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The
Ftnancial
rontde
INCLUDING
Railway& Industrial Compendium
Public Utility Compendium
State & Municipal Compendium
Railway Earnings Section
VOL. 125.
Bank and Quotation Section
Bankers' Convention Section
SATURDAY, SEPTEMBER 10 1927.
Nixe Thronitle
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The Financial Situation.
Two statements of brokers'loans have been issued
the present week, the first the monthly return of the
New York Stock Exchange giving figures up to the
close of business on Aug. 31, and the second the regular weekly return issued by the Federal Reserve
Board on Thursday of this week, which brings the
figures down to the close of business on Wednesday. Both run true to form. By this we mean that
in the present excited and uncontrolled speculation
on the Stock Exchange it is idle to look for any substantial contraction in the volume of this class of
borrowing at the banks, but instead the probabilities
are that these loans will keep expanding to larger
and still larger dimensions. And that is the story
both seta of figures before us tell, that is, both establish new high records, thereby indicating how steadily speculative operations are expanding. In the
present circumstances nothing else is to be expected,
since the higher prices go with the volume of transactions maintained, the more money that will be
required to carry them and it should be noted that
at present the speculation is proceeding in plain
disregard of existing trade conditions, which palpably have been unfavorable for some time past. And
additional significance is given to the matter by the
action of the Federal Reserve Board the present
week in peremptorily ordering the Federal Reserve
Bank of Chicago to reduce its discount rate. The
step is without justification or excuse. The Chicago
bank serves a large agricultural community and
should be the best judge as to whether a reduction
in the rate will benefit that community or simply
lead to a flow of funds to New York to promote
speculative ends.
Previously the advances in prices on the Stock Exchange which have been in progress for many years
NO. 3246.
and have reached huge and startling proportions,
have had as their foundation the rising tide of
prosperity in the business world. And there has
been at least logic in the argument that rising prosperity in trade and business warrant rising security
values, since these securities depend so largely on
the profits of trade and manufacturing. But now
the tide, at least for the time being, has changed.
The tide is no longer on the flood, but is ebbing.
It has been steadily ebbing since last spring. The
returns of earnings for the month of July, which
we review at length in a separate article on a subsequent page, have been an eye-opener in that respect. They show really frightful losses as compared with the same months of last year in gross
and net earnings alike, and while there have been a
number of special contributory causes the losses are
so general and widespread extending to all classes of
roads and to all parts of the country that it is impossible to explain them except on the theory of
general trade recession. Fortunately, signs are beginning to multiply of an early change for the better. If the losses in earnings should continue on
the scale experienced during July, the foundation of
security values would completely disappear and
there is not a security on the whole Stock Exchange
list that could escape the consequences. As it is,
it will take a long time to make up the losses suffered in this single month.
But the speculation proceeds in the same daring
and reckless way as before. And there is obviously
greater menance in it now that it is being fed
entirely by easy money and easy credit and no longer
has the support of growing profits and growing
earning power, upon which all security values in
the end must rest.
This is the reason why these returns of brokers'
loans are deserving of such close scrutiny and study
and why their expanding volume furnishes so much
occasion for deep and serious apprehension. The
light and easy way of dismissing the matter by saying that everthing else in the country is growing,
hence borrowing on the Stock Exchange must also
be expected to grow—albeit these brokers' loans
have. already exceeded all legitimate bounds—betrays ignorance of what is involved in letting speculation proceed without limit and restraint, for in
the end the bubble will surely burst. We know full
well that at the moment no one gives heed to suggestions of caution, but that does not make the menace
any the less real.
Coming now to the figures themselves, which by
their magnitude convey such a striking picture of
the situation, the Stock Exchange returns have from
the first been running somewhat larger than those
1362
THE CHRONICLE
of the Federal Reserve Board, though both deal
with amounts of huge magnitude—that is both sets
of figures are well in excess of $3,000,000,000. The
method of compiling the figures is somewhat different and the Stock Exchange method would appear
to be the most comprehensive. The Stock Exchange
figures show "total net loans by New York Stock
Exchange members on collateral, contracted for and
carried in New York." This total for Aug. 31 is
given as$3,673,891,333, which compares with $3,641,695,290 on July 30 and with only $3,138,786,338 on
Jan. 31 of the present year, since which date the
amount has been uninterruptedly rising month by
month. As compared with the low point last year,
which was $2,767,400,514 on May 28, the present
total shows an expansion, it will be seen, of no less
than $906,000,000.
The figures furnished by the Federal Reserve
Board relate only (to use the exact phraseology employed in the returns) to the 52 reporting member
banks in New York City, but these banks report not
only the "loans to brokers and dealers (secured by
stocks and bonds)" which they make for their own
account, but also those which they make for account
of out-of-town banks and likewise those made for
account of others. The grand total of loans on that
basis on Sept. 7 of the present week stood at $3,206,299,000, as against $3,184,058,000 on Wednesday of
the previous week and $3,168,074,000 two weeks
ago. This week's addition, as already indicated,
carries the amount in this instance also to a new
peak, and it is well enough to recall that new high
records have been repeatedly established in that
respect in recent months. On June 15 a new peak
was recorded at $3,159,876,000. On Aug. 3 another
new high figure was recorded at $3,171,845,000 and
on Aug. 10 a still higher peak was registered at
$3,190,329,000, while now for Sept. 7, as stated, the
record is again broken at $3,206,299,000. As compared with the low figure of last year, recorded on
May 19, when the amount was reported at $2,408,695,000, after public sentiment had forced liquidation on the Stock Exchange, this week's total shows
an expansion of $797,604,000.
This week's returns of the Federal Reserve banks
themselves are also suggestive. They show that the
member banks are again increasing their borrowings
at the Federal Reserve institutions. During the
week the discount holdings of the twelve Federal
Reserve banks (representing the direct borrowing of
the member banks) increased from $400,524,000 to
$449,484,000 and the acceptance holdings (reflecting indirect borrowing by the member banks) ran
up from $185,128,000 to $197,306,000. As if this
were not enough, the Federal Reserve banks added
still further to their holdings of United States securities, thereby pushing still more Reserve credit
into use. Holdings of Government securities for
the present week are up to $499,469,000, against
$472,814,000 a week ago. The result, altogether, is
that total holdings of bills and securities during
the week rose from $1,058,786,000 to $1,146,579,000.
The Reserve banks are certainly doing their part to
accentuate ease in the money market, thereby promoting Stock Exchange speculation. And that the
Federal Reserve Board is in full accord with this
policy is evidenced by its action in compelling the
Reserve banks to lower their rates even against their
own judgment. As previously pointed out, Federal
Reserve holdings of United States Government se-
[VOL. 125.
curities have been steadily added to in all recent
weeks and at $499,469,000 Sept. 7 comparison is
with only $385,016,000 July 27, showing an addition
in the interval of six weeks over $114,000,000.
As to the further changes during the week in the
Reserve statements, the deposits of the twelve Reserve banks (made up mainly of the reserve account
of the member banks) increased during the week
from $2,341,283,000 to 2,367,759,000. The amount
of Federal Reserve notes in actual circulation was
also heavily increased, rising from $1,676,440,000 to
$1,720,715,000, while at the same time gold reserves
fell from $2,997,923,000 to $2,989,693,000. As a consequence, the ratio of total reserves to deposit and
Federal Reserve note liabilities combined fell from
78.3 to 76.4%. There was no material change during the week in the amount due from foreign banks,
representing what these foreign institutions still
owe the Reserve banks for the gold abroad purchased
by them from the Reserve institutions. It should
be noted that more than the whole of the increased
borrowing, direct and indirect, from the Reserve
institutions by the member banks Was in the New
York Federal Reserve District. At the Federal Reserve Bank of New York the discount holdings during the week increased from $106,188,000 to $176,688,000 and the acceptance holdings from $77,807,000 to $78,844,000, while the holdings of Government
securities were at the same time enlarged from $88,144,000 to $100,405,000. Altogether the total of bill
and security holdings during the week was raised
in the New York Reserve District from 272,139,000
to $355,937,000, an addition of no less than $83,798,000.
Last Saturday's return of the New York Clearing
House banks and trust companies also deserves a
few words of comment. Loans and discounts, according to the actual figures of condition at the end
of the week, ran up no less than $129,009,000. This
brought with it an increase in the deposits of $99,260,000. Reserves of the member banks kept with
the Federal Reserve Bank was enlarged in amount
of $7,557,000, but this did not prevent a reduction
of $5,568,440 in surplus reserve, leaving excess reserve, however, still at a comfortable figure, nattiely
$15,102,230. Cash in own vaults was reduced in
amount of $2,106,000. These Clearing House institutions continue to show a better condition as to
surplus reserve at the end of the week than in the
averages for the six days, indicating that on some
of these days reserves must have been heavily impaired, otherwise surplus reserves would not show
such a heavy reduction in the averages. The average excess reserve for last week was only $4,255,260,
while the actual reserve at the end of the week ,as
already stated, was $15,102,230.
The stock market has again been the overshadowing feature in affairs with further new high records
from day today. New bond offeringsfor the week have
been less conspicuous, though this leaves out of consideration Goverment financing which has been one
of the conspicuous events of the week. During the
fifteen sessions, beginning Aug. 20, to Wednesday,
Sept. 7, the Dow-Jones industrial average made a
new high thirteen times, advancing from 158.10 at
the close on Friday, Aug. 19, to 197.75 at the close
on Wednesday, Sept. 7. In the same period the
railroad average gained from 139.81 to 140.46 and
the copper average from 34.09 to 34.39. During this
SEPT. 10 1927.]
THE CHRONICLE
period investment bond issues, as evidenced by the
Dow-Jones index of forty bonds, did little less than
hold their own, the average dropping from 98.02 to
97.90. This decline, however, is practically negligible. During this entire period the call money
rate remained unchanged at 3 %, and develop/
1
2
ments in connection with the banking and money
situation, in so far as there were any, pointed rather
in the direction of greater ease, though yesterday
there was a spurt in the call loan rate to 4%.
The terms of United States Government financing
announced on Monday were in line with expectations of continuing easy money, the offerings
comprising six months 3% certificates at par and
three to five-year 3 % Treasury notes at par. The
/
1
2
3 % notes were not only offered for cash at
/
1
2
par, but in exchange for the approximately $1,200,000,000 Second Liberty bonds dill outstanding.
The quick closing of the books with cash subscriptions aggregating $1,670,000,000, as against a cash
offering of only $500,000,000, testify to the success
of the undertaking and have exercised a favorable
influence upon the prices of high grade investment
bonds.
There are a number of indications of a reviving
business situation after something more than midsummer seasonal dulness. The steel industry has
given clear signs of an improving situation. Car
loadings have risen to the highest of the year, those
for the week ended Aug. 27 totaling 1,109,225 cars.
The figures, however, were not up to the corresponding week of last year, which exceeded the 1927 figures by 19,338 cars. Commodity prices now for some
weeks have reflected an improving situation. The
Irving Fisher weekly index of wholesale commodity
prices was back to 142.1 on Sept. 2, comparing with
an August average of 141.1 and a July average,
which was the lowest of the recent movement, of
138.6. Other indices of prices quite conform with
this, apparently indicating that the long, slow decline, which has prevailed during the past few years,
has apparently come to an end, that is, prices appear
t9 be stabilizing. However, this probability should
by no means be considered a certainty. In the first
place the index of prices has been largely influenced
by the sharp advance in cotton which has been
brought about by the estimates of a short crop and
not by any general price tendencies. The upward
movement in other agricultural products has also
had a strong influence. Still, even allowing for
these things, it would seem reasonably probable that
world prices are stabilizing. The declining tendency
which has prevailed during the past two years has
almost certainly been largely influenced by the
stabilization policies of Europe now in large part
complete.
The really stirring event of the week has been the
report of the Agricultural Bureau at Washington on
the growing cotton crop, still further reducing the
estimate of the probable yield. The department
has cut off another 800,000 bales from its low estimate
of the previous month, bringing the size of the crop
down to 12,692,000 bales as compared with an actual
yield last year of 17,977,374 bales. The report was
made public on Thursday and the effect was to cause
another spectacular rise in the price of the staple,
future options spurting upward the full 200 points
(2 cents a pound) alloWed under the rules of the Exchange on any single day's fluctuations, though not
1363
the whole of this advance was maintained up to the
close of the day's business. We cannot get ourselves
to believe that any such extremely small crop is in
prospect. We have made no investigation of our
own into the matter, but have nevertheless kept
close tab on the crop reports from the different sections of the cotton belt and, allowing for the highly
colored character of the most of these reports, we
cannot find any warrant for a loss likely to reach
anywhere near the extent indicated by the Government figures.
Weather conditions during August in a large part
of the cotton belt were certainly not what could have
been wished and have tended to increase the activities of the boll weevil. Very likely, therefore, these
unfavorable developments have impaired the outlook
as compared With a month ago to the extent of
800,000 bales, but the trouble with the department's
prognostication seems to be that a mistake was made
a month ago in underestimating the probable yield
at that time. It should be borne in mind that both
last year and the year before the department exaggerated the damage done by weevil depredations
and other unfavorable influences and accordingly
estimated the then growing crop several million bales
below the right figure. It seems to have been generally forgotten that last year during July and August
there was the same extensive talk about the damage
being inflicted by the boll weevil as there has been
the present season. Perhaps there has been a more
substantial basis for the talk this year than there
was last year, but the point we wish to emphasize
is that there is always a tendency on the part of the
department, not intentional of course, to exaggerate
and this tendency naturally finds its way into the
estimates of the size of the crop.
Last year the department in its Sept. 1 report cut
455,000 bales from its Aug. 1 estimate and forecast
a crop of 15,166,000 bales; the crop actually reached
17,977,374 bales. In 1925 the department estimated the crop on Sept. 1 at 13,740,000 bales, while
at the end of the season the crop was found to be
16,103,679 bales.
It would not be strange if this experience should be
repeated the present season with favorable weather
conditions from now on—perhaps not to the same
extent and yet aggregating somewhere in the neighborhood of 1,500,000 to 2,000,000 bales.
At all events, a yield of only 12,692,000 bales
seems to discount the worst that can happen from
now to the end of the year and a great deal more
that is not likely to happen at all. In the meantime
it should not escape notice that the Bureau of the
Census reports 1,540,925 bales of cotton actually
ginned up to Sept. 1, against only 696,556 bales up
to Sept. 11925. Back in 1925 the ginnings up to
Sept. 1 were 1,886,399 bales, but that was an extraordinary early crop, while last year's crop, as
well as the present year's crop, are both late crops.
The growing season this year has had many disturbing elements since the opening, and conditions
in August were not good. The Department of Agriculture's report issued at Washington on Thursday,
relates to the condition of the growing cotton crop
on Sept. 1. This is indicated as being at 56.1% of
normal at that date and compares with 69.5% of
normal on Aug. 1 of this year, a depreciation during that month of 13.4 points. The average decline
during August covering the past ten years has been
8.7 points. At the corresponding period of last
1364
THE CHRONICLE
year, or on Sept. 1 1926, the condition of cotton was
placed at 59.6% of normal and in 1925 at the same
date it was 56.2%. A decline of 13 points during
August, while large, is by no means exceptional. In
1918, for nearly corresponding dates, the loss was
practically 18 points. Last year and in 1925, in
spite of some reduction in condition as the season
advanced, prospects as to yield continued to mount
higher and higher right up to the end of picking,
which was carried over well into the new year. The
abandonment of area this year is placed by the Department at 4.8% of the area of cultivation, or a
reduction of 2,057,000 acres, which would leave the
harvest this season a total of 40,626,000 acres. Last
year the area abandoned was 3.5% of the total, but
this left 47,207,000 acres for picking. The estimate
of yield per acre this year is now placed at 149.3
pounds. Based on the Aug. 1 condition this year
a production of 156.8 pounds per acre was indicated.
On Sept. 1 1926 the indicated yield per acre was
placed at 153.6 pounds, while the final production
in 1926 was 182.6 pounds per acre.
There was a loss in condition during August
throughout practically the entire cotton belt. The
boll weevil is given as the cause. The report says:
"Infestation has increased materially in all infested
areas, and the area where weevils are prevalent has
•extended northward," during the month just closed.
The report further adds: "Present damage to
squares and young bolls is very great, but more of
the bottom crop escaped injury than in the years
1920 and 1923." Conditions in those two years are
well remembered. "The present extent of the infestation has quite generally checked fruiting," continues the Department, "and the probability of any
important top crop is small over large areas." But
this is to be taken with many grains of allowance
considering how prone the Department has been to
underestimate the extent of the yield in other years.
It was the top crop that contributed materially to
the record productions of the past two years and the
top crop is always more or less of an unknown quantity. Losses were heavy last month in Oklahoma,
which, next to Texas, is one of the leading cotton
States. The abandonment of area in Oklahoma is
estimated by the Department at 12%, while the
condition in that State during August suffered a
decline of 24 points and was down to 51% of normal
on Sept. 1 this year, in comparison with 63% of
normal a year ago. A yield of only 1,025,000 bales
of cotton is now indicated for Oklahoma this year,
against a production of 1,773,000 bales in 1926. For
Texas the area abandoned is less than the average
for the entire belt, but the condition declined during last month 13 points, and was 56% of normal on
Sept. 1 this year, as against 57% last year. The
yield for Texas for the 1927 crop is now placed at
4,700,000 bales. We shall be surprised if it does
not exceed that amount. Last year's production was
5,628,000 bales. Other important States in which
heavy declines are indicated for this year are Mississippi, Arkansas, Alabama, Georgia, Louisiana and
North Carolina, in the order given. In Mississippi
and Louisiana the area abandoned was slightly
above the average and the condition declined during the past month 11 and 9 points, respectively,
being 57 and 55 for these two States, in the order
named, on Sept.1 of this year. The yield for Mississippi for 1927 is now placed at 1,075,000 bales,
against 1,888,000 bales last year, and for Louisiana
[VoL. 125.
only 487,000 bales, against 829,000 bales in 1926.
For Arkansas there is an average abandonment of
area planted and the condition on Sept. 1 is put at
55% of normal, as against 68% a month earlier.
The yield is estimated at only 970,000 bales, against
1,548,000 last year. In Alabama a yield of 952,000
bales is now indicated, whereas production in 1926
for that State was 1,498,000 bales, and Georgia is
given a crop of 1,035,000 bales, against 1,496,000
bales last year. South Carolina is given the lowest
condition of any of the Cotton States, 48% of normal for Sept. 1 this year, showing a decline of 18
points during August; area abandoned amounted to
6% and the yield is now estimated at 784,000 bales,
against 1,008,000 bales last year. Production is
also reduced in North Carolina, for which State
this year's yield is now placed at 911,000 bales, in
contrast with 1,212,819 bales last year. A decline
appears in the September estimate for every single
State, although in some of the less important ones,
like New Mexico, Arizona and California, the condition is high. All the figures are so extreme as to
shatter confidence in them for that reason alone.
The Government grain crop report, issued at
Washington late yesterday afternoon, gives little
promise of any very great improvement, so far as
this year's corn crop is concerned. Nevertheless, it
is encouraging to find that the estimate of yield is
now made a little higher than it was a month earlier,
though this still leaves it below the normal or average size. The condition as to corn is now fixed by
the Department of Agriculture as of Sept.1 this year
at 69.7% of normal. This is only 1.5 points below
the Aug. 1 condition this year, but compares with a
condition of 73.8% on Sept. 1 1926 for the then
growing corn crop. Even the latter was low, for the
ten-year average condition for corn as of Sept. 1 for
the years 1917 to 1926,inclusive, is 77.3% of normal,
and this includes two or three years of rather low
production, notably that of 1924. The latest estimate of yield based on the Sept. 1 condition issued
by the Department for this year, is 2,456,561,000
bushels, which is about 72,000,000 bushels larger
than the Aug. 1 estimate of production. The corn
crop of last year, which was short, was 2,647,000,000
bushels. Six of the ten years prior to 1927 show a
yield of corn in excess of 2,900,000,000 bushels each
year, and in four of the ten years the production was
larger than 3,000,000,000 bushels. In the disastrous
year 1924, when quantity was reduced and quality
very low, the corn crop amounted to only 2,309,414,000 bushels, which was the lowest for many years.
The estimate now of the present year's harvest is
second only to that of 1924 for the ten years under
review.
Next to corn in the latest crop report comes spring
wheat. This shows a further improvement for the
month just closed. The Sept. 1 condition for spring
wheat this year is 82.7% of normal. This compares
with a condition of only 58.4% of normal last year
at the corresponding date, and a ten-year average
condition as of Sept. 1 of 68.9%. It will be seen
that the condition this year is very high, even above
that of Sept. 1 1924, when the condition on that date
was 82.5%. To get a higher figure it is necessary to
go back to 1915, when the record for many years of
94.6% was made. The production of spring wheat
this year is now placed at 308,125,000 bushels, which
is the highest since 1918, when the yield was 356,339,-
SEPT. 10 1927.]
THE CHRONICLE
000 bushels. Last year's crop of spring wheat was
only 205,376,000 bushels. Including both winter and
spring wheat, the production this year is now placed
at 860,892,000 bushels and compares with the final
estimate of yield for 1926 of 832,305,000 bushels.
The Sept. 1 condition for oats shows some little deterioration from Aug. 1 and is now placed at 70.3%
of normal, the yield on this basis being estimated at
1,191,396,000 bushels. Production of oats last year
was 1,278,741,000 bushels and the estimate for 1927
is less than in any year back to 1921. Barley now
promises a crop of 259,406,000 bushels, as against
188,000,000 bushels last year, and rye 61,500,000
bushels, against 41,000,000. White potatoes suffered some little loss during the month, but the
yield still promises to exceed last year, 399,798,000
bushels, the present estimate for 1927, comparing
with 356,000,000 bushels, the production in 1926.
The yield per acre is put for this year at 114.3 bushels, while last year it was 113.1, and the ten-year
average 111.4 bushels. The production of tobacco is
still somewhat reduced, though there was some gain
during August 1,168,413,000 pounds, the latest estimate, comparing with 1,321,000,000 pounds, the
yield last year.
Two meetings of deliberating bodies of the League
of Nations were begun in Geneva early in the present month. The problems of disarmament and of
finding a method for the international outlawry of
war dominated them both. Acute observers also
reported a portentous change in the atmosphere of
the League, a change which, it was said,"may serve
to chronicle the present session as the turning point
in the history of this organization of sovereign
States." The first meeting was that of the fortysixth session of the League of Nations Council, which
began its proceedings Sept. 1 behind closed doors.
The deliberations of the Council were apparently
perfunctory, being overshadowed by the impending
sessions of the Eighth Assembly of the League, due
to begin Sept. 5. Foreign Minister Briand of France
remained in Paris until the latter date, while Sir
Austen Chamberlain of England and Dr. Strese. mann, the German Foreign Minister, confined their
personal contacts to courtesy calls. As the delegates assembled in Geneva an air of uncertainty
prevailed, fostered by the knowledge that several
representatives of the smaller nations were preparing to assail bitterly the failure of the Preparatory
Disarmament Conference of the League. Criticisms
of the more recent and equally unsuccessful Tripartite Conference (in which the United States was one
of the parties) for the Limitation of Naval Armaments were also seen to be impending. In addition,
the French and British delegates were felt to be
greatly handicapped by the resignations, respectively, of Senator de Jouvenel and Viscount Cecil,
both important members of the League. Lord Cecil,
besides giving up his post in the League, had also
resigned his portfolio in the British Cabinet, giving
as his reason an inability to agree with the attitude
of the British Government toward disarmament.
This, it was said, would necessarily embarrass Sir
Austen Chamberlain.
The Eighth Assembly of the League convened Monday with Senor Enrique Villegas of Chile presiding.
Beside Sir Austen Chamberlain in the British row sat
Lord Onslow, occupying the chair formerly held by
Lord Robert Cecil. M.Aristide Briand led the French
1365
delegates as usual, his principal associates being
Paul Boncour and Louis Loucheur. Germany was
represented by Dr. Stresemann and Count Bernstorff. League members not sending delegations
were cited as Argentina, Bolivia, Brazil, Honduras,
Peru and Spain. The first item on the agenda of the
meeting was the election of a new President of the
Assembly. This post, in a secret ballot, went to
Alberto N. Guani, the Uruguayan Minister at Paris.
The voting was close, Senor Guani receiving a majority vote of only one over Count Albert Mensdorff
of Austria. Of more interest than the voting, however, was the opening speech of Senor Villegas, who
plunged straight into a discussion of the Preparatory Disarmament Commission and of the Tripartite
Naval Conference. He referred to the Preparatory
Commission's "apparent slowness" in making progress along the path of disarmament. Then, alluding
to the meeting of the naval delegates of the United
States, Great Britain and Japan, he said: "The
problem before them proved so complex that they
were obliged to abandon it and postpone the attempt
to solve it to another occasion. How, then, can we
be surprised that the general convention for reduction of armaments comprising all nations has also
met with difficulties? Last year at the Assembly
doubts were expressed as to the possibility of progressing rapidly. Experience has shown that the
task is immense and can only be accomplished by
stages. The League has already passed some of
these stages. It has not failed in its task, but has
courageously set to work on the program laid down.
Its technical committees have completed their work
and the Preparatory Commission has already established in part the principles which are to form the
core of the future general convention for the reduction of armaments." A general discussion of disarmament was regarded as all the more certain to
take place in the Assembly in view of this opening.
The remainder of the first session of the meeting was
devoted to the perfecting of the organization. Vittorio Scialoja of Italy was chosen Vice-President.
The proceedings of the League of Nations Assembly continued Tuesday with Senor Guani in the
chair. Six permanent commissions were organized
during the morning session. In the afternoon session Jonkheer Belaerts van Blokland, Foreign Minister of Holland, surprised the Assembly by being
the first member to bring up the question of disarmament. The Dutch statesman declared that moral
and practical disarmament was not only the prime
mission of the League, but also a subject now absorbing the thought of the entire world, particularly
the United States, where outlawry of war was becoming a popular phrase. He therefore offered a
resolution "that the Assembly, convinced without
reopening the .discussions of the Geneva protocol
that it is desirable to consider whether the time has
not come to resume the study of the principles on
which that protocol was based, and considering it
of the highest importance that the Assembly should
give an impulse to the work of the Preparatory Commission for a disarmament conference, decide to refer the study of the fundamental principles of the
Geneva protocol and the conclusion of the Preparatory Commission's report to an appropriate committee." The Dutch resolution caused a hasty adjournment of the sitting so that the delegations
might have a chance to study and discuss it. A sec-
1366
THE CHRONICLE
ond plan, furthering peace and disarmament, was
proposed Wednesday by the chief Polish delegate,
M. Sokal. This was presented to all delegations in
the course of the day and read as follows: "Recognizing the solidarity which unites the Commonwealth
of Nations, inspired by a strong will to insure the
maintenance of universal peace; affirming that war
ought never to serve as a means of settlement for
disputes between nations and that, therefore, a war
of aggression represents an international crime, and
considering that solemn renunciation of all war of
aggression would be an excellent means of creating
an atmosphere of general confidence eminently favorable to the procedure and development of the
work begun along the lines of disarmament, the
Assembly declares as follows: 1. Any recourse to
war in order to settle international disputes is and
remains forbidden. 2. Every dispute of whatever
nature arising between States or nations cannot be
settled except by pacific means. In consequence,
the Assembly urges members of the League to take
action on these declarations and conform to their
principles in their mutual relations.' Belgium also
was reported to be ready with a similar resolution
and it was said to be the general feeling in Geneva
that one of these plans would be adopted by the
Assembly. Opposition was looked for from Sir Austen Chamberlain, whose present position, according
to Wythe Williams, Geneva correspondent of the
New York "Times," is that the Covenant of the
League and the compact of Locarno are as far as
Britain now intends to go in the way of security or
disarmament. Germany also, it was said, would
oppose any new scheme or compact, especially one
sponsored by Poland.
The smaller nations generally, however, appeared
to be almost unanimous in their desire for peace and
disarmament. The Japanese delegate, Mineichiro
Adachi, told the Assembly Wednesday that Japan
ardently desired that ruinous competition in armaments should be brought to a standstill and lowered
to a level strictly essential to national security. He
pledged his country's co-operation with the League
Preparatory Disarmament Commission, which is due
to meet again in November. Mr. Adachi was followed by Erich Lofgren, Foreign Minister of Sweden, who insisted that it was useless to convoke
again before the great military Powers settled the
divergences of views which had appeared at previous
meetings of the Commission. Felix Cielens, Foreign Minister of Latvia, warned the Assembly that
the military budgets of 1926, including naval and
air forces, amounted in Europe to f1,500,000,000,
about the same as in 1913, and that the aggregate
number of soldiers, more than 3,000,000, was only
slightly less than in 1913. Moreover, he remarked,
the technical equipment of armies was far more developed than before the great war. Dr. Rafael
Erich, of Finland, and Friedrich Akel, the Esthonian Foreign Minister, spoke in similar vein. The
movement was referred to in a dispatch to the New
York "Herald Tribune," as a "revolt of the little
countries."
It became plain Thursday that this description
of the movement was an apt one. The big Powers,
it was learned, had whittled the Polish plan down
overnight into so-called platonic idealism. C. J.
Hambro, President of the Norwegian Chamber of
Deputies, thereupon took the floor and severely arraigned both the Powers and the League. He de-
[VOL. 121
dared "his whole Cabinet was disappointed in the
failure of the League to agree, on disarmament principles." The statesmen of a few great Powers, he
continued, often settled questions in private, and
public discussion in the Council afterward was a
mere formality. The small nations, he said, "all
are waiting, wondering what the leading nations are
going to do about disarmament." A supreme council, which had grown up within the League Council,
was really running things, Mr. Hambro charged. He
added that he doubted whether the League leaders
realized the force of the resentment which this development was engendering throughout the world.
He urged, finally, that the meeting of the Preparatory Disarmament Commission, of which the United
States is a member, be held in November as scheduled, and not be postponed. Mr. Hambro's declarations, it was said, were greeted by the audience with
a volume of applause that has hardly ever been exceeded since the beginning of the League. Premier
Voldemaras of Lithuania followed Mr. Hambro and
expressed the belief that the League was being allowed to drift backward. He proposed the neutralization of the Baltic States as one means of guaranteeing the peace of Europe. A defense of the League
Council was attempted by Nicholas Politis of Greece,
who urged that it always must act prudently. This,
however, did not stem the attack on the big Powers,
which was again taken up by Count Apponyi, of
Hungary, who declared that inequalities of armament such as now exist were causing a dangerous
international situation which might soon breed war
instead of peace.
A further step of more than ordinary significance
was taken Thursday at a short session of the League
Council. The number of members of the Mandates
Commission was raised from nine to ten, the new
seat being provided for Germany. This was foreshadowed at the June meeting of the Council, when
Dr. Stresemann indicated that he would make a demand for such representation. But it was not generally thought that his demand would be acceded to
so speedily. Through the new seat on the Mandate
Commission, Germany will again have a voice in
the control of her former colonies.
The increasing pressure by the smaller States in
the Assembly of the League of Nations made it apparent that some declaration of principles or purpose would have to be made by the dominant group
—Great Britain, France and Germany. Poland, according to yesterday's dispatches from Geneva, appeared not in the least content with the revision by
the League leaders of her suggested pact of nonaggression. Her representatives presented a new
draft which declared categorically that "every war
of aggression is and will be forbidden." To bind the
members of the League specifically, the following
clause was added: "The Assembly declares that the
members of the League of Nations are under obligation to obey this principle and requests them to negotiate pacts of non-aggression inspired with the
idea that pacific means should be employed for the
settlement of differences, whatever might be their
nature."
M. Vandervelde of Holland gained the floor, however, and in a powerful speech urged the approval
of The Netherlands resolution to revive the principles of arbitration, security and disarmament of
the Geneva protocol. He insisted that it would be
SEPT. 10 1927.]
THE CHRONICLE
folly to postpone consideration of these great problems, saying that if they are not realizable to-day
they will be to-morrow. But neither the Polish nor
the Dutch proposals were acceptable to the great
Powers. The British spokesman announced that
his country could not support them as they represented an attempt, perhaps disguised, to revive the
Geneva protocol, which the British Cabinet refused
to indorse because it involved the creation of new
obligations for the Empire which the Government
was quite unable to shoulder.
The British attitude was modified somewhat in a
meeting of the League Council which took place yesterday. Sir Austen Chamberlain, the British Foreign Secretary, gave conditional approval to a plan
to extend organized financial assistance to any
nation which was made the victim of aggression.
He remarked that his country would want to see a
tangible reduction of armaments before supporting
the plan. A much larger step was taken for Germany by Dr. Gustav Stresemann, who addressed the
League Assembly yesterday afternoon. The German Foreign Minister announced impressively that
Germany would sign the compulsory arbitration
clause of the World Court of Justice. No great
Power had previously accepted this clause and Dr.
Str
iesemann's declaration was greeted with prolonged applause. Referring to the discussion on
security and disarmament, Herr Stresemann said
that these two things were linked. He declared that
any new war would thrust the world into trouble,
misery and anarchy. The German people, he added,
had definitely adopted a policy of entente and peace.
M. Aristide Briand, the French Foreign Minister,
also rose to the occasion at the annual luncheon in
Geneva yesterday of the League of Nations Journalists' Association. Talking extemporaneously and
alluding to the Assembly attacks on the League, M.
Briand urged the newspaper men not to push their
criticisms of the "magnificent Geneva organism" to
a point which they later would regret. He declared
that the peace structure demanded unremitting efforts, but he pleaded for time and patience. M.
Briand continued: "Moreover, in the word 'peace'
there is a mystic force which does not need codification. The people, especially the women of the world
who have experienced the horrors of war, will see to
it that peace be not broken. The word 'peace' will
triumph throughout the ages."
Relations between France and Soviet Russia, none
too good at any time, were severely strained late
last week when it became known that M. Rakovsky,
the Soviet Ambassador to Paris, had signed a Moscow declaration in favor of an international social
revolution. M. Rakovsky thus presented the curious
spectable of an Ambassador, while at home in his
own country, making public declaration of his intention to support and foster a possible revolutionary movement against the country to which he was
accredited. Foreign Minister Briand,it was learned,
instructed M. Herbette, at Moscow, to make an energetic protest to Foreign Commissar Tchitcherin.
The Commissar promptly disavowed his Ambassador's action. The Quai d'Orsay on Sept. 3 issued a
summary of the incident, which concludes: "As a
result of the intervention of the French Government
the Union of Soviet Socialist Republics has furnished the French Ambassador with a disavowal of
this manifestation, declaring that it reproves in the
1367
most formal and emphatic manner the idea that its
representatives should organize propaganda, insurrection and desertion on the territory of France with
which it entertains peaceful relations."
The declaration of policy which M. Rakovsky
signed was drafted at the recent meeting of the Central Committee of the Communist Party in the Soviet capital. It appealed to soldiers of all countries
to join the Red armies, "as the Union of Soviet Socialist Republics is the fatherland of all workers."
This was construed as an invitation to soldiers to
desert their national armies and the signing of such
a document by an Ambassador was regarded in Paris
as an unprecedented offense. Thoirgh considered
closed from a diplomatic point of view, the incident
was promptly seized upon by the French press,
which almost unanimously demanded the recall to
Moscow of the Russian Ambassador. A Paris dispatch of Sept. 3 to the New York "Times," commenting on the incident, said: "It will be some
time before France follows the English example, but
this incident has served to further the arguments
of those who are for an open rupture." M. Rakovsky, unfortunately for himself, tried to explain the
matter away. "The declaration, which I signed not
as Ambassador but in my capacity as a member of,
the Central Committee of the Russian Communist
Party," he said, "relates to the hypothesis of eventual war against the Soviet Union, and consequently
does not apply to any concrete case at present.
Least of all does it apply to France, whose policy
toward the Soviets is considered by Soviet opinion
as one of peace." Far from subduing hostility,
however, this statement by M. Rakovsky only
aroused more bitter opposition from the papers
which had assailed him. These disputed the contention of the Ambassador, pointing to the following
phrase in the Soviet declaration which bore his signature: "All honest proletarians in capitalistic
States will work actively for the overthrow of their
Governments; all foreign soldiers who do not wish
to support the slave drivers in their countries are
duty bound to pass over into the ranks of the Red
army." The French Government, however, took no
official cognizance of the demand for M. Rakovsky's
recall, and the incident passed without further
incidents.
An excessively gloomy picture of the German industrial situation was outlined Sept. 2 by Dr. Duisberg, President of the National Association of German Industry. In his opening address at the annual convention of that organization at Frankfort
on the Main, Dr. Duisberg told the 2,500 delegates
that the signs of trade revival are only an illusion,
and even the decrease of more than 1,000,000 in unemployment only a mirage. Progress was prevented,
he said, by the increasing obligations of the Dawes
Plan, by the relatively slight improvement in foreign trade% and by the increase in national and industrial debts. "Germany's deficit in foreign trade,"
Dr. Duisberg said,"amounted to 4,000,000,000 marks
in 1925 and 1926. This year alone it will exceed that
figure. The increase in business is not reflected in
exports, as it should be, but is absorbed in the home
markets. Our exports are still one-third less than
before the war. The trade deficits have been balanced by foreign loans, but if this practice continues,
Germany will soon be in a critical financial
state."
Germany must pay 2,000,000,000 marks interest
on
1368
THE CHRONICLE
loans each year, Dr. Duisberg pointed out. This,
coupled with the Dawes 1)urden, which will shortly
amount to 2,500,000,000 marks, makes the Reich responsible for the payment of 4,500,000,000 marks
yearly. Such payments, Dr. Duisberg asserted, were
too heavy for German industry to bear. The Dawes
Plan, he said, was the heaviest fetter and would
eventually be shown as unbearable. "According to
the plan," Dr. Duisberg continued, "German living
conditions must not sink below a certain fixed level
and German currency must not be encroached upon.
Both conditions will force a revision of that instrument." Dr. Duisberg found no encouragement
whatever in the attitude of the German people toward their obligations. The Germans, he said, do
not realize fully that they have lost the greatest war
in the world's history. They appear to be of the
opinion that they should live on a better scale than
before the conflict. "Without personal sacrifice,"
he added, "restoration to normalcy of the State and
of economic conditions is impossible. It is foolish
to believe that a collapsed Germany must have the
highest radio tower, the longest race course and the
biggest indoor tennis court. We build canals and
storage buildings instead of increasing our production. We must reduce our needs to the lowest point
and increase our export by every bit possible."
Minister of Commerce Curtius next addressed the
industrials and toned down to a great extent
the sombre picture drawn by Dr.Duisberg. Dr. Curtins charged the unfavorable trade balance in large
part to the necessity of importing foodstuffs which
was occasioned by the late and generally poor harvests in Central Europe. Another cause cited was
the extension of activities by German business men
who, accordingly, were importing larger quantities
of raw materials. Reparations payments, Dr. Curtins agreed, are a heavy strain on the country's
financial standing, but foreign loans he held to be
a necessity. The Geneva Economic Conference, he
asserted, will result in the tearing down of hindering tariff walls, and this will work for the betterment of general industrial conditions. A Berlin
report of Sept. 3 to the New York "Times" indicated
that the speech of Dr. Curtius found many more
supporters throughout the Reich than did the pessimistic one of Dr. Duisberg. The remarks of the latter, it was said, would have caused a precipitate
decline on the Berlin stock market if the impression
created had not been corrected by the Minister of
Commerce.
The concluding session of the German industrial
convention on Sept. 3 was devoted to a discussion
favoring production of quality products rather than
quantity. The former, it was argued, are less affected than are quantity goods by the high tariff
barriers surrounding European countries and the
United States. Quantity goods,it was also asserted,
are not adapted to Germany, since her home markets
are not extensive enough to warrant their introduction for domestic uses, while competition in the
world's markets is too keen to allow the Reich to get
a large slice of the export trade. The production of
automobiles was considered in connection with this
phase of the subject, but the German industrialists
decided that an attempt to manufacture cars in bulk,
as is done in America, would be useless. No hope
was held of competing against American automobiles in foreign markets, while the local market is
still too small, as autos are regarded in Germany as
[Voim 125.
a luuxury beyond the reach of any but the wealthy.
Co-operation with other European countries in defending their markets against invasion by American
manufacturers was stressed at the final session.
Two resolutions of considerable importance were
drafted by the British Trade Union Congress, which
met at Edinburgh, Scotland, Sept. 5. The first,
sounded in the opening speech of President George
Hicks, of the building trade workers, was a warning
to the Government that trade union legislation
might drive workers to "underground and dubious
methods to do what they formerly did in the light of
day." Mr. Hicks maintained an uncompromising
attitude toward the Trade Union Act, the recent
Parliamentary measure which makes general strikes
illegal and strengthens the law regarding the prevention of intimidation in connection with strikes.•
"Those forces which produced the trade union movement cannot be shackled by legislation," declared
Mr. Hicks. "Let any of our men be persecuted, let
any of our unions be attacked, and just that element
would be provided that will sweep this measure out
of existence, along with its authors. . . . We
have no alternative but to make our trade unions .
and the whole organized working class movement—
political, co-operative and industrial—an ins"trument capable not merely of winning electoral battles to secure the return of our representatives to
Parliament and municipal bodies, but able to exercise industrial pressure and economic power, to secure the realization of the legitimate demands of the
common people." The Congress adopted, on the following day a resolution urging immediate repeal of
the Trade Union Bill, or the alternative of a general
election.
The second act of the Congress indicated that
British labor has had enough of political extremism
for the time being. The General Council of the Congress recommended Sept. 7 that the Congress should
break off relations with the Soviet leaders, the recommendation being framed in such drastic and definite terms as to cause somewhat of a sensation. The
decision was directly provoked by an insulting telegram to the Congress from the All-Russian Council
of Trade Unions. The Russian message talked of
"betrayal" of the British general strike and vilified
as "traitors" a number of the best known British
trade union leaders. The recommendation, which
was adopted by the Congress, held that "no useful
purpose will be served by continuing negotiations
with the all-Russian Council as long as its attitude
and policy are maintained."
A Europe in the process of rapid readjustment to
the new post-war conditions was portrayed by Dr.
Julius Klein, Director of the Bureau of Foreign and
Domestic Commerce, on his return to Washington
Monday, after an extensive tour through European
countries. Dr. Klein found that European business
is making encouraging progress and is giving convincing proof of its powers of recovery. Not the
least important improvement, according to Dr. Klein,
has been the gradual disappearance of the mental
hazard, the shaking off of the "calamity complex,"
and the strengthening of the business morale.
"There is a growing conviction," Dr. Klein said in
a statement, "that the problem is one of trade dislocation rather than downright destruction." The
improvement, in the opinion of Dr. Klein, will un•
SEPT. 10 1927.]
11th CHRONICLE
doubtedly mean, first, improved buying power on
the part of our leading• customer, Europe, which
took 48% of our exports in the last twelve months,
and also on the part of overseas European dominions, and, second, a possibility of more intensive
competition, implied by this recovery, which should
not be overlooked by American industry. "It is
gratifying to note in European business circles practically complete absence of any bitterness or hostility toward the United States," the statement
added. The value of American loans, according to
Dr. Klein, "has been all too keenly appreciated to
permit of any serious interference through impulsive, superficial hostility. Since 1924 over $800,000,000 has been advanced to Germany, which has been
responsible for at least a substantial portion of the
industrial and commercial recovery of that country,
with consequent helpful reactions to its neighbors."
1369
The entire lower Yangtze Valley has again become
the theatre of the Chinese civil war. Foreign enterprise has long centred on the navigable stretches of
China's great central waterway and will receive a
further staggering blow as vital communications are
disrupted for the second time this year. The entire
northern bank of the Yangtze is now held by the
Northern War Lords, according to advices to the
Navy Department at Washington, while the Nationalists control the southern bank. Foreign men-ofwar and merchant vessels are fired on indiscriminately by the opposing Chinese forces. Cholera
was reported,in Shanghai dispatches of Sept. 2(Associated Press) to have broken out among the Northern troops. "Bodies are piled high on the river
banks, and hundreds are floating in the river," the
vernacular press said, adding dolefully, "the medical aid is most inadequate." A complete picture of
the developments in China will, it was said, be laid
The national convention of the American Legion, before Secretary of State Kellogg in Washington by
to be held in France this year, is being made the John Van A. Macmurray, the American Minister to
occasion for much interchange of amicable senti- Peking, who recently returned from China.
ments between Frenchmen and Americans. ThouDisclosures of alleged Communist activities in
sands of members of the Legion left New York for
France in the past week, this year marking the tenth South America were made in La Paz Tuesday by
anniversary of American entrance into the war. the Foreign Minister of Bolivia. Documents purThe French Government, in honor of the Legion, has porting to be signed by Nicolai Bukharin and M.
declared Sept. 19 a national holiday. Some hostility Zalkind, both prominent in Soviet affairs, were read
to the visit of the Legionaires is being shown by before the Bolivian Parliament, which promptly reFrench radicals. This centres largely about the turned a vote of confidence in the Government. The
Sacco-Vanzetti executions which, though little un- session began with the reading by the Foreign Minderstood in foreign countries, nevertheless provoked ister of documents forwarded by the Bolivian Legaa great deal of anti-American sentiment. The vast tion in Paris as coming from the secret archives of
majority of the French people, however, are sure to the Soviet Embassy in Paris. The documents conwelcome the Legion with open arms and have lost no tained instructions for "Comrade Martinez" to proopportunity to display the utmost cordiality. Mar- ceed to Bolivia "and put yourself at the head of all
shal Ferdinand Foch wrote as follows about the our organizatons and agencies." The alleged docusecond American "crusade": "From the beginning ments also instructed the agent to conceal his revoof the great war, the United States gave us notable lutionary work by opening a "business house which
proofs of her sympathy. Among these were the nu- will be the general staff of the Government and serve
merous enlistments in the Foreign Legion and the as the medium of communication with our agents in
Lafayette Escadrille, the formation of medical units, the other countries of South America." The disas also the refusal of the American Ambassador to closures, according to Associated Press dispatches
leave Paris. . . . To-day, once again, we see from from La Paz, were accompanied by an announceAmerica the warrior of that great period. For the ment that another Communist movement had been
first time, the American Legion holds its national discovered and suppressed, with the arrest of the
convention outside of United States territory, and leaders. The authenticity of the documents was dethat is in France. After several years of peace, the nied at the Soviet Embassy in Paris on Sept. 7. A
defenders of a just cause have decided to revive the Soviet spokesman at the Embassy said he believed
memory and emotions of the war and to decorate the the documents part of a series of forgeries of which
graves of their brothers in arms, dead on the field of Constantine Solovsky was accused. Solovsky, it
honor in the land of France, reddened by American was recalled, had admitted having offered docublood. It is difficult to conceive of a greater loy- ments to British, Italian and Spanish Embassies
alty to the past and solidity in faith than this at- and to various Legations. Bolivia was not mentachment to an ideal common to our two nations. tioned at the time.
As in 1917, let us receive warmly our American
Skirmishes with the Nicaraguan bandit leaders
brothers in arms. Once more they are welcome
Our hearts beat in unison with theirs."
Sandino and Carlos Salgado were reported on Sept.
among us.
2 and 3 by the American forces of occupation in the
War in China, whether conducted by Nationalists Central American republic. What was described ag
or by Northern War Lords, continues to be fought "the beginning of an active campaign," was inaugu"old style." The sinews for the present conflict be- rated against the followers of the two guerilla chieftween the North and the South are supplied by the tains who refused to lay down their arms at the time
business communities of the Chinese cities and the of the general Liberal surrender. Detachments of
contributions are seldom voluntary. The merchants the newly-formed American-officered Federal conof Canton, home of Nationalism, recently subscribed stabulary of Nicaragua engaged bandit groups near
10,000,000 Mexican dollars, which the militarists the Honduran border on the days mentioned. Five
demanded, and only on Sept. 6, when the subscrip- of General Salgado's followers were seen to fall from
tion was completed, were the "several merchants their horses and were believed to be either killed or
wounded. Further dispatches from Rear Admiral
held pending payment of the money" released.
1370
THE CELEONICLE
[VOL. 125.
Sellers, Commander of the Special Service Squadron in Nicaraguan waters, indicate that an ultimatum giving General Salgado until Sunday to turn
in his arms and disband his followers has been dispatched by native runner to a village near the Honduran frontier where he was last seen. The policy
of taking forceful measures against guerillas still
under arms was determined upon recently by the
Nicaraguan Federal authorities acting in conjunction with the American diplomatic and military representatives at Managua when Generals Sandino and
Salgado refused to abandon their warfare at the request of General Moncada, who commanded the Liberal forces in the Sacasa revolution.
Gold holdings of all kinds remained unchanged, the
total of the three items being 5,545,834,875 francs,
against 5,548,705,013 francs last year and 5,547,103,491 francs at the same time in 1925. The State continued reducing its obligations to the Bank by repaying 150,000,000 francs. The item of advances to
the State consequently is now down to 24,500,000,000 francs, in comparison with 37,000,000,000 francs
in 1926 and 28,650,000,000 francs the previous year.
"Divers," or sundry, assets in which item are included holdings of foreign exchange, increased 736,850,000 francs during the week. Bills discounted
decreased 642,511,000 francs and Treasury deposits
19,251,000 francs. Silver remained unchanged,
while trade advances 'increased 61,504,000 francs.
The Bank of India on Thursday raised its rate of General deposits rose 184,591,000 francs. Comparidiscount from 4 to 5%. Official discount rates at sons of the various items in the Bank of France stateleading European centres have undergone no change ment are given below:
the present week. They remain at 7% in Italy;
BANK OF FRANCE'S COMPARATIVE,STATEMENT.
6y % in Austria;
2
Changes
Status as of
in Berlin; 5% in Paris, Belfor Week.
Sept. 7 1927. Sept. 8 1926. Sept. 9 1925.
gium, Denmark and Madrid; 4 % in London and Gold Holdings—Francs.
/
1
2
Francs.
Francs.
Francs.
Unchanged
3,681,513.972 3,684,384,105 3,682,782,583
Norway; 4% in Sweden and 3 % in Holland and In France
/
1
2
Abroad—Available Unchanged
462,771,4781 1,864,320,007 1,864,320,907
Switzerland. In London open market discounts Non-available
1,401,549,425f
Unchanged
closed yesterday at 4/% for short bills, against Total
14
Unchanged
5,545,834,875 5,548,705,013 5,547,103,491
Unchanged
342,520,235
338,821,217
41 4@4 5-16% on Friday of last week and at 4 5-16% Silver
309,422,746
/
Bills discounted_ ,,Dec.642,511,000 1,325,091,780
3,354,649,627
for long bills, or at the same figure as on the pre- Trade advances_ Inc. 61,504,000 1,679.949,986 5,060,701,817 2,898,891,091
2,236,250,500
Note circulation_ _Inc.
vious Friday. Money on call in London closed yes- Treasury deposits_Dee. 851,426,000 54,117,467.355 55,458,100,265 45,685,948,445
19,254,000
74,139.459
28,088,797
20,055,864
terday at 31 4%,the same as on Friday of last week. General deposits_ _Inc. 184,591,000 12,628,224,869 2,936,281,227 2,166,907,866
/
Advances to State_Dec. 150,000,000 24,500,000,000 37,000,000,000 28,650,000,000
At Paris open market discount rates remain at 2% Divers assets
Inc. 736,850,000 24,301,798,398 4,575,019,854 3,595.151,476
but in Switzerland there has been a reduction from
3 7-16 to 3%%.
The Reichsbank in its statement for Aug. 31
showed an increase of 527,846,000 marks in note cirGold holdings of the Bank of England gained culation owing to the month-end settlements. The
£640,820 for the week ending Wednesday. The total total of that item is 3,934,724,000 marks, against
now is £151,880,444, against £155,393,226 at the same 3,225,078,000 marks the previous year and 2,594,562,time in 1926 and £161,377,764 the previous year. 000 marks in 1925. There was an increase of 12,550,Note circulation decreased £423,000, and this with 000 marks in other daily maturing obligations, but
the rise in gold holdings increased the reserve of a decrease of 5,833,000 marks in other liabilities.
gold and notes in banking department in amount of Gold and bullion increased 21,436,000 marks, making
£1,064,000. The proportion of the Bank's reserve to a total for that item of 1,852,671,000 marks, against
deposit liabilities this week is 29.86%. It was 1,492,818,000 marks in 1926 and 1,138,361,000 marks
29.08% last week and 28.97% two weeks ago. Loans in 1925. Silver and other coin decreased 14,412,000
on Government securities fell off £1,009,000, but marks, advances expanded 42,100,000 marks and
loans on "other" securities expanded £503,000. Pub- notes on other German banks 20,057,000 marks.
lic deposits declined £971,000, while "other" depos- Other assets dropped 52,954,000 marks, bills of exits increased £1,545,000. Notes in circulation now change and checks rose 569,080,000 marks, while restand at £137,026,000, in comparison with £140,303,- serve in foreign currencies fell off 10,630,000 marks.
400 last year and £144,195,766 two years ago. The Investments and deposits abroad showed no change.
Bank's official discount rate remains unchanged at A comparison of the various items in the German
/
412%. Below we furnish comparisons of the various Bank statement is shown below for a period of three
items in the Bank of England return for five years: years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
REICHSBANK'S COMPARATIVE STATEMENT.
1927.
Sept. 7.
1926.
Sept. 8.
1925.
Sept. 9.
1924.
Sept. 10.
1923.
Sept. 12.
Circulation
b137,026.000 140,303.400 144,195,765 124,731,730 124,090,785
Public deposit8_ _ _ _ 21,178,000 13,005,014 13,232,361 10,842,481 15,751,593
Other deposits
94,745,000 106,161,230 115,771,427 111.395,944 106,508,587
Gov't securitleo
57.438,000 31,993,159 37,910,890 40,758,443 47,039.623
Other securities_ __ 42,141,000 70,605,107 72,431,077 76,320,315 70,165,713
Reserve notes dc coin 34,605,000 34,839,826 36,931,999 23,442,227 23,307,507
Coin and bullion_ .a151,880,444 155,393,226 161,377,764 128,423,957 127,648,292
Proportion of reserve
to liabilities
29.86%
29.23%
19%
284%
105i%
Bank Rate
4%
4;i%
4%
4%
434%
a Includes beginning with April 29 1925, £27,000,000 gold coin and bullion
Previously held as security for currency note issues and which was transferred to the
Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925. Includes £27,000,000 of Bank
of England notes Issued In return for the same amount of gold coin and bullion
held up to that time In redemption account of currency note issue.
The statement of the Bank of France for the week
ended Sept. 7showed a large rise in note circulation,
namely 851,426,000 francs. The total now stands at
54,117,467,355 francs, compared with 55,458,100,265
francs a year'ago and 45,685,948,445 francs in 1925.
Changesfor
Week.
Week.
Assets—
Retclasmarks.
Gold and bullion
Inc. 21,436,000
Of which depos.abroad Unchanged
Reeve in foreign curr_Doe. 10,630,000
Bills of exch.& checks.lne. 509,080,000
Silver and other coin Dec. 14,412,000
Noteson oth.Ger.bks _ Dec 20.057,000
.
Inc. 42,100,000
Advances
Investments
Unchanged
Dec. 52,954,000
Other assets
Liatiltiles—
Notes In circulation_ _Inc. 527,846,000
Oth.dally matur.oblig.Inc. 12,550,000
Dec. 5,833,000
Other liabilities
Sept. 7 1927. Sept. 8 1926. Sept. 9 1925.
Retchsmarks, Retchsmarks. Retchstnarks.
1,852,671,000 1,492,818,000 1,138,361.900
92,978,000
66,543,000 197,608,000
157,299,000 497,606,000 357,458,000
2,660,635,000 1,251,509,000 1,764,930,000
66,561,000
80,936,000 116,383,000
8,683,000
11.680,000
8,545,000
109,853,000 100,088,000
32,980,000
92,261,000
91,424.000 201,950.000
425,442,000 687,793,000 470,571,000
3,934,724,000 3,225,078,000 2,594,562,000
723.820,000 541,874,000 701,001,000
375,345,000 119,341,000 440,373,000
Money rates in this market remained easy during
most of the short business week just ended. Monday was a holiday and the opening rates Tuesday
were the same as last week's closing. Call funds
/
1
2
were in ample supply in the early sessions at 3 %.
No outside funds were available, however, at lower
figures, which indicated a slight hardening, as
SEPT. 10 1927.]
THE CHRONICLE
1371
counter trades at concessions have been an almost
The discount rates of three more of the Federal
daily feature of the market for several months. The Reserve banks have this week been lowered from
hardening tendency became more pronounced yes- 4% to 31 2%,leaving but one Federal Reserve Bank
/
terday when demand loans, after renewing at 31 2%, (Minneapolis) continuing the 4% rate. The three
/
were advanced to 4%. This rate prevailed yester- banks whose rates have been lowered to 31 2 are the
/%
day for the first time in more than a month and Chicago Federal Reserve Bank, where a peremptory
caused some misgivings on the stock market. Some reduction was ordered by the Federal Reserve Board,
calling of loans occurred during the week, the banks the Philadelphia Federal Reserve Bank and the San
withdrawing $15,000,000 Tuesday, $5,000,000 Francisco Federal Reserve Bank. In the case of the
Wednesday and upwards of $25,000,000 yesterday. Chicago Reserve Bank the change was announced on
Some relation to money market conditions was seen Sept. 6, effective Sept. 7; the reduction in the rate
in the quarterly finance program of the Treasury, of the Philadelphia Reserve Bank was made known
announced Tuesday. The rate of 3% fixed for the on Sept. 7, the reduced rate becoming effective Sept.
short-term certificates was said to indicate Treas- 8. The change in the rate of the San Francisco Reury expectations of the lowest money market in serve Bank was announced Sept. 8; the 31 2% rate
/
nearly three years. Brokers'loans against stock and becoming effective to-day (Sept. 10). Further refbond collateral continued to rise in the two com- erence to the changes is made in another item in
pilations for which figures were published the past this issue, wherein we refer to the protest which has
week. Such loans to member firms of the New York arisen with the lowering of the rate of the Chicago
Stock. Exchange increased $32,196,043 during Aug. Federal Reserve Bank. The following is the schedust, establishing the third successive new high figure. ule of rates now in effect for the various classes of
The weekly report of the Federal Reserve Bank of paper at the different Reserve banks:
New York reporting member banks showed an ex- DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
pansion for the week of $22,241,000, the totals here
Date
Rare in
Previous
also reaching new high ground. An apparent disErna on
Irstablithed.
Federal Reserve Bank.
Ram.
Sept. 10
regard of the high totals of such loans appears to be
314
Boston
Aug. 5 1927
4
spreading. The continued ease in money certainly New York
Aug. 5 1927
4
314
Philadelphia
Sept. 8 1927
4
314
fosters the expansion.
...Cleveland
Aug. 6 1927
4
314
ntichmond
Aug. 16 1927
4
334
Atlanta
Aug. 13 1927
4
334
Chicago
Sept. 7 1927
314
4
Dealing in detail with the rates from day to day, St. Louis
Aug. 4 1927
314
4
Minneapolis
Oct. 15 1924
4
454
the rate for call loans on the Stock Exchange Tues- Kansas City
July 29 1927
33.5
4
Dallas
Aug. 12 1927
334
4
day (Monday having been Labor Day and a holi- San Francisco
Sept.10 1927
4
314
day) continued at 31 2%, including renewals. On
/
Wednesday all loans were at 33
470, also including
Sterling exchange was firmer this week on good
renewals. On Thursday the renewal rate was back steady demand of routine banking character, unagain to 31 2%,and all other loans were at the same opposed by offerings of commercial bills. The quo/
figure. On Friday the renewal rate was still 31 2%, tations showed a range of 7-32@%, generally in the
/
but later in the day there was an advance to 4% on upward.direction. The firmness was somewhat surnew loans. New time loan rates also stiffened all prising to foreign exchange circles, as larger offerings
around except in the case of maturities running from of grain and cotton bills were expected after Sept. 1,
four to six months. Quotations yesterday were 3% but they failed to materialize. One reason why the
.
@4% for 30 days,4% for 60 days,418% for 90 days, foreign exchange markets appear dull in New York
/
4 @4%% for four months and also for five and six is that there is still too much machinery for handling
/
1
4
months. For commercial paper the rate for four to the business. Following the outbreak of the World
six months' names of choice character still remains War, and especially after the Armistice, there was a
at 3%@4%, while for names less well known the great accession on this side to the forces trading in
quotation continues at 4@414%, which is also the foreign exchange. In the past few years the ranks
/
quotation for New England mill paper.
of the traders have been considerably depleted and
a number of banks have been transacting their exIn the rates for banks' and bankers' acceptances change operations through others better equipped for
the story this week is the same as last week, namely the work. Nevertheless the business must still
be
that no change whatever has occurred. For call divided among too large a number,so that the
market
loans against bankers' acceptances the posted rate often appears to be dull when the total volume
of
of the American Acceptance Council has continued actual transactions is really quite large and in excess
/
at 314%. The Acceptance Council still makes the of anything known in the New York market prior to
discount rate on prime bankers' acceptances eligible 1914. Bankers ascribe the firmness in
sterling this
for purchase by the Federal Reserve banks 31 8% bid week in part to the heavy transfers arising from
/
the
and 3% asked for bills running 30 days; 31 4% bid $40,000,000 Commonwealth of Australia loan.
/
Aus/
and 318% asked for bills running 60 days and 90 tralia's chief banking connections are in London.
/
days; 3%70 bid and 314% asked for 120 days, and There have been also transfers to London resulting
2% asked for 150 and 180 days. from the 840,000,000 loan to the
3%70 bid and 3Y
Argentine Nation.
Open market quotations also remain unchanged, as Aside from this and a number of routine banking
follows:
transactions, there has been a demand for both sight
SPOT DELIVERY.
and cable transfers to supply the short-term money
—180 Days-- —150 Days— —120 Days—
Bid.
Bid.
Asked.
Asked.
Bid.
Asked
markets abroad, and there has been practically no
314
3%
314
314
ag
314
Prime eligible bills
—90 Days-- —60 Days— —30 Days—
sterling on offer. So far as bankers' advices seem
Md.
Asked.
Bid.
Asked.
Bid.
Asked.
314
334
834
334
3
Prime eligible bills
314
to show, sterling has been in demand, too, in other
FOR DELIVERY WITHIN THIRTY DAYS.
world centres, with no opposing supply. Hence the
3% bid
Eligible member banks
3% bid
quotation on London hatl world-wide support. CotEligible non-member banks
ton and grain bills must soon come into the market
^
1372
THE CHRONICLE
[VOL. 125.
In greater volume. When they do it will be only centres than in New York. The quotation moved up
natural that London • exchange should feel some on Thursday to 23.783 for bankers' sight and to
4
pressure. These bills are later than usual. Tourists' 23.79 for cable transfers. London advices this week
checks may no longer be considered a factor for firm- stated that the German Reichsbank bought L1,000,ness in any of the European exchanges, as from now 000 gold from the Russian State Bank. The Reichson the tide of travel will be homeward.
bank's statement as of Aug. 31 showed an increase in
On Monday the Bank of England received £80,000 gold coin and bullion of 21,436,000 marks, partly
in sovereigns from Arabia and released 050,000 to offset by a decrease of 10,630,000 marks in reserves
be set aside for the account of South African banks. in foreign currencies. This decrease in the holdings
The Bank sold 05,000 in gold bars and exported of the fdreign currencies, however, must again be
£12,000 in sovereigns to Italy. On Wednesday the offset by an increase of 569,080,000 marks in bills of
Bank sold £12,000 in gold bars, destination unstated. exchange and checks. The money situation in Berlin
On Thursday the Bank of England shipped £500,000 seems to show some improvement and credits are
in gold sovereigns to Argentine. On Thursday also expected to be easier to arrange in the next few weeks.
a London dispatch stated that £4,000,000 of bar Pressure on the Reichsbank for accommodation
gold deposited by the National Bank of Rumania seems to have slackened appreciably. Marks are in
with the Bank of England would remain in London, demand in New York and in London, largely because
although the original intention was to return to of money transfers to supply short-dated demands,
Bucharest whatever balance there was, along with as rates continue attractive. The demand for daythe £800,000 gold coin being minted in London for to-day money is heavy, ranging from 43/i to 73/2%.
Rumania. The dispatch states that unrefined Trans- Bankers think it very likely that German industrial
sylvania gold has been sent from Rumania for mintage corporations will find it easier to arrange for longin order to leave intact the £4,000,000 on deposit in term borrowing in the coming months, so that ultiLondon. On Tuesday only 00,000 gold was avail- mately the money rates should go lower. The Loans
able in the London open market. It was taken by Advisory Committee of the Finance Ministry is still
Indian trade. On Friday (yesterday) the Bank emphatically opposed to municipal borrowing abroad,
released 08,000 in sovereigns for South Africa and but whether this borrowing is controlled or not,
sold £31,000 gold bars to a designation not stated. marks will be in demand, it seems likely, both here
In its weekly return on Thursday the Bank of Eng- and in other centres for a long time to come.
land showed a gain of 040,820 in gold for the week.
Of course, the reverse side of the picture is the
At the Port of New York the gold movement for the pressUre for exchange exercised by the Reparations
week ending Sept. 7, as reported by the Federal Commission. Italian lire were firmer this week.
Reserve Bank of New York, consisted of imports of Bankers' sight closed on Satuirday at 5.43, compared
$51,000, chiefly from Latin America. Exports were with 5.38, the low point touched the Saturday before
$169,000, to Mexico. There was no Canadian move- last. The average price paid this week seems to
ment of gold either to or from the United States. have been about 5.44 for cable transfers. The marCanadian exchange continues at a premium. On ket in lire was quiet, and remittances were largely
Saturday the premium was 1-64 of 1%. On Tuesday in the form of immigrants' transfers. Exchange on
and Wednesday it was 1-32 of 1%. It grew firmer Paris hovered around 3.91% this week for checks,
although the opening quotation last Saturday was
again on Thursday at 1-64 of 1%.
Referring to day-to-day rates, sterling on Saturday 3.91%. The underlying conditions governing French
last was steady in a quiet market. Bankers' sight exchange continue essentially unchanged from recent
drafts were 4.85 21-32@4.85%, and cable transfers weeks. These conditions have been covered here
4 86 1-32@4 86 3-32. On Monday there was no from time to time. French securities are in good
market here, owing to the Labor Day holiday. On demand in New York, as in London; francs are
Tuesday sterling was again steady, with the range bought here in a routine way. The French Governfor demand 4 85/®4 85%, and for cable transfers ment's report on foreign trade for the first half of
5
were 4 86 1-32@4 86 3-32. On Wednesday there 1927 shows an increase of 216,000,000 francs in exwas some buying of sterling with no counteracting ports. In the same period there was an astounding
offers, so that the rate for demand ranged from decrease of 2,070,000,000 francs in imports. These
4 855i to 4 85 25-32. Cable transfers were 4 86 1-32 figures of visible items leave out of account the very
/
@486 5-32. On Thursday sterling again moved up. great amounts spent by tourists, so that even if the
The range was 4 85 11-16@4 85% for bankers' sight Government were not exercising so strong a control
and 4 8 / 863 for cable transfers. On Friday over French exchange, the development of economic
6 8@4
the range was 4 85 13-16@4 85% for bankers' sight conditions during the past half-year would itself
and 4 86 3-16@4 863.j for cable transfers. Closing afford firm support for the franc. The Bank of
quotations yesterday were 4.85 13-16 for demand France's "sundry assets" which embraces its holdings
and 4.86 3-16 for cable transfers. Commercial sight of foreign exchange, shows an increase this week of
bills finished at 4.85 11-16, sixty-day bills at 4.81%, 736,850,000 francs. These assets total 24,300,850,000
ninety-day bills at 4.80, documents for payment (sixty francs. A year ago "sundry assets" were less than
days) at 4.81%, and seven-day grain bills at 4.85. 5,000,000,000 francs.
The London check rate on Paris closed at 124.02
Cotton and grain for payment closed at 4.85 11-16.
on Friday of this week, against 124.02 on Friday of
there were no features last week. In New York sight bills on the French
In the Continental exchanges
of special interest this week except, perhaps,a certain centre finished at 3.91%, against 3.919 a week ago;
weakness displayed in German marks. Bankers' cable transfers at 3.92 1-16, against 3.92, and com4
sight on Berlin closed last Saturday at 23.78 after mercial sight bills at 3.913 ,against 3.91A. Antwerp
opening. On Tuesday bankers' sight sold belgas finished at 13.913 for checks and at 13.923
a weak
down to 23.763/ and sold up to 23.783' on Wednes- for cable transfers, as against 13.91 and 13.92 on
day, with less offering and more buying in other Friday of last week. Final quotations for Berlin
SEPT. 10 1927.]
THE CHRONICLE
1373
26.36 and cable transfers at 26.37 against 26.21 and
26.22. Spanish pesetas closed at 16.86 for checks and
at 16.87 for cable transfers, which compares with
16.91 and 16.92 a week earlier.
The South American exchanges continue to display
firmness. Argentine is especially so, with more
trading between New York and Buenos Aires.
Argentine moved up promptly following the holiday
here on Monday to 42.76 for cable transfers, up
.05. Yesterday the quotation touched 42.80. The
other South American exchanges are steady with
slightly firmer tone, moving in sympathy with
Argentine but also from the circumstance that they
are all enjoying lively exports. Brazilian exchange
On the exchanges of the countries neutral during
the war, interest continues to centre in the units proves the exception, though there was recovery in
attractive to the speculative traders, that is, pesetas it the latter part of the week after a downward
and Norwegian krone. In Tuesday's and Wednes- reaction the early part. Argentine shipments of corn
day's market Norwegian krone recorded the widest and grain have been unusually heavy. There is an
movement in many months, rising 23 points to improvement in the price of wool and renewed
26.42 for cable transfers, the highest since 1919 and activity in the hide markets. Customs house
less than 40 points below gold parity. Norwegian receipts at Buenos Aires in June were $1,000,000,
3
exchange has moved up on an-average nearly 4 of a gold, greater than in June last year. The favorable
cent in the past three weeks, when it was pointed merchandise trade balance of Argentine for the first
out by the Norges Bank that foreign balances in six months of this year is stated to be $170,000,000,
Norway had been pretty well liquidated since last compared with $19,000,000 in the corresponding
year's speculative boom had built them to large period of 1926. The economic situation in Argentine
proportions. Speculators began buying and found is especially strong, so that the attitude toward this
that the supply of Norwegian kroner was scarce, so unit is bullish in all countries. It may be recalled
that the rate could be moved up on comparatively that On May 18, in his message to Congress, the
small volumes of trade. The firmness of course in President of Argentina stated that the financial
turn attracts further buying, with the result that situation was one of manifest prosperity, and that
any offer is seized upon as a certain opportunity for the foreign credit of the country was being continufuture profit. For some time prior to the present ously improved. The tone of Brazilian exchange
upward movement the Norges Bank had obligated weakened at one time owing almost altogether to
itself to the Treasury to operate so as to prevent a the unsettled state of the public finances. The
decline in Norwegian currency. If present specu- budget remains unbalanced and there seems to be a
lative transactions force the quotation to par, general lack of confidence pending the rehabilitation
bankers everywhere appear to hold the opinion that of the public finances. Argentine paper pesos closed
the Norges Bank will operate to maintain parity yesterday at 42.71 for checks, as compared with
until such time as the Government decides to resume 42.67 last week, and at 42.76 for cable transfers,
payment of notes in gold and to permit gold exports. against 42.72. Brazilian milreis finished at 11.82
It is believed that the Government will promptly for checks and at 11.90 for cable transfers, against
decide in favor of such measures, as both the Treas- 11.89 and 11.90. Chilean exchange closed at 12.03
ury and the Norges Bank have frequently made for checks and at 12.04 for cable transfers, against
statements committing themselves to a return to 12.02 and 12.03, and Peru at 3.86 for checks and
gold. The fluctuation in Spanish pesetas is also 3.87 for cable transfers, against 3.81 and 3.82.
In the Far Eastern exchanges Japanese yen have
due to speculative trading. While the Government
has given no indication that there will be a resump- shown softness this week, while the silver exchanges
tion of gold exports and an official forcing of pesetas have shown firmness on the improvement in the
to parity, speculative interests are confident, never- price of silver. The weakness in yen is due to bear
theless, that the trend of the Spanish pesetas is operations in the Chinese centres, especially in Shangupward. The Spanish Cabinet stated recently that hai. When the Chinese speculative interests sell yen
it would oppose speculative interference with the and buy silver it follows as a matter of course that
exchange, and traders seemed to interpret this to firmness attaches to the silver centres. The softness
mean that there would be active interference should in Japanese currency is only a temporary affair, for
pesetas show depression. If Norway returns to the while Japan has still a long way to go on the road to
gold basis, pesetas will bethe only unit of importance recovery from the crisis of April, nevertheless the
in Europe neither tied to gold nor officially stabilized country is forging ahead in good shape. American
and European interests look with favor on Japanese
around some fixed point.
Bankers' sight on Amsterdam finished on Friday prospects and this attitude gives a strong underat 40.06, against 40.043/i on Friday of last week; pinning to yen exchange. Japanese stocks and
2
cable transfers at 40.08, against 40.063/, and com- bonds are at nearly their lowest since the earthquake
mercial sight bills at 40.02, against 40. Swiss francs of 1923. New York and London interests are purclosed at 19.28 for bankers' sight bills and at 19.283/ chasers of Japanese securities and are strongly of
for cable transfers, in comparison with 19.273/ and the opinion that recovery of banking and economic
19.28 a week earlier. Copenhagen checks finished at stability is clearly in sight. These investments are
26.751/2 and cable transfers at 26.763/2, against made for the long pull. The immediate prospects,
.
2
26.763/2 and 26.773/ Checks on Sweden closed at however, are not so bright and this furnishes an
transfers at 26.86, against 26.843.' opening for occasional bearish operations in the
26.85 and cable
and 26.853', while checks on Norway finished at currency. Indian exchange transactions are largely
marks were 23.78 for checks and 23.79 for cable transfers, in comparison with 23.78 and 23.79 a week
earlier. Italian lire closed at 5.433/2 for bankers'
sight bills and 5.44 for cable transfers, as against
5.423/ and 5.43 last week. Austrian schillings have
not been changed from 143/ Exchange on Czecho.
8
slovakia finished at 2.963'g, against 2.963.; on
Bucharest at 0.613%, against 0.62; on Poland at
4
11.20, against 11.20, and on Finland at 2.513 ,
/
against 2.513 . Greek exchange closed at 1.321 2
4
for checks and at 1.323 for cable transfers, against
4
1.32 and 1.323 a week ago.
1374
THE CHRONICLE
[VOL. 125.
confined to London. Nevertheless it may be noted
The following table indicates the amount of bulthat the Bank of India increased its rediscount rate lion in the principal European banks:
on Thursday to 5% from 4%. The 4% rate had
Sept. 8 1927.
Sept. 9 1926.
been in effect since July 28 1927. Closing quotations Banks of
Cold.
Silver.
Total.
Total. I
Silver.
Cold.
for yen checks yesterday were 47.10@473.,. against
£ I
1
£
SI
47.25@47% on Friday of last week. Hong Iiong England 151,880,444
155,393,226
151,880,414 155.393.226
France a__ 147,260,559 13,660.008060,940,550
13,520,000160.895,364
closed at 48%(4)48 15-16, against 48M@48 7-16; Germany b 89.306,400 c994,600 90,301.000 147,375.364* c994,600 65.754.600
64,760,000
Spain
103.902,000 27,230,000 131,132.600 102,256,000 26,956.000129,2l2,000
46,817,000 3,849,000 50,666,000 35,470,000 2,290.000 37,760.000
Shanghai at 61%@6I3, against' 603i@60 7-16; Italy
Netheri'ds 32,189,000 2.307,000 34,496,000 34,978,000 2,251,000 37,229,000
Nat. Belg_ 18,807,000 1,177,000 19,984,000 10,955,000; 3,420,000 14,375,000
Manila at 4934, against 493; Singapore at 56.15@ Switzerl'd_ 17,739,000 2,680,000 20.419,000 16.979,000, 3.438,000 20,417.000
12,661,000
12,285,000 12,661,000,
56 7-16, against 56.15@567-16; Bombay at 363/, Sweden..__ 10,121,0001 718,000,I 10,839,000, 11,619,000, 854,000 12,473.000
2 Denmark 12,285,000,
I 8,180,000, 8,180,000
8,180,000
against 36 5-16, and Calcutta at 363/2, against Norway _ 8,180,000
Total week 638,487,403 52,635,600691,123,003600,626,590 53,723,600654,350.190
36 5-16.
Prey. week 636,733,783 52,627,600689,361,383 598,898.085 53.782,600682,680.685
a Gold holdings of the Bank of France are excullave of gold held abroad, amounting
Pursuant to the requirements of Section 522 of the the present year to E74,572,836. b Gold holdings of the Bank of ermany 92s
exclusive of
Tariff Act of 1922, the Federal Reserve Bank is now c As of Oct.gold held abroad, the amount of which the present year is f3,327,150•
7 1924.
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different counTruth and Illusion About the League.
tries of the world. We give below'a record for the
The prediction that the withdrawal of Viscount
week just past:
ronEroN ExcnAnon RATES CERTIFIED BY FEDERAL RESERVE Cecil from the British Cabinet would probably have
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
some effect upon the future policy of the League of
SEPT. 3 1927 TO SEPT. 9 1927, INCLUSIVE.
Nations, as well as upon European politics generNoon Buying Rats for Cable Transfers to New York.
Country and Monetary
Value in United States .1Icney.
ally, seems in a fair way to be confirmed by events.
Unit.
Sept. 3. Sept. 5. , Sept. 6. Sepl.7. Sept. 8. Sept. S.
Taken in connection with the relinquishment by
EUROPE
8
$
$
8
$
8
Senator Henry de Jouvenel of his place as a memAustria, schilling
_ .14064
:14080
.14068
.14068
.14077
Belgium, beige
.1392
.1392
.1392
.1392
.1392
ber of the French delegation at Geneva, Viscount
Bulgaria, lev
.007245 .007232 .007215 .007220
007250
Czechoslovakia. kront .029633
.029625 .029626 .029625 .029628
Cecil's action appears to have encouraged the deleDenmark, krone__ _ .2677
.2676
.2676
.2676
.2676
England, pound ster
gates from some of the smaller States, who are a
ling
4.8619
4.8605
4.8603
4.8618
4.8606
Finland, markka
.025182 .025188 .025183 .025187
.025187
good deal concerned about the question of disarmFrance, franc
.0392
.0392
.0392
.0392
.0302
Germany, relchstoart. .2379
.2378
.2378
.2378
.2378
Greece. drachma___ _ .013203
ament, to stiffen their criticism of the way in which
.013188 .013206 .013210 .013197
Holland, guilder__
.4007
.4007
.4008
.4007
.4006
Hungary, pengo
League affairs are managed. Not since the League
.1746
.1747
.1748
.1746
.1746
naly, lira
.0543
.0543
.0544
.0513
.0544
Norway, krone
.2621
.2621
.2638
was organized has a session been held which showed
.2635
.2635
Poland. zloty
.1121
.1120
.1123
.1121
.1116
Portugal, escudo
.0488
.0491
.0491
.0492
.0492
at the outset so much restlessness, both on and unRumania.len
.000172
.006160 .006145 .006146 .006146
Spain. peseta
1688
.1688
.1686
.1690
.1686
der the surface, as has been evidenced in the meetSweden, krona
.2685
HOU.- .2685
.2685
.2685
.2685
Switzerland, franc
.1928
DAY
.1928
.1928
.1928
.1928_
ing of the Council which began on Sept. 1, and that
Yugoslavia, dinar
.017599
.017602 .017604 .017599 .017607
ASIA' of the Assembly which began last Monday. If the
ChinaCbefoo, tad
.6290
.6325
.6292
.6363
.6300
forecasts of correspondents are to be accepted, there
Hankow, tael
.6192
.6163
.6225
.6194
.6259
Shanghai, tact
.6051
.6113
.6073
.6089 •
.6055
will be some more plain speaking to match the frank
Tientsin. Mel
6369
.6388
.6354
.6425
.0363
Hong Kong, dollar, .4834
.4825
.4831
.4838
.4849
statements already made by representatives of The
Mexican dollar___ .4368
.4355
.4348
.4370
.4341
Tientsin or Pelyani
Netherlands, Norway, Finland and Lithuania, and
dollar
.4304' ..4325
.4342
.4294
.4308
Yuan, dear
4308
.4292
.4260
.4271
.4275
some uncomfortable moments will be passed by Sir
India, rupee
3623
.3629
.3630
.3633
.3832
Japan. yen
.4722
.4715
47E3
.4716
.4711
Singapore(S.S.). dollar .5602
Austen Chamberlain and M. Briand, who for more
.5598
.5613
.5598
.5598
NORTH AMER.Canada, dollar
1 000147
1.000124 .1.000097 1.000041 1.000179
than a year have had things pretty much their own
Cuba, peg')
.999938 .999594 .999656 .999563
.999781
Mexico, peso
.477333 .477333 .477500 .477833
way where League action was involved, but whose
.476750
Newfoundland, dollar .997906 I
.997813 .997750 .997750 .997906
SOUTH AMER.domination of the League apears now to be rather
Argentina, peso (gold) .9697
.9712
.9711
.9714
.9709
Brazil, mIlrels
.1185
.1185
.1184
.1184
.1184
widely resented.
Chile, peso
.1206
.1205
.1206
.1205
.1205
Uruguay. nano
1,0016
1.0012
1.0019
1.0014
1 0006
Some of the reasons for the,melancholy state in
which the League finds itself have been summarized
Owing to a marked disinclination on the part of two with much force by Jules Sauerwein, foreign
editor
or three leading institutions among the New York of the Paris "Matin," in an
article published last
Clearing House banks to keep up compiling the figures Sunday in the New York "Times." Germany,
M.
for us, we find ourselves obliged to discontinue the Sauerwein points out, is no
real support to the
publication of the table We have been giving for so League, notwithstanding the dignified role which
many years showing the shipments and receipts of its representatives have thus far played. Germany
currency to and from the interior.
accepted the Locarno treaty of mutual guaranty in
As the Sub-Treasury was taken over by the Federal good faith, and has counted upon the provisions of
Reserve Bank on Dec. 6 1920, it is also no longer the treaty and its much-vaunted "spirit" to relieve
possible to show the effect of Government operations it at an early date from the Allied military occupaon the Clearing House institutions. The Federal tion, a discrimination galling to its national pride,
Reserve Bank of New York was creditor at the Clear- burdensome to its treasury, and wholly contrary, in
ing House each day as follows:
its view, to the principles which the Locarno pact
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK embodied. It
now knows that the utmost the Allies
AT CLEARING HOUSE.
have been willing to do is to reduce the army of ocA greonte
Saturday
Monday, Tuesday, Wednesd'y, Thursday,I Friday.
cupation from 70,000 to 60,000, and that the last of
for Week.
Sept. 9.
Sept. 8.
Sept. 3.
Sept. 7.
Sept. 6.
Sept. 5.
the Allied troops will not be out of the country be$
8
$
8
S
$
$
108.000 000 Holiday 111.000 000 90.000.000 120,000000 r3.0110,100 Cr. 522,000 000
fore January 1935; and it is, accordingly, indisposed
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 to nurture any more illusions, or to put its signature
the Federal Reserve System's par collection schtme. These large credit balances,
however, reflect only a prt of the Reserve Bank's operations with the Clearing to any more political agreements, especially such as
House institutions, as only the items payable in New York City are represented in
the daily balances. The large volume of cheeks on institutions located outside of seem intended
to quiet, at its expense, certain politNew 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 ical
anxieties of Poland or Czechoslovakia about the
Bank for collection for the aCcount'or theloeal Clearing House banks.
eastern Germany boundary, or prevent a union with
SEPT. 10.1927.]
TEM CillIONICLE
Austria, or recognize the permanence of the Dantzic
corridor.
Italy, again, in M. Sauerwein's view, has never
been friendly to the League since the Mussolini dictatorship was installed, but has repeatedly treated
it in a cavalier fashion strongly suggestive of contempt. One of the points emphasized by Senator de
Jouvenel in his letter of resignation was that the
controversies with neighboring States in which Italy
has engaged, such as those with Albania and Jugoslavia, were never,submitted to the League except in
a purely formal way—"a weakness," M. Sauerwein
declares, "which can only encourage the Duce to
deal with the League of Nations without deference,
and expect from it an ever-increasing condescension
toward his own will."
This leaves Great Britain and France as the only
European Powers of the first rank actively concerned in maintaining the League. For the present,
at least, the two, in M. Sauerwein's opinion, will go
on acting together, if for no better reason than that
in each country a general election is approaching,
and that Great Britain is in no position to oppose
all Europe on any important matter of general policy, but his analysis of their respective positions
discloses, perhaps inadvertently, the fundamental
weakness of their stand. The primary criticism
which is being leveled at each of these Powers, both
within and without the League, is that they have
failed to advance by so much as a single step the
cause of disarmament. Their answer is that, before
they disarm, they must have security. France is
maintaining a huge army and reconstructing its fortifications on the plea that it must have security
against Germany and its possible ally, Russia. Great
Britain led the recent naval parley at Geneva to
failure by insisting upon security for its overseas
possessions and trade routes, for whose protection
more cruisers than are possessed by all the other
naval Powers in Europe are thought necessary.
Spokesmen for some of the smaller Powers in the
League, it is reported, are now pointing out the
vicious circle in which this kind of argument revolves. Neither Great Britain nor France proposes
to disarm until each has security, of the proper
measure of which each Power is to be the sole judge.
But security, once it has been attained, will obviously be a security based solely upon armaments,
and it will disappear if the supporting armaments
are reduced. If the plea of security before disarmament is allowed to govern, there will be no disarmament worth mentioning while the world stands, save
among such of the weaker States as may be compelled by the greater Powers, in the interest of their
own security, to reduce their armies or navies.
It seems strange that M. Sauerwein, whose inti
mate acquaintance with the European political situation entitles his opinions in that field to respect,
and who in addition is no stranger to this country,
should follow his frank analysis of the plight of the
League by an appeal to the United States to throw
itself into the breach as the only means of saving
the League from collapse. "We are reverting to the
pre-war policy with hasty stride," he declares with
truth. "Alliances bring counter-alliances, and if
this goes on the League of Nations will be nothing
more than a tribune where the Ministers of various
Powers will come to speech* once a year. . . .
But let the United States—independent and distant
enough to judge European quarrels dispassionately,
1375
and strong enough to have great influence on the
decisions of the Council—resume her position as
the founder of this institution, and everything would
at once become different." It certainly would, and
to our everlasting disadvantage. . The political
schemes, ambitions, plots and understandings which
European diplomacy has hatched during the past
five or six years, and whose step-by-step exposure
has plunged the League into a maze of controversy,
suspicion and recrimination which has weakened
respect fo# it as a political organization, would be
promptly shouldered upon the United States, and it
would not be long before this country, notwithstanding that it is still paying for its share of the cost of
the World War and has forgiven its war debtors
half of their just debts, would find itself virtually
in the position of an international policeman, called
upon to quell every European international disturbance and to keep disorder from degenerating into
chaos.
M. Sauerwein's implication that the League of
Nations was the creation of the United States is
quite beside the mark. The League was the creation
of Pres. Wilson, who with no support from Congress
and a very shadowy support from American opinion,
forced the League upon the Peace Conference at the
cost of concessions and yieldings in other directions
that left the Treaty of Versailles the unhappy arrangement that it was. Once the true nature of the
undertaking to which President Wilson labored to
commit the United States was perceived, the Senate,
after long and exhaustive debate, emphatically rejected the Versailles Treaty. It is safe to say that
there is to-day no considerable body of intelligent
opinion in this country that wishes the outcome had
been different. Precisely because the League has
proved its helplessness in the face of European problems, and has become merely a tool which the great
Powers that control or patronize it have not yet
thought well to discard, the American people have
become increasingly of the opinion that the League
is not an institution with which the United States
may safely become involved. If any political chestnuts are to be withdrawn frork the European fire,
America, at least, does not intend that its own fingers shall be burned.
Unfortunately, it does not appear that the present session of the League,in spite of the nervous and
critical attitude of some of the smaller States toward Great Britain and France, is likely to do anything important toward bringing about actual disarmament. A resolution sponsored by the Polish
Government, and about which the main debate
in the Assembly is expected to turn, sets
forth in its preamble "that war ought never to serve
as a means of settlement for disputes between nations," "that, therefore, a war of aggression represents an international crime," and "that solemn renunciation of all war of aggression would be an excellent means of creating an atmosphere of general
confidence eminently favorable to the procedure and
development of the work begun along the lines of
disarmament." It then declares that "all wars of
aggression are forbidden," binds the members of the
League to "assume the obligation to conform to this
principle," and invites the member States to "proceed to the conclusion of compacts of non-aggression, inspired by the idea that pacific means should
be employed for the settlement of. differences of
every kind arising between States." If this is any-
1376
. THE CHRONICLE
thing more than pious aspiration couched in rhetorical verbiage, it would seem to imply a revival of the
principle of the old Geneva protocol, admittedly the
least practicable and potentially the most mischievous of all the peace proposals that the League has
made. Even M. Politis, the well-known Greek
statesman and publicist, who stoutly defended the
Council for holding secret sessions and settling controversies by "private reciprocal concessions" without bringing the issues before the League, felt called
upon to warn the Assembly,in substance,that "resolutions outlawing wars of aggression, without defining aggression or providing penalties against aggression or enforcing compulsory arbitration, might
have something of the same value as an eighteenthcentury proclamation of the rights of man, and acceptance would be accompanied by danger if the
world Were told that it did not add anything tan
gible to world security."
No one need expect that the League of Nations
will shortly be dissolved, or that differences of opinion among its members would disappear even if its
methods and principles were much better than they
are. It may well be, however, that the intense dissatisfaction with the treatment of the disarmament
question may bring the League to a clear parting of
the ways. Such a scathing arraignment of the
League, and of the "inner circle" that runs it, as
was made on Thursday by Mr. Hambro, President
of the Norwegian Chamber of Deputies, cannot be many times duplicated by representatives of
smaller States without either forcing some thoroughgoing reform, or else leaving the League in a position where its future usefulness will be entirely
negligible. The latter outcome would be regrettable,
for the League, despite its timorous course in political disputes in which the interests of great Powers
have been involved, has performed much useful service as a disseminator of international information,
and as a place where important international issues
may, to some extent at least, be debated. Such functions, however, are a very small and incidental part
of the purpose which the League was created to
serve, and it is to the realization of that larger
purpose that the statesmen of the League, under
fire as they have not been before for their shortcomings, need now to address themselves.
The Development of the International Mind.
The international mind is distinctly a modern conception, and as such is sure to have an important
place in settling the problems and adjusting the
difficulties which confront the world to-day. Under
the general title of "The Problems of Peace," the
Oxford University Press has brought out a series of
important addresses among which are several dealing with the development of the international mind.
The chief of these is by Alfred Zimmern of the International Institute of Intellectual Co-operation, and
is of special value. He does not believe that a man
with a distinctly international mind exists. The
great minds of the past were not that. Plato had a
Greek mind, Dante an Italian mind, Shakespeare an
English mind. An international mind would be
something between, and what is stuck between is
generally a weakness.
What we think of is the development of an international attitude in the national mind. We all have
national minds and are patriotic. What to-day is
needed is pre-eminently an outlook that embraces
[VOL. 125.
others. That can be developed; if we have it we can
understand our neighbors and can play our part
with intelligence in the affairs of world interest.
The day has gone by for "hermit" nations, whether
Korea and Japan, as of old, or the United States in
the aloofness and "isolation" of the ante-bellum period.
The international attitude, he shows, is not dependent upon historic or geographic relations.
Nor is it a question of opinions. All are
aware of the need of modifying these to-day. We
seek to have open rather than closed minds. To such
minds the task of facing new conditions is an attractive adventure which has become a habit; it ensures
growth and wisdom. With it comes intellectual
integrity, the habit of facing all the facts and shirking no problems, convinced that however difficult
these may be, if enough people are thinking about
them they will be freed from passion and bitterness
and in time cleared up.
People of this mind are increasing in all lands.
They feel that they need to have this claim to infelligence. It gives them the hope of reaching opinions
which others can share, and which as they gain
acceptance will create public opinion and win the
co-operation of the Government. It becomes an
assurance of progress and peace for all. This is
the new spirit to-day. It is like the introduction of
the queen in the game of chess. All the other pieces
continue to play their parts, but there is a superior
power though with certain limitations established
for its action. The queen in the interplay of the
nations is an intelligent public opinion.
The British and American peoples are especially
interested in this attitude of mind. The English are
given to working in committees. This develops what
they know as common sense, an exceptional clarity
of judgment on matters of general concern. It helps
to action, and to the cheerful readiness and greater
efficacy that are found in some and not in other
peoples. The marked limitations of these others
are their unreadiness to work with foreigners, and
because of their very self-sufficiency a slowness in
reaching decision in matters of joint interest which
irritates other peoples. Common sense alone does
not secure clear :vision.
The distinctive qualities of the United States are
the sense of space due to extent of territory; the
habit of organization on a large scale, and the custom of living rather in the future than in the present or the past. In the situation to-day Americans
have to face the difficulty of fitting one large frame
into another. Large-scale organization applies
rather to economic than to political concerns. It is
difficult to adjust to those who have a different system, social and Governmental; and in our looking
forward the future is conceived in our accustomed
terms which we advocate for all, and for which others often are not ready.
Both Britain and the United States with their
different traditions have a common weakness; what
Mr. Lowell called "a certain condescension toward
foreigners." It is so constant that even though unconscious, it fortifies prejudices and disturbs intercourse. We both have to learn, like Puck,"to stretch
a girdle around the world," and have understanding
and sympathy voyage together.
In a second address Mr. Zimmern returns to the
same subject. It is with reference to international
co-operation. He said that the first task is the meet-
SEPT. 10 1927.]
THE CHRONICLE
1377
ing of minds in the co-operation of living persons, measure been secured. There was not in January
and the second is to improve the tools of the intellec- 1926 a single currency that was more than 5% lower
tual worker. There has been little or no organized than its value in January 1924. There has been setcontact between the world of scholarship and the back in some directions the past year, though that
world of government. Before the war there was no seems only an eddy and is already passing, it may
way of their coming together. Scholars feared re- be hoped.
Unquestionably much remains to be done in the
striction of their freedom of thought. They did not
realize the change that was to come with the new way of that freedom of intercourse throughout the
conditions in which they would need the help of world which is so necessary, and also in the readGovernment, as the Government would need theirs. justment of industry as between producers and cusInternational conventions have sprung into exist- tomers. But there is steady progress in both direcence to meet this need. These now are found created tions. A building up from the bottom of civilization
for associations of all kinds. There is nothing to and man's advancement in the future seem assured
prevent scholars from any land meeting with all unless war should again ensue. That could only end
others in any country, as we see on all sides to-day. in a peace that would mean general ruin. This may
Co-operation is reaching even to libraries and mu- be taken as the ultimate appeal for the international
seums. Universities and schools constantly meet mind.
An address at the end of the list, on "National
over their common interests. Their members are
learning to understand one another, and to appre- Sovereignty," by Prof. H. J. Laski of the London
ciate their fields and their attainments. An inter- School of Economics, reinforces what Mr. Zimmern
national intellectual atmosphere is fast coming into and Sir Arthur Salter have said. He emphasizes the
existence, which is a long step in the development of danger that would exist if in any community There
an international mind. Among scholars the differ- was a power that demands the allegiance of men on
ence of situation and action created by the war is any other consideration than equity. This has signo longer considered, and as never before leaders of nificance, in view of the rise of autocratic Governthought are coming together for mutual help and a ment in some States, and the thought in some minds
general advance in the extent and assimilation of that their success will arrest democratic progress in
the world now opening.
learning, opening its resources to all.
The danger does not seem serious, as autocracies,
Sir Arthur Salter, the English economist directing economic work in Geneva, contributes an ad- however brilliant, are brief, and sovereignty, in
dress on the "Progress of Economic Reconstruction its usual form, means only this. In spite of all its
in Europe" as made in the last eight years, which limitations and failures, ours is a Christian civilithrows light on the problem before us. He points zation; and that rests upon an international mind
out that there has been far too much pessimism. with a sovereignty so real and vision so wide, and
We have certainly passed well beyond the danger to love so embracing, that it creates an unchanging
civilization that lay in the direct effects of the war. attitude of blessing for all, and is the ultimate
What danger there is will either be through follies guaranty of every effort to bear witness to it or dewhich cannot be reached by war, or through the voted to bringing it about.
greater folly of falling into another war. The total
Old Men in Business.
production of the world, its wealth and its average
income in 1924 were as great as before the war.
A young man, William E. Kerrish of Wollaston,
There is need enough to-day; but it does not appear Mass., writing to the Editor of the New York
in lack of material resources or in the ability re- "Times" has some very pertinent things to say about
quired to deal with them; nor in that there is a world old men in business. We quote a part of his short
surplus of population, or that men have lost their letter: "If we have no place in business or industry
willingness to work. The destruction wrought by for those of mature years, it seems that we have
the war is far less serious in fact or in well-being need of refocussing our entire viewpoint in the matthan is generally supposed. The debts of a country, ter. We need the quick action of youth to keep pace
troublesome as they have been as an element of dis- with modern conditions. But we also need the poise,
organization, are not beyond that fact a major ele- the experience and the repose which those of mature
ment in causing such impoverishment as exists. The years can bring. The true strength and constructive
chief evil is that the disorganizatio -1 due to the war thought which among ordinary men are the marks of
is responsible in almost every coun try for lowering full mental and physical maturity cannot be disthe standard of living and the standard of prosperity pensed with for any length of time. To attempt to
and comfort that would otherwise have been at- do so is an unwarranted extravagance, and one for
tained.
which we must in the long run pay a great price in
The easy and frictionless exchange of goods is the loss of economic stability." That a young man
what was destroyed. This interchange was the basis should take it upon himself to write a public letter
of prosperity, and the arrest of this by the impedi- upon this subject shows a thoughtful attitude toments and maladjustments of the war is the great ward affairs that is quite commendable. Those who
injury. Depreciation of currencies, diversity of knew Dr. Osler aver that he was in a joking mood
economic policies, the bondage of tradition and long when he said "all men over sixty years of age ought
established custom have been the chief causes. Great to be chloroformed." It is said he was then more
progress is now making in settling theal difficulties. than sixty years of age. The chance remark caused
One by one individual States are ad)usting their a wide controversy and the names of many great
economic and financial interrelations. Great States men, who had done their best work after sixty, were
have already risen or been helped out of their dis- invoked to prove the falsity of the charge.
organization and are well on their way to re-estabAge may not be pleasant, but it is at least honorlishment. Their success guides and inspires others. able. And if we are not to establish old age penStability of currency has, for example, in large sions we must not throw old men out of the way of
1378
THE CHRONICLE
[VoL. 125.
earning a living or increase our homes for the aged. The reply was : "Well, the company sent me espeIt may be true, as an old man once remarked, "who cially to talk with you, and if there is anything lackcares for an old man"? But they are not respon- ing in your welfare that gives the company an opporsible for the coming on of old age and those who tunity to help you in a reasonable way, I am sure it
talk insistently of "the humane" must consider their would be done with pleasure. You had a good reccondition. Every man ought to lay up fortune for ord and you have not been forgotten." He mused
his declining years, but not every man can. We awhile, then said: "And yet they say corporations
think, however, this young man has struck the true have no souls—I suppose there are a hundred men
note in the matter when he puts it on a purely eco- in this city at this time who are similarly situated."
nomic basis. It is easy to prove that many men We think it is fair to say, though the same will
already old in years are the guiding spirits of great apply to other companies, that the company here reenterprises. But it would be difficult to imagine ferred to was the Pennsylvania Railroad Co.
all business in the hands of young men without inNow, then, is not this example a proof of the ecoheritance from the experience of founders who have nomic worth of considering old age in the conduct
builded wisely and well. It is proper that youth (in of industry? It must be, because when a man enters
the sense here used) should inherit. Age is inev- the employ of a great enterprise or industry he
itable. It has its infirmities. But many old men knows that a lifetime of service will not go unare young in the economic sense, and a few young rewarded. Our people ride extensively on trains.
men are old. Old men can rule too long; and young Always at the throttle is this trained engineer,
men can become too eager for their inheritance.
whether we think of him or not. He works for us aS
Unfortunately, it is a custom with some managers well as for the company. We know of no outside
to discharge or displace old employees at a certain interest that will care for him after he retires. Exage. There has grown up in this "managerial perience up to the point of actual disability is valuworld" a feeling that the rush and push of modern able to the people and valuable to the road in its
business has no place for old men. And as our let- reputation for care in the running of its trains. Is
ter writer asks, is it well with business when it it economic good management to forget these things
lacks poise, experience and repose? We shall per- in the interest of rush and push? And the truth aphaps answer this question in a few years when the plies to all kinds of business. Of course, in the case
present rush and push has run its course. We af- cited there was a retiring age, but it was accomfirm without hesitancy that neither the world nor panied by an allowance. It is the man and his recany business owes a man "a living" independent of ord that is to be taken into account. In the ordinary
his work and worth. But "business," after all, is industries where not so much is at stake, it must be
only an aggregation of individual co-operating uneconomic as well as unethical to thrust old men
(and it may be through competition) in the neces- aside simply because some swift young man promsary task of making a living, and in this sense it is ises by new methods to get "more business." We
sheer desertion when a capable man is cast off be- think if the records were available it would be shown
cause of his age. If, as very well may ensue, age has that many a stable business has been turned topsyincapacitated a man for the particular work he is turvy, if not wrecked, by the managerial fad of indoing, in a large concern, another place may per- troducing "young blood." Young men are valuable,
haps be found for him, or some other means devised but they ought to remember that their egotism nourfor his welfare.
ished by patent remedies for making thing "go"
Sitting in a beautiful park in a far Western city sometimes acts like a monkey wrench thrown into
in a casual talk with an old gentleman, as we judged the machinery.
about eighty years of age, he told us this story:
Old men ought to bear age gently, gracefully. The
"For more than forty years I was an engineer on a heat of the battle is passed. The "fortune" is made
railroad. I had a short run. I liked my work be- or it never will be made. The business is in "good
cause it gave me time to study certain things that running order," or there is only time to reduce its
interested me. For years now I have received a proportions or to make it safe. Old men should be
gratuity from the road, though through my saving willing gradually to release authority, to impose
habits I could live without it. I come out here more and more of responsibility on associates who
every year to enjoy the climate. The other day a are younger and sons who arq to inherit. For the
man, a stranger, came to me and said: "Mr. —, rest there is time now for reflection, for the clear
I have been sent here to hunt you up and to ask you contemplation of the place the one business, and all
if there is anything the company can do for you? business, should occupy in the affairs of men. And
I was surprised and answered, know of nothing. above all, there is time for reflection on self, on the
I now enjoy a gratuity from the company. I can spiritual man, who, having done his duty to his felthink of nothing more that can be done. I am get- lowman, may look forward, not through scientific
ting along very well. Then I said, but suppose there eyes, but with spiritual eyes to that future unfoldwas something the company could do, what then? ing which is yet to come.
Gross and Net Earnings of United States Railroads
for the Month of July
As was the case in June, our compilation of the
gross and net earnings of United States railroads
for the month of July makes an unfavorable showing in both the gross and the net earnings as compared with the corresponding period a year ago, but
in much more pronounced fashion and to a greatly
increased degree. As a matter of fact, in the extent
of the losses disclosed, in gross and net alike, the
exhibit is one of the poorest we have been obliged
to record for a long, long while. In the gross, the
falling off reaches $48,297,061, or 8.67%, and in the
net $35,436,548, or no less than 22.03%, as will be
SEPT. 10 1927.]
THE CHRONICLE
1379
seen from the following, giving the comparative such havoc in the spring of 1927, and furthermore
that the winter wheat crop the present season in a
totals for the two years:
Inc. (+) or Dec. (—). number of States in that part of the country fell
1926.
1927.
Month of July (182 Roads)—
+605 0.25%
237,711
238,316
Mlles of road
$508,413,874 $556,710,935 —$48,297,061 8.67% much below the extraordinarily heavy crops of last
Gross earnings
—12,860,513 3.25%
382,975,540 395,836,053
Operating expenses
71.10%
year in the same territory.
75.33%
Ratio of expenses to earnings
All of these may be cited as having contributed to
$125,438,334 $160,874,882 —$35,436,548 22.03%
Net earnings
At the outset it is to be noted that the month bring about the large shrinkage in revenues whick
contained five Sundays, leaving only 25 full work- occurred in July of the present year. But one and
ing days, after allowing for the 4th of July holiday, all combined do not suffice to account for the very
common to both years. Last year, with only four large and general losses with which we are conSundays and the Independence Day holiday, the fronted, extending to all sections of the country and
number of full working days was 26 days. The loss, to all classes of roads. Only an all-pervading inhowever, of this single working day does not count fluence of wide sweep and taking the whole country
for as much as generally supposed. The railroads in its embrace can be deemed as furnishing the
do not shut down completely on Sundays, except, answer sought. And this influence is unquestionperhaps, on some very short local lines having lit- ably found in the trade reaction which the country
tle or no connection with outside systems. Passen- has experienced ever since the spring of the year,
ger traffic goes on the same as before, and may even and which in July reached proportions far beyond
be increased by reason of Sunday holiday-making what any one had looked for. A few illustrations
and special excursion trains. Through passenger will serve to show how widespread the falling off in
traffic between different sections of the country earnings has been. Beginning with the great East
and between the different large cities suffers no in- and West trunk lines, serving the manufacturing
terruption at all. It is only the freight trains that districts in the Middle and Middle Western States,
stop running and only the freight traffic that is we find the New York Central recording $2,461,508
reduced to a minimum or eliminated altogether. The decrease in gross and $1,349,901 in net. This is for
loss of revenue involved, therefore, in the cutting the New York Central itself. When we include the
out of one workday during the month is relatively various auxiliary and controlled roads, the decreq
small—probably not to exceed 2@3%. On the other amounts to $3,542,883 in gross and $1,934,269 in net,
hand, as we have seen, the falling off in gross earn- The Pennsylvania Railroad, on all the lines directly
ings has actually been 8.67%, or from two to three operated east and west of Pittsburgh and Eric,
times the decrease that can be attributed to the loss shows $4,030,670 loss in gross and $1,775,830 in net.
The Balt. & Ohio has lost $1,870,841 in gross and
of a working day during the month.
It is hence necessary to look elsewhere for an $1,900,592 in net. Among the anthracite carriers
adequate explanation of the poor exhibit of earnings the Lehigh Valley reports $1,970,904 loss in gross
for the month—bad in the case of the gross, and and $1,632,243 in net; the Del. & Hud. $811,613 in
Still worse in the case of the net, owing to the in- gross and $710,918 in net; the Del. Lack. & West.
ability to reduce expenses proportionately to the $1,103,560 in gross and $415,635 in net; the Reading
decline in traffic and gross revenues. A variety of $1,210,594 in gross and $1,007,339 in net; the Cent.
considerations can be urged as furnishing the proper of N. J. $663,124 in gross and $495,694 in net; the
explanation. The strike at the union bituminous Erie $345,868 in gross and $6,232 in net.
coal mines in yarious parts of the country, which
Passing to the western half of the country, the
began April 1 and is still effective, may be referred Union Pacific System shows a shrinkage of $1,399,to as accounting for some portion of the falling off 531 in gross and of $878,829 in net; the Southern
on the -roads particularly affected. Allusion may Pacific $1,200,617 in gross and $1,267,143 in net; the
also be made to the fact that in the case of the an- Atchison $3,968,988 in gross and $4,378,966 in net;
thracite carriers, coal mining a year ago was swollen the Missouri Pacific $717,944 in gross and $225,992
to an unusual degree by a desire to make up, as far in net; the St. Louis-San Francisco $1,103,582 in
as possible, for the big loss in anthracite production gross and $766,648 in net; the Mil. & St. Paul $560,sustained during the long antecedent period of 912 in gross and $1,255,600 in net; the Chic. & North
strike at the mines which had extended over a period West. $839,716 in gross and 381,367 in net; the Rock
of nearly half a year, beginning with Sept. 1 1925 Island $1,493,072 in gross and $1,286,247 in net; the
and terminating towards the end of February 1926. Great Northern $537,272 in gross and $439,097 in
As against this, mining of anthracite in July the net; the Northern Pacific $777,482 in gross and
present year was below the normal even for the sum- $542,688 in net.
mer season, making, therefore, a strikingly unfavorIn the South the returns have been poor all along
able contrast. It may likewise be urged that cer- because of the business depression prevailing in that
tain roads serving the bituminous regions where part of the country and the returns for July form
mining is conducted on a non-union basis, such as no exception to the rule. The Southern Railway
the Ches. & Ohio, the Norf. & West., and the Vir- system has fallen $1,354,752 behind in gross and
ginian Railway, which had a special advantage last $1,088,715 in net; the Atlantic Coast.Line $1,623,292
year in the circumstance that the strike at the Brit- in gross and $968,267 in net; the Florida East Coast
ish mines created a large foreign demand for coal, $736,143 in gross and -$550,724 in net; the Louisv. &
lost that advantage in the present year in the com- Nashv., which has benefited by the increase in the
plete absence of such foreign demand, while the loss shipments of non-union coal, 418,673 in gross and
on that account could not be made good the present $675,184 in net; the Seaboard Air Line $495,401 in
year even though our own soft coal strike occasioned gross and $260,412 in net, and the Central of Geora new demand upon the non-union mines. It may gia $613,072 in gross and $330,564 in net.
furthermore be contended that in the Southwest , These illustrations could be continued indefinitely,
business has not entirely recovered from the effects and they make it plain that only a deep underlying
of the floods in the Mississippi Valley, which caused cause like trade depression, operative all over the
1380
THE CHRONICLE
country, could have brought about such large and
general losses. It is worth noting, too, that no such
great contraction in traffic movements as the figures cited indicate was foreshadowed in the weekly
statements of car loadings given out by the Car Service Division of the American Railway Association
and which are quite commonly relied upon as furnishing a true index to the course of railway traffic.
For the five weeks ending July 30 these returns
showed car loadings of railroad revenue freight aggregating 4,935,397 cars in 1927, against 5,213,759
cars for the corresponding five weeks in 1926, a decrease of only 278,362 cars, or no more than 5.3%.
How out of line these car loadings were as an indication of the true situation appears when this small
decrease of 5.3% in the car loadings is compared
with the actual losses in gross as reporteil by the
railroads, running from two to five times that figure. Ample evidence of the setback in trade is furnished, however, by other statistics. We may take
for an instance the figures of steel production. The
American Iron & Steel Institute calculates the output of steel ingots in the United States for July
1927 at 3,178,342 tons, against 3,634,993 tons in July
1926, a decrease of 456,651 tons, or 12.6%. It deserves to be pointed out, moreover, as proving how
more pronounced the recession in trade has been in
1927 than it was in 1926, that while last year the
monthly output of steel ingots fell from a maximum
of 4,468,617 tons in March to 3,634,993 tons in July,
in 1927, on the other hand, the decline was from
4,499,092 tons in March to only 3,178,342 tons in
July. The statistics of automobile production tell
a similar story. In July 1927 the output of Motor
vehicles .(passenger cars and trucks) in the United
States was only 263,406, against 354,394 in July
1926, a decline of over 25%.
In the following we show all changes for the separate roads for amounts in excess of $100,000,
whether increases or decreases, and in both gross
and net. It will be observed that the increases of
$100,000, or over, are only four in the case of the
gross and five in the case of the net, while the decreases number 78 in the case of the gross and 72 in
the case of the net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF JULY 1927.
Increases. I
Decrease.
Han City Mex & Or of T_
$251,326 Dul Missabe & Northern
502,955
Hocking Valley
207,678 Detroit Toledo & Ironton
500,515
Los Angles & Salt Lake
203,553 Seaboard Air Line
495,401
N Y Chicago & St Louis_
183.862 Michigan Central
02
C C C & St Louis
468,188
Total(4 roads)
$846,419 Virginian
433.276
Louisville & Nashville.- _
418,673
Decrease. Chicago & Alton
391,281
Pennsylvania
$4,030,670 Elgin Joliet & Eastern...
369,945
Atch Top & Santa Fe (3) 3,968,988 Boston & Maine
355.510
New York Central
a2,461,508 Erie (3)
345,868
Lehigh Valley
1.970,904 Chicago Great Western.._
329,608
Baltimore & Ohio
1,870,841 International Great Nor_
312,051
Norfolk & Western
1,755,349 Yazoo & Ansa Valley-305,238
Atlantic Coast Line
1,623,292 Wheeling & Lake Erie_ _ _
297,823
Chic R I & Pac (2)
1.493,072 Union RR (Penn)
276,951
Union Pacific (4)
1,399.531 Illinois Central
275.248
Chic Burl & Quincy...-- 1,254,274 Trinity & Brazos Valley_
263,105
Reading
1.210,594 Western Maryland
255,106
Southern Pacific (2)---- 1,200.617 Colorado & Southern (2)
250,419
St Louis San Fran (3),..-- 1,103.582 Mobile & Ohio
228,162
Del Lackawanna & West 1.103.560 Western Pacific
204,113
Southern Railway Co--_ b1,037.932 Deny& Rio Grande West
194,446
Missouri Kansas Texas(2)
868.654 Pitts & W Va
186,926
839.716 Buffalo Roth & Pitts_ _
Chicago& North Western
181,005
Chesapeake & Ohio
825.010 Georgia Southern & Fla..
180,186
Delaware & Hudson_ 811,613 N Y Ontario & Western_
173,030
Northern Pacific
777,482 Northwestern Pacific__ _
161.501
Florida East Coast
736,143 St Louis Southw (2)
159,083
Missouri Pacific
717,944 Rich Modhburg dc Pot..
152,798
Wabash
679,793 Nashville Chat & St Louis
161.057
Central of N J
663,124 West Jersey & Seashore_
148.500
Bessemer & Lake Erie
661,561 Duluth & Iron Range___
139,063
Central of Georgia
613.072 Chic & East Illinois
129.283
560,912 Norfolk Southern
Chic Mil & St Paul
113,625
537,272
Great Northern
Total (78 roads)
528.885
N Y N H & Hartford-$47.324.739
a These figures merely cover the operations of the New York Central
Itself. Including the various auxiliary and controlled roads, like the Michigan Central, the "Big Four," &c., the result is a decrease of $3,542,883.
b This is the result for the Southern Railway proper, including the Alabama Great Southern, the Cincinnati New Orleans & Texas Picific, the
Georgia Southern & Florida, the New Orleans & Northeastern and the
Northern Alabama, the whole going to form the Southern Railway System,
the result is a decrease of $1,354.752.
[VoL. 125.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF JULY 1927.
Increase.
Decrease.
N Y & N H & Hartford- $285,733 Great Northern
439,097
Hocking
203,043 Western Pacific
419,164
N Y Chicago & St Louis_
184,841 Del Lack & Western_ _ _ _
415,635
Central Vermont
147.202 Chicago & North Western
381.367
Kan City Mex On of Tex
105.630 Virginian
369,317
Central of Georgia
330,564
Total (5 roads)
$926,449 Clay Cin Chic & St L___
297,671
Deny & Rio Grande West
272,963
Decrease, flat Toledo & Ironton- _ _
265,707
Atch Top & Santa Fe (3) $4,378,966 Seaboard Air Line
260,412
Baltimore & Ohio
1,900,592 Elgin Joliet & Eastern_
260,025
Pennsylvania
1,775,830Chicago Great Western_
246,280
Lehigh Valley
1,632,243 Michigan Central
239,457
Norfolk & Western
1,581,528 Internat'. Great Northern
233,865
New York Central
a1,349,901 Missouri Pacific
225,992
Chic R I & Pac (2)
1,286,247 Buffalo Roch & Pittsburg
219,236
Southern Pacific (2)
1,267,143 Long Island
214.867
Chic Mil & St Paul
1,255,600 Northwestern Pacific-201,388
Chic Burlingt & Quincy. 1,028.337 Wheeling & Lake Erie--174,554
Reading
1,007,339 Term Ry ASSOC of St L__
155,432
Atlantic Coast Line
968,267 Trinity & Brazos Valley_
154,007
Southern Railway Co-- _
8881.070 Yazoo & Mims Valley-- _ _
151,352
Union Pacific (4)
878,829 Chic St Paul M & 0-149,175
St Louis San Fran (3)...
766.648 N Y Ont & Western__ _ _
148,710
Delaware & Hudson......
710,918 New Orl Tex & Max (3)_
144,158
Bessemer & Lake Erie_ - _
705,906 Duluth & Iron Range--142,783
Louisville & Nashville._
675,184 Chicago & Alton
140,720
Dul Missabe & Northern
589,604 Mobile & Ohio
137,007
Florida East Coast
550,724 Lehigh & New Engl___
134,412
Northern Pacffic
542,688 Union RR (Penn)
133,327
Chesapeake & Ohio
524,680 Indiana Harbor Belt_ __ _
125,558
Central of New Jersey
495,694 Pitts & West Va
114.743
Missouri Kan Texas (2)494,414 Nash Chat & St Louis102,494
Wabash
467,741
Colorado & Southern (2)_
459,585
Total (72 roads)
$35,577,117
a These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the Big Four." &c., the result is a decrease of $1,934,269.
b This is the result for the Southern Railway proper, including the
Alabama Great Southern. the Cincinnati New Orleans & Texas Pacific,
the Georgia Southern & Florida. the New Orleans & Northeastern, and the
Northern Alabama, the whole going to form the Southern Railway System
the result is a decrease of $1.088.715.
While In no manner qualifying the importance or
significance of the present year's heavy losses in
gross and net alike, it deserves, nevertheless, to be
pointed out that these 1927 losses come after very
substantial gains in both gross and net in each of
the two years preceding. In July 1926 our compilation showed $33,875,085 gain in gross and $21,435,011 gain in net, while in July 1925 our tabulations
registered $40,595,601 increase in gross and $27,819,865 increase in net. On the other hand, however,
it is equally important to bear in mind that in July
1925 comparison was with heavily diminished earnings in 1924. The latter, as has been so many times
pointed out in these columns, was the year of the
Presidential election, when such a very decided
slump in business occurred, and this was reflected
in heavily diminished traffic over the country's
transportation lines, large and small. So decided
was the slump in business at that time, and so great
the falling off in railroad traffic, that our July compilation recorded a falling off in gross earnings of
53,517,158, or 10.02%, and a falling off in net of
$9,601,754, or 7.86%, as compared with the year
preceding (1923). This last, though was a year of
very active business, when the railroads enjoyed-at
least in the great manufacturing districts of the
East
-the very largest traffic movement in their entire history. Our tables then recorded the prodigious gain of $91,678,679 in gross and of $18,392,282 in net. However, if we go still further back, we
find that the 1923 gain in gross itself followed losses
in both 1922 and 1921, though the gains in net'were
continuous, extending through 1921 and 1922, even
while the gross earnings were declining. Our tabulations for July 1922 showed a decrease of $19,960,589 in the gross, with $1,964,485 increase (1.95%)
in the net. The reason for the poor showing in that
year was that the strike at the unionized coal mines
of the country, which had been such a disturbing
factor in the months preceding, not only continued,
but that its adverse effects were greatly emphasized by the fact that on July 1 the railroad shopmen had also gone on strike and that this led to
acts of violence on the part of the men who quit
work, or their sympathizers, to prevent others from
taking the abandoned jobs, with the result of interrupting railroad operations and in some instances
Szr-r. 101927.]
THE CHRONICLE
even preventing the movement of coal from the nonunion mines. It should not be forgotten, either, that
it was on July 1 of that year that the 10% horizontal reduction in freight rates promulgated by the
Inter-State Commerce Commission went into effect.
There was at the same time a reduction of about
7@8% in the wages of the shop crafts employees
and the maintenance of way men, but the benefit
that might have accrued from this was, of course,
vitiated by the shopmen's strike, which increased
expenses rather than decreased them. The previous
year there had been a reduction in wages of 12%
effective July 1 1921, but this in turn followed 20%
increase in wages put in effect by the Labor Board
on July 1 1920 immediately after its advent to
power.
Not only did the 1923 gain of $91,678,679 in gross
earnings follow $19,960,589 loss in July 1922, but
this latter in turn followed an antecedent loss of
no less than $66,407,116 in July 1921, as compared
with July 1920. On the other hand, the loss in 1921
was attended by a prodigious saving in expenses,
with the result of bringing a gain of $84,615,721 in
the net at that time. The contraction in expenses
amounted to no less than $151,022,837, and while
due in part to the shrinkage in the volume of traffic
owing to the intense business depression prevailing,
it was in no small degree the outgrowth of dire
necessity, the railroads being obliged to practice the
utmost saving and economy to avert bankruptcy
after the enormous additions to expenses forced upon
them in the year preceding,.during the period of
Government control. The truth is, prior to 1921
expenses had been mounting up in such a prodigious
way that in 1920 net earnings had got down to a
point where some of the best managed properties
were barely able to meet ordinary running expenses,
not to mention taxes and fixed charges. And it is
the inflated expense accounts of these earlier years
that have furnished the basis for the savings and
economies effected since then. As an indication of
how expenses had risen in 1920 and prior years, we
may note that in July 1920, though our tables
showed $65,975,059 gain in gross, they registered
$69,121,669 decrease in net, while in July 1919 there
was a falling off in both gross and net—$14,658,220
in the former and $55,352,408 in the latter. In
the
following we furnish the July comparisons back
to
1906. For 1910, 1909 and 1908 we use the InterState Commerce Commission's totals, since in those
years they included all the minor roads and were
more comprehensive than our own figures, but for
Gross Earnings.
Na Earnings.
Year.
Year
Given.
I
Year
. -I1,14 ( )Or
Preceding. Dec.(—).
Year
Given.
I
Year 'Inc.(+)Or
Preceding. Dec.(—).
Prec
July.
$
I
$
1906 ._ 120,386,440114.556.367 +14,380.073 42,808,250 36,718.416
+8,089.834
1907 _ 137,212,522118,666,092 +18,546,430 41.891.837
39,448,771
1908 - 195,246,134 228,672,250 —33.426,116 67.194,321 75.679,805 +2,443.066
—8,485,484
1909 ._ 219,964,732195,245,655 +24.719,084 78,350,772
1910 _,...230,615.778217.803.354 +12.812,422 73,157,547 67,267,352 +11,083,420
77.643,30
9111 __ 224,751,083226,306,73 —1,555.652 72,423,469 72.392,058 —4,485,758
+31.411
1912 ___ 245,595,532 222,487,872 +23,007,66 79,427,565 70,536,977
1913 _ 235,849,764 223,813,52 +12.036,238 64,354,370 67,620,157 +8,890.588
—3.265,787
1914 --- 252,231,248 261,803,011 —9.571.763 75.349,466 76,358,377
—998,911
1915 --- 262,948.115 260.624,
+2,234,115 87,684,985
1916 _ 308,040,7911263.944.649 +44,096,142 108,709,496 77,833,74 +9,8.51,240
88.421.5591+20,287.937
1917 ..353.219.982306.891.957 +46,328,025111.424.
08.293,94
1918 _ 463,684,172346,022.857 +117661315144.348.682 109,882,551 +3.130,597
+34,486,131
454,588,513,469,246,733-14.658,220 96,727,014
1919
152,079.4221-55,352.408
1920
. .
+65.975,059 18,827,733 87,949,40
,
.
9.121,669
1921 _ 460,989.697527,396,81 —68,407,116 99,807,935 15,192,214 +84.615,721
1922 _ 442,736.397462,696,986 —19,960,589102,258,414 00,293,929 +1,964,485
534,634,552442.955,873 +91,678,679 121,044,775 102,652,493
1923
480.704.944 534.222,102 —53,517,158 112,626,696 122,228,450 +18.392,282
1924
521,538,604 480,943,003 +40,595,601139,606,752 111.786,887 —9.601.754
1925
555,471,2761521,596.191 +33.875.085161,079,612 139,644.601 +27,819,885
1926
+21,435,011
508.413,874556.710,935 —48,297,061 125,438,334 160.874,882-35,436448
1927
NOte.—In 1906 the number of roads included for the month of July was 90; In 1907
82;In 1908 the returns were based on 231.836 miles of road: *it 1909, 234.500; In 1910:
238,169; In 1911, 230,076; in 1912, 230.712; fa 1913, 206,084; in 1914, 235,407; In
1915, 243,042; In 1916, 244.249; in 1917, 245.699; in 1918, 231,700; in 1919. 226.854;
n 1920,220,459;in 1921,230,991;in 1922.235,082; in 1923,235.477:in 1924,235.145;
in 1925, 238,762; in 1926. 236,885; in 1927, 238.316.
1381
the preceding years (before the Commerce Commission began to require returns) we give the results
just as registered by our own tables each year—a
portion of the railroad mileage of the country being
then always unrepresented in the totals owing to the
refusal of some of the roads in those days to furnish
monthly figures for publication.
When the roads are arranged in groups, or geographical divisions, according to their location, we
find just what would be expected in view of what
has been said above, namely that every district—
Eastern, Southern, Western—and every region in
each of the districts shows diminished gross earnings and every district also with all its several regions, excepting alone the New England region, a
decrease in the net. Our summary by groups is
as follows. As previously explained, we now group
the roads to conform with the classification of the
Inter-State Commerce Commission. The boundaries
of I he different groups and regions are indicated in
the footnote to the table.
SUM!HAW( SY DISTRICTS AND REGIONS.
District & Region—
—Gross Earnings
Ju/y—
$
$
Inc. 1+) or Dec.(—).
Eastern District—
1927.
1926.
New England Region (l 3 roads). _ __ 22,374,473 23,433.087 —1,108,614 —4.72
Great Lakes Region (34 roads)
92,663.580 101,179,740 —8.516.160 —8.43
Central Eastern Region (31 roads)_ .117,600,254 123,422,048 —10,821.794 —8.41
s
Total(75 roads)
Southern DU rid—
Southern Region (30 roads)
Pocahontas Region (4 roads)
Total (34 roads)
Western District—
Northwestern Region (18 roads) _ _ _ _
Central Western Region (22 roads) _ _
Southwestern Region (33 roads)._
%
232,638,307 253.084.875 —20.446,568 —9.09
63,831,766 70.381,073 —6,549.707 —9.31
22,744,315 25.912,749 —3,166,433 —12.22
86.578,081
93,293.821
—9,715,740 —10.09
61,036.907 65,412,003 —4.375.996 —8.69
83,282,695 92,321.207 —9.038.512 —9.64
44.877,884 49.598.129 —4,720.245 —8.52
Total(73 roads)
189,197,486 207,332,239 —18,134,753 —8.74
Total all districts (182 roads) — _508,413,874 456,710,935 —48.297,061
—8.67
Dist. Region—
Mite ge
Net Earnings
July
1927.
1926.
1927.
1926.
Inc. 1+) or Dec.(—).
Eastern District
New England_ __ _ 7,376
7,456 6,041,677 5,640.224
+401,453 +7.11
Great Lakes
24,954 24.982 22,906,076 28,193.323 —5,287.247 —18.75
Central Eastern
27,119 27,106 28,879,138 36,203,527 —7,324,389 —20.23
Total
59,449 59,544 57.826,891 70,037,074 —12,210,183 —17.44
Southern Dist.—
Southern
39,368 39.109 13,397,239 17,891,007 —4,493.768 —25.12
Pocahontas
5,607 5,604 7,890,510 10.465,458 —2,574,948 —24.61
Total
44,975 44.713 21,287,749 28,356,465 —7.068,716 —24.93
Western Dist.—
Northwestern._ _ _ 48,402 48,588 14,887,184 18.877.374 —3.990,190 —21,14
Central Western
51,304 50,988 20,928,131 29,831,025 —8,902,894 —29.85
Southwestern
34,096 33,878 10,508,379 13,772.944 —3.264,565 —23.70
— —
Total
133,892 133,454 46,323.694 62,481.343 —16,157,649 —25.88
Total all dists_ _238.316 237,711 125,438,334 160.874,882 —35,436.548 —27.03
NOTE.—We have changed our grouping of the roads to conform to the classification of the Inter-State Commerce COMMISSIOD, and the following indicates the
confines of the different groups and regions:
EASTERN DI9TRICT.
New England Review—This region comprises the New England States.
Great Lakes Region.—Thls region comprises the section on the Canadian
boundary
between New England and the westerly shore of Lake Michigan to Chicago,
and
north of a line front Chicago via Pittsburgh to New York.
Central Eastern Region—This region comprises the section south of the Great
Lakes Region, east of a line from Chicago through Peoria to St. Louis and
Mississippi River to the mouth of the Ohio River, and north of the Ohio Riverthew
to
Parkersburg. W. Va., and a line thence to the southwestern corner of Maryland
and by the Potomac River to its mouth.
SOUTHERN DISTRICT.
Pocahontas Region.—Thls region comprises the section north of
boundary of Virginia, east of Kentucky and the Ohio River north to the southern
W.Va.,and south of a line from Parkersburg to the southwestern cornerParkersburg.
of Maryland
and thence by the Potomac River to its mouth.
&nahern Region.—Thls region comprises the section east of the Mississippi
River
and south of the Ohio River to a point near Kenova. W. Va.. and a
following the eastern boundary of Kentucky and the southern boundary line thence
of Virginia
to the Atlantic.
WESTERN DISTRICT.
Northwestern Region—This region comprises the section adjoining
Canada lying
west of the Great Lakes region, north of a line from Chicago to Omaha
and thence
to Portland and by the Columbia River to the Pacific.
Central Western Region.—This region comprises the section south
western region, west of a line from Chicago to Peoria and thence to of the NorthSt.
north of a line from St. Louis to Kansas City and thence to El Paso Louis, and
and by the
Mexican boundary to the Pacific.
Southwestern Region.—This region comprises the section lying between the
alsolopl River south of St. Louis and a line from St. Louis to Kansas City and Matheme
to F.1 Paso and by the Rio Grande to the Gulf of Mexico.
Western roads the present year in July had to
contend with both a smaller grain movement and a
smaller livestock movement. The falling off in the
grain traffic was due almost entirely to a heavy
shrinkage in the receipts of wheat, the receipts of
corn, barley and rye being considerably larger than
in 1926 and the receipts of oats practically the same.
The receipts of wheat at the Western primary
markets for the five weeks ending July 30 the
present
year were only 64,505,000 bushels, against
81,810,-
000 bushels in the corresponding period of 1926; the
receipts of corn 18,668,000 bushels, against 14,821,000 bushels; the receipts of oats 9,973,000 bushels,
against 9,987,000; the receipts of barley 2,280,000,
against 1,793,000 bushels, and the receipts of rye
1,466,000 bushels, against 808,000 bushels. For the
five cereals combined, the receipts for the five weeks
were only 96,892,000 bushels, as against 109,219,000
bushels last year, but comparing with 79,180,000
bushels in 1925. In the following we give the details
of the Western grain movement in our usual form:
5 Weeks End.
July 30Chicago
1927
1926
Milwaukee
1927
1926
SS. Louis
1927
1926
M001927
1926
WESTERN FLOUR AND GRAIN RECEIPTS.
Barley
Oats
Corn
Wheat
Flour
(bush.)
(bush.)
(bask.)
(btu.)
(1.bash.)
Rye
(bush.)
1.067,000 10.819.000 7,160,000 3,584,000
1.282,000 7.655.000 4.413,000 3.133,000
393,000
439,000
788,000
89,000
961.000
1,095.000
333.000 1.203.000
207.000
458,000
61,000
59,000
507.000 4,496.000 1,961,000 1,982.000
436,000 7,582,000 2,331,000 1.468.000
14.000
45,000
9,000
2,000
144.000
684.000
5,000
1,000
8,000
16,000
82,000
50,000
149,001
149,000
1927
50.000
18,000
115,000
1926
Paris
156,000
769,000
119,000 2,492,000
225,000
1927
85,000
691,000
160,000 1,833.000
192.000
1926
25,000 1,077,000
2.000
3,750,009
1927
248,000
449.000
7,000
2,459.000
1925
Minneapolis
928,000
617.000
428,000
5.347,000
1927
179.000
516,000
682.000
9,241.000
1926
Kansas Ctty818,000
18,896,000
171,000
1927
941,000
217,000
31.490.000
1926
Omaha & Indianapolis
8.543.000 2,612.000
906,000
1927
5.467.000 2,686.000 1,305,000
1926
12,000
2,000
Jan. 1 to
July 30.
Chicago
1927
1926
Milwaukee
1927
1926
St. Louis
1927
1926
Toledo
1927
1926
Ddrot/1927
1926
Peoria
1927
L1926
1,255.000
1,859.000
248.000
190.000
2,036,009
1,376,000
Sioux CRY
1927
1926
Si. Joseph
1927
1926
Wichita
1927
1926
Total All
1927
1926
[Vol.. 125.
THE CHRONICLE
1382
890.000
261,000
233.000
543.000
575,000
444.000
62,000
114,000
1.678,000
2.211,000
652,000
809.000
22,000
57,000
169,000
284,000
2,000
46,000
86,000
,7,184,000
11,646,000
417,000
356,000
24,000
8,000
1,000
2,047.000 64.505,000 18.668,000 9,973.000 2,280,000
2.100,000 81,810.000 14.821,000 9.987.000 1,793.000
Oats
Barley
corn
Wheal
Flour
(bush.)
(bush.)
(Molt.)
(bush.)
(5618.)
1,466,000
808,000
6,870.000 19,612,000 45,007,000 25,216,000 3,439,000
7,147,000 15,206.000 51.944.000 22,803,000 4,155,000
1.572,000
629,000
1,191,000 2,546,000 6,611,000 6,591,000 4,105,000
1.075,000 3,377.000 5,710,000 5,638.000 4,727,000
Rye,
Barley.
Oats.
Flair
Wheat.
Corn.
bush.
bush.
bush,
(bats.)
bush.
bush.
Duluth
270,000 2,254,000 7,214,000
19,639.000
216,000
1927_ _
975,000 3,867,000
103,000 8,419,000
17,093,000
1926
Minneapolis
33,726,000 7,678,000 5,604,000 4,777,000 1,565,000
1927
45,876,000 5,901,000 10,771,000 8,024,000 2,385,000
1926
Kansas City
40,997,000 8,350,000 1,594,000
1927
45,224,000 12,172,000 2.373,000
1926
Omaha & Indianapolis
2,000
3,000
15,244,000 24,485,000 7,614,000
1927
10,401,000 21,035,000 8,321,000
1926
Sioux City
574,000
2,000
710,000 2,434,000
1927
2,000
17,000
1.504,000 1,482,000 1,538,000
1926
St. Joseph
686.000
5,237,000 5,460,000
1927
4,843,000 6,988,000 1,107,000
1926
Wichita
412,000
289.000
14,084,000
1927
4,000
259.000
16,892.000 1,399,000
1926
Total .4111927
1926
As already stated, Western roads also had a
diminished livestock movement. At Chicago the
receipts comprised only 18,518 carloads in July 1927,
against 19,743 in July 1926; at Omaha but 6,069
cars, against 8,037 cars, and at Kansas City only
7,066 cars, against 8,726.
Southern roads suffered some diminution of their
cotton traffic. The cotton movement is never large
in July, it being the tail end of the old crop season,
but some of the new crop nearly always begins to
come to market in that month, and it happens that
last year the early arrivals were unusually large;
accordingly, some falling off the present year is
natural. The shipments overland were heavier, comprising 71,434 bales in July 1927, as against only
59,015 bales in 1926; 19,111 bales in 1925; 57,757
bales in 1924; 41,627 bales in 1923, but comparing
with 82,682 bales in July 1922, and no less than
161,383 bales in July 1921. At the Southern outports the receipts of the staple embraced only 147,755 bales the present year, against 200,650 bales in
1926, but comparing with 110,640 bales in 1925,
125,460 bales in 1924 and 91,581 bales in 1923. The
following is our usual table giving the details of the
cotton movement at the different Southern outports
for the last three years:
744,000
560,000
Rue
(bush.)
13,340,000 173815,000 130927,000 71,301,000 15,692.000 11,993,000
12,580,000 183871,000 141588,000 87,794,000 19,096,000 7,918,000
RECEIPTS OF COTTON AT SOUTHERN PORTS IN JULY AND FROM
JAN. 1 TO JULY 31 1927. 1926 AND 1925.
1927.
4,486,030 13,382.000 11,982,000 11,915,000
2.896,000 17,721.000 16.452,000 17,280,000
236,000
337,000
432,000
228,000
2,856,000 2,442,000 b.328,000
4.554,000 2,884.000 3,498.000
21.000
12,000
115,000
129,000
626,000
590,000
17,000
3,000
328,000
96,000
523.000 15,076,000 5,094,000
724.000 15.150.000 5.197,000
838,000
842,000
21.000
22.000
1,149.000
458,000
1.793,000
1,462,000
774.000
388.000
Since Jan. 1.
July.
Ports.
Galveston
Texas City, 0‘c
New Orleans
Mobile
Pensacola, &c
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Total
1926.
22,536
17,941
38,728
3,858
4
35,339
32,968
65,486
48,878
2,767
1.400
32,865
24,119
2.449
2,781
4,356
1,839
10,091
147.755
200.650
1925.
1927.
31,849 944.387
37,906 1.020,142
9,854 974,155
1,508 114,556
2,882
6,902 440,818
63
13,706 236,845
87,252
587
8,265 141,857
1928.
988,395
920.183
671,835
50,647
4.274
221,858
413
144,469
51,489
161,382
1925.
955.427
864,697
622,957
47.880
2,874
188,993
413
140.113
49,650
151,29/
110 040 2 002 802 1 214 045 ft 014 201
"The Degradation'of Working"-The Russian Alternative
of "The Economist" of London.
By HARTLEY WITHERS, formerly E ditor
the "Commercial and Financial Chronicle."
[Copyrighted by the William B. Dana Company for
There is no doubt that having to work is often a detestable
nuisance. On a fine morning, especially in climates where
the
such events are rare, to have to go off to the works or
more-because the effort is less mechanical
office or still
is
to sit down at a writing table and produce "copy" which
climates
expected to interest people in all sorts of different
and conditions, Is a process that frequently makes one feel
that a benevolent Providence might have ordered things differently.
But when Mr. Maxton, that very earnest and honest
Clydeside "reformer," advocating economic revolution as
Chairman of the British Independent Labor Party, implies
that under present conditions working is "degradation," and
says "Better some months of turmoil than a century of
degradation" he is throwing long words about rather care-
Exclusive copyright in the United States.]
lessly. As to the effects of the proposed "turmoil" he was
answered by Mr. Baldwin, with the example of Russia,
where they had the prescribed few months of it which have
been followed by ten years of degradation and worse:
"Hordes of lost children wandering in the streets of Moscow
or Leningrad, hordes of children that show no sign of decreasing in number, physically and mentally defective, addicted to vice, and constituting a menace to the rising generation"; and the "increase in capital punishment for trivial
offenses" and all the list of symptoms that have made the
Russian experiment so depressing to those who favor revolution as a means to improvement. It is, of course, possible
for defenders of present conditions to make too much of
what has happened in Russia, where a people whose pont.;
ical education has not even begun was clearly the worst sort
SHPT. 101927.]
THE CHRONTCLE
of material for pouring into a melting pot. It does not follow that equally disastrous results would follow in other
countries, but when one asks our revolutionary friends what
the alternative is to the present system, if they are to avoid
either bureaucratic tyranny or the regulation of industry
by water-tight "guilds" whose views on production might
be highly inconvenient to consumers, they generally take
refuge in vague generalities about a new spirit which is
going to make all problems look quite different.
For the moment, however, it is this question of degradation with which we are concerned. Are we really degraded
by having to work? If so, it is a misfortune which we
share with the enormous majority of the human race. Apparently, what Mr. Maxton and those who think with him
feel, is that because a small minority of people are able to
live on inherited wealth, and a rather larger minority start
In life with a handicap that enables them to do work that is
pleasanter and more interesting than most of the jobs of
the manual worker, therefore there is something degrading
about the position of the latter, who is consequently described as a "wage-slave."
To most people who are born with any sympathy and
imagination the lives of uninteresting toil to which most of
the wage earners are condemned by the accident of birth
would make us welcome any revolution which has even an
outside sporting chance of improving the general lot; but
as history has shown that violent economic changes are apt
to do much more harm than good to those whom they are
designed to benefit, we are justified in Insisting on being
quite sure about the effect of any revolutionary proposal
before accepting it as an object to be worked for. And when
we find question-begging assertions like "degradation" used
as part of the revolutionary argument, skepticism becomes
all the more necessary.
The wage earner, like the manager and the salary earner
and professional man and everybody else who works for his
living, has to do something that somebody else wants in
order to earn a livelihood. This is the position into which
we are all forced by the division of labor which is the first
step in economic civilization. It might, in some ways, be
plerasanter if we all worked for ourselves, growing and getting our own food, building our own shelter and making our
own clothes; we should not take orders from anyone else
and we should have no other person's whims to consider but
our own. But under such conditions the world could not
support more than a fraction of its present population and
they would live in a state of truly degraded poverty. Moreover, the extreme individualism of such a state of things is
hardly in accordance with the co-operative ideals so dear to
revolutionary preachers.
This co-operation is, in fact, the essence of the economic
civilization to which we have now advanced, and on which.
If we only give it a fair chance, we are just beginning to
make improvements which are capable of immeasurable expansion. Under it we specialize on certain work and everyone of us has to work in such a way that some consumers
will pay for what he produces. If this be degradation we
all suffer from it, except the small minority who have inherited wealth made through some similar form Of degradation in the past. Many of this minority—to their highest
honor be it spoken—use their position by doing public work;
some lead lives of toil which seems to many of us much more
degrading than that of the wage earner, in pulling political
strings or satisfying social ambitions. Even those who are
merely •frivolous are supplying what appears to be a "felt
want" by filling the illustrated papers with the record of
their performances.
If we are looking for degradation we can find it in one
form or another in most classes of the community. But
there is no trace of it in doing a fair day's work for a fair
day's wage. The lot of those who do so has been enormously
improved in the past century and may be still more improved in the next one; but not by inducing them to believe
that they are degraded by doing it.
1383
Bauxite Deposits in Jugoslavia—Country Takes
Third Place in the Production of That Metal.
By Captain GORDON GORDON-SMITH, Attached to the Legation
of the Kingdom of the Serbs, Croats and Slovenes.
The chief sources of the wealth of the Kingdom of the
Serbs, Croats and Slovenes, popularly known as Jugoslavia,
are its minerals and Its forests. The mineral wealth of the
Kingdom Is very great and includes, gold, silver, mercury,
copper, coal, tin, lead, bauxite, chrome, manganese, antimony, etc. The copper mines of Bor in Serbia are the richest in Europe and have been exploited for thirty years past
by a French company. Coal, of various qualities, exists in
immense quantities. The present annual produetion exceeds six million tons and could easily be doubled or trebled
if the railway communications could be increased.
There is, however, no doubt that one of the minerals
offering the greatest inducements for Its exploitation is
bauxite, especially tile deposits of that mineral in Dalmatia.
Bauxite exists in all the mountainous parts of Jugoslavia.
but the conditions for its exploitation are not everywhere
the same. This is due to various causes, in some instances
to tile amount of silicum dioxide (Si 02) present, in others
to the insufficient amount of aluminum, or because the
deposits are small and not easily accessible.
The best bauxite deposits, both by reason of their chemical constituents and their facility of exploitation, are found
in central and northern Dalmatia, after which come those
of central and western Herzegovina, Montenegro, Croatia
and Lika. But of all the deposits ill the Kingdom those of
Dalmatia are, and always will be, the most important, and
this for the following reasons:
(1) Because of their excellent chemical composition,
though this is equaled and sometimes surpassed by the
deposits of Herzegovina. The Dalmatian bauxite usually
contains over 50 and sometimes 60 and 70% of aluminum.
(2) On account of the situation of the bauxite deposits,
as regards means of communication. The mines are near
the sea, and the larger seaports and also in proximity to the
railways.
(3) Because the manufacture of aluminum is possible
In the immediate vicinity of the mines, owing to the water
power furnished by the mountain streams and to the existing powerful hydrotechnical installations. These in central
Dalmatia exceed 100,000 h.p.
The best known deposits of bauxite are at Drnish and its
environs, at Ervenik, near Knin and between Novi Grad and
Obrovatz, all along the norther Novi Grad fjord. Other
important deposits are around Sinj and Imotski, but up to
the present no attempt has been made to exploit them. It
is believed that the total bauxite deposits in Dalmatia exceed twenty million tons. These figures are not official, as
the deposits have not yet been scientifically investigated,
but it is certain that there are enormous deposits which
may even exceed that figure.
In addition to these deposits, which, on account of their
comparative ease of access, come first in consideration,
there are others which are as large, and perhaps even
larger, in Herzegovina and Montenegro, as well as in northern Croatia. These are, however further, though not very
distant, from the sea, and are wanting in means of communication. None of these could be profitably exploited
without the construction of railway lines. The best situated are those in Herzegovina, at Shitluk and Bijelo Poise,
the exploitation of which would be much facilitated by the
construction of the projected railway from Mostar, via
Imotski, to Split (Spalato).
It is clear from the foregoing exposition that the bauxite
deposits of Jugoslavia lie in the Karst region. Geologists
who have examined the various formations are of opinion
that the bauxite deposits were formed by the crumbling
of the limestone under the influence of water and carbonic
acid. The limestone which was not dissolved, settled in the
depressions and crevices of the Karst and formed the deposits of bauxite. These deposits are known locally as "red
earth." Their color is due, not to the aluminum and its
oxide, which is white, but to iron oxide, as the Dalmatian
bauxite contains a large quantity of iron which has naturally become oxidized. The poorest kind of bauxite in Dalraatio contains at least 48% of aluminum oxide, while the
better qualities usually contain 55% and often more.
Iron
oxide always appears in the considerable percentage
of 18
to 20. The silica rarely exceeds 6%. This is, of
course, the
decisive figure, as bauxite with a percentage in
excess of
1384
THE CHRONICLE
[Vol.. 125.
that figure cannot profitably be manufactured into alu- Bauksiti and the Adria Bauksit. The latter company, which
is one of the largest in Dalmatia, carries on the largest exminum.
There are, however, means of utilizing bauxite which has port business. It is under Jugoslav management, but has a
more than that quantity of silica. It can, for instance, if large proportion of British capital.
Even in its present stage the export of raw bauxite repunited with the nitrogen of the atmosphere, be used for the
formation of various nitrogenous compounds. But, as I resents a considerable sum in Jugoslavia's balance of trade.
have said, the proportion of silicon is for the most part ex- The export in 1926 was reckoned at 130,000 tons, which
tremely low, the better qualities containing less than means fifty million dinars, or nearly one million dollars, in
favor of Jugoslavia.
of 1%.
Everything, however, goes to show that a great developThe exploitation of the bauxite deposits in Dalmatia is of
comparatively recent date. The first efforts were made ment of export may be expected from Ervenik and from
under the Austrian regime toward the end of the nineteenth the Novigradski fjord, via Obrovatz and, later on, from
century. The real impetus was given during the World Sinj and Imotski, via Split, as well as from Montenegro
War, chiefly owing to the action of Germany. Before the via the southern ports.
This would mean a great increase in the export figures,
war that country used to import large quantities of aluminum, but after the war it began to export it. The alu- especially to the United States, if in the meantime a home
minum industry, as a whole, developed chiefly in the United industry does not develop and result in the export of manuStates, which to-day produces two-thirds of the total world factured aluminum and cement, instead of raw bauxite.
The development of the industry in these various direcoutput. But the United States consumes all it produces, and
tions would soon demonstrate the true role of Jugoslav
even imports aluminum.
After America come Germany, France, Canada, Switzer- bauxite, not only in the economic life of the Kingdom, but
land, Great Britain, Norway, Austria and Italy. Experience in the world trade in bauxite, aluminum and cement.
has shown that those countries which operate their electrical aluminum plants with water power, work more profitably than those which use coal. The most ideal condi- Amateurish Budget-Making in United States.
tions are those where the bauxite is found in close proximity [Editorial from the "Journal of. Commerce" of New York, Aug. 27 1927.3
to coal mines, or, still better, to water power. This is the
We have for some time past been inclined to repeat to ourgreat advantage of the Jugoslav deposits, especially those selves the soothing myth that we have a bona fide budget
of Dalmatia, as they have great possibilities as regards system in effect in national finance, while politicians have
water power, and lie near the sea, the cheapest and most formed the habit of making a good deal of capital out of
convenient means of transport.
the illusion. Yet if the now long drawn out controversy
For the production of a given quantity of aluminum, four about the extent of probable surplus at the end of the curtimes the quantity of bauxite is required. The world pro- rent fiscal year and the consequent possibilities of tax
duction of bauxite is at present about 800,000 tons. The reduction has made anything clear to thoughtful and well
greatest producing country is the United States, while informed financial students in this country it is that we
France, formerly the greatest producing country, furnishes have nothing of the sort, at least in the sense that these
now only one-third of the total production, but even then terms are employed and have been employed in Great Britstill holds the second place. It is interesting to place on tain for generations, where really effective budget marecord the fact that Jugoslavia, with only the output of chinery has been operative time out of mind. Indeed, some
her Dalmatian mines, has already reached the third place, European budget makers must, one is inclined to suspect,
with half the output of France. If production continues to enjoy frequent quiet smiles at our expense.
increase at the same rate as hitherto, it may, in a few
Our shortcomings grow in part out of the fact that the
years, even exceed that of France. This fact alone demon- mechanism we have set up with much sounding of trumstrates the importance of the Dalmatian bauxite industry, pets and flourish of drums is really badly defective, and
not only for Jugoslavia, but also for the consuming coun- partly out of the truth that our representatives at Washtries.
ington, with perfect frankness be it said, have no idea of
Great Britain, Italy, British Guiana, Hungary and Spain scientific budget making and no intention of learning much
could not compete with the Jugoslav bauxite, in view of su- about such principles or observing them if understood. For
perior chemical composition and the facility of its produc- one thing, Imembers of Congress have no relish for being
tion. The economic importance of this source of wealth to unduly handicapped in laying out their program of legislaDalmatia would be much increased if the raw material tion by having questions of expense too definitely and emcould be handled in the country itself and aluminum pro- barrassingly before them, and have not and never have had
duced there. This would, on the one hand, relieve Jugo- any intention of permitting such a thing to eventuate. They
slavia of the necessity of importing aluminum from abroad, permitted themselves to be driven to make some pretense
while, on the other hand, the country would sell, not the of setting up an effective budget machinery but, of course,
raw material of comparatively small value, but the valuable they were careful not to go too far in this direction, and
manufactured metal.
what is more, have not taken long to find a way to make
Only about one-tenth of the present output of bauxite is much the same use of new methods of managing the finanpartly treated in the country itself and sent out in the form cial affairs of the nation that they were so adept in making
of aluminum oxide, which the Germans call "Thonerde" of the old.
and the French "alumine anhydre." This is manufactured
Meantime the Treasury Department, to whom the country
in the factory at Mosta, near Ljubljana (Lalbach). The looks, or at least was inclined to look, for authoritative
whole production goes to Germany. The raw material is estimates of the volume of tax receipts, has shown itself a
exported by sea, chiefly to the United States. Another very most bungling hand at the work. It has with singular
large part goes to Germany. A considerable quantity also regularity in the past few years proved the poorest of
goes to Switzerland and to England. This is chiefly ex- prophets in this regard, and one natural result is that no
ported from the port of Shibenik, though considerable quan- one longer has much faith in what it has to say on the
subject. In no other way can we account for the widely
tities are also sent from Obravatz and Split.
As regards the use of bauxite, and especially as regards varying estimates in high places of the extent of the surplus
the development of the industry in Jugoslavia, a fact of for this fiscal year, or for that matter explain how some
interest is that the United States imports it chiefly for of the leaders of the party now in power could bring themmaking cement, which is the latest use to be made of baux- selves to advocate quite substantial reduction in tax rates in
ite. This is the more important because the manufacturers the face of Treasury estimates showing a very narrow marof cement can make use of bauxite of inferior quality. The gin of safety. It is, of course, strongly suspected by many
manufacturers of aluminum require bauxite with less than that Treasury officials in order to influence public opinion,
1% Si 02, cement manufacturers can utilize bauxite show- and indeed often to gain perfectly legitimate ends, have
ing a chemical analysis of 52.5% of A.1203 and 2.25 Si 02.
deliberately formed the habit of making the Treasury situaDalmatia is already known all over the world as a great tion appear worse than it really is or was. If so, it is cerproducer of the best Portland cement, and consequently it tainly to be regretted, for, as has so often been preached
will not be difficult to develop there the manufacture of in these columns, no surer way of undermining the influcement from the bauxite instead of, as hitherto, from marl ence of the department in things financial could well be
devised. But whatever the cause, Treasury estimates have
stone.
The chief bauxite companies are the Aluminuj, the Gea, been almost amateurish, as judged by the best European
the Bauksit, the Jadranski Bauksiti, the Jugoslovenski standards. The situation is unfortunate, and must be
SEPT. 10 1927.1
THE CHRONICLE
remedied before we can be said to have a workable and
working budget system.
More fundamental, and thus even more undesirable, is
the utter disregard in Congressional circles of every principle of careful financial management. These are strong
words, but they are also true words, and there is nothing
whatever to be gained by blinking the facts. Obvious, of
course, is it that if the situation were otherwise we should
not have all the politicians talking incessantly about tax
reduction at a time when neither they nor anyone else
knows what Congress is likely to do in the direction of adding to unavoidable expense, and, what is worse, not worrying in any observable way about what may be done that
would swell the expenditure side of the ledger. Most of
them believe that political capital is to be procured at this
time by further dramatic tax reduction and that is about
1385
all that is in their minds. This, of course, could never happen if we had established and were actually observing a
sound budget system.
Worst of all is the fact that under our boasted budget system there is no way under heaven by which responsibility
can be definitely and convincingly fixed for transgressions.
Suppose in the present instance Congress were to curtail
tax collections by amendment to existing law, say to the
extent of $500,000,000, and then proceed to enact legislation
requiring largely increased expenditures, so that a deficit
of proportions is caused to embarrass the Treasury and the
country by June 1928, would it then be possible to fasten
the blame firmly upon any single party, group or clique in
national affairs? If so, in heaven's name, how? Yet we
are said to have a scientific budget system. It is to laugh
—or would be if the situation were not so serious.
Indications of Business Activity
STATE OF TRADE—COMMERCIAL EPITOME.
Coffee has advanced on renewed indications that Brazil
Friday Night, Sept. 9, 1927.
intends to restrict receipts and continue its artificial regulaWholesale business is in the van. It makes distinctly the tion of the market as far as it is able. The Defense
Combest showing. The weather East and West has been warm, mittee will increase or reduce quotas of stocks
at Brazilian
especially at the West. That has militated against retail ports in accordance with the fluctuations on the
New York
trade in the big department stores and elsewhere. Cool Exchange. Brazil recently secured a foreign loan,
and this
fall weather, not summer temperatures of 85 to 88, such as new restriction is the answer to the consumer.
Raw sugar
were recorded in parts of the West is what is needed for the advanced to 3Mc. and then receded slightly but it is
evident
retailer. The warm weather is helping corn in parts of the that a large consumption and intimations that Cuba may
belt, but the outlook is still for a crop noticeably smaller further restrict the marketing of the crop have made conthan that of last year,even though it has increased somewhat sumers and bear speculators more or less nervous. Certainly
in a month. The great event of the week was the Govern- not only spot but future prices have advanced, although
ment report on cotton on the 8th inst, estimating the crop to-day there was some decline on liquidation and a downat only 12,692,000 bales or 800,000 less than a month ago ward reaction in London. But the weather on the Continent
and some 5,300,000 bales less than the last crop of close to has been unfavorable for the beet root crop as it has been
18,000,000 bales. The decrease is ascribed to the activities for grain. Steel has been generally quiet and sheet quotations
of the weevil and to prolonged rains and cool nights all it is supposed are eased from time to time as competition
propagative of the pest. The yield per acre is given as a little suggests. In the West steel has sold somewhat more
under 150 pounds against 182.6 pounds last year. The readily. In pig iron there has been a slight decline. The
acreage abandoned is 4.8% against 3.60 last year. In some trading is mostly in small lots. The jewelry business is
comments in our article on The Financial Situation on a better in New England. The Southern lumber trade is
a
previous page we give our reasons for thinking that the little more active. The same is true of lumber in the North
Government estimate is much too low. The response to Pacific areas.
the estimate of 12,692,000 bales on the Cotton Exchange
Cotton goods have naturally been very firm in response to
was a quick advance from the low of the morning of 200 the sharp rise in prices of raw cotton.
Some mills are not
points, the full limit permitted by the Exchange in a day's offering their product at all
freely. Sales are mostly of
fluctuations, whether upward or downward. There was small lots, chiefly print cloths and sheetings.
The manuthe same answer to the estimate on August 8th of 13,492,000 facturer prefers to watch
the raw cotton market a while
bales followed by a further rise the next day of about 150 until the situation seems clearer.
In finished cottons there
points. To-day there was an advance of only a few points, was only a fair business.
Some selling agents have made
after which prices fell some 40 points from the early high upward revisions in their lists.
One noteworthy factor is a
for the weather was good and realizing general and heavy. better demand reported for woolen and
worsted fabrics in
Liverpool and Alexandria which had responded emphatically • men's wear and other lines. Broad silks
were steadier. In
to the rise here of the 8th inst., having kept open their ex- raw silk there was a fair
business at somewhat stronger prices.
changes for the reception of the report, declined, especially Soft coal prices are somewhat unsettled.
There is said to be
the Egyptian market. Manchester was quiet and the spot a crisis in the
coal miners'strike as non-union coal is invading
business in Liverpool fell off to-day 40 per cent. It had the union markets.
The fair and warmer weather of late
been large all the week. Worth Street was firm of course. has hurt the
trade in anthracite. Rubber shows some deThe trade bought raw cotton here to some extent. But cline for the week
with the London stock increasing and
the fine weather and the great rise apparently acted as a trade here most of
the time quiet, although speculation of
deterrent on heavy buying by the mills.
late has increased at the Exchange. One indication of the
Wheat declined for a time, but has latterly rallied some- state of trade
is a decline in the net operating income of
what, although the crop report to-day puts the spring wheat class one railroads
for July of close to 28% as compared with
yield at 308,000,000 bushels or 103,000,000 more than last the same month last year,
and a decrease for seven months
year. The crop of winter and spring wheat is stated at of9% as
compared with the like period in 1926. Some figure
861,145,000 bushels or about 30,000,000 bushels more than that
the crops this year are worth some $2,000,000,000
the total last year. Export sales have been only 500,000 to more than last
year and that ultimately the increased buying
600,000 bushels a day this week. Corn shows a decline for power of
the agricultural community of this country will tell
the week as conditions have improved somewhat as already, favorably on
trade. There was less building in August than
intimated. The yield is stated in the report to-day by the in the same
month last year and for the year up to this time
Government at 2,457,000,000 bushels. That is a gain the total
is smaller than for the same period in the last two
compared with last month, although the total is nearly years.
Chain store trade for eight months shows an in200,000,000 bushels smaller than the crop of last year. crease of 12.4%
as compared with the same time last year.
The export demand for rye revived to-day with purchases Mail orders increased
2.3%. Chains and mail orders inEurope estimated at fully 500,000 bushels, and this grain creased 8.4%.
by
Department stores for six months decreased
is higher by 1 to 2M cents than a week ago, although the .8% of 1%. Wholesale business decreased
for six months
crop is about 20,000,000 bushels larger than that of last year. 3.5% as compared with the same time last
year. But we
There has been active trading in oats at Chicago at some see that wholesale business is now
beginning to make a
advance in prices with the crop estimated to-day at only better showing. Chain stores are
apparently gaining on the
1,191,000,000 bushels, or about 62,000,000 bushels loss than mall order concerns.
last year. Provisions have advanced with a better cash
The stock market has been active and rising in many cases
trade and steadily rising prices for hogs. Commission house to new high levels, while Stock Exchange
"seats" have
business in lard has been larger and cash sales have increased. reached a new peak of $235,000. To-day
the transactions
[VOL. 125.
TFIE CHRONICLE
1386
ot.O.op4
COOMQ=
vr
v-1
The peculiar variation in the average daily output for May. June and
in stocks reached 2,487,600 shares. In other words the
July, which occurs each year, took place this year, the variation in the avermonumental dealing in stocks continues With practically no age daily output from June to July being pronounced.
The decrease in the production of electricity by the use of water power,
mteruption. It may fairly be considered one of the most
decrase is due to the
remarkable things up to this time in the business history of which started in June, continued in July. Thisduring the summer and
beginning of the period of low water which occurs
in this country. No attention is paid early fall of each year. The minimum flow for the year generally occurs in
the twentieth century
to what is considered a transient decrease in railroad earnings. September or October, and the minimum output of electricity by the use
To-day there was a reaction which was only natural after the of water power generally occurs in the same months.
recent advance and even United States steel was an excep- TOTAL MONTHLY PRODUCTION OFELECTRICITY BY PUBLIC UTILITY
POWER PLANTS IN 1926 AND 1927.
tion as it rose to a new high level. Money was up to 4%
and this caused selling. Moreover the cotton market reacted
Produced by
Increase
Water Power.
1927
after having given a certain filip to the stock market on
Over
1927.
1926.
1927.
1926.
1926.
Thursday when the staple rose the limit of $10 a bale on the
32%
35%
9%
6,150,000,000 6,730,000,000
announcement of the government report. London of late January
36%
34%
8%
5,629,000,000 6,080,000,000
has been rather quiet pending the announcement of con- February
9%
37%
March
6,178,000,000 6,717,000,000
38%
40%
40%
5,812,000,000 6,416,000,000 10%
and industrial shares seemed to have shot April
version terms,
40%
40%
May
5,849,000.000 8,582,000,000 12%
Paris Bourse was June
9%
38%
39%
5,920,000,000 8,475,000,000
their bolt there for the time being. The
8%
34%
38%
July
5,955,000,000 6,448,000,000
34%
firm. The new German 6% loan was at 993.
August
6,175,000,000
33%
6,221,000,000
have been resumed in September
At Fall River, Mass., operations
—_
33%
October
6,594,000,000
35%
--November
6,482,000,000
Durfee Mill No. 2. The entire plant was closed for the December
---35%
6.817,000,000
past two weeks. Textile stocks have been rising in Boston. Total
73.791 000 000
Manchester, N. H., wired on Sept. 6 that all departments
The
The quantities given in the tables are based on the operation of all power
of the Amoskeag Co. had resumed operations after a two plants producing 10,000 kilowatt hours or more per month, engaged in
weeks' shutdown. Nashua, N. H., wired that the Nashua generating electricity for public use, including central stations and electric
received
over 95%
and Jackson Mills resumed operations following the annual railway plants. Reports areoutput offrom plants representingnot submit
those plants which do
The
of the
period. More than 3,000 employees reportstotal capacity.
two weeks' vacation
is estimated: therefore, the figures of output and fuel consumption
returned to duty. The mills have more orders than at any as reported are on a 100% basis.
time during the last seven years. At Camden, Me., the
Penobscot Woolen Co. has resumed production after having
Bank's Indexes of Business
been closed a number of months. At Abbeville, So. Caro., New York Federal Reserve
Activity.
making work shirts, is running a double
the Calco Mfg. Co.,
In presenting its indexes of business activity in its Sept. 1
shift.
F. W. Woolworth & Co.'s sales for August amounted to "Monthly Review," the Federal Reserve Bank of New York
$21,400,398, an increase of 123/2% over August 1926. Sales says:
There appears to have been no curtailment of general business activity
for the first eight months of this year amounted to $158,342,industrial production in July. This bank's
comparable to the
8.74%. S. S. Kresge Co., which operates Indexes showed noreduction inchange from the previous month, nor from
610,an increase of
consistent
at July 1926. Bank debits in localities outside of New York City continued
409 chain stores in this country, reported August sales
a year
the
$10,512,989, against $8,713,209 for the similar month last In about Newsame volume as in June and the corresponding month
seasonal adjustment
York City
ago, but
month of 20.65%. For and were larger than lastdebits showed an increase after at retell continued
year. This is an increase for the
year. The distribution of goods
8 months the company reported sales of $76,426,105, against fairly large and foreign trade remained active.
Railway distribution of commodities, especially of the heavy freight,
$67,436,420 for the same period last year, an increase of 13%
such as coal and ore, declined slightly further after seasonal adjustment and
over the previous year.
was considerably smaller than in July of last year. Tho number of comMore than 6,000 truck drivers walked out Wednesday panies incorporated in New York State was smaller than in the previous
month and a year ago, but business mortalities were less numerous than in
morning when their demands for a $5 a week increase in June, although they continued appreciably higher than last year.
wages were not met by employers. The weather has been
In the following table this bank's indexes of business activity are given in
pleasant here with temperatures 76 to 80 maximum much of percentages of the computed trend, with allowance for seasonal variations.
where necessary, for price changes.
the time. It was 61 minimum on the 7th inst. In Chicago and,
(Computed trend of past years = 100%)
on that date it was 70 to 86,in Cleveland 62 to 86,in Detroit
68 to 86, in Indianapolis 70 to 82, in St. Paul 68 to 76, in
1927.
1926.
Boston 64 to 84, in Philadelphia 62 to 82. Rainfalls were
July. May. June. July.
generally moderate in this country. On the 8th inst. the
Primary Distribution—
temperatures here were 68 to 76 degrees; in Chicago 72 to 84, Car loadings, merchandise and miscellaneous_ _ __ 109
107
105
104
110
93
in Cincinnati 76 to 86, in Cleveland 68 to 76, in Minneapolis Car loadings, other
103
105p
109
Exports
121
1229
122
66 to 76, in Boston 62 to 78, in Philadelphia 70 to 80, in Imports
148
101
63
Grain exports
Seattle 48 to 62. To-day New York temperatures were 62 Panama Canal traffic
87
95
Distribution to Consumer—
It was still clear. The forecast is for fair and warmer Department store sales, Second District
to 73.
99
94
101
104
100
106
Chain store sales
to-morrow, Saturday.
Change in Output
from Previous Year.
Division and State.
May 1927.
June 1927.
July 1927.
425,679,000 427,868,000 418,384,000
New England
1,772,811,000 1,701,364,000 1,657,295,000
Middle Atlantic
North Central 1,527,430,000 1.500.700.0001,415,259.000
East
, .
West North Central_ 391,959,000 380,537.
714,399,000 686,059,000 675,692.000
South Atlantic
293,867,000 284.667.000 282,242,000
East South Central_ _
West South Central_ 258,208,000 274,964,000 280,529,000
306,248,000 299,321,000 310,556,000
Mountain
891,343,000 914,273,000 942,713,000
Pacific
Total United States 6,581,944,000 6,474.753,000 6,448,416,000
June.
July.
+9
+6
+9
+3
+24
+13
+30
+2
+6
+10
+5
+6
+4
+18
+13
+30
+5
+6
+9
+8
power plants in
The average production of electricity by public utility
about
he United States in July was 208,000,000 kilowatt hours per day,
t% less than the average output for June.
3
100
106
91r
103
101
116
123
110
108
123
173
101
106r
103
96r
128
126
lea
117
135
104
108
131
214
92
108r
99
105r
116
113
IAA
OV ,
PWWC0, ,
01 0.000M4
,
.M00C
1.00010t
UTILITY POWER
PRODUCTION OF ELECTRIC POWER BY PUBLIC
KILOWATT HOURS).
PLANTS IN THE UNITED STATES (IN
115
118
109
100
103
.00NO!..0
,
000. Q=0
Production of Electric Power in the United States
Shows Increase Over 1926.
For the month of July 1927 the total output of electric
power by public utility power plants in the United States
was 6,448,416,000 kilowatt hours, which is an increase of
about 8% over the same month a year ago, according to the
Division of Power Resources, Geological Survey. Of this
figure, 4,014,313,000 kilowatt hours were produced by fuels
Producand 2,434,103,000 kilowatt hours by water power.
tion for the month of June was 6,474,753,000 kilowatt hours,
an increase of about 9% over June 1926. The Survey
further reports:
Mail order sales
Life insurance paid for
Real estate transfers
Magazine advertising
Newspaper advertising
General Business Activity—
Bank debits, outside of New York City
Bank debits, New York City
Bank debits, 2d Dist. exclusive of N.Y. City_
N elocity of bank deposits, outside N.Y. City.._
Velocity of bank deposits, N. Y. City
Shares sold on N. Y. Stock Exchange •
Postal receipts
Electric po er r
Employment in the United States
Business Failures (r)
Building permits
New corporations formed in N.Y.State
General Price level
117
109
"iii
97
116
135
106
110
135
176
92
io6
104
104
116
152
* Seasonal variation not allowed for. p Preliminary. r Revised.
Chain Store Sales Continue to Show Increase.
Sales of 22 chain store companies during the month of
August amounted to $76,980,181, an increase of $13,530,035,
or 21.3%, over total sales of $63,450,146 in August 1926,
according to a compilation prepared by Merrill, Lynch & Co.,
members of the New York Stock Exchange. Sales of these
same companies for the eight months ended Aug. 31 1927
were $570,211,207, an increase of $77,856,457, or 15.8%, as
compared with the same period last year. J. C. Penney
Co., Inc., again leads all other chain stores in point of dollar
gains, with an increase of $2,921,782 or 36.1% for last month.
J. J. Newberry Co., Neisner Bros. and Safeway Stores, Inc.,
lead in point of percentage gain, with increases of 57.2%,
45.2% and 41.5%,respectively. The compilation follows:
SEPT. 10 1927.]
Month of AugustF. W. Woolworth Ce
J. C. Penney Co., Inc
8. S. Kresge Co
Safeway Stores, Inc
National Tea Co
S. H. Kress & Co
W. T. Grant Co
McCrory Stores Corp
J. J. Newberry Co
Hartman Corp
Sanitary Grocery Co , Inc
J R. Thompson Co
.
McLellan Stores Co
Metropolitan Stores Inc
D.Pander Groceryao
F.& W.Grand 5-111-25 Cent Stores_
G. C. Murphy Co
Peoples Drug Stores, Inc
Loft. Inc
Neisner Bros
Fanny Farmer Candy Shops,Inc_.
Davega,Inc
Total
Eight Months Ended Aug. 31F. W. Woolworth Co
J. C. Penney Co., Inc
EL S. Kresge Co
Safeway Stores, Inc
National Tea Co
5.
W. T. Grant Co
McCrory Stereo
Hartman Corp
Sanitary Grocery Co., Inc
J. R. Thompson Co
D.Fender Grocery Co
J. J. Newberry Co
F.& W.Grand 5-10-25 Cent Stores_
Metropolitan Stores, Inc
McLellan Stores Co
G. C. Murphy Co
Peoples Drug Stores, Inc
Loft, Inc
Neisner Bros
Fanny Farmer Candy Shops, Inc..Davega,Inc
THE CHRONICLE
1927.
$21,400,398
11,006,769
10,512,989
6,816,158
4.364,880
4,564,155
3,113,744
3,052,723
1,231.231
1,706,464
1,198.002
1,183.228
976,012
965,167
962,512
944.316
735,972
654.246
566.249
492,900
295,554
236,512
1926.
% Inc.
$19,012,677
12.5
8,084,987
36.1
8,713,209
20.6
4.816,991
41.5
3,906,700
A1.7
3,854,028
18.4
2.371,224
31.3
2,505,701
21.8
783,037
57.2
1,642,805
3.8
1,087.363
10.1
1,152,539
2.6
713,336
36.8
801,003
20.5
813,013
18.3
702,735
606.319
•
501,462
30.4
614,668 Dec.7.8
339,439
45.2
228,741
29.2
198,169
19.3
$76,980.181
$63,450,146
21.3
1927.
1926.
% Inc.
$158,342,610 $145,615,174
8.7
82.208,835
62,484,849
31.5
76,205.405
67,436,420
13.0
48,426,105
35,526,622
36.3
36,196.218
34,641.427
4.6
23,197,645
22,908,974
11,464,835
10,727,813
9.416,583
7,957,489
7,835.292
7,244,796
6,735,396
6,018,600
5,659,280
5,075.173
4,955,654
3.563.922
2,240.737
1,848.842
19,183,277
20.9
19.163.052
19.5
12,090,207 Dec.5.1
10,123.462
5.9
9.511,763 Dec.1.0
6,784,911
17.2
5,146,359
52.2
5,902,023
22.7
5.937,622
1g.4
4,520,868
33.1
4,479,359
26.3
3,850,450
31.8
5,127,308 Dec.3.3
2,154,750
65.3
1,950,309
14.8
1,486,379
24.2
1387
money continues easy; nor can we expect better times so
long as commodity
prices continue to decline.
Apparently a definite turn downward in volume of new
building Is under
way. The current drop in building permits, to about
20% below a year
ago, shows what must be expected for 1928 in house building.
The total
value of contracts actually awarded is running about the
same as a year
ago (due mainly to the fact that these Include public works and
utilities
construction) but home building is on the wane. Yet in some
sections the
building outlook is still good. The Central West and
Northwest districts
are expected to make a good showing in 1928 because of crop
optimism and
these sections should be good markets for materials. The
South also
promises some increase in building as a result of higher cotton
and corn
Retail Trade and Commodity Price Outlook.
The closest estimates of consumer buying power for 1928
point to an
average about 5% to 10% under 1927. There will, however,
differences between various districts. More than ever is it be wide
necessary
to weigh the conditions in each locality when judging the sales
for the coming year. Moreover, the chain stores and instalme prospects
nt houses
are stW cutting deeply into the trade of independent merchants.
Yet here
again volume is good; but profits are small.
The total value of crops this fall should be larger than a year
ago but
this increased buying power will be concentrated in not more
than half of
the agricultural states. Business men should plan for substantial
Improve..
ment in 1928 in the following states: Nebraska, North Dakota,
South Dakota, Montana, Washington, Oregon, Texas, California, North
Carolina,
South Carolina, Georgia, Alabama, and Oklahoma. In the
industrial sec
dons, the best outlook for 1928 is in New York, Pennsylvania,
Connecticut,
Massachusetts, and Oluo. There, however, will be wide
differencesibetween various sections this fall and it is more important than
ever to fit
sales and collection campaigns to these local conditions.
The failure situation looks much better at the moment. There
have not
been the failures this summer which some bankers predicted.
Although
profits have been small, there has been enough volume of business
to keep
everyone going although many small storekeepers have been
working only
for their landlords. High rents and taxes are becoming a
real burden to
trade.
I doubt if any banking measures will entirely stabilize the
level of cornmodity prices, but certainly for the time being it is possible
to stimulate
European buying and help world markets. This apparentl
y will be done
during 1928, both by easing the credit situation in principal
Fourteenth Annual National Business Conference at countries and through large
European
foreign loans which are expected this fall.
Babson Park,Mass., Sept. 10-18
-Roger W. Babson result should be a better foreign demand for American raw materials The
and
some price advances, especially for those commodities
on Outlook for 1928.
which already have
worked into a stronger position of supply and demand.
At the fourteenth annual National Business Conference at
Out of some 50 leading industrial materials, at least
20 have now come
Babson Park, Mass., Sept. 10-18, a presentation of "The Into such a position that forward purchases should be made. Regarding
agricultural prices, the average should later tend
upward. The Babson
Outlook for 1928" served as the opening remarks of Roger Agricultural Index is now
5% above a year ago.
W. Babson. "Foreign Conditions and American Business"; ditions may be during the balance of the growing Whatever weather conperiod, the average of
"Weather Forecasting and Its Relation to Business";"Public crop prices is bound to be considerably better than last season.
Employment Situation and Wage Outlook.
Utilities and Water Power"; "Air Transportation DevelopThe fall
ments"; "Labor and Wage Outlook for 1928"; "Investment employm seasonal increase in general industrial activity should cause
ent and
trends to stiffen
Outlook," &43., &c., are Some of the subjects which will however, is clearlypayrollincreasing labor slightly. The winter outlook.
for an
supply. Strikes which have been
come before the conference, at which the speakers will include at a low ebb during the last few months may increase during the winter;
Governor Smith of New York and Julius Klein, Director of but no industrial disturbances in any major industries are on the horizon.
The repercussion from the Sacco-Vanzetti case
the Bureau of Foreign and Domestic Commerce of the implications outside of the United States, but will have important labor
we do not expect any immediate labor trouble here.
United States Department of Commerce. Mr. Babson
in
I see no reason why there should be any wage
his concluding remarks as to the outlook for 1928 says:
increases during 1928.
Yet, of course, there will be many. So long
as the present immigration
As shown by the Babsonchart, business has
now been in an area above the laws are in effect, there is bound
to be a shortage ofcommon labor and hence
normal line for four years, and has worked along
to a point where one must hence skilled labor, in many sections.
However, every disease develops a
watch for signals of approaching readjustment.
remedy. The present immigration restrictio
There
Federal Reserve System or the Government can preventis only one way the
ns have given a great impetus
periods of readjust- to the development of automotive
machinery. If all manufacturing plants
ment- and that is by preventing periods of
had installed the new automatic machinery
overexpan
which a few of the newest
been done. Although the majority of business concernssion. This has not
have been following Plants have to-day, there temporarily
would now be bread lines in every
a very conservative course, the majority or consumers have
been going heels city. This is a new phase of the industrial situation
over head into debt and this does now show up in the
which labor leaders
corporation balance have not yet faced.
sheets or the bank statements. Moreover, speculati
on in the financial
Therefore, although 1928 should be a quiet year
from a labor standpoint,
markets has proceeded as violently as In the wildest periods
of former days. with very few industrial disturbances, yet
1928 may have some real surFor the above reasons. I am advising clients to take a conservat
ive posi- prises for us. Whether these surprises will be in the
tion both In business and investments. The immediate outlook
form of great emotional
for business, uprisings or will develop into campaigns for
greater efficiency on the part of
as shown above, is moderately good; but the efforts
of the Federal Reserve both management and labor, only the
future can tell. Surely both sidestare
System cannot take the place of the individual
judgment and foresight, more intelligent to-day than ever
before and I believe a more Christian
Those who are relying upon the promises of "stabiliz
ed prosperity" are due spirit prevails.
for a rude awakening. Moreover, let us remember
that prices are deterOutlook for Stocks. Bonds and Money.
mined not by values or earnings, but by whether
there are more sellers
The stock market at present is torn between
or more buyers.
the hope of easy money
rates and the fear of declining corporation earnings.
Hence we are in a period when wise manufacturers,
During the past six
merchants and invest- months the majority
of industrial earnings have been smaller than a
ors will get out of debt and store up financial, physical
year
and spiritual re- ago; but the
sources. If enough men willdo this, normal
majority of stock prices have been advancing. The
conditions could continue man
average
is more optimistic than before, but in the long
and such readjustment as Is necessary could be so spread
run stock prices must
out over a long depend upon net
earnings.
period as to do no one any harm. It is for this that I
am working. On
Stocks have been repeating much the same performa
the other hand, economic laws are as heartless as are
nce they gave in the
physical laws. We reconstruction
period which followed the Civil War. The spread
cannot fool nature in any form. Two and two still make
between
four; while lying prices and earnings,
violent pool operations and speculation with
and stealing are still wrong. All past, present and future
easy money
legislation cannot make the records
change either the Multiplication Table or the Ten
of the late 70's seem like current reading.
Of the old
Commandments. To timate growth
of American business I am very optimistic
have the world recognize this basic fact Is the great need
and can recomof 1928.
mend purchasing certain stocks on a long-growth
basis; but I am equally
Mr. Babson in leading up to the above conclusions said:
sure that the present excessive stock
speculation will be corrected by a
A condition exists In the business world to-day that
has never before decisive reaction. Those who are trying to guess just when
this reaction
existed since statistics on business conditions have been
available. I refer will come are playing with fire as conditions are such that it
can come
to the fact that we are in a period of declining interest rates which
heretofore now at any time.
has never been followed by a panic; and at the same time are
As I stated a year ago, when
in a period of
the stock market really breaks, it
declining commodity prices which heretofore has never
will go
been followed off from forty to fifty points. Business methods are different to
-day than
by good times. That is, economic history shows: (1) that it has
always in past years; but human nature is just the same. Eighty per cent
needed high interest rates to bring on a panic;(2) that it has
of the
always needed People want either to buy or to sell at the same time. When the
Increasing commodity prices to bring on prosperity; and (3)
majority
that the two want to buy, stocks go up; and when the majority want to
sell, stocks go
factors have never before existed simultaneously. Yet to-da
down. They always have and always
y we have the
will. To-day everyone wants
apparent paradox of low interest rates and declining
to
commodity prices. buy, but some day conditions will be reversed.
This probably explains the marked difference of opinion as to
The Federal Reserve System has entered
the future
upon a plan to check the
which exists to-day amongst the best financial and business
of gold to the United States and to
flow
leaders
help build up gold stocks in
Reversal of the gold movement already has
Europe.
Mining, Lumbering, Manufacturing and Building
been accomplished by
Outlooks,
the rediscount rate to a full 1% below the
reducing
Bank of England rate,
The reason for the above unusual situation is that there is to-da
thus forcing
y in the balances to London rather than New
York. Such a course
United States an excess of everything except Religion. There is an excess
that during this fall and winter at least,
should mean
money rates will continue
of gold which IS the basic cause of Present dangerous inflation; there is an easy.
Bankers realize the risks under present
decidedly
excess of manufacturing capacity which is the cause of present
conditions and will
severe Mate sharply in making loans, but
discrimcompetition. There is an excess of copper, lumber, oil, coal,
where there is good
rubber, and will be plentiful and cheap.
security, money
other raw materials which is upsetting commodity markets.
In view of the outlook for easy
money I expect a good
The volume of business to-day is good; but competition is so severe and rest
bond market the
of this year and into 1928. This
.44
efficiency so low that profits are very small. Statistics indicate that
applies, however,
this issues. Many of the new bonds
only to tn gOOd
hvest
--e ors
which have been glutting
condition will extend into 1928. We cannot expect a panic so long as much
same co
the market are
over-priced and some very
poor issues have been
floated. I
Total
$570,211,207 $492,354,750
15.8
1388
[VOL. 125.
THE CHRONICLE
trend
must take more than usual care in selection even although the basic
of bond values is good. I, however, advise clients who wish regular income
hold and to buy good bonds.
and safety of principal to continue to
Clay Herrick of Guardian Trust Co. of Cleveland on
Business Outlook.
Clay Herrick, Vice-President of the Guardian Trust
Company of Cleveland, views the business situation as
"devoid of influences which would materially change the
pace which business has already set for the current year."
He adds:
The seasonal Fall increase in activity is about due, and there appears
nothing to prevent the normal increase over present volumes. A decline
years
much like that of this year occurred in each of the preceding four
and was followed by substantial recovery. The present improved outlook
The moderation of past months ha,
in agriculture will prove a stimulus.
foundation
kept us from inflation and overextension, and has thus laid the
fields and
for increased production and consumption. Except in union coal
purchasing power
a few industrial centers, employment continues good and
is reasonable to expect a total Fall
Is large. Credit is in ample supply. It
business of about the average of recent years.
Coke loading amounted to 10,078 cars, a decrease of 1,621 cars under the
same week in 1926 and 229 cars below the same period in 1925.
All districts except the Pocahontas, Southern and Southwestern reported
decreases in the total loading of all commodities compared with the correresponding period in 1926, while all except the first two named districts
ported decreases compared with the corresponding period in 1925.
Loading of revenue freight this year compared with the two previous
years follows:
Five
Four
Four
Five
Four
Four
Five
Four
weeks in January
weeks in February
weeks in March
weeks in April
weeks in May
weeks in June
weeks in July
weeks in August
Total
1927.
4,524.749
3,823,931
4,016,395
4,890.749
4,096.742
3.974.160
4,935,397
4,249.359
1926.
4,428,256
3,677.332
3,877,397
4,791,006
4,145,820
4,089,340
5,213,759
4.388,118
1925.
4,456,949
3,623.047
3,702.413
4,710,903
3,869,306
3,965.872
4,945.091
4,321.427
34,511,482
34,611,028
33,595,008
Chicago Tribune Business Survey—Favorable Developments Since Midsummer.
Chicago "Tribune" survey, issued Sept. 6, observing
The
that "the fall season is on and there are many reasons for
Federal Reserve Bank of New York on Business Profits believing that it will be a good one," adds:
of
A number of favorable developments since midsummer give promise
of industrial and Mercantile Corporations for quickening the tempo of commerce in the closing third of 1927 and of giving
which it should
Second Quarter of 1927.
to it a stronger tone than it has had so far this year. From
some lines sales
not be concluded that trade has been poor. It hasn't. In
g to the Federal Reserve Bank of New York have never been larger, and certainly business can't be so bad generally
Accordin
earnings of industrial and mercantile corporations in the .when one corporation is able to sell $680,619.000 worth of luxury articles
to General Motors).
$129,000,000 (referring, of
second quarter of 1927 were irregular, and the total net at a net profit ofbeen an inertness that isn'tcourse. of prosperity periods.
typical
But there
s for which reports are now available Business menhas not forged ahead, but have been content with being carincome of 180 companie
have
the sole
was about 6% smaller than in 1926, but continued con- ried along by the current. The building industry has provided building
is changed. The
than in 1925. The Bank also has the spur to larger activity. Now the situation appeared which should prove
siderably larger
boom is going right on but new influences have
following to say on the subject in its September 1,"Monthly to be highly inspiriting.
Since the estimate
1. First and probably foremost Is the farm situation.
Review":
in 1927 would exceed
Nearly all the oil companies reported sharp reductions in net income, was made in the August survey that farm Income
of the that of 1926 by a half billion dollars from crops alone, new facts have come
reflecting the effects of overproduction, and about three-fourths
l income. Chairman Meyer
automobile manufacturers had smaller earnings, though the large increase to light bearing on other sources of agricultura
to President Coolidge stated
reported by General Motors and smaller increases in the profits of a few of the Federal Farm Loan Board in a report
than a billion dollars larger
other companies resulted in some increase for the motor group as a whole. that farm receipts from all sources will be more
will be active. A billion
In other industry groups, earnings were irregular, and of the total of 180 than in 1926. This alone is assurance that trade
In 1922 it was the awarding
corporations, the number reporting increases and decreases was almost dollars in circulation has a vast momentum.
which roused industry from
evenly divided. Profits of telephone companies and other public utilities of a billion dollars more in building contracts
in 1922 was enough to bring
continued to increase gradually, but the net operating income of the prin- the worst depression in history. If a billion
y one, an increase of a billion
cipal railroads showed less than the usual seasonal increase and was 9% business from such a low plane to a satisfactor
business from a moderIn 1927 farm incomes ought to be sufficient to stir
smaller than in the second quarter of 1926.
ately high level to a somewhat higher one.
of the twelve Federal
2. The reduction of the rediscount rate by eight
First Six Months
Second
No. of
with the greatest possibiliQuarter.
Cotp0Reserve banks suggests a series of events fraught
(Na profits in Millions
rate makes interest rates
rations.
of Dollars.)
ties to business. The cut in the rediscount
1928. 1927.
reduction of the price
1926. 1927. 1925.
cheaper, which will stimulate in the same way that the
money for commercial
204
198
of any other commodity stimulates its use, the use of
148
121
114
28
Motors and accessories
A consequence
41
72
64
14
44
22
purposes, among them the building up of stocks of goods.
Oil
82
falling price level
63
70
41
45
16
Steel
of the last development is the prospect of a check in the
54
53
44
30
29
g to business.
20
Food and food products
and even an upward swing in prices. This would be encouragin
13
16
15
7
8
15
year has
Machine and machine mfg
28
26
21
14
One of the conditions which has made business men hesitate this
13
21
Mining and smelting
23
19
14
12
prices have been going lower and lower. In
9
7
been the fact that commodity
Chemicals
11
12
11
of the
6
6
9
Building supplies
other words, we have been experiencing deflation. If the reduction
64
62
36
30
26
42
Miscellaneous
rediscount rate checks the falling price level, it will prove the best stimulant
course, assumes that the Federal
520
546
433
275
294
commerce has had In five years. This, of
180
Total 9 groups
should they
Reserve Board would speedily check inflationary tendencies
117
103
90
59
52
79
Telephone
develop, by raising the rediscount rate.
45
52
23
23
21
14
utilities
driven money to EngOther public
3. In the reduction of interest rates here we have
are higher. This makes
169
148
133
82
73
93
land, France and Germany, where interest rates
Total public utilities
customers for
money more plentiful in these countries, which are our best
473
496
439
247
272
183
exported than is consumed
Class I railroads
our largest export—cotton. More cotton is
11 to 7. For cotat home, the ratio in the year ending July 31 1927 being
The Bank's review of the first quarter appeared in our ton the export market is thus even more important than the home market.
rediscount rate we are apparently enabling
Thanks to the reduction of the
issue of June 4, page 3274.
England. France and Germany to come to us with filled purses so that they
can buy from us the cotton we want to sell them.
4. A considerable number of companies have increased their regular diviLoading of Railroad Revenue Freight Fast Mounting to
dend rates, and others have declared extra cash dividends and stock diviHigh Figures.
dends. All of this indicates that persons who derive their incomes from
than a year ago.
Loading of revenue freight for the week ended on Aug. 27 interest and dividend payments will have more to spendshow $91,225.000
York "Journal of Commerce"
of the
totaled 1,109,225 cars, according to reports filed on Sept. 6 Tabulations August,New
or about $4,000,000 more than a year ago, and interpaid during
by the carriers with the Car Service Division of the American est payments were $161,100,000 in August, which was 314,000,000 more
for any than in the same month in 1926.
Railway Association. This was the highest loading
Of the three pillars of industry, all show actual or prospective strength.
week so far this year, but was a decrease of 19,338 cars The building industry is near its peak, the automobile manufacturers,
one
nding week in 1926 and a decrease of 15,213 except Ford. are working at capacity, and his plants will be at full operations
under the correspo
total for shortly. The outlook for steel is excellent, not only for building and autocars under the corresponding week in 1925. The
is set for a brisk revival.
however, was an increase of 42,589 cars mobiles, but also for railroad equipment, which
the week of Aug. 27,
being reported
above the preceding week this year, increases
No Sign of Depression Seen by National Association of
in the total loading of all commodities. Details follow:
Credit Men—Conditions Wholesome.
week of Aug. 27 totaled 416,857 cars,
Miscellaneous freight loading for the
ing week last year and 2,789
No appreciable change in business conditions is antician increase of 3,233 cars above the correspond
Association
cars above the same week in 1925.
This was a decrease of 5.818 pated for the remainder of 1927 by the National
Coal loading amounted to 195.128 cars.
decrease of 16,640 cars compared of Credit Men, according to the August monthly survey concars under the same week last year and a
with the same period two years ago.
ducted by the association. The survey says that "conditions
rload-lot freight totaled 262,667
Loading of merchandise and less-than-ca
2,125 cars are sound and wholesome, with no sign of a business cycle
week last year and
cars, a decrease of 1,283 cars under the same
depression which, according to some authorities, is long
below the corresponding week two years ago.
60,733 cars, an increase of 5.038
Grain and grain products loading totaled
is not at all likely to materialize." J. H.
above the same period in overdue, but which
cars above the same week in 1926 and 3,754 cars
products loading Tregoe, Executive Manager of the Credit Men's organization,
western districts alone, grain and grain
1925. In the
the same week last year. making the survey public, said:
totaled 42,942 cars, an increase of 5,815 cars above
cars under
decrease of 967
Livestock loading amounted to 30.199 cars, a
week in 1925. In
the same week last year and 1,542 cars below the same
cars, a decrease
the Western districts alone livestock loading totaled 22.305
of 1,439 cars under the same week last year.
cars below the same
Forest products loading totaled 69,961 cars, 1,042
week last year and 2,189 cars below the same week in 1925. week in 1926
Ore loading totaled 63,602 cars, 16,878 cars below the same
but 969 cars above the corresponding period two years ago.
measThe fluctuations of the business cycle have been minimized in great
the Federal
ure by the intelligent control of the credit flow exercised by
appear powerless
Reserve System. Unfavorable factors still exist, but they
well employed at
to disturb the equilibrium of business. Labor is still
and profit for
wage schedules which insure contentment for the workers which slowed
industry,
the producers and distributers of goods. The motor
Ford models, has apup perceptibly awaiting the appearance of the new
SEPT. 10 1927.]
THE CHRONICLE
parently decided to go ahead anyway, and Detroit reports a substantial increase in employment.
Internal conditions are good. External relations, in spite of the regrettable failure of the Geneva Naval Conference, are fortunately free from sore
spots. Everything points to a continuation of satisfactory business during
the remaining months of the year. Commodity prices continue at about
the level reached during the second quarter of the present year, when
Fisher's Index stood at 139.9. Crump's British Index registers less than
1% increase over the second quarter average, standing at 136.1 on Aug. 19.
Building construction in July, according to Dodge figures, fell off 16%
as compared with the record-breaking June total, but still ran 3% ahead
of the total for July 1926. Production has shown the usual summer slackening, with steel manufacture proceeding at the rate of about 78% of capacity. Automobile production expanded slightly in July, stimulated by
the introduction of new models. Car loadings went over the million-car
mark again during the week ending Aug. 6. Bank clearings for the week
ending Aug. 18 totaled $9,970,524,000, a gain of 5.2% over the preceding
week and of 14.9% over the corresponding week of 1926. Wholesale and
retail trade in most lines shows distinct signs of improvement, with activity
particularly noticeable in cotton goods, woolens, rayon and footwear. Department and chain store sales continue at about the 1926 summer level.
An intensive survey of business conditions in New York
State, New Jersey, Pennsylvania and Maryland, large concerns in a number of lines of business reported as follows:
Salm-39% reported larger and 61% smaller sales in July than in June.
Comparing July 1927 with July 1926 41% had larger and 59% smaller
volume of sales in 1927 than in 1926. Sales for the year 1926, compared
with 1925, were reported larger by 61% and smaller by 39%.
Collections.—Of the reporting concerns, 46% had larger collections in
July 1927 than in the preceding month, and 54% had smaller collections.
-53% indicated a larger and 47% a smaller volume of reReceivables.
ceivables on Aug. 1 1927 as compared with Aug.1 1926.
Pailures.-71% anticipate a larger and 29% a smaller number of failures during the second half of the present year, as compared with the same
period of 1926.
Outlook.—For the second six months of 1927, 56% anticipate improved
sales and collection's. 14% report less favorable conditions, and 30%
expect no pronounced change.
The survey continues:
While the four States under survey this month are predominantly industrial, it should not be forgotten that each has thousands of acres under cultivation, and the agricultural situation is a live issue in all four. The
crop report, as indicated by the replying concerns, shows conditions fair
or slightly better than fair.
The percentages, as recorded in this survey, point to a middle-of-the-road
state of mind, with no evidence of pronounced optimism or pessimism. On
the surface, it seems difficult to reconcile the large percentage of correspondents anticipating more failures with the number of those who look
forward to improved sales and collections during the remainder of 1927.
The explanation doubtless lies in the conviction, expressed in many of the
replies, that competition is becoming more severe every day, and that some
of the weaker concerns are bound to go under. The strong enterprises,
however, will be able to keep their heads above water, and may even benefit by the business lost to their disappearing competitors.
The situation calls for greater efficiency in operation, constant watching
of costs and the study and application of more scientific methods of doing
business.
Moderate Increase in Building Construltinn in August
According to F. W. Dodge Corporation.
August construction contracts in the 37 States east of the
Rocky Mountains amounted to $552,487,900, according to
F. W. Dodge Corporation. This figure shows an increase of
3% over the July 1927 total, but is 8% under the amount
reported in August of last year. The decrease from August
1926 has no great significance, it is stated, since that month
happened to be the peak of 1926 contract-letting; a peak
which was exceeded by the record contract volume of June
this year. The territory covered by this record includes
the
approximately 91% of the total construction volume
country. Last month's record brought the total of construction started in the past eight months up to $4,274,871,100, as
compared with $4,247,408,400 for the corresponding eight
months of last year, the increase being a little over %%.
Included in the August building and engineering record
were the following important classes of work: $209,455,700,
or 38% of all construction, for residential buildings; $119,740,500, or 22%, for public work and utilities; $76,915,300,
or 14%, for commercial buildings; $41,039,500, or 7%, for
industrial buildings, and $41,035,200, or 7%,for educational
projects. Contemplated new work reported last month
amounted to $690,666,000. This figure was less than 1 h%
,
under the amount reported in July of this year. However,
there was an increase of 21% over the amount reported in
August of last year. The review continues as follows:
a
New York State and Northern New Jersey.
Building and engineering contracts were awarded during August to the
amount of $141,512,800 in New York State and northern New Jersey.
This figure showed a loss of 10% from the amount reported in July of this
year, as well as a loss of 8% from the August 1926 total. Included in
last month's construction record were the following important classes of
work: $64,935,800, or 46% of all construction, for residential buildings; $25,906,100, or 18%, for commercial buildings; $14,369,100, or
10%, for public works and utilities; $12,391,300, or 9%, for social and
recreational projects, and $10,327,400, or 7%, for educational buildings.
The first eight months' construction total for the district was $1,152,410,600, as compared with $1,160,070,000 during the corresponding period
of last year, being a drop of less than 1%.
Contemplated projects reported in New York State and northern New
Jersey last month reached a total of $189,899,300. This figure showed an
1389
increase of 18% over the total for August 1926. However, there was a
drop of 4% from the amount reported in July of this year.
New England States.
The total volume of construction contracts let in the New England States
in August amounted to $39,996,700. The above figure exceeded July 1927
by 28%. However, there was a loss of 10% from the August 1926 total.
Analysis of last month's building and engineering record showed the following items of importance: $15,353,000, or 38% of all construction, for
residential buildings; $6,581,700, or DM, for commercial buildings;
$5,150,300, or 13%, for public works and utilities; $4,607,100, or 12%,
for educational projects, and $3,493,000, or 9%, for industrial plants.
New construction started in this district since the first of this year has
reached a total of $275,402,000, being a decrease of 7% from the first eight
months of last year.
Contemplated new work reported in New England during August
amounted to $36,384,200. There were increases of 47% over the July 1927
total and 16% over the August 1926 total.
Record August Total in Middle Atlantic States.
Construction contracts awarded in August in the Middle Atlantic States
(eastern Pennsylvania, southern New Jersey, Maryland, Delaware, District
of Columbia and Virginia) amounting to $69,912,500 was the highest
August contract total yet on record for this district. A railroad project
in the city of Philadelphia to be built at a cost of $7,000,000 helped to
swell the month's record. August's total showed an increase of 14% over
the August 1926 total, as well as an increase of 30% over the amount
reported in July of this year.
Last month's construction record included the following items of note:
$22,912,900, or 33% of all construction, for residential buildings; $21,215,400, or 30%, for public works and utilities; $9,367,600, or 13%, for
commercial buildings; $4,801,400, or 7%,for industrial plants, and $4,744,300, or 7%, for educational projects.
During the past eight months there was $501,931,000 worth of new
building and engineering work started in this district. The above figure
showed a gain of 18% over the corresponding eight months of last year.
Contemplated new work reported in the Middle Atlantic States last month
amounted to $72,520,300. There was a drop of 44% from the amount reported in July of this year, but an increase of 28% over the August 1926
total.
Pittsburgh District.
The August total for building contracts let in the Pittsburgh District
(western Pennsylvania, West Virginia, Ohio and Kentucky) amounted to
$71,782,200. This figure was the third highest August contract total yet
recorded for this district. Last month's record showed an increase of 8%
over July of this year and an increase of 13% over August of last year.
Analysis of the August construction record showed the following items of
importance: $23,022,800, or 32% of all construction, for public works
and utilities; $20,464,200, or 29%, for residential buildings; $9,660,500,
or 13%, for industrial plants, and $5,880,200, or 8%, for comsnercial
buildings.
New construction started in this district during the first eight months
of this year has reached a total of $545,881,100, as compared with $532,647,900 for the first eight months of last year, being a gain of 2%.
Contemplated new work reported in the Pittsburgh District in August
amounted to $70,631,500. There was an increase of 29% over July 1927
total, as well as an increase of 26% over the amount reported in August
of last year.
The Central West.
Building and engineering contracts let last month in the Central West
(Illinois, Indiana, Iowa, Wisconsin, Michigan, Missouri, Kansas, Oklahoma
and Nebraska) amounted to $154,169,100. Last month's total showed an
increase of 3% over July this year, but was 23% under the total for
August of last year. Analysis of the August construction record showed
the following items of importance: $60,772,900, or 39% of all construction, for residential buildings; $31,336,200, or 20%, for public works and
utilities; $20,723,600, or 13%, for commercial buildings; $16,017,800,
or 10%, for industrial plants, and $11,143,700, or 7%, for educational
projects.
During the past eight months there was $1,177,592,900 worth of new
construction started in the Central West. This figure showed an increase
of 12% over the first eight months of 1926.
Contemplated new work reported in this district during August amounted
to $211,246,700, being an increase of 26% over the amount reported in
July of this year and 30% over the amount reported in August of last
year.
The Northwest.
The Northwest (Minnesota, the Dakotas and northern Michigan) had
$9,836,700, in contracts for new building and engineering work during
August. This figure was the highest August contract total yet recorded for
this district. It was also the third largest monthly total on record for
this year. Last month's figure showed an increase of 15% over August
1926. However, there was a drop of 13% from the total for July of this
year.
Included in the August construction record were the following classes of
importance: $3,888,100, or 40% of all construction, for public works and
utilities; $2,942,000, or 30%, for residential buildings; $655,100, or 7%,
for commercial buildings, and $644,700, or 7%, for educational projects.
New construction started in this district since the first of the year has
reached a total of $63,271,600, being a decrease of 15% from the corresponding period of last year.
Contemplated new work reported in the Northwest in August amounted
to $8,118,900. There was a loss of 38% from the amount reported in
July of this year, as well as a loss of 28% from the amount reported in
August 1926.
Southeastern States.
The total volume of construction contracts let in the Southeastern States
(the Carolinas, Georgia, Florida, Tennessee, Alabama, Mississippi, Arkansas
and Louisiana) during August amounted to $47,429,200. This figure
showed increases of 7% over July of this year and 3% over August of last
year. The most important items in the August contract total were: $18,070,000, or 38% of all construction, for public works and utilities; $14,362,300, or 30%, for residential buildings; $4,684,100, or 10%, for commercial buildings, and $3,861,100, or 8%, for educational projects.
The Southeastern States had $404,805,400 in contracts for new building
and engineering work during the first eight months of this year, as cornpared with $533,709,400 for the corresponding eight months of last year,
the decrease being 24%.
Contemplated projects reported in this district during August reached a
total of $65,499,700. There was a gain of 12% over July of this year, as
well as a gain of 6% over August of last year.
Texas.
Texas had $17,848,700 in contracts for new construction work during
August This figure was 13% under the amount reported in July 1927 and
1390
THE CHRONICLE
[VoL. 125.
33% under the amount reported in August 1926. Analysis of last month's
Hoys.—The farm price of hogs on August 15 was 7% above the previous
building and engineering record showed the following items of importance: month. This was more or less expected with the slowing down of the
$7,712,600, or 43% of all construction, for residential buildings; $3,216,- movement to market during the past month. The corn hog ratio at 9.5
900, or 18%, for commercial buildings; $2,687,900, or 15%, for public Is not conducive to very heavy feeding or much Increase in hog production.
works and utilities; $992,400, or 6%, for industrial plants, and $985,500,
Hay.—The decline in the farm prices of hay of about 15% during the
or 6%, for hospitals and institutions.
past month is the reflection of the very heavy crop in most of the country.
New construction started in this State during the first eight months of The report of August 1 indicates a hay crop about 15% larger than last
this year has reached a total of $153,576,500, being a drop of 8% from year and 11% above the five year (1922-1926) average.
the amount reported in the first eight months of last year.
Contemplated new work reported in Texas in August amounted to $36,865,400. This figure showed a decrease of 21% from July of this year. Business Conditions in Philadelphia Federal Reserve
However, there was an increase of 16% over the August 1926 total.
District—Signs of Improvement in August After
Building Construction in United States—Gain in
August as Compared with Last Year—Country
Not Overbuilt According to A. E. Dickinson of
Indiana Limestone Co.
Two thirds of the year closes with building constructionin
America totaling approximately $4,750,000,000 says a survey
issued Sept. 1 by the Indiana Limestone Company,based
on reports from several hundred cities and towns. "Signs
now in evidence," says President A. E. Dickinson, "point
to a well sustained volume of construction for the remaining
third of the year. In fact there is no indication that the
high rate of activity during the past two and a half years
will not be fairly well maintained for some time to come.
The outstanding fact is that the volume so far surpasses the
corresponding period last year." Mr. Dickinson adds:
Preliminary reports for August, which was the peak month in 1926,show
an increase over last year. contracts awarded amounting to approximately
8650,900,000. As an index to future activity, projects contemplated are
also In excess of last year. While residential building has been relatively
less intensive than in the preceding three years, the downward trend is not
quite so pronounced. This is more noticeable in New York and the Central
Western states than in other sections of the country. However,home building now constitutes the largest part of the program in the New England
states.
Surveying the country by sections on the basis of volume, the Central
West states, with Chicago as the hub, take the lead, having scaled new
heights. For the first eight months of the year, this section has shown a
substantial increase over the same period last year and has outstepped
records in other parts of the country. Residential, public works and commercial construction has led the program.
New York and Northern New Jersey have chalked up new figures in
point of volume. Here,too,residential, commercial and public works have
shown greatest activity. In the Middle Atlantic states, public works has
shown the largest volume, while residential and educational construction
have also kept up an active pace. In total volume these states show an
increase over last year. The New England states, which have fallen slightly
in the first eight months,recorded a good volume of residential, commercial
and public works construction. The Pittsburgh district is ahead of the
first eight months of 1926, while the Northwest is slightly behind, although
commercial, public wetks and residential construction have kept a steady
stride. In the southeastern states, the total volume has decreased somewhat for the past eight months. Public works, residential, commercial and
educational construction has been active, however. In the southwestern
states, construction volume has held up well.
Evidence is everywhere found that the Country is not overbuilt. Nor is
there danger of a sharp recession from such cause. Perhaps there are
spots which have had sufficient building for their present rate of business
activity. But no district of any size suffers from overproduction. The
three outstanding factors which give promise of a steady course in the construction industry are the unparalleled degree of national prosperity, the
favorable credit conditions and the stable building costs. Add to these
factors that of the nation's rapid expansion due to population growth and
It is not difficult to visualize a long period of sane, sound building activity.
Farm Price Level Higher During August.
The general level of farm prices advanced during August
from 130% to 132% of pre-war level, says the Bureau of
Agricultural Economics, which under date of Sept. 1, says:
At 132 the index is 1 point below a year ago. The continued advance in
corn, cotton,flaxseed,hogs, beef cattle, veal calves, eggs and wool accounted
for the two point rise in the farm price index.
The advance in corn prices was insufficient to offset the declines in all
other grains and the grains index declined 1 point. Advances in most of
the meat animals accounted for a five point rise in this index which is still
eight points below a year ago. The decline in the fruits and vegetables
index of 23 points is compared to a drop from July to August 1926, of 29
points. At 172 this index is still 6 points above August 1926. The dairy
and poultry index increased two points due to the 10 point rise in poultry
products. The cotton and cottonseed index gained 11 points, the largest
gain in any group.
Corn.—The farm price of corn from July 15 to August 15 advanced about
6% over the previous month. Corn prices are now higher than they have
been since September 1925. While the rise from July 15 to August 15 is
little more than the seasonal gain, the increase which has occurred since the
winter months is more than would normally be expected. The condition
as of August 1 pointed to a crop of 2,385.000,000 bushels which is about
16% less than the five year (1922-26) average and 11% below last year.
The weather conditions in many sections are still unfavorable and with the
possibility of a large quantity of soft corn, if frost does not hold off later
than usual, farmers are holding back any old corn on hand and receipts
have fallen off markedly. These factors account largely for the increase
In the farm price. The largest rise this past month was noted in the Corn
Belt, and along the Atlantic seaboard. The far Western and South Central
States showed very little change.
Wheat.—The farm price of wheat continued to move downward during the
past month. With new crop wheat coming on the market and the prospects
for the total crop fairly good, some decline was expected. Prices in the
important spring wheat States seem to have followed the general trend
of all wheat prices.
Cotton.—Pricee continued to rise during the period from July 15 to August
15. The weevil damage and late season have apparently been the principal
factors in the price movement. It might be noted that in Texas where new
crop cotton is now coming on the market there was no price change.
Steady Decline Since 1926.
The fact that "the first weeks of August have brought
some few signs of improvenient in the business situation of
the Philadelphia Federal Reserve District, after the moderate though steady decline which had been under way
since late in 1926," is noted in the Sept. 1 "Business Review" of the Federal Reserve Bank of Philadelphia. The
"Review" goes on to say:
There is little indication, however, that such betterment as has occurred
has been more than seasonal in character. Many manufacturers have
reported an expansion of operations in August, but this followed upon a
decrease in July, of more than 7% in factory payrolls of Pennsylvania,
which indicated that the rate of manufacturing activity in that month was
at the lowest point in more than two years. Moreover, these recent declines have been widespread throughout the district. In only three of the
larger cities—Allentown, Harrisburg and Johnstown—were either employment or wage payments larger than last year, while only five manufacturing industries—shoes, lumber, pottery, electrical machinery and car
construction—reported larger payrolls in July than in the previous month.
Since the 1st of August buying has continued restricted in some lines,
notably iron and steel, but in the woolen and cotton industries an improved market is reported. In the shoe industry, as well, recent improvement has occurred, as indicated by increased sales at retail and an expansion of plant operations.
The coal mining industries have also curtailed operations to a level much
below that of last 'year. Anthracite is meeting with an indifferent demand, as is bituminous coal, and fairly heavy stocks of both varieties are
in existence. Operations are still suspended in the union soft coal fields,
while output in the non-union mines is maintained at a high rate.
Building contracts in the district ccastinue in large volume as compared
with last year, despite a decline from the June volume, but much of the
present activity is in the construction of roads and public works, rather
than residences and commercial and industrial buildings. Evidence of
this Is seen in the fact that building permits issued In the cities of the
district have been generally smaller than last year in the face of larger
volumes of contract awards. Only a fair market exists for most building
materials but plant operations in these industries have been well maintained,
and in the cement industry there was a larger output in July than in the
previous year. Real estate transactions in Philadelphia declined seasonally
from June to July, but in the latter month were ahead of the volume in
the same month of 1926.
Favorable weather in the past month has brought an improvement in
agricultural prospects in the district. The crops of oats, white potatoes
and hay promise to be in larger volume than in 1926, but winter wheat
and corn will be considerably smaller, and in spite of recent improvement
in the tobacco and fruit crops, these, too, will be under last year's yield.
Mercantile conditions in the district present much the same picture as
does the industrial situation. Freight car loadings in the Allegheny district have been under last year's totals owing to diminished shipments of
coal and other raw materials, but shipments of finished merchandise have
been slightly larger than in 1926. The volume of business payments, as
reflected by debits in the principal cities of the district, was smaller in
July than in the same month of last year, but in the first three weeks of
August, a considerable gain occurred. The large decline of nearly 7% in
July retail volume is partly attributable to the fact that the number of
trading days was reduced by the occurrence of five Sundays in July this
year. However, the first seven months of 1927 showed a decline of close
to 4% in retail sales as compared with the same period of the preceding
year. Wholesale dealers report some quickening of demand during August,
although July sales were smaller in all lines than in 1926, and sales of
shoes alone showed an increase over the June total.
•
City Conditions.
July proved to be a month of somewhat snore than the usual summer
recession in trade and industry of most of the leading city areas of this
district, decreased retail buying and lower rates of plant operations being
widespread. Savings deposits alone showed a gain in the majority of
cities. Compared with a year before, retail sales were smaller in nine out
of thirteen cities, and factory wage payments declined in all areas except
Allentown and Harrisburg. Debits and the value of building permits also
were slightly lower, but the sales of electricity increased a little.
Regarding wholesale and retail- trade in the Philadelphia
district, the Bank says:
Retail.
Trading at retail appears to be hardly fair, increases in sales being practically offset by decreases. Prices continue steady, and concessions incident to clearance sales have been no more than usual.
Sales in July were almost 7% smaller than a year ago, owing partly to
fewer trading days. Of the reporting groups, shoe stores alone showed
gains during the month. The total retail business transacted between
January and July also declined nearly 4% as compared with the similar
period last year.
Inventories held by retailers in the district were smaller at the end of
July than on the same date a month and a year before. Accounts receivable were 5% greater than at the same time last year. Collections during
July declined somewhat in contrast with those of a year earlier.
Wholesale.
Preliminary reports indicate that business at wholesale generally Is
beginning to show a little more activity than in July, the market for shoes,
dry goods, groceries. jewelry and paper being fairly strong. Buying for
immediate or fall delivery predominates. Prices remain unchanged, except
for some 'advances in shoes and cotton piece goods.
All wholesale lines showed a smaller volume of business in July than a
year before. Similar declines occurred between June and July, with the
exception of shoes which registered a slight gain. Stocks held by dealers
showed a seasonal increase from June to July, but compared with a year
before, they were smaller, except in drugs. Accounts outstanding were
SEPT. 10 1927.]
THE CHRONICLE
greater in groceries and jewelry than a year earlier but in other lines they
were smaller. Collections in the main lagged behind those in July 1926.
Conditions in Cleveland Federal Reserve
District
-Improvement in Certain Lines of Industry-Crop Conditions Poor.
In the Cleveland Federal Reserve District, a slight revival
of demand for iron and steel took place in August,but operations were still at a low point. The September Monthly
Business "Review" contains advices to this effect, and says
Business
Coal prices rose noticeably in response to increased demand. The tire
industry is doing well, and shoe manufacturing has experienced an improvement. Building contracts awarded in July were 25% under a year ago.
Crops in general are poor; corn is late, wheat is only fair, tobacco is uneven,
and fruit is very poor. Hay, oats, and potatoes, however, are doing well.
In the following the Bank refers to the unsatisfactory
conditions in the Ohio coal fields:
Conditions in the Ohio fields are very unsatisfactory. The miners and
operators have been unable to come to any agreement, and the State's level
of production has dropped to one-third of that of last year and one-sixth
of 1923. In Pennsylvania, on the other hand, a considerable number of
mines have re-opened on a non-union basis, and the output is running at
about 80% of last year and 56% of 1923. Kentucky's production continues
high, being well ahead of previous years, and West Virginia still ranks first
In soft coal producing States, being slightly ahead of Pennsylvania.
Declines in both wholesale and retail trade in the Cleveland
District are reported by the Bank from which we quote the
following:
Wholesale Trade.
All reporting wholesale lines in this District showed a decline in sales
during July as cempared with a year ago. This bank's index of sales of 100
wholesale firms (1919-1923=100) stood at 77 in July, the lowest of any
year in the past seven except 1922, when it also stood at 77. Beginning
with 1923, when the index was 90. each year has shown a decrease in sales
from the preceding year.
Grocery firms in July underwent a loss of 5.6% from a year ago, and for
the first seven months the decrease was 4.4%. The grocery index number
In July was 75, the lowest of any of the past seven years.
Dry goods sales sh•wed less than the usual decrease from last year, the
July decline amounting to only 3.6%. For the first seven months the loss
was 10%. Tho index number of dry goods sales was 53 in July, the lowest
for that month in seven years.
Drug sales were 2.6% under 1926 in July, and 0.6% leas for the first
seven months. The index number of drug sales stood at 110 in July, higher
than any of the past seven years except 1926. Sales of wholesale drug
concerns have held up exceptionally well in comparison with most of the
other wholesale lines.
Hardware sales ba July ran 2.1% under last year, and 1% under for the
first seven menthe. The hardware index compares fairly well with past
years, the July figure elf 102 being only exceeded in 1923 and equaled in
1925.
Sales of reporting wholesale shoe houses in July were 13.5% less than a
year ago, and for the first seven months of this year were 5.3% less. The
shoe index, 53, was lower than any of the last seven years except 1922 and
1925.
The monthly stock turnover rate in July for groceries was .61, or slightly
more than seven tines a year, and for dry goods was .25, or four times a
year.
Retail Trade.
Sales of 61 department stores in the Fourth District in July were 0.2%
less than last year, but for the first seven months of 1927 were 0.9%
greater. Sales of 19 wearing apparel firms decreased 1.8% In July, but for
t us seven months ran 2.9% ahead of last year.
Individual departments showing gains of more than 10% as compared
with July 1926, were: ribbons, 11.4; Jewelry, 20.8; leather goods, 11.6:
women's skirts, 15.9; sweaters, 23.8: gloves, 28.0; petticoats, 27.0; house
dresses, 31.7; and radios, 77.7. Departments having decreases of more than
10% were: silks and velvets, 15.2; woolen dress goods, 12.5; linens, 10.3;
laces, 12.1; and neckwear, 11.0.
Changes in the twelve departments doing the largest business in July
were as follows (in order of sales made):
% Change
from 1926.
Women's dresses
Silks and velvets
+1.3
-15.2
Men's furnishings
-3.2
Floor coverings
-6.0
Women's and children's
Silk and muslin underwear_ +2.1
Hosiery
+7.7
Millinery
-2.4
Men's clothing
-7.9
Draperies
+1.0
Women's shoes
-5.2
Toilet articles,drugs
-2.4
Furniture
+2.2
1391
volume of business the West Virginia coal mines are doing, and an abundance of credit to care for all legitimate demands of agriculture and commerce. Bank deposits at record levels testify to the favorable economic position of the banks' customers generally, and debits figures above those of
the same period a year ago prove that a very large volume of business is
being done.
The most unfavorable factor in the present situation is the decrease in
construction work, with consequent increase in unemployment in the building trades and a falling off of retail trade. Business failures in July were
above those of July 1926 in both number and liabilities. Retail trade as
reflected in department store sales declined 7.7% in July in comparison
with July a year ago, although wholesale trade was about up to seasonal
levels. Collections were slower in July than in July 1926 in both wholesale and retail fields.
In its review of wholesale and retail trade, the Bank
says:
Wholesale trade in the Fifth Reserve District in dry goods, shoes and
furniture was in larger volume in July this year than in July a year ago,
but grocery, hardware and drug sales were in smaller volume during the
1927 month, according to reports sent to the Federal Reserve Bank of
Richmond by 83 firms. The same lines showing increased sales in July in
comparison with July 1926 also showed rises or declines in last month's
sales in comparison with those of June this year. During the first seven
months of 1927, shoe and hardware sales by the reporting firms exceeded
sales during the corresponding seven months of 1926, but grocery, dry goods,
furniture and drug sales were less this year.
Stocks of goods on the shelves of the reporting firms were larger in
groceries and shoes at the end of July 1927 than a year earlier, and dry
goods and shoe stocks were larger than a month earlier, June 30 1927.
Grocery and hardware stocks declined between June 30 and July 31, both
dry goods and hardware stocks were
this year, and on the latter date ,
smaller than those reported on July 31 1926.
The percentage of collections in July to accounts receivable on July 1
were lower this year in all lines except shoes than in July 1926, furniture
experiencing the greatest decline. The figures were also lower in July
than in June this year in all lines except drugs, in which exactly the same
percentage was collected in both June and July.
WHOLESALE TRADE JULY 1927.
33 Groceries. 12 Dry Gds. 5 Shoes. 15 Hardware. 5 Furniture. 13 Drugs.
Percentage increase in July 1927 sales compared with sales in July 1926:
12.6
- 2.9
- 1.2
- 8.0
16.3
6.3
Percentage increase In July 1927 sales, compared with sales in June 1927:
1.4
- .1
- 5.2
- 7.0
8.7
19.0
Percentage increase In total sales since Jan. 1 1927, compared with sales during the
corresponding seven months of 1926:
- 5.1
- 2.4
4.3
- 6.4
1.4
- 1.3
Percentages increase In stock on July 311927. compared with stock on July 31 1926:
3.6(12)* - 3.5(4)•
.7(4)* - 8.0(7)*
Percentages increase in stock on July 31 1927, compared with stock on
_
2)
1927:
2.3(4).
3.7(4)* - 2.7(7)* Percentage of collections in July to total accounts receivable on July 1 1927:
31.0(10)•
61.8(20)*
28.2(3)*
27.5(4)•
28.4(8)•
58.3(8)•
JuneJune30
-Denotes decreased percentage. • Number of reporting firms in parenthesis.
Retail trade in the Fifth Reserve District in July, as measured by sales
in 30 leading department stores, averaged 7.7% less than in July 1926,
and was also seasonally below the volume of trade in June this year. Total
sales during the first seven months of this year averaged 2.6% below sales
during the corresponding seven months last year. July 1927 sales were
1.8% above average July sales during the three years 1923-25, inclusive.
Stocks on the shelves of the reporting stores, at retail prices, were almost
exactly the same at the end of July as at the same time a year ago, an
increase of two-hundredths of 1% being reported. Stocks at the end of
July 1927 were 4.0% less than stocks on June 30 1927, a seasonal decline.
The percentage of sales during July to stocks carried during the month
averaged 20.3%, and the percentage of total sales during the seven elapsed
months this year to average stocks carried during each month was 174.8%,
indicating an annual turnover of three times.
Collections by 29 of the 30 reporting stores during July totaled 25.0%
of outstanding receivables as of July 1, a lower rate than was reported for
June this year and also below the average of 271% collected in July last
year. Richmond's percentage of collections was higher this year than a
year ago, but the other cities reported lower collections for July 1927.
FIGURES ON RETAIL TRADE.
y1927.)
ri
(As indicated by reports from 30 representative dept. stores for month of July
Other Cities.
Washington.
Richmond.
Baltimore.
Percentage Increase in July 1927 sales, compared with sales In July 1926:
-7.7
-2.7
-6.4
-11.8
Percentage Increase in total sales since Jan. 1 over sales during the first seven
months of 1926:
-2.6
-1.4
-4.2
-2.4
2.8
Percentage increase in July 1927 sales over average July sales during the three
years 1923-1925, Inclusive:
3.1
-5.1
5.4
9.3
1.8
Percentage increase in stock on hand July 31 1927 over stock on July 311926:
3.3
-1.9
1.5
.02
-.9
Percentage Increase in stock on hand July 31 1927 over stock on June 30 1927:
-5.9
-2.2
-6.1
-1.4
Percentage of sales in July 1927 to average stock carried during that month:
20.3
18.4
19.0
21.9
22.3
Percentage of total sales Jan. 1 to average stock carried during each of the seven
elapsed months:
146.0174.8
171.4
185.5
185.5
Percentage of outstanding orders on July 31 to total purchases of goods in 1926:
4.8
7.7
7.6
8.0
6.5
Percentage of collections in July 1927 to total accounts receivable on July 1:
30.8
21.5
28.3
25.0
28.1
Volume of Trade in Richmond Federal Reserve District
in July Not Up to Level of Last Year
-Outlook for
77:irrTrade Improved-Details of Wla and
.la
Retail Trade.
-Denotes decreased percentage.
Business followed seasonal trends rather closely in the
Richmond Federal Reserve District during July and early Low Point for Year in Merchandise Sales in
Atlanta
August, but the volume of trade was perhaps not up to the
Federal Reserve District Reached During July
level of July and August last year, the Aug. 31 number of
Increase in Savings Deposits.
"Monthly Review" of the Richmond Federal Reserve
the
The Federal Reserve Bank of Atlanta reports that sales
Bank reports. The Bank adds:
of merchandise in July by retail and wholesale firms rethe whole, however, the outlook for fall trade improved distinctly
On
between the middle of July and the middle of August, chiefly due to an porting to the Federal Reserve Bank declined seasonally in
improvement in agricultural prospects. The Department of Agriculture's July and reached the lowest point so far this year, and were
first cotton condition report of this season estimated the probable yield in smaller than in July last year. This statement
appears in
1927 at approximately four and a half million bales below the crop of 1926,
although in the Fifth District Aug. 1 prospects were better than they were the Bank's "Monthly Review" dated Aug. 31, from which
a year earlier. The opening of the South Carolina tobacco markets, with we also quote the following:
prices averaging 20 cents and upward, together with an expected increase
in tobacco production in the district, brought assurance of a profitable season for the district's tobacco growers. All crops made good progress since
July 15, and while some crops are not expected to yield as high as in 1926,
the total value of this year's farm products will probably exceed the
value of the 1926 crops by a considerable amount. Other favorable influences at work in the district are the activity of the textile mills, the large
Savings deposits at the end of July, however, showed an increase of
8.1%
over the same time a year ago. Debits to individual aceounts at 24
reporting cities, reflecting the volume of transactions settled by check,
were 5.9%
less in July than in July last year. A somewhat smaller demand
for credit
than existed at this time last year is indicated in the fact that
discounts
for their custaners by 33 reporting banks in principal
cities of the district were about fourteen millions of dollars less on Aug. 10
this year than
1392
T[TM CHRONICLE •
at the same time last year, and Federal Reserve bank discounts for member
banks were about twelve millions smaller. Investments of these member
banks were about twelve millions of dollars greater than a year ago, their
time deposits were nearly 21 millions greater, while their demand deposits
were nearly eighteen millions less. Commercial failures in the Sixth District continue greater than in corresponding periods last year.
Building permits issued during July at twenty reporting cities show a
decrease of 33.1% compared with July 1928, and contract awards in the
district were 34.2% smaller. The consumption of cotton in the cottongrowing States continues greater than a year ago, and production of cloth
and yarn by mills reporting to the Federal Reserve Bank is larger than
at the same time last year. Coal mining in Alabama and Tennessee, and the
production of pig iron in Alabama, are at a lower level than at this time a
year ago. Naval stores receipts during July were somewhat smaller than
In June, but receipts and stocks continue greater than for the same periods
last year.
Retail Trade.
The volume of retail trade in the Sixth Federal Reserve District during
July declined seasonally compared with the previous month, and continued
slightly less than in the corresponding period last year. Stocks of merchandise also declined slightly compared with both the preceding month
and the same month a year ago. Sales reported confidentially by 46 department stores show a decrease of 1.8% in July compared with July 1926,
and for the first seven months of 1927 sales by these stores have averaged
1.6% less than in the same period last year. The month of July this year
had five Sundays, while in 1926 July had only four Sundays. Stocks at the
end of July were 1.5% smaller than a month earlier and 1.0% smaller than
a year ago. Stock turnover for July was about the same as in July last
year, but for the year through July the turnover has been somewhat less
favorable. The decline in sales in July, as compared with June, amounts to
23.7%; in 1928 there was a decline of 23.6% in sales in July compared
with June. The index number of sales by 39 of these reporting stores for
July is 82.7, and while lower than the index for July last year, is higher
than for July of other years since 1920. Outstanding orders at the end
of July were 47.1% greater than a month earlier, probably in anticipation
of the fall resumption of buying, but were 9.7% smaller than a year ago.
Accounts receivable at the end of July were 8.0% less than a month earlier,
but were 1.1% larger than a year ago. July collections increased 0.4% over
those in June, and were 8.8% greater than in July 1926. The ratio of
collections during July to accounts outstanding and due at the beginning
of the month, for 28 firms, was 36.4%.
[VOL. 125.
receivable also showed decreases in both instances. Collections increased
over June, but were smaller than a year ago.
July 1927 Compared with
Sales:
June 1927. July 1926.
New Orleans (4 firms)
-14.9
-4.2
Other cities (6 firms)
-10.5
-29.9
District (10 firms)
-22.6
-7.3
Accounts receivable
-3.1
-0.8
Collections
+11.5
-8.8
Sales in the other three lines are shown only for the district, as three or
more reports were not received in any of these lines from a single city.
Reports from wholesale shoe firms indicate some price advances due to
Increases in the prices of hides and leather. Statistics of stocks, accounts
receivable and collections were not received from enough firms to include
comparisons of these items in the table.
July 1927 Compared frith
Sales:
June 1927. July 1926.
Shoes (5 firms)
-4.7
-1.7
Stationery (4 firms)
-3.2
-9.2
Drugs (5 firms)
-0.1
+4.2
Business Conditions in Dallas Federal Reserve District
-Rise in Price of Cotton Overshadowing Develop-
ment.
The marked rise in the price of cotton during the past
thirty days was the overshadowing development in business
and industry in the Dallas Federal Reserve District according
to the Sept. 1 "Monthly Business Review" of the Federal
Reserve Bank of Dallas. In its review, the Bank says:
The increased value of the district's principal commodity together with
the prospects for the largest feed crop produced in several
years indicates that the returns from this year's crops will
be larger than in either of the two preceding years and will
provide the district's farmers with a large debt-paying and purchasing power. The corn, grain sorphum,and hay crops promise a substantially
larger yield than in 1926, and the indicated production of several of the
minor crops is likewise above that of a year ago. The condition of the
cotton crop is irregular with some fields indicating the best yields in several
years but with others promising only a very small production. As a general
rule the old cotton has fruited well but the young cotton has been seriously
Wholesale Trade.
injured by the insects. A very large portion of the district's cotton terriThe volume of trade at wholesale during July indicated in confidential tory is heavily infested with weevils and other insects and their activity is
rapidly increasing. Root rot has already taken a heavy toll In some secreports to the Federal Reserve Bank by 118 firms in eight different lines,
was, on the whole, smaller than in June or in the corresponding month last tions and appears to be spreading. These factors together with the lateness
year. July sales of dry goods at wholesale were greater than in June, but of the crop in certain sections render the outcome of the crop very uncertain.
The rains which fell over the major portion of the district's range territhe other seven lines reported decreases. Compared with July 1926, sales
of dry goods and of drugs during July this year showed increases, but de- tory during the past month brought about a further improvement in the
creases were shown in the other six reporting lines. The index number for physical condition of ranges and livestock. There is now ample pasturage
July, based upon sales by most of the reporting firms dealing in groceries, on most of the ranges and many classes of cattle are fat and moving to
dry goods, hardware and shoes, was 70.4, compared with 74.3 for June, and market. Market prices are being sustained at near the high level reached
with 77.2 for July last year. The index for July this year is lower than in July. . . .
for any month since July 1924. In the tables which follow are shown perThe business mortality rate in this district reflected a marked improvecentage comparisons in the different lines, divided by cities where three or ment during July, the number of failures being the smallest in more than
more reports were received from a single city.
seven years. There was only one month during this period in which the
Groceries.-July sales by 33 reporting wholesale grocery firms were Indebtedness of defaulting firms was smaller.
12.0% smaller than in June, and 15.8% less than in July last year. DeThe July distribution of merchandise in wholesale channels reflected a
creases in both instances were reported from all reporting cities. Stocks seasonal expansion as compared to the previous month but continued on a
on hand, accounts receivable, and collections also exhibited declines com- smaller scale than a year age. Late reports indicate that business during
pared with both of those periods. Percentage comparisons are shown in the first half of August has shown a considerable improvement and that
merchants are optimistic regarding fall trade. Midsummer quietude was
the table:
July 1927 Compared with
- evident in department store trade, there being a substantial decline In sales
Bales:
as compared to both the previous month and the same month last year.
June 1297. July 1926.
Atlanta (_ firms)
-16.8
-13.4
Construction activity as gauged by the valuation of permits issued at
Jacksonville (4 firms)
-12.5
-25.3
fourteen principal cities reflected a further marked decline as compared
New Orleans (27 firms)
-3.7
-4.1
to both the previous month and the same month last year and reached the
Vicksburg (3 firms)
-14.0
-8.6
Other cities (15 firms)
-14.7
-10.1
1,nwest level since last November. While the production of lumber and
District (33 firms)
-12.0
-15.8
cement was less than in June, shipments were slightly larger.
Stocks on hand
-4.6
-7.0
Accounts receivable
-4.0
-10.1
The Bank reports as follows on wholesale and retail trade.
Collections_
-3.0
-16.6
Dry Goods.
-The volume of sales in July reported by 22 wholesale dry
Wholesale Trade.
goods firms was larger than in June, or in July last year, the increases
Seasonal expansion'in the demand for merchandise in wholesale channels
being shared by all reporting cities. Stocks and accounts receivable indistribution was evident during the past month. Sales in all lines
crea.sed over June, but collections were smaller, and decreases compared of
except groceries were larger than in June, ranging from 1.6% in the case
with July last year are shown in stocks, accounts receivable and collections.
drugs to 34.2% in the case of farm implements. Dry goods, however.
The reports indicate some advance in prices due to the increased price of of
was the only line in which sales exceeded those of the corresponding month
cotton.
of a year ago. Late reports indicate that business during the first half of
July 1927 Compared with
- August has shown considerable expansion and
that merchants generally are
June 1927. July 1926.
Sales:
looking forward to good fall business. Despite this optimism, however,
Atlanta (3 firms)
+19.5
+44.8
+21.0
merchants are proceeding cautiously and in most instances are awaiting
+3.4
NashvMe (3 firms)
+ 12.5 " MI +3.1
Other cities (16 firms)
more definite information regarding the outcome of the cotton crop before
+11.4
+9.8
District (22 firms)
making commitments in excess of nearby needs.
"' +11.23
-17.2
Stocks on hand
Renewed activity in the demand for dry goods at wholesale was noticeable
-20
Accounts receivable
-. •
96
-10.3
Collections
during July and the first half of August. The July sales were 26% greater
Hardware.
-Sales in July by 28 wholesale hardware firms averaged 1.0% than in June and 13% larger than in July a year ago. The opening of the
less in volume than in June, decreases at Jacksonville and New Orleans fall marketing season at the principal distributing centres early in August
more than offsetting increase at Atlanta, Nashville and other cities. All brought many merchants to the markets, and buying is reported to be heavy.
reporting cities showed decreases compared with July 1926. Stocks on hand While merchants are buying a considerable volume of merchandise for forwere fractionally smaller than a month ago, and collections were 10.1% ward delivery due to the improved outlook for fall business and the rising
less, while accounts receivable increased 3.4%. Decreases were shown in market on cotton goods, they are following a conservative buying policy
and are limiting commitments well within the prospective demand. While
all of these items compared with July last year.
- collections have continued slow, considerable improvement is expected as
July 1927 Compared with
June 1927. July 1926.
Sales:
soon as the cotton crop begins to move in substantial volume.
+10.7
Atlanta (3 firms)
Sales of farm implements reflected a gain of 34.2% as compared to the
-35.3
-13.4
Jacksonville (3 firms)
previous month and were only 10.5% less than in July last year. Despite
--11.6
+ 2.4
Nashville (3 llrms)
the recent improvement in sales, business generally remains considerably
--24.8
-6.6
New Orleans (5 firms)
--14.5
+1.7
below normal as dealers and farmers are withholding purchases until more
Other cities (14 firms)
--17.7
0
District (28 firms)
definite information regarding the outcome of the cotton crop becomes
-13.1
-0.3
Stocks on hand
available. Nevertheless, a spirit of optimism prevails in most sections and
-19.2
+3.4
Accounts receivable
business is expected to show considerable improvement during the fall
-23.6
-10.1
Collections
Furniture.
-July sales reported by 12 wholesale furniture firms averaged months. Prices remain generally steady.
The demand for hardware showed a gain of 9.5% as compared to the
smaller than in June or in July last year. Stocks on band increased over
June, but accounts receivable and collections were smaller, and all items preceding month but was 8.4% less than in the same month last year. The
improvement appeared to be fairly general over the district. Collections
showed decreases compared with July 1926.
July 1927 Compared with-- remained generally slow.
Sales of reporting wholesale drug firms during July reflected a gain of
Sales:
June 1927. July 1926.
-8.9
Atlanta (4-firms)
+1.5
1 8% as compared to the previous month but were 4.8% less than in the
Other cities (8 firms)
-6.8
same month last year. Dealers report that business generally has been
District (12 firms)
-5.3
slow but the trade is becoming optimistic and that the outlook for fall trade
Stocks on hand
+20.4
-17.4
Accounts receivable
is encouraging. Collections were less than in either the previous month or
-12.3
-3.4
Collections
-2.5
the same month lsat year. Prices showed no material changes.
Electrical Supplies.
-Sales of electrical supplies at wholesale In July
The July sales of groceries were 5.9% less than in Juno and 7.6% less
were in smaller volume than in June, or in July a year ago, and accounts than in the corresponding month last year. The buying demand was
Tr
,
SEPT. 10 1927.]
TITE CHRONICLE
reported to be fair for this season, and the outlook generally is for fair to
good business during the fall months. Collections showed a marked decline
as compared to the previous month. Prices continue steady.
Retail Trade.
Summer quietude in department store trade was evident during July.
Sales reflected a seasonal decline of 27.4% as compared to the previous
month and were 7.7% less than in the corresponding month last year.
Sales during the first seven months of the year have averaged 1% less than
during the corresponding period last year.
Stocks on hand at the close of July were 5.3% less than a month earlier
and 7% less than a year ago. The percentage of sales to average stocks
during the first seven months of 1927, was 156.4 as compared to 147.8
during the same period last year.
The ratio of outstanding orders to last year's purchases at the end of
July was 9.3 as compared to 4.0 at the end of June and 8.5 at the close of
July 1926.
Collections showed practically no change as compared to previous month
but were slightly less than a year ago. The ratio of July collections to
accounts receivable on July 1 was 33.5 as against 33.7 in June and 35.6 in
July last year.
1393
Unfilled Orders.
The unfilled orders of 219 Southern Pine and West Coast mills at the
last week amounted to 569,348,743 ft., as against 609,564.991 ft.
end of
for 227 mills the previous week. The 106 identical Southern Pine mills
In the group showed unfilled orders of 223.458,829 ft. last week, as against
225.171.001 ft. for the week before. For the 113 West Coast mills the
unfilled orders were 345,889.914 ft., as against 384.393,990 ft. for 121
mills a week earlier.
Altogether the 320 comparably reporting softwood mills had shipments
93%, and orders 85%, of actual production. For the Southern Pine mills
these percentages were respectively 98 and 96: and for the West Coast
mills 90 and 82.
Of the reporting mills, the 303 with an established normal production
for the week of 222,787,791 ft., gave actual production 104%, shipments
96% and orders 89% thereof.
The following table compares the lumber movement, as reflected by the
reporting mills of seven softwood, and two hardwood,regional associations,
for the three weeks indicated:
Past Week.
New Automobile Models and Price Changes.
Celebrating its twenty-fifth anniversary, the Cadillac
Motor Car Co. (a General Motors Corporation subsidiary)
has announced an entirely new line of Cadillacs at slightly
higher prices. The new cars are longer, roomier, lower to
the ground and are powered by a larger engine with piston
displacement of 341 cubic,Inches, against 314 for the old. It
is the largest engine ever designed for a Cadillac car, and
provides power more than sufficient to compensate for the
Increased size and weight of the new car. The wheelbase
has been increased to 140 inches from 138 and 132 inches.
A new and distinctive design of radiator is used. The rear
tread has been increased from 56 inches to 58, and the extending of the body slightly over the wheels has provided
fully three inches additional widthdor the rear seat. The
line will comprise fourteen Fisher body models and twelve
Fleetwood models.
r The Fisher Body types and their factory prices are as follows: Roadster,
$3,350; 4-passenger phaeton, $3,450: 4-passenger sport phaeton. $3,950;
-passenger touring, $3,450; 2
7
-passenger coupe, $3,295; 2
-passenger convertible coupe. $3,495: 5
-passenger coupe, $3,495; town sedan. $3.395;
-passenger sedan, $3.595: 7
5
-passenger sedan, $3,605; Imperial 5 sedan,
$3,745; Imperial 5 cabriolet, $3,745; Imperial 7 sedan. $3.895; Imperial
7 cabriolet. $3,895, and chassis. $2,800.
The Fisher-Fleetwood Body line is priced as follows: 5-passenger
cabriolet, $4,095: 5
-passenger Imperial, $4.245; 5
-passenger Imperial
cabriolet, $4,245; 7
-passenger sedan, $4,195; 7
-passenger cabriolet, $4,195;
7
-passenger Imperial, $4,445; 7
-passenger Imperial cabriolet. $4,445;
transformable town cabriolet. style 3512, $5,000, and transformable town
cabriolets, styles 3520 and 3524. $5,000.
The Packard Motor Car Co. has announced a new series
of six-cylinder and eight-cylinder cars priced from $2,275
to $2,785 for the sixes and from $3,975 to $5,250 for the
eights. New schedule of prices on models compare as follows:
Sizes—
Five passenger sedan
Five passenger phaeton
Five passenger club sedan
Seven passenger touring
Rights—
Five passenger phaeton
Five passenger club sedan
Seven passenger sedan
Seven passenger sedan limousine
New Price.
$2,285
2,275
2,685
2,485
Old Price.
$2.250
2,250
2,725
2.785
3,975
4.950
5,150
5,250
3,750
4,890
5.000
5,100
The Willys-Overland Co. has entered the light delivery
commercial field with two types of the Whippet Four. The
new line includes seven body styles mounted on the fourcylinder chassis. Prices range from $625 to $710 f.o.b.
factory.
Holiday Affects Lumber Industry Reports.
The smaller than usual number of mills reporting for the
week ended Sept. 3, due to the Labor Day Holiday, makes
accurate comparisons of the lumber industry's activities
difficult, according to telegraphic reports received from 441
of the leading lumber mills of the country by the National
Lumber Manufacturers Association.
The 320 comparably reporting softwood mills showed
decreases in production, shipments and new business when
compared with reports from 346 mills for the previous week.
In comparison with the corresponding period last year, when,
however, 23 more mills reported, there were decreases in
all three items.
The 108 hardwood operations last week also showed
apparent decreases in all three factors, when compared in
total with reports from 137 mills for the week before, but
unit results were about the same. In comparison with the
same period a year ago, when 100 mills reported, there were
considerable increases in production and new business and
shipments were about the same, reports the National
Association, adding:
Softwood. Hardwood
Corresponding
Week-1926.
Preceding West
1927 (Revised).
Softwood. Hardwood. Softwood. Hardwood.
100
346
343
108
137
Mills
320
Production_ 242,667,000 18,260,000 235,413,000 16,601,000 248,088,000 21,948,000
Shipments 225,367,000 16,021,000 244,430,000 17,302,000 250,010.000 18,999,000
Orders
206,340,000 18,762,000 243,232,000 17,550,000 238.857.000 22.938.000
The mills of the California White and Sugar Pine Association make weekly
reports, but not being comparable, are not included in the foregoing tables.
Thirteen of these mills, representing 37% of the cut of the California pine
region, gave their production for the week as 17.617.000, shipments 13
777,000 and new business 10,301.000. Last week's report from 18 mills.
representing 50% of the cut was: Production. 24.393,000 feet; shipments.
21,081,000, and new business. 21,728.000.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 113 mills reporting for the week ended Sept. 3 was 18%
below production, and shipments were 10% below production. Of all new
business taken during the week 37% was for future water delvery, amount
hag to 35,565,015 feet, of which 24,318,412 feet was for domestic cargo
delivery and 11.246,603 feet export. New business by rail amounted
to 56,149,901 feet, or 58% of the week's new business. Forty-two per cent
of the week's shipments moved by water, amounting to 44,848.240 feet,
of which 25.156,384 feet moved coastwise and intercoastal, and 19.691,856
feet export. Rail shipments totaled 56,829,306 feet, or 53% of the week's
shipments, and local deliveries 5,143,787 feet. Unshipped domestic cargo
orders totaled 114.578,150 feet, foreign 106,910.677 feet and rail trade
124,401,087 feet.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 106
mills reporting, shipments were 1.60% below production and orders were
4.22% below production and 2.66% below shipments. New business taken
during the week amounted to 62,555.427 feet (previous week, 61.777,174);
shipments, 64,267.599 feet (previous week, 65,082,919), and production.
65.310,056 feet (previous week, 63.485,263). The normal production of
these mills is 71,415,686 feet. Of the 104 mills reporting running time,
62 operated full time, 21 of the latter overtime. Two mills were shut
down, and the rest operated from 3 to 5% days.
The Western Pine Manufacturers Association of Portland, Ore., with
one more mill reporting, shows considerable decreases in production and
new business, and shipments well in advance of that reported for the week
earlier.
The California Redwood Association of San Francisco, Calif. reports
some decrease in production and makred decreases in shipments and new
business.
The North Carolina Pine Association of Norfolk,Va., with two fewer mills
reporting, shows a notable increase in production, shipments about the
same and some gain in new business.
The Northern Pine Manufacturers Association of Minneapolis, Minn..
with one less mill reporting, shows production and shipments about the
same, and new business somewhat below that reported for the previous
week.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh. Wis. (in its softwood production) with three fewer mills reporting,
shows nominal decreases in all three items.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis., reporting from 10 mills (three fewer mills than reported
for the preceding week) some decreases in production and shipments, and a
marked decrease in new business.
The Hardwood Manufacturers Institute of Memphis. Tenn., reported
from 98 mills (26 fewer mills than reported for the previous week) considerable decreases in all throe factors. The normal production of these
units is 16,464,000 feet.
West Coast Lumbermen's Association Weekly Report.
One hundred and twenty-one mills reporting to the West
Coast Lumbermen's Association for the week ended Aug. 27
manufactured 121,940,525 feet, sold 119,993,501 feet and
shipped 129,305,417 feet. New business was 1,947,024 feet
less than production, and shipments 7,364,892feet more
than production.
COMPARATIVE TABLE SHOWING PRODUCTION. NEW BUSINESS,
SHIPMENTS AND UNFILLED ORDERS.
Week Ended—
Aug. 27.
Aug. 13.
Aug. 6.
Aug. 20.
Number of mills reporting
120
121
121
122
Production (feet)
121,940,525 123,098,585 115,159,948 123.775,979
New business (feet)
119,993,601 123,673,050 123,994.698 107.803,590
Shipments (feet)
129,305,417 124,618,526 114,684,083 105,874,049
Umattoped Balances—
126,265,685 132,626,768 129,503,425 136,653,147
Rail (feet)
Domestic cargo (feet)._ _ 123,073,561 131,028,709 135.212,381 138,997,243
135,054.744 134,099.039 127,212,658 125,294,610
Export (feet)
384,393,990 397,754,516 391,928,464 400,845.000
Total (feet)
First 34 Weeks of—
1927.
1926.
1925.
1924.
Average number of mills_
88
106
117
124
Production (feet)
2,787,551,869 3,549,616,670 3,442,315,867 3,167.240763
2,906,766,340 3,678,105.466 3,578,098,090 3
New business (feet)
2 867,276,304 3,653,401,084 3,590,534,473 ,186.058,887
Shipments (feet)
3,325,800.291
1394
[VOL. 125.
THE CHRONICLE
in Newsprint and Wood Pulp Production in
July.
The July production of paper in the United States as
reported by identical mills to the American Paper and
Pulp Association and co-operating organizations, showed a
decrease of 9% as compared with the June's production
(following a 3% increase in June over May), according to
the Association's "Monthly Statistical Summary of Pulp
and Paper Industry" made public Sept. 2. All grades
showed a decrease in production as compared with June.
The summary is prepared by the American Paper and
Pulp Association as the central organization of the paper
industry, in co-operation with the Binders Board Manufacturers Association, Converting Paper Mills Association,
Cover Paper Association, Newsprint Service Bureau, Wrapping Paper Manufacturers Service Bureau, Writing Paper
Manufacturers Association and Paperboard Industries
Association. The figures for July for same mills as reported
in June are:
Decrease
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED BY STATES
BY MEMBER ASSOCIATIONS.
July 1927.
State.
Mills.
Production,
Feet.
Shipments,
Feet.
22,196,000
30,286,000
139,187,000
27,107,000
6,442.000
53.489,000
73,161,000
18,310,000
28,238,000
84,093,000
17,818,000
5,292,000
7,784,000
180,869,000
6,781,000
68,734.000
15,792.000
277,980,000
30,286,000
51,553,000
22,179,000
30,039,000
112,796,000
25,163.000
4,082,000
45,547,000
74,754,000
23,261,000
30,428,000
84,072,000
17,372,000
4,876,000
7,629,000
162,182,000
6,675,000
61,123,000
17,666,000
305,900,000
38,665,000
40,948.000
Total
426
1,145,398,000
•Includes mostly individual reports, not distributed.
1.115,357,000
Alabama
Arkansas
California
Florida
Georgia
Idaho
Louisiana
Michigan
Minnesota
Mississippi
Montana
North Carolina
Oklahoma
Oregon
South Carolina
Texas
Virginia
Washington
Wisconsin
Others•
16
15
30
13
8
14
35
22
4
30
4
11
3
39
12
33
14
67
30
26
Cuban Sugar Restriction-Cuba Seeking World Wugar
Agreements to Protect Market.
Grade.
According to Havana advices to;the "Wall Street Journal"
27,764
119,840
118.929
71
Newsprint
Sept. 8 a bill to be presented to Congress at the next session,
52,431
84,672
84,615
63
Book
known as the sugar defense bill, and calling for commission
175,586
179,549
48,784
115
Paperboard
47,021
43,951
74
48,515
Wrapping
of five with power over allotment of Cuban exports of sugar
11,245
12,389
9,126
23
Bag
39,041
28,570
26,688
74
Fine
to various countries, also states that President Machado shall
12,411
15,931
12,309
49
Tissue
1,333
4,734
4,686
9
Hanging
issue the restriction decree not later than November 30.
9,253
2,315
8,972
13
Felts
This means, says the dispatch, that the amount of sugar
21,577
18,753
20,722
60
Other grades
518.824
259,429
513.459
Total-All Trad.
Cuba will be allowed to produce in 1928 may not be known
on Sept. 7 printed the
wood pulgproduction until that date. The same paper
During the same period, domestic
following from Havana:
decreased 12%, this decrease being distributed over all
Cuban government plan crop restriction comprised in a bill to be pregrades. The July totals (mills identical with those reporting sented to Congress placing the power of restriction and exportation in the
hands of an official commission which will decide on the amount of sugar
in June) as reported by the American Paper and Pulp
to be shipped to United States, amount for local consumption, and the
Association, are as follows:
amount allotted to other countries. No production will be allowed above
Stocks on
No. of Production, Shipments, Hand End
Mats, Net Tons. Na Tons. of Month,
Net Tons,
I
Grade.
No. of Production,
Used,
Mills. Na Tons, Na Tons.
Groundwood pulp
70,409
88
Sulphite-New grade_ _ _ 38
37,602
Bleached
22
21,036
Easy bleached
7
3,554
Mitscherfich
6
5,903
Sulphate pulp
10
15,967
Soda pulp ,
11
15,372
Other than wood pulp
60
2
1690
Total-All mues'9_ 3
l
Stocks on
Shipments, Hand End
Net Tons. Net Tons.
1,706
2,649
1,595
36
508
1,139
4,404
-__ _
12.037
81,249
35,572
19,418
3,061
5.335
14,714
10,571
32
169.952
142,217
8,861
2,990
1.454
496
3,452
2,775
111
162.356
Lumber Production andfShipments During the
Month of July.
The "National Lumber Bulletin," published monthly by
the National Lumber Manufacturers Association of Washington, D. C., and Chicago, Ill., on Sept. 7 1927 reported the
following statistics regarding the production and shipments
of lumber during the month of July:
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY
BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFACTURERS ASSOCIATION FOR JULY 1927 AND JULY 1926.
July 1927.
Production.
Association.
Hardw'ds. Softwoods.
Feet,
Feet.
Shipments.
Hardw'rts. Softwoods.
Feet.
Feet.
29,197,000
29,926,000
California Redwood
16
California White & Sugar
136,182,000
105,712,000
Pine Mfrs
20
Florida Dense Long Leaf
11,083,000
9,824,000
Pine Mfrs
6
32,847,000
31,916,000
North Carolina Pine
48
Northern Hemlock &
15,395,000 28,347,000
21,324,000
Hardwood Mfrs
39 21,879,000
52,165,000
43,372,000
Northern Pine Mfrs
9
2,697,000 2,938,000
5,010,000
Southern Cypress Mfrs_ _
7 1,940,000
288,568,000
299,100,000
Southern Pine
129
398,760,000
373,837.000
West Cat Lumbermen's• 86
112,332,000
133.099,000
Western Pine Mfrs
33
2.214,000
2,756,000 8,552,000
Lower Michigan Mfrs_ __ 12 6,006,000
17,375,000
17,029,000 9,187,000
Individualreports
21 10,186,000
Total
426 40,011,000 1,105,387,000 49,024,000 1,066,333,000
July 1926.
29,785,000
24,302,000
California Redwood
15
California White & Sugar
113,452,000
143,311,000
Pine Mfrs
20
Florida Dense Long Leaf
6,257,000
7,087,000
Pine Mfrs
8
37,517,000
33,921,000
North Carolina Pine
45
Northern Hemlock &
21,717,000
19,905,000 26,357,000
Hardwood Mfrs
37 17,169,000
43,665,000
41,367,000
Northern Pine Mfrs
11
7,877,000
11,361,000 1,799,000
Southern Cypress Mfrs_ _
7 2,143,000
373,412,000
355,979,000
Southern Pine
161
488,658,000
West C'st Lumbermen's• 99
472,106,000
148,952,000
Western Pine Mfrs
153,830,000
41
2,744,000
Lower Michigan Mfrs_ __ 13 6,550,000
4,933.000 8,379,000
27,394,000
18,440,000
25,513,000
Individual reports
28 13,130,000
Total
485 38.992.000 1.293,615.000 54.975,000 1,301,430,000
•Report for 5 weeks.
Total production July 1927. 1.145,398,000 ft.; July 1926, 1,332,607.000 ft.
Total shipments, July 1927. 1,115,357,000 ft.; July 1926, 1,356,405,000 ft.
figures placed by the commission, probably 4,000,000 tons. It is not clear
whether the government can restrict exportation, at the same time naming
time and amount each holder can export.
A special tax of 1 cent per bag will be assessed for work of export commission. The commission will be incorporated with capital of 250.000
shares of $100 each. A special dispensation may be made for exports of
refined sugar.
Congress meets for regular session in November, and there will be no
announcement of restriction figures until the latter part of that month.
Rumors that Cuba would adopt radical restriction proposals have been
gaining credence daily, and sugar market has advanced on strength of these
rumors. On Tuesday options advanced on New York Coffee and Sugar
Exchange on the average 6 points. The spot raw market was quickly
cleared of all sugar available at 3c c. & f., and Tuesday evening there was
only one cargo of 2,000 tons Philippines afloat available at 3 1-16c, with no
Cubes offered. Hid prices ranged from 3%c to 33ic at close of business
Tuesday.
Raw market is now almost entirely in Cuban hands, most of actual sugar
being in hands of strong producers, many of whom are looking for considerably higher prices and refuse to consider selling at present levels. Several
producers are of opinion that withholding of 100,000 tons or more Cuban
from market will force refiners in this country to bid up price in order to get
sufficient supplies to carry them through until new crop sugars are available,
say in latter part of January.
The New York "Journal of Commerce" under a heading
in its issue of yesterday (Sept. 9) that Cuba is seeking world
sugar agreements said:
President Machado of Cuba plans to take the lead in forming an international alliance to protect the sugar market, and legislative measures are
now being proposed to protect the industry In Cuba, according to cabled
advices received from Havana yesterday by Willet & Gray.
The President of Cuba is sending, as his personal representative, Col. Jose
Miguel Tarafa, to cane producing countries. Colonel Tarafa, according
to advices received by Willet & Gray, has left for Santo Domingo, and from
there it is believed that he will go to Holland, which controls the bulk of
Java production.
Export Commission Planned.
Colonel Tarafa, who is one of the leading capitalists 'n Cuba. is head
of the Consol dated Railways of Cuba. That company, controlling the
leading railroad system of the eastern part of the Island, was formed as a
result of the Colonel's efforts. He Is also an owner of several sugar centrals,
including the important Central Moron.
The President's statement declares that "a commission wilt be formed to
determine the needs of the world's sugar market and attempt to negotiate agreements with other sugar producing countries so that the world
market will not be overstocked. A national export commission will be
formed," if present plans are effectuated, to determine the distribution of
Cuban sugars and allot producers identification certificates to show origin
and destination of their raws.
"Sugar destined for the United States and for home consumption wili
be sold in the open market, but that destined for other markets will be
sold through a Cuban exporting company, to which all Cuban producers
must belong. this company to sell in the best markets and with no Profits
to itself."
Marketinp Law Proposed.
The present sugar commission will be in charge of the quotas of production for the various centrals, Willet & Gray are advised. In the event that
the commission, which is composed of five experts, decides that a reduction
of the crop is advisable, this will be sanctioned by President Machado.
Cuban sugar production has always been a national political topic, and
according to present indications it may expand into the international field.
According to an authentic report, received by Willet & Gray, a measure
has been drafted and will be introduced this fall in the House of Representatives. The proposed law will control marketing ofCuban raw,and will
SEPT. 10 1927.]
THE CHRONICLE
create commissions to negotiate co-operative measures with other countries,
such as Java, Hawaii, the Philippines and Santo Domingo.
The Cuban Exporting Co., it is explained, will be a stock company
incorporated with $250.000 in shares of $100 each. All sugar producers
will
be required to subscribe to the corporation, and any new mill must subscribe to the capital stock of the corporation in the amount of one per cent
per bag of its estimated production.
Farm Real Estate Values Decline in Past Year.
Farm real estate values declined sharply during the crop
year just ended, being placed at 119% of the pre-war level,
against 124 in 1926, in the Department of Agriculture's new
index ot farm real estate values, made public Sept. 2. The
decline is part of a continued depreciation during the past
seven years from the peak of 169% of we-war in 1920. Present values are at about the 1917 level, according to the
Department, whose statement continues:
The decline (luring the past year was not to be wholly unexpected,
says
the Department, on account of the markd dcras duringtaoinshrdlucmfwy
p
price of certain of our major farm products, the sharp
drop in farmers'
incomes, and a generally inactive farm real estate market. There
are
plenty of farms for sale, with buyers few and cautious.
In a number of
areas there are still many foreclosed and other distress
farms hanging over
the market to keep values down.
The largest decline last year was in the South Atlantic
States, for which
the Department's index is 137, compared with 148
in 1926. The index for
the East North Central States is placed at 103, against
110 in 1926; West
North Central States 115, against 121; East South
Central States 133,
against 139; West South Central 139, against 144; Middle Atlantic States,
111, against 113; Mountain States 101, against 103 ;
New England 127,
against 128, and Pacific States 143, against 144.
The greatest depreciation in values since the 1920 peak has occurred in
the West North Central States, where the index is now 115% of pre-war
against 184% in 1920. The East South Central group runs a close second
with a decline from 199 in 1920 to 133 at present; followed by the South
Atlantic States, the index for which was 198 in 1920, against 137 now;
East North Central 159 In 1920, against 103 for 1927 ; Mountain States
151, against 101; West South Central 177, against 139; Middle Atlantic
136, against 111; New England 140, against 27, and Pacific 156,
against
143. Values for the United States as a whole have gone down 50
points,
from 169 in 1920 to 119 for 1927.
Taxes on Agriculture Greater in Past Three Years in
Proportion to Net Profits.
Taxes imposed on agriculture in the United States during
the past three years have been on the average nearly three
times greater in proportion to agricultural net profits than
in the last three pre-war years, according to a study made
by the National Industrial Conference Board, 247 Park
Avenue, New York. Making known on June 13 the results
of its study, the Board stated:
1395
is insignificant. Moreover, most farm landlords
are exfarmers. These facts are brought out in a study of
farm
tenancy by the United States Department of Agricultu
re.
The Department adds:
Apparently large numbers of men are still climbing the
ladder from wagedam to tenancy and eventually to farm ownership.
Out of 24.000 farm
landlord correspondents of the Department, more than four-f
ifths had obtained land by purchase. Only a small percentage, less
than one-sixth
had obtained all their land by gift or inheritance.
The average American farm landlord has less than two
tenant farms of
about 100 acres per farm. About four-fifths of the owners of
rented farms
own only one farm. Significant of the fact that tentants
frequently become
owners is a table showing the ages offarm tenants. They are
mostly young
men. Apparently about three-fourths of our farmers under
25 years of
age are tenants,'whereas only one-fourth of the farmers of 65
years and over
are tenants. An investigation among tenant farmers showed
that almost
one-half of them had previously worked for wages. Tenants
become interested in buying land after a few years' experience as commonly
tenants.
Nevertheless, men slip down the ladder in considerable numbers.
About
one-ninth of our farm tenants once farmed places of their own.
Net change in tenancy was rather small for the country as a
whole from
1920 to 1925. There were only 7,724 more tenant-operated farms
In 1925
than in 1920, although in the same period the number of owner
-operated
farms declined 56,756. This, of course. is one measure of the
decline in the
number of farms, resulting from abandonment or from the consolidati
on of
farms into larger units.
Tenants decreased in number in California. Georgia, South Carolina,
Alabama and in(nearly all parts of the section east of the Mississippi
and
north of the Ohio and Potomac rivers,and increased in many parts of
Texas,
Oklahoma. Kansas, Louisiana and Missouri. Decreases in the percentage
of tenancy from 1920 to 1925 were most conspicuous in New England
and in
the Pacific Coast States.
New
Crop Dominate Wheat Position According
to Stanford University.
After a period of stability throughout the winter, wheat
prices rose sharply in May as the seeding of spring wheat was
delayed in North America, according to a publication just
issued by the Food Research Institute of Stanford University.
World exports were of exceptional size in April and May,in
continuation of the heavy shipments during the winter
months. The rise in prices in May and heavy arrivals of
wheat in Europe curtailed importers' purchases, and the
volume of trade declined sharply. Prices declined erratically
from the peak of late May, as importers'purchases were
restricted and North American and European crops showed
favorable progress. The lateness of both Canadian and
European crops, and the presence of rust and fear of frost in
the Nortli:American spring-wheat belt, created more than
the usual uncertainty in the minds of traders during June.
July and August. The publication goes on to say:
During 1912, 1913 and 1914 taxes absorbed an average
of 11.2% of the
total net farm profits; in the crop years 1923-24,
1924-26 and 1925-26
taxes collected from farms averaged 33.1% of the
A Normal Wheat Year in Prospect.
net farm profits.
How acute a crisis American agriculture has passed
through in recent
Present indications point to smaller import requirements and smaller
years is reflected in the fact that in 1920-21
taxes collected from the export surpluses in 1927-28
than in 1926-27. Western Europe and North
farms amounted to nearly six times the total net
profits, from all farms. America apparently have somewhat
larger crops than last year, though harIn 1921-22 there was considerable improvement
in the agricultural situa- vest is not yet complete. India
and North Africa have crops only slightly
tion generally, but taxes still absorbed 77.7% of net
profits. Since then larger; and in Russia and the Danube basin production
is smaller. Outward
the burden has grown lighter from year to year until
in 1925-26 only carryovers were larger than last year's in both importing and
exporting
30.4% of the total agricultural net profits had to be paid
out in taxes.
countries, but were of exceptional size only in Canada, Argentina. and
The easing of the tax burden on the farmer since 1921, however,
has Australia. If the Canadian crop fulfills its present promise and only!an
come about to only a slight extent as the result of
tax relief, and that only average crop is harvested during the winter in the Southern Hemisphere,
in some of the States. It has primarily been the
result of better prices the crop year 1926-27 promises to be a normal wheat year. The internafor agricultural products which netted bigger
profits. The amount of tional position will probably not be so easy as in 1923-24. nor so tight
as in
taxes levied on agriculture had been steadily
rising since before the war, 1924-25 and 1925-26. But the margin of exportable surpluses over imamounting to $890,000,000 in 1925-26 as against
$315,000,000 in 1913. porters' requirements promises to be about as large as was the case last
Agricultural net profits, on the other hand, which
reached their peak in year, and other things being equal, another year of stable prices is In pros1919, when they amounted to $8,857,000,000,
dropped to almost one-third pect. A crop failure or another exceptionally large crop in the Southern
of that, or to $3,013,000,000, within one year
and almost vanished alto- Hemisphere would alter the outlook substantil lly.
gether in 1920-21, when the aggregate net profits
of agriculture amounted
The United States, with a total crop larger than that of last year (though
to only $138,000,000. They have been steadily
recovering since and dur- last year's crops appear to have been officially underestimated in
the
ing the last crop year had risen to $2,930,000,000,
about the same amount United States and Canada, while they were overestimated in Europe) will
as in 1913. But while taxes on agriculture in
that year totaled only remain on an export basis. Much more of durum, Pacific white, and the
$316,000,000, the tax bill that had to be paid
out of the 1925-26 crop lower grades of hard red spring, will be available for export this year than
was $890,000,000.
last. There will be less of hard red winter; and the crop of soft red winter
An at least temporary check to the rising trend of
farm taxation is in- is apparently so short that this class of wheat may command a premium.
dicated by the fact that the total amount of taxes
collected from agricul- The higher grades of Canadian wheat are unlikely to sell at the premiums
ture has hovered at about the same level for the last
three years and has prevailing in 1926-27.
even slightly declined from $892,000,000 in 1923-24 to
$890,000,000 in
1925-26. The real tax problem in regard to agriculture,
The publication referred to is "Survey of the Wheat
however, the Conference Board study points out, lies in the fact that the
farmer's income Situation, April to July, 1927," published as No. 10, Volume
fluctuates greatly from year to year, while the tax bill
remains on the III, of WHEAT STUDIES of the Food Research
Institute,
same level whether the agricultural income for the year is large
or small.
Stanford University, California, September 1927.
Thus tax payments which were hardly felt in 1919 constituted
a crushing
burden in 1922.
Farmers also directly have benefited little from the tax
reduction made
by the Federal Government, since as a class they pay but little in
the way Wheat Exports from India Unlikely to Increase
of Federal taxes. The individual earnings of most of than are insufficient
Exports of wheat from India are potentially important
to yield a taxable margin under the income tax laws. Practically
all their
tax bills are property taxes collected by the State and local Governments
, because they come on the international market in the early
which with few emeptions, have been continuously increasing their
levies. summer months, when stocks are usually depleted
in other
exporting countries. Since the war annual exports have
exFarm Tenancy Increasing Slowly—Little Absentee
ceeded 40,000,000 bushels only in 1924-25, and the
average
Farm Ownership.
net export has been only 13,000,000 bushels.
Hence the
Tenant farmers in 1925 comprised 38.6% of all the farm Indian contribution to the world's wheat
market is in most
operators in the United States. Yet there is very little years relatively unimportant, and assumes
major signifiabsentee landlordism. More than nine-tenths of the coun- cance only in years when the Indian crop is
large. Accordtry's rented farms are owned by landlords who live nearby. ing to a publication just published by the Food
Only 5% of the rented farms are owned by landlords who live Institute of Stanford University, California, the Research
prospect Is
out of the State in which the farms are located. The num- that India will remain a minor and erratic
contributor to
ber of farms owned by persons not living in the United States the world wheat trade for many years to come.
1396
THE CHRONICLE
[Vol,. 125.
Nevertheless, India is one of the world's largest producers American traders, in sympathy with American farmers, are
of wheat, ranking with Canada below the United States prone to adopt a bullish attitude. The publication dealing
and Russia. Good crops in India range from 360,000,000 with the subject is entitled "Reactions in Exporting and
to 380,000,000 bushels, mediocre crops from 310,000,000 to Importing Countries to Changes in Wheat Prices," published
330,000,000 and poor crops below 280,000,000. But domestic as No. 9, Volume III, of "Wheat Studies" of the Food Rerequirements, in spite of a low per capita consumption, are search Institute, Stanford University, California, August
now about 320,000,000 bushels a year. On account of her 1927.
relatively high domestic requirements, India as an exporting country differs from Argentina and Australia, where Less Demand in China Expected for American Wheat.
A probable reduction in the demand for American wheat
production is also large but domestic requirements are so
small that on the average two-thirds of their crops are ex- and wheat flour in North China proper and Manchuria
ported. India is distinctive for small and highly variable during the coming season is indicated by an analysis of
cabled and written reports received by the United States
exportation.
There are good reasons for expecting an upward trend in Department of Agriculture from Agricultural Commissioner
wheat production in India, the Institute says. Agricultural Nyhus, who is making a study of the wheat situation in
operations are now of a primitive sort, and the introduction China. Factors pointing to this conclusion, according to
both of new varieties of wheat and of improved agricul- Department economists, are: A very good wheat crop in
tural implements may be expected gradually and moderately North Manchuria, which promises to take care of a large
to increase yield per acre from an average of 11 or 12 to part of the South Manchurian flour requirements; a good
one of 13 or 14 bushels. Increases in acreage are likewise crop of wheat in the region surrounding Shanghai with
probable through the further development of large-scale which American and other foreign wheat competes in the
Irrigation systems under Government auspices. At present Shanghai milling industry; low exchange rates in Shanghai;
over a third of the wheat acreage is irrigated. Expansion and the probability of low prices for Chinese flour in that
to
in acreage is possible only through reclamation, since all market, which will limit the ability of Shanghai millers
is now cultivated. Through import foreign wheat. Flour prices in Shanghai are inland suitable for cultivation
southern Manthese means it is conceivable that in 25 to 50 years India fluenced largely by the demand situation in
to be weak in
will produce crops of nearer 450,000,000 and 350,000,000 churia, and the demand this year is likely
of India is in- view of the good wheat crop of northern Manchuria. The
bushels of wheat a year. The population
creasing, and per capita consumption of wheat, now less Department's advices Sept. 6 also state:
since the high
Wheat acreage In Manchuria has been greatly decreased
than a bushel per head, has been increasing for many years peak reached in 1920. Soy beans have taken the place of wheat as a
and may be expected to increase further. On the whole, cash crop and as a result fully one-half the flour mills are idle. The crop
region
for milling purposes is at present largely confined to the Harbin
consumption seems likely to keep pace with production.
the flour consumption of
of the Indian and in recent years has been sufficient only foryield of wheat in North
The Food Research Institute's study treats
North Manchuria. This year, however, the
land and climate, irrigation, the agricultural population, Manchuria has been unusually good and production promises to take
requirements. Dairen is the
and methods of wheat culture, as well as of wheat consump- care of a large part of South Manchurian
flour,
leading port for imports of American. Shanghai and other foreign
tion, marketing, exports, imports and prices, from both the. but the prospects of a food wheat crop in the north have weakened the
and
contemporary and the historical points of view. The dis- market there. Wheat yields are average in North China proper of
offset the smaller requirements
cussion is supported by extensive compilations of statistical large army purchases may partially staple crops of sorghum, soy beans
South Manchuria. The Manchurian
data, covering the production and trade in Indian wheat and millet are in excellent condition. An unusually big crop of soy beans
factor in the world wheat Is in prospect.
since the country first became a
flour
A study of the Shanghai milling industry showed that wheat
trade in the 'seventies, after the opening of the Suez Canal.
of millets and other substitutes
Europeans Fear High Wheat Prices, According to
Review Issued by Stanford University, California.
According to a publication issued by the Food Research
Institute of Stanford University, California, the public attitude towards changes in wheat prices is very different in
wheat exporting and in wheat importing countries. It is
pointed out that low prices, such as prevailed in the three
crop years 1921-24, contributed to the difficulties of American wheat growers and enlisted the sympathy of American
manufacturers and statesmen. But in Europe low prices
- were advantageous as aiding the process of reconstruction
in the balancing of State budgets and restraining adverse
balances of merchandise trade; and the plight of European
wheat growers was a minor problem. With the crop of 1924
Wheat prices rose sharply and thereafter remained at a
higher level. Relative prosperity replaced relative unprosperity in exporting countries, but in Europe the higher level
is regarded as little less than a calamity. The publication
observes that the difference in attitude springs not only
from the large import bill created by necessary wheat imports to Europe, but also from the different significance of
bread to the populace. In the United States average income
per family is relatively large, expenditure for and consumption of bread relatively small; and bread prices do not fluctuate closely with wheat and flour prices. In Europe family income is small, bread plays an important part in the
diet, and expenditure per family for bread is large; and
since European bread consists far more largely of flour than
American, bread prices fluctuate closely with the prices of
wheat and flour. High bread prices in Europe mean general
curtailment of other family expenditures or recourse to distasteful food substitutes, but in the United States they are
scarcely noticed by consumers.
Fluctuations in the price of wheat thus give rise to more
crucial social problems in Europe than in the United States.
Current investigation and regulation of bread prices in
European countries, and the hostile attitude of Europeans
towards co-operative wheat producers' organizations in exporting countries, are readily explicable in view of the importance of bread to the working classes. Wheat traders of
Europe, unconsciously in sympathy with European consumers, are prone to adopt a bearish attitude towards prices.
prices there are affected by the supplies
three
and often do not follow the world price of wheat. During the past
Shanghai
years there has been an upper limit to flour prices of abut 2.50
$1.82
tads a sack of 49 pounds for "straight" flour (equivalent to $1.55 to
prevailing
a sack, United States prices, according to the rate of exchange
justified a higher
at the time) even when world wheat prices would have
flour price. Shanghai millers have little difficulty in buying Chinese
wheat at prices justified by flour prices as long as local wheat is available,
but the relation of the price that can be charged for flour as compared
with world wheat prices limits the amount of foreign wheat and flour
imported.
Chicago Board of Trade Adopts Plan to Carry Out
Provisions of Grain Warehousing Law.
The directors of the Chicago Board of Trade on Aug. 30
adopted the plan of the special committee headed by Edward
P. McKenna for carrying out the provisions of a new grain
warehousing law enacted by the last session of the Illinois
will
Legislature. Under the new plan elevator operators
grain specified in the
guarantee to deliver the grades of
of
receipts. In event the grain in store shows an indication
owner will be so notified by the
going out of condition, the
grade
elevator operator and offered the market price for the
the receipt. Officers of the Exchange declare
indicated by
by owners of
that the plan will put an end to severe losses
condition.
by reason of the grain going out of
stored grain
to the posting of grain. All
It should also bring an end
after several weeks
interests concerned agreed upon the plan
phases involved. It is stated that
of study of the various
State elevator law
the new law replaced the antiquated
the Exchange was compelled to function over
under which
of Trade will now proa long preiod of years. The Board
corporation to
'with the organization of the warehouse
ceed
storage of grain for delivery on future
control the regular
contracts.
Transactions in Grain Futures During August on
Chicago Board of Trade and Other Markets.
Revised figures showing the volume of trading in grain
by
futures on the Board of Trade of the City of Chicago,
todays, during the month of August, together with monthly
the Grain
tals for all "contract markets," as reported by
Administration of the United States Department
Futures
Fitz, Grain
of Agriculture, were made public Sept. 7 by L. A.
Exchange Supervisor at Chicago. The total transactions at
bushall markets during August are shown as 2,098,753,000
SEPT. 10 1927.]
THE CHRONICLE
els, as compared with 1,874,254,000 bushels in August 1926.
On the Chicago Board of Trade the transactions in August
1927 totaled 1,817,508,000 bushels, against 1,567,524,000
bushels in 1926. Below we give the details for August, the
figures listed representing sales only, there being an equal
volume of purchases:
1397
1927.
1926.
Total number of pounds reported sold to date
58,766.600
*40,258,914
Average price per pound, as reported, to date
19.08c.
23.58e.
Total value, as reported, to date
311,212.045.50 $9,492,370.41
fFourth week's report(revised)
-pounds sold
16,200,529
tFourth week's report (revised)
-average price per pound
18.550.
Total value
83,005.027.18
SUMMARY OF WAREHOUSE SALES FOR WEEK ENDING SEPT. 2 1927
VOLUME OF TRADING.
(FIFTH WEEK). WITH COMPARISONS FOR FIFTH WEEK OF 1926.
Expressed in Thousand Bushels, 1.6.. (000) Omitted.
Wheat. Corn. Oats.
August 1027.
Rye. Barley. Flax. Total.
Pounds
Average
Average
Pounds
33,082 20.831 2,149 2,370
1
'58,432
Markets.
Sold
Price
Price
Sold
25,021 11.982 2,104 1.066
2
40,173
No. First-Hand Per Lb. First-Hand Per Lb.
19,110 10,911 2,050
3
936
33,007
Houses
1927.
1927.
1926.
1926.
21,845 18,361
4
3,179
928
44,313
19,951 28.960 8.249
5
771
57,931 Adel
2
152,114
11.96
11,020 31,720 5,311
6
598
48,649 Bainbridge_a
1
21.20
32,460
7 Sunday
Baxley
2
92,182
9.02
69.444 56,082 12,416 1,796
8
130.738 Blackshear
4
461,084
49,332
12.35
13.31
36,879 28,520 7.201 1,379
9
73,979 Cairo
1
63,488
9.48
46,402 34,878 10,618 1,801
10
93,699 Camilla_ a
2
51,907 45.774 9,522 1,624
11
108,827
zlas _ a
1,261,237
4
273,422
12.77
16.48
36,068 26,561 5,312 1,554
12
69,495 Fitzgerald
108,001
2
10.70
11.10
2,550
13
24,079 12,686 5,044
859
42,668 Hahne
167,856
3
13.88
14 Sunday
Hazlehurst
2
55,746
20.45
143,778
20.95
39,203 17,990 4,800 2,061
15
64,054 Metter
450,300
2
76.658
11.54
10.59
39,085 24,450 3,504 1,184
16
68,223 Moultrie
325,134
1
34,286
12.03
16.19
39,931 30.162 4,471 2,056
17
76.620 Nashville
1,043,234
3
14.31
28,953 22,413 2,883 1,341
18
55,590 Pelham
131,266
1
11.77
47,010 20.252 4,935 1,363
19
73,560 Quitman
194,234
1
11.21
20
26,471 9,298 2,893 1,146
39,808 Thomasville
194.098
1
30,728
12.06
16.89
21 Sunday
Tifton
1,008,912
153,792
12.80
3
15.43
22
26,766 17,548 2.584 2,353
49,251 Valdosta
a
65,432
14.18
900,000
14.85
23
20,186 11,836 3,299 1,306
36,627 Vidalia
709,742
10.36
3
236,510
18.06
24
49,958 22,221 4,065 2,124
78,368 Waycross
107,828
2
10.81
25
36,836 27.139 3,961
2,109
70,045
26
28,176 17,694 3,067 2,164
51.101
State totals
7.514.488
43
*1.010.916
12.75
16.37
27
21,098 14,721 3,129 1,709
41,257
28 Sunday
•Only 21 warehouses (12 markets) operated during fifth week, season 1926
-al
29
131,181
72.548 46.263 9,295 3,075 ---46,711 28,700 5,160 3,774 ____
30
84,345 warehouses closed by Aug. 31 1926.
39,895 33,911 10,280 2,481
31
86,567
t Revision necessary as seven of the warehouses failed to send in their report in
time to be included in our consolidated report. Aug. 29 1927.
Total Chicago Bd.of Tr_ 958,235 671,864 141,481 45.928
1,817,508
Chicago Open Bd.of Tr. 27,989 13,101
1,638
a No report received from Bainbridge Tobacco Warehouse, Bainbridge, Camilla
42,750
22___
66,473
Minneapolis C. of C_ _
22,373 7,238 5:387 2
,160 103.631 Tobacco Warehouse, Camilla, Planters Warehouse, Camilla, Red Warehouse:
5
Kansas City Bd. of Tr- 57,686 22,200
79,891
Douglas, Ga.
Duluth Board of Trade.. *14,834
29,500
12,167
94 2,405
Twenty-nine warehouses reported closed with this week's report.
St. Louis Mereb.Exeh__ "5,787 2,633
8.420
Milwaukee C. of C
2085,
2,512 1.071
340
6.008
The above is compiled by Marcus P. McWhorter, CollaNew York Prod. Exch.- 10,085
085
10,
906
906
Seattle Merch.Exch....
Los Angeles Or.Exeh_
54 borator, United States Statistician, Georgia Departmentof
San Francisco C. of C_
_o Agriculture. The report for the fourth week will befound
Baltimore C. of C
0
Total all mkts. Aug.'27_1,144,080 712.310 166,568 65.695 5,535 4,585 2,098.753
Total all mkta. Aug.'26_1,225,472 438,758 148,764 51,900 4,432 4,928 1,874.254
Total Chicago Bd.of Tr
1,014,634 408,231 110,388 34,271 --------1,567,524
year ago
• Durum wheat with exception of 45 wheat. • Wheat with the exception of
•
466 Red wheat.
"OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF TRADE
FOR AUGUST 1927.
("Short"side ofcontracts only,there being an equal volume open on the"long"side.)
August, 1927.
Corn.
Wheat.
bush_ 75,986,000 79,945,000 26,605,000 10,233,000 192,769,000
.
77,120,000 80,845,000 26,797,000 10,226.000 194,988,000
2
78,212,000 80,849,000 26,950,000 10,206.000 196.217,000
3
4
79,367,000 82,376,000 27,206,000 10,343.000 199,292,000
5
79,426.000 83,162.000 27,427,000 10,257,000 200,272,000
6
79,095,000 84.192,000 27,846,000 10,386,000 201,519,000
7 Sunday
8
79,051,000 83,161,000 28,195,000 10,612,000 201,019,000
9
81,650,000 83,836,000 28.778,000 10,910,000 205,174,000
81,702,000 83,315,000 28,718,000 11,026,000 204,761,000
10
11
82,587,000 82,942,000 28,958,000 11.207,000 205,694.000
82,730,000 82,504.000 29,645,000 11,209,000 206,088,000
12
13
82,287,000 83,248,000 29,793,000 11.291.000 206.619,000
14 Sunday
84.871.000 83,003,000 30,022.000 11,586,000 209.482,000
15
85,889,000 83,960,000 30,637,000 11,545.000 212.031,000
16
87,161,000 81,682,000 31,024,000 11.283,000 211.330,000
17
87,248,000 82,388,000 31,677,000 11,418,000 212,731.000
18
87,107,000 82,700.000 31,618.000 11,764,000 213,189,000
19
20
85,653,000 82.400,000 31,900,000 11,752,000 211,711,000
21 Sunday
22
86,841,000 83,162.000 32,121,000 11,704,000 213,828.000
23
86.704,000 83.391,000 32,775.000 11,547,000 214,417,000
24
85,859,000 82,408,000 83,545,000 11,827,000 213,639,000
25
84,569,000 82,556,000 33,257,000 11,831,000 212,213,000
26
86,124,000 80,925,000 33.759,000 11,742,000 212,550.000
27
86.247,000 80,893.000 34,526,000 11,723,000 213,389,000
28 Sunday
85.428,000 82,225,000 35,058,000 11,672,000 214.383.000
29
80,259,000 81,122,000 35,151,000 11,153,000 207.685,000
30
78,686,000 79,516,000 35.470,000 10,958.000 204,628.000
31
Average
82,883,000 82,329,000 30,721,000 11.183,000 207.096,000
August, 1927
99,118,000 53,654,000 42.730,000 13,014,000 208,516.000
August. 1926
79,704,000 78.319.000 a27,803.000 10,544.000 196.370,000
July, 1927
74,075,000 76,816,000 32,549,000 10.145.000 193.585,000
June, 1927
a68,957,000 69,326,000 32,798,000 a8.507,000a179,588,000
May, 1927
80,193,000 80,416,000 43,551,000
April, 1927
585,000 217.745.000
.
86.896.000 884,959,000 48,398.000 15,099,000 235,350.000
March.1927
February, 1927___ 87,976,000 77,933,000 49,714.000 815,683,000 231,306,000
90,024.000 68.526,000 48.960.000 13,468,000 220,978,000
1927
January,
December, 1926_._ 94,547,000 60,192.000 46,278,000 13,099,000 214,116,000
November, 1926..8108,933,000 63,758,000 850,015,000 15,144,0008237.850,000
100,156,000 54,427,000 49,162,000 13,823,000 217,568,000
October, 1926
September, 1926-102,235,000 646,780,000 46,899,000 12,814,000 208,728,000
a Low.
h High.
Details of Tobacco Sales in Georgia During Fifth Week
of 1927 Season.
A total of 58,766,600 pounds of tobacco were sold in
Georgia in the five weeks of the 1927 season, the total value
of the weed disposed of being $11,212,045. The following is
the fifth weekly report of the 1927 season issued by the
Georgia Co-Operative Crop Reporting Service of the United
States Bureau of Agricultural Economics, State Department
of Agriculture, Atlanta:
in our issue of September 3, page 1256.
Corner in Burlaps Results in Advance in Calcutta
Market-Prices Move Up 16d. to 18d., Greatest
Uplift Reported Since War Time Activities-Native
Speculators Control Situation.
According to the New York "Journal of Commerce" of
Sept. 2,one of the most violent price advances since the war
years was reported in the Calcutta burlap market on Sept. 1
when 40-inch 8
-ounce goods rose as much as 18d. and 103.4ounce were pegged up 12d. On Aug. 31 spot 40-inch 734ounce was reported at 7.75c., 40-inch 8
-ounce at 8.05c.,
40-inch 10-ounce at 10c. and 103. -ounce at 10.05c., whereas
during the day the local trade held these respectively for
8.100., 8.35c., 10.30c. and 10.50c. a yard. The article
goes on to say:
The occasion for the advance is the renewal of a corner on September
shipments from Calcutta, the squeeze having started in August. Four
native Indian speculators and one, some say two, shippers are involved in
the corner. Starting with the past Monday the Calcutta bazaar began
quoting lower, and this influenced local traders to assume a break had come
in the tense primary situation. Where many disdained taking advantage
of the cheap burlap offerings which came out on an increasing scale before
yesterday they unsuccessfully canvassed the market yesterday without
the least success.
Mills Well Sold Up.
Factors in the trade say that those who were compelled to pay the clique
controlling the bazaar situation steady advances are now trying to take
advantage by getting a profit on their recent purchases. They have
a
well sold up mill condition to help them in their speculative endeavors.
Calcutta mills are so closely sold ahead that burlap stocks fail to accumulate
and a relatively small capital is all that is necessary to keel
,
control.
A large number of very wealthy speculators and shippers have been
unable or unwilling to enter the speculative movement, having failed;to
enter during the early days of the firming situation. They now deem it
would be both too late and too risky to get in with those who already have
large early profits on which they can suffer reverses in the future should
prices have a relapse. Various smaller operators in the Indian market have
had no such misgivings and are now accentuating the strong price trend
Yesterday was the first time after due or settlement day on August contracts that the secondary bun operators began their work to push for
new
high price levels.
This Market Out of It.
During the past six weeks or more this market has been a weak
supporter
of the speculative price movement. American bag manufacturers have
not
been encouraged by bag consumers to cover in more than an
indifferent
way on futures. Agricultural interests are poorly covered and are at
present
refusing to cover at these or recent burlap prices.
To encourage them to place business various bag firms have
attempted to
make it interesting for buyers to cover through passing on to
buyers most
of the advantage accruing from burlap stocks bought on a
considerably
lower market. This accounts for bag quotations varying as much
as $13 a
1.000, something unheard of since the hectic days of the war.
Instead of
encouraging the placing of commitments it has discouraged many
whose
business sellers were after.
OFFICIAL TOBACCO WAREHOUSE REPORT (AS REQUIRED BY LAW)
Bag Mills in Fair Position.
-EUGENE
TO GEORGIA DEPARTMENT OF AGRICULTURE
They have persistently lost their market and are now
TALMADGE, COMMISSIONER.
accentUating
their hesitancy to cover. Bag mills that could not
interest consumers to
7.514,488 help them keep their machinery running have
Pounds of tobacco reported sold fifth week, 1927 season
automatically gotten them
Average price per pound, as reported, fifth week's sales
12.75c. selves in a better position because the burlap they could
not dispose of ha
$957,738.47 come to have augmented value. In this way they
Total value, as reported, fifth week's sales
have continued to quote
1398
THE CHRONICLE
(Vol,. 125.
RAW SILK IN STORAGE SEPT. 1 1927.
higher each time, still quoting far below replacement coat, in a sense giving
As reported by the principal warehouses. Figures in bales.
the labor of manufacturing away free to customers and part of the value of
the cloth used.
EuroAll
Other bag companies have been unable or unwilling to pass on such
pears. Japan. Other. Total
advantages to bag users. Some of them have persistently preferred to keel)
their equipment idle rather than quote too low. All of them are offering Stocks Aug. 1 1927
744 38,586 4,511 43,841
bags for less than replacement cost since they are not adding a profit on the Imports month of August 1927*
185 52,711 6,923 59.819
prices quoted. The situation is a painful one for those in the industry
Total amount available during August
929 91,297 11,434 103,660
though it is not appreciated by those who are not following current abnormal Stocks Sept. 1 1927_a
805 51,015 4,798 56,618
conditions.
Approximate deliveries to American mills during
Local Markets Different.
August_b
124 40,282 6.366 47.042
In the local burlap market trading has followed a different course because
SUMMARY.
everyone is at sea concerning developments. No one cares to take a chance,
since it has happened before that speculative bubbles have burst overnight.
imports During the Month.*
Two years ago one of the largest Calcutta shippers tried to corner the
Storage at End of Month.a
market and succeeded for a time only to find himself in bankruptcy after
1927.
1926.
1925.
1927.
1926.
1925.
the market had crashed over his head.
Trade in this country has not been profitable enough for factors to feel January
48,45643,650
37,084
52,627
47.326
58,732
EN al - February
,
33,991 '
38,568
39,046
they can afford to risk capital at so precarious a time as the present
43,758
43,418
60,249
38,600
31.930
31,571
33.116
35.948
46,663
one is standing by watching what may happen. Then are burlap and bag March
46,486
31,450
32,648
31,749
30,122
39,271
users who request advice about what to do at this time but no one feels he April
49,264
35,120
May
41,512
35,527
31,143
42,517
42,809
can afford to risk an opinion, much less advise customers to buy or not to. June
35,612
41,074
37,024
29,111
44,016
47,856
37,842
35,595
43.841
27,528
35,598
They are satisfied to keep customers informed about the price movement or July
59,819
August
46,421
40,466
56.618
28,006
32,017
tell them of reports and gossip, and will not go beyond this point. . . . September
50,415
52,375
____
34,459
42,708
October
48,403
43,530
___
35,094
39.423
Sugar Bags Steady.
November
59,670
49,238
___
47,130
46,813
One of the more stabilized jute cloth products has been Cuban sugar bags, December
45,119
45.495
___
52,478
49.824
which were held yesterday for 263ic. for 48x29 inches. On the island they
Total
have already covered to about two-thirds of their 1927-28 requirements. Average monthly_ 367,281 504,200 489,634
45.010
42,017
40,803
41,783
36,814
44:819
This involves purchases of between 20,000.000 and 22,000,000 bags to care
for a crop of somewhat under 4,000,000 tons. Mueh of this supply is being
Approximate Amount in Transit
approrimaie Deliveries
held for the account of those who supply central when they get ready to
between Japan and New York
to American Mills b
-End of Month.
provide for their needs. The advance from the low point Is about 25%
greater advantage than do burlaps.
and shows the buyer a
1928.
1925.
1927.
1927.
1926.
1925.
A week or more ago South America was covering on heavyweight burlap
In the Dundee market, where lower than Calcutta prices obtained. Since January
48,307
46,148
39,885
17,700
14.800
18,900
37,529
42.860
42,476
19,000
14.400
12,400
that time the price differential has swung the other way and Calcutta is February
39,400
March
49,242
45.157
21.700
18.400
12.705
cheaper than Dundee which has begun to be well taken care of on the score April
47.853
37,276
40.040
25,000
18,700
16,969
of these standard goods. It has not stopped the Argentine from continuing May
45,486
22.900
34,099
38.266
18.000
19,100
41,312
37,644
26,600
to purchase in that market to forestall too much of a speculative price June
39,575
18.300
15.000
41.039
29.000
July
39,425
4.4,013
23,000
19,500
pressure in the Indian market.
August
47,042
45,943
44.047
28,400
24,000
27,600
South America a Factor.
September
43,962
41,684
23,900
19,162
October
46.815
32,400
47,768
27,800
It has been the much larger purchases by South America which has November
47,634
41,848
19.700
23,500
changed the situation from one heretofore in control of United States December
39.771
42,484
26,500
29,100
buyers.
Total
363,141 501,548 501,343
The southern continent is continuing to cover to the end of the year. The
Average monthly_ 45,393
41,798
41.779
23,788
21:66i 20,145
price swing is much in favor of operating in Calcutta though it is con
* Imports at New York during current month and at Pac flc ports previous to
tinually on the rise. Early in the week where this country failed to take
the time allowed in transit across the Continent (covered by manifests 32 to 154
advantage of cheap Dundee offerings they were disposed of on the River inclusive). b Includes re-exports. a Includes 4,078 bales held at ra Iroad terPlate.
minals at end of month (part of manifests 149 and 154).
Note.
-Manliest No. 148 void.
A change has also developed in manufacturing conditions, Dundee having
Oaken the place of Germany as an export market for standard jute goods.
The Central European country has found its entire product is needed on
Crude Oil and Gasoline Prices Remain Substantially
the Continent, largely at home and in Russia, and refuses to quote when
the Same.
American buyers cable or write for information. The answer usually comes
back that mills are sold up to the close of the year.
No changes in the price of crude oil throughout the coun-
Price Advances At Opening By Pacific Mills of Spring
Line of Women's Wear.
Price advances of from 23 to 5 cents per yard were announced on Sept. 5 on the line of women's wear fabrics for
next Spring opened on Sept. 6 by the Pacific Mills, of which
Lawrence & Co. are selling agents. The New York "Times"
of Sept. 6 in reporting this said:
try have been reported during the week just closed. In
gasoline markets, prices also remained unchanged with few
exceptions. Following the 2c. per gallon reduction announced last week (see page 1256) by the Gulf Oil Corporation in Richmond, Va., the Standard Oil Co. of New
Jersey on Sept. 3 made a similar price reduction in the same
city. This makes the filling station price 21%c. per gallon,
including a 4%c. State road tax. No reduction has been
made outside the city of Richmond.
On Sept. 9 at Springfield, Ill., gasoline was selling at 12c.
a gallon, exclusive of tax. Rate cutting reductions have
been caused by independents trying to undersell other deal.
ers.
On a few numbers, company officials said, prices will be reduced owing
to accumulation of stocks. When these are sold, however, an advance in
their price will be made.
The offerings of the company include new developments in cotton warp
fancies, spun silk warp cloths, fabrics of the kasha family, crepes, flannels
and cashmere dress cloths. All of the old cotton warp fancies have been
withdrawn. The line of staples, for which the company has long been
recognized,is extensive.
Crude Oil Output Shows Small Increase.
The large collection of cotton warp fabrics Is priced at 483i to 573i cents
The American Petroleum Institute estimates that the
for narrow goods and 80 to 92M cents for the wide variety. Manipulated
cents. Plaids, Jacquard effects, fine hercloths range from 42M to'44%
daily average gross crude oil production in the United States
ringbone and parquet designs are included among the designs of the cottonfor the week ended Sept. 3 was 2,512,250 barrels, as comWarp goods.
-inches wide, are quoted from pared with 2,506,900 barrels for the preceding week, an inThree all-wool cashmere fabrics, 35 and 39
77;i cents to 31.15, while a silk-warp cashmere, 39 inches wide, is priced crease of 5,350 barrels. This
figure, however, is still 6,150
finished goods are offered in widths of 35, 39 and
at $1.523 . Albatross
54 inches. Printed worsted crepes include overplaids, checks and sports barrels per day under the output during the week of Aug.20.
effects in three colors. These goods are priced at 87;i cents. A range of The daily average production east of California was 1,881,rayon and worsted homespuns is offered at 77M cents.
550 barrels, as compared with 1,879,000 barrels, an increase
Flannels are much emphasized in the line. Printed blazer, chevron and
block effects are outstanding. A new departure for the company is the of 2,550 barrels. The following are estimates of daily averoffering of a worsted warp and wool filled coating, which is priced at $1.62%. age gross production by districts for the weeks shown in the
Kasalaine is the name given to the cashmere dress cloths, while one with
a spun-silk warp is called Kaswalaine and is quoted at $1.52%. The table:
DAILY AVERAGE PRODUCTION.
same idea has been worked out in a cloth with rayon warp called Baswa(In Barrels.)
Sept. 3 '27. Aug. 27 '27. Aug. 20'27. Sept. 4 '26.
laine. It is priced at the same figure. Camel's hair cashmere coatings Oklahoma
809,950
798,250
817,050
467,100
are offered at $1.6234. Rayon and worsted Ottomans, in twenty-two Kansas
104,700
105,000
112,950
104,800
Panhandle Texas
98,450
102,200
colors and 54-inches wide are priced at $1.623 •
99,850
116,050
North Texas
84,200
85,050
81,250
86,050
Five sheen worsteds are priced from $1.27A to $2.22Y4. Three twills West Central Texas... _
52,950
.
67.300
called Poralaines are quoted at $1.773 to $1.9734 and two needle-twills West Texas
189:600
174,200
41,250
163,100
East Central Texas
at $2.323i to $2.52%. Five twill cords range from $1.82% to $2.62A.
31,150
31,800
66,800
32,050
Southwest Texas
29,850
30,300
46.700
31,800
North Louisiana
54,000
54,850
56.800
56,550
Arkansas
102,150
156,950
102,950
104,550
Raw Silk Imports, Stocks,
August Figures of
Coastal Texas
127,650
185.050
123.100
123,950
Coastal Louisiana
12,450
16,950
14,350
14,700
Deliveries, &c.
Eastern
109,500
113,500
115,500
115.000
Wyoming
68.350
49,850
51,850
54,050
August amounted Montana
Imports of raw silk during the month of
27,900
14,850
14,350
16,850
8,500
7,550
to 59,819 bales, as compared with 47,856 bales in July, Colorado
7.150
6,850
New Mexico
4.750
2,400
2,300
2,700
and an increase in consumption was also witnessed during California
601,000
630,700
627,900
621,600
the month, deliveres to American mills in August having
been 47,042 bales, against 41,039 bales in July. Stocks
Sept. 1 at 56,618 bales compare with 43,841 bales Aug. 1.
The following are the statistics made public Sept. 7 by
the Silk Association of America:
Total
2,196,300
2,512,250
2,518,400
2,506,900
The estimated daily average gross production of the Mid-Continent field,
including Oklahoma, Kansas, l'anhandle, North, West Central, West
Texas, East Central and Southwest Texas, North Louisiana and Arkansas.
for the week ended Sept. 3 was 1,550,000 barrels, as compared with 1,550.600 barrels for the preceding week, a decrease of 600 barrels. The Mid-
SEPT. 10 1927.]
THE CHRONICLE
1399
Continent production excluding Smackover. Arkansas, heavy oil, was
It is not intended to name an umpire, as in Seminole, but plan will be
1,470,500 barrels, as compared with 1,470,600 barrels, a decrease of 100 conducted under a committee consisting of W. A.
Moncrief of Marland Oil
barrels.
Co., Warner Clark of California Co. (Standard Oil of California), and
The production figures of certain pools in the various districts for the M. E. Wagner of Mid-Kansas Oil & Gas (Ohio
Oil Co.).
current week compared with the previous week follow (figures in barrels of
42 gallons):
Production of Natural-Gas Gasoline in July 1927.
OklahomaSept. 3. Aug. 27.
Noah Louisiana- Sept. 3. Aug. 27.
3,250 Haynesville
North Braman
3,100
7,200
7,200
According to the United States Bureau of Mines, the
2,550
2,350 Urania
South Braman
9.650
9,800
Tonkawa
Arkansas
18,800 19,850
11,300 10,600 Smackover, light
Garber
10,250 10,300 production of natural-gas gasoline again showed a decline
Burbank
37,100
37,900 Smackover, heavy__ 79,500 80,000 in July 1927, when the total amounted to
131,000,000
Bristow Slick
25,150
25,150 Coastal Texas
Cromwell
12,150
12,300 West Columbia
8.700
8,950 gallons, a daily average of 4,230,000 gallons. This repreWewoka
2,450
14,650 16,600 Blue Ridge
2,750
Seminole
7,950
286,450 281,400 Pierce Junction
8,100 sents a decrease in daily average production of 100,000
Earlsboro
14,000 14.850 gallons from the previous month, and is
164,900 154,900 Hull
210,000 gallons
Panhandle Texas
59,800 53,000
SpIndletoP
Hutchinson County_
77,750 80,350 Orange County
4.850
5,500 below the record established in April 1927. The July 1927
Wyoming
Carson County
9,100
9,550
9,850 10,450 Salt Creek
31,000 33,000 production was 19% higher than that of the previous year,
Gray
Montana
Wheeler
1,650
1.650
West Central Texas
Sunburst
12,500 12,000 however. Stocks of raw natural-gas gasoline on hand at
Brown County
25,050 24,000
California
the plants continued to increase and at the end of the
Shackleford County
40,500 40,500
6,700
6,950 Santa Fe Springs
West Texas
Long Beach
91,000 91,000 month amounted to 41,670,000 gallons, an increase over
Reagan County
25,150
25,150 Huntington Beach_ __ _ 69,000
69,000
Pecos Connti---,
5.860
6,000 Torrance
21,500 21.500 June stocks of nearly 1,000,000 gallons. This increase was
Crane and Upton
Dominguez
15,000 15,500
Counties
123,500 127,550 Rosecrans
8,000
8,000 less than that of the previous month, due to increased blendEast Central Texas
Inglewood
34,000 34,000 ing at refineries. The Bureau also reports:
Corsicana Powell
14,800
14,950 Midway-Sunset
86,000 86,000
PRODUCTION OF NATURAL-GAS GASOLINE.
Nigger Creek
2,500
2,800 Ventura Avenue
53,700 48,400
Southwest Texas
Seal Beach
57,000 59,000
Luling
16,700
16,950
Production.a
Stocks End of Month.
Laredo District
9,900 10,000
District.
June 1927. July 1927. July 1926. June 1927, July 1927.
Oil Restriction Halted By Court-Umpire Collins Restrained by Seminole Land Owner.
The following is from the "Sun" of last night (Sept. 9):
5,800,000 5,400.000 5,200,000 3,883,000 3,047,000
Appalachian
Indiana, Illinois, &c- _ 1,100,000 1,100,000 1,200,000
502,000
501,000
Oklahoma, Kansas, &o. 47,200,000 48,200,000 42,300,000 19,041,00020,010,000
Texas
25,400,000 25,500,000 18,400,000 13,877,000 15,243,000
Louisiana & Arkansas_ 6,800,000 7.000,000 6.500,000 1,702,000 1.004,000
4,260,000 4,100,000 3,600,000
Rocky Mountain
553,000
541,000
The District Court of Seminole county, Oklahoma, hagissued a temporary
injunction against proration of oil produced in that district, according to
90,500,000 91,300,000 77,200,000 39,558,000 40,346.01)0
Total east of Calif
advices to-day from Oklahoma City. This is the first test in the court of the
agreement reached by oil operators in the prolific Seminole field to curtail California
39,400,000 39,700,000 33,200,000 1,209.000 1.324,000
production as a corrective for troubles caused by the excessive output of
Total United States. 129,900,000 131,000,000 110,400,000 40,767,000 41,670,000
crude oil.
The injunction case was up for hearing to-day by the State Supreme Daily average
4,330,000 4,230,000 3,560,000
Court of Oklahoma, sitting in Oklahoma City, according to private advices
a Approximately 97% net production: 3% gross.
from that point. It was said that if the Supreme Court refuses to uphold the
temporary restraining order, the State Corporation Commission will endeavor to induce the oil operators to extend the shutdown agreement for one Copper and Other Non-Ferrous Metals Show Slow
month from October 1, the date on which it will expire.
Buying
-Lead Prices Lowered.
The effect of the injunction proceedings to-day was to lift the lid from
production in the Little River district, where the property immediately
Sales of all of the major non-ferrous metals were in
affected by the order Is located. There are only six producing wells in the only fair volume during the week.
With the exception of
district and only two operating companies, one being the Indian Territory
Illuminating Oil Company, which is affected by the injunction, and the lead, prices held on a steady basis, "Enginerring and Mining
other the Blackwell Oil & Gas Company.
Journal" reports under date of Sept. 8. There is good
The court injunction was issued to C. L. Moss, an oil land owner in the
reason to think, says this publication, that in the coming
Seminole district, against Ray M. Collins, umpire in the Seminole area,
appointed by the oil operators to supervise curtailment, and also against week a much better volume of business will be booked,
the Indian Territory Iiluminating Oil Co., a subsidiary of the Cities Service particularly in copper. Most of the recent orders for
Co., an H. L. Doherty corporation. The injunction restrains all parties
named from attempting to shut in, prevent or retard flow of an oii well copper have been for prompt delivery, an unusual condrilled by oil companies on the Moss property until further orders from the dition. Scarcely any October copper has been bought,
Seminole court:
it would seem and a fair amount of September requirements
Although the injunction apparently does not mention the Oklahoma State
Corporation Commission, it also tests the powers of that body because the remain to be provided for. Most producers continue to
appointment of Mr. Collins as field umpire and the agreement of producers offer the metal at 133 cents a pound, delivered in the East
to curtail were formally approved by the Commission.
and at 138 3 cents in the Middle West. On the other hand,
/
At the offices of the Cities Service Co. here it was said to-day that no
word had been received there of the court proceedings against the com- custom smelters are sellers as low as 13A cents, and manage
pany's subsidiary. However, a representative of the company commented to get rid of enough to prevent their cutting prices further.
that they were not astonished that suit had been brought. Something of Consumers of lead
have displayed little or no buying interest,
the ldnd had been expected ever since the curtailment program was adopted.
Oil land holders make a practice of leasing their land to operating companies according to the mining journal, in the past week. The
rather than selling it. Terms of leases provide that one-eighth of all oil contract price has been lowered 10 points to the basis of
produced shall go to the land owner, who is naturally interested in pro- 6.40 cents a pound, New York. Apparently the market is
duction.
feeling the lack of any concerted action on the part of lead
The litigation evidently affects a property in the Little River district of .producers throughout the world to restrict output. Another
The curtailment plan covering that district differs quiet week has passed in the zinc
the Seminole area.
market, with most of the
from that for the other districts of the Seminole field. Under the plan
business placed at either 6.25 or 6.275 cents a pound, St.
each new well as it is completed shall be allowed to flow uninterruptedly for
Louis. Tin has remained steady, but quiet.
three days and than shalt be pinched into 100 barrels a day.
In pursuance of the agreement one Indian Territory Illuminating Co.
well was pinched down from 7,000 barrels a day to 100.
World's Output of Zinc Production in July Below That
There are only six completed wells in the Little River district. Proof Preceding Month.
duction in that district yesterday was 16,099 barrels, as operators have not
lived up strictly to the agreement en account of difficulties encountered
July output of zinc by countries which in 1926 furnished
in doing so. On the other hand, had production been unrestricted, output about 96% of world's total was 116,315 short tons,
compared
probably would be several times as large as it actually was. Altogether
the Seminole area yesterday produced 422,447 barrels, or 10,000 more with 116,533 tons in June and 120,712 tons in May, says
than the previous day. Peak production was 527,000 barrels.
the "Wall Street Journal" of Sept. 2, which also states:
Estimate for non-reporting countries is 4,000 tons for each month. This
would make
West Texas Oil Operators in Tentative Agreement- and 124,712 grand total 120,315 tons in July, against 120,533 tons in June
tons in May.
Representagives Reported to Concur on Plan
For seven months ended July 31 output of reporting countries was 826.498
short tons, average of 118,071 tons a month. In 1926 average monthly
Limiting Output to Transport Facilities.
output was 110,891 tons. Estimate for non-reporting Countries for the
The "Wall Street Journal" had the following to say in its period is 27,500 tons, making total 854,998 tons.
Following table gives production by countries:
of last night (Sept. 9):
issue
July.
June. Jan. Juk.
Private wire advices from Fort Worth state that meeting of representa47,627
tives of oil producers in the Yates pool, Pecos County, West Texas, held in United States
49,718 365,052
6. 74
70 5
.
5
8980
;56132
5 501 1
Fort Worth Thursday. agreed to keep production of the pool to amount of Canada
37::778
55332 0151
11:4
transportation facilities. Action will be effective when ratified formally Mexico
Belgium
companies represented.
18.249
by
18,186 129,843
Agreement does not limit number of wells to be drilled, but provides for France
7,624
7.524
an equitable distribution of the pipe line facilities among the various opera- Germany
open flow test of the different wells of Great Britain
5,152
tors. This will be arrived at by an
4,984
3 :881
16 72
0 8
2,400
the companies between now and Oct. 1, when agreement becomes effective. Netherlands
2.398
for the agreement is the impending completion of Humble Oil & Poland
1,900
Basle
1,937
12,819
Refining Co.'s new pipeline, which will afford outlet for 30,000 barrels and Polish Seitsia
12,468
11,956
81.930
Spain
1,624
14.000 barrels additional daily by Illinois Pipe Line Co.'s line to Del Rio
1,544
3 : 18
10 909
22
Australia
4,722
At present outlet is only 9,000 barrels daily.
4.570
Agreement further provides for an equitable adjustment of pipe line faciliTotal
116,315 115,533 826498
ties among various operators as additional pipe lines are completed. This
arrangement is expected to obviate necessity of any producers putting in a Estimate for non-reporting countries
4,000
4,000
27,500
case of an unequal division of outlet
lot of steel storage, as would be the
World's total
common drainage.
120,315 120.533
with the oil coming from
853.998
THE CHRONICLE
1400
Production of Zinc in United States During First Half
of August.
The production of zinc from Aug. 1 to Aug. 15, based on
reports received from 98% of companies by American Zinc
Institute, Inc., amounted to 23,489 tons. The statement
issued Aug. 26 by the Association follows:
100%
Reporting Aug. 1-15,98%; percentages based on July 1927 production
ZINC AUG. 1-15 1927 (TONS 2,000 POUNDS).
23,489
Produced Aug. 1-15 (98%)
24,523
Shipped Aug. 1-15 (98%)
39,323
Stock on band July 31
868
Shipped from plants for export(98%)(Aug. 1-15)
13,246
delivered, Aug. 15(98%)
Metal sold, not yet
73.819
Retorts operating Aug. 15 (98%)
WEIGHTED AVERAGE PRIME WESTERN AND BRASS SPECIAL SLAB
ZINC SALES REPORT(76% OF98% OF TOTAL RETORT PRODUCTION
REPORTED FOR PERIOD) AUG. 1-15 1927.
For Delivery During
Current and
Succeeding Month
Total Sales
AU
Deliveries
For Delivery
Beyond Succeeding
Month
Weighted
Weighted
Weighted
Tonnage Average Tonnage Average Tonnage Average
Selling
Sold
Selling
Sold
Selling
Sold
Price
(Tons of
Price
(Tons of
Price
(Tons of
E. St. L.
B. St. L. 2,000
R. St. L. 2,000
2,000
Pounds). Basis. Pounds). Basis. Pounds.) Basis.
Prime Western....
Brass Special
12,556
601
6.0639
8.0649
4,093
__--
8.0645
___
16,649
401
8.0639
8.0649
Total sales, both
grades
12,957
3.0639
4,093
8.0645
17,050
8.0640
Gain in Steel Ingot Production in August.
The steel output in August for the first time since March.
last showed an increase over the previous month. The
American Iron & Steel Institute in its usual monthly statement,released yesterday (Sept. 9), compiled from companies
which made 95.01% of the total steel produced in 1926,
reported ingot production in August at 3,311,241 tons, of
which 2,805,657 tons were open-hearth and the remainder
Bessemer. On this basis, the calculated monthly output
in August of all companies was 3,470,903 tons, as against
3,178,342 tons in July, 3,468,055 tons in June, but no less
than 4,499,092 tons in March. In August last year the
calculated production was 3,986,966 tons. The approximate daily production of all companies was 128,552 tons
in August with 27 working days, 127,134 tons in July with
only 25 working days, and 133,387 tons in June having 26
days of work. In the following we give details of production
back to January 1926:
MONTHLY PRODUCTION OF STEEL INGOTS, JAN. 1926 TO AUG. 1927.
total
Reported for 1926 by companies which made 95.01% of the made steel ingot pro95.40% of the
duction in that year, and for 1927 by companies which
open-hearth and Bessemer steel ingot production in 1926.
Months.
1926.
January...
February.
March__
April ____
May
June
July
August
Approx. I per
Calculated
Monthly Monthly No.o DailyPro-I Cent
of
Product Production Work- duction
Ow all Cos., OperaAll
AU Companies
OpenHearth. Bessemer. Other. Reporting Companies. Days.GrosaTons non.
3,326,846 581,683 13.664 3,922,193 4,132.210 26 158,931 98.88
3,023,829 556,031 12,818 3,592.678 3,785,051 24 157,710. 98.10
3.590,791 635,680 15,031 4,241,502 4,468,617 27 165,504 98.22
.
3,282,435 601,037 13,652 3,897,124 4,105,799 26 157.915
3.201,230 516.676 10.437 3.728.343 3.927,979 26 151,076 93.97
143.621
3,036,162 498.764 9.441 3.544.367 3.734.153 26 139.807 89.33
86.96
2,911,375 526,500 12,372 3,450.247 3,634,993 26
3,145,055 627.273 12,003 3,784,331 3,986.966 26 153.345 95.38
8 mos-25,517,7234.543,644
September 3,089.240 612,588
3,224,584 630,526
October
November 2,915.558 592,239
December 2,768,479 493,172
99,41830.160,78531,775,768 207
153,506 95.48
150,515
156.713
142.529
133,337
93.62
97.48
88.65
82.94
3,913,383
4,074,544
3,705,744
3,466,766
26
26
28
26
Total.._ 37.535,584 6,872,169142,95044,550,70346.936,205
311
150,920 93.87
26
24
27
26
26
26
25
27
*144,611 *89.06
•157,557'97.03
'l66,633'10261
*157,494.98.99
.154,430 *95.10
*133,387 *82,15
127.34'89*
'128.552'79.17
1927.
January._
FebruaryMarch...
April ____
May
June
July
August__
3,041,233
8,042,232
3,701.418
3,340.852
3,272,810
2,822,477
2,595,692
2,805,657
.,... .•,.. A
545,6
565,201
590,716
565,634
557,683
488,047
436.448
505,584
or.••1
12,660
12,348
9.605
8,919
3.714,488
3.867,458
3,517.402
3,290,570
'3,586,923'3,759,877
.3,607,433.3,781,376
*4,292,134'4.499,092
„ *4,094,849
*3,830,493'4.015.192
*3,308,524 *3,468,055
*3,032,138.3,178.342
*3,3i1.241'3.470.903
[VoL. 125.
somewhat better orders for barbed wire and nails. Light
rail needs for the rest of the year are largely under contract.
An increase in steel bar business has come from farm implement makers and forging companies, declares the "Age,"
giving further details as follows:
Buyers generally, while showing more than the usual interest in supplies
are still covering only for their known needs. The third quarter in steel
points to an output exceeding 70% of capacity, but the third quarter last
year required an 82% operation, and the second quarter this year was over
82%. Estimates now are that an 80% rate will be reached in November.
Purchases being chiefly of the small lot class, prices are steady rather than
strong. Some unsettling of the base for bars, plates and shapes has occurred in the Chicago territory, where outside mills have named 1.80c..
Chicago, a cut of $2 a ton. In Pittsburgh rarely more than 1.8.0c. is paid
for small lots of plates or shapes.
The smaller producers of cold finished bars and shafting show a disposition to under quote the mills controlling most of the capacity, and shading
of tin plate has not disappeared. Sheets remain surprisingly firm, what
weakness has been uncovered being traced to resales by those who had
secured material on deferred deliveries and at the lower prices prevailing
prier to May.
The production of pig iron in August was 2,947,276 tons, or 95.073 tons
per day, compared with 2,951.160 tons. or 95,199 tons per day in July, as
described in detail in another column to-day.
Pig iron prices in some centres are not yet strong enough to stand the
test of tonnage purchases. Eastern Pennsylvania foundry iron has declined
50c. a ton, and there have been further concessions on Southern Iron from
the commonly quoted price of $17.25, Birmingham. Chicago prices are
wavering under the pressure of competition from water-borne iron from
Cleveland. The effect of low water rates is also evident in the sale of 3,000
tons for barge shipment from St. Louis to Louisville.
Spot furnace coke has declined 15c. a ton to $2.85. Connellsville, following
the release of tonnage by blast furnaces that have failed to specify fully
against their contracts.
Domestic fluorspar has receded 50c. a ton to $16.50, mines, on purchases
for fall stocking by Pittsburgh district steel makers.
Included in the 32,700 tons of fabricated structural steel booked during
the week were 6.000 tons for a bridge across the Mississippi River near St.
Louis and 4,000 tons for a bridge across the Ohio at Paducah, Ky.
Machinery exported from the United States in July. at 840,222,514,
made the largest month's total in recent years. It exceeded by nearly
$6.000,000 the June exports and by $430,000 the large outgoing movement
of April. which was the heaviest, to that time, in more than two years.
Imports of machinery were lower in July than in June and lower than in
July 1926. But the seven-month total this year is 15% above last year.
The recent $3 a ton increase in ocean freights for Pacific Coast shipments
via the Panama Canal Is taken as a reason for the Bethlehem Steel Corporation's adding materially to its fleet of ocean-going vessels.
British efforts by rebates on steel to curtail imports have brought out
German concessions to German consumers through reductions in pig iron
and in rail freight rates on export shipments.
Dropping to within 2c, of the lowest level since 1916, the "Iron Age"
composite price for pig iron stands this week at $18.04 a ton, compared with
$18.13 for the four preceding weeks. The finished steel composite price
is unchanged, remaining at 2.367c. a lb. for the thirteenth week, as shown
in the following composite price table:
Pig Iron.
Finished Steel,
Sept. 8 1927, 818.04 per Gross Ton.
Sept. 6 1927, 2.367e. per Lb.
$
2.3670. One week ago
One week ago
One ye h o
4
2.6374: On montagago
One month ago
88...46
19 133
One year
One year ago
15.72
1,689c. 10-year pre-war average
10-year pre-war average
Based on steel bars, beams, tank plates, Based on average of basic Iron at
plain wire. open-hearth rails, black pipe Valley furnace and foundry irons at
and black sheets, constituting 86% of Chicago. Philadelphia, Buffalo, valley
and Birmingham.
the United States output.
Low.
High.
High.Low.
1927..2.453c. Jan. 4 2.3390. Apr. 26 1927_619.71 Jan. 4; 818.04 Sept. 6
1926_2.453o. Jan. 5 2.403c. May 18 1926_ 21.54 Jan. 5; 19.46 July 13
1925_2.560c. Jan. 6 2.396c. Aug. 18 1925_ 22.50 Jan. 13: 18.96 July 7
1924_2.789c. Jan. 15 2.4600. Oct. 14 1924._ 22.88 Feb. 26; 19.21 Nov. 3
1923_2,824c. Apr. 24 2.446c. Jan. 2 1923._ 30.86 Mar. 20; 20.77 Nov.20
With the mental hurdle of August and the Labor Day
holiday now past, the iron and steel industry appears to be
regaining its morale and markets generally are looking better
declares the "Iron Trade Review" on Sept. 8. Improvement
is spotty both as to products and districts and,in some cases,
is largely sentimental but the atmosphere is one of renewed
vigor. August bookings of steel producers, while not coming
up to the average of the last five years, registered a slight
increase, as much as 15% with some makers, and there is a
unanimity of opinion that September will continue this gain,
but producers are chastened and are chary about looking
farther than a month ahead, observers the "Review" in
giving its summary of trading conditions, from which we
quote:
Eastern and Chicago markets are more buoyant at the moment than the
Pittsburgh market. due chiefly to the check under which the automotive
Industry has been operating. In fact, with the summer holiday and the
vacation season now past, the Pittsburgh and Cleveland districts and that
uncertainty of this score should be eliminated shortly. Chicago mills
1.9527A 272 *20267686 207 *146.221 *90.05
• ••••
are benefitting from the decision of some consumers to cover more adefound easible to secure
•Excludes crucible and electric ingots, as it has not been to fairly represent the quately against expected improved demand for their finished products.
monthly figures from a sufficient proportion of producers
Steel making operations are averaging Just over 70%, with a tendency
production of steel ingots by these Processes. on the "practical capacity" as of slightly upward. Finished steel prices having weathered the stress of
The figures of "per cent of operation" are based
Bessemer steel ingots.
August with fair success, are expected to hold, but a more complicated
Dec. 31 1926, of 50,500,000 gross tons of open-hearth and
competitive situation has arisen. In reaching out for bulginess beyond their
Iron
normal territory, some producers have been predicating their delivered
Demand for Steel Increases Slightly-Pig
prices upon quotations of producers in the invaded territory. Some apDeclines.
Price
parent shading, especially by northern producers in making sales In the
demand than southern territory Is thus explained. Bethlehem Steel Co. organized a ship
September starts at a better pace in steel
transporting
bottoms now
August, but the rate of production remains at about the operating subsidiary with twelveand is reportedavailable, fora line on the
to
as planning
the "Iron Age" reports its products the Pacific coast
average of both July and August,
Great Lakes.
Sheets, like strip, still labor under disability of slack automotive buying.
in its summary of market conditions issued Sept. 8. There
in Mahoning Valley are
this week. Cast
but
is thus promise of swelling the backlogs of orders, which iron operations already weakened,face a up fractionally
pipe prices.
test of 16,500 tons, bids on which
months. A few will be opened at Detron, Sept. 10. Twenty-seven representative British
with most mills were the smallest in many
producers have found rolling schedules a trifle more steelmakers, alarmed by the flood of foreign material which may reach the
record height of $243.000.000 this year, agreed to give rebates amounting
economical.
to $1.21 per ton on plates and sections and $1.82 to $3.04 on beams, to hold
Building and construction enterprises continue to provide their home markets.
"The Iron Trade Review's" composite price on 14 loading iron and
most of the expansion, including improvement in buttweld
.
sizes of pipe. Heavy rail buying in August was almost steel products this week is $36.27. This compares with $36.23 the week prenegligible, though the railroads may be credited with vious to last.
SEPT. 10 1927.]
THE CHRONICLE
Actual Figures Show Small Loss in Pig Iron Production During Month of August.
As indicated in the estimated figures given last week,
page 1258, there was a small loss in August in pig iron
output.
Complete returns of the actual production show the preliminary data to have been fairly close to the real output.
The final total reveals an even smaller falling off from
July than the estimated figures, reports the "Iron Age" Of
Sept. 8.
Total August production was 2,947,276 gross tons, or
95,073 tons per day, against 2,951,160 tons in July, or 95,199
tons per day, both months having 31 days. The decline in
the daily rate from July was only 126 tons. Last week's
preliminary estimates showed a decline of 484 tons per day.
The decline in July from June was 7,789 tons per day and
in June from May, 6,397 tons per day—indicating possibly
a check in the falling off which started in April and which
has been uninterrupted. A year ago the August daily rate
was 103,241 tons, and with this exception, August this year
is the largest for that month since 1923, declares the
"Age," adding:
Midwestern Bituminous Coal Markets Upset by Resumption of Wage Negotiations in Illinois—
Anthracite Trade Active.
Resumption of wage negotiations in Illinois yesterday
played havoc with Middle Western bituminous markets,
with Kentucky coals the chief sufferers, declares the Sept. 8
resume of market conditions as observed by the "Coal Age
News." Prices broke sharply on rumors that an agreement
would be signed within a few days and orders for several
hundred cars were hurriedly canceled. Farther east the
situation was unchanged,largely because the influence of the
revival of joint conferences had not yet extended that far.
Nevertheless, in view of the effect Western buying has had
upon Eastern prices uneasiness is felt from Pittsburgh to the
seaboard, states the "News" in summarizing events in its
weekly report, from which we add:
Net Loss of Three Furnaces.
There were 9 furnaces shut down in August and 6 blown in, a net loss of
3 stacks. This compares with a loss of 8 in July, of 13 in June. of 9 in
May and of 3 in April. In March there had been a net gain of6 furnaces.
Of the 9 furnaces shut down last month, 3 were credited to the Steel Corporation,3 to independent steel companies and 3 to merchant iron producers.
The 6 blown in were as follows: Steel Corporation, 1; independent steel
companies. 4; merchant companies. 1.
There has been no change in the number of possible active furnaces,
which is still 362.
Capacity Actire on Sept. 1.
On Sept. 1 there were 187 furnaces active compared 'with 190 on Aug. I.
The estimated rate of the 187 furnaces was 92,500 tons per day, while on
Aug. I the 190 furnaces had an estimated operating rate of 93,700 tons per
day.
Manganese Alloy Output.
The August production of ferromanganese was 21,279 tons, or the smallest
this year. In July the output was 26,394 tons. There was 9.104 tons
of spiegeleisen made last month as compared with 9,350 tons in July.
Furnaces Blown In and Out.
Among the furnaces blown in during August were the Keystone furnace
is the Schuylkill Valley; on furnace at the Steelton plant of the Bethlehem
Steel Corporation in the Lower Susquehanna Valley; one Aliquippa furnace
of the Jones & Lauglin Steel Corporation and one furnace of the Pittsburgh
Crucible Steel Co. In the Pittsburgh district; one furnace of the Colorado
Fuel & Iron Co. in Colorado and one Bessemer furnace of the Tennessee
Coal, Iron & RR. Co. in Alabama.
Among the furnaces blown out or banked during August were on furnace
of Witherbee, Sherman & Co. in New York;one furnace at the Steelton plant
of the Bethlehem Steel Corporation in the Lower Susquehanna Valley; the
Shenango furnace in the Shenango Valley; one Mingo furnace of the Carnegie Steel Co. in the Wheeling district; one Gary furnace in the Chicago
district; one furnace of the Colorado Fuel & Iron Co. in Colorado and one
urnace of the Sloss-Sheffield Steel & Iron Co. in Alabama.
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS—GROSS TONS
Steel Works,
Merchant*
Total
1926 August
78.216
103,241
25.025
September
81,224
104,543
23,319
October
,
24,365
107,553
November
82,820
107.891'
25,070
74.909
December
99.712
24,803
1927—January
75.609
24,514
100.123
February
80,595
105.024
24,429
March
86.304
26.062
112,366
April
87,930
26.144
114.074
May
84,486
109.385
24.899
June
24,878
.
102.988
July
69.778
25,421
95.199
August
71.413
23,660
95,073
•Includes pig iron made for the market by steel companies.
PRODUCTION OF STEEL COMPANIES FOR OWN USE—GROSS TONS
Total Iron.
Spiegeleisen and Ferromanganese.•
Spiegel and Ferro.
1928— —1927
1926.
1927.
Fe-Mn. Spiegel. Fe-Mn. Spiegel.
2,599,876 2.343,881 29,129
January
7.746 31.844
7.486
2,272,150 2.256.651 22,309
February
7.084 24,560
7.045
2,661.092 2.675.417 24.084
March
7,339 27,834
7,650
2,677,094 2.637,919 24,134
Apri,
7,051 24,735 12.907
2,69.078 23,159
2,687,138
6,999 28.734
May
9,788
2,465,583 2.343.409 25,378
5.864 29,232 10,535
June
Half year
July
August
September
October
November
December
15,362.933 14.876,355 148.173
2,461,161 2,163,101 26,877
2,424.687 2.213,815 23.557
2,436.733
25.218
2,578,830
28.473
2,484,620
31,903
2.322,180
31,627
42,083 166,939
3,699 26.394
4.372 21,279
2.925
6,295
7.565
7,157
30.071,144
315,828 74.096
Year
•Includes output of merchant furnaces.
TOTAL PRODUCTION OF PIG IRON.
By Months, Beginning Jan. 1 1925—Gross Tons.
1925.
1926.
3.370.336
3,316,201
January
3,214,143
2.923,415
February
3,564,247
3,441.986
March
3.258.958
3.450,122
April
2,930,807
3,481.428
May
2,673,457
3.235,309
June
19,011,948
19,848,461
year
Half
2,664.024
3.223,338
July
2,704,476
3,200.479
August
2.726,198
3,136,293
September
3,023,270
3,334,132
October
3,023.006
3.236,707
November
3,250.448
3,091.060
December
55.411
9.350
9,104
1927.
3,103,820
2.940,679
3.483.362
3,422.226
3.390.940
3,089,651
19.430.678
2.951.160
2,947,276
36.403,470
39.070.470
Year.
•These totals do not Include charcoal pig iron. The 1926 production of this Iron
as i6$.880° •
1401
Spot prices, despite the decreases in western Kentucky quotations and the
erratic tendencies exhibited by coals from the eastern part of that state,
advanced slightly. "Coal Age News" index of spot bituminous prices,
based upon a telegraphic check of the situation in the important coal markets
of the Country, was 175 on Sept. 7 and the corresponding weighted average
price was $2.12. Compared with the figures for Aug.31 this was an increase
of 1 point and lc. Prices were 3 points and Sc. higher than a year ago, but
8 points and 9c. under 1925 figures.
On the production side of the market the industry has continued to
make new records for output during a period of major labor dispute. Last
week, according to the estimates of the National Coal Association, the
bituminous mines of the country produced approximately 9,860,000 net
tons. During the preceding week the output was 9,744,000 tons, according
to the preliminary figures of the U. S. Bureau of Mines. Some decline may
be expected this week because of the holiday letdown but the comparative
decrease probably will be less than in normal years.
At the present time approximately 75% of the total bituminous output
is coming from three states—West Virginia, Pennsylvania, and Kentucky.
In the old union areas in which attempts have been made to resume operations on an open-shop basis there is a gradual increase in output and union
mines in Indiana and Illinois are turning out more tonnage. The open-shop
experiment undertaken by a number of former union operators in central
Pennsylvania, however, has not yet reached the stage where it is making a
real contribution to the total weekly production of the country.
The lake trade still maintains a leading place in the weekly market
developments. During the week ended at 7 a. m. Sept. 6 there were
935.239 tons of cargo and 43,093 tons of vessel fuel dumped at the Lake
Erie ports. This brings the total dumpings for the season to 23.715,199
net tons as compared with 19,204,870 tons for the corresponding period last
year and 17,175,927 tons in 1925. Demand over the Northwest continues
active despite some switch to all-rail shipments in southern Minnesota since
the Interstate Commerce Commission suspended the proposed 20c. cut in
lake cargo rates by Southern carriers.
Along the Atlantic seaboard the most marked change has been increasing
interest at Philadelphia. New England is still quiet and New York enthusiasm has diminished. Baltimore, on the other hand, reports the
best week it has had for several months. Domestic sizes have held the
center of the stage at Pittsburgh. Central Pennsylvania loadings have
been gaining. In the Southeast conditions are spotty, with Cincinnati
more active and Birmingham marking time. Greater activity Is reported
from the Intermountain country.
Last week was the most active that the anthracite industry has had since
spring. This was particularly true with respect to domestic sizes where
the influence of the Sept. I advance was potent. Production for the week
ended Aug. 27 was estimated by the U. S. Bureau of Mines at 2,245,000
net tons. This figure has been reached but once in four years—in the last
week of August, 1925, when production rose to 2,263,000 tons in anticipation of the scheduled suspension.
The Connellsville metallurgical market is dull, but there is a gradually
increasing demand for household offerings. Foundry coke is in good demand in the Birmingham district, with gains also registered In domestic coke.
In the anthracite market August went out and September
was ushered in in a fairly satisfactory manor to the trade.
No unusual rush or crowding, but just a natural movement,
in keeping with an effort to fill as large a portion of orders
received as possible before the advance in prices on September
first, observes the "Coal and Coal Trade Journal" in its
:
Sept.8 market review from which_we quote in part as follows
Labor Day coming as usual on Monday and the demand easing some after
the advance became effective, some of the mines closed from Friday to
Monday inclusive, or until normal work could be resumed. It is believed
that as soon as dealers have checked up the stock moved out and their
unfilled orders as against any unfilled balances due on August orders placed
with the mines, there will be a steady and continued resumption of buying,
preparatory to the winter's pull. As yet there are too many uncertainties
attending the whole coal situation for dealers to risk not having an ample
supply, though the anthracite industry was never better Prepared to furnish
a dependable supply if the unexpected does happen.
Several times of late, just when a "budding" bituminous market had given
promise of developing into one of "full blown" dimensions, along came a
"killing frost" in the guise of another half-million-tons-or-more weekly
increase in production from the open-shop mines. There have been many
estimates of the potential reserve capacity of the open-shop mines, but
when they can increase more than a half million tons in a week—and we
know a number of them are still lying low and aching to show what they
can really do and how much of the demand they can supply—we must
admit that such estimates are just guesses.
However, we have no apologies to make for errors in guessing the potential tonnage of the open-shop mines, for the men operating them are Americans and the men mining the coal are working hand in glove with their
employers on a give-and-take basis, while their closed-shop competitor__
operators miners—glare at each other over a fixed or arbitrarily impossible
and uncompetitive barrier of wages imposed bythepJeraemaksonnevnitiliernupnrioovneanTienei
real
So be it as is, it is believed there will be no
in the market until rules of mining are adopted that will legally and
automatically restrict production in the interest of avoiding waste and
conserying a natural product necessary to human welfare—a product that
cannot
be replaced.
1402
[VOL. 125.
THE CHRONICLE
However, it is also believed that considerable of the increase in tonnage
fa from mines that quit the impossible Jacksonville union basis and joined
the open-shop brotherhood of operators and miners.
We are still of the opinion that,in spite of an increased weekly produrtion
—though much less than a year ago even allowing for export shipments—
and a reported decrease in consumption that will now increase for several
months and storage that is believed to be below all estimates and rapidly
reaching a minimum safety point, buyers will miss their opportunity if
they do not speedily anticipate, at least their immediate future needs.
There Is reported a lull, believed to be only temporary, in the heavy
Western buying, railroads included, of Eastern coal. It sounds like the
Nlairn before the storm" or a warning to give the home folks, operators and
miners, a chance to get together If possible on a competitive wage basis
and at lower cost in keeping with lower prices on the manufactured product
'Sad Income of buyers, before they buy more Eastern coal.
Increase Shown in Production of Bituminous Coal,
Anthracite and Coke.
The production of bituminous coal continues to increase, reaching 9,744,000 net tons during the week ended
Aug. 27, or 604,000 net tons more than in the preceding
week, according to the United States Bureau of Mines. In
the corresponding week of 1926, however, the product was
11,217,000 tons. The anthracite output for the week ending Aug. 27 expanded no less than 660,000 net tons, bringing
the total up to 2,245,000 net tons. In this case comparison is
with only 1,999,000 tons in the corresponding week of 1926.
Coke output has increased 3,000 net tons during the week.
to 111,000 net tons, the Bureau's report shows, which is as
follows:
The production of bituminous coal continues to increase. The total
Output during the week ended Aug. 27, including lignite and coal coked
at the mines, is estimated at 9,744,000 net tons, a gain of 604,000 tons,
or 6.6%, over the output in the preceding week.
Estimated United States Production of Bituminous Coal (Net Tons), Incl. Coal Coked.
1926
1927
Cal. Year
Cal. Year
Week.
to Date.a
to Date.
Week.
August 13
9,093,000 327,832.000 10,628,000 329,1/37,000
Daily average
1,771,000
1,734.000
1,723.000
1,516,000
August 20 b
9.140.000 336,972,000 10.533.000 340,470,000
Daily average
1,756,000
1,523,000
1,735.000
1,717,000
August 27 c
9,744,000 346,717,000 11,217,000 351.687.000
Daily average
1,739.000
1,870.000
1,714,000
1,624,000
(a) Minus one day's production first week in January to equalize number of days
In the two years. b Revised since last report. c Subject to revision.
The total quantity of soft coal produced during the calendar year 1927
to Aug. 27 (approximately 202 working days) amounts to 346,717,000 net
tons. Figures for corresponding periods in other recent years are given
below:
1926
297,090.000 net toil
351,687,000 net tonal 1924
1925
371,154.000 net tons
311,651,000 net tonal 1923
ESTIMATED WEEKLY PRODUCTION OF SOFT COAL BY STATES.
As already indicated by the revised figures above, the total production
'if soft coal for the country as a whole during the week ended Aug. 20 is
,
stimated at 9,140,000 net tons. Compared with the output in the precedLug week, this is an increase of 47,000 tons, or 0.5%.
The following table apportions the tonnage by States, and gives com.
parable figures for other recent years:
Eestbatited Weekly ProductIon of Soft Coal by States Wet Tons).
Total Production for Week Ended.
August
Aug. 20 Aug. 13
Aug. 21
Aug. 22
Average,
State-1927.
1927.
1926.
1925.a
1923.b
Alabama
387,000
365,000
408.000
407,000
387,000
Ark., Kan., Mo.& Okla
170.000
158.000
1711,000
208,000
221,000
Colorado
186,000
182.000
189,000
189,000
168,000
Illinois
153,000
148,000 1,132.000 1,289.000 1,327,000
Indiana
298,000
269,000
424.000
404.000
428,000
Iowa
11,000
9,000
72.000
87.000
97,000
Kentucky—Eastern
1,115,000 1,105.000
966.000
946,000
745,000
Western
459.000
514.000
267.000
277,000
211,000
Maryland
63.000
64.000
62.000
57,000
43,000
Michigan
14.000
17.000
11.000
16,000
20,000
Montana
60.000
51.000
53.000
58.000
49,000
New Mexico
59,000
52.000
46,000
46.000
48,000
North Dakota
14,000
12.000
17.000
19.000
20,000
Ohio
138,000
133.000
465.000
535,000
848,000
Pennsylvania
2,240,000 2,235,000 2,690.000 2,573.000 3,640,000
Tennessee
91,000
95,000
110,000
111,000
115.000
Texas
24.000
25,000
20,000
23,000
24,000
Utah
89.000
94,000
101.000
110,000
81.000
Virginia
250,000
257.000
253.000
256.000
242,000
Washington
40,000
41.000
48.000
51,000
45,000
West VIrginla—Soutbernc 2,296,000 2,335.000 2,125,000 1,936.000 1,512,000
Northern d
870.000
840,000 779.000
743.000
816,000
Wyoming
111,000
90,000
112.000
118,000
149,000
Others
2.000
2.000
4.000
4.000
4,000
9 140 000 9,093,000 10 533,000 10 463.000 11.240 000
a Revised. b Weekly rate maintained during the entire month. c Includes
operations on the N.& W., C.&0. Virginian, K.& M., C.& 0.,and Charleston
division of the B.& 0. d Rest of State, Including Panhandle.
'
ANTHRACITE.
The production of anthracite recorded a sudden and sharp increase during the week ended Aug. 27. The total output is estimated at 2,245,000
net tons, a gain of 41.6% over the output in the preceding week. This
figure has been reached but once during the past four years—in the last
week of August 1925, in anticipation of the scheduled suspension, production amounted to 2,263,000 tons.
Estimated United States Production of Anthracite (Net Tons).
1927
1926
WeekEnded—
Week. Cal. Yr to Date. Week. Cal. Yr. to Dare.a
August 13
1,607,000
48.903.000
1,937.000
48.454,000
August 20.6
1,585,000
50,488.000
1,782.000
50,236,000
52.733,000
August 27.c
2,245,000
1,999.000
52,235,000
a Minus one day's production first week In January to equalize number of days
In the two years. b Revised since last report. c Subject to revision.
BEEHIVE COKE.
The estimated production of beehive coke rose from 108,000 net tons to
111,000 net tons during the week of Aug. 27, a gain of 3,000 net tons, as
shown in the following table:
Estimated Production of Beehive Coke (Net Tons),
Week Ended
1927
1926
Aug. 20
Aug. 28
Aup.27
1926.
1927.c
1927 b
Dale.
Dat .a
to
e
148.000 4,135.000 6,543.000
76.000
Pennsylvania & Ohio
78.000
15.000
West. Virginia
16 000
'
1 070
1
4.000
4.000
Ala., Ky., Tenn., & Ga
466.000
6°3"°
6.000
6.01,0
6,000
Virginia
230,000
243.000
4,000
4.000
3,000
Colorado Jr New Mexico
132.000
178.000
3.000
3,000
3.000
Washington & Utah
116,000
117,000
108.000
11.0170
180.000 5.321,000 8,050.000
United States total
18.000
19.000
30.000
Daily average
26.000
40,000
a Minus one day's production first week In January to equalize number of days In
the two years. b Subject to revision. c Revised since last report.
2:
N..(0)8,3
1
The weekly estimate of bituminous coal production prepared by the National Coal Association shows a total output
for the week ended Sept. 3 of 9.860,000 net tons. This is the
largest tonnage of soft coal that has been mined in any
week since the 1st of April.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Sept. 7, made public by the Federal
Reserve Board, and which deals with the results for the
twelve Federal Reserve banks combined, shows increases
for the week of 7,800,000 in bill and security holdings,
of $44,300,000 in Federal Reserve note circulation, and of
$19,500,000 in member bank reserve deposits, and a decrease of $20,500,000 in cash reserves. Holdings of discounted bills increased $49,000,000, of Government securities $26,700,000, and of acceptances purchased in open
market $12,200,000. After noting these facts, the Federal
Reserve Board proceeds as follows:
Discount holdings of the New York bank increased $70,500.000 during
the week, while the Boston bank reports a decline In discounts of $11,100.000, Atlanta of $4,600.000, and St. Louis of $3,800,000. Open market
acceptance holdings increased at all but one of the Reserve banks, the
Principal Increases being $3,000,000 each at Philadelphia and Richmond.
The system a holdings of U. S. bonds increased $25.600.000 and of Treasury
notes $9.000,000. while holdings of Treasury certificates declined $7,900.000.
All of the Federal Reserve banks report a larger volume of Federal Reserve
notes in circulation than a week ago, the principal increases being as follows
Chicago, $10.800,000: San Francisco, $7.500,000: Atlanta. $4,700,000;
Boston. $4.000,000: Dallas, $3,800,000; and Philadelphia,.3.300,000.
The statement in full, in comparison with the preceding
week and with the corresponding date last year,will be found
on subsequent pages—namely, pages 1431 and 1432. A
summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
Sept. 7 1927 is as follows:
Total reserves
Gold reserves
Total bills and securities
Bills discounted, total
Secured by U.S. Government obligations
Other bills discounted
Increases (-I-) or Decreases(—
During
Week.
Year.
—$20,500,000 +5163,300,000
—8,200.000 +158,200,000
87.800.000
+49.000.000
+24.100.000
+24.800.000
—49.700.000
—164,800.000
—82,900,000
—81,900,000
Bills bought in open market
+12.200.000
—68,700,000
U. S. Government securities, total
Bonds
Treasury notes
Certificates of Indebtedness
+26.700.000
+25.600.000
+187.200.000
+192.200.000
—I.970;8 )0
(
0
0
03
3
0
— 1 ,g38; 0
+104
Federal Reserve notes in circulation
+44.300.000
—25,800,000
Total deposits
Members' reserve deposits
Government deposits
+26,500.000
+19,500.000
+8.100.000
+125.400,000
+111,200,000
+15,200.000
Returns of Member Banks for New York and Chicago
Federal Reserve Districts.
Beginning with the returns for June 29 last the Federal
Reserve Board also began to give out the figures of the
member banks in the New York Federal Reserve District
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves,and/or the same week, instead of waiting until the
following Monday, before which time the statistics covering
the entire body of reporting member banks—now 661—
cannot be got ready.
The following is the statement for the New York member
banks and that for the Chicago member banks thus issued
in advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers
loans of the reporting banks, which this week established
another high record, the grand aggregate of these loans for
Sept. 7 being $3,206,299,000, against $3,184,058,000 Aug.
31 and $3,190,329,000 Aug. 10, which latter was the previous
peak.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York-52 Banks.
Sept. 7 1927. Aug.31 1927. Sept. 8 1926.
Loans and investments total
6.633,967.000 6,634,232,000 6,229,100.000
Loans and discounts—total
4,835,020,000 4,815,941.000 4,453,302,000
45,059.000
41,237.000
Secured by U.S. Govt. obligations_ _ _ 36,666.000
2,182,367.000*2.203,554,000 2,058,415.000
Secured by stocks and bonds
2,615.987,000*2,571,150 000 2,349,828,000
Ail other loans and discounts
1,798.947,000 1,818,291,000 1,775.798,000
Investments—total
878,643,000 890,434.000 898.025.000
U.S. Government securities
Other bonds, stocks and securities_ __ _ 920,304,000 927,857,000 877,773.000
726,734,000 708,166.000 684,567,000
Reserve balances with F. R.Bank
65.312.000
55,384.000
59,255,000
Cash in vault
5,209.161.000 5.263,372.000 4,979.941.000
Net demand deposits
1,003,120.000 1,001,872,000 850.193,000
Time deposits
15,016.000
4,467.000
886,000
Government deposits
93.299 000
86.487,000
,967,00
Due from banks
1,174,269,000 1,191,485.000 1,052,889,000
Due to banks
54,600,000 144,500.000
132,096,000
Borrowings from F. R. Bank—totaL
39,950,000 110,730.000
Secured by U.S. Govt. obligation/1_ _ 86,450,000
33,770,000
14,650,000
45,646,000
All other
by
Loans to brokers and dealers (secured
stocks and bonds):
1,046,074.000 1.015.669.000 963,901.000
For own account
1,238,325.000 1,222 914,000 1.134,421.000
For account of out-of-town banks
921.900,000 915,475.000 664,707.000
For account of others
Total
3,206,299,000 3,184,058,000 2,763,029,000
2.402.020,000 2,351,253,000 2,063,763,000
801,279,000 832,805,000 699,266,000
ChIcago-45 Banks.
1.829,759,000 1,861.529,000 1,778,985,000
Loans and investments—total
1 423.095,000 1,464,547,000 1,404,180,000
Loans and discounts—total
On demand
On time
Secured by U.S. Govt. obligations
Secured by stocks and bonds
All other loans and discounts
Investments—total
1403
THE CHRONICLE
SEPT. 101927.]
15,734,000
738,325.000
669.036.000
406,664,000
13,396,000
14,686.000
782.911,000 686.984,000
666,950.000 703,800.000
396,982,000 374,805,000
Loans & investments—total
Increase 4+) or Decrease (—)
Daring
W.M.
Year.
Aug. 31 1827.
$
$
$
20.624,225.000 +163.968.000 +846.899.000
Loans & discounts—total
14,696,975.000 +141,842,000 +518,237,000
123.974,000
Secured by U.S. Govt.obligations
5,895.474,000
Secured by stocks and bonds
8,677,527,000
All other loans and discounts
5,927.250,000
Investments—total
U.S. Government securities
Other bonds, stocks and securities
Reserve balances with F. It. banks_
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. banks—total
Secured by U.S.Govt.obligations
All other
+10,281.000 —18,708,000
+73,210,000 +327.307.000
+58.351.000 +209.638,000
+22.126,000 +329.662,000
+6,204,000
2.489,894,000
3,437.356,000 +15,922,000
1,697,018,000 —16,496,000
—1,207,000
253,257,000
13,349,077,000 +184,673,000
+2,788,630
6,256,158,000
—66,000
40,311,000
1,129,495,000 +40.941,000
3,339,230,000 +79.153,000
240,376,000 —16.977,000
+20.952,000
+307,710.000
+42.027,000
—14,694,000
+382.874,000
+1543.786,000
—43,965,000
—3,519,000
—13,458,000
--89,317,000
—82,527.006
155,632.000
84.744,000
—171.844,000
Summary of Conditions in World's Market According
to Cablegrams and Other Reports to the Depart—
ment of Commerce.
The Department of Commerce at Washington releases for
publication to-day (Sept. 10) the following summary of conditions abroad, based on advices by cable and other means
of communication:
EUROPE AND CANADA.
CANADA.
Favorable weather continues to improve the general erop outlook. Considerable wheat and some oats and barley are being cut and it is expected
in Canada that harvesting will be general within a few days. July bank
debits aggregated $2,687,000,000, which was 6% urder the total for June
but 11% over the aggregate one year ago. Flour production for the
period from January to July, inclusive, was in excess of 16,819,000 barrels.
The Board of Railway Oceimissioners issued a judgment on Aug. 26 ordering that the export rate on grain via Vancouver shall have the same advantage as grain moving eastward for export. A reduction on grain rates
from the head of the lakes eastward was also ordered, the reduction Via
Quebec to be from 34.5 cents to 18.34 cents a hundredweight. The rate to
Montreal is to be on a parity with the rate to Quebec.
CZECHOSLOVAKIA.
Crop reports indicate that the quantities produced will be well above av183,190.000 174,888,000 162,274.000 erage and that the quality will be exceptional. Unbroken capacity activity
U.S. Government securitlea
223,474,000 222,094,000 212,531.000 of industries during the last four months and the greatly improved domes.
Other bonds, stocks and securities
181.176.000 188,199,000 177.092.000 lice purchasing power and larger general consumption indicate a possiReserve balances with F.R.Bank
22,161.000
18.056,000
19.770.000
Cash in vault
to meet
1,260,278.000 1,279.696,000 1,238,249,000 bility of over-production. Money ranains easy and is sufficient
Net demand deposits
559,391.000 567.244.000 520,381.000 crop and sugar financing requirements. The currency position is reported
Time deposits
3.264.000 still strong.
3.013.000
597.000
Government deposits
143.582 000 140,267.000 149.386.000
Due from banks
DENMARK.
383.823 000 360,774.000 385,706.000
Due to banks
6.675.000
4,710,000
2,485,000
Heavy rain which is said to have seriously threatened the harvest was
Borrowings from F. It. Bank—total— _.
factor in the Danish economic situation in August. The lim3,495.000 the leading
4,390,000
1.955 000
Secured by U.S. Govt. obligations.._ _
3,180,000 ited trade improvement apparent during the past few months has been
320.000
530,000
All other
sustained, but trade in a number of lines has been very dull, and appar* Revised figures.
ently less satisfactory than during last year. The exchange remains stable.
money market is toward continued easiness. ForThe
Complete Return of the Member Banks of the Federal eign tendency in the continued to increase and registered a total adexchange holdings
Reserve System for the Preceding Week.
vance of 26,400,000 crowns for the first seven months of the year. The
was rather firm
note circulation showed
As explained above, the statements for the New York and and quotations continuedfurther contraction. The bourse Price levels reto show an upward tendency.
on Thursdays, mained stable. No change was noted in the industrial situation, and the
Chicago member banks are now given out
simultaneously with the figures for the Reserve banks various branches continued poorly occupied with the single exception of
speed. Unemployment continued to
at
themselves, and covering the same week, instead of being shipbuilding, which is working end top August.
of
decline, totaling 50,000 at the
held until the following Monday, before which time the
statistics covering the entire body, of reporting member
banks, now 661, cannot be got ready.
In the following will be found the comments of the Federal Reserve Board respecting the returns of the entire body
of reporting member banks of the Federal Reserve System
for the week ending with the close of business Aug. 31.
The Federal Reserve Board's condition statement of 661
reporting member banks in leading cities as of Aug. 31,
shows increases of $142,000,000 in loans and discounts, of
$22,000,000 in investments, and $185,000,000 in net demand
deposits, and a decrease of $17,000,000 in borrowings from
the Federal Reserve banks.
Loans on stocks and bonds, including United States
Government obligations increased $67,000,000 at reporting
banks in the New York district, $13,000,000 at reporting
banks in the Chicago district, and $83,000,000 at all reporting banks. "All other" loans and discounts were $58,000,000
above the total reported a week ago, the principal increases
being $47,000,000 in the New York district and $5,000,000
in the Minneapolis district. The statement goes on to say:
Holdings of United States securities increased $7,000.000 at banks in the
New York district and $6,000,000 at all reporting member banks. Holdings
of other stocks and bonds were $16.000.000 above the total on Aug. 24.
the principal increases being $5.000.000 at banks in the San Francisco
district and $4,000.000 each in the Boston and New York districts.
Net demand deposits increased 5146,000,000 at reporting member banks
In the New York district. $13.000.000 in the Chicago district. $10.000.000
in the Atlanta district. and 5185.000.000 at all reporting banks.
Borrowings from the Federal Reserve bank were 517,000.000 below the
total reported a week ago,a larger decrease of $26,000.000 reported by banks
in the New York district being partly offset by increases of $9,000.000 in
the Boston district, and $5,000,000 in the San Francisco district.
A summary of the principal assets and liabilities of 661
reporting member banks, together with changes during the
week and the year ending Aug. 31 1927, follows:
FRANCE.
Statistics issued by the Ministry of Finance, giving the amount of subscriptions to the recent 6% loans as 4,590,000,000 francs have been declared to be provisional. It is now estimated that subscriptions exceeded
4,600,000,000 francs, divided approximately as follows: Bank notes, 1,500,000,000 francs; subscriptions by the current accounts of the banks with
the Treasury, 1,800,000,000 francs; Bons de la Defense Nationale, 1,300,000
francs.
LATYLL
According to local press reports, the Riga Discount Bank in conducting
negotiations with several German banks for a foreign loan of 4,000,000
German marks for the Riga city Government, to be used for the completion
of the construction of the Central Market Hall,
LITHUANIA.
The official crop report of Lithuania on July 1 shows a noticeable imin crop conditions over the previous rcenth with all grain
provement
crops above medium, but estimates for flax, potatoes, peas and buckwheat
below medium. The local press reports that the city of Memel has completed negotiations with a group of German banks for a loan of 4,000,000
German marks to be used for improvement and construction work. The
rate of interest was 7% and the issue rate 87.
NORWAY.
The Norwegian situation during August continued depressed, although
some slight improvement occurred in industrial activities, said due largely
to the wage readjustment and the effect of the new tariff. A general
Increased stability, however, characterized the economic situation as a
whole. The money market shows funds less plentiful. Foreign bank deposits are reported to be the lowest in ten years. The exchange was very
firm during August with a rising tendency. The stock market was fairly
active, although somewhat uneven, but with a firm general undertone.
Quotations were somewhat stronger. rice levels which have been somewhat
uncertain showed a steady decline during the early months. A general tone
of improvement was noticeable in industrial conditions.
UNITED KINGDOM.
British industry was quieter in August, partly because of holiday influences than during any previous month this year. However, the volume of
business has been greater than in any August for several years. The number of registered unemployed continues to fluctuate slightly above 1,000,000; the total was 1,040,000 on Aug. 22 as compared with 1,027,000 on
July 25. A slackening in COli production has been responsible for a decrease of 80,000 persons in the number of miners now employed as coin-
1401
THE CHRONICLE
pared to the June coal mining employment figure. The iron and steel industry is quiet, pig iron and steel production showing reductions which
are partly due to the summer holiday period. The output, however, is
well above the 1925 level. There are no indications of a demand revival
sufficient to -estore output to recent levels to which accumulated orders
contributed largely. During August there was some improvement in the
tone of the coal market due to reduced output from the mines having
brought production in line with demand, a slowly improving foreign demand, and an anticipated seasonal increase in domestic inquiries. However, there has not been any marked increase in actual sales volume and
prices are still low. Seasonal quietness prevails in engineering trades and
the situation shows little recent change. Values of raw wool remained
firm in August pending the opening of the Australian sales on Aug. 29.
Manufacturers' expectations of higher values were confirmed by the opening prices.
JUGOSLAVIA.
Preliminary data on foreign trade for the first six months of 1927 indicate an excess of imports over exports, in contrast to an export trade balance for the same period of 1926. This shift in the trade balance is due
to decreased exports, which were 23% in value below those of 1926. Corn
shipments showed the largest decreases, about 152,000,000 dinars, followed
by wheat, 38,000,000 dinaik while lumber shipments were satisfactory.
Stabilized exchange in the countries normally consuming a large proportion
of Jugoslav lumber products has resulted in an improvement in the industry.
FAR EAST.
AUSTRALIA.
Prices received in the first wool sales of the new season at Sydney were
about 5% above prices in the previous sales, owing largely to higher levels
Buyers for Germany were very active, and
for better grades.
representatives from France, Russia and Japan bought well. Bradford
quiet. Bank returns for the period ended June 30 showed inbuyers were
creased advances against smaller deposits, but the trend is regarded as
partly seasonal. Labor difficulties in the metal trades are said to have
been settled to a large extent by concessions to labor, but new difficulties
are reported in the steel industry, where about 2,000 workers are idle.
JAPAN.
Preliminary returns of Japan's foreign export trade for August indicate
an excess over imports of 49,690,000 yen. (Yen equaled $0.4722 on Aug.
31). The silk industry continues inactive and Government aid seems
probable. A slight increase of unemployment is reported with wages
showing declines. Present. conditions of the rice crop indicate an excess
of 5% over last year's crop, according to local reports.
PHILIPPINE ISLANDS.
The steady tone of the past two weeks continues in the Philippine copra
market. Arrivals at Manila are sufficient to keep two oil mills operating
full time and others intermittently. The provincial equivalent of resecado
(dried copra) delivered at Manila is now 12.75 pesos per picul of 139
pounds; at gondagua, 12.50 pesos; and at Cebu 12% pesos. (1 peso equals
$0.50.) The abaca market is quiet but steady, with production slightly
lower and prices somewhat higher. Grade F is quoted at 38 pesos per picul ;
I, 33.25; JUS, 26.25; JUK, 21.25, and L 19.75.
[voL. 125.
any money now. although I am quite sure the United States would lend
It if a loan was needed, as they have done for our country in the past,
and the people will never forget the kindness shown to them by America.
Mr. Franck added that he would see Benjamin Strong,
Governor of the New York Federal Reserve Bank, while
he is here. Mr. Franck was formerly Minister for the
Colonies and represented the City of Antwerp in the Parliament at Brussels for 25 years. Mr. Franck was in charge
of the Belgian Government's Commission for the Stabilization
of the Franc in 1926. Reference to Mr. Franck's proposed
visit was made in our issue of Sept. 3, page 1269.
Return of Secretary Mellon from Abroad.
Secretary of the Treasury A. W. Mellon was one of the
passengers on the steamer Leviathan which reached New
York on Sept. 5. He was accompanied by his son, Paul,
and his daughter and son-in-law, Mrs. David W. K. Bruce
and her husband. Mr. Bruce, it is stated, has resigned
as Vice-Consul at Rome, but his resignation will not become
effective until after the adjournment of the International
Radio Conference in Washington next month. Mr. Bruce
will serve as Secretary to the Conference. According to the
New York "World" Secretary Mellon declined to comment
on European matters, declaring that "I have been among
people who don't speak English, and I'm out of touch."
Federal Reserve Bank of New York on Gold Movement.
The following is from the Sept. 1 "Monthly Review" of
the Federal Reserve Bank of New York:
The flow of gold in and out of the country during August was of even
smaller proportions than in the previous month (but again resulted in some
excess of imports. Reports of the movements through the Port of New
York during the first 29 days of August showed imports of $6,000,000.
The principal imports were an additional $2,400,000 from the Netherlands.
continuing a movement which began in May, and $3,100,000 from Chile
to further augment the reserves of the Central Bank of Chile maintained
In this country. Exports totaled $900,000. of which about half was
shipped to Mexico.
Complete July figures for the United States show a net import of $8,900,000, the result of imports of $10,700,000 and of exports of $1,800,000.
The imports included chiefly $4,800.000 from Canada and $4,500.000 from
the Netherlands, while exports were principally to Mexico and the Far
East. These figures raised the net gold import balance for the first seven
months of the year to $140,000.000, and on the basis of preliminary reports for August, the net inflow since the first of the year has been further
Increased to approximately $145,000,000.
SOUTH AFRICA.
The improved general trade position continues, particularly noticeable
In Johannesburg, Port Elizabeth and in Rhodesia. It is now estimated in
South Africa that there will be available for export about 6,000,000 bags
Loans Offered by Britain—They Will
(of 200 pounds) of corn. Shipments of this grain are proceeding with Two Conversion
Take Care of Shortly Maturing Debts Exceeding
consequent stimulus to chartering and bunkering and to the ship stores
business at Capetown and Durban. Drought areas have been further re$1,000,000,000.
lieved by heavy rains. The export position is regarded as generally favorThe following London cablegram Sept. 6 (copyright) is
able in South Africa and an export surplus is believed likely. Mineral
production for July was valued at £4,194,000, which is £159,000 under from the New York "Times":
the valuation for the June output. Gold production declined slightly owing
Two conversion operations which will account for £277,700,000, or more
to the shortage of native labor.
than $1,000,000,000 of shortly maturing debts are announced by the British
LATIN AMERICA.
Treasury to-night. In the next twelve months about £2,250,000,000 of the
public debt will fall due for repayment, including the balance of the first
ARGENTINA.
war loan issued in November, 1914.
There was a noticeable increase in imports during the last week. Cattle
The conversion offer announced to-night means that the Government
prices are high and arrivals of chilling steers are heavy, although the
has decided to begin the formidable task of providing replacement of
prices obtained for champions at the Rural Society's stock show are the
some of its pre-Autumn commitments. The first offer is for the conversion
lowest in many years. Many districts are said to be feeling the effect of of the £62,700,000 3 % war loan and about
£150,000,000 of national
continued drought.
war bonds.
BRAZIL.
Applications will be invited for their conversion into a 3)1% loan the
Brazilian business continues quiet with little change, both foreign ex- terms of which are not announced. The Treasury bonds issue will be 4).6 %
change and the coffee market having remained steady. The Coffee Insti- offered by tender at £996 shillings, with repayment at par in 1934, with the
tute has secured a loan of £5,000,000 from Lazard Bros. of London, and it option by both parties of repayment in 1929 or later.
Is reported that the same firm has offered a loan of £12,000,000 to the
Federal Government for stabilization purposes. Sugar interests in Pernambuco have signed an agreement proposed by the Bank of Brazil for the Three Bank Mergers Effected in
Australia—Financial
protection of sugar A new commission has been appointed to study plans
Institutions of Antipodes Consolidating for Comfor the electrification of the Central Railway.
PANAMA.
Heavy banana shipments in September to the west coast of the United
States are reported expected in Panama. The Government bonded warehouse
In Colon began operations on Sept. 1. Merchants have been given 15 days'
notice to remove all merchandise in the Boyd Bros. warehouse to the Government warehouse or pay duties thereon.
Louis Franck, Governor of National Bank of Belgium,
Arrives in United States.
Louis Franck, Governor of the National Bank of Belgium,
arrived on the White Star steamer Homeric on Sept. 7,
and was met by Gates W. McGarrah, Chairman of the
Board of the Federal Reserve Bank of Now York, and
George Harrison, the Deputy Governor. According to the
New York "Times," Mr. Franck will go to Chicago on his
way to Yeolowstone Park and visit Washington the return
journey to New York. The "Times" reported him as
/saying:
I am glad to have had the opportunity of seeing this wonderful city
of New York, which is really beautiful as it opens out to the view of the
traveler coming up the harbor. I have no special mission from my
Government and have Just coma for a vacation to see America and visit
friends.
Conditions in Belgium are good financially and industrially at present and we have no unemployed. Belgium does not need to borrow
mercial Reasons.
The following is from the New York "Times" of Sept. 4:
The tendency toward consolidation of competing or similar industries
and businesses which has been much in evidence since the World War is
shown in the recent merger of Australian banks. Three such mergers
have been effected and others are In prospect.
The first amalgamation was that of the Bank of Victoria with the Commercial Banking Company, effective at the close of March. The combined
institutions showed assets of £54,503,323 and liabilities of £51,583,118.
This merger was effected at the same time, approximately, that the Western
Australian Bank joined forces with the Bank of New South Wales. Another amalgamation was between the Royal Bank of Australia and the
English, Scottish and Australian Bank, which was confirmed by the shareholders on April 23. This transaction is reported to have been distinctly
favorable to the Royal Bank.
The latest merger was the absorption of the Bank of Adelaide by the
Bank of New South Wales. The Bank of Adelaide was about the only
remaining small independent bank In Australia. Meanwhile the shareholders of the Bank of New South Wales on March 25 approved the proposal
to increase the bank's capital from £6,000,000 to £7.500,000 through the
each.
creation of 75,000 new shares at £20,
The Commonwealth Bank of Australia remains the centre of the banking system of Australia and performs many functions that in America are
assumed by the Federal Reserve banks and in a way by the Bank of England
In Britain's banking system. There has been more or less talk that Australia might adopt a system modeled after the Federal Reserve system in the
United States, but at the present time this is unlikely. The consolidation
movement now under way Is purely commercial and actuated by the
reasons of economy and increased efficiency that have prompted so many
•
bank consolidations both in England and the United States:
SEPT. 101927.]
THE CHRONICLE
(New So th Wales) Not to Borrow From
National City Bank.
The following is from the New York "Times" of Sept. 9:
Sy d
The plan of the City Treasurer of Sydney. New South Wales, to borrow
$2.000,000 from the National City Bank of New York has been disapproved
by the Finance Committee of the Sydney City Council, according to cable
advices from that city yesterday. The reason was not given.
According to the "Evening Post" the City Treasurer had
recommended that the offer be accepted.
Payment of Coupons of Imperial Chinese Government
5% Hukuang Railways Sinking Fund Gold Loan
of 1911.
J. P. Mcrgan & Co. announce that, as a result of provision
made therefor by the Chinese Government, they will be
prepared beginning Wednesday, September 14th, to pay
coupon No. 29 due December 15 1925 on bonds of the
German series of the above loan, including those attached
to German series bonds drawn for redemption on June 15
1925.
Canton (China) Merchants Agree to Lend $5,000,000
Demanded by Government.
The following Associated Press advices from Canton,
Sept. 2 appeared in the New York "Times:"
The Cantonese merchants have agreed to raise a military loan of 10,000,000 Mexican dollars (about $5,000,000). It is stated that the Government is forcing all business to buy bonds up to 40% of their capitalization.
The merchants' agreement has resulted in a sudden rise in the value of
bank notes. The banks have reopened. Trade, however, is paralyzed,
and this is attributed by financial experts to the Government's drastic
action.
The three members of the Chamber of Commerce being detained pending
the raising of the $10,000.000 loan have not yet been released.
Dillon, Read & Co. Arrange $25,000,000 for Deutsche
Bank of Berlin.
It was announced yesterday (Sept. 9) that Dillon, Read
& Co. have arranged a $25,000,000 five-year 6% loan for
the Deutsche Bank of Berlin, next to the Reichsbank the
largest banking institution in Germany. The announcement
added:
Offering of the issue will be made in the near future in the United States,
England. Holland, Switzerland and Sweden. Proceeds are to be used
principally for credits to middle-sized German companies which cannot
economically borrow abroad and which have access only to short-term
credits.
The Deutsche Bank was organized in 1870 with its principal office in
Berlin. With the exception of the Reichsbank it has for over 40 years
been the largest bank In Germany, in respect to volume of business and
deposits. It has been for 30 years the largest bank as regards aggregate
of its share capital and reserve and has been the recognized leader in
the commercial banking field in Germany.
Dillon, Read & Co. this morning confirmed the report of negotiations
but would not elaborate beyond the details contained in the dispatches
from Berlin.
The New York "Times"of yesterday reported the following
copyright message from Berlin Sept. 8:
The Deutsche Bank has concluded negotiations with Dillon, Read &
Co., New York, for a $25,000,000 loan. This sum will be used to cover
a number of small short-term industrial loans about to fall due and which
cannot be retired.
Depository notes falling due Sept. 1 1932 will be hated at 99.5 and
will bear 6% interest.
This is one of the biggest steps to aid smaller industrials here, it is said.
It is looked upon as a big help to German industry in general.
Columbia to Raise $100,000,000 Here By the End of the
Year—Congress Debating New Refunding and
Highway Loans Abroad—$25,000,000 6% Issue Is
Slated to Sell at 943 —Other Financing.
%
According to the New York "Journal of Commerce" of
Sept. 8 a large volume of new financing for the Government
provinces and cities of Columbia is now being arranged,
which will make that country one of the leading foreign borrowers in this market this fall. A total of nearly $100,000,000
of additional Colombian securities is expected to make its
appearance here within the next few months, says the
item, which adds further:
The largest Colombian loan expected is the issue of $25,000,000 of Government bonds, which Hallgarten & Co. purchased this spring at 91. The
bonds were not offered then because of the unsatisfactory state of the bond
market, but it is planned to sell them at 94,4 within the next few weeks.
These bonds bear a 6% coupon and the price would indicate that Colombian credit is valued not far below that of Argentina, whose 6% bonds sell
fractionally under par.
Low Debt Helps.
The Colombian national debt is now the lowest in South America.
amounting to less than $4 per capita. This reduction which has been
followed 8111C0 the Kemmerer commission had outlined a policy of financial
reconstruction in 1922. The efforts of Colombia were, of course, largely
aided by the $23,000,000 Indemnity which was received from the United
States in connection with the settlement of the Panama Canal incident.
Colombia is now embarking.on an extensive campaign of internal improvements,and plans to raise money from abroad for this purpose. Accordingly, a $100,000,000 railroad loan has been authorized of which the first
quarter has been sold to Hatlgarten & Co.
1405
A further increase in the Colombian national debt will arise if pending
debt extension legislation is passed by the Colombian Congress. That body
is now debating measures which will enable the Government to negotiate
loans, in addition to the 8100,000,000 railroad loan, for refunding the relatively small internal debt of the Republic and build highways. The major
portion of the Government debt at the present time is in the form of the
consolidated sterling6% loan of1913,issued torefund previous foreign loans.
Highways are said to be urgently needed.
The Columbian Government has recently looked askance at the large
amount of financing done by the States and cities, because of the possible
adverse effect this might have on its own credit. However, plans for new
Issues are going forward for the time being.
Tolima Sells Bonds.
Most of the Colombian financing, however, Is being done by the subordinate Governmental divisions. The State of Tolima,fot example, has just
arranged with Redmond & Co. to sell an issue of about $3,000.000 of 7%
5
bonds. The State received 881, for these bonds, and it is understood that
there was rather spirited bidding for the issue on the part of American
banking houses. The bonds will have 20 years to run.
The State of Antiquia, the largest and richest State in the Republic, has
already borrowed substantially here, and it is not expected that it will return for a loan soon. On the other hand, the State of Caldas, which is
also one of the more populous portions of the country, is now seeking additional money here. Bids have been invited from several American banking
houses, but because of the relatively large debt burden of this province,
much less enthusiasm is being evinced for it.
One of the largest pieces of Colombian financing in the offing is the issue
of $10,000,000 for the province of Santander, in the eastern part of the
Republic. An issue of bonds for the Agricultural Mortgage Bank of Colombia is also proposed, while Barranquilla and other municipalities are in
various stages of negotiation with American bankers for loans.
Offering of $2,000,000 Bonds of Saxon State Mortgage
Institution—Issue Sold.
An issue of $2,000,000 Saxon State Mortgage Institution
(Sachsische Landespfandbriefanstalt) mortgage, collateral
sinking fund 6% guaranteed gold bonds, offered on Sept. 8
by the National City Co. was sold the same day and the
books closed. The offering was made at 95 and interest to
yield over 6.44%. The bonds will bear date Sept. 15 1927
and will mature Sept. 15 1947. They will be redeemable
at the option of the Institution as a whole or in part on any
interest date upon 30 days' notice at 102, to and including
Sept. 15 1932 and at 100 thereafter. Beginning March 15
1928, a cumulative sinking fund sufficient to retire entire
issue by maturity will operate semi-annually by purchase at
not exceeding 100 and interest, or by redemption by lot at
100. At least one-half of the bonds retired in each half year
will be redeemed by lot. The bonds (coupon) will be in
denominations of $1000 and $500 and will be registerable as
to principal only. Principal, interest and premium (if any)
will be payable in New York City in United States gold coin
of the present standard of weight and fineness, without
deduction for any present or future taxes or duties levied by
or within the German Reich or the Free State of Saxony at
the National City Bank of New York, trustee. Principal
and interest are also collectible, at the option of the holders,
at the City Office of the National City Bank of New York,
in London, England, in pounds sterling, in each case at the
then current buying rate of the said bank for sight exchange
on New York City, New York. Sachsische Bank Zu Dresden
is co-trustee. Interest is payable March 15 and Sept. 15.
The $2,000,000 to be presently issued are part of a total of
$8,000,000 authorized by the trust indenture, the issue of
the remainder being subject to the enactment of legislation
increasing the total amount of bonds that may be issued
by the Institution from 50,000,000 reichsmarks to 75,000,000
reichsmarks.
The following is summarized from letters to the National
City Co. from the Finance Minister of the Free • State of
Saxony, and the Managing Directors of the Saxon State
Mortgage Institution:
The manufactured products of the diversified industries of the Free State
of Saxony enjoy an established reputation in foreign markets, which may
confidently be expected to create substantial export surpluses upon the
restoration of normal conditions of activity. These highly developed industries require skilled craftsmanship and perfection of detail—a condition
which does not encourage mass production but results in numerous manufacturing establishments of moderate size.
These establishments are well conditioned as regards plant and equipment,
but they have been hampered in securing needed working capital by the
general scarcity of credit in Germany. For this reason, the Government
of Saxony (although in principle not in favor of State aid to industry) ha.
felt entirely Justified in sponsoring the Saxon State Mortgage Institution,
which has been established for the purpose of alleviating the present working
capital stringency by the creation of long term foreign credits. The recent
improvement in the industries of Saxony has emphasized the wisdom of
thistype of industrial financing.
In addition to the unconditional guaranty of the Free State of Saxony,
these bonds are secured by the pledge of an equivalent amount of
mortgagee
(or cash in lieu thereof) constituting first liens on industrial properties
in
amount not exceeding 30% of the conservatively appraised value
of such
properties, subject only to prior existing mortgages (for the
discharge of
which appropriate provisions will be made In the trust
indenture)
any charges created by the Law of Industrial Charges or the Law and to
for the
Collection of Industrial Charges, and to possible minor
charges not of a
capital nature.
The Saxon State Mortgage Institution is under the same
auditing supervision as the Saxon State Bank, which has managing and
had a successful
1406
THE CHRONICLE
career since its establishment in 1862. A conservative loan policy s assured through the provisions of the Charter Law and By-Laws which establish general rules limiting the amount of individual loans and requiring
under certain conditions the approval of Regional Credit Committees. the
State Commissioner, the Governing Board and the Ministry of Finance.
The Saxon State Mortgage Institution is not required to issue industrial
debentures under the so-called "Dawes Plan", but it may be required to
make certain payments under the Law for the Collection of Industrial
Charges, estimated not to exceed $2,500 per annum, but this has been
rendered improbable through recent administrative decision.
Outstanding Brokers' LoansTon New York Stock
Exchange at $3,673,891,333 Reach New High
Record—Increase of $32,196,043 in Month.
Outstanding brokers' loans on the New York Stock Exchange continue to rise, the August 31 figures (made public
by the Exchange on Sept. 6), reaching a total of $3,673,891,333, comparing with $3,641,695,290 on July 30, an increase
of $32,196,043. The August 31 total is made up of $2,745,570,788 demand loans and $928,320,545 time loans. Commenting on the increase which the latest statement has
revealed, the New York "Times," of Sept. 7, said:
[VOL. 125.
The business of the Bank is somewhat similar to that of tho typical
American savings bank. In additicn, however, it is authorized to issue
mortgage bonds and debenture obligations, secured by first mortgages on
farming lands and income producing city properties in Budapest, and by
obligations of agricultural communities. This phase of the business has
Played an important part in the development of the Bank and is one of Its
chief sources of income. Mortgage bonds issued by the Bank increased
from the equivelent of $3.734,000 in 1885 to $78.845,000 at the end of 1914.
The Bank is particularly well-equipped to continue its activities in this
field under very favorable conditions prevailing at the present time.
While confining its operations mainly to the savings bank business, the
Bank founded and retains control of the National Bank Corporation, which
conducts a general commercial banking business. This subsidiary bank
controls substantial interests in several important industrial companies.
As to dividends and earnings it is stated:
The Bank has paid dividends on its capital stock without interruption
since 1853, or for 74 years. Dividends of 8% and 10%, respectively, were
paid for the years 1925 and 1926. In addition to the cash dividend for the
year 1926,stockholders received valuable stock rights incident to the increase
in capitalization. Current operations would seem to indicate that the dividend rate might conservatively be increased for the year 1927.
Profits for the year 1926, as officially reported by the Bank, were equivalent to a little over 14%% on the capital stock outstanding at the end
of the year. However, in view of the conservative practice of the Bank to
show profits only In amounts slightly in excess of proposed dividend payments, it is estimated by good authority that the income statement for 1926
does not reflect entire net earnings and that actual net earnings were nearer
the Stock Exchange during a good part of to 28%.
The heavy transactions on
August, with a speeding up of speculative activity in the last few days, had
prepared the stock market community for a borrowing total of large proportions. In the last few days there have been unofficial predictions of a Failed Brokerage Firm of George T. Wood & Son,
still larger increase in loans to come as a result of large-scale market operaLouisville, May Pay Less Than One-Half Cents
tions in the old and new shares of the General Motors Corp.
The following is the statement issued by the Stock Exchange this week.
On the Dollar.
In regard to the affairs of the defunct brokerage house of
George T. Wood & Son of Louisville, Ky., the failure of
which on July 25 was noted in the "Chronicle" of July 30,
page 597, the Louisville "Courier" of Aug. 31 said, in part,
as follows:
Total net loans by New York Stock Exchange members on collateral,
contracted for and carried in New York as of the close of business Aug. 31
1927, aggregated $3,673,891,333.
The detailed tabulation follows:
Demand Loans. Time Loans.
Leaving less than $150 in cash assets, George T. Wood & Son, Louisville
(1)Net borrowings on collateral from New York
$2,330,261,008 $839.525,045 brokerage firm, which failed July 25, will be able to pay less than 1% cents
banks or trust companies
(2) Net borrowings on collateral from private
on the dollar for customers' claims of more than $750,000, it was revealed
bankers, brokers, foreign bank agencies or others
88,795,500 Monday when an audit of the firm's books was completed by Humphrey
415,309,690
In the City of New York
Robinson & Co., for Judge Ernest F. Clark, receiver.
$2,745,570,788 $928,320,545
About $100.000 is recorded as total assets, it was said, with 890.000 of this
$3,673.891,333
Combined total of time and demand loans
required to meet preferred claims. Approximately 610,000 will remain to
The scope of the above compilation Is exactly the same as in the loan pay off $660.000 In customers' claims, it was indicated.
report issued by the Exchange a month ago.
It was shown, however, that the $10.000 available for the debts would
The monthly figures of the Stock Exchange since the dwindle considerably in paying costs of winding up the firm's business, cutstill more.
issuance of the monthly figures by it, beginning in January ting the customers' shareLouisville National Bank & Trust Company was
After the failure, the
— of anreir ago, follow:
made assignee for the Wood firm, but relinquished the assignment when the
Total Loans
1926-Demand Loans. Time Loans.
firm was declared bankrupt and Judge Clark was made receiver. The
Jan. 30
8996.213,555 $3,513.174 154 audit was ordered by the court for his use.
82.516,960,599
Feb. 27
2.494.848.264 1,040,744.057 3,535.590 321
Customers' claims varied from $30 to 350.000. the temporary list filed
966,612.407 3,000 096.107
Mar.ol
2,033.483.760
865.848,657 2.835.718501' with Nat C. Cureton, referee in bankruptcy, revealed.
1,969,869.852
ADM 30
780,084,111
May 28
2,767,400414
1.987.316.403
700,844,512 2.926,298.345
2,225,453.833
June 30
714.782.807 2.996.750.527
July 31
2.282,976.720
778.286,686 3.142.148.088 Former Governor Stokes of New Jersey in Letter to
Ace 31
2,363,861.382
799,730,286 3,218,937,011
Sept.30
2.419.206,724
State Bank Commissioner Protests Against Control
821,746.475 3.111.176.926
2,289,430,450
Oct. 31
799.625.125 3.129.161.676
Nov. 30
2.329.536.550
of Banks by Corporations.
751,178,370 3.292,8r0,256
Dec. 31
2,541.681.885
-1929
Attention to the dangers resting in "the growing custom
810.446.000 3.138.786.338
Jas. 31
2,328.340.338
Pet,. 28
780.981.250 3,258.409.37P of corporations and so-called investment trusts of buying
2,475.408,129
785.093,500 3,289.781.174
Mar 31
2 504.687.674
799,903.950 3,341.200.1147 the stocks and in many cases the actual control of existing
Apr. 30
2.541,385,897
783.875.950 3.457 WM MO
2.673.993.079
May 31
C. Stokes
811.998.250 3,568,966.843 banks" is directed by former Governor Edward
3,756,968,593
June 30
877.184.250 3,841,695.290 of New Jersey in a letter to Edward Maxson, Commissioner
2,764.511.040
July 38
928,320,545 3.673,891,333
Aug.31
2,745,570,788
Offering of American Shares of Capital Stock of First
National Savings Bank Corporation of Budapest,
Hungary.
At $43.25 per share flat, Ames, Emerich & Co., Inc.,
("WrQ on Sept. 8 "American shares" in respect of Capital
stock of the First National Savings Bank Corp. of Pest
(Pesti Hazai Elso Takarekpenztar-Egyesulet), Budapest,
Hungary. The capital stock of tie corporation is in 160,000
bhares (par value 100 pengos) 16,000,000 pengos (approximately $2,800,000). The sale of these "American shares"
does not represent any increase in the capital of the bank.
It is announced that:
surance. In asking the Commissioner to recommend to the
Governor that the Legislature be asked "to pass a law prohibiting the ownership of bank stocks other than individuals
or by estates which would naturally fall heir to them," Mr.
Stokes says "the purchase of bank stocks and control of
banks by corporations will change the whole policy of
American banking and substitute a centralized ownership
for local self-control. Nothing can be more dangerous."
We quote as follows from his letter, made public Sept. 8:
"I respectfully call your attention, to the growing custom by corporations and so-called investment trusts of buying thestocks and,in many cases.
the actual control of existing banks. I enter my earnest and respectful protest against this dangerous policy.
The difference between the banking system in America and that of all
other countries is that ours has always possessed a personal and humane
The "American sldtres" will be issued under a deposit agreement with feature. America has over 30,000 banks, each one locally owned and
the Anglo-South American Trust Co. of New York. as depositary. For locally managed by a local board of directors and officers, who use the
each "American share" issued there will be deposited one share of the par funds of the bank legitimately for the development of the community and
value of 100 pengos of the present stock of the bank. The deposited stock for the credit needs of worthy and enterprising individuals whom they perWill be fully paid and non-assessable. "American shares" will be exchange- sonally know and in whom they have confidence. Many a poor boy
able after April 30 1937, for the deposited stock of the bank on payment of through credit extended by his local bank has become a successful merchant.
fifty cents per "American share." No voting right attaches to the "Ameri- manufacturer or professional man.
can shares." Dividends received upon the deposited stock will be converted
The little bank in Roebling is an illustration. It is locally controlled and
Into dollars and distributed, after deduction of expenses, to holders of the is a great help and aid to the progress of that borough, both as a community
"American shares" by the Anglo-South American Trust Co., New York. and individually. If this bank was owned by a New York corporation
depositary. It is expected that the deposited stock will be held for the which had no personal interest in the community or its individuals, one
Anglo-South American Trust Co. by the Banque Anglo-Sud Americanine would experience great difficulty in getting loans except upon a pawnbroker's
Soc. Anon., in Paris, or by the Anglo-South American Bank, Ltd. In basis with gilt-edge collateral. The personal and community aspect of the
London, except during such periods as the stock is deposited in Budapest Roebling bank would then fade from the picture.
for voting purposes.
90111k.
, ,
(sal • e
This local banking system is one of the greatest resources of American development and prosperity. Contrast it with England, where they have only
The functions of the Bank are described as follows:
First National Sayings Bank Corp. of Pest (Pesti Hazel Elso Takarek- nineteen banks where formerly they had over 500 with about 8.000 branches.
penztar-Egyesulet) has been in existence for 87 years. It was established or France with twenty banks and a large number of branches. In those
in 1840, with a share capitalization equivalent to a little over $24,000. At countries, banking capital is concentrated and becomes a cold-blooded
the end of 1913 (the last fiscal year prior to the war), its capital, surplus and pro_position and individuals find difficulty in getting accomodation.
purchase of bank stocks and the control of banks by corporations will
reserves were equivalent to over 614,000,000, and deposits aggregated over
682.000.000. The Bank Is the largest and most important savings institu- change the whole policy of American banking and substitute centralized
tion in Hungary. In addition to its principal office, it maintains 10 branches ownership for local self-control. Nothing could be more dangerous.
In the City of Budapest and is affiliated with 17 provincial savings banks
Our country has laws to prevent the domination of trusts and their undue power and they are regulated both in the nation and in the state. The
located throughout the Kingdom.
The
101927.]
S.
THE CHRONICLE
control of banks by impersonal corporation would be the most dangerous
and powerful trust that could be conceived; namely, a money trust.
The sentiment of this country is unmistakable and Is expressed through
the American Bankers' Association and the various state banking associations, which are strongly against branch banking as a general proposition,
and by common consent it has been confined to municipalities.
Our State and national laws are opposed to branch banking as a general
policy. Control of banks by these corporations is a clear violation of these
laws, although a corporation has been formed in this State for this explicit
purpose. The "Financial Chronicle" of March 26 in this connection refers to
the Bank of Italy, the combination which controls 270 branches throughout California, which is in turn controlled by the Bancitaly Corporation,
which controls a number of banks in New York, thus making a chain across
the continent.
If banks in half a dozen or more cities of this State were controlled by a
central corporation in New York or even in some locality In our State, all
of these banks would be branches and the local control of them would cease.
They would simply be branch banks of a central corporation, the very thing
that our State and national laws prohibit. Our banking system would cease
to be democratic and become imperialistic. This system of banking enables
a trading of resources and the result of that relationship has been most unhappily illustrated in the failure of banks both in Georgia and Florida.
It is unnecessary to advise you that you have no supervision or control
over these corporations that own and control the banks your ably administered department is designed to safeguard.
I wish that you would recommend to the Governor that in his annual
message he urge the Legislature to pass a law prohibiting the ownership
of bank stocks by other than individuals or by estates which would naturally fall heir to them.
I am going to take this up with our local clearing house, our State Banking Association and with the public through this letter, if you permit me,
with the hope of arousing the people to the danger of this tendency, lest
they be lulled into a false sense of security. I have no doubt of public
sentiment on this question when once the facts are made known.
Gates W. McGarrah, of New York Federal Reserve
Bank to Sail for Europe.
Gates W. McGarrah, Chairman of the Board of the
Federal Reserve Bank of New York, will sail for Europe
to-day (Sept. 10) to attend the meeting of the General
Council of the Reichsbank.
W. H. Dillistin Appointed Assistant Federal Reserve
Agent of Federal Reserve Bank of New York.
The following announcement was issued yesterday (Sept.9)
by the Federal Reserve Bank of New York:
William H. Dillistin has accepted an appointment as Assistant Federal
Reserve Agent in charge of bank examinations, and will begin his duties on
Oct. 3. Mr. Dillistin was with the Federal Reserve Bank of New York
from 1918 to 1925, when he resigned to accept his present position as
Vice-President of the Peoples Bank & Trust Co. of Passaic. Mr. Dillistin's
return to the official staff of the bank will strengthen the bank examination
function. whose duty it is to follow closely banking developments in the
Second Federal Reserve District.
1407
One of the items which have been published in the matter,
indicating that the action of the Board may result in a test
of the powers of the Board, appeared as follows in the
New York "Times" of yesterday (Sept. 9):
The long-debated question of the wisdom of centralized dictation in
Washington of the rediscount rates that shall prevail in various parts of
the country was brought sharply before the Wall Street banking community
yesterday by the announcement that a reduction from 4 to 3X% in the
rate of the Federal Reserve Bank of Chicago had been forced by the Federal
Reserve Board over the protests of the Chicago bank's directors.
Bankers here said that a court test undoubtedly would be made finally
of the Reserve Board's power to take the initiative in changing the rediscount rate of a Federal Reserve bank. The usual procedure Is for the
directors of a bank to decide on a rate and then submit it to the Reserve
Board in Washington for approval. This gave the Board a veto power, but
directors of some of the Reserve banks have disputed the right of the
board to start a movement upward or downward in rates. Under the
divided power provided in the Federal Reserve act the question never has
been brought before the courts, but Vice-Governor Platt of the Reserve
Board announced in Washington that a ruling made by the Attorney General
in 1919 held that the board had the power not only to confirm rates but to
establish rediscount rates.
Question of Wisdom.
Aside from the question of the legality of the Board's action there is a
division of opinion among bankers here as to the practical wisdom of dictating changes from Washington against the wishes of the local bankers. It
was said here yesterday that the question probably would be Injected into
politics, as the rediscount rate level has an Important bearing on money
rates, credit conditions and the business situation throughout the country.
The present situation brings into the open a conflict of opinion that frequently has existed between the authorities in Washington and the director
of the various Federal Reserve banks.
When the Federal Reserve Act was being drafted one of the first questions
brought up was as to who should have the power to fix rediscount rates.
Conservative bankers at that time were in favor of giving the local Reserve
banks full power over rates, while the Democratic wing, led by William
Jennings Bryan, wanted the decisions to be made in Washington. A compromise was reached by which rediscount rates were to be Initiated by the
Reserve banks,subject to the confirmation and determination of the Board
in Washington. This was accepted, as It assured that no rate change
could be made that was not satisfactory both to the bank and to the Board.
After the system got to functioning actively It was found that the board
had little power over rates, as if a bank did not want a change it did not file
its rate with the board; hence there was nothing for the latter tl veto. A
change was put Into effect some years ago under which the board directed
the various Reserve banks to submit their rediscount rates for approval
every week. This put practically full power in the hands of the Board.
If it did not approve a rate, it left the bank without an official rediscount
rate and, hence, unable to do any rediscounting business. Under this
system changes usually were made in line with the board's desires.
In the Harding Administration, however, the Federal Reserve Board
was reorganized and the rule requiring weekly submissions of rates was
revoked. This apparently left the decision again with the Reserve banks,
as they submitted rates to the Board only when they desired to make a
change. There has been friction at times, however,and the uniformity with
which rediscount rates have moved in various parts of the country has
Indicated that power was being exerted from Washington. The Chicago
case is the first in which a disagreement between the Board and a Federal
Reserve Bank on the rate question has been publicly announced.
Discount Rates of Federal Reserve Banks of Chicago,
International Problem.
Philadelphia and San Francisco Reduced from 4%
The present disagreement reflects a difference of opinion along sectional
lines regarding rediscount rate policies. The Federal Reserve authorities.
to 3%.
informally with
The discount rates of the Federal Reserve Banks of Chicago
Philadelphia and San Francisco have this week been lowered
from 4% to 332%. Eight of the other Federal Reserve
Banks had previously reduced their rates from 4% to 334%,
the only Bank still maintaining the 4% rate being the Federal Reserve Bank of Minneapolis. The change in the rate
of the Federal Reserve Bank of Chicago was announced
by the Federal Reserve Board on Sept. 6 as follows:
The Federal Reserve Board announces that a rediscount rate of 3%%
has been established for the Federal Reserve Bank of Chicago on all classes
of paper of all maturities effective Sept. 7 1927.
In furthering world stabilization, have been co-operating
the Bank of England. The latter desires low money rates in this country
as well as in France, believing them essential to the maintenance of the
British gold standard. High rates here, it is contended, would encourage
the withdrawal of American balances from London, increasing the burden
on sterling exchange at seasons when England is making heavy Purchases
of cotton, grain and other commodities in the United States.
In the East, as a general rule, bankers, looking at the situation from
an international as well as a national point of view, have been favorable
to low rates. In many parts of the West, however, the bankers have been
advocating higher rates, contending that there is danger of inflation in the
present low levels of money, accompanied by heavy speculaticn in securities
at high prices.
A downward movement In Federal Reserve rediscount rates was started
In July with a reduction from 4 to 31i% In Kansas City, It Mowed within
a few weeks by other banks in the Middle West and the Est, including
the Federal Reserve Bank of New York. Philadelphia. San Francisco and
Chicago reduced their rates this week, leaving the 4% rate still in effect
in only one of the twelve Federal Reserva districts. Minneapolis.
The feeling aroused by the action of the Reserve Board in
overriding the wishes of the officials of the Chicago Reserve
Bank and ordering a lowering of the rate is indicated in another article in this issue. The change in the rate of the
It is the Washington correspondent of the New York
Philadelphia Federal Reserve Bank was announced as "Journal of Commerce" who stated in advices to that
follows on Sept. 7 by the Reserve Board:
paper Sept. 8 that:
The Federal Reserve Board announces
it
that has approved an application
of the Fedefal Reserve Bank of Philadelphia for permission to establish
a rediscount rate of 3%% on all classes of paper of all maturities effective
September 8, 1927.
Disagreement occurred within the ranks of the Federal Reserve Board
over the discretionary action taken by the Board at its Tuesday meeting
when it "established for the Federal Reserve Bank .of Chicago" the new
% rediscount rate with a view to quickly fixing that rate uniformly
throughout the system, it was learned to-day.
Announcement was made on Sept 8 that the San Francisco
Federal Reserve Bank had established, with the approval of
The dispatch went on to say:
Confirmation of this disagreement was obtained to-day through the aderal Reserve Board, a rediscount rate of 334%, on
the
mission of Vice-Governor Edmund Platt, who, when interrogated, authorall asses of paper of all maturities, effective Sept. 10.
ized a statement to the effect that he "dissented" as to forcing the Chicago
Action of Federal Reserve Board in Ordering Reduction
in Chicago Federal Reserve Bank Rate May Result
in Test Case as to Powers of Board--Vice-Governor Platt is Said to Indicate that Board Exceeded
Power.
The agitation which has arisen as a result of the action
this week of the Federal Reserve Board in ordering a discount rate of 334% for the Federal Reserve Bank of Chicago
—lowering the rate from 4%—seems not to be confined to
Chicago; the propriety of the action is also being questioned
elsewhere and, according to newspaper accounts, has led to
disagreement in the ranks of the Federal Reserve Board.
Bank to adopt the new rate. While Mr. Platt was disinclined to discuss
the matter further. he Indicated that the Board exceeded its power under
the Federal Reserve Act.
Other Members Silent.
Governor Crissinger refused to comment on the controversy over the
Board's action, nor would any other member of the Board except ViceGovernor I'latt divulge his stand. Interpretation as to whether or not the
Board is vested with authority to establish a rediscount rate for a Reserve
bank must be gleaned from Paragraph D of Section 14 of the Federal
Reserve Act.it was pointed out by a member of the Board. This paragraph
provides that every Federal Reserve bank shall have power "to establish
from time to time, subject to review and determination of the Fe deral
Reserve Board, rates of discount to be charged by the Federal Reserve
bank for each class of paper, which shall be fixed with a view of acco
°dating commerce and business."
It was further pointed out that the original plan of the Federal Reserve
Act favored one central Reserve bank, but since the system was extended to
1408
THE CHRONICLE
twelve Reserve banks some question arises as to what is meant by "subject
to review and determination of the Federal Reserve Board."
How attention was called to the fact that the new rate for the Chicago
bank had been established by the Board, and not through the customary
procedure of the Reserve bank first making application for a change in its
is. is.
discount rate, could not be learned,
Establishment of the new discount rate, which it is known the Board is
anxious to make uniform in keeping with its policy, for the Chicago bank
was the first "clear cut" case where the Board has forced a Reserve bank
to adopt a rate. The
% became effective at thephicago bank yesterday
(Sept. 7) in accordance with the Board's direction.
[Vol,. 125.
position,and ranged with them,it is reported from Washington, are several
minority members of the Board staff.
Edmund Platt, Vice-Governor of the Board, was reported yesterday to
have let it be known that he was opposed to the use of force on the part of
the Board to bring about the money rates that it felt were proper. The
majority, howefer, has based its action on an opinion of the AttorneyGeneral provided for the Board in 1919.
Confirmed Rate-Making Power.
At that time the ruling appears to have been that the Federal Reserve
Act gave the Board power not only to approve rates proposed by the banks,
but also to establish such rates. A minority of the Board, however, has
expressed doubt whether this opinion would hold in court, and declares that
the intention of Congress to withhold such power from Washington authorities is apparent, not only from the text of the Act, but also from the Congressional debates before its passage.
The entire question of where the power resides hinges on the passage in
the Federal Reserve Act which provides that the Reserve banks have the
power "to establish from time to time, subject to review and determination
of the Federal Reserve Board,rates of discount to be charged by the Federal
Reserve Bank for each class of paper. . . ."
Philadelphia Action Cited.
Especial significance also is attached to the measure reported by the
Board in connection with its establishment of the new rate for the Chicago
bank because of its announcement yesterday to the effect that the application submitted by the Philadelphia bank for the lower rate had been
approved.
This announcement coming the day following that on which the Board
established the new rate for the Chicago bank gave rise to the belief that
the Philadelphia bank, observing the attitude of the Federal Reserve
Board in connection with its known desire to fix a uniform discount rate was
New York Backs Chicago.
prompted to apply for the 3%% rate after it had momentarily stopped the
The sympathy of New York bankers has swung abruptly from Washingprocession of reductions among the Reserve banks through its
:failure to ton to Chicago in the controversy
over the rate question. This is apparent
change from the old 4% rate at its previous meeting. . . .
from the statement of a man who,if any, may be said to qualify as a spokesman for Wall Street banking
opinion.
Factors Governing Rate.
"I believe that Chicago in this instance Is in the wrong in retaining the
Some indication of the desire entertained by the Board toward bringing
4% level, but, as compared with the high-handed action of the Board in
about a uniform rate may be gathered from the explanation concerning the
recent reductions of discount rates which is contained in the forthcoming thus usurping the Bank's powers. Chicago's attitude is of trivial importbelieve it would be extremely unfortunate for the country were
Federal Reserve "Bulletin" for September. The Board in making publi3 a ance. I
summary of the "Bulletin," states that "factors in the diminished require- the important policies of our great Reserve banks fall into the hands of a
political body such as the Federal Reserve Board."
ments of member banks for Reserve bank credit have been the continued
receipt of gold from abroad this year and the.decreased demand for currency
According to press advices from Washington, Sept. 8, in
by the public."
the New York "Evening Post," Daniel R. Crissinger,
These reductions in rates were supported, it is pointed out, by purchases
of United States securities by the Reserve banks. "Money rates in the Governor of the Federal Reserve Board, when asked conopen market," the Board continues, "which had been tending downward cerning the report from Chicago that the rediscount rate of
since mid-summer, showed a sharp decline following upon the reduction in
was forced on the Bank there against the wishes of
the Reserve bank rates, and the lower rates in this country have been
influence causing funds to be transferred to foreign money centers where the Chicago Board, said:
There was no forcing about it. The Federal Reserve Board established
higher rates prevail, with the consequence that sterling and other exchanges
the rate of 3 % on Tuesday for sound reasons. That is all there is to it.
have advanced.
"This rise in the exchanges is facilitating the autumn purchases of AmeriThe dispatch said further:
can agricultural products by foreign countries and will be an influence
Challenged Uniform Rate Theory.
against further imports of gold, while the lower level of interest rates in
this country at the season when crops are moving in large volume both to
Failure of the Chicago Federal Reserve directors to fall in line with
domestic and to foreign market is a favorable factor in the business the eight other Reserve banks had been characterized as a challene to
situation;
the theory said to be held by the Federal Reserve Board that a uniform
Further anxiety on the part of the Board to immediately bring about a discount rate throughout the twelve Reserve districts is a major factor in
uniform discount rate is contingent upon a rising tendency in money rates the Board's national credit policy.
in central and eastern Europe, conpled with congestion in the London
The reduction of rates was inaugurated by the Reserve Bank of Kansas
bond market. These conditions. it is stated, make the time ripe for largely City on July 29 and this example was followed at intervals since by the
increased exportation of capital from the United States.
Federal Reserve banks of New York,Boston, St. Louis, and Dallas. MeanStill another of the newspaper comments which the arbi- while the Reserve banks of Minneapolis. San Francisco, Philadelphia and
Chicago held to the 4% rate until this week, when both Chicago and PhiLstrary rate reduction has occasioned is the following from the delphia rates were reduced.
It was reported that to the Chicago bank was given the opportunity to
New York "Herald-Tribune" of yesterday (Sept. 9):
The Federal Reserve Banking System, Its girders and beams but a few set the example by making the first reduction, but that it declined to act
months ago reinforced through the passage of the McFadden banking bill upon it. The attitude of the Chicago bank raised the question whether the
in a way that left no doubt of its ability to withstand the effects of assault uniform rate of 3% throughout the country was to be blocked.
from without, has found itself shaken within the last 48 hours by an internal
Division of Opinion.
convulsion which, before it is spent, promises to test the very foundations
On the one hand it has been contended that a uniform rate was essential
of that structure.
to the maintenance of the country credit structure and that the Chicago
Beneath the present eruption is the long-smoldering question of whether
bank should have taken the lead in the movement to reduce rates preparaIn matters of fundamental policy the 12 regional banks of the System are
tory to the demand of farmers for credit for crop-moiing purposes. It was
to enjoy self-determination, or whether the Federal Reserve Board at
argued that the psychological effect of the rate reduction would have been
Washington is to shape their financial programs for them.
enhanced by Chicago's leadership.
On the other hand, it was argued that the position taken by the directors
Becomes a Live Issue.
Until the present moment that question has been confined to the realm of of the Chicago Reserve Bank was logical, as the maintenance of a higher
discount rate in that city would tend to accelerate the flow of funds from
the academic. To-day It has become a live and vital matter. The 12
Reserve banks saw the gantlet hurled to the ground by the Reserve Board the East to the West for the crop-moving season. In support of this theory
was made to the argument that London's money market was eased
at Chicago on Wednesday when the central governing body of the System, reference
for the first time in the 14 years of its existence, took matters into its own by the reduction of the New York Federal Reserve rate, thus facilitating
the movement of funds to the British centre.
hands and reduced the rediscount of the Reserve institution of that city.
Therefore It was urged that a uniform rate throughout the United States
What the outcome of this challenge to the autonomy of the regional
banks will be no one can foretell. Indications in Washington, according to was no more desirable than in the international field of finance; that Is, for
dispatches from the Capitol late last night are that the lines are rapidly the central banks of all countries to attempt to maintain the same rate.
being drawn for a Congressional fight on the issue, with Senator Carter
We also take occasion to give the following dispatch from
Glass, former Secretary of the Treasury and co-author of the Act creating Chicago,
Sept. 8, to the New York "World":
the Reserve Board, leading the anti-Reserve Board forces.
Big bankers in Chicago are of the opinion that President Andrew Jackson's
work in eliminating the "United States" Bank was not permanent. They
Dictation the Alternative.
If it is not carried to Congress. moreover, there is a strong likelihood of assert there is a "United States" Bank now centralized in Washington, the
Federal Reserve, which is arrogating to itself the right to order changes in
the battle being brought to court. That question is one on which at the
moment bankers are hesitant to commit themselves, partly because they the Federal Reserve discount rate in 12 Federal Reserve districts.
This is the way irate bankers here expressed themselves over the order
are still somewhat stunned by the action of the Board, partly because they
realize that a contest of this kind is fraught with the utmost danger of issued at Washington to the Chicago Federal Reserve Bank to reduce the
discount rate from 4 to 3% %•
political complications—and they realize that above all. if the usefulness of
Washington had requested the officials of the Chicago Federal Reserve
the Reserve System is to be preserved intact, it must be kept out of the
Bank to reduce the rate, but the request met with a refusal. Then Washpolitical arena.
Against this consideration, however, they must weigh that of divestment ington took decisive action. William A. Heath, Chairman of the Board
of a self-government which has never been definitely called to question since of the Federal Reserve Bank, said: "I can't talk about it." From an
the organization of the system in 1913. They must accept the challenge of Inside source it was said that Chicago bankers blame New York for the
the Board or abdicate their right to regional autonomy and submit to dic- action.
"The Seventh Federal Reserve District, of which Chicago is the headtation from Washington in every vital phase of their policy.
quarters, is entirely different from New York," one of Chicago's most
Ever since the Reserve banks of the country a little more than a month
conservative bank heads said. "Ours is an industrial and farming centre
ago, led by the Kansas City institution; commenced the readjustment of
their rediscounts from what was a nationwide level of 4% to 334% there untouched by the gyrations of the New York Stock Market. Our borrowers
and lend
are satisfied with keeping the money rate orderly."
has been considerable discord in the air. The Chicago Bank, as week after
week has gone by and bank after bank has fallen in line with the new rate
level, has consistently demurred against taking similar action. Intimations
nn Griswold of Chicago "Journal of Commerce"
have come from that centre that it was at odds both with the Federal Reserve
Board and with the so-called Eastern policy, that of low money rates,
Declares that with Reduction in Chicago Federal
sponsored, if not actually led, by the New York Bank. It was hinted from
Reserve Bank Rate the Reserve Board Usurps
Chicago that the New York rate was fashioned too much in conformity
with international requirements and that it was inflationary.
Control of Chicago Bank.
Battle Becomes Open.
This controversy, however, was but a skirmish before the big battle which
has now been precipitated by the action of the Reserve Board. As a result
of the Board's unprecedented move in taking definitely out of the hands of
the Chicago bank its long-established prerogative of initiating rate changes,
All twelve banks of the system have been thrown into a common defensive
.
While we refer elsewhere to some of the criticism which has
been eve ked by the manner in which the reduction in the
discount rate of the Chicago Federal Reserve Bank has been
effected, we are giving here, under a special head, the pronotmcea nits against the move which have come from Glenn
SEPT. 10 1927.]
THE CHRONICLE
Griswold, Editor of the Chicago "Journal of Commerce."
Editorially in that paper, Sept. 8, Mr. Griswold had the
following to say:
A new epoch In the affairs of the Federal Reserve System will date from
Tuesday. Sept. 6 1927. On that day the Federal Reserve Board at Washington took the control of the Federal Reserve Bank of Chicago out of the
hands of its directors, and announced a reduction in the discount rate
without the consent of these directors.
The move was so bold and so unexpected that members of the local board
are still a bit dazed by it.'They are uncertain as to the advisability of
making an open fight for independence, not because of any fear or respect
they have for the Federal Reserve Board, but because they have a genuine
concern for the future of the Federal Reserve System—a fear that if another
scandal and another battle start, the system may become an Issue in the
next session of Congress and become so deeply embroiled in politics as to
lose much of its unsefulness, if not to go the way of the first and second
banks of the United States.
When the official announcement of the reduction in the rate was given
out, on Tuesday, the impression was that the Board of Directors had met
and met and decided that discretion was the better part of valor, and that
the demands from Washington that the rate be reduced had best be acceded
to.
Directors Refuse AU Comment.
It did seem significant that the announcement was made on Tuesday.
when Friday is the regular meeting day of the Bank; but it was taken for
granted that a special meeting had been held. The directors of the Bank
disappeared when possible, and when cornered refused to answer any
question or make any comment on the announcement.
Chicago bankers who have had much to do with the Federal Reserve
System since its inception, who have worked for it and defended it. have
a forlorn air of futility when discussing the incident. They make no
attempt to guess what the potentialities of the situation are, but they are
agreed that it is no longer sensible to assume the independence of the
Bank nor to attach any importance to the opinions or the acts of its directors.
The Attorney-General has given the Federal Reserve Board a ruling in
Which he holds that under a broad interpretation of the ministerial powers
conferred upon the Board by law, they have the right not only to accept and
veto changes in discount rates, but also to initiate them and to compel their
adoption.
On the same theory it is assumed that many other responsibilities with
which the law seems to charge the local Board may be assumed by the
Federal Reserve Board.
Feeling Is Running High.
Feeling among Chicago bankers has reached the boiling point. It is so
intense that none dares speak his mind. At five o'clock last night bankers
who ordinarily leave their desks at 2:30, sere sitting about in little groups
discussing the thing.
This universal resentment is not directed toward the act of the lowering
of the discount rate, but toward the manner in which it was done. There
are many bankers in Chicago who are inclined to the opinion that a reduction in the rate at New York, and perhaps in other banks, is justified by a
consideration of questions much broader than domestic necessities. Many
of them believe that it is not only right but urgently necessary that we do
whatever is possible to help the central banks of England. France and
Germany at a critical time, and that rates may be properly adjusted so that
American funds are attracted abroad. But the secrecy and the coercion
that have attended this change is shocking to them.
Minneapolis and Chicago have beeh the two Federal Banks in the system
that have consistently rebelled against dictation from Washington, particularly in the matter of the adjustment of the discount rate. Probably a
reduction in the Minneapolis rate will be announced soon.
Wectern Bankers Know Conditions.
These Western bankers have had a little different attitude from that of
Easterners in such matters perhaps because they are closer to those elements of politics, economics and sociology which seem to them to menace
the security of the Federal Reserve System.
They have seen agriculture follow the leadership and the reasoning of
leaders who opening advocate the destruction of the system. They know
that the average farmer, without knowing anything whatever of the workings of the system, has been taught to hold it responsible for most of the
Ills of agriculture.
They realize that it would be much easier than Eastern bankers know,
to make a political issue of the Federal Reserve System. They know how
difficult would be the defense of it if an issue were made.
There will be a number of informal discussions to-day among some of
those bankers in Chicago who have taken leadership in Federal Reserve
affairs, to determine whether it is best to make an open protest and an open
fight for independence, or submit. The decision will be based on what
seems best for the Federal Reserve syetem as a whole.
A Banker Offers Solution.
The point of view of Chicago bankers is well stated by one who had
something to do with the drafting of the act and who has been identified
with the system much of the time since, although he has never been a
director of the local bank.
"The idea that these banks are regional in their operations is rapidly
coming to be pure fiction. I have always been inclined to the belief that
we might better have had a single Reserve Bank with twelve or some
other suitable number of branches. Recent developments lead me to
believe not only that this is inevitable, but that it is the only salvation
of the system.
"If full authority be vested in a central board, their responsibility will
be so obvious that the Board must be responsible to banking and public
opinion. Of what use is it, that the ablest bankers and business men of
the country are elected and appointed to the boards of directors of these
banks, if their opinions are to be disregarded and if their authority
Is to be that of office boys.
Believes Reduction Breeds Inflation.
"I am not so concerned with whether the discount rate be 3%% or
4%%• I do believe that a rate reduction at this time encourages speculation and breeds inflation; and that from a domestic point of view, it is bad
judgment.
"I am not insensible, however, to the necessity of considering our
financial program in the light of world conditions. I am not at all sure
that if I were a member of the Federal Reserve Board and knew all that
they know about world finance, I would not favor a reduction at this time.
But the present situation is intolerable. We have been accustomed to
Coercion from Washington, but I had never expected that the thing would
be carried so far.
"We must begin now to plan one of two things: either the immediate
recovery of the prerogatives of local Boards of Directors and the restoration
of the regional idea of management; or the frank and definite concentration
1409
of all authority in the system in one Board where that authority Will be
tempered by responsibility."
Thus we have the picture of a reduction in discount rate in a Federal
Reserve Bank, presumably as the act of its Board of Directors, but without
their consent.
The following further comment (copyright) by Mr. Griswold was reported from Chicago, Sept. 8, in a dispatch
printed in the New York "Herald-Tribune" of yesterday
(Sept. 9):
The subterfuge that will make the Federal Reserve Board sweat cold
before they are through with their campaign of artificial inflation is so
clearly revealed in three paragraphs of a statement of explanation and
alibi, made in Washington, that they are worth repeating in full:
"During the month the discount rates at eight Federal Reserve Banks
were reduced from 4 to 31i% and there was a corresponding reduction in
the rates charged on bankers acceptances. These redugi d ir rae er were
e cngircTo t ta ci
l
Eillp
oney
rted
ennm
U ited
:hrguilces een
open market,t
i by
l
rates
since midsummer, showed a sharp decline following upon the reduction in
the Reserve Bank rates, and the lower rates in this country have been an
influence causing funds to be transferred to foreign money centers, where
higher rates prevail with the consequences that sterling and other exchanges
have advanced.
"This rise in the exchanges is facilitating the autumn purchase of American
agricultural products by foreign countries and will be an influence against
further imports of gold, while the lower level of interest rates in this country
at the season when crops are moving in large volume both to domestic
and to foreign markets is a favorable factor in the business situation.
This reveals as clearly as the most exhaustive cross-examination could
reveal that the reduction in rates at this time was not made because money
was cheap and the discount rate was following the money market.
It was made deliberately to force rates lower and to force inflation upon
the country in order that funds might be moved abroad.
If these rate reductions had been made as rate adjustments are made
by every other central bank in the world—to keep step with the money
market—that would have been the end of the matter. In this instance the
Board says: "These reductions in rates were supported by purchases of
United States securities by the Reserve banks?"
What does the Board mean by the word -supported"? Whatever it
means, the fact is that rate reductions were arbitrarily enforced and cheap
money was created by the purchase of United States securities.
When the Federal Reserve Board first adopted the policy of making the
Reserve banks trade in huge amounts of government securities, it was
explained honestly that the thing was done in order to give the banks a
powerful weapon for the regulation of money rates, in a degree that was
not possible by the mere adjustment of the discount rate.
When the Federal Reserve banks go into the market and buy Government securities they release an equal amount of credit, which tends toward
expansion and toward interest rate reduction. When they sell their
securities a process of contraction is in action, and it's a very powerful one.
It is the accumulation of Government securities on the part of the
Federal Reserve banks that has been in a large measure responsible for
the exceptionally low interest rates that have prevailed at a time when
industry was demanding little in the way of working capital, and responsible for the fact that a huge amount of bank credit has been created
and transposed from commercial uses to fixed capital employment.
These operations largely explain the fact that banks everywhere have
been put to all sorts of devices to find employment for funds, and have
accumulated securities and reale state that in other days would have found
no place in the balance sheet of commercial banks.
The Federal Reserve Board, by coercion—and coercion failing, by
direct usurpation—not only has fixed a low discount rate, to stimulate
business, increase prices and move funds abroad for the rescue of Europe,
but also has undertaken arbitrarily to hammer rates down by the purchase
of Government securities. It is all as clear as a crystal.
Bankers of the West who have fought the Federal Reserve System's
battles, defended it against demagogues, and worked and prayed for it,
are about discouraged. They realize that despite its personnel it is the
greatest banking system in the world; that it has saved agriculture and
business from calamtities that would have outdone all our historic panics
of the past. But they are beginning to see that the time may come when
the friends of the System can no longer defend it against the stupidity
of those in control.
A few little men, utterly incompetent to manage any important bank,
let alone the greatest banking system in the world, are operating with
a high hand, as though the System were a financial despotism, irresponsible
and unaccountable, and as though it were impregnable and utterly immune to the attacks of demagogues and the revolts of public opinion.
The one thing that would restore the System to public confidence, and
forefend against the evils that are presently almost certain for it. would
be a housecleaning in Washington and in New York.
.
R7
puricnhare
The following by Mr. Griswold (copyright) appeared in
the Chicago "Journal of Commerce" of Sept. 7,immediately
following the announcement of the reduction in the Reserve
rate:
I was informed just before quitting time that the Federal Reserve Bank
of Chicago had reduced its discount rate from 4% to 3%%. It was inevitable, of course. but I had not expected that the directors of the Chicago
bank would yield quite so soon to the coercions of Washington and New York.
I do not know what was in the minds of those directors who voted for
the change. The only directors available in Chicago when the reduction
was announced were those who certainly voted against it, and whose
opinions I know without asking. I did talk to two Chicago bankers, two
of the most conspicuous and influential. Neither would be quoted, probably
because each makes it a rule never to speak for publication when he is
boiling mad.
This almost completes the circle of rate adjustments necessary to carry
out the present policy of business expansion determined upon by those
Eastern interests for whom Benjamin Strong is the spokesman.
Minneapolis and Chicago have always been the two banks that were
conspicuous for their reluctance, even recalcitrance, when ordered by
New York and Washington to make what seemed an unwise and inexcusable
change in discount rate, either up or down.
Ever since Chicago refused to be the bell-wether in the movement,
and
the first to announce a rate reduction, emissaries from Washington
and
New York have been working on the nine widely scattered directors of
the
Federal Reserve Bank of Chicago.
Chicago is represented on the board by George M. Reynolds,
Chairman
of the Continental & Commercial Banks: William A. Heath.
Chairman of
the Board of the Federal Reserve Bank. and James Simpson,
President of
Marshall Field & Co.
Mr. Reynolds has been an outspoken independent in such
matters since
his first association with the Reserve System. Mr. Simpz
nis
her
more of a student of the Federal Reserve System than any
merchant
1410
THE CHRONICLE
In the United States. Mr. Heath is an appointee of the Federal Reserve
Board.
The six other members of the Board are business men and country
bankers scattered throughout the district. For the most part they probably
are easily convinced that so long as cheap money stimulates business. It
may be good for them and their businesses to go along with the campaign
of expansion. It is much easier to convert them by this logic than by pointing out that the cheap money campaign in this country is the principal
element of support promised to Europe in an effort to cheapen money and
increase prices here, to encourage the movement of bank balances overseas,
and to bring the economic situation in this country to a position more
favorable to European restoration.
It will be interesting to observe in the next few weeks what influence
these rate changes have on the actual rate charged by bankers to borrowers.
We were told when Kansas City made the first move, that it was done to
help the farmer, but none of the inflationists has repeated that absurdity.
Some day perhaps the Federal Reserve Board will tell us what in its
scheme of things constitutes the money market; and what, if any,relationsvp exists between money market levels and the discount rate.
Governor Crissinger of Federal Reserve Board Predict
that Nothing Will Come of Protest Against Cut in
Discount Rate of Chicago Federal Reserve Bank.
D. R. Crissinger, Governor of the Federal Reserve Board
yesterday (Sept. 9) broke his silence on the furore the Board
created by forcing the Federal Reserve Bank of Chicago to
cut its discount rate, with the comment that the Chicago
bank is making "a mountain out of a mole hill," says a dispatch from Washington in the "Sun" of last night, which
added:
Incidentally the Governor revealed the fact that the Federal Reserve
Board had taken the initiative in ordering other reserve banks to reduce
their rates. No protest, he observed, has been received from any of the
institutions whose rates were cut from 4% to 33i %,excepting in the case
of Chicago.
Governor Crissinger predicted that nothing would come of the Chicago
bank's protest. The reduction, he said, was made in accordance with the
terms of the Federal Reserve act and on recommendation of the Federal
Reserve Board, the Comptroller of the Currency and the solicitor of the
Treasury.
The discount rate of the Chicago Reserve Bank was changed once before
since 1919 and no protest was made at that time, he added.
It is expected here that the Chicago protest will be thoroughly aired at a
meeting of the Federal Reserve Board Advisory Committee here Friday
/Carter Glass to Lead Fight Against Federal Reserve
Board—Co-Author of Law Creating Bureau to
Oppose Action in Forcing Discount Rate Cut When
Congress Meets.
A battle in Congress over the power exercised by the
Federal Reserve Board in forcing the Chicago Reserve Bank
against its will to reduce the discount rate from 4 to 3M%
is promised, with Senator Carter Glass, former Secretary
of the Treasury and co-author of the Act creating the Reserve
Board, leading the fight to prevent the Board from exercising such power, says a Washington dispatch, Sept. 8, to
the New York "Herald-Tribune." Continuing the account
says:
Meanwhile in Chicago it is being charged that Montagu Norman,
Governor of the Bank of England, and King George have combined with
Wall Street to force the rest of America to follow New York in rediscounting
the rate.
Actually the members of the Federal Board 'who voted to force Chicago
to reduce its rate were actuated, It Is stated even by those on the Board
who opposed them, by the motive of keeping gold and short-term loans
and balances from flowing into this country from Europe. In short.
they N oted against importations of gold and funds which are not needed
In this country, rather than with any desire to prevent the further draining
of gold which Europe wants to retain.
The interesting question here, however, is not so much why the Reserve
Board acted, but in the precedent established, and where it may lead.
This is the first time in its history that the Board has taken such action.
The action was taken over the protest of several members, including
Edmund Platt of New York, who insisted that Congress in passing the
law had no intention of giving the national body any such power over
the Reserve banks.
"I do not think the Board has the power to take such action," he told
the "Herald-Tribune" correspondent today, "and I do not think it was
necessary even if we did have the power. I think the lower rate in the
West stimulated the flow of money from the East to the West, and I do
not think this was undesirable."
The general attitude of the Board was forecast in the "Herald-Tribune's"
Washington dispatch printed on Aug. 1. when a member of the Board was
quoted as saying that "there is more reason for the New York bank reducing its rate than for the Kansas City bank to have done so, and this
applies with equal logic to Boston. Philadelphia and other Eastern banks."
To support its contention that it had the power to act, the Reserve
Board raked up an opinion submitted by an Assistant Attorney-General
In 1919. There was no action at the time as the result of this opinion,
however, the action in coercing the Chicago hank last Tuesday being the
first time the Reserve Board ever directed a change in rates contrary
to the wish of the Board of Governors of a Reserve Board.
(VoL. 125.
$500,000,000 was offered, of which $250,000,000, "or thereabouts," will be in the form of 3% Treasury Certificates of
Indebtedness which will mature in six months and will be
acceptable in payment of income and profit taxes; the
second offering consists of three-five year 3%% Treasury
notes, offered for cash and in exchange for Second Liberty
Loan converted 44 bonds. The amount of the cash offer/
1
%
ing is $250,000,000 "or thereabouts," dash subscriptions being invitd at par and accrued interest; subscriptions in
exchange for the Second Liberty Loan (414%) bonds are
/
invited at 1001%. The amount of the issue upon exchange
subscriptions will be limited to the amount of Second Liberty 4
/ tendered and accepted. The 4% Second Liberty
1
4s
Loan bonds will not be accepted in exchange for the new
notes. The cash subscription books in the case of the offering of both the Treasury Certificates and Treasury notes
ere closed on Sept. 7. Associated Press advices in the
"Sun" of last night (Sept. 9) stated that • cash subscriptions for the $500,000,000 offering of Treasury
Certificates and Treasury notes were in excess of
$1,670,000,000 Secretary of the Treasury Mellon announced. According to the statement issued by Acting Secretary of the Treasury Ogden L. Mills, the exchange offering
will probably be kept open until Sept. 29. Mr. Mills states
that the amount of Second Liberty Loan bonds outstanding
at the present time is something less than $1,200,000,000, of
which $1,180,924,400 are Second 414s. Both the new Treas/
ury Certificates and Treasury notes will be dated and bear
interest from Sept. 15 1927. The certificates, which are
offered at par and accrued interest, are designated Series
TM2-1928, and will be in denominations of $500, $1,000,
$5,000, $10,000 and $100,000. Treasury Certificates, Series
TS-1927 and Series TS2-1927 (due Sept. 15), will be accepted in payment for the new issue of certificates anti the
new Treasury notes; of the two issues of maturing certificates, one totals $229,269,500 and the other $150,618,000.
Announcement of the Sept. 15 financing was made as folows by Acting Secretary Mills:
The Treasury is to-day announcing its September offering of securities.
Two separate Issues are being offered, first, an offering of six months 3%
Treasury Certificates of Indebtedness and second, an offering of 3.5-year
314% Treasury notes, both offerings being dated Sept. 16 1927 and bearing
Interest from that date.
Certificates of Indebtedness.
The amount of the 3% Certificates of Indebtedness offered la $250,000,000, or thereabouts. Subscriptions are invited at par and accrued
interest
The certificates will mature on March 15 1928,
314% Treasury Notes,
The 314% Treasury notes are being offered both for cash and in
exchange for Second Liberty Loan converted 04% bonds. The 4%
Second
Liberty Loan bonds will not be accepted in exchange for the new notes.
The amount of the cash offering of Treasury notes will be $260,000,000,
are thereabouts. Cash subscriptions for the new Treasury notes are invited at par and accrued interest.
The amount of the issue upon exchange subscriptions will be limited only
by the amount of the Second 4%s tendered and accepted. Exchange subscriptions are invited at 100%. Interest on any Second 4%s surrendered
and accepted upon allotted exchange subscriptions will be paid in
full to
Nov. 15 1927. Accordingly, at the time of delivery of the new Treasury
notes the Federal Reserve banks will pay to the subscriber or his
authorized agent the interest from May 15 1927 to Nov. 15 1927 on
the Second
4%s surrendered in exchange, less the amount of the premium
on the
notes issued.
Treasury certificates of indebtedness of Series TS-1927 and
TS2-1927,
both maturing Sept. 15 1927, will be accepted at the Federal Reserve
banks
at par to be applied in payment for any certificates of indebtedness
of the
series now offered which shall be subscribed for and allotted with an
adjustment of the interest accrued, if any, on the certificates of the series
so
paid for. Treasury certificates of indebtedness of Series TS-1927
and
TS2-1927 will also be accepted at the Federal Reserve banks at par, to be
applied in payment for any Treasury notes of Series B-1930-32 now offered
which shall be subscribed for and allotted upon cash subscriptions.
The exchange offering of Treasury notes will probably be kept open
until Sept. 29. The offering of certificates of indebtedness and the cash
offering of Treasury notes will probably be available for only a few days,
the Secretary of the Treasury reserving the right to close the subscription books of these offerings, as well as the exchange offering, at any time
without notice.
The Treasury desires again to call attention to the fact that all bonds
of the Second Liberty Loan have been called for redemption on Nov. 15 1927
and will cease to bear interest on that date. The total amount of the
Second Liberty Loan issued on Nov. 15 1917 was $3,807,865,000. When the
refunding of this loan was begun in March last $3,104,520,050 remained
outstanding. On March 15 $1,360,456,450 of these bonds were refunded
into 31
/ Treasury notes of 1930-32 and on June 15 a further amount of
2
%
$245,256,000 was refunded into 3%% Treasury bonds of 1943-47. Further reductions were made through purchases for sinking fund account
and from sinking fund account and from surplus money. As a result of all
these operations the amount of Second Liberty Loan bonds outstanding at
the present time Is something less than $1,200,000,000, of which $1,180,924,400 are Second 4%s. The issue of the new Treasury notes In exchange
for these bonds is in furtherance of the Treasury's refunding program.
Except for the premium, the present exchange offering is substantially the
same as that of March 15 last.
September Financing of United States Treasury—Total
of $500,000,000 Offered in Treasury Certificates and
Treasury Notes—Continued Refunding of Second
Liberty Loan Bonds—Issues Over-subscribed—
Books Closed.
The Treasury circular giving details of the new Treasury
Two separate issues of United States Treasury certifi- notes is given in another item in this issue of our paper.
cates were offered in the September financing announced by Below we give the Department's circular offering the new
the Treasury Department under date of Sept. 5. A total of Certificates of Indebtedness:
SEPT. 101927.]
THE CHRONICLE
1411
UNITED STATES OF AMERICA.
will mature Sept. 15 1932 and may be redeemed at the option
3% Treasury Certificates of Indebtedness, Series TI12-1928.
of the United States at par and accrued interest on and
Dated and bearing interest from Sept. 15 1927.
Due March 15 1928.
The Secretary of the Treasury, under the authority of the Act approved after Sept. 15 1930. The following is the Treasury DepartSept. 24 1917, as amended, offers for subscription, at par and accrued ment circular giving details
of the new Treasury note offerinterest, through the Federal Reserve banks, Treasury Certificates of
Indebtedness of Series TM2-1928, dated and bearing interest from Sept. 16 ing:
UNITED STATES OF AMERICA.
1927, payable March 15 1928, with interest at the rate of 8% per annum,
payable on a semi-annual basis.
32 Treasury Notes, Series B-1930-32, Offered for Cash and in Exchange
/
1
%
Applications will be received at the Federal Reserve banks.
for Second Liberty Loan Converted 41 Bonds.
/
2
%
Bearer certificates will be issued in denominations of $500, $1,000, Dated and bearing interest from Sept. 15 1927.
Due Sept. 15 1932.
$5,000, $10,000 and $100,000. The certificates will have one interest Redeemable at the Option of the United States at Par and Accrued
Interest
coupon attached, payable March 15 1928.
On and After Sept. 15 1930.
The certificates of said series shall be exempt, both as to principal and
Interest Payable March 15 and Sept. 15.
interest, from all taxation now or hereafter imposed by the United States,
1. The Secretary of the Treasury invites subscriptions through the Fedany State, or any of the possessions of the United States, or by any local
/
2
%
taxing authority, except (a) estate or inheritance taxes, and (b) graduated eral Reserve banks for 31 Treasury notes of Series B-1930-32 of an issue
additional income taxes, ,commonly known as surtaxes, and excess profits of gold notes of the United States authorized by the Act of Congress apand war profits taxes, now or hereafter imposed by the United States upon proved Sept. 24 1917, as amended.
the income or profits of individuals, partnerships, associations or corpora- • 2. Cash subscriptions are invited, at par and accrued interest. The
tions. The interest on an amount of bonds and certificates authorized by amount of the issue for cash will be $250,000,000, or thereabouts.
3. Exchange subscriptions in payment of which only Second Liberty Loan
said Act approved Sept. 24 1917, and amendments thereto, the principal
/
2
%
/
1
8)
of which does not exceed in the aggregate $5,000, owned by any individual, converted 41 bonds of 1927-1942 (hereinafter referred to as Second 42
/
2
.
4s SP
partnership, association or corporation, shall be exempt from the taxes may be tendered, are invited at 1001 Interest on any Second 41
surrendered and accepted will be paid in full to Nov. 15 1927. The amount
provided for in clause (b) above.
The certificates of this series will be accepted at par, with an adjustment of the issue upon exchange subscriptions will be limited to the amount of
/
2
of accrued interest, during such time and under such rules and regulations the Second 41 tendered and accepted.
as shall be prescribed or approved by the Secretary of the Treasury, in payDescription of Notes.
ment of income and profits taxes payable at the maturity of the certificates.
4. The notes will be dated Sept. 15 1927 and will bear interest from that
The certificates of this series will be acceptable to secure deposits of public date at the rate of 31
/ per annum, payable semi-annually on March 15
2
%
moneys, but will not bear the circulation privilege.
and Sept. 15 in each year until the principal amount becomes payable. The
The right is reserved to reject any subscription and to allot less than notes will mature Sept. 15 1932, but may be redeemed at the option
of the
the amount of certificates applied for and to close the subscriptions at any United States on and after Sept. 15 1930, in whole or in part, on any
time without notice. The Secretary of the Treasury also reserves the right interest day or days, on six months' notice of redemption given in such
to make allotment in full upon applications for smaller amounts, and to manner as the Secretary of the Treasury may prescribe. In case of partial
make reduced allotments upon, or to reject, applications for larger amounts, redemption the notes to be redeemed will be determined by such method as
and to make classified allotments and allotments upon a graduated scale; may be prescribed by the Secretary of the Treasury. From the date of
and his action in these respects will be final. Allotment notices will be redemption designated in any such notice, interest on the notes called for
sent out promptly upon allotment, and the basis of the allotment will be redemption shall cease. The principal and interest of the notes will be
publicly announced.
payable in United States gold coin of the present standard of value.
Payment at par and accrued interest for certificates allotted must be
5. Bearer notes with interest coupons attached will be issued in denomimade on or before Sept. 15 1927 or on later allotment. After allotment nations of $50, $100, $500, $1,000, $5,000, $10,000 and $100,000. The
and upon payment, Federal Reserve banks may issue interim receipts pend- notes will not be issued in registered form. The notes will be acceptable
ing delivery of the definitive certificates. Any qualified depositary will be to secure deposits of public moneys, but will not bear the circulation
permitted to make payment by credit for certificates allotted to it for privilege.
Itself and its customers up to any amount for which it shall be qualified
6. The notes of this series shall be exempt, both as to principal and
in excess of existing deposits, when so notified by the Federal Reserve bank interest, from all taxation now or hereafter imposed by the United States,
of Its district. Treasury certificates of indebtedness of Series TS-1927 any State, or any of the possessions of the United States, or by any local
and T52-1927, both maturing Sept. 15 1927, will be accepted at par, in taxing authority, except (a) estate or inheritance taxes, and (b) graduated
payment for any certificates of the series now offered which shall be sub- additional income taxes, commonly known as surtaxes, and excess profits
scribed for and allotted, with an adjustment of the interest accrued, if and war profits taxes, now or hereafter imposed by the United States,
any, on the certificates of the series so paid for.
upon the income or profits of individuals, partnerships, associations or
As fiscal agents of the United States, Federal Reserve banks are authorized corporations.
and requested to receive subscriptions and to make allotments on the basis
7. The notes of this series will be accepted at par, with an adjustment
and up to the amounts indicated by the Secretary of the Treasury to the of accrued interest, during such time and under such rules and regulations
Federal Reserve banks of the respective districts.
as shall be prescribed or approved by the Secretary of the Treasury, in
payment of income and profits taxes payable at the maturity of the notes,
OGDEN L. MILLS, Acting Secretary of the Treasury.
and, with respect to any such notes that may be called for prior redempTreasury Department, Office of the Secretary, Sept. 6 1927.
tion, will be receivable in like manner and for the same purpose at the
redemption date fixed.
Application and Allotment.
New Issue of 3%% Treasury Notes for Cash and in
8. Applications will be received at the Federal Reserve banks, as fiscal
Exchange for Second Liberty Loan Converted
agents of the United States. Banking institutions generally will handle
43% Bonds.
applications for subscribers, but only the Federal Reserve banks are authorAn account of the September financing of the Treasury ized to act as official agencies.
9. The right is reserved to
whole,
Department is given in another item in this issue in which to allot less than the amount reject any subscription in to closeor in part,
of notes applied for, and
either the
we include the circular detailing the offering of Certificates cash or the exchange subscriptions at any time without notice, and the act
of Indebtedness to the amount of $250,000,000 "or there- of the Secretary of the Treasury in these respects will be final. Exchange
subscriptions will probably remain open until Sept. 29 1927. The Secretary
abouts." In addition to the Treasury Certificates, as indi- of the Treasury also reserves the right to make allotment in full upon
cated in the item referred to, the Treasury Department is applications for smaller amounts and to make reduced allotments upon, or
also putting out an issue of 3 % Treasury notes, Series B to reject, applications for larger amounts, and to make classified allotments
/
1
2
and allotments upon a graduated scale; and his action in these respects will
1930-32, offered for cash and in exchange for Second Lib- be final.
erty Loan converted 41
Payment.
4% bonds. The amount of the cash
10. Cash subscriptions.—Payment at par and accrued interest for ay
issue will be $250,000,000 "or thereabouts." Cash subscripnotes allotted on cash subscriptions must
or
tion books closed on the 3% Treasury Certificates of Indebt- 1927, or on later allotment. Any qualifiedbe made onwill before Sept. 15
depositary
be permitted to
edness and 3 % Treasury notes closed on Sept. 7. The make payment by credit for notes allotted to it for itself and ite custom/
1
2
ers up to any amount for which it shall be qualified in excess of existing
privilege of exchanging 2nd Liberty Loan converted 41 %
4
deposits, when so notified by the Federal Reserve Bank of its district.
bondsfor the new 3 % Treasury notes will remain open until Treasury certificates of indebtedness of Series TS-1927 and TS2-1927, both
/
1
2
about Sept. 29. Cash subscriptions were invited at par maturing Sept. 15 1927, will be accepted at the Federal Reserve banks at
and accrued interest. Exchange subscriptions are invited par, to be applied in payment for any Treasury notes of Series 13-1930-32
now offered which shall be subscribed for and allotted.
at 1002 Interest on any Second 41 so surrendered and
/
1
.
11. Exchange Subscriptions.—Payment for any notes allotted on exchange
4s
accepted will be paid in full to Nov. 15 1927. Incidentally subscriptions may be made only through the surrender of a like principal
will be accepted at
/
2
the New York "Journal of Commerce" in referring to the amount of Second 41s, which on any such Second par, and, at the time of
delivery of the notes, interest
41s so surrendered and
/
2
offering said:
accepted will be paid in full to Nov. 15 1927, less the amount of the premium on the notes. Second Liberty Loan converted 42 bonds tendered
/
1
%
Holders of the Second 41is who do not turn in their bonds for exchange
will receive 100 for them on Nov. 15. Those who accept the exchange in payment for notes subscribed for should be presented when the subscripoffer will pay in these bonds for the new 3-5 year bonds at 1003's. but, since tion is tendered. If any subscription is rejected in whole or in part, any
bonds which may have been tendered and not accepted will be returned to
they will receive interest on the old bonds to Nov. 15, while interest on
the new offerings begins Sept. 15, the actual cost to them will be approxi- the subscriber.
Surrender of Bonds on Exchange Subscriptions.
mately 99.53. As reports were current that the new 3-5 year notes were
12. Surrender of Coupon Bovids.—Second 41 in coupon form tendered in
going to sell at a small premium, a gain of approximately half a point
s
/
2
exchange for Treasury notes issued hereunder should be presented and
Was indicated for holders of these bonds.
surrendered to a Federal Reserve bank. The bonds must be delivered at
The amount of the issue of Treasury notes upon ex- the expense and risk of the holder. Facilities for transportation of bonds
change subscriptions will be limited to the amount of by registered mail insured may be arranged between incorporated banks
the Second 4%s tendered and accepted. The 4% Second and trust companies and the Federal Reserve banks, and hodlers may take
advantage of such arrangements when available, utilizing such incorporated
Loan bonds will not be accepted in exchage for the new banks and trust companies as their agents. Incorporated banks and
trust
companies are not agents of the United States under this circular.
notes. The notes will be in bearer form in denominations
13. Coupons dated Nov. 15 1927 and all coupons bearing dates subseof $50, $100, $500, $1,000, $5,000, $10,000 and $100,000.
quent thereto, must be attached to such coupon bonds when presented. At
Treasury Certificates of Indebtedness, Series TS-1927 and the time of delivery of the Treasury notes of Series 3-1930-32 (or interim
Series TS2-1927, both maturing Sept. 15 1927, will be ac- certificates) upon allotted subscriptions, Federal Reserve banks will pay
cepted in payment for the new Treasury notes. The latter to the subscriber or his authorized agent the interest from May 15 1927 to
Nov. 15 1927, on the coupon Second 41 surrendered in exchange, less the
/
2s
will be dated and bear interest from Sept. 15 1927; they amount of the premium on the notes issued.
1412
TRE CHRONICLE
[VOL. 125.
/
14. Surrender of Registered Bonds.—Second 424s in registered form, great difference of understanding among Washington observers as to just
tendered in exchange for Treasury notes issued hereunder, should be assigned what the French have in mind. There have been many newspaper stories
by the registered payee or assigns thereof to "The Secretary of th Treasury and it was contended by Ambassador Claude] in a conference with Acting
for redemption," in accordance with the general regulations of the Treas- Secretary of State Castle that these misrepresented the situation.
In an interview with the Washington correspondent of this paper, Ambasury Department governing assignments for transfer or exchange into coupon
bonds, and thereafter should be presented and surrendered to a Federal sador Claudel stated that he told newspaper correspondents in New York
Reserve bank. The bonds must be delivered at the expense and risk of the that they had not the right idea as to what was being proposed. He stated
holder. At the time of delivery of the Treasury notes of Series B-1930-32 that he had not the intimate details of the proposition in his possession since
(or interim certificates) upon allotted subscriptions, Federal Reserve banks this was a matter on which the Finance Attache of the Trench Embassy was
will pay to the subscriber or his authorized agent the interest from May 15 at work. However, he explained that what was desired simply was to refund
1927 to Nov. 15 1927 on the registered Second 43s surrendered in exchange, such portion of the 1920 loan as is still outstanding, thereby reducing the interest rate on this particular obligation from 8% to 6%. He pointed
less the amount of the premium on the notes issued.
15. The Federal Reserve banks, as fiscal agents of the United States, out that because of clauses contained in other outstanding bond issues
are hereby authorized and requested to receive subscriptions for Treasury carrying a high rate of interest, it is not possible to refund other than this
notes hereunder, to receive second 414s tendered in exchange, to make one bond issue. He insisted that it was not intended to float a new loan
allotments of subscriptions on the basis and up to the amounts indicated to here of 8100,000,000 as has been reported in some quarters, the refunding
them by the Secretary of the Treasury, and to make delivery of Treasury operations being related to an original issue of that amount, of which last
notes on full-paid subscriptions allotted, and, pending delivery of definitive March there was outstanding something like $72,000,000.
notes, to issue interim certificates.
Last night's "Wall Street Journal"
Further Details.
16. Any further information which may be desired as to subscriptions for
provisions of this circular may be obtained upon
Treasury notes under the
application to a Federal Reserve bank. The Secretary of the Treasury may
at any time, or from time to time, prescribe supplemental or amendatory
rules and regulations governing the exchange, and may terminate the offer
at any time in his discretion.
OGDEN L. MILLS, Acting Secretary of the Treasury.
Treasury Department, Office of the Secretary, Sept. 6 1927.
Senator Borah in Letter to Secretary of State Kellogg
Urges that Approval of Proposed French Loan Be
Withheld Pending Disposition of Debt Agreement
—Conference Between Governor Strong, Secretary
Mellon and S. Parker Gilbert.
In a letter to Secretary of State Kellogg, Senator Borah
of Idaho proposes that the contemplated refunding loan to
France be discouraged until the United States and the
French Government reach an agreement relative to the adjustment of the French debt. Senator Borah's letter follows:
Sept. 3, 1927.
To the Honorable the Secretary of State.
My Dear Mr.Secretary:—Our Government proposed to adjust the French
debt on the basis of fifty cents on the dollar, average rate of interest 111;%,
time sixty-two years. Claiming that this offer is unjust and oppressive,
Trance has not accepted it.
I am informed that France is now proposing to negotiate a new loan in this
country of $100,000,000 with interest at 6%. I am advised that the
Department will shortly be called upon to signify its approval of this loan.
Would It not be conducive to a better understanding between the peoples
of these countries if such loan were discouraged until the two Governments
have reached an agreement relative to the adjustment of the French debt.
The disparity betwen the two propositions seems worthy of consideration.
Is the American taxpayer being swindled or is the French taxpayer being
exploited.
I am offering my suggestion because I presume we will be called upon
to deal with the French debt situation again in the coming Congress.
I am, my dear Mr. Secretary,
Yours very respectfully,
WILLIAM E. BORAH."'
It was stated in a Washington dispatch Sept. 7 to the
New York "Journal of Commerce" that Secretary Kellogg
has transmitted to Senator Borah the answer of the State
Department to the letter of the latter protesting against
approval of he contemplated refunding operations of the
French Government in this country. The dispatch further
reported:
(Sept. 9) reported
that S. Parker Gilbert, Agent-General of Reparations, and
Governor Strong of the New York Federal Reserve Bank
had a brief conference with Secretary of the Treasury Mellon. It is understood (said the item) that the proposed
French refunding loan was the principal subject considered.
It was also stated therein:
While Secretary Mellon, Governor Strong and Mr. Gilbert were in
conference, Stte Department officials were called on the telephone.
Indications are that the question of whether or not the French are to be
allowed to float a refunding loan in this country,is being threshed out,previous to the arrival in Washington of President Coolidge. Final decision will
have to be made by the President. It is understood Secretary Mellon
favors allowing the floating of the proposed French loan and that Governor
Strong and Mr. Gilbert support him. The State Department, on the other
hand, is inclined to hang back and to inquire throughly into all phases of
the matter before lifting the embargo against loans to a government which
has not funded its debt.
The reports relative to the French refunding loan were
the subject of an item in our issue of a week ago (page
1263), in which we referred to the return of Ambassador
Claudel. The refunding of the French 8% external loan in
the United States was discussed in Washington informally
by Ambassador Claudel with William R. Castle, Acting
Secretary of State on Sept. 3, according to the New York
"Journal of Commerce," which also had the following to
say:
The visit of the Ambassador to the State Department was for the purpose
of calling formally upon its officials, since he has Just returned to Washington from a visit to France.
It is said that M. Claude] indicated that he would revisit the department next week on his return from New York city, where he is going to
attend the Lafayette memorial celebration and to be present at a dinner
which will be tendered on board the Leviathan to members of the American
Legion who are about to sail for France to participate in the Legion convention in Paris.
Not Seeking New Monti,.
In his conference with newspaper correspondents to-day, Acting Secretary
Castle let it be known that he had been infosmed by Ambassador Claudel
that all the interviews published in the New York newspapers, purporting
to have been had with him, had misrepresented him, except that in "The
Journal of Commerce" his point of view had been very accurately presented.
The Ambassador further commented that he could add nothing to the statements therein contained. The Washington disptaches in this newspaper received the approval of Ambassador Claudel when presented to him.
The Ambassador stated that he wanted it made clear that France was
not seeking new money in this country, nor would the amount of the refunding operations total the $100,000,000 featured in the New York dispatches. On behalf of those particularly interested in the refunding operations it is said that in any event the total would not exceed 372,184.700,
which was the amount of bonds outstanding at the last announcement.
It wasfurther pointed outthatsuch being the case the transaction practically
would be in the nature of an exchange, since none of the proceeds from the
distribution of the refunding bonds would reach the French treasury.
The contents of this note have not been made public either by Secretary
Kellogg or by Senator Borah, but it is predicted that it will probably show
the State Department in the attitude of considering the situation in rather a
favorable light.
Only Refunding Discussed.
Secretary of the Treasury Mellon, who returned to his desk to-day after
a lengthy absence abroad, when questioned concerning the refunding operaIt was indicated here to-day that the subject matter of the New York inbeen brought to the attention of terviews upon being reprinted in the Paris press annoyed the French Govtions, stated that nothing officially had
his Department and that he was not familiar with the situation beyond ernment. This fact was responsible for the Issuance of an official comknowing that there has been some discussion of the matter in the daily munique by Premier PoIncare wherein these statements were denounced,and
papers.
It was added that merely the refunding of the present outstanding 8%
Matter One for Bankers.
bonds as a means of lowering the interest rate to 6% is contemplated.
The refunding loan was the only question of interest to the two governMr. Mellon referred to easier money conditions and indicated his belief
that it was to be expected that the French would seek to take advantage of ments touched upon during the conversation between the Ambassador
conditions respecting such transactions as and the Acting Secretary of State to-day. Other subjects, such as the
them. He thought on the basis of
they exist to-day that the matter was one for the French Government and Driand treaty proposal, the debt question or the proposed most-favoredthe bankers to discuss. He would not make any statement as to whether he nation commercial treaty, were not discussed and will not be taken up by
believed that since this particular bond issue was of a date prior to the pro- the Ambassador until his return from New York at the end of next week!
nouncement of the Harding Administration against loans to foreign governments which had not settled their obligations with our Government this
prohibition should or should not stand against the refunding operations. The Colorado River Conference—Disposition of the
Otjer considerations besides the contemplated reduction in the interest
Waters of the River—Adjusting the Arizona-Calirate would govern, he indicated, and it Is probably this feature of interest
fornia Controversy.
rate which he had in mind when he suggested the matter was one for the
Trench and the bankers of the United States to discuss.
The Colorado River Conference, held at Denver from Aug.
There were no new developments at the State Department to-day. For
some time it was indicated in State Department circles that a decision in this 22 to Sept. 1, did not reach a complete agreement under the
matter awaited the return to the United States of Mr. Mellon.
Santa Fe compact of 1922 for the allocation of the river's
In any event there is seemingly a liberal feeling within the State Department concerning this matter. In the absence of any direct statement water among the seven States of the Colorado River basin.
from its head, and it is suggested that such a statement will be necessary to So much progress, however, was made toward ironing out
clear up the situation, it is forecast that in such a statement, if issued, it the differences between these States and especially the aniwill be found that the view is taken that this is simply a refunding proposition, and as such should not be subject to United States Government in- mosities growing out of the years of heated Arizona-California
terference.
controversy that the conference has recessed to reconvene
Clauders Return Awaited.
at Denver Sept. 19.
The return to Washington of Ambassador Claudel is awaited, since It is
The outstanding feature of the conference was the number
believed that he may have some advice; from his Government M present
to the State Department following his visit to New York City. There is a of big men earnestly trying to settle for their respective States
SEPT. 10 1927.]
THE CHRONICLE
what may be said to be the greatest irrigation and power
problem that has ever been before any of the States of the
Union. The roster of the delegates shows the seven governors of the Colorado River basin with their irrigation
experts and several Western Senators and Congressmen.
They are as follows:
Arizona.—George W. P. Hunt, Governor for seven terms; Mulford
Winsor, President of Arizona State Senate and Secretary of the River
Commission; H. S. McCluskey, an Arizona industrial commissioner and
labor leader; Thomas Maddock, former State engineer; Samuel White,
legal advisor to Arizona Commission; A. H. Favour, State Senator; Clifton
Mathews, attorney.
California.—C. C. Young, Governor and advocate of the Swing-Johnson
bill; John L. Bacon, ex-Mayor of San Diego, Chairman California Commission and President of Boulder Dam Association; W.B. Mathews,special
attorney for Los Angeles Bureau of Power and Light; Earl C.Pound,President of Imperial Valley irrigation district.
Colorado—William H. Adams. Governor and former State Senator for
40 years; Delph E. Carpenter, Water Commissioner.
Nevada.—F, B. Balzar, Governor; George W. Malone, State engineer.
New Mexico.—Richard C. Dillon, Governor; M. C. Mechem, former
Governor; Francis S. Wilson, State engineer.
Utah.—George L. Dern, Governor and originator of this Conference;
W. R. Wallace, Water Commissioner of Utah.
Woming.—Frank C. Emerson, Governor and former State engineer;
W. 0. Wilson, Attorney-General; John A. Whiting, State engineer and
Inter-State River Commissioner; J. A. Greenwood, Deputy AttorneyGeneral.
United States Senators Charles Waterman of Colorado, J. B. Kendrick
of Wyoming and Pitman of Nevada, and Congressman Taylor of Colorado
were present.
Governor Dern of Utah as Chairman sounded the keynote
of the conference for States' rights when he stated, "Each
State has the inherent sovereign right to control the uses of
the Waters in its streams which are essential to existence.
To deprive a State of this right would destroy its autonomy,
and this parley would become historic as a protest by seven
States of the Union against ever-growing aggressions on their
sovereignty. The Colorado River compact of 1922 is acknowledged to provide for this division in a fair and just
manner, and has been ratified by all of the seven States
except Arizona and California. We must settle this among
ourselves to resist an attempted Federal usurpation of constitutional State rights and unwarranted appropriation of
State resources."
The conference from the start unanimously recognized the
claim of the four upper basin States—Wyoming, Colorado,
New Mexico and Utah—to the 7,500,000 acre-feet of water
annually which the compact grants them in perpetuity to
care for their possible future needs. Further that Nevada
be given 300,000 acre-feet annually.
Here the deadlock arose between two lower basin States—
Arizona and California—over the division of the remaining
water, as Arizona wanted one-half and California wanted
two-thirds. Governor Hunt contended that Arizona constitutes 43% of the drainage area of the Colorado River which
is 97% of the State's whole area, and contributes more water
than any other State save Colorado;that Arizona is essentially
an agricultural commonwealth with 3,000,000 acres needing
irrigation; that there is more land on the Colorado River
basin in Arizona and California needing irrigation than there
is water to irrigate it; that that is a standing menace to
both States in Mexico where over a milliona cres of land can
be irrigated by gravity by merely cutting a hole in the levee.
The Arizona governor concluded by stating that although
California contributed no water to the Colorado River, yet
his State was willing to allow her one-half of the water coming
to the lower basin.
To this Governor Young of California answered, "Give
Arizona all the water for irrigation and domestic uses she
can take out of her tributary streams; recognize the perfected
rights of Arizona through existing irrigation uses now
amounting to 233,800 acre-feet per annum; recognize the
perfected rights of California now amounting to 2,159,000
acre feet and then I propose an equitable apportionment of
the remaining water between two States according to practical domestic and irrigation needs as each State can make
use of as judged by an impartial tribunal." After several
days of presenting facts and arguments Arizona and California came much nearer together and less acrimonious,
their difference being about 4% of the water each contends
for. The other five States played the role of mediators.
The All-American canal came in for discussion. This
would be a; canal taking Colorado River water into the
Imperial Valley through American soil instead of as at
present bringing it back from the river after it reaches
Mexico. This international situation was touched upon
lightly because Mexico could raise a troublesome contention
over Colorado River rights since it at present is not taking
all the water it has a right to from the Rio Grande River,
and if this Rio Grande water were taken it would be very
1413
detrimental to the farmers of the lower Rio Grande in Texas.
Of equal importance to water allocation was the discu ssion
by the conference of the proposed dam sites and hydro-electric developments on the Colorado River. Here again the
four upper basin States practically have nothing at stake
and again the three lower basin States were divergent in
their ideas. There are three major sites for the storage of
water on the Colorado River. Glen Canon site, wholly
within Arizona, with the greater part Of the reservoir in Utah;
Boulder Canon site, between Arizona and Nevada, and the
Topock or Mojave site, between Arizona and California.
Nevada contended that a State should have first right to
the use of water power developed within the State. California backs the Swing-Johnson Boulder Canyon Dam Act in
Congress, making the project a Federal one and practically
no taxes would be derived from it. Arizona wishes to derive
a revenue from hydro-electric power developed within, or
partly within, the State, equivalent to the tax rate borne by
other classes of property of similar value within the State,
no matter what agency may be chosen to develop the river.
Arizona opposes any continued control of power develop..
ment by the Federal Government, stating that it has within
its border the most successful project built by the United
States Reclamation Service—the Roosevelt project—and
it is managed by local farmers. Engineers of the various
States produced calculations on evaporation and seepage at
the different dam sites. The conference reached no conclusion.
As the delegates unanimously voted to reconvene the conference on Sept. 19, with so much accomplished towards
reaching agreements, it is confidently hoped that the Colorado River compact of 1922 will be ratified by all the seven
States at an early date.
Hustom Thompson, formerly Federal Trade Commis‘
sioner, has been contributing a series of articles to Henry
,
Ford's "Dearborn Independent" on the Colorado River
controversy, and we reproduce below the article appearing
in the issue of that publication on Aug. 27, as furnishing a
good outline of the points of the controversy.
The Colorado River is in politics. It is not mere petty politics but
smashing big national politics, commensurate with the size of this great
river. What caused the political contest is not definitely known. The
controversy, however, started shortly after the war. Perhaps Muscle
Shoals and its hydraulic electric possibilities awoke politicians and power
companies to the great prize that was at stake. At any rate, whereas
Government officials, and particularly the men in its administrative departments previous to the war, had aroused little interest through their investigations,reports, and recommendations about this Red River of the Rockies,
the situation is now seething.
As practically all of the soil fit for farming in the great watershed of this
river is arid, the value of water for reclamation purposes is almost priceless.
In addition to farming. the States in the upper regions of the river, like
Colorado and Wyoming, will need water for domestic uses, if they propose
to take care of large populations in the future. Cities like Denver have
already absorbed about all of the water they can get from the eastern slope
of the Rockies. It has become necessary to look to the watershed on the
western slope that runs down into the Colorado River.
Becoming nervous over the possibility that those in the lower States
might acquire prior rights under the law by virtue of application and use of
the water, citizens of Colorado began to agitate for some sort of an agreement between the States, whereby a division of the water would be made
for the future, which would let the people of Colorado, Wyoming, Utah and
New Mexico rest in peace so far as their future development was concerned'.
The agitation of the people of these State; pressed down upon the Secretary of the Interior, who was making an investigation of the river under an
Act of Congress of 1920, and in response thereto in his report to Congress
the Secretary of the Interior urged, among other things, the enactment of a
law permitting the States in the watershed of the Colorado River to enter
into a treaty or compact to divide the flow of this stream.
In answer to this recommendation, Congress passed an Act committing
itself to such a procedure on the part of the States. The Legislature of each
of the seven States—Colorado, Wyoming, Utah, New Mexico, Arizona,
Nevada and California—in turn authorized representatives of their respeetive States to meet and to draw up a compact between the States making
division of the water of the river for the future, with a proviso that the
compact must be ratified by all the States before it can become effective.
At last, after recommendations dating back as far as President Reuse.
velt's time, a real start was about to be made by the States interested in
controlling the acts of the Colorado River for the benefit of the citizens
of these Western States. Their representatives gathered for action at
Bishop's Lodge, formerly the home of Bishop Lamey, and now a charming
hostelry situated among the hills three miles outside of the town of Santa Pe,
New Mexico.
After much travail, this assemblage of State representatives, together
with the Hon. Herbert Hoover, representing the Federal Government,
brought forth what has become known as "The Seven-State Compact."
This compact divided the great watershed into two basins. In the northern
area there were grouped together Colorado, Wyoming, Utah and New
Mexico,and in the lower basin the States of Nevada,California and
Arizona.
The point in the watershed on the river where the basins divided
was at
Lee Ferry, a short distance below the Utah line in Arizona. At this spot
it
was provided that water equivalent to 75,000,000 acre feet must pass
during
a period of ten years for the benefit of the States in the lower basin.
Figured
annually, this meant 7,500.000 acre feet of the water not already
appropriated to be divided among Arizona. California and Nevada.' 'Ph
were
to have an additional midion acre feet a year already put to a
beneficial
The northern group of States was to have a like 75,000,000 acre
feet frous
the river.
1414
THE CHRONICLE
Apparently satisfied after their arduous labors at Bishop's Lodge, the
commissioners departed for their respective States in peaceful and apparently
confident frame of mind. Very shortly thereafter, six States had ratified
the compact, but the State of Arizona refused and upon its refusal the
political fat slipped into the fire, where it has been ever since.
Being unable to get the compact ratified by Arizona, the remaining six
States drew up what they termed a "Six-State Compact." When it came to
ratification, however, the State of California insisted that with its ratification were to go certain requirements regarding the building of a reservoir at
Boulder Dam in Arizona for the purpose of holding back the flood waters
of the river and protecting the Imperial Valley from floods; increasing the
supply of water for irrigating the Valley; creating power at the dam, and
the lifting of water up on a lofty plateau to supply additional requirements
of cities in southern California.
This move on the part of California reacted on the State of Utah, which,in
turn, withdrew from the compact, leaving but five States that have ratified
the compact and are willing to stand by their ratification.
It should be borne in mind that those States in the upper basin had
declared that the interest which moved them was the reservation of enough
water to assure them the reclamation of their arid lands; a domestic water
supply for their cities and power requirements They were not interested
In the dispute between California and Arizona over the location of a storage
and power reservoir in Arizona. Of course, they were all motivated by the
desire to protect the people of the Imperial Valley from injury through floods
Arizona's state of mind was very acute and real to its representatives
Instead of a dam located at the Boulder site, they asserted the necessity of
one located hundreds of miles above it at Glen Canyon. With a diversion
dam in Bridge Canyon several hundred miles below, they assert that they
can create electric power as readily as at the Boulder Dam site. Moreover,
they argue that with a tunnel seventy miles long through a rocky area they
can reach and reclaim 3,000.000 acres ofland in the heart of Arizona. They
also assert that, as the dam will be located and the water stored in their
State and power created there, they should have the right to tax such
power, just as Pennsylvania has the right to tax anthracite coal that is
mined in that State. It is calculated that the revenue from taxation would
amount to approximately $3,000,000 a year.
In attacking the position of California, the representatives of Arizona
contend that the idea of raising water 1,500 feet and using, as they assert.
several hundred thousand horsepower to do so, so that the water may be
carried by canal to Los Angeles and to other California cities. Is preposterous.
They say that California has watersheds of her own, which Can be tanned
for her cities. They assert that if the water stored at the Boulder Canyon
is used for power, there will have to be a continuous flow so great that it
will give to Mexico, to which the overflow will go, far more than it has at
present, while at the same time it will deprive Arizona of this water.
by,
they ask, should Calofornia dominate the situation and get the use of
three-fourths of the water stored, when none of the water f the river cimes
from her watersheds. Finally, they say that they are willing to enter nto
a compromise with California, distributing the amount allotted to the
three States in the southern basin, giving Nevada all she has asked for and
dividing the remainder on a fifty-fifty basis between California and Ar zona.
This, they state, is as far as they will go, and unless the other Statei meet
these terms, they propose to submit the whole controversy to the courts
of the United States.
California, on the other hand,says that the preponderance of engineering
investigation and experience dictates the Boulder Canyon site as the most
available and most advantageous place for the dam. With a storage
capacity of 26,000,000 acre feet, it is asserted that all danger of froods will
be passed and the people of the Imperial Valley saved from possible destruction. They maintain that with this amount of water stored, they can build
new canals all within American territory and not only reclaim 385.000 acres
of land, but also prevent the shortage that is threatened each year on the
lands that are now irrigated. They insist that the dam should be placed at
a point where the power when created will have a market and that the only
market at the present time for 200.000 electric horsepower is the cities of
southern California. To back up their assertion of the availability from
both a power and reclamation angle, and to demonstrate their good faith,
they state that they are willing that they shall be bound by law to submit
contracts for the purchase of water and of power which would pay for the
entire construction of the dam, the power plant, and the All-American
Canal within a certain number of years.
California joins issue with Arizona's claim to the right to tax the power on
the ground that Arizona when admitted as a State, both in her constitution
and in accepting the law whereby Congress recognized her as a State, waived
her right to the control of power sites located on the river within the border
of the State. Californians take the offsensive against the Arizona scheme
by saying that, in the event of the creation of a power plant where the State
of Arizona desires it, there will be practically no market for the same because
of Its distance from cities and manufacturing areas. They ridicule the idea
of drilling a tunnel seventy miles through solid rock in order to get water
out upon the 3,000,000 acres of Arizona's land. They add that water
stored in the Boulder Canyon Reservoir will give Arizona sufficient water
to reclaim all that it is feasible to irrigate of its arid lands.
California crystallized its position in legislation known as the "SwingJohnson bill," a bill proposed by Congressman Phil D. Swing and Senator
Hiram Johnson. This bill focused the attention of all the parties interested
In the Colorado River problem in the United States Senate at the last
session. It probably owuld have passed the Senate had it not been for a
filibuster during the closing days of the session. Briefly, it calls for the
building of a storage reservoir of a capacity of not less than 20.000,000
acre feet In the Colorado River at Black Canyon or Boulder Canyon. A
diversion dam some miles below as a part of a canal project would carry
water to the Imperial and Coachella valleys in California. It also calls for
the construction of a power plant which would supply electrical energy for
raising water up above the canyon so that it could be carried to the cities
of Southern California to supply electrical power, the entire project not to
exceed a cost of$125,000,000. and no money to be appropriated for construction work until contracts have been executed which would provide revenue
to cover operation and maintenance and the cost of completing the project
within a certain period of years.
The proposed law is also based on the condition that the Colorado River
Compact shall be accepted by six States and that all agreements under this
Proposed law shall be subject to the terms of the compact.
In addition to the refusal of Arizona to agree to the compact and California's withdrawal and conditional terms upon which sh would re-enter
the compact. Utah has also withdrawn from the compact, on the ground
that the States in the northern basin are doing a futile and dangerous thin
In agreeing to the compact, when Arizona may acquire prior rights on the
river by applying the water to a beneficial use, and power interests might
possibly, through the Federal Power Commission, do likewise by obtaining
a license to.construct power reservoirs on the stream.
In the background stands Mexico, which claims the right to the use of the
water of the Colorado running through her territory as itt flows toward the
Gulf of California. Already there is great energy being shown on the
Mexican side of the border in the reclaiming of lands that are close to the
[VOL. 125.
Imperial Valley. It is said that most of the money invested in this project
Is American money. In answer to those disposed to keep as much of the
water as possible in the United States by carrying it through the American
canals for American lands, the canal to be constructed entirely in the United
States, those in Mexico say that there are international obligations that must
be settled by treaty between the two governments. They suggest that in
the event that the plan ofsome of the Americans is approved, that is, giving
as little as possible to Mexico, that the reverse situation prevails on the Rio
Grande, and that, if reprisals are In order, the Mexicans can apply the same
rule on the Rio Grande and endanger the reclamation of areas in Texas which
are irrigated from that stream.
Behind all of the turmoil and struggle that went on in Congress over the
Swing-Johnson bill, there was the assertion made, both covertly and openly,
that the great power interests of the United States were intent on agitating
the situation, so that there could be no legislation or agreement among the
States. It was charged that the reason for this was that the power companies bad already parceled among themselves the division of the electrical
power that could be created on the river, that they were willing and able
to build the power plants and the distribution lines, that they intended to
see to it that the matter was so stirred up that an agreement could not be
reached,and that at some point in the proceedings the power companies
would break through, get their licenses and eventually have a strangle hold
on the development and sale of power throughout the southwest part of our
country.
Finally,such an engineer as F. H. Newell,former director of the Reclamation Service, who spent a number of years investigating the conditions f the
Colorado River, maintains that the great question on the river is the handling
of the hundreds of thousands of acre feet of silt each year: that no scheme of
development should be considered that would not take care of this great
problem; that the amount of silt Is so great that in two generations it would
fill up any dam that would be built; that therefore a series of dams down the
river should be contemplated in the plan, and that until the Government
had more complete and accurate knowledge of the engineering features, no
work should begin. In the meantime the people of the Imperial Valley
should be protected as much as possible from the great floods of the river
by the excavation of a channel leading to the Gulf of California.
In reply to Mr. Newell's position Government engineers who have made
a very thorough study of the Boulder Dam site, declare that a 550-foot dam
would allow for the taking care of the silt for at least fifty years.
It must be obvious to the reader that the Colorado River is, as was said
at the beginning of this article, in politics; that it will never get out until
fact is severed from frncy, and the contestants are put in a position where
public opinion can register its views upon facts that are actually determined
Secretary of Commerce Hoover Revisits Mississippi
Flood Area—Confers With Bankers With View to
Securing Extensions of Loans on Crop Lands—
Resolution of Louisiana Legislature Inviting Mr.
Hoover to Address That Body.
Secretary of Commerce Herbert Hoover left Washington
on Sept. 2 to again make a tour of the territory affected by
the Mississippi flood. He is accompanied by James L.
Fieser, of the American Red Cross; George Akerson, assistant
to Mr. Hoover, and Capt. L. A. Pick, Army engineer.
Secretary Hoover reached Memphis, Tenn., on Sept. 4, going
from there to Greenville, Miss., and reaching Vicksburg on
Sept. 6. At the last named point a conference was held with
bankers, real estate interests and insurance men with a view
to securing an extension of loans on crop lands. That the
financiers will meet the situation in an understanding and
humane way appears certain, says a Vicksburg dispatch
to the New York "Times"; that account added in part:
Their representatives were taken into the farm country and viewed the
actual situation with their own eyes. For miles on Innen they traversed a
country a year ago an Eden of cotton of the finest long-staple varieties, great
fields of corn were ripening, alfalfa was of the State fair kind, and melons
and vegetables were of an excellence unsurpassed anywhere in the world.
To-day the country is only a wilderness of weeds and wreckage. In
places the wreckage of what was once the home of a tenant farmer is scattered over acres of woods and weed infested fields, in others just a pile of
broken planks and bricks.
There are no crops anywhere worthy the delta. For the most part there
were not even signs of a harvest. For miles one can drive and not see a
stalk of cotton or corn, not a single sprig of alfalfa or a bale of usable hay.
Here and there in the few high spots that escaped the fury of the flood
torrents there are normal crops. Just enough to show by contrast what an
agricultural paradise the delta country was before the flood waters of 1927
surged over the land.
Problem Involves About $50.000.000.
At the conference with the mortgage holders and other interests whose
loans are based on the crop lands the farmers were represented by Alfred H.
Stone of Dunleith, Washington County. and W. A. Percy of Greenville,
head of the relief organization charged with the care and protection of the
thousands of flood victims in the delta. To-day there are still more than
12,000 destitute men, women and children in these counties entirely dePendent on the Red Cross for food, shelter and clothing.
Mr. Stone. who is perhaps the best known farmer in Mississippi and one
of the leading agricultural economists of the whole South, declared there
was no occasion to varnish the actual facts. The situation Is here, he said,
and must be met If financial ruin and economic collapse are not to be the
final chapter in the flood tragedy of 1927. Asked what the amount of
money involved in the problem is, be replied that it was somewhere between
$40,000.000 and $50,000.000.
There were about fifty financial institutions, Including the Federal
Farm Loan Bank of New Orleans, the largest holder of mortgages; the
Prudential Life Insurance Company, the Missouri State Life Insurance
Company and banking organizations of Mississippi and other States represented at the conference In Greenville. They listened to the story of
the calamity county by county, and always It was the same. The water
had remained too long to make a cotton crap possible in most of the area
that went under, there was very little corn and what there is in of doubtful
value, only a handful of alfalfa, thousands of acres a shambles of weeds and
the wreckage of homes and outbuildings.
Will Deal With Individual Cases.
The spokesmen for the financial interests, following a brief outline of
situation by Mr. Hoover, declared they stood ready to do whatever
the
SEPT. 101927.]
THE CHRONICLE
was possible to aid in the solution of the problem. They said, however.
they would have to handle each case individually. In the end a committee representing both sides was formed and charged with the task of
arriving at some sort of an agreement which it is hoped will keep the farmers
on the land and make possible a crop next year. However, the deferment
or scaling of the vast mortgage debt is only part of the problem.
There is the question of financing these farmers in 1928. Unless this is
done there will be thousands on thousands of acres turned into a more or less
permanent wilderness. This is another phase of the problem which will
involve a vast sum of money and which cannot be handled by the Red
Cross. In Mr. Hoover's opinion it is the very crux of the whole proposition and must be solved if the delta is to regain its place in the forefront of
cotton-growing areas. This is one of the questions the solution of which
Congress may have to provide by legislation. There is no bigger or more
Important thing in the whole flood-rehabilitation program and a major
operation will be necessary. On this all are agreed.
Banks and Merchants Share Plight.
Again, there is the plight of the local business men, the general merchandise dealers in the farming communities, the feed merchants and the
bankers, who under normal conditions finance land owners as well as
tenants while the crops are in the making. These merchants and banks
hold farm paper of the face value of millions of dollars. If they are to
continue in business so must the farmer, and if the farmer goes under they
too will face financial collapse in scores of instances. So it is that the more
one studies the situation, the more one sees of the desolation, the more one
Is able to appreciate the pathos and the blackness of the outlook in this vertile land of the Mississippi delta.
"But," said Mr. Hoover, "I am certain a way out will be found. It is
a question of co-operation by all concerned, one of deep sympathy for the
sufferers, and the problem must be solved. I am not ready to say what
the final remedy will be, but with everybody working hand in hand and
facing with grit and fortitude the future,the remedy,I am sure, will be forthcoming."
Mr. Hoover called attention to the labor feature of the situation. There
are more than 100,000 laboring people, farm hands and little tenants,
who are without credit of any kind, who have lost everything they had
and would have long before this faced starvation had it not been for the
Red Cross.
Farm Labor Moves Elsewhere.
Already a great number of these people, without whose work there will
be no crops possible, have left the farms and sought other employment,
on the railroads, in lumber camps and in other industries. A great many
of them are going to the big cities. Chicago, Detroit and St. Louis in the
North and New Orleans in the South. If the desertion assumes the proportions of an exodus, it will mean misfortune second only to that of loss of
crops and .credits.
As in the case of mortgage obligations, taxes and credit, there is reason
for the hope that this phase of the flood aftermath will also be settled and at
least enough labor will be held at home to make the reclaiming of the flood
lands possible in the next twelve months.
Finally, it should be pointed out that all of this is independent of the
great problem of the flood control of the Mississippi and its tributaries.
Everywhere the opinion is that the two questions must not be mixed one
Flood control is entirely legislative in nature and there is
with the other.
reason to take seriously the statement one hears in usually well-informed
circles that the control plan, when submitted to Congress, will call for a
gigantic Job, the finished cost of which will be much in excess of $500,000,000. Just how many scores of millions the solution of the rehabilitation and
credit problem will involve is a question no person can at this hour answer.
1415
Text of the Resolution.
The resolution reads:
Whereas, A great portion of more than twenty parishes of the State
of Louisiana, as well as large areas of other States in the Mississippi Valley,
were during this year subjected to an unprecedented overflow from the
waters of the Mississippi River and its tributaries; and
Whereas. The Hon. Herbert Hoover, Secretary of Commerce of the
United States, and one of the outstanding leaders of the nation, has given
the question of relief to the flood sufferers his undivided personal attention,
which challenges the respect and admiration of all the people of Louisiana
and all other States affected; and
Whereas, The Legislature of Louisiana desires to express for the people
of the State sincere appreciation for the valuable leadership and service
so rendered by the Secretary of Commerce of the United States, and will
be delighted to have him visit and deliver an address to the Legislature
while in special session assembled; therefore, be It
Resolved by the Senate, the House of Representatives concuring, That this
resolution expresses the sincere thanks of all the people of Louisiana to the
Hon. Herbert Hoover, Secretary of Commerce, for his conscientious leadership and service rendered toward relieving flood sufferers of the Mississippi
Valley during the recent flood disaster and extends to him a cordial invitation to visit Baton Rouge and address the LeAislature on the evening of
Sept. 7. 1927, or on some other date to be named by him if better suited to
his convenience.
Mr. Hoover wired the Legislature he would arrive in Baton Rouge
about 4 o'clock Friday afternoon from Melville. Following his address
and a reception in the State Capitol he will leave for Little Rock.
Before reaching New Orleans Secretary Hoover visited
the flooded sections of Chicot and Desha Counties, Arkansas.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
A further advance to the highest point yet reached was
made this week by New York Stock Exchange memberships,
when two seats were sold, the first for $230,000, that of
William R. Fagan, purchased by Carroll S. Bayne, being
$4,000 above the previous high record; the second was the
membership of Clifford B.Brokaw,sold to Reginald B.Risco,
the consideration being the highest yet paid, namely,
$235,000.
The Bank of Athens Trust Co., 25 Pine St., New York
City, announces that for the convenience of its clients, the
institution is moving as of Monday, Sept. 12, to quarters
at 205-207 West 33d St. J. Plastropoulos is President- of
the company.
At a meeting this week of the board of directors of the
Terminal Trust Co. of New York, C. Stanley Mitchell,
President of the Central Mercantile Bank & Trust Co.,
David H. Knott, President of the National American Co.
and director of the Central Mercantile Trust Co., and Harold G. Aron, Chairman of the Finance Committee of the
National American Co., were added to the board of the
Terminal Trust. Control of the Terminal Trust Co., with
resources of about $6,500,000, was recently acquired by the
National American Co., Inc. The latter also recently acIt was stated in the "Times" that the crop loss due directly quired control of the Cosmopolitan Bank and the Bank of
to the flood is estimated in one county alone (Washington Coney Island.
County, Mississippi) at not less than $9,500,000. Referring
further to the measures of relief proposed, a disprtch to the
The National American Co. announces that in association
"Times" Sept. 7 from New Orleans with Secretary Hoover's with a group of prominent Brooklyn business men they have
arrival there said:
acquired control of the Bank of Coney Island. The bank,
Mr. Hoover is very hopeful now that a way has been found to avert a
disaster in the long staple country. With an even break and generous
treatment of the flood victims on the part of the financial institutions
and individuals to whom thousands of acres are mortgaged, Mr. Hoover
is convinced that the delta will emerge from its gloom and despair and
again take its place in the forefront of Southern agriculture. . . .
Generous treatment in a situation such as faces the delta flood sectors
Is good business,said Mr. Hoover,and it seemed that a majority of thefinanciers present agreed with him.
Whether or not the plan to save the delta will succeed now depends
on the Northern directors of the Emergency Flood Finance Corporation
of Mississippi and the mortgagees. The proposition as submitted by the
Mississippi bankers and the representatives of the cotton planters, and approved by Mr. Hoover, calls for the deferment of all mortgage payments,
principal and interest, until Dec. 311928. and if this is done the Emergency
Finance Corporation will finance the 1928 crop, while the Red Cross will
continue to feed, clothe and shelter the destitute until such time as their
breadwinners can got employment.
Secretary Hoover has no doubt that the Northern interests who are so
deeply involved in this $50,000,000 problem of the Mississippi delta will
rise to the occasion and approve what was agreed on at Vicksburg yesterday
as being the only possible solution of one of the most serious, as well as
pathetic, situations in the entire flood country.
Unless they do agree there is, say those who are on the scene, no humanly
possible way to stave off the disaster which would directly or indirectly
affect more than 100,000 people,90% of them farmers, the rest for the most
part country bankers and merchants.
It was indicated in the dispatch that Secretary Hoover
would on Sept. 9 address the Legislature of Louisiana, now
In special sessiaa at Baton Rouge, working out a law to take
care of the taxes in the flood-wrecked parishes. Continuing
the dispatch said:
Whatever plan is adopted Is expected to be adopted also in Arkansas
and Mississippi. It appears reasonably certain that the State will assume
the tax debts this year and give the taxpayers from five to ten years to pay
back the money Into the State Treasury.
Mr. Hoover's address will be the first important one to be made by
him since President Coolidge announced that he did not choose to run
for re-election. But it will not be a political speech. That can be stated
on authority.
The invitation to Mr. Hoover was in the form of a resolution adopted
at a joint session of the Legislature yesterday afternoon. He received it
on his arrival in New Orleans this morning.
which was established in 1909, has deposits of approximately
$5,000,000. It is announced that there will be no change in
the board or officials of the bank, although the board will
be increased by the election of other local business men.
The New York "Times" of Sept. 7 says:
The purchase of the Bank of Coney Island is a further step in the extension of so-called "chain" ownership of banking, in which the National
American Co. and the Financial & Industrial Securities Corporation have
been among the leaders in New York. The National American Co., which
is directed by the same interests that control the Central Mercantile Bank
Trust Co., recently acquired control of the Terminal Trust Co. after
adding an important unit to its organization in the Bronx, and also has
obtained control of the Municipal Service Corporation, which operates a
chain of gasoline filling stations.
The Financial & Industrial Securities Corporation recently acquired control of the Capitol National Bank & Trust Co. and the Longacre Bank.
Announcement was made Sept., 8 of the election of S.
Brinkerhoff Thorne, President of Thorne, Neale & Co., this
city, as trustee of the East River Savings Bank of New
York.
The Chemical National Bank of New York plans to establish an office in Brooklyn, having leased for a period of years
the present headquarters of the Nassau National Bank of
Brooklyn on Court St., which is moving to new offices.
The new Brooklyn branch of the Chemical is expected to
open in October and will be in charge of Charles Meek,
Assistant Vice-President. Mr. Meek will be assisted in the
management of the branch by Albert Quackenbush, Assistant
Cashier, and other Chemical men. The Brooklyn office
will be the sixth office maintained by the Chemical and the
fifth branch opened this year. Wilbur F. Crook, VicePresident, is in general charge of branches.
Robert S. Binkerd has resigned as Vice-Chairman of the
Committee on Public Relations of the Eastern Railroads on
1416
THE CHRONICLE
[VOL. 125.
Oct. 1 will be admitted as general partner in the Stock ExThe Municipal Bank of Brooklyn on Aug. 30 opened its
change firm of J. H. Oliphant & Co. E. E. Loomis, Presi- eleventh branch office. The new office
is located at Bay
dent of the Lehigh Valley, who is Chairman of the committee, Parkway and West 9th Street; it will be
known as the Bay
said:
Parkway branch.
The resignation of Mr. Binkerd as Vice-Chairman
committee,
of this
as of Oct. 1 1927 was accepted with sincere regret. It is not planned to
name a successor, but the work of the committee will be carried on by
the present organization under the direction of the Chairman, with .1. M.
Fitzgerald and H. H.Herten as assistants to the Chairman.
The Executive Committee of the Empire Trust Co. of
New York has approved a recommendation, which is being
submitted to stockholders for their approval, calling for an
increase in the capital of the institution by the issuance of
20,000 shares of new stock. This stock will be offered to
stockholders at $300 per share. Immediately following
the announcement of the proposed increase in capital the
rights to subscribe for the new stock were quoted in the
open market at 83 bid 88 offered. A special meeting of
• stockholders has been called for Sept. 22 at which time they
will be asked to ratify the action of the Executive Committee.
The new stock will be issued as of Oct. 20 1927, and all stock
subscribed must be paid for on or before that date. Stockholders are given the privilege of subscribing for one share
of new stock for each two shares held. Le Roy W.Baldwin,
President, in a letter to stockholders says in part:
After this increase, the combined capital and surplus of the company
will be about $14,000,000, a sum sufficiently large to enable the company
to meet the requirements of its important customers and to take advantage
of any favorable opportunity for future expansion of its business.
--o-
Victor Schoepperle, Vice-President of the National City
Co., returned on Sept. 7 from an extended trip in South
America.
The Bowery & East River National Bank of New York
was founded 75 years ago Sept. 8 under the New York
State banking laws as the East River Bank. Among the
early stockholders are found the names of Cornelius Vanderbilt, W. F. Havemeyer, Peter and Robert Goelet, C. A. G.
Depew and the Schieffelins. First located at 108 Third
Ave., the bank moved one year later to a site opposite
Cooper Union, and in 1860 located in its present quarters at
080 Broadway. On Jan. 21 1865 it received its charter as
a national bank. Its first statement of condition, dated
Dec. 31 1852, showed capital of $313,050, deposits of $180,589 and resources of $600,300. Fifty years later, capital,
surplus and undivided profits totaled $401,214, deposits
stood at $1,337,103 and resources were $1,829,704. To-day
the Bowery & East River National Bank has total resources
of $108,696,127, deposits of $93,853,179 and capital, surplus
undivided profits and resources of $6,978,168. Next month
an increase in capitalization will add another $1,000,000 to
that item and $3,500,000 to surplus and undivided profits,
making the bank's capital, surplus, undivided profits and
resources $11,478,168. The growth of the Bowery & East
River National Bank has been noteworthy since the latter
part of 1918 when the Bancitaly Corporation purchased
control of the East River National Bank and the new management under Dr. A. H. Giannini became active. From
May 4 1919 to Sept. 14 1923 deposits increased from $6,960,200 to $16,195,300. A series of consolidations followed
which included a merger with the Commercial Trust Co.
early in 1924, the combination with the old Bowery Bank
on Jan. 2 1926 to form the present Bowery & East River
National Bank, and this year, the merger with the Italian
Discount & Trust Co. The Bowery & East River National
Bank now has 16 offices in Greater New York, of which
8 are in Manhattan, 4 in Brooklyn, 3 in the Bronx and 1 in
Staten Island. Two of the Manhattan offices and 2 in the
Bronx were added since the first of the year.
The financial group of the Special Libraries Association
has recently elected the following officers: Chairman, K.
Dorothy Ferguson, Bank of Italy, San Francisco, Cal.;
Vice-Chairman, Ethel L. Baxter, American Bankers Association, New York City; Secretary, Emma Boyer, Union
Trust Co., Cleveland, Ohio.
The newly organized Bensonhurst National Bank of
Brooklyn opened for business on Aug. 29 at Bay Parkway
and 86th Street. The institution has a capital of $200,000
and a surplus of $60,000. Wilmot E. Fanning is President
of the bank and Ernest A. Skeoch is Cashier. An item regarding the organization of the bank appeared in these columns April 16, page 2233.
The newly organized Douglaston National Bank of Douglaston, N. Y., which was granted a charter by the Comptroller of the Currency on Aug. 30, will open for business
about Oct. 15. The institution has a capital of $100,000 and
surplus of $25,000. The officers of the bank are: President, Louis C. Gosdorfer; Vice-Presidents, John A. Rapelye,
George Alexander and Henry Brady; Cashier, Howard P.
Durland.
George C. Raynor was elected President of the newly
organized National Bank of Lake Ronkonkoma on Sept. 2.
The other officers are: First Vice-President, Giles C.
de Groot; Second Vice-President, James Agnew; Counsel,
Surrogate Robert S. Pelletreau; Cashier, Ralph B. Wheeler.
The application to organize the bank was approved by
the
Comptroller on July 23 1927. The bank has a capital of
$25,000 and surplus of $10,000. The stock has been
placed
at $160 per $100 share, the premium being applied to
surplus and organization expenses. The bank Is scheduled
to
open in the spring, by which time it expects to have
in
readiness its own building.
An increase in capital of $200,000 to $500,000 of the Peabody Trust Co. of Boston was approved by the Massachusetts Board of Bank Incorporators on Aug. 30. The trust
company is affiliated with the firm of Kidder, Peabody &
Co. The election of Howard N. Flanders as President of the
trust company appeared in these columns Aug. 20, page 1012.
The enlarged capital of the Peabody Trust Co. will become
effective Oct. 1. The institution, which will have a surplus
of $100,000, will probably begin business Oct. 20.
Special adviees from Philadelphia to the "Wall Street
Journal" yesterday (Sept. 9) stated that action was taken
by the respective directors of the Bankers' Trust Co. of
Philadelphia and the National Bank of Commerce of that
city, looking towards a consolidation of these institutions
under the title of the Pankers' Trust Co. of Philadelphia.
Consummation of the merger, it was said, awaits only the
action of the stockholders at special meetings to be held on
Nov. 18, and promptly thereafter the Bankers' Trust Co.
will issue 3)4 shares of new stock for each share of National Bank of Commerce stock.
Formal opening of the new home of the West End Savings
Bank & Trust Co. of Pittsburgh, at the corner of South
Main and Wabash Streets that city, which the institution
has had under construction, took place on Sept. 2. According to the Pittsburgh "Post" of Sept. 1, the new building is
a handsome structure of monolithic granite, built at a cost
of $350,000. The interior is finished with imported marble
and its high-ceilinged main banking room is ornamented
with murual decorations of harmonious design and color.
Among several innovations in the construction of the building
is a locked receptacle which receives a client's deposit after
the bank has been closed and carries it to a burglar-proof
vault, where it remains until the next business day. A
huge vault with a 35
-ton door is a feature of the building.
The West End Savings Bank & Trust Co. was organized in
1870 as the Temperanceville & West Pittsburgh Savings
Bank. It was located on Carson Street (then unpaved),
surrounded by a few scattered farms. To-day it is an
institution capitalized at $125,000 with surplus of $500,000
and deposits totaling $5,000,000. In 1876 the institution
was chartered and changed its name to the West End Savings
Bank. Twenty-seven years later (1903) it adopted a trust
company charter and became known as the West End
Savings & Trust Co. The officers of the company are:
H.S. Hershberger,President; Albert Graham, Vice-President
George T. Osborne, Treasurer, and W. D. Flanigan, Secretary.
A press dispatch from Napoleon, Ohio, on Sept. 1, printed
in the Toledo "Blade" of the same date, stated that Albert
Daman and associates had purchased the controlling interest
in the First National Bank of Napoleon from L. T. Loose,
the Cashier of the institution. The deal involves 274 shares
of stock at an estimated value of $60,000. For more than
thirty years, it was stated, the controlling interest in the
bank had remained in the hands of the late M. E. Loose
SEPT. 10 1927.1
THE CHRONICLE
and after his
-death was taken over by his son, L. T. Loose.
Mr. Daman,lit was said, would succeed Mr. Loose as Cashier
and would also take his place on the Board of Direc
tors.
Continuingithe dispatch said:
Mr. Daman was connected with the
Napoleon State bank 12 years
and in years of service is the oldest banke
r In Napoleon, having started
in the banking business with the Citizens'
bank here when a boy. Hjs
position in the Napoleon State bank will
be filled by Ferd. Roessing, Jr.
The First National bank building is one
of the first in this section of the
state and was recently remodeled at a cost
of about 550.000. Mr. Loose,
who was connected with the First Nation
al bank for 20 years, has not made
public what business he will enter.
1417
death. During the war Mr. McMillan headed
many committees. Among these, he was Chairman of the
Committee
to Audit the Federal Reserve Bank of St. Louis
, in 1918;
Chairman of the Bankers' Executive Committe
e of the St.
Louis Liberty Loan Organization; Chairman of
the Finance
Committee of the St. Louis Chapter of the
American Red
Cross, and in the Red Cross drives of 1917 and
1918 he was
Executive Chairman of the Finance Committe
e.
According to the Topeka "Capital" of Aug. 30,
ment was made the previous day that the Farm announceers' State
AnnouncementTwas made on Sept.
2 of the appointment Bank of Honneswell had taken over the Union Bank of that
of George A. Burns as a Vice-President
place.
of the Wayne County
& Home Savings Bank of Detroit,
according to the Detroit
Absorption of the Bartlett State Bank, Bartlett,
"Free Press"of,Sept. 3. Mr. Burn
Kan.,
s entered the institution by the Natio
nal Bank of Chetopa, Chetopa, that State
21 years ago!as an office boy. He
,
was made a teller in 1914 was note
d in the Topeka "Capital" of Aug. 30.
and Savings Cashier in 1924, occup
ying the latter position
until his recent promotion.
The Harrisburg State Bank, Harrisburg, Ark., was
on Sept. 2 and later placed in the hands of the State closed
It is announced that without
Banking
the aid of consolidations, a Department, according to a press
dispatch on that date
bank in Lima, Ohio, recently
increased its total deposits from Harrisburg, appearing in the
New Orleans "Timesmore than 25% in three mont
hs and a half through its own Picairune" of Sept. 3. The dispa
tch furthermore stated
efforts. The deposits of the
Lima Trust Co. rose from that no explanation was given by the offici
als for the closing
$4,478,835 on April 1 1927
to $5,632,064 on July 16. The of the bank, which had been in opera
tion over 25 years
gains were made possible
by a systematic selling campaign and was capitalized at $50,0
00.
in which the entire
personnel of the bank—officers,
employees, directors—participated.
In addition, several hundred of the bank's customers
entered the campaign. An
organization of 45 of the bank's
stockholders, called the
Auxiliary Board of Directors, also
took part in the selling
activity. In competing for the
money of prospective depositors, the officers of the bank
realized that it would be
necessary to use salesmanship
equal to that employed by
merchants who were asking these
same people to purchase
automobiles, building lots,
furniture and other necessarie
s
and luxuries. An organization of
professional sales managers
for banks, T. Harris Smith &
Co., Chicago, was called in
to analyze the situation and to
design a campaign adapted
to the needs of the institution.
T. Harris Smith,& Co. also
supervised the activities from
start to finish. The new
commercial accounts introduced
to the bank durizig the campaign averaged, it is said,
$2,600 each. I Incidentally 272
safe deposit boxes were rente
d. The trust department likewise benefited, 48 wills, 28
insurance trusts and 11 volun
tary trusts, having a total
value of $10,499,141 having been
obtained.
A new branch of the American National Bank
of Richmond, Va., which is affiliated with the American
Trust Co.,
was formally opened on Sept. 1. The new bran
ch will be
known as the Northside Branch and is located at
Brookland
Boulevard and Hanes Avenue. According to the Rich
mond
"Dispatch" of Aug. 31, the new building recently
completed
for the branch, is equipped throughout with modern
banking
appliances, a feature of the banking room being
"cageless
counters," said to be the first used by any bank in
the South.
H. C. Binford is Manager of the new branch
with an Advisory Committee consisting of D. W. Durre
tt, Chairman;
W. Stewart White, Vice-Chairman; J. H. Benn
ett, Jesse H.
Binford, W. D. Cheatwood, Dr. Thomas F. Gill,
Dr. Frank•
K. Lord, A. W. Mann, S. Lynn Manson,0.
C. Peers, A.F.
Perrin, E. Turpin Phillips, B. W. Showalter
and T. Elwood
Tragic.
A press dispatch from
Richmond, Va., on Aug. 19, print
ed
in the "Wall Street News" of the same date,
stated that
the proposed consolidation of the Bank of Sout
h Norfolk,
Norfolk, Va., and the Merchants' & Planters'
Bank of Norfolk, under the title of the latter, had
become effective.
An application to organize
The proposed merger of these institutio
the Addison National Bank
ns was noted in our
of
Chicago, Ill., was approved
by the Comptroller of the Cur- issue of July 23 last, page 475.
rency on Aug. 16. The
Institution will have a capit
al of
$200,000 and surplus of $40,0
The election of S. Marcus Greer of Dallas, Tex.
00. The institution will begin
, as Cashier
business about Sept. 17.
of the City National Bank of Galveston,
Tex., was
Neill Alexander McMillan, Chai
First National Bank in St. Louis rman of the Board of the
,and for the past thirty years
prominent in St. Louis finan
cial circle
s, died suddenly of
apoplexy in a sanitarium at
Chestnut Hills, near Boston,
Mass.,on Sept.5 as he was prepa
ring to leave the institutio
n
made
public on Aug. 31, according to the Dalla
s "News" of
Sept. 1. Mr. Greer, who is a son of Sam R. Greer
, President
of the People's National Bank of Tyler, Tex.,
has been an
assistant national bank examiner with headq
uarters in
Dallas since 1924. Prior to that time he
was connected
with the Dallas National Bank and was activ in
e
the affairs
of the Dallas Chapter of the American Institute
of Banking.
He attended the University of Texas, where he
received the
degree of bachelor of business administration in
June 1921.
Mr. Greer assumed his new duties in Galveston,
it is understood, on Sept. 1. W. L. Moody II is Presi
dent of the
City National Bank of Galveston, while
A. A. Home and
W. L. Moody III are Vice-Presidents.
and return to St. Louis later in the
day. Mr. McMillan had
suffered a general breakdown
about six weeks previously.
The deceased banker was born in
Coosa County, Ala. In
1880, having at that time complete
d his eduation, he was engaged in the wholesale and retail
grocery business in Waxahachie, Texas. The following year
he
bank of Patrick McMillan & Co. in organized the private
the same town, and in
1882 founded the First National Bank
of Waxahachie, of
As we note in another department in to-da
which institution he was Cashier
y's issue of our
until the end of 1886. paper, the conso
lidation of the Pacific-Southwest Trus
January of the next year found Mr.
t&
McMillan organizing Savings Bank with the
First National Bank of Los Ange
the National Exchange Bank of Dalla
les
s, Texas, which he became effective
at the close of banking business Sept.
served as Cashier until be moved
1.
to St. Louis, ten years The name of the
consolidated institution, as finally
later (1897). In St. Louis he beca
apme Treasurer of the proved by Compt
roller of the Currency McIntosh, is
Union Trust Co. When in 1902 the
Los
St. Louis Union Trust Angeles-First Natio
nal Trust & Savings Bank. The
Co. was formed, Mr. McMillan was elect
agreeed a Vice-President ment for the conso
lidation provided for a consolidat
of the enlarged bank and continued in that
ed nacapacity until tional bank, uniting the activ
ities of the State and natio
his promotion to the Presidency in October
nal
1909. Upon the banks under one charter
formation in 1919 of the First National
with a capital of $12,250,00
Bank in St. Louis by plus of $8,000,000
0, surand undivided profits of not
the consolidation of the St. Louis Union Natio
less than
nal Bank, the $7,750,000. Henry M. Robi
Mechanics' American National Bank and
nson heads the Los Angeles
the Third National National Trust &
-First
Savings Bank, and J. M.
Bank, Mr. McMillan together with Walk
Elliott, dean of
er Hill, former bankers in the West, who
has served with the Los
President of the Mechanics' American
Bank, became an First National for more
Angelesthan forty-five conse
Executive Manager of the institution,
cutive years,
and subsequently, is Chairman of the Boar
d. Mr. Robinson also
following the death of Mr. Hill, was made
heads the
Chairman of the First Securities Co., which will
continue to be owned
• board of directors, the position he held at the time
by the
of his shareholders of the bank, and its
assets increased to
a total
1418
[VOL. 125.
THE CHRONICLE
the
net value of approximately $6,000,000. This means that
of the bank stock and the
combined book value per share
new $25
First Securities is $34,000,000 for 490,000 shares of
ent reviewing the history of the
par outstanding. A statem
consolidating institutions says in part:
Los Angeles-First NaThe Find National Bank of Los Angeles, now the
bank charter, No. 2491,
tional Trust & Savings Bank, received its national
on from a State bank
on Aug. 16 1880. This was incidental to a conversi
ial Bank was organized.
to a national bank. On Sept. 25 1875 the Commerc
The moving spirits
Los Angeles was then a city of less than 10,000 people.
Mabury and J. E.
of the bank were E. F. Spence, Hiram
in the creation
Bank was converted into
Hollenbeck. On Aug. 16 1880 the Commercial
Hollenbeck was the first
the First National Bank of Los Angeles. J. E.
who presided over the bank
President. He was succeeded by E. F. Spence,
J. M. Elliott, who entered
until his death in 1892. He was succeeded by
Cashier in 1885. Mr.
the service of the bank in 1881, and was elected
twenty-four years and is to-day
Elliott held the position of President for
consolidated bank, with fortyChairman of the board of directors of the
the bank to his credit.
six years of continuous service as an officer of
Wm. R. Staats & Co. of
1 1902 at a meeting in the office of
On Jan.
organized with a capitalization
Pasadena, the Los Angeles Trust Co. was
year to $1,000,000. The
of $250,000. This was increased in the same
in the banking group, opened
company, destined to play an important part
corner of Second and Spring.
for business in the Wilcox Building on the
and Spring was completed in
The purchase of the Burdick Block at Second
made, this location was occuthe same year and, after alterations were
with the Metropolitan Bank &
pied until 1909, when the bank consolidated
Feb. 14 1905 with a capital of
Trust Co. The latter was incorporated on
bank until Dec. 6 1909, when it
$250,000, and operated as an independent
Co., which on Oct. 7 1909 had
was absorbed by the Los Angeles Trust
Trust & Savings Bank. J. C. Drake
changed its name to the Los Angeles
of the Los Angeles Trust Co.
was President and Robert Wankowski Cashier
the Metropolitan Bank
Frank P. Flint was President of
until the merger.
d by his brother, Motley H.
& Trust Co. until 1907, when he was succeede merger, Mr. Drake became
the
Flint Jay Spence was Cashier. Following
with Motley H. Flint, Wellington
President of the combined organizations,
and Jay Spence, Cashier.
Clark and H. W. O'Melveny, Vice-Presidents,
& Savings Bank moved from
In the fall of 1909 the Los Angeles Trust
g, Sixth and Main, where it reSecond and Spring to the Central Buildin
Trust and Savings Building, Sixth and
mained until the completion of the
known under the consolidation
Spring, on Aug. 14 1911. The bank, now
-First National Trust &
and Spring office of the Los Angeles
as the Sixth
Savings Bank, is still located there.
Angeles National and the SouthThe First National absorbed the Los
of the State bank was changed
western National banks in 1905. The name
Trust & Savings Bank. The
on Sept. 16 1922 to the Pacific-Southwest
ity or territorial serof name followed the introduction of commun
change
mergers. The largest number
vice, which was inaugurated in 1920 through
es Co. was organized in
of mergers took place in 1922. The First Securiti
ent banking service
1920 for the purpose of providing complete investm
for the group.
Johns%
%
some 33-i points to 723 and ends the week at 718 .
le com. lost 10 points to 1093( and finished to-day
Manvil
3
%
at 11034. Melville Shoe corn. moved up from 115 to 124
up
and reacted to 118311. Royal Baking Powder cora, sold
es
from 305 to 339 and down finally to 316. Public Utiliti
were firm for a time, but became reactionary. Oils show
51%
little change. Imperial Oil of Canada improved from
to-day at 533
%.
to 543' and closed
the
A complete record of Curb Market transactions for
be found on page 1449.
week will
CURB MARKET.
DAILY TRANSACTIONS AT THE NEW YORK
STOCKS (No. Shares)
Week ended Sept. 9.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Ind &Situ
127,950
229,555
191.111
251.580
234,760
1,040,956
Oft.
minixo.
$978,000
DAY
2.257.000
2,945,000
2,956.000
2.571,000
$263,000
240,920 811,707,000
$1,755,000
18,620
34,230
HOLIDA Y—LABO
73.700
80.470
51,900
77,680
40,100
67.880
56,600
68,620
328,860
BONDS (Par Value).
Domenic. Foreign Oat.
450.000
409,000
360,000
273,000
.
THE WEEK ON THE NEW YORK STOCK EXCHANGE
The New York Stock Market this week has been active,
buoyant and higher. Steel stocks and motor issues have
the
again been the centre of speculative interest during
the week, though many public utility stocks
greater part of
new high
and industrial shares have repeatedly moved into
Many specialties have likewise sharply advanced,
ground.
ents in the railand, while there were no spectaulcar movem
ly forward
issues, the group as a whole has moved steadi
road
Industrial shares moved to the front during
to higher levels.
ile the upward
the short period of trading on Saturday, and,wh
not as broad as it had been during the
ward swing was
in which
recent trading, there was a sizable list of stocks
ranged from 1 to 7 points. United States Steel
the gains
t leaders, conand General Motors, the recognized marke
was estabtinued in strong demand, though no new record
Du Pont was espceially strong and
lished in either case.
present shares.
crossed 310 to the highest price for the
Copper moved into the record-breaking group
Kennecott
2, and American
with an advance of over a point to 723/
the
Superintendent of Banks for Cali- Can moved into new high ground at 65311. Among
Will C. Wood, State
23 that he had railroad shares Texas & Pacific moved sharply upward 5
fornia, announced in San Francisco on Aug.
c Beach, points to 91. Public utlities as a group were in good deauthorized the organization of a new bank at Pacifi
top
ed with $100,000 capital, ac- mand, North American advancing 2 points to a new
San Diego County, to be operat
from San above 58. Baldwin Locomotive scored an advance of 2
cording to a dispatch by the Associated Press
Angeles points to a new high above 264 and International Harvester
Francisco on that date, appearing in the Los
ants were Thomas A. Davis, raised its top 6 points to 204. The Stock Exchange was
"Times" of Aug. 24. The applic
closed on Monday, Sept. 5, in observance of Labor Day.
Thomas 0. Scripps and others, Mr. Wood said.
ay
Business was resumed on Tuesday, following the two-d
al in San Fran- holiday, and a flood of buying orders came into the market
The death occurred at St. Frances Hospit
dent and that carried many prominent stocks to the highest levels
cisco on Aug. 30 of August H. Muller, Vice-Presi
sco Bank of that city. reached in recent years. Railroad shares were the outstandGeneral Manager of the San Franci
from which he ing features of the day, New York Central moving forward
Mr. Muller's death followed an operation
20 years, foled banker, who was fifty-nine 3 points to 1603j, the highest price touched in
failed to rally. The deceas
Francisco bank lowed by Great Northern with a similar advance to its highyears of age, entered the employ of the San
at the time of his est peak in recent years. Atchison gained 2 points and
at the age of 16 and rose steadily until
of the inAtitution. substantial advances were made by Texas & Pacific, Southdeath he was second ranking officer
Bankers' Associa- ern Railway, Rock Island, Reading, Missouri Pacific and
Mr. Muller was Treasurer of the California
Ches. & Ohio. Automotive stocks continued to improve,
l San Francisco clubs.
tion and held membership in severa
General Motors making a further advance to a new high at
31, the Stand- 2523/2, as compared with its previous close at 2503/s, followed
ing to the Toronto "Globe" of Aug.
Accord
Toronto) is opening a by Nash with an advance of 5 points to a new high at 90, the
ard Bank of Canada (head office
streets, that city. highest since the split-up, and the equivalent of 900 for the
own branch at Adelaide and Yonge
downt
known as the Adelaide and Yonge Street old shares. Du Pont crossed 314 to a new record for the
The branch will be
a, and will be under present no-par shares. Other notably strong stocks inbranch of the Standard Bank of Canad
ant Man- cluded American Smelting, which passed its previous high
of W. A. Finlay, formerly Assist
the management
Dye,
o.
of 174, made about 20 years ago, Allied Chemical &
ager of the main office, Toront
ne,
which raised its top to 16934, J. I. Case Threshing Machi
and
which continued its record breaking advance to 268%,
THE CURB MARKET.
a net gain of 15 points
d only fair International Harvester, which scored
States
on the Curb Market this week showe
Trading
for the day, reaching a new high in all time. United
, became irregular,
activity, while prices, at first strong
up to 148 and the independent steel stocks
significance. Bancitaly Steel common sold
changes for the most part without
3
99% were led by Colorado Fuel & Iron, which closed at 85%, as
active and sold up from 933 to
Corp. new stock was
to compared with the previous final at 83%.
rose from 71
sand at 983/i finally. Amer. Arch
The pace continued fast and furious at times on Wedne
after an admany
3
733/ but reacted to 70. Auburn Automobile
day, a renewed buying movement sending prices of
115. Celanese Corp.
Stocks of all classes
vance from 1203. to 1233/i dropped to
92 to 101% prominent issues to new high levels.
ticker was
was conspicuous for an advance from
new com,
The participated in the general improvement and the
being at 993/2.
5
but reacted to 97%, the close to-day
15 to 20 minutes behind the business on the
at 168 finally. frequently from
4
l Motors
first pref. sold up from 1543 to 170 and
down floor. United States Steel, corn. and Genera
its
moved up from 76 to 82 and
Celotex Co. corn.
continued to lead the forward movement, each lifting
advanced from
to 78. Curtiss Aeroplane & Motor corn.
high level. Railroad shares were
top to a new
at 45. Curtis Publishing previous
New York
403 to 46% and closed to-day
particularly prominent in the speculative activity,
a •
Deere & Co.from 167 reached
corn,gained 15 points to 210.
Louis reaching new high ground for the year
class A sold up Chicago & St.
17484, but fell back to 170. General Baking
THE CHRONICLE
SEPT. 101927.]
1324, Chesa. & Ohio touched its highest price in all time
at 197, and New York Central sold up to 162. Public
utilities continued their record breaking upswing under the
leadership of Consolidated Gas, which bounded forward 4
points to a new peak at 118%. Brooklyn Union Gas followed
with a gain of 3 points to 150 and substantial advances were
recorded by National Power & Light, American & Foreign
Power & Public Servi e of New Jersey. In the so-called
specialties group United States Cast Iron Pipe & Foundry
moved vigorously forward 12 -points to 205, though it lost
about 36 of its gain in the final hour. Other notably strong
,
stocks included Houston Oil, Colorado Fuel & Iron and
Endicott-Johnson, the latter moving up nearly 7 points.
Railroad issues moved to the front as the market leaders
during the greater part of the session on Thursday, Chesapeake & Ohio standing out conspicuously in the trading as a
result of its advance of more than a point to 1983/2. Pennsylvania RR. also displayed unusual strength and crossed
67 to its best since 1910. Wabash moved forward 3 points
4
4
to 733 , as compared with its previous close at 703 , New
York Central reached a new high for the movement at 162,
but lost part of its gain in the recessions during the second
hour, and Baltimore & Ohio made a net gain of about a point.
United States Steel common was one of the outstanding
strong features, and, after slipping back a point in the early
trading, was rushed up to a new high above 151, the highest
peak since the stock dividend. The independent steel stocks,
including Bethlehem and Crucible, rallied with the leader
and closed with substantial gains. On the other hand, Gulf
States Steel was unsettled by the action of the directors in
suspending dividend payments and sold down to a new low
for recent years. Motor stocks were irregular, most of the
active issues slipping back a point or more. This was also
true of a number of the specialties, such as Houston Oil,
which moved up over 5 points and down a quarter of a point,
and Commercial Solvents, which gained 6 points and lost a
point. Price movements were irregular on Friday, alternate
periods of advance and recession following one another
1419
throughout the day, the market closing with substantial
declines. Most of the recent favorites, including among
other issues General Motors, American Can, General Electric
and Allied Chemical & Dye, moved to lower levels'at the
close. United States Steel common soared to 157 at its
high for the day, but slipped back to 154% in the final hour.
Kennecott Copper moved up 1% points to 72% and Studebaker advanced 2 points to 58%.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Railroad.
rte..
Bonds.
Stocks.
Number of
Shares.
Week Ended Sept. 9.
2,168,815
2,670,520
2,619.610
2,487,600
Total
10.922.055
529.016.600
1927.
1926.
81.009.000
5841.000
564.750
698.500
1.304.000
512.335.500
Week Ended Sept. 9.
Sales at
New York Stock
Exchange.
United
States
Bonds.
21,252.000
52,660.000
HOLIDAY- LABOR DAY
52.327.000
55,488.600
2,919.000
5,893.000
7,975.000
3,511.500
2,326,000
7,000,000
975,510
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
State.
Municipal ck
Foreign Bonds.
24.417.250
Jan. 1 to Sept. 9.
1927.
1926.
10,922,055
7,296,088
376.144,718
313.906,175
$4,417,250
12,335,500
29,016,600
-No,of shares_
Stocks
Bonds.
Government bonds___
State & foreign bonds_
Railroad As misc. bonds
24,024,600
13,233,000
22.320,000
$214,557,800
574,693.800
1.519.497,650
5190,719,150
449.962.950
1,423,750,700
545,769.350 239,577,600 22,308,749.250 52,064,432,800
Total bonds
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Phila elphia.
Boston.
Week Ended
Sept. 9 1927.
Badinsore.
Shares. Bond Sales. Shares. Bond Sates. Shares. Bond Sales.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
*18,130
28,544
$2,500
HOLI DAY
5,700
32,855
52,578
21,800
1,500
66,900
8,000
30,613
1.503
512.700
6.306
7.219
8.867
7,705
15,000
18,100
33,700
18,000
*33,454
*43,058
*48,975
28,128
171,735
Total
Prey, week revised
59,000
13,400
13,000
6,000
541,400
211,490
339.500
31,600
$97,500
175.493
591.850
103.767
567.000
27.783
5135 son
* In addition. sales of rights were: Saturday, 37; Tueeday, 2.125; Wednesday:
937; Thursday, 2.225.
Course of Bank Clearings
Bank clearings this week will again show a satisfactory
increase compared with a year ago. Preliminary figures
compiled by us, based upon telegraphic advices from the
chief cities of the country, indicate that for the week ending
to-day (Saturday, Sept. 10), bank exchanges for all the cities
of the United States from which it is possible to obtain weekly
returns will be 9.6% larger than for the corresponding week
last year. The total stands at $8,068,440,675, against
$7,362,598,462 for the same week in 1926. At this centre
there is a gain for the five days of 9.6%. Our comparative
summary for the week is as follows:
Clearings-Returns by Telegraph.
Week Ended Sept. 10.
1927.
1926.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
23.805.000,000
470,114.465
343,000,000
303,000,000
93,576,167
89,700,000
155,600,000
141,263.000
109,400,131
121,915,930
81,382.531
68,780.215
51,110,170
53,176,000,000 '+19.8
414,911.314 +13.3
320,000.000
+7 2
264.000,000 +14.9
107,323,810 -12.8
94,100,000
-4.7
106.496,000 +46.1
93,876,000 +50.5
113,158,029
-3.3
104.283,983 +16.9
73.674.166
+10.5
71,429,273
-3.7
46,639,523
+9.6
Thirteen cities, 5 days
Other cities. 5 days
$5,834.842,609
805.524,620
54,985,892,098
860.376,080
+17 0
-6.4
Total all cities, 5 days
All cities, 1 day
56.640,367,229
1,428,073,446
55,846.268,178
1.516,330,284
+13.6
-5.8
28,068,440,675
57,362.598.462
+9.6
Total all cities for week
Complete and exact details for the week covered by the
foregoing will appear in our 'ssue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Sept. 3. For
that week there is an increase of 9.5%, the 1927 aggregate
of clearings being $9,965,049,556 and the 1926 aggregate
$9,098,348,617. Outside of New York City there is a
decrease of 1.5%, the bank exchanges at this centre having
increased 18.2%. We group the cities now according to the
Federal Reserve districts in which they are located, and
from this it appears that in the New York Reserve District
(including this city) the totals are larger by 17.6%, in the
Boston Reserve District by 7.8%, and in the Philadelphia
Reserve District by 0.4%. The Cleveland Reserve District
shows a loss of 0.6%, the Richmond Reserve District of
11.3%, and the Atlanta Reserve District of 13.6%, the
latter due largely to the falling off at the Florida points,
Miami showing a decrease of 39.6% and Jacksonville of
23.8%. The Chicago Reserve District has a gain of 1.7%
and the Minneapolis Reserve District of 6.9%, but the
totals for the St. Louis Reserve District fall 2.5% benond.
In the Kansas City Reserve District clearings are 6.2%
below those of 1926: in the Dallas Reserve District 8.7%
below, and in the San Francisco District 6.3% below.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Int.or
Week End. Sept. 3 1927.
1927.
1926.
bee.
Federal Reserve Dists.
8
158 Boston_ - - _12 cities
488,998,512
2nd New York.11 "
6,133,424,163
3rd Philadelphial0 "
563,599,495
6th Cleveland...18 "
366,271,280
5th Richmond _16 "
188,181,931
6th Atlanta_ __ _13 "
161.577.897
7th Chicago_.
_20 "
922,881,199
8th St. Louis_ _18 "
196,973.834
9th Minneapolls17 "
130,260,484
10th Kansas City12 "
236.344.068
11th Dallas
15 "
74,544,902
12th San Fran.
.17 "
502,991,791
$
453.618,335
5,214,478,003
561.418,078
368.651,686
212.236,847
187,101,921
907.668.266
200982,348
121,825,510
251,903,939
81,636.047
536,825,439
Total
129 cities
Outside N. Y. City
9.965,049,556
3,948,844,743
9.098,348,617 +9.5
4,007,254,657 -1.5
360.921.982
339 O5651R -I-c /
Canada
31 cities
1925.
1924.
2
Te
$
+7.8
412,180.076
334,197,210
+17.6 5,252.086,076 4,312,872.670
+0.4
622.266,711
467,919.632
-0.6
358,757.753
284,760,073
-11.3
207.530,893
159,023,667
-13.6
281,006,032
158,057.575
+1.7
948,218,729
778,388,758
-2.5
206,828.643
177.423,901
+69.
137,355.552
106,968,171
-6.2
245,832.151
225,877,321
-8.7
76,832,719
67,622.089
-6.3
497.592,048
409,527,201
9,226,487,383
4,095,348,289
7,482.638.239
3,255,052,489
am 1 el
nen .en ene
IAA
We also furnish to-day a summary by Federal Reserve
districts of the clearings for the month of August. For that
month there is an increase for the whole country of 10.2%,
the 1927 aggregate of the clearings being $43,958,526,144,
and the 1926 aggregate $39,905,694,050. While the present
year's total does not establish a new high monthly record,
it is the largest total ever reached in the month of August.
The gain, however, is due almost entirely to the increase at
New York City. Outside of New York City the increase for
the month is only 1.9%. The Boston Reserve District
shows a gain of 1.2%, the New York Reserve District (including this city) of 16.9%, and the Philadelphia Reserve
District of 4.1%. In the Cleveland Reserve District there
is
an increase of 3.0%, but in the Richmond Reserve
District
[VOL. 125.
T H 4 CHRONICLE
1420
The course of bank clearings at leading cities of the country
there is a decrease of 0.3%, and in the Atlanta Reserve Disand since Jan. 1 in each of the last
2.7%, the latter following from the losses at the for the month of August
trict of
a loss of 47.8%, Tampa of four years is shown in the subjoined statement:
Florida points, Miami showing
BANK CLEARINGS AT LEADING CITIES.
31.8% and Jacksonville of 28.8%. The Chicago Reserve
1927. 1926. 1925. 1924. 1927. 1926.1925. 1924.
(000,000s
District shows a gain of 3.8% and the MinneapolisReserve
$
a
a
$
a
s
$
$
omitted.)
Jan. 1 to Aug. 31
August
District of 3.5%, but the St. Louis Reserve District falls
25,379 21,675 20,219 20,342 207.259 195,694 185,456 160.931
New York
0.6% behind. In the Kansas City Reserve District the totals Chicago
2,971 2.801 2.682 2,542 23,965 23,739 23,540 20.871
1,872 1.871 1.662 1,804 16,994 16,477 14.472 13.909
are smaller by 2.9% and in the Dallas Reserve District by Boston
2,270 2,180 2.237 1,908 18,672 19,545 19,020 16,681
Philadelphia
4,998
4.965
4,892
4.683
6.9%. The San Francisco Reserve District shows a gain St. Louis
561
598
601
591
6,040
5,819
6,287
615
5,309
695
732
737
Pittsburgh
of 2.3%.
6,525
6,050
5,485
677 6.422
776
782
819
San Francisco
August
1927.
$
Federal Reserve Dists.
18t Boston.._ _14 cities 2,118,093,788
York_14 " 26,026.324,529
2nd New
2,444,222,202
3rd Philadelphis.14 "
1,769,922,010
4th Cleveland__15 "
861,014,41
5th Richmond _10 "
841,078,04
6th Atlanta.._ _18 "
4,357,861,670
.. _29 "
7th Chicago_
910,778.337
BM St. Louis_ _10 "
543,367,439
8th Minneapolls13 "
1,738,702.922
10th Kansas City16 "
495,050,923
12 "
11th Dallas
2,352,110,011
12th San Fran_ _28 "
Inc.or
Dec.
August
1926.
$
2,092,154,559
22,270,873,277
2.348,917,314
1,718,905,524
864,002,248
864,129,463
4,199,544,675
916,681,766
525,177,246
1,274,878,752
531,629,723
2.298,799,509
%
+1.2
+16.9
+4.1
+3.0
-0.3
-2.7
+3.8
-0.6
+3.5
-2.9
-6.9
+2.3
August
1925.
August
1924.
$
1,894,427.547
20,818,003,128
2,445,023,850
1,646,267,270
877,712,617
1,079,001,668
3,962,028,123
889.651.391
502,935,409
1,175,845.201
491,674,461
2,193,715,259
$
2,006,939,298
20,838,263,772
2,166.627,257
1,456,010,411
761,050,440
702,910,506
3,676,042,380
828,558,896
503,553,472
1,122,205,948
428,871,709
1,899,099,648
36,390,133,737
193 cities 43.958,526.144 39,905,694.050 +10.2 38,036,185,824 16,048,017,512
Total
18,578,939,264 18,229,714,351 +1.9 17,817,857,459
Outside N. Y. City
4-9 A 1 9AA 1A9 AAA 1 960 lAci MR
1 1111 SA4 VA
1 CIA /91 rem
90 rittaa
We append another table showing the clearings by Federal
Reserve districts for the eight months back to 1924:
Eight Months.
e.or
Ircc.
1925.
1926.
1927.
Federal Reserve Discs.
19,020,145,578 18,501,015,196
1st Boston _ _ _14 cities
200,973,171,885
2nd New York_14 " 212.650,312,059 20,980,864,330
20,124,970,003
3rd Philadelphial4
14,692,105,070 14,223,092,915
Cleveland. _15
4th
6,832,157,360 7,280,461,813
5th Richmond .10
7,128,903,603 8,549,255,431
6th Atlanta_ _ _ -18
35,057,091,867 34,890,437,318
_ _29
7th Chicago_
7,625,796,677 7,782,922,298
8th St. Louis_ _10
3,986,142,657 4,318.028,158
9th MInneapolls13
9,703,749,406 9,680,642,269
10th Kansas City16
4,161,787,761 4,198,012,657
12
11th Dallas
19,126,997,860 19,037,406,675
12th San Fran_ _28
193 cities 360,110,162,931 350,415,315,946
Total
152,851,131.234 154,720,598,936
Outside N. Y. City
29 cities 12.272,339,537 11,157,262,098
Canada
1924.
+4.8 16,453,297,419 15,678,891,936
+5.8 190,209,414,563 165,368,820,948
4.1 20,789,615,422 18,313,834,04
+3.3 13,670,528,692 12,54,921,596
6.2 7,048,545,806 6,463,945,112
-16.6 8,198,734,174 6,532,94,582
+0.5 33,925,543,811 30,378,154,956
2.0 7,612,365,743 7,068,735.646
-7.7 4,442,143,719 3,865,542,587
+0.2 9,414,528,007 8,524,583,306
0.9 4,014,265,389 3,412,641,654
+0.5 17,322,476,057 16,067,796,180
+2.8 333,180,458,802 294,198,794,41
- 147,724,263,603 133,264,564,918
1.2
+100
10,14,14,273 10,495,129,58
months
The following compilation covers the clearings by
Jan. 1 in 1927 and 1926:
since
311
475
617
523
234
338
145
735
187
718
53
183
222
121
101
147
214
76
198
69
70
Cincinnati
Baltimore
Kansas City
Cleveland
New Orleans
Minneapolis
Louisville
Detroit
Milwaukee
Los Angeles
Providence
Omaha
Buffalo
St. Paul
Indianapolis
Denver
Richmond
Memphis
Seattle
Hartford
Salt Lake City
Month.
2,586
4,038
4,724
1.058
1.982
2,628
1,205
5,874
1,460
5,878
452
1,401
1,815
1,059
791
1,078
1,710
749
1,560
551
530
2,432
3,758
4,555
3.928
1,947
2,752
1,161
6,443
1,363
5,166
466
1,448
1,790
1,051
583
1,112
1,791
686
1,404
490
544
2.206
3.310
4,178
3.565
1,819
2,271
1,053
4,882
1,259
4.822
403
1.299
1,501
1,047
667
1.023
1,791
628
1,355
437
502
43,958 39,905 38,036 36,390 360.110 350,416 333.180 294,199
Total all
152.851 154,720 147,724 133,265
Outside N.Y. City 18.579 18,230 17,818 16,048
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
August and the eight months of 1927 and 1926 are given
below:
Eight Months.
Month of August.
Description.
1927.
1926.
1927.
1926.
301,382,730
300,090.500
51.205,812 44,491.314
Stock, number of shares_
$121,165,000 $1,478,589,050 51.383,126,000
Railroad and misc. bonds $165,304,000 47.130,000
556.797.300
430,535,950
63,567,900
State, foreign. arc., bonds
208.012,850
187.302,650
12,793,250 11,893,000
U.S. Government bonds_
$180,188,000 $2,243,399,200 $2,000,964.600
$241,665,150
Total bonds
s on the
The volume of transactions in share propertie
York Stock Exchange for the month of August in 1924
New
to 1927 is indicated in the following:
1926.
1927.
1924.
1925.
No. Shares. No. Shares. No. Shares. No. Shares.
Clearings Outside New York.
1926.
%
1927.
%
$
$
$
$
198 -6.1 19.6..7210,584 20,510,360,932 - 1.4
sun_ 45,209,124.033 47,611,459, 613 +4.1 17,303.381.426 17.305.100.168 -0.03
Feb.._ 40,381,508,749 33.750,757.
885 -0.7
418 48.460.993,827 +1.0 20.219.526,569 20,369.120,
Mar __ 48.918,371.
57,170,418,557 58,184,881,985 --1.8
134 519304 200 134831210668 -0.2
1st tau_
45.168.511,618 +0.5 19.253.159.393 19,504 150,860 -1.3
Apr.... 45.718,620,044 42.370.068,700 +3.8 19,233,954,625 18,983,923,067 +1.3
May__ 43,977.075,054 44.099,611,887 +8.2 19,818.730,61419,904,622,301 -0.4
June__ 47.694,486.950
131938.192,205 +4.1 58,305,853.632 58,392,996,213 -0.1
2d qu_ 137390,182,048
39 116577,878.203 -0.9
271909.486,243 266769402,873 +1.9 115476,272.1
5 mos.
635 -5.8
+1.1 18,795,919,821
44,242.150.509 43.740,219,022 4.109 lA A751020 964. 19.953.111,
4-1 0
16 990 714 2.51
July __ . ..•el enc. IAA 00 on, rum ncn
. ... .
U
1927.
2,555
3,754
4,865
4,266
1.905
2,376
1,226
6,793
1.495
6.269
464
1.375
1,792
982
806
1.041
1,616
694
1,532
529
572
40,376 36,279 34.307 33,223 330,398 319,197 303,192 267.886
3,582 3,626 3.729 3,167 29,712 31,218 29,983 26.313
Total
Other cities
MONTHLY CLEARINGS.
Clearings. Total AU.
255
387
568
418
158
316
122
592
148
530
46
172
176
115
82
131
224
64
159
51
60
287
478
579
481
223
350
129
692
166
622
54
174
239
129
71
147
231
70
185
58
73
297
495
652
500
221
322
140
759
175
692
47
167
210
122
97
146
196
77
197
54
71
1926.
41.570,543
32,791,456
38.294,393
20,857,386
20,721,582
18,315,911
87,619,569 126,985,965 112,659,392
65.894.859
49.781,211
46,597,830
17./78.544
30.326,714
23241.144
38,254.575
24,844,207
36.647.760
30.750,768
18,116,828
13.513.967
17,003.1418
Second quarter
144,197.535
91.922,433
92,242,735
48,633,935
July
August
38,575,576
51,205,812
35,691.187
44,491.314
32,812,918
33,047,248
24,318,182
21,809.031
34,275,410
44.162.496
49.211.663
Month of January
February
March
First quarter
Month of April
May
June
38.937,885
35.725.989
52,271.691
We now add our detailed sti tement showing the figures
for each city separately for August and since Jan. 1 for two
years and for the week ending Sept. 3 for four years:
FOR TVEEK ENDING SEPT. 3.
CLEARINGS FOR AUGUST, SINCE JANUARY 1, AND
1927.
'
1926.
inc. or
Dec.
1927.
1926.
$
$
$
%
$
Boston
First Federal Rese rye District25,553,387
27,973,694
3.217,379 +2.4
3,294,246
Maine--Bangor
126,134,103
129,063,428
16,149,368 +6.5
17,200,464
Portland
1,872,000,000 1,871,243,898 +0.1 16,994,830,430 16,477,781,895
-Boston
Mass.
63,045,584
68,545,205
8.135,992 +5.1
8,551.131
Fall River
30,105,163
32,380,716
3,630,589 -3.6
3,499,076
Holyoke
36.622,440
42,119,140
4,496,287 +10.4
4.962,770
Lowell
a
a
a
a
a
Lynn
41,570,388
15,105,983
5,229.416 -3.7
5,036,459
New Bedford
187,332,567
199,531.038
21,884,179 -5.2
20.755,948
Springfield
125,362,540
127,497,726
14,878,525 -0.8
14.764.836
Worcester
529,355.618
550,895,840
54,037,445 +27.8
69.049,708
-Hartford
Conn.
267,152.755
247,765,003
+9.8
30,059,322
33.010,813
New Haven
87,252,400
83,388,800
9,151,700 -F 13.4
10,379,700
Waterbury
464,361,600
452,554.000
47,226,200 +12.3
53,052,900
-Providence.R. 1.
25,620,266
27,258,260
2,813,759 -9.9
2,535,737
-Manchester
N. 11.
2,118,093,788 2,092,154,559 +1.2 19,020,145,578 18,501,015,196
Total(14 cities)
York Second Federal Re serve District -New
219,383,265
223,908,087
25,460,142 -2.3
24,881,274
New York-Albany..
40,659,000
44,385,964
5,019,200 +12.7
5,656,085
Binghamton
209,890,140 +5.6 1,792,183,714 1,815,464,701
221,744,250
Buffalo
37,046,376
35,792,185
4,336,331 -2.0
4,250,794
Elmira
48,943.507
51,989,610
5,913.509 -4.7
5,634.418
Jamestovm
,
25,379,586.8 0 21,675,979,699 +17.1 207,250,031,627 195,694,717.001
Y,.rk
New
26 41'5 0
84
40 9'4 "10
1%000.000 +33
5.14.2 900
Nitura-a Fars
481,125,098
456,775,501
50,503,598 +11.4
56,284,146
Rochester
213,405,651
224,985,155
+0.2
25.793,813
25.336,854
Syracuse
123,137,474
132,093,553
14,066,514 +27.8
17,980.397
Conn.-Stford_
27,846,291
30,375,329
2.741,188 +22.4
3.354,852
871,814,723
898,827,940
N. J.-Montelair
92.392,974 +12.0
103,447,566
Newark
148,117,601 +12.1 1,380,761,008 1,330.282,372
166,377,796
N. J
Northern
50.864,197
54.209,883
5.350,568 +14.5
6,126.297
Oranges
non 0,0 nun nnn 0,1 1,1 QOM
no nog 224 A90 99 970 577 977 4.111 n 010
_ ... ... _s
Ota
. 1
1
Week Ended Sept. 3 025.
Eight Months.
Month of August.
Clearings at
Inc. or
Dec.
1927.
1926.
Inc. or
Dec.
%
$
$
%
1924.
$
$
.,
698,559
760,240 ,
2.809,384
3,784,197
361,000,000 294,000.000
1,602.031
1,844.738
a
a
786,374
1,212,992
a
a
1,136,729
1,200,165
14,500,000
5,924,658
2,896.778
3,281.053
9,963,775
13,442,032
6.483.410
7,683,313
+9.4
+2.3
+3.1
-0.7
-8.0
+15.0
a
-7.8
-6.1
-1.7
-3.9
+7.8
+4.6
+2.6
-6.0
686.831
3.734.955
437,000,000
1,586,960
a
1.067,783
a
1,059,782
4.880219
3,007.822
15,945,970
7,577,797
748,378 -8.2
3.763,919 -0.8
405.000,000 +7.9
1,520,490 +4.4
a
a
931.210 +14.7
a
a
+3.5
1,023,524
4,978,295 -2.0
3,247,609 -7.4
14,179,256 +12.5
7.298.949 +3.8
11,634,500
815,203
10.139.900 +14.7
780.805 +3.6
11,202,100
844,288
8,697,000
623,170
+2.8
488,998,512
+7.8
412,180,076
334,197,210
453,618,335
7.123,724
6,424,276
-2.0
1.202,400
+9.2
1,162,286
54,259,321
-1.3
51,688,597
1,090,729
910,233
+3.5
1.249,426
1,072,625
-5.9
+5.2 6,016,204.813 5,091,093,960
+12.1
13,263.705
12.955.656
+5.3
7,057,187
6,641.555
+5.4
2,955,904
+7.2
3,094.674
1,668,530
788.646
+9.1
+3.1
33,513,117
+4.3
32,180,802
+6.6
_LK a
A 1,0 AOA IA.) m 01A ATO MIR
4,764,628
6,809,347
-9.8
848,200
1,076,400
-3.3
35,561.348
56,262,167
-4.7
927.471
015,816
-16.5
882.103
1,562,240
-14.1
+18.2 5.131,139,094 4,227,585.751
-2.3
-5.9
+4.7
-52.7
13,080,049
6,358.796
3,488.514
742,916
10.133,454
6.475,466
2,284,587
441.050
-3.1
----
30,650.517
22,968,612
117 A IC 0a9
nuA
076 4312.872.670
THE CHRONICLE
SEPT. 10 1927.]
1421
CLEARINGS-(Continued)
Eight Months.
Month of August.
Week Ended Sept. 3.
Clearings at
1927.
1926.
Inc. or
Dec.
1927.
1926.
Inc. or
Dec.
$
$
$
$
%
%
Third Federal Res erve District - Philadelp hiaPa.-Altoona
58.042,052
7,727,444
6,508,260 +18.7
54,580,138 +6.3
16,942,716 -3.2
Bethlehem
153,925.799
16,403.513
150,193,123 +2.5
Cheater
48,658,972
6,311,889 -3.9
6,066.989
48,548,095 +0.2
Harrisburg
164.138,946
21.377,180 -1.7
21,004,340
167,993,450
2.3
Lancaster
8,429,881
8,962.367
76,695.429
+6.3
81,403,057 -5.8
Lebanon
22,552.475
2,635.086
2,763.592
+4.9
22,590,312 -1.9
Norristown
4,055,247
31,778,008
3,975,385 +2.0
31,229,939 +2.1
Philadelphia
2,270,000,000 2,180,381,000 +4.1 18,672.000,000 19,545.381.000 -4.5
Reading
147.040,059
16,538,846 +5.7
17,485,007
143,810,115 +2.2
Scranton
215,304,871
27,056,139 -4.7
25,778,380
213,544,316
+0.8
Wilkes-Barre
15,094,885 +22.2
18,446,483
141,178.301
124,053.93 +13.7
York
8,118.115
62,988,432
7,974.828 +1.8
65,600,60
-4.0
-Camden
N.J.
10,911,152
11,271,820 -3.2
97,147,650
115,119.61 -15.6
Trenton
26,499,573
233,519.011
24.419,399 +8.5
216,816,62
+7.7
-Wilmington _
Del.
a
a
a
a
a
a
Total (14 cities) _ _ _ 2,444,222,202 2,348.917,314
Total(15 cities) _ _ _
1,769,922,010 1,718,905,524
222,918,000
143,241,456
2,555,521,084
4,266,176.738
608,104,400
a
32,305,933
a
15,581,847
69,344,074
a
a
193,883,879
25.105,135
a
10,790,030
50,047,094
6.286,956.36
65,049,977
147.099.059
211.106.000 -5.6
140,338,802 +2.1
2,586,934,832 -1.2
4,058,984,987 +5.1
581,847.700 +4.5
a
a
33,077,664 -2.3
a
a
15,797,427 -1.4
71,084,966 -2.4
a
a
a
a
186,796,896
+3.8
25,646,145 -2.1
a
a
12,407,558 -13.0
48,455,243 +3.3
6,039,971.537 +4.1
65,508.17
145,139,987 +1.4
+3.0 14,692,105,070 14,223.097.915
Fifth Federal Rasa rve District- Richmond
W. Va.-Huntington_
5,294.937
6,490,607 -18.4
Va.-Newport News_
a
a
a
Norfolk
29,672.673
31,628,584 -5.9
Richmond
213,790,000
196,133,000 +9.0
N. C.
-Asheville_ _
a
a
a
Raleigh
10,620.099
9,783.799 +8.5
Wilmington
a
a
a
S. C.-Charleston......
*8,250,000
7.840,905 +5.2
Columbia
8,691,616
6,568,065 +32.3
Md.-Baltimore
475,551.848
495,226,748 -4.0
Frederick
2,038,683
1,926.138 +5.8
Hagerstown
3.524.130
3,492,282 +0.9
-Washington._
D. C.
103,580,305
104,912,120 -1.3
1926.
1,734,706
3,984,694
1,370.847
2,085,252
533,000.000
3.500,833
5,816,920
4,237,818
1.798,566
Inc. or
Dec.
1925.
1924.
1,652,578 +5.0
4,684,202 -14.9
1.494,987 -8.3
1.623.252
4,322,759
1,599,087
1.340,211
2,986.745
995,916
1,982,509
+5.2
2.591.571
2,321,659
528,000.000 +0.9
3,859,805 -9.3
6,589,849 -11.8
4,690.875 -9.7
1,924,824 -6.6
589.000.000
3,774,121
6,735,003
3.997,098
1,924,396
443,000.000
2,831,245
5,108,645
3.892,144
1,395.603
+3.3
45,668,517
a
207,120,999
1,615,900,272
a
90.958,872
a
78.540.784
67,315.195
3.754,892,727
16,772,542
28,368,539
926,620,913
51.930,297 -12.1
a
a
281,967,831 -26.5
1,709,518,000 -5.5
a
a
93,260,273 -2.5
a
a
83,497,346 -5.9
55,237.536 +14.6
4,038,873,137 -7.0
16,667,332 +0.6
27,399,977 +3.5
922.110,084 +0.5
6,069,859
a
6.538.449
--7.2
a
6,699.424
a
4,047,464
563.599,495
+4.1 20,124,970,003 20.980,864,330
Fourth Federal Re serve District Cleveland
Ohio-Akron
29.053.000
25,515,000 +13.9
Canton
17,723,172
16,988,009 +4.3
Cincinnati
311,432,992
297.124,565 +4.8
Cleveland
523,084,953
500,158,724 +4.6
Columbus
78,181,800
72,758.800 +7.5
Dayton
a
a
a
Hamilton
3,820,992
3,758,044 +1.9
Lima
a
a
a
Lorain
1,938,086
2,871,383 -6.5
Mansfield
8.575,648
8,991,292 -4.6
Springfield
a
a
a
Toledo
a
a
a
Youngstown
24,441,607 -10.8
21,795,626
Pa.
-Beaver Co_
3,358,637 -9.2
3,049,300
Erie
a
a
a
Franklin
1,380.198
1,470,466 -6.1
Greensburg
5,493,907 +3.2
5.667,871
Pittsburgh
732,708,672 +0.7
737,733,557
Ky.-Lexington
7,656.232
5.968,468 +28.3
W. Va.-Wheeling
18,830.583
18.105,950 +4.0
1927.
561.418,078
+0.4
622,266,711
467,919,632
5,298.000
3.550,274
66,952,601
112,767,624
16,428,600
a
5,232.000
3,649,073
66,385,754
109,137,405
16,130,200
a
+1.3
-2.7
+1.0
+3.3
+1.9
a
5,462.000
3,873.494
66,339,612
112,796.307
14,655,300
a
6.830,000
4,152,538
56.772,882
83,746,249
12,844,900
a
1,803,643 -10.6
a
a
a
5,101,744 -3.2
1,989,369
a
a
5,286,354
a
a
1,613,296
a
a
4.940,082
a
a
a
a
a
2,003,104
a
a
3,401,671
a
154,720.803
161,211,867
-4.0
148.355,317
115,008,729
366,271.280
368,851.686
-0.6
358,757.753
284,760.073
1.227,845
1,478.701 -16.0
1,542,364
1,433,648
4.460,709
48,964,018
7.778,881 --42.7
46,599,000 +5.1
6,839.950
51.982.000
5,859,718
49,825.000
•1,821,000
*2,100,000 -13.3
2,063,685
2,138,947
105,857,482
129,456,573 -18.2
120.287,535
82.804,354
25,850,877
24,822.892
+4.1
24.815.358
16,962,000
864,002,248
-0.3
6,832,157,360
7.280,461,813
-6.2
188,181.931
212,236,047 -11.3
207.530.893
159,023,667
Sixth Federal Rase rve District- Atlanta
Tenn.
-Chattanooga _
32,451,272
28.083,991
Knoxville
13,610,814
13,383,801
Nashville
100.322,100
88.117.517
Georgia-Atianta
201,581,732
210,882,415
Augusta
7.823.788
7,22951
Columbus
4,278,093
4,413,84
Macon
9,083,842
7,779,05
Savannah
a
a
Fla. -Jacksonville_ _ _
69,619,056
97,710,95
Miami
15,076,000
28,887,504
Tampa
17,885.670
25,935,934
Ala.
-Birmingham_
101,690,347
96,360,663
Mobile
7,602,053
8.671.101
Montgomery
6,699,733
5.181,244
Miss.
-Hattiesburg _ 6,848,700
8,554,726
Jackson
6,788,112
6,190,415
Meridian
4,064,351
3,351,483
Vicksburg
1,425,940
1,461,853
La.
-New Orleans,,_
234,426,421
221,433,442
+15.6
+1.7
+13.2
-4.9
+8.1
-3.1
+16.8
a
-28.8
-47.8
-31.8
+5.5
-12.3
+29.3
-19.9
+9.7
+21.3
-2.5
+5.9
273.723.945
114,332.647
771,710.904
1,688,278,391
67,075,604
35.912.064
68,696.381
a
710,096.268
198,688,415
170,472,114
836,262,593
68,382.474
52,644.738
61,831,901
58,025.589
33,978,044
13,732.700
1.905,058,831
264,408.822
113,868,236
752,245.635
2,174,076.548
66,062.021
35,835,294
60,677,091
a
1,101.288.77
510.860.52
309.986.90
881,877,08
72.342,78
56,226,43
66,912,55
56,327.02
30,708.61
13.881,64
1,981,669,44
+3.5
+0.4
+2.6
-22.3
+1.5
+0.2
+13.2
d7.026,269
3,154,000
20,991,037
46.824,852
2,747,740
6.290,951 +11.7
2,983,592 +5.7
19.259.705 +9.0
48,947.399 -4.3
1,937,864 +41.8
6.146.434
3,266,957
20,857,464
72.143,015
2.289,671
4,487,703
3,172.768
16,170,212
45,752,700
2,168,993
-30.5
-61.1
-45.0
-5.2
-5.5
-6.4
-7.6
+3.0
+10.6
-1.1
-3.9
2,359,383
a
14.744,842
3,687,000
1.818.202 -1--29:8
a
a
19,356,898 -23.8
6,107.805 -39.6
2,748,066
a
28,843.807
3,263.943
1,485.832
a
11,150,848
3,631,663
23,519,462
1,952.971
24,197,299
1,966.860
-2.8
-0.7
25,244,399
2,190,468
20,881.000
1,833,413
1,577,734
1,368,325 +15.3
1,418.000
1.181.000
386.865
32.606,042
340,419 +13.6
52.529,601 -37.9
696.611
64,897,197
400,755
45.740.688
-2.7
7,128,903,603
8,549,255,431 -16.6
161.577.897
187,104,920 -13.6
261,008,032
158,057,575
+9.7
8,674,724
8,295,108 +4.6
-20.4
38,394,040
38,671,068 -0.7
-3.0 5,793,044,476 5,874.378.797 -1.4
+24.9
116.554,901
98,666.850 +18.1
-4.5
277,019,030
291,973,813 -5.1
+6.2
64,660.153
60.859.205 +6.2
-29.9
90,361.556
100,778,797 -10.3
+2.5
102,096,874
100.019,737
+2.1
-14.0
209.318.432
211,919,764 -1.2
+4.2
805,774,410
790.994,000 +1.9
-2.5
106,806,280
106,821,844 -0.1
-7.2
203,948,709
205,841.702
+8.1
125,164,403
126.439,626 -1.0
+6.8 1,495,277,813 1.460.111.182 +2.4
+5.4
34.300,319
32,437,686
+5.7
+15.9
97,957.420
91342,907
+7.1
+10.8
350,246,502
336.335,732
+4.1
-2.1
346,229,548
362,381,718 -4.5
+4.2
16.909,370
16,380,551
+3.2
f
6
f
-2.9
218,039,068
236,913,651 -8.0
+6.2
44,576,284
42,308,462 +5.4
-10.1
57,598,803
59,422,151 -3.1
+6.7
55,161,060
57,722,254 -4.4
+6.1 23.965,129,183 2
3,739,668,284 +0.9
a
a
a
a
+6.6
47,431,164
47.114.670 +0.7
-3.9
170,274,809
179,363,834 -5.1
+4.6
121.138,618
113,308,416
+6.9
-3.3
95,906,739
99,865,509 -4.9
254,163
930,740
157,586,162
202,762 +25.4
698,513 +33.2
158.781,605 -0.8
251,257
686,545
153.000,401
208.733
650,110
134,376,151
Total(10 cities) _
Total(18 cities)
861,014,291
841.078,022
864,129,463
Seventh Federal Reserve Distric t- Chicago
Mich.
-Adrian
1,085,698
990,066
Ann Arbor
4,219.919
5,300.076
Detroit
735,889,239
758.977,604
Flint
17.575,231
14,069.284
Grand Rapids
34.416,360
36,023,722
Jackson
7.878,252
7.417.814
Lansing
12,223,150
17,424,035
-Ft. Wayne__ _ _
Ind.
12.608.997
12,295,304
Gary
25,217,325
29,331,576
Indianapolis
101,007,000
96,886,000
South Bend
13.010,400
13,348,700
Terre Haute
22.052,957
23.769,735
WM.-Madi800
14.388,286
13.312,464
Milwaukee
187.053.171
175,216,493
Oshkosh
4,642,936
4,404,498
Iowa-Cedar Rapids
12,721,189
10,979.116
Davenport
42,072,443
37,957,22
41,171,465
40,317,501
Dee Moines
Iowa City
2,034,976
1,952,596
Mason City
6
6
Sioux City
25.850,444
26,621,400
Waterloo
6.301,001
4,990,800
Illinols--Aurcra
7,236,587
8,045,994
Bloomington
6.791,827
6,365,40
Chicago
2,971.088,320 2,801,284,278
Danville
a
a
Decatur
6.236,946
5,853.17
20,556,687
Peoria
21.391.144
Rockford
13,803,604
13,009,536
10,781,244
Springfield
11,155,11
Tote (28 cities)._ 4,357,861.670 4,199,544.675
Eighth Federal Re serve District -St. Louis
Ind.-Evaneville
24,486,207
23,103,278
804,566
849,790
New Albany
591.597,976
600.691,351
-St. Louie
360.
Springfield
a
a
Ii2y.-Loulsvil1e
145,031,674
140,440,271
1,458,968
1,420,434
Owenaboro
8,590.847
*8.000,000
Paducah
76,300.113
_
-Memphis
76.948,704
Tenn.
53,978,985
56,310,311
-Little Rock_
Ark.
1,920,127
__
2,145,071
6,608,874
6.772.606
Quincy
Total (10 eities)
910,778,337
916,681,766
+3.8 35.057,094.867 34.890,437,318
+0.5
+6.0
-5.3
-1.5
a
+3.3
+2.7
+7.4
-0.8
-4.2
-10.5
-2.4
205,196,973
6.770,984
4,891.721,186
a
1,226,056,717
13,045,955
76.090,943
693,534.977
446,393.787
13,769,526
53,215.629
192,837,222 +6.4
6.533,242 +3.6
4,998,277,520 -2.1
a
a
1.205,132,308 +1.7
13,971,464 -6.6
74.321,965 +2.4
748,821,052 -7.4
469,624,775 -4.9
15,282.267 -10.0
58.120,483 -8.4
-0.6
7.625.796.677
7,782.922,298
-2.0
8,150.400
8,277,481
-1.5
9,265,257
7.424,717
3,129,531
2,819.817
2,599,047 +2 0:.
-- 1
3.071.449 -14.7
2,716,862
2,766.034
2,722,172
2,017.275
20,423,000
2,732,400
4,870.082
22,610.000 -9.7
3,106,000 -12.0
5,077,741 -4.1
15,665,000
2,819,927
5,039.619
17,878,000
1,986.100
4.367,864
38,919.261
39,141.085
. -3.6
27
39,210,142
29,577,192
3,930.001
2,753,014
+6.4
2.823,832
2,507,697
10.634.310 -13.7
11,100.443
10,846.483
-3.1
6,561,424
1,280,247
6,335,923
1,601,210
1,590.678
650,238.984
a
1,609.735
4,985,008
3,152,313
2,521,452
1,685,579 -5.6
629,623,430 1-3.3
a
a
1,273.608 +26.4
4,862.335
+2.1
3,087,056
+2.1
2,875,639 -12.3
1,824.933
681.152,635
a
1,482.731
5,285.829
2.767.381
2,518,730
1,647,290
5 3,910,277
4
a
1,521,427
4.234,451
2,214.583
2.351,133
922,881,199
907,688,266
948.218,729
778,388.758
9,174,608
5,851,405
1,231,459
6,036.636
1,270,976
+1.7
5,202.523
5,361,246
--3.0
6,058.982
5.637,698
129,500.000
133.400.000
2 .9
135,500,000
118.700.000
30,834,927
367,978
29,661,267 44.0
331,583 +11.0
29,279,344
388.629
24,508,803
451,840
17,624,000
10,452,159
434,461
1,557,786
18,379,515 --4.1
11,778,244 --11.3
441,633 --1.8
1,628.860 ---4.4
20,978.740
13,482,500
523.972
1,646,496
15,233.989
11,020,999
418.949
1,451.643
208,828,843
177.423,901
195,973.834
200.982.348
---2.5
[VoL. 125.
THE CHRONICLE
1422
CLEARINGS-(Concluden.
A
Month of August.
1927.
Ninth Federal Re;
•
Minn.
-Duluth
•
Minneapolis
•
Rochester
•
St. Paul
No. Dak.-Fargo__ _ •
•
Grand Forks
Minot
S. D.
-Aberdeen _ -•
Sioux Falls
•
•
Great Falls
•
Helena
Lewistown
1928.
Inc. or
Dec.
w eex
gat Months.
Clearings at
1027.
1926.
Inc.07
Dec.
3
$
%
Inc. or
Dec.
1925.
$
$
%
$
1924.
$
249,883,542
2,628,455,941
17,868,654
1,058,686,518
61,797,990
44,502,000
9,702,217
48,906,871
52,340.270
18,797,343
26,782,490
95,848.184
4,458.138
-4.1
-9.6
+17.3
-7.2
+2.1
+1.0
+7.2
-19.8
+10.5
+4.4
+11.6
+2.3
+10.3
d6,618,541
87,674,051
6,424,080
81,221,637
+3.0
+7.9
9,362,325
91,908,926
6.181,471
70,168,688
28.882,112
1,887,436
27,718,820
1,767,467
+4.2
+6.8
29,201,413
1,809.009
24,329,437
1,667,635
1,394,780 +12.6
1,634,479
1,525,304
+7.4
578,938
564,819
2,735,460 +10.5
2,860,462
2,630,839
3,986,142,657
4,318,028,158
-7.7
130.260,484
121,825,510
+6.9
137.355,552
106,968.171
13.438,656
19,446,196
163,324,333
1,400,523,314
154,675,702
a
a
119,434.639
294,664.843
62,156,640
4,723 665,127
257,988,514
a
7,178.040
a
968,732,387
335.680,756
40,727,165
1,078 460.179
40,645,778
+4.5
-15.9
+3.8
-1.8
-47.5
a
a
-6.8
-3.3
-12.7
+3.0
-12.8
a
-90.7
a
+1.2
+19.1
+1.6
-3.4
+10.4
294,312
606.448
5,184.877
40.834,363
332.426
550,019
3.603.166
36,466,372
-11.5
+10.3
+43.9
+12.0
384,045
682,850
5,699,445
38,407,906
387,790
629,681.
5,096.381
39,965,942
d2,545,069
d7,554,781
2.712,247 -31.4
8.353,774 -9.6
3,232,325
8,200,701
2,560,021
7,392,000
128,300,716
6.108.074
142.602.476 -10.0
6,264,675 -2.5
134,736,846
7,148,106
124,231,213
6,678,551
a
d22,779.930
a
727,931
20,285,672
1.121,897
a
25,516,898
a
1,050,116
22,839,879
1,611,891
a
-10.8
a
-30.7
-11.2
-30.4
a
23,564.150
a
1.327,730
21.261,860
1,186,379
a
18.194,082
a
1,011,926
18.767,058
962.678
236,344,068
251.903,939
-8.2
245.832,151
225,877,321
2,407,911
1,687,601
+63.6
1,759,702
1,634,129
60,191,992
48,841,082
+2.8
47,822,397
41,469,760
12,730,669 -19.8
13,608,000 -65.6
a
a
11.016,915
9,779,000
a
10.470,694
10,448.839
a
+3.5
y+9.0
+22.6
+19.8
+9.4
-50.7
a
a
-4.5
-7.8
-8.0
-5.5
-2.8
a
a
-9.4
+11.5
+11.3
+0.8
+9.3
14,048,925
16.351,666
169,552.688
1,374.537.
451
81,190,707
a
a
111,322,858
285,014,068
54,254,802
4.864,542,635
224,990,287
a
666,406
a
980,124.158
399,688,299
41,371.162
1,041,207,445
44,885,849
Total(15 cities)---- 1,238,702,922 1,274.878,762
-2.9
9,703,749,406
9,680,642,269
+0.2
Eleventh Federal Reserve Distr ict-Dallas5,857,879
5,939.724
Texas
-Austin
7.185,000
8,454.000
Beaumont
192,633.169
184,299.300
Dallas
17.873,284
20.250,035
El Paso
57,511.675
46,881,085
Fort Worth
53,374,000
27,614,000
Galveston
157,620,540
151.774,318
Houston
2,808,061
2,429,321
Port Arthur
2,496.279
2.458,224
Texarkana
6.155,489
8.605,068
Waco
13,812,000
9,728.800
Wichita Falls
20.354.018
20,765.377
La.
-Shreveport
+0.5
+17.7
+4.5
+13.3
-18.5
-29.5
-3.7
+15.6
-1.5
-28.5
-29.8
-2.0
51,139,205
69,143,000
1,610,751.319
162,009,722
402,205.126
306,334.000
1,185,229,013
21,359.656
19,607.731
55,808,008
100,283,274
177,917,707
54,644,951
55.780,313
1,578,944,446
167,178,482
450,117,188
339,405,000
1,141,725.791
19,618,471
23.927,136
66.646,242
122,366.225
177.270.303
-6.2
+24.0
+2.0
-3.1
--10.6
-9.7
+3.8
+8.8
-18.0
-16.3
-18.0
+0.4
531,629,723
-6.9
4,161,787,761
4,198,012,657
-0.9
-San Franc iscoTwelfth Federal R tisane Distric t
3.4°7.000
v3,400.000 +2.9
Wash.-Bellingham_
Seattle
198.475,689
197,055,685 +0.7
Spokane
66.404.000
50,053,000 +12.7
a
a
Tacoma
a
5.265,437
5,968,077 -11.8
Yakima
5.086,970
5,412.919 -6.0
Idaho
-Boise
2,184.000
2,238,700 -2.4
Ore.
-Eugene
169,138,549
187.957.198 -10.0
Portland
7,349.628 +3.0
7,572,289
Utah-Ogden
70,974,268 -1.2
70.093.513
Salt Lake City
3,033,295
3,129.788 -3.1
Nev.-Reno
10.475,000
9,348,000 +12.1
Ariz.-Phoenlx
5.137.676
4,937,387 +4.1
-Bakersfield __
Calif.
21.337,473
18,078,924 +18.0
Berkeley
16,523.572 +11.0
18.346.320
Fresno
30,124.964
27,351,878 +10.1
Long Beach
718,031,000
692,279,000 +3.7
Loa Angeles
3,735,552
3,599,395 +3.8
Modesto
77.982,772
83,783,992 -6.9
Oakland
23,312,866 +10.2
25.692,469
Pasadena
3,473,204 +23.4
4,286,399
Riverside
34,946,932 -10.5
81.261.504
Sacramento
23,877,130 -4.3
22.269.312
San Diego
782,163,000 +4.8
819,944.000
San Francisco
12,623.414 +1.9
12,869,183
San Jose
+8.3
5,724.536
6.198,336
Santa Barbara
9.775,793 +0.1
9.782.225
Santa Monica
2.024,425 -0.8
2,007,684
Santa Rosa
11,436,800 +3.9
11.877,600
Stockton
32,128,000
1.532.305,411
419.640,000
a
44,929,622
37,416.660
17,498.750
1,279,525,135
47,633,786
672,554.377
23,223,982
96.512,900
42,625.857
169,807,535
129.598,105
247,425,269
6.268,821,000
28,391,650
643,249.394
237,516,522
41,060,204
262,283,444
201,869.455
8,422,211,926
92,654.619
49,728,684
77.282.774
16,145,700
92,957,100
31,762,000
1,559,547,692
411.502,000
a
48.781,640
35.582.720
18.545,466
1,370,398.938
48.558.031
580,881,733
23.574,962
85.748,000
43.227,927
163,346,063
128,364,099
245.099,342
5,878,132,000
28,188,177
728,962.229
223.228.112
36.325.682
279,141,630
209,456.608
6,524,990,219
100,152,263
51,910,215
79,432.572
16,803,656
95,782,700
+1.1
-1.7
+2.0
a
-7.9
+6.2
-5.6
-0.6
-1.9
-19,7
-1.5
+12.6
-1.4
+10.7
+0.9
+1.0
+6.6
+0.7
-11.8
+6.4
+13.0
-6.0
-3.6
-1.6
-7.5
-4.2
-2.7
-39
-3.0
Total(28 cities)_ _ _
1926.
239,671,129
2,375,800.966
20,968,276
981,754 500
63,081,795
44.944,000
10,398,986
39.205,375
57,835,951
19,629.923
29,901,641
98,034.384
4,915.731
525,177,240
Total(12 citle1)----
1927.
$
%
5
rye District -Minneapoli s31,673,163 +1.2
31,947,774
322,364,517 +4.8
337,702,962
2,478,927 +12.9
2,796.922
122,466,037 -1.4
120,783,495
7,574,035 +12.0
8,479.176
6,699,000 +5.1
5,988.000
1,232.753 +23.9
1,527,771
5,552,283 +0.5
5,577,766
6,697,917 +10.5
7.400,168
2,352,166 +5.1
2,471,415
4,180,000 +5.1
4,391.956
12,256,723 +11.1
13,613,499
749,719 -8.4
686.535
Tenth Federal R serve District -Kansas Clt
1,602,098
1,745,499
Neb.-Fremont
2.137.754
2,620.294
Hastings
18,412,916
22,063,822
Lincoln
167.075,860
182.819,272
Omaha
21,451,002
10,574,981
Kan.
-Kansas City
a
a
Lawrence
a
a
Pittsburgh
14,959,270
14.299,873
Topeka
39,992,330
36,887,611
Wichita
7,947,064
7,310,067
Mo.-Joplin
652,402,541
816,792,408
Kansas City
29,701,198
28,857,906
St. Joseph
a
a
Okla.
-Lawton
543,947
McAlester
a
a
Muskogee
118.572.052
107,414.979
Oklahoma City_
42,993,930
47,926,515
Tulsa
5,335.922
6,937,527
Colo.
-Colorado Spgs
146,200,437
147.385,918
Denver
5.549,831
8,066.250
Pueblo
Total(13 cities)___
GM... 4,1/4. O.
543,367,439
495,050,923
2.352,110.011 2,298,799,509
+2.3 19,126,997,860 19.037,406,875
+0.5
1,570,488
604.856
3,023,000
d10,213,761
6,038.000
a
563,266
4,888.895 +18.5
8.454.705
3,598.638
74,544,902
81,636,047
-8.7
70.832,719
67,622,060
44.976,975
13.239,000
a
1,455.043
45,050,186
12,133,000
a
1.526,054
-0.2
+9.1
a
-4.7
46,797,838
12,299,000
a
1,978,797
32,990,209
9,708.000
a
1,507,303
38.736,372
41,026,930
-5.6
38,698,043
30,094,081
16,807.070
a
a
17,061,624
a
a
-7.4
a
a
18,707,256
a
a
13,282,969
•
•
4,223.561
6,744,806
161.355,000
4,815,579
6,316,854
178.415,000
-8.5
-9.0
-9.8
4,884,519
6,194,023
138,107.000
4,952.702
5,738,880
131,688,000
16.776,987
5.879,136
20,061,051 -16 4
.
5.433.694 +8.2
20,517,017
5,001,670
14,116,256
5,196,398
d6,183,667
4.625,990
175.125,000
3,222,677
1,278,554
1.897.753
8,319.752 -25.7
5,286,686 -12.5
182,096,000 -3.8
3,099,823 +4.0
1,338,290 -4.5
3,096,
636 -38.7
10,055.816
4.875.700
181,971,000
3,045,546
1,476.915
2.077.708
7,192.816
3.483,239
141,600,000
2,409,474
1,260,382
1,807,402
5,693,238
c2,464,200
502,991,791
1,949,300 +26.4
2,904,200
2,499,100
-6.3
497,592,048
409,527,201
536,825,439
Grand total (193cities) 43,958,526,144 39,946,960,139 +10.2 360,110.162,901 350,809,102,802
+2.8 9,965,049,556 9,098,348,617
+9.5 9,226,487,383 7,482,638,239
+1.9 152,851.131.234 115,114.385,794
+1.2 3,948,844,793 4.007,254,657
-1.54.095.348,289 3,255,052,488
Outside New York_ _ _ 19.578.939.264 18.270.980.440
CANADIAN CLEARINGS FOR AUGUST, SINCE JANUARY 1, AND FOR WEEK ENDING SEPT. 1.
ZIP/11 Al OtU/18.
Month of August.
Clearings at
1927.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster_ _-Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
S
492,518,250
457,351,114
219,249,237
79.892,492
28.621,232
27,799,372
12,845,879
22,738,707
35.564,112
11.272.874
10,273.975
12,756.697
24.217.917
22,528.093
2,836,747
2,630,227
10,917,662
5,721.392
4,909,563
4,765,368
3,746.693
1,314,604
3,361,898
4,156,926
4,642,307
20,300,287
1,802.717
3.857,603
3,627,055
x3,314,637
x2,884,743
1926.
8
464.463,790
389,584,145
210,587.998
73,506,537
25.870,549
26.858,513
12,203,366
21,750.239
30,525,814
11,058,374
9,325,399
12,044,618
20.699.423
20,512,288
2,709,087
2,258,834
9,068,445
9.161.763
4,343.007
3.491,129
3,206,695
1,144,825
3,312,311
4,227,218
3,854,811
17,466.541
1,677.638
3.425,273
3,125,735
x2,537,521
Inc. or
Dec.
%
+6.0
+17.4
+4.1
+8.7
+10.6
+3.5
+4.4
+4.6
+16.5
+1.9
+10.2
+5.9
+17.0
+9.8
+4.7
+16.4
+20.4
-37.6
+13.0
+30.5
+16.8
+14.8
+1.5
-1.7
+20.4
+16.2
+7.5
+12.6
+16.0
+30.6
1927.
8
4.032,887,350
3,908,583,876
1,578,106,084
594,016,277
230,671,367
220,905,531
103,355,345
189,668,935
254,241,764
87,201.592
75,751.707
105,480,569
175,946,998
142,046,351
18,673,339
17,747,188
64,380,910
40,788.596
39,274.990
31,779,789
27,750,621
9,663.588
28,816,698
31,422,007
38.322,099
155,804,045
12,724,776
29,388,614
26,936,531
1926.
$
3.598,854,383
3.364,376,157
1,581,364,110
581,532,599
217,737,540
197,680,354
99,829,220
166,763,513
250,915.832
92,238,355
74,593,811
92,063,807
167,442,315
139,456,262
18,616,737
18,570,310
62,652,884
41,406.256
35,328,783
28,227,389
24,137,654
10,221,927
26,242,709
28.625,755
33,087,028
139,901,716
12,798,471
28,293,587
24,223,635
weex anaea bept. 1.
Inc. 07
Dec.
%
+12.1
+16.2
-0.2
+2.1
+5.9
+11.7
+3.5
+13.7
+1.3
+19.5
+1.6
+14.6
+5.1
+1.9
+0.3
-44
+2.8
-1.5
+11.2
+12.6
+15.0
-5.5
+9.8
+9.8
+15.8
+11.4
-0.6
+3.9
+7.1
1927.
$
123,860,330
112,028,118
47,370.809
16.567.688
6,061.974
5.934.418
2.451,331
4,958,672
7,389.159
2.109,142
2,265.679
2.873,285
4.649,580
4,678,358
575,836
632.878
2,051,224
1,181,323
1,161.896
946,649
749.732
273.873
722,997
801.385
1,008,765
4,437,125
374,049
736,071
858,709
698,407
513,520
1926.
$
121,978,978
99,343,332
42,605,696
15,358,713
6,013,552
7,310,314
2,642,542
5,549,506
5,326,361
2,515,487
2,203.844
2.433,822
4,632,392
3,759.146
540,815
606,172
1.873,526
1,187,053
1.107.902
1,029.655
727,523
293,385
953,034
893,461
868.242
4,358,457
366,937
764,164
517,644
657.947
674,706
Inc. or
Dec.
%
+1.6
+12.8
+11.2
+7.9
+0.8
-18.8
-7.2
-10.6
+38.7
-16.1
+2.8
+18.1
+0.4
+24.4
+0.5
+4.4
+9.5
-0.5
+4.9
-8.2
+3.1
-6.6
-24.1
-10.3
+16.2
+1.9
+1.9
-3.7
+65.9
+6.1
-23.9
1924.
1925.
$
95,877,236
92,861,433
38,057.454
14,968,500
7,309.207
6,636.772
2,887.347
6,289,758
6,347,605
2,349,191
1,843,638
2,678,789
4.866.077
4,254.838
529,449
765,050
1.606,834
1,029,352
908,448
804.962
659,157
298,080
727,927
750,483
1,109,121
3,340,999
280,111
790.260
773,085
$
105,584.109
83,400,300
36,124,132
14,178,345
6,398,014
4,742.870
2,623,736
4,876,565
4,508,863
4,310,640
1,621,556
2,752,171
3,987,402
2,886,034
594,994
604,291
1,340,133
843,220
733,537
764,852
651,786
273,434
618,005
913,697
629,326
3,028,845
306,768
803,350
571,793
•
360,921,982 339,090.308 +6.4 300,601,163 289,450.767
1.536.221.000 1,401,564,365 +9.6 12.272.339.637 11,157.262.098 +10.0
Total (31 (.1t1.1
a No longer report clearings. b Do not respond to requests for figures. c Week ended Aug. 31. d Week ended Sept. 1. e Week ended Sept. 2. * Estimated
No clearings, only one bank open.
x Not included in total. f
THE CHRONICLE
Slum 10 1927.]
1423
Preliminary Debt Statement of the United States
THE ENGLISH GOLD AND SILVER MARKETS.
Aug. 31 1927.
We reprint the following from the weekly circular of
The preliminary statement of the public debt of the
Samuel Montagu & Co. of London, written under date of
United States Aug. 31 1927, as made upon the basis of the
Aug. 24 1927:
GOLD.
daily Treasury statements, is as follows:
The Bank of England gold reserve against notes amounted to £150,357,985
on the 17th inst., as compared with £151.127.770 on the previous Wednesday. About E201,000 bar gold was available in the open market this week.
Of this amount the home and Continental trade took £74,000, India £10,000
and Egypt £34,000. In the absence of other inquiry the balance was
secured by the Bank of England as shown below.
The following movements of gold to and from the Bank of England
have been announced:
Aug. 18. Aug. 19. Aug.20. Aug. 22. Aug.23. Aug.24.
Received
£83000
Withdrawn
£8.000
500,000
The receipt yesterday was in bar gold from South Africa. The destinations of the £508,000 sovereigns withdrawn were: Argentina, £500,000, and
Germany, £8,000. During the week under review £425,000 has been
withdrawn from the Bank on balance. The net efflux since Jan. 1 1927
Is now £899,000, and since the resumption of an effective gold standard
£6,223,000, as set out in the daily bulletins at the Bank. The following
were the movements of gold from South Africa during July 1927:
United Kingdom
£3,582,912 Straits Settlements
£45,000
Argentina
532,000 Brazil
6,000
India
503.338 Others
3,875
Ceylon
75.000
Dutch East Indies
£4.803,125
55.000
The above total includes £1,075.835 in specie. The total of gold exported during the month of July 1926 was £4,139,739.
According to estimates of the Mint Bureau and the Bureau of Mines the
United States gold output for 1926 amounted to 2.335.042 ounces, valued
at $48,269,600, a decrease of $1,590.600 as compared with 1925.
The following figures (in lace of rupees) relate to India's foreign trade
during the month of July last:
Imports of merchandise on private account
1866
Exports, including re-exports, of merchandise on private account
2638
Net imports of gold
165
Net imports of silver
60
Net imports of currency notes
7
Total visible balance of trade-in favor of India
550
Net balance on remittance of funds-against India
153
The following were the United Kingdom imports and exports of gold
registered in the week ended the 17th inst.:
Exports
ImportsBritish West Africa
113,390
£24,044 Germany
British Sough Africa ____ 970.252 Netherlands
2,000
Other countries
2,850
9,468 KenYa
Other countries
206
£8,446
£1,003,764
Bonds
Consols of 1930
Panama's of 1916-1936
Panama's of 1918-1938
Panama's of 1961
Conversion bonds
Postal Savings bonds
$599.724.050.00
48.954,180.00
25,947,400.00
49.800,000.00
28,894,500.00
13,951.780 00
$767,271,910.00
First Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938
$1,939,158,200.00
1,198,481.200.00
2,147,659.850.00
6,296,905,450.00
Treasury bonds of 1947-1952
Treasury bonds of 1944-1954
Treasury bonds of 1946-1956
Treasury bonds of 1943-1947
11,582,204,700.00
$762,320,300.00
1,042,401,500.00
491,212.100.00
494,854,750.00
2,790.788.650.00
Total bonds
Treasury Notes
Series A-1927, maturing Dec. 15 1927
Series A-I930-32, maturing March 15 1932
Adjusted Service-Series A-1930
Series A-1931
Series B-1931
Series A-1932
Civil Service-Series 1931
Series 1932
815,140,265,260.00
*355,779,900.00
1,320,914,650.00
50,000,000.00
53,500,000.00
70,000,000.00
123,400,000.00
31,200,000.00
14,400,000.00
$2.019.194.550.00
Treasury Certificates
Series TS
-1927, maturing Sept. 15 1927
Series TS2-1927, maturing Sept. 15 1927
Series TM-1928. maturing March 15 1928
Adjusted Service-Series A-1928
Civil Service Retirement Fund Series
Foreign Service Retirement Fund Series
*229,269.500.00
133,118.000.00
306,208.000.00
7,000,000.00
2,100,000.00
147,000.00
577,842,500.00
Treasury Savings Certificates*
Series 1922. Issue of Dec. 15 1921
Series of 1922. Issue of Sept. 30 1922
Series 1923, Issue of Sept. 30 1922
Series 1923. Issue of Dec. 1 1923
Series 1924, Issue of Dec. 1 1923
Total Interest
-bearing debt
Matured Debt on Which Interest Has Ceased
Old debt matured-issued prior to April 1 1927_
Certificates of indebtedness
Treasury notes
134% Victory notes of 1922-23
834% Victory notes of 1922-23
Treasury Savings certificates
530,304.910.35
14,411,964.55
127,464,914.40
23,179,653.20
93,532,570.50
288,894,013.00
$18,126,196,323.00
32.054,040.26
744,500.00
5,356,500.00
28,250 00
3,003,050.00
38,175,00
11,224,515.26
Debt Bearing NoInterestUnited States notes
Less gold reserve
$346.681,016.00
155,420,720.98
$191,260,295.02
SILVER.
Deposits for retirement of national bank and
The tone of the market has been poor, and so continues. The descent of
Federal Reserve bank notes
45,584.297.00
the price to 24 15-183. on Monday was caused by absence of buying rather Old demand notes and fractional currency
2,046,396.12
Thrift and Treasury Savings stamps, Unthan pressure to sell, so that when a demand-though only moderate
classified sales, &c
3,600,399.71
arose yesterday the price moved sharply %,d. upward, but in the present
242,491,387.85
condition of the market the rise naturally became overdone. Most of the
buying-for bear covering or for other purposes
Total gross debt
$18,379,912,226.11
-emanated from China.
While America and India provided the bulk of the supplies.
•Net redemption value of certificates outstanding.
According to the estimates of the Mint Bureau and the Bureau of Mines
the United States silver production for 1926 was 62,718,746 ounces, valued
Treasury Money Holdings.
at $39,136,497. This was a reduction of 3,436.678 ounces from the 1925
The following compilation, made up from the daily Govproduction.
The following were the United Kingdom imports and exports of gold ernment statements, shows the money holdings of the
registered in the week ended the 17th inst.:
Treasury at the beginning of business on the first of June
ImportsJuly, August and September 1927:
Exports
United States of America__ £22,695 Miscellaneous
£6,579
Mexico
103,312
Holdings in U. S. Treasury June 1 1927 July 1 1927. Aug. 11927, Sept. 1 1927.
British West Africa
6.773
Other countries
5,902
$
$
$
$
Net gold coin and bullion_ 325,703.236 313,686,020 305,932,489 293,657,056
£138.682
£6,579 Net silver coin and bullion
9,352,239
11,656,709
14,469,957
13,315,898
Net United States notes__
2,595,861
3,235,483
3,617,839
2,985.087
INDIAN CURRENCY RETURNS.
Net national bank notes__
14,735,877
19,029,816
19,370.257
21,351,027
(In lacs of rupees.)
July 31. Aug. 7. Aug. 15. Net Federal Reserve notes
1,025,550
1,300,440
979,355
2,126,835
Notes in circulation
17763
17771
192,906
55.720
142,795
116,314
17828 Net Fed'I Res. bank notes
Silver coin and bullion in India
4,884.173
5,347,024
5,157,255
4,460,603
11242
11250
11307 Net subsidiary silver
Minor coin. etc
5,071.879
5.625,362
5,407,077
4,936,854
Silver coin and bullion out of India
Gold coin and bullion in India
2976
2976
2976
Total cash in Treasury_ 383,784,687 359,752,675 355.037,952 *342,949,674
Gold coin and bullion out of India
Less gold reserve fund
155,420,721 155,420,721 155,420,721 155,420,721
Securities (Indian Government)
3545
3545
3553
Cash balance in Treas'y 208,363,966 204,331,954 199,617,231 287,528,953
Securities (British Government)
Dep.in spec'l depositories,
No silver coinage was reported during the week ended the 15th inst.
acct. certifs. of indebt'ss
95.595.000 198,609,000 133,049.000
55,948,000
38,184,932
32,057,480
36.633,430
18,394,794
The stock in Shanghai on the 20th inst. consisted of about 56,100.000 Dep. in Fedl Res. banks.
ounces in sycee, 79.900.000 dollars and 1.140 silver bars, as compared with Dep. in national banks:
To credit Treas. U.S
7,184,971
7,172,429
8,628,565
7,531,496
about 57,700,000 01111C05 in sycee, 80,600.000 dollars and 1,540 silver bars
To credit dish. officers_
20,526,673
19.834,790
19,574,832
19,521,457
Cash In Philippine Islands
on the 13th inst.
609,134
1,385,661
1,176,895
344,570
-Bar Silver Per Or. Std.Deposits in foreign dents_
485,750
502,439
519,085
528,283
Bar Gold,
Quotations During the WeekCash.
2 Mos.
Per Or. Fine. Dep. in Fed'I Land banks
Aug. 18
25%d.
255-16d.
84s. 10%d.
Aug. 19
Net cash in Treasury
2534d.
25 3-16d.
84s. Ild.
and In banks
Aug. 20
25d.
369,155,148 470,684,125 393,371,614 290,629,878
25 1-16d.
84s. 11d.
Deduct current liabilities. 242,899,161 236.626,715 228,830,654 220.343,169
Aug. 22
24 15-16d.
24 15-16d.
84s. 11d.
Aug. 23
25 3-16d.
25 3-16d.
84s. 10%d.
Available cash balance
Aug. 24
25%cl.
25 Sid.
'
126.255.987 234.057.410 164.540.960
70.286.709
84s. 11%d
Average
25.104d.
25.135d.
84s. 10.9d.
Includes Sant. 1, $7,292,968.47 silver bullion and $2,783,768.00 minor coin, dm
The silver quotations to-day for cash and two months' delivery are not included in statement -Stock of Money."
respectively, the same as and 1-16d. below those fixed a week ago.
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
ENGLISH FINANCIAL MARKETS
-PER CABLE.
Aug. 311027 are set out in the following. The figures are
The daily closing quotations for securities, &c., at London, taken entirely from the daily statement of the United States
reported by cable, have been as follows the past week:
as
Treasury of Aug. 31 1927.
London,
Week Ended Sept. 9.
Silver, per oz
Gold, per fine ounce
Consols, 2% per cents
British 5 per cents
Sat.,
Sept. 3.
d 25 1-16
s 84.10%
_ _ __
Mon.,
Sept. 5.
25%
84.11%
Tues.,
Sept. 6.
258-16
84.11%
Wed.,
Sept. 7.
25%
84.11%
54 X
543
545(
102%
102%
97
58.15
77.25
102%
97
57.60
77
British 4% per cents
97
French Rentes (In Paris)__fr_ ____
_
French War Loan(In Faris)fr_
57.90
77.10
Thurs., Fri.,
Sept. 8. Sept. 9.
25%
259-16
84.1134 84.11%
54%
54%
102
102%
97
97
57.60
57.65
76.60
77.10
The price of silver in New York on the same day has been
Silver in N.Y., per oz.(eta.):
5434
Foreign
Holiday
5411
55
55%
5534
Assets-Gold coin
Gold bullion
CURRENT ASSETS AND LIABILITIES.
GOLD.
Liabilities
689.366,522.69 Gold Ws.outstanding-1,628,279,199.00
2,988,432,368.70 Gold fund. F. R. Board
(Act of Dec. 23 1913,
as amended June 21
1917)
1,755,862,635.92
Gold reserve
155,420,720.98
Gold in general fund
138,236,335.49
Total
3,677.798,891.39
Total
3,677,798,891.39
Note -Reserved against 3346,681,016 of U. S. notes and $1,322,804 of
TressurY
notes of 1890 outstanding. Treasury notes of 1890 are also secured by
silver
dollars in the Treasury.
AStelt-
Sneer dollars
Total
Assets
Gold (see above)
Silver dollars (see above)
United States notes_ _
Federal Reserve notes__
Fed'l Reserve bank notes
National bank notes_
Subsidiary silver coin-Minor coin
Silver bullion
-CollecUnclassified,
tions, &c
Deposits in F. R. banks
Deposits in special depositaries account of
sales of certificates of
indebtedness
Deposits in foreign depositaries:
To credit of Treasurer
United States
To credit of other
Govern't officers_ _ _
Deposits In nat'l banks:
To credit of Treasurer
United States
To credit of other
Govern't officers_ .._
Deposits in Philippine
Treasury:
To credit of Treasurer
United States
SILVER DOLLARS.
Liabilities
477.068,120.00 Silver ctfs. outstanding- 469,722,386.00
Treasury notes of 1890
1,322,804.00
outstanding
6,022.930.00
Silver dollars in gen.fund
477,088.120.00
Total
477,068,120.00
GENERAL FUND.
$
Liabilities-138,236,335.49 Treasurer's checks out
6.253,372.92
standing
6,022,930.00
2,985.087.00 Deposits of Government
officers:
2,126,835.00
4,570,672.53
Post Office Departm't
116.314.00
Board of trustees. Pos21.351.027.00
tal Savings System:
4.460,602.70
5% reserve, lawful
2,783,768.15
8,426,700.49
money
7,292,968.47
357,627.49
Other deposits
Postmasters, clerks of
2,153,085.42
courts, disbursing
18.394,794.12
41.507,314.91
officers. dm
Deposits for:
Redemption of F. R.
notes(5% fd., gold) 130,561,363.92
55,948,000.00
Redemption of national bank notes (5%
fund, lawful money) 27,528.265.15
Retirement of addi95.212.49
circulating
tional
notes. Act May 30
433,070.01
2,830.00
1908
Uncollected items, ex3,135,021.49
changes, dee
7,531,495.58
19,521.457.48
Net balance
220,343.168.90
70,286,709.18
1,176,895.17
290.629,878.08
Total
290,629,878.08
Total
-The amount to the credit of disbursing officers and agencies to-day was
Note.
for which obligations of foreign governments are
0384,892,585.86. Book credits
held by the United States amount to 033,230,629.05.
Under the Acts of July 14 1890 and Dee. 23 1913, deposits of lawful money for
the retirement of outstanding national bank and Federal Reserve bank notes are
paid into the Treasury as miscellaneous receipts, and these obligations are made
under the Acts mentioned a part of the public debt. The amount of such obligations
to-day was 045,584,297.
$1.899,280 in Federal Reserve notes and 621,298,830 in national bank notes are In
the Treasury in process of redemption and are charges against the deposits for the
respective 5% redemption funds.
Government Revenues and Expenditures.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details
of Government receipts and disbursements for August 1927
and 1926 and the two months of the fiscal years 1926-27
and 1927-28.
-Month or August- -Two MonthsReceipts.
Ordinary-
1926.
1927.
1927.
1926.
0
$
$
$
52,982,314 51,814,616 103,463,778 101,166,500
Customs
Internal revenue:
39,695,284
Income tax
Miscellaneous internal revenue 51,026,146
Miscellaneous receipts:
-owned securities
Proceeds Govt.
Foreign obligations
27,425
Principal
10,000.000
Interest
26,226.867
Railroad securities
132,663
Ail others
Trust fund receipts (reappro4,742,512
twisted for investment)
287,656
Proceeds sale of surplus prop'y_
2.342,208
Panama Canal tolls, &c
Receipts from miscell. sources
314,682
credited direct to appropens
14.404.450
Other miscellaneous
202.182,207
Total ordinary
43,300,007 72,866,116 94,247,224
52,264.462 111,284,785 108,594,965
3,000
53,425
2,000
10,000.117 10,028,970 10,000,168
16,949,162 30,099.392 19,944,804
3,836,006
239,462 53.008,201
3,777,661 11,137,090
892,232 1,121,661
1,533,798 4,418,115
8,745,148
2,474,945
3,550,864
1,376,196
826,278 1,141,083
7,207.596 30,632.995 26.096.734
192,953,853 376,152.067 428,973,614
Excess of ordinary receipts over
total expenditures chargeable
against ordinary receipts
Excess of total expenditures
chargeable against ordinary receipts over ordinary receipts 56,998,945 61,848,106 86,607,645 47,923,701
Expenditures.
Ordinary (Checks & warrants
paid. &c.)
173.643,796 156,694,357 326,428,774 316,810,404
General expenditures
6,308,579 6,827,792 21,737,002 21,923,940
Interest on public debt a
Refund of receipts:
1,489.988 1,217.690 3,467,982 2,880,784
Customs
15,754,329 13,077,360 30,602,652 28,435,754
Internal revenue
8.000,000
8,000.000
15,648
Postal deficiency
946,564 1,502,540 1,305,726
819,451
Panama Canal
in Soecial Accounts:
Operations
108,445
37,271
43,431
Railroads
8249,265 b1,211:r31
b298,816
5125,184
War Finance Corp
2,416,777 3,506,754 5.455,531 4,482,671
Shipping Board
856,202
295,798
842,846
904,850
Allen property funds
8629,734
8588,507 81,354,766
Adjusted-service certificate fund_ 81,127.044
160,143
8114,639
8355,066
Civil-service retirement fund......278,084
Investment of trust funds:
3,705,300 10,903,307 8,583,700
Government Life Insurance- 4,804,011
District of Columbia Teachers'
222,701
22.688
24,945
Retirement
139.812
146,906
84,500
094
Foreign Service Retirement.-138.758
11,082
47.416
861.498
General Railroad Contingent.913,149.502 185,465.969 407,928,062 382,581,316
Total ordinary
Public debt retirements chargeable against ordinary receipts:
46,010,650 69,335.500 54,810.650 94,335,500
Sinking fund
Purchases and retirements from
repayments
foreign
Received from foreign Governments under debt settlements
Received for estate taxes
Purchases and retirements from
franchise tax receipts (Federal Reserve and Federal Intermediate Credit Banks).
500
21.000
500
21.000
Forfeitures, gifts..itc
46,031.650 89.336,000 54.831.650 94,336.000
Total
Total expenditures chargeable against ordinary re259.181.152 254,801,959 462.759,712 478.897.316
ceipts
Receipts and expenditures for June reaching the Treasury in July are included.
a The figures for the month include SIM.007.72 and for the fiscal year 1928
to date $257.088.55 accrued discount on war-savings certificates of matured series.
and for the corresponding periods last year the figures include $245.093.92 and
$536,941.56, respectively.
b Excess of credit (deduct).
[VOL. 125.
THE CHRONICLE
1424
gem:m=1M andRaiscella=onsgems
-All
Breadstuffs figures brought from page 1484.
the statements below regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years.
Receipts at-
Flour. I
Wheat. I
Corn.
I
Oats.
Barley.
Rye.
bts.19131bs. bush. 00 lbs. bush. 56 Ws.bush. 32 lbs bush.481bs. bush.561bs
105.000
Chicago
228,000 1,392 000 2,306,000 1,674,000 653,000
291,000
188.000 2,425.000 1,308,000
Minneapolis_ _
. .
66,000 1,434,000 1,259.000
4.000,
1,892,000
Duluth
15,000
395,000
167,000' 1,047,000
497,000
Milwaukee_
81,000
5,000
3,000
24.000
283,000
202,000
Toledo
8.000
75,000
6,000
56.000
27,000
Detroit
4.000
398,000
437,0001
84,000
Indianapolis_
36.000
54,000
397,000
526.000,
870,000
128,000
St. Louis__ _
6,000
48,000
798.000
157,000
23.000
Peoria
52,000
148,000
215.000;
2,070,000
Kansas City_
184,000
424,000
1,268,000
Omaha
279.0001
30,000
197.000
St. Joseph_
6.1100
479.000
19.000
Wichita
3.000
148,000
60,000
30,000
44.000'
Sioux City_
Total wk. '27
Same wk. '28
Same wk. '25
489,000 15,590,000
492,000 12.879,000
458,000 11,294,000
5.456,000
1.978.000
3,544,000
7.036,000 3.931,000 1,732.000
7.903.000 1.877,000 718,000
8,586,000 3.609.000 1,129,000
1
Since Aug.12,234,000 79,421.000 19,431,000 26,869,00011,607,000 4,178,000
1927
2,571,000 79,981,000 12,732,000 27,435,000 6.042,000 2.077,000
1926
2,573,000 64,251,000 23,527,000 61.166,00014,714,000 2.695.000
1925
Total receipts of flour and grain at the seaboard ports for
)t. 3, follow:
the week ended Saturday,
1
Corn.
Wheat.
Receipts at- I Flour.
Oats.
Barley.
Rye.
Bushels.
Barrels.
179.000 2.247,000
174.000
41,000
287.000
35.000
5,000
822.000
54,000
616,000
8.000
44,000 3.009.000
36.000
40,000
Bushels. Bushels.
Bushels. Bushels.
6,000
106.000 638,000
142,000,
2,000
1,000
14,000
1,000,
124,000
3,000
42,000
2,000'
Total wk. '27 406,000 7.171,000
Since Jan.1'2714,248,000 178.529,000
78.000
257,000 1,059,000
250,000
7,264,000 17,348.00025,882.00021,337.000
New York...
Philadelphia__
Baltimore_ ___
Norfolk
New Orleans*
Galveston
Montreal __
Boston
87.000
18,000
18,000
63.000
14,000
17,000
20,000
246.000
13,000
66.000
1,000
35,000
697.000 472.000
202.000
449,000 5,430,000
Week 1926..
Since Jan.1'2617,006.000133.800,000 4,773.000 55,274,00022,40l,00027,049.000
for foreign ports
•Receipts do not Include grain passing through New Orleans
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Sept. 3 1927, are shown in the annexed
Statement:
Wheat.
Exports from-
Corn.
Oats.
Flour.
Rye.
Barley.
Barrels. Bushels. Bushels. Bushels.
113,352
39,657
6,000
5.000
28,000
20.000
5,000
13.000
7,000
8,000
30,000 278,000 318,000
80,000
Bushels. Bushels.
1,128,064
91,000
258,000
468,000
New York
Boston
Philadelphia
Baltimore
Norfolk
New Orleans
Galveston
Montreal
Houston
295,000
77.000
2,543,000
80,000
Total week 1927._ 4,938,064
Same week 1926_ _ _ _ 7.211.313
7.000
108,000
184,657
243,595
50,000
274,000
278,000
81.390
431,352
747.419
The destinat'on of these exports for the week and since
July 1 1927 is as below:
'WU,
Exports for Week
Week
and Since
Sept. 3.
July its
1927.
Barrels.
United Kingdom_ 113,838
60,319
Continent
Se.& Cent. Amer_ 7,500
3,000
West Indies
____
Other countries...
Total 1927
Total 1926
Since
July 1
1927.
nrnyo4.
Week
Sept. 3.
1927.
Since
July 1
1927.
,uTn.
1Veek
Sept. 3.
1927.
Bushels.
Bushels.
Barrels. Bushels.
565,984 1,424.388 14.733,279
611,712 3,504,076 26,287,192
2,000
62,500
9,000
79,555
5,000
2,000
66,000
135,003
72,793
184,657 1.396,044 4,938,084 41,219,474
243,595 1.817,208 7.211,313 58,818,341
Since
July 1
1927.
Bushels.
56,000
160,000
216,000
7,000
108,000 1,014,000
The visible supply of grain, comprising the stooks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, 8ept. 3, were as follows:
GRAIN STOCKS.
Barley.
Rye.
Oats.
Corn.
Wheat.
bush.
bush.
bush.
bush.
bush,
110,008
140,000
476,000
33,000
457,000
5,000
3,000
10,000
2,000
1.000
1,000
15,000
81,000
35,000
1,407,000
59.000
23,000
64,000
35,000
2,689,000
13.000
86,000
314,000
989,000
113.000
38,000
1,278,000
26.000
367,000
107,000
3,495,000
115.000
2.000
1 569.000 2,374.000 1,244.000
170,000
873.000
7,000
2,000
259,000
57,000
3,587,000
55.000
24,000
101,000
50,000
225,000
555,000
365,000
7,481,000 8.790.000 7,317,000
142,000
22,000
945,000 1,808,000
579,000
1,133,000 1,207,000 1,042,000
4.025.000
117,000
101,1.00
2.928.000 1,596,000 5.851,000
14,000
335,000
211,000
138,000
15,000
9,000
163,000
2,805,000 1,210.000
53.000
95,000
276,000.
14,552,000 2.958.000
2,000
1,000
2,000
3,919,000
3.000
1,000
749,000
772,000
828.000
62.000
3,000
1,427,000
348,000
481.000
63.000
7,000
401,000
3.754,000 2,163,000
643.000
61,000
238,000
271,000
775.000
169,000
1,316,000
_61,044,000 22,312,000 21.501.000 2,130,000 3.475,008
Total Sept. 3 1927
. .
000 2 538 000
Total Aug. 27 1927_ _57,862,000 23,464,000 17.315.000 1.983.
Total Sept. 4 1928...A3,979.000 19,759.000 43,930,000 9,796,000 4,150,000
-Bonded grain not included above: Oats, Boston. 2,000 bushels: Duluth
Note.
24.000: total. 26,000 bushels, against 207,000 bushels in 1926. Barley, New York,
United StatesNew York
.
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Fort Worth
Buffalo
" afloat
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
SEPT. 101927.]
THE CHRONICLE
1425
13.000 bushels; Duluth, 14,000: total, 27,000 bushels, against 383,000 bushels in
By R. L. Day & Co., Boston:
1926. Wheat, New York. 721,000 bushels; Philadelphia, 340,000: Baltimore.
$ per sh. Shares. Stocks.
616,000; Buffalo. 945,000; Buffalo afloat. 601.000; Duluth, 913,000; on Lakes, 714,000: Shares. Stocks.
$ Per
50 National Shawmut Bank
323
100 Lynn G. dr E. Co., undep.,
on Canal, 170,000; total, 4,205,000 bushels. against 4,059.000 bushels in 1926.
5 Atlantic National Bank
318
par $25
173-174
Canadian
15 National Shawmut Bank
323
10 Draper Corp
7234 ex-dly.
2,586.000
Montreal
550,000
276,000
177,00 10 Atlantic National Bank
322 3 Edison Electric mom. Co. of
Ft. William & Pt. Arthur.12,365.000
464,000
247.000
260,000 1 First National Bank
504
Brockton, par $25
69
3.046,000
465.000
Other Canadian
67,000
79.000 15 Atlantic National Bank
322 3 Mass, Ltg. Cos. 6% pf., undep_117%
25 Old Colony Trust Co
410
10 Scituate Water Co.. pref
91
Total Sept. 3 1027____17,997,000
1,479,000
590.000
516,000 5 Farr Alpaca Co
161% 25 Quincy Market Cold Storage &
Total Aug. 27 1927__..21,055.000
2,120,000
680.000
497.000 50 Nonquitt Spinning Co
25
Warehouse, common
Total Sept. 4 1926____10,975,000
5,651.000
818,000 2,747,000 1 Pepperell Mfg. Co
11134 10 Dennison Mfg. Co., 26 pref.,
Summery
25 Farr Alpaca Co
161-161%
103 34-10334 ex-div.
American
61,044,000 22,312.000 21,501.000 2,130,000 3,475,000 12 Sharp Mfg. Co., common
5-5% 16834 Maas. Bonding & Ins. Co---516
17.997,000
Canadian
1,479.000
590,000
516,000 10 Arlington Mills
56
19 New England Sec. Co.. pref-325 lot
15 Naumkeag Steam Cotton Co. _182% 6 Federal National Bank
2253
Total Sept. 3 1927____79.041.000 22.312.000 22,980.000 2,720.000 3,991.000 3 Mass. Ltg, Cos., 8% pf., undep.1373(
Total Aug. 27 1927____78.917,000 23.464.000 19.435,000 2 643.000 3.035,000 2 Great American Insurance Co___429
Bonds.
Per cent.
Total Sept. 4 1926____74.954,000 19.759.000 49,581,000 10.614,000 6.897,000 25 Mass. Bonding .4 Ins. Co
500
$5.000 Imperial Russian Govt.63's,
Beacon 011
_ 15%
The world's shipments of wheat and corn, as furnished by 16Mass, Ltg, Co., prof • 106 & (11v. 1919. Old Colony Tr. Co.
1
Pub. Serv.
rcts_Broomhall to the New York Produce Exchange, for the week 6 Lynn Gas &Cos.. 6% pf., undep.1179( $1,000Pa.May 1947 Corp.. 151 at108
Elec. Co., par $25._175.
ref. 68.
units First Peoples Trust
58
$2,000 S. D. Warren Co., 1st M.
ending Friday, Sept. 2, and since July 1 1927 and 1926, 4 No. Bos. Ltg. Prop., corn. v.
2
t. c_175
68, Feb. 1945
10334
are shown in the following:
1 Boston Real Estate Trust. par
$3.000 Hotel Bellevue Trust 7s,
$1.000
900 & div.
Oct. 1940
90
Wheat.
Corn.
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ Per sh.
1927.
1926. I
1927.
1926.
5 First National Bank
504 4 special units First Peoples Trust__ 5
101 National Shawmut Bank
32234 36 Springfield Gas Light Co.. v.t.c.
Week
Since
Since I Week I
Since
Since
13 Old Colony Trust Co
40834-409
par525,
71
Sept. 2.
July 1.
July 1.
Sept. 2.
July 1.
July 1.
10 Stafford Mills
5
20 Indiahoma ROW.Co.. par $25_ _ I
10 Arlington Mills
56
10 Jack Tire & Rubber Co., pref..'
Bushels.
Bushels. Bushels.
Buihels. Bushels.
Bushels.
4 Farr Alpaca Co
160
par $50
North Amer_ 10,761,000 66.994,000 88,469,000
4534
40.000
885.000
559,000 10 Pepperell Mfg. Co
1123' 40 Jack Tire & Rubber Co., corn.. lot
.
, .
178,000 5,109,000 4,981,000
56
Par $5
Argentina_ _ _ 1,202.000 16.208.000 7.023,000 7,556.000i 77,716,000 33,396,000 10 Arlington Mills
7 Nashua & Lowell RR
14634 2,000 Ophir Metals Co., par to
Australia_ _ _ 1,088.000 13.144,000 5,208,000
25 Nashua & Lowell RR
147 60 Weymouth Light & Power Co.,
India
264,000 6,408,000 2.760.000
15 Dennison Mfg. Co., 2d pref.
undep., par $25
63
Oth.Countr's 648.000 3,456.000
585,000 417,000, 1.870,000
25.000
10234 & div. 32 New England Equity Corp.,corn 1734
2,000 Imnechuck Sub-Lava Mining
Total
14,051.000 107,506,000108,528.000 8,191,000 85,580.000 38,961,000 13 Gardner Gas Fuel & Light Go... 31
30 Haverhill Gas Light Co., par $25 7234
Co.. par $1
$1 lot
42 Pneumatic Scale Corp., Ltd., Pi,
80 Boston Okanogan Apple Co., 1s1
734-834
pref
National Banks.
-The following information regarding 15 Draper Corporation
10
73, ex-div.
Amesbury
national banks is from the office of the Comptroller of the 11 Baush Machine Tool Co.. com- 434 15undep , par Electric Light Co..
$25
6634, ex-div.
10 Bawds Machine Tool Co.. prof.,
Currency, Treasury Department:
trustees' receipt
15
Bonds.
Percent.
APPLICATIONS TO ORGANIZE RECEIVED.
10 Glendale Elastic Fabrics Co._ _ _235
$5,000 Internat. Cotton Mille 7e,
73, ex-div.
Capital. 20 Draper Corporation
Dec. 1929
20 flat
-The First National Bank of Royalton, Ill
30
Aug.
$25,000
By Barnes & Lofland, Philadelphia:
Correspondent, William Cox, Royalton, Ill.
Shares. Stocks.
Aug. -First National Bank k Trust Co.of Waynesburg.Pa
$ Per SF,. Shares. Stocks.
$ per M.
250,000 20
Broadway Merchants Trust Co.,
Correspondent, Dr.James A. Knox, Waynesburg,Pa.
20 Keystone Telephone Co.. corn-- 234
Sept. -The Security National Bank of Laurel. Neb
355 200 Sinclair Gonsol, 011 Co., com__ 16
25,000 25Camden, N.J
Pennsylvania RR
Correspondent, W. W. Collins, Laurel, Neb.
66
100 Amer. Brown Boyer! Electric
5 Pennsylvania RR
66
Corp., founders' Kock
6
APPLICATIONS TO ORGANIZE APPROVED.
6 Haddon Heights. N. J.. Bank &
5 Security Tr. Co.. Camden. N.J 446
Aug. -The Estherville National Bank, Estherville Iowa
Trust Co
260
10 Haddonfield (N. J.) Safe Dep.
$60,000
Correspondent, Hugh S. Greig, Estherville,Iowa.
2 Haddon Heights, N. J., Bank dr
dr Trust Co
196
Aug. 31-The First National Bank of Deckerville. Mich
Trust Co
260 4 Phila. Bourse. corn., par $50_. 3234
25,000
Correspondent, L. T. Bishop, Dockerville, Mich.
500 Tonopah Belmont Devel. Co_ _1 1-16 16 Phila. Bourse,coin.. par $50..-- 3234
-The Lincoln National Bank of Passaic, N.5
Aug. 31
10 Mfrs. Casualty Ins. Co., par $10 28
500,000 1 Pa. Co. for Ins. on Lives, &c_ _ _900
Correspondent, Harry Meyers, Passaic, N. J.
4 Pa. Co. for Ins. on Lives. &c.89934 3 Hamilton Trust Co
331
10 Mutual Trust Co., par $50
169
15 Nat. Bk. of Germant'n, par $50_501
APPLICATION TO CONVERT RECEIVED.
6 Mitten Bank & Tr. Co., par $50.. _100 5 Franklin Fourth St. Nat. Bank.-588
Sept. 2
-The Glen Lyon National Bank, Glen Lyon, Pa
$75.000 I United Security Life Insurance
5 Franklin Fourth St. Nat. Bank. _588
Conversion of the Glen Lyon Bank, Glen Lyon, Pa.
& Trust Co
2193' 2 Drovers & Merchants Nat. Bank _206
12 United Security Life Insurance
3 Drovers & Merchants Nat. Bank_206
APPLICATIONS TO CONVERT APPROVED.
& Trust Co
217 4 Market Street Nat, Bank
522
-The Midway National Bank of St. Paul, Minn
Aug. 30
21934 8 Southwark National Bank
453
Conversion of the Snelling State Bank,St. Paul, Minn. $100,000 8 Aldine Trust Co
5 West Philadelphia Title & Trust
12 Union National Bank
357
-The Saline County National Bank of Western. Neb
Aug. 30
30,000
Co..
248
10 Union National Bank
360
Conversion of the Saline County Bank,Western, Neb.
15 Bankers Trust Co., par $50
85 2 Corn Exchange Nat. Bank
765
10 Bankers Trust Co
84
CHARTER ISSUED.
10 Nat. Union Bank, Reading, Pa-170
20 Bankers Trust Co., par $50
8334 35 Commonwealth Casualty Co.,
Aug. 30
-The Douglaston National Bank of New York, N.
15 Bankers Trust Co.. par $50
83
par $10
20
President, Louis0.Gosdorfer;Cashier,H.P.Durland.
10 Bankers Trust Co.. Par $50
8234 100 Commonwealth Casualty Co..
VOLUNTARY LIQUIDATION.
50 Columbia Avenue Trust Co
425
par $10
2
Aug. -The Lansdowne National Bank, Lansdowne. Pa
5Security Tr. Co. of Camden. N.5.445 25 CastieKld Co., preferred
$32 lot
Effective Aug.8 1927. Liquidating committee: Wal- $125,000 1 Weft Jersey Title & Guar. Co..
20 Lumbermen.Ins. Co., par $25-- 90
Camden, N.J
ter Bowers, C. Walter Stubbs, Lansdowne, Pa.•,
570 33 Camden Fire Ins. Co., Par $5--- 23
9 West Jersey Title & Guar. Co.,
Samuel K. Phillips, Philadelphia. Pa., and Edward
Camden,N.J
E. Barry, Aldan, Pa.
556
BondsPer cent.
Absorbed by Lansdowne
5 Memorial Nat. Bank of CollingsTrust Co.
$1,000 Consolidated Traction Co.of
-The Wabash National Bank, Wabash, Ind
Aug. 30
145
wood. N. 5
New Jersey 151 58, 1933
88
200.000
Effective Aug. 25 1927. Liquidating committee:
By A. J. Wright & Co., Buffalo:
W. A. McNamee, T. W. McNamee. A. H. Smith,
Shares. Stocks.
H. H. Bradley, Isaac Beitman, .1. M. R. Canfield,
$ Per SF,. Shares. Stocks.
$ per share.
30 Cary Safe Co
N. F. Gilbert and W. L. Huff, Wabash, Ind. Ab65
1,000 Chaput Hughes, par $1
11340
500 Baldwin Gold Mines, par EL_ 2c. 2 Buff., Niag. & East. Pow., B
sorbed by the Farmers & Merchants National Bank
2 Buff., Niag. & East. Pow., pref.,
of Wabash.
no par
41
Par 125
2634 200 Powertown Tire, B. par $10.81 lot
CONSOLIDATIONS.
Aug. 31-The First National Bank of San Diego, Calif
The First Trust & Savings Bank of San Diego. Calif.._$1,000,000
DIVIDENDS.
Consolidated under the Act of Nov.71918,asamended 500,000
Fob. 25 1927, under the charter of the First NaDividends are grouped in two separate tables. In the
tional Bank of San Diego, and under the corporate
first we bring together all the dividends announced the
title of "The First National Trust & Savings Bank
of San Diego," with capital stock of $1,000.000.
current week. Then we follow with a second table, in
The consolidated bank has four branches, three of
which we show the dividends previously announced, but
which are located in the City of San Diego and one
located in the City of' Coronado, Calif.
which have not yet been paid.
Sept. 1-The First National Bank of Los Angeles, Calif
The dividends announced this week are:
The Pacific
-Southwest Trust & Savings Bank of Los 3,500,000
Angeles, Calif
When
Per
Books Closed.
Consolidated under the Act of Nov.71918. as amended 6,900,000
Name of Company.
Car. Payable.
Days Inclusive.
Feb. 25 1927 under the charter of the First National
Bank of Los Angeles and under the corporate title of
Railroads (Steam).
"Los Angeles-First National Trust & Savings Bank,
Beech Creek (quar.)
50c. Oct. 1 Holders of rec. Sept. 154
with capital stock of $12.250,000. The consolidated
Lehigh Vaney, common (qum.)
*87%c Oct. 1 *Holders of rec. Sept. 17
bank has 100 branches, all located within the limits
Preferred (guar.)
*$1.25 Oct. 1 *Ho.ders of rec. Sept. 17
of the State of California.
Pittsburgh Bessemer & Lake Me.corn.. 75c. Oct. 1 Holders of rec. Sept. 15
BRANCHES AUTHORIZED UNDER THE ACT OF
FEB. 25 1927. Pittab. Ft. Wayne & Chic.. corn. (au.)-- 1% Oct. 1 Holders of rec. Sept. 10a
-Bank of Italy National Trust & Savings Association, San
Preferred (quar.)
Aug. 30
134 Oct. 4 Holders of rec. Sept. 100
cisco, Calif. Location of branch-Vicinity of RichlandFran- Southern By., common (quar.)
Nov. 1 Holders of rec. Sept. 20
Ave.
Preferred (guar.)
and Mission St. (College Hill district). San Francisco.
1% Oct. 15 Holders of rec. Sept.20
Sept. 1-Los Angeles
-First National Trust & Savings Bank, Los Angeles, Vermont & Massachusetts
3
Oct. 7 Holders of rec. Sept. 7
Calif. Location of branch-Vicinity of 561 S. Spring
St.,
Public Utilities.
Los Angeles,
Alabama Power, $7 pref. (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 15
$6 Preferred (quar.)
Oct. 1 Holders of
Sept. 15
Auction Sales.
-Among other securities, the following, Amer.& Foreign Power. pref.(quar.)- 51.50 Oct. 1 Holders of rec. Sept. 16
$1.75
rec.
ctfs. for pref., 25% pd. (quar.)_ *43%c Oct. 1 *Holders of rec. Sept. 18
Allot.
not actually dealt in at the Stock Exchange, were sold at auction Amer. Gas & Elec.. common (guar.)
_ _ 25c. Oct. 1 Holders of rec. Sept. 13
in New York, Boston, Philadelphia and Buffalo on WednesPreferred ((mar.)
134 Nov. 1 Holders of rec. Oct. 10
American Superpower Coro.
day of this week:
Common class A and B (guar.)
30c. Oct. 1 Holders of rec. Sept. 15
By Adrian H. Muller & Sons, New York:
First preferred (guar.)
$1.50 Oct. 1 Holders of rec.
Shares. Stocks.
Birmingham Elec. Co.. $7 prof. (qu.) $1.75 Oct. 1 Holders of rec. Sept. 15
$ per oh. Shares. Stocks.
$p
Sept.
$6 preferred (quar.)
200 Buffalo Steel Car, pref., with
4,000 rubles Russian Government r Oh.
$1.50 Oct. 1 Holders of rec. Sept. 12
12
common as bonus
400 shares
1
Boston Elevated Ry.. common (quar.) _ 1% Oct. 1 Holders of
531% bonds
rec. Sept.
Second preferred
15 Maple Grove Cemetery Assn_ ,121
400 Bay State Gas Co., par 350.334 Oct. 1 Holders of rec. Sept. 10
10
Central States Elec. Corp.. corn. (qu.).... 25c. Oct. 1 Holders
25 Buildings Materials Corp., com8 Dental Ceramic Corp., common I
of rec. Sept. 10
Preferred (quar.)
mon, no par
8 Dental Ceramic Corp., prof
1% Oct. 1 Holders
11 Interborough Consul. Corp.,
50 Buildings Materials corp.. prof., $222 Chic. North Shore & Mil., pref. (qu.)-- *1% Oct. 1 *Holders of rec. Sept. 10
of rec. Sept. 15
lot
lien stock (guar.)
common. no Par
Prior
par $25
•1% Oct. 1
2,500 San Toy Mining Co., par $1_
150 Copake Lake Pure Ice & Water
Cities Service P.& L.7% pf.(mthly.)_ _• 581-3c Sept. *Holders of rec. Sept. 15
Continental Gas de Elec., COM.(guar.)._ $1.10 Oct. 15 *Holders of rec. Sept. 1
$295
5 Southern Investment Co
Corp., no par
1 Holders of rec.
Prior preference (guar.)
250Tonopah Ext. Min.Co.,no par - lot 520 Union Cereal Co., par 810.-1% Oct. 1 Holders of rec. Sept. 12a
Participating pref.(quar.)
30 Visible Typewriter Co.. corn._
1,500 Pinto Valley Co.. par $1
134 Oct. 1 Holders of rec. Sept. 12a
Visible Typewriter Co., pref _ _
Sept. 12a
Participating pref.(extra)
20
34 Oct. 1 Holders of
g Irving Bank, Ws. of beneficial
6% preferred (quar)
1% Oct. 1 Holders of rec. Sept. 12a
rec. Sept. 12a
intermit. no par
E etrolt Edison Co. (guar.)
2
Oct. 15 Holders of rec.
Sept. 204
_
3034
I
I
30
3
30
Y.- $100,000
30
Name of Company.
[Vol.. 125.
THE CHRONICLE
1426
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Public Utilities (Concluded).
*Holders of rec. Sept. 25
Hawaiian Commercial& Sug.(mthly.)__ *25c. Oct.
Oct. 1 Holders of rec. Sept. 15
Duluth-Superior Tree., pref.(quar.)__ -- 1
*Holders of rec. Sept.25
*25c. Oct.
Extra
235 Oct. 1 Holders of rec. Sept. 15
St. Ry., adj. stock
Eastern Maw
*Holders of rec. Oct. 25
*25c. Nov.
Extra
of rec. Sept. 6
Eastern New Jersey Power,7% pf.(au.) IX Oct. 1 Holders
*Holders of rec. Nov. 25
*25e. Dec.
Extra
Oct. I Holders of rec. Sept. 6
2
Eight per cent preferred (guar.)
Sept.2 Sept. 16 to Sept.23
2
Hercules Powder, corn.(qua!)
15
Empire Gas ek Fuel,8% pref.(month1)* 662-Sc Oct. I *Holders of rec. Sept.15
*500. Sept.2 *Holders of rec. Sept. 20
Homestake Mining (monthly)
Seven per cent preferred (monthly)- 58 1-3c Oct. 1 *Holders of rec. Sept.
Oct.
*Holders of rec. Sept. 20
•1
Huylers of Delaware, pref.(guar.)
Florida Power & Light,$7 pref. (guar.)
- $1.75 Oct. 1 Holders ef rec. Sept 15
•1y6 Sept.2
Imperial Tobacco of Canada,ordinary$1.50 Oct. I Holders of rec. Sept. 10
Georgia Power Co.,/6 Pref.(guar.)
.3
Sept.3
Oct.
Preference
Germantown Pass. Ry.(Phila.) (guar.). $1.31 Oct. 4 Sept. 15 to Sept. 3
Oct.
*Holders of rec. Sept. 20
9
Independent Pneumatic Tool (guar.)
1X Oct. 1 Holding of rec.
Indianapolis Pr.& Light 6)% pf. (qu.)
50c Sept.3 Holders of rec. Sept. lela
International Nickel, corn.(guar.)
Oct. 15 *Holders of rec. Oct. 3
Internat. Telep. & Teleg. (quar.)
Holders of rec. Sept. 15
$1.75 Oct.
87)40. Oct. 15 Holders of rec. Sept. 30a International Shoe, corn.(guar.)
International Utilities Corp., cl.
Holders of rec. Sept. 15
Prof. (monthly)
34 Oct.
Kansas Electric Power Co.,7% pt. (q11.) 1,4 Oct. I Holders of rec. Sept. 15
75e Oct. 1 Holders of rec. Oct. 1
Johns-Manville Corp.. corn. (guar.)
1X Oct. I Hcbders of rec. Sept. 17
Long Island Lighting, pref. A (guar.) ._
Holders of rec. Sept. 15
1% Oct.
Preferred (guar.)
1% Oct. I Holders of rec. Sept. 12a
Manhattan Railway. 7% guar.(guar.)
*Holders of rec. Sept. 20
*50c Oct.
Kaynee Company,corn.(guar.)
*1% Oct. 6 *Holders of rec. Sept. 22
Midland Util.. 7% pref., cl. A (quar.)
*Holders of rec. Sept. 20
*12 Sic Oct.
Common (extra)
Oct. 6 *Holders of rec. Sept. 22
6% pref. class A (guar.)
Jim 1'2 *Holders of rec. Dec. 20
•12
Common (extra)
'1)4 Oct. 6 *Holders of rec. Sept. 22
7% prior lien stock (quar.)
Common (extra)
'1234c Aprr2 *Holders of rec. Mar. 20
'l 3.4 Oct. 6 *Holders of rec. Sept. 22
6% prior lien stock (guar.)
*12 Ac ly 1'2 *Holders of rec. June 20
Common (extra)
Power, pref.(quar.)_- 1% Oct. 20 Holders of rec. Sept. 30
Mountain States
*Holders of rec. Sept. 20
Preferred (guar.)
Sept. 20s
'134 Oct.
National Electric Power, pref.(guar.) - 1)4 Oct. 1 Holders of rec. Sept. 17
..1y4 Oct.
*Holders of rec. Sept. 20
King Philip Mills(guar.).
1% Oct. 1 Holders of rec.
New York Central Elec. Corp.. Pf. Wu./ Oct.
*Holders of rec. Sept. 15
Lehigh Valley Coal Sales (guar.)
*52
pref.(quar.)_ _ *31.50 Sept. 15 *Holders of rec. Sept. 3
New York Water Service,
.1% Oct.
*Holders of rec. Sept. 23
rec. Sept. 15a Liberty Baking, pref. (guar.)
Niagara Lockport dr Oct. Pow., p1. (gu.) '114 Oct. 1 Holders of rec. Oct. 3a Loose-Wiles Biscuit, corn. (guar.)
*Holders of rec. Oct. 17
.40c Nov.
$1.13 Oct. 15 Holders of
North Boston Ltg. Prop., corn.(qual.)
*1% Oct.
*Holders of rec. Sept. 17
First preferred (quar.)
51.50 Oct. 15 Holders of rec. Oct. 3a
Preferred (guar.)
•1% Nov.
*Holders of rec. Oct. 17
Second preferred (guar.)
Oct. 1 Holders of rec. Sept. 16
North. Mexico Pow.& Dec., corn. (Cu.) 1
1% Oct.
Holders of rec. Sept. 115
Lorillard (P.) Co., pref.(guar.)
1% Oct. 1 Holders of rec. Sept. 16
Preferred (guar.)
$1.50 Sept.3 Holders of rec. Sept. 16
Mack Trucks, Inc., corn.(quar.)
Nov. 1 Holders of rec. Sept. 30
Northern States Power, coin. el. A(MO - 2
1X Sept.3 Holders of rec. Sept. 16
First and second pref.(guar.)
20c. Nov. 1 Holders of rec. Sept. 30
Common class B (guar.)
Holders of rec. Sept. 20
134 Oct.
Mallinson (H. R.) Co., pref.(guar.)
1)( Oct. 20 Holders of rec. Sept. 30
7% pref. (guar.)
$1.25 Oct.
*Holders of rec. Sept. 20
Manhattan Electrical Supply (quar.)
Holders of rec. Sept. 17
1)s Oct.
.1% Oct.
Northport Water Works. Pref. (guar.)-*Holders of rec. Sept. 16
Manhattan Shirt. pref.(guar.)
152 Oct. 1 Holders of rec. Sept. 20
pref. (qu.)
Ohio Electric Power. 7%
*Holders of rec. Sept. 16
Merch.& Mfrs. Securities panic. pf.(qu) '3734c Oct.
1X Oct. 1 Holders of roe. Sept. 15
Ohio Telephone Service. pref. (guar.)*31.75 Oct. 1 *Holders of rec. Oct. 1
Prior preferred (guar.)
.1% Sept.30 *Holders of rec. Sept. 20
Telep.& Teleg.. corn.(guar.)- $1.25 Sept. 30 Holders of rec. Rept. 10s
$1.25 Oct. 1 Holders of rec. Sept. 150 Merrimac Chemical (guar.)
Penn Cent. Light dr Pow..$5 pref.(qu.)Oct. 15 Holders of rec. Oct. 1
Oct. 1 Holders of rec. Sept. 10a Motion Picture Capital Corp., p1. (qu.) 2
$2
Philadelphia Traction
65c Oct. 1 Holders of rec. Sept. 1154
Mountain Producers Corp. (guar.)
b43%c Sept.15 *Holders of rec. Aug. 25
Southeastern Gas & Power, class
*50c. Oct. 1 *Holders of rec. Sept. 15
Mulrhead Cafeterias, prof.(guar.)
250. Oct. 20 Holders of rec. Sept.30
Southeastern Pow.& Lt., corn.(quar.)
National Dairy Prod. Corp., corn.(qu.) •75c. Oct. 1 *Holders of rec. Sept. 19
$1.75 Oct. 1 Holders of rec. Sept. 15
1% Oct. 1 *Holders of rec. Sept. 19
•
$7 preferred (guar.)
Preferred A dr B (guar.)
51.50 Oct. 1 Holders of rec. Sept. 15
$6 preferred (guar.)
Oct. I *Holders of roe. Sept. 17
*31
National Tea,common (qual.)
rec. Sept. 15
Oct. 1 Holders of
Si
Participating preferred (guar.)
37340 Sept.30 Folders of rec. Sept. 160
Nevada Consul. Copper (guar.)
1% Oct. I Holders of rec. Sept. 15
Southwest Power 7% prof. (qu.)
*1% Oct. 1 *Holders of rec. Sept. 15
Ohio Seamless Tube, pref.(quar.)
1% Oct. 1 Holders of rec. Sept. 20
Southwestern Bell Telep., pref.(guar.)
750. Oct. I Holders of rec. Sept. 15
Owens Bottle Co.. corn. (guar.)
Oct. 1
rec. Sept. 15
Southwestern Light & Pow., $6 Pf. (qu.) *51.50 Oct. 1 *Holders of rec. Sept. 15
13.4 Oct. I Holders of rec. Sept. 15
Preferred (guar.)
Holders of
(No. 1) $1.75
Springfield G.& El.. pfd. A (qu.)
•250. Sept. 30 *Holders of rec. Sept.20
Parke, Davis dr Co. (guar.)
1 Holders of rec .Sept. 15
Springfield (Mo.) Ry. dr Lt.. pref.(qu.)- 1X Oct.
•10c. Sept. 30 *Holders of rec. Sept. 20
Special
- 8714c. Oct. 25 Holders of rec. Sept. 30
Elec..
Standard Gas & Elec. .em.(quar.)
Park Utah Consolidated Mines (guar.). *20o. Oct. 1 *Holders of rec. Sept. 15
1% Oct. 25 Holders of rec. Sept. 30
7% prior preferred
1% Oct. 1 *Holders of rec. Sept. 17
•
& Ford, Ltd., pref.(guar.)
Penick
Oct. 1 Holders of rec. Sept. 13
Twin City Rap.'Pron.. Minn.,corn.(au.) $1
134 Sept. 30 Holders of rec. Sept. 20
Penney (J. C.) Co., pref. Mari
1)4 Oct. 1 Holders of rec. Sept. 13
Preferred (guar.)
750. Oct. I Holders of rec. Sept. 10
Pet Milk Co.. corn. (guar.)
1 Holders of rec. Sept. 16
United Gas & Electric Corp.. pref. (qu.) 1% Oct.
1% Oct. I Holders of roe. Sept. 10
Preferred (guar.)
United Utilities Co., first pref. (guar.). _ 51.75 Oct. I Holders of rec. Sept.21
4
,
*1) Oct. 1 *Holders of roe. Sept. 16
Pick (Albert) dr Co., pref. (guar.)
31.75 Oct. 1 Holders of rec. Sept. 8
Utah Power & Light, $7 prof.(guar.)_
75e. Oct. 1 Holders of roe. Sept. 156
Pratt & Lambert. corn. (guar.)
$1.50 Oct. 1 Holders of rec. Sept. 8
$8 preferred (guar.)
3.4 Oct. 1 Holders of rec. Sept. 15
Price Bros.. common (quai.)
West Penn Electric Co., class A (quar.) $1.75 Sept.30 Holders of rec. Sept. 17
134 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
1)4 Nov. 1 Holders of rec. Oct. 5
West Penn Power Co., 7% pref.(quar.)_
•154 Oct. 1 *Holders of rec. Sept. 15
Real Silk Hosiery Mills, pref. (guar.)134 Nov. I Holders of rec. Oct. 5
Six per cent preferred (guar.)
Reid Ice Cream Corp.. cam.(guar.)- - 75c. Oct. 1 Holders of roe. Sept.20
Remington Arms Co., let p1. sec. A (qu.) 134 Oct. 1 Holders of rec. Sept. 200
Banks.
Oct. 1 *Holders of not. Sept. 15
*2
.3
Reo Motor Car (guar.)
Oct. 1 *Holders of rec. Sept. 15
America (Bank of) (guar.)
3./4 Oct. 1 Holders of rec. Sept. 130 Richardson &Boynton Co.,part.pf.(qu.)_ 75c. Oct. 1 Holders of rec. Sept. 15
Chase National (guar.)
Sept.30 *Holders of rec. Sept. 15
*2
Oct. 1 Holders of rec. Sept. 130 Royal Baking Powder, corn.(quar.)._ .1%
$1
Chase Securities Corp.(guar.)
Sept.30 *Holders of rec. Sept. 15
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 160
(Bk.ofthe)
(qu.) 52
Manhattan Co.
($50p)
Oct. 1 Holders of rec. Sept. 16a Rubber Service Laboratories (guar.) _ 60c. Sept. 20 Holders of rec. Sept. 10
4
$100 par stock (guar.)
Oct. 1 *Holders of rec. Sept.15
Safety Car Heating & Lighting (quar.)-- *2
Oct. 1 Holders of rec. Sept. 17
3
Mechanics (Brooklyn) (guar.)
34 Sept. 30 Holders of rec. Sept. 154
St. L. Rocky Mt.& Pac. Co., corn.(qu.)
Oct. 1 Holders of rec. Sept. 16
4
National City (guar.)
134 Sept. 30 Holders of rec. Sept. 150
(guar.)
Preferred
Oct. 1 Holders of rec. Sept. 16
3
National City Company (guar.)
1% Oct. 1 Holders of rec. Sept. 15
St. Maurice Valley Corp., pref. (qual.)
Oct. 1 *Holders of rec. Sept. 16
*4
State (guar.)
*20c. Oct. 1 *Holders of rec. Sept. 15
*3
Salt Creek Consol 011 (guar.)
Oct. 1 *Holders of rec. Sept. 20
United States(Bank of)(guar.)
2
Oct. 1 Holders Of roc. Sept. 120
Schulte Retail Stores, pref. (guar.)
34 Oct. 1 Holders of rec. Sept. 20
Extra
134 Oct. 1 Holders of rec. Sept. 15
Schulze Baking, pref. (guar.)
75e. Oct. 1 Holders of rec. Sept. 15
Convertible preferred (guar.)
Trust Companies.
1% Oct. 25 Holders of roc. Sept. 30
Shaffer 011 & Refining. pref. (quar.)___ _
33. Oct. 1 Holders of rec. Sept. 16
American Exchange hying (guar.)
Oct. I Holders of rec. Sept. 150 Shattuck (Frank G.) Co.. corn.(guar.)._ •50o. Oct. 10 *Holders of rec. Sept. 20
5
Bankers (guar.)
Shreveport El Dorado Pipe Line (quar.) .50c. Oct. 1 'Holders of rec. Sept. 20
Sept.30 Holders of rec. Sept. 16
4
Guaranty (guar.)
*3
Oct. 1 *Holders of rec. Sept. 20
'St
Oct. 1 *Holders of rec. Sept. 15
Stanley Co. of America (guar.)
Manufacturers (Brooklyn) (quar.)
'6234c Oct. 1 *Holders of rec. Sept. 17
Stanley Works. corn. (guar.)
'433.(c Nov. 15 *Holders of rec. Oct. 29
Preferred (guar.)
Fire Insurance.
*50c. Oct. 1 *Holders of rec. Sept. 19
Stromborg Carburetor (guar.)
441.50 Oct. I *Holders of sea. Sept. 14
Roes% (guar.)
Swedish Amer. Investment, corn.(guar.) 51.6234 Oct. 1 Holders of rec. Sept. 15a
114 Oct. 1 Holders of rec. Sept. 15a
Participating preferred (quar.)
Miscellaneous.
Timken Detroit Axle Co.. corn.(guar.) _ 15c. Oct. 1 Sept.21 to Oct. 2
62c. Oct. 1 Holders of rec. Sept. 20
Aloe(A.S.) Co., common (guar.)
Sc. Oct. 1 Sept. 21 to Oct. 2
Oct. 1 Holders of rec. Sept. 20
Common (extra)
1,4
Preferred (guar.)
$1.75 Oct. 15 Holders of rec. Sept.26
Tobacco Products Corp.. corn. (guar.)
13.4 Oct. 1 Holders of rec. Sept. 15
American Cigar Co., preferred (quar.)_ _
Tubize Artificial Silk Co., corn.(guar.)_ _ $2.50 Oct. 1 Holders of rec. Sept.20a
Amer. Cyanamid, corn. A & B (quar.)_ 30e. Oct. 1 Holders of rec. Sept. 15
13.4 Oct. 1 Holders of rec. Sept.200
Preferred (guar.)
100. Oct. 1 Holders of rec. Sept. 15
Common A & B (extra)
United Artists Theatre Circuit
134 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
$1.75 Sept. 15 Holders of rec. Sept. 1
Preferred allotment certificates
Oct. 1 Holders of rec. Sept. 160
$1.50
American Express (guar.)
Oct. 3 Holders of rec. Sept. 19
United States Tobacco, corn. (quar.).. 750. Oct. 1 Holders of rec. Sept. 19
$1
American International Corporation_ _
1,‘ Oct. 1 Holders of roe. Sept. 19
rec. Aug. 22
1
Preferred (quar.)
Am.Laundry Mach..corn.(par 325)(au.) *31.25 Sept. 1 *Holders of rec. Aug. 22
Sept.
U.S. Leather, prior pref. v. t. c.(quar.)_ $1.75 Oct. 1 Holders of rec. Sept. 10
*Holders of
*81
New common (par $20) (guar.)
$1.50 Sept.30 Holders of rec. Sept. 160
Oct. 1 Holders of rec. Sept. 15
Utah Copper Co. (guar.)
3
(quar.)
American Snuff. common
Vulcan DetinnIng. pref.& pref. A (quar.) 134 Oct. 20 Holders of rec. Oct. 811
13.4 Oct. I Holders of rec. Sept. 15
Preferred (guar.)
Oct. 20 Holders of rec. Oct. 84
Preferred (account accum. dIvidends)_ 82
*1% Oct. 1 *Holders of rec. Sept. 20
American Wholesale co.. pref. (guar.)
'6234c Oct. 1 *Holders of tee: Sept. 15
Waukesha Motor, ccm. (guar.)
'13.4 Oct. 1 *Holders of rec. Sept. 15
Armstrong Cork, common (guar.)
4.1h Oct. 1 *Holders of rec. Sept. 15
Oct. I Holders of rec. Sept. 15
Wesson Oil& Snowdrift, Inc., corn.(qu.) 51
Preferred (eitIRO
Oct. 1 *Holders of rec. Sept. 15
*2
West Point Mfg.(guar.)
1% Dec. I Holders of rec. Nov. 18
Artloom Corp., preferred (guar.)
Oct. 31 *Holders of rec. Sept. 30
Westinghouse Elec.& Mfg.,corn.(quar.)
25c. Sept. 15 Holders of rec. Sept. 1
Associated Laundries. clam A (guar.).
Oct. 15 *Holders of rec. Sept. 30
.81
Preferred (guar.)
20c. Oct. 1 Sept. 15 to Sept.30
British American 011, Ltd
Oct. 1 *Holders of rec. Sept. 15
*2
1X Sept. 30 Holders of rec. Sept. 10a Will & Baumer Candle, pref. (guar.)Budd Wheel Co..7% first pref.(guar.)-15c. Sept. 30 Holders of rec. Sept. 15
50c. Sept.30 Holders of rec. Sept. 16a Woodley Petroleum Co.(guar.)
Butte & Superior Mining (guar.)
4.1u Oct. 1 *Holders of rec. Sept. 20
Holders of rec. Sept. 15
Yellow Truck & Coach, pref. (quar.)___
Electric. pref.(guar.)- 1% Oct.
Canadian General
1 *Holders of rec. Sept. 10
Carling Breweries, Ltd.(No. 1) (quar.)_ *50c. Oct.
*Holders of rec. Sept. 20
Central Dairy Prod., class A (quar.)---- *500. Oct. 1 Holders of re. Sept. 16
Below we give the dividends announced in previous weeks
Oct. 1
$I
Certain-teed Prod. Corp.. oom•(qua:.)-.
13.4 Oct. 1 Holders of rec. Sept. 16
and not yet paid. This list does not include dividends anFirst and second preferred (guar.)
*Holders of rec. Sept. 20
Chandler-Cleveland Motor, pref.(guar.) '6234c Oct. 1
1 Holders of roe. Sept. 15a nounced this week, these being given in the preceding table.
Club Aluminum Utensil Co.(No. 1)(qui 500. Oct. 1 Holders of rec. Sept. 20
Cluett. Peabody & Co., Inc., pref.(qu.)- 1)4 Oct. 1 Holders of ree. Sept. 10
$2.50 Oct.
Coca-Cola Internat. Corp. (guar.)
Per
When
Books Closed.
30 Holders of rec. Sept. 100
Commercial Credit Co.. om.(guar.).- 250. Sept.30 Holders of rec. Sept. 100
Cent. Payable.
Days Inclusive.
Name of Company.
I X Sept.
X% first preferred iquar.)
Holders of roc. Sept. 10a
Sept.
Seven per cent nrst pref.(guar.)
Railroads (Steam).
Sept.30 Holders of roe. Sept. 10a
Eight per cent preferred B (qtrar.)---- Eke. Oct. 1 Holders of roe. Sept. 19a Alabama & Vicksburg
Oct. 1 Holders of rec. Sept. 86
3
Continental Baking, common A (quar.)- $1
1 Holders of roe. Sept. 190 Bangor dr Aroostook, common (guar.). _ 88c. Oct. I Holders of rec. Aug. 31
Oct.
2
Preferred (qua:.)
Preferred (guar.)
13.4 Oct. 1 Holders of rec. Aug. 316
10 *Holders of rec. Sept. 30
Cresson Consol. Gold Mln.& Mill. (111.) *10c. Oct. 1 Holders of roe. Sept. 15
2
Sept.30 Holders of rec. Aug. 31a
Boston & Albany (guar.)
1X Oct.
Douglas(W. L.) Shoe, pref. (guar.)---134 Oct. 1 Holders of rec. Sept. 150
Sept. 22a Boston Revere Bench dr Lynn (quar.)
1 Holders of rec.
Eastern Steamship Lines, 1st pref.(guar) 1)4 Oct. 15 Holders of rec. Oct. Oa Canadian Pacific. corn.(guar.)
2)4 Oct. 1 Holders of rec. Sept. 10
87 Mc Oct.
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 1
2
Preference
*S1.25 Oct. 1 *Holders of rec. Sept. 20
Electric Controller & Mfg.(guar.)
Chesapeake Corporation (guar.)(No.1)_ 75o. Oct. 1 Holders of rec. Sept. 80
•1% Oct. 1 *Holders of rec. Sept. 20
Emerson Electric. pref. (guar.)
234 Oct. 1 Holders of rec. Sept Sa
Chesapeake & Ohio, common (guar.) _
*31.25 Oct. 1 *Holders of rec. Sept. 20
-Johnson Co., corn. (guar.) Endicott
.
Proferred
334 Jan1 28 Holders of rec. Dec.
•1% Oct. 1 *Holders of rec. Sept. 20
Preferred (guar.)
1 Holders
.30 Holde of rec. Sept. 9a
_
134
Chic. Rock Isld. & Pao., corn.
Oct. 1 *Holders of rec. Sept. 20
Evans Auto Loading, class A dr B (guar.) 'Si
Holders of rec. Sept 10)
134 Oct.
Consolidated RRs. of Cuba, pref. (qu.)_
of rec. Sept. 15
Fanny Farmer Candy Shope, pref.(qu.)- •60c. Oct. I *Holders
$1.20 Sept.28 Holders of rec. Sept 28
Oct. 50 Cuba RR., common
Am.(Bait.), corn. A(qu.) 123.40. Oct. 15 Holders of rec. Oct. 5a
Finance Co. of
Febl'28 Holders of roe. Jan. 164
3
Preferred
Oct. 15 Holders of rec.
.
123.40
Common B (qua:.)
234 Sept.20 Holders of rec. Aug. 27
43340. Oct. 15 Holders of roe. Oct. 50 Delaware & Hudson Co. (guar.)
7% preferred (guar.)
Erie & Pittsburgh (quar.)
8734c Sept. 10 Holders of rec. Aug 310
Sept. 15 Holders of rec. Aug. 31
3
French (Fred F.) Co.. prof
1)4 Sept. 15 Holders of rec. Sept. 100
Fonda Johnstuwn & Gloversv pf.(qu.)
of rec. Sept. 15
Oct. 1 *Holders
General Amer.Tank Car, cons.(guar.)-- *31
134 Oct. 1 Holders of rec. Sept. 150
Gulf Mobile dr Northern, pref. (guar.)
•1% Oct. 1 *Holders of rec. Sept. 15
84
Preferred (guar.)
Hocking Valley RR.(guar.)
234 -loot. 30 Holders of rec Sept. 15
$1.25 Oct. 1 Holders of rec. Sept. 14
General Ry.Signal, corn.(guar.)
1
1% Oct. 1 Holders of rec. Sept.
Maine Central. corn. (guar.)
13.4 Oct. 1 Holders of roc. Sept. 14
Preferred (guar.)
Holders of rec. Aug. 15a
Oct. 1
32.50 Sept.20 Holders of rec. Sept. 9a N. Y. Chicago & St. Louis. corn. (guar)
Glen Alden Coal equar.)
154 Oct. 1 Holders of rec. Aug. 15a
Preferred A (guar.)
150
Goodyear TIre& Rub.of Canada.pf.(qu.) '13.4 Oct. 1 *Holders of rec. Sept. 15
New York Lackawanna & Western (qu) 134 Oct. I Holders of rec. Sept. 310
Sept. 30 *Holders of rec. Sept. 15
*2
Grasselll Chemical, common (guar.)
Sept. 19 Holders of rec. Aug.
2
Norfolk & Western, common (guar.) -,
•135 Sept. 30 *Holders of rec. Sept. 15
Preferred (guar.)
13.4 Oct. 1 Holders of roe. Sept. 10a
Sept. 15a Old Colony (guar.)
134 Sept. 30 Holders of roe.
Great Lakes 'Towing, corn. (guar.)
Oct. 1 Holders of rec. Sept. 76
1)4 Oct. 1 Holders of rec. Sept. 15a 'Mere Marquette. corn. (In corn. stock). 1211
Preferred (attar.)
SEPT. 10 1927.]
N61714
of Company.
Railroads (Steam) (Concluded).
Pere Marquette, common (guar.)
Prior preference (quar.)
5% preferred (guar.)
Phila. Germantown & Norristown (qu.)_
Reading Co., second preferred (quar.)
5g, Joseph South Bend & Sou., com_ _
Preferred
St. Louis-San Fran. Ry.. corn.(guar.)
Common (extra)
Preferred (quar
St. Louis Southwestern. pref. (guar.)...
Southern Pacific (quar.).............
Southern Ry. M.& 0. stock tr. ctts___ _
Union Pacific. corn. (guar.)
Preferred
Vicksburg Shreveport &Pacific,com
Preferred
TH Pi CHRONICLE
Per
When
Cent. Payable.
134 Oct. I
159 Nov. 1
111 Nov 1
$1.50 Sept. 6
50o. Oct. 13
8755e. Sept. 15
234 Sept. 15
139 Oct. I
25c. Oct. I
114 Nov. 1
134 Sept. 30
114 Oct. I
Oct. 1
2
214 Oct. 1
Oct. 1
2
214 Oct. 1
259 Oct. 1
Books Closed
Days !reclusive.
Holders of rec. Sept. 140
Holders of rec. Oct. 140
Holders of rec. Oct. 14a
Aug. 21 to Sept. 5
Holders of rec. Sept.200
Sept. 11 to Sept. 14
Sept. 11 to Sept. 14
Holders of rec. Sept. Pa
Holders of rec. Sept. 90
Holders of rec. Oct. 15a
Holders of rec. Sept. 150
Holders of rec. Aug. 261
Holders of rec. Sept. I50
Holders of rec. Sept. la
Holders of rec. Sept. la
Holders of rec. Sept. Sa
Holders of rec. Sept. 8a
Public Utilities.
American Public Serv. Co.. Pref. (guar.) 15‘ Oct. I Holders of rec. Sept. 15
American Public Utilities
Prior pref. and participating pref.(qu.) 154 Oct. 1 Holders of rec. Sept. 15
Amer. Telephone & Telegraph (guar.)_
259 Oct. 15 Holders of rec. Sept.200
Amer. Water Who./fr El. $6 tat Pl.(au.)- 31.50 Oct. 1 Holders of rec. Sept. 15
Arkansas Natural Gas (guar.)
12c. Oct. 1 Holders of rec. Sept. 140
Associated Gas & Elec.. $7 pref (guar.) _ 151.75Oct. 1 Holders of rec. Aug. 31
Original pref.(guar.)
187 tic Oct. I Holders of rec. Aug. 31
Clam A (guar.)
50e
Nov. 1 Holders of rec. Sept. 30
Associated Telep. Utilities. Pref.(quar.)_ $1.75 Sept.15 Holders of rec. Aug. 31
Bangor Hydro-Elec. Co.,6% pt.(qu.)
154 Oct. 1 Holders of rec. Sept. 10
7% preferred (guar.)
139 Oct. 1 Holders of rec. Sept. 10
Bell Teleph me of Canada (quar.)
2
Oct. 1. Holders of rec Sept. 23a
Bell Telephone of Pa., corn. (guar.)
Sept.30 *Holders of rec. Sept. 29
*2
Preferred (guar.)
131 Oct. 15 Holders of rec. Sept. 200
Birmingham Waiter Wks.Co.,
8% pr.(qu.) 2
Sept. 15 Holders of rec. Sept. 1
Brazilian Tr., Light & Pow.. pref.(qu.)- 13.4 Oct. 1 Holders of rec. Sept. 15
Bklyn.-Manhattan Transit
Preferred, series A (guar.)
81.50 Oct. 15 Holders of rec. Oct. la
Preferred. series A (guar.)
$1.50 JanI818 Holders of rec. Dec. 310
Preferred, series A (guar.)
$1.50 Apr16'28 Holders of rec.Apr I '280
Brooklyn Union Gas(guar.)
Holders of rec. Sept. 80
$1.25 Oct
Byliesby (H. M.) rIc Co., corn. A&B(gu.) *50o. Sept.30 *Holdere of rec. Sept. 20
Canada Northern Power,7% pref.(qui139 Oct. 1 Holders of rec. Sept.30
Central Illinois Public Service. pf MI- $1.50 Oct. 1 Holders of rec. Sept.30a
Central Maine Po yer. 7% pref.(quar.) •139 Oct.
*Holders of rec. Sept. 10
6% Preferred (guar.)
*Holders of rec. Sept. 10
'134 Oct.
Central & Southwest Utilities (quar.)
750. Oct. 1 Holders of rec. Sept. 30
Cleveland Ry., corn.(guar.)
Holders of rec. Sept. 100
13.4 Oct.
Columbus Elec. & Pow., common (qu.). 50c. Oct.
Holders of roe. Sept. 9a
Preferred series B (guar.)
139 Oct.
Holders of rec. Sept. 9a
Preferred series C (guar.)
Holders of rec. Sept. Da
131 Oct.
Second preferred (guar.)
Holders of rec. Sept. Pa
139 Oct.
Consol. Gas El. L.& P.(Balt.) com.(qu.) 6254c Oct.
Holders of rec. Sept. 15a
Preferred series A (guar.)
Holders of rec. Sept. 15a
2
Oct.
Preferred series B (guar.)
Holders of roe. Sept. 15.2
199 Oct.
Preferred series C (guar.)
139 Oct.
Holders of rec. Sept. 15a
Preferred series D (guar.)
151 Oct.
Holders of rec. Sept. I5a
Consolidated Gas(N. Y.)corn.(quar.).. $1.25 Sept. 1 Holders of rec. Aug. 90
Preferred (guar.)
Nov.
Holders of rec. Sept. 30a
Consumers Power,6% pref. (quar.)159 Oct.
Holders of rec. Sept. 15
6.6% preferred (guar.)
1.65 Oct.
Holders of rec. Sept. 15
Seven per cent preferred (guar.)
139 Oct.
Holders of rec. Sept 15
Six per cent preferred (monthly)
50c. Oct.
Holders of rec. Sept 15
6.6% Preferred (monthly)
Holders of rec Sept. 15
55c. Oct.
Denver Tramway Corp., pref. (quar.)
14 Oct.
Holders of rec. Sept. 150
Diamond State Telep., Wm. filultr.)2
Sept.30 Holders of rec. Sept. 29a
6ji% preferred (quar)
131 Oct. 1 Holders of rec. Sept. 20a
Duquesne Light, first pref. (guar.)
134 Sept.1 Holders of rec. Aug. 150
East Kootenay Power, pref. (guar.)...134 Set/Li Holders of rec. Aug. 31
Eastern Texas Electric Co., pref. (guar.) 139 Oct.
Holders of rec. Sept. 6a
Edison Elec. III. Co. of Brockton (quar.)623.90. Nov.
Holders of rec. Oct. 14
Elec. Light & Power Co. of Ablngton &
Rockland (guar.)
50c. Oct.
Holders of rec. Sept. 15
Electric Power & Light. pref.(quar.). -- $1.75 Oct.
Holders of rec. Sept. 15
Allotment elf& for pf. stk. full pd.(au. $1.75 Oct.
Holders of rec. Sept. 150
Allotment ctf. for pf. stk.90% pd.(qu) 70e. Oct.
Holders of rec. Sept. 15a
Electric Public Service 7% pref. (quar.)_
139 Oct.
Holders of rec. Sept. 20
Electric Public Utiltititn. $7 pref. (qu.)- $1.75 Oct.
Holders of rec. Sept. 20
Engineers Public Service. $7 pref.(guar.) $1.75 Oct.
Holders of rec. Sept. go
Fall River Electric Light (guar.)
500. Oct.
Holders of rec. Sept. 20s
Federal Light & Traction, corn. (guar.)_ 20e. Oct.
Holders of rec. Sept.130
Common (payable in common stock). n15o. Oct.
Holders of rec. Sept. 13a
Foshay (W. B.) Co., corn. (monthly)_ _ _ •87c. Sept. 1 *Holders of roe. Aug. 25
7% preferred (monthly)
•58c. Sept. 1 *Holders of rec. Aug. 25
8% preferred (monthly)
*67c. Sept. 1 *Holders of rec. Aug. 25
Frankford & Southwark Pass. Ry.(en.). $4.50 Oct.
Sept. 2 to Oct. 1
Galveston-Houston Elec. Co..6% prof
3
Sept.
Holders of rec. Sept. la
General Gas& Elec., corn., class A(ge.)- o37590 Oct. 1
Holders of rec. Sept. 12a
$8 preferred class A (guar.)
$2 Oct.
Holders of rec. Sept. 126
$7 Preferred class A (guar.)
$1.75 Oct.
Holders of rec. Sept. 12a
Preferred Class B (guar.)
$1.75 Oct.
Holders
Hackensack Water, pref. class A (quar.). 4339 Sept.3 Holders of rec. Sept. I2a
of rec. Sept. 150
Houston Gulf Gas. preferred (guar.)._ _ _
139 Sept.
Holders of rec. Aug. 200
Illinois Bell Telephone (quar.)
*2
Sept.3 'Holders of rec. Sept.29
Illinois Power Co.,6% pref (quar.). -- 159 Oct.
Holders of rec. Sept. 15
Seven per cent preferred (quar.)
139 Oct.
Holders of rec. Sept. 15
Indianapolis Water Co.. pref.(quer.)_
154 Oct.
Holders of rec. Sept. 10a
Indianapolis Water Works Securities, pf.. 334 Oct.
Holders of roe. Sept. 100
Interstate Power. preferred (attar.).
$1.75 Oct.
Holders of rec. Sept. 6
Kansas City Pow.& Lt. lot pt. A (qu.).. $1.75 Oct.
Holders of rec. Sept. 14a
First pref. series B (guar.)
•31.50 Oct.
*Holders of rec. Sept. 14
Kentucky Hydro-Elec. Co., pref. (qu.)13( Sept.2 Holders of rec. Aug. 310
Kentucky Securities, common (quar.).. 159 Oct.
Holders of rec. Sept. 20a
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 20a
Laclede Gas Light, corn. (guar.)
3
Sept. 1 Holders of roc. Sept. la
Laclede Gas & Elec. Co.. pref. (quar.)..
Oct.
Louisville Gas & Elec.(Del.) A & B (en.) 43Ke. Sept.2 *Holders of rec. Sept.226
Holders of rec. Aug. 31
Mackay Companies, corn. (guar.)
139 Oct.
Holders or rec. Sept. 3a
Preferred (guar.)
Oct.
Holders of rec. Sept. 3a
Manhattan Ry. modified guar.(guar.).114 Oct.
Holders of rec. Sept. 12a
Memphis Power & Light,$7 pref.(quar.) $1.75 Oct.
Holders of rec. Sept 17
$6 preferred (quar.)
$1.50 Oct.
Holders of rec Sept. 17
Middle West Utilities, prior lien (guar.) 2
Sept. 1 Holders of rec. Aug. 31
Monongahela West Penn Public Service
Preferred (guar.)
4354e. Oct.
Holders of rec. Sept. 15
Montana Power, corn. (guar.)
1 Si Oct.
Holders of rec. Sept. I20
Nassau & Suffolk Lighting, pref.(guar.)_
13( Oct.
Holders of rec. Sept. 17
National Power dr Light Co., prof (qu.) 81.75 Oct.
Holders of rec. Sept. IS
National Public Service, corn. A (quar.)_ 400. Sept. 1 Holders of rec. Aug. 27
Prof. series A and panic. pref.(quar.)_ $1.75 Oct.
Holders of rec. Sept. 17
New England Pub. Serv., common (qu.) *45e. Sept.3 *Holders of rec. Aug. 31
Prior lien preferred stock (guar.)
$1.75 Sept. I Holders of rec. Aug. 31
New England Telep & Teleg
2
'tent.30 Holders of rec. Sept. 10
New York Steam Corp.,$7 pref. A (qu.) $1.75 Oct. 1 Holders of rec. Sept. lba
$8 preferred (guar.)
$1.50 Oct. 1 Holders of rec. Sept. 15a
New York Telephone, Pref.(guar.)
IK Oct. 15 Holders of rec. Sept. 20
Niagara Falls Power Co.. pref. (guar.) *4359c Oct. 15 *Holders of rec. Sept. 30
,
North Amer.Co. coin.(qu.)(in corn.stk.) 1251 Oct. 1 Holders of rec. Sept. 6a
Preferred (guar.)
750. Oct. 1 Hojders of roe' Sept. (la
North American Util. Sec., let pref.(qu.) $1.50 Sept. 15 Holders of rec. Aug. 31
Allotment certifs. for first pref.(guar.) 750. Sept. 15 Holders of rec. Aug. 31
Northern Liberties Gas Co
$1
Sept. 12 Aug. 5 to Sept. II
Northern Ohio Pr. & Lt.. 6% Pref.(q11.)13.4 Oct. 1 Holders of rec. Sept. IS
199 Oct. 1 Holders of rec. Sept. 15
Seven per cent preferred (quar.)
North West Utilities, prior lien stk.(qu.) 139 Oct. 1 Holders of rec. Sept. 11
*139 Oct. 1 *Holders of rec. Sept. 20
Ohio Bell Telephone, pref. (guar.)
Oklahoma GAP & Elec. Co., pref.(guar.) 159 Sept. 15 Holders of rec. Aug. 31
Ottawa & Hull Power, pref.(guar.)
154 Sept. 15 Holders of rec. Aug. 31
Pennsylvania G.& E. Co.. corn.(guar.)
Oct. 1 Sept.21 to Sept. 30
2
139 Oct. 1 Sept. 21 t Sept. 30
Preferred (quar.)
Name of Company.
142'i
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Public Utilities (Concluded).
Penn.
-Ohio Power & Light
56 preferred (guar.)
$1.50 Nov. 1 Holders of rec. Oct. 20
Seven per cent preferred (guar.)
154 Nov. 1 Holders of rec. Oct 20
7.2% preferred (monthly)
600. Oct. 1 Holders of rec. Sept. 20
7.2% preferred (monthly)
600. Nov. 1 Holders of rec. Oct. 20
55e. Oct. 1 Holders of rec. Sept.20
6.6% Preferred (monthly)
6.6% preferred (monthly)
550. Nov. 1 Holders of rec. Oct. 20
Pennsylvania Water & Power (guar.) -- 6259c. Oct. 1 Holders of rec. Sept. 16
Philadelphia Electric Co.(guar.)
50c. Sept.15 Holders of rec. Aug. lisa
Portland Electric.Power, lot pref. (qu.). 134 Oct. 1 Holders of rec. Sept. 1$
Prior preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 1$
Power Corp. of Canada.6% pref.(guar.) 134 Oct. 15 Haders of rec. Sept.30
Pub.Sore. Corp.of Long Island. pf.(qu.) 134 Oct. 1 Holders of rec. Sept. 17
Paoli° Service Corp. of N.J., corn.(qu.) 50c. Sept.30 Holders of rec. Sept. 24
Sept.30 Holders of rec. Sept. 20
Eight per cent preferred (quar.)
2
Seven per cent preferred (guar.)
154 Sept.30 Holders of rec. Sept. 23
Six per cent preferred (monthly)
50e. Sept.30 Holders of rec. Sept. 20
Public Service Elec.& Gas,7% pf.(qu.)_
154 Sept.30 Holders of rec. Sept. 20
Six per cent preferred (guar.)
114 Sept.30 Holders of rec. Sept. 241
Radio Corp. of Amer.. pref. A (glum)._ 8759c. Oct. 1 Holders of rec. Sept la
Oct. 15 Holders of rec. Sept. 30a
St. Maurice Power Co.(No. 1)(qu.)-.... 81
Savannah Elec. & Power, preferredOct. 1 Holders of rec. Sept. (la
3
Oct. 1 Holders of rec. Sept. 6a
Debenture stock, series A (guar.)--- 2
151 Oct. 1 Holders of rec. Sept. fla
Debenture stock, series B (guar.)
Oct. 1 Sept. 2 to Oct. 1
second & 3d Sts. Pass. RI., Phila.(qu.). $3
Shawinigan Water & Power (oner.)
50c. Oct. 10 HAders of rec. Sept. 23
Southern California Edison, pref. A (qu.) 43'4c Sept. 15 Holders of rec. Aug. 20
Preferred series B (guar.)
37590. sem.. 11 Holders of rec. Aug. 20
Southern Canada Power. pref. (guar.).- 159 Oct. 15 Holders of rec. Sept. 2411
139 Sept. 15 Holders of rec. Aug. 31
hern Colorado Power. pref (quar.)_
Oct. 1 *Holders of rec. Sept. 15
Southwestern Gas dr El.,8% pref.(qu.). *2
•
114 Oct. 1 *Holders of rec.
Seven per cent preferred (guar.) _
Sept. 15
Sept. 15 Holders of rec. Aug. 31a
Standard Gas & Elec.,8% pref. quar.). $1
Superi .r Water, Light & Power
Preferred (quar.)
15( Oct. 1 Holders of rec. Sept. 15
rennessee Elec Power 6% let pref (qu.)_
134 Oct. 1 Holders of rec. Sept. 15
Seven per cent lot preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 15
7.2% 1st pref. (guar.)
1.80 Oct. 1 Holders of rec. Sept. 15
Six per cent 1st pref.(monthly)
50e. Oct. 1 Holders of rec. Sept. 15
7.2% 1st pref. (monthly)
60e. Oct. 1 Holders of rec. Sept. 15
United Light & Pow., corn. A new (qu.). 12c. Nov. 1 Holders of rec. Oct. 15
12c. Nov. 1 Holders of rec. Oct. 15
Common B new (guar.)
60e. Nov. 1 Holders of rec. Oct. 15
Common A and B old (guar-)
$1.63 Oct.l Holders of rec. Sept. 15
Preferred A (guar-)
$1
Preferred B (guar.)
Holders of rec. Sept. 15
Oct.
tTIA h fIts Ar Coke, pref.& partic. pf.(qu) $1.75 Oct. 1 H,lders of rec. Sept. 15
Utilities Power & Light.class A (guar.) v50c. Oct. 1 Holders of roe. Sept. 6
Class B (guar.)
e 25c. Oct. 1 Holders of rec. Sept. 6
Preferred (quar.)
154 Oct. I Holders of rec. Sept. 6
Virginia Electric & Power.6% p1.(guar.) 154 Sept.20 Holders of rec. Aug. 31a
139 Sept.20 Holders of rec. Aug. 311
7% preferred (guar.)
Washington Water Pow., Spokane(qu.). 191 Sept. IS Holders of rec. Aug. 25
West Penn Railways.6% pref. (guar.).- 159 Sept. I Holders of rec. Aug. 25
Winnipeg Elec. Co.. pref. (guar.)
139 Oct.
Holders of rec. Sept. 8
Wisconsin Public Service, pref. A (qu.). _
139 Sept.20 Holders of rec. Aug. 31
Preferred B (guar.)
131 Sept.20 Holders of rec. Aug. 31
Banks.
Chatham-Phenix Nat. Bk. & Tr.(guar.) 4
Chelsea Exchange (guar.)
2
4
Commerce. Nat. Bank of (quar.)
4
Seaboard National (guar.)
Crust Companies.
3
Equitable (qua?.)
United States (guar.)
1234
Fire Insurance.
Home Insurance (guar.)
5
Oct.
Oct.
Oct.
Oct.
1
1
1
1
Sept. 16 to Sept.30
Holders of rec. Sept. 18a
Holders of rec. Sept. 160
Holders of rec. Sept. 24
slept.30 H,Iders of roe. Sept.164
Oct. 1 Holders of rec. Sept. 20
Oct 10 Holders of rec. Sept.80
Miscellaneous.
Adams Express (guar.)
81.50 Sept.30 Holders of rec. Sept. 15.
Aetna Rubber, common (guar.)
50c. Oct. 1 Holders of rec. Sept. 153
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 153
Allied Chemical & Dye Corp., pf.(qu.). 139 Oct. 1 Holders of rec. Sept. 9a
Aluminum Manufacturers, own.(quar.). .50c. Sept.30 *Holders of rec. Sept. 150
Common (guar.)
Dec. 31 •HcIders of rec. Dec. 156
•50c
Amalgamated Laundries. pref. (rattle.) 5813c Oct. 1 Holders of rec Sept. 15a
Preferred (monthly)
581.c Nov. 1 Holders of rec. Oct 154
58151. Dec. 1 Hclders of rec Nov. 150
Preferred (monthly)
581.0. Jan 2'2R Holders e' rec. Dec. 154
Preferred (monthly)
581.0 Feb l'28 Hold. of roe. Jan. 15'286
Preferred (monthly)
Preferred (monthly)
591.c. Al'rl'28 Hold. of rec. Feb 15 286
sere. A pr 1'28 Hold nfree Mar. l5'2&1
Preferred (monthly)
Preferred (monthly)
5S1.c. M'y l'2g Hold cf rep. Apr 15'784
Jun l'28 Hold. or rec. May 15'28a
Preferred (monthly)
American Bank Note,corn.(guar.)
50c. Oct. 1 Holders of rec. Sept. 120
750. Oct. 1 Holders of rec. Sept. 12a
Preferred (guar.)
American Can, pref.(guar.)
134 Oct. 1 Holders of rec. Sept. 150
Amer. Car & Fdy., common (guar.)
$1.50 Oct. 1 Holders of rec. Sept. 126
139 Oct. 1 Holders of rec. Sept. 12a
Preferred (guar-)
139 Oct. 1 Sept. 21 to Sept. 30
Amer. Chain Co., pref.(guar.)
American Chicle, corn. (guar.)
750. Oct. 1 Holders of rec. Sept. 15a
Six per cent preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 15a
154 Oct. 1 Holders of rec. Sept. 154
Seven per cent preferred (guar.)
Amer. Encaustic Tiling, corn.(guar.)-- 60c. Sept. 30 Holders of rec. Sept. 154
Preferred (guar.)
134 Sept.26 Holders of rec. Sept.23.
Amer. Furniture Mart Bldg., pref.(qu.)_ '$1.76 Oct. 1 *Holders of rec. Sept. 20
Amer. Home Products Corp
200. Oct. 1 Holders of rec. Sept. 14.
Amer.
-La France Fire Eng.. Inc.. Pf.(gu) 13.4 Oct. 1 Holders of rec. Sept. 151
Sept.30 Holders of rec. Sept. 130
American Locomotive, corn.(quar.)... $2
134 Sept. 30 Holders of rec. Sept. 13a
Preferred (guar)
American Mfg. Co.. corn. (guar.)
13.4 Oct. I Holders of rec. Sept. lela
114 Doc. 31 Holders of rec. Dec. 18a
Common (guar.)
Preferred (guar.)
154 Oct. 1 Holders of rec. Sept. 16a
134 Dec. 31 Holders of rec. Dec. lela
Preferred (guar.)
American Plano, corn. (guar.)
750. Oct. 1 Holders of rec. Sept. 10a
134 Oct. 1 Holders of rec. Sept. 104
Preferred ((mar.)
American Radiator, common Oillar3... $1.25 Sept.30 Holders of rec. Sept.lea
$1.50 Sept. 30 Holders of roe. Sept. 154
Amer. Railway Express (qar.)
American Rdling Mill
50o. Oct. 16 Holders of rec. Sept. 30a
Common (guar.)
Preferred (quar.)
134 Oct. I Holders of rec. Sept. Ilia
Amer. Safety Razor (guar.)
•750. Oct. 1 *Holders of rec. Sept. 16
Oct. 1 *Holders of rec. Sept. 15
Extra (payable in stock)
eel
American Seating. corn.(extra)
250. Oct. 1 Holders of rec. Sept.204s
Common (quar.)
750. Oct. 1 Holders of rec. Sept.20
American Shipbuilding, corn. (quar.)
2
Nov. 1 Holders of rec. Oct. 15a
Preferred (quar.)
139 Nov. 1 Holders of rec. Oct. 15
Amer. Steel Foundries, corn.(guar.)._ 75e. Oct. 15 Holders of rec. Oct. la
Preferred (guar.)
134 Sept.30 Holders of rec. Sept. 15a
American Stores Co.(guar.)
50c. Oct. I Sept. 16 to Oct. 2
American Sugar Refining, corn.(guar.)._
154 Oct. 3 Holders of rec. Sept. la
139 Oct. 3 Holders of rec. Sept. la
Preferred (guar.)
American Tobacco. pref. (guar.)
159 Oct. 1 Holders of rec. Sept. 10a
Amer. Vitrified Prod..cont.(quar.)
50c. Oct. 15 Holders of rec. Oct. 50
Armour & Co. (Illinois), pref. (guar.)._
139 Oct. I Holders of rec. Sept. 10a
Armour & Co. of Del., pref. (qua?).... 154 Oct. 1 Holders of rec. Sept. 10a
Art Loom Corp., corn. (guar.)
750. Oct. 1 Holders of rec. Sept. 15a
Associated Oil (quar.)
50c. Sept.24 Holders of rec. Aug. 31a
Atlantic Terra Cotta. pref. (qua?.)
134 Sept. 15 Holders of rec. Sept. 5
Atlantic Refining, corn. (qua?.)
1
Sept. 15 Holders of rec. Aug. 22
Atlas Powder, common (guar.)
$1 Sept. 10 Holders of rec. Aug. 31a
Auto Cur C.... prof.(guar.)
2
Sept. 15 Holders of rec. Sept. d3a
Auto Strop Safety Razor, Cl. A (guar.)._ 75c. Oct. 1 Holders of rec. Sept. 15
Hat/cock & Wilcox Co.(guar.)
139 Oct. 1 Holders of rec. Sept.20a
Quarterle
134 Jan 1'28 Holders of rec. Dec. 200
Quarterly
139 Apr 1'28 Hold. rec. Mar. 20
'28a
Balaban & Katz. common (monthly).- 25c. Oct. 1 Holders of rec.
Sept. 20a
Preferred (guar.)
154 Oct. 1 Holders of rec. Sept.20.
Ramberzer (L.) dr Co.. pref. (quer.)_ _ _ _
13.4 Dec. 1 Holders of rec.
Bancroft (Joseph) & Sons Co. (guar.)._ 6234e. Sept.30 Holders of rec. Nov. 120
Sept. 15
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Conftued).
Oct. 15 Holders of rec. Sept. 30
Bankers Capital Corp., pref.(quar.)---- $2
Jan1618 Holders of rec. Dec. 31
$2
Preferred ((Mara
60c. Oct. 15 Holders of rec. Sept. 240
Beech-Nut Packing, corn. (guar.)
1% Oct. 15 Holders of rec. Oct. la
Preferred (guar.)
134 Sept.15 Holders of rec. Aug. 31
Belding-Corticelli, Ltd.. pref. (qua?.).
Belding Hemingway Co.corn. (guar.)._ 50c. Oct. 1 Holders of rec. Sept.20a
134 Oct. 10 Holders of rec. Sept. 30
Beigo-Canadian Paper, cons.(guar.)._
1% Oct. 1 Holders of rec. Sept. 2
Preferred (guar.)
.50e. Oct. 1 *Holders of rec. Sept, 15
Benda Corporation (guar.)
Beet & Co., common (No. 1)
750. Sept.15 Holders of rec. Aug. 25a
I% Oct. 1 Holders of rec. Sept. 2a
Bethlehem Steel, pref. (guar.)
Bloch Bros.Tobacco, corn.(guar.)
3734c. Nov. 15 Holders of rec. Nov. 10
1j4 Sept. 30 Holders of rec. Sept. 25
Preferred (guar.)
134 Deo. 31 Holders of rec. Dec. 26
Preferred (guar.)
Oct. 1 Holders of rec. Sept.20a
$1
Borg & Beck (guar.)
Oat. 15 Sept. 24 to Oct. 14
$I
Borne Scrymeer Company
750. Oct. 15 Sept.24 to Oct. 14
Extra
Boston Woven Hose & Robb.. corn.(oil.) $1.50 Sept. 15 Holders of rec. Sept. 1
500. Oct. 1 Holders of rec. Sept. 15a
Srillo Mfg., Inc., class A (guar.)
British-Amer. Tob., ordinary (interim)_ (k) Sept.30 Holders of coup.No. 119
234 Sept. 30 Holders of coup. No.48
Preference
British Columbia Fishing, corn. (guar.). 91.25 Sept. 10 Holders of rec. Aug. 31
$1.25 Dec. 10 Holders of rec. Nov.30
Common (guar.)
$1.25 3-10-'28 Holders of roc. Feb.28'28
Common (guar.)
1% Sept. 10 Holders of rec. Aug. 31
Preferred (guar.)
1% Dec. 10 Holders of rec. Nov.30
Preferred (guar.)
135 3-10-'28 Holders of rec. Feb.28'28
Preferred (guar.)
Sept. 15 Holders of roe. Aug. 19
91
Buckeye Pipe Line (guar.)
750. Oct. 1 Holders of rec. Sept.190
Bucyrus Company, corn. (guar.)
134 Oct. 1 Holders of rec. Sept. 19a
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 130
Burns Bros., preferred (quar.)
13.9 Nov. 1 Holders of rec. Oct. 14a
Prior preferred (guar.)
75e Sept. 10 Holders of ree. Aug. 25a
Burroughs Adding Mach. (guar.)
Oct. 15 *Holders of rec. Sept. 30
*2
Bush Terminal Co.. corn. (guar.)
(go.).. *134 Oct. 15 *Holders of rec. Sept. 30
Seven per cent debenture stock
I% Oct. 1 Holders of rec. Sept. 160
Bosh Terminal Bides., pref. (guar.)._
50e. Sept.20 Holders of rec. Sept. 60
By-Products Coke, common (guar.)-234 Oct. 1 Holders of rec. Sept. 20a
Preferred (guar.)
Sept. 15 Holders of rec. Aug. 310
$1
California Packing (guar.)
$1.50 Sept.26 Holders of roe. Sept. Pa
dr Arizona Mining (guar.)
Calumet
50c. Sept. 15 Holders of rec. Aug. 31a
Calumet & Hecla Consol.Cofter
Oct. 1 Holders of rec. Sept. 15a
$1
Cambria Iron
p.
158 to
Canadian Bakeries, Ltd., 1st pt. (qu.)._ •155 Sept.
Canadian Car & Foundry. pref. (guar.). 134 Oct. 10 Holders of rec. Sept.260
Oct. 4 Holders of rec. Sept. 24
Cottons, Ltd., °Gm (quar.).. 2
Canadian
134 Oct. 4 Holders of rec. Sept. 24
Preferred (guar.)
134 Sept.30 Sept. 21 to Oct. 4
Canfield Oil, corn.(guar.)
134 Dec. 31 Dec. 21 to Jan. 4
(guar.)
Common
1% Sept. 30 Sept.21 to Oct. 4
Preferred (guar.)
154 Dec. 31 Doe. 21 to Jan. 4
Preferred (guar.)
*1
Sept. 15 *Holders of rec. Fleet. 10
Carter (Wm.) Co., pref. (quar.)
Case (J. I.) Thresh. Mach., corn. (qu.). 1% Oct. 1 Holders of rec. Sept. 120
1% Oct. 1 Holders of rec. Sept. 120
(quar.)
Preferred
.750. Oct. 1 Holders of rec. Sept. 15
Cetotes Co., common (guar.)
*91.75 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
50c. Oct. 10 Holders of rec. Sept.24a
Central Alloy Steel. corn.(guar.)
154 Oct. 1 Holders of rec. Sept. 13a
Preferred (guar.)
75c iept.30 Holders of rec. Sept. la
Certo Corporation (guar.)
25e Sept.30 Holders of roe. Sept. la
Extra
$1
Sept.30 Holders of rec. Sept. 10a
Chesebrotugh Mfg. Consol. (guar.)
Chicago Elec. Mfg., class A (qua?.)
*50e. Oct. I Holders of rec. Sept. 20
Chicago Fuse Mfg.(guar.)
*6234e Oct. 1 Holders of rec. Sept. 16
Chicago Mill & Lumber. pref. (quar.),..._ .1% Oct. 1 Holders of rec. Sept.21
Chicago Yellow Cab (monthly)
33 1-3. Oct. 1 Holders of rec. Sept.200
Monthly
33 1-3( Nov. 1 Holders of rec. Oct. 210
Monthly
33 I-3( Dee. 1 Holders of roc. Nov. 180
Childs Company,common (guar.)
60c. Sept. 10 Holders of res. Aug. 270
Common (pay. In no par com. stk.)
fl
Oct. 1 Holders of rec. Aug. 28a
Common (payable in no par corn. stk.) fl
Doe. 30 Holders of rec. Nov.250
Preferred (guar.)
134 Sept. 10 Holders of rec. Aug. 270
Chile Copper Co.(qua?.)
6234c gent.30 Holders of rec. Sept. 20
750. Sept.30 Holders of rec. Sept. 15a
Chrysler Corporation, corn.(guar.)
Sept.30 Holders of rec. Sept. 15a
Preferred A (guar.)
$2
Ian 3'28 Holders of rec. Dee. 15a
$2
Preferred A (quar.)
% Oct. 1 Holders of rec. Sept. 15
Cities Service, common (monthly)
Common (payable in common stock)
h Oct. 1 Holders of rec. Sept. 15
Preferred and preferred BB (monthly)
34 Oct. 1 Holders of rec. Sept. 15
*Eo. Oct. 1 Holders of rec. Sept. 15
Preferred B (monthly)
gent. 15 Holders of rec. Sept. 5a
50c
Cleveland Stone (guar.)
$1.25 Oct. 1 Holders of rec. Sept. 10a
Coca-Cola Co.. common (guar.)
90c. Oct. 1 Holders of rec. Sept. 15a
Commercial Invest. Trust, corn.(qu.)
I% Oct. 1 Holders of roe. Sept. 15a
7% first pref. (guar.)
1% Oct. 1 Holders of rec. Sept. 15a
634% first pref.(guar.)
Commercial Solvents
Oct. 1 Holders of rec. Sept.20a
$2
New stock (guar.) (No. 1)
Sent.30 Holders of rec. Sept.140
$1
Congress Cigar (guar.)
25e. Sept.30 Holders of rec. Sept.140
Extra
31.75 Oct. 1 Holders of rec. Sept. 150
Consolidated Cigar, cons. (guar.)
134 Oct. 1 Holders of rec. Sept.200
Continental Can. Inc.. Prot(Man) --(
25c. Sept. 15 Aug. 14 to Sept. 15
Continental Oil (guar.)
Sept. 15 Holders of rec. Aug. 31
Cookeville Shale Brick. Ltd., pref. (qu.) 1
Oct. 15 Holders of res. Oct. la
81
Cooper Corporation, common (guar./
91/5 Sept.15 Sept. 2 to Sept. 15
Preferred (guar.)
134 Sept.15 Holders of rec. Aug. 31
Cosgrove Export Brewery (guar.)
154 Oct. 1 Holders of rec. Sept.280
Cosgrove-Meehan Coal, pref. (quar.)_ _
134 Dec. 21 Holders of rec. Doe. 190
Preferred (quar.)
$1.25 Sept.30 Holders of rec. Sept.15
,
Cots.Inc.(quar.)
134 Sept.15 Holders of rem Sept. la
Crane Company, corn. (guar.)
155 Sept.15 Holders of rec. Sept. la
Preferred (guar.)
Crown-Willamette Paper. let pref. (Qtr.) 134 Oct. 1 Holders of reo. Sept.130
1/5 Sept. 30 Holders of rec. Sept. 15a
Crucible Steel, pref. (guar.)
250 Sept. 30 Holders of rec. Sept. 30
Cuban-Amer. Sugar, corn.(guar.)
154 Sept.30 Holders of rec. Sept. 30
Preferred (fluor.)
Sept. 15 Holders of rec. Aug. 31
2
Cumberland Pipe Line (guar.)
Sept. 15 Holders of rec. Sept. la
$1
Cuneo Press, class A (guar.)
Dec. 15 Holders of rm. Dec. la
$1
Class A (guar.)
Curtiss Aeroplane & Motor, preferred.. 334 Sept. 15 Holders of roe. Sept. 1
Sept. 24 Holders of rec. Sept. 10a
1
DavisMills (guar.)
Decker (Alfred) de Cohn. Inc.. comagu.) 50e. Sept. 15 Holders of rec. Sept. 5a
Sept. 15 Holders of ree. Sept. 1
Dark Manufacturing,sink,fund pf.(qu.) 2
Oct. 1 Holders of rec. Sept. 15a
2
Detroit & Cleveland Nay..(guar.)
Sept. 15 Holders of roe. Aug. 3Ia
2
Diamond Match (guar.)
$1.25 Oct. 1 Holders of rec. Sept. 15a
Dominion Textile, corn. (guar.)
134 Oct. 15 Holders of rec. Sept. 30a
Preferred (guar.)
Oct. 1 Sept. 21 to Oct. 4
2
Dow Drug, cum. (quar.)
1% Oct. 1 Sept. 21 to Oct. 4
Preferred (guar.)
Oct. 1 Holders of rec. Aug. 27
1
Draper Corporation (guar.)
Oct. 15 Holders of rec. Oct. la
Dunhill International. corn. (guar.)_ _ $1
Jan15'28 Holders of rec. Jon.1'28a
$1
Common (guar.)
Apr1518 Holders of rec. Apr.l'28a
$1
Common (quay.)
Sept. 15 Holders of rec. Sept. la
DuPont(E.I.)de Nem.& Co.,corn.(qu.) $2
134 Oct. 25 Holders of rec. Oct. 10a
Debenture stock (guar.)
40e. Dec. I Holders of rec. Nov. 15a
Eagle-Picher Lead, corn. (guar.)
Oct. 15 Holders or roe. Sept.300
I
Preferred (guar.)
134 JanI5 28 Holders of rec. Dec. 31
Preferred (qua?.)
6234c.Oct. I Holders of rec. Sept.200
Early & Daniels. common (guar.)
25e. Oct. I Holders of rec. Sept. 200
Common (extra)
623.40.Jan 1'28 Holders of rec. Dec. 20a
Common (guar.)
25c. Jan 1'28 Holders of rec. Dec. 20a
Common (extra)
81.75 Oct. 1 Holders of rec. Sept. 260
Preferred (game.)
SI 75 Jan 1'28 Holders of rec. Dec. 20e
Preferred guar.',
Eastern Bankers Corp.. pref. (qua?.)
$1.75 Nov. 1 Holders of rec. Sent.30
Preferred (guar.)
$1.75 Feb. 1 Holders of rec. Dee. 31
Eastman Kodak, corn. (guar.)
$1.25 Oct. 1 Holders of rec. Aug. 31a
Common (extra)
750. Oct. 1 Holders of rec. Aug. 310
Preferred (quar.)
13.5 Oct. I Holders of rec. Aug. 310
Economy Grocery Stores (guar.)
250. Oct. 15 Holders of roe. dOct. 1
ELsenlohr (Otto) dr Bros., pref.(guar.).154 Oct. 1 Holders of rec. Sept. 200
Electric Storage Battery
Common and Preferred (guar.)
$1.25 Oct. I Holders of rec. &M. 8a
Emporium Corp., corn. (guar.)
50c. Sept. 24 Holders of rec. Sept. la
[VOL. 125.
THE CHRONICLE
1428
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Holders of rec. Sept. 15a
Equitable Office Bldg. Corp., corn.(qu.) $1.75 Oct.
Holders of rec. Sept. 15a
Oct.134
Preferred (guar.)
*Holders of rec. Sept. 15
'7340. Oct.
Erupcion Mining Co.(War.)
2i1e. Oct.
Holders of rec. Sept. 204
Fair (The), common (monthly)
200. Nov.
Holders'of rec. Oct. 210
Common (monthly)
134 Nov.
Holders of rec. Oct. 210
Preferred (quar.)
75c. Sept.3 Holders of rec. Sept.12a
Fairbanks, Morse & Co.. corn. (guar.)._
Federal Mining & Smelting
Preferred (quar.)
134 Sept. 1 Holders of rec. Aug. 250
20c. Oct.
Holders of roe. Sept. 170
Federal Motor Truck (guar.)
e234 Oct.
Holders of rec. Sept. 170
Stock dividend
Sept. 30 Sept. 21 to Sept 30
Federal Terra Cotta Co., pref. (guar.)._ 2
0134 Oct.
*Holders of rec. Sept. 1
Feltman & Curme Shoe Sta., pref. (qu.)_ .
lee. Oct. I Holders of rec. Oct. 3a
Fifth Avenue Bus Securities(guar.)
30e. Oct.
Holders of rec. Aug. 31
Financial Investing Co., corn.(quar.)
10c. Oct.
Holders of rec. Aug. 31
Common (extra)
Oct.'
Holders of rec. Sept. 13
First Nat. Pictures, partic. 1st pl.(cm.). 2
First r'ederal Foreign Invest. Trust (qu.) 31.75 Nov. 1 Holders of res. Nov. 1
75e. Oct.
Holders of rec. Sept. 184
Fleischmann CO.,corn.(quar.)
300. Oct.
Sept.21 to Sept.30
Foote Bros. Gear & Mach.. cam.(qu.)
30e. Jan1'2 Dee. 21 to Doe. 30
Common (guar.)
Sept.21 to Sept.30
Preferred (guar.)
134 Oct.
Preferred (guar.)
134 an1'2 Dec. 21 to Dec. 30
25c. Oct.
Holders of rec. Sept.15
Forhan Company,corn.(guar.)
40c, Oct.
Holders of rec. Sept.15
Class A stock
250. Oct.
Holders of rec. Sept. 16
Formica Insulation (guar.)
10e. Oct.
Holders of rec. Sept. 18
Extra
25e. =1'2 Holders of rec. Dec. 15
Quarterly
10c.
an 1'2 Holders of rec. Dec. 15
Extra
250. Nov. 1 Holders of rec. Nov. la
Foster & Kleiser Co., corn. (guar.)
195 Oct.
Holders of res. Sept.270
Preferred (guar.)
$1.25 Sept.1 Holders of rec. Sept la
Foundation Company (guar.)
8734c Oct.
Holders of roe. Sept. 130
Gabriel Snubber Mfg. (quar.)
$1.25 Sept. I Holders of rec. Sept. lia
Gamewell Company. corn.(quar.)
$2
Sept.30 Holders of rec. Sept.20a
General Baking. pref. (omar.)
1/5 Oct. I Holders of rec. Sept. 24
General Cigar, deb. pref. (guar.)
$1
Oct. 28 Holders of rec. Sept.230
General Electric Co.(guar.)
150. Oct. 28 Holders of rec. Sept. 230
Special stock (guar.)
Sept. 12 Holders of rec. Aug. 20a
General Motors Corp.. corn. (quar.).__ $2
134 Nov. 1 Holders of rec. Oct. 10a
Six per cent preferred (guar.)
Seven per cent !referred stock (guar.). 134 Nov. 1 Holders of rec. Oct. 10a
134 Nov. 1 Holders of rec. Oct. 10a
Six per cent debenture stock (quar.)
250. Sept. 15 Holders of rec. Sept. 6
Gleasonite Products (guar.)
•13.4 Oct. 1 *Holders of rec. Sept. 15
Glidden Co.. prior pref. (quar.)
Globe Soap Co.
134 Sept. 15 Sept. 1 to Sept. 15
First, second and special pref.(guar.)_
Golden Cycle Mining & Reduction (qu.) 4c. Sept. 10 Holders of rec. Aug. 31a
Goodrich (B. F.) Co., pref. (quar.)--- 154 Oct. 1 Holders of rec. Sept. 9a
Goodyear Tire & Rubber,7% Pref.(qu.) 1% Oct. 1 Holders of rec. Sept. 1
Gossard (H.W.)Co.,common (monthly) 33 1-3 Oct. 1 Holders of rec. Sept.300
Gotham Silk Hosiery, Inc., corn.(qu.)._ 6234c Oct. 1 Holders of rec. Sept. 15a
Ort. West. Sug., new corn.(w.)(No. 1) 70e. Oct. 2 Holders of rec. Sept. 156
1% Oct. 2 Holders of rec. Sept. 150
Preferred (guar.)
Greenfield Tap dr Die,6% pref.(guar.). 134 Oct. 1 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. lb
2
8% preferred (guar.)
2
Sept.30 Holders of rec. Sept. 150
Guantanamo Sugar, pref.(guar.)
Nov.20 Holders of reo. Jan. 20a
Guenther Publishing Co.. pref. (guar.). 5
I% Oct. 1 Holders of rec. Sept. 154
Gulf States Steel, corn.(guar.)
1% Jan3'28 Holders of rec. Dee. 150
First preferred (quar.)
250. Sept. 10 Holders of rec. Sept. la
Hall(C. M.) Lamp Co
Hammermill Paper, preferred (guar.) -- •135 Oct. 1 *Holders of rec. Sept. 20
Hanes(P.H.) Knitting Co.. pref.(guar.) 1/5 Oct. 1 Holders of rec. Sept. 20
Harbison-Walker Refroc.. pref. (guar.). 134 Oct. 20 Holders of rec. Oct. 100
50e. Dec. 1 Holders of roe. Nov. 17
Hartman Corporation, class A (quar.)_
Class B (payable in class A stock).... (f) Dec. I Holders of rec. Nov. 17,0
134 Sept 14 Holders of rec. Sept. la
Hathaway Baking, pref. (guar.)
*250. Sept. 15 *Holders of rec. Aug. 16
Heels Mining (quar.)
Oct. 1 Holders of roe. Sept.120
Helme (George W.) Co., corn. (guar.)._ $1
134 Oct. 1 Holders of rec. Sept.120
Preferred (guar.)
Hibbard, Spencer. Bartlett Co.(mthly.). 30c. Sept.30 Holders of rec. Sept 28
Hillcrest Collieries, corn. (guar.)
134 Oct. 15 Holders of res. Sept. 300
Preferred (guar.)
134 Oct. 15 Holders of rec. Sept. 300
p6234c Oct. I
Holland Furnace (qua?.)
Hollinger Consol. Gold Mines, Ltd..... 10c. Sept. 9 Holders of rec. Aug. 24
*50o. Sept. 15 *Holders of rec. Sept. 5
Honolulu Consol. Oil (guar.)
*250. Sept. 15 *Holders of rec. Sept. 5
Extra
Horn dr Hardart (Phila.), cons.(guar.)._ $1.25 Oct. 1 Sept. 21 to Oct. 1
31.25 Oct. 1 Holders of rec. Sept. 12a
Hudson Motor Car Corp. (guar.)
Humble Oil& Rafting, corn.(guar.)._ *300. Oct. 1 *Holders of rec. Sept. 10
*200. Oct. 1 *Holders of rem Sept. 10
Extra
134 Oct. I Holders of rec. Sept.23
Hydraulic Press Brick. pref. (guar.).
600. Oct. 15 Oct 5 to Oct. 16
(w)Illinuls Brick (guar.)
25c. Oct. 31 Holders of rec. Oct. I70
Independent Oil & Gas (quar.)
*450. Oct. 1 *Holders of rec. Sept. 20
India Tire & Rubber,corn.(guar.)
'134 Oct. 1 *Holders of rec. Sept. 20
Preferred (guar.)
Industrial Finance Corp., corn,(in stock) (s) Sept. 15 Sept. 1 to Sept. 14
$37.50 Sept. 15 Sept. 1 to Sept. 14
6% pref. (acct. accumul. div.)
134 Oct. 1 Holders of rec. Sept. 154
Inland Steel, preferred (guar.)
Oct. 10 Holders of rec. Sept 22a
Internat. Business Machines (quar.)... $1
81
Sep .30 Holders of rec. Sept. 100
International Cement, corn (qua?.)..
1% Sept.30 Holders of rec. Sept.104
Preferred (quarterly)
134 Oct. 15 Holders of rec. Sept.240
International Harvester, corn. (guar.)
International Paper,7% pref.(qua?.)... IM Oat. 16 Holders of rec. Oct. la
134 Oct. 15 Holders of roe. Oct. la
Six per cent preferred (guar.)
International Salt (guar.)
134 Oct. 1 Holders of roe. Sept. 154
134 Oct. 1 Holders of rec. Sept. 12a
International Silver, pref. (guar.)
Oct. 16 Holders of rec. Oct. 8
Interstate Iron & Steel, common (guar.) 51
81
Jan16'28 Holders of rec. Jan. 9'28
Common (quar)
Oct. 1 Holders of rec. Sept. 15
Lntertype Corporation, 1st pref. (qua?.). $2
134 Oct. 1 Holders of rec. Sept. 15a
Jones dr Laughlin Steel, pref.(guar.).--8
Sept. 15 Sept. 2 to Sept. 15
Keeley Sliver Mines. Ltd
50e. Oct. 1 Holders of rec. Sept. 200
Kelsey-Hayes Wheel, common
$1.25 Oct. 1 Holders of rec. Sept. 20
Kennecott Copper Corp.(guar.)
134 Sept. 10 Holders of roe. Aug. 81
Kirby Lumber, common (guar.)
1/5 Dee. 10 Holders of rec. Nov. 30
Common (guar.)
81.75 Oct. 1 Holders of rec. Sept.15
Knox Hat, prior preferred (quar.)
37 He Oct. 1 Holders of rec. Sept. 100
Kraft Cheese, corn.(guar.)
Common (payable in common stock) _ _ /134 Oct. 1 Holders of rec. Sept. 10a
300. Oct. 1 Holders of rea.Sept Ila
Kresge (8. S.) Co., corn. (quar.)
1
Oct. 1 Holders of ree.Sept. Ila
Preferred (guar.)
*134 Oct. 1 *Holders of rec. Sept.30
Laconia Car Co., IM pref. (guar.)
100. Sept. 15 Holders of rec. Sept. I
Lake Shore Mines, Ltd. (quar.)
10e. Sept. 15 Holders of rec. Sept. 1
Bonus
400. Oct. I Holders of rec. Sept.140
Life Savers. Inc. (quar.)
Liggett & Myers Tobacco Co.
134 Oct. 1 Holders of rec. Sept.120
Preferred (guar.)
50c. Sept.30 Holders of rec. Sept 10a
Loewe, Incorporated (quar.)
Sept.30 Holders of rec. Sept. 10
Long Bell Lumber Co., corn. cl. A (cm.). $1
234 Oct. 1 Holders of rec. Sept. 170
Lord dr Taylor, common (guar.)
25c. Oct. 15 Holders of roe. Oct. 5
Madison Square Garden Co. (quar)
500. Oct. 10 Holders of rec. Sept. 20
mussy Oil Corp. (quar.)
80e. Oct. 1 Holders of rec. Sept.154
Marvel Carburetor
Mathieson Alkali Works. corn. (quar.)_ 81
Oct. 1 Holders of rec. aept 160
Preferred (guar.)
1)4 Oct. 1 Holders of rec. SePt.160
cf3712c. Oct. 1 Holders of rec. Sept. 100
Drug Stores (quar.)
May
McCrory Stores Corp., pref. (qua?.)
134 Nov. I Holders of rec. Oct. 200
McLellan Stores, corn. A and B (guar.) 250. Oct. 1 Holders of rec. Sept.20
Common A and B (guar)
25c. Jan2'28 Holders of rec. Dee. 20
Mergenthaler Linotype (guar.)
$1.25 Sept.30 Holders of rec. Sept. 60
Extra
250. Sept.30 Holders of rec. Sept. 60
0
Metro-Goldwyn Piastres Corp., pt.(qu.) 134 Sept. 15 Holders of rec. Aug. 27
Metropolitan Paving Brick, pref. (cni.).
134 Oct. 1 Sept. 16 to Sept. 30
Midland Steel Products, corn.(quar.)... $1
Oct. 1 Holders of rec. Sept.20
Common (extra)
48c. Oct. 1 Holders of rec. Sept.20
Preferred (guar.)
Oct. 1 Holders of rec. Sept.200
$2
Preferred (extra)
Oct. 1 Holders of rec. Sept.200
31
Midvale Co.(quar.)
50o. Oct. 1 Holders of rec. Sept. 17
Mill Factors Corp. (guar.)
134 Oct. 1 Holders of rec. Sept. 20
Extra
% Oct. 1 Holders of rec. Sept. 20
Miller Rubber..com.(guar.)
50c. Oct. 25 Holders of rec: Oct. Sa
$1.75 Oct. 1 Holders of roe. Sept. 200
Montgomery Ward & Co.,el. A (quar.)
SEPT. 10 1927.]
THE CHRONICLE
1429
Per
When
Cent. Payable.
Books Closed.
Per
When
Books Closed,
Name of Company.
Dap Inclusive.
Name of Company.
Cent. Payable.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Concluded).
Montreal Cottons. Ltd.. corn.(quar.)__ - 14 Sept. 15 Holders of rec. Aug. 31
Vacuum 011 (guar.)
50e. Sept.20 Holders of roe. Aug. 31
Preferred (guar.)
14 Sept. 15 Holders of roe. Aug. 31
Extra
500. Sept. 20 Holders of rec. Aug. 31
Morgan Lithograph, common (quar.)$1.25 Oct. 1 Holders of rec. Sept. 196 Valvoline 011, corn, (guar.)
14 Sept. 15 Holders of rec. Sept. 9
Motor Meter, Inc.. class A (guar.)
90e. Oct. 1 Holders of ree. Sept. 14a V. Vivaudou Co., common (guar.)
75e. Oct. 15 Holders of rec.Sept.d30a
50c. Sept.20 Holders of roe. Sept. 10
Motor Wheel Corp., coin. (guar.)
Preferred (quarterly)
14 Nov. 1 Holders of rec. Oct4144
Munyon Remedy (guar.)
15e. dSept30 Holders of roe. Sept. la Wabasso Cotton Co. (guar.)
$1 • Oct. 3 Holders of rec. Sept. 15
National Biscuit, emu (quar.)
$1.25 Oct. 15 Holders of me. Sept. 30a
Extra
50e. Oct. 3 Holders of rec. Sept. 15
National Breweries, Ltd., corn. (guar.). $1 Oct. 1 Holders of roe. Sept. 15
Wahl Co., preferred (guar.)
'134 Oct. 1 *Holders of
Preferred (guar.)
14 Oct. 1 Holders of rect. Sept. 15
Waitt & Bond, Inc., class B (interim)_ 26c. Oct. 1 Holders of rec. Sept.22
rec. Sept. 150
Nat. Enameling 6c Stmt.. Pref. (quar.).. 134 Sept.30 Holders of roe. Sept. 15
Waldorf System, corn. (guar.)
374c Oct. 1 Holders of rec. Sept. 200
National Lead, corn. (guar.)
• $1.25 Sept. 30 Holders of rect. Sept. 186
Preferred (guar.)
20e. Oct. 1 Holders of rec. Sent.200
Preferred A (guar.)
134 Sept. 15 Holders of rm. Sept. 20 Walworth Co., common (guar.)
30e. Sept.15 Holders of rec. Sept. la
Preferred B (glum)
14 Nov. 1 Holders of rec. Oct. 14a
Preferred (guar.)
75e. Sept. 30 Holders of rec. Sept.206
National Standard Co.(guar.)
*75c. Oct. 1 *Holders of rec. Sept. 20
Wamsutta Mills (guar.)
1
Sept. 15 Holders of rec. Aug. 9
National Sugar Refining (guar.)
14 Oct. 1 Holders of rec. Sept. 6
Ward Baking Corp., corn., el. A (quar.)_ $2
Oct. 1 Holders of rec. Sept. 154
National Surety (guar.)
234 Oct. 1 Holders of rec. Sept. 166
Preferred (quarterly)
14 Oct. 1 Holders of rec. Sept.154
National Transit Co.(quarterly)
25e. Sept.15 Holders of rec. Aug. 31a Warner-Quinlan Co., corn. (guar.)
50e. Oct. 1 Holders of rm. Sept. 15a
Nelson (Berman) Corp.(guar.)
30e. Oct. 1 Holders of roe. Sept. 4
Preferred (guar.)
14 Oct. 1 Holders of rec. Sept. 150
Stock dividend
el
Oct. 1 Holders of rec. Sept. 19
Warren Bros.. common (guar.)
$1 Oct. 1 Holders of roe. Sept. 20a
Neptune Meter. corn., class A & B (qr.) 50c. Sept. 15 Holders of rec. Sept. la
First preferred (guar.)
750. Oct. 1 Holders of rec. Sept. 206
New Bedford Cotton Mills(guar.)
•14 Sept.24 *Holders of rec. Sept. 10
Second preferred (guar.)
8734c Oct. 1 Holders of rec. Sept. 206
New York Transportation (guar.)
*50c. Oct. 15 *Holders of roe. Oct. 1
Wheeling Steel Corp., class A (quar.)
2
Oct. 1 Holders of rec. Sept. 120
Ohio 011 (guar.)
50c. Sept. lb Aug. 16 to Sept. 4
Class B (guar.)
24 Oct. 1 Holders of rec. Sept. 126
Extra
250. Sept. 15 Aug. 16 to Sept. 4
White Motor(11
$1
Sept.30 Holders of rec. Sept. 154
Oil Well Supply. corn.(quar.)
50e. Oct. 1 Holders of rec. Sept. 126 White Motor Securities, pref.
(gust.).... 14 Sept.30 Holders of rec. Sept.515
Preferred (guar.)
14 Nov. 1 Holders of rec. Oct. 12
Wright Aeronautical Corp.(guar.)
25e. Aug. 31 Holders of rec. Aug. I7a
Omnibus Corp. (guar.)
82 Oct. 1 Holders of ree.Sept.d16a
Wrigley (Wm.) Jr. & Co.(monthly).... 25e. Oct. 1 Holders of rec. Sept. 200
Oneida Community. com, and pref
434e Sept. 15 Holders of rec. Aug. 31a
Monthly
25e, Nov. 1 Holders of rec. Oct. 200
Orpheum Circuit, common (monthly)__• 16 2-3e Oct. 1 *Holders of rec. Sept. 17
Monthly
200. Dec. 1 Holders of rec. Nov. 204
Preferred (guar.)
*2
Oct. 1 *Holders of rec. Sept. 17
Yale & Towne Manufacturing (guar.)._ $1
Oct. I Holders of rec. Sept. 9a
Otis Elevator, preferred (guar.)
14 Oct. 15 Holders of rec. Sept. 300 Youngstown Sheet &
Tube, corn. (Q11.)-- $1.25 Sept. 30 Holders of rec. Sept. 14a
Preferred (guar.)
14 Jan1518 Holders of rec. Dec. 31a
Preferred (guar.)
14 Sept. 30 Holders of rec. Sept. 14a
Otis Steel, prior preferred (guar.)
•U4 Oct. 1 *Holders of rec. Sept. 15
Overman Cushion Tire. pref. (emir.)
i3.( Oct. 1 Holders of roe. Sept.24
•From unofficial sources. t The New York Stock Exchange has ruled that
stock
Package Machinery, 1st pref. (quar.)_
134 Nov. 1 Holders of rec. Oct. 200 will not be quoted ex-dividend
on this date and not until further notice. t The
Packard Motor Car. monthly
200. Sept.30 Holders of rec. Sept. 15a
Monthly
200. Oct. 31 Holders of rec. Oct. 154 New York Curb Market Association has ruled that stock will not be quoted exMonthly
20e. Nov. 30 Holders of ree. Nov. 156 dividend on this date and not until further notice.
Page-Hershey Tubes. Ltd., corn.(qu.).. 700. Oct. 1 Holders of rm. Sept. 20
a Transfer books not closed for this dividend. d Correction. e Payable
Preferred (guar.)
14 Oct. 1 Holders of rm. Sept.
in stock.
Palge-Det. Motor Car, 1st & 2d pf.(qu.) *14 Oct. 1 *Holders of rm. Sept. 20
Payable in common stock. g Payable in scrip. h Oa amount of
15
asoumulated
Paraffine Cos., Inc., corn.(qtr.)(No. 1).
7150. Sept.27 Holders of roc. Sept. 17a dividends. m Payable in preferred stock.
Paramount Famous Lasky Corp.
•
bPayable in cash or class A stock at rate of one share of class A stock
Common (guar.)
$2
IOct. 1 Holders of rec. Sept. 15a
for each
Common (extra)
f$2 'Sept.20 Holders of rec. July 280 forty shares held.
Pennok Oil Corp.(guar.)
250:Sept.30 Holders of
f North American Co. stock dividend is 24% or at the rate of
Pennsylvania-Dixie Cement. M. (guar.) 14 Sept.15 Holders of rec. Sept. 150
one-fertleth of a
Pettibone-Milliken Co. 1st & 2d pf.(qu.) 134 Oct. 1 Holders of rec. Aug. 310 share of common stock for each share held.
rec. Sept. 20a
Phillips Petroleum (guar.)
7150. Oct. 1 Holders of rec. Sept. 146
It British Amer. Tob dividend 13 10 pence per share. An transfers
Pittsburgh Steel Foundry. pref. (guar.). *14 Oct. 1 *Holders of rec. Sept.
received In
15
order at London on or before Aug. 31 will be In time for payment
Port Alfred Pulp & Paper, pref.(guar.)
- 13.4 Sept. 16 Holders of rec. Sent. 1
of dividend to
Porto Rican-Amerlean Tob.. el. A (qu.).
Oct.134
10 Holders of rec. Sept. 206 transferees.
Pressed Steel Car. pref. (guar.)
14 Sept.30 Holders
1 Payable either in cash or class A stock at rate of 2 67-100 of a share
pro-pby-lac-tie Brush, pref. (quar.)___. 134 Sept.15 Holders of roe. Sept. la
of class A
of rec. Aug. 31a
Pure 011 Co.. 534% pref. (guar.)
stock for each share of original pref., and 4 67-100 for each share of $7 My.
14 Oct. 1 Holders of rec. Sept. 10
Prof.
Six per cent preferred (guar.)
1% Oct. 1 Holders of roe. Sept. 10
n Federal Light & Traction stock dividend is 15 cents, equal to one-one
Eight per cent preferred (guar.)
hundredth
2
Oct. 1 Holders of roe. Sept. 100 of a share of common stock.
Q R S Music (monthly)
150. Sept.15 Holders of rec. Sept. la
Quaker Oats. common (guar.)
o Holders of common class A stock are given the right to subscribe
$1
Oct. 15 Holders of rec. Oct. la
to additions.
Preferred (guar.)
134 Nov.30 Holders of rec. Nov. la clam A common at $25 per share to the extent of the dividend.
Reliance Manufacturing, pref. (guar.)
14 Oct. 1 Holders of rec. Sept.20a
p Payable either in cash or 8% In no par value stock, at option
of holder.
Remington Rand, Inc., corn. (guar.)._ _ 40e. Oct. 1 Holden] of
roe. Sept. 10a
I Hartman Corp. class B stock dive. are one-fortieth share
Common (payable In common stook)_ fl
of class A stock.
Oct. 1 Holders of rec. Sept. 106
u Transfer books closed from Aug. 16 to Sept. 1, both Inclusive.
First preferred (quarterly)
14 Oct. 1 Holders of rec. Sept. 106
Second preferred (quarterly)
e Payable either In cash or on class A stock at rate of one-fortieth
2
Oct. 1 Holders of rec. Sept. 106
of a share
Remington Typewriter let pref.(quar.). 14 Oct. 1 Holders of
roe. Sept. 1134 class A stock for each share, and on class B one-fortieth of a share of class B for each
Second preferred (guar.)
2
Oct. 1 Holders of rm. Sept. 156 share of class 13 stock.
Republic Iron & Steel, pref. (guar.)_ _
14 Oct. 1 Holders of rec. Sept. 15a
w Payable also on increased capital.
Reynolds(R.J.) Tobacco, cora.(qu.).. 81.25 Oct. 1 Holders
of rec. Sept. 17a
z Dividend Is one-half share of Lackawanna Securities Co. stock.
Common B (guar.)
$1.25 Oct. 1 Holders of rec. Sept. 170
St. Joseph Lead (guar.)
y Subject to approval of Inter-State Commerce Commission.
50o Sept. 20 Sept. 10 to Sept.20
Extra
25e. Sept.20 Sept. 10 to Sept.20
z Industrial Finance stock dividend is one-quarter of a share of common
Quarterly
stock.
50e. Dec. 20 Doe. 10 to Dee. 20
Extra
25e. Dec. 20 Dec. 10 to Doe. 20
Sanitary Grocery CO.. Corn.(qu.)(No.1) $2
Weekly Returns of New York City Clearing House
Sept. 15 Holders of roe. Sept. 1
Savage Arms, 1st pref. (guar.)
*14 Oct. 1 *Holders of rec. Sept. 15
Second preferred (guar.)
Banks and Trust Companies.
*14 Nov. 15 *Holders of rec. Nov. 1
Schulte Retail Stores. common (guar.)._ 87 4o.
Deo.
Holders of rec. Nov. 15a
Shell Union Oil, corn.(guar.)
The following shows the condition of the New York City
35c. Sept.30 Holders of rec. Sept. 66
Shubert Theatres (guar.)
$1.25 Sept. 15
Simmons Company, common (guar.)._ 150o. Oct. 1 Holders of rm. Sept. la Clearing House members for the week ending Sept. 3.
The
Holders of rec. Sept. 156
Skelly 011 (guar.)
50e. Sept. 15
figures for the separate banks are the averages of the daily
Sloss-Sheffield Steel dr Iron, corn (guar.) 134 Sept.20 Holders of rec. Aug. 156
Holders of ree. Sept. 106
Preferred (guar.)
results. In the case of the grand totals, we also show the
14 Oct. 1 Holders of rec. Sept. 206
Smith (Howard) Paper Mills, pref.(MO 2
Oct. 10 Holders of rec. Sept. 30
actual figures of condition at the end of the week.
South Penn 011 Co.(guar.)
50e. Sept.
South Porto Rico Sugar, corn.(quar.).__ 50e. Oct. 30 Sept. 14 to Sept.30
1 Holders of roe. Sept. 106
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Preferred (guar.'
2
Oct.
Holders of rec. Sept. 100
(Stated in thousands of dollars
-that is, three ciphers 10001 mated.)
South West Pa. Pipe Lines (guar.)
1
Oct. 1 Holders of rec. Sept. 15
Spicer Mtg., pref. (guar.)
2
Oct. 1 Holders of rec. Sept. 190
Standard Milling. corn. (guar.)
New
114 Sept.30 Holders of rec. Sept. 196
Preferred (quarterly)
Capital. Profits Loans,
13.4 Sept.30 Holders of rec. Sept. 190
Rowers
Standard 011 (California) (guar.)
Week Ending
Discount, Cash
623.40 Sept. 15 Holders of rec. Aug. 15a
with
Net
Time Ranh
Standard 011 (Indiana) (guar.)
Sept. 3 1927. Nat'l, June 30 Invest624c Sept. 15 Holders of rec. Aug. 16a
in
Legal Demand
DeExtra
25e. Sept. 15 Holders of rec. Aug. 16a
State, June 30 meals. Vault. Dcpost Deposits. posits. Circelotion.
Standard 011 (Kentucky)(guar.)
(000 omitted.) Tr.Cos.June 30
4
11 Sept.30 *Holders of rec. Sept. 15
dtc.
tortes.
Standard 011 (Nebraska) (guar.)
83e. Sept.20 Aug. 28 to Sept. 20
Standard 011(N.J.), coin., par $25 (qu.)
250. Sept. 15 Holders of rec. Aug. 256 Members of Fed. Res.Bank. I Average. Average Averag Average. Averag
Aege.
Common, par $25 (extra)
1234c Sept. 15 Holders of roe. Aug. 256 Bank of N Y &
$
Common, par $100 (quar.)
1
Trust Co.... 6,000 12.326
Sept. 15 Holders of roe. Aug. 254
79,789
4971 7,400
55.005 8,58
Common, par $100 (extra)
500,Sept. 15 Holders of rec. Aug. 250 Bk of Mantua' 12.500 18.453 184,018 3.864 19,72
143.416 31,663
Standard 011 of New York (guar.)
40c. Sept. 15 Holders of rec. Aug. 19a Bank of Amed
6,500 5,289
90,625 1,140 11,783
89,578 4,272
Standard 011 (Ohio), corn.(guar.)
National City_ 75,000 68,777 823,396 3,581
6234c. Oct. 1 Holders of rec. Aug. 26
Sun Oil. con).(guar.)
97
250. Sept. 15 Holders of rec. Aug. 256 Chemical Nat'l_ 5,000 18.745 140,776 1,357 82,880 *836.801 155,277
16,017
122,801 4,260
'Swift & Co. (guar.)
350
2
Oct. 1 Holders of rec. Sept. 10
Natl3k of Comm 25,000 43.624 374.663
390 43,105
325,208 23.61
Telautograph CO., pref. (guar.)
14 Oct. 10 Holders of roe. Sept. 30
ChatPh NB&
13,500 13,846 218,547 2,160 21,952
157,711 43.695 6.143
Tennessee Copper & Chemical(quar.)_ 124e. Sept. 15 Holders
Hanover Nat'l- 5,000 26,097, 137,347 1,536 '16,726
of rec. Aug. 31a
122,426 2.727
Texas Corporation (guar.)
75c. Oct. 1 Holders of rm. Sept. 9a Corn Exchange_ 11.000 16.5811 205.896 4,266 24.052
170.160 30,465
Texas Gulf Sulphur (guar.)
$1
Sept. 15 Holders of rec. Sept. la National Park__ 10.000 24,517 159.671
885 16.540
126.106 6,920 4,694
Texas Pacific Coal & 011 (guar.)
15e. Sept. 30 Holders of rec. Sept. 140 Bowery & E Riv 3,000 3.757
75,187 1,847 6.933
Thompson Products. el. A & B (guar.)._ 30e. Oct. 1
47,191 22,070 2,982
Holders of rec. Sept.206 First National_ 10,000 80,758 290,571
558 25,919
196,012 13,791 6,560
Class A and B (extra)
10e. Oct. 1 Holders of rec. Sept.200 Am Ex Irving
32,I'S 29.772 432,177 3,421 51,718
388.563 39,9541
Tidal-Osage Oil, cont. (No. 1)
.50o. Sept. 19 *Holders of
Continental Bk. 1,000 1,324
7.980
118
876
5,900
Tide Water Associated Oil. pref. (Qua!'.). 1.4 Oct. 1 Holders of rec. Sept. 12
539
rec. Sept. 9a Chase National_ 40,000 39,707 597,81
6,305 70.758 • *548,898 41,219 2.470
Tide Water Oil, common (auar.)
20c, Sept.30 Holders of rec. Sept. 12a Fifth Avenue_
500 3,070
29.290
731 3,247
Shipyards Co. (quarterly)
23,603 1,503
Todd
0$1
Sept. 20 *Holders of rec. Sept. 3
Garfield Nat'l__ I.000i 1,882
16.305
419 2,128
14,702 1,163
Truscon Steel, coin. (guar.)
30e. Oct. 15 Holders of roe. Oct. 56 Seaboard Nat'l_ 6,0001 11,770 125,518
777 15,754
Underwood Typewriter, common (qu.)._ $1
119,572 2,907
41
Oct. 1 Holders of rm. Sept. 3a Bankers Trust.. 20,0001 38.507 350.629
854 37,707 *321,566 42.434
Preferred (guar.)
134 Oct. 1 Holders of rm. Sept. 3a US Mtge & Tr. 3.0001 5,005
60.141
793 7,203
54,455 5,4.57
Union Carbide & Carbon
51.50 Oct. 1 Holders of roe. Sept. 6a Guaranty True 30.0001 32,839 465,759
1,160 49,784 *442,200 61,244
Union Storage (guar.)
6234c. Nov. 10 Holders of roe. Nov. la Fidelity Trust__ 4
.0001 3.339
45,298
616 5,404
39.896 4,117
United Cigar Stores, corn. (guar.)
20o. Sept. 30 Holders of rm. Sept. 9a New York True lO,O0 22.575 180.269
5.58 19,012
139,084 28,233
Common (payable in common stock).. 114 Sept. 30 Holders of rec.
Sept. 96 Farmers L & Tr. l0.00 20,979 140.3
623 14.705 *111,238 18,919
United Drug, Let pref. (guar.)
874c. Nov. 1 Holders of rec. Oct. 15a Equitable True 3O.00O 23,770 316,02
1,440 35.257 *360,227 49.727 --United Fruit(guar.)
$1
Oct. 1 Holders of rec. Sept. 36
United Paper Board. pref.(guar.)
1% Oct. 15 Holders of rec. Oct. la Total of averages 370,000567,2995.548.02
39,696606,569 c4,486.422644.77423.337
Preferred (guar.)
13.4 Jan16'28 Holders of roe Jan.2'28a
Preferred (guar.)
13.4 AprI6'28 Holders of roe Apr .'28a Totals, actual edition Sept. 315,605,043
U.S. Cast Iron Pipe & Fdy., corn. (iltl.). 24 Sept. 15 Holders of rec. Sept. la Totals, actual co edition ug.275,475,21 37,23 620.187c4.508,724644,398 23,489
3)1.336612,6:11)c4,408.760642,296 23.328
Common (guar.)
24 Dec. 15 Holders of roe. Dee. la Totals, actual
edition Aug.205,498,39 39.00.3841,010c4,417,004658,
27223,234
Preferred (guar.)
13.4 Sept. 15 Holders of rm. Sept. la
Preferred (guar.)
1% Dec. 15 Holders of rec. Dec. la
State Banks Not M inhere of fred'I Roses Book.
Freight (quarterly)
U.S.
$1.25 Sept. 10 Holders of rec. Aug. 3Ia
400. Sept.30 Sept. 16 to Sept.30
State Bank---- 5.000 6.041 104,471 4.44
U.S. Gypsum. corn.(guar.)
2.206
36,021 62,756
Preferred (guar.)
14 Sept.30 Sept. 16 to Sept.30
Colonial Bank_ _ 1,400 3,305
33.012 3,323 1,432
26,506 6.079
United States Leather, prior pref.(guar.) 14 Oct. 1 Holders of roe. Sept. 106
Sept. 15 Holders of rec. Aug. 25a Total of averages 6.400 9,347 137.483 7.770 3,638
$1
U.S. Realty & Improvement. corn
62,527 68,835
States Steel Corp., corn. (quar,). 14 Sept. 29 Holders of rec. Aug. 316
United
Universal Pipe & Radiator. corn. (qu.).. 50i), Oct. 1 Holders of rec. Sept. 156 Totals, actual co edition Sept. 3 137,143 7.405 3.730
61,902 68.856
25e. Oct. 1 Holders of rec. Sept. 150 Totals, actual condition Aug. 27 137,179 7,564 3,833
Common (extra)
62.255 68.725
p•Preterrod (guar.)
134 Nov. 1 Holders of rec. Oct. 150 Totals, actual co edition Aug,20 137,942 7.486 4,358
63.557 68.676
1
I
I.
New
apital Profits
Week ending
Sept. 3 1927.
(000 omitted.]
Time! Bank
Net
Reser°
Loans,
De- ,CITCIIDemand
with
Discount. Cash
Legal Deposits, posits. plies.
in
ail June I Investtate, June I ments, Vault. Deposttortes.
rtc.
r.Coe. June s
I
Average. Average Average Average. Average' Ares.
1 8
8
8
8
8
$
8
$
gm
a of Fed 1Res'ye Bank.
Trust Comps Mg No
39.782 2,328'
19.
67,121 1,482 4,544
Title Guar & Ti 10,
18,490 2.430
916 1,911
24,801
Lawyers Trust_ 3,000 3,5lr
Total of average
mu=
Totals, actual c ndition Sept.
Totals, actual c ndition Aug. 2
Totals, actual c ndition un.
2,398
6,454
58.272
91,031
91,819
93.314
2,315
2.394
2,337
6,437
6,501
6,624
57,489 4,424!
57.5851 4,9121
59,509 4,4941
,833,217 46,950630,354 4,626,115 717,678 23,469
Gr'd aggr., art' cond'n Sept.
Comparison wi h prey, week- +129,009-2,344 +7.390 +97.515 +1.745 +141
aggr., act' condo Aug.27 .704,208 49.294622.964
aggr., salcond'n 11s. 20 .729,650 48,826651,992
.
ug 13 .769,129 50,633632,542
aggr., act' cond'n
assn. act' eond'n Aug. 6 .797,939 50,700666,657
'cond'n uly 30 .824.399 48.708828.292
aggr.. °al
4,528,600715,93323.328
4.540,070720,442123,234
4,584,082727,830123,007
4.596.086728.417123,17t)
4.698.997 710.398.23.223
-U. S. deposits deducted from net demand deposits In the general total
Note.
above were as follows: Average total Sept. 3, $2,962,000. Actual totals Sept. 3,
$1,766,000: Aug. 27, $3,465,000: Aug. 20, 53.466.000: Aug. 13. $3,865,000: Aug.6.
$6.040.000: July 30. 88.207,000. Bills payable, rediscounts, acceptances and other
liabilities, average for week Sept. 3, $620,972,000; Aug. 27, $608,105,000; Aug. 20.
$606,812,000; Aug. 13, $612,876,000; Aug. 6. 5613,330.000: July 30. 5583,959.000.
A Iasi totals Sept. 3. 5661,715,000; Aug. 27, $831,797,000: Aug. 20. 5652,360,000;
Aug. 13, 5638,036,000: Aug. 6. 5699,321,000; July 31, 5595.756,000.
• Includes deposits in foreign branches not included in total footings as fliows:
National City Bank. 5240,852,000; Chase Naticnal Bank. $12,920,000: Bankers
Trust Co., $41,764,000; Guasnty Trust Co $75.156.000: Farmers Loan & Trust
Co.. $2,477,000; Equitable Trust Co.. 5103.508,000. Balances carried In banks In
foreign countries as reserve for such deposits were: National City Bank,$35,834.000;
Chase National Bank. $1,315,000; Bankers Trust Co., $609.000; Guaranty Trust
Co., 53,913,000; Farmers' Loan & Trust Co., 52.477,000; Equitable Trust Co.,
$8,275,000.
C Deposits In foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the
actual condition at the end of the week is shown in the
following two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Reserve
Cash
In
Reserve
In Vault. Depositaries
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
5
606,569,000 606,569,000 602,578,080
7,770.000 3.638,000 11.458,000 11,254.860
2,398.000 6.454.000 8,852,000 8,740.800
3,990.920
153,140
111.200
Total Sept. 3____ 10.168.000 616.661,000 626.829,000 622,573,740
Total Aug. 27____ 10.095,000 606,189.000 616,284.000 614.127,820
Total Aug. 20____ 10,201,00u 111,905,000 622,196,000 618,315,480
10.569.000 816.941.000 627,510.000 623,345,320
Total Aug.
4.255.260
2,156.180
3,880,520
4,164,680
Members Federal
Reserve Bank_
State banks.
Trust companies•_--
•Not members of Federal Reserve Bank.
b This Is the reserve required on net demand deposits In the case of State banks
Bank. Inand trust companies. but In the case of members of the Federal Reserve as follows:
cludes also the amount of reserve required on net time deposits, which was
Sept. 3. 519,343,220: Aug. 27, 519,362,630; Aug. 20, 519,627,500; Aug. 13. 319.774,410; Aug. 6, 319,478,160; July 30. 319,087.500.
Members Federal
Reserve Bank__._
State banks.
Trust companies•___
7,405.000
2,315,000
Total
Reserve.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Reserve
Required.
Surplus
Reserve.
$
620.187.000 620,187.000 605.206.060 14.980.940
-7,360
3,730.000 11,135,000 11.142,360
128.650
6,437.000 8,752.000 8.623,350
624,971,770
Total Sept. 3__-- 9,720.000 630.354.000 640.074.000 612.251,330
632,922.000
Total Aug. 27---- 9,958,000622,964.000 661,815,000 614,265,290
9,823,000 651.992,000
Total Aug. 20____
642,672.000 619,946.850
Total Aug. 13_ _ - 10,130.000 632,542.000
Demand
Deposits.
$
7,073,334,000
7,061.639,900
7,081,208,600
7,104,398,300
7,193.666,300
7.194,292.400
7,252.983,200
7,197,444,000
7,267,488,800
7.305,578,900
7,152,547,900
7.106.073,800
7.110,323.700
7,181.738,200
7.177,325,100
7,115,836,600
7,069,889,900
7 107.72R Ann
Week EndedMay 7
May 14
May 21
May 28
June 4
,lune 14
June 18
June 25
July 2
July 9
July 16
July 23
July 30
Aug. 6
Aug. 13
Aug. 20
Aug. 27
lent.. 3
Reserve Is
Depositaries.
Total Cash
in Vaults.
Loans and
Investments.
$
5,841,843,700
5,795,647,000
5,849,461.000
5,883.509.200
6,000.106.000
6,008,429,100
6.084,075.000
5.978.960.700
6.082.930.600
6.087.209,400
5,930.407.000
5.921.931.500
5,921,572.000
5,950.26 I.700
5,931.055,300
5,879,977,900
5,845,207.700
A 0101 ARO Inn
$
82,302.800
89,252,700
84,400,900
84.839,100
83,095,800
84,973,500
82,303.900
80,355.400
80.744.400
86,222.100
82.586.100
79,187,600
80,248.400
80.351,900
80.989.500
79.480,400
78,875,900
7R 'IAA OM
S
753,215.800
752,785.900
763,161,100
761,432,000
788.409,400
799,427,300
700,267,700
773,532,900
797,870,400
788,623.300
768.772.500
705,494.700
758,805,100
776.669,200
768,301,300
763,241.000
751,445,600
/AK Ron sann
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing
House by clearing non-member insitutions and which are not
included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING HOUSE.
(Stated in thousands of dollars. Mat is, three ciphers [000] omitted.)
CLEARING
NON-MEMBERS Capital.
Week Ending
Sept. 3 1927.
Members of
Fed'i Re.e.e Bank.
Grace Nat Bank_
State Bank
Not Member of the
Federal Reserve Bank
Bank of Wash Ms.
Trust Company
Not Member of the'
vederal Reserve Bank
l.Iech Tr, Bayonne_
Loans,
Dtscounts,
Net
Profits, Investmeats,
[tc.
$
1,000
$
$
1,970 13,425
•
•
•
Reserve
Nel
Net
with
Legal Densana Time
Depost Deposits Deposits.
tortes
Cash
in
Vault.
Average Average Average Average.
S
$
$
$
4,032
7,..'
1,155
78
•
•
500
687
9,225
367
1,500
_led aggr.. Sept. 3
Domparison with prey. week
2,658
22,650
-43
445
+9
1,500
1,500
1,500
1.900
2,658
2,658
2.658
3.766
22,603
22,695
22.437
33.783
436
430
442
1.304
led
3rd
.led
3r'd
aggr.. Sept. 3
aggr., Aug. 27
aggr., Aug. 20
attar.. Aug. 13
•
3,772
5,830
1,344 al1,322
+259
+13
9.862
+168
11,063
11,084
11,001
19.022
9,694
9,858
9,892
13.607
18'
1,331
1,350
1,323
1.1028
•Bank of Wealth gton Heights merged with Bank of Manhattan Co.
a United States deposits deducted, nil.
Bills payable, red seounts, acceptances and other liabilities, $2,781,000. Excess
In reserve, 39,100 decrease.
-In the
Boston Clearing House Weekly Returns.
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Actual Figures.
Reserve
Cash
in
Reserve
In Vault. Depositaries
-The
Banks and Trust Companies in New York City.
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
4,758
91,922
Gr'd aggr., arge.389,400599.8045.777.425 49.864616.661 4,607,221 718.36723.337
Comparison wi Is prey.week _. +58.764 -215+10472 +65,219, -420, +34
Gr'd
Gr'd
Ord
Gr'd
Gr'd
[VOL. 125.
THE CHRONICLE
1430
15,102,230
20,670,670
47.549,710
22.725,150
Bank.
•Not members of Federal Reserve
deposits in the case of State banks
a This is the reserve required on net demand
Reserve Bank incompanies, but in the case of members of the Federal
and trust
required on net time deposits, which was as follows:
cludes also the amount of reserve
Aug. 20. 519,688.160; Aug. 13, 519,Sept. 3, $19,331,940: Aug. 27. 519,268.800;
519,178.520.
644,330; Aug. 6, 519,649.820; July 30,
State Banks and Trust Companies Not in Clearing
-The State Banking Department reports weekly
House.
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
Sept. 7
1127.
Changes from
Previous Week.
Aug. 31
1927.
Aug. 24
1927.
77,150,000
Unchanged
77.150.000
77,150,000
Capital
95.463,000
95,463,000
Unchanged
95,463,000
Surplus and profits_
Loans, disc'ts & invest_ 1,052,514,000 Dec. 1,483,000 1.063,907,000 1.054,054.000
670,285.000 Inc. 5.748.000 664.537,000 662.263.000
Individual deposits..
154,679,000 Dec. 677.000 155,358.000 157,1)73.000
Due to banks
274,358,000 Inc. 11,036,000 262,322,000 263.074,000
Time deposits
5,930.000
5.033.000
2,589,000 Dec. 3,344,001)
United States deposits _
23,360.000
25.284,000
31,363,000 Inc. 6.079.000
Exchanges for CI's li'se
80,478,000
77,415,000
82,223,000 Inc. 4,808,000
Due from other banks
83,180.000
374.000
81,261.000
81,635,000 inc.
Res've In legal deposles
8.676,000
8.715.000
307.000
Cash in bank
9,022,000 Inc
469,000
437,000
131,000
Res've excess in F.R.Bk
498,000 Inc.
Philadelphia Banks.
-The Philadelphia Clearing House
,
.
return for the week ending tie t. 3 with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve Nquired
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
TRUST COMPANIES IN GREATER
SUMMARY OF STATE BANKS AND
CLEARING HOUSE STATEMENT.
NEW YORK. NOT INCLUDED IN
(Figures Furnished kr State Ranking Department.)Differences from
Previous Week.
Week Ended Sept. 3 1927.
Sept. 3.
dup. 20
Two Ciphers (00)
Aug. 27
51,330.300,500 Dec. 520,928.400
Loans and investments
1927.
24,800
1927.
11)27
emitted.
Trust
Mentbersof
4.927,300 Inc.
Gold
321,500
Total.
P.R.System Companies
23,572,900 Dec.
Currency notes
93,800
Dec.
Federal Reserve Bank of New York- 106,657,200 Dec. 4.792,500 Capital
Deposits with
1.366,905,800
551,425,0 $5,000,0 556.425,0 556,425,0 $56,425,0
Time deposits
Surplus and profits
163.104,0 18,044.0 181,148,0 181,148.0 181.148,0
Deposits, eliminating amounts due from reserve
Loans, disc'ts & investm'ts 949,071,0 50,394.0 999,465,0 993,147,0 1003.262.0
other banks and trust
depositaries and from
Exchanges for Clear.House 37,703.0
388.0 38,091.0 31.286,0 33,273.0
companies In N. Y. City, exchange and U. S. 1,294,418,100 Dec. 8.787.600 Due from banks
17.0 94.209,0 89,394.0 93,879.0
94,192,0
deposits
ask deposits
3,115.500
1,127,0 139,275,0 140,886,0 141,015,0
138,148,0
177,169.000 Inc.
Reserve on deposits
Individual deposits
29,286,0 653.171,0 638.287,0 651,253,0
623,885,0
Percentage of reserve, 21.1%.
Time deposits
2,555.0 157,406.0 154.279,0 154.592.0
154,851,0
RESERVE.
Total deposits
32,968,0 949,852,0 933,452,0 940,860,0
3,451,0
-Trust Companies-. Res've with legal deposit'y 916,884.0
3,275,0
-State Banks4,093.0
4,093,0
$98,624,400 15.80% Reserve with F. R.Bank_ - 69.948,0
69.948.0 69,441.0 69,994.0
$36,533,000 17.14%
Cash in vault.
29,861,300 4.79% Cash In vault.
5.70%
1,233,0 11,301,0 11,236.0 11.087,0
and trust cos.,,,. 12,150,300
10,068,0
Deposits In banks
Total reserve & cash held
5.326,0 85,342,0 83,952.0 84,532,0
80.016,0
0 20.59% Reserve required
5128,485,70
348.683.300 22.84%
4.627.0 73,281,0 72,760,0 73,657,0
68,654,0
Total
699,0 12.061,0 11,192,0 10,875,0
Excess res. & cash in vault_
11.382.0
York. which for the
* Includes deposits with the Federal Reserve Bank of New
•Cash in vault not counted as reserve for Federal Reserve members.
on Sept. 3 was 8106.657,200.
State banks and trust companies combined
4
SEll-r. 10 1927.]
TH F CHRONICLE
1431
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,
of the twelve Reserve banks at the close of business on Wednesday. In the first table weSept. 8 and showing the oondition
present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the
The second table shows the resources and liabilities separately for each of the twelve banks. corresponding week last year.
Accounts (third table following) gives details regarding transactions in Federal Reserve notes The Federal Reserve Agents'
between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment
upon upon the returnsfor the
latest week appears on page 1402 being the first item in our department of "Current Events and
Discussions.
'
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL
RESERVE BANKS AT THE CLOSE OF BUSINESS SBPT. 7 1927.
Sept. 7 1927. Aug. 311927. Aug. 24 1927. Aug. 17 1927. Aug. 10 1927. Aug.
3 1927. July 27 1927. July 20 1927. Sept. 8 1926.
RESOURCES.
$
i
$
$
$
S
i
3016 with Federal Reserve agents
$
•
1,579,526,000 1,640.260.000 1,615.271.000 1.636.161.000 1.615.882,000 1,588.841.00
$
0 1,652.604,000 1,664.068,000 1,408,431,000
3old redemption fund with U.8. Treas..
43,238.000
36,670.000
40,689,000
42,178.000
41.752,000
40.219,000
47,396.000
40,868,000
53,954,000
Gold held exclusive', agst. F. R. notes 1,622,764.000 1,676,930.000 1.655,960.00
0 1.678.339,000 1.857,634,000
3o16 settlement fund with F. R. Board
694.143.000 631,491,000 643,573.000 618,127,000 644,942.000 1,628,560.000 1,700,000.000 1,704.936.000 L462,385,000
664,501.000 567.132,000 549.380.000
3o16 and gold certificates held by banks_ 672.786.000 689.502.000
710.308.000 706.478,000 705.429,000 716,966.000 756,356.000 757.363.000 734,727,000
634.353,000
Total gold reserves
2,989,693,000 2,997,923,000 3,009.841.000 3.002.944.000 3.008.005.000 3,010,027.00
0 3.023,488,000 3.011,679,000 2.831,465,000
leserves other than gold
135.549,000 147,813.000 147.663.000 145,871.000 146.158.000
152,248,000 157,322,000 159,290,000 130.501,000
Total reserves
3,125.242,000 3,145,736.000 3,157,504.000 3.148,815,000 3,154,163,000 3,162.275.00
0 3.180,810,000 3.170.969,000 2,961,966.000
N00
-reserve cast:
45,596,000
48,050,000
53,039.000
54,761,000
56.560.000
5.5.684,000
61,072,000
63,333.000
BIlls discounted:
45.483,000
Secured by U. S. Govt. obligatIonn
241,953.000 217,817.000 217,677.000 220.503.000 225.487.000 265.503.000
220.671.000 216.443.000 324,831.000
Other bills discounted
207,531,000 182,707,000 196,480,000 169,990.000 187,618,000 179,870.000
177,459,000 186.879.000 289,436,000
Total bills discounted
449,484,000 400,524,000 414,157.000 390,493.000 413,105.000 445,373.000
Bilk bought In open market
197,306,000 185,128,000 178.809.000 170,932,000 175,707,000 177.882,000 398,130,000 403,322.000 614,267,000
169,385.000 185.379,000 265,984,000
17. S. Government securities:
Bonds
237,700,000 212,077.000 203.557.000 178,443,000 191.611.000 188,715.000 180.784.000
182.181,000
45,459,000
Treasury notes
108,603,000
99.642,000
89,333.000
95,788.000
88,913,000
84,828.000
80,332,000
80,310,000 220.418,000
Certificates of Indebtedness
153.166,000 161.095,000 151,931.000 167,297.000 139,753,000 133,737.000 123,900,000
123,278,000
46,407,000
Total U. S. Government eecuritles
499,469,000 472,814.000 444,821,0013 441.528.000 420,277.000 407,280.000 385,016,000
385,769,000 312,284,000
Other securities (see note) '
320,000
320.000
320.000
300.000
1.300.000
1,300.000
1,300,000
1,300,000
3,700,000
Total bills and securities (see note)...._ 1,146,579,000 1.058.786.000 1.038.107.000 1.003,253.00
0 1.010.389.000 1,031.835.000 953.831.000 975.770.000 1,196,235,000
Gold held :0/.01111
2,682.000
Due from foreign banks (see note)
12.267.000
12,248.000
23,629.000
39,057,000
48,759,000
48,723.000
48.719,000
48,718.000
669.000
Uncollected Items
689,215,000 603,366,000 609.876.000 700.968.000 594.915.000 637.703.000
601,252.000 694.843,000 667,549,000
Bank premises
59 579,000
59,455,000
59,452,000
59,444,000
59,414.000
59,414.000
59,313,000
59.296.00(1
59,938,000
All other resources
19,512,000
17.747,1300
17,032.000
16.360.000
15,542,000
15,152,000
14,923,000
14,611,000
16,754.000
Total resources
5,097.990,000 4,945,388.000 4.958,639,000 5,022,656,000 4,939,742,00
0 5,010,786,000 4.919,920,000 5,030,222,000 4,948,594,000
LIABILIVES.
lf It. notes In actual circulation
.
1,720,715,000 1,676,440.000 1.670.831.000 1.664.502.000 1.668.488.000 1,672.530.00
0 1.661,729.000 1,676,411,000 1,746,524,000
Deposits
Member banks
-reserve account
2,318,415,000 2,298,880,000 2,305.727.000 2.294.893,000 2.315,141.000
2,349,898.000 2,282,028.000 2,300.585.000 2,207,185,000
Government
20,803.000
12,659,000
19,247.000 21,363.000
10,125.000
13,727.000
18,352,000
15,855,000
Foreign banks (tee note)
5,565,000
5,487,000
5,536,000
4,935.000
5,334.000
4.639.000
5.201.000
5,142,000
4.701.000
Other deposits
11,339,000
23,054,000
24,168,000
23,973.000
25,379.000
24.229.000
24,823.000
24,496,000
25.137,000
18,235.000
Total AePOSI to
2,367,759,000 2.341,283.000 2,353,882.000 2,346,969.000 2,354,134,000
2,393.649.000 2,330,018,000 2,346.278.000 2,242,324,000
Deferred availability items
636,403,000 555,002.000 .) . 7.
639,320.000 545.023.000
Capital paid In
Surplus
All other ilabilities
130,668,000
228,775,000
13,670,000
130.727.000
228,775,000
13,161.000
130,730.000
228,775.000
13,274.000
130.391.000
228.775.000
12,699,000
130.058.000
228,775,000
13.264.000
573,844.000
129,864.000
228,775.000
12,124.000
557,209.000
129.8.07.000
228.775.000
12,382.000
636.487,006
129.795.000
228.775.004
12,476,004
596.902,000
123.711.000
221,310,000
18,823,000
Total debilities
5,097.990.000 4.945,388.000 4,958.639,000 5,022,656,000 4,939,742,00
0 5.010,786.000 4,919,920,000 5,030,222.000 4,948,594,00
Witt of gold reserves to deposit and
0
F. R note liabilities combined
73.1%
74.6%
74.8%
74.9%
74.8%
74.1%
Ratio of total reserves to deposit and
75.8%
74.9%
71.0%
F. R. note liabilities combined
76.4%
78.3%
78.5%
78.5%
78.4%
77.8%
Contingent liability on bills purchased
79.7%
78.8%
74.3%
for foreign correstxmdent9
174,107.000 165.746.000 162,087.000 160.540,000 155,453.000 150,745,000
151,749.000 151,583,000
44,824,000
Distrthution by itsfurUhts3
S
S
S
$
S
1-15 days bills bought
$
$
In open market_
1-15 days bills discounted
1-15 days U. H. certif. of Indebtedness.
1-15 days municipal warrants
16-30 days bills bought in open market
16-30 days bills discounted
16-30 days U H certif. of indebtedness
.
16-30 days munition! warrants
31-60 days bills bought in open market_
81-60 days bills discounted
81-60 days U H. certif of Indebtedness.
51-60 days municipal warrants
01-90 days bills bought in open market_
01-90 days bills discounted
111-90 days U. H. certif of indebtedness_
HAM days munleipal warrants
Over 90 days bills bought III open market
Over 911 days bills discounted
Over 90 days emir of indebtedness
Over 90 days municipal warrants
113.661.000
361,766.000
82.055,000
107,871,000
307.428.000
90,497.000
106,034,000
317,677.000
445.000
102,704,000
300.567.000
111,460,000
322,069,000
105,945.000
349,810,000
76,112,000
297,756,000
434,000
81.640.000
301,207,000
32,000
$
90,732,000
456,632,000
730,000
30,297,000
26.909.000
4,429.000
29,169,000
21,396,000
5,000
29,818.000
21,681.000
69.340.000
27.887.000
22.945.000
92.925.000
30.151.000
20.860.000
2,362.000
32,649.000
20.136.000
45,906,000
21,223.000
48.940,000
23,449.000
49,831,000
46,671,000
33.759.000
37,927.000
27,835.000
42,029,000
24,604.000
42,921.000
22,444.000
37,585.000
20.000
17.486.000
23,740,000
22,340.000
38,608.000
63.408,000
26,908.000
37,099.000
66.464.000
31.743,000
37,583.000
60.294.000
37.402.000
38.355,000
29,924.000
65,387.000
66,823,000
20.000
17.029,000
18,647.000
16.234.000
26.444.000
16.363.000
22,588.000
16,231.000
23.532.000
10,686.000
29,042,000
12,697,000
29.753,000
12.681.000
28,225.000
48,682,000
36,325,000
2.767.000
5.931.000
70.593.000
20.000
2.119.000
5,434.000
82.146.000
1.534,000
6.808,000
74.372.000
1.525.000
8.036.000
73.983.000
1.694.000
9.276.000
67.273,000
2,927,000
11.815.000
63.172,000
4,715.000
12.086.000
93,322,000
11,352,000
7,816.000
45.677,000
2,560.000
4,235,000
66.682.000
F. R. notes received from comptroller
F. R. notes held by F. R. Agent
2.889.860.000 2.885.232.000 2,883.884.000 2.903,263.000 2.904,294.000 2,913.429.00
0 2,932.487.000 2.953.526.000 2.863,816,000
814,215,000 845,375,1300 841,595.000 848,135.000 859,995.000
860.581.000 875,685.000 871.670,000 807.709,000
1ssue0 to Federal Reserve Banks
2,075,645.000 2.039.857.000 2,042,289,0002.055,128.000 2.044,299.00
••••
0 2,052,848,000 2.056,802.000 2.081,8.56,000 2.056,107.000
Plow SecuredBy gold and gold certificates
421.876.000 421,875,000 413,276.000 413,276.000
Gold redemption fund
413.277,000 413.275.000 391,855.000 391.857.000 304.134.000
94,011.000
96,938.000 104.500.000 103,546.000
Gold fund-Federal Reserve Board_.. 102.006.000
94,115,000 101,065,000
97,672.000 102,055,000
1,055,644,000 1,124,374,000 1,105.057.000 1,118.385.00
By eligible paper
0
616,489,000 553.416.000 567.172.000 539.087.000 1.099.059.000 1.080.951.000 1,159.684.000 1,174.539.000 1,002,242,000
558.173.000 598,287,000 534.279.000 549,845,000 855.953,000
_Total
2,196,015,000 2,193,676,000 2,182,443,000 2,175.248.00
0 2.174.055.000 2.186.628.000 2.186.883.000 2.213.913 000 2.264.384.00
NOTE.
-Beginning with the statement
0
Jo foreign correspondents. In addition. the of Oct 7 1926, two new items were added in order to snow &marsh: y toe amount of balances field abroad and amounts
caption. "All other earn ttg assets." previously m tde
du
i'Other securities, and the caption."
"Total earning assets" to -Total bids and securities,. The up of Foreign Intermediate Credit Bank debentures, was changed to
the discounts, acceptances and securities acquired
under the provisions of Sections 13 add 14 of the lath,r item was adopted as a more accurate description of the total of
therein.
Fethral Reserve Act. which. It WSJ stated, are the only Items included
WEEKLY STATEMENT OF RESOURCES AND
LIABILITIES OF EACH OF THE 12
Two ciphers (00) omitted.
Federal Reserve gni* of
-
Total.
Boston.
New York.
Phila.
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SEPT. 7 1927
Cleveland, Richmond Atlanta, Chicago. St. Louis Ntnneap. Kan.
City Dallas. San Fran.
RESOURCES.
$
$
$
$
$
Gold with Federal lteserve Agents 1,579,526,0 143.265,0
$
i
$
I
S
$
$
261,312,0 134,210,0 215.787,0 45.617.0
$
Gold redo fund with U.S. Trees
43,238,0 5,564,0
13,148,0 10,467,0 2.884,0 1,184.0 151.4320273,621.0 21,532.0 56,296,0 62,666.0 30,585.0 183,203,0
1,779,0
702.0 1,759,0
677,0 1,477,0 1,433.0 2,164,0
Gold held excl. agst.F.R.notes 1,622,764,0
Gold settlet fund with F.R.Board 694.143,0 148.829,0 274,460,0 144.677,0 218,671,0 46,801,0 153,211.0 274,323,0 23.291,0 56,973,0 64,143,0 32,018,0
54,356,0 234,844,0 40,501.0
185,367,0
Gold and gold certificates
672,786,0 27.006,0 455,513,0 28,299.0 68.861,0 20,390.0 10.001,0146,663,0 20,261,0 12,411,0 29,149,0 12,190,0 44,516,0
33,078,0 4,173,0 7.641,0 50,992,0 12,325.0 7.468,0 7,377.0
9,014,0 29,900.0
Total gold reserves
2,989,693,0 230.191,0 964,817,0 213.477,0
320.610,0 71,364,0 170,853,0471.978,0 55.877.0 76,852.0 100,669,0
Reserves other than gold
135,549,0 13,515,0
53,222.0
23,815,0 8,428,0 9,277,0 5,864.0 12,640,0
22,205,0 13,998.0 4,254,0 5,287.0 7.797,0 259,783.0
8.469,0
Total reserves
3.125,242.0243.706,0 988,632.0 221,905,0
329,887,0 77,228.0 183,493,0 494,183,0 69,875.0 81,106,0 105,958,0
Non-reserve cash
45,596,0 4,874,0
61,019,0 268,252,0
10,894,0 1,042,0 3,029,0 3,599,0 3,880,0
Bills discounted:
13,897.0 3,190.0
872.0 2.381.0 2,151,0
2.787,0
Sec. by U.S. Govt. obligations 241,953.0 15,417.0
110,545,0 23,266,0 20.414,0 7,577,0 2,919,0 18,640.0
Other bills discounted
8,576,0
914,0 1,044.0 3,829.0 28,812,0
207,531,0 10,386.0
66,143,0 15,713,0 7,786,0 16.543,0 26,084,0
11.930,0 16,356,0 4,068,0 7.308,0 10,470,0
14,744,0
Total bills discounted
449,484,0 25,803,0 176,688,0 38,979,0 28,200,0
24,120,0 29,003.0 30,570.0
Bills bought in open market
197,306,0 18,624,0
78,844,0 6,088,0 13,241,0 15,509,0 7,439.0 22,042,0 24,932,0 4.982,0 8,352,0 14,299,0 43.556,0
4,944,0 5,045,0 8.171,0 6,969,0
U. S. Government securities:
12.390,0
Bonds
237.700,0 9,726,0
39,901,0 12,369,0 31,304,0 10.827,0 8,294,01 40,250,0
Treasury notes
108,603,0 5,414,0
22,805,0 8,688.0 12,382,0 6,281,0 2,614,0 12,665.0 17,348,0 10,301,0 18.318,0 16,363,0 24.701,0
Certificates of indebtedness... 153,166,0 8.556,0
37.699,0 15,020,0 10,922,0 9,876.0 8,364,0 19.129,0 8,142,0 6,636,0 7,090,0 6,094,0 9,812,0
8,785.0 5,288,0 9,592,0 8,143,0
13.792.0
Total U. S. Govt.securities... 499.469.0 23.696.0 100.405.0 36.077.0
54.608.0 28.964.0 15.272.0 72.044.0 24 275 n 22 225 n 25 0410 n
IA Ann n 2. ......- ...
[VOL. 125.
THE CHRONICLE
1432
RESOURCES(Concluded)—
Two ciphers (00) omitted.
Boston.
Total.
$
$
320,0
Other securities
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago, St, Louis. Minneap. Kan. City Dallas. San Fran
$
$
$
5
$
300,0
$
$
3
20,0
$
$
$
124,656,0 64,151,0 32.272,0 49,521,0 51,868.0 104,251,0
355,937,0 81,144,0 96.049,0 66,593,0 52,014,0 1,659,0517,0
842,0
445.0
421,0
361,0
493,0
625,0
3,573,0 1,154,0 1,275,0
38.9860
4,572,0
54,651,0 62,853,0 51,734,0 28,462,0 80,923,0 33,718.0 13,657,0 4,470,0 27,449,0 3,519:0
193,850,0
1,827,0
2,901,0 8,577,0 3,957,0 2.774,0
16,276,0 1,749.0 7,118.0 2,465,0
603,0 1,093,0
586,0
977.0 2,310,0
481.0 1,560,0 1,442,0
354.0 1,456,0
8,585,0
718.337,0 176,385,0 133,352.0 206,931.0 145.338,0419.7300
272,803,0
5.097,990,0 380,976.0 1,577,747,0 361,999,0 501,667,0 202,725,0
Total resources
44,043,0 174.876.0
LIABILITIES.
214.401,0 62,157.0 160,913.0 245,866,0 42,855.0 58,530,0 64,187,0
in actual circulation_ 1,720,715,0 142,977,0 374,708,0 135,202,0
F. R. notes
89,725,0 59,245,0 171,891,0
Deposits:
187,659,0 72,087,0 68.270,0 345.399,0 81,755,0 48,418,0
613,0 1,012,0 4,147,0
896,0 1,299,0
Member bank—reserve acc't 2,318,415,0 151.020,0 904,180,0 138,766,0 1,012,0
1,911.0 1.176,0 2,489.0
1,169,0 2.785.0
20,803,0 2,294.0
176,0
353,0
186,0
151.0
217,0
Government
695,0
207.0
262,0
534,0
483,0
1.845,0
378,0
5,487.0
217.0
42,0 3,761,0
126.0
339,0
Foreign bapk
900.0
58.0
114.0
44,0 1,124,0
16,231,0
98.0
23,054.0
deposits
Other
69.711,0 349,483.0 83.207,0 49,994,0 90.741,0 60,475,0 180.152,0
2,367,759,0 153,790,0 923.425.0 142.078.0 190,329.0 74,374,0 26,661,0 71.257,0 33,897.0 13.325,0 38,050.0 27.770,0 38.513.0
Total deposits
636.403,0 56.701,0 175,566,0 49,803.0 57,885,0 46,975,0 5,143,0 17,325,0 5,291.0 3.003,0 4,220,0 4,270,0 9,229,0
Deferred avallabllity items
39,362,0 13,202.0 13,918,0 6,239,0
130,668,0 9,466.0
31,881,0 9,939,0 7.527,0 9.029,0 8,215,0 16,121.0
Capital paid in
61,614,0 21,267,0 23,746,0 12,198,0 9,632,0 2.525,0 1,196.0
228.775,0 17,606,0
704,0
665,0
839,0
973,0
743,0
Surplus
782,0
447,0 1.388,0
3.072,0
436,0
13,670,0
All other liabilities
202,725.0 272,803.0 718,337,0 176,385,0 133,352,0 206,931,0 145,338,0 419,730,0
6,097,990,0 380.976.0 1,577.747,0 361.999,0 501,667,0
Total liabilities
74.7
68.4
58.4
75.6
55.4
Memoranda.
83.0
79.6
56.6
81.5
80.0
76.2
82.1
76.4
Reserve ratio (per cent)
4.972.0 6.133,0 5,801,0 11,602,0
Contingent liability on bills pur54,272,0 15,912,0 17,569,0 8,619.0 6,796.0 22,873,0 7.127.0
chased for foreign correepondls 174,107,0 12.431.0
F. R. notes on hand (notes rec'd
from F. R. Agent less notes In
12.245,0 26,281.0 46,849,0 4,542,0 5,083,0 9.676,0 6,231.0 43,150,0
354,930,0 25,975,0 110,442,0 32.608,0 31.848,0
circulation)
1,146,579,0 68,123.0
902,0
12,267,0
689,215.0 59,360,0
59,579.0 3,946,0
65,0
19,512,0
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other resources
R 7 1927.
RESERVE AGENTS AT CLOSE OF BUSINESS SEPTEMBE
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL
Federal Reserve Agent at—
Louis. Minneap. Kan, City
Cleveland. Richmond Atlanta. Chicago. St.
3
$
3
$
$
a
$
$
$
442,515.0 65,197,0 85,822,0 111,163,0
777,230,0 204,610,0 272,039,0 97,686.0 250.684,0 149,800,0 17,800,0 22,209,0 37,300,0
292,080.0 36,800,0 25,790,0 23,284,0 63.490,0
187,194,0 292.715,0 47,397,0 63,613,0 73,863,0
485.150,0 167,810.0 246.249,0 74,402,0
Boston. New York.
Total.
3
3
(Two ciphers (00) omitted.)
F.R.notes reed from Comptroller 2,889,860,0 239,152,0
F.R.notes held by F. R. Agent__ 814,215,0 70,200,0
F411. notes issued to F.R. Bank_ 2,075,645,0 168,952,0
Collateral held as security for
F.R.notes issued to F. R. Bk.:
Gold and gold certificates_ 421,876,0 35,300,0
102,006,0 18,965,0
Gold redemption fund
1.055,644,0 89,000,0
Gold fund—F. R.Board
616,489.0 44,427,0
Eligible paper
9 100 0100 507 00,n
I
,.....1...0
Phila.
Dallas. San Fran.
$
$
62,536,0 281 226 0
12,262,0 63:2000
50,274.0 218,026,0
18,373,0 40,000,0
8,500,0 12,267,0
38,600,0 36,469,0 17,217,0
1.029,0 4.806.0 3,212,0 15,146,0
12,187,0 6,398.0 5,715.0 1,621,0 3,032,0 43,000,0 57,860.0 9,000,0 128,057,0
272,000,0 10,000.0
165,000,0 2.750,0 128,500,0
29.234,0 9,530,0 13,965.0 20,829,0 65,065,0
39,060,0 38,066,0 35.802,0 50,885,0
50,766,0 65,826,0 76.631,0 51,414.0 238.200.0
mut 907 0 100 701 0 254 047 0 83683.0 187.234.0 324.506,0
215,150,0
21,162.0 8,733.0
25,000,0 125,477.0
245,045,0 34,581,0
Reserve System.
Weekly Return for the Member Banks of the Federal the principal items of the resources
Reserve Board, giving
Following is the weekly statement issued by the Federal
These figures are always a week behind
member banks from which weekly returns are obtained. statement were given in the statement
and liabilities of the 661
in the
themselves. Definitions of the different items comment of the Reserve.Board upon the figures
those for the Reserve banks
29 1917, page 2523. The
of Dec. 12 1917, published in the ',`Chronicle" of Dec. Events and Discussions," on page 1403,immediately following which
department of "Current
for the latest week appears in our
for a week later.
we also give the figures of New York reporting member banks
FEDERAL RESERVE DISTRICT AS AT CLOSE OF
REPORTING MEMBER BANKS IN EACH
PRINCIPAL RESOURCES AND LIABILITIES OF ALL
of dollars).
BUSINESS, AUGUST 31 1927. (In thousands
St. LOLLY. Minneap. Kan. City
Cleveland. Richmond Atlanta. Chicago.
$
$
$
$
$
$
$
3
352.944 632,720
$
s
$
682,931 597,370 3,038,733 701,439
20.624.225 1.439.973 7.721,049 1.187.383 2,087,119
Loans and investments—total....
232,735 426,851
522,461 485,191 2.257.773 606.868
—
14.696,975 996.654 5,463,952 802,131 1,405,786
Leans and discounts—total
4,035
2,244
4.657
20,332
4,991
3,459
18,037
8,986
43,627
5.524
74.571 128,254
123,974
203,502
Secured by U.S. Gov't oblig_ _ _
588.500 155.075 111,395 1,006,121
stocks and bonds.-- 5,895.474 360.381 2,462,716 406.718 799,249 363,927 368,805 1,231,320 298,707 155,920 294.562
Secured by
8,677,527 630,749 2,957,609 386,427
All other loans and discounts
120,209 205,869
160,470 112,179 780.960 194.573
5,927,250 443.319 2.257,097 385.252 681,333
Investmenta—total
63,880
97,983
70,447
49.745 305.648
73.136
86.551 291,527
56,329 107.886
U. S. Government securities... 2,489.894 137.588 988,290 298.701 389,806
62,434 475,312 124,126
87,334
1.268.807
Other bonds, stacks & securities 3,437,356 305,731
55,901
24,598
44,077
39,196 264,886
43,598
83,748 128.602
11,738
5,827
7.363
44,298
10.641
Reserve balances with F. R. bank 1,697.018 101.480 772.098
13,056
28,342
15,960
68.425
17.386
253,257
Cash in vault
331.036 1,872.173 392.252 213,552 501,513
395.814
13,349,077 919.688 5.827.404 778.571 1.058,814
124,919 156,087
Net demand deposits
239,528 233,970 1,125,447 229,420
663
513
6,256.158 469.020 1,477,790 263.186 909.811
612
4,721
3,055
Time deposits
1,133
4,491
5,247
5,708
5,573
40,311
Government deposits
48,014 111,465
54.301
80.208 220.691
57.626
58,446 105,698
63,996 123.149
1.129,495
82,751 221,814
116,166 512,134 127,989
Due from banks
3,339,230 156.621 1,254.662 172.153 259.278 118,556
Due to banks
2,585
2,363
18.487
18,808
14,314
5,689
19,374
14.655
76,066
24.661
240,378
BOIT0971148 from F. R.Bk—total.
1,735
475
7,410
14,575
2.187
1,579
13.017
9,255
59,751
11,055
155,632
850
1,888
11.077
4,233
12,127
Secured by U.S. Gov't oblig_
4,110
6,357
5,400
16,315
13,606
84,744
All other
24
65
31
97
_ 33
67
71
48
86
661
36
Number of reporting banks
Federal Reserve District—
Total.
Boston. New York
Phila.
Dallas, San Fran.
$
i
409.165 1,773.399
319.637 1,276,938
2,913
76,681
240,043
5,169
321,560
950.209
89.528
498.461
60.585
28,943
264.514
231.947
30.942 1 07,892
8,727
21,494
273.266
110.626
2,182
784.994
916,354
6.513
55,450
92,540
150,451
224,668
7,788
35,586
3,194
4.594
31,399
4,187
45
50
Condition of the Federal Reserve Bank of New York
Bank of New York at the close of business Sept. 7 1927
The following shows the condition of the Federal Reserve date last year
the previous week and the corresponding
In comparison with
Sept. 7 1927. Aug. 311927. Sept. 8 1926.
Resources—
261.312.000 341.312,000 352,238.000
Reserve Agent
Gold with Federal
7,930,000
9,222.000
13.148,000
Gold redemp. fund with U.S. Treasury_
eget. F.R.notes_ 274.460,000 350,534.000 360.168,000
Gold held exclusively
214,764,000
Gold settlement fund with F. It. Board_ 234.844.000 214.116,000 390.188.000
Gold and gold certificates held by bank_ 455,513.000 465.277,000
964,817,000 1,029,927.000 965,120,000
Total gold reserves
25,109,000
26.904,000
23,815.000
Reserves other than gold
988.632.000 1,056,831.000 990,229,000
reserves
Total
10,380,000
11,451,000
10,894,000
Non-reserve cash
Bills discounted—
71.897.000 144,112,000
Govt. obligations__ 110.545,000
Secured by U. B.
48,496.000
34.291,000
66,143,000
Other bills discounted
Total bills discounted
Bills bought in open market
U. EL Government securities—
Bonds
Treasury notes
Certificates of Indebtedness
Total U.S. Government securities__
176.688,000
78,844,000
106,188.000
77,807.000
192.608,000
46,030,000
39,900.000
22,805.000
37.700.000
32,328.000
20,644.000
35,172.000
1.322,000
47,655.000
12.438,000
100,405,000
88,144,000
61,415,000
272.139.000
300,053,000
Sept. 7 1927. Aug. 31 1027. Sept. 8 1926.
Resources (Concluded)—
Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
Total resources
3,573,000
193,850.000
16,276,000
8,585,000
3,553,000
160,644,000
16.276,000
7,453,000
154,141,000
16,739,000
4,978.000
1,577,747,000 1,528,347,000 1,477,189,000
Liabililies—
Fedi Reserve notes in actual circulation_
Deposits—Member bank, reserve acct__
Government
Foreign bank (See Note)
Other deposits
374,708,000
904,180,000
1,169.000
1,845.000
16.231,000
891:287:82
2.150.000
16,974.000
393.378.000
841,022,000
3,403,000
3,043,000
8,842,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
923,425.000
175,566.000
39,362.000
61.614,000
3,072,000
913,440,000
137,066,000
39,362,000
61,614.000
2.819,000
856,310,000
128,444,000
35,717,000
59,964,000
3,376,000
Total liabilities
Ratio of total reserves to deposit and
Fed'i Res've note liabilities combined_
Contingent liability on bills purchased
for foreign correspoudence
374,046,000
5
1,577,747,000 1, 28,347.000 1,477,189,000
96.2%
82.1%
79.2%
54,272.000
45,638.000
12.191,000
Total bills and securities (See Note)--- 355.937.000
utter LU ellow eepurately Me amount of UtUalleeil held abroad and amounts die to
NOTE.—Beginning with the statement Of Oct. 7 1926, M u new Items Wei n sCIduci In made of Federal intermediate credit bank debentures, was changed to "Other
- previously
correspondents. In addition, the caption, "Ail other earning assets,
foreign
securities." The latter term was adopted as a more accurate description of the total of the dl.
caption "Total earning assets" to "Total bills and
it was stated. are the only items included therein,
oestultleo," and theand securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which,
acceptances
• t5,
New York City Banks and Trust Companies.
Canters' Gazette.,
Wall Street, Friday Night, Sept. 9 1927.
Railroad and Miscellaneous Stocks Review—page 1418.
Sales at N.Y.Stock Exch. this week notin our detailed list:
STOCKS.
Week Ended Sept. 9.
Sales
for
Week
1433
THE CHRONICLE
SEPT. 10 1927.]
Range for Week.
Range Since Jan. 1.
Lowest.
Highest.
Banks—N.Y. Bid
380
America._ _
Amer Union._ 230
Bowery EastR 0675
Bronx Boro*_ 530
Bronx Nat___ 650
Bryant Park. 220
Capitol Nat.
Bank & Tr. 315
Cent Mere Bk
& Trust Co. 350
187
Central
580
Chase
Chath Phenix
Nat Bk &Tr 550
Chelsea Exch* 324
_ 985
Chemical_
1000
Colonial*
580
Commerce..
Continental_ • 300
627
Corn Each..
Cosmop'tan*_ 325
Fifth Avenue_ 2275
.3800
First
500
Garfield
Globe Exch•_ 250
330
Grace
243
Hamilton.. _
1375
Hanover
Ask
390
240
___
__
250
325
Banks.
Harriman_ _ __
Manhattan* ..
Mutual.
National City
New Neth'cLs*
Park
Penn Each......
Port Morris
Public
Seaboard...._
Seventh
State*
Trade*
United
United States*
Yorktown* ....
Brooklyn.
Coney Island*
Dewey •
First
Mechanics'* _
Municipal* __
Nassau
People's
Bid
770
620
675
710
450
615
170
400
690
830
225
640
245
330
570
185
Ask
_
630
720
470
625
177
_
700
850
235
650
Trust Cos. Bid
New York.
Arn Ex Iry Tr. 425
Bank of N Y
& Trust Co. 740
Bankers Trust 950
Bronx Co Tr_ 325
Central Union 1275
370
County
530
Empire
Equitable Tr_ 427
Farm L & Tr_ 690
Fidelity Trust 360
505
Fulton
Guaranty Tr_ 607
256
Interstate_ _
Lawyers Trust _ _ _
Manufacturer 820
Murray Hill_ 310
Mutual(West285
chester)
730
N Y Trust
Terminal Tr_ 260
Times Square 186
Title Gu & Tr 790
U S Mtg & Tr 600
United States. 2600
Westchest'rTr 900
Brooklyn.
Brooklyn.... 1075
Kings Co........ 2400
270
Midwood_ _
Ask
432
750
960
350
1300
385
545
432
700
375
525
615
265
370
193
590
per share. $ per share $ per share.
Par. Shares $ per share.
Railroads—
Apr 58 June
Sept 8 40
Sept 8 52
10 52
pref v t c.100
Buff & SUSq
350
560
Sept 3 434 Sept 7 334 Augj 43.4 Sept
Canadian Pacific rights_ 43,200 4
580
330
100
100 82% Sept 9 82% Sept 9 7934 Apr 85 June
Cuba RR, pref
000
Sept 9 80% Sept 9 79% Apr 80% Sept
20 80%
Det Hillsdale & SoNV_100
830
200
Great North pref ctfs.100 11,800 0734 Sept 3 99% Sept 8 8534 MaIl 99% Sept
325
Sept
350
Jan1355
Sept 8 200
590
Sept 3355
100, 100 340
Hocking Valley
275
3 7631 Mar' 8334 May
70 79% Sept 9 8034 Sept
Ill Cent Leased Line_100
July
July 200
400 425
Sept 9 169
3
(3
Sept 9185
Nash Chatt & St L_ _1001 100185
740
373 380
Nat Rys Mex 2d pref.100 100 134 Sept 8 131 Sept 8 131 Aug 2% Feb
275
Apr
435 445
Sept 3 16834 Mar185
375
50
80 16931 Sept 9 170
N Y & Harlem
191
Sept
Sept170
400 415
Sept 6 170
850
Sept 6170
100
10 170
Preferred
800
56% Sept 3
750
Sept 7 4 June 654 Sept
New York Central rights 82,000
610
Sept 3 134 Sept 234 Aug
300
NYNII& 11 rights..___ 56,811 1% Sept 9 2
2675
July 9534 Aug
Sept 8 84
Northern Pacific cUs_100 4.000 93 Sept 3 95
__ _
June 3834 Feb
248 °State banks.
100 2734 Sept 6 2734 Sept 6 25
Pacific Coast 2d pref-100
Sept
Sept 50
Sept 9 50
400 fNew stock.
10 50 Sept 9 50
Phila Rap Tran pref_ _50
1105
Apr 106% Mar
102
Sept 9 99
Ex-dividend.
Sept 9
40 102
Twin City Rap Tr pf_100
2500
s Ex-stock div idcnd.
Vicks Shreve & Pac pf100
2010034 Sept 3100% Sept 3 9834 Mar1014 May
290
Industrial & Misc.
AU prices dollars per ,hare. y Ex-rights.
Sept
32
Apr
Sept 6 18
Albany Pert Wrap Pap...23,655 2554 Sept 9 32
Sept 9 96 June 10034 Jan
100
130 9734 Sept 6100
Preferred
Realty and Surety Companies.
New York City
Feb
Sept 9 7536 Sept 106
300 85% Sept 9 86
Amalgam Leather 01_100
AU prices dollars per share.
Sept
Sept 9 00% Aug 102
Sept 3102
300,101
American Chain pref_100
Bid
Ask
Ask
Bid
Ask
Bid
Products rts— 4,700' 1% Sept 9 2% Sept 6 1% Sept 234 Sept
Am Home
155 Realty Assoc's
60 Mtge Bond.... 145
iiilance R'Ity 51
Amer-La France FireEng
(13klyn)com 270 275
kmer Surety_ 280 295 Nat Surety_ 257 263
Sept 8 6254 June 9034 Jan
Sept 8 85
100 200 85
7% preferred
95
1st prof...... 92
Sept 43% June
land & M G.. 385 395 N Y Title &
220,600 3434 Sept 3 38% Sept 9 34
'
American Plano
91
2d pref____ 88
Mortgage__ 520 530
July 110% Mar
-awyers Mtge 330 336
Sept 8 89
100 280 9434 Sept 3 95
Preferred
___ Westchester
U S Casualty_ 330
-awyers Title
Sept 8134% Sept 8 13334 Mar 13734 June
100
pref
Am Radiator
10134%
0511
ThIP .4- Tr NM
nag
rt (1,,a',Tr.,. 120
Sept
943.4 Jan 102
Sept 7
American Snuff pref_100
60101% Sept 6 102
Sept 81123.4 Sept 6 107% Feb 113% May
60 112
Am Type Fdrs pref_ SOO
Sept 7 2534 Apr 5734 Aug Quotations for U. S. Treas. Ctfs. of Indebtedness, &c•
800 52% Sept 9 54
Am Writ Pap pref ctf.100
Aug
Jan 110
290 108% Sept 9 109% Sept 6,101
Int.
Bayuk Bros let pref_100
* 2,000 50 Sept 3 5136 Sept 81 4934 Aug 5134 July
Bid.
Asked.
Rate.
Best & Co
Maturity.
Bid. Asked.
Rate.
Maturity.
Aug
Jan 87
Sept 8 44
130 85 Sept 3 88
Blumenthal & Co 01_100
July
Feb 122
Sept 6 109
Sept 712t
100
Brown Shoe pref____100 400 119
Sept. 15 1927._ 314% 99.131
Sept 8 10534 May 111% July Sept. 15 1927 ___ 434% 9921n 100
120 110% Sept 3111
100
100116 100 8
Byers dsCo pref
,
Aug 78% Aug Dec. 15 1927...... 435% 100733 10012 Mar. 15 1928.... 334% 100
Sept 8 7554 Sept 9 75
• 800 75
Certo Corp
,
100 31
Mar. 15 1930-32 336 %
*33,700 7334 Sept 9 75% Sent 7 6434 June 7634 June
Chesapeake Corp
Sept 7 49% Sept 7 46% Mar 5134 Aug
• 200 4954
City Stores class A
and Treasury
Aug
Sept 8 4134 Apr 53
United States Liberty Loan Bonds
• 4.100 48% Sept 3 51
Class B
Collins & Alkmen p1_100 2,400102% Sept 3104% Sept 8 0234 Sept 10534 Aug
New York Stock Exchange.—
Jan 13234 May Certificates on the
Sept 6 116
Sept 6130
30 130
Colo Fuel & Iron pf__100
Aug Below we furnish a daily record of the transactions in LibSept 6 19734 Sept 9 171334 Aug 198
Commercial Solvents *28,200 184
Aug 4334 June
Sept 9 41% Sept 8 39
400 40
*
Conde Nest Pub
bonds and Treasury certificates on the New York
Aug 2434 Aug erty Loan
200 18% Sept 9 18% Sept 9 14
100
Crex Carpet
Feb 12034 Aug Stock Exchange. The transactions in registered bonds are
Sept 7 103
Sept 7 112
10 112
°
Cushman's Sons pf 8%.
Aug given in a footnote at the end of the tabulation.
Sept 6 115% Sept 8 105% Jan 120
50115
100
Deere & Co pref
Aug
Jan 112
Sept 7 111
Sept 7 101
10 111
Devoe & Reyn let 01_100
Aug 5334 July
Sept 7 49
50% Sept 3 52
• 7,800
Dunhill Internet
Sept 9534 Feb Daily Record of U. S. Bond Prices. Sept. 3. Sept. 5. Sept. 6. Sept. 7. Sept. 8. Sept. 9.
Sept 8 85
Sept 8 85
100 85
Eisenlohr & Bros pf__100
34 Sept 1% Sept
34 Sept 9 1% Sept 6
20,900
Elec Refrgieration rts
,
,
101 hs 101 hs 101"n 1012.3,
High 101,
hs
Jan 1534 May First Liberty Loan
Sept 9 9
Sept 3 12
600 10
Elk Horn Coal Corp-- -*
1011,33 101,233 101033 101121.
334% bonds of 1023-47 .3 Low. 10112,,
Sept 6 20 Sept 8 18 June 2734 May
110 19
50
Preferred
1011,3: 1012,st 1011733 1011,33
Close 10122.2
(First 334s)
July 3734 Mar
Sept 7 30
* 1.200 32% Sept 6 33
Corp
Emporium
164
29
205
16
32
Total sales in 81,000 units__
200 30% Sept 9 3056 Sept 9 3054 Sept 303.4 Sept
Erie Steam Shovel ctfs_ 5
____
____
---{
------Converted 4% bonds of Ilig13
• 100 12% Sept 9 1234 Sept 9 1234 Jan 14% May
Fifth Ave Bus
Low_
May
1932-47 (First 4s)
Sept 3 11834 Apr 130
•
10127% Sept 8130
Gen Baking pref
____
Close
General Motors w I_ _25422400124% Sept 912734 Sept 7 113% Aug 127% Sept
Total sales in $1,000 units_
Sept
Sept 8 8234 Jan 112
Sept 8112
10112
Gen Ry Signal pref__100
,
0
10331,1 103"32 103 33 103.,
434% bondsrigh 103102,
Converted
19,200 334 Sept 9 4% Sept 8 334 Sept4% Sept
Rights
.,
,
,
103hs 103 33 103 12 1030
34 Sept36 Sept
of 1932-17 (First 4315) Low. 10310.,
36 Sept 9
54 Sept 9
1.00
Preferred rights
,
,
103 33 1031133 103 33 1031133
Close 1031,33
June
Aug 101
70 87% Sept 3 8834 Sept 9 86
Glidden Co pr pref___100
7
5
59
14
2
Total sales in $1,000 units_ __
40 26% Sept 3 2634 Sept 3 25% Mar 2934 May
Hackensack Wat pf A_25
____
,'3,
Second Converted 4 31, High
July
Sept 9 118% Jan 130
Sept 9 130
40130
Heime (G W) pref_ _ _100
Low_
Mar
bonds of 1932-47 (First(
Sept 9 9934 July 112
Sept 8112
700 107
Indian Refining pref..100
_____—
Close
Second 4%s
,
!,f, Sept
lgj iSept
Ist Sept 7
3f. Sept 8
Int'l Combus'n Eng rts_ - 15,900
------____
---_
-___
Total sales in 81,000 unas___
Sept 6 10334 Mar 10934 June
Sept 6 109
200 109
Internet Nickel pref..100
____
High
Jan Second Liberty Loan
Mar 72
10 70 Sept 8 70 Sept 8 80
International Salt_ _100
Low_
4% bonds of 1927-42_
Mar 12134 Sept
6 09
Sept 6121% Sept
70 121
Internet Silver pref_ _100
(Second 4s)
July 636 Sept
Intl Telep & Teleg rts 39,500 5% Sept 3 636 Sept 9 4
____ DAY
Total sales in $1,000 units__
Jan 105% Sept
Sept 310534 Sept 8 59
2.280 96
Kress Co new
1001,33 100"33 1001,13 1001,3
.,
Converted 434% bonds(IIigh 10012
Jan 12134 May
Sept 8 118
Sept 8121
20 121
Loose-Wiles Bis 1st p1100
100u,, 1001,32 100",, 100173
Low.. 100‘2,1
Sept
of 1927-42 (Second)
Mar 86
Sept 7 55
710 83 Sept 6 86
McCrory Stores C. A_
1001033 1001,33 1001h, 1001,3
Close 1001133
4%s)
Mar 116% Jan
6 109% Sept 8 97
Sept
400109
100
Preferred
6
160
127
154
740
Units......
Jan 21031 Aug
Total sales in $1,000
•70020034 Sept 920834 Sept 6 124
Macy Co
33
3, 101,
a 101,
1012., 101,
.,
High 1013
Madison Sq Garden_ —.27,800 2251 Sept 3 25% Sept 9 20% Aug 2534 Sept Third Liberty Loan
1012,1 1012., 1012,, 1012s,
.
July
434% bonds of 1928_ _ _ Low_ 1012,,
July 89
Sept 8 6634
Sept 6 83
Mallinson & Co pooL 1001 1,300 77
,
32 101 33
33 101,
101,
3t 101,
3t
Close 101,
Feb
(Third 4(48)
July 77
200 67% Sept 8 6734 Sept 8 64
Manati Sugar pref___100
21
32
32
30
14
Total sales 0151,000 units......
July 4934 Aug
•j 800 44 Sept 9 46
Sept 6 43
Mandel Bros
13 104133
,
1042., 104 32 104,
High 1041,,
Jan 105% Sept Fourth Liberty Loan
Mullins Body preL__lOOf 320103% Sept 7 10554 Sept 9 80
1041., 104
1041., 104
Low_ 1042,,
44% bonds of 1933-38
100 600109% Sept 811036 Sept 9 104% June 11034 Sept
Net Lead pref B
,
1041H 104 ” 1041” 104
. Close 104432
May
(Fourth 434(3)
10117% Sept 6 11734 Sept 6 114% Jan 120
100
Nat Supply pref
9i
204
72
77
129
Aug
Total sales in $LOW units__
90 0734 Sept 7 9834 Sept 8 9334 Feb 100
NY Steam pref (6)____•
.,
1142,, 1142
11411n 114
.,
May Treasury
{High 114,2
Jan 110
•
Preferred (7)
2010834 Sept 9108% Sept 9 105
,
114 2., 11326
114
114
May
4734 Jan 53
Low. 11412.,
434*, 1947-52
Sept 9 53 Sept 9
10 53
Northwestern Teleg_ _50
,,
as 113 ,
114,
114
114
.,
Close 11412
490107% Sept 7 108% Sept 13 102% Mar 110 June
011 Well Supply pref_100
41
3
2
63
1
Jan 9934 May
Total sales in 51,000 units__ _
Sept 9 90 Sept 9 81
100
100 90
pref A
Omnibus
109
__ 109
1092.,
.,
Sept
I MO] 1092
Sept 3 70 Sept 7 5234 Jan 70
• 1,900 63
Outlet Co
22
108.
____ 109
.,
1092
Jan 112% Sept
Low_ 1092,,
4s, 1944-1954
Sept 811254 Sept 6 107
100
500112
Preferred
,
10822
____ 109
1092.,
Sept
124
Mar 147
.,
1092
Sept 7 147
Close
Sept 9
Pacific Tel & Tel__ _ _100 1.660139%
6
351
___
103
Sept 12 June
5
Total sales in $1,000 units _ __
2
• 2.000 534 Sept 3 634 Sept
Pathe Exchange
____ 1061,,
May
1082., 106
___
(High
10010134 Sept 810134 Sept 8 0031 Apr 100
Ford yet _100
Penick &
,
____ 10520
2., 106
May 100W May
Sept 9 ao
(Low
3348, 1946-19
Sept 9100
20100
56106
Pettibone Mull 1st Pf.100
____ 105221
Apr
1062,, 106
Jan 45
60
20 42 Sept 6 4234 Sept 7 4
---P11115 Co 5% pref
37
20
Aug
75
July'101
__ _
Sept 9 83
Total sales in $1.000 units_ __
Sept 9101
100 101
131100
Phillips Jones Corp
1013,, 1012,, 101 2., 101',,
High 1012n
Sept 3736 Aug
Pillsbury Flour Mills_ _• 11,400 3236 Sept 3 34% Sept 7 32
32 101
101,
100"33 101
Aug 10634 Sept
(low.. 101.32
334s, 1943-47
100 1.70010534 Sept 7 106% Sept 3 04
Preferred
a 101
101hs 101,
101
3034 Apr 55 June
1012
.,
Close
Sept 6
Pittsburgh Term Con1100 2,800 4731 Sept 6 50
c
l
2t
104
53
Total sales in $1,000 units_ _ _1
Porto Itican-Am Tob—
Aug 9134 Jan
Sept 6 65
100 2,800 72% Sept 3 75
Class A
May
sales of coupon
Aug 25
Note.—Tho above table includes only
•10,700 20% Sept 3 24% Sept 7 15
Class 11
Sept
Feb 71
Sept 6 55
2
Prophylactic Brush Co_' 200 69% Sept 8 71
bonds. Transactions in registered bonds were:
July 195% May
Sept 6 159
Sept 0150
100 159
Pullman Co, old___.100
.,
10320 to 1042.s
.,
10321, to 1032 150 4th 4318
2 1st 434s
30105% Sept 3 07% Sept 8 101% Jan 10834 Aug
Purity Bakeries pref.. 100
11322 to 113222,
.,
.,
1002,, to 100 2 10 Treasury 4548
July 7334 Jan 30 2d 434s
400 6634 Sept 7 69% Sept 8 82
Rels(RobO&Co 1st pf100
101
to 1011.,
178 June
5 3d 4%8
Sept 7 75 Sept 7 134% May
30175
Reynolds Tob class A_25
100 10754 Sept 7 cast Sept 7 104% Mar 108% Apr
Sloss-Sheff S & I p1 100
—
Foreign Exchange.
100 4534 Sept 6 4534 Sept 6 4534 Sept 52% July
Snider Peeking pref_ _100
A
To-day's (Friday's) actual rates for sterling exchange were 4.8534@4.85 T
Mar
Jan 110
Sept 8 103
Sept 7 07
30106
on banks. sight,
Spalding Bros 1st pL100
Sept for checks and 4.86 3-16494.86% for cables. Commercial @4.80 5-16, and
Sept 8 1634 Aug 21
Sept 8 21
600 19
Mfg
Thatcher
July 4.8534, sixty days 4.8134494.81 13-16, ninety days 4.8034
Aug 45
43
Sept 8
Sept 6 44
600 44
Preferred
4.8534, and grain
Jan documents for payment, 4.81 34. Cotton for payment,
lii 40 Sept 6 40 Sept 6 36% July 49
United Dyewood pf__100
Apr for payment, 4.85%.
Spot 8 1634 Mar 19
100 18 Sept 8 18
United Paperboard_ _100
To-day's (Friday's) actual rates for Paris bankers' francs were 3.91% 49
May 9634 Sept
Sept 6 81
Sept 8 95
US Distributing p1...100 4,300 91
-16 for short. Amsterdam bankers' guilders were 40.044940.07
July 18% Sept 3.91 15
• 5,300 16% Sept 6 1831 Sept 8 14
U S Leather
for short.
•12,100 3734 Sept 3 40% Sept 8 2734 June 4034 Aug
Exchanges at Paris on London, 124.02 francs; week's range, 124.02 francs
Class A
July 98% Sept
low.
Prior preferred.._..100 1,800 97% Sept 6 9834 Sept 8 89
Sept high and 124.02 francsexchange for the week follows:
Sept 9 2% Feb 4
Sept 9 4
500 4
100
The range for foreign
U S Express
Sept 8 534 Sept 1434 Feb
• 1,111 934 Sept 7 11
Checks.
Cables.
Sterling Actual—
Van Reulte
Feb
Sept 8 50 Sept 8 4854 July 64
4.85%
60 49
4.8634
Furst preferred__ _100
High for the week
Sept 8 6934 Aug 7634 Aug Low for the week
Sept 8 75
ii 75
4.85%
4.86 1-32
Va Coal & Coke p1.._100
July 10934 July
10010754 Sept 9 10734 Sept 9 100
pf_ _100
Paris Bankers' Francs—
Ve Elec Pow
Aug
Sept 6 1654 Jan 813
3.91 15-16
950 41% Sept 9 46
3.92%
for the week
Vulcan Detinning_ _100
Jan 59% Aug High for the week
Sept 6 16
3.91%
60 3434 Sept 6 36
100
3.9134
Low
Class A
Sept 3 2434 Sept 7 1834 Sep 27 June
19
Germany Bankers Marks—
Warren Fdry & Pipe_ _ _*27,4
Feb
Jan 109
Sept 6 10734
21108% Sept 6 109
23.79
23.79%
High for the week
Washburn Crosby pf_100
511 10231 Sept 6 103% Sept 8;10234 A 10334 Aug Low for the week
23.76%
23.77
Weber & Hellbr prof.. 100
210107% Sept 6 108% Sept 9,10034 Jan 08% Sept
Amsterdam Bankers' Guilders—
West Penn Pr 6% pf_100
Mar 913.4 Sept
40.0634
100 91% Sept 7 91% Sept 71 82
High for the week
40.08%
Elee lot p1.50
West'house
40.03
Low for the week
40.057%
*No par value.
Lowest.
Highest.
Naw York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING SIX PAGES
For sales during the week of stocks usually Inactive, see preced ng page
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Sept. 3.
3 per share
Monday,
Sept. 5.
Tuesday,
Sept. 6.
Wedne,.sday, Thursday,
Sept. 7.
Sept. 8.
S per share S per share $ per share $ per share
Friday,
Sept. 9.
Sales
for
the
Week.
$ per share
STOCKS
NEW YORK STOCK
EXCHANGE
Shares
PER SH AREPER SHARE
Range for Previous
Range Since Jan..1927 11
Year 1926
On basis of 100-share lots
Lowest
Highest
$ per share
$ per share
Railroads.
Par
19514 22,000 Atch Topeka & Santa Fe__100 1613 Jan 6 200 Aug 25
4
10314
1,100 Preferred
100 993 Jan 5 103I2July 26
8
8
196
3,300 Atlantic Coast Line RR_100 1747 Apr 6 20512 Aug 1
12218 63,300 Baltimore & Ohio
100 10613 Jan 4 1247
8May 31
80
600 Preferred
100 7314 Jan 3 83 June 7
76
900 Bangor & Aroostook
60 44 Jan 6 10312May 21
20 Preferred
110 4
100 10112 Jan 10 122 June 22
3
56
1,800 BkIn-Manh Tree v t o_No par 53 Atig 3 707 Jan 20
8
85
400 Preferred v t o
Vo par 82 July 9 88 Jan 4
123 10,400 Brunswick Term & Ry Sec_100
8
8I4Sept 6 1518 Jan 7
92
10 Buffalo Rochester & Pitts_100 8014 Jan 8 115 Mar 10
623
4
Canada Southern
4May 11
100 59 Jan 161 623
18612 1878 18514 18612 10,000 Canadian Pacific,
18638 18712 18712 188
100 165 Jan 6 19434 Aug 2
317 317
200 Central RR of New Jersey_100 285 Jan 4 348 June I
*310 328
318 318 *318 325
36,300 Chesapeake & Ohio
100 1613* Jan 25 19812Sept 8
19414 196
19512 19712 219512 19812 19512 198
813 818
83
8 84
812 87
100
818 83
8
8 3,800 Chicago & Alton
43 Jan 8 105
4
8June 21
143
4 8,200 Preferred
1414 14
_100
712 Jan 5 185
1314 141s 14
8July 2
143* 141
4712 *45
47
4512 46
3,000 Chic & East Illinela RR___100 3012 Jan 10 51 July 11
453 4714 47
4
80'2 3,700 Preferred
100 43 Jan 6 82 Aug 2
793 7912 80
8
808 79
818 80
100
1618 163
171s 16
163
4 153 1618 11,600 Chicago Great Western
4
812 Jan 6 2213May 2
8 16
8 34
100 2314 Jan 7 447
8 35
357
343 353
4
4 3512 363
8J3ne 2
3514 19,700 Preferred
9 Jan 4 183* Aug 22
1714 173
8
8
4 173 1812 175 183
4
s 1758 183 28,700 Chicago 11,111w dr St PauL MO
1658 167
8 17
173 27,100 Certificates
4
8 167 1712 1714 175
8
100
9 Jan 4 177 Aug 23
4
100 185 Jan 3 345
8
8June 23
327 3314 323 333
8
4 3212 3312 3214 34
22,100 Preferred
8
3134 3234 3238 3338 3214 327
32
33
100 187 Jan 3 333
8Sept 7
17,400 Preferred certificates_
91 - 913* 893* 9114 19,600 Chicago & North Western.100 78% Jan 27 9314 Aug 2
91
9212 9112 923
*13612 138 *13612 138 *1363 139 *1367 139
4
100 12414 Jan 3 139 May 23
8
Preferred
11114 11212 112 1123 1118 1123 x1087 11012 10,800 Chicago Rock tel & Pacifie.100 6812 Jan 4 116 July 14
8
4
*
*103 10914 *108 10914 10812 10312 010814 1083
100 1028 Jan 4 111%June 2
4
100 7% preferred
8June 2
10112 10112 *10114 1013 1013 1013 *10112 1013
4
4
4
4
100 9514 Jan 28 1037
300 6% preferred
4July 21
*125 128 .123 128
125 125
125 125
100 84 Jan 3 1373
200 Colorado dr Southern
*76
77
*74
77
*74
77
*74
77
100 73 Jan 4 7712June 1
First preferred
*73
74
*73
*73
74
74
*7318 74
Second preferred_ __ ...__100 68 Jan 14 73 May 27
6912 2,400 Consul RR of Cuna pre___100 65 Aug 13 77 May 6
697 71
8
707 713
s
7114 7114 *69
211 21112 210 210
20712 209
207 21012 1,800 Delaware & Hudson
NO 17118 Jaa 28 230 June 6
x135 16412 13514 136
133 135
132 133
164 164
5,100 Delaware Lank & Western_ 50 132 Sept 9 173 Mar 23
4June 9
4
4
8 1,900 Deny & Rio Or West Drat 100 41 18 Jan 5 673
59% 59% 5918 59Ig 593 6012 593 605
591 5912
100 3912 Jan 3 657 Aug 5
8
6112 6258 615 6214 6112 62
8
597 60
615 13218
8
27,600 Erie
100 523* Jan 4 6614 Aug 4
605 617
8
8 61
6114 60 8 6112 5934 60 4 5,300 First preferred
7
3
603 6112
4
*5918 61
*5912 61
*5912 61
100 49 Jan 4 6413 Aug 4
61
59
60
*59
200 Second preferred
8Sept 7
10012 10334 1025 1037 10218 10314 10013 102
8
32,500 Great Northern preferred 100 795* Jan 4 1037
10014 1007
8
25
2514 26
257
8 2518 253
4 2412 2512 32,000 Iron Ore Properties__No par
18 July 11 2612Sept 1
253 26
693 7014 7012 7012 7012 723
4
683 683
8
8 70
8
7114 5,600 Gulf Mobile & Northern 100 3518 Jan 6 7658July 21
11078 1107 11012 11134 11113 112 *111 112
100 105 Jan 14 11214 Apr 27
11114 11114
700 Preferred
8May 10
5618 5714 57
573
8 5618 56% 5512 56
100 4012 Jan 3 857
56
3,300 Hudson & Manhattan
5612
8718 8718 *86
83
*86 . 88
*86
88
100 78 Jan 6 9012May 10
*85
88
100 Preferred
8
1323 1343* 134 13514 134 133
11311 133
14 134 13412 7,500 Illinois Central
100 121 144 Jan 10 1373 Atig 4
*132 137 *132 137 *132 136 *132 137
1130 135
Preferred
100 120% Jan 12 13418 lief 2
*7812 7912 793* 7934 *78
*7812 7912
Stock
79
*7812 7913
50 Railroad Sec Series A__1000 74 Jan 4 8014June 21
*3512 381s
40
*32
3814
200 Int Rya of Cent Arnerlea_100 23 Apr 20 3812 Aug 30
3812 3812 3814 3814 5135
*6912 7212 Exchange *695 7212 72
8
72
*70
7212 *70
100 62 Al),' 29 73 June 2
20 Preferred
7212
343* 347
34
343 *33
4
34
*33
34
3212 3212 1,800 Interboro Rapid Tran•t c_100 3012 Aug 31 5218 Feb 26
6512 655 Closed8
6518 663
66
100 4114 Jan 4 7012July 18
8 655 6612
8
6718 6314 66
19,500 Kansae City Southern
8
no 71
100 647 Jan 7 7158July 25
no 71 *70 71
71
71
7013 71
300 Preferred
10914 11018
4
Labor
109% 11113 110 1113 10912 1108 *108 110
4
5,700 Lehigh Valley.
50 993 Jan 6 13712June 9
1145 147
100 1283 Jan 14 151 Sept 7
8
146 14834 149% 151
149 1493* 4,200 Louisville & Nashville
1493* 150
Day
*82
8512 *82
8512 *8014 853 *8014 8512
Maneattan Elevated guar 100 80 Am: 2 90 Feb 11
*8039 8412
8
4812 4812
*47
43
4614 48
47
47
4712 473
4 1,200 Modified guaranty_ .___100 44 June 14 647s Feb 28
8Jurie 23
67
412 Feb 2
6
100 Market Street Rallway____100
*5
6
*5
6
*5
*5
6
5% 514
100 18 Feb 10 2518June 22
Preferred
23 25
23 25 *23 25 *23 25 *23 25
4
100 413* Feb 7 593 Aug 5
55
55
2,300 Prior preferred
563
4 56
57
*55
58
5512 55,2
55
100 113* Mar 15 1712June 22
Second preferred
•12
16
*12
16
*12
16
*12
16
•12
16
45 Feb 3
8
318 3 8
100
138 Jan 13
3
315 314
318 314
314
314 1,300 Minneapolis & St Louls
*314 312
4Sept 7
4314 4438 4412 4634 *43
45
4412 443
4 5,200 Minn St Paul & El El Marie.100 27 Jan 6 461
4214 4313
100 50 Apr 28 70 July 13
*65
70
6712 6712 *67
69
6712 674
300 Preferred
*6412 69
6412 6438 6412 6412 6412 *63
100 58% Mar 25 8412Sept 7
*64
64
40 Leased lines
64
64
, 475g 4878 4638 48
4718 48
4734 481
13,700 Mo-Kan-Texas RR____No par 3113 Jan 6 5612June 17
4712 4712
107 107
107 107. 10718 108
31
10712 10712 4,300 Preferred
100 958 Jan 4 108 Sept 8
.10612 107
8
553 563
4 5614 57% 5514 56711 5412 563 33,800 Missouri Pacifie
8
100 377 Jan 4 62 Apr 23
5539 565*
10378 1047 104 10514 10312 10412 10238 1037 16,600 Preferred
8
100 9018 Jan 4 11113 Apr 23
8
1035 1047
8
8
14812 14812 *14412 14812 *14412 14812 *14412 14812
8June a
20 New Orl Texas & Mexice_.100 121 Jan 8 1597
.14412 147
100 13714 Jan 27 162I4Sept 9
15713 16012 1603 162
8
16014 162
1593 16214 134,000 New York Central
4
156 137
128 131
12312 131
100 9110 June 14 24012May 26
131 1323 13012 132
4
22,100 NY Chic & fat Louis Co
1267 1293
8
8
11June 15
100 102 Mar 8 1097
10658 1068 107 107 *106 107
1063 107
1,100 Preferred
'106 10612
5114 5214 5013 5112 62,400 N Y if H & Hartford
100 415 Jan 4 585 Feb 16
8
8
4
5118 523
4 513 527
51%
51
3412 3514 10,300 N Y Ontario & Western
100 2314 Jan 15 4114July 20
3534 363
4 3518 368 351 357
3518 3514
7 Aug 4 153 Jan 14
4
*812 10
*812 10
*812 10
*812 10
N Y Railways pref otIs_No par
*8% 10
100 37% Jan 14 6412June 10
5514 5512 5512 *54
400 Norfolk Southern
56
*55
563
4 55
56
56
100 156 Jan 4 192 Aug 2
138 18812 183 1887 1863 188
8
4
180 1863
4 2,800 Norfolk & Western
18614 187
*85
90
*85
100 83 June 23 90 July 25
90
83
851s 85I8
*85
400 Preferred
8514 8514
4
100 78 Jan 3 91 Sept 7
97
96
965g 943 957 14,700 islertbern Paellie
95
963
4 96
94% 95
*20
25
*20
28
*20
25
*20
25
200 Pacific Coast
100 16% Feb 3 2714 Feb 15
22
2214
65 8 663
5
s 66% 67
6614 667 41,700 Pennsylvania
8
50 563 Jan 3 67 Sept 8
6512 66
65
6512
4514 42
44
100 20 Jan 25 468 July 20
4514 43
9,200 Poorla & Eastern
43
438 *40
4358
43
134 134
1,900 Pere Marquette
100 11412 Jan 6 14012N111y 28
13412 13412 135 1363 135 135
13512 136
9512 9734 973
8
4
4
200 Prior preferred _____
4
100 93 Jan 22 973
*9614 973 *965 973 *95
. ,
4May 28
96 4 973,i
0434 95
965 965* 9512 9512 1,100 Preferred
8
95
*94
4
*947 95
8
100 893 Jan 4 903*Sept 8
8
4
4 5,000 Pittsburgh & West Va
152 15414 154 1575 1523 1553
153 153
100 12213 Jan 18 174 May 24
15213 156
4
1153 11714 1165* 11812 11718 11812 116 11712 25,300 Reading
60 94 Jan 4 1233
4June 9
116 1113
.4134 42
413 413 *4112 42
4
4
200 First preferred
*413 42
4
*413 42
4
60 4012 Jan 13 4212 Feb 16
44
44
44
*435g 45
1,000 Second preferred
4412 44
*44
44
60 438 Jan 12 50 Feb 16
44
*553 58
8
*54
58
59
100 Rutland RR pref
*55
57
100 43 Jan 7 69 May 27
57
*54
57
114% 1154 x112 11378 19,100 St Louls-San Francisco
4
1133 1143 11418 115
4
100 1008 Jan 6 117I4June 2
*
1135* 11358
*10012 102 *10013 102 *10012 102 .10012 102
Preferred A
100 96 Jan 26 104 July 11
100 102
8512 83
84
8212 82
9,900 St Louie Southwestern__100 61 Jan 6 93 June 17
4 82
82
8214 823
823
4
*8512 873
4
867 *8412 8612
8
8712 85
500 Preferred
135
*85% 8512_'
100 767 Jan 8 907
8June 17
4 3434 3512 3,200 Seaboard Air Line
3
3614 35 4 3614 355* 353
100 2818 Mar 31 4114 Feb 17
36
35 8 36
3
4 4114 4112 4114 4114
1,300 Preferred
413
4 4112 413
42
41
100 3212 Apr 28 453
8July 25
42
8
8
s
122 1225 1213 1217 14,600 Southern Pacifie Co
100 10614 Jan 28 1255* Aug 1
1213 1227 12112 123
4
8
122 122
134 1347 18,100 Southern RallwaY
8
8
8
100 119 Jan28 136%Scpt 7
135 1363 136 1367 1347 136
8
1343 1353
4
4
3 9912
*99
9912 9912 9913 *99
300 Preferred
100 94 Mar 10 100 Aug 30
100 100
*993 9912
8
x8612 89
6,600 Texas dr Pacific
8 8912 91
9013 925
92
94
100 637 Jan 7 10212June 21
88
91
33 .32
34
33
400 Third Avenue
*3214 34
*3012 34
100 283 Aug 31 41 Feb 8
4
304 3014
4
189% 190% 189 19014 189 1893 13,700 Union Pacific
18838 190
100 15912 Jan 27 19212 Aug 2
1873 189
4
82
82
700 Prefer,....
8
815 814 *817 83
8
100 77 Mar 5 8412May 20
817 82
8
813 813
4
4
72
36,300 Wabash
4 70
6912 71
703* 733
100 4012 Jan 4 81 Juno 9
6712 69
6712 693
8
4
98
987
8 9812 983 *9712 9812 2,70
Preferred A
100 76 Jan 3 101 June 9
965 99
8
9612
*94
*91
94
200 Preferred 14
9212 9212 94
*90
100 65 Jan 15 98 June 9
94
92
*90
.87
*
61
65
6412 67 4 612 65% 225,600 Western Maryland
64
,
100 133 Jan 6 677
8June 9
60
63
65
7,000 Second preferred
6114 65
6514 6712 6112 65
100 23 Jan 7 6712June 9
4
6358 65
603 62
3812 40
7,900 Western Pacific new
4 3913 41
100 2518 Apr 26 4712June 22
40
4114 3914 393
3712 40
69% 4,300 Preferred new
8 69
100 55 Apr 26 76 8 Fel 7
,
6913 6913 6912 703
707
3
70
70
71%
Wheeling & Lake Erle Ry__100 2712 Jan 3 130 Feb 8
170
no 80 *70 80 *70 79 *70 79
80
Preferred
100 4712 Jan 7 97 May 13
180
83
*7834 83 *7834 8018 *80 81 *784 83
19412 195
1023* 10258
*195 197
12118 12178
*7912 80
*76
77
*1097 1103
8
4
5412
*54
84
*83
812 812
88 88
*59
623
4
18512 185 4
3
*305 321
19434 1943
4
818 83
8
1312 137
8
453* 4539
793* 7912
1512 1614
3412 353
8
17
1758
1612 165
8
323 323
4
4
*3114 32
9012 91
*13612 138
111 11112
*108 10914
*10114 1013
4
*125 127
*72
773
4
74
*73
6912 6913
21213 21212
108
91
11113
157
1114
37
514
185
Ps
•114
8
11337
109
9114
11212
1663
4
1212
37
6
18512
9
158
16618
1955 1975 1955 19734
8
8
8
*10212 10314 102 10212
197 199
19814 201
12158 1227 12212 12312
8
797 79
8
7912 7934
74
75
7514 76
*1097 1103 .1097 1103
8
8
4
4
8
8
5512 5612 563 563
85
85
85
85
834 10
814 812
95 *8918 92
*88
4
*59
623 *59
4
623
19518 19678 19318
10212 10314 10318
4
1973 1973 195
4
12218 12318 12014
7912 7912 *7913
4 76
74
753
110 111 *1097
8
5512
557 56
8
853 *81
4
*84
1014
978 10%
*8918
*8918 92
623 *59
4
*59
10614 10712 10512
10812 109
108 108
90
9212 9012 9012 8818 8912 8712
*11112 1121e *11112 11212 *11112 11212 *11112
*160 1663 .160 166 *158 166% *162
4
1238 1212 12
12
1112 1112 1112
*353* 36
355
8
*34
37
36
36
63
4 618
65
8 63
4
8
53
8
634 55
8
182 18512 18312 187
18412 1861 1823
85
8
812 87
8
83
4 914
87
8 9
,1
*114
15
8 *114
15*
4
13
1%
13
16514 16914 165% 16312 16412 166% 161
Industrial & Miscellaneous.
1,700 Abitibi Power & Paper_No par
1063
4
3,300 Abraham & Straus_ ___No Par
89
Preferred
100
11212
Adams Express
100
16512
1112 1,600 Advance Rumely
106
3
600 Advance Rumely pref
100
35
53s 12,800 Ahumada Lead
1
13612 5,300 Air Reduction, Ino____No par
834 14,300 Ajax Rubber, Inc
No par
17
8
700 Alaska Juneau Gold Min__ 10
16634 93.200 Allied Chemical dr Dye,,Vo par
•Bld and asked prices. a Ex-dividend. a Ex-rights. b Ex die. 1%4 shares of Chesapeake Corp. stock.
•
83 Jan 27
6214 Mar26
109 Aug 11
134 Jan 5
912 Jan 3
3014 Jan 25
23
4June 2
13412 Jan 26
712June 15
1 June 18
131 Jan 25
1093
4Sept 2
0212SePt 2
11318 Feb 30
1687 July 8
8
158 Feb 9
41 Feb 9
618Sept 6
19918July 18
13% Mar 26
214 Feb 18
16914Sept 6
Lowest
Highest
S per share $ per share
122 Mar
9418 Mar
18112 Mar
8312 Mar
6713 Jan
33 Mar
977 Feb
8
541s Mar
7S Mar
812 Mar
6934 Mar
58 Jan
14612 Jan
240 Mar
112 Mar
414 Sept
618 May
30 Dec
3612 Mar
73 Mar
4
1614 Mar
814 De,
734 Dec
1418 Mar
14 Apr
6514 Mar
11812 Jan
4012 Mar
96 Mar
8314 Mar
52 Mar
62 Mar
59
Jan
68% Nov
15014 Mar
129 Mar
3712May
2212 Mar
333 Mar
4
30 Mar
6812 Mar
18 Dec
2518 Apr
95 Mar
315 Jan
673 Mar
4
11312 Mar
11512 Mar
7114 Jan
24 Dec
62 Mar
2412 Jan
3414 Mar
605 Mar
7512 Mar
118 Mar
34 Mar
3818 Jan
45 July
1912 Oct
3918 June
118g Oct
118 Dec
2578 Dec
50 Dec
60
Oct
2913 Oct
82 Mar
27 Mar
7113 Mar
120 Mar
117 Mar
130 Mar
93 Mar
3058 Mar
193 Mar
4
6
Jan
277 Apr
k
13914 Mar
8312 Nov
65 4 Mar
3
16
Oct
48% Mar
1578 Oct
67 Mar
79 Mar
703 Mar
4
85 Mar
79 Mar
3934 Ile,
40 Mar
42 Apr
85 Mar
8313 Apr
5712 Mar
72 Mar
2712 Mar
31 12 Mar
9618 Mar
1033, Mar
8718 Apr
4218 Ma.
1312 Jan
141% Mar
748 Jan
337 Mar
08 Mar
57 Mar
II Mar
1131% Mar
2712 l)ec
72 Dee
18 Mar
37 Mar
703 May
4
43 May
10418 Mar
997 Mar
8
8 Dec
287 Dec
8
42 Nov
10714 May
718 Oct
% Oct
100 Mar
172 Dat
102 Doe
26212 Jan
1093 Beet
4
737k Aug
46 Feb
103 Dee
8
777 Dee
893 Dec
4
185 Nov
873 July
4
61 June
17014 Dee
305 Jae
1783 Sept
8
113* Feb
1814 Feb
37 Feb
51% Feb
12,s Sept
313* Sept
1413 Jae
Jr.n
14
24 Aug
2358 Aca
833 Sept
4
1261 Apr
7114 Dee
108 Dee
98 Nov
9614 Oat
74
Oct
72 Sept
7212 Dec
18312 We,
15312 Jun
47
Jan
42 Dec
5514 Dec
5014 Dee
8418 Dee
2714 Feb
41% Sept
10913 Sept
4112 Dec
80 Dee
131 Seta
12912 Sept
77 June
31
Feb
66 June
533 Dec
4
513 Sept
8
683* Sept
106 Dec
144 Bout
9234 Apr
617 May
8
10 Feb
40 Feb
518 For
2212 Feb
37 Jan
5212 Feb
79 Feb
66% Feb
47% Feb
963* Dee
45 Sept
95 Sept
13212 Jan
14712 Sept
20413 Sept
106 July
4834 July
28% Feb
2014 Pee
44% Sept
1707 Oct
853 Aug
,
3211 Ault
48
Jan
57% Oct
2634 Jan
122 DV'
96 Jul)
917 Jul,
*
13514 Dee
1004 Doc
42 Apr
458 Dec
6114 Aug
10312 Dee
9712 Dec
74 Feb
8014 July
Dee
51
488 Feb
11214 1)e(
13114 dent
95% Ault
6158 Jan
43 AM
1684 0,31
8114 Aug
52
Jew
783 Jae
72 ,lan
165 Jan
243 Slept
8
3914 Jan
8634 Sept
Jan
32
60% Jan
9
8 Bent
72 Dec
112 Des
136 Seel
22 Sept
653* Sept
918 Jan
1404 Dee
16 Feb
27 Dee
1
148 Jan
New York Stock Record-Continued-Page 2
1435
For sales during the week of stocks usually Inactive, see second page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Sept. 3.
Monday,
Sept. 5.
Tuesday,
Sept. 6.
Wednesday, Thursday,
Sept. 7.
Sept. 8.
Friday,
Sept. 9.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ Per share 5 per share $ per share $ per share $ per share Shares Indus. 5, Miscel. (Con.) Par
12238 12238 1223 1223 ,123 123 .12012 123
.12214 123
4
4
300 Allied Chemical& Dye pref_100
2
11112 1137
11214 11414 11112 1123 112 11312 11112 11212 8,500 Aills-Chalmers Mfg
4
100
Preferred
100
133 14
;ii- Iiii 1212 1212 13 13
-13- li1,700 Amalgamated Leather_No par
293 297
2914 2914 2912 2912 291 297
8
:
8 2912 293
4 1,500 Amerada Corp
No par
1212 1312
143 157
4
144 148 20,100 Amer Agriculture 1Chem__100
128 15
8 141
: 15
44
44%
5114 4714 4912 47
4412 487
49
49
17,200 Preferred
100
65
65
68
65 65
65
68
694 69 693
10
4 2,200 Amer Bank Note
6012 62
6014 6014 61
*5014 62
40 Preferred
*6112 62
61
50
211: 214
2114 22% 2218 22% .21
21% 207 21
1,100 American Beet Sugar__No par
52
*5012 53
52
52
*51
4914 4914 *49
300 Preferred
50
100
2214 2'2%
2218 2212 217k 223* 215 22
8 5,000 Amer Bosch MagnetoNo par
2114 217
4314 44
44
4312 45
44
431 44
:
4312 4412 5,800 Am BraketThoe & F new No par
.12012 1233
*123 12334 1233 124
4
122 12312 122 122
4
1,100 Preferred
100
1118 1112
1112 1212 12
1212
912 97
9,200 Amer Brown Boveri ELNo par
98 12
464 4612
54
52
5014 53
53
50
50
570 Preferred
50
100
843 6514
4
6518 66% 654 6612 6412 6618 63
641 185,500 American Can
25
/
4
.13312 134
13318 13312 *133 134
133 13318 133 133
1,100 Preferred
100
10314 10314
10312 104
103% 104
104 1077 10512 10712 13.700 American Car & Fdy___No par
8
__
130 130 *12914
_ .12914 ___ .12914 ___
1001 Preferred
100
*130*5812 -60
5812 59
583 4 5914 583 5812 5812 1,500 American Chicle
59
No par
8
133 1312
1314 1312 1318 13% 13
5.500 Amer Druggists Syndicate __10
13% 13
133
15812 15812
15634 1563 157 158
4
1,300 American Expresa
157 15812 *154 157
100
2353 2414
24
2412 2418 25 8 2512 2612 24% 2614 71,700 Amer & Fern Power__No par
7
.10314 104
10314 1033 *10312 104
4
10312 104 *10312 10412
700 Preferred
NO OT
.9
9%
10% 1018 1014
1,300 American Hide & Leather_100
4 10
10
10
93
4 93
8
:
625 631
633 63% 6312 633
8
1,300 Preferred
4 63
100
•6312 64
64
k
537 5512
54
557
533 5414 538 54
4
533 15,200 Amer Home Products_ _No par
4
53
2812 29
27
2858 285 2853 2818 2812 28
8
4 7.100 American Ice New__ ..No par
283
*9114 913
4
*9114 9112 914 9114 9112 9112 913 9178
500 Preferred
4
100
517 517
8
513 527
4
4
25,900 Amer Internet Corp___No par
8 523 53
523 547
8
5318 55
*us 7
814
7% 818 9,600 American La France F E .10
7
64 7
7
7
5212 543
4
524 543* 503 53
49
513
100
4 504 533* 31,500 American Linseed
77
80
793 8012 80 8012 7912 804 7912 7914 12,300 Preferred
100
4
10914 10914
1093 1107 11012 11114 11012 11234 11012 11112 12,500 American Docomotive_No POT
4
8
•12412 12612
*124 12612 *124 12612 .12412 1261 .12412 126,
Preferred
100
2
11412 1141
110 115
4,300 Amer Machine & Fdy__No par
11112 11214 11112 113
112 113
•16512 180
.169 180 *16612_ .16712
'16712 . _ _ _ _
_ Preferred
100
*43
44
43 43
434 7
4218 418 1,600 Amer Metal CO Ltd-No par
4/4 42% - - -7
42
•10814 110 *10814 110 *10814 110 .10814 110
•10814 110
Preferred
100
4 6614 673
8
6612 66%
6612 674 665 673
8 653 663 25,600 Am Power & Light__ __No par
4
4
8
4
134 1347 13478 137
136 137
1333 13434
13312 136
15,300 American Radiator
25
100 100
100 100
2
.99 1018 .97 1003* *98 1013
200 Amer Railway Exprese____100
8
*44
454 4514 488 4518 47
44% 45
4518 4612 12,200 American Republics_No par
4612 4612 4612 4612 4712 4914 4814 4912 7,900 American Safety Razor__100
•45
46
4
433 44
445 45
443 453* 45
8
4
45
433 4434 3,000 Am Seating v t c
4
No par
*314 4
.312 4
.
312 31
*312 4
200 Amer Ship & Comm _ _ _No par
353 4
1703 1723*
4
17212 17638 173 176
17312 178% 17434 17914 158,700 Amer Smelting re Refining_100
•129 130
12918 12918 *129 130 *129 130
12812 1285
8
500 Preferred
100
13914 142
143 143
14438 145
144 145
14014 14314
1,500 American Snuff
100
4
55 4 563
3
553 563
4 55
4
55
56
553* 544 5518 11,200 Amer Steel Foundrles__No par
.1123 114
*113 114 *113 114 .113 114
4
11378 11378
100 Preferred
100
*9034 91
9014 911: 91
93% 9212 937
913 93
10,300 Amer Sugar Refining
100
s
11438 1143* •114 11412 11412 11412 11412 11413 1,000 Prefers,-1
114 114
100
59
.5912 60
5914 5918 613
8 608 6114 59
6014 4,500 Am Sum 'lob v t o____No par
Stock
3412
*33
' 33
'
1
3412 3412 343
4 345 34% *33
8
35
300 Amer Telegraph & Cable....100
1695s 1707 170% 172
16914 169%
8
17114 172
17012 1713 33,100 Amer Telep & Teleg
100
144 144 Exchange 1443 1463 14514 1464 14512 146
4
14512 146
2,800 American Tobacco com____50
•144 145
14414 146
14514 1457 14514 14618 145 1457 12,900 Common Class B
50
•11512___ Closed- *117
___ 117 11718 .117 118 .118 118
400 Preferred
100
13312 134
1345 136
8 1357 13612 13412 1357 13312 13312 2,100 American Type Foilnders-100
8
Labor
54
5314 53%
5412 533* 543
8 5312 548 5318 54
16.000 in Wtr Wks & Ela new Nopar
-lot preferred (7%)
100
Day
2518 2512
-25T4 - 4 -251. - 8 - 6- - 2 -2534 ifiii 18,900 Aalerican Woolen
2:53
3 273
26 100
8
8
585 595
60
617
8 615 66
8
623 64
6112 6184 8,300 Preferred
100
2018 2018
2018 2038 20
2014
1912 20
1918 193
8 2,800 Am Writing Paper ctfs_No par
6
6
53
4 6
612 612
6% 712
712 732 2.900 Amer Zinc, Lead it Sme1t___2
3712 3712
.37
40 .37
38
40
38
3812 3818
300 Preferred
25
465 467
8
8 46
4612 485
4653 46
4618 453 4614 8,400 Anaconda Copper Mlning_..50
*44
4512
*44
4514 4514 4514 .44
4512 .431s 4512
200 Archer, Dan'lls, Miell'd_Ne par
•1073 110
4
*108 110 *108 110 .108 110 .10812 110
Preferred
101
.8713 83
871 8712 .8712 90
:
88
88
*86
88
600 Armour & Co (Del) pre!_100
9
94
9
9 18
9
9 18
9
9
953
918 6,600 Armour of Illinois Class A__25
14 514
53
8 512
.
54 5 2
,
5
54 514
25
5,
2 518 1,200 Class li
.65
67
.65
69
67
67
67
67
•63
63
300 Preferred
100
•3714 37%
3712 378
3712 373
4 3718 3753 36% 3714 2,000 Arnold Constable Corp_No par
.2512 26
2553 2558 2512 2512 .2512 26
.2512 2612
300 Art Metal Construction-10
46
46
.4512 46
*4512 46 .4512 48
4512 46
1100 Artloom Corp
No par
•113 1131
*113 1131 .113 11312 11312 114 *113 1143
4
120 Preferred
100
467 47
4678 473* 467 4714 4612 47% 4714 477 14,300 Assoc Dry Goods
8
8
No POT
.105 107
•105 107
10612 10612 •10612 10712 107 107
300 lst preferred
100
•107 1071
•107 10713 1073* 1073* •10614 107
1067 1067
8
500 26 preforrea
8
100
.40
45
.40
45
*40
45 .40
45
*40
45
Aaaociated Oil
25
35
3512
35
35
3518 37
3512 36
353 353
8
8 2,500 Atl G & 1 V I S 6 Line-NO par
.
*353 363
4
*353 363 .353 363 *353 36
4
4
4
4
353 353
4
100 Preferred
4
100
11714 11818
1173 11815 118 12114 11934 12212 11914 12212 19,400 Atlantic Refining
4
100
•117 1181
*117 1184 .117 11812 •117 11812 .117 1181
Preferred
100
831
*63
.63
66
64
6412 64
64
64
64
500 Atlas Powder
No par
10112102
102 102 .102 1033 102 102 *102 103'4
4
50 Preferred
100
*75
814
•7523 814
814 8 4
,
*75 eglr *814
8
100 Atlas Tack
8'2
No pa
*5
6
514 514
57
57g
514 53
8
54 518
1,800 Austin, NIchols&Co ate No par
38
*29
.2914 37
•29
37
.29
37
.29
37
Preferred_
100
263 264i
2633 2653 2637 26514 26314 2643* 26012 26314 17,400 Baldwin Loot. °Bye Wks.100
4
4
8
•12414 1243
4
12414 12412 124 124
122 122 *121 124
500 Preferred
100
10812 10834 .108 1091 10912 10912 .108 10834
•I08 10812
:
4001larnberger(L)& Co prof
100
56
*54
541g 5412 5418 573
4 554 568 54
54
2,900•13arnett Leather
NO par
223 2314 23
4
8
.223 227
4
233
23
233
8 23
2334 11,500 Barnsdall Corp class A
26
*234 24
8
2238 223
.2234 24
.2278 24
*2214 23
100 Class B
25
9412 943
4 94
9412
•93
945
9434 943
4 911 9212 1,200 Bayuk Cigars, Inc
:
No par
*15
16
•15
16
•I5
16
.15
16
.15
1614
Beacon Oil
No par
578 5814
577 584 5712 573
4 5712 5712 55
5714 6.700 Beech Nut Packing
20
2112 218
2178 22
2134 213
4 2112 2153 214 2112 1,100'Belding Ilern'way Co__No par
63
8
6518 6518 66
6214 627
65
6612 64
657 85,600 Bethlehem Steel Corp
8
100
.115 110
1157 11574
8
116 116
116 11614 118 116
1,200 Preferred (7%)
100
3914 3912 3912 4018 .3912 40
383* 387
3912 3612 1,100 Bloomingdale Bros____No par
*11014 111 •11014 111 .11014 111 *11014 111
•111314 111
Preferred
100
64
1343
4
.63
6412 633 64
4
63
6312 6212 62
1,500 Bon Ami, class A
No par
518
53*
5(2
512 57
514
*514
53
4
: 1,600 Booth Fisheries
5,
2 51
No par
42
45
*38
424 45
45
*40
47
*40
45
300 let preferred
100
29
304 •
2814 291%
2858 30
.2858 29
.2838 29
2,000 Botany Cons Mille class A__50
284 293
8 3818 287
8 28% 2812 274 2814 29,400 Briggs Manufacturing__No par
2818 2812
181 181
183 1843 182 1845 180 1813
4
17912 17912
8
4 4,400 Brooklyn Edison, Intl
100
1463 1473 147 150 .149 150
4
4
14612 146,2
14514 14912 11,300 Bklyu Union Gas
No par
44
457
8 4518 461: 45
437 44
4612 444 46
17,600 Brown Shoe Inc
No par
.3212 3312 33
333
8 3253 3318 33
325 32%
33
1,700 Brunsw-Balke-Collan'r_No par
1104 10312 10418 10612 1063 10712 10114 1067
8
99 10118
s 7,400 Burns Bros new clAcom Na par
248 25
25
253
8 255 25
2312 24%
8
24
24
2,900 New elms B eon:. _No par
.9112 9418
*9112 944 ---- ---- ---Preferred
100
.11012 112
112 11/
11218 1
-1/18 1127 1 8 -164 2,800 Burroughs Add Mach__No par
.110 114
60
6214 6112 6212 613 6214 6112 6212 10,100 Bush Terminal new ____Ns par
60
6014
10334 104 *10312 104
1044 10412 104 1043
103% 104
4
310 Debenture
100
•118 11812 118 118 .118 11812 .118 11812
•118 11812
10 Bush Term Mode, Prel
100
*4
414 *4
414
4
418
*4
414
44 414
400 Butte Conner & MO
5
5212 5212 5212 53 .53
54
52
5212 1,900 ButterIck Co
5212 5212
100
.812 9
9
9
9
812 812
9
878
9
1,100 Butte & Superior Mining
10
73
x73
7314 76% 75
73
767
8 7412 741
.71
1,500 By-Products Coke----, pa
Vn ,
:
75
7612 764 717
754 757
80
82
7612 8114 14,500 Byers & Co (A M)__No par
6612 68
6612 6712 6618 6712 65
6634 16,300 California Packing....._No par
643 65%
4
2214 224 2214 2212 2278 233* 223 23
8,600 California Petroleum
22, 2211
4
25
158
15
8
13
4
184
112
112 *112
158
158
13
1.300 Callahan Zinc-Lead
10
7112 7112 7134 .70
8 71
703 703
8
70
7014
1,100 Calumet Arizona Nlining
70
10
157 157
16
16
16
1618
*1558 16
16
1618 1,700 Calumet dr Heelli
25
4
55
547 5614 543 5558 534 547 20.400 Canada Dry Ginger Ale.NO par
8
531
8
54% 55
•ft0 A
0.21.
268 27334 273 278
273 27814 271 277
10.700 CFlfie Thresh Machine
100
and asked prices; no ealee on this day. a Ex-alvIdend. a Ex rigata. b Ex-dividend and ex-rights.
•BM
PER SHARE
Range Since Jan. 11027
On basis of 100-share lots
Lowest
$ per share
120 Mar 11
88 Jan 25
109 Feb 9
12 Sept 2
27% Apr 28
818 Apr 6
2814 Apr 6
41 Jan 6
5612 Jan 4
184 Apr 28
48 May 4
13 Jan 20
3512May 2
11711 Feb 7
54 Aug 26
40 Aug 19
435
8Mar 3
126 Jan 14
95 July 13
12512July 1
36 Jan 26
93* Apt 20
127 Jan 17
8
187 Feb 17
8612 Feb 15
73* Apr 26
48 Mar 1
30% Jan 3
27 Sept 6
84 Jan 7
37 Mar 23
4 June 4
204 Apr 5
4638 Mar 19
103 June 30
11912 Feb 23
7314 Jan 3
12518 Jan 6
38 July 12
108 Jan 6
54 Jan 27
11012 Jan 21
8712 Apr 4
3514 Jan 4
42 July 23
433
8Sept 3
312 Mar 23
1325 Jan 25
8
11914 Mar 16
1193 Jan 17
8
4112 Apr 29
11014July .
79 Jan 25
10778 Mar 3
4114 Jan 3
26 Apr 1
14914 Jan
120 Jan
11914 Jan
11018 Jan
125 Jan 7
46 Aug 8
10412 Mar 1
1612June 7
467
8June 1
97
8May 26
53
4Sept 6
3712Sept 3
4114June 27
38 Mar 12
106 Jan 4
8314 Aug 5
814May 4
518May 5
‘,0 Apr 13
21 Apr 1
22 Jan 11
433
4July 12
11114May 31
39.: Feb 9
9712 Mar 3
105 Mar 23
42 June 14
303* Mar 25
204 Max 25
107 Jan 28
11512 Feb 1
56'i Mar 17
98 Jan 6
714June 25
414 Mar 22
261s July 26
1434 Jan 18
116 Jan 14
10634Mar 30
40 Jan 6
207 Aug 29
2114 Aug 29
494 Jan 25
15 Aug 29
5014 Apr 29
1512July 7
4
433 Jan 27
1041 Jan 3
4
34 June 15
10912 Jan 20
534 Jan 5
412Sept 2
3612Sept 1
18 May 4
26 July 13
14812 Feb 11
895 Apr 4
8
301. Feb 1
25* July 11
8512June 17
1614 Mar 18
90 June 20
x90 Mar 2
29 4 Jan 12
3
9114 Jaro 5
103% Feb 14
33 Mar 19
4
5018June 28
7% Apr 4
66 Jan 29
42 Jan 3
6014 Apr 1
2118 Aug 31
14 Jan 3
6112June 27
1413 July 7
*36 Jun 5
132 Jan 27
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
5 per share 5 per share $ per share
124 (Aug 4 1183* Mar 1221 Da,
4
11414Sept 61 7814 Mar 9453 Jan
11212 Apr 21 105
Apr 11114 Dec
244 Feb 11
14 4 Oct 21 Sept
3
37% Feb 7
2414 May 327
Atli
157
8Sept 7
9
Oct 343 Jet
8
3g
513 Jan 10
4
35 Oct 9614 ...ar
693
4Sept 9
345 Mar 46
8
On
62 July 20
55
Jan 584 July
2314 Mar 14
2012 Sept 384 Fet
604 Jan 3
55 Nov 83 Yet
233 Aug 27
4
16 May 348 Jac
46 July 25
128 Mar 12 1 - 4 Mar 1281- Yet
-101- 4
3014 Mar 50 Au:
3912 Jan 5
98 Feb I
8614 Mar 9718 Jan
6M2Sept 7
387 Mar 634 Aug
8
134 Aug 30 121
Jan 13018 Dee
10914May 27
9112 Mar 1147 Jan
8
13434June 8 12012 Oct13014 Der
6212 July 25
31
Oct51
Jar
1514June 9
414 Jan
10% ALIA
164 Aug 16 1057 Mar 140
8
Jar
2o112Sept 8
144 Nov 42% Jar
79 Oct98 let
105.4 Aug 27
10.4 Feb 8
7 May
1712 Fel
66.8July 20
3312 Mai 6714 let
55% Aug 23
23% Oct30 8 Deo
5
32 Aug 22
96o30.1ay 7
8112 Oct - 4 Juno
88355 June 7
318 July 464 Fel
97 Dec 157 Jar
104, Jan. 3
54,;Sept 3
25% Ort 5278 Jaz
80 'Sept 6
673 Oct 87
4
Jar
Ilfi May 18
9014 Mar 1197 Jai
4
127 July 23 116 Aug 12414 Deo
11712Sept 2
8514 Oct 8012 An:
162 Aug 17 114 July 125 DOI
46% Aug 3
4314 Dee 573 Fel
8
11212May 17 11312 Apr 120 Fel
4Sept 7
503 May 724 Sept
4
673
13714 Aug 22 1014 May 1223* Aug
105 June 24
77% Mar 90 Deo
647
8July 7
39% Nov 74
Jao
6112 Mar 28
42 Apr 703* Atli
51 July 20
68 Jan 7
-3 5 8 Dec Ws i4a
17914Sept 9 1095 Apr 152 Am
8
13012July 30 112% Mar 1223 De
8
145 Sept 7 1213 Oct 165 Fel
4
5814 Aug 24
40 May 47 Am
115 Jan 13 11014 Sept 115 Fel
4May 26
953
6514 Apr 8714 No'
11612May 26 100 June 11012 No'
628 Aug 4
2914 Aug 44 De
3634 Aug 24
2512 July 4118 Fel
1723* Apr 8 139%June 151 De
147 Aug 5 11138 Mar 12414 Sep
146% Aug 5 11018 Ma 124 Sep
118 Sept 9 10618 Jan 113 Ma
148 Feb 18 114
Jan 135 Fe
5314Sept 2
1113
4June 22 1014 Mar 10814 Ja
547
88ept 8
19 June 427 Ja
8
Ms Jan 7
66
Apr 9014 De
221 Aug 23
:
1014 Feb 17
Si,May1218 Fe
5114 Feb 18
20 May 54 De
4912 Jan 12
4112 Mar 51% Au
4634 Aug 5
347 June 44 4 Ja
1
110 Aug 8 100 Mar 108 01
9014 May977 Ja
9618 Feb 16
157 Jan 7
*
13', May 2514 Fe
51 May
918 Jan 6
17 .12
8614 Jan 27
80 Apr 96 Fe
3812 Aug 26
18
Apr 313 Joi
4
32 June 24
1918 Jan 23 4 0,
3
54% Jan 5
463 Sept6314 Jr
4
114 Sept 8 108 Star 113 Do
477 Aug 25
3714 Mar 547 .14
8
107 Sept 9
96 ala 10212 .1r
109 June 9 102 May 110 DI
5014 Feb 19
44 4 Jan 50 MI
3
42 Jan 6
29 Oct683 Jr
8
4114June 7
3314 Oct564 Jr
1313 Aug 5
8
97 Mar 12838 Mt
119 Aug 20 11518 Oct120 Jut
70 June 9
64 Mar 64 lie
107 July 2
Jan 973 13,
94
8
8
124 Apr 7
Oct1712 „lo
718 Oct28
1014 Jun 3
Jo
61 Jan 5
54 Nov93 Jo
4Sept (1
927 Mar 1671 D
8
2853
4
12a14July 7 105 Mar 11914 Ni
110 2MaY 10 ---- --,
---- --,
697 Feb 9
8
351 Feb 28 /34 May /312 Jo
:
224 Oct394 Jo
324 Feb 28
39 Mar 553* Ni
973 Aug 17
4
1814June 7
80% Feb 15 5214 Oct - -- 717 F,
4
28 Dec 593 Jo
2714 Jan 7
4
6".12Sept 8
3714 Slay 5118 at
11638 Aug 31
99 June 10574 D
4214 Aug 17
28 June 42 D
113'4 Anr 18 10414 June 110 D
66% Aug 26
531 Dec 564 D
:
93 .1,
8% Apr 14
418 Mar
57145lay 27
3414 Oct 5112 J,
301:Sept 6
20 May 4112 J
38% Feb 23
24
Oct 3712 J
1847 Aug 161 133 Mar 183 Se
8
15412 Aug 10
68 Mar 98 I)
461:Sept 7
294 June 485 J
8
38% Jan 10
243 Mar 393* St
,,
12584 J8.1:120 121 Mar 144 Jt
343 Jan 27
4
2618 Nov
44 F
100 Jan 3
97 Mar 10312Ju
1263 Feb 28
4
771 Apr 124 D
:
6314July 13
163 Mar 344 Jt
4
1043
4seot 9
86
Apr 93 A
120 Aug 8
9912 Jan 104 N
518May 2
4 Dec
64 F
611 Feb lb
4
173 Mar 71 Si
4
115 Jan 7
4
718 May
1614 4
9212June 2
53 Jun
9818 :
30 S
I
114 June 2
28 Ma
447 !..7
8
70 Jan 5
6814 i 179 82
m er
18 :
:
327 Jan 18
8
2934 Oct
25 Jan 17
8
112 Ma
258
72% Aug 26
5511 Ma
734 A
j
17 Apr 20
13%
6018 Aug 10
3212 Oc
49 a.
27e 0*,,, 7
1101.
V.-
v.:.
-‘
New York Stock Record-Continued-Page 3
1436
For sates during the week of stocks usually inactive, see third page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Sept. 3
.
Monday,
Sept. S.
Tuesday,
Sept. 6.
Wednesday, Thursday,
Sept. 8.
Sept. 7.
FridaY.
Sept. 9.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
-share lots
On oa31.3 of 100
Lowest
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
Par $ per share S per share $ per share $ per share
Miscel.
$ per share S per share S per share 3 Per share $ Per share S per share Shares Indus. & .Mach (Con.) 100 111 Feb28 12412May 21
96 Jan 11813 Aug
prof_ __
Case Thresh
•119 124 *118 124 *118 122 *118 122
*119 124
2812 Oct 3314 Aug
24 Apr 1 33 Apr 28
4 2814 2812 2,000 Central Alloy Steel_ No par
2814 287
8 287 287
8
8 2814 283
*2814 29
2012 Jan
7 Nov
8
83 Jan 3 1812 Aug 16
100
1814 1814 1,000 Central Leather
1812
1712 18
.1712 18
*17
17
*16
4
83 Nov
7 Dec
714 Jan 3 1512May 26
100
Certificates
---- ---- ____ -___ ____
43% Apr 685 Jan
100 54 Jan 14 85 Sept. 6
100 Preferred
86
*80
*80 _ __ - *8518 86
85
85
3
;1-,13- Ii50 Nov 5413 Dee
4Ju1y 18
Preferred certlficates_100 54 Jan 3 783
__
---- ---_
3
1014 Oct 327 Jan
4
1012 Jan 26 163 Aug 30
800 Century Ribbon Milla__No var
14%
- 14T2 -1- .- -iii8 - 5g - 1428 I45; •14
6
1.1
•1334 1412
Jan
7814 Dec DO
100 70 Jan 24 84 Aug 2
70 Preferred
78
78
78
75
75
75
82
*75
82
•75
5713 Jail 7313 Aug
Pane° Copper_No par 58 June 27 6612 Aug 24
6,700 Cerro de
6412 6512 6412 65
6514 6554 6514 66
6412 65
4May 11
36'g May4913 Jar
42 Jan 25 553
6,400 Certain-Teed Producta_No par
.
5114 501 .51
50
4912 4912 4912 50
4812 4912
8Sept 8 100 May 10614 Noy
100 106 Feb 1 1137
300 let preferred
8
113% 1135 *110 8
8110 1135 110 112
0109 113%
812 Nov 26 Feb
5 Aug 16 14 Mar 22
818 7,100 Chandler Cleveland Mot No par
6% 64 7
4 68
63
4
4 63
63
4 63
63
4
4
200 Dec 45% Feb
13 June 27 261461ay 6
No par
2212 5,200 Preferred
s 203 2114 21
213
2138 2128 21
2118 2112
9412 Apr 12814 Dec
14
700 Chicago Pneumatic Tool__100 12012 Jan 3 137 Mar 2
127 12914 12918 12914 128 128
•127 128
*127 128
8
3
45's May 663 Jan
par 48% Mar 31 65 8 Aug 25
No
3,500 Childs Co
4 6128 63
623
62
7 63
6212
6314 62
62
63
30 Mar 36% Jan
25 3318June 27 3914 Mar 21
Copper
8
347 3512 3518 3512 3518 3512 3513 3814 11,000 Chile Copper
3514 355
16 Mar 26 Nov
5 2218 Jan 7 24 Apr 11
Chino
02214 25
*2214 25
*2214 26
*2214 26
02214 26
2912 Oct 63% Jan
3June 18
8
400 Christle-Brown tern ctfs No par 347 Jan 5 857
5812 5812
60
60 •58
5712 .58% *58
6114
*60
3
2813 Mar 547 Jan
3
No par 3813 Jan 28 62 8Sept 6
3
6018 61% 590 60 4 186,400 Chrysler Corn
62
8 61
6138 623
8
6118 617
Jan
93 Mar 108
No par 1028* Apr 11 11438 Aug 26
300 Preferred
8
8
114 114 *113 1143 1148* 1143 *114 1148*
11314 11314
60 Dec 6812 Jan
June 17 7312Sept 7
4
8
707 723 22,100 Cluett Peabody & Co....No par 51
0
6713 7112 707 7312 7112 72
6614 6614
100 111% Jan 6 121 Aug 31 10314 Jan 116 Sent
10 Preferred
120 120
*120 121 *120 121 *120 121
*120 121
No par e9812 Apr 27 19912 Apr 22 128 Mar 1748* Dec
Cola CO
4
8
4
1233 1247 12318 124 x1213 12212 28,800 Coca & Alkman new _No par 86 Aug 26 957 Aug 6
12314 125
118 123
8818 8912 2,100 Collins
90
89% 90% 90
3
88 4 90
90
493
90
27% Mar - 3 Oct
100 42% Jan 4 963
8July 12 113,200 Colorado Fuel & Iron
3
85 8 8412 90% 8712 9118 8514 888*
84
8314 84%
4
555 Jan 703 Dee
10.300 Columbian Carbon v to No par 66% Jan 3 8512 Mar 18
4 7712 8214 8118 83
4 76's 773
773
75
7312 7328
8
4May 27
858* Nov 91 Dec
9528 13.400 Col= Gas & Else new_No par 827 Feb 11 983
968* 94
3 957
4
953 964 9512
95
8
947 9512
98% Nov 10153 Nov
4
100 9913 Jan 24 1073 Aug 8
Preferred new
900
10614 10612
4
4
10612 10612 1063 1063 .10614 107
106 106 4
,
8Seut 6
8May 25 617
6114 15,200 Commonwealth Power_No par 485
6012 6112 60
6028 617
6014 617
471
8
1612 Nov - ; Jan
-- 6028 6112
14 June 20 203 Feb 21
3,900 Commercial Credit_ __No par
18
18
*1714 18
181s 1814 183 x18
Mg Jan
1718 17%
2114 Nov
26 17 June 10 23 Mar 10
230 Preferred
4
4
*2118 2114 2118 2114 2112 2112 213 213
*2118 2114
4
20 Nov 273 Jan
3June 15 23 Jan 7
25 187
23
230 Preferred B
02212 223 *22
22
22
*2112 22
4
*203 22
8512 Doc 9912 Feb
100 69 July 8 8518 Jan 12
460 let preferred(65%)
7812 80
7714 7812 77% 7714 7814 80
Jan
5412 Dec 72
.7714 7918
3
__No par 4118May 4 56 4 Mar 14
200 Comm Invest Trust_
49
*45
45
451 4518 43
53
*45
Jan
97 June 104
.45
50
9813 Jan 27
100 95 Apr 21
7% preferred
98
*00
98
*90
98
•90
98
*90
89 May 100 Jan
98
•90
8July 5 95 Mar 14
100 863
Preferred (634)
*86% 88% *8612 89
*8612 89
*8612 90
*8612 90
Commercial Solvents B No par 223 Jan 3 384 July 12 11814 Jan 237 Nov
___ ____
_
1212 May 293, Sept
.388 372
8Sept 6
1714 Jan 26 263
Congoleum-Nalrn Ino_No par
4
6
2 ;
.4% - - .5 -24E8 353- 2418 25% 108,000
3
--26T4 363 -2
8
247 253
8
40'S May 57 Dec
No par 47 Mar 11 6912Sept 1
6712 1.900 Congress Cigar
6712 67
67
6712 68
68
67
1 Mar
38 Dee
66% 6712
8
5 Jan 5
14 Feb 1
No par
11
Conley Tin Foil stpcl
*14
12
.14
12
*14
12
814
12
*14
4514 Apr 8714 Dec
3
No par 757 Apr 30 88 4July 7
3
3.100 Consolidated Cigar
4
8212 813 813
8 8134 8212 82
8134 817
91 Mar 107% July
8118 811 1
4 Aug 23
8
100 967 Aug 11 1063
Preferred
•98 104
4
•100 1063 .101 104 *100 104
0102 1023
4
612 Jan
113 Aug
2% Feb 4
%July 27
8 3,200 Consolidated Distrib're No pa
7
8
7
8
7
4
3
8
7
8
7
4
3
8
4
3
87 Mar 1155 Aug
4Sept 8
4
3
*511
par 94 Mar 9 1193
4
4
11334 11428 11434 1183 11814 1193 11618 119 164,400 Consolidated Gas(NY) No
4
1133 11458
No par 93 Mar 18 100 Aug 31
2,600 Preferred
8
997 100
8
997 100
997
8
3
4
993 99 4 997
414
- 'Noy
-14
1 May
997 997
718June 18
318 Mar 14
Consolidated Textile_ _No par
19.100
47
4 5
47
43
4 47
5 5
43
5
5012 Oct 937 Aug
8
434 47
508* 28,300 Continental Baking clANo par 3313 Apr 30 747 Jan 6
4414 4614 4412 4533 44% 4714 48
4512
44
7% Oct 1518 Sept
4 May 19 1014 Jan 5
53
No par
8
57 23,400 Class 13
8
53
5
5
5
518
5
518
Oct 9613 Aug
87
5
100 72 Apr 1 9714 Jan 13
9312 95% 7,000 Preferred
94 •
93
92
3
9014 90 4 91
70 Mar 921g Jan
8058 90
737
5,400 Continental Can. Inc_ _No par 5834 Apr 9 7712July 26
4 73
7312 733
7312 75
7312 74
7312 7334
25 135 Jan 27 20612Sept 9 122 Mar 1444 Jan
Continental Insurance
198 20612 8,400
190 200
190 190
190 190
97 May
1373 Dec
018712 190
4
1014June 16 133 Jan 6
8 8,800 Continental Motors_ __No par
107
4 101
8 1012 103
4
8 103 107
103 107
355 Mar 5128 Dee
.1034 107s
8
555 565 37,600 Corn Products Refining__ _25 467 Jan 12 6318May 14
8
8 565 57
5718 5734 5718 575
4
553 57
128 Jan 11 135 Aug 31 12212 Jan 13014 Dec
100
400 Preferred
134 134
•133 134 •132 134 *13214 134
•133_ _
4413 Mar 62 Deo
No par 58 Jan 3 9414July 19
3 9114 2,000 Coty, Inc
8 90
91
918* 917
90% 9112 91
91
*9012 - 64 Apr 8234 Dec
4
4
4
93% 9512 923 947 40,700 Crucible Steel of America__100 77 Jan 4 963 Mar 19
907 9212 9314 957
Stock
8
8
907 907
96 Mar 104 Dec
Aug
100 103 Jan 18 113
100 Preferred
112 112
•110 113 0110 113 *11112 113
8June
8110 113
2814 0 t 533
1812 Aug 19 3414 Jan 8
No par
8
2278 237 13,300 Cuba Co
2012 228* 221 2314 2218 227
2012 Exchange
*20
8
85 May 1113 Jan
4
7 July 2 103 Jan 5
No par
400 Cuba Cane Sugar
814
812 •8
814 814
814 8% *8
8% 82,
3512June 503, Dee
3
100 3412June 28 50 4 Jan 4
3812 38
3914 3814 3914 4,800 Preferred
38
383 388
Closed3812
38
2014 Aug 303, Jan
10 2112 Aug 13 2812 Jan 3
7,800 Cuban-American Sugar
2412 25
233 237
24
2412 2412 25
234 24
4
973 Jan 105 Nov
100 102 Jan 31 107 Aug 11
300 Preferred
•106 112 *106
__ 106 106 *106 106%
Labor
8106 112
1512 Sept 2014 June
1311June 30 18 Jan 21
200 Cuban Dom*can Bug newNo par
1514
1514 1514 •14
*1412 153 *1412 1514
4
•1414 153
4
5118 Nov 55 Dee
50 4312 Apr 8 52% Feb 23
Cudahy Packtng new
4814 1,700
48
48
8
48
48
477 4814 *48
Day
*4712 4814
7712 Mar 108 Dee
No par 103 Apr 4 12014Sept 9
400 Cushman's Sons
120 12014
*116 120
118 118
117% 120
0116 120
Jan
32 Nov 61
30 Apr 28 Si Aug 16
No par
800 Cuyarnel Fruit
471 *4714 473
473
8
473 478* 47
47
48
.47
2318 Oct 4654 Feb
8
377 Aug
par 2614
3
8
35 8 367
357 365
3514 3818 3512 3714 24,300 Davison Chemical v t e_No 100 13312 Apr 28 157 June 26 12312 Mar 14112 Dee
357 36
2
Jan 21
15434 15614 2,200 Detroit Edison
153 153
15412 155
155 155
•153 155
Oct 10418 Feb
31
300 Devoe & Raynolds A__No par 3612 Aug 13 428* Feb 2
*37% 3814
*3718 38% 3714 3714 *3712 39
*37% 39
100 115 Feb 28 137 Sept8_550 Diamond Match
1357 136
13314 137
133 136
133 133
•131 133
4714 Jan
-14
1614July 8 2712 Jan 5 11 May *
183 24,000 Dodge Bros Claes A___No par
8
1734 183
177 183, 18
1712 18
8
177 177s
No par 6612July 8 85 Feb 14
79'2 May 90 July
6912 5,200 Preferred cart f
8 688* 6928 69
6812 6912 6812 697
6828 695
8 Oct 20 Mar
7 June 30 1114 Jan 4
No par
Mines. Ltd
918 5,200 Dome
9
9
87
9
87
814 9
812
19 Mar 46 Nov
*77
No par 46 Jan 3 80 July 5
_ Douglas Pectin
4June 1 11112 Mar 116% Aug
_100 11414 Mar 2 1163
Duquesne Light 1st
4
11534 1153
4
*11. 1-2 fici *11534 116 .1153 116
5
3 -•iiL1. 116
4
8
pref_Kodak Co_ _ _N0 par 12614 Jan 28 17312 Aug 2 1065 Mar 1363 Dec
3,300 Eastman
167 16812 167 1678
166 167
4
1663 168
*185 166
4June 20
23 Oct 3258 Feb
No par 2413 Mar 21 293
4
283 10,800 Eaton Axle & SprIng
2812 2812 2818 2958 2814 2918 28
275 2814
4
E I du Pont deNem new_No pa- 188 Jan 25 31612Sept 9 1543 Nov 18112 Dec
3
4
3103 3143 31112 31412 310 4 31412 31012 31612 36,400
4
308 311
4
4Sept 6 1003 Apr 110% Dee
100 1051z Feb 5 1133
500 6% non-vot deb
4
11334 1133 11312 11312 *11312 1143 '1131a_..
•113 11312
102g Oct 201 Feb
25 117 Jan 3 1612 Feb 16
1218 1 14 2,200 Ehienlohr & Bros
*1214 128 *1214 1212 1214 1214
4
1214 1212
615 Mar 82 Feb
No par 631 Jan 13 100 Sept 6
8
985 13,100 Electric Autollte
97
4
4
983 9912 983 99
97% 100
4 Mar 18 Dec
957 98
1312Mar 2 2218 Aug 15
No par
1914 16,600 Electric Boat
8 181
1914 2018 1818 195
193 20
1514 Oct 3411 Feb
3
19 4 20
1612 Jan 27 28 Sept 6
No par
Electric Pow & Lt
2612 27% 82,900
2718 277
8
273 28
2714 28
9912 Mar 115 Feb
4
263 2712
200 Allot ctfs for pref 40% pd__ 10378 Jan 28 116 Sept 6
4
116 116 *117% _ __ *1173 119 *117- 8912 Mar 9814 Sept
11512 115%
No par 98 Jan 14 10614June 10
700 Preferred
- .12
10512 105
3
8
1055 1053 10512 1057 *105 4 106
8
3358 Dec 7812 June
10512 105,2
12'g July 13 373 Jan 3
Refrigeration_No par
1412 22,900 Electric
14
4 1411 15
8 1518 153
1512 157
7118 Mar 9418 Aug
1514 1528
8
687 6918 3,200 Elea Storage 13attery_No par 83141May 3 7912 Jan 6
3688 703
71
7012 7114 70
814 Dec
614 Dec
8
697 71,8
6 Aug 26 13 Apr 14
Emerson-Brant Class A _No par
612
612 *6
*512 612 *512 612 *6
*512 612
65% Mar 725 Feb
3
24,700 Endlcott-Johnson Corp__ 60 64 4 Jan 28 80 Sept 8
7612 78
80
7258 7314 7812 78
72
Jan 120
100 1168* Jan 5 12112 Mar 28 114
07112 7212
Preferred
_ *124
___ _ __
__ •124
0124*124
1914 Oct 2413 July
25.100 Engineers Public Serv-No par 213 Jan 11 36 Sept 8
351 36
36
3514 35 --3414 3328 34
2
33192% Nov 9612 S5903 Aug
4
No par 933 Jan 8 10612June 2
300 Preferred
10412 10412
*10512 106 *104 10412 104 104
8
2113 Oct 255 Nov
106 106
8July 13
4
5 243 Jan 3 343
4
3258 3n 3218 3028 313 22,800 Erie Steam Shovel
8
313 32% 32
Oct 102 Nov
3012 313,
100 10112 Jan 6 1135,July 22 100
100 Preferred
4
4
4
0108 10812 10812 10812 *1073 1083 *108 1083
0108 10812
3
997 June 13214 July
3
12
86
8
87% 8612 864 863 8612 2,000 Equitable Office Bldg_No Oar 5014 Aug 12 9212June 6
87
88
87
5
43 May 683 Dec
*8712 88
77 Aug
Aug
5,900 Eureka Vacuum Clean_No par
71
4 70
4 6914 713
3
3
694 69 4 69 4 693
1434 July 17 Alit
1934May 21
4
693 69%
151* Jan 25
100 Exchange Buffet Corp_No par
1918 1918
4
193
4
193 *19
4
193 *19
•I9
4
193
•19
No par 3714May 2 4312May 11
3758 Dee 593 Feb
1,600 Fairbanks Morse
3914 3814 3814
39
40
3912 3912
39
8
8
387 387
100 10713 Feb 7 112 Mar 2 10612 Nov 115 Feb
100 Preferred
•108 111 *108 111 *108 111 *108 111
109 109
1033 1058* 25,800 Famous Players-Laaky_No par 92 July 28 11434 Feb 24 10318 Jan 12712 June
104 10512 10312 105
10318 104%
8
1015 1034
8July 28 12458 Jan 12 115 Mar 12412 Dec
100 1147
400 Preferred (8%)
11814 118% 118% 11812
8
11914 1197 0118 120
.119 120
28 Mar 4713 Dec
15 3712 Jan 17 47 May 3
43
433, 6,700 Federal Light & Tree
8 425, 4312 4312 437
427
42
42% 421
86 June 04 Dec
No par 9112 Feb 23 100 Aug 25
40 Preferred
99
991 9912 99
9914 9914 9914
*98
9914
*98
41 5109 1104 Jan
& Smalrg_100 80 Feb 9 187 June Ill
200 Federal Mining
150 150
*140 147 .135 147 *140 147
.135 147
61 Mar 105 Jan
100 7512 Jan 28 97 Mar 12
200 Preferred
9413
94
93
4
4
•923 9412 *923 9412 93
23 Oct 343, Allii
4
*923 9412
8
700 Federal Motor Truck_ _No par 1812 Aug 3 307 Jan 10
2312 2218 2218
2218 23 .2218
.22% 24
Apr 20014 Jan
2214 2214
138 1481g 145 14712 3,400 Fidel Phan Fire Ins of N Y- 25 9312 Feb 3 193 Jan 6 160 May 107 Fell
138 138
*138 140
96
137% 138
100 97% Jan 13 103 Mar 4
100 First Nat'l Plc. 1st pref
*9912 101
100 100
49912 101
*9912 101
59914 101
28 Nov 491 Fah
No par
1914May 11 30 Feb 7
4,900 First Nat'l Stores
273 274
4
274 2714 28
27
27
27
8
2712 275
1414 May 2614 Jan
No par
3June 17 20 Apr 20
147
o
17% 1614 178* 187 1712 25,000 Fisk Rubber
1718 1818 17
1712 177
Apr 8414 Mar
76
6,600 let preferred stamped___100 81 Jan 5 94 Sept 8
94
93
94
89
90
89
4
863 87
86%
*86
94 June 107 Mar
100 9413July 5 102 Sept 9
400 lat preferred cony
102
•9712 10012 *97 10012 *97 10012 101
Mar 5613 Feb
3214
•97 10012
6412 Aug 26
634 6212 6314 36,100 Fleischman Co new____No par 46% Feb I
63
6312 64
8
625 64
63
7314 Dec 1795g Jar
6312
No par 5518June 9 888 Apr 1
800 Foundation Co
8
5812 567
5612 57
*5512 58
58
*55
4
55% Mar 85 JAE
573
*57
No par 50 June 28 7412 Jan 6
6612 3,200 Fox Film Class A
66
66% 67
6612 67
67
68
8
195 Jan 36 Dec
6612 67
7918Sept 6
.
7812 7518 78% 80 400 Freeport Texas Co___ _No par 3414 Jan 4 59 Aug 5
0 77
7918 7712 783
78
8
255 Nov 42 Feb
7618 7738
13.300 Gabriel Snubber A
No par 29% Jan 3
4 5112 52
5114 533
5114 .517
5118 517
58 Nov
5
9 4 Jan
61 Jan 27 587 Aug 6
5114 52
8
No par
1,000 Gardner Motor
4 9
83
8% 828
813 812
828 828
7
39 Mar 655g Jan
8 88
87
8Sept 7
No par 48 Jan 3 623
39,100 Gen Amer Tank Car
6112 5918 81
6014
623
61
8012 62
9912June 109 Dec
603 813
4
5
Mar 1 110 8 Aug 10
100 10638
0
100 P e rf
50
i
nre aerr ral,
106 2
110 110 .110 1710:2 391:330 Gepreferrid
*109 11212 *109 110
60 Mar 04% Aug
0109 11212
4
100 65 Aug 27 963 Mar 2
7412 7614 73
7214 7314 76
70
3
8
947 Mar 140% Aug
8
697 703
100 10714 Aug 27 1447 Mar 2
4
11612 11712 117 1185 117 11714 11512
46 Mar 5912 Feb
110 115
15
6912 6812 6811 7,300 General Clear. Ina new_No par 52 Jan 26 7012Ju1y
7012 69
Jan 118 Dec
8712 67% 68
67
6712
100 116 Jan 6 122 May 10 109
Preferred (7)
*122 130
•122 130 •122 130 *122 130
0122 130
51 Mar 56% Aug
5
200 Gen Outdoor Adv A_ _ _No par 54 8 Apr 11 5.312 Feb 1)
4
573 573 *577 58%
4
3
4
4
573 573 *573 58
8
*573 58,
265 Mar 397 Dec
4
8
9,500 Trust certificatea____No par 37 Jan 18 55 May 31
8 51% 517
4
4 513 523
523
52
4
513 53
79 June 9513 Aug
5114 517
138 14338 94,700 General Electrie New__No par 81 Jan 27 14653Sept 7
5
11% Dec
14414 146 8 14112 144
1437 146
Jan
1423 1435
4
11
5
115, Jan
_10 11 June 21
1114 113, 8,600 General Electric apecial
1114 1114
1118 1114 1118 1114
1118 1118
34 Mar 59 Jot
4,300 General Gas & Elea A__No par 34 Apr 1 4712 Feb 2
42
4 42
423
4214 4134 4214 42
42
95 May 100 Dec
4134 42
4June 9
Gen Gas & Elea pf A (7)No par 100 Jan 3 1093
Sent
.1071. 10912 *110 112 *110 112 *110 112
010812 10912
No par 11314 afar 22 120 June 1 10512 Apr 113 J1111
400 Preferred A (8)
4
4
1183 1183 .116 11812
117 117
*11612 117
*11612 117
9214 Apr 96
No par 98 Jan 13 105 June 22
100 Preferred B (7)
104 104
•103 104 •103 104 *103 104
•103 104
7 11314 Mar 2258* Aug
Jan 25 25318Sept
par
4
4
25134 2523 251 25318 24912 25212 2473 25158 190,500 General Motors Cory-No 100 14513 Mar 9 125 Aug 26 11312 Jan 12214 Dee
4
2403 251
118%
3,400 7% Preferred
4
1243 125
o
12434 1247 125 125
1243, 125
•1251.,
.3 Ex-dividend. a Ex-rights. e Ex-dividend 100% In sleeks
•Bid and asked prices: no sales on this day
New York Stock Record-Continued-Page 4
1431
For sales during the week of stocks usually Inactive, see fourth page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Monday,
Sept. 5.
Saturday,
Sept. 3.
Tuesday,
Sept. 6.
Wednesday, Thursday,
Sept. 8.
Sept. .7
Friday,
Sept. 9.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
("Cat Jr1l111,11
1i511 bli AKE
Range Stlge Jan. 1 1927
-share lots
On basis of 100
Lowest
I
Highest
Range for Previous
Year 1926
Lowest
Highest
Industtial & Misc. Par $ per share $ per share $ per share 3 per shard
Shares
$ per share
9814 Apr 105 June
__ _
- Gen MotorsCorp 6%deb pf 100 104 Mar 7 10812 Aug 11
*107
s
6012 Mar 937 Aug
36,600 GentRy Signal new____No par 8218 Jan 14 15314Sept 6
148 14612
Jan
36 May 49
3,800 General Refractories___No par 38 Jan 14 75 June 1
68 68
8
4114 Nov 787 Jan
No par 3712 Mar 24 4934 Apr 11
13,800 Gimbel Bros
4612
46
8
8
100 995 Mar 18 108I2July 14 100 Nov 1113 Jan
100 Preferred
*1063 1063
8
4
3
153 June 25 4 Jar
8
1412May 21 22 Mar 10
No par
16,000 Glidden Co
1478 147
8
4112 Mar 563* Tel
8
12,000 Gold Dust Corp v t o No par 42 Mar 9 617 Aug 10
585 5914
8
4
391 Nov 704 Tel
No par 423 Jan 3 803 Sept 7
8
61,200 Goodrich Co (B F)
7414 753
4
941 Dec 100 Fel
100 95 Jan 3 1063
4Sept 7
300 Preferred
*10512 1063
4
7,000 Goodyear T & Rub__ __No par 4838 Aug 31 5612 Aug 5
52
523
4
Dec 109 Sept
100 105 Jan 7 112 June 6 16414 Prior preferred
*11134_
3314 Mar 6912 Noi
8
8Sept 6
3,300 Gotham Silk Hosiery_Ne par 573 Jan 12 793
7814 7814
4712 July 68% No'
8Sept 6
No par 58 Ian 12 793
2,300 New
*7812 79
100 104 Jan 26 120 Sept 6 - - ---- - - - -900 Preferred new
*11434 11512
21
1 Oct - -12 Jai
No par
514 Aug 30 10 May 25
600 Gould Coupler A
*512 618
1618 Mar 3972 Del
37,800 Granby Cons M Sm & Pr_100 3118 Jan 27 45 May 28
4012 41
8Sept 3
41,400 Great Western SugarnowNopar 37 Aug 12 443
4312 4438
-181100 11612 Feb 26 123 Sept 7 10812 Mar 1 - 4 Jul]
220 Preferred
*1205 12112
8
93 Apr 3484 De
4
16,400 Greene Cananea Copper__ 100 2914 Jan 27 6918 Aug 30
63 4 65
3
518 Jan 1058 Fet
8 Jan 25 1114May 31
000 Guantanamo Sugar___ _No par
834
83
4
9
g
858 938 *85
4
8 83
912 912
513 Oct 9338 Jaz
8
100 4118Sent 9 84 Feb 28
6,300 Gulf States Steel
4118 44
46
4912 44
49
*49
50
4912 4912
100 58 Jan 31 67 Jan 19
45 June 601 Da
class A
40 Hanna 1st prof
59
59
*58
59
59
5712 5712 59
*57
60
Oct 2812 Noi
26
600 Hartman Corp class A_N0 par 2312Sept 2 2714 Mar 29
4
8
233 233
4
4 235 2358 2312 2312 233 2414
*2312 2412
245 Dee 30 Sep'
8
8
No par 20 Aug 12 293 Apr 18
2314 3,200 Class B
23
233
8 2212 2258 2212 2278 23
227 233
8
8
Sal
1718 Dec 46
1512 Feb 15 281 2 Mar 31
Hayes Wheel
No par
68 Mar 88 Del
25 7612 Jan 14 1043
4Sept 6
900 Helms(0 W)
iaii- 10434 107 ffi- •150'.i fci- *100i4 107
;55- 1661712 May 3512 AUI
par
22 Jan 31 417
8Ju1y 8
No
8 2,100 Hoe(R) & Co
3218 327
317 33
8
35
33
35
*34
*3414 3512
__- -,-•
___ ____
8
3612 3612 3618 3612 363 3612 3618 3612 2,700 Hollander & Son (A)__ _No par 3114June 3 3712July 26
363 363
8
8
63 Of
4711 Jan 10
60 Jan 25 6318 Jan 15 Homestake Mining
_ _ *6212 65
*6212
2*62 _ _ *6212 65
12
*621
8
40 Mar 483 Jai
4 1,300 Hourieh Prod,Inc.tem ctfNopar 4314 Jan 3 8612 Aug 8
4
6018 583 593
6112 6018 61
623 - -3
4 62 4
*61 - -12 61
Sal
5014 Mar 71
150 15812 244,300 Houston 01101 Tex tern ctfs100 6018 Jan 11 17412July 9
12714 13112 13214 14912 14514 156
123 12512
27 Jan 45 Sell
8
Dar
343
4July 11 417 Apr 18
No
394 3,000 Howe Sound
39% 39% 39
40
40
4014 3912 40
4012
403 Oct 12314 Jai
4
No par 4814 Jan 24 9112 Aug 2
4
8312 853 100,200 Hudson Motor Cnr
85
84
843
8 833 86
8
835 8412
8
8312
17 Mar 284 Sal
8Sept 1 235s Jan 10
5,900 Hupp Motor Car Corp----10 177
18
18
18
1818 18
18
1818 18
177 18
Jai
193 Mar 34
8
8May 20 32 4 Feb 1
3
4 2014 2012 4,600 Independent Oil & Gas_No par 175
20
2014 20
2014 2014 201
20
20
8Sept 8
1412 Dec 2414 Tel
No par
13 Mar 30 287
2812 288 4,100 Indian Motocyoe
287
2712 28
2712 2812 2818
2612 27
73 Oct 13 Fel
4
10
712May 12 1218Sept 8
26,300 Indian Refining
12
11
93 1218
8
9
84 914
87
87
8 8%
712 Oct 1212 Tel
7
14June 20 12 Sept 8
10
1012 11% 22,600 Certificates
8% 9
93* 12
4
84 83
83
4 84
Jai
804 Mar 104
200 Ingersoll Rand new____No par 83I4June 30 9612 Apr 2
8918
89
*8912 90
91
91 '
188
*88
*88
90
4
3412 May 433 De
No par 41 Feb 15 5512July 25
5318 5214 5238 1,200 Inland Steel
53
4 5212 53
523 523
4
8
525 525
8
4
100 111 Jan 3 117 June 8 1083 Mar 115 Tel
Preferred
___*115
_ •115
__ *115
*115
_
*115 _ _
8
,
203 Mar 285 No
4
8 2,600 Inspiration Cons Copper___20 1212June 27 2512 Jan 12
183
-12 17
12 1812 18
1812 1912 1812 6
1912 1612
12 Dec 2134 Fel
113
1534 Mar 12
200 Intercont'l Rubber__ _No par
8June 21
13
*12
*12
13
1212 13
*12
13
*12
13
918 Dec 2614 Sal
4
No par
900 Intermit Agricul
618 Apr 23 123 Aug 23
1114
1114 1112 1112 1112 1112 1112 *11
•1012 11
563 Dec 95 Jai
8
100 33 Mar 20 8612May 28
6,000 Prior preferred
53
5512 53
55
4
55
543 55
53
5014 5014
8
3818 Mar 567 De
4 4,100 Int Business Machines_No par 531e Jan 13 94 Sept 2
9212 914 933
8 9212 933
4 92
9212 935
93 8 933
5
4
443 Oct 7178 Ja:
8
8klay 31
5512 5614 5612 5738 *5514 5614 4,800 International Cement__No par 4514 Jan 21 653
5514 5512
5518 5514
Jai
100 10214 Jan 21 11014May 19 10178 Oct 106
600 Preferred
110 110 *110 11012 *108 110
10912 110
*108 10812
3312 Mar 6412 Ja.
30,000 Inter Comb Eng CorpNo par 4318 Jan 28 64 Mar 1
4812 50
49
5012 4912 505s 4814 50
485 49
8
8Sept 7 11214 Mar 15818 De
8
100 1353 Jan 18 2237
21514 21914 43,000 International Harveriter
8
219 2237 21712 222
206 220
19814 204
Jan 129 De
100 12684 Jan 12 13312Sept 9 118
500 Preferred
13312 13312
13214 13214 13314 13314 133 133
5132 13214
8
6 Sept 123 Fe
412 Aug 8
83
4May 27
100
518 .518 7,400 Int Mercantile Mar1no
518
8
5
47
8 47
45
8 5
5
5
27 Mar 464 Fe
3
/
1
100 3518 Aug 9 b(r sMay 31
16,800 Preferred
8
8
383
8 3818 387
8 383 4012 3914 395
38
38
38
5312 Mar 6658 Fe
4Sept 6
4
8
7518 7612 753 7612 16,500 International Match prof_ _35 62 Mar 2 773
4 753 77
7412 773
75
753
2
323 Mar 4614 Ja
27.000 International Nickel (The)25 3814 Jan 3 75 May 31
66
653 6714 653 6612 64
4
4
655 67
8
67
67
4
4418 Apr 631 Au
8
8
4
8 543 553 12,200 International Paper_ __No par a3912May 18 607 Mar 7
Stock
553 5812 5514 5614 5514 557
4
553 5614
4
89 May 100 De
100 9612 Jan 3 1033
4Sept 6
8
10314 1033 10314 10338 10338 10312 1033 10312 23,100 Preferred (7%)
4
10318 10314
Ja
300 international Shoe____No par 160 Jan 21 20612Sent 9 135 May 175
20612
20612
206 206
*200 202 Exchange 205 205 *20512 210
100 13512Mar 21 196 Aug 2
16912 17212 1,200 International Silver
16714 16714 16712 170
169 169
•167 172
100 12214 Jan 25 150 Sept 9 1171 Mar 133 .ja
37,900 Internal Telep & Telen
14614 14712 14614 150
4 1443 146
4
148 14914 Closed- 014378 1453
Ja
1812 July 29
No par
1912 Jan 31 3912June 18
3314 3314
800 Intertype Coro
35
3314 *33
3318 331s 33
34
*33
1
4812 Mar 11 67 Sept 6
1,000 Island Creek Coal
8
4
4
66
66'2 653 653 *655 66
Labor
6612 67
6512 654
Jan 5612 Be
No par 5312 Jan 3 67 Aug 29 25
1,600 Jewel Tea, be
6412 6412
8
8
8 647 65
6414 6512 647 653
*6514 6512
100 111I2July 25 12512 Mar 15 11513 Jan 12712 No
200 Preferred
11312 11312
Day
•113 11314 *113 11314 113 113
*11214 11314
Jan 120 Au
4May 21 114
160 Jones & Laugh Steel pref_100 117 Feb 2 1223
4
4
•12112 12134 12134 12134 122 1223 *122 1223
121 121
8June 27
9 Dec 1912 Fe
8
105 Jan 3 305
2418 2358 233* 1,100 Jones Bros Tea, Inc. __No par
24
25
25
241 25
*2414 25
12 Nov 66 F.1
2212 Jan 5
8July 6
No par
125
33,400 Jordan Motor Car
1912 21
4
18
18
1778 2018 195 203
177 187g
200 Kan City P&L let pf A.No par 112 Feb 10 11512July 15 10714 Mar 115 No
115 115 *114 11514 1154 11514 *115 11514
•114 115
3314 May 514 IN
5914 15,000 Kayser (5) Co v t c___ _No par 49 Apr 29 6058Sept 6
4
5934 6052 5914 6012 581 5912 58
5914 593
4
9 Oct 2112 Fe
4Sept 1
912 Jan 27 303
25
53,100 Kelly-Springfield Tire
2938 3038 28
297
8 275 2812 2712 28
8
2914 30
4312 Oct 743 Fe
4
100 85 Feb 2 91I2Sept 6
5,400 8% preferred
86
86
907
8 8812 89
857 87
8
8812 9112 88
45 Dec 7314 FE
100 44 Jan 19 89 Sept 6
1,500 6% preferred
83
82
84
8514 86
87
89
87
87
84
Kelsey Hayes Wheel_ __No par 20 July 30 27 July 11
2312
2312 *23
*23
243 *2312 2412 *23
4
*23
25
641- Nc
493No par 60 Feb 9 7314Sept 9 - 4 Mar - 4 717 7314 49,000 Kennecott Copper
8
713 7212
7214 727
8 7114 7214 7114 72
8
12 May
218 JE
1 Mar 11
4June 30
14
14
14
12
14
14
2,100 Keystone Tire & Rubb_No par
14
5
2
*14
38
39 Nov 8218 Jr
bOl4June28 45 Jan 5
par
No
Kinney Co
*25
27
27
*25
*2318 28
*25
27
4 2318 28
,
85 Sept 9914 52
60 Preferred
100 56 June 29 8412 Apr 8
80
80
*7814 80
1
4 '
*7814 793
793 '7814 80
4
793
4
565 Dec 68 X<
8
7
25 49 June 16 62 8 Feb 25
3,600 Kraft Cheese
551
8
5512 565 *54
55
55
5412 55
53
54
4
Jr
423 Mar 82
7
10 45 2 Jan 28 7714 Sept 8
733 7618 27,800 Kresge (8 8) Co new
8
4
71
7412 7412 7614 753 7714
693
4
67
4
100 11018 Feb 9 118 July 16 11212 Nov 1 14 4 FI
160 Preferred
416 116
1155 1153 11512 11512 11512 1151i
8
4
11534 11534
8
1518 Mar 333 Jt
10 June 28 1712 Feb 8
Stores__ _No par
Kresge Dept
*1212 15
*1212 15
*1212 15
*1212 15
•1212 15
7014 Mar 9314 F(
100 46 June 28 80 Jan 4
Preferred
55
55
*45
*46
*45
55
*45
52
55
*45
4
200 Laclede Gas L (St Loule)._100 1733 Jan 27 26712June 2 146 Mar 196., D
230 230
*225 240
*225 240 *230 240 *230 240
1918 May 2412 Jul
6,700 Lego 011 & Transport_No par 2012 Jan 13 3314 Aug 17
8
31
3112 313 32
3014 3014
8 3012 31
305 305
8
3912 May 72 13(
8July 18
No par 66 Jan 28 825
8
763 767
4
8 757 765 10,600 Lambert Co
743 7514
8
4
75
7558 757 77
814 Dec 14
St
7 Jan 4 1178 July 25
No par
Rubber & Tire
1158 1134
1114 1158 1112 1112 1112 1112 1114 1112 3.600 Lee
4
303 Mar 411s Jr
8
No par 325 Apr 27 3914Sept 9
3834 3914 25,400 Lehn & Fink
3818 3834 38
4
3/04 383 39
3714 3814
25 D
1714 May
No DAT 21 Aug 31 2472 Feb 17
1,500 Life Savers
2212 213 22
4
*2112 22
2114 2112 2112 22
22
7218 Mar 103 D
800 Liggett & Myers Tobacco_25 *8712 Feb 10 12414Sept 6
121 122
123 12414 12312 12312 *122 124
•120 122
4
71 Mar 723 D
8Sept 6
25 *865 Feb 10 1237
8
4
12034 1237 123 1233 12214 1235 12114 12218 16,700 Series B
8
4
8
12012 1203
3
4
100 12444 Jan 27 134 Sept 7 1193 Jan 129 4 Mr
300 Preferred
•131
___ 134 134 *124
_ 134 134
•131__
3
5312 Mar 694 Jr
8
No par 82 Jan 6 763 Apr 26
3,200 Lima Loc Wks
6712 6514 651
6512 65
6512 65 65
*643 4 65
4312 Oct687 N(
8
8
4858 4912 4812 4812 48
1,000 Liquid Carbonic certlfs_No par 48 Aug 12 593 Feb 14
4912 50
4858
4912 4912
8
3414 Mar 483 ia
8
No par 467 Jan 4 637 Mar 17
8
4 5412 5512 *5434 557 11,300 Loew's Incorporated
5412 543
5414 55
5518 5512
Oct1114 Fi
6
618 618
618 614
No par
6 Feb 23
75 Jan 20
8
4,000 Lott Incorporated
618 618
618 61
614 614
418 Dec 5012 F,
4
35
35
35
35
*35
3514 *35
35
700 Long Bell Lumber A
No par 3212 Apr 26 43 Mar 7
35
35
5614 Sept 6
4 54
46,900 Looee-WIlee Biscuit new
533 5614 5212 543
8
547
8 525 54
8
25 23512Ju1y 1
507 5512
2
D
2r1 preferred
100 157 Mau.11 171 May 7 12014 "Ma 175 7,
273 Oct4214 1
4
8July 28
8
- -1-i5 11 4 "i5- 165- -51ii2 -4018 3938 3978 13,700 Lorillard
25 2312May 2 473
-55E8 16*114 116 *115 116
115 116 *115 116
200 Preferred
100 107 June 27 11812 Jan 13 11118 Apr 120 A,
•114 116
1114
11
12 Mar 1974 Jo
11
8
1034 1118
1012Sept 3 12 Aug 16
105 105
8
1158 8,700 Louisiana 011 temp Ofs_No par
1012 11
93 Dec 98 D
*9012 91
*9012 91
*9012 91
170 preferred
91
9012 91
100 90 Apr 6 97 Feb 5
91
8
8 265 2634 2,200 Louisville()& El A____No par 2354 Jan 3 28 May 10
8
265 267
223 Mar 26% F
4
4
263 27
263 27
4
4
*263 27
2412 24
2412 247 2612 233 257
4June 24 3314 Mar 18
2258 Oct5814 F
24
8 5,800 Ludlum Steel
4
No par 213
•233 2312
8
Oct138 F
*120 125 *120 125
121 121
12218 125
100 105 June 27 134 Aug 24 122
400 Mackay Companies
*120 125
68 Mar 7318 F
72
*7012 7112 70
7012
400 Preferred
100 67 Aug 2 74 Aug 18
72
7014 7014 *70
*70
8 9912 10012 9912 1023 28.800 Mack Trucks. Inc
895 Nov159 Si
8
983 10112 9918 1017
4
8
4May 23
No par 8814 Jan 24 I183
9912
99
4
112 112
•110 112 *1103 112 *111 112
200 let Preferred
100 109 Jan 25 11318July 19 10712 Nov113 Ju
*110 112
4
*10512 107 *10512 10612 10612 10612 *10512 10612
100 2d preferred
100 102 Jan 18 10712June 9 102 Oct1083 Be
•10512 10712
34 Apr 447 F
8
3714 3712 37
367 37
8
3718 37
No par 2912 Feb 9 3818 Aug 24
3714 4,200 Magma Conner
37
3712
1258 Nov 2818 J,
8
1512 1512 153 173
4
4 173 183
4
1112 Apr 7 183
4Sent 81
4 165 1778 17,100 Mallinson (11 R)& Co_No par
8
1514 157
share
$ per share $ per share $ per share $ per share $ per
___
_ *107
.. _ *107
___ *107
*107
14612 150
151 152 4 150 fii
- 3
14934 15314
8
6834 667 674 6512 67
4 67
683
67
4
473 483
4
4
4712 4812 473 49
4712 49
8
1067 1067 *10612 10812 *10612 10812 *10612 10812
8
17
15
4 1412 15
8
8 145 143
143 147
4
8
8 5818 5914 585 5918
597
8 5818 597
59
4
8 7614 78% 753 78
4 783 803
8
7614 793
4
4
10512 10512 1063 1063 *107 1077 *107 1077
523
4
4 52
8 5312 538 5212 533
523 537
4
*1113 11214
4
_
*1113
4
4
4 7618 773
4
8 7712 7812 763 773
783 293
4
8
4 765 77
8
8 773 773
793
8 7712 787
79
116 116
115 115 *115 116
11512 120
4
*612 63
614 614
6
6
618 618
38
3712 3813 37
4
4018 4138 373 40
4114 4312 4112 4278
4
427 4414 423 44
8
121 121 *12112 123
121 123
*123 124
4
3
4 60 4 6414 623 63
8 62
643
6212 657
5614 5,300 Manh Elee Supply_ _No par 50 Aug 29
55
567
8 55
54
55
55
56
4 297 3012 303 307 *30
8
303
4 2,000 Manhattan Shirt
2912 293
4
8
25 244 Jan 18
60
*47
60
*47
60
*47
60
Manila Electric Corp__No par 40 Jan 22
*47
1514 1514
15
1514
1514
15
*1514 16
13 June 27
900 Maracaibo 011 Expl__No par
35 8 3614 3558 363
5
3512 36
4 3534 37
26,300 Marland Oil
No pa. 31 June 27
47
47
463
4 4,500 Marlin-Rockwell
4612 48
457 4714 46
8
No par 27 Jan 10
21
*18
21
8June 29
2114 2114 *18
*18
21
200 Martin-Parry Corp__ _No par
165
8
8
par 82 Jan 6
1163 1195 118 11814 118 1187 11614 11778 4,500 Mathieson Alkali WorisNo
4
3
8112 8018 811
8
793 807 18,000 May Dept Stores new
8
2' 66 4June 28
7914 8138 81
8 313 33 4 11,100 Maytag Co
233 Jan 15
3114 3112 31% 3118 3118 315
No par
4
)
99
90
8712 88
91
89
86
90
5,800 McCrory Stores Claw B No par 5612 Mar 4
27
*2612 27
2412 Mar 14
2612 2714 27
26
26
4,000 McIntyre Porcupine Minee_h
4
8
247 247 *247 25
8
8
200 Metro-Goldwyn Plcturee pf_27 243 Jan 3
247 247 *247 25
8
8
4
4
3 Aug 23
4
4
358 4
4
4
1,500 Mexican Seaboard 011_ _No par
6 13111June 21
4 145 143
8
4 145 .147
8
1412 14% 1,700 Miami Copper
143 143
4
302 3114 10,200 Mid-Continent Petro__No par 29 Al', 29
8
3012 31)
.
307 3118 301 3078
100 97 Apr 28
100 Mid-Cont Petrol pref
103 103 •I63 104 *103 104 *103 104
153 Jan 3
212 212 5,400 Middle States 011 Corp_ ,10
212 258
212 212
212 212
10
112 Jan 25
*13
4 2
13
4
13
4
500 Certificates
2
2
*13
4 2
4
3,300 Midland Stee' Prod prel___100 106 Apr 11
4
139 1403 139 139
13912 13912 1393 140
4
27
273
8 1.100 Miller Rubber ctfs____No par 233 Aug 26
28
28
28
28
273 28
8
100 8112 Jan 28
1025 10318 3,500 Montana Power
8
1025 ion 10212 104 .10318 104
8
3
8 7714 7812 7614 7814 100,600 Monet Ward &Co III corp_10 60 s Feb 8
715. 781,
7818 793
8 7814 793
• Bid and asked prices: 00 sales on this day. z Ex-dividend. a Ex-rights.
527 5312
8
2914 2914
*47
60
15
1514
355 36
8
*4712 48
21
•18
*116 1165s
7912 7912
3118 3138
86
*84
no% 26
*247 25
8
418 418
143 143
4
4
31
31
•100 103
212 212
114
134
4
139 1393
*275 28
8
10212 10212
132 Aug 5
8438July 21
50 Aug 16
4
223 Jan 18
6812 Jan 17
53'4 July16
2434 Feb 24
4July 20
1243
8112Sept 7
844 Aug 10
91 Sept 7
2712 Feb 28
2814 Feb 21
914 Feb 16
1612 Feb 28
8938 Jan 21
105 Feb 3
Apr 12
331.1une 2
3
23
4June 23
1403 Aug 25
4
3634
10614July 22
7918Sept 6
44
Oct
217 Oct
,4
2712 Mar
1612 Oct
4914 Mar
2412 Oct
17 May
62's May
6912 Dec
19 Mar
72 Mar
224 Oct
2214 Jan
6 Feb
11 Mar
2712 July
90 Mar
30f4 7, ay
1 Noy
l
Oct
107 Mar
873 le
4
327 J
8
4538 Be
28 F
633 Ju
8
33 M
23 Ju
10618 J
70 I)
241 Be
121
J
30 F
2518 N
13 4 -It
2
1758 C
37
J
10414 E
693 Mar
8
56 May
8612 N
82
J
44s8 r
2'213 .1
p
13312 y
1438
New York Stock Record-Continued-Page 5
For sales during the week of stocks usually Inactive, see fifth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Sept. 3.
Monday,
Sept. 5.
$ Per Share g per Share
71,
*7
25
8 258
*73g 9
273 237
4
8
2638 2612
57
5712
*46
47
24114 243
847 85%
a
*5
512
*3413 36
*37
89
14113 143
*137 140
453 453
4
613* 62
2234 227
8
*003* 911s
383 38 4
4
,
*5212 59
0
2814 2812
88
88
•11434 116
*132
2318 233
4
86
863
4
246 247
•151 152
15 8 153
5
4
453 453
8
8
Tuesday,
Sept. 6.
Thursday,
'Wednesday. Sept. 8.
Sept. 7.
Friday,
Sept. 9.
Sales
for
the
1Veek.
STOCKS
NEW YORK STOCK
EXCHANGE
I'ER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Precious
Year 1926
Lowest
Highest
$ per share $ per share g per share 3 per share Shares Indus. & MIscel. (Con.) Par 3 per share $ per share 3 per share 3 per short
600 Moon Motors
714
8
72
,
7
73
714
8 73
7
7
93 Nov 37% Feb
No par
6 June 23 1213 Jan 5
212 212
212 258
212 258 2,100 Mother Lode CoalltIon_No par
23* 2%
43 Jan 3
2I2May 13
712 Feb
4 Nov
3
*73
4 9
3,300 Motion Picture
4 7
7 4 73
63
4
4
63
4 73
No par
63
4Sept 8 185 Mar 18
8
103 r)ec 2313 June
4
2814 29
29
2913 29
2914 29
3014 5,600 Motor Meter A
3334 May 6'33 Feb
No vat 243 Aug 25 383 Apr 18
2
2634 263
4 2612 27
z267 267
8
8 5,500 Motor Wheel
8
268 273
203* Jan 3 27 8 Mar 29
No par
7
1918 Nov 337 Feb
2
5712 5912 593 6112 613 65
4
6714 16,900 Mulling Body Corp
65
8
No par
10 Jan 5 6714Sept 9
19 Fen
3
8 Nov
4612 47
4612 4612 46
4612 *4512 4612
900 Munsingwear Inc
No par
3.53
4May 17 4958 Aug 18
343 Apr 383 July
4
2414 25
2418 247
4 2314 233
235 243
4 7,800 Murray Body new
No par 20 Aug 9 43 Feb 23
8512 9012 89
927 182,700 Nash Motor, Co
93% 9112 9314 91
8
No par 6014 Apr 25 933
8Sept 7 52 Mar - i -Dec
707
514
514
53
512 *53
8 512
Vs 5%
800 National Acme etamped_ ___10
5 Feb 13
67
8May 18
5 Nov
127 Jan
2
*3412 36
3458 34% 345 345
367
8 1,100 Nat Belles Fleas
35
8
No par 3413 Aug 31 4414 April
891* 8913 *87
88
9012 88
88
88
300
Preferred
100 88 Sept 8 97 Apr 19
13812 142
14234 1447 141% 143
141 1433*
16,500 National Biscuit
25 94 4 Jan 27 1447
3
8Sept 6 74 Jan 102 -Dee
*137 140 *137 133 *137 140 *137 140
Preferred
1013 130 Jan 10 141 Aug 25 126
Jan 13112 Aga
457 46
4514 4614 4512 4618 453* 4618 12,300 Nat Cash ROOM& A WI No par 397 Jan 3 467 Aug 29
2
2
3712 Oct 54 Jan
6112 6318 613 63
4
6114 624 6114 617 26,600 Nat Dairy Prod
8
No par 6914May 3 683* Aug 4
237
2312 2313 2312 2312 1,000 Nat Department Stores No par 20I4June 27 273 Mar 1
*23
25
25
8
24
Oct - 8 1611
423
*905 91
8
91
9112 *9112 92
*9112 92
200
let preferred
101) 8912July 26 944 Jan 10
893 Oct 97 Jan
4
38
3938 4012 417
4218 4612 46,400 Nat Distill Prod etle___No par
4034 447
17 Feb 8 513
8June 6
12', May 34 Jan
*52
58
4
*5312 573 *5513 53
5614 563*
100 Preferrea temp cti_No par 43 Mar 22 693
4June 6
3712 Aug 7318 Jan
2814 2814 284 284 2612 273
4 263* 263* 2,200 Nat Enarn & Stamping_100 1918 Apr 29 35 2June 6
2118 July 4012 Jae
3
884 8814 *8812 90
83 83
90
*88
600 Preferred
100 6918 Apr 29 9178 July 5
76 July 893 Jan
4
116 120
11912 12512 123 12413 120 1243
4 9,001) National Lead
100 b95 May 31 2023
4May 10 138 Apr 181 Dec
*13312
*13518 136
13512 13512
*1354
100 Preferred A
100 11312June 2 135I2Sept 9 --- --- -2378 2412 2414 26
254 2412 2518 118,200 National Pr IL Lt etfs_No par 1914June 23 26 Sept 7
25
1614 Mar 3842 Jan
863 88
4
87
873 8812 *87
4
873
88
8 5,900 National Supply
50 76 May 11 95 4 Feb 13
3
5512 Jan 88 Dec
24612 247
24612 254
255 265
25714 262
4,660 National Surety
100 0218 July 21 269 May 13 208 Mar 237 Dec
152 15212 154 155
15712 1654 16012 16212 3,300 National Tea Co
No par 108 Apr 18 1743
4July 21 11612 Nov 238
Jan
1512 153
4 153* 157
1478 155 38,500 Nevada Coneol Copper_No par
8 153* 157
8
1214June 29 157 Aug 25
8
1614 Nov
115t June
4514 453
4 4518 46
463 47% 46
8
47
14.900 N Y Air Brake
No par 403 Jan 8 50 Juno 9
2
364 Jan 4612 Sent
No par
1318 Apr 21
217 Jan 3
2018 Nov 843 Jan
4
Preferred
No par 43 Mar 30 72 Jan 13
7014 Dec 85 Apr
-a- - - 2
63362
63
6112 6214 613 623
4
6214 64
5,800 New York Dock
100 34 Jan 14 64 Sept 0
32
Oct 457 Feb
2
*85
89
*85
89
*84
89
*85
39
*85
89
Preferred
100 7218 Feb 9 88 Sept 2
89 May 77 Dec
*2812 285
8
285 283 *2812 287 *2813 287 *2812 287
8
4
8
8
3
300 Niagara Falls Power 91 new_25 273 Jan 31
4
29 8May 2
3
273* Mar 294 Dec
56
5818
z565 58
8
56
57
8 543 5552 103,100 North American Co
553* .565
4
10 455 Jan 14 5818Sept 3
42 Mar 67
Jan
*52
53
25218 5212 52
52
5212 5212 52
5214 1,300 Preferred
Jan 524 Aug
50 50 Jan 10 55 Aug 9
49
10212 1027
*10131 10213 *102 10212 *10214 1023 *10214 10212
4
1
No Amer Edleon pref __No par 96,Jan 6 1027
914 Mar 97 Dec
8Sept 3
27
3
2
1
27
8 *212 23
4
25
8 25
8 *212 25
53 Feb 10
8
400 Norwalk Tire de Rubber____10
17
,June 16
412 Oct 1518 Jan
1014 1014
*1012 14
*104 14
*11
14
*11
14
200 Nunually Co (The)____No par
9% Aug 15
13 Jan 19
123 Dec 1712 Jan
4
35
35
35 2 3512 35
3
353
4 3512 3534 35
3512 5,000 011 Well Supply.
4
8June 3
25 31, Jan 28 443
30 July 363* Oct
135 137
8
127 1312 123 123
4
4
1212 123
4 1218 1214 3,200 Omnibus Core
12
Oct 224 Feb
11 Mar 25 1712June II
No par
4
*7212 723
7212 725
8 72
72
72
72
1,800 Oppenhelm CollIns*CoNs far
723 73
8
Jan 633* Sept
5812 Feb 8 7313 Aug 20
47
'2512 253
28
29
4
23
284 2712 2712 27
2712 3,100 Orpheum Circuit, Ine
1 2414Sept 2 35 Apr 7
2712 Mar 334 Nov
104 104
104 104 *104 105 *104 105 *104 105
200 Preferred
Apr
Jan 105
100 103I2Mar 23 10312June 2 101
13912 14012
1423 1453 14412 145
8
4
14212 145
14514 14514 7,500 Otte Elevator
45001 6 106 May 136 Dec
50 x103 Feb 2 1453
*12014 12312
12312 124
12014 121
121 121
121 121
340 Preferred
100 108 Feb 16 1243 AUg 2 1023 Jan 10913 Aug
4
4
97
97 10
97
03
97 10
8
93
4
972 2,500 Otis Steel
1413 Jan
973
No par
Oct
1212June 6
7 Feb 10
14
8
741:1 7412
*7315 7412 7412 7412 7412 7412 74
42 7412
000 Prior Orel
63 Nov
100 6112 Feb 8 7938.June 9
74 ScD1
7712 775s
773 783
4
4 788 787
8 784 7834 *78
784 2,000 Owens Bottle
533 Mar 904 Dec
4
25 7512 Jan 18 841 2 Mar 14
3912 3912
3912 40
40
413
8 414 4214 4114 4112 5,300 Pacific Gas & Eke new
25 31 Feb 18 4214Sept 8 .- --- --•
118
118
114
118
118
114
118
118
118
118
900 Pacific 011
No pat
81 Feb
141 May - 18 1 May 25
Ils Jan 7
414 413
4138 42
4
4114 4173 403* 41 12 4018 41
35,400 Packard Motor Car
427
31% Mar 4514 July
8Aug 24
10 33% Apr 28
1214 127
1212 123
4 1214 1258
12
1212 12
1214 9,900 Paige Der Motor Gar_Ne par
77 Mar 22 1412May 4
2812 Jar
9 Nov
483
48
48
4914
47
43
43
4812 4812 49
7,800 Pan-Amer Petr & Trans__ _ _50 4518 Aug 29 65% Jan 19
5018 Mar 7614 Jan
48
4834
Stock
47
48% 4718 483
8 48
4914 433 497 39,700 Class B
4
567 Mar 783* Jan
8
50 455 Aug 29 66% Jan 20
a
20
2012
195 2014 20
8
20
19% 193
4 1052 20
7
5,200 Pan-Am West Petrol B .No par
Jan
Oct 411
19 Mar 30 37,Jan 24
30
*912 10 Exchange
97
9
9
*87
9
9
83
4 95
8
900 Panhandle Prod is Ref.No par
412 Jan 32 June
187 Jan 17
8 Ara 29
8
.
58
53
.5512 59
54
*5512 V
55
*54
59
2Junc
200 Preferred
51
Jan 993
100 54 Sept 8 813 Jan 17
4
388 Closed38
38
3812 3812 388 387 3912 3914 41% 27,700 Park & Tilford tern etft_No par 20 Jan 27 4218June 16
8
183* Oct 284 Jai,
74 714
714 712 *7
712
712 7 2
,
7,
812 Pet
4
73
3 2,200 Park Utah 0 M___ _ .. _ ._ __I
6 Jan 3
8 Mar 4
518 Sept
2512 273
4
Labor
28
293
4 29
2912 2612 2834 2612 27
9,600 Pattie Exchange A new No SW
2518Sept 2 4314June
17-194 1912
193 203
2012 2012 *1912 2012 20
20
900 Patin° Mines & Enterpr ___20
1813 Aug 1 27% Feb 2
*2214 2234
Day
227 23
223* 2318 2212 223
4 2212 2212 1,000 Peerless Motor Car ._ .. _ _ .50 20 Apr 29 32 Jan 8 233 Nov 21 Nos
-12
8
23
23
23
2412 243* 2412 203 223
4 21
4
No pea 203
213* 23,000 Penick & Ford
4Sept 8 277
167 Jan 24 Der
2May 9
2
*1213 17
15
15
*14
1612 *14
1612 *14
100 Penn Coal & Cote
1612
50 104 Jan 19 2512May 27
19
7 Aug
Oct
2414 2412
24
2438 24
247
25
25
6,300 Penn-Dixie Centaur_ __No par 2378 Aug 22 3958 Jan 13
2412 26
38 Dor 41 Des
.91
9212
*91
92
91
91
91
91
9118 9112
300
Preferred
100 91 Sept 7 100 May 14
99 Nov 10012 No'
%June 25
Penn-Seaboard St'l vto No pa
214 Jar
14 Feb 14
52 Oct
193*116151 15112 15112 15312 151 15118 151 151
3,100 People's 0 L & C (C131c)_100 126 Jan 14 1535 Aug 5 117
Del
8
Jan 131
*103 107
*103 107
107 107
k
1067 1067 *103 107
8
200 Philadelphia Co (Pitteb)50 8514 Jan 18 110 Mar 25
594 Mar 91 Der
*53
533 533*
3
5312 53
53
*523 5314 53
4
53
400 6% preferred
8Sept 3
60 50 Jan 6 533
45
Oct 5114 July
4013 4118 4012 4114 403 4114 403 407 15,600 PhIla & Read C & I.N. pa
4012 4118
8
8
8
373
8June 30 473* Mar 4
36% Apr 45% Vet
40
4014 4014 40
4012 *3912 42
40
40
405
3 3.700
Certlficatee of IntNo par 37I4June 30 47 Mar 4
363 June 464 Jar
4
26
2634 263
26
4
257 2614 2512 26
8
261a 263, 4,400 Phillip Morrie ok Co. Ltd._.10 25121lept 8 413* Jan 10
Apr 41 Dec
16
4258 4318
42% 433
42:4 433* 4318 4418 431i 444 45,900 Phillips Petroleuff __No par 38 July 13 6014 Feb 16
40 Mar 573 Del
45
4618
44
45
4418 45
*44
467 *44
8
46
1,700 Phoenix 110914n7
5 42 Jan 7 527 Aug 2
31 Mar 4614 Not
*10412 105
*10412 105 *10413 105
10412 10412 10412 10412
140
Preferred
Oel
100 103 Jan 5 1073 July ft
94 Mar 103
*
1012 103
11
113
4 11
1112 1114 117
4
8 1113 12
4,300 Pleree-Arrow Mot Car No par
9% Aug 31
23 4 Mar 8
19 May 4312 Jar
,
43 4 44
3
443 4512 4513 4512 46
4
4814 47
47
2,400
100 42 Sept 1 1024 Jan 3
Preferred
7612 Apr 127 4 4111
,
052
3
4
5
3
12
%
%
5
8
3
8
*12
3
4 9,900 Pleroe 011 Corporation
25
112.11the 22
12 Mar 25
14 Oct
13, JOT
*1612 19
*1612 20
016
20
17
17
17
17
200
Preferred ____ _ ____. __101.
2712 Jar
1312 Mar 24 24 June 21
1118 Nov
*33* 37
4
33
33* 33
8 33
312 312
312 312
1,200 Pierce Petrorm tern ctfearo par
212 M ar 22
5I2June 20
24 Aug
7
Jar
613 647
4
6412 66% 6512 683
6118 623
4
8 633 668 59,700 Pittsburgh Coal of 0'a____100 3234Mar 22 7412June 7
4
29 Juno 4213 Jar
87
90
92
*86
92
87
92
93
92 . 92
2.200
Preferred
100 7052 Mar 10 9312June 8
Jar
70 June 85
9712 9712 *97
98
*J738 98
__
2
973* 973
300 Pittsburgh Steel pref.__ . 100 9512 1pr 11 101 Jan 18
94 Mar 10018 Del
1203, 12338 120 1213 12014 12512 12212 12514 185,900 Posture Co, Inc
12012 122
4
No par 923* Mar 16 12512Sept 8
7512 Mar 12472 Pet
75
763
8 7414 75 8 7312 7612 7112 737 16,600 Preened Steel Car new
7514 7712
5
8
100 3612 Fah 5 78 Aug 26
3418 May 44 Net
38
88
8812 8812 8818 8818 88
8712 8712
88
500
Preferred
100 7812 Feb 5 9212May 12
4
774 Dec 950 Jam
2212 2215 23
243
2418 263
.223 2315
4
3 2412 26
16,900 Producers & Refiner' Corp_50 163 Jan 5 337
4
11 Mar 2034 001
2May 16
41
41
4118 4112 4114 447
41
41
42
4314
370
Preferred
60 367 Jan 6 50 Feb 9
303 May
4
414 001
4314 433
4 4312 4618 443* 46
44
4238 4338
45 104,500 PubSerrCorp otNJ new No pa
32 Jan 6 4618Sept 7
3114 Oct 333 Not
10012 1003 10012 10012 100 4 1003 *10012 1003
4
100 4 101
3
3
4
4
900 6% Preferred
001
100 9812 Feb 19 101 14May 10
984 Apr 101
*114 11514 114 114 *114 115 *11312 115
511313 114
100
7% preferred
100 10812 Jan 5 11558 Mar 23 10318 Jan 110 NO1
*1293 133 *12978 133 *1297 133 *1297 132
1112934 133
4
8
8
8% preferred
100 125 Jan 10 132 June 20 115 Mar 12414 Not
107 107
107 10714 *10612 107
10712 10712
01063 110
4
400 Pub Bert Elee & Gas phi, 101 102 Jan 4 1083
4May 20
Jan 1044 SeD1
97
7712 794 43,300 Pullman Company new Nopar 733 Aug 17 7934 Aug 25
78
773 7818
4
7812 784 793* 7812 79
4
39
395 4014 3914 40
3914 3,600 Punta Alegre Sugar
397 40
8
3913 39
60 344 Mar 22 46% Jan 3
Apr 404 Del
33
8 2618 2612 2614 267
2618 265
264 263
8
8 2618 265 14,400 Pure 011 (The)
4
Jar
2$ 255
8June 27 331? Mar 4
2514 Oct 31
*112 11312 11312 11312 *114 116 *11112 115
13 113
200 8% preferred
4Juni
100 11112 Jan 11 114 Nifty 25 106
Apr 1123
57
5712 1,400 Purity Bakeries class A._25 423 Mar 31
56
55
5614 5614 56
56
56
55
4
58 May 3
Oct 491 Not
47
81
82
81
7918 793*
2,600
704 7912 798 798 80
Class B
No par
413* Jan 3 8318 Aug 23
4112 Nov 44 DV
65
6318 648 54,400 Radio Corp of Amer....No pw
63
65
6414 654
63 4 643* 63
,
41 12 Apr 13 6814 Aug 17
32 Mar 6158 Not
547 547
8 5414 5414
500
*54
Preferred
548 547 548 548 547
51
49 May 3 547
8Sept 3
2
,
443* Mar 537 Ds
*4214 44
*4214 44
*4214 44
*4214 44
*425 44
8
Rand M Mee. Ltd
441 Jan 5 46, Apr 25
No par
3284 Apr 414 Oci
•1518 1512 *1518 1512 *1518 1512 *1518 1512
•1518 1512
lnla Nos
R317 Consolidated Copper-10 1318July 1
1512 Mar 1
1014 Mar
4
21,000 Real Silk Hosiery
28% 29% 254 28% 243 26
2818 30
26
27
11
2358July 1 49 Apr 20
3712 Nov 5014 Oal
*873 89
874
874 87
4
4 87
130
873 873 *8714 873
4
4
Preferred
100 80 June 1
PP Mar 2
9314 Dec 100 NO1
6218 63% 6214 634 623 6312 62
4
634 12,600 Reid Ice Cream
62% 63
No par
Jar
334 Jan 24 6112 Aug 30
393 Dec 56
75
7
714
6'
2 73
812 16,300 Relit (Robs) & Co
83*
612 612
73*
No pa
1814 Fel
538July 23
9 Jan 10
712 July
7
403 23918 403 33,100 Remington-Rand
8
8
40
4018 403
4014 4012
4 397 40
8
No par 37% Apr 14 4714June 0
____ ---- ---- ---•
4
298
*993 100
*9912 100
300
99
99 99
9818
99
First preferred
100 98 June 20 10212 Apr 25
____ --- ---- ---•
*10114 10214 *10114 10214 *10114 10214 *101% 10214
110114 10214
Second preferred
100 99 June 3 110 Apr 25
_ _ -___
-- •-•
*110 115 *110 115 *110 115 *110 115
1110 115
ReuiTtn Type 7% 1st pf_10C 110 Feb 18 11712 Feb lo 108 Apr fit;
Oe
*110 115 *110 115 *110 115 *110 115
1114 115
8% 2d preferred__ _ _ _100 110 Aug 29 128 Apr 25 105 Apr 11514 Aul
_ _._ Replogle Steel
Ne par
918 Apr 30
2
157 Jaz
1312 Jan 10
Oct
8
-6
.634 664
- - -12 89
69
651 4 88
3
6612 - 3- 6814 - - 7
618 3,900 Republic Iron & Steel
684
100 5612 Jan 4 757 Mar 11
44 Map 83
/ JO
1
4
100
105 105 *104 105 *10412 105 *10412 105
1104 105
Preferred
100 965 Jan 3 106 May 2...
8
9114 Mar 99 Sep'
8
958 58,700 Reynolds Spring
9
84 9
73
8 8
812
8
74 8
103* Jai
No pat
4 Feb 21
1014July 11
414 Oct
14512 14612 145 14612 19,800 Reynolds (RJ) Toll Claes B 26 9814 Feb 24 1417
14234 1427
143 145 14514 14678
s
2
90 Mar 1217 Not
85e1,t 7
11213 11212 112 1143 115 119
11212 1123
4
117 120% 11,400 Roselle Insurance Co
Jai
4
764 'Dec 1(81
2
, 74 Jan 13 12058Sept 4
457 46
*4514 45 4
46
46
46 12 4612 464 47
4,100 Royal Dutch Co(N Y sharer!)
3
475 Oct 571 J111
4414July 27 64,2 Feb 9
*4014 41
4012 4012 *40
600 St Joseph Lead
41
*4013 41
41
41
7 Mar 4
3652 May 4813 Pni
In 36 May 23 43
7,600 Safety cable
64
64
603 634 6314 634 633 643
6213 64
No par 524 Jan 3 7414July 20
424 Mar 5512 Not
*44
48
*44
5012 17,000 Savage Arms Corporation. 1037 4712Se1,t 7 721 2 Mar 6
48
4 59
4712 5214 507 523
8
6714 Nov 102,2 Eel
*112 13
112
112
*112
112
112
112
13
700 Seneca Copper
112
4
1014 Jet
No par
334 Jan lf
212 Dec
1 June 30
63 8 64
3
64
6414 643 6414 6312 64
6314 63% 2,
700 Shubert Theatre Corp_Ne pa, c.8 Aug 13 88 Aug 20
52 Mar 704 Jul]
/
1
543 57
4
5412 543
36,000 Schulte Retail Stores _Ns par
5412 55
4
5538 57
543* 55
424 Mar 1384 Jai
18 57 Sept 8
47 Jan
112012 130
a
*12012 130 *12012 _ __ *12012 _ __ *12012 _ _- ___ - -14*4
Preferred
lim%sepn 29 1213353
ns Ja t 2
5 1112242 JaIl
3
_____ -4 4ors•e Corp.. .„ Ns p1 T
9
834 912 912
,
Ma!
9
*912 93
9
912
4
9
Mar
AugJan
7518 753
4
757 7612 757 77
8
753
2,76% 7418 757 87,300 Searecitoebuck & Co newNopar 51 Jan 17 77 Sept 7
8
Mar 5812 Sc9
4414
8014 8012
2
7912 805
8 7914 80
7818 793
8
4 733 797k 6,100 @bawd( (P 0)
47 Mar 693 Jai
No par
563 Jan 17 8258 Aug 16
2
*4213 4314
4314 4311 *4314 4414 *4338 4438 *4318 4434
4825 Jai
100 Shell Transport & Trull/19_0 4218J1ly 27 477 Feb 10
401i July
8
263 263
8
z26
263
8 26
8,000 Shell Union 011_ . _No par 25% Aar 29 31 4 Feb 7
2614 2614 26% 2612 265
8
24 Mar 31 NO,
,
*131c1 and asked prices: no sales on this day. r Ex-dividend. a Ex-r ghts. n Ex-dividend one share of Standard 011 of California new.
13 Distributed one-half, more oommon stook and one half share preferred El stock.
New York Stock Record-Continued-Page 6
1439
For sales during the week of stocks usually inactive. see sixth page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Sept. 3.
Monday,
Sept. 5.
Tuesday,
Sept. 6.
Wednesday, Thursday,
Sept. 7.
Sept. 8.
Friday,
Sept. 9.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On lasts of 100-share lots
Lowest
Highest
PER SHAME
Range for Previous
Year 1926
Lowest
Highest
$ per share $ ver share $ per share $ per share Shares Indus. & Miscel. (Can.) Par S per share
10 1414July 16
1614 3,400 Simms Petroleum
8
8 155 1612 16
1512 1512 1512 155
No par 3313 Jan 8
/
4
4 .5718 59% 5818 6112 121,000 Simmons Co
56
573
4 561 573
100 10714 Jan 4
190 Preferred
8
8
8
1107 1107
a
11034 1107 11078 1107 *1107 Ill
16 June 30
8
8
1658 1714 165 167
173 29,600 Sinclair Cons 011 Coro_No par
8
167 171 i
8
17
100 Preferred
100 97 Jan 6
993
8
9912 99% 9953 *99
*99
9912 *99
25 2418June 27
2614 2614 2618 27
2618 273
8 2653 2714 7,900 Skelly 011 Co
128 129 x129 1303
128 128
*124 127
4 1,700 Blom-Sheffield Steel & Iron 100 113 June 29
115
8June 22
No par
700 Snider Packing
1458 1334 14
*1334 1412 1414 1453 *14
241
4114 43,600 So Porto Rico Bug new_No par 338 Aug 12
4 4014 42
41
4134 4114 413
100 11812 Mar 4
200 Preferred
____
12712 13012 130 130 *128
12834 130
375 39% 383 393
8
373 38
8
4
8 3812 391 43,700 Southern Call! Edleon
/
4
8
25 315 Jan 3
15 May 20
900 Southern Dairies el A.N. par
21
21
21
2034 208 21
21
21
No par
7 May IS
1,200 Claee B
9
9
834 84
918 914
87
0
4May 13
No par
83
Spear & Co
*1013 13
*1012 13
*1013 1312 *1012 13
_ 100 73 Feb 24
7812 *75
*7514 7814 *7514 7814 *75
Preferred_ _. -7812
7,200 Spicer Mfg Co
27
27
2734 263 27
.- par 2012 Jan 27
217o
27
27
275
4
100 104 Feb 21
*1103 11213 *11034 1123 *1103 1123 *1103 1123
4
Preferred
4
4
4
4
4
6312 6412 39,100 Standard Gee & El Co_No par 54 Jan 25
6418 6412 64
643
4 6412 65
50 5718 Jan 3
1,000 Preferred
64 6414 *637 6414 6414 6414 63% 6414
8
100 7014 Jan 4
• 93
94
92
923 93
4
923
4 9134 9312 4,600 Standard Militias
100 84 Jan 5
150 Preferred
98
*9712 98
99
99
98
*9814 99
3
53
5312 53
8
5313 5418 547 5512 15,800 Standard Oil of Cal new.A`o par 503 Apr 28
533
3853 387
3813 387
8 388 3914 3918 39% 51,600 Standard Oil of New Jersey_25 3518 Apr 29
3
8
31
313 15,400 Standard 01101 New York _ _25 29 42une 27
3118 3133 31
3153
3153 31
*3
3
/ *3
1
4
314 *3
2 Mar 29
Stand Plate Glass Co....No par
3)
4
*3
314
No par 901 2 .lan 4
1,400 Sterling Products
127 127
126 12634 *125 128
1243 125
3
67
6912 6912 707
8 6918 7012 68
51 14 Mar 15
6912 41,800 Stewart-Warn FM Corp_No par
700 Strornberg Carburetor_No par 2618June 1
3218 33
*3312 3412 34
33
337
o
34
5212 53
527 5512 5014 5712 5653 60 256,400 Studeb'rCorp(The) new No par 49 June 23
8
Preferred
100 118 Feb 10
*118 123 *118 121 *118 121 •118 121
47
6,000 Submarine Boat
No par 212 Feb 28
412 5
43* 453
5
412 43
4
a
1,100 Sun 011
32
3218 3214 323 323 *32
No par 30 Mar 21
8 32
323
8
3
37
33
4 38 3,300 Superior 011
No or 354 Mar 30
334
334 37
38 3%
200 Superior Steel..100 193 Jan 25
2
23
*21
22
*21
22
*21
23
22
7 Apr 27
Sweets Co of America-50
4
*93 1112 *93 1014 *93 1012 *94 1014
4
4
34sent 1
/
1
*234 314 *23
4 318
4 31 *254 318 *23
/
4
Symington temp ctfs.No par
912 *918 912
*9
912 *9
9
918 1,100
81 2Mar I
Class A temp etfe.No par
1413 1418
14
14
300 Telautograph Corp...No par 1112 Mar 9
*137 14
8
*1334 14
S18June 10
8 84 1,000 Tenn Copp & C
84 8 4 *85
,
8% 9
*87
8 9
. N• par
493 517 24912 50 4 63.900 Texas Corporation
3
8
4918 4912 4913 493
25 45 Apr 19
684 6953 6853 6918 6714 6878 120,0001Texas Gulf Sulphur new No par 49 Jan 3
6814 69
145
8 6,200
14
1453 14
137 14
8
137 14
8
.Texa3 Pacific Coal & 011_10 12 Apr 29
2818 295
1512 Jan 25
4 283 3014 138,500 Texas Pa,, Land Trust new_l
2718 283
3 2712 303
8
3258 3312 3314 3312 3318 3314 3313 34
2412 Jan 11
No par
5,300 The Fair
533 533 *533 54
4
54
54
*5338 54
4
4
25 47 Jan 2f)
900 Thompson (.1 Ft) Co
1512June 2
1612 167
8 1614 1612 16% 167
8
165 163
3
4 9,100 Tidewater Assoc 011___No par
88
88
88
88
8712 874 x87
100 87 July 19
800 Preferred
87
2334 2334 231* 2314
23
23
*22
24
101) 19 July 25
500 Tide Water 011
100 8612j0ly 2
*83
300 Preferred
90
3312 883 *88
4
90
*8612 87
127 1297 12812 1313 1263 12953 125 128% 48,600 Timken Roller earing_No par
8
78 Jan 3
4
1005 10112 10012 10034 9912 1003
8
6,900 Tobacco Products Corp
8 9952 100
100 9313 Apr II
11312 11312 11313 11312 *11212 1133 113 11353
100 108 Apr 16
600 Class A
4
818 814
73
4 814
4
33 Apr 3(1
753/ 84
77
8 81 72,200 Tranac't'l 01: ternetf newNopar
/
4
*1612 17
*1512 17
10 May 4
*1513 17
*1512 17
Transue & Williams St'l N. par
5414 55
10,900 Underw.. Typewriter ___ 25 45 Jan 29
5512 5812 57'8 58
55
55
0,1
43
4414 44
45
45
4618 4614 4614 2,700 Union Bag & Paper corp....loo 38,2 Jan 25
71373 1387 13714 138
4
8
13812 14212 13818 1413 58,500 Union Carbide & Carb_Ni par 991s, Jan 28
,
42
42
42
4212 424 43
25 3958June 27
4212 438 3,700 Union 011 California
/
1
*110 112 *11113 11212 1103 111
111 111
4
400 Union Tank Car new.....100 94 Jan 3
37
371
/
1
3618 363
.1O 354 Aug 8
4
8
3 363 3612 2353 364 7,700 United agar Stores new.
105 105
10518 1053 10514 10514 1053 1053
WO 104 July 29
4 1,200 Preferred
4
4
171 172
172 17314 1714 173
100 1511 Jan 25
170 17112 3,400 United Drug
50 5812 Jan 6
*597 60
60
60
60
60
*597 60
8
300 1st Preferred
136 136
pan
12
13612 14014 1383 1403 1393 14614 12,200 United Fruit113 Jan 26
4
4
4
101 101
0l
101 101
101 101
101 101
100 Universal Pictures let pNitio_p10.r 98 Jan 14
3 per share S per share 8 per share
2253 Feb 16
154 Aug 283 Jan
/
1
8
6112Sept 9
283 Oct 5412 Jan
8
11118July 15 10513 Nov 10913 July
2238 Jan 20
163 Oct 247 Feb
4
10314 Jan 31 .90 Mar 99/2 June
3753 Feb 21
265 Mar 3718 June
8
13414 Apr 6 1(33 Apr 14212 Aug
1634Ju1y 21
424May 18
13134 Aug 5 110
Oct 121 nee
30 Dec 33 July
393
8Sept 7
41
Oct 5513 July
4553 Jan 13
1712 Oct 353 Mar
20 Jan 7
4
10 Dec 173 Feb
15 July 29
4
72 Apr 8213 Jan
fin Feb 14
183 Apr 3138 Feb
4
287s1Vfay 25
Jan 10714 Dec
11012 Aug 26 101
51 Mar 69 Feb
4June 16
663
533 Mar 575 Feb
4
644 Aug 30
6718 Oct 9212 Feb
9534 Aug 30
80 Mar 90
99 Sept 9
Feb
523
3May 6352 Sept
603 Jan 19
4
3
413 Feb 5
8
3753 Dec 463 jan
3212 Dec 3314 Dec
3414 Jan 18
312 Nov
438June 9
1072 Feb
75 Mar 9614 Nos
13313 Aug 19
61 Nov 9272 Jan
8Sept 7
707
4753 Dee 7714 Jan
60 Sept 9
47 May 62 Sept
57 Apr 8
122 Feb 23 11413 Feb 12213 June
3% Fet
113 July
81sMay 12
3018 Mar 415 Jan
8
347 Jan 17
514 Dec
1 July
613 Feb 18
1913 Apr 34:2 slept
28 May 18
175 Sept
8
133 Feb 3
4
853 Apr
4 Nov
1413 Jai.
6 Jan 14
133 .lan 14
.
105 Oct 207 Feb
8
11
Apr
1512 Aug 4
147 Jan
*
105 Dec
8
16
Fee
1314 Jan 13
5312 Nov 577- Der
,
58 Jan 17
39
Oct 523 Nor
3Sept 7
693
8
12
Oct 1913 Jae
8June 8
187
40 June 7
-58
3
4
36 Aug 5 26 Dec - - - Jan
4214May 5012 Sept
56 June 21
1918June 9
4June 1
903
301 Jan
2918 Jan 13 27 Nov Jan
8714 Nov 103
39 4 Apr 25
3
4478 Mar 8553 NOT
14212 Aug 3
8
9514 Apr 1165 Setri
1103 Jan 5
8
2
118 July 13 103 Mar 1183 Sept
3 Mar
5 July
/
1
4
934June IS
Jan
173 July 16
15 Aug 27
4
4
4314 Nov 633 Jae
607 Apr 18
8
35 May 71% Jam
7314June 1
7712 Mar 10054 Dec
1447 Aug 5
8
3714 Jan 5833 Sept
5)112 Jan 6
11612July IS
93 Dec 9553 Dec
3813July 26
109 June 24
182% Apr 20 134 Mar 174 Der
5513 Mar 59 .
/
4
601 July 12
51118
98
Apr 126 Nos
14614Sept 9
90 Mar 0812 De(
1038* Apr 26
4
8
2734 2812 265 2712 2612 27
2812 283
2658 2718 7,200 Universal Pipe & Etad__No par 25 Aug 30
90
89
89
*89
4
100 813 Jan 27
*87
89
1,100 Preferred
8613 90
*8612 89
191 196
19314 195
193 205
197 200
195 19714 14,200 0 8 Cast Iron Pipe & Fdy_100 19012 Aug 30
*113 115
*113 11512
113 113 *11212 114 01121, 115
100 112 Mar 14
2
100 Preferred
1978 2053 18
20 203
8
4May 5
, 14,
11,700 U El Distrib Corp new__ No pa
1812 19
193
4 1814 19
4
5818 593
56
55
58
575
4
56
56% 533 552 15,400 US Hoff Mach Corp vteNs pa, 5158 Feb 1
4
773 79
7914 793
79% 807
3 7813 805
8 7914 807
100 69 Mar30
8 9,600 U S Industrial Alcohol
*115 119
*115 110 *115 119 *115 119 *115 119
100 10714 Apr 4
___,_
Preferred
6412 647
643 653
4
8 63 4 65
64
3
6412 63% 643
8 9,600 US Realty & Impt new.No par 54 Apr 6
50
503
3
5018 517
8 52
5514 5414 558 5212 5412 88,500 United States Rubber
100 3714June 16
9618 963*
9612 97
4June 16
97
98
98
100 853
971 973
/
4
4 2,400 let Preferred
98
*41
42
4213 417 417
42,3
1,200 US Smelting. Ref & Min___50 3353 Jan 13
41
41
4153 *40
*50
50% 5014 *50
5053
8
5014 5014 5014 5014 5014
50 455 Jan IS
600 Preferred
---- -___United Stated Steel Corp_100 15312 Jan 28
14 .1-2 14812 14734 14978 1483 15214 1503 157 549,300
.8
1457 14613
8
8
11153 Jan 28
New w I
4
1357 1357
135 136
8
100 129 Jan 28
135 13512 135 13518 13518 1353
4 2,100 Preferred
•84
857
No par 67 Jan 4
200 0 S Tobacco
86
897 *85
*8612 8918 *84
858 88
8
*12613 128
*12612 128 *12612 127 *12613 127 *12612 127
100 123 Jan 14
Preferred
*1201
/
4
_
*12014 __ __ *12112
10 111 Feb 11
Utah Copper
*12113 130
_ •1211z
32 1212
x3178 323
8
3112 17,500 Utilities Pow & Lt A___Ne pan 27 Jan 8
311 - - / 317g 31
4
ii
4 5414 5414
5234 54
5212 543
No par 37 Jan 20
54
55
53
5412 20,900 Vanadium Corp
5612 5612
5634 5678 5(f
5612 57
48 Jan 3
No pa
3,100 Vick Chemical__
56
5614 56
363 373
4
4
3778 3814 3653 38
3714 38
363 3712 26,200 Victor Talk Machine_No par 32 July 13
90
90
8913 9014 894 9012 893 90
8712 Aug 16
No par
4
1,700 8% preferred
8912 893
4
975 073
9712 973
4
4 9714 973
100 9612 Aug 23
4 9713 9712 *9714 9731
1,800 7% prior preferred
1318 1438 14
13
1314
1414
1334 15
712May 23
No pa
14
1478 15,300 Virg-Caro Chem
4134 44
*4012 41
4312 443
4412 433 45
4 44
100 2108 Apr 4
4
4,300 6% preferred
8813 89
*8612 88
897 90
89
89
100 73 June 8
1,200 7% preferred
88
88
45
50
*42
45
•43
47
*42
47
100 Virginia Iron Coal & Colta_100 40 Aug 5
*42
47
2618 2712 265* 268 27
2738 275
2714 267 27
No par 2434July 25
8,400 Vlvaudou (V)
g
100 10018 *100 102 *100 102 *100 102
41100 103
200 Preferred
100 90 Aug 12
20
20
197 20
*197 21
197 20
8
1978 20
1,000 Waldorf System
No par
19 4July 7
3
8 1912 19 8 183 195
•1934 20
195* 195
•1912 2012
4
700 Walworth Co ctfs
171* July 20
No poe
*110 120 *110 120 *115 125
120
*110
115 115
100 Ward Baking Clam A No par 8912 Apr 13
26
2618 257 2612 254 275* 27
2612
26
30
36,400 Class B
1712June 14
No par
96
96
96
96
96
97
96
97
2,900 Preferred (100)
938 9518
No par 84 Apr 9
2318 2312 23
23
234 2318 2313 2353 2312 2,500 Warner Bros Picture, A____1
23
20 July .5
*2513 257
2512 2513 25
253 *253 2534
4
/
4
3
*251 25%
500 Warner Quinlan
No par 24 Juno 6
4
115 11512 11112 1143 112 113
1143 116
4
4
11412 1143
3,300 Warren Bros
No par 65 Jan 14
*71
72
72
*71
72
72
73
*7213 73
'71
200 Weber A Hellbr. new c_No par 7112 Aug 26
162 16338 16113 16212 161 1618 162 162
*162 164
3,300 Western Union Te.legrapblo(l 14413 Jan 8
18612 1871$ 186 1873* 18612 1873 185 18612 5,300 Weetinghouee Alr Braks___50 133, Jan 4
4
*135 1867
8
2
8514 1373
8 87
895
8 8712 8913 8514 8712 110,600 Westinghouse Elec & Mfg_ _50 675 Jan 4
84% 8514
13
13
13
*1213 1314
*1212 13
13
*1213 13
1,000 Weston Flee Instrurn't_No par
123
8Sent 1
*3112 32
*3112 32
*3112 32
*3113 32
32
32
100 Class A
No par 30 July 14
109 109 *108 1097 *10814 1097 •10814 1097
s
3
10 West Penn Elea cl A vtt No par, 977 Jan 4
*108 10812
4
110 11012 11012 11012 11014 1107 110 111
8
11014 11014
260 Preferred
___100 102 Jan 4
11434 1143 114 114 *11313 114 *11312 11414
4
50 West Penn Power oret____100 III Jan 15
1148 1147
8
8
2213 2212 225 225 *223 227
8
8 225* 225
8
600 White Eagle 011 &Refg_Ns par 22 Apr 25
•2212 23
3914 3953 3812 395
8 3,118 395
3914 413 18,600 White Motor
3912 391 3
50 36 July 12
367 3714
8
37
3613 3613 363 36% 364 3612 3,200 White Rock Min Sp etl_No par 26 Jan 26
37
4
45
441 45
/
4
47
463 4713 4613 47
4
7,300 White Sewing Machine_No par
2112 Mar 24
4412 45
55 4 5534 553 553
*5534 56
4
3
4 56
56
300 White Sewing Mach pt_ No pa, 4e Pet. Id
56
*55
*3
8
i.
"2
12
12
*3
8
12
100 Wickwire Spencer ctf__No par
*$8
3 Aug 8
8
3
8
58
17
1712 171g 173
4 17
1758 17
17
171.
4
173 29,000 Willys-Overland (The)
4
16 June 30
5
933 93% 9234 923
8
933 933
8
4 93
03
100 87 June 11
700 Preferred
933 933
8
4
1212 131 •113 1212 *113 1214
/
4
4
1114 1134
1278 127
8
10 May 5
900 WIloon A Co. Inc. eew_No par
23
2312 2212 223
4 2214 2234 2212 227* 1,700
i 614May 5
231 2412
/
4
Class A
NO par
72
7214 713* 713* 71
71
70 707
1,100 Preferred
717 7212
100 68 Apr 7
183 187
18614 192
18853 1913 18518 188% 84.200 Woolworth (F W) Co
8
25 1174 Jar I I
174 17913
34
3418 3412 3614 *34
38
33% 34
3534 363
4 2,200 Worthington 1* & M
100 2012 J.., 27
*52
*52
54
•52
54
54' *52
54
54
100 40 Js, 22
Preferred A
*52
*45
47
40
46
*45
45
4512
47
48
100 40 Fel, 2
300 Preferred B
*45
8 5418 563 59,300 Wright Aeronnutiele___No pa
4
5712 507
60
5412 577
8 66
, 2412 Apr 6
5412 5578
5512 557
8 557 557
8 5513 557
V. 2
8
4 56
,
!
(27 7500,7 Jan.1n t. .4
5
56
700 Wrigley (Wm Jr)
5513
*55
8312 84
84
84
84
84
*81
83
600 Yale A Towne
8352 83%
332 3414 33
333
8 3212 351 101,700 Yellow Truck & Coach CI B100 8235,8
4 3213 333
/
4
g 33
e 4
_ 10
33% 347
8912 9014 91
89 89
91
877 88%
Aug
9114 94
3,000 Preferred
/
4
/
4
8714. 88
8634 88
8758 881 881 88% 6.900 Youngstown Sheet A T V. par 813
4June 29,
87
871 1
x vIdend and ea-r err.. a Y-. see. s Es dividends
,
•Did stud s*ked prices; no sale' on
1358 Mar 3412 De(
3714 Mar 29
52 Mar 9013 De(
96 May 7
248 May 20 150 May 24812 Atli
118 July 1 10014 Mar 118 De
4July 7
223
593
45763.
13May 19 - 2 Jan - 8 Pet
452 Mar 8413 Del
89 Feb 28
9914 Apr 11472 No
119 Aug 29
6712 Aug 24
485* Mar 717 Jar
5014 May 8814 Jaz
6718 Feb 28
/
4
Jar
11133 Apr 8 1011 Mar 109
30
Oct 491 Jai
44 Aug 11
42
Jai
Oct 50
5014 Aug 18
Apr 16012 Del
178 May 31 117
3
157 Sept 9 1137 Dec 117 De
1364July 29 12412 Mar 1301 De
561 Jan 67 De,
/
4
88 Sept 6
1263 Aug 11 112 Mar 123 De
4
93
Apr 116 Nes
124 Aug 24
273 Dec 37 Fel
34 May 19
29 Mar 43 AG
5634 Aug 17
4353 July 52 Ani
8June 6
633
_--- ---- ---- __.
41 Apr 12
9614 Apr 13
. _
_
_ _ _
10012 Apr 13
33 iei
.
i oCt -.4 15 Sept 8
Jai
318* Oct 69
4Sept 7
443
83
Oct 98, Jai
8
90 Sept 7
40 May 6012 Nor
61 Jan 4
26 Mar 3612 De
3914June 20
94 4 Jan 11012 De
3
1184
/
1June 20
23 Da
17
Jan
25 Feb 7
1214 June 2314 Jai
2412 Apr 1
99 June 195
Ja:
115 Sept 9
2114 Oct 85% Fel
335+ Feb 18
8812 Oct 11012 Jai
97 Sept 8
12 June 6914 ''ett
4612 Jan 6
2812May 26
69 De
437
116 Sept 6 - ; Apr 7512 Aug 9
17012June 8 13413 Mar 1577 Bei)
;
18734 Aug 30 1.0514 Mar 146 De
8 .58Sept, 7
65 May 7913 Fel
1913 Jut
134 May
18, Feb 15
2714 Jan 3212 On
3454 Apr 20
8812, Jan 9812 Or
Ill Aug 22
9513 May 10212 De
11134July 13
118 May 27 108 Mar 115 Sep
2518 Apr 2934 Fel
2712 Feb 16
Fel
51, Apr 90
8
58% Feb 28
Oct 383, Fel
22
3814 Aug 16
53% Aug 10
4612 Oct 6414 Oc
59 Jan 17 5 Dec
8
1'2 Feb 14
33 Ja
8
18 May 34
244 Mar 3
Jai
96 Aug 22
8812 Oct 99 Fel
1758 Feb 21
6 May
1458 De
32 8 Feb 23
7
14 May
305* De
843 Feb 23
4
42 May 813 be
8
192 Sept 7 12014 Der 128 De
48 Jun. 7
19 Nov
44 4 Jim
3
(3112.hine 9
44 Nov
80
Fel
5412.1une 7
3714 Nov 65
Fel
611 Sept 7
2413 Mar
393 Jut
4
8732 J: c 21
5414 0y 14
1
$304712 A p
Apr 793 Fel
52
Mar
sev
A111
0012
21
4,3!/,,,
2
10
0
Sep
July
MayApr 103791%1433
e7.. Vtar 24
69 May
95% A u
3 per share $ per share
151.2 1512
547 5512
3
4
*1103 111
165 17
8
9912
*99
258 26
*124 128
*1334 1414
408 4112
*126 1283
4
364 3718
208 20%
83
4 84
*1012 1312
*7514 7814
2753 2712
*1103 11212
4
8
635 6414
6414
*64
9434
93
977 98
8
5353 533
3813 387
8
3118 3114
*3
38
126 1263
66
6612
34
*33
517 524
8
•118 121
513
8
*32
3212
37
37
*21
22
*93 1112
4
*213 318
*91 912
/
4
*133 14
.4
87
8 918
49
4914
673 6814
4
133 133
4
4
28
29
323 323
4
4
54
54
104 1684
885* 8812
24
*22
89
89
1263 12714
8
993 1007
4
8
•1134 114
/
1
8
8 14
*1612 17
55
55
Stock
4414 4414
13814 139
42
42 Exchange
•11014 11113
353 3712 Closed4
1045 1043
8
4
Labor
1693 171
4
*5914 60
1343 13513
4
Day
*10014 101
New York Stock Exchange-Bond Record Friday, Weekly and Yearly
1440
Jim, 1 1909 the Exchange method of quoting bonds was changed and prices are now
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 9.
.2t*
a.
Price
Friday,
Sept. 9.
Week's
Range or
Last Sale.
Range
Since
Jan. I.
High
High No. Low
Ask. Low.
Bid.
U. S. Government.
First Liberty Loan3D 1011.32 Sale 1011.4,101263, 446 100,132101.43
3)4% of 1932-1947
1001732 102
3D 1011.3,
1011.o.Aug'27
Cony 4% of 1932-47
3D 1031033 Sale 10373, 103114, 87 102.5*2103.1u
Cony 44% of 1932-47
1021132103
3D 102114,
102,132Aug'27
2(.1 cony
% of 1932-47
Second Liberty Loan.
100 101
MN 100
100232 Aug'27
4s of 1927-1942
MN 1001.32 Sale 100,3n 100142 1134 10042 101.32
Cony
% of 1927-1942
Third Liberty Loan
MS 101.32 Sale 1012s4 101532 123 10V:310111u
454% of 1928
Fourth Liberty Loan
AO 104
104.32 476 1031.32104142
Sale 104
454% of 1933-1938
Treasury 445
1947-1962 A0 113.42 Sale 1132.3,114123, 110 110.32111.43
1944-1954 Jo 108.132 Sale 1082.3,109.3, 461 106.3310910e
Treasury Is
1946-1959 MS 105..32 Sale 105203,106431 446 103421061.32
Treasury 34a
Sale 100.'31101533 434 100.n101.32
1943-1947 30 101
Treasury 34e
State and City Securities.
8
1003 10114
4
1003 -- 1003 Aug'27
4
Y City , Corp stock.1960 M
-1 3o
5 1024 1051..
10418
1964 MS 10034 104 10418
454a Corporate stock
8
1023 1022
8
AO 104
1024 Mar'27
1966
4413 Corporate stork
1024 10514
1044 June'27
1972 AO 1041s
442a Corporate stock
10712 10912
4
1971 JD 1073 108 10918 June'27
434a Corporate stock
9
00 3 0 2
1064 10914
446 Corporate stock_July1967.13 10712 10812 108 Aug'27
1965 3D 10738 10814 10714 Aug'27
494e Corporate stock
1
/
1064 109
4
1073
4
10714 10818 1073
1963 M
-s
4t Corporate stoek
4
/
99 1011
4
_ 993 Aug'27
8
1959 MN 997
4% Corporate etock
99 1003
4
4
1958 MN 9978 1003 9912 Aug'27
4% Corporate stock
8
MN 997
987 10112
10112 Aug'27
8
1957
4% Corporate stock
4
983 983
4
4
983 July'27
1938 MN
46 registered
8
2 1052 1084
1071 s
10714
8
444% Corporate stock _ 1967 MN 1067
4
1053 1083
4
108 July'27
8
43.4% Corporate stock_ _1957 MN 1067
8
897 93
4
8
34% Corporate atk_May 1954 MN 9112 927 923 Aug'27
9112
2
897 92
MN 9112 Sale 9112
334% Corporate eitIc _Noy 1954
8
3
1023 1023
8
_ 1022 Mar'27
New York State Canal 4.6._1960
Apr'26
102
1964 3.1
4343 Canal leapt
ii972 1-1-2-17
MS
11212 June'27
Highway Impmy't 414s_ ._1963
Foreign Gov't and Municipal's
922 9712
8
9512 11
Antiouula (Dept) Col 76 A1945 J J 05 Sale 95
8
923 9712
9518 19
4
1145 J
External a f 7e ger B
94, Sale 9414
9212 954
954 17
J
8
933 Sale 934
External a f 7 Series C__1945
8
933 94
16
94
AO 933 94
9312
8
1957
Ext s f 75 tr rets lot ser
072 100
8
8 79
993
8
Argentine Goat Pub Was 68_1980 AO 993 Sale 9914
Argentine Nation (Goat of)
9912 154
9734 10018
Sink fund 6(3 of June 1925_1959 3D 9914 Sale 9914
99% 132
9714 101
8
1950 AO 993 Sale 9914
Extl a f 65 of Oct 1925
974 101
125
8 100
1957 MS 100 Sale 993
Sink fund 66 Series A__
97 1003
4 53
4
1
/
993
8
External 66 aeries BDee 1958 Jo 9914 Sale 9914
4 53
993
974 100
!ratio f65 of May 1528. _ _1960 MN 9914 Sale 9914
8
9912 993
8 27
992
8
External s f Os (State Ry)_1960 M S 993 Sale 9912
9912 299
98 100
9914 Sale 9914
eat! lie Sanitary Wotan_ _1961 PA
MN
98 100
8
993 Sale 9914
4 226
993
Est! 61 Pub wka (May '27) _'61
924
89
9
91
argentine Treasury 58 E._ _1945 MS 91 Sale 91
132
98
974 98.2
July 15 1955 J J 98 Sale 9712
A..atralta 30-yr is
08
984 61
-ID 98 Sale 98
9814
External 5s of 1927_ _June 1957
46 10114 10512
8
1943 3D 1027 Sale 10212 103
Austrian (1.3oyt) I (78
4
FA 100 Sale 9914
973 1004
48
100
Sawarla (Free State) 63.4e...1945
11402 30 111 1144
8
Belgium 25-yr ext a f 745 9_1945 ID 1143 11412 114
3
48 101 11014
110
4
1941 FA 110 Sale 1093
-year I f 83
20
189
4
9(13 105
105
1949 111 S 10412 Sale 104
15
-year external 644o
4
993 185
924 994
J
994 Sale 9912
External a f 85
1955
3D 107 Sale 1067
19712 85 10212 10712
8
External 30
1955
-year a f 7s
4
1956 MN 105 Sale 10412 105.4 167 1013 10538
Stabilization loan 7s
MN
114.4 11 11218 11412
Bergen (Norway) e f 83
/
1045 AO 11374 Sale 11378
9914 102
4
15-year einkIng fund Ri
10114
10114 Sale 101
1949
964 l0034
7
Berlin (Germany)645
100
8
997 Sale 993
4
1950 A
5 1023 1047
4
4
5
Bogota (City) ext'l I f Rs_ 1945 A0 1043 Sale l04l 1
1043
4
8
Bolivia (Republic of) 8a
10334 :
1947 MN 1033 Sale 1033s
36 102 1054
92
98
944 26
Extl see 7a tem
4
1958 ii 943 Sale 9404
9311, 1003
4
1003 141
8
Bordeaux (City of) 15-yr 6a_1934 MN 100 Sale 100
34 104 1084
Brazil (II 13 of) external 8a
1941 3D 10638 Sale 10614 107
91
89
A0 93 Sale 924
9314 338
External a f 646 of 192
C-1957
944 9912
D 97 Sale 9614
52
97
1952
Ti (Central Railway)
4
1023 107
654a (coffee secur) E (flat)_1952 A0 10614 10812 10612 Aug'27
Bromen (State of) ext'l 72_1935 MS 10314 Sale 163
103 2 25 102 105
,
87
92
D 8812 Sale 88
885* 160
Budapest(City) exti 6 f 63__ _1962
9914 10214
8 20
8 1007
8
Buenos Ames(City) Intl 64141955 .1
1003 Sale 1003
89
94.14
18
8
4
913 Sale 913
913
8
Bulgaria (Kingdom) $ f 71_1987 J
J 9712 Sale 9714
,
96 2 983
4
4 15
973
Caldaa Dept of(Colombia)7 Sis'46
44 10014 102
4
8 102
Canada(Dombilon of) to
1931 AO 1013 Sale 1012
8
8 35 1013 1024
1023
1929 FA 10218 Sale 10218
10
-year 541
4 69 104 10612
1053
II
1952 MN 10534 Sale 10514
9818 10014
8
448
10014 11
1936 FA 1004 Sale 997
10312 10612
J 10614
0612 10612
Carlsbad (City) e f 8/3
1954
96
9912
Cauca Val (Dept) Colom 73.4s '48 AO 9811 Sale 9714
9814 43
10912 ii 10614 110
8
Chile (Republic) ext'l a f 84_ _1941 PA 1094 1093 0814
218
9912 1021,
102
8
-year external a I 7i._ 1942 MN 10112 Sale 013
20
176 1064 110
109
25-year external a f 8e.__1946 MN 109 10912 109
934
84
9214 109
8
External linking fund 6I 11)60 AG 917 Sale 9178
89
034
8 87
923
1961 PA 92 Sale 914
External a f Cs
93
9612
3D 952 Sale 95
954 10
8
Chile Mtge Bk 644e June 30 1957
96
984
4
9714 16
f 6329 of 1926__June 30 1961 3D 974 Sale 963
3014
3D 2512 253 2512
4' 24
4
4
253
Chinese(Hukuang Ry)
34
99 10212
MS
101 Sept'27
Christiania (041o) 30-yr of 631954
96 10114
9918 52
S 99 Sale 983
4
Cologne (City) Germany644950
4
/
9912 1011
1
994
Colombia (Republic) 634a_ 1927 A0 994 10014 994
994 10112
9
10138
8
8
-years f 548.1944 3 3 1007 10114 1007
Copenhagen 25
0512 97
22
96
96 Sale 9512
esti a f 713.._1957 FA
Cordoba (City)
3 994 Sale 9912
960 2 904
3
4
993
Cordoba(Prey) Argentina 781942
9312 95 8
95
,
8
12
Costa Rica (Repub) ext! 78_1951 SI N 95 Sale 932
1 100 10112
8
M
8
3
1013 ____ 1013
1013
1944
Cuba 513 of 1904
10014 102
4
8
External 65 of 1914 eer A.1949 F A 1003 ____ 1013 Aug'27
934 9731
4
983 9712
4 12
973
External loan 44s set C...1949 PA 97
10212 12 1014 10-138
1963 Ii 102 Sale 102
[Risking fund 541
924 96
5
9312
4
4
1
/ 933 9312
Caarlinamarca (Dept
-Col) TO '46 Jo 93
4
4
10818 15 105 110
Czechoslovakia (Repo()60
-1951 *0 1073 Sale 1673
1
19 104 4 109
4 108
4
Stoking gund 8e see /3_1952 A0 1073 Sale 1073
4
4 36 1043 10814
External s f 7)45 aeries•_ _1945 AO 10512 Sale 10512 1053
9 1094 119
4
1113
4
Danish Cone Muntelp Si A 11446 PA 1113 Sale 11114
4
4 10 10914 1114
1113
rerlas B e f 86
1946 PA 11114 1113 11114
8
10504 39 1033 10574
Denmark 20
1842 1 .1 105 Sale 105
-year fla
9813 101
101
44
101 Sale 10012
Dominican Rep Oust AS •341 '12 m
98 101
7
1(11
1940 A0 101 Sale 99
let see 5348 of 1926
10212 10 1004 10413
8
Druelen (City) external 7a 1945 MN 10212 Sale 1017
105
15 1024 1054
8
1947 .1 .1 105 Sale 1043
Dutch East Indies extl 61
27 10213 10514
8 105
4
8 1043 Sale 1042
1962
-year 66 external
40
2
1001 10412
4
1033
103 Sale 10234
1953 M
80
-year external 6341
8
9 1003 10312
103
4
30
1853 MN 103 10318 1023
-year external 834.
7 1064 11)913
108
107
El Salvador (Repub) 89 __1948.13 10718 Sale
97
93
964 14
4
Finland (Republic) eat, ea_ _1945 MS 963 Sale 9612
9814 102
4 37
4
1950 MS 1003 Sale 10012 1003
External sink fund 78..
8
955 1007
8
994 21
8
1956 MS 997 Sale 9014
External s 1634i
14912
96
9912 11
• 1954 AO 9814 9912 984
Finale Men Loan 641
8
957 9912
18
9912
External 654e esrles B__1964 AO 98% 9912 9914
1238
French Repub 25-yr exy'l 831_1945 MS 1104 Sale 1104 11114 86 10864 1
4
11514 192 103 11512
20.year external loan 741_1941 3D 115 Sale 1143
99 10712
10712 462
1949 Jo 10718 Sale 1074
Maternal 78 of 1924
1949 A0 107 Sale 10612 1074 280 1054 10914
Dennan Republic ex VI 7s
4
1
/
994 103
8
8
4
1013 Sale 1014 1017
Dorman Cent 4gric Bank 78_1950 M
9512
95
9512 86
8
Farm loan f 6e July 15 1060 J J 953 Sale 95
3
1 100 4 104
3
1023
8
MN 102% 103 1023
ono (Municipality) 8a
1954
4
1053 112 1034 1054
4
GE Brit & Irel (TIE of) 8446_1937 PA 1053 Sale 105
1
/
2 1164 11916
8
1177
174
10
4
-year cony 5146
1929 PA 1173 118
8
17 1031 107
106
05
8
(Jouster Prague(City)746 1952 MN 1042 106
9314 99
14
97
8
9512 967 964
1964 M
Cheek Government 78
99 10014
10012 12
4
4
•0 993 Sale 993
EWE (Republic) if 6m
1962
103 106
8
SD/Melberg (Germany)sat 754.503 J 10478 1057 04 Aug'27
4
1
/
97 10174
994 58
994 Sale 9914
Hungarian klunic Loan 74e 1945 J
99
.14
15
96
8
953
External 1 72___ Sept 1 1946 3
9512 96
5
-except for income and defaulted bonds
and interest"
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 9.
fit4
.
jt
Price
Friday,
Sept. 9.
Week's
Range or
Last Sale.
,
1"a
Range
Since
Jan, I.
High
High No. Low
Ask Low
Bid
4 10318 35 10014 105
4
Hungary (King(' of) a f 748_1944 F A 1023 Sale 1023
0013 1007
8
8
Ind Bank of Japan 6% notee.1927 F A -___ ____ 097 Aug'27
4
923 97
9612 371
Italy (Kluge= of)641 7a _1951 3 D 9614 Sale 9578
1
/
924 964
8
9518
Italian Cred Consortium 76 A1927 M 8 947 Sale 9312
97
91
8 48
937
1947 M 23 944 9514 9312
Esti Sec. f 7e ser B
9028 101
8
4 87
953
Italian Public Utility ext 78.1952 J j 953 Sale 9478
9112 275
8814 9312
.1 9112 Sale 01
Japanese Goat E loan iiii._ 1931 .1
984 102
8
10114 72
1954 F A 1014 Sale 1007
30-year if S3411
9213 98
4
4 41
963
13rIcntal Development 53_1953 M 8 963 Sale 954
4
LeipzIg(Germany) if le_ _1947 F A 10112 Sale 10112 10112 47 100, 1024
04 44
97 10012
99
Lower Austria (Prov) 745_1950 J D 984 994 994
4
9312 1003
10012 70
Lyons (City of) 15
-year 612_1934 M 4 10014 Sale 10018
934 101
10012 87
Marseilles(City of) I6-yr 64_1934 MN 100 Sale 100
12
41
80
33 Sale 33
Mexican Irrigat Aastng 414s 1943 _
4234 Aug'27
4231 50
1945 Q
Mexico(US)ext.! 58 of 18930 £', - i
4
7
33
33
4
31% 60
--------3214323
Aasentlng 58large331 35
011899
20
62
31
Assenting 5e
23
34 July'26
1954 1 D 22
Gold deb 450f 1904
5
144
2214
2214 Sale 2112
assenting 48011904
8
274 973
273 Jan'27
3314 35
8
Assenting 45 of 1910
,
31 1
21
22
4 47
223
j j
Assenting 4801 1910 large
2714
20
1e
23
2112 21
---i_ i -1-s;--1.- 21
Assenting 4e of 1910 $mall
3514 4618
4 3514 Aug'27
22
Tress It, of'13 assent(large)'33
2512 4612
2512
2512 10
Small
9112 141
9214
89
8
Milan (City. Italy) ext'l 84s '52 4. 0 913 Sale 91
17
104
8
997 104
4
Montevideo (City of) 7s_.....1952 J D 1033 Sale 102
10612 17 10512 1084
Netherlands 6s(flM prtrei)__1972 M 6 10614 Sale 106
8 1023 10458
10318
4
1954 A 0 1024 Sale 1024
-year external fla
30
9412 9512
8
4 48
943
New So Wales (State) ext 581957 F A 942 Sale 9412
95
94
Apr 1958 A 0 943 Sale 9412
4
External a f Is
4 87
943
9 10114 104
4
1
/ 10278
4
1043 F A 1093 Sale 102
-year extl 6s
Norway 20
4
1944 F A 1023 Sale 10238 1027
11 25 10114 104
-year external fla
20
12 100 1034
1952 A 0 10212 Sale 10212 103
TO-year external 65
50
4
4
983 102
06
15 3 D 1013 Sale 10112 102
40-year ef 545
17
102
8
997 10312
8
1955 MN 1017 10212 10118
Oslo (City) 30-years I 6e
8 10004 24
97 10( 14
1946 F A 100 Sale 997
Sinking fund 5348
8
s
100 1033
Panama (Rep) extl 548...._1953 J D 10212 103 1033 Sept'27
24 1024 10314
102
1961 J D ____ 10204 102
Esti sees f 63-4*
9412 95
94
4 11
Pernambuco (State on extl 7s '-1786 8 9412 Sale 9412
252 102 107
106
Peru (Rep of) ext189 (of 24)_1944 A 0 10512 Sale 10514
103 10112
1944 A 0 10112 Sale 10112 10112
Extl 8s (eer of 1926)
904 10514
M N 10412 Sale 10228 10514 25
1940
35
9854 104
Extl e f FRC 748 (of 1928).1956 M 3 103 Sale 10212 104
784 85
8
8418 97
1940 A 0 8414 Sale 827
gold 68
Poland (Rep of)
994 693
9314 994
1950 3 J 99-.8 Sale 9814
Eat' sink fd g 8a
2 10314 106
10501
1961 .1 D 10518 Sale 10514
Porto Alegre (City of) 85
9912 10218
2
10218
I
Exti guar sink Id 7 yis_ _ _ _1960 .1 ‘ 10218 Sale 10218
Queensland (State) exti I 1 731941 A 0 11212 Sale 11212 1124 15 111 114
104 10612
8
1947 F A 1067 108 10614 Aug'27
65
-year external
25
6 103 10612
4
1
/
10612
Rio(kande do Sul esti 6 f 85.1946 A 0 10518 10612 105
4 1024 1064
8
4
4
8
1047
1946 A 0 1043 1047 1043
Illo de Janeiro 25-yr a f 8a
46 10214 106
105 Sale 1047
13
10514
1047 A 0
25-yr eat' 8e
894 9214
9112 253
1952 A 0 9114 Sale 1 9118
Rome (City) extl 634e
26 1034 106
Rotterdam (CIO') extl 68.__1964 M N 105 Sale '1044 105
3 10712 11414
4
11414
Sao Paulo (City) s f 8a_Mar 1952 MN 1113 11414 11414
4 1044 107
106
4
4
San Paulo (State) extle 1 83_1936 1 3 1053 Sale 1053
8 1043 108
4
4
10713
1950 .1 J 102 Sale 1063
External sees 184
0
98 10158
8
1012
External 6 f 7e Water L'n_1056 81 6 101 Sale 101
938 98%
4
,
95 2 50
Rep) 73 1942 51 S 9514 Sale 943
Santa Fe (Prov. Are
8
8
973 1047
10412 33
Seine. Dept of (France)exti 78 '42 1 1 104 Sale 104
9714 10234
4
4 31
1003
Serbs. Croats & Slovenes 88_1962 MN 1003 Sale 10014
914 994
9918 35
1936 M 4 994 Sale 984
&Mesons (City of) ext1151
22 10318 103
1939 J D 10412 1044 10412 105
-year 66
Sweden 20
8
8 52 1023 10514
1047
1954 M N 105 Sale 10412
External loan 5143
19 1114 114
114
)
Swiss Confed'n 20-yr If 8a 1041 J .1 1135* Sale 11314
4
1
/
8
10413 82 102 /06
Switzerland Govt eat 534a_ _1946 A 0 1043 Sale 10418
8
797
75
12
78
4
Tokyo City 55 loan of 1912..1952 M S 773 Sale 77
9012
86
8914 152
1961 A 0 8918 Sale 8814
Fat! 8 f 545 guar
4
994 1013
Troneirdern (City) extl 8541.1944 .1 3 ____ ____ 10014 Aug'27
974 98
2
195786 N 97
4 98
1
977
8
977
1st external of 534e
99
94
08
9
4
Upper Austria (Prow) 74-1945 1 D 9712 973 9712
4 1084 1124
4
/
8
Uruguay (Republic) ext18a 1946 F A 1113 Sale 1111 11113
9413 97
8
9614 58
1960 M N 96 Sale 957
External 5 f 65
,
92 4 974
3
954 175
Yokohama (City) eat Ile_ _ 19211 J D 953 Sale 944
Railroad
4
4
1043 July'27 _ _ _ _ MIN 1043
Ala Gt Sou 1st C01113 56._ 1943 J 0 10418
Ala Mid lit guar gold 51._J928 MN 100" ___ 10014 July'27 -- 10(114 101
1
8914
8
873 894
Alb & Buse lat guar 3348 „1946 A 0 89.4 dale 8414
844 8912
___ 8912 Aug'27,- _
Alleg & West 1st g go 46-1998 A 0 891
2
9641
9514 97
28
967 9718 964
1942 M
Allot Val gen guar g 46
794 83
824 82 Aug'27
J 82
Ann Arbor let g its .....July 1995
4
44. 9254 97,
97
-Gent 45_1995 A 0 9612 Sale 9612
Atch Top A 8 Fe
96
41 92
954
A 0
954
Registered
4
8714 91,
4
Adlustment gold 4a__July 1995 Nov 893 ____ 90 Aug'27
8
8
904 17; 871 91
July 1995 M N 907 Sale 90
Stamped
85
3814
8712 July'27
M N 864
Registered
85
1
9014
9014
_ 9014
1955
D 9014
Cony gold 4s of 1909
9
91 1
4
1
/ 91
87
19553 D 9114 ---- 904
Cony 45 01 1908
904
88
9012 Aug'27
1960 J D 901
1910
Cony g 48 IBEUe
1
994
994 100
28
MS 997 10018 994
East Okla Div 1st g
8812 924
9018 ____ 9012
7
8
907
_1965
Rocky Mtn Div 1(4 4a
gots gals
1
025*
-Con Short L 14 48.1958 J J 0238 -.-- 023e
Trans
074 100
100 ____ 100 Aug'27 -Cal-Aria istA ref 434s A 1962 PA
8
4
1043 1073
0738 June'27
1946 J D 10618
Atl Knoxy & Nor la g 5a
98 100
9812 Aug'27 Atl & Chart A L 1st A 445_1844 J J 9914__
2 10314 106
4 - g
4
1043 I057- 043
1043
4
-year M series B_ __ _1944 J
let 80
90
89
__
____ 90 Aug'27
1951 J J 87
Atlantic City 1st eons 41
934 984
All Coast Line let cons 49 July '53 M 8 964 Sale 963
4
9634
7
964 10038
8 14
10014
1003
General unified 434a
1005*-1964 J
914 9314
4
8
-8
L & N coll gold 4a_Oct 1952 MN 923 927 927
8
927
9
8
787 8114
4
4
813
4
19483 J
Atl& Deny let g 46
8112 813 8112
754
70
11(4)3 .1 714 724 7012 Aug'27
21 43i
8316 86
5
4
854
Atl & (5ad lat g guar 48. _194P A () 843 8514 8.518
,
102 4 10513
10412 104 July'27
Austin & NW let go g M _1941 3 3
9312 974
9612 16
Sale 96
Balt & Ohio lat g 4._ _ _July 1948 A 0
95
92
95 Sale 95
3
95
Regtatered
July 1948 Q
97 10013
10018 118
1933 all
20-year 0011T 4346
9014 Sale 994
984 984
9818 Apr'27
Registered
M 8
8
Refund & gen be merles A_ _1995
D 10412 Sale- 104
10412 68 1003 10412
3
4 25 1044 1082
1073
1948 A 0 10712 Sale 10712
1st g 56
3
10314 51 10014 1033
10-year 115
1929 J .1 103 Sale 103
4
1
/
8
4 44 107 112
1113
19853 D 1113 Sale 11114
Ref .k gen ile melee C
4
1
/ 90
92
6
06
0584
96
PLE&W Va Sys ref 4a 1941 M N 95
8
8
9 1011 10434
10412
19503 J 1043 Sale 10438
Southw Div lit 56
8712
82
863 Sale 863
s
8
Vol & Cln Div lit ref 46 A_1959 J
3
864
4
1
/
Ref A ten 56 settee D......WOO NI 8 10412 Sale 10418
10412 85 100 10413
8
___ 10214 Aug'27 -- 102, 103
Bangor & Aroostook lot 53..1943 J J 1023
88
84
8
Con ref 45
4
8- 8
1951
J 863 873 867 Aug'27 -68
64
68 July'27
Battle Crk & Stur lit gu 3a 1989 3 D 653
964
95
8Beech Creek tat gu g 45
1936 3 1 9512 9612 9512 Aug'27 9414 9512
9412 Mar'27
guax g m
20Registered
.1 .1
99 10012
1938 J J 10012 _-_ 10012 Aug'27 - - -.
8512
81
(
141sand k
Beech 'ry et u g 341
8512 Aug'27 - -.
1951 A 0 8512
3
933
91
let
....
9214 -_ 914 Aug'27 -84
78
4
Beet & N Y Air Line lit 45J955 11
823 8313 83 Aug'27 -44
9514 964
96 July'27 _ 3
Brune & W let gu gold 4... _..1938 3 J 95 4 97
MS 10212 1033 103 Aug'27 -- 101 10414
4
Buffalo R & P gen gold
944 994
983
8
8
Consol 4341
8 2
M
1957 al N 9818 Sale 977
96
95
95 Mar'27 _ _
Regletered
4
Burl C R ik Nor lit 56
)
11 2i2
10212 Aug'27 -- 101 1023
9 105 10714
8
1073
O
Canada Sou °on/ gu A be_ _ 93A AD 10728 Sale 10712
1
196
99
95
Canadian Nat 4126_11ept 15 1954 NI S 9731 Sale 973
8
7
4
/
971
994 10012
111012 55
4
-year gold 434(1_ _Feb 16 1930 F A 10018 1001 10018
5
50 1144 1164
Canadian North deb If 71_1944) J D 1144 Sale 11412 115
34 14/14 1194
119
8
4
-year f deb 6(43)
25
1946 3 1 1183 Sale 1183
,
97 4 100,4
4
8
..Feb 15 1935 F • 994 993 993
995
1
-7r gold 4)4s.
10
8314 844
8
863 164
Canadian Pao ity 4% deb nook__ J .1 864 Sale 1 8614
954 9912
8
993 106
4
Col tx 445
1946 M 5 9831 Sale 1 983
ia
_
1441
New York Bond Record-Continued-Page 2
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 9.
Price
Friday,
Sept. 9.
Week's
Range or
Last Sale.
0,
72
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 9.
13
Prize
Friday,
Sept. 9.
Week's
Range or
Last Sale.
Range
SOW8
Jan. I.
Bid
0111 Ask Low
High No. Low
High
High
High No. Low
Ask Low
Bid
5
10112
A'26
Aug '26
9712 9812 May'27 _ _ _ 95 j 9812 Ileve & I. gen ern 4341 eer B_1942 A
Carb & Shaw Let gold 48____1932 M S 97
_
6614 189 Mar'2713
01
27
57
19423 J
4
100 101
8318 87
Series A 4.548
87
1949.1 .1 8512 87
Caro Cent let cons g 41
Aug'27
8912
1948 M N
89
Series C 855s
4
4
4
Caro Clinch &0 1st 30-yr 561938 J D 1023 1033 10254 Aug'27 ____ 102 1037
____ 8914 May'27
_
1950 F A 88
891 8914
4
Settee D 855a
4 9
4 10 1071 10
D 10712 108 10784 1073
lot & con g 8s series A__ _1952
88 4 _
10134 July'27
- 10118 UM
93
9012 928
4 Revs Shoe Line let gu 1155a_1961 A 0 101 3'
92 Aug'27 ---19811 D 92
Cart&AdletgugOe
4 - 4
1972 A 0 1083 1093- 10914 Sept'27 -- 108 110%
88% neve Union Term 5541
83
8614 Aug'27 -___
86
Cent Branch U P lat g 45...-1948 J D 85
10534
11 10312 105 8
4
1973 A 0 1053 Sale 105
5
4
lstefSieerB
4
____ 1053 May'27 ---_ 1044 1057
Central of Ga 1st g 156_Noy 1945 F A 106
4
4
1945 J D 9014 913 903 June'27 -3
10412
2 102 10674 Coal River By 151 go 4s
8.8% 90 4
10412 Sale 10412
1945 M N
Consol gold 6s
993
4 14
4
4
98
99%
4
F A 1003 ____ 1003 July'27 ____ 1003 1003 Colorado & South 1st g 48_1929 F A 993 Sale 9914
4
Registered
984 29
967 99
,
Refunding & exten 44_1935 IS N 9812 Sale 9812
10214
4 1018 10314
4
10
-year secured 65_ _June 1929.1 13 102 Sale 102
5
9474
947
4
194$A 0 944 96
3 10445 10e58 Col & H V lert ext 4s
917 94%
8
106
Ref & gen 5145 series B_ -1959 A 0 10512 106 106
9012 July'27
94
1955 F A 91
102 10312 Col & Tol lstext4s
90% 9012
Ref & gen 53 series C
1959 A 0 102% 103 10312 Aug'27 _
8518 ggi
s
8818 May'27
Comi & Passum Itly let 48_1943 A 0 8814 __
885 92
8
91 July'27 ---_
Cbatt Div pur money g 4s-1951 .1 D
961
1930 F A 9514 - ; 8234 Dec'26
10312 __ __ 103 Aug'27 ____ 1011s 105 Consol By deb 68
Mac & Nor Div 18t g 58_ _11)46 J
4
1954 J .1 744 7512 753 Aug'27
103 103
Non-cony 4s
103 Aug'27 _
"foil7538
Mid Oa & Atl dly 53
1947 J J 103
1
74
74 Sale 74
1 102 10518
891 77%
____ 10514
10514
8
Non-cony debenture 46_1955 J
Mobile Diviaton 53
1946 .1 J 105
1
734
7334 Sale 7334
89% 77
7812 86
Non-cony debenture 45_ l916.2_
85%
3
Cent New Eng let gu 48
1961 JJ 86% Sale 8518
203
98
4
973 Sale 973
4
97
98
9912 ____ 9912 Aug'27 __-_
99 998 Cuba Nor Ry 1st 555s
4
Central Ohio reorg 4348
1930 M
973 Sale 97
4
974 11
J
942
9912 10158 Cuba RR, 1st 50
9412 98
_ 101
101
4
-year fa g__ _1952 D
Central RR of Oa con g 58-1937 MN 101
5 107 110 8
10954 10954
8
19361 D 1095
let ref 7155 sec A
1987 .1 .1 11614 ifs 116 Aug'27 ___- 112 118%
Central of NJ gen gold 15a
_
4- __4
4
99 1 10212
3
19363 D 993 1001 10114 Aug'27
1st lien & ref 6s ger B
4
4
112% 118
Registered
1987 Cl .1 1153 117 1153 Aug'27 9912 9878 Aug'27
984 99 4
1
94 Sale 9312
8
9114 9458 Day & Mich let eons 4555_ _1931 .1 .1 99
9414
Cent Pac let ref gu g 45_1949 F A
957
4 55
9312 97
4
1943 M N 957 Sale 95
18
F A 9992 May'27 ____
908 9215 Del & Hudson let & ref 4s
8
Registered
1935 A 0 13812 Sale 13912 1414 67 11412 153
I
97% 99
30
-year cony 58
99
Mtge guar gold 3555_ _Aug 1929.1 D 99 gaie- 99
4
103 106
1937 MN 105 10512 1053 Aug'27
15
898 93
8
-year 5356
_1954 A 0 9012 9212 9012 Aug'27 ____
Through St L let gu
1055 197 8
8
10-year secured 78
19301 D 10612 10714 107 Sept'27
7
4 10414 40 10112 10412
Guaranteed 550
1960 F A 104 Sale 1033
4
ga 9614
4
4
Charleston & Bayn'h let 75_1936 .1 .1 1185 ___ 11934 Aug'27 -_-- 11814 1193 D RR & Bdge lat gu 48 g__ _1936 F A 963 ____ 9614 Apr'27
9254 Sale 9238
925s 66
89% 93
1 100% 10112 Den & R 0 let cons g 4e- -1936 J
101
Chas & Ohio fund & Impt 56_1929 J J 101 10114 101
4
9614
94
97
19363 J 9514 9614 9514
Consol gold 41558
Lit coma! gold 58
10614
9 10358 108
1939 M N 10614 Sale 10614
10014
991s 100
5
1928 J D 10014 Sale 10014
1s
Improvement gold 58
Registered
105 May'27 - --- 10211 105
1939 M N
8512 164
73% 8978
100
6
9718 10014 Den & It0 West gen 55.Aug 1955 MN 8454 Sale 8412
General gold 4555
ioo- Sale- 100
1992 M 8
35
3412 Aug'27 -33 8 $6
7
8
9454 Aug'27 ---Registered
945 9638 Dee M & Ft D letgu4a.1935J J 33
8
M 8 945 98
_
32 32 Aug'27
30
30
185
Temporary ctfe of deposit_--33
9918 101 12
101
20
-year cony 4558
1930 F A 101 Sale 100
75 Aug'27 -- -704 75 4
7
Det & Mack 1st lien g 41- 1995 J D 75%
Craig Valley let 5s
8
1940
.1 10114 ____ 1007 Feb'27 -- -- 100114 101
14
2
62 651
69 6868
8
1906.1 D 66
Gold 45
8
89 8 92
90 June'27 ____
Potts Creek Branch 1st 48_1946 J .1 8812
993
4
4
9974
974 100
R & A Div Ist con g 48._ _1989 J J 8914 - 4 9014
893Z3
67 34 Detroit River Tunnel 455s-1961 MN 993 100
4
r
,„,
1
9014 ___.
1
4
7
J 10354 ____ 10374 July'27 --__ 1033 104 4
Dul Missabe & Nor gen 58_1941
87 July'27
2d ammo!gold 48
1989 J J 8754 90
_ 10314 Aug'27 - _ 101 4 10314
7
997 1004 Dul & Iron Range 1st bs_ _ _1937 A 0 10314
8
10014 F8218'27
Warm Springs V 1st g 6& _1941 M S 1008
1
8514
854 8514
754 84
Dul Sou Shore & Atl g 55_ _ _1937 J J 8412 99
95
984 393
4-4
Champ Corp cony 55 May 15 '47 MN 983 Sale 9854
944 June'27 __
94
94%
7212
1
71
7312 East By Minn Nor Div 1st 46248 A 0
7212
Chic & Alton RR ref g 3s_1949 A 0 7112 73
06,4 10114
01
100% 102 1
7
4
7212
71
723 EastTVa&OaDivg5s_l930J J 19354- - 101 Aug'27
7212
1
CD dep stpd Apr 1928 int_ _
2 106 1074
10714
__ 1074
Cons 1st gold 50
1956 M N 10718
65
6
6114 6814
-841-2 651; 6312
Railway first lien 3Ms_ _1950
4 102 104 4
8
Elgin Joliet & East 1st g 58_1941 M N 1023 104 10434 Aug'27
6312 Aug'27 -___
60
87
4
Cite dep Jan "23 & sub coup __- 633 65
_ 10614 Aug'27
104% 10672
1985 A 0
8914 25
8653 8914 El Paso & S W lst 58
Chic Burl & Q-Ill Div 3545.1949.1 .1 894 Sale 884
10714 16 106 1074
8714 Aug'27 ---- 8714 8714 Erie 1st consol gold 75 ext 19301141 S 10684 10714 107
J .1
Registered
863
4 38
814 8078
lst cons g 4s prior
1998 .1 J 8614 Sale 854
943 98
Illinois Division 48
1949.1 .1 -95E2 If 9652 Aug'27 --_
79
833 Aug'27
4
83 4
3
4
963
4
9612
Registered
1958M EX 903 97
General la
2312 2912
56
.74
79
1st consol gen lien g 481
10054
1977 F A 10012 Sale 10014
99
119987
IsL&ref434eeerB
_
7858 may917 -__
7 12
5
'4
72
72
7114
10714
6 105% 10714
1996 J J
Registered
1971 F A 1074 Sale 10714
let & ref 55 series A
4 13
4 1013
981 103
4
10le-Penn coll trust gold 4
1951 F A 10118 sa234 1013
106 1088
4
Chicago & leIset Ill let 6s..,,.,1934,A 0 1061210612 Aug'27
784 86
9074 183
85%
7
50
-year cony is Belles A1953 A 0 8514 Sale 85
4 41e
8038 907e
C a E III Ry (new co) eon 581951 MN 903 8- - - 9C14
85
8512
10714 Sale 10714
79
85%
Series B
10714
3 105 10814
Chic & Erie let gold So
1982 M N
' 12
125
95114 254
9 A0
5
841a 13114
Gen cony 48 series D
19 3 A ° 120 Sale 120
4
7314 211
6914 7414
CiMago Great West 1st 45_ _1959 M S 73 Sale 723
9114 95%
Ref & faint 5s
1967 MN 954 Sale 95
Chic Ind & Louisv-Ref 61.1947.1 .1 116 ____ 117 Aug'27 ___- 11378 117
2
19613 685 111% 115
15
104
____ 10418
Erie &Jersey let 5 es__ 1955 J J 11412 115 11434
1041
5 10314 10418
Refunding gold 55
1947
4
4
4 1148
4
5 1114 115
9114 May'27 --Genesee River let. f 5er_1957 .1 .1 1143 1153 1143
91
9114
Refunding 4s Series C,_19473 .1 904
12
9014 9112 8812 Nov'26
Erie & Pitts gu g 3555 B__ _1940 .1
1025 gc:1-- 10254
8
e
103
994 103
1966 MN
General be A
_ -131- 89
_ 10914 Sept'26 --Series C 3558
19413
J 904 ____ 89 Apr'27
1065 1095
8
8
General 68 B
May 19661 J 109
54
1027 Sale 10212 103
4
95 4 10314
7
Chic Ind & Sou 50-year 46....1950 J 9434 9614 9454 Aug'27 --__ 9214 96 Est RR ext1 f 7s
997 10158
8
9 0 JIJ
5
9653 9784 Fla Cent& Penn lat ext g 56_1934M N 10012 ____ 10012 July'27 --__
Chic L & East lst 455s._ _1969 J D 10014 ____ 97 May'27 --.4
Consol gold 58
19433 J 1017 ____ 10134 Aug'27
5588 65
1014 1014
6614 __
643 Aug'27 _
4
C 61 & Puget 8d let gu 4s__ _1949 J
9834 Aug'27
__
6654 Sale 6612
6714 61
97 4 984
1
5538 6714 Florida East Coast 1st 454...1959J D 9814
U S Tr certlfs of deposit__________
98
75
let & ref 55 series A
1974 M S 9754 Sale 97
9414 10118
8712 881 8712 Sept'27 ---85
8812
Ch M & St P gen g 4s Ser A..81989
8314 8414 Fonda Johns & Glov 4555_ _ _1952 MN 5814 581 5814
5814
3
_
84% July'27 ---58
65
Registered
Cl
__
9512 May'27
Fort St 1J D Co 1st g 4555..„1941 .1 J
4 77
7412 78
94
9512
General gold 355s tser B__e1989 .7 .1 -7113 - 1 7474 July'27 ___
1 1064 108
9514- 4
108
Ft W & Den C 1st 45558_1961 J D 108 1083 108
974
9
9458 98
8
Oen 455s Series C__May 19891 J 973 Sale 974
9912 99 Aug'27
974 99
6814
3
57
6812 Ft Worth & Rio Or 1st g 48._1928 J .1 99
Oen & ref ser A 455s_ _Jan 2014 A 0 6812 ____ 6814
69
567 69
6
10612 1087
Frem Elk & Mo Val lst 6s
1933 A 0 10614 _ _ 107 Aug'27
683 Sale 68
4
69
8
Guar Tr malts of deposit_ _
_
41
1003
10012 1011
4
GBI&SAM&Plet 581931MN 101 foih 1008
67
5511 67
Con ref cony ser B 5s_Jan 2014 FA 67 Sale 67
-4 10012 1024
2d extens 55 guar
1931 J .1 looh Sale 10012 1004
67 Sale 6612
6714 116
Guar'Tr certifs of deposit_ _
5538 5714
2
983
4 100
964 1014
10418 22 103 10612 Oily Holm & Mend let 5e_ _ _1933 A 0 9912 100
14
8
let see 68
1934.i3 1035 101 103%
_-15
98 100
100
Ga & Ala By 1st cons bs_Oet 19451 J 100 Sale 100
Debenture 4158
68
73
5812 68
1932 .1 D 68 Sale 67
985 10011
10012
10014 Aug'2
8
Ga Caro & Nor 1st
68 Sale 663
4
68
95
56
68
Bankers 'Tr certlfa of deposit
g 55..1929
7212 78
7814 78 Aug'2
1946 A 0 76 Debenture 48
6714 Sale 6714
6714
11
1925
5818 6784 Georgia Midland 1st 3m
7
99
97% 99
6714 Sale 67
X7 B Mtge & Tr Mfg of
6754 121
5612 6754 Or R & I ext lst gu g 4558_1941 J .1 9854 Sale 9854
4
4 37 11414 116
25-year debenture 45
671266 Aug'27 --- 12
5612 6612 Grand Trunk of Can deb 78_1940 A 0 1143 Sale 11412 1143
1934
10754
2 1067 103 8
4
Farm L & Tr Ws olden
675 gil-- 663
8
e
4
68
70
8
5
15-year sf 65
561 68
8
1936 M S 1073* 1077 10754
974 974
9712 June'27
Grays Point Term let 5s___ _1947 I D 9654
Chic & N'west gene 3345,.,,_1987 MN 83 8312 8312 Aug'27 ---7818 84
7413 80
Great Noreen 75 !erica A
1936 .1 1 11454 Sale 11412 1147 124 1184 1134
Registered
Q F 7814 ____ 80 July'27 ____
114 114
114 May'27
9354 9412 9354
94
5
90% 968
II
Registered
General 4s
4
1987 M N
ia052 Sale 10014 10054 11 97 1001
let & ref 41,(8 series A__1961 .1
9312 15
92
9312
4
Registered
Q F 9312 Sale 9312
111
18 108 112
4
94 Sept'27 _ ____
General 5551 series B
19 3 J J 111 1113 111
97
5
2
Btpd 45 non-i) Fed in tax '87 88 N
_
13 10612 Sale 10618 106%
7 1004 1 4
'
General 58 seriee C
067
Gen 4848 nod Fed Inc tax_1987 MN 1097411 95 10718 Aug'27 ____ 105 109
94 8 100
1
993
4 42
::
-127
8
8
General 455s series D
1976 13 9914 Sale 994
10 12 194
9 14 14
8
Gen 5a etpd Fed ins tax1987
N 112 1 - - 1115 Sept'27 -83 86
18
_
4
8574 Aug'27
10314
2 10114 1038 Green Bay & West deb ctts A____ Feb 857 88
Sinking fund 6e
4
1879-1929 A 0 103 Sale 103
21
30
2714 22
Feb 27 Sale 27
Debentures MI5 B
1023
8
Registered
A 0 10212 . . 4 May'27 -- 101 102 4
93
93%
93 Aug'27
Sinking fund 541
1879-1929 A 0 101% ___ 10112 Aug'27 --__ 1004 10314 Greenbrier By 1st gu 48_1940 MN 9274 _ _
105 106%
4
4
1063
4
Registered
1879-1929 A 0 10012 ____ 10112 Aug'27 _-__ 1001s 10214 Gulf Mob & Nor lst 5558_1950 A0 1063 Sale 1063
Sinking fund deb 15e
4
4
1950 A0 1003g 1003 101% 1014 10 100% 1021
10214
*
1st M 58 series C
2 100 8 1027
1933 M 74 _10214 Sale 10214
5
107 107%
Registered
____ 102 Aug'27 -___ 10118 102
4
Gulf dr 13 I lst ref & ter g 56 _61952 Ii 10112 1013 10712 Aug'27
M N 101
974 10411
10
4
4
-year secured 75 g
10354
1063
4
6 1055 10714 Hocking Val lit cons g 4558_1999• J 10354 Sale 1035
1930
D 10634 Sale 10614
957 95 4
4
_
15-yeat'secured 6545 _ _ _1938 M El 112 Sale 11112
1
9534 Mar'27
112
6 11112 11312
.1
1999
Registered
984 100
lel & ref g 58
993
4
2
10874
993
4
4
May 2037.1 D 10914 10914 1084
1 10212 1124 Houtatonic Ry cons g 5a
1037 MN 993
let & ref 4358
10012 85
1004 1024
May 2037.1 D 10012 Sale 10014
9712 1007 H & T C lat g int guar
8
4
1937 Ii 1023 -- 10234 Aug'27
Chic RI& P Railway gen 4..1988J .1
4
10214 10312
4
907
8
8
9084 913 903
8784 9218
Waco & NW dlv let 65 1930 MN 10312 -- 10312 Aug'27
883 Aug'27
4
Registered
994 10112
883
4
.1 J
8612 888 Houston Belt & Term let 58_1937 Ii 1003 Sale 100
10084 10
4
4
Refunding gold 45
8
95I 400
9214 9514 Houston E & W Tex 1st g 56_1933
1004 10114
1934 A 0 95 Sale- 937
101 June'27
N 10012
Registered
934 July'27 A 0
5
7
1004 1097
92 8 93 8
4
N 1003 ---- 109%
109%
let guar fa red
1933
4
9574 20
Secured 4555 series A
1952 NI S 95 Sale 95
9434 954 Mud & Manhat 58 eerie. •...1957 I • 100% Sale 10012 100% 43
98 101
,
4
4
CM 81 L & N 0 Mem Div 65_1951 J D 897 923 90 Aug'27 ---89% 91
9714 97 4
7
FA
9714 June'27
_
Registered
Oh Elt L & P let cone g bs_ _1932 A 0 102_ _ 102 Aug'27 --10114 10258
84
934
7
92 54 98
Adjustment Income bs Feb1957 A0 9218 Sale 92
11 10211 104
P M & 0 cons 6s__ _1930 J 13 10314 10354 10314
Chic
10314
94
97
Illinois Central let gold St._ _1951 1
954 967 9512 Aug'27
4
Cons 65 reduced to 855e_ _1930 J D 9614 9674 9614 May'27 ---96
9252 924
9614
Registered
9254 Apr'27
1051 II
100 Sale 100
4
9913 190
190
Debenture 56
1930 M
87
1
lert gold 3545
8712
871
1951 '.3 8712 Sale 8712
995
8
99 4 Aug'27 --__
8
Stamped
995* 100%
Extended let gold 3558_ _ _1951 A0 8712
88% 89%
8834 Apr'27
9912 35
Chic T H & So Emit let be_ _1960 J D 9914 Sil-e- 9914
934 99 8
75
12
7512 June'27
let gold 38 sterling
1951 MS 7314
7
73
4
95 Sale 948
95
14
Inc gu 56
Dec 1 1980 M
8758 95%
Collateral trust gold 48_ _1952 A0 9112 _
90% 93
5
92
92
101
56
97% 101
Chic Un Elta'n let gu 4)5e A_1983 J .1 101 Sale 10014
A0
Registered
88
8912
88 July'27
__ 10434
10434
1 10312 106
1983.1 .1 10454
1st 5. serial B
let refunding 48
1955 MN 9614 Sale 964
931a 97%
9614 12
4
4
104
Guaranteed g 5a
10 10112 1053e
19441 D 1033 Sale 1033
Purchased lines 3558
1952 J J 8712 ____ 8712
2
871
85
88
88
788
.
4
19631 .1 1 151. 11818 11812 Aug'27
1st 6558 series 0
11814 118%
Collateral trust gold 48_1953 MN 92 Sale 8954
82
92
14
92
105
105 ___' lois we
'2
Chic & West Ind gen g 66--p1032 Q M 1058
MN
Registered
8612 86%
8612 June'27
865 9012
8
893 9012 89
4
9012 97
Consol 50
-year 48
19521
10678 109
Refunding as
,
1955 MN 1081 109 109 Aug'27
10514
8 10312 10512
let ref 11551 ear A
1962 M S 10514 10574 105
15
8
5 1115 11312
-year secured 6548 g_......1936 Ii 1134
11318
11318
4104 June'27 ---- 103 10458
14
Oboe Okla & Gulf cons 5e_ 1952 M N 1045
40-year 4(e
967 101
1
54
101
4
Aug 1 1960 FA 1007 Sale 100%
3 9814
66
9814 - . 9814 Aug'27 -- -97
OM 11 & D 2d gold 4558_ _1937 J J
9212 934
Cairo Bridge gold la
933 Mar'27
8
4
1950 ID 933 _
____ 9712 June'27 ---(3114114&C letg 48-Aug 1936 Q F 97
9514 99
Litchfield
let gold 35_1951 • J
7612 783
4
7814
7814
9614 June'27 __-951 9614 Louley DivDivTerm g 3551_1953• .1 8334 -85 84 Aug'27 1 8213 11412
Registered
Aug 1936 Q F 97
&
84
9312
9312
1942 M N 9 4
dinLeb&Norgu4sa
33
76
7814
Omaha Div lit gold 318._ _1951 FA 781
_ _ 7814 Aug'27
i
l
____ 100
100
9014 012
0 100 1934
Ohl & CI eons let 1158._ _1928 J J 100
764 79
794 8114 7874 Apr'27
4- St Louis Div & Term g 86_ 1931 I
9
5
9912 9942
Clearfield & Mah let go 58_1943 .1
.1 10054 ___ 9912 July'27 --__
• j
8
854 983
Gold 3555
8612 Sept'27
9414
D 9414 Sale 9484
7
89
Cleve CDs Ch & St L gen 48_1993
963
8
Springfield Div 1st g 3555_1951 1
854 ---- 84 Sept'26
9312 May'27 --_92 93%
Registered
9234
-tiois Western Ltnes lots 4e
1951 FA 925 ---. 924 Sept'27
s
9934
I
10014
983 10014 III Central & Chic St LA N 0
1931 ./ J
10014
-year deb 454e
*
90
____ 1084
1993 J D 111
10814
5 10784 113
General 58 &Mee B
10514 15 10318 10512
Joint 1st ref 5a series A
1963 J o 10514 Sale 105
8 103
22 1021a 10314
1929 J .1 1028 Sale 1025
9614 9914
4
984, 118
1963 J o 987 Sale 9812
lst & ref 4%6 aer C
Ref & Impt 65 series A
10612
1 105 108
1941.1 J 107 10712 10812
104 8 107
5
_ 107 July'27
1951 ID 10612
6a series C
Gold be.
105
22 102 5 105%
19631 .1 10412 Sale 1042s
7
10312 1034
ID 10354 ____ 10312 Mar'27
Registered
58 series D
____ 95
95
3
9314 9514
ID 804 ____ 7812 Feb 26
.
_
Cairo Dly let gold Jts_ _ _ _1939 .1 .1 95
Gold 3555
933 May'27
4
1 094
CtnW&MI)iv15tg4s,,1991J J 8914 ____ 903 Aug'27 --_,
-63 8 13;
7
-7
8
8
9 8 Ind Bloom & West len ext 48_1951 A0
04
883
4
87
91
88%
5
934 9474
943 Aug'27
Ind Ill & Iowa 1s8 g 48
1950 J
9349412 96
ER L Div 1st colitr g g 48_1990 MN 8814 90
8714 May'27 ---MN
8654 Aug'27 _
8714 8714 Ind & Louisville let gu 48_1956"I
9012
Registered
84
10234 163" 10274 Aug'27
917 9714 Ind Union By gas be see •_1965 J
*
10112 103%
Spr de Col Div lat g 48_1940 M $ 9654 ____ 97 Aug'27 -- -9612 Apr'27 --__
90 8
91
10212 Aug'27
9712
1017 10278
Gen & ref 58 series B
1085• J 102
8
W W Val Div let g 4e____1940 J
-83,
1077 1.118 1077s
4 108 j
6 105% 108%
000ek I gen cons as_ _1934 J .7 10814 10 4 10814 Aug'27.---- 1061 10918 Int & ON Nor let 65 see A_ _1952 J
____,103 Aug'27,--__ 102% 10358
AdjUltment Cla eat
•July 1952 Aprl 957 Sale 9518
957
8 24
8388 98
Clay tor & W con let g 55_ _1933 A 0 103
_ '10012 Apr'27j--__ 10012 10012
853 Sale 853
4
4
8534 25
AMA
Stamped
8112 88%
Cleve & Mahon Val g 5s__.1938.1 7
4
4
99
993
1958 J .1 10012 10054 100
4
1003
4 12
1st 55 series B
1935 14 N 10058- - - 993 July'27
98% 993
9814 10112
iJi&Mar 1st gu g Oks
.
14 IN 44
,
71
It Due Feb. e Due Maya V Due Dec.
1442
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 9.
New York Bond Record-Continued--Page 3
t.
Price
Fridati.
Sept. 9.
Bid.
Ask. Low.
/730/1
Int Rye Cent Amer let 5e___1972 M N 8058 81
8012
803
4
let coil tr 6% notes
.1941 M N 9518 9512 95
95
let llen & ref 1355e
9014
91
90
1947 F A 90
10wa Central let gold 6I..__..19381 13 4314 4412 44
4412
Certificates of deposit
44
40
49 44
Refunding gold es
1937 M -S 1412 1512 1434 Aug'27
James Frank & Clear let 441_1959 1 r) 9434 957 9434
94 4
,
8
KaA&ORlstgugete
103 May'27
19881 J 1025
8
Kan & M let gu it 44
1990* 0 883
885/ Aug'27
3
4
10114
HCFLS&Mconsglie
1928 MN 10114 Sale 101
K 0 Ft S & M Ry ref g 4._ _1936 A 0 9414 Sale 93%
9414
II 0& M R & B let gu be_ _1929 A 0 9914 10214 101 Aug'27
Kansas CIty Sou let gold 35_1950 A 0 7512 Sale 7512
7512
Ref & Inapt be___ ...Apr 1960 1 J 101 Sale 10058 101
Kansas City Term let 4I.. _1960 1 J 93 Sale 9938
93
Kentucky Central gold 44_1987 J J 9014 Sale 9014 . 9014
Kentucky & Ind Term 4335_1961 J .1 8618 _ -- 8618 June'27
9038
Stamped
903
8
1961 1 J 9058 9712 Aug'27
Plain
5 91.8
8
1961J .7
Lake Erie & West let g fa_ _1937 J 1' 1021s 10218 10178 Aug'27
2d gold 66
1941 J J 10212 103 10178 July'27
Lake Shr & Mich El g 334s_ _1997 1 D 844 8538 85
85
8312 Sept'27
Registered
1997 1 D
I - Sale 9878 10C
gi -Debenture gold 4s
1928 M 5
Sale 9914
9912
5-lear gold M
1981 M N 99% 2
Leh'Val Herber Term 5&1984 F A 10514 10612 10734 Aug'27
101
Leh Val N Y let gu g 434s_ _1940 J 1 9978
_ 100
90
Lehigh Val (Pa) cone g 41_2003 M N 9014 114 90
3
89 May'27
Registered
MN
e
4 10014
General cons 4$52
2998 um N iii)i, &d- 993
97 June'27
Registered
MN
Lehigh Val RR gen be eeries_2003 M N 10752 Sale 107% 107%
105
106
Len V Term By let gu g 5a__1441 A 0 105 _
Registered
A0 ---- ---- 10213 Mar'27
Leh & NY let guar gold 4a__1941 111 5 904
- 90% Aug'27
-Lox & East let 50-yr 51 arti_ _1965 A 0 11112 112 1113 Aug'27
Little Miami gen 45 Ser A _1982 UN 9018 - -- 9174 June'27
Long Dock console (38
1935 A 0 169 10912 109 Aug'27
Long laid let con goldfish/11111931 Q J 10112 _ _ _ 100 Aug'27
let Immo) gold 44_-__July11131 Q J 97 --984
981s
General golf]4s
94
1938 1 D 94 Sale 94
Gold Sr
9614
193: .1 D 9614 Sale 9614
Unified gold 4e
4
1941 NI 13 904 914 8912 Aug'27
7
Debenture gold 54
1984 1 D 100 10114 101 Aug'27
80
100
-year p in -ter. .5e
1937 MN 100 Sale 100
91% Aug'27
Guar refundIng gold 4,3_ _1049 et S 90% 91
Nor Sh B 1st con gu 58..0et '32 Q .7 100 4 -- 10014 Aug'27
,
Louisiana & Ark IA g 54
1927 KJ) ---- --- 100 June'27
Lou &Jeff Bdge Co gu g 4..._1945 1111 13 904 Sale 9014
9058
Louisville & Nashville 52-1937 111 N 107 _ _ _ - 107 June'27
Unified gold le
1940.7 J 97% Sale 97%
9814
Fteglstered
9658 May'27
.7 J
Collateral trust gold 54_1931 MN Hiii2 ;-_-- 10111 Aug'27
10
-year secured Is
1930 M N 10512 Sale 10478 1051
/
4
let refund 54a eerie* •_2003 A 0 10814 10914 10712 Aug'27
let lc ref 5e series B
1003 A 0 10712 Sale 10713 107%
1st & ref 44a series C
3
109
2003 A 0 1027 10278 109
N 08 M let gold Be
1930.7 J 10312 ---- 103% Aug'27
2d gold 6e
10374 Aug'27
1930 J .1 1034
Paducah & Main Div 44_1946 F A 957 __-- 93% June'27
St Louis Div 2d gold 34....1980 WI S 683
s
- 6812 Aug'27
Mob & Montg let g 444_ _1945 IA 5 10014 1i0114 10114 Aug'27
Seuth fly joint Moses 44_1952 1 J 901z Sale 9012
9012
At! Knoxv & Cl. Div 4a_1955 MN 9614 Sale 9614
9614
Lousy Cin & Lox DI,g 446'31 MN 99% --- 100 Aug'27
Mahon Coal RR let be
1934 1 1 10212 10312 10318 Apr'27
Manila RR (South Lines) 41..1939 IA N 72
7274 72
72
let
laN 7514 777 78 July'27
4
Manitoba SW Colonlza'n 54 It 9 16 D 10018 101 101
101
t
a ,14
Man GB & NW let 3341__ _1941 1 7 8632 -- 8312 Feb'96
MIsla Cent Bet& BaY City'lle:31 8 1/1 1017 10212 10112 July'27
3 Registered
QM ---- --- 101 Dec'26
Mich Air Line 45
9512 July'27
a t..t b tat gold aMe
85 2 i
5
1940 j It 9 4 l - 92 Merle
1951 2.4
let gold 335a
79 Nov'26
1962 IA N 89't-99%
debenture 44
192$ A 0 9974 9975 9974
Mid of NJ let ext be
1940 A 0 963 97 97 Sept'27
4
fdllw LB & West Imp g 54_1929 F A 101 Sale 10038 101
Mil & Nor let a:14401880)1934 1 D 963 98 9812 Dec'26
i
Cone ext 435e (1884)
9612 Aug'27
1934 1 D 963
4
Mil Spar & N W let gu 4e__ _1947 MI 13 9438 14.4 94 Aug'27
Mtn h State I- let au 31 5_1941 J J 8853
- 8318 Dec'25
4
Minn & St Louie 1st cons 58_1934 MN 501453 50
5012
8
Temp ctfs of deposit
al N 484 597 5014 Aug'27
let & refunding gold 4ii_ __1949 fill 13 177 1874 18
4
18
Ref & ext 50-yr be aer A_ _1962 Q F 13
1412 14 Sept'27
M St P & SS M con g Mint gu'38 1 1 887 Sale 8812
8
8918
let cone be
968 967
4
967
4
1988.7 1 96
973
4
let cons be gu as to int__ .1938.7 J 9714 9713 9758
10112
10-year coil trust 6 -.68
1931 M lit 10112 Sale 101
let le ref 68 aeries A
1946 J 1 10013 10014 10014 10014
8712
4
1949110 51 8714 883 8712
16-year 54s
let Chicago Term e I 4e_ 19411/1 N 9814
- 9814 June'27
197
9612Aug'27
Mississippi Central 1st ba_ _1949 J J 9632 .
8932
Mo Kan & Tex let gold 441 1990 I 0 89% Sale 8938
Mo-K-T RR preen be ser •..19152 1 .1 10433 104 2 10414 10414
,
8914
10
-year 44 series B
1962 1 .7 887a 8914 89
10314 10338
10
-year Bs series C
2 8
Cum adjust be tier A Jan_11744 j 0 NI% 119 : 10834 10814
9 a
6
Mo Pac 1st & ref be ser A._19135 F A 10014 Sale 10014 101
7814
General 4e
1975 al 8 78 Sale 7734
let & ref be ser F
107J M S 100 Sale 9958 10012
19 .
:
ge Pae 3d 7.3ext at4%
9334 Aug'27
MN
July
9414 9 -l- 9774 June'27
Mob & Bir prior lien g 541-11146 J J 100
- .
42
89 8814 June'27
let m gold 441
1946 1 1 8874 834
Small
4
1046 J i 823 857 8318
Mobile & Ohio new gold ge 1927 1 0 10018 --- 10012 Aug'27
10018 May'27
lit extended gold lie__July1927 Q J
9412 Aug'27
95
General gold 4e
1988 N1 8 94
Montgomery Div let g 56-1947 F • 101:: 10214 10118 10113
100
St Louis Division 58
1927J D 100 Sale 100
%lob & Mar let gu gold 48_1991 NI 1 9314 947 9212 June'27
4
Mort C let gu g 155
1937J 1 11174 113 112 Aug'27
_
_ 11112 Mar'27
.1
Registered
6i12 10512 Aug'27
1st guar gold fie
1 ioi 1/
1
4
837
8
Morris & Essex lst gu 3 Me ZO 1 0 83% Sale 83
Nashv Chatt & St L 1st 5e_ _1928 A 0 100% Sale 0078 10038
N Fla & El let gu g 56
1937 F A 10212 _ _ _ _ 0312 Apr'27
30 Sept'24
Nat Ry of Mex pr lien 4344..1957 J J
11
-iii2 1134 11
Assent cash war ret No 4 on
8712 Aug'25
Guar 70
-year a f 4e
1977 .•--•
184 Aug'27
1514 17
Assent cash war ret No Son
384 July'25
/
1
Nat RR Mex pr I 44$ Oct _1926 / i
24 Sept'25
July 1914 coupon on
17
Aeaent cub w.4r rat No 4 on----- 1812 1911 17
Iii consol 411
---- ---- 28 Apr'26
.1951
A meat aaeb war rot No 4on
/ 1112 9 Aug'27
1
4
9
Naugatuck RR 1st g ba___1954 M N 8514 --- 8758 July'27
.
New England eons as
0118 June'27
1945 1 1 10012
894 Aug'27
Consol guar 4s
1945.7 1 8918
Ni Juno RR guar let 48.....-1986 1 A 844 -- - - 8512 Jan'27
7
N 0& N E lst refddmp 444 A'52 .1 .1 9834 99 99 Aug'27
New Orleans Terra let 44. IBM J .1 8938 90
8914 Aug'27
NO Texas & Mew n-c Inc 5s_1935 A 0 16012 10112 003
4 1003
4
la 5a series B
8 1014
1964 A 0 10118 Sale 1007
let be series C
10374 104% 10414 10474
/
1956
153 614e series•
/
1
1954 A 0 10578 Sale 10514 1054
N & C Bdge gen guar 41s_ .1946.7 1 9723 _--- 9812 Aug'27
/
4
NYBAMBlet non a he 1935 a 0 101 102 101 Aug'27
Range
Since
Jan. 1.
Week's
Range or
Last Sate.
No. Low
High
12
16 8214
13
9244 95%
11
90 92
1
44
Mil
9
44
65
1412 714
5
9144 96
103 103
lb% 88%
20 101 102
35
92 95
9912 10214
31
7318 7512
12
994 10114
28
88 93
3
/
4
811 91
864 94%
S812 9012
9712 9712
101 103
1001s 102 3
7
5 8011 851s
80 8312
69
9814 100
21
97% 99%
10411 1071
4
4
9811 1011s
1
8614 91%
84 8912
33
97 101
97 97
7 103 108
/
1
4
7 10212 106
1024 10212
90
9078
109% 118%
86% 917
4
108/4 10912
99% 10119
22
98
981s
98 4 98%
6
931, 9614
89 9012
99 101
8
0814 10014
7
88 4 91%
100 101
100 100 4
1
5
89% 9212
1064 107
25
9644 9812
95 967
3
10114 102%
33 1034 108
105 110
8 10544 108 4
7
21
99% 103%
1084 104%
/
1
1084 1037
4
9848 95
6612 69
10014 10114
2
8712 91
3
9312 9714
99% 10012
1034 1034
3 66
73
73Is 84
6 100 101
Mira 20134
-9514 oils fig
--
14
10
854
9811
95
100%
90
100
9818
10153
"el;
98
9214 9558
9
79:1604
67
66
17
/ 23
1
4
127 151
4
4
21
8614 894
96
99%
10
9614 98%
18
97 102
/
1
4
5
9814 102
2 8214 89
97% 9814
95 9712
/
1
4
864 697
4
3 101 10434
6 8512 8972
7 102% 104
161
90 10814
16
977 102
4
304
7412 79 4
,
522
9734 101
92% 95
974 99
4
sets 8814
3
82
831
1004 1024
99% 10012
92% 9518
1 100-8 10238
2 99% 1004
9114 9712
1104 11312
1111211112
1034 1054
21
8012 85
/
4
7 10014 1011
10232 10312
7
7
-II- -- .
201
-17
26
-if' -kit
../-
24
26
12
9
181
/
4
87% 877
5
eine 10141
87
/ 8912
1
4
864 854
9611 99
8
874 895
100 101
100 101',
4
103 1047
1044 106
97 9874
1004 102
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 9.
h
Plica6 .
V
Sent 9
Week's
Range or
Last Sate.
;'
Range
Since
Jan. 1.
Bid
Ask Lew
High No. Low
Nigh
4 .106 8 1087
N Y Gent RR eon, deb Ite 1985 M N 1071g 10874 10712 10734
3
1
44
94
Ooneol 45 series A
90 9514
1998 F A 9378 Sale 937s
40
Ref .1 impt 434. series _201 A 0 10112 102 1014 102
97% 102%
/
1
•
Ref & impt be aeries C
2013•0 10814 Sale 108
10812 20 10514 10812
10512 Jan'27
Regletered
A 0
10122 10515
N Y Central& Hudson River
85 8374
Mortgage 33.45
844
84
1997
9
804 8511
82 July'27 ---Registered
1997 J .1
787 8314
5
4
ggis 28
Sale.
Debenture gold 4e
1934 PA N 98 6;1-e 072
9814 9814
_
96 Feb'27 --- Registered
MN
96
96
80
-year debenture 4s
1942 J J 97 9712 9714 Aug'27 ---94
/ 98%
1
4
_ _ _ _ 93 Feb'26 ---Registered
J
7913 }fig;
Lake Shore cell gold 33.45_1998 F A 8214 83 83 Aug'27 --- 82884 12
917
Registered
4
1998 F A 817 Sale 91
4
7844 814
8
Mich Cent colt gold 1135e 1998 IF A 8212 8473 82%
794 854
Registered
_ _ _ _ 8118 July'27
0
62
9 2
1998 F A
7874 824
2
N Y Chic & St L 1st g M
1937 A 0 96
94 4 9612
7
Registered
9434 Aug'27
1937 A 0
94
9513
25
-year debenture te
1931 FA N 9812 -ii- 99 Sept'27
904 9914
/
1
2d 6a settee A B C
10314 10274 10314 10 1024 1037
1931 M N 102%
8
Refunding 545 series _1974 A 0 107 Sale 107
•
10714 45 1044 10714
Refunding 5548 series B 1975j J 1067 10712 107
/ 1074 30 10414 10712
1
4
4
N Y Connect let gu 1.44 A-1963 F A 99 4 Sale 9918
9912 37
,
9433 100
let guar 5e eerie' B
1953.F A 19412 ____ 105 Aug'27
1084 105
/
1
N Y & Erie lin set gold le...1947 M N 91
9/ ° 4:227
3d ext gold OM
19338! S 9812 :::: 9131 July 6 ---- -Sig; Ili
81 e
4
4th eat gold 5e
1930 A 0 1003 ___ 1003$ Mar'27 ---2
987 10012
5
5th ext gold 4e
19281 D 9914 ---- 99 Nov'26 ---m
• 9974 _ __ _ 100 Aug'27 ---- -fill; 10 N Y & Greenw L gu
-- 4
0
N Y & Harlem Told 34e-3000
N 8212 --_ _ 835 June'27 ---8144 857
5
Redd-red
MN
---- 8212 Mar'27 ---8213 8212
_ 80 July'25 ---N Y Lack & W let & ref 6e1973 N
First & ret hs
l073 MN 10512 ____ 10413 June'27 ---- 102 10458
_ .106 Feb'27
106
N YLE&W let le ext__1930 M
106 106
N Y & Jetney lat be
1982 F A 10014 fof look, Aug'27
10014 101%
N Y & Long Branch gen 1411941 NI S 9014 __ 90 Dee'21 ---NY&NE Bost Term M-1939 A 0 92 _ _ _ 91 Apr'27 _ _ _ -11- 91 8312 85'2 834
5
NY NH & H n-e deb 4e__ _1947 M
8358
74 834
/
1
4
737
4
1
Non-cony debenture 34
/
1
5.1947 M S 738 Sale 7374
72% 70
744 46
/
1
69
/ 7412
1
4
Non-oony debenture 3
/
1
41-1964 A 0 74 Sale 7274
8312 30
8312
Non-cony debenture 44....1954 J J 8314 Sale 8314
76
/
1
4
8314 10
Non-cony debenture 45_1936 II N 83 Sale 8274
76% 83%
7312 Sale 73
75
16
Cony debenture 45
68% 75
1956 J
11814 36 1054 11314
11314 Sale 113
1948
Con, debenture 66
10912 10912
4 108 10912
Registered
1 .1
4
Collateral trust be
11140 A 0 11345 Sale 10412 10434 12 10258 10514
s
Debenture 44
1957 SIN 747
691i 76
7
0
4
96 -.22 884 91
71
16
.
Harlem R & Pt Chem 15144 1964 111 N 9012 Sale I 9 11
8
N Y & Northern let g 64-_1927 A• 997 10018 997 Arg'27
99% 100
7812 12
N IF 0& W ref let g 4a_Juie 1992 111 S 7814 7834 7858
4
781 791s
7578
1
3
General its
1956 D 757 76183 7578
78
78
/
1
4
____
N Y Providence & Boston 4s 1942 A 0 9018 _ __ - I 8612 Dee'21 _ _ _
N Y & Putnam 1st eon gu M 1993 A 0 9112 __I 917 Aug'27
164
/
4
914
8812 911, 9174
1
N Y Sueg & West let ref 54_1937 1
8712 9412
/
1
'
2d gold 4344
1937 F A 7412 794 7912 June'27 -..12% 8084
7"5722717782
3
1940 F A 7712
General gold 5.8
714 80
8a2121101
10le 75
's
gn10e
1943 MN 100
Terminal 1s1 gold be
981 101
4
84
84
84 2 128
/
4
6.1
7gle 8512
NYW'clies&B Meer 111451
i l
c
1950 A 0 10014 Sale 10014 100% 95' 0814 100s4
Nord Ry ext'l I0Ms
94
/ 13
1
4
goat 04
/
1
4
•
Norfolk South 1st & ref 58_1961 F A 941s Sale 9418
. 7,
14
Norfolk & South let gold 58-1941 N N 10114 102_14 10134 JAuti
1004 1013
/
1
4
s
5 104% 100%
Norfolk & West gen gold 64_1931 M N 1057
10818 110
Improvement & art 65_1934 F A 1084 10814 10818 Aug'27
4
10612 107
New River 1st gold 6s___ _1932 A 0 1053 10812 10612 July'27
0: 9 8
9 14
637
64
5 92% 9714
N & W Ry 1st cones 44_1996 A 0 9618 964 4 BAeu8pt:2277
9278 95
1996 A 0
Registered
1_6._
94%
95%
Mel lit lien I. gen g 41.19443
98
. i 187 A08'27
1929 84
10-yr cony. Is
158 187
95 Sale 95
9512 10
Foca& C & C pint 4s---1941 J
92% 90
____ 107 July'27
107
10ges 107
North Cent gen & ref 54 A-1974 11
_ ___ 99 June'27
_
Gen & ref 448 merles A-1975 M
97 9934
9812
944 100
9812
984
4
6
North Ohio lit guar I54-1945 A
;2 e
.
0
95% 8 1- 954
9513 18
North Pacific prior lien 411_1997 Q
4
911 97
9414
9414
9414
I
Registered
1997 Q
90% 9474
69
68% Sale 6874
23
Gen'l lien gold 3s. _Jan 2047 Q
6573 6974
67 69' 67 Aug'27 _ _ _ _
Registered
Jan2047 Q
68% 674
10034 10074
101
4
Ref & impt 4340 eerie' A2047
96 10144
98 May'27 ---9714
Registered
98 98
11578 dile- 11512
116
44 111 11614
Ref As Inlet tle aeries B__2047
Sale
Sal 1077
108
4 10774
1 1034 107%
Ref & lmpt 55 eerier C -2047 I
714 107
2
10712 1_0_8_ _ 10003 .3017 12 _ _ .1 1031e 10712
y2 .
Ref & Impt be series D.-3047
1097
4
109% 10V%
Nor Pao Term Co Ist g 61.. _1933 1
106 ____ 103 July'27
__1938 A
108 10614
Nor By of Calif guar g
1034 Mar'27 -- 102% 10e4
10212
1930
North Wisconsin lirt 66
g- 8578
88 1
5
8514 g....1948 1
Og & L Cham let gu
8173 88
8
95% ....__ 945 Mar'27._
Ohio Connecting fly lit la_1943 14
94% 94%
. 10313
1936
D 10212 __ . June'27 _-_ _ 102 1041s
Ohlo River RR 1st g be
1937 A 0 102 _ _ 10212 Aug'27
General gold 5e
1014 103
3
Oregon RR & Nay con g 4e_1948 J D 937 Sale 9358
93%
4
/
1
4
87
/ 94
1
4
1081 11014 10812 Aug'27 --_ - 1067 10914
/
Ore Short Line 1st cons g 51.1946 J
4
/
1
4
Guar cone be
19451 .1 10814 10914 108 Aug'27 --_
. 106 110
Guar refunding tle
19293 13 99% Sale 9034 100 , 102
9814 100
9078
9012 22
Oregon-Wash let & ref 441981 1 .1 901 91
867 9115
4
Pacino Coast Co ist g be_ _1946 I D 8812 8912 8912
8912
93
6
88
Pao RR of Mo lst eat g 4a _1938 F A 93% 95
9334 Aug'27 ---98% 95
102 ______ 102
102 1
2d extended gold 5e
1 102 10211
19381
100
Paducah & Ills let 1 4 Ms_ _1955 J
100
993
4
10
98 100
97
Paris-Lyons-Med RR 65_1958 F A 963 Bale 9658
112
4
8712 97
9612 10312
1027 Sale 10274 10312 98
Sinking fund external 75_1958 M
8
9614 102%
Paris-Orleans RR e f le
10274 38
195414$ 10212 Bale 10214
Paulista By 1st & ref 5 f Te._1942 FA 13 10114 103 10112 103 i 36 1014 10313
9612 987
Pennsylvania RR eons 144_1943 111 N 98
-- 983 Aug'27 --- 5
8
Coneol gold 4s
4 98
9474 98
96741
1
1948 111 N 963 - - 963
46 uteri stpd dollar_May 1 1948 M N 96511 9712 9654
04 s 97%
4
9634
1
104 I
Consolidated 4%e
6 101% 10513
1960 F A 104 Sale 104
102581 23
4
10218 Sale 102
General 43 merles A_,_ 10653
9914 1027
-Is
General 5a series B _
11141 6 106% 1121s
4
19683 117 1103 11114 111
/
1
10
-year secured 7e
1930 A 0 10614 Sale 10618 1061e 29 to524 1074
15
-year secured 64e
1936 F A 11218 Sale 11218 11212' 37 1114 1134
1
Registered
F A 111 Sale 1114 Aug'27 --- 11118 1 1 54
40
106
26 103 106
-year secured gold 5s, 1904 14 N 10512 Sale 105
89 89
Pa C,o eu 34e coil tr A reg..1937 M $ 8714
89 Mar'27 __ __
894
843
Eig 874
Gus. 834s coil trust ger 8.1941 F A 8718 -. 12 874
1
8612
86
_ _ 8612 June'27 _ - _
. 86
Guar 8Ms trust ette C_ _1942 J
8712
8
Guar 345 trust ens D___1944
7
lia 86 - - 855 June'27 _ _ _. 84 4 864
9711 0914
9812
9812
2
Guar 15 -year gold 4e_1931 A 0 98% 99
-25
92 9018 Aug'27_..
88 90%
Guar 46series E
1952 11 N 90
Pa Ohio & Det 1st & ref 414s A'77 A 0 99% Sale 994
4
/
1
9972 83 967 9911
864 914
9073 17
Peoria & Eastern 1st oons se_ 1940 A 0 89% Sale 8974
413 53
4
5015 26
Income tle
April 19100 Apr. 4812 Sale 4812
4
Peoria & Pekin Tin let 5 46.1974 F A 106 10712 106 Sept'271_-- 1033 10614
8
27 1035 10514
Pere Marquette let ser A 51.19683 1 105 Sale 10478 105
9214
89
let is dories B
19583 1 9058 9114 91 Aug'27
95% 98
.
Phil, Bait & Wash let g 44 1948 M
9712 100 97 Aug'27.__ _
1 11012 111
General fie settee B
1974 F A 11158 113 11158 11133
4114 44
42
43 4312
4312
1
PhillPpine By let 30-yr a f 44 1937 .1
Pine Creek registered let 64 1932 J D 1065 ____ 10634 June'271__ 106 lea%
8
99% 10,7
4
4
10134
10134
1013
4
PCC&StLgu444A
19 111A
,
s
101581 10 10014 1017
3
Salm 13 4355 guar
1942 A 0 10112 111- 8 10158
101 July'271---- 10084 10114
Series C 415e guar
1942 M N 10112
9714
e 73
7 . 96
___ _ 96%
Series D la gear
1945 M N 9738 -9-i- 9712 JUng'281-.10
9673 98
Series E 3Se guar gold-1949 F A 9738
9714 loess
.22 ! ...
2
_ 09714 Auscug77 _ .._____
Series F te guar geld
,
1963J 0 97 4 .._ .. . ._ 97748 AA pr: 7:
totas 07%
Series (345805,.
1957 MN 9714 -.
9773 10012
Settee H con guar tie
1960 F A 9712
/
1
4
-holes I cone guar 434s._ 1963 F A 103 10412 103 Aug'27 ----. 99 10314
10314 10314
1 100 10812
Series eons guar 415e
19641411N 10314
3
1 10M4 1107
General M be sedan A__ _1970 J D 11018 Sale 11013 11013
11014
6 1064 111
I U`” mtg.. guar Ss series 111.1975 A 0 11014 Sale 11014
New York Bond Record—Continued—Page 4
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 9.
Price
Friday,
Sept. 9.
Week's
Range or
Last Sale.
fee,
Rid.
Ask. Low.
High No.
Pitts & L Erie 2d g 5s_ __Jan 1928 A 0 100
____ 10012 July'27 _ _ _ _
PItte MeK & Y 1st gu 66____1932 3 J 10418 106 106 May'27 -lad guar Se
4
1934 3 3 10418 ____ 1013 Nov'26 -Pitts Sh & L E let g be
1940 A 0 10218
10314
1
_ 10314
let coneol gold be
10012
1948 J
- 10012 Apr'27
Pitte,Va & Char let 41
96 Aug'27
1943 M N 95
Pitts Y & Ash let cone 15a____1927 M
99 10018 100 July'27
/
1
4
let gen descries A
94 Mar'27
1948 J D
lot gen Es series B
1041 107 1041 Aug'27
/
4
Providence Secur deb 46
7318 75
2
72
/
1
4
1 2F
1957 ral
724
/
1
Providence Term let 48__ _ 1916 0 S 8514
8418 July'27
1
Reading CoJersey Cen coil 461951 A 0 953 Sale 95
4
3
953
4
Oen .3, ref 43-8116erlee A_1997 3 3 10012 ____ 1003
2
1004
/
1
Rich & Meek let g 46
1
/
1
/
1
823
8
1948 M N 824 ____ 824
Riehm Term Ry let gu 5e
10118 1013 1011 July'27
4
/
4
1952
Rio Grande June let gu Se.
8
.1933 3 D 997 ____ 100 Aug'27
Rlo Grande Sou let gold 4e_ _1940 J 3
73 10
4
73 Aug'27
4
Guaranteed (Jan 1922 coup Oa) 3 .
6 May'25
1
Rio Grande Weert let gold 4a _1939
93 Sale 925
8
93
16
let eon & roll trust 4e A I949 A 0 8612 87
8614
7
8612
RI Ark & Louie let 43.8e
8
22
97
1934 01 8 967 Sale 9634
Rut-Canada lot gu g *le__ _1949
11 8414 8512 83 July'27
Rutland let eon g 4346._1941 3
944 9512 9412 July'27
St Joe & Grand Ill lett ...1047 J
87
/ 8818 8812
1
4
5
89
St Lean & AdIr let g be
100
100 Aug'27
19313 3
213 gold fle
1990 A 0 10712 ____ 10714 Aug'27
St L & Cairo guar g 4e
973 9812 97 Aug'27
8
/
1
4
1931 J
St L Ir Mt & !Igen eon g 56_1921 A 0 101 Sale 101
10
10114
1931 A 0
Stamped guar be
10038 Sept'26
Unified & ref gold 42
9912 Sale 991
/
4
11129 3
9912 19
Registered
J J
9812 Aug'27
R1Y&GDl,li$845-----IVS3MN 954 Sale 9518
/
1
954 24
SC M Bridge Ter gu g go_ _ _1930 A 0 1007 10134 10034 Aug'27
8
St L & San Fran (reorg co) 4E1950
J 88 Sale 874
8814 110
Registered
3 J
87 May'27
Prior lien aeries B 56
1011 25
/
4
1950 3 J 10118 Salo 101
Prior lien serieeC fie
1013 Sale 101
8
1928J
10114 27
Prior lien 5Sig aeries D
102 10314 10278 1033
/
1
4
8 11
1942
Cum adJuet ger A 88_ _July 1955 A 0 1013 Sale 101
4
1013
4 75
Income series A Si. _July 191 Oct. 987 Sale 983
8
161
99
4
,0
8t LOWS& San Fr By gen 62_1931 J J 1041 105 1041 Aug'27
/
4
/
4
General gold be
1013 _—_ 1011 1013
4
/
4
2
4
St L Peor & N W 1st gu be_ _1948 3
10612 ____ 10714
4
10714
1931
St Louie Sou 1st gu g 4e
973 Aug'27
4
8
11131 MS 973 98
St L W Istg 4aboadetio 11189 M 14 88
8914 8878
89
3
3d g 4e Inc bond ctfs_Nov 1969 3
824 ____ 8312 Aug'27
/
1
Congo, gold 4.2
1922
9714 27
D 9714 Sale 96
la terminal & unifying 51_1952
9918 21
. 9918 Sale 99
0
St Paul & K C Sh L let 4;51_1941 F A 9514 Sale 944
9514 51
St Paul & Duluth let be
4
1131
A 1013 10218 1014 July'27
let consol gold 4a
19419 J D 93
95
93 Aug'27
tit Paul E Gr Trunk 4386__ _1947
98 10014 98
Jan'27
St Paul Miran & Man con 414_1933 . 9712 ____ 9712 Aug'27
0
let cowl(Si
10714 10834 10714
10714
1923
1
Registered
I
1064 Sale 1063
8
1063
8
3
68 reduced to gold 4 lig__ _11123
100 101 100
100
5
Registered
J J 9814
9914 July'27
Mont ext let gold de
96
97
9618 Aug'27
1137 J
Registered
J D 944 _
9512 Jan'27
Pacific ext guar 4a (eterlin.g)'40
9112 93
9212 May'27
St Paul Un Dep 1st & ref 561972
107 10714 1071 Aug'27
/
4
El A & Ar Pau let gug 46_11243
921 9214
/
4
3 92
92 2 28
,
Santa Fe Free & Phen 5e____1942)
10218 ___ 102 July'27
4
1
May Fla & Weet let g tie
1934 A 0 1084
10912 May'27
lot gold Ce
1234 A 0 10212
_ 104 May'27
Scioto V & N E let gu g 4a 1989 MN 934 ____ 9418 Aug'27
/
1
Seaboard Air Line g as
A 0 821 8311 84 Aug'27
,
Gold 4e etamped
1950 A 0 8318 Sale 83
9
833
4
Adjustment be
8614 392
Oct 1949 F A 86 Sale 84
Refunding 48
4
1 .11) ?, 723 Sale 7212
15
5
7314 98
let & cone Oa sedee A
974 Sale 97
/
1
973 152
4
Atl & Birm 30-yr let g 4a_d1933 M
9312 943 9312
4
3
93 2
,
Seaboard All Fla let gu 6s A _1935 F A 963 Sale 963
4
8
963 120
4
Series B
1935 F A 97 Sale 9612
7
97
S)aboard & Roan Si extd
100 1003 100
4
1931
So Car & Ga let ext 5I8 e__1929 3 3 101 1014 1014 June'27 10
MN
1014
S & N Ala cone gu g be
1936 F A 10312 104 10318 July'27
Gen cone guar 50-yr be_ 1963•
• 11114 1113 11114 Aug'27
4
03 Pee coll 46(Cent Pao eon) t'49
934 94
93
93
3
Registered
J
863 ____ 89 Aug'27
4
20
-year cony 4a
8
Julie 1929 M 8 997 Sale 991 10014 54
/
4
let 4386 (Oregon Lines) A_1977 M S 10112 sale 10114
ioliz 52
10
-year cony 58
It: , 10214 ____ 103 Aug'27
3
90
-year gold 58
10112 10134 1013
4
1(12
23
Dan Fran Torml 10t £e....1150 A 0 9212 9378 927
8
93
3
Regletered
A 0 87
8912 01 July'27
Ho Pao of Cal 1st 4011gu g 48 Av37 MN 1053 10614
4
1053 July'27
4
So Pao Coast let gu g 481937
9512 hlar'27
J 954
So Pao RR let ref te
19183 . 96 Sale 96
1
9614
19
Rotistered
.1 J
94% Aug'27
Southern Ity lei cones 544_1994
10912 Sale 109
10912 11
Registered
jJ 106
____ 106 Aug'27
Devel & gen te seriee A___1986 A 0 89 Sale 883
4
8938 65
Develop & gen 66
4
1956 j g 1163 Sale 1163
rit
4 11714
14
Devel & gen 634a
1244 Sale 124
12414 27
Me Div let g be_
m 10714 ____ 10714
_16 16
69
i
10714
6
St Louie Div let g 46
8
1951 3 3 913 Sale 9138
911 28
/
4
East Tenn reorg lien(Se..1938 M
4... 10118 Nov'26
1013
Mob & Ohio coil tr 48....l938 M
94 9412 94
94
2
Spokane Internal let g 5&..1955J
854 86
8534
871
10
Sunbury di Lewiston 1st 48_ _1936
933 ---- 9312 July'27
s
Superior Short Line let off-. el930 M S 10012 ____ 10012 Aug'27
*term A861101 821. let g 4 Si 3_1939 A 0 9912 Sale 994
991
jI
let cone gold Si
is F A 104 105 110312 Aug'27
Gen refimd f g 4a
19133 . 9012 9012 9018
9012
1
3
Texarkana & Ft 8 let 53.4e A 1950 F A 106 Sale 1057
8
10618
8
Tex & N 0con gold be
19433 3 997
8
997 Aug'27
8
Toxaek Pao let acid 5t'..2000J D 1074 ____ 108
108
2d Inc 58(5lar'28cp on)Dec21100 Mar 100
____1101 Aug'27
Gen dr ref 5a series It
1003 Sale 10634
1977 A
4
101
La Div B L let g 56
10014 1004 1003 Sept'27
ism' 3
8
Tex Pse-Mo Pall Tor 53-8e_1964 M
1064 ____ 1063
8
1064
3
Tol & Ohio Cent let go 56-1435 3
1013 ____ 10134 Aug'27 _ _
4
4
Western Div let g be
1935 A 0 993
- 10012 June 27
General gold Si
1935 J 1 10012 Sale 10012
10012
1
Toledo Peoria 54 Wait Ist 46_1917
lb
18
15 May'27
Tol St L & W 50-yr g 48._ 1980 A 0 9112 Sale 9118
9112
5
Tol W V & 0 gu Vie A
9914 ____ 99 Aug'27
1931 3
let guar 441 series ti
9914 ___ 9914 Aug'27
1933 J
lot guar 40. series C
954 ____ 9538 hlar'27
/
1
1942 M
_
Tor Hate & Buff let a 48...l9441 1 II 9112 Sale 9112
9112
3
Ulster & Del in cone ft 5o
1928 J D 6012 Sale 6012
62
7
let refunding g 40
1952 A a 3218 44
407 Aug'27
8
_
Union Pacific, let RR & Id gt 4s'473 1 973 Sale 97
4
973
4 30
Registered
3
944 Sale 944
944
2
& ref 46_ _ —.1une 2008 1,1 S 9514 Sale 95
let lien
9534 26
1967J J 984 Sale 9512
001a 438s
983 147
4
1104 1124 1104 Aug'27
June 2008 ,
let lien & ref 5e
11
10112 Sale 1013
1928 1
10 year secured 66
8
10112 12
UNJRR&Cangendi....l(144M s 97
__ 97 Aug'27
11133 8 J 9712 983 983
Utah & Nor let ext 46
4
4
983
4
7
Vandalla cons a 4e scrim A 1955 F A
96
974, 96 Aug'27
_
1967 M N 96
Cone& 46 series n
9712 9012 Oct'26
_ _1934
Vera Crus & P 1 et 1(114
1
July 1914 v.5000upon on
24
Apr'261 ____
Assenting tat 411ie
- - -17
22I 1918 Aug'27
1007 ____ 1003 May'27
8
Virginia Mid 65 eerie@ F....1931 I'd
4
_
8
1936 M N 1023
1023 Aug'27
General be
8
4 Due May. • Due June. 8 Due Aug.
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE 1
Week Ended Sept. 9.
•g
L.
1443
Price
Friday.
SePf. 9.
Week's
Range or
Last Sale.
.;3
Low
High
Bid.
A3k.1Low.
High No.
99 10137.: Vi & Southw'n let gu 66___2003 J J 10134 10412 1013 Aug'27
_
4
1054 loa
let cone 50-year Oa
1958 A 0 97 Sale 967
8
35
97
Virginian fly let be series A.1962 M N 10718 Sale 10718
10714 37
1001, 10314 Wabash let gold be
1939 M N 10412 1043 10412 10412
4
8
10012 1001,
2d gold be
1935 NI A 10318 1033 103
1 979 P B
1
4
103
96
06
Re/ if 5380 eerier A
10512 Sale 10518
10512 47
100 100
Ref ,h gen 58 series B
1976 F A 101 Sale 101
24
101
92 4 94
1
Debenture 13 66 registered_1939 J I 9612 ____ 834 Feb'25
10438 107
let lien 50-yr g term 4e
1954 .1 3 883 ____ 88 Aug'27 ---4
/
1
4
70
75
Det le Chi ext late be_
1941 J J 103
____ 1033 July'27 --- 4
8412 844
Dee Moines Div let g 4s 1989 J J 93
9312 924 June'27 --__
92 100
Om Div let g 318.
1941 A 0 847 8512 8612 Aug'27 ---8
98 101
Tol & Chic Div (di
1941 M 8 9112 ____ 9112 Aug'27 ---7912 823 Warren let ref gu g 334..
8
2000 F A 823 8312 82 July'27 -4
1011 103
/
4
Wash Cent let gold 4
1948 Q PA 8818 ____ 884 June'27 .- - 1
100 10114 Wash Term let gu 3 34i
1945 F A 8312 8612 863 Aug'27 - --4
73
4 74
let 40-year guar 46_ ___
1945 P A 9218 ____ 92 July'27
W Min W & N W let gu 50_1930 F A
99 100
9018 Aug'27 -,,,,2 93' West Maryland let a 48... _1952 A 0 853 Sale 8412
8
854 159
84
84 873
8
la A ref 538e series A_ _ 1977 J .1 1003 Sale 10012
4
200
101
944 9712 West N Y & Pa lit 4 68__ _1937 .1 .3 10112 Sale 10112
1
10112
8213 86'4
Gen ni 5,
gT 48
1043 A 0 90 g ____ 9014 Aug'27
d,
,
014 061t
Apr 1 1943 Nov 9912 ____ 45 Feb'25 -- __
86 4 8914 Weetern Pie let eer A 542_1048 M 8 997 Sale 994
,
8
36
100
100 100,
8
let gold 66 series B
__ ____ 1023 Aug'27 -- -1946 IA El
8
1051 10714 West Shore lit 4e guar
/
4
32
23111 1 3 -89'4 Sale 8914
90
964 973
8
Ftegtetertgl
2361 J J 8814 8812 8812
8812
3
99 1014 Wheeling & Lake Erie
Wheeling Div let gold 58_1928 J 1 10018 10014 100 July'27 ----'
"
eiis 44.34
Ext'n & Impt gold Ea
1930 F • 10012 ____ 10012 Aug'27
981, 9sIz
Refunding 4516 series A 1066 M I 9214 94
93 Aug'27 --934 96
Refunding 5s eeries 13
$
2
1966 M S 1008 10214 10012
10012
100 1014
RR let consol 46
1949 M 9 894 897 8934 Aug'27
8
8412 8812 Wilk & East let gu g 56
19112 J D 7214 77
78 Aug'27
87
87
Will k 8 F let gold Ea
1938 1 D 1033 ____ 104 Aug'27 - - -.
4
99 4 102
3
Wineton-15alem 13 B let 46-1960 .1 1 9012 9212 90 Sept'27 --- 100 102'y Wig Cent 50-yr let gen 4e _ _1940 J 1 823 8312 8212
2
824
8
10112 10312
Sup & Dul div & term let is '36 M N 9118 9212 92 Aug'27 ---99 102
Wor & Con East let Vie_ _ 1043 1 J 9218 ____ 9214 Aug'27
.
9514 9918
INDUSTRIALS
1
104 8 1057 Adams Exprese coil tr g 46_1948 111 8 9412 Sale 9412
,
e
954
3
10012 10178 Ajax Rubber let 15-yr a f 88.1936 J ID 10712 Sale 107
10712 12
lovz 10714 •laaka Gold M deb 65 A
19 8 M 8
9
434 6
314 Aug'27
9812
Cony deb 68 series B
9611,
PA 8
478 57
8 514 July'27
8612 8912 Alpine-Mouton Steel bit 7e_1958 111 S 94 Sale 94
8
9412
81
8312 Am Agric Chem let ref a t 7S4s'41 F A 10312 Sale 103
8 44
1037
0418 9714 Amer Beet Bug cony deb 61_1935 F A 105 Sale 92
92,8 __ __
8
92
95
991 American Chain deb e I 68..1933 A 0 10312:8ate 10312 103 2
4
,
3
9212 96
Am Cot Oil debenture be_ _ 1931 NI N
98 Sale 98
1014 102
Am Dock & Impt gu 68
1934 J 1
10614 AugT, 16
9
91
93
Am Mach & Fdy e 66
1939 A 0 10414 105 104 Aug'27 -.- 98
98
Am Republic Corp deb P2-1937 A 0 9212 100
991
9912
's
3
974 084 Am Eim & R let 30-yr be ter A '47 A 0 10214 103 10214
9
10212
10714 1084
let M 68 serlee B
21
1947 A 0 10812 109 10812 109
1063 107, Amer Sugar Ref 15-Yr 6e_ _ _1937 1 3 1047 Sale 1041. 1047
8
4
8
8 31
9912 1004 Am Telco & Teleg coil tr 48_1929 .1 1 997 Sale 994
8
841
100
9914 9914
Convertible i.e
1
1936 PA S 973 Sale 973
9734
4
4
9512 964
20-year cony 434e
1933 PA S 10118 ____ 10012 July'27
954 9512
30-year coil tr Si
1946 3 • 10514 Sale 1044
10514 84
91
92,2
25-yr s f deb 56
1960 J 3 10412 Sale 104
1043 107,
4
/
1
8
1054 1073
20
-year e f 5 Lie
1943 M N 10814 Sale 108
108 4 62i
,
8
88
/ 923 Am Type Found deb Se_ _. _ _1940 A 0 10512 Sale 10512 105
1
4
,
2
102 10314 Am Wet Wk. & El eel tr 58_1934 A 0 99 1004 10084 10072 13!
/
1
4
1083 10912
4
Deb g Sc ser A
1975 M N 10414 Sale 10414
15'
105 4
,
10234 104
Am Writ Pap let g 6e1947 .1 3 9112 Sale 9112
55
92
91
95
Anaoonda tmp Min let 84.l953 I • 1043 Sale 1044
4
94
105
81, 84
8
7e......1938 F A 109 Sale 109
109 4 31'
,
7
8012 87 8 Andes Cop Mln cony deb 78_1943 J 1 10714 Sale 107
10712 104
834 8812 Anglo-Chilean 78 without war _'45 M N
/
1
9414 Sale 9414
9 8 60
47
691 7814 Antilla(Comp Ante) 734e ..l939 J .1 973 9814 98
8
15
4
98
941 09
4
/ Ark & Mem Bridge & Ter 58_1064 M 0 1024 Sale 1023
1
4
4
10234 70
90 4 95
,
Armour k Co let real est 4 Lae '39 1 D 90 4 Sale 8912
10
,
9014
94
083 Armour & Cool Del 5Si e_ _ _1943;1 J 897 Sale 8912
8
8
9018 38
94
97
Associated 0116 34 gold notes 1935'M 11 1024 103 103
10412
100 l(S)4 Atlanta Gas L let Se
194711 D 103
________ 102;8 May'27
0 12
10044 10134 Atlantic Fruit 78 ells dep
_1934,3 •
154 June'27
10318 105
Stamped etle of deposit
13 D
18
Jan'27 -- -11014 11214 •t1 Gulf &W I SS Leo'tr 56_1959 .1 J 69 Bale
884 934 Atlanti, Held deb Si
19374 1 1014 Sale 101
0
i71%
86
89
Baldly Loco Worke let Se.,
.1940 91 N 107
98as 10014 Baragua(Comp Al) 7lie _ 103711 J 106
____ 10818
2
10718 74
(. 8
9 2
1
69
10014 102
Barnedall Corp 68 with warr_1940 3 0 983 Sale 98
4
100 103
Deb fie (without wamant)_1940 1 D 8912 9014 8912
9014
9
100 8 1021 Beldiug-Ilemingway 681
3
4
954 84
1938 J
9812
pens nos Bell Telep of Pa Is series B._1948 J .1 98 Sale 98
,2 22
J 10518
28
10412 17
/47
93
let k ref bs series C
1960 A 0 1063 107 10612 10
4
10412 107
Berlin City Elec Co 634s... _1951 J D 97 Sale 963
4
974 37
9418 ON, Berlin Eke El & Undg 6346_1958 A 0 9714 Sale 9634
93 8 977 Bath Steel let & ref 56 guar A '42 MI N 10212 Sale :102
1
8
1
(12
9414 06'8
30-yr pm & Imp if 58_ _ _ _1936 .1 1 10118 Sale 101
10112 19
10618 110
Cone 30
-year 6s scrim A._1948 F A 10414 Sale 104
8
1047 146
1034 108
Cone 30 year b' eerlee 11.1953 F A 102 Sale 100
-le
10214 62
897e Bing & Mug deb 015s
88
1950 RI 19 93
9312 9312 Aug'27 -1133 11714 Booth Fisheries deb if Bo_ MC A 0 10214 ___ 10118 Feb'27 --2
11914 1274 Botany Cons Mille 634e...1934 A 0 874 Sale 8512
47
88
1064 109
Brier 11111 Steel let 518e
1942 A 0 10414 Sale 10418 10414
6
804 924 Wway Ir 7th Av late g be _1943 3 0 721 Sale 7112
/
4
73
13
CHB of dep num(' Dee.'26 let
2 7 4 75
74 May'27 (l4s Brooklyn city RR
92
2
1941 i—i
be
93 Sale 93
93
84
8912 Bklyn Edleon Inc gen Si A..1949 J 3 1053 ____ 1053
4
4
4
1053
4
#211 931g
General fie serlee B
8
1930 J J 1037 Sale 1033
1037
8
8
4
0013 10012 Bklyn-Man R T sec 611._. _ .1968 3 J 0712 Sale I 97
0738 92
98 8 100
,
Bklyn Qu 4'0 A Sub con gt41 5541 M N
4
-- „ --13 -.14
5A'• 69
6714
F.7
1024 104
1st 5s stamped
1941 3 J
713 733 7318 Aug'27 -8
8
87
14 904 Brooklyn R ll• let cony g 40_2002 J J 88
____ 8812 Aug'26 -_____
1024 1063
s
3-Yr 7% oecured nate_ ...1921 J J ____ ____ 13612 Nov'26 997 10118
8
Ctfe of deposit 'tamped ______
___ ____ 12818 Nov'25
105 4 10812 IlkItnm
8
c I El
,,,ar 46.
1950 -----9318 9412 95 Aug'27 - - - F A
100 100
Stamped
1950 F A 93's 94
93 Aug'27
9812 101
Bklyn Un Gas 1st cone g 5s 1945 PA N 107 Sale 1107
23
107
99 1007
8
let lien & ref tle series A._1947 M N 115 11512 115 Sept'27
1041 10612
/
4
Cony deb 5186
1936 J J 223 Sale :223
279
227
100 10212 Buff & 8ugq Iron if be__ .„1932 J D, 9212 9312' 9218 Aug'27
10014 102
Bush Terminal let 45
,
1952 A 0 9214 ____ 911 June'27 --- /
4
10018 10114
Coneol be
1955 J J 993 ____ 993
4
8
6
9934
15
15
Bush Term Bldes Si STU tax-ex '60 A 0 102 10312 102
10312
6
89 8 9112 By-prod Coke let 538e A
,
I
1945 MN 101 Sale 1101
101
99
99
CMG & E Corp unit& ref fee 1937 MN 10218
-_
8
9914 9914 Cal Petroleum cony deb If 661939 F A 9312 1023 10212 Sept'27 --26
9334, 9312
9334
94
95 8
,
Cony deb a f 5,
4e
1938 MN 9712 Sale 9714
98
68
90
9112 Camaguey Bug site f g 76
1942 A 0 100
4
____ 100
100
6612 71
Cent Dist Tel 1 120-yr 58
1943 3 0 10312 ____ 10412 10412
5
3918 42
Cent Foundry let e f 6s_May1931 F A
9818 99
97 Aug'27 --947 9934 Cent leather let lien 6 f 86_1945 J 1 1037 104
8
8
10334
1033
4
11
93 2 95 8 Central Steel let g if tie__ _1941 M ro 12218 124 123
7
,
18
/ 124
1
4
91 4 0613 Ceeoedes Sugar Co let e f 714e '39 M 9 10112
,
10112 16
9614 987 Chic City A Conn Rye 5ala01927 A 0 64 Sale 10012
8
73
63 Aug'27 --- 1084 113
Ch G LA Coke let gu g 56..1937 3 1 102'2 10254 10212 1024
3
1011s 1023 Chicago Rye let 5e
8
1927 F A
8318 Sale 82
8314 69
04., 97
Chile Copper Code,58
1947 .1 1 954 Sale 944
95, 101
4
003 Cincin Gee & Elec let &
4
07
ref fer '58 A 0 10212 Sale 10218
12
10214
0212 ON
534e ger B due
Jan 1 1961 A 0 10434 1041 1041 1047
/
4
/
4
8
Cltles Seri Pow & Li t es__ _1944 latt N lOd'e Sale 1043
,
4
10512 728
Clearfield Bit Coal let 4e_ _ _1940 1 J ____ ____ 8512 July'27 Colo F Al Co gen Cl 66
1943 F A 1004
4
1003
4
1
l9' 2734 Col Indus let & roll Es gu _1934 F A 97 Sale 1003
97
1
1011Ag 100 , Columbus Gas let gold Si. __1032 J 1 0714 Sale 97
,
984 9712 Sept'27
102 8 1024 Commercial Cable let g 4a__2397 Q 1 7718 80
,
7912 Sept'27 ____
1
1
Range
Since
Jan. 1.
Low
Mot
1014 1024
944 98
10212 107
/
1
4
103 105
1003; 1031
4
10315 10512
991g 102
5.513
8834
10312 105
8812 9318
8314 87
9112
90
60
834
874 88%
85
/ 8714
1
4
874 9212
9814 92 0
4
7154 551
8
99 4 1011$
,
10112 10212
88
9012
9811
10218
864
86
iO618
10412
91
89
994 101
9912 10012
9012 94
1001s 1013
4
6714 004
724 804
104 104 2
3
864 90
80
8412
887 92
2
89
9214
89
9512
1057 109
8
18
3
514
34 514
914 9718
9718 1004
92
98
101 10218
95
coN
10512 10614
10312 10412
99 100
1004 10312
1073 10912
2
3
109 105 4
981 100
4
934 973
4
981 1004
6
102 10514
101 105
1054 10812
1024 10612
98 1014
10084 18514
83
93
103 8 105
,
1(914 1094
10314 1084
2
86, 9614
9312 100
10014 10234
88
931s
874 951
4
10034 10412
102 103
/
1
4
15
/ 15
1
4
/
1
4
18.
18
69
767
8
4
10012 1021
106 108
10618 10814
9614 1063
4
89
94 2
,
94
9812
1024 10514
1027 1064
.
8
964 977
97 4
,
1.14
97
100 10 1
.10112
984
101% 1047
2
gra 1u214
9414
92
10118 10118
80
92
1031e 106-18
71
7912
72 1 76
3
92
95
1031s le63
2
1024 1054
954 10178
/
1
56 2 65
,
7318 80
-151- - -98
9712
93
1023 107
8
1133 11514
6
156 230
92
9312
907 92
2
9512 9934
994 10312
4
1004 1018
10116 103 9
8
9112 94%
95 1024
96 101
10214 io12
96
99
101 10414
118% 125
0814 .0312
63
72
102 103
744 8.512
923 964
2
101 10212
10414 10514
97 8 10512
,
96/ 85,2
1
2
96 102
934 97
/
1
St 914
77
trj
1444
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 9.
New York Bond Record-Continued-Page 5
Price
Friday,
Sept. 9.
Week's
Range or
Lag Sale.
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 9.
Price
Friday,
Sept. 9.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
High
Ask Low
High
Rid
Mph No. Low
4*0 Low
lid
High No. Low
2
93 993 Lehigh C & Nay I f 414e A__1954
4
'3 9934 10012 9934 Aug'27
9712 99 1
7
9712
Commercial Credit e f 69_ _1934 MN 9712 Sale 9712
9412 13 904 9412 Lehigh Valley Coal lit g 6a__1933 3' 10118 1014 1014 1014 12 101 102
1935 J J 9412 Sale 9312
Col tr f 554% notes
4
8 16 10419 1053
let 40-Yr quint red to 4%-1933 ▪ 3 9512 ____
Commonwealt13 Power 69_ 1947 MN 10478 Sale 10434 1047
1 10414 108 2
10112 July;27 -_-_-_-_ 10112"
1st & ref 1 5s
95 A ug 2 7
95 104
1934 P A 101
Computing-Tab
-Rs f 68..194l J J 105 10512 10514 10514
9618 1819
1944 P A 993 10014 10112 Aug'27
let & ref f 59
9984 1014
4
ConnRy & L 1st & ref g 41-01 1951'.1 9818 994 9318 Aug'27
994 Aug'27 __
944 9678
1954 P A 993
let & ref 59
99 1013
9912 0 4
J 98
4
4
99 98 Aug'27
1951
Stamped guar 4528
1
9
1st & ref 5.
983 102
1964 FA 100 10(1- 01 Aug'27
48
4 46
..1936 AO 10112 Sale 10114 1013
Consolidated Cigar s f
100 Aug'27
st & ref 6 f 59
9973 101
P A
Consolidated Hydro-Elee Works
971g 101
37 May'27
Leg Aye & PT lot gu g 5/L1374 MS
993
9912 27
Of Upper Wuertemberg 79_1956 J J 9912 Sale 99
76 847 Llitgett & Myers Tobacco 71_1944 A0
iiitt 12212 Aug'27
2
3
120 12412
7
847
37
8 61
Cons Coal of Aid 1st & ref 58_1950 J o 8478 Sale 8318
8
1951 P A tows lov 10214 10334
be
Consyl Gas(N Y)deb 5529..1945 P A 1064 Sale 10612 1064 46 1054 108%
17
8112
76
10114 Feb'27
P A
Registered
11
75
0 14 6
104 1814
4
Coot Pap & Bag Mille6Hs_ _1944 P A 75 Sale 75
1004 10214 Liquid Carbonic Corp 6..,.194l P A 104k! Sale 10414 10434 49 104 112
Consumers Gas of Chia gu 5,1936 3D 10034 ____ 10114 Aug'27
9
Consumers Power let be_ _ 1952 MN 10414 Sale 10378 1044 11 104 10412 Loew's[no deb 64 with warr 1941 * 0 10334 Sale 10338 10514 81 101 1057
5
97
99
9938 Sale
Without stock per warrants_
Container Corp let 63
1946 J D 93 984 98
984
2
8
9318
96 120
994 10114 Lorillard (P) Co 79
3 j
1944 AO 11718 1184 11838 11892 32 118 "
100
Copenhagen Telep eat Os_ _1950 * 0 100 ____ 100
99701722
1 9712
963 90
95 2 4
_11_
10118 10319
1951 P A 9712 Sale 907g
Ise
N 1013 10212 10212 Aug'27
4
Corn Prod Refg let 25-yr ifSs'34
9344 1044
Apr
P A
- - -Registered
Crown Cork & Seal 1st f 82_1942 P A 10134 10214 10148 102
4 48
978
18
97 98
99% 102
Deb 5528
1937 33 9734 Sale 974
4
Crown-Willamette Pap 89
1951 .13 1013 Sale 10112 102
3
99% 104
104
9
N 10314 Sale 103
944 9914 Louisville Gas & Else (KY) Si 62
9612
Cuba Cane Sugar cony 79._ _1930.13 9578 Sale 9578
42
sta 99
9518 102 Louisville Ry let cons 5e_ _1930 33
9718 Aug'27
3
' 99 Sale 973
99
4
Cony deben stamped 8%.1930
4
9 18 1074 1083 Lower Austrian Hydro Eire Pow
Cuban Am Sugar let colt 88_1931 22 E 10812 Sale 10812 1083
14
1944 P A 90 Sale
98% 102
1st s f 61411
Cuban Dom Bug let 7529___1944 M N 102 Sale 10034 102
8 10012 10234 McCrory Stores Corp deb 5 38a '41 Jo
9934 Sale 8912 1034 121 1024, 1804
0
0
30
3 9711 03
14
87
8
Comb T & T let & gen 59___1937• I 1024 10234 10134 10212
5
9334 9714 Manat1Sugar lets f 740_ 1942 * 0 105 Sale 109
5
9
9714
Cnystmel Fruit lst s f 69 A_ __I940 *0 9718 99 9714
36
5714 737
72
90 100 Manhat RY (N Y)0Ons11 41
J
1-1990 AO 72 Sale 7112
9812 100 100 Aug'27
Davison Chemical deb 849_1931
13
2013 .113 63 65 65
65
98 10112
1
26 4s
N 994 100 994 100
584 68
Den Gas & E L let & ref sfg 59'51
3 981 10132 Manila Elea Ry & Lt if 5s 1953 MB 97
983 97
4
97
13
93st 99
9912
MN 9978 1004 9012
4
Stamped as to Pa tax
4 68
81
Mfrs Tr Co ctta of partic In
MS 6814 Sale 673
4
684
Very Corp(D 0) lets f 79_ _1942
2 101% 1034
Al Namm & Son let 68_1943 in 10412 105 10412 Sept'27
8
11.1412 1054
7
Detroit Edison let coil tx 59_1933 33 102 8 __ 10278 103
9912 9934
5 10214 1037 Market St Ry 711 eer A Ap(111940 Q
6
Let & ref 5s series A_July 1940 MB 1024 10314 10248 10314
99 4
9 2
8
9
7
1949 AO 10314 Sale 10234 1034 15 10219 1043 Metr Ed 1st & ref g (14 ser B_1952 P A 10832 109 10812 109718 16
Oen & ref 59 series A
10 1074 109
1953• J 1023 --lit & ref 56 series C
1024
4
5 100 1023
8
lit at ref 88 series B__July 1940 MS 1084 Sale 10848 109
108 177
8
0
8
0
177
1
5 10 1 10 14
8
7 4 7
: ,0
10314 28 1014 10334 Metropolitan Power 1st 68 A1953 J D 107 43D 10318 Sale 103
Gen & ref bs aer B
1955
1
9212 97
Metr Well Side El(Chic)48_1938 P A 7748 79
9514
3
' 9514 9512 9514
Vet United let cons g 4Hs 1932
85 96
874 185
Miag MU1 Mach 79 with war_1956 in 99 102
Dodge Bros deb Be
1940 MN 8834 Sale 8612
9014 05
93 101
8 99 193
92
13122 18
92
J D 92
7 81
8938
Without warrants
8214
Dokl (Jacob) Pack lit 69 1942 MN 8214 Sale 8214
10412 105 10412 105
21 20312 1064
1
70
48
69
MM-Cont Petrol 1st 64i- _1940 M
4
Dominion Iron & Steel 59_1939 MS 7034 743 89
7
974 10039
4914 75
Midvale Steel &0cony 9 f 59 1936 MP 10014 sale 9934 10014 31
7012
7012 Sale 70
Certificates of deposit
op% sale 9848
3 9818 10018
3
993
1
95
95 98
Milw Eleo Ry&Lt rotten 430'31 3
Donner Steel let ref 79
1942 171 9514 9534 95
12
102
102 Bale 101
994 10219
1951 J
12
4
General & ret be
4 31 103 1053
Duke-Price Pow let 68 set A '66 MN 10534 Sale 10514 1053
,
%
7 99 104
8 10111 .011
031:
10172
101
14 105 108
1961 J D 10114 Sale 103
106
1st & ref bs B
East Cuba Bug 15-yr at g 7349.37 MS 105 Sale 105
1034 Sale
3
94% 974 Montana Power let bs A_ -.1943
9714
9714 Sale 9714
Ed El Iii Bkn let con g 49_1939 J
4
Montecatini Min &
1067 111
Ed Elsa Ill let cons g 59_ __ _1995 33 11012 ____ 11038 Aug'27
10034 Sale 99% 10078 170
987g lin%
1937 y
95 9912
9734 17
Deb 79 with warranta
4
Klee Pow Corn (Germany)6529'50 MS 9734 9774 973
9438
93
Without warrants
98 10014
Elk Horn Coal lst & ref 8529.1931 3D 9714 10012 9812 Aug'27
9 8
4 16 9 18 294
93
89 8 21
2
8 93
9
4
98
95 99% Montreal Tram 1st & ref 58_ _1941 3 .1 9912 Sale 8998
98 96
J
94
Deb 7% notes (with warr'ta'31
9532 1004
1
N 110 Sale 10972 11012 22 1051s 111
Gen & ref a I 5s aeries A..1955 A 0 9613 9718 97 Aug'27
Empire Gas & Fuel lst 7H6_1937
83
13
86
8984
8
_1939 J .1 8548 Sale 854
98 11212 Mores & Co lets f
lit & ref 6520(with warr'te)'41 * 0 10534 Sale 10512 1054
83
9954 101
45 inc
B 10012 ____ 10012 June'27
Mortgage-Bond Co 44s.-2.1966A 0 9712 98 83 Aug'27
Equip Gas Light let con 59.._1932
,
2
314
975 Aug'27
m
rost:
93
19323
95 9714
9714 30
-25-year be series 3
974 Sale 96
10
Federal Light & Tr let 5s_. _1942 M
96
19343 D 95 Bale 95
95 984 Murray Body lat6Hs
4 68
983
4
let lien s f bs stamped_ _ _1942 MS 983 Sale 98
1 1014 10214
2 102 104% Mutual Fuel Gm let gug 54_1947 MN 1023
4
- 1024 10214
•B 1038a 10412 10412 1043
4
1942
1st Hen 69 stamped
7
102
97 102 Mut Un Tel gt4 b eat 4% _1941 MN 10114 --- 103 June'27 -- 101% 103
10034 10178 102
30
-year deb 89 ser B
1954 J
5
88% 9712 Namm (A I) & Son-See Mfrs Tr
95
federated Metals 8 f 7s
1939 ID 9434 9578 95
13
564 61111
5818 5834 5812
57
54
1951 J
924 10812 Nassau Elea guar gold 4s
1946 33 101 Sale 10038 101
Flat deb 78 (with warr)
4
9832 103
102
11
12
9112 99 National Acme 1st s f 7qe 1931 J D 102 Sale 102
94
94 Sale 9312
Without stock purch warrants
17 115 120
Nat Dairy Prod 6% noted-1940 MN 103 Bale 10278 10314 80 100 10311
Fisk Rubber let at 88
1941 MS 11712 Sale 11712 119
013e 0%
18104 180
2 87 9014 Nat Enam & Stampg let 5a.19293 D 102 104 102 June'27
8814
Ft Smith Lt dr Tr let g 6s1936 MS 8814 Sale 8814
9812 105 4 Nat Starch 20
10514 12
1
-year deb be--1930 J .1 100 _ _ _ 1004 June'27
3
' 105 Sale 105
Premark Ind & Dev 20-yr 7529'42
1044 Sept'27
7 106 109 8 National Tube 1st 1 5s.... _1952 M N 10412
4
7
4 1093
Francisco Sugar let at 7529_1942 MN 10918 10078 1093
10112 46
4
943 10112 Newark Consol Gas cons 68.19483 D 10338 ____ 10334 July'27
French Nat Mall EIS Lined in 1949 J 0 10112 Sale 101
10281328 105 4
T
31
0
103
10514
10238 103 New England Tel & Tel Bs A 1952 J D 105 10514 105
Gas & El of Berg Co COM it 6o1949 3D 1034 ____ 103 July'27
43
95% 101
2 106 11212
1961 M N 9978 Bale 9948 100
Gen Asphalt cony (Sa
lst g 44e series B
8
1939 AO 100 10814 10012 1004
93% 98
9712 33
5aA 1952 A 0 97 Sale 9832
Sem
91
9314 New Orl Pub
A
Gen Electric deb g 3H9__1942
' 9318 ____ 93 Aug'27
9338 974
9738
10434 27 103 1054
First & ref 50 series B._1955 J D 9718 Bale 9612 10112 111
3
Glen Elec(Germany)76 Jan 15245
' 10412 Sale 104
2 1004 10234
10112 Sale 10112
1 113 13814
12212
St deb 84s with war
1940 J o 12212 Sale 12212
88
:A92 IN A
40
ny62 95T F N 87 Sale 87
28
4
991 10214 NY Doek50-year retg
10214
Bra99122
N T"
Without warets attach'd '40 3D 10114 Sale 101
1.
3
i :4
7121la :
1 ;
887
16 3
9912 10238 N Y Edison 1st & ref 64e A-1941 A 0 116 Sale 11548 116 . 7
10214 123
Gen Mot Accept deb 135
1937 P A 10218 Sale 102
105
1 1024 105
1944A 0 10478 105 105
4 10014 102
MIN 11 n & ref fe B
Gen! Petrol let a 5s
1940 P A 10112 Sale 10114 10112
108 09
109
10111 106
N Gas El Lt & Pow g 56_1948 J D 109 Sale 109
Gem Mr let etg 85 eer A
1952 P A 10478 __-- 105 Aug'27
25
NIA 95
95
pots 1034
10
Purchase money gold 48-1949 F A 95 Sale 95
Good Hope Steel & I sec 7e 1945 AO 10112 Bale 101':2
4 28 104% 108 NYLE&WC&RR 545_1942M N 10248 105 101 July'26
Goodrich (B F) Co let 646_1947 33 10734 Sale 10738 1073
9 12014 12212 NYLE&W Deck & Imp 511943 J J 102 -- 10178 Mar'27
8
Goodyear Tire & Rub let 86_1941 MN 12014 12012 12038 1203
4
1004 1021
109% 1114 NY&QEIL&Plat 459_1930F A 101 1014 10214 July'27
11014 Aug'27
-year at deb g 8s_May 1931 P A
10
63 8712 Deo'26
J J
91% 9712 N Y Rys lat R E & ref
95 iiLi
lit St coil tr 5s
1975 MN 9478 Sale 9438
554 July'27
-1111f4
9714 10014
Certificates of deposit
9
994 22
Gotham Silk Hosiery deb 88_1936 JO 994 Sale 993
7 Deo'20
77 87
7712
P A 7712 Sale 7714
30-year adj inc 58__ _Jan 1942 A 0
Gould Coupler let if 6s__
512 Mar'27
8
101 102
Certificated of depoidt
Granby Cons M S &P con Be A'28 MN 101 10112 10148 Aug'27
1834 1978 20 Sept'27 -_---_-1;
1
80
- 5-4
101 102 NY Rye Corp inc 6s_Jan 1965 Apr
____ 101 May'27
1928 MN 101
Stamped
78 864
7814 11
.1 78 Sale 78
1965
Prior lien 69 series A
944 994
• A 9812 Sale 974
984 14
at Cons El Power(Japan)7e_1944
2 102 10813
9434 N Y & Richm Gm 181 6.--- 1051 M N 106 Sale 108
91
lst & gen I 64s
944 25
1950 3' 9414 Sale 9312
543
9
4 15
3
53 8 594
1 102 4 1064 NY State Rye lst cons 441-1962 MN 54 Sale 533
1
Great Fails Power let it 59_1940 MN 10414 ____ 10414 10414
1982 M N 7014 7114 71 Aug'27
95 96
954
1irt cons64s tortes B
Gulf States Steel deb 5529_1942 ID 95 Sale 95
- 10734 11818
4 5
1014 10214
8
8612 8912 NY Steam let 25-yr de ear A.1947•M N 10818
884 ____ 89 Aug'27
eackensack Water lit 49_1953 J
10012 14
N 10012 Sale 100
983. 100%
9312 95 N Y Telep 1st & gen s f 444e-1939
95 May'27
1930 M S
Hartford St Ry let 48
11034 15 110 1113,
_Feb 1949 F A 11034 sale no
-year deben f
974 Aug'27
30
954 98
1952 P A 97
Havana Elee consol g 5s
10934 Sale 10914 18114 21 10772 11011
10
79
884 0
10
,4
87
903s
87
-year refunding gold 68_1941 A
20
Deb She aeries of 1920_1951 MS 87 Sale 87
46 101% 103% N Y Trap Rock 1st 69
19463 D 101 Bale 1004
Clershey Choe 1st & coil 5431940 33 10212 Sale 10214 103
2
3 10014 1045
%
08
98 10212 Niagara Falls Power let be_ _1932 .1 J 10214 Bale 1024 104
8
4 14
993
Boa (It) & Co IN 6529 ser A.1934 AO 99 Sale 1 98
Jan 1932 A 0 10438 105 106
1034 108
9112 10214
Ref & gen 811
Holland-Amer Line 8a (flal)-1947 MN 1024 103 1024 10214 123
1
971s 98 4 Niag Lock &0 pr 191 5s A_ _1955 A 0 103 Sale 10212 103
3
4
973
8
9712 Sale I 973
Hudson Coal 1st et 59 bet A_1962
2 102 10478 No Amer Cement deb 64e A.1940 M S 85 Bale 85
1940 MN 10312 ____ 10312 10312
Hudson Co Gas let g 5s_
0
8
8
13
8°°14114 00144
3
' 10214 10212 10212 10212 151 101% 103 No Am Edison deb Si ser A_1957 M S 100 Sale 9978 10 14 1214 19612 14314
Bumble 011 & Refining 546_1932
984 0918
8
15
4
99
42
97 10014 Nor Ohio Trae & Light6e-_1947 M S 983 983 9838
1937 AO 9938 Sale 9914
Deb gold be temp
10214 12 100 10214
3
ID 10514 Sale 10434 10514 17 102 4 105% Norn States Pow 25-yr Si A-1941 A 0 102 Sale 102
Illinois Bell Telephone 5.2....1956
2 mot 10612
10813 Sale 10612 1064
96 4 997
994 13
3
1st & ref 25-yr 6s series B.1941 A
1
1940 AO 994 9934 9912
1lllnol9 Steel deb 44e
1 100 102% North W T let fd g 441 06_1934 J J 9838 99 9814
2 98 101
9814
4
1948 AO 10012 101 10048 1004
Moder Stee!Corp 91 79
123
98 100 Ohio Pyblie Service 74e A __1948 A 0 116 Sale 11534
Bale 9912 100
Indiana Limestone tat at8(1_1941 MN 100
5
4 11 34 1161
412
8
8
6
61
9912
98
1947 F A 11438 1147 1144 115
let & ref 71 aeries B
1936 MN 984 9912 99 Aug'27
Ind N.42 Gas & 011 be
10612 Sale 10612 1063.
8 1054 1074
1 10312 10514 Ohio River Edison 1st 69_1948 J
105
4
1952 MN 1043 __-_ 105
Indiana Steel lit be
90 93
9212 14
12
10012 10018 Old Ben Coal let 09
- 10012 May'27
8
1944 F A 9212 Sale 9238
1007
Ingersoll-Rand let be Deo 311935 J
8 14 1014 1044 Ontario Power N 191 54_1943 F A 103 Sale 103
2 101 10314
10314
8 1034
1945 MN 10338 Sale 1033
Inland Steel deb 652e
021
1
54 1001 10214
4
99 4 96 4
1945 M N 10218 Sale 10218 1953
8
1004 1007 10014 10012 15 984 101% Ontario Transmiosion 5s
Inspiration Con Copper 8529.1931 MS
4
033 Sale 9538
11 Apr'25
Otis Steel let M(13 ger A
1941 M
Interboro Matron coil 452s 1958 A0 _
995a 1044
13 Apr'26
Pacific Gm & El gen & ref 55.1942 J J 10313 Sale 10312 10418 54
Guaranty Tr Co otts deP----- 9914 10118
17
7712 70 "iii;
Pao Pow & Lt let&ret 20-yr 5430 F A 10034 Sale 10034 101
758 Eidie 77
Interboro Rap Tran lit 59_1966.13 7
4
753 7914 Pacific Tel & Tel let IN
7712 64
4 10114 103 8
s
19373 J 104 Bale 10314 10314
33 7718 Sale 77
Stamped
77 8254
10414 26 10112 1044
1952 M N 10414 ____ 104
Ref Mtge 59 series A
7313 12
3
79
4
79 6 78 4
1932 AO
10
-year 89
96% 99 Pan-Amer P & T cony 9109.1934 M N 10214 Sale 1024 10214 08 102 10614
3
98 4 rae
4
10
-year cony 7% noel..,...1932 MS 983 Sale 9814
81% 9232
3 1044 1084
1930 2 A 10534 Sale 10538 1053
4
let lien cony 10-yr 79
8912 8812 Sept'27
lot Agile Corp let 20-yr 59- _1932 MN 88
83 Pan-Am Pet Co(of Cal)cony 6e'4(J
9112 1004
9434 39
4
D 9313 933 9414
Stamped extended to 1942.-- - MN 6812 75 79 Aug'27 86 69
poi 1024 Paramount-Bway let 550_1951
98 101
4
J 1003 Sale 1003
4 1003, 25
Inter Mercan Marine it 8s 1941 AO 1014 sale 10034 10114 14
6 86 93
894 91
8938
4
1
/
89%
97 10114 Park-Leg at leasehold 634.1953 .1
10014 Sale 10012 10114
1947• J
International Paper bs
11
8
973 105 Pate Female GA El eons 58.194.
10312
10012 Aug'27 ---- 100 103
9 60
1965 ▪ B 10414 Bale 1034 1047
Ref 91698er A
4
0712 1003
9714 10514 Pathe Exch deb 73 with war 1937 N N 9712 Sale 974
984 83
1941 * 0 10478 Bale 10412 10518 599
Cony deb 6s
9712 101
984 1054 Penn-Dixie Cement 6s A_ _1941
081: 34
.6 98 Sale 9734
8
1047 Sale 10434 10519 359
Stamped
9478 Peon Gam & C lst coma 69_194:1 .. 0 1137 1144 11348 July'27 ---- 1134 118
8
92
947 441
8
8
9438 Sale 943
lot Telep & Teleg deb g 4)45 1952
2 1014 1034
4 1033
4 19 10112 11114
t 10338 ___ 1034 1034
4
1947
Re, ng gold 59
Refuntitered
.11 1033 Sale 1033
Jorge,,, Worksils(flatPrtae)-1947
9914 994
10514 29 103 1057
3
_ 11 S 9918 -_ 9914 Apr'27 ---Kansas City Pow & Lt 59.--1952 MS 10518 Sale 10518 Sept'27
7
984 100
Philadelphia Co coil tr tho A_1944 1 A 10414 Sale 10343 10412 19 10318 1011 1
,
J ook loole 100
1957
let gold 4528 series B
10312 38 1004 1001
4
1064 24 103 4 10612
15
-year cony deb 5599_ _1938 MI 8 10313 Sale 103
Kansas Gas & Electric 69_1952 ▪ B 10814 Sale 1084 Aug'27
1
9912 102 1
10712
5
4
1003 10812 Phila.& Reading C & I ref 06_1973 J J 101 Sale 1007s 101
A
'
Co list a t 7.42
Kayser (Julius) &
6 914 1074
9714
95 1044 Pierce-Arrow Mot Car deb 891943 M 8 97 Sale 97
8
1947 MS 1033 Sale 10312 10418 08
Cony deb 5528
9
963,100
Bale 9934 100
4
Pierce Oil deb f 8s_ _Deo 15 1931 3 D 1013 10312 1013 July'27 ---4
Keith (B F) Corp let ele_ _1946 MS 100 Sale 108
9
4
991
1 10212 1%
99 1083 Pillsbury Fl Mills 20-yr 68-1943 A 0 103 103% 103
103
1084
4 26
4
N 1083,
KellY-Springf Tire8% no64e_1931
99 100
1
0034
-_. 995
93 96 Pleasant Val Coal Ing 4154_1928
.1
Keyston Teiep Co 194 5s_....1936 33 9514 96 9514 Aug'27
8
911 924
991410312 10418 Poeab Con Collieries lst 81581957
3 924 94 9212 Aug'27
El & P g 5e......1937 AO 10418 Sale 10418 Aug'27
Kings County
103% 1084
9
1 12414 127 Port Arthur Can & Dk 6s A.1953 F A 10434 105 1047a Aug'27
127
127
1997 AO 127
Purchase money (is
9
- 1043 July'27 ---- 1041 105
4
4
8
8114 611
1953 F A 1043
lst M tis WWI B
12Inge County Bier 1st g 49_1949 P A 817 824 817 Aug'27
1
8
81
817
M
Portland Else Pow 1.50. 11.1947 N N 10238 Sale 10218 102% 13 100 l04
__194ii P A 818 Sale 817
Stamped guar 49----9978 101
2
10112 105 Portland Gen Elm 1st 54_1935 .1 .1 10012 Sale 10012 10012
Kings County Lighting 5e...__1954 3, 105105 Aug'27
3
974
944 9713
_ _ 9712
1134 118
11712 11812 118 Aug'27
N
Portladtd Ry 1st & ref Be__ _1930
1954 J
First & ref 6541
7
5 914 964
9578
9578 9014 954
2
977 1064 Portland Ry Lb P lat mil:N.1942 F A 97ID 10312 Sale 10314 10312
Kinney(OR)& Co 7H% notes *36
1004 1024
10278 Sept'27
105
29 101 111514
Mlles ref 130 aisles B.-1947 PS N 101
•
Erma Found'n coil tr 6a_ 1936 3D 105 Sale 104
1064 1084
2
9914 102
•
lea refund 734,settee A_1946 MN 10712_- 10712 Aug'27
10112
Lackawanna Steel let 5e A_ _1950 MS 10112 102 10112 Aug'27
934 9834
9818 139
_ 10014 10214 Pressed Steel Car cony g 56_1933 .1 .1 96 idle 96
8 --- 10114
Lao Gas Lot St L ref&ext 5a-1934 * 0 1013
1 111 11312
- 1114 1114
43 1033.106
Prod & Ref. 89(with wan's)'31 J D 1114
Coll & ref 54e aeries C_ _ _1953 P A 10412 Sale 10438 105
2 110 11134
111
-Without warrants attached__ 3 D 110 11114 110
,02.4
,091,4 11090".
THE CHRONICLE
SEPT. 10 1927.]
New York Bond Record-Concluded-Page 6
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 9.
Pries
Friday.
Sept. 9.
TVeek's
Range or
Last Sale.
1445
Quotations of Sundry Securities
All bond prices are "and interest" except where marked "f."
Range
Since
Jan. 1.
BM Ask
Public Utilities
Standard 011Stocks Par Bill Ask
4
.183 19
American Gam & Electric_t •10512 10712
Anglo-Amer Olivet stock
.10312 10412
Preferred
El •1812 19
e%
Non-voting stock
4
Deb 65 2014
MAN 10612 10133
100 120 12012
High Atlantic Refining
Ask Low
High No. Low
Bid
100 117 118% Amer Light & Trite com_100
Preferred
4
1
/
4 27 103 10712
1063
Pub Berv Corp of N J sea es_1944 F A 10618 Sale 106
*811* 6312
100 110 114
Preferred
25
Borne Scrym,er Co
10412 23 10112 105
1956J .1 10414 Sale 10414
Sec g 5;511
*5512 56
Amer Pow & Light prat_ _100 103 104
1 1043 10614 Buckeye Pipe Line Co...,.,50
4
Pub Bert Elec & Gas Ist55421959 A 0 10514 10614 10512 10512
Deb es 2016
WAS 105 10518
6 104 1(16% Ctiesebrougb Mfg cons ..25 *z107 109
1964 A 0 106 Sale 10534 1064
& re/ 5.55e
59
1914 Amer Public ULU com_ _ _100 55
10 •19
75-1937 J J 10814 Sale 10712 10814 12 106 11111 Continental 011 tIc
Punta Alegre Sugar deb
95
91
7% prior preferred_ _ 100 93
CumberlandP1peLine.......100 90
98
95
8 57
973
1937 MN 9738 Sale 97
Rimington Arms 65
88
57
100 85
Pattie preferred
Eureka Pipe Line Co_ _ _100 *55
5 10014 108
3
Repub LAB 10-30-yr be a f _ _1940 A 0 10112 Sale 10112 1013
834 Associated Elec 534s'46A&O 1013 10212
4
8
9
4 Galena Signal Oil corn _ _.J00
98% 1023
1023
4
Ref & gen 6 5is series A__ _1953 J J 10114 Sale 10114
21
49
Assock red Gas & Else com.t *20
100 41
Preferred old
4
11512 12 113% 1263
Rhetnelbe Union 7s with war 1948 J .1 11512 Sale 114
*5012 52
Original preferred
36
100 33
Preferrel new
393
9912 10412
4 103
4
Without stk purch warla_1946 1 .1 1023 Sale 1013
95
*93
8
56 preferred
Humble Oil& Refining_ _ _25 .613 61%
10112 10412
4
Rhine-Main-Danube 714 A. _ _1950 M S 1023 103 103 Sept'27
*98 100
$65t preferred
100 161 162
Illinois Pipe Line
42 101% 105
103
8
Rrdne-Weetphalla Else Pow 7850 M N 103 Sale 1025
•5312 533
*100 104
$7 preferred
4
Imperial 00
9512 96
9538 Sale 9512
4
953 165
1952 111 N
Direct mtge (is
Blackstone Val G&E com.50 *143 145
Indiana Pipe Line Co__ _ _50 *6912 71
4
933 99
953
4
9512 Sale 9512
-1955 F A
Rima Steel let s f 75
8
International Petroleum_ _ _ t *317 32 Com'w'Ith Pr Corp pref _100 *10012 101
2
45
65
45
45
55
Robbing & Myers let 51 7s__1952 J D 45
4
National Transit Co_ _12.50 *153 154 Elec Bond & Share pref.100 109 110
111 113
Rocheater Gas & El Ts aer B_1946 M S 11114 111% 11112 Aug'27
4
4
105 10614 New York Transit Co_ _ _106 333 3434 Elec Bond & Share Recur t .7714 773
106 Aug'27
_
Gen mtge 5545 series C1948 M S 1061
.21
2112
86
Lehigh Power Securities...
9212 Northern Pipe Line Co._100 83
90
8- 5a_ _1946 M N 903 921 90 May'27
4
Roch & Pitts C&Ipm
1VIlselesippt Bit Pow pre.1.100 102 104
2 *6012 61
Ohio Oil
8
247 49%
8
-Brown Iron gen,tref 72'42 M N 371/ 381 373 Aug'27
Rogers
24
First mute 50 1951___J&J 10214 103
2 *23
Penn Mex Fuel Co
50
24
_ MN
8
3718 393 374 Aug'27
Stamped
MAN 963 9734
4
4
Deb 65 1947
2 *503 5114
3
961
95% 97% Prairie 011 & Gan
IR Jos Ry Lt & Pr lat 52___ _1937 MN 9612 Sale 9612
100 18012 18112 National Pow & Light pref _t 10712 10812
97% 97% Prairie Pipe Liik
4
St Joseph Stk Yds lat 45.5 s__1930 J J
4
973 _,- -- 973 May'27
North States Pow oorn_100 125 126
100 182 187
17
755/ 8112 Solar Refining
811
8114 Sale 81
Rock Mt & P55 stmpd_1955 J
St L
100 105 107
Preferred
3
9414 96 4 Southern Pipe Line Co _50 *1814 19
3
951
9538
_
St Paul City Cable eons 5s_ _1937 J J
23
4
2 *363 3712 Nor Texas Elec Co coni.100 21
2 10512 10812 South Penn Oil
_ 10712 1081
San Antonio Pub Bert let 63_1952 J J jai
74
100 6212 6412
Preferred
Southwest Pa Pipe Lines.100 *70
33 101 104
F A 10212 gale 10214
1021
Saxon Pub Wks(Germany) 75'45
4
*543 5514 Ohio Pub Bert. 7% pref-100 106 10612
,
34
9554 994 Standard 011 (California)_t
99
1951 rd N
9878 Sale 9812
Gen re( guar 654s
*26
26%
15
99% 10434 Standard 011 (Indiana)_ _25 *73% 741/ Pacific Gas & El let pref_ _26 .8
8 1043
1948 J / 1043 Sale 1043
8
Schulco Co guar 6 tie
12
8
29
98 104% Standard Oil (Kansas). _ _25 •165 17 Power Securitle5 corn
1041
G .ar st 616s Series B__ _ _1946 A 0 10314 Sale 103
31
*29
preferred
123 124
Second
1 107% 10912 Standard Oil (Kentucky)_25
4 1083
-- 1083
8
1083
Sharon Steel Hoop 1st 85 see A '41 M
95
Coll trust es 1949_ _ _J&D *92
25 *4414 45
Standard 011 (Neb)
7 107 109
Sheffield Farms let & ref 8)9s '42 A 0 10712 Sale 10712 1071
531, 89
39%
Incomes June 1949....F&A
3
95% 95 4 Standard 011 of New Jer_ _25 .3914
931 249
8
Shell Union Oils I deb 55_ A947 M N
983 Sale 98
3114 pegct Bound Pow & Lt._100 281 30
Standard 01101 New York.25 *31
21 101% 105
8 1031
1935 J J 10312 Sale 1023
Siemens & Halske S I 7s
90
88
79
100
0% preferred
25 *78
Standard 011(Ohio)
8 84 101% 108
1043
8
104 Sale 1037
s allot ctfs 5% pd_ _1951 M
S
10C d1061 10812
7% preferred
100 120 122
Preferred
6
95 100
8
8
,
993 Sale 993
99 2
Sierra & San Fran Power 55_1949 F A
lit & ref 54s 1949_ _J&I) 101 102
17%
100 17
5
9212 9814 Swan & Finch
9612
9414 95 4 9612
,
BUesla Elec Corp Si 65413_ _1946 F A
43
100 111 11212 South Cal Edition 8% pf _21 *40
50
9512 101% Union Tank Car Co
100
1941 F A 100 Sale 99
Silesian-Am Exit col tr 7s
Vacuum Oil
25 •128% 129 Stand 0 & E 7% pr pi_ _100 108 10914
9712 105
9912 98 Sept'27 -98
Simms Petrol 6% notes_ _ _ _1529 M N
Tenn Elec Power let pref 7% 1071 10812
10
1094 Washington 011
26
10018
97%
-year 711_1937 V.3 S 10018 Sale 9934
Sinclair Cone 011 15
Toledo Edison 7% lire- -10r 1071 10812
99% 10214
10018 31
1004 Sale 10018
let l'n ool tr fle C with war _1027 J
Western Pow Corp pref 100 103 10412
Other 011 Stocks
9638 37
9214 102%
8
1938 J D 954 Sale 957
let lien 6.5e series B
4,4
Chic it Stk Ld Bk Bends
Atlantic Lobes 011
5
997 10114
8 52
8
Sinetair Crude Oil 3-yr es A.1928 I" A 1003 Sale 10038 1003
101
412 5345 Nov 1 1951 opt l931.
50 .33
Preferred
911z 95.%
93,2 38
1942 A 0 9312 Salo 93
Sinclair Pipe Lintel 58
98
92 55 Nov 1 1951 opt 1931.
25 *91
3
934 95 4 Gulf 011
9538 11
8
1939 NI S 953 Sale 9518
Skelly 011 deb s f 550
98
*24% 24% Egi May 1 1952 opt 1932.
Mountain Producers
10
1 101 14 103
103
103
8
Smith (A 0)Corp 1st 6545_1933 MN 1023
97
4
251 253 4515 Nov 1 1952 opt 1932
National Fuel Gas
20 107 110
110
8
Sugar 70_1941 J D 10978 ifo 1097
South Porto Rico
97
61
612 434e Nov 1 1952 opt 1932
Salt Creek Consul Oil__ _10
1 10212 105
104
South Bell Tel & Tel lets f 521941 3J 104 Sale 104
98
1. 10018 10412 Salt Creek Producers_ _ _ _10 *283 2918 4345 May 11983 opt 1933
10318
Southern Colo Power es A 1947 J J 103% 10414 10318
98
Nov 119323 opt 1933
5a
8 25 1023 10518
4
4 1047
4
S'west Bell Tel let & ref t8_1954 F A 1043 Sale 1043
98
% Basis 4%. Nov 1 1964 opt 1934
Railroad Equipments
1s
8
9812 100.
4 - -- 995 July'27 -- -Spring Val Water let g 6&._ 1943 MN 1003
98
5.00 4.90 4345 Oct 1 1965 opt 1935
Atlantic Coast Line 65
100 103
101
1930 M N 101 gale 101
Standard Milling lit bs
4.60 4.55 Pac Coast of Portland.Ore
Equipment6 Ms
12 10112 103%
10212
1945M S 10214 1031 10214
1et&reh5lS
98 101
5.00 4.90
55 1055 opt 1935_ _M&N
10312 233 1013 103% Baltimore & Ohio 85
4
Stand Oil of NJ deb 58.Dec 1946 F A 10312 Sale 10318
98 101
52 1954 opt 1934_ _ _M&N
Equipment 434s & Se...... 4.60 4.45
9514
94
9614 156
Stand 011 of N Y deb 450_1951 J D 96 Sale 954
Sugar Stocks
Buff Roch & Piths equip 135. 4.70 4.50
4
101
4
99 102
4
1003 101 1003
Stevens Hotel let Oa ten A.._ _1945 J
3
5(1 *1
6
10014
9812 10012 Canadian Pacific 434e & 6s_ 4.70 4.50 Caracas Sugar
Sugar Estates (Oriente) 75_1942 M S 10014 Sale 100
5.00 4.85 Cent Aguirre Sugar com_ _2( •113 114
Central RR of N 3 Os
9934 103
1929 F A 1013 103 10134 July'27 4
Superior 011 let 5 1 75
5.00 4.90 Fajardo Sugar
10C •160 161
4
1023 104% Chesapeake & Ohio 65
____ 10438 July'27
Syracuse Lighting let g Si..,._1951 3 D 105
40
4.70 4.60 Federal Sugar Ref com.._100 35
Equipment 634a
4.55 4.45
75
Equipment be
100 70
Preferred
10412 105 10412 Aug'27 -- 103 105%
Tenn Coal Iron & RR gen ba-1951 J
3
•
9814 10114 Chicago Burl & Quincy St.. 5.05 4.95 Godchaux Sugars,Inc
1
4
993
4
993
4
Tenn Copp & Chem deb 65_ _1941 A 0 993 100
14
Preferred
100 12
J D 10714 Sale 107
58 10514 10712 Chicago & North West 60... 5.00 4.90
10712
fenneasee Else Powlat 62._ 1947
4.70 4.60 Holly Sugar Corp cora__ _t *38
40
Equipment6 tie
6912 30
71
63
6838 Sale 6353
19603 J
Third Ave let ref is
86
Chic RI & Pac 4145 & Be _ 4.. 5 4.50
Preferred
100 80
6611 66
6212 265
Adj Ina 5a tax-er N Y Jan 1960 A 0 6114 Sale 61
5.05 4.95 National Sugar Refln1ng_100 z135 138
Equipment es
4
97 100
9914
4
10373
8
937 993 9814
Ttdrd Ave By let g be
65
5.10 5.00 New Niquero Sugar
100 55
9912 23
945s 99% Colorado & Southern es
9814 Sale 98
1955 M
Toho Elec Pow let 7s
•136 140
5.05 4.95 Savannah Sugar corn
95% 9914 Delaware AL Hudson Cs
9812 15
9814 Sale 98
6% gold notes _ _. _July 15 1929 J J
4.90 4.65
Preferred
Erie 4348 & be
100 117 120
9912 43
9714 100
9912 Sale 98
Tokyo Elm) Light 6% notes_1928 F A
70
5.15 5.00 Finger Estates Oriente p1.101) 67
Equipment 65
4
108% 43 1073 109
1941 M S 108% Sale 10818
Toledo Edison let 72
75
5.00 4.90 Vertiente- Sugar of
100 65
6
3
98 4 10114 Great Northern (is
10012 Sale 10012 1005/
Toledo Tr L & P 55.i% notes 1930 J
4.55 4.45
Tobacco Stocks
Equipment 5s
8
& El let g 55_ _ _1949 M
8
Trenton
1033 105 1033 Aug'27 -- 102% 103%
4.55 4.45 American Cigar com
100 116 120
Hocking Valley 58
9712 10114
Trumbull Steel lets f 65_ 1940 M N
9934 Sale 993
4 10018
7
5.0' 4.90
100 102
Preferred
Equipment ea
64
3
5412
6712
Twenty-third SI fly ref 55_ _ _1962 J J 54 Sale 54
26
25
4.50 4.40 British-Amer Tobac ord__El .
9714 10214 Illinois Central 4;4e & be
6
4
993
8
Tyrol Hydro-Elec Pow 759s-1955 M N
993 Sale 9912
26
4.60 4.55
LI *25
Bearer
Equipment es
7
9512 103
11345 M
UjIgawa El Pow I is
100 Sale 9912 100
27
4.62 4.55 Imperial Tob 010 13 & Irel'd .26
Equipment 7sdr 614s
9534 96
4
963 96 July'27 -.
94
finderged of London 65.65_1933 J
81
83
Kanawha & Michigan es... 5.05 4.95 Int Cigar Machinery New10( .
98
96
6
96
96 Sale 96
1948
Income es
75
Kansas City Southern 5348_ 5.10 4.85 Johnson Tin Foil & Met_100 60
6 10114 103
8
1023
Union Elea Lt & Pr(Mo)bs_1932 MS 10214 103 10214
41
Louisville & Nashville 8s
5.00 4.85 MacAndrews & Forbes_ 100 39
/ 10212 11 10114 103
1933 MN 10212 Sale 1023
Ref & ext 08
4.60 4.55
100 103 106
Preferred
Equipment6 Sts
8 101% 105
10312
103 10312 10312
On E L&P(111)lets 51.isser A1954
45
4.62 4.55 Mengel Co
100 40
Michigan Central 58 & es_
86
81
8512 Aug'27 -1945 A0 85
Union Elev fly(Chic)55
*51
53
Minn St P & 8EI534S4s& 5e 4.70 4.50 Universal Leaf Tob corn
1931
8
1017 10215 102 Aug'27 -- 10112 102
Union Oil 1st liens I ba
5.10 4.80
100 112 115
Preferred
Equipment 645 & 75_
1 107 109
3
May 11142 FA 10812 108 4 10812 10812
80-yr Si series A
10(1 100 110
2 Missouri Pacific 65 & 8348.. 5.10 4.80 Young (J (5) Co
997
96
9812 977
151 lien Si fs series C Feb_1935 AO 98
6
9812
4.65 4.55
106 102 106
Preferred
United Drug 20-yr 6s_Oct 15 1944 A0 10714 Sale 10718 10818 20 10612 10912 Mobile & Ohio 55
5
8314 New York Central 4 As & be 4.50 4.40 Rubb Stks (Cleve'd avatars
78
83
United Rys St L let g 4a___1934 .1 .1 83 Sale 83
6
4.95 4.95 Falls Rubber corn
Equipment68
12
9712
90
95
United SS Co 15-yr es
1937 MN 95 Sale 9412
19
25 .48
4.60 4.55
Preferred
Equipment 7s
D 9714 Sale 99
99 106
8
On Steel Works Corp 6Sig A _1951
1003 141
2
9712
9613 9812 Norfolk & Western 4lts__ _ 4.50 4.40 Firestone Tire & Rub comb0 .157 160
Without stock pur warrants__ ID 994 Sale 9714
100 106 10612
4.70 4.60
6% preferred
6
Series C with warrants.
101
8
_ 3D 98
997 105% Northern Pacific 7s
4 997
100 104 10512
7% preferred
Pacific Fruit Express 75_._ _ 4.65 4.60
D 972 983 98 Aug'27
Wthout stock pur warrs_ _
97 101
Pennsylvania RR eq ba & es 5.00 4.50 General Tire k Rub cam_ _25 .160 165
United Steel Wks of Burbach
100 10218 11012
Lake Erie 614s_ _.... 4.70 4.60
Preferred
Each-Dudelange el 7s_ _ _ _1951 A 0 10414 Sale 104
10412 12 100 10412 MUM &
4.50 4.40 Goody'r R & R of Can p1.100 r10312 104
8 1037 105.2 Reading Co 4 lie & 58
105
3
United Stores Realty 20-yr es '42 A 0 105 1051/ 105
24
St Louis & San Francisco Be. 4.75 4.55 India Tire & Rubber new _ _ t .23
252
lid & ref be ser A 1947 I .1 9414 Sale 94
88
9412
13 Rubber
8
967
112
.I J
94% 94% Seaboard Air Line 5340 & 611 5.15 4.90 Mason Tire & Rubber corn_ t •1
943/ Feb'27
_
Registered
18
100 14
Preferred
10-yr 7)4% secured notes. 1930 F A la' gide" 104% 105% 50 103 1063
4 Southern Pacific Co 434e_ _ 4.50 4.40
4.60 4.55 Miller Rubber preferred_100 98 2 9912
75
,
Equipment
/ 109
97 1061s 10912
S Steel Corp(coupon Apr 1963 MN 108% Sale 1083
100 18
4.60 4.45 Mohawk Rubber
ef 10-60-yr falregist_. A or 1963 MN
10834 Aug'27
4
1053 10884 Southern Ry 434e & bs
100 150 16
Preferred
.5.05 4.95
Equipment65
6
8714 9012
Universal Pipe & ltd deb 651936 3 D 8914 Sale 89
8914
3412
t *33
5.05 4.90 Seiberling Tire & Rubber._
57
96
Utah Lt & Trac let & ref 55_ _1944 A 0 96 Sale 95%
614 Toledo & Ohio Central es_
93% 9
100 102
Preferred
4.60 4.50
Union Pacific 7e
97% 101
1003
4 26
'stab Power & Lt let ba. _ .1944 F A 10014 Sale 100
Water Bonds.
J
104 Aug'27
103
103 104
Utica Elec & 1st f g 55_1950
Arkan Wat 1st be '56 A.A&0 96
Short Term Securities
96%
2 10215 106
10518 10512 1051/
10518
Utica Gaa & Eiee ref & ext 5s 19573
8
Anaconda Cop Mtn es'29.1&J 102 1023 Birm WW 1st5)42A'54.A&O 10312 10414
10012
98% 101
Vertientes Sugar let ref 75_1942 J D 100 10012 100
let M 581954 ser B J&D 100 101
Chic RI & Pao be 1929_J&J 100% 101
6212 Aug'27
1953 J .1 55
63
Victor Fuel let 5 I 55
5614 65
5% notes 1929
Butler Wet Co.1 55'27.J&J
M&S 100% 101
02
95%
Valron Coal dr Coke let g be 1949 M S 9218 9312 9214 Aug'27
fs Sept 2 1931_ _ __M&S 1
9612 98
3 9858 101%
412% notes 1928
19343 J 10012 1003 100
J&D 10018 10014
Vs Ry Pow let & ref fs
100
4
9612 City W(Chatt)5342'54 A J&D 10214 103
95
89
5
9612 Federal Sag Ref ea '33 MAN 93
Walworth deb 651e(with war)'36 A 0 95 Sale 94
J&D 97 2 9812
let M ba 1954
8
Sloes-Sheff S & I 6e'29_F&A 102% 1033
11
9514
,
9112 97
let sink fund (ie scrim! A_ _1045 A 0 95 Sale 95
City of New Castle Water
18
107
91% 10712
Warner Sugar Refill let 72..1941 J D 107 Sale 106%
98
Es Dec 2 1941____J&D 1 96
Indus. & Allston
91 Sale 9012
781s 9814
Warner Sugar Corp let 7s....1939 I J
9134 25
American Hardware
80 Clinton WW let 54'39_F&A 96 2 9712
103 July'27
,
102% 103
26 .78
Wash Water Power. I 55._ _1939 J J 103
100 1141 11512 (.;om'w'th Wat 1st 5548A '47 10212 10312
5
1023 10412 Babcock & Wilcox
Westchee Ltg g 5a stilled fad 1960 J D 10312 10438 104 Aug'27
95
*171 1812 Connellev W 550ct2'39A&0
1 10112 104% 1311.5 (E W) Co
1944 MN 104 10414 104
104
West Ky Coal 1st 7s
9512
9 100% 103
Preferred
E St L & Int Wat fs '42.J&J 96
60 1058
West Penn Power ser A ba__ _1946 M 13 103 Sale 10212 103
J&J 102 103
9 10014 1033
let Ni 65 1942
1963 M S 10312 Sale 10314
1033
4
4 Borden Company coin. .50 •126 128
let 5e series 1
66 Huntington let 65'54_ _M&S 103
16 10412 10534 Celluloid Company
100 62
11353 A 0 10514 105% 105% 1053
555e aeries F
4
let
1954 96 4
58
Preferred
100 114 117
2 100 10312
103
1956 J D 103 Sale 103
3
let see 55 nodes0
Mid States WW 65'36 MAN 101
Childs Company [net_ I00 120 123
65
13
66
80
65
10501 .1 66
West Va C h C 1st es
MonmConW 1st 55'56AJ&D 94
Hercules Powder
10334
100 189 195
4 1011s 104
95
104
A 0
1944
Western Electric deb 58
Monm Val Wt 51.0 '50 Jac
Preferred
1°3'18 1°312
9912 molt
100 118 121
03
101% 10514
Western Union coil tr cur 68.1938 J J 103 2 Sa114 10353 Aug'27
Muncie WW 5s Oct 2'39 AO
10012
95
3
95 10012 Internat Silver 7% pre: _100 z118 122
4
98% 993 10012
Fund & real est g 4;48__ _1950 M N
9214 StJoeeph Water M 1941A&O 9712
14 11114 113, Lehigh Valley Coal Sales_50 92
1936 F A 11112 112 11111 112
l5-year6t6sg
100 120 124 Shenango ValWat Se 56A&0 9412 9512
s
1051 3 D 1035 Sale 10312 103% 19 100% 103% Phelps Dodge Corp
-year gold 58
25
/ 1041/ 98 101 104% Royal Baking Pow cool, 100 310 325 So Pitts Wat 1st 56 1980 .1&.1 9 , 9914
8
1035 Sale 1035
20-yr g 58_1946 M
Wes'houeeE & M
84
let M be 1955
Preferred
100 1081 112
FAA 9
11
94
97
9912
Weetphalla tin El Pow 6 Sis_1950 J D 97 Sale 9612
8% 9 3
94
10112 31
100 428 435 Ter H WW es '49 A J&D 10212 10312
96% 10112 Singer 1)1anufacturing
Wheeling Steel Corp lat SHa 1948 J J 10112 Sale 10012
512
.11 •5
let M be 1956 ser 13.. _ FAA
Singer 5112 Ltd_
44
135
97% 149
97
Whtte Sew Mach fis(with war)'36 3 J 135 Sale 135
Wichita Wet 1st es'49_111&5 102
4
993 100%
8
1005 Sale 100
100% 26
Without warrants
let M be 1956 ser B.._ F&A
35
35
35 Aug'27
38
58
Wickwire Spelt SCII let 72___1935
9612
1 20 52
2314 2312 24
24
Wickwire Sp St'l Co 7e Jan 1935 MN
4
4
Willye-Overland ii 6)4e____1933 53 S 1023 Sale 10212 102% 18 1013 103%
10112 39
97% 102%
Wilson & Co 1st 25-yr f 65_1941 A 0 10112 Sale 101
*Per share. t No par value. b Basis. d Purchaser also pays accrued dividend.
10614 20 104% 10612
1941 A 0 106 Sale 106
Winchester Arrns 7Sie
tNew stock. f Flat price. k Last sale. it Nominal. slit-dividend. y Ex-rights..
/
105
4
1
/
89 103 105
Young'n Sheet & 'I' 20-yr 6._19431 .1 1047 Sale 104%
r Canadian quotation. s Sale price.
C:1.4
•
BOSTON STOCK EXCHANGE-Stock Record .BNext
1146
HIGII AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Sept. 3.
Monday,
Sept. 5.
Tuesday,
Sept. 6.
Wednesday, Thursday,
Sept. 7.
Sept. 8.
Friday,
Sept. 9.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCIIANGE
PER SIIARE
Range Since Aga. 11027
Lowest
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
Shares
Railroads.
Par
183 183
183 185
185 185
185 185
140 Boston & Albany
100 171 Jan 7 188 May 27 159
Jan 17513 Doe
84
8412 83 8 83 4 843 8412 8212 8312
5
8
3
541 Boston Elevated
100 81 May 10 04 Jan 15
77 May 8511 Jull.
.99 100
99
99 .100 101
70 Preferred
100 9812 Apr 27 10312June 9
89 Feb 103 Dee
•11514 118 *115 116
117
117 117
49 lot Preferred
100 109 Mar 30 118 May 23 11213 Dec 122
Jan.
•10612
10718 10718 .10612 110
110 110
10512 10512
127 2d preferred
100 101 Jan 20 110 Sept 8
9813 Jan 112
Jan
56 -..6
6
56
56
5618 57
57
5714 5712 5712 1,300 Boston & Maine
100 5118Mar 7 70 July 6
35 Mar 5813 July
65 65
66
66
_
203 Preferred
100 56 Jan 22 6912July 13
32 Apr 6113 Deo
•82 _ _ _
.823 _ _
4
4
_ _ .823
Sense A 1s1 pref
100 783 Jan 15 87 June 1
-----3
59 Apr 86 Dee
•120
*120 125 .120 125 *120 125
*8234- Serlea B 1st pref
100 125 Jan 8 139 May 3
-----84 Apr 130 Dee
*108 116
•108 116 .108 116 •108 116
Seriea C 1st pre/
100 104 Feb 15 116 May 28
-----74 Apr 110 Sept
•150
•150 _ _ _ _
-- •150
Serlee D let prat
100 154 Aug 24 165 Apr 21 105
Jan 185 Dee
*11012 112
11112 11112 •150-- •11012
11012 111
10512 10512 --- 159 Prior preferred
10413May 8 113 May 21
94
Apr 10711 Dec
*205 210
*205 210 .205 210 .205 210
Boston & Providence
100 196 Jan 18 210 Sept 1
41
41
.40
40
.40
40
40
41
20 East Ma,,Street Ity Co_ 100 2.5 Feb 4 42 Aug 27 217513 Mar 20713 Dec
28
Oct 61
Jan
*268
693
4
6912 693
4 6912 6912 6912 691.2 68
69
158 lit preferred
100 64 Feb 8 72 June 11
5912 Apr 71
Jan
..r66
68
.256
68 */67
68
68
68
68
68
75 Preferred B
100 60 Mar 14 68 Aug 27
68 May 69
Jan
521. 53
5212 5312 5314 54
5312 54
54
5414
1,735 Adjustment
100 42 Apr 1 5414 Aug 27
40 Apr 4914 Jan
.65
66
66
66
87
67
67
176 Maine Central
100 4713 Jan 13 74 Mar 29
49 Sep
60 Feb
51
51
51
523
523
8
5153 1.330 N Y N EI & Hartford
51
4 52
4 513 52
100 4113 Jan 6 581 Feb 16
4
317 Ma
3
3
481 July
+102 103
.102 103
103 103 .103
12 Northern New Hampahlre_100 9211 Jan 13 103 Sept
7
Apr 9813 Doe
81
•141
.141
____ .136 137 .141
____
Norwich & Worcester prer_100 127 Jan 4 142 May 17 120
Apr 132 Dee
•13518 136138 138 *13618 1373 13624
136 136
4
--- 107 Old Colony
100 122 Jan 4 131 Sept 7
Jan 126 Sept
*11314
.11314
*111314
.111314 ---Vermont & Massaehusetts_100 107 Jan 6 116 Jan 31 111
9934 Mar 107 Dec
Miscellaneous.
4
4
4
3 8 37
8
7
418 414
4 18
8 6.815 Amer Pneumatic Service
43
414
214 Jar 3
4July 30
53
2 Nov
Jan
5
2112 2212 2214 2214 2212 2212 2312 2312
22
22
555 Preferred
50 1513 Jan 12 2312Sept
18
8
16938 171
1705 172
169 1695
8
171 172
170 4 1713
4
3
1,810 Amer Telephone & Teleg100 14913 Jan 3 172 Apr 7 13921 Dec 2414 Jun?
June 15014 Feb
8712 8812
88
903
4 8712 91
8914 92
92
90
18,456 Amoekeag Mfg
No par 48 Jan 17 92 Sept 8
4813 July 71
Jab
88
90
.86
90
90
9012 9018 9018 91
91
505 Preferred
NO par 735g Jan 10 91 Sept 9
7213 Nov 78 Feb
4213 4214 42
8
42
417 4178
8
415 42
407 43
8
1,010 Assoc Gas & Elee clam A __ _ _
3834 Jen 25 43 Sept 9
All,, Plywood tr etia
5314June 9 59 Feb 10
bi 1 Apr - - 3- -Jai)
163 4
Atlas Tack Corp
No par
8 Jan 22 12 Apr 7
814 Oct 171.4 Jan
*1512
1512
;1.512 _ _
Beacon 011 Cc corn tr Mfg_ _
15i2 Aug 25 2011 Jan 3
1418 May 2013 Jan
91
92
9012 91
9114 9114
91
9112 91
9112
310 Bigelow-Hart,Carpet_No par 77 Feb 17 933 Aug 25
4
74 Nov 9813 Jan
+.25 .50
•.25
..25 .50
50
Coldak Corp.. class A T C _ .50 May 17
8 Jan 3
82
.80
82
in 82 .80 83
*80
62 Dominion Stores, Ltd__No par 67 Jan 26 8514 Aug 1
67 May 71 DOe
*112 3
•112 3
.112 3
.112 3
-East Boston Land
114June 27
10
3 4 Feb 3
3
III Dec
•
•
312 Jan
5
4
5
4
4
4
4
435 Eastern Manufacturing
313 Jan 11
a
7 4 Mar 17
3
313 Mar
713 Oct
-iii 8214 81
2
803 813
4
4
8112 79
82
81
79
2,175 Eastern EIS Lines, Inc
45 Jan 4 8214Sept 6
44 Nov 8812 Jan
*4312 45
43
4412 4412
44
*4312 45
44
45
15
Preferred
No pas 35 Feb 15 4553 July 29
34 Nov 45
Jan
.99
*9812 9914 .9812 9912 99
9914
99
40 let preferred
100 87114 Feb 17 9914Sept 1
9014 Oct 9912 Jan
1414 145 +14
145 145
8
8
8
1414
1414 1414
215 Economy Grocery Stores
10 June 1
1434 Jan 18
14 Nov
26 Feb
246 252
243 24512
24912 2553 255 26012 iLoi2
4
10,327 Edison Electric Illnm
100 217 Feb 18 267 May 23 2207 Jan 250 Feb
307 31
8
31
.3012 307 *3012 31
31
s
307 307
8
8
115 Federal Water Serv corn
27 Apr 26 337sJune 20
32
3212 34
333
4
32
31
3212 33
1,640 Galveaton-Houston Elee_ _100 2211 Apr 20 34 Sept 0
14 June 27
Oct
1434 143
1412 15
15
15
4
1512 1512
200 General Pub Serv Corp com
1134 Jan 11
1512Sept 8
11 Dee 17 Jan
..r20
*r20
2014
2014 2014 21
21
21
785 Germ Cred & Inv let prof
19 Feb 2 2112 Jan 4
.3512 36
.3512 36
35
3514 3512 3512 -5513 - 351;
430 Gilchrist Co
No par 3414June 28 38 Mar 15
3414 Apr 4058 Jan
963 9914 985 995
4
9414 9812
8 9812 100
,
9712 99
15,688 (Matte Safety Razor-No Par 8413 Mar 22 100 Sept 8
8813 Mar 11312 Feb
9
9
Greenfield Tap k Dle
25
8 Aug 25 1212 Mar 2
10 May
14 Sept
1212
•12
a;ii- 1212 •12
1212 •12
1212
Hathaway Baking corn
12 Jan 17 13 Mar 14
3512 353
35
36
3512 36
4
36
3812 3814 39
1,029 Hood Rubber
No par 3258July 8 47 Jan 3
451- 4 13;3Z - - -Feb
4
4
*9514
*9514 ---- 9514 9514 9514 9514
265 Kidder, Peab Amer. A pre1.100 94 Apr 28 953 July12 293 Apr 96 July
4
•103 11
•1014 103
8
1012 11
4
1114 1114
293 Libby, AfcNelll & Libby ____10
7 Aug 25 1114Se9t 8
613 Aug
1014 Dee
*712 _ _ _ _
.712
73
*712 -4 8
23 Loew's Theatres
6 Jan 3 10 Jan 18
25
6 July
1213 Jan
105 105
1063 107
4
1063 10814 10811 11014 10814 109
4
905 Massachusetts Gas Cos_100 84 Mar 25 11014Sept 8
80 Apr 9413 Noy
Stock
763 703
4
7612 7612 77
4
77
77
78
77
77
219 Preferred
100 70 Jan 3 78 Sept 8
65 Jan 7018 Feb
11012 11012
z110 110
110 1103 .x109 11012
4
180 Nlergenthaler Linotype_Ne par 108 Feb 18 211534Juno 3 1104 June 1110 MAY
Exchange
Was Rio Pow stpd pref_100 95 Jan 22 10113June 29
89 Apr 96
Jan
-.
31;
3
318
3
3
3
3
318
3
677 National Leather
214 Mar 24
10
2 Aug
43 Jan 20
3
413 Jan
.29
- .29
2912 Closed
2912 2834 29
2812 29
236 Nelson (Herman) Corp
6 2312 Feb 14 3118 Apr 16
1513 Jan
2913 July
.24
-715 .15
400 New Eng 011 Ref Co tr Info_ _
.15 Sept 9 .25 May 7 .20
Jan .95 Apr
•_ _ _
312
312
Labor
•____
312
Preferred tr ctn.
100
313 Jan 11
5 Mar 30
3 July
1013 Jan
•9814 _
.9814 ---- *9814 _
New England Pub Serv $7 pret 91 Jan 18 10012July 2
*110014103
Day
.110014103 .r102 103 .210114103
Prior preferred
9714 Jan 26 104 July 23
Sept95
101 - Sept
New Eng South MUls_No par 20 June 29
314 Feb23 .60 Dec
8 Feb
.412
.412 _
*412 _
•412
__
Preferred
100
2 Apr 1
87 Feb 28
8
2 Dec 28
Jan
139 139
139 140
139 140
1395 140
8
138- 138
560 New Eng Telep & Teleg100 11511 Jan 4 140 Aug 10 1107 Apr 11844 Feb
3
./91
_ _ 92 .z _ _.... 92
92
92
No Amer Utll let pf full paid_
90 Jan 5 95 Feb 29
89 Feb 96 Feb
+243
45
___ _
45 *144
_ _ _ _ .244
____
50 let pref 50% paid
40 Jan 6 4612 Feb 23
143 Dec 27 Feb
4
39
383 3912 3812 39
4
3912
393 4212 43 8
41- _5.175 Pacific Mills
100 3512 Mar 28 44 Sept 9
3513 July 55
Jac,
Plant (Thoe G), lat pref100 15 June 22 42 3 Jan 3
5
40 Mar 6814 Jan
'15
16
11Reece Button Hole
10 15 Mar 17 1613 Feb 10
15 Feb
1714 Aug
.x138
112
*2138 112 112 112 '1112 ---90 Recce Folding Machine_ 10
1 Mar 4
153 Jan 11
Us Dec
2 Nov
117 118
117 118
118 118
118 11812
160 Swed-Amer Inv part pref 100 10512 Jan 5 119 May 9
98 May 110 Aug
120 120
*1193 12014
4
12014 122
124 12612 1.24- 114 2
-1857 Swift & Co
100 115 Jan 3 12612Sept 8 111
Apr 11814 Dee
78
77
.77
77
77
78
77
78
217 Torrington Co
775 78
8
25 66 Jan 3 8012 Aug 11
54 Mar 72 Sena
612 612
65
8 65s
7
712 814
714
1,765 rower Manufaeturing_
73
4 8
4 Mar 3
9 Jan 31
53
_
1612 1612 1612 1612 •16
.1612 17
1612
320 Traveller Shoe Co T C
16 Aug 9 1813 Mar 22
.912 10
.912 10
912 912 10
1014
535 Union Twin Drill
912Sept 2 1412 Jan 24
tali Feb
7 Jan
6412 65
6412 65
6412 65
645 65
,
6434 3,195 United Shoe Mach Corp
64
25 50 Jan 3 65 Sept 2
47 Mar 5314 Aug
295 295 *2814 30
8
+29
8
2914
2912 .30
.29
30
90 Preferred
25 28 Jan 3 30 July 2
28
Jan 30 Juno
90 903
4 90
901, 903
4
9012 90
903
4 90
470 US & Foreign Sec let pre f Dd 83 May 3 2)034 Sept 3
9012
82 Nov 135 Feb
.18312 85
84
8412 85
84
85
86
853 853
4
4
770 1st pref 75% paid
74 Apr 30 86 Sept 8
80 May 90 Apr
*412 6
412 412 .4
*412 6
512
160 Venezuela Holding Corp
412July 5 11 Apr 30
_
20
197 20
20
8
.2193 2018
4
197s 20
1978 20
605 WaldortSys,Ino, new sh No Par
1912 July29 2712 Feb 23
17
Jan II,-aa;
.51
.51
52
52
52
.51
52
.51
Walth Watch ol B corn _No par 4011 Jan 21 6413 Apr 21
Jan 41 Deo
29
74 .z74
74
.272
75
.172
75
7412
23 Preferred trust otfa
100 61 Jan 3 77 May 12
4813 Nov 61 Dec.
*10214 103 .10214 103 •10214 103
.10214 103
Prior preferred
100 10012June 14 118 May 20 101 Sept 112 Dec.
./193 2014 20
4
20
20
.r20
20
2012
165 Walworth Company
1714 Aug 11 243 Apr 1
4
1234 May 23
Jar.
1143 115 4 11212 116
3
4
11012 115
111 114
112 113
3,09:1 Warren Bros
ao 6513 Jan 13 116 Sept 7
44 Mar 69 Dec.
4434 45
46
46
46
46
46
46
260 lot preferred
50 44 Jan 5 60 Feb It
39 Apr 45 Den
.46
5112 •49
5112 •46
52
+49
51
2c1 preferred
50 45 Jan 17 52 Apr 14
42 Apr 47 Feb
.1614
.1614 __-- *1614 --•1614
WIII & Brunner Candle coml.__
14 Jan 12 1714 Mar 15
10 4 Aug
3
1713 Jar.
Mining.
.25
.25
*25
Adventure Consolldated__25 .05 Jan 14 .20 Fob 10
.05 Mar .40 Jul,
1%
*.40 .75 ' 50 .75 ..50 .75
..40 .75
ArcadLan Consolidated-- _ - 26 .20 July 18 .89 Jan
15 .25 Mar
113 Aun
*512 6
512 57
305 Arizona Commercial
54 6
8
3
512 512 *512 6
5
5 July 11
1014 Jan 8
914 May
12114 Jan
48
48
48
48
48
48
48
48
48
48
600 Bingham Minos
10 30 Jan 3 4912 Aug 5
29 June 55. 4 Jan
11
3
3
153 16
8 15 4 15 4 16
16
4
417 Calumet & Hecht
157 157
8
1552 153*
26 1413June 27 17 Apr 22
1314 June 1853 Aug
.20 .20
.15 .20
.20 .25 5,700 Carson Hill Gold
.15 .20
.20 .20
I .10 Jan 7 .60 Apr 211 .10 Dec 50
Jan
.1318 14
1318 133
1314 133
795 Copper Range Co
*114
4 1312 14
112
4
25 117351ay 20 15 July 22
Jar)
13 May 20
, *114
114
112
114
11
122
13
8
295 East Butte Copper Mining_ 10
112
114
114
1 14June 30
234 Jan 4
214 Oct
4 Feb
•.40 .50
..40 .50 ..40 .50 +.40 .50 ..40 .50
Franklin
26 .05 Feb 1 .80 Mar 17 .25 Nov
114 Jan
*.35 .40 +.35 .40 ..35 .40 *.35 .40
..35 .40
Hancock Consolidated
25 .15 Apr 8
1 July 1 .27 Dec
114 July
1734 18
1712 177
173 1818 4,217 Hardy Coal Co
4
*
4
8 173 177
1712 177
8
14 Apr 28 1818Sept
14 Mar 2114 Jan
..30 .50
•.30 .50 •.30 .50 ..30 .50
Helvetia
25 .60 Apr 28 .86 Jan
Oct
.75
Jan
2
_4.010 Island Creek Coal
65
65
6612
6612 6612 6512 6612 65
67
66
1
47 Feb 2i 67 Sept 6
.106 10712 *106 10712 106 106
8 Preferred
.106 10712
1 105 Feb 16 107 Apr 13
9913 Jan 106 JulY
.10
30 Isle Royale Copper
11
4
1012 1012 *10
11
•10
103 -io- 10
26
9 July 13 115 Jan In
92 June 14 Aug
3
112
112
.112 2
.112 2
.112 2
20 Keweenaw Copper
1 July 21
25
278 Feb 4 .50
Jan
27 seprf
3
..90
118 ...91:1
1
1
..90
1
'%90
118
112 ..90
Lake Copper Co
25 .80 Jan 7
113 hlar 18 .60 Oct
134 July
La Salle Copper
•.60 .70
•.60 .70 •.61 .70 *.61 .75
25 .50 Mar 28 .90 Apr 22 .80 June
213 Mar
..60 .80
50 Mason Valley Mine
.80 .80 ..50 .80 ..50 .80
+.50 .90
6 .80 July 6
2 Jan 4
114 Jan
258 Sept
•.10 .20
•.10 .20
50 Maas Consolidated
.10 .10 *.10 .20 •.10 .20
25 .10 Sept 7 .85 Jar 3 .15 Dec .75 Italy
•.70 .80
100 Mayflower-Old Colony
1.60 .80
.50 .80 '
•.70 .80
.65 .65 •
26 .25 May 3
113 Jan 11 .40 Dec
112 Jan
43 437 *43
4314 44
43
4312
43
587 Mohawk
8
433* 43
26 3453June 22 4412 Aug 5
30 Mar 46
Oct
*21
21
225 New Cornelts Copper
2114 *2012 2112 *2012 2112 ____ ____
213
4
5 1813June 24 24 Jan 20
1818 May 24 Aug
New Dominion Copper
•.05 .15
..05 .15 ..05 .15 ..05
.15 ____ ____
05 May 26 .06 Feb 1 .05
Jan .20 June
18
' _ _ _ 18
1_
New River Company
*_ 18 *____ 18
____ -- ._
100 17 May 14
197
3May 12
18 Dec 25 Feb
*62
65
.6212 65 .6212 65
6212 6212 ---- ---- ____ iii Preferred
100 58 Apr 14 75 Feb 8
45 July 72 Feb
*53
3 54
*512 6
NiplasIng Mines
*512 6
*512 6
3
6
5 Aug 16 1018 Feb 2
104 Den
6 July
-.7.ii, --bi- _ i__ Pk. North Butte Mining
3
2
113 112
112
112
112
112
112
10 .50 June 28
33 Jan 5
3
2 Apr
37 SePs
8
'.60
1
•
1
.60
'
011bway Mining
1
1.60
•.60
1
25 .60 July 21
114 Jan 2(1 .50
Nov
Jan
11
--------170 Old Dominion Co
1112
11
*11
11
12
.11
12
25
103
4June 29 15 Apr 1
13 Dec 20 July
1734 173
:
1734 173
4 1734 18
1734 173 --------660 Pd Cr'k Pocahontaa Co No par
4
11 Jan 4 1813 Aug 19
Jan
1013 Mar 15
•1513 1614
1614 1614 •15
16
15
15
1518 1518
25 1314July 13 1918 Apr 22
15's May 25 July
2112 22
.21
22
22
410 SthncY
185
.21
22
21
21
22
i fary's Mineral Land
25
1812Juno 28 2514 Jan 6
25 Dec 3813 Feb
*138
------------Seneca Mining
134
•114 2
.114 2
1 July 2
312 Jan 14
23 Doc
4
5
9 3 Jan
•.35 .45
.30 .30 • 35 .45 ..35 .45 ..35 .45
35 Shannon
10 .15 May 9 .40 Jan 12 .15 Dec
Jon
AO
'.30 .50
.40 .50 '
250 Superior & Boston Copper.. 10 .15 Mar 23 .50 Sept 6 .20 Nov
.25 .25
0.25 .50 5.25 .50
14 mu
1
478
478
.45
8 47
125 Utah-Apex Mining
8 *458 47
8 *458 47
45
8
8 45
8
42* July 14
II
773 Feb 24
4
43 Oct 113 Feb
4
•1
•1
l's
118 .1
118 *1
Utah Metal & Tunnel
113 -1 .85 June 30
2 Feb 2 .25 Dee 2% Mar
194114
112
1% 1% 'alit
li2
112
200 Vietnam
112 'all' 112
26 60 July 11
2 Aug 21 .90 May .75 get
_1
..10 .15
*AO .20 *AO .15 +.10 .20 ___ ____
Winona
26 03 Mar 9 .70 June 3 .10 Sent 4(1 Jul.
• Bid and asked prices; no sales on this day. a Assessment paid. 6 Ex-stock dividend. 1 New stock. z Ex-divid
end. y Ex-rights. 3 Ex-dividend and rights.
184
84
•
184
84
101
118
..--
----
----
----
THE CHRONICLE
SEPT. 10 1927.]
1447
Mies
Last Week's Range for
Sale
ofPrices.
Week.
(Con'imied) Par Price. Low. High. Shares.
Stocks
?may
Outside Stock Exchanges
894
97%
103
9356
101%
100%
93
10256
Low.
8931 $4,000 82
97;6 6,000 9754
103
1,000 101
9355 5,000 9356
10134 13,000 9756
10036 4,000 99%
933.6 6,000 90
10254
2,000 10056
High.
Feb
July
Apr
Sept
Feb
Apr
Jan
May
91
9756
104
93%
101%
10051
9336
10254
June
July
Jan
Sept
Aug
July
Sept
Mar
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Sept. 3 to Sept. 9, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
1Veek.
Sale
of Prices.
Per. Prise. Low. High. Shares.
100
98
8556
57
9534
10
62
10531
1074 10756
1074 1074
10534 10534
0714
0734
Low.
11105.
10
May
48
Feb
6234 May
11256 Jan
3556 Jan
May
177
Mar
51
Sept
43
May
208
5051 Apr
5156 Jan
256 July
Jan
76
131 Jan
10556 June
1556 Jan
23
May
124 Mar
754 Aug
594 Jan
7456 Aug
4834 Feb
9
Jan
52
Apr
50 June
53
Mar
11
Aug
33
Aug
18
Sept
9756 Feb
3036 Mar
6456 Aug
1
Aug
14 Sept
36
Jan
8934 Feb
2856 Feb
9
Mar
3256 July
8756 Jan
9856 Aug
4 June
40
Jan
3756 Mar
1751
6156
7356
11534
6456
202
65
93
261
5656
68
5
90
Jan
Aug
Jan
Sept
May
Sept
Aug
Jan
Jan
June
Aug
Jan
May
334 July
11936 Jan
2134 Sept
Jan
28
June
21
7756 Sept
6834 Jan
8154 Sept
5756 Sept
1854 Sept
5551 June
5256 June
69
Mal
1554 Mal
39
May
2434 Jar
101
Aug
38 Jun(
9034 Fet
24 Ma
25-4 Ap
3956 Ma
11834 Sep
35 Jun
15 Jun
41
Ap
964 Ap.
1004 Ap
2
Fel
4754 Ma
4256 Ma:
10056 $5,200 95
Feb 10156 Jun
86
Ma;
6,000 62
Jan 89
Jan 69
.58
Ma
5,000 54
9551 10,000 93
Feb 9634 Ma
11
2,500
5
May
11
Sep
62
1,000 62
Aug 71
Ja
Ma
3,500 1033.4 Feb 106
10554
May 10756 Jul
10734 3,000 105
1074
1,000 105
Feb 10756 Ma
10554
1,000 103
Jan 1054 Fe
0714
1 nnn
94 34
11,tv
0714 Sept
*No par value.
Baltimore Stock Exchange.
-Record of transactions.
at
Baltimore Stock Exchange tvpt. 3 to Sept. 9, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last IVeek's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
158
9
168
474
3134
2636
21
95
295
my y xx xx x
95
26
High.
xyx Yx
51
254
100
270
1156
Jan
July
Feb
June
Feb
July
July
Jan
Jan
Jan
Jan
Jan
Jan
May
June
June
June
Aug
Jan
Juno
May
Mar
June
July
Apr
Mar
July
Feb
Mar
Feb
Jan
Jan
June
Feb
Jan
July
Apr
Jan
Apr
Mar
Mar
May
Jan
Jan
Feb
x
11354
117
12934
35
Low.
3151
13756
12956
9
28
1156
24
250
26
170
115
49
65
53
1456
1934
1834
7134
51
10656
11034
11256
127
2956
84
240
50
27
21
71
13556
951
1634
89
86
25
19
98
3754
264
2356
1551
7854
260
65
x
7956
63
4,385
2
1,026
10
2
8
8
20
196
11
33
1,409
280
10
168
20
8
30
786
10
20
1
83
1,645
10
15
20
100
280
368
1,086
80
10
60
610
5
25
7,091
484
1,902
58
205
325
10
10
xx
35
11754
54
4154 43
142 142
152 161
9
9
41
41
13
13
2536 2554
295 295
3454 35
205 205
11754 118
514 54
100 108
66
66
1756 184
22
22
22
22
7856 7934
6136 6334
11034 11034
113 11356
117
117
12954 130
3651
32
85
85
305 305
51
51
3654 3651
2534 28
95 100
2544 278
1134 1154
164 164
131
131
93
95
26
26
2136 2156
160 18934
48
46
2056 3156
2634 2854
21
21
93
9554
295 295
77
77
Vatilg'cLarainaaYigggaSglYg.'1Yrstr?SarltgPgsgagraNS
43
MN.NNMO0A0M.,00NNMNMOM.t.On00.011000.0.0,
1 0000.C7N.,0t
4
.
IVM...V.NNM..00ONNNMC...MMMNOMM.C...M0.
0NCVONNNOt
.
.
N. .
N
M
Arundel Corp
*
Bait Commer Bank_ _ _100
Baltimore Trust Co_._ _ 50
Baltimore Tube
100
Benesch (I) & Sons com. •
•
Black & Decker Co
Preferred
25
Canton Co corn
•
10
Central Fire 1111
Century Trust
50
Ches & PoTel of Balt pf 100
Citizens Nat'l Bank _ _ _ _10
25
Colonial Trust
Eo
Commerce Trust
•
Commercial Credit
25
Preferred
25
Preferred 13
100
lot preferred .
Consol Gas, EL & Pow_ •
150
6% preferred
100
64% preferred
100
7% preferred
100
8% preferred
Consolidation Coal__ _ 100
100
Preferred
100
Continental Trust
50
Crook J W pref
•
Davison Chemical
•
Eastern Rolling Mill
25
Equitable Trust Co
50
Fidelity & Deposit
Finance Co of Amer "A" 25
Finance Service, Class A 10
Houston Oil corn v t c...100
100
Preferred v t c
Mfrs Finance COM V t- - _25
25
1st preferred
Maryland Casualty Co_ _25
Slerch & Miners Tramp _ _•
Merchants Nat Bank _ _10
Monon Vail Trim pref _ _25
Mt V-NY'db'y Mills v t r100
100
Preferred v t r
100
Nat Bank of Balt
- _..-.... IlTnrinn Itnnk 10
Range Since Jan. 1.
Woat Tf,1 Th.1,,, ita
10.10
100 100
100 100
100 100
100 100
100 100
89
89
100 100
1004 MO 56
9451 9451
10036 10054
9831
9851
99
99
99
864
99
99
94%
9856
10756
9856
100
7451
53
8194
98
864
1(11(1
10736
9854
100
7556
5354
82
99
8631
3041.5
N
Bonds
Amer Gas az Elec 55_ _2007
Consol Trac NJ 1st 58 1932
Elec & Peoples tr ctfs 45'45
Keystone Telep 1st 55_1935
Lake Sup Ins 55 stpd
Peoples Pass tr ars 45.1943
Phila. flee (Pa) 1st 5s..1966
556s
1947
556s
1953
Phila El Pow Co 550.1972
Phil., . On 114a
411110R7
1251 1356
535
6036 6156
376
6451 6656 4,570
1144 115
113
55
41
55
192 202
18
6236
890
62
43
43
50
225 225
10
5356 54
80
1,152
6656 6751
236 3
65
6
86
86
234
308
256
1,300
1071.4 10956
2036 2136 30,000
24
255
24
200
1956 1956
75
7634 7736
19,000
67
65
1.500
77
8156
5436 5754 108,105
1754 1854 2.025
518
5334 54
5036 514
272
634
5534 5854
50
113.4 1156
35
3551
25
lgi
1854
345
100 100
50
10
3724 3734
4,156
67
6754
13-10 13-16
300
151
2
2,855
586
3634 3736
116 11834 25,002
33
33
14
13
90
13
1,430
3636 3834
,
nnyi 9054
50
9756 9734
100
50
56
56
180
42
43
5
42
42
79
364
240
1634
205
1734
50
3354
.N
Almar Stores
13
Alliance Insurance
10 61
American Stores
• 6536
Bell Tel Co of Penn pref _ ______
.
Consol Traction of N J_100
Curtis Publishing Co corn •
Fire Association
50 6256
Giant Portland Cement_50
Horn & Hardart(Phila)com
Horn & IIardart(N Y) corn
Insurance Co of N A.....10 67
Keystone Telephone _ _ _ _50
3
Keystone Watch Case_ •
Lake Superior Corp_ _100
Lehigh Navigation
50 10836
Lehigh Pr Sec Corp corn _ _•
Lit Brothers
10 24
Mark Shoes, Inc com____. 1931
Penn Cent L & P prior of_.
50
Pennsylvania RR
Pennsylvania Salt Mfg..50 81
Phila Electric of Pa
25 55
Power Reels
25 1751
Mita Rapid Transit _ _ _50 5334
50 5056
7% preferred
Philadelphia Traction _ _ _SO 5534
Phila az Western
50
Preferred
50
Shreve El Dorado Pipe L 25
Scott Paper Co pref__ _100
South East Pr az Lt com__•
Stanley Co of America _ _ .* 6754
Tono-Belmont Devel_ _1
Tonopah Mining
1
Union Traction
50 3634
50 116
United Gas Impt
•
U S Dairy Prod "a"
"B"
*
Victor Taking Mach new_
•
6% cumul pref
•
7% carnal pref
Warwick Iron & Steel_ _ 10
.
West Jersey & Sca Shore_50
York Railways pref
50
Range Since Jan. 1.
Bonds
Baltimore City 4s W L 1958
45, conduit
1958
B D
1960
1961
45 D L
4s, conduit
1962
356s
1980
1938 100
4s
Black & Decker 636s
Bolivia 7s
Consol Gas gen 456s_ _1954
Consol Gas, El Lt & Pr
1st ref 68 series A_ _ _1949
Elkhorn Coal Corp 636s '31
Sid Electric fly 656s_ _1952
United fly 6c E 4s_ _ _1949 7454
1949 53
Income 45
Funding 5s
1936 814
1st 65
1949 98
Wash Bait & Annap 5s1941
79
40
290
1834
360
1756
5231
4334
0000000§§
000000Q
00000N.
E Mass St RR 65 ser D 1948
1942
Elec Pub Util 65
1937 103
Hood Rubber 75
Immo Hydro-Elec 75_1952
1931
Mass Gas 456s
1929
4565
1934 9356
New River 5s
1944
Swift & Co 55
Range Since Jan. 1.
5256
9
4751
99
rOgOOQQ00
00.00,
,P0q1.0
N.N.M000
Bonds
Low.
76
9
5736
99
COMOMO.0
.N WW416,MN
00
40Q.N
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Price. Low. High.
New Amsterd Cas Co _ _ _10 75
73
Old Town Nat Bank _ _10
9
9
Penna Water & Power 100 57
57
Schoencman (J) pf W W 100
99
Standard Gas Equipment
Preferred with warr__100 79
79
Un Porto Rican Sug corn ..° 40
40
Union Trust Co
50
290
United Rys & Electric_ _50 17
17
US Fidelity & Guar__ _ _50 360
335
Wash Balt ez Annap pr_50
1756
West Md Dairy pr pfd_ _50 52
5156
20 43% 4356
Western Nat Bank
M0,0
AMMN
tOW.
.
Boston Bond Record.
-Transactions in bonds at Boston
Stock Exchange, Sept. 3 to Sept. 9, both inclusive:
Range Since Jan. 1.
Jan
Apr
June
June
Nish,
76
Sept
1256 Jan
5856 Aug
99
June
Sept 90
May 44
Feb 290
Aug 24
Feb 360
Aug 249-4
Feb 534
Jan 434
Mar
May
Sept
June
Sept
Feb
June
Sept
Jan
Jan
Mar
June
Mar
Feb
July
Mar
Sept
Jan
May
May
May
May
May
June
Mar
Sept
Sept
Aug
10124
10136
10156
10
054
10034
9056
100
10054
9451
10034
10751 Aug 10734 May
98
Jan 10056 June
91
Jan 102
May
7031 Jan 7956 May
51
Jan 60
Apr
7534 Jan 89
May
98
Sept 10156 June
65 June 9054 May
Innti inn I na 1X Tanv
•No par value.
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange Sept 3, to Sept. 9, both inclusive,
compiled from official sales lists:
Stocks-
F,tday
Sates .
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
Adams Royalty Co corn •
Am Fur Mart Bldg pfd_100
Amer Pub Serv pref _ _ _100
Am Pub Util part pfd_ _100
American Shipbuilding.100
Amer States Secur Corp A•
•
Class B
Warrants
Armour & Co(Del) pref 100
100
Armour & Co pref
Common cl A v t c__25
Common Cl B v t c__ _25
Associated Invest Co_ _ - _•
Auburn Auto Co corn_ _ _25
Balaban & Katz v t c__ _25
Bastian-Blessing Co corn •
Beaver Board pfd v t 0_100
Bend's Corp class A _ _ _ _10
Borg & Beck common _10
•
Brach & Sons if J) corn..
20
Butler Brothers
Cent D Pa Corp "A" pf_ •
•
Celotex Co common
*
Cent III Pub Serv pref
Cent Ind Power pref_100
Certfs of deposit__ _100
Cent Pub Serv (Del).___*
Central S W UM corn_ _ _ _*
•
Preferred
•
Prior lien pref
Chic City & Con fly pt oh •
•
Participation pref
Chicago Elm Mfg "A'.. _ _•
.
Chic N S & Milw cora _100
100
Prior lien pref
100
Preferred
Club Alum Uten Co
•
Commonwealth Edison 100
Consumers Co common 5
25
Crane Co common
100
Preferred
Cuneo Press "A" Prel 50
Decker (Alf)& Cohn, Inc _*
100
Preferred
100
Deere az Co prof
Diamond Match corn_ _100
Eddy Paper Corp (The). •
El Household CBI Corp_10
Flee Research Lab Inc._ _*
Elyria Iron & Steel com 25
Ernpire G & F 7% pref _100
100
8% preferred
Evans & Co Inc class A_ _5
5
Class "B"
Fair Co (The) common_ _•
100
Preferred
Fitz Simons & Connell
Dk & Dredge Co com.20
Foote Bros Gear & Mach _5
Gossard Co (11W) corn_ _•
Great Lakes D & D._ _100
Greif Bros Coop'ge A tom *
Hart Schaff & 'Marx_ _100
Illinois Brick Co
25
Illinois Nor Utilities pt100
Inland Wire & Cable Co _10
Kellogg Switchb'd cons _ _10
100
Preferred
fly Hydro-Elec pfd_ _ _100
Kentucky Util Jr cum p1.50
KeystoneSt&Wire corn 100
Kraft Cheese Co cam,.. _25
La Salle Ext Linty com_10
Libby, McNeill& Libby _10
10
Lindsay Light corn
McCord Radiator Mfg A_•
•
McQuay-Norris Mfg
Marvel Carburetor (Ind) 10
Mer & NIfrs Sec Co pr pf 25
.
Middle West Utilities_ _ •
111
Preferred
6% preferred
Prior lien preferred_ _100
Midland Steel Prod coin...
Midland Util 6% pr lien100
100
7% prior lien
100
Prof 7% "A"
Morgan Lithograph com_•
Slosser Leather Corp com.*
Nat Elec Power A part....•
National Leather com _ _ _10
•
National Radiator
•
Preferred
994
100
95
436
456
87
63
11756
5954
5356
7036
1934
2056
78
9235
1734
6536
97
1023-4
124
1336
21
10156
6856
33
1.53
854
48
32
956
9954
111
45
44
3354
194 1934
300
37
9951 994
152
9934 100
105
874 8756
127
93
95
436 434 7,775
354 424 1,400
36
36
550
86
874
828
66
1,613
63
9
9
100
556 54
700
3356 3356
25
11636 12234 27,925
58
60
1,378
2356 24
520
38
100
38
5356 55
2,150
70
72
6,305
194 20
735
204 21
1,075
25
25
100
77
8036 2,590
924 93
159
9151 9156
70
41
9134 9156
1751 1736
455
8556 6834
895
9856 97
348
102% 10214 , 255
14 134
500
134 14
350
20
21
500
27
150
28
1014 10156
197
674 6835
50
33
33% 1,535
2,027
152 153
754 854
1,272
54
4734 48
119 11936
60
25
52
.53
1,732
31
32
111
111%
75
5
11554 115%
130
133 136
100
29
29
1256 13%
273
956 10
150
52
52
70
575
994 9934
10951 111
2.871
4,400
444 46
2,320
4351 46
3256 3451 3,347
25
109 109%
Range Since Jan. I.
Low.
18
93
94
73
7951
256
3
4
8351
.5934
High.
Aug 3254
Apr 093
4
Jan 104
Jan 884
Jan 9756
Apr
456
Apr
431
July
1
Aug 974
Apr 8656
6
May
335-4 Sept
6834 Jan
5756 Aug
23 June
3531 May
364 Jan
53
Jan
1856 Aug
17
Jan
24 June
6951 Apr
8856 Jan
8556 Jan
8556 Jan
154 July
5651 Jan
92% Jan
9834 Jan
4 Jan
356 Jan
20
Aug
27
Sept
9834 June
63
July
33
July
138
Jan
531 Apr
47
Apr
Feb
117
494 Mar
25
Mar
1045 Mar
,
6
Jan
106
116
Jan
20
Apr
11
Jan
736 Apr
5134 July
9234 Mar
10056 Mar
3856 Jan
2454 Jan
2154 Mar
Feb
105
Feb
Sept
May
Jan
July
Jan
Jan
Jan
Feb
Jan
9
Jan
3856 Feb
122% Sept
63
Jan
26
July
46
June
58
Sept
72
Sept
3556 Jan
2334 Feb
2751 May
8634 June
9556 J813
95
Aug
94
Aug
18
May
6756 Fet
9754 Apr
10434 July
236 Jar
194 Jun(
26
Min
3651 Jar
1014 Ma:
72
Fel
334 Jul:
Ma:
155
834 Atli
52
Jai
121
Mal
54
Mal
Sep
32
11156 Sep
119
Ate
Jul:
136
Ma:
30
154 Ma:
Ma:
15
55
Ate
100
Au:
111
Bev
46
Sep
46
Sep
3554 Au:
110% Jul:
175 2634 Apr 34
3234 3236
1331
Jan
1556
350 12
1334 1534
4456 3856 4656 24,938 319.4 Slay 56
Mar 177
155 140
189
168 170
65 3894 Aug 41
3736 3754
849 110
129
125 129
Jan 129
42
42
4236
337 3931 June 4356
20 92
96
Jan 97
96
96
350 264 Aug 2854
2734 27
274
1994
630 12
1231
Aug
1294 13
110 9356 July 98
97
9736
9751 9736
30 9431 Jan 100
51
51
51
210 5054 Apr 52
81
Mar 81
81
8 45
Feb 63
170 41
55
5351 55
5
950
436 Aug
5
5
9
1194
856 June 1136
1034 1134 14,210
156 Mar
234
600
2
154 2
38
Apr 40
200 37
38
50 16
May 21
1954 1936
48
5056 5.925 41
50
May 50%
18
105 17 June 31
1834
114
Apr 11754
1133.4115% 7,264 108
1,101 11035 Jan 11334
11256 11336
113
,
221 9236 July 9456
9334 934 9454
120% 12056 121%
245 11736 Jan 12231
55
58
55
. 955 38
Apr .56
95
10 9236 May 95
95
106 106
106
130 9731 Jan 106
10256 10256 10254
165 9651 Mar 103
64% 13234 6656 6,125 58
Jan 6836
16
1836
87 11
Jan
1894
2454 24% 24%
650 234 Feb 2551
3
351
875
236 Apr
436
38
3836
3956 5,750 38
Aug 3936
98
98
90 973 Aug 08
Jul
Sep
Jai
Jul
Jun
Sep
Jut
Fe
Au
Ma
Ja
Au
Jul
Sep
Fe
Ja
AU
At
Ja
Ja
Set
Jo
Ma
Set
Set
Au
Au
Au
Jur
Jut
Ma
Set
Ja
as
Set
an.
1448
Friday
Sales
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Conth.ded) Par Price. Low. High, Shares
National Standard com__* 3534
North American Car corn * 33
Nor West UM pr in pref 100
7% preferred
100 97
Novadel Process Co corn__ ..__._
Preferred
* 2634
Omnibus voting trust errs _•
Penn Gas & Elec"A"corn *
Pines Winterfront A com _5 4934
Pub Serv of Nor III corn.*
Pub Serv of Nor III com 100
6% preferred
100
100
7% preferred
•
Q-R-S Music Co corn
Quaker Oats Co pref_ 100
Reo Motor Car Co
10 21%
Sangamo Elec Co
*
Preferred
100
Sears, Roebuck corn
* 7451
Shaffer Oil St Ref pref_ _100
So Cities Util class A com *
So Colo Pr Elec A corn. _25 254
Sew G & El Co 7% 91_100
Sprague-Sells Corp Cl A_30 1634
-Warner Speedom • 68
Stewart
954
Studebaker Mail Ord com _ 5
100 z122%
Swift & Co
15 244
Swift International
9
Tenn Prod Corp corn _ _ _ _*
25 54
Thompson (J R) com
Union Carbide & Carbon •
United Biscuit class A_ _ _• 484
United Light & Power
Class "A" preferred_ *
Class "B" preferred_ *
Common class A new__* 14
Common class B new_* 19
20 103
U S Gypsum
100 123
Preferred
254
Univ Theatres class A_ _ _ 5
Ve,sta Battery Corp com _10 2834
* 13
Wahl Co common
Ward(Montgomery)esCo 10 7654
• 11351
Class A
Waukesha Motor Co corn _* 50
851
Williams 011-0
-Mat corn..*
Wrigley(Wm Jr) Co com_* 56
Yates Machines part pfd_• 15
Yellow Tr & C'ch Mfg B _10 344
Yellow Cab Co Inc (Chic) * 3851
Bonds
Cairo Bridge & Ferry
1st 20
-year 634 s_ _1947
Chic City & Con Rys 5s'27
Chicago Railways 5s__1927
let M ctf of dep 5s_ _1927
5s, series A
1927
58, series B
1927
Commonw Elec 5s_ _ _1943
Fedilltil(Md)Ist 512s.. 1957
nous G G Co s f g 65is 1931
Jewelers Bldg(Chi)lst 6s'50
Metr W Side El 1st 4s_1938
So United Gas 1st 65A"'37
So United Ice let 6s"A"'37
Swift & Co lets I g 58_1944
UnitedPubUtillates"A"'47
Range Since Jan. 1.
Low.
High.
3
35% 3694 3,254 3034 Jan 384 July
33
3351
280 2234 Jan 34
Aug
Jan
35 974 Mar 101
99
99
Feb
60 94% Mar 100
954 97
94 Aug
84 851
150
8 June
225 2154 July 2734 Feb
2634 2634
100 114 Mar 17 June
1334 1334
Jan 21
Feb
10 19
1934 1934
May 53
July
48
4954
410 40
May
288 13034 Jan 143
14034 1424
May
Jan 142
14051 14134
11 132
106 10634
28 10131 June iessi Aug
July
116 117
14 11231 Apr 117
Aug
3951 40
110 324 Jan 43
May
Jan 113
110 110
15 107
May
2151 23
1,345 194 Mar 24
3134 32
July 33
July
757 29
260 10231 July 10734 Aug
1074 10751
Jan 7734 Sept
744 774 21,660 52
June
85
86
50
8434 Aug 89
50 254 Jan 33 June
3234 3254
Mar
2554 26
240 2534 Sept 28
145 9454 Jan 9931 Sept
9834 994
16
1634
200 1654 Sept 2651 Jan
664 7051 29,811 54% Mar 7014 Sept
951 951
400
554 June 1034 July
120 12651 2,652 11551 May 1264 Sept
234 2554 14,198 1831 Mar 2551 Sept
Sept 13
Mar
9
9
100
9
54
54
160 40
Apr 56
June
Jan 14134 Sept
14174 14134
50 99
4831 49
540 3934 Jan 52 June
9634 97
165 87
Jan 974
55
55
120 50
Jan 55
210 124 Mar 17
14
1434
338 15
May 24
184 1954
101 106
3,825 904 Aug 109
20 115
Mar 123
123 123
234 254
30
254 Sept
4
50 27 June 37
2851 2854
13
1334 1,255
8% Jan 174
May 7934
7634 794 17,110 67
335 1124 Mar 1174
113 114
49
50
835 3451 Mar 50
7
July 1651
315
84 831
376 51
Jan 5754
5531 56
835 1434 Sept 2734
1454 154
75 2574 Mar 40
3374 3434
3856 3,652 3754 Aug 39
38
June
July
June
Aug
Jan
July
Jan
Feb
June
Sept
May
Sept
Feb
July
Mar
Aug
July
100 100
152,000 9751 June 100
Aug
65
6534 13,000 5234 Jan 7334 June
8351 84
3,000 7454 Jan 8651 May
82
82
1,000 743-4 Jan 8454 July
May
654 6454 6554 7,000 58 June 71
44
45
17,000 35
Jan 5134 June
105% 10554 1,000 10531 Aug 10534 Sept
May
9251 9454 7,000 9254 Sept 95
mix 10431 105
4,000 96
Jan 11054 May
100 100
3,000 100
Sept 100
Sept
Apr
7734 774 1,000 77% Sept 80
May 98
May
98
98
98
3,000 98
9734 9734 8,000 9734 July 98
May
102 1024 3,000 10134 Jan 1024 Sept
99
99
2,000 9834 June 101
May
99
654
84
•No par value.
-Record of transactions at
Cleveland Stock Exchange.
Cleveland Stock Exchange Sept. 3 to Sept. 9, both inclusive, compiled from official sales lists:
Stocks-
[VoL. 125.
THE CHRONICLE
sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price, Low, High. Shares.
* 2534
Aetna Rubber,com
* 2534
Amer Multigraph,com
*
Allen Industries
*
Preferred
Bessemer Limestone & Cem
*
O.Common
Buckeye Incubator, corn* 494
Bulkley Building, pref _100
* 40
Byers Machine "A"
• 3134
City Ice & Fuel, com
Cleveland-Cliffs Iron,com• 100
Cleveland Elec Blum,91100 11134
Cleveland Railway,com100
Cleveland Stone. com_---*
100
Cleveland Trust
Cleve Wors Mills com_100
*
now Chemical, coin
Else Control!& Mfg corn*
Elyria Iron & Steel com_25
100
Preferred
Faultless Rubber, corn---*
Fedi Knitting Mills, com _•
Firestone Tire & R,corn _10 159
100
6% preferred
100 10454
7% Preferred
Gen'l Tire & Rubb,com _ 25 165
Goodyear T & R,pref_100 116
Grasselli Chem, corn_ _100 133
100
Preferred
Greif Bros Coop'ge,com_ •
100
Guardlau Trust
100
Halle Bros, pref
Harria-Seybold-Potter,
5
Common
India Tire & Rubber,corn.*
Indu,strial Rayon "A"- _. *
Interlake Steamship, corn.*
*
Fordan Motor, tom
*
Kaynee, coin
100
Preferred
Kelley 1st L & T, corn _ _100
Lake Erie Bolt dr Nut,com* 17
Loews Ohio Theatres
100
First preferred
Miller Rubber, pref_ _100 99
Mohawk Rubber corn _ _ _• 20
74
Murray Ohio Mfg com___*
54
National Acme corn_ _ _10
gational Refining com_25
National Tile common_ _ _* 374
gineteen Hundred Washer
*
Common
SIor Ohio P & L 6% 91.100
3hio Bell Telep pref___100
31110 Brass "B"
* 85
?ackard Electric
* 354
?aragon Refining com__25
Peerless Motor common_50
Richman Bros common__• 233
Rubber Serv,Laboratories* 364
2551
2534
1151
303-4
26
26
1131
30.4
585
570
25
50
3354 3354
50
49
72
72
40
39
3151 3234
100 100
1114 1114
1044 105
55
55
332 332
22
22
100 100
63
63
53
53
1024 102%
39
38
29
29
159 161
1064 106%
10434 105
160 165
116 116%
133 133
10851 10851
37
37
3764 377
103 103
30
688
15
40
492
200
30
332
60
12
65
40
7
50
15
250
130
863
75
356
25
438
85
80
5
23
100
29
22
10
120
31%
3256
99
165
1654
101
9851
20
74
54
35
3634
294
23
1054
120
3131
33
99
166
17
101
99
20
734
554
3551
3751
2631 2654
8454 8434
1114 112
82
85
3554 36
854
8
23
23
2107 233
%
3534 37
Range Since Jan. 1.
Low.
17
1931
10
3034
High.
June
Apr
June
Aug
26
27
II%
3134
Aug
Aug
Aug
Aug
3151 Aug
Jan
43
68
Mar
35
Apr
2354 Jan
Feb
74
Feb
108
964 Jan
May
47
300 June
21
Mar
Mar
70
6254 Aug
49% Apr
102
Jan
3551 Mar
284 Apr
117
Jan
10154 Jan
99
Feb
145 June
Feb
100
Aug
127
10254 Apr
304 Aug
Jan
260
9954 Apr
35
53
77
414
34
115
11134
105
67
332
2751
100
6734
55
10254
45
314
165
1074
10534
165
120
134
108%
40
377
103
Apr
Apr
June
July
Aug
July
Sept
Sept
June
Sept
Feb
Aug
June
Feb
Sept
June
May
Sent
July
Sept
Sept
Aug
May
Aug
Apr
Sept
Sept
Aug 304
75 28
125 20 June 3134
431 Jan 1054
3,410
4 109% Feb 120
100 2734 Feb 324
Jan 33
392 23
Apr 99
104 96
66 1324 Feb 166
Mar 17
139 12
Feb
Jan
Aug
June
May
Aug
Aug
Sept
May
10 101
214 98
5 15
5
25
43%
350
130 3431
995 33
June
July
Mar
Feb
Mar
July
June
June
101
Feb
106
Sept
20
734 Aug
6% May
41% Jan
Aug
38
Apr 2634
270 25
25 79% Apr 8454
50 1054 June 114
Jan 85
600 76
Aug 36
126 35
945
Apr
6
450
100 2151 Apr 32
1,024 14234 Mar 227
131 3034 June 4236
July
June
Mar
Apr
Aug
July
Jan
Sept
July
Soles
Friday
Last Week's Range for
ofPrices.
Week
Sate
Stocks (Conclvded) Pep. Price. Low. High, Shares.
Seiberling Rubber corn..e
Preferred
100
Sherwin-Williams com__25
Preferred
100
Sparks-Withington com_ •
Stand Textile Prod corn 100
100
"A" preferred
100
"B"preferred
Stearns Motor corn
Telling-Belle Vernon corn _*
Thompson Prod com_ _100
Toledo-Edison pr pref _ _100
Trumbull Steel corn
100
Preferred
100
Truscon Steel pref
Union Metal Mfg corn_ •
Union Mortgage cora_ _100
100
2d preferred
100
Union Trust
-Morgan
Wellman-Seaver
Preferred
100
White Motor Secur pref 100
Y'town Slit & Tube 91_100
Bonds
Cleveland-Akron Bag 8s'36
34%
344 33
10251 10251 10254
dlg
6151 61
104% 104 104%
17
20
154 15%
52
52
52
32% 32%
5
5
47
42% 47
2454
2454 24
11634 116 116%
12
12
1255
80
80
8355
105 105
4351 44
32
35
55
55
280 280
109
95
85% 8551
10351 104
109 109%
95
95
1,328
10
437
545
640
100
20
60
40
1,169
418
30
3,910
349
10
75
130
10
25
Range Since Jan. 1.
High.
Low.
21
96
44
104
1145
7
25
13
334
36
204
11451
9%
72%
105
40
32
55
218
Jan
Jan
Feb
Sept
July
Feb
Feb
May
Aug
Mar
July
Jan
Jan
Feb
Sept
Apr
Sept
Sept
Jan
3451
10254
614
10454
20
16%
52
33
845
484
25
117
14
90
105
44
6151
82
290
10 84
May 98
37 9951 May 107
245 10654 July 111
812,000
9451 June
95
July
Sept
Sept
Aug
Sept
Aug
Sept
Sept
June
May
July
May
Aug
May
Sept
Sept
Mar
Mar
Aug
Feb
Apr
May
June
* No par value.
Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange Sept. 3 to Sept. 9, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Am Laundry Mach corn 25
Rights
American Products pref_ _•
Amer Rolling Mill com _ _25
100
Preferred
•
Buckeye Incubator
*
Burger Bros
Preferred
50
Carey (Philip) wet __100
*
Churngold Corp
50
Cincinnati Car Co
CNO&TP
100
100
Preferred
Cincinnati Gas & Elec._100
CM Gas Transportation 100
C N & C Lt & Trac com 100
100
Preferred
.
Cincinnati Street Ey_ __50
50
CM & Sub Tel
•
City Ice & Fuel
*
Coca Cola "A"
Col Ry Pr"B" pref_ _ _ _100
Cooper Corp new pref._100
Dow Drug rights
Eagle-Picher Lead corn_ _20
•
Formica Insulation
•
Gibson Art corn
Globe Wernicke corn__ _100
100
Preferred
*
Omen Watch corn
Hatfield-Reliance corn •
*
Hobart Mfg
•
Jaeger Machine
Johnston Paint pref_ _100
40
Kahn participating
*
Kodel Radio"A"
20
Preferred
10
Kroger corn
•
Lunkenheimer
•
McLaren Cons"A"
*
Mend PU1P MU
Special preferred _ _ _ _100
100
Ohio Bell Tel pref
20
National Pump
Procter & Gamble corn_ _20
100
87 preferred
100
Pure 0116% pref
100
Richardson coin
•
U S Can corn
10
US Playing Card
US Print & Litho com_100
*
U S Shoe corn
100
Preferred
100
Vulcan Last corn
100
Preferred
Whitaker Paper pref__ _100
10234 103
103
I%
Pie 13-4
24
253-4
6674 66% 6745
11331 113 11334
50
49
50
18
18
5734 5745
121 121
39% 40
2534 24% 2534
360 360
108 108
100% 9934 100%
137 137
9754 98
73
73
73
46
464
46
108 110
32
32
32
30
3051
10231 1024
100 10014
74 8
8
26
26%
26
23% 2351
414 42
42
94
94
9834 9834
52
52
184 18%
3434 35
3054 3054 3056
10254 10251
424 4231
55
55
574
57
57
129
1254 129
293-4 293-1 2934
15
15
604 61
61
1044 104 1044
112 11231
112
39
3954
205
203 205
1794 181
9831 984 100
145 145
45
45
11054 113
113
70
70
64
64 7
57
60
3634 40
40
102 102
100% 101
751
879
107
1,455
89
1,113
100
24
25
134
771
2
15
178
1
30
I
609
115
83
45
10
10
770
812
16
195
10
20
50
100
189
10
17
25
503
10
687
221
10
635
20
141
751
138
7
469
26
25
281
25
69
60
375
5
8
Range Since Jan. 1.
Low.
9051
1
21%
44
11051
44
12
5034
1134
344
214
320
103
964
High.
July
July
Jan
Jan
May
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
106
154
2751
72
114
51
22
58
125
45
2631
365
108
10051
July
July
Aug
July
June
Apr
Mar
June
July
Mar
Apr
Feb
July
Sept
Mar
91
Mar
70
404 Jan
9051 Jan
2251 Jan
2734 Apr
96
Jan
Apr
100
7% Sept
26
May
194 Jan
3934 July
85
Jan
Jan
85
444 Feb
1334 Jan
2651 Feb
28
Apr
9934 June
39
Feb
954 Jan
2034 Jan
118 June
264 Apr
15
Sept
604 Sept
98% June
10654 June
39
Sept
Feb
177
163
Jan
9855 Sent
135
Aug
38
Apr
85
Jan
55 June
Jan
5
38
July
31
Aug
99
78
464
110
334
35
103
103
8
31
25
44
96
100
5655
1834
3354
344
10234
45
65
55
13334
30
18
61
124
114
3954
204
184
101
150
45
115
79
751
60
40
May
Jan
Sept
Sept
July
July
June
May
Sept
May
Jan
Feb
Aug
Aug
Jan
Sept
July
June
Sept
Apr
July
Sept
Feb
Apr
Apr
Sept
Apr
May
Sept
May
Feb
June
June
Aug
Aug
Aug
June
Sept
Sept
9836 May 10054 May
• No par value.
-Record of transactions
St. Louis Stock Exchange.
at St. Louis Stock Exchange Sept. 3 to Sept. 9, both
inclusive, compiled from official sales lists:
Stocks-
sates
Friday
Last Week's Range for
Week,
of Prices.
Sale
Par, Price. Low, High. Shares.
Banks
275 275
First National Bank_ _100
Nat Bank of Commerce 100 15251 15234153
Trust Company
100
Mercantile Trust
MBstasIppi Valley Trust100
Street Railway
St Louis Public Service_ _ _•
428
301
428
301
28
29
Miscellaneous
56
56
Amer Credit Indemnity_25 56
20
3634 3634
Aloe corn
Preferred
100
103 103
19
20
Baer,Sternb'g & Cohen.cm* 19
9754 9751
Beck & Corbin pref _ _ .. _100
26
26
*
Best Clymer Co
41%
5
41
Boyd-Welsh Shoe
464
100
44
Brown Shoe corn
* 16
16
16
Burkart com
Preferred
* 2434 24% 2454
17
17
Chicago Ry Equip com_ _25
21
20
Preferred
25
97
EL Bruce pref
100
97
Ely & Walker D G com_25 3251 314 3254
103 10334
Fred Medart Mfg pref _100
114
11
Fulton Iron Works com__•
344
Hamilton-Brown Shoe_ _25 3454 34
3154
•
31
Hussman Refr corn
97
100
97
Huttig 8 es D pref
5% 54
Hydraulic Press Bk com100
8154 82
Preferred
100 813-4
International Shoe com__* 2064 202 207
110 11034
100
Preferred
Range Since Jan. 1.
Low.
5 251
25 150
3 427
5 285
990
Jan 285
July 163
May
Jan
July 4304 Feb
Sept
June 301
184 Mar
15 50
85 32
10 wog
300 19
5 97
10 20
35 37
325 314
41 15
40 24
20 17
85 20
3 97
155 3054
15 99
8
76
25 3354
26 31
5 9634
4
80
30 69
389 158
93 108
High.
May
Feb
Mar
Sept
Apr
May
May
Mar
Aug
Aug
Sept
Sept
Sept
July
Jan
Jude
July
Sept
July
May
May
Feb
Feb
3045 July
60
37
104
2234
tag
41
42
4651
16
2431
30
264
974
3835
10354
1351
40
36
10151
7
82
207
111
Juno
May
July
June
Aug
Jan
Feb
Sept
Sept
Aug
Jan
Apr
Jan
Apr
Sept
June
Mar
Jan
Feb
Jan
Sept
Sent
Aug
SEPT. 10 1927.]
THE CHRONICLE
Friday
Sales
Last Week's Range for
ofPrices.
Sate
Week.
Stocks (Continued) Par.
Low. High. Shares.
Johansen Shoe
* 35%
Laclede Steel Co
100
Me-Ills Stores, corn
*
Mo Portland Cement..
.25
20% paid
25
Nat Candy corn
100 99
2d preferred
100
Pedigo-Weber Shoe
* 35%
Polar Wave I & F Co...
3034
Rice-Stix Dry Goods corn.* 22%
let preferred
100
2d preferred
100 100
Scruggs-V-B D 0 Corn. 25 17
Scullin Steel pre/
• 33
Sheffield Steel corn
• 2734
Skouras Bros "A"
* 39
Sou Acid & Sulphur com.• 43
Southw Bell Tel pref.
..J00 117%
St Louis Car pref
100
Stix Baer & Fuller
•
Wagner Electric corn... *
Preferred
100
Waltke common
*
Preferred
100
Mining
Cons Lead & Zinc Co"A"*
Street Ry. Bonds-__ _
East St L & Sub Co 58_1932
St L & Sub Ry gen M 58
C-13
1923
United Railways 48.__1934
45, C-I)
1934
Range Since Jan. 1.
High.
35
3534
166 166
14
14
40
41
37% 38
98 100
103 103%
35
35%
303( 3034
20% 22%
109 109
100 100
17
17
33
33
27
2734
39
39
43
43
117% 117%
98
98
30
30 •
32
3234
88
88
7634 77
111 111
12%
12% 12%
9334 9334 $11,000
8634 Jan
9334 Sept
86%
96% 86% 17,000
8334 83% 10,000
83
83% 21,000
80
Feb
75% mar
7534 Mar
87
Aug
84
July
8334 Sept
83
Miscellaneous BondsKinloch Telephone 68.1928 10134 101% 10134
Houston 011 6348
1935
103% 10334
Sculling Flied tia
1941
99
99
•No par value.
225
132
14
75
10
155
15
1,641
10
10
10
220
85
60
10
142
10
150
160
3
50
1
26
165
13
40
37
84
100
30
29%
19%
10534
99
16
33
2534
32
36
114%
96
26
1834
68
51%
111
June
July
Aug
Sept
Aug
Feb
Feb
Apr
Aug
June
Jan
July
Aug
Sept
Feb
Aug
July
Mar
Jan
Aug
Jan
Feb
Jan
Sept
36
185
15%
54
40
11034
107
3734
34
22%
110
100
22%
39
28)4
48
4534
119
102
3134
39%
90
8634
113
Aug
Jan
June
Apr
June
June
June
July
Apr
Sept
June
Sept
Feb
Mar
Apr
Jan
Jan
June
Apr
Jan
May
June
Mar
Apr
20
12
July
17
Jan
5
3,000 101
2,000 103
2,000 99
Apr 10134 Sept
Jan 104
July
Sept 101
Apr
1449
Friday
Last Week's Range Saks
Sale
ofPrices.
for
Stocks (Continued) Par. Price, Low. High. Shares.
Nortn Amer Investment pf
9634 97
North American Oil
37% 37
3731
Oahu Sugar
37% 38
Gnomes Sugar
44
4234 44
Paauhau Sugar Plantation
12% 12%
Pacific Lt Corp 6% pref._ 101% 101% 101%
Pacific Lighting Corp com_ 571
54934 575
Pacific Tel & Tel corn
143% 13734 144%
Preferred
114
114 115
Paraffin° Co's, Inc, corn.. 69
65
69
PhillipsPetroleum corn. - 44
43
44
Piggly Wiggly W States"A" 23% 23
23%
Pig'n Whistle pref
16
16
Pioneer Mill
3134 3134 31%
Richfield 011
19
18% 19
S J Lt de Pr prior pref
109 109
"A"7% prat
106 106%
Schlesinger, B F."A" corn
21% 21%
Preferred
9334 9334 9334
Shell Union Oil corn
27
26
27
Sherman & Clay 7% pref
92% 9234 92%
Sierra Pacific Electric pref.
90
90
Sperry Flour Co torn
53
49% 53
Preferred
98
98
Spring Valley Water
104
104 104%
Standard Oil of Calif
5434 53
5434
Union 011 Associates
42
41% 42
Union 011 of California
42% 42
42%
Union Sugar corn
1334 15
15
Preferred
25% 2534 24%
U S Petroleum
1.55
1.55
Wells Fargo Bk & Union Tr
285 285
West Amer Finance pref
7
734
7%
West Coast Life Insurance_
3.60 3.60
Yellow & Checker Cab....834
834 834
Zellerbach Corp
3534 3434 38
•No par value.
Range Since Jan. I.
Low.
High.
10
807
300
92% Jan 97
Sept
28% Apr 48
Feb
35
Jan 39 June
Go 40 Jan 44 June
5 11)4 Apr 1234 Sept
155 97
Feb 10334 July
385 311
Feb 575
Sept
1,873 123
Mar 144% Sept
175 102
Mar 116
July
4.571 5334 July 13934 Mar
300 3834 June 59% Feb
135 1934 Jan 23% June
185 15% Jan 16% July
170 2534 Ap
3134 Sept
1,250 1434 Mar 2634 Jan
10 10634 Jan 11134 Aug
50 103
Jan 107
July
20 20
AD
2334 June
175 89 May 94
Aug
2,183 26
Ap
31% Feb
40 90% Aug 9734 Apr
65 87
Jan 92% Feb
634 44
Jan 54 June
40 92% Jan 9534 July
70 10134 Jan 10834 Mat
3,219 50% Ap
60% Jan
1,275 3731 Ap
5634 Jan
4.828 3934 Apr 5634 Jan
455 12
Aug 19
Jan
410 2,5% July 27
Mar
200 1,2754 July 2.00
Mar
73 260 May 295
Mar
200
5
July
934 /Jan
100 3.40
June 4.50
Jan
740
8
Aug
934 Jan
3,98
28
Ian 38
Sent
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, Sept. 3 to Sept. 9, both
San Francisco Stock and Bond Exchange.
-Record of inclusive, compiled from official sales lists:
transactions at San Francisco Stock and Bond Exchange
Friday
Sept. 3 to Sept. 8, both inclusive (Friday Sept. 9 being a
Sales
Last Week's Range for
Range Since Jan. I.
holiday, Admission Day) compiled from official sales lists:
Sale
of Prices.
Week.
StocksThurs.
Sales
Last Week's Range for
Safe
of Prices.
Week.
Par. Price, Low. High. Shares.
Stocks-
American Trust Co
380
Anglo & London Paris N Bk 220
Armour & Co "A" common
8%
Bancitaly Corporation.... 97%
Bank of California, N A
______
Bank of Italy
196
Caiamba Sugar, common ______
Preferred
California Copper
California Cotton Mills
3734
California Packing Corp
6634
California Petroleum, corn. 2334
Caterpillar Tractor
38
Central Nat Bank of OakI'd
Coast Co Gas & El let pi._ 9634
Crocker First Nat Bank _ __ ......
East Bay Water"A" pref._ 9734
"B" preferred
10634
Emporium Corp (The)---. 33
Federal Brandeis
1734
Fireman's Fund Insurance. 9334
Foster & Kleiser common._ 13
Great Western Power pref. 10334
Haiku Fruit dc Pack (free).
Hale Bros Stores
3034
Hawaiian Com'l & Sugar.- 5334
Hawaiian Pineapple
Hawaiian Sugar
43
Honolulu Cons Oil.....
36
Hunt Bros Pack "A"com _ _ 2334
Hutchinson sugar Planta'n 14
Illinois Pacific Glass "A" ......
Key System Transit pref._
7
Langendorf Baldng
LA Gas dr Elm pref
Magnavox Co
Mcznin (1) onmrnnn
laLf
Par. Price. Low,
Range Since Jan. 1.
Low.
High.
Amer Vitrified Prod pf.100
Amer Wind Glass Mach 100
Arkansas Nat Gas com__10
934
Blaw-Knox Co
25 90
Carnegie Metals Co
10 14
Columbia Gas & El corn _ _• 95%
Devonian Oil
10
9%
Dixie Gas & Util com____•
9
Duquesne Lt 7% pref._100 117
Harbison-Walk Ref com100
Houston Gulf Gas
•
934
Jones-Laughlin St'l pf._100
_
Lone Star Gas
25 483.4
May Drug Stores Corp_ _ _• 1934
Nat Fireproofing pref__100 2534
Oklahoma Nat Gas ctf dep
Penn Federal common___*
6
Preferred
100
Peoples Say & Tr Co_100
Pittsburgh Brewing com_50
Preferred
50
Pitts Coal common_ _ __100
Pittsb 011 & Gas
5
334
Pittsburgh Plate Glass_100 232
Pitts Screw & Bolt Corp _ _* 5234
Pitts Steel Fdy corn
• 29
Stand San Mfg com _ _ _ _25 94
Third National Bank.
.100
Tidal Osage Oil
100 21
Union Steel Casting cons_•
United States Glass Co_ _25
West Pa Rya prof
100
Withrow Steel corn
•
High, Shares.
90
90
35
35
9
9%
82
95
14
1434
9531 9534
93.4 934
8% 9
117 117
150 150
934 954
122 122
4834 48%
1934 1934
2534 26
2134 21%
534 6
95
95
525 535
334 334
10
10
65
6534
334 334
232 232
5034 5234
29
29
91
9434
120 120
21
21
35
35
11
11
100 100
9
9
10
145
1,200
760
697
12
1,252
300
20
10
200
20
3,529
150
50
451
260
50
21
10
120
67
50
80
1.285
100
935
5
150
10
1,200
20
100
Low.
80
35
6%
70
1134
8334
934
734
115
131
6
118
3734
17 34
2334
2034
5
9231
400
3
High.
May 92
May 52
Apr
9%
June 95
July 14%
Feb 9834
May 15
Aug
934
Mar 117
Mar 151
Feb 1234
Jan 12234
Jan 4934
July 2154
July 3034
Jan 2334
June
6
June 95
Feb 535
July
434
Sept 1134
May 7234
July
334
May 270
June 5234
Mar 31
June 97
Aug 120
Apr 2634
Jan 40
Sept1534
Mar 101
Aug 10
June
Jail
July
Sept
Sept
June
Pan
July
Sept
Aug
Apr
June
Aug
Aug
Mai
Mat
Aug
Sept
Sept
Jar
Jar
Junl
Pet
Jar
Sep.
Ap
Au
Aui
Ma
Ap
Jar
Ma
Jun
35334 360
168 300
Jan 398
Feb
220 220
14 195
Jan 232
Feb
8% 8%
20
8% Sept 1534 Jan
9434 98
22,761 8934 Aug 12534 June
255 255
20 245
May 270
Jan
190 19734 4,378 171
Apr 687
Apr
80
80
25 68
Apr 80
Sept
87
8734
80 80
Apr 8734 Sept
3.65 3.65
180
2 June
5
Jan
3734 3754
100 20 June 41
Jan
6534 6734 3,825 61
Apr 69% Jan
22
2334 4,255 21
Sept 33
Jan
3634 3834 27,827 2634 Feb 3834 Sept
355 355
96 290
Feb 355
Sept
9634 9634
60 94
Jan 9734 Aug
315 315
65 305
Aug 320
Apr
9734 9734
195 9534 June 99
Aug
9%
10634 loot
6 104
July 111
Apt
3734
32
3334
455 30
July 39
Mar
3
1734 1834 1.595
9% Feb 2034 Aug
225
9334 9434
850 SS
Mar 9434 Sept
36
1234 13
605 12
Apr 1334 Jar
27
10234 10334
99 101 June 10534 Aug
7834
8
8
203
8 Sept10
Mai
120
3034 3034
10 30 June 3634 Jar
17
53
5334
385 48
Apr 5334 Sept
3234
49
49
300 48 Sept55% Fet
11
43
43
50 4034 Jan 45
Juh
9734
3534 3634
407 3334 Apr 4234 Fet
8
2334 2334
190 23 June 2634 Jar
14
Bonds14
130 1234 Jan 1434 Ma)
inli
37
10012 inn.' CC rinn InnU P.Aanf 10111y
37
410 31% Apr 3834 Aut
a....,
7
7
35
534 July 3134 Jar
• No par value.
1234 1234
180 1234 June 1234 Mai
Correction.
-Range of sales for Salt Creek Consol. 011 last week should have read
10334 10334
185 98% Jan 10434 Jul)
25e 250
100 200 Aug 75c Fel 634 low,6% high, instead of 634 low, 634 high. Sales of First National Bank last
1111,/ MIA
week should have read 306. Instead of 308.
Mill
IRV
Anr
051.4 Jc.
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' 3)and ending the
present Friday (Sept. 9). 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.
r /Way
Jared
Week Ended Sept. 9.
Stocks-
Last Week's Range for
Sale
of Prices.
Week.
Par, Price, Low, High, Shares,
Indus. 8c Miscellaneous.
Aero Supply Mfg class 11.'
0
Ala Great Southern pref _50
Allied Packers, prior pf..100
Alpha Portl. Cement,corn •
Aluminum CO corn
•
Preferred
100
American Arch Co
100
Ara Brown Boveri El Corp
Founders'shares v t 43_.•
American Chain Co corn_ _•
Amer Cyanamid corn B.20
Preferred
100
American Hawaiian 88-10
Amer Mfg Co common.100
Amer Pneu Serv 6% pf- _60
Amer Rayon Products...'
Amer Rolling Mlll com_25
Preferred
100
Amoskeag Company
•
Anglo-Chile Nitrate Corp_•
Arnold Print Wks warrants
Atlantic Fruit & Sugar_ __•
Atlas Portland Cement_ •
Auburn Automobile com.25
Babcock de Wilcox Co_100
934
934
140
140
9
35
99
99
104
104
70
70
6
47
8934
1534
6654
91
2234
05e
115
semeitair Corporsuon__25 . 983-4
Bancroft(Jos)& Son pf_100
Belding Hall Electrice corn*
•
Bliss(E W)Co corn
sten noes ins eom
10
750.
18
4
lilt
10
140
9
35
10534
104
7354
Range Since Jan. 1.
Low.
1,000
334 Apr 1134 Aug
10 124% Feb 143
Aug
100
2
Mar 13
Jan
200 35
Sept 4234 Jan
1,400 6714 May 10534 Sept
400 10134 Mar 10434 Apr
900 6934 Sept 11134 Apr
6
63-4 1,400
5
47
47
200 4034
28
2954
600 26
8634 8934
110 84
1434 1534 4,200
9
8634 8654
25 79
2134 2134
100 2134
15
1834 2,700
33-4
66
6831 5,600 404
11134 112%
140 10934
89
9134
800 67
2234 2434 1,500 14
634 634
100
5
820 95o
1,300 810
4034 4034
100 40
115 12333 1,950 69
noi 11534
75 113
9334 9934 39,600 8554
106 106
50 106
750 750
100 750
18
18
200 16
4
4
400
234
lilt
00
High.
00110
is
Aug 21
Jan
July 4734 Aug
Apr 3734 Jan
June 91
July
Jan 2034 May
July 90 June
Sept2134 Sept
Mar 1834 Jan
Feb 7254 July
June 113
Apr
June 9131 Sept
Feb3154 May
Feb634 Sept
May
134 Jan
Jan 4534 June
Jan 12334 Sept
July 124
Mar
Jan 127
Aug
Sept 108% June
Sept •234 Aug
Aug 2434 Api
Jan
944 Api
s'a,
'May
asses
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Borden Co common
50 12634
Nat City rcts for new stk
Borg & Beck
•
Botany Cons Mills corn •
Bridgeport Machine com.•
Brill Corporation claw .* 39
•
Class B
•
Brill° Mfg corn
• 14
Class A
• 2634
BrIt-Ames Tab ord bear.El
Brockway Motor Trk com• 38%
Bucyrus Co corn
25
Preferred
100
Busyrus-Erie Co w I
22%
Budd (Edward G) Mfg. •
Burt(F N) Co Ltd com.25 6334
Bullard Machine Tool.- •
Canadian Indus Alcohol_ •
Case Plow Wks Cl B v t c.*
4
Caterpillar Tractor
. 3734
Celanese Corp of Am com..• 9934
First preferred
158
Celluloid Co coin
100 6534
Preferred
100 11534
Celluloid Co (new)
Common
6134
Preferred
84
First preferred
11434
Celotax Co common
• 78
7% preferred
100
Central Aguirre Sugar---50 113%
Contruumsi PICO Coro____• 1434
12334 131
120 120
7234 7234
7
834
234 234
3834 3934
1734 1734
14
15%
2634 2634
26
26
36
3834
67
67
109 109
2234 23
26
26
3,600
100
100
700
400
900
100
4,000
200
300
900
100
100
2,200
100
6334 6354
200
3734 39
300
3434 36
200
37.4 4
900
3734 39
1,200
92 101% 23.100
15454 170
6,400
63
88
800
114 116
1,700
6134
8234
11434
76
8734
111
1434
6154
84
11431
82
89
11334
144/
Range Since Jan. 1.
Low.
101
102
59
7
234
33
1554
734
20
2334
36
50
10234
2134
20
6134
34
22
331
2734
44
181
17
6531
900 60
2,100 8234
100 114
9,550 70
125 8634
650 9734
Ann In.
High.
Jan 131
Sent
Apr 120
Sept
May 7234 Sept
July 10
Jan
July
634 Mar
June 4754 Jan
ADC 2254 Feb
Feb 1634 Sept
Jan 2654 Sept
Feb 26 July
Sept 45
Mar
June 6944 July
mar 11234 June
Aug 2334 Aug
Apr 3334 June
Aug 6334 Sept
Aug 44
May
Jan 36
Sept
Feb 13
Mai
Feb 39
Sept
May 101% Sept
May 170 Sep
Feb 6634 Sep
Jan 118
Jul)
Sept 62
Sept84
Sept114%
Apr 85
Apr 91
Jan
s..... 113%
...,
Am
Sep.
Bel)
Jai
Ma
Ben
..-
Friday
Last Week's Range Sales
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
C M & St P (new co)
2431 24% 25
New common w I
4074 39% 40%
New preferred w I
9%
934
Chicago Nipple Mfg el A 50
Cities Service common...20 4934 4831 494
100 9034 894 9034
Preferred new
84 831
84
10
Preferred B
31% 32
32
City Ice et Fuel (Cleve)_
2534
• 2534 25
Cohn-Hall-Marx Co
32
32
Colt's Pat Fire Arms Mfg 25 32
21). 234
234
Colombian Syndicate__ _•
234 3
Consol Dairy Prixhluta- •
164
• 1631 16
Consol Laundries
34
34
Consolidation Coal corn 100 34
36
34
Colman kis 1.01-------I 3434
68
68
68
Cuban Tobacco pref v t c_ _
63%
62
_ _100 62
Cline() Press, corn_
4031 46%
Curtiss Aeropl & M corn. • 45
110 110
100 110
Preferred
195 210
Curtiss Publishing eons---* 210
116 116%
$7 preferred
• 5735 56% 5831
Davega Inc
23% 2331
•
Davenport Hosiery
167 1764
Deere & Co common__ _100 170
3
3
De Forest Radb v t c__ *
3
3
•
Vot trust ctf of deposit.
Dinkier Hotels class A
23
23
with purchase warrants155 157
Dixon (Jos) Crucible Co100 156
1634 1634
* 1634
Doehler Die-Casting
814 82
Dominion Stores Ltd- *
6
6
new common*
Donner Steel
4
3
4
Duellier Condenser Corp-•
50e 60c
Dupont Motors
•• 1131 1131 12
Durant Motors Inc
Durham Dupl Razor pr pt
50
47
With el B comet pur war*
6
6
•
DuzCoclAvtc
34% 3434
Eitingon-schIld Co con).*
1531 154
Klee Refrigerating w 1_
44 434
Estey-Welte Corp class-A.•
234 334
274
P'ageol Motor. Co corn_ _10
16036 15934 160.34
100
Fajardo Sugar
34
31
Fan Farmer Candy Shops.* 33
424 43
Fashio.. Park, Inc, com_ •
• 31% 304 314
Ferlders Mfg Inc Cl A---44 474
Film Inspection Mach_ *
61% 6354
Fire Assn of Philadelphia 10
158 162
Fire-3[one Tire & It. corn.10 159
10434 10434
100
7% preferred
539 547
Ford Motor Co of Can_1011 539
• 2234 22% 2231
Forhan Co clam A
Foundation Co
94 9%
Foreign shares Class A •
1634 1831
• 18
Fox Theatres cl A corn--.
1734 174
1734
Franklin (Hit) Mfg cum.*
82
82
100
Preferred
234 2%
Freed Eisemann Radio.-.•
19
20%
• 20
Freshman (Chas) Co
54% 56%
• 56
Fulton Sylphon Co
common_ _..• 5434 54% 5434
Gamcwell Co
1% 2
Garod Corporation
. 7134 6831 72%
•
General Baking el A
631
6% 6%
Class B
004 8034
General Fireproofing com.•
52
52
524
Gent lee Cream Corp_
Gen'l Laundry Mach corn • 2034 2034 20%
Gillette Safety Razor____• 964 9434 100
z1234 1334
!
.
Gleasonite Prod corn... 11 .111
z177 181
Alden Coal
Glen
• 6534 64
6734
Gebel (Adolph) Inc corn..
184 17
1834
Gold Seal Electrical Co..
Goodyear Tire & Rubber
Fret new when issued 100 9534 9431 95%
43%
* 4334 43
Gorham Mfg corn
110 110
100
Preferred
4434 4434 444
Goesard(H W)Co
9734
Grand (F&W)5-10-25e St • 964 96
130 130
100 130
7% pref
101 106
Grant(W T)Co of Del com•
16334 16334
Great Lakes Dr & Dock 100
1004 10031
Grief & Bros pref ci X_ 100
Habirshaw Cable & Wire_• 2536 2531 254
2634 23
Hall(W F) Printing new 10 28
54 64
636
Happiness Candy St ci A_•
1134 114
Hazeltine Corp
•
31% 324
Hellman (Rich) Co corn..." 32
4934 5134
Partic pref with warets• 50
190 192
Hercules Powder corn_ _100
11634 11634
100
Preferred
* 3676 36% 374,
Holland Furnace
34
34
Hood Rubber corn
Born S. tlardart corn...5436 5334 5434
15
1531
Huyler's of Delaware Inc.•
26
26
Imperial Tob G B &
294 294
Indep Pack (St L) tom- •
934 104
10
Industrial Rayon class A.
luau Coot North Amer.lO 6734 6634 67%
8534 87%
Machinery•
Internet Cigar
79
81
79
New
Johus-Manv new com....• 11034 10931 119%
Joske Br,o Co corn v t c_ ..• 4234 4231 42.34
124 1334
Kemsley Millbourn&Cowl• 1231
34
37%
Kinnear Stores Co corn--*
Kruskal & KruskaL Inc.,,,' 2236 2234 224
70
Lackawanna Secur new _• 644 62
25
25
Land Co of Florida
Landover Holding Corp
174 174
Class A stamped
Lehigh Coal & Nay
50 10934 107% 109%
Lehigh Val Coal We new.. 4134 41% 42%
9234 93
Lehigh Val Coal Sales.
.50 93
Leonard Fitzpatrick az
45
47
45
corn.. •
Mueller Stores
1031 114
Libby, McNeil & Libby _ 10 1131
125 127%
Libby Owens Sheet G1ass25
394 40
NlacAndrews& Forbeecom• 40
19
1934
Magnin (I) & Co Inc com_• 19
Bowman & Co
Manning
17% 18
• 1736
Class A
48
50
Marmon Motor Car corn _• 48
38% 40
Massey-Harris Ltd com-•
27
19
• 2534
Mavis Corp .
• 1374 12% 1434
Mavis Bottling Co of Am.
19 z20
May Drug Stores Corp. _ _ • z1934
4931 50
50
May Hosiery Mills $4 Pt
18% 1934
McCord Had & Mfg v t c_* 1936
5634 5934
Mead Johnson & Co com-•
Melville Shoe Co corn__ _• 1183.4 115 12431
43
40
Mengel Company
100 43
3% 3%
Mercubk(VIenna) Am abs *
3%
z112 11234
Merganthaler Linotype...'
14 234
*
234
MesabiIron
54
55
Metrop Chain Stores_ _• 55
20
231
4
Met 5& 50c Stores A corn..
1134 15
• 1134
Class IS common
100 6236 6234 63%
Preferred
5434 56
Midland Steel Prod
• 553'4
39
3931
Midvale Co
984 984
Miller Rubber pref__ _100
33
33
Moore Drop Forge cl A_
[VoL. 125.
THE CHRONICLE
1450
Range Since Jan. 1.
Low.
1,000 20
1,800 27%
9
200
18,800 404
2,800 87%
200
7%
200 2331
300 184
100 30
131
5,700
14
600
2,800
1536
25 3034
2,100 24%
10 54
700 30
14,300 19
100 8431
476 170
300 113
2,200 4431
100 20
2,475 70
100
3
300
2%
100 214
80 151
100 1634
200 66
100
6
2,900
231
1,000 50c
22,800
534
Mar
Mar
Aug
Mar
July
May
Jan
Mar
Feb
Apr
Jan
Aug
July
Jan
Aug
Jan
Jan
Jan
June
June
July
July
Jan
May
July
H ch.
26%
41%
49
58%
904
84
34
26
32
34
34
224
36
36
68
69
46%
110
210
118
5834
30%
18634
10)4
10%
June
Aug
Apr
Feb
Sept
Feb
Aug
Aug
Sept
Jan
May
Am
Jan
Sept
Sept
Aug
Sept
Sept
June
Jan
Aug
Apr
June
Jan
Jan
Jan 24 June
Mar 172% Feb
Aug 22% Mar
Jan 844 Aug
74 Feb
Apr
5)4 Mar
Aug
1
Aug
Aug
14% Mar
Jan
50
It
35
15%
10%
4%
165%
34
43
32%
84
6334
167
105
566
22%
Sept
Jan
May
Scut
Apr
Jan
May
Sept
Sept
Aug
Feb
Sept
Sept
June
A no
Sept
200
94 Aug 2034
13,700 124 June 21%
300 12
Apr 194
50 72
Apr 8331
200
234 June
734
6,300
9% May 2334
7,300 394 Jan 68%
150 53
July 69%
1,500 400 May
34
21.300 524 Apr 72%
714
431 Mar
61,000
Jan 84%
100 51
700 4031 Feb 57
1.700 20 June '24%
50.500 864 Mar 100
Mar 13%
2,900
8
700 15934 Apr 18331
7,600 254 Jan 70
18%
1234 July
4,100
Mar
Apr
Jan
July
Jan
Jan
Aug
Jan
Jan
Sept
July
Mar
Aug
Sept
Sept
Aug
Aug
Aug
Sept
9331 Aug
57 June
106
May
33
Mar
60
Feb
110
Apr
7434 June
154
July
97
Apr
15
Jan
23% Aug
4% May
44 May
13% Mar
284 Jan
Mar
176
Mar
114
3434 Aug
324 June
5034 Apr
14% Aug
24 June
294 Sept
444 Jan
Feb
51
Apr
46
79
Sept
554 Jan
Aug
41
12% Sept
27% Aug
16
June
62 Sept
18 June
Aug
Aug
May
Sept
Aug
Aug
Aug
July
May
Aug
Sept
Jan
Aug
Sept
Sept
Mar
June
Sept
Feb
Juno
July
Jan
Sept
Aug
Sept
Sept
Sept
Aug
Aug
Sept
Aug
July
Aug
Jan
5,600
100
200
500
300
1,600
150
1,700
200
1,500
400
900
1,560
100
140
700
900
1,200
100
100
1,500
75
900
30
200
200
1,200
9,900
400
4,500
8,400
50
100
700
25
300
600
1.000
100
7,500
900
700
1,100
57.300
1.300
6,600
1,100
800
8,000
100
Sept
47
4 June
333 Jan
13% Sept
4% Aug
1% May
150% Mar
Mar
25
x4034 Aug
June
27
3
July
61% Sept
115
Feb
99
Jan
Apr
339
174 Jan
964
4334
119
4434
99
133
11031
1774
101
263.1
28
7
134
3231
5134
200
120
37%
46
5634
164
30
294
114
684
90
81
12031
42%
134
38
2431
74
36
Jan 17% Sept
100 14
Jan
300 10534 July 121
Jan
46
6,300 37% July
Mar
475 894 Mar 100
2,100 43
814
3,200
200 116
700 39
1,000 17%
Aug
Aug 48
July 114 Sept
Apr 159% Jan
July 4334 Mar
1934 May
July
1734
47
29
19
84
1836
4931
1634
3934
69
27
334
2112
34,500 55e
3,800 30
5
800
14
4,700
550 30
800 39%
200 23%
10 tr7
100 25%
Aug 2034 May
Aug 6234 May
Sept
Mar 40
Sept 2834 Juno
Aug
15
July
Aug 21% Aug
Sept
Sept 50
Jan
May 21
Jan 6031 Aug
Feb 124% Sept
Aug
July 43
434 May
July
July
Sept 114
2% Sept
June
Feb 5734 July
Sept
July 24
15
Sept
Jan
Feb 63% Aug
Apr 56% Aug
Aug
Jan 41
Aug 105% Feb
Jan
Apr 60
200
800
400
27,900
15,100
600
300
400
1,500
3,770
650
100
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Murphy(GC)Co new corn.. 57%
8% preferred
108
National Baking corn. •
National Casket corn_
•
Nat Food Products el B_ •
334
National Leather
10
Nat Sugar Refining__..100 13534
National Tea pref
100 10334
• 7034
VC1811er BrO8 11w eom
Newberry (.1 J) Co com__• 15334
New Mex & Ariz Land_ _ _1
10%
New Orl Gt Nor RR_ _100
New Process Co corn
• 324
Newport Co prior com_100 130
N Y Auction corn class A.
•
N Y Central RR new w L. 15934
N Y Merchandise Co_ _ _• 39
NvNil A- II 7 7, 1,1w I 100 106%
,
Nichols S. Shepard Co_
*
Ohio Brass class B
•
Pacific Steel Boller
• 11%
95
Palmolive Peet Co corn
Parke Davis S. Cr,
• 3034
Pender(David) Grocery B•
Penney (J C)Co ci A p1100
Peoples Drug Stores.
• 38%
Phillip-Mort Cons Inc corn' 124
Class A
25 174
Pick (Albert) Barth & Co
Common vot tr ctf____1 134
Fret cl A (panic pref)...• 223.4
Piggly Wiggly West States
2334
Co class A
Pitts & L ERR corn- _-_50 16334
• 5734
Pratt & Lambert
Procter S. Gamble corn. _20 203
Prudence Co 7% pref_ _100 10434
Pyrene Manufacturing__10
Q it S Music Co cum. •
Realty Associates corn_ _.• 272
Remington Arms corn.._ _• 15)4
10 21%
Reo Motor Car
434
Republic Motor Truck_
Richman Bros Co
22734
Richmond Radiator corn.'
7% convertible pref__ •
Rolls-Royce of Am pref 100
Royal Bak Powd cow __IP() 316
Royal Typewriter corn. _ _* 5931
• 292
Safeway Stores corn
• 52
St Regis Paper Co
Sanitary Grocery Co corn.'
Seiberl ng Rubber Co corn* 34%
Felfridge Prov Stores Ltd
5
Ordinary
el
Serve! Corp (Del) corn A..• 78e
Sherwin-Williams corn. 25
Silica Gel Corp Corn V I C.• 17
IVIver (Iseac)Bros Inc com• 4731
Singer Manufacturing__100 432
Southern Grocery St's cl A*
Sparks-Withington Co._ _* 20%
Stand Comni'l 'l'ob com__. 34%
1
Stand Motor Construe_ MO
..25
Stand Publishing Cl A.
Stand Sanitary Mfg corn 25 -----Steel Co of Canada corn 100
•
Stein-Bloch Co corn
• 42%
Stroock (S) & Co
• 13%
SLUES Motor Car
Superheater Co
Swerrsh-Amer Inv pref 100 12034
Swift & Co
100 x1.23
15 24%
Swift International
•
SyracuseWash M act corn B -----35
Tiers (Leonard)
Warrants
-Telling-Belle Vern Co corn*
Thnken-Detroit Axle_ _.10 1334
Preferred
100 10134
Tobacco Prod Exp Corp_ _* -----Trans
-Lux Day Pict Screen
4%
•
Class A corn
25 1134
Trumbull Steel corn
Truscon Steel common_ _10 27
Tubize Artificial Silk Cl B.• 240
Tulip Cup Corp corn
• 21
Tung-Sol Lamp Wks el A.
•
Common
United Biscuit class 13..,.'
United Dec Coal Cony kg•-3036
United Profit Sharing corn.
•
U ii L Battery cow new..
934
7% preferred class 11_10
• 95
U S Freight Co
20 102%
US Gypsum corn
50%
Unit Leaf Tobacco corn,.
,
•
Universal Pictures
Van Camp Packing pref _50
Matt& Bond Inc cl A_ _• 24%
•
C18.88 B stock
Warner Brothers Pictures.' -----Wesson 0114,5 11 corn Vt c• 7434
Preferred
• 101%
Western Auto Supply prel _* 2634
Wrest Dairy Prod cl A._ •
• --2431
CILUM 11 V t C
_
West Md Ry let pret_100
tt est'house Air Brake new. 46%
Wheeling Steel corn_ _ _ _100
834
-Mat Htg_•
Williams 011-0
Low.
High.
June 58% Aug
soe 37
554 58%
Aug
25 108
Aug 108
108 108
7)6 June 104 Mar
200
8
8
100 6731 Jan 784 Mar
714 7134
Apr
9
2
July
100
3
3
431 Jan
100
2% Apr
334 3%
May
Mar 155
25 126
13534 13535
May
25 101% June 104
103% 103%
Sept
700 3634 Pet' 71
6734 71
Sept
Jan 155
75 85
15231 15334
June
16
91( Apr
931 10% 2,500
100 19% Jan 4134 Apr
37
37
July 343-4 June
400 29
324 33
Sept
July 130
25 116
130 130
Aug
Aug 20
300 18
1834
1831
July 1664 Aug
19,100 143
155% 161
Sept
Jan 41
41
2,303 27
37
106% 10831 7,800 107% Aug lt)S74 July
400 21% Mar 304 Apr
2434 2431
Mar
Jan 84
50 76
824
82
124 Jan
9% May
300
11% 1134
Aug
Ayr 96
1,300 69
94
95
Apr
31
200 27% Mar
30
30%
Apr 2831 Feb
100 19
26
26
130 99
June 13014 June
10134 102
3831 4031 2,200 28% Apr 403-4 Aug
1034 Aug 2034 Jan
10% 1331 4,300
Jan
400 1534 Aug 22
174 1734
12% Jan
Apr
20
1431 June
284 June
1334 14
224 23
1,200
1,500
2334 24
16334 163%
56% 58%
202 204
104% 104%
974 9%
40
40%
270 28034
1534 15%
21% 23
4
4%
223 22734
3034 3134
44
43
83
83
305 339
5931 5931
290 295
53
51
234 236
3334 344
700
50
1,900
150
25
100
200
880
700
7,400
4,700
39
500
300
50
1,255
75
220
2,000
390
500
2334
161
48
178
10234
• 9
38
225
7
1934
2
153
20
374
83
161
46
232
37
210
23
Sept
June
Mar
Fe),
Jan
Feb
Aug
Jan
Mar
Mar
May
Apr
May
May
Sep
Feb
July
Feb
Apr
July
Apr
24
1814
58 34
204%
105
144
434
280%
17
2344
54
2274
35%
45
9931
339
60
304
544
244
3534
Sept
Feb
Sept
Sept
Jan
Jan
Aug
Aug
Apr
May
Jan
Sept
Aug
June
Apr
Sept
July
Aug
July
Aug
July
4% 54
1
52c
6031 604
17
17
5234
47
427 438
31
31
1734 2074
344 37
1
134
334 4
8931 914
15934 16034
1634 17
40
4234
1334 144
178 178
118 12034
120 125
23
2531
20% 21
35
35
165 173
4534 4534
124 1334
101 10134
331
334
1,400
9,200
100
300
3,100
250
50
5,000
6,200
600
400
100
50
300
150
900
100
550
500
8.500
400
50
21
100
1,500
200
300
434
52c
44
134
26
360
2934
15
1934
75c
3%
80
127%
15
39
12%
166
109
115%
18%
i34
31
90
45
11%
86
3
Aug
Sept
Feb
Mar
Apr
June
Aug
Aug
Jan
July
Apr
June
Fee
May
Aug
May
Aug
Apr
May
Mar
July
Jan
Mar
Aug
Mar
May
Mar
54
104
6131
19
5234
438
354
203-4
37
14
6%
z9434
16534
17
44
21
1814
120%
125
2534
21
38%
320
46%
14
102
44
June
Feb
Aug
Feb
Sept
Sept
Feb
Sept
Sept
May
Jan
Aug
Aug
July
Jan
Mar
Mar
Sept
Sept
Sept
Sept
July
May
July
May
June
Aug
834
1,200 • 3% July
434 44
1431
934 Jan
4,800
114 12
Jan 29
600 24
26% 2734
Jan 255
770 145
235 243
7 June 15
390
736
7)6
800 1731 Jan 244
1
2134
400
13
834 Feb
1034 103;
7
300
Jan
834 84
13
304 314 2,100 23
Apr 334
600
94 10
13%
934 Aug
5034 51
111181 52
3,900 32
9
94
500
934
8% June
9434 9734 2,200 6934 Mar 105
102 104%
July 110
550 00
500 3794 Jan 5234
5034 5034
32
32
200 211% Jan 45%
7
7
100
541 Apr 16%
24
2434
1,400 24
8014 264
16
800
16%
17
1514 June
15
134' July 3331
1,100
1534
674 77
18,800 5034 Apr 77
100 102
1,210
May 102
21331 2634
200 2134 Apr 46
51
51
100 474 Feb 63
23
2431 2,800 15
Fel) 24%
132 133
150 98
Jan 145
4631 4734 6,900 43
June 474
37
37
25 34
Feb 40
834 84
200
July 164
6
Jan
Aug
Aug
May
Feb
June
May
Feb
May
Apr
Aug
Sept
Aug
Jan
July
Mar
Jan
July
Sept
Jan
Sept
Aug
Aug
Aug
Aug
May
Alec
July
Feb
Flighty
1
800
Amer Laundry Machinery_ ------ 960
3% 3%
1,400
Celluloid Co
14
1434 2,500
Wane Sewing Mach deb Ns 14
Public Utilities
Alabama Power $7 pref....* -----104
Amer (Ins S.
•
Preferred
Amer IA & Tr corn new_100 177
Amer Pow S. Light pref _100 104
Amer Superpower Corp A_* 3731
Class B common
• 39
First preferred
•
Mew Gas & Elec class A.• 4231
Blackstone V G&E.con)_50 14314
Brazilian Tr, L & P ord.100 188
3%
Brooklyn City RR
10
Buff Mars & EMI. Pr corn.' 38
Preferred
25 -Cent States El 7% pref_100
Cities Serv Pr & Lt 36 pt. 91S4
Com'w'th Edi"on Co...100 - ----Com'wealth Power Corp
Preferred
100 1004
Con (las E L & P Bait come 6234
Conti G & 117% pr pf _100
1094
6% participating pref.
13
Eastern Sic tea Power Cl Ti
Range Since Jan. 1.
96e Sept
3% Sept
4
May
11234
104
103
172
10331
36
36%
98
4131
14234
18534
334
37
26
98%
x91
15234
11234
100
10934 11,100
%
600
10331
6 4
05)41 8
925 04 ;
177
414 9734
104
384 10,200 27%
3931 18,100 28%
200 934
984
4234 4,600 35
1444
550
1118
600 107
188
434 5,000
5,600 2531
40
300 254
2631
50 92%
984
900 90
9134
310 139
15434
1004
6134
105
10931
12
101
63%
105
10931
13
Aug
1
331 Aug
Aug
20
May
114
Jan 109% Sent
10434 June
July
Alit 177
Jan 1083-1 /UM
Jan 3811 June
Jail 39% Sept
Aug
100
Mar
Jan 43
n
Feb 154% May
Sept
A a 188
Je
i
634 Jan
Sept
Mar 40
Jan 264 Sept
Sept
Jan 100
Aug 92% July
Jan 155% June
1,500 0134 Jan 101
3,700 50% Jan 634
50 10131 June 105
Sept.111 1094
100 10120
13
200
Sept
Sept
Sept
Sept
Sept
,
SEPT. 10 1927.]
Public Utilities
(Concluded)
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
Elea Bond & Share pre( 100 108%
Flee Bond & Share Seem* • 75%
Elm Invest without warr • 40%
Elec Pow & 1.1 20 pref A..° 10054
Option warrants....
Ion
Empire Gas & F8% pref100 1114
100 9934
7% preferred
Empire Pow Corp part stk* 35
Federal Water sera (.1 A • 30%
Galv-Houston Elec corn 100
General Pub Serv corn._ • 15%
Ge Power (new c‘c0) 66 Pf 29751
•
Hartford Elec Lt Co_ _ _100
Internet Utilities class A • 4351
Class B
•
654
Participating prof
Jer Con Pr & 1.07% of.100
22
K C Pub Serv corn v t C.
• 85
Pret class A vtc
Lehigh Power Securities • 2034
Marconi Wire] Tel of Can
13t
.Marconi Wirel Tot LondLI
Mtddie West Utilities corn • 114
100
Prior lien stocks
•
66 preferred
100 11334
7% preferred
Mohawk & Ilud Pow com.• 3034
108
First preferred
Second preferred
Mohawk Valley Co ___.• 5136
Nat Flee Power class A._ • 2454
Nat Power & Light pref__*
Nat Pub Serv corn class A.• 22
Common class B.
New Fog pow Assn corn •
6% preferred
100 -----New England Tel dr Tel 100
N Y Telep 656% pref. 100 1144
North Amer URI Sec corn •
First preferred
Northeast Power corn..• 1914
No Ind Pub Scrv 7% pf100 -----Northern Ohio Power Co • 15
No Ontario L & P pref_100
Nor Stated P Corp coin 100
North Texas El Co corn 100
Pacific Gas & El 1st Pt-25
Penn-Ohio Edison corn...• 4134
7% prior preferred_100 102%
• 90
$6 preferred
1954
Warrants
Penn Ohio Secur Corp_ _ _• 13%
Penn G & Eel A Part stk-* 2054
Penn Pow & Light pret___*
PCIIIIll Water & Power_ •
2• 54%
Phil& Elec Co corn
Puget Sound P&L corn. 100 30
100
6% preferred
100
7% preferred
Sierra Pac Eke Co coin 100 2534
South Calif Edison pf B.25
South Cities Util pref. _100
Southern Colo Pow el A.25
Sou Gas dr Power el A_ _ •
• 3636
Southeast Pow & Lt corn.
Common voting tr. ctf.•
Participating [get
Warrants to mg coin
834
Southw Bell Telep pref. IOU
Southw P & 1. 7% pref.100 110
Stand Gas & Flee 7% Pf100
Standard Pow & Light_ _25 24%
Tampa Electric Co
• 6074
Toledo Edison 7% pref 100
Union Nat Gas of Canada•
United Onit Inuit
50
United Light& Pow ecnriA• 1434
Common class B
• 19
Preferred class A
• 96%
Preferred B
•
United Rys &El Bait cm 60
Utilities Pow & l.t OW 13•
. 1934
Utility Share Corp coin __* 124
Option warrants
254
Western Power pref. _ _ _100
10734 108%
75
7714
3854 42
10056 10154
10
1134
109% 11154
9954 9934
34% 35
3034 31
3156 333i
1454 15%
x9734 9836
335 385
43% 454
634 614
96
96
1034 1034
20
22
85
82
20
2134
156
156
44 556
1134 1154
122 122
9334 934
1124 1134
304 31
108 108
103% 10356
51
51%
24% 24%
10954 10954
21
2254
17% 1756
7434 7434
9654 9654
133 138
1144 1144
654 656
88
88
194 20%
105 105
1414 154
92
91
12254 126%
21
21
2634 2614
4034 4354
1024 10258
894 90
17% 194
144 15
1934 2034
110 110
56
5731
554 57
31
30
864 8634
10936 10954
254 2554
26
26
7014 7054
26% 2634
2054 214
3634 3754
3534 35%
814 82
84 9
117 117
1044 110
10854 10854
2354 2434
60
6056
10454 1074
2654 2734
116 118%
14
14%
19
1954
964 96%
55
55
1934 1974
194 2134
1254 1254
254 354
103 103
Former Standard 011
Subsidiaries.
Anglo-Amer OH (wit idd_E
Non-voting shares.. _ _ Li
Borne-Scrymser Co... _100
Buckeye Pipe Line
50
Chesebrough Mfg Cons.25
Continental 011 v t c. _10
.
Galena-Signal 011 corn 100
Old preferred
100
Humble Oil& Refining _25
Illinois Pipe Line
100
Imperial 011 (Canada) •
Registered
Indiana Pipe Line
50
National Transit_ _ _12.5(
Ohio ()II
25
Penn-ties Fuel 011
25
Prairie 011 & Gas
25
100
Prairie Pipe Line
100
Solar Refining
Southern Pipe Line
50
25
South Penn Oil
Standard 011 (I udiana)..25
Standard 011 (Kan)
_25
Standerd 011 (Kentucky)25
Standard Oil (Nebraska) 25
Standard 01110) new com 25
Preferred
100
Swett & Finch MCorp...25
Vacuum 011
25
184 18%
600 17% July
184 18%
300 17% July
6256 6234
50 50
Apr
56
5634
150 45
Jaii
10954 10956
100 7656 Jan
1834 1934 12,700 1654 A
8
834
800
734 Aug
43
43
30 40
July
60% 62% 7,800 54
Mar
16134 161%
400 12334 Jan
5154 5454 16,100 37% Jan
54
55
200 41% June
6954 7054
100 61
Jan
1534 15%
100 134 Jan
604 6234
2,200 52
Apr
23
2354
300 12
Apr
5154 4,400 45% Apr
51
18054 182
800 132
Jan
182 185
90 132
Jail
184 18%
200
16
Feb
300 34.6 Apr
373.4 374
734 7534 40.600 6494 May
1634 1654
400 1634 Mar
121% 12354
800 11134 June
45
45
100 42
Jure
7954 80
200 73
Apr
120 1214
40 11734 Apr
16% 174
400 15
Jan
1274 129
1,1500 954 Jan
--
184
1854
624
19
r13134
161%
5354
0954
5154
180%
185
73%
169i
12354
7954
1754
12856
Other Oil Stocks.
Amer Contr 011 Fields_ _5 82c
Amer Maracaibo Co
4
•
Arkansas Natural Gas_ _1(
054
Atlantic Lobos Oil coin _ _
4
. Preferred
Cardinal Petroleum Corp10 15c
2354
Carib Syndicate new coin__
• 11
Creole Syndicate
Crown Cent Petrol
Derby 011 & Ref pref
Gibson Oil Corporation..1
154
Gilliland 011 coin v t. c__ •
Gulf 011 Corp of Penns_ _26 914
•
Houston Gulf Gas
934
Intercontinental Petroleum
14
International Petroleum..
32
•
Kirby Petroleum Co
9
Leonard 011 Developm't_ 25
Lone Star Gas Corp---_25 4834
• 374
Mersey 011
Magdalena Syndicate. _ _ _1 95c
Mountain Pr(xlimers__ _10 2434
67c
34
934
99c
34
140
224
1034
1
10
1
50c
9056
934
14
3134
134
9
48
36%
950
24
86c
4
94
1
4
17c
24%
1134
1
10
134
50c
914
94
14
3254
134
954
49
3954
14
24%
850 1054
21,300 66%
32,800 3256
475 8954
4,800
6%
7,000 10434
700 9754
600 26
3,000 304
500 22
4,100 114
500 94
10 328
3,600 24
6,900
3
100 89
50 100
400 20
300 82
48,200 15
9,900 790
300
34
2,100 108
100 108
50 2.91%
200 105%
3,700 20%
2 101%
7
94
1,20
37
00
234
10 101
4,80
18%
10
14
10 494
10 88
50 115
175 x112%
100
54
100 84
26,400 144
10 102
9,000
9%
130 84
5,400 10934
100 21
100 24%
3,500 27
40 9734
130 804
1,400 1054
3,600
84
400 19
25 106
700 45
1,800 4654
1,000 28
10 8354
20 10354
200 2434
10
254
25 70
100 2554
300
15
14,00
294
1,40
28
30
6754
4,500
856
50 11354
430 104
75 104
800 22
700 49
40 10656
400 2614
22,800 89
26,500 1254
300 14
100 85
200 5054
100 19
12,500 135
4
200
934
7,800
134
50 98
85,700
3,600
400
500
200
10,000
13,900
12,200
100
600
9,700
400
3,000
600
900
22,200
100
5,000
1,500
2.000
3,800
4.000
55c
3
64
75c
234
14c
14%
914
1
10
1
500
8654
834
80c
284
1 34
654
37
12
95c
22%
Mar
Mar
Feb
Mar
Jan
May
June
Jan
Aug
Apr
Jan
Mar
Apr
Apr
Jan
Apr
Apr
Sept
Sept
Jan
Jan
Jan
Feb
Feb
June
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Fel
Feb
Jai
Apr
July
July
Apr
Ma
Jan
Jan
Jan
Sep
Fe
Fe
Jan
Jail
Jan
Feb
Jan
Jan
Mar
Mar
Apr
Jan
Jan
Aug
Aug
Aug
Aug
Aug
Mar
Jet
Jai
Jan
Jan
Jan
Jan
Jai
Jan
Au
Sep
Feb
Ma
Jai
Jan
Jan
Aug
Jan
Feb
Apr
Jan
Aug
June
Apr
May
June
Sept
May
June
May
Jan
Sept
May
Apr
July
June
June
Jan
May
Jan
Mar
Sept
Apr
High.
Friday
Sales
Last Week's Range for
Other 00 Stocks
of l'rices.
Sale
Week.
Par. Price. Low.
(Concluded)
Shares.
1451
Range Since Jan. 1.
Low.
High.
109% Aug
Mexico Oil Corp
10 17c
170 17c
1,000 10340 Apr 33c
Jan
7954 July
Nat Fuel Gas, new
• 2554
24
2554
1,900 23 June 2654 May
Sept New Bradford 011
42
434
434
5
200
554 Apr
101% Aug
New York Oil
1134 1154
25
300
94 Mar
1334 June
II% Sept Pandem 011 Corporation.•
134 3
1,400
134 Sept
23.4
9% Apr
1114 Sept Pantepec 011 of Venezuela• 10
9% 10
1,700
94 Aug 124 Mar
10054 Aug
Relter Foster Oil Corp..
454
374 4% 2,000
354 Sept
1554 Jan
June Richfield 011 of Cal pref _25 2254 2214 224
39
400 23
Aug 2434 Apr
32
June Salt Creek Consol Oil_ _ _10
634
656
100
654
6
May
8
Jan
3334 Sept Salt Creek Producers...10 29
28% 2954
2,600 274 Apr 32
Feb
1554 Sept Tid-Osage Oil non-vot stk• 2054
20
20%
800 15
Apr 2354 Mar
9854 Sept
Voting stock
20
2054
20%
600 17
Apr 2656 Feb
410 June Transcont'l 0117% pref 100 81
81
83
300 6354 Jan 88
July
4514
Venezuela Petroleum__ _ _5
554 614 6,00
5%
454 June
734 Jan
7% June Wilcox (II F) Oil & Gas_
2254 2294
300 20% Apr 3294 Jan
96
Sept Woodley Petroleum Corp_•
554 554
500
5.4 Apr
8
Jan
10356 Sept "Y" Oil & Gas
256 214
100
1% May
6
Jan
22
Sept
Sept
85
Mining Stocks.
214 Sell American Exploration_ _ _1
17.4
1% 18,900 30c June
134 Sept
1% Aug Arizona G1,4,e Copper__ _ I
Sc 22,000
4c
3c Mar
90 Aug
54 June Bunker Hill & Sullivan_ _10 100
100 10254
900 6756 Feb 104% Sept
May Butte & Western Nlining_l
11754
20
2c
1,000
1c Aug
Se
Apr
122
Sept Consul Copper Mines
24 214
24
I
1,200
254 July
34 Mar
944 June Cresson Consol G Ni dr 51.1
211e 211, 1.300
254
134 May
256 Aug
113% Feb Divide Extension
4c
1
4c
5,000
3c June
7c
Jan
254
24 2.500
2
3234 Aug Engineer Gold Mines Ltd53
1.4 July
514 Jan
Aug Eureka Croesus
112
3c 44 000
3c
3c
1
3c July
7e
Feb
103% July Forty-nine Mining
4c
4c
1
1.000
2c July
7c
Jan
140 180 36.000
5354 Aug Golden State M Ming _ I Oc 18c
2c May
17e
Aug
8c
254 Feb Goldfield Consol Mines_ _1
Sc
1.000
42 July
19c Mar
10956 Sept Goldfield Florence
40
40
1,00
1
3c June
Sc Mar
Hawthorne Mines Inc....1
2c
2c
24 June
3c
6,00
lc June
I ic
Jan
204 Mar Hecht Mining
GO
25e 1554 1534 15%
12% Feb
16)4 Aug
94
164 1754
Aug Hodinger Cons Gold 151_.5
1,10
16.4 Sept 22% Feb
9616 Sept Iron Cap Copper Co_ _ _ _10
2,34 3
40
1% Feb
334 *June
Sept Kirkland Lane Gold 51..1
138
256 254
154 Apr
20
296 Sept
67c 750
5
115% Mar Mason Valley Mines
1,200 65c July
2
Jan
New Cornelia Copper _ 5
656 Apr
21
2154
400 1856 Joffe 24
Jan
May New Jersey Zinc
90
18634 18651
2 178
100
June 1934 Mar
20% Sept Newmont Mining Corp.10 984 98 10554 20,000 6754 Jan 10534 Sept
Feb Nipissing Mines
105
5% 54
500
5
554 Aug
iO34 Feb
15% Aug
Noranda Mines. Ltd
• 23% 2354 2454 3.300 194 Jan 25
May
94 June Ohio Copper
1% 1% 22.800 40e Mar
154
1
14 July
Parmac Porcupine NI ines_l
12612 Sent
20c 200
20c
1,000 10c June 46c July
Feb Plymouth Lead NIInes_ _ _1
36
Sc
5c
5c
3.000
5c Aug
15c
Feb
264 Aug Premier Gold Mining _ __1
24 256
231
1.300
134 Jan
2.9 Aug
4334 Sept Red Warrior Mining
18c 22c
200
1
7.000 12c Aug 350
Feb
10454 May San Toy Mining
4e
4c
3.000
1
42 Apr
Jan
6c
00 June Shattuck Henn M•
434 5
300
234 Aug
ii
Jan
1934 Sept Spearhead Gold Mining_ _1
lc
lc 43,000
lc June
4c
Jan
15
Sept Teck-Hughes
94 94 4,900
1
634 Jan
934 Sept
23
Aug Tonopah Belmont Devel_ 1
1
P•
200
PI,
1
Sept
VI. Jan
June Tonopah Mining
110
1
Ph, 14
500
14 Aug
394 Jan
5854 Aug
United Verde Extension 50c
23% 2434
1,10
2234 Jan 28
Feb
57
Sept Utah Apex.
5
434 4%
700
434 June
756 Feb
354 June Utah Metal & Tim
Pis 154
1
200 85c July
254 Feb
July Wenden Copper Min Ins _ _1
850
85c 87c
89
200 75c July
34 Jan
111
June West End Extension _ _
3c
30
4,000
3e
Jan
7c
Apr
2834 Apr Yukon Alaska trust ctfs_
18
18
18
100 1434 Aug 20
Jan
Sept
26
Mar
Bon ds92
27% Mar
A drlatic Electric 7s....1952 9454 94
95 325,00
.32
June poi May
2234 Apr Ala Pow 1st & ref 6s_ _1951
105 105
1,000 1044 Feb 100
Aug
3854 June Allied Pack 1st colltr88'39
45
48
9,00
40% May 76
Jan
37
Aug Allls-Chal Mfg 5s_ _1937 9934 98% 9954 241,00
1)634 July 9954 May
8354 Aug Aluminum Co s f deb 58 '52 10014 10054 100% 87,000 99
Jun 10034 Mar
Amer G & El Gs
1034 May
2014 10636 10634 107
68,000 101(4 Jan 107
June
11816 June American Power & Light
July
110
Os. without warr...2016 105
1044 10534 122,000 100
Ma 107
June
110% June Amer Radiator deb 454s'47 97% 97
9754 33 000 01% Jun
9754 Aug
4 Jan
247
Amer Roll Mill Mi.__ _1938 105
104% 10451 8,000 103
Jan 105
Aug
May
64
Amer Seating 65
104% 10414 105
1936
44,000 1(514 Aug 109
July
American Thread 6s. _1928 10134 10134 10254 8,000 in I
10711 Sept
Jun, 10234 Jan
27% Sept Anaconda Cop Nlin 68_1929 10251 10256 10234 34,000 10134 Jan
10234 Feb
118% Sept Andian Nat Corp 6s_ _1940
NV Ithout warrants
1554 Jan
10034 10054 2.000 101
Jan 10434 May
194 Sept Appalachian El Pr 58.1956 97% 9754 9754 119,000 95
Feb 9734 Sept
9734 May
Arkansas Pr & 1.t 50..1556 96% 96,54 96% 148,00
934 May 974 Aug
Assoc'd Sim Hardw 654s'33 9016 90
July
57
904 13.000 90
May 97(4 Jan
2354 Apr Batavian Petr deb 456a '42 93
9254 93 2=.3,000 92
May 964 Jan
21% !Sent Beacon 0116s. with warr'36 1014 100% 101% 35,000 97
July 10334 Jan
1354 May Beaverboard Co 8s... 1933 964 9654 9636 12,00
9594 Mar 9954 July
34 Sept Bell Tell of Canada 55.1955 102% 102% 102% 14,000 101
Feb 103
Apr
Sept
bat NI 58 nor 15 June 1 '57
103
10254 10254 75,000 101.4 June 102% May
Berlin City Elec 6348_1928
10034 10094 4,000 9954 June 100% Aug
654% notes
9954 9954 11,000 9854 June 101
1929 9916
Mar
Boston Consol Gas 58 1047
10254 10254 40.000 1004 June i 03
Feb
21% Jan Boston & Maine RR 681933
101% 10134
1,000 1004 Jan 103
Mar
2034 Jan
5s
1967 9534 945i 9554 902.000 933 Aug 9514 Sept
4
Feb Brunner Tur & Eq 7568 '55 4554 4554 49
69
23,000 37
July 9234 Feb
59 June
Cert I ficates of deposit... 46
46
4736 11,000 46
Sept 4814 Sept
June Burmeister & Wain Co of
115
22% Jan
Copenhagen 15-yr Os '40 96
96
964 21,000 94
Jan 9714 Apr
134 Feb Canadian Nat Rya 75_1935 111% 1114 1114 32,000 111
Feb 113
May
614 Jan
30
1957 9856 984 0854 19,000 9834 June 0896 June
-year 4565
6354 Aug Carolina-Georgia Serv Co
16434 Aug
1st NI Gs with warr.1942
9734 9756
3.00
974 Jan 9714 Jan
x5554 Sept Carolina Pt & Lt 68_ _1056 10174 10134 101% 72,00 100
Jan 103
June
Sept Chic Milw & St P (new col
55
724 May
50
-year 5.4 w 1
1)176 94% 9454 94% 244,000 91
June 95
Apr
17
May
Cony ad) w 1
5934 59
59% 511.00
Mar 5934 Apr
5431
644 Feb Chic Rys 55 etre dep.1927
81% 82
8,00
74
May 8354 May
31
June Cincinnati St Ity 5348_1952
9856 9854 8,000 984 Sept 100
June
5554 Jan Cities Service 58
1956 90% 904 90% 187,000 88 June 9154 Feb
186
July
68
1966 10134 101 1014 73,000 9334 Jan 1034 Feb
190
Aug Cities Service Gas 55401942 9334 93
9654 272,000 1)3
Sept 96 54 June
2754 Feb Cleve Flee III 5s A_ _ _ _1954
10534 10554 25.000 104
May 1054 Sept
4156 Jan Clev Term Bldg Os_ _ _1941
984 9851 9834
1,000
Aug 100
Jan
75% Sept Columbia 0 Pg E deb 53.62 9954 9851 994 196.000 93
98
July 100% May
20% Jan Columbus Ity P & 1.454.1'57
9454 9454 9454 164.00
0454 Aug 944 Aug
12334 Sept Commander-Larabee 65 '41 97
9654 97
9,000 95
May 98
Jan
4934 Feb Cons el E 1. As P Bali
8756 Apr
Gs Series A
1949 10794 10734 10734 3,000 10734 Jan 10854 Jan
122
Feb
516 s series E
1952
10634 106% 2,000 100
Mar 10734 July
IS
June
55 series F
19610154 10454
2,000 i 0134 Fe. 10454 Sept
134Si June Consol Publishers 6481936
9854 9834 9,000 97% Feb 101
May
Como! Textile 88
1941
98
99
11.000 8934 Jan 99
May
Cont Gas & El 6568 A.1964 10456 10454 10434
2,000 102
June 10451 Sept
2.4. Jan Coss-Meehan Coal 64a '54
9534 9634 2.000 934 Jan 98
Sept
754 Jan Cuba Co 6% notes._ _1929
9731 9734
1.000 9631 Apr 9834 June
934 July Cuban Telephone 74s 1.141 1124 112% 113
5.000
Aug
14 Jan Cudahy Pack deb 554a 1937 9734 9754 9734 46.000 11054 May 114
9484 July 98
Jan
4.4 Jan
Is
1946 100
9934 100
19,000 97
July 10056 Mar
40c June Detroit City Gas 5s 13_1950 1004 10054 101
81,000 9934 June 101
Apr
26
July
6s
1947 107
10634 107
6.00 10634 Jan 10754 Mar
14% Jan Detroit Int 13dge 648.1952 103
10256 103 111,000 10054 July 105
Aug
3
Jan
25
-year 5 1 deb 7s_ _.1952 10051 10056 10054 36.000 100
July 10034 July
1614 Apr Eitingon-SehIld 68 .1938
97
4,000 9
9754
034
334 Jan
Else Refrigeration 68_1936 794 78% 8256 251,000 564 July 9354 Apr
July 9
2
74 Jan
Mar Empire ()II & Ride 5545'42 9234 0254 9654
295,000 9274 Sept 9654 May
964 Jan
urup SIlO & Inc 74s 1950
100 100
1.000 99
May 11.11
1254 Apr FHA rb'ita, Morse & Co 58'42 9754 97
974 33,000 9554 June 9734 Mar
2
Mar
Mar
Federal Sugar Gs... _1933
93
93
1,000 83
Aug 94
Aug
3414 Feb First Bohemian Glass NN ks
24 Jan
1,:t 7s with stk pur war'57 9-1
93
94
3,000 92
July
1054 Feb Fisk Rubber 548-- -.1931 98
97% 9856 80,000 9634 June 9756 Mar
4956 Aul Florida Power & Lt 55_1954 9514 95
9854 Aug
95% 125,000 92', June
3934 Aug Gair (Hobo Co 534a....342 97
9554 Aug
9654 97
13,000 9556 June
234 Jan Galena-Signal 011 78..1930
9
74 Mar
9034 9034 6,000 90
Jan 93
2634 Jan Galena 146011ot Tex6s1933
Feb
9836 9874
1,00(
9856 Sept - 9934 Jane
1452
Bonds (Continued)
Gatineau Power 5s___1956
1941
ris
Gen Amer Invest 5s_1952
General Petroleum 68_1928
Ga & Fla RR 6s ser_ _ _1946
Georgia Power ref 5s.._1967
Goodyear T & R 59_ _ _1928
Goodyear T&R Cal 530'3/
Grand Trunk Ry 6348_1936
1937
Gulf Oil of Pa 56
Sinking fund deb 511.1947
Gulf States Util 58_ _ _1956
Hamburg Elec Co 78_1935
Hanover Credit Ins 68 1931
1936
Hood Rubber 7s
Illinois Pr & Lt 530-1987
!Eden Oil & Gas deb 691939
Indian'p's P & L 58ser A'57
lot Pow Secur 78 ser E.1957
Internet Fecur Corp 591947
Interstate Power 50-.1957
1952
Debenture 65
Invest Bond & Share Corp
Deb 5.1 with warr__ _1947
Investors Equity 58_ _.1947
With warrants
Isarco Hydr-El 78-.1952
Jeddo-HIghland Coal 65 '41
Kemsley, Millbourn & Co
Ltd 5 f deb 68 Sept 1 1942
Keystone Telep 5345.1955
Koppers0 & C deb 58_1947
Lehigh Pow Secur 68....2026
Leonard Tietz Inc 7345 46
With stk purch warrants
Without stk purwarrants
Libby. McN & Libby 78'31
Lombard Elec Co 76_1952
Lone Star Gas Corp 58 '42
Long Island Ltg Co 68_1945
Manitoba Power 5358-1951
Mansfield M & Smelt (Ger)
75 without warrants 1941
Mass Gas Co. 5148- -1946
Meridlonale Elec Co(Italy)
30
-year s 75 sew A.-1957
Midwest Gas 78 A _ _ _1936
Milwaukee 0 L 4348_1967
Montana Power deb 58 '62
Montgomery Ward 58_1946
Montreal L H & P58 A '51
1930
Morris & Co 730
Narragansett Co col 58 1957
Nat Dist Prod 8148- -1936
Nat Pow & Lt us A -2026
Nat Pub Serv 634s-1955
Nebraska Power 68.. _2022
1941
Nevada Cons 58
New Eng G & El Assn 5547
Niagara Fulls Pow 613.1950
Nichols & Shepard Co 6837
with stock purch warets
Nor Cont Util 8%s_ _1942
Nor States Power 83ls 1933
614% gold notes...1933
Ohio Power Ls ser 13-1952
4%8 series D
1954
75 series A
1951
Ohio River Edison 56_1951
Oklahoma Nat Gas 68_1941
Oswego River Power 68 '31
Penn-Ohio Edison 68....1950
With warrants
without warrants
Penn Pow & Light 55 B1952
First & ref frs
Phila Electric 534a._._1953
Phila Elea Pow 5348_1972
Phila Rap Transit 611._1962
Phillips Petroleum 6348 '39
Pirelli Co (Italy) 7s_ __1952
Pitt. Screw & Bolt 5348'47
Porto Rican Am Tob 68'42
Potomac Edison 5s_.-1956
Power Corp of NY 534s'47
Pub Serv Elm dr CI 5s-1965
Pure 011 Co 630
1933
10
-years f 534% 110934 37
'
Queensboro G & El 510'52
Rem Arms 534% notes '30
Rem Rand Inc 530-1947
with warrants
Richfield 011 of Cal 68_1941
Salida Falls Co 50----1955
Schulte R E Co 6..-. 1935
68 without corn stock1935
1931
Servel Corp 611
Shawsheen Mills 78..-1931
Shubert Theatre 68. _1942
Sinclair Consol 011 68_1930
Sloss-Shef S & Ip in 68 1929
Snider Pack 6% notes_1932
Solvay-Amer Invest 55 1942
Southeast P & L 68_2025
without warrants
Sou Calli Edison 58_1951
1944
58
Southern Dairies 65.._1930
Southern Gas Co 6315_1935
So West 0 Jr E Ss A 1957
Southwest% P & L 65.2022
Stand Invest 5s with war'37
Stand 011 of NY 6148_1933
Stinnes (Hugo) Corp 7%
notes Oct 1 '36 with warr
Ts 1946 with warrants_
Sun Maid Raisin 6348-1942
1939
Sun 011 510
Swift & Co 50 Oct 15 1932
Texas Power & Light 59'58
Trans-Cont'l 011 78-1930
Trans
-Lux Daylight Pic Scr
Co 634s with warr__1932
Tyrol Hydro-Elec 78-1952
1936
Men & Co 63111
United El Sery (Unes)7s'56
Without warrants
United Indus 634s__..1941
United Oil Prod 8s__ _ _1931
Un Rya of Havana 730.'36
United Steel Wks 6348 1947
With warrants
U El Smelt & Rol 5191-1935
Util ties Pow & Lt 534s ..47
Warner Bros Pict 6348 1928
Warner-Quinlan Co 69 1942
Webster Miii. 634s___1933
Western Power 5346_1957
Westvaco Chlorine 5348'37
White Eagle0& K 5348'57
Wisconsin Cent Ky 5E1_1930
THE CHRONICLE
Friday
Last Week's Range Saks
Sole
ofPrices.
for
Price. Low. Iligh. Week.
9731 97% 98
98,000
10031 10031 101
61,000
14034 147 251,000
143
100% 101
18,000
933.4 93% 2,000
9731 97% 97% 62,000
100
99% 100 108,000
99
98% 99% 41,000
108% 108% 2,000
100 100% 21,000
100
9934 m100
70,000
100
96% 9631 96% 70,000
102 102
1,000
10,000
98
98
98
102% 102% 2,000
94% 94% 1,000
9834 98% 98% 15,000
98% 118,000
9831 98
9431 3,000
94
94
9431 9431 94% 5,000
95% 33,000
95% 95
9734 973i 97% 26,000
100
100
Range Since Jan. 1.
Low.
94%
98%
100
10014
9314
95%
97%
95
108%
99
98%
94%
100
98
101
94%
98
9634
92%
94%
94%
97
100% 26,000 100
101 101
101
9331 92% 94
102 102
Jan
Jan
Feb
June
Aug
June
Mar
Jan
May
June
June
June
June
Aug
Apr
Aug
July
June
July
Sept
July
July
June
7,000 100 June
121,000 9234 Sept
1,000 101
July
12634 124 132 234,000 109% Aug
1,000 90
91
91
Mar
91
97% 9631 5731 308,000 95% Aug
102% 102 102% 173,000 9534 Jan
25,000 108
18,000 99%
31,000 10234
77,000 91%
97,000 95
6,000 102%
11,000 98
118
102
103%
9434
96%
104%
10034
118%
102%
10334
9531
97%
104%
101
98
98
104
9831 2,000 98% June
10434 13.000 103% Feb
9331
99
97%
99
99
9334 9434
97%9100
97% 98%
98
99%
99
99
100% 100%
9834 98%
10034 100%
100 100
103% 103%
101% 101%
106 106
96
98%
99
99
105 105
118%
102%
10335
9531
9731
10434
10034
10331
101%
9634
10354 102%
08
120% 11731
103%
100%
9431 93%
106%
101
102
102
100%
10134
98
12135
103%
10035
9434
106%
101
102%
100%
Mar
Apr
July
June
July
Jan
Jan
63,000 91
June
35,000 95% Mar
52,000 93% Mar
213,000 96% July
2,000 97% Mar
64,000 99% Jan
4,000 95
May
57,000 98% July
1,000 98
May
83,000
10,000 97% June
1,000 10234 Jan
8,000 92 June
Sept
5.000 99
5.000 104% Apr
68,000 98
1,000 97
202,000 110
4,000 102%
15.000 973i
28,000 8936
5,000 105
13,000 97
7,000 99
11,000 99
Feb
May
Apr
Mar
Feb
Feb
Jan
Jan
Jan
Jan
11534
9531
99
9934
106%
10231
9931
95
95%
100
9734
05
97%
9934
102%
9734
100
95
Jan
Jan
Jan
Jan
Jan
Feb
Jan
July
July
June
June
Mar
July
Mar
May
Aug
May
June
135 135
101% 100% 101%
102 10214
102 102
107 107
10534 10531 105%
103% 103 103%
95% 9531 95%
99% 99
99%
100
100 100
9931 10034
100
97% 97% 9731
9834 98%
103% 103% 10334
103% 103%
98% 9831 9831
102% 102%
9534
95
8,000
21,000
6,000
1,000
1,000
18,000
8.000
205,000
75,000
8,000
71,000
19,000
1,000
21,000
14.000
7(3.000
26,000
55,000
9934
9934 99
9231 02% 95
100% 10034 101
97% 9734
9134
91% 91
2631
25
25
99 100
100
96
9634
99
99
102% 10234
10634 105% 106%
97% 983(
98
Jul)
178,000 98
4,000 01% Am
6,000 971( Jan
6,000 9214 Mar
Mar
14,000 85
July
101,000 20
9454 Mar
4,000
37,000 98 June
Aug
23.000 99
4,000 102% Jau
34,000 99 June
46,000 98 June
10234
10035
103%
9934
111
10231
100%
103%
99%
103
96
102%
107% 10334
10434
102% 93,000 96% Jan
57,000 97% Jan
101
10331 2,000 9934 Apr
99% 15,000 9934 May
63,000 101% Jan
112
5,000 9454 May
96
102% 6,000 9914 Jan
Mar
111 275,000 100
104% 20,000 10411 July
98
98
9734
100%
100% 100
97% 9734
11331 113
98%
99
98%
101
100%
97%
114%
98%
9834
98%
25,000
39.000
81,000
23,000
64,000
86,000
11,000
98
98
9434
99%
99
95%
97%
July
July
May
May
Jan
June
Jan
1,000 9834 June
99
99
July
93% 94
7,000 92
100% 100% 3,000 99% Jan
Jan
97
9931 310,000 93
09
June
11,000 89
92
02
92
93% June
34,000
963( 9614 97
70% 5,000 6031 Jan
70
70
1,000 1093‘ Mar
111 111
98%
10334
9431
88
95
94%
96
98% 98%
10134 101%
96% 95%
9734
98%
9431
8431
98% 290,000 9834 July
10334 4.000 101116 Jan
9431 45,000 9415 July
845( 37,000 80% July
95
3,000 93% Aug
96
18,000 91% Apr
99 141,000 96% June
101% 12,000 98% Mar
9634 41,000 93 June
June
9734 5.000 96
High.
98
114
147
10131
98
98
101
9931
109%
100%
100%
98
102
98
104
9434
0
934
98%
97
95%
97%
9831
Sept
May
Sept
May
Jan
Apr
Aug
June
July
Apr
Jan
May
Aug
Aug
Feb
May
May
Jan
Apr
Aug
May
June
Bond• (Concluded)-
[Vol,. 125.
Friday
Last Week's Range Sales
Sate
ofPrices.
for
Prim Low. High. Week.
US Rubber 634% notes'28 10034 10054 101
Serial 634% notes_1929 10034 10034 10034
Serial 634% notes_ _1930
10034 101
Serial 814% notes__1931 101
1003-4 101
Serial 615% notes__1932
10034 10034
Serial 634% notes_ _1933
10034 10134
Serial 634% notes_ _1934
10054 100%
Serial 634% natal 1936
1003-5 10034
Serial 634% notes_1937
10034 10034
Serial 634% notes__1938
10014 101
Serial 634% notes__1940
1003,4 101
7,000
1,000
9,000
12,000
10,000
19,000
3,000
12,000
7,000
24,000
14,000
Range Since Jan. 1
.
Low.
9931
9931
9834
973-4
9754
9734
9734
9714
9754
97
9734
June
June
July
June
June
June
June
June
June
June
June
High.
102
102
103
103
10334
10334
10351
10334
103
103
10434
Feb
Feb
Jan
Feb
APr
Apr
Apr
May
Feb
Jan
Mar
Foreign Government
and Municipalities.
AgrIcul Mtg Bk Rep of Col
20
-year sink fd 79_1948 9734 96% 9754 820,000 9531 Mar 97% Aug
20
-year 7s.......lan 151047 97
97
97
6,000 9634 Apr 9754 Mar
Baden (Germany)78_1951 9931 9951 100
8,000 98 June 10251 Jan
Bank of Prussia Landowners Min 8% notes'30
97
9751 8,000 9434 June 0936 Mar
Brisbane (City) 55_..1957 9434 9434 95
27,000 93 June 9631 Mar
Buenos Aires(ProY)7348 '47 100
9931 10051 55,000 9754 Jan 10034 Aug
Ts
1936
9731 9834 4,000 953.4 Jan
99
July
101% July
78
1952 98
98
99
18,000 9434 Feb 99
Sept
Ts
1957 96
9534 96
74,000 93 June 97
Apr
102
May
78
1958 96
95% 96
72,000 94 June 96
Sept
9634 Sept Cent Bk of Germ State &
Prov Bk, lot 6s se? A '52 9434 9436 94% 8,000 9434 Aug 983-4 Aug
103
Jan
Copenhagen (City) 58_1952 953.4
9531 9551 146,000 9531 Sept 9751 June
132
Sept Danish Cons Munic 530'55 9931 99% 995-4 17.000 9734 Jan 100
Mar
94
Apr Danzig P & Waterway I3d
external 8 f 8143- --- 1952
97% Aug
90
90
3,000 90
Aug 903-4 Aug
10234 Aug Denmark (King%) 5345'55
102
43,000 99% Jan 102% Aug
10131
gs
1970 101
10034 101
7,000 100
Mar 102
Apr
133% May German Cons Muni° 71 '47 1003-4 10054 101
53,000 983.( June 102
Jan
102% June Hamburg (State) Ger 88'48 9734 9751 9734 32,000 95% Jan 99% Apr
104% Me: Hungarian Land Mtg Inst
9534 Sept
7349 series A
1961
99 100
12,000 97
June 101
Mar
98% June Indus Mtge Bank of Finl'd
1st mtge con s f 79_1944 1003-5 10034 10056 10,000 9931 Jan 10134 Jan
105
May
101
Sept Medellin (Colombia) 7s '51 9334 9331 94
22,000 91
July 96
Feb
8.8
1948 103% 10331 103% 2,000 10231 June 10554 June
101% Jan Mendoza (Prov) Argentina
7348
1951 07
104% July
33,000 95 June 9951 Jan
9631 97
Montevideo (City) 65.1959 935-5 93% 9311 18,000 9154 July 943-4 Feb
95% May Mtge Bk of Bogota Ts_1947
953-4 9514 5,000 953-4 Apr 953-1 Aug
Jan Mtge Bk of Chile 6s__1931 9734 9751 9714 27,000 94
100
July 9934 Feb
9834 Sept Mtg Bk of Jugoslavia 7s '57 87
863-5 87% 81.000 82 June 9234 Apr
99% Sept Netherrds(Kingd'm)6sB'72 106
106 106
5.000 10531 Sept 109
Jan
100
Aug Peru (Republic of) 78_1959 9931 98% 9931 194,000 91534 May 9931 Sept
10134 May Prussia(Free State) 6145'51 9934 9931 9934 31,000 96 June 10054 Feb
10434 Mar Rio Grande do Sul (State)
Aug
101
98 136,000 96
Brazil exr 7s(of 1927)1063 98
97
July 9831 Jan
Extli f Ri(of 1927).1967 9634 9634 9634 5,000 98
10034 July
Aug 9731 June
16
103% Aug Russian Govt6%8_ __1919
1734 63,000 12 June 1731 Sept
6346°Hs
1651 1734 219,000 1134 July
102
1919
Mar
1731 Sept
175j 105,000 1134 July
1534
106
May
1921
5348
1734
1734 Sept
514s certificates_ _1921
1714
183-5 173-4 61.000 12 June 18 Sept
102% Jan
99
Sept Santa Fe (City) Argentine
107
Jan
1945 9331 925-4 933-5 20,000 9154 June 9514 May
Republic cud 7s
72.000 9934 Apr 10234 Feb
Saxon State Mtge is,78.45 100% 10036 101
9934 17,000 96% June 100
99
10734 Apr
1946 99
634s
Jan
100
Feb Serbs Croats & Slovenes
8
(King) ext sec 7 ser B .62 88% 8831 8854 70,000 88 June 92% Apr
121% Sept
nmi..........s (Inv. SI.Le 1090
10144 1Olf 29.000 101
inly 1119
li.4av
103% Mar
101
Aug
• No par value. ft Correction.
Listed on the Stock Exchange this week, where
9431 Sept
additional transactions w11 be found. m Sold under the rule. n Sold for cash,
10731 Aug
101% Aug o New Stock. r Ex 33 1-3% stook d vidends sold at 14831 on Jan. 3 1927 with stook
rights and bonus. 11 Ex special dividend of
10531 May dividends on. s Option sale. I Exr
Ex cash and stock dividends. w When Issued.
10131 July 33% and regular dividend of 2%.
x Ex-dividend. v Ex-rights. z Ex-stock dividend. p 15.000 Midwest Gas is sold
at 101 on Sept. 7 "under the rule."
135
Sept
101% Sept
102% Aug
CURRENT NOTICES.
102% Aug
107
May
-Gordon Brown, formerly with Chase, Falk & Kelly and Lawrence
106
Aug
103% Sept Turnure & Co., has become associated with Billings, Olcott & Co., members
100% July of the New York Stock Exchange, in their New York office,
52 Broadway.
102% Apr
-Gilbert McKie Milligan, formerly associated with Stone, Webster &
101
Aug
10034 Sept Blodget as their representative in Newark, is now associated with W. H.
97% Sept Arrowsmith & Co., dealers in investment securities, of Nowark,
N. J.
100% July
-Morrison & Townsend, members, New York Stock Exchange, 120
104% Aug
104 June Broadway, New York, announce that 0. M. Vail has become
associated
98% July
charge of their unlisted bond and stock department.
103
Aug with them in
97% Apr
-California Co., underwriters and dealers of general market bonds,
announce the removal of their Los Angeles office to the Security Title
101% May
99% Mar Insurance Building, Sixth and Grand Streets.
101
Aug
-Nelson S. Gustin Co., specialists in Detroit bank stocks, announce the
98
Aug
9131 Soil removal of their offices to 535 Fifth Ave., New York, their telephone
74
May number being changed to Vanderbilt 9450.
101% Feb
-Paton, Peterson & Co., Inc., 120 Broadway, New York, announce
9634 Sept
99
Aug that Joseph 0 Connor, formerly with Marshall Field, Glore, Ward & Co..
has joined their sales organization.
103
May
112 June
Nehemiah Friedman & Co., Inc., 74 Trinity Place, New York, have
9931 Jan
just issued their monthly quotation list on joint stock land bank stocks
102% Aug and bank and insurance stocks.
101% Apr
-Charles E.Goodman,announces the opening of offices in the Guarantee
103% Aug
100 June Trust Building, 1420 Walnut St., Philadelphia, for the purpose of conduct111
Sept ing a general investment business.
102
Jan
-Graham, Parsons & Co., announce the removal of their Philadelphia
103% July
111
Sept office to 1422 Walnut St. and change of telephone number to Pennypacker
10534 Feb 1000.
-A. D. Mendes & Co., Inc., announce that It, II. Kissel, Jr., formerly
10031 Apr
101
Mar sales manager of Prince & Whitely, has become associated with them.
98% May
-The Detroit Company announces that Wallace L. Durant is now assoJune
101
100% Sept ciated with its corporation bond department in the New York office.
97% Jan
-James Talcott, Inc.„Chas been appointed factor for Archibald Levy &
Aug Taylor, manufacturers selling agents
119
for women's wear woolens.
-Donald M. Norris is now connected with Broomhall, Killough & Co..
10114 Aug
98
Apr Inc., Ill Broadway, New York, in their insurance department.
May
101
-.A. Joffe, formerly with Dean, Onativia & Co., has become connected
103% Apr
Apr with Samuel Ungerleider & Co. in their uptown office.
94
Jan
99
-P. Van Holland, formerly with the American Exchange Irving Trust
89% Mar
112
Jan Co., is now associated with Edmund Seymour & Co.
-Paul & Co., member Philadelphia Stock Exchange, have moved their
July
99
Apr offices to 1420 Walnut St., Philadelphia.
104
94% Aug
Philpot, Goff & Co., 50 Broadway, New York, are distributing a cir111% Feb cular on Northeastern Surety Co.
100% July
-Howe, Snow & Co., Inc., have moved their Philadelphia offices to
Jan
99
Jan
99
1420 Walnut Street, Philadelphia.
102% July
100% May
Samuel Ungerleider & Co., announce the removal of their offices to
99
Jan
50 Broadway.
inwslintent anti gailiroatt Xntelliffente.
--In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the fourth
week of August• The table covers 10roads and shows 3•50%
increase over the same week last year:
Fourth Week of August.
1927.
1926.
Increase. Decrease.
$
$
$
$
Buffalo Rochester & Pittsburgh_
538,095
582,234
44,138
Canadian National
7,239,625 6,858,426 381,199
Canadian Pacific
5,769,000 5,182,000 587,000
Georgia & Florida
78,300
67,306
10.994
Minneapolis & St Louis
395,977
377,406
18,571
Mobile & Ohio
503,601
501,316
2,285
St Louis Southwestern
674,300
698,336
24.036
Southern Ry System
5,268,080 5,389,538
121,458
Texas & Pacific
1,001,558
940.309
61,249
Western Maryland
622,149
740,492
118,344
Total (10 roads)
Net increase (3.50%)
22,090,685 21,337,363 1,061,298
753.322
307,976
In the table which follows we7also complete our summary
of the earnings for the third week of August:
Third Week of August.
1927.
1926.
Increase. Decrease.
Previously reported (5 roads).- 6,283,484 6,237,518
Canadian Pacific
3,715,000 3,651,000
Georgia & Florida
49,000
48,400
Mobile & Ohio
351,238
367,708
St Louis Southwestern
427,300
467,200
Southern By System
3,735,542 4,171,054
Western Maryland
430,052
495,210
Total (11 roads)
14,991,616 15,438,090
Net decrease (2 0111cr.)
45,966
64,000
600
16,470
39,900
435,512
65,158
110,566
557,040
AAA AAA
In the following table we show the weekly earnings for
a number of weeks past:
Current
Year.
Week.
let
week
2d week
8d week
4th week
lit week
2d week
Eld week
4th week
lit week
2d week
lki week
4th week
lit week
2d week
ad week
4th week
lit week
2d week
3d week
4th week
lit week
2d week
3d week
4th week
•
Mar. 13 roads).Mar. 13 roads)___
Mar. 13 roads ___Mar.(13 roads ____
April (13 roads _April (13 roads __-April (13 roads __-April (13 roads -May (13 roads).May (13 roads)____
May (13 roads)---May (13 roads)____
June (13 roads)____
June (13 roads).June (12 roads)_ _ _ _
June (13 roads)._
July (13 roads)____
July (13 roads).July (12 roadsrJuly (12 roads ____
Aug. (13 roads ____
Aug (13 roads)- __ ...
Aug. (11 roads)_ _ _
Aug. (10 roads)__.._
Previous
Year.
Increase or
Decrease.
%
+687,700 4.81
14.308.298
14,781,223
4-671.918 4.55
14.973.426
+216,956 1.45
22,226.451
-173.528 0.78
+37.739 1.00
15.166.695
14.402,687
+339.886 2.42
14.241,283
+349.327 2.44
18.769.562 +1.125.906 6.00
14,306.734
+945.816 6.61
15.103.054
-230.776 1.53
15.179.524
-627.007 4.14
21.344.342 -899.801 4.22
15.168.759
-494,123 3.25
15,244.341
-606.420 4.00
15.384.889
-461.704 3.00
-186300 092
20,377.221
15,229.606
-883.913 5.81
14.585.974
-196,928 1.35
-245,822 1.67
14.660.546
15.025.966 -1.786.921 11.89
-881.733 5.8E
15,019,916
15,366.857
-434,169 2.82
15,438,090
-446,474 2.9(
+753.322 3.5(
21.337.363
14.995,998
15.453.141
15.190.382
22.052.923
15.204.434
14.742.573
14,590.611
19.895,469
15.252,550
14,872.278
14,552,518
20,444.541
14.674.637
14.637.922
14.923.185
20.190,921
14,345,693
14,389,046
14,414,724
13,239.045
14,138.182
14.932.688
14,991,616
22,090.685
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.
MostA
1926.
Increaseor
Decrease.
1925.
Increase or
1926.
1925.
Decrease.
$
sus._ 577,791.746 553.933,904 +23.857,842 179,416,017 166,426,264 +12,989,753
Sept__ 568.946.933 564.766.924 +24,192.009 191,933,148 176,936.230 +14,996.918
Oat
604.052.017 586.008,435 +18.043.581 153.990,813 180.629,394 +13.381.419
Nov.. 559,035,895 53 .199,465 +28.738.430 168.107,446 148.132,228 +10,065,218
Dee.- 525.411.672 522 467.6(81 +2,043,972 119,237.349 134,504.698 --15.267,349
1927.
1926.
1927
1926.
Jan
485,951,345 479,841.904 +6,119,441 99,428,246 102,281,496 --2.853,250
Feb - 467,808.478 459.084,911 +8.723.587 107,148,249 99.399,962 +7,748.287
Mar__ 529.8139.858 529.467.282
+432,616 135.691,649 134.064.291
+627.388
April. 497,212.401 498,677,065 -1,464.574 113.643,766 114,417.892
--774.126
May. 517,543.015 516,454,998 +1.088.017 126,757,878 127,821.385 --1,063.507
June 516.023,039 539,797,813 -23.774.774 127,749.692 148,646,848 --20.897,158
July-- 508,413.874 556,710.935-48,297,061 125,438,331160,874,882 35,438,548--Percentage of InCrease or decrease in net for above months has been
Note.
1926-Aug.. 7.86% Inc.; Sept., 8.48% inc.; Oct., 7.35% Inc.; Nov., 6.79% inc.:
Dec., 11.36% Inc. 1927-Jan., 2.79% dec.; Feb., 7.80% Inc.; Mar., 1.21% Inc.;
April, 0.67% dec.: May. 0.83% dec.; June, 14.07% dec.; July, 22.03% dec.
In Aug. the length of road covered was 236,759 miles In 1926. against 236,092
miles in 1925; in Sept., 236.779 miles, against 235,977 miles; in Oct., 236,654 miles,
against 236,898 miles; in Nov. 237,335 miles, against 236.369 miles; in Dec., 236,982
miles, against 237,373 miles. In 1927
-Jan., 237,846 miles. against 236,805
miles in 1926; in Feb.. 237,970 miles, against 236,870 miles in 1926; in Mar., 237,704
miles, against 236,948 miles in 1926: in April. 238,183 miles, against 237,187 miles
in 1926; in May, 238.025 miles, against 237,275 miles in 1926; in June, 238,425
miles, against 237,243 miles In 1926; In July, 238,316 miles, against 237,711 miles
in 1926.
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
-Gross from Railway- -Net from Railway- -Net
1927.
1928.
a
Oa
Taxes
-
1927.
1926.
156,608
1,292,027
462,879
1,133,416
130,198
1,106,708
444,631
1,006,564
77,546
1,086,637
192,289
1,145,572
45,703
744,438
127,986
772.727
1927.
1926.
Chicago Rook Island & GuE626,549
867,769
July
From Jan 1_ 4,321,278 3,847,628
Pittsburgh & West Virginia
257,466
444,392
July
From Jan!. 2,529,717 2,873,528
1453
----Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
American Pr ex Lt c_ _July'27 4,809,282
4,688,728 *2,108,711 *1,979,906
12 mos ended July 31 '27 62,139,515 56,748,459 *27,830,559 *25,050,859
1,849,715
Electric Pr & Lt c
July'27 4,204,285
4,034,762
1,708,427
12 mos ended July 31 '27 51,637,056 48,565,723 22,894,324 20,888,957
*After taxes. c Earnings of subsidlaries only.
Balance.
Net after
Fixed
Gross
Companies.
Earnings.
Taxes.
Charges.
Surplus.
$
$
$
5
n264,382
1,774,356 01.509,974
American Water Works July'27 3.933,052
n181,823
1.597,297 p1.414,474
'26 3,557,897
12 mos ended July 31 '27 47,551,692 22,935,774 p17,753.170 n5,182,604
'26 43,643,06 20,671,270 1716,894,464 n3,776,806
207,118
2,400.408
Cities Service Co
July '27 2,700,204 *2,807,527
234,416
1,582,213
'26
1,897,313 *1,816,628
2.577.496 26,418,337
12 mos ended July 31 '27 30,078,734 *28,995,833
2,578.621 18,438,382
'26 21,883,728 *21,017,003
16,937
98,955
Ft Worth Pow & Lt Co_July '27
*115,892
245,489
17,421
89.379
'106,800
'26
219,795
204,503
1,334,395
12 ram ended July 31 '27 2,895,578 *1,538,898
1,166,732
205.734
'26 2,868,482 *1,372,466
60,001
121,128
*181,129
Idaho Power Co
292,228
July'27
56,420
93,388
257,615
*149,808
'26
684,888
977,303
12 mos ended July 31 '27 2.944,034 *1,622,191
681,966
851,463
'26 2,855,068 *1,533,428
6,074
13,958
20,032
Jamaica Pub Serv Co_ __ _July'27
54,738
6.252
15,049
21,301
53.607
'26
73,760
201.727
275,487
675,324
12 mos ended July 31 '27
75,416
69,789
245,204
'26
642,390
77,127
99,873
*177,000
369,069
Nebraska Power Co_ _z _July '27
71,005
99,547
*170.552
338,809
'26
894,701
1.556,399
12 mos ended July 31 '27 4,637,149 *2,451.100
1,405.541
835,648
'26 4,293,449 *2,241,189
65,450
53.612
*119,062
297,110
Pacific Pow & Light Co_July '27
64,464
69,967
•134,431
298,828
'26
779.654
862,523
12 mos ended July 31 '27 3,692,330 •1.642,177
801,031
907,540
'26 3,717,373 *1,708,571
58,001
99,993
*157.994
377,290
Portland Gas & Coke_ July '27
55,084
•125,113
70,029
325,297
'26
674,734
937.238
12 mos ended July 31 '27 4,486,782 *1,611,972
618.041
858.116
'26 4,098,932 *1,476,157
151,431
133,145
*284,576
Texas Power & Lt Co_ _ _July '27
093.987
88,396
120,889
*209,285
554,919
'26
2,629,558
2,463,896
12 mos ended July 31 '27 8.878,088 *4,017,614
1,133,008
1,992,371
'26 7,234,157 *3,003,258
Companies.
• Includes other income.
p Includes depreciation. n After preferred dividends of subsidiaries.
FINANCIAL REPORTS
Financial Reports.
-An index to annual reports of steam
railroads, public utility and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Aug. 27. The next will appear in that of Sept. 24.
New York Steam Corporation.
(Annual Report -Fiscal Year Ended June 30 1927.)
INCOME ACCOUNT FOR YEARS ENDED JUNE 30.
1925.
1924.
Operating Revenues1927.
1926.
$2,473,431 42,601.207 $2,246,307 $2,389,353
Downtown district
1.622,811
1,285,048
Uptown district
3,471,796 2,559,023
Total oper. revenue__ $5,945,217 $5,160,230 $3.869.118 83,674,401
24,540
23.584
32,210
33.353
Non-operating revenues_
Total gross earnings_ _ $5,977,426 55.193.583 53.893,658 53.697.985
2.255.559
Operating expenses
3,523,243 3,102,965 2,358,626
270,520
322,361
316,659
Maintenance expenses..
420,942
144.600
167.698
214.281
General taxes
261.576
41,000
35,000
83,000
Federal taxes
87,500
$1,684,166 81.470.976 31,015,675
Net earnings
364,171
336,963
536,039
Cr.13,206 Cr.24,896
Cr.250,816
General interest__
25,097
27,903
46,744
Bond discount & expense
7.117
Miscellaneous amortiz
3,900
285.110
213,509
442,086
Preferred dividends_ _
Bond interest
$986,307
309.384
7.312
23.330
86,981
3465.002
3559.299
$906,213
8799.881
Balance, surplus
The surplus account June 30 1927 shows: Surplus balance, $901.889.
Aar, surplus net income before depreciation and Common dividends,
$906,213: total surplus $1,808,103. Deduct appropriation for renewal
and replacement reserve, $415.000; other surplus charges, $37,090; surplus
June 30 1927, $1,356,013.
BALANCE SHEET JUNE 30.
1927.
1927.
1926.
$
Assetsa4,193,000
Plant & property_31,588,584 20,367,667 Pref. A stock
c5,000,000
Investments
3,428
3,428 $6 pref. stock
Common stock.. _137,320,000
Deposits and advances
114,616
77,998 First M.6% bonds 5,693,500
First 38.5% bonds 7,954,000
Rend discount and
expenses in proAccounts payable_ 1,906.154
886,953 Cust. serv., sec. &
cess of amortiz'nx1,579,361
131,300
121,173
Deferred charges_ _
148,637
rental deposits_ _
Cash
720,359
852,498 Notes and trade ac62,596
ceptances pay'le
y627,179
409,601
Accts. receivable_
159,017
Materials and supAccrued Interest_ _
643,759
543,550 Accrued taxes and
plies(at cost) _
175,742
water rentals_ __
57,793
Sundry curr. nab_
Accrued dim.. &c. 171,748
160,273
Due to affil. cos__
Renew.& repl. res. 815.398
54,419
Other reserve
z1,571,013
Total (each side) __35,425,922 23,262,868 Surplus
1926.
4,193,000
7,320,000
5,693,500
2,500,000
1,075,244
128,433
104,054
105,945
159,499
28,834
120.545
160,273
723,919
47,733
901,889
a Represented by 41,930 outstanding shares of Series A $7 cumulative
preferred stock (no par value) valued at minimum liquidation price.
b Represented by 30.000 shares of no par value common stock, authorized and issued at stated value. c Represented by 50,000 outstanding
shares of 86 dividend series (no par value) at minimum liquidation price.
x Including 239,931 excess of minimum liquidation price of $6 preferred
stock over gross proceeds from sale. y After deducting.36,465 reserve for
bad debts. z Includes $315,000 capital surplus arising from substitution
-V. 125, p. 95.
of property under lease agreement.
Virginia-Carolina Chemical Corporation & Subs.
(Annual Report-Year Ended June 30 1927.)
C. G. Wilson, President, Richmond, Va., Aug. 30, wrote
Electric Railway and Other Public Utility Net
substance:
-The following table gives the returns of inIn addltion to disbursements for ordinary running
Earnings.
repairs, there was
ELECTRIC railway and other public utility gross and net expended during the fiscal year, by way of additions and betterments to
plant account, the sum of $210,912. and for replacements the sum of
earnings with charges and surplus reported this week:
$523,460. The plants and equipment are, upon the whole, operating enPullman Co
July
7,378,897 7,375,673 2,263,463
1,708,549
1,776,363
1,275,077
From Jan 1_46.978,918 47,301,744 8,915.035 8,332,208 6,411.448 5,812,901
1454
THE CHRONICLE
eiently. Studied attention is being given to the subject of service and to
the quality and standard of the company's products.
Dividends were paid during the year upon the corporation's 7% prior
preference cumulative dividend stock out of initial surplus in the amount
of the net sum of $934,826.
Your directors, being of the belief that the company's working capital
was somewhat larger than the practical needs of the business required (the
relation of the item of cash to that of current liabilities at June 30 will be
noted) authorized during the year the purchase from time to time in the
open market stock trust certificates representing an aggregate of 15,499
shares of the company's 7% prior preference cumulative dividend stock, and
In that behalf appropriated $1.000,000 out of working cash, together with
$396.479 of moneys representing the proceeds of the sale of previously fixed
assets, which certificates the company now holds at an average cost of $90.10
per share the sum of the difference between which and the par value thereof,
to wit, $153,421, being placed to the credit of contingent reserve account.
There was also acquired during the year, through purchase, the outstanding
minority interest of the shares of the capital stock of the Steel Cities Chemical Co., Birmingham, Ala., to the end that company now holds a 100%
ownership In that unit; and as an incident of such purchase there came into
the possession of company 1,087 and a fraction shares of its own 6% pref.
stock heretofore owned by the Steel Cities Co.and is now held in the treasury
at a book cost of $85,340, the difference between which and par, to wit,
$23.445, being likewise credited to contingent reserve.
Excepting only the year 1920-21 (a period of widespread deflation), the
fertilizer industry, due to a violent but irrational competition, from the
influence and effects of which there was no escape for your own company,
experienced one of the most unprofitable years in its history.
The fertilizer end of company's business standing alone showed a net
operating loss for the current year,after charges,of the practical round figure
of $1,000,000. Miscellaneous income received, however, from dividends
on stocks owned, interest upon cash carried, profits from the operating of
subsidiaries engaged in only kindred, or wholly unrelated enterprises,served
to reduce the operating loss to $219,000.
The total volume of fertilizer tonnage sold by company during the year
was appreciably in excess of the volume marketed by the same organization
and equipment for the year immediately preceding. Taking the company's
fertilizer operations as a whole, a fraction over 75% of all goods sold during
the year moved upon a cash basis. Several of the company's sales divisions
had a cash record in excess of 90%,and some as high as 93% of their total
volume for the year.
The area recently inundated by the Mississippi River and its tributaries
does not consume substantial quantities of commercial fertilizers. Company's losses, therefore, in consequence of the flood disaster, were negligible.
Yields and money returns from small grain, vegetable and other crops in
the Eastern and Southern States have been variable, but in the aggregate
have approximated an average year.
While the promise of the 1927 corn crop within the major area of the
primary corn belt is not encouraging, the cotton-growing States, as a result
of the progressing tendency towards crop diversification, supplemented by
a favorable growing season, have more than an average yield of corn and
other forage crops, the presence of which will have a direct bearing upon
the sum of cash outlay ordinarily made for such supplies as a preliminary
incident to a coming season's operations.
Subject to the possibilities of adverse seasonal developments, or undue
insect ravage,the 1927 cotton crop should aggregate a dollar-and-cent return
well surpassing that received for the 1926 crop, which, when coupled with
an Uncommon measure of economy in connection with the growing of the
crop, and its resultant reduced sum of liabilities to be liquidated out of
market proceeds, should provide the agricultural population of the territory
with a materially improved buying and debt-paying power.
[vol.. 125.
The Lake Superior Corporation.
(Annual Report-Year Ended June 30 1927.)
Pres. Wilfred H. Cunningham reports in substance:
Algoma Steel Corp., Ltd.
-Tonnage figures compared with the preceding
year are as follows:
1925-1926. 1926-1927.
Coal imported
870,19)
462.036
Ore imported
263,917
483,084
Limestone produced
147,540
182,493
Coke produced
264,5n0
422,374
Pig iron produced
170,193
230,936
Steel ingots produced
185.1.:9
213,719
Steel products
159,019
163,704
After intermittent operation on rail and billet orders during July 1926,
the rail mill was closed down. Rails were again rolled on single turn in
September and October, but on completion of these there was no further
operation of the rail mill until early in March, which continued till May 23,
when the mill closed on account of lack of orders, the opportunity being
taken to have certain changes made in hot beds and finishing mill.
Of the 313 working days in the fiscal year, the mill operated double turn
on rails 73 days and single turn 61 days, double turn on other products
2 days and single turn 38 days, and was closed down 139 days, operating
time being 23 days greater than in the preceding year.
Rails rolled amounted to 97,804 tons, compared with 85,356 tons in
preceding year; Merchant Mill production was 63,213 tons, compared with
51,208 tons; pig iron shipments were 82,719 tons, compared with L9,219
tons; and coke shipments 149,343 tons, compared with 73.070 tons.
Total sales of all ”roducts for the year amounted to $10,262,189, compared with $8,792,599 in the preceding year.
Earninrs show a .,a.na over last year, net operating profit being increased
from $193,146 to $731,758. Governmental record of production and
employment indicate a slow but steady improvement in Canadian business,
and directors believe that the higher earning rate reached by the corporation
In the past year can not only be maintained but increased.
Directors wish to call attention to the fact that since pre-war days a
marked change has taken place in the relative importance of various products
turned out by the corporation. Figures recently compiled show that while
shipments from the steel plant increased from 341,812 tons in the calendar
year 1913 to 377,557 tons in the calendar year 1926, the percenta-o,borne
by rails and rail fastenings to the total, fell in the same period from 99 to 27.
This has resulted from the falling off in demand for railway track material,
and from the increasing of the corporation's list of products in so far as is
possible under existing conditions. To increase earnings, further facilities
to produce a more diversified product are primarily required.
In line with this policy the coke screening plant referred to in last year's
report was completed and placed In operation In February of this year. and
sales of coke, which were doubled in the past year, will be still further increased.
To provide the railways with a longer rail which has been adopted as
standard, the rail mill has been altered and its finishing facilities extended
so as to produce rails in 29 foot lengths.
Value of orders on the books at June 30 1917 was $3,150,911 as compared
with $1,628,662 at June 30 1936. Rail orders included in this figure will
keep the rail mill employed on single turn from Aug. 1 to well into September, and further bookings are expected. The early opening of navigation
on the Great Lakes has made it possible to get the assembly of raw materials
well advanced to take care of orders in hand for pig iron, steel products
and coke.
-Operating conditions showed improvement
Cannelton Coal & Coke Co.
during the year in comparison with preceding years, and the output was the
RESULTS FOR YEAR ENDED JUNE 30 1927.
highest since 1918, being 703,678 tons as compared with 531,9)7 tons last
Gross earnings after deducting mfg. costs and exp., including
year. Heavy shipments of coal have been made to the lakes to apply on
ordinary repairs & maint. of properties, depletion of mines,
Steel corporation requirements in anticipation of commercial business showbut before providing for depreciation
$ 005,157 ing an improvement in the fall and at increased prices.
0
Int. on bank balances & call loans & diva. on investments, &c__ _
539,169
-Lake Superior mines produced 376,823 tons of
Lake Superior Coal Co.
coal during the year, compared with 355.818 tons last year. This output is
Total income
$2,544,326 the largest in the company's history, and the greater portion of the tonnage
Selling, adminis. & gen. exp., incl. provision for doubtful accts.
was shipped to the Steel corporation.
& bills receivable and cash discounts
2,128,273.
Algoma Eastern Railway.-Tho results for the year ended June 30 1927
show a net profit of $16,505 as compared with $23,933 for the previous
Net earnings before providing for depreciation
$416.053 year. Gross earnings show an increase of 9 and expenses 10%. Interest
Depreciation
635,907 charges were reduced by $12,e9
The ,,perating ratio for the year was
72.61% as against 71.68% for the year 1926.
Net loss
$219,854
Algoma Central & Hudson Bay Rg.-The operations of the railway comDividends paid on prior preference stock
l/34,826 pany and Algoma Central Terminals for the year resulted in a net profit
(before bond interest) of $220,651, as against a net profit (before bond
Balance, deficit
$1,154,680 interest) of $35,355 for the previous year.
INCOME ACCOUNT FOR YEARS ENDED JUNE 30 (LAKE SUPERIOR CORP.).
CONSOLIDATED BALANCE SHEET JUNE 30 1927.
1928-27.
1923-26.
1924-25.
1923-24.
8295,000
Int. & div. on secure. of sub. cos. 8295,500
5294,500
3295,000
Land, buildings, machinery
7% prior preference stock__ _812,937,200 Other income
11,431
23,628
70,627
32,711
& equipment, less depree..$16,185,056 6% participating pref. stock_ 21,339,215
Invest. In allied companies...
683,010 Common stock & initial mils_ y2,500,898
$306,931
Total
$318,627
$365,127 $327,711
Manufac. products, materials
Minority interest in capital &
Interest on first mortgage bonds_
263,900
263,900
263,900
263,900
& supplies at cost or marsurplus of subsid. company
11,242 Arm. writ. off for doubtful acc'ts
192,500
ket price If lower
3,686,275 Accounts payable
403,615 Bank exchange and commission
1,557
Accounts and bills receivable x7,896,915 Res. for Maur. & contingenc's
447,124 General expenses
55.752
62,360
85,060
65,975
Call loans
5,000,000
Cash in banks and on hand. _ 3,112,873
Net income
def$205,222 def$7,633
816,167 def$3,721
Miscellaneous investments_ _
590,357
Balance, preceding years
059,973
967,606
951,439
955,160
Mixed claims commission
Suspense acct. trans. to surplus Cr.198,417
(German award)
388.000
Insur. & other pay, in adv_ _
96.807
$37,639,294
Total (each side)
Total surplus as per bal. sheet. $953,168
8959,973
$951,438
8967,606
x After deducting $1,712,626 reserve for doubtful accounts and bills and INCOME OF SUB. COS. (EXCL. ALGOMA CENTRAL et HUDSON RAY RY.)
cash discounts. y Authorized 750,000 shares, no par value, issued 486,700
YEAR ENDED JUNE 30 1927.
shares.
-V. 123, p. 1244.
Net Earns. Net Earns. Int. and Deprecia- Net Deficit
Yr.'25-28 Yr.'28-27 Rentals.
Ws, d.e. for Year.
Algoma Eastern Sty
68207,554 b$210,574 8174,069
$2,795 sur$33,711
Algoma Steel Corporation, Ltd.
Algoma Steel Corp
251,249
6430,644 6832,364 1,083,613
British-Amer. Exp. Co_ _..
5,664
5.958
356 sur5,601
(Report for Fiscal Year Ended June 30 1927.)
Cannelton Coal & Coke._
28,894
47,424 sur60,436
118,653
10,793
2,625
7,970
10,823
13,443
INCOME tt PROFIT et LOSS ACCOUNT FOR YEARS END. JUNE 30. Fiborn Limestone
Lake Superior Coal
b63,157 b113,098
33,131 sur79,148
820
1925-26.
1926-27.
1924-25.
1923-24.
4,830
S. S. Marie Traction
4,080
bdef1,754
bdef751
Net earns,from oper'ns_
$415,765
loss$323 $1,042,109
$706,886
Dividend (sub. cos.)___ 112.500
879,808
Total 1926-27
3742,129 $1,290,719 $1,269,295 $101,234
Total 1925-26
$97,896 $819,853
$1,264,088
Total net income
$415,765
loss$323 $1,042,109
$819,386
Total
Net Deficit cPrevious Dividends
Interest charges,less int.
Deficit.
Continued
Payable.
for Year. Deficit.
on investment,&c--1,066,064
1,070,635
1,054,524
1,069,226
$498,834
Algoma Eastern Sty
sur$33,711 $530,544
2,742,711
Algoma Steel Corporation
251,249 2,491,463
Balance, def., for year $251,249
$638,760 $1,069,549
$23,954 British-American
sur719
5,500
Export Co
sur5,601
sur617
Balance at debit of p.& I.
124,372
Cannelton Coal & Coke
184,808
sur60,436
acct., brought forward 2,491,463
1.852,703
779,287
755,333 Morn Limestone
88,568
85,941
2,625
Adj. of inc. tax (pr. yrs.)
3,866
112.500 surl50,601
Lake Superior Coal
sur79,148 sur183,953
48,939
4,830
44,108
Bal., def.,carried for'd $2,742,711 $2,491,463 $1,852.703
$779,287 Sault Ste Marie Traction
BALANCE SHEET JUNE 30.
Total 1926-27
879.808 53,152,294 $118,0130 63,350,102
$5,000 63,155,520
Total 1925-26
$619,853 $2,530,684
1927.
1926.
1926.
1927.
b Includes other income. c After adiustment of Federal taxes.
Assets
Property account _41,177,537 40,837,565 Capital stock, com.15,000,000 15,000,000
BALANCE SHEET JUNE 30 (LAKE SUPERIOR CORP.).
Moneys invested in
Pref. 7% cum _x_ _10,000,000 10,000,000
1926.
1927.
1927.
1926.
subsidiary and
Purch. money 5%
$
Liabilities$
Assetsother companies 1,413,155 1,413,155
bonds
5,800,000 5,800,000 Invest'ts & securs_46,478.883 46,526,120 Capital stock
40,000.000 40,000,000
Funds in trustees'
First & ref. M.5%
00
Real estate, &c._ _
96,026
96,009 First mtge. bonds_ 5,278,000 5,278,0
hands
16,980
13,348
gold bonds_z__ A5,366,373 15,366,373 Due by sub. cos__ 1,732,500 1,830,000 Income bonds_ _ _ _ 2,256,850 2,315,850
Products on hand_ 453,696
6,873
287,403 Deb. bonds of city
6,663
Proc. of sale of inv.
572
572 Accounts payable_
Material & supp- 3,905,246 2,479,749
21,992
of S. S. Marie
33,356
47,256 Cash
21,992
35.493
64,255 Accrued interest_
Miscellaneous_ _ _ _
31,738
49,363
48,181 Advance from Lake
30,513
Miscellaneous_ _ 3,983
9,327 Coupons unclaimed
198,417
Advance payments
Superior Corp._ 1,925,000 1,780,000 Accrued int. reedy
24,167
25,127 Suspense account.
on contracts_ 959,973
37,100
37,190 Accounts payable_ 1,253,991
934,899 Cash for unclaimed
Profit and loss_ _ _ _ 953,168
Accts.receivable 1,661,770 2,372.346 Accr. int. on bonds 216,520
216,635
30,063
31,288
interest coupons
Cash
436,585
831,741 Suspense account
4,898
5,786 Cash on temporary
Suspense accounts.
23,831
18,230 Reserve for depreon loans secured 140,000
200,000
Profit & loss deficit 2,742,711 2,491,463 ciation, &c
1,717,932 1,679,424 Dere) paym't acct.
25,144
sale timber lands
Total
51,318,071 50,830,373
Total
51,318,071 50,8/0,373 Div.reed sub. cos.
5,000 Total (each side). 48,547,186 48,812,842
5,500
x Dividends in arrears from March 30 1916. s First and refunding mortJune 30 1927) contingent liabilities in respect of the.
The company has (as of
gage 5% gold bonds, authorized issue, $30,000,000; outstanding, $22,093,- guarantees of bonds of the following subsidiary companies: Algoma Central & Hudson
659; less pledged as security for city debentures and temporary loans, Bay Ry., Algoma Eastern Sty.. Algoma Steel Corporation, Ltd., and Algoma Central
83,227,286, and bonds held in sinking fund,83,500,000.-V. 124,P. 1982.
-V. 123, p. 2004.
Terminals, Ltd.
SEPT. 10.1927.]
THE
CHRONTOLE
1455
Bank of New York, the Union Trust Co. of Cleveland, or any other
GENERAL INVESTMENT NEWS
of the
large banking institutions," from which it then proceeds to show
that
Van Sweringens obtained large loans "and with which they caused the
Chesapeake and Hocking to maintain, or co-temporaneously make, the
large
STEAM RAILROADS.
deposits."
The officers of the
Wage Increase Sought by Pullman Porters.
-Brotherhood of Sleeping Car were authorized at a Virginia Transportation Corporation, the brief recites,
meeting of its board on Dec. 28 1926, to deposit with
Porters file with I.
-S. C. Commission complaint against Pullman Co. J.
seeking abolition of tipping service and Increase in wages. "Wall Street it,P. Morgan & Co. for "safe-keeping," all of the Erie shares then held by
and any additional securities it might acquire. The form of note on
Journal" Sept. 8, p. 12.
which
Lang Island RR. Places Passenger Carrying Equipment on 100% Steel given the corporation's $2,800,000 obligation to J. P. Morgan & Co. was
authorized
Car Basis.
-Last wooden passenger car taken from rails Sept. 9 and begin- held as collateral them, in case of default of payment, to sell the securities
therefor "or any other securities or property either directly
ning Sept. 10 only steel cars will transport passengers. Road has replaced or indirectly
given to or left in the possession of such holder by the underabout 250 wooden cars with steel cars in a year at a cost of approximately signed.'
$5.000,000. New York "Times" Sept. 9, p. 27.
"Mr. Trevvett (Secretary of the Chesapeake & Ohio Railway Co.) testiCar Surplus.
-Class I railroads on Aug. 23 had 238.655 surplus freight
cars in good repair and immediately available for service, the Car Service fied," continues the brief, "that all of the stocks of Erie purchased by the
Chesapeake through the Virginia Transportation Corporation were in fact
Division of the American Railway Association announced. This was a in
the
decrease of 6.636 cars compared with Aug. 15. at which time there were it is possession of J.P .Morgan & Co.for safekeeping, and in this situation
manifest that that firm held 538,100 shares of Erie stocks, which the
245,291 cars. Surplus coal cars on Aug. 23 totaled 65,728, a decrease of Virginia
402 within approximately a week, while surplus box cars totaled 135,735. a market Transportation Corporation owned on Dec. 31 1926, of a then
value in excess of $24,000,000, as collateral security for the payment
decrease of 4.554 for the same period. Reports also showed 18,601 surplus
-vott could give no explanation as to
stock cars, a decrease of 742 cars below the number reported on Aug. 15 of a $2.800,000 obligation. Mr. Tres
why the
while surplus refrigerator cars totaled 11,910, a decrease of 1,126 for the Morgan Virginia Transportation Corporation was required to pay J. P.
& Co.6% interest when the current rate in New York at the time
same period.
the loan was negotiated was 43.i % or 5%, or why such a loan should have
Repair of Locomotives.
-Class I railroads on Aug. 15 had 9,074 locomotives
in need of repair of 14.9% of the number on line, according to reports filed been negotiated at all, when the Chesapeake had on deposit with J. P.
Morgan & Co. on Dec. 31 1926 in 'general cash' and 'special funds' the sum
by the carriers with the Car Service Division of the American Railway of
$1.848,759, drawing interest at only 2%."
Association. This was an increase of 539 compared with the number in
After argument before the Commission and after the presiding director's
need of repair on Aug. 1, at which time there were 8.535 or 14%. Of the
total number of locomotives in need of repair on Aug. 15, 4,876 or 8% were ruling had been sustained by the Commission, the brief says, Mr. Van
in need of classified repairs, an increase of 128 compared with Aug. 1. Sweringen presented a statement showing the Vaness Co. had had no dewhile 4,198 or 6.9% were in need of running repairs, an increase of 411 posits whatsoever with J. P. Morgan & Co. until April 1926. and that the
compared with the number in need of such repairs on Aug. 1. Serviceable deposits subsequently made were nominal in amount. The statement
locomotives In storage on Aug. 15 totaled 6,451 compared with 6,663 on further showed that while deposits had been maintained with the Guaranty
Trust Co. by the Vaness Co.from April 1 1925 to May 1927. they were also
Aug. 1.
nominal in amount throughout the entire
Matters Covered in "Chronicle" Sent.3
.-(a)Car loading ofrailroad revenue ments, Mr. Van Sweringen stated that period. In explaining these statethese deposits'were simply accounts
freight increasing but still slightly below previous two years, p. 1248.
wherein dividends were received and disbursed,' not substantial,' two
(6) Lower rates on coal to Southern ports advised in report to I.
-S. C.
Commission by examiners, p. 1279. (c) Reduction in freight rates on convenience accounts more than anything else.'
"In the light of what has been said, it is apparent that the Chesapeake and
canned goods and sugar from Pacific Coast to Missoula. Mont., ordered
the Hocking were required by the Van Sweringens to keep enormous bank
by 1-9. C. Commission, p. 1279.
balances at nominal rates of interest, ranging from 2% to 3%,at New York
City, Cleveland and Detroit banking institutions, many hundreds of miles
Boston & Maine RR.
-Bond Application.
off the line of its railroad, from which they through the Vaness Co., were
The company has applied to the 1.-S. C. Commission for authority to
borrowing enormous sums of money and at which neither they, nor any of
issue $30.942,000 5% bonds. The purpose of the issue, according to the their
interests, kept substantial deposits.
company's application, is to provide the means of paying, refunding or
"Whenever the Vaness Co. negotiated its first loan from any of these
retiring several series of bonds, mostly bearing 6% interest, aggregating banks
it had
$30,942,000, which mature at various dates from Jan. 1 1929 to 1941. It is by a deposit been immediately preceded by or was immediately followed
of Chesapeake or Hocking funds. Where the Vaness Co.'.
stated in the application that the company has an opportunity to exchange loans have
been increased, reciprocal increases of Chesapeake or Hocking
$26,980,000 of the bonds falling due Jan. 1 1929, for 5% bonds maturing deposits were
also made."
Sept. 1 1967, as these bonds, which had been held by the Government, were
The manner in which the Van Sweringens and their financial associates
purchased from the Government by a syndicate of bankers. Part of the
bonds are to be exchanged directly with the holders and the balance is to have acquired and exercised control of the transportation systems now operbe sold to a syndicate of bankers, Kidder, Peabody & Co., Lee, Higginson ated by them renders the enlargement of their power through the present
proposal contrary to the public interest, in the belief of the intervenors.
& Co., and Harris. Forbes & Co., Inc. See offering in V. 125. p. 1320.
The prices at which the Chesapeake has acquired certain shares, and
through the proposed exercise of an option from O. P.Van Sweringens seeks
Canadian National Rys.-Definitive Certificates.
authority to acquire
shares, of Erie stock, are excessive, it
Dillon, Read & Co. interim receipts for 434% equipment trust certifi- declared, and are notadditionalby any present or probable future value is
justified
of
cates, series J. will be exchangeable on and after Sept. 12 1927 for defini- Erie. The prices at which tho Chesapeake proposes
tive trust certificates at the Guaranty Trust Co., 140 Broadway, N.Y.City. Erie shares and 36,500 Pere Marquette shares, now to acquire 301.239
under option from
(For offering, see V. 124, p. 2583.)
0. P. Van Sweringen, will yield large personal profits to him and his associates, which, because of his relationship as chairman of the board of
Acquires Stock.
The Canadian Government has acquired for the Canadian National directors and majority stockholders in control of the Chesapeake. should
Railways 5,725 shares of Chicago Detroit & Canada Grand Trunk Junction not be realized by him, it is contended.
The
RR.for £105,734. The purchase leaves the Canadian National sole owner Nickel intervenors further say that "through the separation from the
Plate's carrier activities of treasury assets, consisting of 155,000
of the capital stock.
-V. 124, p. 3766.
shares of Chesapeake common and 120,000 shares of Pere Marquette common, 0. P. and M. J. Van Sweringen have been able to use the assets
Central RR. Co. of New Jersey.
-Equipment Trusts.
- thus "separated" as the basis
An issue of $1,064,000 4% equipment trust certificates of this Commission,aggregatingof negotiating loans, without the approval
$27,000,000.for the purpose ofimmediately
was sold Sept. 8, subject to the approval of the I.
Chesapeake
-S. C. increasing the Nickel Plate s holdings to 345,000 shares of also enabled
Commission, by the company to J. G. White & Co., Inc., common and 184,000 shares of Pere Marquette common. It Corp. of the
them through the subsequent sale by the Special Investment
345,000
they being the highest among several bidders.
Corp. to obtain
-V. 125, 279,900 shares of Chesapeake common to the Chesapeakethereof, through
shares of the stock of that company, or 31.11%
p. 1188, 1046.
the medium of the Vaness Co., since the Chesapeake Corp. was required
distribute direct to stockholders of the Nickel Plate (of which the Vaness
Chesapeake & Ohio Ry.-Minority Files Brief Against to owned 164.790 shares) the stock which it issued in exchange for the
Co.
Plan.
-The brief of the intervenors George S. Kemp, Chesapeake common. Through the Nickel Plate's ownership of all of
the stock of the Pere Marquette Corp.. 0. P. and M. J. Van Sweringen
Granville G. Valentine, Lindsay Hopkins, J. Luther Moon still control 184.900 shares of Pere Marquette common, since the
and Berkeley Williams, constituting the Chesapeake & Ohio Co. (807 of the voting stock of which they owned) controls the Vaness
Nickel
minority stockholders' committee, was filed with the I. C. Plate through a 64.17% stock ownership. with the Union Trust Co. of
-S.
"In Oct. 1925, the Chesapeake deposited
Commission Sept. 6, on the application of the carrier for Cleveland $1,409,100 for the purpose of acquiring all of the capital stock
Eastern RR., consisting of 10.000 shares. The stock
authority to sell 595,024 shares ($59,502,400 par value) of of the Greenbrier & by the Union Trust Co. through A. B. Creighton, for
was to be acquired
its common stock, and for authority to acquire control of the account of the Chesapeake. The Union Trust Co. paid out $1,093,668
on account of the acquisition of 8.047 shares on Oct. 3 1925, and $82.633
Erie and Pere Marquette.
and $182.799 on Nov. 17 and Dec. 7 1925, respectively, on account of the
Application for authority to acquire control of Erie and Pere Marquette acquisition of the remaining shares.
should be dismissed, declares the brief, "since no financial plan
'Notwithstanding the disbursement of these funds by the Union Trust
from which the Commission may determine when and in what is presented Co., the Chesapeake continued to show them as on deposit to its credit,
manner
C. & 0. proposes to acquire stock control" of these two railroads, the although it was admitted on the record that no such amount was on deposit
"and
whether the consideration to be paid therefor and the terms and
conditions with the Union Trust Co.
of such purchases are just and reasonable."
"The stock has never been delivered to the Chesapeake, and although it
The plan, the brief declares, is a financial speculation and
not a transporta- has been fully paid for, President Harahan testified that A. B. Creighton is
tion proposal, and is primarily designed to preserve and extend the
present still President of the Greenbrier & Eastern RR. and that it has the same
stock control of 0. P. and M. J. Van Sweringen over the C. & 0.
to the board of directors that it had at the time the Chesapeake purchased its
Erie and Pore Marquette, without direct cost to them.
stock; that Mr. Creighton does not report to the officers of the Chesapeake
The present ownership of Erie's coal properties, it is asserted, is in in any way and spends the revenue of the railroad and bandies it as if he
contravention of the commodities clause of the Hepburn Act,
and the owned it; that the officers of the Chesapeake exercise no control over it.
issue by the C. & 0. of new securities for the purpose of securing stock
"The Chesapeake finds itself in this highly discrediting position as the
control of Erie, and indirectly of such coal properties, would be in
equal result of acquiring stock ownership of the Greenbrier & Eastern RR.without
contravention of that law.
having previously obtained
Commission so to do under
of
While the Van Sweringen option is renewable at the election of the C.& 0. the provisions of . . . the authority this
the Inter-State Commerce Act."
the brief sets forth. its right to exercise the Nickel Plate option on Erie and
Regarding the attitude of 0. P. Van Sweringen toward and his method of
Pere Marquette stocks was predicated upon the Commission's approval, dealing with minority stockholders, the brief says: "It is manifest that the
which was to be obtained "on or before July 1 1927." The executive com- special committee of the Chesapeake's board did not determine to take
mittee of the C. & 0., by resolution adopted at a meeting held June 13 1927, intervenors into their confidence until after they had purchased all of the
formally requested the extension of this option for not less than 90 days, Erie stocks they proposed to acquire in the open market. While 0. P.
but the directors of the Nickel Plate, at a meeting held June 18 1927. Van Sweringen said 'he had no objection to meeting the committee,' he
declined to extend the option and it therefore expired on July 1 1927.
felt 'with the known attitude of Mr. Kemp (Chairman) it would be just a
It is argued the C. & 0. has made no such showing of the present financial waste of time and that nothing would be accomplished, and Kemp and his
plan to acquire a numerical majority stock control of either Erie or Pere committee would simply be more thoroughly acquainted with what we are
Marquette as will authorize the Commission to entertain this aspect of the doing,' fhe latter thought it characteristic of the Chairman of the Chesaapplication. It is manifest, the brief argues, that the C. & 0. has presented peake's board and need
not be commented upon further than to say that
no adequate financial plan for the acquisition of the 1,071.339 shares of now, as heretofore, he is neither disposed to give information to, or tolerate
Erie stock to be presently purchased, since it is not shown that that amount the views of,stockholders who oppose the carrying out of his 'predetermined
of stock can be acquired for the 542.042,573 which it asks authority to pay
therefor, and which the Commission must find to be a just and reasonable course of action.'"
Acquisition of majority stock control of Erie on the basis of the 2.156.405
consideration.
Acquisition of Its increasing investment in the Chesapeake by the Vaness shares that will be outstanding after Oct. 11927. will cost the Chesapeake
brief recites, was largely financed through bank loans from J. P. $45,021.033. the intervenors assert, adding "and as there is no reasonable
Co., the
prospect of its receiving any return upon this investment in the
Morgan & Co., the First National Bank, the Guaranty Trust Co. and dends, this capital outlay will involve a carrying cost, at 6%,ofway of divi$2,701,262,
other banking institutions at which it had no deposit accounts, but in which or more than 23 times the savings which it is claimed.will result from acthe Chesapeake carried large deposit balances at nominal rates of interest.
quisision of
control
"Having thus acquired through the medium of the Vaness Co. and the to route itsstock over itsof Erie for the purpose of enabling the Chesapeake
coal
lines."
Nickel I'late RR. 600,000 shares, or majority stock control of the C. .Se 0.,
While the price of $110 per share at which the Chesapeake may
and having largely financed these purchases upon the credit of the C.& 0.," 36,500 shares of Pere Marquette common under option from 0.acquire
P.
brief declares, "0. P. and M. J. Van Sweringen determined to relieve Sweringen may,"for the purpose of this discussion," be assumed to be a Van
the
fair
these companies of the obligations they were required to incur in acquiring
although the intervenors contend that such is
the fact, says the
these stocks, through the medium of a new holding company to be controlled price,it is contended that it is not just or reasonablenotChesapeake stockbrief,
to
The Chesapeake Corp. was therefore organized in Maryland holders to acquire stock control of Pere Marquette at this time, at any
by them.
price,
with a capital of 900,000 shares no par value common stock."
"since the Chesapeake has pressing and immediate needs for all of its
"It will thus be seen," the brief continuos in this connection, "that ury assets in providing much-needed additions to and improvementstreasof its
O. P.and M. J. Van Sworingen have passed on to the public the cost of the properties and until its own property has been brought to
Chesapeake Corporation acquiring stock control of the Chesapeake, while physical fitness and efficiency which will insure the highest that condition of
degree of economretain voting control of the Chesapeake through majority stock owner- ical operation, its assets and credits should be used for the
they
purposes stated
ship of the Chesapeake Corporation."
and not in the acquisition of securities of other carriers."
During the year 1922 and tho month of January 1923. according to the
brief, the Chesapeake had no deposits with J. P. Morgan & Co., except a
Short Lines Seek Unity with C. & 0.
small fund for the "'redemption of bonds and coupons." The situation
Eight short-line railroads serving rural communities in New York,
it avers, had been the same with the Guaranty Trust Co. since August of Indiana, Kentucky and Pennsylvania on Sept. 3 pressed their claim Ohio,
before
1922. "Nor had the Chesapeake been a depositor with the First National the I.
-S. C. Commission to be included in the Van Sweringen plan for the
1456
THE CHRONICLE
[VOL. 125.
The Hoboken Terminal Properties, Inc., owns in fee valuable waterfront
expansion of the Chesapeake & Ohio system. The pleaders were the
Arcadia & Attica Ry., Betsey River, Chicago Attica & Southern, More- and pier property in the midst of the shipping and industrial activity of
head & Norfolk. Mt. Jewett Kinzua & Merv'Ile, New York & Pennsyl- New York Harbor. On this property are located warehouses and an open
pier for the docking of ocean steamers.
vania. Prattsburgh, and the Big Sandy & Kentucky River lines.
Description of Property.—The tracks operated by the Hoboken ManuIn briefs filed they declared that the promises made by the Chesapeake
Erie
8: Ohio during its hearing before the Commission to continue its "past facturers RR. extend southwardly from a connection with the N. J.RR.
In
the Commission to com- at 17th St. along practically the entire waterfront of Hoboken.
liberal policy" were not sufficient. They asked
mand the Chesapeake & Ohio to incorporate these assurances in its addition to the track connections with the Erie RR., a float bridge is
operated at 15th St. providing rail float connections with such trunk lines
expansion plans on pain of having the whole proposition rejected.
At present this
Tins° small railroads all connect either with the Chesapeake & Ohio as find it necessary to interchange by floating equipment.the Baltimore 6:
bridge Is used by the Delaware Lackawanna & Western,
or Pere Marquette RR. at some point along their lines.
the Commission during hearings Ohio, and the Pennsylvania. Company operates over a total trackage of
The Chesapeake & Ohio informed
ownership
here in the spring that it was willing to accept as a condition of any de- approximately 11 miles, part of which was constructed during the
cision the Commission might render on its expansion program the acquisition and operation of the property by the War Department. Company also
a public conveyance owns in fee and (or) leases diverse parcels of property which are used for
of "any short line which the Commission holds to be
freight yards, motor house, machinery repair shops and yard offices. The
and a necessity."
and office are located at the foot of 5th St., opposite the
Files Brief Protesting Valuation Figures.—The Chesapeake freight station
Holland-American Line.
The dock property, owned in fee by Hoboken Terminal Properties. Inc..
-S. C. Commission
& Ohio Ry. has filed a brief with the I.
in width, extending to the Pier Head Line in the
consists
protesting against the Commission's tentative valuation of Hudson of a plot, 190 ft. of about 1,270 ft., containing an area of approxiRiver, a distance
mately
$198,613,502 for its properties as of June 30 1916, claiming brick 5% acres. On this property are located 3 warehouses, the 9-story
building leased to the Nungesser-Dickinson Seed Co., a subsidiary of
a final value of not less than $356,886,965.
the Albert Dickinson Co. of Chicago, and two smaller brick structures,
The brief was filed in Valuation Docket Nos. 457. 477 and 398, covering containing in all approximately 88,000 sq.ft. of space. An open pier 725 ft.
the property of the Chesapeake & Ohio and two subsidiaries,the Chesapeake in length is used by W. A. Fletcher & Co.
& Ohio Ry. of Indiana and the Piney River & Paint Creek RR. The comSemi Bp.—Bonds will be secured by pledge with the trustee of all the
pany a'so asks that not yew than $2,004,848 be included as the value of outstanding stock of Hoboken Manufacturers RR. and Hoboken Terminal
property held for non-carrier purposes.
therefore,
prices for labor and Properties, Inc., except directors' qualifying shares. In effect, subsidiaAn argument against the Commission's use of 1914
these bonds will 1:1b a first lien upon the physical properties of the
materials in estimating the cost of reproduction of railroad property is ries, which will have no bonds or preferred stock outstanding in the hands
asserts that the value of the property should of the public. The properties of the subsidiary companies are estimated by
Included in the brief, which
reflect changes in the purchasing power of the dollar. One of the principal independent engineers to have a value in excess of $2.225.000.
points of objection relates to the Commission's deduction of $41,955,472,
Issued.
Authorized.
Capitalization—
or 20.7% from its cost of reproduction new figure for depreciation. The let lien 6% sinking fund gold bonds
$1.250,000 $1,250,000
brief is signed by W. S. Bronson and W. J. Conaty as conusel for the $7 cumulative preferred stock (no par value)7,500 shs. 7,500 she.
& Ohio and its subsidiaries.
Chesapeake
10,000 shs. 10.000 shs.
Common stock (no par value)
The company claimed that the 1916 cost of reproduction new was not
Earnings.—Day & Zimmermann, Inc., Engineers, after an exhaustive
less than $293,001,074 plus the cost of reproduction new of industrial Investigation, have found that if satisfactory service Is rendered, there is
telegraph property. Less depreciation, the carrier an annual potential freight business amounting to 740.000 tons which will
tracks and telephone and
claimed a cost of reproduction new figure of $292,615,343.—V. 125. la• be available to the Hoboken Manufacturers RR. On the basis of 740,000
908, 243.
-S. C.
tons gross business and the increased rates recently granted by the I.
Chinese Railways.—Interest on Hukuang Ry. Loan.— Commission and the Trunk Line Association, Day & Zimmermann, Inc.,
J. P. Morgan & Co. announce that as a result of provision made therefor have estimated the annual earning power of the Hoboken Manufacturers
by the Chinese Government, they will be prepared. beginning Sept. 14, RR. as follows:
$965,345
to pay coupon No. 29, due Dec. 15 1925, on bonds of the German series of Gross revenue
736,565
Federal taxes)
this loan, including those attached to German series bonds drawn for Oper. exps., maint. & taxes (other than
redemption on June 15 1925.—V. 124, p. 3626.
available for interest, depreciation and Federal taxes $228,780
Balance
$75,000
Maximum annual interest charges on this issue
Delaware Lackawanna & Western RR.—Ruling.—
The above statement does not reflect increased earnings that may be
The committee on securities of the New York Stock Exchange recently
from contemplated improvements to the waterfront and pier
ruled that the stock of the railroad company shall be quoted ex the dis- expected of the Hoboken Terminal Properties, Inc.
tribution of a half share of Lackawanna Securities Co. stock on Sept. 6. property Fund.—Agreement securing these bonds, will provide for a
Sinking
Sze also V. 125. p. 1188.
sinking fund payable annually beginning March 1 1929, and continuing
throughout the life of this issue, the operation of which, through purchase
Erie RR.—New Pier Placed in Operation.—
by redemption, is calculated, based upon net income
The company's new $4,000,000 fireproof pier at the Jersey entrance of in the open market or the entire issue on or before maturity.
the Holland vehicular tunnel has been completed and placed in operation. percentages, to retire Commission of New Jersey has approved the acquisiPublic Utility
[The
With the opening of the tunnel to traffic in October. the effect of this
tion by the Hoboken RR. & Terminal Co. of 'the stock of Hoboken Manuimprovement will be to connect Erie's Jersey terminals by land with the facturers RR. and the acquisition of the waterfront property by Hoboken
business district of New York, which ships out and takes in more freight
traffic than any other section of Manhattan. Actual construction of the Terminal Properties, Inc.].
pier, one of the largest and most modernly equipped of its kind, ran over
Illinois Central RR.—Equipment Trusts.—
i3600,000, and the value of the land and incidentals to its completion
-S. C. Commission on Aug. 26 authorized the company to assume
The I.
brings the total cost over $4,000,000.
obligation and liability in respect of $8,460,000 equip, trust certificates.
President John J. Bernet points out that the opening of the pier, together
Bank of North America & Trust Co. under
with the opening of the Holland tunnel of which it is a part, places Erie's series 0, to be issued by the
and sold at 100.171% of par and dive.
freight terminals "at the front door of New York." Continuing, Mr. an agreement to be dated July 11927,of certain equipment. (See offering
in connection with the procurement
Bernet says:
"This great undertaking connects the Erie's freight terminals by land with in V. 125. P. 1048.)—V. 125. D. 1189.
New York City and brings them within easy trucking distance of the busiKansas City Memphis & Birmingham RR.—Tenders.—
ness district which takes in and ships out morefreight than any other section
of Manhattan Island. Besides providing the short truck haul,and the modThe Old Colony Trust Co., Boston, Mass., will until Sept. 15 receive
ern facilities, which assure quick dispatch and efficient handling, the loca- bids for the sale to It of income bonds to an amount sufficient to exhaust
tion isfree of congestion for truck and drays on a spacious pier which enables $277,509 at prices not to exceed par and interest.—V. 113, p• 1156.
prompt handling and segregation of cargo. It provides a physical connection at the point where rail and water meet and for export and import
Kansas City Mexico & Orient RR.—Modified Reorg.
freight it means a saving of one to three days in transit time,the elimination Plan.—The holders of the 2
-year 6% gold notes, due April 30
oflighterage to a large degree and a direct transfer between ears and steamships, because the ships can be unloaded directly into the cars and from the 1916, who have deposited their notes with the committee
cars into the ships. It means something to the commercial supremacy of under deposit agreement dated March 31 1916 are in receipt
the Port of New York which cannot be underestimated."
The now pier,known as"No.9," has been leased to Dollar Steamship Co., of a modified reorganization plan. The committee in its
which already has begun berthing its ships, both passenger and freight,
to the noteholders says in substance:
plying between New York and ports around the world. Beside leading statement
On March 23 and 24 1925 the U. S. District Court for the District of
directly to the new pier, the Holland vehicular tunnel leads also directly into
Kansas, First Division, in the Orient foreclosure case, entered its certain
all the Erie's other piers and freight tracks at the Jersey City terminal.—
decree accepting bid, confirming sale and approving the plan of reorganiV. 125, p. 1321, 909.
zation,submitted by Clifford Hided,covering all of the assets of the Kansas
City Mexico & Orient RR.' Pursuant thereto Clifford Histed duly filed
Great Northern Ry.—Bond Application.—
-S. C. Commission in said court the reorganization agreement covered by said decree.
The company in a supplemental application to the I.
Thereifter, in furtherance of said agreement, Clifford Histed caused a
has asked for authority to sell $20,000.000 gen. mtge. 434% bonds. The
City Mexico &
company proposes to sell the bonds at not less than 96%, and use the new corporation to be organized in Kansas called the Kansas non-par stock.
its treasury for money expended from income be- Orient By., with an authorized capital of 75,000 shares of
proceeds to reimburse
tween Jan. 1 1911 and June al 1921 for additions and betterments to its and paid Into the treasury of said corporation $1,250,000 in cash. Under
the
the rlan as submitted to and approved by the court, 35,000 shares ofwho
property.—V: 125. Is• 1189.
capital stock of the new corporation were allotted to Clifford Histed,
paid in the $1,250.000 in cash, and to William T. Kemper. receiver, am]
Gulf Mobile & Northern RR.—Final Valuation.—
Clifford Histed, his counsel, for their grovices. The remaining 40,0o()
-S. C. Commission has placed a final valuation of $10,715,000 on shares of stock were assigned for subscription and purchase by the holders
The I.
the owned and used property of the company, as of June 30 1917.—V. 125, of the 2
-year 6% gold notes.
p.91.
Appeal was taken from the decree of March 23 and 24 1925 to the U. S.
of the
Hoboken Manufacturers RR.—Sale Approved.— has ap- Circuit Court of Appeals, which affirmed so much portiondecree as accepted
of the decree and
the bid and confirmed the sale, but reversed that
The New Jersey State Board of Public Utility Commissioners
of stock to Clifford
proved the acquisition and transfer of a majority of the outstanding stock reorganization plan which assigned the 35.000 shares .tated. Thereafter
of the company to William L. Diener and the Hoboken RR.& Terminal Co. Histed and to the receiver and his counsel as above flied in the District
the mandate of the U. S. Circuit Court of Appeals was
See latter company and V. 125, P. 91.
Court and on June 21 1927 and July 6 1927 the court made certain orders
respect thereto.
Hoboken Railroad & Terminal Co.—Bond Offered.— in This committee. deeming it to the advantage of the noteholders, has
P. W. Chapman & Co., Inc., New York and Chicago, and resolved to adopt,approve and participate in the plan for the reorganization
filed
City Mexico &
Steneck Trust Co., Hoboken, N. J., are offering $1,250,000 of the Kansasand as modified Orient RR. as originallyU. S. and approved
Circuit Court
by the decision of the
by the court
1st lien 6% sinking fund gold bonds, at 99 and int., to yield of Appeals and the subsequent orders of the District Court. The resolution
adopted by the committee for the foregoing purpose (see below) sets forth
6.10%.
(M. & 8.) in detail the method of participation by the committee in the reorganizaDate' Sept. 1 1927: due Sept. 1 1947. Principal and int.or
York
Chicago.
noteholders
plan and the details
payable at the office of agency of company in either New deduction of that tionnew company from thewhereby theand the pricemay acquire stock in
without
to be paid.
committee,
the
Denom. $1,000 and $500 c*. Interest payable
In its resolution the committee has reserved the power to sell all of the
Portion of any Federal income tax not in excess of 2%. Refund of certain
Columbia. Iowa, Kansas, Kentucky, Maryland, deposited notes (except those withdrawn from the committee) and(or)
Calif., Conn., District of
order
Mass., Mich., Minn., New Hampshire, Penn. and Virginia taxes, upon the stock acquired by the committee. This provision is inserted in
thnely and proper application. Red. all or part, at any time prior to ma- that the committee may be in position so to deal with the Property or the
1931 at 105 and int.: there- notes, or the stock, as in the judgment of the committee will result to the
turity upon 30 days notice to and incl. Sept. 1
after, to and incl. Sept. 1 1936 at 103 and int.: thereafter, to and incl. Sept. best advantage of the depositing noteholders.
The committee in order to finance its proposed subscription has entered
1 1942 at 102 and int.; thereafter, to and incl. Sept. 1 1946 at 101 and int.:
subscripand thereafter, but prior to maturity, at 100 and int. Seaboard National into an agreement for a loan of the necessary funds to make such
tion and pay the purchase price of the stock allotted to it by pledging as
of New York, trustee.
Bank of the City
Hoboken Manufacturers security therefor all of the deposited notes (except those withdrawn) and
Business.—Company, through its subsidiaries,
depositing
RR. and Hoboken Terminal Properties, Inc., owns and operates a railroad the stock which it may aceuire under its subscription: none of the
and terminal property strategically located in the heart of New York Harbor noteholders to be personally liable for said loan.
No certificates of stock have actually been issued by the Ransas City
at Hoboken, N. J. The Hoboken Manufacturers RR., a New Jersey
authoricorporation, locally known as the Hoboken Shore Road, operates under Mexico & Orient By.(the new company)and pending the necessary contemIt is
lease until June 2005, an electric and steam railroad extending along the zation for issuance of stock the committee understands that exchangeable
Hudson River waterfront of Hoboken. It provides the only rail connection plated that interim receipts or certificates will be issued
between the railroads entering the port of New York from the New Jersey for stock thereafter.
By the terms of the order of the court entered on July 6 1927 depositing
side and a number of important ocean steamship lines with Railings to and
special
from foreign ports. In addition, it serves local shippers and industries of noteholders may make their subscriptions for stock directly with the
master and in that connection it is provided:
Hoboken and surrounding territory.
American note"Those noteholders whose notes are deposited with
The entire capital stock of the Hoboken Manufacturers RR., because
certifiof the strategic location of its properties, was purchased by the War Depart- holders' committee may, in lieu of their notes, deposit their deposit
to pass title
ment in 1917, and until 1927 continued under the ownership and operation cates, properly assigned in blank, if assignment is required
of the Government. During the World War it served as a point of em- thereto."
Attention of the noteholders is called to the provisions of the resolution
barkation for troops and supplies going to Europe and was an important
of their
of the committee giving to the noteholders the right of withdrawal manner
factor in the operations of the War Department.
the
The Hoboken Manufacturers RR. operates under the jurisdiction of the deposited notes from the committee within the time and in on the part
therein provided and to the consequences following a failure
I.
-S. C. Commission.
SEPT. 10 1927.)
THE CHRONICLE
of noteholders to exercise such right of withdrawal. Those provisions and
conditions are also set forth in the deposit agreement of March 30 1916.
It is further provided by the resolution that depositing noteholders who
shall make subscription for stock in the new company with the special
master independently of the committee, shall not be entitled to purchase
stock from the committee or to share in the proceeds of the sale of the deposited notes of the old company, or of stock in the new company which
may be acquired by the committee, and such subscribing noteholders shall
be deemed to have withdrawn their notes of the old company from the
committee.
1457
Lehigh &Mew England RR.
-Equipment Trusts.
-
The I.
-S. C. Commission on Aug. 26 authorized the company to assume
obligation and liability in respect of $750.000 equipment trust certificates,
series F, to be issued by the Pennsylvania Co. for Insurances on Lives &
Granting Annuities under an agreement to be dated Oct. 1 1927. and to
be sold to the highest bidder, but at not less than 99 and diva.,in connection
with the procurement of certain equipment.
The company will receive proposals up to Sept. 20 at 12 o'clock noon at
the office of the President of the company, 437 Chestnut Street, Philadelphia, for the purchase of 3750,000 4 % equipment trust certificates,
series F, to be dated Oct. 1 1927, secured under the terms and provisions
The resolution of committee of noteholders follows:
of a lease and agreement between the Pennsylvania CO.
Resolved, That this committee adopts, approves and will participate in Lives & Granting Annuities and Lehigh & New England for Insurances on
RR., to be dated
the plan for the reorganization of the Kansas City Mexico & Orient RR. Oct. 11927. leasing
the railroad company
approved by the U.S. District Court for the District of Kansas on March 23 of 200 steel box cars,toswitching locomotives,certain equipment, consisting
6
2 decapod freight locomotives
and 24 1925, and as later modified by the opinion and mandate of the U. S. and 1 gas electric passenger car, of the aggregate cost of
$921.321. The
Circu,t Court of Appeals for the Eighth Circuit, and the orders of the U. S. company reserves the right to reject any and all bids received.
-V. 125.
District Court for the District of Kansas, pursuant to said opinion and
p. 90.
mandate, entered on June 21 1927 and July 6 1927.
Resolved jurthir, That in order to carry out or co-operate in the carrying
Missouri & North Arkansas RR.
-Final Valuation.
out of such reorganization plan on the part of the committee and of the
The I.
-S. C. Commission has placed a final valuation of $9,148,460 on
holders of the 2
-year 6% gold notes who have deposited their notes with the owned and used property of the company, as of June 30 1919.-V. 125.
the committee under deposit agreement of larch 30 1916, who shall not p. 91.
dissent therefrom in the manner provided by paragraph 4 of the deposit
New York Central RR.
-Stock Issue Changed.
agreement of March 30 1916, and as also hereinafter provided, and in the
exercise of the rights, powers and privileges conferred upon it by said
The I.
-S. C. Commission on Aug. 24 issued an amendment to its order
deposit agreement of March 30 1916, the connnittee directs that the fol- of Dec. 31 1923, in which it authorized the road to issue $31.510,620 of
lowing be adopted as the plan of the committee for participating in the capital stock, so as to reduce the authorization to $26.831,860. By a
reorganization plan aforesaid:
supplemental application the company showed that only the latter amount
1. The committee will, on or before Oct. 7 1927 make subscription for of stock, which was to be allotted among stockholders on the basis of
the 35,000 shares of stock in the Kansas City, Mexico & Orient By., or 10% of their holdings, was issued because holders of is 1915 debentures
for such other number of shares as the committee may determine, at the did not exercise fully the privilege of converting them into stock. It
price and upon the terms provided in said orders, and will lodge with tte therefore requested an amendment of the order to limit the amount.
special master all of the deposited notes of the committee (and all receipts V. 125. p. 1048. 909.
accepted by the committee on deposit in lieu of said notes) which will form
-Holders of
New York New Haven & Hartford RR.
the basis of the allotment of stock to the committee.
2. Upon ascertaining the number of shares allotted to the committee
Subscribe to Preferred
pursuant to the order of the court which this committee will be entitled Convertible Debentures Given Right to
-The company has issued the following notice to the
to purchase on account of its subscription, the committee will apportion Stock.
the same among the depositing noteholders who have not at that time holders of the 6% coupon convertible debentures, due Jan. 15
withdrawn their notes from the committee or made independent subscription for stock as hereinafter provided. The committee will thereupon mail 1948, whether or not registered as to principal.
The New York New Haven & Hartford RR. proposes to issue 490,367
to each depositing noteholder at his address as the same appears in the
books of the depositary of the committee a statement of the number of shares of preferred stock (par $100), subject to the approval of the Intershares allotted to him and a subscription blank to be signed by the note- State Commerce Commission.
The holders of such stock will be entitled to receive from the net profits
holder to be returned to the Secretary of the conunittee together with
check for payment therefor. Such depositing noteholders respectively will or actual surplus of the company when and as declared dividends at the
be given the privilege of purchasing their proportionate part of the stock rate of 7% per annum, payable quarterly and to be cumulative and paid
allotted to the committee at the price of s71.61 per share with interest before any dividends are declared and paid on the common stock.
The right to subscribe to such preferred stock is hereby offered to the
at the rate of 6% per annum from Oct. 18 1927, provided said privilege is
exercised and the full purchase price paid to the Secretary of the committee holders of such 6% coupon convertible debentures, whether or not registered as to principal, upon the following basis; that is, to the same extent as
on or before Nov. 18 1927. Time being of the essense hereof.
3. In addition to the foregoing purchase price for said shares, note- if the holders of such contracts were holders of the stock to the future delivholders will oe required to pay their pro rata share of the obligations and ery of which they are entitled under the terms of said contract, to wit, at
expenses of the committee and depositaries and compensation of the do- the rate of one share of preferred stock for each $400 of the principal amount
positaries which the committee has at this date fixed and determined to be of such 6% coupon convertible debentures held by them respectively,
$5 for each $1,000 of notes deposited with the committee, plus the pro rata provided, however, that such holders shall present such convertible debenpart of the additional amount (not exceeding $5 for each $1,000 of notes), tures on or before Oct. 1 1927. to either the (a) Treasurer of the company,
as may be hereafter fixed by the committee and to be approved by the New Haven, Conn.; (b) Assistant Treasurer, Grand Central Terminal.
U. S. District Court in said cause as compensation to the members of the N. Y. City;(c) Assistant Treasurer, South Station. Boston, Mass.:(d) J. P.
committee for their services. Noteholders will be advised of the amount Morgan & Co., N. Y. City; (e) Old Colony Trust Co., Boston, Mass.:
of such compensation when they receive the information of the allotment U Rhode Island Hospital Trust Co.. Providence, R. I.; (g) the Hartford.
)
Connecticut Trust Co., Hartford, Conn.;(h) Union Trust Co., Springfield,
of stock.
4. Depositing noteholders who do not avail themselves of the purchase Mass. To be stamped substantially as follows:
privilege on or before Nov. 18 1927 shall have no further right to purchase
"Warrant evidencing right to subscribe for shares of this company's 7%,
said shares of said committee. Any shares allotted to the committee which preferred stock under votes of directors of Aug. 17 1927, and of the execushall not be purchased and paid for to the Secretary of the committee by tive committee of Aug. 23 1927, received by holder hereof without affect
the depositing noteholders on or prier to Nov. 18 1927 shall be allotted big the within contract."
among depositing noteholders who have subscribed and purchased stock
All subscriptions must be paid for a whole number of shares. Fractional
from said committee, or among so many of them as may desire to acquire rights of subscription must be so combined by purchase or sale thereof as
said additional shares at the price of $71.61 per share with interest at the to entitle the holders to subscribe for a whole number of shares. The
rate of 6% Per annum from Oct. 18 1927, together with the charges of the company can neither buy nor sell rights.
committee mentioned in foregoing paragraph. Notice of the additional
Under the subscriptions to be made in accordance herewith, the suballotment sball be mailed to such purchasing noteholders and they shall scribers will be obliged to make payment in one of the following ways:
be required to pay for the shares thus additionally allotted to them on
1. In one payment on or before Oct. 1 1927 for the entire number of
or before Nov. 28 1927. A failure to purchase and pay for said additional shares subscribed for.
snares within the time limited therefor shall forfeit any right of the note2. In four installments of $25 each per share, the first installment at
holder to whom the same was allotted to purchase the same. The
the time of subscription. that is to say, on or before Oct. 1 1927; the second
mittee reserves the right to make such disposal of the shares not takencom- Installment on or before April 2 1928: the third installment on or before
over
by the noteholders on such re-allotment as the committee
its dis- Oct. 11928. and the final installment on or before April 1 1929.
cretion determine. In the event that such shares not so may inshall be
From and after the due dates for payment of the several Installments
disposed of for such sums in excess of the amount remainingtaken on the (except the last), on said shares of preferred steck, and until April 1 1929.
unpaid
loan (hereinafter mentioned) or in the event that said shares not so taken Interest at the rate of 7% per annum will be allowed on such installments.
shall be sold under the terms of the pledge agreement under said loan
provided the several installments
become due, by crediting
inafter referred to) the surplus arising from either of such cases shall(here- such interest as part payment atare paid as they
installments
the committee apportioned among the depositing noteholders who be by succeeding the first installment. the time of payment of the
have
subscribed and purchased shares from said committee, after deducting
Payments may be made either directly to the Treasurer of the company
from such surplus a sum sufficient to defray pro rata the expenses and at New Haven. Conn.,or to the Assistant Treasurer at New York or Boston,
charges of the committee. Noteholders will also be required at the time or through any of the above-named agencies.
they make their subscriptions for stock to the committee
No
or assignment of any right to subscribe need be
the committee their certificates of deposit of notes with to surrender to nized subscription in the form and manner required by the officers recogof the
the committee
unless made
properly assigned in blank to pass the title thereto.
company. All rights of subscription abandoned or not properly exercised.
5. Either before or after making its subscription anther) payment for including uncompleted payments on subscriptions, will be forfeited to the
the shares of stock allotted to the committee (but before final
-V. 125, p. 1322.
distribution company.
of said stock shall have been made by the
the noteholders to purchase said stock as committee) (in lieu of permitting
hereinbefore provided) the comPennsylvania RR.
-No. of Stockholders Decline.
mittee may sell all of the deposited notes (excluding those which
may be
The stockholders showed a decline of 424 during July, reducing the total
withdrawn from the committee) and(or) the shares of stock
acquired by to 141,134 on Aug. 1. This compares with 140,414 on Aug. 1 1926, an
the committee under its subscription aforesaid, at
of
such terms as the committee in its discretion maysuch price and upon increase of 720. The decrease of 424 in July compares with a decreaseIndetermine:
that the committee shall include all of the said notes and(or) stock provided 330 in June, an increase of 143 in May, a decrease of 848 in April and a
as afore- creases of 182 in March, 160 in February and 1,049 in January, making
said in such sale. The proceedsderived from such sale shall be applied by
the net decrease since the first of the year of 68. Average holding on Aug. 1
committee first in reimbursement of the obligations and charges
of the 1927
July 1 1927 and with
committee as provided by paragraph 3, and, second, shall be distributed 71.11was 70.75 shares, compared with 70.54 shares on I 1927 totaled 3.70%,
shares on Aug. 1 1926. Foreign holders on Aug.
among the depositing noteholders pro rata as their several interests shall an
increase of 0.07% over last year.
-V. 125, p. 778. 244.
ppear.
a 6. Any depositing noteholder who shall make subscription or stock in
-Mellon
Pere Marquette Ry.-Equip. Trusts Sold.
the now company with the special master,independently of the
shall not be enti:led to purchase stock from the committee or committee, National Bank, Pittsburgh and associates, have placed
to share in
the proceeds of sale of said notes of the old company or of stock in the new privately an issue of $2,550,000 equipment trust certificompany which may be acquired by the committee, and such subscribing
The issue has been approved by the
noteholder shall be deemed to have withdrawn his notes from the com- cates, series A.
mittee.
I.-S. C. Commission.
purpose of securing the necessary funds to enable it to make
7. For the
The report of the Commission says in part:
subscription and pay for the stock allotted to it, and in order to carry this
The applicant represents that it needs the following equipment:
plan into effect, the committee is hereby authorized to negotiate a loan
Approximate
for the amount so required and to pledge as security therefor (a) all of the
Units. Unit Price. Total Cast.
deposited notes with the committee except those notes as shall be with- 40Descriptionsteel-underframe box cars
1,000 $2,200.75 $2,200,750.00
drawn by the holders under the provisions of the deposit agreement and 55-ton composite gondola cars
-ton
538.962.50
2,155.85
250
this resolution; and (b) all shares of stock in the Kansas City Mexico & 70
-ton steel hopper cars
589,700.00
250 2,358.80
Orient By.(the new company) whether represented by certificates of stock 50
-ton steel air dump cars
90,500.00
20 4,525.00
or otherwise which may be acquired by the committee on account of its
subscription. The collateral agreement securing said loan shall, among
Total
$3.419,912.50
other things, provide: That the committee will reserve the right to redeem
The Interstate Trust Co. will procure this equipment from the manuall or any part of the shares of stock which may be allotted to and i.e ac- facturers or owners and as
enter into an agreement with the
quired by the conunittee through its subscription aforesaid on payment at applicant creating the Pere trustee willequipment trust, series A.
Marquette
the rate of $71.61 per share plus interest at the rate of 6% per annum from
The equipment-trust agreement will be dated Aug. 1 1927, and will
Oct. 18 1927, and if the same be done there shall be released from the hen provide for the iRSUO by the Interstate Trust Co., as trustee, of the certifithereof and contemporaneously therewith a proportionate number of the cates evidencing shares in the equipment trust. The certificates will be in
-year 6% gold notes. Said loan under its terms shall become due on the denom. of $1,000 c*. They will mature serially in amounts of $170.000
2
Nov. 28 1927. The note shall contain the further provision that upon on Aug. 1 of each year from 1928 to 1942, incl., and will have dividend
default in the payment of the principal or interest, or any part thereof. warrants attached entitling the holders to dividends thereon at the rate of
the holder shall be authorized to sell all of the said collateral, or any part 41j% per annum from Aug. 1 1927. payable FS& A.
thereof, pledged to the holder as aforesaid, at public sale, first giving at
The applicant solicited bids from 28 banks or bankers and 10 bids were
least 10 days' written notice to the committee. Upon any such sale the received. The highest bid was 99.71% of par and accrued dividends, and
purchaser shall take title to the collateral sold, free and discharged from was made by the Mellon National Bank. of Pittsburgh, Pa., and awsociates.
all right of redemption. The holder may become the purchaser at such On that basis the average annual cost to the applicant will be approxisale. None of the depositing noteholders, nor any member of the com- mately 4.546%- 125, p. 1189. 910.
v.
mittee, shell be personally liable for the loan.
Southern Ry.-Proposes Cincinnati Re-Lease.
4. In the event the remaining 40.000 shares of stock of the Kansas City
Orient By. shall become subject to subscription and purchase
from the Southern By. system to re-lease the municipally owned
An offer
Mexico &
by the noteholders, the committee reserves the right and power to make Cincinnati Southern Ry. for 99 years will be submitted to the voters of
or to take such other action in respect Cincinnati for their approval or rejection on Nov. 8. Under the terms of
such subscription and purchase, time being advised in the
premises shall the present lease the rental agreed to be paid by the lessee company for the
thereto as the committee at the
determine, giving notice to the noteholders of its action or determination period 1928 to 1946 is $1,100,000 per annum and for the period 1947 to 1966.
at which time the present lease expires, $1,200,000 per annum.
in that behalf. See also V. 125, p. 778.
1458
[VoL. 125.
THE CHRONICLE
The terms agreed upon involve the extension of the lease until Dec. 31
-Bonds Called.
Atlanta Gas Light Co.
2026. The rental proposed is (plus the expenses of the trustees' organiza-year s. f. gold bonds. due
Twenty-six ($26,000) ref. & impt. mtge. 50
tion) as follows:
Oct: 11976. have been called for payment Oct. 1 next at 106 and int. at the
For the period 1928 to 1946, $1,250,000 per annum plus 2% of the net Girard Trust Co., trustee, Philadelphia, Pa.
-V. 121, p. 2401.
profits.
For the period 1947 to 1966. $1.350,000 per annum plus 3% of the net
-Acquires Properties.
Atlantic Public Utilities, Inc.
profits.
The corporation has concluded negotiations for the purchase of the
For the period 1967 to 1986, $1,450,000 per annum plus 4% of the net Indiana Light & Power Co. and its subsidiaries, the Shopfer Electrical Co..
profits.
the Brookline Electric Light dc Power Co., and the General Utilities Co.
For the period 1987 to 2006, $1,600,000 per annum plus 5% of the net These properties extend over the territory in Ohio west from Bowling Green
profits.
and into the State of Indiana. The lines of the Indiana Light & Power Co.
For the period 2007 to 2026, $1,700,000 per annum plus 6% of the net and the lines ofttespresent subsidiary of the Atlantic Public Utilities, Inc.,
profits.
In Bowling Green, are about ten miles apart, at their nearest point.
The term "net profits" shall be interpreted as the difference between the
The combined figures of the Atlantic Public Utilities, Inc., and the
"net railway operating income" of the leased property in any one year Indiana Light & Power Co. and its subsidititles, for the year ending Juno 30
-S. C. Commission) 1927, are as follows:
(ascertained under the accounting regulations of the I.
$1,017,768
and the fixed rental (including interest and sinking fund accruals) due in Gross revenue
-V.125. p. 778.
587,199
each year under the terms of the new lease contract.
Operating expenses, &c
Texas 8c Pacific Ry.-Definitive Bonds Ready.
nnounce that holders of interim receipts for gen.
Kuhn, Loeb &
& ref. mtge. 5% gold
Co.,bonds, series B,due April 1 1977, may now exchange
their holdings for definitive bonds at the United States Mortgage & Trust
55 Cedar St., N. Y. City. (For offering see V. 124, p. 1355).-V. 125,
Co..
P. 1189.
Watertown & Sioux Falls Ry.-Final Valuation.
The L-S. C. Commission has placed a final valuation or $1,675,000 on
the property of the company, as of June 30 1918.-V. 124, p. 503.
-Gets Charter.
West Texas & Gulf RR.
The West Texas & Gulf RR., which proposes to build and operate a line
250 miles long from San Angelo, Tex., via San Antonio and other places, to
Corpus Christi, 'Tex., has been granted a charter, according to a press
dispatch from Austin, the State capital, application having been approved
by the Attorney-General's department. It appears that new construction
will not be necessary for all of the proposed lino, but that existing links will
be connected and used.
The capital stock is $300,000 (par $100), a majority being held by R. W.
Morrison, J. M. Bennett and Albert Steves, Sr., all of San Antonio, each
W. C. Blanks, R.
having 600 shares. The other incorporators are Shannon, Robert A. Hall
Driscoll,
and John Y. Rust, all of San Angelo, and J. M.
R. M. Moberg and W. W.Janes, all of Corpus Christi.
Plans to build this line, it is stated, have caused residents of Tahoka,
Tex., to turn aside from a highway project and look toward building a railroad connection from a point on the proposed line near San Angelo to
Tahoka and Lameas. Tex.. connecting at the latter point with the Santa Pe
System, about 75 miles of construction being necessary. Accordingly, the
Gulf Railway Development Association was formed at Taholca, with Carl
Roundtree of Lamesa as President and A. B. Davis, of Lubbock, Tex., as
Secretary. Other diregtors of the organization include S. E. Stages of
Staten, Tex.; J.'F. Williams of Wilson, Tex.: C. H. Cain of Tahoka; 0. L.
Slaton of Lubbock. Tex.: L. M. Wilder of O'Donnell, Tex.; Dixie Kilgore,
of Lamesa; R. L. Price. of Big Spring, Tex.; W.L. rester. of Sterling City,
Tex.;C.A.Broome,of San Angelo;EM.Turner.of Spartanburg, Tex.;and
-("Manufacturers Record.")
A. D. Brown, of Ackerly, Tex.
$430,568
Net operating revenue
$159,147
Subsidiary interest and minority
271,421
Available to holding company
Int. on $1,500.000 bonds,$90,000;int. on $900,000 notes,$54,000
144,000
total interest
350,'00
Dividend on 5,000 shares preferred
--$92,421
Balance, surplus
-V. 124, p. 2746.
-Earnings.
Baton Rouge (La.) Electric Co.
12 Months Ending June 30Gross earnings
Operating expenses and taxes
Net earnings
Interest and amortization charges__ _
1927.
31,011,446
631,622
1926.
$892,762
571,531
1925.
$737,803
471.30$
$379,824
70,304
$321,231
70,472
$266,558
67,712
$198,846
$250,758
$3309,520
Condensed Balance Sheet June 30.
1926.
1927.
Liant/ttles-1926.
1927.
Assas53,426,934 $3,149,331 Pref. stock (7%).. $404,100 $321,105
Plant
40,900
5,600
72,524 Pref, stock subset
._
115.274
Cash
990,009
2,750 Bonds 534 %(1954) 990,000
250
Notes receivable
7,833
104,134 Mtge, note annum_
Accts. receivable.. 104,242
135,000
175,000
62,221 Notes payable_ ___
70,271
Materials & suppl.
23,271
21,577
31,644 Accts. payable..
2,085
Prepayments
75,018
Accts. not yet due_ 116,160
Unamort. debt dis267,490
115,489 Retirement reeve. 368.810
count & expense
10,654
17,497
13,610 Contrib. for ext'ns
111,352
Unadiust. debits
20,042
21,941
Oper. reserves.. _
13,325
Sinking funds_
56,877
58,997
Unadlus. credits__
Total (each side)$3,843,731 83,551.703 Balance of assets_ _11,664,049 1,803,518
x Showing book value for 41.041 shares of no par common stock (including earned surplus of 8637,043).-V. 124, p. 2285.
Balance
-Bonds Offered.
Baton Rouge (La.) Water Works Co.
Whitney-Central Banks, New Orleans, recently offered at
PUBLIC UTILITIES.
par and interest $400,000 1st mtge. sinking fund gold bonds,
-Merger Approved.
- series A 53'%.
Adirondack Power & Light Corp.
due Aug. 1 1947. Denom. $1,000 and $500 c*.
Dated
Aug. 1 1927;
The stockholders on Sept. 1 approved of the consolidation of this comat Whitney-Central Trust & Savings
pany with 5 other companies into a new company known as New York Power Principal and int. (F. & A.) payable Continental & Commercial Trust ts
at
& Light Corp. This action completes the ratification process by all compan- Bank, New Orleans, trustee, ordeduction for normal Federal income tax
Fairings Bank. Chicago. without
ies involved, including the Municipal Gas Co. of Albany, Troy Gas Co.,
103 and int. after :t
Adirondack Electric Power Corp.. Fulton County Gas & Electric Co. and (IP to 2%. Callable all or part on any int. date at
the Cohoes Power & Light Corp. (See also "New York Power & Light weeks' published notice.
Connell, President of the Company.
Data from Letter of W. P.
Corp." in V. 125, p. 1324.)-V. 125, p. 1323.
Companu.-Owns and operates a complete water
American & Foreign Power Co., Inc.-!'hanges in water, without competition,for domestic, municipalworks system supplying
and industrial purposes
Personn 1.
to the City of Baton Rouge and its principal sub-divisions. The aggregate
Curtis E. Calder, formerly President of the Texas Power & Light Co., population served is in excess of 40,000. The business was organized and
has been elected President. succeeding S. Z. Mitchell, who has been elected established in 1888 and has boon in continuous and successful operation.
since that date.
Chairman of the board.
Security & Propertu.-This issue is the direct obileation of the company,
C. E. Groesbeck and F. B. Odium,formerly Vice-Presidents of the coin-V. 125. p. 92.
secured by a closed first mortgage on all of its property which includes a
Pany, have been elected Vice-Chairmen.
complete pumping plant, 10 lots of ground. 129 miles of water mains, a
American Water Works & Electric Co.. Inc.(& Subs.). stand pipe, water meters and boxes, 276 hydrants, reservoirs and an office
-Month-1926.
1927-12 Mos.-l926.
Period End. July 31- 1927
and other buildings. According to Alvord, Burdick & Howson. Engineers
$3.933,053 $3,557,898 $47,551,693 $43,643,496 of Chicago, the company is furnishing satisfactorily and well a rapidly
Gross earnings
Oper.exp..maint.& taxes 2,158.696
1,960,599 24.615,919 22,972,226 increasing demand; the water supply is permanent, capable of indefinite
extension, and of excellent sanitary quality. The bonds are additionally
• Gross income
$1,774,356 $1,597,208 $22,935,774 820,671,270 secured by the pledge of all of the capital stock, except directors' qualifying
Int. & amort. of disc. of
shares, of Plumbing 8c Supply (Jo., Inc.
subsidiaries__
747,618
708,372
8,626,973 8,401,355
Valuation.-Alyord, Burdick & Howson have appraised the property of
385,303
Pref. dive, of subsidiaries
357,050
4,443.532
4,18.5,321 the company (reproduction value less depreciation) at $1,300,000 or more
3,213
Minority interests
6.207
51,080
52,802 than three times the aliment of the bonds presently outstanding. 8100,000
of the proceeds of the bonds presently outstanding will be used for extensions
$638.222
8525,668 39,814,188 $8,031,792 and improvements and upon completion of the extensions and improvements
Balance
& amortiz. of disc.
this appraised value will be increased to approximately $1,400,000.
-Water Wks. &
of Am.
-Net earnings of the company and its subsidiary, Plumbing &
Earnings.
99,443
101,286
1,158,462
1,109,887 Supply Co.. Inc., before depreciation and interest, for the 5 year and 6
Elec. Co., Inc
months' puled ended June 30 1927 have averaged $72,331 a year. This
$536,936
3426,226 $8,655,726 $6,921,904 average income, which has been available for interest payments, is more
Balance
Res. for renewals, rethan 334 times the largest requirement on the bonds presently outstanding.
272,553
244.403 3.473,122
3,145,097
placements & deplet_ Sinking Fund -Company shall establish a sinking fund, into which is
shall pay annually 3% of the largest amount of bonds of this series issued,
$181.823 $5,182,605 $3,776,807 to be used for the retirement of bonds outstanding by purchase or call or
8264,383
Net income
The consolidated net income of $5,182,605 is equivalent, after accrued for extensions or improvements to the plant which, if made, are not to be
first preferred dividends, to $3.16 a share on the 1,328.219 shares of common available as security for further loans.
stock outstanding as of July 31 1927. For the year ended July 31 1926,
Purpose.-Approxlmately $100,000 of the proceeds of bonds of this series
net income after similar charges of 33,776,807, would have been $2.21 per presently issued will be used for extensions and improvements to the
share on the number of shares of common stock which would have been company's plant. The remainder has been used to refund the company's
mortgage and other indebtedness and for other corporate purposes.
then outstanding on the basis of the present capitalization.
Franchise -Company operates under a franchise from the City of Baton
Net power output of the electric subsidiaries of the American Water Works
& Electric Co., Inc., for the month of July 1927, was 135,499,516 kilowatt Rouen which expires Nov. 9 1947, at which time the City must purchase
hours, comparing with 113,821,333 kilowatt hours for the corresponding the plant at its then appraised value or renew the franchise for 30 years.
month of 1926, a gain of 19%. For the first 7 months of 1927 net power
-Earns.
Blackstone Valley Gas & Elec. Co.(& Subs.).
output totaled 1,023.241,490 k.w. hrs. against 832.260,710 k.w. hrs. for
12 Months Ended June 301927.
1926.
the corresponding period of 1926, a gain of 23%.-V. 125, P. 1323.
Gross earnings
5
81 2 139
35,748,455 $5.317,640 $4192 .
-Tenders.
Appalachian Power Co.
3.024.490
Operating expenses and taxes
3,382,621
3.717,499
The Continental & Commercial Trust & Savings Bank, trustee, Chicago.
Ill., will until Oct. 5 receive bids for the sate to it of 1st mtge. 5% sinking
Net earnings
$2,030,956 $1,935,019 81,787,649
fund gold bonds, dated June 1 1911, to an amount sufficient to absorb x Income from other sources
105,543
5,466
57,278
$228,240. at prices not exceeding 105 and int.-V. 123, p. 1501.
$2.036.422 $1,992,297 $1,893,193
- Balance
-Offer to Bondholders.
Associated Gas & Electric Co.
y Deductions
105,500
105,500
105,500
Holders of Fredericton Electric Co., Ltd., 1st mtve. 6% bonds, due
Nov. I 1945, who desire to exchange their bonds for 36.50 dividend series
Balance
31,930,922 *1,886,797 31,787,693
Gas & Electric Co., on the basis of 10 Interest and amortization charges
preferred stock of the Associated
435,722
501,492
446,160
shares of preferred stock for each $1,000 bond,should forward the same to
the Associated company, Room 2015, 61 Broadway, N. Y. City, on or
Balance
81.429,430 61.440,636 81,351,970
before Oct. 6.
x interest on funds advanced to Montaup Electric Co. y Interest
See also Charlottetown Electric Co., Ltd., Maritime Electric Co., Ltd., charges on bonds and dividends on outstanding pref. stock of the Pawtucket
and St. Stephen & Calais Light & Power Co.. Ltd. below.
Gas Co. of New Jersey.
The capitalization of'the Associated Gas & Electric Co. and its subsidiary
Consolidated Balance Sheet.
companies outstanding in the hands of the public, as of June 30 1927, is as
June 30'27 Dec. 31 '26
June 3027 Dee. 31 '25
follows:
Assets$
Liabilities$
840,000,000
$
554% Convertible gold debentures, due 1977
$15,882,076 Prop., plant, &e_ .22,885,88e 22,098,637 Common stock.. 7,796,200 6,496,8w
option warrants
Perpetual convertible debentures and
Cash
190,610 Pref. stock (6%)_ - 1,294,200 1,294,200
483,675
Preferred stocks (all of equal rank and no par value):
9,021
1.450 Prem. on com.stk.
10,050
10,717
255,981 shs. Notes receivable._
$6.50 dividend series
115,325 shs. Accts.receivable.. 744,484 1,010,260 Pawtucket Gas Co.
$6 dividend series
0
990.00
609,621
preferred stock. 990,000
150,000 shs. Mates & supplies_ 677,510
Original series ($3.50 dividend)
10,565,000 10,609,000
65,628
9,339 Funded debt
102,038 shs. Prepayments
$7 dividend series
610,000
311,061 Notes payable_
500,000 shs. Sinking fund x____ 313,955
Class A stock
243,901
Accts. payable... 287,096
300.000 shs. TJnamortized debt
Class B stock
300.402
Mee. & expense_ 303,035
315,169 Accts. not yet due. 333,737
1 233,452 shs.
Common stock
. 39,696 • 28,341 Retirement reserve 1,454,594 1,1532,742
Unadlus. debits_
Subsidiary Companies
12,933
15.458
50,000 Unadiusted credits
50,000
4106,151,320 Treasury securities
Funded debt and preferred stocks
Reserve & surplus. 2,847,800 2,519,440
5,808
Common stocks (par or stated values)
x Preferred stocks are stated at par or liquidation value if without par
25,574,802 21,824,489
Total
25,574,802 24,624,489
Total
value. There are also outstanding 13.018 shares of Clarion River Power
x Includes $195,000 bonds of Woonsocket Electric Mac Me & Power Cu.
Co. participating stock, the value of which is contingent on additional
water power developments by that company.
held in sinking fund uncancelled.-V. 124. P. 2905.
-V. 125, p. 1190.
SEPT. 10 1927.]
UTE CHRONICLE
Broadway & Seventh Avenue RR.
-Tenders.
The Chatham Phenix National Bank & Trust Co., as successor trustee.
announces that it has on deposit certain funds available for the purchase of
the 1st consol. mtge. 5% gold bonds, due Dec. 1 1943. Sealed offers from
holders of these bonds will be received at the trust department of the bank
until noon Sept. 20.-V. 124. p. 2905.
..,
Cape Breton Electric Co., Ltd.-Earnings.
12 Months Ended June 301927.
1926.
1925.
Gross earnings$647.264
$600,301
8578,914
Operating expenses and taxes
494.094
477,270
509.752
Net earnings
8153,170
$101,643
$90.546
Interest charges
68,968
693)82
68,670
Balance
$81,202
$32,562
$21,878
Condensed Balance Sheet June 30.
Assets1927.
Liatilittes-1926.
1927.
1926.
Prop., plant, &c_ _$3,231,137 $3,221,957 Common stock_ ..$1,125,000 $1,125,000
Cash
26,566
14,149 Pref. stock (6%)__ 314,000
314,000
Accts. receivable
38,841
39,922 Bonds
1,222,000 1.227,000
Materials & impel53,523
57,511 Notes payable_
130,000
132,125
Prepayments
4,783
5,272 Accts. payable_ __
20,944
50,464
Miscell. investmls
5,004
2,503 Accts. not yet due_
21,565
2,867
Sinking funds__ _ _
234
910 Retirement res've_ 261,508
245,422
Unadius. debits__
7,835
1,707 Oper. reserves_ _ _ _
11,241
13,016
Reserves & surplus 261.665
234,037
Total
$3,367,923 $3,343,931
-V. 124. p. 2277.
Total
53,367,923 $3,343,931
Central Power Co. (Del.).
-Bonds Offered.
-Hill, Joiner
& Co. and Halsey, Stuart & Co., Inc. are offering at 96Y
I
and interest, to yield 5%%,$3,200,000 1st mtge. 5% gold
bonds,series D.
Dated July 11927. due July 11957. Int. payable J. & J. in New York
or Chicago, without deduction for Federal income taxes not in excess of
2%. Denom.$1,000.8500 and 8100 c*. Red. all or part at any time upon
30 days' notice at following prices and int.: on or before June 30 1032 at
105: after June 30 1932 but on or before June 30 1937 at 103: after June 30
1937 but on or before June 30 1942 at 10236; after June 30 1942 but on or
before Juno 30 1947 at 102: after June 30 1947 but on or before June 30
1952 at 101: after June 30 1952 but on or before June 30 1956 at 10034; after
June 30 1956 at 100. l'enn. and Conn. 4 mills taxes and the Mass. 6%
income tax on int. refundable if requested within 60 days after payment.
Continental &Commercial Trust & Savings Bank and :William 1'. Kopf,
Chicago, trustees.
/ssuance.-Authorized by the Nebraska State Railway Commission.
Data from Letter of Martin J. Insull. President of the Company.
company.-Incorp. In Delaware. Owns and operates public utility
properties supplying electric light and power, gas or water service to 54
communities situated mainly in the fertile Platte River and Missouri
River valleys of central and eastern Nebraska and including the cities of
Grand Island, Hastings, Kearney and Nebraska City. Electric light and
power, at retail or wholesale, are furnished to 53 communities gas to 4,
water to 1 and in addition the company sells considerable electrical energy
to other public utilities operating in adjacent territory. The population
served, directly or indirectly, is estimated to exceed 80.000. Approximately 90% of the net earnings from operation are derived from electric
light and power and gas sales.
The properties owned and operated comprise electric power stations
having generating capacity of 11,975 kw. of which 4.400 kw. are in hydroelectric stations. The high voltage transmission lines interconnecting the
various communities served total more than 410 miles. The gas manufacturing plants have a combined daily rated capacity of 1,970,000 cu. ft.
and the water works plant serving Nebraska City has a rated canacity of
2,000,000 gallons per day. Company serves 11,041 customers with electric
light and power, 6,969 with gas and 1.250 with water. The output during
the year 1926 was 20.956,520 kw.h. of electrical energy and 179.414,380
cu. ft. of gas.
Earnings 12 months EndedDec. 31 '26. July 31 '27.
.Gross earnings, including other income
$1,163,550 $1,164,737
Operating expenses, including maint. & taxes
801,196
775.336
Not earnings
8362.353
$389,401
Annual int. requirement on total funded debt (this issue)_
$160,000
Net earnings for the 12-months period ended July 31 1927 were over
--2.4 times the above annual interest requirement.
Security.
-Secured by a first mortgage on all of the permanent
rights and franchises of the company now owned and on all such property,
property
hereafter acquired on account of which bonds are issuable under the
mortgage.
Capitalization Outstanding with Public (After This Financing).
Common stock (par $100)
82,606,600
Preferred stock, 7% cumulative (par 8100)
1.257,300
1st mtge.5% gold bonds,series D.due July 1 1957 (this issue)_ _ 3.200.000
Purpose.-Preeeedv will be used to refund the present 6% bonds, for the
acquisition of property, for partially reimbursing the treasury for expenditures made on account of additions and improvements to the properties,
and for other corporate purposes.
Manaeement.-The operations of the company are controlled by Middle
West Utilities Co.
-V. 125. p. 1323.
Charlottetown Electric Co., Ltd.
-Holders of 1st
Mtge.6% Bonds Due Oct. 1 1943 Given Exchange Offer.
-
The holders of the 1st mtge. 6% bonds, due Oct. 1 1943, who were given
the privilege of exchanging their bonds for $6.50 dividend series preferred
stock of Associated (las & Electric Co., on the basis of 10 shares of said
preferred stock for each 51,000 bond are notified that this offer will be
withdrawn 30 days from Sept. 3.
Bondholders desiring to take advantage of the exchange offer should
forward their bonds by registered mail to the Associated Gas & Electric
Co., Room 2015, 61 Broadway. N. Y. my,prior to the expiration date.
Columbus (Ga.) Electric & Power Co. (& Subs).
-
1459
Chicago & West Towns Railway.
-Bonds Offered.
Harris Trust & Savings Bank, Chicago, are offering at 958A
and int., to yield over 7% $425,000 1st mtge.6% gold bonds,
(series B).
Dated July 11927: due July 11932. Red. on any int. date, at par and
int. and a premium of
of 1% for each year or part of year of unexpired
life. Interest payable J. & J. at Hams Trust & Savings Bank. Chicago.
Denom. $1,000 and $500 c*. Harris Trust & Savings Bank, Chicago,
trustee. Interest payable without deduction for any normal Federal
income tax not in excess of 2%.
Issuance.
-Approved by the Illinois Commerce Commission.
Company
.-Own9 and operates electric railway lines serving, without
competition, a thickly settled section immediately adjacent to the western
limits of the city of Chicago and having a population estimated to exceed
255,000. The communities in the territory served include Oak Park,
River Forest, Maywood Forest Park, Cicero, Berwyn, Lyons, Riverside.
Brookfield and La Grange. Company also operates numberous bus routes
supplementing the railway service.
CapitalizationAuthorized. Outstanding.
Preferred stock 6% cumulative
$1,000.000 $1.000,000
Second preferred stock 8%
500,000
210,000
Common stock
1,000,000
1,000,000
1st mortgage bonds, due 1932, series A 7%
1,500,000
do
Series B 6% (this issue)
425,000
Earnit gs Years Ended July 31.
1926.
1927.
Gross earnings
51.410.505 $1.457,765
Operating expenses, incl. maintenance & taxes_ 1,070.700
1.102.243
Net avail,for interest depreciation, diva. Sec_
Annual interest requirements on $1.925,000 bonds
-V. 122, p. 2491.
$339,805
$355,522
130,500
Dallas (Texas) Gas Co.
-Tenders.
The American Trust Co.. trustee. 135 Broadway, N. Y. City, will until
Sept. 26 receive bids for the sale to it of 1st mtge. 6% gold bonds due
1941 (second series) to an amount sufficient to exhaust $14,919 at prices
not to exceed 1073.-V. 124. p. 2586.
Danbury 8c Bethel(Conn.)Gas & Electric Lt. Co.-Acg.
See Danbury Power & Transmission Co. below.
-V. 117. p. 785.
Danbury (Conn.) Power & Transportation Co.roposes Sale of Its Power Plant.The company has applied to the Connecticut P. U. Commission for
authority to sell its franchise rights for toe generation of electricity, as well
as Its power plant and equipment to the Danbury & Bethel Gas & Electric
Co.
-V. 123, p. 1874.
Delaware River Water Co.
-Bonds Called.
All of the outstanding 1st mtge. 5 % gold bonds, series "A," dated
May 11926, have been called for payment Nov. 1 next at 105 and int, at the
Equitable Trust Co., trustee, 37 Wall St., N. Y. City.
-V. 123, P. 1632.
Eastern Texas ElectricCo.(Del.) & Subs.
-Earnings.
-
12 Months Ended June 30Gross earnings
Operating expenses and taxes
1927.
1926.
$6,532,390 $4,696.814
4,197,998
3,243,835
1925.
$2,494,452
1.677,301
Net earnings
a Income from other sources
82,334.393 $1,452.979
147,819
128,274
$817,151
Balance
Deductions_b
$2,482,212 $1,581.253
841.304
529.713
5817.151
187,186
Balance
81,640.908
Interest and amortization charges__ _
488,627
81.051,540
343,097
8629.965
17,201
Balance
51,152,281
$708.443
8612,763
a Interest on funds for construction purposes. b Interest, amortization
charges and diva. on securities of underlying cos. held by the public.
Consolidated Ba
1926
.lare Sheet June 30.
1927.
1927.
1926.
AssetsI Liabilities$
$
$
$
Prop., plant, &c_30,733,680 25,665,693 Pref. stock (7%). 2,406,400 2,127,100
660,291 Com. stk. (subs.). 130,200
717,851
133,400
C oth s receivable
Nase
4,491 Pref. stk.(subs.).. 1,897,500 2,033,900
.
Accts. receivable
852,835
597,862 Funded debt
22,855,600 19,879,716
Materials & &wt. 678,646
557,309 Notes payable_ _ _ _
7,667 1,694,116
Prepayments
52,347
544,187 Accts. payable.., 284,693
285,180
Miscell. investmla
17,579
12,821 Accts. not yet
628,551
-due. 817,688
Sinking funds_
342 , Retirement reserve 1,488,563 5,245,282
Special deposits_
25,625
993 Contrib. for ext'na
40,085
62,637
Unamort.debt dis, Oper. reserves_ _ _ _
36,717
52,257
count & expense 1,410,936
809,4041Unadlust. credits_
57,880
49,248
Unadjusted debits 717.375 32.621,8491 Balance of assets_x5,967.120 6,147,131
502.856
Treasury securities 798,200 3,265,600
I
Total
36,012,665
Total
36,012,665 32,621,849
x Showing book value for 88,326 shares of no par common stock (incl.
earned surplus of 81,483,528).-V. 124, p. 920.
Edison Electric Illuminating Co. of Brockton.
-Earns.
12 Months Ended June 30Gross earnings
Operating expenses and taxes
1927.
51,862.256
1,213.969
1926.
51,706.491
1.148.134
1925.
81,631,003
1.018.731
Net earnings
Income from other sourcos.x
8648,287
1,480
$558,357
17,181
$612,272
31,533
Balance
Interest charges
$649,766
13.399
8575,537
18,711
5643.805
25,339
Balance
8636,368
8556,827
$618,466
-12 Mos. End. June 30Earnings
1927.
x Interest on funds advanced to Montaup Electric Co.
x1926.
1925.
Gross earnings
$3,986,322 83.249.690 $2,480.639
Condensed Balance Sheet June 30.
Operating expenses and taxes_z1,454.508
AssetsLiabilities1928.
1927.
1927.
1926.
$2,195,549 51.169.851 $1,026,131
Net earnings
Property,plant,&c.$7,102.238 $6,511,234 Capital stock
$4,035,000 $4,035,000
Income from other sources
30.881
Cash
399,674 Premium on stock_ 1,444,004 1.444,004
08,806
Balance
52,226,430 51,169,851 $1,026,131 Acets receivable
251,126
199,186 Bonds 5% (1930). 200.000
200,000
Interest and amortization charges_ _ _
910,890
519,711
265.114 Materials and supNotes payable_ _ _
150,000
plies
Balance for res.,retirements & divs. $1,315,540
229,196
219,857 Accounts payable_
97,489
$650.141
74,989
8761,017
45,983 Acc'ts not yet due_
17,809
x Figures for 12 months ended June 30 1926 include results from 6 months' Prepayments
201,718
190,776
operation of the property of South Georgia Power Co.. acquired as of Miscellaneous inRetirement reserve 800,869
736,903
vestments
1,103
1.103 Unadjusted credits
Jan. 1 1926. y Caused by lowest flow of river in over 20 years, which
1,079
54
necessitated heavy expenditures for purchase of power and generation by Unadjusted debits.
16.545
11,817 Reserves & surplus 786.665
707.118
steam. z Beginning Jan. 1 1927 Federal income tax deductions are based
Total
$7,716,824 $7,388,854
Total
$7,716,824 17,388,854
on accruals instead of prorates. The previous 12 months' figures have
-V. 123. p. 3318.
been adjusted to a comparative basis.
Consolidated Balance Sheet.
(The)'Electric Light & Power Co. of Abington &
June 30'27 Dec. 31 '26
June 30'27 Dee. 31 '26
Assets
$
Rockland.
-Earnings.
531,800
Prop., plant, &c__28,X65.025 27,473,990 2d pref. stock...-. 434,000
12 Months Ended June 301927.
1926.
444,204
1925.
329,305 2d pref. stk. subs°.
Cash
17,200 Grass earnings
5592,764
$569.672
396,030 prof stock B
8469,452
4,036,000 3,951,000 Operating expenses and taxes
Accts receivable._ 432,772
481.769
462.942
245,831 Pref. stock C
394,459
474,000
Maris & supplies_ 300,519
281,000 Interest charges
5.793
3,430
346,419 Pref. stk. C subsc_ 478,300
52.696
Prepayments
4,376
55,700
194,417 Funded debt
16,285,300 16,737,360
Misc investments 194,417
Balance
$105,203
$103,299
47,920 Notes payable__
pref.__ 205,863
870,617
800,000
&Ibsen to
Condensed Balance Sheet June 30.
80,56
29,964 Accounts payable_
29,611
79,278
spiking funds x_ _
Accts. not yet due_
430,154
Unarnort. debt ells291,3i3
1927.
Assets1026.
Liabilities1927.
1926.
499,384 Retirement reserve 1,146,556 1,204.743 Plant
464,043
$905,837 $796,976 Capital stock
count & exps
$567,000 5567,000
17,550 Contrib. for exts
76,378
8.921
Unadjusted dd,tis
6,256 Cash
24,036
17,253 Premium on stock_
100.992
100,992
Operating reserves
16,481
107,410
28,455 Accts. receivable
97,669 Notes payable_ __ _
146,000
85,000
Unadjusted credits
53,468
32,341 Materials & supp_
67,724
96,925 Accounts payable_
31,173
26.370
5,249
4,683 Accts. not yet due_
Tot.(each side).31,065.132 29,580,870 Book val. of assets.y6,792,154 6,362,881 Prepayments
29,738
28,337
9,143
11.819 Retirement reserve
43,422
x Includes $28.000 the Columbus Power Co. 5% bonds held in sinking Unadjusted debits.
40.008
uncancolled as to principal. y Showing book value of assets for
Unadlusted credits
fund
187
236
269,062 shares of no par common stock (including earned surplus of Totaf(each side)__$1,119,397 $1,025,324 Reserves & surplus 200,885
177,381
41,410,664).-V. 121, p. 3494.
-V. 124, p. 3770.
-Tenders.
Electrical Securities Corp.
The Guaranty Trust Co.. 140 Broadway, New York City, will until
Sept. 19 receive bids for the gale to it, at prices not exceeding 103 and int.,
of collateral trust sinking fund 5% bonds in amounts sufficient to exhaust
the following respective sums; seventh series, due 1939, $22,986; eighth
series, due 1940, $45,534.-V. 125, p. 780.
-Earnings.
El Paso Electric Co. (Del.) & Subs.
1925.
12 Months Ended June 30-Gross earnings
Operating expenses and taxes
[vol.. 125.
THE CHRONICLE
1460
1926.
1927.
$2,916,634 $2,672,059 82,485,785
1.626,347
1,671,648
1,854,157
German-Atlantic Cable Co. (Deutsche-Atlantische
Telegraphengesellschaft).-Bonds
The company intends to redeem on April 1 1928, by operation of the
-year 7% sinking
sinking fund, at 110 and int. $114,500 of its 1st mtge. 20
fund gold dollar bonds, due April 1 1945. Payment will be made at the
-V. 123.
W. A. Harriman & Co., Inc.. 39 Broadway. N. Y. City.
office
p.
-Customer Dividend.
Hartford Electric Light Co.
The company has voted a 40% reduction on the October bills of its
60,000 customers. A statement issued by President Samuel Ferguson
which was inaugurated 3 years
$859,438 explains the so-called customers' dividend,the company to collect from its
$1,062.477 $1,000,411
Net earnings
of
28,702 ago. "It has been the consistent policyoperating expenses as are sufficient
Income from other sources.x
only such amounts above its
customers
$888,140 for its interest and dividend requirements, together with a moderate annual
$1,062,477 $1,000,411
Balance
"In accordance with this policy
246,840 increase of surplus,' Mr. Ferguson says. year a customer dividend of 40
164,600
168,381
Interest and amortization charges_ _ _
the directors have voted to distribute this
on their October bills. This dividend is less in amount than the 60
$641,300
$835,810
$894,096
Balance
discount voted last year, for the reason that material deductions in housex Interest on funds used for construction purposes.
hold and other rates were made last January. These reductions have
Consolidated Balance Sheet.
decreased the amount of surplus above dividends earned from the sale of
June30'27. Dee.31'26 electricity to date this year, as compared with that of last year, to a degree
June30'27. Det.31'26.
-V. 125, p. 647.
5
which justifies only the smaller dividend."
LiabilitiesAssets$
$
Property,plant4e.10,217,985 9,897,402 Pref. stock (7%)_ _ 2,742,500 2.603,900
-Tenders.
103,400
Houston Gulf Gas Co.
17,600
214,286 Prof. stock (6%)_ _
Cash
96,837
12,100
The Chatham Phenix National Bank & Trust Co., trustee, 149 Broad920 Corn. stock (subs.)
2,292
Notes receivatle_ _
6,700 way, N. Y. City, will until Sept. 14 receive bids for the sale to it of 1st
273,604 Pf.stk.(6%)(subs.)
280,290
Accts. receivable
x3,000,000 3.000,000 mtge. 644 %sinking fund gold bonds, due June 1 1931, to an amount suffiBonds
Materials ar d sup125,000
cient to exhaust $52,830 at prices not exceeding 104 and int.-V. 125, P.
252,118 Notes payable__
260,261
plies
37,469 913, 647.
84,750
32,998 Accounts payable_
49,365
Prepayments
243.705
Accts. not yet due_ 170,628
in•
Miscellaneous
-Completes New Line.
46,789
Idaho Power Co.
48,112
15,328 Dividends declared
15,328
vestments
Retirement reserve 1,045,754 1.101,249
The company announces that its new $500,000 high tension electric
Unamortlzed debt
12,647 power transmission lines has proven satisfactory after a week of operation.
12,907
Contrib. for eats
discount and ex68,698 The line reaches from American Falls to Shoshone, Ida.
69.766
237,295 Operating reserve_
232,228
penses
4,780
8,022
Completion of this line gives the Idaho Power Co. direct connection
33,487 Unadjusted credits
35,498
tinadJusted debits.
of assets.y 3,865,045 3.715,999 between all its plants, thereby insuring the company against interruption
Balance
of service at any point on its system. The line, which is morelt_Lei 90,
Total (each side)__11190,085 10,957,436
a El Paso Electric Co. (Texas), 5% (1950). y Showing book value for miles long, required nearly 8 months in the building and repregras an
58,040 shares of no par common stock (including earned surplus of$768,999.) Investment of approximately $500,000.
This is the last of three important items in a construction program under-V. 124, p. 2120.
taken late last fall. The addition to the American Falls hydro-electric
-Earnings.
Fall River Gas Works Co. (Mass.).
plant, including the installation of two 6,000-k.w. generators, which nearly
1925.
1926.
1927.
doubled the capacity of the plant, necessitated the outlay of upward of
12 Months Ended June 30$998,914 $1,007,484 $900,000.-V. 125. P. 515.
$1.033,043
Gross earnings
738,300
769,702
763,252
Operating expenses and taxes
-G. L. Ohr-Bonds Sold.
1,293
IllinoisWater Service Co.
3,377
14.260
Interest charges
Inc., New York, have sold $560,000 additional
$287.891 strom & Co.,
$225,835
$255,531
1st mtge. 5% gold bonds, series A, at 95 and int. Dated
Condensed Balance Sheet.
offering and
June30'27. Dec.31'26. Jan. 1 1927; due Jan. 11952. (See original
Ltanitutes-June30'27. Dee.31'26.
Assets$1,653,600 $1,562,600 description in V. 124, p. 644.)
13,526,344 $3,414,880 Capital stock
Plant
901,670
974,470
103,035 Premium on stock_
106,045
Cash
-Subject to the approval of the Illinois Commerce Commission.
Issuance.
415,000
the
167,950 Notes payable_ __ _ 330,000
150,046
Accts. receivable
-Supplies various cities in the central and northern part ofThe
Company.
29,959
42,232
Accounts payable_
Materials and SupState of Illinois with water for domsetic and industrial purposes.
44,547
95,721
190,133 Accts. not yet due.
288,967
plies
of Champaign. Urbana,Streator, Sterling
273,964 territory served includes the cities also be served upon completion of this
38,940 Retirement reserve 265,120
16,522
Prepayments
3,837 and Rock Falls. Freeport will
3,580
5,299
6.407 Unadjusted credits
Unadjusted debits.
is estimated to be in
689.767 financing. The total population of this territory
Reserves & surplus 728,500
excess of 90,000.
Outstand'g.
Total (each side)- -54,093,222 $3,921.345
Capitalization
-V. 124, p. 1978.
1st mtge. 5% gold bonds, series A, due Jan. 1 1952
20 0
76 000
$2, 5 :00
including
(including this issue)
-Tenders.
Federal Light & Traction Co.
$2,000,000
The Irving Bank-Columbia Trust Co., trustee, 60 Broadway N. Y. 6% cumulative pref. stock (par $100)
50,000 shs. 50,000 she.
City, will until Oct. 10 receive bids for the sale to it of 1st lien sinking fund Common stock (no par value)
x Issuance limited by the indenture restrictions.
gold bonds, due March 11942. to an amount sufficient to exhaust $889.164.
properties
-Secured by a direct 1st mtge. on all the physical reservoirs,
Security.
-V. 125. p. 913.
of the company consisting of land, buildings, water mains,
of these
pumping stations and other equipment. The depreciated value
-Holders of 1st Mtge.6%
Fredericton Electric Co., Ltd.
engineers of
properties, as reported by independent engineers and the
Bonds Given Exchange Offer.
Federal Water Service Co., is in excess of $4,880,000.
See Associated Gas & Electric Co. above.
Earnings of the Properties Year Ended June 30 1927.
$544,968
-Earnings. Gross revenues
(& Subs.).
Galveston-Houston Electric Co.
318,439
Oper. exp., maint. and taxes, other than Federal tax
1925.
1926.
1927.
12 Months Ended June 30$4.853.176 $4,162,335 $3,952,997
Gross earnings
Balance
32,643
Income from other sources
9
12 52
Annual interest on $2,260,000 1st mtge.5% gold bonds,series A_ _$211'000
Purpose.-Proceede will be used towards acquisition of the Freeport
$4,885,819 $4,162,335 $3,952.997
Total earnings
2,906,775 property.
3,047,991
3,427,966
Operating expenses and taxes
-Company is controlled by Federal Water Service Corp.
Management.
564,192
718.049
862,473
Interest and amortization chargesV. 124, p. 3628.
$482,030
$396.295
$595.380
Balance
-Proposed Sale.
Indiana Light & Power Co.
!:Consolidated Balance Sheet.
See Atlantic Public Utilities, Inc., above -V. 125, p. 517.
June 30'27. Dee. 31 '26.
June 30'27. Dec.31 '26.
3
-Earns.
.4ssasInternational Tel. & Tel. Corp. & Assoc. Cos. Mos.End.
Prop., plant, &c.21.208,569 21,013,506 Common stock... 3,988,000 3,988,000
Quar.End. Quar. End. 8
456,843 Pref. stock (6%)_.. 3,000,000 3,000,000
449,914
Cash
June 30 27. Mar.31 27. June 30 27.
Pe ings
13,161.000 13,299,000 Earnriod106,688 Funded debt
Accts. receivable._ 123.039
$9.4,284 $7,647,179 $17,130,463
83
144,494
196,292
264,968 Car trust ctfs
Materials & suppl. 260,250
9,654,483
4,063,557
5,590,926
27,800 Expenses
361,763
64,275 Notes payable_ _ _
29,306
Prepayments
232,467
payable_ 172,227
34,083 Accounts
26,083
Misc. investments
$3,892,358 $3,583,622 $7,475,980
Net earnings
170,785
203,964 Accts. not yet due. 322,917
243,500
Sinking funds x
1.057,135
497,274
559,861
companies_ _ _ _
Charges of
51,000 Retirement res've_ 1.190,515 1,298,219 Interest on associated bonds
51,000
Bonds in escrow_ _
682,498
343,750
338,746
debenture
54,097
45,049
Operating reserves
Unamordzed debt
1,100
1,091
601,007 Unadfust. credits_
disct. & expense 625,272
$2,993,752 $2,742,598 .$5,736,350
Net income
760,789
36,167 Reserves & surplus 897,267
11,437
Unadjusted debits
9,184,209
9,164,209
Earned surplus at beginning of period 12,213.117
187,000
Treasury securities 175,000
Total (each side)23,293,369 23,019,501
$15,208,869 $11,906,807 $14,900,559
Total
x Includes $220,000 bonds of Brush Electric Co. held in sinking fund Portion of earnings of associated comuncancelled.-V. 124. p.3206.
panies applicable to period prior to
963,500
808,495
155,005
acquisition of properties
Balance
-Third Unit in Farmers PowerGatineau Power Co.
house in Operation.
The third unit in the Farmers. Quebec, hydro-electric plant of the
company has ben turned over and is supplying power to the Gatineau
mill of the Canadian International Paper Co. The first unit was put
In operation on May 8 and the second on July 2. The Farmers powerhouse is designed for five generators of 24,000 h.p. each, of which four
will be installed initially. The fifth unit will be installed as soon as tho
demand for electric energy Justifies it. Three units in the Chelsea power
house of the company, a mile above Farmers, are also in operation, giving
the company in the two plants a total of six units operating of an aggregate
capacity of 174,000 h.p. The Farmers station utilizes a gross head of
66 feet, the natural head being augmented by a relatively low concrete
dam built across the natural bed of the stream. The power house on
the east bank was erected on dry land, thus eliminating expensive cofferdamming operations.
-An official announcement Sept. 1 said:
Operations.
Balance
Dividends paid or accrued
Sundry surplus charges (net)
$15,051,864 $11,098,312 $13,937,059
$901,307 $2,303,786
$1,402,479
91.203
49.066
42,137
_
Earned surplus at end of period_ - 313,607,248 $10,147,939 $11,542,070
2,065,178 2.422,629
357,451
Add-Capital surplus
$13.964,699 $12,213,117 $13,964,699
Total surplus at end of period
962 967
928,932
962,967
Shares of capital stock outstanding
$.913
$2.95
$3.11
Earnings per share on capital stock....
The above earnings reflect the acquisition by the corporation of the
the Chili
greater part of the capital stock of All America Cables, Inc., and
Telephone Co., Ltd., control of which was acquired since Jan. 1 1927.V. 125. p. 1192.
Isarco Hydro-Electric Co. (Societa Idroelettrica dell'
.This company, now one of the two leading power companies in Canada, Isarco).-Listing
owns and operates in the Province of Quebec 13 hydro-electric developments
There have been placed on the Boston Stock Exchange list $5,000,000
on the Gatineau, Petite Blanche, Blanche. Petite Nation, Rouge, North, 1st mtge. 25
-year 7% sinking fund gold bonds, dated May 1 1927 and
and Ouareau Rivers, and on Gordon Creek. At Paugan, the company has due May 11952. See offering in V. 124, p. 3207.
under construction a third hydro-electric plant on the Gatineau River.
Work is well advanced on this development and it is expected that the plant
Kansas City Clay County & St. Joseph Ry.-Tenders.
will be generating electricity by the fall of next year. Delivery of electric
The Equitable Trust Co., 37 Wall St., N. Y. City, will until Sept. 22
energy to the Ontario Hydro-Electric Power Commission begins Oct. 1 receive bids for the sale to it of 1st mtge. 57 30
-year gold bonds dated
1928.
Sept. 1 1911, to an amount suMcient to absorb $23,664, at prices not exThe plants of the company have an aggregate designed capacity of over ceeding 105 and intorest.-V. 123, p. 1382.
600,000 h.p., greater than the developed horsepower on the American side
of Niagara Fails. While the Chelsea and Farmers plants on the Gatineau
-Definitive Debentures Ready.
Long Island Lighting Co.
River, now nearing completion, are built to house 5 units each, but 4 will
The Guaranty Trust Co. of New York is now prepared to deliver definitive
be installed initially.. The other units at these plants will be installed when 514% gold debentures, series A. In exchange for the temporary debentures
the demand for electric energy Justifies it. At Paugan 6 units will be outstanding. (For offering see V. 124, p. 2121.)-V. 124. p. 2279.
Installed initially, the powerhouse having capacity for two more.
--The power plants of the company are interconnected by a system of
-Earnings.
Lowell Electric Light Corp. (Mass.).
modern high-tension transmission lines, thus insuring greater continuity
1925.
1927.
1026.
12 Months Ending June 30ofpower supply and a more complete use of generating facilities.
$1,760,702 $1,682,138 $1,574,101
earnings
carrying the current
Over 360 miles of high-tension distribution lines over 4,800 sq. miles. Gross
1.023,253
1,096,887
1,131,129
Operating expenses and taxes
from the plants of the company serve an area of lies between Hull and Interest charges
4,936
8,652
8,783
This district has a population of about 220,000 and and south to Coteau
Montreal, north to Rawdon on the Ouareau River,
5545,911
$578,598
$820.789
Balance
-V. 125, p. 913, 647.
on the St. Lawrence River.
SEPT. 10 1927.]
THE CHRONICLE
Condensed Balance Sheet June 30.
AssetsLiabilities1927.
1926.
1926.
1927.
57,344,534 57,063,811 Capital stock
Plant
54,186,400 $3,864,375
Cash
168,911 Prem. on stock.__ 1,891,266 1,600,875
326,914
Ace*ts receivable.. 232,081
220,288 Notes payable.
300.000
Marls & supplies. 237,352
234,154 Accounts payable_
37,629
40,448
Prepayments
33,140 Acc ts not yet due. 235,329
18,118
.
216,992
Unadfusted debits
242 Retirem't reserve_ 655,427
2.185
589,304
Res*ves & surplus_ 1,155,133 1,108.550
1461
available for participating dividends on the preferred and dividends on the
common shares.
Common voting trust shares will be distributed to those who exchange
their security holdings for those of the Massachusetts Utilities Investment
Trust, to represent a part of the present and future value. Thus all who
exchange securities for the preferred and (or) common voting trust shares
of the Massachusetts Utilities Investment Trust receive substantially equal
consideration, based upon the value of their securities.
An advertisement published Sept. 9 says in part:
What Massachusetts Companies It Controls -From 62% to 100% (direct
or indirect) control of the following companies is owned by the
setts Utilities Investment Trust. Additional shares are in Massachuprocess of
acquisition:
Louisville Gas & Electric Co.(Del.).-Earning8.aAdams Gas Light
dMilford Gas Light
12 Months Ended July 311927.
1926.
Amesbury
dNorthampton Gas Light
Gross earnings
$8,655,678 88,471,991 aArlington Electric Light
allorthampton Electric Lighting
Net earnings before provision for retirements
4,434,394
4,327,989 bAthol Gas Gas Light
& Electric.
allorth Adams Gas Light
-V. 125, p. 914.
&Ayer Electric Light
cNorton Power & Electric
cBlackstone Electric Light
Norwood Gas
Maritime Electric Co., Ltd.
-Holders of Consol. Mtge. ceentral Massachusetts
Electric
Old Colony Light & Power Associates
6 Bonds Given Exchange Offer
Central Mass. Light & Power
Plymouth Electric Light
he holders of consol. mtge. 6% bonds due Nov. 1 1956 who were given Central Massachusetts Power
Plymouth Gas Light
the privilege of exchanging their bonds for $6.50 dividend series preferred aClinton Gas Light
Randolph & Holbrook Power & Elec.
stock of the Associated Gas Sz Electric Co. on the basis of 10 shares of said Commonwealth Gas & Electric
Southeastern Mass. Power.& Elec.
preferred stock for each $1,000 bond, are notified that this offer will be Franklin County Power
Southern Berkshire Power & Elec.
withdrawn 30 days from Sept. 3.
Gardner Gas, Fuel & Light
aSpencer Gas
Bondholders desiring to take advantage of the exchange offer should Gas & Electric Improvement
cUnion Light & Power
forward their bonds by registered mail to the Associated Gas & Electric aGloucester Gas Light
Utilities Improvement
Co.. Room 2015. 61 Broadway, N. Y. City, prior to the expiration date.
aLeominster Elec. Light & Power
&Ware Electric
dLeominster Gas Light
Westboro Gas & Electric
Mexican Light & Power Co., Ltd.
-Delivery of Bonds in aLexington Gas
Weymouth Light & Power
aLight, Heat Sr Power Corp.
Part Satisfaction of Accrued Interest.
Weymouth Water Power
aWilliamstown Gas
In pursuance of the arrangement approved at the meeting of the bond- Marlboro Electric
bMarlboro-Hudson Gas
Winchendon Electric Light & Power
holders held on May 24 1927. the 5% 2d mtge. 50
-year bonds which are to
&Woburn Gas
be delivered in part satisfaction of the unpaid arrears of interest on the like Massachusetts Lighting
Merrimack Valley Power & Buildings aWorcester County Gas
bonds are now ready for delivery by the respective banks, where interest
Worcester Suburban Electric
coupons Nos. 16 to 30, incl., have been surrendered, viz.: In London, by aMill River Electric Light
the Bank of Scotland, 30 Bishopsgate, London, E. C. 2; in Canada, by the aMilford Electric Light & Power
a All owned by Massachusetts Lighting Companies. b All owned by
Canadian Bank of Commerce, Toronto and Montreal:in New York, by the
New York agency of the Canadian Bank of Commerce. The bonds will Commonwealth Gas & Electric Co. c All owned by Central Massachusetts
be delivered against presentation of the tickets which were issued by the Light dc Power Co. d All onned by Massachusetts Lighting Companies
above banks respectively to holders on the surrender of their interest coupons except less than 10 shares.
Other assets of the trust include 1.000 shares of Edison Electric IlluminatNos. 16 to 30 and the said banks will notify holders when tickets should be
ing Co. of Boston, 1,000 shares of 6% preferred stock of the New England
presented.
Holders of the 5% 2d mtge. 50-year bonds are further notified that they Power Association and $252,110 in cash as of Sept. 1 1927.
Capitalization Sept. 1 1927Authorized. Outstanding.
must lodge their bonds with the company in Canada or with its London
agents, Canadian & General Finance Co., Ltd., 3 London Wall Buildings, Convertible particip. 5% pref. shares (par $50)....$700.000
1422,324
London, E. 0. 2. in order to have a memorandum endorsed thereon of the Voting trust common shares (no par)
2,500.000
1,157,976
Present Managers and Trustees.-Arthur H. Wellman, President: Ellhu
arrangement referred to above. (See also recapitalization plan in V. 124,
G. Loomis, Vice-President: Chauncey D. Parker. Vice-President: Bowen
p. 3352.)-V. 125, p. 914.
Tufts, Vice-President: Charles It. Adams. Charles L. Edgar, James J.
Massachusetts Utilities Investment Trust.
-New Phelan,Edwin H. Barker, Merton E. Grush, Arthur E. Pope, A. Cleveland
Bent. Henry
Public Utility Holding Company Formed in Massachusetts
- F. Howland,I. Harriman, Elwyn G. Preston, Edward L. Bennett. George
Fred M. Rowell. Josepli J. Bodell. Charles
Philip
Organization Owns, Directly or Indirectly, Majority Stock of Stockton. Arthur E. Childs, Harold B. Lamont. Paul B. E. Hull. Philip
Webber,
M. Childs, Edward C. Mason. Myron L. Whitcomb, Hon. Channing H.
46 Operating Companies.Announcement has been made of the formation of the above company, Cox, Samuel C. Moore, Hon. Henry A. Wyman, Guy W. Cox. George W.
-V.124, p.3629.
organized for the purpose of acquiring control of public utility operating Perry.
companies in Massachusetts.
-Earnings.Commenting upon the purpose of the trust, Edwin H. Barker, a newly • Mountain States Power Co.
* 12 Months Ended July 311927.
1926.
elected trustee. of Clark Williams & Co., said in part:
$3,361,513 $3.290,663
"At the present time the trust controls 46 operating companies in the Grass earnings
1,222,712
1,237,619
State, either directly or indirectly. All the securities of the various operat- Net earnings before provision for retirements
•Includes all properties now in system for full periods.
-V.125. P. 914.
ing companies have been acquired through an exchange of stock of the
latter companies for the securities of the holding company and no public
New Bedford Gas 8c Edison Light Co.
-Earnings.
financing has been undertaken to date. The extent of such holdings range
12 Months Ended July 311927.
1926.
from 58 to 100% of the stock of the respective companies.
$1,037.500
"Negotiations are under way for the acquisition of additional stocks and Net earnings
$880,436
when these negotiations have been completed a more detailed statement -V. 124, p. 3209.
covering the structure of the new holding company is expected to be made
New York Rapid Transit Co.
-Rehearing Denied.
public. Through the medium of the new holding company numerous
The Transit Commission denied Sept. 7 the application of the company
public utility interests have been brought together, making possible unity
-year 5% gold bonds
operation. a factor which has heretofore been lacking in Massachusetts." for a rehearing on its proposal to issue $20,000,000 10
of
for equipment purposes, the bonds to be
the B. M .T., the holding
From a circular issued by C. D. Parker & Co., Inc., company at a price of 80. This action sold toCommission was expected.
of the
of
Boston, who are offering 5% participating preferred shares The original applicationbeenthe company was denied several weeks ago
after the
condemend by Samuel Untermyer, special
(par $50) at 45 and divs. and common voting trust certifi- counselforproposal had
the Commission. In its application for a rehearing the company
attacked Mr. Untermyer and said the Commission had exceeded its powers.
cates (no par) at $10, we give the following:
regulatory body with its duties as agent for the
Massachusetts Utilities Investment Trust has been formed to hold the confusing its duties as a 4.
No.
securities of electric light, power and gas companies within Massachusetts city under Contract B. M. T.
An official of the
said that the company would appeal to the
and of voluntary associations holding sharesorsuch companies. The trust Appellate Division for a
writ of certiorari, thus making certain a court
will issue its participating preferred shares and (or) common voting trust review of the
matter.
-V.125, p. 1325.
shares for such shares or for cash.
Preferred Shares.-The participating preferred shares are non-callable
New York State Gas & Electric Corp.
-Acquisition.
and non-assessable and in liquidation are entitled to $60 and divs, per share
A certificate has been filed with the Secretary of State of New York
before the common shares shall receive any distribution.
merging the Windham Valley Electric Co. with the above corporation.
Participating Privilege.-The participating preferred shares are entitled -V.
124. P. 1511
.
to cumulative dividends at the rate of 5% per annum, as declared by the
trustees. Until all preferred dividends, accrued or payable, have been deNorthern States Power Co.
-Earnings.
clared and paid or set apart, no dividends shall be declared, paid or set apart
I2 Months Ended July 311927.
1926.
on the common shares.
Gross earnings
$29.133.589 $27,506.028
Whenever the common shares shall receive any dividend payment, each
15,010,206 13,203,292
preferred share shall be entitled to receive an additional payment equal to Net earnings before provision for retirements
•Includes all properties now in system for full periods.
-V.125, p. 1053
one-half the amount declared and paid on each conunon share until a total
amount equal to 7% of their par value,including the regular 5% cumulative
Northern Texas Electric Co.(& Subs.).
-Earnings.
-dividend, shall have been received in any one year. Thereafter, in that
12 Months Ended June 301927.
1926.
1925.
year, the common shares are entitled to receive all further distributions of
Gross earnings
$2,574.694 $2,483,118 $2.572,936
dividends.
1,898.294
1,831,408
1.869,812
Conversion Privilege.-Preferred shares may at any time be converted into Operating expenses and taxes
the common share voting trust certificates on the basis of one share of preNet earnings
$651,710
$676.400
$703,124
ferred for one voting trust common share. Dividends on preferred and
x Income from other sources
150,000
150.000
150.000
voting trust common shares will be adjusted.
Common Shares.-Common shares are deposited under a voting trust
Balance
$826,400
$801,710
$853.124
agreement whereby they may not be sold except as a whole and for not less
Interest and amortization charges357,010
352.670
341,634
than $50 per share during the 5 years ending April 11932: for not less than
$75 per share during the 5 years beginning April 1 1932 and ending April 1
Balance
$469,390
$449,040
$511.490
1937; and for not less than $100 per share during the 10 years beginning
it Rental of Oak Cliff property.
April 1 1937 and ending April 1 1947.
Consolidated Balance Sheet June 30.
Capitalization.
-As of May 1 1927 602.302 preferred shares and 1.260,180
common voting trust shares were authorized for the purpose of exchange
1926.
1927.
1927.
1926.
for the present outstanding securities of the companies whose shares are to
AssetsLiabilities$
$
$
$
be acquired, including amounts of 12% common shares of the Edison Elec- Prop., plant, &c...17,537,273 17,398,430 Common stock___ 3,150,000 3,150,000
tric Illuminating Co. of Boston and 6% preferred shares of the New England Cash
242.890 Pref. stock (6%)-- 4,000,000 4,000.000
98,615
l'ower Association and 105,000 shares (total issue) of the Utilities Improve- Notes receivable
13,453
13.459 Bonds
5,689,000 6,272,150
ment Co., organized to effect acquisition and management. Additional Accls receivable__
61,655 Coupon notes.. _ _ 500,000
87,582
shares are authorized to be issued for the purposes of the trust by vote of Marls & supplies_ 261,749
242,540 Car trust Ws
22,220
trustees.
the
Prepayments
19,379
24,639 Notes payable_ ___ 760,000
685.000
Old Colony Trust Co., Boston, depositary and transfer agent.
Miscell. hivesrts. 25,5,398
126,561 Acc'ts payable__ 102.887
73,787
Companies Whose Securities It Has Acguired.-The acquisition of the Edi- Sinking funds_ _ _ _
673
685 Acets not yet due_ 134,707
109,514
son Electric Illuminating Co. of Boston 12% shares and New England Unamort. debt ells.
Retireml reserve. 1.939,976 1,822,608
Power Association 6% preferred shares, and shares o' other electric light
and expense_ _ _ _
1,500
2,700 Oper. reserve
58,744
75.678
companies of Massachusetts by the issuance of common shares alone (in- UnadJust. debits._
12,749 Unadiust. credits_
5,865
8,655
6,280
cluded in the above total of 1,260,180 common shares) provides the InvestReserves & surplus 1,915,297 1.931,297
ment Trust with an income for reserves and surplus, in addition to the dividends it will receive from the shares which it OwriS in the companies (below),
18,281,488 18,128,309
Total
Total
18,281,486 18.126,309
and acquired in exchange for its own preferred and common voting trust -V. 123. 13. 2300.
shares.
Northwest Louisiana Gas Co.
The companies the securities of which the trust was primarily formed to
-Reduces Bonds.
The company announces that $25,000 of its 1st mtge. sinking fund 6 3.
hold serve directly or indirectly 94 cities and towns in Massachusetts
which had a total population in 1925 of 547.149. These companies on Dec. gold bonds, due 1933, were retired through the sinking fund on Sept. %
1.
311926 had 56,501 gas customers and 97,602 electric light and power cus- -V. 125, p. 96.
tomers who purchased during the year 1.439,659,800 cubic feet of gas and
Northwestern Elevated RR., Chicago.
154,817.900 kilowatt hours of electricity. •
-Tenders.
-The Central Union Trust Co.,trustee.80 Broadway, N. Y.City, will until
-The Massachusetts Utilities Investment Trust preBasis of Exchange.
ferred shares are issued to an amount which will permit holders of the Sept. 13 receive bids for the sale to It of first mortgage 5% bonds dated
securities of the companies mentioned to exchange their shares for Massa- Sept. 1 1911 to an amount suffmient to exhaust $171,920 at a price not ex-V.124 p. 2749.
chusetts Utilities Investment Trust participating convertible preferred shares ceeding 102 and Interest.
from which they will receive dividends equal to the amount they are receivOklahoma Gas & Electric Co.
ing from present dividends from the securities which they exchange. This
-Earnings.
places no additional dividend burden on the companies whose securities will
12 Months Ended July 311927.
1926.
be owned in order to pay dividends on the preferred shares of the Massa- Gross earnings
$12.639.960 $10,790,601
chusetts Utilities Investment Trust. Any increased income from the Net earnings before provision for retirements
4,838,867
3.856.746
securities owned by the Massachusetts Utilities Investment Trust will be -V. 125, p. 1053.
Total
28,161,185 $7,720,544
-V. 124. P. 3067
.
Total
$8,161,185 57,720.544
•
THE CHRONICLE
1462
-Merger.
Ohio Valley Water Co.
-V. 125. p. 1053.
See Pennsylvania Water Service Co. below.
-Liquidating Dividend.
Oklahoma Natural Gas Co.
The directors have declared a liquidating dividend of 51.13636 a share,
payable immediately. The distribution represents proceeds of the sale of
26,000 shares of stock of the Oklahoma Natural Gas Corporation to the
-V.125, p. 96.
Phillips Petroleum Co. at $25 a share, it is said.
-Stock Distribution.
Pacific Lighting Corp.
On Aug. 10 1927 tie stockholders approved the change in the par value
of all classes of stock, changing the 5% and 6% preferred stock and common
of $100 par value to $5 dividend preferred, $6 dividend preferred and corn-mon stock, all of no par value.
At a directors' meeting held directly after the stockholders' meeting a
stock dividend of 922,500 shares was declared on the 102,500 shares of common stock then outstanding, payable after Nov. 15 1927 to holders of record
Nov. 1 (not Nov. 15 as previously reported). These changes have been
approved by the California RR. Commission.
The regular quarterly dividend of $4 per share on the now outstanding
common shares will be paid Nov. 15 1927 to holders of record Oct. 31.V. 125, P. 915
.
[VOL. 125.
standing in hands of public secured by prior liens and those bonds then
proposed to be issued.
Company has covenanted to expend or reserve annually for improvements, additions, extensions, replacements, maintenance and(or) depreciation of properties, against which no bonds may be issued an amount
which shall not be less than 9% of the annual gross earnings of the mortgaged properties.
-All of the common stock of the company will be owned by
Control.
-V. 125, p. 1053.
Federal Water Service Corp.
-New Control.
People's Ry. of Dayton, Ohio.
The Cincinnati "Enquirer' of Aug. 31 says: "A deal was completed
to-day whereby Wood & Turner, utility operators of Philadelphia, acquired
the various lines of the above company for a consideration of 52,800,000
cash, of which amount $1,500,000 was paid down when the contracts were
,
signed. The remaining payment is due Sept. 15, on which date the property will be formally transfes red.'-V. 121, p. 1790.
Philadelphia Co.
-Earnings.
12 Months Ended July 31Gross earnings
Net earnings before provision for retirements
Other income
1926.
1927.
561.472,526 561,186,957
26,113,677 26,008,967
1,279,007
1,095,719
-Dividend Rate on Unissued
Pennsylvania Power Co.
Preferred Stock Decreased.
Gross income_
-V. 125, p. 1325.
527,209,396 $27.287,974
The stockholders have approved the proposal to reduce the annual dividend
rate on the 50.000 authorized but unissued shares of no par preferred stock
from $7.20 to $6. The company has outstanding 56,500 shares of common
stock and 4,344 shares of $6.60dividend preferred stock.-V.123, p. 2901.
-Stockholders
Public Service Corp. of New Jersey.
Increase-Electric Sxles of Subs.idi fry.
A total of 10,572 new names were added to the stockholders' list of this
corporation during the 6 months ended June 30 1927, according to official
figures just made public. As a result of this gain the company had on its
books, June 30 1927, the record breaking total of 62,572 names covering
all classes of stockholders. but eliminating all duplications where holders
own either common and preferred or more than one class of preferred stock.
The total of 62,572 individual stockholders reported on June 30 compared
with total stockholders numbering 52,000 reported on Dec. 31 1926.
Sales of electric energy by the Public Service Electric & Gas Co., prinPrincipal and interest (F. & A.) cipal operating subsidiary of the Public Service Corp. of New Jersey,
Date Aug. 1 1927; due Aug. 1 1967.
int. totaled 606,160,632 k.w.h. during the first 6 months of 1927 compared with
payable in N Y. City. Denom. $1,000 and $500 c*. Red. on any
date upon 60 *days' notice, to and incl. Aug. 1 1930, at 105 and int. there- sales of 513,252,592 k.w.h. reported for the same period last year, or an
after, to and incl. Aug. 1 1935. at 104 and Int.; thereafter, to and incl. increase equal to snore than 18%.
Aug. 1 1945, at 103 and int.; thereafter to and incl. Aug. 1 1955, at 102
For the quarter ended Juno 30 1927 sales of electric energy totaled
and int, thereafter, to and incl. Aug. 1 1966, at 101 and int.; thereafter, 293,823,390 k.w.h., against 248,459,403 k.w.h. in the same quarter last
at 100 and int. New York Trust Co., New York, trustee. Interest year. As of June 30 1927 the company had a total of 737,519 electric
payable without deduction for that portion of any normal Federal income meters in service against 704,243 meters in service on Jan. 1 1927 and
tax not in excess of 2% and without deduction for the Penn. 4 mills tax. 654,896 meters in service on June 30 1926.-V. 125, p. 1325.
Refund of Minn., Conn., Kansas and Calif. taxes, not to exceed 4 mills,
-Earnings.
(& Subs.).
Puget Sound Power & Light Co.
Maryland taxes not to exceed 44 mills, Kentucky, West Virginia and
1925.
1926.
1927.
District of Columbia taxes not to exceed 5 mills, Mich. exemption tax not
12 Months Ended June 30to exceed 5 mills, Virginia taxes not to exceed 5% mills, and Massachusetts Gross earnings
$14,253,130 $13,143,782 $12.586,751
7,915,577
8,030,319
income tax not to exceed 6% to resident holders upon written application Operating expenses and taxes
8,302,832
within 60 days after payment.
In event that any municipal corporation or other Governmental sub$5,950,298 55,113,463 54,671,173
Net earnings
611,167
569.517
division shall acquire all or the major portion in value of any separate Income from other sources_ x
527,867
system of properties and shall assume payment of principal and interest
of all bonds issued under the indenture against or in respect of such separate
56,478,165 $5,682,980 $5,282,340
Balance
d
bonds
liability and obligation of
2,687,249
3.393,124 3,013,582
that Interest and amortization charges---and
forthwith
payment of principal and interest of such bonds shall not be so assumed,
Balance
$3,085,041 52,669,397 52,595,091
utility
then bonds in principal amount not exceeding the price paid for the propbonds.
x Income from city of Seattle
erty so acquired, may de declared due and payable at 110 and int., or the
l026
Consolidated Ralance Sheet June 30.
funds payable upon such acquisition may be used for the purchase of addi1926.
1927.
1927.
tional properties as provided in the indenture.
$
s 7%)
p
I tk.i lie(
I
Assets$
-The properties to comprise the system, which will be conCompany.
10,000,000 10,000,000
trolled by Federal Water Service Corp., supply various communities in Prop., plant. &c. 99,969,635 95,7239,863 Pr.
148,777
148,777
3,327,727 2,502,332 Prem.on pr.pf.stk
Pennsylvania with water, without competition, for domestic and industrial Cash
75,478 Funded debt... 65,584,300 86,115,700
33,275
purposes. The total population of the territories served is estimated to Notes receivable
130,000
be in excess of 630,000. The districts include the City of Chester, Wilkes- Accts. receivable 2,733,163 1,978.828 Notes payable. _
801,582
5;25
616 558
Barre, Pittston. Punxsutawney, Indiana, Jersey Shore, Philipsburg, North- Malls & supplies 1,093,162 1,227,643 Accts. payable.
60,039 Acctanot yet due 1,606,129 1,244,825
66,655
ampton and a number of communities in Allegheny County immediately Prepayments_ _ _
493,422 • 451,502
207,655 Divs. declared__
286,114
Misc. invest'ts_ x
west of and contiguous to the City of Pittsburgh.
-Bonds will be secured by first mortgage on properties appraised Sinking funds.- 5,085,561 4,714,198 Retirem't res've 3,896,736 4,026,949
Security.
267,526
290,854
at over $7,600,000 and by refunding mortgage on the remaining properties, City Seattle bds. 10,002,000 10,835,000 Accr'd deprec'n.
8,365
216,020 2,487,369 Contrib. for exts
appraised at over 528,400,000, subject, as to the remaining properties, to Special deposits_
127,233
130,643
Operating res__ _
Unamort. debt
only $9,804,100 of prior hen obligations.
76,185
133,438
disct. & exp.. 2,131,509 2,275,943 Unadfust. credits
The value of all of the properties, appraised by engineers on the basis
958,092 Bal. of assets_ y_ 42,524,517 39,760,894
403,712
Unadf. debits
of reproduction cost new, less depreciation, is in excess of $36,000,000.
102,100
106,900
Authorized. Outstandino Treasury secure
CapitalizationTotal(each s.de)125,430,831 123,159,339
x
$9,200,000
mtge. & ref. 55, series A (this issue
1st
x Includes securities of Puget Sound Power & Light Co. owned and hells
Spring Brook Water Supply Co. 1st ref. mtge. 5s
Closed
7.800,000 for sale by Puget Sound Power & Light Securities Co. y Showing book
(non-callable until 1935)
North Mountain Water Supply Co. 1st mtge. 5s
value for 214,000 preferred shares without par value (entitled in liquidation
y780,000 to $100 a share) and 202,829 common shares without par value, including
Closed
(non-callable)
Closed
1.000,000 earned surplus of 51,699,069.-V. 125, p. 519.
Ohio Valley Water Co. 1st mtge 5s(non-callable)_
Citizens' Water Co. of Phillipsburg 1st mtge. 5s
-Initial Dividend.
z224,100
Closed
St. Maurice Power Co., Ltd.
(non-callable)
250,000 shs. 60,000 shs.
The directors have declared an initial quarterly dividend of El per share
$6 cumulative preferred stock (no par value)
200.000 shs. 100,000 shs. on the outstanding $7,200,000 capital stock, par $100, payable Oct. 15 to
Common stock (no par value)
x Issuance limited by the provisions of the indenture. y $220,000 addi- hoidcrs of record Sops. 30.
tional will be pledged under the indenture. z $25,900 additional will be
This company is controlled by the Shawinigan Water & Power Co.
-V.124, p. 1822.
pledged under the indenture.
Consolidated Earnings of the Properties are Reported as Follows:
St. Stephen & Calais Light & Power Co., Ltd.
June 30 '27. Dec. 31 '26. Dec. 31 '25.
Years Ended52,781,111 $2,726,082 $2,506,312 Bondholders Given Exchange Offer.
Gross revenues
Operating expenses, maintenance and
The holders of the 1st mtge. 6% bonds, due Nov. 1 1956, who were
861,220 given the privilege of exchanging their bonds for $6.50 dividend series
890,907
880,231
taxes, other than Fed.income tax
preferred stock of the Associated Gas & Electric Co., on the basis of 10
$1,900,877 $1,835,175 51.645.092 shares of said preferred stock for each $1,000 bond, are notified that this
Balance
The annual. hit, requirements on enoffer will be withdrawn 30 days from Sept. 8.
tire funded debt outstanding in the
Bondholders desiring to take advantage of the exchange offer should
hands of the public, incl. this issue
forward their bonds by registered mail to the Associated Gas & Electric
950,205
requires
Co., Room 2015. 61 Broadway, N. Y. City, prior to the expiration date.
The above earnings do not reflect the savings and economies that should
-Options Taken Up.
result from group control, nor do they give effect to the benefits which
San Francisco & Sacramento RR.
should be derived from the management and supervision of Federal Water
The Sacramento Company, a creation of Arthur Curtis James, who is
RR. Corp.. has taken up the comService Corp.
the controlling factor in Western Pacific
-The Wilkes-Barre and adjoining properties consti- mon and preferred stocks deposited under offer of $5 for common and $20
Physical Properties.
tute one of the largest gravity water systems in the United States. Water for preferred. Settlement gives Sacramento Co. 97% of outstanding stock
timbered drainage areas in the hills border- of shortline and avoids necessity of foreclosure by bondholders to protect
is collected from extensive, well
ing on the Susquehanna and Lackawanna River valleys. The storage latter's interest. Amount involved to purchase stocks is $540,000. (Philreservoirs, aggregating approximately 11,500,000,000 gallons, impound adelphia "News Bureau.")
-V. 124, p. 3069.
nearly a half years' supply of Water. Phillipsburg. Punxsutawney, Jersey
-Earnings.
Shore and communities adjoining these localities are served by gravity
Savannah Electric & Power Co.
1925.
1926.
1927.
systems. Chester obtains its water from the Delaware River, affording a
12 Months F.nded June 30$2,251,779 $2,109,307 $1,899,366
practically inexhaustible supply. After settling chlorinating and aerating, Gross earnings
1,193,187
1,323,610
1,392,381
water is delivered to consumers in Chester at the average rate of 6,000,000 Operating expenses and taxes
gallons per day through electric and steam driven pumps having an effective
5785,697
$706.170
5859,397
daily capacity of 20,000,000 gallons. The property in Allegheny County
Net earnings
376,444
367,956
391,592
obtains its supply from 48 wells having a combined yield in excess of Interest and amortization charges_ _
9,000,000 gallons per day as compared with an average daily consumption
$329,735
$417,741
$467.805
a approximately 3,300,000 gallons.systems total over 1 150 miles of mains
Balance
The distribution and transmission
Condensed Balance Sheet.
Fire
through which more than 118,000 service connections are supplied. have
J'ne 3027. Dec.3126.
'Pim 3027. Dec.3126.
afforded by 3.435 hydrants. The physical properties
protection is
$
I Liabilities$
$
$
Assetsaccording to investigating
been maintained in excellent condition and
14,349,675 13,897.9221 Corn. stk.& surp-- y3,401,926 3,240,105
Plant
engineers the water supply Is adequate for normal future needs.
115,231 Pref. stock (6%)_ _ 1,000,000 1,000,000
122,309
to retire certain funded indebtedness Cash
-Proceeds will be used
Purpose.
20,000 Deben. stock (8%) 1,300,000 1,300,000
15,000
the Notes receivable..
196,100
outstanding in the hands of the public against the properties, towards
233,279 Deb. stock (7)5%) 236,000
229,542
Accts. receivable
acquisition of certain of the properties and for other corporate purposes.may Math & supplies_ 181,673
163,633 Deb. stock (7%)_ _ 221,400
additional bonds
-Indenture will provide that
438
Indenture Provisions.
15,065
203,685 Prem. on deb. stk..
Prepayments
38,448
be issued thereunder for not in excess of80% of the cost or fair value, which- Securities held for
42,682
Deb. stk. subscr'd
to the
ever is lower, of permanent improvements, extensions or additionsmonths
6,041.500 6,051.500
1,500 Bonds
resale
properties, provided net earnings for 12 consecutive calendar
24,656
19,678 Coupon notes(5%) 1,700,000 1,700,000
Subscr. to deb.stk.
13,825
within the 15 calendar months immediately preceding the authentication Sinking funds____ x116,020
111.467 Car trust ctfs
134 times the
200.000
and delivery of such additional bonds, have been at least indenture, all Unamorthed debt
150,000
Notes Payable__
83,197
annual interest charges on all bonds outstanding under
51,208
129,981 Accounts payable.
disct. & expense 117,959
prior liens and those bonds
118,190
bonds outstanding in hands of public secured by
24,939 Accts. not yet due 138,380
41,815
Unadjusted debits
958,540
then proposed to be issued. In the computation of net earnings, at least
Retirement reserve 885,580
11,095
5% of the gross earnings must be charged to maintenance. deliver to com13,974
Operating reserve_
7,897
The trustee shall at request of company authenticate and
9,612
Contrib. for exts__
1,180
pany 52.800.000 additional bonds against the properties existing as of Total (each side) _ _15,213,714 14,921,315 Unadjusted credits
21,441
sinking
Aug. 1 1927, provided, however, that net earnings for 12 consecutive
x Includes $109,500 Savannah Electric Co. 5% bonds held in value
such
calendar months within the 15 calendar months immediately preceding
133,334 shares of no par
y Represented by
authentication and delivery are equal to not less than 1% times the annual fund uncancelled.
5300,972.-V. 124, p. 2282.
Interest charges on all bonds outstanding under indenture, all bonds out- including earned surplus of
-G.L.
-Bonds Offered.
Pennsylvania Water Service Co.
Ohrstrom & Co., Inc., Marshall Field, Glore, Ward & Co.,
Janney & Co., Graham, Parsons & Co. and Coffin & Burr,
i
Inc. are offering at 98Y and int. to yield about 5.08%
$9,2b0,000 1st mtge. & ref. 5% gold bonds, series A.
coupons
ICrm all
o uanupon im
determine, and
SEPT. 10 1927.]
THE CHRONICLE
Sierra Pacific Elec. Co. (& Subs.).
-Earnings.
-
12 Months Ended June 301927.
1926.
1925.
Gross earnings
$1.257,814 $1,167,996 $1,126,861
Operating expenses and taxes
774,755
642,396
696,685
Interest and amortization charges_ _ _ _
48,430
42,372
71,610
Balance
5434,628
$483,227
$358,567
Consolidated Balance Sheet.
Joe 3027. Dec.31'26.
J'ne 3027. Dec.31'26.
Assets$
Ltattittles5
$
Prop., plant, &c._15,198,074 15.014,763 Common stock_ _ _ 8,000,000 8,000,000
Cash
46,377
53,436Pref. stock (6%)-- 3,500,000 3,500.000
Accts. receivable_ - 142,080
139,454 Bonds
634,000
637,000
Materials ar suppl.
71,192
58,222 ; Coupon notes(5%) 400,000
400,000
Prepayments
6,483
26,625 Notes payable_ _
465,000
365,000
Misced. invest'ts x
14,974
35,869 I Accounts payable_
71,326
26,564
Sinking funds_ y _ 296,343
279.648 Accts. not yet due_
119,454
123,800
Unamort.debt disc
6,753
8,440 Divs. declared_ ___
92,500
Unadjusted debits
7,083
5,029 Contrib. for eats._
26,986
25,412
Retirement reserve 968,202
993,519
Unadjusted credits
95,591
89,783
Total (each side). _15,789,357 15,621,485 Reserves & surplus 1,416,297 1.430,407
x Includes securities of Sierra Pacific Electric Co. owned and held
for
sale by Truckee River Power Co. y Includes $114,000 bonds of Nevada
Power,
-Light & Water Co., and $155,000 bonds of Reno Power, Light &
Water Co.,held in sinking fund, uncancelled.-V. 124.
P. 2282.
1463
for capital pu 'roses, in direct violation of the trust indenture
securing the
bonds, and also to bring legal action against the company,
to force them to
pay the earned but withheld interest on the bonds.
Mr. Jenkins invites all owners of these bonds to join him in
an association
for mutual protection. No deposit of bonds will be
required.
-V. 125
p. 1326. 782.
Underground Electric Railways Co. of London, Ltd.
-Plan Approved.
-Speyer & Co. have received official advice
from the Underground Electric Railways Co. of London,
Ltd., that the modified scheme submitted to the holders of
the company's income bonds was approved by a large majority of the bondholders at the adjourned meeting held in
London on Aug. 26. The modified scheme differs from the
original plan in that it provides that the bonds may be converted into the ordinary shares for a period of three years
instead of two years, and that for the purpose of conversion
the ordinary shares are to be valued at 21 shillings instead
of 22 shillings. See V. 125, p. 387, 1326.
United Gas & Electric Corp.-Pref. Dividend Increased
from a 6% to a 7% Annual Basis.
-The directors have
Southeastern Power & Light Co.
declared a quarterly dividend of 14% on the preferred
-Power Output.
For August 1927, the Southeastern Power & Light Co.'s system reports
stock, payable Oct. 1 to holders of record Sept. 10. This
196,609,516 k.w.h. output as compared with 166,945,378 k.w.h. for the
corresponding month of last year, an increase of 29,664,138 k.w.h.,
or compares with dividends at the rate of 6% per annum paid
18%.-V. 125, p. 916.
from Sept. 30 1925 to June 30 1927, incl. (See "Public
Southern California Edison Co.
-To Refund Bonds.
- Utility Compenduim" of April 30 1927, page 65).-V. 124,
The co-rpany has appli ;,• to.the California Railroad Contrrission
po -aission to 13Mie $30.003 003 o:5 ,; bonds. maturing 1952, to proAde for p. 2283.
for
toe refunding of $26,500,000 6% bonds aad for other capital
purposes.
West Penn Electric Co.
-Preferred Stock Offering.
V. 125. p. 916.
W.C. Langley & Co. have purchased $8,300,0006% cumulative
stock of this company, which controls electric power and light,preferred
Spring Brook Water Supply Co.
gas and
-Merger.
transportation companies
See l'ennsylvania Water Service Co. above.
-V. 124. p. 2765.
Springfield (Mo.) Gas & Electric Co.
-Initial Dividend.
The directors have declared an initial regular quarterly dividend of
a share on the proferred series A sto3k. payable Oct. 1 to holders of $1.75
rozord
Sept. 15.-V. 125, p. 387.
Spring Valley Water Co.
-Earnings.
-
8 Months Ended June 30x Water sales
Rents
Interest and sundries
1927.
$3,050.895
61,563
106.360
Total income
Operating expenses
Retch Hetchy rental
Taxes
Interest, funded charges, &c
$3,218,818 $3,069.976
741,567
709,728
125,000
54.555
505,073
410,185
850,403
841,629
Net profit
Additional contribution to amortization fund
$996.775
102,327
1926.
$2.941,602
42.742
85,632
$953,879
91,947
Net income
$861.932
Earns. per sh. on 280,000 shs.(par $1001 cap. stock $894,448
$3.19
$3.08
x Includes amount for contribution to amortization fund.
-V.124, p.3632.
Tampa Electric Co. (& Subs.), Florida.
serving 1,025 communities in the industrial area
adjacent to Pittsburgh, which includes northern West Virzinia,
northern
Virginia, central and western Maryland and eastern Ohio.
population of the territory served is approximately 1.700.000. Estimated
The consolidated statement of earnings for the 12 months ended
July 31
1927 shows gross earnings of$36,383,333, and balance available
os the preferred stock of $5,701,966 (after reserve for renewalsfor dividends
and
ments of $2,876,899), equal to over 2% times the annual dividend replacements on all the preferred stock outstanding including the present requireissue.
Operating companies controlled by the West Penn Electric
ownership include West Penn Power Co., West Penn Rys., through stock
Monongahela
West Penn Public Service Co. and the Potomac Edison Co. The
properties include generating companies with a present installed electric
of more than 486.000 kw. and approximately 2,328 miles of highcapacity
voltage
transmission.
Company is controlled by American Water Works & Electric Co.
-V.125.
p. 1196.
West Virginia Gas Corp.
-New Well.
-
The corporation has just completed a new well, Commercia
l Mo. 9,
on its Commercial property, near Huntington. W. Va.
reported to have an open flow of more than 750,000 cubic This well is
feet per day,
and is in the same shale as some nearby wells of the corporatio
n which
have been proven by tests to have a larger capacity now
than at the time
they came In, more than two years ago.
-V. 124, p. 3775.
Wisconsin Power &Light Co.
-Completes Two Plants.
-
-Earninos.Another step has been taken by the company in its utilization
12 Months Ended June 30of hydro.
1927.
1926.
1925.
electric sites with the completion
Gross earnings
$4.854,672 $4,283,846 $2,719.266 Phlox, Wis. The middle branch of developments at Wittenberg and
of the Embarrass
Operating expenses and taxes
3,340,928
2,904,555
1,527,475 berg, which has rendered its Service for power purposesRiver, near WittenInterest and amortization charges_ _ - _
for
54.867
80,885
53,989 much change in its equipment, and the Red River, near 25 years without
Phlox, have been
re-harnessed with modern equipment to that they can better serve
Balance
the sur$1,458,878 $1,298,407 $1,137,802 rounding communities. The
generator of the new automatic plant at
Consolidated Balance Shed.
Wittenberg was put into operation and is vertically connected
to a 180
h. p.turbine operating under a 23
J'ne 30'27. Dec.3126.
-foot head. The Phlox station is equipped
J'ne 30'27. Dec.3126.
AVIC18-with a 120 h. p turbine operating under a 22
$
-foot head. The two new de$
Prop., plant, &c.-14,410,524 13,567,326 Pref. stock (7%)..
velopments
921,600
333,100 company. will be connected with the large transmission system of the
Cash
916,320
408.014 Pref, stock subscr_
64,600
93,700
Notes receivable_
The company will also construct a new rural line in the
Corn. stk. subscr_
141,800
townships of
Accts. receivable_ _ 603,939
650,346 Bonds
1,178,000 1,184,000 Grant. Fairbanks and Split Rock in Shawano County, Wis. Another
Materials & suppl
363,457
rural line will be extended through the townships of Norwood,
397,233 Accounts payable. 150,472
201,876 green
Polar, EverPrepayments
46,790
and Wolf River. Urban customers may be served from
129,925 Accts. not yet due_ 454,079
393,781 Elton.
Polar and
Misoell. investmls
1,102
-V. 125, p. 521.
1,102 Divs. declared__
443.375
Sinking funds__ _
1,151
1.151 Retirement reserve 1,378,968 1,037,710
Subscr. to pref. stk
42,100
52,200 Contrib. for eats
29,401
26,416
Subscr. to corn. ink
960 Operating reserves
INDUSTRIAL AND MISCELLANEOUS.
41,743
56,378
Unamortized debt
Unadlust. credits_
104.305
106,773
Refined Sugar Prices.
disct. & expense
29,416
-On Sept.8 Arbuckle Bros. advanced price 5 points
30,988 Book val. of assetax11903.283 11,931,802
Unadjusted debits
to 5.80c. per pound.
56.096
59,621
Lead Price Reduced.
Tampa El. Co. bds 173,500
-American Smelting & Refining Co.reduces price
173,500 Total (each side) _ _16,669,826 15,507,337
10 points to 6.40c. per pound. "Philadelphia News Bureau" Sept.
x Showing book value of assets for 475,162 shares
7.
of no par common
Industrial Alcohol Price Adranced.-1.1. S. Industrial Alcohol Co. advanced
stock, including earned surplus of $2,397,395.7-V.
125. p. 96.
price of denatured alcohol 2 cents to 48c. per gallon in drums, carload
lots.
Third Avenue Ry.--Suit Filed, Seeking Payment of Current "Wall Street Journal" Sept. 6.
Truckmen in New York City Strike for Higher Wages and Shorter Hours.
and Back Interest.
Five thousand members of Locals 282 and 807 of International Brotherhoo
Thomas 13. Jenkins, President of the Vulcan Spring
of Teamsters. Chauffeurs, Stablemen and Helpers of America strike d
at
Ind., has instituted suit against the company in an Co. of Richmond, 7 a. m.Sept. 7 for
average ware increase of$5 per week and eight
-hour day.
the company to pay the full amount of the interest on attempt to compel "New York Evening
its 5% adjustment
Post" Sept. 7.
mortgage bonds together with 29%% of interest in
Matters Covered in "Chronicle" Sept. 3.-(n) New Bedford mills may
arrears. The bill of
pool
complaint, presented to the U. S. District Court for the
Southern District selling to protect prices-Co-operative system of centralizing quotations
of New York, alleges that "the defendant has already used a
part of its and sales considered, p. 1253. (b) Higher prices fixed on printed fabrics
available surplus income applicable to the payment of
interest on Its adjust- Large printers bring values closer to high cotton parity, p. 1254. (c) Cotton
ment mortgage 5% Income bonds for capital and other
expenditures not goods prices advanced-Trade becoming accustomed to likelihood of"high"
permitted by the terms of the said bonds and now proposes
to expend and cotton-Raw cotton prices the important factor, p. 1254. (d)Cone denims
apply other and additional amps forming a part of such available
surplus priced on an 1834c. basis for irregular goods, p. 1255. (e) Phoenix Hosiery
income applicable to the payment of interest on its
Co. cuts prices 10%, P. 1255. (f) Japanese Governmen
t and Raw Silk
capital and other expenditures not contemplated ormortgage bonds to Association vote
permitted by the
20,000,000 yen to stabilize raw silk industry. P. 1255.
terms of said bonds and mortgage, and particularly to expend
the sum of (g) Permanent injunction issued in Ohio restraining union men from interthe purchase of buses and bus lines.
$000,000 for
fering with non-union coal miners
-Machine guns guard mine, p. 1258.
"That the officers and directors of the defendant have admitted
(h) ThePennsylvan
operation of the buses and bus lines which they intend to purchase that the (I) Reading Co.andia miners reopen-Resume on non-union basis, p. 1258.
Lehigh Coal & Navigation Co. advance price on anthrawill not
for the present, at least, be profitable."
cite coal, p. 1259. (j) Receiver asked for New York stock
brokerage firm
The complainant prays that the defendant account for its income
of Dean, Onativia
-Firm dissolved last July and business taken over
December 1912. In addition it asks the Court to enjoin the company since by E. A. Pierce && Co.
Co., p. 1272. (lc) Changes in Wisconsin law affecting
from
applying any surplus, applicable to the interest payment on the income sale of public utility
securities--Issuance of stock of non par value perbonds, to the purchase of bus lines or other capital expenditures.
mitted, p. 1272. (I) Inquiry by New 'York Stock Exchange
into transacA statement issued to the holders of the adjustment mort- tions in -Vulcan Detinning Co., p. 1273.
gage incotne gold 5s by Mr. Jenkins follows:
On Oct. 1 1927 a total of 30 q^7 Interest will be due on the adjustment
;
mortgage 55, amounting to $3,836,000. Of this accrued interest
1 V %,
or $275,000, has been ordered paid, leaving an arroarage of $6,5611000
.
or 29% %•
According to the company's published reports, full interest of 5%
has
been earned on the adjustment 5s in the past two fiscal years, with a surplus.
after interest, of around $300,000. Only 2%% has been paid or ordered
paid in each of these two years.
According to the same reports, the surplus income of the company available for the payment of interest, on theso bonds accumulated since 1917. but
unpaid, is approximately $1,500,000, or 20% on the outstanding bonds.
has been operating bus lines in Westchester County and
The
not only are said bus lines operating unprofitably, but they were financed out
tho company's treasury with funds which legally belong and shodid have
of
been paid to the adjustment bondholders. Officers of the company admit
that they contemplate an extensive bus venture in the Bronx,requiring considerable further.capital. This venture, they also admit, will probably
prove unprofitable. The financing of this venture, they state, is to be
accomplished through the hypothecation of securities now held in the
company's treasury, which were bought with cash from the company's
treasury. and which I am advised by counsel ought to be applied to the
interest due the adjustment bondholders.
As an owner of the adjustment mortgage bonds, I have employed
asuosel to estop the company from using the property of these bondholders
Abbotts Alderney Dairies, Inc.
-Merger
.
See Abbotts Dairies, Inc., in V. 125, p.
1328.-V. 125. p.97.
Albany Perforated Wrapping Paper Co.--Earnings.-
(Including A. P. W. Pulp & Power Co., Ltd.)
Results for Period Beginning July 5 1926 and Ending July
2 1927.
Net sales, $3,892.402: cost of sales,$2,658,702: gross
oper. profit $1,233,700
Selling and administrative expense
903,398
Net operating profit
$330,302
Other income
3,972
Total income
$334,274
Other charges
17,372
Net profit
$316,902
Prof. diva., $105.000; common dive., $192,000; total
297,000
Balance, surplus
$19,902
Previous surplus
2,815,321
Underwriting costs written off
(Dr.)127,500
Net adjustments prior periods
(Dr 15 A28
Profit and loss surplus
$2,702,095
Earnings per share on 96,000 no par shares common
stock
$2.20
THE CHRONICLE
1464
Consolidated Balance Sheet.
July 2 '27. Dec. 18 '26.
July 227. Dec. 18'26. LiabilitiesAssets-Preferred stock _ _$1.500,000 $1,500,000
Prop., plant & eq.
240,000
reserve) _$4.325,073 $4,281,649 Common stock__ x240,000
(less
800,000
63.848 lot mtge. bonds._ 780,753
77.341
Cash
243,295 Notes pay. (borAcc'ts rec., leas res. 303.706
410,000
rowed money).- 740,000
32,311
13,358
Trade accept. rec.
66,228
22,980 Accounts payable.. 151,529
22,980
Securities owned
44,639
38,043
972.273 Accrued accounts_
1,134,114
Inventories
400
400
23,388 Minority interest.
17,352
Other ace'ts reel()
2,702,095 2.899,878
321,402 Surplus
Prepaid charges._ 258.899
$6,152,820 $5,961,145
Total
$6,152,820 85,961,145
Total
-V.124. p. 2751.
x Represented by 96,000 shares of no par value.
-Earnings.Alaska Juneau Gold Mining Co.
1925.
1927.
$226.000
30,750
Month of AugustGross earnings
Net prof., after int., dm_
-V.125,P.917.
1926.
$151,000
loss27,000
$202.000
11,250
1924.
$157,000
10689,000
Alden Park Manor Apts., Detroit, Mich.-Bds. Called.
Certain 1st mtge. bonds, dated April 1 1922 (Nos. 848 to 4976, incl.),
Co.,
have been called for payment Oct. 1 at 102 and Int.attheUnion Trust
trustee, Detroit, Mich.
int. to
of the above-mentioned bonds will be taken up at 102 and at any
Any
trustee, or
date of payment upon presentation at the office of theon or before Oct.1.
offices of the American Bond & Mortgage Co.at any time
-Receiver's Sale.
Mining & Milling Co.
Alvarado
Judicial
Pursuant to decree entered on Aug. 3 by the Maine Supreme at his
auction
at
Court, John H. Hill, Receiver, will offer for sale 20,public shares of the
34 211
Sept.
office, 98 Exchange St., Portland, Me. on Northern Mining & Ry. Co.
capital stock (no par value) of the Mexican by the Court, and no bids will
The sale will be subject to confirmation
sale as consummated, until the
be considered as finally accepted, nor any 808. 813.
-V.119, p.
Court shall confirm the same.
-Completes New Seminole Well.
Corp.
Amerada
of a new well, Rogers No. 1,
The corporation announces the completion half of the southeastern quareastern
located in the southwest corner of the in the Earlsboro pool of the Seminole
Township 9, Range 5,
ter, Section 3,
from 4,237 to 4,263 feet in
District. It was brought in in Wilcox sand 125. p. 917.
-V.
depth and is flawing 250 barrels per hour.
-Extra Dividend of M of 1%.
American Cyanamid Co.addition to a regular quarterly dividend
An extra dividend of 35 of 1%.in
common stock, payable
of 13.5%, has been declared on both classes of
were paid on July I
Oct. 1 to holders of record Sept. 15. Like amounts of 3.5 of 1% and a
preceding quarters an extra
last. In each of the 14
-V. 125, p. 1318.
regular of 1% were paid on the common stock.
[VOL. 125.
addition to said property, the separate Baptist churches of the State,
represented by the Convention, own property 'valued at over $5,000,000,
according to an official statement.
-Total income of the Convention from all sources for the past
Income.
five years was $2,038.730, or an annual average of $407,746, which amount
is over 735 times the greatest annual interest requirements of this issue of
bonds.
-These bonds are a direct obligation of the Arkansas Baptist
Security.
State Convention, whose full faith, credit and resources are pledged for the
prompt payment of principal and interest. In addition, the bonds are
secured under the trust indenture by closed first liens on properties of the
Convention and the Baptist institutions in Arkansas controlled by it, which
properties have an aggregate sound depreciated value, as shown by independent appraisals, of $1,881,000, equivalent to more than $2,000 for each
$1,000 bond of this issue.
-Proceeds will be used to retire outstanding indebtedness
Purpose.
incurred in erecting and extending the properties of the Convention, and
to retire certain outstanding bonds and notes of the Convention.
-Subsidiary Co. Dividends.
Associated Oil Co.
The Sterling Oil & Development Co., a subs diary, has declared an extra
dividend of 10c. a share and the regular semi-annual dividend of 10c..
both payable Oct. 5 to holders of record of Sept. 30. Like amounts were
'Paid II and 12 months ago. The Associated Oil Co. owns 70.07% of the
250,000 outstanding shares of sterling stock, par $1 each.
Results for 6 Months Ended June 30 1927. lCo. and Proprietary Cos.1
Total volume of business done by the company and its proprietary cos. as represented by their combined gross sales and
$39,743.404
earns, exclusive of intercompany sales and transactions
Total expenses incident to operations,incl.repairs, maintenance,
admin..insur., cost & all other chgs.,excl. of deprec.& deplet.
35,196,757
and Federal income tax
Operating income
Interest
Dividends received
Other income
$4,546,647
18,550
111,408
24.585
Total income
Interest and discount on funded debt
Provision for depreciation and depletion
Provision for Federal income tax
$4,701,189
$705,805
2,691,877
40,954
Balance
Miscellaneous adjustments
$1,262.554
68.922
$1,331,476
Net income
$0.58
Earns. per sh. on 2,290,412 shs.(par $25) corn. stk. outstanding
-V. 125, p. 784.
-New Tanker Ready.Atlantic Refining Co.
-ton Diesel-electric tanker just completed by
The "Point Breeze," 7,000
runs and sailed
the company at its Point Breeze plant, has had her trial Trials were run
Aug. 29 on her maiden voyage to Europe with a cargo. the "J. M.ConPeriod End. June 30- 1927-3
boat,originally
throughout the week ending Aug.28. This
Profit after charging renally,' was purchased, with two others, from the United States Shipping
pairs. deprec., int. on
under the personal supervision
$88,448 def$148,037 Board and converted to Diesel-electric drivethe company. The remaining
$13,225 def$149,506
3c res. for taxes
loans
"Bessmer,.
of L. M. Goldsmith, technical enginner of
Earns. per sh.on 100,000
'are being reconditioned by the
boats, the "Sharon" and the
Nil
Nil
$0.88
$0.13
shs. 7% pref. stock- _
Alabama Dry Dock & Shipbuilding Co.,at Mobile. Ala.,and it will probably
-Ir. 125, p. 1328.
be a few months before the next one will go into service. All three boats
occasionally be used
on. will probably be operated in coastwise service, but may Africa or Europe.-Acquisiti
-Rights
American Home Products Corp.
foreign service between American ports and South
The stockholders of record Sept. 12 will be given the right to subscribe In 125, p. 1316.
V.
on or before Oct.3 at $44 per share for 73,000 shares of heretofore authorized
but unissued capital stock without par value. Subscriptions are payable at
-Earnings.Atlas Plywood Corp.
the Central Union Trust Co. of New York, 80 Broadway, N. Y. City.
Year End, 11 Mos.End.
This offering has been underwritten. [There are at present outstanding
June 3027. June 3026.
Periodshares of capital stock, so that stockholders under the above offer
365.000
$2,743,822 $2,599,111
Net sales
will be entitled to subscribe for one new share for each 5 shares held.] pur1,985.398
2,188,896
gen. & adm. exp
The purpose of the offering is to put the corporation in funds for the of Cost of sales, selling,
118,743
148,213
chase of all of the capital stock of the International Chemical Co., Ltd. to Depreciation
33,288
45.796
'
Depletion
London, Eng., together with unredeemed debentures of that company
the amount a £40,000 sterling. The International Chemical Co., Ltd.,
$461,682
$360,918
Net profit from sales
the Continent
35,720
is engaged in the manufacture and sale in Great Britain and on
34,162
Other income (net)
-V. 125, p. 1328.
of "Bisurated Magnesia" and other proprietaries.
$497,402
$395,080
Total income
-Earnings.
American Piano Co.(& Subsidiaries).
93,782
98,531
Interest charges
1927-6 Mos.-1926.
Period End. June 30- 1927-3 Mos.-1926.
54.000
48,878
$2,447,422 $2,743,794 $5,016,692 $5,728,680 Reserve for Federal taxes
Net sales
4.914.304
4.998,307
Exp., depr. & Fed. taxes 2,546,385 2,431,454
$247,670$349,620
Net profit
$814,376 Adjustment of inventory items undervalued
$18,385
$312,341
def$98,963
Net income
134,790
134,790
8349,620
• Other income
$182,144
Total
200,000
200.000
$814,376 Dividends
$153,175
$312,340
$35,827
Total net income
9,771
9,771
$208,694 Amortization of organization expense
$209,916
$104,347
--- $104,916
19,999
Preferred dividends172.276 Good-will written off
281,073
86.128
170,801
3.000
Common dividends
tax reserve
Add
$433.406
$121,865 def$337,814
def$239,890
$72.373
4116.850
Surplus
Surplus additions for the year
116,850
-V. 125. P. 521
.
Surplus balance June 30 1926
-Earnings.
American Hide & Leather Co.
1927-6 Mos.-1926.
Mos.-1926,
-Comparative Balance Sheet.
American Seating Co.
June 30'27. Dec. 31 '26.
AssetsPlant & prop. acc't
Cash on hand_ _ __
Investments
Bills & acc'ts rec...
Merchandise
Prepaid charges._
4,120.702
273,240
1,080,950
2,834,259
2,548,321
78,861
3.892,205
1,492,137
209,475
3,052,884
1,773,362
54,070
Total(each side) 10,936,334 10,474,134
-V. 125. P. 1196
.
June 30'27. Dee.31 '26.
$
10-year 8% gold
4,000,000 4,000,000
notes
230,000
First mtge. bonds_ 210,000
65,566
43,035
Minority interest_
516,825
186,909
Acc'ts payable
33,607
Commissions pay_
191,800
86,140
Rea. Fed. taxes...
110,000
Other reserves
surplus... 6,266,644 6,469,943
Capital
-Expands Territory.
Co.,Philadelphia.
American Stores
ago to dispose of its
Carrying out its decision announced two months
Endicott-Johnson Corp.. which
workers' co-operative grocery stores, the at Endicott, N. Y., last week
in its shoe factories
employs 17,000 people
Philadelphia,one of the leading
sold all Its stores to the American Stores Co., F. Johnson, President of the
George
chain store groups of the country. Endicott
-Johnson stores were originally
Endicott-Johnson Corp.,said:"The
rise of living costs, and
started at the close of the war to meet the sudden is no further reason for
now been adjusted, there
since this condition has
their continuing under our management." into New York State of the
The purchase of these stores is the advent2,100 grocery and meat shops
American Stores Corp.. which operates about p. 2593.
-V. 124.
through the Middle Atlantic States.
$116,850
$189.223
•
Surplus June 30 1927
Earnings per share on 50,000 shares of no par com,
$6.99
$4.97
stock outstanding
Comparative Balance Sheet June 30.
1928.
1927.
Liabilities1926.
1927.
AssetsCapital stock.....s$2,674.212 $2,074,212
Plant, Prop.. eq..
First mtge. 6)4e_. 1,426,500 1,473,500
&a.(less depr. dr
50,000
$3,008,284 $2,987,876 Notes payable._
depletion)
4,000
18,450 Mtge. note pay...
78,450
Miscell.invest
47,333
1
1 Purch. contr. pay_
Good-will
35,490
37,443
153,168 Accounts payable_
158,367
Cash
23.393
18,266
247,551 Accrued expenses_
Notes & accts. rec. 253,795
48,750
48,750
8,030
5,655 Interest payable._
Life ins.surr. value
50,000
50,000
1,084,968 1,003,058 Dividend payable.
Inventories
Res. for Fed, taxes
Adv. on lumber &
83,558
63,736
95,358 & contingencies_
13,673
logging opera'ns
Deferred paym't on
Accts. rec., empt.
Purch. contract_ 102,667
homes purchase
116,850
189,223
3,374
5,191 Surplus
contract
829
3,981
Bkg. fund assets
58,618 Total (each side)-$4,662,130 $4,635.763
53,201
Deferred charges..
-V. 124, P. 3776.
x Represented by 50,000 shares of no par value.
-Acquires Three More Cos.
Auburn Automobile Co.
The company announces that it has acquired control of three companies
the Lycoming Mfg. Co. of Williamsport, Duesenberg, Inc. (V. 123. D.
2396), and the Limousine Body Co. of Kalamazoo, Mich, The Lycoming
Rock, Mfg. Co. manufactures the Lycoming automotive engine. Duesenberg.
Arkansas Baptist State Convention, Little
and builds
Inc. manufacturer of passenger and racing cars, also
-Caldwell & Co. and I. B. Tigrett & submarine and speed boat motors, and Is particularly designs
well known in the
-Bonds Offered.
Ark.
at 100 and int. $900,000 racing field. The Limousine Body Co. Is a manufacturer of automobile
Co., Birmingham, Ala., are offering
bodies.
serial
1st mtge. (closed) 6%serially coupon gold bonds.
The controlling interest in these companies will be acquired without
Aug. 1 1931-1939. Principal and int.
Dated Aug. 1 1927; due
'or increase in the funded debt of the
National Bank, New York ot at Liberty the issuance of any preferred stockto E. L. Cord, President.
(F. & A.) payable at Chemical
normal Federal Auburn Automobile Co., according
deduction for
Trust Co., St. Louis, Mo., without
Central
The total assets of the Lycoming company exceed $5,000,000, and
Denom.$1,000,$500 and $100 c*.
income tax not exceeding 2% per annum. order on any int. date at parand those of Duesnabcrg ,Inc., approximately $1,000,000. The Li1110118ille
Red. all or part in inverse of numerical principal amount for each year or Body Co. has been the source of supply for the Auburn company for the
,
int. plus a premium of 35 of 1% of the
-V. 125. p. 918, 784.
the date of payment and the past three years.
fractional part thereof intervening between103 and int. Liberty Central
-A
-Bonds Sold.
date of fixed maturity, but not to exceed trustees.
Bates Valve Bag Corp., Chicago.
St. Louis, Mo.,
Trust Co. and H. J. Miller,
the Arkansas group headed by Blyth, Witter & Co., J. Henry Schroder
Letter of Dr. J. S. Rogers, Gen. Sec. of
Data From
Baptist State Convention.
Banking Corp. and Otis & Co. have sold at 98 and interest,
Arkansas.
-The Arkansas Baptist State Convention, incorp. indenomina- to yield 6.20%, $3,000,000 15-year sinking fund 6% gold
Borrower,
of the Baptist
was organized in 1852. and is the corporate body
Baptist churches debentures. Each debenture will carry a warrant, detachtion in that State, representing approximately 1,000 white
agency
11929, entitling the holder to purchase
with more than 120.000 members. The State Convention is the
al, able on or after Jan.
any
through which these churches carry on their numerous denomination
the Baptist common stook of the corporation at $39 a share, at
and philanthropic activities. The Convention and
educational
five shares for
Institutions under its supervision and control own property conservatively time on or before Aug. 1 1932, in the ratio of
appraised at $3,122,500, against which there is a total outstanding in- each $1,000 debenture.
debtedness, after giving erect to this issue of bonds, of $1,081.150. In
SEPT. 101927.]
THE CHRONICLE
1465
Dated Aug. 1 1927; due Aug. 1 1942. Principal and interest payable in
Bristol (Conn.) Manufacturing Co.
-Sale.
U. S. gold coin at office of J. Henry Schroder Banking Corp., New York.
The real estate of the company in Plainville, Conn., has been ordered
Interest payable F. & A. Denom. $1,000 and $500 c*. Redeemable, all sold by John R. Booth, Judge of the Connecticut Superior
Court.-V.J.23.
or part, on any interest date on 30 days' notice at 102 and interest to and p. 2905.
including Aug. 1 1931; thereafter at 10134 and interest to and including
Aug. 1 1935:thereafter at 101 and interest to and including Aug. 1 1939, and
Brown Shoe Co. St. Louis.
-Shipments.
thereafter at 10034 and interest prior to maturity. Illinois Merchants
According to a St. ',Lis despatch the company's August shipments
Trust Co., trustee. Corporation agrees to pay interest without deduction totaled over $4,000,000, a gain of more than $500,000 over August last
for any normal Federal income tax not exceeding 2% per annum, and to year.
-V. 124, p. 3213.
debentures, upon proper application within
reimburse the holders of the
60 days after payment,for the Penn. and eorm.4 mills taxes. the Maryland
-Earnings.
-(F.) Burkhart Mfg. Co.
mills tax, the Calif. personal property tax not exceeding 5 mills per
434
Net profits, after all charges and allowance for estimated Federal taxes
dollar of principal, and the Mass. income tax on the interest not exceeding for the first six months of 1927, are reported to be $123,648. Th,s is
6% of such interest per annum.
nearly equal to the dividend requirements on both the preference and
Authorized. Outstanding. common stock for the entire year. These earnings are at an annual rate
Capitalization$3,000,000 of well over three times the $2.20 yearly dividend requirement on the
Sinking fund 6% gold debentures (this issue)_ ___a$3,000,000
7% cumulative preferred stock (par $100)
3,000,000
2,200,000 preference shares, and $3.70 per share on the common after allowing for
Common stock (no par value)
250,000 shs.6200,000shs. the dividends on the preference stck.
a Other funded debt ranking equally with these debentures and (or)
On Aug, 24 trading in the common stock in addition to the units (conpurchase money mortgages may be created under restrictions contained in sisting of one share of preference and one-third share of common) was
the indenture. b Includes 15,000 shares deposited by certain stockholders authorized by the Detroit Stock Exchange.
to meetrequirements of warrants.
Comparative Balance Sheet.
Data from Letter of J. W. Meeker, President of the Corporation
Liabtitties- aDee. 31 '26 June 30'27
AssetsaDec. 31 '26. June 30'27
Company.
-Recently incorporated in Delaware. Has acquired all of the Land, plant, and
Pref. stock
$855,000 b$855,000
properties, business and assets of the Bates Valve Bag Co. of West Virginia,
46,400
equip.(less depr) $543,076 $600,523 Common stock..
c46,400
which was established in 1901. Corporation is the largest manufacturer in Cash
151,158
94,857 Accounts payable31,250
26.952
the world of paper valve bags used for the packing of cement, plaster and Mark'ble securs
2,000
2,000 Notes payable__
125,000
other rock products. The original paid-in capital of the company was Receivables, leas
Reserve for taxes_
67,815
67.804
$250,000, and except for a further investment of $160,000,the growth of the
252.610 Accrued
allow, for doubt. 171,848
6,990
8,182
business has been financed largely through reinvestment of earnings. The Inventories
604,396 Divs. payable_ 532,295
106,250
gross assets of the corporation are now valued at over $8,000,000.
17,772
22,992 Due officials
Surr. val. of insur83,761
The Bates Valve Bag Co. was the originator and developer of the Bates Phila. investment112,317 Funded debt
180,000
160,000
system for filling and closing bags through which it attained a dominating Prepaid items
8,431 Surplus
5,114
129,559
319,466
position in the United States. For many years Bates filling machines have Other assets
4,439
been used for packing substantially the entire cemen t production of the
United States. Other products include the Bates Multi
-Wall bag, wire ties
Total
Total
$1,423,263 $1,702,565
$1,423,263 $1,702,56
for cloth bags, retying machines and closing machines for open-end bags.
a After giving effect to financing. b Represented by
Corporation licenses certain bag manufacturers to produce the Multi
-Wall of no par value. c Represented by 46.400 shares of no 34.700 share
par value.
bag, from which it receives income in the form of royalties.
V.
p. 3500.,
The foreign business of the corporation is growing rapidly. For the purpose of further expanding the sale of the Bates products abroad, the Bates
-Sells Richmond Plant.
California Wine Association.
International Bag Co. has been formed and to it have been transferred the
The Winehaven Chemical Co., Inc., has been organized in
stocks of certain foreign corporations formerly subsidiaries, which were acquire the Richmond (Calif.) plant of the California Wine Delaware to
Association.
acquired from the Bates Valve Bag Co. Corporation has an agreement with No public financing is planned by the Winehaven Co. On the latter's
the Bates International Bag Co. with respect to the sale and distribution board are Oscar R. Krenz, A. R. Morrow, J. M. Duncan, F. M. Edwards,
of the products of the corporation in foreign countries, exclusive of Canada, A.J. Urea, J. C. Stone, J. R. Wilson,P. C.Salterbach and Oswald Wilson.
which should result in much largerincome to the corporation from its foreign -V. 123. p. 1254.
business.
Earnings.
-For the year ended Dec. 31 1926 the net earnings of the Bates
Calumet & Arizona Mining Co.
-Copper Output.
Valve Bag Co. after depreciation, available for interest and Federal taxes,
1927.
1926.
1925.
Production (Lb:.)1924.
were $1.156.327. This is equivalent to 6.4 times annual interest charges January
'
3,728,0003,474,000 3.788.000 3,764,000
on this issue. Such net earnings for the four-year period ended Dec.31 1926 February
3,000,000
3,590,000
3.068,000 2,824,000
averaged over 3 1-3 times such interest requirements. Net income in 1926 March
5,408,000 4,020,000 3,416,000
2,084,000
from rentals and royalties alone, exclusive of all profits on sales, was equal April
3,422,000 3,876,000
5,196.000
3.330,000
to more than three times interest charges on these debentures. For the first may
4,844.000
4.908,000 4,410,000 3,332,000
seven months of 1927 net earnings before Federal taxes were $590,529. Im- June
4,150,000
4,208.000
3,848.000 2,346.000
portant operating economies now being effected should materially increase July
3,732.000
3,332,000 3,752,000
2.732.000
net earnings.
5,154,000
3.920,000 3,940.000 3,802,000
The Bates Valve Bag Co.operated with a profit in every year since organi- Atust
p. 785. 250.
zation in 1901. while cash dividends, averaging over 14%. were paid continuously on the common stock outstanding in each year since 1916. DeCanada Bread Co., Ltd.
-Earnings'.
-ducting from the above net earnings of $1,156,327. interest on these debenYear Ended June 301927.
1926.
1925.
1924.
tures, Federal taxes and dividends on 42,200.000 of preferred stock, the Profits after int. on bds_ 63802,802 a$790.812
$722.237
$606,598
balance is equivalent to $3.45 per share on 200,000 shares of the corpora- Interest from investment
30,553
22,276
13,756
20.791
tion's common stock now outstanding.
The gross sales of the Bates Valve Bag Co. and net earnings, after depreTotal income
$833.355
$813.088
$735,993
$627,389
ciation, available for interest and Federal taxes, have been as follows:
Depreciation
$223.475
$237,749
$195.829
$167.929
1925.
1926.
1924.
1923.
Year12,500
12,500
$6,202,055 $3,460,857 $1,513,579 $1,190 332 Bond purchases
Sales*
Taxes
47,499
48,053
Net earnings
1,156327
609.659
326,666
316,483 First preferred dividend_
:7.500
87,500
87.500
87.500
* Including rentals and royalties.
175,000
Class B preferred
175.000
-This issue was created for the purpose of providing funds to be
Purpose.
125.000
125.000
100.000
used in part payment for the assets of the predecessor company and for Common dividend
Stock dividend
25,000
additional working capital and general corporate purposes.
Sinking Fund.
-Indenture will provide that the corporation shall pay to
Surplus for year
$208,106
$327.115
$242.665
$211,407
J. Henry Schroder Banking Corp., as sinking fund agent, on May 15 and
dr200,000
Nov. 15 of each year, beginning Nov. 15 1927, a sum sufficient to retire at Transfer to good-will_
1,292,885
1,165.769
923.104
711.697
least $120,000 of those debentures annually. These sinking fund payments Balance forward
may be made either in cash or in debentures at cost not to exceed the call
Total surplus
$1,500,991 $1,292,885 $1,165,769
$923,104
price effective at that time. Payments will be applied to the purchase of
25,000
25,000
25,
000
x25,000
debentures to the extent that they are obtainable at or below the call price Shs. corn. outst.(no par)
$13.32
$13.04
$15.71
$12.46
effective at the next redemption date, and the balance to the redemption of Earns. per eh.on com_...a Profits after deducting 1925 and 1926 income taxes. b After deducting
debentures by call on the next succeeding redemption date. The sinking
fund is calculated to be sufficient to retire at least 60% of these debentures Federal taxes. x Par $100.
Comparative Balance Sheet June 30.
at or prior to maturity.
Ownership.
-The active control and majority ownership of the business,
Assets1927.
1926.
Liabilities1927.
1926.
which has been held by the Bates family since organization in 1901, will be Fixed assets and
1st pref. stock_ __$1,250,000 $1,250,000
continued. J. W.Meeker has been elected President. All other executives
$6,843,240 $6,732,413 B pref. stock
good-will
2,500,000 2,500,000
remain unchanged.
Cash
315,326
204,850 Common stock__ x25,000
25,000
186,521
171,108 Funded debt
Balance Sheet as at July 31 1927 (dfdjusted to Show Effect of New Financing). Receivables1,050,420 1,063,232
151,359 Accounts payable. 274,111
204,804
Inventories
221,528
Assets
Liabilities17,890
14,582 Wages accrued__ _
17.104
22,057
Cash in banks & on hand....$1,121.416 Notes payable
$587.000 Prepaid expenses_ 501,407
424,545 Tickets outstand'g
16,941
17,770
Accounts receivable
423,484 Accounts payable-trade.. 324,981 Investments
Dividends payable
65,625
65,625
Notes receivable
15,081 do Miscellaneous
8,596
Tax reserve
50.000
75,000
Inventories_ ________
1,225,230 Accrued accounts
30.196
Deprec. reserve..._ 1,218,997 1,065,762
Adv.on material purchases
24,430 Res. for Fed. income taxes 142,310
Conting.
100,000
100,000
Traveling funds advanced..
9,672 Rentals adv. by lessees__ _
66,208 Total (each slde)_$8,069,189 $7,698,858 Surplus reserve__ „
1
1,292,884
Joint contract
Due from Bates Valve Bag
-Modern
x Represented by 25,000 shares no par value-V. 125. p. 919.
129.978 Valve Bag Co
Co.. Ltd
19,540
Investments
1,096.336 6% sinking fund deben's_ _ 3.000,000
Canadian Department Stores, Ltd.
-Permanent Bonds,
Fixed assets (less deprec'n) 4.154,596 7% cumul. pref. stock_
2.200,000
Edmund Seymour & Co. advise that permanent 1st mtge. 61.6% bonds,
Common stock equity_ _ _ _ a2,203,001
Patents
due 1947, are now ready for exchange for temporary bonds. For offering
381.611
Deferred charges
- see V. 124, p. 1828.
$8,581.834 Total
Total
$8,581,834
Carson Hill Gold Mining Co.
-New Name, &c.
Represented by 200.000 shares of common stock without par value.
At the special meeting of the stockholders Aug. 27 the name of the coma
pany was changed from Carson Hill Gold Mining Co. to Central Mother
V. 125, p. 250. 389.
Lode Mines Co., and the plan of reorganization and recapitalization was
Bernheimer Leader Stores, Inc., Baltimore.
-Sale.
- approved. Therefore, the 200,000 old Carson Hill Gold Mining Co. shares
have automatically become 5.000 new Central Mother Lode Mines Co.
-V. 125, p. 99.
See May Department Stores Co. below.
common shares. The authorized capital has been changed to 250,000
common shares and 25,000 preferred shares, of which only 5,000 common
-Earnings.
(H. C.) Bohack Co., Inc.
shares are now outstanding.
1927.
1926
6 Months Ended July 30The old
$11,919,434 $9,679,6.00 Boston, in Carson shares should be deposited with the First National Bank
Gross income
442,203
Operating profit
279,164 mon sharesexchange for which new Central Mother Lode Mines Co. comwill be issued at the
60,404
45,276 as it is desirable to issue no rate of 1 new share for 40 old shares, and
Taxes
fractions of new shares, stockholders are
Depreciation
151.745
139,216
equted to deposit old shares in multiples of 40.
es
r It is necessary if
$230.054
$94.672 ties in the vicinity the options which have been obtained on certain properNet income
of the Carson
109,500
Preferred dividends
74.500 work shall be begun on the new Hill property are to be kept in force that
properties in the immediate future, and
to provide the money for this new work there has been forwarded to stockSurplus
$120.554
$20,172 holders of record of Aug. 30 1927, warrants giving
stockholders the right
$6.52
$1.09 until Sept. 7 1927, to subscribe at $10
Earns per sh.on 18.500 shs.(par $100)com.outst'g
per share for 1 new common share
for each 4 old Carson shares, or for 10 new common shares for each 1 new
Balance Sheet July 30 1927.
Mother Lode share. Subscribers for 10 new shares will also receive 2
Assets
additional
$3,000,000 for 3100, common shares in consideration of their subscription-that is,
Plant & equip.(less depr.)$3,265,991 First preferred stock
subscribed stockholders will receive 12 new common shares.
1,434,709 Second preferred stock
150,000
Cash
1,979.176 Common stock
1,850,000 Stockholders who desire to subscribe for preferred stock will be given the
Merchandise
opportunity, upon application to the treasurer, so to subscribe pro rata
85,827 Accounts payable
484.684 to
Accounts receivable
their holdings of common stock.
270,000 Notes payable
1,000,000
Notes receivable
Subscriptions will not be binding or effective unless subscriptions for not
69,681 less
75 Reserves
Interest receivable
than 20,000 shares have
Surplus
5,000
616,146 Stockholders will not be limited been received on or before Sept. 7 1927.
Mortgage receivable
in their subscriptions to the amounts named
Invest. (Bohack Realty
in their respective warrants, but the company will accept subscritptions
50,000
Corp.)
for shares in excess of the amounts so named. See also V. 125, p. 1197.
16,967
Unexpired insurance
35,612
Central Mother Lode Mines Co.
Life insur. cash value--Rights, &c.
Total (each side)
$7,170,511
27,154
Deferred charges
The stockholders are in receipt of warrants showing the number of shares
of common stock of the company for which they are entitled to subscribe
-V. 124. P. 652.
at $10 per share. [See also Carson Hill Gold Mining Co. above.]
-Rights.
Subscriptions must be made and subscription warrants must be delivered
Borg & Beck Co. of Illinois.
It is announced that the stockholders will receive the right to subscribe to to the First National Bank, Boston on or before Sept. 10 1927. and if the
additional capital stock at $40 a share on the basis of seven new shares for subscriptions amount to 20,000 shares or more, they will be payable on
notice from the Treasurer to that effect on or before Sept. 15 1927.
-V. 125, P. 1055.
each 100 shares now owned.
1466
THE CHRONICLE
[VOL. 125.
-These bonds will be the direct obligation of De Paul EducaSecurity.
As to the debenture notes, which amount principal and accrued interest
on its
a
will
to approximately $450,000, the holders of a large majority, on condition tional Aid Society and land be secured by closed first mortgage Street
at the northwest corner of East Lake
their leasehold estates in the
that 20,000 shares of common stock are subscribed, will exchange
Street and 140 feet
notes for new preferred stock at par. $20 per share; and upon the same and Garland Court, Chicago, fronting 72 feet on Lake
thereon. Appraisal of the
and
conditions, the Bank will convert the indebtedness owing to it, amounting on Garland Court,of the building to be erectedof the completed building,
estates and
value
to approximately $150,000. into 3 year debenture notes of the underlying fair market Clark & the leasehold
estate, Chicago, is as follows:
by
company guaranteed by the Central Mother Lode Mines Co. and con- as made leaseholds Trainer, real
$392,000
vertible into common stock of that company at $10 per share, with the Value of
2,386,175
exception of not exceeding $25.000 of said bank indebtedness recently Value of building
down the property and for taxes recently paid,
incurred for money to shut
$2,778,175
Total value of security
which must be repaid out of the cash subscribed.
The leasehold estates represent an asset of largo and continually increasIf any stockholder desires to buy any of the preferred shares, arrangements
Batchelder, Treas., Room ing value, the terms of the ground leases extending to the year 2026 at a
to do so may be made upon application to F. W.
fixed aggregate ground rental of $56,000 per year without revaluation.
-V. 125. p. 1197.
1103. No. 1 State St.. Boston. Mass.
The total first mortgage bond issue thus represents less than 56% of the
-Sales.
appraised fair market value of the leasehold estates and the completed buildChilds Co.(New York).
ing.
1927-8 Mos.-1926.
-Month-1926.
Period End. Aug.31- 1927
-Earnings of the building when completed and occupied have
Earnings.
$2,462,649 $2.189,487 $19.224,472 $16.875,955 been estimated by Clark & Trainer, real estate, Chicago, as follows:
Sales
-V. 125, p. 920. 654.
$378,947
Gross income, after deducting allowance for vacancies
190,570
Operating exps., not incl. deprec'n & Federal income taxes_ _ _ _
-Stock Oversubscribed.
City Financial Corp.
Corp. to deal in securities, under
Organization of the City Financial
$188,377
Balance available for interest
the management of B. K. Marcus, President, and Saul Singer, Executive Maximum annual interest charges on these bonds
93 000
Vice-President of the Bank of United States, was announced Sept. 1.
by Mr. Marcus
According to the above estimate, the annual, net earnings available for
While the new corporation is an independent undertaking given the right
interest and sinking fund payments after deducting operating expenses.
and Mr. Singer. Bank of United States stockholders were
Per
to buy 1;5 shares of class A stock and ;5 share of B stock at $85.50 an- maintenance, ground rent, taxes and allowance for vacancies, will be in
excess of $188,000 per annum, or more than twice maximum annual interest
unit. The class A stock offered to the public at $63 a share, it was
nounced Sept. 5, was heavily oversubscribed. Warrants for the purchase requirements on the first mortgage bonds. will be occupied by various deApproximately one-third of the building
of the corporation's stock units were mailed to Bank of United States
on the
stockholders of record Sept. 2. Subscriptions for the new corporation's partments of De Paul University, the rentals for this space being
same basis as that charged any other tenant. Negotiations are under way
must be completed by Sept. 9.
stock by bank stockholders
the stock corporation to lease an additional 7 floors to a single large and responsible tenant.
The City Financial Corp. has been organlezd under
law of the State of New York. It has a broad charter and wide powers Applications for additional space indicate the probability that the building
of investment. It will hold, underwrite, acquire, sell, and generally deal may be entirely rented before it is ready for occupancy.
-The mortgage provides for semi-annual sinking fund
Sinking Fund.
in stocks and other securities of banks, insurance and surety companies
rate
1 1931 at a minimum
and other financial institutions. The corporation's assets will consist payments to the trustee beginning July which is organized for annual
educational
will be derived from interest of $118,500. In addition, the society,
mainly of securities and cash and its revenues
will pay into the
and dividends on its holding's, together with such profits as may accrue and benevolent purposes and not for pecuniary profit, reserve or stabila
to it from Its participation in underwritings and other operations. It is sinking fund all of its net earnings, after accumulating sinking fund will
the
expected that the corporation will benefit from the security and profit izing fund in the amount of $100,000. All moneys in
interest requirements, the
Inherent in holding and dealing in this class of investments, and will enjoy be applied first to the payment of the currentby purchase or redemption
opportunities to participate in underwritings not usually available to the balance to be used for the retirement of bonds to reduce the funded debt
at the then current redemption price, in order
individual investor.
Presently Issued. as rapidly as possible. It is expected that in this manner the entire bond
Authorized
Capitalization300,000 she. issue will be retired prior to maturity.
750,000 shs.
Class A stock (no par value)
300,000 shs.
300.000 shs.
Class B stock (no par value)
-Gold Production (Value).
Dome Mines, Ltd.
York Trust Co.
Transfer agent, Chase National Bank. Registrar, Newa paid-in capital
Jan.
April. March. Feb.
May.
June.
August. July.
-The corporation will commence business with
Assets.
$330,436 $329,901 $332.527 $325,997 $315,351 $324,263 $314,910 $327,850
of not less than $20,000,000, consisting of approximately $17,000,000 -V. 125, p. 787, 525.
in cash and in excess of $3,000,000 of marketable securities.
-When dividends are declared, the
Preferential Rights of Class A Stock.
-Tenders.
Donner Steel Co., Inc.
class A stock must first receive a dividend of $2.50 a year, or the amount
The Marine Trust Co. of Buffalo, trustee, will until Oct. 10 receive bids
must be first reserved for payment, before any dividend
of such dividend
A,
A stock has in any calendar for the sale to it of let ref. mtge. s. f. gold bonds, series AA, and seriesexmay be paid on class B stock. After the class
to amounts sufficient to exhaust $75,035 and $28.210, at prices not
year received dividends amounting to $2.50, or such dividend has been ceeding 106 and 10235 and int. respectively.
-V. 125, p. 394.
then class B stock may have dividends in that
reserved as aforesaid,
calendar year of $1.25 per share, and as to any additional dividends that
-Earnings.
Dubilier Condenser Corp.
may be declared during that year. the dividend rate on class A stock
(Formerly Dubilier Condenser ei Radio Corp.)
must be twice as great as the dividend rate on class B stock.
1925.
1926.
1927.
Years Ended June 30Whenever the number of class B shares outstanding is reduced to 100.000
$1.621,331
Net sales
or less, the A and B stock will have the same dividend privileges.
1,214,444
Upon dissolution or liquidation, class A stock is to receive $60 _per share Cost of sales
before any part of the assets can be distributed to the class stock. Class
$765,385 $1,665,924
$406,887
Gross profit on sales
A stock will have the sole voting power when the outstanding amount of
1.317,033
408.569
482.172
class B stock is reduced to less than 50.000 shares. Until then the class B Operating & administrative expenses_
power. Both classes of stock are non-cumulative
stock has the entire voting
$348,891
$356.816
loss$75.284
Net operating profit
as to dividends.
95,701
318.582
47,696
-The affairs of the corporation will be under the manage- Profit and loss adjustments
Management.
ment of B. K. Marcus and Saul Singer.
$253,190
$38,233
Net profit (after depr.& taxes,&c.)loss$122,980
-Earnings.
City Ice & Fuel Co.
Comparative Balance Sheet June 30.
1926.
1927.
7 Months Ended July 311926.
1927.
Liabilities1926.
1927.
$9,001,052 $8.371,930
Sales
Capital stock.... _c$2,053,694 $2,053,694
$
Assets
$
2,253,760
2,734,766
Net profit before deprec. & Federal taxes_
94,305
Accounts payable_
liabilities Land, bldgs.. maAs of July 31. current assets totaled $4.989.351 and current
17,200
46,205
chinery & equip_ 28343,109 $336,475 Accr. liabilities___
$605.115 which provides $4,384,236 working capital and a ratio of better Pats. & pat. rightsb1.170.867 1,223.567 Bank loan
125,000
than 8 to 1.-V. 125. p. 251.
95,000
90,000
194,157 Real estate mtge.._
49,976
Cash
465.759
8,095
263,815 Surplus
Accts. & notes rec. d101,143
-Initial Dividend.
Club Aluminum Utensil Co.
634,735 Res, for def. de% el.
The directors have declared an initial quarterly dividend of 50 cents per Mdse. Inventories_ e740.404
310,907
expense_
Develop. exp. def. 310.907
share on the outstanding 265,000 shares of common stock, no par value, Deferred charges
9,819
11,799
payable Oct. 1 to holders of record Sept. 15. (For offering of stock, see
Total (each elde)_ -$2,728,205 $2.662.568
V. 125. p. 251.)-V. 125, p. 920.
a After deducting 145.420 reserve for depreciation. b After deducting
-Tenders.
$225,000 reserve for obsolescence. c Represented by 304.150 shares of
Consolidated Machine Tool Corp.
deducting
The First National Bank,67 Milk St., Boston, trustee, will until Sept. 19 no par value. d After deducting $57,996 reserves. e After p. 1366.
-V.124,
-year 7% sinking fund gold $214,398 reserves to adjust to lower of cost or market.
receive bids for the sale to it of 1st mtge. 20
bonds. due June 1 1942, to an amount sufficient to exhaust $120,025.-New Control.
Duesenberg, Inc.
V. 124, p. 1984.
-V. 123, p. 2396.
See Auburn Automobile Co. above.
-Sales.
Davega, Inc.
1927-8 Mos.-1926.
1927-August-1926. Increase.
$1,486.379
$38.343 I $1,848,842
$198,169
$236,512
-V. 125, p. 920.
Increase.
$362,463
-Bonds Offered.
De Paul University Building, Chicago.
-A.C.Allyn & Co.,Inc., and True, Webber & Co.are offer
jug at par and int. $1,550,000 1st mtge. leasehold 6% sinking fund gold bonds.
Denom.
Dated July 1 1927; due July 1 1947. Int. payable J. & J. 30 days'
int. date on
$1,000. $500 and $100 O. Red. all or part on any First Trust & Savings
Principal and int. payable at
notice at 105 and int.
Bank. Chicago, trustee, without deduction for normal Federal income tax
not exceeding 2%. Penn., Calif., Conn., Kansas, Maryland, Kentucky,
Virginia, Iowa, Michigan, Dist. of Col. and Mass, taxes refundable.
DePaul EducaData from Letter of Francis X. Busch, President of
tional Aid Society.
-De Paul University Building will be erected and owned
Ownership, etc.
corporation organized not
by De Paul Educational Aid Society, an Illinois purposes. Do Paul Unifor profit but for educational and benevolentAid Society was organized,
whose benefit Do Paul Educational
versity, for
as
is headed by the Very Reverend Thomas F. Levan, C.M., Ph.D.. D.D.,
-President.
President, and Charles J. McCarthy, CM.. A.M., as Vice chartered in
formerly St. Vincent's College, was
De Paul University,
conducted by
Illinois as a university on Dec. 24 1907. The university is
called Vincentian
the priests of the Congregation of the Mission. commonly by St. Vincent
community founded
Fathers, a teaching and missionary
been
de Paul. For more than 300 years the Vincentian Fathers have for
men
actively engaged in the work of education, training boys and young
United States at the prespractically all vocations and professions. In themanagement and control.
ent time there are 14 institutions under their
large growth and
The new building is being erected primarily because of the
years. Tho
expansion of the university, particularly during the last 6 or 7new building
about 5,400 students. The
annual enrollment now includes
Loop nigh
will accommodate the College of Law, College of Commerce, Paul UniSchool and the Secretarial School. The College of Law of De any other
enrollment than that of
versity has over 600 students, a larger
law school in Illinois.
are: D. F.
The trustees and officers of Do Paul Educational Aid Society
Kelly, President of The Fair; Francis X. Busch, attorney, Dean Emeritus
of the College of Law, De Paul University: F. J. Lewis, K.S.G., President
United
P.J.Lewis Manufacturing Co.; George E.Brennan.representative ofCollege
States Fidelity & Guaranty Co.; Wm.F. Clark, Ph.D., Dean of the
University.
of Law, De Paul
-De Paul University Building will be of distinctive architecBuilding.
ture and of modern fireproof construction with heavy steel reinforcement
throughout. The building will be 16 stories in height with basement and
sub-basement, and with foundations and frame to carry 6 additional stories.
The exterior will be of terra cotta and pressed brick. The building is assured of a maximum of outside light and air, as, in addition to fronting on
-foot street, Haddock Place,
Lake Street and Garland Court, there is a 30
to therms.
-Balance Sheet
(Thomas A.) Edison, Inc. (& Subs.).
Dec. 31 1926.mutt
$3,000,000
$658,301 Capital stock
Land
356,680
b1,705,043 Mel@ pay., trade creditors__
Buildings
24.986
c1,385,807 Due to other Edison interests
Equipment
146.105
1,056,688 Accr. payrolls, royalties. dto..
Cash
Gen. rueve, incl. prov'n for
8. Govt. securities
U.
3.975.828
300,000
Federal income taxes
Int. accr'd on II. S. Liberty
327,077
Loan bonds
37,014 Reserve for contingencies_ ___
9,908,431
Notes and accounts receivable 111,177,480 Surplus
2,938,782
Inventories
Prepayments
74,193
Invest, held in Edison Portland Cement Co. at cost,
principally notes & 1st
231,007
mortgage bonds
814.062,281
Total (each side)
d824,138
Patents, rights, &c
a After deducting $183.382 reserve. b After deducting $1397,883
reserve. c After deducting 86,685.980 reserve. d After deducting 88.159.836 reserve.
This corrects the balance sheet published in V. 125, p. 666.
-Sale of Stores.
Endicott-Johnson Corp.
-
-V. 125, p. 656.
See American Stores Co. above.
Evans Auto Loading Co.
-Reg. Div. Increased.
The directors have declared quarterly dividend of $1 a share on the class A
and class B stocks, payable Oct. 1 to holders of record Sept. 20. Three
months ago a quarterly dividend of 75c. and an extra of 25c. a share were
declared on both classes.
President Evans called attention to the fact that the business of the
company has increased approximately 50% over 1926 compared with a
slight failing off in production in automobiles by the entire industry.
Earnings are running substantially in excess of 1926 and indications are
-V. 125. p. 656.
that this growth will continue.
Erie Steam Shovel Co.
.-Tho company,
-Earnings
which is being merged with the Bucyrus Co. under the name
of Bucyrus-Erie Co. (per plan in V. 125, p. 921), reports
for the year ended June 30 1927 as follows:
Results for Year Ended June 30 1927.
81,870,981
Operating profit before deduction of depreciation
168,706
Other income
Total Income
Other deductions
Allowance for depreciation
Federal income taxes
Net profit
$2,039,687
26,564
133,773
243,514
$1.635,836
SEPT. 10 1927.]
THE CHRONICLE
Baiance Sheet June 30 1927.
LiabilitiesAssets
Plant and equipment--x$1.941,206 Pref.stock (7% cum.)--- _$2,940,000
2,020,244 Common stock
2,000,000
Cash
Customers notes receivle 1,328.602 Accounts payable
229,616
Customers' acets receivle 341,880 Prov.for Fed'I taxes for the
Inventories based upon the
12 mos. end. June 30 '27 243,514
lower of cost or mark.val. 897.954 Employees common stock
Investments
162,196 subscription credits.-- 117.187
Misc.accts. rec., adv.,&c. 101,558 Reserve for contingencies_
59,272
Patents and goodwill
2,500,000 Surplus
y3,766.737
62,685
Deferred expense
1467
So far the earnings statements have not given effect to any income from
the majority stock interest in the business of George Kern, Inc., which was
recently acquired. Continuing as a separate entity, but under the same
management as Gebel, the Kern company is understood to be showing a
recovery in earning power.
-V. 125, p. 789, 396.
Goodyear Tire & Rubber Co., Akron, 0.-Pref. Stockholders Agree to Exchange Sharesfor New Preferred Issue.
-
After a canvass of but a month's duration, it is understood that holders
of approximately two-thirds of the 7% pref. stock of the company have
agreed to exchange their shares for the new 7% pref. stock to be issued.
at the discretion of the directors, under the recapitalization plan approved
The canvass is continuing with a
Total
$9,356.326 at the stockholders' meeting in July.At the next
$9,356,326 Total
view to reaching other stockholders.
meeting of the Goodyear
x After deducting $760,511 allowance for depreciation. y Represented directors, which will probably be held on Sept. 19, it is expected that the
appropriated for preferred board will consider action to declare the exchange plan effective.
by capital surplus of $2,265,256, earned surplus
-V.125.
stock redemption fund,$33,000;earned surplus unappropriated,$1,468.481: P. 1058, 922.
total surplus, $3,766,737.-V. 125, P. 921.
Falcon Tin Plate Co.
-Receivership.
The Union Trust Co., Cleveland,trustee for the first mortgage bond issue,
has asked for the appointment of a receiver for the company. Interest on
the 8% bonds has been in default and the company's plant is idle. Judgment for $773,385 is asked.
-V.122, p. 219.
(Fanny) Farmer Candy Shops, Inc.-Sales.-
1927--August-1926. Increase.] 1927-8 Mos.-1926.
$228,741
$295,554
$66,813 I $2,240,737 $1,950,309
-V. 125, p. 921, 395.
Increase.
$290,428
Federal Finance & Credit Co. (Del.), Baltimore.Merger.
Directors of the Finance & Guaranty Co. and the Federal Finance &
Credit Co. have'passed resolutions recommending to the stockholders of
their respective companies that they approve the consolidation of the
corporations. The new company will be known as the Finance & Guaranty
Corp. and will be Incorporated in Delaware. Stockholders' meetings will
be held on Sept. 27 to vote upon the action of the two boards.
The new corporation will have an authorized capital of 60,000 shares
without par value and net capital assets of approximately $2,000,000.
The directors of the company,all of whom are at present on the boards of
the constituent organizations, are: John L. Alcock. Alexander Armstrong.
Kerner F. Brown, MervIlle H. Carter, Auville Eager, J. W. Edelen, A. J.
Fink, A. W. Gieske, Harry R. Jones, W. Brewer Joyce, G. Roy Mueller,
Addison E. Mullikin George N. Reed, Samuel L. Willard, F. R. V.
Williams, 11. C. Willis, Jr., and W. H. Winstead.
-V. 121, p. 2645.
Financial & Industrial Securities Corp.
-Acquisition
of Controlling Interest in Longacre Bank.
See "Chronicle" of Aug. 27. p. 1135.-V. 125, P. 1199.
Fox Film Corp.
-To Double European Business.
-
(H. W.) Gossard Co., Chicago, Ill.
-Notes Offered.
Hitchcock & Co. Chicago, are offering at 100 and int.
-year 6% gold notes.
$625,000 5
Dated Sept. 1 1927; due Sept. 1 1932. Int. payable M. & S. at First
Trust & Savings Bank, Chicago, trustee, without deduction for normal
Federal income tax not in excess of 2%. Callable on any int, date at
101% and int. to and incl. Sept. 1 1928, 101)i and int. to and incl. Sept. 1
1929,101 and int. to and incl. Sept. 1 1930, and at 100t and int. thereafter.
Denom. $500 and $1,000. Authorized, $1,250,000. Outstanding,
$625,000.
Data from Letter of R. C. Stirton, President of the Company.
Company.
-Business established in 1897. Incorporated in 1901. Originally was the manufacture and sale of front lacing corsets and now includes
a complete line of corsets, combinations, brassieres, step-ins, clasp-arounds,
girdles, completes, &c. Company's main office is in Chicago and its
preferred and common stocks are listed on the Chicago Stock Exchange.
Sales and distributing offices are so located that orders of practically
every customer in the United States can be delivered within 24 hours of
their receipts. British and Continental markets are supplied by factory
at Leighton Buzzard, Eng., about 40 miles from London. Factory
at Toronto, Can., supplies Canada and Australia.
Earnings.
-Sales and net income (after depreciation) available for
interest on these notes and Federal income tax have been as follows:
1924.
1925.
192 .
Net sales
$5,12 ,575 $4,847,694 $5,216,280 $5,328.116
19 0
3
Net after depr avail for
int. on notes & Fed.tax
541,973
395,378
433,043
572,003
Sales and net profits for the first eight months of 1927 are substanthly
the same as for the first eight months of 1926.
Purpose.
-Proceeds have been used to acquire additional manufacturing
facilities to take care of additional volume, which should materially increase the earnings of the company.
-V. 124, p. 1076.
Gross business of the corporation in Europe will be doubled in the next 12
(F. & W.) Grand 5-10-25 Cent Stores, Inc.
-Sales.
months, W. R. Sheehan, Vice-President and General Manager, said upon
1927
-1926. Increased 1927-8 Mos.-1926.
-August
his return from a European trip. This expansion will take place principally
Increase.
$702,735
$241.5811$7,244,796 $5,902,023 $1,342,773
in England, Germany, France, Belgium, Holland and Poland. 111oviedom $944,316
has added many new countries to its already large receiving audience, Mr. -V.125. p. 1059. 789.
Sheehan explained. The new territories in which the popular demand for
(W. T.) Grant Co. (Mass.).
-August Sales.
motion pictures has been growing rapidly include practically all ofsouthern
1927
-August
-1926. Increase.] 1927-8 Mos.-1926. Increase.
Europe,especially Italy, Hungary,Czechoslovakia. Bulgaria and Rumania,
$3,113,744 $2,371,224
$742,5201$23,197,645 $19.183,277 $4,014.368
-V. 125, p. 1199.
as well as northern Africa.
-V. 125. P. 789, 253.
Garment Wear Arcade Building, N. Y. City.
Definitive Certificates Ready.
It is announced that definitive certificates issued against the Burnside
Improvement Co. mortgage are now ready in exchange for outstanding
interims. See offering in V. 125, p. 253.
General American Tank Car Corp.
-Common Stock
Placed on a Quarterly Dividend Basis-Rate Increased.
-The
directors on Sept. 6 declared a quarterly dividend of $1 per
share on the outstanding 303,570 shares of common stock, no
par value, payable Oct. 1 to holders of record Sept. 15.
From Jan. 1 1921 to July 1 1927, inclusive, semi-annual dividends of $1.50 per share were paid on this issue.
-V.125, p.
656.
General Motors Corporation.
-Sales Overseas.
In the first six months of this year the sales of General Motors cars to
overseas dealers were the largest in any half-year in histroy, according to an
announcement by President Alfred P. Sloan Jr. The total in the six
months ending in June was 92,452 cars and trucks, compared with 63,797 in
the first half of 1926, an increase of approximately 44.9%. Sales in the
first half of this year exceeded those of the last half of 1026 by 37,458 cars.
or more than 68.1%.
The number of cars sold to the overseas dealers of General Motors in the
first and second quarters of this year is shown herewith and compared with
quarters of preceding years:
No.ofCars and Trucks Sold.x
Period1927.
1926.
1925.
First quarter
39,443
31,936
15,577
Second quarter
53,009
31,861
26,277
Third quarter
22,799
25,906
Fourth quarter
32,195
33134
These figures are the sales by the General Motors, export organizations
to dealers of Chevrolet, Pontiac, Oldsmobile, Oakland. Buick, LaSalle and
Cadillac in all countries of the world, except the United States and
Dominion of Canada, but do not include sales of Vauxhall Motors, Ltd., or
overseas sales of the products of Yellow Truck & Coach Mfg. Co.
-V.125.
p. 1331.
General Railway Signal Co.
-Offers Stock.
-
Gulf States Steel Corp.
-Omits Common Dividend.
The directors on Sept. 7 voted to omit the dividend usually
paid on Oct. 1 on the outstanding $12,500,000 common
stock, par $100. From July 1 1924 to July 1 1927, incl.,
the company paid quarterly cash dividends of 14% on this
issue, and in addition paid in March 1925 an 114% stock div.
Chairman James Bowron stated that, in the opinion of the board, it
seemed to be the conservative policy to take this action until earnings show
improvement. For the 8 months ended Aug. 31 net earnings after all
charges were $445,770, or $2.82 a share on the common stock. The
company is in a strong cash position, having no bank loans and cash and
Government securities on hand in amount of upwards of $3,000,000.
Total current assets amount to $6,831,509 with current liabilities of only
$568,537.-V. 125, P. 923.
Habirshaw Cable & Wire Corp.
-Sale Opposed.
-
A stockholders' committee composed of Murray B. Kerman. C. A. Martin and Mark Wayne has sent a letter to stockholders offering objections to
the conditions under which the sale of the company's voting trust certificates to the recently organized Eastern Wire & Cable Co. was arranged.
The committee contends that the offer extended by the new company
through banking interests, who purchased 100,000 of the 170,000 voting
trust certificates at $25 a share, is not the best that might be obtained.
The committee wrote in part:
"One of the leading reorganization committees of the Habirshaw company
wrote to the security holders during the reorganization period that the plan
which it proposed should ultimately bring 100cents on the dollar to the bondholders and other creditors. The chairman of that committee stated on
oath to the Court that his committee's plan was in substance the plan under
which you are now holding your stock.
"Consider what percentage of your rightful claim $25 a share means for
the stockholder who originally held the bonds or claims of the old company.
The loresent offer means 78% of the bonds, if you overlook the fact that the
bondholder did not get anything on his investment for six years. If you
bear that in mind, then the $25 offer is barely over 50% of the principal
and interest on your bond.
"For the merchandise creditors, the $25 offer is even less than the 100%
which he was assured he would get. For the merchandise creditor of the
old company the present offer of $25 is less than 60% of his claim without
interest and less than 43% of his claim plus interest.
"The statement that you could get 100% through this reorganization
was made to you by a committee whose chairman is one of the voting trustees of your company and one of its directors. He signed the recent letter
telling you that he thought the $25 otter is fair. Certainly, before you are
induced to sell your stock at such a price you ought to be given an explanation for this striking change on the part of one of the leading men in this
situation."
-V. 125, p. 1331.
The directors have decided to give the stockholders of record
Sept. 14
the privilege of subscribing on or before Oct. 4 for additional stock. Each
common stockholder will be entitled to purchase additional common stock
the extent of 10% of his holdings, at $110 per share; and each preferred
to
stockholder will be entitled to purchase additional preferred stock to the
extent of 10% of his holdings at $105 per share, plus dividend at the rate of
6% per annum from Oct. 1 to Oct. 4 1927. Payment should be made
at the Guaranty Trust Co., 140 Broadway, New York City. The proceeds
Hartman Corporation, Chicago.
-August Net Sales.
are to be used to improve the company's working capital position.
1927
-August
--1926. Increase. I 1927-8 Mos.-1926.
Decrease.
The directors also declared the regular quarterly dividends of $1.50 a
$1,642,805
$63,6591$11.464.835 $12,090,207 $625,372
share on the preferred stock and $1.25 a share on the common stock, both $1,_206.464 1331,
--V. 125, P.
1199.
payable Oct. 1 to holders of record Sept. 14.-V. 125. p. 1199.
Gilliland Oil Co., Tulsa, Okla.
-Refinancing Plans Fall
Through.
-
Hawaiian Commercial & Sugar Co. Ltd.
-Extra Div.-
The directors have declared three extra dividends of 25 cents each, payable respectively on the 5th days of October, November and December to
In regard to certain refinancing plans commenced last March (V. 124, holders of record the 25th of each preceding month. The regular monthly
p. 1832), we have been advised that prior to the scheduled stockholders' dividend of 25 cents has also been declared, payable Oct. 5 to holders of
meeting, because ef certain declines in the price for crude production, the record Sept. 25. These are the first extra dividends to be declared
since
bankers exercised dn option in the original contract whereby they could March 1925 (V. 120. p. 1096).-V. 124, p. 1227.
withdraw at any time prior to the approval of the plan.by the stockholders.
The record will show that there were two very decided cuts in crude oil
(Richard)
Inc.-To Retire Pantie. Pref. Stock..
prices during the month of March, that is, between the date of the execuThe corporation has called for redemption all of Its shares
Hellman,
tion of the company's contract for refinancing and the stockholders' meeting preference stock issued and outstanding on Nov. 1 1927 for of participating
the sum of
on April 5.
per share plus an amount equal to all accrued and unpaid regular and $37
parThe stockholders did not approve the plan because it was not submitted ticipating dividends thereon.
for approval, although those present in person and by proxy were overneasurer Edwin P. Estabrook says in substance: Holders of
said
whelmingly in favor of the plan as submitted to them. The plan, it is an- stock are required to present their certificates
therefor at any time on or
nounced, would have been approved had the option referred to not been after Nov. 1 1927 for redemption at the
exercised by the bankers. Nothing further has been done in regard to that N. Y. City, whereupon they will receive Bankers Trust Co., 16 Wall St.,
in respect of each share $37.625
particular plan.
-V. 124. p. 3781.
for the principal amount and the amount equal to the regular
thereon, plus an amount per share equal to 1-60,000ths of 20% dividend
-Estimated Earnings.
of the net
(Adolf) Gobel, Inc.
profits from Jan. 1
company, after all charges and taxes, for the first profits $318,750. 1927 to Oct. 1 1927. after first deducting from such net
Net earnings of the
8 months of 1927 are officially estimated at the equivalent of approximately
The right of the holders of the participating preference stock
$5.50 a share on the 51.000 shares of common stock outstanding. Earn- their shares into common stock in connection with warrants to convert
to purchase
ings in the past two months have kept pace with the improvement shown such common stock as defined in the certificate of
incorporation as amended
in the first half of the year, when income was 61% greater than in the by certificate of reclassification of shares filed Aug. 1
1925 12ll w o
.
4.1orresponding period of 1926.
lg
cease and determine at the close of business on O. 1927.-v sha5 p r
ct 31
1468
THE CHRONICLE
Hudson Motor Car Co., Detroit, Mich.
-August Output.
[Vol,. 125.
(S. H.) Kress & Co.
-August Sales.
-
1927
-August-1926.
Increased 1927-8 Mos.-1926.
Increase.
The company had in August of this year the largest August in its history,
with 30.960 cars manufactured. This compares with 28,600 in August $4,564,155 $3,854,028
$710,1271$31,981,003 $29,238,259 $2,742,744
a year ago, the previous high mark. Total 1927 production to Sept 1. -V. 125, p. 923, 255.
is announced as 236,978,as against 184,864 in 1926. It is further announced
Leonard-Fitzpatrick-Mueller Stores Co.
-Sales.
that in the autumn season the company will manufacture on a production
-month period of
Period End. Aug. 31- 1927
-Month-1926.
1927-8 Mos.-1926.
scale parallel to the retail demand for its cars. The 3
July-August
$477,211
$379,375 $3,441,094 $3,261,191
-September will be by far the largest third quarter in Hudson- Sales
-V. 124, p. 1229, 933.
Essex history.
-V. 125, p. 1200. 528.
-Night Line Earnings.
Hudson River Navigation Corp.
The Hudson River Night Line reports gross earnings of $1,343,479 for
this year up to Sept. 1, an increase of $140,177 over the same period last
year and $1,328 over the corresponding period of 1925. Gross earnings
were $437,199 for August 1927. $402,675 for August 1926 and $442,959
for August 1925. Last month, according to the Weather Bureau, was the
rainiest August since 1884 and the coldest since 1873.
The line carried 9,601 automobiles this year up to Sept. 1, an increase of
4,203 over the same period last year, and 4,446 over 1925. The line
carried 4,615 automobiles in August 1927. 2,602 in August 1926 and 2.415
in August 1925.
Passengers carried this year up to Sept. 1 numbered 135,761, against
122,285 for the same period last year. During August 1927 46,241 passengers were carried, as against 45,407 in August 1926.
The last sailing from Yonkers, N. Y. of the steamers of the Hudson
-V. 125.
River Night Line will be on Monday, Sept. 12, it is announced.
P. 923, 790.
-Meeting Called for Purpose of
India Tire & Rubber Co.
Approving an Issue of $1,500,000 Debentures Adjourned Indefinitely-Earnings.
-
The special meeting of the stockholders called on June 22 to consider the
Issuance and sale of $1,500,000 10
-year sinking fund 6% gold debentures,
which was adjourned from time to time, was finally adjourned on Sept. 8
without future call, according to a letter sent to stockholders. All negotiations relative to the bond issue have been terminated and the proposal
for the sale has been definitely withdrawn.
Net profits of the compaay for the first 7 months of the year are reported
to have been $215,056. During this period dollar volume of sales gained
41%. while unit sales of tires increased 101% and tubes 117% over the
corresponding months of 1926.-V. 124, P. 3639.
-Rights.
Leverich Realty Corp., Brooklyn, N. Y.
The stockholders of the Leverich companies have received special rights
to purchase additional stock of the Leverich Realty Corp. The Leverich
Investing Corp. is offering preferred rights to stockholders to subscribe to
50,000 shares of class A common stock of the Leverich Realty Corp. The
rights to purchase these additional units are being allotted on a pro rata
basis of the shares now held in the respective Leverich companies. The
units consist of 10 shares of class A common stock and are priced at $150
per unit.
With each unit purchased the Leverich Investing Corp. will deliver an
additional 10% in stock, not to exceed the amount allotted in the original
right. One of the conditions under which the offer is made provides that
the right must be accepted in whole or in part immediately upon presentation, and the corporation reserves the privilege of canceling the rights
without notice.
Principal among the holdings of the Leverich Realty Corp. is the new
Leverich Towers Hotel, in Brooklyn Heights, recently put in operation and
which was appraised at over $4,000,000. In addition, the company owns
and operates additional modern Income-producing properties appraised at
$1,600,000. The company has plans under way for the development of
several additional properties and the purpose of this offering is to provide
working capital for further expansion.
-V. 125, p. 1200.
Libby, McNeill & Libby, Chicago.
-Bonds Offered.
Harris, Forbes & Co.; Illinois Merchants Trust Co. and
Dillon, Read & Co. are offering at 973/i and int., to yield
5%%, $12,500,000 1st mtge. 5% sinking fund gold bonds.
Libby, McNeill & Libby 1st mtge. 7% bonds, which have
-been called for payment on Nov. 1 1927 at 103 and int., will
be accepted on a 4% bank discount basis in payment for
-Bookings. the new 5% bonds.
Internat. Combustion Engineering Corp.
New business booked last month by the corporation in the United States,
according to an official statement, totaled approximately $1.750,000 and
included the order o V e Kansas City Power & Light Co.'s Grand Avenue
Station, for three 1,5..6 h.p. boilers and complete stoker and furnace
equipment.
The Guaranty Trust Co. of New York has been appointed transfer agent
for the common and preferred stocks of the corporation. See also V. 125,
P. 1331.
-Petition for Rehearing
International Harvester Co.
Dismissed.
-
The U. S. Circuit Court of Appeals at St. Paul, Minn.. has dismissed the
Government's petition for reopening its case against the company, The
ruling, signed by Judges Sanborn, Stone and Lewis, held that the company
had fulfilled its agreement made in 1918 for reorganization and restoration
of competitive conditions. This decision, it is understood, ends several
years of litigation.
-V. 125. P. 397.
Kelly Dry-Pure Juice Corp.
-To Double Plant Capacity.
The corporation has announced that the present capacity of its Long
Island plant will be doubled immediately and a bottling plant of similar
capacity established in Chicago. The annual output of the corporation
at the completion of the additions will be 332,800 cases of Kelly dry
ginger ale.
The Matzke Corp., it was said, will receive 231% of the gross earnings
from the production of the pure fruit juice obtained by use of the Matzke
process, for which the Kelly Dry-Pure Juice Corp. recently obtained world
rights. See V. 125. p. 1332.
Kelsey-Hayes Wheel Corp.(& Subs.).
-Earnings.
Results for 6 Months Ended June 30 1927.
Net sales
Costs and expenses
$7,476,607
7.141,237
Operating profit
Other income
$335.370
237,794
Profit before Federal taxes
Preferred dividends
$573.164
71,057
Surplus
$502,107
Consolidated Balance Sheet June 30 1927.
Assets.
Liabilities.
7% preferred stock
,
Land, bldgs., mach's. equip.
and timber (less depree.)-$9.091,884 Common stock
1,223.219 Notes payable
Cash
3,539.984 Accounts payable
Inventories
Notes and accounts receivable 1.887.425 Accrued pay-rolls, &c
'
Investments and advances_ _ _ 199.277 Provision for Federal tax
28,543 Pref. dividends payable
Can. Victory bds. & accr. int_
183,874 Reserves
Cash val. life insurance
Trade names. good-will. &e.... 9.543.237 Surplus
381.784
Deferred charges
$1,993,400
112,448.127
2,000,000
818,807
288,989
102,878
34.884
180,229
8,391,713
Total
$28,037.027
$28,037,027
Total
-V.125, p,1060.
x Represented by 398,522 shares of no par value.
-Annual Report.Keystone Steel & Wire Co.
Yrs. End. June 30Net sales
Cost of sales
1924.
1925.
1926.
1927.
$9,054,022 $8,232,974 $8,413.075 $7,797,139
6,353.507 6,654.062 5,701.046
6,531,136
Gross profit
Other income
$2,522,886 $1,879,467 $1,759,013 $2,096.093
55.828
45.420
39.379
81,691
$2,604,577 $1,918,846 $1,814,841 $2,141.513
Total income
587,752
608.905
596,205
618,979
Selling expense
225,670
197,974
195.492
260,253
General expense
42,605
44.051
46.577
Taxes (except inc. tax).
41,712
227,598
213,997
212,182
222,399
Int. on fund debt
84,932
62,894
48,135
Current interest
4,957
86,461
51,305
69,691
Income tax
164,612
200,062
209.870
217,556
226,374
Depreciation
55.347
68,153
32,150
Amort. bd. disct.. &c...
49,700
Net profitfrom oper- $1,015,591
Preferred dividends.-- x251,848
$500,858
106,848
$359,138
106.848
$629,641
Dated Oct. 1 1927; due Oct. 1 1942. Int. payable A. & 0. at Harris
Trust & Savings Bank, Chicago, and at the office of Harris, Forbes &
Co., New York. Red. on any int, date up to and incl. Oct. 1 1937 at
103 and int., with successive reductions in redemption price on each April 1
.
thereaater of 36 of 1%. Denom. $1,000c5 Harris Trust & Savings
,
Bank, Chicago, and Howard W. Fenton, trustees. Company will agree
to pay interest without deduction for any Federal income tax not in excess
of 2% per annum and to reimburse the holders of these bonds,upon applica-mills tax.
tion within 60 days after payment, for the Pennsylvania 4
Data from Letter of Edw. G. McDougall, President of the Company.
Sinking Fund.
-An annual sinking fund will be established sufficient
to retire approximately 35% of the present issue before maturity. Annual
payments of 2; % of the 1st mtge. bonds issued, or $312,500 or more,
,
6
will be made each April 1 from 1929 to 1942 inclusive.
Purpose. Plocouds will be used in part to redeem on Nov. 1 1927 the
outstanding $7,500,000 1st mtge. 7% bonds dated May 1 1921, and to
reduce current liabilities.
Earnings.
-The consolidated earnings of Libby McNeill & Libby
and subsidiaries for the 12 months ended July 2 1927 before interest and
'
Federal taxes, but after depreciation, were $4,043,749. The annual
interest charges on $12.500,000 1st mtge. 5% sinking fund gold bonds
are $625,000. The total of interest paid by the company (including interest
on current borrowings) and charged against earnings during the 12 months
ended July 2 1927 was $1,533,243. For this period net earnings after
depreciation, interest, and Federal taxes, available for dividends, were
$2,218.869. For the last four fiscal years the earnings of the compnay
have been:
Years EndedMar. 1 '24. Feb. 28'25 Mar.6 '26 Mar. 5 '27
Earns,before int. & Fed. tax.$1,759,363 $2,932,624 $4,010,644 $4,231,406
Earns,after int. & Fed. taxes,
available for dividends_ _ _ 143,552 1,433.828 2,405,414 2,505,382
Business.
-The business of Libby, McNeill & Libby was founded in
1868 in Chicago. Company is one of the largest producers and distributors
of canned food products in the world. Produces include canned meats,
of all kinds, pickles and other relishes, jellies and jams, evaporated and
condensed milk, a large variety of canned fruits and vegetalbes canned
salmon, pork and beans, and other miscellaneous products. This plants
and distributing stations of the company cover the United States and
Canada, and through affiliated companies, Great Britain and Continental
Europe. The principal plants of the company are located in Chicago
and the Middle West, California, Washington, Oregon, where there are
large holdings of asparagus and fruit lands and canneries, Hawaiian Islands.
where the company operates large pineapple plantations and canneries,
and Alaska where the company operates fisheries and salmon canneries.
Products are internationally known and company's business is conducted
In every civilized country of the world.
Security e% Additional Bonds.
-Secured by a first mortgage on the principal real estate and plants of the company, subject only to purchase
money mortgages of $150,000 on two tracts of land in California.
The authorized issue under the mortgage is 815,000,000. The
$2.500,000 additional bonds may be issued from time to time for an
amount not to exceed 50% of the cost or fair value, whichever is less, of
additions to the plants and properties of the company and Its subsidiaries,
as they exist on Sept. 30 1927, provided however, that the lien of these
bonds shall cover such additional property as a first mortgage or lien,
and further provided that consolidated net earnings applicable to interest
and dividends for the two years immediately preceding shall have av
at least three times the annual interest charges on the company s bonded
debt, including the interest charges on the bonds then proposed to be
issued, and that such net earnings for the year immediately preceding
shall have been at least twice such interest charges.
Condensed Balance Sheet (Including Subsidiaries) July 2 1927 (airing
Effect to This Financing).
Assets
Liabilities
Cash
$18,000.000
$2,246,985 Preferred stock
Accounts receivable
6.750,000
6,689,103 Common stock
Inventories
150,000
28,197,956 Purch. money mortgages
Prepaid ins., int., &c
349,494 First mortgage bonds--- 12.500.00
0
Investments
9,834,484
973,669 Notes payable
Deferred expenses
2.162,592
825,102 Accounts payable
Bond discount & expense
634,733
750,000 Accrued expenses
Plant
26,861.646 Res. depr.& obsolescence 10,207,359
941,137
Pension fund & other res.
Total (each side)
5,713,650
$66,893.953 Surplus
- 125. P. 1333v.
Loew's, Inc.
-Obituary.
-
$629,641
$252,290
President Marcus Loew died Sept. Sat Glen Cove, L.1.-V. 125. p. 255.
$394,010
$763,742
Balance, surplus
x During the year, the accrued dividends on preferred stock which
Loft, Incorporated, New York.-Sale8.accrued from Oct. 15 1918 to July 15 1924, in the amount of $40.25 Per
1927-August-1926. Decrease. 1927-8 Mos.-1926. Decrease
share of preferred stock, were in part paid and in part funded through the
$614,268
$48,
$5,127,308 $171,654
issuance of additional preferred stock. This dividend obligation was $566,249
0191E4,955,654
liquidated as follows: Paid in cash, $118,951; additional preferred stock -V. 125. v. 924.
•
issued $496,667. Besides this, the regular dividend on preferred stock was
-Large Holders to Keep Mills in Operation.
Lyman Mills.
Paid quarterly, amounting to $132.897, or a total of cash dividend disbursement on preferred stock including the cash paid on the accruals and the Minot,Hooper & Co., the members of which are the largest
current quarterly dividend on preferred stock including the cash paid on
the accruals and the current quarterly dividend on preferred stock of stockholders in the Lyman Mills, in a letter to all the stock$25,848.
1
holders of the latter company says:
On June 21 the directors declared the regularly quarterly dividend on
The stockholders' meeting held on Aug. 4 1927 was sdjourned without
preferred stock payable July 15, amounting to $35,403 and declared a
July 15, final action being taken until Sept. 15 1927. at 53 State St., Boston, Mass.
dividend of $1 per share on the common stock also payable on
Since July 12 1927 we have without expense to the mill, employed Chas.
amounting to $33,714. The two latter amounts, totaling $69,116, are
set up as a liability in the balance sheet of June 30 1927, and deducted from T. Main, Inc., mill engineers, to make a study of the whole problem.
Because of our substantial stockholdings in and knowledge of the mills,
surplus account.
-V. 123. p. 3192.
we feel it our duty to set this information before the stockholders.
The Main report has strengthened our conviction that it is to the best
(S. S.) Kresge Co.
-August Sales.
interest of the stockholders to keep the mills running and that the suggested
1927-8 Mos.-1926.
Period end. Aug. 31- 1927
-Month-1926.
Sales
$10,512,989 $8,713,209 $76,205,405 $67,436,420 liquidation of the mills involves an unnecessary sacrifice of values. We
believe that the substance of the report's recommendations should be
-V. 125, p. 791. 398.
SEPT. 10 1927.)
THE CHRONICLE
1469
carried out by the board of directors, enlarged by the addition of a few divs. Entitled in any liquidation to $55 per share plus dive, before any
active business men. We further believe that the board, as so constituted, distribution to any other class of stock. Non-voting except as provided
should have entire freedom to decide all questions relative to the manage- in the consolidation agreement. Chemical National Bank of New York,
ment and selling arrangements of the mills. In the decision of these transfer agent. National Bank of Commerce in New York, registrar.
Stock Purchase Warrants.
-Each certificate of preference stock now offered
questions, Minot, Hooper & Co. seek no part.
While we have not asked for proxies, certain proxies have already been will carry a detachable warrant entitling the holder thereof to purchase
sent to us and we wish to state that we are willing to receive proxies, running subject to the terms of the indenture under which the warrants are to be
Issued, shares of non-voting class B common stock (without par value) of
to Thomas W. Slocum, Robert F. Herrick and Theodore G. Bremer.
At the stockholders' meeting stock owned by the individual members the company, on or before Sept. 1 1937 at $40 per share, in the ratio of
of this firm will be voted against the liquidation of the Lyman Mills. 1 share of such class B common stock for each share of preference stock
Stock represented by proxies now held by us or hereafter received pursuant represented by such certificate.
hereto will also be so voted.
Data from Letter of W. H. May, President of the Company.
Company.
-Has been organized in North Carolina and has acquired,
The"Main" reportin regard to the final disposition of the
through consolidation, the business, assets (eliminating certain nonmill says:
productive assets not employed in the business), and good-will of a preFrom our hasty study it seems to us that if the mill could divest itself of decessor company bearing the same name and of National Dye Works,Inc.,
the coarse department, with all the machinery, buildings and other property both located at Burlington in ,the industrial Piedmont section of North
devoted to it, and the fine department be re-arranged and concentrated Carolina. The business of the predecessor company, consisting of the
into the space required for it, it could go on profitably for some years to knitting and selling of hosiery, originated in 1915 and included the selling
come.
of hosiery for the accounts of associated and independent mills. National
If this were done, Mills Nos. 1 and 6, with the land and water power Dye Works, Inc., was organized in 1917 and has since been engaged in
connected therewith, could be disposed of for some other purpose, but the business of finishing hosiery, both for the account of May Hosiery
probably not for cotton manufacturing.
Mills, Inc., and for the account of others. Each business has earned a
There would be left a fine mill of about 80,000 spindles. A profit of profit in every year since its inception.
$20,000 for 6 months, or $40,000 a year, would not warrant the necessary
As a result of this consolidation, the new company is a self-contained unit
expenditures for this reorganization, but it would seem as if the fine goods for the manufacture of rayon and cotton seamless hosiery from rayon and
manufacturers are bound to insist on selling prices which will warrant a cotton yarns and ofsilk hosieryfrom raw silk,Carrying its operations through
reasonable profit.
to the finished product. The finishing department has an annual capacity
If this can be brought about, an expenditure of $500,000 spread over of over 2.500,000 dozen pairs of hose. New company will continue to sell
10 years is warranted.
said products, which are well known in the trade and whichenjoy a wide
We would also advise selling the tenements, as they are not self-support- distribution in the United States and 21 foreign countries, through the sales
ing, and only about one-quarter of them are occupied by operatives who organization built up by the constituent companies. The products of
work in the Lyman Mills. Some tenements are now unoccupied, and the McEwen Knitting Co. (with which the new company is affiliated through
rest are occupied by outsiders. The cotton storehouse No. 3 might also stock ownership) have since its organization been finished and sold by the
be disposed of. (See also V. 125. p. 529.)
constituent companies and it is expected that this arrangement will be
Financial Returns.
-The volume of sales and the net profit or loss before continued by the new company. These products include a recently
Federal income taxes as given in the report of Charles T. Main, Inc., are developed line of full-fashioned hosiery which is being favorably received
shown for the years since 1922 In the following table, in round figures:
by the trade. Total hosiery finished in recent years by National Dye
Calendar
Works, Inc., has been as follows for calendar years:
Net Sales
Calendar
Net Sales
Years- (approx.)
Profit.
Profit.
Years- (approx.)
1926.
925.
1927.
10941
192
, 0
1922
$4,009,000
$3,477,000loss$108,000 Dozen pairs
$208,000 1925
2,038.866 a2,251.894
942
1,555,959
;
1923
4.211.000,
1926
2,751.000 xloss548.000
a First 6 months, 1,125,947 dozen pairs or at annual rate of 2.251,894.
1924
2,890,000 loss71,000 1927 (6 mos.) 1,406,000
6,600
Authorized. Outstanding.
Capitalizationx This includes a loss on inventory of about $273,000.
43,000 shs. 43,000 shs.
84 cumulative preference stock (this issue)
Formerly the accounts of the mill had been treated as a whole. For the Class A common stock (no par value)
a83,000 shs.
80,000 shs.
last 6 months (ending June 25 1927) the results show the fine and coarse Class B common stock, non-voting (no par value) 43,000 shs.
Work separately. These results showed, after all charges, including dea 3,000 shares reserved for sale from time to time to employees and
preciation:
manufacturing interests with which the new company will have business
Sales.
Net.
connections, under such terms as the Board of directors may authorize.
Coarse department
loss $12,662
$608,000
b Reserved for stock purchase warrants. Class A and B stocks are
Fine department
774,000
profit 19,267 identical in all respects except that class B has no voting power.
Earnings.
-Consolidated net sales of May Hosiery Mills, Inc. and
Balance
profit $6,605 National Dye Works, Inc., and net profits after all charges, depreciation
See also V. 125, p. 1334.
and Federal income taxes, have been certified to by Lybrand, Ross Bros. &
Montgomery as follows:
McCrory Stores Corp.
-August Sales.
Net Profits Per Share Per Share
1927
-Aug.
-1926.
Increase.
1927-8 Mos.-1926.
Increase
Net Sales. as Above. Preference. Common.
$3,052,723
$2,505,701
$547,0221522,908,974 $19.163,052 $3,745,922 Years end. Dec.311925.53,680.283.81 $324,210.74
$7.54
-V.125, P. 791, 530.
Year end. Dec. 31 1926- 5.209,308.57 443,698.74
10.31
6 mos.end. July 2 1927_ 2,862,428.82 276,398.46
x1. 5
34:0
3399
x12.85
7
McLellan Stores Co.
-August Sales.
x Annual rate. It has been the experience of the constituent companies
1927
-August
-1925. Increase.] 1927-8 Mos.-1926,
Increase. that net profits for the last half of the year usually equal or exceed those
$976,012
$713,336
$262,676156,018,600 $4,520,768 $1,497,832 for the first half.
-V. 125, p. 791, 255.
Sinking Fund.
-Consolidation agreement provides for a sinking fund,
payable annually
to 15%
(The) Macmillan Co. (Publishers), N. Y.-400% of the net earningsbeginning Dec. 1 1928, equivalent in each yearcommon
(as defined in said agreement) applicable to the
Stock Dividend.
stock for the preceding fiscal year. The sinking fund is to be applied to
At a meeting of the stockholders held Sept. 7 it was voted to increase the purchase of shares of preference stock at not exceeding $55 per share
the capital stock as follows: from $2,695,000. the present amount, con- and accrued unpaid dividends or. if such shares are not so obtainable, to
sisting of 1,450 shares of preferred stock, 18,000 shares of class "A- stock their redemption. All preference stock acquired through the operation
and 7.500 shares ofclass"B"(employees)stock (all par 5100),to $9,895,000, of the sinking fund is to be cancelled.
consisting of 1,450 shares of preferred stock, 90,000 shares of class "A"
Balance Sheet as of July 2 1927.
stock and 7,500 shares of class "B" (employees) stock (all par $100) and
[After giving effect to (a) organization of the new company,(b) issuance
distribute as a dividend the additional stock of $7,200,000 as a stock divi- of 80,000 shares of class A common stock and 38,000 shares of preference
dend on the class "A" stock of the company.
stock for the assets, business and good-will of May Hosiery Mills, Inc., and
President George P. Brett, stated that the object of the stock increase National Dye Works, Inc., fter eliminating certain non-productive assets
as voted by the stockholders is to convert part of the company's accumulated not employed in business; (c) issuance and sale of 5,000 shares of preference
surplus into capital stock and thus keep it in the business.
stock for cash and application of the proceeds thereof to the liquidation of
No change in the amount of dividends paid to each class of stockholders notes payable and to the increase of working capital.]
Is contemplated and no stock will be offered for public sale or subscription.
AssetsLiabilities
-V. 113, p. 1257.
Cash. Liberty bonds, &e
$177,564 Accounts payable
$77,597
Notes & accounts receivable__ 650,933 Subscription to stock in assoc.
(H. R.) Mallinson & Co., Inc.
-Earnings.
399,396
company-Called
12,500
(Including Erie Silk Mills, Pussy Willow Co., Inc., and H. R. Mallinson Inventories
Prepaid expenses
5,392 Res. for Fed.& State taxes, &c
83,850
& Co., Inc. (Ill.).]
63,775 Subscription to stock In assoo.
6 Months EndedJune 30'27. June 30'26. Apr. 30'25. Invest,in local assoc. mills,&e_
Fixed assets
652,663
company-Uncalled
25,000
Net operating income
$237,652 loss$343,217
$399,613 Trade-marks, good-will, &c_ _ _
35,000 Capital and capital surplus_ a1,193,614
Other income
40,827
31,999
26,889
Earned surplus
592,162
Total income
$278,479 loss$3117218
$426,503
Total
$1,984,723
Total
$1.984.723
Depreciation
74,270
74,270
71,959
a Represented by 43,000 shares $4 cumul, preference stock (without par
Bad debts charged off
18,307
6,329
4.295
value) and 80.000 shares class A common stock (without par value).
Other deductions
39,691
6.393
2,304
Interest paid
37,197
Mengel Co., Louisville, Ky.-Retires $400,000 Bonds.
Taxes. except Federal income tax_
28 Wi
,
The company on Sept. I redeemed $400.000 of its 1st mtge. 7% serial
Federal taxes
19,750
30.000
Dividends on preferred stock
gold bonds, due March 1 1928 and 1929. Those due March 1 next were
67,634
83,167
87.552
retired at par and int. and those maturing in 1929 at 100;i and int. PayBalance, surplus
$58,827loss$518,574
$202,107 ment was made at the Mercantile Trust Co., St. Louis, Mo.-V. 125,1).792.
Prof. through purchase of pref. stock_
9,498
18,428
Metropolitan Chain Stores, Inc.
-August Sales.
Previous surplus
2.899.120
3.501,669
3,183,055
-August
1927
--1926. Increase.; 1927-8 Mos.-1926.
increase.
$965,167
5801,003
5164,164156,735,396 $5,937.623
$797,773
Total surplus
$2,967,445 $3.001,523 $3,385,162 -V. 125, p. 1334.
924.
Sundry adjustment
5,880
5,698
16,486
Reserve for bad accounts
Morris Plan Shares Corp.
-Organized-New Financing
50,000
Reserve for investment
11.163
22,817 of
,500,000 Secured Bonds to Be Offered.
Formation of the Morris Plan Shares Corp. was revealed Sept. 9 when it
Profit and loss, surplus
$2,961,565 $2,984,662 $3,295,859
was announced that a group of bankers, composed of Redmond & Co.,
Earnings per sh. on 200,000 shs, of
Donaldson, Inc., have
Manufacturers'
no par common stock
$0.29
Nil
$1.01 purchased and Trust Co. and Beetles. Rawls &subscription an
expect shortly to offer for public
issue of
Consolidated Balance Sheet June 30.
$4,500,000 secured bonds of that company. The new concern is a wholly
Assets1927.
1926.
1927,
owned subsidiary of the Industrial Finance Corp., and was formed to hold
1926.
Real estate, equipPref. stock 7%_..x$1,932,400 $2,288,500 all of the latter's stock interests in 84 Morris Plan banks and the Morris
ment, &c
x$2,602,558 $2,644,293 Common stock (no
Plan Insurance Corp., acquired over a period of 14 years. In a majority
Cash
623,393
341,284
par value)
a500,000
500,000 of cases the stock holdings amount to at least 25% and in several cases to
Notes receivable._
4,016
2,519 Notes payable_
600,000 1,100,000 over 99%. The more important cities where stock control is held are New
Inventories
2,479,404 3,155,887 Accounts payable
York, Boston. Richmond, Norfolk, Washington, Philadelphia, San Frany743,196 1,061,204
Acets receivable
& accrued accla 180,883
252.971 cisco, Worcester and Indianapolis.
Securities
90,100
79,350 Foreign drafts, &c. 445,506
The bonds of the Morris Plan Shares Corp. to be offered will carry a 6%
303,806
Insur., sur. value_
39,039
35.847 Federal taxes, esticoupon and will be secured by the company's entire stock holdings, having
Accrued Interest
4,055
1,604
mated
19,750
36,212 a book value of more than $7,500,000, and will carry a convertible feature
80,562
Invs. (less res.)
80,562 Surplus
2,961,564 2,984,662 and a detachable stock purchase warrant. They are also unconditionally
Deferred charges
73,780
63,604
guaranteed as to principal, interest and sinking fund by endorsement by
the Industrial Finance Corp. The warrants entitle the holder of each
$6,640,103 $7,446,154
Total
Total
$6,640,103 $7,466,154 $1,000 bond to purchase 4 shares of Industrial Finance Corp. common
x Real estate and mill buildings, at $1,499,283; machinery and equipment, stock at $45 a share at any time during the next three years. The con$2,305,436: less depreciation, $1,302,162; leaving $2,502,558. y Accounts version privilege permits the exchange of the bonds for the 7% preferred
receivable less allowance for bad debts and discounts. z Authorized, stock of the Industrial Finance Corp. on the basis of $92.50,$95 and $97.50
$10,000,000; unissued, $7,000,000; issued, $3,000,000; acquired for sinking a share for the latter.
In 1910 the first Morris Plan bank was organized with a capital of$20,000.
fund. $829,700; held in treasury, $237,900. a 200,000 shares, no par value.
To-day the system has expanded to 106 banks with resources of more than
-V. 124. p. 1676.
$200,000,000. These banks have loaned since inception more than $1,000.000,000 and for the year ended 1926 loans amounted to over $166.000.000.
May Department Stores Co.
-Acquisition.
The company according to a Baltimore despatch has purchased the The average loss sustained on these loans has been less than ji of 1%.
The Mortis Plan Insurance Corp. last Fear underwrote over 525.000,000
Bernhelmer Leader Stores, Inc. of Baltimore.
-V. 125, p. 659.
of insurance to borrowers from the Morris Plan banks.
Arthur J. Morris, originator of the Morris Plan enterprises, has been
May Hosiery Mills, Inc.-Pref. Stock Offered.
-Hemphill,
made President of the new company.
Noyes & Co. and Chas. D. Barney & Co. are offering at directors are Fergus Reid, E. Roland Associated with him on the board of
Harriman, Carll Tucker and
$49.50 per share 43,000 shares $4 cumulative preference T. Manson. Vere Brown is Vice-President and General Manager. John
stook (no par value), with stock purchase warrants.
Preferred over all other classes of stock as to assets and as to cumulative
-M. Red.
dividends at the rate of $4 per share per nanum payable Q.
all or part on any dlv. date on at least 30 days' notice at $55 per share and
Municipal Service Corp. (N. Y.).
-Control Acquired by
National American Co., Inc.
-See that company below.
-V. 124, p. 3642.
1470
"TEE CHRONICLE
Motion Picture Capital Corp.
-Omits Common Div.
(VOL. 125.
Nedick's, Inc.
-New Director.
-
R. F. De Voe has been elected a director.
-V.125, p. 660.
The directors have voted to omit the quarterly dividend of 25 cents per
share, usually due Sept. 15. on the common stock, no par value. This rate
Neisner Bros., Inc.
-August Sales.
had been payable since and including Dec. 15 1926.
-August
Increased 1927-8 Mos.-1926.
1927
-1926.
The regular quarterly dividend of 2% on the preferred stock has been
$492,900
$153,4611$3,563,922 $2,154,750
$339.439
declared, payable Oct. 15 to holders of record Oct. 1.
-V. 125. p. 792. 256.
Results for Seven Months Ended July 31.
1926.
1927.
(J. J.) Newberry Co.
-August Sales.
Net income after taxes and all other charges
$263,921
$161.762
Increased 1927-8 Mos.-1927.
1927
-Aug.
-1926.
Compare V. 125, p. 924.
$1,231,231
$783,037
$448,194 1$7,835,292 $5,146,359
-V.125, p. 792. 256.
Motor Wheel Corp.
-Earnings.
1927-6 Mos.-1926.
Period end. June 30- 1927-3 Mos.-1926.
-Output.New Cornelia Copper Co.
Gross
$627,372 $1,455.595 $1,471,199
$724,732
Production (Pounds)474.001
525.651
Expenses, Fed.taxes,&c
235,342
229,496
January
5,540,400 7,328,120 6,906.d12
.
4,746,920 5,972.400 6.063,428
$981,594
$945,548 February
Balance
$392,030
$495,236
6,895,000 7,281,560 6,489,000
111.046
95.323 March
Other income
47,613
64,210
April
5,258,694 7,268.300 6,335,821
5,552,080 7,446,190 6,691,648
Total income
$439.643 $1,092,640 $1,040,871 May
$559,446
5,789,380 7,086,640 6,230,956
44,844 June
55,682
Interest, &c
21,753
27,902
July
4,991,560 6,931,600 5,667,435
6,077,960 6,389,880 4,919,599
$996,027 August •
/Net profit
$417.890 $1,036,958
$531.544
39.429
39,975 -V. 125, p. 256, 792.
Preferred dividends_ _ _ _
19.924
19,851
550.000
550,000
275,000
Common dividends
275,000
$406,052
$447,529
$122,966
Surplus
$236,693
Earns,per sh.on 550,000
$1.81
61.73
$0.72
shs. no par corn, stock
$0.93
Comparative Balance Sheet June 30.
1926.
1927.
1927.
1926.
$
$
LiaMitties-Assets$
$
995,500
Preferred stock___. 782,E00
Land, bidgs., machinery, &c____77,066,972 8,822,759 Common stock___z5,500,000 5.500.000
539,747
Cash, &c
2,263,898 1,097,444 Acc'ts pay. (taxes) 947,475
Accla receivable_.xl,479,455 1,437,849 Accr'd taxes, roy205,740
alties & int., &c..
Inventorial
2,948,555 3,515,989
Other assets
685.947 Fed'i income taxes1 214,429 1349,065
67,185
Res. for cont., &c.f
Prepaid taxes, ins.,
282,217 Profit and loss..... 6.580.731 6,184.969
bond disct., &c.. 266,555
Increase.
$1,409,172
Increase.
$2,688,933
1924.
3,512.831
4,452,402
5.875,334
5,472,542
4,505,996
4,651,589
4,427.373
5,627,261
-Stock Offered.-The
New Jersey Bankers Securities Co.
company with office at 14 Wall St., N. Y. City and at
Newark and Passaic, N. J. is offering its capital stock consisting of 300,000 no par shares at $12.50 per share.
Dividends exempt from normal Federal income tax. Transfer agents:
American Exchange Irving Trust Co., New York, N. Y.: Hobart Trust
Co., Passaic, N. J. Registrars: Guaranty Trust Co., New York, N. Y.:
Service Trust Co. of N. J., Passaic, N. J.
Company.
-Was organized under the general corporation laws of the
State of New Jersey, for the principal purpose of investing and reinvesting
its funds in the stocks of approved financial institutions, such as banks
and trust companies, title, mortgage and insurance companies, all under
State or national supervision, company affords its stockholders a participation in a carefully selected and diversified group of securities. The purchaser of New Jersey Bankers Securities Co.s shares becomes an inventor
14,025,435 13,842,205 In each of the institutions whose stock is held by this company. ComTotal
Total
14,025,435 13,842,205
as there are no prior shares
x Less reserve for doubtful accounts. y After depreciation allowance of pany has no liabilities -Company's investments or obligations outstanding.
are sound and profitable,
Present Investments.
-V.125, p. 924.
$2,887,726. z Represented by 550,000 no par shares.
consisting of controlling shares in the following well-established financial
institutions: Hobart Trust Co. of Passaic, N. J., Service Trust Co. of
(G. C.) Murphy Co.
-August Sales.Increase. New Jersey, Passaic, N. J. (merged with Merchants Bank of Passaic),
1927-8 Mos.-1926.
1927
-August
-1926. Increase.
Equitable Title Mortgage & Guaranty Co. of Passaic, N. J. In addition
$129,653 $5,659,280 $4,479,359 $1,179,921 to these holdings the company owns stock in other well-known banking
$735,972
$606,319
-V. 125, P. 924. 255.
Institution located throughout New Jersey. Negotiations are now pending
secure control of a number of old
for
National American Co., Inc.-Acquires Control of linethe purchase of securities which willin established industrial centers in
banks
-Chairman Harold G. Aron of the the State. and trust companies located
Municipal Service Corp.
-Earnings are derived from (1)
Earnings and Dividends.
finance committee announces that the company has acquired securities owned. (2) The exercise of subscription rightsDividends from
for additional
control of the Municipal Service Corp., one of New York's shares at less than market prices, and profits accruing from securities sold
retail gasoline distributing organizations. There will If and when the board of directors deem it advisable to take advantage of
largest
market appreciation in shares of stock owned and held. (3) Reinvestment
be no change of management, it is announced.
of surplus and accumulated profits. After deducting corporate expenses.
dis-The National all income accrues to the benefit of the common shares and will beafter
Acquires Interest in Bank of Coney Island.
management,
American Co., in association with a group of Brooklyn tributed at an annual rate consistent with conservative on past earnings of
providing adequate reserves. These dividends, based
(N. Y.) business men, has acquired control of the Bank of the company's 13esent holdings, will yield an attractive return to the
Co.'s
the New
Coney Island. The bank, which was established in 1909, holders of-EdwardJersey Bankers SecuritiesHarry shares.
H. Weinberger, Pres.;
Officers.
I. Edwards, Chairman;
Hon. James F. Minturn, V.-Pres.; David G. Smith, Secy.; Frederick N.
has total deposits of approximately $5,000,000.
There will be no changes either in the official staff or in the board of Bidwell, Treas.
directors except that several prominent Brooklyn business men will be
-Stock Offering.
Newmarket Mfg. Co.
added to the board, it is announced.
-V.125, P. 1061.
The 5,400 shares of additional capital stock approved by the stockholders
National Bellas Hess Co., Inc.
-Net Sales.
on Sept. 7 will be offered stockholders of record of that date in the ratio of
1927-Aug.
-1926.
Decrease.
1927-8 Mos.-1926.
Decrease. one share of new stock for each five shares of old at $100 per share. The
$1.789,095 924$2,413,424
$624,329 $27,350,672 630,868,204 $3,517,532 right to subscribe expires Oct. 1. Payment may be made in full on Oct. 1
,25
6.
or in two installments, viz., 50% each on Oct. 1 and Dec. 27.
National Lead Co.
-Obituary.-
Treasurer Charles Walcott, Sept. 7. in a letter to White,
Weld & Co., and Charles Head & Co., Boston, Mass.,
part:
National Recording Pump Co., Dayton,0.
-Stock Sold. says in1907 to July 1 1927 the capital and surplus of the Newmarket
From
-Westheimer & Co., Cincinnati and Baltimore, Murfey, company has been increased from $600,000 to 25,442,080, an increase of
$4,842,080 of
Blossom, Morris & Co., Cleveland,0.,and the N.S. Talbott the property. which $2,682,000 represents surplus earnings put back into
Co., Dayton, 0., have sold at $36.25 per share 38,250 conIncluding the proceeds of the $540,000 capital stock recently offered to
of $5,442.080 amount to
vertible shares (no par value). Present offering does not stockholders, the net tangible assets at which the plant is carried$167.96
per share at the low depreciated value
on the
represent new financing for the company, the stock having books and the net current assets amount to over $70 per share on the
increased capitalization of $3,240,000.
been purchased from individuals.
The following table shows capital stock outstanding at the end of the
Norris B. Gregg, Vice-President and a director, died Sept. 6 in New
York.
-V. 125. p. 1061.
Registrar, Central Trust Co. Cincinnati, Ohio; transfer agents, Title
Guarantee & Trust Co., Cincinnati, Ohio. Tax-exempt in Ohio under
the present laws as to State, county and local taxes. Dividends free from
present Federal normal income tax.
Data from Letter of J. P. Hanna, President, Dayton, 0., Aug. 29.
Company.-Incorp. June 24 1921 in Ohio. Is engaged in business of
manufacturing gasoline pumps, the type used by filling stations. Company purchased assets of the Protecto Pump Co. in 1921. The assets at
the time were about $80,000. consisting of tools, patterns, &c. Present
assets are approximately 8 times that amount with no consideration for
good-will and patents. First year's volume was approximately $50.000.
Yearly charts show a rapid growth of sales and profits. The approximate
net profits for the first 6 months of 1927 were $207.407. Volume of business and profits for the first 7 months of 1927 have far exceeded those of
any 7 months period in the history of business.
Dividend Plan and Conversion Privileges.-DIvidends to the amount of
$3 per share must be declared on the convertible shares before the managers
shares participate in dividends. After the convertible shares receive $3
Per share, then the managers' shares receive $ for $ with the convertible
shares until the convertible shares have received $5 per share, which is the
limit of their dividend in any one calendar year. The managers' shares
get all further distribution of dividends. After $5 per share has been paid
on the managers'shares in any one year, the convertible shares can be converted at the holder's option into managers' shares. 45,000 managers'
shares have been set aside for that purpose. Neither class of shares is
callable.
Dividend Declared.
-Company has declared a dividend of $3 per share
on the convertible shares, payable quarterly beginning Nov. 1 1927.
Special Provisions.
-All stocks have equal voting power. No dividend
can be paid on managers' shares until dividends in excess of $3 per share
have been declared on the convertible shares. In case of involuntary dissolution the convertible shares get up to $45 per share and any balance goes
to the managers' shares. In case of voluntary dissolution the convertible
shares get up to $75 per share with any balance to the managers' shares.
Neither class of shares is callable.
Listing.
-Application will be made to list the convertible stock on the Clnnati Stock Exchange.
Balance Sheet June 30 1927 (Girino Effect to New Capital Structure).
Liabilities
Assets$10.000
Cash
$2,878 Notes payable
57,736
Accounts payable
Customers' notes & acc'ts
306,778 Accrued items. incl. provireceivable
sion for Federal taxes.... 51.967
Inventory
167,759
Other assets
6.496 Mtge. payable (since paid). 51.033
Plant and equipment
284.733 Reserve for contingencies.- 14,000
Development
49,808 Common capital & surplus_a637.266
Patents 'at nominal value).
1
2822,002
Deferred charges
Total (each side)
3,550
a Common stock, no par value: 45, 00 convertible shares (authorized and
Issued), 45.000 managers' shares (90.000 shares authorized, with 45.000
shares reserved for future conversion .
National Tea Co., Chicago.
-Sales.
Period End. Aug. 31- 1927
-1927-8 Mos.-1926.
-Month-1926.
Sales
24,364,880 $3,906,700 $36,196,218 $34,641.427
-V. 125, p. 1061. 926.
year, net earnings before Federal taxes, and dividends paid in cash for
each year from 1912 to 1926, incl.
Capital.
Profit.
Dividend.
$600,000
$61,369.98
1912
$24.000
600,000
133,959.59
36,000
1913
1914
600,000
36,000
58,189.09
600,000
1915
206.109.33
42,000
1916
1,200.000
75.000
523.974.53
1917
1,200,000
108.000
357,744.99
1918
1,200,000
120,000
622,775.96
1919
1,200,000 1,011,964.01
114,000
1920
1,200,000
222,000
309,111.80
1921
1,200,000
353,612.27
120,000
1922
120,000
1,800,000
22,114.46
1923
2,700,000
173,420
687,585.96
1924
2,700.000
73,372.21
228,343
1925
215,984
2,700,000
551,464.28
1926
215,984
2.700,000 def.85,019.54
1927(6 mos.)208,124.70
107,992
Note.
-The above net earnings are kiveii after deduction of adequate
depreciation.
The earnings of only $22,114 for 1922 are due to the fact that the mill
was closed for more than 6 months by a strike which affected all mills in
New Hampshire. In fact the performance of the mill in 1922 was extremely
creditable, as in less than 6 months it earned more than all the expenses for
the year including a full depreciation charge.
During the year 1926 declines in the value of materials required markdown of inventories by $153,984. On manufacturing the mill made a
profit for the year of $71,372.
Net earnings before Federal taxes for the 20 years 1907 to 1926 inclusive
have amounted to $5.387,153 or an average of $269,357 per year. For the
last 734 years such net earnings have averaged s282,715 and for the last
45i years, which includes a loss in the year 1926 earnings averaged 2319,006,
as against dividend requirements of $215.984. Dividends have been paid
each year since the year 1908, and since 1915 have in DO year fallen below
the present rate of 8%.
Net earnings before Federal taxes for the 6 months ending July 1 1927
have amounted to 8208.124. Indications are that earnings will be sufficient
to continue the present 8% dividend rate on the increased capital.
The $540,000 par value of stock recently offered to stockholders was for
the purpose of supplying funds to cover the cost of the 235 looms and
accompanying machinery which have been added to the Lowell plant and
to provide working capital for the consequent addition to the mills' product
as well as to cover additional working capital called for by changes in the
mills' product and business.
The Treasurer of the corporation and the agent for the sale of its silk
product have subscribed to 1,000 shares of this stock at $100 per share.
The plant is in good physical condition and the corporation has working
capital sufficient for the conduct of its business.
-V. 125. P. 1201.
-Certificates Offered.
983 Park Avenue, Inc., N. Y. City.
-The Prudence Co., Inc., recently offered $1,800,0005%%
guaranteed Prudence certificates.
Legal for trust funds in State of New York. Int. payable A. & 0.
The purchase of one of these certificates makes the holder the owner of a
participation equal to the amount of his certificate In a first mortgage
SEPT. 101927.]
THE CHRONICLE
1471.
made by 983 Park Avenue, Inc., on the newly completed apartment house. Oct. 1 next. In the preceding 3 quarters the company paid dividends at
-story and this rate on the junior Issue. The following statement was issued by the
-The mortgage is a first line on the land and 14
Security.
pent house apartment known as 983 Park Ave., located on the northeast company: "While the earnings for the first 6 months were reasonably satiscorner of Park Ave. and E. 83d St., N. Y. City. The building, which factory, the directors felt that in view of the unsatisfactory condition of the
conserve its cash."
is ultra-modern, is considered one of the best built structures in New York. Industry generally, that it was wise to184%
has been declared on the preThe regular quarterly dividend of
It is of brick, steel and stone fireproof construction and is open on all
sides, giving an unobstructed view from the upper floors of the beautiful ferred stock, payable Oct. 1 to holders of record Sept. 17.-V. 125. p.794.
lake area of Central Park. The rooms are of exceptionally generous
-August Sales.
(J. C.) Penney Co., Inc.
proportions and are most conveniently grouped in suites of 10 rooms and
Increase. I 1927-8 Mos.-1926.
Increase
1927
-Aug.
-1926.
4 baths, 9 rooms and 4 baths, and 8 rooms and 3 baths, including separated
$11,008,789 $8,084,987 $2,921.782 $82,208,835 $62.484.849 $19.723,988
servants' halls.
-V.125, p. 926, 794.
-Earnings.
North Central Texas Oil Co., Inc.
Peoples Drug Stores, Inc.
-August Sales.
Quay.End, Quar. End. 6 Mos.End.
-August
--1926. Increased 1927-8 Mos.-1926.
Increase.
1927
June 30'27. Mar.31 '27. June 30'27.
$501.462
$152,7841$5.075,173 $3,850.450 $1.224,723
$251,329 $654,246
$114,174
$137,155
58,537 -V. 125, p. 926, 400.
28,593
27,944
47,933
23,168
24,765
-Status, &c.'
Photomaton, Inc.
9,881
17,688
7,787
1,847
In connection with the proposed issue of $900,000 of 7% cum, income
630
1,217
sinking fund debentures, due Sept. 1 1935, Pres. Robert C. Davis has
$131,048 sent a circular letter to stockholders concerning the company's history.
$75,205
Netincome available for dividends$55,843
37,327
77,279 business and present status, as well as the plans of the management for
Dividends paid
39,952
the future. The circular affords the following:
-Organized in New York Jan.8 1925,for the purpose
$37,878
$53,769
History & Business.
Balance of income to surplus
$15,891
Previous surplus
311,194
273,316
273,316 of engaging in and conducting a general photographic business. Shortly
thereafter it acquired by assignment from Anatol M.Joseph°, the inventor,
Balance, surplus
$327,085
$327.085 the patent rights in the United States and possessions to certain photo$311,194
graphic apparatus consisting of an automatic slot photograph machine
Earns, per share on 266,346 shares of
$0.21
$0.49 known as the Photomaton. This machine takes eight instantaneous
no par common stock
60.28
photographs in 20 seconds, giving the subject an opportunity to assume
Comparative Balance Sheet June 30.
different poses. After 20 seconds the machine is ready for another cusAssets1926.
Liabilities1927.
1927.
1928.
tomer, and at the end of eight minutes a finished strip of eight pictures
42,057,577 $1,642,773 Capital stock_ __41,994,900 $1,819,900 Is delivered to the first customer. The pictures are taken (without the
Fixed assets
Cash and time deAccounts payable.
1,965
10.186 intervention of any negative) directly on sensitized paper, and are autopos ta
218.770
258.814 Fed'l income tax__
15,079
15.490 matically developed and finished in the machine.
10.004
110,348 Lease devel. costs.
23,656
U. 8. bonds
The company's business comprises the production, distribution and
11,482 Prov.for Fed.tax.,
011 in storage
operation, by ownership, license or lease, of these machines, under rights
22,944
71,662 which, in the opinion of counsel, are well protected by patents granted
Accts. receivable
44,349
depl. & deprec._
17,606
540 and pending.
Notes receivable_
3.034 Def'd credit to inc.
21,925
205,803
Deferred assets
49,266
78,435 Surplus
327,086
Company's machines are distributed among department stores, chain
stores, candy stores, &c.
Total
$2,378,560 $2,147,235
Total
$2,378,560 $2,147,235
-Proceeds will be used for the retirement of all bank loans,
Purpose.
x Includes mineral rights and leases (less reserve for depletion), $2,017.
- the production and installation of additional Photomaton machines, and
037: lease equipment (less reserve for depreciation), $34,514;and Furniture, for other corporate purposes.
The proceeds of this issue, together with estimated current earnings,
fixtures and autos (less reserve for depreciation). $6,025; total, $2.057,577.
y Authorized, 400,000 shares of no par value; issued and outstanding, 266,- should prove sufficient to enable the company to carry through its ex348. z Includes lease sale (due from oil as produced). $41.492: prepay- pansion program, which it is estimated will result for the year 1928 in
ments,$1,133; applicable to subsequent periods, $26,641.-V. 125, p. 1202 net earnings of at least $1,000.000 applicable to interest on the debentures.
Capitalization.
-Upon completion of the present proposed financing
•
-Organized.
Northeastern Surety Co.
and exchange of the present outstanding class A and class B common stock,
by men prominent in financial circles and various other fields for the new common stock without par value, class A and class B, reSponsored
the company formally opened for business Sept. 7 at 50 West 42d St., sPecitvely, the capitalization of Photomaton. Inc., will be as follows:
N. Y. City. Company was recently organized in New York with a paid-in
Authorized.
Outstanding.
capital of $250,000 and paid in surplus of $132,500 and will operate under 7% cum.inc. sink.fd. dabs.,due Sept. 1 1935_6900,000
$900,000
the supervision of the State Insurance Department. It is prepared to Prof. stock (par $100) 8% cum. red. at $100
write all fidelity and surety lines,its founders being of the opinion that there
425,000
425,000
per share
is a broad opportunity for development in this field.
20,000 shs.
20,000 shs.
Class A common stock, without par value__
Charles G. Bond, of Bond & Strouss attorneys. has been elected Pres. Class B common stock, without par value__ _ _x211,250 shs.
161,750 shs.
and will also serve on its board of directors. Carl Sherman, former
x Of which 36,000 shares are to be reserved for the exercise of stock
Attorney-General of the State of New York, will act as a general counse purchase warrants attached to the debentures.
and a director. Frank Cohen of Frank Cohen Associates, financial
-The class A common stock (no par value), the voting
Voting Trust.
consultants, is V.-Pres. and a director, while Edward G. Griffin, counsel Issue,will be deposited under a voting trust for the benefit of the debentures.
to Governor Alfred E. Smith of New York State, is Sec.. and also a director.
-Each debenture is to carry a stock purchase
Stock Purchase Warrants.
Other officers are Meyer Boskey, Treas., and George H. Schneider, who warrant entitling the holder thereof to purhcase on or after March: 1 1928
has had more than 15 years' experience in the surety business, manager and on or before March 1 1932 shares of class B common stock without
of the underwriting department.
par value, at the rate of four shares thereof for each $100 principal amount
The board of directors includes, in addition to the officers named: Walter of debentures, at the following prices: $25 per share if such warrant is
B. Adams, of E. H. Rollins & Sons; Harry L. Barth, of L. Barth & Co.: exercised on or before March 1 1930:$35 per share if exercised after March 1
Charles E. Culpeper, Pres. of Coca-Cola Bottling Co.; Arthur A. Hartich 1930 and on or before March 1 1931:$45 per share if exercised after March 1
of Baltimore Co., bankers: Romaine A. Philpot, of Philpot, Goff & Co., 1931 and on or before March 1 1932, at which time such warrant will
bankers; Lewis H. Pounds, real estate; Ira A. Schiller, of Boskey, Schiller, expire. The warrants are to be non-detachable unless the debentures
Marvin & Serling, attorneye; James A. Stack, Treas. of Stern & Stern, and to which they pertain are redeemed prior to the exercise thereof. Upon
- the exercise of a warrant, the debenture to which it pertains (unless theretoM. L. Seidman, of Seidman & Seidman, certified public accountants.
V. 125, p. 793.
fore redeemed) shall be surrendered with the warrant to the trustee for
cancellation and will be credited at the principal amount thereof upon
Paige-Detroit Motor Car Co.
-August Sales.
the subscription price and the balance, if any, of such subscription price
The company sold approximately 3,025 cars of the improved models shall be paid in cash. Upon the redemption of a debenture on or before
during the month of August compared with sales of 1,090 cars in the same March 1 1932, the warrant pertaining thereto may be detached and remonth of the previous year, according to a dispatch from Detroit.
tallied by the holder; otherwise any warrant is to become void if detached
President Joseph B. Graham stated that business in improved models is
debenture to which it pertains. The warrants will carry the
progressing in a highly satisfactory manner and that the outlook for the from the
same pre-emptive rights to subscribe for stock of the company as the
future is bright. He also said that the cash position of the company is holders of the class B common stock may have.
strong.
-V. 125, p. 1202.
Management.
-The board of directors consists of the following: Henry
(Chairman), Gen. Robert C. Davis, J. Clarence Davies,
Pan American Eastern Petroleum Corp.
-New Control. MorgenthauGreen (Sec.), Samuel Jackson, Anatol M. Joseph°, Leo M.
Charles S.
See Standard Oil Co. of Indiana below.
-V. 125. p. 257.
Klein, Henry Mortgenthau Jr., Franklin D. Roosevelt, Solwin W. Smith,
Pan American Western Petroleum Co.
-New Vice-Pres. John T. Underwood, Archie S. Woods.
-For the period Jan. 1 1927 to July 31 1927
Earnings & Prospects.
J. C. Anderson was recently elected a Vice-President,succeeding Graham machines installed and in operation showed an average net operating
Youngs.
-V. 125, p. 1335.
profit of $652 per machine per month, which is at the rate of $7.824 per
average, however,is higher than can be anticipated
Paramount Famous Lasky Corp.
-Extension Granted.
- machine per year. This
machines in the future, because during the first half of the above
The Federal Trade Commission, Sept. 8 granted requests for 60 days' for all the only machines in operation were those installed in the company's
period
extension of the Famous Players-Lasky Corp. and Adolph Zukor and Jesse own studios, and it is to be expected that the returns from such machines
L. Lasky as individuals in pending orders to cease and desist from certain will exceed those from machines installed in department stores, or leased
unfair practices in competition in the motion picture industry. Among the or licensed to others.
unfair practices charged is the system known as "block booking."
Allowing for this and for all overhead expenses, an estimate of $4,000
These orders were issued against the corporation and the two individ- net
year available for interest on the debentures
uals in July with the provision that within 60 days the respondents report to is earnings per machine per
deemed conservative.
the Commission concerning compliance with the orders. The first..60On Sept. 1 80 machines wore in operation. It is contemplated that
day period expired the end of the week.
additional machines will be installed by Dec. 31 1927,
Extension for the second 60
-day period was requested by the respondents approximately 170 operation on that date of about 250 machines. The
in
so they could participate in a trade practice conference of the entire motion making a total estimate of net earnings for 1928 of $1,000.000 applicable
The foregoing
picture industry, likely to be held soon under auspices of the Federal Trade to interest on the debentures is based on average net earnings of $4,000
Commission. In requesting the extension the Famous Players- and Messrs.
Zukor and Lasky, through their attorneys, announced their desire to co- Per machine per year for 250 machines.
Company's program for 1928 contemplates a steady increase in the
operate in the trade practice conference in working out a set of well defined number of machines in operation, insofar as production facilities permit
trade principles to be followed by the industry in the future. It was on and to the extent that desirable locations can be obtained.
these grounds that the Commission granted the request.
Balance Sheet June 30 1927 (Giving Effect to Proposed Financing).
Further action by the Federal Trade Commission in respect of the pendLiabilities
ing orders against Famous Players-Leaky and Messrs. Zukor and Lasky
Assets$200,000
$937,049 Notes payable
will depend in some measure upon the results of the trade practice conference Cash
113,918
17.576 Accounts payable
and upon whether or not the unfair practices condemned by the conference, Accounts receivable
15.000
432,047 Depositsfrom licensees...and which the industry will undertake to eliminate, will cover to the satis- Inventories
62,481
108.160 Due for patents rights_ _ _ of the Commission the acts with which the respondents are charged. Machinery, equip., &c.._ _
faction
22.559 Est.res.for Federal taxes- '
2.065
In particular it would depend on whether or not the respondents agreed to Other assets
1,925,000 7% cum. inc. debentures- 900,000
refrain from the unfair practices condemned by the conference.
Patents
425,000
53,622 *8% Preferred stock
The present orders against the corporation and two individuals provide Deferred charges, &c.._
Common stock
x1,777,552
that they cease and desist from (1) continuing a conspiracy among themselves or with other persons to lessen competition and restrain trade in inter$3,496.015
Total
$3,496.015
Total
State and foreign commerce in the production, distribution and exhibition
of motion picture films; (2) the practice of block-booking, that is, leasing
x Class A no par value, authorized and issued, 200,000 shares; class B,
films In blocks or groups and compelling picture houses exhibiting the films no Par value, authorized, 211,250 shares, less unissued, including reserves
to accept all pictures in groups or blocks, or to receive none at all, without for exercise of debenture warrants and stock options, 49,500 shares: issued
regard to the character of the pictures or the desires of the picture house and outstanding, 161,750 shares; total common stock. class A and B,
managements; (3) acquiring or threatening to acquire theatres for the pur- 181,750 shares issued and outstanding, $1,817,500. Deficit, balance as of
pose of intimidating or coercing exhibitors of films to book and exhibit films Dec, 311926. $51,659; add depreciation adjustment. $705; total. $52,365.
-V. 125, p. 1335, 1202.
of the Famous Players-Lasky Corp.
Less net income for 6 months ended June 30 1927 after reserve for Federal
taxes, $12,417; balance, $1,777.552. * Cumulative dividends of $39,908
-Special Dividend of 10 Cents.
Parke, Davis & Co.
on preferred stock remain unpaid as of June 30 1927.-V. 125. p. 1335.
The directors have declared a special dividend of 10 cents per share and the
-Shipments.
Prairie Pipe Line Co.
regular quarterly dividend of 25 cents per share on the no par value capital
1927-8 Mos.-1926.
Period Ended Aug. 31- 1927
-Month-1926.
stock, both payable Sept. 30 to holders of record Sept. 20. Like amounts
Shipments crude oil (bbls.)_5,786,822 4,005,484 43.243,555 34,177,257
-V. 124, P. 3364.
were paid on March 31 and June 30 last.
-V. 125. p. 794. 257.
PeriodIncome from all sources
Operating and general expense
Depletion
Federal tax
Surplus adjustment credit
-August Sales.
(David) Pender Grocery Co.
-
Producers &
-Earnings.
Refiners Corp. (et Sub.).
Increase. 1927-8 Mos.-1926
-August
1926
Increase.
1927
1926.
Six Months Ended June 301925.
$813,013
$149,499 $7,957,489 $6,784,911 $1,172.578 Net Inc. after deprec., int. & tax., 1927.
6982,512
Forty-five new stores have boon added to the chain so far in 1927, bringing
def$603,556 61,398,350
before depletion
$898.003
the total number of stores in operation at the end of August up to 361. -V. 124, p. 3224.
-v. 125. p. 1083, 926.
-Omits Common Dividend.
Penick & Ford, Ltd., Inc.
The directors have voted to omit the payment of the quarterly dividend
of 25o. a share on the common stock which would ordinarily he paid on
-Omits Common Dividend.
Real Silk Hosiery Co.
-
The directors have voted to omit the quarterly dividend of $1 per share
on the common stock due at this time, but declared the regular quarterly
dividend of $1.75 a share on the preferred stock, payable Oct. 1 to holders
1472
THE CHRONICLE
[Vol,. 125.
of record Sept. 15. Quarterly dividends of $1 per share had been paid on
(Isaac) Silver 8r Bros. Co., Inc.
-August Sales.
the common stock since Oct. 1 1925.
1927
-Aug.
1927-8 Mos.-1926. Increase.
-1926. Increase,
Pres. W. C. Kobin requested the passing of the common dividend in $393,632
$601,346
$336,358
$2,492,471
[$3.093,817
$57,274
'view of the fact that earnings for the third quarter of the fiscal year ended -V. 125, P. 928, 795.
June 30 1927 were below dividend requirements amounting to $135,195
before Federal taxes and that $3 has already been paid on common since
Southern Life & Health Insurance Co. Birmingham,
Oct. 1 1926. These earnings were equal to 46e. a share or 200,000 common
-Bonds Offered.
-Marx & Co., Birmingham, are offershares issued after preferred dividends. After allowing $59,287 profit Ala.
set aside for branch managers a bonus plan not in effect last year. net ing at 100 and int.$125,000 1st mtge.6% serial gold bonds.
the first 9 months of
profits before Federal taxes amounted to $623,095 for
Dated Sept. 1 1927; due serially Sept. 1 1930-42. Principal and int.
the 1926-27 fiscal year, or $2.47 a share on common, against $730,720 or
M. & S.) payable at office of Marx & Co., Birmingham, Ara. Denom.
-V. 124, P. 3509.
$2.99 a share for the corresponding period a year age.
$1,000. Callable at 105 and int. 5 years after date upon 60 days' notice,
and thereafter at a premium decreasing 35 of 1% annually. V. Hugo
,
-New President.Remington Arms Co. Inc.
Marx, Vice-President of Marx & Co., trustee.
Saunders Nerve11 has been elected President and a director of this comCompany.
-Originally organized in 1890, and is engaged in the writing
pany, the Remington Cash Register Co. and all other subsidiaries of of industrial and ordinary life insurance. In 1915 the entire present manRemington Arms Co.,Inc.,succeeding J.B.Smiley,resigned.-V.125,p.794. agement took charge. The premium income for that year was slightly
over $300,000 and the assets at the end of 1915 were approximately $50,000.
-Sales Increase.
Remington Rand Inc.
$555,566, surplus of $135,900
The 1926 balance sheet evidenced assets
Sales for August represented a record total for that month at $5,733,354, and premium income of $1,414.059. Inof
company has set
addition,
a gain of 24% over the same month a year ago. The figure includes booked aside in the last three years a voluntary reserve notthe
required by the laws
business of the Remington Typewriter. Rand Kardex Bureau. Dalton. of the State of $90,000. and has paid 12% dividends on its capital stock.
Baker-Vawter and Powers companies, but is exclusive of the showing of Capital stock now amounts to $118,370.
the Kalamazoo Loose-Leaf Binder Co. and Lineatime Co., both of which
Purpose.
-These bonds are a direct obligation of the company, and are
were only recently acquired. Billed business of the same units for August a secured by a
-story office building now being
the 4
year ago amounted to $4,580,000. Domestic business alone, at $4,421.187. erected at theclosed 1st mtge. on Ave. and Ash St., Birmingham, Ala.
corner of
nearly equaled the entire August 1926 business and represents a gain of The building, of the mostHighlanddesign and type, will be of carved limemodern
the month. $3,000,000.
about 50% over the domestic sales quota for
stone. fireproof, improved elevators and of the highest grade construction
-V. 125. p. 1203.
("Boston News Bureau.")
in every particular. The mortgaged property has been conservatively
appraised as follows: Ground, $50,000: building, incl. vault and built-in
-August Sales.Safeway Stores, Inc.
There se. fixtures, $210,000; furniture and fixtures, $15,000: total. $275,000.vrith
1927-8 Mos.-1926.
-August
--1926. Increase.
1927
Income.
--Gross rents from the building are estimated at $26,000,
$35,526,622 $12,899,483 net
$6,816.158 $4816.99! $1.999,167 $48,426,105
rental of about $18,000 for the payment of interest, the largest amount
-V. 125. p. 1336.
of which in any one year is $7,500. The company will mature the bonds
company, which are now increasing at
-Nothing for Common from the assets of theassets could be used to retire the bondsabout $150,000
Saguenay Pulp & Power Co.
if necessary.
a year. All of these
-A sum equal to 1-12th of the annual interest and maSinking Fund.
Shareholders.
The "Financial Post" of Toronto says in part: "The common share- turity requirements is to be deposited monthly with the trustee.
holders will receive nothing in the liquidation of their company. The
-Report.
Spanish River Pulp & Paper Mills, Ltd.
company is being liquidated by Eugene Trude] of Quebec. Ultimately
the assets will be divided amongst the preferred shareholders only in part
Including Lake Superior Paper Co., Ltd.
settlement of their claims.
1923-24.
1924-25.
1925-26.
Years Ended June 30- 1926-27.
"The company has a sad history. Due to the decline in the market for Gross profits
$3,065,262 $3,743,448 $3.851.645 $5,038,029
eiroundwood pulp, the properties passed into the hands of the bondholders Res. for depreciation_...
792,316
550.515
602.500
584,246
who, wishing to avoid the cost of foreclosure proceedings, granted the Int. on funded debts and
Saguenay shareholders a minor concession in the form of some common
766,052
751:558
695,046
665,903
other loans
which came into being at the
shares in the Quebec Pulp & Paper Mills
360.000
265.000
250.000
100.000
beginning of 1926 as a result of the reorganization of the Saguenay and Govt.tax & conting. resChicoutimi pulp companies.
$1,715,113 $2.195,902 $2,284,571 $3,119,660
Balance, surplus
of
"Thus the present assets of the Saguenay Pulp & Power Co. consist
4,485.000
5.799,487
6,458,324
7,009,309
only a stock certificate for 7.8,50 common shares of the Quebec Pulp & Previous surplus
Paper Mills. The distribution of these holdings amongst the shareholders
$8.724,422 $8,654,226 $8,084,058 $7,604,660
Total
of the older company has been delayed due to a variety of causes. At one
603,365
603,365
603,365
(7%)
603,365
time. it is understood that Senator F. L. Beique had a substantial claim Prof. divs.
661,290
661,290
661,290
Common
661,290
against the company whIcn nas since been submitted to arbitration. Tuts Propor'n dive.(7%)- - - 140,517
140.517
140,617
to bondholders
140,517
Claim appears to have been completely adjusted by the arbitrator's decision Transf. to reserve
400,000
220,563
239,745
144,301
by the Quebec Pulp & Paper Mills of $20,000 covered
that a payment made
Senator Beique's
Profit & loss surplus- - $7,174,949 $7,009,309 $6.458,324 $5,799.487
"In any event, the company went into liquidation at June 1 last. In the
meantime the Quebec Pulp & Paper Mills has been, or rather is to be sold Earns, per sh.00 944,700
shs.(par $100) of com.
to Price Brothers and the Port Alfred Pulp & Paper Corp. The purchasers
$2.66
$1.78
$1.69
outstanding
$1.18
are paying for the property by non-cumulative shares in a new company
plus a cash payment of $3,000,000.
Balance Sheet June 30 (Incl. Lake Superior Paper Co., Ltd.).
"The money and the newshares are to be distributed to the shareholders
1926.
1927.
1926.
1927.
of the Quebec Pulp az Paper Mills. However, the preferred shareholders
8
Assets-.
of the Quebec Pulp & Paper Mills have several choices before them,touching Property account_33,814,181 32,387,282 Common stock__ 9,447,000 0,447,000
the proportion of cash to new securities which they will take in exchange Puipw'd & equip.,
Preferred stock... 8,619,500 8,619,500
for their present holdings. After the sale of this company has been ratified
9,214,640 9,603,607
6,766,601 6,707,163 Bonds
Acc
by the snareholders and after the preferred shareholders have made their
883,000
688,000
148,734 6% serial notes_
choice of just how much they will take in cash and just how much they will Cash for sink.fund 151.379
995,515 Acels & bills pay_ 1,262,101 1,038,974
Dom.of Can.bonds 995,515
take in new securities, the cash and new stock left over will remain available
217.847
204,034
816.875 Accrued interest
for distribution to the common shareholders of the Quebec Pulp 5c Paper Sec. of other cos 1,077,500
386,422
Accla receivable 1,720,948 2,340,417 Accrued dividend_ 8386,422 1,705.980
Mills.
182,017 General reserves 1,834,848
"At the present time, therefore,it is impossible even to guess at the value Secure. purchase& 736,827
Deprec'n reserve 7,151,983 6,373.342
268,841
of the Saguenay Pulp's sole asset, namely, the block of $785,000 par value Cash In banks....._ 451,685 1,249,211 Profit & loss Burp_ 7,174,949 7,009,309
457,776
Deferred charges.._
of the Quebec Pulp 5z Paper Mills' common stock.
"After the sale a the Quebec Pulp & Paper Mills has been ratified by the
45,981,477 45,284.990
45,983,477 45,284,990 Total
Total
shareholders, it Is probable that the shareholders of the Saguenay Pulp &
a Paid July 15 1927.-V. 123, p. 3050.
will be called together to authorize the sale of its block of common shares.
"It will probably be many months before the holdings in the Quebec
(A. G.) Spalding & Bros.-Earnings.Pulp & Paper Mills are liquidated on the most favorable terms and the
Quar. End. Quar. End. Quar. End. 9 Mos. End.
proceeds distributed to the preferred shareholders. At the present time
July 31 '27. Apr. 30 '27. Jan. 31 '27. July 31 '27.
Periodof the company are not changing hands and no quotations
the common shares
are available from which a reasoned estimate of the value of the Saguenay Sales, net on discount,
returns & allowances_ $7,886,836 $6,076.062• $3,645,197 $17,608,095
Pulp's assets could be obtained.
4.017,977 2,457,129 11,420,352
4,945,246
"In addition, the Saguenay Pulp has been in existence for some years, Mfg. cost of sales
1.399,703 4,782,238
1,923,310
1,459.225
during which no revenue has come in from its assets. Thus the company Adm.,adv. & sell. exp
349,165
117,458
118.907
112.790
legal costs and several other claims to meet from the proceeds of the Deprec., plant & equiphas
47,206
3,271
16,839
27.096
Royalties
sale of its shares of the Quebec Pulp & Paper Mills.
"The Saguenay Pulp le Power has outstanding 700,000 preferred snares
$463,115 def$332,365 $1.009,144
Net operating profit__ $878,394
of 25 par value. The common stock of the Quebec Pulp & Paper Mills
149.884
63,890
35,427
50,567
is of little value. But even pre-supposing that it has a value of around $5 Other income
a share, this only gives a value to the total assets of the Saguenay Pull) of
def$268.474 $1,159,028
$498,541
$928,960
Total income
some $40,000. A figure which after all prior charges would yield the
158,278
52,386
54.880
51,012
-V. 124 Less interest paid
Saguenay preferred shareholders less than 50 cents a share."
125,000
16,500
108.500
Reserve for Fed. taxes
p. 3644.
$875,750
$427,161 def$320,860
Net profit for quarter_ $769.448
-Sales.
Sanitary Grocery Co., Inc.
3,045,338
3,045,338
2,520,296
Increase. Previous unapprop.surp. 2,743,598
-August
1927
-1926. Increase.j 1927-8 Mos.-1926.
$604,350
$1,198,002
$1,087.363 $110,639f$10,727,812 $10,123,462
Total
$3,513.046 $2,947,457 $2,724,478 $3,921,088
pp
.
-V. 125, p. 1336,
Dividends paid:
222,708
74,236
74,236
General (corn.) stock_
74.236
-Initial Pref7Dividend.Schiff Co., Columbus, 0.
216,237
72,455
72,113
1st pref.7% stock-71,667
An initial quarterly dividend of l(% has been declared on the 7%
60,000
19,990
20,010
20,000
2d pref. 8% stock-15 to holders of record Sept. 1.
cumul. cony. pref. stock, payable Sept.
sinking fund,
Prov. for
(For offering see V. 124, p.3082.)-V. 125, p.927.
112,500
37,500
37,600
37.500
1st pref. stock
Seventh & Normandie Building Corp., Los Angeles.
Bonds Offered.-The California Securities Co.,Los Angeles,are
offering at 100 and int. $750,000 closed 1st mtge. WA%
serial gold bonds.
Dated Sept. I 1927; due serially Sept. 1 1928 to 1942 incl. Principal and
Int•(M.& 8.) payable at California Bank, Los Angeles, without deduction
for the normal Federal income tax, which tax, up to 2% per annum the corporation agrees to pay. Denom. $1,000 and $500 O. Callable, all or
part, on any int. date after 30 days notice at par and int. plus a premium
of 3 of 1% for each year or fraction thereof of the unexpired terms of the
respective bonds so called. California Trust Co., Los Angeles, trustee.
Exempt from personal property tax in California.
Corporation has been organized in California to acquire, own and operate
the Langham Apartment Hotel now nearing completion at the southwest
corner of Seventh St. and Normandie Ave., Los Angeles. The Langharn
is a 7
-story and basement class -A" reinforced concrete apartment hotel
containing approximately 415 rentable rooms conveniently arranged to
permit many combinations, but at present divided into IN apartments
and hotel suites. The property was appraised on Jan. 31 1927 by A. L.
Drew as follows: Land. $186,000; building, $1,222,650. These values,
together with the investment in furniture and equipment, total over $1,800,000. It is expected that the building will be completed and opened
to the public on or about Oct. 1 1927. Based upon the average of independent statements of earnings, gross annual operating income should
amount to $424,150. After deduction of 20% for vacancies and all operating charges, including taxes, insurance, repairs and replacements, there
should be $231,393 available annually for the interest and principal requirements of this issue, Federal taxes, depreciation &c. This estimated
annual operating surplus is over 4M times the maximum annual interest
requirements of this issue and over 1% times the maximum annual prim.
cipal and interest requirements.
Bal. of unapprop.RUM.$3,309,642 $2,743,598 $2,520,295 $3,309,643
Earns.per share on 59,388
shares (par $100) of
$10.10
Nil
$11.41 Via $5.64
common stock
-V. 124. p. 3645.
-Acquisition.
Splitdorf-Bethlehem Electrical Co.
President Walter Rautenstrauch announces the purchase by the company
electric
of the Perfection Appliance Co. of Detroit, Mich., manufacturers of
ironing machines for household use. This marks the introductory step of
in the electrical household equipment field.
the Splitdorf company
Mr. Rautenstrauch also announces that the company has closed some
important contracts for the sale of the ironing machine and that the company anticipates a substantial production and sale of this equipment during
-V.124, p.3367.
the coming year.
-The
-A New Field in Texas.
Standard Oil Co. of Calif.
"Standard Oil Bulletin",company's official publication, says:
The California Co., a wholly owned subsidiary of the Standard Oil Co.
of California, has brought in a well in Pecos County, Tex., which is estimated to be capable, if it were permitted to flow at full capacity, of producing 10,000 barrels of oil daily. This well, together with a well recently
completed on an adjoining lease, apparently provessome 1,500 acres of
the 3,840 acres of land held by the California Co. in this particular area.
Further development may enlarge tho area of the California Co.'s proven
land. The development is of considerable value, and the story of this
gratifying culmination of some years of prospecting effort is interesting.
It again demonstrates the hazard of finding new oil.
The Pacific Coast will remember the shortage of gasoline in 1920. California fields failed to yield enough crude oil to meet the local demand.
California imported petroleum products from the Mid-Continent and
Rocky Mountain oil fields and Mexico. At that moment there was no
-Bonds Called.
Sheffield Farms Co., Inc.
assurance of new supplies of crude oil being discovered in California.
outstanding 1st & ref. mtge. 636% gold bonds, dated Oct. 1 although this subsequently occurred. To provide for the future the comAll of the
1922, have been called for payment Oct. 1 next at 1O7j. and int. at the pany undertook a widespread search for new supplies. Among numerous
Chatham Phenix National Bank & Trust Co., trustee, 149 Broadway, other places, geologists were sent to search in Texas, Arizona. and New
Mexico for favorable indications of petroleum. Thorough and detailed
N. Y. City.
-V. 125, p. 1064.
SEPT. 10 1927.]
THE CHRONICLE
investigations were made in many areas. Vast acreages were leased and
numerous prospecting wells were drilled. Since 1920 the California Co.
has had more than 720,000 acres of land under lease.
Discovery by others led the California Co. into Mitchell County, Tex.,
to develop leases it held adjacent to production. Here the company has
developed, through drilling and purchase, a production of 2,500 barrels
daily. Elsewhere 15 unsuccessful holes were drilled and the company
contributed to the cost of drilling several other dry holes by other parties
on lands adjacent to company leases. Altogether, 220 acres of the lands
were found worthless.
In the Yates area of Pecos County, the company in 1923 leased 3,840
acres. Another company found oil in this area in Oct. 1926. This discovery, together with other wells which were subsequently drilled, indicated that the acreage held by the California Co. might be good. The
first well, known as California Co. Yates No. 1, was then put down. At a
depth of only 1,027 feet oil was found. This well is one of the best so far
brought in in this field.
This area is now regarded as a major oilfield. It is held, however, In
large acreages. It is unlikely that there will be intensive drilling with
resultant huge flush production, such as has occurred in other fields where
property holdings were small and where great competition in drilling ensued.
-V.125. D. 2765.
1473
Tide Water Associated Oil Co.
-Earnings.
Results for 6 Months Ended June 3() 1927.
Total volume of business done by the company and subsidiaries
as represented by their combined gross sales and earnings,
exclusive of inter-company sales and transactions
$81.165.624
Total exps. incident to oper., incl. repairs, maint., pensions,
admin., insur., costs, and all other charges excl. of depreciation and depletion and Federal income tax
68,855.107
Operating income
$12,310,517
Other income
652,921
Total income
$12,963,438
Interest, discount and premium on funded debt
674,055
Depreciation and depletion charged off
6.311,737
Net income
$5.977,647
Estimated Federal income tax
638.779
Minority interest, proportion of earnings
2,253,420
Surplus acquisition by minority interests
88.312
Balance
$2.997.136
Earned surplus as at Jan. 1 1927
Sperry Flour Co.
-Annual Report.
3,595.028
Adjustments
Year Euded June 301927.
776,584
1926.
1925.
Sales
$32,805,834 $33,158,704 $34.046,617
Total surplus
Cost of sales
$7.368.748
28,879,688 29,809.588 29,679.735
Operating, admin. & selling expenses.. 2,070,054 2,178,220 2,203,888 Preferred dividends
2,182,370
Common dividends
2,873,367
Net profit on sales
$1.856,092 $1,170.895 $2,162,996
Surplus as at June 30 1927
Additions to income
$2,313,012
258.955
356,096
228,698
Earns, per share on 4,796,597 shs. no par corn,stock outstanding
$
-V. 125, p. 796.
Gross income
$2,115,046 $1,526.991 $2,391.694
Deductions from income
242,589
330,315
399,760
-Earnings.Tide Water Oil Co.(& Subsidiaries). 92
Depreciation of property
292.983
629,467
414,219
6 Months Ended June 30Int., bond discount and expense
nings.-6 .17
192 .
0
448,545
419.111
567.584
Total volume of business done by company & subs.
as represented by their combined gross sales and •
Net income for year to surplus---- $823.880
$455,147 $1,010,131
transactions_ ___$45.379.706 $40.978,936
earns. excl. of inter-co. sales &
Income from liquidation old accounts
7.758
Earmed surplus balance forward
165,632 Total exps. incident to oper., incl. repairs, maint.,
1,093,822 1,255,871
pensions, actmin., insur., costs and all other
charges, excl. of deprec.& deple. Si Fed.inc. tax- 37,852,543 34.597,768
Total surplus
$1.917,702 $1.718,776 $1,175,763
Preferred dividends
251,475
251,475
240.555
Operating income
$7.527,164 $6.381,168
Loss on sale of non-operating prop-154,666
304,591
373,480
Other income
471.648
Prov. for Federal income tax
581,888
26.325
Cap,surplus written off against prop..
310,555
Total income for the 6 months
$7,998,812 $6,963,056
Provision for contingencies
173,308
Depreciation and depletion charged off
3,570,472 3,556,106
Earned surplus balance, June 30
$1.012.292 $1,093.821
$619,696
Net income for the 6 months
$4,428.340 $3,406,950
Consolidated Balance Sheet June 30.
Estimated Federal income tax
597,826
444,367
1927.
1920.
1927.
Minority interests' proportion of earnings
1926.
1,192.057
114,365
Assets
Total over. prop__ 6,802.177 7,687,054 7% pref. stock__ 3.430,500 3,592.500 Tide Water Oil Co. stockholders' proportion of net
Cash
586.794
630,625 Common stock. 5,400,000 5,400,000
income for 6 months
$2,638,457 $2,848.218
Reeks floss res.). 2,809,453 2,575.520 1st mtge. 65
4,914,500 5,014,500 Earned surplus beginning of year
24,812.646 22.095.640
Raw material.... _ 2,469,860 1,650,787 Notes payable.... 850,000
Surplus adjustments (Cr.)
948.571
29.964
Mfd. products.... 2,090,816 2,134,311 Accts payable
542.913
544,755
packing material &
Preferred diva_
Total surplus
60,139
62,869
$28,399,674 $24,973,822
supplies
541,197
593,871 Accrued liabilities_ 106,848
122,417 Preferred dividends
517,6301 2.160,798
Bda. disc. & exp.. 353,192
381,343 Deferred credits
10,794
12,017 Common dividends
1,243.060J
MI80.def. charges.
91.119 Fed. Inc. tax res..
95,998
26,325
Mmes.& notes rec. 885.992
183,000 Other reserves.... 345,593
165,176
Earned surplus end of period
V28.638.984 $22,813,024
Investments
70,425 Surplus
70,425
1,012,292 1.093,821 Paid-in surplus
1,321.786 1,504.875
Total
16,705,904 15.998,055 Total
Total surplus
16,705.904 15,998,055
$27.960,771 $24,317.899
Shares of common outstanding (no par)
2,168.257 2,138.373
-V. 123. p. 1392.
Earnings per share on common
$0.97
$1.07
Note.
-Operations of Tidal Osage
Standard Oil Co.(New Jersey.)
-Stock to Employees.
- solidated statement for the first timeOil Co. have been included in the concommencing Jan. 11927. For proper
The company announces that a price of $35 a share has been fixed as the
price at which stock can be purchased by employees during the second half comparison, the published consolidated figures for the 6 months ended
June 30 1926 have,therefore, been revised in the above statement to include
of 1927 under the employees'stock acquisition plan.
-V. 124. p. 3367.
Officers of this corporation are: Charles T. Black, President; George W. operations of Tidal Osage Oil Co.
McKnight, C. G. Sheffield and Richardson Pratt, Vice-Presidents. These
Titusville Iron Works Co.
-Tenders.
officers and the following will comprise the board of directors: C. E. Graff,
E. A. Rudigier, F. Abrams, W. Cr. Koehler, C. H. Haupt, E. A. Holbein,
The Fidelity Trust
trustee, Baltimore, Md., will until Sept. 15 receive bids for the sale to it of first mtge.7% notes, due March 15 1929,at a
Co..
J. A. Van IN nen,E. G. Barber and R. M.Young.
-V.125, p. 1337.
price not exceeding 103 and interest.
-V. 118, p. 1025.
Standard Oil Co. of Indiana.
-Stock Increases Approved.
Tooke Bros., Ltd.
-New Directors.
-The stockholders on Sept. 9 approved an increase in the
v. G. Hanson of
authorized capital stock from $250,000,000 to $375,000,000, Kirby, who has been Hanson Brds., investment bankers, and John B.
with the company for the past three years, have
par $25, and also approved the issuance of 37,500 shares of been elected directors, succeeding W. S. Barker and William Hanson.
the additional stock for 150,000 shares of Pan American -v.124. P. 519
Ulen & Co.
-Notes Being Converted.
Eastern Petroleum Corp. on a basis of one for four.
-V.125,
The Boston Stock Exchange has been advised that the outstanding 10
p. 928.
year 6%% secured cony, gold notes due Nov. 1 1936 amounted to $3,542,000, there having been retired since their issue $407.500 through conversion
Stromberg Carburetor Co. of America, Inc.
-Earns.
- and $50,000 through operation of sinking fund.
-V.124. P. 3226.
Period End. June 30- 1927-3 MOS.-1926.
1927-6 Mos.-1926.
Earnings
$389.376
$462,790
United Carbon Co.
-Bonds Called.
$662,289
$817.641
Expenses
Deductions,less oth.inc.
Federal taxes
211,816
102.981
12,000
180,460
48,871
31,750
412.950
122,844
19,250
350,836
78.349
52,250
Net income
Dividends
The company has called for redemption as of Oct. 1 next $250,000 of 1st
mtge. 77 6
0 -year s. f. cold bonds, due April 1 1931, at 102 and int. Payment will be made at the Guaranty Trust Co., 140 Broadway, N. Y. City.
-V. 121, p. 1687.
$62,579
$201,709
$107,245
$336,206
($0.50)40,000($1.50)120,000 ($1)80,000 (*3)240.000
United Porto Rican Sugar Co.
-Notes Called-Probable
New Financing.
Surplus
$22,579
$81,709
$27,245
$96,206
The company has called for redemption on Nov. 1 1927 at 10231 and int.
Profit & loss surplus.... $3,210,119 $3,301.584 $3.210,119 $3,301,584
Its convertible 7% notes due Nov. 1 1931. The call is expected to be folEarns. per sh. on 80,000
shs. of no par cap. stk.
$0.78
$2.52
$1.34
$4.20 lowed in the near future by an offering of the company's securities bearing
a lower coupon rate to provide funds for the redemption and for other purComparative Balance Sheet June 30.
P0803.
Assets1927.
1926.
1927.
Payment of the notes will be made at the Union Trust Co. of Maryland,
1926.
Property & plant.$3,030.839 $2,939,887 Capital stock
x$600,000 $600,000 trustee, Baltimore, Md.
Patents
210,047
203,241 Accts. payable and
It is reported that the new financing will consist of an issue of 23.000,000
314.837
Cash
293.981 accrued accts.._ 282,929
-year 6%% notes at par and 20.000 shares of preferred stock, paying an
272,898 10
Liberty bonds, &e. 118,701
91,578 Reg.for Fed'I taxes
56.608
93,788 annual dividend of$3.50 a share,at $50 a share. Ofthe proceeds $1.650.000
Notes dr accts. rec. 391,625
472,742 Ites've for deprec_ 954,746
828,287 will be used to retire the present outstanding 7% notes and the balance will
Inventories
889,187
907,303 Surplus
3,210,119 3,301,585 be utilized to pay off bank loans and to acquire the minority interest in the
Other assets
128,238
153,777
subsidiary companies, Central Pasto Viejo, Inc., and Juncos Central Co.
Deterred charges
20,928
34.047 Total (each side).$5.104.402 25,096,558 At last reports 101.624 shares of no par common stock were outstanding.
x Represented by 80,000 no par shares.
-V. 123. p. 3335.
-V. 124. p. 3367.
Studebaker Corp.
-To Increase Production.
-
The public response to Studebaker price reductions of July 27 has been
most gratifying, according to a statement issued Sept. 2 by President A. R.
Erskine. "The increased demand has compelled us to increase our production schedules for August, September and October to 38,000 cars, whic is
.
6,000 above our previous schedules," said Mr. Erskine.
'We carried
over unfilled orders for several thousand cars both on July 31 and Aug. 31,
and enter September with unfilled orders for over 7.000 Oars. This big fall
demand exceeds anything the corporation has experienced in several years.
'We are already warehousing Studebaker cars in Hamburg for the
German market, but probabilities are that we will establish an assembling
plant in Berlin. Germany will take over 1,000 Erskine cars this year and
3,000 next.
"We expect Studebaker-Erskine sales on the continent to exceed 6.000
cars this year as against 2.000,our best previous record."
-V.125, p.643.
(Alfred J.) Sweet Co.
-New Subsidiary of United States
-See the latter company in V. 125, p. 1337.
Shoe Co.
-August Sales.
(John R.) Thompson Co.
-
United States Shares Corp.
-Initial Dividends.
-
Initial dividends have been declared on the securities of the four investment trusts of this corporation. The dividend disbursements, with the
exception of the common trust shares, series A.covers distributable accumulations received by the trustee for a period of 115 days,from May 9 1927 to
Sept. 1 1927. On the common stock trust shares, series A, the disbursement covers a period of 119 days, from May 5 to Sept. 1 1927. The dividends are all payable on Oct. 1.
Holders of common trust shares. series A, will receive a dividend of
S0.2636 a share, computed on prices for the shares at intervals in the period,
with yields ranging from 5.93 to 6.47%. Holders of bond trust shares,
series B, will receive a dividend of $0.7256 a share. Holders of bank trust
shares,series 0-1, will receive a dividend of$0.6345.and holders ofseries0-2
will receive a dividend of 20.1575. In the latter case the primary purpose
of the declaration is said to be to afford the shareholder the benefits of
appreciation on the bank stocks rather than high yields. For this reason
all rights, stock dividends, &c., will not be distributed, but added to the
unit.
Rapidly Expanding.
-An official statement says:
This corporation, under the leadership of its President, Herbert L. Rackliff, has made rapid strides during
-August
Increased 1927-8 Mos.-1926.
-1926.
1927
Decrease. The corporation has just leased the the first few months of its business life.
$30,689 1$9.416,483 $9,511,763
$1 183 228 $1,152,539
$95,280 City, in addition to the 34th floor,entire 33rd floor of 50 Broadway, N.Y.
which it has occupied since the end of
p.925, 402.
last April, when the company was organized.
Dealers in all sections of the country are becoming affiliated with the
-Extra Dividend.
Timken Detroit Axle Co.
corporation in the offering of the latter's trust shares. Three forms of trust
The directors have declared an extra dividend of % of 1% in addition to have been provided-a common stock trust, in which the shareholder has
the regular quarterly dividend of 1%%. both payable Oct. 1 to holders of a participating interest in the profits of 100 leading American corporations;
record Sept. 20. Like amounts were paid on Jan. 1, April 1 and July 1 a bond trust, representing an interest in 40 Government and corporate
obligations; and a bank stock trust, consisting of two series, one designed for
-V. 125. p. 928.
last.
1474
TFrE CHRONICLE
the investor who desires larger yield, the other for the investor who seeks
the large appreciation for which bank stocks are noted.
In the past several weeks arrangements have been made between the corporation and investment dealers and banks as far west as the Pacific Coast,
and through all sections of the East, Central West and South. The corporation, moreover, has its own field representatives covering all parts of
the country.
-V.125, p. 110.
Universal Chain Theatres Corp.
-May Merge.
See Universal Pictures Corp. below.
-V. 125, p. 1065.
Universal Pictures Corp.
-May Merge with Universal
Chain Theatres Corp.
-
[VOL. 125.
Condensed Balance Sheet Dec. 31 1926 (After Financing).
AssetsLiabilities
Total current assets
$1,404,415 Total current liabilities__ $293,741
Prepaid expenses
14,785 Def. liab. & res.for inc. tax
39,347
Investments St advances
775,085 Def. inc.-Royalties unFixed assets
989,531
earned
81,365
Pats, rights, processes,&c 220,405 Res. for dive. on 1st pref.
stock
80,000
Total (each side)
$3,404,220 Capital stock & surplus_ _ _a2,909,766
a 1st pref stock, cumulative dive. $2 per share, 40,000 shares, no par
value, callable at $30 per share, $1,100,000; 2d pref. stock, cumul. diva.
$2 per share, 6,408 shares, no par value, $160,200; common stock, 125,000
shares no par value, $750,000; paid in surplus, $899.567.
The foregoing is a pro forma balance sheet as at Dec. 31 1926 of Weber
Showcase & Fixture Co., Inc., after giving effect as at that date (1) to the
acquisition of the business and assets and assumption of liabilities of Weber
Showcase & Fixture Co.; (2) acquisition of patents and rights from Karl
Weber, and the issue in connection therewith of 6,408 shares of 2d pref.
stock and 125,000 shares of common stock, and (3) the sale of $560,000 of
customers' installment contracts and 40,000 shares of 1st pref. stock and
the application of the proceeds therefrom in payment of serial notes and
1st mtge. 7% gold bonds of Weber Showcase & Fixture Co. $697,500,
current liabilities $350,000 and the balance to working capital.
ies
The first steps looking toward an eventual consolidation of Universal
Pictures Corp. and Universal Chain Theatres Corp. have been taken by
the directors of both companies, it was announced Sept. 7.
The board of directors of Universal Pictures Corp. has voted, in consideration of the acquisition by the corporation from Carl Laemmlo and others
of a substantial majority of the common stock and all of the management
stock of the Theatres Corp.. to enter into an agreement under which the
Pictures Corp. will guarantee for 2 years from Aug. 15 1927 and under
certain condLions, dividends on the 1st pref. stock of the Theatres Corp.
The proposal was accepted by the directors of the Theatres Corp.. and
the agreement was closed Sept. 8. In connection with the payment of the
September dividend, further details regarding the guaranty will be mailed
Whiting Hotel Building Corp.
-Bonds Offered.
-The
to stockholders.
Daniel Michalove, general manager of the Theatres Corp., reported to Peoples State Bank, Indianapolis, recently offered at par
Theatres company had and int. $225,000 6% 1st mtge. bonds.
directors of the Pictures Corp. that earnings of the
materially improved toward the end of summer, and that with the opening
Dated
$500of 5 new houses now under construction within the next two months, a $1,000. Aug. 1 1927, due semi-annually Feb. 1 1930-43. Denom.Bank,
Principal and int. (F. & A.) payable at Peoples
further substantial improvement in earnings was expected.
-V.122, P. 226. Indianapolis, trustee. Callable on any int. date until Aug. 1 State at 102
1929
and int.; from Aug. 1 1929 until Aug. 1 1937 at 101 and int., and thereafter at 100 and int.
Valvoline Oil Co.
-Tenders.
Property.
-The corporation owns in fee simple ground 100x125 ft. at
The Equitable Trust Co., trustee, 37 Wall St., N. Y. City, will on or
-year 7% the corner of 119th St. and Atchison Ave., Whiting. Ind. Corporation is
before 12 o'clock noon Sept. 16 receive bids for the sale to it of 15
-story hotel building of steel, concrete and brick with
gold debentures, due May 1 1937.to an amount sufficient to exhaust$36,365 now erecting a 3
10 ft. basement under the whole. This building will contain 7 ground
at prices not exceeding 104 and interest.
-V. 124, p. 1526.
floor store-rooms, 66 hotel rooms, in addition to the hotel lobby, dining,
banquet rooms, &c. The foundation is designed and built to provide for
Van Sweringen Co.
-Bonds Called.
2 additional stories. The
Certain 1st mtge. & coll. trust 6% gold bonds, dated Aug. 1 1925, aggre- for ground and building. above property has been appraised at $335,000
gating $58.400, have been called for payment Sept. 16 at 102 and int. at the
Lease.
-The entire property has been leased for a period of 40 years to
Guardian Trust Co., trustee, Cleveland, 0., or at the Guaranty Trust Co., 6 Chicago business men
in the hotel business. This lease is
140 Broadway, N. Y. City, or at the Continental & Commercial Trust & secured by a cash depositexperienced with the Peoples State Bank, trustee,
of $25,000
121, p. 722.
Savings Bank, Chicago,
and by a surety bond in the sum of $25,000. The lease contains a 15-year
option to purchase the property at $400,000.
-2% Back Dividend.
Vulcan Detinning Co.
Income.
-The lease provides for a graduated rental beginning at $20,000
The directors have declared a dividend of 2% on the preferred stock on per year and bringing in a total rentalof $342,500 for the first 15 years,
account of accumulations in addition to the regular quarterly dividends of or the period of this bond issue. This is net income, the lessees being re1 j on the preferred and preferred A stock, all payable Oct. 20 to holders quired to pay all property taxes,utility charges and all repairs and mainten%
- ance charges on the building.
of record Oct. 8. Like amounts were paid In the previous seven quarters.
V. 125, p. 1338.
(F. W.) Woolworth Co.
-August Sales.-
-Successor.
Weber Showcase & Fixture Co.
-V.118, p. 3090.
See Weber Showcase & Fixture Co., Inc. (Del.) below.
Weber Showcase & Fixture Co., Inc. (Del.).-Pref.
-Drake, Riley & Thomas and California ComStock Offered.
pany, Los Angeles, are offering at $25 per share 40,000 shares
(no par value) 1st pref. stock, cumulative as to $2 per share
annually and participating.
Farmers & Merchants National Bank, Los Angeles, registrar. Pacific
Southwest Trust & Savings Bank, Los Angeles, transfer agent. Divs.
payable Q.
-M. Callable as a whole or in part at $30 per share. Exempt
from personal property taxes in California.
Company.
-From a small cabinet shop, founded by Fred Weber over
25 years ago with an initial investment of $2,500, the business of the
company has grown steadily until to-day it has net assets of approximately
$3,000,000 and is the largest concern of its kind west of Chicago and one
of the two largest in the United States. The present company was organ
ized in 1927 in Delaware to acquire all the assets of the Weber Showcase &
Fixture Co., and to acquire all the patents and royalties of Karl Weber on
certain glass and marble edging and beveling machines. The personnel
and management will remain unchanged. Sales operations extend over
the United States, Mexico and Central America, less than 45% being
from the Los Angeles territory. In 1926 gross sales amounted to approximately $3.000,000 and based on 1927 business to date it is estimated that
gross sales for 1927 will exceed $4.000.000.
Company manufactures a complete line of standard store and bank
fixtures and office partitions on a quantity production and uniform standardization basis, thus permitting it to compete successfully in all parts of the
United States with local cabinet makers. Company has installed its office
fixtures and partitions in some of the most important buildings in New
York, Chicago, Detroit, San Francisco, Seattle and Los Angeles.
The company has also perfected and manufactures on a quantity basis,
a new type of electrically cooled soda fountain, highly sanitary, as the
syrups are sealed against dirt. This fountain should replace old fashioned
unsanitary machines and open a large field of distribution for this company
Company manufactures a deservedly popular electrically refrigerated show
case for meat markets as well as glass showcases for grocery and drug stores"
Outstanding Capitalization of New Company.
40,000 shs.
First preferred stock (no par value)
6.408 shs.
Second preferred stock (no par value)
125,000 shs.
Common stock (no par value)
The second preferred stock is owned by employees of the company.
-After payments of the annual $2 per share
Participating Feature.
dividend on the 1st preferred stock and a dividend of $2 per share on the
small amount of 2d preferred stock outstanding, the common stock is
entitled to receive dividends equal to $2 per share. In any additional
dividend the 1st pref. stock and the common stock share equally, that is,
31 of the additional div. is payable to the holders of 1st pref. stock and the
other 34 to the holders of common stock, proper provision having been made
In the event of an increase in the number of shares of common stock, or
retirement of part of the preferred stock.
'
-Should the net earnings of the company in any year
Sinking Fund.
exceed $500.000 the excess up to a total of $35,000 is to be paid into a
sinking fund for the redemption of the 1st pref. stock. Company may
purchase such stock at less than the redemption price or if not so obtainable
stock is to be redeemed at the call price.
In the event of a sale of the Fifth and Seaton street property the company, except under certain conditions, will pay to the sinking fund, for
the redemption of 1st pref. stock, at least 25% of the sales price thereof
and will use the remaining 75% for corporate purposes, covenanting not to
disburse any part thereof as dividends.
A similar provision is made in the event of a sale of the unimproved
northerly 200 ft. of the Avalon-Slauson property, amounting to approximately 44 acres.
In the event of a sale of the remaining 10 acres of the Avalon-Slauson
property, and the factory erected thereon, the company will pay to the
sinking fund in a like manner $900,000 or use the proceeds of the sale to
purchase new unencumbered property, suitable for its business and equal
in value to the property sold.
Earnings for Calendar Years.
1924.
1925.
1926.
Sales of showcases. fixtures & glass
grinding mach & royalties earned $2,855,229 $2,252,040 $2,130,330
1,392,015
1,413,751
Cost of sales & amort. of development 1,624,605
471,848
546,066
779,043
Selling & administrative expenses..___
Net profit
Miscellaneous income (net)
Total
Federal income tax at present rate.-
$451,581
13,060
$291.323
8,495
$266.467
Dr.9,984
464,641
62,727
$299.818
40.475
$256,483
34,625
$221.858
$259,342
Net available for dividends
$4401.914
Earnings for the 3 years ended Dec. 31 1926 have averaged $294,372
per annum, or approximately 334 times dividend requirements of the
ist pref. stock. 1926 earnings were over 5 times such dividend requirements.
Period1926.
1925.
1927.
Month of August
$21,400,398 $19,012,677 $18,781,292
First eight months of year
158,342.610 145,615.174 137,907,302
The old stores contributed $1,663,316, or 8.79% of the gain in Aug. 1927
sales over the same month last year, and $7,434.241, or 5.16% of the
income in the first 8 months of this year over the same period in 1926.V. 125, p. 1066, 798.
(William) Wrigley Jr. Co.
-Patent Suit.
-
Petitions by both parties for a rehearing were refused by the U. S. Court
of Appeals at Chicago in a suit brought by L. P. Larson Jr. Co. against
William Wrigley Jr. Co., alleging infringement of patents.
-V.125. p. 664.
Yale Electric Corp.
-Definitive Debentures Ready.
The National Park Bank announces that definitive 634% debentures
are ready for delivery in exchange for temporary bonds. (For offering se
V. 124, p. 2768.3-V. 125, p. 1066.
CURRENT NOTICES,
-Dr. Alvin S. Johnson, Director of the New School for Social Research,
465 West Twenty-third St., New York, announces that three courses in
tfrice, including lectures by well-known bankers and economists, will be
given this fall. Among the lecturers will be Carl Snyder, general statistician of the New York Federal Reserve Bank, who will give a series of
Wednesday evening talks on "Business Cycles and Modern Industry.
Frederick R. Macaulay, advisor on investments of the Amalgamated Bank
of New York,and a member of the National Bureau of Economic Research,
will lecture on Friday evenings on "Essentials of the Statistical Method.
Elisha M. Friedman, an investment banker, will give a course in "Finance
and Investment." Arthur Lehman, of Lehman Brothers; Mortimer L.
Schiff, of Kuhn, Loeb St Co., and J. Edward Meeker, of the New York
Stock Exchange, are among those who will lecture in this course.
-Peabody, Smith & Co., Inc., successors to Peabody, Houghteling &
Co., Inc. (of New York), 38 Wall St., New York, announce that they have
acquired all of the shares of Peabody, Houghteling & Co.,Inc.,a corporation
organized under the laws of the State of New York, which has no legal or
proprietary connection with Peabody, Houghteling & Co., an Illinois
corporation. Business will be conducted at the same address and with
the same directorage and management as heretofore. The dirctors are
A. S. Peabody, Chairman of the Board; Alexander Smith, President; A. Cl.
Dent. Vice-President; C. B. Hibbard, Vice-President and Treasurer, and
David Van Alstyne Jr., Vice-President.
-The New York Life has recently passed the six billion mark according
to an announcement Just issued showing the growth of the company @
insurance in force. The total insurance in force reached $6.000,000,000 on
May 31 1927. The New York Life's sixth billion was acquired in the record
time of 1 year and 10 months. But it took 54 years to accumulate the
first billion of insurance in force which was attained on May 31. 1899,
the company having begun business in the spring of 1845.
-Bennett, Converse & Schwab, Inc., has been organized to succeed
Bennett, Bolster & Coghill, Inc. David V. Bennett will be President and
James V. Converse, Vice-President. The directors, in addition to Messrs.
Bennett and Converse, will include Harry L. Jones, Edward Schwab and
S. D. Ver Nooy. The new organization will engage Ins general investment
and underwriting business at the same offices at 7 Wall St.. New York.
-William M. Bertles, Huston Rawls, Chase Donaldson, Robert E.
Jennings, S. Harvey Hughes and J. Dwyer Kinnucan announce the formation of the firm of Bertles. Rawls & Donaldson, Inc., to underwrite and
distribute investment securities. The firm will have offices at 120 Broadway, New York; 208 So. La Salle St., Chicago, and in the Buhl Building,
Detroit.
-J. A. Ritchie & Co., Inc., 43 Exchange Place, New York, announce
the appointment of W. E. Dennis as Resident Manager of their Utica
office, and the association with their firm of Harry J. Beret, who joins their
Buffalo office, and Kenneth M. Axtell, who will represent them in Binghamton.
-Clarence Hodson & Co., Inc., announce that T. W. Cullen has been
appointed Manager of New Business Department; William J. Reid, Director
of Sales in New Jersey, and E. M. Harrigan, Director of Sales Southern
Division.
SEPT. 10 1927.]
THE CHRONICLE
1475
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
-DRY GOODS
-WOOL
-ETC.
PETROLEUM-RUBBER-HIDES-METALS
COMMERCIAL EPITOME.
[The Introductory remarks formerly appearing here will now be
found in an earlier part of the paper 'immediately following the
editorial matter in a department headed "INDICATIONS OF
BUSINESS ACTIVITT.1
Friday Night, Sept. 9 1927.
COFFEE on the spot was quiet and without features of
interest. Santos 4s were 165 to 17c.; Rio 7s, 134e. Cost
%
and-freight prices were irregular on the 6th inst. They included Bourbon 3s-4s at 16.70 to 17.30c.; 3s-5s at 163/s to
164c.; 4-6s at 16.05 to 16.30; 5s at 1540.; 5-6s at 15.40 to
15.95e.; 6s at 15.30 to 16c.; 6-7s at 15.300.; 7-8s at 14.700.;
Bourbon separations 6-7s at 14.60 to 15.30c.; 7-8s at 13.15
to 14.50c.; part Bourbon or flat bean 3s, 18c.; 3-4s, 174c.;
3-5s at 16 to 164c.; 4-5s, 16.30 to 16.45e.; 6s, 15 11-160.;
Santos peaberry 4s, 16.95 to 17.15e.; 4-55, 17e.; Rio 7s,
12.30 to 12.600.; 7-8s, 12.300.; Victoria 7-8s, 114c., and future shipment Santos 4s, part Bourbon, 16c. Bourbon 4s
sold for prompt shipment at 154e. and Victoria 7-8s for
11.65c. late last week.
According to the New York Coffee & Sugar Exchange,
the world's visible supply of coffee on Sept. 1 was 3,652,741
bags, against 3,331,573 on Aug. 1 and 3,560,681 last year.
The amount of afloat made a total of 4,715,841 bags on
Sept. 1, against 4,537,373 on Aug. 1 and 4,733,481 on
Sept. 1 last year. Deliveries of Brazil coffee in the United
States last week were 113,873 bags, against 137,004 last
year. Arrivals of mild coffee in the United States since
Sept. 1 to date wee 12,406 bags, against deliveries of 32,329
for the same time last year. The stock of mild in the United
States on Sept.6 was 27,566 bags, against 290,599 on Sept. 1
and 359,844 last year. Latest advices from Java report
the crop as likely to be about 44,000 tons larger than former
estimates; the latest is 2,350,000 tons, against 1,959,948
last year.
Santos 4s were quoted to-day at 164*to 174e. and Rio 7s
at 134e. Spot was still quiet on the 8th; Santos 4s, 1 to
174e.; Rio 7s, 13 to 133/sc. A fair supply of cost-and-freight
offers appeared from Brazil. Santos unchanged to higher.
For prompt shipment Santos Bourbon 2-3s were offered at
173/s to 183/2c.; 3-45 at 16.70 to 17.40e.; 3-5s at 16.55 to 17c.;
4-5s at 16.05 to 16.700.; 5-6s at 15.60 to 15.900.; 6s at 14.40
%
to 16e.; 6-7s at 155 to 15.85c.; 7s at 154c. Bourbon separations 6s, 15.10e.; 6-7s at 14.60c.; 7-8s at 13.15 to 14.60e.;
part Bourbon or flat bean 3s at 17.90e.; 3-5s at 164 to 16.85c.
4-5s at 16.55c.; 6s at 15 11-1604 peaberry 3-5s at 16.95 to
173/204 4-5s at 17.10c.; Rio 7s at 123/sc.; Victoria 7s at 124e.;
7-8s at 11.70 to 114c.; for September-October shipment
Victoria 7-8s were here at 11.550.; Santos part Bourbon for
October at 164c.; Bourbon 4s for January-April at 15.300.
Fair to good Cucuta, 1834 to 194c.; washed Caracas, fair
223/s to 233/se.; Bucaramanga, natural, 213/s to 230.; washed,
233/s to 243/so.; Honda, 243/s to 250.; Medelin, 26 to 264c.;
Menizales, 253,/s to 263/sc.
Futures on the 6th inst. advanced 13 to 20 points in spite
of reports late in the day of lower cost and freight sales of
.
Rio and Victoria. Yet the closing on that day was barely
steady and the net advance was reduced 3 to 10 points. The
transactions too were not large. They were about 15,250
bags. Still there was that undertone of firmness. Rio
terme prices advanced over the week end. There was some
early puzzlement over Rio advices to the effect that "Brazilian
coffee receipts continue at the previous criterion (whatever
that may mean), but with a view of bringing stooks to the
necessary maximum each State has the right conveniently to
establish extra quotas until stocks are completed. Should
the New York average prices fall off 10 points in the previous
week extra quotas will be withdrawn until New York regains
the previous level. This is based on New York prices in
the last week of August." This was a bit delphic. There
were various interpretations of it, but in the upshot the
bullish view predominated. Evidently there was to be no
great pressure to sell. Shorts became anxious. Their
covering caused an advance.
Rio de Janiero cabled: "At the conference it was resolved
to carry port stocks on the following basis: Rio de Janeiro,
360,000 bags; Victoria, 150,000 bags; Santos, 1,200,000
bags; Bahia, 60,000; Recife, 50,000, and Paranagua,50,000.
Rio de Janeiro to receive 554% from Minas Geraes, 30%
from Rio de Janeiro, 114% from Espirito Santo and
23/s% from Sao Paulo. Santos is to receive 89% from Sao
Paulo and 11% from Minas Geraes. Victoria is to receive
73 1-3% from Espirito Santo and 26 2-3 from Minas Geraes.
For coffee propaganda 200 reis tax to be placed on each bag
of coffee shipped. Brazilian coffee. receipts continuation
previous. Criterion but view bring stocks necessary
maximum each State has right conveniently establish extra
quotas until stocks completed. Should New York average
prices fall over 10 points previous week extra quota withdrawn until New York regains previous level. This based
New York prices last week August." Santos receipts will
be limited to 31,000 bags daily, beginning Sept. 8. It
demonstrates clearly some think, that Brazil intends to
leave nothing untried to defend coffee prices. At the same
time, it is a serious proposition for them to handle. Unless
there is damage to the next crop, or some other support
supervenes, the preponderance of coffee supplies should
m the long run, it is argued, result in lower prices.
Futures on the 8th inst. were 1 to 9 points higher but the
trading was limited to 20,250 bags. Brazilian defensive
methods,it is claimed, are inimical to speculation. Some are
trying cotton. Shorts naturally resent the limiting of coffee
receipts. Santos cables were steady and Rio lower. To-day
futures advanced 10 to 11 points in light trading and early
in the day prices were 4 to 5 points lower. The later rally
was due to covering and trade buying. Most traders were
awaiting further developments. Final prices were 14 to 18
points higher for the week.
Coffee prices closed as follows:
11.93@1l.95 May
Spot unofficial__ 13H I Dec
- July
Sept
12.44(4) . March...11.70©
11.57Q ---11.500
-Prompt Cuban raws were firm and sold on the
SUGAR.
6th inst. to the extent of 110,000 bags on the basis of 3 cents
c. & f. for Cuba. This bid was repeated at the close. It is
intimated that the program for the regulation of the next
crop and the carry-over from this year will soon be disclosed.
One plan it is said is to reduce whatever may be carried over
from this crop available for shipment,to the United States
by at least 150,000 tons. That quantity it is intimated
might be sold to Europe at prices to be established by the
Cuban government. The producers according to this theory
would be left to make prices on the rest and also on the crop
to be produced next year under restrictions which they
themselves may devise. Refined was 5.75 to 60. with trade
light, on new business. Withdrawals however were generally
reported to be large. One refinery was accepting orders for
prompt shipment only at 5.75c. Futures on the 6th inst.
advanced 6 to 7 points. London terminal prices were higher
on bad reports about the beet crop in Czecho-Slovakia and
Poland, which have had too much rain. Reports from this
side about restrictive measures in Cuba also seemed to
stiffen the London market. Moreover there was a scarcity
of contracts for a time. Only rising prices drew them out.
Europe covered rather freely. Trade, commission houses
and Cuba bought. Later on that day there was some
Cuban and other selling. A reaction occurred. But it ran
into new buying orders and a rally followed. The transactions for the day were close to 80,000 tons.
Some point out that in Europe the crop faces a critical
period this month, and unless conditions improve materially
it seems doubtful whether it will exceed 8,000,000 tons,
which would necessitate the importation of 1,000,000 tons
of cane sugar next year to take care of normal consumptive
demands. The importance of weather conditions abroad
and Cuba's action in restricting production can, it is urged,
be readily understood when it is realized that if Cuba's crop
is limited to 4,000,000 tons, only 500,000 tons will be available for Europe, Canada and other countries, as the United
States' requirements are more than 3,500,000 tons. Receipts at Cuban ports for the week were 35,389 tons, against
39,813 last week, 50,637 in the same week last year and
33,124 two years ago; exports, 73,883 tons, against 79,769
last week, 113,378 last year and 82,980 two years ago; stock,
783,717 tons, against 822,211 last week, 872,675 last year
and 772,943 two years ago; of the exports, 45,863 tons went
to United States Atlantic ports, 11,252 to New Orleans and
16,768 to Europe. Later came a stronger tone; 25,000 tons
sold up to 3 1-16c. c. & f. and 4.83c. delivered; at one time
33,/se. was asked, and Thursday closed with the price asked
even though London prices and New York futures weakened
enough to check the spot demand. Futures ended 3 points
lower and 2 higher. Cuba sold at times and covered it was
believed at others. Refined was 5.80 to 6c. with trade hampered somewhat by the truckmen's strike. On the 9th inst.
raws were offered at 3 1-16c. with futures off 3 to 5 points,
partly on stop orders and London terminal down 3d. to 34 .
To-day futures ended 3 to 4 points lower, with sales of
54,750 tons. London fell 3 to 34d. Delivery notices
were large enough to cause considerable liquidation in
September. There was selling of other months also on a
larger scale. With prompt raws and London showing
weakness, futures sympathized. Final prices show a rise
for the week, however, of 3 to 7 points. Prompt raws were
quoted at 3 1-16c. today rather than 33/8c. That shows an
advance of 1-15c. net for the week. Prices closed as tollows:
Spot unofficial 3 1-16 January
September-2.99Q _-- March
December---3.0510-
3.02Q
2.90©
1May
July
2.970
3.03
_
LARD on the spot was steady and later rather more active
Prime Western, 13.75 to 13.85e.; later 13.90 to 14c.; refined.
1476
THE CHRONICLE
Continent, 14c.; South America, 143c.; Brazil, 153'o.
Des Moines wired that hogs in Iowa showed a decrease in
numbers,probably due to the shortened corn crop,numbering
842,229 head, as compared with 859,327 for the last year.
To-day prime Western was quoted at 13.85e. Futures
on the 6th inst. declined 8 to 17 points with corn lower
and general liquidation. Foreign selling was a factor.
. The cash trade was less active. Net hogs were firm with
receipts smaller than expected. Deliveries on contract
of all products were small. Packers were disposed to accept
tenders. Liverpool lard was 6d. higher. On the 8th inst.
prices fell 5 to 10 points on liquidation of October and
January but rallied sharply later and ended 17 to 20 points
higher on good buying,largely for Eastern account. Besides
the cash market was stronger. Hogs were steady. Deliveries of lard on contracts were 200,000 lbs. Liverpool
fell 3 to 6d. To-day prices for futures after rising 15 to 23
points, reacted and closed 2 to 3 points higher net. Hogs
ended 25 to 40c. higher, with the top $11.75. Western
receipts were 59,000, against 64,000 last year. Trading
was active. Commission houses bought lard freely. Shorts
covered. The cash demand was better. The effect of
the rise in hogs was apparent for a time. Profit taking
caused a setback. Final prices show a rise for the week of
10 to 18 points.
Oklahoma. Kansas and Texas
40
-40.9
$1.36
32-32.9
1.20
52 and above
1.60
Louisiana and Arkansas
-32.9
32
1.20
35-35.9
1.26
Spindietop, 35 deg
1.37
[VoL. 125.
Elk Basin
Big Muddy
Lance Creek
Grass Creek
Bellevue
Cotton Valley
Somerset light
$1.33
1.25
1.33
1.33
1.25
1.00
2.35
RUBBER declined on the 3d inst. 10 points in a quiet
market, many traders being absent for the holiday. September ended on that day at 33.80c., October at 340.,
December at 34.30e. Outside spot and September, 333
4
to 34c.; October, 33% to 343%c.; first latex crepe, 33% to
343/e.; Para up-river fine spot, 293% to 303%0.; coarse, 183
8
%
to 193c.; Central Guayule, washed and dried,28c. London
on the 5th inst. was weaker; spot, 165 to 163 d. Singapore
4
%
off; October-December, 163%d. Exports of rubber-soled
shoes to the Far East doubled in 1926. The stock of rubber
in London increased last week 912 tons to 65,162 tons,
against 64,842 a week ago, 628,19 a month ago,67,054 three
months ago, and 30,159 last year. Malay exports, it was
recalled, had reached 30,371 tons for August, against 23,947
in July and 34,625 in August 1926. The tone had become a
bit anxious.
New York on the 6th inst. was 10 to 20 points higher in
spite of the increase in the London stock of over 900 tons.
The trading here, however, was only 125 tons. London was
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. firm with spot and September 163% to 163 d. New York
%
Fri.
Wed. Thurs.
Tues.
Mon.
Sat.
ended with September 33.80c., October 34e., November
13.22
13.02
loll- 13.12
13.25
September delivery-cts-13.20
34.20c., December 34.40c. Outside smoked ribbed spot
13.30
13.27
13.10
October delivery
day 13.17
13.25
13.77
13.57
13.75
13.65
13.82
January delivery
and September 33% to 343/sc.; October, 34 to 34%c. On
.
40;
PORK was firm; mess, $32; family, $38 to $ fat back the 7th inst. New York advanced 10 to 30 points with sales
pork, $23 to $30. Ribs, Chicago, steady; cash, 12e., basis of 198 tons closing unchanged to 30 points up. Outside trade
of 50 to 60 lbs. average. Beef firm; mess,$19 to $20; packet, was dull. London %d. off on October, January and March.
$17 to $19; family, $21 to $23; extra India mess,$34 to $36; Here October ended on the 7th inst. at 34.190.; November at
No. 1 canned corned beef, $2.50; No. 2, $4.25; six pounds, 34.4004 December at 34.40c.; January at 34.80e. Outside
3
South America, $12.75. Pickled tongues, $50 to $60. Cut prices: Smoked sheets, spot and September, 33% to 34%c.;
3
meats steadier; pickled hams, 10 to 20 lbs., 173 to 193e.; October, 333% to 343%c.; first latex crepe, 334 to 343%c.;
%
pickled bellies, 6 to 12 lbs., 213 to 233c.; bellies, clear, clean thin brown crepe, 293% to 303%c.; specky brown crepe,
%
4
dry salted, boxed, 18 to 20 lbs., 1530.; 14 to 16 lbs., 163 e. 293% to 30c.;rolled brown crepe,273% to 273c.; No.2amber,
Butter, lower grade to high scoring 37 to 453%. Cheese, 30 to 303jc.; Paras, up-river fine spot, 293% to 300. London
spot and September, 163% to 163 d. on the 7th. Singapore,
%
26 to 283%c. Eggs, medium to extras, 24 to 39e.
-Linseed was quiet. Spot raw oil in carlots, September, 163%d.
OILS.
On the 8th inst. New York declined 10 to 50 points with
cooperage basis, 10.40. Paint manufacturers are buying
very sparingly. But linoleum makers are more interested, sales of 320 lots or 800 long tons. Lower cables and lack
and good buying from this direction is looked for before very of demand told. September closed on that day at 33.90c.,
long. In tanks, 9.6c. was quoted; 5 bbls. or more, lie.; October at 34c., November at 33.90c., December at 34.300.,
less than 5 bbls., 11.4e. Cocoanut, Manila, coast, tanks, January at 34.60e. and March at 350. Outside trade was
4
8%c.; spot, tanks, 88 e. Corn, crude, tanks, plant, low very small. Spot and September, 33.78 to 343%c., October
acid,93 c. Olive, $1.65 to $1.75. Chinawood, New York, 34 to 343(c., first latex ,34 to 343%c.; up-River Para, fine,
4
drums, spot, 173/2c.; Pacific Coast, spot, 153/2c. Soya spot, 203% to 21c. London spot and September, 163% to
bean, coast, tanks, 934c. Lard, prime, 16c.; extra strained 163%d. Singapore, September, 163%d. To-day New York
%
winter, New York, 125 c. Cod, Newfoundland, 63 to 65e. was more active and early in the day prices were 10 to 30
Turpentine, 57 to 620. Rosin, $10.35 to $13.65. Cotton- points lower, though there was some partial recovery before
seed oil sales to-day,including switches, 37,800 bbls. Crude the close. Early sales were 990 long tons. London closed
steady and generally unchanged recovering a loss of %d.
S.E., 100. bid. Prices closed as follows:
early. Spot and September, 163/zd.; October, 163%d.;
c 11.50011.751November--11.80011.901February---11.95412.05 October-December,
Spot
16%d. Prices show a decline for the
September__11.50011.60 December--11.88a11.91 March
12.06a12.08
October_ _--11.45a11.48 January---11.91a11.93 April
12.10a12.20 week of 10 to 30 points.
-Bulk gasoline was weaker. While most
PETROLEUM.
HIDES.
-There was a fair business in River Plate frigeri• refiners were quoting 83c. for U. S. motor, some sold, it is fico. The sales of Argentine steers were 23,000 at 21 9-160.
said, at 8c. Consumption has been heavy during the past to 2111-100. The stock of Uruguay is small. City packer
week, owing to the better weather of late, but it was not suf- were firm with a moderate business; 1,400 July and August
ficient to offset the large stocks on hand. The tank wagon native bulls sold it is said at 163%c. This was bid later and
market was easier. Some price shading was reported along declined. Spready native steers were 233% to 24e.; Native
the Atlantic seaboard. The Gulf market was quiet. There was steers, 21c.; butts, 20c.; Colorado, 193%e.; Common dry
afair export demand last week,but no large export sales were were in better demand; Orinoco, 24c.; Savanilla, 233% to
reported this week. Fuel oils were quiet. Bunker oil was 24o. New York City oalfskins 5-7s, 1.85c.; 7-9s, 2.25e.;
less active. Grade C, $1.65 at refineries. Gas oil was in- 9-12s, 3.25.
active. Kerosene was in better demand. For 41-43 prime
OCEAN FREIGHTS.
-Late last week there was a better
white 63c. was quoted; 43-45 water white 63'2c. refinery,
and 73%c. in tank cars delivered to nearby trade. Lubri- trade in grain and petroleum. Rates for prompt grain
advanced.
cating oils were fairly active.
CHARTERS included grain from Portland to United Kingdom-or
New York export prices: Gasoline, eases cargo lots, U. S. Continent, November, 35s.; wheat, Portland to United Kingdom or ConContinent,
Motor specifications deodorized, 24.40c., bulk, refinery, tinent. November, 358.; wheat Portland to United Kingdom orAntwerp or
83c.; kerosene, cargo lots, super white, cases, 16.15c.; October-November,34s. 9d.; 30,000 quarters 10% Montreal toAntwerp or
Rotterdam, Sept. 10-25. 15c.; Hamburg. 16c.; Montreal to
bulk 41-43, 63/2c.; water white, 150 degrees, cases, 17.15c.; Rotterdam, 15c.; Hamburg, 16c., with 27,000 quarters Sept. 17-28; 32,000
,
quarters Montreal to Antwerp or Rotterdam, 153ic. Oct. 5-25; 30,000
bulk 43-45, 630.; Diesel oil, Bayonne, barrel, $2.10; gas oil, quarters Montreal to Antwerp or Rotterdam, 153ic. Sept. 14-30; 32,000
/
Bayonne, tank cars, 28-34 degrees, 5c.; 36-40 degrees, 53%c. quarters Montreal to Antwerp-Rotterdam, 16c.; Hamburg or Bremen,
34.000 quarters Montreal to Mediterranean, 19c..
I7c., Sept.
New Orleans: Gasoline, U. S. Motor, bulk, 734c.; 64-66 1914c. and 14 canceling;10-20; 30,000 quarters Montreal to Antwerp or
20c., Oct.
gravity, 375 e. p., 83%c.; kerosene, prime white, Sc.; water Rotterdam, 15c. Sept. 5-20; 28,000 quarters Montreal to Piraeus,22(C.
Pacific to
34s. 9c1
white, 6c.; Bunker oil, grade C for bunkering, $1.45. New Sept. 20-Oct. 10; North to United United Kingdom or Continent,October
October; North Pacific
Kingdom or Continent, 35s.
York prices: U. S. Motor, bulk, refineries, 83c.; tank cars, North Pacific to United Kingdom or Continent, 358. November; wheat
United Kingdom or Continent, October-November, 34s. 9d.
delivered to nearby trade 9 to 93%c.• California: U. S. Portland to B. C., to United Kingdom or Continent,
Vancouver,
35s. 3d. November
Motor at terminal, 83% to 830.; U. S. Motor delivered to Portland or Puget Sound to United Kingdom or Continent, Oct. 15-Nov. 15
/
New York City garages, in steel barrels, 17c.; up-State, 17c.; 32s. 3d.; option Vancouver,B. C.,31s .6d.; Portland to United Kingdom or
Continent, with wheat,
33.000 quarters 10% Montreal to
'New England, 17c..; V. M. P. Naphtha, deodorized, 180.; Hamburg. Sept. 13, 16c.;October, 34s.;Genoa, prompt,7s. 9d.;sugar south
coal Wales to
kerosene water white, 43-45 gravity, bulk, refinery, 6% to side of Cuba to north of Hatteras, September, 15c.; from north side Cuba.
13c.; lumber from Campbelltown
Ireland,
7c.; 43-45 gravity delivered to neaxby trade in tank cars, 65s. prompt: oil cake from Gulf to to West Britain and (or) Easthalf Sepfour ports in Denmark second
73% to 8e.; prime white, 41-43 gravity, bulk, refinery, 63"2c.; tember,$6.40; case oil, 125,000 cases,at is. 13d. Minatitlan and Tampico
to River Plate,
Tankers: Fuel
41-43 gravity to nearby trade in tank cars, 7%c.; tank wagon from Cartagenalid. extra for each additional port. to St. Louis duor crude
to Trieste, 25..•, clean, Philadelphia
Rhone,
to store 15c. The Spindletop oil field of Texas, after 24s.; prompt Gulf to Buenos Aires, 30s. North Atlantic to La Pallice and
Rouen or another port, 19s. 6d.;from Gulf, 23s. Time: West Indies round
having been inactive for about ten years, suddenly came to delivery North Hatteras,
.
round
life with the completion of a gusher which ran wild for 33 trip continuation, $1.25 $1.30,5,300 tons;round West Indies. $1.45;
Gulf.
hours before it was brought under control. The well spouted
COAL.
-The Western
been buying rather
more than 34,000 barrels of fluid during its activity. Most more freely. Smokeless railroads have at Cincinnati and
run-of-mine
of it was crude oil.
Chicago are revised upward. In the last two weeks dealers
Pennsylvania
$2.65 Buckeye
$2.25 Eureka
$2.50 have been large buyers of anthracite. The output ()Mho
Corning
1.45 Bradford
1.60
2.65 Illinois
Cabell
1.40 Lima
1.71 Wyoming, 37 deg.. 1.30 anthracite mines increased in the week ending Aug: 27 to
Wortham, 40 deg_ 1.36 Indiana
1.48 Plymouth
1.33 2,245,000 tons, from 1,585,000 in the preceding week and
Rock Creek
1.25 Princeton
1.60 Wooster
Smackover 24 deg., 1.25 Canadian
2.24 Gulf Coastal "A"- 1.20 comparing with 1,999,000 in the same week of 1926. New
Corsicana heavy._ 1.10 Panhandle,44 deg. 1.12 York trade has been quiet. Trade in hard coal here. wa
SEPT. 10 19271
THE CHRONICLE
1477
checked by warm dry weather. Stove, company, $9.25 to good a position, it is stated, as he was a year ago. In the
$9.35; nut, $8.75 to $8.85; navy standard, piers, $5.40; Valley of the 53 independent open hearths 31 are operating.
Of 127 independent sheet and jobbing mills, about 60 are
supplementary, $5.10 to $5.25.
working. Of 20 welding and seamless pipe mills, 15 are
TOBACCO has remained as quiet as ever. In the near in commission, with some recent increase in business to
future it is predicted there will be an improvement in busi- account for this relatively high percentage in operations.
.
ness. And with the crops in some States declared to be Birmingham is dealing in small lots.
small, prices are expected to be steady. Wisconsin, binders,
PIG IRON has recently declined to the lowest level in
25to 30c.;northern,40 to 45c.;southern 35 to 400.; New York
State, seconds, 450.; Ohio, Gebhardt, binders, 22 to 24c.; nearly 10 years. Southern has, it appears, sold under
Little Dutch,21 to 22c.; Zimmer Spanish, 30c.; Havana first $17.25, the nominal price. The composite price of pig iron
in general is $18.04, against $18.13 last week, and is the
Remedios, 85c.; second Remedios. 70e.
lowest by 2 cents since 1918. Final figures on production
COPPER was quiet with most producers holding at.133 0. in August are 2,947,276 tons. The daily output was only
,
1
delivered to the Connecticut Valley. The export price was 126 tons less than during July. The reduction in output
unchanged at 133'c. c.i.f. European ports. Spot standard was among merchant iron makers, a decline of 1,761 tons
in London on the 6th inst. fell is. 3d. to £54 13s. 9d.; futures daily. Steel makers' stacks produced more than in July,
unchanged at £55 5s.; sales, 250 tons spot and 750 futures; i.e., 1,635 tons increase daily. The Standard Sanitary Co.
electrolytic unchanged at £62 for spot and £62 5s. for futures. recently bought 10,000 tons in Pittsburgh. Other consumers
Later the tone improved somewhat at 133i to 1334c. More did not follow suit. It was naturally a disappointment. Befavorable statistics are expected for August. Consumers sides the Sanitary company did not take as large a quantity
are said to be none too well supplied. In London on the as a year ago. Valley Bessemer was $18; furnace with basic
.8th inst. standard fell 3s. 9d. to £54 10s. for spot and £55 at $17.25 and foundry at $17.50. Steel mill operations this
for futures; sales, 100 tons of spot and 550 futures. Elec- week in the valley fell off sharply. That was the outstanding
trolytic was £62 for spot and £62 5s. for futures.
feature. The output of the Carnegie plants is said to be on a
TIN improved a little on the 6th inst. Prices advanced 45% basis as compared with 65% in the previous week.
•about Xc. Sales were 150 to 200 tons. London was quiet. Eastern Pennsylvania is nominally $19 to $19.50, Chicago
'Spot standard there on the 6th inst. advanced 10s. to $19.50 to $20, Cleveland $17.50 to $18.
.£290; futures up 5s. to £284 10s. Spot Straits advanced
WOOL has been quiet but steady. Sydney, Australia,
10s. to £295 10s.; Eastern c.i.f. London up 5s to £288 17s. 6d. cabled on the 6th inst. that prices there were very firm with
dull and weak with London off. Here Continental Europe the chief buyer; owing to the strike at
Later, New York was
/
'September and October Straits sold at 633 c., November at Brisbane, the sales dates between Sydney and Brisbane have
^63% to 631%C., December at 63 to 63%c. Tin plate produc- been exchanged. Sydney will hold sales after this week on
tion in 1927 may be 10% less than in 1926, a record year. In Sept. 12 to Sept. 15 and on Sept. 26 to 29. Brisbane will
London on the 8th inst. spot standard fell £1 10s. to £289; sell on Sept. 19 to 21. The offerings of super 64s and 64-70s
'futures off 5s. to £284 5s.; sales, 100 ton spot and 300futures. in Boston were reported small. Good combing 64-70s were
!Spot Straits tin dropped £1 10s. to £294 10s.
quoted at $1.03 clean landed in bond, and topmaking wools
LEAD was marked down $2 per ton by the American of same grade at 990. Washington wired that preliminary
.Smelting & Refining Co.early in the week. It is now quoting estimates on wool production for the United States, Austra,c. East St. Louis. lia, New Zealand and the United Kingdom point to a decrease
6.400. New York. Sales were made at 63
A fair demand was reported. In London on the 6th inst. of about 7% in the 1927 wool clip in these countries, which
lead advanced 3s. 9d. to £22 is. 3d. for spot and £22 12s.6d. is due entirely to the smaller wool clip forecast for Australia.
for futures; sales, 350 tons spot and 750 futures. Production Last year the production for these countries was roughly a
-of lead in July by countries which furnished about90% of the little less than half of the estimated world's wool production.
world's total in 1926 amounted to 141,567 short tons, against The Australian clip is said to be 15% smaller than last
136,857 tons in June and 136,501 tons in May. The produc- year. Nominal Boston quotations are as follows:
tion for non-reporting countries in July was estimated at 44Ohio and Pennsylvania fine delaine, 45 to 46c.; 34 blood, 45c.; 34 blood.
to 45c.; h blood, 44c. Territory, clean, basis: Fine staple, $1.12 to
'15,700 tons, against 15,200 in June and 15,200 in May. $1.15;fine medium. French combing,97c. to $1.02; medium clothing, 90 to
95c.; ti blood,staple, 97c. to $1.02. Texas,clean, basis: Fine, 12 months,
This makes the grand total for July 157,267 tons, against $1.05 to $1.10;8 months,88 to 92c.;fall, 75 to 78e. Pulled,scoured. basis,
152,057 tons in June and 151,701 in May. The output of A super. 95 to 98c.; B,8510 900.
'reporting countries from Jan. 1 to July 31 last was 963,363
short tons;for non-reporting countries for the same period it
was 107,000 tons; total, 1,070,363 short tons.
COTTON
Later trade was better and the tone more confident. The
Friday Night, Sept. 9 1927.
American Co. continued to quote 6.40e. New York. East
THE MOVEMENT OF THE CROP,as indicated by our
St. Louis fell to 6.10 to 6.12Me. Some sales are said to
have been made at 6.15e. The same producers make sales, telegrams from the South to-night, is given below. For the
it seems, at this identical range of prices, according to the week ending this evening the total receipts have reached
amount sold. Lead ore has dropped to $82.50 at Joplin. 261,473 bales, against 248,049 bales last week and 143,950
The lead ore reserve stock is now 10,100 tons in the tri-State bales the previous week, making the total receipts since the
district. London on the 7th inst. declined is. 3d.to £ 22 for 1st of Aug. 1927, 878,402 bales, against 671,624 bales for
spot and £22 us. 3d.for futures; sales, 300 tons spot and 800 the same period of 1926, showing an increase since Aug. 1
futures. Still later there was rather more demand with 1927 of 206,778 bales.
prices as before. It is pointed out that lead is $4 per ton
Mon. Tues. Wed. Thurs. Fri.
Sat.
Total.
Receipts atabove the low point of the year, reached in July. That was
the lowest in four years. In London on the 8th inst. prices Galveston
7,657 6.794 10,982 15,917 3.864 8,641 53,855
676
676
fell 3s. 9d. to £21 16s. 3d. for spot and £22 7s. 6d.for futures; Texas City
17,078 21,703 20,548 14,589 10,380 16,352 100,650
Houston•
sales, 100 tons spot and 500 futures.
___-------_-- 2,270 6.828 9.098
Corpus Christi
77 7,806 8,710 3.958 33.721
6.054 7,116
ZINC was firm at 6.25c. And some producers refused to New Orleans
873
160
354 2,652 2,429 2,154 8,622
Mobile
6,455 -- 10,092 12,268 7,372 7,013 43,200
under 6.30c. Demand was light. Spot in London Savannah
sell at
Charleston
939
991 7,817
627
---- 2,546 2,714
on the 6th inst. fell 2s. 6d. to £27 10s.; futures £27 12s. 6d.; Wilmington
____
14
32
277
64
135
522
265
26
587
409 1,353
66
---sales 300 tons spot and 200 futures. The output in July by Norfolk
____
3
200
_-__
New York
203
that in July furnished about 96% of the world's Boston
countries
68
68
____
____
____
_-__ ff3§
____
1,688
total was 116,315 short tons against 116,533 in June and Baltimore
120,712 in May. For non-reporting countries the output Totals this week_ 39.087 35.773 45,450 56,346 36.075 48.742 261.473
was estimated at 4,000 tons for each month, making the
grand total for July 120,315 tons against 120,533 in June
The following table shows the week's total receipts, the
and 124,712 in May. For seven months ended July 31st, total since Aug. 1 1927 and stocks to-night, compared with
output of.reporting countries was 826,498 short tons;for last year:
non-reporting countries for the same period 27,500 tons,
making a total of 854,998 tons. Later prices declined with
1927.
1926.
Stock.
trade slow and the cables off; quotations were 6.223,. to 6.25c.
Receipts to
Sept. 9.
This Since Aug This SinceAug
East St. Louis. In London on the 8th spot dropped 2s.
Week. 1 1927. Week. 1 1926.
1927.
1926.
6d. to £27 8s. 9d.; futures fell 3s. 9d. to £27 8s. 9d.; sales 50
Galveston
53,855 152,557 47,328 188,315 219,251 154,642
tons spot and 450 futures.
Texas City
676
2,195
113
233
4,040
2,809
Houston *
STEEL has shown a somewhat better tone. August sales Corpus Christi 100,650 369,997 79.276 268.893 354.702 213,424
9.098 64.100
33.721
93,601 19,470
were a trifle larger, it seems, than those in July; in some New Orleans
73,060 226.358 116,335
cases, indeed, 15% larger. Unfilled orders by the U. S. Gulfport
Mobile
8,622
22,683 3,108
6,676
20.717
6.112
Steel Corp. for August will show, some think, an increase Pensacola
800
1,191
Jacksonville
32
585
371
of 100,000 tons. But the chief buyers are building con- Savannah
43,200 131.874 37,832
87,353
90.939
69,481
cerns. Railroad, auto and oil companies still hold aloof. Brunswick
7,817
25,195 17,279
31,306
24.366
30.000
A little business in sheets has been done with auto makers, Charleston
Wilmington
522
but it serves to show the contrast with really busy times. Georgetown
1.969
811
1.479
3,957
5,117
4,665 1,873
Norfolk
7,197
20,521
28,125
Pittsburgh hints that sheet prices are weak even if nominal N'port News. &c_ 1,353
quotations remain the same.. Competition tells in various New York
203
874
-___
399 209,858
55,735
68
3,345
151
2.588
5,357
2,941
branches; if not in lowered prices, then in quick service even Boston
1.688
5.347
760
2.899
Baltimore
619
673
filling small orders. Black and galvanized sheet prices Philadelphia
in
3
7,136
4,523
are lowered in circumstances where business could not
,I,flflog
261.473 878.402208.801 671.624 1.1RR ann Aan 94e
otherwise be done. At Pittsburgh the producer is not in so
1478
THE CHRONICLE
[VOL. 125.
In order that comparison may be made with other years, 1923 and 9,762,069 in 1922. The yield per acre is stated at
149.3 pounds, against 182.6 last year, 167.2 in 1925, 155.7 for
we give below the totals at leading ports for six seasons:
the five-year average from 1922 to 1926 and 156.2 for the
ten years from 1917 to 1926. The condition of the crop is
Receipts at1927.
1925.
1923.
1926.
1924.
1922.
given as 56.1, against 59.6 in 1926, 56.2 in 1925, 69.3 in 1924
Galveston.,___
92,349 114.183
53.855
47,328
56,516
81,942
and 58.6 for the ten-year average on Sept. 1. The decrease
Houston *_ --- 100,650
21,949
36.481
9,094
79,276
New Orleans_
15,472
33.721
62,747
19,470
29,380
15,143 from Aug. 1 this year was 13.4%, as against a ten-year averMobile
285
5,460
4,188
8.622
10,430
3,108
Savannah..
43,013
10,529
23,568 age decrease between Aug. 1 and Sept. 1 of 8.7%. The
43.200
52.477
37.832
Brunswick _
4.750 principal loss in condition was 24% in Oklahoma during
Charleston__..
1,233
4,712
2,822 August,
7,817
11.311
17.279
18 in South Carolina, 14 in North Carolina, 13 in
Wilmington
396
1.094
544
2,676
522
811
Norfolk
2,765
1.140
2,277
1.873
572 Texas, Arkansas and Florida, 12 in Alabama, 11 in Missis1.353
N'port N..&c
sippi and 10 in Georgia.
AU others_ .
_ _
9,042
3,460
29,023
4.091
1.824
11,733
In all important cotton States the weevil is the dominatTotal this wk- 261,473 208,801 211,619 222,121 170.272 163,102 ing factor.
Propagation of this pest has been accelerated
Since Aua.1_ _ R78.402 671.624 788.499 601.694 604.653 462.592 by wet weather over much of the belt. Infestation has in•Beginning with the season of 1926, Houston figures Include movement of creased materially in all infested areas and the area where
cotton previously reported by Houston as an interior town. The distinction weevils are prevalent has extended northward materially
between port and town has been abandoned.
during the month of August.
The exports for the work ending this evening reach a total
It is
of 121,421 bales, of which 13,592 were to Great Britain, waited believed that the mills at home and abroad had
for
4,218 to France, 66,307 to Germany, 3,341 to Italy, 13,100 It would the report of Sept. 8 with some evident hope that
to Russia, 11,247 to Japan and China and 9,616 to other it even be less unfavorable than that of Aug. 8. Finding
worse than they will be inclined, it is believed, to
destinations. In the corresponding week last year total buy
more
exports were 75,793 bales. For the season to date aggregate provision freely. They are said to have made no adequate
as a rule for their immediate requirements. Manexports have been 573,785 bales, against 501,407 bales in
the same period of the previous season. Below are the chester also is evidently uneasy. All this week there has
been an excellent spot trade in Liverpool. For some days
exports for the week.
past its spot sales have been 10,000 bales daily. Exports
from the United States keep very close to the high record
Exported to
total of last year. Spot markets here and at the South adWeek Ended
Japan&
GerSept. 9 1927.
Great
vanced some 120 points on the 8th inst. There has been an
Russia. China. Other. Total.
- Britain. France. many.
Exports from
excellent demand this week. In the eastern belt of late the
250 11,580 basis is said to have risen 25 to
Galveston
600 8,462 1,368 2,900
50 points. It is also stated
10.200 11.047 1,550 46,353
16,066
Houston
7,490
2,270 9,098 that farmers are not anxious to sell. In fact, there is be.
6,828
Corpus Christi_ _
"ioo
650 12.178 lieved to be some holding back. That is
New Orleans__-- 5:Eisi 1.873 2.281 1:122'
not necessarily a
300
2,196
Mobile
500 3.096
100
850 26.775 bullish factor in the long run. But it shows the feeling at
Savannah
1,2156 24,629
3.136 7,004 the South. On the 8th inst. May touched 25.07e. here. When
219 3.649
Charleston
3,886
4,323
Norfolk
437
404
230
230
New York
3
867 cotton was selling at 15c. months ago and predictions were
41
100
6
147 heard of the possibilities of 25c. the talk seemed visionary.
Los Angeles...-17.592 4,218 66,307 3,341 13.100 11.247 9.616 121.421 October on Sept. 8 this year sold at as high as 24.40c., DeTotal
cember at 24.72c., January at 24.77c. March at practically
450 8,700 2.650 3,927 75,793
937 47.123
Total 1926_. 12,006
490 27,867 1.400
800 6.212 48.866 25c. when it reached 24.99e., May, as we have seen, at 25.07c.
Total1925.... 12,297
and July at 24.70c. And there are predictions of higher
Exported to
From
prices. Whether they are reached or not they indicate the
Aug.1 1927 to
drift of sentiment. The rise in the stock market to new
PerSept. 9 1927
Great
Japan&
Exportsfrom- Britain. France. many. Italy. Russia. China. Other.
Total.
high levels, the advance in Stock Exchange seats to $235,000,
Galveston__
6.256 12,417 16,115 4,954 2,900 2,782 17,396
62,820 a new peak, all tended to foster bull speculation. Besides,
10,382 25,135 40,771 10,627 39,400 21,899 11,058 159.272 different commodities were higher. But cotton is really
Houston__
Corp. Christi
10.508 7,876 20,090 2,376 3.100 11,227 8,923
64,100
New Orleans
20,505 4,627 19,179 8,655 36,626 10,920 4,575 105.087 traveling on its own power. It is feared that there may be
Mobile
300
300
250 2,196
--------600
3,546 worse times ahead if the infestation comes in cycles of
Savannah
10,861 1,296 57,572
--------6,025 2,529
78.283 three years, as
Government reports seem to suggest. The
Charleston_ _
2,638
219 14,156
------------3,538
20.551
Wilmington _
mills have a good deal of cotton to call. There was very
Norfolk
2,979
------------398
____ 7,836
11,213 heavy liquidation on the 8th
inst. On advances, profit takNew York...
2,635
--------1,659
6,521
47
935 1,245
Baltimore_
100 ing has been more or less drastic from time to time. That
----------------145 seems to all appearances
45
Philadelphia
to have kept the market from getLos Angeles_
6
147
ting into an unwieldy position on the long side, though the
67,164 52,855 181,305 27,000 82.026 52,853 50,582 573.785 tendency is for it to become
Total
overbought from time to time.
84.069 53.323 174.919 46,031 69,956 35.005 38,104 501,407
Total 1926_
On the other hand, the advance has been rapid and very
77,656 43.036 170.491 27,392 34,025 19,716 57,529 429.845
Total 1925._
pronounced. There are those who think that cotton is too
-Exports to Canada.
NOTE.
-It has never been out practice to include in the high. The
Government report intimates that the size of
above tables reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and it is Impossible to get the yield really depends upon the weather in the future.
returns concerning the same from week to week, while reports from the customs Some say that nothing
definite will be known about the
districts on the Canadian border are always very slow In coming to hand. In view
however,of the numerous Inquiries we are receiving regarding the matter, we will say size of the crop until after the general killing frost date.
that for the month of June the exports to the Dominion the present season have been Recently the weather has been better. The rains have
died
21,030 bales. In the corresponding month of the preceding season the exports were
14,538 bales. For the 11 months ended June 30 1927, there were 260,919 bales down in the central and eastern belt and also in parts of the
exported, as against 239,603 bales for the corresponding 11 months of 1925-26.
Southwest, where they are not wanted. There has been
In addition to above exports, our telegrams to-night also enough rains in parts of Texas to check premature opening,
give us the following amounts of cotton on shipboard, not at least to some extent. The ginning to Sept. 8 reached
some 1,540,025 bales, as against predictions, it is true, of
cleared, at the ports named:
1,700,000 bales. This compares with 696,556 bales a year
On Shipboard, Not Cleared for
ago and 1,886,399 bales in 1925. The big total of 928,152
bales in Texas, against 487,862 bales last year and 746,855
Other CoastGerLeaving
Great
Stock.
Sept. 9 at
- Britain. France. many. Foreign wise. Total.
two years ago may perhaps be explained by prolonged hot,
2,200 2,300 4.000 10,300 5,000 23.800 195,451 dry weather there and attendant premature opening.
Galveston
240 12,694 213,764
430 5,485 5,944
495
New Orleans-But how about other States? Can their excess over last
500 9,600
81,439
7,500 1,500
Savannah
204
24,162 year be thus explained always?. Georgia ginned 213,507
204
Charleston
6,150
5,350
14,667 bales, against 111,333 last year;
Mobile
800
Louisiana 85,834 bales,
20,521
Norfolk
10,000 576.254 against 21,271 last year; Alabama 171,067, against 22,440;
1,000 2.000 3,000 4.000
Other ports *
Mississippi 95,458, against 18,300; Arkansas 11,233, against
Total 1927
4,495 4,730 19.985 27,094 5.944 62.248 1.126,158
Total 1926
13,002 8,988 25,565 28,579 12,333 88,467 601,821 2,899. Recently spinners' takings have fallen off. Spot
8,052 106,947 391.209 sales at the South, though liberal
Total 1925
25,879 10,337 24,829 37,850
enough on their face, are
not so heavy as those of a year ago. It is pointed out, too,
•Estimated.
Speculation in cotton for future delivery has been very that the consumption around 25c., to say nothing of anything
active and on the 8th inst. is said to have reached if not higher, can hardly be expected to be as large as it was when
exceeded 1,500,000 bales here, the most active day on rec- the price was 10c. lower. On that basis of cheap cotton, it
ord. The 200-point limit was reached on the advance on was used very extensively as a substitute for other things.
all months except July and that was not far behind. After- That is always the case. It Is no less true that on the
wards there was a reaction of about 100 points, followed by sharp rise the consumption is apt to decrease. The history
another rally, leaving the net rise for the day 120 to 130 of the trade in many a season in the past exemplifies that
points. The rise of 200 points was from the low of the day fact. Also, the tendency, not a few think, is to accumulate
and not from the closing of the previous day. The-rise was a weak long interest among outsiders attracted to cotton by
due to a Government report putting the crop at 12,692,000 the sensational fluctuations.
To-day prices opened slightly higher, but the advance soon
bales, a decrease of nearly 5,300,000 bales from last year and
some 800,000 from the last report on Aug. 8. Texas was disappeared under the pressure of general profit taking and
put down for 4,700,000 bales. Some called that a distinctly other selling for home and foreign interests. Liverpool and
bullish factor because they thought it was an over-estimate the Continent sold. London and the Continent were selling
of 400,000 bales and yet the Government made the total in Liverpool. Liverpool advices were disappointing, as a
yield a little under
12,700,000 bales. In other words, the response to the great advance here on Thursday. There
estimate of 12.692,000 bales compares with 17,977,374 last was some hedge selling here. The weather was generally
year, 16,103,670 in 1925, 13,627,936 in 1924, 10,139,671 in favorable. It has been for the last ten days. Parts of
SEPT. 10 1927.]
THE CHRONICLE
Texas, it is true, need rain to check premature opening and
shedding, but in the main the weather conditions over the
belt are good. Where it was so rainy in August it is now
clear and warm, although nights over no small territory are
still a bit cool. Spot markets were off 30 points or more.
Spot sales in Liverpool fell to 6,000 bales after being 10,000
most of the week. On the other hand, spinners' takings increased, exports are large, weevil reports are persistent.
Some think it is too late for average weather to overcome
this evil. The spot basis is firm or rising. Prices here,
however, were down about 115 points from the high of
-limit rule stopped the advance.
Thursday, when the 200
Final prices show a net rise for the week of 87 to 92 points.
Spot cotton ended at 23.60c. for middling, a rise of 90 points
since last Friday.
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.
The following averages of the differences between grades,
as figured from the Sept. 8 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 Sept. 15:
Middling fair
1.26 on
1.03 on
Strict good middling
Good middling
.73 on
Strict middling
.49 on
Middling
Basis
1.03 off
Strict low mictling
2.13 off
Low middling
*Strict good ordinary
3.33 off
*Good ordinary
4.4S off
Strict good mid."yellow" tinged_ .10 off
Good middling "yellow" tinged._ .56 off
Strict middling "yellow" tinged_ A.00 off
*Middling "yellow" tinged
2.05 off
*Strict low mid."yellow" tinged.3.34 off
*Low middling "yellow" tinged...4.59 off
Good middling "yellow" stained.1.95 off
*Strict mid. "yellow" stained_.2.48 off
3.28 off
*Middling "yellow" stained
*Good middling "blue" stained_ _2.03 off
Strict middling' blue" stained--2.73 off
*Middling "blue" stained
3.59 off
Good middling spotted
.23 on
Strict middling spotted
.06 off
Middling spotted
1 03 off
2.05 off
*Strict low middling spotted
*Low middling spotted
3.33 off
Good mid,light yellow stained_ _1.23 off
*Strict mid,light yellow stained_1.78 off
*Middling light yellow stained
2.70 off
.67 off
Good middling "gray"
1.07 off
*Strict middling "gray"
1.60 off
*Middling "gray"
• Not deliverable on future contracts.
The official quotation for middling upland cotton in the
New York market each day for.the past week has been:
Sat. Mon. Tues. Wed, Thurs. Fri.
22.60 Hol. 22.75 22.70 23.90 23.60.
Sept. 3 to Sept. 9Middling upland
NEW YORK QUOTATIONS FOR 32 YEARS.
1927
1926
1925
1924
1923
1922
1921
1920
23.60c.
18.6()c.
23.55c.
24.50e.
28.95c.
22.000.
19.80c.
31.75c.
1919
1918
1917
1916
1915
1914
1913
1912
12.00c.
14.00c.
12.65c.
9.40c.
13.25c.
9.80c.
10.85c.
11.00c.
29.10c. 1911
36.45c. 1910
21.20c. 1909
15.35c. 1908
10.20c. 1907
c. 1906
13.250. 1905
1145c, 1904
12.25c.
8.88c.
8.62c.
10.12c.
6.44c.
5.81c.
7.50c.
8.76c.
1903
1902
1901
1900
1899
1898
1897
1896
MARKET AND SALES AT NEW YORK.
Futures
Market
Closed,
Spot Market
Closed,
Sept. 9Stock at Liverpool
Stock at London
Stock at Manchester
1927.
bales_1,055.000
1926.
804,000
99,000
70,000
1925.
467,000
1,000
36,000
1,154,000
874,000
504.000
312.000
177,000
9,000
87,000
15.000
59,000
93,000
1,000
37,000
6,000
45.000
67,000
2,000
34,000
5,000
5,000
1,000
600,000
196,000
159,000
141.000
Total European stocks
1,754,000 1,070,000
India cotton afloat for Europe
69,000
50,000
American cotton afloat for Europe 322,000 299,000
Egypt,Brazil.&c.,afloatforEurope 130,000 128,100
Stock in Alexandria, Egypt
261,000
151,0 0
0
Stock in Bombay, India
442,000 356.000
Stock in U. S. ports
.71,188,406 0690,288
Stock in U. S. interior towns_
a371,441 a490,340
1,541
U. S. exports to-day
663,000
85,000
281,000
126,000
47,000
451,000
498,156
525,502
10,000
526.000
45.000
233.000
102.000
49.000
473,000
333.898
306,499
14,850
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
Total Continental stocks
1924.
355,000
1,000
29,000
385,000
2,000
40,000
37,000
5,000
26,000
27,000
3.000
1,000
Total visible supply
4,539.388 3.234,628 2,686,658 2,083,247
Of the above, totals of American and other descriptions are as follows;
American
Liverpool stock
bales 733,000 399,000 160.000 117.000
Manchester stock
85,000
48,000
31,000
Continental stock
554,000
139,000
110,000
87,000
American afloat for Europe
322,000 299,000 281,000 233.000
U. S. port stocks
01,188,406 a690.288 498.156 333.898
a371,441 a490,340 525.502 306,499
U. S. interior stocks
1,541
U.S. exports to-day
10,000
14,350
10.000
Total American
East Indian, Brazil, dec.Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay,India
Total East India, &c
Total American
3,255,388 2,065,628 1,615,658 1.111.247
322,000
405,000
14.000
46,000
69.000
130,000
261,000
442,000
22,000
57.000
50.000
128.000
151.000
356,000
307,000
1,000
5.000
49,000
85,000
126.000
47.000
451.000
238,000
1.000
10.000
54,000
45.000
102.000
49.000
473,000
1,284.000 1,169,000 1,071,000 972,000
3,255.388 2.065,628 1,615,658 1,111.247
Total visible supply
4,539,388 3.234.628 2,686,658 2,083,247
Middling uplands. Liverpool_ _ _
12.67d.
10.16d.
13.01d.
14.21d.
Middling uplands, New York...- 23.60c.
18.500.
23.95c.
23.300.
Egypt. good Sakel,
22.40d.
19.156. 30.756. 25.95d.
Peruvian, rough good, Liverpool_ 13.756.
14.50d.
23.00d. 23.00d.
Broach, fine, Liverpool
11.45d.
8.800.
11.706.
11.60d.
Tinnevelly, good, Liverpool
11.85-1.
9.35d.
12.10d.
12.50d.
a Houston stocks are now Included in the port stocks; in previous years
they formed part of the interior stocks.
SALES.
Spot. Contr'c
1479
Total.
Continental imports for past week have been 80,000 bales.
The above figures for 1927 show an increase over last
week of 59,216 bales, a gain of 1,304,760 over 1926, an
2,400
2,400
200
200 increase of 1,852,730 bales over 1925, and an increase of
163
163 2,456,141 bales over 1924.
888
888
AT THE INTERIOR TOWNS the movement
-that is,
Total week_
3,651
3.651
Since Aug. 1
11.966
-.1156 12366 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
FUTURES.
-The highest, lowest and closing prices at corresponding periods of the previous year,is set out in detail
New York for the past week have been as follows:
below:
Saturday--- Quiet. 10 pts. dee_ _ Steady
Monday ___
HOLI DAY
_ Steady, 15 pts. adv_ Steady
Tuesday
Wednesday, Quiet. 5 pta. dec..__ Steady
Thursday -_ Steady, 120 pts.adv. Steady
Steady, 30 pts. dec. Steady
Friday
Sahaday,
Sept. 3.
Monday,
Sept. 5.
Tuesday. Wednesday, Thursday,
Sept. 6.
Sept. 7.
Sept. 8.
Fr(
8611.9.
Sept.
Range-Closing_ 22.26- - 22.42
22.34 -23.67 -23.23
October
Range__ 22.28-22.48
22.47-22.63 22.41-22.70 22.40-22.40 23.32-23.75
Closing. 22.39-22.40
22.55-22.57 22.47-22.49 22.70-23.75 23.36 23.40
Nov.
Range._
-- -23.71-23.77
Closing. 22.5322.6922.64 -23.8723.44
Dec.Range.- 22.55-22.76
22.74-22.92 22.71-22.95 22.72-24.72 23.81-24.08
Closing. 22.68-22.71
22.84-22.86 22.77-22.79 24.00-24.05 23.613 23.69
Jan.
Range. 22.54-22.79
22.77-22.95 22.72-22.98 22.77-24.77 23.62 24.09
Closing 22.74-22.75
22.8722.80-22.83 24.07-24.09 23.61-23.70
14b.Range- 22.93-22.93 23.72 23.73
22.94 -22.87 -24.14 -23.71
closing 22.81March
HOLIDAY
22.75-22.98
22.94-23.10 22.91-23.17 22.99-24.99 23.82 24.31
23.07-23.08 23.01-23.03 24.24-24.30 23.9( 23.92
Closing 22.88-22.89
Range- Closing 22.92AlasRange- • 22.84-23.05
Clotting • 22.96-23.00
23.11 -23.05 --..- 24.3023.91
23.02-23.21 23.00-23.25 23.07-25.07 23.99 24.35
23.17-23.20 23.11-23.13 24.30-24.85 23.9:-23.99
Range- Closing . 22.80 --July
•
Range. 22.50-22.70
Closing. 22.64-
23.00 -32.96 -24.13- ,
23.8
22.69-22.87 22.70-22.95 22.77-24.70 23.6: -23.99
22.80-22.81 22.79 23.97- f!
2S
Range of future prices at New York for week ending
Sept. 9 1927 and since trading began on each option:
Option for
Sept. 1927
Oct. 1927_ 22.28
Nov. 1927._ 23.77
Dec. 1927_ _ 22.55
Jan, 1928_. 22.54
Feb. 1928._ 22.93
Mar. 1928_ 22.75
Apr. 1928
May 1928,.. 22.84
June1928
July 1928_ 22.50
Range for Week.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
3 23.75
9 23.77
3 24.72
3 24.77
8 23.73
3 24.99
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept. 3 25.07 Sept.
Range Since Beginning of option.
12.10
9 13.46
9 12.75
8 13.36
8 14.11
9 18.19
8 14.75
18.35
17.32
Dec. 4 1926 22.60
Dec. 4 1926 23.75
Dec. 6 1926 23.77
Jan. 3 1927 24.72
Mar. 15 1927 24.77
July 12 1927 23.73
Apr. 4 1927 24.99
July 12 1927 22.67
Aug. 3 1927 25.07
Sept. 2 1927
Sept. 9 1927
Sept. 9 1927
Sept. 8 1927
Sept. 8 1927
Sept. 8 1927
Sept. 8 1927
Aug. 31 1927
Sept. 8 1927
Sept. 3 24.70 Sept. 8117.94 Aug. 5 1927 24.70 Sept. 8 1927
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as afloat, are this week's returns, and consequently
tenement to Sept. 9 1927.
Towns.
Ala.,Birming'm
Eufaula
Montgomery.
SelmaArk..BlythevIlle
Forest City__
Helena_
Hope
Jonesboro....
Little Rock__
Newport...__
Pine Bluff__
Walnut Ridge
Ca., Albany__
Athens
Atlanta
Augusta
Columbus
Macon
Rome
La., Shreveport
Miss.,Clarkadal
Columbus
Greenwood__
Meridian ___
Natchez
Vicksburg_ _
.
Yazoo City__
Mo., St. Louis_
N.C.,Greensb*r
Raleigh
Okla.. Altus x.
Chickasha x
Okla. City x.
15 towns'--.
S.C.,Greenvill
Greenwood:.
Tenn.,Memp
Nashville a.
Texas, Abilene_
Austin
Brenham...
Dallas
Ft. Worth a.
Parts
Robatown_
San Antonio_
Texarkana __
Waco
Receipts.
1Ship- Stocks
meats. Sept.
Week. I Season. Week.
9.
540
2,1 IS
7,2
7,11
8
7
102
1,061
25
477
4
629
_ _ __
797
673
352
17,578
855
5,880
8
ll I
5,361
1,507
6,483
18,271
15,467
229
232
162
1.602
313
1,340
45
1,001
500
2,473
2,752
1,826
41.707
1,67.
14,093
200
2,77
6,521
380
17,934
9,145
5,263
752
549
14,734
3,207
17
1 1,207
1,600 7,500
1,986 23.759
2,169 17,778
751 6,083
22 1,366
159 6,01
601 1,222
____ 1,330
632 8,977
156
968
565 9,287
611
____
706 2,025
382 3,366
883 7,156
4,752 45.955
.55
641
3,408 5,452
250 3,233
1,200 12.476
2,384 14,662
836
__-7,576 12,013
958 9,845
409 7,951
33
794
75
559
2,285
599
1,971 24,886
55
337
Movement to Sept. 10 1926.
Receipts.
Week. Season.
31
1,371
3,862
3,490
562
471
2,074
6,1 5
4.519
Ship- Stocks
menu. Sept.
Week.
10.
113
568
2.159
1,261
97
887 16,158
1.876
3,67
1.893 27,885
745
3,93
819 27,088
1,641
3,378
7,063
19,332
5,568
44,214
2,462
2,252
1.762
2,728j
38
2,128
7111
8,558
1,552 8,326
7,268 28,277
675
200
• 5
13,79
791
2.289
60
615
3,211
1,164
1,50
3,83
29,331
2,7 I
5,010
505
97:
4.849
469
200
1,260
5,171
684
1,9 I
50
646
1,981
1,520
1,417
300
433
696
4,732
429
1,892
2,098
481
489
825
28,062
4,572
1,246
580
300
149
122
4,840
645
24
46
176
11,2 I
_4,587
2,863
448
31
2,118
573
386
2,467
9,885
6.445
1,911
27
34
236
294
534
3,100
26,07.
7,578 59,157 11,095
143
146
5,538 1.014 2.640
778
6,005 1,768 7,709 1,151
2,979 1,186 4,003
71
163
3,090 2,020
857
33
28,783 6,151 8,200
18.8311 1,949 4,004 4.586
1,1771
179 2,374
13,3961 4,303 6,860
2,193
1,601
9,201
36.338
1,087
4,330
7,295
14,389
47,301
674
38,951
3,436
2,594
10,652
8,353
11,666
14,095
874
2.968
2,838
11,070
9,843 33,334
1,608
65,492 14,352116,678
753
226
787
186
97
382
4.32
2,111 1,0
3,739
1,251
261 6,001
493
17
2,874
3
7
459
20.634
6,2251 2,352
Total. 58 towns 108,191! 323,558 71,437371,441 65.005 230 455 al Re son
:Discontinued. *Includes the combined totabi of 15 towns in Oklahoma.
gAn
1480
[VOL. 125.
THE CHRONICLE
The above total shows that the interior stocks have The abandonment of acreage of 4.8% compares with 3.5%
increased during the week 34,827 bales and are to-night a year ago. The following is the complete official text of
118,899 bales less than at the same time last year. The the report.
receipts at all the towns have been 43,186 bales mo:e than
A United States cotton crop of 12,692,000 bales (500 pounds gross weight)
in 1927 is indicated by the Sept. 1 condition of 56.1.7 of normal estimated
0
the same week last year.
by the Crop Reporting Board of the United States Department of Agriculture. This report is based upon data from crop correspondents,field statisOVERLAND MOVEMENT FOR THE WEEK AND ticians and co-operating State Boards (or Departments) of Agriculture
SINCE AUG. 1.
-We give below a statement showing the and Agricultural Colleges.
On the basis of Sept. 1 reports of abandonment after July 1, the prelimioverland movement for the week and since Aug. 1, as made nary estimate of abandonment for the
season is
up from telegraphic reports Friday night. The results for or 4.8% of the 42,683,000 acres in cultivation placed at 2,057,000 acres.
in the United States on
the week and since Aug. 1 in the last two years are as follows: July 1. This would leave for harvest this season a total of 40,626,000 acres.
Upon that acreage the crop of 12,692,000 bales indicated by the Sept. 1
-1926-- condition would approximate a yield of 149.3 pounds of lint cotton per acre.
1927
sept.9Since
Since
The final outturn of the crop will depend upon whether the various influ-
Total gross overland
Deduct Shipments
Overland to N. Y.,Boston, &c
Between interior towns
Inland, &c.,from South
Week. Aug. 1.
4,840
29,331
1,520
9,855
84
613
1,012
3,520
4,876
27,079
5.086
25,937
Leaving total net overland *
86,891
17,418
96,335
1,959
321
10,154
9,566
2,230
51.080
911
359
14,830
5,889
1.788
70.896
12,434
Total to be deducted
14.205
62,876
16,100
78,573
1,771
24,015
1,318
17.762
ences affecting the crop during the remainder of the season are more or less
favorable than usual.
Ginnings in 1926 were 17,977,374 bales; in 1925. 16,103.679 bales; in 1924.
13,627,936 bales; in 1923, 10,139.671 bales; and in 1922. 9,762,069 bales.
Condition on Sept. 1 in 1926 was 59.6% of normal; in 1925, 56.2%; in
1924, 69.3%; and the ten-year average on Sept. 1. 1917-1926 (a) was
58.6%.
The yield in 1926 was 182.6 pounds; in 1925. 167.2 pounds; for the five
years 1922-1926, 155.8 pounds; and for the ten years 1917-1926, 156.3
pounds.
Details by States follow:
State.
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 1,771 bales, against 1,318 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 6,253 bales.
1926
1927
Since
Since
In Sight and Spinners'
Week.
Aug. 1.
Week.
Aug. 1.
Takings.
878,402 208,801
261.473
Receipts at ports to Sept. 9
671.624
1,771
24,015
1,318
17,762
Net overland to Sept.9
671.000
70,000
410,000
Southern consumption to Sept. 9_115,000
378,244
34,827
Total marketed
Interior stocks in excess
1,573.417 280,119 1,099,386
*1,511
2,213
*77,583
Came into sight during week..-413,071
Total in sight Sept.9
1,571,906
North.spinn's's takings to Sept.9. 22,975
92,814
282,332
1,021,803
38,675
203.316
* Decrease.
Movement into sight in previous years:
Bales.
Since Aug. 1494,33311925
380,84411924
318.60711923
Week1925
-Sept. 12
1924
-Sept. 13
1923
-Sept. 14
Bales.
1,746,910
1,190,257
1,453,135
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations
OTHER MARKETS
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
Week Ended
Sept. 9.
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday,
22.35
Galveston
New Orleans_ _ - 22.15
21.85
Mobile
22.04
Savannah
22.00
Norfolk
Baltimore
22.06
Augusta
Memphis
21.00
22.30
Houston
Little Rock_ _ _ _ 21.40
Dallas
21.40
Fort Worth
22.55
22.22
22.00
22.29
22.19
HOLI- 22.50
DAY 22.25
21.00
22.45
21.55
21.70
21.70
22.45
22.15
22.00
22.20
22.13
22.50
22.19
21.00
22.40
21.55
21.65
21.65
23.65
23.50
23.00
23.43
23.38
22.50
23.44
22.50
23.65
22.70
22.90
22.90
23.30
23.17
22.85
23.11
23.00
23.60
23.13
22.25
23.35
22.40
22.55
22.35
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday.
Sept. 3.
)ctober .._
December_
fanuary _
',torch__
Way
fuly
Tone
;pot
Thtions_ _ _
Monday,
Sept. 5.
Tuesday. Wednesday, Thursday,
Sept. 6.
Sept. 7.
Sept. 8.
Friday,
Sept• 9.
22.39-22.41
22.4722.38-22.40 23.75-23.77 23.32-23.37
22.67-22.70
22.75-22.76 22.66-22.87 24.00-24.03 23.60-23.64
'22.76-22.77 22.6722.66-22.70
24.02-24.04 23.60-23.61
22.92 -22.82 -24.20 -23.8022.8022.81-22.82 HOLIDAY 22.87-22.88 22.81 24.1523.78-23.79
22.72 bid 22.5422.51 bid
23.77 ask 23.54-23.57
AbandonCondition. Yield per Acre Production (Ginnings)
ment of Area Left
500 Lbs. Gross Wt.
Acreage for Heroes
IndiBales.
After
1927.
Sept. Sept.
cased
July 1 (Prelimi1.
I. 1926. by Con' 1927 Crop
nary.) 10-Pr 1927.
1927.
b (titian
1926 I Indicated
(Prelim.)
An. a
Sept. 1 Crop. by Cotutt'n
d
1927.c
I Sept. 1
Per Cent. Acres. Per Ct.Per Ct. Lbs. Lbs.
1927.
1
Virginia__ _
Nor. Caro_
So. Caro__
Georgia ___
Florida_ __
Missouri __
Tennessee _
Alabama __
Mississippi
Louisiana._
Texas
Oklahoma _
Arkansas
NewMexico
Arizona_ _
California _
All other
-1.0
1.5
6.0
4.0
4.0
6.0
2.0
3.0
5.0
6.0
4.0
12.0
4.0
5.0
1.0
1.0
3.0
§§§§§§1§§§§§§M
Week. Aug. 1.
2,285
16,317
1,320
8,724
44
311
2,236
4,688
27,864
5,601
31,706
wwm.ww
ww.
nzt4wocnmoo,bow000vhno.4
ShippedVia St. Louis
Via Mounds,&c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
71
67
56
54
58
74
86
59
61
55
53
'
59
63
e60
86
87
..
70
64
48
55
58
52
60
58
57
55
56
51
55
90
90
90
77
264
292
182
180
145
240
188
196
241
200
147
181
195
299
349
387
189
246
244
155
142
107
175
171
141
160
150
137
134
147
331
309
339
208
51,329
1,212,819
1,008,068
1,496,105
31.954
217,859
450,533
1,497,821
1,887,787
829.407
5,827,831
1,772,784
1.547,932
75,000
121,902
131,211
17,032
37,000
911.000
784,000
1,035,000
15,000
106,000
335,000
952.000
1,075.000
487,000
4,700,000
1,025.000
970,000
70.000
90,000
90,000
10,000
U. S. total_
4.8
40,626,000 58.6 56.1 182.6 149.3 17,977,374 12.692,000
Lower Calif
(Old Mex.)f
..
110.000 __
90
317
269
986.000
82.000
a Previous to 1924 interpolated from Aug. 25 and Sept. 25 condition. b Per
harvested acre. c On area left for harvest. d Differences from Census figures at*
due to allowances for cross-State ginnings. e 7-year average. f Not included in
California figures nor in United States total. g Estimate of U. S. Department Of
Agriculture.
CROP REPORTING BOARD.
Approved:
•
W. F. Callender, Chairman.
R. W.Dunlap,
J. A. Becker,
S. A. Jones,
Acting Secretary.
V. C. Childs,
H. H.
Schutz,
F. W. Gist,
0.8.Benton.
CONSOLIDATED COTTON REPORT.
-The Bureau
of the Census and the Agricultural Department made publio
Thursday (Sept. 8) thier consolidated cotton report, which is
as follows:
Ginnings to Sept. 1
1,540,025 running bales.
Indicated total production
12.692,000 bales, 500 lbs. gross.
Condition Sept. 1
56.1 per cent of normal.
Indicated abandonment
4.8 per cent.
Indicated area left for harvest
40,626.000 acres.
Indicated yield of lint cotton
149.3 pounds per acre for harvest.
Bureau of the Census.
-Census report shows 1,540,025 running bales
(counting round as half bales) ginned from the crop of 1927 prior to Sept. 1,
compared with 696,556 for 1926 and 1,886,399 for 1925.
Department of Agriculture.
-An estimated condition of 56.1% of normal
on Sept. 1, an indicated United States production of 12,692,000 bales (500
pounds gross weight), abandonment for the season of 4.8%, and indicated
area left for harvest of 40,626,000 acres, are shown by the Crop Reporting
Board of the U. S. Department of Agriculture.
COMMENTS CONCERNING COTTON REPORT.
The United States Department of Agriculture in giving out
its cotton report on Sept. 8, also added the following comments:
Cotton prospects declined from a prospective production of 13,492,000
bales indicated on Aug. 1 to 12.692,000 bales, indicated by conditions on
Sept. 1, a decline of 800,000 bales during August, and 5,285,000 bales less
than the crop of 1926.
The condition of the crop on Sept. 1 is reported as 56.1%,compared with
69.5% on Aug. 1 and 58.6% the ten-year average for Sept. 1. The decline
from Aug. 1 was 13.4 points. The average decline from Aug. 1 to Sept. 1
Steady
Steady
Steady
Steady
Steady
during tile past ten years was 8.7 points.
Stymy
Steady
Steady
Stonily riaryly Rey
Declines occurred in all States except New Mexico. Arizona and California. The principal decline in condition was registered in Oklahoma,
AGRICULTURAL DEPARTMENT'S REPORT ON from 75% on Aug. 1 to 51% on Sept. 1. Conditions declined 18 points in
Carolina, 14
North Carolina, 13 in Texas,
ABANDONMENT OF COTTON ACREAGE, PRODUC- South Alabama, 11 in .Mississippi, 10 in Georgia. Arkansas and -Florida.
in
12 in
TION AND CONDITION.
-The Agricultural Department
In all important cotton States the weevil is the dominating factor in the
has been accelerated by wet weather
Propagation
at Washington on Thursday of this week (Sept. 8)issued its situation. of the belt. of this pest has increased materially in all infested
Infestation
over much
report on abandonment of cotton acreage, production and areas, and the area where weevils are prevalent has extended northward
and
condition as of Sept. 1. This report now places the area left materially during the month of August. Present damage to squaresthan
crop escaped injury
the
young
for harvest of cotton at 40,626,000 acres, after allowing for In the bolls is very great, but more oftotalbottom due to the boll weevils
damage
years 1920 to 1923. when the
has quite generally
an abandonment of acreage since July 1 of 4.8%. It puts was very great. The present extent of infestation top crop is small over
checked fruiting and the probability of any important
the condition at 56.1% and forecasts a probable yield of lint large areas.
In the northern portion of the belt, cool weather has not only favored
cotton of only 12,692,000 500
-pound bales, which is just
of the crop.
the
800,000 bales less than the estimate of production given a propagation ofleaf weevils, but has retarded the developmentreported from
worm, red spider, rust and root rot, are
Boll worm,
month ago, when the probable crop was put at 13,492,000 many areas, but damage from these is probably on the whole,not more than
bales. It is well to note, however, that the Department's usual.
Comments by States follow:
estimate for the same date last year put the crop at 15,166,000
Virginia.-August weather unfavorable, wet and cold. Cotton late and
bolls few.
bales, or 455,000 bales under the estimate of Aug. 1 1926,
North Carolina -The weevil damage is much worse than in previous
yet the crop actually turned out to be 17,977,374 bales. In years. Practically all squares and more than 90% of the immature bolls
1925 the Department estimated the crop at 13,740,000 bales are being punctured in all but the northern counties of the coastal seotions.
lower l'iedon a Sept. 1 condition of 56.2%, while at the end of the sea- Serious damage is also being done in a large proportion of the
mont area.
numerous in all except the
-Weevils are
South Carolina.
son the crop was found to be 16,103,679 500
-pound bales. northwestern districts of the sufficiently
cotton being
These figures all refer to the crop of lint cotton, and do not made during the remainder ofState to prevent any further that about
the season. Field counts show
has caused
take into consideration the linters, which in both 1925 and 71% of immature bolls have been punctured. Dry weather is expected.
1926 added over a million bales more to the size of the crop. shedding in the northwestern district,so that very little top crop state and
Georgia.
-The decline in condition was general throughout the
Another point worthy of note is that the Sept. 1 1927 condi- resulted mainly from continued weevil damage in the south and an extension
several
area of heavy damage northward.
tion of the crop at 56.1% compares with a Sept. 1 ten-year of the ago, and weevils damaging one-half With blooming checked bolls, a
to three-fourths grown
weeks
average condition of 58.6%,and with 56.2% on Sept. 1 1925. moderate bottom crop is all that may be expected from the Coastal Plain
SEPT. 10 1927.]
THE CHRONICLE
and lower Piedmont sections. In the northern counties a considerable loss
in condition occurred as a result of unseasonably cool, dry weather,following
a period of frequent rains, checking development of plants and causing
excessive shedding of squares and young bolls. Prospects in the northern
districts of the State are still good. notwithstanding.
Missouri.-Weather very much against fruiting during first eighteen
days of August. Many reports indicate as much as 20% of plants having
no bolls.
Tomessee.-Too much rain in the northwest district, and insufficient rain
in the south. Cold weather the last of the month checked growth and
induced shedding of squares and small bolls. Red spiders and rust damage
are reported. Little weevil damage as yet.
Alabama.
-Growth and fruiting about over. Weevils increased their
damage to squares and young bolls and extended infestation to all districts
except central northern. Weevil infestation heaviest since 1923, but the
crop is earlier and more cotton already made than in former years of heavy
damage.
Mississippi.
-Plants are smaller than last year but are fairly well fruited
and the bolls are maturing and opening rapidly. Weevils are the greatest
limiting factor, but infestation now being quite general main damage will
consist of curtailing further fruiting and possibly destroying some young
bolls. Young bolls are being damaged and the setting ot further fruit is
being largely prevented.
Louisiana.
-Cotton deteriorated during August, due principally to boll
weevils. Some damage caused by boll worms, leaf worms, rust, and
rotting of bolls. Not much poisoning being done. In overflowed areas
cotton is late.
-Heavy deterioration occurred in August in the northern, northTexas.
eastern, eastern, central, and west-central districts, only nominal in the
western and southeastern, while in the northwestern and southern districts
slight improvement occurred. The greatest decline in condition was in
the west central district, amounting to 26 points, due to weevils, boll
worms and drought. Except in scattering sections where rain fell in August,
notably the northwest, cotton has stopped growing and there has been
very little blooming. Much young cotton in the northern sections of the
State is subject to possible frost and insect damage. Bolls are smaller
than usual, and damage from weevils, boll worms, leaf worm,
is widespread. While rains during September might induce and root rot
new growth
and enable the smaller bolls to develop to normal size, it is believed that
the prevalence of insects will to a large extent preclude the maturing of
late fruit.
Oklahoma.-Ealny, cloudy weather most of August has promoted weevil
activity, and in all but the southwestern districts conditions are worse than
during any of the past five years. Abandonment has been extremely
heavy in the eastern part of the State, due largely to weevil damage.
Arkansas.
-Conditions as a whole are very low, although not so low as
In 1923, when leaf caterpillars ravaged the crop. The central western
district adjoining Oklahoma shows a condition of only 38% normal. The
northeastern section can still make a good crop, if weather permits. The
State condition figure is 55% of normal.
1481
made good advance. Prospects for a top crop however are
not considered what could be desired.
Mobile, Ala.
-The weather during the weak has been hot
and dry. Picking has made good progress. Weevil damage
is slight, but, there has been some shedding.
Rain. Rainfall.
1 day 0.53 in.
2 days 1.38 in.
1 day 0.66 In.
2 days 0.28 in.
3 days 0.04 in.
3 days 1.90 in.
2 days 0.44 in.
1 day 0.74 in.
1 day 0.12 in.
2 days 0.18 in.
dry
dry
1 day 0.16 in.
1 day 0.04 in.
3 days 0.74 in.
dry
1 day 0.50 In.
dry
dry
dry
dry
2 days 0.84 in.
dry
2 days 0.57 in.
5 days 1.55 in.
2 days 0.40 in.
2 days 1.23 in.
2 days 0.49 in.
1 day 0.40 in.
2 days 1.09 in.
3 days 0.43 in.
dry
2 days 1.81 in.
1 day 1.45 in.
1 day 0.08 in.
2 days 1.06 in.
"days 0.07 in.
1 day 0.03 in.
2 days 0.04 in.
1 day 0.32 in.
2 days 0.57 in.
1 day 0.03 in.
1 day 0.03 in.
1 day 0.68 in.
1 day 0.96 in.
1 day 0.30 in.
dry
1 day
1.42 in.
2 days 1.49 in.
2 days 0.19 in.
Galveston, Texas
Abilene
Brenham
Brownsville
Corpus Christi
Dallas
Henrietta
Kerrville
Lampasas
Longview
Luling
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
Ardmore, Okla
Altus
Muskogee
Oklahoma City
Brinkley, Ark
Eldorado
Little Rock
Pine Bluff
Alexandria, La
Amite
New Orleans
Shreveport
Columbus, Miss
Greenwood
Vicksburg
Mobile, Ala
Decatur
Montgomery
Selma
Gainesville, Fla
Madison
Savannah. Ga
Athens
Augusta
Columbus
Charleston, So. Caro
Greenwood
Columbia
Conway
Charlotte, No. Caro
Newborn
Weldon
Memphis. Tenn
Thermometer
high 90 low 78 mean 84
high 94 low 70 mean 82
high 98 low 64 mean 81
high 96 low 74 mean 85
high 92 low 76 mean 84
high 98 low 70 mean 84
high 98 low 68 mean 83
high 98 low 62 mean 80
high 102 low 66 mean 84
high 90 low 66 mean 78
high 98 low 72 mean 85
high 92 low 66 mean 79
high 94 low 70 mean 82
high 96 low 68 mean 82
high 96 low 72 mean 84
high ___ low 70 mean -high 96 low 66 mean 82
high 97 low 67 mean 82
high 99 low 67 mean 83
high 94 low 67 mean 81
high 94 low 68 mean 81
high 93 low 65 mean 79
high 96 low 69 mean 83
high 90 low 67 mean 79
high 90 low 64 mean 77
high 95 low 71 mean 83
high 94 low 66 mean 80
high ___ low _ _ mean 83
high 95 low 71 mean 83
high 101 low 66 mean 84
high 98 low 67 mean 83
high 91 low 71 mean 81
high es low 73 mean 82
high 93 low 68 mean 81
high 96 low 70 mean 83
high 98 low 69 mean 84
high 93 low 68 mean 81
high 95 low 66 mean 81
high 92 low 71 mean 82
high 95 low 66 mean 81
high 93 low 66 mean 80
high 99 low 68 mean 84
high 89 low 71 mean 80
high 93 low 60 mean 77
high ___ low 66 mean _high 93 low 62 mean 78
high 92 low 63 mean 78
high 92 low 63 mean 78
high 93 low 57 mean 75
high 90 low 70 mean 80
COTTON GINNING REPORT.
-The Bureau of the
Census on Sept. 8 issued the following report showing the
number of bales of cotton ginned in each of the cotton-growing States the present season up to Sept. 1, in comparison
with corresponding figures for the two preceding seasons. It
appears that up to Sept. 1 1927 1,540,025 bales of cotton
were ginned, against only 696,556 bales for the corresponding
The rivers have fallen during the week at all points
period a year ago, but comparing with 1,886,399 bales two at Shreveport where the water has risen from 6.5 except
ft. last
years ago.
Friday to 7.2 ft. on Friday of this week. At Vicksburg the
river has dropped from 26.4 ft. to 22 ft., at Nashville from
Running Bales (Counting Round as Half
7.8 ft. to 7 ft., at Memphis from 13.4 ft. to lift, and at
State.
Bales and Excluding Linters).
New Orleans from 6.7 ft. to 5.3 ft. At all points too, excepting New Orleans, the rivers are lower than at this date a
1927.
1926.
1925.
year ago.
Alabama
171.067
22,440
209,629
Arizona
The following statement we have also received by tele2,726
5,304
2,212
Arkansas
11,233
2,899
62.139 graph, showing the height of rivers at the
California
points named at
763
2,211
797 8 a. m.
Florida
of the dates given:
6,883
3,597
12,142
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Texas
All other
213,507
85,834
95,458
104
1,526
22,731
928.152
41
111,333
21,271
18,300
102
180
21,057
487.862
301.159
221,802
213,433
6,737
16,764
91,130
746.855
1.600
United States
1,540,025
696,556
1,886.399
The statistics in this report include 42,615 round
bales for 1927, 14,601
for 1926, and 23,349 for 1925.
The statistics for 1927 in this report are subject to
correction when
checked against the individual returns of the ginners being
transmitted
by mail.
Consumption, Stocks, Imports, and Exports
-United States.
Cotton consumed duringhte month of Juyl 1927
bales. Cotton on hand in consuming establishment amounted to 569,250
bales, and in public storage and at compresses s July 31 was 1,404,358
number of active consuming cotton spindles for the 1,822,671 bales. The
month was 32,311,802.
The total imports for the month of July 1927
were 31,147 bales and the
exports of domestic cotton including linters were
389,358 bales.
World Statistics.
The preliminary estimated world's
exclusive of linters, grown in 1926, as production of commercial cotton
compiled
27,900,000 bales of 478 pounds lint, while the from various sources is
consumption of cotton
(exclusive of linters in the United States) for the year
ending July 31 1926
was approximately 23,940,000 bales of 478 pounds
of spinning cotton spindles, both active and idle, lint. The total number
is about 164,000.000.
COTTON BAGGING WOULD INCREASE COTTON
CONSUMPTION 750,000 BALES.
-Increased consumption
of 750,000 bales of American cotton through the use of
cotton bags to replace bags now made of other materials
for the wholesale grocery trade is seen as a possibility by
United States Department of Agriculture cotton specialists
who have just concluded a survey of the situation. The
Department says:
It is roughly estimated that 225,000 bales of raw
waste go annually into the manufacture of cotton bags,cotton and cotton
most
used in the grocery trade.
The estimated quantity of of which are
materials other than cotton used in one year by wholesale bags made of
grocers, which
the wholesale grocers think might be replaced advantageous
totals nearly 329,000,000 pounds. Pound for pound, this is ly by cotton,
equivalent to
approximately 787,000 bales of raw cotton.
The survey is one of a series of studies being made in
Agricultural Economics to find new uses for American the Bureau of
cotton. The
estimates are based on questionnaires sent by the American
Wholesale
Grocers' Association to its members. Copies of the results
of
may ho obtained by addressing the Bureau of Agricultural the survey
Economics,
United States Departmeot of Agriculture, Washington, D. C.
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening indicate that the weather during
the week has as a rule been favorable. Rainfall has been
scattered an in most instances light. Temperatures have
been higher the past week. The condition of the crop
varies greatly and ranges from poor to very good depending
on the locality.
-Progress of the cotton crop in this State continues
Texas.
good. Showers have checked deterioration and reduced
premature opening. Picking and ginning have generally
Sept. 9
1927.
Feet.
Above zero of gauge_
5.3
Above zero of gauge_ 11.0
Above zero of gauge.. 7.0
Above zero of gauge. 7.2
Above zero of gauge_ 22.0
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Sept. 2
1q27.
Feet.
6.7
13.4
7.8
6.5
26.4
Sept. 10
1926.
Feet.
4.4
18.2
11.6
11.4
23.4
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.
Receipts at Ports.
Week
Ende
Stocks at Interior Towns.
1926. 1925.
June
10_ 56,037 47,642 21,73
17_ 51.
80.676 39.63
24... 45,3 52.46 14,161
July
36.8
53,126 18,51
38,801 37.067 18.245
16__ 34,623 36.882 22,774
22__ 30.270 37,161 21,742
29_ 35.602 85,222 45,02
Aug.
45,276 53.306 41,207
12„ 84,022 73,869 43,254
lg.._ 108.930 87.880 93,836
26._ 143.950113,195148,566
Sept.
248,049 187.891 250,017
9_ 261.473 208,801 211,619
1927. I 1926.
1925.
ptsfronsPlantasiotu
1927. 1926.
575,09/1,186,780 285,662 17,215 9,520
534.9141,074,997 249,315 11,279 68.893
503,000 1,031,182 234.86 13.482 8.6
471,669
449,131
412,498
392,271
374,492
987,093
952,467
917.992
884,912
819,363
376,345
359.809
349,011
336,511
542,251
522,013
511,748
496.117
1925.
3,286
213.7
5,512 9,037
195.424 16.263
183,524
2,407 11,886
170.236 10,043 4.081 8.454
180,605 12,82 19,663 35,388
150,547 47,129 22,217 31,149
164,545 67.486 53,631 57.252
191,601 98,132 77.615120.892
270,980131,450 97.800227.659
336,614 488,127 357,322 248,152 179.901 336.359
371,441 490,340 525,502296,300211.014379.797
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1927 are 876,891 bales:
in 1926 were 625,155 bales, and in 1925 were 1,153,108
bales. (2) That although the receipts at the outports
the
past week were 261,473 bales, the actual movement from
plantations was 296,300 bales, stocks at interior towns
having increased 34,827 bales during the week. Last year
receipts from the plantations for the week were 211,014
bales and for 1925 they were 379,797 bales.
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:
September 8.
Receipts al
Bombay
1927.
Since
Week.Aug. 1.
14,000
1926.
1925.
Since
Since
Week. Aug. 1. "P7eat. Aug.
1.
89,000 11,009 104.000 5.000
89.000
Since August 1.
For the Week.
Exports.
Japan &
China.
Great I ContiGreat Conti- ;Japan&
Britain. neat. I China. I Total. Britain. I neat.
Bombay
1927
1926
1925
Other India
1927
1926
1925
Total all
1927
1926
1925
[VOL. 125.
THE CHRONICLE
1482
Total.
110,000
120,000
67,000
143,000
151,000
127.000
2,000 3,000 32,000 37.000
8,000
8,000,
6,000 4,000 10,000
6.000
1,000
4,001
27,000
30,000
56,000
1,000
5,000
9.000
7,500,
5,000;
18,000
51,000
47,000
57,000
58,500
52,000
75.000
13.500
6,000
22,000
78,000
77,000
113,000
110,000 201,500
120,000 203,000
67.000 202,000
1,000,
2.000'
9,
°°01
3:666
,
2,000 4.0001 32,000 38,00
13,000
3.000 10,0001
15,000. 4:000 19,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
3,000 bales. Exports from all India ports record an increase
of 25,000 bales during the week, and since Aug. 1 show a
decrease of 2,000 bales.
WORLD SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable, also the takings or amounts
gone out of sight for the like period.
1926.
1927.
Cotton Takings.
Week and Season.
Week.
Season.
Week.
Season.
3,182,764
4.480.172
Visible supply Sept. 2
3,646,413
4.961,754
Visible supply Aug.1
American insight to Sept. 9---- 413.071 1.571,906 282,332 1,021,803
11.000
104,000
89.000
14,000
Bombay receipts to Sept.8
52,000
5.000
58,500
1,000
Other India ship'ts to Sept.8
17,400
5,800
26,860
13,000
Alexandria receipts to Sept. 7-- 80,000
25.000
72,000
18,000
Other supply to Sept. 7_*_b._ _ _
4,939,243 6,780,020 3,511.896 4.921,616
Total supply
Deduct
Visible supply Sept. 9
Bala.
-To Havre
-Aug. 31-Chicago. 1,317---8ePt. 1
NEW ORLEANS
1,873
-Coldbrook, 400__ _Sept. 2
-Minnesota, 156
2,261
To Bremen-Aug. 31-Tripp, 595; Oakwood, 1.666
.50
To Copenhagen-Sept. 1-Kentucky, 50
200
To Ghent
-Sept. 1-Coldbrook, 200
To Liverpool
-Sept. 3-Antillian, 3,231; West Wanna, 1,517_ _ 4,748
814
To Manchester-Sept. 3-Antillian, 519; West Wanna, 295_ _ 50
To Oslo
-Sept. 3-Brahenholm, 50
50
To Gothenburg-Sept.3-Brahonholrn,50
1,632
To Genoa-Sept. 3-8cantic, 850; Monviso, 782
200
To Japan-Sept. 3
-Chattanooga City. 200
300
To Port arr os-.ept. 2
-Castilla, 300
-Cape
HOUSTON-To Japan-Sept. 1-Jadden. 3,250- _Sept. 2
10,500
of Good Hope, 7,250
To Copenhagen-Sept. 6-Trolleholm, 1,450
547
To China-Sept. 1-Jadden, 547
530
To Hamburg-Sept. 8-Thistleben, 530
To Bremen-Sept. 3-Waban, 5,706_ _ _Sept. 8-Thistleben,
15,536
9,830
7,240
To Liverpool-Sept. 2
-West Cressey, 7.240
100
To Gothenburg-Sept.6-Trolleholm,100
250
To Manchester-Sept. 2
-West Crease . 250
10.200
To Murmansk-Sept. 7-Leersum, 10,200
SAN PEDRO-To Bremen-Aug. 18
100
-Indian. 100
To Genoa-Aug. 23
41
-Rialto, 41
6
To Amsterdam-Aug. 29-Sabor,6
500
MOBILE-To Barcelona-Sept. 6-Prusa. 500
To Hamburg-Sept. 3-Inlcum, 2.196
2,196
To Liverpool
100
-Aug. 27-Saccarappa, 100
300
To Genoa-Sept. 6
-Teresa Odero, 300
2,270
CORPUS CHRISTI
-To Barcelona-Sept. 3-Jcmar, 2,270
To Bremen-Sept.7
6,828
-Western Queen, 6.828
SAVANNAH-To Havre
1,296
-Sept. 2
-Kentucky. 1.296
To Ghent
-Kentucky, 100
100
-Sept 2
To Bremen-Sept. 3-Napierian, 9,646; Woodfield, 14,330- 23,976
To Hamburg-Sept.3
-Hans Arp 653
653
To Rotterdam-Sept. 3-Napierian. 700
700
To Gothenburg-Sept. 8-Brakenholm, 50
50
CHARLESTON-To Bremen-Sept. 2-Gonzenhoim, 1,000
1,000
To Havre
-Jacques Cartier, 219
219
-Sept.8
To Hamburg-Sept. 2-Gonzenhelm, 2.649
2.649
-Jacques Cartier, 3,136
3.136
To Antwerp-Sept. 8
-Sept. 1-Chicago, 600
GALVESTON-To Havre
600
To Bremen-Sept. 1-Carlton, 2,700_ _ _Sept. 8-Thistlebon,
6,462
3,762
250
To Rotterdam-Sept. 1-Carlton. 250
1.068
To Venice-Sept. 1-Giulia, 1,068
300
To Trieste-Sept. 1-Giulia. 300
2.900
-Tyr, 2,900
To Murmansk-Sept. 2
437
-Kearney. 437
NORFOLK-To Manchester-Sept. 6
-GottinTo Bremen-Sept. 6-Denderah, 2,345- __Sept. 9
3,886
gen, 1,541
4,539,388 4,539.388 3,234,628 3,234,628
121,421
Total
399.855 2,240,632 277.268 1.686.988
Total takings to Sept. 9_a
288,855 1.706.272 205,468 1,200,588
Of which American
71,800
534.360
486,400
111,000
Of which other
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
-takings
Southern mills, 671,000 bales in 1927 and 410,000 bales in 1926
-and the aggregate amounts taken by Northern and
not being available
foreign spinners. 1,569,632 bales in 1927 and 1,276,988 bales in 1926, of
which 1,035,272 bales and 789.588 bales American. b Estimated.
-Current rates for cotton from
COTTON FREIGHT.
New York, as furnished by Lambert & Burrows, Inc., are
as follows, quotations being in cents per pound:
High StandDensity. ard.
.550. Oslo
Liverpool .40c.
Manchester .400. .55c. Stockholm
.40c. .55c. Trieste
Antwerp
Ghent
.47540. .62 540. Flume
.650. Lisbon
.50c.
Havre
Me. Oporto
Rotterdam .400.
.50c. .65c. Barcelona
Genoa
JEW=
High StandDensity. ard.
.50c. .60e. Shanghai
.600. .750. Bombay
.50c. .650. Bremen
.65c. Hamburg
.50c.
.50c. .65c. Piraeus
.800. Salt-mica
.65c.
.45c. Venice
.30c.
.6734c. .82540.
High Stand
Density. ard.
.7234c. .87540.
. .
.65o.
.550.
.400.
.550.
.40c.
$1.00
.85c.
$1.00
.850.
.650.
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
-By cable from Liverpool we have the folLIVERPOOL.
of the previous two years.
lowing statement of the week's sales, stocks, &c., at that port:
Since
This
Week. Aug. 1.
Since
This
Week. Aug. 1.
This
Since
Week. Aug. 1.
5,000 8,21,0
Liverpool
_ _ 4,000 9,729
Manchester, &c_
Continent and India_ 6,000 30.204
America
2.000 11,700
16.223
5,750 12,814
2,500 19,886
1,750 7,430
3,746
2:6155 5,097
3,750 12,768
2.250 5,581
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:
•
80.000
166.388
29.000
83.177
65,000
133.262
Exports (bales)
-
1925.
1926.
1927.
Receipts (cantars)This week
Since Aug. 1
To
To
To
To
Sept. 9.
Sept. 2.
Aug. 19. Aug. 26.
54,000
(13,000
41,000
34,000
31,000
19,000
37,000
25,000
3,000
1.000
2.000
2.000
61,000
57,000
50,000
43,000
1.129,000 1.101.000 1.088,000 1,055,000
803.000 780.000 763,000 733,000
36,000
21.000
22,000
39.000
5,000
13.000
11,000
4,000
153,000
133,000
138,000
145.000
25.000
32.000,46,000
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
Alexandria Egypt,
Sept.'!.
17,000 59.883 10.000 56,353 8.000 27,192
Total exports
Egyptian bales weigh about 750 lbs.
-A cantar is 99 lbs
Note.
This statement shows that the receipts for the week ending Sept 7 were
65,000 cantars and the fore gn shipments 17,000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
both cloth and yarns is firm. Demand for both yarn and
cloth is improving. We give prices to-day below and leave
those for previous weeks of this and last year for comparison.
1926.
1927.
32s Cop
Twig.
d.
8yi Lbs. Shirt- Cotton
ing., Common Middrg
Uprds
to Finest.
d. s. d.
s. d.
June
17
d.
d. a. d.
s. d.
9.03
9.13
9.13
9.08
15341817
15 016Si
14%01614
145(801.634
13
13
13
13
1
1
1
1
@l3 4
013 4
@13 4
@l3 4
9.92
9.61
9.56
9.56
13 0 tp)13 3
13 0 S413 3
13 1 013 4
13 4 @l3 6
13 4 @l3 6
9.11
9.17
9.65
9.91
10.05
14%@1614
1434@l614
1434@l61.1
1434 181654
15 @leg
13 1
13 0
13 0
13 0
13 9
1813 4
@13 2
@l3 2
013 2
013 2
9.26
9.60
9.92
9.93
10.02
1514@17% 13 2
17 @l9 13 5
113341817I4 13 5
16IS@I8 14 0
@l3 4
@l3 7
44137
ig14 2
9.47
10.40
10.60
11.15
15 @BM
15,1@l6IS
15% 416%
1434181631
130 @132
13 0 @l3 2
130 @134
13 2 @)13 4
9.74
9.35
9.58
10.17
13 6
13 6
@14 0
014 0
12.34 15X @1,7
12.67 15,1 0,17
134 @13 6
13 4 013 6
10.07
10.16
14%@16Ii
15 @MU
1534 @17
1534@1734
1554017M
August
Sept.
18
18
@19
@19
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 121,421 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Bales.
-Sierra Ventana,60Sept.7
-To Bremen-Sept.2
NEW YORK
-Republic, 170
-Adriatic, 3
To Liverpool-Sept. 2
-City of Harvard, 284
-Sept. 7
To Bombay
To Havre
-La Savoie, 230
-Sept.8
To Antwerp-Sept.8-Pennland. 120
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Friday.
Flrm.
Good
demand,
Good
demand,
Quieter.
Mid.Upi'ds
12.16d
Sales
8,000
230
3
284
230
120
12.13d.
Good
demand.
12.20d.
10,000
12.19d.
10,000
10,000
Good
demand.
12.238.
10,000
12.67d.
6,000
Futures.
Quiet
Very ste'dy Quiet unch.
Easy
Quiet
Quiet
Market { 11 to 15pts. 12 to lents. o 2 points 1 pt. dec.to 1 pt. dee.to 12 to 18Pt5.
opened
decllne.
advance. advance. 2 pts. adv. 1 pt. adv. decline.
Market, 1
Easy
Barely st'y Steady
Quiet
Steady
Steady
4
19 to 23pts. unch'sed to 14 to 2fipts. 1 to 6 pts. 2 to 59pts. 3pts.dee.to
otylvAnen fl new adv.
dpelint,
decline. 2 Ina. dee. Adinmen
P. M.
Prices of futures at Liverpool for each day are given below:
d.
14j@17 13 0 t§13 3
l434@1634 13 0 @13 3
14siatot 13 0 013 3
14,i@um 13 0 11013 3
July-
12.
d.
324 Cop
Twist.
SM Lbs. Shirt- Cotton
ing., Common Midas
to Finest.
Upl'ds
Spot.
Market.
12:15 1
P. M.
Sat.
Sept. 3
to
Sept. 9.
Mon.
I
Tues.
I
Wed.
Thurs.
Fri.
12541 1254 1234 4:00 1234! 4:00 12341 4:00 1234 400 1234 COO
P. ra• 133. P• m.P. m.'D. m • P• tn.P.
P. m.P. m • p.m. p.m.p.m.
6.
d.
d.
d.
d.
d. I d. I d.
d.
a.
d.
11.72
11.7011.80 11.86 11.7911.83 11.83 12.40 12.27 12.37
11.71 _
11.69 11.79 11.86 11.7911.83 11.93 12.40 12.30 12.39
11.72 11.82 11.8911 81111 83 11.84 12.42 12.33 12.42
11.72 __
.11.77.. _- 11.77 11.87 11.93 11 86 11.89 11.89 12.47 12.38 12.46
11.80 __ _- 11.79 11.89 11.96 11.89 11.93 11.93 12.51 12.43 12.52
11.77 11.8711.94 11.87111.91 11.9112.50 12.42 12.50
11.77
11.80
-- 11.79 11.90 11.97 11.01.11.95 11.94 12.53 12.45 12.54
_ 11.77 _
11.77 11.88 11.95 11.89 11.93 11.92 12.50 12.42 12.51
11.78..
11.77 11.89 11.97 11.91 11.95 11.94 12.52 12.44 12.54
_ 11.67 -- - 11.66 11.79 11.89 11.83 11.87 11.86 12.43 12.36 12.45
_ 11.62 __
11.61 11.74 11.85 11.79 11.82 11.81 12.38 12.32 12.40
_ 11.51 __
11.50 11.63 11.75 11.69 11.72 11.71 12.26 12.20 12.29
11.34 11.48 11.63 11.59 11.62 11.60 12.14 12.07,12.13
d.
September__
October
November
December
January
February
March
April
May
June
July
August
September.. _ _ _
--
BREADSTUFFS
Friday Night, Sept. 9 1927.
Flour was in only moderate demand where it was not
actually dull. Northwestern advices were not so cheerful.
Less was said about activity there. There was a fair business doing in that section on old orders. New orders were
not so plentiful. Many of the large bakers here are said to
SHPT. 10 1927.]
THE CHRONICLE
1483
851,145,000 on Aug. 1 and 832,305,000
be pretty well supplied for the time being. Under the cir- Government, against
business here was very far from brisk. As for last year.
cumstances
CLOSING PRICES OF DOMESTIC WHEAT AT NEW YORK.
the export trade there seems to be no signs of its early
Sat. Mon. Tues. Wed. Thurs. Fri.
cts..13634 Bolt- 13634 13634 136% 13734
awakening. Certainly it has recently been as quiet as ever. September delivery
141
day 14034 140% 14034 14131
and the Northwestern December delivery
Later on prices declined somewhat
CLOSING PRICES AT NEW YORK FOR WHEAT IN BOND.
mills reported a better demand. The mills were buying
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_14434 Holt- 14334 143% 14434 14435
futures more freely, which was rather suggestive. Clear- October delivery
14134 day 140% 14034 141
14134
Atlantic and Gulf December delivery
ances were only moderate however, from
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
ports as well as Canadian.
Sat. Mon. Tues. Wed. Thurs. Fri.
144% 1.45%
cts_14434 Hol. 14434 144
Wheat declined on the 6th inst., with favorable weather in No. 2 red
CHICAGO.
the Northwest for harvesting throughout the spring wheat DAILY CLOSING PRICES OF WHEAT FUTURES IN Thurs. Fri.
Sat. Mon. Tues. Wed.
territory, especially in Canada. There threshing is said to September delivery in elevator_cts _133% Holt- 13234 132 131 1334
13734 day 13734 13634 137 137%
in elevator
have made considerable progress in the three Northwestern December delivery
141
141
14034 140 141%
March delivery in elevator
Provinces. The receipts at Minneapolis and Duluth were DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
very large. That started the selling. Moreover, the cables
delivery in elevator-cta_140g Roll- 139q 13934 139% 140%
were weak. Later that day there was something of a rally December
136
13534 136
day 135
136%
October delivery in elevator
1397 13934 14034 140%
140
on the technical position. The market had become short May delivery in elevator
2
1
/
Indian corn was 3 to 3 c. lower on the 6th inst. on heavy
on a recent decline of 15c. If the harvest shciuld turn out
moreover, it might easily cause a stampede of the liquidation due to ideal weather over most of the belt.
wet,
shorts. The visible supply in the United States last week When rain was needed good rains were reported. Selling
Increased 3,182,000 bushels, against 2,988,000 in the same was general. Some thought that the next Government roweek last year. So that the total is now up to 61,044,000 port would be more favorable than the bulls had been countbushels, against 63,979,000 a year ago. The world's ship- ing upon. The market acted long. Naturally, the weakness
ments last week were larger than expected. They turned of the technical position hastened the decline. The visible
supply in the United States decreased last week 1,152,000
out to have been 14,051,000 bushels.
the 7th inst. wheat was dull and declined, partly be- bushels, against 906,000 in the same week last year. The
On
cause of a drop in corn. The decline would have gone total is now 22,312,000 bushels, against 19,759,000 a year
further but for rains in Canada and predictions for cool, ago.
On the 7th inst. corn was firm for a time on covering and
unsettled weather for both sides of the border. Also, offer-ings later increased, with the short interest eliminated. new buying, but declined rather sharply later-3c. nearly
2
2
10. 1d.
Liverpool closed / to / higher, not maintaining its full with the weather generally favorable over the belt and
advance, though influenced by reports of less favorable scattered rains in some sections where they were needed
weather on the Continent. Export sales were estimated at and predictions for further showers and seasonal tempera500,000 in all positions, including some new crop Manitobas. tures. Slightly cooler weather was expected in the NorthA few sales were reported at Chicago to Montreal and Gulf west. Country offerings were persistently rather large and
premiums were firm, but demand poor. Mills continue to purchases to arrive were estimated at 300,000. Shipping
buy choice milling wheat in all markets, paying good pre- demand was poor. September corn seemed to be more
2
1
/
miums, but the medium and lower grades are not much freely offered at about 2 c. under the December. On the
Deliveries were made on September contracts and 8th inst. prices declined in a big market for a time and
wanted.
2
1
/
caused some liquidation. On the 8th inst. prices advanced then rallied 2 to 2 c. from the early low on bad crop talk
in an irregular market. Everybody was looking for a from Iowa, Illinois and Indiana. About 200,000 bushels
bullish Government report on the 9th inst. At first prices were bought to arrive at Chicago.
2
1c.
To-day prices closed unchanged to / higher. At one
declined, owing to lower cables, but with Winnipeg firm
2
1
/
rains in western Canada, the market advanced. Shorts time prices were 1 to 1 c. higher. Evening up for the Govon
covered. The Canadian forecast indicated showers followed ernment report this afternoon caused the final setback here,
by fair and cool weather, while showers were also predicted but the rise in other grain was a steadying factor. It prefor the spring wheat country. There was a belief that vented any marked decline. Yet the weather was favorable.
It is feared, however, that
spring wheat figures may not be less favorable than were Some Iowa reports were better.
the crop over large sections may not be free of the danger
for. Rust has done much damage, it is
at one time looked
of frost until Oct. 1. Many were looking for an Increased
said.
crop estimate this afternoon by the Government as comTo-day prices ended % to lc. higher the country over, pared with that of a month ago. Interior receipts were
2
1c.
with Winnipeg / up. There was only a fair business. moderate. Country offerings fell off. Chicago reported
bought to arrive. Cash trade was light.
But the undertone was firm. Cables were stronger. Euro- 90,000 bushels
Final prices show
bad. The 3c. advance The forecast was in the main favorable.
pean weather and crop advices were
1
/
a decline for the week of 42 to 53c. The Government rein rye braced wheat. Profit taking and selling against port at 4 o'clock to
-day put the condition for Sept. 1 at
privileges caused some reaction. But more or less long buying 69.7%, against 71.2 on Aug. 1; crop, 2,457,000,000 bushels,
best of against 2,385,000,000 on Aug. 1 and 2,645,031,000 last year.
and covering brought prices back to very near the
DAILY CLOSING PRICES OF CORN IN NEW YORK.
the day. Private estimates on spring wheat crop ranged
Sat. Mon. Tues. Wed. Thurs. Fri.
Ho!. 12034 11734 11934 11934
cta_122
from 280,000,000 to 294,000,000. People in general were No. 2 yellow
looking for a moderate reduction in the Government report
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO_
Sat. Mon. Tues. Wed. Thurs. Frt.
this afternoon as compared with the estimate of a month
Boll- 101% 100% 102
102
September delivery in elevator_cts_104
day 10434 10234 10434 1043.
107
ago. On the other hand, the weather in Canada was favor- December delivery in elevator
10634 10534 10634 107
110
March delivery in elevator
able. That held back Winnipeg. It was only lifted by the
1
/c.,
Oats declined on the 6th inst. 1 to 12 partly in symChicago rise. Export sales were 600,000 bushels or more.
pathy with the fall in other grain. Moreover, the visible
It is said that Europe also bought a round lot of Montreal supply in the United States increased last week no less than
hard winter. Southern Hemisphere exports this week were 4,186,000 bushels, against 2,588,000 in the same week last
small. The North American total, according to Bradstreet. year. That makes the total 21,501,000 bushels, although a
was up to 11,407,000 bushels, against 7,230,000 last year. year ago, to be sure, it was 43,930,000 bushels. No. 2 white
The world's exports for the week looked like 13,600,000. In- oats are only 8c. higher than a year ago, while No. 2 yellow
terior receipts were moderate. Cash prices were firm, corn is nearly 30c. higher. Some have been friendly to the
oats market on the score of the relative cheapness of this
although the demand for cash wheat was only moderate. grain. But trading has not been active as a rule for a long
awaiting the Government figures. Liver- time past. On the 7th inst. oats showed individual strength.
Everybody was
pool closed % to Tfid. higher. Argentine prices were prac- Cash people bought September if they sold December. The
tically unchanged. New South Wales still complains of crop movement was small. On the 8th inst. the tone was
drought. Argentina needs rain. People were inclined to firm at a further rise. A moderate cash demand appeared
and receipts were smaller than expected.
even up before the report by the Government. There was
To
-day prices closed 1 to 1%c. higher. Again oats showed
very aggressive bullish sentiment. Final individuality. They did not reflect the tone of other
an absence of any
mar1c.
/
prices show a decline for the week of 1 to 12
kets merely. Smaller crop estimates were looked for to
-day
o'clock, or after business hours, the Government in the Government report. Manitoba reported the crop outAt 4
report appeared. It put the spring wheat conditions at look in that section very bad; that is, almost a failure.
Interior receipts in this country were smaller. Cash prices
82.7%, against 80.4% on Aug. 1; crop 308,000,000 bushels,
were stronger. Commission
Aug. 1 and 205,376,000 last year; chase of oats. They boughthouses were advising the puragainst 298,378,000 on
quite freely. So did shorts
average private estimates had been 285,000,000 bushels. Cash houses sold less. Final prices show a rise for the
861,000,000 bushels, according to the week of y to 12 The Government report at 4
4 /c.
1
Total all wheat,
o'clock to-
1484
THE CHRONICLE
day put the condition for Sept. 1 at 70.3%, against 74.8%
on Aug. 1; crop, 1,191,000,000 bushels, against 1,279,000,000
on Aug. 1 and 1,253,799,000 the yield last year.
DAILY CLOSING PRICES OF DOMESTIC OATS IN NEW YO
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery
eta_ 47
Hol. 4634 46% 4734 4834
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
eta_ 5534 Hol. 5434 5434 5534 5634
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery in elevator_cts_ 4434 Holi- 433
4334 44$ 451
,
December delivery in elevator
47
47
4834 day
47
48
,
March delivery in elevator
5134
50
50
SO /s 51
,
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts_ 5834 Hon- 5834 58% 5934 59%
October delivery in elevator
52j 5234 53
5294 day
53Si
May delivery in elevator
5534 55% 56
5534
56%
Rye declined on the 6th inst. 12 partly in response to
/
1
c.,
the decline in wheat. Later in the day there was something
of a rally. But there was no evidence of export business
and the general tendency was towards liquidation. The
visible supply increased last week 161,000 bushels, against
120,000 in the same week last year. The total is now 2,130,000 bushels, against 9,796,000 a year ago. The strength of
the statistical position, however, is offset by the comparative indifference of the foreign buyer. On the 7th inst.
prices declined % to 14c., with export demand poor, hedge
/
1
sales telling somewhat and a large movement expected soon.
On the 8th there was a rise of 13 to 1%c. with wheat
higher.
To-day trading was more active. The market showed inherent strength. It did not take its cue entirely from the
rise in wheat. The seaboard was buying. Prices ended for
the day 212 to 3Y higher. Moreover, export sales stimu/
gc.
lated trading, and infused greater strength into the whole
situation. They were estimated at 500,000 bushels. Bad
crop reports from the Continent were very influential. They
offset moderate hedge selling. Realizing caused some setback from the early rise, which was generally 3 to 3e.
But much of the improvement was held at the end. Final
prices show a rise for the week of 13g. to 212c. There was
/
a fair export business in barley to-day. At 4 o'cdock to-day
the Government report for Sept. 1 put the crop at 61,500,000
bushels, against the same last month and 40,024,000 last
year; of barley, 259,000,000, against 249,000,000 in August
and 191,182,000 last year. Production of buckwheat, 15,400,000 and of flax 23,900,000.
DAILY CLOSING PRICES OF RYE FUTURES IN
CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery in elevator_cts_ 95
Holt- 9434 93% 94
9634
December delivery in elevator
9734 day
97
100
9634 97
March delivery in elevator
10134
10134 100
10034 10334
Closing quotations were as follows:
GRAIN.
Wheat. New York
Oats, New York
No. 2 red. f.o.b
No. 2 white
145%
56%
No. 2 hard winter. f.o.b.-148%
No.3 white
55%
Corn,New York
Rye, New York
No.2 yellow
No. 2 f.o.b.
11934
112%
No.3 yellow
115% Barley, New York
Malting as to quality
90®94
FLOUR.
Spring patents
$7.0O@$7.35 Rye flour, patents
$5.50@$6.0O
Clears, first spring
6.50@ 7.00 Seminole No. 2, pound.. 3%
Soft winter straights
6 00m. 6.35 Oats goods
2.95a 340
Hard winter straights
6.85( 7.25 Corn flour
2.85 ® 2.90
Hard winter patents.-- 7.25
7.75 Barley goods
Hard winter clears
6.00
6.50
Coarse
3.60
Fancy Minn. patents
Fancy pearl Nos. 1.2.
8.50© 9.00
City mills
8.75® 9.45
3 and 4-----7.00
For other tables usually given here, see page 1424.
AGRICULTURAL DEPARTMENT'S COMPLETE OFFICIAL REPORT ON CEREALS, &c.
-The Crop Reporting Board of the United States Department of Agriculture
made public on Friday, Sept. 9, its forecasts and estimates
of grain crops of the United States as of Sept. 1, based on
reports and data furnished by crop correspondents, field
statisticians, and co-operating State Boards (or Departments)
of Agriculture, and Extension Departments, as follows:
FOR THE UNITED STATES
Acreage.
Crop.
Corn
Winter wheat
Spring wheat
All wheat
Oats
Barley
Rye
Buckwheat
Flaxseed
Rice
Grain sorghums_b
Sugar beets
Potatoes, white
Sweet potatoes
Tobacco
Broomcom_b
Hops.b
Beans, dry edible_b d
Soy beans
Cowpeas
Velvet beans
Peanuts
Hay, all_tame
Cloverseai
Pasture
Per Cent
of
1928.
Acres.
98.1
103.4
103.8
103.4
913.9
116.8
107.8
121.4
94.6
96.2
102.8
100.7
111.0
110.8
95.9
79.8
111.1
1054
120.2
127.3
97,638,000
.38,185,000
20,313,000
68.498.000
42,914.000
9,456,000
23,860,000
858.000
2,653,000
979.000
7,418,000
763,000
3,495,000
920,000
1,594,300
238,000
23,100
1,749.000
2,330.000
2,244,000
137.2
102.7
Condition.
Sept. 1
io-gr.as. Sept. 1 Sept. 1
19271926.
1927.
1926. Per Cent. Per Cent.
Per Cent.
77.3
• --83.9
....
79.2
77.0
73.8
68.4
-.
..i67.9
68.7
81.1
.
.
5
67.6
83.6
74.8
86.3
76.7
78.6
78.4
71.7
c85.4
75.1
e83.0
e67.5
e69.8
1,169,000 76.6
60,262,000 e79.4
77.6
77.8
siii
83:i
-
82.8
81.6
83.6
84.4
77.6
78.6
81.0
79.1
89.2
70.8
83.9
79.6
73.9
74.9
75.5
68.5
78.2
84.6
84.6
82.5
81.2
77.8
80.8
70.5
73.6
94.5
70.8
82.2
78.7
78.0
78.6
91.0
78.6
84.1
69.7
827i
70.5
-82.9
[VoL. 125.
Total Produaion in Millions.
Harvested.
Crop
Indicated bp
Condition.f
Yield per Acre.
Harvested.
5-Yr.
5-Yr.
Avge. 1926. Aug. 1 Sept. 1 Avge.
1922-26
1927. 1927. 1922-26.
Indicated
bg
Cond'n
1926. Sept. 1
1927.
Corn, bu
2,787 2,647 2,385 2,457 27.2
26.6
25.2
Winter wheat, bu_ _ _ 556
627
11553
g553 15.0
17.0
g14.5
Spring wheat. bu
252
205
298
308 12.9
10.5
15.2
All wheat, bu
808
833
851
861 14.3
14.7
14.7
Oats, bu
1,352 1,250 1.279 1,191 31.7
28.2
27.7
Barley, bu
193
188
249
259 25.2
23.3
27.6
Rye, bu
63.9
41.0 g61.5 961.5 13.6
11.4
g15.9
Buckwheat, bu
13.8
12.9
15.4
15.4 18.6
18.3
18.0
Flaxseed, bu
20.0
18.6
23.3
23.9
8.0
6.6
9.0
Rice, bu
36.4
41.0
39.3 , 39.2 38.7
40.3
40.1
Drain sorghums, bu_b 161136
1151
1149
1151 h19.4
20.9
21.1.
Sugar beets. tons_ _ _ _
6.85
7.22
6.85
6.81 10.3
10.7
10.0
Potatoes, white, bu
394
356
411
400 111.4
113.1
114.3
Sweet potatoes, bu
81.3
83.7
87.5
89.3 92.2
100.8
97.1
Tobacco, lbs
1,342 1.321 1,138 1.168
772
795
732
Broomcorn. tons_b
k55.5 k51.5 k38.4 k40.2 1311
1346
1338
Flops,lbs_ b
26.6
29.4
31.7
31.8 1,289
1,415
1,375
Beans, dry edible,
bu_b d
16.3
17.'1
18.7
17.3 11.2
10.3
9.9
Peanuts, lbs
670
627
810
860
684
736
735
Hay, all tame, tons
90.9
86.2
102
101 1.52
1.47
1.68
a Acres remaining for harvest. b Principal producing States. c Nine-year
average. 1928-1926. d Including lima beans. e Four-year average. 1923-1926.
f Interpreted from condition reports. Indicated production increases or
with changing conditions during the season. g Preliminary estimate. decreases
g Threeyear average, 1924-1926. i Includes grain equivalent for forage. k Thousands,
not millions. 1 Pounds per acre.
The composite condition of crops in the United States on
Sept. 1 was 98.1. This indicates that crops were 1.9%
below their ten-year average condition on that date. This
composite condition is 0.9% below the corresponding
composite on Aug. 1, and 6.5% lower than the composite
of per acre yields last year. This year's total acreage in 19
cultivated crops is about 1% below that harvested last year.
Ten-year average condition (not normal) is the base, 100.
INDIAN WHEAT FORECAST.
-The Indian Govern'
ment issued as of Aug. 11 its final wheat forecast for the season of 1926-27. This report shows that the area planted is
31,244,000 acres, as against 30,471,000 acres a year ago, and
the estimated yield is 8,948,000 tons, as compared with
8,696,000 tons last year. We give below a summary of the
report:
This memorandum is based on returns of finally revised acreage and on I
turn of the wheat crop of the season 1926-27 received from local authorities
and refers to a little over 98% of the total wheat acreage.of India. The
returns, therefore, cover practically all the important wheat
-growing tracts
In India.
The total area reported is 31,244,000 acres, as against 30,471,000 acres
last year, showing an increase of 2%. The total yield of the crop, which
has already been harvested, is estimated at 8,948,000 tons (41,757,000
quarters of 480 lbs. each), as compared with 8,696.000 tons (40,581,000
quarters) last year, or an increase of 3%. The detailed figures are as follows:
(1) AREA.
Inc. H-) or
Provinces and States1928-27.
1925-26.
Dec.(-)
Punjab (a)
acres_10,626.000
-57.000
10,683,000
United Provinces (a)
6,831,000
6,991,000
-160,000
Central Provinces and Berar (a)
3,844,000
+209,000
3,635,000
Bombay (8)
2.215,000
+475,000
1,740,000
Bihar and Orissa (c)
1,186,000
+23,000
1,163,000
North West Frontier Province
997.000
1,096,000
-99,000
Bengal
129,000
130,000
-1,000
Delhi
49,000
50,000
-1,000
Ajmer-Merwara
22.000
+15,000
00
Central India
1,910,000
+58,000
1,85600
Owallor
1,399,000
1,389,000
+10,000
Ra1putana
999,000
836,000
+163,000
Hyderabad
960,000
844,000
+116,000
Baroda
74,000
52,000
+22.000
Mysore
3,000
8,000
Total
acres_31,244,000
30.471,000
+778,000
(2) YIELD.
Inc.(+) or -Yield per Acre
1928-27.
1925-26. Dec.(-) 1928-27 1925-26
Tons.
Tons.
Tons.
Lbs.
Lbs.
Punjab (a)
3431,000 3,382,000
+49.000
723
709
United Provinces (a)
2,514,000 2,314.000 +200,000
824
741
Central Provinces dr Berar (a) 802,000
907,000 -105,000
467
559
Bombay (8)
465.000
338,000 +527.000470
435
Bihar and Orissa (c)
500,000
427,000
+73,000
944
822
North West Frontier Province 232.000
268.000 -36,000
521
548
Bengal
32,000
28,000
+4,000
556
482
Delhi
16,000
20,000
-4.000
731
896
Ajmer-Merwara
8,000
2,000
+6,000
815
640
Central India
362.000
390,000 -28,000
425
472
Gwallor
281,000
336,000 -55,000
450
542
RaMutana
222,000
192.000
+30,000
498
514
Hyderabad
61,000
74,000 -13,000
142
196
Baroda
22,000
18,000
+4,000
666
775
Mysore
(d)
(e)
224
373
Total
8 948,000 8,698,000 +252,000
842
639
It will be seen that the present estimates of yield as compared with the
final figures of last year show an increase in the important wheat
-growing
tracts excepting the Central Provinces and Barer and tho Central India
States including Gwallor.
In addition to the areas for which particulars are given above, the crop is
grown in certain other tracts* for which no reports are received,
average area under wheat in .such tracts for the last five years and the
estimated at about 539,000 acres, with a yield of 154,000 tons. has been
(a) Including Indian States. (5) Including Sind and Indian
(e) Excluding estimates for certain Orissa and Chota Nagpur Feudatory States. which report
States
an area of 2,300 acres with a yield of 200 tons this year, as against
2,600 acres and 300
tons last year. (d) About 300 tons. (e) About 500 tons. * Burma, Madras and
Kashmir.
Provinces and States-
WEATHER BULLETIN FOR THE WEEK ENDED
SEPT. 6.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the influence of the weather for the week ended Sept. 6,follows:
About the beginning of the week there was a general reaction from the
previous cool weather to much higher temperatures, with readings above
normal duging most of the week in practically all sections from the Rocky
Mountains eastward. The weekly means, as shown on Chart I, were
above normal throughout the country, except in a few local areas, pan-.
cipally in the Northeast and in the far Western and Northwestern States.
Over much of the interior of the country. Including most of the Corn
Belt, and the Northwest, the week was from 3 to 8 degrees warmer than
normal, and from 3 to 7 degrees warmer lin the west Gulf area. In the
Corn Belt, the lowest temperatures reported from the first-order stations
ranged from about 52 degrees in the north to about 65 degrees in the
south, while in the Cotton Belt they were mostly from 65 degrees to 75
degrees. The minima in the northern border States were generally 40
degrees or above.
SEPT. 10 1927.]
THE CHRONICLE
1485
Chart II shows that rainfall was light in most sections of the country. good; excessive shedding attributed to previously cool,
There were some generous falls in the Southwest—mostly in central Texas lowed by too frequent showers; practically no insect dry weather, foldamage; opening
—the lower Mississippi Valley, and in parts of.the Atlantic area. In the slowly in some sections.
latter they were locally heavy in North Carolina and in southeastern New
KenZucky.—Louisville: Rain needed, rather acutely in west. Corn
York, but elsewhere east of the Mississippi River the week was mostly fair. much improved and progress very good; early nearing
maturity;
Little or no rain occurred in the Ohio Valley and lower Lake region, nor by dry weather and high temperatures; late tasseling and Bilkinghastened
rapidly.
in Central and Southern States west of the Great Plains. There were Early tobacco ripening much better and
some generous falls in parts of the upper Mississippi Valley and in the erally; late retarded and condition poor tocutting commenced rather genfah'.
Pacific Northwest extending eastward to Montana.
The warm. sunshiny, and mostly dry weather that prevailed in nearly
all sections east of the Rocky Mountains made much more favorable
weather than has recently obtained. It was especially beneficial for corn.
for harvesting those crops that have matured, and for haying. At the
Friday Night, Sept. 9 1927.
same time showers in the Southwest. especially in northern Texas. and
The Government cotton report, issued at noon on ThursIn many north-central districts, where drought has prevailed, were very
beneficial In other parts of these areas, however, rain was
day, was the outstanding development in the market for
to break the drought, and moisture is still badly needed, while it has
become too dry in a good many sections between the Mississippi River textiles during the week. The Department of Agriculture,
and Appalachian Mountains. The week was especially favorable in the in placing the condition of the crop as of Sept. 1 at 56.1
and
northwestern grain districts where harvesting and threshing made splendid progress. A continuation of warm weather, with moderate rainfall in the total yield at 12.692,000 bales, not only confirmed prithe locally dry areas of the interior and good rains from the northern vate estimates of a small crop, but went far beyond
them
Plains eastward over the Lake region, is needed.
SMALL GRAINS.—In the Northwestern States, particularly in the In reducing the probable production. The publication of
Spring Wheat Belt, conditions were generally favorable for harvesting and the report created one of the most active markets for the
threshing,and this work made good progress. In North Dakota harvest has
been 'practically completed, and threshing is well along, with yields re- staple in many years, and on heavy buying from all direcported above expectations generally. There was some slight interruption tions, prices for the staple advanced sharply $10 a bale.
by rain to harvest and threshing in northern Rocky Mountain sections.
The fact that both last year and the year before the Debut in general this work made good progress there also.
In the interior valleys rain is needed in some sections for fall plowing, partment's estimate at this date fell millions of bales short
especially in the Ohio Valley States, but much wheat ground has been
prepared. In the trans-Mississippi area the soil is mostly in good condi- of the actual figures was given no consideration. Another
tion and preparations for seeding made good advance, especially in the result of the report was the temporary withdrawal of a
Great Plains; seeding is in progress in the west-central portion. Rain Is
needed to soften the soil in the Lake region and parts of the upper Mis- number of lines of goods from the market, and the refusal
sissippi Valley.
of certain cotton goods houses to accept additional business
Grain sorghums have mostly headed in the southern Great Plains, and
rice threshing made good advance in the west Gulf area. Buckwheat is for the moment, which is taken to indicate that higher
In good condition in the central Appalachian Mountains, while flax is prices for the manufactured products will, undoubtedly be
ripening in the northern Plains. Flax suffered some rather bad local named.
Mills are finding it difficult to secure prices for
damage from frost in Minnesota, but the crop is generally good.
CORN.—The reaction to warmer weather and the abundant sunshine cloths in keeping with daily quotations for the staple—thus
made markedly improved conditions for the corn crop, and fair to excellent they are not willing to make free commitments
for the
progress was reported from practically all sections of the belt. The crop
Is generally late, however, and a continuation of warm, sunny weather is immediate future. It is feared that mills manufacturing
needed to hasten maturity from the interior valleys northward, while heavy goods and coarse yarn are going to be affected very
moisture is inadequate for late fields in parts of the Ohio and upper Mississippi Valley sections. In the Ohio Valley States progress during the week seriously by the curtailed production of raw material, while
was generally fair to very good,and in Iowa fair to excellent,except for some mills using extra staples will not only be obliged to make
late upland corn where it is too
Reports from the latter State indicate
that, with normal weather, nearly one-half of the corn crop will be safe purchases on a much higher basis, but will also be adversely
dry.
from frost by Sept. 30, about the same as in 1924. but better than 1915. affected by the higher premiums commanded for long staIn other trans-Mississippi States conditions were very favorable, although
the crop is still late, and more moisture is needed In parts of Nebraska; ples, which now promise to be scarce and costly.
corn is nearly all matured in Oklahoma,and much has sufficiently advanced
DOMESTIC COTTON GOODS.—Uncertainty as to the
for seed in South Dakota.
COTTON.—Considerably better weather prevailed in the cotton belt, probable showing of the Government cotton crop report
with the higher temperatures in the northern and more eastern States, and caused considerable apprehension among buyers of domesshowers in parts of Texas. In the Carolinas and Virginia the crop shows
some improvement, though in South Carollna, outside the Piedmont sec- tic cotton goods during the early part of the week, and led
tion, its condition continues very poor because of weevil damage. In many to enlarge their contracts with mills. Buyers in need
Georgia progress was mostly good, but condition continues to vary greatly,
ranging from very poor to very good, with weevil still active and no top of such goods as blankets, towels and spreads added to their
crop indicated in the southern portion. In Tennessee progress was mostly holdings, while converters who had been hesitating about
very good, with but little insect damage, and in Alabama it ranged from
deterioration in some sections to fair in others. In Mississippi there are placing orders for many of the fine goods which were conpractically no late and top blooms largely because of weevil infestation.
sidered to be exceedingly cheap changed their attitude to
The rains were unfavorable in Louisiana, where weevil are preventing
further development but in Arkansas progress was fairly good in most some extent. The publication of the Government report,
portions, with shedding checked by warmer weather, though insect dam- which estimated the total production of cotton this season
age increased somewhat. In Oklahoma progress ranged from very poor at 12,692,000, or approximately 5,000,000
bales less than the
to poor in the south-central and eastern portions where weevil continue
active and destructive, but good to very good in the west. In Texas final outturn in 1926, changed the situation completely.
rains reduced premature opening, and progress continued good in the Buyers who increased their efforts to make additional purnorthwest and parts of the west, while deterioration in the northeast was
checked by showers. Elsewhere deterioration continued and the prospect chases found many lines temporarily withdrawn from the
for a top crop is poor. Picking and ginning made good progress gener- market, while
on the other hand, sellers refused to accept
ally, and is much in advance of last year in the southeastern portion of
the belt.
opportunity
business
THE DRY GOODS TRADE
further
until they had an
to readjust
The Weather Bureau also furnishes the following resume prices, in keeping with the higher cost of raw material.
of the conditions in the different States:
However, there were exceptions. Mills who have been forVirginia—Richmond: Sunshine and moisture adequate and favorable tunate enough to have some cotton in hand, were ready to
for farm crops and for farm work; good progress in plowing and harvesting
late hay crops. Cotton and peanuts improved; truck crops, pastures, do business with desirable clients to the end of the year, on
and corn good to excellent.
the basis of quotations prevailing. An active demand develNorth Carottna.—Ralelgh: Weather generally more favorable for cotton,
except for some locally heavy rains in central and east: weevil becoming oped for gray goods, and available lots were absorbed very
more general in east and south with much damage to late and some to readily, while the call for print cloths dominated the deearly crop; open in south. other crops doing well, except peanuts only
mand for the other lines. Business was held in check only
fair: harvesting early corn.
South Carolina.—Columbia: Condition of cotton good to excellent in by the unwillingness of many sellers to trade. Print cloths,
Piedmont, but very poor elsewhere because weevil very numerous with
/ and 271
4c.,
extensive injury; opening more rapidly in Piedmont and picking general 28-inch, 64 x 64's construction, are quoted at 7
in central and south. Pastures, truck, and corn, especially late,
much inch, 64 x 60's, at 6%c. Gray goods in the 39-inch, 68 x 72's
Improved; fodder pulling and haymaking in progress.
construction, are quoted at 10Y
2c., and 39-inch, 80 x 80's, at
Georgta.—Atianta: Week was mostly warm and dry and very
for harvesting. Progress of cotton good; condition very poorfavorable 12 c.
/
1
2
to very
good; crop all open in southern half where weevil still active and no top
WOOLEN GOODS.—Business in woolens and worsteds
crop indicated; opening rapidly in north with picking and ginning generally
far in advance of last year.
continues to improve. Agents for worsted dress goods mills
Florida.—Jacksonville: Splendid progress in picking and ginning
cotton;
this work finished in many districts. Harvesting corn, hay, and peanuts report a revival in demand not witnessed for two or three
Jaade good headway; cane and truck need rain on uplands, but fair to good Years past. In regard to woolens, orders for fine overcoatlowlands. Citrus fair to good, but rain would be beneficial as some
ings and fine heavy weight suitings are being received on a
complaints of splitting and cropping.
Alabama—Montgomery: Local showers insufficient for growing.crops. more liberal scale, and some of the mills are said to be
Sweet potatoes and early corn mostly good progress and condition; late closely
sold for all deliveries until November. Stock goods
corn injured by dry weather. Cotton is badly deteriorating or making
only fair progress; condition spotted, but mostly poor to fair; opening of quality, wherever available, are being readily taken by
rapidly and prematurely locally; picking and ginning good progress, though buyers who
willingly pay the prices asked. There has also
picking delayed locally in south account scarcity of labor; shedding squares
and young boils reported locally; weevil continue active and destroying been a decided quickening in the demand for tropical suitsquares in some localities.
Mississipra—Vicksburg: Late and top bloom of cotton practically de- ings, and particularly in the South, where repeat orders are
stroyed, largely by weevil: early crop opening rapidly and 'picking pro- more numerous. Houses that have opened fancy lines for
ceeding fairly well with bolls rather scarce; heavy rains caused slight damage spring likewise report that their business is more
satisfacto staple in some localities.
Lourstana.--New Orleans: Pastures, sugar cane, sweet potatoes, and tory as compared with a year ago—thus, improvement in
late truck benefited by rain, but unfavorable for cotton and some open the woolen goods industry in general appears to have defibolls damaged locally in southeast; crop mostly open, but progress in
picking slow, except fairly rapid In northwest;
preventing further nitely arrived.
development in most sections; condition poor toweevil good.
fairly
FOREIGN DRY GOODS.—More activity is developing in
Texas.—Houston: Pastures and minor crops improved, except where
still di's% Preparation for winter wheat seeding progressing In north. the markets for linens against end-year business, which at
progress and condition of cotton good in northwest and portions of west;
deterioration checked by rains in northeast, but elsewhere deterioration present promises to be ahead of last year's volume. It is
oontinued because of bollworm and weevil damage; plants dying of root also expected that there will be a more varied assortment.
rot, and bolls undersized; rain reduced premature opening; top crop pros- In dress linens, for
instance, there Is to be a larger display
pects poor; picking and ginning made good progress and about completed
of printed designs, in addition to an extension in the
on lower coast and adjoining southwestern sections.
pa Oklaitottia.--01clahoma City: Progress and condition of cotton very ber of pure white selections. Prices are considered to numbe on
r to poor in south-central and cast where weevil continue active and
truc
tive, but good to very good in west where no material insect dam- a favorable basis, while stocks in retailers' hands are
said
age. Progress and condition of corn fair to excellent; nearly all matured; to be in need of replenishment. Burlaps have
ruled easy,
harvesting. Wheat land mostly ready for seeding.
Arkansas.—Little Rock: Progress of cotton fairly good in most portions owing to a sharp reaction in prices in the Calcutta
market,
and shedding checked; damage by worms and weevil increased somewhat, where there has been
wild speculation. Domestic buyers
portion
but none over largoconditionof State; crop opening rapidly in south and have been Inclined to
very uneven, usually fairly good to very
hold off, and are not disposed to place
slowing in central;
geod on uplands and in south; very poor to fair elsewhere.
Tennessee.—Nashville: Coolness first of week retarded growth of corn, orders for deferred shipment under prevailing unsettled conditions. Light weights are quoted at 7.85c., and
but warmer weather last days resulted in improvement; dryness generally
heavies
not favorable for young corn. Condition and progress of cotton very at 10.10c.
g:
THE CHRONICLE
1486
fitate awl Titg pepartuxen t
NEWS ITEMS.
-The State
-Legislature Adjourns.
Alabama (State of).
Legislature adjourned sine die Sept. 2. During the session
a proposal to amend the Constitution to allow a $20,000,000
bond issue for educational purposes was enacted. Theproposition will be submitted to the voters in November 1928.
-At
-Legislature in Special Session.
Louisiana (State of).
the call of Governor Simpson, the Legislature met in special
session on Sept. 6.
-To Vote on Amendments to
New Jersey (State of).
-A special election is to be held Sept. 20, at
Constitution.
which the voters will be asked to express their opinion on a
proposed constitutional amendment which would give the
Legislature power to establish water supply districts,sewerage
districts, drainage districts, and meadow reclamation districts. Another proposed amendment provides for biennial
legislative sessions, for a four year term for governor and
State senators and for a two year term for assemblymen.
[VoL. 125.
in investment accounts by various syndicate members with
the agreement they would not be marketed until the syndicate books were closed:
Closing of the syndicate books on the $60,000,000 City of New York 4%
serial bond and corporate stock issue which was marketed last May by a
group headed by the Chase Securities Corp. was announced yesterday.
With the termination of the syndicate account, the $20,000,000 of the bonds
held in the investment account by several members of the syndicate is
automatically released. In addition to this block a total of $4,250,000 of
the serial bonds, which is the remainder of the portion of the bonds which
were offered at reduced prices in mid-July, were purchased yesterday by a
few of the larger banks in the syndicate from the smaller dealers and are
being re-offered at unchanged prices.
The original date of expiration of the syndicate was on July 10, when
a 60-day extension was voted. It was on this date, however,that a division
of opinion occurred on how to dispose of the $45,000,000 of the issue unsold
at that time. Owners of $20.000,000 of the issue elected to withdraw their
bonds from the market until the syndicate was dissolved. Banks owning
the remaining $25.000,000 cut the prices to a 4% basis on the corporate
stock and a 3.95% basis on the serial bonds. The original prices were on
the basis of3.90% on the corporate stock and 3.50 to 3.94 on the serial bonds.
Waiting for Higher Market.
A check-up yesterday of the dealers holding the $20,000,000 block in
their investment accounts showed that no immediate effort will be made to
offer any portion to the public. The inference is that the holders intend
to wait out the present rising market and sell their holdings at higher prices
than are now prevailing.
The significance of the change of ownership in the block of $4,250,000
serial bonds, which has been on the market continually since last May,
is that, instead of being held by twenty-odd banks, the block is in the
hands of half a dozen. The decision of the new owners to reoffer the bonds
at unchanged prices, viz., a 3.90% basis, indicates that an effort will be
made to close out the bonds within the next few days.
If precedent is followed, a large percentage of the $20,000,000 block
York City
issue of
may not reach the general market until the
-A bill obligations is brought out, which, however, isnextexpected New if at all in
soon,
-Housing Bid Signed.
not
New York City, N. Y.
of municipal bond
condemn land and lease 1927. Much, of course, will depend upon the trend movement of prices
which would give the city power to
prices in the next few weeks. Indicative of the general
it for an indefinite period for housing projects intended to this week was the announcement yesterday of the marking up of prices on
of State of Missouri, State of West Virginia and City of
remove slum sections was signed by Acting Mayor McKee the unsold portionfrom a 3.95% to a 3.90% basis.
Milwaukee bonds
on Sept. 2. The bill must be submitted to a popular vote in
Largest Issue Since January.
November in the form of an amendment to the city charter.
The New York City issue was the largest single issue of municipal bonds
city's
The New York "Times" of Sept. 3 said:
to be marketed since last January, when a similar amount of the
City Hall,
Acting Mayor McKee, after a tivo-hour public hearing in theBefore be- obligations was'sold.
Walker's amended housing bill yesterday.
The original members of the syndicate offering the present issue were:
signed Mayor
Brothers, Hallcoming a local law the measure must be approved in a referendum by the Chase Securities Corporation, Blair & Co., Inc., Lehman Buffalo, Ladengarten & Co., New York Trust Co., Marine Trust Co. of
city voters in the general election in November.
pen to sign he was photographed with a group burg, Thalmann & Co., Empire Trust Co., J. S. Bache & Co., Hornblower
As Judge McKee took his
desk. & Weeks, Manufacturers' Trust Co., A. B. Leach & Co., Inc., Barr Brothof some of the most ardent advocates of the bill clustered behind his
National Bank,
Among them were August Ileckscher, philanthropist, and Miss Sophie ers & Co., Stone & Webster and Biodget, Inc., Chemical
Welfare Association, to whom Public National Bank, Bank of United States, Phelps, Fenn & Co., J. A.
Irene Loeb. President of the National Child
Sisto & Co. and A. M. Lamport & Co.
the Acting Mayor presented the pen.
In closing the hearing and just before signing the bill, Mr. McKee deitself
clared that by this legislation the city had committed of the in no way
objections
to any particular so-called housing plan and that many
made against the bill on those lines were premature, if not irrelevant.
"I have given considerable study to the bill," he said,"and have listened
attentively to the arguments by both sides. Some have entirely mistaken
the purport of the bill, due to the fact, no doubt, that they have not read it.
"The City of New York is empowered now under its charter to take
-The
-BOND SALE.
ADAMS COUNTY (P. 0. Decatur), Ind.
land in excess condemnation and to lease or sell or rent it. Section 205,
bonds offered on Sept. 7-V. 125. p. 1353 11. were
issues of 4I4
however, which is still in force, limits the period for which any land may be followingas follows: %
leased by the city to ten years, with privilege of a renewal of ten years. awarded
of
To Breed, Elliott & Harrison of Indianapolis at a total premium
All that this bill will do, if approved by the Mayor and approved by the
people on referendum, will be to empower the Shaking Fund Commission $1,704, equal to 101.05:
a period greater than $29,240 James Hurst, Washington Township bonds.
which is the agency of the city, to make leases over
29,200 l'aul Schulte, Washington Township bonds.
twenty years. This is the only principle involved in the bill itself.
36,200 George Wenahoff, Washington and Root Townships bonds.
"The Mayor is deeply interested in this subject. Be feels and has been
To the First Nat. Bank of Decatur at a premium of $88, equal to101.83:
assured that he can bring relief to the poor people of this city who live in
congested areas. There are those who believe that we cannot succeed. $4.800 John II. Baumgartner, French Township bonds.
To Henry Hirschy of Monroe at a premium of $54, equal to 100.81:
in his attempt to solve that
There is no one who questions his sincerity
problem. This is a step in the right direction because it gives the pre- $2,800 J. F. Sipe, Bins Creek Tovrnship bonds.
Date Aug. 15 1927.
authority to begin at least a remedy for these very serious probliminary
lems. When the time comes, before the plan shall be avowed, it will be
-BOND OFFERING.
ALABAMA (State of) (P. 0. Montgomery).
duly advertised.
Bibb
"While it is true that Mr. Browne has paid us the compliment of not Scaled bids will be received until 12 m. Sept. 15 byimpt. Graves, Governor.
7th series bonds.
because it will for a $1,000,000 issue of 43' % coupon harbor
trusting us, we feel that that very thing is a safeguard,
give him at least a ground on which to work the suspicion, to call the at- Date Sept. 1 1927. Due $25.000 from Sept. 1 1937 to 1976. Prin. and
tention of the prople to any wrong that may be contemplated in the pro- semi-ann. Int. (M. & S.) payable at the New York fiscal agency or at
the State Treasurer's office. Storey, Thorndike, Palmer & Dodge. Boston
posed leasing.
check for 2% of the
"As to the arguments that have been put forward regarding any at. attorneys, will supply legal approval. A certified
them very seriously, especially bid, drawn payable to the State Treasurer, is required.
tempt to lease houses, I am not taking
when they come from the old war horses who have appeared to date. I
-BOND DESCRIPTION.
ALABAMA CITY, Etowah County, Ala.
was a member of the Legislature and heard the same cries raised against the
on Aug. 16-V. 125,
rent laws. I have seen their opposition against practically all remedial The issue of $36,000 public improvement bonds sold par is described as
-to Ward, Sterne & Co. of Birmingham at
legislation proposed to be enacted at Albany. They are conscientious, p. 1219
follows: Coupon bonds bearing 6% int. Dated Sept. 1 1927 and due
but also chronic objectors."
to maturity. Denom.$1,000.
Opposition to the bill was voiced principally by Edward P. Doyle for Sept. 11937. Optional one-tenth from 1928
the Real Estate Board of New York; Stewart Browne of the United Real Interest payable M. & S.
real estate operEstate Owners' Association, and William D. Kilpatrick, a
ALBANY INDEPENDENT SCHOOL DISTRICT, Shackelford
ator of 149 Broadway. For the most part they reiterated the objections County, Texas.
-The $50,000 issue of 5% school bonds
-BOND SALE.
they had voiced at previous hearings.
-has been purchased by
terms which was registered on Aug. 16-V. 125, p. 1219
Mr. Doyle,citing the fact that Mr. Heckscher is pledged under theof the the State Board of Education, for a premium of $525, which is equal to
apartments in the Allen Street quarter
of this bill to erect model
101.05, a basis of about 4.78%. Date July 1 1927. Denom. $1,000.
lower East Side, said:
payable Jan. & July 1.
"If these buildings are 'slums' it is the fault of the tenants and such Due $5,000 July 1 1928 to 1937. Int.
tenants would make slums out of Mr. Heckscher's buildings or out of the
ALBUQUERQUE, Bernalillo County, N. Mex.-BOND ELECTION.
Park Lane or the Ritz.
4 there will be an election to vote the"The English Minister of Health was quoted in the 'National Housing -We are informed that on Oct.of bonds, aggregating $590,000 as follows:
six issues
Magazine'as saying he was tired of tearing down slums,erecting new build- issuance of the following
ings and having them become slums in a year. Vienna had exactly the $235.000 water improvement & extension.
195,000 sewerage.
same experience. Whenever Governments forget natural laws, neglect
idols for popular
20,000 fire protection.
the real functions of government and stray after false
Even i??
30,000 improved streets and alleys.
applause, they find too late that they have made a mistake. to pay." a
80,000 park.
rich city like New York there is a limit to the taxpayers ability
30.000 storm sewer.
Among the proponents heard were Mr. Heckscher, Leonard M. Wall
stein, counsel for the Citizens' Union; Miss Loeb, Justice Jacob l'anken
-BOND OFFERING..
ALLEN TOWNSHIP, Ottawa County, Ohio.
and Isidor Burger of the Greater New York Taxpayers' Association. Mr.
G. Krouse, Clerk of the Board of Trustees, will receive sealed bids
Heckscher and Miss Loeb stressed the necessity for the elimination of the -E. 2 p.
$16,500 53.% coupon road impt. bonds. Date
m. Sept. 20 for
until
slum areas.
$500. Due Oct. 1 as follows: $500,
Mr. Heckscher told of the municipal assistance given in slum elimina- Oct. 1 1927. Denom. $1,000, one for
A certified check for 5% of
tion by the big cities of Europe. Ile said that one of the most squalid 1928: $3,000, 1929 to 1932 and 35,000, 1933.
the bid Is required.
parts of New York City was in the Bellevue Hospital district.
authority to call to Mayor Walker's
Mr. Walistein, who was the first legal
-BOND SALE.
-The $1,000
ANTWERP, Paulding County, Ohio.
the
attention the availability of the excess condemnation Act, praisedonly 6% sewer improvement assessment bonds offered on Aug. 19-V. 125,. R.
amended bill. Its advantages, he declared, were twofold. "The law. 942
,
-were awarded to A. E. Aub & Co. of Cincinnati at par. Date Aug.115
the State Housing
alternative, of course," said Mr. Wallstein, "is
Sept. 15 1928 to 1932, inclusive.
That suffers from two defects. In the first place, the right to resort to 1927. Due $200
doubtful. In the second place, there is a
condemnation is exceedingly
ASHLAND, Boyd County, Ky.-BOND SALE -The $120,000 43i%
upon
multifariousness of detail in that bill which necessarily has an effect
-V 125, p 1219
-were purchased
school bonds offered for sale on Sept. I
the details of its provisions.
which is
under the Constitution by Blyth, Witter & Co. of Chicago, who paid a premium of $1,667,and due
"Under this plan you have the express power
to 101.38, a basis of about 4.33%. Dated July 1 1927
equal
to resort to the condemnation which is essential to any plan, and you July 1 1928 to 1948. Denom. $1,000. Prin, and int. payable at the
power to adapt the application of
have in this broad grant of authority the
Chemical National Bank in New York City. The following is a partial
the plan to conditions as the situation requires in each and every instance.
list of the other bidders and their bids:
'The power which the application of this plan will give to public officials
Premium.
Premium.1 NameNamea good change which
is very broad. It was a wise suggestion and will be
$630.60
$1,417.00 Block, Fetter & Clost
did not appear in the original bill, the suggestion which retains the element The National City Co
636.00 Harris Trust & Savings Bank 429.00,
studied in all its aspects, from Breed, Elliott & Harrison__
of competition. After the subject has been
the real estate and the builders' aspect, and the tenants' point of view,there
SALE.
-BOND
ATLANTIC COUNTY (P. 0. Atlantic City), N. J.
Will then be proposed a form of lease which the city will pass as one which
,
of 415
it is willing to make and will then ask for competition as to the obtaining of The two issues -were % road improvement bonds offered on Sept. 2awarded as follows:
V. 125, p. 1080
that lease. That will remove one large element of possible abuse."
$117,000 bonds (120,000 offered) to It. M. Grant dr Co., and the Second
National Bank of Atlantic City, paying $120,398.40, equal to
Bonds May
New York City, N. Y.-$20,000,000 of City's
102.90, a basis of about 4.17%. Due Sept. 1 as follows: $6,000.
1929 to 1941 incl.: $7,000, 1942 to 194(i incl., and $4,000, 1947.
Now Be Placed on Market, Result of Closing Syndicate Books.
55,000 bonds to Morris, Mather & Co.. New York City, at a premium
The following comment appeared in the New York "Times"
of $240, equal to 100.43, a basis of about 4.35%. Due $11,000.
Sept. 1 1928 to 1932,incl.
of Sept. 8 relative to the release for public offering of about
Date Sept. 1 1927.
$20,000,000 New York City bonds, which in July were placed
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
7
SEPT. 10 1927.]
THE CHRONICLE
1487
ATTICA RURAL SCHOOL DISTRICT, Seneca County, Ohio.BOND SALE.
-The 5175.000 5% school bonds offered on Sept. 2-V. 125.
-were awarded to W. K. Terry & Co. of Toledo at a premium of
p. 942
$8,227. equal to 104.70. Dated March 1 1927. Due serially 1928 to 1950
inclusive.
CADDO PARISH (P. 0. Shreveport), La.
-BOND SALE.
-The
51.100,000 41 % improvement bonds offered on Sept. 5-V. 125. p. 1220
4
were awarded to the City Savings Bank & Trust Co. of Shreveport.
Financial Statement.
Assessed valuation 1926
$15,804.593
Population, census 1920
25,570
Polk 1926 directory (eat. population)
41.750
Net bonded liability of City of Bellingham. June 30 1927
392,000
Date incorporated, Dec. 28 1903.
BERKLEY (P. 0. Detroit), Wayne County, Mich.
-BOND OFFERING.
-W. G. Baker, Village Clerk, will receive sealed bids until 9 p. m.
(Eastern standard time) Sept. 15, for the following issues of special assessment bonds not to exceed 6%:
268,500 Paving Districts Nos. 69 and 70. Due in 10 years. A certified
chock payable to the Village Treasurer, for 52.000,is required.
13,400 Sewer and Water Districts Nos. 65-68. Due in five years. A
certified check payable to the Village Treasurer, for $500. is
required.
CASS COUNTY (P. 0. Logansport), Ind.
-BOND OFFERING.
U. S. Hoffman, County Treasurer, will receive sealed bids until 10 a.m.
Sept. 17 for an issue of $22.000
% C. E. Millhouse, et al, Jackson
Twp. improvement bonds. Date Sept. 15 1927. Denom. $500 and $600.
Due $1,100, May and Nov. 15 1928 to 1937, incl.
CASTRO VALLEY SCHOOL DISTRICT (P. 0. Oakland), Alameda
County, Calif.
-BOND SALE.
-The $25,000 issue of 5% school bonds
offered on Sept. 6 (V. 125, p. 1220) was awarded to E. II. Rollins & Sons
of Los Angeles who paid a premium of $1.318, equal to 105.27-a basis of
about 4.45%. Denom. $1,000. Date Sept. 1 1927 and due $1,000 Sept. 1
1928 to 1952. Interest payable M. & S.
2ALDWELL, Canyon County, Idaho.
-BOND OFFERING.
-Sealed
bids will be received until 8 p. m. Oct. 3 by C. L. Sloan, City Clerk, for
BASTROP COUNTY (P. 0. Bastrop), Texas.
-BOND ELECTION.
- an issue of $56,700 not exceeding 7% street impt. district No. 5 bonds.
We were unofficially informed that on Oct. 8. there will be an election to Dated Sept. 1 1927 and due from 1928 to 1937. Prin. and int. payable
decide the issuance of $60,000 road dist. No. 8 bonds.
either in Caldwell or in N. Y. City. Pershing, Nye, Talmadge & Bosworth
of Denver will furnish legal approval. A $5,000 certified check is required.
BEACON, Dutchess County, N. Y.
-BOND SALE.
-The following
two issues a bonds, aggregating $170.000, offered on Aug. 31 (V. 125. p.
CALIFORNIA, State of (P. 0. Sacramento).
-BOND OFFERING.
1080) were awarded to George B. Gibbons & Co. of New York City as Sealed bids will be received by Chas. G. Johnson, State Treasurer, until
4.155, at a premium of $534.99. equal to 100.31. a basis of about 4.10%:
Nov.3for a block of 52,500,001)4% veterans welfare bonds of the $20,000,$45,000 high school addition bonds. Due Sept. 1 as follows: $4,000. 1929 000 in bonds which were voted last November. Maturity Is from 1931
to 1951.
to 1935; $2.000. 1936. and 51,000. 1937 to 1947.
125,000 Main S. paving bonds. Due $5,000. Sept. 1 1928 to 1952.
CARROLL COUNTY (P. 0. Carroll), Iowa.
-BONDS DEFEATED.
Date Sept. 1 1927.
-At a recent election the voters defeated the issuance of 5800.000 road
BEECH CREEK TOWNSHIP, Greene County, Ind.
-BOND OF- bonds by a vote of 4,671 to 2,271.
FERING.
-James W. Fuller, trustee, will receive sealed bids until 2 p. m.
CARROLLTON, Carroll County, Ohio.
-F. E.
-BOND OFFERING.
Sept. 23 for an issue of $10,500 5% school construction bonds. Denom.
$500. Due as follows: $500 July 1 1928, and $500 Jan. & July 1 1929 to Pretty, Village Clerk, will receive sealed bids until 1 p. m. Sept. 23 for
$12,000 555% storm sewer bonds. Date Oct. 1 1927. Denom. 51,000.
1938. incl. Interest payable J. & J.
Due Oct. 1 as follows: $1,000, 1929 to 1936. and 52.000. 1937 and 1938.
BELLINGHAM, Whatcom County, Wash.
-BOND OFFERING.
- Prin. & hit, payable at the Village Treasurer's office. Legal opinion of
Sealed bids will be received until 2 p.m. Oct.3 by John A. Kellogg, Mayor, Squire, Sanders & Dempsey. Cleveland. will be furnished. A certified
for an issue of $250,000 not to exceed 5% coupon water betterment bonds. check for 3% of the amount of the bonds is required.
Date July 1 1927. Denoms. $100 to $1,000. Due serially in from 2 to 30
CASCADE COUNTY SCHOOL DISTRICT NO. 12 (P. O. Great
years in amounts to be specified. A certified check for $12,500, payable to
-BOND SALE.
-The $1,500 school bonds offered on Aug. 29
the city is required. Prin. and semi-annual int. (J. & J.) payable at the Falls), Mont.
-V. 125. p. 810
-were awarded to the First National Bank, Great Falls.
City Treasurer's office in Bellingham.
BEVERLEY, Essex County, Mass.
-TEMPORARY LOAN.
-The
Bank of Commerce & Trust Co. of Boston was awarded on Aug. 31 a
$100.000 temporary loan on a 3.41% discount basis. Legality approved
by Ropes, Gray, Boyden & Perkins of Boston.
CENTER TOWNSHIP, Greene County, Ind.
-BOND OFFERING.
Harry C. Martindale, Trustee, will receive sealed bids until 2 p. m.Sept. 23
for an issue of $8,5005% school construction bonds. Denom.$425. Due
Jan. and July 1 1928 to 1937 incl.
CHICKASAW COUNTY (P. 0. New Hampton), Iowa.
-BOND
OFFERING.
-L, J. Jarchow, County Treasurer, will receive sealed bids
until 2 p. m. Sept. 15 for $125,000 435% road bonds. Date Oct. 1 1927
Denom. 51,000. Due $10,000 yearly May 1 1932 to 1936, inclusive, and
515.000. 1937 to 1941. inclusive.
BLOOMFIELD SCHOOL DISTRICT (P. 0. New Bloomfield), Perry
County, Pa.
-BOND OFFERING.
-C. L. Darlington, Secretary of Board
CINCINNATI, Hamilton County, Ohio.
-SINKING
FUND
of Directors, will receive sealed bids until 7 p. m. Sept. 19 for an issue of
-We present herewith, the consolidated statement, as
524.000 43.% school bonds. Due Oct. 1 as follows: $5,000, 1932.1937, STATEMENT.
taken from the "Cincinnati Enquirer" of Sept. 2. of the sinking fund of the
1942 and 1947, and $4,000. 1951; optional after Oct. 1 1932. A certified
city, at the close of business Aug. 31:
check for 5% of the bonds offered is required.
Assets
BOONE COUNTY (P. 0. Lebanon), Ind.
52,642.319.14
-BOND SALE.
-The Total cash
$70.000 43% bridge bonds offered on Aug. 27-V. 125, p. 943
-s
60,125.29
-were *Lee cash interest
awarded to the Fletcher Savings & Trust Co. of Indianapolis, at a premium Cash-Redemptionfund
$1,782,193.85
fund
of $1.616. equal to 102.30, a basis of about 4.03%. Dated June 22
32.255.670.87
1927. Investments
Due $3,500, May and Nov. 15 1928 to 1937 inclusive.
Total sinking fund
$34,037,864.72
BRADLEY BEACH, Monmouth County, N. J.
-BOND OFFERING. Balance-Excess of liabilities over sinking fund
68,105,976.97
-Frederick P. Reichey. Borough Clerk, will receive sealed bids
until
8 p. m. (daylight saving time) Sept. 13, for an issue of 5%
Total
$102,143.841.69
coupon or
registered police and fire alarm signal system bonds not to exceed
* For payment of interest not yet due.
517.000,
no more bonds to be awarded than will produce a premium of
$17,000. Date Sept. 1 1927. Denom. $500. Due $1.000 $1,000 over
Liabilities
Sept.
to 1945 incl. Prin. and int.(M. & S.) payable in gold at the office1 1929 General bonds (other than waterworks and Cincinnati
Borough Collector. A certified check payable to the Borough of the
$63,401.606.61
Southern Railway)
for 2%
of the bonds bid for is required. Legality approved by
14.962.230.48
Durand, Ivins Waterworks bonds
& Carton of Asbury 1'ark.
Cincinnati Southern Ry. bonds
Construction
$14,932,000.00
BRIDGEPORT, Fairfield County, Conn.
Terminal
6,900,000.00 21.832.000.00
Walter W. Garrity, City Comptroller, will receive -BOND OFFERING.
1.948.004.60
for the following issues of 4.4% coupon bonds, sealed bids until Sept. 19 Assessment bonds (paid by special property assessment)____
aggregating $580,000:
5450.000 school bonds.
Total
$102,143.841.69
1540,000 park bonds.
50,000 pavement bonds.
40,000 construction bonds.
Date Oct. 11927.
CLACKAMAS, Clackamas County, Ore.
-BOND SALE.
-On Aug.23
an issue of $150,000 water bonds was sold to a syndicate composed of
BROCKTON, Plymouth County, Mass.
-TEMPORARY LOAN.- Lumbermans Trust Co. of Portland. Dean Witter & Co., of Los Angeles.
The Plymouth County Trust Co. was recently awarded a
and Peirce, Fair & Co., of Spokane, at a premium of $1.065, which is equal
porary loan on a 3.415% discount basis. The loan matures$300,000 tem- to 100.70.
Feb. 10 1928.
Other bidders were:
CLARICSBURG, Harrison County, W. Va.-BOND SALE.
-The
Bidder
Prem. Disci. Basis. $80,000 434;% coupon fire station bonds offered on Sept.6(V. 125. p. 1220)
Brockton National Bank
3.425% were awarded to the Lowndes Savings Bank & Trust Co., Clarksburg. for
Shawmut Corp
$1166
3.43%
a premium of $2,400. equal to 103-a basis of about 4.23%. Date Jan. 1
Home National Bank
3.435% 1927. Denom. $1,000. Due Jan. 1 1929 to 1958. Principal and interest
F. S. Moseley & Co
3.25
3.44%
(J. & J.) payable in Clarksburg or New York. Other bidders were:
S. N. Bond & Co
3.00
3.44%
Salomon Bros. & Ilutzier
Premium.
Bidder3.00
3.47%
W. L. Slayton & Co.. Toledo, Ohio
$569.00
BUCKHANNON ROAD DISTRICT (P. O. Buckhannon),
338.00
Upshur Otis & Co., Cleveland. Ohio
County, W. Va.-BOND SALE.
-The State Sinking Fund recently pur- Braun. Bosworth & Co., Toledo, Ohio
228.00
chased an issue of $55,000 road bonds at par.
Well, Roth & Irving Co., Cincinnati, Ohio
464.00
Seasongood & Mayer, Cincinnati, Ohio
251.00
BUFFALO, Erie County, N. Y.
-BOND OFFERING.
Stranahan. Harris & Oatis, Toledo, Ohio
-WI!lam
824.80
Schwartz, Commissioner of Finance and Accounts, will receive sealed F. Prudden
& Co. Toledo, Ohio
bids
'
166.90
until 11 a. in. (eastern standard time) Sept. 20 for the following issues
of Clarksburg Trust Co.. Clarksburg, W. Va
415.00
451% coupon or registered bonds, aggregating $3,660,000;
Reed, Elliott & Harrison, Cincinnati, Ohio
664.00
$2,920,000 Series B general municipal Improvement bonds. Due
267.50
$146,000 N. S. Hill & Co., Cincinnati, Ohio
Oct. 1 1928 to 1947, inclusive.
A. C. Allyn & Co., Chicago. Ill
417.00
440,000 Series A general municipal improvement bonds. Due
$44,000
Oct. 1 1928 to 1937, inclusive.
CLAWSON, Oakland County, Mich.
-CHARTER REVISION AP300,000 water bonds. Due $10,000 Oct. 1 1928 to 1957, inclusive.
PROVED
-BONDS VOTED.
-At a special election held on Aug. 30 the
voters approved a motion to revise the village charter, and also approved
Date Oct. 11927. Coupon bonds to be issued in $1.000 denomination: the issuance
of $25.000 water system bonds. The bonds will run for a
registered bonds to be issued in 51,000 denomination. Principal and interest
(A. St O.) payable at the office of the Commissioner of Finance and Ac- period of 30 years and will bear interest at the rate of 514 %.
counts, or at the Ilanover National Bank, New York City. A certified
CLAWSON, Oakland County,
-BOND OFFERING.
-Lynn
check, payable to the order of the above-mentioned official for 2% of the Richards. Village Clerk, will receive Mich.
bonds offered, is required. Legality approved by Caldwell & Raymond, for an issue of 525.000 water works sealed bids until 8 p. m. Sept. 20
extension bonds not to exceed 5 j
%•
of New York City.
Date Sept. 1 1927. Denom. $1,000. Due Sept. 1 1957. A certified
check,payableto the order of the Village Treasurer, for $2,000 is required.
Financial Statement as of Sept. 1 1927.
CLEVELAND,Pawnee County, Okla.
Assessed valuation:
-BOND SALE.
-Brown,°rummer
Real property
$966,169,720.00 ing Co.. of Wichita, was recently awarded an issue of $85,000 514% buildbonds. Due 1944.
Special franchises
30,555,410.00
Personal property
7,154.000.00
COLLINGSWOOD, Camden County, N. J.
-PRICE PAID.
-The
price paid for the
Total
$1,003,879,130.00 M. M. Freeman St$70,000 414% general improvement bonds awarded to
Co. of Philadelphia (V.
Bonded debt:
of $500, equal to 100.71-a basis of about125, p. 1354). was a premium
4.42%. Date
Due Aug. 1 as follows: $2,000, 1928 to 1953, inclusive, and Aug. 1 1927.
Certificates of indebtedness and monthly local work (in
53.000. 1954 to
anticipation of the collection of taxes)
$1,638,430.68 1959, inclusive.
Water (prior to Jan. 1 1904)
1,406,263.20
COLONIAL HEIGHTS, Dinwiddie County, Va.-BOND DESCRIPWater (subsequent to Jan. 1 1904)
15,144,820.32 TION.
-The issue
Net debt
61,007.499.87 (V. 125. p. 1220) of $90,000 water-works and sewers bonds sold on Aug. 16
to J. C. Mayer & Co. of Cincinnati and the Virginia
National Bank
Total
$79,197,014.07 Is described as of Petersburg. jointly, for a $450 premium, equal to 100.50.
follows: Denom.51.000. Coupon bonds bearing 6% interest.
funds:
Sinking
dated Oct. 1
Water
$3,722,305.81 payable A. & 1927 and due serially in 30 years. Not optional. Interest
0.
Various
2,831,993.74
COLSON ROAD DISTRICT NO. 7 (P. 0. Farmerville), Union
Total
$6.554,299.55 Parish, La.
-BOND OFFERING.
-J. D. Miller, President of the Police
Jury, will receive sealed bids until Sept. 23 for 525,000 6% road bonds.
-BOND SALE.
BURNETT COUNTY (P. O. Burnett), Texas.
C. II. Ripley & Co. of Dallas, has recently purchased an Issue of $60,000 "L" COMSTOCK, Custer County, Neb.-BOND DESCRIPTION.
-The
$26,500 issue of 416% water-works bonds sold to the State of Nebraska
,
road bonds.
1488
THE CHRONICLE
(V. 125. p. 1354) for a price of par, is described as follows: Coupon bonds in
denom. of $500 each. Date Sept. 1 1927 and due Sept. 1 1947. Optional
after 1932. Interest payable M. & S.
COMPTON CITY SCHOOL DISTRICT(P.O. Los Angeles), Calif.
BOND OFFERING.
-L.E. Lampton, County Clerk, will receive sealed bids
up to 2 p. m. Sept. 26 for an issue of $100,000 5% school building and improvement bonds. Denom. $1,000. Date May 1 1927 and due on May 1
as follows: $2,000, 1928 to 1947, inclusive and $3.000, 1948 to 1967. inclusive. Principal and interest to be paid at the County Treasurer's office in
Los Angeles. A certified check for 3% of the bonds, payable to the Chairman of the Board of Supervisors, is required.
Financial Statement.
Assessed valuation 1926
$14,076,880
Total bonded debt
565,500
Population (estimated), 16,000.
[VoL. 125.
DUVAL COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 1 (P.O.
Jacksonville), Fla.
-BOND OFFERING.
-Sealed bids will be received by
the Chairman, Board of Public Instruction, until Oct. 3 for a $600,000 issue
of school bonds.
ELIDA, Allen County, Ohio.
-BOND OFFERING.
-R. R. Baxter.
Village Clerk, will receive sealed bids until 12 m. Sept. 24 for an issue of
$2.500 5%% fire equipment bonds. Date Sept. 1 1927. Denom. $250.
Due $250 Sept. 1 1928 to 1937, inclusive. A certified check, payable to
the order of the Village Treasurer,for 2% of the bonds offered Is required.
ELWOOD,Madison County,Ind.
-BOND SALE.
-The $20.0004H%
coupon fire equipment bonds offered on Sept. 3-V. 125, p. 1082
-were
awarded to the Fletcher Savings & Trust Co. of Indianapolis, at a premium
of $505.55. equal to 102.52, a basis of about 4.20%. Date Sept. 1 1927.
Denom. $1,000. Due Sept. 1 as follows: $10,000, 1937, and $5,000, 1938
and 1939.
CONWAY, Faulkner County, Ark.
-BOND SALE.
-The $150,000
EUCLID, Cuyahoga County, Ohio.
-BOND OFFERING.
-Robert
535% Sewer Improvement District No. 2 bonds, offered for sale on Sept. 8 Topping, Village Clerk, will receive sealed bids until 12 m. Oct. 3 for
(V. 125.
were awarded to the Merchants & Planters Bank of Pine $451.289.46 5% special assessment bonds, described as follows:
161. 0
3 3.
94
$08,947.36 Noble sewer district bonds. Denoms. $1,000, $800, and one
for $947.36. Due Oct. 1 as follows: $7,747.36. 1929;and $6,800,
CRANSTON, Providence County, R. I.
-TEMPORARY LOAN.
1930 to 1938, incl.
S. N. Bond & Co. were awarded on Sept. 7, a $75,000 temporary loan on
64,000.00 Central sewer district bonds.
Denoms. $1,000 and $400.
a 3.48% discount basis plus a $2.00 premium. The loan matures on
Due $6,400 Oct. 1 1929 to 1938, Incl.
Jan. 5 1928. Other bidders were:
19,842.10 East 180th St. paving bonds. Denoms.$1,000, one for $842.10.
BidderDiscount Basis.
Due Oct. 1 as follows: $1,842.10, 1928 and $2,000, 1929 to
Old Colony Corp
3.595%
1937, incl.
First National Bank
3.63%
71,800.00 Sherwood Forest Sewer District bonds. Denoms. $1,000 and
Citizens Savings Bank (Providence)
3.75%
$900. Due Oct. 1 as follows: 67,900. 1929 and 1930;and $7,000.
Rhode Island Hospital Trust Co
3.90%
1931 to 1938, incl.
42,000.00 Sherwood Forest water bonds. Denoms. $1.000 and $200.
DALTON, Wayne County, Ohio.
-BOND SALE.
-The $4,500 6%
Due $4,200 Oct. 1 1929 to 1938.incl.
coupon improvement bonus offered on Aug. 12 (V. 125, ro. 944) were 184,700.00 street improvement No. 2 bonds. Denoms. $1,000, $500 and
awarded to the First National Bank, Dalton, at roar. Date July 15 1927.
$200. Due Oct. 1 as follows: $18,2011, 1929 and $18,500, 1930
Denom. $900. Due in 1932. Interest payable J. & J. 15.
to 1938, incl.
Date Oct. 1 1927. A certified check payable to the order of the Village
-BOND OFFERING.
DAVIDSON COUNTY (P. 0. Nashville), Tenn.
-Sealed bids will be received until 12 m. of Sept. 19 by Litton Hickman, Treasurer, for 10% of the bonds offered is required.
Chairman of the County Finance Committee, for an issue of 31,500,000
EXETER PNION FREE SCHOOL DISTRICT NO.1( P. 0. Schuyler
435% series No. 1 Davidson County highway bonds. Denom. $LOW. Lake), Otsego County N. Y.
-BOND OFFERING.
-11. F. Washburn,
Date July 1 1927 and due July I 1947. Principal and semi-annual interest Clerk Board of Education,
will
.
1). m. Sept. 20
(M. & S.) payable at the Chase National Bank in New York City. Cald- for the following issues of 4;5%receive sealed bids until 7
bonds, aggregating $50,000:
well & Raymond of New York will furnish legal approval without cost to
$35,000 school bonds. Denom. $1,000. Due $1,000 Oct. I 1928 to
the face value of bonds is required.
purchaser. A certified check for 2% of
1962 inclusive.
-BIDS.
15,000 school bonds. Denom. $500. Due $500 Oct. 1 1928 to 1957 incl
-The following Is a
DAYTON, Montgomery County, Ohio.
tabulation of other 151ds submitted for the $500.000 43.17 series C coupon
O
Date Oct. 11927. Prin. and int. payable at the Citizens Banking Co.
sewage disposal plant bonds awarded to R. L. Day & Co. of Boston, at Schuyler Lake. A certified check for 10% of the bonds bid for is required
101.19, a basis of about 4.12%.-V. 125, p. 1354.
-The
FAIRDALE, Walsh County, No. Dak.-BONDS NOT SOLD.
BidderPrice Bid.
Redmond & Co. and Phelps, Fenn Co
$505,250.00 $5,000 5% electric transmission lines and equipment bonds offered on
-were not sold.
Illinois Merchants Trust Co. and First Trust & Savings Bank
505,005.55 Aug. 20-V. 125, p. 944
Ames, Emerich & Co
503,935.00
FAIRFIELD, Jefferson County, Iowa.
-BOND SALE.
-The White
The Northern Trust Co.and E. H. Rollins & Sons
503,045.00
Wllliam R.Compton Co.and Continental & Commercial Co_ _ _ - 502.966.00 Phillips Co., Davenport were awarded an issue of $124.000 primary Paving
bonds for a premium of $180, equal to about 100.145.
Detroit Trust Co
502,936.00
Stranahan, Harris & Oatis
502,147.50
FALLON COUNTY SCHOOL DISTRICT NO. 12 (P. 0. Baker),
Hayden, Miller & Co., National City Co. and Harris, Forbes
Mont.
-BOND SALE.
-The State Land Board were awarded an issue of
& Co
502,045.00 $37.000 8% school bonds offered on Aug. 15(V. 125. P. 680). at a premium
Seasongood & Mayer
501,808.00 of $289.92, which is equal to 100.783-a basis of about 5.81%. Date
C. W. McNear & Co. and Federal Securities Co
501,625.00 Aug. 15 1927. Due in 1947. optional in 1932.
Herrick Co. and First National Co. of Detroit
501.303.00
Title Guarantee & Trust Co., Lehman Bros. and Kean, Taylor
-BOND SALE
FENTRESS COUNTY (P. 0. Jamestown), Tenn.
& Co
500,775.00 CANCELLED.
-The sale of the $250,000 issue of 5% highway bonds to
Otis & Co
500,310.00 the Fourth and First National Bank of Nashville on Aug. 25-V. 125.
DAYTONA BEACH, Volusia County, Fla.
-BOND OFFERING.- p. 1221-had to be cancelled as the bonds ivere not legal.
Walter A. Richards, City Manager, will receive sealed bids until 2 p. m.
-BONDS
FOARD
Oct. 3 for a $125.000 issue of 6% improvement bonds. Denom. $1.000. -On Aug. COUNTY (P.O. Foard City), Tex.registered REGISTERED.
a $400,000 5%
30 State Comptroller G. N. Holton
Date Oct. 1 1927 and clue on Oct. 1 as follows: $12.000 1928, 1930, 1932, serial road bond issue.
1934 and 1936; $13,000 on 1929. 1931, 1933, 1935 and 1937. Principal and
interest (A. & 0.) payable at the National Bank of Commerce in New
-BOND OFFERING.
FORT LAUDERDALE, Broward County, Fla.
York City or at the Merchants Bank & Trust Co. of Daytona Beach. -Sealed bids will be received until 1 p. m. Sept. 27 by the City Commission
Caldwell & Raymond of New York City will furnish legal approving for an issue of $198,000 6% local improvement bonds. Denom. $1,000.
opinion. A certified check for 2% of the bid is required.
Date Sept. 1 1927 and due on Sept. 1 as follows: $22.000 from 1928 to
1936, incl. Int payable M. & S.
DECATUR COUNTY (P.O. Decaturville), Tenn.
-BOND DESCRIP- the City Treasurer is required. A certified check for $1,980, payable to
TION.
-The $30,000 issue of 6% registered court house warrants sold on
$2,700,500.00
April 4 (V. 125. p. 811) to the Decatur County Bank of Decaturville are General improvement bonds
850,000.00
described as follows: Denom. $1,000. Interest payable annually. Date Harbor bonds
Water works bonds
2.063,500.00
May 26 1927 and due on April 1 1929. Not retirable before maturity.
Special assessment bonds
392,000.00
126,264.37
DE KALB COUNTY (P. 0. Auburn), Ind.
-BONDS NOT SOLD.- Notes payable
The $1,725 6% drainage bonds offered on Sept. 5(V. 125, p. 944) were not
Total
$6.132,264.37
sold, as no bids were received.
Less: Deductions PermissableDELMAR TOWNSHIP SCHOOL DISTRICT (P. 0. Wellsboro), Water works bonds
$2,063,500.00
-BOND OFFERING.
Tioga County, Pa.
-L. E. Coolidge, Secretary Special assessment bonds
392,000.00
Board of Directors, will receive sealed bids until 1 p. m. Oct. 1 at the Notes payable
126,264.37
First National Bank for an issue of $15,000 4;5% registered school bonds, Sinking fund
89,474.72
Date Oct. 1 1927. Denom. $1,000. Due $1,000 Oct. 1 1932 to 1946. incl.
2.671,239.09
DEL MONTE SCHOOL DISTRICT (P. 0. Salinas), Monterey
Net bonded debt
$3,461,025.28
-The $50.000 5% school bonds
-BOND DESCRIPTION.
County., Calif.
(1927 assessed valuation, $68,001,984.75). Tax rate $10 per $1,000.
-to the Wm. R. Stoats Co. of San Fransold on Aug. 29-V. 125. p. I353
deco for a rorice of 105.51 are described as follows: Denom. $1,000. Date Incorporated 1911. Population 13,187, Federal census, 1927. Value of
city owned properties, $3,168.219.38.
Aug. 27 1927. Due $2,000 from 1928 to 1952, incl. Basis equal to about
BOND OFFERING.
-Glenn E. Turner, City Auditor and Clerk, will
4.42%. Prin. and int. payable (F. & A. 27) at County Treasurer's office.
receive sealed bids until 1 p. in. Sept. 27 for $54,000 6% local improvement
The following is a list of the other bids and bidders:
bonds. Date Augl 11928. Denom. $1,000. Due $6,000 Aug. 1 1928 to
$2.734 1936, inclusive. Enclose a certified check for $540, payable to the City
Blyth, Witter & Co
2.629 Treasurer.
B. H. Rollins & Sons
2,612
United States National Bank
2,34,
Anglo-London-Paris Co
FORT PIERCE, Saint Lucie County, Fla.
-BOND OFFERING.2,30• Elwyn N. Moses, City Clerk. will receive sealed bids until Oct. 3 for the
3
Dean, Witter & Co
following two issues of 6% coupon bonds, aggregating $494,600, as follows:
Financial Statement.
Al 7:30 P. M.
$1,356.580
Assessed valuation, 1926-1927
55,000 $294,000 local improvement bonds. Date Oct. 15 1927. Denom. $1,900.
Bonded debt (including this issue)
one for $500 and one for $100. Due Oct. 15 1929 to 1937.
-P. L. Mon-BOND OFFERING.
DETROIT, Wayne County, Mich.
At 8:00 P. M.
tieth, City Comptroller, will receive sealed bids until 11 a. m. Sept. 15.
for the following issues of coupon or registered bonds aggregating $19,- $200,000 revolving fund bonds. Date Sept. 1 1927. Denom. $1,000.
Due Sept. 1 1947.
040.000 not to exceed 44%:
Principal and interest payable at the United States Mortgage & Trust Co.,
$4.800.000 public sewer bonds. Due Sept. 15 1957.
of New York City. Legality approved by Thomson, Wood & Hoffman,
4.800.000 water supply bonds. Due Sept. 15 1957.
4,443.000 public lighting bonds. Due Sept. 15 as follows: $151,000, 1928, of New York City. Enclose a certified check for 3% of the par value of
bonds, payable to the city.
and $148,000, 1929 to 1957, inclusive.
4,000,000 school bonds. Due $160.000, Sept. 15 1928 to 1952, incl.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-BOND SALE.
500,000 public library bonds. Due $20,000, Sept. 15 1928 to 1952. incl.
15 as follows: $4,000, 1928: The $197,850 43 % improvement bonds offered on Sept. 1-V. 125 P.
4
497,000 grade separation bonds. Due Sept.
-were awarded to the First National Co. of Detroit, at a premium
944
and $17,000, 1929 to 1957, inclusive.
of $7,994. equal to 104.06, a basis of about 4.24%. Date Sept. 1 1927.
Date Sept. 15 1927. Denom. $1,000. Bids to be on an "all or none Due as follows: 32,850
1928; $5,000, Sept.
basis." Rate of interest to be stated in a multiple of kr of 1%• Prin. March and Sept. 1 1929 March I incl. Other bidders 1 1928 and $5,000.
to 1947,
were.
and Interest payable at the City Treasurer's office: or at the current official
BidderPrem.
City in New York. A certified check payable to the order of
bank of the
$6,747.00
to be approved Guardian Trust Co., Cleveland, Ohio
the City for 2% of the bonds offered is required. Legality
Hill,
7,287.00
by Thomson. Wood & Hoffman of New York City; bids to be conditional W. Joiner & Co., Chicago, ill
H. Newbold's Son & Co., Philadelphia, Pa
7,271.00
only on such approval.
Second Ward Securities Co., Milwaukee. Wis
7.072.00
7.994.00
DICKINSON AND WAVERLEY CENTRAL RURAL SCHOOL DIS- First National Co.. Detroit, Mich
-BOND William U. Compton Co.. Chicago, Ill
7,219.00
TRICT NO. 1 (P. 0. St. Regis Falls), Franklin County, N. Y.
7,667.00
SALE.
-The $150,000 coupon or registered school bonds offered on Sept. 6 Detroit Trust Co., Detroit, Mich
6.333.00
-were awarded to George B. Gibbons, Inc. of New York Seasongood & Mayer, Cincinnati, Ohio
-V. 125. p. 1354
1927.
6,319.00
City, as 4.405, at 100.67, a basis of about 4.36%. Date June 1 1947, Ryan, Sutherland & Co., Toledo, Ohio
Stranahan, Harris & Oatis, Toledo, Ohio
6,837.95
Due June 1 as follows: $2,000. 1928 to 1937, incl.; $3,000, 1938 to
Hayden, Miller & Co., Cleveland, Ohio
6,369.00
Incl.: $4,000, 1948 to 1957, incl.. and $6,000, 1958 to 1967, incl.
The Herrick Co., Cleveland, Ohio
7,488.00
6,590.00
DOUGLAS COUNTY UNION HIGH SCHOOL DISTRICT NO. 11 Otis & Co., Cleveland, Ohio
-The $15.000 5% coupon school Braun, Bosworth & Co., Toledo, Ohio
7.198.00
(P. 0. Roseburg), Ore.
-BOND SALE.
7,286.18
-have been awarded to Atkinson, Eldredge & Co., Chicago, Ill
bonds offered on Aug. 16-V. 125, p. 944
Jones & Co. of Portland, for a price of 103. a basis of about 4.69%. Denom.
FRANKLIN COUNTY (P. 0. Columbus), Ohio,
-BOND OFFERING.
$1,000. Date Aug. 1 1927. Due $1,000 from 1933 to 1947. incl. Prin.
-Fred L. Donnelly. Clerk Board of County Commissioners, will receive
and semi-annual hit., payable at the County Treasurer's office.
SEPT. 10 1927.]
THim CHRONICLE
1489
sealed bids until 10 a. m.(Eastern standard time) Sept. 24,for the purchase
HIGHLANDS COUNTY (P. 0. Sebring), Fla.
-BOND OFFERING.
of various issues of 4H% improvement bonds aggregating $452,640. Date Sealed bids will be received until 2 p. m. Sept. 19 by C. F. Saunders, Clerk
Oct. 1 1927. The bonds mature serially from 1928 to 1937, incl. Prin. of the Board of County Commissioners for two issues of bonds aggregating
and int, payable at the County Treasurer's office. A certified check payable 358.000 and divided as follows:
to the order of the Board of County Commissioners, for 1% of the bonds $440,000 6% funding bonds. Due 310.000, July
1 1935 to 1938. incl.
offered is required.
18.000 6% road bonds. Due 39.000, July 1 1933 and 1934.
Date July 11927. Denom. 31.000. Prin. and semi-annual hit. payable
GALVESTON COUNTY (P. 0. Galveston), Tex.
-BOND ELECTION.
-We are informed that on Sept. 10 there will be an election to vote at the National City Bank, New York City. Caldwell & Raymond of
New York will furnish the legal approving opinion. A certified check,
on the issuance of $75,000 canal bonds.
payable to the clerk, for 2% par value of the bid,is required.
COUNTY (P. 0. Princeton), Ind.
GIBSON
-BOND SALE.
-The
HIGHLANDS SPECIAL ROAD AND BRIDGE DISTRICT (P. 0.
$20,000 4H% coupon road bonds offered on Sept. 2-V. 125, p. 1221
-BOND SALE.
were awarded to the Peoples American National Bank of Princeton, at a Dade City), Pasco County, Fla.
-The issue of $40.000
premium of $352, equal to 101.76, a basis of about 4.16%. Date Sept. 15 6% road and bridge bonds offered on Sept. 5(V. 125, p. 945) was purchased
by the Brown-Crummer Co. of Wichita for a discount of $1,572, equal Us
1927. Due $1,000 May and Nov. 15 1928 to 1937, Incl.
96.07-a basis of about 6.41%. Date July 11927. Denom. $1,000. Due
Other bidders were:
on July 1 as follows: 31.000. 1928 to 1947. and 32,000, 1948 to 1957. PrinBidderPrem.
cipal and interest payable in New York City at the National Park Bank.
Thos. D. Sheerin & Co., Indianapolis
$350.00
City Securities Con).. Indianapolis
314.00
HOLMES COUNTY SPECIAL ROAD AND BRIDGE DISTRICTS
Fletcher Savings & Trust Co., Indianapolis
325.50 (P. 0. Bonifay), Fla.
-BOND OFFERING.
-12. W. Creel, Clerk of the
Breed, Elliott & Harrison, Indianapolis
330.00 Circuit Court, will auction to the public or receive sealed bids for
two issues
Meyer, Kiser Bank, Indianapolis
207.00 of bonds aggregating $200,000, to the highest and best bidder,from
11 a. m.
Union Trust Co., Indianapolis
323.00 to 2 p. m. Sept. 17. The issues are as follows:
Fletcher American Co.. Indianapolis
320.59
$100,000 5H% District A bonds. Due on Sept. 1 as follows: $2,000,
1930 to 1935: $3,000. 1936 to 1942: 34,000, 1943 to 1950. and
GREEN BAY, Brown County, Wis.-BOND SALE.
-An issue of
35.000, 1951 to 1957.
$555,000 411% west high school bonds was purchased by Blyth, Witter &
100,000 514% District B bonds. Due on Sept. 1 in same amounts as
Co. of Chicago, on Sept. 2 paying for the issue a premium of 34,513, which
District A.
Ii equal to 100.81. The following is a complete list of the other bidders:
Dated Sept. 1 1927. Denom. $1,000. Prin. and int, payable in New
The Northern Trust Co.; Taylor. Ewart & Co., and Continental &
Commercial Co
$938.00 York City at the Chase National Bank. Certified checks of $5,000 each
Harris Trust & Savings Bank,and First Trust & Savings Bank_
2.409.00 for each issue, drawn payable to the Clerk of the Board of County ComEldredge & Co
1,848.15 missioners, are required.
The National City Co
1,015.65
HUNT COUNTY (P. 0. Greenville), Texas.
-BOND ELECTION.
Citizens Securities Co.: Second Ward Securities Co.: A. B. Leach
There will be a special election held on Oct.
& Co., and Mississippi Valley Trust Co
2,301.00 the issuance of a $400.000 bond or warrant 8 for the purpose of voting on
issue to build a new court house.
Hill, Joiner & Co., Inc., and Federal Securities Corp
1,221.00
Ames Emerich & Co., and Guaranty Co. of New York
2,614.00
INDIANAPOLIS, Marion County,
-WARRANT OFFERING.Illinois Merchants Trust Co., and Halsey, Stuart & Co
1.837.00 William C. Buser, City Controller, will Ind.
*Blyth, Witter & Co
4,513.00 Sept. 24 for $100.000 not exceeding 6%receive sealed bids until 11 a. In.
sanitary fund warrants. Dated
GREENVILLE, Washington County, Miss.
-BOND DESCRIPTION. Sept. 24 1927. Due Dec. 24 1927.
-The $47,500 issue of 5% coupon levee front protection refunding bonds
INDIANAPOLIS PARK DISTRICT, Marion County, Ind.
-BOND
sold on Aug. 23 (V. 125, p. 1221) to the Canal Bank & Mist Co. of New SALE.
-The
Orleans are further described as follows: Dated Sept. 1 1927 and due on Sept. 7-V. $45.500 4)4% park issue No. 6, coupon bonds offered on
-were awarded to the Inland Investment Co.
125.
Sept. 1 as follows: 31,000, 1928 to 1932:$2.000. 1933 to 1942. and $4,500, of Indianapolis. p. I222
at a
1943 to 1947, all incl. No option. Prin. and semi-annual int.(M. & S.) 4.01%. Date Sept. premium of 31,123. equal to 102.46, a basis of about
7 1927. Due Jan. 1 as follows: $2,000. 1930 to 1951,
payable at the American Trust Co. of St. Louis. (This corrects report incl., and
$1.500. 1932.
as given in V. 125, p. 1355.)
IRVING, Marshall County, Kan.
-BOND ELECTION.
Financial Statement.
-On Sept. 12
there will be an election to decide the issuance of 325,000 water bonds.
Assessed valuation. 1926
312,360.065
Total bonded debt (including this issue)
705.000
JAMESTOWN, Stutsman County, No. Dak.-BONDS DEFEATED.
Population (estimated). 15.165.
-At an election held on Aug. 30 to pass on the proposition of a $150,0041
not exceeding 5(1% sewage disposal plant bonds issue, the voters decisively
GREENVILLE, Pitt County, N. C.
-BOND SALE.
-The 3125.000
4H% coupon or registered street impt. bonds offered on Sept. 1-V. 125, defeated the issue by a vote of 637 to 467.
p. 1221-were awarded jointly to the Minnesota Loan & Trust Co. and
JEFF DAVIS COUNTY (P. 0. Hazlehurst), Miss.-BOND DEthe Northwestern Trust Co., both of St. Paul. for a premium of $1.137, SCRIPTION.-The
equal to 100.90. a basis of 4.64%. Dated July 1 1927. Denom. $1,000. to J. H. Hllsman *30,0005% road bonds sold on May 3(V. 125. p. 1222)
& Co. and Citizens & Southern Co. of Atlanta for a price
Due July 1 as follows: 35.000. 1928 to 1937: $7.000, 1938 to 1946, and of par. are described as follows:
Denoie. 31.000. Coupon bonds dated
312,000, 1947. Prin. and int. (J. It J.) payable at the National Bank May
1 1926 and due 310.000 on May 1 1953. 1954 and 1955. Not retirable
of Commerce, New York.
before maturity. Interest payable M. & N. 1.
GROSSE POINTE PARK VILLAGE (P. 0. Grosse Pointe), Wayne
JEFFERSON (P.O.London), Madison County,Ohio.
County, Mich.
-BOND OFFERING.
-Waldo J. Berns, Village Clerk, will -The 360,193.20 411% water works assessment bonds -BOND SALE.
offered on Sept. 3
receive sealed bids until 8 p. m. Sept. 16 for the following two issues of (V. 125, p. 945) were
awarded to Seasongood & Mayer of Cincinnati at a
bonds aggregating $100,000 not to exceed 41.1%
premium of $495. equal to 100.82. a basis of about 456%. Dated Aug.
$55.000 resurfacing street bonds.
$15,000 re-paving street bonds.
Date Sept. 1 1927. Denom. $1,000. Due Sept. 1 1942. A certified 15 1927. Due Oct. 1 as follows: 56.000. 1928 to 1936 incl.. and 56.193.20,
check payable to the order of the Village Treasurer, for $2,000 is required. 1937.
KANKAKEE, Kankakee County, 111.-BOND OFFERING.
-H. a.
HAMILTON, Ravalli County, Mont.
-BOND DESCRIPTION.
The issue of $52,500 6% coupon paving bonds awarded on Aug. 14 to loca Thompson, City Clerk, will sell at public auction on Sept. 15 at 3 p.
an issue of 3134.000 4'4% city hill bonds. Date April 1 1927. Due
banks
-V.125, p. 1082
-far a price of par are described as follows: Denom. April 1 as follows: 34.000.
1935: $8 000. 1936: 39.000, 1937 and 1938: $10,$500. Due serially in 15 years, optional at any time. Date Aug. 1 1927.
000. 1939 to 1941, inclusive: 312.000, 1942 to 1946. inclusive: and $14.000,
1947. Principal and interest (A. & 0.) payable at the City Treasurer's
HAMMOND, Lake County, Ind.
-BOND OFFERING.
-William
office. A certified check, payable to the order of the City Treasurer, for
Spellman, City Controller, will receive sealed bids until 12 m. (standard
is,required. Legality approved by Chapman, Cutler & Parker, ef
time) Sept. 15 for an issue of 3149,000 4 H % coupon fire station building 35.000
and other impt. bonds. Date Sept. 15 1927. Denom. 31.000. Due Chicago.
Sept. 15 as follows: 318,000. 1937; 320.000, 1938 to 1940, incl., and $71,000,
KNOX COUNTY (P. 0.
-BOND OFFERING.
1941. Prin. and int. payable at the City Preasurer's office. The city Claude Hill, County Treasurer,Vincennes), Ind.
will receive sealed bids until 2 p. m.Sept. 19
will print and furnish the bonds, the legality of which will be approved by for the following issues of
4H% bonds:
Matson. Carter, Ross & McCord of Indianapolis. A certified check for
346.800 J. S. Taylor et al. Vincennes Township improvement bonds.
2H% of the bonds bid for is required.
Denom. 31,170. Due $2,340 May and Nov. 15 1928 to 1937 inel.
John Coan et
HAMPDEN COUNTY (P.0. Springfield), Mass.
-LOAN OFFERING. . 4,000 $200 May and al. Palmyra Township improvement bonds. Due
Nov. 15 1928 to 1937 incl.
-Fred A. Bearse, County Treasurer, will receive sealed bids until 11 a. m.
9,000 Mack Reel et al. Palmyra Township improvement bonds. De
(daylight saving time) Sept. 14 for the purchase on a discount basis of a
;
nom. $450. Due $450 May and Nov. 15 1928 to 1937 incl.
250,0 temporary loan. Denom, $25.000, 310.000 and $5,000. Due
00
7,500 Ray S. Sessom et al. Johnson Township improvement bonds.
Nov. 10 1927. The Old Colony Trust Co. of Boston will supervise the
Denom. $375. Due $375 May and Nov. 15 1928 to 1937 incl.
engraving of the bonds. Legality to be approved by Ropes, Gray, Boyden
& Perkins of Boston.
Dated Aug. 2 1927. Due semi-annually May and Nov. 15.
HAMPTON SCHOOL DISTRICT, Elizabeth City County, Va.-An issue of 360.000 5% coupon school bonds has ben purBOND SALE.
chased by the Well, Roth & Irving Co. of Cincinnati.
KOOCHICHING COUNTY (P. 0. International Falls), Minn.
BOND SALE.
-The 3141.000 6% funding bonds offered on Sept. 6V. 125. p. 1222
-were awarded to John Nuveen & Co., Chiacgo. at par.
Date Sept. 1 1927. Due Sept. 1 as follows: $16,000. 1928; 317.000, 1929
HANCOCK COUNTY (P. 0. Greenfield), Ind.
-BOND SALE.
The following two issues of 4H% bonds, aggregating $28,200 offered on to 1932,and $16,000. 1933 to 1936.
-were awarded as follows:
Aug. 29-V. 125, 1082
LAKE COUNTY (P. 0. Crown Point), Ind.
-BOND OFFERING.
$22,000 road bonds to tke Citizens Bank of Greenfield, at a premium o Otto G. Fifield, County Treasurer, will receive sealed bids until 10 a. in.
$385, equal to 101.75, a basis of about 4.12%•
Sept. 20 for an issue of $34.000 5% Gabe Trump et al, West Creek Township
6,200 road bonds to Paul F. Milford, at a premium of $126, equal to highway improvement bonds. Date Aug. 15 1927. Denom. $850. Due
102.03, a basis of about 4.06%•
$8850 May and Nov. 15 1928 to 1947. inclusive.
Due semi-annually May and Nov. 15 1928 to 1937, incl.
BOND OFFERING.
-Otto 0. Flfleld. County Treasurer, will receive
sealed bids until 10 a. m. Sept. 15 for $17.000 5% Harry P. Simms et at
HARDIN COUNTY (P. 0. Kenton), Ohio.
-BOND SALE.
-The West Creek Township highway improvement builds. Date July 15 1927.
$2.708 5H % coupon county road bonds offered on Sept.6(V. 125. p. 1221) Denom.$850. Due $850 May and Nov. 15 1928 to 1937,inclusive. Legalwere awarded to the Kenton Savings Bank & Trust Co. of Kenton at a ity by Matson, Carter, Ross & McCord.
premium of$34,equal to 101.25,a basis of about 4.94%. Date Aug. 1 1927.
LAKE COUNTY (P. 0. Tiptonville), Tenn.
Due $677 Sept. 1 1928 to 1931. incl. Other bidders were:
-BOND OFFERING :
Sealed
Bidder
Premium. tary ofbids will be received until 11:30 a. m. Sept. 19 by J. S. Riley, Secrethe Road Commission, for an issue of 3100,000 5% coupon highway
A. E. Aub & Co
$9.00 bonds. Due serially from
April 1 1932 to 1957 incl. Int, payable semiProvident Savings Bank & Trust Co
18.01 annually. A certified check
for
First National Bank (Kenton)
9.25 Road Commission, is required. $2,000, payable to the Chairman of the
HAYWOOD COUNTY (P. 0. Brownsville), Tenn.
-BOND OFFERLEESBURG, Lake County, Fla.
-BOND SALE.
-Sealed bids will be received by W. T. Currie. Chairman of the
-The three issue of
ING.
6% coupon bonds, segregating Sl57.000, offered for sale on Sept. 5(V. 125.
County Court, until 12 m. Sept. 20 for an Issue of 396.000 road bonds.
P• 9461 were awarded to the Brown Crummer Co. of Wichita. who paid a
HEMPSTEAD, Nassau County, New York.
-BOND OFFERING.
- price of 99.07, a bads of about 6.13%. The issues are divided as follows:
Eugene P. Parsons, Village Clerk, will receive sealed bids until 8 p. m. $125,000 series F paving bonds.
(daylight saving time) Sept. 20, for the following issues of coupon or regis23,000 series B Lake Shore improvement bonds.
9.000 series B dredging bonds.
tered 415% bonds, aggregating $450,000.
$285,000 sewer bonds. Due Set. 1 as follows: 35.000, 1928, and $8,000.
Date July 1 1927. Denom. $1,000. Due on July 1 1937. Principal
1929 to 1963, inclusive.
and interest payable at the National City Bank, New York City.
75,000 water bonds. Due Sept. 1 as follows: 31,000, 1928 and $2,000,
LENAWEE COUNTY (P. 0. Adrian), Mich.
1929 to 1965, inclusive.
-BOND OFFERING.
Sealed bids will be received by the Board of County Road Commissioners
60,000 fire apparatus bonds. Due 36.000. Sept. 1 1928 to 1937. incl.
until 1:30 p. m. (eastern standard time) Sept. 17 for the following twe
30,000 street bonds. Due $6,000. Sept. 11928 to 1932, incl.
issues of not to exceed 6% bonds aggregating $114,000:
Date Sept. 1 1927. Denom, 31,000. Prin. and int. payable in gold
at the Second National Bank, Hempstead; or at the National Park Bank, $60,000 Assessment District No. 59 road bonds.
54.000 Assessment District No. 43 road bonds.
New York. The United Bond & Bank Note Co. of New York City.
Denom, $1,000. To mature serially in one to five years. A
will prepare the bonds the genuineness of which will be certified by the
certified
Second National Bank. Hempstead. A certified check payable to the check payable to the order of the County Road Commissioners, for $$00
is
Village for 2% is required. Hawkins, Delafield & Longfellow of New York required. Legality to be approved by Miller, Canfield, Paddock &
Stone
approve the bonds.
of Detroit.
will
HIGHLAND SCHOOL DISTRICT NO. 21 (P. 0. Linton), No.
LITTLE ROCK-HIGHLAND PAVING DISTRICT NO. 24,
Pulaski
-The issue of $2,000 certificates of indebtedness which County, Ark.
Dak.-NO BIDS.
-BOND SALE.
-An issue of $233,000 6% coupon
paving
was offered on Aug. 27-V. 125, p. 1221-was not sold as no bids were bonds has been purchased by Taussig, Day. Fairbank & Co., Inc, and
George H. Burr & Co., jointly, of St. Louis. Denom.
ubmitted on the issue.
51.000. Gated
1490
THE CHRONICLE
[Poi. 125.
MONTGOMERY COUNTY(P.O. Conroe), Tex.
-BOND ELECTION.
Feb. 1 1927. Due serially Oct. 1 1928 to 1947 incl. Prin. and semi-ann.
int.(A. & 0.) payable at the American Southern Trust Co. of Little Rock. -In October there will be an election to decide the issuance of $650,000
Legality was approved by Rose, Hemingway, Cantrell & Loughborough road bonds.
of Little Rock.
MONTROSE, Natchitoches County, La.
-BOND DESCRIPTION.
-The The Issue of $25,000 school building bonds awarded on July 2 (V. 125,
-CERTIFICATE SALE.
LOCKPORT, Niagara County, N. Y.
Niagara County National Bank of Lockport was recently awarded an issue p. 814) to the Geo. M. Bechtel Co. of Davenport are described as follows:
or $15.242.94 5% certificates of indebtedness at par. Date Sept. 1 1927. Price paid 101.70. 434% coupon bonds in denominations of $1,000.
Date July 1 1927 and due serially from 1932 to 1944. Interest payable
Due May 1 1928.
-At an elecLONGVIEW, Cowlitz County, Wash.
-BONDS VOTED.
-year
tion held on Aug. 27 the voters authorized the issuance of 190.000 in 20
bonds to purchase equipment for their new high-school building.
MOOREHEAD, Clay County, Minn.
-CERTIFICATE SALE.Kuechle & Co., Milwaukee,recently purchased $100.000 worth of indebtedness certificates with a bid of 4% interest.
LOS ANGELES COUNTY WATER WORKS DISTRICT NO. 10
MOUNT OLIVER, Allegheny County, Pa.
-The
-Sealed bids will be
-BOND SALE.
(P. O. Los Angeles), Calif.
-BOND OFFERING.
received by the County Board of Supervisors until 2 p. in. Sept. 19 for an $50,000 434% coupon borough bonds offered on Sept. 2(V. 125, p. 1084)
Issue of $70,9006% water improvement bonds. Date Aug. 1 1927. Denom. were awarded to the Union Trust Co. of Pittsburgh at a premium of
$750 and 11.000. Due on Aug. 1 as follows: $1,750 from 1928 to 1967, $1,333.50, equal to 102.66, a basis of about 4.01%. Dated June 15 1927.
inclusive. Principal and semi-annual interest payable at the County Hem, June 1 as follows: $10,000, 1937, and $20,000, 1947 and 1957. Other
Treasurer's office in Los Angeles. A certified check for 3% of bonds, bidders were:
payable to the Chairman of the Board, is required.
Premium.
Bidder$555.00
Prescott, Lyon &
-BOND DESCRIPTION' A. B. Leach & Co Co
McNAIRY COUNTY (P. 0. Selmer), Tenn.
478.00
-The issue of 359.000 refunding bonds sold on Aug. 12 (V. 125. p. 1356) R. M. Snyder Co
1,115.00
to Little, Wooten &(1o. of Jackson, are described as follows: Price paid was S. M. Vockel & Co
1,143.50
par. Coupon bonds dated Sept. 1 1927. bearing 4%% interest. Denom. Mellon National Bank
1,128.57
$1,000. Due 34.000 March 1 1933 to 1938. inclusive, and $5,000, March 1 J. H. Holmes & Co
816.00
1939 to 1945, inclusive. Not optional before maturity. Interest payable
-BOND SALE.
M.& S. 1.
MOUNT VERNON, Westchester County, N. Y.
-were
The $884,500 school bends offered on Sept. 1-V. 125. p. 1084
-The $165,500 awarded to Kean, Taylor & Co.: Redmond & Co., and Stone & Webster
MACON,Macon County, Mo.-BOND DESCRIPTION.
issue of 4)4% coupon and registered water-works improvement bonds sold and Blodget, Inc., all of N. Y. City, as 4)4s,at a premium of $15,116.10.
on Aug. 25 (V. 125, p. 1356) to the State Exchange Bank of Macon for a equal to 101.70, a basis of about 4.05%. Date Sept. 1 1927. Due Sept. 1
premium of $3.250, equal to a price of 101.95, a basis of about 4.08%, had as follows: $45,500, 1928; $45,000, 1929 to 1931 incl., and $44,000.
the following bidders for the issue: Fred Ernest Co., St. Louis, Mo.; Missis- 1932 to 1947 inclusive.
sippi Valley Trust Co., St. Louis, Mo.: First National Co.: Commerce Trust
The syndicate is now offering the bonds at prices to yield as follows:
Co., Kansas City, Mo.; Stern Bros., Kansas City, Mo.; Fidelity Trust Co.,
Kansas City, Mo., and Stiefel. Nicolaus, St. Louis, M. Denoms. $1,000 Maturities Yield. Maturities. Yield. Maturities. Yield. Maturities. Yield.
3.90%)1931-1947..3.95%
3.85%11930
3.75%11929
and one for $500. Date July 15 1927. Due on July 15 as follows: $6,000, 1928
1932 to 1934; $7,000, 1935 to 1937: 38.000. 1938 to 1940; 39,000, 1941 to
-BOND SALE.
MULTNOMAH COUNTY (P. 0. Portland), Ore.
1943; 210,000, 1944 to 1946, and $45,500 in 1947.
The $750.000 issue of 434% coupon series C road bonds offered on Sept.7-was awarded to a syndicate composed of the Freeman,
-BOND SALE.
-The V. 125, p. 1084
MADISON COUNTY (P. 0. Anderson), Ind.
following three issues of4%% bonds, aggregating $57,000. offered on Sept.3 Smith & Camp Co. and John E. Price & Co., both of Portland, the Illinois
(V. 125, p. 1222) were awarded to the Farmers Trust Co. of Anderson. at Merchants Trust Co., the William R. Compton Co. & the Northern Trust
Co., all of Chicago, for a price of 103.34, a basis of about 4.23%. Denom.
Its total premium bid of $1,040. equal to 101.82-a basis of about 4.12%:
$1.000. Date Sept. 15 1927. Due $30,000 Sept. 1 1933 to 1957. Prin.
$28.000 Fred T. Barber et al Anderson Township road bonds.
and int., payable in gold at the County Treasurer's office or at the fiscal
20,000 Orris F. Honnald et at Anderson Township road bonds.
agency in New York City.
9,000 E. F. Brendel et al Anderson Township road bonds.
Date Aug. 15 1927. Due May and Nov. 15 1928 to 1937, inclusive.
MULTNOMAH COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Port-The $1.000,000 not exceeding 6%
-BOND SALE.
- land), Oregon.
MAHONING COUNTY(P.O. Youngstown), Ohlo.-BOND SALE.
The $19.621.86 434% Coitsville Sewer District No. 2 bonds offered on coupon school bonds offered for sale on Sept. 8 (V. 125, P. 1223) were
awarded to a syndicate composed of the Security Co. of Los Angeles, the
Sept. 6 (V. 125. p. 1222) were awarded to W. L. Slayton & Co. of Toledo
at a premium of $556.50, equal to 102.83, a basis of about 3.85%. Dated Northern Trust Co. of Chicago, the Wm. R. Compton Co. of St. Louis
Oct. 1 1927. Due as follows: $1,621.86, 1929; $2,000, 1930 to 1935 incl., and the Freeman, Smith & Camp Co. of Portland as 4s and 434s for a price
of 103.76, which is equal to a basis of about 4.19%. The 43% bonds
and $3,000. 1936 and 1937.
mature from 1930 to 1940 and the 4% bonds are due from 1941 to 1947.
MANSFIELD, Richland County, Ohio.
-BOND SALE.
-The $4,000 Principal and interest payable at the County Treasurer's office or at the
6% coupon street improvement bonds offered on Sept. 7 (V. 125, P. 1084) State's fiscal agency in New York City.
were awarded to the Richland Savings Bank, Mansfield, at a premium of
NAVARRO COUNTY LEVEE IMPROVEMENT DISTRICT NO. 11
$86. equal to 102.15, a basis of about 5.04%. Dated Sept. 1 1927. Due
(P. 0. Corsicana), Tex.
-BOND ELECTION-On Sept. 15 there will be
$500, April and Oct. 1 1928 to 1931 inclusive.
an election to vote on the issuance of $83,000 6% improvement bonds.
MALHEUR COUNTY SCHOOL DISTRICT NO. 29 (P.O. Ontario),
NEEDVILLE COMMON SCHOOL DISTRICT (P. 0. Needville),
Ore.
-BOND OFFERING.
-Sealed bids will be received until 5 p. m.
-Sealed bids will be received by the Secretary
-BOND OFFERING.
Sept. 10 (to-day) by J. J. Spicer, District Clerk, at Weiser, Ida. for an Texas.
of the Board of Education for an issue of $19,000 school bonds.
$8,000 issue of 5% school bonds. Denom. $500. Date July 1 1927 and
due $500 from July 1 1932 to 1947. Interest payable January and July.
NETHER PROVIDENCE TOWNSHIP (P. 0. Wallingford), Dela.
A $500 certified check is required.
-BOND SALE.
-The $30,000 434% coupon bonds
ware County, Pa.
MAPLE HEIGHTS VILLAGE SCHOOL DISTRICT, Cuyahoga offered on Sept. 5(V. 125, p. 947) were awarded to ft. M.Snyder & Co. of
Philadelphia at a premium of $350, equal to 101.16. a basis of about 4.43% •
County, Ohio.
-BOND OFFERING.-Albert E. Hadfield, Clerk Board of
Education, will receive sealed bids until 6 p in. (eastern standard time) Dated Sept. 1 1927. Due Sept. 1 1957. Other bidders were:
Sept. 23 for an issue of $21,000 536% school'bonds. Dated as of Sept. 1
Rate Bid.
Bidder100.68
1927. Denom. 11.000. Due as follows: $2.000 Oct. 1 1928: $2,000 April E. H. Rollins & Sons
100.17
and Oct. 1 1929; $2.000 April and Oct. 1 1930:$2.000 April and Oct. 11931: A. B. Leach & Co
100.18
32,000 April and Oct. 1 1932: and $3.000 Oct. 1 1937. Principal and inter- Lansdowne Bank & Trust Co
est(A.& 0.) payable at the Central National Bank,Cleveland. A certified
NEW BEDFORD, Bristol County, Mass.
-TEMPORARY LOAN.
check, payable to the order of the above-mentioned official, for 5% of the
The National Rockland Bank was recently awarded a $500,000 temporary
bonds offered is required.
loan on a 3.38% discount basis. The loan matures on March 8 1928.
-BOND OFFERING.
MARSHALL COUNTY(P.O.Plymouth),Ind.
Samuel G. Heckaman, County Treasurer, will receive sealed bids until
NEWFANE FIRE DISTRICT (P. 0. Newfane), Niagara County,
2 p. m. Sept. 14 for an issue of 310.000 434% Victor P. Klein et al improve- N. Y.
-INTEREST RATE-PRICE PAID.
-The $24,009 water irapt•
ment bonds. Date Aug. 24 1927. Denom. $500. Due $500 May and bonds awarded to the Niagara County National Bank of Lockport
Nov. 15 1928 to 1937, inclusive.
V. 125. p. 1356-bear interest at the rate of 57 and were sold at par.
- Date Oct. 1 1927. Due Oct. 1 as follows: $2,000. 1928 to 1930 incl.,
-BOND SALE.
MATAGORDA COUNTY (P. 0. Bay City), Tex.
1936 incl.
The 3960.000 issue of 434% coupon serial road bonds registered on July 18 and $3.000. 1931 to
(V. 125, p. 682) was recently purchased by Kauffman. Smith & Co. of
NORTH HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 4
St. Louis. Denom. $1.000. Date June 10 1927. Due March 10 as (P. 0. Port Washington), Nassau County, N. Y.
-BOND SALE.
follows: 180.000 1928 to 1932, 123.000 1933 to 1951, 122.000 1952 to 1956 The 1750,000 coupon or registered school bonds offered on Sept. 1and $13,000 in 1957. Not optional before maturity. Principal and V. 125, p. 1085
syndicate composed of Stephens &
Seaboard National Bank, New York City. Co., Rutter & -were awarded to a & Co., all of N. Y. City, as 434s.
Interest(M.& S.) payable at the
Co., and H L. Allen
at 101.45. a basis of about 4.12%. Date Sept. 1 1927. Due Sept. 1
-BOND OFFERING.
-C. E. as follows: $20.000, 1932 to 1939; $25,000, 1940 to 1942: $20.000, 1943
MELBOURNE, Brevard County, Fla.
Shull, City Clerk, will receive sealed bids until 2 p.in. Sept. 15 for $200.000 and 1944: $25,000, 1945 and 1946: 130,000, 1947 and 1948: 340,000, 1949
6% water bonds. Date Sept. 1 1927. Denom. 11,000. Due Sept. 1 as and 1950; $45,000, 1951 to 1953, and $50,000, 1954 to 1956.
follows: $10.000 1938 to 1942. $13,000 1943 to 1947 and $17,000 1948 to
OKLAHOMA COUNTY (P. 0. Oklahoma City), Okla.
-BOND OF1952. Principal and interest payable at Melbourne or New York City.
Approving opinion of Clay, Dillon & Vandewater, N. Y. City, will be FERING.
-Sealed bids will 'be received by J. W. Berry, County Clerk,
until 9 a. m. Sept. 14 for an issue of 11,650,000 not to exceed 434% coupon
furnished. A certified check for $4,000, payable to the city, is required.
county highway bonds. Denom. $1,000. Due $110,009 from 1932' to
-G. W. 1946 incl. Int. payable sem -annually. A certified check for 2% of tne
-BOND OFFERING.
MEMPHIS, Shelby County, Tenn.
Garner, Secretary of the Board a Education, will receive sealed bids until bid is required.
2.50 p. in. Sept. 13 for an issue of $750.000 4 to 5% coupon or registered
OMAHA,Douglas County, Neb.-BOND OFFERING.
-John Hopkins.
school bonds. Denom. $1,000. Date Sept. 1 1927 and due on Sept. 1
as follows: $15.000 1932 to 1941, incl.: $20.000 1942 to 1956, incl.: $30,000 Supt. Dept. of Accounts & Finance, will receive sealed bids until 3 P..m.
incl. Principal and interest(M.& S.) payable at the Chemical Sept. 19 for the following three issues of 434% coupon bonds, aggregating
1957 to 1966,
National Bank or at the Union & Planters flank & Trust Co. of Memphis $1,233.000:
at purchaser's option. Legality approved by Thomson, Wood & Hoffman 3661,000 special impt. Series No. 4. Due Oct. 1 as follows: $55,000,
of New York. A certified check for $5,000. payable to the Board of Educa1928 to 1938, and $56,000, 1939.
72.000 20th St. widening bonds. Due Oct. 11947.
tion of the Memphis City Schools, is a requirement.
500,000 street impt. bonds. Due Oct. 1 1947.
-WARRANT SALE.
-C. E.
MEGARGEL, Archer County, Tex.
Dated Oct. 1 1927. Denom. $1,000. Prin. and int. payable at the
Dunne & Co. Wichita, were awarded an issue of 350,249 6% town war- County Treasurer's office. Legal opinion of Thomson. Wood & Hoffman
rants. Due '
New York, will be furnished. Bidders must state the rate of interest
1967.
-BOND OFFERING.
- on the bonds bid for and must accompany bid with a certified check for
MIDDLETOWN, Middlesex County, Conn.
$25,000, payable to the city.
James P. Stow, City Treasurer, will receive sealed bids until 2 p. m.
(standard time) Sept. 21 for an issue of $55,000 4% coupon Farm Hill
-The $16,800
ORANGE COUNTY (P. 0. Paoli), Ind.
-BOND SALE.
Denom. $1,000. Due Sept. 1 as
School bonds. Date Sept. 1 1927.
434% coupon township road bonds offered on Sept. 5 (V. 125, p. 947)
Prin.
follows: $7,000, 1928 to 1934 incl., and $6,000, 1935. Boston;and int. were awarded to the Fletcher American Co. of Indianapolis at a premium
the said
at the Old Colony Trust Co.,
(M. & S.) payable in gold
of $257, equal to 101.53, a basis of about 4.17%. Dated Sept. 5 1927.
trust company will supervise the preparation of the bonds and will certify Due $840 May and Nov. 15 1928 to 1937 incl.
of the
as to their genuineness. A certified check, payable to the order Ropes,
Legality to be approved by
City Treasurer, for 11,000 is required.
ORTONVILLE INDEPENDENT SCHOOL DISTRICT NO. 1 (P. 0.
Gray, Boyden & Perkins of Boston.
-At a special
Ortonville) Big Stone County, Minn.
-BONDS VOTED.
MILLER COUNTY SPECIAL SCHOOL DISTRICT NO. 4 (P. 0. election held on Aug. 23 the voters authorized the Issuance of a $50,000
-Sealed bids will be received until 434% serial high school building addition bond issue.
Garland), Ark.
-BOND OFFERING.
Sept. 26 by the Secretary. Board of Directors, for $15,000 not exceeding
534% school bonds.
PALM RIVER SPECIAL ROAD & BRIDGE DISTRICT (P. 0.
-W. A.
- Tampa), Hillsborough County, F.a.-BOND OFFERING.
MONONA COUNTY (P.O. Orawa),lowa.-BOND DESCRIPTION.
Dickenson. Clerk Board of County Commissioners, will receive sealed
The $300,000 Issue of 434% paving bonds sold on July 22(V. 125. p. 947)
bonds.
$80,000
to George M. Bechtel & Co. of Davenport for a premium of $2,275, which bids until 111a. m. Sept. 30 for $1,000. 6% coupon road and bridge11.000.
follows:
Date Feb.
Due
is equal to 100.758, a basis of about 4.35%,are described as follows: Coupon 1929 to 1932; 1926. Denom. 1937; $3,000. Feb. 1 as
34000, 1944
1938 to 1943:
bonds. Denom. $1.000. Date Aug. 1 1927. Due serially from 1928 to to 1950, and *2.000, 1933 to
int. payable in gold in
$5.000. 1951 to 1954.
1937, incl. Optional after May 1 1933. Interest payable annually on N. Y. City. Chester B. Masslich, N.Prin. andwill furnish legal opinion.
Y. City,
May 1.
-BOND SALE.
PARIS, Lamar County, Tex.
-BONDS REOISTERED.-A $512,000
MONTGOMERY COUNTY (P.O. Troy), No. Caro.
The issue of $65,000 434% funding bonds offered on Aug. 1 (V. 125, p. 5$1) Issue of 434% serial refunding bonds was registered by G. N. Hditon, State
Comptroller, on Aug. 30.
has been awarded to W. L. Slayton & Co. of Toledo for a price of par.
EPT. 10 1927.]
TITE CHRONICLE
1491
PASADENA, Los Angeles County, Calif.
-BOND SALE.
-An issue $25,000 Public impt. bonds. Denom. $500. Due Aug. 1 as
follows:
of 1360.000
% municipal improvement bonds was awarded on Aug. 30
2500. 1928 to 1947 and 11.000. 1948 to 1962.
to R. H. Moulton & Co. of Los Angeles and the Security Co.of Los Angeles 125,000 Water bonds. Denom. $1,000. Due Aug. 1
as follows: 12.060,
for a premium of 117.546, equal to 104.77. The following is a list of the
1929 to 1948; $4,000. 1949 to 1963 and $5.000, 1964 to 1968.
other bids and bidders on this issue: Detroit Co.. $17,200; Anglo-LondonDated Aug. 1 1927. Prin. and hit. (F. & A.), payable in gold in New
Paris Co.. $17,136; Anglo California Securities Co., 116.408; Dean Witter
•,Sc Co., $15,040; California Securities Co.. $14,530; Heller, Bruce & Co., York. The bonds will be prepared under the supervision of the U. S.
which will certify as to the genuineness el' the
14,239; Harris Trust & Savings Bank, $14,202; William R. Staats Co., Mortgage & Trust
Co..
13,889: Drake, Riley& Thomas, $13,212; Bank of Italy. $12,888, and officials, signatures and the seal. Approving opinion of Caldwell & Raymond, N. Y. or J. L. Moorehead. Durham, will be fmmished. A certified
National City Co., $9,612.
check for $3,000, payable to the City Treasurer, is required.
PHILLIPSBURG, Granite County, Mont.
-BOND SALE.
-The
ROCKY RIVER, Cuyahoga County, Ohio.
Issue of $35,0006% water bonds offered for sale on July 16(V. 124. p.3808)
-BOND OFFERING.
'was awarded to the State of Montana for a price of par. Date July 15 1927. Frank Mitchell, Village Clerk, will receive sealed bids until 12 m. Sept.12
for $13,000 5% paving bonds. Date Sept. 1 1927. Denom. $500. Due
PINE BLUFF SPECIAL SCHOOL DISTRICT, Jefferson County, Oct. 1 as follows: 11,000 1928 and 11.500 1929 to 1936. Interest payable
-BOND SALE.
Ark.
A. & 0. A certified check for 10% of the amount of the bid, payable to
-The $128,500 issue of 5% coupon school bonds
offered on Aug. 30(V. 125. p. 1224) was awarded to the Simmons National the Village Treasurer, is required.
Bank of Pine Bluff for a price of 102.85, a basis of about 4.72%. Denom.
ROGERS COUNTY (P. 0. Claremore), Okla.
$500 and $1,000. Date Sept. 1 1927 and due 112.500 from 1947 to 1955.
-BOND SALE.
-An
Incl., and $16,000 in 1956. Not retirable before maturity. Interest issue of 2195,000 5 % road bonds recently offered was awarded to the
payable semi-annually.
Brown Crammer CO. of Wichita. Due 1938-1943.
PITTSBURGH, Allegheny County, Pa.
-SYNDICATE BOOKS
CLOSED ON $13,938,000 ISSUE.
-Closing of the syndicate books
the $13.938,000 City of Pittsburgh 4X% bonds due serially from 1928 on
to
1957, which were awarded on April 20-V. 124, p. 2490, to a syndicate
headed by Graham, Parsons & Co. at 103.24, a 3.95% basis, was announced
on Sept. 7. The bankers, it is understood, disposed of the $3,000,000
or more bonds of the issue which remained unsold to other dealers who
may later offer the bonds at a higher price.
ROYAL OAK TOWNSHIP, Oakland County, Mich.
-BOND ELECTION.
-A special election will be held in Royal Oak Township Sept. 20
to decide upon a $380.000 bond issue for the purpose ofpurchasing and laying
water mains in the township to serve districts not now served.
ROYAL OAK TOWNSHIP SCHOOL DISTRICT NO. 10, Oakland
County, Mich.
-BOND SALE.
-The Detroit Trust Co. of Detroit
recently awarded an issue of $160,000 school bonds drawing interest at was
the
rate of 43 %, paying a premium of $1,650, equal to 101.03. The bonds
4
PITTSFIELD, Berkshire County, Mass.
-BOND OFFERING.
-F.M. run serially for a period of thirty years.
Platt, City Treasurer, will receive sealed bids until 10.30 a.
for the following four issues of 4% coupon bonds aggregating m. Sept. 20
ST. JOSEPH, Buchanon County, Mo.-BOND ELECTION
-On
$166,000:
Oct.4 there will be an election to vote on the following three issues of bonds,
$43,000 sewer loan bonds. Due Sept. 15 as follows: $9,000 1928 to
1930 aggregating 2550,000:
and 58.000 1931 and 1932.
78,000 paving loan bends. Due Sept. 15 as follows: $16,000 1928 to $400,000 toll free bridge bonds.
28,000 park lighting bonds.
1930 and 115.000 1931 and 1932.
15,000 water loan bonds. Due $3,000 Sept. 15 1928
68,000 lighting bonds.
1932.
30,000 bridge loan bonds. Due $8,000 Sept. 15 1928 to 1932.
to
ST. LUCIE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 10
Date Sept. 15 1927. Denom. $1,000. Principal and interest
(P. 0. Fort Pierce), Fla.
-BOND SALE.
-The $60,000 6% school bonds
(M. &
payable at the First National Bank of Boston. Approving opinion S.) offered on Augl 23 (V. 125, p. 684) were awarded to
of
Stranahan, Harris &
ftopes, Gray, Boyden & Perkins, Boston, will be furnished.
Oatis of Toledo for a price of 100.64-a basis of about 5.92%. Date Aug. 1
1927 and due on Aug. 1 as follows: 12.000. 1930 to 1935: 13.000. 1936 to
Financial Statement Sept. 1 1927.
1940; $4,000, 1941 to 1944: $5,000, 1945 and 1946, and $7,000 in 1947.
Net valuation for year 1926
$56,114.945.00 Principal and interest (F.& A.) payable at the National Bank of Commerce
Debt limit
1.361,082.08 in New York City.
Total gross debt, including these issues
2,322.400.00
Exempted debt
-Water bonds
SALEM,Columbiana County, Ohio.
2805,000.00
-BOND SALE.
-The 15,5005%
Sewer bonds
coupon Hawley Ave. improvement bonds offered on Sept. 2 (V. 125. p.
127,000.00
Paving bonds
197,000.00
1224) were awarded to the Well. Roth & Irving Co. of Cincinnati at a
School bonds
premium of $281, equal to 100.97. Date Oct. 1 1927.
177,000.00
Playground bonds
5,000.00
SAN ANDREAS SCHOOL DISTRICT (P. 0. Santa Cruz), Calif.
1,311,000.00
BOND OFFERING.
-Sealed bids will be received until 2:30 p. m. Sept. 20
Net debt
$1,011,400.00 by H. E. Miller, County Clerk, for an issue of $8.500 5% school bonds.
Borrowing capacity
Date Aug.8 1927. Denom.$500. Due $500 from 1928 to 1944. inclusive.
$349.682.08
Principal and annual interest (June 15) payable at the County Treasurer's
POCATELLO, Bannock County, Idaho.
-BOND SALE.
-An issue office. A certified check for 3% of par value of the bid is required. (These
of $10,000 4.60% impt. bonds was recently awarded to the State at par.
bonds were unsuccessfully offered on Aug. 25.)
POMEROY, Meigs County, Ohio.
Financial Statement.
-BOND OFFERING.
-R.
Webster, Village Clerk, will receive sealed bids until Oct. 1 for an issueG
or Assessed valuation 1926
1170.010
$31,000.5% coupon refunding bonds. Date Oct. 1 1927. Denom.11,000. Bonded indebtedness
Due Sept. 1 as follows: $2,000 1928 to 1942 and $1,000 1943. Principal
Population (estimated), 200.
and interest(M.& S.) payable at the Pomeroy National Bank,Pomeroy.
SAN FRANCISCO (City and County), Calif.
-BOND SALE.
PORTLAND, Multnomah County, Oregon.
Sunset Tunnel.Assessment Dist. bond issue has recently -A
-BOND OFFERING.
been
Sealed bids will be received until 11 a. m. Sept. 20 by George R. Funk, 1700.0007% Bradford, Kimball
purchased by
&
City Auditor, for an issue of 11,000,0004% coupon water bonds. Denom. 1927. Denom. 11.000. Prin. and Co. of San Francisco. Date Jan. 1
semi-annual int. (J. & J.) payable at
11.000. Date Oct. 1 1927 and due $50,000 Oct. I 1938 to 1957, incl. the office of the city and county treasurer.
Due on Jan. 1 as follows:
Principal and interest(A.& 0.)payable in gold coin at the City Treasurer's 188.000, 1928 to 1934, and
$84,000 in 1935. IRANI 0119191
1
office or at the Oregon fiscal agency in New York City. Delivery
Portland expense to be paid by purchaser. Legality approved by from
Financial Statement-Sunset
F_ 1111
Storey.
Thorndike, Palmer & Dodge of Boston. A certified check
Estimated real value
..
Portland bank, drawn payable to the city. for 5% of the bid, is on a good Assessed value, purpose of taxation, 1926 Tu_n_nelIlistrtt...._.$87200000
required.
22,401.960
Total bond issue
700.000
PORTSMOUTH, Scioto County, Ohio.
-BOND
3.12%
-Tal- riatio of debt to assessed valuation
madge Edwards, City Auditor, will receive sealed bids OFFERING.
until 12 m. Sept. 20
for an issue of 1172.986.35 5% assessment street
SAN LORENZO SCHOOL DISTRICT (P. 0. Oakland), Alameda
improvement bonds.
Dated July 11927. Denom. $1,000. one for $986.35.
County, Calif.
-BOND SALE.
-The issue of $15,000 5% school bonds
'Due July 1 as fol- offered
lows: 117.986.35. 1929; $17,090, 1930: 118.000,
for sale on Aug. 29-V. 125. p. 1086
-was awarded to
1931;
1933:118.000. 1934. and $17.000. 1935 to 1938 inclusive.$17,000. 1932 and Witter & Co. of San Francisco, for a premium of $542, which equals Blyth,
A certified check a basis
103.61,
payable to the order of the above mentioned official, for
of about 4.42%. Denom. $1,000. Dated Aug. 1 1927 and due
2% of the bonds on
offered, is required.
Aug. 1 as follows: $1,000, 1928 to 1942. Prin. and int. (F. & A.,)
payable in gold coin.
mil 04
PRINCETON, Bureau County, III.
-BOND SALE.
-The H. C. Speer
Financial Statement.
& Sons Co. of Chicago was awarded on July 1 an issue
of 250.000 4J % Total bonded indebtedness to date
coupon registerable as to principal sewage disposal plant
bonds at par. Assessed value
Date July 1 1927. Denom. $1,000. Due serially.
2,HL000
O.025
Interest payable Area in square miles
J.& J. The above supersedes the report given in
21.9
V. 125, p. 1222,captioned
Population, est.. 3.550.
La Salle. Ill.
The following is a complete list of the other bidders and the bids they
RACINE, Racine County, Wisc.-BOND OFFERING.
-Sealed bids submitted:
will be received by A. J. Eisenhut,
BidderPrice.
two issues of 4 t % high school andCity Treasurer, until 2 p. m. Sept. 12 for E. H. Rollins
sewer bonds, aggregating 9635,000, and
& Sons
divided as follows:
Anglo-London Paris Co
$ 82.01
49
9
3500,000 high school bonds. Due MO001rom Feb.
Bond, Goodwin & Tucker
1 1028 to 1947 incl.
446.50
135,000 sewer bonds. Due on July 1 as follows: 12,000
in 1928 and $7,000 Dean, Witter & Co
409.00
1929 to 1947 inclusive.
Wm. R. Staats Co
Central National Bank. Oakland
Sewer bonds dated July 1 1927 and high
313.
2 5 °°
.
00
-Mr.
Denom. $1,000. Prin. and int. payable school bonds dated Feb.
office. Wood & Oakley of Chicago willsemi-annually at City Treasurer's
SANTA BARBARA SCHOOL DISTRICT (P. 0. Santa Barbara),
furnish legal approving opinion.
A 92,000 certified chock, payable to city, is required for
Calif.
-The $70,000 issue of 5% school bonds offered on
security. Separate Sept. -BOND SALE.
or combined bids will be accepted.
6-V. 125, P. 1224
-was awarded to the Harris Trust &
Bank of Chicago for a premium of $4,775, equal to a price of Savings
Financial Statement.
basis of about 4.33%. Date Aug. 15 1927. Denom. $1,000. 106.82, a
Due on
'Total bonded debt. including these issues
$3,388,000 Aug. 1 as follows: $2,000. 1928, 1930, 1932 to 1934. 1936, 1938 to 1940.
Assessed valuation of Racine in 1926
97.561.719 1942, 1944 to 1945. 1948, 1950 to 1952. 1954 and 1956 to 1957, and 13.000.
l'opulation, Census 1920, 58,594; est. population
1929, 1931. 1935, 1937. 1941. 1943. 1947, 1949, 1953 and 1955.
Jan. 1 1927. 700.00.
Principal
and interest payable at the County Treasurer s office.
REE HEIGHTS, Hand County, So. Dak.-BOND SALE.
of 13,500 6% coupon elevated tank bonds offered on Aug. 31-The issue
SANTA MARIA, Santa Barbara
(V.
-BOND SALE.
-The
1085) was awarded to the First National Bank of Miller at par. 125. P. 165,000 5% water bonds offered on County, Calif.
Sept.6-V.125. p. 1224
Denom.
-were awarded
9500. Date Sept. 1 1927 and due as follows: $1,500 in 1929 and
1930, to the Bank of Italy, San Francisco, for a premium of $3,130, equal to
and $500 in 1931. Interest payable M.& S.
about 104.80, a basis of 4.44%. Dated July 1 1927.
Denom.31.000.
Due July 1 as follows: $3,000. 1928 to 1948, and
$2.000. 1949. Prin. and
REEDSPORT, Douglas County, Ore.
int. payable at the City Treasurer's office.
-BONDS NOT SOLD.
$25,000 53-5% refunding bonds offered on Aug. 15-V. 125, p. 948-The
-were
not sold.
SAUK RAPIDS, Benton County, Minn.
-BOND OFFERING.-Sealed
bids will be received until 3 p. m. Sept. 20 by W. C.
RICHMOND INDEPENDENT SCHOOL DISTRICT, Fort Bend for an issue of $19,000 refunding bonds. A certifiedPorter, City Clerk.
check for $900211
County, Texas.
required.
-BOND OFFERING.
--Sealed bids will be
vs
10 a. m. Sept. 12 by the Secretary of the Board of Educationreceived until
for a 225.000
issue of 5% school bonds. Date July 20 1927 and due in 1955.
SEASIDE HEIGHTS, Ocean County, N. J.
Retirable
-BOND SALE.
after 1932.
152,000 5% registered school bonds offered on Aug. 16-V. 125, -The
P. 814
were awarded to the Security Trust CO. of Camden, at a premium of $150
RIDLEY PARK, Delaware County, Pa.
equal to 100.28. a basis of about 4.97%. Dated Aug. 11927. Due Aug. 1
-BOND OFFERING.
-N.E. as follows:
Hoopman, Borough Secretary, will receive sealed bids until 7 p. m.
11.500, 1928 to 1943 incl.; and 12,090, 1944 to 1957 inclusive.
for $25,000 4% coupon bonds. Date Sept. 1 1926. Denom. Sept. 22
$1,000.
Due Sept. 1 1956. These bonds are issued subject to the legal opinion of
SEATTLE,King County, Wash.
-BOND OFFERING
.-11:W="
rrell,
Albert Dutton MacDade, Chester, or Saul, Ewing, Remick & Saul, Phila- City Comptroller, will receive sealed bid- until 12
delphia. A certified check for 2% of the bid, payable to the Borough of 11,600,000 not exceeding 6% coupon water noon Oct. 21 for an issue
extension. series WZ-4
Treasurer, is required.
bonds. Denom.$1,000. Date Nov. 15 1927 and due as follows:
1933 to 1942. incl. and $110,000 from 1943 to 1947, incl. $105,000.
Prin. and
RIOHONDO, Cameron County, Tex.
-BONDS VOTED.
-At an elec- semi-annual int, payable in gold at the point designated on the bond.
tion held on Aug.30 the voters unanimously passed the proposition ofissuing Bonds are fully registerable. Approving legal opinion will be furnished
by
Chester 13. Masslich of New York City. A. certified check for
$15,000 not exceeding 6% water system bonds. Bonds to be due serially
5% of the
bid is a requirement.
In forty years.
Financ
I
ROCKINGHAM, Richmond County, No. Caro.
-BOND OFFERING.
The total valuation of all property,
-The Board of Commissioners will receive sealed bids until 2 p. m.Sept. 20 Seattle Municipal WaterlSystem. as of real and personal. owned by the
date June 30 1927, was $27.441,for the following two issues of coupon bonds aggregating $150,000: .
647.64 less accrued depreciation, $5,350,951.55 or 122,090,696.09
.
1492
THE CHRONICLE
Water Fund Liabilities
$4,500,000.00
Revenue bonds outstanding
32.521.24
Warrants outstanding_
159.699.59
Audited claims and payrolls payable
2,288.06
Amount retained on contractors' estimates
7,490.46
Customers' guaranty deposits
Unmatured accrued interest on revenue bonds_
40,312.47
52,442.69
Advances payable
Miscellaneous accrued liabilities
21,394.97
94.816,149.48
General Lien Water Bond Debt
Bonds outstandingprincipal
Unmatured accrued interest
$2.199.617.60
61,352.90
[VoL. 125.
-The
TALBOT COUNTY (P. 0. Easton) Md.-BOND SALE.
$225.0004% school bonds offered on Sept.6 V. 125. p. 1087) were awarded
to the Equitable Trust Co. of Baltimore at 98.06, a basis of about 4.15%.
Date Sept. 11927. Due Sept. 1 as follows: $10.000 1936 to 1938. Incl.:
911,000 1939 to 1941, incl.; $12,000 1942 to 1944, incl.: $13,000 1945 to
1947, incl.; $14,000 1948 to 1950. incl.. and $15,000 1951 to 1953, incl.
Other bidders were:
Rate Bid.
Bidder
BidderRate Bid.
96.98
Strother, Brogden & Co
97.39 Hambleton & Co
Robert Garrett & Sons
97.79
-BOND ELECTION.
TARRANT COUNTY (P. 0. Fort Worth), Tex.
2,260,970.50 -A special election will be held on Oct. 8 to vote on the proposition of
issuing $6,500,000 in bonds for water control and irrigation purposes.
97,077,119.98
-G.N.
TEXARKANA, Bowie County, Tex.
-BONDS REGISTERED.
- Holton. State Comptroller, registered on Sept. 2 an issue of $100,000 5%
SELMA RURAL SCHOOL DISTRICT, Clark County, Ohio.
Education, will serial street bonds.
-J. Donald Calvert, Clerk Board of
BOND OFFERING.
receive sealed bids until 12 m. Sept. 29, for the purchase of an issue of
$12,000 5% school bonds. Dated Sept. 1 1927. Denom. $500. Due
-BONDS REGISTERED.--Geo. N. Holton, State
TEXAS (State of).
$500. semi-annually, 1928 to 1939 incl. A certified check payable tothe Comptroller, has registered the following issues of school house bonds during
Board of Education, for 5% of the bonds offered is required.
the week ended Aug. 20:
Int. Rate. Maturity. Date Reg.
Name.
-BOND OFFERING.-Ba Trx, Amount.
SHELBY, Richland County, Ohio.
Aug. 16
Serially
Director of Finance, will receive sealed bids until 12 m. Oct. 1 for the $5.000 Hall & Donley Cos. S. D.No.6---- 5%
5,000 Williamson Sz Travis Cos. Cons.
following issues of5% coupon special assessment bonds aggregating $28,000:
57
S. D. No.5
April 10 1947 Aug. 18
924.200 Raymond Ave. improvement bonds. Denom. $500. one for $700.
5i
Serially
Aug. 16
4,000 Rent 0. S. D. No.8
Due Oct. 1 as follows: $1,700 1929 and $2,500 1930 to 1938. Incl.
4,000 Archer & Young Cos. Cons. S. D
3,800 Mansfield Ave. and Jefferson Ave. curb bonds. Denom. $500,
Serially
Aug. 15
No.8
5
one for $mo. Due Oct. 1 as follows: $800 1929, $500 1930 and
Serially
Aug. 19
3,500 Tyler C.S. D.No. 19
1931. and $1,000 1932 and 1933.
Aug. 16
20 Years
2.100 Caldwell 0. S. D. No. 17
Date Oct. 1 1927. A certified check, payable to the order of the aboveAug. 16
years
120
2,000 Robertson 0.8.D.No.
for 10% of the bonds offered, 13 required.
mentioned official
Aug. 16
20 years
1,200 Comanche C.B. D.No.44
70
'
Aug. 15
40 years
SV
1,000 Willis I. S. D
507
May 10 1947 Aug. 18
SHERIDAN COUNTY SCHOOL DISTRICT NO. 7 (P. 0. Westby),
1.000 Bastrop C.S. D.No.37
-Sealed bids will be received by the District
June 1 1947 Aug. 19
-BOND OFFERING.
Mont.
1,000 Baylor C.8. D.No.6
Clerk until 3 p. m. Sept. 29 for $2,000 6% school bonds. Dated June 30,
1927. Due in 1932.
TOLEDO, Tama County, lowa.-BOND SALE.-Geo. M. Bechtel k
Co.. Davenport. were awarded an issue of $204,000 primary road bonds,for
SHUBUTA SEPARATE SCHOOL DISTRICT (P. 0. Shubuta), a premium of 52,551, equal to about 101.25.
-The $30.000 issue of 55f% school building bonds
-BOND SALE.
Miss.
p. 949) was awarded to a Mr. George S.
offered for sale on Sept. 6 (V. 125,
-The $96,900
-BOND SALE.
TONAWANDA, Erie County, N. Y.
Weems of Shubuta for a price of par, paying legal and printing expenses. 4)4% coupon street improvement bonds offered on Sept. 6-V. 125, p.
Date Sept. 15 1927.
-were awarded to Stephens & Co. of New York City, at 102.4, a
1358
Due July 1 1938.
-The basis of about 4.21%. Date July 1 1927.
-BOND SALE.
Middlesex County, Mass.
SOMERVILLE
following two issues of coupon or registered bonds aggregating $1.000,000
-Sealed bide
-BOND OFFERING.
TOPEKA,Shawnee County, Kan.
-were awarded to Harris, Forbes &
offered on Sept. 7-V. 125 P. 1358
will be received by the Board of Commissioners until 10 a. m. Sept. 16
Co. of New York City, at 190.64, a basis of about 3.67%;
improvement bonds. Date July 15
general
an issue of
$700.000 354% High school additions and alterations bonds. Due $50,000, for and due $64,831.17 4)4% lows: $331.17 in 1928: 56,000 in 1929 and
on July 15 as fo
1927
July 1 1928 to 1941 incl.
-annual int. (J. & J. 15) payable
to 1937, incl. Prin. and semi.
300,0004% High school additions and alterations bonds. Due $50,000. $6.500. 1929Treasurers office in Topeka. A certified check for 2% of the
at the State
July 1 1942 to 1947 incl.
bid is required.
Date July 11927.
Other bidders were:
-At
-BONDS DEFEATED.
TRAVIS COUNTY (P. 0. Austin), Tex.
Rate Bid.
Bidderthepropositionof issuing a
100.546 an election held on Aug. 29 the voters defeated
R. L. Day & Co. Boston
-house and jail bond issue.
$500,000 court
100.53
'
Estabrook St Co., Boston
100.51
E. H. Rollins & Sons and F. S. Moseley & Co., Boston
-The $70,000
-BOND SALE.
TRENTON, Wayne County, Mich.
100.40
oston
Atlantic-Merrill, Oldham
water-main and water system extension bonds offered on Aug. 29 (V. 125,
Corp.,'Webster & Blodget,Inc., N.Y.City100.38
Curtis & Sanger. Boston;Stone,
at
as
100.197 P• 1225) were awarded to Watling, Lerchen & Hayes, of Detroit,as 450,
National City Co., N. Y. City
follows:
102.55-a basis of about 4.26%. Date Sept. 1 1927. Due
inclusive.
-The $2,000, 1928 to 1947, inclusive, and $3,000, 1938 to 1957,
State of (P. 0. Pierre).-TVARRANT SALE.
SOUTH DAKOTA,
Issue of 51,500.000 coupon one year tax anticipation warrants offered on
-BOND OFFERING.
TRUMBULL COUNTY (P.O. Warren), Ohio.
Sept. 1-V. 125, p. 1086
-was awarded to A. G. Becker & Co. of Chicago
will receive
as 4.15's for a price of par. Dated Sept. 15 1927 and due on Sept. 151928. David H. Thomas. Clerk Board of County Commissioners,
414% road bonds. Dated
sealed bids until 1 p. m. Sept. 12, for $18.100
Prin. and int. to be paid at bank designated by the purchaser.
Sept. 1 1927. Denoms. $1,000 and $500, one for $100. Prin. and int.
check,
-BOND (M. & S.), payable at the County Treasurer's office. A certified
SOUTH SAN FRANCISCO, San Mateo County, Calif.
for $1,000, is
-The 940,000 5% municipal improvement bonds offered on Aug. 29 payable to the order of Frank F. Musser, County Treasurer,
SALE.
required.
was awarded to the Anglo-London-Paris Co. of San Francisco at a premium
of $1.013. which is equal to 102.532, a basis of about 4.48%. Due $4,000
-The issue of
UNION, Cass County, Neb.-BOND DESCRIPTION.
1928 to 1937. Other bidders were: E. H. Rollins & Sons. Freeman,
Aug. 23-V. 125.
Smith & Camp Co., both tied for 2d and 3d high bid. $928; Dean Witter 518.500 5% registered waterworks system bonds sold onas follows: Denom.
-to the Peters Trust Co. of Omalmare described
p. 1225
& Co., $910; B. R. Gundelfinger, $707; R. H. Moulton & Co.. $608.
$500. Dated Sept. 1 1927. Due in 1947. Optional after 1932. Premium
-The 5400,000 paid was $6.00, equal to 100.032. a basis of about 4.99%. Int. payable
-BOND SALE.
SPOKANE, Spokane County, Wash.
extension bonds offered on Sept. 1 (V. 125, p. 817) were M.& S.
registered water
awarded to a syndicate composed of Murphy, Favre & Co. of Spokane.
-BOND
UNIVERSITY OF NEW MEXICO (P. P. Albuquerque).
Bond & Goodwin & Tucker, Blyth, Witter & Co. and the Seattle National
-The $190.000 issue of coupon building and improvement bonds
Bank, the latter three of Seattle, for a premium of $26, equal to 100.006, SALE.
offered for sale on Sept. 6(V. 125. p. 949) was awarded to the State of New
a basis of about 4.32%. The bonds are described as follows:
and due on Aug. 1 as folMexico as 4SO for a price of par. Dated
5166.000 4 t6% water extension bonds. Due Oct. 1 as follows: $30,000, lows: $6,000. 1928 to 1930; S7,000. 1931 and 32;
58.000. 1933 to 1935;
Aug.19
1932: $32,000, 1933; $33,000, 1934; 534.000, 1935, and $37,000. 59.000. 1936 to 1938:510,000. 1939 and 1940; 511,000. 1941; $12,000, 1942
1936.
to 1944; 513.000. 1945 and 1946. and $14,000, 1940. Denom. 51,000.
234.000 451% water extension bonds. Due Oct. 1 as follows: $41,000. Prin. and semi-ann. int. (F.& A.) payahle at the Hanover National Bank.
1937; $44.000, 1938; $47,000, 1939; $49,000, 1940, and $53,000, N. Y. City.
1941.
Dated Oct. 11927. Denom. 51,000. Prin. and int.(A. & 0.) payable
VALLEY COUNTY (P. 0. Ord), Neb.-BOND DESCRIPTION.
at the fiscal agency of Washington in New York. Among the other bidders The 590.000 45‘% refunding bond issue sold on Aug. 10-V. 125. P. 1358
-were:
to the Omaha Trust Co. of Omaha was awarded for a discount of $1,250.
Premium.
Rate of ml. which is equal to a price of 98.61,a basis of about 4.34%. Denom.$1,000.
Bidder55.565
Dated Sept. 1, 1927 and due Sept. 1 1947.
A.B.Leach & Co., Chicago
1.241
Old National Bank & Union Trust Co., Spokane
VALLEY COUNTY SCHOOL DISTRICT NO, 9 (P. 0. Opheim),
John E. Price & Co., Baillargeon, Winslow & Co.,
-The following two issues of bonds, aggregating
-BOND SALE.
Mont.
National Bank of Commerce and First National
4.172
45i% $63,000, offered on Aug. 27 (V. 125. p. 817), were awarded to the State
Bank, all of Seattle
Board of Land Commissioners as 5s at Par:
of Spokane (As of Aug. 20 1927).
Financial Statement of the City
$3,233.800 $18,000 school bonds. Optional after 1932.
-General purpose bonds
Bonded debt
000
45.000 school bonds. Optional after 1932.
Water general obligation bonds
7 :48
929
Date Sept. 1 1927. Principal and interest (J. & 3.)•
General purpose bonds, sinking fund
181.252
sinking fund
Water general bonds,
-BOND
462,000
VAN BUREN TOWNSHIP, Hancock CCounty, Ohlo.
Water revenue bonds, not including this issue
-Edgar Wilson, Village Clerk, will receive sealed bids until
67,275 OFFERING.
Water revenue bonds, sinking fund
$85,981,102 12 m. Sept. 15 for an issue of 55.000 5% road construction, bonds. Date
Assessed valuation (50% basis)
Sept. 11927. Due Sept. 1 as follows: 5200, 1929, and $600 1930 to 1937.
-Ap- incl. A certified check, payable to the order of the Township trustees, fog
-BOND ELECTION.
SPRINGFIELD, Clark County, Ohio.
proval of a bond issue of $1,200,000 and a special tax levy of one mill for an 5% of the bonds offered is required.
addition to the Springfield City Hospital and for additional operating costs
-The
VANDERGRIFT, Westmoreland County, Pa.
-BOND SALE.
will be asked of Springfield voters at the November election under action
% improvement bonds offered on Sept. 6-V. 125, P. 1225
$62,000
taken by the city commission Monday.
wereawarded to the Union Trust Co. of Pittsburgh, at a premium of
-At a recent 53.621.20. equal to 105.22, a basis of about 4.08%. Dated Sept. 11926.
-BONDS VOTED.
STANFORD, Judith Basin, Mont.
inclusive.
election the voters approved the issuance of $60,000 city water works Due Sept. 1 as follows: $8,000, 1943; and 59,000, 1944 to 1949
Other bidders were:
system & sewer bonds.
Bidder
-BOND OFFERING.- R. M. Snyder & Co
STARK COUNTY (P. 0. Canton), Ohio.
$2,P5rOem0.00.
Edith G. Coke. Clerk Board of County Commissioners, will receive sealed J. H. Holmes & Co
2,427.00
% tuberculosis hospital bonds. A. B. Leach & Co
2,833.40
bids until 10 a. m. Sept. 23 for $640.000
3.117.98
Date Sept. 1 1927. Denom. $1,000. Due Sept. 1 as follows: $42.000 M. M.Freeman & Co
1933,$42.000 Mellon National Bank
2,019.16
1928 and 1929. $44,000 1930. $42,000 1931 and 1932, $44.000
2,679.02
1934 and 1935. $44,000 1936, $42,000 1937 and 1938 $44,000 1939, 542.000 E. H. Rollins & Sons
2.688.94
1940 and 1941, and $44,000 1942. Principal and interest payable at the 8. M. Vockel & Co. of Pittsburgh
County Treasury. A certified check on a Stark County Bank for $2,500, Prescott. Lyon & Co
2,121.09
Payable to the County Commissioner, is required. These are the bonds
originally scheduled to be sold on Sept. 9 (V. 125, p. 1225).
-BOND SALK.VERMILLION COUNTY (P. 0. Newport), Ind.
The $64,000
% coupon road bonds offered on Sept. 1-V. 125 p. 1225
STEUBENVILLE RURAL SCHOOL DISTRICT(P.O. Steubenville), were awarded to the Pletcher Savings & Trust Co. of Indianapolis, at a
-BOND OFFERINO.-Audrey Montgomery, premium of $1,005.60, equal to 101.57, a basis of about 4.18%. Dated
Jefferson County, Ohio.
until 12 m. Sept. 21, for Sept. 1 1927. Due $3,200. Due May and Nov. 15 1928 to 1937 incl.
Clerk Board of Education, will receive sealed bids
an issue of $9,000 53 % school bonds. Denom.$1,000. Due 51,000, Sept.
14 1928 to 1936 incl. A certified check for 5% of the bonds offered, is
-421, B. Evans
VERNON, Windham County, Texas.
-BOND SALE.
required.
of Dallas, was awarded an issue of $50,000 road bonds at a premium_of
$103.50, equal to 100.207.
-Pau
-BOND OFFERING.
SYLVANIA, Lucas County, Ohio.
Wagonlander, Village Clerk, will receive sealed bids until 12 m. Sept. 16
-The $25,000
VERO BEACH, St. Lucie County, Fla.
-BOND SALE.
for an issue of $500 6% village bonds. Date July 1 1927. Denom.$M.
Due $100 July 1 1928 to 1932,incl. A certified check payable to the Village issue of 6% refunding bonds which was unsuccessfully offered recently
-has been purchased by a Mr. George Pierce for,p,,prico
-.V. 125, p. 1087
Treasurer for $100 is required.
of 95. or a basis of about 7.03%. Due as follows: $1,000, 1929 & $3,000.
1930 to 1937 inclusive.
-BOND OFFERING -Sealed
WAKEFIELD,Middlesex County, Mass.
bids will be received by Arthur Boardman. Town Treasurer, until 8 p. m.
13 for the following four issues of bonds, aggregating $200.000:
$162,500 3%% water bonds. Due Sept. 1 as follows: $9,500, 1928; $9,000.
1929, and $8,000. 1930 to 1947.
12,500 4% water department equipment bonds. Due Sept. 1 as follows:
$3,500. 1925; $3,000, 1929. and $2,000, 1930 to 1032.
25.000 4% sewer bonds. Due Sept. 1 as follows: $3.000. 1928 to 1934;
$2,000. 1935. and $1.000, 1936 and 1937.
10.000 4% water-main bonds. Due 1.000 Sept. 1 1928 to 1937.
Date Sept. 1 1927. Denom. $1,000 and $500. Principal and interest
(M. & S.) payable at the First National Bank of Boston. Approving
opinion of Storey. Thorndike. Palmer & Dodge,Boston. will be furnished.
Financial Statement Aug. 9 1927.
$20.829,176.00
Net valuation for year 1926
19.540.799.00
Average net valuation for years 1924, 1925, 1926
586.223.97
Debt limit. 3% of average valuation
1,537,000.00
Total gross debt, including these issues
exempted debt
5331.000.00
Water bonds
182.000.00
Municipal light bonds
561,500.00
Sewer and school bonds
1.074,500.00
popt.
Net debt
Borrowing capacity
Population, about 16,000.
1493
THE CHRONICLE
SEPT. 10 1927.]
Date Sept. 1 1927. Principal and interest (M. & S.) payable at the
Wyandotte National Bank. Purchaser to pay for legal opinion and the
printing of the bonds. A certified check, payable to the order of the City
Treasurer, for $5,000 is required.
-BOND OPFERYADKIN COUNTY (P. 0. Yadkinville), No. Caro.
ING.-T. R. Eaton, Clerk to the Board of County Commissioners, will
receive sealed bids until 12 m. Sept. 12 for an issue of $25,000 not exceeding
6% coupon jail bonds. Date July 11927. Denom.$1,000. Due as follows:
51.000. 1938 to 1943. incl., 52.000, 1944 to 1950, incl., and $5.000 in
1951. Prin. and int. payable at purchaser's own designated bank or trust
company. Purchaser required to furnish legal and blank bond expenses.
A certified check for 2% of the face value of bonds is required.
YAKIMA COUNTY SCHOOL DISTRICT NO. 49 (P. 0. Yakima),
-Sealed bids will be received until 1 p. In.
-BOND OFFERING.
Wash.
Sept. 24 by Still White, County Treasurer, for a $9,700 issue of 6% school
bonds.
-BONDS REGISTERED.
YOUNG COUNTY (P. 0. Graham), Tex.
G. N. Holton, State Comptroller,on Sept.3registered an issue of51.075.000
5% serial road bonds.
CANADA, its Provinces and Municipalities.
$462,500.00
-J. A. Whitaker, SecretaryARVIDA, Que.-BOND OFFERING.
Treasurer, will receive sealed tenders until 2 p. In. Sept. 15 for the purchase
-year serial bonds. Date Aug. 1 1927. and in $LOW
of $100,000 5% 20
-Della B. denomination. The bonds are payable in Quebec, Montreal and Arvida.
-BOND OFFERING.
WARREN, Trumbull County, Ohio.
Ring. City Auditor, will receive sealed bids until 1 p. m. Sept. 6 for the
BROMPTONVILLE, Que.-BOND OFFERING.-Sealed bids will be
following two issues of 4%% bonds, aggregating $53,425:
received by J. A. Ouellet, Secretary-Treasurer, until 7 p. m. Sept. 13.
$26.200 East Market St. widening bonds. Denom. $1,000 and one for for an issue of $165,000 5% 40
-year serial bonds, payable at Bromptonville,
$200. Due Oct. 1 as follows: $2,200. 1929, and $2.000, 1930 to Sherbrooke, Montreal and Quebec; in denominations of $100 or multiples
1941.
thereof.
27,225 Sewer bonds. Denom. $1000 and one for $225. Due Oct. 1 as
follows: $1,225, 1929: $1,000, 1930 to 1932. 1934 to 1938, 1940 to
NEPEAN TOWNSHIP, Ont.-BOND SALE -Wood. Gundy & Co.
1944. and 1946 to 1950; 52.000, 1933. 1939, 1945 and 1951.
-year bonds at 103.70,
were recently awarded an issue of 535.000 535% 20
Date Oct. 11927. Principal and interest (A. & 0.) payable at the office a basis of about 5.07%. Other bidders were:
of the Sinking Fund Trustees. A certified check for $500, payable to the
Rule Bid.
Rate Bid.' BidderBidder•
City Treasurer, is required.
Dyment. Anderson & Co__ 103.41 R. A. Daly & Co
103.11
McLeod. Young, Weir & Co__103.16 C. II. Burgess & Co
102.91
-DE-PRICE PAID
WESTFIELD, Chautauqua County, N. Y.
paid for the $20,000 43 % water bonds awarded
-The price
SCRIPTION.
-BOND SALE.
NOVA SCOTIA (Province of) (P. 0. Halifax).
to the National Bank of Westfield-V. 125, p. 1358-was a premium The issue of 512.050.000 43% coupon bonds offered on Sept. 2-V. 125,
of $50.00, equal to 100.25, a basis of about 4.40%. Dated Aug. 1, 1927. p. 1226
-was awarded to a syndicate composed of Dillon, Read & Co.;
1928 to 1932 inclusive. Prin. and the Equitable Trust Co.; International Acceptance Bank, all of New York:
Denom. $1,000. Due $4,000, Aug. 1
Int.(F. & A.), payable at the National Bank of Westfield.
the Northern Trust Co. of Chicago; the First National Corp. of Boston:
- Canadian Bank of Commerce of Halifax, and the Dominion Securities
-BOND SALE.
WEST PALM BEACH, Palm Beach County, Fla.
-year debentures. optional Sept. 15
Corp.
at
Toronto, taking 25
An issue of $1.250.000 coupon city bonds was awarded on Aug. 25 to 97.41. of basis of about 4.67%. 59.500,000 of the issue will be 1947, to
used
a
R.M.Grant & Co.of New York City at a discount price of97.
refund maturing obligations, and the remaining $2,550.000 for essential
capital expenditures.
-BOND SALE.-Stranahan, Harris & Oatis,
WHITE CITY, Fla.
The syndicate is now offering the bonds at 993. to yield 4.55%. The
Toledo. were recently awarded a $60.000 issue of school bonds at 100.64. Issue will represent, it is pointed out, the only long-term Province of Nova
An issue of $75.000 Board of Public Instruction bonds was also sold for 95.
Scotia bonds outstanding in the Linked States market. In 1921, which Is
the last long-term financing by the Province in this
-Paine. the time of15-year 6s were quickly disposed of. one of the large market,
-BOND SALE.
WILLISTON, Williams County, N. D.
$1,800,000
Insurance
Webber & Co., Minneapolis, were awarded an issue of $20,000 54% bonds companies purchasing. it Is stated, over $1,000,000 of this Issue. The
for a premium of $1,065, equal to 105.325.
Province has always enjoyed an excellent credit and its financing has been
handled. The debentures are a direct
-The t15.000 4%% coupon carefully and economically a charge upon all its revenue, moneys andobliga-BOND SALE.
WILLISTON PARK, N. Y.
tion of the Province and are
funds.
or registered fire engine and equipment bonds offered on Aug. 31-V1 125, A payment equal to
of 1% of the principal amount of this issue will be
awarded to Graham, Parsons & Co. of New York City, at made annually for sinkingfund purposes.
p. 1087-were
100.67, a basis of about 4.3,%. Dated Sept. 1 1927. Due $1,000, Sept.
1 1928 to 1942 inclusive.
-A. Plourde, SecretaryST. EMILIEN, Que.-BOND OFFERING.
-The $100.000 Treasurer, will receive sealed bids until 10 a. in. Sept. 12 for the purchase
WILSON, Wilson County, No. Caro.-BOND SALE.
-year serial bonds. The bonds
% coupon public impt. bonds offered on Sept. 1-V. 125. p. 1087-were of an issue of $33.000 5%% 40 or multiples thereof, and are are dated
payable at
awarded to N. S. Hill & Co., Cincinnati, for a premium of $1.789.10, equal Aug. 11927,in $100 denomination
to about 101.86, a basis of about 4.61%. Dated Sept. 1 1927. Denom. Metabetchouan or Quebec.
as follows: $2,000, 1930 to 1941; $3,000, 1942 to
$1,000. Due March 1
-Plana to spend
SANDWICH, Ont.-PROPOSED EXPENDITURE,
1953: 54.000 1954 to 1958 and $5.000, 1959 to 1962. Prin. and int.(M.&
$173,332 for sewer improvements.
S.), payable in gold in New York City.
$123,723.97
-The
-BOND SALE.
WINCHESTER, Middlesei County, Mass.
SANDWICH, East Township, Ont.-BY-LAWS APPROVED.
a At a recent meeting the Council approved two debenture by-laws totaling
Winchester Savings Bank was awarded on Sept. 7 an issue of $50,000 4 Y
school-building bonds at 101.06-a basis of.about 3.86%. Date Oct. I 561,000 for school purposes.
1927. Denom. $1,000. Due $5,000 Oct. 1 1928 to 1937. inclusive.
Principal and interest(A. & 0.) payable at the Old Colony Trust Co., BosTHREE RIVERS, Que.-MUNICIPAL BY-LAWS AGGREGATING
ton. Legality to be approved by Ropes,Gray,Boyden & Perkins of Boston. 51.250.000 DEFEATED -The defeat of three municipal by-laws to
borrow $1.250,000seems to be assured by a vote taken on Aug.31. Property
-TEMPORARY owners representing $5.815.050 in municipal assessment voted against
WORCESTER COUNTY (P. O. Worcester), Mass.
-The First National Bank of Boston, was awarded on Sept. 6, a the by-laws, which were approved by only 132 property owners repreLOAN.
$100,000 temporary loan on a 3.42% discount basis plus a premium of senting $709.550 in munkipal assessment.
-BOND OFFERING -Edward
WYANDOTTE, Wayne County, Mich.
C.Bryan, City Clerk, will receive sealed bids until 8 p. m.(eastern standard
time) Sept. 13 for the following issues of special a....w.sment lateral sewer
construction bonds not to exceed 5%, aggregating $273,300:
$127.800 District No. 74 bonds. Denom. $1,000, one for $800. Due
Sept. 1 as follows: $25.800. 1928; $25.000. 1929 and 1930. and
$26.000. 1931 and 1932.
87.000 District No. 77 bonds. Denom.$1.000. Duo Sept. 1 as follows:
517,000, 1928 to 1930. Inclusive, and $18,000, 1931 and 1932.
58,500 District No. 80 bonds. Denom. $1.000. one for $500. Due
Sept. 1 as follows: $11,500, 1928: $11,000. 1929; and $12,000.
1930 to 1932, inclusive.
-By-laws aggregating
-LA WS APPROVED.
-BY
VANCOUVER, B. C.
$300.000 have recently been approved by the Council. The proceeds will
be used for various local improvements.
-The 536,000 5% 30
-installment
WELLAND, Ont.-BOND SALE.
-were awarded
school debentures offered on Aug. 29-V. 125. p. 1359
to R. A. Daly & Co. at 100.33, a basis of about 4.97%. The bonds are
dated Aug. 1 1927.
-R. L. Daly & Co. of Toronto,
-BOND SALE.
WELLAND, Ontario.
was recently awarded an issue of 536,000 5% public school bonds at 100.33
The bonds are dim In thirt, annual Installments.
a ha's of about 4
FINANCIAL
FINANCIAL
Domestic Bonds
Foreign Bonds
BONDS
We Specialize in
J. E. W.THOMAS & CO.
MUNICIPAL
and
CORPORATION
FINANCIAL
Southern Municipal Bonds
Fidelity Union Building
DALLAS, TEXAS
Telephone X-8332
THE DETROIT COMPANY
Incorporated
World Wide
economic conditions affect
the price of Cotton probably
more than any other comThe "Chronicle"
modity.
Is read by Cotton men for
an accurate digest of this
news.
Your services can be announced to those readers at
a moderate cost through our
advertising columns.
NEW YORK
CHICAGO
BOSTON SAN FRANCISCO
Correspondent of
DETROIT TRUST COMPANY
DETROIT. MICH.
City of Philadelphia
35
2
1
/
3 8
45
/5
41 4
2
1
/
4 a
55
/
51 48
2
1
/
5 8
Biddle & Henry
WHITTLESEY.
McLEAN &CO.
MUNICIPAL BONDS
PENOBSCOT BLDG., DETROIT
1522 Locust Street
Philadelphia
Private Wire to New Yore
Carl Canal 8437
THE CHRONICLE
1494
ffinancial
[VoL. 125.
ifi nancial
ffinantial
CHICAGO
E.W.ClarkKo.
LEIGHT & COMPANY
Formerly
Leight, Holzer & Co.
BANKERS
821 Chestnut St., Philadelphia
First Mortgage Bonds
Greenebaum Sons
Investin.ent ConVanY
Safe Investments Since 1855
S. E. Cor. LaSalle and Madison Sts.
E8tabli8hed 1837
111 West Washington Street
Members New York and Philadelpho,
Chicago
Safe First Mortgage
Real Estate Serial Bonds
Suitable Investments for Banks, In•ur•
ance Companies, Estates and Individuals
Approved and Recommended by the
1LDEST BANKING HOUSE IN CHICAGO
Stock Exchanges
Paul C. Dodge & Co., Inc.
INVESTMENT
JOHN R.WESTWOOD &CO.
10 SOUTH LA SALLE STREET
CHICAGO
TRUST COMPANY BLDG., MILWAUKEE
PHONE:RITTENHOUSE 2496
PAUL & CO.
257.212 PENNSYLVANIA BLDG.
Offering Safe Securities of Electric Light
and Power,Gas,an d Transportation Corn.
panics operating in 20 states.
Write for list.
UTILITY
MICHIGAN
INVESTMENT
SECURITIES
Packard Bldg Philadelphia
SECURITIES
Ii ARR I S, SMALL & C
150 CONGRESS ST..w.
DETROIT
SECURITIES
COMPANY
230 So. La Salle St., CHICAGO
atoweekee St. Louis Louisville Indianapolis
OACIILUM(.1
2
).
Established 1909—Incorporaicd
PHILADELPHIA
Joel Stockard & Co., Inc.
Member Phtladetphta Stock Exchange
INVESTMENT BANKERS
PENNA. TAX FREE BONDS
Municipal, Government &
Corporation Bonds
mernb.re Detroit Stock Exchange
Penobscot Bldg.
DETROIT
Cherry
Investment Securities
NEW YORK
CHICAGO
A. 0. Slaughter & Co.
Members
WARREN A. TY/ON & CO.
Investment Bonds
Members of Detroit Stock Exchange
1518 Walnut Strew s
.
PHILADELPHIA
Charles A. Parcells & Co,
New York Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
110 WEST MONROE STREET
CHICAGO, ILL.
INVESTMENT SECURITIES
Frederick Peirce
& Co.
PENOBSCOT BUILDING, DETROIT, MICH
INVEST
MENT
BONDS
FOR
60 Wall Street, New York
207 So. Fifteenth Street. Philadelphia
LIVINGSTONE & CO.
DETROIT
N. Y.STOCK EXCHANGE
N. Y. COTTON EXCHANGE
N.Y. COFFEE Or SUGAR EXCH,
N Y. PRODUCE EXCHANGE
MEMBERS CHICAGO BOARD OF TRADE
CHICAGO STOCK EXCHANGE
NEW YORK COCOA EXCHANGE
RUBBER EXCHANGE OF N. Y
WINNIPEG GRAIN EXCHANGE
LACKNER, BUTZ & COMPANY
Inquiries solicited on Chicago
Real Estate Bonds
Lamborn, Hutchings & Co.
Stocks, Bonds, Cotton, Sugar,
Wheat—Corn—Provisions
INVESTMENT SECURITIES
TRUSTS • ESTATES
89 so.LASALLE ST. CHICAGO
Members Detroit Stock Exchange
Dime Savings Bank Bldg.
7 WALL ST., NEW YORK
Chicago Office' 931 So. La Salle St.
Havana Office, Royal Bank of Canada Bldg.
GARARD TRUST
COMPANY
ST. LOUIS
111 West Washington Street
CHICAGO
Herndon Smith
William II. Burg
Charles W. Moors
W.0. Morehead
SMITH, MOORE & CO.
INVESTMENT SECURITIES
509 OLIVE ST.,
ST. LOUIS, MISSOURI
NASHVILLE, TENN.
BUFFALO
Founded 1805
A. J. WRIGHT & CO.
Members New York Stock Exchange
Western New York and Canadian
Local Stocks and Bonds
Bought and Sold on a Brokerage Basle Only
BUFFALO, NEW YORK
ALABAMA
CRONWALL & COMPANY
INCORPORATED
INVESTMENT BONDS
Specializing in issues of
Lumber and Timber Companies
Illinois Merchants Bank Bldg.
CHICAGO
J. C. Bradford & Company
Participating Distributors
and
Underwriters of Southern
Municipal and Corporation Bonds
si IS Union Street
NASHVILLE, TENN.
MARX & COMPANY
BANKERS
BIRMINGHAM, ALABAMA
SOUTHERN MUNICIPAL AND
CORPORATION BONDS
@FedFRASER