a Interest on the 7% debentures la guaranteed by the City of New Westthe country, activity in the
-years.
movement of all kinds of perishable and liquid products, encourage the belief minster for a period of20
may be
In addition to the proceeds from the sale of the above securities, the comon the part of the management that continued satisfactory business
-V. 126. P. 3769.
pany will, as above stated, obtain $270,000 from the Government of the
expected, says President H. Ii. Brigham.
Dominion of Canada under provisions of the Dominion Cold Storage Act
-Preferred Stock Of- of Canada.
Olcovich Shoe Co., Los Angeles.
-H. G. Butler, (engineer). San Francisco, has esEstimated Earnings.
-Reed,Adler & Co., Los Angeles,are offering $250,000 timated annual net earnings available for bond interest, after operating
fered.
and divs. expenses and reserves for Canadian income taxes, at $269,200. These
7% cumul. cony. pref. stock at $102 per share
estimated earnings can reasonably be expected when the terminal reaches
Preferred as to dividends and as to assets to the extent of $100 per share a normal operating condition. Annual first mortgage bond interest re-J. Cumulative
plus div. on liquidation. Cumulative dividends payable Q. for dividends quirements are $97.500. These net earnings are equivalent to 2.76 times
of net profits, after provision
annual sinking fund payable out
toe annual Interest requirements on the bonds to be presently outstanding,
5% of the par value
on cumulative preferred stock, amounting toany time outstanding. of' the and to 2.24 times their annual Interest and sinking fund requirements.
Red.
aggregate of all amounts of preferred stock at in part at
Through earnings from recently acquired terminal properties, contracts
$107.50 per share
or
after one year from date of issue, in whole
before already obtained from shippers and storage guarantys of the Province of
and div. at the option of the company, upon published notice 90 days of the British COlumbia and the City of New Westminster, the company is virdate: also redeemable for account
next preferred stock dividend
tually assured of annual net earnings from the date of completion of the
sinking fund at $107.50 per share and div. and upon said notice. Dividends project in excess of interest on the first mortgage bonds to be presently
exempt from present nromal Federal income tax. Registrar: Farmers Ss outstanding. Upon completion of the present financing, there will be
Merchants National Bank, Los Angeles.
with the trustee sufficient funds to meet the interest charges
Conversion Privilege.-Convertlble at the holder's option, at any time Impounded
-seven months after the
these bonds to and including February 1 1930
before call for retirement, or redemption and within 60 days thereafter, on
common expected date of completion.
into common stocA of the company at the rate of five shires of
bonds are the direct obligation of Pacific Coast TermSecurity -These
stock for each share of 7% cumulative convertible preferred stock. Con- inals Ltd. and are secured by a specific first mortgage on all the physical
version ratio protected by charter provisions.
OCT. 6 1928.]
FINANCIAL CHRONICLE
1959
assets of the company and a floating charge over the remaining assets and
Consolidated Balance Sheet June 30
and undertaking of the company. These physical assets, consisting of land.
1928.
1927.
1928.
buildings, machinery and equipment, have been appraised as a completed
1927.
Assets
$
$
Liabilities$
$
going concern by Macaulay, Nicholls, Maitland & Co., Ltd., of Vancouver. Real estate IncludCapital stock._ _ __ 7.500,000 7,500,000
B. C., at a total of $2,750,000. Accordingly, the $1,500,080 outstanding
ing coal lands_ _ _ 676,636
635,443 Accounts payable_ 406,725
first mortgage bonds represent a loan equivalent to only 54% of the ap309,383
Buildings, machinAccrued taxes_ _ _ _
praised value of the assets against which they are a first lien.
89.602
75,211
ery, Jic
a 9,427,472 9,669,702 Special Insuranse
The trust indenture provides that $750.000 additional bonds, to bear
974,905
548,426
appropriations__
interest at not exceeding 6;4% per annum, may be issued up to 60% of Cash
140,208
U. S. Lib'ty bonds
15,000 Diva. pay. July 15 187.500
the cost of additions to the properties of the company when net earnings
187.500
Accr.oper.Itemsshall have been not less than twice interest requirements on outstanding Trustees of Insur1.839
1,249
ance fund
160.040
140,208 Deferred
first mortgage bonds including those proposed to be issued, or in lieu
127,806
134,673
Bills and accounts
Special notes pay_
thereof such additional bonds may be issued to refund Series A bonds.
195,000
receivable.
776,324
713.972 Special ins. res.
-Company has agreed to impound with the trustee
Sinking Fund.
160.040
1,708,492 1,236,859 Surplus and undl$60,000 semi-annually, commencing Aug. 1, 1933. Such payment shall be Inventory
3,801
3,801
vlded profits... 5,622,954 5,394.468
applied by the trustee, first: to the payment of interest on the then out- Secur. of other ccs.
374.282
standing bonds; second: to the purchase of bonds at or below the redemption Prepaid 1115111%, ate_ 368,885
price, or in calling bonds by lot for payment at the redemption price.
Total
14,096,556 13.937,693 Total
The sinking fund is calculated to retire about 75% of this issue by maturity.
14,096,556 13,937,693
-Proceeds from the sale of these bonds and the debena Includes buildings, machinery and equipment, less depreciation and
Purpose of Issue.
tures and stocks are being used for the acquisition and construction of the obsolescence.
-V. 127, p. 119.
company's terminal facilities and for other corporate purposes.
Palos Verdes Estates, Los Angeles.
-Bonds Offered.
Alvin H. Frank & Co.; Dean Witter & Co.; Banks, Huntley
& Co. and M. H. Lewis & Co. are offering at 100 and int.
$1,000,000 1st closed mtge. 6
sinking fund gold bonds.
Dated June 1 1928; due June 1 1943. Denom. $1,000 and $500 c*.
Callable on any int. date on 30 days notice at 102 and int. Principal and
int. payable J. & D. at the Union Bank & Trust Co. of Los Angeles., trustee
Exempt from personal property tax in California. Interest payable without deduction for normal Federal income tax not to exceed 2%.
Data from Letter of Jay Lawyer, general manager.
-Rancho Palos Verdes. comprising over 16,000 acres, or 25
Property.
square miles, was acquired in 1913 in an undeveloped state by a syndicate
headed by Frank A. Vanderlip of New York, sixth owner in succession
from the original grant from the King of Spain. The property Iles on a
peninsula of roiling hills of great scenic beauty Jutting out into the Pacific
Ocean, with more than 12 miles of ocean frontage, and consistuting one
of the finest suburban residential areas adjacent to the City of Los Angeles.
On this tract, 3,200 acres, laid out in four principal townsites, are now being
intensively developed by the Palos Verdes Estates. Over $3,800,000 has
already been invested in improvements to date including parks, roads,
storm drains, curbings, plantings, sidewalks, underground conduits and
advances for public utilities. Up to May 1 1928, 2,799 homesites had been
disposed of out of the total 3,200 acres.
Security and Appraisals.
-Palos Verdes Estates first closed mortgage
6 % sinking fund gold bonds will be secured as follows:
(1) A first mortgage on 2,350 homesites of the Palos Verdes
Estates, which together with improvements, plantings, etc.,
are appraised at
$9,400,000
(2.) Accounts receivable including purchase contracts having
an unpaid balance of
935,001
(3.) Deposit with the trustee as additional security for this bond
Issue of all of the common stock of the Palos Verdes Transportation Co. and the Palos Verdes Water Co. both utilities
serving Palos Verdes Estates. The adequacy of the water
supply has been confirmed by Sterling C. Lines, a competent
engineer and appraiser, and the value of these shares is appraised by him at
350,000
Total
$10.685.001
As indicated above the total security for these bonds has an appraised
value of $10,685,001; or over $10,685 for each $1,000 bond.
Income.
-Supplementing income from pledged land purchase contracts
the first 20% of all principal payments received from all future property
sales will be applied by the Bank of Italy National Trust & Savings Association, disbursing agent for Palos Verdes Estates, to sales expense,
bond interest, taxes and other similar charges, and a minimum of 25% of
all other principal payments applied exclusively to the redemption of
bonds.
Sales for the past 4 years have exceeded $800,000 per year. Sales for
the first 4 months of 1928 have averaged in excess of $75,000 per month,
or at the rate of more than $900,000 per year. Based upon a minimum
cash payment of 20% of these sales, supplemented by interest and principal payments on all purchase contracts and other accounts receivable.
income available from these sources for interest, taxes, etc., will be approximately $400,000 per year, or over 6 times maximum interest requirements on this issue.
Sinking Fund.
-Indenture provides for an annual sinking fund,
as of March 1 1928, consisting of 10% of all cash sales and of allbeginning
principal
payments on conditional sales contracts, with a minimum of $35,000 per
year to be paid to the trustee in monthly installments. These funds must
be applied exclusively to the retirement of bonds by purchase or call. At
the present rate of sales, the operation of this sinking fund is calculated
to retire this entire issue prior to maturity.
Pantepec Oil Co.of Venezuela.-Bal. Sheet June 30.-
1928.
1927.
1928.
1927.
Assets
Liabilities$
$
Cash
277,770
321,218 Capita Istock_ _x21,084.08.6 21,002,187
Accts. & adv. rec_ 136,235
289,443 Liab. on prop_ ._ f011
256,384
Concessions & int.
Property taxes &
In concessions_20,899,846 20,628,727
other liabilities_
89,473
19.003
Furniture,fixtures,
equipment, &c_
28,808
30.070
4,602
Deferred expenses_
8,115 Total(each side) 21,347.060 21,277,573
Represented by 1,506,600 shares of no par value.
-V. 125. p. 2157;
V. 124. p. 2921.
Philadelphia Dairy Products Co., Inc.
-Listing.
-
The Philadelphia Stock Exchange has authorized the listing of 29.035
shares (of a total authorized issue of 31,000 shares, without par value) of
$6.50 cumul. prior pref. stock, transferrable at the Bank of North America
Sr Trust Co., Philadelphia, and registered by the Philadelphia National
Bank, Philadelphia.
This action removes the said stock from the unlisted department of the
-V. 125, p. 3494.
Exchange.
Pittsburgh Post Office- East Liberty-Station (Amero
Construction Co.).
-Bonds Offered.
-Robert Garrett &
Sons, Baltimore, are offering $230,000 1st mtge. (closed)
5M% 10-year sinking fund gold bonds at 100 and int.
Dated Oct. 1 1928; due Oct. 11938. Interest payable A. & 0. Denom.
$1,000 and $500c5 Red. all or part, on any int. date on 30 days' notice,
at a premium of .of 1% of the principal amount for each year or fraction
thereof between redemption date and the maturity date, but in no event
to exceed 102 and interest. Corporation agrees to refund to holders of these
bonds, upon proper and timely application, all State, county and municipal
taxes which such holder may pay up to % of 1% per annum, including the
District of Columbia, 5 mills tax and the Mass, income tax, not exceeding
6% per annum, on the interest, all as provided in the indenture. Interest
payable without deduction of that portion of the normal Federal income
tax not in excess of 2%. Principal and int. payable at the office of Safe
Deposit & Trust Co., Baltimore, corporate trustee.
-The Pittsburgh Post Office-East Liberty-Station, being
Property.
constructed in accordance with plans and specifications approved by the
U. 8. Government Post Office Department, is located on the Northwest
corner of Penn Ave. and Station St., Pittsburgh, Pa. The building will
consist of a basement and two stories, of modern fireproof construction with
ground floor plans and elevations to be as indicated and outlined in specifications and drawings furnished by the Post Office Department. The
aggregate area will be 27,000 square feet and the total cubical content
7,000 cubic feet. All furnishings and fixtures, as specified by the Government, will be of the most modern and efficient approved type.
-These bonds will be secured by a closed first mortgage on the
Security.
land and building owned in fee. The plot has a frontage of 61;4 feet on
Penn Ave. and an average depth along Station St. of 207 feet, containing
approximately 12,700 square feet.
The land and building at completion have been independently appraised
(the appraisers having been selected by the bankers) by Samuel W. Black
Co..at $304.000. and by John A.Sharp at $305,000.
The Government rentals are payable at the end of each month and the
trustee holds a power of Attorney from the mortgagor corporation authorizing said trustee to receive payments direct from the government if for
should fail to pay promptly the monthly ree
au:; asos otlfirnf,eorpr
q r nentn
and
-The U. S. Government has contracted for the lease of the
Earnings.
entire building for a period of 20 years. The lease is in the form designated
as non-cancellable by the Post Office Department. The annual rental from
the Government lease amounts to 822.250. The maximum annual interest
Pettibone-Mulliken Co.
charges on this issue of bonds amounts to $12,650. In addition to regular
-Earnings.
rentals, the Government pays all heat, light. Janitor and other operating
Earnings 8 Months End, Aug. 31 1928
Sales, $2,624,725: cost & expenses, $2,303,264; operating profit, $321,461 expenses. Fund.
-The mortgage will provide for payments, out of monthly
Sinking
Other income
17.136 Government rentals, to the trustee as a sinking fund to be regularly applied
to the purchase of bonds in the market or for their redemption by lot at
Total income
their then callable price. The operation of this fund is calculated to retire
Depreciation. $162.322;interest & other deductions, $84,001; $338,597
at least $75,000 par value of bonds on or prior to maturity, and, on the
Federal taxes, $9,783
$256,106 same basis, during the term of the Government lease all except $34,000 of
the original mortgage a $230,000 will have been retired, which is less
Net profit
$82,491 than 26% of the present appraised value of the land alone.
Dividends
45,096
Sinking fund, $175,000; debit adjustment, $10,000
Polymet Mfg. Co.
-Receives Order.
185,000
This company, producers of radio set essentials, announces the receipt
Deficit
$147,605 of a $60.000 order from the makers of the King radio.
-V.127. p. 1818.
Balance Sheet Aug. 31 1928
Producers & Refiners Corp. (& Subs.).
-Earnings.
Assets
Liabilities
6 Months End. June 301928.
1927.
Cash
8535,032 Preferred stock
$1,500,000 Gross operating profit
$1,447,586 $1,360.544
Accounts & notes roe
598,983 Common stock
3.000,000 Expenses
347,455
393.805
Due from employees
3,040 Funded debt
4,500,000
inventories
968,989 Accounts payable
112,033
Net earnings
31,100.131
$966,739
Investments
5.200 Accrued payrolls, taxes, etc.
100,398 Other income
42,652
27,832
Special cash deposits.
100,000 Surplus
711,863
Fixed assets
7.680,049
Total income
$1,142,783
8994.571
Prepayment
33.000
Interest
462,472
462.022
1
Total (each side)
Patents, good-will, etc
$9,924,294 Depreciation
1,208,014
1,136,105
-V. 126. p. 3313.
xLoss
$527,703
$603,556
Pennsylvania Salt Mfg. Co.(& Subs.).
x Before depreciation, surrendered leases, abandoned wells sad extra-Earnings.
Yrs. End. June 30ordinary losses.
1928.
-V. 126, p. 3772.
1927.
1926.
1925.
Income from gale of prodPurcell High School, Cincinnati, Ohio.
ucts after expenses_ - -x$2,294,584 $2,265,222 $2,026,504 $1,658,343
-Bonds Offered)
Other income
344,384
401.203
334.434
238.664 -The Provident Savings Bank & Trust Co., Cincinnati,
offering $325,000 1st mtge serial 5% gold bonds at
Total earnings
82.638.968 82,666.426 $2,360.938 $1,897.006 are
Ordin. repairs & replac_ _
547,763
597.900
699,513
596,183 par and int. (Archbishop John T. McNicholas, trustee.)
Depreciation & depletion
662.640
663,625
612.469
411,956
Dated Aug. 1 1928: due serially
Federal taxes (est.)y_ 188,111
y191.051
y136,701
y108,004 $500. Principal and interest (F. & Aug. 1929-1943. Denom. $1.000 and
A.) payable at the office of Provident
Savings Bank & Trust Co., Cincinnati, trustee. Callable on 30 days'
Net earnings
81,240,454 81,213,850
$912.256
$780:863 notice in whole or part on any interest date at
Previous surplus
102 and interest.
5,394.467
5,390,027
5,787,507
5.994,109
Purcell
which is located on Hackberry St., Walnut Hills.
Adjustments
Cr.1.727
Cr.2.589 just northHigh School,Road, Cincinnati,
of Madison
will furnish high school facilities
Total surplus
$6,634,921 $6,605.604 $6.699,763 $6.777,561 for boys.
These bonds will be
by a mortgage
Dividends (10%)
750,000
750,000
750,000
750.000 the opinion of counsel secured first and best on the high school, which in
will be
Insurance reserve
lien thereon. On completion
19,833
12,744
6,385
6,125 the high school will have a replacement
value of about $550,000.
Settlement, Rio Tinto Co
500,797
Annual assessments sufficient
Adjustment of claims_242,136
448,393
52,554
2:33,929 bonds have been levied againstto pay the principal and interest on the
twenty parishes located in the eastern
Profit & loss surplus_ - $5,622,954 85,394,468 $5,390,027 $5,787,507 section of Cincinnati, which assessments amount in aggregate to more
than twice the amount of this loan.
Earns. per share on 150,000 abs. of com. stock
outstanding (par 850)Reo Motor Car Co.
-Shipments (Cars and Trucks).
$8.09
$8.27
$6.08
$5.21
x income from sales of manufactured products after deducting all expenses 1928-Sept.
-1927.
Decrease. 1928-9 Mos.-1927.
Increase.
ncident thereto, excluding ordinary repairs, replacements and depreciation. 3,711
4.318
,
607138,954
37.473
1.481
y Includes amount estimated for the 6 months ended June 30.-V.127. D. 1400.
bg
FINANCIAL CHRONICLE
1960
-Earnings.
Scott Paper Co., Chester, Pa.
-Annual Report.
Q. R. S. Company.
1927.
1928.
$2.942.794 $3.132.120
2,830.110
2.668.454
Years Ended June 30Net sales
Cost of sales, &c
[VOL. 127.
Operating income
Net profit on stock sold
Other income
$274.340
141.427
38.493
$302,010
Total income
Extraordinary expenses
$454.260
110.632
$313.961
112.350
11.951
8 Mos. End. Aug. 31Net sales to customers
Cost of goods sold
Depreciation
Expenses
Estimated income tax
Preferred dividend requirements
Balance
Earnings per share on common stock
Assets and Liabilities
Cash
Current assets
Current liabilitim
-V. 127, D. 967.
1928.
1927.
$4,372.983 $3.794.876
2,196.071
2,530.594
204.553
262.563
930.682
1,020,332
66.413
67.605
93.470
93.274
$398.615
$2.66
$303.687
$2.02
250,893
613.998
$201,611
5343.628
Net income before Federal taxes
1,485.805
1,842.853
Condensed Balance Sheet June 30.
572,300
210,113
1927.
1928.
1927.
1928.
I Liabilities
$
$
Assets
250.000
Preferred stock__ 250.000
Land. buildings,
882.312
777,425 x Common stock__ 882.312
Seton Leather Co.
-Dividend No. 2.
equipment, &e_ 680,041
57.623
51,498
329,122 Res. for royal.,&e.
Inv. & advances_ 701.876
The directors have declared the regular quarterly dividend of 50 cents
50,868 Rea. for unrealized
56,137
per share on the common stock. payable Nov. 1 to holders of record Oct.
Cash
326,207 16. An initial quarterly dividend of like amount was paid on Aug. 1 last.
Incr. on real est. 326,207
728.904
Accts.receivable.- 427.371
290.000 -V. 126, p. 4098.
90.000
55,724 Notes payable.___
129,503
Notes receivable
35,007
Accts. payable__
84,006
Cash surplus value
12,175
14.474
5,928 Accruals
14,543
Insur. policy
-May Liquidate.
Sharp Mfg. Co., New Bedford, Mass.
11.250
37,500
386,252 Dividends payable
282.624
Inventories
58.147 P.& L. surplus__ 656,367 '507.796 President Joseph T. Kenney, Sept. 17, in a letter to the
Deferred charges.- 100.267
2,392,363 2,372.370
2,392.363 2,372.370 Total
Total
x Represented by 75.000 no par shares.
-Rights.
Republic Fire Insurance Co., Pittsburgh.
The directors, at a special meeting, adopted a resolution providing that
the stockholders of record Sept. 28 receive the right to subscribe for one
share of stock for each 3 shares held on that date at $30 per share.
Last March stockholders voted to increase the authorized capital from
$300,000, consisting of 6,000 shares, $50 each. to $1,000.000 consisting of
100,000 shares of $10 par value. The paid-up capital was increased from
$300.000 to $600,000 at $30 per share, thus adding $600,000 to surplus.
V. 127. p. 1689.
-Extra Dividend of 1%.
Richardson Co.
The directors have declared the regular quarterly dividend of 2% and an
extra dividend of 1% on the common stock, both payable Nov. 15 to holders
of record Oct. 31. An extra distribution of 1% was also made on Feb. 15
-V. 126. p. 883.
last.
-Sales.
Rigney & Co.(Candy), Brooklyn.
Period Ended Sept. 30Sales
-V. 127. p. 966.
1928.
$53.810
Increase.
1927.
827.068
826,742
Royal Exchange Building Corp., Ltd., Winnipeg.
-McLeod, Young, Weir & Co., Ltd., Toronto
Bonds Offered.
are offering $500,000 6% 1st (closed) mtge. sinking fund
gold bonds at 100 and int.
Dated July 2 1928: due July 2 1948. Principal and Int. (J. & J.) payable
in gold at the Bank of Montreal, Toronto, Montreal. Ottawa. Hamilton,
London (Ont.). Winnipeg. St. John, N. B., or Vancouver, B. C. Red.
all or part on any int. date on 60 days' notice at 105 and int. Denom.
These bonds
$1.000. 8500 and $100c*. Trustee. the Royal Trust Co.Insurance Act.
are a legal investment for life insurance companies under the
Canada. 1917.
-The trust deed provides for a cumulative sinking fund of
Sinking Fund.
$15.600 per year. which will be sufficient to redeem the entire issue by
maturity.
-The same bankers are
General Mortgage Bonds Offered.
offering $100,000 7% gen. mtge. sinking fund gold bonds
at 100 and int.
Dated July 2 1928: due July 2 1938. Principal and int. (J. & J.) payable
in gold at the Bank of Montreal, Toronto. Montreal, Ottawa, Hamilton,
London (Ont.), Winnipeg, St. John, N. B., or Vancouver, B. C. Red. all
or part on any bit, date on 30 days' notice at 103 and int. Denom. $1.000,
.
$500 and $100c5 Trustee. the Royal Trust Co.
-The trust deed provides for a sinking fund for the reSinking Fund.
tirement of these bonds consisting of the residue of the net earnings of the
deducting operating expenses, taxes and interest and sink,
company after
ing fund barges on the outstanding first mortgage bonds. It is expected
that the sinking fund will retire the entire issue on or before maturity.
Ccmpany.-Has been incorp. under the laws of the Province of Manitoba
for the purpose of erecting, owning and operating a modern fire-proof
-story reinforced concrete office building on Main St., in the City of
eight
Winnipeg.
-story building
-An agreement to lease the main eight
Agreement to Lease.
for a period of 10 years from the date of possession, with the option of a
-year renewal, has been executed by the Canadian Co-operative Wheat
10
Producers. Ltd.
-Although the agreement to lease the entire building
Yearly Rentals.
has been signed by the Canadian Co-operative Wheat Producers. Ltd.,
it has also been signed by the Manitoba Co-operative Wheat Producers.
Ltd., and the Saskatchewan Wheat Producers. Ltd.. insofar as their respective obligations under this agreement are concerned. The Canadian
Co-operative Wheat Producers. Ltd.. agrees that the lease shall embody
covenants by the Manitoba Co-operative Wheat Producers, Ltd.. and the
Saskatchewan Co-operative Wheat Producers, Ltd.. with the Royal Exchange Building Corp., Ltd., to pay directly to it the rentals for the respective parts of the building occupied by them. The agreement to lease
Is based on the following yearly rental:
$2.000
Basement
12,50
Ground floor
78,750
Remaining seven floors
$93,250
Total
On the basis of fixed charges and operating costs of office buildings in the
financial district of Winnipeg, the managers of the building estimate that
taxes. insurance, operating charges and interest and sinking fund charges
per
on the first mortgage bonds will aggregate approximately $80.600 the
year. This would leave available a balance of S12.650 per year from
proceeds of the lease alone as against interest on these general mortgage
bonds of 37.000 per year.
The one-story annex will be leased to a commercial tenant at a figure
which the managers of the building estimate at $6.000 per year.
-May Sell Railroads.
Joseph Lead Co.
stockholders, said:
Owing to conditions beyond the control of the management, the corporation is now faced with a very serious situation. The future operation of the
mill depends upon the ability of the management to raise a substantial sum
of money from the stockholders.
In the latter part of the year 1924, a change In management in the affairs
of the corporation took place. Just previous to this change about 960 looms
were purchased on the partial payment plan and these looms were installed
In the mill in order to take up some of the product of the spindles, as it
was found that it was difficult to operate the spindles for the production of
sale yarn only.
In addition to the debt incurred by the purchase of new looms, there was,
at the time of the change in management, a large bank debt, much of which
was held by savings banks located outside of the City of New Bedford.
These outside savings banks insisted upon the payment of their notes.
These notes were paid by arranging with other banks for new loans. The
mill. thereafter, continued operations, although under very adverse conditions, both business and financial, nevertheless, between Jan. 1 1925 and
April 11028. the result of operations showed a net lose, before depreciation.
of $149.408. Taking into consideration the fact, that during the same time.
the interest requirements amounted to $365.875, the not loss was not
extremely impressive. Part of the above net loss, amounting to approximately $52.000 was suffered during the last quarvg of the year 1927. and
this last quarter's loss was undoubtedly occasioned by a strike founded on a
demand for an increase in wages of 10% among weavers and loom fixers
who were employed nights. The night work, which was helping to keep
down the overhead expense, was thereupon discontinued. The general
strike throughout the city was inaugurated on April 16 of this year. and
this mill. together with 25 other corporations, has been practically closed
since that time.
During the early part of the current year it was apparent to the management that the banks holding the mill paper, were showing uneasiness, and
in the course of time it appeared that some outside party was attempting
to purchase from the banks the obligations of this mill at 50 cents on the
dollar. It also appeared later that the banks located outside of New
Bedford, holding the mill paper, were apparently willing to accept 50 cents
on the dollar. for all the mill's obligations. At about this time it was
suggested that as long as some of these banks appeared willing and anxious
to sell the mhes obligations at the rate mentioned, that the opportunity of
purchasing them, at the same rate, should be given to the mill itself, for
the benefit of the stockholders. As a result, the out-of-town banks agreed.
on August 9 to settle the mill's indebtedness with them. amounting to
$1.120,000 for 3560.000 if that amount was paid on or before Oct. 8 1928.
The New Bedford banks holding notes of the corporation. for the aggregate
amount of $595.000 have consented to this settlement with the out-of-town
banks. The officers have been attempting to raise money by the liquidation of the quick assets of the corporation, and so far have sold practically
all of the corporation's raw material, and much of the finished product,
leaving the stock in process unsold up to the present.
If a sufficient amount, to pay the out-of-town banks, can be raised by the
sale of some of the quick assets of the corporation, there will still be debts
owing by the corporation of $595,000 to New Bedford banks, approximately $202,000 the balance due on looms, taxes assessed by the City of
New Bedford for the year 1928. and a small amount for current bills. This
will leave the corporation with deots of approximately $900.000 but with
practically no quick assets, except stock in process. It is therefore apparent
that the corporation cannot operate unless now money is obtained from tho
stoceholders or other persons.
There have been many plans of reorganization suggested, but every plan
suggested involves the raising of money,and until some assurance is obtained
that money can be raised it seems useless to settle on any particular plan of
reorganization, unless it is a simple plan of issuing a prior preference stock
or promissory notes to stockholders, and it is for the purpose of ascertaining
from the stoceholders their attitude and willingness to suoscribe to a prior
preference stock or such notes, that this notification is given.
If the stockholders or other persons or corporations are willing to subscribe
to a prior preference stock or to a note Issue or to any other plan of refinancing, to the amount of approximately $1,000.000 it would be possible to
start the operations of the corporation with practically no debt. The
Important thing for the officers to know at this time is whether sufficient
money can be raised or not and the only apparent way of ascertaining this
information is to ask the stockholders what their attitude is in this matter.
Unless the stockholders or some other persons exhibit a willingness to
subscribe new money to this corporation, the only thing left for this corporation to do Is to vote to liquidate.
Unless a sufficient interest was shown by the stockholders in a reorganization of the corporation by Oct. 1 1928. Mr. Kenney announced that he
would be obliged to call a meeting of the stockholders and ask for affirmative action on the liquidation of the affairs of the corporation.
Balance Sheet June 30 1928.
Assets
24051111lee
81,161,000
$6,050.849 Preferred stock
Land, bldg,,, mach., ere
2,656.000
602,364 Common stock
Inventory
1,715.000
9,934 Notes payaole
Notes receivable
6,127
83.133 Accounts payable
Accounts receivable
6,009
Cash
223,204 Interest
50,000
13.357 Taxes for 2 quarters eat
Insurance
contract on looms._._ 201,917
Profit and loss deficit
234,788 Draper
1,401,578
Depreciation
Total teach side)
$7,197.629
-V. 127, p. 1820.
St.
of
sale
The company is negotiating for the Ry. to the Missouri Pacific RR.
Joseph comowned by the
the Mississippi River & Bonne Terre Comany,owned by St. Joseph comSt.
RR.
pany,and of the Missouri-Illinois sale wouldrelieve the St.Joseph Company
-Earnings.
Shawmut Bank Investment Trust.
pany and 3 other interests. This
ended on Aug. 31 1928 a net income
Union Electric Light
of its railroad business. It is expected also that the power plant in South- ofThe trust reports for the 6 monthsof holdings, based on the market on
company's
$202,980. Net liquidating value
& Power Co. will purchase the St. Joseph
to the Aug. 31, was $1,119,422, or $14.93 a share, representing an unrealized
eastern Missouri and extend its transmission lines to supply power
appreciation of $788,910, or $10.52 a share in the bonds and stocks held on
latter company.
Clinton H. Crane, that date.
"These transactions, if completed. said President
in industrial corn. stocks: 14.89%
transfer fixed assets into
Y
"will not increase the company's income, but willother mining properties." in The trust had 16.80,e of its portfolio
corporation bonds; 13.64% in foreign government bonds: 11.45% in
cash, which should be available for investment in
industrial bonds: 11.287 in public utility bonds; 7.68% in foreign corpora-V. 126. p. 3314.
tion bonds guaranteed by governments: 7.51%1in foreign bank and cor-Registrar.
poration stocks: 5.73% in preferred stocks: 5.475 in public utility common
Sanger Hotel Corp.
dank & Trust Co. has been appointed stocks: 3.54% in railroad common stocks; 1.99% in participations and
The Chatham Phenix National
40,000 .02% in cash.
-V.126. p. 3611.
registrar of 15,000 shares of preferred stock, par $100 each, and
shares of common stock without par value.
-Eastman, Dillon &
Sold.
-Sales.
Sears, Roebuck & Co., Chicago.
1926.
1927.
1925.
1928.
Month of Septemoer___$30,004,372 $24.608.712 $21.647,835 819.359,165
-- _231.365,458 199,265.662 187.885,758 171.622,003
First 9 mos. of year-V. 127. p. 1400.
-Capital Increased.
Seneca Copper Mining Co.
at Dover. Del., increasing its
Toe company on Oct. 1, flied a certificate
authorized capital stock, no par value, from 500.000 shares to 1.000.000
126, p. 1678.
-See
shares.
-Stock
Sheffield Steel Corp.
Co. announce the sale of 28,000 shares common stock (no
par) at $56 per share.
This additional issue of common stock has been listed on the Chicago
Stock Exchange, trading to commence Oct. 11. It is not entitled to receive
the stoce dividend of50% which will be paid on Oct. 10 to the common stock
Trust & Savings
previously outstanding. Transfer agents, First Registrars, Harris Bank.
Trust
Chicago, and Mercantile Trust Co., St. Louis.
St. Louis Union Trust Co., St. Louis.
& Savings Bank,Chicago. and
OCT. 6 1928.]
FINANCIAL CHRONICLE
Capitalization Outstanding (Upon Completion of Present Financing.)
Corn. stk.(no par value) auth. 200.000 shares. outstde. (incl. the
the 50% stk. div. and this additional issue) 178.000 ails., reppresented by net tangible assets of
54,496.543
Preferred stock ($100 par)7% cumulative
2.500.000
1st mortgage 54i% bonds. due 1948
2,000.000
Data from Letter of W. L. Allen, President of the Company.
History & Business.
-Established in 1888 as the Kansas City Bolt &
Nut Co., and re-incorporated under Delaware laws as Sheffield Steel Corp.
in 1925. this business has had a continuously successful history.
Properties, located in Kansas City. Mo.. cover more than 45 acres of
land and consist of three open-hearth furnaces, bar iron and rail re-rolling
mill, sheet mill, and bolt, nut and forging works. Products are the basic
open-hearth steel ingot, and various semi-finished and fully finished steel
and iron goods including sheets, bars, billets. rods, railroad spikes, bolts,
nuts and forgings.
The company has under construction a fourth open-hearth furnace, a
wire mill, a combination bar and rod mill and a blooming mill. and is rearranging and enlarging its bolt and nut work
This program should be
completed soon after Jan. 1 1929 and beside giving the company a much
broader line of finished rpoducta will increase annual tonnage capacity
from 140.000 to 180,000 tons.
Purpose.
-The present expansion already having been financed, this
issue of stock is to permit retirement of $1.370.000 first mtge. 614% bonds,
thereby reducing fixed charges and greatly simplifying and strengthening
the capital structure.
Earnings.
-For the last five years sales and earnings have shown a steady
and substantial growth.
In the last three years net earnings available for common stock, after
depreciation, interest on present funded edbt. Federal taxes at present
rates (12%), and dividends on present preferred stock, based upon certified
figures, have been:
Net Earnings Calendar Years. Available for Common Stock.
y1928.
1927.
1926.
x1925.
Net earns.(as above)_ _ _
$665.425
5494.908
5153.733
5252.084
x Adjusted for managerial contract cancelled in 1925. y Eight months
ended Aug. 31.
Dividends.
-Company is now paying quarterly dividends in cash on the
common stock at the rate of $2 per share per annum payable 50c. quarterly
Jan., April. July and Oct. 1. This rate 1188 been maintained for the past
three years. In addition a quartorly stock dividend has been established by
declaration of 4% in common stock payable 1% quarterly, first payment
Jan. 11929. to stockholders of record Dec.21 1928.
1961
The corporation has never had recourse to bank loans or other credit
and has financed its operations entirely out of original capital augmented
by the earnings.
The results of its operations according to audit by Lybrand, Ross Bros.
& Montgomery, are as follows:
Planes
PeriodNet Profit.
Manufac'd
and Sold.
June 15 1926 to Dec. 31 1926
loss $10.418
8
Year 1927
22,5.59
34
Jan. 1 1928 to Aug. 31 1928
144.339
74
Purpose.
-Proceeds will be held in escrow and are to be used to cover
the cost of a new plant to be built. Any excess will be returned to the
treasury of the corporation.
-These shares are listed on the Detroit Stock Exchange.
Listed.
Directors.
-Frank W. Blair, George E. Buchanan. Harvey J. Campbell,
Harold H. Emmons, Edward S. Evans, James M. Evans, Richard Fitz
Gerald, Harry R. Graham. George M. Holley, Henry E. Hund (V.
-Pros.);
J. K. Livingstone. William A. Mara (Sec.), William E. Metzger, Edward
A. Stinson (Pres.). Newton S. Skillman. Luther D. Thomas.
Struthers-Wells Co., Warren, Pa.
-Consolidation.
-
See Titusville iron Works Co. below.
-V. 111. p. 1860.
Super-Maid Corp.
-Earnings.
--
8 Mmths End. Aug. 31Net income after charges
Earns per share on 150.000 shs. corn. stk
-V. 127. p. 1265.
1928
$829.189
$5.52
1927
1406.504
$2.71
Taggart Corp.
-Stocks Sold.
-Public participation in
the orporation, an enterprise recently launched to bring
under single ownership and management a group of paper
companies, has been effected through the distribution by
F. L. Carlisle & Co., Inc. of 20,000 shares of the corporation's
$7 cumulative preferred stock and 50,000 shares of its no
par value common stock. The preferred stock was offered
at $102.50 a share and accrued dividend and the common
stock at $32.50, both offerings haying been oversubscribed.
Taggart Corporation owns all the capital stocks of Taggart
Brothers,
Inc.; Taggart Oswego Paper & Bag Corp. and Champion Paper Corp.,
which in turn, owns all the capital stock of the Carthage Power Corp.
The
directors have declared a 4% stock dividend on the common stock Plants of the company, comprising one of the largest
The
payable in 4 quarterly instalments of 1%. the first to be made Jan. 1 to in this field, have an annual capac.ty of more thangroups in the country
50,000 tons of kraft
holders of record Dec. 21. The quarterly stock dividends of 1% will be and Manla rope paper which as converted into multi-wall
and other types
In addition to the quarterly cash dividends of 50 cents per share.
of heavy oaper bags for packing cement, flour, plaster gypsum, lime and
A 50% stock distribution will be made on Oct. 10 next.
-See V. 127. other products. The total bag manufacturing capacity of the plants, upon
1820.
p.
completion of a new factory now under construction, will amount to more
than 200.000,000 bags annually. Compare also V. 127. p. 1691.
Further Stock Distributions.
-
(Isaac) Silver & Brothers Co., Inc.
-Sales.
-
1928-Sept.
-1927
$511.507
5430.385
- 127. p. 1400.
V.
1
I
Increase. 1928-9 Mos.-1927
181.122 54,110.543 13,524.193
Increase.
1586.350
Simmons Co.
-Sales.1928-Sept.
-11427.
53,765.724 53,842,383
- 127. p. 1400.
V.
Decrease., 1928-9 MO5
.-1927.
Trerensv.
$76.6501427.583,134 $25,385,716 $2,197.418
Skelly Oil Company.
-Earnings.
Period End.
-To Acquire Certain Properties of Galena-Signal
Texas Co.
-See that company above.
Oil Co.
-V. 127, p. 698.
Titusville (Pa.) Forge Co.
-Consolidation.Iron Works Co. below.
See Titusville_
-V. 124. p. 386.
- Titusville (Pa.) Iron Works Co.
-Proposed Merger.The Baltimore
Sept.
27, contains the following:'Sun".
Plans have been made for a merger of the Titu.sville Iron Works. Titusville Forge Co. and Struthers-Wells Co. into a new company to be known
as the Struthers & Wells Titusville Corp. according to a letter sent stockholders of the first-named company. The consolidation has been approved
by officers and directors of the companies involved and now awaits ratification by stockholders through deposit of stock.
Sonatron Tube Co.
-Rights.
The suthorized stock of the new compsm v will consist of 54.030.000
The stockholders of record October 8 will be given the right
7%
on or before Oct. 19 for one additional share, at 560,for every 5to subscribe preferred and 150,000 shares of no par common stock. There will be outshares held.
This offering will involve the issuance of 12,000 additional shares, no par standing 89,750 shares of common , of which 79.750 shares are to be issued
in acquiring the old companies. The Struthers & Wells Titusville Corp.
value.
-V. 127, p. 1264.
also will issue between 51,500,000 and $1.750.000 1st mtge. 15
-year 645%
Robert
South West Pennsylvania Pipe Lines.
-To Make sinking fund bonds, which, it is understood. subject Garrett & Sons and outof-town bankers have agreed to underwrite
to approval of the deal
Capital Distribution of $15 per Share-Par Value of Shares by the stockholders.
The proceeds of the offering vrill.be used to pay off the funded debt of
Changed.
-Secretary V. S. Swisher, Oct. 4 says:
the Titusville Iron
and Titusville Forge Co., amounting to $1,224.At the special meeting of the stockholders held October 3, they voted to 000, it was stated. Worksof these
Both
issues are
the capital stock from $33.500 000 to 51,750.000: change the par local bankers are represented on the board largely held in Baltimore, and
reduce
of directors of each company.
value of the shares of stock from $100 to 550 per share: exchan-e share
The Titusville Iron Works 8% preferred stock is to get $115 par value
for share: and set up a capital stock reduction account of 51,750 000.
of new preferred stock for each $100 par value, and the common stock is
The directors at their meeting held immediately after the stockholders
meeting authorized the payment of $15 per share from the capital stock to be exchanged for common stock of new company in the proportion of
reduction account, and instructed that the transfer books of the company two new shares for each share of old stock, under the consolidation plan.
be closed at the and of businesa on Nov. 15 1928 and be opened for the trans- V. 125. p. 1473.
fer of the new issue on Jan. 2 1929.
Toddy Corporation.
-Earnings.
To c,trv out the above, stockholders are requested to send in their 8100
The company reports earnings for the six months ended on June 30 of
Par certificates immediately by registered mall to the office of the company
581.853 before taxes, equal to $2.02 a share on the class A stock.
at 011 City. Penna.
-V.126.11.
It is expected that the new $50 par certificates and the checks will be 3944.
ready for mailing on or about Dec. 31 1928. There will be some delay in
Tung-Sol Lamp Works, Inc.
preparing and sending out checks and new certificates on account of $100
-Extra Dividend.
Par certificates not received before Dec. 10 1928, but subsequent payments
The ud-aewrs have declared an extra divmend of 50c, a share on the
will be made as soon as practicable.
cony. A and the common stock, in addition to the restular quarterly diviNo future dividends will be paid,on the $100 par stock. Further payments dend of 45c. a share on the A stock, and 20c. a share on the common, all
may be authorized from capital stock reduction account as funds become payable Nov. 1 to holders of record Oct. 20.
available.
-V. 127. P. 836.
On Nov. 1 1927 an extra dividend of 20c. a share was paid on both of
-V. 127, p. 1118.
these issues.
Aug. 31 1928Net income after charges
Earns, per share on 1.093.684 shs.cap. stk
-V. 127. p. 1400.
Month.
8 Months.
5661.652 51,771.752
$0.60
$1.62
State Bankers Financial Corp.
-Advisory Board.
-
The formation of an advisory board to supplement the work of
265 Fourth Avenue Corp.
-Depository.
agement and the board of directors in selecting investments for thethe manChatham Phenix National Bank & Trust Co. has been appointed deposicorporation's funds is announced by President Solomon Cruse.
tory for the bondholders' protective committee with respect to certaficates
The advisory board will consist of Max Shulman of Chicago,
representing shares or parts of -year 6% sinking fund mortgage gold bond
Selib, Morris Michtom. Nahum I. Stone, Harris MindlLn. AbrahamMorris of the corporation, due Sept. 20
Levy,
1 1945.
Joe Amkraut, Philip Potash. Maurice M. Elish, Isidore Brinker. Frank
Abrams and Herman B. Elster. M. D.
-V. 127, p. 1117.
United Biscuit Co. of America.
-To Increase Stock.
The stockholders will vote Oct. 15 on increasing the authorized common
(Hugo) Stinnes Corp. (M1.).
-New President.
-V.127. p. 426.
At a meeting of the Board of Directors of this corporation and of the Hugo stock (no par value) from 378,000 shares to 750.000 shares.
Stinnes Industries, Inc. held Oct. 2, Dr. Erich Will was elected President
United Cigar Stores Co. of Arnerica.-Proposed Acquis.
of both companies succeeding Hugo Stinnes Jr.. resigned. At the same
See Bastian-Blessing Co. above.
-V. 127. D. 1266.
time Otto Stinnes was elected a director of both companies.
-V. 127. P•
1541.
(Hugo) Stinnes Industries, inc.-New President.
See Hugo Stinnes Corp. above.
-V. 125, p. 1990.
(S. W.) Straus & Co.(Del.).
-Regular Comtnon D
The directors recently declared the regular
United Reproducers Corp.
-Co-registrar, etc.
-
The Guaranty Trust Co. of New York has been appointed co-registrar
and the Seaboard National Bank of the City of New York as co-transfer
agent for 75,000 shares of class A stock, no par value, and 150.000 shares
of class B stock, no par value.
quarterly dividend of 50 cents
United States Cast Iron Pipe & Foundry Co.
-7o
per share on the 1,000,000 shares of no par value common stock outstanding,
payable Oct. 2 to holders of record the same date. This corporation is the Create New Preferred Stock.
holding company of all the Straus subsidiaries through out the United
The stockholders will vote Oct. 8 on approving the creation of 600.000
States and Canada.
-V. 127. p. 697.
shares of 1st pref. stock (voting) and 180,000 shares of 2nd pref. stock
(non-voting), both of $20 par value. See also V. 127, p. 123. 1691.
Stinson Aircraft Corp.
-Stock Offered.
-Backus, Fordon
& Co., Detroit, last week announced the offering of 23,500
shares common stock.
United States Steel Corp.
-Number of Stockholders.
-
There were 104.20.4 holders of common stock on the date of the closing
of books for the September dividend. This was an increase of 5.867 from
the June figure of 98,336 and compares with 97.000 a year ago.
The number of preferred holders at the closing of the books for the
August dividend was 67.689. compared with 68,650 three months previous
and 71.301 a year ago.
-V.127,9.837, 1542.,
Capitalization
Authorized. Outstanding
Common stock (no par value)
140.000 shs. 123.905 shs.
Transfer agent. Fidelity Trust Co., Detroit. Registrar. Union Trust
Co., Detroit.
Corporation.-Incorp. in Michigan May 4 1926. Manufactures
motored cabin monoplanes of two types: (1) Stinson-Detroiter. six single-Change in Personnel.
Universal Pipe 8c Radiator Co.
pass.,
220 horse power, Wright-Whirlwind powered type: (2) Stinson-Junior,
James D. Rhodes has been elected a Directo^ and tresident, succeeding
four pass., 120 horse power. Warner-Scarab powered model.
L. B. Ladoux. who becomes first Vice-President. Albert C. Lehman, Irving
The corporation manufactures at present in Northville, Mich. adjacent
Le . p 56
7
3
to Detroit, and has had donated to it for five years a flying field on which V. 12 hman and George P. Rhodes have also been elected directors.'
the corporation owns a hangar.
Finance. Sales and profits -Corporation did not begin manufacturing
-Debentures Called.
Valvoline Oil Co.
until the latter half of 1926 and completed its first plane in August that
1 at 104
year. During this period 8 planes were manufactured and sold; for the 15The company has called for redemption ls.ov. Paymentand int. $34,500
-year 7% gold debentures, due May 1 1937.
will be made at
year 1927. 34: from Jan. 1 1928 to Aug. 31 1928, 74. On Sept. 18
1928. the Equitable Trust Co., trustee, 11 Broad St., N. Y. City.
-V. 127. p.
there were on hand unfilled orders for 13 planes.
1542.
FINANCIAL CHRONICLE
1962
Van de Kamp's Holland Dutch Bakers, Inc.—Initial
Dividends.—
The directors recently declared initial quarterly dividends of $1.62%
,
and 37,56 cents per share, respectively, on the $6.50 preferred and common no par stocks, payable Oct. 1 to holders of record Sept. 29.—V. 127.
p. 427.
Vorclone Corp.—Initial Dividends.—
The directors have declared an initial quarterly dividend of 70 cents per
share on the partic. preference stock, no par value, payable Nov. 15 to
holders of record Nov. 1. (See also offering in V. 127. p. 970.)
Wardman Real Estate Properties, Inc.—Trustee.—
The Central Union Trust Co. of New York has been appointed trustee
for $11,000,000 1st mtge. & ref. gold bonds. See offering in V. 127,P. 1692.
-Wayne Pump Co.—New Line of Pumps, &c.
The company will make announcement late in November of an entirely
new line of gasoline pumps covering the whole field from the cheapest
hand-operated visible pump to the most elaborate power-operated, metermeasuring pump, according to President W. M. Griffin. The line of air
compressors will be increased at the same time. Closely following this,
announcement will be made of several new items to be added to Wayne's
line, including an automatic air stand from which tires can be filled to any
desired pressure, a new hoist for wrecking cars, a frame straightener by
means of which an automobile frame or axle can be straightened without
removing the body, and other devices of this nature, all of which can be
soli to filling stations and garages, where the present sales organization is
calling constantly.V. 127, p. 970.
Weber & Heilbroner, Inc.(& Subs.).—Earnings.—
For the six months ended Aug. 311928, the company reports net profits of
$434,186 after depreciation but before taxes. This figure includes profit
on sale of store lease.—V. 126, p. 4102.
Westfield Manufacturing Co.—Stocks Listed.—
There have been placed on the Boston Stock Exchange list temporary
certificates for 11.000 shares (auth. 12.000 shares, par 3100) pref. stock
with authority to add thereto, on notice of issuance and payment in full,
1,000 additional shares; and temporary certificates for 40.000 shares (total
authorized issue) each share without par value common stock.
Company was organized in Mass. Aug. 20 1915 and Is engaged in the
manufacture and sale of bicycles and children's vehicles, with plants at
Westfield, Mass.
Transfer agents, First National Bank, Boston, Mass., and Chase National Bank, New York, Registrars, State Street Trust Co., Boston,
Maas., and Equitable Trust Co., New York.—V. 120, p. 716.
Wilcox-Rich Corp.—Merger Completed.—
Merger of the Wilcox Products Corp. and Rich Products Corp., which
was approved by stockholders of the two companies Sept. 18 was completed this week. The new company began operation Oct. 1 1928. On
this date trading in the class A and class B stocks of the new company on
the Detroit and Chicago Stock Exchanges began.
Trading in the stock of the two component companies ceased at the
close of business Sept. 29 1928. The Detroit and Chicago Exchanges
have ruled that the certificates of both companies will be good delivery
for 10 days from that date.
Stockholders of the companies are being advised to exchange their
present certificates for certificates in the Wilcox-Rich Corp.at the Guardian
Trust Co. of Detroit or the Illinois Merchants Trust Co., Chicago.
Production iu all of the plants of the combined company are at record
capacity and it is expected that the last quarter will set a new record in
the history of the company. Plans for re-arranging the facilities of the
plants to bring about the operating economies made possible by the merger,
are being put into effect.
Officers of the Wilcox-Rich Corp. are: C. H. L. Flintermann, Pres.;
Sherwin A. Hill, V.-Pres.; Silas Coleman, Sec.; Allan B. Schell, Treas.;
Charles B. McDonald, Asst. Sec. and Asst. Treasurer.
Directors.—Carl Breen Raymond K. Dykema, George R. Fink, C. H. L.
Flintermann, R.F. Flintermann, Edward P. Hammond,Carlton M.Higble,
Sherwin A. Hill, M. A. Moynihan, Frank A. Nicol, Wm. T. Schmitt and
Fred Zeder.—V. 127. p. 1692.
(F. W.) Woolworth Co.—Sales.-
Increase.
Increased 1928-9 Mos.-1927.
1928—Sept
.-1927.
522,636,568 520,743.845 51,892,723 15190316.767 5179086,392 511230,375
Of the total gain reported for September, the old stores were responsibl
for $979,855. an increase in old store trade of 4.77%: for the nine month
they were responsible for 52,612.733 of the total gain, or an increase in
old stores of 1.49%.—V. 127.p. 1401.
Worth, Inc.(Md.).—Sales.Increased 1928-8 Mos.-1927.
1928—Sept.-1927.
5331,519
5377.718
—V.127.p. 1542.
546,199152,691,187 52,392.008
Increase.
$299,179
CURRENT NOTICES.
—NEW SUGAR MANUAL.—The firm of Farr & Co. of New York,
members of the New York Stock Exchange and specialists in sugar securities.
are distributing the ninth annual edition of their "Manual of Sugar Companies." Although primarily designed as a reliable reference handbook for
investors, it should be equally valued by those interested in sugar, since it
contains information and statistics of production, supply, prices and consumption throughout the world. An announcement regarding the publication says: "Features of its contents are the usual statistical reviews of
25 important Cuban, Porto Rican and American producing and refining
companies, with synopses of some 85 other sugar companies of the United
States, Cuba,Porto Rico, Hawaii,the Philippines, Santo Domingo,Mexico,
Hawaii, Central and South America. Java, &c. The new Sugar Institute.
Inc. is described with its Code of Ethics explaining Its functions with
respect to improving the business methods and conditions for the sugar
refining companies of the United States. A brief survey of the Porto Rican
sugar industry precedes a tabulation of all active sugar mills in that island,
with name, location ownership and a 4-year record of individual output,
including the last crop. All Cuban centrals are similarly tabulated, with an
outline map of Cuba showing location of certain important American controlled mills. A useful reference feature including the table of world sugar
crops by countries for the past 3 years, a colored map of the world showing
sugar beet and cane growing regions with final figures of the 1926-27 crop,
and
and a table of world consumption showing population by countries
by countries for the past
totals for 1927, with per capita consumption
the United States is also tabulated
three years. The beet sugar industry of
States. The Hawaiian sugar
with factory capacities by companies and
-year statistical table of six reindustry is outlined with a comparative 5
are numerous statistics on sugar
resentative companies. In addition there
Production, prices,refineries, weights, &c." The manual is distributed withbe obtained by request to Farr &
out charge or obligation and a copy may
Co.,90 Wall St., New York City.
—Investment capital will find its way into the business of financing
to other recognized industries,
small loans just as it has been attracted
which has just been completed
according to a study of the small loan industry
reference to this subject they say: "Tho
by Lee, Higginson & Co. With
business of lending small amounts of money—of supplying the constant
demand of many millions of honest and worthy people who need temporary
financial help—is on the threshold of a great development. It has been
reformed and regenerated in half the States of the Union, in almost all the
flowing into It because it has
most important States, and private capital is
shown itself to be a safe and profitable form of investment." In a booklet
entitled "Lending Money to Small Borrowers" they deal with this and
other features of the subject at length.
[VOL. 127.
—Prescott, Wright, Snider Co., 918 Baltimore Ave., Kansas City,
Mo.. have published a twenty-four-page illustrated booklet in which is
given a condensed history of the steady growth and development of their
company and its expansion to meet the investment banking requirements
of the Southwest. The original forerunner of the firm was established
in Kansas City in 1885, being devoted entirely to the purchase and sale
of real estate until 1887 at which time it was purchased by Herbert P.
Wright, who at once changed the name of the company to the H. P.
Wright Investment Co. and devoted all its energies to the purchase and sale
of investment securities. In 1899 John A. Prescott established the firm
of John A. Prescott & Co. and in 1915 Otho C. Snider joined the Prescott
firm as a partner and the name was changed to Prescott & Snider. In
1924 the two firms formed the organization of Prescott, Wright, Snider
Co., as it operates to-day.
—The October number of "Foreign News and Comments," published by
the Hibernia Bank & Trust Co., New Orleans, La., features an interesting
article on the oyster industry in the State of Louisiana. The bulletin discusses the subject from the standpoint of growing and canning oysters, and
gives complete statistics up to 1928. In addition, a clear explanation is
given of the important uses found for oyster shells. According to this
article oysters are consumed in large quantities in Louisiana and Mississippi
as an ordinary article of diet, but are regarded as luxuries in most other
States. Only 20% of the total crop is apparently consumed in Louisiana,
the remainder being canned and shipped to all parts of the Union and to
Canada. In addition to discussing Louisiana oysters, the bulletin carries
comments on business conditions in Austria, Greece, Australia and New
Zealand.
—Leo J. Filer, member of the Stock Exchange since November, 1924,
and floor member for Manowitch Bros. & Filer, 50 Broadway, since the
organization of that firm, opened his own Stock Exchange house on Oct. 1
in association with Albert Kasten, also a partner of Manowitch Bros. &
Filer. The new firm will be known as Filer & Co., with offices at 39
Broadway, New York. Mr. Filer, who is 37 years old, started in Wall
Street with Goldman, Sachs & Co. 20 years ago as office boy. His partner.
Mr. Kasten,is well known in the foreign exchange and international banking
field.
—Spencer Trask & Co. has added another partner in the person of
William R. Basset, who resigned the Presidency of Miller, Franklin,
Basset & Co. a nationally known engineering and accounting organization,
to turn banker. Although Mr. Bassett is well known to many Wall Street
houses for whom he and his former organization have made investigations
and reports, both for underwriting and reorganization purposes, he is
even better known nationally as one of the original Hoover engineers and
economists.
—Morris, Brown & Co., members New York Stock Exchange, Pittsburgh. Pa., announce the admission to their firm of Ogden M. Edwards,
Jr., and Albert G. Wells as general partners and the retirement of Robert
J. Davidson as a partner, both effective Oct. 1 1928. The firm is now
composed of the following partners: James E. Brown, Ogden M. Edwards.
Jr., and Albert G. Wells.
—Ward. Gruver & Co., members of the New York Stock Exchange.
20 Broad St.. New York, have prepared an analysis of the Bethlehem
Steel Corp. With present operations running ahead of the third quarter
and a satisfactory outlook indicated for the rest of the year, the firm estimates that earnings per common share for 1928 should exceed the $5.02
earned in 1927.
—The New York Stock Exchange firm of Newman Bros. & Worms has
opened a Newark branch with offices at 25 Academy St.. that city, under the
joint management of Arthur and Leo Lissner. The firm also holds memberships on the New York Cotton, Coffee and Produce Exchanges, the Chicago
Board of Trade,and the National Raw Silk Exchange.Inc.
—The current issue of the Granger Financial Review, published by
Sulzbzcher Granger & Co., 111 Broadway, N. Y.. devotes its four leading
articles to discussions of the Public Service Corp. of New Jersey, Baltimore
& Ohio RR.,Erie RR.and the Timken Roller Bearing. Co.
—Haliburton Falai, Jr., has become a special partner and William I.
Hay has become a general partner in the firm of Hartshorne, Pales & Co.,
members New York Stock Exchange and New York Curb market, 71
Broadway, N. Y.
—Henry K. Harden, who has been associated with the foreign department of Redmond dr Co. for many years, has just been appointed Manager
of the investment department of the J. Henry Schroder Banking Corp.
—J. G. White & Co.,37 Wall St., New York,are distributing a statistical
comparison of leading chain store organizations, showing the past progress,
present position and prospects of 35 important companies in this field.
—The Philadelphia investmentfirm of Wall,Syren & Bressler has recently
removed its offices from the Public Ledger Building to the new FidelityPhiladelphia Trust Building, Broad and Walnut Streets, Philadelphia.
—McClure, Jones & Co., 115 Broadway, N. Y. have prepared a
five-year comparative analysis and review of New York and Brooklyn
banks, trust companies, title and mortgage companies.
—Henry Elgarten, formerly connected with the Bank of United States,
has joined the sales department of S. Weinberg & Co.,2 Rector St., N.Y.,
specialists in bank and insurance company stocks.
—Spencer Trask & Co.. 25 Bread St., New York,announces that William
R. Basset, formerly President of Miller, Franklin, Basset &,,Co., has been
admitted to general partnership in their firm.
—Frank C. Tiarks and Henry Tiarks, partners of J. Henry Schroder &
Co. of London, recently arrived for a short visit With° New York offices
of J. Henry Schroder Banking Corp.
—The firm of A. A. Durant° & Co., Inc., with offices at 117 Liberty
St., New York, has been formed to transact a general investment business
specializing in aeronautical securities.
—Curtis & Sanger, members New York and Boston Stock Exchanges,
49 Wall St.. New York., have issued a current quotation pamphlet of
bank and insurance company stocks.
—Emil J. Roth has been admitted to the firm of Samuel Ungerleider &
Co., members New York Stock Exchange, and several other leading exchanges, as a general partner.
—Palmer and Co., members New York StocklExchange, 44 Wall St.,
New York.. have prepared an analysis of Bankers Trust Co.(New York)
for distribution to investors.
—Norvin R. Greene, formerly with Tucker. Anthony & Co., has become
associated with Rushmore & Greene, 15 William St., New York, specialists
In Incorporated Investors.
_Goddard & Co., Inc., of New York and Pittsburgh announce, that
Lee M. Crawford has become associated with them as Sales Representative
in the Buffalo District.
—Parker, Robinson & Co., 120 Broadway, New York, are distributing
a pamphlet discussing the growth and extensive operations of the United
States Asbestos Co.
—Wellington & Co., members of the New York Stock Exchange, have
prepared a list of securities recommended for the investment of institutional
and private funds.
—Ralph B. Leonard & Co.. 25 Broad St., N. Y., have prepared an
analysis of National Liberty Insurance Co. including a comparison with 10
ether securities.
OCT. 6 1928.]
1963
FINANCIAL CHRONICLE
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-DRY GOODS
-WOOL
-ETC.
-METALS
PETROLEUM-RUBBER-HIDES
COMMERCI AL 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."I
Rio coffee prices closed as follows:
Spot unofficial 17%
Dec
16.350
I Mar
I May
15.85015.87 July
15.530
'Sept
15.100
14.800 nom
Santos coffee prices closed as follows:
I Mar
21.440 nom!July
20.75020.80
Spot unofficial-.
Friday Night, Oct. 5 1928.
I May
21.000 nom I Sept
20.33020.34
Dec
COFFEE on the spot was steady without much business.
-Prompt Cuban raws were quiet early in the
SUGAR.
to 24c.; Rio 7s, 173/20.; Victoria 7-8s, 17c.
Santos 45, 233'
Mild coffee met with a moderate demand. Fair to good week; 1,800 tons did, it seems, sell out of store at 3.93c.,
Cucuta, 23% to 24c.• washed, 263 to 2734c.; Colombian, equal to about 2 5-32c. c. & f., and on the 1st inst. buyers
%
Ocana, 223 to 223 c.; Bucaramanga, natural, 243 to seemed inclined to pay that price and offerings were sud%
2530.; washed, 27% to 273/20.; Honda, Tolima and Giradot, denly withdrawn at that price. Havana cabled that Presi/
27 to 273c.; Medellin, 283i to 29c.; Mandheling, 36M to dent Machado had said that grinding on the new crop will
39c.; genuine Java, 34 to 35c.; Robusta washed, 20Mc.; begin on Jan. 1 and that later he will announce whether or
Mocha, 27 to 273c.; Harrar, 253/i to 26c. Later spot trade not the Export Corporation will be continued next season.
was quiet with prices steady; Santos, 4s, 233 to 24c.; Rio Futures on the 1st inst. ended 2 points lower to 2 higher,
7s, 173'c.; Victoria 7-8s, 17c. Most of the cost and freight with sales of 32,400 tons. Havana cables reported further
offers from Brazil at one time were unchanged or lower. sales of browns to points west of Suez at as high as 70,000,
Prompt shipment Santos Bourbon 2-3s were quoted at while other reports said 30,000 to 35,000 tons had been sold
%
23.8W.; 3s at 233/i to 233 c.; 34s at 22.65 to 23.20c.; 3-5s for export to Europe exclusively at 10 guilders, or 2 5-32c.
/
at 22.40 to 2230.• 4-5s at 22.15 to 22.65c.; 5s at 21.80 to c. & f. New York for Cubas. Refined was in fair demand at
'
22.45c.; 5-6s at 21M to 220.; 6s at 21.350.; 6-7s at 21.05 to 5.35c. to 5.40c. with prompt delivery required in most cases.
21.350. On the 4th inst. early cost and freight offers were Receipts at Cuban ports for the week were 35,918 tons,
steady in Brazil. For prompt shipment Santos Bourbon against 38,889 in the same week last year; exports, 87,332
%
2-3s were here at 243'c.; 3s at 233 c.; 3-4s at 22.70 to 233/sc.; tons, against 69,899 tons in the same week last year; stock
%
3-5s at 22.40 to 223 c.; 4-5s at 22.10 to 2234c.; 5s at 21.90 (consumption deducted), 629,502 tons, against 671,952 last
to 22.300.; 5-6s at 21.60 to 21.90c.; 6-7s at 20.60 to 22.30c.; year. Of the exports, 24,903 went to Atlantic ports, 19,029
7-8s at 18.10 to 203'c.; part Bourbon 2-3s at 24.650.; 3-4s to New Orleans, 63 to interior United States, 9,237 to Galat 23c.; 3-58 at 22.950.; 5s at 21.80c.; Rio 3-5s colory at 18.60e veston, 208 to Central America, 6,328 to Canada and 27,564
7-8s at 163' to 17.10c.; 7s at 17.40c.; Rio 7-8s sold at 16Mc. to Europe. Receipts at United States Atlantic ports for
Victoria 7-8s for prompt shipment were offered at 16.20c. the week were 53,705 tons, against 48,343 in previous week
and 49,615 in same week last year; meltings, 65,000 tons,
and 8s at 15.900.
To-day cost and freight offers from Santos were generally against 61,000 in previous week and 53,000 same week last
unchanged this morning, although the lower grades were in year; importers' stocks, 247,397, against 260,122 in previous
some instances down a little. The prompt shipment offers week and 133,843 same week last year; refiners' stocks, 95,reported consisted of Bourbon 2-3s at 243/20.; 3s at 23 to 728, against 94,298 in previous week and 49,621 last year;
23.450.; 3-4s at 22.70 to 23.90c.; 3-5s at 22.40 to 22.65c. total stocks, 343,125 tons, against 354,420 in previous week
Part Bourbon 3-4s at 23 to 24.15c.; 3-5s at 223' to 22.70c.; and 183 464 last year.
Futures on the 2d inst. were unchanged to 1 point net
5s at 22c. Peaberry 48 at 22.35 to 22.55c.; 4-5s at 21.90 to
22.40c.;5s at 21.80c.;5-6s at 21.80 to 21.90. Rio 7s at 17.10 lower with sales of 28,000 tons. London was firm, but
to 17.400., and 7-8s at 16.40 to 17.15c. At New York 8,400 European hedge selling was a feature. Cuban interests were
bags of Brazilian arrived from Paranagua. The total store understood to be selling much. Many fear a renewal of
stook on the 4th inst. was 278,019 bags and the total for the hedge selling. It is the shadow on the market dial. Of
United States, 325,462. There are afloat for the United prompt Cuba 21,000 bags sold on the 2d inst. at 2 5-32c.
States, 509,700 bags, making a total visible supply for this In general refiners bid only 23'c. London cables were steadcountry of 835,162 bags which compares with 1,041,041 bags ier with offerings of centrifugal and Javas at 10s. 3d. c.i.f.
at the same time last year and 1,030,190 bags on Oct.3 1926. Java was firmer. Scattered rains in Germany, France,
The following resolution was adopted by the Board of Poland and Czechoslovakia prevailed, but this had no great.
Managers of the New York Coffee & Sugar Exchange: effect. Beets are now beginning to be harvested. How"Resolved that absorbing the stamp tax on contracts by ever, rain may be more detrimental than otherwise particucustomers by a commission house is a violation of the com- larly if it should be followed by severe frost. Later 1,000
mission laws. Such tax must be charged to and collected tons ex-store sold at 3.89c. A sale of 3,750 tons of Cuba.
from the customers." The New York Coffee & Sugar for October loading at a south side port was to a Canadian
Exchanges puts the world's visible supply of coffee on Oct. 1 refiner at 2.180. c.i.f. St. John, N. IS., which is equivalent
at 5,378,471 bags, a decrease for the month of 136,808 bags. to about 2 5-32c. c.&f. New York. On the 2d inst. Dr.
The visible supply on Sept. 1 was 5,515,279 bags and on Mikusch reported scattered rains in Germany, France and
Poland and more rain in Czechoslovakia. The comment
Oct. 1 last year, 4,621,724 bags.
Futures on the 1st inst. were irregular within narrow limits. here is that it is too late now for weather developments to
Rio ended unchanged to 14 points higher and Santos 4 to 10 help the crop which is about to be harvested. If anything,
points higher. Rio cables were rather weaker closing firmer, rain would be more harmful than otherwise, particularly if
however. A small advance occurred in exchange on London; it should be followed by heavy frost. A rumor was current
sales were 5,500 bags of Rio, 4,500 of Santos. The outstand- on the 3d inst. that Japan had bought 50,000 tons of Cubas
ing interest in Dec. has recently been considerably reduced. for October-November shipment, according to one account,
Prices for Rio and Victoria are the only ones that are at all and for January-March shipment, according to another,
approximating New York Exchange quotations. On the at 1.94c. f.o.b. Havana wired that it knew nothing about
2nd inst. Santos declined 4 to 10 points net with sales of such a transaction. On the 3d inst. 66,000 bags sold here
9,000 bags and Rio unchanged to 10 points higher with at 23'c. c.&f. or 3.89c. delivered.
London cabled that there has been no confirmation there
sales of 10,750 bags. Rio cables were firmer early though
London Exchange was slightly lower. It was remarked that of reported sales of Cubas to Japan. But another cable rethe spot demand for coffee had shown a slight improvement ported that Java has cabled that 50,000 tons of Cubas for
-Nov.
-Dec. shipment have been sold at 1.94c. f.o.b.
with prices unchanged for Santos and a shade higher for Rio Oct.
and Victoria. The market continued to be in the hands of Cuba supposedly for resale to China and Japan. Hamburg
the Brazilian Committee of Defense and so long as this cabled: `The market was steady at the decline. Trade
condition lasts opinions as to the future of the market demand improving. Weather favorable for harvesting."
Under existing conditions prices are criticized The Sugar Institute, Inc., gave the total melt of 15 United
called useless.'
as unduly high, but the fact remains that the coffee trade of States refiners up to and including the week ending Sept. 22
the world is powerless as against the committee, it is said. at 7,581,561,392 lbs. against 8,552,767,509 lbs. for the same
Recently there has been considerable switching into more period last year. Refined was 5.35 to 5.40e. with some
distant months. Yet the prevailing quotations for contracts increase in demand. Samarang, Java cabled that 30,000
are noticeably below the price at which coffee can be bought tons have been sold by the Syndicate West of Suez. A
and the New York supply of Rio and Victoria coffee is small, cable stated that these sugars being of No. 17 Dutch Stand-.
the only coffees anywhere near Exchange prices. Now that a,rd, are not suitable for the United Kingdom, presumably
Sept. liquidation is overt the next active month is Dec. in on account of the question of duty. Another cable reported
which some think there is a large interest to be liquidated. on Oct. 1 sales of 70,000 tons of Java browns for shipment
This interest, however, some believe, has been much reduced exclusively to Europe at 10 guilders. Of this quantity, the
Brazilian traders it seems have pretty well liquidated their cable says, 30,000 to 35,000 tons have been placed with
holdings in both contracts. To-day Santos futures closed refiners, the remainder with operators.
Some say that the weight of supplies that caused the recent
7 to 15 points higher with sales of 11,000 bags; Rio was 8 to
15 points higher with sales of 20,000 bags. Final prices show decline may be traced to two main causes: (1) The heavy
an advance on Rio of 27 to 29 points for the week and on holdings of invisible supplies in 1925, 1926 and part of 1927
all over the world as a result of an abnormally large increase
Santos of 11 to 20 points.
1964
FINANCIAL CHRONICLE
in the 1924-25 production. (2) The further increase in
protected crops and Java. The first reason is called by far
the more potent. In this country consumption, some say,
has thus far been extremely disappointing. Meltings continue
to run about 450,000 tons below those of last year, and although deliveries from refiners practically counterbalance
this deficiency, still the expected so-called normal increase
in consumption of about 33/2% per annum has not taken
place. But the very fact that the trade has used up all
invisible stocks and are rigidly adhering to a hand-to-mouth
regime of buying, is called a bullish factor, for it could lead
at any time to a precipitate purchasing movement that
would force all refiners into the market. London cabled that
an additional cargo of muritous sugars had been sold to the
United Kingdom at 10s. with sellers asking 10s. 13/2d.;
35,000 tons more of Javas for Oct.
-Mar. shipment sold at
10s. 3d. to Holland, supposedly browns. Whether it was new
business some doubted.
Some say that the situation at the moment is not very
encouraging. Yet with cost and freight sugar at 23'ic.
landed in New York they think the short side is hazardous.
Later sales were 10,000 bags Porto Ricos second half October
and 2,000 tons Cuba out of store both at 3.89e. delivered,
also, 1,000 tons of Cubas for October shipment at 2c.
f. o. b. The c. & f. quotation was 2% to 2 5-32e. A rumor
that 10,000 tons of Cuban raws had been sold for OctoberNovember shipment to Europe at 10s. 13d. appeared to be
traceable to the notification to the Sugar Export Commission on Tuesday by the Cuba Trading Co. that it had
sold on Monday 10,000 tons at 2.02c. f. o. b. Cuba. This
sugar, it was understood was resale for October-November
shipment to the United Kingdom at 10s. 1%d. c. i. f. The
stock of raw sugar in licensed warehouses to-day is 1,628,348
bags, against 1,740,084 bags at the end of last week and
2,367,218 its highest point on May 26th. To-day prices
ended 2 points higher with sales of 17,200 tons. For the week
they show little change, i. e. unchanged to 1 higher. Prices
closed as follows:
Mar
1July
2.30@ --Spot unofficial 23.6
2.i3@
[Vol.. 127.
to the heavy summer consumption. Gulf prices were steady
despite the easier tendency of other markets. Cased gasoline met with a better demand. Far Eastern consumers are
puYchasing more freely. Here the market was easier.
United States Motor gasoline offered freely at 11 Mc. refinery. Yet some refiners quoted 113 0. refinery and 123 c.
/
%
in tank cars. Tank wagon prices were fairly well maintained.
Kerosene was firm with stocks small and consumption increasing. Deliveries against contracts were large. Locally,
water white 9e. refinery; in tank cars delivered to nearby
trade, 10c. Fuel oils were steady. Bunker oil firmer at
$1.05 refinery for Grade C.
[Tables of prices usually appearing here will be found on an earlier page in
our department of"Business Indications," in an article entitled "Petroleum
and Its Products."1
RUBBER on Sept. 29th was quiet, closing generally
unchanged, though at one time July advanced 10 points.
Traders here and in London are believed to be against the
market1 owing to the Malayan surplus. Estimates of post
restriction stocks in the East are increasing. On August 31st
last the stock -was 65,052 tons of which 52,905 tons were on
estates and 12,147 were in dealers hands. On July 31st they
were 9,055 tons. At the same time the consumption is well
maintained though usually at this time it decreases. Factories are busy with replacement business and operating at
a high rate. On the 1st inst. one lot of 3123' tons or 125
lots of December sold at 18.500. though earlier in the day
December was down to 18.20c. a decline of 10 points. The
closing of December on that day was 18.40 to 18.50c., or at
least 10 points net higher than at the previous closing.
Pool interests were said to be buying various months. Akron
is running at or close to full capcity.
On the 1st inst.
prices closed with October, 18.20 to 18.30c.; December,
18.40 to 18.50c.; January, 18.20 to 18.300.; March, 18.40c.;
May, 18.50 to 18.60c. and July 18.60c. BB contracts:
October, 17.80c.; November, 17.70 to 17.90e.• December,
17.70e.; January, February, March, April,'
May, June,
July, August, 17.60c.; September, 17.70e.; spot, 18c.
On the 2d inst. liquidation sent prices down after an early
May
2.2214
Sept
2.08
2.39©
Dec
- rise of 10 to 20 points. The sales were 255 lots of 637 tons.
Jan
2.09 ®
London advanced % to 3-16d. with Malayan exports in
LARD on the spot was tending downward late last week. September good. Some outside prices were % to Mc.
Prime Western 12.60 to 12.70c. in tierces c. & f. New York; higher. On the 2d inst. prices ended at 18.40 to 18.50c.
refined Continent, 137se., delivered New York; South Amer- for December, 18.30 to 18.40c. for January and 18.40 to
ica, 143'c.; Brazil, 153tc. On the 3d inst. prices closed un- 18.50c. for March. BB contracts: October, 17.90c.; Nochanged to 7 points lower. Nearby deliveries were the vember, 17.80e.; December, 17.80c.,; January, 17.70e.,
strongest. Yet hogs were 10 to 15e. higher, owing, it is February, March, April, May, June, July and August,
said, to smaller arrivals. Liverpool was unchanged to 3d. 17.17c.; spot, 18.20c. In Singapore on Oct. 1 prices were
lower. Hog receipts at Western points were 64,800, against unchanged to 1-16d. higher. October, 8%d.; Jan.
-Mar.
97,200 last week and 73,100 last year. Deliveries on October and April-June, Md. On the 3d inst. prices ended 10 points
bellies totaled 150,000 lbs. To-day futures closed 2 to 3 off to 10 up with sales of 157 lots or 392 tons. Outside busipoints lower with cash demand only moderate. Commission ness was only fair and that was towards the close. Central,
houses both bought and sold. Packers did very little. New Western factories are calling for prompt deliveries. NovemYork cleared 106,000 lbs. of lard yesterday. Western hog ber ended on the 3d inst. at 18.20e.• December at 18.400.;
receipts were 62,000, against 45,000 a year ago. Chicago January,18.20e.; March,18.30 to 18.400.; July, 18.60c. BB
expects 4,000 to-morrow. Final prices show an advance on contracts: October, 17.90c.; November, 17.70 to 17.900.;
December of 10 points but a decline on January of 3 points.
December, 17.70e.; January, February, March, April, May,
Prices for lard closed as follows:
June, July, August, September, 17.60; spot, 18.10c. Out
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO side prices: Smoked sheets, spot and October, 183 to 18%c.;
Fri.
Mon.
Tues.
Wed. Thurs.
Sat.
spot first latex crepe, 19( to 195.d.; clean tnin brown crepe,
12.27
12.25
12.12
12.15
12.15
12.20
October
18 to 1834c.; specky brown crepe, 18c.; rolled brown crepe,
12.40
12.40 12.42
12.50
12.40 12.40
December
12.72
12.82
12.75
12.82
12.75
12.87
4
January
163.. to 163 c.; No.2 amber, 183. to 183/20. Paras, upriver,
PORK firm; mess, $33.50; family, $36; fat back, $28 to fine, spot, 19X to 193c.; coarse, 13% to 13%c.; Acre fine
4
$31. Ribs, Chicago, cash, 14.25c., basis of 50 to 60 lbs. spot, 193 to 20e. Brazil, washed dried fine, 26 to 20jc.
average. Beef firmer; mess, $24; packet, $25 to $26;family, Candi° Ball-Upper, 12 to 123c. London on the 3d inst.
$28 to 30; extra India mess,$40 to $42; No. 1 canned corned fell 1-16d. Spot and October, 8 9-16d.; November, 8%d.;
beef. $3.10; No. 2, six pounds, South America, $16.75; December,8 11-16d.
On the 4th inst. New York rose 10 to 20 points with sales
pickled tongues $75 to $80 per barrel. Cut meats quiet;
pickled hams, 10 to 20 lbs., 23 to 233.c.; pickled bellies, of 229 lots. The Malayan companies produced 18,097,000
6 to 12 lbs. 203O.; bellies, clear, dry salted boxed, 18 to lbs. against 17,821,000 lbs. in July, 15,597,000 in June, 13,'
20 lbs., 16Mc.• 12 to 14 lbs., 175c. Butter, lower grades to 444,000 in May and 8,428,000 in April of this year. The
42
high scoring,' to 4932e. Cheese, 24 to 283/ac. Eggs, same companies had an outturn of 13,060,000 in August last
year. Production from November 1927 to August 1928 is
medium to extras, 29 to 42c.
placed at 127,377,000, against 139,612,000 for the same per-Linseed was quiet. Any buying that appeared iod of 1927. New York ended on the 4th inst. with Dec.
OILS.
was mostly for immediate requirements. Raw oil, carlots, 18.60c.; Jan. 18.40 to 18.50c.; March, 18.40 to 18.50c.;
cooperage basis, 10c., but on a firm bid it was believed 9.8c. May at 18.60 to 18.70c.; July, 18 to 18.70c.; BB contracts:
'
would have been accepted. Single barrels were 10.8c. Oct., 18.10c.; Nov. and Dec., 17.90c.; Jan., Feb., March,
The movement against standing contracts is large. Cocoa- April, May, June, July, Aug. and Sept., 17.800.; spot,
nut, Manila, coast tanks, 73.c.; spot New York, tanks, 18.36c. Outside prices for smoked sheets, spot, Oct. and
8340.; corn, crude, bbls., 10 Mc.; tanks, f.o.b. mill, 8%c.; later, 183 to 18%e.; spot first latex crepe, 193j to 193'e.;
%
olive, Den.,$1.35 to $1.50. China wood, New York drums, clean thin brown crepe, 18 to 18343.; rolled brown crepe,
carlots, spot, 153c.; futures, 1534c.; Pacific Coast tanks, 16% to 16Mc.; No. 2 amber, 183/ to 18%c.; No. 3, 17M to
Nov.
-Dec., 1434c.; soya bean, bbls. New York, 12Mc.; 183'gc.; No. 4, 175 to 173/sc. Paras, upriver fine spot,
%
%
'
edible corn, 100-bbl. lots, 12c.; tanks, coast, 93 c.; lard, 19,ic. to 19%c.; coarse, 133i to 13%e.• Acre fine spot,
extra strained winter, New York, 140.; cod, 193 to 20c. London on the 4th inst. was Mid. up; spot and
prime, 16 Mc.;
4
'
Newfoundland,66 to 67c. Turpentine,53 to 583/2c. Rosin, Oct., 8 11-16d. to 83d.; Nov., 8% to 8 13-16d.; Dec.,
Cottonseed oil sales to-day, including 8 13-16d. to 8Md.; Jan.
$9.50 to $11.50.
-March, 9 to
Singapore
Prices 1-16d. off on the 4th; Oct., 83.d.; Jan. 9%d. and
switches, 11,500 bbls. P. Crude S.E., 83i to 8
-March
April
closed as follows:
June, 8%d. To-day prices advanced 10 to 30 points with
report, the trade looks for September sales of 356 lots. They end 40 to 50 points higher than a
Following the crop
consumption estimate of between 350,000 and 375,000 bbls. week ago.
with a majority favoring the latter total. This would comHIDES.
-A fair demand prevailed for frigorifico River
pare with 297,157 bbls. consumed in August and with 374,445 bbls. consumed in August last year. Cash markets at Plate hides and the recent sales, mostly to Russia, were
22 9-16e. to 23 Mc. American
present remain quiet with a small acattered business passing. 39,000 Argentine steers atsmall
extent. Unsold stocks of
10.121 --__ tanners bought only to a
9.90 Mar
9.92
Spot
Dec
9.90
April
10.15 10.25 Uruguayan steers are smalli amounting to but 4,000 hides.
Oct
9.97
9.951 9.991Jan
10.29 -- 9.98©10,08 May
Nov
9.85
9.99 Feb
Packer hides have been quiet after recent business at 24o.
-Gasoline was in better demand for ex- for native steers, 223'c. for butt brands and 223'c. for
PETROLEUM.
port. Stocks abroad are believed to be at a low ebb, owing Colorados. Country hides were quiet. Common dry hides
OCT. 6 1928.]
FINANCIAL CHRONICLE
1965
inst. London dropped 2s. 6d. to £22 is. 3d. for spot and
£21 17s. 6d. for futures; sales, 350 tons spot and 400 futures.
Later New York was firm but quiet if there was a good trade
at the West. Prices were firm at 6.5043. New York and
6.323.c. East St. Louis. London advanced on the 3d inst.
and fell back on the 4th 2s. 6d. to £21 18s. 9d. for spot and
CHARTERS included tankers San Pedro, clean, Oct. to Boston, 78c.: £21 15s. for futures; sales, 100 tons spot and 300 futures.
time, prompt, west coast South America, round, $1; time, West Indies
three months, $1.92%; six months, $1.46; two or
round, prompt, $1.44:
ZINC buying has been of a hand-to-mouth nature. The
three months transatlantic, about $1.07%; grain, 32,000 qrs.. Montreal.
same, last half Oct. price was 6.25c. East St. Louis. Some inquiry for high
Nov. 5-20, to Mediterranean, 18c., 18%c. and
19c.•.
to three ports Sweden, 20c.; coal, Hampton Roads to Santos. $3.75; grain. grade :ine for 1929
delivery was reported. In London on
Montreal to Antwerp or Rotterdam, 14340, or Hamburg or Bremen.
1534c., Nov. 5.20; 25,000 qrs. same, first half Nov., to Havre, Dunkirk. the 2ns inst, prices were unchanged at £24 is. 3d. for spot
16c. Tankers: Dirty, Gulf to Banes, 27c., Nov. Coal, Hampton and £24 7s. 6d. for futures; sales, 200 tons futures. On the
Roads, early Oct. to St. Thomas, $1.75; nitrate, Chile. Oct., to BordeauxHamburg range, 268.: lumber, 1,250 standards. Pictou or Pugwash to 3rd inst. London advanced is. 3d. to £24 2s. 6d. for spot
West Britain-East Ireland, 688. 9d.; one, two discharges, 71s. 3d.; grain. and £24 8s. 9d. for futures; sales, 450 tons spot and 150
Montreal to Genoa-Naples, 1734c., Nov. 1-10; 48,000 qrs. Montreal.
spot to Genoa, 1554c., one-third oats guaranteed plus option up to full futures. Later trade was quiet at 6.25e. East St. Louis.
oats at 2c. more; time, West Indies prompt, round. $1.75; same $2.: scrap September output is not believed to have been excessive.
iron, Havana to Danzig, $4.60; tankers, dirty, California, Chile, 158.
In London on the 4th inst. spot fell 2s. 6d. to £24; futures
prompt.
-Bunker prices were firmer; rates were also up. down 3s. 9d. to £24 5s.; sales, 450 tons spot and 900 futures.
COAL.
Noteworthy too, was the fact that for the first time in nearly
STEEL.
-Railroads are buying rolling stock and rails to
18 months bituminous stocks in the United States and some extent. Not on a large scale, but the demand is there
gained slightly in August. The total of bituminous and it is hoped that before long it will increase. Steel
Canada
and anthracite coal on Sept. 1st was 40,000,000, against plates are wanted for locomotive building. Tin plates it is
39,415,000 on July 31st, and 59,179,000 on Sept. 1 1927. suggested may not be reduced in price; pig tin has recently
August bituminous output increased 3,400,000 tons, and been advancing; the gap between tin and tin plate prices
hard coal 1,400,000 tons. August consumption stood at has thus been reduced somewhat. Yet the tin plate output
33,890,000 or something larger than in June. Pottsville, this year has reached a new peak. In the Chicago district
Pa. wired that for the first time since 1927, 39 collieries of tne they.say the steel capacity is being kept at 80% with inPhiladelphia & Reading Coal & Iron Co. and independent dependents even at 85% against 80% recently. The largest
companies have oegun operations on a full time schedule. business there is with the railroads and contractors. Large
Later prices wcre reported unchanged or higher. Standing orders are expected for track accessories. The automotive
stocks of domestic anthracite were selling at firm prices. demand continues. Makers of farm implements are buying.
Buckwheat No.1 $3, or a little less. No.2,$1.75, and No.3, Plans for a heavy building program in the Chicago district
$1.35. Hampton Roads steamer loadings on Tuesday totalled call for materials. It is told in the trade later that as the
33,178 tons while on Wednesday three New York terminals fourth quarter opens the orders on hand are large, deliveries
dumped 369 cars of bituminous coal, the largest of late of stretch further ahead and prices grow firmer. Backlogs
tidewater bituminous.
are not insignificant; some mills are a month to a month and
of
TOBACCO has been as a rule in moderate demand, but a a half in arrears on deliveries of bars and some kindsthe
on
larger trade in Porto Rican tobacco is reported, the demand sheets. That is one side of the matter. Pittsburgh the inwhetted by the damage by the recent great storm .n Porto other hand says it is too soon to attempt to gauge
Rica. None but the first reports of a loss of half the crop fluence of prices on the output. Some there frankly admit
were greatly exaggerated. But it reached, it appears, that since Sept. 15 trade has slackened. Scrap steel is reseveral millions of dollars. Caguas, Cayey and San Juan ported steadier. August exports of steel and iron were
suffered the most. In the interior some damage was done, 75,000 tons. Railroad demand for steel is not as large as
but how much is not clear. Havana receipts last week were could be desired. For 9 months freight car orders reached
up to 26,540 bales, an increase over the previous week of only 24,636, against 44,496. On the other hand makers of
2,200 bales. Pennsylvania broadleaf filler, 10c.• binder, light steel and manufacturers of sheets are working at 90%.
20 to 25Ac.; Poeto Rico, 60 to 80c.; Connecticut No. 1, Pipe trade at Youngstown is good.
-New York sales last week were estimated at
see. 1925 crop, 6543.; seed fillers, 20c.; medium wrappers,
PIG IRON.
650.; dark wrappers, 1925 crop, 40c.; Wisconsin binders, about 7,500 tons. Fourth quarter buying was considered
25 to 30e.; Northern, 40 to 450.; Southern, 35 to 40e.• New as about finished. Moderate sales are to be expected to
York seconds, 35 to 40c.; Ohio, Gebhardt binder, 22 to 24c.; small consumers. Filling in trade will take place. But
Little Dutch, 21 to 22c.; Zimmer Spanish, 30e.; Havana, usually well informed people do not look for anything like a
brisk trade until the first quarter buying begins. Before
first Remedios, 90 to 95c.; second Remedios, 70 to 75e.
COPPER was quiet. Export demand was better than that the year closes, however, many may be disposed to buy.
for domestic account. No large domestic business is expected Some consider the market so firm that buyers will gain
until after election, by which time producers, it is believed, nothing by waiting. Specifications in the meantime are so
will be in the market for January and February requirements. brisk that some furnaces are hard put to it to keep up with
Prices remained at 15Ac. c. i. f. Europe and 153c. Con- them. Buyers in some cases are heard from promptly if
necticut Valley. Italy was the chief buyer of copper last there is any delay. Furnace stocks include, it is intimated,
week. France, England and Germany were good buyers. a certain proportion of the less desirable grades. The real
The Lake district reported deliveries below normal. In supply is therefore smaller than it seems to be at the first
London on the 2nd inst. spot, spot standard was unchanged glance. The melt in New York, New Jersey and Conat £24 12s. 6d.; futures fell 2s. 6d. to £65; sales 50 tons spot necticut is increasing. Coke requisitions are large. It is
and 150 futures; electrolytic unchanged at £71 5s. for spot stated that British makers of ferromanganese have raised
and £71 15s. for futures. In London on the 3rd inst. the price $5 per ton to $110 duty paid. A cargo of 3,000
standard fell 2s. 6d. to £64 10s. for spot and £64 17s. 6d. for tons of Dutch iron for Bridgeport, it seems, has arrived.
futures; sales 600 tons futures; electrolytic unchanged £71 No. 2 foundry plain eastern Pennsylvania nominally $20;
5s for spot and £71 15s. for futures. Later copper was quiet Buffalo, $17 to $17.50; Virginia, $20 to $20.50; Birmingham,
but firm at 15%c. for electrolytic. On the 4th inst. London $16.25; Chicago, $18 to $18.50; Valley, $17 to $17.50;
spot standard advanced is. 3d. to £64 us. 3d.; futures up Cleveland delivered, $17 to $18; basic Valley, $16.50 to $17;
2s. 6d. to £65; sales 100 tons spot and 400 futures; electro- Eastern Pennsylvania, $18.75 to $19.25.
SILK closed 2 to 4 points higher to-day with sales of 2,145
lytic £71 5s. spot and £71 15s. futures.
was quiet and tending lower. Buying was confined to bales.
TIN
-Boston reported a better tone. They think that
WOOL.
5 and 10 ton lots. On the 3rd inst. sales approximated not
more than 75 tons. Prices on that date closed at 49% for spot London sales marked the end of any decline. Business,
and Oct., 498%ci. for Nov., 49e. for Dec. and 483.e. for Jan. however, was only moderate. Ohio & Penn. fine delaine, 47
In London on the 2nd inst. spot standard dropped £3 15s. to 4843.; A blood, 50 to 51c.; % blood, 54 to 55c.; % blood,
to £224, futures fell £2 12s. 6d. to £220 17s. 6d.• sales 50 55c.; Territory, clean basis, fine staple, $1.12 to $1.15;
£3
tons spot and 600 futures; Spot Straits declined' 5s. to combing, $1 to $1.05; fine medium clothing 950. to $1;
£224 10s.• Eastern c.i.f. London off £1 5s. to £225 10s. on A blood.staple, $1.10; % blood,$1.02 to $1.07; % blood,98c.
sales of 150 tons. In London on the 3rd inst. spot standard to $1; Texas, clean basis, fine 12 months, $1.08 to $1.10;
declined £1 12s. 6d. to £222 7s. 6d.; futures fell 12s. 6d. to fine 8 months, 98c. to $1.; fall, 950. to 97c.; Pulled, scoured
£220 5s.; sales 50 tons spot and 500 futures; spot Straits off basis, A supers, $1.05 to $1.10; B,$1 to $1.05; C,85 to 90e.;
£1 17s. 6d. to £222 12s. 6d.; Eastern c. i. f. London fell 5s. Domestic mohair original Texas, 65 to 70c. Australian
to £224 5s. on sales of 200 tons. Later trade was slow and clean basis in bond, 64 to 70s., combing super, 97e. to $1.00;
prices little changed. Spot Straits 498% to 49 Ac.; Oct., 64 to 70s., clothing, 88 to 900.; 64s. combing, 93 to 95c.
/
49% to 49%c.; Nov., 49A to 493 0.; Dec., 498%c. and In London on Sept. 28th, offerings 9,000 bales and sold to
Jan., 49% to 4943. London on the 4th inst. advanced 2s. 6d. British and Continental buyers at recent prices. Cape
for spot to £222 10s.; futures up £220 7s. 6d.; sales 20 tons cross-bred slipes were frequently withdrawn on firm limits.
spot and 280 futures. Spot Straits up also 2s. 6d. to £222 New Zealand greasy cross-breds best 58s. realized 258%d.;
15s.; Eastern 43. i. f. London off 10s. to £223 15s. on sales of 56s, 24d.; 50s, 223d.; 48s, 19 Ad. and 46s, 173.d.; Details:
Sydney, 314 bales; scoured merinos. 3634 to 38d.; greasy, 2634 to 304:1.
175 tons.
Queensland. 632 bales, scoured merinos, 25 to 4334(1.; greasy. 1534 to 20d.
LEAD was in good demand, especially for October deliv- Victoria, 217 bales; scoured merinos. 3534 to 373441.; greasy, 24% to
27d. NVest Australia, 2.128
New
ery. Corroders were good buyers at one time. Prices were Zealand. 4,197 bales; scouredbales; greasy merinos, 13 to 2434d. 23d.;
merinos, 35 to 37d.: greasy. 18 to
steady at 6.328%c. East St. Louis for October and 6.35c. for scoured crossbreds, 1834 to 3934d.; greasy, 1234 to 2534d. Cape, 329
to
bales; scoured
November and December. New York was 6.50c. In Lon- crossbreds. 1331merinos. 343 New 37d. Falklands. 1.357 bales; greasy
27d
Zealand crossbred
to 2134d.
..
don on the 2d inst. prices fell 3s. 9d. to £21 18s. 9d. for spot the latter for halfbred lambs. The auction resumes slims, 16 toand is
on Monday
and £21 15s. for futures; sales, 150 tons futures. On the 3d scheduled to end on Thursday, Oct. 4.
were dull. Common dry Cucutas, 3543.; Orinocos, 343'c.;
Maracaibo and Central America 333c.; La Guayra and
Savanillas, 330.; Santa Marta, 34e.
-The demand for tonnage was
OCEAN FREIGHTS.
moderate.
1966
FINANCIAL CHRONICLE
In London on October 1st offerings 11,000 bales half
New Zealand slipe and crossbred. Less support by,Continental buying on firm limits; many items withdrawn.
Australian merinos comprised most of the bales withdrawn
and Queensland medium greasy qualities were also frequently
taken out of bidding for the same reason. The price tone
was easier with the exception of New Zealand greasy crossbreads. New Zealand greasy crossbreds, best 58s realized
27d.; 56-58s, 25Md.• super 56s, 24d.• 48s, 193.d.; 46-48s,
18d.• 46s, shabby, 131 d. to 163/2d. Details:
A
'
Sydney, 699 bales: scoured merinos, 30 to 354.: greasy, 2434 to 2531d.
Queensland, 2,867 bales: scoured merinos, 25 to 4234d.; greasy, 14 to
2234d. Victoria, 638 bales; scoured merinos, 34 to 39304 greasy, 2534
to 2631d.: scoured crossbreds, 18 to 32d. West Australia, 570 bales;
greasy merinos, 21 to 24354. New Zealand, 6,116 bales: greasy merinos,
1434 to 21d.: greasy crossbreds. 1335 to 27d. New Zealand halfbred lambs
brought 1534 to 24d. A lot of 229 bales of Cape wools was withdrawn.
(Vor.,. 127.
1927.
1928.
Receipts to
Oct. 5.
Stock.
This Since Aug This Since Aug
Week. 1 1928. Week. 11927.
Galveston
Texas City
Houston
Corpus Christi
Port Arthur, &c__
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles_
Wilmington
Norfolk
N'port News, &c_
New York
Boston
Baltimore
Philadelphia
669,156 122,337 520.625
11,165
28,549 3.338
753,199 142,761 898.496
183.910 12.535 120,684
550
189.030 48,979 280.112
179,393
11,320
200,341
15.135
__
57,585
32.874 15,788
23
14,783
1928.
1927.
387.960
18,363
481.216
409.817
10,465
599,177
141.965
314.531
83.913
2,250
23.259
45,490
613
40.968
585
96,902
31,159
29
9.247
15.878
59,592
27,632
86.337 30,301
275,972
12,849
26,781 22,478
104,466
6,683
6.302
92
250
150
301
8,807 8,846
9,455 11.334
92
532
875
1,064
75
2,004 2.132
21.915
23,616
16,409
30,570
In London on October 2nd offering 8,885 bales chiefly
2,310
10.084 218.985
2.509
1.254
5,342
Australian greasy and scoured merinos. Continent again
871
14,183
981
brought freely and competing with the British buyers on
4,439
7,305
55
desirable grades. Withdrawals were on a much smaller
Tntstla
K 40 7na 1 000 .z In A01 0000 gill 015 1 154 Kan 1 Ala 1 gl
. ,
scale and prices continued irregular. New Zealand 711
In order that comparison may be made with other years,
bales, mostly scoured crossbred pieces, realized 28d.; medium
we given below the totals at leading ports for six seasons:
conditioned slipe crossbred best, 183c. Details:
Sydney, 1,655 bales; greasy merinos, 17 to 294. Queensland, 2,369
bales; scoured merinos. 2634 to 39344.; greasy, 1334 to 25d. Victoria,
1.518 bales; scoured merinos, 2134 to 3934d.; greasy, 2234 to 2934ci.;
scoured crossbreds, 1834 to 304. South Australia. 1,385 bales; scoured
merinos, 20 to 3234d.; greasy, 17 to 2234d.; scoured crossbreds, 18 to 28d.
West Australia, 882 bales; greasy merinos, 14 to 2434d. A lot of 337 bales
of Cape wools was withdrawn.
In London on Oct. 3 offerings 9,430 bales, including much
greasy merino, best, which was in good demand. Inferior
grades were often withdrawn at easier rates. New Zealand
selection mostly slipe, failed to satisfy owners' limits and
resulted in many withdrawals. Best hall-bred lambs sold
at 2434d. The present series closed to-morrow. Details:
Receipts at-
1928.
1927.
1925.
1924.
1923.
Galveston_ ___
Houston
New Orleans_
Mobile
Savannah.
Brunswick
Charleston..._
Wilmington
Norfolk
Wport N.,&c_
All others_ _ _ _
179,393
200,311
57,585
14,783
27,632
122,337
142,761
48,979
15,788
30.301
183,422
190,203
92,237
19,429
63,128
127,302
28,523
97,046
10,511
40,544
178,332
26.126
69,365
5,550
25,700
12,849
6.663
6,302
92
27.156
22.478
8.846
11,334
35,672
7,922
21,743
12,891
5.998
39.187
4,963
1,133
3,852
134,376
34,618
34,741
2,375
19,712
27
6,681
8.125
28,958
18.978
8.900
5,668
5.677
3,439
Total this wk_
532,796
421,802
622.656
367,670
320,698
273,052
1926.
Sydney. 2,340 bales; scoured merinos, 26 to 334.; greasy, 12 to 26344.
Queensland, 1.240 bales; scoured merinos. 14 to 2234d.; greasy, 30 to 414. gine° Al112. I__ 1.992.310 2.361 018 2 8:12 sing 2t38 n09 1856 498 1 752 180
Victoria, 1,716 bales; scoured merinos, 1634 to 26344.; greasy, 2835 to
* Beginning with the season of 1926, Houston figures include movement of
39d.; scoured crossbreds, 2234 to 3734(1.; greasy, 1735 to 20344. South
Australia, 380 bales; greasy merinos, 2034 to 234. West Australia, 534 cotton previously reported by Houston as an interior town. Tho distinction
bales; greasy merinos, 2034 to 23d. Now Zealand, 3,032 bales: greasy between port and town has been abandoned.
crossbreds, 14 to 2334d. Victoria greasy comeback sold at 1935 to 26344.
The exports for the week ending this evening reach a total
A lot of 191 bales of Cape wools was withdrawn.
In London on Oct. 4 auctions closed with offerings of
7,800 bales, making the total for the series approximately
140,000 bales. British bought 35,500 bales; Continent,
55,500 bales and America, 1,000 bales. Withdrawals,
48,000 bales and included 13,000 unoffered. Values on the
balance were 10d. to 15d. below the July sales. Both
merinos crossbreds and best New Zealand greasy crossbred
58s realized 2634d.• 17s bales of 50s, 46 to 48d.; 16 bales of
46s, 15d. The next series will open Nov. 20. Details:
'
Sydney, 1,263 bales; scoured merinos, 3034 to 3435d.; greasy, 20 to
25d. Victoria. 623 bales; scoured merinos. 30 to 3935d.• greasy, 24 to
2630. Queensland, 714 bales; greasy merinos, 1534 to 194. Tasmania.
114 bales; greasy merinos, 22 to 26d. New Zealand, 1,781 bales: greasy
crossbreds, 14 to 2634d. Cape, 270 bales; greasy merinos. 12 to 174.
Puntas. 2,996 bales: greasy crossbreds, 1334 to 234. New Zealand halfbred
lambs slipe, 16 to 264. Puntas slipe, 23 bales, realized 1234 to 2334d.
Sydney decided to resume sales on Tuesday, Oct. 2 according to London advices. Several sales scheduled for
the past fortnight had to be postponed because of the dock
workers' strike. Melbourne, Victoria, cabled Oct. 2 that
Maritime and Transport Workers' Unions had decided to
fight the shipowners and extend the present port strike,
now only partially effective. At Melbourne on Oct. 3
there was a representative offering. Demand good; prices
firm. The quantity of wool entering into manufacture in
August at 550 mills operated by 490 manufacturers was
45,102,626 lbs. grease equivalent against 38,099,091 in
July, according to the United States Census Bureau. No
reports were received from 13 manufacturers operating 61
mills equipped with approximately 20% of the total machinery of the country. Still reports received gave a very
good idea of the consumption.
COTTON
Friday Night, Oct. 5 1928.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
532,796 bales, against 417,651 bales last week and 336,659
bales the previous week, making the total receipts since the
1st of August 1928, 1,992,340 bales, against 2,361,016 bales
for the same period of 1927, showing a decrease since Aug. 1
1928 of 368,676 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
33,630 23,450 66,707 16,738 16.865 22,003 179,393
Galveston
---- 11,320 11,320
Texas City
.
Houston
25,159 47,617 47 §; 22X24 22,731 35,014 200,341
7.351
Corpus Christi
------------15,135
____
7,784
New Orleans_.._ 12.798 3.765 13.617 12,673 7,382 7,350 57.585
Mobile
3,119 2.235 4,330 1.927 1.757 1,415 14,783
Savannah
4,920 5,272 8.087 2,688 3,238 3,427 27,632
Charleston
1.271 1,387 4,044 2,593 2,500 1,054 12,849
522 1,419 1,352 1.509 1,314 6,663
Wilmington
547
Norfolk
398 1.088 1.170 3.306 6,302
180
160
N'port News,&c.
92
- -- New York
___
250
250
---Boston150
Baltimore
301
105
196
of 348,106 bales, of which 48,647 were to Great Britain,
30,484 to France, 130,027 to Germany, 35,096 to Italy,
nil to Russia, 64,749 to Japan and China and 39,103 to other
destinations. In the corresponding week last year total
exports were 302,261 bales. For the season to date aggregate exports have been 1,190,514 bales, against 1,265,879
bales in the same period of the previous season. Below are
he exports for the week:
Week Ended
Oct. 5 1928.
GerGreat
Exports from
- Britain. Prance.
Exported to
Japan&
Italy. Russia. China. Other.
Total.
10,424 18,840 51,608 13,292
Galveston
13,529 7,759 24,668 16,061
Houston
2,001 5.064
Texas City
Corpus Christi_ _ 7,551
.
7,784
New Orleans__ __
jai 6,403
Mobile
5,498
15,183
Savannah
26,294
795
1,993
Charleston
181
Norfolk
Newport News_ _
92
1,092
"Loo
240
New York
Los Angeles.._ _ _
475
_
San Francisco__ _
Seattle
44,552 24,806 163,522
12,649 10,610 85,276
700
5,964
15,135
3,450 1.16 21,545
5,898
41,477
72 2,860
181
92
-586 2,182
100
575
2;666
2,000
1,368
1,398
48,647 30,484 130,027 35,096
64,749 39,103 348,106
31,974 56,053 130,861 19,198
91.631 58.204 72,607 22.411
39,785 24,390 302,261
200 30,881 34,498 310.432
Total
Total 1927
Total 1926
From
Exported to
Aug. 1 192810
GerGreat
Oct. 5 1928.
Japan&
Exportsfrom- Britain. France. many. Italy. Russia. China. Other.
G al veston_ _
Houston
Texas City _
Corpus Christi
Port Arthur_
Lake Charles_
New Orleans_
Mobile
Savannah_ _
Charleston. _ _
Wilmington_
Norfolk
Newport News
New York _
Los Angeles..
San Francisco
Seattle
Total
22,971 35,181 111,123 25,354 14,79
5
1
48,489 46,673 93,536 38,6
29,45
204
5,06
19,95 28,4351 65,531 18,9i6 4,564
55
493
10,659 5,046 13,74
0,730 68,44
2,707
6,05
600
31,437
18,88
2,22
31
6,70
6,31
92
11,07
27
3:ioo
1,91
1,419
13,821
1,70
1,419
Total.
82,657 55,589 347,673
72,948 33,460 363,218
700
1
6,064
50,911 25,598 214,310
550
493
6.575 7,507 131,603
40
9,763
100
701 51,572
1,787 10,751
3,500
9,057
8
92
3:4i6 2;51 33,517
10
2,048
41.28
2,000
2,000
_
2,273
2,273
152,64 118,4351 351.133 98,235117,600 224,071 128,397 1,190.514
Total 1927_ _ _ 154,129 159,4421 498.288 71,214 101.126,154,528 127,152 1,265,879
Total l926.... 325,982 173,40.5 461.388 111,632 117.873 130,818 127,566 1.448.664
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard Not Cleared for
Oct. 5 al-
Other CoastGerGreat
Britain. France. many. Foreign wise.
Total.
Leaving
Stock.
Totals this week_ 39.2AR R5.185 153.179 61.583 57,152 86.308 532.796
Galveston
9,800 7.100 8,500 31.000 5,000 61,400 326.560
New Orleans
--- 18,002 123,963
2,155 3,931 6,179 5,737
300
300
40,668
Savannah-----------46
Charleston_
46
31,113
---------Mobile
--------3,400
323 9,723
--13,536
6.000
Norfolk
---------------------- -15,878
Other porte_ _
---- 8.000
1,000 1,500 2,500 3.000
19,371
The following tab e shows the week's total receipts, the
total since Aug. 1 1928 and stocks to-night, compared with
last year:
Total 1928
18.955 12.531 17,179 43.137 5,669 97.471 1.071,089
Total 1927
24,399 10,078 17,717 69.356 15,482 137,1132 1.679,119
Total 1926_ 25.325 14.336 27.733 55.664 15.743 138.801 1.429.585
*Estimated.
OCT. 6 1928.]
FINANCIAL CHRONICLE
Speculation in cotton for future delivery has been slow
aside from some heavy concentrated liquidation on the approach of Oct. 8 the day on which the Government report
will appear. Prices have backed and filled within narrow
limits. Latterly they have declined. Bullish news practically fell flat. Bear news at times fell quite as flat.
Everybody preferred to await the Government estimate.
Half a dozen estimates or more averaged 14,145,000. Some
were as low as 13,595,000; others were up to 14,751,000; not
generally over 14,554,000, against 14,439,000 a month ago,
12,955,000 raised last year and 17,911,000 in 1926. The
ginning was another question of interest. Private estimates of the quantity ginned up to Oct. 1 were 4,700,000
to 4,800,000 bales, or possibly 33.6% of the crop against
46.5 up to the same time last year, 3L8 in 1926, 42.2 in
1925, 33.2 in 1924 and 38.9 as a four-year average. Spot
markets were active and for a time higher. The basis
in general seemed firm. A relative scarcity of staples is
feared; 1 inch and above is not freely offered. The delta
crop seems to be smaller than had been expected, i. e.,
600,000 to 650,000 bales. Japan has been recently buying
freely at the South. Mostly it is now stated the demand
is from the home trade. Worth Street has been fairly active and firm. The textile trades, it is declared, have
turned the corner in the United States. Two well-known
mills in North Carolina, the Proximity and the White Oak,
have abandoned curtailment. Some mills, it is said, cannot deliver certain goods before Jan. 1. Charlotte, N C,
reported fire fabric mills doing a good business and well
sold ahead. At Gastonia a large yarn plant has resumed
work. Manchester, England, has had a better trade. The
Bombay mill strike is over. Work will be resumed on Saturday of this week. Shanghai auctions are going better.
The Lille, France, district seems to be a failure; 1,500 struck
in the Roubaix and Tourcoing districts; other districts
are against the strike. On declines, the market has run
into buying orders. It recovered rather easily. There is
a belief in some quarters that after the Government report
is out of the way, cotton will advance. The theory of some
is that even with an estimate of 14,500,000, a decline would
be temporary. If it is about 14,000,000, it is argued higher
prices would rule. The persistence of a good trade demand has been an outstanding feature.
But of late, prices have declined a little day after day
under the influence of pre-Bureau selling and weather for
the most part good despite some unwelcome rains in Tennessee, Arkansas, Mississippi and Alabama. Liverpool, New
York and New Orleans have all been disposed to go slow
pending the publication of the Government report on Monday, Oct. 8. Latterly, spot sales have fallen off and prices
have declined. Liverpool's cables have been rather colorless. A strike is reported of 100,000 workers in the Lodz
textile district of Poland and there seems to be labor unrest in Germany. The New Bedford strike has not been
settled.
The weekly report was more favorable than was expected. It stated that in the more easterly States of the
Belt, especially in the Carolinas, the weather was much
better and considerable recovery from the effects of recent storms was reported in places, although some lowlands
were still too wet and it was rather cool in northern districts. In Georgia further rains in the South were unfavorable, but elsewhere the weather was dry, sunny and favorable, though opening was retarded in the North by low
temperatures and there is much soiled staple, with continued reports of bolls rotting in the South. In the Central States temperatures were near normal as a rule, with
much sunshine, which promoted rapid opening of bolls and
produced conditions generally favorable for picking and
ginning. There were some local reports of continued boll
rotting. In Oklahoma, warm dry weather favored rapid
opening, with picking and ginning advancing satisfactorily,
though continued dryness, especially in the West, has been
unfavorable, with the general condition of the crop spotted.
In Texas, spottedness is also noted with condition ranging
from poor in the heretofore dry sections of the South to
very good in parts of the North, and some deterioration
In northern, districts because of shedding and root rot;
picking and ginning made mostly good advance.
To-day prices declined some 11 to 15 points, ending barely
steady, owing to continued liquidation in preparation for
the Government report on Oct. 8. There was some hedge
selling, but that was not a feature. The dribbling out of
long cotton had a certain effect. On the other hand, there
was enough trade buying to curb the decline. There were
reports of a big Poland strike. Not that it had any direct
influence, but the mood is one of caution. Wall Street,
Liverpool and the South sold. Some spot interests bought
10,000 bales of January and March. This, with other trade
buying and covering of shorts, together with a lack of any
hedge pressure, tended to rein up any decline. Final prices
show a decline for the week of 20 to 27 points. Spot cotton declined 15 points to-day, ending at 19.10c. for middling,
a drop for the week of 20 points. The average crop estimate by the members of the Exchange here is 14,150,000
bales.
1967
The following averages of the differences between grades,
as figured from the Oct. 4 quotations of the ten markets
designated by the Secretary of Agriculture, are the differences from middling established for deliveries in the New
York market on Oct. 11:
Middling fair
Strict good middling
Good middling
Strict middling
Middling
Strict low middling
Low middling
*Strict good ordinary
*Good ordinary
Good middling
Strict middling
Middling
Strict low middling
Low middling
Good middling
Strict middling
Middling
*Strict low middling
*Low middling
Strict good middling
Good middling
Strict middling
*Middling
*Strict low middling
*Low middling
Good middling
*Strict middling
*Middling
Good middling
*Strict middling
*Middling
Good middling
Strict middling
*Middling
*Good middling
*Strict middling
*Middling
White
.83 on middling
White
.62 on middling
'White
.41 on middling
White
.26 on middling
White
Buis
White
.78 off middling
White
1.58 off middling
White
2.34 off middling
White
3.16 off middling
Extra white
.41 on middling
Extra white
.26 on middling
Extra white
Even on middling
Extra white
.78 off middling
Extra white
1.58 off middling
Spotted
.23 on middling
Spotted
.39 off middling
Spotted
.72 off middling
Spotted
1.39 off middling
Spotted
2.13 off middling
Yellow tinged
.11 off middling
Yellow tinged
.47 off middling
Yellow tinged
83 off middling
Yellow tinged
1.36 off middling
Yellow tinged
1.98 off middling
Yellow tinged
2.75 off middling
Light yellow stained__ .86 off middling
Light yellow stained__ 1.35 off middling
Light yellow stained-- 1.95 off middling
Yellow stained
1.13 off middling
Yellow stained
1.92 off middling
Yellow stained
2.55 off middling
Gray
.58 off middling
Gray
.92 off middling
Gray
1.27 off middling
Blue stained
1.58 off middling
Blue stained
2.20 off middling
Blue stained
2.97 off middling
*Not deliverable on future contracts.
The official quotations for middling upland cotton in the
New York market each day for the past week has been:
Sept. 29 to Oct. 5Middling upland
Sat. Mon. Tues. Wed. Thurs. Fri.
19.30 19.45 19.45 19.35 19.25 19.10
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Oct.5 for each of the past 32 years have been as follows:
1928
1927
1926
1925
1924
1923
1922
1921
19.10c.
21.004.
13.804.
23.164.
26.604.
28.75c.
21.25c.
20.104.
1920
1919
1918
1917
1916
1915
1914
1913
24.25c.
32.65c.
33.104.
26.75c.
16.95c.
12.75c.
00.00c.
14.204.
1912
1911
1910
1909
1908
1907
1906
1905
11.25c.
10.104.
14.104.
13.404.
9.05c.
11.75c.
11.104.
10.404.
1904
1903
1902
1901
1900
1899
1898
1897
10.60e.
9.65c.
8.94c.
8.38c.
10.75c.
7.31c.
5.44c.
6.62c.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Fuldres
Market
Closed.
Spot Market
Closed.
SALES.
Spot. Contect Total.
Saturday___ Steady,unchanged _ Barely steady- _
1,300
Monday ___ Steady,15 pts. adv Easy
200
Tuesday ___ Steady,unchanged _ Steady
200
Wednesday_ Quiet, 10 pts. tied -- Steady
700
Thursday -- Quiet, 10 pts. decl
Barely steady.
500
Steady.15pts. clecl_ Barely.steady.. 10,175
Friday
TotalSince Aug. 1
13,075
57.108
4,200
1,300
4,400
200
700
500
10.175
4.200 17.275
5.700 62.808
FUTURES. The highest, lowest and olosmg prices at
New York for the past week have been as follows:
Saturday.
Sept. 29.
Monday,
Oct. 1.
Tuesday. Wednesday, Thursday,
Oct. 2.
Oct. 3.
Oct. 4.
Friday,
Oct. 5.
Oct.Range.- 18.95-19.10 19.19-19.43 19.06-19.33 19.00-19.23 18.98-19.24 18.85-18.99
ClosIng.. 19.05- - 19.25
19.18-19.20 19.08
18.98,19.00 18.85,18.87
Arm.Range
19.03 -- 19.1619.1419.0418.9418.81Dec.Range.- 18.91-19.14 19.16-19.42 19.03-19.30 18.93-19.20 18.95-19.20 18.82-18.96
Closing_ 19.04,19.08 19.17-19.21 19.15-19.16 19.05 19.06 18.95,18.98 18.82,18.84
,
Jan.
Range... 18.86-19.07 19.13-19.35 18.96-19.24 18.90-19.14 18.90-19.16 18.75-18.91
awing_ 18.9819.13,19.15 19.09-19.11 18.99-19.00 18.90-18.92 18.7548.76
Feb.
Range-Closing_ 18.9019.0619.03- 18.94
18.8318.69Mar.
Range.. 18.75-18 91 18 98-19.20 18.83-19.11 18.80-19.01 18.77-19.03 18.63-18.78
Closing_ 18.82-18.85 18.08-19.0118.98-18.09 18.9018.77-18.80 18.63-18.65
Apr.RangeClosing- 18.73 ---- 18.93 ---- 18.92 ---- 18.85 ---- 18.71 ---- 18.58 ---MayRange- 18.64-18.78 18.80-19.10 18.72-19.02 18.70-18.92 18.65-18.71 18.52-18.68
Closing- 18.64,18.69 18.88,18.92 18.86-18.87 18.8018.65,18.68 18.53-18.55
June.
Range
Closing- 18.57 ---- 18.83 ---- 18.80 ---- 18.74 ---- 18.59 ---- 18.47 ---July
Range..- -18.50-18.65 .- -- .....,...
18.72-18.99 18.63-18.92 18.58-18.80 18.53-18.78 18.41-18.54
_.
....
cueing.
Range of future prices at New York for week ending
Oct. 5 1928 and since trading began on each option:
Option for
Sept. 1928..
Oct. 1928._ 18.85
Nov. 1928
Dec. 1928._ 18.82
Jan. 1929__ 18.75
Feb. 1929_
Mar. 1929._ 18.63
Apr. 1929_
May 1929._ 18.52
June 1929_
July 1929__ 18.41
Range for Week.
Oct. 5 19.43 Oct.
Oct. 5 19.42 Oct.
Oct. 5 19.35 Oct.
Oct. 5 19.20 Oct.
Oct. 5 19.10 Oct.
Oct. 5 18.99 Oct.
Range Since Beginning of Option.
17.45
28 1928 22.30
1 17.31 Sepi.19 1928 22.87
17.25 Jan. 28 1928 22.46
1 16.98 June 12 1928 22.70
1 17.00 Feb. 2 1928 22.45
18.68 Aug. 21 1928 18.70
1 17.20 Sept.19 1928 22.36
18.58 Aug. 18 1928 22.06
1 17.22 Sept. 19 1928 22.30
18.00 Aug. 13 1928 19.07
1 17.12 Sept. 19 1928 19.97
June 27 1928
June 29 1928
June 30 1928
June 29 1928
June 29 1928
Aug. 21 1928
June 29 1928
July 9 1928
June 29 1928
Aug. 17 1928
Aug. 9 1928
[VOL. 127.
FINANCIAL CHRONICLE
1968
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks as
well as afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Oct. 5Stock at Liverpool
Stock at London
Stock at Manchester
1928.
534.000
1927.
970.000
41,000
bales
1925.
441,000
1926.
754,000
55.000
25,000
809,000
466,000
243.000
133,000
7.000
63,000
32,000
360,000
170,000
8,000
85,000
21,000
88.000
91,000
3,000
25.000
17,000
119,000
70,000
3.000
34,000
8,000
5.000
1,000
468,000
Total Continental stocks
88,000
575,000 1,058,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
644.000
227,000
240.000
The above total shows that the interior stocks have
increased during the week 128,692 bales and are to-night
139,903 bales less than at the same time last year. The
receipts at all towns have been 46,482 bales more than the
same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
1,043,000 1,702.000 1.036,000 706.000
Total European stocks.
66,000
78,000
74,000
India cotton afloat for Europe_-- 103,000
cotton afloat for Europe 560,000 579,000 739,000 675,000
American
Egypt,Brazll,&c.,afloatforEurope 98,000 107.000 106,000 124,000
223,000 321,000 190,000 152.000
Stock in Alexandria. Egypt
634,000 313,000 328,000 319,000
Stock in Bombay, India
01.168.560 1.816.15101.568,386 988.961
Stock in U. S. ports
Stock in U. S. interior towns..--- 0602.945 a742,848 0869.793 1,137,618
U.S. exports to-day
4,432,505 5.654,999 4.915.179 4.168.579
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
1927
Since
Week. Aug. 1.
30.933
4,403
19,634
4,300
44
5,171
1,ee
2,358
12949,279
6,132
36,807
50,406
4,600
54,535
1028Since
Week. Aug. 1.
21,562
4,393
1,454
432
Oct. 5ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, 3:c
247
3,869
8,773
Total gross overland
17,714
Deduct Shipments
Overland to N. Y., Boston,3:c- 701
Between interior towns
373
Inland, &c.,from South
15,057
Total to be deducted
16,131
Leaving total net overland
116.845
21,102
155,467
3,600
3.274
95,518
3,082
384
16,609
17,802
3,775
103.310
102,392
20,075
124,887
14.453
1,027
30,580
1,583
*Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 1,583 bales, against 1,027 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 16,127 bales.
bales.. 265.000 642,000 357,000 149.000
Liverpool stock
18.000
40,000
73,000
24,000
Manchester stock
401,000 592,000 171,000 193.000.
Continental stock
560,000 579,000 739,000 675,000
1927
American afloat for Europe
928
01.168,56001,816.15101,568,386 988.961
Since
U. 8. port stocks
Since
/n Sight and Spinners'
0602.945 0742,848 0869,793 1,137,618
Aug. 1.
Week.
U.S. interior stocks
Takings.
Week. Aug. 1.
U. S. exports to-day
Receipts at ports to Oct.5
532,796 1,992,340 421,802 2.361,016
30,580
1,027
Net overland to Oct. 5
1,583
14,453
3,021,505 4,444,999 3,745,179 3.161.579 Southern consumption to Oct. 5-.120,000 1.000,000 95.000 1,051,000
Total American
East Indian, Brazil,
269.000 328,000 397,000 292.000
Liverpool stock
Total marketed
654,379 3,006,793 517,829 3,442,596
369,896
London stock
Interior stocks in excess
288,450 95,243
7.000 Excess of Southern mill takings128.692
15,000
15,000
17.000
Manchester stock
47,000
56,000
52,000
67,000
*224,707
Continental stock
over consumption to Sept. I.__
____
*198,241
66,000
78,000
74,000
103,000
Indian afloat for Europe
98,000 107.000 106.000 124,000
Egypt. Brazil, &c., afloat
613,072
Came into sight during week--783,071
223,000 321,000 190.000 152.000
3,587,785
Stock in Alexandria. Egypt
Total in sight Oct. 5
---- 3,097,002
634,000 313.000 328.000 319,000
Stock in Bombay,India
192,156
North. spinn's's takings to Oct. 5 27,337
183,731 20,845
1,411,000 1,210,000 1,170,000 1.007,000
Total East India. km
3,021,505 4.444,999 3,745.179 3,161.579
Total American
* Decrease.
Movement into sight in previous years:
4,432,505 5,654,999 4,915,179 4,168.579
Total visible supply
Bales.
7.09d. 11.53d.
10.64d. 11.72d.
WeekSince Aug. 1Bales.
Middling uplands, Liverpool
3.949,340
13.10c. 22.10c. 1926
19.10c, 21.25c.
-Oct. 9
848,083 1926
Middling uplands, New York
4,193,200
18.90-I. 20.50d. 17.004. 28.55d. 11i25
-Oct. 10
683,360 1925
Egypt,good Sakel, Liverpool
3,138.030
-Oct. 11
598,975 1924
Peruvian, rough good. Liverpool_ 13.256. 13.254. 13.50d. 24.00d. 1924
6.50d. 10.604.
9.00d. 10.554.
Broach, fine, Liverpool
7.054. 11.004.
10.00d. 11.058.
Tinnevelly, good, Liverpool
FOR MIDDLING COTTON AT
QUOTATIONS
a Houston stocks are now included in the port stocks; in previous years
they formed part of the interior stocks.
* Estimated.
Continental imports for past week have been 111,000 bales
The above figures for 1928 show an increase from last
week of 318,387 bales, a loss of 1,222,494 from 1927, a
decrease of 482,674 bales from 1926, and a gain of 263,926 bales from 1925.
-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year, is set out in detail
below:
Movement to Oct. 5 1928.
Towns.
Ship- Stocks
meats. Oct.
5.
Week. I Season. Week.
Receipts.
3.593 1,573 2,14
2,981
482 2,833
3,963
1,378
15,458 2,789 13,792
5,709
16,327 1,730 14,948
4,963
5,168 13,314 2,541 10,024
496 3,929
3,00
1,751
4,417 10,139 1.087 10,786
21,259 3,174 11,871
6,502
8:'
1.899 1,057
1,523
6,372 14,3
9,125 25,18
5,976 2,341 1,986
2,654
8,870 27,963 10,595 6,721
268
____
1
____1
433 1,768
1,391
467
240 1,39
961
755
5,753 1,41 10,52
2,225
18,794 54,078 5,46 33.626
416 1,837
2,959
1,042
5,336 14,627 3,173 5,756
500 5,360
476
45
14,255 44,680 6,334 38,126
13,709 45,798 3,250 49,851
161 5.233
5.914
3,079
17,144 49,801 2.585 62,04
13,416 2,403 6,272
4,573
7,015 1,172 14.78
1,977,
997 6,05
6,122
Vicksburg.._ 2,504
14,183 1,095 15,749
4,124
Tosco City
Mo., St. Louis_ 4,320 20,801 4,393 1,77
969
531
283
---.
N.C.,Greensb'rc
Raleighz
Oklahoma
15 towns._ 54,021 97,805 36,954 43,940
23,130 2,445 7,272
S.C., Greenville 3,247
Tenn.,Memphis 65,145 166.139 34,965116.873
517
2,837 1,912
Texas. Abilene_ 1,825
3,433 24,161 4,062 4,062
Austin
2,578 17,366 2,149 14,369
Brenham_ __ _
10,198' 28,350 8,378 16,955
Dallas
11,8311 34,945 11,414 7,507
Paris
500 2,632
5001 13,389
Robstown_ _ _
San Antonio_ 1,352 23,632 1,790 3,690
8,352 21,789 4,604 12,166
Texarkana
10,254 56,812 11,72 17,287
Waco
A1a.,Birming'm
Eutaula
Montgomery.
Selma
Ark.„Blytheville
Forest City
Helena
Hope
Jonesboro_ -Little Rock
Newport_...
Pine Bluff_
Walnut Ridge
Ga., Albany.-Athens
Atlanta
Augusta
Columbus-_
Macon
Rome
La., Shreveport
Misz.,Clarksdale
Columbus_
.
Greenwood_
Meridian....
Natchez
,no zowas,
,
.
Movement to Oct. 7 1927.
Receipts.
Week. Season.
7,961
2,000
6,568
4,000
2,201
3,013
3,671
3,47,
411
9,88
2,532
6,62
64,
291
5,827
9,112
21,805
2,237
4,839
4,350
9,108
14,353
4,14
13,75
3,222
2.766
1,48
2,16
4,403
1,0
48
Ship- Stocks
meats. Oct.
7.
Week.
4,277 11,521
1,500 10,261
13,08
49,116 3,204 41,543
40,608 1,059 35,134
6,920 1,155 9,181
908 5,597
5,733
9,464 1,686 11,485
2,977 6,595
17,54
200 1.878
1,
5,999 21,493
28,70
8,698 1,799 3,753
17,050 1,715 18,980
826
174
1,219
220 2,413
4,248
18,135 2,140 13,374
24,692 5,684 18,375
118,470 5,269 97,114
7,638 1,400 2,760
34,004 3,265 9,347
9,141 3,000 5.124
43,834 4,870 34,961
81,471 5,206 57,242
15,606 2,966 9,354
50,032 20,000 23.109
24,594 1,787 16.018
19.357 1,256 17,030
928 4,684
6,261
514 6,174
6.937
134
29,330 4,403
5,63, 2,189 21,317
911
4
715
Week Ended
Oct. 5
Closing Quotationsfor Middling Cotton on
Saturday Monday. Tuesday. Wed'day. Thurstry. Friday.
18.85
Galveston
18.53
New Orleans_
18.45
Mobile
18.44
Savannah
18.63
Norfolk
19.10
Baltimore
18.65
Augusta
18.05
Memphis
18.65
Houston
Little Rock ...- 18.15
18.05
Dallas
_--Fort Worth__
19.00
18.76
18.60
18.59
19.25
19.45
18.69
18.20
18.80
18.1'0
18.20
18.20
18.95
18.76
18.60
18.56
18.69
19.35
18.63
18.15
18.75
18.20
18.15
18.75
18.85
18.65
18.46
18.45
-19.25
18.56
18.05
18.65
18.05
18.05
18.05
18.75
18.59
18.35
18.35
18.50
19.25
18.44
17.95
18.55
17.98
17.95
17.95
18.60
18.42
18.25
18.24
18.38
19.00
18.25
17.80
18.45
17.82
17.85
17.85
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
21,058
22,478 73,290 25,791 26,600
6,598 41,187 3,499 26,318
56.258 182,009 31.817 117,102
4,026 14,315 3,938 1,759
12,812 1,777 2,784
1,796
13,94, 1.076 10,639
1,84
3,868 8,467
20,64
5,401
26,124 5,556 4,930
6,76
354 5,019
70 29,448
1,500 24,974 1,200 4,508
4,931 14,858 3,54' 7,108
41,732 6,134 9,930
5,541
.
•
aDLscontinued. •Includes the combined totals of 15 towns in Oklahoma.
OTHER MARKETS.
-Below are the closing quotations
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Saturday.
Sept. 29.
October __
November
December
January -February _
March ___
April
May
June
July
Tone
Spot
OntInna
Monday,
Oct. 1.
Tuesday. Wednesday, Thursday,
Oct. 4.
Oct. 2.
Oct. 3.
Friday,
Oct. 5.
18.32-18.34 18.1918.55-18.56 18.54-18.56 18.41 18.3618.45-18.48 18.60-18.62 18.58-18.59 18.44-18.45 18.38-18.39 18.22-18.24
18.45-18.47 18.60-18.61 18.55-18.57 18.41-18.42 18.35-18.37 18.2018.10-18.12
18.4818.3518.2818.34-18.35 18.5418.16-18.18 18.0018.21 -- 18.3818.37 Bid 18.2418.07-18.09 18.22-18.23 18.20
Steady
Steady
Steady
Rtende
17.90 17.91
Bid 18.15-18.20 18.06-
Steady
Steady
Rtandv
Rtanslo
Steady
Rtearly
&MB?
Steady
WEATHER REPORTS BY TELEGRAPH.-Reports to
us by telegraph this evening denote that the weather during
the week has been favorable in most sections of the cotton
belt. Temperatures have been higher and rainfall has
been scattered with precipitation mostly light to moderate.
Cotton has opened rapidly and picking and ginning have
made good progress.
Texas.
-Picking and ginning have made good advance in
this State. Progress and condition of cotton varies greatly
depending on the locality, ranging from poor to very good.
Mobile, Ala.
-The weather has been favorable and picking
is progressing rapidly. All gins are in operation. The
crop is short in this territory.
Galveston, Texas
Abilene
Brenham
Brownsville
Corpus Christi
Rain. Rainfall.
dry
0.30 in.
0.06 in.
0.02 in.
dry
1 day
1 day
1 day
high
high
high
high
high
Thermometer
90 low 72 mean 81
96 low 58 mean 77
96 low 62 mean 79
92 low 70 mean 81
92 low 70 mean 81
OCT. 6 1928.]
FINANCIAL CHRONICLE
Rain. Rainfall.
Thermometer
1 day 0.701n. high 94 low 64 mean 79
1 day 0.30 in. high 104 low 54 mean 79
1 day 0.011n. high 92 low 56 mean 74
1 day 0.10 in. high 92 low 52 mean 74
dry
high 90 low 66 mean 78
dry
high 92 low 64 mean 78
1 day 0.02 in. high 92 low 58 mean 79
1 day 0.42 in. high 94 low 64 mean 79
2 days 0.68 in. high 94 low 58 mean 76
1 day 0.01 In. high 94 low 70 mean 82
dry
high 92 low 60 mean 76
1 day 0.44 in. high 100 low 52 mean 76
1 day 0.17 in. high 100 low 52 mean 76
dry
high 102 low 49 mean 76
1 day 0.52 in. high 91 low 49 mean 70
dry
high 98 low 55 mean 77
4 days 2.24 in. high 91 low 43 mean 67
3 days 1.84 in. high 96 low 53 mean 75
3 days 0.82 in. high 90 low 55 mean 73
3 days 1.53 in. high 100 low 49 mean 75
dry
high 93 low 63 mean 78
2 days 0.18 In. high 90 low 64 mean 77
3 days 0.59 in. high _- low -- mean 80
1 day 0.72 in. high 94 low 60 mean 77
1 day 0.10 in. high 92 low 50 mean 71
dry
high 94 low 49 mean 72
dry
high 89 low 63 mean 76
2 days 0.74 in. high 85 low 66 mean 77
1 day 0.95 In. high 82 low 48 mean 65
4 days 0.95 in. high 86 low 58 mean 72
2 days 0.0 in. high 91 low 57 mean 74
2 days 0.97 in. high 90 low 64 mean 77
1 day 0.541n. high 89 low 66 mean 78
3 days 0.50 in. high 84 low 62 mean 73
1 day 0.20 in. high 88 low 56 mean 72
dry
high 84 low 60 mean 72
2 days 0.27 In. high 89 low 55 mean 72
3 days 0.12 in. high 79 low 60 mean 70
dry
high 83 low 53 mean 68
dry
high 82 low 55 mean 69
1 day 0.09 in. hmg 84 low 55 mean 70
2 days 0.08 in. high 82 low 54 mean 66
dry
high 85 low 52 mean 69
3 days 2.61 in. high 78 low 47 mean 63
4 days 1.69 in. high 86 low 58 mean 72
Dallas
Henrietta
Kerrville
Lampasas
Longview
Luling
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
Ardmore, Okla
Altus
Muskogee
Oklahoma City
Brinkley, Ark
Eldorado
Little Rock
Pine Bluff
Alexandria, La
Amite
New Orleans
Shreveport
Columbus, Miss
Greenwood
Vicksburg
Mobile, Ala
Decatur
Montgomery
Selma
Gainesville, Fla
Madison
Savannah, Ga
Athens
Augusta
Columbus
Charleston, S. C
Greenwood
Columbia
Conway
Charlotte, N. C
Newbern
Weldon
Memphis, Tenn
1969
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:
1928.
1927.
1926.
Since
Week. Aug. 1.
Receipts at
October 4.
Since
Week. I Aug. 1.
Since
Week.1Aug 1.
.
Bombay
7.000
Exports
from
-
51,000
2,000
For the Week.
144,000
9,000
137,000
Since August 1.
Great Conti- Japan&
Great
Britain. neat. China. Total. Britain.
Conti- Japan &
neat.
China.
Total.
Bombay
1928
21,000 16,000 37,
6.000 102,000 226.000 334,000
1927
4,000 2,000 6.
9,000 60,000 130,000 119,000
1926
2,000 2.000
1,
61,000 132,000 194,000
Other India2,001 10,0
1928
12.''' 12,1 it
71,
83,000
1927
12,500 102,000
114,500
1926
4;666
4;666
7,000 84,000
91,000
Total all
2,00 31,000 16,000 49,0001 18,000 173.
1928
226,000 417,500
1927
4,000 2,000 6,000 21,500 162.
130.000 313.500
1926
4,000 2.000 6,000
8,000 145,
132,000 285.000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
5,000 bales. Exportsfrom all Indian portsrecord an increase
of 43,000 bales during the week, and since Aug. 1 show an
increase of 103,500 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
The following statement we have also received by tele- shipments for the past week and for the corresponding week
graph, showing the height of rivers at the points named at of the previous two years.
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge..
Oct. 5 1928.
Feet.
3.4
9.4
7.4
4.2
15.8
Oct. 7 1927.
Feet.
2.6
14.5
6.6
8.0
17.5
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Week
Rode
Receipts at Ports.
1928.
1927.
1928.
Stocks at Interior Towns.
1928.
1927. I 1926.
July
6- 36.994 38,801 37.067 407.726
13-- 27,419 34,623 36,882 386,332
20-- 19.932 30.270 37.161 356,443
27-- 18.771 35.602 85,222 328.470
Allg.
3-- 28,393 45,2761 53.806 302,330
10- 21.074 84.0221 73.869 286.256
17.. 26.280 108.9301 87.8:1 266.345
24_ 58.671143,9 113,19 258.393
31. 129694,248,049187,891 245,571
Sept.
7__ 222,1731261,473208.801 251,324
14..242,040319,945330,497 275.133
21._ 336,659334,837 4l0,234 348.050
28._ 417,651406,030,567.7041.012,624
Oct.
5-532,796421,8021622,656 602,945
Receipt:fromPlantations
1928.
1927. I 19261
Alexandria, Egjipt,
Oct. 3.
1928.
Receipts (cantors)
This week
Since Aug. 1
360,000
846,054
1927.
1926.
280,000
1,029.304
225.000
639.564
Export (bales)
-
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
To Liverpool
To Manchester, Zic
To Continent & India
To America
12,194
15,450 4,750 30.100
9.000 25,389 7:786 21,929 7,000 23.742
7
9,000 52,705 10,500 55,412 5.250 38,759
5,000 17,644
17,013
8.677
Total exports
23,000 107,932 18.250 109.804 17.000 101.278
Note.
-A cantar is 99 lbs. Egyptian ba es weigh about 750 lbs.
This statement shows that the receipts for the week ending Oct. 3 were
360,000 cantors and the foreign shipments 23.000 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
yarns is firm and in cloths is steady. Demand for both
India and China is improving. We give prices to-day below
and leave those for previous weeks of this and last year for
comparison:
449,131
412,498
392,271
374.492
952.467
.
16.263
917,992 6.025
nil 2.407
884.912
n11 10.048 4,081
819.35
n11 17,823 19,663
378,345
359.80
349,011
336,511
3313,614
542.251 2,253 47,129 22,217
522,013 4,999 67,486 53.631
511.748 6,370 98,132 77.615
496.11 50,719131,4
97,800
488.127 116,872 248,11321179,901
371,441
421,61
524,59
647,60
490.340227.926296,300 11,014
533,485265,849370,122373,572
831,415409,582437,813508.164
744,323543.853529,041680,612
July
6_.
742,84
869,793661.488517.045748.126
Aug
.-
1928.
32$ Cep
Twist.
1927.
fags. Common Middl's 32s Cop
to Finest.
Upl'ds
Twist.
d.
d. s. d.
17 ©18H 14 6
17 0183S 14 6
ism@ism 14 2
1614018 14 1
s. d.
015 0
015 0
014 4
014 3
16 (g117A 13 6 014 0
d.
12.52
12.14
11.81
11.73
togs, Common Andes
to Finest.
°Pr&
d.
d. 5. d.
15 01611 13 0
153‘©17 13 1
15H© 173i 13 4
1534017H 13 0
s. d.
(813 3
0)13 4
@13 6
©13 6
d.
9.17
9.65
9.91
10.05
10.80
15H©1734 13 2 013 4
9.47
The above statement shows: (1) That4he total receipts
16 ©17% 13 6 014 0
10.32 17 019 13 5 013 7
10.40
13
014
10.71
from the plantations since Aug. 1 1928 are 2,287,658 bales: 17. 15M017 13 6 013 0 10.44 16343))1734 13 5 ©13 7 10.60
1534 ©17
2
4
161( ©18 14 0 014 2
11.15
in 1927 were 2,730,912 bales, and in 1926 were 2,935,629
18 019 13 6 014 0
1534(07 13 0 013 2
12.34
bales. (2) That although the receipts at the outports the Sept.- 1534
10.62 18 ©19 13 6 ©14 0
©101 12 7 013 1
12.87
past week were 532,796 bales, the actual movement from
1434(816 12 6 013 0
9.84 17%019 13 6 ©14 0
11.83
14%0:416 12 7 013 1
9.99 17%©19 13 3 ©13 5
plantations was 661,488 bales, stocks at interior towns
11.20
14%1116 12 7 013 1
10.72 173.5©19g 13 4 ©13 6
11.67
having increased 128,692 bales during the week. Last year Oct.
5____ 15 01614 12 7 013 1
receipts from the plantations for the week were 517,045
10.64 17 ©19 132 @136
11.72
bales and for 1926 they were 748,126 bales.
SHIPPING NEWS.
-As shown on a previous page, the
WORLD SUPPLY AND TAKINGS OF COTTON.
- exports of cotton from the United States the past week have
The following brief but comprehensive statement indicates reached 348,106 bales. The shipments in detail, as made
at a glance the world's supply of cotton for the week and up from mail and telegraphic reports, are as follows:
since Aug. 1 for the last two seasons, from all sources from GALVESTON-Sept.27
Bales.
-Sylvia de Larrinaga, 4,661--_Sept.28which statistics are obtainable; also the takings or amounts
Juventus. 7,730.. _Sept. 29-Hybert, 10,212; Drachenfels,
15,778: Nemaha, 2,206-- _Oct. 4-Schoenfels. 11,021
gone out of sight for the like period.
51,608'
Barcelona
To
Cotton Takings,
Week and Season.
1928.
Week.
Season.
1927.
Week.
Season.
Visible supply Sept.28
4,114,118
5,356,078
hVisible supply Aug. 1
4.175,480
'American in sight to Oct. 5...... 783.071 3,097.002 613,072 4,961.754
3,587,785
Bombayreceipts to Oct. 4
7,000
51,000
2,000
144.000
Other India ship'ts to Oct. 4
12.000
83,000
114.500
Alexandria receipts to Oct. 372.000
169,200
56,000
225,860
Other supply to Oct. 5*/)
21,000
165,000
17,000
152,000
Total supply
5,009.189 7,740,682 6,044,150 9,185.899
Deduct
Visible supply Oct. 5
4,432,505 4.432,505 5,654,999 5,654,999
Total takings to Oct. 5_a
576,684 3.308,177 389,151 3,530.900
Of which American
324,684 2.316,977 276.151 2.532,540
Of which other
991,200 113,000
252.000
998,360
•Embraces receipts in Europe from Brazil. Smyrna. West Indies. &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 1,000,000 bales in 1928 and 1,051,000 bales in 1927
-takings not being available-and the aggregate amounts taken by Northern
And foreign spinners. 2,308,177 bales in 1928 and 2,479,900 bales in 1927,
which 1,316,977 bales and 1,431,540 bales American.
of
b Estimated.
-Sept. 28-Aldecoa, 3,465; Jomar, 3.819-Oct.
2
-War worth, 6,170
13.454
To Malaga-Sept. 28-Aidecoa. 500
500
To Venice-Sept. 27-Tergestea. 2,219
2.219
To Trieste
-Sept. 27-Tergestea, 1.060
1,060
To Copenhagen-Sept. 27
-Pennsylvania, 200.... Sept. 29
Tortugas, 300
500
To Japan-Sept. 26-Shjestad, 6.750- _Sept. 29
-Patrick
Henry. 4.300: Naples Marti, 4,950: Heins. 12,702-- _Oct. 1
-Asuka Meru, 8.400--_Oct. 2
-Havana Meru, 1,100
38,202
To Liverpool
-Sept. 28
-Historian, 4,436---Sept. 29
-Miguel
de Larrinaga, 3,737
2,373
To Manchester
-Sept. 28
-Historian, 142.... Sept. 29-Mlguel
de Larrinaga, 2.109
2,251
To Havre-Sept. 28
-Jacques Cartier. 5,504---Sept. 29
Effingham, 6,267; Hornby Castle, 4,943
16,714
To Dunkirk-Sept. 28
-Jacques Cartier, 1,734--Sept. 29
Effingham,392
2,126
To Antwerp-Sept. 29-Hornby Castle, 300
301)
To Ghent
-Sept. 29-Hornby Castle. 4,449; Effingham, 575_ 5,024
To Rotterdam-Sept. 29
-Effingham. 2,271
2,271
To Genoa-Sept. 29-Monstella, 4,211...._Oct. 1-Marina
Odero, 2,512_.Oct. 3
-West Modus, 3,290
10,013
To Oslo-Sept. 29
-Tortugas, 200
200
To Gothenburg
-Sept. 29
-Tortugas, 2,557
To China-Sept. 29
-Patrick Henry-4,250_ __Oct. 1-Asuka 2,557
Marts, 1.200___Oct. 2
-Havana Meru, 900
6,350
PORT TOWNSEND-To China-Sept. 20
-Yokohama Maru,798
798
To Japan-Sept. 21-President Pierce, 600
600
SAN FRANCISCO-To Japan-Sept.25-Tenyo Marts,2,0002.000
FINANCIAL CHRONICLE
1970
Bates.
7.784
-Orestes, 7,784
-To Bremen-Sept. 29
CORPUS CHRISTI
6.646
-Westward. 6,646
-Sept. 29
To Liverpool
705
-Westward, 705
Manchester-Sept. 29
To
-Nord Friesland, 6.566
-To Bremen-Sept. 28
HOUSTON
-Orestes,2,992 -Youngstown, 10,493-- _Oct. 4
29
Sept.
24,197
Rio Pamlico, 4,146
471
-Nord Friesland,471
To Hamburg-Sept. 28
de Larrinaga, 4,370
-Miguel
-Sept. 25
To Liverpool
11,828
-Westward Ho,7,458
Oct. 2
-Miguel de Larrinaga, 1,402
-Sept. 25
To Manchester
1,701
-Westward Ho, 299
Oct. 2
Sept. 29-Jomar,
To Barcelona-Sept. 29-Aldecoa, 4,465
5.065
600
-West
-Marina Odero, 4,231---Oct. 4
To Genoa-Sept. 29
8.230
Modus, 3,999
1,000
-Marina Oder°, 1.000
-Sept.29
To Naples
6.231
To Venice-Sept. 29-Tergestea, 6.231
600
Trieste-Sept. 29-Tergestea, 600
To
-Naples Marti,
To Japan-Sept. 28-Slliestad,4,550-_ _Oct.3
12,649
8,099
7.759
-Brave Coeur. 7,759
-Oct.3
To Havre
300
-Brave Coeur, 300
-Oct.3
To Antwerp
848
-Brave Coeur,848
-Oct.3
To Ghent
4,397
-Brave Coeur, 4,397
To Rotterdam-Oct. 3
-To Havre-Sept. 28-Syros, 1,577Sept. 29
NEW ORLEANS
2.607
-Bruges, 1,030
578
-Bruges, 578
To Dunkirk-Sept. 29
93
83---Sept. 28-Syros, 10
-Bruges,
To Antwerp-Sept. 29
1,484
-Sept. 28-Syros. 1,484
To Ghent
5,343
Genoa-Sept. 29-Monrosa. 5.343
To
6,403
-Oakwood,6.403
To Bremen-Sept. 29
-Oakwood,l50 ..,,Oct. 2--Spaardam,
To Rotterdam-Sept.29
1.238
1,088
50
To San Felipe-Oct.2-Tela.50
3,350
-Liberator. 3.350
To Japan-Sept. 2
300
-Oct. 2-Lafcomo, 300
To Oporto
100
-Liberator, 100
To China-Oct. 2
-Belgian, 9,484.... Oct. 4
-Sept. 29
-To Liverpool
SAVANNAH
12,975
Tulsa, 3,491
-Tulsa,
-Belgian, 1,173---Oct. 4
To Manchester-Sept. 29
2,208
1.035
-Woodfield. 15.203; Greta, 10.287;
To Bremen-Sept. 29
26,065
Sept. 30-Saccarappa, 575
-Woodfield, 129; Greta. 100
-Sept. 29
To Hamburg
461
-Tulsa, 461
-To Manchester-Sept. 30
CHARLESTON
334
-Tulsa, 334
-Sept. 30
To Liverpool
1.993
To Bremen-Sept. 30-Saccarappa, 1.993
72
To Antwerp-Sept. 30--Saccarappa. 72
181
-Oct.1-Darian, 181
-To Liverpool
NORFOLK
500
-To Havre-Sept. 28-Pipestone County,500
NEW YORK
1,092
-Adriatic, 1.092
--Sept.28
To Liverpool
240
-President Harding,240
To Bremen-Oct.2
150
To Antwerp-Sept. 28-Beigenland. 150
200
-Cabo Santa Maria, 200
To Lisbon-Oct. 3
NEWPORT NEWS
92
92
To Liverpool.
475
-Saab,475
SAN PEDRO-To Bremen-Sept. 28
100
To Antwerp-Sept.28--Saale, 100
2000
-Hornsby Castle. 200
-To Havre-Sept.26
TEXAS CITY
-Nord Friesland. 2,031; Nemaha,3,033- 5,064
To Bremen-Sept. 25
700
-Patrick Henry. 700
To Japan-Sept. 24
5,498
-Maximus,5.498
-To Bremen-Sept.29
MOBILE
400
-Ida Zo,400
To Genoa-Oct.2
348,106
Total
-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks,&c.,at that port:
Sept. 14. Sept. 21. Sept. 28.
39,000
37,000
45.000
21,000
21,000
27,000
1,C00
1,000
1.000
48,000
51,000
52,000
608,000 577,000 562,000
334,000 307,000 289,000
28,000
25,000
21,000
11,000
6.000
11,000
100.000 130,000 136.000
63.000
52.000
27,000
Sales of the week
Of which American
Actual exports
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
Oct. 5.
41,000
22.000
1.000
52,000
534,000
265,000
27,000
12,000
182.000
98.000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Market,
12:15 .1
P. M.
Quiet
Good
inquiry,
Good
demand.
Mid.Upi'ds
10.618.
10.708.
10.71d.
Good
inquiry.
10.71d.
Good
inquiry.
10.686.
Friday.
Good
inquiry.
I0.64d.
7,000
8,000
8,000
8,000
10,000
4,000
Steady at
Quiet
Quiet.
Quiet
Steady
Quiet
naures.{
7 to 10
4 to 5 pta. 7 to 9 pta. 8 to 10 pta. 4 to 6 ins. 1 to 3 pta. pta. dec.
Market
advance.
decline.
decline,
advance,
decline,
opened
Quiet
Barely sty Steady Barely st'y
Very st'y
Quiet
Market, I
to 11
3 to 8 pts. 12 to 24 pts 4 to 6 pts. II to 14 pts 10 to 11 pts 9 dec.
4
advance. Ms.
decline.
decline,
advance,
decline,
P. M.
Sales
Prices of futures at Liverpool for each day are given below:
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
4.00
12.15 12.3 12.15 4.0012.15 4.0012.18 4.0012.16 4.00 12.15 p.m.
m P.rn.U. m P• m 0. m.9. m•P• m•
v• m• P. m p.m.p.
d.
d.
d.
d. el.
d.
d. d.
d.
d.
d.
d.
9.91 10.0510.14 10.06 10.08 10.06 9.77 10.03 10.08 9.99 9.98
October
9.80 9.9510.04 9.95 9.98 9.9 9.85 9.91 9.98 9.88 9.85
November
9.83
9.79 9.9310.02 9.93 9.96 9.92 9.83 9.:1 9.94 9.84 9.79
December
9.75 9.8 9.97 9.88 9.92 9.88 9.80 9.88 9.90 9.80 9.77
January
9.86 9.78 9.85 9.88 9.78
9.74 9.87 9.95 9.86, 9.
February
9.77
9.75 9.87 9.95 9.86! 9.90 9.86 9.78 9.85 9.88 9.78 9.78
March
9.74 9.8 9.93 9.84 9.8 9.84 9.76 9.83 9.86 9.76 9.76
April
9.84 9.8 9.84 9.78 9.83 9.86 9.76,
9.74 9.8 9.93
May
9.73, 9.73
9.72 9.82 9.90 9.811 9.8 9.81 9.73 9.80 9.83 9.7g 9.72
June
9.72 9.81 9.89 9.80 9.8 9.80 9.72 9.80 9.82 9.651 9.64
July
9.72 9.64 9.72 9.74
9.65 9.74 9.82 9.72 9.77
August
9.66 9.58, 9.57
September_ _ _ _ __ 9.60 9.88 9.75 9.65 9.70 9.64 9.56 9.64 9.57. 9.49 9.48
_ _ __ 9.55 9.62 9.67 9.56 9.61 9.55 9.47 9.55
October
Sept. 29
to
Oct. 5.
BREADSTUFFS
Friday Night, Oct. 5 1928.
Flour prices have recently shown that they could advance,
but trade has not shown that it could improve as circumstances are. The buyer keeps to small purchases. isMills are
doing less business than in August. The grinding smaller.
That is reflected in the noteworthy firmness of mill and the
smallness of the supply. As to the export trade, one has to
watch the clearances to get anything like a trustworthy idea
[Vol,. 127.
of what is going on. Judged from this angle the Continent
was recently a large buyer, mainly, however, of Canadian
flour. Prices have shown little change this week. The
Census Bureau report of production for August was 10,202,000 bbls. against 9,617,000 last year. For two months' production was 18,618,000 against 17,993,000 last year. The
amount of wheat per barrel is this year 4.62 bushels per
barrel, against 4.59 bushels last year. This report covers
the production of mills which in 1925 produced approximately 91.2% of the total flour output then reported.
Wheat advanced slightly, export demand most of the week
being quiet. But the firmness of Winnipeg and an evidently
strong technical position, together with the firmness of corn,
prevented any decline. On Sept. 29 prices were irregular.
They were at one time % to 1%c. higher and at another %
/
to 13 0. lower, or some 2c. under the earlier high. Liverpool advanced % to %d.,reflecting in some degree unfavorable crop reports. Australia needed rain and conditions were
said to be backward. The demand for nearby wheat,
moreover, was better. Importers are said to be buying futures abroad in expectation of a decrease in the world's supply on Oct. 1. Besides, other foreign crop news was rather
unfavorable. For instance, Russia, Rumania, Bulgaria and
India reported adverse conditions. Southern Ukraine and
Central Europe have dry weather, which retards seeding of
winter crops. On the 1st inst. prices declined 13-i to 13%c.,
with Liverpool and Buenos Aires lower, beneficial rains in
Australia and Argentina and big Northwestern receipts. To
cap the climax, there was an increase of 6,665,000 bushels
in the visible supply, making the total 110,047,000 bushels,
the largest at this date for many years. A year ago it was
78,383,000 bushels. Early prices led by Winnipeg advanced
/
3.4 to Mc. Winnipeg advanced 13% to 138c. and was a conspicuous feature at first. It reacted later and ended %c.
tc.
lower to Y higher.
On the 2d inst. Winnipeg set the pace for a time with a
rise of 23%c. to 3c.,accompanied by reports of lower gradings.
Liverpool ended % to 1%d. High record receipts at
Winnipeg did not matter; neither did fine weather nor
increased Northweastern receipts, a large increase in stocks
and Northwestern shipments of spring wheat to Chicago
apparently impending. But India it was said, bought
several cargoes of Manitoba and Argentina. Some of the
Russian crop reports were unfavorable. The refusal of
the market to go down and stay down under the weight of
bearish news as to the crop movement and lack of important
business, [impressed some people as significant. Export
sales were only about 250,000 bushels. The Canadian crop
estimates in the thre Provinces were 476,000,000 to 547,000,000 bushels. The Canadian visible supply totaled 32,771,000 bushels, indicating an increase of 9,531,000 bushels.
It brought the visible supply for North America up to a
new high record. On the 3d inst. prices declined % to %c.
with Winnipeg lower, the technical position weaker, and
hedge selling apparent. Some 1,250,000 bushels of wheat
were said to have been booked for shipment from Duluth
to Chicago. Export sales were estimated at 300,000 bushels.
Bradstreet estimated the world's visible supply at 244,796,000 bushels, or an increase of 35,234,000 bushels for
the week.
To-day prices ended % to Mc. higher in American markets with Winnipeg up 1 to 13.c. Export sales were 800,000
to 1,000,000 bushels largely durum, with some Manitoba
taken from the Pacific. England bought a fair quantity
of durum. Some exporters state that No. 2 hard at the
Gulf is cheaper now than Manitoba. Minneapolis cash
4
prices were firmer. Liverpool closed % to 15 d. higher and
Buenos Aires 18% to 13%c. higher. Continental future markets were firmer. India was said to have had rains where
they are needed. Saskatachewan reports greater frost
damage to crop and grade than expected. Final prices
show a rise for the week of Mc.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
16434 16634 16531 16434 16554 16514
No. 2 red
WHEAT FUTURES IN CHICAGO,
DAILY CLOSING PRICES OF
Sat. Mon. Tues, Wed. Thurs. Fri.
September
-- -11734 11654 11834 11734 11834 118
December
122
12034 12234 12134 12231 123
March
12331 12554 12431 1253 125
1243
May
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG,
Sat, Mon. Tues. Wed. Thurs. Fri.
121
11534 11534 1181 11734 120
October
, 117
11834 119
11534 115% 117
December
12231 12374 124
12134 120% 123
May
Indian corn has been the popular purchase and prices have
risen under the spur of an excellent cash demand, and reports
of export business. September delivered declined sharply on
September 29th. It fell 93%c. Liquidation was there and
demand petered out as the month ended. But later months
resisted pressure and on that,day ended only % to %c.
lower. This resistance was said to be partly explained by
intimations of an export demand at prices below the market.
Washington wired that Secretary Jardine advised farmers on
the 4th inst.. to feed an additional 50,000,000 bushels of
corn to cattle, hogs and poultry this year in order to utilize
the bumper crop anticipated in recent reports issued by the
Department of Agriculture.
On the 1st inst. prices advanced 13% to 1%c. with brisk
trading, cash demand good for white and yellow, though slow
for mixed except at discounts. Later came heavy selling to
secure profits and prices reacted and ended practically un-
OCT. 6 1928.1
1971
FINANCIAL CHRONICLE
Closing quotations were as follows:
changed. Large deliveries were made on September conGRAIN
tracts on Saturday afternoon. The first car of new corn
Oats. New York
York
from Illinois arrived on the 1st inst. and sold at about 33/20. Wheat, New f.o.b 54
No. 2 white
red,
No. 2
1.6531
under December. The United States visible supply deNo. 3 white
53
No. 2 hard winter,f.o.b.
1.3334
Rye, New York
bushels against a decrease in the Corn, New Yeakcreased last week 404,000
1 19(
No. 2 f.o.b
.1.2334
No.2 yellow
same week last year of 46,000 bushels. The total is now
No.3 yellow
1.2234 Barley. New York87
Malting.
last year. On the
6,791,000 bushels, against 23,687,000
FLOUR
2d inst. prices advanced M to Yic. Private crop estimates
$6 65@$6.70
$6.30 $6.70 Rye flour, patents
patents
averaged 2,965,000,000 bushels. They were called rather Swing first spring
334
590
6.25 Semolina No 2. pound_
Clears.
bullish, owing to the practical exhaustion of the old corn Soft winter straights
2 75@ 2.80
6.85 Oats goods new
6 35
2.750 280
profitable feeding demand. Old corn was in Hard winter straights_ 5 90 6.35 Corn flour traceable to a
6 70 Barley goods
patents.... 6 35
good demand, with receipts small. Warehouse receipts were Hard winter ciears
Coarse_
3.60
650
5 25
Hard winter
canceled for shipment of over 700,000 bushels of No.2 mixed, • Fancy Minn patents._ 795 820 Fancy pearl Nos.1.2. 6 500 7.00
3 and 4
8 lOil 8 80
industries. On the 3d inst. prices ended City mills _ tables usually given here, see page 1909.
largely to go to local
For other
lc. net higher on the firmness of cash markets, short covering
and reports of a good export business. Sales were estimated
The visible supply of grain, comprising the stocks in
at 400,000 bushels.
granary at principal points of accumulation at lake and
To-day prices closed 3 to Mc. higher. Cash corn was up seaboard ports Saturday, Sept. 29, were as follows:
GRAIN STOCKS.
1 to 2e. in the West, and 2 to 4c. in the Southwest with a
Barley,
Oats,
Rye,
Corn,
Wheat,
good demand. Liverpool ended 2d. higher. Receipts were
bush.
bush.
bush,
bush,
bush.
smaller; also country offerings. Within 24 hours it is said, NewUnited States238.000
111,000
178,000
20,000
354,000
York
37.000
500,000 to 600,000 bushels have been sold for export and Boston
5.000
34,000
693,000
10,000
208,000
there was a little export business reported to-day. But Philadelphia
313,000
2,917,000
25,000
189,000
3,000
Baltimore
5.000
91,000
resellers abroad were making cheaper prices than the offers Newport News
466.000
137,000
22,000
949,000
39,000
New Orleans
from here to-day. Chicago had 2 cars of new corn; one Galveston
16,000
543.000
2,320,000
graded white and sampled 25.20 moisture. It sold at 71c. Fort Worth
44,000
5,155,000
76,000
216,000
6,000
978,000
2,741,000
405,000 2,095,000
745,000
Buffalo
The other was yellow and sold at 68c. Out of 4,800,000
afloat
1,000,000
"
bushels atChicago 1,360,000 were cancelled for shipment. Toledo
30.000
2,515.000
38,000
287,000
2,000
18,000
221,000
20,000
28,000
8,000
Detroit
Final prices show a rise for the week of 4 to 43%c.
11,133,000 5,226,000 3,441,000
83,000 1,046,000
Chicago
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
1093's 1133 114% 115% 120
1231
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs, Fri.
September
December
78%
gOW8i
83
March
80%
May
83
86
No.2 yellow
1§W
gri
si
4
R
.9.
1
Oats have been sustained by other grain. Moreover there
have been some reports of an export business. On Sept. 29
prices ended %c. lower in a small market, ignored because
of the greater interest in other grain. On the 1st inst. prices
ended %c. lower with the crop estimated at 1,461,000,000
bushels. Trading was small. The country movement was
light. The cash demand was excellent. The United States
visible supply decreased 493,000 bushels against 202,000 a
year ago. The total is now 15,071,000 bushels against 24,931,000 a year ago. On the 3rd inst. prices were unchanged
to %c. higher at the close with an excellent cash demand.
Oats for the time merely follow other grain. On the 3rd
Inst. prices closed unchanged to %c. higher in sympathy
with the strength of corn. To-day prices closed % to %c.
higher, with other grain higher and the demand fair. Commission houses bought and shorts covered. Some purchasing was said to have been done against export sales. Cash
oats were firm. Country offerings were not large. A fair
export business was reported. Final prices show a rise for
the week of % to %c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
533
54
54
54
533 533
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September
December
42 4 42% 42% 42% 43% 43%
,
March
44% 44
44
4 4Yi 44% 45
May
45% 45
45% 45% 453( 46
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
October
55% 559
56% 561>1 5831 59
December
52 54 5234 523( 52345 334 5334
May
5534 5534 5834 5534 5634 5631
31,000
102,000
afloat
"
279,000
23,000
618,000
1,038,000
127,000
Milwaukee
545,000 1,342,000 2,794,000
17,771,000
Duluth
859,000
26,000 3,471,000
192,000
14,850,000
Minneapolis
48,000
48,000
75,000
612,000
Sioux City
111,000
61,000
203,000
5,000
4,760,000
St. Louis
91.000
243,000
6,000
30,000
20,921,000
Kansas City
2,000
6,046,000
Wichita
7,000
2,655.000
St. Joseph, Mo
18,000
688.000
13,000
Peoria
153,000 1,919.000
821.000
Indianapolis
34,000
140,000
147,000
487,000
9.413,000
Omaha
90,000
927,000
On Lakes
25.000
125,000
217,000
On Canal and River
Total Sept.29 1928__ _110,047,000 6,791,000 15,071.000 2,752,000 8,028.000
Total Sept. 22 1928_ __103,382,000 7,195,000 15,664,000 2,274,000 8.017,000
Total Oct. 1 1927... 78,383,000 26,687,000 24,931,000 2,814,000 4,873,000
-New York, 10,000 bushels;
-Bonded grain not included above: Oats
Note.
Philadelphia,5,000: Baltimore,7,000,Buffalo, afloat, 119,000; total, 141,000 bushels
-New York, 2,000 bushels, Baltimore,
against 720,000 bushels in 1927. Barley
38,000; Buffalo, 813,000; Buffalo afloat, 759,000; Duluth. 139,000; Canal, 578,000;
on Lakes, 256.000; total, 2,585,000 bushels, against 27,000 bushels In 1927. Wheat
New York, 132,000 bushels; Boston, 60,000; Philadelphia, 188,000; Baltimore,
219,000; Buffalo, 5,932,000; Buffalo afloat, 814,000; Duluth, 164,000; on Lakes,
767,000; Canal, 1,841.000; total, 10,117,000 bushels, against 4,049,000 bushels in
1927.
Canadian
221,000
74,000
459,000
1,847,000
Montreal
382,000 1,077,000 2,938,000
Ft. William & Pt. Arthur_15,856,000
454,000
55.000
213,000
4,951,000
Other Canadian
1,054,000 1.206,000 3,603,000
Total Sept. 29 1928_ 22,654,000
984,000 1,167,000 2.415,000
Total Sept.22 1928___ 17,153.000
1,015,000 1,665.000 1,399,000
Total Oct. 1 1927- 8,870,000
Summary
110,047.000 6,791,000 15,071,000 2,752,000 8,028,000
American
1,054,000 1,206,000 3,603.000
22,654,000
Canadian
Total Sent.29 1928_ _ _132,701,000 6,791,000 16,125,000 3,958.000 11,631,000
Total Sept. 22 1928_ __120,535,000 7,195,000 16,648,000 3,441,000 10,432,000
Total Oct. 1 1927_ _87,253.000 26,687,000 25.946,000 4,479.000 6.272 000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ended Friday, Sept. 28, and since July 1 1928 and 1927,
are shown in the following:
Corn,
Wheat.
Exports.
1928.
Week
Sept. 28.
Since
July I.
1927.
Since
July 1.
1928.
1927.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
120.000 2,617,000 1,045,000
North Amer_ 11,437.000 140,618,000112,353,
1,641,000 5,815.000
16,000
488,000i 2,928,
Black Sea...
Argentina__ _ 2,060,000 24,531,000 20,812,
5,232,000100,872,000 106,328.000
Australia- 512,000 12,176.000 16,608,000
1,040,000 6,976,111
India
629,000 11,976,000 5,000,000
864,000 12,176,000 5,704,00
0th. counte
Rye has shown individual strength on its own merits
with cash markets firm and some export demand, and no
great amount of hedge selling. On Sept. 29 September
declined 5c. as the delivery passed out, yet ended steady
Total --14,889,000 191,029,00016S,381,000 5,981,000 117,106,000 118,188,000
enough with such quotations curiously enough as 1093%
to 1-12 in contrast with the closing price on the 28th as 1.09.
WEATHER BULLETIN FOR THE WEEK ENDED
The spot situation was evidently a sustaining factor. Later OCT. 2.
-The general summary of the weather
months were M to 1 Mc net lower on Sept. 29. On the issued by the Department of Agriculture, indicatingbulletin
the in1st inst. prices declined % to lo. in sympathy with lower fluence of the weather for the week ended Oct. 2 follows:
prices for wheat. The United States visible supply inThe
cool in the interior
creased last week 478,000 bushels against an increase in valleys first part of the week continued unseasonablybarometric pressure,
and Northwest, under the influence of high
the same week last year of 491,000 bushels. The total but. at the same time, there was a reaction to warmer in central Rocky
Mountain districts and in
Southwest. While it continued
is 2,752,000 bushels, against 2,814,000 a year ago. On and Northern States eastthethe Great Plains, much warmercool in Central
weather overof
the 2d inst., prices rose 2c. in response to the advance in spread the Plains area about the 28th, and the interior valleys had considerably higher temperatures during the
week. Rainwheat, a good cash demand, smallness of receipts, firmness fall was generally of a local character. closing days of the the week had
The first part of
of the premiums and a better export inquiry.
rather widespread showers in most Gulf sections and the Northeast, while
days were unsettled
the
On the 3d inst. prices advanced % to %c. Offerings were the middlethere was very little and showery over closemore eastern States.
of the period when
Otherwise
rainfall until the
light and domestic demand good. The strength of rye was considerable cloudy, unsettled, and showery weather prevailed in the inmainly on its own merits. Duluth straight No. 2 was terior States.
Chart I shows that the week, as a whole, was abnormally cool in cenreported to be running 7-10 of 1%. To-day prices ended
tral and northern States from the Mississippi Valley eastward, where
In this
to 13 0. higher with reports of export business. Hedging similar conditions prevailed last week. or 12 deg.area the temperature
/
below normal. Freez6 deg. to as much as 10 deg.
pressure was light. Commission houses bought and shorts averaged from reported at first-order stations along the northern border
ing weather was
the
was said to have been buying. Export and locally in central districts, and frost occurred generally. Inarea South
covered. Norway
where
the week had nearly normal warmth, except in
sales were estimated at 270,000 bushels. Cash rye was'strong. it was cool, and temperatures were near normalthe Atlantic coast sections
also In Pacific coast
However, over a belt extendA cargo of 109,000 bushels was reported loaded from Duluth being slightly deficient in most localities.and southern
Rocky Mountain
the
for Chicago. Final prices show an advance for the week of ing fromto thesouthwestern Great Plains
districts
interior of the Pacific Northwest, the period was relatively
warm, with the temperatures averaging from 3 deg. to as much as 7 deg.
about 4 cents.
was reported from first-order
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September
101% 10334 10334 10534 106%
December
102
102
1043410534 10634
March
103
103% 105% 106% 108% 1094
May
105
above normal Freezing weather
stations as
far south as northern Iowa and southwestern Nebraska. while in the East
temperatures as low as 32 deg.. occurred locally as far south as West Virginia. At Peoria, Ill., the earliest killing frost in more than 70 years
was experienced.
Chart II shows that precipitation was light over much the greater part
of the country. Moderate to some rather heavy falls occurred in the
1972
FINANCIAL CHRONICLE
more southeastern States, the middle Atlantic area, and more locally in
the Ohio Valley and west Gulf sections. Otherwise the amounts were
generally light, with much bright, sunshiny weather prevailing.
With the prevailing fair, sunshiny weather, seasonal farm work made
good advance quite generally, except where fall plowing and seeding were
retarded by dry soil Conditions have improved materially In the south
Atlantic area, though some lowlands are still too wet. However, a generous rain is needed over nearly all of the principal wheat producing sections, and there is widespread need of more moisture for fall pastures.
In general, the frost in central and northern States, which came unusually early in many places, did no widespread harm, as staple crops
were largely matured when the frost came. Damage to corn was mostly
light, but considerable harm to tomatoes was reported from parts of the
Ohio Valley, principally in Indiana, while late potatoes suffered materially in Kentucky. Some beans and potatoes were also killed in the Lake
region.In the Northeast the cool, cloudy conditions retarded the maturing of late crops, but elsewhere, except in the frost area, the bright, sunshiny weather was favorable for maturing, and over the western half
of the country it was nearly ideal for this purpose.
SMALL GRAINS.—Fall plowing and the seeding of winter grains made
mostly slow progress during the week, because of the generally dry condition of the soil, except that moisture is mostly sufficient in the Atlantic
area. In the central and northern Great Plains much of the wheat crop
has been sown, and some is reported as coming up to a good stand, but
a general rain is needed, and seeding has been practically suspended in
southern districts. It is also too dry in many portions of the Ohio Valley,
especially in the southern parts of Indiana and Illinois and more generally In Ohio and Kentucky. Farther east seeding made good advance
under favorable conditions. Harvesting of grain sorghums is in progress
in the southern Great Plains, while the gathering of rice in the lower Mississippi Valley and west Gulf area made fair to good advance. There was
some frost damage to buckwheat in New York, and some late flax was
harmed in the northern Great Plains.
CORN.—There was only slight damage to corn by the frosts of the past
week, with most of the heavy producing sections reporting the crop largely
safe. There were heavy to killing frosts in the Ohio Valley, but injury
was slight as the crop had mostly matured. In Iowa about the average
amount for the last 10 years was safe; there was good progress in drying
and some husking for feed was done: cribbing will begin this week in some
counties. In the northern Great Plains some injury to late corn wa
reported, but in the central and southern parts there was slight or no damage
and cribbing will begin soon, while this work has commenced in Missouri
where the crop Is made; corn is being housed in the South. In the Northeast there was no material damage from frost, and fodder cutting and silo
filling are well along.
COTTON.—In the mosre eastern States of the belt, especially in the Caro
lines the week brought much better weather as affecting cotton, and considerable recovery from the effects of recent storms was reported in places,
although some lowlands were still too wet and it was rather cool in northern
districts. In Georgia further rains in the south were unfavorable, but
elsewhere the weather was dry, sunny, and favorable, though opening was
retarded in the north by low temperatures, and there is much soiled staple,
with continued reports of bolls rotting in the south. In the central States
of the belt temperatures were near normal, as a rule, with much sunshine,
which promoted rapid opening of bolls and produced conditions generally
favorable for picking and ginning; there were some local reports of continued
boll rotting.
In Oklahoma warm, dry weather favored rapid opening, with pickingand ginning advancing satisfactorily, though continued dryness, especially In the west. has been unfavorable, with the general condition of
the crop spotted. In Texas spottedness is also noted, with condition
ranging from poor in the heretofore dry sections of the south to very good
In parts of the north, and some deterioration in northern districts because
of shedding and root rot; picking and ginning made mostly good advance.
[VOL. 127.
THE DRYGOODS TRADE
New York, Friday Night. Oct. 5 1928.
The beneficial influence which the policy of restricted
output has exercised over the textile markets during the
.past month or so, especially with regard to wool and cotton,• has undoubtedly been a material factor in achieving
the present favorable position. The key to this influence
is the fact that curtailed production not only does much
to hold prices on a sound basis, but, in so doing, builds a
confidence in their stability which is the most effective invitation to buyers. Although it seems to follow that continued
curtailment, in the face of the healthy demand such as now
animates the markets, would tend to raise prices, manufacturers would avoid pursuing such a policy beyond a
point where a reasonable profit could be secured, on account of the risk of diverting that demand into other channels. The practical supposition, therefore, is that factors
will try to maintain values at around their present level,
and, in accordance with that endeavor, continue to adjust
production to ascertainable requirements.
Silks are
stronger, the responsibility for the rise in prices being attributed partly to recent speculative activity, and partly
to the September statistics showing that consumption has
maintained high levels. Finished goods are moving fairly
well, and extremely attractive innovations in style and
color for the spring season, presage Increased activity.
Rayons are in an excellent position, with prices stable and
manufacturers having difficulty in coping with demand.
An item of interest has been the advance showing of spring
lines of carpets and rugs by Stephen Sanford & Sons, Inc.,
at unchanged prices.
DOMESTIC COTTON GOODS.—Although no salient progressive feature has distinguished the domestic cotton goods
situation during the week, a steady broadening of demand,
coupled with confidence in the stability of prices, appears
to justify the assumption that the market is consolidating
itself in its improved position. It is reported that large
sales of print cloths and sheetings, colored cottons, denims,
and various household lines, during September, have merely
filled temporary needs, and with distributors' stocks low,
a continued and possibly stronger general demand is expected during the current month. More activity is noted in
flannels and blankets and there has been growth in the
The Weather Bureau also furnishes the following resume volume of fancies and heavy weight cottons sold. Finished
of the conditions in the different States:
goods as a whole are in better demand, and gray goods are
Virginia.—Richmond: Temperatures below normal; rainfall moderate. Favorable for farm work and good progress made in plowing, cut- at least holding the ground they have gained. The breadth
ting corn, and picking apples. Some wheat sown; picking cotton begun. of the movement may be measured by the foregoing which
Frosts in middle and extreme western counties: some damage in southwest.
North Carolina.—Raleigh: Weather cool and dry, with sunshine during illustrates the better conditions governing various types
most of last 10 days; favorable for crops, with good progress in field work of goods, and an optimistic outlook for the future is all the
since first part of week, except ground too wet on lowlands of east. Much more reasonable in view of the evident intention of manucorn on ground, part totally destroyed on lowlands. Cotton recovering
from recent unfavorable conditions; progress fair to good, except in some facturers to continue to limit production. This proceedflooded areas; good progress in picking, except where ground too wet in ing, as demonstrated, has a stabilizing effect on prices,
east. Preparing land for wheat in west.
ik South Carolina.—Columbia: Dry and rather cool weather, with abund- which, in eliminating undesirable speculation and insuring
ant sunshine, favorable fer forage harvest, which progressed well, but confidence, tends to bring about a steady and widely benelate corn and truck had insufficient time to recover materially from recent
storm stress. Cotton crop made and fruiting practically finished, with ficial distribution. The action of printers in maintaining
reseeltant damage from storm much less in Piedmont than elsewhere: current prices on printed goods for the coming spring seabright sunshine caused rapid opening,with picking and ginning fair progress.
ueurgia.—Atlanta: Frequent rains in southern portion very detri- son, is another encouraging influence, and it is felt that
mental; dry weather elsewhere favorable for harvesting, but soil too hard it may have considerable psychological effect on other
to plow In north. Cotton nearly all open, except in north, where retarded branches of the
trade. Activity in this connection is accenby cool weather and picking and ginning keeping up with opening; much
dirty and continued rotting bolls in south. Corn being housed and fodder tuated, buying having been stimulated by offerings of fast
pulling completed.
Florida.—Jacksonville; Lowlands too wet for sweet potatoes, peanuts, color cloths of high quality and style, at attractive prices.
cane, and truck, and haying unfavorably affected. Some peppers, egg- Print cloths 28-inch 64 x 60's constructioa are quoted at
plants, and other truck planted on highlands, but all farm work backward. 6%c., and 27-inch 64 x 60's at 6c. Graygoods in the 39Little or no oats seeded. Setting strawberries on uplands doing well
inch 68 x 72's construction are quoted at 9%c., and 80 x 80's
locally. Most citrus in good condition.
Alabama.—Montgomery: Showers delayed cotton picking and hay- at 10
/
3
4c.
making: vegetation needs rain in many sections. Progress of corn poor
WOOLEN GOODS.—Conditions in the worsteds and woolto good; sweet potatoes and minor crops mostly fair to good. Cotton
mostly opening rapidly and picking and ginning made generally very good en goods market, when compared with those existing approgress; picking nearly finished in many areas of south; boll rot continues in some sections of north and southeast; rust and shedding reported proximately a fortnight ago, are very favorable. Stocks
locally.
are in a healthy position, and a still broader demand is in
Mississippi.—Vicksburg: Week generally dry throughout; somewhat
cool at beginning, but warmer at close. Although seasonal development evidence. The feature of the week has been the strong call
poor, the crop opened rapidly and picking for heavy top-coatings of all kinds, especially oxfords, which
of cotton was generally rather
and ginning made very satisfactory advance. Progress in housing corn developed in response to the colder weather.
Shortages
mostly fair. Progress of pastures generally poor.
Louisiana.—New Orleans: First part cool with light showers, followed have been revealed in many places, and buyers have enby warm dry weather. Rain did not materially interfere with picking countered some difficulties in obtaining needed merchandise.
cotton which progressed very good and well advanced with grade good.
Rice harvest made fair progress. Fall truck, pastures, and sweet potatoes On the other hand, steady movements in many stable lines
need more rain in north, but dry, cool weather needed in south for ripening and in practically all styled cloths, continue, and it is
sugar cane.
Texas—Houston; Fore part week cool, with light to moderate rain In thought that the total fall business will assume very satsouthern two-thirds; latter part warm and dry. Progress and condition isfactory proportions. Interest in spring goods has not
of pastures and minor crops good, where rain, but fair elsewhere. Abundant moisture for fall seeding of truck in south, but soil too dry for germi- yet matured. Buyers are having trouble in anticipating
nation of winter grains in northern third. Condition of cotton spotted, style trends and are proceeding cautiously until some definranging from poor In south, where dry earlier in season, to very good in
However, increased activity in
portions of north, where seasonal moisture better distributed; average ite indications appear.
fair; crop made in most of State, but some deterioration in northern division, this direction is expected shortly, and the season's prosaccount shedding and root rot; picking and ginning made good progress
pects are regarded optimistically.
in northern districts, but delayed by rain in southern fore part of week.
Oklahoma.—Oklahoma City: Warm, clear weather, with no rain. ProFOREIGN DRY GOODS.—The more cheerful aspect
opening fast and picking and ginning progressed
gress of cotton fair; crop
satisfactorily, but yield and quality of staple lowered by continued dryness, which business has worn in the linen market of late, has
especially in west portion: condition spotted, but probably averages fairly continued to develop during the week. A further broadengood. Corn mostly matured and generally good crop; harvesting. Seeding ing of the demand for staple lines has taken place
and buywheat practically suspended, account dry soil. Grain sorghums good;
harvest begun. Broomcorn generally good; harvest practically finished. ers are manifesting an interest in the new spring dress
Arkansas.—Little Rock: Progress of cotton very good, due to dryness: goods and suitings that augurs considerable activity
in
about all open in south and opening rapidly elsewhere; picking advanced
rapidly in all portions and nearly completed in some southern localities. that direction. On the other hand, there appears to be no
Most late corn matured and early being gathered rapidly. Very favorable appreciable falling off in the demand for novelties
which
for harvesting rice. Too dry for pastures, truck, plowing, and seeding.
Tennessee.—Nashville: Bright weather beneficial for curing corn and has featured the market during the past few weeks. Handmost of late crop better than early, with condition very good. Progress kerchiefs, particularly the better grades, are
selling well
of cotton fair; crop opening rapidly and picking progressing. Weather
excellent for preparing ground for seeding winter wheat and oats. To- and bid fair to continue to do so. Towellings and colored
bacco mostly housed and being cured.
progressing satisfactorily, and Damask table
Kentucku.—Louisville. Temperatures low; killing frost general on cloths are
26th: extensive damage to late potatoes. Corn cutting and silo filling sets are attracting many buyers. Burlaps have been modmoderate showers helpful, erately active. Light weights are quoted at
being pushed, account dry leaves. Lirht to
7.15c., and
but not enough to soften soil for plowing. Some rye has perished, but
heavies at 10.30c.
other germinating since showers. Wheat sowing commenced.
OCT. 6 1928.]
FINANCIAL CHRONICLE
1973
368 and 529 for August 1928 and with 424 and 551 for
September 1927.
For comparative purposes we add the following table,
showing the aggregates, excluding temporary loans and also
Canadian issues, for September and the nine months for a
MUNICIPAL BOND SALES IN SEPTEMBER.
obligations under series of years:
Realizing the futility of offering their
For the
Month of
For the
Month of
present market conditions, only 339 municipalities solicited
September. Nine Months.
September. Nine Months.
823,001,771 5272.389.451
564,570,326 8991.160,750 1909
bids for the purchase of bonds during September. Awards 1928
243,241,117
34,531,814
117.571.822 1,178,508,094 1908
during the month totaled $64,570,326, which compares with 1927
199,722,964
47,947,077
136,795,778 1,046,221,618 1907
1926
153,152.345
8,980,418
$68,489,963 the previous month and with $117,571,822in Sep- 1925
115.290,336 1.095,486,400 1906
141,021,727
9,825.200
124,336,682 1.138,425.601 1905
Louis, Mo. advertised for 1924
tember 1927. The City of St.
197,921,657
10,694,671
765,963.785 1904
58,398,075
1923
111,745,993
8,762.079
bids to be opened on Sept. 28 for $10,000,000 4% coupon 1922
918,854.893 1903
99,776,656
117,678.855
9,179,654
754,294,623 1902
improvement bonds, 1921
88,656,257
or registered public building and
99,324,001
14,408,056
489,716,223 1901
49,820,768
1920
to 1948 inclusive. 1919
97.194.441
maturing serially on Oct. 1 from 1933
4,033,899
519,669,754 1900
70,839,634
95,026.437
7,201.593
City Comptroller, 1918
238,179,833 1899
24,732,420
No tenders were received, Louis Nolte,
83.150,559
6,173,665
328,078,924 1898
31,175,017
failed to market their 1917
reports. Other municipalities which
106,387.463
9,272,691
368,388,101 1897
22,174,179
1916
56,229,418
3.693,457
406,496,817 1898
26.707,493
offerings are mentioned below. A $9,000,000 issue of 4% 1915
92.253.916
11,423,212
408,044,823 1895
13,378,480
coupon State of Illinois highway bonds maturing serially on 1914
90,454.836
8,249,347
288,024,714 1894
26,025,969
1913
40,974.566
3,885,137
317,912.921 1893
May 1from 1945 to 1958incl.,wassold on Sept.18to two of the 1912
25,469,643
63,583,834
6,242,952
26,487,290
314,503,570 1892
forces, paying 1911
competing syndicates who decided to join
231.921,042
18,364,021
1910
97.255 for the bonds,a cost basis to the State of about 4.15%.
In the following table we give a list of September 1928
On July 17 this State sold $13,000,000 4% bonds at 96.267,
the basis cost being about 4.25%. The tabulation below loans in the amount of $64,570,326, issued by 3 39 munishows all the issues of $1,000,000 and over which were cipalities. In the case of each loan reference is made to the
page in the "Chronicle" where accounts of the sale are given:
disposed of:
.tate and,(nig pkvartment
Rate. Maturity. Amount. Price. Basis.
Name.
-year serial bonds of Allegheny County, Pa., consisting Page.
$5,003,000 4X% 30
5.50
65,000 100
53 1929-1958
of four issues awarded to a syndicate headed by Harris, Forbes 1977_ _Absecon City, N. J
40,000
1929-1938
6
Okla
15.54-.Ada,
& Co., at 100.659, a basis of about 4.10%.
5% 1929-1952 210.000 101.11 536
4,000,000 4% State of Massachusetts bonds maturing serially on July 1 1704__Ada S. D., Ohio
6,560 100.59 4.37
4Si 1929-1938
from 1929 to 1958 incl.; awarded to a syndicate headed by 1834__Adams Co., Ind
6.560 100.79
43
Stone & Webster and Blodget, Inc., at 101.036, a basis of about 1934__Adams Co., Ind
324.500 95.76 4.85
1977._ Aiken,S.Caro.(4 iss.)--4Si
60,000 101.90 4.27
1929-1948
41
4Si% City and County of San Francisco, 1834__Albany Co., N.Y
4,000,000 coupon Retch Hetchy
43 1937-1958 250,000 102.47 4.32
Calif. bonds, maturing in equal amounts from 1938 to 1977 1554__Aliquippa S. D., Pa
45,000 100.09 4.48
incl.; sold to a syndicate headed by the Harris Trust & Savings 1704__Alden, N. Y.(2 issues).-4Si 1929-1939
14,119 102.20 5.10
53i 1930-1939
1977__Allen Co., Ohio
hank,at 101.79, a cost basis of about 4.39%.
4% 1931-1958 185,000 100.51 4.46
3,723,000 Cuyahoga County, Ohio. 4Si% bonds, consisting of two issues 1554-Allegan, Mich
43( 1929-1958 5,003.000 100.65 4.10
1929 to 1943 incl., awarded to a syndicate 1554-Allegheny Co., Pa
maturing serially from
160,000 100.009 --managed by Harris. Forbes & Co. of New York, at 100.16. a 1704__Allus, Okla. (3 issues) 6
7,500 100.13 4.98
1930-1937
1834__Almond. N. Y
5
cost basis of about 4.47%.
20,000
of Louisville. Ky. 1704_ _Amherst S. D. Nob
1,500,000 coupon school improvement 4X% City
bonds due on May 1 1966 awarded to a syndicate headed by 1415__Andover S. D. No. 1,
10,000 103.50 4.55
1928-1948
5
N. Y
7
the Bankers Trust Co., at 101.849, a basis of about 4.155 •
15,000 100.88 4.91
1942
5
Calif
1,367,000 Knoxville, Tenn. bonds consisting of three issues maturing on 1934__Angels Camp,N. J
5J.i 1930-1938 500,000
Aug. 1 from 1930 to 1964 incl.; awarded to a syndicate managed 1977_ _Asbury Park,
by the First National Bank. New York, at 100.279. a basis of 1555_ _Avon Twp. S. D., No. 4,
48,000 100.42 4.64
Mich
4X 1929-1952
about 4.46%.
67,500 101.10 4.09
1929-1943
43
State of California, 4 X% building bonds due in equal amounts 1977_ _Auburn, Mass
1.000.000
28,000
Colo
4X 1933-1953
from 1942 to 1945 incl.; awarded jointly to Roosevelt & Son and 1705__Aurora,
Estabrook & Co., both of New York, at 100.4699, a basis of 1705_ _Aurora Street Dist. No. I,
d25,000
1948
6
Colo
about 4.21%.
40,000 101.93 4.77
1555__Azusa S.
1929-1948
Calif
5
According to our records municipalities which unsuccess- 1705__Babylon D.,D. No. 2,
S.
N. Y
1929-1938
fully offered their bonds for sale besides the City of St. 1555_ _Bartholomew Co.. Ind_ --4Si 1929-1938 19.500 100.37 4.42
13,500
Louis, mentioned above, are given herewith: The reasons 1977_ _Baxter Springs, Kan
114,000
4%
275,000.
4X
as set forth here were advanced by the officials in reporting 1666__Baylor Co., Tex
20.000 100.12 4.48
4% 1929-1948
1416__Bayville.
the outcome of the offering: $100,000 4% Shelbyville, 1705__Bear LakeN. Y S. D. No.
Co.
14,000
16. Idaho
5
Ind., bonds offered on Sept. 4, no bids submitted; $35,268
12.561
1929-1938
6% lieorgetown Special School District, Del.,bonds offered 1705__Belleville, Ohio (2 iss.)-6
6,357
5X 1930-1939
1705__13erea, Ohio
on Sept. 5, no bids; $375,000 Plymouth County, Mass., 1705__13erkley, Mich.(2 iss.)- --5% 19294937 132,000 100.27
75,000 100.61 1.48
43.i 1929-1948
1834- _Berlin. Wis
bonds offered as 4s on Sept. 6, all bids rejected, bonds 1555__Blair S. D , Okla
11.400 100.26 4.96
1931-1942
5
4.50
25,000 100
have since been sold at 100.066, a basis of about 4.04%, as i.866__Bloomer, Wis
4%
6101.31
Co., Ind _
1834-Boone
4
4s and 41 s; $125,000 water and $75,000 street 4% St. 1977„Bound Brook, N J
88:000
45( 1930-1934
Albans, Vt., bonds offered on Sept. 10, all bids rejected 1977_ _Bremer Co., Iowa
43 1934-1943 180,000 100.45 4.39
X
Conn.
(see V. 127, p. 1709 for list). The sale of $1,000,000 not 1705__Bridgeport,N. Y (3 is.)_44% 1929-1968 680,000 103.24 4.20
50,000 101.8 4.35
1929-1953
1416__Bronxville.
grade elimination bonds of Birmingham, 1416__Brookhaven S. D. No.23,
to exceed 43
4X 1929-1963 175,000 100.58 4.43
N. Y
Ala., scheduled for Sept. 18, was postponed for the time
1555__Brookhaven S. D. No.31,
being, reason for postponement not given. $31,000
4.25
17,500 100
43* 1931-1957
N. Y
8.000 100.15 ---1929-1938
43
Sayreville, N. J., school bonds offered on Sept. 11, no bids; 1705__Brown Co.,Ind
1555__Caddo Co. S. D. No, 15,
Tonawanda, N. Y., offered on Sept. 17 $20,000 4
--1,000 100
Okla
bonds, officials report issue as being unsold; $125,000 1415-Calcasieu Parish S. D.
4.78
75.000 102
1929-1948
5
No. 22, La
Rowan County, N. C. revenue anticipation notes offered
-Caldwell Co., N. C
4j 1931-1958 120,000 100.18. 4.73
on Sept. 3, bids rejected; $90,000 5% Purcellville, Va., 1705-California (State of)
4X 1942-1945 1,000.000 100.46 4.21
1416
1834_ _Cambridge, Mass.(4
bonds offered on Sept. 14, no acceptable bid received; i835_ Camden Co.. N.0 is.)-4X 1929-1938 458.000 100.96 -r15.000 100.00 6.00
1938
6
Clinton, Okla., offered $600,000 not to exceed 434% bonds 1705--Caney, Kan
22,900-43. 1929-1938
on Sept. 25, C. Edgar Honnold of Oklahoma City, was the 1835„Carter Co. S. D. No. 73,
10,000
Okla
1938-1942
4
only bidder, offering 100.11 for 45 s; the bid was rejected. 1706_ _Cascade Co. 8. D. No.!,
25.000 105.27 __-43
Mont
These bonds were unsuccessfully offered on Jan. 10 and on
25,000 105.27
1705-_Castro valleys. D..Calif.5
March 13 of this year.
1555_ _Cedar Co., WPM
43 1929-1941 d100,000 100.80 4.05
Temporary loans negotiated during the month aggregated 1705-Cedar Falls, Iowa
60,000
London
$98,461,002; New York City contributed $86,038,000 to this 1705--Charleston andW. Va___5
Bridge Dist.,
1929-1942 350.000 101.62 4.75
total. The total of long-term Canadian bonds sold was 1705--Charlton Co., Ga.(2 is.).
50,000
10.000 100.59 4.88
_Charter Oak S.
1929-1938
$6,212,282, which includes an issue of $6,000,000 43% 1555_ -Chlcopee, MassD.. Calif-5
4X 1929-1938 335,000 100.84
1835_
-year bonds sold privately 1835Clay Co., Ind
Province of British Columbia 25
1930-1944 117,000 100.28 4.22
43
8.000 100.50 5.84
1930-1933
6
1555--Clinton Co., Mich
(according to a news report) to a syndicate including the 1416-Cl1ponreka C. S. D.. Ga_6
7,000
1929-1942
Canadian Bank of Commerce,the Dominion Securities Corp., 1706-Columbus. Ohio
4% 1943-1953 305,000 103.77 4.21
Wood, Gundy & Co.; A. E. Ames & Co., and Dillon, Read 1555-Coastal Highway Comm.,
1931-1939 400,000 101.22 4.78
S. C
5
& Co. Advance notice of the intentions of the Provincial 1978-.Coldwater Con. S. D.,
4,500
Miss
officials was given in the "Chronicle" of Sept. 22-V. 127,
4,161
1930-1934
5
p. 1711. Another report states that the Province of On- 1416-Columbiana, Ohio iss.)._4Si 1931-1953 566,200 101.41 4.32
1416-_Columbus, Ohio (4
4X 1929-1948 100,000 100.51
tario has sold $10,000,000 1-year Treasury notes in London 1835--Concord, N. H
Koo
1932-1957 600.000 100
5
on a 5.118% basis. No financing was undertaken by any 1706-Crisp Co.. GaTex
30,000
1706-Cross Plains.
of the United States Possessions during September.
No. 9,
1556-Custer Co. S. D.
d8,500
43
Colo
MtA comparison is given in the table below of all the various 1978--Cuyahoga Co., 0.(2 iss.)434 1938-1948 3,723,000 100.16 4.47
1929-1943
15,793 100.19
forms of securities placed in September of the last five years: 1706__Daviess Co.,Ind
4X
1929-1941 200.000 100.96 4.34
1925,
43
1926.
1927.
1924.
1835--Dayton, Ohio
1928.
1929-1951 184.000 101.48 4.36
43
-Dayton, Ohio
8
183556,000 101.38 4.51
1929-1933
5
Perm. loans(U.S.). 64.570,326 117,571,822 136,795,778 115,290.336 124.336.682 1835 .Dayton. Ohio
6,600
4X 1929-1938
*Temp.Ins(U. 8.). 98,461,002 75,218,968 53,613,000 62,603,902 63,798,847 1835-Decatur Co., Ind
4,700
5
1556--Decorah, Iowa
Can.loans(perm.)
63,600
1934
Placed In Canada_ 6,212.282 3,330.000 3,224,752 83,938,534 98,323,898 1706--Delaware Twp., N. J____5
35,000 100.21
4.23
4X 1929-1962
3,500,000 90,698,203 1835-Delphi Palls, N. Y
None 24,087,000
Placed In U.S....
98,000
1706-Denver (City and County
None
lids. of U. B. yosens
330,000 100.62
10 yrs.
5)
of). Colo
General fund bonds
5,000
3,300.000 4,200,000
1706-Dev1la Lake, N. Dak_
None
(New York City).
40,000 101.93 4.33
1940-1947
43
1556_ _Donors, Pa
1929-1938 589.000 100.18 4.96
169,243,610 220,305,790 196,933,530 265.332,772 374.157,630 1416--Dumont, N. J__
Total
4.65 1929-1932 $40.000 100.02 4.64
•Including temporary securities Issued by New York City, 586,038,000 In Sep- 1556 _ _ Eastchester,N.Y
1948
24,000
; 18.56_ _E.Peoria San. Dist., Ill--5%
tember 1928, 563,850.000 in 1927, $40,515,000 In 1926, 853,925,000 in 1925, 852
35,000 100.28 4.16
1978,_East Rockaway, N. Y._ _4% 1929-1946
650,000 in 1924. and $31,268,100 in 1923.
454: 1932-1947 r712,080
1836_ _East St. awls,Ill
The number of municipalities emitting permanent bonds 1416- _E. Williston, N.Y.(2iss.)4% 1929-1948 50,000 100.33 1748
20.000 100.
1836__Edmonds, Wash
4.75
and the number of separate issues made during September 1836_ _Elburn Con. S. D., III 4(
93,000
4
7.500 100
1928 were 339 and 423, respectively. This contrasts with 1836_ _Elk River,MInn
.4:66
4%
1974
FINANCIAL CHRONICLE
[vol.. 127.
Rate.
Name.
Rate. Maturity. Amount. Price. Basis.
Amount. Price. Basis. Page.
f7gg:_Encinitaarlt,Calif_ _ _ _5
a
435
11.700
19011143
1
28,000 100.28 4.96 18.38__Monroe Co.,Ind
18.36__Enid, Okla
5
1929-1932 144,850 101.70
50.000 103.002 ___ 1708_ _Montgomery Co.. Ohio_ _5
1978_ _Enterprise, Ore
5
20 years
11,000 100.48 4.20
5.00 1838__Montgomery Co., Ind___435 1930-1939
30.000 100
1706. Escondido, Calif
_
1708_ Morgan Co., Ind
7,100 100.10
70,000 100.21
435 1929-1938
1556__Eupora, Miss
6
1929-1938
38.500 100.38 5.93 1980__Modntaln Lakes, N. J.
es
1836_ _Fairfield S. D.,Ida
issues)
1929-1938 r225,000
25,000 100
5
1556_ _Fairview, Ohio
535
1980_ Muscoda, Wis
12.000
295,035 100.57
1706_ _Fall River, Mass
4
.Muskegon Mich
1708..
4.
1929-1933
50,000 100.61- -- 24
30,000
435 1929-1938
1978__Fayette Co., Iowa
4 4 1933-1943 d280,000 100.12 4.22 1838_ _Napier Twp. S. 13., Pa 4X 1933-1943
11.000 101.45 4.55
1836_ _Flint Twp.S.D. 19, Mich.5
20,000 99.77
1931-1955
4.66 1980_ _Nashua, W. H
40.000 103.81
431 1929-1948
1978__Flora, Miss
535
1953
25,000
_ 1838__Natchitoches Parish Dist.
1978Fond du Lac, Wis
435 19294948
No. 99, La
45.000
1929-1948
50.000 101.32 4.34
1978Franklin, N. H
4X 1929-1948
4.75 1980_ _Navayo Co. 8. D. No. 8,
50,000 100
1556-.Franklin Twp. S. D.,Pa-5
Ariz
1,400 100
6.00
1930-1936
50,000 102.24
6
1836__Fredonia, N.Y.(2 iss.)_ _4.40 1929-1947
50,000 100.13 4.23
81,000 100.09 4.39 1980_ _Nazareth, Pa
435 1933-1948
1706__1 reedom S. D., Pa
'
1
435 1931-1955
90,000 102.33 4.36 1838_ _Neosha Co. S. D. No. 84,
1556__Fulton Co., Ind
4X 1929-1938
Kan
8.500 100
4.25
14,400 100.13
435 1930-1938
1978_ _Galax, Va. (3 iss.)
6
1980__Neptune Twp. S. D.,
40,000
1836_ _Galesburg, Ill
R.J
_ ___
322,000 100
:
_
65,000
1978_ _ Garfield Heights,Ohio_ _..5
1708_ _New Bedford, Mass
1930-1938
435 1929-1943 1
15,575
1706__Gary S. D., Ind
435 1948
4.25 1417__Newcastle, Ind
420,000 100
435 1931-1936
1979_ _Genoa, Ill
5
1929-1938
4.22 1708__New Castle, Pa
10,000 99
434 1931-1942 170,000 100.82 4.37
1979__Genoa S. D., Neb
1558__New Cassel Water Dial.,
435
110,000
1836__Glassboro S. D.,N.J_...4i 1929-1943
N. Y
40,000 101.39 4.32
_4635 1929-1948
22,000
I979 Glencoe, Minn
5.96
5
500,000 100.15
5.00 1838_ _New Mexico (State of)
1933
7.000 100
1556__Goshen Co. S. D. No. 8,
1708__Newton Co.,Ind
44.400 100.90 4.31
434 1929-1938
Wyo
1558__New Wilmington, Pa
43
12.000 100.41
4
1929-1948
1930-1941
40,000
1556__Grants Pass, Ore
5
1938
d19 60
: 4
5 0
60 0 100.64 1§3 1838__Niles Centre, Ill. (2 iss.)_435 1930-1948 200.000 100.45 4.•18
1579__Granville Twp.S. D.,Pa.4 X
1838_ _Nordhoff S. D.,Callf
4.75
5
1929-1944
16,000 101.71
1706__Great Bend, Kan
1980_ North Bend,Ore
4 X 1929-1938
54,312
3,737
6
1706_ _Greece, N. Y
iz ueo
z
.
1929-1943 153,000 101.10 4.90 1558__North Canton, Ohio (2
1979_ _Greene Co., KY
5
4.95
_ __
1929-1936
17.465 100.21
5
50.000 101.31
1979_ _Greene Co., Ind
1838_ _North Evans Fire Dist.,
435 1929-1938
4,800 100.20
1836__Greene Co.,N.Y
N. Y
4.95
4
434 1930-1954 450,000 100.19 -- .
1929-1938
35,000 100.41
.*3
5
1706_ _Greene Co.,Tenn
435
1938
30,000 100.33 4.46 1980_ _North Hempstead S. D•,
1706_ _Greenriver, Utah
N. Y
4.29
436 1930-1949 202,000 101.85
40,000
1706_ _Grenada, Miss
1558_ _Oak Park, Ill
4.25
30.000 100
435 1930-1948
110,000
1836_ _Hamilton, Ohio
4.43
435 1930-1939
24,000 100.08 4.48 1839__O'Brien Co., Iowa
435 1934-1942 d45.000 100.40
1556.._Hamilton, Mont
6
110,000
6.00 1839_ Oceanside, Calif
15.000 100
1706__Harailton Co., Ind
40,000 100.06 4.99
,
4.50 1708_ _Oconee Co. S. 0
1940-1942
435 1929-1938
5
17.500 100
00
1556__Hamiltonian Twp. S. D.,
4.50
Iowa
1940r418,000 100
434
1979__Hamlet Rur. S. D., Neb_4X 1939-1948
1708- _Ogden, Utah
50,000 100.02
435
22,179
Pa
435 20 years.
434 1933-1942
50.000 98.25 1.A5
4.50
5.000 100
1557__Hancock Co.,Ohio
435 1930-1934
4.64 1839__Orean,'N. Y.(2 iss.)- - - _4g 1929-1948 272,500 100.48 4.23
10,900 100.37
1706_ _Hancock Co.,Ohio
435 1929-1937
20.000 100.87
4.62 1981_ _Orange Clty, Iowa
435
47,250 100.55
1557_ _ Hankinson.N.Dak
8
1839-Orven Co., Ind
5
1948
8,000 100.26 174.
435 1929-1938
53.000
1557__Harmony Twp. S. D.. 0_531 1933-1941
4.38
33.000 100.34 ____ 1559-_Orwosso S. D., Mich_ _ --436 1947-1950 155,000 100.05
1706__Hico, Tex
4.38
1554- _Orwosso S. D., Mich_ __ _4 X 1936-1946 313,000 100.05
5
37,000
1557__Holland, Mich.(3 iss.)_ _ _535 1930-1938
4.63
5.50 1839__Oxnard, Calif
40,000 101
435
32,418 100
1707__Homestead, Pa
434
1957
125,000 100.40
4.20 1709__Page Co. D. D. No. 22,
1707__Hopson Bayou Drainage
4.67
fowa
2,816 100.54
435 1933-1937
Dist.. Miss
6
30,000 108.53 4.42
1952-1953
1930-1940
55,000 100.68
5.88 1559_ _Palo Alto S. D., Calif-- -5
1707Howird Co.,Ind
435
50.000 102.85 4.39
435 1945-1955
38,700 100.15 ____ 1559- _Parnassus S. D., Pa
1979_ _Homewood, Ala
4.20
1559- Payne Co., Okla
6
1931-1938
435 1931-1936 250,000 102.40
88,000
1837__Huntington, S. D. No. 3,
4.50
1559__Penn Yan, N. Y.(2 iss.) 435 1929-1938
39.000 100
N. Y
4351930-1940
5
75,000 100.53 4.42 1981- _Phenix City, Ala
1557__Huntington Co., Ind_ - - -435
4.65
1839_ Piqua, Ohio
4rt -16ii-9.500 100.28
1837__Huron Co., Mich
5
1929-1938
45.540 100.07
4
40,000 101.19 4.76 1839__Piqua, Ohio
1707_ _Idaho Co. High. Dist•Ida.5X
1839_ _Piqua, Ohio (2 iss.)
1939 3
111932
5.300
24.000 101.25
1707_ _Illinois(State of)
4.58
4
1945-1958 9,000.000
97.25
4.15 1709_ _Pleasant Ridge, Mich
5
43i
1557_ _Ilwaco S. D. No. 113.
1709_ _Pleasant Ridge, Mich
4.97
1929-1938
1.8:238
5
Wash.(2 iss.)
1709_ _Pleasant Ridge, Mich _..534 1929-1938
6.500 100.05 4.48
21,000 100
1837__Independence. Kan. (2
1559__Plymouth Co., Mass.._ _4 h 1929-1937 171,000 100.06 4.04
issues)
435 1929-1938
1938-1948 204,000 100.06 4.04
18,900 100.47
4.41 1559__Plymouth Co., Mass.._ _4
1837_ _Indianapolis, Ind
436 1931-1936
1931-1950
65.000
42,000 100.21
4.45 1839_ _Polk Co.S. D. No.2,Fla 6
1557__Irondequart, N. Y
5
1929-1938
78,602 100.34 4.93 1839Pontiac. Mich.(2 iss.) _435 1929-1943 160,000 100.02 4.36
1837_ _Irondequoit S. D. No. 3,
1839_ _Pontiac, Mich
435 1929-1958 180,000 100.02 4.36
N.Y
434 1930-1958 190.000 100.82 4.68 1709_ _Portage Twp. S. D., Ind 435 1929-1943
74,000 100.22
1557_ _Jackson, Miss
535 1929-1938 253,969
1559_ _Portland, Ore
1933
49,469
--6
1707__Jackson, Tenn
435 1930-1949 225,000 100
102,980
4.50 1839__Portland, Ore. (2 iss.)_ _6
1837Jay Co., Ind. (4 issues)--4X
1981_ _Posey Co., Ind
16,000 101.06
4.31
435 1930-1939
40,407
1837__Jeannette, Pa
435 1932-1956 200,000 102.77
65,000 101.69 4.82
1935-1945
4.27 1418_ _Pulaski, Tenn.(2 iss.)---5
1707_ _Jefferson Co.. Fla
1418_ _Putnam Co., Ind
4.34
5
53,000 101.15
1946-1948 100,000
435 1929-1946
1707_ _Jefferson S. D., Calif_ _ _ _535 1930-1948
24,000 100.62 ---4.79 1709_ _Putnam Co., Ind
35 1929-1938
27,000 106
1979Jones Co. R. D., Miss
1709_ _Randolph Co.. Ind
6,500
435 1929-1948
300,000
1707__Joplin, Mo
435
43:.:0
4.50 1839_ Reading, Pa
1948
335 1929-1938 100,000 100
30,000 100
1707_ _ Kansas (State of)
1559_ Richland Co., Ohio
36,300 100.06
535 1930-1934
40,000
1837Karnes Co. R. D., Texas
_Richfeld,
1981_
Utah (2 ias.)_ _4 X
30,000 100
(2 issues)
1559_ _Rio Vista S. D., Calif_ __5
4.70
5
1929-1947
19,000 102.27
145,000
1837_ _Kellogg, Idaho
4.25
1981 _ _ River Park Dist.,Ill
435 1939-1948 323,000 100
14.000
1837__Kenosha. Wis
4.75
434 1939-1948 200,000 100
434 1929-1948 235,000 101.72 4.29 1981__River Park Dist.,Ill
1707_ _Kent Co., Mich
49.08 4.35
434 1930-1938 105.300 100.16 4.46 1839_ _Rockford San Dist., Ill_ -431 1929-1948 500.000
1417__Knox Co.,Ind
2-30 years 125,000 100.13 4.49
435 1929-1938 162.000 100.08 ____ 1709__Royal Oak, Mich.(2 iss.)4
1417_ _Knox Co.,Ind
4.73
1709__Royal Oak, Mich
435 1929-1938
434 1-30 years 625.000 100.14
40,000 100.13
1417__Knox Co.,Ind
38,000 100.04 4.73
435 1929-1938
4.50 1559_ _Royal Oak Tvrp., Mich_ -4 4 1930-1933
2,800 100
1837_ _Knoxville, Tenn.(3 iss.)-4 X 1930-1964 1,367,000 100.27
3.67
28,500 105.61
4.46 1709_ _St. Joseph Co., Mich --.434 1930-1938
1837__La Canada S. D., Calif_ _5
534 1931-1953 r412.000
1929-1943
15,000 101.56 4.77 1709_ _St. Petersburg, Fla
4.25
1707Lackawanna S. D. No. 6.
1418_ _Saginaw, Mich.(2 iss.) 4
1929-1953 400,000 100
N. Y
434 1929-1948 100,000 100.17 4.47
4.45 1930-1949 840,000 100.22 4.22 1709__Salem, Ore
1707Lake Chelan R.D.,Wash_
1559_ Salina, Kan
20.000 100
4.25
43.1 1929-1938
100,000 100
1707._Lake Co., Ind
50,000
4.46 1981_ _Sandersville S. D..Miss
435 1929-1939
55,000 100.15
1417__Lake Co. S. D., Fla. (2
1709_8an Francisco (City &
Issues)
Co. of). Calif
4.39
435 1938-1977 4,000.000 101.79
6
1931-1956
99.83 6.02
58.000
1417 ..Lakewood. Ohio
1929-1935
14,000 101.75
4.53
435 1930-1954
75,000 102.14 4.53 1840_ _Schuylerville, N.Y5
1837__Lane Co. S. D. No. 133.
1710_ -Scotch Plains Twp.,N.J.4 X 1929-1968 100.000 100.33 4.72
Ore
10 years
86,000 100.37 ---5.53 1840_ _Scottsbluff, Neb.(2 iss.)-6
6
1929-1938
5,000 102.25
1557_ _Lebanon, Pa
435
1938
30,000
435 1933-1949 105,000 100.36 4.21 1840__Seaton S. DI ., Ill
1979_ _Lewis Co., N. Y
1929-1938
52.000 102.75
6
5.41
4.25 1559_ _Selma, Ala
434 1929-1946 180,000 100
1837_ _Lewistown S. D., Pa_ _ _ _4
6
1938
100,000
4.00 1710__Shawnee, Okla
1933-1957 150,000 100
1557__Lexington, Mass
5
1930-1939
21 00 101..71
0 0
:0 0 91
0
0
4.86
4.17 1710__Shelby, Ohio (2 iss.)
434 1929-1942
14,000 100.51
1979_ _Little Falls, N. Y
2
4.70 1929-1932
56,000 100.08 4.66 1982__ Shelbyville S. D.,Tenn_
1557__Linden Un. H. S. D.,
1810_ _Southampton, N. Y._ _ _ _5
1929-1938
70.000 101.90 135
Calif
5
1929-1943
15.000 101.51
4.77 1559_ _South Pasadena S. D.,
Calif
5
1935-1957 105,000 105.50
1838 .Long Meadow, Mass. (4
4.57
issues)
435 1954-1958
35,000 104.55
4.07 1982_ _South Portland,Me
435 1929-1943 177,000 101.11
4.25
1418....Sprague, Wash
1838Long Point
-Nebraska Dr.
5
1930-1942 r25,000 100.50 4.92
Dist., Ill
1930-1939
11,730 100.42 4.92
6
21,200 100.47 _ _ -_ 1840_ _ Starke Co.,Ind.(2 iss.)- _5
1560__Steelton, Pa
4
1929-1949
1558...Los Angeles Mun. Dist.
10.000 100
4.00
435 1929-1937
No. 57, Calif
9,500 100.27 4.69
6
80,000 100.68 ____ 1418__Stewart Manor, N. Y
1838__Los Angeles Co. Mun. Dr.
1710_ _Sulphur, La
5
1929-1958
60.000 100
5.00
Dist. No. 113. Calif__ -6
.Summit, Ill
5
1935-1942
r7,500
1930-1947
39.579 101.77
5.77 1840.
mgo__Sunflower Co. R. D. No.
1707__Louislana (State of)
1934
500,000 100
1707__Louisville, Ky
1929-1953
75.000
43.1
1966
5
1.500,000 101.84 -4-.i
3 Miss
1710_ _Swgin Co., N. C
1417..Lower Penns Neck Twp.
1931-1953
50,000 101.29
4.87
5
5
S. D., N. J
1943
6.00 1810_ _Syracuse. Ind
6
5,000 100.60
5.83
17.000 100
1929-1934
1707__Lucas Co., Ohio (11 iss.)-5
5
1929-1939 289,360 101.60 4.69 1560_ _Tahaka S. D., Tex
20.000 100
5.00
1982 _Tarrant City, Okla
1838__Lyndhurst, N. J
100.000
1929-1938 270,000 98.44 6.33
5
6
1419__Texarkana, Ark
1417__Lynn, Mass
225,000 100.222
435
434 1931-1962 317.000 98.17 4.89
1710-Tipton Co., Ind
1417__Lynn, Mass
4
250,000 100.22
1929-1938
3.600 100
6.00
6
1710--Tomales S. D., Cal
1838__Macomb Co., Mich. (2
1929-1938
10.000 100.17 4.97
5
1710--Topeka, Kan
535 1930-1943
68,400 100.55
issues)
49,986
434 1929 1938
-_ __ 1710-_Town Road Dist., W.Va.5
40,000 103
1980_ _McGehee S. D.,Ark
5
1929-1954 566,000 104.62 5.65
25,000 101.52 4.88 1710--Troy, N. Y.(2 issues). 434 1929-1948
4.39
1838_ _McMinnville, Tenn
5
-1648 -65.000 100.76
1838__McNatry Co., Tenn
125,000 100.20 ---- 1840-Trumbull Co., Ohio (4 issues)
6,000 100
47.800 100.46
4.65
1838__McNairy Co., Tenn
434 1929-1938
1710--Tucker Corn. S. D., Ga 5
17.750 100.25
1708_ _Madison Co.,Ind
435 1929-1938
1929-1947
28.000
1419-_Union Co., Ind
.
1708__Mahoning Co., Ohio (2
1929-1938
32,000 100.46 47a
4
-1933-1958 d13,000
issues)
435 1930-1943 198,971 101.33 4.55 1840- Union Twp. S. D., Pa_ _4
1840__ValieyCo. S. D. No. 1.
Nlo
1838__Mahoning Twp. S. D.
Mont
5.00
535,000 100
Pa
'4X 1929-1955 109,000 100.16 4.48
25,000 105.46 4.40
12.550 101
5.40 1983. _ Valparaiso, Ind
1929-1931
1929-1953
1417__Mansfield, Ohio
6
5
1840-Vance
60,000
11,400
1933-1942
1930-1934
Ill
1558__Mansfield, Ohio
5
5
1710__Ventura Co.
1708_ _Maricopa Co. S. D.No.6,
Twp.,R. D.No.3,
---_---38,000 101.77
Calif
1929-1938 109,989
4.83
Ariz
1938-1947
6
5
25.000
1840-Virginia Beach, Va
1708__Maricopa Co. S. D. No.
535 1924-1958
50.000 103.40 4.57
15,000 100.31
5.22 1710-Visalia, Calif
1929-1948.
30. Ariz
5
535 1933-1947
1838_ _Marion Co.. S. C
325.000
15,000 100.06
1560--Walton, N. Y
4.38
4g 1934-1943
5
1980._Marlow, Olda
24,000
13.800
l840.
Warren, Ill
43(
1838_ _ Marshall T wp. S. D.,Pa_ 4X 1929-1958
31:0000 100.62 1761
15 00
1930-1939
30,000 100.60 4.44 1840__Warren Co., Ind Ariz 5
1708_ _Massachusetts (State of)
1710-Washington S. D•,
(2 issues)
1929-1958 4.000.000 101.03 3.90 1840._Washington Twp. S. 13..
gton
4
1838- _Maywood, Neb
54,000
Ohio
434 1929-1948 123,734 101.32 4.68
1558_ _Melbourne, Fla
116,000 100.32
r69,600 95
7.42 1560--Washtenaw Co., Mich...434
1931-1934
6
1708. Mexico, N. Y
1929-1958 300,000 100.77
6,000 100
5.00 1840-_Waterbury, Conn
4
1929-1934
5
.2
1558__Middleground S. D., Ga_6
1930-1942 250,000 100.77 1
4
7
15.000
1840--Waterbury, Conn
4
1929-1958
n 888 188:gi - 5
a
1
EMS 187:01
18(3:12
OCT. 6 1928.]
FINANCIAL CHRONICLE
Page.
Name.
Rate. Maturity. Amount.
1840-_Waukon, Iowa
414 1929-1933
31.000
1841.-Wawayonda S. D. No. 7,
N. Y
15,000
411 1929-1943
1841-Wayne Co., Ga (2 issues)
60.000
1841--Wayne Co. Ind
30,000
1929-1939
4
1710 Wells Co., Intl
6,322
1929-1938
6
1561-_West Haven S. D.,Conn.41( 1930-1959 350,000
I561-_West Haven S. D., Conn.414 1930-1954 250,000
1983..:Wethersfield. Conn
434 1929-1948 300,000
1561--Whisman S. D.,Ca.if...-5
1929-1938
10.000
1711-White Co., Ind
8,746
1929-1938
6
1841__Wichita, Kan. (2 issues)_434 1929-1938 182,685
1841__Wichita, Kan
1929-1938 104,478
4
1841- _Wichita, Kan
5,000
414 1929-/938
1711- _Willaughley, Ohio1929-1938 120.000
1711-_Wilmette, Ill
50.000
n 1933-1948
1841__Wolf Paint, Mont.r51,000
1841__Wood Co., Ohio
511 1930-1934 255,000
434
1561__Worland, Wyo
5
22.000
15-30 yrs.
1711__Wormleysburg S. D., Pa _414
10,000
1958
1561__Wyandot Co.. Ohio
1930-1939
5
7,010
1841-Young America Twp.,111.5
77,000
1561__Yp6ilanti, Mich
16.000
• 415 1930-1938
1975
100.34
100.31
100.55
$29,068,400 and $8,000,000 respectively, were redeemed in cash. On
the first of December there were maturities of$63.437,250. Ofthis amount,
$18,437,250 was retired by cash and the balance was met by the issue of
4.67 three-year 4% treasury notes to the banks at par for the amount of $45,000,000. Thus the amount retired in cash last year was $55,505,650.
4.00
Debt Being Lowered.
6.00
The debt statement at the end of August, shows that the net debt of
4.43
4.43 the Dominion was reduced in the first five months of the fiscal year by
4.25 $67,275,832. Net debt on Aug. 31 was 52,229,574,400, as compared with
4.88 $2.296.850,232 at the end of the fiscal year in March. This reduction In
the net debt was brought about by a variety of changes. The gross debt
4.37 rose by $12,000,000, but the active assets increased by 379,000,000,show4.36 ing a reduction of $67,000,000 in round figures.
The increase in the gross debt was due in the main to a larger issue of
4.50
4.70 Dominion notes, while there were increases also in interest charges and
4.50 in some Government trust funds. On the other hand, there was a falling
off in the funded debt of $13,500,000. The increase in the assets was made
4.71 up of a rise in the miscellaneous and banking account of 859,000.000 and
4.98 in the loans to banks of $28.000.000. These increases were in turn, offset
4.47 to some extent by a decline in the specie reserve.
100.50
4.41
Price. Basis.
100.50
100
100
100.39
100.39
100
100.59
100.51
100.60
98.16
100
100.23
100
Massachusetts (State of).
-Debt Law Amended.
Chapter 396 of the Laws of 1928 amends section 2 of Chapter
44 of the General Laws so that it now reads as follows:
Total bond sales for September (339 municipalities, covering 423 separate issues)---$64.570,326.
-Except In Boston and except as otherwise expressly perSection 2.
d Subject to call in and during the earlier years and to mature in the later
years. k Not including $98,461,002 temporary loans. r Refunding bonds. mitted by law, cities and towns shall incurr debts only in the manner of
voting and within the limitations as to amount and time of payment prey And other considerations.
scribed in this chapter; out this section shall not be construed as prohibiting
town or district
The following items included in our totals for previous any city,chapter, upon the from placing additional restrictions, consistent
with this
manner of incurring debt, nor as affecting the
months should be eliminated from the. same. We give the right of any city, town or district to incur debt under any special act which
has or shall become
nineteen
page number of the issue of our paper in which reasons for twenty-one; nit no effective after January first, special hundred and
debt may be authorized under a
act except by a
this elimination may be found.
two thirds vote, unless the act so provides.
Section 2 of Chapter 396 reads:
Page.
Name.
Rate. Maturity. Amount. Price. Basis.
-All provisions of special acts effective prior to January
Sections 2.
1416__Harnett Co.,N.C.(Aug.) $51.000
first, nineteen hundred and twenty-one which authorize the incurring of
1416-Helena, Mont. (April)__
150,000
liabilities by any 'ward or officer of a city, except Boston, or of a town
We have also learned of the following additional sales for without appropriation, or which authorize any such city or town to incur
Indebtedness for any purpose not permitted by general law, or which
previous months:
authorize any such city or town to incur indebtedness outside the statutory
Page.
Name.
Rate. Maturity. Amount. Price. Basis. limit of indebtedness for a purpose for which the incurring of indebteddess
1554__Alabama City, Ala
6
6.00 is provided by general law to be inside said limit, or which authorize the
1930-1958 $70,000 100
1834__Arlington, Ore
534 1932-1937
5.56 payment of debt by such a city or town in a manner inconsisteni with
6,000 101
1977.._Ashland, Ohio
414 1929-1938
4.44 general law, are hereby repealed. Nothing in this act shall be construed as
18.760 100.33
1705__Blahsville Twp..I11.(Mar.)6
6.00 affecting the validity of any act done prior to the effective date of this act
1931-1935
80.000 100
1705__Brazil, Ind
414
in conformity with any special act, or the legality of any debt incurred, or
50,200
1555_ _Cass County, Ind
414 1929-1938
4.50 of any bond or note issued, prior to said effective date, in accordance with
4,750 100
1555__Champlain, N. Y
5
1929-1939
11.000 100.57 4.88 any special act, or as affecting the liability of the obligor city or town to dis1556_ _Custer Co. S. D. No. 19,
charge any such debt, or its liability to pay the principal and interest on
Mont
5
5.00 any such bond or note.
1938
2,484 100
1556__Eaton Impt. Dist. No. 1,
The act becomes effective Jan. 1 1929.
Colo
434
14,000
1556_ _El Dorado S. D., Ark_ __ _5
New York City, N. Y.
-Tax Rolls Show Billion and Half
1929-1948 150,000
1706.. _Ensign S. D., Calif
5
1930-1944
5.00 Increase.
15,000 100
-Henry M. Goldfogle, President of the Depart1556__Fort Wayne.Ind
414 1929-1948 250,000 101.17
4.41
1556__Fort Wayne,Ind
4
1929-1933
4.00 ment of Taxes and Assessments, on Oct. 1 issued the annual
50,000 100
1706__Golden Valley Co. S. D.
statement bearing on the assessed valuation of city property
No. 2, Mont
514
5.50
11,500 100
76
09_-_Higllhl
for the year 1929. The new tax rolls show a tentative total
Ind-416 1929-1943
10,005
19
7
pDS.Do 26.
.
of $16,788,821,645 in taxable real estate, an increase of
Mont.(July)
5
35,000 100
5.00
1979....Jackson, Ohio (June).. _ _ _6
1929-1937
4.73 $1,322,637,970 over the 1928 rolls. The statement reads
27.738 105.84
1837-Klamatb Co. S. D., Ore_ _51( 1933-1948
3,000 100.56
5.16 as follows:
1417__Lincoln Park. Mich
514 1929-1933
53.700 100.03
The tentative assessment of taxable real estate, exclusive of Special
1838....Los Angeles Dist. No. 54.
Franchises, for the year 1929 for the five Boroughs of New York City is
Calif
6
1929-1965 115.000 100
6.00 $16.788,821,645.
1558--McKenzie Co. S. D. No.
To the above amount, Special Franchises are to be added. Special Fran6
1930
2,500
chise assessments will not be made up until early next year. Applying,
1558_ -Mahalehead, Mass
434 1929-1943
84,000 100.78 --however, last year's
1417„Medina Co., Ohio
5
1929-1938
4.80 Special Franchises of experience would give an estimated assessment for
19,522 101.06
approximately $505,000,000. The latter sum added
1417_ _Medina Co., Ohio
514 1929-1938
9,400 103.59 4.80
1417_ _Medina Co.. Ohio
534 1929-1938
75,500 103.53
4.70 to taxable real estate would aggregate a taxable assessment (exclusive of
property) of $17,293.821.645.
1417__Medina Co., Ohio
514 1929-1938
38.400 103.53 4.83 personal figures
do not include property partially exempt under the soThese
1558_ _Mincreek Tarp. S. D.,Pa.434 1937-1947
40,000 102.13 4.29
1839_ _Palmetto, Fla. (2 issues)_6
called New Building Exemption Ordinances passed during the former
1939-1953
35,000 100
shortage period. This partial exemption amounts to $916,343.845.
1559__Perry County, Ind
414 1929-1938
4.40 housingtotal exemptions, wholly as well as partial, on property of every
12,000 100.50
The
1839__Perry Twp. S. D., Ind.
kind and class that under the
1710__Shamokn
(July)
now aggregates the stupend4
1929-1938
40.000 100.12
3.97 ous figure of $4,522.644,600. law is exemptibletaxable
Thus, the total
1709_Ree Heights. So. Dak_ __ _5
and non-taxable real
1931-1942
12,000
estate and estimated Special Franchises reaches the gigantic approximate
,Pa.(July)___ _414
150,000
1982__Troy, Mo.(July)
sum of $21,816,466,245.
413 1930-1948
45,000
1982_ _ Troy,Mo.(July)
The total increase of the taxable assessment of real estate, exclusive of
414 1931-1948
35,000
Special Franchises for 1929 over the final assessments made for 1928, is
1710-Upper Dublin Twp.S. D.,
$1,443,835,050.
Pa
414 1933-1953
55,000 100.07
4.22 tentatively Estate assessments which under
Personal
1710__Warrensville Heights, 0.534 1930-1939
existing law cover merely and
6.500
1560__Washington Twp. S. D.,
only tangible personal property amount to $1,154,873,450, so that the total
tentative assessment of real and personal property, exclusive of Special
Ind
434 1929-1938
30,000 100.11
4.49 Franchises is 518.448,695,095.
1841_ _Yemassee S. D.,So. Caro.
In connection with the increase of assessments over that of last year
(May)
1930-1948
28,000
sight must not be lost of the fact that approximately 31.218 new buildings
d Subject to call in and during the earlier years and to mature in the later were erected or in course of erection during the year. Many of these were
year. r Refunding bonds. y And other considerations.
apartment houses, hotels, office structures and commercial buildings of
Immense size and proportions beautifully
All of the above sales (except as indicated) are for August. expensive features and of luxurious type. designed provided with highly
The figures quoted as tentative valuations reflects the wonderful growth
These additional August issues will make the total sales (not
and ever increasing value of the taxable real estate of our metropolis.
including temporary loans) for that month $68,489,963.
While the aggregate figures reach proportions staggering to the average
mind, it is nevertheless a fact that appraisals made by Deputies in this
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN
department have been reasonably and very conservatively made.
SEPTEMBER.
The net income from many of the larger kind of structures, especially of
Page.
Name.
Rate. Maturity. Amount.
newer type, the prices realized on sales in certain neighborhoods,
1841-_Brit. Columbia (Prov.of) _ _ 1929-195846,000,000 Price. Basis. obtained by owners from reputable financial institutions, mostthe loans
of them
1711_ _Gore Twp., Que
5
1929-1948
6.000 100
.- 00 operated under State supervision and limited to a percentage of value in
5
.
1561_ _Joliet, Que
414
making loans, as well as other elements logically entering into realty
50.000
93.61 ---1841-North Vancouver, B. C-5
1943
appraisals have fairly justified the tentative assessments.
40.282
1841__Ontario (Prov. of)
1929 10,000.000
Intensive building developments, rehabilitation of sections where cheap
5.118
1841_ _Prince George. B. C
514
1943
-worn and dilapidated buildings were rapidly replaced by improved high
18,000
out
---- class apartment houses, parts of the river sides, especially on the east
1841_ -Revelstoke, B.C
5
1948
25,000
of
1419_ _Thorold. Ont _______ _ _ _ _5
1968
73.000
46.15 -.8 Manhattan. have undergone extensive improvements by the erection of
5
Total amount of' debentures sold during September 6,212.282.
high grade apartment houses at enormous cost; other costly building
projects carried on extensively in different parts of the city wherein heretoCANADIAN SALES FOR PREVIOUS MONTHS.
fore property lay dormant and depreciated have been features that natur1711__La Tuque, Que. (July)---5
1928-1947
26,000
98
ally resulted in increases in land values. Highly attractive skyscrapers,
1841-Point Grey, B. C.(July)-5
1958
177,068
magnificent in Construction and rich in adornment, some of which might
1841-Point Grey. B. C.(July)-5
1938
96.852
well be classed as regally magnificent, served to produce increased assess"MOW
ments; so too the magnitude of transactions involved in assemblage of lots
into plots operated to increase plottage and consequent enhanced
assessments.
In many locations in the various boroughs the real estate market was
during the year exceedingly active, while in other neighborhoods it was not.
Canada (Dominion of).
-Redemption
$53,000,000 Although building improvements in every borough added to the wealth
Bonds Scheduled for October.
-The following article dealing of the city, the Tax Department did not lose sight of the fact that in some
parts of
with the proposed redemption during October of $53,000,000 extent, the city's territory values remained static so that there to some
depreciation set in. Due
for these
maturing bonds and the financial status of the Dominion as well as consideration shown for allowance was made from longconditions
losses which resulted
continued
existing vacancies.
is taken from the "Financial Post" of Sept. 28:
Heretofore a
within the assessable year and uncompleted
Within two weeks, the Dominion Government will redeem 553.000.000 and not ready building begun on Oct. 1st was non-assessable.
for occupancy
The last
of its obligations. As announced in the "Financial Post" some weeks ago, Legislature changed
this
an amendment
the government will pay off these maturities largely in cash from surplus 15th. This amendment byprove beneficial by shifting such date to Dec.
will
and advantageous to taxpayers
revenues and also from the proceeds of short term notes which were sold generally making for equality in the distribution of tax burdens.
Before
to a syndicate of Canadian bankers not long ago.
the amendment was passed serious abuses crept in because some owners of
The loan to be paid off next month is part of a refunding operation
put
through in 1923. The total amount covered by refunding was $ 00,000,000, new buildings sought to escape entirely from building taxation for a year by
2
purposely delaying completion for a few days and some times for a week or
but the balance does not mature until 1943. Maturity
at 5% so that the fixed charges which will lapse with it amountbears interest two beyond Oct. 1st. It developed from careful investigation that every
to $2,650,000 conceivable scheme and device was employed and untrue representations
per annum.
restored to to escape such taxation. The consequence frequently was that
The retirement of the October maturity in cash will not be the first
time owners of property located in proximity to the structures alleged to be
recently that this policy has been carried out by the Canadian Finance uncompleted but really mainly occupied by tenants
on Oct. 1st, had to pay
Minister.
Last year the operation was done on a somewhat larger scale, though taxes in full while owners of structures where completion was delayed until
after Oct. 1st escaped being taxed, though non-completion was merely
all the maturities were not paid off in cash. In the fall of 1927
Dominion small in part and the other parts were rented, by technically bringing themloans came due to the amount of $100,505,650. In November, two
of selves within the law. Under the regent amendment taxation will be
NEWS ITEMS
of
FINANCIAL CHRONICLE
1976
imposed on buildings completed or partly occupied by Dec. 15th in the
assessable year. Thus as I indicated before there will be a fairer distribution of tax burdens, while at the same time there will flow into the treasury
additional revenue.
The city receives a proportionate share of the State Income and Corporation Tax. In 1927 this yielded the city $28,037,092. For the first six
months of this current year the State has paid to the city $20,829,966.
It is problematical what the last six months of this year will produce.
Though we receive our proportionate share of State Income Tax it must
be remembered that for the year 1927 the city paid out of its treasury to
the State $14,126,847, and in view of our present assessment increase the
amount of State Tax will be correspondingly increased. In a large measure
this demonstrates how tremendously the City contributes to the financial
benefit of up-State communities.
Referring to the work of the Tax Department I point to the recent report
of the sub-Committee on Budget, Finance and Revenue of the Mayor's
Committee on Planning and Survey, wherein it is said: "The technique of
real estate assessment and the organization of the Department of Taxes
and Assessments in New York City have for many years been the occasion
of just pride among the citizens of the city. In these respects New York
City has set a standard for the entire country,"and another part referring
to the annual reports of the Tax Commissioners which says: "it is one of the
most informative of the reports of the City of New York. It is the most
important report dealing with the taxes, tax rates, values and economic
changes within the city. The present report is to be commended for its
brevity, for its tables showing values, taxes and tax rates for previous years.
for its maps, &c." The sub-Committee who thus spoke was composed of
some of the most prominent, best known and influential citizens of the
city, including many of the largest real estate holders and realty operators,
and their commendation indicates the kind and quality of laborious work
performed by the Department and its men.
It may be interesting to note what are the largest and smallest districts
In the respective boroughs.
The following tabulation compares the taxable realty valuations, borough
by borough for 1928 and 1929:
RECAPITULATION-1929.
Increase for
New 1928 Assessment
Improvements.
Roll.
Bldgs.
Manhattan—
488 $7,908,615,645 $330,166,800
Real estate
179,079.750
Real estate of corporation
Total
The Bronx—
Real estate
Real estate of corporation
Total
Brooklyn—
Real estate
Real estate of corporation
Total
Queens—
Real estate
Real estate of corporation
Total
Richmond—
Real estate
Real estate of corporation
Total
Grand Total—
Real estate
Real estate of corporation
Total
488
4,487
4.487
9,044
9.044
15,604
15.604
1,595
1,595
31,218
31,218
Decrease.
Manhattan—
Real estate
Real estate of corporation
$20.754.300
320.754,300
Total
New building exemption,
The Bronx—
$2.603,025
Real estate
Real estate of corporation
$2,603,025
Total
New building exemption,
Brooklyn—
$12,422,920
Real estate
Real estate of corporation
$12,422,920
Total
New building exemption,
Queens—
$6.611,595
Real estate
Real estate of corporation
$6,611,595
Total
New building exemption.
Richmond—
$1,179,920
Real estate
Real estate of corporation
[VoL. 127.
ments, threre was ample evidence to justify at least thirty. The Grand
Jury, however, in its wisdom, evidently felt that no good purpose would
be served by finding other indictments.
"When the Governor ordered an Investigation of the Irregularities with
which the defendant was charged, she did not, as is the duty of every
public official, lend herself in assisting in a complete investigation of the
charges against her, but remained out of the jurisdiction to prevent the
Commissioner from causing process papers to be ser Jed.
"She filed affidavits which were false and which were no doubt intended
to relieve her of the imputation of wrongdoing. Her attitude toward the
Commissioner was the same as that evidenced by her in the trial of the
indictment upon which she was convicted. 'She persistently endeavored to
defeat the ends of justice, and to carry out her purpose she was guilty not
only of perjury but of subornation of perjury.
No Doubt of Guilt.
"It is apparent to all who have followed the proceedings that there was
not the slightest question of her guilt. Even her friends who have appeared
for leniency in her behalf have not ventured to suggest that the charges
against her were not fully and thoroughly proved or that she is innocent.
"The purpose of punishment is not that society may wreak vengeance
against the guilty, but rather for the salutary purpose of warning others
that they may not commit like offenses without paying the penalty of the
law. One could not feel that his full duty had been discharged if the
defendant, in view of the gravity of her offense, were permitted to go free.
"I have considered carefully every aspect of her case and all that has
been said in her favor and after mature thought and deliberation I am fully
convinced that justice would mot be served by a suspension of sentence.
"I therefore sentence the defendant to thirty days in Albany County
jail."
New York State.—Legal Investment List Amended.—
Frank H. Warder, Superintendent of Banks, has issued a
list, dated Sept. 30 1928, of those securities removed from
or added to, the list of legal investments for savings banks.
It reads as follows:
The Chesapeake az Ohio Ry. Co.
Removed.
5145,ser. T,June 1922; June 1923-1937.
Subdilision 71.
Jacksonville Terminal Co. 1st & gen. Is, ser. U, Mar. 15 1923; Mar. 15
1924-1933.
Is. 1967.
Is, ser. V, July 1924: July 1925-1939.
Subdivision 71 (Equipment Trust).
Baltimore & Ohio RR. Co. Is. series A, 4)4s. set. W,Oct. 1925; Oct. 1928-1940.
$330,166,800
18,087,695.395
Dec. 1923; Dee. 1925-1938; Great Chicago & Northwestern Ry. Co.
Northern Ry. Co. 410, series C, 454s, ser. U. May 1928; May 1929-43.
$197,395,090
$1,541,136,045
Sept. 1924: Sept. 1925-1939; Penn- Chic., Indianapolis & Louisville Ry. Co.
55,783.150
Is, ser. D. Sept. 11922; Mar. 1923-37.
sylvan% RR. Co. 5e, series A, March
Chicago, Rock Island & Pacific Ry. Co.
1923; March 1924-1938.
$197,395,090
11,596.919,195
Is, ser. L, June 1923; June 1924-1938.
Subdivision 12.
The Cleve., Cin., Chic. & St. L. Ry. Co.
5g $208.221,525 Toledo Edison 1st 55, 1947.
$3,7Camy
Is, June 1914: June 1915-1929.
Dos Angeles Gas & Electric Co.—
Is, Jan. 1915; July 1915-1929.
General 55. 1934.
The Hocking Valley Ry. Co.
1st & ref. Is, 1939.
1208,221,525
$3,755.131,565
Is. Apr. 1923; Apr. 1924-1938.
General & ref. bonds, series D-I.
Is, July 1924; July 1925-1939.
5As-6s, 1942-49.
$129,195,250
$1,588,967.305
Illinois Central RR. Co.
1st & gen. Is, 1961.
49,202.250
4)is,ser. 0,July 1927; July 1928-1942.
Added.
The New York, Chic. .4 St. L. RR. Co.
Subdivision 5a,
$129,195,250
$1,638,169,555
Is, Aug. 1923; Aug. 1924-1938.
Montclair, N. J.
Is, Mar. 1924: Mar. 1925-1939.
N..1.
$9,311,155 Phillipsburg,
1260.075,485
Pere Marquette fly. Co.
Rahway, N. J.
6,995,400
Ois, ser. A, Aug. 1927; Aug. 1928-42.
Subdivision lb (Unlimited Tax Obligations
Texas & Pacific Ry. Co.
Only).—
$9,311,155
1267.070,885
See note under this heading on an- 9s, ser. B, 1928; May 1929-1943.
June 30 1928).—V. 127, Subdilsion 71 (Equipment Trust).
$874,289,820 nouncement
$14,999,024,495
The Virginian Ry. Co.
p. 291.
345,962,100
68, ser. C, Apr. 1920; Oct. 1920.
School Districts.
Apr. 1930.
$874,289,820 Seattle No. 1, Wash. (Seattle).
$15,344,986,595
Is, ser. D, May 1923; May 1924-1938.
Counties.
1929 Ann. Record Douglas, Wis. (Superior.).
Net
4545.scr. E,July 1925; July 1926-1940.
Oct. 1 9128.
Increase.
Subdivision 12.
Multnomah, Ore. (Portland”.
Subdivision .55-d (Unlimited Tax Obliga- Central Hudson Gas az Electric Co.
$723.840.300 $8,632.455,945
1st & ref. 58, 1957.
lions Only).
206,092,750
27,013,000
Duke Power Co.
Superior, Wis.
1st & ref. 454s, 1967.
Portland, Ore.
1750.853,300 $8,838,548,695
Empire District Electric Co.
Subdivision 7.
$71,223,500.
1st & ref. 5s, 1952.
Central RR.of New Jersey gen. 4s, 1987.
Subdivision 71 (Equipment Trull). Ozark Power & Water Co.
$439.974,650 $1,981,110,695 Central of Georgia Ry. Co.
1st Is, 1952.
57.342,950
1,559.800
Subdivision 13.
534s, ser. H, Mar. 1922; Mar. 1923-32.
Is, ser. 0, June 1923: June 1924-1938. Chesapeake & Potomac Telep. Co.of Vir.
$441.534.450 $2,038,453,645
1st Is, 1943.
410, ser. P, Mar. 1925: Mar. 1926-40.
$190,377,435.
410, ser. Q, Nov. 1925: Nov. 1926-40.
In issuing this list, the Superintendent of Banks made the following
$630,152.655 $4,330,382,670
statement:
58.186.000
3.284,450
The provisions of Section 52 with reference to the annual list, namely;
any way liable for the omission
$633,437.105 $4,388,568.670 the Superintendent of Banks is not to be in
therefrom of any bonds which may be found subsequently to qualify, or
$362,438,395.
for the inclusion therein of any bonds which may be found subsequently
$478.667,685 $2.067,634.990 not to qualify, apply as well to this announcement.
52,945,750
3,743.500
$482,411,185
$262,481,425.
$47,419,635
4,523.220
82,120,580,740
$307,495,120
11,518.620
Texas,SLate of.—Mandamus Suit Expected on Water Bonds.
—Attorney General Claude Pollard has failed to approve a
$6,500,000 issue of bonds of the Tarrant County Water
Control and Improvement District No. 1, giving as
his reasons the action taken by the Third Court of Civics
Appeals on Mar. 28, last.—V. 126, p. 2357—when it ruled
that the Act of 1925 authorizing the formation of water
control districts was unconstitutional. He maintains that it
would be the wrong procedure to validate the bonds, citing
the ease of the San Saba Water Control and Improvement
District, where bonds were condemned.—V. 127, p. 293.
An early mandamus is expected to compel the Attorney
General to approve these bonds and clear up the status of
the districts. The following is taken from the Dallas
"News" of Sept. 25:
$319,013.740
$51,942,855
11.179,920
Total
$29,823,090.
New building exemption,
Grand Total—
$43,571,760 $2,320,054,925 $17,319.079,420
Real estate
386.086,070
40,123.970
Real estate of corporation
117.705,165,490
143.571,760 12.360,178,895
Total
$916,343,845.
New building exemption,
$15,344,986,595
1928 Assessment roll
2,360.178,895
1929 Increase
$17,705.165.490
Total
916.343.845
Lees; New building exemption
$16,788,821.645
1929 Tentative valuation
Final inspection and discussion of the engineering plans for the Tarrant
$2,360,178,895
I were
District
1929 Increase including new building exemption
916.343.845 County Water Control and ImprovementEngineersNo. Ireland in progress
by
Hampton,
Less: New building exemption
here Monday with the Board of Water
Freese, engineer, of the district. The board's early
$1,443,835,050 attorney, and S. R.
1929 Tentative increase
15,344,986,595 approval is expected.
1928 Assessment roll
Tao plans call for two dams on the Trinity, one in Tarrant County and
$16.788,821.645 the other near Bridgeport, Wise County. and the project has a fourfold
1929 Tentative valuation
purpose. It will not only store an immense water supply, but will provide
water for power and for irrigation and effect flood control by holding back
New York State.—Mrs. Knapp Completes Jail Sentence.— storm waters. a discussion Monday oetween Attorney General Claude
There was
Knapp,former Secretary of
On Oct. 3, Mrs. Florence E. S.
aspects
imposed on Pollard and Hampton regarding the legalrecord of the water control and
the Tarrant County
$6,000.000
State, completed the thirty-day prison sentence of the 1925 improvement bonds. The the department andfor the basis of discussion
is
of funds
been placed in
District has
her on Sept. 4 for misappropriation
or fifteen other districts.
of grand larceny on which will also determine the status of twelveSuit.
State census. She was convicted
Expect Mandamus
her
May 26.—V. 126, p. 3485—after two trials and due to day
Last term the Austin Appellate Court condemned bonds of the San
Sept. 4, on which
Saba Water Control and Improvement District for reasons similar to
health, sentence was deferred until
her
District for reasons similar to those in Archer County road district
Supreme Court Justice Callaghan of Brooklyn sentenced a those now pending on appeal to the Supreme Court. Because of that
case,
holding Pollard is not approving bonds for water control and improvement
tojail. In explaining why he felt it was his duty to impose
prison sentence, Justice Callaghan said: defendant yet I deem districts. probably result in an early mandamus to compel the Attorney
This will
particularly to clarify the atmosphere
I have no desire to add to the humiliation of the
a prison sentence. General to approve such bonds,
improvement
it my duty to state the reasons which lead me to impose
as to the status of converted districts, those organized as water water
control
districts, and then put them under the new law regulating
Than Twelve Offenses.
sore
were discussed by Pollard
amounting to and improvements districts. All these matters not agree to
approve any
"The records furnished indisputable proof that funds
Attorney General did
certifications by the and Hampton. but the
will force the
$27.605.18 were improperly paid by the State on false
received by bond records under existing conditions. That Court of the mandamus.
United States
defendant. Of that sum at least $17,408.03 was wrongfully directly or ,
A writ of error or of certiorari to the Supreme
defendant and probably a total of $24,175.82 is traceable
the
would not be taken in a Texas-decided mandamus case, therefore the
returned but twelve indictindirectly to her, Although the Grand Jury
OCT. 6 1928.]
FINANCIAL CHRONICLE
.ppeal to Washington will come in the San Saba case after it is decided by
he Supreme Court of Texas and contingent on it holding the bonds valid.
f the bonds are held void that would decide the case against the water
entre] and improvement districts and the Attorney General would not
ppeal beyond his own Supreme Court. The losing side will appeal.
Every effort will be made to get an early decision by the United States
:upreme Court in the latter event so that next winter's session of the
exas Legislature can amend the water control and improvement district
. w to meet the criticisms of the court and assure the issuance o I clearly
alid bonds.
BOND PROPOSALS AND NEGOTIATIONS.
ABSECON CITY, Atlantic County, N. J.
-BOND SALE.
-The
65,000 53.4% coupon or registered city hall bonds offered on Sept. 27. 127. p. 1554-were awarded to the First National Bank of Absecon
ity, at par. The bonds are dated Oct. 1 1928 and mature on Oct. 1,
is follows: $2.000. 1929 to 1953, incl., and 53.000, 1954 to 1958, incl.'No
ther bids submitted.
ADAMS COUNTY (P. 0. Decatur), Ind.
-BOND SALE.-Tho $2,480
li %, road bonds offered on Oct. 2-V. 127, p. 1834
-were awarded to
ustin Straub and George L. Gase at a premium of 320.05, equal to a price
f 100.80. The following is a list of the other bids submitted for the issue:
BidderPremium.
.F. Wild Investment Co
'eoples Loan & Trust Co
$1..80
20
5
;
.
irst National Bank, Decatur
5.01
AIKEN, Aiken County, S. C.
-BOND SALE.
-The four issues of
36% coupon bonds, aggregating $324.500, offered for sale unsuccessfully
n July 25-V. 127, p. 554
-have been purchased since then by the Citizens
tz Southern Co., J. H. Hilsman & Co. and the Robinson-Humphrey Co., all
f Atlanta, jointly, for a discount of $13.750, equal to 95.762, a basis of
bout 4.86%. The issues are described as follows:
0125,000 drainage bonds. Denom. $1,000. Due $5,000 from July 1
1933 to 1957 incl.
92,500 paving bonds. Denom.$500. Due on July 1 as follows: $3.500.
1933 to 1952; 55.000, 1953 to 1956. and $2,500. 1957.
82.000 past indebtedness bonds. Denom. $1,000. Due on July 1 as
follows: $3,000, 1933 to 1952; $5,000, 1953 to 1956, and $2.000.
1957.
25,000 sewer bonds. Denom. $1.000. Due $1.000 from July 1 1933
to 1957 incl.
ALLEN COUNTY (P. O. Lima), Ohio.
-BOND OFFERING.
-Ruth
enedum, Assistant Clerk Board of County Commissioners, will receive
ealed bids until 12 m. (Central standard time) Oct. 15. for the purchase
f the following Issues of 534% bonds aggregating $106,462.69:
83,708.95 road improvement bonds. Dated Sept. 11928. Due Sept. 1 as
follows: $8.000. 1929 to 1935. incl.; $9,000, 1936 to 1938, incl.,
and $708.95. 1939.
22,753.74 road improvement bonds. Dated Oct. 1 1928. Due Oct. 1
as follows: $2,200, 1929 and 1930; $2,300, 1931 to 1937, incl.;
and $2,253.74, 1938.
Principal and interest payable at the office of the County Treasurer.
certified check of $500 for each issue payable to the order of the Treasurer,
srequired. Legality approved by Squire.Sanders& Dempsey of Cleveland.
ALLEN COUNTY(P.O.Lima), Ohio.
-BOND SALE.
-The $14,118.92
3.4% road improvement bonds offered on Sept. 22-V. 127, p. 1415vere awarded to Durfee, Niles & Co. of Toledo, at a premium of $311.
iqual to 102.202, a basis of about 5.109", The bonds are dated Sept. 1
928 and mature serially on Sept. 1 from 1930 to 1939, incl.
AMBRIDGE SCHOOL DISTRICT, Beaver County, Pa.
-BOND
)FFERING.-Sealed bids will be received by E. E.Gray, Secretary Board
f Directors, until 8 p. m. Oct. 8. for the purchase of an Issue of $200.000
34 or 4549' coupon school bonds. Dated Aug. 1 1928. Denom. 81,000.
)ue 310.000. Aug. 1 1929 to 1948, incl.
A certified check for $2,500 is
equired. Legality approved by Burgwin, Scully & Burgwin of Pittsburgh.
ARKANSAS, State of (P. 0. Little Rock).
-ADDITIONAL OFFERNO DETAILS.
-In connection with the offering of the $2.600,000 issue
4, 434 and 434% coupon or registered State pension obligation bonds
n Oct. 18-V. 127. p. 1704-we now learn that the required bidding forms
Ilbe furnished by the State Treasurer. Split rate bids will not be consided. Int, payable on April and Oct. 1. Although the State Pension
Tote Board has been authorized to sell a total of $14,000,000 in notes, they
111 not sell the next issue of notes prior to Oct. 1 1929. A $26,000 certified
heck, payable to Ralph Koonce, State Treasurer, must accompany the bid.
ASHEVILLE, Buncombe County, N. C.
-NOTE SALE-Two issues
6% notes aggregating 31,900,000, have recently been purchased by W.0.
ay & Co. of New York. The issues are divided as follows:
1,000,000 revenue anticipation notes. Dated Sept. 25 1928. Due on
March 25 1929.
900,000 revenue notes. Dated Sept. 24 1928. Due on Mar. 11 1929.
ASBURY PARK, Monmouth County,N. J.
-BOND OFFERING.
&lied bids will be received by Thomas H. Pratt, Director of Department
Revenue and Finance, until 10 a. m., Oct. 13, for the purchase of an
sue of $266,000 434% coupon or registered street improvement bonds.
he bonds are dated Oct. 15 1928. Denom. $1,000. Due Oct. 15 as
allows: $12,000, 1929 to 1939. incl.; 515.000, 1940. and $17,000, 1941 to
947, incl. Principal and interest payable at the office of the City Treasrer. No more bonds to be awarded than will produce a premium of
1,000 over $266,000. A certified check payable to the order of the abovecottoned official for 2% of the bonds bid for is required.
ASBURY PARK, Monmouth County, N. J.
-BOND
-The
;lowing issues of 5Si % bonds aggregating 3850.000 wereSALE.
awarded at
ivate sale to a syndicate composed of the Bancitaly Corp., H. L. Allen
Co.. B. J. Van Ingen & Co.. all of New York and M.M.Freeman & Co.
Philadelphia:
00,000 improvement bonds. Due serially on April 1 from 1930 to 1938.
Incl. Prin. and int. payable at the office of the City Treasurer.
1350,000 improvement bonds. Due Oct. 1 1929. Prin. and int, payable
at the Interstate Trust Co.. New York.
All of the bonds are being offered, priced to yield
Denom. $1,000.
50%. Coupon bonds registorable as to principal only.
Financial Statement (Officially Reported).
tual value, taxable property
$50,000.000
ssessed valuation, 1928
33,407.563
otal gross debt, including this issue
5,597,500
ss-Water bonds
$374,692
(Sinking funds, special assessment debt, &c.)
999,327
1,374,019
et bonded debt
4,223,481
Population, 1920 census, 12,400; population, 1928 (estimate). 20,000.
ASHLAND,Ashland County,Ohio
-BOND SALE.
-The$18.7604%%
ecial assessment improvement bonds offered on May 26-V. 126, p.
-were awarded to the Provident Savings Bank & Trust Co. of Cin48
nett, at a premium of $61.91, equal to 100.33, a basis of about 4.44%.
e bonds are dated Feb. 15 1928 and mature on Oct. 1 as follows: $1,000,
29: 52.000, 1930 to 1933. incl.; 41,000. 1934; 32,000. 1935 to 1937. incl.;
d 32,760. 1938.
ASHLAND COUNTY (P. 0.) Ashland), Ohio.
-BOND OFFERING.
haled bids will be received by the Clerk Board of County Commissioners,
til 12 M. October 12, for the purchase of 519.550 5% road improvement
nds maturing serially on October 1. from 1930 to 1939, inclusive. To be
ted not later than September 1. 1928. Principal and Interest payable at
e office of the Couty 'Treasurer. A certified check payable to the order
the Treasurer for $1,000 is required.
-BOND SALE.
AUBURN, Worcester County, Mass.
-The Old Colony
rp. of Boston was awarded on Sept. 28, an issue of $67,500 4Si;% school
nds, maturing serially on Oct. 1 from 1929 to 1943, incl.; at a price of
1.101, a basis of about 4.09%. Other bids were as follows:
BidderRate Bid.
rris. Forbes& Co
one & Webster and Blodget, Inc
100.86
erchants National Bank
100.68
tabrook & Co
100.52
L. Putnam & Co
100.06 1
ATLANTIC COUNTY (P.O. Atlantic City), N. J.
-BOND SALE
-The
ue of 5% coupon or registered road improvement bonds offered on Oct. I
1977
1-V. 127. p. 1554
-was awarded to the Boardwalk National Bank of
Atlantic City, taking $143,000 bonds ($150,000 offered) paying $150,021.30.
equal to 104.9. a basis of about 4.44%. Dated Oct. 11928. Due
1 as follows:57.000. 1930 and 1931;$8,000. 1932 to 1937.incl.: 51.000. Oct.
1948.
BAXTER SPRINGS, Cherokee County, Kan.
-BOND SALE.
-An
Issue of 5114.000 4Si% street paving bonds has recently been
purchased
by an unknown investor.
BEAUFORT COUNTY (P. 0. Washington), N. C.
-BOND
ING.
-Sealed bids will be received until 2 p. m. Oct. 19 by G. OFFERClerk of the Board of County Commissioners, for the purchase ofRumleY,
an i.sue
of $125,000 coupon or registered funding bonds. Int. rate is
not to
6%. stated in a multiple of k of 1%, and must be the same for exceed
a,, too
bonds. Prin. and int. (A. & 0.) payable at the
National Bank
in New York City. Denom.$1,000. Dated Oct.Hanoverand
15 1928
due on Oct.
15 as follows: $8,000 from 1929 to 1938 and $9,000 from 1939
to
incl. Storey, Thorndike, Palmer & Dodge of Boston will furnish 1943, all
the legal
approval. A certified check for 2% par of the bid, payable
to the County,
Is required.
BEAVER FALLS, Beaver County, Pa.
-BOND
-iealed
.bids will be received until 7 p. m. Oct. 12 by Charles OFFERING.
Borough Secretary,for the purchase of an issue of $100,000 borough Rube, to
bonds
bear
at the rate of 434%. Dated June 1 1928. Due $5.000. on Juneinterest
1931 to 1950. incl. A certified check, payable to the order of the 1 from
Borough
for $1,000. Is required.
BELLE CENTER,Logan County Ohio.
-BOND OFFERING-W K.
.
Park, Village Clerk, will receive sealed bids until 12 M. October
6 for the
purchase of an issue of 53.2006% fire department
Sept. 1, 1928. Denoms. $600 and $500. Dueapparatus bonds. Dated
serially on
from 1930 to 1935, Inclusive. A certified check payable September 1.
to
of the Village Treasurer,for 5% of the bonds offered is required. the order
BENTON COUNTY (P. 0. Vinton) lowa.-BOND SALE.
-The
560.000 issue of 43.4 %, road bonds offered for sale on Oct.2.-V.
127,p. 1834
-was awarded to the Farmers Loan & Trust Co. of
Waterloo at par.
Dated Oct. 11928.
BLOOMER, Chippewa County, Wis.-BOND DESCRIPTION.
-The
$25.000 issue of 4% paving bon
that was recntlyds
purchased at par
by local investors
-V. 127, p. 1555
-is further described as
bonds in denoms. of 5100. $200, 3300, 5500 and 51.000.follows: Coupon
1928. Due $5,000 from Feb. 1 1929 to 1933,incl., without Dated Oct. 1
option. Int
payable on Feb. 1.
BLOOMFIELD TOWNSHIP (P. 0. Birmingham), Oakland
County!
Mich.
-BOND OFFERING.
-James V. Bayley, Township Clerk, will seP
at public auction at 2.30 p.m.. (Eastern standard time) Oct.
special general assessment bonds. The bonds are dated Nov. 8, 360,000
1 1928,
In denoms. of $1.000 and $500, and mature serially on Nov. 1 from are
1929
to 1932. Incl. A certified check for $300 is required. Legality
approved
by Miller, Canfield, Paddock & Stone of Detroit.
BLUE SULPHUR SPRINGS ROAD DISTRICT (P. 0. Lewisburg
Greenbrier County, W. Va.-BOND SALE.
-A $58,000 issue of road
bonds has been purchased at par by the State of West Virginia.
BOONE, Watauga County, N. C.
-BOND OFFERING.
bids will be received until Oct. 8 by A. Y. Howell, Town Clerk, for-Sealed
the purchase of a $25,000 issue of 6% semi-annual street bonds.
BONESTEEL Gregory County, S. Dak.-BOND OFFERING.
-Sealed
bids will be received by C. P. Jewell, City Auditor, until Oct. 15 for
the
purchase of a $14.000 issue of 5%,semi-annual water works bonds. Denom.
$1,000. Dated Nov. 1 1928. Due on Nov. 1 1948.
BOUNDBROOK,Somerset County, N.J.-BOND
-R.M.Grant
& Co. of New York. were recently awarded an Issue SALE.
of
improvement bonds bearing Interest at the rate of 434 %. The$88,000are
bonds
May 1 1928 and mature serially on May 1 1930 to 1934, inclusive. dated
BREMER COUNTY (P. 0. Waverly), lowa.-BOND SALE.
$180,000 issue of registered primary road bonds offered for sale on -The
Sept. 27
-V.127. p. 1705
-was awarded to local banks as 434%
of $825, equal to 100.458, a basis of about 4.39%. bonds for a premium
Due 518.000 from May 1 1934 to 1943 incl. OptionalDated Oct. 1 1928.
after 5 years. The
other bidders and their bids were as follows:
Bidder
Premium.
Carleton D. Beh Co. of Des Moines
$815
White-Phillips Co. of Davenport
800
-Dickey Co. of Minneapolis
Wells
450
BUFFALO, Erie County, N. Y.
-BOND SALE.
-The following issues
of coupon or registered bonds aggregating 52,040.000 offered on Oct. 1-were awarded to a syndicate composed of
V. 127, p. 1834
Estabrook &
Co., Haligarten & Co., R. W. Pressprich & Co. and R. M.Schmidt
at a premium of $5.916. equal to 100.29. a net interest cost of about & Co.,
4.064%
$1,$00,000 general improvement bonds as 4.10. Due
$50.000, Oct. 1
1938 to 1967 inclusive.
540,000 school bonds as 4s. Due $27.000. Oct. 1 1929 to 1948 Incl.
Dated Oct. 11928.
An official tabulation of the bids submitted follows:
BiddersIssues. Int. Rates.
Price Bid.
Estabrook & Co., Uointly); Hallgarten
& Co.: R. H.Schmidt & Cot; R. W.
444...010000%
%
7
0
Pressprich & Co
Gen.Imp.
152,045.916.00
Geo. B. Gibbons & Co., Inc.,
(jointly);
Roosevelt & Son; and Stone & School
Webster & Blodget, Inc
er
Gen.Imp. 4.10% } 2,043,822.96
Kountze Brothers, (jointly); Ames,
Emerich & Co.: Keen. Taylor & Co.;
Hannahs, Bailin & Lee
'Gen.Imp. 4.10% 1 2,041,222.00
Arthur Sinclair, Wallace & Co.:1School
4.00% i
O'Brien, Potter & Stafford, (jointly):
White, Weld & Co.; E. H. Rollins
& Son; Kissel, Kinnicutt & Co... School
and Phelps, Fenn & Co
Gen.Imp. 4.71 0
4 10%:
4
2,041,020.00
Manufacturers & Traders and Peoples School
Trust Co
Gen.Imp. 4.109
2,040,065.24
Bankers Trust Co., N. Y., (jointly);
Harris, Forbes & Co.: National City
Co.; L. F. Rothschild & Co., and. School
4.259'
Marine Trust Co., Buffalo
M
Gen.Imp. 4.10% } 2,043,855.00
First National Bank, N. Y.,(jointly);
Detroit Co.: Eldredge & Co., and School
Victor, Common & Co
Gen.Imp. 444.:2 i I 2,041.632.00
10
2
5
School
Guaranty Co. of New York
Gen.Imp. 4.10%
2.041.611.60
Bancitaly Corp.. N.Y..(jointly), and School
4.00%
Dewey, Bacon & Co
lGen.Imp. 4.20%
2,054,342.00
Batchelder, Wack & Co., (jointly);
Stephens & Co.: H. L. Allen & Co., School
3.50% 1
and A. B. Leach & Co
Gen.Imp. 4.25% 3.2,044,488.00
Liberty Bank of Buffalo, (jointly);f
Chase Securities Corp.; Old Colony{School
Corp.,and Salomon Bros.& Hutzler Gen.Imp.
2,042.794.80
BONDS OFFERED FOR INVEST MENT.-The successful bidders are
now offering the bonds for investment at prices to yield from 4.00% to
4.50%. According to the offering circular the bonds are a legal investment
for savings banks and trust funds in New York.
BUNCOMBE COUNTY (P. 0. Asheville), N. C.
-NOTE SALE.
Two Issues of 6% notes aggregating $2,000.000, have recently been chased by W.0. Gay & Co. of New York. The issues are divided aspurfollows:
$1,000.000 revenue notes. Dated Sept. 24 1G28. Due on Mar. 111929.
Legality approved by Storey, Thorndike, Palmer 8z Dodge of
Boston.
1,000,000 revenue notes. Dated Sept. 25 1928. Due on Mar. 25 1929.
Legality approved by Reed, Hoyt & Washburn of New Yo It.
CANTON, Stark County, Ohio.
-BOND OFFERING.
-Samuel E.
Barr, City Auditor, will receive sealed bids until 1 p. m. (eastern
standard
time) Oct. 29. for the purchase of 5219,943.12 43i% and 5% spec_ial assessment street improvement and bridge improvement bonds. Dated
July
and Aug. 11928. Prin. and int. payable at the office of the City
Treasurer.
A certified check for 5% of the bonds offered is required.
1.... I
CALIFORNIA, State of (P. 0. Sacramento).
-BOND
-The
54,000.000 issue of 434% veteran's welfare bonds offered forSALE.
sale on.Oct.
lin }
1978
FINANCIAL CHRONICLE
-was awarded to a syndicate composed of the First
4.-V. 127, p. 1705
National Bank, Eldredge & Co.. both of New York, R. H. Moulton & Co.
of Los Angeles, the Anglo-London. Paris Co. of San Francisco. the Detroit
Co. of Detroit and the Bank of Italy of San Francisco, at a price of 100.325.
a basis of about 4.22%. Dated Oct. 1, 1928. Due from Oct. 1. 1932 to
1949, incl. Other bidders were:
Price Bid
Bidder100.318
Halsey, Stuart & Co., Inc., of Chicago
100.287
E. H. Rollins & Sons of Boston
of New York
National City Co.
-A
CAPE CHARLES, Northampton County, Va.-BOND SALE.
250,000 issue of5% funding and lighting bonds has been purchased by J. C.
Co. of Cincinnati.
Mayer &
-Sealed bids
-POND OFFERING.
CARMEL, Hamilton County, Ind.
will be received by the City Clerk, until Oct. 19 at 7 p. m.for the purchase
of an issue of $6,000 improvement bonds to bear interest at the rate of 5%.
CARTER COUNTY SCHOOL DISTRICT NO. 73 (P. 0. Ardmore),
-The $10,000 issue of coupon school
-ADDITIONAL DETAILS.
Okla.
bonds awarded on Sept. 18 to the First National Bank of Ardmore
5% bonds at par. Dated Sept. 1 1928. Due
-was sold as
V. 127, p. 1835
$1,000 from Sept. 1 1933 to 1942 incl.
CASCADE COUNTY SCHOOL DISTRICT No. 1(P.O. Great Falls),
-The $250,000 issue of semi-annual high school
Mont..
-MATURITY.
series B bonds that was awarded on Sept. 17, of the State of Montana at
-is due in 1948.
-V.127. p. 1705
par.
-A $9,000 issue
CAYCE, Lexington County, S. C.-BC.ND SALE.
of 6'Y coupon street improvement bonds was awarded on Oct. 1 to the
°
South Carolina National Bank of Columbia for a premium of $8.33, equal
Oct. 1
to 100.0925, a basis of about 5.98%. Denom. $1.000. Dated Oct. 1.1928
Due from Oct. 1 1929 to 1938. incl. Int, payable on Apr. &
CHERRY COUNTY SCHOOL DISTRICT NO. 82 (P. 0. Kilgore)
Neb.-PRE-ELECTION SALE.-Wachob. Bender & Co. of Omaha has re
cently purchased, subject to an election to be held In the near future, a
$25,000 issue of school building bonds. Due serially in 30 years.
COAL TOWNSHIP SCHOOL DISTRICT (P. 0. Shamokin), Nor-M. M. Freeman & Co. of
-BOND SALE.
thumberland County, Pa.
434% school
Philadelphia, were recently awarded an issue of $500,000 1, as follows:
Dated June 1 1928. Denoms. $1,000. Due June
bonds.
$25,000, 1933; $10.000, 1934 to 1938 Incl.; $15,000, 1939 to 1943 incl.;
Prin. and int.
$20,000. 1944 to 1248 incl.; and $25,000, 1949 to 1958 incl. be approved by
payable at the Peoples Trust Co., Shamokin. Legality to
Saul, Ewing, Remick & Saul of Philadelphia.
COLDWATER CONSOLIDATED SCHOOL DISTRICT (P. 0.
-A $4,500
-BOND SALE.
Philadelphia), Nesholia County, Miss.
issue of school building bonds has been purchased by a local investor.
CONSHOHOCKEN, Montgomery County, Pa.-EOND SALE.
% coupon fund floating debt fonds offered on Oct. 1The $60.000
National Bank of Conshohocken
-were awarded to the First
V. 127, p. 1835
at a premium of $1,465.09, equal to 102.44, a basis of about 4.24%.
Dated Oct. 1 1928. Due Oct. 1, as follows: $10,000. 1933: $2,000, 1934:
1947 and
$3.000. 1935 to 1940 Incl.; $4.000, 1941 to 1946 incl.: $5,000.
i:VoL. 127.
canal
-of the $370,000 issue of 4
offering on Oct. 22-V. 127. p. 1836
bridge bonds:
Statement as of Oct. 1 1928.
Incorporated as a city, March 1887. Population, 1920 United States
Census, 98.917: 1928 estimated, 123,11III.
Actual True Value of Property
$155,644,634
Real
59,045,608
Personal
51,755,114
Money and credits
$266,445,356
Assessed Value of Property
$61.888,506
Real
20,084,321
Personal
51,755,114 .
Money and credits
133,727.941
Tax Rate 1927
$7.65
State
11.48
County
33.214
School
27.056
City
79.4
The rate on money and credits is $3 per thousand divided as follows
State, 1-6: County, 1-6; City, 1-3; School, 1-3.
Bonded Debt
$4,303,666.62
General
714,000.00
Special assessment bonds
3,257,000.00
Water and light
Total outstanding debt
Less Deductions Allowed
Special assessment
Water and light department debt
Sinkingfund
$8,274,666.6
$714,000.00
3,257,000.00
97,195.88
4,068,195.8
$4,206,470.7
Net indebtedness
57.864,826.01
Actual investment in water and light plants
not since Jan. 1 1878, defaulted in any way or at any thn
This city has
in the payment of any part, either principal or interest, of any bond., not
or other evidence of indebtedness, or effected any compromise of any kin
with the holders thereof.
-An 518.001
DURBIN,Pocahontas County, W. Va.-BOND SALE.
issue of water supply bonds has been purchased at par by the State of Wes
Virginia.
-NOTE OFFERING
C.
DURHAM COUNTY (P. 0. Durham), N.
Sealed bids will be received by P. C. Crompton, County Accountant, unit
noon on Oct. 9,for the purchase of a $60,000 issue of school notes. Denom
$10,000, unless otherwise specified. Due on Feb. 15, 1929. Int. rate i
to be bid upon at par. Prin. and int. (Feb. 15) payable in New York City
Chester B. Masslich of New York will furnish approving opinion.
$500 certified check must accompany the bid.
County, N. Y.
EASTCHESTER (P. 0. Tuckahoe), Westch
-Frederick P. Close, Town Supervisor, wi
CERTIFICATE OFFERING.
bids until 8 p. m. Oct. 10. for the purchase of an issue
receive sealed
$75.000 certificates of indebtedness. Dated Oct. 10 1928. Denoms
$1,000. Due on Oct. 10 1929. Bidders to state rate of interest. Prir
bids submitted:
payable at the First National Bank & Trust Co., Tuckahoe.
The
; 'following is a list of the
Premium. and int. check payable to the order of the town for 2% of the bid required
Bidder11:330951:0040
$1,391.40 certified
Forbes & Co
Harris,
-Sealed bid
-BOND OFFERING.
EAST GRAND RAPIDS, Mich.
W. H. Newbold's Sons
1,080.00 will be received by the City Clerk, until 8 p. m. Oct. 8, for the purchas
A. B. Leach & Co
647.40 of an issue of $290,765 street improvement and sewer construction bond
Co
M. M. Freeman &
879.60 to bear interest at the rate of 434% and maturing serially on Oct. 1, free
R. M.Snyder & Co
1,367.64 1929 to 1937 incl. A certified check payable to the order of the City Clert
Graham. Parsons & Co
1.236.00 for 1% of the bonds offered is required.
E. B. Smith & Co
-BOND SALE.-Th
EAST ROCKAWAY, Nassau County, N. Y.
-At the
COVINGTON, Kenton County, Ky.-BOND ELECTION.
bonds offered on Sept. 27-V. 12",
regular election in November the voters will be called upon to pass approval $35,000 coupon or retistered drainage Merrifield, Inc.. of New York, a
-were awarded to Sherwood &
to issue $300,000 in street improvement bonds and grade IL 1556
on a proposition
4345. at 100.289, a basis of about 4.4139. The bonds are dated Oct.
crossing elimination bonds.
1928 and mature on Oct. 1. as follows: $2,000, 1929 to 1945 incl.; an
-The $100,000 note issue offered 51,000. 1946.
-NOTE SALE.
CRANSTON, R. 1.
-was awarded to the Old Colony Corp. of
Oct. 1-V. 127, p. 1835
on
The following bids were also submitted:
Rate Bit'
Rate Bid.
BidderBoston. on a 5.185% discount basis. The issue is dated Oct. 2 1928
Bidder100.38
100.098 Parson, Son & Co
and is due on Apr. 2 1929.
Roosevelt & Sons
Manufacturers & Tradersfollows:
100.222
Other bids were as
Batchelder, Wack & Co
Discount Basis Pulleyn & Co
100.46
Peoples Trust Co
100.101
Bidder
5.33%
100.14
100.289 Stephen & Co
Parsons & Co
First National Bank, Boston
5.60% Graham,
S. N. Bond & Co.(Premium of $3.00)
-At tli
Lyon County, Kan.-BOVD ELECTION.
EMPORIA,
-Local investors general election In November two bond Issues will be submitted for a
CUSTER. Custer County, S. Dak.-BOND SALE.
proval. One is for the construction of a $35,000 airport adjoining t
have purchased at par,a $15.000 issue of water supply bonds.
- city and the other is an issue of 5110.000 for a storm sewer through t
-BOND SALE.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
offered on business district.
The following Issues of 434% bonds aggregating $3,723,000
-The $30,0
-BOND SALE.
-were awarded to a syndicate composed of
ENTERPRISE, Wallowa County, Ore.
Sept. 29-V. 127,Co.,. 1556
the National City Co., Remick, Hodges & Co. issue of 5% city bonds offered for sale on Sept. 20.-V. 127. p. 1706-w
Harris, Forbes & C
192
and Hayden,
and Curtis & Sanger all of New York, the Guardian Trust Co. Trust Co. of awarded at par to Atkinson, Jones & Co. of Portland. Dated Oct 1
submitte
Miller SZ Co. both of Cleveland and the Illinois Merchants about 4.47%; Due in 20 years and optional in 10 years. No other bids were
of
-The tti
-NOTE SALE.
Chicago, at a premium of $6,292, equal to 100.16, a basis
ESSEX COUNTY (P. 0. Salem), Mass.
Due as
$2,272,000 sewerage imp. bonds. Special assessment bonds.$151,000, nota issues aggregating $95,000 offered on October 2.-V. 127, p. 18.36H
follows: $151,000, 1929 and 1930: $152.000, 1931: $151,000, were awarded as follows:
1932; $152,000. 1933: $151,000, 1934; 5152,000, 1935: 3151,000. $50,000 to Curtis & Sanger of Boston on a 4.74% discount basis plus
1936: $152,000, 1937: $151,000, 1938: $152,000. 1939;1943.
premium of $1.50. Dated Oct. 1 1928. Due April 10 1929.
1940: 5152.000, 1941; 5151,000, 1942 and $152,000,
545,000 Kernwood Bridge to the Sagamore Trust Co., Lynn on a 4.56'
1937.
1,451,000 water imp. bonds. Due as follows: $145,000. 1929 to
discount basis. Dated October 1 1928 Due June 1 1929.
1938: special assessment bonds.
incl.; and $146,000,
-BOND OFFERING.priced
FAIR BLUFF, Columbus County, N. C.
The successful bidders are now offering the bonds for investment
Bids are being received at the present time by M. R. Townsend, Tom
to yield 4.25%.
-Sealed Clerk, for the purchase of a $15,000 issue of6% coupon street improveme
OFFERING.
-BOND
t
:
DARE COUNTY (P. 0. Manteo), N. C.
until 10 a. m. bonds. Denom. $1.000. Due 51.000 from Sept. 1 1931 to 1945. it
bids will be received by Melvin It. Daniels, County Clerk,
funding bonds. Prin. and int.(M. & S.) payable at the National City Bank in New Yo
on Oct. 17, for the purchase of a $38,500 issue of 5% schoolfollows: $2,000, City. Legal approval by Storey, Thorndike, Palmer St Dodge of Bos
Denom. $1,000. Dated Aug. 1 1928 and due on Aug. 1 asPrin. and semi- A certified check for 2% is required.
1930 to 1939: 55,000, 1940 to 1942 and $3,500 in 1943. 2% of the bid,
-BOND SALE.
FAYETTE COUNTY (P. 0. West Union), Iowa.
annual int. payable hi New York. A certified check for
The $280,000 issue of 434% annual primary road bonds offered for sale
payable to the County. is required.
to Geo. M.Bechtel & Co. of Dave
-was awarded
-BONDS NOT SOLD. July 10-V. 126, p.4118
Due fro
DE FUNIAK SPRINGS, Walton County, Fla.
bonds offered for sale on port, at 100.127, a basis of about 4.22%. Dated July 1 1928.
-The $24,000 issue of 6% special assessmentonly bid received, a tender 1934 to 1943 and optional after 1933.
127, p. 1281-was not sold, as the
Sept. 7-V.
-A 525,000 issue
Bank of De Funiak Springs, was rejected.
-BOND SALE.
County, Miss.
FLORA, Madison
of 98.25. made by the Cawton
53.4% sanitary sewer bonds has recently been purchased by A. K. Tigr
Dated Sept. 11928. Due from Sept. 1 1929 to 1938 incl.
IONAL DE-, & Co. of Memphis. Due in 1953.
DEVILS LAKE, Ramsey County, N. Dak.-ADDIT
-T
that was
FOND DU LAC, Fond du Lac County, Wis.-BOND SALE.
-The 55,000 issue of park certificates of indebtedness and they
TAILS.
-bear interest
$50,000 issue of 434% coupon water works bonds offered for sale on Se
awarded on Sept. 11-V. 127. p. 1706 National Bankat 5 Ji% Lake.
of Devils
25 (V. 127. p. 1556) was awarded to the Wells-Dickey Co. of Minneano
by the Ramsey County
were purchased
basis of about 4.34%. Due frl
-The $35,000 for a premium of $663, equal to 101.326, a
-BONDS REGISTERED.
DILLEY, Frio County, Tex.
the J. E. Jarrett Mar. 1 1929 to 1948 inclusive.
issue of 5%% serial sewer bonds that was purchased by Sept. 28 by the
-E.H. Roll
-BOND SALE.
FRANKLIN,Merrimack County, N. H.
-was registered on
-V. 126, p. 4117
Co. of San Antonio
& Sons of Boston, were recently awarded at par, an issue of $50,000 434
State Comptroller.
Denoms. $1,000. Due Oct. 1,
- refunding bonds. Dated Oct. 1 1928. $2.000, 1939 to 1948 incl. Pri
-BONDS NOT SOLD.
and
DAYTONA BEACH, Volusia County;Fla.
$344,000, offered for sale on follows: 53.000, 1929 to 1938 incl.:
by Ropl
The three issues of 6% bonds aggregatingas all the bids were rejected. and int. payable in Boston or Franklin. Legality to be approved
not sold
Gray, Boyden & Perkins of Boston.
Oct. 9.-V. 127. p. 1281-were
SALE.-Th
The issues are as follows:
-BOND
FULTON COUNTY (P. 0. Rochester), Ind.
Due as follows: $7,000,
p. 18.38.-wc
$159.000 Oity's share local improvement bonds.1948 inclusive.
54.000 434% road bonds offered on October 3.-V. 127,at a premium
1930 to 1935 incl.. and 119,000, 1936 to
Co. of Indianapolis,
bonds. Due as follows: $10,000, 1930 to 1933 awarded to the J. F. Wild Investment 5. 1928. are in denoms. of $200 a
) 95,000 local improvement
$5.00. The bonds are dated September
incl. and $11.000. 1934 to 1938 inclusive.1930 to 1938 inclusive. mature $200 on May and November 15, from 1929 to 1938. incitts4
$10.000,
. 90,000 local improvement bonds. Due Principal and interest payable at Interest payable on May and November 15.
r Dated Aug. 1 1928. Denoms.$1,000.
-BONDS REGISTERED.
GAINESVILLE, Cooke County, Tex. bonds has been registered
National Bank of Commerce, New York.
the
-The $23,000 Issue of $110,000 434% semi-annual school1968 Incl. (These bonds w
-BOND SALE.
Haven County, Conn.
to
Pe DERBY, New
- the State Comptroller. Due from 1929
on Oct. 3-V. 127. p. 1835
issue of 4 X % coupon refunding bonds offered of New Haven, at 100.13, a unsuccessfully offered on July 3-V. 127. p. 998.)
&
was awarded to Charles W. Scrantonare Co.
-Three issues of
dated Oct. 1 1928 and mature
bonds
GALAX, Grayson County, Va.-BOND SALE.
basis of about 4.24%. The
by Taylor, Wilson &
bonds aggregating $40.000, have been purchased $15,000 water works
51,000. Oct. 1 from 1930 to 1952, incl.
follows:
DISTRICT, Ashtabula of Cincinnati. The issues are divided as
DORSET TOWNSHIP RURAL SCHOOL of $40.000 bonds to be provement bonds: $15,000 municipal building improvement bonds a
-An issue
-BOND ELECTION.
Denom. 51,000. Dated June
County, Ohio.
a school building will be sub- $10,000 school improvement bonds.
expended for the building and equipping of their ratification or rejection. 1928 and due on June 15 1948. Prin. and int. (J. & D. 15) payable at
York.
mitted to the electors on November 6 for
Hanover National Bank in New
.20 years.
Maximum maturity4
County, Oh
GARFIELD HEIGHTS (P. 0. Bedford ), Coshocton Boxwood A
-FINANCIAL STATEMENT.
DULUTH, St. Louis County, Minn.
-The $15,574.69 special assessment coupon
with the -BOND SALE.
-The following detailed statement Is furnished in connection
OCT. 6 1928.]
FINANCIAL CHRONICLE
Improvement bonds offered on Sept. 27-V. 127, p. 1706-were awarded
to the Herrick Co. of Cleveland. as 58, at a premium of $74. The bonds
are dated Oct. 1 1928 and mature on Oct. 1 as follows: $1.574.69. 1930;
81.500, 1931 to 1934 incl.; and $2,000, 1935 to 1938 incl. Other bids were
as follows:
BidderInt. Rate.
Prem.
McDonald, Callahan & Co
5
$57.00
Guardian Detroit Co
5
53.00
Seasongood & Mayer
Davies-Bertram Co
5
18876:WM
Bohmer-Reinhart & Co
5Si
33.00
Assel, Goetz & Moerlein
94.00
54
%
GENOA, De Kalb County, III.
-BOND SALE.
-The First National
Bank of DeKalb was recently awarded an issue of $10.000 street paving
bonds bearing interest at the rate of 5% at a price of 99.00, a basis of about
4.22%. Due $1,000 annually.
GENOA SCHOOL DISTRICT (P.O. Genoa), Nance County-, Nob.BOND SALE.
-The $110.000 issue of 43. % school building bonds that was
voted on Sept. 18-V. 127, p. 1556
-has been purchased by the Omaha
Trust Co. of Omaha.
GIBSONBURG, Sandusky County, Ohio.
-BOND SALE.
-The
$10,620 6% pavement bonds offered on Oct. 1-V. 127, p. 1706
-were
awarded to the Gibsonburg Banking Co., at a premium of $123.19, equal
to 101.159 a basis of about 5.74%. The
are dated Oct. 1 1928 and
mature on $1,062, from 1929 to 1933, incl.
GLENCOE, McLeod County, Minn.
-BOND SALE.
-A $7,000 issue
of 5% water works system bonds has been purchased at par by the Stevens
seminary of Glencoe at par.
GFtANVILLE TOWNSHIPfSCHOOL DISTRICT (P. 0. Lewistown),
Mifflin County, Pa.
-BOND SALE.
-The Russel National Bank of
Lewistown. was awarded an issue of $65,000 school improvement bonds
bearing interest at the rate of 4%%. The bonds are dated June 1 1928
and are in denominations of $1,000.
GREENE COUNTY (P. 0. Bloomfield), Ind.
-BOND SALE.
-The
$23.000 43. % park improvement bonds offered on September 29.-V. 127,
-were awarded to the Fletcher American Co. of Indianapolis, at a
p. 1556
premium of $27.00 equal to 100.11. The bonds mature serially in from
1 to 10 years.
GREENE COUNTY (P. 0. Bloomfield), Ind.
-BOND SALE.
-The
$4,800 road bonds bearing interest at the rate of 4%% and maturing
semi-annually from 1929 to 1938 inci. offered on Sept. 25-V.127, p. 1706
were awarded to the First National Bank of Linton,at a premium of $10.00,
equal to 100.208.
GREEN COUNTY (P. 0. Greensburg), Ky.-BOND SALE.
-A
$50,000 issue of 5% bridge bonds was Jointly purchased recently by Caldwell & Co. of Nashville and Seasongood & Mayer of Cincinnati at a price
of 101.314.
GREENSBURG, Decatur County, Ind.
-BOND SALE.
-The $22,000
i% city bonds offered on Oct. 1-V. 127, p. 1556
4S
-were awarded to the
Union Trust Co. of Greensburg, at a premium of $36.50 equal to 100.165,
a basis of about 4.46%. Dated Oct. 1 1928. Due as follows: $1,000,
July 11929; 81.000, Jan. and July 1 1930 to 1936 incl.; $1.000, Jan. and
$1.500. July 1 1937: $1,500, Jan. and July 1 1938: and $1,500, Jan I 1939.
GRENADA, Grenada County, Miss.
-BONDS NOT SOLD.
-We are
now informed by the First National Bank of Memphis that they did not
purchase an issue of $110,000 school building bonds as reported
in V. 127,
p. 1706.
HAMILTON SCHOOL DISTRICT, Butler County, °Mo.-BON
D
SALE.
-The $500,000 4Si% coupon school bonds offered on Oct.
-were awarded to the Detroit & Security Trust Co. 3-V.127,
p. 1556
of Detroit,
at a premium of$4,651, equal to 100.93. a basis ofabout
4.40%. The bonds
are dated Sept. 1 1928 and mature on Sept. 1 as follows: $20,000, 1929 to
1932, incl., and $21,000, 1933 to 1952, incl. A group
by
& Co., offered 100.923 and one headed by the Bankers headed Co.,Otis
Trust
bid
100.919 for the issue.
Bidder
mt.
Braun, Bosworth & Co., Toledo; Guardian Trust Co., Rate Premium.
Cleveland; McDonald-Callahan & Co., Cleveland-i%
$2.023
Breed, Elliott & Harrison; Well, Roth & Irving Co., 4S
Cincinnati
4%%
350
William R. Compton Co.; First Trust & Savings Bank,
Chicago
4%%
2.222
Federal Securities Co., Hill, Joiner & Co., Inc., Chicago;
Kaufman, Smith & Co., St. Louis
4Si%
2,611
The Herrick Co., Cleveland
1,765
A. B.Leach & Co.,Inc., lialsey, Stuart & Co.,Chicago_ 4Si%
%
4,487
Otis & Co., A. Sinclair Wallace & Co., Hannahs, Ballin
dr Lee, Cleveland
4,615
E. H. Rollins & Sons, Taylor, Ewart & Co., Chicago_ - _ 4%
43%
2,117
Ryan, Sutherland & Co., Toledo
9,510
Seasongood & Mayer,Assel, Goetz & Morelein,Cincin_ 43%
- 4
1,557
B. M. Schmidt & Co., New York
4 %
3,050
Stranahan, Harris & Oatis, Toledo
3,430
The Tillotson & Wolcott Co., Cincinnati; Bankers Trust 4 %
Co. of New York
4Si%
4,595
Title Guarantee & Trust Co., Cincinnati
357
Detroit & Security Trust Co., Detroit; Illinois Mer- 4%%
chants Trust Co., Chicago
4%
4,651
HAMLET RURAL HIGH SCHOOL DISTRICT (P. 0.
Hamlet),
Hayes County, Neb.-BOND SALE.
-The Peters Trust
was recently awarded a $22,179.30 issue of 4%% school Co. of Omaha
bonds. Dated
July 1 1928. Due serially without option of prior redemption
from 1929 to
1948, incl. It is reported that this school district
being comprised of 84 sections of land and having anis exceptionally large,
assessed valuation of
11.108,000. The present financing will be the only outstanding
indebtedness.
q%
1979
chased by Ward, Sterne & Co. of Birmingham. Denom. $1,000. Dated
Aug. 11928. Due $11,000 from Aug. 1 1931 to 1938 incl. Prin. and Int.
(F. & A.) payable at the Guaranty Trust Co. in New York.
HOT SPRINGS, Garland County, Ark.
-BOND OFFERING.
Sealed bids will be received until noon on Oct. 22 by the City
for the purchase of a $64,000 issue of semi-annual improvement Clerk,
Int. rate is not to exceed 69. Denom. $1.000. Dated Nov. 1bonds.
1928.
Due 820.000. 1931; $21.000, 1932 and $23,000 in 1933. A certified check
for 2% of the bid is required. (These bonds were voted on
Sept. 25
-V.127. p. 1282.)
INDIANAPOLIS, Marion County, Ind.
-BOND SALE.
43i% municipal bridge bonds offered on Sept. 14-V. 127.-The $10,000
p. 1557
awarded to Alexander R. Holliday of Indianapolis, at a premium -were
equal to 100.10, a basis of about 4.21%. The bonds are dated of $10.
July 15
1928 and mature on Jan. 1 1938.
IRONTON, Lawrence County, Ohlo.-BOND OFFERING.
-Sealed
bids will be received by W. H. Hayes, City Auditor, until 12 m.
for the purchase of an issue of $28,921.37 6% assessment street Oct. 24,
and sewer
bonds. Dated Sept. 1 1928. Due Sept. 1, as follows:
$3,921.37.
84.000. 1931; and 33,000. 1932 to 1938 incl. Prin. and int. payable 1930;
at the
First National Bank, Ironton. A certified check payable to
the order of
the city for $500 is required.
JACKSON, Jackson County, Ohio.
-BOND SALE.
6% property owner's portion street improvement bonds -The 327,738.04
offered on June
_V. 126. P. 3166
-were awarded to W. L. Slayton & Co. of Toledo, at 1
a
premium of $1.622. equal to 105.84, a basis of about
4.73%.
1 1928. Due Sept. 1, as follows: $2,738.04, 1929: 83,000, Dated June
1930 to 1956
incl.; and 34,000. 1937.
JACKSONVILLE, Duval County, Fla.
-BOND OFFERING-Sealed
bids will be received by M. W. Bishop, Secretary of the City
Commission.
until 8 p. m. Oct. 22 (award to be made on Oct. 23 at 10 a. m.) for
the purchase of a $45,000 issue of4%%streetimprovemegat bonds.
Coupon bonds.
registerable as to principal. Denom. $1,000. Dated Aug.
1 1928. Due
815.000 on Aug. 1 1933, 1938 and 1942. Prin. and int. (F. &
In Jacksonville or at the city's fiscal agency in N. Y. City.A.) payable
Thomson,
Wood & Hoffman of N. Y. City will furnish the legal approval.
No bid
for less than par will be considered. The above Secretary will
bidding forms. A certified check for 2% of the bid, payable furnish the
to the City
Treasurer, is required.
Financial Statement May 31 1928.
Assessment roll for 1927
Real estate
$82.968,720.00
Personal property
16,036,100.00
Total
899.004.820.00
Total bonded indebtedness
513.651,500.00
Floating debt
178,592.86
Total indebtedness
$13,830,092.86
Less sinking funds
2,202,857.12
Deducting: Water bonds
Electric certificates
81,550,000.00811,627,235.74
350,000.00
1,900,000.00
Net indebtedness
$9,727,235.74
JASPER COUNTY (P. 0. Newton) Iowa.
Bids will be received until 2 p. m. on Oct. 16, by -BOND OFFERING.
H.
Treasurer, for the purchase of an issue of $100,000 H.Morrison, County
primary road bonds.
Denom. $1,000. Dated Nov. 1 1928. Due 510.000 from
May 1 1933 to
1943, incl. Optional after 1 year. Blank bonds are to be
furnished by
purchaser. County will furnish legal approval
Chicago. Sealed bids will be opened only afterof Chapman & Cutler of
certified check for 3% of the bonds, payable toall open bids are in. A
above Treasurer, must
accompany the bid.
JEFFERSON COUNTY (P. 0. Monticello) Fla.
-ADDITIONAL
INFORMATION.
-The $100,000 issue of 5% coupon road bonds
that was
awarded to the Barnett National Bank of Jacksonville
-V. 127. p. 1707
was purchased at a price of 96.830, a basis of about
5.27%. Dated Nov. 1
1925. Due on Nov. 1, as follows: 544,000, 1946: 326.000, 1947,
and 530,000
In 1948. The other bidders and their bids were as follows:
BidderPrice.
Walter, Woody & Heimerdinger of Cincinnati
90.250
G.B.Sawyers Co.of Jacksonville
90.160
Ryan,Sutherland & Co.of Toledo
90.00
Caldwell & Co. of Nashville
90.00
C. W.McNear & Co.of Chicago
90.00
JEFFERSON COUNTY (P. 0. Beaumont), Tex.
-BONDS REGISTERED.
-G. N. Holton. State Comptroller, registered
$75,000 issue of 434% serial tuberculosis hospital bonds. on Sept. 24, a
JONES COUNTY DISTRICT (P. 0. Laurel) Miss.
CORRECTION.
-We are now informed by the Commercial-BOND SALE
National
& Trust Co. of Laurel that the sale to them of a $750,000 issue Bank
bonds, reported in V. 127, p. 1707, was erroneous. The following of road
is their
communication on the port:
"Replying to yours of Sept. 27, Jones County recently
Issuance of $750,000.00 road bonds for the construction of authorized the
road running through the county from north to south anda hard surface
for the use of
building other hard surface roads leading out of this city. They,
however,
have not sold but $300,000.00 of this issue. This amount was
and purchased by this bank, the First National Bank of this recently sold
other interested bond houses. These bonds have not yet city, and four
been delivered
but are in process of delivery now."
KENMORE, Summit County, Ohio.
-BOND OFFERING.
-W. I.
Dotson, City Auditor, will receive sealed bids until 12
m.. Oct. 19, for the
purchase of an issue of $39,644.25 special assessment 53457
improvement
bonds. Dated Oct. 15 1928. Due Oct. 15 as follows:
HANCOCK COUNTY (P. 0. Findlay), Ohio.
$7,644.25. 1929:
OFFERING.
- and $8,000, 1930 to 1933 incl. Prin. and int.
G.R. Morehart,County Auditor, will rceive sealed -BOND
bids until 12 m.(Eastern City Treasurer. A certified check payable to payable at the office of the
standard time), Oct. 215, for the_purchase of an issue of
the order of the Treasurer,
85.100
% road for 2% of the bonds offered is required.
bonds. Dated Sept. 1 1928. Due as follows: 81,100.
1930: and $1,000.
1931 to 1934 incl. A certified check for $250 is required.
KINGSTON, Ulster County, N. Y.
-BOND SALE.
Legality to be registered
-The $150,000
approved by Squire, Sanders & Dempsey of Cleveland.
water works bonds bearing interest at the rate of 4% offered
on
Oct. 1-V. 127, p. 1707
-were awarded to
HANCOCK COUNTY (P. 0. Findlay), Ohio.
-BOND OFFERING.
- Rondout, at par. The bonds are dated Oct.the First National Bank of
G, R. Morehart, County Auditor, will receive sealed bids
1928 in
until 12 m. and mature $30,000. Oct. 1 1950 to 1954 incl. 1No other denom. of 81.000
Oct. 15, for the purchase of an issue of $17,000. 534% road
bids submitted.
bonds. Dated
Sept. 1 1928. Denoms. 81,000. Due as follows:
LAKE CHELAN RECLAMATION DISTRICT (P. 0.
Manson),
incl.; and 51,000, 1938. A certified check for $500 $2,000, 1930 to 1937 Chelan County, Wash.
is required. Legality
-MATURITY
.-The $100,000 issue of reclamato be approved by Squire, Sanders & Dempsey of Cleveland.
tion bonds that was awarded at par to the State of Washington.
-is due as follows: $49,000 in 1954 and $51,000 in 1955. -V. 127. D•
1707
HASTINGS, Dakota County, Minn.
-CERTIFICATE
Sealed bids will be received until 8 p. m. on Oct. 8 by N. OFFERING.LEBANON COUNTY (P. 0. Lebanon), Pa.
F. Kranz, City
-BOND OFFERING.
Clerk, for the purchase of a $7,000 issue of certificates of
indebtedness. In- Ralph 0. Bowman, Clerk Board of County Commissioners, will receive
terest rate is not to exceed 6%. Denom.$500. Due in from
sealed bids until 10 a. m. Oct. 17, for the purchase of an issue of
1 to 15 years.
5235,000
Prin. and semi-ann. int. is payable at a local bank.
% coupon highway .bonds. Dated Oct. 1 1928. Denoros. 81,000.
Due serially on Oct. 1 from 1933
HEMPSTEAD UNION FREE SCHOOL DISTRICT
NO. 23 (P. O. of the bonds offered is required. to 1957 incl. A certified check for 5%
Wantagh), Nassau County, N. Y.
-BOND OFFERING-Ella E.
Wells
LEETONIA, Columbiana County, Ohio.
Clerk Board of Education, will receive sealed bids until 8
-BOND OFFERING.p.
for the purchase of an issue of 845,000 coupon or registered m. Oct. 10, L. E. Fisher, Village Clerk, will receive sealed bids until 12 m., Oct.
20,(Cr
school bonds the purchase of the following issues
rate of interest not to exceed 6% and to be stated in multiples
of 5%
of 1-10th $16,000 special assessment improvemen bonds aggregating $21,000:
or % of 1%. Dated July 11928. Denoms. $1,000. Due
t bonds. Due Oct. 1 as follows:
$9,000, July 1
1929 to 1933 incl. Prin. and int, payable in gold at the First
81.500, 1930 to 1937 incl; and $2,000, 1938 and 1939.
National
Bank, Bellmore. A certified check payable to the order of
5,000 village's portion improvement bonds. Due $500, Oct. 1
1930 o
Education_,for 2% of the bonds offered is required. Legality the Board of
1939 incl.
to be approved
by Clay, Dillon & Vandewater of New York.
Dated Oct. 1 1928. A certified check payable to the order of the
Village
Treasurer for 2% of the bonds offered is required.
HIDALGO COUNTY WATER IMPROVEMENT DISTRICT
NO. 2
(P.0. San Juan), Tex.
LEWIS COUNTY (P. 0. Lowvillo), N. Y.
-BOND OFFERING.
-Sealed bids will be received
-BOND SALE.
until 10 a. in. Oct. 18 by Clay Everhard, President of the Board
bonds offered unsuccessfully on Aug. -The
of Direc- $180,000 4Si% coupon road on Sept.
tors, for the purchase of an issue of $1.000,000 6%
126, p. 2693
-were awarded
20 to the Lewis County Trust20-V.
Co. of
series A, bonds. Dated Aug. 15 1928. Due serially. semi-annual water, Lowville, at par. The bonds are dated Sept. 1 1928 and
A $20,000 certified
mature $10,000,
check payable to the District must accompany the bid.
on Mar. 1, from 1929 to 1946 incl.
LINCOLN TOWNSHIP FRACTIONAL SCHOOL DISTRICT
HILL COUNTY SCHOOL DISTRICT NO. 26 (P. 0.
NO. 2
Rudyard),
Mont.
-BOND SALE.
-The $35,000 issue of semi-annual school bonds (P• 0. Stevensville), Berrien County, Mich.
-BOND OFFERING._
Sealed bids will be received by
that was offered for sale on July 5-V. 126, p. 3806
-has been purchased tion until 8 p. in. on Oct. 10, Ross Bookwalter, Director Board of Educafor the purchase of $6,000 school
by the State of Montana, as 5% bonds, at par. Dated June 15
bonds to
1928.
mature $500, from 1930 to 1941, incl.
HOMEWOOD (P. 0. Birmingham), Jefferson County, Ala.
LITTLE FALLS, Herkimer County, N. Y.
SALE.
-An $88,000 issue of 6% coupon street impt. bonds has -BOND
-BOND SALE.
been pm' & Merrifield Inc. of New York were awarded on Sept.
-Sherwood
28 an issue of $56,909
1980
FINANCIAL CHRONICLE
assessment bonds bearing interest at the rate of 4.70% at 100.08, a basis of
about 4.66%. The bonds mature $14.000. Oct. 1 from 1929 to 1932 incl.
Bonds are being offered priced to yield as follows: 1929 maturity, 4.25%.
1930 maturity 4.20%, and the 1931 and 1932 maturities priced to yield
4.10%.
-BOND
LIVINGSTON (P.0. Livingston), Columbia County, N. Y.
-Frank Fingar, Town Supervisor, will receive sealed bids
OFFERING.
until 7:30n. m., Oct. 8,for the purchase of an issue of $7,500 6% registered
town bonds. Dated Oct. 8 1928. Denoms. $1.500. Due $1,500, Apr. 8
1929 to 1933 incl. Prin. and int. payable at the Farmers National Bank,
Hudson.
-BOND
LOCHMOOR (P. O. Grosse Pointe), Wayne County, Mich.
OFFERING.-Phillp F. Allard, Village Clerk, will receive sealed bids until
-rate
8 p. m. Oct. 8, for the purchase of $64.500 special assessment bonds
of interest not to exceed 6%. The bonds are dated Oct. 15 1928 and mature
serially on Oct. 15 1928 to 1932 incl. A certified check payable to the order
of the Village Treasurer for 5% of the bonds offered is required.
-The fol-BIDDERS.
LONG BEACH, Los Angeles County, Calif.
lowing is a list of the bidders submitting bids on Sept. 21 for the purchase
of the $200,000 issue of harbor improvement bonds
-V. 127, p. 1557:
Premium.
Rate.
BidderJ$132,500-4Xs
$21.0.
Anglo-London Paris Co. of San Francisco
67,500-4s
352.00
Anglo-London Paris Co. of San Francisco
$200,000-4)s
966.50
Wooden & Co. of San Francisco
5s
591.00
5s
Bond & Goodwin & Tucker, Inc. of San Fran
457.00
Detroit Co. of Detroit
5s
LOS ANGELES COUNTY ACQUISITION AND IMPROVEMENT
-BOND OFFERING.
DISTRICT NO. 60 (P. 0. Los Angeles), Calif.
Sealed bids will be received until 2 p. m. on Oct. 15, by L. E. Lampton,
County Clerk, for the purchase of an issue of $1,675.15 7% improvement
bonds. Denom. $100, ono for $75.15. Dated Aug. 13 1928 and due
on Aug. 13 as follows: $200 in 1929. 1931, 1933. 1935 and 1937: $100 in
1930, 1932, 1934 and 1936; $275.15 in 1938. Principal and semi-annual
interest payable in gold at the County Treasury. A certified check for
10% of the bonds, payable to the Chairman of the Board of Supervisors,
Is required.
-On Oct. 16 a
LUDLOW, Kenton County?, Ky.-BOND ELECTION.
special election will be held in order to pass upon a proposal to issue $168,000
In bonds. The money will be used to erect a new school building and to
retire $30,000 of a previous school bond issue.
McDONALD COUNTY (P. 0. Pineville), Mo.-BOND OFFERING.Sealed bids will be received until Oct.8 by Grover C. Hayes,County Clerk,
for the purchase of a $25,000 issue of 5% semi-annual county farm bonds.
McGEHEE SCHOOL DISTRICT (P. 0. McGehee) Desha County
-BOND SALE.
-The $40,000 issue ofsemi-annual school bonds offered
Ark.
-was awarded to M. W.Elkins & Co.
for sale on Sept. 18-V. 127, p. 1417
of Little Rock as 5% bonds, at a price of 103.
-Sealed bids
MADISON, Dane County, Wis.-BOND OFFERING.
will be received until 2 p. m. on Oct. 12, by W. R. Winckler, City Clerk,
%
for the purchase of a $230.000 issue of 4( sewage improvement bonds.
Denom. $1,006. Dated Oct. 1 1928. Prin. and semi-annual int. payable
at the office of the City Treasurer. No bid for less than par is acceptable.
City will furnish the legal opinion of Chapman & Cutler of Chicago. A
$500 certified check must accompany the bid.
-BOND OFFERING.
• MADISON COUNTY (P. 0. Anderson), Ind.
Sealed bids will be received by the County Treasurer, until 10 a. m. Oct. 15
for the purchase of an issue of $38,000 4X% Highway bonds. The bonds
are dated Oct. 15 1928 and mature on May and Nov. 15 1930 to 1939 incl.
Prin. and int, payable at the office of the County Treasurer.
-BOND SALE.
-The $60,000
MALVERNE, Nassau County, N. Y.
coupon or registered street improvement bonds offered on Oct. 3-V. 127,
-were awarded to Graham, Parsons & Co. of New York, as 434s,
p. 1708
at a premium of $389.46. equal to 100.649, a basis of about 4.42%. 'rhe
bonds are dated Sept. 1 1928 and mature $3,000, Sept. 1 1929 to 1948, hid.
-BOND SALE.
-A $13,800
MARLOW, Stephens County, Okla.
Issue of sewer bonds has been purchased by R. J. Edwards, Inc., of Oklahoma City.
-BOND SALE.
MARSHALL COUNTY (P. 0. Plymouth), Ind.
-were
The $7,137.07 6% ditch bonds offered on Oct. 1-V. 127, p. 1558
awarded to the Marshall County Trust & Savings Co. of Plymouth, at a
premium of $24.93, equal to 100.349. a basis of about 5.92%. The bonds
are dated Sept. 1 1928 and mature on Sept. 1 as follows: $713.77. 1929.
and $713.70 from 1930 to 1938 inclusive.
MART INDEPENDENT SCHOOL DISTRICT (P. 0. Mart) Mc-Sealed bids will be received
-BOND OFFERING.
Lennan County, Tex.
until 2:30 p.m. on Oct. 10. by J. C. Rogers, President of the School Board,
for the purchase of a $15,000 issue of 5% semi-annual school bonds. Denom.
$500. Dated Sept. 1 1928. Due $500 from 1929 to 1958, incl. A $500
certified check must accompany the bid.
-NOTE SALE.MAYFIELD HEIGHTS, Cuyahoga County, Ohio.
McDonald, Callahan & Co. of Cleveland, purchased at par, an issue of
$205,000 6% street improvement notes. Dated Sept. 15 1928. Denoms.
$5,000 and $1,000. Due Sept. 15 1929. Prin. and int. (Mar. and Sept.
15), payable at the South Euclid Bank, South Euclid. Legality approved
by Squire, Sanders & Dempsey of Cleveland.
Financial Statement.
35,966.670.00
Assessed valuation
318.446.25
Total debt, inc., this issue
26,500.00
Sinking fund
291,946.25
debt
Net
Population (Now estimated), 2.400.
-BOND OFMERCER. SCHOOL DISTRICT, Mercer County, Pa.
-Alice K. Howe, Secretary Board of School Directors, will
FERING.
receive sealed bids until 7.30 p. m. (eastern standard time) Oct. 16. for the
purchase of an issue of $50,000 4 X % school bonds. The bonds are dated
May 4 1928, are in denoms. of 31.000 and mature on May 3 1953. A
certified check payable to the order of the above-mentioned official for 5%
of the bonds offered is required.
-J, F. Wild &
-BOND SALE.
MIAMI COUNTY (P. 0. Peru), Ind.
Co. of Indianapolis were awarded on Oct. 2 an issue of $8,700 434% road
bonds at a premium of $22, equal to a price of 100.252. The Citizens
State Bank of Denver at the same time purchased an issue of $6,460 4%
road bonds at a premium of $26.75, equal to 100.414. An issue of $8.582
6% ditch bonds also scheduled to have been sold, was not disposed of.
MIDDEEGROUND SCHOOL DISTRICT (P. 0. Statesboro), Bul-The $15,000 issue of 6% school bonds
loch County, Ga.-PRICE PAID.
-V. 127, p. 1558
that mils purchased by .1. H. Hilsman & Co. of Atlanta
was awarded for a $430 premium,equal to 102.866, a basis of about 5.70% •
Due $500 from Jan. 1 1929 to 1958 incl.
-CERTIFICATE SALE.
MINNEAPOLIS, Hennepin County, Minn.
-The $1,000,000 issue of certificates of indebtedness offered for sale on
-was awarded to the First National Bank of
Oct. 2-V. 127, p. 1708
Minneapolis at 5%, plus a premium of $105. Dated Oct. 1 1928. Due
on Dec. 1 1928. No other bids were submitted.
MISSISSIPPI COUNTY CONSOLIDATED SCHOOL DISTRICT
-A $75,000 issue of
-BOND OFFERING.
NO. 31 (P. 0. Keiser), Ark.
semi-annual school bonds will be offered for sale at public auction on
Childs. Secretary of the Board of Education. Int, rate
Oct. 20 by J. K.
Is not to exceed 53%.
-A
PP MONTGOMERY, Fayette County, W. Va.-BOND SALE.
$30,000 issue of sewer, fire and street improvement bonds has been purchased at par by the State of West Virginia.
P.
.
MOODY COUNTY SCHOOL DISTRICT NO. 26( 0. Flandreau),
S. Dak.-BOND SALE.
-The $3,000 issue of 45/6% Sen001 building bonds
-was awarded at par to Mrs.
offered for sale on Oct. 1-V. 127. p. 1708
Ole Erickson of Flandreau. Denom. $500. Dated Oct. 15 1928 and
due on Oct. 15 1933. Int, payable on Mar. 15 and Oct. 15.
-Harris,
-BOND SALE.
MOUNTAIN LAKES, Morris County, N. J.
Forbes & Co. of New York. purchased at private sale, the following issues
of 5% bonds aggregating $225,000:
FoL. 127.
$150,000 refunding Station Plaza and road bonds. Due $15,000, Oct. 15
1929 to 1938 incl.
75,000 refunding Station Plaza and road bonds. Due Oct. 15 1930.
Dated Oct. 15 1928. Prin. and int, payable at the United States Mortgage & Trust Co., New York.
-The WhiteMUSCODA, Grant •County, Wis.-BOND SALE.
Phillips Co. of Davenport has purchased a $12,000 issue of street paving
bonds.
-BOND SALE
.-The $20,000
NASHUA, Hillsborough County, N. H.
% coupon Veterans' lauilding bonds offered on Sept. 29-V. 127, p.
-were awarded to E. H. Rollins & Sons of New York, at 99.77, a
1708
basis of about 4.28%. The bonds mature $1,000, Oct .1 1929 to 1948 incl.
NAVAJO COUNTY COMMON SCHOOL DISTRICT NO. 8 (P. 0.
Holbrook), Ariz.
-BOND SALE.
-The $1,400 issue of school bonds
offered for sale on Sept. 24-V. 127, p. 1284
-was awarded to the First
National Bank of Holbrook as 6% bonds at par. Dated Sept. 1 1928.
Due $200 from 1930 to 1936 inclusive.
NAVARRE VILLAGE SCHOOL DISTRICT, Stark County, Ohio.
BOND ELECTION.
-The voters at the election to be held on Nov. 6 will
pass on a bond issue of $96,000 the funds to be used for the construction of a
fire-proof school building. Maturity not to exceed 24 years.
NAZARETH, Northampton County, Pa.
-The
-BOND SALE.
$50,000 4X% coupon Borough bonds offered on Sept. 28-V. 127, p. 1417
were awarded to E. H. Rollins & Sons of Boston, at a premium of $69.50,
equal to 100.139, a basis of about 4.23%. The bonds are dated Oct. 1
1928 and mature on Oct. 1 in 1933; 1938; 1943 and 1948.
Other olds were as follows:
Price Bid.
Bidder
R. M. Snyder & Co
$50,035.00
Guaranty Co. of New York
50.019.95
W. H. Newbold's Sons Co
50,001.00
NEBRASKA CITY, Otoe County, Neb.-ADDITIONAL DETAILS.
-The $97,000 (not $97,500) issue of 435% refunding bonds that was pur,
chased by the Peters Trust Co. of Omaha
-is dated
-V. 126. p. 3966
July 1 1928. Denom. $1,000. Due on July 11948, and optional on July
1 1933. Prin. and int. (J. & J 1) payable at the office of the County
Treasurer,
NEBRASKA SCHOOL DISTRICT NO. 41 (P. 0. Hubbell), Thayer
County, Neb.-BOND SALE.
-A $23,000 Issue of 43 % coupon school
building bonds has been purchased by the Peters Trust Co. of Omaha.
Denom. $1.000. Dated June 1 1928. Due $1,000 from July 1 1930 to
1944, and $2,000, 1945 to 1948, all incl. Prin, and hit. (J. & J.) payable
at the office of the County Treasurer,
NEPTUNE TOWNSHIP SCHOOL DISTRICT (I'. 0. Ocean Grove)
Cape May County, N. J.
-BOND SALE.
-The Teachers Pension and
Annuity Fund was recently awarded an issue of $300,000 school bonds.
The price paid was par according to the District Clerk.
NEW BUFFALO, Berrien County, Mich.
-BOND OFFERING.
Charles V. O'Connor, Village Clerk, will receive sealed bide until 7 n• m.
Oct. 10, for the purchase of $20,800 special assessment bonds to bear
Interest at the rate of 6%. The bonds are in denoms. of $1,000. $500 and
$100. Due serially in from 1 to 4 years. Principal and interest payable
at the New Buffalo State Bank, New Buffalo. Purchaser to pay for legal
opinion.
-The Huron
NEW LONDON, Huron County, Ohio -BOND SALE.
County Banking Co. of Norwalk was awarded on June 23 four issues of
bonds aggregating $27,700. bearing int. at the rate of 5% at par. The
bonds,issued for road construction purposes, mature serially in from 1 to 10
years.
-The followNEW MEXICO, State of (P. 0. Santa Fe).
-BIDDERS.
ing is the official tabulation of the other bidders on Sept. 25 for the $500,000
-issue of highway bonds awarded to' Denver syndicate
-V. 127. p. 1838
as 67 bonds for a premium of $2,635, equal to 100.527, a basis of about
5.88 o:
Fidelity National Co. and Commerce Trust Co., Kansas City, Mo.: At
5X% interest, par and accrued interest to date of delivery, with money
to remain with them for three months without interest.
13enwell & Co. and Seasongood & Mayer, Denver, Colo.: At 6% interest,
$1,001.10, with accrued interest to date of delivery.
Taylor, Wilson & Co.. Walter, Woody & Heimerdinger of Cincinnati, and
Heath, Schlessman & Co. of Denver Colo.: At 6% interest, $1,003.016,
with accrued interest to date of delivery.
International Trust Co., Sidlo, Simons, Day & Co., U. S. National Co. of
Denver, Colo.: At 6% interest, $1,004.11, with accrued interest to date
of delivery.
-Curtis
NEWTON, Middlesex County, Mass.
-TEMPORARY LOAN.
& Sanger of Boston were recently awarded a $100,000 temporary loan maturing on April 15 1929 on a discount basis of 4.77% Plus a premium of
$1.25. The following is a list of the other bids submitted:
Discount Basis.
Bidder4.777
Boston Safe Deposit & Trust Co
os
4.78
First National Bank, Boston
4.78
R. L. Day & Co
4.80
F. S. Moseley & Co. (plus $2.25)
4.88
Salomon Bros. & Hutzler (plus $3.25)
5
52
4..880,
Newton Trust Co
4.90
Shawmut Corporation of Boston
S. N. Bond & Co
-The City of
NEW YORK, N. Y.
-TEMPORARY FINANCING.
New York during September issued the following corporate stock notes,
bills. &C.. aggregating $86,038,000.
Interest Date
Corporate Stock Notes of 1928.
Rate. Issued.
Various Municipal Purposes,
Amount, Maturity.
Interest Date
Amount. Maturity.
R. i 1
Rate, Issued. 5,400,000 Janap1d 1929 495% Sept.11
68,650,000 Jan. 1 1929 4.95% Sept. 11 4,330,000 Jan. 111829 4.95% Sept. 11
500.000 Jan. 14 1929 4.95% Sept. 12 3,500,000 Jan. 7 1929 4.95% Sept. 7
350,000 Jan. 7 1929 4.95% Sept. 7 3,000,000 Jan. 14 1929 4.95% Sept. 12
350,000 Sept.28 1929 4.75% Sept.28 2,000,000 Sept.28 1929 4.75% Sept.28
250,000 Jan. 28 1929 4.95% Sept.26 1.500,000Jan. 28 1929 4.95% Sept.26
38,000 Sept.27 1929 4.75% Sept.27
800,000 Jan. 11 1929 4.95% Sept. 11
650,000 Sept.28 1929 4.75% Sept.28
Water Supply.
4,250,000 Jan. 11 1929 4.96% Sept. 11
9 Jan 7 2 495 Sep1 2
501010j .. 14 19 9 4..95%1 Sept.. 17
250,000Jan. 28 1929 4.95% Sept.28
500,000 Jan, 14 1929 4.95% Sept. 12
Revenue Bills of 1928.
250,000 Jan. 7 1929 4.95% Sept. 7
11ePt.26
10,000,000 Dec. 10 1928 4.95%
pt.
9
. 0 98 .
School Construction.
75:000000:000000 Dec.15 1525 4 55% Se 245
Sept.
Dec.
13,650,000 Jan. 11 1929 4.95% Sept.
2,500,000 Jan. 14 1929 4.95% Sept. 12 5,000,000 Dee. 5 1928 4.95% Sept. 19
Special Resenue.Boads of 1928.
400,000 Jan. 7 1929 4.95% Sept. 7
1,000,000 July 11 1929 4.95% Sept. 11
Tax Notes of 1928.
1,000,000July 11 1929 4.95% Sept. 11
Dock Improvement.
2,020,000 Jan. 11 1929 4.95% Sept. 11 1,000,000 July 26 1929 4.95% Sept.26
-Homer
-BOND OFFERING.
NILES, Trumbull County, Ohio.
Thomas, City Auditor, will receive sealed bids until 2 p. m. Oct. 19, for
the purchase of an issue of $6,021.67 special assessment coupon sanitary
sewer 5% bonds. Dated Oct. 1 1928. Due Oct. 1 as follows: $500, 1929
to 1935, incl.; $1,000, 1936 and 1937, and $521.67, 1938. A certified check
payable to the order of the City Treasurer, for 2% of the bonds offered is
required. Legality to be approved by Peck. Schafer St Williams of Cln-A $3,736.56
-BOND SALE.
NORTH BEND, Coos County, Ore.
Issue of 6% street improvement bonds has recently been purchased at par
by the First National Bank of North Bend.
NORTH HEMPSTEAD GREAT NECK SEWER DISTRICT (P. 0.
-The $202.000
-BOND SALE.
%
Manhasset) Nassau County, N. Y.
coupon or registered sewer bonds offered on Sept. 28-V. 127, P. 1708
were awarded to Batchelder, Wack & Co. of New York, at 101.85, a basis
of about 4.29%. The bonds are dated Oct. 11928, and mature on Oct. 1
as follows: $10,000, 1930 to 1948, incl., and $12,000. 1949.
-BOND OFFERING.
OCEAN BEACH, Suffolk County, N. Y.
Roland W. Macurdy, Village Clerk, will receive sealed bids until 12 m.
October 15, for the purchaae of an issue of 511.000 coupon or registered
OCT. 6 1928.1.
FINANCIAL CHRONICLE
1981
street improvement bonds. Rate of interest not to exceed 6% and to
be
PIKE COUNTY (P. 0. Petersburg), Ind.
-BOND OFFERING.
stated in a multiple of I of 1%. Dated October 1 1928. Denoms.$1.000.
Fred Malott, County Treasurer, will receive sealed bids until 11 a. in.
Due $1,000, Oct. 1 1929 to 1939, incl. Principal and int. payable in
gold
at the South Side Bank, Bay Shore. A certified check payable to the order Oct. 23 for the purchase of an issue of $53,735.24 improvement bonds maof the Village for $350 is required. Legality to be approved by Clay' turing serially from 1929 to 1948 incl.; and to bear interest at the rate of
%.
Dillon & Vandewater of New York.
PIKE TOWNSHIP SCHOOL DISTRICT (P. 0. Muscatine), Iowa.
OCEAN CITY, Cape May County, N. J.
-BOND SALE.
-The $335.- BOND SALE.
-A $12,000 issue of school building bonds has recently been
000 paving bonds offered on Oct. 1-V. 127, p. I708
-were awarded to
the First National Bank of Ocean City, as 6s, at a premium of $335, equal purchased by Geo. M. Bechtel & Co. of Davenport.
to 100.10. a basis of about 5.98%. Dated Oct. 1 1928. Duo Oct. 1, as
PLEASANT TOWNSHIP RURAL SCHOOL DISTRICT, Franklin
follows: 520.000, 1929 to 1944 incl.; and $15,000, 1945.
County, Ohio.
-BOND ELECTION.
-On Nov. 6 the electors will be
asked to pass on a $130,000 bond issue to be used for the construction and
ODEBOLT, Sac County, Iowa.
-BOND SALE.
-The $18,000
improvement of school buildings. Maximum maturity 24 years.
of coupon funding bonds offered for sale on Sept. 21-V. 127, p. 1708 issue
-was
awarded to Geo. M. Bechtel & Co. of Davenport as
% bonds at par.
-BOND OFFERING.
Denom. $1.000. Dated Oct. 1 1928. Due in 1940. Int. payable on WPORT CLINTON, Ottawa County, Ohio.
W. H. Williamson, Village Clerk, will receive sealed bids until 12 m..
April and Oct. 1.
Oct. 23, for the purchase of the following issues of 5%% street improveODESSA, Lincoln County, Wash.
ment bonds aggregating $54,000:
-BOND OFFERING.
-Sealed bids
will be received until 8 p. m.on Oct. 15 by W.M.Nevins, Town Clerk,
$42,000 special assessment. Due Sept. 1 as follows: $5,000. 1930 to
the purchase of a $10,000 issue of improvement bonds. Int. rate is notfor
1832 incl.; 56,000, 1933; $5,000, 1934 to 1936 incl.; and $6,000.
to
exceed 6%. Dated when sold. Due $200 from 1930 to 1934: $400, 1935
1937.
to 1939; $600, 1940 to 1944 and $800, 1945 to 1949, all incl. Optional
12,000 Village's portion. Due Sept. 1 as follows: 51,000, 1930: $2,000,
after 10 years. Prin. and semi-annual int. payable at the State's fiscal
1931; $1,000, 1932; $2,000. 1933; $1,000, 1934; 52.000, 1935:
agency in New York City or at a spot that is designated by the purchaser.
$1,000. 1936 and $2,000, 1937.
A certified check for 5% of the bid is required.
Dated Sept. 1 1928. Denoms. $1,000. A certified check payable to
the order of the Village Treasurer, for 5% of the bonds offered is required.
ONONDAGA COUNTY (P. 0. Syracuse), N. Y.
-BOND OFFERING.
-Chester H. King, County Treasurer, will receive sealed bids until 2 p. m. Legality approved by Squire, Sanders & Dempsey of Cleveland.
Oct.8,for the purchase of an issue of 5250,0004%% County Home
POSEY COUNTY (P. 0. Mount Vernon), Ind.
building
-BOND SALE.
bonds. The bonds are dated Dec. 11928. are in denoms. of $1,000 and mature on Dec. 1, as follows: $22,000, 1929: and $12,000, 1930 to 1948 incl. The $16,000 43% road bonds offered on Sept. 29-V. 127, p. 1709
-were
awarded to the First National Bank of New Harmony, at a premium of
A certified check for 10% of the bonds offered Is required.
$170, equal to 101.06, a basis of about 4.31%. Dated Oct. 10 1928 and
ORANGE CITY, Sioux County Iowa.
-BOND SALE.
-The $20,000 mature $1,600. May 15, from 1930 to 1939 incl. Other bids were as folissue of 434% coupon sewer disposal plant bonds offered for sale on Sept. 22 lows:
-V. 127, p. 1708
Bidder-was awarded to the Carleton D. Beh Co.
Moines
Premium.
at a price of 100.87. Denom. $1,000. Dated Oct. 1 1928. of Despayable J. F. Wild Investment Co
Int.
$50.00
on April and Oct. 1.
City Securities Corp
27.00
Breed, Elliott & Harrison
OTTAWA COUNTY (P. 0. Port Clinton), Ohio.
54.50
-BOND SALE.
- Old First National Bank
The $52,000 road impt. bonds offered on Oct. 1-V. 127, p. 1709
109.20
-were Mount Vernon National Bank & Trust Co
awarded to W.L. Slayton & Co.of Toledo,as 4%s,at a premium of$304.50,
33.00
Peoples Bank & Trust Co
equal to 100.585, a basis of about 4.64%. Dated Oct.
78.00
1928. Due
semi-annually as follows: $3,000. April and Oct. 1 1929 and11930; $3,000,
POUGHKEEPSIE, Dutchess County, N. Y.
-BOND SALE.
April also, $2,000. Oct. 1 1931 to 1938 incl.
-The
$99,000 series of 1928 refunding bonds offered on Oct. 1-V. 127, p. 1709
OWEN COUNTY (P. 0. Spencer), Ind.
-BOND OFFERING.
-Sealed were awarded to Rutter & Co. of New York. as 4)4s. at 100.817, a basis
bids will be received by Dora Raper, County Treasurer, until 10 a.
of about 4,185. The bonds are dated Oct. 1 1928 and mature on Oct. 1,
m.
Oct. 10. for the purchase of an issue of $4,600 road
as follows: $4,000, 1929 to 1952 incl.; and $3.000. 1953.
at the rate of 43. % and mature semi-annually from bonds to bear interest
1929 to 1938 incl.
PUTNAM COUNTY (P. 0. Ottawa), Ohio.
-BOND SALM:T-7re
PALESTINE, Anderson County, Tex.
-BOND OFFERING.
-Sealed following issues of 5% improvement bonds aggregating $35,989.34 offered
bids will be received by 0. C. Cutter, City Secretary, until Oct.
-were awarded to the Bank of Ottawa. Ottawa,
the purchase of two issues of bonds aggregating 375.000 as follows: 15, for on May 26-V. 126, p.3168
$60.000 at a premium of $917.00, equal to 102.54, a basis of about 4.43%:
street bonds and $15,000 school bonds.
$26,115.73 C. E. Simon road improvement bonds. Due Nov. 1 as follows:
PALISADES PARK, Bergen County, N. J.
52.115.75. 1929. and $3,000, 1931 to 1937. incl.
-BOND OFFERING.
Joseph E. Kosinsid, Borough Clerk, will receive sealed bids until p.m.,
9,873.61 J. D. Prowant road improvement bonds. Due Nov. 1 as
on
Oct.15,for the purchase ofan issue of$111,0005 or 5% coupon 8
follows: $873.61, 1929; $2,000, 1930 to 1932, incl., and $3,000.
%
or registered
assessment bonds no more bonds to be awarded than will produce a'premium
1933.
of $1,000 over $111,000. Dated June 1 1928. Denoms.
Dated May 1 1928,
$1,000. Due
June 1 as follows: $20,000, 1929; $22,000, 1930 1932
to
incl.; 513.000, 1933
and $12,000. 1934. Prin. and int. payable at
RHEA COUNTY (P. 0. Dayton), Tenn.
-BOND SALE.
-The $200,the Morsemere Trust Co.,
Palisades Park. A certified
000 issue of 5% school bonds offered for sale on Sept. 29 (V. 127, p. 1839)
for 2% of the bonds bid for Is check payable to the order of the Borough was awarded to Caldwell & Co. of Nashville for a premium
required. Legality to be approved by Hawof $5,910,equal
kins, Delafield & Longfellow of New York.
to 102.955.
Co., New York, to supervise the preparation United States Mtge. & Trust
of the bonds.
RICHFIELD, Sevier County, Utah.
-BOND SALE.
-The two issues
Financial Statement.
of 4Si% bonds aggregating $30.000, that were recently voted-V. 127, P.
Gross debt
-1559
-have been Jointly purchased at par by the Central Trust Co. and
Bonds(outstanding)
$572,000.00
Edward L. Burton & Co., both of Salt Lake City. The bonds are for water
Floating debt (incl. temporary bonds outst'd'g)
_ 150,377.50 $722,377.50 mains and fire equipment.
Deductions
RILEY COUNTY (P. 0. Manhattan), Kan.
-BOND SALE.
-The
Water dept
$59.700 issue of 4% road improvement bonds offered for sale on Oct. 2None.
Sinking funds, other than for water bonds
V. 127. p. 1709
None.
None.
-was awarded to the First National Bank of Manhattan
Net debt
$722,377.50 at a price of 98, a basis of about 4.40%. Dated Aug. 1 1928. Due on
Bonds to be issued:
Jan. and July 1 from 1929 to 1939 incl.
Assessment bonds of 1928
$111,000.00
Floating debt to befunded by such bonds
RIPLEY COUNTY (P. 0. Versailles), Ind.
111,000.00
None.
-BOND SALE.
-The
59.600
% road bonds offered on Oct. 1-V. 127, 1839
Net debt,including bonds to be Issued
-were awarded
$722,377.50 to the Versailles Bank, at a premium of $93 equal to 100.96. a basis of
p.
The amount of said debt payable out of special
about 4.30%. The bonds are dated Sept. 4 1928 ad mature $80 on May
assessments is
estimated at
$529,020.05 and Nov. 15, from 1929 to 1938 incl. The following bids were also reTherefore the net debt payable from general taxation
is only..- - 193.357.45 ceived:
BidderPremium.
Real property including improvements 1928
$4,189,840.00 Batesville Bank, Batesville
$92.00
Personal property. 1928
390.978.00 Lew L. White
37.77
Real property, 1927
3,614.214.00 Fletcher American Co
23.00
Real property, 1926
City Securities Corp
.249,405.00
3
12.00
Real property, 1925
2,951,419.00 Friendship State Bank
9.60
Population, census of 1920, 2633; estimated,
1928, 6,500. Tax rate,
RIVER PARK DISTRICT, Cook County, III.
fiscal year 1928, $65.40 per thousand.
-BOND SALE.
Ames, EmerIch & Co. of Chicago were awarded on September 15, at par, an
PARMA, Cuyahoga County, Ohio.
-BOND SALE.
-The $25,100 issue of $523,000 4% and 4% park improvement bonds.$323.000 4%%
special assessment improvement bonds offered on Oct.
bonds dated January 1. 1928 and maturing serially on January 1 from
1-V. 127, p. 1559
were awarded to the Guardian Trust Co. of
1939 to 1948 inclusive; and 5200.000 431 bonds dated August 1 1928 and
of $7.50. The bonds are dated Aug. 15 Cleveland, as 5s, at a premium maturing serially on August
and
1,
follows: $5,100, 1929; and $5,000. 1930 to 1928 incl. mature on Oct. 15 as and interest payable in Chicago. from 1939 to 1948 inclusive. Principal
1933
The 4%% bonds were offered priced to
yield 4.30% and the 431s priced to yield 4.35% All maturities.
PAFtMA, Ohio.
-BOND OFFERING.
-John H. Thomson, Village
Clerk, will receive sealed bids until 12 m., Oct. 29,
Financial Statement (as Officially Reported).
for the purchase of
$644,000 6% coupon special assessment street
improvement bonds. Dated Assessed valuation, 1927
$51,233,810
Nov. 15 1928. Denoms. $1.000. Due Oct. 1
1,182,500
to 1935 incl.; and $65,000. 1936 to 1939 incl. A as follows: $64,000, 1930 Total bonded debt, including this issue
Population, (1928 estimate,) 65,000.
certified check payable to
the order of the Treasurer for 2% of the bonds
offered is required. Legality
to be approved by Squire. Sanders & Dempsey of
ROBESON COUNTY (P. 0. Lumberton), N. C.
-BOND SALE.
Cleveland.
The 550.000 Issue of coupon school funding bonds offered for sale on Oct.
PAYNE COUNTY SCHOOL DISTRICT NO.
44 (P. 0. Cushing), 1-V. 127. p. 1559
-was awarded to
Okla.
-ADDITIONAL DETAILS.
-The $30.000 school bonds that was as 4. % bonds, for a premium of Arthur Hoefinghoff& Co.of Cincinnati
4
1
$55,
purchased by Calvert & Canfield of Oklahoma City.
-V. 127. p. 991- 4.73%. Dated Oct. 11928. Due from equal to 100.11. a basis of about
were awarded as follows: $20.000 as 5% bonds
Oct. 1 1930 to 1943.
and $10,000 as 4%% bonds.
They mature in 1938.
ROCHESTER,Monroe County, N. Y.
--NOTE SALE.
-The $1,195.000
notes offered on Oct. 3, consisting of $175.000 local improvement. $25.000
PEABODY, Essex County Mass.-BOND
OFFERING.
-Elmer J. municipal land purchase, $625,000 school
Foley, City Treasurer, will receive sealed bids until
construction. $325,000 transit
the purchase of the following issues of coupon 4% 10 a. m. Oct. 10, for subway. $35,000 municipal aviation field and 510,000 Winton Road sub% bonds aggregating way notes (V. 127, p.
$25,000:
1839) were awarded to Salomon Bros. & Hutzler
of New York, on a discount 'tiasis of 5.19% plus a premium of $7.00. The
$15,000 sewer bonds. Due $1,000, Oct. 1 1929 to 1943 incl.
issues are dated Oct 8 1928 and mature on Dec. 8 1928. Payable at the
10,000 water bonds. Due $1,000, Oct. 1 1929 to 1938 incl.
Central Union Trust Co., New York. S. N. Bond & Co. were the only
Dated Oct. 1 1928. Prin. and int. payable at the First
Boston. Legality to be approved by Storey, Thorndike, National Bank, other bidders, offering to discount the notes on a 5.80% basis.
Palmer & Dodge
of Boston.
SAGINAW, Saginaw County, Mich.
-BOND SALE.
Financial Statement, Oct. 1 1928.
-The $15,000
issue of 4if% sewer and water construction bonds offered on October 2Valuation forcar 1927, less abatements
t
$22.980,461.00 V. 127, p. 1840
-were awarded to the Sinking Fund, at a price of par.
Debt limit 2 % of average valuation
559,248.92 The bonds are dated July 1 1928 and mature $3,000, from July 1 1929
Total gross .3 t (not including these issues)
1,140,500.00 to 1933 inclusive.
Exempted debt
Water bonds
$154,000.00
SAINT ANSGAR INDEPENDENT SCHOOL DISTRICT (P. 0.
Electric light bonds
14,000.00
Saint Ansgar), Mitchell County, Iowa.
-BOND SALE.
-A $75,000
School and sewer bonds
465,000.00
issue of 4% semi-annual school bonds has been awarded at par to a local
Tuberculosis hospital
80,000.00
bank.
Playground bonds
13,500.00
726,500.00
ST. LOUIS Mo.-BONDS NOT SOLD.
-The $10,000,000 issue of 4%
Net debt
$414,000.00 coupon or registered public building and improvement bonds offered for
Borrowing capacity
$145,248.92
sale on Sept. 28-V. 127, P. 1709
-was not sold, as no bids were received
Population (1920), 19,552.
for the bonds. Dated Oct. 1 1928. Due from Oct. 1 1933 to 1948 incl.
PENINSULA DRAINAGE DISTRICT NO. 2 (P. 0.
Portland),
Multnomah County, Ore.
SALEM, Columbiana County, Ohio.
-BOND OFFERING.
-NOTE SALE.
-The $159,000
-Sealed bids will be re- 59'
disposal plant notes offered on Apr. 27-V. 126. p. 2696
ceived by B. C. Darnall, Clerk of the Board of Supervisors,
-were awarded
until
on Oct. 29,for the purchase of a $25,000 issue of drainage bonds. 10 a. m. to W.L. Slayton & Co. of Toledo, at a premium of $300. equal to 100.20.
The notes are dated Apr. 1 1928.
PHENIX CITY, Lee County, Ala.
-BOND .SALE.
-.A
5% paving bonds has been purchased at a price of 97.182 by$67,000 issue of
SANDERSVILLE SCHOOL DISTRICT (P. 0. Sandersville),
Walter, Woody
Jones
& Heimerdinger of Cincinnati.
County, Miss.
-BOND SALE.
-A 550.000 issue of school bonds has been
purchased recently by an unknown investor. •
PIGEON ROOST CREEK DRAINAGE DISTRICT (P.
0. Holly
Springs), Marshall, Tate and De Soto Counties,
Miss.
SANDUSKY, Erie County, Ohio.
OFFERED.
-BOND OFFERING.
-Sealed bids were received until Oct. 5 by Smith -BONDS
--0. F. Breinattorneys for the district, for the purchase of an $87,000 issue of & Smith. ing, City Treasurer, will receive sealed bids until 1 p. in. Oct. 29 for the
5% drain- purchase of an Issue of $139.500 5% special assessment
age bonds. Dated Sept. 1 1928. Due from Mar. 1
street improveanen
1934 to 1958 incl.
bonds. Dated Oct. 1 1928. .Denom. $1,000 one bond for
$500. Du
1982
FINANCIAL CHRONICLE
Oct. 1, as follows: $16,500, 1930; 516,000. 1931 to 1933 incl.; and $15,000.
1934 to 1938 incl. Prin. and int, payable at the City Treasurer's office.
A certified check payable to the order of the city for $500 is required.
-BONDS OFSANTA BARBARA, Santa Barbara County, Calif.
-Sealed bids were received until 2:30 p. in. on Oct. 4 by S. B.
FERED.
Taggart. City Clerk, for the purchase of an issue of $140,000 fire bonds.
Int. rate was not to exceed 5%. Denom. $1,000. Dated July 1 1928
Due $14,000 from July 1 1929 to 1938 incl. Prin. and int. (J. & J.) payable
at the City Treasury. Orrick, Palmer & Dahlquist of San Francisco will
furnish the legal approval.
-Ralph
-BOND OFFERING.
SAVILLE, Medina County, Ohio.
schwam, Village Clerk, will receive sealed bids until October 13 for the
purchase of the following issues of 53 % bonds:
$14,700 Milton St. special assessment Improvement bonds. Due October 1.
as follows: $1,500, 1930 to 1937 inclusive; and $2,200, 1938.
3,560 Main St. special assessment improvement bonds. Due October 1.
as follows: $400, 1930 to 1937 inclusive; and $360.34, 1938. Dated
August 1, 1928 Principal and interest payable at the office of the Village
Treasurer. A certified check payable to the order of the Village Clerk,
for 2% of the bonds offered is required.
-BOND OFFERING.
SENECA FALLS, Seneca County, N. Y,
John C. Humphrey, Village Clerk, will receive sealed bids until 7.30 p. m.
-rate of hit.
of an issue of $23,000 paving bonds
Oct. 8, for the purchase
not to exceed 6%. The bonds are dated Oct. 1 1928. Denom. $1,000.
Due Oct. 1, as follows: $3,000, 1929 to 1935 incl.: and $2,000, 1936. A
certified check payable to the order of the Village for $500 is required.
SEYMOUR INDEPENDENT SCHOOL DISTRICT (P. 0. Seymour),
-A $25,000 Issue of 43 % school
-BOND SALE.
Baylor County, Tex.
bonds has been purchased at par by the State of Texas.
-The $110,000
-BOND SALE.
SHEFFIELD, Colbert County, Ala.
Issue of 6% coupon public improvement bonds offered for sale on July 17
-was awarded to Ward, Sterne & Co. of Birmingham.
-V. 127. p. 142
Denom.$1,000. Dated Aug. 11928. Due from Aug. 1 1929 to 1938, incl.
Prin. and int. (F. & A. 1) payable in gold at the Hanover National Bank
in New York City.
Financial Statement.
$12.000,000
Actual value of all taxable property, estimated
6.094,782
Assessed valuation for taxation (1927)
1,279,000
(including this issue)
Total bonded debt
Less: Public Improvement bonds (payable primarily
$789,000
from assessments)
877,639
88.639
Sinking Fund
$401,361
Net Bonded Debt
Population, 1920 census, 6,682.
SAN BERNARDINO HIGH SCHOOL DISTRICT (P. 0. San Ber-The $10,000 issue of 5% coupon school
-BOND SALE.
nardino), Calif.
-was awarded to Helier,
bonds offered for sale on Sept. 24-V. 127, p. 1709
Bruce & Co. of San Francisco, for a $696 premium, equal to 106.96, a basis
and 1948. The other bidders and their bids
of about 4.47%. Due in 1947
were as follows:
Premium.
Bidder$680.00
The Detroit Co
637.00
Weeden & Co
629.00
Security Co
611.00
William R. Stoats Co
351.00
United States National Bank, L. A
-The Commercial
-NOTE SALE.
SHELBY,Cleveland County, N. C.
anticipation
National Bank of High Point recently purchased 5100.0006%
notes divided as follows: $70,000 sewer extension and septic tank and
930.000 electric light extension and improvement notes.
-Robert
-BOND OFFERING.
SHELBYVILLE, Shelby County, Ind.
.0. Hale, City Treasurer, will receive sealed bids until 7.30 p. m. Oct. 19,
the purchase of $110,000 4%% city; hall bonds building bonds. Dated
for
July 1 1928. Due as follows: $2,000. July 1 1929; $3.000, Jan. and July 1
1930 to 1945 incl.: and 52,000. Jan. 1 1946. Prin. and int, payable at the
Security Trust & Savings Co., Shelbyville. Legality approved by Smith.
Remster, Hornbrook & Smith of Indianapolis. These are the bonds offered
-V. 127, p. 1559.
on Sept. 4, no bids were received.
SHELBYVILLE SCHOOL DISTRICT (P. 0. Shelbyville) Bedford
-A $29,000 -issue of school bonds has
-BOND SALE.
County, Texas.
been purchased by J. C.Bradford & Co. of Nashville at a price of 101.915.
SHERWOOD, Renville County, N. Dak.-BOND OFFERING.
Sealed bids will be received until 6 p. in. on Oct. 20 by J. I. Spaulding, City
Auditor,for the purchase of a $5,000 issue of 6% annual drainage bonds.
SOUTH JERSEY PORT DISTRICT (P. 0. Camden), Camden
% series A coupon or
-The 82,000,000
-BOND SALE.
County, N. J.
registered Marine Terminal bonds offered on Oct. 4-V. 127. p. 1710
awarded to a syndicate composed of Harris, Forbes & Co.,the National
were
and the Guaranty Co. of New York, at
City Co., Bankers Trust
Co..
100.079, a basis of about 4.49%. The bonds are dated Oct. 1 1928 and
mature $50,000, on Oct. 1, from 1934 to 1973 inclusive.
-BOND SALE.
SOUTH PORTLAND, Cumberland County, Me.
H. H. Rollins & Sons of Boston. were awarded on Sept. 28, an issue of $35.bonds bearing interest at the rate of 4%% at 104.55, a basis
000 school
of about 4.25%. The bonds are dated Oct. 1 and mature $7,000, 1954 to
1958 incl.
-BOND OFFERING.
STARK COUNTY (P. 0. Canton), Ohio.
sealed bids
Edith G. Coke, Clerk of County Commissioners, will receive bond issues
until 10 a. m. October 19, for the purchase of the following
aggregating $276,000 bearing 4%% interest.
5183,000 road bonds. Due September 1, as follows: $21,000, 1930 to 1932
inclusive; and $20.000, 1933 to 1938 inclusive.
52,000 road bonds. Due September 1, as follows: $6,000, 1930 to 1936
Inclusive; and $5,000. 1937 and 1938.
41,000 road bonds. Due September 1. as follows: $5,000, 1930 to 1934
inclusive; and $4.000. 1935 to 1938 inclusive.
payable
Dated September 1, 1928 Denom. $1.000 Principal and Interest payable
at the County Treasury. A certified check of $500 for each issue
-to the order of the Board of County Commissioners, required.
SUGAR ISLAND TOWNSHIP (P. 0. Saulte Ste. Marie), Chippewa
-The $10,000 road bonds offered on June
-BOND SALE.
County, III.
-were awarded to the Central Savings Bank of Sault
14-V. 126, p. 3637
$1,000,
Ste. Marie, as 5s. The bonds are dated July 1 1928 and mature
July 1, from 1930 to 1939 inclusive.
-Sealed bids
-BOND OFFERING.
SYLVANIA, Lucas County., Ohio.
for the purwill oe received by the Village Clerk, until 12 in. October 10,
% Village's portion improvement bonds.
chase of an issue of $8,500
1938 inDated October 1, 1928 Due serially on October 1, from 1930 to
clusive.
-H.W.
-BOND OFFERING.
SYRACUSE, Onondaga County, N. Y.
in. Oct. 16
Osborn, City Comptroller, will receive sealed bids until 1 p.
following coupon or registered bond issues, aggrefor the purchase of the
-rate of int. not to exceed 5% and to be stated in a
gating $2,380,000
multiple of % of 1%:
1929 to 1938 incl.
$850,000 local impt. bonds. Due $85,000 Nov. 15 15 1929 to 1938 incl.
Nov.
650,000 street reimpt. bonds. Due $65,000 1929 to 1968 incl.
$8,000 Nov. 15
320,000 water bonds. Due
1948 incl.
240,000 school bonds. Due $12,000 Nov. 15 1929 to 1929 to 1948 incl.
15
220,000 municipal impt. bonds Due $11,000 Nov. 1938 incl.
1929 to
70,000 sewer bonds. Due $7,B00 Nov. 15 15 1929 to 1933 incl.
30,000 local impt. bonds. Due $6,000 Nov. in gold at the Equitable
Dated Nov. 15 1928. Prin. and int, payable
order of the
Trust Co. New York. A certified check, payable to the
to be
above-mentioned official, for 2% of the bid is required. Legality
York.
eapproved by Caldwell & Raymond of New
Financial Statement.
$313,945,831.00
Assessed valuation taxable property
450,000.000.00
Actual valuation taxaole property (estimated)
304,169,786.00
Assessed valuation real property
9,613,980.00
Assessed valuation special franchises
30.938.994.91
debt,including above issues
Bonded
5.593.125.00
Water bonds,included in above (exempt debt)
3,550,000.00
Localimprovement bonds,included in above(exempt debt)
3,744,400.00
'Temporary debt
Population census 1925, 187,062.
[Vol.. 127.
-The two issues of
-BOND SALE.
TACOMA, Pierce County, Wash.
coupon bonds aggregating 3225,000, offered for sale on Oct. 1-V. 127, P.
-were awarded to A. B. Leach & Co. of Chicago as 4%% bonds,
1419
at a price of 101.92, a basis of about 4.34%.. The issues are: $150,000
Puyallup River Bridge bonds and $75,000 Lincoln Ave., Bridge bonds.
Dated when Issued. Due serially in from 2 to 30 years.
-A $4,000,-NOTE SALE.
TENNESSEE, State of (P. 0. Nashville).
000 issue of 5)% notes has been jointly purchased on Oct. 1, by the
First National Bank and Salomon Bros. & Hutzler, both of New York City
and the American National Bank of Nashville. Dated Oct. 1 1928.
Due on Oct. 11929.
-The
-BONDS REGISTERED.
TEXAS, State of (P. 0. Austin).
following two issues of 5% bonds were registered by the State Comptroller
during the week ended Sept. 29:
$2,500 Anderson County Consolidated School District No. 27 bonds.
Due in 10 to 20 years.
2,250 Crosby County Consolidated School District No. 11 bonds. Due
serially.
TEXAS COUNTY SCHOOL DISTRICT No.9(P.O.Optima),Okla.
BOND OFFERING.
-Sealed bids will be received until 4 p. in. on Oct. 9,
by Harry B. Heath, District Clerk, for the purchase of a $12,000 issue of
school bonds. Due $700 from 1932 to 1947 incl., and $800 in 1948. A
certified check for 2% of the bid is required.
THREE RIVERS SCHOOL DISTRICT (P. 0. Three Rivers), Live
-BOND SALE.
-A $50.000 issue of 4;1% school bonds
Oak County,Tex.
has purchased py the State School Board at a price of 101.25, a basis of
about 4.65%. Due from 1929 to 1968.
-Earle L.
TOLEDO, Lucas County, Ohio.
-BOND OFFERING.
Peters, Director of Finance, will receive sealed bids until 12 m. Oct. 9, for
of the following Issues of coupon or registered bonds aggregatthe purchase
ing $1,090,000 to bear interest at the rate of 4%%:
$500,000 grade crossing bonds. Dated Sept. 1 1928. Due Sept. 1, as
follows: $16,000, 1930 to 1939 incl.; and 517,000. 1940 to 1959 incl.
175,000 water works bonds. Dated Sept. 1 1928. Due $7,000, Sept. 1
1930 to 1954 incl.
100,000 public hall bonds. Dated Oct. 1 1928. Due $4,000, Oct. 1 1930
to 1954 incl.
80,000 bridge bonds. Dated Sept. 1 1928. Due Sept. 1, as follows:
56.000. 1930 to 1934 incl.; and $5,000, 1935 to 1944 incl.
90,000 fire station bonds. Dated Sept. 1 1928. Due 86,000. Sept. 1
1930 to 1944 incl.
50,000 motor fire apparatus bonds. Dated Sept. 1 1928. Due $5,000,
Sept. 1 1930 to 1939 incl.
45,000 bridge repair bonds. Dated Sept. 1 1928. Due 59,000, Sept. 1,
1930 to 1934 incl.
25,000 park boulevard bonds. Dated Sept. 1 1928. Due Sept. 1, as
follows: $3,000, 1930 to 1934 incl.; and $2,000, 1935 to 1939 incl.
25,000 street name sign bonds. Dated Sept. 1 1928. Due $5,000 Sept.
1 1930 to 1934, inclusive.
Denoms.$1,000. Prin. and int. payable at the Chemical National Bank,
New York City. A certified check payable to the order of the Commission
of Treasury, for 2% of the bonds offered is required. Legality to be approved by Squire, Sanders & Dempsey of Cleveland.
Statistics of the City of Toledo.
$730,654,062.50
Actual value of property (estimated)
584,523,250.00
Assessed value for taxation (1927)
29,024,866.30
Total bonded debt (now outstanding)
1,790,000.00
Water bonds included above
None
Electric light bonds included above
2,391,566.60
Special assessment bonds included above
for water, light and spec, assess. bds.) 6,271,320.15
Sinking fund (except
None
Floating debt
None
Bonds authorized (not to be sold at this time)
(estimated), 313,200.
Population (1920 census), 243,164; July 1 1928
-BOND SALE.TRANSYLVANIA COUNTY (P.O. Brevard), N. C.
A $56,000 issue of 5% road and bridge bonds has been purchased by the
First Citizens Corp. a Columbus. Denom. 51,000. Dated June 15 1928.
Due from June 15 1931 to 1943. incl. Interest payable J. & D. 15.
-BOND OFFERING.
TRUMBULL COUNTY (P.O. Warren), Ohio.
David H. Thomas, Clerk Board of County Commissioners, will receive
sealed bids until 1 P. M. October 16. for the purchase of $143,500 4%%
road improvement bonds. Dated October 1, 1928. Due as follows: $8,500,
April and 58,000. Oct. 1, 1929:$7,000. April 1, 1930: also $7,000. April and
October 1. 1931 to 1938, inclusive. Principal and interest payable at the
office of the County Treasurer. A certified check pa)yable to the order of
the Treasurer, for $1,000 is required.
-The $45,000 issue of
TROY, Lincoln County, Mo.-BOND SALE.
434% sanitary sewer system bonds offered for sale on July 18-V. 127.
Denom.
-was awarded to the Commerce Trust Co. of Kansas City. Prin.
p. 449
and
$1,000. Dated Aug. 1 1928. Due from Aug. 1 1930 to 1948.
hit. (F. & A.) payable at the First National Bank of St. Louis. The
issue of Oi% school building bonds also offered on July 18$35,000
-was also awarded to the Commerce Trust Co. of Kansas
V. 127, p. 449
City. Denom. $1,000. Dated Aug. 1 1928. Due from Aug. 1 1931 to
1948.
-BOND OFFERING.TRUMBULL COUNTY 'P.O. Warren), Ohio.
David H. Thomas, Clerk Board of County Commissioners, will receive
purchase of $30,100 44% road
sealed bids until 1 p. in. Oct. 15 for the
bonds. Dated Oct. 1 1928. Denom. $1,000, one bond for $100. Due
as follows: 52.100. April and $2,000, Oct. 11929; $2,000, April and Oct. 1
1930 to 1933 incl.; and $1,000, April and Oct. 1 1934 to 1938 Incl. Prin.
and int. payable at the office of the County Treasurer. A certified check
Payable to the order of the Treasurer, for $1,000 is required. Purchaser
to pay for legal opinion.
-BOND OFFERING.
TRUMBULL COUNTY (P.O. Warren), Ohio.
David H. Thomas, Clerk Board of County Commissioners, will receive
bids until 1 p. m. Oct. 8,for the purchase of an issue of $92,600 4%%
sealed
road bonds. The bonds are dated Oct. 1 1928 and mature as follows:
1 1930 to
$5,600. April and 55.000. Oct. 1 1929; $5,000, April and Oct. Prin. and
1934. incl.; and $4,000. April and Oct. 1 1935 to 1938, Incl.
int. payable at the office of the County Treasurer. A certified check payable to the order of the Treasurer for $1,000, is required.
-Sealed bids will
-BOND OFFERING.
TULSA, Tulsa County, Okla.
of the
be received until 7.30 p. m. on Oct. 15, by W. It. Hendee, Clerk rate
Is
series 1928 school bonds. Int.
Board of Education, for $1,750,000
not to exceed 5%. No bid for less than ;par can be accepted. Denom.
Dated Nov. 1. 1928 and due on Nov. 1, as follows: $80,000 from
$1,000.
1933 to 1952, incl. and $150,000 in 1953. Prin. and semi-annual int.
payable at the Chase National Bank in New York City. Authority:
Section 26, Art. 10. Constitution, and Art. 6, Chap. 219, Session Laws of
1913. Board of Education will print bonds. Legal opinion ofStorey,
Thorndike, Palmer & Dodge of Boston will be furnished. A certified
check for 2% of the bid is required.
TUSCARAWAS COUNTY (P. 0. New Philadelphia), Ohio.-130ND
SALE.
-The 5195.000 5% hospital improvement bonds offered on October
-were awarded to Otis & Co. of Cleveland, as 43.s,
3.-V. 127, p. 1560
at a premium of $646.00 equal to 100.33 a basis of about 4.95%. The
bonds are dated March 1, 1928 and mature as foltows: $6,000, March and
57.000. September 1, 1929 to 1943 inclusive.
TUSCABAWAS TOWNSHIP RURAL SCHOOL DISTRICT, Stark
-At the general elections to be held
-BOND ELECTION.
County, Ohio.
on Nov. 6, the qualified voters will pass on a bond issue of $28,000. The
proceeds of the issue will be expended for the purchase of acquiring a site
and erecting a new school building thereon. Maturity not to exceed 24
years.
-BOND OFFERING.UNION COUNTY (P. 0. Elizabeth), N. J.
N. R. Leavitt, County Treasurer, will receive sealed bids until 12 in. Oct.
15 for the purchase of an issue of 52,100.000 4I% or 4%% coupon or
registered roadridge and hospital bonds. Dated Oct. 15 1928. Denom,
15, as follows: $80,000, 1929 to 1940 incl.; 590,000, 1941
$1,000. Due Oct.O
to 1946 incl.; and $100,000, 1947 to 1952 incl. Prin. and int, payable in
OCT. 6 1928.]
FINANCIAL CHRONICLE
gold at the Central Home Trust Co. Elizabeth. No more bonds
to be
awarded than will produce a premium of $1,000
'
$2.100,000. A certified check payable to the order of the County forover of the bid
2%
is required.
Legallty to be approved by Reed, Hoyt & Washburn of New York.
UNION TOWNSHIP (P. 0. Union), Union County, N. J.
-BOND
SALE.
-The following issues of coupon or registered bonds aggregating
$119,000 offered on Oct. 1-V. 127, p. 1560
-were awarded to Lehman
Bros. of New York as below:
$83,000 assessment bonds as 5s at a premium of $630.80. equal to 100.76,
a basis of about 4.83%. Due June 1, as follows: $8,000, 1929 to
1933 incl.; $10,000, 1934; and $11,000, 1935 to 1937 incl.
36.000 public improvement bonds as 5s at a premium of $367.20. equal
to 101.02, a basis of about 4.79%. Due $4,000, June 1 1930 to
1938 incl.
Dated June 1 1928.
VALLEY COUNTY SCHOOL DISTRICT NO. 1 (P.O. Glasgow),
Mont.
-MATURITY.
-The $35,000 issue of 5%
that was awarded at par on Sept. 25 to the State of coupon school bonds
Montana-V. 127. 13•
1840
-is due in 1948 and optional in 1933. The only other bidder was
Seasongood & Mayer of Cincinnati, offering a premium of $288 for
5% %
bonds.
1983
Maupin. Ore., said bridge being a part of The Dalles-California highway
system. These bonds can only be used for road purposes as above specified
and are not refunding bonds.
WASHINGTON COUNTY (P. 0. Marietta), Ohio.
-BONDS OFFERED.
-Frank J. McCauley, Clerk Board of County Commissioners,
received sealed bids until Oct. 5, for the purchase of $495,265.71 5% road
improvement bonds. The bonds mature semi-annually from 1929 to 1938
inclusive.
WAYNE COUNTY (P. 0. Goldsboro), N. C.
-BOND SALE.
-The
two issues of coupon bonds aggregating $227,000 offered for sale on
-V.127, p. 1561-were awarded to N. S. Hill & Co. of Cincinnati asOct. I
43(%
bonds, for a premium of $692. equal to 100.249, a basis of about 4.72%.
The issues are divided as follows:
$173,000 school building bonds. Due from Oct. 1 1931 to 1955. incl.
104,000 school funding bonds. Due from Oct. 1 1930 to 1942, incl.
WELLS COUNTY (P. 0, Bluffton), Ind.
-BOND OFFERING.
Sealed bids will be received by Roy E. Sawyer. County Treasurer, until
2.30 p. m. Oct. 25,for the purchase of an issue of $25,000 County Detention
Home bonds to bear interest at the rate of 4%% and mature in from I to
10 years.
WETHERSFIELD, Hartford County, Conn.
-BOND SALE.
-The
$200,000 4SI% coupon school bonds offered on Sept.28-V. 127, p. 1710
were awarded to the Travelers Insurance Co. of Hartford, at par. The
bonds are dated Oct. 1 1928 and mature $15,000, Oct. 1 1929 to 1948 incl.
The following bids were also submitted:
BidderRate Bid.
Estabrook & Co. and Putnam & Co
99.83
Conning & Co.and R.L. Day & Co
99.59
WINNESHIEK COUNTY (P. 0. Decorah), Iowa.
-BONDS OFF'ERED.-Bids were received until 2 p. m.on Oct. 5 by C. P. Seim. County
Treasurer, for the_purchase of an issue of $150,000 primary road bonds.
Denom. $1,000. Dated Oct. 1 1928. Due $15,000 from May 1 1934 to
1943 Incl. Optional after May 1 1933. Blank bonds to be furnished by
the purchaser. County will furnish legal approval of Chapman & Cutler
of Chicago.
VALLEY COUNTY SCHOOL DISTRICT NO. 2 (P. 0. Frazer),
Mont.
-BONDS NOT SOLD.
-The $30.000 issue
to exceed 6%
school bonds offered on Sept. 29-V. 127, p• 1419of notnot sold
-was
as the
sale was called off on account of school division.
VALPARAISO, Porter County, Ind.
-BOND SALE.
-The $25,000
5% general purpose bonds offered on Sept. 28-V. 127, p. 1286
-were
awarded to Thompson, Kent & Grace, Inc. of Chicago, at a
premium of
$1,365, equal to 105.46,.basis of about 4.40%. Dated Oct. 1 1928.
Due
$1,000. July 1 from 1929 to 1953 incl.
VAL VERDE SCHOOL DISTRICT (P. 0. Riverside),
Riverside
County, Calif.
-BOND OFFERING.
-Sealed bids will be received until
10 a. m. on Oct. 15 by T. C. Jameson, Chairman of the Board of Supervisors, for the purchase of a $28,000 issue of 5%7 school bonds. Denom.
$1,000. Dated Oct. 15 1928. Due $1,000, 1930 to 1939 incl. and
$2.000,
1940 to 1948 incl. Prin. and semi-annual int. payable
WYANDOTTE COUNTY (P.O. Kansas City),Kan.-BOND SALE.
Treasurer's office. No bid for less than par acceptable. Aat the County
certified
for 5% par of the bonds, payable to the Clerk of tJe Board, must check The $101,464.66 issue of 434% coupon road impt. bonds offered for sale
accom- on Sept. 24-V. 127, p. 1711-was awarded
pany bid.
at par to the State School
Fund Commission. Dated July 1 1928. Duefrom July 1 1929 to 1943 incl.
VANDERBURG COUNTY (P.O. Evansville), Ind.
-BOND SALE.
YOUNG AMERICA TOWNSHIP (P. 0. Hume), Edgar County, Ill.
The $22,000
% road bonds offered on October 2.-V. 127, p. 1710
- -MATURITY.were awarded to the J. F. Wild Investment
Indianapoils, at a Worley & Co. of The $77,000 5% road impt. bonds awarded to T. A.
premium of $100.00 equal to 100.45 a basis of Co. of 4.41%.
Chicago
-V. 127. p.
about
The bonds bonds due on June 1. $1,000, 1933 to 1841-mature as follows: 555.000
are dated October 2, 1,.28 and mature $1,100, on May and
1935 incl.: $7.000, 1936: 58,000. 1937
November 15, and 1938; $9,000, 1939, and $10.000,
1929 to 1938 inclusive.
1940 and 1941: 22,000 bonds due
June 1, $1,000, 1933 to 1941 incl., and 313,000, 1942.
VIRGINIA BEACH, Princess Anne County,
Va.-ADDITIONAL
INFORMATION.
-The $20,000 issue of 5% water bonds
XENIA, Greene County, Ohio.
-BOND OFFERING.
-T. H. Zell,
chased on Sept. 24 by Mottu & Co. of Norfolk-V. 127, that was pur- City Auditor will receive sealed bids until 12 m. Oct. 19, for the purchase of
p. 1840
awarded to them at a price of 100.625, a basis of about 5.45%. -was an issue of $2,000 5%7_ water works extension bonds.
0
Dated Sept. I
Due in
30 _years.
1928. Denom. $500. Due $500 Sept. 4 1930 to 1933 incl. A certified
Other bids received were as follows: Investment Corporation
check payable to the order of the City Treasurer, for 2% of the bonds offor $20,000of water bonds.100 :Magnusand Co.,of Cincinnati of Norfolk fered is required.
for
water and improvement bonds, par and accrued interest; Bohmer, $25.000
and Co.• of Cincinnati, for $25,000 of water and improvement Reinhart
bonds, 99
and accrued interest.
WACO. McLennan County, Texas.
-BOND SALE.
-The
of 4%% bonds,aggregating $400.000 as offered for sale on Oct. five issues
2-V.127.P•
-were jointly awarded to Kauffman. Smith & Co.
1560
of St. Louis, and
Taylor, Ewart & Co. of Chicago, for a premium of $3,120,
a basis of about 4.45%. The issues are divided as follows:equal to 100.78,
$180,000 school improvement bonds. Due $4,000. 1939 to
1948; $6,000.
1949 to 1958 and $8.000, 1959 to 1968, all incl.
110,000 street improvement bonds. Due $3,000, 1934 to 1963
and $4,000.
1964 to 1968. all incl.
50,000 airport bonds. Due $3,000, 1954 to 1963 and
$4,000, 1964 to
1968. all incl.
mem drainage bonds. Due $1,000.
1949 to 1958 and $2,000, 1959 to
1968, all incl.
30,000 bridge bonds. Due $1,000 from 1949 to 1958
and $2,000, 1959
to 1968, all incl.
Denom. $1,000. Dated Oct. 11928. Prin. and int. (A. &
0.) payable
at the U.S. Mortgage & Trust Co. in New York City.
The second highest
bid was submitted by a group composed of the Harris
Bank, the First Trust & Savings Bank. bosh of Chicago, Trust & Savings
and the National
City Co. of New York,offering 100.32.
WARREN SCHOOL DISTRICT, Warren County,
Pa.
-BOND
OFFERING.
-W. S. Clark, Secretary Board of
sealed bids until 5 p. m.(to be opened at 7 p. m.)onDirectors, will receive
Oct.8 for the purchase
of $195,000 43i% school bonds. Dated Oct. 15 1928.
Denom. $1.000.
Due Oct. 15 as follows: $5,000. 1929 to 1943 incl.,
1958 incl. A certified check, payable to the orderand $8.000, 1944 to
of the district, for
$3,000 is required.
CANADA, its Provinces and Municipalities.
BRIDGEBURG, Ont.-BOND SALE.
-The $77,432 15
-year local
improvement debentures bearing interest at the rate of 534 and the 25.000
30
-year high school debentures bearing interest at the rate of 5% were
both awarded to Harris. MacKeen & Co. of Toronto. at a price of 98.
BRITISH COLUMBIA (Province of).
-BOND SALE CONFIRMED.
The unofficial report which appeared in.
-V. 127. p. 184I-relative to the
private sale of $6,000.000 bonds to a syndicate composed of the Canadian
Bank of Commerce, the Dominion Securities Corp, Wood, Gundy & Co..
and A. E. Ames & Co.. all of Canada, and Dillon, Read & Co. of New
York, was confirmed, according to the Montreal "Gazette" of Oct. 2,
which said:
.s..4
"Hon. W. C. Shelly, Minister of Finance, Saturday confirmed the sale
of $6,000.000 twenty-five-year, four and one half per cent. Province of
British Columbia debentures to yield 4.92 per-cent. The sale was made by
private transaction to a Canadian syndicate with United States financial
houses also interested.
Mr. Shelly stated, however, the financial policy of the Government
would be to sell bonds by public tender. The recent sale by private
transaction, he said, was made after the Finance Department had thoroughly
canvassed the situation and obtained the best financial advice, including
that of the banks of the Province.
"This action saved the Province from paying an extremely high rate
of interest." Mr. Shelly said, quoting less favorable terms received by
Eastern Provinces in recent sales."
EAST WHITBY TOWNSHIP (P. 0. Columbus), Ont.-BOND
OFFERING.
-Sealed bids will be received by P. G. Purves, Township
Clerk, until 4job. m., Oct. 12. for the purchase of two issues of school bnoda
aggregating $70,000 to bear interest at the rate of 434% and mature in
30 annual instalments. These are the bonds offered unsuccessfully.on
Sept. 4-V. 127, p. 1149.
GRAND MERE, Que.-BOND SALE.
-The $50,000 issue of 5% semiannual improvement bonds offered on Oct. 1-V. 127, p. 1841-were
awarded to Rene L. Lerclec, Inc. of Montreal. at 99.161. The bonds are
dated Sept. 1 1928 and mature serially in 30 years.
_
MELFORD, Sask.-BONDS NOT SOLD.
-The 565.000 water works
extension system bonds authorized to bear nterest at the rate of either
534 or 6% offered on Sept. 15-V. 127, p. 1419
-were not sold as no tender
submitted was accepted. The bonds will be reoffered in the spring.
WASCO COUNTY (P. 0. The Danes), Ore.
-BOND OFFERING,
Sealed bids will be received by W.L. Crichton, County Clerk,
on Nov. 15 for the purchase of a $50,000 issue of road bonds.until 10 a. m.
Int. rate is
not to exceed 67', Denom. $50 or multiples thereof up to $1,000.
Dated
Nov. 15 1928. Due $5,000 from Nov. 15 1933 to 1942 incl.
The bidders
will state whether they will print the bonds. A certified check
for 5% of
par of the bid, payable to the County Clerk, is required.
Entire amount of road bonds authorized was $800,000.
there has been sold $150,000, sold Jan. 14 1922, being 20 Of this amount
-year
0
also $50,000.sold Aug.5 1922. being 5% serial bonds, retirable 13.7 bonds;
in from 5 to
15 years; also $200,000. sold June 1 1923, being serial 5%
bonds, retirable
from 5 to 15 years: also $250,000, sold June 9 1924, being
serial
retirable 5 to 15 years: also 550,000, sold May 1 1925. being 5% bonds.
serial 4 %
)
bonds, retirable 5 to 15 years.
The sale of $50,000 road bonds are a part of the unsold
inal $800.000 road bonds authorized at election of June 7 bonds of the origWESTON, Ont.-BOND ELECTION.
1921.
-An election will be held on
These bonds issued for the purpose of co-operation
Commission on 50-50 basis for construction of Statewith State Highway Jan. 1. to allow the rate-payers to pass on a $100.000 sewer debenture
highway bridge at by-law according to the Sept. 28 issue of the "Monetary Times" of Toronto.
FINANCIAL
FINANCIAL
NEW LOANS
NOTICE.
We Specialize in
City of Philadelphia
3s
31 2s
/
48
/
41 4s
42
/
1
s
5s
51/ 8
4
51 28
/
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1522 Locust Street
Philadelphia
Private Wire to New York
Call Canal 8437
Notice is hereby given that sealed bids will be
received until 10:00 o'clock a. m., on October
17th, 1928. by the Board of County Commissioners of Dare County, North Carolina, at the
Court House in the Town of Manteo, N. C., for
the purchase of $38,500 School Funding Bonds.
dated August 1st, 1928, and maturing $2,000
August 1st. 1930 to 1939, 55.000 August 1st,
1940 to 1942 and $3,500 August 1st, 1943, all
PENOBSCOT BLDG., DETROIT
inclusive, without option of prior payment,
bearing interest at the rate of 6% per annum,
payable semi-annually, both principal and interest
payable at the First National Bank, in the City
and State of New York.
Bidders must present with their bids a cerMINING ENGINEERS
tified check upon an incorporated bank or trust
company unconditionally payable to the order
of the County for two per cent of the face value
of the bonds bid for, to secure the County against
any loss resulting from the failure of the bidder to
comply with the terms of his bid.
Mining Engineers and Geologists
The right is reserved by the Board of County
Commissioners to reject any or all bids or to
COAL AND MINERAL PROPERTIES accept the bid deemed most advantageous tojhe
.
County.
MELVIN R.DANIELS,Clek,
Examined, Managed, Appraised
Board of County Commissioners,
Drexel Building
PHILADELPHIA
Monte°. North Carolina.
WilITTLESEY.
mcLEAN &CQ,
MUNICIPAL BONDS
H. M. CHANCE & CO.
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